TUESDAY 20 APRIL 2021
20
Super-safe retreat
Investors are rushing back to the
Treasuries haven — KATIE MARTIN, PAGE 12
Tracking up
Covid cases
surge in India
Children gaze through the window of a
train in Gauhati, India, yesterday as the
country continues to set daily records of
surging coronavirus cases, triggering a
week-long lockdown in the capital Delhi.
Authorities have also banned the use
of oxygen, except for essential services,
as hospitals become overwhelmed with
patients requiring ventilation.
The UK yesterday added India to its
travel “red list”, which will require Brit-
ish nationals travelling from India to
quarantine in a hotel for 10 days from
Friday. Prime minister Boris Johnson
also cancelled a trip to India next week.
He will instead discuss trading deals
with his Indian counterpart remotely.
Report page 6
Rupee retreats page 11
Super League football clubs to net
€200m-€300m ‘welcome bonus’
3 Politicians and fans hit at plans 3 JPMorgan to provide funds 3 Legal action threatened
MURAD AHMED AND ARASH MASSOUDI Uefa, European football’s governing
body, denounced the plan as a “closed
Twelve football clubs that have signed a shop run by a greedy, select few”. He
binding agreement to form a new countered by unveiling a revamp of the
European “Super League” have been Champions League, the continent’s top
guaranteed a “welcome bonus” worth club contest that is worth €2bn a year.
€200m-€300m each, according to peo- The Super League plan threatens to
ple with direct knowledge of a deal that destroy the Champions League and
stands to reshape the world’s biggest shake up the entire structure of Euro-
sport. pean football, where clubs compete in
The announcement of the breakaway domestic leagues and can be promoted
league has kicked off a power battle or relegated based on performance.
within football, with politicians from The money to launch the league will
Boris Johnson, UK prime minister, to be provided by JPMorgan Chase, which
Emmanuel Macron, France’s president, has committed to underwriting a
joining fans’ groups to express fierce €3.25bn “infrastructure grant” to be
opposition. The move also sparked shared among the clubs as a “welcome
threats of legal action between the bonus” on joining the competition.
sport’s power brokers. The US investment bank has provided
Aleksander Ceferin, president of a debt-financing deal amortised over 23
Johnson to commit to tougher targets
on emissions ahead of climate summit
JIM PICKARD AND LESLIE HOOK
The UK will this week commit to
steeper cuts in carbon emissions as it
prepares to host the UN’s COP26 cli-
mate summit this year, according to
Birmingham styles itself people briefed on the plan.
as alternative to London
Boris Johnson, prime minister, will in
Goldman Sachs’ decision, after a two- coming days announce a new pledge to
year search, to plump for Birmingham reduce emissions by 78 per cent by 2035
above cities such as Paris or Frankfurt compared with 1990 levels. The new UK
for its global software development target will be announced ahead of a big
site has confirmed the rise of the UK’s US climate summit on Thursday, where
second city as a finance and tech hub. President Joe Biden is due to outline a
Add in London’s sky-high house prices new national goal for carbon reduction.
and the fact that the capital city’s The UK’s new target is a step forward
population is falling for the first time in from its previous goal of a 68 per cent
30 years and it is no surprise that more emissions reduction by 2030, which was
graduates want to pursue a career in already one of the most ambitious plans
the regional cities where they study. among developed economies.
Analysis i PAGE 3 Hitting the target will require changes
to most industrial activity, including an
Subscribe In print and online
STOCK MARKETS
www.ft.com/subscribenow Tel: 0800 028 1407
Mon-Fri: 7am - 6pm / Sat: 8am - 1pm Apr 19 prev %chg
S&P 500 4160.99 4185.47
For the latest news go to Nasdaq Composite 13892.38 14052.34
www.ft.com Dow Jones Ind 34057.13 34200.67
FTSEurofirst 300 1701.23 1703.38
© THE FINANCIAL TIMES LTD 2021 Euro Stoxx 50 4025.46 4032.99
No: 40,686 ★ FTSE 100 7000.08 7019.53
Printed in London, Liverpool, Glasgow, Dublin, FTSE All-Share 3996.65 4006.76
Frankfurt, Milan, Madrid, New York, Chicago, San CAC 40 6296.69 6287.07
Francisco, Tokyo, Hong Kong, Singapore, Seoul, Xetra Dax 15368.39 15459.75
Dubai Nikkei 29685.37 29683.37
Hang Seng 29106.15 28969.71
MSCI World $ 2953.35 2941.75
MSCI EM $ 1348.69 1341.09
MSCI ACWI $ 704.94 702.02
NEWS PROVIDER OF THE YEAR
Ready to spend
Extra $5.4tn saved during pandemic
set to fuel global rebound — PAGE 4
years and secured against future broad-
casting rights for the competition, said
people with knowledge of the terms.
Clubs signed up to the Super League,
which include Spain’s Real Madrid, Eng-
land’s Manchester United and Italy’s
Juventus, will have permanent mem-
bership in a structure similar to the
franchise system of US sports.
People briefed on the deal said Ger-
many’s Bayern Munich and Borussia
Dortmund and France’s Paris Saint-
Germain had so far rebuffed
approaches. The rebel clubs have agreed
to make debt payments of €264m a
year, including a 2-3 per cent interest
rate. JPMorgan declined to comment.
A person close to the Super League
said that the payment should not be
seen as a “welcome bonus”, but instead
electricity system that operates without
generating carbon emissions; a reduc-
tion in meat and dairy consumption;
introducing low-carbon heating sys-
tems in homes; and planting more
woodland, according to a report by the
Climate Change Committee, the govern-
ment’s independent advisory group.
The UK was one of the first major
economies to commit to reaching net
zero emissions by 2050. The US is
expected to take on a similar target.
Emissions from international aviation
and shipping are likely to be included in
the new UK target, according to people
familiar with the government’s plans,
representing a victory for environmen-
tal groups.
As host of the COP26 in Glasgow in
November, the UK has been trying to
convince other countries to adopt more
ambitious climate goals. That effort
World Markets
CURRENCIES
Apr 19 prev Apr 19
-0.58 $ per € 1.202 1.198 £ per $ 0.715 0.724 US Gov 10 yr
-1.14 $ per £ 1.399 1.382 € per £ 1.164 1.154 UK Gov 10 yr
-0.42 £ per € 0.859 0.867 ¥ per € 129.847 130.355 Ger Gov 10 yr
-0.13 ¥ per $ 108.030 108.815 £ index 81.157 81.081 Jpn Gov 10 yr
-0.19 ¥ per £ 151.102 150.382 SFr per £ 1.280 1.270 US Gov 30 yr
-0.28 SFr per € 1.100 1.101
-0.25 € per $ 0.832 0.835
0.15
-0.59 COMMODITIES
0.01
0.47 Apr 19 prev %chg US 3m Bills
0.39 Oil WTI $ 63.39 63.13
0.57 Oil Brent $ 66.98 66.77
0.42 Gold $ 1774.45 1757.20
UK £2.90 Channel Islands £3.20; Republic of Ireland €3.
Job insecurity
Why it’s hard to measure instability
at work — SARAH O’CONNOR, PAGE 21
Briefing
i Nvidia takeover of Arm investigated
A formal probe has opened into California-based
Nvidia’s planned takeover of Arm, the British chip
designer, over national security concerns, sparking
fresh doubts around the $40bn deal.— PAGE 7
i Brexit costs hit N Ireland drug supplies
UK groups making non-branded drugs have started
to withdraw medicines from the Northern Ireland
market because they cannot afford to meet the costs
of post-Brexit red tape, industry chiefs say.— PAGE 2
i Navalny is moved to prison hospital
Russia’s prison service said it had moved opposition
leader Alexei Navalny, 44, to a prison hospital after
supporters warned that his condition had worsened
nearly three weeks into a hunger strike.— PAGE 4
i Goldman invests £50m in Starling
Goldman has invested £50m in
UK digital bank Starling, as the
start-up looks to ramp up
growth and bring in significant
investors before an eventual
AP Photo/Anupam Nath initial public offering.— PAGE 10
i Wirecard insider trading case filed
Germany’s financial watchdog has filed a criminal
complaint against Alexander Schütz, a Deutsche
Bank board member, over alleged insider trading of
Wirecard shares.— PAGE 7; BIG READ, PAGE 19
i Melrose investors set for US windfall
The industrial conglomerate’s shareholders are in
line for a large payout after it agreed to sell Nortek
Air Management, its US air conditioning unit, for
$3.65bn to Madison Industries.— PAGE 10; LEX, PAGE 22
i Italy eyes mRNA home production
Italy has held discussions with several groups about
starting production of mRNA-based Covid-19
vaccines in the country — the latest sign of a shift to
was an advance on future revenues that those supplies over other types of shot.— PAGE 4
would have to be repaid if any club
chose to leave the competition.
The league’s 15 permanent members Datawatch
will jointly own a newly incorporated
company in Spain that will share all
Aleksander media and sponsorship rights, accord- Carbon offsetting The volume of
Ceferin, Uefa ing to people familiar with the matter. Volume of voluntary transactions in carbon offsetting
2019, tonnes (m) of CO2-equivalent made through
president, The Super League’s organisers have
Renewable energy nature-based
branded the held early talks with broadcasters,
solutions fell 30
Super League according to people familiar with the Forest and land use per cent in 2019.
plans a ‘closed talks, seeking to secure deals with the Waste disposal Meanwhile, a 78
shop run by likes of Amazon, Facebook, Disney and Household devices per cent surge of
a greedy, Sky to raise revenues worth €4bn a year. Chemical processes/ transactions made
select few’ The Super League was not immedi- ind. manufacturing in renewable
ately available for comment. Energy efficiency/ energy made it
fuel switching
Uefa on back foot page 9 Transportation 0.4 the most popular
FT View page 20 0 10 20 30 40 form of project for
Simon Kuper page 21 Sources: Ecosystem Marketplace; Systemiq carbon offsetting.
Lex page 22
gained a big boost when the US rejoined
the Paris climate accord in January.
Johnson is expected to attend Biden’s
virtual summit this week.
However, the pandemic has thwarted
efforts to organise the physical logistics
of COP26, already delayed by a year
because of coronavirus. The UK is mak-
ing contingency plans that include a vir-
tual summit, a delayed summit, or a
hybrid model with only a small number
of people attending. “We are working
very hard to ensure that we have an in-
person physical COP, taking into
account, of course, any Covid-related
contingencies,” Alok Sharma, summit
president, told parliament last week.
Johnson has made green policies a pri-
ority, with a ban on sales of new petrol
cars from 2030 and new offshore wind
targets, but some environmentalist
groups say he has not gone far enough.
INTEREST RATES
prev price yield chg
147.55 1.58 0.02
0.76 -0.01
-0.24 0.03
116.42 0.08 0.00
106.76 2.28 0.00
Ger Gov 2 yr 106.40 -0.68 0.01
price prev chg
Fed Funds Eff 0.07 0.08 -0.01
0.02 0.02 0.00
0.41 Euro Libor 3m -0.54 -0.54 0.00
0.31 UK 3m 0.08 0.08 0.00
0.98 Prices are latest for edition Data provided by Morningstar
2 ★
Pharmaceuticals
Brexit costs hit N Ireland drugs supply
Non-brand makers start
to halt shipments as red
tape forces rise in charges
SARAH NEVILLE AND PETER FOSTER
British companies making non-branded
drugs have already started to withdraw
medicines from the Northern Ireland
market because they cannot afford to
meet the costs of new post-Brexit red
tape, according to industry leaders.
The move threatens a sharp curtail-
ment of the range of treatments availa-
ble to patients in the region from the end
of the year and may place further pres-
sure on the UK and Brussels to find a
solution to disruption in Northern Ire-
Aviation
CAA allows
test flights
of remotely
piloted drones
PHILIP GEORGIADIS
Drones flown by remote pilots using
only cameras and sensors to guide their
aircraft move a step closer to regular
use today with the aviation regulator
announcing trials which, if successful,
could transform the UK logistics sector.
Drones are currently banned from fly-
ing beyond the line of sight of their pilots
under almost all circumstances, mean-
ing it has been difficult to roll out the
technology at scale on logistical tasks
such as inspecting critical infrastruc-
ture or flying deliveries in urban areas.
But the Civil Aviation Authority
(CAA) has authorised West Sussex-
based drone company Sees.ai to
begin operating regular flights beyond
the pilot’s line of sight at three locations
in the UK, to test the safety of opening
the technology up to the wider industry.
The drones will be flown by pilots who
could be based hundreds or even thou-
sands of miles away. Tests will take place
on industrial sites well away from the
public and other aircraft, the CAA said.
The regulator added that removing
the limitation “fires the starting gun for
the next phase of growth of the drone
industry”.
John McKenna, chief executive of
Sees.ai, said the trials were a step
towards drones regularly using a mix of
sensors and cameras to fly without the
need for human pilots.
He likened the gradual adoption of
the technology to driverless cars, which
have been trialled on public roads in the
UK but still have people in ultimate con-
trol in case the technology fails.
Regulators around the world are rac-
ing to keep pace with rapid develop-
ments in unmanned aerial vehicles,
with prototype delivery drones offering
the potential to revolutionise logistics.
If autonomous drones are allowed to
be flown at scale, they are likely to be
used for tasks such as monitoring rail
and road infrastructure or nuclear
plants before being unleashed in
crowded urban areas, McKenna said.
“I think shipping Amazon packages
or delivering pizzas is coming, but still a
long way off,” he added.
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription
FRIDAY 31 MARCH 2017
Trump vs the Valley
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
HMRC warns
customs risks
being swamped
by Brexit surge
3 Confidence in IT plans ‘has collapsed’
3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expectedonce Britain
leaves the EU, customs authorities have
admitted toMPs.
FINANCIAL TIMES
Bracken House, 1 Friday Street, London EC4M 9BT.
Published by: The Financial Times Limited,
Bracken House, 1 Friday Street,
London EC4M 9BT.
Tel: 020 7873 3000
Editor: Roula Khalaf
Subscriptions and Customer Service
Tel 0800 028 1407; subscriptions@ft.com;
www.ft.com/subscribenow
Advertising
Tel: 020 7873 4000; emeaads@ft.com
Letters to the editor
letters.editor@ft.com
Executive appointments
Tel: 020 7873 4909; www.exec-appointments.com
Printed by
St Clements Press (1988) Ltd, London, Newsprinters
(Knowsley) Limited, Merseyside, Newsprinters
(Eurocentral) Glasgow, and Smurfit Kappa News
Press Ld, Kells, Ireland
© Copyright The Financial Times Limited 2021. All
rights reserved.
land since the post-Brexit trade deal
came into force on January 1.
Under the Northern Ireland protocol,
part of the 2019 Brexit treaty designed
to avoid a hard border on the island of
Ireland, medicines made in Great Brit-
ain will have to be licensed separately
for use in the region and undergo sepa-
rate safety inspections and other checks
before they can be released for patients.
Before the UK left the EU and Euro-
pean regulatory system, a medicine
could be supplied to many European
countries through the submission of just
one regulatory dossier and a single set of
standards and regulations.
Mark Samuels, chief executive of the
British Generic Manufacturers Associa-
tion, a body that represents UK-based
Case in point
Working
from home
data show
stark divide
Yuhui Choe, first soloist of The
Royal Ballet, practises while her
husband, Nehemiah Kish, former
Royal Ballet principal, works from
their home in Wimbledon,
south-west London, last May
Hannah McKay/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 May’s first stab at the break-up
the poor — BIG READ, PAGE 11 letter — ROBERT SHRIMSLEY, PAGE 12
Lloyd’s of Brussels Insurance market
to tap new talent pool with EU base
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80
Briefing
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
i London tower plans break records
Art of persuasion Mystery deepens
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
Reproduction of the contents of this newspaper in
any manner is not permitted without the publisher’s
prior consent.
‘Financial Times’ and ‘FT’ are registered trade marks
of The Financial Times Limited.
The Financial Times and its journalism are subject to
a self-regulation regime under the FT Editorial Code
of Practice: www.ft.com/editorialcode
Reprints
Are available of any FT article with your company
logo or contact details inserted if required (minimum
order 100 copies).
One-off copyright licences for reproduction of FT
articles are also available.
For both services phone 020 7873 4816, or
alternatively, email syndication@ft.com
Newspapers support recycling
The recycled paper content of UK newspapers in
2018 was 69.2%
FINANCIAL TIMES
NATIONAL
drugs companies, said unless a solution
was found immediately, some manufac-
turers were considering withdrawing up
to 90 per cent of the medicines they
supply.
He pointed out that generic drugs
made up four out of every five medi-
cines prescribed in the NHS.
Samuels said one of just two suppliers
of potassium chloride — a vital ingredi-
ent in intravenous drips — had already
pulled all eight of its products. “The
resilience of that supply chain has now
halved,” he added.
Patients in Northern Ireland also face
losing access to cutting-edge drugs.
Samuels said a number of member com-
panies had already made “the difficult
decision not to launch new products” in
Homeworkers had longer hours, higher
pay and more managerial
responsibility than those who
continued travelling to offices in 2020,
according to data that illustrate
divisions in the labour market.
Almost one in 10 employees
switched to homeworking last year as
Covid-19 restrictions drove people to
swap desks for makeshift workstations
in their kitchens and living rooms.
Office for National Statistics figures
published yesterday showed that 35.9
per cent of the employed population
worked at least partly from home in
2020, up from 26.5 per cent in 2019.
The forced expansion of
homeworking has accelerated a slower,
pre-pandemic shift in the type of
people who spend at least part of their
working week at home, and their
standing in the workplace.
Before 2020, people who worked
mainly from home tended to be female
and part-time. They were on average
paid 6.8 per cent less than those who
never worked from home, even after
accounting for age, occupation and
industry. They were also much less
likely to receive a bonus, to have been
promoted or to receive training. “The
rewards for homeworking were
Retirement saving
Pension schemes rebuff
plan to relax cap on charges
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
JOSEPHINE CUMBO
Censors and sensitivity
Warning: this article may be
FEBRUARY 4 2017
upsetting — LIFE & ARTS
Savers will pay higher fees on their
How To Spend It
retirement funds with no guarantee of
Chic new lodgings
better returns under government
plans to get schemes to invest to help
revive the economy, the pension indus-
try has warned.
The trade body representing 1,300 pen-
sion schemes issued the warning yester-
day as it responded to plans to loosen a
charge cap protecting millions of savers
from high fees that can wipe tens of
thousands from their retirement funds.
Under government plans, the 0.75 per
cent ceiling on annual management fees
for workers auto-enrolled into work-
place pensions would be loosened, to
allow greater investments by schemes
in illiquid assets that are more expen-
sive to manage, such as private equity,
venture capital and infrastructure.
But in its formal response to the gov-
ernment’s plans, the Pensions and Life-
time Savings Association said having a 5
per cent allocation to venture capital in
the most popular “default” pension
the region, including treatments for epi-
lepsy, diabetes and cancer.
The alarm was also sounded by Mar-
tin Sawer, who runs the Healthcare
Distribution Association. It represents
businesses distributing more than 90
per cent of NHS medicines. He warned
against underestimating “how the extra
regulatory and operational complica-
tions, associated with any segregation of
medicine packs specifically for North-
ern Ireland, could affect the distribution
of medicines into Northern Ireland”.
One solution, Samuels said, would be
a mutual recognition agreement under
which medicines licensed for use in
Great Britain would also be legal in
Northern Ireland without the separate
regulatory requirements. But he ruled
typically less for those who exclusively
worked from home,” the ONS said,
adding that this could mean they were
less productive, but could also mean
they were “overlooked . . . due to a lack
of visibility” or had chosen flexibility
above maximising their pay.
Even before the pandemic, however,
the pay gap was narrowing and the
profile of homeworkers was changing,
as people with higher qualifications
and managerial roles began to mix
occasional homeworking with time in
the workplace. These hybrid workers
earned significantly more than those
who never worked from home.
In the past year, the pay penalty for
homeworking has vanished, with
higher-paid professionals shut out of
offices and those unable to operate
remotely more likely to suffer pay cuts
while placed on furlough. People who
mainly worked from home were paid
9.2 per cent more on average in 2020
than those who never did, and their
working hours increased, even while
lockdowns drove a sharp fall in weekly
working hours, the ONS said.
Its figures showed a stark divide
between those able to choose their
working arrangements, and those for
whom remote working was unviable.
funds could “effectively double the total
cost” of the investment portfolio.
“For this reason, private equity costs
are not affordable within the default,
and from a scheme perspective, appe-
tite for this type of investment will also
be tempered by the fact that higher
costs, resource scaling-up and manage-
ment will not guarantee higher returns,”
the PLSA said.
It said the reforms would not lead to a
“material” increase in investment in
illiquid assets because trustees tended
to focus on low-cost investments.
In its consultation response, the Asso-
ciation of Consulting Actuaries, the pro-
fessional body, warned that the “fiend-
ish complexity of performance fees and
how costs are calculated and disclosed”
were preventing schemes from cur-
rently investing in illiquid assets.
The Department for Work and Pen-
sions consultation followed a pledge in
the March Budget to give pension
schemes “more flexibility to unlock bil-
lions of pounds from pension funds into
innovative new ventures”.
out the possibility medicines could eas-
ily be supplied from elsewhere in the EU
as this would involve “changing North-
ern Ireland’s entire supply chain”.
The UK government said it was
“working closely with industry partners
and the NI executive to help ensure con-
tinuity of medicines supply to Northern
Ireland”. On Thursday Lord David
Frost, the minister in charge of oversee-
ing the UK’s future relationship with the
EU, and Maros Sefcovic, his Brussels
counterpart, discussed the protocol,
including medicine supply, and agreed
to intensify contacts, officials said.
The Department of Health in North-
ern Ireland said mitigation arrange-
ments were in place “for dealing with
any supply disruptions”.
Of those employed as managers,
directors and senior officials, more
than half worked at least partly at
home in 2020, compared with just
one in 20 in occupations involving
routine and largely manual tasks.
There are also big regional
divisions. More than 40 per cent of
employees in London and its
surrounding areas did at least some
homeworking last year, compared
with about a quarter of workers in
north-east England. The gap was
almost as big even after accounting
for the dominance of financial and
professional services in London.
The ONS also published data
showing how working patterns have
changed as schools reopened and
people became accustomed to
working away from the office.
At the start of the pandemic,
homeworkers tended to stick to
typical office hours, the ONS said,
but by September they had become
more likely to start and finish later.
In both April and September,
homeworkers took more breaks
than other employees, but they were
also likely to work more hours of
unpaid overtime. Delphine Strauss
Sarah O’Connor page 21
Independent report
Children’s social care system
needs ‘fundamental redesign’
GILL PLIMMER
Every child in care costs the govern-
ment about £66,000 a year, but the bill
for taxpayers continues long after they
have become adults because of faults
within the social care system that mean
many never fully recover.
Around £6.8bn was spent on the
103,000 children in the care system in
2018-19, most of it on housing, fostering,
adoption and the legal services needed
to bring the child into care, a report by
Home for Good, a care charity, and PwC
found. A further £2bn — or about
£9,800 per person — is spent on an esti-
mated 204,000 care leavers between 18
and 64 every year, raising the total
annual cost to £8.8bn, the report added.
The calculation includes the costs of
the prison and probation system, and of
mitigating the costs of homelessness
rather than providing decent homes.
Rob Banham, partner at PwC and one
of the report’s authors, said the system
needed a “fundamental redesign, both
top-down and bottom-up”. Nearly one
Tuesday 20 April 2021
Financial technology
Treasury and
BoE explore
central bank
digital
currency
CHRIS GILES — ECONOMICS EDITOR
The Treasury and Bank of England
have announced a joint task force will
evaluate the creation of a central bank
digital currency to future-proof ster-
ling against cryptocurrencies and
improve the payments system.
Joining a worldwide fashion for investi-
gating new central bank currencies,
Rishi Sunak, chancellor, said that Brit-
ain “need[ed] to go further” to stay at
the forefront of financial innovation.
A central bank digital currency has
many definitions. The unifying features
would be that it was a digital payment
system separate from commercial
banks and large payments companies,
which use national currencies, such as
Visa and Mastercard.
Different versions would either envis-
age individuals having digital accounts
at the central bank or a more limited
digital token, which would serve the
same purpose as notes and coins in the
financial system.
The benefits include a potential low-
ering of transaction costs, ensuring that
people are protected from financial
instability of private payments systems
potentially failing, and ensuring that
central banks retain control over mone-
tary policy against the currently remote
possibility that payments might migrate
into cryptocurrencies over which they
have no leverage.
The BoE said that it and the Treasury
had not made a decision to issue a cen-
tral bank digital currency, and the task
force would examine a wide range of
issues including whether it served a val-
uable purpose.
It published a discussion paper on dig-
ital currencies last year, noting that it
would be issued in sterling, would sit at
the interface between cash and private
payments systems and would not neces-
sarily be based on distributed ledger
technology.
It would not be a crypto asset, such as
bitcoin, which can increase or decrease
in value compared with national cur-
rencies. The BoE added that cash use
could fall quickly, with debit card use
overtaking cash as a payments technol-
ogy in 2018.
Many central bankers have acknowl-
edged that there are some big risks to
overcome with the introduction of a
central bank digital currency. The BoE
would potentially need to comply with
“know your customer” rules to prevent
the currency’s use for terrorist financing
or money laundering, and its existence
could undermine the health of commer-
cial banks, removing deposits on which
they rely.
The BoE said the task force would
examine these opportunities and their
risks, evaluate alternative technologies
and examine developments in other
countries.
It would then provide “a rigorous,
coherent and comprehensive assess-
ment of the overall case for a UK central
bank digital currency”, it said in a state-
ment yesterday.
The task force will be co-chaired by
Jon Cunliffe, deputy governor for finan-
cial stability at the BoE, and Katharine
Braddick, the Treasury’s director-
general of financial services. It has not
yet set a timescale for any decisions or
the introduction of a digital currency.
in three children in care had at least one
parent who was in care, pointing to an
“intergenerational cycle” that the sys-
tem fails to address, Banham added.
About a third of children who leave
the social care system become homeless
within two years, while about a quarter
of people in custody have been in care.
Although most children would still
receive parental support after the age of
18, care leavers are often left without
any safety net, the report warns.
The government announced in
January a review of children’s social care
in England, chaired by Josh MacAlister,
a former schoolteacher who founded
the social work charity Frontline, which
is primarily funded by the education
department. The Competition and Mar-
kets Authority is also looking into the
market.
The number of children in care in
England rose 28 per cent in the decade
to 2020 and is expected to have further
increased during the Covid-19 pan-
demic, according to the Local Govern-
ment Association.
Tuesday 20 April 2021 ★ FINANCIAL TIMES 3

NATIONAL

Birmingham £513.21
Weekly earnings in
Birmingham,
compared with

remakes itself
£713.08 in London

£34.50
Rent for Grade A
office space last

as alternative
month (£ per sq ft)
in Birmingham
compared with
£64.80 in the City

£209,703

to London
Mean house price in
Birmingham last
year compared with
£631,261 in London

30.2%
Working age,
qualification at
Goldman decision to open an office confirms NVQ4 or above in
2019 in Birmingham
second city’s rise as a finance and tech hub compared with
53.3% in London

ANDY BOUNDS has 150 staff and is moving to bigger

When Jo Hannaford announced that
Goldman Sachs was opening an office in
the UK’s second-biggest city, she was
puzzled by how many people asked:
“Why Birmingham?”
In a two-year search for a global soft-
ware development site, Goldman
assessed the merits of many interna-
tional cities.
“The analysis kept bringing us back to
Birmingham,” said Hannaford, a Lon-
doner who is the head of regulatory and
business services. “It feels like a very
safe decision. It makes perfect sense.”
The city known for its role in the
industrial revolution is remaking itself
as a technology and financial services
hub. It has already attracted the domes-
tic headquarters of the bank HSBC and a
large outpost of Deutsche Bank.
But the fact that Goldman, one of the
pre-eminent global finance houses,
selected it above places such as Amster-
dam, Frankfurt or Paris has added to its
allure.
Sandra Wallace, who jointly runs the
European network of DLA Piper, the law
firm, from Birmingham, believes other
banks and tech companies will
follow. She insisted on staying in the city
even when promoted to joint UK and
then joint European managing partner.
“If it is good enough for Goldman Sachs
it is good enough for anyone,” she said.
The DLA office, opened in 1993, now
premises. DLA simply followed its grow-
ing client base.
“Our customers were doing more in
the West Midlands and it seemed crazy
not to follow them,” she said. “There is
so much talent here.”
London’s population is falling for the
first time in 30 years and companies
there are having to consider whether,
after years of workers moving to them,
they will have to move to where the
workers are.
Add in ever increasing house prices in
the capital and a coronavirus pandemic
that created a “work from anywhere”
culture and it is no surprise that more
graduates want to pursue a career in the
regional cities where they study. Of the
70,000 people who graduate every year
across the West Midlands, 55 per cent
now stay there to work.
Tech company Kainos is another tap-
ping into that talent pool. It arrived in
2019, employs 150 and is hiring 50
more, making it the Belfast-based busi-
ness’s third largest office globally. Kai-
nos helps companies such as Netflix, HP
and Booking.com with digital
projects.
Tonya McMorrow, the com-
pany’s programme and delivery
manager in Birmingham, said the
city “has met all our needs”.
Its central location and excellent
broadband — it is running trials of
5G technology — made it perfect for
Out of the the business. “A lot of our customers co-
shadows: Two locate a team here to work on a project
Chamberlain then move people here permanently.”
Square, left, new Neil Rami, chief executive of the West
home of DLA Midlands Growth Company, the region’s
Piper, where investment agency, said Goldman’s
Sandra Wallace, move had attracted attention but there
below, is a had been a quieter, steady drift from
partner. One London with professional services firms
Chamberlain clustering around the banks. “It is about
Square, right, is companies changing their footprint
home to PwC over time and bringing in more and
Andrew Fox
more senior people.”
London is 100 minutes away by train,
which will be halved when the high
speed HS2 line opens in roughly a dec-
ade. Office rents are about 60 per cent of
London levels and wages a third lower.
Homes are a third of the price.
Yet more start-ups are created in Bir-
mingham than anywhere outside the
capital, according to an annual index
compiled by the Centre for Entrepre-
neurs think-tank.
Billions of pounds worth of public
and private investment have trans-
formed a city once dominated
by the car and concrete into a
modern European centre with
canalside paths, cycleways, trams
and quality office space.
Rami pointed out the scale of the West
Midlands Combined Authority area,
run by elected mayor Andy Street, a
former businessman, with an £80bn
economy and 2.9m population.
It still punches below its weight. A
government commissioned review of
the fintech sector by businessman Ron
Kalifa found Birmingham was one of 10
UK clusters but “below potential, with
greater upside to come”.
But it will take many more Goldmans
and HSBCs to overcome decades of
deindustrialisation that has scarred the
West Midlands and left deep pockets of
deprivation. Some 14 per cent of the
working population has no formal qual-
ifications — twice the London level —
and almost one in 10 are claiming
unemployment benefit.
Diane Coyle, professor of public pol-
icy at the University of Cambridge, said
the UK was unique among big western
economies in having regional cities that
were poorer than the national average.
“There is no science about when a city
begins a virtuous circle with enough
good jobs that people get the skills to fill
them and because of that new employ-
ers keep coming in. Is Birmingham at
that level? We just have to wait and see.”
9.62%
Birmingham’s
claimant count in
January 2021. It is
7.73% in London
‘The She said giving Street and other may-
ors control over post-16 education and
analysis adult skills so they could match it with
kept the needs of businesses was vital.
Big Four accountancy firm PwC
bringing us recruited a record 275 people across the
back to Midlands in 2020 and is paying for some
to take a technology degree at the Uni-
Birmingham versity of Birmingham.
— it feels like Almost half were from an ethnic
minority background and two-thirds
a very safe from non-selective state schools.
decision’ Matthew Hammond, Midlands leader
at PwC, said: “Local leaders must look to
invest in the skills needs of the region to
support the next generation into the
workforce.”
Hannaford agreed. She said only 10
per cent of her Goldman Sachs team
from London, some 30-50 people,
would relocate. “We want to find new
talent locally,” she said.
Birmingham would be a “global cen-
tre of excellence”, not just a back office.
She said it could outgrow offices in War-
saw and Stockholm, with 500 people by
the end of 2025, as further divisions
moved. “We were one of the first into
Warsaw and now Google, JPMorgan and
others are there. Birmingham could be
the same.”
4 ★
Russian opposition
Ailing Navalny moved to prison hospital
Putin critic’s life said to be
‘hanging by a thread’ after
3 weeks of hunger strike
MAX SEDDON — MOSCOW
Russia’s prison service said yesterday it
had moved jailed opposition leader
Alexei Navalny to a prison hospital after
supporters warned his condition had
worsened nearly three weeks into a
hunger strike.
Navalny, 44, was moved to a facility
that “specialises in dynamic care for
similar patients” and is in “satisfactory
condition” under daily supervision
from a doctor, the Federal Penitentiary
Service said in a statement. He has
agreed to take vitamins, it added.
Consumers’ $5.4tn of savings fuel rebound hope
World’s wealthy have biggest
lockdown reserves but experts
fear much will be retained
VALENTINA ROMEI — LONDON
Consumers around the world have
stockpiled an extra $5.4tn of savings
since the coronavirus pandemic began
and are becoming increasingly confi-
dent about the economic outlook, pav-
ing the way for a strong rebound in
spending as businesses reopen.
Households around the globe accu-
mulated the excess — defined as the
additional savings compared with the
2019 spending pattern and equating to
more than 6 per cent of global gross
domestic product — by the end of the
first quarter of this year, according to
estimates by credit rating agency
Moody’s.
And booming consumer confidence
suggests shoppers will be willing to
spend again as soon as shops, bars and
restaurants reopen when restrictions to
control the spread of the virus are eased.
In the first quarter of this year, the Con-
ference Board global consumer confi-
dence index hit its highest level since
records began in 2005, with significant
uplifts in all regions of the world.
Mark Zandi, chief economist at
Moody’s Analytics, said: “The combina-
tion of an unleashing of significant
pent-up demand and overflowing
excess saving will drive a surge in con-
sumer spending across the globe as
countries approach herd immunity and
open up.” If consumers were to spend
about a third of their excess savings they
would boost global output by just over 2
percentage points both this year and
next, Moody’s estimated.
Despite the global economy last year
suffering its largest fall in output in
modern history, household incomes
have largely been protected by unprece-
dented government stimulus schemes
in most advanced economies. Consum-
ers also reduced spending in the face of
high uncertainty about jobs and
incomes, and because many service
businesses were shut or restricted.
As a result, in 2020 household saving
rates in many advanced economies
reached their highest levels this century,
according to OECD data, and bank
deposits increased rapidly in many
FRIDAY 31 MARCH 2017
Trump vs the Valley
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
HMRC warns
customs risks
being swamped
by Brexit surge
3 Confidence in IT plans ‘has collapsed’
3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expectedonce Britain
leaves the EU, customs authorities have
admitted to MPs.
HM Revenue & Customs told a parlia-
mentary inquiry that the new system
needed urgent action to be ready by
March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
in time “has collapsed”.
Setting up a digital customs system
has been at the heart of Whitehall’s
Brexit planning because of the fivefold
increase in declarations expected at
British ports when the UK leaves the EU.
About 53 per cent of British imports
come from the EU, and do not require
checks because they arrive through the
single market and customs union. But
Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
The revelations about the system,
called Customs Declaration Service, are
likely to throw a sharper spotlight on
whether Whitehall can implement a
host of regulatory regimes — in areas
ranging from customs and immigration
to agriculture and fisheries — by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
Shutdown risk as border
MAKE A SMART INVESTMENT
Subscribe to the Financial Times today
Morning briefing. Midday analysis. Mobile updates. Subscribe to
the FT and you’re better informed all day.
With newspaper delivery, you start the day prepared.* With FT.com,
you’re on top of the news throughout the day. And with mobile
and tablet access, you’re up to speed wherever you are.
A Five Star plan?
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
adjust its negotiation position with the
EU, a Whitehall official said. “If running
our own customs system is proving
much harder than we anticipated, that
ought to have an impact on how we
press for certain options in Brussels.”
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
mittee, HMRC said the timetable for
delivering CDS was “challenging but
achievable”. But, it added, CDS was “a
complex programme” that needed to be
linked to dozens of other computer sys-
tems to work properly. In November,
HMRC assigned a “green traffic light” to
CDS, indicating it would be delivered on
time. But last month, it wrote to the
committee saying the programme had
been relegated to “amber/red,” which
means there are “major risks or issues
apparent in a number ofkey areas”.
HMRC said last night: “[CDS] is on
track to be delivered by January 2019,
and it will be able to support frictionless
international trade once the UK leaves
the EU . . . Internal ratings are designed
to make sure that each project gets the
focus and resource it requires for suc-
cessful delivery.”
HMRC’s letters to the select commit-
tee, which will be published today, pro-
vide no explanation for the rating
change, but some MPs believe it was
caused by Mrs May’s unexpected deci-
sion to leave the EU customs union.
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
City watchdog sends a clear message as
banker loses job over WhatsApp boast
LAURA NOONAN — DUBLIN
JENNIFER THOMPSON — LONDON
A boastful WhatsApp message has cost
a London investment banker his job
and a £37,000 fine in the first case of
regulators cracking down on commu-
WORLD BUSINESS NEWSPAPER
Lloyd’s of Brussels Insurance market
to tap new talent pool with EU base
Lloyd’s of London chose Brus-
sels over “five or six” other
cities in its decision to set up an
EU base to help deal with the
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
Berrys after discussions with regulators.
Christopher Niehaus, a former Jeffer-
ies banker, passed confidential client
information to a “personal acquaint-
ance and a friend” using WhatsApp,
according to the FCA. The regulator said
M Niehau had turn d hi d vic
Visit FT.com/subscribenow
insurers to follow. Most of the
business written in Brussels
will be reinsured back to the
syndicates at its City of London
headquarters, picturedabove.
The Belgian capital had not
been seen as the first choice for
London’s specialist insurance
groups after the UK leaves the
media at work, but banks are unable to
ban people from installing apps on their
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set “aprecedent
in that it shows the FCA sees these mes-
gin th
UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
Dear Don...
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
AFP
EU, with Dublin and Luxem-
bourg thought to be more likely
homes for the industry. But
Mr Nelson said the city won on
its transport links, talent pool
and “extremely good regula-
tory reputation”.
Lex page 14
Insurers set to follow page 18
erythi
FINANCIAL TIMES Tuesday 20 April 2021
INTERNATIONAL
Pandemic
Rome seeks
production of
The anti-corruption activist’s sup- Anti-Corruption Foundation, said in a who attended. Russia’s interior ministry bad. EU foreign ministers planned to mRNA-based
vaccines
porters say his life is “hanging by a tweet that the prison hospital was “just called on people to avoid the protests. discuss Navalny’s health yesterday.
thread” from heightened creatine levels as much a torture camp, just with a big State prosecutors said last week they Ursula von der Leyen, president of the
that could bring about kidney failure, as medical ward where they transfer the would move to declare Navalny’s organ- European Commission, said in a tweet
well as potentially fatal levels of potas-
sium that could cause a cardiac arrest at
“any moment”.
seriously ill. The only way to under-
stand this is that Navalny’s condition
has worsened. So much so, that even a
isation “extremist”, equating it with
Islamist terrorist groups and exposing
his supporters to charges that carry sen-
on Sunday she was “deeply worried”
about his health and called for “his
immediate and unconditional release”.
in Italy
Navalny, the most prominent critic of torture camp admits it.” tences of up to 10 years in prison. Most Kremlin spokesman Dmitry Peskov
President Vladimir Putin, went on hun- Navalny’s health has deteriorated as of the group’s top leadership is in exile or told reporters Russia was “paying no DONATO PAOLO MANCINI
AND MILES JOHNSON — ROME
ger strike last month in protest at the the Kremlin appears increasingly under house arrest, while police have [attention] whatsoever” to western MICHAEL PEEL — BRUSSELS
conditions in the prison, which he lik- resolved to crush his movement. His detained other pro-Navalny activists. calls for Navalny’s release.
ened to torture. supporters are organising what they Navalny was arrested in January on “The president can’t take any deci- Italy has held talks with several manu-
Wardens have refused to let him see a hope will be Russia’s largest-ever pro- return from Germany, where he spent sions about monitoring the health of facturers about starting production of
doctor of his choosing for severe nerve tests tomorrow, when Putin is set to give five months recovering from a nerve prisoners,” Peskov said, according to mRNA-based Covid-19 vaccines in the
pain from two herniated discs in his his annual state of the nation address. agent poisoning he blamed on Putin. news agency Interfax. “I don’t have any country, in the latest sign that Euro-
back. After he began the hunger strike, The prosecutor-general’s office said The Kremlin, which maintains Nav- information about the health of the pris- pean officials want to deepen those
Navalny claimed wardens started grill- yesterday it would charge social media alny is a US agent intent on destroying oner in question, and so I can’t put any supplies over other types of shot.
ing chicken in his presence and shoving companies that failed to remove calls Russia, has denied any involvement in faith in your claims about his supposed
sweets into his pockets to tease him. for the protest from their platforms and the poisoning and suggested Navalny critical condition.” Rome has discussed the domestic pro-
Ivan Zhdanov, the head of Navalny’s punish parents of underage children concocted it himself to make Putin look Gideon Rachman see Opinion duction of mRNA-based vaccines with
US biotech Moderna, Switzerland’s
Novartis and Italy’s ReiThera, people
familiar with the matter said.
Global economy. Pent-up demand Talks with Novartis and ReiThera
included the possibility of producing the
mRNA vaccine developed by Germany’s
CureVac in Italy, two of the people said.
Basel-based Novartis signed an initial
agreement with CureVac in March to
manufacture some of the company’s
coronavirus vaccine. The shot is in
phase 3 trials, but the German biotech
said this week it hoped the vaccine
Household savings would be approved for use in the EU in
Excess savings as % of GDP (estimated*) May or June. ReiThera has its own
0 2 4 6 8 10 12 adenovirus-based jab under develop-
US
UK ment, but it is in phase 2 trials.
Canada The talks between Novartis, ReiThera
Australia and the Italian government were at an
Portugal
Italy early stage, the people said, and might
Germany not yield a final deal. Novartis, ReiThera
World and CureVac declined to comment.
France
Norway Mario Draghi, Italy’s prime minister,
Ireland has also spoken directly with Stéphane
Japan Bancel, Moderna chief executive, other
Russia
people familiar with the matter said.
* Additional savings compared to 2019 spending pattern
Source: Moody’s The talks failed, they said, as Moderna
lacked the capacity to oversee the trans-
Upbeat consumers fer of the necessary technology to Italian
The Conference Board global consumer confidence index manufacturing sites or to staff those
sites with the expertise needed to
110 increase production.
Moderna declined to comment. It has
100 previously pointed to a general lack of
qualified vaccine staff as a constraint to
90 the expansion of manufacturing.
Pandemic The Italian effort to secure domestic
80 production of mRNA-based Covid shots,
Financial crisis which use new technology to deliver the
70 vaccine into the body, came as the EU
2005 10 15 21 appeared to be moving away from the
Source: The Conference Board adenovirus-based vaccines produced by
AstraZeneca and Johnson & Johnson.
Several European nations have either
Opening up: countries. Zandi said excess saving was lated excess savings were lower than in ‘A slower of US excess savings were held by the restricted or halted use of the Astra-
shoppers browse highest in developed economies, in par- other regions as the pandemic has been richest 40 per cent of the population Zeneca shot after the European Medi-
the Selfridges ticular North America and Europe, contained and the impact on household vaccination and suggested this could hold back the cines Agency found a causal link with a
store in Oxford where lockdowns have been widely behaviour was less pronounced. rollout may scale of the economic boost because very rare side-effect involving blood
Street, London, implemented and government spend- In South America and eastern “high-income households will hold clots. The rollout of J&J, a similar vac-
as coronavirus ing has been high. Europe, savings were lower as a result of mean any [rather than spend] the bulk of excess cine, has also been delayed while US and
restrictions In the US alone, households have the heavy hit from the pandemic and pent-up savings”. EU authorities look into a possible link.
begin to be piled up more than $2tn in extra sav- less government support. Adam Slater, lead economist at EU states felt stung by their dealings
eased. Britain ings, Moody’s estimated. That is before However, the impact of the pandemic demand is Oxford Economics, said: “If excess sav- with AstraZeneca in particular, which
and the US are the giant transfers from President Joe has been highly unequal and savings not realised ings are mostly held by wealthier house- has failed to meet delivery targets,
among countries Biden’s $1.9tn stimulus programme have been largely accumulated by holds and these are treated as a wealth downgrading its supply projections to
where an kick in. Together, they are enough to richer households in all regions. in the increase rather than an income addi- the bloc several times. Brussels is in
acceleration in fuel potentially an “extended consump- The Morning Consult consumer con- euro area’ tion, we would expect a much lower talks with BioNTech/Pfizer, which pro-
household tion splurge”, said Krishna Guha, econo- fidence index showed overall steady level of [additional] spending.” duces one of the leading mRNA vac-
spending is mist at the investment banking adviser improvements between January and Nearly three-quarters of the UK cines, for up to 1.8bn doses in 2022-23.
expected Evercore ISI. April across 15 large economies. But a households that reported increased sav- There was no suggestion any Italian-
Tim P Whitby/Getty
Silvia Ardagna, economist at Bar- larger share of lower-income house- ings planned to continue to hold them in made doses would be reserved for the
clays, expects “a fairly rapid accelera- holds reported their financial condi- their bank accounts, according to the country alone. Rather, they would boost
tion in household spending this year” in tions had worsened from a year ago. Bank of England. Others planned to use European manufacturing capacity and
the US and “to a lesser extent” in the UK, More than a third of richer house- their savings to pay off debts, invest or be used to fulfil current and future vac-
though she warned that “a slower vacci- holds in many countries, including top up their pensions. cine procurement deals negotiated by
nation rollout may mean any pent-up China, Australia, Italy, Russia and the This is in line with the Conference Brussels on behalf of EU member states.
demand is not realised in the euro area” US, said now was a good time to make Board findings that showed double-digit A commission official said Brussels
in the next two quarters. big purchases, but that was not the case percentage point rises in the proportion welcomed Rome’s “engagement in vac-
A number of Middle Eastern coun- for poorer households, data from Morn- of consumers who increased savings cine production” and was aware of Ital-
tries where government support has ing Consult showed. and investments in shares in the first ian contacts with companies.
been generous also have significant Jan Hatzius, economist at Goldman quarter of 2021 compared with the same Additional reporting by Erika Solomon in
excess savings, while in Asia, accumu- Sachs, estimated that nearly two-thirds period last year. Berlin and Hannah Kuchler in London
Elections
Germany’s Greens put forward first nominee for chancellor
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
THE END
Briefing
HOW DRIVERLESS
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
OF THE TECHNOLOGY IS
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
CHANGING AN
ROAD
adaptive and self-critical. Democracy — radical ideas play a more minor role,” — for their push for regulations to reach
i Report outlines longer NHS waiting times
AMERICAN WAY OF LIFE
ERIKA SOLOMON — BERLIN
A report on how the health service can survive
more austerity has said patients will wait longer for Censors and sensitivity
non-urgent operations and for A&E treatment while
Warning: this article may be
some surgical procedures will be scrapped.— PAGE 4
FT WEEKEND MAGAZINE
upsetting — LIFE & ARTS
i Emerging nations in record debt sales
Developing countries have sold record levels of
thrives on change,” she said. said Uwe Jun, a political scientist at climate policy goals. Seeking to change
government debt in the first quarter of this year,
Credit Suisse
taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15
Art of persuasion Mystery deepens
i London tower plans break records
over disputed painting of Jane Austen How To Spend It
Germany’s Green party has chosen 40-
A survey has revealed that a
engulfed in
record 455 tall buildings are
planned or under construction
in London. Work began on
“We want to make politics for the Trier university. that image, Baerbock and her co-leader,
almost one tower a week
during 2016.— PAGE 4
fresh tax probe
i Tillerson fails to ease Turkey tensions
Chic new lodgings
year-old co-head Annalena Baerbock
The US secretary of state has failed to reconcile
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
in Scotland
broad spectrum of society — inviting, Baerbock, who is well connected in Robert Habeck, 51, have tried to
MAGAZINE
FEBRUARY 4 2017
i Toshiba investors doubt revival plan
3 UK, France and Netherlands swoop
In a stormy three-hour meeting, investors accused
3 Blow for bid to clean up Swiss image
managers ofhaving an entrenched secrecy culture
to make history as its first nominee to
and cast doubt on a revival plan after Westinghouse
filed for Chapter 11 bankruptcy protection.— PAGE 16
RALPH ATKINS — ZURICH it followed “a strategy offull client tax
i HSBC woos transgender customerscompliance” but was still trying to
DUNCAN ROBINSON — BRUSSELS
and with clear goals. And so a new chap- Berlin, is part of the centre-left party’s broaden the Greens’ appeal beyond edu-
The bank has unveiled a range of gender-neutral gather information about the probes.
Credit
titles suchSuisse
as “Mx”,has been targeted
in addition by Miss HM
to Mr, Mrs, or Revenue & Customs said it had
Ms,sweeping
in a move taxtoinvestigations
embrace diversity in the
andUK,
cater tolaunched
the a criminal investigation into
France
needs and the Netherlands,
of transgender customers.— PAGE setting
20 suspected tax evasion and money laun-
become chancellor in preparation for
back Switzerland’s attempts to clean up dering by “a global financial institution
its image as a tax haven. and certain ofits employees”. The UK
The Swiss bank said yesterday it was tax authority added: “The international
Datawatch
co-operating with authorities after its reach of this investigation sends a clear
offices in London, Paris and Amsterdam message that there is no hiding place for
The lure of the exotic
ter begins today for our party and, if we more moderate wing, and said yester- cated professionals and young voters.
wereattacks
Terror contacted by local
in western Europe officials those
Recent attacks — seeking to evade tax.” Robin Lane Fox on the flair
“concerning client tax matters”. notably the 2011 Dutch prosecutors, who initiated the
Dutch authorities
Highlighted attack said their counter-
Others massacre by action, said they seized jewellery, paint-
of foreign flora — HOUSE & HOME
parts in Germany were also involved, ingsinand gold ingots as part of their
Anders Breivik
its most competitive elections.
while Australia’s revenue department Norway, the probe; while French officials said their
said it was investigating a Brussels
Swiss bank.attacks in Paris
investigation had revealed “several
The inquiries threaten to undermine and Nice, and the
Norway thousand” bank accounts opened in
efforts by the Paris country’s banking Brussels suicide
sector Switzerland and not declared to French
do well, also for our country.” day she would fight to claim centrist vot- Baerbock vowed to promote climate
Nice bombings — have
to overhaul business models and ensure tax authorities.
customers meet international bucked tax the trendThe Swiss attorney-general’s office
of generally low
requirements following a US-led clamp- said it was “astonished at the way this
fatalities from
down on evaders, which resulted in operation has been organised with the
Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
billions of dollars in fines. deliberate exclusion of Switzerland”. It
western Europe
The probes risk sparking an interna- demanded a written explanation from
tional dispute after the Swiss attorney- Dutch authorities.
general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty
The Greens look to be on the ascendant Green leadership of Europe’s largest ers, a clear challenge to the CDU and policies that could appeal to rural com-
ment” that it had been left out of the in the US to an “extensive and wide-
Escape the taper trap
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients
EU’s judicial liaison body. evade tax. It agreedto fines of $2.6bn.
Credit Suisse, whose shares fell 1.2 per Additional reporting by Laura Noonan in How high earners can evade
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
subject ofinvestigations in the Nether- Houlder in London, and Michael Stothard a pension headache — FT MONEY
lands, France and the UK. The bank said in Paris Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library
Brussels takes tough stance on Brexit
in Germany’s “super election year”, economy would have a profound impact SPD. Yet she kept climate change at the munities as well as industrial workers
with Spain handed veto over Gibraltar
which includes a number of state elec- on the continent, and would be likely to top of the party’s campaign agenda, call- and low-income families.
tions and peaks in September with a push for stronger climate policies and a ing it “the task of our time, the task of Meanwhile, the CDU and its Bavarian
parliamentary vote that will bring the
curtain down on Angela Merkel’s 16-
more hawkish stance on China and Rus-
sia, whose leaders the Greens oppose on
our generation”.
That could prove tricky: the Greens
sister party, the CSU, have been plagued
with growing anger over the govern-
year career as chancellor. human rights principles. It could also have often been dubbed by critics as the ment’s handling of the pandemic, and a
The party is polling at 23 per cent, spell trouble for the embattled Nord Verbotspartei — or party of prohibitions corruption scandal among several party
according to opinion poll group Forsa — Stream 2 gas project between Moscow members. For the past week, they have
just four points behind Merkel’s centre- and Berlin, which the Greens oppose for also been locked in a divisive debate
right Christian Democrats (CDU) — and environmental and political reasons. over their own chancellor candidate.
is expected to become a part of the next The Greens emerged in the 1980s and Baerbock and Habeck have, by con-
government. It may even have a shot at fought not only for climate protection trast, kept their party collected ahead of
becoming its senior coalition member. but against nuclear power, and were the candidacy nomination, part of their
Baerbock, a member of the Bun- active in antiwar movements. Earlier bid to portray the Greens as a responsi-
destag, presented her candidacy yester- iterations of the party were seen as far ble choice for stability-craving voters.
day as a bid for change in a country more radical and leftwing, with a more Baerbock, popular within her party, is
whose governments have historically aggressive stance towards industry. But seen as a young, energetic contrast to
been dominated by the CDU and the the Greens have moved from chaotic older male candidates: the SPD’s Olaf
centre-left Social Democrats (SPD). origins to a more streamlined political Scholz, finance minister, and whichever
“A green chancellor candidacy stands operation, set on taking power. candidate emerges from the Christian
*Terms and conditions can be found at www.ft.com/subscribenow for a new understanding of political “The party is moving from childhood Annalena Baerbock: offering a ‘new Democrats, either the CDU’s Armin Las-
leadership — decisive and transparent, to adulthood, it is much more pragmatic chapter’ for Greens and Germany chet or the CSU’s Markus Söder.
Tuesday 20 April 2021
‘Defund the
police’ slogan
provokes US
policy debate
Trial over Floyd death raises profile of
fringe concept with host of meanings
CLAIRE BUSHEY
BROOKLYN CENTER, MINNESOTA
Eleven months ago, “defund the police”
was a slogan that appeared on placards
at protests; now it is being debated by
city councils across the US.
Polls show only a small portion of
Americans support the idea of defund-
ing the police, a flexible phrase that can
mean redirecting funds to social serv-
ices or outright elimination of the
department. Yet as lawyers prepared to
deliver closing arguments yesterday in
the trial of Derek Chauvin, the former
officer accused of murdering George
Floyd in Minneapolis, and after more
deaths at the hands of police, a fringe
concept has become part of mainstream
political discussion.
Minneapolis has three proposals to
diminish the police department’s power
that supporters are attempting to place
on the ballot in November. Two would
create a department of public safety in
which the police is a division. The third
would place the department under the
control of a 13-member civilian com-
mission with powers to hire the chief
and discipline officers for misconduct.
Austin, the city in Texas, cut its police
budget in August by 35 per cent, 5 per
cent immediately. Seattle did so by 20
per cent in December. City councils
have cut police budgets in nearly two
dozen other cities, although mostly
because the pandemic has battered
municipal finances.
“People will look back at this year and
say this was a real turning point,” said
Alexander Weiss, a consultant who has
advised police departments in Chicago
and New Orleans on accountability.
Floyd’s death last May set off protests
around the world at the disproportion-
ate number of people of colour killed by
police. A central demand of many activ-
ists was to abolish police departments
entirely or cut their funding and redi-
rect it to social services. In Minneapolis,
nine city council members stood on a
stage and pledged to defund the police.
When Muriel Bowser, mayor of Wash-
ington DC, ordered that the words
“Black Lives Matter” be painted on a
street blocks from the White House,
demonstrators used the same yellow
paint to add: “Defund the Police”.
With more people killed by police,
including Adam Toledo, 13, in Chicago
last month, the demands to defund have
escalated. Rey Wences, a community
organiser in Chicago, told Democracy
Now!, the non-profit news outlet: “What
we’re asking for is the same thing we’ve
been asking for years . . . Defund the
police and invest in our communities.”
In 2017, state and local governments
spent $115bn on police — 4 per cent of
state and local direct general expendi-
tures — according to the Urban Institute
think-tank. That share has stayed con-
stant for 40 years even as the rising cost
of healthcare means other big-ticket
items, such as elementary education,
★ FINANCIAL TIMES
INTERNATIONAL
Them and us: now constitute a smaller portion of
protesters municipal budgets.
confront police Most of the money is used to pay sala-
in Brooklyn ries and benefits to police officers, so
Center last cutting more than 15 per cent of a
week after department’s budget often means cut-
the death of ting the size of the force, Weiss said.
Daunte Wright Pay has risen along with the power of
Jason Armond/Los Angeles
Times/Getty
police unions, which are vehement
opponents of defunding. After Austin
cut the police budget by $150m, the
Texas Municipal Police Association put
up a billboard outside the city, which
read: “Warning!!! Austin Police
Defunded Enter at Your Own Risk”.
Critics have warned that crime will
rise if police budgets are cut. The
number of homicides did rise in most
US cities last year. Although the reasons
are unclear, that increase seems to be
unrelated to police budget cuts, which in
most cases had yet to take effect.
Some Democrats are critical, too.
President Joe Biden told civil rights lead-
ers talk of defunding was how Republi-
cans “beat the living hell out of us across
the country” in the November elections.
An Ipsos/USA Today poll released last
month found 18 per cent of Americans
support defunding, and 11 per cent sup-
port abolition. About 57 per cent sup-
port fully funding their local police,
while 43 per cent favour redirecting
some of that money to social services.
Richard Auxier, a tax and budget
expert at the Urban-Brookings Tax Pol-
icy Center, said since police budgets
were set by local governments “there
are literally thousands of them across
the country . . . and they all have their
own politics”.
The politics have been intense in Min-
neapolis. Three of the councillors who
took the pledge in June backed away
from it. The Minneapolis Charter Com-
mission, a previously obscure body,
killed an attempt last year by council
members to place a proposal on the bal-
lot that would replace the police depart-
ment with a new public safety agency.
The city council tried again in January.
Antonio Williams is a canvass direc-
tor for the Yes 4 Minneapolis coalition,
which is trying to land an initiative on
the ballot similar to the city council’s.
Twin Cities Coalition for Justice 4 Jamar,
a third group, is also pursuing a ballot
initiative. So far, more than 20,000 resi-
dents have signed the Yes 4 Minneapolis
petition.
5
‘People will Williams said some of the residents
he had spoken to thought the petition’s
look back language went too far, while others
at this year thought it did too little. He regards all
those conversations as a first step in the
and say this process of persuading someone to sign,
was a real then show up at the polls in November
and support the initiative.
turning For Williams and other activists, the
point’ killings of Daunte Wright by a Brooklyn
Center police officer, or of Toledo in Chi-
Alexander cago, add no urgency to their cause
Weiss, police because it has always been urgent. But
consultant perhaps for some, the fact that Wright
was killed while Chauvin was being
tried for Floyd’s death, when the world
was watching Minneapolis, underlines a
“dire need for some change”, he said.
“It’s going to continue to happen all
over the country until policing as we
know it and see it is done away with,”
Williams added.
Floyd’s death “galvanised” the city’s
residents on the issue of police miscon-
duct, Williams said. He doubts the sig-
nature drive could have succeeded 11
months ago. “The conversation could
have been had for sure, but the next
step, the commitment, the action part of
it?” he added. “I don’t see it happening.”
6 ★
Coronavirus
UK curbs travel from India as cases soar
Johnson visit scrapped,
Delhi region locked down
and oxygen use banned
STEPHANIE FINDLAY — NEW DELHI
JASMINE CAMERON-CHILESHE — LONDON
The UK government yesterday said
India would be added to its “red list” of
countries, as the country battles a new
variant and a surge in coronavirus cases
that is overwhelming hospitals.
In a ministerial statement in the
House of Commons, health secretary
Matt Hancock confirmed that India
would join the 39 other countries on the
list from 4am on Friday.
Under new guidance, British and Irish
nationals travelling from India will have
to quarantine in a hotel for 10 days fol-
lowing arrival. Individuals who are not
UK or Irish citizens will not be allowed
Flight on Mars
Helicopter hop
makes history
Nasa engineers celebrate their
“Wright Brothers” moment as a little
helicopter called Ingenuity rises three
metres above the Martian surface,
hovers, swivels and lands.
Yesterday’s test represented the
first powered, controlled flight of an
aircraft on another planet.
A black-and-white photo taken
from the drone showed its shadow on
Mars’ surface, while a colour video
recorded by Nasa’s Perseverance
rover 70 metres away showed the rest
of its 40-second flight.
Ingenuity could pave the way for
aerial observation and transport on
Mars and other planets.
The Martian atmosphere has a
density only 1 per cent of Earth’s, so
Ingenuity’s two 1.2 metre rotor blades
must spin very fast. An increasingly
ambitious set of flights is planned for
the next three weeks. Clive Cookson
Cash sent home by migrant workers aids central Asia
Countries hit by lower gas
revenues helped by
remittances from Russia
NASTASSIA ASTRASHEUSKAYA
MOSCOW
Remittances from Russia are helping to
ease the economic impact of the pan-
demic on central Asian nations, which
are recovering from their first recession
in a quarter of a century but have been
hit by a drop in gas revenues from China
and the slow pace of vaccination.
Earnings sent home by central Asian
workers in Russia dropped 25 per cent
in the first half of 2020 when the virus
first took hold, but have since begun to
rise again, according to the IMF.
Millions of central Asians live and
work in Russia, and the cash they send
home is one of the region’s biggest earn-
ers, accounting for up to 30 per cent of
GDP. By the end of last year, the number
of labour migrants living in Russia or
entering for seasonal work had shrunk
Technology tie-up
Israeli and UAE companies in AI joint venture ECB cracks down on banks’ risk ‘deficiencies’
SIMEON KERR — DUBAI
State-affiliated companies from Israel
and the United Arab Emirates have
agreed to form a joint venture focusing
on artificial intelligence and big data, in
the most significant commercial deal
since the two states normalised rela-
tions last year.
Israel’s state-owned Rafael Advanced
Defense Systems and Group 42, a pri-
vate technology company with links to
the UAE’s ruling family, yesterday said
the new company, Presight.AI, would
establish a research and development
centre in Israel, using local talent to
work on technologies for use across sec-
tors including banking, healthcare and
public safety.
“The new JV between Rafael and G42
is not just two companies coming
into the UK if they have been in India in
the previous 10 days, Hancock said.
The announcement follows the joint
decision by the British and Indian gov-
ernments to scrap the scheduled visit to
India next week of Boris Johnson, UK
prime minister.
The trip, during which Johnson had
hoped to discuss prospects of a closer
trading partnership with Narendra
Modi, prime minister, was initially
planned to run for four days but had
been scaled down. The two leaders will
speak remotely instead, with plans to
meet in person later this year.
As cases rise, India’s capital city
region has been put under lockdown
and authorities have prohibited the use
of oxygen except for essential services.
India continues to set single-day
records of coronavirus cases, reporting
more than 273,000 new infections and
1,619 deaths yesterday, with the number
Coronavirus. Economic damage
to 6m, from between 9m and 11m in
most years, according to official data.
Subir Lall, deputy director of the Mid-
dle East and central Asia department at
the IMF, called the recovery in remit-
tances “crucial”, adding that the cash
migrants send home “can serve as a life-
line for the poorest countries”.
He said: “This illustrates the stabilis-
ing role that remittances can play after
an [economic] shock.”
According to the World Bank, last
year was central Asia’s first recession
since the end of the Soviet system in the
mid-1990s.
Central Asia and the Caucasus experi-
enced a 1.9 per cent drop in economic
output in 2020, according to the IMF.
The fund expects the region to expand
3.7 per cent this year and 4.1 per cent in
2022 — underperforming the average
for emerging markets of 6.7 per cent and
5 per cent growth respectively.
The IMF blamed the underperform-
ance largely on the slow rollout of inocu-
lations. The fund expects a maximum of
just 20 per cent of people across the
region to be vaccinated in the near term
together,” said Mohamed Al Khaja, UAE
ambassador to Israel, who attended the
signing ceremony in Herzliya. “[It is
also] a strategic collaboration that fur-
ther strengthens the relationship
between Israel and the UAE as the coun-
tries explore multi-faceted opportuni-
ties for bilateral economic growth.”
Since the so-called Abraham Accords
were unveiled in August last year, Israel
and the UAE have accelerated the devel-
opment of commercial and tourism ties.
Shared concerns over Iran’s interfer-
ence in the Middle East have also
strengthened the strategic impetus for
their newfound partnership.
By transferring technology with a
state-owned Israeli defence company,
the G42-Rafael tie-up is an example of
the economic and strategic benefits
envisioned by Abu Dhabi’s leadership
FINANCIAL TIMES
INTERNATIONAL
of new cases growing by an average of
7 per cent a day, one of the fastest rates
in any big country. The surge is believed
to be linked to a new B.1.617 variant that
was first discovered in the country.
British health officials are now inves-
tigating whether the variant should be
The surge is believed to be
linked to a new B.1.617
variant that was first
discovered in India
reclassified from a “variant under inves-
tigation” to a “variant of concern”. More
than 100 cases of the B.1.617 variant had
now been identified within the UK, “the
vast majority” of which had links to
international travel, Hancock said.
Officials in Delhi announced it would
impose a strict lockdown for a week, fol-
except in Kazakhstan, which has the
capacity to dose 60 per cent of its popu-
lation because of its domestic vaccine
production facilities. So far, Kazakhstan
has vaccinated just 0.6 per cent of its
population.
Given the low capacity for vaccine
storage and distribution, broad vaccine
coverage is not expected until 2023,
according to the IMF.
The economic recovery is also being
held back by a fall in revenues earned
Bouncing back
Remittances to Caucasus and central
Asia, index (Q4 2019=100)
100
95
90
85
80
75
70
2017 18 19 20
Source: IMF staff calculations
through normalising relations with
Israel.
“First and foremost, this co-operation
signifies another leap in the relationship
between our countries,” said Yoav Har-
Even, Rafael, chief executive.
Rafael, which employs about 8,000
people, develops defence systems span-
ning air, land and sea applications to
cyber- and space-related technologies.
No financial details of the tie-up were
released. In July, G42 signed memoran-
dums of understanding with Rafael and
another Israeli company over research
efforts to combat coronavirus.
Sean Teo, chief executive of Pre-
sight.AI, was working in G42’s analytics
business in the early days of the pan-
demic in January 2020, modelling fore-
casts that 100m would be infected and
2m could die over the next 12 months.
lowing Mumbai and other cities that
have placed curbs on movement.
States are running short of beds,
drugs and oxygen, leading the central
government to restrict use of the gas.
Arvind Kejriwal, chief minister of
Delhi, said “oxygen has become an
emergency” in the region because its
quota had been diverted to other states.
He warned there were “less than 100
[intensive care] beds” available.
The new restrictions have been
imposed even as Modi and his ruling
Bharatiya Janata party have been host-
ing huge political rallies and allowed
religious festivals attended by tens of
thousands of maskless people.
Amit Shah, India’s home minister,
told the Indian Express newspaper he
was “concerned” about the variant and
the “surge is mainly because of the new
mutants of the virus”. But he was “confi-
dent we will win” against the disease and
from China, the region’s biggest trading
partner. Gas is the single largest com-
modity that central Asia sells to China
and prices plunged last year.
According to Petr Grishin, chief econ-
omist for eastern Europe at VTB Capital,
Uzbekistan’s total exports to China fell
27 per cent year on year in US dollar
terms in 2020.
That illustrates how one of central
Asia’s traditional economic strengths —
its natural resources — may be weaken-
ing as a driver of growth.
Peter Burian, special representative
for central Asia at the EU, warned that
“for too many years the countries of the
region were relying for their economic
growth on exceptionally high commod-
ity prices, export of minerals or reve-
nues of remittances [from] labour
migrants mostly working in Russia”.
But central Asia’s lack of development
progress means that it is “still one of the
least integrated and connected regions”
in the world, he said — which “prevents
the region from fully benefiting from its
strategic location as a gateway between
Europe and Asia, not only east-west, but
Balance sheet models
MARTIN ARNOLD — FRANKFURT
The biggest eurozone banks have
repeatedly been too optimistic in their
risk-modelling, the European Central
Bank said as it presented the results of
a five-year review that has wiped out a
chunk of their capital ratios.
The findings of the review appear to
confirm longstanding suspicions among
regulators and analysts that larger
banks have often artificially inflated the
strength of their balance sheets by
underestimating the riskiness of their
assets, giving them a short-term advan-
tage over more cautious rivals.
“It confirms that consistently imple-
menting internal models is possible
even within a supervisory area as large
as the banking union,” said Andrea
Enria, chair of the ECB’s supervisory
said there was not yet a need to impose a
national lockdown.
Bed shortages in India have forced
authorities to re-establish emergency
coronavirus hospitals in banquet halls,
train stations and hotels shut down fol-
lowing the September peak. Crematori-
ums in the state of Gujarat and Delhi are
running 24 hours a day, while cemeter-
ies are running out of burial spaces.
Coronavirus patients have also been
struggling to access medicines. More
than 800 injections of remdesivir, an
antiviral drug commonly used in India
as part of Covid-19 treatment, were sto-
len from a hospital in Bhopal, Madhya
Pradesh, at the weekend.
India faces a vaccine supply crunch
and has frozen international exports of
jabs to meet domestic demand.
Additional reporting by John Burn-Mur-
doch in London
Rupee retreats see Markets
Nasa/JPL-Caltech/ASU/Reuters
also north-south”. However, there are
signs that this is changing, he added:
“Most of the countries realise that busi-
ness as usual is not an option and it’s not
sustainable.”
Lall called on central Asian econo-
mies to encourage private sector activ-
ity and boost their economic resilience.
“The state has to rearrange itself in
many countries and modernise . . . as
an enabler and facilitator for the private
sector . . . not as a gatekeeper,” he said.
Private sector involvement in central
Asian infrastructure projects is “a way
out of the impasse in public spending in
many countries”, said Alain Pilloux,
vice-president at the EBRD, which
invested $1.5bn in central Asia last year.
Several central Asian economies,
such as Kyrgyzstan and Tajikistan, have
reached a critical level of indebtedness
and cannot afford to increase public
spending despite needing greater infra-
structure and social spending, he said.
Central Asia’s two largest economies,
Kazakhstan and Uzbekistan, have
begun to speed up privatisation, which
analysts expect to support their growth.
board. “Banks are following through to
correct deficiencies and fully comply
with the requirements.”
The central bank, which supervises
the largest 115 eurozone banks, discov-
ered more than 5,800 deficiencies in
how 65 of the biggest lenders used inter-
nal models to calculate their capital
requirements.
This resulted in more than 253 super-
visory decisions by the ECB that pushed
up the banks’ risk-weighted assets by
€275bn, a 12 per cent increase in the
models it examined.
The models in question were those
banks use to assess credit risk, market
risk and counterparty credit risk.
Many of the deficiencies it found
resulted from the different interpreta-
tions various national regulators had of
bank capital rules before the ECB
Tuesday 20 April 2021
Networking sites
MI5 warns
of threat
from online
espionage
HELEN WARRELL — LONDON
More than 10,000 British nationals
have been targeted online in the past
five years by hostile states such as
China, as foreign spies increasingly
manipulate professional networking
sites to recruit agents and steal secrets.
In a campaign to be launched this week,
UK security agencies will warn 450,000
civil servants and partners in industry
and academia that Britain’s adversaries
are creating fake online accounts to
ensnare people who are privy to classi-
fied information. Posing as recruiters,
foreign spies lure their targets to meet-
ings in person, where they may be sub-
jected to bribery or blackmail in order
to obtain intelligence.
The campaign, titled “think before
you link”, is being co-ordinated by the
Centre for the Protection of National
Infrastructure — the arm of UK intelli-
gence agency MI5 that advises govern-
ment and businesses on protective secu-
rity. While officials would not give
details about which countries or social
media platforms are of most concern,
there is a long history of China using the
networking site LinkedIn to ensnare
espionage targets.
Last year, a US court heard that Dick-
son Yeo, an academic at George Wash-
ington University, had used LinkedIn to
target US military and government per-
sonnel on behalf of Chinese intelligence.
CPNI said 10,000 UK
nationals had been
approached by foreign
spies in the past five years
He formed online connections with
state department officials, former mili-
tary commanders, Pentagon employees
and think-tank experts with the aim of
passing their information to Beijing.
The UK government has been wary of
calling out Chinese spying activity for
fear of provoking retribution. Britain’s
landmark defence and security review,
published last month, made clear that
the UK would continue to pursue a bal-
ancing act in its relations with Beijing.
The review highlighted China as being
the “biggest state-based threat” to the
UK’s economic security, but also
emphasised that Britain would continue
to pursue “deeper trade links and more
Chinese investment”.
Describing the scale of the online espi-
onage threat, the UK’s CPNI said its
assessment that 10,000 UK nationals
had been approached by foreign spies in
the past five years was a “conservative
estimate”. It also admitted that “a con-
siderable volume” of them had initially
engaged with the espionage attempts.
Targets are typically government
employees with high-level security
clearances, as well as retired civil serv-
ants and those in the private sector who
have access to classified or commer-
cially sensitive technology, such as
defence equipment. The campaign
advises people to be wary of new con-
tacts making job offers that sound too
good to be true, and urges them to
report such approaches to employers.
The campaign was trialled in the UK
three years ago but is only now being
launched publicly. All Britain’s Five
Eyes intelligence-sharing partners — the
US, Canada, Australia and New Zealand
— have adopted versions of “think
before you link” using CPNI materials.
Paul Rockwell, head of trust and secu-
rity at LinkedIn, said his staff actively
sought signs of “state-sponsored activ-
ity” and removed fake accounts, and
that between January and June last year,
LinkedIn removed 33.7m such accounts
at registration.
started supervising the region’s biggest
banks in 2014.
The dangers of banks underestimat-
ing potential losses were underlined this
month when Credit Suisse said it stood
to lose about $4.7bn from the implosion
of the Archegos family office.
Larger banks are allowed to use inter-
nal models to calculate the likelihood of
default and losses on loans and other
assets on their balance sheets based on
past trends. Assets perceived to be low-
risk such as mortgages are given a low
weighting and those perceived to be
more risky are given a higher weighting.
These calculations are crucial in
deciding the main capital benchmark
for banks, the common equity tier one
ratio, which is their core equity capital
expressed as a percentage of risk-
weighted assets.
Tuesday 20 April 2021 ★ FINANCIAL TIMES 7

The Melrose machine Turnround specialist is functioning more smoothly after last year’s spanner in the works y LEX, PAGE 22

Watchdog told More connections Zoom sets aside $100m for

app start-ups and Facebook tunes in to audio
BaFin brings
Wirecard case
to investigate against bank
executive
Nvidia’s Arm OLAF STORBECK — FRANKFURT
STEPHEN MORRIS — LONDON

takeover plan
Germany’s financial watchdog has filed
a criminal complaint against Alexander
Schütz, a Deutsche Bank supervisory
board member, over alleged insider
trading of Wirecard shares.
Munich prosecutors said they had

3 National security concerns cited received BaFin’s complaint by fax yes-

terday and would assess the matter once

3 Odds of $40bn deal closure narrow
JIM PICKARD AND KATE BEIOLEY
A formal investigation has been opened
into Nvidia’s planned takeover of Arm,
the UK chip designer, sparking fresh
doubts about the $40bn deal.
Oliver Dowden, culture secretary,
said he had written to the Competition
and Markets Authority to inform it of
his decision and had instructed the
regulator to begin a “phase one” investi-
gation to assess the transaction on
national security grounds.
The watchdog will prepare a report by
the end of July with advice on jurisdic-
tional and competition issues, as well as
‘This makes the approval
process more complicated
and increasingly unlikely’
Atif Malik, Citigroup
a summary of potential national secu-
rity concerns around the deal.
Dowden could then clear the acquisi-
tion, approve it with conditions, or
launch a more detailed inquiry.
Atif Malik, an analyst with Citigroup,
said the in-depth review of antitrust and
national security concerns around the
blockbuster deal narrowed the odds of
its closing successfully. “This makes the
approval process more complicated and
increasingly unlikely. We lower our deal
closing probability to 10 per cent from
25 per cent,” he said.
The deal raises potential security con-
cerns because semiconductors under-
pin defence-related technologies.
“Following careful consideration of
the proposed takeover of Arm, I have
today issued an intervention notice on
national security grounds,” said Dow-
den. “We want to support our thriving
UK tech industry and welcome foreign
investment, but it is appropriate that we
properly consider the national security
implications of a transaction like this.”
Lawyers said the decision to call in the
deal was a sign of an increasing focus on
the protection of British national inter-
ests, echoing the US approach to deal-
making through the Committee for For-
eign Investment in the US.
Becket McGrath, an antitrust partner
at Euclid Law, said national security
interventions had grown “more com-
mon in recent years”, driven by a rise of
“economic nationalism”.
“What’s interesting here is that the
deal is not a classic defence-orientated
national security case,” he said.
Arm is being sold by SoftBank of
Japan, which initially bought the semi-
conductor business in 2016. SoftBank’s
decision to sell the group to Nvidia has
raised concerns about whether the US
group would keep its headquarters in
Cambridge.
Jensen Huang, chief executive of
Nvidia, has said he intends to retain
Arm’s name while expanding its base in
Cambridge and keeping its intellectual
property registered in the UK.
If Dowden chose to advance the probe
beyond the initial stage, a “phase two”
investigation would scrutinise the deal
further, either on both public interest
and competition grounds, or on public
interest grounds alone.
The CMA said its assessment would
“include an examination of whether,
following the takeover, the merged
entity is able and has an incentive to
withdraw, raise prices or reduce the
quality of its IP licensing services to
Nvidia’s rivals.”
Arm declined to comment. Nvidia
said: “We do not believe that this trans-
action poses any material national secu-
rity issues. We will continue to work
closely with the British authorities, as
we have done since the announcement
of this deal.”
San Francisco-based Zoom is looking to extend its range of services beyond video meetings — Chris Parkes/Alamy
RICHARD WATERS — SAN FRANCISCO
Zoom is setting aside $100m to invest
in apps that tie in with its video meet-
ing service, as it races to consolidate
its pandemic-year gains and counter
a looming threat from Microsoft.
The San Francisco company said it
would put between $250,000 and
$2.5m into start-ups building new
ways for Zoom users to “meet, com-
municate and collaborate”.
The investments are also intended
to act as a channel for future acquisi-
tions as Zoom looks to extend its serv-
ices beyond video meetings, said Kelly
Steckelberg, chief financial officer.
Integrating with a wide range of
apps has become a key tactic for
Zoom as it seeks to embed itself more
deeply into the working life of users.
These include other collaboration and
document-sharing services, such as
ways for groups of workers to share
ideas before and after meetings.
Microsoft has set its sights on eating
into Zoom’s lead in video meetings,
and is counting on the integration
between its Teams service and the
widely used Office applications to give
it an edge.
Referring to the growing threat
from Microsoft, Steckelberg said:
“Sure, there’s a whole other ecosys-
tem moving out there, but not every-
body wants to leverage that ecosys-
tem. We have an amazing customer
base that is looking to us for solutions
to their challenges and problems.”
Using some of their cash to foster an
ecosystem of companies around their
services has become a familiar tactic
for online companies trying to turn
themselves into platforms. Slack, for
example, joined a number of venture
capital firms in an $80m fund in 2015
intended to stimulate a new genera-
tion of apps connecting to its work-
place messaging service.
Despite linking more closely with a
range of other start-ups, Slack was
unable to fend off the rising threat
from Microsoft and last year bowed to
a $29bn acquisition approach from
Salesforce, in part to integrate more
tightly with that company’s apps.
Meanwhile, Facebook is making a
push into audio, launching a suite of
new features that will allow users to
host audio conferences and podcasts,
in a dash to compete with upcoming
apps such as Clubhouse.
Mark Zuckerberg, chief executive,
said yesterday that it planned to roll
out live audio rooms for its users as
well as new tools allowing them to
search for, create and earn money
from podcasts over the next three to
six months.
He also announced a feature called
Soundbites, where users can post or
listen to short audio clips that will be
showcased in a continuous feed, in a
similar way to its Reels video feed in
Instagram. “We think that audio is, of
course, also going to be a first-class
medium,” Zuckerberg said. He added
that audio “allows for longer-form
discussions and exploring ideas” but
is also “accessible because you can
multitask”.
all documents had arrived by post.
Schütz, a confidant of Markus Braun,
former Wirecard chief, had already said
he would quit Deutsche’s board next
month. BaFin suspects he used inside
information in 2019 and 2020 when
trading Wirecard shares, said people
with first-hand knowledge of the matter.
Wirecard, the payments company
once hailed as a rare German technology
success, collapsed into insolvency last
year after revealing that €1.9bn in cash
did “not exist”.
It has since emerged that Wirecard
was engaged in a decade-long fraud, in a
scandal that has dragged in auditors,
politicians and the financial elite.
This week Angela Merkel, chancellor,
and Olaf Scholz, finance minister, will
be questioned by a parliamentary hear-
ing over their connections to the affair.
Merkel lobbied for Wirecard in China
when reports about suspected fraud at
the company had been in the public
domain for months.
Schütz, an Austrian, was publicly
rebuked by Deutsche after the parlia-
mentary inquiry into Wirecard dis-
closed an email that he sent to Braun in
2019 when the FT had reported whistle-
blower allegations of accounting manip-
ulation at the payments group.
Schütz wrote to Braun: “I read in the
FT what a naughty boy you are ;-)”. He
then told Braun he had recently bought
Wirecard shares and urged the Wire-
card chief executive to “do this newspa-
per in!!”. Deutsche later apologised and
said the email was unacceptable.
Schütz joined the Deutsche board in
2017 when HNA, the Chinese conglom-
erate, started buying shares, building a
9.9 per cent holding that made it the
bank’s largest shareholder. HNA’s stake
was funded using a complex financing
structure held by C-Quadrat, Schütz’s
Vienna-based investment vehicle, and a
chain of offshore holding companies.
Deutsche and BaFin declined to com-
ment. Schütz did not respond to a
request for comment.
Big Read page 19

Hertz joyride seems to show that Robinhood gang had a point

like a happier tale where clever finan-
INSIDE BUSINESS ciers are clamouring for the chance to
put up billions in cash to revive a sur-
FINANCE prisingly promising business.
Junior Hertz bonds, once trading
Sujeet at about 10 cents on the dollar at the
outset of the bankruptcy, now trade at
Indap 100 cents.
At a virtual hearing held by the Dela-
ware bankruptcy court on Friday, Tom
Lauria, a lawyer for Hertz, wondered
Capital, and FourSixThree formed a
committee of shareholders to press
their argument that the Centerbridge
plan “forces an artificial dilution against
any recovery for existing shareholders
by relying on the most expensive forms
of capital”.
In other words, the restructuring plan
the group and bondholders had agreed
to was snatching the current Hertz
equity value for themselves. In a theo-

M
aybe the Robinhood gang
was on to something.
Last summer, experts
scoffed when Hertz,
under bankruptcy pro-
tection, saw its publicly traded shares
rise to a market value of as much as
$800m, spurred by buying by retail
traders active on social media.
The group’s bonds then were trading
for dimes on the dollar. The conven-
tional view was that equity investors
would be wiped out in the Hertz
reorganisation.
Ten months on, shares of the group
have become one of the hottest plays for
hedge fund wizards. A fully fledged
Chapter 11 bidding war for Hertz broke
out last week, capturing the hype
around a post-pandemic US economy as
well as the ebullience for risk capital.
Hertz in early March had accepted an
offer from an investment group that val-
ued it in aggregate at $4.8bn. Two bids
later, the most recent late on Thursday,
the value of Hertz including net debt has
risen remarkably to $6.2bn.
This latest offer pays off all creditors
in full and in cash while allowing current
shareholders, once left for dead, to buy
into the new Hertz. Distressed securities
investing in recent years has degener-
ated into fights over esoteric legal docu-
ments where little value is left for stake-
holders. The Hertz saga, however, looks
how useful the efficient markets
hypothesis was. “I don’t know, is the
debt evidence of fair value? Securities go
up and securities go down.”
Lauria was speaking in court about a
restructuring plan led by three private
equity companies — Centerbridge, War-
burg Pincus and Dundon Capital — that
valued Hertz at $5.5bn.
The trio had committed as much
as $2.6bn to the
new Hertz, which Perhaps it is no surprise to
would be used to
pay off senior debt those day traders of 2020,
in full and in cash. but the company’s value
Junior bonds were
to get equity in the seems to rise the longer it
new Hertz that val- remains in bankruptcy
ued those claims at
75 cents on the dollar.
But bond investors have disagreed
with the 75 cent figure. Hertz bonds
have risen to 100 cents as debt investors
believe that both the new Hertz equity
they are to receive and the chance to
purchase at a small discount makes
their paper worth much more. The Cen-
terbridge plan called for current equity,
which has hovered around $300m of
value, to be wiped out.
Hertz shareholders have noticed trad-
ing prices of the debt. If the most junior
debt is worth par, surely their equity
must not be worthless, they argue. Ear-
lier this month a group of several funds
including Glenview Capital, Hein Park
retical sense, the hedge fund group
might have had a point. But it was irrele-
vant, since they had offered no rival bid.
That changed late on Thursday. In
March, Hertz had selected a restructur-
ing plan led by Knighthead Capital and
Certares that valued Hertz at $4.8bn.
That bid was topped by the Center-
bridge bidding group.
In a new salvo, Knighthead/Certares
made a proposal that values Hertz at
$6.2bn and pays off all current debt-
holders at par. To fund the plan, the
groups are themselves putting in $2bn,
with as much as $2.5bn of preferred
stock coming from Apollo Global Man-
agement, according to a person directly
familiar with the matter. Also part of the
equation is the chance for current share-
holders to buy $750m of new Hertz
equity. Hertz shares rose 40 per cent on
Friday to $1.73 on investor hopes that
they have a future value.
The Hertz board must vet the Knight-
head/Certares counter-offer before
potentially agreeing to let the proposal
overtake the mooted Centerbridge deal.
The battle also threatens to delay the
group’s efforts to leave Chapter 11 by the
end of June. Perhaps it will not be a sur-
prise to those Robinhood day traders
from 2020, but Hertz is the unusual
group whose value seems to increase the
longer it remains in bankruptcy.
sujeet.indap@ft.com
8 ★ FINANCIAL TIMES Tuesday 20 April 2021

COMPANIES & MARKETS

Automobiles Mining

Toyota faces Bangkok bribery probe Australian

Inquiry centres on tax
dispute over imports of
Prius parts into Thailand
JOHN REED — BANGKOK
KANA INAGAKI — TOKYO
KIRAN STACEY — WASHINGTON
Toyota is under investigation in Thai-
land over allegations that consultants it
hired tried to bribe officials in a tax dis-
pute, according to Thai authorities,
court papers and a person familiar with
the matter.
The inquiry follows a filing last month
in which the world’s largest carmaker
revealed it had reported “possible anti-
bribery violations” related to its Thai
subsidiary to the US Department of Jus-
tice and the Securities Exchange Com-
mission.
Toyota is one of the biggest foreign
investors in Thailand, where it makes a
large range of cars, vans and pick-up
trucks for the local market and for
export. Thailand is Toyota’s biggest
manufacturing hub in south-east Asia.
Before the Covid-19 pandemic, car sales
had been strong in a market where it has
a 31 per cent share.
Earlier this month, Thailand’s Court
of Justice said in a statement it would
take action against any of its judges
found to have taken bribes. The state-
ment, which the court said was intended
to “clarify facts” in a news report on a
Automobiles. Electric vehicles
foreign website, referenced a tax dis-
pute involving Toyota directly.
“If the Court of Justice has received
information or explicitly found that any
In a filing last month,
Toyota said US inquiries
regarding the Thai unit
could result in penalties
judge committed an act of corruption to
their duty, whether it is about bribery or
not, [it] . . . will resolutely investigate
and punish any action which dishon-
ours judges, undermines the neutrality
of the court, or causes society [to] lose
faith in the Thai justice system,” it said.
The court said the case involves a dis-
pute involving Bt10bn ($319m)
between Toyota Motor Thailand and the
tax authorities over imports of parts for
its Prius hybrid model.
The affair dates back to 2015 when the
Thai unit was accused by local customs
of understating taxes by claiming that
the imported Prius vehicles were assem-
bled from completely knocked down
kits or from imported parts that were
later assembled in Thailand.
The kits would have been subject to a
discounted tax rate but if the cars were
assembled before import they would
have attracted a much higher rate.
Toyota appealed against a decision by
customs authorities to impose a higher
duty in 2015, but lost.
The court said it had accepted a peti-
tion to review the case, but had not yet
begun hearing it.
In its filing last month, Toyota warned
that the US inquiries regarding its Thai
subsidiary could result in civil or crimi-
nal penalties, but the company has not
disclosed any detail on the allegations.
Toyota said it was co-operating with
the inquiries and declined to comment
on the Thai dispute. “We take any alle-
gations of wrongdoing seriously and are
committed to ensuring that our busi-
ness practices comply with all applica-
ble government regulations,” it said.
The SEC and DoJ declined to comment.
lithium groups
agree $3.1bn
merger to fuel
rapid growth
JAMIE SMYTH — SYDNEY
Australian mining groups Orocobre
and Galaxy Resources plan to merge in
a A$4bn ($3.1bn) deal that would cre-
ate one of the world’s largest lithium
producers as rising demand for electric
vehicles boosts prices for the metal.
The Australian Securities Exchange-
listed companies said yesterday the
combined business would establish a
diversified production base across Aus-
tralia, South America and Canada, as
well as boost the groups’ financial fire-
power and capacity to grow rapidly.
Together, Brisbane-based Orocobre
and Perth-headquartered Galaxy would

Chinese carmakers mount challenge to Tesla be the world’s fifth-largest producer of

Shanghai offers showcase for
homegrown models and tech
focused on younger drivers
CHRISTIAN SHEPHERD — BEIJING
China’s carmakers are stepping up their
challenge to Tesla’s dominance in the
country’s electric vehicle market as they
use this week’s Shanghai auto show to
display models and technology
designed to appeal to younger buyers.
The groups are launching more than a
dozen models at the show, which
opened yesterday, in their attempt to
topple Tesla’s Model 3 as the country’s
best-selling electric car and capture
market share in the premium sector.
Surveys suggest Chinese brands are
becoming increasingly popular with
younger customers more likely to buy
domestic models, with leading groups
such as Geely, Nio and Xpeng using tech-
nology to attract interest.
William Li, Nio’s chief executive,
announced plans to expand its network
of battery swapping and charging sta-
tions into underserved regions of north-
ern China. China’s leading domestic lux-
ury electric car brand by sales is focus-
ing on developing battery swapping
technology, shunned by Tesla.
It has also has made a subscription
model for battery use central to its busi-
ness model. The company last week
signed an agreement with Sinopec, the
state-owned oil group, to put 5,000
swapping and charging stations across
the country over the next few years.
Xpeng, a Nasdaq-listed start-up based
in Guangzhou, last month showed off its
Lidar-powered autonomous-driving
features, which work on the principle of
radar but use light from a laser to meas-
ure distances. The reliance on Lidar is
another approach that Tesla has
rejected.
Other Chinese carmakers have
embraced the technology, including
Arcfox, a new luxury brand created by a
subsidiary of state-run BAIC Motor and
technology group Huawei, which
launched its first model, the Alpha S,
yesterday.
Meanwhile, Zeekr, a premium elec-
tric car brand launched this month by
Geely Holdings, which owns Volvo,
Lotus and a has minority stake in Daim-
ler, is primarily targeting tech-savvy,
mostly younger customers, according to
Flynn Chen, its vice-president.
The company plans to roll out two
models per year for the next three years
using a network of more than 100 stores
to be opened across China in 2021.
SAIC Motor’s Carmakers offering “smart” features, It is now much more driven by con-
fully electric, such as assisted-driving or voice- sumer purchases of larger and more
China-only activated entertainment systems, are expensive cars than smaller vehicles
Roewe R ER6 helping to drive interest in Chinese supported by subsidies — a shift that has
is displayed high-end brands over international been propelled in part by Tesla’s success
at the show competition, according to Zhang Xiang, in winning over Chinese consumers and
yesterday — Reuters an independent industry analyst. also accelerating interest in the coun-
The moves should help China in its try’s aspiring rival start-ups, such as Nio
ambition to make a fifth of car pur- and Xpeng.
chases in the world’s largest market In addition, it may be the right
battery-powered or hybrid vehicles moment to challenge the US electric car
from the current 5 per cent of total sales, pioneer as it faces fresh questions after
particularly as the industry has started the deaths of two men in a Tesla Model S
to mature over the past year. in the US at the weekend. They crashed
with evidence suggesting that no one
Electric vehicle sales was driving the vehicle, although
reports said it was unclear whether the
Million units
autopilot was in use.
Rest of the world 4 There was also a protest at the Tesla
US stall of the show from a woman in a
Germany T-shirt reading “brake malfunction”
China 3 above a Tesla logo. Tesla responded to
the incident on Weibo, the website for
bloggers, saying the woman was a cus-
2
tomer who had asked to return a car
after a crash in February, but declined to
1 allow a third-party investigation.
As well as Tesla, the Chinese groups
will have to deal with competition from
0 the big German carmakers — Audi,
2009 15 20 Mercedes-Benz and BMW — that have
Includes plug-in hybrids and battery electric cars long dominated its luxury market. In
Source: EV-Volumes
2020, the three German brands together
‘No one sold more than 700,000 cars in China.
However, the switch from internal
has an combustion engines to battery-powered
advantage cars may create openings to establish
Chinese brands that appeal to the coun-
in terms of try’s under-35s, which make up a much
history and higher proportion of luxury purchases
than in other markets.
many Nearly half of Chinese shoppers
Chinese intending to buy a car in the next six
months say they would buy a local
start-ups brand, up from about a fifth in 2016,
started with according to a survey by data provider
JD Power released last month.
a global Younger buyers are also more likely to
perspective’ buy local models, with 60 per cent of
those born after 1995 saying they would
like to purchase a domestic brand.
German brands selling internal com-
bustion-powered cars built their reputa-
tion over decades, but when it comes to
the new world of electric cars, “everyone
is at the same start line”, said Leo Li, a
partner at Oliver Wyman in Shanghai.
“No one really has an advantage in
terms of history and many Chinese
start-ups started out with global per-
spectives and built international
teams,” he said. “They are not like the
old generation of traditional Chinese
brands.”
Additional reporting by Emma Zhou
in Beijing
lithium, an important material in elec-
tric vehicle batteries. The two compa-
nies said they had the potential to
expand annual production of lithium
carbonate, a processed form of the raw
material used in batteries, from 40,000
to 100,000 tonnes in the next few years.
“The transaction will allow the group
to materially accelerate the develop-
ment of our combined growth projects,”
Simon Hay, Galaxy chief executive, told
investors. “And this growth is perfectly
timed to meet the demand surge coming
from our customers.”
Shares in Orocobre rose almost 5 per
cent following the deal’s announce-
‘The combined entity will
have materially increased
liquidity and improved
access to capital’
ment, while those in Galaxy added 2.7
per cent. Between them, Galaxy and
Orocobre are planning several big
projects, including Olaroz and Sal de
Vida in Argentina and James Bay in Can-
ada, which analysts forecast will require
more than A$1bn in capital spending.
The merged company would be head-
quartered in Argentina, where Oroco-
bre operates the Olaroz lithium facility,
and have $487m in cash.
“The combined entity will have mate-
rially increased liquidity and improved
access to capital, which we see as a
major enabler to delivering accelerated
growth plans,” said Reg Spencer, analyst
at investment bank Canaccord Genuity.
Canaccord said it would consider
upgrading its current production fore-
casts for both companies of 130,000
tonnes of lithium carbonate in 2025 if
the merger goes ahead.
The global market for lithium has
bounced back after two years of
depressed prices, prompted by con-
cerns of a supply glut from a flurry of
mine expansions. Lithium carbonate
prices have soared about 70 per cent this
year on strong demand for electric vehi-
cles, according to Macquarie. The bank
forecast further price rises of 30-100 per
cent over the next four years, as electric
vehicles begin displacing the world’s 1bn
or so internal combustion engines.
“Our bullish electric vehicle demand
outlook sees the lithium market move
to [a] deficit in 2022, with material
shortages emerging from 2025,” said
Macquarie in a recent note.
Under the proposed merger, endorsed
by both boards, Galaxy shareholders
would receive 0.57 Orocobre shares for
each Galaxy stock. Orocobre sharehold-
ers would own 54.2 per cent of the com-
bined entity, with Galaxy investors
holding the remainder. The merger is
subject to shareholder approval.

Automobiles Mining

Volvo Trucks sets target for 50% electric sales
RICHARD MILNE
NORDIC AND BALTIC CORRESPONDENT
Volvo Trucks is aiming for half its sales
in Europe to be electric by the end of
the decade as the industry moves
increasingly away from diesel.
The world’s second-largest truckmaker
yesterday announced three heavy-duty
electric models designed for intercity
regional transport and urban construc-
tion. Production is due to start in the
second half of next year.
Roger Alm, president of the Swedish
company, said: “We are starting from
zero electric trucks. It’s a segment that
we are building up . . . There is a huge
inflow of orders.”
Volvo’s goal is in line with that of Tra-
ton, its Volkswagen-owned rival. Traton
is targeting 50 per cent electric sales for
its Scania brand and 60 per cent for its
MAN models, and said 40 per cent of its
long-haul trucks would be zero-emis-
sion by the end of the decade.
Daimler, the world’s largest truck-
maker, has said all new trucks it sells
will be zero-emission by 2039, a year
earlier than its Swedish rival.
Volvo started production of medium-
duty electric trucks in 2019, while its
vehicles of up to 44 tonnes will go on
sale this year and into production in
2022. They will have a range of 300km.
Alm said Volvo was taking electrifica-
tion “market by market” and “customer
by customer”, checking with logistics
groups how much of their business they
can shift to electric power. Drinks and
grocery companies are among the early
adopters, he said.
Volvo thinks it will have to use hydro-
gen fuel cells for the largest long-haul
trucks, and has bought into a joint ven-
ture with Daimler, which aims to start
customer tests in about 2024 and pro-
duction in the second half of the decade.
Much of the focus on electrification
has been on cars, with Tesla in particu-
lar pushing carmakers such as VW to up
their game. Trucks are less standardised
than cars. Customers choose everything
from equipment to weight distribution,
and because the distances can be much
longer, battery range is more of a test.
Jessica Sundstrom, Volvo’s head of
global product management, said that
the market was developing quickly
nonetheless. “It moves faster than we
anticipated,” she said.
“We have this perfect storm. The cus-
tomers are more and more wanting to
make this move, the politicians are very
clear in their ambitions, and at the same
time the technology is evolving.”
Sundstrom added that this would
speed up the time to when electric
trucks become cheaper than diesel but
conceded that today they were much
more expensive.
Electric trucks attract subsidies in
some countries and have lower running
costs so Volvo is hoping the total cost of
ownership will soon be “competitive”
with diesel.
MPs quiz Rio Tinto’s Mongolia copper chief
NEIL HUME
NATURAL RESOURCES EDITOR
The head of Rio Tinto’s copper business
faced tough questions from politicians
in Mongolia after he arrived in the
country for discussions over the future
of the miner’s most important project.
During a five-hour meeting in Ulaanba-
atar last week, Bold Baatar, a Mongolian
national who joined Rio in 2013 and was
appointed to the role in December, was
asked by members of parliament to
explain payments Rio made to a
number citizens over the past decade.
One of those was Byambasaikhan
Bayanjargal, a businessman who, in the
capacity of a government official,
cosigned the May 2015 financing agree-
ment for the $6.75bn underground
expansion of the Oyu Tolgoi copper
mine in the Gobi Desert — an unpopular
deal the government wants to replace.
Byambasaikhan is now in jail. With
three other men, he was found guilty
last year by a Mongolian court of abuse
of power for signing the agreement
without seeking parliamentary ratifica-
tion. He has maintained his innocence
and appealed against the ruling.
Known as the Underground Mine
Development Plan, or UDP, the agree-
ment paved the way for a restart of the
Oyu Tolgoi expansion project after a dis-
pute over taxes and construction costs.
The agreement and $4.4bn of project
financing were put together by Jean-
Bold Baatar has faced questions over
Rio payments to Mongolian citizens
Sébastien Jacques, Rio’s former chief
executive, and the nation’s then prime
minister, Chimediin Saikhanbileg, who
also faces abuse of power charges.
However, it was never ratified by
Mongolia’s parliament and critics say
the country should receive a bigger
share of the benefits from the project. A
parliamentary resolution was passed in
December 2019 ordering the govern-
ment to improve the terms of the UDP.
A person familiar with the matter said
Byambasaikhan received fees as chair of
a country panel Rio set up in 2011 to
gather independent expert insights.
The future of the UDP is one of several
issues the Rio negotiating team, which
arrived in Mongolia last month, must
address before a decision is made on
whether to start complex caving opera-
tions at the project later this year.
The Mongolian government has a 34
per cent stake in Oyu Tolgoi. Rio
declined to comment. First production
is scheduled for October 2022.
Tuesday 20 April 2021 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

Rebel clubs put Uefa on back foot

Banks

Credit Suisse
Governing body says ‘Super League’ plan is attempt to create ‘closed shop run by greedy few’
executives to
leave amid
fallout from
MURAD AHMED AND ARASH MASSOUDI
LONDON
MEHREEN KHAN AND JAVIER ESPINOZA
BRUSSELS

When Aleksander Ceferin heard on Sat-

urday that some of the world’s most
famous football clubs were on the verge
of announcing a plan to join a breaka-
way “Super League” that would upend
the sport, he knew who to question.
Ceferin, president of European foot-
ball’s governing body Uefa, turned to
Andrea Agnelli, a scion of the Italian bil-
lionaire dynasty that owns Turin’s
Juventus, Italy’s dominant club.
“[Agnelli] said these are only
rumours and then he said I’ll call you in
one hour,” Ceferin said yesterday. “He
turned off his phone. The next day, we
get the announcement.”
That announcement — with Agnelli
named as vice-chair of the breakaway
league — rocked football, shook fans
and prompted condemnation from gov-
ernments in the UK and France.
Twelve of the wealthiest clubs, includ-
ing England’s Manchester United and
Liverpool, Spain’s Real Madrid and FC
Barcelona, and Italy’s Juventus and AC
Milan, declared they would launch a
continental contest that they would
control as shareholders and in which
they were guaranteed a place.
If successful, it will amount to the big-
gest transformation of football in dec-
ades, and mark a seismic shift in the
allocation of money and power in the
world’s favourite sport.
Its design breaks from sport’s merito-
cratic principles and abandons foot-
ball’s “pyramid”, in which any team, by
winning on the pitch, can rise and reach
for the biggest prizes.
The aim is to supersede the Champi-
ons League, an annual club tournament
run by Uefa that is considered by fans,
commentators and players to be the
pinnacle of the European game. Teams
must perform well in their respective
national contests, such as England’s Pre-
mier League and Spain’s La Liga, to
qualify for the Champions League.
The Super League’s adherents believe
that more frequent matches between
each other will provide a spectacle
worth upwards of €4bn a year to broad-
casters and sponsors — roughly double
the amount earned by the Champions
League.
As the deal was unveiled — in the face
of fierce criticism from politicians, fans
groups and former players — Agnelli
resigned as chair of the European Club
Association, a body that presents the
interests of 200 clubs across the conti-
nent, as well as from his seat on Uefa’s
ruling executive committee.
Instead, as the breakaway league’s
vice chair, he said: “We have come
together at this critical moment, ena-
bling European competition to be trans-
formed, putting the game we love on a
sustainable footing for the long-term
future.”
Ceferin denounced the plan as an
attempt to create a “closed shop run by a
greedy, select few” but directed particu-
lar ire towards Agnelli, who in recent
months had been negotiating with Uefa
to give elite teams more commercial
control over the Champions League.
“I’ve never seen a person who would
lie so many times, so persistently [as] he
did. It was unbelievable.”
A representative for Agnelli declined
to comment except to confirm that the
two men did not speak on Sunday.
The fact that Ceferin was blindsided
shows how Uefa failed to understand the
seriousness of the threat until it was too
late. The Super League announcement
The breakaway dozen
Revenues (€bn)
England
6
Spain
Rest of
England
4 4
Man Utd Rest of
Spain
Man City 2 2 Rest of
Chelsea
Barcelona
T Hotspur
Real Madrid
Arsenal
Liverpool* A Madrid
0 0
2017/ 2018/ 2019/ 2017/ 2018/ 2019/
18 19 20 18
* No 2019/20 financial data for Liverpool
Source: Off The Pitch
Chelsea’s Ben was timed to derail the governing body’s
Chilwell, left, unveiling of changes to the Champions
tackles League yesterday.
Manchester The Super League concept has its ori-
City’s Joao gins in plans proposed by former AC
Cancelo last Milan owner and Italian prime minister
weekend — Ian Silvio Berlusconi in 1998.
Walton/AP
This time, however, it is being spear-
headed by Florentino Pérez, a Spanish
industrial mogul who is the president of
Real Madrid and has talked openly
about the need for such a league for
more than a decade.
Detailed term sheets had been shared
between founder clubs since November.
One of those documents, dictated to the
Financial Times, reads: “The Super
League will be structured, operated and
governed so the Super League clubs can
be financially sustainable over the long
term, helping to ensure that Super
League clubs can not only deliver the
best product on the pitch but also
deliver off the pitch and in the best
interests of their full range of external
stakeholders (eg. investors, sharehold-
ers, partners, members etc).”
A person involved in the talks said: “I
read [that passage] again today, and
thought, where the fuck are the fans on
this?”
Supporters groups have condemned
the plans in the strongest terms. Fans
outside Manchester United’s Old Traf-
ford stadium unfurled a banner which
read: “Created by the poor, stolen by the
rich.”
One of the concerns for elite clubs is
the increasingly dire state of their bal-
ance sheets due to the pandemic.
6
Italy
Italy
Juventus
Inter Milan
AC Milan
2017/ 2018/ 2019/
19 20 18 19 20
An FT analysis suggests the Super
League clubs have suffered a coronavi-
rus-induced revenue shortfall of about
€800m, though this does not include
Liverpool which has not reported finan-
cials for the 2019/20 season.
That gap will partly be filled by fund-
ing from JPMorgan Chase, which has
committed to underwriting a debt
financing deal in the form of a €3.25bn
“infrastructure grant”. The money will
be shared as an “advance”, worth
€200m-€300m for each team before
any competition begins, according to
people familiar with the deal terms.
However, €400m a season will be
allocated as “solidarity” payments to
smaller clubs, other competitions and
football bodies in an effort to sustain the
broader football pyramid.
Another attraction is the introduction
of new cost control mechanisms.
Super League clubs have committed
to spending only 55 per cent of their rev-
enues on “sport spending”, such as
player salaries, transfer and agent fees,
according to people familiar with the
terms. Currently, European clubs typi-
cally spend 70-80 per cent of their
income on footballers’ wages alone.
The competition’s structure would
resemble that of “closed” North Ameri-
can sports leagues, where franchise
owners enjoy reliable profits and team
valuations have risen steadily.
That model has proved lucrative to
many US backers of the Super League,
including John W. Henry who owns Liv-
erpool and baseball’s Boston Red Sox;
the Florida-based Glazer family that
Ratio of wage to revenues, 2019/20 (x)
6 AC Milan
0 0.2 0.4 0.6 0.8
Manchester City
4
Juventus
Chelsea
FC Barcelona
Arsenal
2 Inter Milan
Real Madrid
Manchester United
0
Tottenham
Atletico Madrid**
Liverpool**
** No 2019/20 wage data for Liverpool and Athletico Madrid
‘I’ve never owns the NFL’s Tampa Bay Buccaneers
and Manchester United; and Stan
seen a Kroenke owner of several US sports
person who franchises such as Los Angeles Rams, as
well as Arsenal.
would lie so Uefa is considering sanctions, such as
many banning players at Super League clubs
from competing for their national teams
times, so in tournaments such as the World Cup.
persistently As Super League clubs will seek to
continue to play in their respective
[as Agnelli] national leagues, they will also need the
did’ approval of groups such as the Premier
League and La Liga. The 14 English top
tier clubs not involved in the Super
League will meet to discuss their options
to prevent the breakaway today, accord-
ing to a person with knowledge of the
‘I can’t meeting.
Faced with growing resistance, the
understand Super League clubs have written to Uefa
that you and Fifa threatening to take legal action
if they attempt to block their competi-
see fans tion. Those behind the deal are confi-
protesting dent there is little football or govern-
ment authorities can do.
and you Though the breakaway league has
don’t care’ raised questions about anti-competitive
behaviour, the European Commission
said any legal disputes would be “best
handled” by national courts.
Ceferin has vowed a prolonged fight
against the Super League. “I can’t
understand that you see fans protesting
and you don’t care,” he said of the rebel
clubs. “And you’re not poor. You have
money, but you want more and more
and more. I am sick of hearing about
clubs as assets. This is about history.”
See FT View, Opinion and Lex
Archegos
OWEN WALKER
The two heads of Credit Suisse’s prime
brokerage business are to leave the
bank just weeks after it reported at
least $4.7bn of losses related to the
family office Archegos Capital.
John Dabbs and Ryan Nelson have
stepped down from leading the unit,
which offers specialised services to
hedge funds, according to a staff memo-
randum seen by the Financial Times.
They are the latest in growing list of
senior and mid-level executive depar-
tures as the bank reels from twin crises
involving Archegos Capital and supply-
chain finance group Greensill Capital.
The Swiss lender had previously
announced the exits of Brian Chin, head
of investment banking, and Lara Warner,
chief risk and compliance officer.
Credit Suisse was one of several global
banks hit when its client, Archegos — a
family office run by former hedge fund
manager Bill Hwang — unravelled last
Credit Suisse has already
1.0 indicated that it will report
a $960m loss because of
the Archegos debacle
month. Some banks, including Gold-
man Sachs, escaped mostly unscathed
while Credit Suisse nursed its heaviest
trading losses for at least a decade.
The memo, sent yesterday by
Anthony Abenante, who took over tem-
porarily as head of equities sale and
trading this month, said Dabbs and Nel-
son would step down immediately but
assist the team to ensure an orderly
transition until mid-May.
The departures were first reported by
the Wall Street Journal.
It added that Roger Anerella had been
appointed interim head of prime serv-
ices while Doug Crofton was named
head of Americas cash and Stuart
McGuire filled a similar role in Europe.
Credit Suisse is due to publish its first-
quarter results on Thursday and has
indicated it will report a $960m loss
because of Archegos. The FT last week
reported staff bonuses had been cut
back by hundreds of millions of dollars
as part of the fallout from the affair.
The Archegos losses followed the sus-
pension last month of a series of supply-
chain finance funds linked to Greensill
that Credit Suisse offered to its clients.
Credit Suisse has calculated that its
clients could lose as much as $3bn from
the funds, which the bank froze at the
start of March. Both episodes have
raised questions over the risk manage-
ment processes within the Swiss bank.
Christian Meissner, Credit Suisse’s co-
head of international wealth manage-
ment investment banking advisory, will
replace Chin on May 1.
Warner, who left on April 6, was
replaced by Joachim Oechslin as interim
chief risk officer and Thomas Grotzer as
interim global head of compliance.
See Helen Thomas
ESG investing
Environmental, social, and
governance-focused indices
advanced 40% in 2019-20
ft.com/video

Technology Telecoms

Nasdaq IPO to boost Grab chief’s voting rights
MERCEDES RUEHL AND STEFANIA PALMA
SINGAPORE
Malaysian entrepreneur Anthony Tan
is to increase substantially his control
over Grab when the south-east Asian
tech group joins Nasdaq this year.
The Grab chief executive and co-
founder will have 60.4 per cent of the
voting power in the company while
owning a stake of just 2.2 per cent, an
arrangement similar to that of Face-
book’s Mark Zuckerberg.
The holdings were revealed in papers
filed after the Singapore company con-
firmed a record deal to combine with a
New York-listed Spac launched by
Altimeter, a Silicon Valley group, valu-
ing the business at almost $40bn.
The filing also showed that the com-
pany, whose superapp offers everything
from ride-hailing to deliveries and
financial services, has reported poten-
tial violations of anti-corruption laws to
the US Department of Justice.
Supporters say that Tan needs the
control to make quick decisions in navi-
gating Grab’s eight markets. The deal is
also a crucial test of investor appetite for
a tech company in south-east Asia.
His grip on the SoftBank-backed com-
pany’s direction is “unprecedented” for
a company taking the Spac route,
according to Robson Lee, a partner at
law firm Gibson Dunn. “While it is not
unusual for high-tech companies seek-
ing a listing to entrench management
shares with additional voting rights, a
60 per cent absolute majority will be the
first in the market,” he said.
‘By bypassing a traditional
IPO, Grab has attracted
less scrutiny over
Anthony [Tan]’s control’
“By bypassing a traditional IPO, Grab
has attracted less scrutiny over
Anthony’s control,” said one investment
banker with knowledge of the deal.
One long-term Grab investor said that
Tan, who comes from one of Malaysia’s
wealthiest families, “needs a high level
of power” to negotiate the region’s mess-
ily interlinked world of family-run con-
glomerates, politics and regulation.
“The issue is south-east Asia is not a
homogeneous market . . . It’s a collec-
tion of different markets with their own
sets of regulatory considerations,” said
Lawrence Loh, director of the Centre for
Governance and Sustainability at the
National University of Singapore.
Even key shareholders have had their
voting power diluted via the dual-class
share structure. SoftBank has an 18.6
per cent stake that will translate to just
7.6 per cent of voting power. Uber’s 14.3
per cent stake has a 5.8 per cent voting
power and Didi Chuxing’s 7.5 per cent
stake, just 3.1 per cent.
“For now we are just happy with the
liquidity, but longer-term we want to see
genuine progress towards profitability,”
said one investor.
That is years away. Grab’s accumu-
lated losses hit $10bn at the end of 2020.
Last year it reported a net loss of $2.7bn
against revenues of $1.6bn and it does
not expect to break even until 2023.
The Grab filing outlined several risks,
including an investigation into potential
violations of anti-corruption laws
related to its operations in one country.
The company reported the potential
violations to the DoJ but declined to
comment on them when contacted by
the Financial Times.
Millicom agrees to sell residual Africa assets
ANDRES SCHIPANI — NAIROBI
Emerging markets telecoms group
Millicom is pulling out of Africa, as the
Nasdaq and Stockholm-listed group
shifts to a sole focus on Latin America.
The US company yesterday agreed to
sell its Tanzania operations for an undis-
closed sum to Madagascar-based pan-
African operator Axian, a move that fol-
lowed a deal last week to quit Ghana.
Millicom, via its Tigo brand, counts
more than 52m mobile subscribers
across 11 countries in Latin America and
Africa. Over the past four years it has
sold its operations in the Democratic
Republic of Congo, Rwanda, Senegal
and Chad.
It agreed on Friday to transfer its
stake in AirtelTigo — a joint venture
with India’s Airtel — to the government
of Ghana. The sale of Tigo in Tanzania
means Millicom will make a complete
exit from Africa this year.
With 13m customers, Tanzania is
Millicom’s main operation in Africa,
where it is among the top three telecoms
operators by number of customers.
“We knew of that asset for a while
because Tanzania has huge potential,”
Hassanein Hiridjee, Axian chief execu-
tive, said. “When we found that Milli-
com was divesting from Africa we said:
‘We must go there, we must’.”
With $366m in revenues last year,
Tanzania represents just 6 per cent of
Millicom’s revenue. Africa, the group
said, had historically generated lower
returns than its highly profitable Latin
America business, especially in Guate-
mala, El Salvador and Panama.
“Millicom is a Latin American
Mauricio Ramos, CEO, says Millicom
will focus solely on Latin America
focused telecom company with 95 per
cent of our revenues coming from that
region. With . . . the divestiture of our
remaining African businesses we draw a
close on a chapter in our history and
open another solely focused on the
Latin American region,” Mauricio
Ramos, Millicom chief executive, told
the Financial Times.
For Axian, entry to the Tanzanian
market comes at a time of great expecta-
tions after the east African country’s
new president, Samia Suluhu Hassan,
signalled she would improve relations
with investors and multinational com-
panies after five years of growing isola-
tion under her anti-market predeces-
sor, John Magufuli, who died in March.
Axian owns Telma, a telecoms ven-
ture operating in Madagascar, Comoros,
Réunion Island and Mayotte, and has a
presence in Senegal through its operator
Free Senegal, formerly Tigo, and in
Togo, through Togocom.
The company was the first to roll out
5G in Africa and is one of the biggest
investors in the EASSy — a 10,000km
submarine cable system deployed along
the east and south coast of Africa that
services voice, data, video and internet.
10
Archegos snafu is warning for ringfencing review
Helen
Thomas
I
t seems inauspicious timing — if
you’re a UK bank. Just as a panel of
illustrious names prepares to
launch its review of a regulatory
response to the financial crisis,
along comes a multibillion-dollar snafu
in the world of global banking to provide
some context to the discussion.
The regulatory snare in question is
ringfencing, imposed against vociferous
industry opposition in 2013 to separate
the deposit-taking activities of retail
banks from whatever racy endeavours
were happening in investment banking.
And the snafu is, of course, Archegos
Capital Management, an affair in which
banks led by Credit Suisse and Nomura,
and joined last week by Morgan Stanley,
Transport
Brexit brings a
boost for British
logistics groups
Dealmaking returns as
demand rises for storage
and clearance services
HARRY DEMPSEY
A set of little known British logistics
companies behind the supply chains of
well-known corporate brands such as
Zara, Nike and Argos have become
unexpected Brexit winners.
A surge in demand for warehouse
space and custom clearance services has
boosted a range of groups in the sector,
already buoyed by the boom in online
shopping during the pandemic.
The success also sets the stage for a
return to elevated pre-pandemic levels
of dealmaking in the fragmented indus-
‘Brexit has caught some
out. We see Brexit as an
opportunity, not a threat’
Tony Mannix, Clipper chief
try, which includes groups such as Clip-
per Logistics, Eddie Stobart, Wincanton
and Xpediator.
Tony Mannix, chief executive of
Leeds-based Clipper, said the company
had experienced higher demand for
stocking products and handling online
returns for multinational retailers oper-
ating in the UK and EU because it has
warehouses on both sides of the Chan-
nel. “Brexit has caught some people out.
We see Brexit as an opportunity, not a
threat,” he said.
The company’s share price has quad-
rupled since a pandemic-induced low
last March on the back of booming
ecommerce and delivering personal
protective equipment for the NHS.
Eddie Stobart, the Warrington-based
group, also said demand had risen in
the UK since Brexit for cross docking,
which involves delivering products
Industrials
Melrose investors set for Nortek sale payout
SYLVIA PFEIFER AND HARRY DEMPSEY
Shareholders in Melrose Industries are
in line for a substantial payout after the
industrial conglomerate agreed to sell
its US air conditioning unit for $3.65bn
(£2.6bn).
The FTSE 100 group yesterday said it
would sell 73 per cent of Nortek Air
Management to privately owned Chica-
go-based Madison Industries in an all-
cash deal.
Melrose will use the proceeds from
the sale to cut its current net debt of
about £2.85bn, contribute £100m to the
pension fund of its aerospace and car
parts unit GKN and provide a payout to
shareholders.
Melrose said it had yet to decide how
much of the proceeds to return to share-
holders, but analysts at house broker
JPMorgan Cazenove estimated they
could be in line for a payout of about 10p
a share or £500m.
Simon Peckham, Melrose chief execu-
tive, said the sale was further validation
of the company’s modus operandi, to
“buy, improve and sell”.
racked up considerable losses from
seemingly outsized and inadequately
managed exposures to the family office
in their prime brokerage divisions.
The review, due to kick off in earnest
this week, is expected to last a year. A
multibillion-dollar blotch on the risk
management record of global banks,
though, merely adds to a sense in the
industry that ringfencing is here to stay.
One reason is that the Treasury-led
review is a legislative requirement,
rather than an exercise motivated by
any particular desire for change.
Ringfencing has a band of vigorous
and committed defenders who back
both the principle of separating retail
business from investment and interna-
tional banking and the details, such as
the £25bn deposit threshold above
which separation is a requirement.
Another reason is that the policy
hasn’t really been tested. Critics argue
that ringfencing is conceptually flawed:
diversified, universal banks are more
sturdy than narrow, focused ones and
from factories to customers with little or
no storage in between, and for ware-
house space, particularly for goods yet
to be processed by customs.
It has been helped by a 50 per cent
jump in demand for full truckloads into
the UK. Those inbound trucks are
attracting better rates, which is com-
pensating for an equivalent drop for full
truckloads returning to Europe.
Wincanton, based in Chippenham, is
another group expecting a boost. It said
in a trading update last month that reve-
nues for its public and industrial busi-
ness would rise 10 per cent in the quar-
ter to March 31 over a year earlier partly
because of higher activity on contracts
for inland border clearance services.
In the case of Xpediator, the
Braintree-based company has hired 50
extra staff to cope with customs clear-
ance outsourcing requests.
The developments may also encour-
age takeovers. The logistics market
experienced a burst in takeover activity
with 28 deals in the six months to
March, marking a return to the high
number before the pandemic hit.
This is down to supply chain groups
pursuing scale, access to key technolo-
gies and growth opportunities in ecom-
merce, food and international freight,
said business advisory firm BDO.
Robert Ross, chief executive of Xpedi-
ator, said he hoped to snap up rivals in
the Czech Republic, Poland, Slovakia
and Latvia, while Mannix of Clipper is
hunting for takeover targets in France,
Italy, Spain and the US.
The boost also comes at a good time
for low-margin freight businesses as
they face threats from Amazon
encroaching further into logistics, while
shipping companies, such as Maersk,
try to be end-to-end logistics providers.
Mannix said the sector stood to bene-
fit from attempts to blend online and
physical retail logistics through stream-
lined returns processes, inventory man-
agement and click-and-collect services.
“M a k i n g m o n e y i s n o t a b a d
thing . . . Our job is to take underper-
forming businesses and to make them
better,” he said.
The group has in the past generated
huge returns for executives and inves-
tors through its focus on buying under-
performing manufacturing businesses,
restructuring them and selling them on.
‘Our job is to take
underperforming
businesses and to make
them better’
Melrose stripped out central manage-
ment functions and invested in new
products at Nortek to help improve its
profitability.
It had considered selling the business
at the start of 2020, but the sale was
delayed due to the coronavirus pan-
demic. Melrose will retain ownership of
Ergotron, a designer of ergonomic prod-
ucts, and Nortek Control, an automa-
tion and home security company.
★ FINANCIAL TIMES
UK COMPANIES
the logic of separation holds only if a
government, in reality, leaves opera-
tions outside the ringfence to fail.
John Thanassoulis of Warwick Busi-
ness School is doubtful: he is research-
ing whether these pure-play banks are
really considered less risky in the eyes of
counterparties.
But the ringfence was designed to give
the government options in a crisis
beyond a bailout. That hasn’t yet been
tested under fire. And the mysterious
ability of the world’s investment banks
to lose huge amounts of money on one
client, in a way that shouldn’t logically
be possible, does not inspire confidence
in life without it. “We don’t want high
street retail banking exposed to this
kind of risk,” noted one person.
One potential change would be to the
£25bn threshold, given that Goldman
Sachs’ Marcus has bumped up against
the limit and JPMorgan Chase plans to
launch a retail product this year. The
cap is, in fairness, pretty arbitrary. The
speed at which Goldman maxed out,
Retail revival
Shoppers start
slow return
to West End
The disposal will be Melrose’s largest
deal since its controversial takeover in
2018 of GKN for £8bn. The £100m
injection into GKN’s pension will reduce
the funding deficit to about £200m.
Shares in Melrose fell 4.6 per cent to
170.6 yesterday. They were trading close
to 245p a share before the pandemic
struck last year, hitting Melrose’s key
automotive and aerospace markets.
Peckham yesterday said the group
was seeing some recovery in the auto-
motive sector, although progress was
being delayed by the global shortage of
computer chips. He reiterated that the
company did not expect any recovery in
aerospace this year but predicted that
“the market will come back sharply”.
The company is investing heavily in
energy efficient solutions, including in
new technology that can be used for the
storage of hydrogen. Melrose had
invested about $75m in Nortek’s State-
Point business to help it fund the devel-
opment of proprietary technology used
to stop servers in large data centres from
overheating.
See Lex
and had to pull back from growth, sug-
gests a lack of competition that means
savers are getting a raw deal.
Allowing more retail deposits to fund
investment banking activities would
require careful justification. But a cap
that has clearer logic behind it, and that
can evolve with the market over time,
would be a useful outcome.
A cap that has clearer logic
behind it, and that can
evolve with the market,
would be a useful outcome
There are valid questions about how
ringfencing has operated in practice.
Improved focus and governance for UK
units has been one advantage.
But some argue that “trapped” retail
deposits have contributed to a price war
that has pushed mortgage spreads
sharply lower since 2010, forcing
smaller competitors from the market.
Shoppers have returned to the West
End of London over the past week
since coronavirus restrictions were
lifted, but data released yesterday
suggest that footfall has remained well
below pre-pandemic levels.
According to figures from the New
West End Company, a trade body
representing retailers, in the first
week after the reopening of non-
essential retail, footfall was about 54
per cent of the usual, pre-pandemic
number of visitors, although it was
higher than the anticipated 40 per
cent.
“It’s wonderful to see so many people
back in the West End to visit their
favourite shops once again,” said Jace
Tyrrell, New West End Company chief
executive.
“We hope that footfall continues to
increase in a safe and sustainable way
Banks
Goldman gives start-up Starling a £50m boost
NICHOLAS MEGAW
Goldman Sachs has invested £50m in
UK digital bank Starling, as the
start-up looks to ramp up growth and
bring in significant investors ahead of
an eventual initial public offering.
Starling said yesterday that the cash
injection would be treated as an “exten-
sion” of the £272m funding round it
announced last month, which valued
the company at about £1.1bn.
The investment by the Wall Street
bank — which has been working on its
own digital retail offering — follows
speculation last year that Starling could
be a takeover target and had attracted
interest from rivals such as JPMorgan.
However, Starling’s chief executive
Anne Boden has repeatedly said she
intended to take the bank public. Two
people briefed on yesterday’s deal
stressed it was a financial investment
through Goldman’s asset management
arm, rather than a strategic investment.
One of the people added that Starling
was targeting an IPO in late 2022 or
early 2023.
Cheap mortgages seem unlikely to be
the death of ringfencing, especially as
research from the Bank of England
suggests that ringfencing accounts for
perhaps a tenth of the fall in spreads.
But it is notable that flexibility in the
rules designed to prevent deposits being
left stranded from lending opportuni-
ties hasn’t been well used. For reasons of
cost or operational simplicity, most
ringfenced banks have stayed relatively
“pure” even though activities such as
larger corporate lending, trade finance
and simple hedging or derivatives could
sit on either side of the divide.
Even some ringfencing evangelists
concede there could be change here that
doesn’t hack away at the fundamental
principle of separation.
Reform rather than repeal seems the
best outcome for the banks. In the
meantime, it would help if their peers
stopped losing vast sums in supposedly
straightforward lines of business.
helen.thomas@ft.com
but, until international shoppers
return, the West End will continue
to need extra government support,”
he added.
During the first Saturday after the
relaxation of England’s lockdown,
visitor numbers were running at a
30 per cent reduction to the usual
number of visitors.
The relatively slow return of
shoppers after the reopening has
reinvigorated calls for increased
support for the retail sector.
The West End and Knightsbridge
“desperately need an extension of
Sunday trading hours”, Tyrrell said.
“We need to be able to give
shoppers the flexibility they need to
spend what they want, when they
want, while generating more money
for retailers and protecting jobs.”
Leke Oso Alabi
Henry Nicholls/Reuters
Starling has been profitable on a
monthly basis since late last year, but
may need to raise further capital before
its IPO, depending on the pace at which
it expands its loan book.
The company only carried out a small
amount of lending before the pandemic
hit last year, but has since lent more
than £2bn to small businesses via gov-
ernment-backed rescue loan schemes.
Starling boss Anne Boden has said
she intends to take the bank public
Tuesday 20 April 2021
Telecoms
Lycamobile’s
new boss to
drive growth
beyond expats
NIC FILDES
Lycamobile, the UK-based virtual net-
work operator, has named Navanit
Narayan as chief executive to lead a
£70m investment push that will
expand it beyond its traditional busi-
ness of selling cheap airtime to expatri-
ate communities.
Narayan joined Lycamobile in October
as chief operating officer, having been
chief strategy officer of Indian telecoms
network Vodafone Idea before moving
to the UK.
He will replace Chris Tooley, who will
join the executive board.
Lycamobile, which has 16m custom-
ers across Europe, the US and Australia,
is one of the world’s largest “virtual”
networks, which piggyback on mobile
networks such as O2’s in the UK to offer
cheap services to customers.
The company’s exposure to migrant
communities, however, has meant it has
come under financial pressure during
the pandemic with fewer migrants trav-
elling to countries including the UK.
Narayan has been brought in to
expand Lycamobile’s operations into
new digital services including radio,
video content, travel booking and
mobile commerce.
He said he wanted to expand the Lyca
brand nationally, cracking into “middle
England”, and to expand its interna-
tional presence by launching in more
countries in regions including Latin
America and Africa.
“We need to reinvent this business. It
is a growing concern,” he said of the
need to invest in its digital assets. Lyca-
mobile is working with SAP, IBM and
‘We need to reinvent
this business. It is a
growing concern’
Navanit Narayan
UK company Cerillion to transform its
systems.
Lycamobile is chaired by Allirajah
Subaskaran, who owns the business and
controls a complex web of companies
comprising its assets. It forged close ties
with the Conservative party under
David Cameron, becoming its biggest
donor, and with Boris Johnson when he
was mayor of London. It has ceased
making political donations, according to
its latest filed accounts.
The telecoms business was at the cen-
tre of an investigation into money laun-
dering after a BuzzFeed investigation
into suspicious financial activity and a
tax dispute between the French and UK
authorities.
Lycamobile’s UK accounts for 2019,
the most recent published, also contain
a £76m provision for the settlement of a
tax bill with HM Revenue & Customs.
The company has appealed against the
demand, which covers the years 2013 to
2017, and remains in talks with the tax
authorities.
The founders of rival Lebara
attempted six years ago to move beyond
ultra-cheap phone calls for migrant
workers and turn their business into a
“digital hub” but ended up selling it in
2018.
Narayan argued that the timing was
better to target an expansion into digital
services with more people locked down
and using their phones for an array of
services. “If we get this right we will be a
very different company,” he added.
Boden said yesterday: “Securing the
support of another global financial
heavyweight demonstrates the strength
of demand from investors and repre-
sents yet another vote of confidence in
Starling. Goldman Sachs will bring valu-
able insight as we continue with the
expansion of lending in the UK, as well
as our European expansion and antici-
pated M&A.”
Goldman opened its consumer-
focused brand Marcus in the UK in
2018. The UK business has so far only
offered savings accounts, meaning it
does not compete directly with Starling.
But Goldman has made building its con-
sumer arm a key part of its long-term
strategy.
James Hayward, Goldman Sachs’
managing director, said: “Starling is one
of the leading and most innovative dig-
ital banks in the UK, with an ambitious
technology-first leadership team and
addressing a deep market opportunity.
We are delighted to be supporting their
growth with this investment and believe
the company has sustainable long-term
earnings potential.”
Tuesday 20 April 2021 ★ FINANCIAL TIMES 11

COMPANIES & MARKETS

Fixed income. Intervention plea Equities

Meituan to
US lawmakers warned of raise $10bn in
litigation chaos over Libor autonomous
vehicles
expansion
TABBY KINDER AND HUDSON LOCKETT
HONG KONG

Meituan, one of China’s largest internet

Regulators and Wall Street
demand action from Congress
to speed benchmark transition
JOE RENNISON, COLBY SMITH
AND PHILIP STAFFORD
US regulators and government officials
last week appeared en masse before a
congressional committee to make a plea
over the country’s sluggish transition
away from scandal-hit interest rate
benchmark Libor.
Without an act of Congress, they said,
there could be chaos.
“If this Libor transition does not go
well, people may not know what their
mortgage payment is if it is linked to
Libor, they may have their credit card
payments disrupted,” Brian Smith,
deputy assistant secretary for federal
finance at the Treasury, told the House
financial services committee.
“Financial markets may be disrupted.
Lending to businesses may be
disrupted,” he said. “Litigation will take
over.”
Thousands of loan, bond and
derivatives contracts, adding up to a
boggling $200tn of notional value, still
use the US-dollar version of the London
Inter-Bank Offered Rate to govern
interest payments.
This more than a decade after a
rate-fixing scandal revealed Libor’s
shortcomings and prompted the effort
to switch to a better, market-based
alternative.
In fact, the number of contracts
overall referencing Libor has increased
in recent years rather than decreased,
according to the Alternative Reference
Rates Committee, an industry group
set up by US regulators to steer the
transition.
UK regulators who oversee the bench-
mark are phasing out most currency
versions of Libor by the end of 2021 but
The long goodbye
Benchmark’s
key dates
December 2014
The Alternative Reference Rate
Committee is first convened by the
Federal Reserve and New York Fed
to steer the transition away from
US dollar Libor
June 2017
The ARRC chooses SOFR, an interest
rate based on short-term lending
markets, as its preferred alternative
US dollar Libor has been given a
reprieve.
All new contracts will have to use an
alternative reference rate from next
year but existing contracts have until
mid-2023 to be switched.
The ARRC estimated that 33 per cent
of current contracts would still be
outstanding when the mid-2023 dead-
line hits.
Some of these contracts have pre-
agreed language written into them to
govern what happens if Libor goes away,
but the ARRC said $1.9tn lack “effective
means” to transition to a different
benchmark.
“The goal here is to get to a place
where borrowers and lenders have
certainty,” said Tom Wipf, vice-chair of
institutional securities at Morgan
Stanley, who chairs ARRC. “If we don’t
get that, imagine the number of
disputes we would get across products.
The entire financial system could be
affected to some degree.”
The ARRC has endorsed an alterna-
tive to Libor — the Secured Overnight
Financing Rate, or SOFR — for certain
derivatives and other financial
contracts.
But using it in every contract that
April 2018
New York Fed begins publishing SOFR
March 2021
New York state legislature passes
legislation to provide fallback for
financial contracts referencing Libor
that do not yet specify alternative rate
End of 2021
Deadline to move away from
most Libor contracts. No new US
dollar Libor contracts to be entered
into after this date
Middle of 2023
Deadline to move away from all US
dollar Libor contracts
currently references Libor has proved
unfeasible.
Since the rate that eventually gets
plugged in to all these old contracts
could make a big financial difference,
and the losers would surely want to
sue, legislation would be able to give
legal safe harbour to counterparties
that switch to a federally approved
benchmark.
Jay Powell, Fed chair, and Janet Yellen,
Treasury secretary, have already united
to call for Congress to act.
At Thursday’s financial services
committee hearing, officials from the
Securities and Exchange Commission,
the Office of the Comptroller of the Cur-
rency and the Federal Housing Finance
Agency added their names to the list.
In Europe, legislation was passed in
February to provide a fallback from
Libor to interest rates selected by the
European Commission.
The New York state legislature also
passed legislation stipulating that
replacement rates recommended by
regulators can be used in Libor
contracts currently lacking the relevant
guidance.
The vast majority of contracts under
the purview of US regulators are written
Flagging up: under New York law but a significant
Wall Street number are covered by other local state
institutions have laws, especially for consumer products
warned of such as mortgages.
That makes a national solution a
significant
disruption to “requirement”, according to Joseph
markets over Abate, a strategist at Barclays. “[New
York] provides a template and covers a
the slow pace of
replacing Libor lot of securities and contracts, but it
Mark Lennihan/AP
doesn’t cover everything.”
Many corporations “are getting
nervous that everything is going to be
very last-minute, which will make [an]
orderly transition very difficult”, said
Sarah Boyce, an associate director at the
Association of Corporate Treasurers, a
UK lobby group.
Industry players holding out hope of
further delays to the switchover may be
disappointed.
Randal Quarles, the Fed’s vice-chair
of supervision, hinted in a speech last
month that entities continuing to issue
new Libor contracts after year-end
could face penalties, and the full court
press on Congress suggests a desire to
resolve the issue once and for all.
“We have long suspected that
American regulators would soon be
switching to the stick-hand on Libor
reform after the carrot failed to mobilise
sufficient production away from Libor,”
said Daniel Krieter, a director in the
fixed income strategy group at BMO
Capital Markets. “It appears that
process has begun.”
Regulators at last week’s hearing
‘The goal appeared to have already convinced
some lawmakers to back a national rule
here is to with support coming from both sides of
get to a the political aisle.
“This is a very important transition
place where for our financial markets,” said Steve
borrowers Stivers, Republican representative of
Ohio. “Republicans and Democrats
and lenders both want to get this transition right,
have and we stand ready to work with the
administration and the SEC, FHFA and
certainty’ the Federal Reserve in any way we can.”
companies, plans to raise about $10bn
in an equity and debt deal delayed by a
misfire that hit its shares last week.
The food delivery company, which is
backed by technology group Tencent,
will raise about $7bn in equity and sell
$3bn in convertible bonds.
It will use the funds to develop
autonomous delivery vehicles as it
expands into areas such as groceries and
ride-hailing, reflecting rapid consumer
spending growth in China following a
strong recovery from the pandemic.
It is one of the largest capital raisings
by a Chinese technology business this
year.
In February, Alibaba, Jack Ma’s
ecommerce platform, brought in $5bn
from a bond sale.
The deals come even as Beijing
launches a clampdown on monopolistic
practices in China’s tech sector that has
damped stock prices.
Meituan put the placement on hold
last week after 300m of its shares,
worth about $11bn — approximately
6 per cent of its equity — were moved
into a Hong Kong stock exchange
clearing account belonging to Goldman
Meituan was one of 30
tech groups that pledged
to comply with antitrust
laws after a Beijing warning
Sachs, according to two people familiar
with the matter.
The people said the change, which
was disclosed publicly and monitored
by hedge funds, gave traders an early
warning of the upcoming placement of
Meituan shares that led to a 7.4 per cent
drop in their price last Tuesday.
The company’s Hong Kong-listed
stock has yet to recover fully and as of
yesterday’s close was still down 3 per
cent from its level before last week’s
fall.
Goldman declined to comment on the
shares appearing in its clearing account.
Meituan did not respond to a request for
comment.
Meituan said it planned to raise up to
$6.6bn from a placement of 187m shares
sold at HK$265-HK$274 each and raise
another $400m through a private place-
ment to Tencent, already one of the
group’s largest investors, according to
terms seen by the Financial Times.
The company’s share price has
slumped 37 per cent from a peak this
year.
Meituan is among tech groups viewed
by analysts as indicators of the impact of
China’s regulatory controls over the
sector.
Our global Last week, Beijing fined Alibaba
team gives you $2.8bn after a four-month investigation
market-moving into its market practices.
news and views, Meituan was one of about 30 tech
24 hours a day groups that pledged to comply with
ft.com/markets China’s antitrust laws after a warning
from Beijing.

Fixed income Currencies

Barclays pulls out of underwriting Rupee retreats as new Covid wave

debt deal to fund Alabama prisons
AZIZA KASUMOV AND COLBY SMITH
NEW YORK
Barclays has pulled out of underwriting
an $840m debt deal by CoreCivic to
fund the building of two prisons in
Alabama after the bank came under
scrutiny for its involvement.
Barclays said in a statement yesterday
that it had advised clients it would no
longer underwrite the transaction.
“While our objective was to enable the
state to improve its facilities, we
recognise that this is a complex and
important issue,” the bank said. “In light
of the feedback that we have heard, we
will continue to review our policies.”
Another underwriter of the deal,
KeyBanc Capital Markets, also pulled
out of the deal, according to a statement
yesterday. Stifel Financial, a third
underwriter on the deal, could not
immediately be reached for comment
on whether it had resigned.
The bond sale was originally meant to
price on April 15 before investment
banks working on the deal postponed it
until yesterday after criticism by some
investors.
Banks also downsized the public
portion of the deal last week, from
$630m to roughly $430m, with the
remainder to be filled in private place-
ments.
A muni investor at a large asset man-
ager said last week they had passed on
the deal because it did not fit social and
sustainability metrics. “It is a sector that
people have hesitancy around,” said
another investor familiar with the deal.
Some money managers who take
environmental, social and governance
issues into account have sought to cut
off companies that profit from a US
Barclays said in statement that ‘this
is a complex and important issue’
criminal justice system that dispropor-
tionately incarcerates people of colour.
Last Wednesday, a group of 30
investors and activists released a letter
opposing the fundraising and urged
“banks and investors to refuse to pur-
chase securities . . . whose purpose is to
perpetuate mass incarceration”. The
group updated its demands on Friday,
calling on Barclays to pull the deal.
In response to its involvement in
the deal, the American Sustainable
Business Council and Social Venture
Circle terminated Barclays’ member-
ship on Thursday and returned $15,000
in sponsorship and membership dues to
the bank, according to a statement.
The Alabama Department of Correc-
tions said last week that it considered
“these two new facilities to be essential
to our public infrastructure needs” and
that the initiative would help it provide
“safer, more secure correctional
environments that better accommodate
inmate rehabilitation and improve the
quality of life for all those who live and
work in them”.
CoreCivic and Alabama’s department
of corrections could not immediately be
reached for comment.
threatens India’s economic recovery
HUDSON LOCKETT — HONG KONG
BENJAMIN PARKIN — NEW DELHI
India’s currency has swung from
emerging market leader to laggard as
the country battles a ferocious wave
of coronavirus infections, prompting
concerns among global investors
that a nascent economic recovery will
crumble.
The rupee has dropped about 3 per cent
to 75.14 per dollar since the start of
April, the worst performance among a
basket of two dozen emerging market
peers tracked by Bloomberg that
includes Russia’s rouble and Turkey’s
lira.
That marked a stark reversal after a
stellar start for India’s currency in 2021.
Its rise of just under 1 per cent between
January and March had made the rupee
the only emerging market currency to
gain ground on the dollar.
The currency’s tumble came amid a
surge in Covid-19 cases that has over-
whelmed India’s health systems and
stoked public outrage as the govern-
ment struggles with insufficient vaccine
supplies.
It is also likely to compound corporate
India’s financial woes and complicate
the central bank’s plans to use mone-
tary stimulus to soften the economic
blow.
“The surging virus cases are hitting
everything,” said Kiyong Seong, an Asia
strategist at Société Générale, pointing
to a sell-off in Indian equities that has
pushed the benchmark Sensex index
more than 5 per cent lower since it
‘Earnings forecasts may be
downgraded in the coming
months and foreign
portfolio flows may suffer’
achieved an all-time high in February.
The country reported more than
260,000 Covid-19 cases on Saturday,
higher than anywhere else globally, and
almost 1,500 deaths.
Rising cases have resulted in a series
of lockdowns and curfews, which ana-
lysts fear will upset what was expected
to be a robust business and economic
recovery from last year’s contraction.
“All this will have a spiralling effect,”
said Navneet Damani, a currency ana-
lyst at brokerage Motilal Oswal. “This is
not a very good sign.”
Analysts said the Reserve Bank of
India’s recent dovish monetary policy
statement and commitment to buy
Rs1tn ($13bn) worth of Indian govern-
ment debt this month had spurred
investors to unwind bets on the rupee’s
continued rise.
The potential for gross domestic
product and earnings downgrades has
also weighed on the rupee.
“The aggressive resurgence of the
Covid-19 pandemic is starting to impact
growth prospects,” economists at ANZ
wrote in a note. “Corporate earnings
forecasts may be downgraded in the
coming months and foreign portfolio
flows may suffer.”
Foreign investors have ditched Indian
assets on concerns of the country’s
growth prospects, selling more than
Rs40bn of equities in April, marking
the first such net outflows since Sep-
tember.
“Until and unless we get clarity on the
Covid scenario, I think the rupee weak-
ness is likely to stay,” said Abhishek
Goenka, chief executive of advisory firm
IFA Global.
12
Run-up in yields
is a gift to fretful
fund managers
Katie Martin
Markets Insight
T
he recent run-up in govern-
ment bond yields is a gift to
any fund manager fretting
over market risks from geo-
politics to leverage.
It is true that the first quarter of this
year was no fun for holders of govern-
ment bonds, which dropped in price on
the largest scale in four decades. But
bond bulls took one for the team.
The pullback means that, just as Rus-
sia and the US once again lock horns,
and as the Archegos implosion stirs con-
cerns over potentially systemic risks
stemming from plentiful global lever-
age, government bonds again offer
something of a safety net.
Led by the US rates market, the big-
gest in the world and a foundation for
global asset prices, bonds tumbled in
the opening months of 2021, spooked by
the chance of higher inflation as the glo-
bal economy emerges from pandemic
lockdowns.
Bondholders took fright at the notion
that supersized fiscal stimulus pack-
ages, particularly in the US, might gen-
erate a sufficiently rapid rise in con-
sumer prices that bonds’ fixed regular
returns appear to shrink or even that
central banks might signal an intention
tap the brakes on their essential mone-
tary support — truly, the stuff of inves-
tors’ nightmares.
For some fund managers, yields
remain too feeble. But for others, they
are now high enough to cushion mixed
portfolios against a range of risks, and to
act as a shock absorber that has helped
to produce a respite from volatility.
At the longer end of the maturity
spectrum, US 30-year debt now yields
about 2.3 per cent. That is towards the
lower end of the range that has pre-
vailed for most of the past decade. But
★ FINANCIAL TIMES Tuesday 20 April 2021
COMPANIES & MARKETS
The day in the markets
What you need to know
3 Wall Street stocks heading for biggest
US currency slides to 6-week low against peers
daily drop in four weeks
3 US dollar weakens against peers to US Dollar index
lowest level since early March
3 European shares retreat from all-time
high hit during early trading
94
US equities, Treasuries and the dollar all
weakened yesterday as investor
93
sentiment swung from cheering strong
economic data to concern over the 92
compared with the collapse to 0.7 per Bill Hwang’s Archegos misfired in worsening global coronavirus situation.
cent in the darkest days of the coronavi- large part because of leverage. His bets After hitting its latest record high last
rus crisis of 2020, and the 1.3 per cent were overly concentrated, leaving him week, the US blue-chip S&P 500 index
area it held for most of the year, it is pos- stranded when one stock tumbled. But was down 0.7 per cent by lunchtime in 91
itively lavish. the incident hit harder because the bets New York, on track for its biggest daily
This provides investors with a super- were supercharged with borrowing. The drop since late March.
safe asset that they can use to balance rampant use of total return swaps, The tech-focused Nasdaq Composite 90
out risks in other areas. Eric Lonergan, a which allow users to bet on a share price fell more than 1 per cent, dragged lower
macro hedge fund manager at M&G without owning the shares outright, by energy and basic materials stocks.
Investments, said he had been adding meant he was in effect renting invest- The dollar weakened 0.5 per cent
US 30-year debt to his portfolio, as it ment banks’ balance sheets on an eye- against a basket of currencies to hit a six- 89
now offered “room for diversification”. popping scale. week low. “The US dollar has been Jan 2021 Apr
He said: “You don’t care about diversi- Considered alongside the surge in undermined by the pullback in US yields Source: Refinitiv
fication when things are going right. You trading by amateurs in January — some- with 10-year US Treasury yields falling
care when something goes wrong. I have times, again, using leverage, albeit on a back below 1.60 per cent last week,” said
a high degree of confidence that if that much smaller individual scale — and the Lee Hardman, analyst at MUFG Bank. continental Stoxx Europe 600 index Amundi. “The Covid-19 dynamics in the
relentless frenzy for cryptocurrencies Demand for government debt cooled slipped 0.1 per cent, having hit an short term do not look easy to tackle,” he
and even digital art, it is easy to build a yesterday. As prices dipped, the intraday record in the morning. added — especially in larger emerging
Government bonds again case that the ocean of cash sloshing benchmark 10-year US yield rose 2 basis London’s FTSE 100 benchmark markets such as India and Brazil.
offer something of a safety around the system could easily, and points to 1.59 per cent while the yield on dropped 0.3 per cent while Frankfurt’s This had made investors unsure
unexpectedly, capsize some ships. the equivalent German Bund increased Xetra Dax fell 0.6 per cent. whether the world would achieve “that
net after Archegos and “We should not underestimate how, 3bp to minus 0.23 per cent. The S&P 500 had risen for four really strong growth over the next six
amid Russo-US tensions in an increasingly interconnected global After weeks of little action, the foreign consecutive weeks while Treasuries had months that markets were pricing in, or
financial system, ‘stuff happens’,” wrote exchange market sprang back into life as rallied alongside stocks as investors something more anaemic”, he said.
Steven Major, chief bonds analyst at dollar weakness led to other developed bought into an economic growth trend Over the weekend, the number of
happens, Treasuries will do well. It’s HSBC and one of the most strident market currencies strengthening. and banked on continued policy support deaths from the pandemic passed 3m
insurance against anything . . . except voices in favour of continued investor Sterling jumped almost 1 per cent from the US Federal Reserve. globally and the UK registered new cases
much higher US inflation.” demand for bonds. against the dollar to $1.3982. The euro But markets were now “positioned for a of a Covid-19 variant from India on top of
Global stock indices remain at or close “There is far too much leverage in the gained 0.4 per cent to cross $1.20. regime change”, said Francesco Sandrini, another discovered in South Africa.
to record highs and, without a bizarre system, much of which may not be visi- Elsewhere in the region, the pan- head of multi-asset investments at Naomi Rovnick
change of heart from central banks, ble until something happens. And when
they appear destined to keep pushing these shocks come, money flows to the
higher. But geopolitics — including safest of safe havens, US government Markets update
stand-offs between Russia and Ukraine, bonds invariably being the first choice.”
and China and Taiwan — or acts of God That may be overly gloomy. Bonds
such as natural disasters, can always specialists, after all, thrive on doom — it
flare up and spark a rush into safe is their job to think of things that US Eurozone Japan UK China Brazil
retreats that will rise in price when the can go wrong. A rethink on leverage is Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
going gets tough. already under way among banks and Level 4160.98 1701.23 29685.37 7000.08 3477.55 121619.40
But it is not only acts of God and of regulators. Still, it is not hard to imagine % change on day -0.59 -0.13 0.01 -0.28 1.49 0.42
politicians that are playing on investors’ leverage gaining traction as a pressing Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
minds. Some also point to the recent global concern, and bond markets pick- Level 91.090 1.202 108.030 1.399 6.511 5.550
blow-up of family office Archegos Capi- ing up the slack. % change on day -0.509 0.334 -0.721 1.230 -0.175 -1.268
tal Management as a sign that markets Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
are littered with unstable excesses. katie.martin@ft.com Yield 1.584 -0.237 0.081 0.756 3.150 8.903
Basis point change on day 1.600 2.700 -0.440 -0.600 -0.900 -31.600
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 463.54 66.98 63.39 1774.45 26.14 3943.60
% change on day -0.34 0.40 0.44 0.98 2.17 -0.58
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
4320 1760 7040
4160
1680
4000 6720
1600
3840
| | | | | | | | |
3680 || | | | | | | | | | | | | | | | | | | 1520 || | | | | | | | | | | | | | | | | | | 6400 | | | | | | | | | | |
Feb 2021 Apr Feb 2021 Apr Feb 2021 Apr
Biggest movers
% US Eurozone UK
Harley-davidson 12.26 Bbva 3.46 Sainsbury (j) 2.41
Albemarle 2.47 Santander 3.17 Ocado 2.06
Ups
Morgan Stanley 2.10 Casino Guichard 3.00 B&m Eur Value Retail S.a. 1.79
O'reilly Automotive 1.75 Commerzbank 2.60 United Utilities 1.69
Charles Schwab (the) 1.68 B. Sabadell 2.45 Kingfisher 1.52
%
Arconic -4.87 Cnh Industrial -4.50 Melrose Industries -4.61
Lam Research -4.35 Continental -2.77 Flutter Entertainment -3.35
Downs
Synopsys -4.27 Asml Holding -2.65 Pershing Square Holdings Ltd -2.87
Micron Technology -4.13 Porsche -2.62 Evraz -2.48
Discovery -3.84 Danske Bank -2.39 Scottish Mortgage Investment Trust -2.33
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.
Wall Street Europe London
Furniture group Herman Miller sank on An improved outlook sent Greenyard Outsourcer Equiniti Group surged after
news that it was buying peer Knoll for rallying with the Belgian fruit and confirming that it had received a non-
$1.8bn in a cash and stocks deal. vegetable group announcing that it had binding proposal to be bought by US
Upon completion of the transaction, raised its guidance for adjusted earnings private equity firm Siris Capital for £1.70
Herman Miller shareholders would own before interest, tax, depreciation and per share, a 23.5 per cent premium on
around 78 per cent of the combined amortisation to €116m-€117m for 2021, up Friday’s closing price.
group while Knoll investors would have a from a previous €106m-€110m range. Equiniti said it was evaluating the
22 per cent stake. Knoll surged following The upgrade was driven by strong proposal but “strongly advised”
the announcement. quarterly growth and a “continued shareholders to take no action in relation
Peloton fell after the Consumer acceleration of the underlying business”, to the offer.
Product Safety Commission warned said the company. Robert Plant, analyst at Panmure, said
about the dangers of its Tread+ exercise KBC Securities, which reconfirmed its the bid was “credible”, noting
machine following “multiple incidents of “buy” recommendation for Greenyard, that Equiniti’s shares had
small children and a pet being injured said the update suggested the group was underperformed in recent years.
beneath the machines”, said the “on a very positive trajectory with a much “If Equiniti does receive a formal offer
government agency. stronger business and financial position”. from Siris, we think that may prompt
“CPSC staff believes the Peloton Tread Investors steamed into Harvia after other offers,” added Plant, who gave the
+ poses serious risks to children for the Finnish sauna group reported a group a “buy” recommendation.
abrasions, fractures, and death,” said the preliminarily 94 per cent rise in first- Studio Retail Group rallied following
commission. “In light of multiple reports quarter revenue to €39.6m. forecasts of strong pre-tax profits and
of children becoming entrapped, pinned, CNH Industrial, the Italian agricultural news that it had sold Findel Education for
and pulled under the rear roller of the equipment maker, sank on news that it £30m.
product, CPSC urges consumers with had ended talks with China’s FAW Jiefang Adjusted pre-tax profits from Studio’s
children at home to stop using the over the sale of its On-Highway business. continuing operations for its fiscal 2021
product immediately.” The company, which is backed by the year was expected to be in the region
The CPSC’s statement was “inaccurate Agnelli family, said it would continue “to of £48m-£50m, up about 80 per cent on a
and misleading”, Peloton responded. pursue its existing plans for a spin-off of year earlier.
“There is no reason to stop using the these activities in early 2022”. The company’s update prompted
Tread+, as long as all warnings and safety The Agnellis also have a stake in Stifel to reinstate coverage with a “buy”
instructions are followed.” Juventus, which soared following reports rating, commenting that, “as an online
English Premier League club that the Italian Serie A football club was retailer with a value proposition and
Manchester United gained after declaring one of the signatories to a proposed flexible finance options, Studio Retail has
that it planned to join a breakaway breakaway “Super League” tournament. been a clear lockdown winner.”
football tournament. Ray Douglas Ray Douglas Ray Douglas
Tuesday 20 April 2021 ★ FINANCIAL TIMES 13

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.59% -1.14% -0.42% -0.28% -0.13% -0.34% -0.721% -0.923%

0.01% 0.47% 0.334% 1.230% 0.16% 0.98%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Mar 20 - - Index All World Mar 20 - Apr 19 Index All World Mar 20 - Apr 19 Index All World Mar 20 - Apr 19 Index All World Mar 20 - Apr 19 Index All World Mar 20 - Apr 19 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
7,000.08 3,198.84
4,160.99 15,368.39
19,218.18 29,792.05
6,762.67 29,685.37
18,836.47 14,596.61 3,039.53
3,915.46
Day -0.59% Month 6.32% Year 44.73% Day -0.69% Month 1.93% Year 33.83% Day -0.28% Month 4.39% Year 21.02% Day -0.59% Month 1.01% Year NaN% Day 0.01% Month -1.78% Year 49.16% Day 0.01% Month 4.33% Year 67.08%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
13,892.38 1,701.23
48,278.68 8,711.40 29,106.15 3,209.72
47,679.49 8,599.50 28,990.94
13,116.17 1,637.03 3,137.66
Day -1.14% Month 5.11% Year 60.58% Day -0.92% Month 2.66% Year 38.96% Day -0.13% Month 4.37% Year 30.13% Day 1.14% Month 2.57% Year 26.70% Day 0.47% Month -1.07% Year 19.32% Day 0.25% Month 2.39% Year 22.87%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
121,619.40 6,296.69
34,057.13
24,691.46 50,363.96
116,221.58 24,281.05 3,477.55
32,862.30 6,054.82 3,463.07
47,977.82
Day -0.42% Month 4.34% Year 40.43% Day 0.42% Month 4.67% Year 54.01% Day 0.15% Month 4.98% Year 39.96% Day -0.21% Month 2.04% Year 44.78% Day 1.49% Month 0.42% Year 22.51% Day -1.75% Month -2.57% Year 51.79%

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 48239.14 47664.35 Cyprus
CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 26987.31 27030.19 Philippines Manila Comp 6459.76 6494.81 Taiwan Weighted Pr 17263.28 17158.81 Cross-Border DJ Global Titans ($) 480.41 482.72
Australia All Ordinaries 7328.00 7325.80 Czech Republic
PX 1108.01 1103.78 FTSE Italia Mid Cap 44539.22 44532.47 Poland Wig 59692.78 60158.72 Thailand Bangkok SET 1574.91 1548.96 Euro Stoxx 50 (Eur) 4025.46 4032.99
S&P/ASX 200 7065.60 7063.50 Denmark
OMXC Copenahgen 20 1512.27 1519.21 FTSE MIB 24691.46 24744.38 Portugal PSI 20 5012.57 5016.48 Turkey BIST 100 1377.23 1408.14 Euronext 100 ID 1233.34 1234.77
S&P/ASX 200 Res 5434.00 5410.50 Egypt
EGX 30 10358.26 10143.21 Japan 2nd Section 7515.24 7521.44 PSI General 3745.38 3764.72 UAE Abu Dhabi General Index 6124.08 6131.69 FTSE 4Good Global ($) 10175.76 10219.82
Austria ATX 3227.69 3232.74 Estonia
OMX Tallinn 1618.76 1602.59 Nikkei 225 29685.37 29683.37 Romania BET Index 11103.96 11147.32 UK FT 30 2782.40 2786.70 FTSE All World ($) 463.54 465.12
Belgium BEL 20 3996.90 3978.43 OMX Helsinki General
Finland 11980.68 11933.06 S&P Topix 150 1651.52 1655.88 Russia Micex Index 3566.66 3598.44 FTSE 100 7000.08 7019.53 FTSE E300 1701.23 1703.38
BEL Mid 8935.08 8920.12 France
CAC 40 6296.69 6287.07 Topix 1956.56 1960.87 RTX 1474.13 1497.05 FTSE 4Good UK 6579.03 6594.08 FTSE Eurotop 100 3194.57 3200.82
Brazil IBovespa 121619.40 121113.93 SBF 120 4954.82 4946.35 Jordan Amman SE 1773.41 1772.34 Saudi-Arabia TADAWUL All Share Index 9987.92 9847.62 FTSE All Share 3996.65 4006.76 FTSE Global 100 ($) 2699.61 2715.60
Canada S&P/TSX 60 1146.45 1153.58 Germany M-DAX 33098.46 33263.21 Kenya NSE 20 1882.96 1867.15 Singapore FTSE Straits Times 3209.72 3201.76 FTSE techMARK 100 6771.26 6794.21 FTSE Gold Min ($) 2314.75 2278.89
S&P/TSX Comp 19218.18 19351.32 TecDAX 3511.39 3525.62 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 369.94 369.94 USA DJ Composite 11366.98 11424.35 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 824.87 829.32 XETRA Dax 15368.39 15459.75 Latvia OMX Riga 1120.00 1114.73 Slovenia SBI TOP - - DJ Industrial 34057.13 34200.67 FTSE Multinationals ($) 2971.44 2961.01
Chile S&P/CLX IGPA Gen 25099.46 25151.63 Greece Athens Gen 875.76 898.63 Lithuania OMX Vilnius 877.13 877.26 South Africa FTSE/JSE All Share 68094.28 68698.78 DJ Transport 14806.26 14919.55 FTSE World ($) 827.10 830.20
China FTSE A200 13646.42 13304.79 FTSE/ASE 20 2117.49 2176.13 Luxembourg LuxX 1553.96 1572.87 FTSE/JSE Res 20 69786.22 70350.06 DJ Utilities 920.71 923.71 FTSEurofirst 100 (Eur) 4423.88 4421.08
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 29106.15 28969.71 Malaysia FTSE Bursa KLCI 1600.29 1608.38 FTSE/JSE Top 40 62325.85 62898.13 Nasdaq 100 13891.57 14041.91 FTSEurofirst 80 (Eur) 5485.69 5497.40
Shanghai A 3644.99 3591.60 HS China Enterprise 11092.95 11027.51 Mexico IPC 48278.68 48726.98 South Korea Kospi 3198.84 3198.62 Nasdaq Cmp 13892.38 14052.34 MSCI ACWI Fr ($) 704.94 702.02
Shanghai B 251.04 247.61 HSCC Red Chip 4167.75 4144.61 Morocco MASI 11669.34 11634.57 Kospi 200 431.96 432.43 NYSE Comp 16104.59 16186.29 MSCI All World ($) 2953.35 2941.75
Shanghai Comp 3477.55 3426.62 Hungary Bux 42388.09 42997.61 Netherlands AEX 711.94 716.80 Spain IBEX 35 8711.40 8613.50 S&P 500 4160.98 4185.47 MSCI Europe (Eur) 1780.61 1765.68
Shenzhen A 2379.65 2322.97 India BSE Sensex 47977.82 48832.03 AEX All Share 1019.45 1028.06 Sri Lanka CSE All Share 7553.50 7600.57 Wilshire 5000 43550.51 43887.91 MSCI Pacific ($) 3241.40 3241.62
Shenzhen B 1166.66 1147.22 Nifty 500 12076.45 12298.05 New Zealand NZX 50 12767.83 12684.73 Sweden OMX Stockholm 30 2257.60 2280.50 Venezuela IBC 3089.52 3004.67 S&P Euro (Eur) 1848.37 1851.85
Colombia COLCAP 1317.08 1321.80 Indonesia Jakarta Comp 6052.54 6086.26 Nigeria SE All Share 38866.39 38799.83 OMX Stockholm AS 913.60 921.13 Vietnam VNI 1260.58 1238.71 S&P Europe 350 (Eur) 1758.14 1760.27
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 8148.54 8153.37 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 11209.84 11262.97 S&P Global 1200 ($) 3258.22 3268.66
Israel Tel Aviv 125 1697.27 1696.07 Pakistan KSE 100 44913.57 45305.63 Stoxx 50 (Eur) 3412.70 3417.15
(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 Apr 19 %Chg %Chg Apr 19 %Chg %Chg Apr 19 %Chg %Chg Apr 19 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 55.3 134.37 0.21 Astrazeneca 192.3 7418.00 38.00 Asml Holding 363.1 522.20 -14.20 Softbank . 539.8 10005.00 -75.00 Antofagasta 1867.50 9.9 - Babcock Int 311.50 28.7 - Ted Baker 154.70 22.1 - Industrial Metals 6566.20 6.2 32.7
Amazon.com 48.5 3372.21 -27.24 British American Tobacco 164.7 2914.00 13.00 Bayer Ag Na O.n. 261.5 54.96 0.96 Fast Retailing Co., 480.7 89340.00 -890.00 Just Eat Takeaway.com N.v. 7973.00 8.4 - Gcp Student Living 181.20 11.6 27.1 Equiniti 163.40 21.9 - Mining 23818.84 6.1 9.9
Nvidia 32.8 616.23 -20.27 Glencore 107.7 303.80 1.80 Daimler Ag Na O.n. 246.5 75.96 -1.43 Sony 375.5 11990.00 -90.00 Rio Tinto 6089.00 7.9 - Elementis 135.70 9.4 - Amigo Holdings 17.30 21.0 - Tobacco 30717.61 3.9 6.7
Microsoft 22.0 259.01 -1.73 Rio Tinto 101.6 6089.00 35.00 Santander 224.4 2.97 0.09 Tokyo Electron 343.0 50050.00 930.00 Kingfisher 360.70 7.8 - Qinetiq 348.00 8.5 6.7 Studio Retail 301.50 16.6 9.3 General Industrials 6983.06 2.9 5.5
Facebook 18.5 302.79 -3.39 Glaxosmithkline 100.8 1338.00 -8.40 Volkswagen Ag Vzo O.n. 218.2 240.15 -4.90 Sumco 301.6 2839.00 152.00 Polymetal Int 1555.00 7.4 - Bytes Technology 485.40 8.4 - Vitec (the) 1335.00 15.1 48.0 Industrial Engineering 16346.44 2.9 9.6
Advanced Micro Devices 16.3 80.71 -1.44 Unilever 99.6 4132.00 -32.00 Siemens Ag Na O.n. 210.0 143.80 -2.16 M3,. 287.1 8361.00 -39.00 B&m Eur Value Retail S.a. 568.60 6.2 - Dr. Martens 498.60 7.9 - Robert Walters 688.00 12.8 46.2 Software & Computer Services 2159.53 2.9 12.8
Boeing 12.8 243.47 -4.71 Bp 88.2 300.85 -2.10 Lvmh 205.3 624.90 -5.10 Toyota Motor 264.9 8522.00 -8.00 Glencore 303.80 6.1 - Petropavlovsk 26.80 7.8 - Norcros 299.00 8.7 51.0 Real Estate Investment Trusts 2950.68 2.8 7.7
Alphabet 12.0 2282.93 0.18 Barclays 76.1 187.68 -1.50 Sap Se O.n. 204.7 116.04 -0.18 Shin-etsu Chemical Co., 220.8 19375.00 380.00 Ocado 2226.00 6.0 - Dechra Pharmaceuticals 3870.00 7.8 - Phoenix Spree Deutschland 362.00 8.7 14.0 Pharmaceuticals & Biotech. 15966.76 2.8 1.2
Alphabet 12.0 2296.73 -1.03 Royal Dutch Shell 66.2 1396.80 -16.00 Inditex 199.0 28.79 0.37 Softbank 188.3 1443.50 14.00 Weir 1945.00 5.5 - Ferrexpo 391.00 7.7 - Pphe Hotel 1736.00 8.4 26.7 General Financial 12526.03 2.6 3.4
Netflix 9.3 547.71 1.17 Prudential 62.0 1554.00 1.50 Allianz Se Na O.n. 196.2 219.10 0.35 Takeda Pharmaceutical 176.5 3706.00 2.00 Anglo American 3186.50 5.2 - Investec 248.30 7.5 - Esken 35.20 8.0 - Aerospace & Defense 3732.63 2.6 3.4
Bhp 2217.50 4.7 - Xp Power 5140.00 7.3 - Luceco 315.50 7.7 - Gas Water & Multiutilities 4805.15 2.4 0.7
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
Entain 1644.50 4.5 - Ncc 291.00 6.8 - Treatt 1135.00 7.6 - Health Care Equip.& Services 6507.73 2.3 -0.5
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Harley-davidson 45.33 4.95 12.26 Indivior 139.50 5.50 4.10 Bbva 4.51 0.15 3.46 Sumco 2839.00 152.00 5.66 Legal & General 277.10 -6.4 - Airtel Africa 75.00 -10.8 - Lamprell 58.00 -6.5 - Electricity 8892.18 -2.7 -0.1
Albemarle 155.79 3.76 2.47 Marks And Spencer 162.10 5.60 3.58 Santander 2.97 0.09 3.17 Yamato Holdings Co., 3050.00 98.00 3.32 Standard Life Aberdeen 284.20 -4.1 - C&c 279.60 -6.6 21.4 Renewi 51.50 -5.5 - Life Insurance 8250.18 -1.4 14.5
Morgan Stanley 80.24 1.65 2.10 Jtc 643.00 22.00 3.54 Casino Guichard 28.50 0.83 3.00 Seiko Epson 1970.00 57.00 2.98 Rolls-royce Holdings 105.18 -2.8 - Jupiter Fund Management 278.00 -6.2 - De La Rue 177.40 -5.0 5.3 Banks 2922.59 -0.7 16.9
O'reilly Automotive 539.78 9.26 1.75 Ssp 312.60 9.60 3.17 Commerzbank Ag 5.10 0.13 2.60 Mitsui O.s.k.lines, 3905.00 90.00 2.36 Sse 1494.00 -2.5 - Cmc Markets 501.00 -5.1 - Pharos Energy 26.30 -4.4 - Food Producers 7770.37 -0.3 10.2
Charles Schwab (the) 65.83 1.09 1.68 Bytes Technology 485.40 14.40 3.06 B. Sabadell 0.48 0.01 2.45 Tokuyama 2883.00 63.00 2.23 Pershing Square Holdings Ltd 2710.00 -2.3 - Ao World 297.40 -4.3 - River And Mercantile 212.00 -3.6 23.3 Nonlife Insurance 3228.31 -0.2 -1.2
Hikma Pharmaceuticals 2381.00 -2.1 - Ssp 312.60 -3.8 - Chesnara 285.00 -3.6 - Construction & Materials 7747.51 -0.2 12.6
Downs Downs Downs Downs
Lloyds Banking 43.76 -1.4 - Pantheon Int 2670.00 -3.3 10.7 Saga 376.00 -3.3 - General Retailers 2808.86 0.1 11.3
Arconic 26.35 -1.35 -4.87 Energean 813.00 -44.00 -5.13 Cnh Industrial 12.73 -0.60 -4.50 Shiseido , 7675.00 -331.00 -4.13
Hsbc Holdings 428.10 -1.0 - Watches Of Switzerland 706.00 -3.0 - Dwf 84.00 -3.1 -1.2 Oil & Gas Producers 4995.65 0.2 10.4
Lam Research 615.68 -28.03 -4.35 Ao World 297.40 -15.80 -5.04 Continental Ag O.n. 114.32 -3.26 -2.77 Ana Holdings 2370.00 -89.50 -3.64
Crh 3475.00 -1.0 - Harbourvest Global Private Equity 1996.00 -2.9 3.3 Hyve 126.50 -3.1 - Mobile Telecommunications 3133.60 0.6 13.3
Synopsys 249.63 -11.15 -4.27 Melrose Industries 170.60 -8.25 -4.61 Henkel Ag+co.kgaa Vzo 96.18 -2.74 -2.77 Toho Co.,ltd 4575.00 -160.00 -3.38
Melrose Industries 170.60 -0.6 - Energean 813.00 -2.6 - Scottish Oriental Smaller Companies Trust 994.00 -3.0 3.8 Equity Investment Instruments 13270.29 0.8 3.5
Micron Technology 86.92 -3.74 -4.13 Hammerson 38.00 -1.60 -4.04 Asml Holding 522.20 -14.20 -2.65 Keisei Electric Railway Co., 3395.00 -110.00 -3.14
Sage 644.00 -0.5 - Carnival 1635.20 -2.6 - Clipper Logistics 651.00 -3.0 - Food & Drug Retailers 4422.39 0.9 2.6
Discovery 31.01 -1.24 -3.84 Aston Martin Lagonda Global Holdings 1988.50 -74.50 -3.61 Porsche Autom.hldg Vzo 95.98 -2.58 -2.62 Tokyu Fudosan Holdings 604.00 -19.00 -3.05
Royal Dutch Shell 1396.80 -0.4 - Rhi Magnesita N.v. 4508.00 -2.5 - Bank Of Georgia 1116.00 -3.0 - Automobiles & Parts 4869.14 1.1 6.0
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
Apr 19 Currency Mid Change Mid Change Mid Change Apr 19 Currency Mid Change Mid Change Mid Change Apr 19 Currency Mid Change Mid Change Mid Change Apr 19 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 92.9233 0.1483 111.6893 0.5496 129.9717 1.7569 Indonesia Indonesian Rupiah 14547.5000 -17.5000 17485.4215 37.2818 20347.5773 218.7528 Poland Polish Zloty 3.7843 -0.0113 4.5485 0.0016 5.2931 0.0476 ..Three Month 0.7150 -0.0086 0.8592 -0.0075 - -
Australia Australian Dollar 1.2873 -0.0053 1.5472 -0.0012 1.8005 0.0141 Israel Israeli Shekel 3.2616 -0.0171 3.9203 -0.0074 4.5620 0.0308 Romania Romanian Leu 4.0984 -0.0139 4.9260 -0.0002 5.7324 0.0492 ..One Year 0.7151 -0.0086 0.8587 -0.0075 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4531 0.0015 0.5273 0.0063 Japan Japanese Yen 108.0300 -0.7850 129.8469 -0.5080 151.1015 0.7194 Russia Russian Ruble 76.2051 0.4550 91.5948 0.8502 106.5879 1.9016 United States United States Dollar - - 1.2020 0.0040 1.3987 0.0167
Bolivia Bolivian Boliviano 6.9100 - 8.3055 0.0277 9.6650 0.1154 ..One Month 108.0300 -0.7851 129.8469 -0.5079 151.1015 0.7193 Saudi Arabia Saudi Riyal 3.7511 - 4.5086 0.0150 5.2466 0.0626 ..One Month - - 1.2019 -0.1800 1.3987 0.0167
Brazil Brazilian Real 5.5501 -0.0713 6.6710 -0.0632 7.7630 -0.0058 ..Three Month 108.0299 -0.7852 129.8470 -0.5077 151.1014 0.7192 Singapore Singapore Dollar 1.3306 -0.0033 1.5993 0.0014 1.8610 0.0177 ..Three Month - - 1.2017 -0.1800 1.3987 0.0167
Canada Canadian Dollar 1.2512 0.0014 1.5039 0.0067 1.7501 0.0228 ..One Year 108.0295 -0.7860 129.8473 -0.5070 151.1015 0.7188 South Africa South African Rand 14.2369 -0.0856 17.1121 -0.0456 19.9131 0.1195 ..One Year - - 1.2009 -0.1800 1.3989 0.0167
Chile Chilean Peso 700.6000 0.0500 842.0876 2.8643 979.9287 11.7699 Kenya Kenyan Shilling 108.0000 0.5000 129.8108 1.0313 151.0595 2.4947 South Korea South Korean Won 1117.2500 0.9000 1342.8809 5.5503 1562.6968 19.9031 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.5115 -0.0114 7.8265 0.0124 9.1076 0.0930 Kuwait Kuwaiti Dinar 0.3012 -0.0003 0.3620 0.0008 0.4213 0.0046 Sweden Swedish Krona 8.4098 -0.0320 10.1082 -0.0046 11.7628 0.0963 Vietnam Vietnamese Dong 23074.0000 6.0000 27733.8658 99.5562 32273.6808 393.6517
Colombia Colombian Peso 3606.8600 7.3600 4335.2726 23.2532 5044.9123 70.4091 Malaysia Malaysian Ringgit 4.1235 -0.0035 4.9562 0.0123 5.7675 0.0640 Switzerland Swiss Franc 0.9155 -0.0035 1.1003 -0.0005 1.2804 0.0105 European Union Euro 0.8320 -0.0028 - - 1.1637 0.0101
Costa Rica Costa Rican Colon 612.9050 0.5750 736.6824 3.1422 857.2698 11.0309 Mexico Mexican Peso 19.8030 -0.1110 23.8023 -0.0537 27.6984 0.1773 Taiwan New Taiwan Dollar 28.1990 -0.1405 33.8938 -0.0554 39.4419 0.2768 ..One Month 0.8319 -0.0028 - - 1.1636 0.0101
Czech Republic Czech Koruna 21.5666 -0.0629 25.9220 0.0110 30.1652 0.2733 New Zealand New Zealand Dollar 1.3917 -0.0092 1.6727 -0.0054 1.9466 0.0106 Thailand Thai Baht 31.1825 -0.0400 37.4799 0.0769 43.6149 0.4655 ..Three Month 0.8317 -0.0028 - - 1.1635 0.0101
Denmark Danish Krone 6.1873 -0.0201 7.4368 0.0007 8.6541 0.0756 Nigeria Nigerian Naira 408.7500 -1.7500 491.2979 -0.4602 571.7183 4.4081 Tunisia Tunisian Dinar 2.7512 -0.0153 3.3068 -0.0073 3.8481 0.0248 ..One Year 0.8310 -0.0028 - - 1.1631 0.0101
Egypt Egyptian Pound 15.6916 0.0217 18.8605 0.0888 21.9478 0.2921 Norway Norwegian Krone 8.3130 -0.0631 9.9918 -0.0424 11.6273 0.0516 Turkey Turkish Lira 8.0953 0.0250 9.7301 0.0624 11.3228 0.1697
Hong Kong Hong Kong Dollar 7.7654 -0.0046 9.3336 0.0256 10.8615 0.1234 Pakistan Pakistani Rupee 152.7500 -0.0500 183.5982 0.5515 213.6513 2.4820 United Arab Emirates UAE Dirham 3.6732 - 4.4149 0.0147 5.1376 0.0613
Hungary Hungarian Forint 300.2288 -1.2028 360.8606 -0.2391 419.9298 3.3519 Peru Peruvian Nuevo Sol 3.6725 0.0430 4.4142 0.0662 5.1367 0.1208 United Kingdom Pound Sterling 0.7149 -0.0086 0.8593 -0.0075 - -
India Indian Rupee 74.8775 0.5300 89.9992 0.9346 104.7311 1.9830 Philippines Philippine Peso 48.3600 -0.0200 58.1264 0.1696 67.6411 0.7800 ..One Month 0.7150 -0.0086 0.8593 -0.0075 - -
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 Apr 19 Apr 16 Apr 15 Apr 14 Apr 13 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 2782.40 2786.70 2760.50 2764.80 2759.00 0.00 3314.70 1337.80 Industrial Metals & 30.29 Mobile Telecomms 11.63 Automobiles & Parts 5.61 FTSE 100 Price Change FTSE 100 Price Change
Apr 19 chge% Index Apr 16 Apr 15 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Industrial Transport 25.86 Beverages 11.39 Utilities 5.28 3I Group PLC 1244 -13.00 Land Securities Group PLC 724.80 3.60
FTSE 100 (101) 7000.08 -0.28 6344.12 7019.53 6983.50 5786.96 3.03 1.48 22.27 79.34 6769.90 P/E Ratio net - - - - - 0.00 19.44 14.26 Mining 18.15 Food Producers 10.87 Consumer Goods 4.55 Admiral Group PLC 3194 -6.00 Legal & General Group PLC 277.10 -1.90
FTSE 250 (250) 22490.86 -0.14 20383.29 22522.18 22472.04 15859.29 1.84 1.58 34.47 118.72 17951.30 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Basic Materials 18.01 Oil & Gas Producers 10.58 Equity Invest Instr 4.12 Anglo American PLC 3186.5 -13.00 Lloyds Banking Group PLC 43.76 0.30
FTSE 250 ex Inv Co (183) 23413.39 0.03 21219.37 23405.99 23361.41 74.60 1.73 0.80 71.78 71.78 19056.48 FT 30 hourly changes Banks 16.76 Media 10.37 Aerospace & Defense 3.66 Antofagasta PLC 1867.5 -5.00 London Stock Exchange Group PLC 7730 30.00
FTSE 350 (351) 4016.12 -0.25 3639.78 4026.26 4007.73 3229.21 2.81 1.50 23.81 41.06 7731.60 8 9 10 11 12 13 14 15 16 High Low Travel & Leisure 15.97 Oil & Gas 10.25 Real Est Invest & Se 3.03 Ashtead Group PLC 4600 -75.00 M&G PLC 219.00 -2.20
FTSE 350 ex Investment Trusts (282) 3917.38 -0.21 3550.29 3925.60 3907.57 78.46 2.86 1.28 27.36 11.64 3893.02 2786.7 2792.3 2794 2681.9 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Fixed Line Telecomms 14.98 Industrials 9.89 Food & Drug Retailer 2.68 Associated British Foods PLC 2460 32.00 Melrose Industries PLC 170.60 -8.25
FTSE 350 Higher Yield (142) 3228.98 -0.15 2926.40 3233.72 3215.09 2624.04 3.96 1.24 20.30 46.59 6865.66 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Life Insurance 14.45 FTSE 250 Index 9.77 Financial Services 2.63 Astrazeneca PLC 7418 38.00 Mondi PLC 1969 -8.50
FTSE 350 Lower Yield (209) 4538.23 -0.35 4112.96 4554.39 4538.61 3618.20 1.68 2.08 28.70 27.40 5404.27 FTSE SmallCap Index 14.09 NON FINANCIALS Index 8.90 Pharmace & Biotech 1.22 Auto Trader Group PLC 579.40 1.80 National Grid PLC 907.50 5.20
FTSE SmallCap (252) 7091.34 -0.27 6426.83 7110.63 7098.69 4579.96 2.13 -0.44 -106.10 38.97 11343.52
FTSE SmallCap ex Inv Co (134) 5953.47 -0.02 5395.58 5954.67 5951.46 78.95 1.40 -2.71 -26.29 5.61 9934.56 FX: EFFECTIVE INDICES Construct & Material
Software & Comp Serv
13.76
13.61
FTSE All{HY-}Share Index
Financials
8.79
8.64
Health Care
Electricity
0.90
0.37
Avast PLC 471.60 4.60 Natwest Group PLC 198.80 -0.75
Aveva Group PLC 3802 -7.00 Next PLC 8112 -92.00
FTSE All-Share (603) 3996.65 -0.25 3622.13 4006.76 3988.72 3190.20 2.79 1.45 24.83 40.21 7771.23 General Retailers 13.37 Household Goods & Ho 8.54 Tech Hardware & Eq -0.72
Apr 16 Apr 15 Mnth Ago Apr 19 Apr 16 Mnth Ago Aviva PLC 408.60 -2.80 Ocado Group PLC 2226 45.00
FTSE All-Share ex Inv Co (416) 3859.45 -0.21 3497.79 3867.41 3849.94 78.48 2.83 1.24 28.44 11.33 3894.92 Telecommunications 12.45 Electronic & Elec Eq 8.45 Nonlife Insurance -1.34 B&M European Value Retail S.A. 568.60 10.00 Pearson PLC 813.80 -3.00
FTSE All-Share ex Multinationals (534) 1311.68 -0.10 987.03 1312.94 1306.89 933.54 2.22 1.60 28.17 9.11 2647.84 Australia - - - Sweden - - - Chemicals 12.29 FTSE 100 Index 8.35 Health Care Eq & Srv -1.85 Bae Systems PLC 523.00 1.00 Pershing Square Holdings LTD 2710 -80.00
FTSE Fledgling (85) 12252.95 -0.18 11104.75 12275.62 12205.25 7152.15 2.01 2.72 18.23 54.85 25351.25 Canada - - - Switzerland - - - Technology 12.13 Industrial Eng 7.94 Leisure Goods -2.94 Barclays PLC 187.68 -1.50 Persimmon PLC 3185 -16.00
FTSE Fledgling ex Inv Co (39) 16165.75 -0.20 14650.90 16198.47 16011.03 70.36 1.62 6.63 9.32 18.76 32615.09 Denmark - - - UK 81.16 81.08 81.60 Consumer Services 12.02 Real Est Invest & Tr 7.89 Personal Goods -4.21 Barratt Developments PLC 778.00 -6.00 Phoenix Group Holdings PLC 749.00 -10.80
FTSE All-Small (337) 4924.96 -0.27 4463.45 4938.12 4928.74 3163.12 2.13 -0.28 -168.75 26.78 10106.65 Japan - - - USA - - - Support Services 11.87 Gas Water & Multi 7.04 Oil Equipment & Serv -8.25 Berkeley Group Holdings (The) PLC 4603 -7.00 Polymetal International PLC 1555 -2.00
FTSE All-Small ex Inv Co (173) 4460.81 -0.03 4042.80 4462.02 4457.72 78.66 1.41 -2.30 -30.81 4.33 9428.93 New Zealand - - - Euro - - - Tobacco 6.73 Oil & Gas Producers -40.36 Bhp Group PLC 2217.5 -22.00 Prudential PLC 1554 1.50
FTSE AIM All-Share (723) 1251.81 -0.19 1134.51 1254.21 1248.09 759.27 0.73 0.10 1443.43 2.59 1440.73 Norway - - -
BP PLC 300.85 -2.10 Reckitt Benckiser Group PLC 6705 44.00
FTSE All-Share Technology (20) 2313.37 0.55 2228.92 2300.60 2317.82 85.44 1.01 1.03 96.45 3.16 3258.47 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2914 13.00 Relx PLC 1925 -10.50
FTSE All-Share Telecommunications (7) 2016.96 0.16 1943.33 2013.71 1983.13 55.92 4.17 0.93 25.66 0.02 2789.83 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 521.40 5.80 Renishaw PLC 6450 25.00
FTSE All-Share Health Care (15) 11389.29 -0.06 10973.53 11395.85 11410.65 131.28 3.61 1.01 27.36 12.90 10082.44
Bt Group PLC 154.65 0.30 Rentokil Initial PLC 519.20 -1.20
FTSE All-Share Financials (251) 4820.60 -0.33 4644.63 4836.50 4809.98 66.09 2.36 3.40 12.48 30.17 5099.68
FTSE All-Share Real Estate (57) 1059.53 0.33 1067.93 1056.03 1053.08 78.06 2.28 -2.01 -21.86 2.19 1061.11 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2520 12.00 Rightmove PLC 610.80 0.40
Burberry Group PLC 2067 -7.00 Rio Tinto PLC 6089 35.00
FTSE All-Share Consumer Discretionary (88) 5645.24 -0.68 5439.16 5683.86 5653.29 69.30 0.95 1.28 82.87 8.48 5785.20 Apr 19 No of US $ Day Mth YTD Total
YTD Gr Div Apr 19 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2505 -5.00 Rolls-Royce Holdings PLC 105.18 0.62
FTSE All-Share Consumer Staples (27)19169.72 0.09 18469.94 19152.52 18996.84 82.12 3.89 1.36 18.98 64.44 16463.36 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1575.5 -13.00 Royal Dutch Shell PLC 1396.8 -16.00
FTSE All-Share Industrials (90) 6575.21 -0.52 6335.19 6609.77 6559.27 82.68 1.73 1.00 57.38 20.28 7357.35 FTSE Global All Cap 9221 796.85 0.4 3.7 9.5
10.1 1.7 Oil Equipment & Services
1234.73 26 219.30 -0.6 -0.6 15.9 376.76 17.3 5.2 Crh PLC 3475 -40.00 Royal Dutch Shell PLC 1337 -13.20
FTSE All-Share Basic Materials (24) 8462.34 -0.09 8153.42 8469.72 8406.38 88.57 3.47 2.52 11.41 3.31 10380.76 FTSE Global All Cap 9221 796.85 0.4 3.7 9.5
10.1 1.7 Basic Materials
1234.73 364 686.95 0.9 0.9 12.6 1179.97 13.8 2.6 Croda International PLC 6704 -36.00 Rsa Insurance Group PLC 682.20 -0.80
FTSE All-Share Energy (14) 5184.31 -0.92 4995.06 5232.52 5272.57 52.62 4.46 -1.15 -19.53 0.50 5888.08 FTSE Global Large Cap 1729 708.39 0.4 4.2 8.89.4 1.7 Chemicals
1130.81 171 949.54 1.0 1.0 9.1 1605.42 9.6 2.1 Dcc PLC 6454 6.00 Sage Group PLC 644.00 -
FTSE All-Share Utilities (10) 7495.21 0.73 7221.60 7440.85 7453.05 92.43 4.72 1.52 13.88 0.94 10520.21 FTSE Global Mid Cap 2307 1019.40 0.4 2.8 11.2
11.7 1.7 Forestry & Paper
1485.75 21 347.04 0.8 0.8 9.8 669.97 11.3 2.5 Diageo PLC 3221 -9.00 Sainsbury (J) PLC 254.70 6.00
FTSE All-Share Software and Computer Services (18) 2497.16 0.56 2406.00 2483.15 2500.93 84.43 1.03 1.01 96.68 3.45 3722.11 FTSE Global Small Cap 5185 1123.60 0.6 1.6 11.6
12.1 1.5 Industrial Metals & Mining
1572.56 94 575.15 0.7 0.7 22.7 1002.17 24.5 2.9 Entain PLC 1644.5 -3.00 Schroders PLC 3642 21.00
FTSE All-Share Technology Hardware and Equipment (2) 5382.37 0.17 5185.89 5373.07 5484.26 111.49 0.26 4.32 87.78 0.00 6729.60 FTSE All-World 4036 465.12 0.4 4.0 9.29.8 1.7 Mining
762.87 78 998.05 1.0 1.0 13.3 1764.00 15.4 3.3 Evraz PLC 620.60 -15.80 Scottish Mortgage Investment Trust PLC 1216 -29.00
FTSE All-Share Telecommunications Equipment (2) 595.32 0.24 573.59 593.89 595.78 212.32 1.50 2.75 24.34 2.36 829.02 FTSE World 2615 830.20 0.4 4.5 9.7
10.4 1.7 Industrials
1828.19 760 582.07 0.5 0.5 11.1 901.19 11.6 1.4 Experian PLC 2694 -22.00 Segro PLC 988.60 2.60
FTSE All-Share Telecommunications Service Providers (5) 3128.85 0.16 3014.64 3123.90 3074.49 54.53 4.27 0.91 25.71 0.00 3933.27 FTSE Global All Cap ex UNITED KINGDOM In 8932 842.49 0.4 3.7 9.4
10.0 1281.63
1.6 Construction & Materials 148 688.67 1.3 1.3 11.8 1119.14 12.3 1.6 Ferguson PLC 9328 -16.00 Severn Trent PLC 2460 29.00
FTSE All-Share Health Care Providers (4) 6647.70 -0.06 6405.03 6651.36 6657.19 33.01 0.84 9.11 13.13 0.27 6132.19 FTSE Global All Cap ex USA 7448 603.91 0.6 2.1 7.17.9 1022.95
2.1 Aerospace & Defense 38 812.64 0.2 0.2 10.8 1237.02 11.2 1.3 Flutter Entertainment PLC 15160 -525.00 Smith & Nephew PLC 1412.5 -32.50
FTSE All-Share Medical Equipment and Services (2) 6505.63 -1.82 6268.14 6626.46 6580.61 111.69 1.98 1.42 35.62 79.79 6077.94 FTSE Global All Cap ex JAPAN 7830 826.17 0.5 4.0 10.0
10.5 1291.79
1.7 General Industrials 71 287.50 0.8 0.8 13.6 490.10 14.6 1.9 Fresnillo PLC 919.60 -6.20 Smith (Ds) PLC 420.80 0.60
FTSE All-Share Pharmaceuticals and Biotechnology (9)15910.25 0.10 15329.46 15894.21 15926.74 138.33 3.81 0.96 27.46 2.10 12664.27 FTSE Global All Cap ex Eurozone 8567 838.76 0.4 3.6 9.5
10.1 1273.14
1.7 Electronic & Electrical Equipment 145 725.43 0.7 0.7 8.4 1016.55 8.7 1.1 Glaxosmithkline PLC 1338 -8.40 Smiths Group PLC 1640 -3.50
FTSE All-Share Banks (11) 2881.71 0.04 2776.52 2880.56 2832.03 49.66 1.75 4.57 12.50 9.94 2417.16 FTSE Developed 2172 759.94 0.4 4.5 9.8
10.4 1187.74
1.7 Industrial Engineering 147 1175.77 0.9 0.9 14.7 1814.21 15.4 1.4 Glencore PLC 303.80 1.80 Smurfit Kappa Group PLC 3569 -48.00
FTSE All-Share Finance and Credit Services (9)10677.37 0.31 10287.60 10644.75 10877.53 41.99 1.14 2.55 34.41 18.44 13934.91 FTSE Developed All Cap 5708 799.02 0.4 4.2 10.1
10.7 1231.00
1.6 Industrial Transportation 124 1008.41 0.4 0.4 10.0 1570.70 10.5 1.5 Halma PLC 2544 -19.00 Spirax-Sarco Engineering PLC 12185 55.00
FTSE All-Share Investment Banking and Brokerage Services (31)10513.44 -0.38 10129.65 10553.78 10544.83 88.77 3.69 1.54 17.58 89.73 13815.74 FTSE Developed Large Cap 860 709.23 0.4 4.9 9.4
10.0 1128.28
1.7 Support Services 87 702.83 -0.1 -0.1 9.3 1025.52 9.7 1.0 Hargreaves Lansdown PLC 1683.5 25.00 Sse PLC 1494 3.50
FTSE All-Share Closed End Investments (187)13435.60 -0.89 12945.14 13556.63 13498.38 95.50 2.11 5.28 8.99 23.12 8091.74 FTSE Developed Europe Large Cap 232 425.59 1.0 4.4 8.39.3 2.3 Consumer Goods
802.69 534 641.72 0.6 0.6 5.0 1041.86 5.5 1.9 Hikma Pharmaceuticals PLC 2381 14.00 St. James's Place PLC 1330 -13.00
FTSE All-Share Life Insurance (6) 8384.94 -0.34 8078.85 8413.58 8416.16 61.75 3.14 2.21 14.40 176.53 9733.50 FTSE Developed Europe Mid Cap 342 765.54 0.9 4.1 9.6
10.2 1258.78
1.9 Automobiles & Parts 129 667.70 0.6 0.6 9.0 1054.56 9.4 1.1 HSBC Holdings PLC 428.10 0.65 Standard Chartered PLC 495.20 1.20
FTSE All-Share Nonlife Insurance (7) 3695.43 0.02 3560.53 3694.77 3698.13 73.17 3.49 1.49 19.26 29.73 7388.11 FTSE Dev Europe Small Cap 716 1077.96 0.9 4.6 11.8
12.3 1705.84
1.5 Beverages 68 744.46 0.8 0.8 0.7 1220.14 1.3 2.3 Imperial Brands PLC 1581 -1.00 Standard Life Aberdeen PLC 284.20 -5.40
FTSE All-Share Real Estate Investment and Services (16) 2573.52 -0.22 2479.58 2579.07 2576.15 77.37 1.16 2.49 34.64 5.89 7441.08 FTSE North America Large Cap 238 919.54 0.3 5.9 10.7
11.2 1348.49
1.4 Food Producers 133 735.91 0.6 0.6 2.5 1217.13 2.9 2.2 Informa PLC 591.20 -4.80 Taylor Wimpey PLC 190.40 -0.55
FTSE All-Share Real Estate Investment Trusts (41) 2650.79 0.46 2554.02 2638.61 2630.23 78.26 2.54 -2.49 -15.79 4.14 3812.17 FTSE North America Mid Cap 421 1196.17 0.2 3.0 12.8
13.3 1.5 Household Goods & Home Construction
1617.53 60 614.05 0.6 0.6 6.6 991.10 7.2 2.3 Intercontinental Hotels Group PLC 5156 -58.00 Tesco PLC 234.50 2.65
FTSE All-Share Automobiles and Parts (2) 4894.09 -2.54 4715.43 5021.47 4970.83 27.04 0.67 -12.57 -11.86 0.32 5043.97 FTSE North America Small Cap 1293 1293.54 0.4 0.9 13.1
13.4 1.2 Leisure Goods
1685.37 44 345.35 -0.4 -0.4 4.6 478.81 5.1 0.9 Intermediate Capital Group PLC 2004 -13.00 Unilever PLC 4132 -32.00
FTSE All-Share Consumer Services (4) 2662.25 -0.99 2565.06 2688.80 2667.48 85.70 0.22 5.75 80.89 0.01 3331.97 FTSE North America 659 601.72 0.3 5.3 11.2
11.6 1.4 Personal Goods
901.66 86 1082.49 0.6 0.6 2.7 1619.30 3.0 1.3 International Consolidated Airlines Group S.A. 210.15 1.90 United Utilities Group PLC 973.40 16.20
FTSE All-Share Household Goods and Home Construction (11)16021.81 -0.38 15436.94 16083.57 16138.59 73.98 3.16 1.52 20.83 100.19 13063.97 FTSE Developed ex North America 1513 314.04 0.6 2.9 7.28.0 573.68
2.2 Tobacco 14 1011.18 1.6 1.6 11.3 2611.65 13.1 6.1 Intertek Group PLC 6030 -68.00 Vodafone Group PLC 135.28 0.10
FTSE All-Share Leisure Goods (2) 27290.34 -0.49 26294.12 27425.73 27376.80 56.73 1.65 1.80 33.71 109.36 28814.60 FTSE Japan Large Cap 174 464.32 0.0 -0.5 2.43.3 657.95
1.9 Health Care 326 710.34 0.6 0.6 3.5 1102.47 4.2 1.7 Jd Sports Fashion PLC 913.20 -16.40 Weir Group PLC 1945 -39.00
FTSE All-Share Personal Goods (5) 30362.49 -0.49 29254.12 30511.28 30529.54 74.84 0.00 0.00 32.23 0.00 22948.66 FTSE Japan Mid Cap 333 688.43 0.0 -1.3 6.87.8 925.13
1.9 Health Care Equipment & Services 124 1486.22 0.4 0.4 6.8 1796.40 7.1 0.8 Johnson Matthey PLC 3198 12.00 Whitbread PLC 3519 -10.00
FTSE All-Share Media (10) 8970.71 -0.58 8643.24 9023.34 8976.45 78.86 1.62 2.53 24.28 13.53 6055.70 FTSE Global wi JAPAN Small Cap 884 739.10 0.1 -0.5 3.64.6 1029.67
2.0 Pharmaceuticals & Biotechnology 202 449.61 0.8 0.8 1.1 743.90 2.1 2.4 Just Eat Takeaway.Com N.V. 7973 90.00 Wpp PLC 975.20 -2.80
FTSE All-Share Retailers (21) 2682.83 -0.08 2584.90 2684.87 2659.95 63.12 0.28 11.06 32.25 0.03 3357.74 FTSE Japan 507 193.11 0.0 -0.6 3.24.1 306.32
1.9 Consumer Services 442 734.39 0.6 0.6 6.5 1031.37 6.7 0.8 Kingfisher PLC 360.70 5.40
FTSE All-Share Travel and Leisure (33) 9089.24 -1.11 8757.44 9190.94 9122.56 55.98 0.11 -33.68 -26.05 6.16 9334.53 FTSE Asia Pacific Large Cap ex Japan 905 921.18 0.5 0.2 5.35.7 1.9 Food & Drug Retailers
1601.21 71 318.40 0.3 0.3 6.6 486.80 7.4 2.4
FTSE All-Share Beverages (6) 25386.25 -0.27 24459.54 25455.04 25422.87 97.37 2.24 0.74 60.08 0.92 19675.03 FTSE Asia Pacific Mid Cap ex Japan 949 1111.10 0.9 2.2 8.28.6 1855.79
2.3 General Retailers 146 1342.83 0.8 0.8 6.0 1811.35 6.2 0.6
FTSE All-Share Food Producers (10) 7899.47 0.99 7611.11 7822.31 7880.45 78.07 1.20 3.57 23.38 0.00 7347.50
FTSE All-Share Tobacco (2) 30717.67 0.35 29596.34 30609.26 29829.32 56.73 7.53 1.43 9.31 464.54 25776.12
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
2007
1854
702.82
721.41
1.0
0.5
2.5
0.4
8.1
5.6
8.5
6.0
2.0 Media
1146.87
1.9 Travel & Leisure
1332.22
84 492.83
141 546.42
0.5
0.6
0.5
0.6
5.0 696.42
9.7 784.77
5.3
10.0
0.7
1.0
UK STOCK MARKET TRADING DATA
FTSE All-Share Construction and Materials (16) 8233.64 -0.78 7933.07 8298.62 8227.93 75.47 1.89 -0.02-2238.47 3.71 9655.46 FTSE Emerging All Cap 3513 934.34 0.8 -0.2 5.05.4 2.0 Telecommunication
1543.18 89 162.39 0.6 0.6 5.5 359.71 7.2 4.0 Apr 19 Apr 16 Apr 15 Apr 14 Apr 13 Yr Ago
FTSE All-Share Aerospace and Defense (9) 3955.74 0.10 3811.34 3951.67 3973.22 76.48 2.56 0.13 307.97 4.05 4623.24 FTSE Emerging Large Cap 869 894.30 0.7 -0.7 4.34.6 1.9 Fixed Line Telecommuniations
1486.33 37 119.69 0.6 0.6 2.9 299.30 5.2 5.4 - - - - - -
FTSE All-Share Electronic and Electrical Equipment (11)12557.78 -0.22 12099.36 12585.06 12538.65 95.52 1.44 1.78 39.06 48.67 12117.69 FTSE Emerging Mid Cap 995 1127.43 1.0 2.1 7.78.2 2.5 Mobile Telecommunications
1863.67 52 198.14 0.6 0.6 7.6 381.84 8.7 3.2 Order Book Turnover (m) 72.52 166.57 166.57 56.50 1434.68 186.11
FTSE All-Share General Industrials (9) 5617.12 -1.05 5412.07 5676.53 5594.16 73.45 2.65 0.84 44.80 57.98 7110.70 FTSE Emerging Small Cap 1649 926.86 1.1 1.5 8.79.1 2.2 Utilities
1467.18 198 332.31 0.6 0.6 3.6 735.53 4.5 3.1 Order Book Bargains 892889.00 862218.00 862218.00 921274.00 869075.00 854264.00
FTSE All-Share Industrial Engineering (4)17811.62 -0.51 17161.41 17903.14 17674.45 90.58 0.76 2.84 46.60 34.39 23333.53 FTSE Emerging Europe 84 389.25 0.9 -4.4 5.15.5 4.7 Electricity
741.34 137 374.67 0.6 0.6 3.8 818.55 4.7 3.1 Order Book Shares Traded (m) 1178.00 1316.00 1316.00 1279.00 1358.00 1208.00
FTSE All-Share Industrial Support Services (31)10620.48 -0.27 10232.79 10649.26 10546.15 92.74 1.49 1.38 48.63 24.44 11853.98 FTSE Latin America All Cap 246 810.67 0.5 4.7 -1.4
-0.3 2.6 Gas Water & Multiutilities
1405.01 61 331.16 0.5 0.5 3.3 754.54 3.9 3.1 Total Equity Turnover (£m) 6107.55 6806.56 6806.56 5186.19 9734.23 7214.33
FTSE All-Share Industrial Transportation (10) 5742.14 -1.20 5532.53 5812.07 5785.84 65.79 0.75 3.75 35.54 0.18 5835.18 FTSE Middle East and Africa All Cap 326 742.77 0.0 4.2 13.7
15.1 2.4 Financials
1299.72 863 284.23 0.5 0.5 12.6 520.26 13.5 2.4 Total Mkt Bargains 1141379.00 1107178.00 1107178.00 1185033.00 1139436.00 1126652.00
FTSE All-Share Industrial Materials (1)21003.92 -1.18 768.81 21253.97 21253.97 68.43 0.48 7.29 28.40 0.00 25586.67 FTSE Global wi UNITED KINGDOM All Cap In 289 350.00 0.7 2.7 10.4
11.6 2.9 Banks
676.18 267 215.46 0.8 0.8 16.8 433.68 17.9 2.7 Total Shares Traded (m) 9438.00 11039.00 11039.00 7193.00 9184.00 7631.00
FTSE All-Share Industrial Metals and Mining (11) 7073.50 -0.08 6815.29 7079.14 7028.93 91.67 3.68 2.58 10.53 4.10 9690.27 FTSE Global wi USA All Cap 1773 1045.68 0.3 4.9 11.3
11.8 1.3 Nonlife Insurance
1479.39 71 328.78 0.6 0.6 9.9 520.89 10.8 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Precious Metals and Mining (5)22804.33 -0.13 21971.87 22834.19 22457.21 107.18 3.63 2.05 13.46 0.00 14801.46 FTSE Europe All Cap 1445 512.52 1.0 4.1 8.89.6 2.2 Life Insurance
928.35 53 258.31 0.4 0.4 11.1 467.69 12.1 3.0 (c) Market closed.
FTSE All-Share Chemicals (7) 16925.42 -0.13 16307.57 16947.14 16829.43 76.58 1.50 1.77 37.75 0.22 16303.83 FTSE Eurozone All Cap 654 508.24 1.0 4.9 9.7
10.1 1.8 Financial Services
913.14 211 464.70 0.3 0.3 10.6 687.32 11.1 1.3
FTSE All-Share Oil. Gas and Coal (14) 5031.32 -0.92 4847.65 5078.11 5116.97 52.62 4.46 -1.15 -19.53 0.50 5926.21 FTSE EDHEC-Risk Efficient All-World 4036 519.96 0.5 3.3 10.2
10.8 1.9 Technology
788.14 330 581.57 0.0 0.0 11.8 747.68 12.0 0.8
FTSE EDHEC-Risk Efficient Developed Europe 574 405.33 1.0 4.1 8.59.2 1.9 Software & Computer Services
680.11 176 951.88 0.1 0.1 13.3 1141.05 13.4 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE Sector Indices
Oil & Gas 130 295.31 -0.3 -4.3 14.4
15.8 4.2 Technology Hardware & Equipment
558.55 154 469.10 -0.2 -0.2 10.0 644.45 10.4 1.2 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Non Financials (352) 4772.34 -0.23 4325.14 4783.32 4763.19 80.53 2.91 0.97 35.41 8.50 8150.54
Oil & Gas Producers 89 280.78 -0.4 -5.1 16.2
17.6 4.3 Alternative Energy
542.71 15 220.53 2.1 2.1 -17.9 314.08 -17.7 0.5 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 162 380.16 0.2 0.2 6.0 704.69 6.5 2.5 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 99 502.02 0.4 0.4 10.4 1115.91 11.3 3.3 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 7017.88 7026.46 7035.51 7026.88 7031.89 7018.45 7014.76 7010.19 6988.54 7040.05 6980.10 FTSE Global Large Cap 1729 708.39 0.4 0.4 8.8 1130.81 9.4 1.7
FTSE 250 22615.03 22625.91 22651.07 22606.11 22622.55 22603.03 22565.47 22562.54 22487.95 22657.38 22473.51
FTSE SmallCap 7130.57 7139.96 7137.45 7123.52 7126.78 7122.87 7114.75 7111.65 7096.19 7141.83 7091.34
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index®
Data provided by Morningstar | www.morningstar.co.uk
FTSE All-Share 4009.32 4013.70 4018.53 4012.96 4015.80 4009.05 4006.05 4003.84 3991.44 4020.77 3987.45 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.
Time of FTSE 100 Day's high:08:52:00 Day's Low14:48:30 FTSE 100 2010/11 High: 7019.53(16/04/2021) Low: 6407.46(29/01/2021) 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
Time of FTSE All-Share Day's high:08:52:00 Day's Low14:49:00 FTSE 100 2010/11 High: 4006.76(16/04/2021) Low: 3641.93(29/01/2021) 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,
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the 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.
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 Christie Group Pre 42.224 78.041 6.339L 4.422 19.320L 15.300 0.00000 0.00000 - 0.000 1.250 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Churchill China Pre 36.362 67.502 0.091 11.293 1.000 82.600 0.00000 0.00000 - 0.000 10.300 04/14 0.13 MAST Mast Energy Developments PLC 14.50 -2.00 16.90 13.50 2734.2
There are currently no rights offers by any companies listed on the LSE. Coro Energy Pre 0.000 0.000 7.969L 7.862L 0.000 0.000 0.00000 0.00000 - 0.000 0.000 04/06 61.00 AIM CSFS Cornerstone FS PLC 58.50 0.90 63.90 54.00 1186.2
Deltic Energy Pre 0.000 0.000 1.666L 2.360L 0.120L 0.240L 0.00000 0.00000 - 0.000 0.000 03/31 390.00 ROO Deliveroo Holdings PLC 239.00 -5.47 390.39 237.00 409724.9
Energean Pre 28.014 75.749 113.599L 104.297L 0.520L 0.500L 0.00000 0.00000 - 0.000 0.000 03/31 200.00 AIM MEAL Parsley Box Group PLC 199.00 -3.48 211.80 180.00 8341.0
Infrastrata Int 5.166 0.515 7.265L 2.948L 0.000 0.000 0.00000 0.00000 - 0.000 0.000 03/29 168.00 AIM AOM ActiveOps PLC 215.00 -5.00 229.00 183.00 15333.9
UK Oil & Gas Pre 0.908 0.213 20.937L 5.394L 0.240L 0.090L 0.00000 0.00000 - 0.000 0.000 03/22 5.00 ROQ Roquefort Investments PLC 8.50 0.00 9.00 7.00 275.4
03/15 200.00 AIM ITS In The Style Group PLC 223.00 -7.00 246.00 215.00 11707.5
03/12 175.00 AIM AMTE Amte Power PLC 292.50 -4.31 337.03 175.00 10139.8

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
14 ★ FINANCIAL TIMES Tuesday 20 April 2021

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 29.95 0.00 33.24 26.35 7.11 -39.03 213631.26 Lowes 204.33 -3.92 208.98 91.49 1.19 26.60 146541.06
ANZ 28.93 0.11 29.55 15.07 3.62 23.91 63951.47 Nokia 3.52 0.01 4.95 2.70 - -7.51 24001.92 AstellasPh 1654.5 6.50 1982 0.00 2.65 20.68 28513.62 AtlasCpcoB 471.10 -9.70 482.40 289.70 1.56 37.04 21859.28 AutomData 192.29 -0.65 193.77 127.31 1.95 32.57 82288.62 Lyondell 106.52 -1.03 112.73 44.33 4.03 24.49 35611.04
BHPBilltn 47.56 -0.01 50.93 28.76 3.33 26.26 108840.31 SampoA 40.62 -0.07 40.86 24.58 3.90 17.73 27055.52 Bridgestne 4459 24.00 4631 3078 3.23 36.11 29458.3 Ericsson 116.66 -2.28 120.64 78.74 1.31 26.44 42620 Avago Tech 465.60 -13.19 495.14 246.80 2.92 52.85 190105.56 Marathon Ptl 53.18 -1.08 59.93 22.42 4.46 -3.06 34634.8
CmwBkAu 88.84 0.85 89.20 57.00 3.41 24.42 122439.87 France (€) Canon 2598.5 9.50 2646.5 0.00 5.11 39.74 32081.68 H&M 207.25 -1.40 229.50 117.65 2.38 113.67 35996.61 BakerHu 22.08 0.09 31.26 20.09 3.06 -1.60 11412.93 Marsh&M♦ 126.82 -0.62 128.02 91.80 1.48 31.46 64448.22
CSL 268.30 -0.77 328.86 242.00 1.11 33.13 94860.07 Airbus Grpe 102.70 -0.98 104.54 48.21 - -12.18 97026.78 CntJpRwy 15615 -310.00 19165 0.00 0.96 -28.15 29775.9 Investor 727.90 -3.20 736.80 444.70 1.82 6.95 39423.88 BankAm 39.23 0.08 40.38 20.10 1.88 20.50 338484.21 MasterCard♦ 383.97 -2.20 389.50 244.10 0.54 58.91 378266.86
NatAusBk 26.68 -0.04 27.10 15.00 4.23 24.22 68367.98 AirLiquide 141.08 -0.12 144.45 110.55 1.99 26.35 80330.26 Denso 7292 106.00 7765 0.00 2.06-211.58 53186.1 Nordea Bk 87.21 -0.69 88.08 53.07 - 15.06 41998.16 Baxter 86.09 -0.47 95.19 74.79 1.14 39.50 43484.39 McDonald's 232.46 -0.62 234.26 167.85 2.22 36.00 173437.81
Telstra 3.37 -0.06 3.54 2.66 3.02 22.25 31136.42 AXA 23.75 0.05 23.89 13.34 3.25 19.39 69047.33 EastJpRwy 7412 -158.00 8881 0.00 1.91 -7.52 25930.16 SEB 106.90 -1.45 111.60 64.42 - 14.11 27583.9 BectonDick 259.07 -1.88 284.97 219.50 1.26 48.78 75273.92 McKesson 193.15 -0.04 198.43 125.65 0.88 -7.07 30742.39
Wesfarmers 55.83 0.19 56.40 35.58 2.77 32.99 49176.39 BNP Parib 53.33 0.43 53.66 24.67 - 9.64 80112.21 Fanuc 27420 165.00 29700 0.00 0.75 68.05 51251.54 SvnskaHn 96.60 -0.44 101.20 71.70 - 11.71 22338.88 BerkshHat 405079.5-4170.50410748.01250926.02 - 14.84 259148.39 Medtronic 125.86 -0.05 126.83 87.68 1.85 58.01 169668.45
Westpc 25.36 0.04 25.52 14.53 3.15 39.88 72274.6 ChristianDior 590.50 -0.50 606.50 331.20 0.86 55.27 128115.69 FastRetail 89340 -890.00 110500 0.00 0.58 93.73 87722.12 Swedbank 156.68 -2.02 165.90 99.14 - 12.99 21090 Biogen 267.01 -3.30 363.92 223.25 - 10.52 40675.16 Merck 77.50 0.03 87.80 71.72 3.27 27.24 196105.05
Woolworths 42.01 -0.03 42.47 33.82 2.27 36.87 41370.37 Cred Agr 12.60 0.14 12.69 6.25 - 8.74 44165.05 Fuji Hvy Ind 2150.5 -4.50 2683.5 1898.5 2.79 13.38 15311.61 Telia Co 36.35 -0.15 39.16 30.75 5.19 -6.27 17676.78 BkNYMeln 46.53 0.46 49.13 31.24 2.73 11.87 40800.16 Metlife 63.27 0.20 63.60 29.18 2.94 10.89 55955.94
Belgium (€) Danone 60.34 0.77 65.68 46.03 - 19.60 49798.35 Hitachi 5192 21.00 5515 0.00 2.06 13.73 46517.26 Volvo 211.45 -5.05 240.80 113.70 - 21.24 39939.21 BlackRock 812.39 0.94 827.85 451.35 1.83 24.93 124003.06 Microsoft 259.01 -1.73 261.48 166.11 0.83 37.721953509.31
AnBshInBv 57.06 0.29 59.51 35.11 2.28 -40.81 116128.27 EDF 12.07 0.09 13.58 6.55 - 115.88 44972.33 HondaMtr 3350 24.00 3475 0.00 2.68 12.97 56172.21 Boeing 243.47 -4.71 278.57 113.89 0.86 -11.40 141942.25 Mnstr Bvrg 97.77 -0.40 98.49 58.73 - 36.19 51635.96
Switzerland (SFr)
KBC Grp 63.28 0.58 65.66 39.46 1.67 16.05 31693.59 Engie SA 12.39 -0.01 13.87 8.85 - -16.75 36260.86 JapanTob 2115 26.00 2234 0.00 8.06 11.68 39155.8 Booking Holdings 2463.78 -13.12 2489.41 1303.25 - 1672.11 100920.85 MondelezInt 59.05 0.28 60.23 48.77 2.08 23.36 82970.9
ABB 30.44 -0.25 30.87 16.37 2.56 232.11 72093.99
EssilorLuxottica 139.52 0.44 142.80 103.05 0.86 704.97 73622.46 KDDI 3425 -19.00 3673 2604 3.75 11.17 73052.08 BrisMySq♦ 65.89 0.43 67.16 54.07 2.86 -16.14 147193.51 Monsanto 9.81 -0.04 9.99 9.51 - - 245.25
Brazil (R$) CredSuisse 9.76 -0.14 13.50 7.15 3.01 8.69 26096.47
Hermes Intl 1020 -6.50 1038.5 646.20 0.47 91.31 129427.15 Keyence 51640 -160.00 59310 36500 0.41 64.03 116257.01 CapOne 134.88 -1.80 137.75 50.84 0.76 25.40 61590.26 MorganStly 80.24 1.65 86.64 35.53 1.79 12.13 150092
Ambev 16.01 0.21 16.91 10.68 3.26 27.45 45401.58 Nestle♦ 106.48 -2.22 112.62 95.00 2.69 23.42 335101.73
LOreal 338.85 2.30 344.45 239.10 1.18 51.31 228045.52 MitsbCp 3057 -10.00 3298 0.00 4.73 12.89 42042.55 CardinalHlth 61.15 -0.17 62.96 44.65 3.24 12.85 17956.3 MylanNV 15.86 0.31 23.11 12.75 - -14.73 8586.21
Bradesco 20.83 -2.29 22.86 13.65 1.28 6.32 16617.75 Novartis 80.94 0.07 89.34 70.42 3.52 24.55 218126.5
LVMH 624.90 -5.10 632.80 324.30 0.77 64.37 379123.13 MitsubEst 1874 -32.00 2047.5 0.00 1.71 15.65 24135.41 Carnival 26.85 -0.18 30.63 11.00 1.95 -1.94 26138.1 Netflix 547.71 1.17 593.29 393.60 - 88.04 242578.16
Cielo 3.72 0.04 5.93 3.15 1.91 18.87 1820.95 Richemont 95.74 -0.46 97.14 50.48 1.12 209.22 54592.04
Orange 10.45 0.10 11.61 8.63 5.06 10.08 33411.37 MitsubishiEle 1679 -0.50 1785.5 0.00 2.30 19.80 33371.76 Caterpillar 231.46 -1.90 237.78 100.22 1.82 41.43 126216.03 NextEraE 79.83 -1.11 87.69 55.66 1.79 52.71 156582.16
ItauHldFin 24.66 -0.15 29.38 19.76 3.61 12.25 22030.28 Roche 310.30 1.10 357.85 290.55 3.07 17.73 238139.94
PernodRic 171.80 0.95 172.30 125.70 1.61 156.71 54076.29 MitsuiFud 2468 -43.00 2675 1645.5 1.91 12.39 22052.35 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike 133.08 -1.23 147.95 84.11 0.80 71.76 169671.12
Petrobras♦ 23.58 0.93 32.34 15.52 2.39 -6.14 31619.49 Swiss Re 90.80 0.16 94.96 58.52 6.25 -31.89 31491.35
Renault 36.13 - 41.42 15.80 - -1.18 12842.19 MitUFJFin 589.90 -0.40 660.30 392.80 4.69 14.71 74164.76 CharlesSch 65.83 1.09 68.89 31.63 1.12 30.35 118882.44 NorfolkS 270.01 -0.85 276.16 147.37 1.42 33.66 73505.47
Vale 108.25 -0.42 109.88 41.83 4.32 36.06 103068.29 Swisscom 482.90 3.60 525.00 456.30 4.83 15.43 27325.53
Safran 122.40 -0.50 127.45 70.38 - 74.18 62854.49 Mizuho Fin 1542.5 -14.00 1732.5 1181 2.86 36.31 36256.53 Charter Comms 646.67 2.30 681.71 485.01 - 41.04 139210.65 Northrop 346.35 -0.09 357.12 282.88 1.68 17.79 55748.4
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.99 43035.76
Sanofi 86.21 1.20 95.82 74.92 3.81 8.47 130455 Murata Mfg 9089 96.00 10835 0.00 1.24 35.39 56857.01 Chevron Corp 102.64 -0.32 112.70 65.16 5.14 -33.89 197895.99 NXP 193.44 -5.94 216.43 80.46 0.791050.27 53340.47
BCE 58.23 0.12 60.14 52.52 5.75 23.09 42097.57 UBS 14.61 -0.21 15.24 8.75 4.66 8.81 61566.98
Sant Gbn 53.08 -0.14 53.43 22.64 2.47 20.87 33985.71 NipponTT 2820.5 -45.50 3018 2127 3.70 10.93 101843.71 Chubb 161.27 -1.50 179.01 93.10 1.96 20.23 72588.43 Occid Pet 24.51 0.13 32.52 8.52 3.42 -1.53 22874.45
BkMontrl 114.75 -0.07 115.84 61.05 3.69 14.01 59343.13 Zurich Fin 382.50 0.90 411.30 271.10 5.10 15.98 62866.37
Schneider 137.52 0.02 138.10 75.04 1.96 32.91 93732.14 Nissan Mt 571.00 -5.10 664.50 331.30 - -1.94 22308.89 Cigna 251.73 -0.84 255.89 158.84 0.02 10.71 87446.44 Oracle♦ 79.93 0.98 79.97 50.86 1.20 19.16 230480.95
BkNvaS♦ 77.46 -0.13 80.16 49.11 4.64 14.59 75076.23 Nomura 574.70 -7.30 721.00 402.50 4.66 6.04 17201.97 Taiwan (NT$) Cisco♦ 52.71 -0.09 53.18 35.28 2.78 21.65 222530.32 Pepsico 144.90 0.74 148.77 126.53 2.84 27.66 200198.37
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 57.72 0.07 58.33 38.77 1.09-1162.97 72721.41 Nppn Stl 1937 -22.50 2019 0.00 - -8.42 17039.45 Chunghwa Telecom 114.50 0.50 117.00 106.50 3.89 25.51 31498.57 Citigroup 72.77 0.32 76.13 38.76 2.87 15.03 151837.74 Perrigo 41.76 0.14 58.83 38.20 2.21 -34.30 5577.76
SocGen 22.55 0.16 23.17 10.77 - -21.22 23124.67
CanadPcR♦ 458.43 -3.29 489.37 302.33 0.78 25.39 48839.7 NTTDCMo 3880 - 3928 2678 3.25 19.99 120882.79 Formosa PetChem 103.00 1.00 104.00 77.80 2.89 128.58 34794.62 CME Grp 204.40 -3.18 216.75 146.89 1.70 34.03 73390.45 Pfizer 38.86 0.29 43.08 29.95 4.00 30.63 216746.68
Total 38.04 0.09 42.19 24.51 7.17 -18.78 120242.18
CanImp♦ 124.85 0.05 127.13 77.68 4.67 13.69 44716.95 Panasonic 1408 2.00 1520 733.50 1.90 17.28 31978.32 HonHaiPrc 121.50 -2.00 134.50 72.50 3.64 15.57 59730.91 Coca-Cola 54.14 0.46 54.93 43.20 3.10 29.56 233306.13 Phillips66 77.97 -0.72 90.59 43.27 4.72 -8.41 34140.37
UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04
CanNatRs 38.27 -0.27 41.05 17.00 4.37 -77.07 36262.59 Seven & I 4536 -11.00 4680 2937.5 2.36 20.59 37220.23 MediaTek 963.00 -22.00 1030 342.00 1.15 44.55 54306.93 Cognizant 80.39 -0.23 82.73 47.39 1.12 30.57 42657.83 PhilMorris 92.88 -0.03 93.43 66.85 5.22 17.59 144754.68
Vinci 92.08 1.43 92.54 64.86 1.41 40.18 65466.94
CanNatRy 148.54 -0.13 149.44 107.62 1.56 29.56 84276.39 ShnEtsuCh 19375 380.00 20060 11090 1.22 26.83 74727.78 TaiwanSem 603.00 -2.00 679.00 288.50 1.75 29.69 554488.53 ColgtPlm 80.20 -0.50 86.41 65.54 2.23 24.96 67971.38 PNCFin 178.63 -0.23 184.33 93.27 2.63 27.45 75742.78
Vivendi 28.60 0.09 32.35 18.81 2.19 21.79 40790.61
Enbridge 46.78 0.15 46.96 35.80 6.96 31.45 75731.28 Softbank 10005 -75.00 10695 4300 0.47 23.13 193544.31 Thailand (THB) Comcast♦ 54.19 -0.92 58.59 34.17 1.74 23.23 247713.97 PPG Inds 168.87 1.46 172.67 81.43 1.27 37.17 40013.13
GtWesLif 34.93 -0.01 35.19 19.13 5.04 10.96 25916.07 Germany (€)
Sony 11990 -90.00 12545 0.00 0.45 12.97 139962 PTT Explor♦ 39.75 - 45.00 30.50 3.43 28.28 36410.68 ConocPhil 50.82 -0.27 61.14 27.53 3.40 -19.79 68716.31 Praxair 164.50 -0.99 169.75 140.00 2.22 36.91 47306.22
ImpOil 31.93 -0.02 32.67 14.86 2.77 -12.56 18733.27 Allianz 219.10 0.35 221.10 139.78 4.56 12.89 108576.44
SumitomoF 3876 -9.00 4354 2632 5.39 194.85 49299.07 United Arab Emirates (Dhs) Corning 46.17 0.37 46.63 18.82 1.95 83.56 35512.3 ProctGmbl 137.00 -0.25 146.92 111.25 2.33 25.31 337359.22
Manulife 26.91 -0.06 27.68 15.36 4.18 9.14 41766.69 BASF 71.76 -0.69 72.88 41.14 4.79 -43.60 79220.69
Takeda Ph 3706 2.00 4365 3239 5.20 30.16 54128.61 Emirtestele 21.92 0.02 22.10 14.32 3.69 20.85 51899.01 Costco 370.16 -0.56 393.15 293.84 0.76 37.83 163808.31 Prudntl 98.87 -0.01 99.87 48.52 4.55 -96.63 39094.79
Nutrien 67.82 -2.23 74.34 41.50 3.40 65.40 30907.7 Bayer 54.96 0.96 73.63 39.91 5.31 -3.33 64898.23
TokioMarine 5401 -56.00 5746 4368 3.87 24.13 34871.77 United Kingdom (p) CrownCstl 180.32 0.70 180.96 146.15 2.80 74.99 77932 PublStor 268.79 1.99 269.26 172.11 3.05 41.76 46981.73
RylBkC 118.13 -0.36 118.91 80.72 3.65 14.65 134489.43 BMW 87.70 -0.68 90.68 45.30 3.01 15.68 63457.03
Toyota 8522 -8.00 8712 0.00 2.76 12.30 257403.16 CSX 98.41 -0.23 99.75 58.80 1.08 26.72 74741.99 Qualcomm 135.11 -3.10 167.94 71.75 1.95 22.61 153484.96
Suncor En 26.01 -0.13 29.55 14.28 4.23 -9.15 31642.51 Continental 114.32 -3.26 130.85 67.44 2.77 -14.76 27482.25 AscBrFd 2460 32.00 2796.19 1613.5 1.39 42.71 27239.93
Mexico (Mex$) CVS 75.97 0.09 77.23 55.36 2.69 13.57 99623.63 Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46
ThmReut 114.94 -0.87 116.09 89.89 1.69 39.03 45456.2 Daimler 75.96 -1.43 77.99 26.30 1.23 21.51 97676.45 AstraZen 7418 38.00 10120 6736 2.77 41.56 131401.04
AmerMvl 14.35 -0.13 15.93 12.71 2.43 13.84 32895.6 Danaher♦ 240.58 -2.48 248.86 151.37 0.31 48.08 171549.78 Regen Pharm 502.40 -0.20 664.64 441.00 - 16.09 52894.14
TntoDom♦ 82.56 -0.32 83.82 53.19 3.82 12.56 119999.41 Deut Bank 10.40 -0.05 11.25 5.45 - 166.33 25825.34 Aviva♦ 408.60 -2.80 420.70 220.80 3.18 8.55 22935.99
FEMSA UBD 157.38 -2.28 164.28 112.72 1.85 315.31 17175.48 Deere♦ 380.02 -3.06 392.42 117.85 0.81 34.13 119111.49 S&P Global 377.19 -0.88 379.87 265.92 0.73 38.16 90859.95
TrnCan♦ 59.44 -0.14 67.89 50.61 5.48 12.48 46470.61 Deut Tlkm 16.19 0.07 17.36 12.21 3.86 17.67 92678.98 Barclays 187.68 -1.50 210.45 85.16 - 13.91 44793.74
WalMrtMex 62.84 -0.80 70.40 49.81 0.85 35.38 55409.57 Delphi 17.02 0.31 18.51 5.39 - -7.42 1469.67 Salesforce 229.86 -2.05 284.50 148.00 - 51.52 211701.06
ValeantPh 30.80 -1.06 36.02 14.01 - -15.33 8158.48 DeutsPost 48.14 -0.45 49.34 25.50 2.49 19.58 71686.97 BP 300.85 -2.10 376.54 188.52 9.35 -3.63 83868
Delta 45.95 -0.69 52.28 17.51 0.90 -2.30 29392.44 Schlmbrg 26.42 0.13 30.41 13.70 3.39 -3.41 36935.16
E.ON 10.04 0.20 10.81 8.27 4.84 20.67 31861.67 Netherlands (€) BrAmTob 2914 13.00 3308.5 2422.5 7.22 10.45 75991.44
China (HK$) Devon Energy 21.86 -0.02 26.13 7.73 1.97 -3.15 14713.97 Sempra Energy 138.93 0.79 139.57 112.16 3.08 20.63 42054.93
Fresenius Med 64.22 0.84 79.96 55.18 1.95 15.57 22606.95 Altice 5.34 0.00 6.86 2.26 - -4.03 9137.97 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 3.12 0.01 3.30 2.38 7.20 4.77 12350.24 DiscFinServ 100.86 -1.41 104.49 32.50 1.79 27.38 30897.95 Shrwin-Will 266.71 -0.21 269.32 159.87 2.06 11.81 23897.71
Fresenius SE 38.79 0.34 46.51 31.03 2.26 12.17 21085.68 ASML Hld 522.20 -14.20 543.20 251.85 0.51 59.12 263301.51 BT 154.65 0.30 157.73 94.68 2.99 10.17 21461.96
Bk China 3.11 0.03 3.19 2.33 7.60 4.58 33489.89 Disney 186.55 -0.71 203.02 98.86 - -67.03 338637.48 SimonProp 115.89 -1.23 121.92 47.25 5.30 31.55 38032.91
HenkelKgaA♦ 83.65 -1.75 86.50 67.10 2.28 24.86 26120.73 Heineken 92.94 0.60 94.48 71.26 1.91 54.57 64344.92 Compass 1575.5 -13.00 1721.63 1023.55 1.71 196.94 36241.02
BkofComm 5.03 0.02 5.09 3.66 7.74 4.63 22678.93 DominRes 78.96 0.07 87.34 67.85 4.47 42.40 63642 SouthCpr 74.57 -1.63 83.15 28.05 2.06 35.90 57648.07
Linde 239.20 -2.30 242.65 160.05 1.37 59.78 150319.08 ING 10.51 -0.05 10.71 4.51 - 17.40 49298.21 Diageo 3221 -9.00 3247.5 2253 2.17 66.41 113416.2
BOE Tech 0.82 0.02 1.10 0.50 - -5.24 21.01 DowDupont 30.52 -0.65 48.38 30.06 3.63 -8.38 68559.76 Starbucks 118.82 0.48 118.98 70.65 1.45 203.72 139886.79
MuenchRkv 257.90 -1.00 269.30 173.45 4.01 28.02 43428.34 Unilever 47.97 -0.04 53.66 43.00 0.77 25.28 176410.69 GlaxoSmh 1338 -8.40 1748.55 1190.8 5.98 11.73 92035.7
Ch Coms Cons 3.77 0.01 5.30 3.21 7.63 3.22 2145.13 DukeEner 100.39 -0.28 101.13 77.58 3.89 57.37 77221.65 StateSt 79.53 -0.90 87.89 51.21 2.68 12.30 27717.28
SAP 116.04 -0.18 143.32 89.93 1.42 25.61 171345.03 Norway (Kr) Glencore 303.80 1.80 310.55 130.32 - -29.66 61294.33
Ch Evrbrght 3.44 0.01 3.97 2.40 7.65 4.81 5616.55 Eaton 140.62 -0.54 143.29 70.54 2.12 39.38 56015.88 Stryker♦ 255.66 -1.48 260.00 171.75 0.94 59.49 96209.25
Siemens 143.80 -2.16 145.96 69.27 2.82 26.70 146914.59 DNB 185.20 -1.20 188.20 105.05 - 15.68 34539.79 HSBC♦ 428.10 0.65 466.54 281.50 - 30.80 120056.78
Ch Rail Cons 5.19 0.08 8.95 4.07 4.95 3.21 1387.69 eBay 64.22 -0.71 65.11 36.99 1.02 17.73 43698.23 Sychrony Fin 40.64 -0.76 43.61 14.51 2.22 17.49 23630.61
Volkswgn 290.80 -4.80 357.40 123.90 1.74 34.10 103142.04 Equinor 165.72 0.18 176.80 116.30 3.68 -11.53 64721.15 Imperial Brands 1581 -1.00 1758 1142 11.75 10.00 21090.4
Ch Rail Gp 4.00 0.04 4.85 3.33 5.16 3.16 2167.27 Ecolab 221.22 -1.93 231.36 168.56 0.87 64.15 63286.2 T-MobileUS 132.55 -0.50 135.54 85.81 - 54.66 164733.68
Hong Kong (HK$) Telenor 155.00 1.10 163.65 138.25 5.21 20.70 26093.75 LlydsBkg♦ 43.76 0.30 59.94 23.59 - 36.46 44106.96
ChConstBk 6.55 0.01 6.74 4.93 6.03 5.47 202789.61 Emerson 91.46 -0.75 93.38 48.64 2.24 25.91 54875.71 Target 209.48 0.93 210.86 100.50 1.30 23.80 104450.12
AIA 98.00 -0.95 109.30 61.25 1.34 25.69 152639.58 Natl Grid 907.50 5.20 998.80 805.40 5.35 21.40 42605.59
China Vanke 28.25 - 35.00 22.95 4.42 6.40 6888.55 Qatar (QR) EOG Res♦ 70.92 0.41 77.15 31.22 2.04 -66.64 41392.22 TE Connect 130.78 -2.62 136.01 63.55 1.49 456.46 43273.63
BOC Hold 27.55 0.25 29.00 20.05 6.33 8.52 37510 Natwest Group♦ 198.80 -0.75 201.00 90.54 - -32.06 33272.75
ChinaCitic 4.23 0.03 4.25 2.93 7.02 4.23 8106.61 QatarNtBk 17.81 -0.08 19.00 16.35 3.41 14.80 45170.85 EquityResTP 72.75 0.13 76.13 45.43 3.39 29.02 27111.25 Tesla Mtrs 710.68 -29.11 900.40 134.76 - 1085.21 682143.89
Ch OSLnd&Inv 19.92 -0.23 28.50 14.92 5.80 4.31 28075.97 Prudential 1554 1.50 1586 861.00 1.48 26.03 56236.66
ChinaLife 15.74 - 21.90 13.74 5.78 7.04 15082.82 Russia (RUB) Exelon 45.55 -0.61 46.37 33.97 3.44 22.15 44491.42 TexasInstr 188.34 -3.59 197.58 105.45 2.02 30.83 173317.85
ChngKng 47.75 -0.45 50.55 35.65 4.99 7.64 22710.98 ReckittB 6498 6.00 8020 5782 2.69 -16.80 63133.6
ChinaMBank 61.35 1.95 69.45 34.10 2.38 13.32 36270.09 Gzprm neft 185.71 -3.02 272.68 158.17 7.52 -71.33 58976.64 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TheTrvelers 154.20 -1.75 161.19 85.10 2.24 14.33 38776.03
Citic Ltd 8.01 0.12 8.43 5.20 6.58 4.33 30006.61 RELX 1925 -10.50 2000 1484.9 2.37 30.46 52036.35
ChinaMob 52.10 0.90 63.75 39.00 7.10 8.13 137375.13 Lukoil 4745.5 -157.00 6810 3663 10.47 32.79 44107.51 ExxonMb 56.17 -0.50 62.55 31.11 6.34 -10.46 237775.81 ThrmoFshr 487.64 -5.28 532.57 316.36 0.18 29.86 191649.5
Citic Secs 19.30 0.02 21.45 13.06 3.15 13.69 5662.51 RioTinto 6089 35.00 6561 3519 4.62 13.88 114227.17
ChinaPcIns 29.20 -0.15 42.75 20.10 5.12 8.93 10435.88 MmcNrlskNckl 20150 -66.00 23656 13352 5.44 13.99 42774.79 Facebook 302.79 -3.39 315.88 168.34 - 29.33 726939.42 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
CK Hutchison 64.50 0.75 65.25 45.80 5.57 6.35 32028.59 RollsRoyce 105.18 0.62 159.43 0.90 1.50 -1.02 2736.11
ChMinsheng 4.43 0.09 6.06 3.85 10.32 3.70 4746.56 Novatek 973.20 -3.20 1382.2 682.80 3.05 46.54 39639.58 Fedex 284.41 -3.18 305.66 103.40 0.91 25.20 75466.18 TJX Cos 69.72 -0.27 71.06 42.52 0.71 105.66 84080.25
CNOOC 8.39 -0.04 10.60 6.50 10.58 7.34 48238.45 RylDShlA 1396.8 -16.00 1718.36 878.10 4.98 -6.87 89814.38
ChMrchSecs 19.11 0.63 28.18 13.77 - 16.73 21782.17 Rosneft 324.00 -11.00 489.90 229.80 9.45-126.68 46063.6 FordMtr 12.06 -0.17 13.62 4.52 1.27 -36.82 47260.56 Truist Financial Corp 57.59 -0.25 61.26 29.87 3.20 18.27 77427.05
HangSeng 152.40 0.50 156.30 110.00 4.51 17.79 37520.91 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 4.23 0.03 5.72 4.01 1.46 23.33 19837.62 Sberbank 188.91 -2.03 270.80 172.15 9.07 5.92 54705 Franklin 29.90 -0.16 31.32 15.71 3.73 18.73 15109.05 UnionPac 222.54 -0.17 225.78 141.22 1.78 27.60 148368.33
HK Exc&Clr 479.60 12.60 587.00 239.00 1.43 51.49 78303.07 StandCh♦ 495.20 1.20 519.80 334.25 - 65.72 22834.7
ChShenEgy 16.48 -0.12 16.80 11.94 9.51 6.69 7167.79 Surgutneftegas 35.13 -0.76 54.89 24.06 1.70 1.55 16833.73 GenDyn♦ 184.64 0.17 186.00 121.67 2.39 16.40 52354.12 UPS B 179.22 -0.49 181.19 88.85 2.31 113.73 129132.18
MTR 44.15 - 49.00 36.20 2.85 -55.24 35147.08 Tesco 234.50 2.65 329.33 217.10 4.94 17.50 26855.3
ChShpbldng 4.19 -0.01 5.44 3.94 - -106.49 11765.33 GenElectric♦ 13.35 -0.04 14.42 5.48 0.31 22.11 117275.09 USBancorp 58.03 0.17 58.46 28.36 2.96 18.53 87194.37
SandsCh 36.95 0.65 40.55 26.50 3.03 136.02 38509.03 Saudi Arabia (SR) Vodafone 135.28 0.10 157.52 1.56 6.03 17.44 50471.11
ChStConEng 5.25 0.03 5.70 4.68 3.64 5.03 32770.51 GenMills♦ 61.37 0.07 66.14 53.96 3.38 15.02 37433.94 UtdHlthcre 390.97 -0.04 393.92 273.25 1.26 23.84 369591.53
SHK Props 119.40 0.10 126.00 87.60 4.25 15.56 44555.98 AlRajhiBnk 94.20 2.40 99.90 51.10 1.61 22.03 62793.3 WPP 975.20 -2.80 985.00 525.40 2.33 -5.24 17269.89
ChUncHK 4.52 0.06 6.70 3.95 4.07 9.10 17810.25 GenMotors 57.58 -1.13 63.44 20.12 0.68 13.00 82974.82 UtdTech 86.01 -5.36 158.44 69.02 2.27 -41.47 74498.84
Tencent 627.00 -5.00 775.50 396.00 0.22 47.06 774711.31 Natnlcombnk 54.80 1.90 59.50 33.00 2.21 14.80 43835.31 United States of America ($)
CNNC Intl 5.32 -0.01 5.77 4.02 2.37 15.31 12717.3 GileadSci 66.09 -0.79 85.79 56.56 4.21 645.81 83204.72 ValeroEngy 70.33 -2.17 84.39 35.44 5.70 -19.64 28748.05
SaudiBasic 116.60 1.60 117.80 67.00 3.205779.63 93270.06 21stC Fox A 37.71 -0.24 44.80 23.57 1.25 14.45 12608.39
CSR 3.42 0.03 4.22 2.53 5.41 8.15 1925.1 India (Rs) GoldmSchs 341.58 -0.73 356.85 165.36 1.50 13.49 118116.44 Verizon♦ 58.26 -0.03 61.95 52.85 4.36 13.24 241175.7
SaudiTelec 120.80 - 127.60 86.30 3.53 21.13 64419.8 3M 198.13 -0.45 199.67 131.12 3.04 20.93 114799.93
Daqin 6.91 - 7.30 6.32 7.19 9.41 15776.64 Bhartiartl 526.45 -14.30 623.00 394.00 0.40 -9.23 38613.46 Halliburton 20.66 -0.04 24.74 6.70 1.56 -6.04 18354.19 VertexPharm 218.55 -0.84 306.08 202.57 - 20.76 56565.39
Gree Elec Apl 0.13 -0.01 0.21 0.08 - -0.04 6.58 HDFC Bk 1412.4 -16.25 1641 826.10 - 25.28 103986.46 Singapore (S$) AbbottLb♦ 124.92 0.57 128.54 86.16 1.18 49.03 221299.45 HCA Hold 192.71 -4.22 197.25 91.21 0.23 17.23 64931.1 VF Cp 84.19 -0.55 89.68 50.72 2.35-178.86 32984.94
GuosenSec 11.24 0.15 16.14 10.39 1.84 14.68 15237.2 Hind Unilevr 2436.65 -22.25 2505.9 1902 1.61 73.17 76459.21 DBS♦ 29.02 0.02 29.40 18.45 3.62 15.56 55753.03 Abbvie♦ 108.39 0.48 113.41 79.11 4.46 38.94 191289.47 Hew-Pack 33.73 -0.25 34.27 13.39 2.18 13.97 42047.76 ViacomCBS 38.06 -1.29 101.97 14.66 2.58 9.97 23036.46
HaitongSecs 7.07 0.12 9.42 5.79 - 6.23 3104.24 HsngDevFin 2492.35 -81.70 2896 1486 0.88 23.97 60045.64 JardnMt US$♦ 64.59 -0.41 68.88 37.37 3.01-109.73 46498.19 Accenture♦ 285.38 -1.58 288.10 165.71 1.18 33.80 189810.44 HiltonWwde 126.46 -1.59 129.05 62.47 0.12 -47.90 35106.28 Visa Inc 226.25 -0.16 228.23 159.15 0.55 45.59 383745.7
Hngzh HikVDT 61.21 4.18 70.48 27.31 1.18 42.51 76726.93 ICICI Bk 559.75 -7.20 679.40 285.55 - 24.49 51704.11 JardnStr US$ 32.90 -0.13 37.47 18.89 1.20 -37.44 36466.64 Adobe 515.96 -9.12 536.88 325.21 - 45.47 246628.88 HomeDep 327.24 -0.84 328.83 199.51 1.94 26.15 351856.17 Walgreen 53.62 0.32 57.05 33.36 3.62 -64.78 46344.51
Hunng Pwr 2.77 0.04 4.12 2.44 6.18 20.27 1676.67 Infosys 1362.55 8.80 1477.55 627.80 1.61 30.14 77531.5 OCBC 11.96 0.01 11.99 8.36 3.78 14.51 40215.66 AEP 88.57 0.02 94.21 74.80 3.28 19.58 43989.34 Honywell 231.59 -0.52 232.35 117.11 1.60 33.68 161071.11 WalMartSto 140.22 -0.39 153.66 117.01 1.57 28.98 395009.79
IM Baotou Stl 1.58 0.01 2.24 1.04 - -147.02 7686.48 ITC 205.60 -2.35 239.20 157.10 5.18 18.17 33797.87 SingTel 2.60 0.05 2.85 2.00 4.97 24.20 32269.6 Aetna - - - - - - - HumanaInc♦ 440.48 5.20 474.70 356.01 0.58 17.01 56827.39 WellsFargo 44.03 0.19 44.40 20.76 2.84 104.95 182026.38
In&CmBkCh 5.47 0.03 5.75 3.96 5.93 5.61 61138.59 L&T 1310.45 -48.70 1593 791.70 1.44 58.70 24579.71 UOB 26.23 0.09 26.26 18.85 3.69 14.61 32977.29 Aflac 53.57 0.12 53.71 30.32 2.14 7.85 36831.3 IBM 132.97 -0.62 137.07 105.92 5.01 21.20 118821.3 Williams Cos 23.53 -0.09 24.69 16.90 6.96 135.26 28560.49
IndstrlBk 21.03 0.14 28.07 15.50 3.75 7.01 63350.79 OilNatGas 103.05 -4.25 122.35 60.80 5.09 136.47 17313.61 South Africa (R) AirProd♦ 283.38 -4.11 327.89 205.41 1.94 32.47 62704.34 IllinoisTool 222.97 -1.06 228.77 148.66 2.03 32.87 70565.61 Yum!Brnds 117.96 -0.10 118.97 77.58 1.63 39.21 35222.86
Kweichow 2088 33.02 2627.88 1193 0.84 56.88 402816.77 RelianceIn 1901.7 -30.40 2369.35 1153.03 0.36 28.13 171739.51 Firstrand 52.65 0.19 59.82 33.83 2.75 21.01 20745.63 Alexion 165.57 1.89 165.95 94.82 - 59.49 36575.4 Illumina 396.93 -2.07 555.77 260.42 - 87.17 57912.09 Venezuela (VEF)
Midea 0.64 0.04 0.85 0.52 - -3.97 24.81 SBI NewA 331.15 -8.75 427.70 149.45 - 12.15 39469.63 MTN Grp 93.09 0.31 97.13 42.00 3.78 10.03 12321.16 Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11 Intcntl Exch 119.34 -1.40 121.08 86.74 1.03 30.94 67151.24 Bco de Vnzla 156000 5990 156000 5005 341.89 - 241.00
New Ch Life Ins 29.70 0.15 37.30 23.65 5.80 5.93 3955.11 SunPhrmInds 640.65 -5.40 654.40 434.25 0.65 60.79 20528.64 Naspers N 3477.41 -72.59 3888 2758.02 - 33.20 106375.02 Allstate 122.24 0.04 122.91 84.97 1.81 6.90 36713.76 Intel 63.53 -1.23 68.49 43.61 2.13 12.57 258695.76 Bco Provncl 3750000 1000.00 3796980 375000 - -15.47 171.29
PetroChina 2.84 0.01 3.19 2.16 5.59 22.80 7716.29 Tata Cons 3161.8 -33.35 3354.35 1719.15 1.33 36.22 156197.25 Alphabet 2282.93 0.18 2304.09 1205 - 38.07 686561.7 Intuit 405.63 -10.19 423.74 246.42 0.56 60.34 111077.67
South Korea (KRW) Mrcntl Srvcs 3800000 1000.00 4000000 400000 0.02 -2.84 98.00
PingAnIns 90.00 -0.10 103.60 74.60 2.84 9.21 86316.45 Altria♦ 52.32 0.01 52.59 35.02 6.65 21.30 96897.58 John&John 162.69 0.45 173.65 133.65 2.50 28.86 428315.03
Indonesia (Rp) HyundMobis♦ 305000-1000.00 405000 166000 1.38 17.68 25877.73
PngAnBnk 21.15 0.89 25.31 12.52 - 14.83 63031.83 Amazon 3372.21 -27.24 3552.25 2256.38 - 78.791699984.62 JohnsonCn 62.31 -0.19 62.85 26.23 1.71 56.38 44833.11
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 24200 250.00 30050 18700 - 162.60 13905.15 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 3.96 0.02 4.88 3.40 1.04 8.30 6777.47 AmerAir 21.57 -0.47 26.09 8.25 0.47 -1.15 13831.24 JPMrgnCh♦ 153.01 -0.29 161.69 82.40 2.41 16.84 463943.17
Israel (ILS) SK Hynix 138000 500.00 150500 71300 0.89 18.87 89921.08 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 21.35 0.87 28.80 16.90 4.26 11.24 38307.85 AmerExpr♦ 148.22 -1.77 151.46 76.00 1.19 38.42 119083.03 Kimb-Clark 139.14 -0.08 160.16 128.02 3.15 19.79 47030.25
TevaPha 35.69 -0.37 46.23 28.79 - -2.97 11888.3 SmsungEl 83300 -600.00 96800 47200 3.78 20.61 445095.47 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.07 - 0.10 0.03 - -0.23 76.73 AmerIntGrp 46.72 -0.38 49.00 22.14 2.80 -6.64 40288.74 KinderM 16.55 0.01 17.97 11.45 6.42 323.37 37467.02
Italy (€) Spain (€) AmerTower♦ 248.09 -0.53 272.20 197.50 1.87 63.97 110342.16 ♦ ex-dividend
ShgPdgBk 10.58 0.04 12.69 9.22 5.87 6.27 47691.95 Kraft Heinz 41.23 0.23 41.47 28.12 3.97 138.95 50431.54 ■ ex-capital redistribution
Enel 8.66 0.00 9.05 5.71 4.00 19.54 105848.46 BBVA 4.51 0.15 4.90 2.13 3.69 10.83 36173.35 Amgen 255.22 -0.49 276.69 210.28 2.57 20.26 146956.31
Sinopec Corp 4.27 - 4.69 2.95 5.53 10.92 14029.33 Kroger 37.50 0.39 42.99 30.35 1.90 9.24 28199.76 # price at time of suspension
ENI 10.32 -0.03 10.66 5.73 5.62 -3.60 44741.65 BcoSantdr 2.97 0.09 3.07 1.44 - -5.29 61798.4 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 2.10 0.03 2.37 1.67 - 92.23 4376.26 L Brands 66.16 -0.68 67.91 8.80 0.46 21.65 18451.88
Generali 17.23 0.11 17.36 11.18 3.02 13.67 32629.98 CaixaBnk 2.59 0.04 2.70 1.50 2.85 14.48 25131.97 Anthem 377.83 2.21 379.13 244.10 1.03 20.54 92534.92
Denmark (kr) Iberdrola 11.61 0.02 12.57 8.40 3.59 29.53 89524.61 LasVegasSd 60.51 -0.49 66.77 40.31 1.34 -26.76 46221.45
IntSPaolo 2.31 0.01 2.35 1.32 - 6.36 53948.88 Aon Cp 236.41 -2.71 240.02 167.45 0.77 27.34 53424.96 LibertyGbl 26.23 -0.24 27.04 17.60 - -9.49 4756.95
DanskeBk 120.55 -2.95 125.60 69.68 - 21.54 16798.48 Inditex 28.79 0.37 30.79 20.86 1.27 53.95 107849.25
Unicred 8.63 0.11 9.69 6.01 - -7.22 23193.34 Apple 134.37 0.21 145.09 66.36 0.61 35.402255816.46 Lilly (E) 189.54 0.29 218.00 129.21 1.60 27.28 181767.37
MollerMrsk 15220 -80.00 15475 6084 0.92 16.58 23203.1 Repsol 10.25 -0.10 11.14 5.04 7.92 -4.62 19320.19 ArcherDan 59.02 -0.43 59.74 33.01 2.50 18.31 32962.7 Lockheed 390.72 -1.09 417.62 319.81 2.57 15.59 109442.01
NovoB 449.65 0.40 467.90 400.20 1.99 23.99 131725.62 Telefonica 3.76 0.01 5.01 2.71 10.71 15.05 24995.77

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
PPG Inds 168.87 167.41 1.46 0.87 17.48 11.5 14.46 IndstrlBk 21.03 20.89 0.14 0.67 -2.21 -9.5 -11.86 Apr 19 date Coupon S* M* F* price yield yield yield US Apr 19 date Coupon S* M* F* price yield yield yield US
Midea 0.64 0.60 0.04 6.67 0.06 10.3 4.92 StateSt 79.53 80.43 -0.90 -1.12 -7.40 -8.5 -5.34 High Yield US$ US$
Hngzh HikVDT 61.21 57.03 4.18 7.33 5.70 10.3 12.39 Bradesco 20.83 23.12 -2.29 -9.90 -1.80 -8.0 -10.56 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 -
ChristianDior 590.50 591.00 -0.50 -0.08 48.00 8.8 15.67 NXP 193.44 199.38 -5.94 -2.98 -14.50 -7.0 -4.30 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
WellsFargo 44.03 43.84 0.19 0.43 3.26 8.0 11.04 L&T 1310.45 1359.15 -48.70 -3.58 -93.65 -6.7 -8.24 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 -
RioTinto 6089.00 6054.00 35.00 0.58 444.00 7.9 -98.89 SBI NewA 331.15 339.90 -8.75 -2.57 -21.85 -6.2 -9.79 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Alexion 165.57 163.68 1.89 1.15 11.56 7.5 9.69 Delta 45.95 46.64 -0.69 -1.48 -2.87 -5.9 -6.21 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
SingTel 2.60 2.55 0.05 1.96 0.17 7.0 8.33 AmerAir 21.57 22.03 -0.47 -2.11 -1.35 -5.9 -13.66 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 -
Citic Ltd 8.01 7.89 0.12 1.52 0.52 6.9 18.61 Sychrony Fin 40.64 41.39 -0.76 -1.82 -2.52 -5.8 -0.72 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
HumanaInc 440.48 435.28 5.20 1.19 27.27 6.6 7.51 Infosys 1362.55 1353.75 8.80 0.65 -78.50 -5.4 1.90 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
SaicMtr 21.35 20.48 0.87 4.25 1.32 6.6 4.55 Telia Co 36.35 36.50 -0.15 -0.41 -2.02 -5.3 -0.57 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 -
Regen Pharm 502.40 502.60 -0.20 -0.04 29.60 6.3 6.06 BkNYMeln 46.53 46.07 0.46 0.99 -2.57 -5.2 0.40 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Glencore 303.80 302.00 1.80 0.60 17.60 6.1 -98.92 Tata Cons 3161.80 3195.15 -33.35 -1.04 -160.45 -4.8 4.13 Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
CNOOC 8.39 8.43 -0.04 -0.47 0.48 6.1 -4.33 Franklin 29.90 30.05 -0.16 -0.52 -1.37 -4.4 0.07
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
ChinaCitic 4.23 4.20 0.03 0.71 0.24 6.0 8.46 Truist Financial Corp 57.59 57.84 -0.25 -0.43 -2.60 -4.3 -1.61
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
LVMH 624.90 630.00 -5.10 -0.81 35.20 6.0 12.11 ViacomCBS 38.06 39.35 -1.29 -3.28 -1.71 -4.3 -60.92
SouthCpr 74.57 76.20 -1.63 -2.14 4.18 5.9 3.44 RelianceIn 1901.70 1932.10 -30.40 -1.57 -80.35 -4.1 -5.35 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
Citic Secs 19.30 19.28 0.02 0.10 1.02 5.6 23.37 Avago Tech 465.60 478.79 -13.19 -2.75 -18.07 -3.7 -1.81 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Seven & I 4536.00 4547.00 -11.00 -0.24 224.00 5.2 2.85 MediaTek 963.00 985.00 -22.00 -2.23 -36.00 -3.6 6.64 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
Sinopec Corp 4.27 4.27 0.00 0.00 0.21 5.2 -1.16 ITC 205.60 207.95 -2.35 -1.13 -7.50 -3.5 -5.54 Mexico 04/23 2.75 - Baa1 BBB- 106.48 -0.26 - - -0.36 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Apr 19 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Apr 19 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 17.99 1.74 16.25 47.77 15.38 Apr 19 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 15.45 1.04 14.41 52.95 7.84 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 219.44 0.22 1.31 -3.49 0.87 7.36 VXN 23.12 2.61 20.51 47.88 20.21 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 395.06 -0.17 1.04 -3.37 0.69 5.86 VDAX 18.74 1.73 17.01 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 332.00 0.47 1.28 -2.79 1.28 -2.79 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 242.75 -0.06 0.18 -0.58 0.04 6.47 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 8pc '21 101.05 0.05 0.00 150.00 -171.43 -58.33 102.75 100.21 24.59
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 256.32 -0.17 -0.41 -2.73 -0.77 2.37 Tr 4pc '22 103.52 0.01 0.00 0.00 -125.00 -87.50 107.39 103.52 38.77
Gilts( £) 354.95 -0.51 1.02 -6.40 0.38 -6.53 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 118.59 0.19 0.00 -13.64 -26.92 11.76 124.02 118.50 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 308.06 0.55 1.57 -2.05 0.60 9.48 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 104.82 0.47 0.00 -6.00 -16.07 235.71 109.23 104.30 39.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts 382.21 -0.18 0.92 -3.22 0.57 4.14 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 135.60 0.88 -1.12 -4.35 -12.87 109.52 147.41 134.33 38.71
Apr 19 (Libor: Apr 16) night Day Week Month month month month year Overall ($) 275.88 0.46 1.14 -3.08 1.14 -3.08 Australia 11/22 2.25 103.45 0.07 0.00 0.00 0.00 -0.17 Tr 4.25pc '36 143.76 1.06 -0.93 -3.64 -10.92 89.29 158.29 141.77 30.41
US$ Libor 0.07275 -0.001 -0.853 0.001 0.11588 0.18825 0.22363 0.29238 Overall( £) 358.52 -0.42 0.99 -5.54 0.44 -3.66 05/32 1.25 94.66 1.78 -0.03 -0.02 -0.01 0.82 Tr 4.5pc '42 161.93 1.23 -0.81 -2.38 -9.56 83.58 184.05 158.98 27.21
Euro Libor -0.58571 -0.003 -0.160 0.000 -0.57800 -0.54471 -0.52543 -0.49786 Overall(€) 248.59 -0.14 -0.22 -2.12 -0.52 2.87 Austria - - - - - - - Tr 3.75pc '52 164.20 1.26 -0.79 -1.56 -8.03 106.56 196.84 160.38 24.10
£ Libor 0.04038 0.000 -0.183 -0.001 0.04825 0.08238 0.10975 0.15750 Treasuries ($) 253.27 0.48 1.10 -3.46 1.10 -3.46 02/47 1.50 123.97 0.51 0.03 0.04 0.11 0.13 Tr 4pc '60 186.84 1.19 -1.65 -1.65 -9.16 124.53 230.92 180.90 24.12
Swiss Fr Libor -0.001 -0.79780 -0.75180 -0.70740 -0.59080 FTSE Belgium 10/23 0.20 102.14 -0.64 0.01 0.01 0.03 -0.30 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor -0.001 -0.07167 -0.07233 -0.04917 0.05067 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 102.86 0.17 0.01 0.01 0.00 -0.36
Euro Euribor
Sterling CDs
0.008
-
-0.55300
-
-0.53800
-
-0.51100
-
-0.47800 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 98.16 1.47 0.08 0.06 -0.01 0.86 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 628.95 -11.29 - - -6.46 27.90 Denmark 11/22 0.25 101.22 -0.52 0.01 0.00 -0.06 -0.10
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 116.00 -1.45 0.04 0.11 0.17 -0.55 Price Indices Day's Total Return Return
Euro CDs - - - - Fixed Coupon Apr 19 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 104.35 -0.67 0.01 0.01 0.00 -0.26
04/31 0.75 108.18 -0.07 0.03 0.04 0.09 -0.10 1 Up to 5 Years 88.20 0.01 2475.91 0.10 -0.10 0.16
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 180.49 0.06 3703.06 0.58 -2.16 0.61
Apr 19 term notice month month month year Markit iTraxx France 05/23 1.75 105.07 -0.65 0.01 0.01 0.01 -0.22
3 10 - 15 Years 212.33 0.12 4663.38 1.07 -4.13 0.99
Euro -0.74 -0.44 -0.70 -0.40 -0.69 -0.39 -0.64 -0.34 -0.67 -0.37 -0.67 -0.37 Crossover 5Y 246.89 2.82 -1.58 - 273.86 241.73 11/26 0.25 103.77 -0.41 0.01 0.02 0.05 -0.27
4 5 - 15 Years 187.45 0.08 3938.53 0.75 -2.71 0.78
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 49.85 0.46 -1.30 - 55.28 49.38 Germany - - - - - - -
5 Over 15 Years 359.41 0.28 5947.05 1.88 -10.82 1.22
Swiss Franc - - - - - - - - - - - - Japan 5Y 46.97 -0.08 1.55 - 49.50 45.04 08/23 2.00 106.40 -0.72 0.01 0.01 0.00 -0.03
7 All stocks 181.73 0.14 3920.22 1.03 -5.78 1.07
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 58.05 0.50 -0.76 - 64.29 57.08 02/27 0.25 104.88 -0.57 0.02 0.02 0.05 0.04
US Dollar 0.18 0.38 0.02 0.22 0.05 0.25 0.12 0.32 0.14 0.34 0.20 0.40 08/50 0.00 91.77 0.29 0.03 0.05 0.10 0.37 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 4.30 120.75 0.67 0.01 -0.02 -0.10 -1.82
Japanese Yen -0.15 0.05 -0.15 0.05 -0.15 0.05 -0.15 0.05 -0.15 0.15 -0.15 0.15 Index Linked Apr 19 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 161.16 -3.14 -17.14 - 191.34 161.16
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Ireland 10/22 0.00 100.87 -0.58 0.00 0.01 0.01 -0.34 1 Up to 5 Years 302.50 -0.02 -0.07 -0.26 2508.58 -0.07 1.11
Nth Amer High Yld 5Y 287.64 1.15 -5.55 - 316.77 286.49
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 122.35 -0.06 0.02 0.03 0.08 -0.29 2 Over 5 years 805.75 1.10 2.11 0.77 6098.18 2.11 1.13
Nth Amer Inv Grade 5Y 50.27 0.20 -0.72 - 58.09 50.07
05/30 2.40 122.35 -0.06 0.02 0.03 0.08 -0.29 3 5-15 years 502.22 0.10 0.68 -0.42 4009.90 0.68 0.32
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 101.63 -0.37 0.00 0.01 0.04 -1.37 4 Over 15 years 1059.95 1.45 2.62 1.14 7806.65 2.62 1.36
11/25 2.50 111.28 0.03 0.01 0.02 0.08 -1.45 5 All stocks 717.57 0.97 1.86 0.61 5532.34 1.86 1.06
05/30 0.40 108.21 -0.48 0.03 0.06 0.09 -2.00
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 137.59 1.70 0.02 0.04 0.21 -0.88 Yield Indices Apr 19 Apr 16 Yr ago Apr 19 Apr 16 Yr ago
Japan 04/23 0.05 99.96 0.07 0.00 -0.01 0.01 0.03 5 Yrs 0.33 0.34 0.05 20 Yrs 1.26 1.27 0.73
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
04/25 0.05 100.02 0.05 -0.01 -0.03 -0.02 -0.01 10 Yrs 0.83 0.84 0.35 45 Yrs 1.15 1.17 0.50
Crude Oil† May 63.21 0.10 Corn♦ May 594.50 7.75 Apr 16 Apr 16 Prev return stock Market stocks
03/34 1.50 116.42 0.21 0.00 -0.02 -0.03 -0.01 15 Yrs 1.13 1.14 0.63
Brent Crude Oil‡ 66.98 0.27 Wheat♦ May 657.50 4.50 Can 4.25%' 26 129.75 -0.900 -0.900 0.13 5.00 74737.32 7
12/49 0.40 93.78 0.64 0.00 -0.03 -0.02 0.18
RBOB Gasoline† Apr 2.04 0.00 Soybeans♦ May 1445.00 11.75 Fr 1.10%' 22 104.58 -2.400 -2.400 0.04 19.85 258261.97 16
Netherlands 07/23 1.75 105.53 -0.70 0.00 0.00 0.01 -0.15 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ May 405.90 3.50 Swe 0.25%' 22 110.59 -1.219 -1.219 0.19 22.50 215640.73 7
07/26 0.50 105.48 -0.53 0.02 0.03 0.06 -0.13 Real yield Apr 19 Dur yrs Previous Yr ago Apr 19 Dur yrs Previous Yr ago
Natural Gas† Apr 2.72 0.03 Cocoa (ICE Liffe)X May 1612.00 14.00 UK 1.875%' 22 108.86 -3.475 -3.475 -0.01 15.74 776067.88 30
Ethanol♦ - - Cocoa (ICE US)♥ May 2415.00 23.00 New Zealand 04/25 2.75 108.39 0.62 -0.02 -0.04 -0.23 0.08 Up to 5 yrs -2.90 3.00 -2.90 -2.15 -3.15 3.01 -3.16 -2.42
UK 2.50%' 24 355.22 -3.008 -3.008 -0.16 6.82 776067.88 30
Uranium† - - Coffee(Robusta)X May 1354.00 -1.00 05/31 1.50 98.69 1.64 -0.04 -0.08 -0.13 0.54 Over 5 yrs -2.14 23.98 -2.10 -2.07 -2.16 24.02 -2.11 -2.08
UK 2.00%' 35 289.28 -2.399 -2.399 0.22 9.08 776067.88 30
Carbon Emissions‡ - - Coffee (Arabica)♥ May 130.75 1.20 05/31 1.50 98.69 1.64 -0.04 -0.08 -0.13 0.54 5-15 yrs -2.54 9.56 -2.52 -2.40 -2.61 9.56 -2.60 -2.47
US 0.625%' 23 106.38 -2.473 -2.473 0.26 47.03 1660673.03 44
White SugarX 454.40 -6.60 Norway 08/30 1.38 100.16 1.36 0.02 -0.06 -0.03 0.66 Over 15 yrs -2.10 28.74 -2.05 -2.03 -2.11 28.75 -2.06 -2.03
Diesel† - - US 3.625%' 28 135.72 -1.246 -1.246 1.25 16.78 1660673.03 44
Sugar 11♥ 16.57 -0.07 08/30 1.38 100.16 1.36 0.02 -0.06 -0.03 0.66 All stocks -2.16 21.71 -2.11 -2.07 -2.17 21.77 -2.13 -2.09
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2332.00 11.00 Cotton♥ May 84.83 1.22 Portugal 10/22 2.20 104.22 -0.61 0.00 0.01 0.09 -0.80 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 2209.50 -13.00 Orange Juice♥ May 113.30 -0.60 04/27 4.13 125.83 -0.17 0.01 0.00 0.03 -0.87 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 9350.50 168.50 Palm Oil♣ - - Spain 10/22 0.45 101.50 -0.52 0.00 0.01 0.01 -0.69 Gilt Closing Prices information contained herein is proprietary to
Lead 2055.00 19.00 Live Cattle♣ Apr 120.83 0.00 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 120.87 -1.05 0.03 0.04 0.02 -1.17 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 16150.00 -30.00 Feeder Cattle♣ Apr 134.88 - Sweden 06/22 0.25 110.59 -1.21 0.00 -0.08 -0.05 -0.21 accurate, complete or timely; and does not constitute investment advice.
Tin 26600.00 30.00 Lean Hogs♣ May 102.50 0.00 Spread Spread Spread Spread 06/26 0.13 118.72 -1.73 -0.02 -0.09 -0.06 -0.53 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2854.00 -4.00 Bid vs vs Bid vs vs 06/30 0.13 117.06 -1.52 -0.02 -0.03 -0.03 -0.22
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 103.11 -0.81 0.00 -0.02 -0.04 -0.14 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1774.45 17.25 Apr 16 Month Year 05/30 0.50 107.35 -0.30 0.02 0.03 0.05 0.14 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.78 - - Netherlands -0.53 - -
Silver (US cents) 2614.00 55.50 S&P GSCI Spt 489.76 3.12 81.06 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - New Zealand 1.64 - -
Platinum 1199.00 10.00 DJ UBS Spot 86.71 2.63 39.70 Canada 1.47 - - Norway 1.36 - - 07/23 0.75 101.57 0.05 0.01 -0.01 -0.04 -0.04 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2765.00 27.00 TR/CC CRB TR 205.99 2.70 56.77 Denmark -1.45 - - Portugal -0.17 - - 07/26 1.50 105.92 0.36 0.02 -0.02 -0.02 0.24 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland -0.07 - - Spain -1.05 - - 07/47 1.50 104.44 1.30 0.05 -0.01 -0.01 0.63
Iron Ore 181.20 3.35 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.52 - - United States 03/23 0.50 100.62 0.17 0.01 0.01 0.00 -0.07 Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 90.00 -1.70 LEBA EUA Carbon 44.14 4.52 54.28 Ireland -0.06 - - Switzerland -0.30 - - 03/27 0.63 97.47 1.06 0.03 -0.07 -0.04 0.56
Baltic Dry Index 2432.00 386.00 LEBA CER Carbon 0.29 0.00 52.63 Italy -0.48 - - United Kingdom - - - 04/32 3.38 147.55 - - - - -
LEBA UK Power 1822.00 947.13 45.76 Japan 0.21 - - United States - - - 02/50 0.25 106.76 0.02 0.01 -0.11 -0.12 -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
Tuesday 20 April 2021 ★ FINANCIAL TIMES 15

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence CloseBrs♦ 1609 -7.00 1702 941.00 2.49 22.16 175.0 Superdry Plc 269.50 -2.50 298.68 110.00 0.74 -1.45 202.9 MEDIA LandSecs 724.80 3.60 732.80 474.75 1.60 -3.53 1551.2 Hays 167.50 -0.50 170.30 94.65 - -235.92 2273.3
Avon Rubber 3552 -30.00 4650 2300.6 0.64 683.08 39.8 DBAG € 34.10 -0.80 39.35 24.67 4.58 59.52 81.6 TaylorWm♦ 190.40 -0.55 213.92 98.12 2.02 15.61 6686.5 Reach PLC 214.00 -5.00 246.00 47.95 - -24.88 892.0 LondonMtrc 222.60 1.20 245.20 177.50 3.77 22.00 1123.2 Homesve 1160 -25.00 1371 1000.00 2.03 40.70 1178.1
BAE Sys 523.00 1.00 587.33 395.90 1.80 13.84 5874.5 Hargr Lans 1683.5 25.00 1923 1323 2.23 24.51 1036.6 TedBaker 154.70 -0.30 169.30 59.57 4.11 -1.05 564.7 McKaySec 228.00 4.00 229.00 164.00 3.16 -12.55 19.0 HowdenJny 798.60 -4.80 808.80 487.82 - 32.20 744.2
Chemring♦ 279.00 1.50 319.50 181.80 1.33 23.25 137.1 Indvardn SKr 329.40 2.60 331.30 184.80 - 16.21 509.5 Vistry Group♦ 1231.5 1.50 1254.5 519.00 1.62 22.76 657.7 Media Palace Cap 235.00 5.00 241.00 167.00 4.15 -7.14 42.5 Intertek 6030 -68.00 6492 4393 1.75 39.57 224.1
Meggitt 477.10 -3.70 524.75 226.00 1.16 -20.56 774.8 ICG 2004 -13.00 2057 920.50 2.53 36.97 477.1 RELX PLCX 1925 -10.50 2000 1484.9 2.37 30.46 2061.8 PrimyHth 151.20 2.10 166.00 114.70 3.90 17.38 4946.8 Kin and Carta 187.00 -2.00 191.50 46.00 0.70 -9.67 371.5
Investec 248.30 0.80 251.90 126.10 4.43 27.40 985.6
Industrial Engineering Rightmove PLC 610.80 0.40 690.00 452.80 0.46 39.66 1809.2 RDI REIT 121.00 - 125.20 41.55 4.96 -5.28 326.7 MearsGp 197.50 -4.50 205.00 74.25 1.85 179.55 43.2
RollsRoyceX 105.18 0.62 159.43 0.90 1.50 -1.02 25867.1
Jupiter♦■ 278.00 6.60 310.80 197.20 6.15 13.37 1721.9 Bodycote 822.00 -7.50 874.00 472.60 2.35 4110.00 174.4 STV Grp♦ 340.00 -5.00 362.00 207.84 1.83 27.48 4.6 SEGRO♦ 988.60 2.60 998.20 770.20 2.15 8.00 1163.0 MenziesJ 332.00 3.00 357.50 93.50 1.81 -3.77 418.1
Automobiles & Parts Liontrust 1586 -2.00 1608 915.38 2.08 86.38 43.1 Castings 386.00 14.00 408.92 302.00 3.85 46.67 0.7 ThmReut C$X 114.94 -0.87 116.09 89.89 1.69 39.03 63.5 Shaftbry 641.00 1.00 691.53 407.00 1.37 -2.88 700.9 Mitie 65.20 0.70 67.00 26.60 1.05 16.64 1653.6
FordMtr $X 12.06 -0.17 13.62 4.52 1.27 -36.82 18888.0 LSE Gp 8620 -50.00 9358 5300 0.81 76.69 706.7 Goodwin 2980 -55.00 3650 1990 2.74 33.50 1.3 WPPX 975.20 -2.80 985.00 525.40 2.33 -5.24 2451.3 Town Ctr 138.50 - 144.00 80.50 3.61 -2.68 6.7 Renewi 51.50 -1.40 55.00 17.66 0.93 -11.83 980.1
M&G Plc♦ 219.00 -2.20 231.70 108.90 5.44 5.20 4430.3 Hill&Sm 1480 - 1538 1041.21 0.72 31.62 123.2 TritaxBBOX 191.40 0.40 193.10 110.50 3.50 18.56 4164.4 Rentokil♦ 519.20 -1.20 578.60 418.20 0.29 39.85 1810.7
Banks IMI♦ 1386 -5.00 1400 753.50 1.08 24.53 416.4 Mining
Paragon 470.20 -2.00 504.50 287.20 3.02 13.21 266.2 Wkspace 833.00 -4.50 851.50 472.40 4.34 -10.96 96.3 Ricardo 440.00 5.00 562.00 310.00 1.42 -16.48 377.4
ANZ A$X 28.93 0.11 29.55 15.07 3.62 23.91 3749.4 MelroseInd♦ 170.60 -8.25 205.28 78.18 1.00 -21.87 11403.5 AngloAmer♦ 3186.5 -13.00 3236 1304.2 1.73 26.08 1644.6
Providnt 243.80 0.20 330.40 140.70 3.69 17.05 407.2 Real Estate Inv & Services RbrtWlts 688.00 32.00 700.00 337.00 0.65 23.97 4.1
BcoSant 255.45 6.90 264.35 132.06 - -5.30 1043.9 Renold 22.40 0.50 25.88 6.00 - 16.00 966.6 AngloPacif 136.00 1.20 166.86 97.10 6.71 -19.57 443.7
RathbnBr 1836 16.00 1874 1344 3.81 31.44 50.1 Cap&Count 181.30 0.90 197.20 97.05 0.83 -3.15 1147.4 RPS 100.00 1.90 100.80 33.20 - -7.72 59.2
BnkGeorgia 1116 8.00 1292 734.00 - 6.85 51.8 RHIM 4508 26.00 4638 2030 0.99 100.73 53.2 AnGoldA R 313.21 -7.03 637.35 290.35 0.47 13.22 1138.4
Record 78.60 -0.40 79.40 30.15 2.93 25.60 238.6 CLS♦ 238.00 -2.00 243.50 163.20 3.11 10.97 189.2 SIG 42.98 0.14 44.90 14.38 2.80 -1.04 2203.1
BankIre Grp € 4.40 -0.01 4.46 1.28 - -5.83 579.3 Rotork♦ 361.00 1.00 381.40 225.80 0.64 34.06 1153.8 Antofagasta 1867.5 -5.00 1909.05 727.40 0.77 68.07 1036.1
S&U 2380 -40.00 2500 1475 5.04 14.42 5.1 Grainger 279.80 1.40 323.80 238.99 1.89 19.70 1109.7 Vp 870.00 -8.00 910.00 604.00 0.97 -47.72 0.2
BkNvaS C$X♦ 77.46 -0.13 80.16 49.11 4.64 14.59 668.4 Severfd 79.00 0.60 80.00 51.20 3.67 13.01 49.5 BHP Group 2217.5 -22.00 2408.5 1206 3.95 22.04 2764.3
Schroder♦ 3642 21.00 3688 2516 3.13 22.43 153.4 Harworth Grp 128.50 0.50 132.18 85.20 0.24 80.31 63.9
BarclaysX 187.68 -1.50 210.45 85.16 - 13.91 40573.5
..N/V♦ 2580 -50.00 2705 1770 4.42 15.89 11.8 Trifast 159.50 -1.00 165.00 96.60 0.75 -43.94 15.5 EVRAZ 620.60 -15.80 650.00 225.50 7.03 14.63 2029.6 Tech - Hardware
CanImp C$X♦ 124.85 0.05 127.13 77.68 4.67 13.69 353.7 Vitec 1335 -40.00 1390 610.00 0.92 -445.00 7.4 Fresnillo 919.60 -6.20 1379.5 663.20 1.28 42.08 1537.1 Helical 430.50 0.50 449.50 240.00 2.02 38.44 38.9 SpirentCM♦■ 244.40 1.00 311.09 223.00 1.75 19.91 657.7
Shires Income♦ 255.50 -1.50 269.60 194.22 5.17 -8.60 67.1 HK Land $♦ 5.00 - 5.45 3.46 4.98 -5.05 1309.0
HSBCX♦ 428.10 0.65 466.54 281.50 - 30.80 14467.5 Weir 1945 -39.00 2130 773.40 0.85 -13.09 874.5 GlencoreX 303.80 1.80 310.55 130.32 - -29.66 35440.9
Strd Life Aber♦ 284.20 -5.40 333.40 201.40 7.60 7.50 3970.7 Lon&Assc 12.00 - 16.60 5.60 1.50 -1.69 8.1 Tech - Software & Services
LlydsBkgX♦ 43.76 0.30 59.94 23.59 - 36.46 92622.5 Harmony R 65.93 -0.37 126.76 49.98 - 12.38 4318.0
TP ICAP♦ 240.00 -2.40 377.40 184.50 6.26 27.48 742.1 Industrial General MacauPrp 70.50 1.00 75.16 51.00 - -3.84 110.2 Computcnt 2592 -6.00 2630.45 1308 0.39 25.64 101.9
NWGX♦ 198.80 -0.75 201.00 90.54 - -32.06 6996.9 KAZ Minerals PLC 848.80 -0.20 870.69 380.00 1.12 9.53 916.4
WlkrCrip 27.50 - 30.00 20.06 2.18 -78.57 6.3 Coats Group 58.00 1.40 74.70 38.80 - 43.81 10022.2 Mntview 11350 - 12600 9187.5 3.52 17.60 0.0 MicroFoc 538.80 4.60 596.20 205.80 - -0.79 767.8
PermTSB € 1.19 0.06 1.19 0.40 - -3.01 21.2 Petropvlsk 26.80 0.38 41.60 22.05 - -235.09 11433.6
RylBkC C$X 118.13 -0.36 118.91 80.72 3.65 14.65 920.2 Food & Beverages JardnMt $X♦ 64.59 -0.41 68.88 37.37 3.01 -109.73 261.4 PolymtIntl 1555 -2.00 2085 1382 3.96 9.36 1597.0 Raven Property Group Ltd 28.85 -0.65 38.16 23.15 - -9.68 115.0 NCC Grp 291.00 8.50 297.50 144.00 1.60 64.67 683.8
Secure Trust Bank 1240 20.00 1265 524.93 1.61 11.39 207.4 AngloEst 612.00 10.00 710.00 447.00 0.06 10.70 6.0 Jard Str $X 32.90 -0.13 37.47 18.89 1.20 -37.44 3802.6 Rio TintoX 6089 35.00 6561 3519 4.62 13.88 1669.4 RavenR CNV 85.50 - 110.00 63.00 - - 1.6 RM♦ 226.00 -9.00 274.00 157.00 0.88 13.61 6.2
StandChX♦ 495.20 1.20 519.80 334.25 - 65.72 2651.8 AscBrFdX 2460 32.00 2796.19 1613.5 1.39 42.71 1058.0 Macfrlne 108.50 -1.50 112.00 69.00 0.64 18.11 28.7 Troy Res A$ 0.07 0.00 0.20 0.07 - -1.20 605.0 RavenR Prf 118.00 1.50 160.50 100.00 - 132.14 207.1 Sage 644.00 - 774.40 543.20 2.65 22.88 1913.5
..7.375%Pf 130.10 1.60 128.20 109.00 5.67 - 18.7 Barr(AG) 523.00 - 541.00 369.00 0.76 28.06 53.2 Smith DS♦ 420.80 0.60 435.90 246.00 - 29.02 3079.6 Safestre 832.00 12.00 861.50 619.00 2.15 9.90 156.0 TriadGp 145.00 -2.50 180.87 22.60 0.69 -72.14 48.8
..8.25%Pf 142.75 2.65 142.10 113.00 5.78 - 13.8 Smiths 1640 -3.50 1738.57 1125.5 1.94 100.61 598.9 Oil & Gas Savills♦ 1190 -16.00 1282 711.50 0.42 23.75 202.3
Britvic 868.00 -0.50 889.00 662.50 2.50 24.52 769.6 Telecommunications
TntoDom C$X♦ 82.56 -0.32 83.82 53.19 3.82 12.56 902.7 SmurfKap♦ 3569 -48.00 3784 2076 0.71 22.23 242.8 BPX 300.85 -2.10 376.54 188.52 9.35 -3.63 29317.5 SiriusRE 99.00 -0.70 100.60 64.00 3.26 13.59 1235.3
CarrsGroup 138.50 -1.50 160.00 92.00 3.43 13.58 84.3 BTX 154.65 0.30 157.73 94.68 2.99 10.17 12525.3
Westpc A$X 25.36 0.04 25.52 14.53 3.15 39.88 3925.3 Vesuvius♦ 539.50 -1.00 574.00 339.80 1.15 29.01 259.0 CairnEng 166.70 -1.90 283.64 102.64 - -4.25 575.8 Smart(J) 124.50 - 129.00 108.00 2.56 14.72 22.0
Coca-Cola HBC 2505 -5.00 2538 1711.6 2.22 24.55 471.5 TalkTalk 96.90 - 103.60 67.20 2.58 7.57 5626.7
ExxonMb $X 56.17 -0.50 62.55 31.11 6.34 -10.46 9228.4 StModwen 424.00 4.00 430.50 294.46 0.26 -7.75 170.9
Cranswk 3816 26.00 4126 34.62 1.58 22.84 107.2 Industrial Transportation TelePlus 1322 34.00 1540 1145 4.31 28.07 56.6
Basic Resource (Ex Mining) Gazprom PJSC ADR $ 6.00 -0.16 6.50 2.55 7.05 -75.71 7551.7 U+I 96.80 0.20 105.50 50.97 2.48 -1.46 51.5
Devro 194.40 -0.60 201.39 116.76 1.39 -7.87 131.9 Braemar 223.50 1.00 258.00 93.55 2.24 8.80 49.4 Vodafone GpX 135.28 0.10 157.52 1.56 6.03 17.44 38169.5
Ferrexpo 391.00 3.80 397.80 125.50 3.42 7.43 1181.2 GeoPark $ 16.54 0.09 18.50 6.32 0.54 -8.07 45.9 Unite Gp♦ 1130 2.50 1146 680.12 0.91 -10.74 386.4
DiageoX 3221 -9.00 3247.5 2253 2.17 66.41 1526.3 Eurotunnl € 13.24 0.05 14.82 10.61 - -55.25 678.0
Mondi♦ 1969 -8.50 2017.43 1249 1.26 15.06 877.0 Harbour Energy 19.17 -0.13 55.14 10.77 - - 9165.6 Tobacco
Grncore 161.90 2.40 193.70 87.25 2.32 -62.27 2309.7 Fisher J 1070 10.00 1470 735.00 0.75 -9.37 23.1 Retailers
HellenPet € 5.77 -0.16 6.60 4.07 9.15 -4.34 57.2
Chemicals HiltonFd 1240 2.00 1352 986.00 1.73 27.56 63.2 OceanWil 920.00 - 930.00 509.90 2.67 406.00 5.0 AA 34.95 - 40.05 13.32 1.72 3.01 556.0 BrAmTobX 2914 13.00 3308.5 2422.5 7.22 10.45 5651.5
Hunting 270.00 -3.00 297.00 120.10 1.35 -2.58 168.4
Carclo 37.25 2.05 39.20 3.05 - -9.55 332.1 Kerry €♦ 110.40 1.05 124.00 98.55 0.75 34.24 148.6 RoyalMail 507.80 -4.80 531.20 136.90 1.48 230.82 1489.1 AO World 297.40 -15.80 444.50 56.60 - 61.96 933.8 Imperial BrX 1581 -1.00 1758 1142 11.75 10.00 1391.7
ImpOil C$X 31.93 -0.02 32.67 14.86 2.77 -12.56 350.7
Croda 6704 -36.00 6884 4565 1.34 41.61 307.8 PremFds 97.60 0.70 114.31 31.20 - 10.84 2375.5 Signature Aviation 400.20 -3.30 445.14 162.10 1.07 -119.89 897.1 Caffyns 370.00 - 469.00 220.00 2.03 8.83 0.5
REA 58.00 - 104.00 25.00 - -5.23 14.6
Pharos Energy 26.30 -0.60 27.91 10.44 - -0.45 162.2 Travel & Leisure
Elemntis 135.70 0.40 140.33 56.49 1.62 -21.77 1286.0 PJSC Lukoil ADR $ 81.25 2.74 87.71 51.03 3.29 36.91 20.0 Dairy Fm $♦ 4.23 0.01 5.17 3.72 5.62 19.37 1763.5
StckSpirit 282.50 0.50 306.65 153.80 2.92 32.01 70.1 Insurance 888 Hldg 408.00 3.00 416.00 129.80 1.19 27.85 748.3
Johnsn Mtthey 3198 12.00 3340 1812.5 1.74 60.57 310.4 RylDShlAX 1396.8 -16.00 1718.36 878.10 4.98 -6.87 4741.6 Dignity 691.00 -19.00 759.00 211.00 - -15.09 88.4
Tate&Lyl 766.00 4.60 792.40 587.20 3.86 14.54 1019.8 Admiral 3194 -6.00 3249 2148 3.07 19.02 403.7 Carnival 1635.2 -20.80 1851.4 759.81 - -1.65 989.6
Victrex 2336 -6.00 2498 1798 1.98 37.38 80.5 ..B 1337 -13.20 1523 845.10 5.20 -6.57 4518.8 Dunelm 1439 -8.00 1601.48 856.00 - 26.75 192.4
Unilever 4132 -32.00 4944 3721 3.53 21.77 2411.2 AvivaX♦ 408.60 -2.80 420.70 220.80 3.18 8.55 10499.5 CompassX 1575.5 -13.00 1721.63 1023.55 1.71 196.94 1645.6
Seplat 82.40 -1.60 106.06 47.24 11.89 -35.50 52.9 Halfords 372.40 -7.80 394.00 87.80 1.66 18.62 487.5 Dalata Hotel 384.00 - 400.00 200.00 - -8.43 2.7
Construction & Materials ..NV € 53.40 -0.20 55.40 45.30 3.12 23.46 7.9 Beazley 336.60 -0.40 538.50 242.20 2.28 -57.52 1723.2 Inchcape 804.00 8.00 808.50 383.85 - -22.58 337.2
Alumasc 209.50 1.00 212.00 60.00 0.95 15.52 160.2 TrnCan C$X♦ 59.44 -0.14 67.89 50.61 5.48 12.48 423.3 easyJet 987.40 -8.00 1063.5 445.70 4.45 -3.73 2423.1
Chesnar 285.00 3.50 350.50 255.00 7.47 23.83 157.8 JDSportsF 913.20 -16.40 997.94 471.60 0.03 46.90 1454.3
Boot(H) 280.00 -8.00 290.00 220.00 1.79 15.47 79.9 Health Care Equip & Services Direct Line♦ 304.00 1.80 345.70 258.00 2.43 11.92 4181.0
Tullow Oil PLC 47.39 -0.34 65.82 0.29 3.93 -0.26 4622.7 FirstGrp 89.05 -0.40 100.00 31.00 - -4.24 2648.6
ConvaTec♦ 206.00 -0.40 224.80 173.20 2.18 170.11 19035.9 Wood Group (John) PLC 273.00 3.50 367.20 155.00 3.38 53.54 829.2 Kingfisher 360.70 5.40 362.90 134.01 0.92 49.41 7375.8 Flutter Entertainment 15160 -525.00 19680.8 8216 - 531.93 238.7
CRH♦ 3475 -40.00 3561 2124 1.93 33.50 483.7 Eccles prf 160.50 1.00 164.00 138.00 5.37 - 122.8 Marks&Sp 162.10 5.60 188.66 82.62 2.41 -18.63 5857.2
GalfrdT 125.90 -0.60 167.06 70.00 27.80 -4.28 177.5 GNStre kr 535.00 -10.20 560.80 291.70 0.28 53.38 426.7 Hansard♦ 56.75 1.25 58.00 28.00 7.84 17.20 18.5 Fuller A 922.00 20.00 977.73 486.00 0.85 -15.94 2.8
Pharmaceuticals & Biotech Morrison (Wm) 183.70 3.25 210.00 161.30 3.69 16.88 8381.2
KierGp 95.00 4.90 111.13 42.06 - -0.89 2337.8 Mediclinic 316.00 -3.00 343.00 232.40 1.01 -5.62 379.0 Hiscox 860.80 0.60 1120 305.80 - -12.85 427.8 Go-Ahead 1324 -23.00 1463 533.70 - -12.35 44.8
AstraZenecaX 7418 38.00 10120 6736 2.77 41.56 2592.0 Next 8112 -92.00 8368 4348 0.71 31.63 335.2
Kingsp €♦ 76.20 1.90 107.30 42.30 - 35.79 56.2 Smith & Nephew♦ 1412.5 -32.50 1742.5 1317 1.93 37.71 1795.4 Lancashire 665.00 -1.00 852.50 549.73 1.66 454.55 189.0 IntCon Htels Gp 5156 -58.00 5568 2989 - -49.32 509.3
Dechra 3870 20.00 4853.46 2443.8 0.89 93.48 216.6 Ocado 2226 45.00 2914 20.88 - -126.84 1355.0
MorgSdl 1910 10.00 1950 990.01 1.10 16.49 79.5 UDGHlthC 840.00 2.50 857.50 570.00 1.55 29.47 194.3 Leg&Gen♦ 277.10 -1.90 9000000 175.04 6.34 13.21 7705.2 Intl Cons Air 210.15 1.90 246.34 0.94 - -1.20 23088.2
Genus 5235 -20.00 5515 3126 0.56 71.13 98.7 Saga 376.00 -0.60 2400 118.50 4.72 -0.74 376.2
Norcros 299.00 - 312.99 135.00 1.04 74.75 9.4 Old Mut 67.20 -0.90 73.52 43.35 8.89 -29.75 265.0 MandarO $ 1.85 - 1.99 1.30 - -3.36 962.2
House, Leisure & Pers Goods GlaxoSmhX 1338 -8.40 1748.55 1190.8 5.98 11.73 7531.1 Sainsbury (J) 254.70 6.00 263.40 178.55 1.30 -849.00 8542.2 Marstons 97.05 0.55 105.50 28.34 4.95 -1.76 1450.2
Tyman 410.50 2.00 412.00 145.00 0.94 36.14 1438.1 PhoenixGrp♦ 749.00 -10.80 824.40 531.76 6.25 10.20 1008.4 HikmaPhm♦ 2381 14.00 2768 2086.49 1.41 17.97 255.4 Studio Retail Group 301.50 11.50 319.00 169.00 - 17.43 182.9
BarrttDev♦ 778.00 -6.00 889.55 428.10 - 19.70 1580.6 Natl Exp 313.40 -2.60 413.50 104.60 1.65 -108.07 1002.1
Bellway 3695 -15.00 3756 2059 2.71 23.67 204.5 PrudntlX 1554 1.50 1586 861.00 1.48 26.03 3989.1 Oxfd Bio 1062 8.00 1090.13 601.00 - -66.54 233.6 TescoX 234.50 2.65 329.33 217.10 4.94 17.50 20034.4
Electronic & Electrical Equip PPHE Htl 1736 2.00 1800 900.00 - -9.04 2.7
Berkeley 4603 -7.00 5709.54 3840 4.48 15.92 181.6 RSA Ins 682.20 -0.80 684.00 332.30 1.10 22.22 1421.0 RichterG $ 28.20 -0.60 30.40 19.00 0.80 21.94 0.0
Dialight 255.00 -2.50 340.00 170.00 - -5.18 5.4 Support Services Restaurt 124.60 0.80 138.00 33.38 - -5.85 1629.2
Burberry Gp 2067 -7.00 2185 1231.5 0.55 382.78 702.4 SagicFin 117.50 - 135.00 87.00 1.72 241.77 0.0 VecturGp 116.60 2.00 131.60 82.38 - -106.00 740.5
Discoverie PLC 744.00 4.00 790.00 430.00 0.40 56.36 48.2 Aggreko 871.00 -0.50 905.00 346.80 0.57 -20.07 1346.8 Ryanair Holdings PLC 303.00 -0.50 343.40 230.84 2.08 57.17 269.3
Cairn Homes 95.30 0.40 97.40 0.74 2.38 24.44 94.7 StJmsPl♦ 1330 -13.00 1476.5 698.60 2.89 25.58 1002.8
Halma 2544 -19.00 2637 2023 0.65 54.56 603.5 Real Estate AshtdGp 4600 -75.00 4941.81 1675.5 0.88 33.60 651.1 TUI 393.30 1.80 628.89 4.91 12.29 -1.08 3501.2
Morgan Ad 314.50 -2.50 334.00 188.00 1.27 112.32 151.0 CtrySide 544.50 0.50 557.00 260.60 1.89 -680.63 730.9 LEISURE Whitbrd 3519 -10.00 3949.01 1997 0.80 -10.29 426.6
OxfordIn 2145 -30.00 2355 1116 - 37.70 37.4 Crest Nicholson 418.60 -6.80 434.00 160.40 - -99.67 535.6 REITs Bunzl 2520 12.00 2710 1609.5 2.05 19.64 676.6
PhotoMe International Plc 63.20 3.20 68.00 39.05 13.35 7.12 306.2 Capita 44.96 0.27 52.72 22.28 - -8.71 5514.9 Willim H 278.00 2.20 313.00 86.50 - 45.57 5304.1
Renishaw 6450 25.00 7025 3068 - 103.53 85.0 GamesWk♦ 10750 -80.00 12159.5 4708 1.16 36.17 82.8 Assura 74.70 1.00 86.27 46.80 3.77 21.34 7185.7
Gleeson 862.00 -8.00 884.00 2.84 - 49.97 6.8 Media BigYellw 1202 11.00 1210 905.00 2.81 36.98 116.6 DCC 6454 6.00 7204 4943 2.25 22.21 121.0 Utilities
Spectris 3389 18.00 3499 2347 0.65 18.21 287.4 DeLaRue 177.40 -3.00 214.94 36.86 - 4.33 391.9
TT Elect 232.00 -1.00 285.00 152.72 0.91 92.80 77.1 Headlam 463.00 6.00 469.00 235.00 1.63 -41.71 8.3 4imprint 2390 -75.00 2900 1691.41 0.85 30.34 12.2 BritLand 521.40 5.80 533.60 310.70 1.53 -3.58 1880.7 Centrica 56.78 0.26 59.32 29.10 2.64 -4.94 10611.5
McBride 90.80 0.60 98.80 55.00 1.21 12.79 153.3 Auto Trader Group PLC 579.40 1.80 623.20 425.90 0.41 35.01 2494.5 Cap&Reg 83.00 -3.00 135.00 32.30 25.30 -0.42 25.6 Diploma 2854 -4.00 2876 1565 0.72 65.61 172.3 Drax 414.60 7.40 454.00 185.10 3.84 -27.83 1178.6
XP Power♦ 5140 145.00 5800 2840 0.74 32.06 18.8 DWF Group PLC 84.00 -1.00 90.00 45.00 3.87 -60.00 105.4
Persimn 3185 -16.00 3248 1622 - 15.04 422.3 DlyMailA 897.00 -14.00 997.00 601.00 2.69 39.17 111.7 Civitas SH 112.80 0.40 115.40 95.10 4.72 18.58 1750.5 Natl GridX 907.50 5.20 998.80 805.40 5.35 21.40 5112.1
Financial General Philips € 50.51 -0.03 50.98 37.22 - 37.02 1209.9 Hyve Group 126.50 -3.80 171.40 33.58 12.65 -0.74 659.2 DrwntLdn 3390 30.00 3440 2334 2.14 26.73 80.0 Elctrcmp 1086 -13.00 1110 534.50 0.54 37.58 883.2 Pennon 1044 18.50 1195.5 854.20 4.19 54.95 887.2
3i 1244 -13.00 1269.5 714.80 2.81 16.86 1276.5 PZCusns 273.00 0.50 279.50 169.00 2.12 56.29 610.1 Informa 591.20 -4.80 659.00 345.80 1.28 -11.07 2145.5 Great Portland 700.50 3.50 727.80 536.30 1.80 -12.10 352.5 Essentra PLC 303.00 -0.50 343.40 230.84 2.08 57.17 269.3 Severn Trent 2460 29.00 2593 2148 4.07 52.01 436.7
BrewDlph 338.00 6.50 338.50 212.00 4.85 21.26 923.1 ReckittBX 6498 6.00 8020 5782 2.69 -16.80 1255.3 ITV 121.90 -0.80 128.55 54.16 2.13 16.25 7552.5 Green Reit € 1.84 -0.05 1.93 1.30 3.12 13.44 1922.5 Experian 2694 -22.00 3192 2258 1.34 48.24 1326.6 SSE 1494 3.50 1621.5 1149.01 5.35 14.65 2093.4
CtyLonInv 526.00 -18.00 556.00 300.00 5.70 19.13 15.5 Redrow 675.20 -0.20 689.00 351.80 - 18.40 1175.1 Pearson♦ 813.80 -3.00 909.00 412.08 2.40 23.80 1213.3 Hammersn 38.00 -1.60 289.70 14.05 13.34 -0.47 18418.9 Ferguson 9328 -16.00 9516 5002 1.61 26.23 552.1 UtdUtils 973.40 16.20 980.20 800.40 4.38 60.46 1509.0
Hibernia € 1.17 0.01 1.29 0.97 4.30 1101.09 1201.1 G4S 244.70 - 270.90 83.14 1.47 222.45 3234.0

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence Zytronic 170.00 - 185.00 89.80 8.94 -94.44 19.6 Tristel♦ 640.00 3.00 680.00 328.00 0.97 57.25 12.2 Mining Sareum 1.95 - 3.09 0.50 - -65.00 6807.8 Restore 382.50 -6.50 430.00 280.00 0.63 255.00 104.8
Cohort 614.00 - 690.93 485.88 1.64 27.30 16.4 AMC 1.66 -0.05 3.50 0.90 - -6.84 8891.0 Smart Metering Systems 824.00 -1.00 869.00 504.37 0.83 4.72 122.1
Financial General House, Leisure & Pers Goods Real Estate
Velocity Composites PLC 21.00 - 25.00 12.05 - -2.63 13.8 Arkle Resources 0.90 - 2.20 0.43 - -4.13 1604.9 Tech - Hardware
Appreciate Grp 40.50 -0.50 46.26 24.00 - 50.00 122.1 Airea 30.50 0.50 37.00 23.00 - 30.50 9.7 InlandHms 59.00 -1.00 73.50 45.00 - 76.62 471.8
BotswanaD 0.95 0.03 1.05 0.45 - -15.83 5117.7
Banks Arbuthnot 1160 - 1190 600.00 1.38 45.49 3.6 Churchll 1492.5 2.50 1550 920.00 0.69 31.16 11.9 Lok'nStor 590.00 5.00 700.00 460.00 2.09 58.53 26.9 AminoTech♦ 164.00 - 170.00 112.00 - 55.02 42.6
CentAsiaM 273.50 1.00 360.00 117.00 2.36 14.30 482.1
Caribbean Inv 34.00 - 64.45 27.00 16.08 -21.98 5.3 BP Marsh 281.00 - 286.40 173.00 0.79 7.51 6.5 Frontier Developments PLC 3150 - 3470 1262 - 70.31 26.1 PnthrSec 245.00 - 300.00 145.00 4.90 -3.38 0.7 IQE 58.60 -0.90 91.94 28.56 - -15.46 1516.3
Burford Capital Ltd 780.50 39.00 800.79 322.90 0.43 14.83 522.5 Portmern 585.00 - 650.00 306.00 1.37 18.53 16.8 Oil & Gas SIR 374.50 0.50 387.50 220.50 4.49 -33.14 179.4 Telit Communications PLC 198.20 1.20 220.00 103.15 - 32.22 42.1
Basic Resource (Ex Mining) Gresham House 823.00 18.00 850.00 530.00 0.55 425.76 13.9 Sanderson Design Grp 133.50 5.50 138.00 34.20 0.39 317.86 333.0 BorSthnPet 1.15 -0.02 2.90 0.10 - -5.46 379.8
CropperJ 1100 - 1470 781.00 0.23 32.93 4.9 Leeds 27.50 - 30.00 8.00 - -12.50 6.2
Retailers Tech - Software & Services
Industrial Engineering ClontarfEn 0.39 - 0.69 0.28 - -9.63 378.7
MattioliWds 760.00 30.00 800.00 610.00 2.63 20.67 15.8 ASOS 5316 -58.00 5994.95 2035 - 42.32 251.4 BoBlue Prism Group PLC 1235 -7.00 1900 1067 - -13.49 534.5
Chemicals Egdon Res 1.60 -0.10 3.20 1.13 - -1.05 469.7
Numis 388.00 -2.00 396.43 230.00 3.09 14.53 49.7 600 Grp 11.50 - 11.89 7.00 2.21 -11.09 89.6 Boohoo Group PLC 350.40 -6.90 433.50 197.60 - 53.58 4476.0 Eckoh 79.50 - 81.00 46.00 - 66.81 103.6
Directa Plus PLC 120.00 - 160.00 59.00 - -16.50 24.9 Hurricane Energy 2.54 0.04 12.70 2.15 - -0.25 19844.8
PolarCap 755.00 12.00 770.00 361.00 4.37 17.24 391.8 MS Intl 165.00 - 180.00 95.00 2.12 -8.59 11.1 CVS Group PLC 2005 5.00 2038 863.00 0.27 247.53 200.2 Ingenta 74.50 - 89.00 40.00 - -18.23 5.1
Versarien PLC 39.60 -2.40 80.00 26.15 - -10.10 1391.6 PetrelRes 2.80 0.05 7.10 2.36 - -1.99 434.6
Premier Miton Group 172.00 0.50 179.86 88.00 4.59 43.00 1420.9 Pres Tech 87.50 -1.50 120.00 50.10 - -0.86 18.6 Iomart 292.00 -8.00 380.00 133.00 2.24 28.63 95.6
Phoenix Global 5.53 -0.08 12.50 4.50 - -1.37 6.2 Support Services Oxford Metrics 98.50 - 109.25 70.00 1.83 78.17 98.4
Construction & Materials STM Group 30.00 -0.50 42.00 22.00 5.00 18.51 119.4 IT Rockhop 9.38 0.26 12.50 4.77 - -0.23 925.5 Begbies♦ 127.80 5.20 129.67 80.00 2.19 -182.57 1360.4 WANdisco 480.00 1.00 834.00 395.00 - -10.98 21.9
Abbey 1600 - 1700 1150 - 12.32 0.5 Food & Beverages Keywords Studios 2874 -60.00 2965.92 1334.45 0.02 163.48 164.4 Sound Energy 2.05 -0.40 4.72 0.92 - -4.18 10332.9 Christie 105.50 -5.50 122.00 54.00 1.18 -16.61 8.9
AccsysTch 147.00 -0.50 168.00 70.20 - 40.52 91.1
Camellia 6950 -100.00 8550 6350 0.60 -33.67 0.7 Learning Technologies Group 170.00 1.10 190.00 112.10 0.15 132.40 2062.5 UnJackOil 35.00 -1.00 64.00 18.00 - -8.75 228.8 Empres 62.00 - 64.00 32.00 - -10.69 6.0 Travel & Leisure
Aukett 1.50 - 2.25 0.75 - 3.26 77.2 United O&G 5.00 - 6.34 1.41 - -87.72 2592.3 Gattaca 147.50 - 159.00 41.30 - 81.94 24.2 Celtic 115.00 - 125.00 90.00 - -4.36 12.2
Fevertree Drinks♦ 2417 56.00 2587 1298.93 0.62 59.02 259.6 LEISURE
FinsbryFd 83.00 - 85.00 50.16 - -59.29 180.1 Impellam 287.00 - 320.00 210.00 - -5.10 7.4 ..6%CvPf 123.00 - 135.00 116.00 - - 0.5
Electronic & Electrical Equip Codemasters Group Holdings PLC 602.00 - 670.00 204.50 - 43.31 6609.1 Pharmaceuticals & Biotech
Nichols♦ 1392.5 -17.50 1450 964.00 0.89 29.17 10.2 JhnsnSrv 153.00 2.60 171.56 83.47 0.75 191.25 886.5 ..Cv Pf 228.00 - 260.00 210.00 - - 0.8
CeresPow 1191 -68.00 1626 325.00 - -258.91 741.6 Sumo Group PLC 371.50 -1.00 387.85 167.75 - 56.20 126.3 Abcam 1448 6.00 1740 1120 0.25 -1034.29 160.0
LonSec 2400 100.00 2400 1960 2.50 20.37 0.3 gamingrealms 41.40 1.40 49.85 6.13 - -40.99 1481.3
Checkit 50.50 - 59.25 26.45 - -4.47 17.5 Health Care Equip & Services AllcePharm 96.00 1.80 96.00 68.08 0.56 45.93 1812.6
Media NWF♦ 213.00 -5.00 230.00 155.66 3.24 12.24 39.1 Jet2 1347.5 21.00 1524 620.00 0.22 -8.05 537.7
LPA 71.00 - 99.00 56.00 - 15.27 46.5 Clinigen Group 831.00 -19.00 940.00 554.00 0.92 85.67 153.1
AVO 38.50 -0.50 50.00 22.13 - -4.70 91.1 Mission Group 82.50 -3.50 90.00 48.00 2.63 25.70 68.9 Petards 14.25 - 20.00 5.00 - -11.22 0.4 MinoanGp 1.30 - 1.75 0.75 - -3.25 1952.1
ThorpeFW 358.00 8.00 370.00 271.37 1.58 31.38 5.1 Reneuron 132.50 -5.00 168.93 70.00 - -2.96 39.9
CareTech♦ 540.00 -2.00 554.00 288.50 2.17 24.51 43.9 YouGov 1020 - 1160 560.00 0.39 120.00 36.2 Renew 590.00 -8.00 633.00 388.51 1.30 17.50 40.6

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) BMO UK HIT B 93.50 - 94.50 68.00 4.19 104.2 -10.3 IPST Mngd 102.00 - 103.00 101.00 0.78 106.0 -3.8 PerAsset 46450 -350.00 47000 41830 1.21 45887. 1.2 Conventional - Property ICs 52 Week Dis(-)
Price +/-Chg High Low Yld NAV or Pm BMO UK HIT UNIT 374.00 - 384.00 270.00 - 417.1 -10.3 IPST UK Eq 174.50 - 174.50 130.00 3.78 182.0 -4.1 1 Price +/-Chg High Low Yld NAV or Pm
3i Infra 295.50 -0.50 320.00 245.00 3.11 254.5 16.1 Brunner 930.00 - 936.00 712.00 2.15 1081.8 -14.0 IP UKSmall 592.00 -4.00 612.00 363.00 3.14 653.3 -9.4 PolarHealth 252.50 -5.50 259.00 223.00 0.83 285.8 -11.7 Direct Property For queries about the FT Share Service pages e-mail
AbnAsianIn 232.00 -2.00 243.00 160.50 3.99 255.0 -9.0 Caledonia Inv 2920 -30.00 3130 2118 2.09 3987.1 -26.8 JPM Amer 635.00 -8.00 650.00 412.37 1.02 671.5 -5.4 PolarFins 161.00 -1.50 163.90 92.60 2.73 156.3 3.0
AEW UK REIT 93.30 -0.70 94.00 56.90 8.57 93.9 -0.6 ft.reader.enquiries@morningstar.com.
Abrdn Div I&G 95.70 -0.50 103.00 83.00 5.66 114.5 -16.4 CanGen C$ 37.28 -0.52 39.25 21.00 2.26 55.2 -32.5 JPM Asia 499.50 -3.50 550.00 334.00 3.12 488.6 2.2 PolarTech 2354 -32.00 2553 1676.17 - 2492.2 -5.5
BMO ComPrp 77.60 -0.20 86.00 49.20 5.15 116.1 -33.2 All data is as of close of the previous business day. Company classifications
AbnEmgMkts 699.00 -9.00 775.00 465.47 3.11 827.4 -15.5 City Merch 194.00 -4.50 203.00 156.00 5.15 197.1 -1.6 JPM China 656.00 3.00 875.98 345.00 1.51 644.8 1.7 RIT Cap♦ 2470 -5.00 2505 1704 1.42 2543.4 -2.9
BMORealE 79.60 - 81.50 45.70 4.21 97.3 -18.2 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnJapInv 737.50 -7.50 1169 545.00 2.03 827.1 -10.8 City Lon 396.00 - 397.85 304.23 4.80 378.0 4.8 JPMElct MC 102.50 - 105.00 99.00 0.39 103.2 -0.7 Ruffer Inv Pr 294.00 -1.00 295.00 223.00 0.65 274.2 7.2
CustdnREIT 97.20 1.70 98.20 76.00 6.11 95.2 2.1 100 constituent stocks are shown in bold.
AbnLatAmIn 58.25 0.50 64.60 40.60 6.01 63.1 -7.7 CQSNatRs 147.75 -0.25 148.58 62.25 3.79 162.3 -9.0 ..MG 1020 - 1025.7 695.00 1.64 1061.7 -3.9 Schroder ToRt 502.00 -6.00 551.00 314.00 1.29 495.1 1.4
GCP Student 181.20 3.80 183.60 107.20 2.67 171.1 5.9
AbnNewDn 326.00 -5.00 369.00 212.00 1.32 364.8 -10.6 Dun Inc 306.00 -1.00 315.00 231.63 4.15 319.4 -4.2 ..MI 102.50 1.00 103.00 76.00 4.59 106.4 -3.7 SchdrAsiaP 630.00 -11.00 686.32 394.60 1.54 675.1 -6.7 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Longbow 86.90 -0.70 91.00 65.00 6.90 96.8 -10.2
AbnNewIndia 516.00 -8.00 571.72 348.24 0.19 585.2 -11.8 EcofinGlobal 192.50 - 209.00 146.00 3.40 189.6 1.5 JPM Emrg 134.20 -1.80 152.90 82.80 1.06 - - SchdrEurReE 99.00 -1.50 104.60 56.60 4.28 132.1 -25.1 are based on intra-day trading over a rolling 52 week period. Price/earnings
SLIPropInc 66.30 0.10 76.00 43.51 7.18 81.3 -18.5
AbnNewThai 440.00 - 488.00 370.00 4.32 502.8 -12.5 Edin Inv 622.00 -2.00 628.05 359.75 4.61 649.2 -4.2 JPM EurGth 343.00 - 344.90 220.84 1.53 381.1 -10.0 Schdr Inc♦ 303.50 -5.50 310.00 210.00 4.18 304.9 -0.5 ratios (PER) are based on latest annual reports and accounts and are updated
TR Prop 423.00 -0.50 490.50 287.63 3.31 448.1 -5.6
AbnSmlInCo♦ 350.00 2.00 355.00 232.00 2.42 392.9 -10.9 Edin WWd 352.00 -10.00 425.12 198.77 - 343.3 2.5 JPM EurInc 149.00 -1.50 153.00 93.44 4.50 165.2 -9.8 SchdrJap 212.00 -6.00 219.00 155.00 2.22 234.7 -9.7 with interim figures. PER is calculated using the company’s diluted earnings
Tritax EuroBEUR € 1.23 0.02 1.27 0.85 3.68 1.3 -5.4
AbnStdAsia 1310 10.00 1325 800.00 1.07 1407.0 -6.9 EP Global 291.00 -3.00 300.00 232.04 2.06 305.1 -4.6 JPM EuSm 499.00 -3.00 505.00 289.00 1.34 557.5 -10.5 SchdrOrient 292.00 -2.00 294.50 186.06 3.53 292.9 -0.3 from continuing operations. Yields are based on closing price and on dividends
Tritax EuroBGBP 106.40 0.40 109.57 74.70 - - -
AStd Eqt Inc 362.00 -4.00 382.42 233.00 5.91 374.8 -3.4 EuroAsset 131.00 1.00 131.70 81.60 5.36 141.1 -7.2 JPM Clavr 719.00 5.00 727.71 515.00 4.14 737.4 -2.5 SchdrRealEst 40.70 -0.15 45.15 27.65 4.44 58.2 -30.1 paid in the last financial year and updated with interim figures. Yields are
UKComPrp 76.00 -0.30 78.70 49.75 4.24 86.2 -11.8
Abf Sml 1532 -6.00 1570 770.00 2.11 1614.5 -5.1 F&C Inv Trust♦ 839.00 -7.00 849.17 606.00 1.38 886.5 -5.4 JPMGblCoreRa 94.60 - 112.50 87.83 0.79 88.0 7.5 SchdrUKMd 716.00 -4.00 726.00 372.96 2.58 744.6 -3.8 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Abf Spl Inc 81.20 0.40 81.80 35.83 5.20 91.8 -11.5 FidAsian 486.50 -7.50 500.00 285.23 1.81 475.5 2.3 JPM GEI♦ 149.00 -2.00 162.00 99.20 3.42 156.7 -4.9 SchdrUKPubPriv 33.85 -0.95 39.95 21.00 - 35.0 -3.3 VCTs 52 Week Dis(-) companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Alliance 969.00 -12.00 985.45 687.00 1.47 1021.2 -5.1 FidChiSpS 420.50 -8.50 503.08 214.63 1.01 424.6 -1.0 JPM Gl Gr&Inc 425.00 -7.00 434.00 292.59 3.08 412.2 3.1 ScotAmer 487.00 - 514.00 360.00 2.46 467.1 4.3 Price +/-Chg High Low Yld NAV or Pm capital changes where appropriate.
AllianzTech 2950 -70.00 3860 1768 - 2963.5 -0.5 Fid Euro♦ 295.50 -1.00 298.00 222.50 2.19 313.9 -5.9 JPM Ind 684.50 -24.50 770.00 458.00 - 781.6 -12.4 Scottish Inv 773.00 -3.00 790.85 657.31 3.10 851.2 -9.2 ArtemisVCT 15.00 - 51.79 14.25 26.67 - - Trading volumes are end of day aggregated totals, rounded to the nearest
Art Alpha 444.00 2.00 450.00 234.00 1.17 480.8 -7.7 Fid Jap 231.50 -2.50 241.16 139.00 - 246.9 -6.2 JPM JpCapSm G&I 524.00 -10.00 616.00 367.00 3.49 566.2 -7.5 ScottMort 1216 -29.00 1418.57 613.00 0.27 1244.4 -2.3 Baronsmead 2nd VT 79.00 - 97.00 57.00 8.23 82.6 -4.4 1,000 shares.
Asia Dragon 533.00 -1.00 604.00 350.00 0.89 579.7 -8.1 Fid Spec 280.50 - 283.84 152.00 2.05 280.1 0.1 JPM Jap 664.00 -8.00 744.04 406.20 0.75 686.5 -3.3 ScottOrtll 994.00 -26.00 1065 700.08 1.16 1128.0 -11.9 BSC VCT 70.00 - 71.00 46.00 5.71 73.6 -4.9 Net asset value per share (NAV) and split analytics are provided only as a
Aurora Inv 236.00 1.00 239.60 130.00 1.91 232.5 1.5 FinsG&I♦ 905.00 -2.00 913.00 755.00 0.88 898.8 0.7 JPM Mid♦ 1365 -50.00 1440 750.00 2.16 1423.2 -4.1 Smithson 1728 -14.00 1778 1220.88 - 1701.7 1.5 ..VCT2 50.80 - 68.00 40.00 6.89 53.5 -5.0 guide. Discounts and premiums are calculated using the latest cum fair net
AVI Global Trust 1012 -2.00 1019.98 575.63 2.03 1067.9 -5.2 FstPacfic HK HK$ 2.59 -0.01 2.88 1.32 5.88 - - JPM Mlti-As 101.25 -0.50 102.00 78.00 3.95 106.7 -5.1 StrategicEq 285.00 -6.00 291.00 171.00 0.44 332.8 -14.4 Inc&GthVCT 79.50 - 82.75 52.00 17.61 79.2 0.4 asset value estimate and closing price. Discounts, premiums, gross redemption
AVI JapOpp 113.25 -1.75 115.00 91.00 1.37 111.1 1.9 GenEmer 910.00 -14.00 950.00 626.00 1.39 977.4 -6.9 JPMRussian 645.00 -13.00 688.00 496.36 5.43 744.9 -13.4 Temp Bar 1158 -8.00 1182 631.33 4.44 1150.5 0.7 Nthn 2 VCT 61.00 - 62.50 42.00 5.74 64.1 -4.8 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
Axiom 97.50 - 100.65 69.00 6.15 100.5 -3.0 GRIT# 2.75 - 5.50 0.65 - 1.4 96.4 JPM Smlr 405.00 13.00 410.00 190.12 1.36 409.5 -1.1 TempEmerg 1014 -22.00 1080 667.00 1.87 1093.0 -7.2 Nthn 3 VCT 91.00 - 92.50 54.50 4.40 95.5 -4.7 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BG Euro 151.30 0.90 153.40 77.00 1.42 - - GoldenPros 55.50 2.00 75.00 31.00 - 59.1 -6.1 JPM US Sml 441.50 -11.50 453.66 212.00 0.57 429.1 2.9 Tetragon $ 9.93 0.03 10.60 7.90 5.03 26.1 -62.0 NthnVent 70.00 3.50 70.00 46.00 5.00 72.9 -4.0 in pence.
BG Japan 1102 -16.00 1136 646.32 0.32 1061.7 3.8 Gulf Invest $ 1.50 0.04 1.95 0.90 - 1.6 -6.2 KeystoneInv 312.00 -6.00 358.00 225.10 3.59 313.0 -0.3 TRIG 124.80 1.20 139.87 118.70 5.39 113.6 9.9 ProVenGI 56.50 - 58.00 44.00 5.75 60.0 -5.8
BG Shin 248.50 -1.00 274.50 148.20 - 241.2 3.0 HAN 207.00 1.00 222.00 142.00 1.93 319.2 -35.2 Law Deb 748.00 -6.00 771.00 442.50 5.20 723.8 3.3 TREurGth♦ 1495 20.00 1505 581.00 1.47 1619.0 -7.7 ProVenVCT 70.00 - 71.00 55.00 5.71 73.7 -5.0 X FT Global 500 company
Baillie Gifford UK 247.00 - 249.00 149.85 1.26 238.3 3.7 HANA 212.00 3.00 220.00 140.00 1.89 319.2 -33.6 LinTrain £ 1450 -10.00 1718.45 768.35 2.85 1206.3 20.2 TroyInc&G♦ 74.50 -0.10 77.00 67.00 3.73 75.5 -1.3 UnicornAIM 198.00 - 200.00 104.00 3.28 244.2 -18.9 ♦ trading ex-dividend
Bankers 115.00 -1.00 116.41 86.50 1.87 - - Hen Div Inc Tr 88.60 -2.20 93.40 74.65 4.97 91.9 -3.6 Lowland 1295 - 1325 763.00 4.63 1373.4 -5.7 Utilico Emerging Market 204.00 1.00 208.00 153.28 3.77 234.0 -12.8 ■ trading ex-capital distribution
Zero Dividend Preference Shares 52 Week HR
BB Healthcare Trust♦ 200.50 -0.50 203.00 134.00 2.46 191.3 4.8 HenEuroF 1555 5.00 1615 1037.1 2.01 1677.7 -7.3 Majedie 245.50 1.50 246.15 175.00 4.64 296.8 -17.3 UIL Inv 237.00 1.00 262.00 120.00 3.38 343.3 -31.0 # price at time of suspension from trading
HenEuro 1480 -15.00 1520 1015.74 2.09 1629.7 -9.2 Man&Lon♦ 587.00 -13.00 704.00 525.64 2.39 665.0 -11.7 VEIL 635.00 3.00 643.00 370.50 - 707.8 -10.3 Price +/-Chg High Low SP WO TAV 0%
BH Global 1925 30.00 2040 1620 - 1963.0 -1.9
HenFarEs 330.00 -2.00 346.00 229.00 6.94 325.0 1.5 Marwyn Val 113.00 - 120.00 71.00 - 179.4 -37.0 Witan 235.00 -2.00 239.00 155.00 2.49 253.0 -7.1 Abf Spl Inc 111.00 - 113.00 99.00 -34.3 -67.6 127.3
..USD $ 20.40 0.90 21.39 17.50 - 20.2 1.0 The prices listed are indicative and believed accurate at the time of publication.
HenHigh 168.50 -5.50 179.84 121.00 5.88 170.7 -1.3 MercantIT♦ 274.50 -1.00 278.00 164.20 2.40 283.7 -3.2 WwideHlth 3715 -55.00 3965 3129.25 0.67 3658.5 1.5 UIL ZDP 2026 112.50 -0.50 116.00 80.00 -26.9 -32.3 151.5
BH Macro 3300 10.00 3730 3139.13 - 3388.0 -2.6 No offer is made by Morningstar or the FT. The FT does not warrant nor
HenInt Inc 165.00 -1.50 167.50 132.17 3.64 176.7 -6.6 MrchTst 522.00 -1.00 537.00 325.00 5.21 502.0 4.0 UIL Limited 2024 ZDP 115.50 -0.50 116.98 95.36 -37.4 -45.6 138.4
..USD $ 35.10 0.10 42.17 32.66 - 35.3 -0.6 Conventional - Private Equity 52 Week Dis(-) guarantee that the information is reliable or complete. The FT does not accept
Hen Opp 1600 10.00 1630.5 662.09 2.00 1590.0 0.6 Mid Wynd 748.00 -8.00 766.00 535.73 0.82 727.3 2.8 UIL Finance 2022 ZDPs 138.50 - 139.88 113.36 -57.9 -75.3 147.0
BiotechGth 1390 -36.00 1750 888.70 - 1374.9 1.1 Price +/-Chg High Low Yld NAV or Pm responsibility and will not be liable for any loss arising from the reliance on
HenSmlr 1250 2.00 1254 540.00 1.88 1282.7 -2.5 Miton Global 342.00 2.00 344.00 205.50 - 342.6 -0.2
BlckRCom♦
BlckRFrnt
95.50
127.00
0.70 98.00 46.50
-1.00 130.00 82.20
4.19
4.52
96.8
124.5
-1.3
2.0 Herald 2330 -15.00 2450 1145.25 - 2528.2 -7.8 Mom M-A Value 185.75 1.00 186.29 177.00 3.62 190.2 -2.3 BGUSGROWTH 329.00 -10.50 403.00 155.45 - 309.2 6.4 Investment Companies - AIM or use of the information.

HICL Infra 171.00 -0.20 180.60 157.80 4.82 149.9 14.1 Monks 1386 -26.00 1490 867.00 0.18 1349.1 2.7 BMO PvtEq 405.50 9.50 415.36 250.50 3.89 478.0 -15.2 The FT Share Service is a paid-for-print listing service and may not be fully
BlckRGtEur 585.00 -1.00 590.00 339.00 1.00 567.6 3.1 52 Week Dis(-)
Highbridge Tactical 255.55 1.05 256.00 166.25 - - - MontanSm 1747.5 12.50 1766.98 912.00 0.53 1743.5 0.2 Electra 395.00 5.00 406.00 121.81 - 353.4 11.8 representative of all LSE-listed companies. This service is available to all listed
BlckR I&G 185.00 15.00 194.00 140.00 3.89 201.1 -8.0 Price +/-Chg High Low Yld NAV or Pm
Impax Env. 475.50 -2.50 500.28 260.00 0.63 441.3 7.7 Mur Inc 892.00 1.00 896.00 694.00 4.32 919.6 -3.0 HVPE 1996 -24.00 2065 1260 - 2328.0 -14.3 companies, subject to the Editor’s discretion. For new sales enquiries please
BlckRckLat 372.00 - 427.79 256.27 6.74 412.0 -9.7 BB Biotech AG SFr 73.50 -1.00 86.90 53.00 4.9 - -
Ind IT 578.00 -2.00 590.72 377.00 2.25 641.7 -9.9 Mur Int♦ 1220 -6.00 1239.67 904.00 4.39 1164.0 4.8 HgCapital 335.00 - 354.00 206.00 1.49 305.2 9.8 email daniel.fish@ft.com or call +44 (0)20 7873 4571.
BlckRckNrAm 200.00 -2.00 203.11 142.50 4.00 194.7 2.7 CrysAmber 105.00 - 110.55 65.00 2.4 132.5 -20.8
IGC 91.50 -2.70 99.00 38.73 - 104.1 -12.1 NewCityHY 54.20 -0.20 54.40 44.00 8.23 52.0 4.2 ICG Ent Tr 1040 -18.00 1100 618.48 2.21 1233.0 -15.7
BlckRSmlr 1890 -2.00 1922.34 1141.24 1.72 1989.8 -5.0 Gresham House Strategic 1475 35.00 1490 920.00 1.6 1590.8 -7.3
IntBiotech 723.00 -11.00 862.00 640.00 3.43 731.3 -1.1 New Star IT 129.00 - 131.94 99.00 1.09 173.4 -25.6 Pantheon International Plc ORDs
2670 -65.00 2785 1700 - 3094.7 -13.7
BlckRThrmt 868.50 5.50 878.00 450.00 1.17 856.3 1.4
BlckRWld♦ 630.00 -4.00 663.50 297.00 3.49 617.4 2.0 Intl PP 169.00 -0.60 176.80 149.39 4.25 143.4 17.9 NorthAmer 272.00 - 280.82 205.00 3.53 293.9 -7.5 PrincssPE € 12.53 -0.03 12.55 8.30 3.67 13.5 -7.2 Infra India 1.58 0.04 2.80 0.60 - 15.3 -89.7
Data provided by Morningstar
Inv AsiaTr 383.00 5.00 425.00 230.00 2.69 413.4 -7.4 NthAtSml 4200 40.00 4225.77 2600 0.71 5611.0 -25.1 StdLfPv♦ 443.00 5.00 452.00 252.70 2.96 504.2 -12.1
BMO Cp&I 322.00 - 326.00 235.64 3.57 326.5 -1.4
BMOGblSmlr 166.00 0.40 167.83 103.00 1.02 174.0 -4.6 Inv IncGro 276.00 -5.00 284.00 211.02 4.26 294.2 -6.2 Oryx Int 1490 - 1520 725.00 - 1678.0 -11.2 Discretionary Unit Fund Mngrs 52 Week Dis(-)
BMOMgdT 283.00 - 286.00 188.00 - 278.6 1.6 IP EnInc♦ 72.80 - 75.20 58.50 6.87 75.6 -3.7 PacAsset 325.50 -3.50 357.00 216.56 0.92 349.8 -6.9 (1000)F Guide to FT Share Service
BMOMgdT 142.00 - 144.00 109.00 4.30 140.4 1.1 IPST BalR 162.00 - 160.00 124.00 - 166.2 -2.5 PacHorzn 779.00 -28.00 918.00 316.00 0.03 730.7 6.6 Price +/-Chg High Low Yld NAV or Pm
BMO UK HIT A 93.50 - 94.40 69.00 5.57 104.3 -10.4 IPST Gbl Eq 227.00 - 227.50 158.00 3.11 234.2 -3.1 PerpInc&Gr 244.50 1.50 342.00 157.20 6.11 - - Right &ISS 2395 5.00 2420 1500 1.35 2668.5 -10.2

www.morningstar.co.uk
16 ★ FINANCIAL TIMES Tuesday 20 April 2021

MANAGED FUNDS SERVICE

SUMMARY FT.COM/FUNDS

Winners - Europe ex-UK Equity Losers - Europe ex-UK Equity Morningstar Star Ratings Global Broad Category Group - Allocation

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

Bail ie Gifford Overseas Growth Funds ICVC-Bail ie Gifford European Fund 66.53 22.10 20.51 1.12 18.26 Schroder European Alpha Income Fund 43.16 -1.92 5.35 0.03 22.84 China Consumer Fund W-ACC-GBP Pound Sterling QQQQ QQQQ - Euro Aggressive Balanced PP Euro 11.77 14.77 -
BlackRock Continental European Fund 49.09 18.29 16.11 1.08 16.59 Aviva Investors - European Equity Income Fund 34.73 -1.60 1.33 0.03 20.99 RobecoSAM Sm.Energy/N Euro QQQQ QQQQQ QQQQ TWD Aggressive Allocation New Taiwan Dollar 46.73 14.59 15.75
Legg Mason IF Martin Currie European Unconstrained Fund 43.40 17.30 15.27 1.05 16.55 Liontrust European Opportunities Fund 49.51 -1.10 8.70 0.11 24.96 RobecoSAM S.Water/N Euro QQQQ QQQQQ QQQQ TWD Moderate Allocation New Taiwan Dollar 44.62 13.99 12.89
BlackRock European Dynamic Fund 56.20 17.27 16.79 0.96 18.35 Allianz European Equity Income Fund 25.27 -0.30 4.54 0.17 19.06 MoneyBuilder Dividend Y-INC-GBP Pound Sterling QQQ QQQ QQQQ Siefore Basica Adicional Mexican Peso 15.77 12.04 9.03
Allianz Continental European Fund 47.93 16.48 15.24 0.94 17.69 Artemis SmartGARP European Equity Fund 47.78 0.06 7.24 0.19 24.76 RobecoSAM Sm.Materials/N Euro Q QQQQ - Target Date 2046+ Euro 37.80 11.41 9.38

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

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials 6.05% 6.54%
Apr 2018 - Apr 2021 Nabtesco Corp Industrials 3.26%
Smaller Companies Fund Personal Class Units Communication Services - 4.01%
Consumer Cyclical 13.91% 13.83%
Somfy SA Consumer Cyclical 3.26%
Consumer Defensive 1.89% 5.47%
Energy - 3.16%
Teleperformance SE Industrials 3.19%
Financial Services - 9.50%
Healthcare 22.24% 10.89%
Dr Hoenle AG Industrials 3.10%
Industrials 36.20% 18.43%
Real Estate 2.39% 4.13%
Watsco Inc Industrials 2.93%
Technology 13.53% 16.60%
Utilities 2.06% 1.60%
Treatt PLC Basic Materials 2.90%
Please remember that past performance is not necessarily a guide to future performance Cash & Equivalents 1.73% 4.66%
Firm Name Corporate - 0.24%
XP Power Ltd Industrials 2.84%
McInroy & Wood Portfolios Limited Derivative - 0.93%
Fund Name Government - 0.02%
Sonova Holding AG Healthcare 2.83%
Smaller Companies Fund Personal Class Units Municipal - -
Morningstar Category Securitized - 0.00%
ARB Corp Ltd Consumer Cyclical 2.78%
Global Small/Mid-Cap Equity
Max Annual Charge
Ossur hf Healthcare 2.76%
- Risk Measures - As of 31/03/2021
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
QQQQ Alpha -5.90 0.23 2.40 -1.42 1.88 -1.02
Morningstar Sustainability Rating Beta 1.02 1.02 0.90 1.03 0.93 1.04
Fund Category Information Ratio -1.35 0.70 0.25 -0.20 0.18 -0.14
Bid Price - KIID Ongoing Charge 1.15 R Squared 89.00% 85.19% 89.61% 90.79% 85.70% 88.99%
Offer Price - Day-End One Year Return 47.87 Day 0.49% Month 4.89% Year 47.32% Sharpe Ratio 2.82 2.41 0.59 0.41 0.76 0.58
+/- 28.10 Total Ret 3Yr 12.76 Std Dev 18.51 19.20 20.45 21.94 17.30 18.66
Information reproduced courtesy of Morningstar. While the Financial Times takes every care to ensure that the information is faithfully reproduced, the information is not verified by the Financial Times and therefore it accepts no liability for any loss which may arise relating to the Morningstar information.
© 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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

Global Sustainable Equity C Acc GBP £ 29.40 - -0.25 - Artemis SmartGARP Glo Eq I Acc 368.57 - -0.32 1.98 Pacific (Ex Japan) £ 5.67 - -0.03 2.21

Inv Grd Gbl Bond A Inc GBH 613.63 - 1.27 1.81 Artemis Global Income I Inc 106.73 - -0.69 2.85 Select Emerging Markets Equities £ 2.48 - -0.03 0.44

Short Dated High Yld Bd B Acc GBP £ 11.26 - 0.01 0.00 Artemis Global Select I Acc 161.64 - -1.06 - Select Global Equities £ 5.04 - 0.07 0.78

Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.37 - 0.00 0.00 Artemis High Income I Q Inc 81.53 - 0.13 4.44 South East Asia £ 7.34 - -0.08 1.15

Strategic Global Bond A GBP Inc 1317.83 - 0.46 2.70 Artemis Income I Inc 254.08 - 0.87 3.37 Sterling Core Plus Bond Gr Accum £ 2.99 - 0.00 2.41

Strategic Global Bond B GBP Inc 748.42 - 0.28 3.45 Artemis Monthly Dist I Inc 73.92 - -0.23 3.17 UK £ 4.73 - 0.02 2.49
Aberdeen Standard Capital (JER) CG Asset Management Limited (IRL) Genesis Investment Management LLP
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Artemis Positive Future Fund I Acc £ 1.02 - 0.01 - 25 Moorgate, London, EC2R 6AY UK Aggreg Bond Gr Accum £ 2.37 - 0.00 1.77 Other International Funds
FCA Recognised Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859
Artemis Strategic Assets I Acc 91.97 - 0.30 0.08 Sterling Corporate Bond - Gross £ 3.01 - 0.00 2.31 Emerging Mkts NAV £ 7.21 - -0.16 1.35
Aberdeen Standard Capital Offshore Strategy Fund Limited FCA Recognised

Bridge Fund £ 2.3187 - -0.0063 1.38 Artemis Strategic Bond I Q Acc 111.80 - -0.01 2.34 CG Portfolio Fund Plc UK Gilt Gross £ 2.53 - 0.00 1.23
Absolute Return Cls M Inc £ 135.04 135.04 0.15 1.34
Global Equity Fund £ 3.3561 - -0.0149 0.84 Artemis Target Return Bond I Acc 107.67 - -0.28 2.07 Sterling Long Corp Bond - Gross £ 3.63 - 0.01 2.86
Capital Gearing Portfolio GBP P £ 37305.87 37305.87 43.63 0.84
Global Fixed Interest Fund £ 0.9654 - 0.0013 4.38 Artemis UK Select Fund Class I Acc 781.00 - 2.41 -
Capital Gearing Portfolio GBP V £ 181.43 181.43 0.21 0.84
Income Fund £ 0.6683 - 0.0001 2.33 Artemis UK Smaller Cos I Acc 2058.03 - 8.62 0.28
Dollar Fund Cls D Inc £ 162.76 162.76 -0.35 1.51
Sterling Fixed Interest Fund £ 0.8903 - 0.0002 2.92 Artemis UK Special Sits I Acc 804.64 - 3.21 -
Dollar Hedged GBP Inc £ 105.32 105.32 -0.02 1.34
UK Equity Fund £ 2.1574 - 0.0039 2.02 Artemis US Abs Return I Hdg Acc 113.49 - 0.02 0.00 Dragon Capital FIL Investment Services (UK) Limited (1200)F (UK)
Real Return Cls A Inc £ 199.45 199.45 -0.46 1.70
www.dragoncapital.com Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP HPB Assurance Ltd
Artemis US Extended Alpha I Acc 307.29 - -2.04 0.10 Fund information:info@dragoncapital.com Callfree: Private Clients 0800 414161 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Other International Funds Broker Dealings: 0800 414 181 International Insurances
Artemis US Select I Acc 298.44 - -2.35 0.01 OEIC Funds
Vietnam Equity (UCITS) Fund A USD $ 30.38 - 0.58 0.00 Holiday Property Bond Ser 1 £ 0.49 - 0.01 0.00
Findlay Park Funds Plc (IRL)
Artemis US Smlr Cos I Acc 353.46 - -3.99 0.00 Allocator World Fund Y-ACC-GBP £ 2.53 - -0.01 1.30
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Holiday Property Bond Ser 2 £ 0.63 - 0.01 0.00
FCA Recognised
American Special Sits W-ACC-GBP £ 18.61 - -0.05 0.57
American EUR Unhedged Class € 146.46 - 0.51 -
Asia Pacific Ops W-Acc £ 3.08 - 0.00 0.53
American Fund USD Class $ 175.45 - 0.76 0.00
Algebris Investments (IRL) Asian Dividend Fund W-ACC-GBP £ 2.24 - -0.01 2.74
Regulated American Fund GBP Hedged £ 88.26 - 0.37 0.00
China Consumer Fund W-ACC-GBP £ 4.08 - -0.01 0.05
Algebris Financial Credit I EUR € 192.06 - 0.17 0.00 Chartered Asset Management Pte Ltd American Fund GBP Unhedged £ 126.94 - 0.30 0.00
Other International Funds Emerging Asia Fund W-ACC-GBP £ 2.17 - -0.02 0.45
Algebris Financial Credit R EUR € 166.82 - 0.14 0.00
CAM-GTF Limited $ 338698.61 338698.61 1571.21 -
Enhanced Income Fund W-INC-GBP £ 0.82 - 0.00 6.08
Algebris Financial Credit Rd EUR € 109.85 - 0.09 4.73
CAM GTi VCC $ 780.49 - -32.39 -
European Fund W-ACC-GBP £ 21.33 - 0.06 1.00 Hermes Property Unit Trust (UK)
Algebris Financial Income I EUR € 173.38 - 1.64 0.00
RAIC VCC $ 1.64 1.64 0.03 2.06 Property & Other UK Unit Trusts
Extra Income Fund Y-ACC-GBP £ 1.45 - 0.00 3.38
Algebris Financial Income R EUR € 160.11 - 1.51 0.00 Property £ 6.37 6.85 0.02 -
FID INST - Emerging Markets Fund W-ACC-GBP £ 2.21 - -0.01 0.48
Algebris Financial Income Rd EUR € 104.11 - 0.99 3.17
Fidelity American Fund W-ACC-GBP £ 57.24 - -0.44 0.00
Algebris Financial Equity B EUR € 133.53 - 0.90 0.00
Aegon Asset Management UK ICVC (UK) Fidelity Asia Fund W-ACC-GBP £ 19.32 - -0.18 0.43 Foord Asset Management
IG Financial Credit I EUR € 110.64 - -0.05 0.00
3 Lochside Crescent, Edinburgh, EH12 9SA Website: www.foord.com - Email: info@foord.com
0800 358 3009 www.aegonam.com Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.09
Algebris IG Financial Credit R EUR € 109.82 - -0.05 0.00 FCA Recognised - Luxembourg UCITS
Authorised Funds
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.74 - -0.02 1.79 Foord International Fund | R $ 48.60 - 0.19 -
Diversified Monthly Inc B Acc 157.51 - 0.32 4.83 Algebris Global Credit Opportunities I EUR € 131.89 - 0.14 0.00 EdenTree Investment Management Ltd (UK)
Ashmore Investment Management Limited (LUX) PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Fidelity European Opportunities W Acc £ 5.45 - 0.00 0.53 Foord Global Equity Fund (Lux) | R $ 18.93 - 0.05 -
Diversified Monthly Inc B Inc 110.36 - 0.23 4.97 Algebris Global Credit Opportunities R EUR € 129.81 - 0.25 0.00 Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Authorised Inv Funds
2 rue Albert Borschette L-1246 Luxembourg
Stuart House, St John's Street, Peterborough, PE1 5DD Regulated Janus Henderson Investors (UK)
FCA Recognised Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.15 - 0.00 3.59
Algebris Global Credit Opportunities Rd EUR € 129.81 - 0.25 0.00 Dealing & Client Services 0345 850 8818 Amity UK Cls A Inc 262.60 - 1.40 0.37
Diversified Growth B Acc £ 1.91 - 0.01 2.58 Foord Global Equity Fund (Sing) | B $ 23.26 - 0.06 0.00 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Ashmore SICAV Emerging Market Debt Fund $ 90.76 - 0.38 4.25 Authorised Inv Funds Fidelity Global Focus Fund W-ACC-GBP £ 36.22 - -0.23 0.00 www.janushenderson.com
Algebris Core Italy I EUR € 144.06 - 0.87 0.00 Amity UK Cls B Inc 262.00 - 1.40 -
Ethical Cautious Managed B Acc £ 1.56 - 0.00 1.59 Foord International Trust (Gsy) $ 48.43 - 0.19 0.00 Authorised Inv Funds
Consistent UT Inc 68.78 70.87 0.20 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 179.02 - -0.14 0.49 Fidelity Global High Yield Fund Y-ACC-GBP £ 15.90 - 0.03 4.96
Algebris Core Italy R EUR € 136.48 - 1.04 0.00 Higher Income Cls A Inc 130.70 - 0.20 3.48 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1461.00 - -13.00 0.00
Ethical Cautious Managed B Inc £ 1.35 - 0.01 1.60
Consistent UT Acc 183.30 188.90 0.50 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 79.76 - 0.33 - Fidelity Japan Fund W-ACC-GBP £ 5.47 - -0.02 -
Financial Equity R EUR € 114.02 - 0.76 0.00 Higher Income Cls B Inc 138.30 - 0.20 3.48 Janus Henderson Asian Dividend Income Unit Trust Inc 97.14 - -0.21 8.65
Ethical Corporate Bond B Acc £ 2.15 - 0.00 2.69
Practical Investment Inc 256.00 274.60 0.20 3.13
Ashmore SICAV Global Small Cap Equity Fund $ 236.35 - 3.39 0.00 Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 4.23 - -0.01 0.26
UK Equity Growth Cls A Inc 335.30 - 1.40 - Janus Henderson Cautious Managed Fund A Acc 293.30 - 0.90 3.13
Ethical Corporate Bond B Inc £ 1.08 - 0.00 2.69
Practical Investment Acc 1513.00 1624.00 1.00 3.13
EM Active Equity Fund Acc USD $ 172.12 - -0.05 0.00 Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.20 - 0.01 0.88
UK Equity Growth Cls B Inc 342.60 - 1.50 - Janus Henderson Cautious Managed Fund A Inc 153.00 - 0.40 3.18
Ethical Equity B Acc £ 2.76 - 0.01 1.53
EM Equity Fund Acc USD $ 160.75 - 1.16 0.00 Fidelity Special Situations Fund W-ACC-GBP £ 39.66 - 0.22 -
Amity Balanced For Charities A Inc 113.40 - 0.30 3.56 Janus Henderson China Opportunities Fund A Acc 1813.00 - 5.00 0.13
Global Equity GBP B Acc £ 3.28 - -0.03 0.00
EM Mkts Corp.Debt USD F $ 91.40 - 0.09 - Short Dated Corporate Bond Fund Y ACC GBP £ 11.14 - 0.01 4.04
Amity European Fund Cls A Inc 302.70 - 0.30 - Janus Henderson Emerging Markets Opportunities Fund A Acc 248.90 - -1.70 0.02
High Yield Bond B Acc £ 3.26 - 0.00 5.06
EM Mkts Loc.Ccy Bd USD F $ 74.98 - 0.25 4.87 Fidelity Sustainable Water & Waste W Acc £ 1.20 - 0.01 0.61
Amity European Fund Cls B Inc 305.90 - 0.40 - Franklin Templeton International Services Sarl (IRL) Janus Henderson European Growth Fund A Acc 279.00 - -0.10 -
High Yield Bond B Inc £ 0.99 - 0.00 5.06
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
EM Short Duration Fund Acc USD $ 119.97 - 0.17 0.00 Fidelity Sustainable Water & Waste W Inc £ 1.19 - 0.01 0.61
Amity Global Equity Inc for Charities A Inc 158.50 - -0.10 2.17 Other International Funds Janus Henderson European Selected Opportunities Fund A Acc 2139.00 - 1.00 0.16
Investment Grade Bond B Acc 200.03 - 0.07 1.51
The Antares European Fund Limited Franklin Emerging Market Debt Opportunities Fund Plc
Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 1.14
Amity International Cls A Inc 348.90 - -1.20 0.24 Janus Henderson Fixed Interest Monthly Income Fund Inc 22.69 - 0.01 4.24
Investment Grade Bond B Inc £ 1.31 - 0.00 2.26 Other International Franklin Emg Mkts Debt Opp CHFSFr 14.89 - 0.04 8.88
Fidelity UK Select Fund W-ACC-GBP £ 3.50 - 0.02 -
AEF Ltd Usd $ 557.60 - -0.67 0.00 Amity International Cls B Inc 352.10 - -1.20 0.82 Janus Henderson Global Equity Fund Acc 4440.00 - -36.00 0.00
Sterling Corporate Bond B Acc £ 0.95 - 0.00 2.74 Franklin Emg Mkts Debt Opp GBP £ 9.59 - 0.02 6.01
Global Dividend Fund W-ACC-GBP £ 2.77 - 0.01 2.69
AEF Ltd Eur € 521.41 - 0.56 0.00 Amity Sterling Bond Fund A Inc 105.60 - 0.10 3.67 Janus Henderson Global Equity Income Fund A Inc 64.40 - -0.08 3.02
Sterling Corporate Bond B Inc £ 0.35 - 0.00 2.74 Franklin Emg Mkts Debt Opp SGD S$ 20.82 - 0.03 4.33
Global Property Fund W-ACC-GBP £ 2.00 - -0.01 1.84
Amity Sterling Bond Fund B Inc 118.00 - 0.10 3.67 Janus Henderson Global Sustainable Equity Fund A Inc 484.20 - -3.20 0.00
Strategic Bond B Acc £ 1.55 - 0.00 3.54 Franklin Emg Mkts Debt Opp USD $ 16.93 - 0.05 6.16
Global Special Sits W-ACC-GBP £ 54.95 - -0.27 0.35
Strategic Bond B Inc £ 1.43 - 0.00 3.54 Janus Henderson Global Technology Fund A Acc 3233.00 - -34.00 0.00
Index Emerging Markets P-Acc £ 1.93 - -0.01 -
UK Equity B Acc £ 3.58 - 0.02 2.34 Atlantas Sicav (LUX) Janus Henderson Instl UK Idx Opps A Acc £ 1.05 - 0.00 1.95
Regulated Index Europe ex UK P-Acc £ 1.81 - 0.00 1.61
UK Equity Absolute Return B Acc £ 1.26 - 0.00 0.00 Janus Henderson Multi-Asset Absolute Return Fund A Acc 151.70 - 0.20 1.76
American Dynamic $ 7527.80 7527.80 66.97 0.00
Index Japan P-Acc £ 1.97 - -0.01 1.79
UK Equity Income B Acc £ 2.79 - 0.01 4.34 Janus Henderson Multi-Manager Active Fund A Acc 261.60 - -0.80 0.00
American One $ 7050.58 7050.58 81.80 -
Index Pacific ex Japan P-Acc £ 1.87 - -0.01 2.29
UK Equity Income B Inc £ 1.71 - 0.00 4.47 Janus Henderson Multi-Manager Distribution Fund A Inc 137.80 - 0.20 2.51
Dodge & Cox Worldwide Funds (IRL)
Arisaig Partners Bond Global € 1520.47 1520.47 -8.77 0.00
Index UK P-Acc £ 1.44 - 0.00 2.51
48-49 Pall Mall, London SW1Y 5JG.
UK Opportunities B Acc £ 2.63 - 0.01 1.11 Other International Funds Janus Henderson Multi-Manager Diversified Fund A Acc 93.79 - 0.07 2.88
Eurocroissance € 1350.92 1350.92 17.04 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 Ennismore Smaller Cos Plc (IRL)
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 123.62 - 0.78 0.00 FCA Recognised Index US P-Acc £ 3.06 - -0.02 1.27
UK Smaller Companies B Acc £ 5.03 - 0.03 0.87 5 Kensington Church St, London W8 4LD 020 7368 4220 Janus Henderson Multi-Manager Global Select Fund Acc 304.50 - -0.70 0.00
Far East $ 1316.37 - -0.07 - Dodge & Cox Worldwide Funds plc - Global Bond Fund FCA Recognised
Arisaig Asia Consumer Fund Limited $ 122.31 - 0.82 0.00 Index World P-Acc £ 2.48 - -0.01 1.43
EUR Accumulating Class € 15.12 - -0.01 0.00 Janus Henderson Multi-Manager Income & Growth Fund A Acc 196.40 - 0.10 2.17
Ennismore European Smlr Cos NAV £ 141.54 - 0.49 0.00
Arisaig Global Emerging Markets Consumer Fund $ 16.50 - 0.14 0.00 MoneyBuilder Balanced Y-ACC-GBP £ 0.59 - 0.00 2.72
EUR Accumulating Class (H) € 11.59 - 0.01 0.00 Janus Henderson Multi-Manager Income & Growth Fund A Inc 160.00 - 0.20 2.20
Ennismore European Smlr Cos NAV € 163.29 - 0.76 0.00
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 - MoneyBuilder Dividend Y-INC-GBP £ 1.18 - 0.00 3.49
EUR Distributing Class € 11.70 - 0.00 2.61 Janus Henderson Multi-Manager Managed Fund A Acc 320.50 - -0.50 0.16

Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 - MoneyBuilder Income Fund Y-ACC-GBP £ 14.63 - 0.01 2.95
EUR Distributing Class (H) € 8.91 - 0.00 2.67 Janus Henderson Multi-Manager Managed Fund A Inc 310.30 - -0.50 0.01

Arisaig Latin America Consumer Fund $ 27.11 - -0.02 0.00 Multi Asset Allocator Adventurous Fund Y-ACC-GBP £ 2.09 - -0.01 1.21
GBP Distributing Class £ 12.38 - -0.04 2.59 Janus Henderson Sterling Bond Unit Trust Acc 248.80 - 0.10 1.27
Multi Asset Allocator Defensive Fund Y-ACC-GBP £ 1.44 - 0.00 1.48
GBP Distributing Class (H) £ 9.41 - 0.00 2.67 Janus Henderson Sterling Bond Unit Trust Inc 69.62 - 0.02 1.28
Aegon Asset Management UK Investment Portfolios ICVC (UK) Multi Asset Allocator Growth Fund Y-ACC-GBP £ 1.88 - -0.01 1.29
3 Lochside Crescent, Edinburgh, EH12 9SA USD Accumulating Class $ 13.07 - 0.00 0.00 Fundsmith LLP (1200)F (UK) Janus Henderson Strategic Bond Fund A Inc 129.50 - -0.10 3.50
0800 358 3009 www.aegonam.com Multi Asset Income Fund W-INC-GBP £ 1.08 - 0.00 4.23 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Dodge & Cox Worldwide Funds plc-Global Stock Fund Janus Henderson UK & Irish Smaller Companies Fund A Acc 742.50 - -1.70 -
Authorised Funds www.fundsmith.co.uk, enquiries@fundsmith.co.uk
USD Accumulating Share Class $ 28.84 - 0.18 0.00 Multi Asset Allocator Strategic Fund Y-ACC-GBP £ 1.68 - 0.00 1.25 Authorised Inv Funds
Property Income B Acc 111.23 111.23 0.03 3.58 Ennismore European Smlr Cos Hedge Fd Janus Henderson UK Absolute Return Fund A Acc 167.00 - 0.20 0.00
Other International Funds Fundsmith Equity T Acc 584.87 - -1.73 0.32
GBP Accumulating Share Class £ 34.28 - 0.07 0.00 Multi Asset Open Advent W-ACC-GBP £ 1.71 - 0.00 0.97
Property Income B Inc 81.78 81.78 0.02 3.65 Janus Henderson UK Alpha Fund A Acc 167.60 - 0.20 0.28
NAV € 574.80 - 3.90 0.00
Multi Asset Open Defen W-ACC-GBP £ 1.41 - 0.01 0.25 Fundsmith Equity T Inc 534.64 - -1.58 0.32
GBP Distributing Share class £ 23.54 - 0.05 0.50
Janus Henderson UK Equity Income & Growth Fund A Inc 521.70 - 2.80 2.69
EUR Accumulating Share Class € 36.15 - 0.20 0.00 Multi Asset Open Growth Fund W-ACC-GBP £ 1.63 - 0.00 1.11
Janus Henderson UK Property PAIF A Acc £ 2.33 2.46 0.00 2.71
GBP Distributing Class (H) £ 13.95 - 0.08 0.36 Multi Asset Open Strategic Fund W-ACC-GBP £ 1.53 - 0.00 0.66
Janus Henderson UK Property PAIF A Inc £ 0.96 1.01 0.00 2.76
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Open World Fund W-ACC-GBP £ 2.15 - 0.00 0.99
Janus Henderson US Growth Fund A Acc 1782.00 - -16.00 0.00
Brooks Macdonald International Fund Managers Limited (JER) USD Accumulating Share Class $ 37.12 - 0.15 -
Strategic Bond Fund Y-ACC-GBP £ 1.38 - 0.00 2.30
5 Anley Street, St Helier, Jersey, JE2 3QE
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) GBP Accumulating Share Class £ 41.73 - 0.01 -
UK Opportunities Fund W-ACC-GBP 299.80 - 1.50 1.26
Brooks Macdonald International Investment Funds Limited
GBP Distributing Share Class £ 25.29 - 0.00 -
Aegon Asset Management Investment Company (Ireland) (IRL) Euro High Income € 1.5259 - 0.0007 2.50 Euronova Asset Management UK LLP (CYM) UK Smaller Companies W-ACC-GBP £ 3.40 - 0.02 0.41
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 EUR Accumulating Share Class € 40.18 - 0.14 - Regulated
GAM
Institutional OEIC Funds funds@gam.com, www.funds.gam.com
FCA Recognised High Income £ 0.8509 - 0.0016 3.77
Smaller Cos Cls One Shares € 59.48 - 1.50 0.00 America £ 8.18 - -0.05 0.30 Regulated
GBP Distributing Class (H) £ 15.26 - 0.06 0.54
Absolute Return Bond B GBP Acc 1165.84 - 0.56 1.61
Artemis Fund Managers Ltd (1200)F (UK) Sterling Bond £ 1.5717 - 0.0031 2.06 LAPIS GBL TOP 50 DIV.YLD-Na-D £ 108.52 - 0.39 3.01
57 St. James's Street, London SW1A 1LD 0800 092 2051 Smaller Cos Cls Two Shares € 38.47 - 0.87 0.00 Emerging Markets £ 6.67 - -0.04 0.37
High Yield Global Bond A GBP Inc 519.42 - 0.46 4.49 Brooks Macdonald International Multi Strategy Fund Limited
Authorised Inv Funds LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 108.84 - 0.47 0.67
Smaller Cos Cls Three Shares € 19.38 - 0.43 0.00 Europe (ex-UK) Fund ACC-GBP £ 7.46 - 0.00 0.54
High Yield Global Bond B GBP Inc 1114.94 - 1.08 5.23 Cautious Balanced Strategy £ 1.3825 - 0.0028 0.00
Artemis SmartGARP UK Eq I Acc 2003.69 - -1.04 - Kleinwort Hambros Bank Limited (UK)
Smaller Cos Cls Four Shares € 24.96 - 0.55 0.00 Fidelity Pre-Retirement Bond Fund £ 159.90 - 0.00 1.80 5TH Floor, 8 St James's Square, London, SW1Y 4JU
Global Equity Income B GBP Acc 2263.10 - -4.47 0.00 Growth Strategy £ 2.0687 - 0.0037 0.00
Artemis Corporate Bond I Acc 112.49 - 0.24 2.19 Dealing and enquiries: 033 0024 0785
High Growth Strategy £ 2.8980 - 0.0046 0.00 Global Focus £ 6.71 - -0.04 0.33 Authorised Inv Funds
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 Artemis SmartGARP Eur Eq I Acc 398.51 - -2.96 2.44 Unit Trust Manager/ACD - Host Capital
US$ Growth Strategy $ 2.0607 - 0.0111 0.00 Index Linked Bond Gross £ 4.50 - -0.01 0.11
lobal Equity Market Neutral Fund - B Acc GBP £ 12.35 - -0.03 0.00 Artemis European Opps I Acc 127.57 - 0.66 1.56 HC Kleinwort Hambros Growth A Acc 248.48 - 0.19 1.36
Dealing Daily. Initial charge up to 2% Japan £ 4.06 - -0.02 0.41
Global Sustainable Equity B Acc GBP £ 28.96 - -0.24 - Artemis SmartGARP GloEmr Eq I Acc 164.73 - -1.26 - HC Kleinwort Hambros Growth A Inc 225.43 - 0.17 1.38
Long Bond Gross £ 1.15 - 0.00 1.57
Tuesday 20 April 2021 ★ FINANCIAL TIMES 17

MANAGED FUNDS SERVICE

)XQG %LG 2IIHU  <LHOG )XQG %LG 2IIHU  <LHOG )XQG %LG 2IIHU  <LHOG )XQG %LG 2IIHU  <LHOG )XQG %LG 2IIHU  <LHOG )XQG %LG 2IIHU  <LHOG

+& .OHLQZRUW +DPEURV (TXLW\ ,QFRPH $ ,QF     2*02DVLV &UHVFHQW*OREDO0HGLXP(TXLW\)XQG86'&ODVV$6KDUHV'LVW      /) 5XIIHU -DSDQHVH 2 $FF ?    

+& .OHLQZRUW +DPEURV (TXLW\ ,QFRPH $ $FF

+& .OHLQZRUW +DPEURV 0XOWL $VVHW %DODQFHG $ $FF







 

 
2*02DVLV &UHVFHQW*OREDO3URSHUW\(TXLW\)XQG86'&ODVV$6KDUHV'LVW      /) 5XIIHU 3DFLILF (PHUJLQJ 0DUNHWV & $FF

/) 5XIIHU 3DFLILF (PHUJLQJ 0DUNHWV & ,QF







 

 
*XLGH WR 'DWD
+& .OHLQZRUW +DPEURV 0XOWL $VVHW %DODQFHG $ ,QF     /) 5XIIHU 3DFLILF (PHUJLQJ 0DUNHWV 2 $FF    
7KH IXQG SULFHV TXRWHG RQ WKHVH SDJHV DUH VXSSOLHG E\ WKH RSHUDWRU RI WKH UHOHYDQW
+& .OHLQZRUW +DPEURV )L[HG ,QFRPH $ $FF     /) 5XIIHU 7RWDO 5HWXUQ & $FF    
IXQG 'HWDLOV RI IXQGV SXEOLVKHG RQ WKHVH SDJHV LQFOXGLQJ SULFHV DUH IRU WKH
+& .OHLQZRUW +DPEURV )L[HG ,QFRPH $ ,QF     /) 5XIIHU 7RWDO 5HWXUQ & ,QF     SXUSRVH RI LQIRUPDWLRQ RQO\ DQG VKRXOG RQO\ EH XVHG DV D JXLGH 7KH )LQDQFLDO
0LOOWUXVW ,QWHUQDWLRQDO 0DQDJHG ,QYHVWPHQWV ,&$9 ,5/ 3ULYDWH )XQG 0JUV *XHUQVH\ /WG *6< 7RVFDIXQG $VVHW 0DQDJHPHQW //3
PLPL#PLOOWUXVWFRP    ZZZPLOOWUXVWFRP 5HJXODWHG /) 5XIIHU 7RWDO 5HWXUQ 2 $FF     ZZZWRVFDIXQGFRP 7LPHV /LPLWHG PDNHV QR UHSUHVHQWDWLRQ DV WR WKHLU DFFXUDF\ RU FRPSOHWHQHVV DQG
5HJXODWHG
0RQXPHQW *URZWK  e     /) 5XIIHU 7RWDO 5HWXUQ 2 ,QF     7RVFD $ 86'      WKH\ VKRXOG QRW EH UHOLHG XSRQ ZKHQ PDNLQJ DQ LQYHVWPHQW GHFLVLRQ
%ULWLVK ,QQRYDWLRQ )XQG e     2PQLD )XQG /WG
7RVFD 0LG &DS *%3 e    
2WKHU ,QWHUQDWLRQDO )XQGV
0$,  %X\ /HDVH $XVWUDOLD $     7KH VDOH RI LQWHUHVWV LQ WKH IXQGV OLVWHG RQ WKHVH SDJHV PD\ LQ FHUWDLQ
(VWLPDWHG 1$9      7RVFD 2SSRUWXQLW\ % 86'     
0$,  %X\ /HDVH 1HZ =HDODQG1=     MXULVGLFWLRQV EH UHVWULFWHG E\ ODZ DQG WKH IXQGV ZLOO QRW QHFHVVDULO\ EH DYDLODEOH WR
3HJDVXV )XQG /WG $ *%3 e    
0LOOWUXVW *OREDO (PHUJLQJ 0DUNHWV )XQG  &ODVV $     
SHUVRQV LQ DOO MXULVGLFWLRQV LQ ZKLFK WKH SXEOLFDWLRQ FLUFXODWHV 3HUVRQV LQ DQ\ GRXEW
VKRXOG WDNH DSSURSULDWH SURIHVVLRQDO DGYLFH 'DWD FROODWHG E\ 0RUQLQJVWDU )RU
/RWKEXU\ 3URSHUW\ 7UXVW 8. 7KH &OLPDWH ,PSDFW $VLD )XQG &ODVV $     
 %LVKRSVJDWH /RQGRQ (&0 74    
RWKHU TXHULHV FRQWDFW UHDGHUHQTXLULHV#IWFRP    
3URSHUW\ 2WKHU 8. 8QLW 7UXVWV
/RWKEXU\ 3URSHUW\ 7UXVW *%3 e     3UXVLN ,QYHVWPHQW 0DQDJHPHQW //3 ,5/ 5XEULFV *OREDO 8&,76 )XQGV 3OF ,5/ 7KH IXQG SULFHV SXEOLVKHG LQ WKLV HGLWLRQ DORQJ ZLWK DGGLWLRQDO LQIRUPDWLRQ DUH DOVR
(QTXLULHV     ZZZUXEULFVDPFRP
5HJXODWHG 5HJXODWHG
DYDLODEOH RQ WKH )LQDQFLDO 7LPHV ZHEVLWH ZZZIWFRPIXQGV 7KH IXQGV
2U\[ ,QWHUQDWLRQDO *URZWK )XQG /WG 3UXVLN $VLDQ (TXLW\ ,QFRPH % 'LVW      5XEULFV (PHUJLQJ 0DUNHWV )L[HG ,QFRPH 8&,76 )XQG      SXEOLVKHG RQ WKHVH SDJHV DUH JURXSHG WRJHWKHU E\ IXQG PDQDJHPHQW FRPSDQ\
2WKHU ,QWHUQDWLRQDO )XQGV
3UXVLN $VLD (PHUJLQJ 2SSRUWXQLWLHV )XQG $ $FF      5XEULFV *OREDO &UHGLW 8&,76 )XQG     
1$9 )XOO\ 'LOXWHG e     3ULFHV DUH LQ SHQFH XQOHVV RWKHUZLVH LQGLFDWHG 7KH FKDQJH LI VKRZQ LV WKH
3UXVLN $VLD )XQG 8 'LVW e     5XEULFV *OREDO )L[HG ,QFRPH 8&,76 )XQG     
0LOOWUXVW ,QWHUQDWLRQDO 0DQDJHG ,QYHVWPHQWV 63&
FKDQJH RQ WKH SUHYLRXVO\ TXRWHG ILJXUH QRW DOO IXQGV XSGDWH SULFHV GDLO\ 7KRVH
HP#PLOOWUXVWFRP    ZZZPLOOWUXVWFRP GHVLJQDWHG  ZLWK QR SUHIL[ UHIHU WR 86 GROODUV <LHOG SHUFHQWDJH ILJXUHV LQ
5HJXODWHG
7XHVGD\ WR 6DWXUGD\ SDSHUV DOORZ IRU EX\LQJ H[SHQVHV 3ULFHV RI FHUWDLQ ROGHU
0 * 6HFXULWLHV ) 8. 0LOOWUXVW $ODVND %UD]LO 63 $     
32 %R[  &KHOPVIRUG &0 ;)
LQVXUDQFH OLQNHG SODQV PLJKW EH VXEMHFW WR FDSLWDO JDLQV WD[ RQ VDOHV
0LOOWUXVW /DXULXP $IULFD 63 $     
ZZZPDQGJFRXNFKDULWLHV (QT'HDOLQJ   
$XWKRULVHG ,QY )XQGV
0LOOWUXVW 0DUFHOOXV ,QGLD )XQG      *XLGH WR SULFLQJ RI $XWKRULVHG ,QYHVWPHQW )XQGV FRPSLOHG ZLWK WKH
&KDULIXQG ,QF    
0LOOWUXVW 6LQJXODU $6($1 63 )RXQGHUV      DVVLVWDQFH RI WKH ,0$ 7KH ,QYHVWPHQW $VVRFLDWLRQ &DPRPLOH &RXUW  &DPRPLOH
&KDULIXQG $FF    
0LOOWUXVW 63$5; .RUHD (TXLW\ 63 $      3XULVLPD ,QYHVWPHQW )GV 8. ) 8. 7UR\ $VVHW 0JW  8. 6WUHHW /RQGRQ (&$ // 7HO    
6FRWWLVK )ULHQGO\ $VVHW 0DQDJHUV /WG 8.
0 * &KDULERQG &KDULWLHV )L[HG ,QWHUHVW )XQG &KDULERQG ,QF e      *UHVKDP 6WUHHW /RQGRQ (&9 14  *UHVKDP 6WUHHW /RQGRQ (&9 14
6FRWWLVK )ULHQGO\ +VH  %O\WKVZRRG 6T *ODVJRZ * +-   
0LOOWUXVW 97% 5XVVLD )XQG 63      2UGHU 'HVN DQG (QTXLULHV    2UGHU 'HVN DQG (QTXLULHV   
$XWKRULVHG ,QY )XQGV
0 * &KDULERQG &KDULWLHV )L[HG ,QWHUHVW )XQG &KDULERQG $FF e     $XWKRULVHG ,QY )XQGV $XWKRULVHG ,QY )XQGV 2(,& 2SHQ(QGHG ,QYHVWPHQW &RPSDQ\ 6LPLODU WR D XQLW WUXVW EXW XVLQJ D
0LOOWUXVW ;LQJWDL &KLQD 63 $      0DQDJHG *URZWK Ƈ     $XWKRULVHG &RUSRUDWH 'LUHFWRU  /LQN )XQG 6ROXWLRQV
$XWKRULVHG &RUSRUDWH 'LUHFWRU  /LQN )XQG 6ROXWLRQV FRPSDQ\ UDWKHU WKDQ D WUXVW VWUXFWXUH
0 * &KDULW\ 0XOWL $VVHW )XQG ,QF e     7URMDQ ,QYHVWPHQW )XQGV
*OREDO 7RWDO )G 3&* $     8. *URZWK Ƈ    
0 * &KDULW\ 0XOWL $VVHW )XQG $FF e     6SHFWUXP )XQG 2 $FF    
*OREDO 7RWDO )G 3&* %     'LIIHUHQW VKDUH FODVVHV DUH LVVXHG WR UHIOHFW D GLIIHUHQW FXUUHQF\ FKDUJLQJ
6SHFWUXP )XQG 2 ,QF    
*OREDO 7RWDO )G 3&* ,17     VWUXFWXUH RU W\SH RI KROGHU
7URMDQ (WKLFDO 2 $FF    

2UELV ,QYHVWPHQWV 8. /LPLWHG *%5

7URMDQ (WKLFDO 2 ,QF     6HOOLQJ SULFH $OVR FDOOHG ELG SULFH 7KH SULFH DW ZKLFK XQLWV LQ D XQLW WUXVW DUH
 'RUVHW 6TXDUH /RQGRQ 1: 4* 7URMDQ (WKLFDO ,QFRPH 2 $FF     VROG E\ LQYHVWRUV

6ODWHU
ZZZRUELVFRP   
0LQLVWU\ RI -XVWLFH &RPPRQ ,QYHVWPHQW )XQGV 8. 5HJXODWHG 7URMDQ (WKLFDO ,QFRPH 2 ,QF    
3URSHUW\ 2WKHU 8. 8QLW 7UXVWV %X\LQJ SULFH $OVR FDOOHG RIIHU SULFH 7KH SULFH DW ZKLFK XQLWV LQ D XQLW WUXVW DUH
,QYHVWPHQWV
2UELV 2(,& *OREDO &DXWLRXV 6WDQGDUG e    
7URMDQ )XQG 2 $FF    
00,3 ,QYHVWPHQW 0DQDJHPHQW /LPLWHG *6<
7KH (TXLW\ ,G[ 7UDFNHU )G ,QF    
2UELV 2(,& *OREDO %DODQFHG 6WDQGDUG e    
ERXJKW E\ LQYHVWRUV ,QFOXGHV PDQDJHUÜV LQLWLDO FKDUJH
5HJXODWHG 'LVWULEXWLRQ 8QLWV 7URMDQ )XQG 2 ,QF    
0XOWL0DQDJHU ,QYHVWPHQW 3URJUDPPHV 3&& /LPLWHG 2UELV 2(,& *OREDO (TXLW\ 6WDQGDUG e    
3XULVLPD ,QYHVWPHQW )GV &, /WG -(5 7URMDQ *OREDO (TXLW\ 2 $FF     6LQJOH SULFH %DVHG RQ D PLGPDUNHW YDOXDWLRQ RI WKH XQGHUO\LQJ LQYHVWPHQWV 7KH
8. (TXLW\ )G &O $ 6HULHV  e     5HJXODWHG
2UELV 2(,& 8. (TXLW\ 6WDQGDUG e    
7URMDQ *OREDO (TXLW\ 2 ,QF     EX\LQJ DQG VHOOLQJ SULFH IRU VKDUHV RI DQ 2(,& DQG XQLWV RI D VLQJOH SULFHG XQLW WUXVW
'LYHUVLILHG $EVROXWH 5WQ )G 86' &O $)      3&* % ?    
7URMDQ *OREDO ,QFRPH 2 $FF     DUH WKH VDPH
'LYHUVLILHG $EVROXWH 5HWXUQ 6WOJ &HOO $) e     3&* & ?    
7URMDQ *OREDO ,QFRPH 2 ,QF    
*OREDO (TXLW\ )XQG $ /HDG 6HULHV e     7UHDWPHQW RI PDQDJHUÜV SHULRGLF FDSLWDO FKDUJH 7KH OHWWHU & GHQRWHV WKDW
7URMDQ ,QFRPH 2 $FF    
WKH WUXVW GHGXFWV DOO RU SDUW RI WKH PDQDJHUÜVRSHUDWRUÜV SHULRGLF FKDUJH IURP
7URMDQ ,QFRPH 2 ,QF    
0LUDEDXG $VVHW 0DQDJHPHQW /8; 6ODWHU ,QYHVWPHQWV /WG 8. FDSLWDO FRQWDFW WKH PDQDJHURSHUDWRU IRU IXOO GHWDLOV RI WKH HIIHFW RI WKLV FRXUVH RI
ZZZVODWHULQYHVWPHQWVFRP 7HO   
ZZZPLUDEDXGFRP PDUNHWLQJ#PLUDEDXGDPFRP DFWLRQ
&RQYLFWLRQ EDVHG LQYHVWPHQW YHKLFOHV GHWDLOV DYDLODEOH KHUH ZZZPLUDEDXGDPFRP )&$ 5HFRJQLVHG
5HJXODWHG 6ODWHU *URZWK    
0LU  *OE 6WUDW %G , 86'      ([LW &KDUJHV 7KH OHWWHU ( GHQRWHV WKDW DQ H[LW FKDUJH PD\ EH PDGH ZKHQ \RX
6ODWHU ,QFRPH $ ,QF    
0LU  'LVF(XU ' &DS *%3 e    
VHOO XQLWV FRQWDFW WKH PDQDJHURSHUDWRU IRU IXOO GHWDLOV
6ODWHU 5HFRYHU\    

0DUOERURXJK )G 0DQDJHUV /WG ) 8.

0DUOERURXJK +RXVH  &KRUOH\ 1HZ 5RDG %ROWRQ %/ 43   
6ODWHU $UWRULXV     7LPH 6RPH IXQGV JLYH LQIRUPDWLRQ DERXW WKH WLPLQJ RI SULFH TXRWHV 7KH WLPH
ZZZPDUOERURXJKIXQGVFRP VKRZQ DORQJVLGH WKH IXQG PDQDJHUÜVRSHUDWRUÜV QDPH LV WKH YDOXDWLRQ SRLQW IRU
$XWKRULVHG ,QY )XQGV 8QLFRUQ $VVHW 0DQDJHPHQW /WG 8.
32 %R[  &KHOPVIRUG (VVH[ &0 3'    WKHLU XQLW WUXVWV2(,&V XQOHVV DQRWKHU WLPH LV LQGLFDWHG E\ WKH V\PERO DORQJVLGH
%DODQFHG    
$XWKRULVHG ,QY )XQGV
WKH LQGLYLGXDO XQLW WUXVW2(,& QDPH
%RQG ,QFRPH     8. *URZWK $ ,QF    

&DXWLRXV ,QF     0DVWHUWUXVW $ ,QF ? )    
3ODWLQXP &DSLWDO 0DQDJHPHQW /WG 7KH V\PEROV DUH DV IROORZV ᅧ  WR  KRXUV Ƈ  WR  KRXUV Ÿ
2WKHU ,QWHUQDWLRQDO )XQGV
(PHUJLQJ 0DUNHWV     8. *URZWK % ,QF    
3ODWLQXP $OO 6WDU )XQG  $     
 WR  KRXUV   WR PLGQLJKW 'DLO\ GHDOLQJ SULFHV DUH VHW RQ WKH EDVLV RI
5DP $FWLYH ,QYHVWPHQWV 6$
(7) &RPPRGLW\ $    
ZZZUDPDLFRP
0DVWHUWUXVW % ,QF ? )     WKH YDOXDWLRQ SRLQW D VKRUW SHULRG RI WLPH PD\ HODSVH EHIRUH SULFHV EHFRPH
3ODWLQXP *OREDO *URZWK 8&,76 )XQG     
(XURSHDQ 0XOWL&DS     2WKHU ,QWHUQDWLRQDO )XQGV 2XWVWDQGLQJ %ULWLVK &RV $ $FF ? )     DYDLODEOH +LVWRULF SULFLQJ 7KH OHWWHU + GHQRWHV WKDW WKH PDQDJHUVRSHUDWRUV ZLOO
3ODWLQXP (VVHQWLDO 5HVRXUFHV 8&,76 )XQG 6,&$9 86' &ODVV (     
([WUD ,QFRPH    
5$0 6\VWHPDWLF (PHUJ 0DUNHWV (T     
2XWVWDQGLQJ %ULWLVK &RV % $FF ? )    
QRUPDOO\ GHDO RQ WKH SULFH VHW DW WKH PRVW UHFHQW YDOXDWLRQ 7KH SULFHV VKRZQ DUH
3ODWLQXP *OREDO 'LYLGHQG 8&,76 )XQG      5$0 6\VWHPDWLF (XURSHDQ (T é     WKH ODWHVW DYDLODEOH EHIRUH SXEOLFDWLRQ DQG PD\ QRW EH WKH FXUUHQW GHDOLQJ OHYHOV
)DU (DVW *URZWK $ ,QF     8. 6PDOOHU &RV $ ,QF ? )    
5$0 6\VWHPDWLF )XQGV *OREDO 6XVWDLQDEOH ,QFRPH (T      EHFDXVH RI DQ LQWHUYHQLQJ SRUWIROLR UHYDOXDWLRQ RU D VZLWFK WR D IRUZDUG SULFLQJ
*OREDO     8. 6PDOOHU &RV % ,QF ? )    
EDVLV 7KH PDQDJHUVRSHUDWRUV PXVW GHDO DW D IRUZDUG SULFH RQ UHTXHVW DQG PD\
5$0 6\VWHPDWLF *OREDO (T 6XVWDLQDEOH $OSKD     
*OREDO %RQG ,QF     8. ,QFRPH $ $FF ? )     PRYH WR IRUZDUG SULFLQJ DW DQ\ WLPH )RUZDUG SULFLQJ 7KH OHWWHU ) GHQRWHV WKDW WKDW
5$0 6\VWHPDWLF /RQJ6KRUW (XURSHDQ (T é    
+LJK <LHOG )L[HG ,QWHUHVW     8. ,QFRPH $ ,QF ? )     PDQDJHUVRSHUDWRUV GHDO DW WKH SULFH WR EH VHW DW WKH QH[W YDOXDWLRQ
1HZ &DSLWDO 8&,76 )XQG 3/& ,5/
5$0 6\VWHPDWLF 86 6XVWDLQDEOH (T     
0XOWL &DS ,QFRPH $ ,QF     /HFRQILHOG +RXVH &XU]RQ 6WUHHW /RQGRQ :- -% 8. ,QFRPH % $FF ? )    
ZZZQHZFDSLWDOIXQGVFRP
)&$ 5HFRJQLVHG
5$0 7DFWLFDO *OREDO %RQG 7RWDO 5HWXUQ é     6WRQHKDJH )OHPLQJ ,QYHVWPHQW 0DQDJHPHQW /WG ,5/ ,QYHVWRUV FDQ EH JLYHQ QR GHILQLWH SULFH LQ DGYDQFH RI WKH SXUFKDVH RU VDOH EHLQJ
1DQR&DS *URZWK $ $FF     8. ,QFRPH % ,QF ? )    
ZZZVWRQHKDJHIOHPLQJFRPJEL
1HZ &DSLWDO 8&,76 )XQGV 5$0 7DFWLFDO ,, $VLD %RQG 7RWDO 5HWXUQ      HQTXLULHV#VWRQHKDJHIOHPLQJFRP
FDUULHG RXW 7KH SULFHV DSSHDULQJ LQ WKH QHZVSDSHU DUH WKH PRVW UHFHQW SURYLGHG
6SHFLDO 6LWXDWLRQV $ $FF    
1HZ &DSLWDO &KLQD (TXLW\ )XQG      5HJXODWHG E\ WKH PDQDJHUVRSHUDWRUV 6FKHPH SDUWLFXODUV SURVSHFWXV NH\ IHDWXUHV DQG
8. 0XOWL&DS *URZWK $ ,QF    
1HZ &DSLWDO '\QDPLF (XURSHDQ (TXLW\ )XQG é    
6) *OREDO %HVW ,GHDV (T % 86' $&&      UHSRUWV 7KH PRVW UHFHQW SDUWLFXODUV DQG GRFXPHQWV PD\ EH REWDLQHG IUHH RI
8. 0LFUR &DS *URZWK $    
1HZ &DSLWDO '\QDPLF 8. (TXLW\ )XQG e    
6) *OREDO %HVW ,GHDV (T ' *%3 ,1& e     FKDUJH IURP IXQG PDQDJHUVRSHUDWRUV ,QGLFDWHV IXQGV ZKLFK GR QRW SULFH RQ
86 0XOWL&DS ,QFRPH     )ULGD\V
1HZ &DSLWDO *OREDO $OSKD )XQG e    
0)0  7KLUG 3DUW\ )XQGV
1HZ &DSLWDO *OREDO (TXLW\ &RQYLFWLRQ )XQG     
-XQLRU 2LOV     &KDUJHV IRU WKLV DGYHUWLVLQJ VHUYLFH DUH EDVHG RQ WKH QXPEHU RI OLQHV SXEOLVKHG
1HZ &DSLWDO *OREDO 9DOXH &UHGLW )XQG      DQG WKH FODVVLILFDWLRQ RI WKH IXQG 3OHDVH FRQWDFW GDWD#IWFRP RU FDOO  
-XQLRU *ROG & $FF     :$ )L[HG ,QFRPH )XQG 3OF ,5/
5HJXODWHG
0)0 %RZODQG    
1HZ &DSLWDO -DSDQ (TXLW\ )XQG g     5/80 /WG 8.   IRU IXUWKHU LQIRUPDWLRQ
WK )ORRU &KXUFKJDWH +RXVH  2[IRUG 6WUHHW 0DQFKHVWHU 0 (8   (XURSHDQ 0XOWL6HFWRU é    
1HZ &DSLWDO 86 *URZWK )XQG      3RODU &DSLWDO )XQGV 3OF ,5/ $XWKRULVHG ,QY )XQGV
0)0 +DWKDZD\ ,QF    
5HJXODWHG 5R\DO /RQGRQ 6XVWDLQDEOH 'LYHUVLILHG $ ,QF e    
1HZ &DSLWDO 86 6PDOO &DS *URZWK )XQG     
0)0 7HFKLQYHVW 6SHFLDO 6LWXDWLRQV $FF     $XWRPDWLRQ $UWLILFLDO ,QWHOOLJHQFH &/ , 86' $FF      7KHVLV 8QLW 7UXVW 0DQDJHPHQW /LPLWHG 8.

0)0 7HFKLQYHVW 7HFKQRORJ\ $FF    

1HZ &DSLWDO :HDOWK\ 1DWLRQV %RQG )XQG     
5R\DO /RQGRQ 6XVWDLQDEOH :RUOG $ ,QF     ([FKDQJH %XLOGLQJ 6W -RKQV 6WUHHW &KLFKHVWHU :HVW 6XVVH[ 32 83 'DWD 3URYLGHG E\
$VLDQ )LQDQFLDOV , 86'      $XWKRULVHG )XQGV
5R\DO /RQGRQ &RUSRUDWH %RQG 0WK ,QFRPH    
0)0 8. 3ULPDU\ 2SSRUWXQLWLHV $ ,QF     %LRWHFKQRORJ\ , 86'      70 1HZ &RXUW )XQG $  ,QF e    
5R\DO /RQGRQ (XURSHDQ *URZWK 7UXVW    
(PHUJLQJ 0DUNHW 6WDUV , 86' $FF      70 1HZ &RXUW )XQG  $  $FF e    
5R\DO /RQGRQ 6XVWDLQDEOH /HDGHUV $ ,QF    
(XURSHDQ ([ 8. ,QF (85 $FF é     70 1HZ &RXUW (TXLW\ *URZWK )XQG  ,QF e    
5R\DO /RQGRQ 8. *URZWK 7UXVW    
)LQDQFLDO 2SSV , 86'     
=DGLJ *HVWLRQ 0HPQRQ )XQG /8;
5R\DO /RQGRQ 8. ,QFRPH :LWK *URZWK 7UXVW     )&$ 5HFRJQLVHG
*(0 ,QFRPH , 86'     
5R\DO /RQGRQ 86 *URZWK 7UXVW    
0HPQRQ (XURSHDQ )XQG  &ODVV 8 *%3 e     ZZZPRUQLQJVWDUFRXN
*OREDO &RQYHUWLEOH , 86'      'DWD DV VKRZQ LV IRU LQIRUPDWLRQ SXUSRVHV RQO\ 1R RIIHU LV PDGH E\ 0RUQLQJVWDU RU WKLV SXEOLFDWLRQ
$GGLWLRQDO )XQGV $YDLODEOH
3OHDVH VHH ZZZUR\DOORQGRQFRP IRU GHWDLOV
*OREDO ,QVXUDQFH , *%3 e    
0DUZ\Q $VVHW 0DQDJHPHQW /LPLWHG &<0
5HJXODWHG *OREDO 7HFKQRORJ\ , 86'     
0DUZ\Q 9DOXH ,QYHVWRUV e    
+HDOWKFDUH %OXH &KLS )XQG , 86' $FF     

+HDOWKFDUH 2SSV , 86'     

,QFRPH 2SSRUWXQLWLHV % , *%3 $FF e    

-DSDQ 9DOXH , -3< g    

1RUWK $PHULFDQ , 86'      5XIIHU //3 ) 8.
2DVLV &UHVFHQW 0DQDJHPHQW &RPSDQ\ /WG  *UHVKDP 6WUHHW /RQGRQ (&9 14
2WKHU ,QWHUQDWLRQDO )XQGV 8. 9DO 2SS , *%3 $FF e     2UGHU 'HVN DQG (QTXLULHV   
2DVLV &UHVFHQW (TXLW\ )XQG 5     $XWKRULVHG ,QY )XQGV
0F,QUR\ :RRG 3RUWIROLRV /LPLWHG 8. $XWKRULVHG &RUSRUDWH 'LUHFWRU  /LQN )XQG 6ROXWLRQV
(DVWHU $OGHUVWRQ +DGGLQJWRQ (+ 6)   /) 5XIIHU (XURSHDQ & $FF    
$XWKRULVHG ,QY )XQGV
7RVFDIXQG $VVHW 0DQDJHPHQW //3 8.
%DODQFHG )XQG 3HUVRQDO &ODVV 8QLWV [G    /) 5XIIHU (XURSHDQ & ,QF    
ZZZWRVFDIXQGFRP
$XWKRULVHG )XQGV
,QFRPH )XQG 3HUVRQDO &ODVV 8QLWV [G    /) 5XIIHU (XURSHDQ 2 $FF    
$SWXV *OREDO )LQDQFLDOV % $FF e    
(PHUJLQJ 0DUNHWV )XQG 3HUVRQDO &ODVV 8QLWV [G    /) 5XIIHU (TXLW\ *HQHUDO & $FF    
$SWXV *OREDO )LQDQFLDOV % ,QF e    
6PDOOHU &RPSDQLHV )XQG 3HUVRQDO &ODVV 8QLWV [G    /) 5XIIHU (TXLW\ *HQHUDO & ,QF    
3RODU &DSLWDO //3 &<0
5HJXODWHG /) 5XIIHU (TXLW\ *HQHUDO 2 $FF    
2*0 2DVLV &UHVFHQW *OREDO ,QYHVWPHQW )XQGV 8. ,&9& 8.
5HJXODWHG (XURSHDQ )RUDJHU $ (85 é     /) 5XIIHU (TXLW\ *HQHUDO 2 ,QF    
2*02DVLV &UHVFHQW*OREDO6KRUW7HUP,QFRPH)XQG86'&ODVV$6KDUHV'LVW     
/) 5XIIHU *ROG & $FF    
2*0 2DVLV &UHVFHQW *OREDO (TXLW\ )XQG 86' &ODVV $ 6KDUHV 'LVW     
/) 5XIIHU *ROG & ,QF    
2*0 2DVLV &UHVFHQW 9DULDEOH )XQG *%3 &ODVV $ 6KDUHV 'LVW e    
/) 5XIIHU *ROG 2 $FF    
2*0 2DVLV &UHVFHQW *OREDO ,QFRPH )XQG 86' &ODVV $ 6KDUHV 'LVW     
/) 5XIIHU -DSDQHVH & ,QF    
2*0 2DVLV &UHVFHQW *OREDO /RZ (TXLW\ )XQG 86' &ODVV ' 6KDUHV 'LVW     
/) 5XIIHU -DSDQHVH & $FF    
18
The poet is guest director of
the first UK public arts festival
to be held since the pandemic.
He talks to Alison Thomson
I
f you’ve read his 2019 memoir
My Name Is Why, it’s hard when you
meet Lemn Sissay not to feel an
immediate connection with him, to
feel as if you know him. After all, he
has shared so much of his traumatic
childhood — in foster care from the age
of 12 after his Ethiopian mother was
forced to give him up, and then at the
hands of four different care homes until
he was 18.
But then, as now, there’s not a shred of
self-pity, and Sissay, a poet, writer and
broadcaster, who was awarded an MBE
for services to literature in 2010 and
became chancellor of Manchester Uni-
versity in 2015, speaks with disarming
honesty. He’s also bouncing with an
energy that the comedian Steve Coogan,
an old friend from his days in 1980s
Manchester as a performer and activist,
once described as “almost manic”.
We are meeting to talk about Brighton
Festival, which opens on May 1. Sissay
was due to be guest director of the 2020
event, which was cancelled for obvious
reasons, and he is reprising his role with
an almost entirely new line-up. The first
UK public arts festival to be held since
the pandemic, it comprises 94 events,
some of which, assuming a further eas-
ing of lockdown rules on May 17, will be
held indoors.
The theme is care, and what could be
more topical? And for Sissay it has par-
ticular resonance: he once described
care as “a one-word oxymoron”.
“Care is a one-word oxymoron,”
he says emphatically. “At least, in
my case it was. But there’s a lot of care
that works. Take Jackie Kay, the makar
[poet laureate] of Scotland — she
was adopted, and care worked for
her. It’s just that when it doesn’t, it’s
pretty catastrophic.”
Care in the NHS features on the
Brighton Festival programme in the
form of a discussion between Sissay and
fellow poet Michael Rosen. A former
guest director of the festival, Rosen
recently published a book about the
care he received in the hospital where
he spent several weeks recovering
from Covid-19.
The big difference between last year’s
Lemn Sissay
lights up
Brighton
Main: Lemn Sissay,
Brighton Festival’s guest
director and author of
‘My Name is Why’.
Top right: ‘Points of
Departure’ by Ray Lee
Jamie MacMillian; Roy Riley,
planned programme and this one is the
live element. Last year would have
included many performers from Africa
— Amadou and Mariam from Mali, Ethi-
opian jazzmen from Sissay’s mother’s
homeland among them. Has he felt
compromised putting together some of
this year’s events virtually?
“There is no virtual reality at this
time,” he says. “There is only reality.
Our lives are online, and that’s an
★ FINANCIAL TIMES
ARTS
emotional connection as much as a
work connection.”
Given that we are, of course, meeting
remotely, it’s an interesting point. “This
year we’ve held all our festival meetings
on Zoom,” he says, “which I think is a
real medium. You get to come into my
place. That’s quite a thing.”
Sissay is hosting an event, “Tell Me
Something About Family”, in which he
invites audiences to reveal something
about themselves. Reprised from the
2020 festival (one of the few events that
is), it will now take place virtually. “It’s a
really good example of where the online
world meets the offline world — it’s
where they embrace.”
Given his past, family is a topic that
gets raised time and again. Isn’t he wor-
ried that it could open up a whole can of
worms? “I’m really looking forward to
it,” he insists. “I genuinely want to know
about family from the inside. I’m
pleased it’s online, although I was look-
ing forward to seeing people eye to eye
and hearing testimony and humour —
it doesn’t have to be sad. It could be your
favourite holiday as a child, or your
favourite Christmas present, or a saying
your grandad said that you thought eve-
rybody else used, but nobody does.”
His plan is to write something
inspired by it. “I’ll interweave the sto-
ries and produce a poem. We’re also
building an online map where people
can stick a pin in and say they’ve spoken
— they can do it anonymously if they
want — and we’re hoping to light up the
world with stories about family.”
He is also excited to see Ray Lee’s
“Points of Departure”, a light-sculpture
park in the industrial wastes of Shore-
ham Port. “It says everything about the
festival — get outside, go at night, see
something you’ve never seen before
against the night sky and bathe in won-
der. We need those experiences.”
Other events he picks out include
“Herstory”, an audio-storytelling expe-
rience that will take place across the
city, celebrating unseen women in local
history. “Yolk and Aliens” comprises
three films about family by Jane Hor-
rocks, who is taking over a retail space in
the Lanes to use as a “memory shop”.
Meanwhile, festival stalwarts Blast The-
ory return with an app-based immer-
sive experience called “Rider Spoke”, in
which the “audience” searches hidden
corners of Brighton by bicycle to find
the perfect spot to hide a secret.
Premieres aplenty and one jumbo flute
Orchestras on both sides of the
Atlantic present new works
that are available to view
online. By Richard Fairman
I
t is going to take a long time for the
impact of the pandemic to work its
way through the whole ecosystem
of the arts. Composers, for exam-
ple, generally get paid for their per-
formances from the previous year, so
they have not been so badly affected yet,
but what happens next year?
At that point they will be grateful for
any online exposure during lockdown.
Fortunately, many orchestras have been
keen to feature contemporary music,
probably in the belief that music online
draws a different, younger audience, so
all has not been lost. The past weekend
(April 17-18) drew a strong showing of
new music on both sides of the Atlantic.
In Manchester, the Hallé Orchestra
presented the most substantial of this
clutch of premieres with Huw Watkins’s
Symphony No.2, a joint Hallé commis-
sion. Composed during lockdown, it is
anything but a morbid piece about isola-
tion. Watkins’s uplifting music feels
fresh and new without rewriting the
symphonic rule book (Sibelius, Walton
and Vaughan Williams come to mind).
Flickering impressionist detail grows
in mass to be crowned by a blaze of
socially-distanced brass from the choir
seats. The slow movement plumbs a
sense of deep contentment which feels
very English. The Hallé concert, on
demand for three months until July 15
(donations invited), also includes Rach-
maninov’s Rhapsody on a Theme of
Paganini from sparkling soloist Stephen
Hough and conductor Mark Elder.
The power of the tide in Emily Dickin-
Another highlight is “Arrivals +
Departures”, an artwork by Yara +
Davina, in which the public contribute
the names of arrivals (births)
and departures (deaths) that are
then screened on what looks like an air-
port board.
It’s only on until the end of the first
week, after which Sissay will be filmed
on a British Airways “flight” in
Brighton’s i360 viewing tower, reading
out some of the entries.
Unsurprisingly, the written and spo-
ken word feature heavily on the
programme. Sissay has invited Jacque-
line Wilson to do an online talk — the
children’s author whose most famous
creation, Tracy Beaker, grows up in
care, while The Dumping Ground, now in
its ninth series, recounts the lives of a
group of young people in a care home.
“She has started a whole cultural
‘Arrivals + Departures’, an artwork by Yara + Davina — Tom McClaughlan and the artists
son’s poem “By the Sea” inspired Anna
Clyne’s latest work, Overflow. Like Wat-
kins’s symphony, it fills a conventional
vessel with swirling eddies of new
sounds, interspersed from time to time
with Stravinsky-like rhythmical pas-
sages. Written for double wind quintet,
it makes an effervescent centrepiece for
a lively wind recital by members of the
Scottish Chamber Orchestra. Caplet and
Dvorák are also on the programme,
which is on demand until July 15.
From the open plains of Montana, the
Tippet Rise Art Center’s spring festival
is now complete, free on demand until
April 25, then on YouTube. One of the
highlights was the premiere of The
Haunted Orchard, a new work for flute
and electronics by Bora Yoon — provid-
ing a 15-minute solo spot for flautist
Claire Chase. She teases a virtuoso dis-
play of sounds from an array of flutes,
including one whopper that is bigger
than she is — and, with the help of the
Tuesday 20 April 2021
‘A festival is a giant
playground, asking
people to remember
when you used to play’
phenomenon about young people in
care,” Sissay says.
As a Booker Prize judge last year, he
has tapped into the list of authors
who took part, including American
Kiley Reid, author of Such a Fun Age,
as well as Ethiopian-born Maaza
Mengiste, who is part of the festival lit-
erature programme.
How was it being a Booker judge?
“Horrendous!” he leans back with a
deep laugh. “No, in fact, it got me
through the first six months of lock-
down.” As we discuss the Booker win-
ner, Douglas Stuart, author of Shuggie
Bain, his grin is replaced with a look of
pain. “Why didn’t I invite Shuggie Bain?
Oh well, he has enough gigs going on
right now.”
Sissay speaks about Brighton Festival
with an almost childlike wonder. “A fes-
tival is a giant playground, asking peo-
ple to remember when you used to play,
when you used to run into the play-
ground and do stuff. It’s a giant arch, and
it has lights on, and it’s got sound, and
songs, and testimonies, and we’re going
to walk through that arch into a post-
pandemic world that’s in full colour.”
It’s an uplifting metaphor, and going
through that arch is something we can
all look forward to.
May 1-31, brightonfestival.org
electronics, an exotic forest comes to
life. Alongside, Richard Goode plays
Bach and Brahms, and Tyler Duncan
sings a mixed bag of songs.
The long weekend spring festival of
the enterprising Louth Contemporary
Music Society in Ireland also has its full
programme free online. Among some
experimental offerings comes the pre-
miere of a new work by Kevin Volans,
Lenguas de Fuego.
The title is taken from the Acts of the
Apostles (“And there appeared unto
them cloven tongues like as of fire”),
and has inspired music like a babble of
languages. Only six instruments are
involved, but they do the work of a mul-
titude. Volans was the Saturday matinee
and it is just a shame we do not get the
traditional free scones, a mark of the
festival’s Irish hospitality.
halle.co.uk; sco.org.uk; tippetrise.org;
louthcms.org
Virtuoso
display: flautist
Claire Chase
Tuesday 20 April 2021 ★ FINANCIAL TIMES 19

FT BIG READ. WIRECARD

As a parliamentary investigation reaches its climax — with the appearance of Angela Merkel and Olaf
Scholz this week — MPs are asking why Germany’s establishment was taken in by the collapsed group.
By Guy Chazan and Olaf Storbeck

I
t was an innocuous question, posed
shortly before midnight some nine
hours into an exhausting parlia-
mentary hearing into the Wirecard
scandal.
“Did you ever actually own Wirecard
shares?” Cansel Kiziltepe, the Social
Democrat MP, asked Ralf Bose, head of
Germany’s auditor watchdog Apas. His
answer caused a political earthquake
and brought an abrupt end to his more
than 30-year career.
A former partner at KPMG, Bose ran a
government agency that is normally
protected from public scrutiny by
stringent secrecy laws. But those laws do
not apply to the Bundestag’s inquiry
into Wirecard. Bose disclosed that he
had bought and sold the company’s
stock while Apas was investigating its
auditor EY. Just hours later the German
government started to probe the trans-
actions. And within a matter of weeks
Bose had been fired.
His late-night admission last Decem-
ber was one of the high points of an
inquiry that has electrified Berlin’s
political class and led to a swath of resig-
nations among top regulators and finan-
cial executives.
“[With Bose] it was one of those
moments when you knew there and
then that this person would have to go,”
says Matthias Hauer, one of the MPs
leading the probe.
Constituted last October, the inquiry’s
overriding objective is to find out why
German regulators failed to spot one of
the country’s worst ever cases of corpo-
rate fraud and take steps to prevent it —
and to figure out how to stop it happen-
ing again. German authorities seemed
blindsided when Wirecard announced
last June that €1.9bn was missing from

Wirecard exposes German elites

its accounts and days later collapsed
into insolvency.
The inquiry reaches an emotional cli-
max this week when MPs interrogate
Germany’s two most powerful politi-
cians — Angela Merkel, the veteran
chancellor, and finance minister Olaf
Scholz. Coming just five months before
a national election — and at an extraor-
dinarily fluid time in German politics —
the encounters could shape the political
debate for weeks to come.
MPs will want to know why Merkel
lobbied for Wirecard in China when
reports about suspected fraud at the
company had been in the public domain
for months. Scholz will be asked to
explain how BaFin, the financial regula-
tor he oversees, not only failed to
uncover the fraud but went after short-
sellers and Financial Times journalists
who first highlighted irregularities at
the company.
Scholz, who is running as the Social
Democrats’ candidate for chancellor in
September’s election, has placed the
bulk of the blame on Wirecard’s audi-
tors. He has also sought to appease his
critics by initiating a wide-ranging
reform of financial regulation in Ger-
many, substantially beefing up BaFin’s
powers and poaching Mark Branson,
the respected head of Swiss regulator
Finma, as its new head.
But that hasn’t dispelled lingering
criticism of his ministry’s inaction
before Wirecard’s collapse. Lisa Paus,
one of the Green MPs on the inquiry,
says Scholz was driven by a desire to
nurture one of Germany’s rare exam-
ples of high-tech success. “You have this
impression that this was an emerging
Dax company that the finance ministry
wanted to somehow protect,” she says.
“At all the critical junctures they
decided in favour of Wirecard.”
The inquiry has already provided
moments of high drama. MPs have
expressed amazement at the scale of the
Wirecard lobbying operation, with
its network of former police chiefs,
ministers and spymasters, and at reve-
lations that BaFin employees traded
Wirecard shares while the company
was under investigation. They also
expressed shock at the fanciful stories
cooked up by Wirecard lawyers alleging
journalists’ attempts to blackmail the
company.
“The lockdown may have shut down
all the theatres in Germany, but this
inquiry has compensated for that in
full,” says Michael Maier, a veteran Aus-
tro-German journalist and publisher of
the Berliner Zeitung newspaper.
It will be many weeks before the com-
mittee’s members compile their final
report, which needs to be published by
the end of the parliamentary term in
September. But one thing is already
clear, MPs say: that the Wirecard scan-
dal could have been prevented if author-
ities such as BaFin had not ignored the
profusion of warning signs about the
company’s suspicious behaviour.
“We can say today that there were
compelling, substantiated indications
of criminal activity at Wirecard, for our
authorities, for BaFin, for prosecutors in
Munich, for other supervisory agencies
and also for politicians sitting in the
finance ministry,” says MP Florian Ton-
car, of the opposition Free Democrats.
‘The fact that Yet these were not acted upon. On the course there’s Bose, the former head of department show “that he dreamt up Germany’s two FREP’s woes climaxed earlier this
contrary, “state and sovereign institu- Apas, who was fired in mid-January. this whole story himself”, says Jens Zim- most powerful year when the inquiry revealed that
former tions fell over themselves to be duped by “Judged by the number of resigna- mermann, a Social Democrat MP on the politicians — Ernst had ignored the agency’s strict
ministers, a criminal gang”, says Fabio De Masi, a tions, the inquiry’s record has been investigative committee. Chancellor corporate governance rules. He told
state leftwing MP and one of the most promi- pretty respectable,” says De Masi. Bäumler-Hösl insisted in parliament Angela Merkel, MPs he had joined the supervisory
nent members of the committee. The pressure has been relentless. In that her team had simply passed on the and finance board of German wholesaler Metro
secretaries, a order to squeeze the proceedings into information to BaFin without assessing minister Olaf despite a rule imposed in 2016 that
former police Dogged pursuit the final 11 months of a four-year its accuracy. BaFin, however, said prose- Scholz — will barred the agency’s staff from taking
The inquiry has been one of the most parliament, MPs have worked round- cutors stressed in a number of phone both be quizzed on any more outside directorships. In
chief and an exhaustive ever undertaken by the the-clock, with the examination of calls that they deemed the information by MPs February he was forced to step down.
active Berlin Bundestag. Equipped with subpoena witnesses often dragging into the early credible. Yet in a letter to Bloomberg at investigating Another casualty was Schütz, the
politician all powers akin to those of criminal hours of the morning. “Any sceptic of the time, Wirecard itself cast doubt on the Wirecard member of Deutsche Bank’s supervi-
prosecutors, MPs have amassed nearly a parliamentary democracy should the veracity of the blackmail claim. scandal. Below: sory board. His fate was sealed in mid-
allowed terabyte of data and 174,000 pages of attend one hearing, and they would Bloomberg has also denied its reporters Markus Braun, January, when MPs on the investigation
themselves to documents and interrogated more than immediately be converted,” says Maier. ever tried to pressure Wirecard. the former committee questioned Deutsche Bank
80 witnesses and experts, some of them “Everyone on the committee was sur- Wirecard chief chief executive Christian Sewing.
be harnessed repeatedly. ‘Siding with criminals’ prised a story which was invented by executive — FT Zimmermann confronted him with
by Wirecard They have also mandated two special A key focus of the investigation has Wirecard . . . ended up being the cause montage; Reuters; EPA-EFE
an email sent by Schütz to Braun in
investigators, one to probe Wirecard’s been BaFin’s controversial decision in of the short selling ban,” says Zimmer- early 2019, just after the Financial
leaves me connections to law enforcement agen- February 2019 to impose a ban on the mann. Times had reported whistleblower
speechless’ cies and secret services, and another to short selling of Wirecard shares, despite allegations of accounting fraud in Singa-
evaluate the work of its auditor, EY, misgivings expressed by the Bundes- ‘Too big and complex’ pore. Schütz told Braun he had recently
Hans
Michelbach, which resulted in a damning report. bank, Germany’s central bank. Other agencies have also been found bought additional shares in Wirecard,
CDU/CSU MP Sometimes the hearings have verged “That . . . was probably the biggest wanting, such as the money-laundering and urged Braun to “do this newspaper
on the theatre of the absurd — particu- mistake our authorities made,” says authority in Lower Bavaria where Wire- in!! :-)”. The advice was striking consid-
larly the interrogation of former Wire- Danyal Bayaz, a Green MP on the com- ering Wirecard’s reputation for intimi-
card chief executive Markus Braun, who mittee. “It was at that moment that they dating, spying on and hacking its critics.
was the inquiry’s first witness. sided with criminals, and investigated A flustered Sewing declined to
Braun, who had been summoned out journalists and market participants who comment on the email. But Deutsche
of police custody and gave his address as were posing critical questions.” later described it as “unacceptable” and
“Augsburg penitentiary”, made clear he But none of Germany’s regulatory Schütz resigned from the bank’s board.
would not go beyond a brief introduc- authorities have emerged from the For MPs, the Schütz correspondence
tory statement — but MPs interrogated Wirecard proceedings with their repu- showed the extent of Wirecard’s vast
him for three hours anyway. His robotic tation unscathed. The Munich criminal network of businessmen, politicians
answers to some 150 questions alter- prosecutors currently investigating and lobbyists. One of those on its payroll
nated between, “I can’t answer this Braun and other Wirecard executives was Waldemar Kindler, the former
today”, “I exercise my right to remain for fraud have also come under scrutiny. Bavarian chief of police. Lawmakers
silent” and “I refer to my statement”. MPs have criticised them for failing discovered during the inquiry that he
Braun even refused to confirm he had a to issue an arrest warrant for Jan used his influence to procure a firearms
daughter, or the title of his PhD thesis. Marsalek, Wirecard’s former chief licence for Braun’s driver.
Though they made little headway operating officer, on the day the com- “You maybe expect that kind of thing
with Braun, MPs have doggedly pursued pany revealed the massive hole in its in Sicily, but not in Bavaria,” says Maier.
lines of inquiry that have led to a string balance sheet. Marsalek, considered card was based. MPs were shocked at ‘This was an Another adviser lavishly paid by
of resignations. The most prominent one of the masterminds of the fraud, is how ill-equipped it was to supervise a Wirecard for his services was the former
were BaFin head Felix Hufeld and his currently on an Interpol wanted list. He company of such complexity. It even emerging German defence minister Karl-Theodor
deputy Elisabeth Roegele, who were was able to flee to the Belarusian capital lacked a comprehensive database of the Dax zu Guttenberg. He asked Merkel in Sep-
forced out in January. Minsk and has not been seen or heard of companies under its jurisdiction. company tember 2019 to intercede for Wirecard
Then there is Edgar Ernst, head of the since. “You have six to seven full-time over an acquisition it was making in
MPs Danyal accounting watchdog FREP; Hubert The Munich prosecutors’ role in the employees who oversee thousands of that the China. The chancellor duly raised the
Bayaz and Lisa Barth, EY’s Germany head; Alexander BaFin short selling ban has also proved car dealers and estate agents,” says finance issue on an official trip to China a few
Paus address the Schütz, a member of the supervisory controversial. The chief prosecutor Hauer. “How are they supposed to days later.
media last board of Deutsche Bank; Jana Hecker, Hildegard Bäumler-Hösl told MPs that supervise a Dax-listed company with 58 ministry Hans Michelbach, an MP for the gov-
September after UniCredit’s head of equity capital mar- two years ago she had a curious phone subsidiaries, many of them based wanted to erning CDU/CSU bloc, says the inquiry
a Bundestag kets; and Commerzbank analyst Heike call with a star Munich lawyer who was abroad?” somehow has revealed that Wirecard spent
financial Pauls. Deutsche Bank’s head of audit working for Wirecard. He told her that Germany’s accounting watchdog €62.4m in the four years from 2016 to
committee Andreas Loetscher, a former EY partner Bloomberg reporters had attempted to FREP has also been in the MPs’ cross- protect. At 2020 on lobbying activities — an unusu-
meeting about who was in charge of the Wirecard blackmail the payments company: they hairs. Its outgoing head, Ernst, admitted all the critical ally large figure for a German company.
Wirecard audit, has also stepped aside. And of purportedly threatened to “take up an to MPs that the body, which was “The fact that former ministers, state
offer from the FT” and publish negative founded in the aftermath of the 2001 junctures secretaries, a former police chief and an
stories about Wirecard, unless it paid Enron accounting fraud, lacked the they decided active Berlin politician all allowed
them €6m. resources to conduct forensic audits on themselves to be harnessed by Wirecard
Bäumler-Hösl sent a memo to BaFin questionable companies. Ernst said
in favour of leaves me speechless,” he says.
summarising the information. Fearing a FREP’s budget was deliberately kept Wirecard’ None of their efforts were able to save
so-called “short attack” on Wirecard, small to limit the financial burden on Lisa Paus, Wirecard, whose collapse wiped out
BaFin then issued its now infamous German companies, which fund it. Green party MP €24bn in market value. “That was the
short selling ban, which appeared to Yet in early 2019, BaFin asked FREP money of small investors . . . people
suggest Wirecard’s biggest problem was to investigate Wirecard’s accounts. It who now have to get up at 5am and do
the speculators betting on its falling was still waiting for the agency’s report a double shift because their family
share price rather than the allegations of in June the following year, when Wire- savings were destroyed,” says De Masi.
fraud swirling round the company. card collapsed into insolvency. “FREP is He says he and his colleagues feel they
But the blackmail story was a fiction. definitely one of the culprits, it knew owe it to those people to get to the
Chats unearthed by MPs on the messag- Wirecard was too big and too complex bottom of the Wirecard debacle — even
ing platform Telegram between Mar- for them to deal with and still they didn’t if it often means working until the small
salek and the head of Wirecard’s legal say anything,” says Zimmermann. hours to do so.
20
TUESDAY 20 APRIL 2021
A battle for the soul of
European football
Super League plans would import a US-style model of competition
Never has football seen a clash like this.
The proposed European Super League
pits a US model of a tournament played
among members of a largely closed
group against the more open style of
footballing competitions in the “old
continent”. Cynics might call it a brass-
knuckle attempt by a powerful new
quasi-cartel to supplant a rather older
one, in the shape of Uefa, its Champi-
ons League and national associations.
Who wins will have a profound impact
on the future of the European game.
The struggle poses questions about
football’s nature: is it a business like
any other, or something more? With
billions of euros of television rights and
sponsorship money at stake and many
clubs owned by investors demanding a
return, top-level football clearly is big
business. Today’s clash reflects its evo-
lution from community-based sport
into an arm of the global entertainment
industry. Yet TV revenues generated by
the big clubs help to support an exten-
sive ecosystem of more minor teams.
As a business, football also relies for
its audience on passion, suspense and
unpredictability. True, a handful of
clubs are now dominant in most coun-
tries. But the “pyramid” structure of
the game in Europe allows even the
smallest teams to break through to the
top ranks — including European com-
petitions — or win trophies through
giant-killing exploits. Outside the top
few, other clubs rise and fall with time.
While the Super League is proposed
to have five rotating places, it will have
15 permanent members. That will
make it look more like US leagues
where there is no relegation or promo-
tion and, as a result, revenues are far
more predictable — leading to higher
valuations. It is no coincidence that
four founding clubs — Manchester
United, Arsenal and Liverpool, plus
Italy’s AC Milan — have American own-
ers, and a US bank is providing the
The fourth estate needs
more active support
An independent press goes hand in hand with protecting rule of law
The past two weeks have been discour-
aging for Europe’s journalists. On April
9, George Karaivaz, a Greek reporter
and blogger, was shot dead outside
his home. While there is as yet no
indication his death was linked to
his reporting, it was redolent of the
killings of Daphne Caruana Galizia in
2017 and Jan Kuciak in 2018.
Both investigative journalists seem
to have been targeted for digging
into financial impropriety by power-
ful people in their native Malta and
Slovakia.
In the following week, a number of
other events have underscored the
precarious situation for independent
journalism is many EU countries. In
Hungary, regulators handed an FM
frequency previously taken away from
the independent Klubradio to a rival
before the radio station’s legal chal-
lenge had been exhausted.
In Poland, the latest extension of
potential government influence over
the media — a state-controlled com-
pany’s takeover of a regional newspa-
per group — has been temporarily sus-
pended by a court at the behest of
ombudsman Adam Bodnar. Bodnar
himself, however, has been ordered to
step down by the constitutional court
packed with government loyalists. (His
term has expired but the government
and opposition have not agreed his
replacement, as required.)
And in the Czech Republic, a slate of
new governors for the public broad-
casting company has been decried by
the opposition, supported by interna-
tional media organisations, as
beholden to the ruling parties. If their
fears were borne out, it would pave the
way for a government apologist similar
to what Poland’s public broadcaster
and much of the Hungarian media
have become.
Idiosyncratic as they may be, these
observations illustrate a sinister
financing. The league may also have
US-style cost-control elements such as
salary caps and spending limits.
Its backers insist there is no shortage
of excitement in American sport. The
potential to pull in larger global TV
audiences and tap new markets, they
add, including through partnerships
with the likes of Amazon and Face-
book, would create a more financially
stable tip of the European pyramid and
increase fund flows to the base.
Yet having only five places up for
grabs each year would limit the
intrigues over who will “qualify for
Europe”. Even if national divisions,
such as the Premier League, relent on
their threat to bar ESL participants,
there is a real likelihood they will
become less competitive as the top
teams focus on midweek European fix-
tures. That would erode the attraction
for the hundreds of thousands of fans
who turn out to weekend games each
week, but could never afford to travel
repeatedly to European matches.
A better solution would be to rejig
the Champions League in a way big
clubs can live with, without caving in to
all their demands. There is no reason
Uefa itself could not market a
revamped product to audiences via Big
Tech. Some elements of the ESL’s plans,
such as tighter caps on spending and
pay, which could reduce the ability of
super-wealthy owners to buy their way
to success, may be worth copying.
Yet even if football is more than pure
business, it is not an area in which gov-
ernments should intervene, despite the
spluttering of leaders from Boris John-
son of the UK to France’s Emmanuel
Macron. The battle may be brutal, and
poses a threat to this year’s European
Championship for national teams. But
the future of top-flight football should
be decided not by politicians but by
players, clubs, managers, if necessary
the courts, and above all the fans.
trend: that independent journalism
is becoming harder and more danger-
ous to practise in parts of Europe.
According to Reporters Without
Borders, the deterioration of media
freedom in some of its member states
means the EU “has largely lost its lead-
ership capacity”. While such problems
may be worse elsewhere in the world,
a region wanting to “promote its way
of life” must secure the conditions
for an independent, critical fourth
estate at home.
Much of what autocrats and oli-
garchs fear about an independent press
is its ability to shine a light on their
self-dealing in managing the economy
and public budgets. That means the
fight for an independent and effective
judiciary, and that for media freedom,
go hand in hand. The new rule of law
conditions on EU budget funds is a
good step — if not far enough — in the
right direction. More investigative and
prosecutorial resources to tackle anti-
corruption would amplify the work of
good journalists and let them know
someone had their back.
The ability of journalists under
pressure at home to work from other
countries should also be improved, in
the way Warsaw functions as a base for
Belarusian journalism. The EU should
increase its funding of independent
cross-border journalism, as well as
for local-language services of inter-
national media houses. Radio Free
Europe — funded by the US Congress —
should not be the only game in town for
a Hungarian-language press free from
pressure.
Media freedoms are not a luxury;
without them democracy and good
policymaking wither. Mere expres-
sions of concern from the EU and
the rest of Europe are welcome, but too
little and too late. Against those who
would undermine public scrutiny, the
best defence is a good offence.
★ FINANCIAL TIMES
Letters
BoE must end its asset purchases to avoid stoking inflation
We are a group of economists
shadowing the Bank of England’s
monetary policy committee and we
write to express our concern about the
rapid growth of the quantity of money.
We believe that above-target
inflation is to be expected in 2022 and
perhaps 2023. In our view, the Bank of
England will be to blame for this
setback, as it took the measures that
have pushed money growth to its
current excessive level (Opinion,
FT.com, April 1).
Bank of England researchers deserve
praise for preparing a money aggregate
(the so-called “M4x”) which measures
EU net-zero tool risks
adding to climate crisis
The impasse the EU faces over its green
taxonomy covered by your article
“Brussels split over delay on classifying
gas as green investment” (Report, April
19) does not only concern gas, as
crucial as that topic is.
It is also about forestry and biomass
— that is, logging and burning trees and
crops for energy. The latest version of
the taxonomy rules, which clearly bear
the fingerprints of Sweden and
Finland, appear to include both as
“sustainable”.
Encouraging forestry practices which
are shown to destroy nature and types
of biomass which increase emissions
compared to fossil fuels, would
completely discredit the taxonomy.
Quite simply, to do its job the
taxonomy must be science-based — as
the regulation explicitly requires.
This means it should not contain any
fossil fuels or nuclear and must set
scientifically credible criteria for
bioenergy and forestry.
Otherwise, this supposed anti-
greenwashing tool would become an
EU-approved guide to destroying the
climate and nature.
Ester Asin
Director, World Wide Fund, European
Policy Office, Brussels, Belgium
Three words sum up the
west’s Putin quandary
Philip Stephens’ articles are always
insightful and worth reading and last
week’s on US president Joe Biden and
his Russian counterpart Vladimir Putin
is one of his best (Opinion, April 16).
The brief sentence “Autocrats need
enemies” sums up the difficulty the US
and the UK will always have in dealing
with Putin. This is well understood by
former UK ambassador to Russia Sir
Andrew Wood but not, apparently, by
another holder of that post, Sir
Anthony Brenton, when he writes
about Russia.
Alun Evans
London SW6, UK
Female boss battles
prejudice on twin fronts
I have watched the career of Christine
Holgate with interest and pride since
we were school friends together in
Cheshire. Australia has been lucky to
have her as she has brought efficiencies
and profits to the companies she has
been engaged with, starting with
Telstra.
But the country has squandered that
privilege. The toxic and male-
dominated culture in Australian
Politicians
in Australia
seem confused
by scandals
Canberra
Notebook
by Primrose Riordan
money held by genuine non-banks and
cuts out the often-distorting influence
of quasi-banks or “intermediate other
financial corporations”. However, the
MPC’s key decision makers appear to
pay insufficient attention to their
excellent data. In the year to February,
M4x increased by 15.2 per cent, much
the highest figure since the start of the
M4x series in 1998.
Other money series have been
prepared on a consistent basis since
1963. One such series shows that
companies’ increase in money balances
in the year to February was no less
than 29.2 per cent. Numbers as high as
political and corporate life has been
exposed in the FT and is especially
reflected in the article “Australia Post’s
ex-chief accuses PM of sexism”
(Report, April 14).
I believe she has been battling not
one but two forms of prejudice. Not
only is she one of the few women chief
executives in Australia but I wager she
is the only English woman to have held
two such high-flying positions in the
country.
Indeed, for Holgate the vitriol of the
Australian press was in full cry and for
no good reason when she was head of
the Australian nutritional supplements
company Blackmores. Holgate excelled
in both roles and it is shameful that she
has been the victim of such hounding.
Patrick Dransfield
Kowloon, Hong Kong
Archegos losses can be as
salutary as regulation
Robin Wigglesworth noted that people
have criticised the US Securities and
Exchange Commission for allowing the
investment group Archegos to take
leveraged bets (“Einhorn says absent
watchdogs have allowed ‘quasi-
anarchy’ on Wall Street”, Report, April
17).
Stephen Morris reported that
Morgan Stanley lost $911tn from the
blow-up of Archegos and that rivals
such as Nomura and Credit Suisse lost
even more (“Morgan Stanley suffers
$911m Archegos knock,” Report, April
17). These losses will prevent banks
from repeating their mistakes much
more than any SEC regulation ever
could.
Willem Thorbecke
Research Institute of Economy, Trade and
Industry and France-Japan Foundation,
Paris, France
On Gogglebox’s Australian edition,
viewers watched this month as Scott
Morrison, prime minister, was asked
how he was unaware a young female
staff member was allegedly raped in
his colleague’s office over a year ago
and why so little had been done about
it since.
Goggleboxer Keith, 60, and his
partner Lee, 59, appeared stunned as
they watched: “It happened in your
building mate!” Lee shouted at the TV.
The disgust felt by many
Australians viewing the litany of
sexual assault and harassment
scandals uncovered at the heart of the
nation’s government, has contrasted
with the confusion of some male
politicians and journalists about why
they were such a big deal.
Morrison, once lauded as a political
genius for his unexpected 2019
election victory, is now sinking in the
polls and seems unable to manage the
crisis away. Meanwhile, a senior
reporter at the nation’s top financial
daily labelled the female journalists
who broke the stories “unapologetic
activists”.
Amy Remeikis, a Canberra reporter
involved in the coverage, says there is
a disconnect as politicians respond to
a “human story” with political point
scoring. She adds that the accusations
of “activism” show “just how many
men saw this as a ‘woman’s issue’”.
Their attitude also reveals a gulf
between a public generally familiar
with basic HR standards and sections
of Australia’s political and media
establishment who believe that if a
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
this have been previously recorded
only in the inflationary 1970s and
1980s. The last time an annual growth
rate of company money reached 30 per
cent was in late 1986, ahead of the
boom years of 1987 and 1988.
We fear that inflation above 5 per
cent is likely at some point in the next
few years. We judge that the MPC’s
decision in November 2020 to embark
on another round of quantitative
easing, to the tune of £150bn, has
proved particularly responsible for the
current excessive money growth. The
November decision was misguided and
unnecessary and should be
Innovation is how to fight
antimicrobial resistance
Your article “Antibiotics pipeline is
falling behind in war on superbugs”
(Report, April 16) rightly identifies
antimicrobial resistance as a silent
pandemic. More innovation in this area
is vital, but are drugs or similar
therapies the only answer?
To save the estimated 10m lives at
risk by 2050, we need a shift in
approach. Fortunately, there is an
alternative to using chemicals to kill
bacteria that otherwise spread on
surfaces and infect the body. It entails
using physical forces to keep bacteria
from growing in the first place.
New antimicrobial materials that
rely on physics and zinc — rather than
traditional silver — have already
proven successful in repelling bacteria.
Tests have shown, rather than being
attacked and developing defence
mechanisms, the bacteria die naturally.
These new materials are already
used in catheters, ventilator tubes and
even wound dressings. They are
preventing and resolving infections as a
result. As we have seen with the
coronavirus pandemic, new
innovations are vital — this also applies
when the pandemic is “silent”.
Michaël van der Jagt
Chief Executive, Parx Materials
Rotterdam, The Netherlands
Lateral flow tests are
unreliable and dangerous
Your leader “Immunity certificates can
become the new normal” (FT View,
April 8) reports that they “would show
if a person . . . had a negative lateral
flow or PCR test from that day or the
day before”.
Lateral flow tests, if administered in
approved testing centres, classify as
Covid-free 42 per cent of persons with
symptomatic Covid-19. For infected but
asymptomatic persons, the proportion
missed is even higher. If tests are done
at home, it is higher still.
It would be disgraceful to certify
infectious people as safe to visit pubs,
cinemas or football matches on this
basis.
The false sense of security from
lateral flow tests is harmful enough. If
pseudo-Covid-negative status from
such a test is shown on certificates of
immunity, it will bring such certificates
into disrepute.
As the government says, lateral flow
tests are cheap and convenient. They
are also unreliable and, if misused,
dangerous.
Michael Lipton
Emeritus Professor of Economics
Sussex University, Brighton, UK
person doesn’t “toughen the fuck up”
and get on with things, they are just
not up to the job.
The resistance of many of these
powerful men to hold those
responsible for abuse to account
means Australia’s much-delayed
#metoo movement could be
undermined. That would be an insult
to assault survivors, including
Brittney Higgins, the political staffer
whose bravery in going public about
her rape inside parliament house
encouraged other Australian women
to describe their assaults, breaking
free of the country’s stifling
defamation laws, which hampered the
movement in the first place.
These laws put the onus on the
victim to prove their allegations are
true, a task made more difficult in
harassment cases by the lack of
witnesses. Critics say victims have
been further discouraged after some
high-profile figures accused of
harassment won large payouts after
successfully challenging accusers with
defamation suits.
Since Higgins went public with her
allegation, the country’s attorney-
general has been accused of a
historical rape, which he denies; a
parliamentarian’s staffer has been
accused of harassing women for more
than half a decade; and another MP
was accused of and later
acknowledged taking a photo of a
young woman’s behind while she was
bending over.
As a former political reporter who
started her career in Canberra and
Tuesday 20 April 2021
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
reconsidered. The BoE should now end
its asset purchases at the earliest
opportunity.
Professor Tim Congdon
Chair, Institute of International Monetary
Research, University of Buckingham
Julian Jessop
IEA Economics Fellow
Andrew Lilico
Europe Economics
Professor Kent Matthews
Cardiff Business School
Professor Trevor Williams
St Mary’s University
For a full list of signatories, go to
ft.com/letters
America’s highways need
Buttigieg’s town hall skills
Professor Gerard McCullough suggests
US president Joe Biden should learn
from his predecessor Jimmy Carter and
introduce user fees to fix the American
highway system (Letters, April 13). By
“user fees” I presume McCullough
means tolls, which are expensive to
collect and associated with a high level
of revenue leakage without expensive
enforcement. He may have forgotten
that fuel taxes are also a form of user
fees. They are easy and cheap to collect
with almost no revenue leakage to the
authority. Before tolling proponents
protest that gas tax revenue is falling
with increasing electric vehicle usage it
is worth highlighting that electricity
“pumped” into EVs can be metered
and if desirable can also be taxed.
McCullough rightly notes the
principal US highway funding source,
the Highway Trust Fund, is predicated
on “fuel taxes that Congress has held
fixed since 1993”.
What he has not highlighted is
America still has many individual
state owned “turnpikes”, or toll roads.
Many have toll rates which have
hardly risen over decades, are among
the lowest in the world and barely
cover their operation and maintenance
costs.
As someone who has led an
international group of senior
practitioners from Australia to the
Americas to study road maintenance
finance and advised on several
multibillion-dollar highway
privatisation transactions in the US,
the payment mechanism, whether gas
tax or tolling, is I believe a second
order issue to “‘win the future’ for
American motorists”. The real
impediment is democracy. Our
political masters, whether Congress or
state legislators, have put “winning
votes” ahead of a safe and sustainable
transport infrastructure system.
I propose Biden uses all his previous
experience of Congress to secure
bipartisan support and spends some of
his political capital to enable
transportation secretary Pete Buttigieg
to apply his considerable “town hall”
skills to win the hearts and minds of
voters to support an adequate and
sustainable Highway Trust Fund to
tackle the $740bn roads and bridges
maintenance backlog.
That really would be a win-win for
America.
Henri Chua
Public-Private Partnership Transport
Lead, IM Technologies
Chair, World Road Association, Road
Sector Finance Committee 2008-2011
London N19, UK
worked for national newspaper
companies, none of this completely
surprises me. In encounters that
former female colleagues would find
unremarkable, I dodged boozy
advances from parliamentarians, was
asked by an editor why I didn’t enter a
more “female” profession, and
feared repercussions of turning down
numerous drinks invitations from a
senior male colleague.
Among politicians and their staffers,
and parts of the media, there was a
feeling that those working in the
political capital were somehow
excluded from workplace rules. This
allowed bad behaviour to carry on
unchecked. One staffer describes
watching a former prime minister
“vent” by kicking an office bin
directly at two junior staff members.
Another says it was “totally normal”
to receive abusive phone calls from
MPs at all times of the night.
Such bullying, which has driven
talented women out of top media and
political jobs, is not sexual assault. But
the impunity with which people act,
and their failure to embrace even
basic diversity in their hiring
practices, breeds an environment that
has protected abusers.
Were Morrison to institute a proper
investigation of Higgins’ treatment,
banish the photographer MP from his
party and change how parliament is
run, he would send a signal from the
top to call time on this culture. The
“Keith and Lee vote” may depend on it.
primrose.riordan@ft.com
Tuesday 20 April 2021
EMPLOYMENT
MENT
Sarah
O’Connor
nor
B
efore the coronavirus pan-
demic hit, it was evident that
jobs were plentiful in much of
the developed world. It was
harder to know how secure
they were. The economist Dani Rodrik
diagnosed “a chronic state of shortage of
good jobs.” Another economist, Guy
Standing, described a growing “precar-
iat” of insecure workers in many
countries.
Others disagreed. In a paper last year,
economists Alan Manning and Graham
Mazeine concluded that “job security
has remained remarkably constant” in
the US, the UK and Germany since at
least the turn of the 21st century. The
Economist argued this month that pes-
simism about the world of work was
fashionable but unjustified by the facts.
Why China
and Russia will
now test Biden
GLOBAL AFFAIRS
Gideon
Rachman
A
merica is back” proclaimed
Joe Biden, a few weeks ago.
But in Afghanistan, Amer-
ica is out. The US president
has just announced the
withdrawal of all American troops from
the country. A 20-year war will end on
the symbolic date of 9/11, 2021.
The watching world will wonder if a
gap is emerging between White House
rhetoric about re-engagement with the
world, and a reality of continuing
retreat. Biden insists that this is not
the case. He argues that America has
achieved its counter-terrorism aims in
Afghanistan and now intends to “fight
the battles for the next 20 years, not
the last 20”.
But perception matters. The danger is
that the pullout from Afghanistan will
be seen outside America as a Vietnam-
like failure that could lead to the fall of
Kabul to the Taliban, a replay of the fall
of Saigon to North Vietnam in 1975.
Rival powers, in particular Russia
and China, could now be emboldened
to test the Biden administration’s
resolve a little further. The obvious
flashpoints are Ukraine and Taiwan. In
recent weeks, the Kremlin has assem-
bled more troops on its border with
Ephraim
Wernick
T
The facts read like a crime
thriller. Over several years,
investigators and prosecu-
tors at the UK’s Serious
Fraud Office teamed up
with colleagues in other countries to
uncover one of the energy industry’s
largest corruption cases.
The Unaoil case is named after the
Monaco-based consultancy linked to
allegations that millions of dollars were
paid in bribes to help secure lucrative
contracts for client companies operat-
ing in the Middle East and Africa. There
have been Monte Carlo police raids, an
extradition from Rome and, to date,
over a dozen people charged. Six multi-
national energy companies have
paid £1bn in fines. Although the case is
continuing, these results constitute a
success. However, that success has been
coloured by certain criticisms levelled
We’re still in the dark about insecure work
Job insecurity matters because the
consequences reverberate in every area
of life. It makes it harder to keep a roof
over your head, raise a family, progress
at work, stay out of debt and keep
healthy. But the truth is, we don’t really
know whether insecurity is on the
rise because we have been very bad at
measuring it.
Official statistics agencies in most
countries count the numbers who are
employed, self-employed, on tempo-
rary or agency contracts and so on.
Some observers have conflated a rise in
non-standard jobs with a rise in insecu-
rity. But this is lazy and imprecise. A
part-time worker might well enjoy all
the same rights and protections as a full-
time worker but simply not work on Fri-
days. An agency worker might be a
locum doctor who has plenty of work
and is free to turn down the shifts she
doesn’t fancy.
There is some long-running survey
data that focuses directly on job secu-
rity, but it tends to use one narrow defi-
nition: how likely respondents think it is
that they will lose their job. It is this data
that Manning and Mazeine studied in
Ukraine than at any time since 2014
when Russia grabbed Crimea. Last
week, China sent a record number of
military jets into Taiwanese airspace.
Both countries are combining military
muscle-flexing with warlike rhetoric.
Biden himself has used confronta-
tional language with Russia and China.
He has called Vladimir Putin, Russia’s
president, a killer and his administra-
tion has branded China’s actions in
Xinjiang a genocide. The US also
recently imposed sanctions on Russian
and Chinese officials and has eased
restrictions on American officials meet-
ing their Taiwanese counterparts.
The strategic situation in Asia and
Europe is similar in one key respect. The
US has expressed strong support for
both Taiwan and Ukraine, but neither
country enjoys an explicit American
security guarantee. The US relies on a
policy of “strategic ambiguity” over Tai-
wan. The idea is that China should
understand there is a strong chance that
the US would fight to defend Taiwan,
without a firm promise being made. In a
similar way, the US has never spelt out
what it would do if Russia launched a
full-scale invasion of Ukraine.
Although Taiwan and Ukraine are
separated by thousands of miles and
involve different antagonists, the two
stand-offs feel connected. Ivo Daalder, a
former US ambassador to Nato, believes
that: “Moscow and Beijing will look
closely at how we react in one situation
to set the stage for the other.” Daalder
argues that “we need greater strategic
clarity on what we would do if Russia
Only criminals profit from turf wars in law enforcement
at Lisa Osofsky, the SFO’s director, who a
judge said last year had made herself
susceptible to “flattery” by an agent act-
ing for one of the case’s suspects.
As the former Unaoil case supervisor
at the US Department of Justice, I
believe that such criticism is unfair. So
does Bill McMurry, my former FBI
counterpart. It also distracts from a big-
ger issue highlighted by Unaoil’s case:
the importance of national enforcement
agencies collaborating if there is to be
any success in combating international
corruption and financial crime.
At the DoJ and the FBI, we worked
closely with colleagues at the SFO and
elsewhere, as it was clear that to build a
case like Unaoil’s — one that mattered
and achieved results — required sub-
stantial cross-border co-operation. Two
types of co-operation are critical.
The first involves informants and
defendants. Cases built on documents
alone rarely hold up in court. Jurors
need to hear from witnesses to make
sense of it all. This is particularly true of
white-collar cases. The testimony of an
insider — an accountant, sales agent or
middleman — gives meaning to the fake
★ FINANCIAL TIMES
Opinion
the US, UK and Germany. It shows a lot
of stability over the long-run (with
understandable peaks at times of high
unemployment).
Yet, as the authors acknowledge, fear
of losing your job is only one facet
of insecurity, and not always the most
salient one.
A care worker I interviewed in the UK,
for example, didn’t worry that she
Metrics should focus
less on what people’s
contracts say and more on
their day-to-day reality
would lose her job but still felt insecure
because her employer changed her
hours constantly with little notice.
She could be given 40 hours one week
and 20 hours the next. She had to check
her phone throughout the work day to
see if she had been given more clients to
visit. Sometimes she was overworked;
other times she was underworked. “I
just don’t know whether I can pay my
moved militarily against Ukraine, or
China on Taiwan”.
There are voices in the US calling for
America to now make an explicit secu-
rity guarantee to Taiwan, and for Nato
to accelerate the process that would
allow Ukraine to join its alliance. The
hope is that these moves would deter
Moscow and Beijing, and so reduce the
risk of war starting by miscalculation.
The argument against these policy
changes is that China and Russia may
interpret them as a threatening shift in
the status quo — and feel compelled to
respond. American allies in Asia and
Europe may also feel that explicit secu-
rity guarantees for Taiwan and Ukraine
are too provocative. The joint statement
issued by Biden and Yoshihide Suga,
the Japanese prime minister, after a
The two countries
are combining
military muscle-flexing
with belligerent rhetoric
ledger or invoice. It makes dry financial
records come to life. Good prosecutors
and investigators know this. The best
among them know how to “flip” an
accomplice by getting them to admit
to a crime, so they can credibly point
a finger at co-conspirators. It is how big
cases are made.
The second type requires collecting
To build a case like
Unaoil’s required
substantial cross-border
co-operation by the SFO
evidence and developing witnesses
from around the world. This requires
international co-operation, which in
turn relies on mutual trust and respect
between national authorities. The best
officials invest long hours developing
relationships with foreign colleagues,
and recognise that turf wars and fights
over “who gets credit” are counter-
productive. The only winners then are
the fraudsters they should be chasing.
mortgage at the end of each month.
There’s no stability,” she said.
The UK’s Office for National Statistics
measures the number of people on
“zero-hours contracts”, which do not
guarantee any hours of work each week.
The latest data suggests that these
account for about 3 per cent of the work-
force, up from 0.6 per cent in 2007
before the 2008 global financial crisis.
But this data set misses the extent of this
type of work. The care worker I spoke to,
for example, was on an “8-hour con-
tract”. I once wrote about “one-hour
contracts” advertised by the bank
Santander.
In an attempt to fill in this gap in the
official statistics, Britain’s Living Wage
Foundation published the results of two
surveys last week, based on 2,000
responses each, which found that
almost two-fifths of UK workers were
given less than a week’s notice of their
shifts or work patterns. Among full-
time low-paid workers, 55 per cent were
given less than a week’s notice and 15
per cent less than 24 hours.
This would not be problematic for
some, but it’s hard to imagine that it
meeting last week, stressed the impor-
tance of peace in the Taiwan Strait, but
remained vague about how Washington
and Tokyo might respond if conflict
broke out.
It would obviously be particularly
difficult for the Biden administration to
respond to simultaneous crises over
Taiwan and Ukraine. Some western
strategists are concerned that Moscow
and Beijing may be co-ordinating their
actions, to maximise the pressure on the
Biden administration. They point to an
increase in the frequency of high-level
meetings between the Russian and
Chinese governments. Beijing and
Moscow also made statements, after a
recent meeting between their foreign
ministers, which signalled a deepening
of their strategic relationship and a
more open rejection of a western-led
world order.
The internal situations in Russia and
China may also be raising the dangers of
conflict. Putin recently imprisoned
Alexei Navalny, the most popular and
dangerous opposition leader he has ever
faced. Navalny is on hunger strike and
The need for international co-opera-
tion is biggest when combating corrup-
tion at high levels. Transnational crim-
inals are often protected by local
governments and institutions. They
purposefully spread funds and influ-
ence across jurisdictions, making it
difficult for even close allies to connect
the dots and expose crimes. True law
enforcement professionals find ways
to cut through bureaucracy and so
build cases.
At the DoJ and FBI, we brought a
shared commitment to co-operation
when we sought to work with the SFO
on Unaoil. We had a kindred spirit in
Osofsky, who is a dual UK-US citizen.
She knew that co-operating with the US
could only benefit the UK. Through her
words and deeds, she made sure that
SFO prosecutors and investigators
understood this too.
She made difficult decisions to
remove roadblocks and expedite the
sharing of critical information. This, in
turn, created a foundation of trust that
facilitated the free flow of information
and access to evidence from other
national authorities back to the SFO.
would be everyone’s preference.
(Indeed, it would be useful the next time
the survey is run to ask the respondents
whether they are happy with the
arrangement.)
In a similar vein, the Resolution Foun-
dation analysed 7m anonymised bank
accounts in 2018 and found that more
than 80 per cent of low earners with
steady jobs had volatile pay, compared
with two-thirds of higher-earners.
These snapshots are not perfect and
they cannot tell us whether the trends
are waxing or waning. But the scale of
the instability they suggest, particularly
for low-paid workers, should serve as a
jolt to official statistics agencies to cap-
ture this sort of data themselves at regu-
lar intervals. These new supplementary
metrics should focus less on what peo-
ple’s contracts say and more on the real-
ity of their working lives.
There is plenty of debate about how to
improve job insecurity as we emerge
from the pandemic. We will arrive at
better answers if we start by asking the
right questions.
sarah.oconnor@ft.com
may soon die, sparking further protests.
The Kremlin knows that conflict over
Ukraine boosted Putin’s popularity
back in 2014. Another small war may
look like a tempting option.
As the Chinese Communist party pre-
pares to celebrate the centenary of its
foundation later this year, President Xi
Jinping may be looking for a triumph
over Taiwan. American officials believe
that Xi and his advisers have convinced
themselves that the US is in deep and
terminal decline. They fear that the Chi-
nese leadership may believe the US
would ultimately back down rather
than fight over Taiwan.
But even the most confident and
nationalistic officials in Beijing and
Moscow will still be conscious of the
risks of head-on confrontation over Tai-
wan and Ukraine. The likelihood is that
Russia and China will continue to use
“grey zone” tactics that stop just short of
all-out conflict. As America discovered
in Afghanistan, it is much easier to start
a war than to control its outcome.
gideon.rachman@ft.com
Success in the Unaoil case was only
possible because the SFO chose to
co-operate. Osofsky, herself a former
FBI deputy general counsel and ethics
officer, had spent several years develop-
ing bonds with many of the UK’s most
important foreign partners.
Corruption such as that exposed in
the Unaoil case is not going away. In the
post-Brexit world of “Global Britain”, it
is more important than ever that the
SFO is viewed as a trusted partner. This
is especially important as the pandemic
has made it even harder for law enforce-
ment to do its job.
There is a quote known to FBI agents
that features prominently at the J Edgar
Hoover Building in Washington: “The
most effective weapon against crime is
co-operation.” This is true when fighting
domestic crime. It is truer still when
fighting international corruption.
The writer is a former US Department of
Justice federal prosecutor. Bill McMurry,
who served with the FBI, co-authored. The
authors’ statements are personal and do
not reflect official FBI or DoJ statements,
nor their internal deliberations.
21
Super League
would break
football’s
promise
SPORT
Simon
Kuper
T
here was a general expecta-
tion a little while ago of
what was called a Super
League, in which all the
leading European clubs
would play, breaking away from the
domestic leagues in their own countries.
It has not materialised,” wrote the jour-
nalist Arthur Hopcraft in 1968.
A Super League has been mooted
often since, but never as seriously as this
week. Let’s hope the proposed breaka-
way by 12 leading clubs fails to
materialise again. Their plans betray a
misunderstanding of what a football
club is — which is far more than a for-
profit business.
It would be fun to see giants like Bar-
celona and Manchester United playing
each other more often. Even so, it’s hard
to find a fan expressing excitement
about the proposed league. The plan
isn’t driven by love but by money:
there’s a lot of private equity sloshing
around, and JPMorgan Chase will
underwrite a €3.25bn “infrastructure
grant” as a “welcome bonus”.
That appeals to clubs panicking about
pandemic-induced losses. And certain
club owners — notably Americans such
as John Henry at Liverpool and the
Glazer family at Manchester United —
were always cold profit-maximisers.
They hope to import US sports’ closed-
league model into European football.
The league’s revenues would mostly
accrue to the super-rich: players,
agents, and owners. Nor would
increased income improve the game.
The plan betrays a
misunderstanding of what
a club is, which is far more
than a for-profit business
Until the 1990s, clubs survived on com-
paratively tiny revenues, yet the foot-
ball was gripping.
The Super League’s ambitions are lim-
ited. It isn’t a “European” league; so far,
Germany’s big clubs and Paris St-Ger-
main haven’t signed up. Nor is it genu-
inely “super”, given the presence of
under-achievers such as Arsenal, Tot-
tenham and Milan. And it aspires
merely to be a sideshow to domestic
leagues. It would be played midweek.
Football’s global primetime slot — week-
end afternoons — would remain
reserved for domestic leagues.
The league’s biggest impact would be
to blow up two of football’s corner-
stones: competition and tradition. Fif-
teen of its 20 spots would be guaranteed
to “founder” clubs regardless of per-
formance. It would exclude almost all
European clubs effectively forever.
Football’s essential promise — that any
club can triumph — would be broken.
Outsiders would be condemned to per-
manent minor-league status, warns Ste-
fan Szymanski, sports economist at the
University of Michigan: “It would be cat-
astrophic for European football.”
A closed league would also ruin one of
fandom’s special pleasures: tradition.
From childhood till death, people watch
their club playing in the same colours,
often on the same ground, in the same
competitions, against the same oppo-
nents. Everything in life changes, except
football fandom. Some fans won’t follow
their clubs into this new world. Rela-
tively few are diehards who watch every
match. In any case, the prospect of Arse-
nal vs Milan at the bottom of the Super
League doesn’t sound unmissable.
There is also something ridiculous
about a tinpot industry selling out for
money. Football’s highest-grossing club,
FC Barcelona, had pre-pandemic reve-
nues of nearly $1bn a year. That’s about
0.4 per cent of Apple’s.
Traditionally, clubs did not regard
themselves as businesses. England’s
Football Association used to forbid club
owners from profiting from their invest-
ment. The aim was to ensure clubs were
run by “the right class of men who love
football for its own sake”. Regrettably,
those rules were scrapped in the early
1980s.
Clubs need to know what they are.
Rather than profitmaking companies,
they resemble museums: public-
spirited organisations that serve the
community while remaining reasonably
solvent. The Super League certainly
isn’t that.
simon.kuper@ft.com
22 ★ FINANCIAL TIMES Tuesday 20 April 2021

Synlab/test labs: role up its sleeve

Diagnostics group Synlab is set to float in Frankfurt. It will swell the ranks of German IPOs, which accounted
for a fifth of the European funds raised in the first quarter. Synlab, which is the largest pan-Europe lab group,
has been buoyed by demand for Covid-19 tests. But that is expected to drop sharply in coming years

Twitter: @FTLex
Europe Super League:
elevator pitch
Competition makes professional sports
a compelling spectacle rather than as
an investment. A dozen European
football clubs, including Liverpool and
Barcelona, propose a Super League
with $6bn (£4.3bn) of debt backing
from JPMorgan. A “closed shop”
format raises issues of potential anti-
competitive activity as might retaliation
by football’s aggrieved ruling bodies.
Investors see scope for a large
upfront payments, perhaps €300m.
Shares in quoted clubs Manchester
United and Juventus have rallied. But
media groups will be wary unless
bodies such as the Union of European
Football Associations can be mollified.
Breakaway leagues are nothing new.
In the UK, football weathered the
storm triggered by the creation of the
Premier League in 1992. Some will
point to its success as proof the Super
League could flourish. In the last full
pre-pandemic season, the EPL’s
revenues of €5.8bn, exceeded by 73 per
cent its closest rival La Liga in Spain,
according to Deloitte. The crucial
difference is that clubs can be relegated
in and out of the EPL. This would not
apply to three-quarters of members in
the planned Super League.
It would lack costly to maintain
feeder leagues. Collaboration by a
consortium of businesses to create this
kind of dominant product, albeit in
sport, would merit antitrust scrutiny.
So would mooted retaliation by Uefa
and the EPL. They are threatening to
block player participation in other
leagues and national teams. Such
sanctions would look like a restraint of
trade, said Peter Crowther, a legal
expert on sports and competition law.
In the US, the Supreme Court has to
rule repeatedly on the antitrust
implications of professional sports,
especially Major League Baseball, often
over the treatment of players.
Would viewers pay to watch the
Super League, national tournaments
and the Champions League? Sky, BT
Group and Amazon should start
renegotiating new three-year contracts
late this year. Few expect the existing
£5bn contract value to rise.
Yet who would finance a new league?
This would need equity support. The
Premier League had Sky. The Super
League has mentioned no media backer.
Private equity has the courage to put
up money, attracted by the “no
relegation” stable cash flows. Rich
clubs, freeriding on grassroots football,
could get richer. That makes for a
rough game, not a beautiful one.
J&J/Alex Gorsky:
bumptious
Remuneration is often a prickly
subject. But the pay bump given to
Johnson & Johnson boss Alex Gorsky
was extra contentious given legal costs
for the US healthcare group’s alleged
role in the US opioid crisis.
His case has not been helped by US
authorities calling for a halt to J&J’s
single-dose Covid-19 vaccine following
reports of rare blood clots.
Shareholder advisers Institutional
Shareholder Services and Glass Lewis
have recommended that investors vote
against Gorsky’s pay package in a non-
binding resolution this Thursday. They
are right to take J&J to task.
The CEO’s remuneration totalled
$29.6m in 2020. The package, which
includes salary, stock options, pension
and stock awards, represents a 17 per
cent increase from 2019 and is nearly
50 per cent more than for 2018, when
Gorsky received $20.1m.
His base salary remained unchanged
at $1.65m. Instead, the bulk of the
increase appears to be from stock
awards, up from $10m to $13.7m.
The payout is despite $9bn in costs
over two years from lawsuits triggered
by claims the company fuelled the
opioid epidemic and allegations of
asbestos in talcum powder.
J&J excludes one-off legal costs from
pay metrics. The group also managed
to miss sales and adjusted earnings per
share targets. Its medical devices
business was hit as patients delayed or
cancelled elective procedures.
The only financial goal it exceeded
last year was for free cash flow. That
was mostly thanks to low rates.
J&J says pay is partly based on
“strategic performance”. This is largely
unquantifiable. J&J developed a Covid-
19 vaccine that got FDA emergency
authorisation. This helped to lift the
stock 18 per cent from its October low.
J&J cannot have it both ways. Legal
costs and Covid-19 vaccines are both
one-off events. Gorsky cannot be
rewarded for good things such as the
IPOs on German markets
% of European-listed IPOs by value
UK Germany
30
20
10
0 Eurofins
2017 2018 2019 2020 2021*
*2021=1st quarter
FT graphic Sources: Dealogic; Synlab; BCG
Success does not always breed
success. Some pandemic winners
rushing to float are grabbing
shortlived gains. The initial public
offering of Synlab, a laboratories
group buoyed by Covid-19 to about
€6bn in enterprise value, deserves
extra scrutiny. It is backed by Cinven,
and private equity is adept at juicing
pre-float returns. Nevertheless,
Synlab has a good investment case.
The group, which is raising €1.48bn
in Frankfurt, made more than a fifth
of its sales from Covid testing in
2020. It will continue to benefit from
this until 2023, says rating agency
Fitch. But Synlab will remain well-
positioned even after that.
Lab testing plays an increasingly
important part in modern medicine.
vaccine and not be held accountable
for the bad ones. Investors should vote
against the pay package.
Melrose/Nortek:
cool sale chills stock
The pandemic threw a spanner in the
works of Melrose. Shuttered economies
hurt its largest asset GKN, a UK
automotive and aerospace parts group.
Now the recovery is giving Melrose a
boost. The turnround specialist is
selling climate control business Nortek
Air Management to Madison Industries
of the US for $3.6bn.
The Nortek sale represents a return
to business as usual for Melrose, whose
motto is “buy, improve, sell”. The final
Largest European laboratory
companies
2019 revenues (€bn)
1.9 Synlab**
1.4 Sonic Healthcare
1.2 Unilabs
Cerba HealthCare 1.0
0.9
**Excludes the analytics and services
business unit sold in 2020
Synlab can pursue a beneficial
acquisition roll-up strategy in a highly
fragmented market. It is the largest
pan-Europe lab group, yet it has less
than 3 per cent of the €90bn market in
the regions where it operates.
That creates scope to consolidate
through acquisitions, improving
margins through economies of
scale. Roll-ups typically come unstuck
on big, risk-amplifying takeovers
rather than multiple bolt-on deals.
Since 2017, Synlab has made 20
purchases annually, spending €200m a
year on average. It can afford to keep up
that pace. Its net to ebitda ratio more
than halved to 3.3 times in 2020 due to
divestments and Covid testing work.
Synlab has punchy but achievable,
midterm growth targets. Annual
part of that trinity has increasingly
hogged attention. Earnings tumbled
and debt ratios crept higher last year.
Proceeds from Nortek will go towards
shoring up the balance sheet. They will
reduce the pension scheme deficit of
GKN, on which Melrose took a big risk
via a £8bn takeover in 2018.
Too little cash will be returned to
shareholders to thrill them. Melrose
shares fell 5 per cent.
Since Melrose bought Nortek for
$2.8bn in 2016, operating margins have
almost doubled to 15.3 per cent last
year. A strong housing market has
helped boost demand for home
ventilation products. Nortek’s energy-
efficient cooling systems are popular
with data centre operators. Including
extracted cash and valuing the parts of
Nortek not included in the deal at
Forecast future demand for
Covid-19 tests
Quarterly testing volumes in France,
Germany, Italy and Spain (m)
100
80
Higher demand
60
40
Lower demand
20
0 burgeoning deposits. To survive, they
2021 2022 2023 2024
revenue should rise at approximately
10 per cent, with organic growth of at
least 3 per cent. Upgrading pre-
pandemic sales figures by a tenth
annually, at a target profit margin of
23 per cent, suggests ebitda hitting
€630m by 2023. Given the low
double-digit share valuation
multiples of peers such as Quest of
the US and France’s Eurofins,
Synlab’s proposed enterprise value of
€5.9bn-€6.9bn looks reasonable.
The timing looks auspicious. In the
first quarter alone this year, IPOs on
the German stock market have raised
more than four times as much as in
all of 2020. As long as Synlab can
show it has a strong post-pandemic
future, the float should bring further
proof of Frankfurt’s growing vigour.
$1bn, the return for Melrose is more
than double its initial investment.
Yet a sale price of 13 times last year’s
ebitda still looks low compared with
traded peers like Lennox. Shares in the
US climate control group are 40 per
cent above their pre-pandemic level.
They are trading at 20 times trailing
ebitda. The difficulty for Melrose is
that a US stock market pumped up
with stimulus money is not always
enough to encourage hard-nosed trade
buyers to pay top dollar.
Balance sheet repair of $1.5bn from
the proceeds might get Melrose’s
leverage down to a manageable 2 times
forecast 2021 ebitda. Investors should
prepare for a smaller slice of the sale
proceeds than they once hoped for.
There is compensation in the smoother
functioning of the Melrose machine.
US regional banks:
survival of the biggest
In some ecological niches, only larger
organisms thrive. The principle has
applied to banking during the
pandemic and in its aftermath. With
branches closed, customers have gone
online. This puts pressure on smaller
lenders to boost IT spending. Low
interest rates and tepid loan demand
have made it tough for banks that lack
economies of scale to profit from
need to bulk up.
Webster Financial and Sterling
Bancorp are the latest US regional
banks to combine. Connecticut-based
Webster is paying a premium to buy
Sterling of New York state in an all-
stock deal that gives the target an
equity value of $5.1bn.
The new bank — which will retain
the Webster name — will remain a
minnow compared to giants like
JPMorgan and Bank of America. It will
be America’s 39th-largest retail bank
by assets ($63bn), with just over 200
branches.
M&T Bank’s $7.6bn deal to buy
People’s United Financial earlier this
year lent urgency to this deal, worth
over $10bn in aggregate. M&T and
People’s operate in the north-east US
too and have total assets of $200bn and
1,100 branches.
The steepening US yield curve has
given Webster’s net interest margins a
quarter-on-quarter boost. But the
spread remains depressed compared
with a year ago. First quarter loan
growth of 2 per cent recorded was
driven by commercial and real estate
lending. With consumer credit in the
doldrums, it makes sense to pool
resources.
Webster and Sterling have
overlapping business where overheads
can be reduced, namely commercial
lending and health savings accounts.
Touted cost cuts of $120m, taxed and
capitalised, should more than cover the
11 per cent premium that Webster is
paying for Sterling in its own shares.
This deal will not be the end of the
consolidation story for Webster and its
peers. Expect US bank mergers to
continue. This will create a new tier of
super-regional banks. These will be
better capable of competing for
resources both with each other and
Wall Street’s megafauna.

CROSSWORD
No 16,764 Set by ARTEXLEN
• ‘  ‰ …  } y ACROSS
1 Became less dull in international
u cast (10)
6 Bitter account detective backed (4)
•¸ •• 10 Taking time out, notice problem (5)
11 Characters in dissent pedantically
rejected expertise (9)
12 Pity male swimming for leisure (8)
•‘ • 13 Scoundrel that is scientist (5)
15 Visual transformation of coal pit (7)
•‰ 17 Gulped down starter of sausage
with syrup on (7)
•… • •} •y 19 About to engage in base desire soon
(7)
21 Associate bit and cut short Roman
emperor (7)
•u ‘¸ ‘• 22 End point brought forward in
financial backer’s scheme (5)
24 Prepare to sail north, intercepting
our chap at sea (2-6)
‘‘ ‘ ‘‰ ‘… 27 One attacking a small kindly person
outside LA (9)
‘ 28 Spirited US boxer versus European
(5)
‘} ‘y 29 Flirts turned drunk consuming last
of Chardonnay (4)
30 Torture device like this enthralling
doctor and team (10)
‘u ¸ DOWN
1 Fool appointed to carry piano (4)
2 Heard girl will draw plant (9)
3 Regularly dismissed once brave
JOTTER PAD Yankee that’s fearful (5)
4 Dog sleeps upside-down, content in
field (7)
5 Bridge opponents abandoning
morning meal for card game (7)
7 Absolve cold king (5)
8 Sold Freud’s bust in German town
(10)
9 Comparatively solid sportsman
Solution 16,763 keeping to left of course (8)
14 Totally different style of painting
Ú
Ô
~ ‚
€
8 ã
‚
B
}
7 ‚ Ô × B
Ý æ
~ ‚ :
æ B
involving the French ace (5,5)
Ý N Ú N Ý Ò æ B Ý Ý Ô 7 B 7 16 Angry minister without house (8)
ã × < Ô ‚ Ý H 7 18 Ignore old doddery punter (9)
Ý
B
æ ‚
B
}
E
æ € : B × N Ý
: H 7
‚ × N
×
20 Food to clear off uniform and tie (7)
Ú B 7 ~ N Ý N 7 ‚ × E ‚ 7 21 Pub cat underneath an expensive
N N ‚ B Ú E car (7)
‚
ã Ý B Ò
N
N ×
Ý
H Ý ‚ 7
‚ :
× N N
Ý ‚
23 Windy street chap traverses (5)
× ‚ Ý ‚ 7 × N : : ‚ : æ Ô } 25 Insensitive type changing sides (5)
æ æ Ú ‚ æ 8 7 H 26 Beastly sound from male with rising
8 B }
B B
H N
7
Ú Ô Ý Ý æ H
æ N æ
‚ × N
Ô ‚
grief (4)
~ æ 7 Ú × ‚ 7 × Ð Ý B × N Ý