WEDNESDAY 21 APRIL 2021 NEWS PROVIDER OF THE YEAR UK £2.90 Channel Islands £3.20; Republic of Ireland €3.

20

Antitrust own goals Back in vogue Animal magic

Forget Super League, Arm is a bigger Anna Wintour predicts luxury’s return Private equity turns local veterinary
national priority — HELEN THOMAS, PAGE 12 in the Roaring Twenties — PAGE 10 practices into gold — BIG READ, PAGE 21

On guard Briefing
Border threat i Johnson launches search for Covid pill

alarms Kyiv
The prime minister has urged a “supercharging” of
the search for home-based treatments for Covid-19,
with the aim of having at least two, in tablet or
capsule form, as early as the autumn.— PAGE 2
A Ukrainian soldier stands near the line
of separation from pro-Russian rebels i Jobs and trading send signs of rebound
near Donetsk this week. Data showing employers began hiring in March
Ukraine said yesterday that Russia ahead of the economy’s reopening have lifted hopes
would soon have more than 120,000 of labour market recovery, while many businesses
troops on its border, as Kyiv called for reported buoyant trading last week.— PAGE 2
new western economic sanctions to
deter Moscow from “further escalation”. i Cameron told to hand in Greensill texts
Russia’s relations with the EU and US MPs probing the collapse of
are at low points not seen since the cold Greensill Capital have told
war, with German chancellor Angela former prime minister David
Merkel expressing concern yesterday at Cameron to hand over details
the “extremely tense and very worry- of messages to senior Treasury
ing” situation. and No 10 figures. — PAGE 3
Russia also expelled two Bulgarian
diplomats yesterday, following the i Daily Mail sues Google over ad practices
expulsion of 20 Czech diplomats on The newspaper’s publisher has filed a US antitrust
Sunday and 10 US diplomats last Friday. complaint over “de facto bid-rigging” and search
Tit-for-tat measures page 6 bias at the tech group. The move prolongs Google’s
AP Photo/Roma Mostetskiy
long-running war with news publishers.— PAGE 9

i Regulators show united front to Big Tech

Xi calls for new world order in

UK, German and Australian watchdogs have said
the need to rebuild after the pandemic is not an
excuse to approve tie-ups that further concentrate
power in the hands of a few companies.— PAGE 4

attack on US global leadership

i Asia coal use fuels near-record emissions
An International Energy Agency forecast has shown
the world is set to chalk up the second-largest rise
in energy-related carbon output this year, as China’s
use of coal for electricity generation rose.— PAGE 8

i Millions of young Europeans sue TikTok

3 Speech points to dangers of decoupling 3 Warning on interference in ‘internal affairs’
RYAN MCMORROW — BEIJING
Xi Jinping has called for a new world
order, launching a veiled attack against
US global leadership and warning
against an economic decoupling of the
two superpowers.
“International affairs should be han-
dled by everyone,” the Chinese presi-
dent told the Boao Forum for Asia, an
event billed as the country’s answer to
the World Economic Forum in Davos.
Xi did not name the US in his 18-
minute speech. But he took aim at
Washington’s efforts to decouple supply
chains and bar critical American semi-
conductors and other high-tech goods
from being sold to Chinese companies,
such as Huawei.
“The rules set by one or several coun-
tries should not be imposed on others,
and the unilateralism of individual
countries should not give the whole
world a rhythm,” he said.
Xi’s comments came days after Presi-
dent Joe Biden of the US and Yoshihide
Suga, Japan’s prime minister, commit-
ted to work together to oppose Chinese
coercion in the South and East China
seas. Tensions are rising in the region,
with China facing international criti-
cism for its crackdown on Hong Kong
and human rights abuses against
Uyghur Muslims in Xinjiang.
Beijing has also beefed up its military
activity in the region. In January, Chi-
nese aircraft simulated missile attacks
on a US aircraft carrier during an incur-
sion into Taiwan’s air defence zone three
days after Biden’s inauguration.
A suit backed by the ex-children’s commissioner of
England has claimed the Chinese video app collects
a huge volume of private data and transfers it to
In his speech, Xi said: “Bossing others jing, said there was no doubt the US was unknown third parties for profit.— PAGE 4
around and interfering in other coun- the target of Xi’s remarks. “In the eyes of
tries’ internal affairs will not be well China, the US is still hegemonic.”
received.” Xi also called for closer global co- Datawatch
Despite growing geopolitical tensions, operation on developing, manufactur-
US businesses are eager to expand in ing and distributing Covid-19 vaccines
China, which reported 18.3 per cent Xi Jinping took to improve access in developing coun- Money matters A third of the 12
year-on-year economic growth in the aim at US efforts tries. “We want to make [the vaccine] Revenues of European Super League 12 football clubs
(€m, 2019-20) that have signed
first quarter as the country rebounded to separate truly accessible and affordable to people Currently in top 4
FC Barcelona up for the
from lockdown. US banks in particular supply chains of all countries,” he said. Real Madrid European Super
have been keen as Beijing gradually and bar critical Chinese vaccines developed by Sino- Manchester United
League would not
Manchester City
opens up financial markets. American pharm, Sinovac and CanSino have Juventus currently qualify
Western executives scheduled to par- high-tech goods already been produced in countries that Atlético Madrid for next season’s
Inter Milan
ticipate in the Boao Forum included from being sold have signed up to its Belt and Road Initi- AC Milan Champions
Apple chief executive Tim Cook, Gold- to Chinese ative, including Brazil, the United Arab Currently out of top 4 League. However,
man Sachs president John Waldron, companies Emirates and Malaysia. Xi insisted vac- Liverpool their revenues are
Chelsea
Tesla boss Elon Musk and Stephen cines were global public goods and Tottenham all higher than
Schwarzman of Blackstone. Shi Yin- promised to provide help for developing Arsenal three of the clubs
hong, director of the Centre on Ameri- countries to overcome the pandemic. Source: Deloitte 0 200 400 600 800 that would
can Studies at Renmin University in Bei- Additional reporting by Nian Liu in Beijing

Super League wobbles as Chelsea and

Credit Suisse insiders say
risk management eroded
Six current and former Credit Suisse
managers have told the FT how the
bank hollowed out risk expertise and
trading acumen in favour of promoting
salesmen and technocrats. They shed
light on dealings with entrepreneur
Lex Greensill and his supply chain
finance firm whose fall from grace may
cost the bank’s clients $3bn. ‘When
Lex came along, the bank couldn’t get
enough of him,’ says one manager.
Analysis i PAGE 11
Lex i PAGE 24
Manchester City get ready to pull out
SAMUEL AGINI AND MURAD AHMED
Chelsea and Manchester City are pre-
paring to pull out of the European
Super League, with other clubs also
considering their involvement in the
project after it attracted condemnation
from rival football clubs, players, fans
and politicians.
The two clubs have begun the process of
withdrawing from the proposed league,
according to people briefed on the
plans.
The move came after Chelsea, along
with 11 clubs from England, Spain and
Italy, had signed a binding contract to
enter the Super League at the weekend.
That meant Chelsea needed to prepare
documentation to leave the pact.
The decision to withdraw is the first
outward sign of discontent between the
rebel clubs, which have faced interna-
tional condemnation over their involve-
ment in a project that threatens to
upend the hierarchy of the world’s
favourite sport.
Later last night, Manchester United’s
executive vice-chair Ed Woodward
resigned from his position, though he
will continue to work for the club until
the end of the year, according to a per-
son with knowledge of the decision.
Manchester United, owned by the US
billionaire Glazer family who are among
the architects of the Super League,
declined to comment.
Chelsea declined to comment. The
Super League did not immediately
respond to requests for comment.
Earlier in the day, England’s Premier
League vowed to take action against
clubs that had joined the new contest.
Following a meeting of the 14 top-tier
clubs not involved in the proposal, the
Premier League said it was considering
“all actions” to prevent the project from
progressing and threatened to hold the
six breakaway clubs “to account”. The
excluded clubs said they “unanimously
and vigorously rejected” the plans.
Arsenal, Chelsea, Liverpool, Man-
chester City, Manchester United and
Tottenham Hotspur, the clubs among
the founding members of the Super
League, were not invited to the meeting.
The Super League secured an early
legal victory with a Madrid court issuing
an interim ruling restricting potential
action that Fifa, football’s world govern-
ing body, and Uefa, which runs the sport
in Europe, might take against the Super
League.
The Premier League, La Liga and Uefa
declined to comment. Fifa did not
immediately respond to requests.
Helen Thomas page 12

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2 ★
Employment
Hiring picks up in sign of recovery
Vacancies increase 16% in
March, fuelling hopes of
labour market on mend
DELPHINE STRAUSS
Employers began hiring again in March
as they looked forward to the reopening
of the economy, according to official fig-
ures that will bolster hopes the labour
market is on the mend.
The Office for National Statistics said
the jobs market had been broadly stable
over the past few months of lockdown.
The unemployment rate averaged
4.9 per cent over the three months to
February, edging down from 5 per cent
the previous month. The rate of redun-
dancies was much lower than in the
Rebound Businesses report strong trade after reopening
VALENTINA ROMEI
Many businesses reported better than
expected trading last week as they reo-
pened after three months of lockdown,
as unofficial measures of economic
activity suggested strong, pent-up con-
sumer demand.
Economists said the preliminary data
showed the reopening was “going as well
as could have been hoped”, confirming
their forecasts of a strong rebound in the
second quarter.
Consumers’ incomes were largely
protected by the government furlough
scheme during the slump in output in
2020, and data tracking shop visits, res-
taurant bookings and bank transactions
showed that households were eager to
spend when stores, bars, pubs, outdoor
entertainment and many other busi-
nesses reopened on April 12.
In the first three days after reopening,
visits to retail and entertainment ven-
ues jumped to within 24 per cent of Jan-
uary 2020 average levels, up from
50 per cent below in the week before,
according to Google mobility data,
which point to a sharper recovery than
after the first lockdown.
A similar picture for the retail sector
was presented by statistics from consul-
tancy Springboard, which showed that
footfall last week across all UK retail
destinations was 25 per cent lower than
in the same week of 2019. The company
noted that the gap in footfall from 2019
narrowed by more than half in a single
week, reaching the level achieved after
two months of trading following the first
lockdown.
The recovery was driven by retail
parks, down only 2 per cent compared
with the 2019 level, while footfall in high
street stores was still down 35 per cent.
Diane Wehrle, insights director at
Springboard, said the first week of reo-
pening delivered “an outstanding per-
formance” for the UK retail sector. She
predicted footfall would increase over
the next few weeks and the reopening of
indoor hospitality on May 17 would pro-
vide “a further boost” to retail destina-
tions because many high streets and
shopping centres had indoor venues.
Delia Prudence, owner of The Art
Room, an art supplies shop in Scarbor-
ough in North Yorkshire, said she had
expected to be busy with the reopening
“but not this busy”.
She added: “After a year of what can
only be described as retail hell, we’re
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Trump vs the Valley
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
HMRC warns
customs risks
being swamped
by Brexit surge
3 Confidence in IT plans ‘has collapsed’
3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expectedonce Britain
leaves the EU, customs authorities have
admitted toMPs.
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autumn, before the extension of the
government’s furlough scheme.
However, the employment rate in the
three months to February was slightly
lower than the previous quarter, at
75.1 per cent; the inactivity rate for men
rose to its highest since 2011; and real-
time data collected by HM Revenue &
Customs pointed to a month-on-month
fall of about 56,000, or 0.2 per cent, in
the number of payrolled employees in
March — the first fall after several
months of recovery.
The most promising sign of recovery
was a tentative pick-up in hiring over
the past few weeks. The ONS said that
vacancies increased 16 per cent month
on month in March, although hiring had
slowed in the period before that during
the lockdown.
Green shoots Life begins to return to normal
Visits to UK retail and recreation venues
jump after the April 12 reopening
% change compared with January 2020 level
Daily
Feb
2020
UK diners returned to restaurants in large numbers
in the first days after reopening
7-day rolling average, % change compared with same day of the week in 2019
Mar
2020
Sources : Google Mobility Report; Springboard; Fable Data; Open Table; Refinitiv; University of Oxford, Blavatnik School of Government
Special Report
Covid-19:
how London’s
West End will
bounce back
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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 HOW DRIVERLESS
equity market rally to hunt for bargains across the
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
over disputed painting of Jane Austen
planned or under construction
engulfed in
adjust its negotiation position with the in London. Work began on
EU, a Whitehall official said. “If running almost one tower a week
our own customs system is proving during 2016.— PAGE 4
much harder than we anticipated, that
ought to have an impact on how we i Tillerson fails to ease Turkey tensions
fresh tax probe
press for certain options in Brussels.” The US secretary of state has failed to reconcile
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
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FINANCIAL TIMES Wednesday 21 April 2021
NATIONAL
Pandemic
PM aims to
‘supercharge’
hunt for Covid
treatments
“While the labour market continues the consultancy Pantheon Macroeco- furloughed in March, while payroll
to battle with the pandemic, there are nomics, said the unemployment rate employment was 827,000 lower than
signs it is turning a corner,” said Tej could fall further in the near term, before the pandemic and self-employ-
Parikh, chief economist at the Institute despite the phasing out of furlough, ment down by 600,000.
of Directors. He said he expected unem- arguing that the labour market had rela- “Unless this gap is closed before the
tively little “hidden slack”. furlough scheme ends in September, we SARAH NEVILLE, JASMINE CAMERON-
CHILESHE AND CLIVE COOKSON
Mims Davies, minister for employ- are likely to see a worrying rise in unem-
‘Another unemployment ment, said: “Another drop in unemploy- ployment later this year.” The government has launched a drive
drop . . . and over half a ment, vacancies on the rise and over The HMRC payroll figures showed to “supercharge” the search for new
half a million people joining payrolls in young people had again suffered most
million joining payrolls the last month is welcome news.” from the closure of non-essential busi-
home-based drug treatments for
Covid-19, adding another weapon in
is welcome news’ However, others said a much stronger nesses over the past few months. the armoury against the disease on top
recovery was needed to return the jobs “Youth long-term unemployment has of vaccines.
ployment to rise over 2021, as compa- market to its pre-pandemic health. hit a five-year high this morning, while
nies attended to weak balance sheets “The UK currently has a Covid youth employment is still falling even as The aim is to have at least two effective
and government wage subsidies ended, employment gap of 6.2m people who it starts to rise,” said Tony Wilson, direc- antiviral treatments, in tablet or capsule
but he said there would also be “signifi- need to get back to work,” said Nye tor of the Institute for Employment form, as early as the autumn which
cant growth in new positions”, barring a Cominetti, of the Resolution Founda- Studies. could be taken at home to stop the infec-
return to tighter restrictions. tion think-tank, pointing to an ONS esti- “If we don’t act quickly . . . we are tion spreading and speed recovery.
Samuel Tombs, chief UK economist at mate that 4.7m employees remained risking another lost generation.” Boris Johnson, prime minister, said
antiviral treatments would play an
“important part” in returning the coun-
try to normality. He told a Downing
Street press briefing: “This means for
example, that if you test positive there
might be a tablet you can take at home
to stop the virus in its tracks and signifi-
cantly reduce the chances of infection
turning into more severe disease.
“Or if you’re living with someone who
has tested positive, there might be a pill
you could take for a few days to stop you
Retail parks are driving the recovery UK consumer spending increased after getting the disease yourself.”
in UK footfall April 12 Johnson also praised the rollout of the
April 11- 17, % change compared Bank and cards transactions, % compared vaccine programme, noting that 33m
with the same week in 2019 to equivalent week in 2019 people across the UK had now been vac-
7-day rolling average Retail All Shopping High 10
cinated with their first dose. England is
parks retailing centres streets also on track to lift restrictions as
0 0
Sudden rise on 0 planned, he added, with indoor hospi-
reopening day tality scheduled to reopen from May 17.
-5
-20
-10
However, amid continuing concerns
over the potential development of vac-
-10
cine-resistant strains of the virus, John-
-40 -20
son warned against complacency.
-15
“As we look at what’s happening in
-60 -20 -30 other countries with cases now at record
numbers, around the world, we cannot
-25 -40 delude ourselves that Covid has gone
-80 away,” he said. Johnson’s comments fol-
Jan 3 Apr 14 low the decision by the government to
-30
Jan Apr 2021 2021 place India on its red list of countries,
2021 Latest week refers to April 12-14 from which arriving passengers have to
self-quarantine for 10 days in a hotel.
The UK has now less strict Covid-19 measures The prime minister also warned that
than other European countries the exact protection offered by vaccines
Government response stringency index, 100 = most stringent remained unclear. The “majority of sci-
entific opinion” was of the view that
50 there would be another coronavirus
80 wave in the UK “at some stage this year”.
Sir Patrick Vallance, the govern-
0 60 ment’s chief scientific adviser, said anti-
virals “could help protect those not pro-
tected by, or ineligible for, vaccines”.
40 Dr Penny Ward, visiting professor in
-50
UK Germany France Italy pharmaceutical medicine at King’s Col-
20 lege London, welcomed the announce-
ment. Antiviral treatment of flu had
-100 0 been shown to reduce hospitalisations
Jan Apr Jan Jan Apr and prevent deaths, she said. Ward
2021 2020 2021 added that some potential treatments
were already in clinical trials “and with
additional support could perhaps
feeling a lot more upbeat and are confi- Fable Data figures also showed that ‘After a year they provide a more timely, albeit less be manufactured and deployed in
dent about the future.” spending in pubs and restaurants, comprehensive, measure of activity community-based studies in the UK”.
In the three days after the reopening, which could only serve people outdoors, of what can than official economic data. The search for effective antiviral
consumer spending was up 10 per cent recovered to 42 per cent below their only be Samuel Tombs, chief UK economist at treatments against Covid-19 has not
compared with those days in 2019 and 2019 levels, up from declines of Pantheon Macroeconomics, said the been straightforward. One drug, remde-
up from nearly minus 30 per cent in the 70-90 per cent registered throughout described near-real-time indicators suggested last sivir, appeared to produce promising
week ending April 11, according to Fable the latest lockdown. This is similar to an as retail week’s reopening of shops and some results for people who had been taken to
Data, a company that tracks credit card uptick in restaurant bookings tracked consumer services firms “is going as hospital. However, after a clinical trial,
transactions. In the same three days, by online service Open Table. hell, we’re well as could have been hoped”. the World Health Organization last year
retail spending rose to 43 per cent above Busier stores and other businesses feeling a lot Ruth Gregory, senior UK economist at concluded it had no substantial effect on
the level of the same period in 2019. meant more people were on the move, Capital Economics, said consumers were a patient’s chances of survival.
Kirsty McDonough, manager of The as tracked by government figures on more “in position to power the recovery as the The antivirals task force will be mod-
Crown, a pub in Waltham Abbey in public transport and car use. With the upbeat’ early signs are that households are will- elled on the vaccines task force, which
Essex, said that even though no custom- reopening, jobs vacancies recovered to ing to go back to pubs and restaurants”. has won international plaudits after the
ers could be served indoors, “we’ve been pre-pandemic levels in April. She forecast that the economy’s stag- UK procured a range of inoculations
far busier than we thought”. Despite the High-frequency indicators, such as gered reopening would lift gross domes- ahead of many other nations. It will
cold weather, “the atmosphere has been people’s mobility or restaurant book- tic product to about 2-3 per cent below search for the most promising new anti-
fantastic and people seem so pleased to ings, are increasingly monitored by its pre-pandemic level by July, up from a virals and support their development
be able to eat and drink out again”. economists and policymakers because gap of about 8 per cent in February. through clinical trials, officials said.
Income levels
Pandemic hits UK household finances harder than EU peers
DELPHINE STRAUSS greater length and stringency of the short of adequate support for incomes. France’s contributory system the re-
ECONOMICS CORRESPONDENT
UK’s lockdowns. In the UK, a single homeowner earning placement rate would be 64 per cent.
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Households have suffered a bigger Among those households where at two-thirds of the median would receive Gaps in the generosity of welfare are
least one person had become unem- benefits equal to 22 per cent of previous much narrower for families and when
income shock during the Covid-19 cri-
ployed in the past year, 60 per cent earnings after two months out of work — housing-related benefits for renters are
Censors and sensitivity
sis than their French and German
Warning: this article may be
FEBRUARY 4 2017
upsetting — LIFE & ARTS
recorded a fall in income in the UK, with even after last year’s boost to the basic included. Also, the UK compares better
How To Spend It
counterparts and are more likely to
41 per cent losing more than a quarter of rate of universal credit. on other measures of economic insecu-
Chic new lodgings
have run up debts, according to
research highlighting the limits of the their income. If the government allows this tempo- rity. France, for example, had a much
British welfare safety net. In Germany, only 28 per cent of rary uplift to expire as planned in the lower pre-pandemic employment rate,
households that lost work suffered such autumn, the replacement rate will be along with high numbers of workers on
Typical household income levels were a severe income hit, while in France the just 17 per cent. temporary contracts and fewer child-
similar in all three countries in the year proportion was just a fifth. Someone aged 40 who had paid into less couples where both were earning.
before the pandemic, but higher levels Dan Tomlinson, one of the report’s Germany’s contributory benefits sys- In Germany, low income households
of inequality meant the poorest fifth of authors, said the research highlighted a tem would in contrast receive benefits faced relatively high costs for rented
UK households entered the crisis in a “yawning gap” in the generosity of wel- equal to 59 per cent of previous earnings housing and were more likely to hold
weaker financial position, the Resolu- fare systems, with the UK falling far in similar circumstances, while in debt taken out to cover basic living
tion Foundation think-tank said in a expenses.
report published today. Tough times: But the combination of greater labour
Average income in this bottom quin- a billboard urges market disruption, lower benefits pay-
tile stood at €14,700 in the UK, com- the public to ments and lower savings has made UK
pared with €16,600 in Germany and stay at home in households more likely to rely on debt
€18,500 in France. Both the rate and Newham, east over the past year.
level of savings was far lower in the UK. London, during Seventeen per cent of those suffering
The Resolution Foundation’s the first Covid a fall in income said they had borrowed
research, combining official data with a lockdown money to cover living expenses, around
cross-country survey conducted in Jan- last year twice as high as in either France or Ger-
uary and February, found that a larger Ben Stansall/AFP/Getty
many, and UK households were much
share of UK households had suffered a more likely to resort to short-term,
fall in income over the past year, and high-interest loans that could compro-
that this was not only because of the mise their ability to cope in future.
Wednesday 21 April 2021 ★ FINANCIAL TIMES 3

NATIONAL

Johnson’s ambitious green target

Treasury committee

Cameron told
paves way for wrenching changes to submit
Greensill
lobbying texts
Prime minister seeks to position Britain as a global leader with tough new cuts to carbon emissions
JIM PICKARD
JIM PICKARD AND CAMILLA HODGSON CHIEF POLITICAL CORRESPONDENT

David Cameron was told yesterday to

Boris Johnson was once seen as a bor-
derline climate sceptic, publishing mag-
azine covers attacking “big green bul-
lies” when he edited The Spectator.
Yet the prime minister’s announce-
ment yesterday of a tough new carbon-
cutting target is the latest sign that he is
taking the threat of climate change seri-
ously, even if campaigners remain con-
cerned about slow progress towards
existing targets.
Ahead of the UK-hosted international
climate summit in November, known as
COP26, the government has sought to
position itself as a global green leader.
Johnson inherited an ambitious target
from Theresa May, his predecessor, who
signed into law plans to reach net zero
greenhouse gas emissions by 2050. But
by agreeing to accelerate carbon cuts
over the next decade, he has laid the
foundations for some wrenching
changes to public policy.
What has Johnson announced?
Johnson said the UK would cut its emis-
sions by 78 per cent compared with 1990
levels by 2035, a legally binding pledge
that includes international aviation and
shipping emissions for the first time.
That raises the bar from the previous
goal of cutting emissions by 68 per cent
by 2030. It compares with a commit-
ment from the EU to cut emissions by
55 per cent by 2030, compared with
1990 levels, and China’s pledge to be car-
bon neutral by 2060.
“We want to continue to raise the bar
on tackling climate change, and that’s
why we’re setting the most ambitious
target to cut emissions in the world,”
Johnson said.
The move came days before Joe Biden,
US president, is expected to outline a
new emissions pledge.
International aviation and shipping
have typically not been included in
country pledges, despite their signifi-
cant emissions, in part because of their
cross-border nature.
How is this an acceleration?
The government could have created a
less ambitious path by seeking smaller
cuts in the short term — with the “heavy
lifting” much closer to 2050.
But by legislating for such a strict new
target in just 14 years’ time, Johnson is
paving the way for rapid behavioural
changes from households and busi-
nesses.
James Diggle, head of energy and cli-
mate change at the CBI business group,
said the new target meant that the gov-
ernment was “front-loading” its emis-
sions cuts in the years to 2035. This dec-
ade would be “crucial”, he added.
Ministers like to talk about how rap-
idly the UK’s power system has shifted
away from coal and towards renewable
energy such as offshore wind and solar.
The problem is that those are, relatively,
the easiest cuts to make.
Squeezing carbon out of the transport
system, household energy and food pro-
duction will be more complicated and
Take-off: fewer challenging. At the same time a huge
international increase in electricity from the grid to
flights must be provide the energy for electric cars and
taken while less electric heating systems will also be
meat should be required.
eaten as much of “The UK government is already strug-
agriculture’s gling to meet its existing, less ambitious
emissions are climate change goals,” said Connor
generated by the Schwartz, a climate campaigner with
farming of cattle Friends of the Earth. “Targets for cut-
for beef, below ting emissions are important, but with-
Aviation-Images/Universal
Images Group/Getty;
out the right policies they won’t be met.”
Paul Weston/Alamy
How might the UK get there?
Philip Hammond, the former chancel-
lor, warned May in 2019 that her new
2050 target would cost some £1tn to
implement, albeit spread over several
decades.
But cost estimates are coming down:
the new target is in line with that recom-
mended last year by the Climate Change
Committee, an independent body that
advises the government. It forecast it
would cost about 0.5 per cent of gross
domestic product by 2050, below the 1-2
per cent the CCC previously forecast.
The CCC’s December road map fore-
cast that more than half of the emissions
reductions would come from the adop-
tion of low-carbon solutions, such as
electric vehicles.
Low-carbon hydrogen would need to
be rolled out across the power sector,
while consumers would need to eat less
meat and dairy, reduce waste and take
fewer international flights, the CCC said.
What does it mean for consumers
and businesses?
Yesterday the government said “bring-
ing businesses and the public along is
vital to reach the UK’s climate change
goals”, and that “everyone” would have
a role to play.
Speaking at an event organised by
think-tank the Energy and Climate
Intelligence Unit, former CCC chair
Lord Adair Turner said much of the
transition would be facilitated by new
technologies, the costs of which were
coming down.
Although some carbon-intensive sec-
tors, such as cement and steel, would see
input costs rise, consumers were
unlikely to be hit hard in most cases, he
said. But he added: “The big missing bit
is buildings. Once you electrify residen-
tial heat, people will pay less [for
‘Targets for energy] in some cases. But there are
non-trivial capital costs” for house-
cutting holds.
emissions Not only must homes switch to using
electricity for heating but they must
are also be better insulated, which could
important, cost thousands of pounds per home.
Diggle at the CBI said the removal ear-
but without lier this year of a scheme to help decar-
the right bonise homes had “caused concern to
business” about the “stop, start” nature
policies of government policies.
they won’t One particularly controversial subject
is food. Much of the agricultural sector’s
be met’ emissions are generated by the farming
of cattle for beef, and the CCC has rec-
ommended the UK’s meat and dairy
consumption should fall by about 35 per
cent by 2050.
The government said it would meet
the new target through “investing and
capitalising on new green technologies
and innovation, whilst maintaining peo-
ple’s freedom of choice, including on
their diet.”
Turner highlighted a likely increase in
the availability of meats produced in
labs. But Andrea Leadsom, former busi-
ness secretary, said policymakers would
have to be “very careful not to lose
members of the public” by introducing
harsh new food policies. Telling con-
Interview sumers that they “can’t have a pint of
Greta Thunberg: milk or a roast beef on a Sunday” would
‘treat the climate be “a very dangerous path to go down as
crisis like a
real crisis’ a politician”, she said.
Emissions set to surge page 8
ft.com/video
FT View page 22; Lex page 24
hand over details of his private texts
and messages to senior Treasury and
Downing Street figures by MPs probing
the collapse of Greensill Capital.
The Treasury committee also
demanded the former prime minister
give oral evidence as part of its inquiry
into the failure of his former employer.
Cameron has been embroiled in the
biggest lobbying scandal for a genera-
tion after it emerged he had urged
Treasury ministers, including Rishi
Sunak, chancellor, and Downing Street
officials to change rules around Cov-
id-19 loan schemes to benefit Greensill
early last year.
The Treasury has disclosed two text
messages from Sunak to Cameron but
refused to publish the former prime
minister’s messages on the grounds that
they were sent with a reasonable
“expectation of confidence”.
The Conservative-dominated com-
mittee has, however, asked Cameron to
hand over his texts to Sunak as part of its
wider inquiry into Greensill.
It has also asked the former prime
minister to supply information includ-
ing a timeline of his messages and con-
versations with various government
bodies on behalf of Greensill.
In a letter published yesterday morn-
ing, Mel Stride, Tory chair of the com-
mittee, asked Cameron for information
on how Greensill carried out its lobbying
efforts and when he became aware of
the company’s financial problems.
Stride has also asked Cameron to give
details of phone conversations he had
with Sunak and Jesse Norman and John
Glen, Treasury ministers.
Cameron’s office said: “We are in con-
tact with all three select committees and
we are engaging positively with them.”
However, it refused to say whether
the former Tory leader would comply
with the request to hand over his mes-
sages to government figures.
Cameron’s attempts to gain access to
the Bank of England’s Covid Corporate
Financing Facility for Greensill failed.
Nor was he successful in persuading the
Treasury to lift the threshold for loans
through supply chain companies via the
Treasury’s Coronavirus Large Business
Interruption Loan Scheme.
However, Greensill did ultimately
secure 10 meetings with senior Treas-
ury officials to discuss the proposals.
The Treasury and Bank of England
have rejected separate freedom of infor-
mation requests by the Financial Times
— made a month ago — asking for the
details of all communications relating to
Greensill and Cameron from March to
June last year.
The Treasury said it would cost more
than the relevant threshold of £600 to
disclose the information.
Legal Notices

Brexit City, University of London

N Ireland aerospace warns over tariffs threat
SYLVIA PFEIFER — LONDON
LAURA NOONAN — DUBLIN
PETER FOSTER — BRIGHTON
Post-Brexit rules threaten the competi-
tiveness of Northern Ireland’s aero-
space industry by forcing the payment
of tariffs on raw material imports from
Great Britain, the sector has warned.
The industry’s concerns were outlined
in a letter to Lord David Frost, cabinet
minister in charge of post-Brexit trade
arrangements, from Diane Dodds,
Northern Ireland economy minister.
Dodds urged him to “ensure that the
competitive position of Northern Ire-
land businesses within the UK internal
market was not damaged” by the tariffs.
Under the Northern Ireland protocol,
which sets the terms for the region’s
post-Brexit trade, raw materials moved
by aerospace companies from Britain to
Northern Ireland are defined as being
“at risk” of being moved into the EU.
That means the importing company
has to pay tariffs on the raw materials as
soon as they enter Northern Ireland or
Ireland, a cost that could run to £14m a
year according to ADS, Britain’s trade
body that represents most of the 90 aer-
ospace companies that employ more
than 10,000 people in Northern Ireland.
The tariffs are refundable, but ADS
said administration costs could top
£65m a year, and argued the raw mate-
rials should be exempt because they are
highly specific and likely to be used only
in aerospace, where products are gener-
ally exempt from tariffs under World
Trade Organization rules.
Dodds’s intervention came as Boris
Johnson told the BBC he was still trying
to remove what he termed the “ludi-
crous barriers” and “unnecessary pro-
tuberances” thrown up by the protocol.
The prime minister’s repeated denials
of the practical realities arising from the
protocol, signed in October, have caused
frustration among EU member states
and the European Commission, which
Johnson was deploying
‘needless verbiage’ instead
of focusing on making
the protocol operational
has launched legal action to force the
UK to fully implement the deal.
Neale Richmond, European affairs
spokesman for Ireland’s Fine Gael party,
a member of the ruling coalition, said
Johnson was deploying “needless verbi-
age” instead of focusing on making the
protocol operational.
The commission declined to com-
ment on Johnson’s latest remarks, but
said it was continuing “technical level”
talks with the UK over the protocol’s
implementation. Michael Roth, Ger-
many’s Europe minister, repeated yes-
terday that the EU wanted the UK to
commit to a “binding timeline for the
full implementation of the protocol”.
Northern Ireland’s aerospace indus-
try wants the UK government to use the
UK-EU Joint Committee, which over-
sees implementation of the UK’s with-
drawal agreement, to agree a tariff
exemption that “recognises the tariff-
free nature of international trade in
aircraft components, and enables them
to compete on a level playing field”,
said Kevin Craven, interim chief execu-
tive of ADS.
The current regime “risks putting
companies at a disadvantage against
international competitors”, Craven said.
Northern Ireland has a long-
established aerospace cluster spanning
design to manufacturing, including air-
craft seats for many of the world’s air-
lines. America’s Spirit AeroSystems,
which took over Bombardier’s Northern
Ireland operations last year, is one of the
largest employers and makes the wings
for the Airbus A220 aeroplane.
Several manufacturers said the issue
was already affecting supply chains.
One executive reported cancelling a
contract with a longstanding raw mate-
rial supplier in Britain recently in favour
of an EU alternative.
“Northern Ireland needs to get sup-
port from [the Republic] and London
and I don’t see much effort in London
to help the situation,” said Conor
McCarthy, founder of Dublin Aero-
space, one of the Republic of Ireland’s
largest aerospace companies.
Cass Business School changes
name because of slavery ties
JONATHAN MOULES
City, University of London is to rename
its business school after the 18th cen-
tury statistician, philosopher and Pres-
byterian minister Thomas Bayes, end-
ing a 20-year association with slavery-
tainted Sir John Cass.
The school has also agreed to set aside
£5m from its scholarship budget — the
same amount donated by Cass’s educa-
tion foundation, the Portal Trust, when
Cass Business School was named in
2001 — that will fund full tuition fees
and a £6,000 a year stipend for black
UK-domiciled degree students.
The scheme is driven in part by a rec-
ognition that they are under-repre-
sented on City’s business degree pro-
grammes. Just 2.06 per cent of the busi-
ness school’s undergraduates between
2015 and 2019 were black, whereas
about a fifth of the proportion of the UK
population aged 18 to 24 is black.
Professor Sir Paul Curran, City’s presi-
dent, said: “The renaming of the busi-
ness school marks the start of a new
chapter in City’s history, but certainly
not the end of our work to address racial
inequality.”
The new title, Bayes Business School,
was decided through consultations with
staff, students and alumni, launched
after City dropped its Cass association
last July in the wake of the killing of
George Floyd in the US and the Black
Lives Matter protests. The school has in
the interim been The Business School
(Formerly Cass).
In addition to being an MP and philan-
thropist, Cass was in the early 18th cen-
tury a prominent member of the Royal
African Company, which traded
enslaved people.
Bayes, whose theorem provided a
simple way of calculating how likely a
certain hypothesis is given some
observed evidence, is buried in Bunhill
Fields graveyard, close to the City cam-
pus. His alma mater was the University
of Edinburgh, which used the name for a
£45m research centre, but said it had no
objection to a second Bayes branding.
Caroline Wiertz, a professor of mar-
keting and associate dean for entrepre-
neurship at City, said Bayes was by far
the most popular choice
However, some students and alumni
have questioned the logic of a rebrand-
ing exercise. Harish Jani, who graduated
from the MBA programme in 2019 and
had voted for City of London School of
Management, said he would rather the
name had been left alone.
“Cass was such a well known name, a
trademark,” he said. “By giving it
another name, the risk is the school
loses its ring.”
4 ★
Competition concerns
Regulators join forces to rein in Big Tech
Germany, Australia and
UK unite to take on likes
of Google and Facebook
KATE BEIOLEY — LONDON
Antitrust regulators in the UK, Ger-
many and Australia yesterday mounted
a unified attack against the domination
of internet giants, warning that the pan-
demic could not be used as an excuse to
justify mergers and investment.
The three regulators, which have
been at the forefront of global attempts
to rein in big tech companies such as
Facebook and Google, said the pan-
demic had accelerated the concentra-
tion of power in the hands of a few, and
warned they would take an increasingly
sceptical view to tie-ups.
At a virtual event to launch the state-
ment yesterday, the head of the UK’s
Laschet victory ends German power struggle
CDU leader to run as candidate
to succeed Merkel but is less
popular than CSU challenger
GUY CHAZAN — BERLIN
Armin Laschet was named as the Ger-
man centre-right’s candidate for chan-
cellor in this year’s national election,
after his rival, Markus Söder, the prime
minister of Bavaria, threw in the towel.
Laschet said he would campaign on a
platform of change and innovation,
promising a fresh start after Angela
Merkel’s 16-year reign. “There can be no
more business as usual,” he told report-
ers. “As a country we must become bet-
ter, faster and more modern.”
Laschet, leader of the Christian Dem-
ocratic Union and prime minister of
North Rhine-Westphalia, Germany’s
most populous state, won out in a battle
with Söder that exposed deep rifts in the
centre-right movement.
Söder exited the race for chancellor
after a six-hour meeting of the CDU gov-
erning executive on Monday night that
came out for Laschet. In a secret ballot,
31 members supported the CDU leader
while only nine voted for Söder.
“The die is cast,” Söder told reporters
yesterday, announcing he would be
throwing his weight behind Laschet as
the joint candidate of the CDU and its
Bavarian sister party the CSU, which he
leads.
The result of the power struggle is in
line with precedent: the CDU leader tra-
ditionally gets to run for chancellor, rep-
resenting both the CDU and the CSU.
Only twice in Germany’s postwar his-
tory did the two parties field a joint
chancellor candidate from the CSU —
and both times they lost.
But many in the CDU/CSU are worried
about the prospects of a Laschet candi-
dacy. The CDU boss is far less popular
than Söder, both among conservatives
and Germany’s voting public at large.
Even the CDU’s top brass had misgiv-
ings about Laschet’s suitability to run.
The party executive backed his candi-
dacy unanimously last week, but he gar-
nered just 77.5 per cent of the vote on
Monday after a number of CDU heavy-
weights defected to the Söder camp.
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
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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 Wednesday 21 April 2021
INTERNATIONAL
Video app
TikTok sued
on behalf of
Competition and Markets Authority, giants Facebook and Google to pay for most of the platforms have really built trust . . . But of course the pandemic millions of
European
Andrea Coscelli, said he anticipated news and the CMA waged antitrust bat- their strong position through acquisi- has been an accelerator here and we
“tremendous pressure” from compa- tles against Google and Apple. tions”. He said: “We can together raise a have seen that GAFA [Google, Apple,
nies citing the need to rebuild after the Rod Sims, chair of the Australian strong voice on these important issues.” Facebook and Amazon] has been a win-
pandemic as a reason to approve deals.
“We’re clearly in a difficult economic
situation,” he said, “and it’s attractive,
Competition and Consumer Commis-
sion, said Australia had “very well
known digital platform issues where
Sims added: “Companies clearly have
an incentive to acquire businesses, to
gain market power and push up
ner during this crisis.”
Coscelli said global regulators had also
approved mergers in the past that had
children
someone coming to you with plans for price . . . We have a whole body of caused harmful results for consumers in
investment. But . . . this is really about knowledge now built up often from the markets, including accountancy, where MADHUMITA MURGIA — LONDON
the medium term, it’s about having advisers to merged parties that suggests the Big Four firms — Deloitte, KPMG, EY
Chinese video app TikTok is being sued
market structures that are going to that mergers are always good, but that is and PwC — dominate.
for several billion pounds for allegedly
deliver day in, day out for consumers.” not so, and that view damages our econ- “Very often when you look into mar-
illegally collecting children’s personal
The three regulators said the pan- omy.” kets you realise that at some point in the
information in the UK and Europe, in a
demic “should not be used to bring The three regulators said the pan- past there was a merger that really
legal claim being brought on behalf of
about a relaxation of the standards demic had exacerbated dangerous con- shouldn’t have happened,” he said.
millions of children.
against which mergers are ultimately centration trends, and said they were Coscelli said Google’s purchase of
assessed”. taking an increasingly sceptical view of online advertising company Double- The case, backed by the former chil-
Bundeskartellamt, Germany’s cartel the benefits of tie-ups. Click in 2007 was “the source of a dren’s commissioner of England Anne
office, took direct aim at Facebook’s Andreas Mundt, head of the German number of problems”. Longfield, claims that TikTok collects a
business model in 2019 when it blocked cartel office, said: “We [were] already In another warning to companies, the huge volume of children’s private infor-
the company from pooling user data struggling with the platforms’ ecosys- regulators said they were also increas- mation while using the app — including
without consent. Meanwhile, Australia Regulators warned the pandemic had tems, digital gatekeepers and the effect ingly less likely to accept promises from phone numbers, pictures, videos, their
recently moved to force Silicon Valley exacerbated concentration of power they have on the economy and anti- companies to change their behaviour. exact location and biometric data — and
transfers this data to unknown third
parties for profit.
“We think parents and children will
Chancellorship. Centre-right politics be shocked, and this is made much more
serious for me because of the sheer scale
of usage of this social media [app] by
families and children of this age,” Long-
field said. “According to Ofcom, 44 per
cent of eight- to 12-year-olds use Tik-
Tok. We think there is likely to be in the
region of 3.5m children in the UK alone
that fall within this claim and many
more across Europe.”
The claim argues that children’s per-
sonal information is collected without
sufficient consent (for underage chil-
dren, consent would be required from
an adult) or transparency, and is there-
fore a “severe breach of UK and EU data
protection law”, according to Tom
Southwell, partner at the law firm Scott
+ Scott, which is representing the plain-
tiffs in the case.
This is not the first time TikTok’s data
collection policies have come under fire.
In 2019, the app, owned by Chinese com-
pany ByteDance, was fined a record
$5.7m by the US Federal Trade Commis-
sion for allegedly illegally collecting per-
sonal information from children. The
app was banned temporarily in India
over claims it was “degrading culture
and encouraging pornography”, and it
has since been permanently banned.
TikTok is being probed by the UK
Information Commissioner’s Office for
similar violations. It said: “The ICO has
been undertaking an investigation of
TikTok’s compliance with UK data pro-
tection rules, including how it protects
children’s information rights. We intend
to publish our findings later this year.”
Aside from claiming compensation to
the tune of thousands of pounds per
child, Longfield said the plaintiffs would
Time’s up: The CDU has been caught off-guard before being elected to the Bundestag in ‘Only a Merkel ally, threw their weight behind demand more transparency in what
Armin Laschet, by a steep fall in its popularity. It surged 1994. He served as a minister in the gov- Söder, a move that will badly dent Las- data were being collected, but also more
centre, leaves a to almost 40 per cent last year as voters ernment of North Rhine-Westphalia in united chet’s authority. rigour “about the fact that this is an app
joint CDU/CSU rewarded it for Germany’s deft handling the 1990s and became prime minister CDU/CSU Laschet was at pains yesterday to that isn’t for under-13s. Clearly they
press conference of the first wave of the pandemic. there in 2017. mend fences between the CDU and CSU. know under-13s are using it, companies
this month with But its approval rating slumped ear- Laschet is an ideological ally of Mer- can be The two parties were, he said, “sisters, a often say kids put the wrong age on but
Markus Söder, lier this year as public anger mounted kel and has said that if elected chancel- successful. unique phenomenon in the history of my view is that isn’t good enough.
right, and the over the slow pace of Covid-19 vaccina- lor, he would continue her middle-of- political parties in Germany . . . [and] “Knowing kids will do that, you need
CSU’s Alexander tions and the revelation that some MPs the-road policies. He was long consid- We do not our republic’s anchor of stability”. additional measures to provide more
Dobrindt earned huge commissions on deals to ered her natural successor. want any He said Söder would continue to play robust verification of children when
Clemens Bilan/Getty
procure face masks. Laschet, 60, who But his popularity has suffered over a “central role” in German politics and they are online.”
was elected CDU leader in January, has the course of the pandemic, when he has division’ he would liaise closely with him on pol- Members of the US Congress told the
so far been unable to stop the rot. come across as hesitant and erratic. By icy issues. Financial Times last week they wanted
The CDU also faces a strong challenge contrast Söder, who has earned a repu-
Markus Söder Söder said it was time to close ranks to pass new laws to curb social media
from the opposition Greens, who some tation as a decisive crisis manager, has around Laschet. “Only a united CDU/ companies that offered products aimed
pollsters believe could win September’s seen his approval ratings soar. CSU can be successful,” he added. “We at the under-16s, particularly around
election. The party chose Annalena In Monday’s meeting of the CDU exec- do not want any division.” He said he issues of data and privacy.
Baerbock, a 40-year-old MP, as its can- utive, Laschet was endorsed by some of had called Laschet to congratulate him TikTok said: “[W]e have robust poli-
didate for chancellor on Monday, in a the CDU’s most influential grandees, on his selection. cies, processes and technologies in place
smooth process that presented a sharp such as Wolfgang Schäuble, the former Markus Blume, the CSU’s general sec- to help protect all users, and our teenage
contrast to the open power struggle in finance minister and Bundestag presi- retary, said it had become obvious that users in particular. We believe the
the CDU/CSU. dent. Söder was “the candidate of people’s claims lack merit and intend to vigor-
The son of a miner, Laschet studied But other attendees, such as Peter Alt- hearts”, but he added: “In a democracy, ously defend the action.”
law and edited a Catholic newspaper maier, economy minister and a close the majority decides.” Inside Business see Companies
Africa
Chad president and ally to west killed ‘on the battlefield’
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
“Idriss Déby Itno has just taken his Mahamat Kaka, had been named partners of the fight against insecurity
i Report outlines longer NHS waiting times
AMERICAN WAY OF LIFE
NEIL MUNSHI — LAGOS
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
VICTOR MALLET — PARIS
Developing countries have sold record levels of
last breath in defending the sovereign interim head of state. The government in the Sahel must be unequivocal con-
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
A survey has revealed that a over disputed painting of Jane Austen How To Spend It
engulfed in
record 455 tall buildings are
planned or under construction
in London. Work began on
nation on the battlefield,” General Azem and parliament would be dissolved and demnation,” she said.
almost one tower a week
during 2016.— PAGE 4
fresh tax probe President Idriss Déby Itno, the strong-
i Tillerson fails to ease Turkey tensions
The US secretary of state has failed to reconcile
tensions after talks in Ankara with President Recep
Chic new lodgings
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
in Scotland
Bermandoa Agouna said. Kaka would head a transitional military Chad’s highly capable military and its
MAGAZINE
FEBRUARY 4 2017
i Toshiba investors doubt revival plan
3 UK, France and Netherlands swoop
man leader of Chad and one of the
In a stormy three-hour meeting, investors accused
3 Blow for bid to clean up Swiss image
managers ofhaving an entrenched secrecy culture
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
The circumstances of Déby’s death council to hold power for 18 months central location has made it an impor-
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
west’s staunchest allies in the battle
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-
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
were not yet clear, although as a long- before the organisation of “free, demo- tant ally of the west, insulating Déby
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
against jihadis in the Sahel, has been
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
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
time soldier he was known to don mili- cratic and transparent” elections, from criticism on human rights abuses
Nice bombings — have
to overhaul business models and ensure tax authorities.
customers meet international bucked tax the trendThe Swiss attorney-general’s office
killed while visiting troops on the front
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
tary fatigues to join troops on or near the according to the army. and the undermining of democracy.
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
line, according to the army.
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
front lines of various battles and was Ayisha Osori, executive director of Paris maintains influence in many of
with Spain handed veto over Gibraltar
The 68-year-old president sustained admired by French soldiers as a kind of Open Society Initiative for West Africa, its former colonies. French analysts say
injuries while commanding soldiers “Chadian Napoleon”, according to called the elevation of Kaka an “uncon- Paris has reverted to its traditional
fighting a rebel incursion heading for
the capital N’Djamena, an army spokes-
François Gaulme of Ifri, the French
Institute of International Relations.
stitutional power grab” with “the poten-
tial to increase instability”.
Africa policy of supporting incumbent
dynasts and presidents after the
man said on state television. The Chadian army is considered the “The response to this coup from [the attempt by Macron’s predecessor,
The news came just hours after provi- most effective in the Sahel and a key African Union], France, EU and other François Hollande, to champion democ-
sional results showed that Déby, one of partner of France’s 5,000-troop Opera- racy on the continent.
Africa’s longest-serving rulers, had ex- tion Barkhane, which is based in N’Dja- The Elysée, which is concerned about
tended his 30 years in power by winning mena, Chad’s capital. Paris is leading the increasing Russian and Turkish influ-
a sixth term in elections this month. fight against extremism in the region. ence in its former colonies, said it was
His death will have implications not “This [Déby’s death] puts a question important the transition happen peace-
just for the impoverished yet oil-rich mark over the whole French strategy in fully “in a spirit of dialogue with all
central African country but across the the Sahel,” said Gaulme. political actors and civil society to per-
region, where Chad is key to the fight President Emmanuel Macron’s Elysée mit the return of inclusive governance”.
against Boko Haram and other jihadi Palace said Chad had lost “a great Déby’s campaign said on Monday he
groups including those linked to Isis and soldier and president who laboured had travelled to the front line to lead his
al-Qaeda that operate across the Sahel. ceaselessly for three decades for the troops in battle against the Front for
Déby was a key ally for France and the security of his country and the stability Change and Concord in Chad (Fact)
US and although his son has been of the region”, while France had lost “a rebels, who the government calls “ter-
*Terms and conditions can be found at www.ft.com/subscribenow appointed interim head of state, Déby’s brave friend”. Long-serving: President Idriss Déby rorists” and who operate from neigh-
death could leave a power vacuum. The army said Déby’s son, General Itno had won a sixth term in office bouring Libya.
Wednesday 21 April 2021 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Wednesday 21 April 2021

INTERNATIONAL

Czech-Russia ties damaged

Rising tension

Moscow orders expulsions

by fallout from 2014 blasts
Western intelligence allies endorse link to suspects in Skripal murder attempt
JAMES SHOTTER — WARSAW
HELEN WARRELL — LONDON
Shortly before 10am on October 16
2014, the Zlin region fire brigade in the
east of the Czech Republic received an
emergency call. A warehouse in an
ammunition depot near the village of
Vrbetice was burning.
Firefighters rushed to the scene but
with ammunition already exploding
they were forced to withdraw. Soon
afterwards, a blast devastated the ware-
house, killing two people and showering
tonnes of explosive debris over the sur-
rounding area.
The ramifications of that blast, and
another at the site seven weeks later, are
still being felt. On Saturday, Czech offi-
cials said both were suspected to have
been acts of sabotage by Unit 29155 of
Russia’s GRU military intelligence serv-
ice that was also allegedly behind the
attempted murder of Sergei Skripal, a
former Russian spy, in the UK in 2018.
The allegations, which come as west-
ern capitals worry about a Russian mili-
tary build-up on its border with
Ukraine, have sparked tit-for-tat diplo-
matic expulsions. They have also driven
relations between Russia and the Czech
Republic to their lowest point since the
end of the cold war.
Czech police say two men using pass-
ports in the names of Alexander Petrov
and Ruslan Boshirov, the same as those
charged by the UK with trying to kill
Skripal, arrived in the Czech Republic in
mid-October 2014. After briefly staying
in Prague, they moved to the Moravian-
Silesian region and then to Zlin district,
where the depot was destroyed.
Jan Hamacek, interior minister, said
the Russians were interested in an arms
consignment that had been purchased
by a Bulgarian dealer. Hamacek did not
think the Czech Republic was the target.
“We think that the plan was not to
detonate it in the Czech Republic but the
plan was to detonate it on the way to
Bulgaria and, simply, something went
wrong on their side,” he told Sky News.
“We have two lines of thought. Basi-
cally, what we think is that this ammu-
nition was to be used somewhere
against Russian interests so we suspect
Ukraine or Syria.”
Moscow, Petrov and Boshirov denied
any involvement in the attempted mur-
der of Skripal, and Russian officials have
dismissed Czech assertions that its
operatives were behind the Vrbetice
explosions as “nonsense”.
However, serving and former western
security officials have endorsed the
Czechs’ linking of the suspects from the
Skripal attack to the Czech explosions.
“I think the Czechs have pieced this
together really rather well,” John Saw-
ers, a former head of MI6, the UK’s
Secret Intelligence Service, who was in
post until shortly after the first Czech
explosion, told the BBC on Monday. “I
think the Czechs have got these two peo-
ple who tried to assassinate Sergei Skri-
pal in Salisbury, I think they’ve got them
bang to rights.”
Other security allies praised Prague’s
calling out of aggressive Russian activity
and the demonstration that hostile acts
by Moscow will not go unpunished.
“Unit 29155 is responsible for sabotage,
Tit for tat: election interference, attempted and
Czech diplomats actual murder,” said one official. “They
and their are a nasty group of people used by the
families arrive Kremlin to further its strategic and tac-
in Prague after tical aims across the world, but they
Russia ordered keep getting caught, so you can see their
them to leave. tradecraft is actually fairly poor.”
The Czech Jan Sir of the department of Russian
government has and eastern European studies at Charles
alleged Russian University in Prague said the explosions
involvement in in Vrbetice should not be seen in isola-
blasts at an tion, but as part of a broader Russian
ammunition effort to deploy hybrid tactics against
depot in 2014, European and Nato member states.
below — Petr David “I think this is part of the Russian
Josek/AP; Epa
strategy of deliberately blurring the line
between peace and war,” he said. “This
is part of creating a permissive environ-
ment for further subversive efforts by
Russia against Nato states.”
The Czech Republic has long been
regarded as a launch pad for Russian
intelligence operations in western
Europe. Its BIS domestic intelligence
service has warned that Russia, along
with China, had the “most active” for-
eign intelligence service in the country.
Hamacek said on Saturday that
Prague was expelling 18 Russian diplo-
mats identified by Czech security serv-
ices as working for the GRU or the SVR
foreign intelligence agency.
But Russia’s decision to respond by
ordering out 20 Czech diplomats, includ-
ing the deputy ambassador, has
prompted calls for Prague to go further ,
such as to scale down the embassy, which
had 135 staff before the expulsions.
‘They are a Czech officials said on Monday
evening that Russia’s state-owned
nasty group nuclear group Rosatom would in effect
of people be excluded from a tender for a new unit
at the Dukovany nuclear plant.
used by the “Russia should not be part of this
Kremlin to project,” said Jan Lipavsky, an MP from
the opposition Pirate party who also sits
further its on the parliamentary defence commit-
aims across tee. He argued that Russia could
threaten to stop construction as a way of
the world, “blackmailing” the Czech Republic.
but they “Construction will take 20 years to
finish. So for 20 years you need a perfect
keep partnership. How do you want to create
getting a partnership with a company that is
state-owned?” he added.
caught’ FT View page 22
of two Bulgarian diplomats
HENRY FOY — MOSCOW
VALERIE HOPKINS — BUDAPEST
Russia has expelled two Bulgarian dip-
lomats in the latest in a succession of
tit-for-tat measures amid rising ten-
sions with the west.
The expulsions came as John Sullivan,
US ambassador to Russia, announced he
was returning to Washington for consul-
tations, a decision that means both
countries’ top diplomats will be absent
just days after the two countries hit each
other with new sanctions.
Moscow’s relations with the EU and
US have hit lows not seen since the cold
war. Claims of Russian election med-
dling and cyber hacks, a huge build-up
of Russian troops on the border with
Ukraine and fears over the poor health
of imprisoned opposition activist Alexei
Navalny are all fuelling tension.
Russia’s foreign ministry said yester-
day it had ordered two first secretaries
at the Bulgarian embassy to leave within
72 hours. That came after it had
expelled 20 Czech diplomats on Sunday
and 10 US diplomats on Friday.
The moves were in retaliation for the
expulsion of Russian diplomats by the
respective western governments.
Joe Biden, US president, last week
imposed new sanctions against Russia,
targeting 38 individuals and entities and
banning US financial institutions from
purchasing new Russian state debt.
Sullivan’s decision to leave Moscow
came after the Kremlin suggested last
Democratic luminary
Former US vice-president
Mondale dies aged 93
JAMES POLITI — WASHINGTON
Walter Mondale, a liberal Democrat
who served as US vice-president under
Jimmy Carter before losing his own bid
for the White House to Ronald Reagan
in 1984, has died at the age of 93.
Mondale, a native of southern Minne-
sota, launched his political career in
1960 as attorney-general of his home
state and then four years later as a US
senator, before becoming one of the
Democratic party’s leading figures of the
mid-to-late 20th century.
Over the course of his career, Mondale
was credited with invigorating and add-
ing prominence to the role of the vice-
president in US politics, and for choos-
ing Geraldine Ferraro as his running
mate in 1984: the first time a woman
had ever been nominated for the role
from a main party.
Mondale, who was known as “Fritz”,
also had a stint in US diplomacy, as
ambassador to Japan during Bill Clin-
ton’s presidency in the 1990s.
“During our administration, Fritz
used his political skill and personal
integrity to transform the vice-presi-
dency into a dynamic, policy-driving
force that had never been seen before
and still exists today,” Carter said.
“He was an invaluable partner and an
able servant of the people of Minnesota,
the United States and the world.”
From the outset of his political career,
Mondale was a champion of causes
including the need for a stronger social
week that he return to Washington. Rus-
sian officials also imposed a number of
restrictions on his mission.
Russia’s ambassador to the US was
summoned back to Moscow last month
after Biden said he agreed with a
reporter who described Vladimir Putin,
Russian president, as a “killer”. The
envoy has yet to return to Washington.
The absence of both ambassadors
comes as Biden and Putin seek to
arrange a summit in a third country that
the White House hopes to contribute to
a “normalisation” of relations.
“I believe it is important for me to
speak directly with my new colleagues
in the Biden administration in Washing-
ton about the current state of bilateral
relations between the United States and
Russia,” Sullivan said.
“I will return to Moscow in the coming
weeks before any meeting between
Presidents Biden and Putin.”
Moscow said the Bulgarian expulsions
were a response to the ejection last
month of two Russian diplomats
accused of links to a Sofia-based spy
ring. According to Bulgaria’s chief prose-
cutor, a group of six serving and retired
Bulgarian military officials allegedly
passed classified information to the two.
Boyko Borisov, premier, called on Mos-
cow to “stop spying in Bulgaria”.
The Russian embassy in Sofia dis-
missed the allegations as part of “inces-
sant attempts to drive a wedge in the
Russian-Bulgarian dialogue and again
demonise our country”.
safety net, fair housing laws and civil
rights.
“There’s a lot of bad consequences
that flow from segregation. The kids
don’t do as well. We live separately. We
don’t learn about each other. We’re all
Americans. And yet, we separate based
on, basically, race. And I believe it’s got
to stop,” he said in 2018.
Mondale was also known for the can-
dour with which he was prepared to dis-
cuss the challenges facing the US. Most
Walter Mondale
campaigned for
a stronger social
safety net, fair
housing laws
and civil rights
memorably, during his acceptance
speech at the Democratic National Con-
vention in 1984, he warned that he was
prepared to raise taxes to improve the
country’s fiscal position.
“Let’s tell the truth,” he said. “Mr Rea-
gan will raise taxes, and so will I. He
won’t tell you. I just did.”
Mondale lost the 1984 election in a
landslide victory for Reagan, winning
only Minnesota and the District of
Columbia. He later said that during that
race Reagan “was selling ‘Morning in
America’ and I was selling a root canal”.
In recent days, Mondale wrote a fare-
well message to his staff, pointing to his
looming reunion with his late wife and
daughter, who predeceased him.

Coronavirus. Vaccine research

Scientists race to understand rare blood-clotting reaction to jabs

Expert debate centres on
adenoviral vectors in
AstraZeneca and J&J shots
ANNA GROSS — LONDON
NIKOU ASGARI — NEW YORK
The rare blood-clotting reaction that
has disrupted the rollout of the Oxford/
AstraZeneca and Johnson & Johnson
vaccines is the focus of a scientific
debate over why the shots may be trig-
gering the response and how to stop it.
The reaction, named vaccine-induced
immune thrombotic thrombocytopenia
by some scientists, has been recorded in
about 300 of the 33.6m people who have
had the AstraZeneca vaccine in Europe
and at least eight of the 7.4m recipients
of the J&J shot in the US.
Use of the AstraZeneca jab has been
restricted or suspended in more than a
dozen countries, while the US has
paused use of the J&J vaccine and the
company has delayed its EU rollout.
If scientists identify a mechanism that
links the vaccines to the extremely rare,
often fatal, condition, they say drug-
makers may be able to adapt their for-
mulas to prevent it altogether.
“When you know the mechanism you
know how to prevent it,” said Johannes
Oldenburg, professor of transfusion
medicine at the University of Bonn, who
chairs a team examining the problem.
But for now, some in the scientific
community speculate the response is
caused by the adenoviral vector in the
two vaccines, and others, including Uni-
versity of Oxford scientists who worked
on the AstraZeneca shot, argue there is
no evidence to support this.
One group of scientists at laboratories
in Germany and Austria, led by Andreas
Greinacher, a clotting expert, said in
March the unusual constellation of
symptoms resembled heparin-induced
thrombocytopenia, a rare reaction to
heparin, the blood-thinning drug.
HIT occurs in about four in every 1m
people who receive the drug, causing
the body to produce antibodies against a
platelet factor 4, a protein that causes
huge clots in unexpected places, such as
the brain and abdomen, using up the
body’s scarce platelet supply.
AstraZeneca and J&J, along with Rus-
sia’s Sputnik V and the jab developed by
China’s CanSino Biologics, use an adeno-
virus, such as the common cold, to
deliver the vaccine protein.
Each of the four uses a slightly differ-
ent adenovirus but in each case scien-
tists remove any genetic material that
would enable it to spread or cause dis-
ease. That material is then replaced
with genetic instructions to replicate the
spike protein on the Sars-Cov-2 virus
and trick the body into thinking it has
been infected with Covid-19.
A leading hypothesis among scientists
is that it is the adenoviruses in the two
different vaccines that are triggering an
exaggerated immune response in a very
small number of people, generating
How adenovirus vaccines work
Genetic instructions are given to human cells to make part of the virus
‘Spike’ protein
Genetic
code section
A section of the The code is put
Covid-19 virus's into a harmless
genome that virus, like the
makes the 'spike common cold,
protein' is isolated known as an
adenovirus
Sources: NHS; FT research
antibodies that target PF4 platelets. of the Expert Haematology Panel in the
Hildegund Ertl, a researcher who UK, said the chimpanzee adenovirus
works on adenovirus vaccines at The used in the AstraZeneca shot did not
Wistar Institute in Philadelphia, said usually infect humans but part of the
the reaction following J&J and Astra- genetic material could trigger the rare
Zeneca vaccines appeared to be very immune response through a process
similar, which “raises concern that the known as “sequence homology”.
adenovirus is causing this”. AstraZeneca There may be, she said, some genetic
said it was “working to understand the link between heparin and the DNA or
individual cases, epidemiology and pos- protein sequences contained in the ade-
sible mechanisms that could explain novirus, which causes an almost identi-
these extremely rare events”. J&J did not cal antibody response in some patients.
immediately respond. Sue Pavord, chair “This looks very much like HIT without
heparin. It’s the same mechanism.”
Pavord and other scientists have also
been working on treatments for those
that display VIITT, which has killed one
Antibodies and other in five people that have reported the
parts of the immune
system that spring into symptoms in the UK. The most success-
action on meeting the ful involves regular infusions of gamma
Cell ‘spike protein’ globulin, a protein fraction of blood
plasma that contains helpful antibodies,
and which has halved the fatality rate.
However, John Bell, regius chair of
medicine at Oxford who has overseen
Once injected, the It then enters the the partnership between the university
adenovirus cell, which reads and AstraZeneca, argued the HIT
connects to the code contained hypothesis lacked any firm evidence.
human cells and in the genome and “They’ve tried to fit this syndrome
latches on to makes the
proteins on their Covid-19 'spike into a HIT but no one has been able to
surface protein' explain exactly how that works,” said
Bell. “I think the answer is that no one
knows, including the hematologists.”
Scientists at Oxford have had the
blood sera of 500 individuals from their
vaccine trials analysed and found that
none contained PF4 antibodies, said
people familiar with the investigation.
Rather than a reaction to the adenovi-
ral vector, Bell thought the blood disor-
der was more likely to be a response to
the spike protein in the vaccine.
Proponents of this hypothesis say
Sars-Cov-2 causes more severe clotting
problems, and much more commonly,
than any current Covid-19 vaccine.
Researchers at Oxford recently found
clots occurred in about 39 in 1m corona-
virus patients. “This is a feature of the
disease, which means it’s induced by the
virus or a bit of the virus,” Bell said.
“Some vaccines may produce more
spike than others. I think that’s some-
thing we have to entertain.”
Other scientists also said it was too
soon to blame the adenoviral vector. “It
could be a contaminant or the preserva-
tives or the stabilisers,” said Gary Nabel,
who discovered the first Ebola vaccine
and was chief scientific officer at Sanofi
until late last year. “If it’s one of those,
you could get rid of it and potentially
make [the vaccine] safe,” he added.
EU watchdog finds link see Companies
Wednesday 21 April 2021 ★ FINANCIAL TIMES 7
8 ★
Fossil fuels
Carbon emissions set to surge in 2021
International Energy
Agency forecasts rebound
in the use of coal and gas
CAMILLA HODGSON — LONDON
The world is on track to record the sec-
ond-largest increase in energy-related
carbon emissions in 2021, driven by a
resurgence in the use of coal in Asia,
according to the International Energy
Agency.
Global energy-related CO2 emissions
could jump by 1.5bn tonnes to 33bn
tonnes this year, the largest annual rise
since 2010, the IEA said yesterday. That
would reverse 80 per cent of the decline
Brazil’s Amazon pledge aims to reset relations
Promises on deforestation
greeted with scepticism ahead
of Biden climate summit
BRYAN HARRIS — BRASILIA
When John Kerry lauded Brazil’s
“recommitment” to ending illegal
deforestation, the US climate tsar was
inundated with replies from sceptics
who warned that the Jair Bolsonaro
administration was not to be trusted.
Brazilian diplomats are battling that
same scepticism just before a climate
summit hosted by Joe Biden, which
American officials have painted as a piv-
otal moment for relations between the
US president and the rightwing Bol-
sonaro government.
In Brasília, foreign policy officials say
the Brazilian government has
embarked on a new approach to the
environment, pointing to its commit-
ment in a letter to Biden last week to
eliminate illegal deforestation by 2030
as a signal the nation was ready to
embrace a more “positive” role.
The message, however, has been
greeted cautiously by the nation’s west-
ern interlocutors, who fear Bolsonaro —
a former army captain who counts the
Amazon rainforest’s illegal loggers and
miners among his voter base — could
change tack at any moment.
Their concern has been exacerbated
by the more pugnacious approach of
Ricardo Salles, environment minister,
who is pushing western nations to pro-
vide billions of dollars in financial aid to
Brazil’s environmental efforts, even
before the country begins to tamp down
surging levels of deforestation.
Labelled blackmail by some environ-
mentalists, the approach has spurred
friction with western countries, which
Brazilian diplomats are seeking to ease
ahead of the virtual two-day summit
beginning tomorrow.
“There has been a change in the gov-
ernment’s position. There has been a
political decision to be positive
and ambitious on the 22nd of
April,” said Paulino Franco de
Carvalho Neto, an ambassa-
dor at Itamaraty, Brazil’s
foreign ministry.
“We are ready to co-op-
erate with other coun-
tries,” he said, adding
that the new approach
Space junk Big risk of collisions as thousands of satellites launched
CLIVE COOKSON — SCIENCE EDITOR
The launch of thousands of satellites in
“mega-constellations” to improve glo-
bal internet access will exacerbate the
growing problem of space junk, experts
at a European Space Agency conference
warned yesterday.
“We face entirely new challenges as
hundreds of satellites are launched
every month now — more than we used
to launch in a year,” said Thomas Schild-
knecht of the International Astronomi-
cal Union. “The mega-constellations are
producing huge risks of collisions. We
need more stringent rules for traffic
management in space.”
Addressing the threat that defunct
satellites and fragments from their dis-
integration pose to active spacecraft had
become one of ESA’s top priorities, said
Josef Aschbacher, the agency’s director-
general. “These particles are causing
enormous danger to the spacecraft on
which our services down on Earth
depend — communications, weather
forecasting and a lot of infrastructure.”
An estimated 900,000 objects larger
than 1cm in diameter, and 128m frag-
ments larger than 1mm, are already in
Earth’s orbit. They move so fast that
even a centimetre-sized fragment can
seen in 2020, when the pandemic
depressed demand, with emissions
rebounding to just below 2019’s peak.
A rebound of coal being used to gener-
ate electricity in China was expected to
fuel much of this year’s increase, said
the IEA.
“This is a dire warning that the eco-
nomic recovery from the Covid crisis is
currently anything but sustainable for
our climate,” said Fatih Birol, IEA exec-
utive director. He called on global lead-
ers to commit to “clear and immediate
action” at this week’s US-hosted climate
summit.
The IEA warned in March that global
energy-related carbon emissions were
higher in December than they had been
Foreign ties. Environment talks
On the move: logs are transported
down river in northern Brazil.
Below, President Jair Bolsonaro,
left, with environment minister
Ricardo Salles — Tarso Sarraf/AFP/Getty
disable or destroy an operational space-
craft, generating more junk.
Hundreds of collision avoidance
alerts are issued every week to satellite
operators. Their spacecraft carry out
costly collision avoidance manoeuvres,
about once every two weeks in the case
of ESA’s 20 satellites, said Holger Krag,
head of the agency’s space safety office.
“This is nothing compared to what is
coming,” he warned, as companies
begin to launch mega-constellations
into low-Earth orbit, an altitude of up to
2,000km, to boost internet access.
Starlink, part of Elon Musk’s SpaceX
company, is leading the rush to grab
FINANCIAL TIMES
INTERNATIONAL
in the same month in 2019, as polluting
activity rebounded from lockdowns; a
finding that Birol said must serve as a
“stark warning” to policymakers.
Global carbon emissions were nearly
6 per cent lower in 2020 than the previ-
ous year, but that trend began to reverse
rapidly as economies started reopening.
Yesterday, the IEA forecast the use of
all fossil fuels would grow “significantly”
in 2021, with coal and gas likely to be in
greater demand in 2021 than they were
in 2019. Overall, energy demand is
expected to rise by 4.6 per cent in 2021,
compared with a fall of 4 per cent in
2020, driven by emerging markets.
Demand for coal is expected to grow
4.5 per cent this year and come close to
had been adopted recently and came
from Bolsonaro.
Leonardo Cleaver de Athayde, Brazil’s
lead climate negotiator, said a shift in
Brazilian policy was behind “Bolsonaro’s
commitment to ending illegal deforesta-
tion by 2030, [which] is a new and very
significant political development and
should be acknowledged as such”.
Franco also pointed to progress in
negotiating a “side letter” with the EU to
propel the EU-Mercosur trade deal,
which has stalled over environmental
concerns, as well as the appointment
this month of a new foreign minister,
Carlos Alberto França, who highlighted
climate issues in his first speech.
The destruction of the Amazon has
emerged as a sticking point in Brazil’s
relations with western countries over
the past two years. Since the beginning
of the Bolsonaro administration
in 2019, deforestation in the
world’s largest rainforest
has risen to its highest
level in more than a
decade, sparking con-
cerns about the
impact on climate
change.
Last year, more
space in low-Earth orbit, followed by
competitors including OneWeb, Ama-
zon and Telesat.
Schildknecht, an astronomy profes-
sor at the University of Bern, said that as
well as the risk of collisions, mega-
constellations were polluting the night
sky, with light reflecting off the satellites
and interfering with radio-telescopes.
“Currently, there is zero regulation of
this process,” he said. “We have to
decide between the benefits of these
mega-constellations to our society and
of preserving a pristine night sky.”
But Rolf Densing, ESA operations
director, warned against vilifying
128m
Number of
fragments larger
than 1mm in
diameter that are
in Earth’s orbit
900,000
Number of
objects larger
than 1cm that are
in Earth’s orbit
its 2014 peak, due in large part to the
fuel’s use in Asia, and in China in partic-
ular, according to the IEA findings. The
forecasts were based on national data
and real-time analysis of economic
growth trends and energy projects in
development.
Coal use in the US and the EU was also
on track to increase, though was likely
to remain below coronavirus crisis lev-
els, the IEA said.
UN secretary-general António
Guterres said on Monday an “absolute
priority” should be to ensure no new
coal power plants were built, and that
coal was phased out entirely across all
countries by 2040. In the absence of
urgent action, the world would not meet
than 11,000 sq km of rainforest was
razed, an area seven times the size of
London, although it was still below the
peak reached in 2008.
A senior official at Itamaraty said:
“We know we need to make important
adjustments. We have a good history on
sustainable development. Now is time
to come back to this track.”
The rhetoric, however, has failed to
impress environmentalists, who said
the goal to eliminate illegal deforesta-
tion by 2030 was merely a rehash of a
pledge made by the previous adminis-
tration under Dilma Rousseff.
A group of US senators has also lob-
bied Biden to take a firm line in the
talks. “In recent weeks the Bolsonaro
administration has repeatedly
expressed interest in working with the
US on environmental issues. But, until
now, it has demonstrated no serious
interest in working with the multiple
actors within Brazil who would play
essential roles in any serious efforts to
save the Amazon rainforest,” according
to the letter signed by 15 senators,
including Bernie Sanders, an independ-
ent from Vermont, and Elizabeth War-
ren, a Democrat from Massachusetts.
“Given [its] record of unmet climate
Starlink. “It seems at first sight that Elon
Musk is the evil guy who is polluting
space but I must congratulate them on
developing this idea of mega-constella-
tions,” he said. “They are not as bad as it
sometimes looks.”
Although there have been at least two
near misses since 2019 involving Star-
link satellites, Densing said the com-
pany was generally adhering to space
debris guidelines and beginning to
address astronomers’ concerns.
Manuel Metz, representing the Inter-
Agency Space Debris Co-ordination
Committee, which links up the world’s
main space bodies, said they were work-
ing on improving guidelines to cut the
amount of orbital junk and the risk of
collisions.
“The first guidelines published 20
years ago are still workable but they
need improvement,” he said.
Luisa Innocenti, head of ESA’s Clean
Space Office, said agencies and govern-
ments were moving to strengthen the
guidelines by ensuring that all new sat-
ellites deactivate and burn up safely in
the atmosphere at the end of their life.
Agencies are also investing in new
technologies, including automated col-
lision avoidance systems and waste
clearance spacecraft.
the Paris Agreement goal of limiting
warming to 1.5C above pre-industrial
levels, he said.
Speaking alongside Guterres, the sec-
retary-general of the World Meteorolog-
ical Organization, Petteri Taalas, said
there was already a “20 per cent proba-
bility” the world would warm by 1.5C in
the “coming five years on a temporary
basis”.
“For sure we will see years when we
hit [1.5C] on a temporary basis,” he said.
The expected rise in fossil fuel use in
2021 would occur even with record
annual increases in the amounts of
energy generated by both solar and
wind, the IEA said.
See Lex
commitments, it is our view that any US
assistance to Brazil related to the Ama-
zon should be conditioned on the Brazil-
ian government making significant and
sustained progress in two critical areas:
reducing deforestation and ending
impunity for environmental crimes.”
US diplomats said the environment
was now their number one bilateral
issue with Brazil, which officials at Ita-
maraty have also acknowledged. Many
at the foreign office hope the appoint-
ment of França, a traditional career for-
eign service diplomat, as minister will
help ease relations with Washington.
However, current and former diplo-
mats say there are limits to what he can
achieve.
“The new minister represents a
return to professionalism in dealing
with foreign affairs. But his challenge
lies beyond the foreign office’s reach,”
said Rubens Ricupero, a former envi-
ronment minister. “In order to build
better relations with the Biden adminis-
tration he depends on people he does
not control: Salles in environment and
Bolsonaro himself. If there are no real
changes in policies in these areas the
best the new minister can achieve is
damage containment.”
Online restriction
Former premier Wen’s essay
falls foul of Beijing censors
YUAN YANG — BEIJING
China’s censors have restricted the
spread online of a personal essay writ-
ten by former premier Wen Jiabao
about his late mother that some dissi-
dents said could be construed as criti-
cism of Xi Jinping’s presidency.
The essay, “My Mother”, was centred on
Yang Zhiyun and described the difficul-
ties she endured, as well as Wen’s own
humble origins. Yang was one of the sev-
eral relatives implicated in a 2012 New
York Times investigation into the bil-
lions of dollars Wen’s family amassed
during his premiership from 2003-13.
It also mentioned the beating Wen’s
father received during the Cultural Rev-
olution. Violence in that period is not
often discussed in public in China, even
less so by political leaders.
Chinese dissidents abroad inter-
preted one of the closing lines of the
essay as a criticism of Xi’s presidency.
It read: “The China in my heart should
be a country filled with fairness and jus-
tice, where there will forever be respect
for human hearts, humanity and
Wednesday 21 April 2021
Climate crisis
Blinken says
US must take
on China in
green energy
KATRINA MANSON — WASHINGTON
LESLIE HOOK — LONDON
US secretary of state Antony Blinken
has cast renewable energy investment
as imperative to America’s rivalry with
China, ahead of tomorrow’s White
House climate summit where Washing-
ton’s leaders hope to reassert global
influence on climate policy.
The top US diplomat warned America is
“falling behind” in the green economy,
noting China holds nearly a third of the
world’s renewable energy patents and is
the world’s largest producer and
exporter of solar panels, wind turbines,
batteries and electric vehicles.
“It’s difficult to imagine the United
States winning the long-term strategic
competition with China if we cannot
lead the renewable energy revolution,”
he said yesterday.
The comments underlined the stakes
for the world’s two largest economies.
China’s president Xi Jinping has said the
country would reach net-zero carbon
emissions by 2060 as Beijing vies to be
seen as a leader in global climate talks.
The Biden administration has said it
seeks to “re-enter the climate fight”,
with a goal of net-zero emissions by
2050, following four years during which
the Trump administration pulled the
US out of the Paris climate accord and
rolled back rules designed to drive down
greenhouse gas emissions.
Blinken said that if the US did not
catch up in clean-energy investment,
“America will miss the chance to shape
the world’s climate future in a way that
reflects our interests and values, and
we’ll lose out on countless jobs for the
American people”.
President Joe Biden, who brought the
US back into the Paris accord on his first
day in office, is preparing to host 40
world leaders in a virtual climate sum-
mit tomorrow and Friday to discuss
strengthening emissions targets ahead
of the UN’s COP26 climate conference in
November.
John Kerry, US climate envoy, agreed
a pledge with Beijing at the weekend
under which the two countries will
together combat climate change,
despite rising tensions between them.
But the US and China are tussling over
a number of other geopolitical issues
and this week’s summit is also part of an
effort to showcase Biden’s green policies
as his administration seeks ammunition
for what it sees as long-term competi-
tion with the Asian country.
Blinken pushed the economic case for
switching to a greener economy, point-
ing out the value of the global renewable
energy market is projected to reach
$2.15tn by 2025.
“That’s over 35 times the size of the
current market for renewables in the
US,” he said, adding that roles for solar
and wind technicians were among the
fastest-growing sectors of the jobs mar-
ket in America. Blinken urged other
countries to take drastic action, saying
even if the US achieved net-zero emis-
sions, “we’ll lose the fight against cli-
mate change if we can’t address the
more than 85 per cent of emissions com-
ing from the rest of the world”.
He also hinted the US was prepared to
push back against the policies of other
countries undercutting climate change
goals.
See FT View
human nature, where there will forever
be youth, freedom and struggle.”
The essay was originally published in
the Macau Herald, which is based in the
former Portuguese colony, where publi-
cations enjoy looser restrictions than
mainland Chinese newspapers. It was
reposted by mainstream Chinese media
outlets at the weekend but has since dis-
appeared from those websites.
Censorship of such a senior leader
would have involved high-level officials
and reflected deep-seated anxiety in the
Communist party about any threat to
Xi’s image, said Xiao Qiang, a research
scientist at the University of California.
“It is Xi’s own insecurity about his
authority and image within Chinese
society that leads to such censorship.”
Wen’s essay spread on WeChat,
China’s dominant social-messaging
platform, after several independent
bloggers reposted it. Those versions,
while still accessible, have been blocked
from being shared further. “This essay
violates WeChat’s public account plat-
form rules and has been banned from
being shared,” a pop-up warning reads.
Wednesday 21 April 2021 ★ FINANCIAL TIMES 9

Last gasp Tobacco is a long-term bet only for investors skilled in valuing businesses with dwindling cash flows y LEX, PAGE 24

Google sued Sage advice Berkshire directors rebuked over

high pay for executives likely to succeed Buffett
CVC ‘steps
aside’ from
by Daily Mail buyout plans
for Toshiba
publisher over LEO LEWIS AND KANA INAGAKI — TOKYO
KAYE WIGGINS — LONDON

ad practices
CVC Capital Partners has backed away
from its plans to take Toshiba private
in Japan’s biggest leveraged buyout in a
letter telling the company it would
“step aside” for now.
The letter follows a dramatic week that

3 ‘De facto bid rigging scheme’ cited began on April 7 with the leak of CVC’s
proposed $20bn offer, and culminated

3 Bias in news search results alleged
MAMTA BADKAR — NEW YORK
RICHARD WATERS — SAN FRANCISCO
The publisher of the Daily Mail has filed
an antitrust complaint against Google
and its parent Alphabet in the US over
its advertising and search activities,
dealing a setback to the technology
company’s efforts to end its long-
running war with news publishers.
The lawsuit filed by Associated News-
papers and Mail Media in the Southern
District of New York seeks damages and
injunctive relief against the tech group
for what it alleges is a “de facto bid
rigging scheme” and search bias on
Google.
It comes a month after a new media
law in Australia led Google to forge a
global content deal with News Corp, the
media company that had long been its
biggest antagonist.
‘This is about drawing a
line in the sand. So many
have complained but no
one has done anything’
Discussions had been taking place
with the Mail over a similar truce, but
yesterday’s lawsuit suggests those talks
have broken down.
In its complaint, the media group
claimed that news publishers had not
benefited from increased online adver-
tising spending because Google had
acquired a “monopoly” on tools used by
publishers and advertisers to buy and
sell online ad space.
Sean Walsh, chief brand officer for
DailyMail.com, alleged that Google had
deliberately relegated the Mail’s news
stories in its search rankings, for
instance by suppressing its coverage of
the royal family.
“This is really about drawing a line
in the sand,” Walsh said. “So many
publishers have complained but no one
has done anything.”
The lawsuit alleges that Google pun-
ishes publishers that do not sell enough
advertising inventory through its ad
exchanges, and seeks transparency
when the tech company makes changes
to the algorithm for its search engine.
It echoes a complaint against Google
filed in Texas late last year by a group of
US states, accusing the company of
using its dominance of various parts of
online advertising tech to extract exces-
sive profits.
“This lawsuit is to hold Google to
account for their continued anti-com-
petitive behaviour including manipula-
tion of ad auctions and news search
results, bid rigging, algorithm bias and
exploiting its market power to harm
their advertising rivals,” the publisher
said.
Google said: “The Daily Mail’s claims
are completely inaccurate. The use of
our ad tech tools has no bearing on how
a publisher’s website ranks in Google
Search. More generally, we compete in a
crowded and competitive ad tech space
where publishers have, and exercise,
multiple options.
“The Daily Mail itself authorises
dozens of ad tech companies to sell and
manage their ad space, including
Amazon, Verizon and more. We will
defend ourselves against these meritless
claims.”
Google has faced a series of private
antitrust lawsuits over the years tied to
issues at the centre of regulatory probes.
Foundem, the UK comparison shop-
ping site whose complaint helped spark
the first European case against Google
more than a decade ago, sued in 2013,
followed by a group of European web-
sites in 2018.
Despite a finding against Google by
the European Commission, those suits
have yet to be resolved.
Warren Buffett’s conglomerate is facing investor disquiet over governance on several fronts
PATRICK TEMPLE-WEST AND
ERIC PLATT — NEW YORK
The shareholder adviser ISS has rec-
ommended that investors withhold
their votes from four directors at
Warren Buffett’s Berkshire Hatha-
way in a rebuke of the company’s
executive pay policies.
The refusal to back the re-election of
four members of the remuneration
committee reflects concern over the
pay awarded to vice-chairs Greg Abel
and Ajit Jain, who ISS said earned
some of the largest salaries of any
executives at US public companies.
Several large money managers had
already planned to withhold votes
from directors on the company’s gov-
ernance and audit committees at
Berkshire’s annual meeting in May.
The moves amount to the biggest
sign yet of investor disquiet over gov-
ernance at Buffett’s conglomerate,
which spans insurer Geico, the BNSF
railroad and electric utilities across
the US, among many more.
Abel and Jain are frontrunners to
succeed Buffett as chief executive.
The pair earned base salaries of $16m
in each of the past three years, with
bonuses and other perks swelling the
figure above $19m in 2019 and 2020.
“It remains unclear if any portion of
pay is tied to company performance,”
ISS said. “The continued lack of trans-
parency raises concern as to whether
the compensation committee is pro-
viding adequate oversight.”
ISS disclosed its recommendations
to investors on Friday, saying they
should withhold votes from Susan
Decker, David Gottesman, Walter
Scott Jr and Meryl Witmer, who make
up the remuneration committee.
In the past six years ISS has recom-
mended a withhold vote only once —
in 2019 for Scott, again over executive
pay concerns.
Separately, Berkshire is braced for a
with the abrupt resignation of Toshiba’s
chief executive, Nobuaki Kurumatani.
CVC’s plans envisaged a central role
for Kurumatani, who had previously
worked as head of the buyout firm’s
operation in Japan.
CVC’s letter, seen by the Financial
Times, says: “Our offer was, and contin-
ues to be, contingent on obtaining the
full support of your board and manage-
ment team. CVC has no intention of
commencing a tender offer without first
obtaining the consent of your board of
directors.”
It adds: “Our understanding . . . is
that for now you plan to give priority to
communication with shareholders.
Therefore, we respectfully step aside to
await your guidance as to whether a pri-
vatisation of Toshiba will suit manage-
ment’s and the board of directors’ stra-
tegic objectives.”
Toshiba reiterated yesterday that it
remained “impossible” to evaluate the
European private equity group’s offer.
Johannes Eisele/AFP via Getty “This letter contained no specific and
detailed information capable of detailed
fight over shareholder proposals evaluation,” the company said. “It
requiring it to disclose the work it is merely stated that CVC would step aside
doing to tackle climate change and to await our guidance.”
diversity and inclusion in its 360,000- CVC was not available for comment.
strong workforce. Berkshire has urged The firm’s preliminary proposal
investors to reject the proposals. raised the prospect of a bidding war as
Calpers, the California employee KKR and other private equity groups
pension fund, has said it plans to vote began considering plans to outbid CVC’s
for the proposals and against four ¥5,000 ($46) a share offer.
directors on the governance commit- Since the proposal came to light,
tee, which has the same make-up as shares in Toshiba have risen 13 per cent
the remuneration committee. to ¥4,350.
Calpers said Berkshire was “failing “I don’t think that whatever is in
to provide accurate and timely disclo- CVC’s letter, or in the company’s public
sure of environmental risks and reaction to it, rules out the possibility
opportunities, such as those associ- that private equity is going to play a
ated with climate change”. potentially important role in Toshiba’s
“We . . . are at an inflection point future. I’m sure that plans are still being
and that’s being mirrored in the formed,” said a person who has worked
investment community,” said Cathy closely with leading private equity
Seifert, an analyst at CFRA Research. groups in Japan.
“Berkshire does not seem to be willing While noting various hurdles to tak-
to climb aboard that train.” ing the company private, Toshiba said it
Berkshire did not respond to a would “seriously consider and evaluate
request for comment. any credible offers”.

India’s ban on TikTok sounds a note of caution for Big Tech
claimed India as a great success story.
INSIDE BUSINESS With more than 200m people on its
platform, the country was its biggest
ASIA market outside China and proof that a
Chinese company could go global and
Stephanie challenge Big Tech in new markets.
In stark contrast to its Silicon Valley
Findlay peers who pushed back against India’s
requests for data localisation and
decryption, TikTok had played by the
book.
Legal Notices
government extraordinary powers to
control the digital sphere.
Platforms such as WhatsApp and Sig-
nal are now obliged to break encryption,
while others are required to take down
content upon request within 36 hours.
New Delhi has the power to control what
is streamed on platforms including Net-
flix and published as news online.
Legal experts say that the deliberately
vague wording of the rules gives the gov-

T
ikTok creators in India are
still mourning the sudden
closure of the service in the
country last year as ten-
sions between New Delhi
and Beijing flared.
After the viral social media app was
shut down in June on security grounds
when India and China clashed on a
remote Himalayan border, the creators
lost millions of followers overnight.
“I pray every single day for TikTok to
come back. How can a small app man-
age to piss off the entire country?” asks
one 29-year-old former TikTok star in
India who had 1.5m followers. Along
with other creators, he has since shifted
to Instagram and YouTube Shorts, Tik-
Tok’s western competitors, as hope
dwindles that the India ban on the serv-
ice will be lifted.
For months, TikTok, owned by
China’s ByteDance, waited for clarity
from New Delhi. Despite answering its
questions on security, people close to
the company said that the government
had not given any indication on when it
might be restored. By January, the com-
pany announced it was making big cuts
to its 2,000 staff in India.
Then the tax man came knocking,
launching an evasion probe into the
company and freezing its bank accounts
in the country. ByteDance has denied
the tax evasion claims. TikTok had once
When New Delhi asked, TikTok
jumped. Move servers to India? No
problem. Take down content the gov-
ernment deemed offensive? Easy.
But when it came to nationalist poli-
tics, TikTok found that no amount of
goodwill could get it back into New
Delhi’s good graces. In the wake of the
border clash, Narendra Modi’s govern-
ment launched a “digital surgical strike”
on TikTok, ban-
ning it and more But tech has aggravated
than 200 other
apps. New Delhi, which feels the
New Delhi may foreign companies that
not have won the
border skirmish, dominate social media
but in the words of violate its sovereignty
a popular right-
wing television host, the ban showed
that “New India” was “ready to fight the
economic battle”.
Regulatory uncertainty is no stranger
to companies working in India. Rules
designed to tilt the playing field in
favour of local companies have been the
bane of ecommerce groups such as
Amazon and Walmart-owned Flipkart.
But tech, in particular, has aggravated
New Delhi, which feels that the foreign
companies that dominate the social
media landscape violate its sovereignty.
Along with the ban on Chinese apps,
India’s new digital rules are an attempt
to win back control. Passed through an
executive order, the rules have given the
ernment greater leverage to put pres-
sure on Big Tech to abandon its commit-
ment to privacy and free speech to stay
in India. Non-governmental organisa-
tions warn the rules are part of a push
towards “digital authoritarianism”.
“Officials understand India is a large
digital market for the world and use this
to implement certain conditions that
permit a high degree of control,” said
Apar Gupta of the Internet Freedom
Foundation. “It has a chilling effect on
free expression.”
One tactic that companies have cho-
sen to navigate the stormy regulatory
Financial
waters is to form an alliance with a pow-
erful tycoon.
Facebook sunk billions into Mukesh
Businesses
Ambani’s digital platforms company Jio,
while Flipkart last week announced a
For Sale
tie-up with infrastructure mogul Gau-
tam Adani.
One lawyer said that an option for
TikTok to resume service in India was
for it to find a champion. But its brand-
ing as an “anti-national” platform has
scared potential suitors away.
While rivals might be pleased, Tik-
Tok’s case should serve as a cautionary
Business for Sale, Business Opportunities,
tale of the powerful nationalist forces Business Services,
driving India to seek greater control of Business Wanted, Franchises
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10 ★ † FINANCIAL TIMES Wednesday 21 April 2021

COMPANIES & MARKETS

Personal & household goods Pharmaceuticals

Kering joins luxury’s move out of doldrums EU watchdog

Gucci brand rebounds as
affluent Chinese and US
shoppers spend freely
LEILA ABBOUD
Luxury group Kering has reported first-
quarter sales higher than before the
pandemic.
Its biggest brand, Gucci, enjoyed a
strong rebound, with shoppers in China
and the US spending freely as Covid-19
fears recede.
The forecast-beating performance is
the latest sign that the biggest compa-
nies in luxury are on track to move past
the pandemic as affluent customers
splash out, even as spending on areas
such as travel remains largely off-limits.
LVMH reported strong sales last week
while Hermès will report tomorrow.
For Kering, the results might also
begin to allay concerns that its brands,
which include Yves Saint Laurent, Bot-
tega Veneta, and Balenciaga, have been
losing market share to rivals.
Shares in the group controlled by
François-Henri Pinault are up 4 per cent
since January 2020, while LVMH and
Hermès have risen about 50 per cent as
demand for their fashion and leather
goods has come roaring back.
Kering stock trades at a roughly 20
per cent discount to rivals.
The slower recovery at Kering is
largely down to its reliance on Gucci.
Accounting for two-thirds of sales, the
Interview. Anna Wintour
brand has lost momentum after years of
growth driven by Chinese consumers
and younger buyers who flocked to
designer Alessandro Michele’s work.
The absence in Europe of Chinese
tourists has damped sales, as did a deci-
sion to cut back on products for chain
stores and independent retailers. With-
out tourists in Paris and Milan, Kering
scrambled to lure more locals.
“Our larger brands are selling well to
local customers, but for some of them,
this was not enough to compensate for
the absence of tourists,” said chief finan-
cial officer Jean-Marc Duplaix. “While
we are not out of the woods, we are con-
fident in our houses’ ability to succeed
in 2021 and beyond.”
First-quarter revenue stood at
€3.89bn, up 25 per cent on a comparable
basis from the same period last year
when the pandemic first hit.
That was a better performance than
analysts had projected. Jefferies had
pencilled in sales of €3.7bn, while UBS
forecast like-for-like growth of 19 per
cent. It meant that, like rival LVMH,
Kering’s first-quarter sales exceeded
2019 levels.
But LVMH’s performance was slightly
stronger, up 8 per cent from 2019 com-
pared with Kering’s 5.5 per cent, led by
its leading brand Louis Vuitton.
The recovery for the luxury groups
was driven by China and the US, where
affluent consumers have largely put the
Covid-19 crisis behind them even as
Europe continues to lag behind. Ker-
ing’s sales rose 83 per cent in Asia and 46
per cent in North America.
Gucci sales were €2.17bn in the first
quarter, still short of pre-pandemic lev-
els of €2.3bn but an improvement from
last year.
It had held more fashion events in
China, opened pop-up stores and
increased product launches that had
begun to “pay off”, said Duplaix.
“We are very pleased with the per-
formance of Gucci. There is a need to
reinvest to sustain the brand.”
Bernstein analyst Luca Solca said:
“We believe that the recently launched
Gucci + Balenciaga collaboration has
promise: this is exactly the kind of thing
Gucci should do to reignite young Chi-
nese consumer interest for the brand.”
finds possible
rare clot link
to J&J vaccine
NIKOU ASGARI — NEW YORK
A “possible link” exists between John-
son & Johnson’s Covid-19 vaccine and
the rare side-effect of blood clots
combined with low platelet counts,
the European Medicines Agency has
concluded.
The agency said yesterday that unusual
blood clots and low platelet counts
should be added to the list of side-effects
from the J&J jab.
But it said the overall benefits of the
single-shot jab outweighed the risks of
these reactions.
The rollout of J&J’s vaccine in Europe
was delayed last week after US health
agencies recommended that the shot be
paused while they probe the side-effects

Fashionista pivots to tap post-Covid demand
Publisher Condé Nast’s senior
editor says revamp leaves it
ready to return to profitability
ANNA NICOLAOU — NEW YORK
ALEX BARKER — LONDON
Condé Nast’s most senior editor has
declared that the reshaped magazine
publisher is ready to return to its heyday
of profitability and influence as the
world enters a “Roaring Twenties” of
post-pandemic indulgence.
Dame Anna Wintour, the Vogue edi-
tor and an all-powerful figure in the
fashion industry, told the Financial
Times that “lines around the block” at
reopened Gucci and Dior stores in Lon-
don proved the pent-up demand for the
luxury lifestyle Condé Nast titles have
long chronicled.
“People have been locked up for a
long time and they are going to go out
and want to spend. They are going to
want to travel . . . to get dressed up,”
Wintour said, in a rare interview.
“I don’t think it’s about being old fash-
ioned, it’s about enjoying everything
that life has to offer. It’s wrong to think
of Condé Nast as an elitist company;
we’re a company that believes in quality
and the best storytelling.”
Wintour is at the centre of a wrench-
ing overhaul of the magazine publisher,
which is attempting to pull together dis-
parate editorial operations across the
globe, expand its digital businesses as
print advertising declines and meet
sweeping calls for more diversity in its
workforce and content.
After dominating the pre-internet age
with zeitgeist-shaping magazines that
made celebrities out of editors such as
Wintour, Condé Nast has been reckon-
ing with less certain business prospects
as entertainment has drifted online,
often for free.
The billionaire Newhouse family that
owns the group in 2019 ousted
its chief executive, merged
its US and international
businesses and brought
in its first outsider, Roger
Lynch, to steer the cen-
tury-old publisher
into the future.
“It’s a new
day for the
company,”
said Win-
tour, as she
laid out how
the group
would consol-
idate editorial
Anna Wintour is teams, a process that began with her
at centre of the recent promotion to chief content
revamp. Left, officer, putting her in charge of all Condé
Edward Nast’s brands globally.
Enninful Speaking on Zoom with five other
Matt Winkelmeyer/
Getty
Condé Nast executives in London, Paris,
Dubai, New York and Taipei, Wintour
called it a transformation of a sprawling
network, which for Vogue alone
spanned 27 separately run editions. “We
were certainly all very collegial . . . but
we did not collaborate,” she said.
Examples of the new approach
include leaning more on local news-
rooms for coverage of London, Paris or
Milan fashion weeks, or co-ordinating
bids for celebrity interviews, with con-
tent then shared across editions.
Adam Baidawi, deputy editorial
director of GQ, said “so much time” had
been wasted before “competing for glo-
bal stories with the same celebrities and
designer interviews”. A more unified
approach would also give local journal-
ism a bigger global audience, he said.
The company behind Vogue and The
New Yorker, which is private and does
not publish accounts, has lost hundreds
of millions of dollars in recent years as
print advertising declined.
While this year will also be lossmak-
ing, the company expects to break even
in 2022 and reach double-digit operat-
ing profit margins by 2024, according to
people familiar with the matter.
Wintour said Condé Nast would “defi-
nitely” return to the profitability levels
of its heyday. “We are already seeing
extraordinary growth,” she said, citing
ecommerce sales at titles such as Archi-
tectural Digest during the pandemic, as
well as the commercial promise of video
and membership events.
Condé Nast faced criticism last year
over allegations of racial discrimination
and pay inequity at Bon Appétit, its
cooking title.
The controversy captured a broader
struggle at the group, which rose to
power by selling a luxury lifestyle, to
stay relevant during a devastating pan-
demic and industry-wide reckoning
over race and inequality.
More recently there was fresh turmoil
over the hiring of journalist Alexi
McCammond as editor of Teen Vogue,
after racist and homophobic tweets she
made in 2011 resurfaced. McCammond
stepped aside last month, just days
before she was to start the job.
Wintour declined to comment on
Teen Vogue, but pointed to Condé Nast’s
progress on diversity in hiring and con-
tent. “Like other companies, we’ve had
to look inward over the past year and to
learn from what’s happened,” she said.
Condé Nast last year hired its first
diversity and inclusion officer, and 50
per cent of candidates for new jobs
across the company are now required to
come from under-represented and
diverse backgrounds.
Among Condé Nast’s senior leader-
ship team, 30 per cent of the group is
LGBTQ and 30 per cent come from eth-
nically diverse backgrounds.
“You can give gloss, but you can also
give something that’s real and local that
resonates,” said Edward Enninful, Euro-
pean editorial director of Vogue, point-
‘We’ve had ing to a Vogue cover last year showcas-
ing essential workers. “We’ve been in
to look lockdown for a long time, and now we’re
inward over out in a new world and we all have to
meet the moment with our stories.”
the past When asked about her own future at
year and to Condé Nast, where she has worked since
the 1980s, Wintour, 71, demurred.
learn from “I’m presently really enjoying the
what’s process and working closely with
Edward and everybody else,” she said.
happened’ “Right now, I’m focused on tomorrow
rather than five years from now.”
seen in eight people who received it.
The US Centers for Disease Control is
expected to meet on Friday to decide its
next steps.
Scientists have been racing to deter-
mine the cause of the reaction. One
explanation was “an immune response,
leading to a condition similar to one
seen sometimes in patients treated with
heparin called heparin-induced throm-
bocytopenia”, the EMA said.
The eight cases seen in more than 7m
people who received the J&J jab were
“very similar” to cases that occurred in
individuals who received the Oxford/
AstraZeneca vaccine, the EMA said.
It said individuals should seek urgent
The European Medicines
Agency says that the jab’s
benefits outweigh the
risks of these reactions
medical help if they experienced symp-
toms including shortness of breath,
chest pain and leg swelling three weeks
after vaccination.
In an earnings call with analysts
ahead of the EMA decision, Joaquin
Duato, vice-chair of J&J’s executive com-
mittee, said: “We are looking forward to
working with EMA to ensure appropri-
ate awareness of this extremely rare
event and guidance on diagnosis and
treatment of this condition.” The group
“stands ready” to resume the shipment
of its jab to Europe, and was committed
to delivering 200m vaccine doses to the
EU, Norway and Iceland.
The EMA said all cases of the side-
effects occurred in people under 60,
mainly women, and three weeks after
vaccination.
“By recognising the signs of blood
clots and low blood platelets and treat-
ing them early, healthcare professionals
can help those affected in their recovery
and avoid complications.”
Sales of J&J’s Covid-19 vaccine hit
$100m in the first three months of the
year. The drugmaker does not sell its
single-shot Covid-19 vaccine for profit.
This week, production of J&J’s vaccine
at a plant in Baltimore was halted by the
US Food and Drug Administration while
it probes the site run by Emergent Bio-
Solutions that has been beset by manu-
facturing problems.
On Monday, the US House committee
on oversight and reform launched a sep-
arate probe into whether Emergent
received contracts to manufacture vac-
cines “despite a long, documented his-
tory of inadequately trained staff and
quality control issues”.
Duato said that the FDA’s assessment
was expected to close this week and that
J&J remained committed to ensuring
that all substances used in its vaccine
meet “our high quality standard”.

Transport Rail

Generali payout to rail operator investigated
SILVIA SCIORILLI BORRELLI — MILAN
Italian state railway operator Ferrovie
dello Stato Italiane has been thrown
into turmoil by an investigation by
Rome prosecutors into its contracts
with insurer Generali.
Authorities are probing the contracts,
say people familiar with the matter,
after whistleblowers raised concerns
over a €1.59m insurance payout to Gian-
franco Battisti, FSI’s chief executive.
Battisti filed the insurance claim for
sickness in March 2014, when he was
head of FSI’s high-speed train division,
and the money was paid out by Generali
eight months later. He was later pro-
moted to the top job by Italy’s anti-
establishment government in 2018.
Battisti’s mandate as chief, along with
that of the chair Gianluigi Castelli and
five board members, expires in May.
The government must decide whether
to extend their term for another three
years or make fresh appointments.
Generali has been a big beneficiary of
contracts with the train operator. The
insurer earned more than €812m from
FSI in 2007-19, according to FSI docu-
ments. Other insurers earned a com-
bined €34.7m from the company in the
period, the records show.
In 2019 two anonymous letters sent to
FSI, Generali and the government ques-
tioned the size and legitimacy of the
€1.59m payout to Battisti.
This led to an internal audit, after
which senior managers at FSI took the
whistleblower complaints to judicial
authorities, according to the transcript
of an auditors’ meeting in September
2019, seen by the Financial Times.
Generali ran an internal investigation
in 2019 into the whistleblower claims,
according to two company officials. The
insurer said: “Generali always acts in
full compliance with applicable laws
and regulations. The company makes
use of third-party panels for the assess-
ment in relevant cases. We do not
comment on individual clients or cases.”
Internal records show Battisti did not
take a single day of sick leave in 2014,
despite filing the insurance claim for ill
health. FSI said that “not all adverse
events have a direct effect on the work-
ing ability of the individual. This is Mr
Battisti’s case, and this is the reason why
he did not take sick leave.”
FSI told the FT that the letters should
be viewed as part of a “broader plan
enacted through anonymous writings
and the dissemination of false informa-
tion to the press, intentionally aimed at
defaming and discrediting FSI, Mr Bat-
tisti and FSI’s top management”.
FSI said that neither Battisti nor his
insurance payment had ever been the
subject of any criminal investigation.
Generali said payouts were calculated
based on individuals’ gross annual sala-
ries and “the percentage of their perma-
nent invalidity” — a physical or mental
condition that renders them totally or
partially incapable of working.
Canadian National launches rival bid for KCS
JAMES FONTANELLA-KHAN AND
ORTENCA ALIAJ — NEW YORK
Railway group Canadian National has
made a $33.7bn bid for Kansas City
Southern, including debt, as it seeks to
derail the deal the US group reached
last month with Canadian Pacific.
The Montreal-based company has made
a cash and stock offer valuing KCS at
$325 per share, about 21 per cent higher
than the agreed offer from CP. However,
it is likely to face greater regulatory
scrutiny because of its size.
Under the terms of the agreement,
Canadian National offered KCS share-
holders $200 in cash and 1.059 shares of
CN common stock. CP offered $90 in
cash and the remainder in its stock. To
pay for the deal, CP said it would issue
44.5m shares and raise $8.6bn in debt.
Whichever group wins the Canadian
battle over KCS — the smallest of the
seven Class 1 railways that haul US
freight — will pull off the first big rail
deal since 1999, when CSX and Norfolk
Southern acquired Conrail and split it
between themselves.
A person close to KCS said the US
group would seriously consider the rival
bid but warned it would be a tougher sell
to the Surface Transportation Board,
the US freight rail regulator that will
need to approve any combination.
A merger with either Canadian group
would establish the first North Ameri-
can railway spanning Mexico, the US
CN is seeking to overturn Canadian
Pacific’s deal for the US group
and Canada. Canadian National,
announcing its proposal yesterday, said
its increased cash offering would give
KCS shareholders greater certainty and
its proposal would reduce congestion
and greenhouse gas emissions.
Both CN and CP operate in the central
and eastern US, as do CSX and Norfolk
Southern, while Union Pacific and BNSF
are present in the west.
KCS is the only operator with north-
south operations with a route network
stretching from Missouri to ports on
both coasts of Mexico. It also owns a 50
per cent stake in the Panama Canal Rail-
way Company.
CN said the deal would allow the com-
bined entity to tap an $8bn market in
the three countries, and it intends to add
services across points such as Laredo,
Texas, southern Ontario and Detroit.
Shares in CN are up 70 per cent since
the lows of mid-March 2020, though
they fell 5.9 per cent in Toronto after the
announcement of its rival bid.
Wednesday 21 April 2021 ★ FINANCIAL TIMES 11

COMPANIES & MARKETS

Credit Suisse bitten in ‘swim with sharks’

Greensill Capital blow-up is one link in a line of risk management failures that has left the Swiss lender nursing losses
STEPHEN MORRIS, TABBY KINDER, Helman Sitohang, Asia Pacific
OWEN WALKER AND ROBERT SMITH
head at Credit Suisse, and
Five months before Greensill Capital’s Lara Warner, the bank’s former
collapse, Credit Suisse invited a special chief risk and compliance officer
guest to speak to its top ranks in Asia. FT montage/Bloomberg/Reuters

The visitor was hailed as the sort of bold

entrepreneur the bank wanted to do
business with: Lex Greensill.
“The tone was, this is the exact kind of
client the bank wants, tell the MDs to go
out and find more guys like Lex,” said
one senior manager who watched the
November video conference.
It was hosted by Helman Sitohang,
the bank’s head of Asia and one of
Greensill’s biggest advocates.
Yet just two months earlier Greensill
Capital had been put on a “watch list” by
the Swiss bank’s risk managers in Asia,
according to people familiar with the
matter.
That might have raised more alarm at
Credit Suisse, which had $10bn funds
stuffed with loans originated by Green-
sill. In its main business, Greensill paid
suppliers to large corporate customers
— early but at a small discount — and
received the full amount later from the
corporate client. The debt was packaged
into the Swiss bank’s funds that were
sold to outside investors.
However, warnings were repeatedly
dismissed by the bank’s leadership in
Zurich, London and Singapore. They
continued to market the Greensill funds
and even approved a $160m loan to the
company, which was launched by its
eponymous Australian founder in 2011.
In March, Greensill slid into adminis-
tration. Its fall from grace could cost
Credit Suisse clients as much as $3bn.
“Lex’s video appearance showed that
the whole risk culture was just, ‘Thanks
for the heads-up, but we beg to differ,’”
said the manager who watched the
November presentation. “When Lex
came along, the bank couldn’t get
enough of him.”
The Greensill blow-up is only one link
in a long chain of risk management fail-
ures at Credit Suisse. Weeks later,
Archegos Capital, the family office of
disgraced former hedge fund manager
Bill Hwang, defaulted on a margin call,
sparking chaos at banks that had lent
him billions to magnify his positions.
Credit Suisse is nursing the biggest
losses of at least $4.7bn.
Credit Suisse investor payouts have
been cancelled and bankers face bonus
cuts. The crises have left investors and
staff furious and demanding answers.
How did executives become so enthusi-
astic about a small group of dubious cli-
ents? And why were those raising red
flags ignored or marginalised?
“Accumulating giant exposures to sin-
gle entities, especially low-grade ones,
goes completely contrary to every prin-
ciple of how to manage risk,” said Bene-
dict Roth, a former risk supervisor at
the Bank of England.
‘Dulling of the senses’
In interviews with the Financial Times,
six current and former Credit Suisse
managers said the bank hollowed out
risk expertise and trading acumen in
favour of promoting salesmen and tech-
nocrats. Dissenting voices were sup-
pressed, they said. “There was a dulling
of the senses,” said a former executive.
“Credit Suisse was in the deep end swim-
ming with the sharks, but doing it with a
private banking mindset. They were
always going to get destroyed.”
At the centre of the controversies was
Lara Warner, the chief risk and compli-
ance officer until she was ousted on
April 6. A former Lehman Brothers
equity analyst, she joined Credit Suisse
in 2002 to cover the cable television and
telecoms industries.
The Australian-US dual citizen rose to
finance director of the investment bank,
before former chief executive Tidjane
Thiam named her chief compliance and
regulatory affairs officer in 2015.
Credit Suisse chair Urs Rohner and
Thiam “came in with a mindset that
you can appoint anyone clever into a
job and they will be a success, even if
they had no experience, [but] that was
inappropriate for risk and compliance”,
another executive said.
In the summer after Thiam stepped
bal rollout was planned. But it became
trapped in a “huge machinery of
bureaucracy” behind other projects,
and went nowhere, they said.
Had it been adopted more widely,
mounting risks such as Greensill and the
US prime brokerage division’s exposure
to Archegos would have “absolutely”
been spotted, one of them said. Another
person close to Credit Suisse disagreed,
pointing out that these incidents were
largely outside the tool’s capabilities
because it relied on publicly available
information.
Credit Suisse, Warner and Sitohang
declined to comment for this article.
‘Lack of discipline’
Problems were bubbling beneath the
surface before the costly missteps at
Greensill and Archegos emerged.
“There were numerous tremors that
signalled to any risk-literate person that
the potential for a big one to hit is grow-
ing,” said a former senior executive.
In 2018, Credit Suisse lost about $60m
after it was left holding a block of shares
in clothing company Canada Goose
when its stock price plummeted. About
a year later, the bank lost about $200m
down over a spying scandal, his succes- ‘The whole ship with SoftBank, the Japanese group when Malachite Capital, a New York
Credit Suisse risk issues and performance sor Thomas Gottstein added to Warner’s behind the $100bn Vision Fund, a hedge fund and one of its prime broker-
Share price (SFr) responsibilities, giving her oversight of risk culture backer of Greensill. age clients, imploded.
the newly combined global risk and was just: “He is a salesman. He has a risk-ag- “Those losses arose from lack of disci-
0 20 40 60 compliance division. He did this to try to nostic approach to clients,” said a per- pline,” the former executive said. Just as
2010
save on duplicated technology and oper- thanks son who worked closely with him. with Archegos, senior managers at
ating costs in the divisions, on which the for the Sitohang spoke up for Greensill dur- Credit Suisse got stuck in large positions
bank spends about half a billion dollars ing a summer 2020 review ordered after negotiating on price while their peers
a year, a person close to the CEO said. heads-up the FT revealed that SoftBank was using aggressively sold out.
2011 Warner was keen that the bank’s glo- but we beg Credit Suisse’s Greensill-linked supply- “There was systematic insensitivity at
Appoints Rohner chair bal risk function not be seen as an “aca- chain finance funds to route hundreds all levels,” said a second person. “If
Pleads guilty and pays
demic ivory tower” that could “dismiss to differ’ of millions of dollars to struggling com- you’re the head of risk and you let a
$2.6bn in fines for business out of hand”, according to a panies it owned. “Helman was person- $60m loss go by, then a $200m loss, and
helping US clients person close to the bank. She also ally very supportive of Lex, telling us we you don’t ask what the hell is happening
2012 evade taxes wanted her department to be seen as a couldn’t damage the relationship with here, what are you doing?”
career destination rather than an him,” a colleague said. One former managing director recalls
Agrees with Barclays administrative backwater. Credit Suisse missed numerous a 2019 conference call about the reform
to pay $154m to settle During her five-year tenure, Warner
US probes of dark
and other executives pushed for risk
‘If you’re the opportunities to avert disaster. Accord-
ing to two people close to the project, in
of the Libor interest rate benchmark.
When a senior trader dialled in, an auto-
pool moves
2013
and compliance to be “more commer- head of risk 2016 the Asia business started to build a matic message was played reminding
Former boss Thiam hits cial” and “aligned” with the front office and you tool to map a client’s exposures to everyone that the meeting was being
at traders over outsize traders and dealmakers, multiple cur- search for second-order problems that recorded, a regulatory requirement.
risky bets rent and former staff told the FT. don’t ask could rebound on the bank. When Warner heard this, she asked
2014 She led by example. In October, what the Called “Risk 360”, the tool was com- the trader to call back from a non-re-
Probed by Swiss and Warner overruled risk managers who missioned after the lender found out- corded line. Some of those present
UK watchdogs over cautioned against giving Greensill a hell is sized exposure to a group of businesses found it a jarring intervention from a
Mozambique loans, $160m bridge loan ahead of a private
including a ‘tuna bond’ fundraising. The loan is now in default.
happening in Hong Kong that had links back to one
individual, disguised by a convoluted
risk officer.
A person close to Warner, noting that
2015 Warner also removed more than here, what web of entities with the aim of manipu- the call had nothing to do with trading,
Agrees to pay $5.3bn 20 senior managers from Credit Suisse’s are you lating stock prices, the people said. said that it was just a normal way of
to resolve DoJ probe risk department. Most swiftly found The system received glowing reviews doing business.
into alleged mis-selling
of mortgage securities
high-ranking jobs, including at UBS, Jef- doing?’ from Swiss regulator Finma, and a glo- See Lex
feries, Standard Chartered and the
2016 Hong Kong Stock Exchange.
Fined $500,000 by Her predecessor — Joachim Oechslin,
Singapore watchdog for a Swiss national and career risk man-
breaches of anti-
laundering requirements ager — was moved aside to become chief
2017 over 1MDB of staff for Gottstein. He has now been
reinstalled as interim chief risk officer.
Pays $47m to end DoJ “When you bring in a sense of fear
‘princelings’ probe into an organisation by removing so
Board launches inquiry many people, the culture of the risk is
2018 into hiring of private not to say ‘no’ to the business any more,”
investigators to follow said a person involved at the time.
executive who defected Last year Warner ruffled more feath-
to UBS ers by changing reporting lines. Some
Sells SoftBank’s €900m markets’ risk functions, which previ-
2019 Wirecard convertible ously sat within an independent central
bond on to other risk team, were shifted to report to the
investors head of front office technology.
Admits spying on While some other banks use this
another executive model, “from a control point of view,
2020
Reveals it faces up to this was a disaster” at Credit Suisse,
$680m of losses from according to a person who lobbied
US suit over RMBS against the changes. “Risk lost its inde-
issued in 2007 pendence.”
2021 Takes $450m charge
against value of Hampered by bureaucracy
York holding Helman Sitohang, Credit Suisse’s head Businesses For Sale
0 20 40 60 of Asia, is another figure in the Greensill
Announces it will wind relationship. He has remained out of the
down $10bn of supply- spotlight so far.
chain finance funds An investment banker by back-
Cuts bonuses after linked to Lex Greensill ground, Sitohang brought in some of the
losing $4.7bn from Pegs potential Greensill bank’s most lucrative clients in the
Archegos collapse losses at $3bn
region, including a string of Indonesian
Sources: FT research; S&P Capital IQ
tycoons such as Rajawali’s Peter
Sondakh. He leads the lender’s relation-

Financial services

Global Blue accused by rival of competition law breach

JAVIER ESPINOZA — BRUSSELS
Swiss payments company Global Blue
is facing a formal antitrust complaint
before EU regulators over allegations
that it is breaking competition law by
signing exclusive contracts with mer-
chants aimed at excluding rivals.
Rival Refundit has accused Global Blue
of sharing its commission with high-end
retailers with the aim of signing deals
that exclude rivals, as well as a lack of
transparency over the fees it charges
customers.
Global Blue, which offers tax refunds
for travellers on luxury goods, went
public last year through a special acqui-
sition vehicle. Its backers include US
private equity group Silver Lake.
Refundit alleges the commissions
Global Blue charges are “excessive,
unfair and opaque” and that they are
designed to maintain a dominant posi-
tion in the market.
“Global Blue’s merchant commission
and free services offered to key mer-
chants are predatory and its pricing
strategy aims at deterring new entrants
and disciplining the market, strength-
ening even further the economies of
scale benefiting the dominant player,
Global Blue,” said the complaint.
Refundit, co-founded by Israeli serial
entrepreneur Uri Levine, claims that
Global Blue’s success is partly because it
has a dominant position in the market.
It has asked the European Commission
to bring Global Blue’s alleged anti-com-
petitive conduct to an end.
Levine claimed: “Global Blue built the
business in a way that’s good for them. It
approached high-end retailers and
signed exclusivity agreements for the
long term. The company is charging
tourists huge fees that are unknown for
the traveller.”
Global Blue said: “We are surprised to
learn that Refundit is submitting a com-
plaint against Global Blue. Global Blue is
one of many VAT refund operators in a
highly competitive market. Global Blue
offers a transparent and competitive
service to all its stakeholders, including
consumers and merchants.”
The European Commission declined
to comment.
12
Let’s be up front about our national interests
Helen
Thomas
Y
esterday was a busy day for
Oliver Dowden. The culture
secretary dished up a dire
warning to some of the
world’s top football clubs
(by brand, if not performance). The
government would use every line of
attack to stop a new European Super
League, including windfall taxes, visa
restrictions, travel bans or German-
style fan ownership models.
Competition law got a nod (there’s no
doubt that the closed shop model rings
antitrust alarm bells). But no one pre-
tended that this was behind the govern-
ment response. Football is as populist as
it gets. The government isn’t about to
stand by and let the beautiful vote-win-
ner be besmirched by private business
interests and their pursuit of money.
Retail
ABF to open new
Primark stores in
spite of profits fall
Robust post-lockdown UK
sales spur parent group to
press on with US expansion
JONATHAN ELEY
Primark is to press on with new-store
openings even as it reported a 90 per
cent slide in first-half profit and lifted its
estimate of sales that will be lost owing
to pandemic trading restrictions.
Parent company Associated British
Foods said it would step up the chain’s
expansion in the US and repay £121m
furlough money received so far this
year, emboldened by strong sales after
the lifting of lockdown restrictions.
George Weston, chief executive of
ABF, said that the reopening of Primark
‘We now think we’ve got a
store model that works
and the product offer is
getting better all the time’
stores in England and Wales on April 12
had been very encouraging.
“Footfall in high streets and destina-
tion stores has been very much higher
this time. Tottenham Court Road [in
central London] was just about at nor-
mal transaction levels last week,” he
said, adding that travel-related catego-
ries were the only ones where sales were
still below pre-Covid levels.
For the periods during the 24 weeks
ended February 27 that stores were
open, sales were down 6 per cent in the
UK.
That compared with a 20 per cent
decline in Europe, where many stores
remained open but with trading restric-
tions. As a result Primark, which does
not sell online, now expects to lose
£700m of sales in the second half, up
from an earlier estimate of £480m.
Adjusted operating profit for the first
Energy
Essar unit hired ‘micro-entity’ for audits
MICHAEL O’DWYER
Essar’s hard-pressed UK oil business
turned to an audit firm with only three
chartered accountants to sign off on its
accounts after Deloitte and BDO cut
ties with the company.
Essar Energy, a subsidiary of India’s
Essar Group, controls the Stanlow refin-
ery near Liverpool, through Essar Oil
UK. The facility supplies about one in
six litres of fuel used on British roads
and employs 900 people.
Essar Oil UK, which is trying to raise
funds to stave off crisis after a sharp fall
in demand during the pandemic, is fac-
ing concerns over its governance and
finances. Three directors have resigned
in the past month and Lloyds Banking
Group stopped acting as its main lender.
Essar Energy, which reported reve-
nues of $8.75bn in its latest accounts for
the year ending March 2020, hired PBG
Associates to sign off on its financial
statements last year.
The appointment of the firm based in
Dowden had already been doing bat-
tle for the good of the nation, in the
somewhat lower-profile area of global
semiconductors. This time billed as dig-
ital secretary, he on Monday demanded
a review of Arm’s $40bn sale to US chip-
maker Nvidia.
Again, this is a deal with undoubted
competition concerns. The Competition
and Markets Authority had already
launched a preliminary investigation
into whether Arm’s chip designs,
which are used in most smartphones,
should be allowed to be owned by one
of the world’s biggest chipmakers,
a prospect that has Nvidia’s rivals up in,
well, arms.
But the action is now elsewhere. The
deal has been called in on national
security grounds, a tool that has been
used only 12 times since 2002. The CMA
will do its usual competition analysis,
while gathering views on security con-
cerns. The secretary of state will then
decide whether to clear the deal (with
possible conditions) or refer it for fur-
ther scrutiny.
This seems to owe more to a broader
half came in at £43m compared with
£441m last year.
But the full-year outlook was
unchanged; adjusted operating profit
will be “somewhat lower” than last
year’s £362m. In 2019, Primark made
£913m, more than three-fifths of the
group total.
Investec analyst Ben Hunt said that
management’s confidence appeared
well-founded. “We see no reasons why
sales densities and margins at Primark
cannot return swiftly back to pre-Covid
levels,” he said in a note to clients.
Primark also plans to accelerate its
expansion in the US.
“We have three or four stores in the
pipeline for the next 12 months and
thereafter we expect to open five to 10
stores each year,” said Weston.
Primark opened its first US store in
2015 and has cautiously expanded to 12
outlets.
“We now think we’ve got a store
model that works and the product offer
is getting better all the time,” Weston
added.
The rollout of vaccines and the suc-
cess of the reopening in England have
prompted a decision to repay £121m
received from various coronavirus sup-
port schemes established to protect
workers.
ABF also said yesterday that it would
restart dividend payments with a 6.2p-
a-share payment in July.
Executive salaries reverted to normal
levels at the start of this financial year,
having been cut by half at the start of the
pandemic.
The outlook for ABF’s sugar, grocery
and ingredients businesses in the sec-
ond half was also more muted after an
“exceptional” first six months.
“The grocery business in particular
benefited from high volumes during the
pandemic, and as that reverses volumes
will reduce to some extent,” said Wes-
ton.
See Lex
Hayes, west London, comes as the
accounting sector faces questions over
how to ensure effective audits of large
companies that have been snubbed by
big audit firms, sometimes over regula-
tory or reputational concerns.
Collapsed finance group Greensill
Hayes-based PBG has no
employees and three
directors, all of whom are
chartered accountants
Capital and retailer Boohoo have both
turned to smaller audit firms to check
their financial statements amid con-
cerns over their governance.
Essar Energy brought in PBG after a
dispute with its then auditor BDO, the
UK’s fifth-largest accountant, Compa-
nies House filings show. That arose
when it refused to shoulder the cost of
extra work BDO said was needed to sign
off on its accounts, according to a person
★ FINANCIAL TIMES
UK COMPANIES
idea of the national interest than secu-
rity concerns, at least as understood in
the traditional way. Other recent call-
ins, such as the acquisition of defence
company Cobham by a US private
equity firm, and the sale of Northern
Aerospace to Gardner Aerospace (a sub-
sidiary of Shaanxi Ligeance Mineral
Resources), raised much clearer flags,
and were allowed.
Arm is a — if not the — leading light of
the UK tech sector. But its sale in 2016 to
Japan’s SoftBank wasn’t examined on
security grounds. In fact, that deal was
welcomed as evidence that post-Brexit
Britain was, to use the politicians’ toe-
curling phrase, “open for business”.
The mood has changed. Tech has
become more central to the national
interest, however defined, and govern-
ments have taken a more protectionist
stance against takeovers. The UK gov-
ernment is set for greatly expanded
powers to scrutinise deals on security
grounds, under the national security
and investment bill, particularly in
areas such as artificial intelligence and
cyber security.
Thumbs up
Court allows
Caesars to buy
William Hill
familiar with the situation. Essar Energy
said BDO’s fees had still not been paid
and were the subject of dispute.
Essar Energy had turned to BDO after
Deloitte, which audited its accounts
from 2011-18, “stepped down”, the per-
son said. BDO and Deloitte declined to
comment.
Smaller audit firms are primarily reg-
ulated by accounting professional bod-
ies rather than the Financial Reporting
Council. PBG did not respond to
requests for comment.
Companies House filings show PBG
has no employees and three directors,
all of whom are chartered accountants.
PBG is not required to file an income
statement as it qualifies as a “micro-
entity” under UK law. It reported net
assets of £57,251 as at March 31 2020.
Essar Energy’s accounts show PBG
charged £200,000 for auditing its state-
ments for each of the financial years
ended in 2019 and 2020. Deloitte
charged £600,000 a year for the work.
Additional reporting by Anjli Raval
As a result, citing national security
concerns has become part of the M&A
defence playbook. Look at the fuss over
GKN’s 2018 sale to Melrose, the sale of a
British engineering group to another
British company with a better manage-
ment record.
Waving through takeovers of leading
British companies may not raise the
The mood has changed.
Governments have taken
a more protectionist
stance against takeovers
hackles quite like a breakaway football
league, but it has certainly become
politically dicey.
And once the government has
broader powers, including to look at
issues retrospectively, it’s hard to see
that they won’t be used, especially on
deals that have greater populist appeal
than a semiconductor designer.
The Arm review feels like a test. The
suspicion is that it owes more to the gov-
William Hill has been given the
go-ahead for its £2.9bn takeover by
US casino operator Caesars
Entertainment, despite protests from
investors.
The bookmaker said yesterday that
the High Court had sanctioned the deal
allowing it to complete and delist from
the stock exchange on April 22.
The court ruling needed to approve
the deal had been delayed after letters
of protest were submitted to the
company by hedge funds, which
argued that William Hill had failed to
disclose “potentially material”
information about its US joint-venture
with Caesars that could have allowed
another party to come in with a higher
bid.
William Hill shares have been
trading above the 272p per share offer
price since the beginning of April, as
Tobacco
Imperial and peers hit by US crackdown fears
PATRICIA NILSSON
British American Tobacco and Impe-
rial Brands were among the stocks
worst hit on reports that Joe Biden’s
administration is considering forcing
companies to strip cigarettes of nico-
tine and imposing a ban on menthol
products in the US.
The proposals, which have been dis-
cussed for years, have resurfaced as the
US Food and Drug Administration faces
an April 29 deadline to respond to a citi-
zens’ petition to ban menthol cigarettes,
which make up roughly a third of sales
in the country.
Shares in BAT and Imperial fell
roughly 6 per cent yesterday, echoing a
similar slide for Marlboro producer
Altria after a report in the Wall Street
Journal that suggested the Biden admin-
istration was “considering” new rules.
Tobacco groups have been racing to
gain market share in vaping and non-
combustible heated tobacco products,
as public health campaigns in western
ernment’s desire for a thriving domestic
tech sector than the nation’s security.
Government should sometimes look
at takeovers with the national interest
in mind. (Indeed, the laissez-faire atti-
tude taken in the original Arm sale is
arguably the problem here).
But let’s at least be up front about it.
Cloaking every discussion in national
security means a level of secrecy that is
unnecessary if it really involves a nego-
tiation about jobs, skills, investment
and headquarters buildings.
Embedding what is, in effect, eco-
nomic planning into the takeover proc-
ess is doubly problematic for a govern-
ment that has just poleaxed the nation’s
industrial strategy. Industry bleating
about uncertainty is often tactical. But
dealmakers may increasingly be trying
to navigate vaguely-defined national
security concerns, acting as cover for a
now-unelucidated industrial strategy.
That’s just licence to make up the
rules as you go along — a bad idea in
football, or in politics.
helen.thomas@ft.com
hedge funds speculated that the
court might rule against the deal.
Following the announcement,
however, the stock fell back to 272p .
Caesars’ shares were up 3 per cent in
pre-market trading in New York.
Caesars’ offer for William Hill was
accepted in September after a
bidding war with private equity
group Apollo Global Management.
The deal is one of a series of
transactions by US casino groups
looking to buy in sports betting
expertise from mature European
operators in order to tap the fast
expanding US sports betting and
online gaming market.
Caesars has said that it plans to
offload William Hill’s operations
outside the US, with Apollo widely
seen as a frontrunner to snap up the
business. Alice Hancock
John Loche/AP
countries continue to suppress cigarette
sales.
Analysts have, however, played down
the risk of new rules accelerating this
change, partially as any potential legis-
lation would take years to implement
and be challenged by the industry.
BAT said nicotine
regulation would be
‘highly complex and take
years to implement’
Imperial said the “potential for a nico-
tine reduction policy is not new, having
been discussed in the US for a number of
years”. The company, which makes
Winston and Davidoff cigarettes, added
that “potential pursuit of a policy would
therefore take several years with an out-
come that would be difficult to predict.”
Adam Spielman, analyst at Citigroup,
said the “threat” of any regulation was a
“severe blow to tobacco” but added it
Wednesday 21 April 2021
Retail
Watchdog
provisionally
clears Issas’
Asda deal
JONATHAN ELEY AND KAYE WIGGINS
The competition regulator has provi-
sionally cleared the owners of petrol
station company EG Group to buy
Asda, the UK’s third-largest supermar-
ket chain, if they address concerns
about a possible loss of competition in
36 areas.
The move could pave the way for TDR
Capital and the brothers Mohsin and
Zuber Issa to start taking control of the
retailer, which they acquired in Febru-
ary and jointly own.
They had been prevented from taking
management decisions until the Com-
petition and Markets Authority had
completed its deliberations.
“We’re concerned the merger could
lead to higher prices for motorists in
certain parts of the UK,” said Joel Bam-
ford, senior director of mergers at the
CMA. “However, if the companies can
provide a clear-cut solution to address
our concerns, we won’t carry out an in-
depth phase 2 investigation.”
The CMA asked for legally binding
proposals to address its concerns.
The brothers and TDR said they
would work “constructively” with the
CMA to “arrive at a satisfactory out-
come for all parties.”
Asda’s petrol stations will be sold to
EG, a highly leveraged group that will
take on $1bn in extra debt for the pur-
chase, in a deal that is part of the com-
plex finance package that underpins the
acquisition of the grocery chain.
EG, built over two decades by the
Blackburn-based pair, grew fast with
debt-funded acquisitions after an
investment from TDR in 2014, and has
395 filling stations in the UK. It has five
working days to offer remedies to
address the competition concerns.
It is likely to offer to sell forecourts in
the affected areas rather than face the
prospect of a phase 2 probe that could
last several months and delay any
restructuring of Asda.
Since most of the local issues are likely
to be resolved with the sale of individual
petrol stations, Asda’s new owners could
satisfy the CMA by selling fewer than 10
per cent of EG Group’s UK sites, said
Andrew Taylor, co-founder of consul-
tancy Aldwych Partners and a former
senior director at the Competition Com-
mission, precursor to the CMA.
The CMA found that on a national
level, the Issas would have little incen-
tive to rein in Asda’s use of competitive
fuel pricing and promotions to drive
footfall in its supermarkets.
The decision “feels generous” to TDR
and the brothers, Taylor said. “It could
be that they do adopt a different pricing
strategy to Asda” once EG had bought
the sites, he said.
Although the Issas do not yet have
management control over Asda, the
company has announced initiatives
aimed at sharpening its focus on value
and cutting costs. It plans to cease in-
store baking, re-jig store management
and close two “dark stores” used for
ecommerce fulfilment in London. It will
reduce its ranges so it can sell higher vol-
umes of a smaller number of products.
Asda will introduce more concessions
to its supermarkets after initial trials
with B&Q and toy retailer The Enter-
tainer, although it has denied it plans to
sell clothing label George. It is expected
to reduce the high proportion of free-
hold stores and distribution centres via
sale and leaseback deals.
The Issas must find a replacement for
Asda chief executive Roger Burnley,
who is to step down.
was not clear whether Biden’s adminis-
tration would implement the proposals.
He also pointed to evidence from
recent bans on menthol cigarettes in
other countries, such as those in the EU
and the UK, arguing it “made surpris-
ingly little difference to volume because
smokers have switched easily to non-
menthol brands”.
Owen Bennett, analyst at Jefferies,
said any rules sanctioned by the FDA
would need to be supported by “robust
science” and that on menthol “there has
not been enough evidence to support a
rule, and the [FDA] has admitted as
much”. He estimated it would take at
least five years to gain sufficient data on
the impact of nicotine limits, meaning
any rule-changes would be far off.
BAT said nicotine regulation would be
“highly complex and take years to
implement” while Altria argued that the
FDA would have to consider “real-world
consequences of such actions, including
the growth of an illicit market”.
See Lex
Wednesday 21 April 2021 ★ FINANCIAL TIMES 13

COMPANIES & MARKETS

Fixed income. Price jump Equities

Oatly IPO
‘Bonkers’ Treasuries move prospectus
leaves investors in dark warns over
China link
AZIZA KASUMOV — NEW YORK
EMIKO TERAZONO — LONDON

Oatly, the Blackstone-backed vegan

Uncertainty abounds after
unusual reaction to release of
upbeat data on US economy
COLBY SMITH — NEW YORK
JOSHUA OLIVER — LONDON
Bond investors are bewildered after last
week’s stellar US economic data
sparked a rally in haven US Treasuries —
a market reaction that breaks the typi-
cal dynamic for fund managers.
The price of highly rated government
bonds tends to jump in response to bad
news, pushing down yields. But last
Thursday produced signs of a strong
bounce back in the US economy, with
the biggest monthly gain in retail sales
in 10 years and mounting evidence the
labour market and economic activity
are recovering quickly.
Instead of falling back, as many inves-
tors expected, bond prices jumped.
Mike Riddell, a portfolio manager at
Allianz Global Investors, described the
market move as “bonkers”. In the after-
math, investors are unusually unsure
how the $21tn US government bond
market will respond to any further good
economic news, particularly given that
a recovery in the US economy is already
reflected in bond prices.
“The market has decided that we’re
priced correctly, and people are testing
the upside and downside,” Riddell said.
At the start of this year, typical pat-
terns prevailed as brighter economic
data hurt the bond market in the so-
called reflation trade. Expectations for
rising inflation drove the worst per-
formance for long-dated Treasuries
since 1980 in the first quarter. Now, that
reliable dynamic seems to be cracking.
US Treasury yields recede
from recent highs
Benchmark 10-year yield (%)
1.8
1.6
1.4
1.2
1.0
0.8
Jan 2021 Apr
As at 5pm London time
Sources: Refinitiv; Bloomberg
“We’re spending so much time talking
about what the hell is happening,” said
Richard McGuire, head of rates strategy
for Rabobank. “That in itself is the
point. There is so much uncertainty.”
One contributing factor is the overly
large scale of the bets against bonds that
investors have placed, strategists say.
The reflation trade has become
crowded as the “obvious” post-pan-
demic play, said Derek Halpenny at
MUFG.
Data compiled by the Commodity
Futures Trading Commission show that
some hedge funds added to their nega-
tive bets on bonds for the week ending
today. “The rally in rates on Thursday
may have been partly driven by fast
money unwinding of shorts,” wrote ana-
lysts at TD Securities in a recent note.
Subadra Rajappa, head of US rates
strategy at Société Générale, said hedg-
ing-related activity linked to an uptick
in debt raising by big banks — with Bank
of America, JPMorgan and Goldman
Sachs all issuing billions of bonds last
week — also contributed to the move.
Despite the recent pullback in yields,
Economists still expect bond
yields to rise this year
10-year yield at year end (%)
3.0
Forecast
2.5
2.0
1.5
1.0
0.5
2014 16 18 20 22
rate forecasts make clear that any
reprieve in the Treasury sell-off is
expected to be brief. Analysts are target-
ing the benchmark bond yield to hover
closer to 2 per cent by the end of the
year, according to Bloomberg.
“In a bear market you can get sharp
bull market rallies, and I would charac-
terise this as one of those,” said Tim
Magnusson, senior portfolio manager at
Garda Capital Partners. “If you fast for-
ward a few months down the road, you
will see higher Treasury yields than we
have today.”
The persistence of the rally hinges in
large part on foreign investors, particu-
larly in Japan, market participants say.
Ian Lyngen, an analyst at BMO Capital
Markets, said bursts of buying could be
attributed to a “bid from Tokyo”.
“The inclination of Japanese investors
to push the next leg of rally promises to
be a defining characteristic of the price
action over the coming weeks, and we
will be especially intrigued to see how
willing this critical participant in the US
rates market was to add Treasuries,” he
said.
Large debt sales Heightened foreign demand has
by the US helped to alleviate some concern about
Treasury the Treasury department’s huge
recently have upcoming auctions. After much anxiety
gone more at the start of the month, two large sales
smoothly than of new debt went smoothly last week.
many expected Another test comes today, with a $24bn
Andrew Harrer/Bloomberg
auction of 20-year debt.
Any sign that inflationary pressures
expected this year will be more pro-
nounced than investors and the Federal
Reserve expect could deliver the next
blow to bond prices.
The US central bank has primed the
market for elevated inflation prints in
the coming months, but has assured
investors the rise will be “transitory”
and that it plans to keep monetary pol-
icy ultra-accommodative for the fore-
seeable future. Market measures of
inflation expectations indicate inves-
tors largely buy into the first view, but
with creeping concerns the Fed may be
forced to adjust its stance sooner.
“If the economic data is extremely
strong over the next several months you
could see the Fed change their tune,”
said Mark Kiesel, chief investment
officer for global credit at Pimco. “Let’s
say the US economic recovery . . . is so
strong, the vaccines are successful and
this creates significant momentum in
‘In a bear the overall global economy that you
actually do start to build in more infla-
market you tion risk premium and the Fed has to
can get start preparing the market for a taper.”
Eurodollar futures indicate the Fed
sharp bull will initiate lift-off by the end of 2022 —
market years earlier than officials suggest.
Even if this timing does not bear out,
rallies, and Treasuries look unsustainable at these
I would levels, said David Kelly, strategist at
JPMorgan Asset Management.
characterise Additional reporting by Eric Platt in New
this as one’ York
milk company which on Monday filed to
float on Nasdaq, said it would consider
adding a listing in Hong Kong within two
years, citing its relationship with a Chi-
nese state-owned conglomerate.
China Resources owns about 30 per
cent of the Swedish group through a
50/50 joint venture with the Belgian
family investment group Verlinvest,
which holds 60 per cent in Oatly. The
Chinese conglomerate has helped the
company to dramatically expand its
presence in China in recent years.
In a prospectus for its Nasdaq share
offering, Oatly said it could seek a sec-
ond listing in Hong Kong if its status as a
US public company had a “material
adverse effect” on its top shareholders.
Explaining why it had agreed the pro-
vision, Oatly cited the possibility that
the US government could make it hard
for the group to share information with
a state-owned company and might pre-
vent China Resources from placing its
representatives on the Oatly board, or
even force it to divest.
The company also said it could pursue
a Hong Kong listing if it generated more
than 25 per cent of its revenue from
sales in the Asia-Pacific region for two
consecutive fiscal quarters.
The prospectus detailed how Oatly
has rapidly expanded outside Europe,
with Asia and the Americas contribut-
ing a combined $150m, or 36 per cent of
total revenues, last year compared with
$50m, or 24 per cent, in 2019.
Oatly’s products are sold at more than
9,500 shops in China, three years after
launching there. In the US, Oatly prod-
ucts can be found at 7,500 retailers and
in more than 10,000 coffee shops.
The relationship with China
Resources attracted controversy when
the group invested in Oatly with Verlin-
vest in 2016, prompting Swedish media
to highlight China’s environmental and
human rights record.
“It’s difficult to have a large float with-
out Chinese investors being involved
these days,” said one small Oatly share-
holder from a venture capital firm.
Malmo-based Oatly has grown on the
back of the popularity of plant-based
milk alternatives across the globe and is
pushing for a $10bn valuation from the
Nasdaq float, according to people famil-
iar with its plans.
An investment round last year led by
Blackstone valued the oat milk maker at
$2bn. Oatly’s other investors include tel-
evision host Oprah Winfrey and rapper
Jay-Z’s Roc Nation.
The prospectus showed revenue of
$421m in 2020 — up from $204m in
2019 — though losses widened from
$35.6m to $60.4m.
International expansion has focused
on the speciality coffee market, with its
“barista” milk, which froths like cow’s
Our global milk. Oatly has also expanded into mak-
ing and selling plant-based ice-cream
team gives you
market-moving and yoghurt, although its oat milk made
news and views, up 90 per cent of revenue last year.
The company said it planned to raise
24 hours a day
ft.com/markets $100m in its IPO, a place holder number
that is likely to change.

Commodities Asset management

ExxonMobil proposes storage plant for
carbon emitted by Houston industries
JUSTIN JACOBS — WASHINGTON
ExxonMobil is pitching a plan to cap-
ture and store carbon dioxide emitted
by industrial facilities around Houston
that it said could attract $100bn in
investment if the Biden administration
put a price on the greenhouse gas.
The oil supermajor is touting the
scheme ahead of the US climate summit
starting tomorrow, where President Joe
Biden plans to announce more aggres-
sive national emissions targets and
hopes to spur world leaders to increase
their own carbon-cutting goals.
Carbon capture and storage, or CCS,
“should be a key part of the US strategy
for meeting its Paris goals and included
as part of the administration’s upcom-
ing Nationally Determined Contribu-
tions”, said Joe Blommaert, head of
Exxon’s low-carbon focused business,
referring to the targets that countries
are required to submit under the 2015
Paris climate agreement.
Oil and gas producers have sought to
highlight their commitments to tackle
emissions ahead of this week’s climate
talks. BP pledged to stop flaring natural
gas in Texas’s Permian oilfields by 2025,
while EQT, the country’s largest natural
gas producer, said it backed federal
methane regulations.
The International Energy Agency has
called carbon capture and storage,
which uses chemicals to strip carbon
dioxide from industrial emissions, “crit-
ical for putting energy systems around
the world on a sustainable path”.
But the technology has struggled to
gain traction as costs have remained
high. The most recent setback in the US
came last year with the mothballing of
The oil major is touting the scheme
ahead of tomorrow’s climate summit
the Petra Nova project, the country’s
largest, which captured carbon from a
Texas coal-fired power plant.
Many environmental groups have
been critical of the oil and gas industry’s
focus on carbon capture, arguing it is
used to justify continued investment in
oil and gas production and is not eco-
nomical.
Exxon said that establishing a market
price on carbon — which has been
attempted by some US states, Texas not
among them — would be important. The
US government should “implement pol-
icies to enable CCS to receive direct
investment and incentives similar to
those available to other efforts to reduce
emissions”, Blommaert said.
Exxon declined to comment on the
carbon price it thought was needed to
justify the investment, but said its plan
would generate $100bn of investment
from companies and government in the
Houston region.
The company has been under pres-
sure from investors, including a proxy
fight with the activist hedge fund Engine
No 1, to bolster its strategy for the transi-
tion to cleaner fuels.
See Lex
Swedish hedge fund IPM suffers sharp
drop as pandemic upends quant models
LAURENCE FLETCHER — LONDON
ROBIN WIGGLESWORTH — OSLO
One of Europe’s oldest computer-
driven hedge fund managers has suf-
fered a sharp drop in assets, the latest
quantitative investment group to fall
victim to the coronavirus-driven mar-
ket turmoil.
Stockholm-based Informed Portfolio
Management, which was set up in 1998
and which also has a London office, was
for years one of the most respected
European quantitative companies to
use macroeconomic data to trade cur-
rencies, bonds and stocks.
But its assets had fallen from $8bn a
decade ago to about $1bn this year
owing to investor outflows and perform-
ance losses, said people familiar with
the investment group, with much of the
fall coming in the past couple of years.
The losses come as many computer-
driven hedge funds struggle to navigate
a turbulent period for markets that
began in February last year.
Wild moves, such as the S&P’s fastest-
ever descent into bear-market territory
last spring and the Reddit-driven
GameStop frenzy, as well as swings in
economic indicators, have left many
quants struggling to cope.
Many funds have found that their sys-
tems, which were based on analysing
market and economic conditions over
previous decades, could not read what
would happen next.
US participants Bridgewater Associ-
ates and Renaissance Technologies, as
well as London-based Winton Group,
‘For global tactical asset
allocation portfolios,
your biggest friend or
enemy is correlation’
were among quant funds to struggle
last year.
Systematic macro funds such as IPM,
which base their trades on analysis of
macroeconomic data, rely on being able
to understand how the different assets
they trade will move in relation to each
other. For them, changing linkages
between assets have proved a problem.
“For global tactical asset allocation
portfolios, your biggest friend or enemy
is correlation,” said an industry insider.
IPM, whose systems are based on the
belief that market prices fluctuate
around an asset’s fundamental value,
suffered a loss of about 3.4 per cent in its
main Systematic Macro fund last year,
according to numbers sent to investors.
This year it is down about 12.5 per
cent to the end of March.
The fund lost money in March as the
gap between higher and lower-yielding
markets widened, according to an
investor letter.
IPM, which is owned by finance group
Catella, raised billions of dollars from
investors in the US, Europe and Asia,
helped by gains of about 15 per cent in
2014 and further gains the following two
years, according to numbers sent to
investors and a person familiar with the
company.
In 2019 it decided to shut its System-
atic Equity fund, which struggled
because of its bets on lowly valued
stocks, which had underperformed.
At the time, the macro fund was about
$6bn in size, but it has fallen below $1bn
this year.
A spokeswoman for Catella referred
to the finance group’s public reports but
declined to comment further.
14
Legislation
e is
needed to ease
shift from Libor
Michael Bright
Mark
a kets Insight
A
fter almost fourr decades of
use, Libor is coming to a
long-planned and much-
anticipated end as the debt
pricingg benchmark forr mil-
lions of borrowers around the globe.
This presents an immense challenge.
Specifically, how w do you transition from
such a ubiquitous index without causing
widespread ffinancial disruption?
Floating rate mortgages, student
loans, even fixed-income investments
in a traditional 401k pension plan in the
US make or receive payments based on
this rate. For more than 30 years, Libor
has been used forf almostt everyy financial
product involve
n d in consumer lending.
At the end of 2020, Libor was the
benchmark forr over $6.2tn outstanding
consumer and corporate loans, $2.7tn
cash investments and $214tn hedging
instruments in the US alone.
After the global scandal over the
manipulation off the rate, regulators are
putting itt to bed for
f ever from mid-2023.
But millions of consumerr and business
contracts with terms based on this rate
remain outstanding.
Industry experts, global regulators
and the US Federal Reserve have a been
working forr years to manage a transition
away from Libor. Progress has been
made, with many new consumer and
business contracts todayy tied to a differ-
entt rate.
The Secured Overnight Financing
Rate is an interest rate that allows large
financial institutions to borrow ffrom
one another on an overnight basis.
Futures are beginningg to trade with this
rate and liquidity is growing as more
contracts include it in their terms.
Unfortunately, y even with a strong, relia-
ble replacement rate available, some
challenges remain with millions of Libor
contracts left in limbo. Put simply,
many consumer-based contracts signed
before Libor was set to expire do not
specify what rate the contract would
migrate to in the absence of the bench-
mark. Currently, the US has roughly
$16tn of these $73.1tn contracts — now
known as “tough legacy” Libor — stand-
ing behind millions of consumer and
business contracts where no fallback
language exists.
And to be sure, no one can wave a
magic wand and change the rate on
these loans. “Tough legacy” contracts
often have
a very high legal and opera-
tional hurdles to changes in their terms,
‘Congress has the power
o sumers, businesses and bond investors
to ensure an economically
neutral outcome without
years of court wrangling’
nott the least of which is identifying, con-
tacting and negotiating with the large
number of contractual parties who
must unanimously consent to any
amendment.
As a result of the looming uncertainty,
many have called for legislation to
address the issue. Importantly,
Treasury Secretary Janet Yellen and
Federal Reserve chair Jay Powell
recentlyy echoed those calls duringg con-
gressional testimony. Powell called fed-
eral legislation “the best answer” and
Yellen declared that “Congress does
need to provide legislation for the Libor
transition”.
While market participants typically
loathe legislative action related to con-
tractual matters, they have a determined
that legislation is not only the best
★ FINANCIAL TIMES Wednesday 21 April 2021
COMPANIES & MARKETS
The day in the markets
What you need to know
3 Wall Street stocks heading for first US stocks heading for first back-to-back fall in almost 3 weeks
back-to
k -backk fall since late March
S&P 500 index (daily move, %)
3 London’s FTSE dragged lower by
financial services and tobacco stocks
3 European equities pull back from highs
as doubts cast on pandemic recovery
1.5
Global stock markets dropped as US
investors cashed in on bets made during
1.0
a robust earnings season and the
European Central Bank gave a downbeat 0.5
option, but the only viable option. It is assessment of credit conditions in the
needed to safely, fairly
f and equitably pandemic-scarred bloc.
transition “tough legacy” contracts Wall Street’s blue-chip S&P 500 index, 0
while avoidingg a legal and financial
f mess which hit a record high last week, was
that would clog our court system for down 0.8 per cent by lunchtime in New
years, create confusion for borrowers York, on track for its first back-to-back
and degrade the value of fixed-income fall since late March. The tech-focused -0.5
investments for
f saavers, pensioners and Nasdaq Composite fell 1.2 per cent.
retirees. Blue-chip US corporations are
New York recently took the lead and expected to report quarterly earnings -1.0
enacted a Libor transition law.a The bill growth of about 25 per cent year on year
came on the heels off a great deal of work on the back of a strong economic Mar 2021 Apr
from parties on all sides of these con- recovery from coronavirus. Source: Refinitiv
tracts with conflicting incentives. This But lofty equity valuations and an
was a big, positive step. But manyy con- expectation that this earnings season
tracts do not fall under New York law, a would be stellar left little room for further that the US government may curb strongly enough how they plan to soften
and it would be unfair to have
a some con- improvements, said Trevor Greetham, nicotine levels in cigarettes. the blow from the health crisis.
receive protection and others not — not
investment strategist at Royal London.
“With stock markets, it is often better
European lenders may restrict access
to credit in the second quarter of this
“We do not expect to hear anything
inspiring” from the ECB after tomorrow’s
to mention for the same consumer to to travel than to arrive,” he said. year, according to an ECB survey released meeting, said Nadège Dufossé of fund
receive protection on an investment in
theirr 401k but nott on their mortgage.
European equities also dropped
yesterday after the region’s fragile
ahead of its next monthly meeting
tomorrow.
manager Candriam.
US government bonds reversed two
As a result, federal legislation has economic recovery was called further into “This reflects banks’ uncertainty days of falls to trade higher as stock
been introduced in Congress that cre- question by a survey suggesting that regarding the severity of the economic markets dropped, taking the yield on the
ates a safe harbour and allows for con- bank lending in the region was declining. impact of the third wave of the benchmark 10-year Treasury down
sistent treatment for all borrowers, The Stoxx Europe 600 index closed pandemic,” the ECB said. 4 basis points to 1.56 per cent.
inve
n stors and lenders. down 1.9 per cent and the UK’s FTSE 100 The ECB has committed to spend The US dollar climbed 0.2 per cent
We are aat a critical moment and need dropped 2 per cent, dragged down by €1.9tn on bonds, stepping up its against a basket of peers but remained
absolute certainty as it relates to rates financial services businesses as well as purchases in recent weeks. Yet analysts near its lowest level since early March.
and products on which ordinaryy Ameri- tobacco stocks, which were hit by reports fear policymakers may not communicate Naomi Rovnick
cans rely.
y While they may not under-
stand how the system works, they will
y US surely understand the disruptions to Markets update
their lives if something is not done to
smooth the transition aaway from Liborr.
Only Congress has the power to ensure
an economically neutral outcome with- US Eurozone Japan UK China Brazil
out years of court wrangling and confu- Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
sion. Federal legislation for all Libor- Level 4126.57 1668.92 29100.38 6859.87 3472.94 120148.60
based contracts is the best way to end % change on day -0.88 -1.90 -1.97 -2.00 -0.13 -0.65
this saga once and for all. Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
Level 91.129 1.205 108.125 1.395 6.496 5.511
The writer is chief executive of the Struc- % change on day 0.066 0.250 0.088 -0.286 -0.244 -0.707
tured Financee Association. The SFA’
F ’s Kristi Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
Leo contributed to this article Yield 1.571 -0.263 0.079 0.730 3.148 9.007
Basis point change on day -1.310 -2.600 -0.160 -2.600 -0.200 10.400
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 459.72 66.42 62.52 1774.50 26.11 3985.40
% change on day -0.90 -0.97 -1.47 0.00 -0.13 1.06
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
Kansas City Southern 16.24 Gecina 0.98 Segro 1.61
Harley-davidson 5.89 Novozymes 0.62 Polymetal Int 1.48
Ups
Int Business Machines 4.28 Dsm 0.57 Avast 1.27
Church & Dwight Co 3.03 Orange 0.34 Astrazeneca 1.02
Dover 2.85 Kone 0.19 Halma 0.71
%
United Airlines Holdings -8.86 Danske Bank -7.55 Int Consolidated Airlines S.a. -8.11
Apa -6.71 Lufthansa -6.45 British American Tobacco -7.60
Downs
American Airlines -6.21 Thyssenkrupp -5.75 Imperial Brands -7.31
Albemarle -6.20 Unicredit -5.16 Associated British Foods -5.93
Zions Ban Na -6.20 Amadeus It -5.01 Rolls-royce Holdings -5.61
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
Kansas City Southern surged on news A second upgrade to its trading outlook Avast, the cyber security group, rallied
that Canadian National Railway had made in a month sent Fiskars Oyj rallying. The after reporting a 10.4 per cent rise in
a “superior proposal” for the US railway Finnish supplier of home and outdoor organic first-quarter revenue to $237.1m.
group in a cash-and-stock deal valued at consumer goods forecast full-year and said for the full year it expected to hit
$33.7bn, or $325 a share, a 26.8 per cent earnings before interest, taxes and “the upper end” of its 6 to 8 per cent
premium on Monday’s closing price. amortisation of between €130m and guidance for organic revenue growth.
The bid follows last month’s $29bn €145m, up from the €120m to €137m It also renewed its contract to promote
offer by Canadian Pacific Railway,y which range previously announced. the Chrome web browser through its
valued Kansas City at $275 a share. The revision was driven by strong consumer antivirus products and
Under the Canadian National Railway momentum in the first quarter, said the CCleaner utility application until March
proposal, Kansas City shareholders would Helsinki group, with preliminary net sales next year. The update prompted Citi to
receive $200 in cash and 1.059 shares of hitting around €302m, up from €256.2m reiterate its “buy” recommendation,
Canadian National common stock for during the same period a year earlier. arguing that Avast’s current valuation
each Kansas City common share. Chipmaker Nordic Semiconductor rose was “undemanding”.
Electric-car company Fisker charged after reporting first-quarter revenue of Some weakness in rent collection sent
higher after Bank of America initiated $143.2m, up 104 per cent on the same Hammerson lower, with the shopping
coverage with a “buy” rating and a target period last year. The Trondheim group’s centre owner reporting that 46 per cent
price of $31 a share. order backlog had increased sharply to of rent due had been received in the first
“We believe that certain aspects of the $803m, although supply constraints in half of 2021, reflecting market conditions
company’s go-to-market and the semiconductor sector had prevented that had “remained challenging”.
commercialisation strategy have merit it from taking full advantage of the uptick Tom Musson at Liberum said low rent
and its product is relatively compelling,” in demand this year, said Nordic. collection at group level would probably
said BofA, adding that Fisker was “one of “Global demand exceeds the current persist into 2022. “Hammerson is still
the few public pure-play electric vehicle wafer supply capacity,” said chief fighting against the tide,” added the
companies and therefore a key executive Svenn-To- re Larsen. “Several analyst, who assigned a “sell” rating.
beneficiary/d
y river of the industry wafer suppliers are now planning for The operational environment at its
megatrend towards electrification”. significant capacity increases to resolve European destinations remained difficult,
Tobacco group Altria, which makes the situation.” he said. For the second quarter, the UK
Marlboro, fell following reports that the A broader rout pulled potash supplier had collected 48 per cent of rent due, but
US administration was considering K+S lower after initially climbing more for France that figure slid to 23 per cent
putting a cap on nicotine in cigarettes than 5 per cent on news that the Justice and in Ireland 34 per cent.
and imposing a ban on menthol products Department had cleared the sale of its US Hammerson confirmed this month that
in the US. Altria’s peer Vector Group also operating unit to Stone Canyon Industries it was in talks about a possible disposal of
sank. Ray Douglas Holdings for €2.5bn. Ray Douglas its retail parks portfolio. Ray Douglas
Wednesday 21 April 2021 ★ FINANCIAL TIMES 15

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.88% -1.18% -0.87% -2.00% -1.90% -1.97% -0.90% -0.286%

No change
0.10% 0.250% 0.088% 0.582% 0.32%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Mar 21 - - Index All World Mar 21 - Apr 20 Index All World Mar 21 - Apr 20 Index All World Mar 21 - Apr 20 Index All World Mar 21 - Apr 20 Index All World Mar 21 - Apr 20 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
4,126.57 3,220.70
6,859.87 15,129.51
19,027.58 6,779.68 14,775.52 29,174.15 29,100.38
3,913.10 18,854.00 3,035.46
Day -0.88% Month 5.46% Year 46.18% Day -0.92% Month 0.93% Year 32.26% Day -2.00% Month 2.23% Year 17.99% Day -1.55% Month -0.69% Year NaN% Day -1.97% Month -2.32% Year 46.25% Day 0.68% Month 5.96% Year 68.22%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
13,751.02
48,215.59 1,668.92 29,135.73 3,192.17
13,215.24 47,572.39 1,643.55 8,624.60 28,885.34
8,459.40 3,134.54
Day -1.18% Month 4.09% Year 60.68% Day 0.30% Month 2.52% Year 39.84% Day -1.90% Month 2.25% Year 26.60% Day -2.89% Month -0.40% Year 23.83% Day 0.10% Month 0.50% Year 19.50% Day -0.55% Month 1.76% Year 21.99%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
33,781.87 120,148.60
6,165.11 3,472.94 49,801.62
114,978.86 6,062.79 24,360.49
32,627.97 24,088.65 3,404.66 47,705.80
Day -0.87% Month 3.55% Year 42.86% Day -0.65% Month 3.39% Year 52.16% Day -2.09% Month 2.79% Year 36.15% Day -2.44% Month -0.57% Year 41.01% Day -0.13% Month 2.00% Year 22.35% Day -0.57% Month -4.32% Year 51.02%

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 46823.40 48026.29 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 26322.32 26982.30 Philippines Manila Comp 6500.42 6459.76 Taiwan Weighted Pr 17323.87 17263.28 Cross-Border DJ Global Titans ($) 476.97 480.63
Australia All Ordinaries 7282.10 7328.00 Czech Republic
PX 1102.22 1108.01 FTSE Italia Mid Cap 43607.20 44539.22 Poland Wig 59331.91 59785.22 Thailand Bangkok SET 1580.04 1574.91 Euro Stoxx 50 (Eur) 3940.04 4019.91
S&P/ASX 200 7017.80 7065.60 Denmark OMXC Copenahgen 20 1498.02 1512.27 FTSE MIB 24088.65 24691.46 Portugal PSI 20 4947.78 5012.57 Turkey BIST 100 1365.27 1377.23 Euronext 100 ID 1210.15 1233.33
S&P/ASX 200 Res 5414.90 5434.00 Egypt EGX 30 10441.00 10358.26 Japan 2nd Section 7506.34 7515.24 PSI General 3700.99 3745.38 UAE Abu Dhabi General Index 6102.20 6124.08 FTSE 4Good Global ($) 10116.41 10191.82
Austria ATX 3150.65 3227.69 Estonia OMX Tallinn 1627.01 1618.76 Nikkei 225 29100.38 29685.37 Romania BET Index 11137.75 11103.96 UK FT 30 2708.10 2782.40 FTSE All World ($) 459.72 463.91
Belgium BEL 20 3946.37 3996.90 Finland OMX Helsinki General 11810.48 11980.68 S&P Topix 150 1625.99 1651.52 Russia Micex Index 3540.04 3574.08 FTSE 100 6859.87 7000.08 FTSE E300 1668.92 1701.23
BEL Mid 8956.03 8935.08 France CAC 40 6165.11 6296.69 Topix 1926.25 1956.56 RTX 1453.40 1476.58 FTSE 4Good UK 6469.00 6579.03 FTSE Eurotop 100 3133.55 3194.57
Brazil IBovespa 120148.60 120933.78 SBF 120 4856.71 4954.82 Jordan Amman SE 1778.93 1773.41 Saudi-Arabia TADAWUL All Share Index 10097.65 10048.70 FTSE All Share 3920.05 3996.65 FTSE Global 100 ($) 2682.08 2703.97
Canada S&P/TSX 60 1133.52 1145.18 Germany M-DAX 32540.15 33098.46 Kenya NSE 20 1882.96 1867.15 Singapore FTSE Straits Times 3192.17 3209.72 FTSE techMARK 100 6649.02 6771.26 FTSE Gold Min ($) 2312.25 2314.75
S&P/TSX Comp 19027.58 19204.42 TecDAX 3471.52 3511.39 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 369.94 369.94 USA DJ Composite 11337.14 11369.81 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 833.77 824.87 XETRA Dax 15129.51 15368.39 Latvia OMX Riga 1148.26 1120.00 Slovenia SBI TOP - - DJ Industrial 33781.87 34077.63 FTSE Multinationals ($) 2961.94 2971.44
Chile S&P/CLX IGPA Gen 24915.17 25099.25 Greece Athens Gen 876.76 875.76 Lithuania OMX Vilnius 881.35 877.13 South Africa FTSE/JSE All Share 66835.52 68094.28 DJ Transport 14836.30 14798.84 FTSE World ($) 820.18 827.93
China FTSE A200 13645.95 13646.42 FTSE/ASE 20 2125.04 2117.49 Luxembourg LuxX 1518.41 1553.96 FTSE/JSE Res 20 68586.23 69786.22 DJ Utilities 931.27 920.83 FTSEurofirst 100 (Eur) 4328.80 4423.88
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 29135.73 29106.15 Malaysia FTSE Bursa KLCI 1607.57 1600.29 FTSE/JSE Top 40 61116.77 62325.85 Nasdaq 100 13777.47 13907.67 FTSEurofirst 80 (Eur) 5379.73 5485.69
Shanghai A 3640.16 3644.99 HS China Enterprise 11085.87 11092.95 Mexico IPC 48215.59 48072.62 South Korea Kospi 3220.70 3198.84 Nasdaq Cmp 13751.02 13914.77 MSCI ACWI Fr ($) 702.99 704.94
Shanghai B 250.67 251.04 HSCC Red Chip 4156.65 4167.75 Morocco MASI 11669.34 11634.57 Kospi 200 434.60 431.96 NYSE Comp 15921.49 16186.29 MSCI All World ($) 2944.05 2953.35
Shanghai Comp 3472.94 3477.55 Hungary Bux 42597.26 42388.09 Netherlands AEX 700.19 711.94 Spain IBEX 35 8459.40 8711.40 S&P 500 4126.57 4163.26 MSCI Europe (Eur) 1775.47 1780.61
Shenzhen A 2377.89 2379.65 India BSE Sensex 47705.80 47977.82 AEX All Share 1003.76 1019.45 Sri Lanka CSE All Share 7355.11 7553.50 Wilshire 5000 43120.84 43588.46 MSCI Pacific ($) 3257.35 3241.40
Shenzhen B 1165.82 1166.66 Nifty 500 12055.40 12076.45 New Zealand NZX 50 12678.55 12767.83 Sweden OMX Stockholm 30 2204.81 2257.60 Venezuela IBC 3089.52 3004.67 S&P Euro (Eur) 1812.95 1848.36
Colombia COLCAP 1312.62 1317.08 Indonesia Jakarta Comp 6038.32 6052.54 Nigeria SE All Share 38866.39 38799.83 OMX Stockholm AS 895.17 913.60 Vietnam VNI 1268.28 1260.58 S&P Europe 350 (Eur) 1724.71 1758.10
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7967.40 8148.54 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 11078.98 11209.84 S&P Global 1200 ($) 3224.68 3259.15
Israel Tel Aviv 125 1711.00 1697.27 Pakistan KSE 100 45399.78 44913.57 Stoxx 50 (Eur) 3350.75 3412.00
(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 20 %Chg %Chg Apr 20 %Chg %Chg Apr 20 %Chg %Chg Apr 20 %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 58.3 133.16 -1.69 British American Tobacco 234.2 2692.50 -221.50 Inditex 895.1 27.87 -0.92 Softbank . 905.5 9821.00 -184.00 Antofagasta 1841.00 6.7 - Ferrexpo 407.40 11.0 - Amigo Holdings 17.86 25.8 - Mining 24000.72 3.9 10.5
Amazon.com 38.9 3321.77 -50.24 Astrazeneca 184.8 7494.00 76.00 Asml Holding 448.4 512.00 -10.20 Fast Retailing Co., 555.4 87400.00 -1940.00 Kingfisher 360.10 5.7 - Bytes Technology 486.40 8.2 44.3 Ted Baker 152.60 19.1 - Pharmaceuticals & Biotech. 15989.02 3.6 1.3
Boeing 26.9 234.44 -9.71 Unilever 164.2 4128.00 -4.00 Lvmh 345.6 605.30 -15.60 Tokyo Electron 477.1 48900.00 -1150.00 Polymetal Int 1578.00 5.2 - Integrafin Holdings 566.00 7.9 - Equiniti 163.00 17.3 - Gas Water & Multiutilities 4805.15 2.4 0.7
Nvidia 23.7 601.06 -13.41 Bp 147.2 291.75 -9.10 Daimler Ag Na O.n. 311.8 73.69 -2.27 Toyota Motor 471.4 8418.00 -104.00 Astrazeneca 7494.00 4.6 -88.1 Petropavlovsk 27.18 7.3 - Vitec (the) 1320.00 10.0 - Industrial Metals 6382.59 2.3 28.8
Microsoft 21.1 257.38 -1.36 Rio Tinto 122.4 5955.00 -134.00 Total 297.8 36.86 -1.18 Sony 430.5 11865.00 -125.00 Rio Tinto 5955.00 4.5 - Gcp Student Living 177.20 6.9 - Kier 94.30 8.4 - Real Estate Investment Trusts 2956.17 1.6 7.8
Facebook 18.5 298.91 -3.33 Glaxosmithkline 104.4 1325.20 -12.80 Unicredit 294.0 8.18 -0.45 Mitsubishi Ufj Fin,. 249.6 585.00 -4.90 B&m Eur Value Retail S.a. 568.60 3.4 - Qinetiq 342.00 6.5 - Norcros 305.00 7.8 54.0 Industrial Engineering 16305.76 1.2 8.9
Netflix 15.5 548.71 -5.73 Int Consolidated Airlines S.a. 104.1 193.10 -17.05 Intesa Sanpaolo 257.1 2.25 -0.07 Takeda Pharmaceutical 218.0 3674.00 -32.00 Mondi 1947.00 3.2 - Elementis 134.30 6.1 - Speedy Hire 76.70 7.4 - Chemicals 15110.26 1.0 11.2
United Airlines Holdings 14.1 50.12 -4.87 Barclays 103.6 181.80 -5.88 Infineon Tech.ag Na O.n. 246.9 33.23 -1.43 Sumitomo Mitsui Fin,. 214.0 3827.00 -49.00 Bae Systems 518.00 3.1 - Dechra Pharmaceuticals 3876.00 5.8 - Treatt 1145.00 7.0 - Beverages 25101.32 1.0 10.4
Altria 14.0 46.82 -2.26 Prudential 98.6 1498.50 -55.50 Volkswagen Ag Vzo O.n. 245.7 234.05 -6.10 Sumco 195.8 2844.00 5.00 Glaxosmithkline 1325.20 2.9 - Aj Bell 470.00 5.5 - Hostelworld 94.00 6.8 19.1 Support Services 10941.50 0.9 10.5
Advanced Micro Devices 13.8 79.19 -1.92 Lloyds Banking 89.0 42.05 -1.71 Sap Se O.n. 237.9 115.34 -0.70 M3,. 194.8 8186.00 -175.00 United Utilities 973.80 2.9 - Investec 247.20 5.4 - Discoverie 780.00 6.1 16.8 Health Care Equip.& Services 6442.96 0.8 -1.2
Weir 1948.00 2.9 - Centamin 114.50 4.7 - Phoenix Spree Deutschland 359.00 5.9 - General Industrials 6849.13 0.5 3.4
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Severn Trent 2461.00 2.8 - Domino's Pizza 369.20 4.6 - Robert Walters 670.00 5.7 43.7 Electronic & Electrical Equip. 10550.37 0.1 5.8
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Kansas City Southern 298.03 41.63 16.24 Ferrexpo 407.40 16.40 4.19 Getinge Ab Ser. B 26.66 0.29 1.08 Kawasaki Kisen Kaisha, 2747.00 59.00 2.19 Legal & General 269.40 -8.3 - Airtel Africa 71.40 -15.8 - Renewi 49.30 -9.4 - Life Insurance 7989.13 -4.5 10.9
Harley-davidson 46.90 2.61 5.89 Integrafin Holdings 566.00 20.50 3.76 Gecina 124.20 1.20 0.98 Mitsui O.s.k.lines, 3970.00 65.00 1.66 Rolls-royce Holdings 99.28 -7.8 - Ao World 290.00 -10.5 - Foxtons 62.00 -7.5 - Tobacco 28399.32 -4.0 -1.4
Int Business Machines 138.82 5.70 4.28 Aj Bell 470.00 9.20 2.00 Novozymes B A/s 54.88 0.34 0.62 Oji Holdings 726.00 10.00 1.40 Melrose Industries 162.20 -6.9 - Mitchells & Butlers 291.20 -8.4 - Pharos Energy 25.00 -7.4 38.9 Food Producers 7465.68 -3.6 6.2
Church & Dwight Co 89.99 2.65 3.03 Dixons Carphone 146.30 2.80 1.95 Dsm Kon 150.65 0.85 0.57 Nippon Yusen Kabushiki Kaisha 3945.00 50.00 1.28 Jd Sports Fashion 881.20 -6.3 - Carnival 1531.20 -8.3 - Vp 850.00 -6.2 9.5 Automobiles & Parts 4709.55 -3.2 2.6
Dover 144.43 4.00 2.85 Assura 76.10 1.40 1.87 Suez 19.96 0.11 0.53 Terumo 4083.00 50.00 1.24 Associated British Foods 2314.00 -5.9 - Kainos 1545.00 -8.0 - Saga 357.40 -6.1 - Oil & Gas Producers 4832.36 -2.8 6.7
Standard Life Aberdeen 276.10 -5.8 - C&c 268.60 -7.6 - Lamprell 56.60 -5.7 - Banks 2834.14 -2.7 13.4
Downs Downs Downs Downs
Imperial Brands 1465.50 -5.7 - Firstgroup 83.65 -7.3 - Henderson High ome Trust 163.50 -5.5 9.9 Travel & Leisure 8839.32 -2.7 9.3
United Airlines Holdings 50.12 -4.87 -8.86 Int Consolidated Airlines S.a. 193.10 -17.05 -8.11 Danske Bank A/s 14.99 -1.22 -7.55 Marui Co., 2024.00 -125.00 -5.82
Int Consolidated Airlines S.a. 193.10 -5.1 - Trainline 440.00 -7.2 - Octopus Renewables Infrastructure Trust 110.00 -5.3 -3.5 Construction & Materials 7561.94 -2.4 10.0
Apa 16.86 -1.21 -6.71 British American Tobacco 2692.50 -221.50 -7.60 Lufthansa Ag Vna O.n. 10.09 -0.70 -6.45 Dentsu . 3320.00 -155.00 -4.46
Prudential 1498.50 -3.9 - Paragon Banking 454.00 -6.9 - Fuller, Smith & Turner 890.00 -5.3 29.0 Electricity 8835.32 -1.9 -0.5
American Airlines 20.21 -1.34 -6.21 Imperial Brands 1465.50 -115.50 -7.31 Thyssenkrupp Ag O.n. 10.58 -0.65 -5.75 Daikin Industries, 22010.00 -985.00 -4.28
Lloyds Banking 42.05 -3.9 - Pantheon Int 2585.00 -6.3 4.4 Hyve 121.70 -5.2 - Personal Goods 33948.08 -1.8 -8.8
Albemarle 147.73 -9.77 -6.20 Carnival 1531.20 -104.00 -6.36 Sandvik Ab 22.27 -1.25 -5.32 Mitsubishi Motors 297.00 -13.00 -4.19
Next 7794.00 -3.8 - Energean 794.50 -6.2 - Fidelity Japan Trust 225.00 -5.1 2.1 Real Estate & Investment Servic 2576.19 -1.3 -0.4
Zions Ban Na 52.53 -3.47 -6.20 Wood (john) 256.00 -17.00 -6.23 Unicredit 8.18 -0.45 -5.16 Hitachi Construction Machinery Co., 3345.00 -145.00 -4.15
Flutter Entertainment 14675.00 -3.7 - Virgin Money Uk 184.15 -6.1 - Enquest 15.58 -4.9 - Mobile Telecommunications 3059.42 -1.2 10.7
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 20 Currency Mid Change Mid Change Mid Change Apr 20 Currency Mid Change Mid Change Mid Change Apr 20 Currency Mid Change Mid Change Mid Change Apr 20 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 92.9768 0.0535 112.0229 0.3336 129.7019 -0.2699 Indonesia Indonesian Rupiah 14497.5000 -50.0000 17467.3099 -18.1116 20223.9192 -123.6581 Poland Polish Zloty 3.7782 -0.0061 4.5521 0.0036 5.2705 -0.0226 ..Three Month 0.7169 0.0019 0.8636 0.0044 - -
Australia Australian Dollar 1.2904 0.0032 1.5547 0.0075 1.8001 -0.0004 Israel Israeli Shekel 3.2485 -0.0131 3.9139 -0.0063 4.5316 -0.0304 Romania Romanian Leu 4.0903 -0.0081 4.9282 0.0022 5.7059 -0.0264 ..One Year 0.7170 0.0019 0.8631 0.0044 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4542 0.0011 0.5259 -0.0014 Japan Japanese Yen 108.1250 0.0950 130.2742 0.4274 150.8335 -0.2680 Russia Russian Ruble 76.7475 0.5425 92.4691 0.8743 107.0621 0.4742 United States United States Dollar - - 1.2048 0.0029 1.3950 -0.0037
Bolivia Bolivian Boliviano 6.9100 - 8.3255 0.0200 9.6394 -0.0256 ..One Month 108.1250 0.0949 130.2743 0.4274 150.8335 -0.2680 Saudi Arabia Saudi Riyal 3.7504 -0.0007 4.5187 0.0101 5.2318 -0.0148 ..One Month - - 1.2048 -0.1939 1.3950 -0.0037
Brazil Brazilian Real 5.5109 -0.0392 6.6398 -0.0312 7.6877 -0.0753 ..Three Month 108.1249 0.0948 130.2744 0.4276 150.8334 -0.2681 Singapore Singapore Dollar 1.3287 -0.0019 1.6008 0.0016 1.8535 -0.0076 ..Three Month - - 1.2046 -0.1939 1.3950 -0.0037
Canada Canadian Dollar 1.2559 0.0047 1.5131 0.0092 1.7519 0.0018 ..One Year 108.1245 0.0940 130.2747 0.4283 150.8335 -0.2685 South Africa South African Rand 14.2850 0.0481 17.2113 0.0992 19.9275 0.0143 ..One Year - - 1.2038 -0.1938 1.3952 -0.0037
Chile Chilean Peso 697.9300 -2.6700 840.8998 -1.1878 973.6068 -6.3219 Kenya Kenyan Shilling 108.1000 0.1000 130.2441 0.4333 150.7986 -0.2609 South Korea South Korean Won 1112.3500 -4.9000 1340.2131 -2.6678 1551.7194 -10.9774 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.4956 -0.0159 7.8262 -0.0003 9.0613 -0.0463 Kuwait Kuwaiti Dinar 0.3011 -0.0001 0.3628 0.0008 0.4200 -0.0013 Sweden Swedish Krona 8.4193 0.0095 10.1440 0.0358 11.7449 -0.0179 Vietnam Vietnamese Dong 23075.0000 1.0000 27801.9500 68.0842 32189.5320 -84.1488
Colombia Colombian Peso 3631.0000 24.1400 4374.8053 39.5327 5065.2172 20.3049 Malaysia Malaysian Ringgit 4.1174 -0.0061 4.9608 0.0046 5.7437 -0.0238 Switzerland Swiss Franc 0.9140 -0.0014 1.1012 0.0009 1.2750 -0.0054 European Union Euro 0.8300 -0.0020 - - 1.1578 -0.0059
Costa Rica Costa Rican Colon 613.1350 0.2300 738.7347 2.0523 855.3184 -1.9514 Mexico Mexican Peso 19.8540 0.0510 23.9211 0.1188 27.6962 -0.0023 Taiwan New Taiwan Dollar 28.1135 -0.0855 33.8725 -0.0213 39.2181 -0.2238 ..One Month 0.8299 -0.0020 - - 1.1578 -0.0059
Czech Republic Czech Koruna 21.5156 -0.0511 25.9230 0.0010 30.0140 -0.1512 New Zealand New Zealand Dollar 1.3888 -0.0029 1.6733 0.0005 1.9374 -0.0092 Thailand Thai Baht 31.2650 0.0825 37.6696 0.1897 43.6144 -0.0005 ..Three Month 0.8297 -0.0020 - - 1.1577 -0.0059
Denmark Danish Krone 6.1719 -0.0154 7.4362 -0.0006 8.6098 -0.0444 Nigeria Nigerian Naira 410.6300 1.8800 494.7469 3.4490 572.8256 1.1073 Tunisia Tunisian Dinar 2.7333 -0.0179 3.2932 -0.0137 3.8129 -0.0352 ..One Year 0.8290 -0.0020 - - 1.1572 -0.0059
Egypt Egyptian Pound 15.7117 0.0398 18.9302 0.0934 21.9177 -0.0025 Norway Norwegian Krone 8.3268 0.0138 10.0325 0.0407 11.6157 -0.0116 Turkey Turkish Lira 8.1097 0.0145 9.7710 0.0409 11.3130 -0.0098
Hong Kong Hong Kong Dollar 7.7617 -0.0037 9.3517 0.0180 10.8275 -0.0339 Pakistan Pakistani Rupee 152.8250 0.0750 184.1309 0.5328 213.1897 -0.4617 United Arab Emirates UAE Dirham 3.6732 - 4.4256 0.0106 5.1240 -0.0136
Hungary Hungarian Forint 299.5394 -0.6894 360.8996 0.0390 417.8551 -2.0747 Peru Peruvian Nuevo Sol 3.6834 0.0109 4.4379 0.0238 5.1383 0.0016 United Kingdom Pound Sterling 0.7169 0.0019 0.8637 0.0044 - -
India Indian Rupee 74.8900 0.0125 90.2311 0.2319 104.4710 -0.2602 Philippines Philippine Peso 48.3200 -0.0400 58.2183 0.0919 67.4060 -0.2351 ..One Month 0.7169 0.0019 0.8636 0.0044 - -
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 20 Apr 19 Apr 16 Apr 15 Apr 14 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 2708.10 2782.40 2786.70 2760.50 2764.80 0.00 3314.70 1337.80 Industrial Metals & 29.30 Consumer Services 9.22 Equity Invest Instr 2.59 FTSE 100 Price Change FTSE 100 Price Change
Apr 20 chge% Index Apr 19 Apr 16 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Industrial Transport 24.38 Mobile Telecomms 8.45 Real Est Invest & Se 2.33 3I Group PLC 1214.5 -29.50 Land Securities Group PLC 715.00 -9.80
FTSE 100 (101) 6859.87 -2.00 6192.99 7000.08 7019.53 5812.83 3.09 1.48 21.83 79.34 6634.30 P/E Ratio net - - - - - 0.00 19.44 14.26 Basic Materials 15.15 Media 8.38 Automobiles & Parts 2.15 Admiral Group PLC 3142 -52.00 Legal & General Group PLC 269.40 -7.70
FTSE 250 (250) 22108.55 -1.70 19959.29 22490.86 22522.18 15822.73 1.87 1.58 33.89 118.72 17646.16 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Mining 14.98 Industrials 8.36 Consumer Goods 2.13 Anglo American PLC 3067 -119.50 Lloyds Banking Group PLC 42.05 -1.71
FTSE 250 ex Inv Co (183) 22999.58 -1.77 20763.70 23413.39 23405.99 74.31 1.77 0.80 70.49 71.78 18719.67 FT 30 hourly changes Fixed Line Telecomms 13.75 Real Est Invest & Tr 8.06 Pharmace & Biotech 1.36 Antofagasta PLC 1841 -26.50 London Stock Exchange Group PLC 7696 -34.00
FTSE 350 (351) 3937.91 -1.95 3555.09 4016.12 4026.26 3240.03 2.86 1.50 23.36 41.06 7581.04 8 9 10 11 12 13 14 15 16 High Low Banks 13.23 FTSE 250 Index 7.91 Financial Services 1.29 Ashtead Group PLC 4578 -22.00 M&G PLC 211.80 -7.20
FTSE 350 ex Investment Trusts (282) 3840.25 -1.97 3466.92 3917.38 3925.60 78.73 2.92 1.28 26.83 11.64 3816.37 2782.4 2763.8 2756.2 2681.9 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 FTSE SmallCap Index 12.93 Electronic & Elec Eq 7.59 Health Care 1.03 Associated British Foods PLC 2314 -146.00 Melrose Industries PLC 162.20 -8.40
FTSE 350 Higher Yield (142) 3141.11 -2.72 2835.75 3228.98 3233.72 2623.62 4.07 1.24 19.74 46.59 6678.81 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Software & Comp Serv 12.29 Industrial Eng 7.40 Aerospace & Defense 1.02 Astrazeneca PLC 7494 76.00 Mondi PLC 1947 -22.00
FTSE 350 Lower Yield (209) 4484.33 -1.19 4048.39 4538.23 4554.39 3641.74 1.70 2.08 28.37 27.40 5340.09 Travel & Leisure 12.21 Household Goods & Ho 7.27 Food & Drug Retailer -0.04 Auto Trader Group PLC 571.80 -7.60 National Grid PLC 911.30 3.80
FTSE SmallCap (252) 7019.12 -1.02 6336.76 7091.34 7110.63 4587.92 2.15 -0.47 -99.71 38.97 11227.98
FTSE SmallCap ex Inv Co (134) 5902.58 -0.85 5328.76 5953.47 5954.67 79.08 1.41 -2.79 -25.29 5.61 9849.64 FX: EFFECTIVE INDICES Chemicals
Construct & Material
11.77
11.34
Gas Water & Multi
Oil & Gas Producers
7.20
6.99
Electricity
Tech Hardware & Eq
-0.27
-0.91
Avast PLC 477.60 6.00 Natwest Group PLC 193.00 -5.80
Aveva Group PLC 3768 -34.00 Next PLC 7794 -318.00
FTSE All-Share (603) 3920.05 -1.92 3538.97 3996.65 4006.76 3200.72 2.84 1.45 24.37 40.21 7622.29
Apr 19 Apr 16 Mnth Ago Apr 20 Apr 19 Mnth Ago General Retailers 11.24 NON FINANCIALS Index 6.90 Tobacco -1.33 Aviva PLC 396.70 -11.90 Ocado Group PLC 2178 -48.00
FTSE All-Share ex Inv Co (416) 3784.26 -1.95 3416.37 3859.45 3867.41 78.74 2.89 1.24 27.91 11.33 3819.04 Technology 10.92 Food Producers 6.76 Health Care Eq & Srv -1.89 B&M European Value Retail S.A. 568.60 - Pearson PLC 789.00 -24.80
FTSE All-Share ex Multinationals (534) 1287.83 -1.82 964.20 1311.68 1312.94 932.93 2.26 1.60 27.69 9.11 2599.71 Australia - - - Sweden - - - Support Services 10.85 FTSE All{HY-}Share Index 6.71 Nonlife Insurance -2.78 Bae Systems PLC 518.00 -5.00 Pershing Square Holdings LTD 2680 -30.00
FTSE Fledgling (85) 12204.31 -0.40 11017.88 12252.95 12275.62 7288.61 2.02 2.73 18.12 54.85 25250.61 Canada - - - Switzerland - - - Life Insurance 10.84 Oil & Gas 6.64 Leisure Goods -4.33 Barclays PLC 181.80 -5.88 Persimmon PLC 3139 -46.00
FTSE Fledgling ex Inv Co (39) 16101.72 -0.40 14536.40 16165.75 16198.47 74.47 1.63 6.64 9.26 18.76 32485.90 Denmark - - - UK 81.95 81.16 81.96 Beverages 10.52 Financials 6.53 Personal Goods -4.59 Barratt Developments PLC 765.80 -12.20 Phoenix Group Holdings PLC 733.40 -15.60
FTSE All-Small (337) 4876.47 -0.98 4402.41 4924.96 4938.12 3171.71 2.15 -0.30 -154.87 26.78 10007.13 Japan - - - USA - - - Telecommunications 9.79 FTSE 100 Index 6.18 Oil Equipment & Serv -13.34 Berkeley Group Holdings (The) PLC 4569 -34.00 Polymetal International PLC 1578 23.00
FTSE All-Small ex Inv Co (173) 4423.46 -0.84 3993.44 4460.81 4462.02 78.94 1.42 -2.38 -29.54 4.33 9349.99 New Zealand - - - Euro - - - Utilities 5.23 Oil & Gas Producers -40.36 Bhp Group PLC 2167 -50.50 Prudential PLC 1498.5 -55.50
FTSE AIM All-Share (723) 1237.83 -1.12 1117.50 1251.81 1254.21 763.75 0.74 0.09 1440.69 2.59 1424.63 Norway - - -
BP PLC 291.75 -9.10 Reckitt Benckiser Group PLC 6676 -29.00
FTSE All-Share Technology (20) 2286.82 -1.15 2196.10 2313.37 2300.60 86.64 1.02 1.03 95.34 3.16 3221.08 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2692.5 -221.50 Relx PLC 1917.5 -7.50
FTSE All-Share Telecommunications (7) 1969.42 -2.36 1891.29 2016.96 2013.71 56.73 4.27 0.93 25.06 0.02 2724.08 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 510.00 -11.40 Renishaw PLC 6355 -95.00
FTSE All-Share Health Care (15) 11403.05 0.12 10950.65 11389.29 11395.85 133.07 3.60 1.01 27.39 12.90 10094.63
Bt Group PLC 153.10 -1.55 Rentokil Initial PLC 516.40 -2.80
FTSE All-Share Financials (251) 4715.10 -2.19 4528.04 4820.60 4836.50 66.11 2.41 3.40 12.21 30.17 4988.07
FTSE All-Share Real Estate (57) 1059.53 0.00 1064.42 1059.53 1056.03 77.21 2.28 -2.04 -21.55 2.19 1061.11 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2504 -16.00 Rightmove PLC 602.60 -8.20
Burberry Group PLC 2005 -62.00 Rio Tinto PLC 5955 -134.00
FTSE All-Share Consumer Discretionary (88) 5505.50 -2.48 5287.07 5645.24 5683.86 69.17 0.97 1.28 80.82 8.48 5641.99 Apr 20 No of US $ Day Mth YTD Total
YTD Gr Div Apr 20 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2469 -36.00 Rolls-Royce Holdings PLC 99.28 -5.90
FTSE All-Share Consumer Staples (27)18713.91 -2.38 17971.46 19169.72 19152.52 83.21 3.98 1.35 18.55 64.44 16071.90 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1551 -24.50 Royal Dutch Shell PLC 1350.2 -46.60
FTSE All-Share Industrials (90) 6484.15 -1.38 6226.90 6575.21 6609.77 82.53 1.76 1.00 56.58 20.28 7255.46 FTSE Global All Cap 9220 794.63 -0.3 4.4 9.2
9.8 1.7 Oil Equipment & Services
1231.49 26 220.24 0.4 0.4 16.3 378.37 17.8 5.2 Crh PLC 3391 -84.00 Royal Dutch Shell PLC 1291 -46.00
FTSE All-Share Basic Materials (24) 8257.86 -2.42 7930.24 8462.34 8469.72 88.73 3.56 2.52 11.13 3.31 10129.93 FTSE Global All Cap 9220 794.63 -0.3 4.4 9.2
9.8 1.7 Basic Materials
1231.49 364 689.47 0.4 0.4 13.0 1184.42 14.3 2.6 Croda International PLC 6720 16.00 Rsa Insurance Group PLC 682.40 0.20
FTSE All-Share Energy (14) 5014.31 -3.28 4815.37 5184.31 5232.52 52.18 4.61 -1.15 -18.89 0.50 5695.00 FTSE Global Large Cap 1729 706.50 -0.3 5.0 8.5
9.1 1.7 Chemicals
1128.03 171 952.31 0.3 0.3 9.4 1610.43 10.0 2.1 Dcc PLC 6376 -78.00 Sage Group PLC 641.00 -3.00
FTSE All-Share Utilities (10) 7489.82 -0.07 7192.67 7495.21 7440.85 92.96 4.73 1.52 13.87 0.94 10512.64 FTSE Global Mid Cap 2306 1016.99 -0.2 3.2 10.9
11.5 1.7 Forestry & Paper
1482.30 21 349.37 0.7 0.7 10.5 674.46 12.1 2.5 Diageo PLC 3198.5 -22.50 Sainsbury (J) PLC 248.50 -6.20
FTSE All-Share Software and Computer Services (18) 2466.47 -1.23 2368.62 2497.16 2483.15 85.63 1.04 1.01 95.49 3.45 3676.37 FTSE Global Small Cap 5185 1118.79 -0.4 2.2 11.2
11.6 1.5 Industrial Metals & Mining
1565.90 94 576.56 0.2 0.2 23.0 1004.62 24.9 2.9 Entain PLC 1627 -17.50 Schroders PLC 3567 -75.00
FTSE All-Share Technology Hardware and Equipment (2) 5501.07 2.21 5282.82 5382.37 5373.07 111.95 0.26 4.32 89.71 0.00 6878.00 FTSE All-World 4035 463.91 -0.3 4.7 8.9
9.5 1.7 Mining
761.01 78 1003.40 0.5 0.5 14.0 1773.45 16.1 3.3 Evraz PLC 608.00 -12.60 Scottish Mortgage Investment Trust PLC 1190 -26.00
FTSE All-Share Telecommunications Equipment (2) 583.11 -2.05 559.98 595.32 593.89 217.87 1.53 2.75 23.84 2.36 812.01 FTSE World 2614 827.93 -0.3 5.2 9.4
10.1 1.7 Industrials
1823.52 760 581.34 -0.1 -0.1 11.0 900.08 11.5 1.4 Experian PLC 2687 -7.00 Segro PLC 1004.5 15.90
FTSE All-Share Telecommunications Service Providers (5) 3054.79 -2.37 2933.60 3128.85 3123.90 55.31 4.37 0.91 25.10 0.00 3840.16 FTSE Global All Cap ex UNITED KINGDOM In 8931 839.69 -0.3 4.3 9.1
9.6 1277.59
1.6 Construction & Materials 148 690.41 0.3 0.3 12.1 1122.00 12.6 1.6 Ferguson PLC 9208 -120.00 Severn Trent PLC 2461 1.00
FTSE All-Share Health Care Providers (4) 6628.79 -0.28 6365.81 6647.70 6651.36 33.70 0.84 9.12 13.08 0.27 6114.75 FTSE Global All Cap ex USA 7448 605.13 0.2 2.7 7.3
8.1 1025.39
2.1 Aerospace & Defense 38 810.14 -0.3 -0.3 10.5 1233.21 10.8 1.3 Flutter Entertainment PLC 14675 -485.00 Smith & Nephew PLC 1414 1.50
FTSE All-Share Medical Equipment and Services (2) 6506.43 0.01 6248.30 6505.63 6626.46 114.28 1.98 1.42 35.63 79.79 6078.69 FTSE Global All Cap ex JAPAN 7829 823.39 -0.3 4.9 9.6
10.2 1287.65
1.7 General Industrials 71 287.07 -0.1 -0.1 13.4 489.38 14.4 1.9 Fresnillo PLC 923.00 3.40 Smith (Ds) PLC 415.40 -5.40
FTSE All-Share Pharmaceuticals and Biotechnology (9)15932.44 0.14 15300.34 15910.25 15894.21 140.10 3.81 0.96 27.50 2.10 12681.93 FTSE Global All Cap ex Eurozone 8566 836.10 -0.3 4.3 9.1
9.7 1269.26
1.7 Electronic & Electrical Equipment 145 727.30 0.3 0.3 8.7 1019.17 9.0 1.1 Glaxosmithkline PLC 1325.2 -12.80 Smiths Group PLC 1605 -35.00
FTSE All-Share Banks (11) 2794.57 -3.02 2683.70 2881.71 2880.56 49.78 1.81 4.57 12.12 9.94 2344.07 FTSE Developed 2171 757.65 -0.3 5.2 9.5
10.1 1184.39
1.7 Industrial Engineering 147 1173.13 -0.2 -0.2 14.5 1810.30 15.1 1.4 Glencore PLC 290.75 -13.05 Smurfit Kappa Group PLC 3521 -48.00
FTSE All-Share Finance and Credit Services (9)10602.72 -0.70 10182.07 10677.37 10644.75 41.70 1.15 2.55 34.17 18.44 13837.48 FTSE Developed All Cap 5707 796.41 -0.3 4.9 9.7
10.3 1227.18
1.6 Industrial Transportation 124 1007.52 -0.1 -0.1 9.9 1569.32 10.4 1.5 Halma PLC 2562 18.00 Spirax-Sarco Engineering PLC 12155 -30.00
FTSE All-Share Investment Banking and Brokerage Services (31)10348.38 -1.57 9937.83 10513.44 10553.78 89.06 3.75 1.54 17.30 89.73 13598.84 FTSE Developed Large Cap 860 707.06 -0.3 5.7 9.1
9.7 1125.09
1.7 Support Services 87 699.82 -0.4 -0.4 8.8 1021.12 9.3 1.0 Hargreaves Lansdown PLC 1668.5 -15.00 Sse PLC 1481 -13.00
FTSE All-Share Closed End Investments (187)13237.23 -1.48 12712.06 13435.60 13556.63 95.79 2.14 5.28 8.85 23.12 7972.27 FTSE Developed Europe Large Cap 232 426.54 0.2 5.2 8.6
9.7 2.3 Consumer Goods
805.47 534 639.27 -0.4 -0.4 4.6 1039.21 5.2 1.9 Hikma Pharmaceuticals PLC 2378 -3.00 St. James's Place PLC 1305.5 -24.50
FTSE All-Share Life Insurance (6) 8120.27 -3.16 7798.11 8384.94 8413.58 61.31 3.24 2.21 13.95 176.53 9426.27 FTSE Developed Europe Mid Cap 342 768.38 0.4 5.6 10.0
10.6 1263.64
1.9 Automobiles & Parts 129 661.09 -1.0 -1.0 7.9 1044.20 8.4 1.2 HSBC Holdings PLC 417.25 -10.85 Standard Chartered PLC 475.00 -20.20
FTSE All-Share Nonlife Insurance (7) 3641.52 -1.46 3497.05 3695.43 3694.77 71.64 3.54 1.49 18.98 29.73 7280.32 FTSE Dev Europe Small Cap 716 1081.87 0.4 6.2 12.2
12.7 1712.43
1.6 Beverages 68 748.45 0.5 0.5 1.3 1226.76 1.8 2.3 Imperial Brands PLC 1465.5 -115.50 Standard Life Aberdeen PLC 276.10 -8.10
FTSE All-Share Real Estate Investment and Services (16) 2555.92 -0.68 2454.52 2573.52 2579.07 77.02 1.17 2.50 34.28 5.89 7390.19 FTSE North America Large Cap 238 913.94 -0.6 6.8 10.0
10.6 1340.28
1.4 Food Producers 133 734.29 -0.2 -0.2 2.3 1223.42 3.5 2.2 Informa PLC 568.00 -23.20 Taylor Wimpey PLC 184.60 -5.80
FTSE All-Share Real Estate Investment Trusts (41) 2655.06 0.16 2549.73 2650.79 2638.61 77.33 2.54 -2.52 -15.60 4.14 3818.32 FTSE North America Mid Cap 420 1188.92 -0.6 3.3 12.1
12.6 1607.74
1.5 Household Goods & Home Construction 60 612.95 -0.2 -0.2 6.4 990.10 7.1 2.3 Intercontinental Hotels Group PLC 4952 -204.00 Tesco PLC 227.00 -7.50
FTSE All-Share Automobiles and Parts (2) 4733.69 -3.28 4545.89 4894.09 5021.47 27.47 0.69 -12.57 -11.47 0.32 4878.65 FTSE North America Small Cap 1293 1281.54 -0.9 1.4 12.0
12.3 1669.75
1.3 Leisure Goods 44 344.88 -0.1 -0.1 4.5 478.16 5.0 0.9 Intermediate Capital Group PLC 1969 -35.00 Unilever PLC 4128 -4.00
FTSE All-Share Consumer Services (4) 2621.15 -1.54 2517.16 2662.25 2688.80 84.76 0.22 5.75 79.64 0.01 3280.54 FTSE North America 658 598.06 -0.6 6.1 10.5
11.0 896.18
1.4 Personal Goods 86 1079.09 -0.3 -0.3 2.4 1614.22 2.6 1.3 International Consolidated Airlines Group S.A. 193.10 -17.05 United Utilities Group PLC 973.80 0.40
FTSE All-Share Household Goods and Home Construction (11)15717.38 -1.90 15093.82 16021.81 16083.57 71.63 3.22 1.52 20.43 100.19 12815.74 FTSE Developed ex North America 1513 315.05 0.3 3.5 7.5
8.4 575.85
2.2 Tobacco 14 998.40 -1.3 -1.3 9.9 2578.62 11.6 6.2 Intertek Group PLC 6026 -4.00 Vodafone Group PLC 131.48 -3.80
FTSE All-Share Leisure Goods (2) 26901.50 -1.42 25834.23 27290.34 27425.73 58.10 1.67 1.80 33.23 109.36 28404.05 FTSE Japan Large Cap 174 466.77 0.5 -1.4 2.9
3.9 1.9 Health Care
661.43 325 711.73 0.2 0.2 3.7 1104.64 4.4 1.7 Jd Sports Fashion PLC 881.20 -32.00 Weir Group PLC 1948 3.00
FTSE All-Share Personal Goods (5) 29493.46 -2.86 28323.36 30362.49 30511.28 74.10 0.00 0.00 31.31 0.00 22291.82 FTSE Japan Mid Cap 333 691.20 0.4 -3.0 7.2
8.2 928.86
1.9 Health Care Equipment & Services 123 1484.53 -0.1 -0.1 6.7 1794.38 7.0 0.8 Johnson Matthey PLC 3182 -16.00 Whitbread PLC 3350 -169.00
FTSE All-Share Media (10) 8811.94 -1.77 8462.34 8970.71 9023.34 80.05 1.65 2.53 23.85 13.53 5948.53 FTSE Global wi JAPAN Small Cap 884 744.15 0.7 -2.1 4.3
5.4 1036.70
2.0 Pharmaceuticals & Biotechnology 202 451.57 0.4 0.4 1.6 747.13 2.6 2.4 Just Eat Takeaway.Com N.V. 7930 -43.00 Wpp PLC 941.80 -33.40
FTSE All-Share Retailers (21) 2624.97 -2.16 2520.82 2682.83 2684.87 63.64 0.29 11.06 31.55 0.03 3285.31 FTSE Japan 507 194.09 0.5 -1.7 3.7
4.7 307.86
1.9 Consumer Services 442 730.74 -0.5 -0.5 5.9 1026.26 6.2 0.8 Kingfisher PLC 360.10 -0.60
FTSE All-Share Travel and Leisure (33) 8748.68 -3.75 8401.59 9089.24 9190.94 55.69 0.12 -33.68 -25.07 6.16 8984.78 FTSE Asia Pacific Large Cap ex Japan 905 922.37 0.1 1.4 5.5
5.8 1603.27
1.9 Food & Drug Retailers 71 320.85 0.8 0.8 7.4 490.56 8.2 2.4
FTSE All-Share Beverages (6) 25187.82 -0.78 24188.53 25386.25 25455.04 96.83 2.26 0.74 59.59 0.92 19521.24 FTSE Asia Pacific Mid Cap ex Japan 949 1116.72 0.5 3.1 8.7
9.2 1865.26
2.3 General Retailers 146 1333.71 -0.7 -0.7 5.3 1799.05 5.5 0.6
FTSE All-Share Food Producers (10) 7606.46 -3.71 7304.68 7899.47 7822.31 78.83 1.24 3.46 23.26 0.00 7074.96
FTSE All-Share Tobacco (2) 28399.37 -7.55 27272.67 30717.67 30609.26 57.21 8.14 1.43 8.60 464.54 23830.76
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
2007
1854
707.86
722.61
0.7
0.2
3.7
1.6
8.9
9.3
5.8
6.2
1155.13
2.0 Media
1334.45
1.9 Travel & Leisure
84 491.09
141 543.10
-0.4
-0.6
-0.4
-0.6
4.7 693.95
9.0 780.07
4.9
9.3
0.7
1.0
UK STOCK MARKET TRADING DATA
FTSE All-Share Construction and Materials (16) 8058.63 -2.13 7738.92 8233.64 8298.62 74.82 1.93 -0.02-2190.89 3.71 9450.23 FTSE Emerging All Cap 3513 935.50 0.1 0.7 5.1
5.6 1545.13
2.0 Telecommunication 89 162.77 0.2 0.2 5.7 360.56 7.4 4.0 Apr 20 Apr 19 Apr 16 Apr 15 Apr 14 Yr Ago
FTSE All-Share Aerospace and Defense (9) 3855.09 -2.54 3702.14 3955.74 3951.67 75.12 2.63 0.13 300.13 4.05 4505.60 FTSE Emerging Large Cap 869 894.51 0.0 0.2 4.3
4.7 1486.67
1.9 Fixed Line Telecommuniations 37 119.95 0.2 0.2 3.1 299.93 5.4 5.4 - - - - - -
FTSE All-Share Electronic and Electrical Equipment (11)12456.15 -0.81 11961.97 12557.78 12585.06 94.31 1.45 1.78 38.74 48.67 12019.63 FTSE Emerging Mid Cap 995 1131.85 0.4 2.7 8.1
8.6 1871.19
2.5 Mobile Telecommunications 52 198.63 0.2 0.2 7.9 382.79 9.0 3.2 Order Book Turnover (m) 880.66 166.57 166.57 166.57 56.50 1434.68
FTSE All-Share General Industrials (9) 5509.56 -1.91 5290.97 5617.12 5676.53 72.52 2.70 0.84 43.94 57.98 6974.54 FTSE Emerging Small Cap 1649 933.22 0.7 2.6 9.5
9.9 1477.32
2.2 Utilities 198 331.63 -0.2 -0.2 3.4 734.01 4.3 3.1 Order Book Bargains 1090048.00 862218.00 862218.00 862218.00 921274.00 869075.00
FTSE All-Share Industrial Engineering (4)17761.28 -0.28 17056.63 17811.62 17903.14 92.19 0.76 2.84 46.47 34.39 23267.59 FTSE Emerging Europe 84 383.37 -1.5 -1.8 3.5
3.9 730.16
4.7 Electricity 137 373.28 -0.4 -0.4 3.4 815.50 4.3 3.2 Order Book Shares Traded (m) 1600.00 1316.00 1316.00 1316.00 1279.00 1358.00
FTSE All-Share Industrial Support Services (31)10517.11 -0.97 10099.86 10620.48 10649.26 93.38 1.51 1.38 48.15 24.44 11738.60 FTSE Latin America All Cap 246 814.27 0.4 3.2 -0.9
0.2 1411.38
2.7 Gas Water & Multiutilities 61 331.78 0.2 0.2 3.5 755.96 4.1 3.1 Total Equity Turnover (£m) 6890.22 6806.56 6806.56 6806.56 5186.19 9734.23
FTSE All-Share Industrial Transportation (10) 5697.26 -0.78 5471.23 5742.14 5812.07 67.43 0.76 3.75 35.26 0.18 5789.57 FTSE Middle East and Africa All Cap 326 744.72 0.3 5.4 14.0
15.5 2.4 Financials
1303.18 863 284.27 0.0 0.0 12.7 520.40 13.5 2.4 Total Mkt Bargains 1363491.00 1107178.00 1107178.00 1107178.00 1185033.00 1139436.00
FTSE All-Share Industrial Materials (1)20753.87 -1.19 757.16 21003.92 21253.97 67.84 0.49 7.29 28.06 0.00 25282.07 FTSE Global wi UNITED KINGDOM All Cap In 289 353.44 1.0 5.3 11.5
12.7 2.9 Banks
682.84 267 215.75 0.1 0.1 17.0 434.30 18.1 2.7 Total Shares Traded (m) 11475.00 11039.00 11039.00 11039.00 7193.00 9184.00
FTSE All-Share Industrial Metals and Mining (11) 6876.39 -2.79 6603.58 7073.50 7079.14 91.75 3.78 2.58 10.24 4.10 9420.24 FTSE Global wi USA All Cap 1772 1039.04 -0.6 5.7 10.6
11.1 1.3 Nonlife Insurance
1469.99 71 328.75 0.0 0.0 9.9 520.83 10.8 2.8 † 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)22978.47 0.76 22066.83 22804.33 22834.19 109.61 3.60 2.05 13.56 0.00 14914.49 FTSE Europe All Cap 1445 513.63 0.2 5.2 9.0
10.0 2.2 Life Insurance
931.21 53 258.81 0.2 0.2 11.3 468.59 12.3 3.0 (c) Market closed.
FTSE All-Share Chemicals (7) 16847.23 -0.46 16178.84 16925.42 16947.14 76.68 1.50 1.77 37.58 0.22 16228.52 FTSE Eurozone All Cap 654 509.01 0.2 5.4 9.8
10.3 1.8 Financial Services
914.94 211 463.59 -0.2 -0.2 10.4 685.69 10.9 1.3
FTSE All-Share Oil. Gas and Coal (14) 4866.33 -3.28 4673.27 5031.32 5078.11 52.18 4.61 -1.15 -18.89 0.50 5731.88 FTSE EDHEC-Risk Efficient All-World 4035 519.03 -0.2 3.7 10.0
10.6 1.9 Technology
786.78 330 577.04 -0.8 -0.8 10.9 741.86 11.1 0.8
FTSE EDHEC-Risk Efficient Developed Europe 574 407.00 0.4 5.2 9.0
9.6 1.9 Software & Computer Services
683.15 176 944.00 -0.8 -0.8 12.3 1131.60 12.5 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE Sector Indices
Oil & Gas 130 294.76 -0.2 -1.6 14.2
15.6 557.52
4.2 Technology Hardware & Equipment 154 465.73 -0.7 -0.7 9.2 639.83 9.6 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) 4684.81 -1.83 4229.38 4772.34 4783.32 80.86 2.97 0.97 34.81 8.50 8001.04
Oil & Gas Producers 89 280.31 -0.2 -2.2 16.0
17.4 4.3 Alternative Energy
541.82 15 215.77 -2.2 -2.2 -19.7 307.30 -19.5 0.5 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 162 379.53 -0.2 -0.2 5.8 704.81 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 99 503.34 0.3 0.3 10.7 1118.85 11.6 3.3 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 7000.07 6977.21 6964.76 6940.59 6928.92 6923.67 6918.37 6907.95 6869.38 7000.07 6857.61 FTSE Global Large Cap 1729 706.50 -0.3 -0.3 8.5 1128.03 9.1 1.7
FTSE 250 22478.35 22448.62 22436.37 22385.10 22352.60 22327.89 22243.58 22260.21 22142.76 22502.48 22108.55
FTSE SmallCap 7100.77 7096.41 7091.98 7080.77 7075.27 7068.68 7056.96 7052.84 7032.25 7101.80 7019.01
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 3996.42 3985.10 3979.02 3966.30 3959.92 3956.65 3951.38 3947.13 3925.66 3996.42 3920.05 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:07:03:00 Day's Low14:55:30 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:07:03:00 Day's Low15:40:59 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 Aquila European Renewables Income Fund Pre 1.187L 8.541 0.006L 0.071 1.25000 0.75000 Mar 12 2.000 0.800 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Associated British Foods Int 6313.000 7646.000 275.000 298.000 20.500 27.500 0.00000 0.00000 - 0.000 34.114 04/14 0.13 MAST Mast Energy Developments PLC 14.50 0.00 16.90 13.50 2734.2
There are currently no rights offers by any companies listed on the LSE. Filta Group Holdings Pre 16.402 24.923 0.866L 0.936 3.460L 1.390 0.00000 0.00000 - 0.000 1.000 04/06 61.00 AIM CSFS Cornerstone FS PLC 58.50 0.84 63.90 54.00 1186.2
Flowtech Fluidpower Pre 95.081 112.418 2.148L 4.707 3.540L 6.120 0.00000 0.00000 - 0.000 2.130 03/31 390.00 ROO Deliveroo Holdings PLC 242.80 3.80 390.39 235.50 416239.4
RBG Holdings Pre 22.449 19.941 7.706 7.647 7.540 7.560 0.00000 1.00000 - 3.000 3.000 03/31 200.00 AIM MEAL Parsley Box Group PLC 198.00 -1.00 211.80 180.00 8299.0
Smart (J) & Co (Contractors) Int 7.272 10.473 0.890 0.265 1.670 0.440 0.00000 0.95000 - 2.258 3.190 03/29 168.00 AIM AOM ActiveOps PLC 215.00 0.00 229.00 183.00 15333.9
Zegona Communications Pre 0.000 0.000 13.966 42.056 0.060 0.200 2.43800 2.34100 Mar 9 5.300 5.100 03/22 5.00 ROQ Roquefort Investments PLC 8.50 -0.70 9.00 7.00 275.4
03/15 200.00 AIM ITS In The Style Group PLC 215.00 -8.00 246.00 215.00 11287.5
03/12 175.00 AIM AMTE Amte Power PLC 295.00 2.50 337.03 175.00 10226.5

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
16 ★ FINANCIAL TIMES Wednesday 21 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 29.86 -0.13 33.24 26.35 7.11 -39.01 212958.02 Lowes♦ 201.28 -2.13 208.98 91.49 1.16 25.57 144353.66
ANZ 28.66 -0.27 29.55 15.07 3.66 23.69 63199.48 Nokia 3.47 -0.05 4.95 2.70 - -7.44 23721.27 AstellasPh 1653.5 -1.00 1982 0.00 2.65 20.71 28471.36 AtlasCpcoB 458.80 -12.30 482.40 289.70 1.60 36.12 21264.53 AutomData 192.69 -0.06 193.97 127.31 1.94 32.72 82459.8 Lyondell 104.40 -2.80 112.73 44.33 4.11 24.07 34902.3
BHPBilltn 47.45 -0.11 50.93 28.76 3.33 26.20 108322.67 SampoA 39.95 -0.67 40.86 24.58 3.94 17.53 26673.37 Bridgestne 4406 -53.00 4631 3078 3.26 35.75 29082.58 Ericsson 115.88 -0.78 120.64 78.74 1.31 26.30 42287.26 Avago Tech 458.64 -3.36 495.14 246.80 2.96 52.19 187263.78 Marathon Ptl 52.02 -1.42 59.93 22.75 4.55 -3.00 33876.06
CmwBkAu 87.74 -1.10 89.20 57.00 3.45 24.12 120627.72 France (€) Canon 2555 -43.50 2646.5 0.00 5.19 39.14 31516.91 H&M 200.55 -6.70 229.50 117.65 2.46 110.16 34793.6 BakerHu 22.08 0.09 31.26 20.09 3.06 -1.60 11412.93 Marsh&M♦ 127.94 0.79 128.86 91.80 1.47 31.82 65017.39
CSL 263.95 -4.35 322.75 242.00 1.13 32.60 93093.55 Airbus Grpe 97.94 -4.76 104.54 48.21 - -11.67 92752.69 CntJpRwy 15410 -205.00 19165 0.00 0.97 -27.83 29359.17 Investor 709.50 -18.40 736.80 444.70 1.86 6.79 38383.95 BankAm 38.21 -0.96 40.38 20.10 1.92 20.02 329672.34 MasterCard♦ 375.13 -7.04 389.50 244.10 0.55 57.71 369553.24
NatAusBk 26.50 -0.18 27.10 15.00 4.26 24.06 67740.46 AirLiquide 139.68 -1.40 144.45 110.55 2.00 26.22 79724.76 Denso 7130 -162.00 7765 0.00 2.10-207.25 51958.82 Nordea Bk 84.85 -2.36 88.08 53.07 - 14.67 40815.54 Baxter 87.37 0.85 95.19 74.79 1.12 40.19 44128.4 McDonald's 232.16 0.35 234.26 167.85 2.22 36.05 173212.48
Telstra 3.39 0.02 3.54 2.66 3.00 22.39 31244.53 AXA 23.17 -0.58 23.89 13.34 3.32 19.01 67523.45 EastJpRwy 7314 -98.00 8881 0.00 1.94 -7.43 25564.83 SEB 103.60 -3.30 111.60 64.42 - 13.70 26702.22 BectonDick 256.98 -1.98 284.97 219.50 1.27 48.52 74668.11 McKesson 193.96 0.27 198.43 125.65 0.87 -7.12 30871.32
Wesfarmers 55.51 -0.32 56.40 35.58 2.78 32.80 48774.79 BNP Parib 50.83 -2.50 53.66 24.67 - 9.24 76540.71 Fanuc 26740 -680.00 29700 0.00 0.77 66.48 49936.62 SvnskaHn 93.70 -2.90 101.20 71.70 - 11.38 21643.79 BerkshHat 402138.63-4366.37410748.01250926.02 - 14.78 257266.98 Medtronic 127.22 1.09 127.59 87.68 1.82 58.79 171501.83
Westpc 25.24 -0.12 25.52 14.53 3.16 39.70 71756.45 ChristianDior♦ 567.00 -19.50 606.50 331.80 0.89 53.34 123313.53 FastRetail 87400-1940.00 110500 0.00 0.60 91.85 85741.85 Swedbank 152.30 -4.38 165.90 99.14 - 12.65 20477.29 Biogen 272.28 3.23 363.92 223.25 - 10.76 41477.21 Merck 78.62 0.96 87.80 71.72 3.22 27.71 198939.08
Woolworths 41.63 -0.38 42.47 33.82 2.29 36.54 40895.76 Cred Agr 12.22 -0.37 12.69 6.25 - 8.53 42957.19 Fuji Hvy Ind 2089.5 -61.00 2683.5 1898.5 2.86 13.03 14864.22 Telia Co 35.75 -0.60 39.16 30.75 5.27 -6.18 17365.39 BkNYMeln 47.15 0.34 49.13 31.24 2.68 12.06 41348.26 Metlife 61.23 -1.87 63.60 29.18 3.03 10.56 54151.76
Belgium (€) Danone 59.25 -1.09 65.68 46.03 - 19.35 49016.61 Hitachi 5056 -136.00 5515 0.00 2.11 13.39 45258.98 Volvo 204.40 -7.05 240.80 113.70 - 20.57 38564.02 BlackRock 804.09 -7.00 827.85 451.35 1.84 24.74 122736.15 Microsoft 257.38 -1.36 261.48 166.11 0.83 37.591941215.49
AnBshInBv 55.73 -1.33 59.51 35.11 0.85-199.39 113694.78 EDF 11.83 -0.25 13.58 6.55 - 114.10 44165.63 HondaMtr 3274 -76.00 3475 0.00 2.74 12.70 54849.64 Boeing 234.44 -9.71 278.57 113.89 0.89 -11.00 136677.78 Mnstr Bvrg 97.30 -0.56 98.49 58.73 - 36.11 51387.73
Switzerland (SFr)
KBC Grp 61.72 -1.56 65.66 39.46 1.70 15.73 30986.76 Engie SA 12.17 -0.22 13.87 8.85 - -16.54 35714.45 JapanTob 2077 -38.00 2234 0.00 8.20 11.49 38418.5 Booking Holdings 2340.93 -115.27 2489.41 1303.25 - 1592.95 95888.7 MondelezInt 59.22 0.53 60.23 48.77 2.07 23.49 83209.77
ABB 29.73 -0.71 30.87 16.37 2.61 227.66 70524.12
EssilorLuxottica 139.16 -0.36 142.80 103.05 0.86 706.72 73609.44 KDDI 3367 -58.00 3673 2604 3.81 11.00 71751.87 BrisMySq♦ 66.20 0.60 67.16 54.07 2.84 -16.26 147874.86 Monsanto 9.90 0.09 9.99 9.51 - - 247.50
Brazil (R$) CredSuisse 9.43 -0.33 13.50 7.15 3.11 8.43 25254.12
Hermes Intl 1010 -10.00 1038.5 646.20 0.47 90.88 128467.08 Keyence 50590-1050.00 59310 36500 0.42 62.84 113793.08 CapOne 130.94 -4.47 137.75 50.84 0.78 24.72 59791.14 MorganStly 77.61 -2.42 86.64 35.53 1.84 11.76 145172.49
Ambev 15.65 -0.08 16.91 10.68 2.86 20.16 44696.78 Nestle♦ 105.96 -0.52 112.62 95.00 2.69 23.41 333994.27
LOreal 337.60 -1.25 344.45 239.10 1.18 51.38 227731.57 MitsbCp 3012 -45.00 3298 0.00 4.79 12.73 41387.28 CardinalHlth 60.97 -0.26 62.96 44.65 3.25 12.85 17904.91 MylanNV 15.86 0.31 23.11 12.75 - -14.73 8586.21
Bradesco 20.50 -0.26 22.86 13.65 1.29 6.28 16470.97 Novartis 80.35 -0.59 89.34 70.42 3.53 24.47 216880.02
LVMH♦ 605.30 -15.60 632.80 324.30 0.79 62.67 368116.84 MitsubEst 1834.5 -39.50 2047.5 0.00 1.75 15.34 23605.93 Carnival 25.55 -1.34 30.63 11.00 2.05 -1.85 24869.48 Netflix 548.71 -5.73 593.29 393.60 - 88.43 243021.06
Cielo 3.61 -0.07 5.93 3.15 1.95 18.49 1779.7 Richemont 92.82 -2.92 97.14 50.48 1.15 203.70 53010.98
Orange 10.49 0.04 11.61 8.63 5.02 10.17 33607.26 MitsubishiEle 1661 -18.00 1785.5 0.00 2.32 19.62 32984.99 Caterpillar 226.85 -5.54 237.78 100.22 1.85 40.71 123702.18 NextEraE 80.63 0.84 87.69 55.66 1.77 53.38 158151.12
ItauHldFin 24.40 -0.18 29.38 19.76 3.61 12.24 21953.28 Roche 308.05 -2.25 357.85 290.55 3.08 17.67 236788.23
PernodRic 171.75 -0.05 172.40 125.70 1.61 157.46 54190.82 MitsuiFud 2389 -79.00 2675 1645.5 1.97 12.01 21327.71 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike 126.97 -5.60 147.95 84.11 0.83 68.65 161881.14
Petrobras♦ 23.25 -0.54 32.34 15.52 2.40 -6.11 31399.04 Swiss Re♦ 84.00 -6.80 94.96 58.52 6.73 -29.62 29179.18
Renault 34.50 -1.63 41.42 15.80 - -1.13 12292.37 MitUFJFin 585.00 -4.90 660.30 392.80 4.72 14.61 73484.03 CharlesSch 64.48 -1.41 68.89 31.63 1.14 29.80 116435.44 NorfolkS 271.51 1.05 278.37 147.37 1.41 33.94 73913.82
Vale 106.02 -1.71 109.88 41.83 4.37 35.66 101663.99 Swisscom 481.50 -1.40 523.20 456.30 4.82 15.45 27289.54
Safran 117.20 -5.20 127.45 70.38 - 71.38 60329.23 Mizuho Fin 1533.5 -9.00 1732.5 1181 2.87 36.16 36013.32 Charter Comms 651.77 7.35 681.71 485.01 - 41.47 140307.47 Northrop 343.44 -1.20 354.38 282.88 1.68 17.68 55280.81
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.99 43035.76
Sanofi 86.06 -0.15 95.82 74.92 3.79 8.50 130541.84 Murata Mfg 8945 -144.00 10835 0.00 1.25 34.89 55907.04 Chevron Corp 100.94 -2.32 112.70 65.16 5.22 -33.42 194618.29 NXP 193.88 -0.88 216.43 80.46 0.791055.46 53461.79
BCE 58.38 0.22 60.14 52.52 5.74 23.12 42049.73 UBS 14.22 -0.39 15.24 8.75 4.77 8.61 60039.15
Sant Gbn 52.36 -0.72 53.43 22.64 2.49 20.69 33605.5 NipponTT 2803 -17.50 3018 2127 3.72 10.88 101122.88 Chubb 160.74 -0.98 179.01 93.10 1.96 20.22 72347.62 Occid Pet 23.18 -1.36 32.52 8.52 3.61 -1.45 21637.62
BkMontrl 113.10 -0.97 115.84 61.05 3.74 13.79 58273.26 Zurich Fin 377.80 -4.70 411.30 271.10 5.14 15.85 62192.4
Schneider 136.14 -1.38 138.10 75.04 1.97 32.74 93015.15 Nissan Mt 557.20 -13.80 664.50 331.30 - -1.89 21750.57 Cigna 252.76 0.27 255.89 158.84 0.02 10.79 87802.51 Oracle♦ 78.89 0.14 80.21 50.86 1.21 18.96 227482.08
BkNvaS♦ 76.73 -0.44 80.16 49.11 4.69 14.44 74093.33 Nomura 576.50 1.80 721.00 402.50 4.63 6.07 17240.68 Taiwan (NT$) Cisco♦ 51.98 -0.87 53.18 35.28 2.81 21.41 219448.41 Pepsico 145.94 1.19 148.77 126.53 2.81 27.93 201635.27
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 56.06 -1.31 58.33 38.77 1.13-1128.33 70368.46 Nppn Stl 1916 -21.00 2019 0.00 - -8.34 16839.91 Chunghwa Telecom 115.00 0.50 117.00 106.50 3.85 25.77 31732.3 Citigroup 69.81 -2.32 76.13 38.76 2.98 14.46 145671.59 Perrigo 41.84 0.14 58.83 38.20 2.20 -34.45 5588.45
SocGen 21.52 -1.03 23.17 10.77 - -20.35 22121.36
CanadPcR♦ 448.86 -9.04 489.37 302.33 0.80 24.83 47643.08 NTTDCMo 3880 - 3928 2678 3.25 19.99 120882.79 Formosa PetChem 103.00 0.50 104.00 77.80 2.87 129.31 34900.45 CME Grp 205.14 -0.45 216.75 146.89 1.69 34.25 73657.44 Pfizer 39.04 0.11 43.08 29.95 3.97 30.85 217722.77
Total 36.86 -1.18 42.19 24.51 7.36 -18.29 116793.04
CanImp♦ 123.68 -0.91 127.13 77.68 4.72 13.55 44133.88 Panasonic 1366 -42.00 1520 733.50 1.96 16.79 30997.17 HonHaiPrc 122.00 0.50 134.50 72.50 3.61 15.72 60159.14 Coca-Cola 54.32 0.32 54.93 43.20 3.08 29.74 234081.81 Phillips66 75.49 -2.45 90.59 43.27 4.87 -8.16 33054.47
UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04
CanNatRs 36.96 -1.34 41.05 17.00 4.53 -74.35 34891.63 Seven & I 4556 20.00 4680 2937.5 2.34 20.72 37351.49 MediaTek 998.00 32.00 1030 342.00 1.10 46.43 56451.87 Cognizant 79.95 -0.45 82.73 47.39 1.12 30.48 42422.61 PhilMorris 93.85 2.18 94.42 66.85 5.15 17.82 146266.44
Vinci♦ 87.95 -2.09 92.54 64.86 1.47 38.57 62681.28
CanNatRy 139.22 -8.94 149.44 107.62 1.66 27.68 78696.08 ShnEtsuCh 19035 -340.00 20060 11090 1.24 26.41 73351.92 TaiwanSem 602.00 4.00 679.00 288.50 1.74 29.81 555252.42 ColgtPlm♦ 81.47 1.55 86.41 65.54 2.19 25.42 69047.74 PNCFin 173.06 -4.66 184.33 93.27 2.71 26.66 73380.99
Vivendi 28.47 -0.13 32.35 18.81 2.18 21.80 40703.04
Enbridge 46.41 -0.42 46.96 35.80 7.02 31.17 74846.04 Softbank 9821 -184.00 10695 4300 0.48 22.75 189817.96 Thailand (THB) Comcast♦ 53.99 -0.15 58.59 34.17 1.74 23.20 246799.72 PPG Inds 169.83 1.05 172.67 81.43 1.26 37.48 40265.19
GtWesLif 34.69 -0.24 35.19 19.13 5.08 10.87 25642.7 Germany (€)
Sony 11865 -125.00 12545 0.00 0.45 12.86 138381.15 PTT Explor♦ 39.75 - 45.00 30.50 3.43 28.28 36314.71 ConocPhil 48.77 -2.12 61.14 27.53 3.54 -19.04 65944.4 Praxair 164.50 -0.99 169.75 140.00 2.22 36.91 47306.22
ImpOil 31.15 -0.69 32.67 14.86 2.84 -12.24 18207.98 Allianz 215.55 -3.55 221.10 139.78 4.62 12.74 107074.61
SumitomoF 3827 -49.00 4354 2632 5.45 192.73 48633.08 United Arab Emirates (Dhs) Corning 45.58 -0.48 46.63 18.82 1.97 82.71 35058.5 ProctGmbl 137.76 1.15 146.92 111.25 2.31 25.52 339230.7
Manulife 26.41 -0.66 27.68 15.36 4.27 8.96 40838.87 BASF 70.97 -0.79 72.88 41.14 4.82 -43.34 78537.35
Takeda Ph 3674 -32.00 4365 3239 5.24 29.95 53614.07 Emirtestele 21.64 -0.28 22.10 14.32 3.78 20.34 51236.06 Costco 371.75 2.20 393.15 293.84 0.75 38.10 164511.93 Prudntl 95.82 -2.72 99.87 48.52 4.69 -93.89 37888.77
Nutrien 66.81 -0.79 74.34 41.50 3.45 64.36 30334.68 Bayer 54.14 -0.82 73.63 39.91 5.36 -3.30 64084
TokioMarine 5335 -66.00 5746 4368 3.91 23.88 34415.38 United Kingdom (p) CrownCstl 182.94 2.22 184.51 146.15 2.75 76.28 79064.33 PublStor 274.45 4.07 276.29 172.11 2.97 42.76 47971.04
RylBkC 116.97 -0.98 118.91 80.72 3.69 14.50 132675.71 BMW 86.18 -1.52 90.68 45.30 3.05 15.49 62507.47
Toyota 8418 -104.00 8712 0.00 2.79 12.17 254038.52 CSX 98.64 -0.07 101.35 58.80 1.08 26.85 74916.67 Qualcomm 133.79 -1.46 167.94 71.75 1.96 22.45 151985.44
Suncor En 25.29 -0.88 29.55 14.28 4.36 -8.88 30652.69 Continental 111.96 -2.36 130.85 67.44 2.81 -14.52 26979.77 AscBrFd 2314 -146.00 2796.19 1613.5 1.48 40.17 25555.33
Mexico (Mex$) CVS 75.41 -0.34 77.23 55.36 2.71 13.51 98889.27 Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46
ThmReut 115.13 -0.12 116.09 89.89 1.69 39.06 45362.75 Daimler 73.69 -2.27 77.99 26.30 1.27 20.97 94985.81 AstraZen 7494 76.00 10120 6736 2.74 41.98 132395.45
AmerMvl 14.48 0.14 15.93 12.71 2.41 13.97 33108.05 Danaher♦ 240.97 -1.02 248.86 151.37 0.30 48.29 171827.87 Regen Pharm 500.83 1.14 664.64 441.00 - 16.08 52728.32
TntoDom♦ 81.88 -0.43 83.82 53.19 3.85 12.44 118570.39 Deut Bank 9.97 -0.43 11.25 5.45 - 160.24 24814.32 Aviva♦ 396.70 -11.90 420.70 220.80 3.28 8.30 22208.99
FEMSA UBD 157.03 0.09 164.28 112.72 1.85 314.64 17093.27 Deere♦ 369.57 -11.16 392.42 117.85 0.84 33.28 115836.06 S&P Global 377.41 0.97 379.87 265.92 0.72 38.28 90912.95
TrnCan♦ 59.44 -0.19 67.89 50.61 5.48 12.47 46298.55 Deut Tlkm 16.05 -0.15 17.36 12.21 3.87 17.60 92064.75 Barclays 181.80 -5.88 210.45 85.16 - 13.48 43275.41
WalMrtMex 62.94 0.80 70.40 49.81 0.85 35.44 55355.09 Delphi 17.02 0.31 18.51 5.39 - -7.42 1469.67 Salesforce 227.56 -2.94 284.50 148.00 - 51.14 209582.76
ValeantPh 30.80 -1.06 36.02 14.01 - -15.33 8158.48 DeutsPost 47.94 -0.20 49.34 25.50 2.49 19.60 71561.13 BP 291.75 -9.10 376.54 188.52 9.64 -3.52 81115.58
Delta 44.10 -2.05 52.28 17.51 0.93 -2.22 28209.07 Schlmbrg 25.20 -1.33 30.41 13.70 3.54 -3.26 35231.09
E.ON 10.05 0.02 10.81 8.27 4.81 20.81 31995.72 Netherlands (€) BrAmTob 2692.5 -221.50 3308.5 2422.5 7.81 9.65 70029.05
China (HK$) Devon Energy 20.69 -1.35 26.13 7.73 2.07 -2.99 13923.07 Sempra Energy 138.62 0.38 139.57 112.16 3.08 20.64 41961.09
Fresenius Med 64.04 -0.18 79.96 55.18 1.94 15.60 22597.91 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 3.13 0.01 3.30 2.38 7.16 4.80 12395.74 DiscFinServ 96.86 -3.75 104.49 32.50 1.85 26.36 29672.57 Shrwin-Will 266.73 1.13 269.76 159.87 2.05 11.84 23899.51
Fresenius SE 38.26 -0.53 46.51 31.03 2.28 12.06 20847.69 ASML Hld 512.00 -10.20 543.20 251.85 0.52 58.26 258780.59 BT 153.10 -1.55 157.73 94.68 3.02 10.07 21190.5
Bk China 3.14 0.03 3.19 2.33 7.50 4.64 33829.39 Disney 182.49 -4.94 203.02 98.86 - -65.74 331267.33 SimonProp 113.77 -2.79 121.92 47.25 5.38 31.05 37337.17
HenkelKgaA♦ 82.85 -0.80 86.50 67.10 2.29 24.75 25933.26 Heineken 92.08 -0.86 94.48 71.26 1.92 54.34 63903.13 Compass 1551 -24.50 1721.63 1023.55 1.73 193.88 35582.89
BkofComm 5.09 0.06 5.09 3.66 7.63 4.70 22960.08 DominRes 79.99 1.25 87.34 67.85 4.40 43.07 64472.18 SouthCpr 71.55 -2.96 83.15 28.05 2.14 34.54 55311.54
Linde 237.45 -1.75 242.65 160.05 1.37 59.65 149578.92 ING 10.14 -0.37 10.71 4.51 - 16.88 47696.08 Diageo 3198.5 -22.50 3247.5 2253 2.18 65.95 112325.44
BOE Tech 0.82 0.02 1.10 0.50 - -5.26 21.02 DowDupont 30.52 -0.65 48.38 30.06 3.63 -8.38 68559.76 Starbucks 115.52 -2.08 118.98 70.65 1.48 198.59 136001.7
MuenchRkv 254.15 -3.75 269.30 173.45 4.05 27.75 42900 Unilever 47.78 -0.19 53.66 43.00 0.78 25.18 175246.25 GlaxoSmh 1325.2 -12.80 1748.55 1190.8 6.04 11.61 90913.6
Ch Coms Cons 3.77 - 5.24 3.21 7.60 3.23 2146.14 DukeEner 101.41 1.21 101.83 77.58 3.84 58.11 78006.25 StateSt 79.66 -1.23 87.89 51.21 2.66 12.35 27762.58
SAP 115.34 -0.70 143.32 89.93 1.42 25.58 170721.79 Norway (Kr) Glencore 290.75 -13.05 310.55 130.32 - -28.39 58505.88
Ch Evrbrght 3.48 0.04 3.97 2.40 7.54 4.88 5684.64 Eaton 138.06 -2.72 143.29 70.54 2.16 38.76 54998.06 Stryker♦ 257.54 0.79 260.00 171.75 0.93 60.09 96918.62
Siemens 140.28 -3.52 145.96 69.27 2.88 26.18 143663.7 DNB 179.60 -5.60 188.20 105.05 - 15.22 33439.89 HSBC♦ 417.25 -10.85 466.54 281.50 - 30.02 116703.8
Ch Rail Cons 5.16 -0.03 8.90 4.07 4.96 3.20 1380.32 eBay 61.47 -2.32 65.11 37.28 1.06 17.02 41827 Sychrony Fin 39.39 -1.34 43.61 14.51 2.28 17.00 22906.6
Volkswgn 285.60 -5.20 357.40 123.90 1.77 33.66 101541.79 Equinor 162.40 -3.32 176.80 116.30 3.75 -11.31 63319.43 Imperial Brands 1465.5 -115.50 1758 1142 12.67 9.27 19497.83
Ch Rail Gp 4.00 - 4.85 3.33 5.15 3.17 2168.28 Ecolab 221.26 0.95 231.36 168.56 0.87 64.34 63297.64 T-MobileUS 129.41 -2.58 135.54 85.81 - 53.51 160831.28
Hong Kong (HK$) Telenor 150.95 -4.05 161.70 138.25 5.34 20.18 25369.82 LlydsBkg♦ 42.05 -1.71 59.94 23.59 - 35.04 42270.62
ChConstBk 6.55 - 6.74 4.93 6.01 5.49 202885.77 Emerson 90.28 -1.51 93.38 48.64 2.27 25.64 54170.68 Target 206.73 -1.92 210.86 100.50 1.32 23.55 103078.92
AIA 98.05 0.05 109.30 61.25 1.34 25.79 152790.28 Natl Grid 911.30 3.80 998.80 805.40 5.33 21.49 42670.57
China Vanke 28.40 0.15 35.00 22.95 4.38 6.45 6928.43 Qatar (QR) EOG Res♦ 67.79 -3.50 77.15 31.22 2.13 -63.87 39565.41 TE Connect 128.05 -2.30 136.01 63.55 1.51 448.12 42370.31
BOC Hold 27.70 0.15 29.00 20.05 6.27 8.59 37732.24 Natwest Group♦ 193.00 -5.80 201.00 90.54 - -31.13 32216.39
ChinaCitic 4.29 0.06 4.29 2.93 6.90 4.31 8225.52 QatarNtBk 18.00 0.19 19.00 16.35 3.41 14.78 45662.13 EquityResTP 73.93 0.90 76.13 45.43 3.33 29.57 27550.99 Tesla Mtrs 718.28 3.65 900.40 134.76 - 1099.74 689443.57
Ch OSLnd&Inv 20.00 0.08 28.50 14.92 5.76 4.34 28202.16 Prudential 1498.5 -55.50 1586 861.00 1.53 25.10 54084.45
ChinaLife 15.74 - 21.90 13.74 5.76 7.06 15090.03 Russia (RUB) Exelon 45.52 0.02 46.37 33.97 3.43 22.19 44462.12 TexasInstr 185.14 -1.92 197.58 105.45 2.05 30.39 170373.08
ChngKng 48.75 1.00 50.55 35.65 4.87 7.83 23197.66 ReckittB 6498 6.00 8020 5782 2.69 -16.80 63133.6
ChinaMBank 62.60 1.25 69.45 34.10 2.32 13.64 37026.72 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 155.40 1.02 161.19 85.10 2.21 14.47 39076.78
Citic Ltd 8.05 0.04 8.43 5.20 6.53 4.37 30170.68 RELX 1917.5 -7.50 2000 1484.9 2.38 30.34 51696.23
ChinaMob 52.35 0.25 63.75 39.00 7.05 8.19 138100.17 Lukoil 4745.5 -157.00 6810 3663 10.47 32.79 44107.51 ExxonMb 55.13 -1.35 62.55 31.11 6.44 -10.29 233394.11 ThrmoFshr 482.21 -5.44 532.57 316.36 0.19 29.61 189514.79
Citic Secs 19.04 -0.26 21.45 13.06 3.18 13.55 5588.9 RioTinto 5955 -134.00 6561 3519 4.72 13.57 111417.29
ChinaPcIns 29.30 0.10 42.75 20.10 5.08 8.99 10476.62 MmcNrlskNckl 20150 -66.00 23656 13352 5.44 13.99 42774.79 Facebook 298.91 -3.33 315.88 168.34 - 29.03 717624.3 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
CK Hutchison 64.90 0.40 65.40 45.80 5.52 6.41 32242.56 RollsRoyce 99.28 -5.90 159.43 0.90 1.59 -0.96 2575.79
ChMinsheng 4.52 0.09 6.06 3.85 10.08 3.79 4845.32 Novatek 973.20 -3.20 1382.2 682.80 3.05 46.54 39639.58 Fedex 278.52 -4.73 305.66 103.40 0.93 24.75 73903.39 TJX Cos 67.42 -1.58 71.06 42.52 0.74 102.44 81304.22
CNOOC 8.36 -0.03 10.60 6.50 10.59 7.34 48088.88 RylDShlA 1350.2 -46.60 1718.36 878.10 5.15 -6.64 86587.88
ChMrchSecs 19.00 -0.11 28.18 13.77 - 16.71 21709.81 Rosneft 324.00 -11.00 489.90 229.80 9.45-126.68 46063.6 FordMtr 11.56 -0.55 13.62 4.52 1.32 -35.40 45326.65 Truist Financial Corp 56.07 -1.33 61.26 29.87 3.28 17.84 75383.48
HangSeng 152.80 0.40 156.30 110.00 4.48 17.89 37637.32 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 4.21 -0.02 5.72 4.01 1.45 23.34 19792.12 Sberbank 188.91 -2.03 270.80 172.15 9.07 5.92 54705 Franklin 29.24 -0.74 31.32 15.71 3.80 18.36 14775.48 UnionPac 221.64 -1.84 225.78 141.22 1.79 27.56 147764.97
HK Exc&Clr 486.80 7.20 587.00 239.00 1.41 52.42 79516.48 StandCh♦ 475.00 -20.20 519.80 334.25 - 63.04 21845.17
ChShenEgy 16.46 -0.02 16.80 11.94 9.50 6.71 7162.52 Surgutneftegas 35.13 -0.76 54.89 24.06 1.70 1.55 16833.73 GenDyn♦ 184.75 -0.04 186.00 121.67 2.39 16.46 52386.45 UPS B 177.46 -0.61 181.19 88.85 2.32 112.91 127860.46
MTR 44.00 -0.15 49.00 36.20 2.86 -55.22 35044.34 Tesco 227.00 -7.50 329.33 217.10 5.11 16.94 25927.47
ChShpbldng 4.18 -0.01 5.44 3.94 - -106.78 11765.88 GenElectric♦ 13.02 -0.45 14.42 5.48 0.31 21.62 114332.24 USBancorp 56.56 -1.17 58.46 28.36 3.03 18.11 84978.07
SandsCh 37.75 0.80 40.55 26.50 2.96 139.40 39361.55 Saudi Arabia (SR) Vodafone 131.48 -3.80 157.52 1.56 6.21 16.95 48923.49
ChStConEng 5.24 -0.01 5.70 4.68 3.63 5.04 32787.99 GenMills♦ 62.49 1.19 66.14 53.96 3.31 15.33 38117.1 UtdHlthcre 392.51 2.67 394.66 273.25 1.26 23.99 371047.32
SHK Props 119.80 0.40 126.00 87.60 4.22 15.66 44726.54 AlRajhiBnk 94.60 0.10 99.90 51.10 1.62 21.81 63049.03 WPP 941.80 -33.40 985.00 525.40 2.41 -5.06 16634.2
ChUncHK 4.53 0.01 6.70 3.95 4.05 9.15 17858.29 GenMotors 55.45 -2.43 63.44 20.12 0.70 12.55 79898.62 UtdTech 86.01 -5.36 158.44 69.02 2.27 -41.47 74498.84
Tencent 622.50 -4.50 775.50 396.00 0.22 46.87 769517.83 Natnlcombnk 54.20 -0.40 59.50 33.00 2.27 14.44 43347.87 United States of America ($)
CNNC Intl 5.31 -0.01 5.77 4.02 2.37 15.36 12724.46 GileadSci 66.13 0.18 85.67 56.56 4.20 648.00 83265.03 ValeroEngy 68.47 -2.38 84.39 35.44 5.84 -19.17 27987.76
SaudiBasic♦ 119.40 2.40 119.40 67.00 3.175835.29 95493.27 21stC Fox A 37.76 0.08 44.80 23.57 1.24 14.51 12625.11
CSR 3.41 -0.01 4.22 2.53 5.41 8.15 1920.38 India (Rs) GoldmSchs 334.27 -8.82 356.85 165.36 1.53 13.24 115588.68 Verizon♦ 58.18 -0.21 61.95 52.85 4.36 13.26 240850.71
SaudiTelec 124.00 1.20 127.60 86.30 3.49 21.38 66114.82 3M 198.22 -0.38 199.67 131.12 3.03 21.00 114849.18
Daqin 6.87 -0.04 7.30 6.32 7.19 9.40 15723.71 Bhartiartl 530.20 3.75 623.00 394.00 0.39 -9.32 38882.02 Halliburton 19.75 -0.92 24.74 6.70 1.63 -5.79 17550 VertexPharm 220.13 0.95 306.08 202.57 - 20.96 56974.32
Gree Elec Apl 0.13 -0.01 0.21 0.08 - -0.04 6.58 HDFC Bk 1391.4 -21.00 1641 826.10 - 24.96 102423.25 Singapore (S$) AbbottLb♦ 119.17 -5.36 128.54 86.16 1.23 46.90 211113.15 HCA Hold 193.45 -1.44 197.25 91.21 0.23 17.34 65180.44 VF Cp 83.04 -0.94 89.68 50.72 2.37-176.89 32534.38
GuosenSec 11.12 -0.12 16.14 10.39 1.85 14.60 15111.41 Hind Unilevr 2397.45 -39.20 2505.9 1902 1.64 72.17 75216.6 DBS♦ 29.02 - 29.40 18.45 3.61 15.63 55832.75 Abbvie♦ 108.60 -0.01 113.41 79.11 4.44 39.12 191660.08 Hew-Pack 33.54 -0.16 34.27 13.39 2.19 13.93 41814.65 ViacomCBS 37.96 -0.44 101.97 14.66 2.58 9.97 22975.94
HaitongSecs 7.04 -0.03 9.42 5.79 - 6.22 3092.55 HsngDevFin 2415.9 -76.45 2896 1486 0.91 23.29 58194.09 JardnMt US$♦ 64.61 0.02 68.88 37.37 3.01-110.05 46512.58 Accenture♦ 286.93 0.39 288.41 165.71 1.17 34.07 190841.37 HiltonWwde 121.06 -4.88 129.05 62.47 0.13 -45.98 33605.81 Visa Inc 222.39 -3.40 228.23 159.15 0.56 44.93 377198.7
Hngzh HikVDT 62.40 1.19 70.48 27.31 1.15 43.56 78410.06 ICICI Bk 559.10 -0.65 679.40 285.55 - 24.52 51636.49 JardnStr US$ 32.90 -0.13 37.47 18.89 1.20 -37.44 36466.64 Adobe 512.55 -3.62 536.88 325.21 - 45.29 244998.9 HomeDep 323.12 -3.73 328.83 199.51 1.96 25.89 347426.25 Walgreen 53.34 -0.45 57.05 33.36 3.62 -64.62 46106.88
Hunng Pwr 2.76 -0.01 4.12 2.44 6.19 20.26 1671.41 Infosys 1351.35 -11.20 1477.55 627.80 1.62 29.97 76881.37 OCBC 11.92 -0.04 11.99 8.36 3.78 14.52 40138.49 AEP 90.18 1.53 94.21 74.80 3.21 19.99 44788.97 Honywell 226.24 -4.73 232.35 117.11 1.64 32.99 157350.18 WalMartSto 140.66 0.95 153.66 117.01 1.56 29.15 396249.59
IM Baotou Stl 1.61 0.03 2.24 1.04 - -150.58 7851.51 ITC 203.55 -2.05 239.20 157.10 5.22 18.04 33455.32 SingTel 2.53 -0.07 2.85 2.00 5.08 23.64 31445.72 Aetna - - - - - - - HumanaInc♦ 440.91 0.99 474.70 356.01 0.58 17.07 56882.86 WellsFargo 42.49 -1.40 44.40 20.76 2.93 101.54 175639.12
In&CmBkCh 5.50 0.03 5.75 3.96 5.88 5.66 61503.13 L&T 1331.5 21.05 1593 791.70 1.41 59.79 24970.38 UOB 26.27 0.04 26.44 18.85 3.67 14.69 33074.81 Aflac 52.61 -0.96 53.71 30.32 2.17 7.73 36171.21 IBM 138.82 5.70 139.77 105.92 4.79 22.19 124045.43 Williams Cos 23.33 -0.36 24.69 16.91 7.00 134.47 28317.73
IndstrlBk 21.33 0.30 28.07 15.50 3.68 7.15 64411.78 OilNatGas 102.85 -0.20 122.35 60.80 5.08 136.54 17277.13 South Africa (R) AirProd♦ 284.66 0.26 327.89 205.41 1.92 32.70 62988.68 IllinoisTool 222.16 -1.67 228.77 148.66 2.03 32.83 70308.02 Yum!Brnds 117.36 -0.35 118.97 77.58 1.63 39.12 35043.7
Kweichow 2094.8 6.80 2627.88 1193 0.84 57.35 405117.86 RelianceIn 1901.15 -0.55 2369.35 1153.03 0.36 28.20 171661.2 Firstrand 52.08 -0.60 59.82 33.83 2.78 20.77 20450.96 Alexion 166.35 0.88 166.72 94.82 - 59.93 36748.81 Illumina 396.65 -7.54 555.77 260.42 - 87.34 57903.29 Venezuela (VEF)
Midea 0.62 -0.02 0.85 0.52 - -3.86 24.05 SBI NewA 329.50 -1.65 427.70 149.45 - 12.12 39266.42 MTN Grp 91.51 -1.46 97.13 42.00 3.85 9.85 12070.67 Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11 Intcntl Exch 119.61 -0.13 121.08 86.74 1.02 31.09 67305.99 Bco de Vnzla 156000 5990 156000 5005 341.89 - 241.00
New Ch Life Ins 29.80 0.10 37.30 23.65 5.76 5.97 3970.32 SunPhrmInds 645.15 4.50 659.50 434.25 0.65 61.37 20669.38 Naspers N 3413.97 -63.44 3888 2758.02 - 32.57 104082.72 Allstate 122.94 0.10 123.57 84.97 1.79 6.96 36924 Intel 62.89 -0.74 68.49 43.61 2.14 12.48 256122.04 Bco Provncl 3750000 1000.00 3796980 375000 - -15.47 171.29
PetroChina 2.81 -0.03 3.19 2.16 5.63 22.63 7638.43 Tata Cons 3144.55 -17.25 3354.35 1719.15 1.33 36.12 155319.17 Alphabet 2264.83 -24.93 2304.09 1205 - 37.87 681118.36 Intuit 401.77 -0.52 423.74 246.42 0.57 59.92 110020.65
South Korea (KRW) Mrcntl Srvcs 3800000 1000.00 4000000 400000 0.02 -2.84 98.00
PingAnIns 90.40 0.40 103.60 74.60 2.81 9.28 86741.41 Altria♦ 46.82 -2.26 52.59 35.02 7.41 19.12 86725.32 John&John 166.75 4.06 173.65 133.65 2.44 29.65 439003.82
Indonesia (Rp) HyundMobis♦ 304500 -500.00 405000 166000 1.37 17.78 25949.11
PngAnBnk 21.69 0.54 25.31 12.52 - 15.28 64799.31 Amazon 3321.77 -50.24 3552.25 2256.38 - 77.81 1674559.5 JohnsonCn 61.42 -0.90 62.85 26.23 1.73 55.73 44196.29
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 24250 50.00 30050 18700 - 164.09 13995.26 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 3.92 -0.04 4.88 3.40 1.04 8.26 6725.54 AmerAir 20.21 -1.34 26.09 8.25 0.50 -1.08 12962.82 JPMrgnCh♦ 150.09 -2.56 161.69 82.40 2.45 16.56 455090.33
Israel (ILS) SK Hynix 138500 500.00 150500 71300 0.88 19.07 90644.43 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 20.56 -0.79 28.80 16.90 4.41 10.88 36980.72 AmerExpr♦ 145.30 -3.24 151.46 76.00 1.21 37.77 116737.04 Kimb-Clark 142.22 3.29 160.16 128.02 3.07 20.29 48071.32
TevaPha 35.22 -0.47 46.23 28.79 - -2.92 11778.8 SmsungEl 83900 600.00 96800 47200 3.73 20.90 450276.22 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.07 0.00 0.10 0.03 - -0.22 74.45 AmerIntGrp 45.66 -1.07 49.00 22.14 2.86 -6.50 39370.43 KinderM 16.42 -0.21 17.97 11.45 6.45 321.68 37172.63
Italy (€) Spain (€) AmerTower♦ 251.70 3.16 272.20 197.50 1.84 65.08 111947.76 ♦ ex-dividend
ShgPdgBk 10.50 -0.08 12.69 9.22 5.88 6.26 47447.15 Kraft Heinz 40.93 -0.02 41.47 28.12 3.99 138.30 50064.58 ■ ex-capital redistribution
Enel 8.56 -0.11 9.05 5.71 4.03 19.40 104792.85 BBVA 4.31 -0.20 4.90 2.13 3.85 10.40 34645.74 Amgen 258.95 2.98 276.69 210.28 2.52 20.61 149104.05
Sinopec Corp 4.25 -0.02 4.69 2.95 5.54 10.90 13970.14 Kroger 38.07 0.64 42.99 30.35 1.87 9.41 28628.32 # price at time of suspension
ENI 10.07 -0.25 10.66 5.73 5.73 -3.53 43763.41 BcoSantdr 2.85 -0.11 3.07 1.44 - -5.11 59575.85 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 2.10 - 2.37 1.67 - 92.70 4386.98 L Brands 63.65 -2.25 67.91 8.80 0.48 20.89 17752.8
Generali 16.75 -0.48 17.36 11.18 3.09 13.36 31907.89 CaixaBnk 2.50 -0.10 2.70 1.50 2.94 14.02 24269.96 Anthem 383.02 3.36 384.36 244.10 1.01 20.87 93806.01
Denmark (kr) Iberdrola 11.43 -0.18 12.57 8.40 3.63 29.22 88348.42 LasVegasSd 58.45 -2.17 66.77 40.31 1.38 -25.92 44647.89
IntSPaolo 2.25 -0.07 2.35 1.32 - 6.21 52557.07 Aon Cp 235.94 0.11 240.02 167.45 0.77 27.36 53358.63 LibertyGbl 26.29 -0.08 27.04 17.60 - -9.54 4767.83
DanskeBk 111.45 -9.10 125.60 69.68 - 20.02 15569.03 Inditex 27.87 -0.92 30.79 20.86 1.31 52.49 104654.43
Unicred 8.18 -0.45 9.69 6.01 - -6.89 22049.69 Apple 133.16 -1.69 145.09 66.36 0.62 35.172235418.92 Lilly (E) 191.23 1.59 218.00 129.21 1.58 27.60 183392.39
MollerMrsk 14895 -325.00 15475 6084 0.94 16.31 22764.1 Repsol 9.85 -0.40 11.14 5.04 8.21 -4.46 18607.35 ArcherDan 59.00 -0.29 59.74 33.01 2.49 18.35 32951.53 Lockheed 385.69 -6.04 417.62 319.81 2.59 15.43 108033.09
NovoB 450.00 0.35 467.90 400.20 1.98 24.13 132156.04 Telefonica 3.69 -0.08 5.01 2.71 10.88 14.82 24536.64

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
Hngzh HikVDT 62.40 61.21 1.19 1.94 8.74 16.3 16.64 AmerAir 20.21 21.55 -1.34 -6.21 -2.35 -10.4 -19.14 Apr 20 date Coupon S* M* F* price yield yield yield US Apr 20 date Coupon S* M* F* price yield yield yield US
PPG Inds 169.83 168.78 1.05 0.62 18.76 12.4 15.14 Bradesco 20.50 20.76 -0.26 -1.25 -2.01 -8.9 -3.22 High Yield US$ US$
Alexion 166.35 165.47 0.88 0.53 12.62 8.2 10.25 DanskeBk 111.45 120.55 -9.10 -7.55 -10.60 -8.7 -7.85 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 -
Citic Ltd 8.05 8.01 0.04 0.50 0.57 7.6 21.11 Delta 44.10 46.15 -2.05 -4.44 -4.16 -8.6 -10.06 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
WellsFargo 42.49 43.88 -1.40 -3.18 2.70 6.8 7.25 Altria 46.82 49.08 -2.26 -4.60 -4.35 -8.5 -7.56 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 -
Anthem 383.02 379.66 3.36 0.89 24.00 6.7 8.19 Carnival 25.55 26.89 -1.34 -5.00 -2.27 -8.2 -11.91 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
HK Exc&Clr 486.80 479.60 7.20 1.50 30.20 6.6 4.41 RollsRoyce 99.28 105.18 -5.90 -5.61 -8.42 -7.8 -99.15 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
ChinaCitic 4.29 4.23 0.06 1.42 0.24 5.9 11.75 Swiss Re 84.00 90.80 -6.80 -7.49 -7.04 -7.7 -8.16 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 -
IBM 138.82 133.12 5.70 4.28 7.64 5.8 7.51 Boeing 234.44 244.15 -9.71 -3.98 -18.83 -7.4 -8.35 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 440.91 439.92 0.99 0.23 23.80 5.7 7.66 StateSt 79.66 80.89 -1.23 -1.52 -6.09 -7.1 -5.45 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Pfizer 39.04 38.93 0.11 0.27 1.88 5.0 9.95 IndstrlBk 21.33 21.03 0.30 1.43 -1.49 -6.5 -8.14 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 -
ChinaMBank 62.60 61.35 1.25 2.04 3.00 5.0 3.13 ViacomCBS 37.96 38.40 -0.44 -1.15 -2.53 -6.2 -61.02 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Regen Pharm 500.83 499.69 1.14 0.23 23.79 5.0 5.92 AscBrFd 2314.00 2460.00 -146.00 -5.93 -144.00 -5.9 -99.04 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
Charter Comms 651.77 644.42 7.35 1.14 30.48 4.9 3.49 Tesla Mtrs 718.28 714.63 3.65 0.51 -44.04 -5.8 9.98
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
OilNatGas 102.85 103.05 -0.20 -0.19 4.80 4.9 -6.92 Imperial Brands 1465.50 1581.00 -115.50 -7.31 -88.50 -5.7 -98.99
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
Formosa PetChem 103.00 102.50 0.50 0.49 4.80 4.9 7.52 Avago Tech 458.64 462.00 -3.36 -0.73 -26.32 -5.4 -3.26
UtdHlthcre 392.51 389.84 2.67 0.68 18.01 4.8 7.38 FordMtr 11.56 12.11 -0.55 -4.53 -0.64 -5.2 -9.86 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
PngAnBnk 21.69 21.15 0.54 2.55 0.99 4.8 5.96 Infosys 1351.35 1362.55 -11.20 -0.82 -74.40 -5.2 0.51 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Lilly (E) 191.23 189.64 1.59 0.84 8.70 4.8 3.81 GenMotors 55.45 57.88 -2.43 -4.20 -3.04 -5.2 -7.31 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
CNOOC 8.36 8.39 -0.03 -0.36 0.38 4.8 0.60 CanNatRy 139.22 148.16 -8.94 -6.03 -7.51 -5.1 -4.99 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 20 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Apr 20 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 18.98 1.69 17.29 47.77 15.38 Apr 20 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 16.72 1.40 15.32 52.95 7.84 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 219.87 0.20 1.51 -3.30 1.01 7.24 VXN 24.33 1.51 22.82 47.88 20.21 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 395.46 0.10 1.14 -3.27 1.37 5.94 VDAX 21.92 3.18 18.74 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 330.99 -0.31 0.97 -3.09 0.97 -3.09 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 242.55 -0.08 0.10 -0.66 0.15 6.30 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 8pc '21 101.03 0.04 -20.00 100.00 -157.14 -66.67 102.75 100.21 24.59
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 255.85 -0.18 -0.59 -2.90 -0.53 2.04 Tr 4pc '22 103.51 0.01 0.00 0.00 -125.00 -87.50 107.39 103.51 38.77
Gilts( £) 355.54 0.17 1.19 -6.25 1.08 -6.31 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 118.61 0.18 -5.26 -18.18 -30.77 -5.26 124.02 118.50 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 308.12 0.02 1.60 -2.03 0.47 10.46 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 104.92 0.45 -4.26 -10.00 -19.64 150.00 109.23 104.30 39.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts 382.55 0.09 1.02 -3.13 1.15 4.22 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 135.86 0.86 -2.27 -5.49 -14.85 91.11 147.41 134.33 38.71
Apr 20 (Libor: Apr 19) night Day Week Month month month month year Overall ($) 275.28 -0.22 0.92 -3.29 0.92 -3.29 Australia 11/22 2.25 103.45 0.07 0.00 0.00 -0.01 -0.18 Tr 4.25pc '36 144.10 1.04 -1.89 -4.59 -12.61 76.27 158.29 141.77 30.41
US$ Libor 0.07275 0.000 -0.002 -0.002 0.11375 0.18600 0.22175 0.28675 Overall( £) 359.04 0.14 1.14 -5.40 1.10 -3.48 05/32 1.25 94.84 1.76 -0.02 -0.05 -0.15 0.79 Tr 4.5pc '42 162.43 1.21 -1.63 -3.97 -11.03 72.86 184.05 158.98 27.21
Euro Libor -0.58071 0.005 0.005 0.002 -0.57600 -0.54457 -0.52486 -0.49714 Overall(€) 248.23 -0.15 -0.36 -2.26 -0.32 2.61 Austria - - - - - - - Tr 3.75pc '52 164.91 1.24 -1.59 -3.13 -9.49 93.75 196.84 160.38 24.10
£ Libor 0.04063 0.000 0.000 -0.001 0.04688 0.08413 0.11213 0.15813 Treasuries ($) 252.75 -0.20 0.90 -3.66 0.90 -3.66 02/47 1.50 123.49 0.53 0.02 0.04 0.05 0.14 Tr 4pc '60 187.83 1.17 -1.68 -3.31 -10.69 112.73 230.92 180.90 24.12
Swiss Fr Libor -0.002 -0.79960 -0.74940 -0.70500 -0.59100 FTSE Belgium 10/23 0.20 102.11 -0.63 0.01 0.02 0.04 -0.27 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.000 -0.07167 -0.07283 -0.05067 0.05133 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 102.87 0.16 -0.01 -0.01 -0.01 -0.35
Euro Euribor
Sterling CDs
0.001
-
-0.55200
-
-0.53700
-
-0.51300
-
-0.47800 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 98.09 1.47 0.00 0.01 -0.02 0.86 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 631.91 2.96 - - -6.39 26.39 Denmark 11/22 0.25 101.19 -0.51 0.02 0.02 -0.03 -0.06
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 115.71 -1.42 0.03 0.12 0.15 -0.53 Price Indices Day's Total Return Return
Euro CDs - - - - Fixed Coupon Apr 20 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 104.33 -0.66 0.01 0.02 0.00 -0.23
04/31 0.75 107.92 -0.04 0.02 0.06 0.06 -0.07 1 Up to 5 Years 88.21 0.01 2476.26 0.08 -0.09 0.15
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 180.72 0.13 3707.90 0.57 -2.03 0.59
Apr 20 term notice month month month year Markit iTraxx France 05/23 1.75 105.05 -0.64 0.01 0.02 0.03 -0.19
3 10 - 15 Years 212.83 0.23 4674.29 1.05 -3.91 0.97
Euro -0.74 -0.44 -0.70 -0.40 -0.69 -0.39 -0.64 -0.34 -0.67 -0.37 -0.66 -0.36 Crossover 5Y 254.28 7.39 4.41 - 273.86 241.73 11/26 0.25 103.63 -0.39 0.02 0.04 0.06 -0.22
4 5 - 15 Years 187.76 0.17 3945.08 0.73 -2.55 0.76
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 51.15 1.30 -0.06 - 55.28 49.38 Germany - - - - - - -
5 Over 15 Years 361.00 0.44 5973.27 1.85 -10.43 1.20
Swiss Franc - - - - - - - - - - - - Japan 5Y 47.45 0.48 1.92 - 49.50 45.04 08/23 2.00 106.34 -0.70 0.02 0.03 0.02 -0.01
7 All stocks 182.16 0.24 3929.54 1.01 -5.55 1.05
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 59.65 1.60 0.57 - 64.29 57.08 02/27 0.25 104.70 -0.54 0.03 0.05 0.06 0.08
US Dollar 0.18 0.38 0.01 0.21 0.05 0.25 0.12 0.32 0.14 0.34 0.20 0.40 08/50 0.00 91.28 0.31 0.02 0.05 0.03 0.38 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 4.30 121.00 0.63 -0.04 -0.08 -0.14 -1.82
Japanese Yen -0.10 0.10 -0.15 0.05 -0.15 0.05 -0.15 0.05 -0.15 0.15 -0.15 0.15 Index Linked Apr 20 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 163.00 1.84 -16.30 -3.14 191.34 161.16
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 0.00 100.86 -0.57 0.01 0.02 0.03 -0.32 1 Up to 5 Years 302.35 -0.05 -0.13 -0.30 2507.39 -0.13 1.07
Nth Amer High Yld 5Y 291.04 3.40 -4.01 - 316.77 286.49
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 122.08 -0.03 0.03 0.06 0.07 -0.26 2 Over 5 years 801.97 -0.47 1.65 0.29 6069.61 1.65 0.65
Nth Amer Inv Grade 5Y 50.74 0.47 -0.25 -6.46 58.09 50.07
05/30 2.40 122.08 -0.03 0.03 0.06 0.07 -0.26 3 5-15 years 501.84 -0.08 0.53 -0.49 4006.87 0.53 0.24
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 101.62 -0.36 0.01 0.01 0.05 -1.28 4 Over 15 years 1053.52 -0.61 2.05 0.53 7759.34 2.05 0.74
11/25 2.50 111.13 0.06 0.03 0.05 0.09 -1.38 5 All stocks 714.55 -0.42 1.45 0.19 5509.01 1.45 0.64
05/30 0.40 108.10 -0.47 0.01 0.07 0.00 -1.97
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 136.61 1.74 0.04 0.07 0.15 -0.79 Yield Indices Apr 20 Apr 19 Yr ago Apr 20 Apr 19 Yr ago
Japan 04/23 0.05 99.96 0.07 0.00 -0.01 0.00 0.01 5 Yrs 0.32 0.33 0.05 20 Yrs 1.24 1.26 0.73
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
04/25 0.05 99.99 0.05 0.01 -0.01 -0.03 -0.02 10 Yrs 0.81 0.83 0.35 45 Yrs 1.13 1.15 0.50
Crude Oil† May 63.69 0.20 Corn♦ May 597.00 4.50 Apr 19 Apr 19 Prev return stock Market stocks
03/34 1.50 116.55 0.20 -0.01 -0.03 -0.06 -0.03 15 Yrs 1.11 1.13 0.63
Brent Crude Oil‡ 66.42 -0.65 Wheat♦ May 657.25 5.75 Can 4.25%' 26 129.67 -0.895 -0.900 0.14 5.00 74230.57 7
12/49 0.40 93.80 0.64 0.00 -0.03 -0.03 0.15
RBOB Gasoline† Apr 2.05 0.01 Soybeans♦ May 1471.25 22.25 Fr 1.10%' 22 104.56 -2.409 -2.400 0.05 19.85 258458.61 16
Netherlands 07/23 1.75 105.49 -0.68 0.01 0.03 0.02 -0.12 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ May 412.10 4.70 Swe 0.25%' 22 110.60 -1.217 -1.219 0.21 22.50 215475.40 7
07/26 0.50 105.34 -0.50 0.02 0.05 0.07 -0.09 Real yield Apr 20 Dur yrs Previous Yr ago Apr 20 Dur yrs Previous Yr ago
Natural Gas† Apr 2.73 -0.02 Cocoa (ICE Liffe)X May 1592.00 -20.00 UK 1.875%' 22 108.82 -3.479 -3.475 0.01 15.74 783835.60 30
Ethanol♦ - - Cocoa (ICE US)♥ May 2468.00 0.00 New Zealand 04/25 2.75 108.45 0.60 -0.01 -0.05 -0.21 0.06 Up to 5 yrs -2.89 3.00 -2.90 -2.15 -3.14 3.00 -3.15 -2.42
UK 2.50%' 24 355.17 -3.009 -3.008 -0.15 6.82 783835.60 30
Uranium† - - Coffee(Robusta)X May 1366.00 12.00 05/31 1.50 98.92 1.62 -0.03 -0.13 -0.21 0.49 Over 5 yrs -2.13 23.95 -2.14 -2.07 -2.14 23.99 -2.16 -2.08
UK 2.00%' 35 290.14 -2.422 -2.399 0.53 9.08 783835.60 30
Carbon Emissions‡ - - Coffee (Arabica)♥ May 132.20 2.75 05/31 1.50 98.92 1.62 -0.03 -0.13 -0.21 0.49 5-15 yrs -2.53 9.56 -2.54 -2.40 -2.60 9.56 -2.61 -2.47
US 0.625%' 23 106.23 -2.416 -2.473 0.18 47.03 1657213.65 44
White SugarX 463.50 9.10 Norway 08/30 1.38 99.81 1.40 0.04 -0.02 -0.05 0.63 Over 15 yrs -2.08 28.72 -2.10 -2.03 -2.08 28.72 -2.11 -2.03
Diesel† - - US 3.625%' 28 135.48 -1.224 -1.246 1.15 16.78 1657213.65 44
Sugar 11♥ 16.72 0.42 08/30 1.38 99.81 1.40 0.04 -0.02 -0.05 0.63 All stocks -2.14 21.67 -2.16 -2.07 -2.15 21.73 -2.17 -2.09
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2311.00 -19.00 Cotton♥ May 84.14 0.81 Portugal 10/22 2.20 104.20 -0.60 0.01 0.02 0.10 -0.78 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 113.25 -0.90 04/27 4.13 125.69 -0.15 0.02 0.01 0.04 -0.84 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 9292.50 -29.50 Palm Oil♣ - - Spain 10/22 0.45 101.50 -0.52 0.00 0.02 0.01 -0.65 Gilt Closing Prices information contained herein is proprietary to
Lead 2025.50 -32.50 Live Cattle♣ Apr 120.30 -0.53 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 120.82 -1.05 0.00 0.03 -0.05 -1.16 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 15955.00 -165.00 Feeder Cattle♣ Apr 134.88 - Sweden 06/22 0.25 110.60 -1.21 -0.01 -0.09 -0.04 -0.24 accurate, complete or timely; and does not constitute investment advice.
Tin 26820.00 220.00 Lean Hogs♣ May 105.60 3.10 Spread Spread Spread Spread 06/26 0.13 118.65 -1.71 0.01 -0.06 -0.09 -0.54 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2805.50 -48.00 Bid vs vs Bid vs vs 06/30 0.13 117.07 -1.52 0.00 -0.04 -0.10 -0.24
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 103.11 -0.82 -0.01 -0.03 -0.05 -0.14 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1774.50 0.05 Apr 19 Month Year 05/30 0.50 107.24 -0.28 0.01 0.03 0.03 0.17 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.76 - - Netherlands -0.50 - -
Silver (US cents) 2610.50 -3.50 S&P GSCI Spt 488.96 2.89 88.97 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - New Zealand 1.62 - -
Platinum 1222.00 23.00 DJ UBS Spot 87.03 2.93 40.36 Canada 1.47 - - Norway 1.40 - - 07/23 0.75 101.58 0.05 0.00 -0.02 -0.04 -0.07 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2806.00 41.00 TR/CC CRB TR 205.86 2.56 63.19 Denmark -1.42 - - Portugal -0.15 - - 07/26 1.50 105.95 0.36 -0.01 -0.03 -0.05 0.23 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 -0.04 - - Spain -1.05 - - 07/47 1.50 104.68 1.29 -0.01 -0.02 -0.07 0.61
Iron Ore 187.75 6.55 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.52 - - United States 03/23 0.50 100.63 0.17 0.00 -0.01 0.00 -0.09 Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 92.00 2.00 LEBA EUA Carbon 44.14 4.52 54.28 Ireland -0.03 - - Switzerland -0.28 - - 03/27 0.63 97.39 1.08 0.02 -0.06 -0.10 0.55
Baltic Dry Index 2472.00 426.00 LEBA CER Carbon 0.29 0.00 52.63 Italy -0.47 - - United Kingdom - - - 04/32 3.38 147.11 - - - - -
LEBA UK Power 941.00 -52.52 -24.72 Japan 0.20 - - United States - - - 02/50 0.25 105.78 0.05 0.03 -0.09 -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.
Wednesday 21 April 2021 ★ FINANCIAL TIMES 17

FINANCIAL TIMES SHARE SERVICE

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ZZZPRUQLQJVWDUFRXN
18 ★ FINANCIAL TIMES Wednesday 21 April 2021

MANAGED FUNDS SERVICE

SUMMARY FT.COM/FUNDS

Winners - US Fund Large Value Losers - US Fund Large Value Morningstar Star Ratings Global Broad Category Group - Alternative

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

Parnassus Endeavor Fund 61.93 15.86 14.62 0.83 24.81 AmericaFirst Income Fund 23.27 2.57 3.26 0.18 16.37 New Capital Global Value Credit Fund US Dollar QQQQ QQQQQ - Non-Euro Absolute Return Pound Sterling 3.81 9.40 6.19
Neuberger Berman Large Cap Value Fund 50.49 14.38 12.58 0.88 21.66 Invesco Low Volatility Equity Yield Fund 20.81 2.75 4.44 0.21 17.55 Extra Income Fund Y-ACC-GBP Pound Sterling QQQQ QQQQ QQQQ EUR Absolute Return Euro 2.19 2.08 2.08
Upright Growth & Income Fund 70.24 13.99 - 0.82 25.90 WP Large Cap Income Plus Fund 55.43 2.76 7.44 0.30 40.34 European Fund W-ACC-GBP Pound Sterling QQQQ QQQQ QQQQ Long-Short Funds Euro 3.12 1.77 -0.44
American Beacon Shapiro Equity Opportunities Fund 70.61 13.76 - 0.74 27.49 Transamerica Sustainable Equity Income Fund 24.98 2.92 5.25 0.23 20.35 US Growth USD Inst Acc US Dollar QQQ QQQ -
Hillman Value Fund 35.36 12.87 11.34 0.79 21.17 Archer Dividend Growth Fund 20.13 3.53 - 0.27 17.41 RAM Systematic Emerg Markets Core Eq US Dollar QQ QQ -

Advertising Feature Performance Weightings - As of 28/02/2021 Top 10 Holdings - As of 28/02/2021

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials - 3.39%
Mar 2019 - Apr 2021 Microsoft Corp Technology 5.31%
Trojan Ethical O Acc Communication Services 5.79% 3.77%
Consumer Cyclical 1.32% 6.18%
Alphabet Inc A Communication Services 5.10%
Consumer Defensive 8.86% 4.67%
Energy - 2.73%
Visa Inc Class A Financial Services 4.96%
Financial Services 15.37% 8.94%
Healthcare 10.42% 5.54%
Medtronic PLC Healthcare 4.41%
Industrials 1.63% 6.17%
Real Estate - 2.25%
Unilever PLC Consumer Defensive 3.70%
Technology 7.21% 7.06%
Utilities - 1.94%
Nestle SA Consumer Defensive 3.37%
Please remember that past performance is not necessarily a guide to future performance Cash & Equivalents 6.58% 14.44%
Firm Name Corporate - 11.13%
American Express Co Financial Services 3.14%
Troy Asset Management Limited Derivative 0.90% 4.85%
Fund Name Government 41.93% 15.92%
Becton, Dickinson and Co Healthcare 2.57%
Trojan Ethical O Acc Municipal - 0.01%
Morningstar Category Securitized - 1.01%
Agilent Technologies Inc Healthcare 2.19%
GBP Flexible Allocation
Max Annual Charge
Hargreaves Lansdown PLC Financial Services 1.90%
- Risk Measures - As of 31/03/2021
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
- Alpha 0.01 0.86 - -3.29 - -2.32
Morningstar Sustainability Rating Beta 0.63 1.00 - 1.14 - 1.07
- Fund Category Information Ratio -1.37 0.10 - -0.55 - -0.45
Bid Price - KIID Ongoing Charge 1.02 R Squared 62.79% 65.91% - 69.97% - 66.31%
Offer Price - Day-End One Year Return 10.13 Day -0.54% Month 3.28% Year 8.78% Sharpe Ratio 1.63 1.01 - 0.20 - 0.48
+/- -0.66 Total Ret 3Yr - Std Dev 6.02 9.33 - 10.09 - 8.93
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 £ 28.82 - -0.58 - Artemis SmartGARP Glo Eq I Acc 364.88 - -3.69 1.98 Pacific (Ex Japan) £ 5.60 - -0.07 2.21

Inv Grd Gbl Bond A Inc GBH 611.08 - -2.55 1.81 Artemis Global Income I Inc 105.84 - -0.89 2.85 Select Emerging Markets Equities £ 2.48 - 0.00 0.44

Short Dated High Yld Bd B Acc GBP £ 11.25 - -0.01 0.00 Artemis Global Select I Acc 160.02 - -1.62 - 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 81.31 - -0.22 4.44 South East Asia £ 7.31 - -0.03 1.15

Strategic Global Bond A GBP Inc 1317.18 - -0.65 2.70 Artemis Income I Inc 250.25 - -3.83 3.37 Sterling Core Plus Bond Gr Accum £ 3.00 - 0.01 2.41

Strategic Global Bond B GBP Inc 748.06 - -0.36 3.45 Artemis Monthly Dist I Inc 73.64 - -0.28 3.17 UK £ 4.67 - -0.06 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 £ 1.01 - -0.01 - 25 Moorgate, London, EC2R 6AY UK Aggreg Bond Gr Accum £ 2.38 - 0.01 1.77 Other International Funds
FCA Recognised Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859
Artemis Strategic Assets I Acc 90.88 - -1.09 0.08 Sterling Corporate Bond - Gross £ 3.02 - 0.01 2.31 Emerging Mkts NAV £ 7.21 - -0.16 1.35
Aberdeen Standard Capital Offshore Strategy Fund Limited FCA Recognised

Bridge Fund £ 2.2914 - -0.0273 1.40 Artemis Strategic Bond I Q Acc 111.71 - -0.09 2.34 CG Portfolio Fund Plc UK Gilt Gross £ 2.54 - 0.01 1.23
Absolute Return Cls M Inc £ 134.24 134.24 -0.80 1.34
Global Equity Fund £ 3.3138 - -0.0423 0.85 Artemis Target Return Bond I Acc 108.10 - 0.43 2.07 Sterling Long Corp Bond - Gross £ 3.63 - 0.01 2.86
Capital Gearing Portfolio GBP P £ 37115.68 37115.68 -190.19 0.84
Global Fixed Interest Fund £ 0.9646 - -0.0008 4.39 Artemis UK Select Fund Class I Acc 765.81 - -15.19 -
Capital Gearing Portfolio GBP V £ 180.51 180.51 -0.92 0.84
Income Fund £ 0.6623 - -0.0060 2.33 Artemis UK Smaller Cos I Acc 2054.89 - -3.14 0.28
Dollar Fund Cls D Inc £ 160.34 160.34 -2.42 1.51
Sterling Fixed Interest Fund £ 0.8909 - 0.0006 2.92 Artemis UK Special Sits I Acc 790.43 - -14.21 -
Dollar Hedged GBP Inc £ 104.99 104.99 -0.33 1.34
UK Equity Fund £ 2.1338 - -0.0236 2.04 Artemis US Abs Return I Hdg Acc 113.43 - -0.06 0.00 Dragon Capital FIL Investment Services (UK) Limited (1200)F (UK)
Real Return Cls A Inc £ 196.82 196.82 -2.63 1.70
www.dragoncapital.com Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP HPB Assurance Ltd
Artemis US Extended Alpha I Acc 304.47 - -2.82 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 294.32 - -4.12 0.01 OEIC Funds
Vietnam Equity (UCITS) Fund A USD $ 30.45 - 0.07 0.00 Holiday Property Bond Ser 1 £ 0.49 - 0.01 0.00
Findlay Park Funds Plc (IRL)
Artemis US Smlr Cos I Acc 349.31 - -4.15 0.00 Allocator World Fund Y-ACC-GBP £ 2.50 - -0.03 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 £ 18.49 - -0.12 0.57
American EUR Unhedged Class € 144.90 - -1.56 -
Asia Pacific Ops W-Acc £ 3.05 - -0.03 0.53
American Fund USD Class $ 174.16 - -1.29 0.00
Algebris Investments (IRL) Asian Dividend Fund W-ACC-GBP £ 2.23 - -0.01 2.74
Regulated American Fund GBP Hedged £ 87.62 - -0.64 0.00
China Consumer Fund W-ACC-GBP £ 4.07 - -0.01 0.05
Algebris Financial Credit I EUR € 192.06 - 0.17 0.00 Chartered Asset Management Pte Ltd American Fund GBP Unhedged £ 124.50 - -2.44 0.00
Other International Funds Emerging Asia Fund W-ACC-GBP £ 2.16 - -0.01 0.45
Algebris Financial Credit R EUR € 166.82 - 0.14 0.00
CAM-GTF Limited $ 339196.63 339196.63 498.02 -
Enhanced Income Fund W-INC-GBP £ 0.81 - -0.01 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 £ 21.04 - -0.29 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 £ 2.19 - -0.02 0.48
Algebris Financial Income Rd EUR € 104.11 - 0.99 3.17
Fidelity American Fund W-ACC-GBP £ 56.54 - -0.70 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 £ 19.26 - -0.06 0.43 Foord Asset Management
Algebris Financial Equity R EUR € 114.02 - 0.76 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 I EUR € 110.64 - -0.05 0.00 FCA Recognised - Luxembourg UCITS
Authorised Funds
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.69 - -0.05 1.79 Foord International Fund | R $ 48.69 - 0.09 -
Diversified Monthly Inc B Acc 156.97 - -0.54 4.83 Algebris IG Financial Credit R EUR € 109.82 - -0.05 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 £ 5.36 - -0.09 0.53 Foord Global Equity Fund (Lux) | R $ 18.84 - -0.09 -
Diversified Monthly Inc B Inc 109.98 - -0.38 4.97 Algebris Global Credit Opportunities I EUR € 131.89 - 0.14 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 £ 2.13 - -0.02 3.59
Algebris Global Credit Opportunities R EUR € 129.81 - 0.25 0.00 Dealing & Client Services 0345 850 8818 Amity UK Cls A Inc 259.20 - -3.40 0.37
Diversified Growth B Acc £ 1.90 - -0.01 2.58 Foord Global Equity Fund (Sing) | B $ 23.15 - -0.11 0.00 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Ashmore SICAV Emerging Market Debt Fund $ 90.87 - 0.11 4.25 Authorised Inv Funds Fidelity Global Focus Fund W-ACC-GBP £ 35.67 - -0.55 0.00 www.janushenderson.com
Algebris Global Credit Opportunities Rd EUR € 129.81 - 0.25 0.00 Amity UK Cls B Inc 258.60 - -3.40 -
Ethical Cautious Managed B Acc £ 1.55 - -0.01 1.59 Foord International Trust (Gsy) $ 48.52 - 0.09 0.00 Authorised Inv Funds
Consistent UT Inc 68.71 70.85 -0.07 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 180.34 - 1.32 0.49 Fidelity Global High Yield Fund Y-ACC-GBP £ 15.89 - -0.01 4.96
Algebris Core Italy I EUR € 144.06 - 0.87 0.00 Higher Income Cls A Inc 129.80 - -0.90 3.48 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1457.00 - -4.00 0.00
Ethical Cautious Managed B Inc £ 1.34 - -0.01 1.60
Consistent UT Acc 183.10 188.90 -0.20 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 79.92 - 0.16 - Fidelity Japan Fund W-ACC-GBP £ 5.30 - -0.17 -
Algebris Core Italy R EUR € 136.48 - 1.04 0.00 Higher Income Cls B Inc 137.40 - -0.90 3.48 Janus Henderson Asian Dividend Income Unit Trust Inc 97.18 - 0.04 8.65
Ethical Corporate Bond B Acc £ 2.15 - 0.00 2.69
Practical Investment Inc 253.00 270.70 -3.00 3.18
Ashmore SICAV Global Small Cap Equity Fund $ 236.08 - -0.27 0.00 Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 4.08 - -0.15 0.26
UK Equity Growth Cls A Inc 333.30 - -2.00 - Janus Henderson Cautious Managed Fund A Acc 290.80 - -2.50 3.13
Ethical Corporate Bond B Inc £ 1.08 - 0.00 2.69
Practical Investment Acc 1495.00 1601.00 -18.00 3.18
EM Active Equity Fund Acc USD $ 170.78 - -1.34 0.00 Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.19 - -0.01 0.88
UK Equity Growth Cls B Inc 340.50 - -2.10 - Janus Henderson Cautious Managed Fund A Inc 151.70 - -1.30 3.18
Ethical Equity B Acc £ 2.73 - -0.03 1.53
EM Equity Fund Acc USD $ 160.03 - -0.72 0.00 Fidelity Special Situations Fund W-ACC-GBP £ 39.09 - -0.57 -
Amity Balanced For Charities A Inc 112.90 - -0.50 3.56 Janus Henderson China Opportunities Fund A Acc 1804.00 - -9.00 0.13
Global Equity GBP B Acc £ 3.22 - -0.06 0.00
EM Mkts Corp.Debt USD F $ 91.48 - 0.08 - Short Dated Corporate Bond Fund Y ACC GBP £ 11.14 - 0.00 4.04
Amity European Fund Cls A Inc 298.40 - -4.30 - Janus Henderson Emerging Markets Opportunities Fund A Acc 247.60 - -1.30 0.02
High Yield Bond B Acc £ 3.26 - 0.00 5.06
EM Mkts Loc.Ccy Bd USD F $ 75.21 - 0.23 4.87 Fidelity Sustainable Water & Waste W Acc £ 1.18 - -0.02 0.61
Amity European Fund Cls B Inc 301.50 - -4.40 - Franklin Templeton International Services Sarl (IRL) Janus Henderson European Growth Fund A Acc 274.90 - -4.10 -
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 $ 120.24 - 0.27 0.00 Fidelity Sustainable Water & Waste W Inc £ 1.17 - -0.02 0.61
Amity Global Equity Inc for Charities A Inc 157.10 - -1.40 2.17 Other International Funds Janus Henderson European Selected Opportunities Fund A Acc 2107.00 - -32.00 0.16
Investment Grade Bond B Acc 200.05 - 0.03 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 344.60 - -4.30 0.24 Janus Henderson Fixed Interest Monthly Income Fund Inc 22.66 - -0.03 4.24
Investment Grade Bond B Inc £ 1.31 - 0.00 2.26 Other International Franklin Emg Mkts Debt Opp CHFSFr 14.88 - -0.01 8.88
Fidelity UK Select Fund W-ACC-GBP £ 3.45 - -0.05 -
AEF Ltd Usd $ 559.92 - 2.32 0.00 Amity International Cls B Inc 347.80 - -4.30 0.82 Janus Henderson Global Equity Fund Acc 4398.00 - -42.00 0.00
Sterling Corporate Bond B Acc £ 0.95 - 0.00 2.74 Franklin Emg Mkts Debt Opp GBP £ 9.57 - -0.02 6.01
Global Dividend Fund W-ACC-GBP £ 2.74 - -0.03 2.69
AEF Ltd Eur € 523.58 - 2.17 0.00 Amity Sterling Bond Fund A Inc 105.60 - 0.00 3.67 Janus Henderson Global Equity Income Fund A Inc 63.67 - -0.73 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 £ 1.99 - -0.01 1.84
Amity Sterling Bond Fund B Inc 118.00 - 0.00 3.67 Janus Henderson Global Sustainable Equity Fund A Inc 476.00 - -8.20 0.00
Strategic Bond B Acc £ 1.55 - 0.00 3.54 Franklin Emg Mkts Debt Opp USD $ 16.94 - 0.01 6.16
Global Special Sits W-ACC-GBP £ 54.24 - -0.71 0.35
Strategic Bond B Inc £ 1.43 - 0.00 3.54 Janus Henderson Global Technology Fund A Acc 3196.00 - -37.00 0.00
Index Emerging Markets P-Acc £ 1.92 - -0.01 -
UK Equity B Acc £ 3.54 - -0.04 2.34 Atlantas Sicav (LUX) Janus Henderson Instl UK Idx Opps A Acc £ 1.04 - -0.01 1.95
Regulated Index Europe ex UK P-Acc £ 1.79 - -0.02 1.61
UK Equity Absolute Return B Acc £ 1.26 - 0.00 0.00 Janus Henderson Multi-Asset Absolute Return Fund A Acc 151.50 - -0.20 1.76
American Dynamic $ 7577.63 7577.63 49.83 0.00
Index Japan P-Acc £ 1.91 - -0.06 1.79
UK Equity Income B Acc £ 2.75 - -0.04 4.34 Janus Henderson Multi-Manager Active Fund A Acc 259.60 - -2.00 0.00
American One $ 7132.45 7132.45 81.87 -
Index Pacific ex Japan P-Acc £ 1.85 - -0.02 2.29
UK Equity Income B Inc £ 1.69 - -0.02 4.47 Janus Henderson Multi-Manager Distribution Fund A Inc 137.60 - -0.20 2.51
Dodge & Cox Worldwide Funds (IRL)
Arisaig Partners Bond Global € 1508.49 1508.49 -11.98 0.00
Index UK P-Acc £ 1.42 - -0.02 2.51
48-49 Pall Mall, London SW1Y 5JG.
UK Opportunities B Acc £ 2.61 - -0.02 1.11 Other International Funds Janus Henderson Multi-Manager Diversified Fund A Acc 93.75 - -0.04 2.88
Eurocroissance € 1368.08 1368.08 17.16 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 Ennismore Smaller Cos Plc (IRL)
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 122.84 - -0.78 0.00 FCA Recognised Index US P-Acc £ 3.04 - -0.02 1.27
UK Smaller Companies B Acc £ 5.00 - -0.03 0.87 5 Kensington Church St, London W8 4LD 020 7368 4220 Janus Henderson Multi-Manager Global Select Fund Acc 302.20 - -2.30 0.00
Far East $ 1342.28 - 25.91 - Dodge & Cox Worldwide Funds plc - Global Bond Fund FCA Recognised
Arisaig Asia Consumer Fund Limited $ 121.47 - -0.84 0.00 Index World P-Acc £ 2.45 - -0.03 1.43
EUR Accumulating Class € 15.05 - -0.07 0.00 Janus Henderson Multi-Manager Income & Growth Fund A Acc 196.00 - -0.40 2.17
Ennismore European Smlr Cos NAV £ 141.47 - -0.07 0.00
Arisaig Global Emerging Markets Consumer Fund $ 16.32 - -0.18 0.00 MoneyBuilder Balanced Y-ACC-GBP £ 0.59 - 0.00 2.72
EUR Accumulating Class (H) € 11.58 - -0.01 0.00 Janus Henderson Multi-Manager Income & Growth Fund A Inc 159.70 - -0.30 2.20
Ennismore European Smlr Cos NAV € 164.62 - 1.33 0.00
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 - MoneyBuilder Dividend Y-INC-GBP £ 1.17 - -0.01 3.49
EUR Distributing Class € 11.64 - -0.06 2.61 Janus Henderson Multi-Manager Managed Fund A Acc 318.10 - -2.40 0.16

Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 - MoneyBuilder Income Fund Y-ACC-GBP £ 14.65 - 0.02 2.95
EUR Distributing Class (H) € 8.91 - 0.00 2.67 Janus Henderson Multi-Manager Managed Fund A Inc 307.90 - -2.40 0.01

Arisaig Latin America Consumer Fund $ 27.11 - -0.02 0.00 Multi Asset Allocator Adventurous Fund Y-ACC-GBP £ 2.07 - -0.02 1.21
GBP Distributing Class £ 12.24 - -0.14 2.59 Janus Henderson Sterling Bond Unit Trust Acc 248.90 - 0.10 1.27
Multi Asset Allocator Defensive Fund Y-ACC-GBP £ 1.43 - -0.01 1.48
GBP Distributing Class (H) £ 9.41 - 0.00 2.67 Janus Henderson Sterling Bond Unit Trust Inc 69.66 - 0.04 1.28
Aegon Asset Management UK Investment Portfolios ICVC (UK) Multi Asset Allocator Growth Fund Y-ACC-GBP £ 1.87 - -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 129.20 - -0.30 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 $ 28.83 - -0.01 0.00 Multi Asset Allocator Strategic Fund Y-ACC-GBP £ 1.67 - -0.01 1.25 Authorised Inv Funds
Property Income B Acc 111.24 111.24 0.01 3.58 Ennismore European Smlr Cos Hedge Fd Janus Henderson UK Absolute Return Fund A Acc 166.60 - -0.40 0.00
Other International Funds Fundsmith Equity T Acc 578.29 - -6.58 0.32
GBP Accumulating Share Class £ 33.91 - -0.37 0.00 Multi Asset Open Advent W-ACC-GBP £ 1.70 - -0.01 0.97
Property Income B Inc 81.79 81.79 0.01 3.65 Janus Henderson UK Alpha Fund A Acc 165.50 - -2.10 0.28
NAV € 574.80 - 3.90 0.00
Multi Asset Open Defen W-ACC-GBP £ 1.40 - -0.01 0.25 Fundsmith Equity T Inc 528.62 - -6.02 0.32
GBP Distributing Share class £ 23.28 - -0.26 0.50
Janus Henderson UK Equity Income & Growth Fund A Inc 515.80 - -5.90 2.69
EUR Accumulating Share Class € 35.97 - -0.18 0.00 Multi Asset Open Growth Fund W-ACC-GBP £ 1.62 - -0.01 1.11
Janus Henderson UK Property PAIF A Acc £ 2.33 2.46 0.00 2.71
GBP Distributing Class (H) £ 13.94 - -0.01 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 £ 2.13 - -0.02 0.99
Janus Henderson US Growth Fund A Acc 1760.00 - -22.00 0.00
Brooks Macdonald International Fund Managers Limited (JER) USD Accumulating Share Class $ 37.07 - -0.05 -
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 £ 41.23 - -0.50 -
UK Opportunities Fund W-ACC-GBP 295.40 - -4.40 1.26
Brooks Macdonald International Investment Funds Limited
GBP Distributing Share Class £ 25.00 - -0.29 -
Aegon Asset Management Investment Company (Ireland) (IRL) Euro High Income € 1.5235 - -0.0024 2.50 Euronova Asset Management UK LLP (CYM) UK Smaller Companies W-ACC-GBP £ 3.38 - -0.02 0.41
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 EUR Accumulating Share Class € 39.94 - -0.24 - Regulated
GAM
Institutional OEIC Funds funds@gam.com, www.funds.gam.com
FCA Recognised High Income £ 0.8499 - -0.0010 3.77
Smaller Cos Cls One Shares € 59.48 - 1.50 0.00 America £ 8.11 - -0.07 0.30 Regulated
GBP Distributing Class (H) £ 15.24 - -0.02 0.54
Absolute Return Bond B GBP Acc 1165.74 - -0.10 1.61
Artemis Fund Managers Ltd (1200)F (UK) Sterling Bond £ 1.5696 - -0.0021 2.06 LAPIS GBL TOP 50 DIV.YLD-Na-D £ 107.00 - -1.52 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 £ 6.60 - -0.07 0.37
High Yield Global Bond A GBP Inc 520.19 - 0.77 4.49 Brooks Macdonald International Multi Strategy Fund Limited
Authorised Inv Funds LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 108.02 - -0.82 0.67
Smaller Cos Cls Three Shares € 19.38 - 0.43 0.00 Europe (ex-UK) Fund ACC-GBP £ 7.34 - -0.12 0.54
High Yield Global Bond B GBP Inc 1116.62 - 1.68 5.23 Cautious Balanced Strategy £ 1.3778 - -0.0047 0.00
Artemis SmartGARP UK Eq I Acc 1979.50 - -24.19 - Kleinwort Hambros Bank Limited (UK)
Smaller Cos Cls Four Shares € 24.96 - 0.55 0.00 Fidelity Pre-Retirement Bond Fund £ 160.10 - 0.20 1.80 5TH Floor, 8 St James's Square, London, SW1Y 4JU
Global Equity Income B GBP Acc 2240.39 - -22.71 0.00 Growth Strategy £ 2.0548 - -0.0139 0.00
Artemis Corporate Bond I Acc 112.56 - 0.07 2.19 Dealing and enquiries: 033 0024 0785
High Growth Strategy £ 2.8765 - -0.0215 0.00 Global Focus £ 6.63 - -0.08 0.33 Authorised Inv Funds
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 Artemis SmartGARP Eur Eq I Acc 391.52 - -6.99 2.44 Unit Trust Manager/ACD - Host Capital
US$ Growth Strategy $ 2.0559 - -0.0048 0.00 Index Linked Bond Gross £ 4.53 - 0.03 0.11
lobal Equity Market Neutral Fund - B Acc GBP £ 12.31 - -0.04 0.00 Artemis European Opps I Acc 125.88 - -1.69 1.56 HC Kleinwort Hambros Growth A Acc 246.52 - -1.96 1.36
Dealing Daily. Initial charge up to 2% Japan £ 3.93 - -0.13 0.41
Global Sustainable Equity B Acc GBP £ 28.39 - -0.57 - Artemis SmartGARP GloEmr Eq I Acc 164.20 - -0.91 - HC Kleinwort Hambros Growth A Inc 223.66 - -1.77 1.38
Long Bond Gross £ 1.15 - 0.00 1.57
Wednesday 21 April 2021 ★ FINANCIAL TIMES 19

MANAGED FUNDS SERVICE

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

HC Kleinwort Hambros Equity Income A Inc 101.42 - 0.25 3.06 OGM Oasis Crescent Global Medium Equity Fund USD Class A Shares (Dist) $ 14.81 - 0.02 0.18 LF Ruffer Japanese O Acc X 372.73 - 2.06 0.00

HC Kleinwort Hambros Equity Income A Acc

HC Kleinwort Hambros Multi Asset Balanced A Acc

188.32

180.53
-

-
0.45 4.50

-0.95 0.81
OGM Oasis Crescent Global Property Equity Fund USD Class A Shares (Dist) $ 8.97 - 0.03 1.15 LF Ruffer Pacific & Emerging Markets C Acc

LF Ruffer Pacific & Emerging Markets C Inc

409.05

111.41
-

-
2.92 0.81

0.80 0.85
Guide to Data
HC Kleinwort Hambros Multi Asset Balanced A Inc 170.63 - -0.90 0.81 LF Ruffer Pacific & Emerging Markets O Acc 398.17 - 2.82 0.49
The fund prices quoted on these pages are supplied by the operator of the relevant
HC Kleinwort Hambros Fixed Income A Acc 138.19 - 0.05 3.44 LF Ruffer Total Return C Acc 542.01 - -0.92 0.61
fund. Details of funds published on these pages, including prices, are for the
HC Kleinwort Hambros Fixed Income A Inc 108.93 - 0.05 3.44 LF Ruffer Total Return C Inc 349.68 - -0.59 0.62 purpose of information only and should only be used as a guide. The Financial
Milltrust International Managed Investments ICAV (IRL) Private Fund Mgrs (Guernsey) Ltd (GSY) Toscafund Asset Management LLP
mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com Regulated LF Ruffer Total Return O Acc 528.04 - -0.93 0.62 www.toscafund.com Times Limited makes no representation as to their accuracy or completeness and
Regulated
Monument Growth 06/04/2021 £ 529.31 535.01 11.28 0.85 LF Ruffer Total Return O Inc 340.47 - -0.61 0.62 Tosca A USD $ 386.51 - 9.28 0.00 they should not be relied upon when making an investment decision.
British Innovation Fund £ 121.92 - 2.89 0.00 Omnia Fund Ltd
Tosca Mid Cap GBP £ 265.66 - 21.29 0.00
Other International Funds
MAI - Buy & Lease (Australia) A$ 102.95 - -0.80 0.00 The sale of interests in the funds listed on these pages may, in certain
Estimated NAV $ 618.36 - -13.59 0.00 Tosca Opportunity B USD $ 405.17 - 32.74 0.00
MAI - Buy & Lease (New Zealand)NZ$ 97.26 - -0.02 0.00 jurisdictions, be restricted by law and the funds will not necessarily be available to
Pegasus Fund Ltd A-1 GBP £ 62.99 - 5.10 0.00
Milltrust Global Emerging Markets Fund - Class A $ 125.70 - 1.55 0.00
persons in all jurisdictions in which the publication circulates. Persons in any doubt
should take appropriate professional advice. Data collated by Morningstar. For
Lothbury Property Trust (UK) The Climate Impact Asia Fund (Class A) $ 141.00 - 2.59 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
other queries contact reader.enquiries@ft.com +44 (0)207 873 4211.
Property & Other UK Unit Trusts
Lothbury Property Trust GBP £ 1849.34 1992.32 -4.17 1.52 Prusik Investment Management LLP (IRL) Rubrics Global UCITS Funds Plc (IRL) The fund prices published in this edition along with additional information are also
Enquiries - 0207 493 1331 www.rubricsam.com
Regulated Regulated
available on the Financial Times website, www.ft.com/funds. The funds
Oryx International Growth Fund Ltd Prusik Asian Equity Income B Dist $ 194.65 - 0.51 4.15 Rubrics Emerging Markets Fixed Income UCITS Fund $ 141.00 - 0.14 - published on these pages are grouped together by fund management company.
Other International Funds
Prusik Asia Emerging Opportunities Fund A Acc $ 192.91 - 2.46 0.00 Rubrics Global Credit UCITS Fund $ 17.87 - 0.01 0.00
NAV (Fully Diluted) £ 9.10 - -0.52 0.00 Prices are in pence unless otherwise indicated. The change, if shown, is the
Prusik Asia Fund U Dist. £ 240.42 - -0.61 0.00 Rubrics Global Fixed Income UCITS Fund $ 180.27 - -0.01 0.00
Milltrust International Managed Investments SPC
change on the previously quoted figure (not all funds update prices daily). Those
em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com designated $ with no prefix refer to US dollars. Yield percentage figures (in
Regulated
Tuesday to Saturday papers) allow for buying expenses. Prices of certain older
M & G Securities (1200)F (UK) Milltrust Alaska Brazil SP A $ 77.68 - 0.71 0.00
PO Box 9038, Chelmsford, CM99 2XF
insurance linked plans might be subject to capital gains tax on sales.
Milltrust Laurium Africa SP A $ 114.04 - -0.64 0.00
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
Authorised Inv Funds
Milltrust Marcellus India Fund $ 119.38 - -2.32 - Guide to pricing of Authorised Investment Funds: (compiled with the
Charifund Inc 1509.14 - -13.46 4.26
Milltrust Singular ASEAN SP Founders $ 171.38 - 0.61 0.00 assistance of the IMA. The Investment Association, Camomile Court 23 Camomile
Charifund Acc 27009.77 - -240.93 4.05
Milltrust SPARX Korea Equity SP A $ 180.84 - 2.61 0.00 Purisima Investment Fds (UK) (1200)F (UK) Troy Asset Mgt (1200) (UK) Street, London EC3A 7LL. Tel: +44 (0)20 7831 0898.)
Scottish Friendly Asset Managers Ltd (UK)
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.24 - 0.00 2.27 65 Gresham Street, London, EC2V 7NQ 65 Gresham Street, London, EC2V 7NQ
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Milltrust VTB Russia Fund SP $ 128.28 - -2.11 - Order Desk and Enquiries: 0345 922 0044 Order Desk and Enquiries: 0345 608 0950
Authorised Inv Funds
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.62 - 0.01 2.08 Authorised Inv Funds Authorised Inv Funds OEIC: Open-Ended Investment Company. Similar to a unit trust but using a
Milltrust Xingtai China SP A $ 153.60 - -0.21 0.00 Managed Growth ♦ 328.40 - -3.60 0.00 Authorised Corporate Director - Link Fund Solutions
Authorised Corporate Director - Link Fund Solutions company rather than a trust structure.
M&G Charity Multi Asset Fund Inc £ 0.87 - -0.01 4.07 Trojan Investment Funds
Global Total Fd PCG A 373.44 - -4.95 0.01 UK Growth ♦ 404.60 - -5.40 0.00
M&G Charity Multi Asset Fund Acc £ 97.57 - -1.06 3.59 Spectrum Fund O Acc 271.20 - -1.35 0.44
Global Total Fd PCG B 369.54 - -4.90 0.00 Different share classes are issued to reflect a different currency, charging
Spectrum Fund O Inc 256.40 - -1.28 0.44
Global Total Fd PCG INT 364.20 - -4.83 0.00 structure or type of holder.
Trojan Ethical O Acc 121.38 - -0.66 0.07

Orbis Investments (U.K.) Limited (GBR)

Trojan Ethical O Inc 121.14 - -0.66 0.06 Selling price: Also called bid price. The price at which units in a unit trust are
28 Dorset Square, London, NW1 6QG Trojan Ethical Income O Acc 139.79 - -1.16 2.10 sold by investors.
www.orbis.com 0800 358 2030
Ministry of Justice Common Investment Funds (UK)
Property & Other UK Unit Trusts
Regulated
Orbis OEIC Global Cautious Standard £ 10.65 - -0.06 0.02
Slater Trojan Ethical Income O Inc 121.26 - -1.01 2.13
Buying price: Also called offer price. The price at which units in a unit trust are
MMIP Investment Management Limited
Regulated
(GSY)
The Equity Idx Tracker Fd Inc
Distribution Units
1892.00 - -19.00 1.67
Orbis OEIC Global Balanced Standard £ 16.52 - -0.11 2.45 Investments Trojan Fund O Acc

Trojan Fund O Inc

361.91

292.94
-

-
-1.97 0.25

-1.60 0.25
bought by investors. Includes manager’s initial charge.

Multi-Manager Investment Programmes PCC Limited Orbis OEIC Global Equity Standard £ 21.01 - -0.31 1.97
Purisima Investment Fds (CI) Ltd (JER) Trojan Global Equity O Acc 467.40 - -4.39 0.14 Single price: Based on a mid-market valuation of the underlying investments. The
UK Equity Fd Cl A Series 01 £ 3014.81 3047.32 185.54 0.00 Regulated
Orbis OEIC UK Equity Standard £ 9.67 - 0.02 2.82
Trojan Global Equity O Inc 385.67 - -3.62 0.14 buying and selling price for shares of an OEIC and units of a single priced unit trust
Diversified Absolute Rtn Fd USD Cl AF2 $ 1758.28 - -0.91 0.00 PCG B X 326.40 - -0.14 0.00
Trojan Global Income O Acc 137.56 - -1.58 2.95 are the same.
Diversified Absolute Return Stlg Cell AF2 £ 1646.04 - -0.85 0.00 PCG C X 318.66 - -0.14 0.00
Trojan Global Income O Inc 121.06 - -1.39 3.01
Global Equity Fund A Lead Series £ 1751.72 1757.59 85.88 0.00 Treatment of manager’s periodic capital charge: The letter C denotes that
Trojan Income O Acc 341.27 - -3.36 2.65
the trust deducts all or part of the manager’s/operator’s periodic charge from
Trojan Income O Inc 175.18 - -1.72 2.72
Mirabaud Asset Management (LUX) Slater Investments Ltd (UK) capital, contact the manager/operator for full details of the effect of this course of
www.slaterinvestments.com; Tel: 0207 220 9460
www.mirabaud.com, marketing@mirabaud-am.com action.
Conviction based investment vehicles details available here www.mirabaud-am.com FCA Recognised
Regulated Slater Growth 779.17 779.17 -3.27 0.00
Mir. - Glb Strat. Bd I USD $ 123.07 - 0.00 0.00 Exit Charges: The letter E denotes that an exit charge may be made when you
Slater Income A Inc 144.30 144.30 -1.01 5.22
Mir. - DiscEur D Cap GBP £ 205.92 - -3.35 0.00
sell units, contact the manager/operator for full details.
Slater Recovery 367.19 367.19 -2.72 0.00

Marlborough Fd Managers Ltd (1200)F (UK)

Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
Slater Artorius 339.37 339.37 8.79 - Time: Some funds give information about the timing of price quotes. The time
www.marlboroughfunds.com shown alongside the fund manager’s/operator’s name is the valuation point for
Authorised Inv Funds Unicorn Asset Management Ltd (UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 their unit trusts/OEICs, unless another time is indicated by the symbol alongside
Balanced 232.37 232.37 -1.16 0.17
Authorised Inv Funds
the individual unit trust/OEIC name.
Bond Income 51.62 51.62 0.02 3.17 UK Growth A Inc 753.68 - -2.47 -

The symbols are as follows: ✠ 0001 to 1100 hours; ♦ 1101 to 1400 hours; ▲
Cautious Inc 90.99 90.99 -0.33 2.05 Platinum Capital Management Ltd Mastertrust A Inc X F 641.57 - -5.96 0.45
Other International Funds
Emerging Markets 356.93 356.93 -2.66 0.87 UK Growth B Inc 760.74 - -2.47 0.26
Platinum All Star Fund - A $ 146.55 - - -
1401 to 1700 hours; # 1701 to midnight. Daily dealing prices are set on the basis of
Ram Active Investments SA
ETF Commodity A 73.07 73.07 0.00 0.00
www.ram-ai.com
Mastertrust B Inc X F 577.08 - -5.33 1.05 the valuation point, a short period of time may elapse before prices become
Platinum Global Growth UCITS Fund $ 14.21 - -0.16 0.00
European Multi-Cap 737.06 737.06 -9.18 0.00 Other International Funds Outstanding British Cos A Acc X F 321.77 - -0.23 0.14 available. Historic pricing: The letter H denotes that the managers/operators will
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Extra Income 91.67 91.67 -0.73 2.82
RAM Systematic Emerg Markets Eq $ 245.67 245.67 2.28 -
Outstanding British Cos B Acc X F 349.59 - -0.24 -
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RAM Systematic Funds Global Sustainable Income Eq $ 152.22 152.22 0.02 0.00 because of an intervening portfolio revaluation or a switch to a forward pricing
Global 309.11 309.11 -2.97 0.11 UK Smaller Cos B Inc X F 689.73 - -0.51 0.75
basis. The managers/operators must deal at a forward price on request, and may
RAM Systematic Global Eq Sustainable Alpha $ 109.76 109.76 0.44 -
Global Bond Inc 152.65 152.65 -0.60 2.26 UK Income A Acc X F 333.18 - -0.92 - move to forward pricing at any time. Forward pricing: The letter F denotes that that
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Healthcare Blue Chip Fund I USD Acc $ 17.27 17.27 -0.01 0.00

Healthcare Opps I USD $ 65.90 - -0.77 0.00

Income Opportunities B2 I GBP Acc £ 2.58 2.58 -0.03 0.00

Japan Value I JPY ¥ 126.13 126.13 -1.87 -

North American I USD $ 35.85 35.85 -0.30 0.00 Ruffer LLP (1000)F (UK)
Oasis Crescent Management Company Ltd 65 Gresham Street, London, EC2V 7NQ
Other International Funds UK Val Opp I GBP Acc £ 13.47 13.47 -0.13 - Order Desk and Enquiries: 0345 601 9610
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Balanced Fund Personal Class Units 5649.90xd - -52.50 1.18 LF Ruffer European C Inc 169.27 - 0.35 0.08
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Authorised Funds
Income Fund Personal Class Units 2769.60xd - -13.90 2.15 LF Ruffer European O Acc 903.70 - 1.81 0.00
Aptus Global Financials B Acc £ 4.40 - -0.02 3.77
Emerging Markets Fund Personal Class Units 2288.80xd - -12.10 1.40 LF Ruffer Equity & General C Acc 541.77 - 1.01 0.16
Aptus Global Financials B Inc £ 3.02 - -0.01 -
Smaller Companies Fund Personal Class Units 7378.20xd - -62.00 0.83 LF Ruffer Equity & General C Inc 495.48 - 0.92 0.17
Polar Capital LLP (CYM)
Regulated LF Ruffer Equity & General O Acc 527.87 - 0.96 0.00
OGM Oasis Crescent Global Investment Funds (UK) ICVC (UK)
Regulated European Forager A EUR € 200.93 - 10.08 0.00 LF Ruffer Equity & General O Inc 488.72 - 0.88 0.00
OGM Oasis Crescent Global Short Term Income Fund USD Class A Shares (Dist) $ 0.99 - 0.00 1.70
LF Ruffer Gold C Acc 277.73 - 5.00 0.00
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LF Ruffer Gold C Inc 168.09 - 3.03 0.00
OGM Oasis Crescent Variable Fund GBP Class A Shares (Dist) £ 10.16 - -0.03 0.01
LF Ruffer Gold O Acc 270.50 - 4.85 0.00
OGM Oasis Crescent Global Income Fund USD Class A Shares (Dist) $ 11.10 - 0.01 2.48
LF Ruffer Japanese C Inc 178.26 - 0.99 0.06
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LF Ruffer Japanese C Acc 383.05 - 2.13 0.06
20
Tiler Peck and William
Forsythe tell Laura Cappelle
how they created a daring
new dance piece via Zoom
I
t took a pandemic for two of the big-
gest names in ballet to carve out a
collaboration. For several years, the
choreographer William Forsythe
and Tiler Peck, a principal dancer
with New York City Ballet, attempted to
schedule rehearsal time together — only
for flu and injury to derail the project.
“We kept getting foiled by biology,” For-
sythe says from his home in Vermont.
As dance companies shut down last
year due to Covid-19 restrictions, how-
ever, the two found themselves with
time on their hands. “I texted him to
say: Bill, what are you doing?,” Peck
says. “I have this crazy idea. What if we
put on a show and film it?”
The result — created over Zoom last
summer — is The Barre Project, a delecta-
ble half-hour of classical choreography
set to songs by English musician James
Blake, which will stream on Sadler’s
Wells Digital Stage from early May. Pro-
duced by the online dance platform CLI
Studios, it was filmed at La Mirada The-
atre in California, with Forsythe super-
vising Peck and her three male partners
(Lex Ishimoto, Brooklyn Mack and
Roman Mejia) from Vermont.
While the 71-year-old Forsythe and
32-year-old Peck are decades apart in
age, The Barre Project indicates that they
share an understanding of ballet as a
malleable, deeply musical art form. For-
sythe is widely credited with pushing
and stretching classical dance in new
directions from the 1980s onwards;
Peck, a bona fide New York City Ballet
star who has also appeared in musicals,
is so attuned to ballet scores that she
often appears to be bending them to her
will onstage.
“She has one of the great ears,” For-
sythe says of Peck. “Sometimes she
pointed things out to me in her dancing.
It is uncanny.” Peck returns the compli-
ment. “I thought I was really musical,”
she says with a laugh. “It’s like the
underbeat that he hears.”
Still, the vagaries of Zoom — when
Forsythe played the music, Peck was
always a beat late, due to a slight trans-
mission delay — forced them to adjust
the creative process. Instead of demon-
strating new steps live, Forsythe took to
Stretched in a new direction
recording himself trying out multiple
versions of the choreography before
sending Peck his favourite. Both say it
lessened the pressure of “performing
genesis”, as Forsythe puts it. “Some-
times you can feel like you’re taking too
long,” Peck says of learning new mate-
rial. “I could really process the details.”
The subtitle for The Barre Project,
“Blake Works II”, suggests a sequel of
sorts to Blake Works I, a work Forsythe
created for the Paris Opéra Ballet in
2016. Peck was already on the choreog-
rapher’s mind at the time. “When I was
making it, every morning I’d be on the
elliptical, and on my phone I would
watch her in Balanchine’s Theme and
Variations. It was just such extraordi-
nary dance thought,” Forsythe says.
Peck happened to be on tour in Paris
around the same time, and popped by
the Paris Opéra Ballet to watch Forsythe
rehearse. At his invitation, she then
dashed from the Théâtre du Châtelet,
after dancing Balanchine’s Serenade, to
the Opéra to catch the world premiere.
“He just made ballet so accessible,”
Peck says of Forsythe’s effervescent
★ FINANCIAL TIMES
ARTS
return to the form. At the time, the cho-
reographer was fresh off nearly 15 years
of contemporary experimentation with
his own troupe, The Forsythe Company,
which folded in 2015. He has since
returned to classical companies with a
fresh sense of playfulness, delighting
anew in the traditions of ballet.
The Barre Project actually started out
as a tribute to the teachers who guide
dancers through exercises every day at
the barre. “They choreograph every
day, and no one acknowledges them as
choreographers,” he says, mentioning
Gilbert Mayer and Finis Jhung among
the teachers from whom he has bor-
rowed combinations.
It is also an introduction to Forsythe’s
longstanding interest in structuring
Above from main: dancers movement to sustain viewers’ attention
in ‘The Barre Project’; — an interest steeped in neuroscience.
choreographer William He points to the spare second move-
Forsythe. Right: New York ment in The Barre Project, which shows
City Ballet principal hands moving on a barre. “The first
dancer Tiler Peck movement is incredibly dense, compli-
AFP via Getty; Sylvain Thomas/AFP via Getty
cated movement. I need to give the audi-
ence a breather, a relief from the com-
plexity. Changing the rate of informa-
tion at the right time is very important.”
Forsythe and Peck hope to bring a
reworked version of The Barre Project to
the stage soon. A Blake Works III is also
on Forsythe’s mind. “Musicologically, it
is incredibly sound,” he says of Blake’s
VTubers and the women behind the masks
GAMING
Tom
Faber
C
odeMiko is a video game
character without a game.
The pink-haired avatar lives
on Twitch, the live stream-
ing platform owned by Ama-
zon, where she chats with her half-
million fans and interviews internet
personalities in a signature style
marked by absurdist humour and non
sequiturs. Her videos are immensely
enjoyable, and they might just signal the
next frontier of digital entertainment.
Controlling Miko is a human actress
and programmer wearing a motion cap-
ture suit, known only as “The Techni-
cian”. When The Technician moves or
speaks, the Miko avatar mimics her
precisely onscreen. This set-up is a varia-
tion on the virtual YouTuber, or
VTuber, a phenomenon where live
streamers host videos as fictional char-
acters, masked behind cutesy anime
avatars. As of last October, VTuber
streams on YouTube were clocking up
more than 1.5bn views a month. It may
seem curious that audiences choose ani-
mated figures over real humans, but the
VTuber concept offers surprising advan-
tages to both viewers and streamers.
The trend started in Japan in 2016
with Kizuna AI, an anime girl with huge
eyes and a pink bow who became the
first breakout VTuber. Like Miko,
Kizuna’s fiction includes the fact that
she is not human, in this case claiming
to be powered by artificial intelligence
(she is in fact voiced and controlled by
an actress). Her streams playing games
and chatting with fans became so popu-
lar that in 2018 she was selected to
become a cultural ambassador for
Japan’s tourist board.
Kizuna was created by a start-up
named Activ8, one of several agencies
who design characters and hire actors to
embody them online, earning revenue
through donations using YouTube’s
Super Chat function. The most success-
ful of these, Hololive, last year unveiled
a line of English-speaking characters to
break into the western market.
Yet with motion capture technology
compositions. “Structurally it’s straight-
forward, it’s built like pop, but the
pieces of it are extremely complicated.”
Is he in touch with the musician during
the creation process? “I try not to bother
him — he's a big pop star. I sent The
Barre Project to his dad and mom — they
were thrilled.”
Still, when I ask if he would commis-
sion a new dance score from Blake, For-
sythe shakes his head. In one of The
Barre Project’s interludes, he says he
likes to live with a piece of music for “at
least five years”; it’s also a way of sparing
companies the uncertainty. “Commis-
becoming increasingly accessible, many
of today’s VTubers are not created by
companies — anybody with a few thou-
sand dollars can purchase a character
model and the tech to start streaming as
their own fictional entity.
CodeMiko is run by just such an inde-
pendent operator, whose innovations
make her a more engaging proposition
than your average VTuber. She allows
viewers to pay to have words of their
choice flash across her clothing, to
change her outfit or body shape, and
even to kill her (being a virtual charac-
ter, she respawns immediately).
Her masterstroke is peeling back the
fourth wall. While most VTubers keep
While their faces may
not be real, their reflexes,
jokes and relationships
with fans certainly are
their real identities secret, The Techni-
cian is a parallel character: the human
who, after a long day playing Miko, hosts
her own stream to chat about life and
occasionally call her boyfriend.
It is a bogglingly postmodern con-
struct. The Miko project combines the
intimacy and spontaneity of livestream-
ing with the interactivity and limitless
possibilities of the virtual world. Her
explosive popularity has turned a one-
woman operation into an entertain-
ment venture with a full team behind it.
Despite a temporary ban on Twitch,
Miko has mostly avoided the controver-
sies that haunt other VTubers. Japanese
Wednesday 21 April 2021
sions are always a crapshoot. Resources
for dance companies are so hard to
come by, and the idea that I couldn’t
secure a good reception for something —
I wouldn’t do that to them.”
After nearly a lifetime of touring and
going from company to company, the
pandemic has accelerated Forsythe’s
plans to slow down and spend more
time in Vermont, where he has a fully
equipped dance studio. “I knew it was
nice here, but now it really makes
sense,” he quips.
From Vermont, he also directed an
installation for the brand-new building
of the Kunsthaus Zurich museum,
which opens this week. An “acoustic
treasure hunt”, created with church
bells of various sizes, it aims to be acces-
sible to blind and deaf visitors. “I learnt
a lot,” Forsythe says. “Deaf persons, for
instance, receive sound through their
feet, through their skin.”
Working from home, which in his case
The project shows that
Forsythe and Peck share
an understanding of
ballet as a malleable,
deeply musical art form
comes with 200 hectares of forest,
allows Forsythe to spend hours every
day in the woods, “schlepping dead
trees, clearing this and that, assessing
wind and storm damage,” he says.
“We’re foresting for wildlife and diver-
sity. Of course, I won’t live to see it all.
I've only been here 25 years: in that
time, the forest changes dramatically,
but it’s going to take another 75 or 100
years to see real change.”
That sense of perspective has spilled
over into his professional life. “It’s really
good being old, because you don’t care,”
he says. He’s grown amused by precon-
ceptions about his work, including the
idea that it requires wild leg extensions
from dancers (bred in part by his collab-
orations with Sylvie Guillem). “People
think my mode is to have the legs up
here,” he says, gesturing to his ears, “and
then they treat everything that way.
They're like: it’s Forsythe! And I’m
like . . . No, it’s not.”
He will return to London next season
to work with English National Ballet,
which is due to present a full evening of
his work in 2022, but there may be more
rehearsals from Vermont in his future.
“I like being in Paris, in London or in
New York,” he says. “But I also like being
here. It’s a good place to be.”
May 6-16, sadlerswells.com
agencies like Hololive have faced some
criticism over their use of workers via a
system where actors can be replaced at
any time, and the treatment of employ-
ees who face online harassment.
Another issue is the exaggerated sex-
ualisation of these characters, almost all
young women, often scantily clad. One
popular VTuber, Projekt Melody, sup-
plements her family-friendly streams
with sexually explicit content.
For female streamers, who are often
subjected to vicious judgments of their
appearance, putting on the cartoon
mask of a VTuber can be a relief. Last
autumn, one of the world’s most popu-
lar female streamers, Pokimane,
debuted an anime model of herself, cit-
ing exhaustion at always having to be
perfectly made up.
Meanwhile for audiences, empathis-
ing with the artificial face of a VTuber is
not so different from the relationships
they are used to forging with game char-
acters. A recent YouTube survey found
that 47 per cent of viewers are “open to
watching content from creators or char-
acters who are fictional or virtual”. In
the VTuber-fan relationship, both par-
ties suspend disbelief, collaborating in
an illusion not unlike a play in a theatre.
Internet personalities are always
engaged in performing themselves and
VTubers simply make this explicit.
While their faces may not be real, their
gaming reflexes, off-the-cuff jokes and
intimate relationships with fans cer-
tainly are. One Reddit user compared
following VTubers to watching real-life
streaming personalities: “The experi-
ence is exactly the same. I am charmed
by the person behind these avatars.”
Extremely
expressive:
CodeMiko
Wednesday 21 April 2021
Veterinary care is being transformed by rapid acquisitions. While some welcome the changes to a sector
once dominated by small, local practices, the debt-fuelled drive is also prompting a political backlash.
Private equity’s bet on a cottage industry
O
n August 22 2019, an Irish
farmer sought urgent
treatment for a calf with a
broken leg. He hauled it to
Donegal Animal Hospital,
which served thousands of animal own-
ers around the town of Letterkenny.
But treatment was not forthcoming
there. The practice had been abruptly
shut down that day by its owners, pri-
vate equity-backed UK veterinary care
company IVC Evidensia. According to
three witnesses and documents from
the practice, although some vets were
still present, the man was told to seek
help elsewhere — which the farmer
eventually did.
“The cow was in serious pain,” says
Robert Gilchrist, a farmer who was
trying to collect medicine at the time
and who says he was shocked at the
delay in providing pain relief. “The man
that owned the calf said ‘What kind of
business are you running?’ The vets
there . . . told them to go away.”
IVC says the animal was seen that day
by a different practice, while another
surgery had immediately taken over
farm animal cases and medical records.
It says the matter was handled properly
and the closure of the practice “had no
impact on the treatment of the animal”.
Yet the abrupt closure of the practice,
after 22 years of providing veterinary
care in the area, created political waves.
‘There are people who
have no idea that [many
of] the practices in their
local area are owned
by the same company’
The Donegal business was one of more
than 300 taken over by IVC that finan-
cial year as part of a wider consolidation
of independent surgeries around
Europe, driven by its owners, Swedish
private equity group EQT.
IVC’s acquisition spree is a test case of
what happens when the private equity
model is applied to the modern version
of a cottage industry — historically, vets
have tended to be small, locally owned
businesses.
The company believes its greater
scale can bring better management to
vetcare and introduce new technology
and training that will help with both
administration and animal care. Its sup-
porters say that in an industry tradition-
ally dominated by men, it offers careers
more suited to younger women with
families. “Our decentralised model pro-
motes innovation and clinical inde-
pendence for our vets, balanced with
integrated support functions such as
procurement, veterinary advisers and
clinical boards,” says IVC.
But the episode in Donegal has helped
galvanise some opposition to IVC. Some
critics say that, in an industry that
straddles business and public service,
the private equity approach tips the
scales too far towards profits.
The political backlash has been par-
ticularly strong in Ireland. Irish law-
maker Jackie Cahill has brought for-
ward a private members’ bill aiming to
bar corporates from running veterinary
practices — something that was only
permitted four years ago.
He says the closure of the practice left
some farmers without access to 24-hour
service. “The corporate structure . . .
has failed in the UK,” where it is more
common, having begun more than two
decades ago, Cahill says. “What hap-
pened in Donegal, we don’t want to see
that happening again.”
Vets, like doctors, often step in to treat
emergencies even in tough circum-
stances, and UK and Irish professional
bodies say animal welfare should be
their priority. Other animal owners
were affected by the Donegal closure,
which IVC says was for regulatory and
staffing reasons. “Farmers were left
without access to veterinary services
and it even caused difficulties for neigh-
bouring practices who simply weren’t in
a position to take over the workload,”
says Finbarr Murphy, chief executive of
industry group Veterinary Ireland.
Buying up clinics
The rise of IVC illustrates the rapid
transformation private equity can bring
when it sweeps through an industry.
The company has been on a debt-
fuelled expansion. Since EQT bought
IVC in 2016 and merged it with Swedish
group Evidensia in 2017, it has been on a
clinic-buying spree, snapping up inde-
pendent practices and small chains and
rolling them into what is now Europe’s
★ FINANCIAL TIMES
FT BIG READ. MEDICAL SERVICES
By Judith Evans and Kaye Wiggins
Above: vets
inspect cattle.
IVC Evidensia
largest vetcare provider with 1,500 sites.
“It’s a giant acquisition machine,” says
a former employee. “IVC was just mint-
has been praised ing millionaires across the UK.” A vet
for a graduate who sold his practice to the group
scheme that says he “almost fell off his chair” on
includes two hearing how much it was offering. The
years of clinical vet, who requested anonymity, says IVC
coaching. Below: mistook his shock for hesitation — and
lawmaker Jackie increased its offer.
Cahill has
brought forward
To the outside world, the transform-
ation of hundreds of vet practices
a bill aiming to has been largely invisible. Some of its
bar corporates surgeries emphasise their longstanding
from running local connections and family-run
veterinary approach and IVC avoids rebranding
practices in them when it takes over. “People like to
Ireland. Bottom: take their dog to the local vets and not
pet owners have feel like it’s a corporate machine,” one
faced increased adviser close to the company said.
prices for The IVC deal stands to be lucrative for
treatments its owners. It had been preparing to float
SeventyFour Images/Alamy
in London this year until a last-minute
change of course. Instead, in a February
deal, Nestlé and California-based pri-
vate equity group Silver Lake agreed to
lead a €3.5bn investment at a valuation
of €12.3bn. At the same time, the EQT
fund that bought IVC sold most of its
stake and a newer EQT fund bought in.
The valuation is four times higher
than just two years ago, and more than
32 times IVC’s earnings in the year to
March — far higher than the levels at
which buyout groups typically buy busi-
nesses, with the 2020 average in Europe
being 12.6 times earnings, according to
a Bain & Co report. It is a “stratospheric
valuation compared with those typi-
cally seen in leveraged finance”, accord-
ing to a report published this month by
data provider 9Fin.
Such a valuation stands to make a
big contribution to the pool of so-called
“carried interest” bonus payments
available to EQT executives, under
standard private equity pay structures.
On buying a practice, IVC centralises
procurement and finance and appoints
business support managers to oversee
practices. IVC sets financial targets for
practices that several vets described as
challenging. It recommends drug prices
centrally, but says local practice man-
agement ultimately decides what to
charge. However, the effort to meet tar-
gets can lead to steep price increases.
One vet in southern England says the
price of Metacam, a widely dispensed
painkiller, rose at their practice by 28
per cent to £82.79 for a 100ml bottle
after IVC took over. The price of Pro-
Zinc, an insulin for diabetic cats, rose
39 per cent to £99.34, the vet says, and
Fortekor, a heart medication, rose more
than 78 per cent to £76.85.
“We probably were undercharging
before, but it’s difficult when the client
comes in and this has gone up by 30 per
cent, that by 40 per cent,” says the vet,
who asked not to be named. IVC says
drug price increases recommended by
head office have been more modest,
with Metacam rising by 5.6 per cent on
average, ProZinc 6.8 per cent and Forte-
kor 9.9 per cent between October 2019
and December 2020.
The surgeries run by IVC have also
stripped back an informal practice of
discounting fees for struggling patients,
says another former practice owner,
‘I don’t think there is
anyone better at
acquiring veterinary
practices [than IVC]. It is
ahead of the curve’
who sold to IVC. “Vets are terrible. We
all discount our fees massively to clients
to help them, we do payment plans and
all that sort of thing. [Corporates are]
very much less flexible,” the vet says.
IVC says it has a £1m hardship fund
for clients in need, while clinical direc-
tors have discretion on pricing for
“hardship cases”.
While IVC says it has less than 20 per
cent market share across the UK, it has
established a considerable presence in
some areas. As of 2020, the latest figures
available, there were 29 local areas of
the UK — defined using administrative
boundaries which in most cases corre-
spond to local government districts —
that had five or more vet practices of
which IVC operated at least half, accord-
ing to research by Aldwych Partners, an
advisory firm, out of 400 areas in total.
The company says those local areas in
isolation do not indicate competition
concerns and that there is sufficient
choice and competition.
“I bet there are a load of people out
there who have no idea that [many of]
the practices in their local area are
owned by the same company,” says
Andrew Taylor, co-founder of the
consultancy and a former senior direc-
tor at the UK Competition Commission,
the precursor to the Competition and
Markets Authority. “At some point [the
industry] is likely to be a candidate
for the CMA to investigate.”
The figures, which exclude equine
and farm animal practices, were derived
from a practice-finder tool on the com-
pany’s website in February 2020.
One Northern Irish customer says she
took her two-year-old cat to the vet
without realising the practice had been
taken over. “What struck me most of all
was the turnover in vets and nurses, a
new one each day, and each day I had to
brief them on my cat’s needs,” she says.
IVC says it uses practices’ websites,
adverts, posters and stationery to
inform customers it owns a practice.
While it provides continuity of care for
appointments booked in advance, cli-
ents needing emergency treatment see a
vet on a duty rota. It adds: “As Europe’s
largest veterinary care provider, we pro-
vide the highest quality care to our
patients, and operate in a very competi-
tive market which has six large national
groups and thousands of independents.”
Vetcare boom
EQT — the owner of IVC — is one of sev-
eral large businesses to have rushed into
vetcare in recent years. Rival vet groups
include Aim-listed CVS; Vets4Pets,
owned by retailer Pets at Home; private
equity-backed Medivet; private equity-
owned VetPartners; and Linnaeus,
owned by US confectionery giant Mars.
In 2019, the Royal College of Veterinary
Surgeons said more than four in 10 UK
vets worked either for a corporate or a
joint venture with a corporate.
Investors are drawn to the idea that
owners are spending ever-larger sums
on their animals, from higher quality
food and treats to fashion accessories
such as quilted dog coats, to more com-
plex surgical procedures when pets or
other animals are ill. Spending on UK
veterinary services hit £4.5bn in 2019, a
57 per cent rise since 2015, according to
the Office for National Statistics, and is
expected to rise after Covid-19 lock-
downs boosted pet ownership.
IVC is among those to have benefited.
Its like-for-like sales, excluding the
impact of acquisitions, grew 8 per cent
in both 2019 and 2020, due to rising
demand, its “pricing initiatives” and
more complex treatments, a Moody’s
report published this month said.
EQT forecasts rapid growth at the
company, with earnings before interest,
tax, depreciation and amortisation pre-
dicted to rise from £248m in the year to
September 2020 to £400m the follow-
ing year and about £500m in 2022,
according to people familiar with the
company. Its owners expect about two-
thirds of revenue growth to come from
buying more practices, with the rest
from a growing market, the people say.
While some vets criticise the sort
of rapid acquisition that IVC and others
have conducted, others point to gains,
saying the trend has benefited a
younger, female-dominated generation
of vets. “The old-fashioned way of
21
1,500
IVC Evidensia’s
running a practice, [vets] were mainly
men and the practices were mainly
small, you worked all the hours God
vetcare sites in sends and there was no work-life bal-
Europe, making it ance and then you got your partner-
the region’s largest ship,” says one vet.
provider. IVC merged
with Swedish group Several vets contacted by the FT
Evidensia in 2017 praised IVC’s graduate scheme, which
includes two years of professional devel-
opment and clinical coaching. James
€3.5bn
Latest funding led
Harris, who worked for IVC for two
years after it bought the White Cross
by Nestlé and Silver chain of practices where he was a direc-
Lake in February, tor, says he supports the IVC model.
valuing IVC “I don’t think there is anyone better
Evidensia at €12.3bn in the industry at acquiring veterinary
practices. There has to be a change in
£4.5bn
the way we provide veterinary services
to make businesses successful in the
Spending on UK medium to long term. The current busi-
veterinary services ness model is not sustainable. IVC is
in 2019, a 57% rise ahead of the curve on that.”
since 2015, according
to the Office for Arbitraging acquisitions
National Statistics
IVC’s race for growth is the latest large
example of a model used widely by the
private equity industry. Known as a
“roll-up”, it involves buying large num-
bers of smaller or independent busi-
nesses using debt and merging them
into a large group that can cut costs with
economies of scale. Rival buyout groups
have snapped up dental surgeries and
petrol stations in a similar way.
In the process, the companies typi-
cally amass large debts. IVC’s junk-rated
net debts and leases total £2bn, or 6.2
times the £322m it earned before inter-
est, tax, depreciation and amortisation
in the year to March, according to fig-
ures the company shared with lenders.
The rating agency Fitch has catego-
rised IVC’s debts as “highly speculative”,
meaning that while the company can
currently repay them, there is a “mate-
rial” risk of future default and its ability
to repay is “vulnerable to deterioration
in the business and economic environ-
ment”. IVC says its debts are prudent
and are expected to fall further as the
company grows, and that it is able to
invest in the business as it sees fit.
Lenders providing that financing will
be reassured that its €12.3bn valuation
far outstrips its debt load, says Steven
Hunter, chief executive of 9Fin. “Quite a
lot has to go wrong before the debt starts
to get impaired,” he says.
However, the debt raises the pressure
for the business to perform, leaving less
room for manoeuvre if revenues fall.
IVC’s owners hope to encourage use of
a subscription service for vaccinations
and routine treatments, creating what
the private equity industry refers to as a
recurring revenue stream.
Some of the business of treating sick
and injured animals is less amenable to
organic growth, however. “On the non-
routine side of vetting, there is very little
you can do to drum up work,” says one
former IVC vet. “You can’t rustle up a
road traffic accident.”
22
WEDNESDAY 21 APRIL 2021
Western unity is key to
dealing with Russia
Military build-up on Ukraine border is a threat to European security
In the army bases of southern Russia
and the airfields of annexed Crimea,
troops and tanks, helicopters and fight-
ers are massing once again. The Penta-
gon says Russia’s military build-up on
the borders of neighbouring Ukraine is
bigger even than before its armed
intervention in 2014-15; German chan-
cellor Angela Merkel on Tuesday called
the situation “extremely tense”. Amer-
ica’s ambassador to Moscow is flying
home for consultations. What western
countries say and do now may deter-
mine just how far Russian president
Vladimir Putin is prepared to go.
Kremlin critic Alexei Navalny,
meanwhile, lies gravely ill in a prison
hospital after weeks of hunger strike.
The opposition leader was jailed on a
spurious pretext after his bold return
to Russia from Berlin where he recu-
perated from an attempted assassina-
tion using the novichok nerve agent.
Half a million Russians have registered
online to take part in protests in Nav-
alny’s support on Wednesday, hours
after Putin makes a State of the Union
address. Russia’s military manoeuvres
near Ukraine, however, are far more
than a diversionary tactic from the
Navalny affair and domestic disquiet
over a stagnant economy. The Kremlin
is determined to prevent the integra-
tion into the west of what it views as a
Slavic brother state and strategic buffer
zone. The Minsk II accord that presi-
dent Petro Poroshenko signed in 2015,
his forces pinned down by Russian-led
militias in eastern Ukraine, seemed to
give Moscow leverage. It promised the
breakaway Donbass republics a place
in Ukraine’s power structures and an
effective veto on its political course.
Six years on, much of the Minsk deal
is unimplemented by either side, and
Volodymyr Zelensky, the comic actor
who succeeded Poroshenko as presi-
dent in 2019, has proved less biddable
than Moscow expected. Putin, some
EU green finance rules
must be sustainable
Investors need a robust guide to climate-friendly businesses
The EU is rightly recognised as a green
policy pioneer. Its members invented
financial subsidies that helped to kick
off today’s global renewable energy
industry. It is home to the world’s first
major carbon market. It made some of
the earliest and boldest pledges to cut
carbon emissions, even if the UK and
other large economies will be announc-
ing moves this week to accelerate
reductions linked to the summit con-
vened by US President Joe Biden.
Being first can be fraught, however,
which the EU is finding as it tries to
finalise a contentious guide to what
counts as an environmentally-friendly
economic activity. Brussels must find a
way to finish this work that is both sci-
entifically and politically sustainable,
not least because whatever it does will
influence wider efforts to tackle cli-
mate change.
The EU has calculated that to meet
its goal to become the world’s first cli-
mate-neutral bloc by 2050, it will need
€1tn of sustainable investment in the
next decade. This cannot come from
the public sector alone. Private inves-
tors must be involved, but to do that
they need to know where to put their
money, and what greenwashing dodges
to avoid. Enter the clunkily-titled EU
taxonomy, a list of activities deemed to
be environmentally sustainable. The
European Commission has spent more
than three years working on this classi-
fication system, prompting heated con-
troversy throughout.
Atomic energy advocates say exclud-
ing nuclear from the list is unscientific
and unfair. Countries such as Poland
want natural gas to stay on it, as they
plan to use the fuel to help cut emis-
sions as they shift away from coal, a
dirtier fossil fuel. Climate campaigners
say they are dismayed by the taxon-
omy’s relaxed rules for forestry and
burning wood for energy, an important
source of power in Nordic countries.
longtime Russia watchers suggest,
wants closure. Only he and his inner
circle know his real intentions, but Rus-
sia has proved ready both to rattle
sabres to scare neighbours into conces-
sions, and to use force directly — even
in the heart of the European continent.
As they seek to respond to Russia’s
challenges on multiple fronts, the first
priority for western democracies must
be clarity and consistency of messaging
and action. French president
Emmanuel Macron’s attempts at
“trust-building dialogue” with Putin in
recent years, though well intentioned,
yielded little but muddied the diplo-
matic waters. For all Merkel’s concerns,
her government still supports the Nord
Stream 2 pipeline that will deliver more
Russian gas direct to Germany.
It is vital the US and its allies are
united in stressing that further Russian
aggression towards its sovereign neigh-
bour of more than 43m people would
carry substantial costs. They should
make clear their willingness to supply
lethal and non-lethal military aid to
Ukraine if it is attacked, including anti-
tank and other defensive systems.
Though Nato countries are rightly
wary of being sucked into a conflict
with a nuclear-armed Russia, they
should be ready to strengthen their
own forces as a deterrent.
The US and EU should be ready, too,
to step up economic sanctions. Presi-
dent Joe Biden last week banned US
financial institutions from buying new
Russian sovereign debt as punishment
for alleged cyber hacking, signalling a
willingness to use the US financial sys-
tem against opponents. European
countries should redouble efforts to
reduce reliance on Russian fossil fuels,
including finally blocking Nord Stream
2. If the west wants to appear serious
about preventing Russia’s leader from
trampling on international norms, it
must be prepared to bear some costs.
While influential thinkers in the green
finance field argue the taxonomy is so
purist it will exclude too many invest-
ments. It should instead be aiming for
“50 shades of green”, says Mark Car-
ney, former Bank of England governor.
Some of this criticism has been taken
on board. Criteria developed for the
taxonomy divide activities into three
categories, low carbon, enabling and
transition, that acknowledge the zero-
carbon shift will not happen overnight.
Activities in the low carbon category,
such as solar farming, are already cli-
mate neutral. “Enabling” activities,
such as making solar panels, contribute
to that neutrality. “Transition” covers
areas such as high-tech cement making
that do not yet comply but are econom-
ically important and lack low-carbon
alternatives. This category is to be reg-
ularly reviewed. Doubtless much else
will require review as well. But the EU,
and any country or organisation with a
net-zero target, cannot ignore the sci-
entific calculation at the heart of the
climate problem the taxonomy is try-
ing to address.
The world has taken so long to
develop adequate green financing and
emissions reduction policies that it is
running out of time. UN reports show
global emissions should fall by around
45 per cent by 2030 to have a reasona-
ble chance of meeting the safest global
temperature goal in the 2015 Paris cli-
mate agreement. There is no sign of
anything approaching this fall at
present. New investment in fossil fuels
will be all but impossible if that target is
to be met.
The EU controversy is just a forerun-
ner. Other countries are now eyeing
their own green taxonomies and many
will look to Brussels for guidance. If it
ends up with a system that allows the
greenwashing it is supposed to prevent,
the consequences will be felt well
beyond the bloc itself.
★ FINANCIAL TIMES
Letters
China’s currency ambitions are constrained by its trade policy
Michael Hasenstab’s argument
(Markets Insight, April 15) that China’s
adoption of a central bank digital
currency will be a driving force behind
the renminbi’s rise as a reserve
currency omits to mention the
elephant in the room: capital account
restrictions.
As he rightly states, currencies are
more prized as reserve assets when
they are widely used in international
US must suspend its
Covid-19 vaccine patents
I agree with the former leaders and
Nobel laureates in the article “Former
world leaders call on Biden to suspend
Covid-19 vaccine patents” (Report,
April 14). Both vaccines and vaccine
technology must be shared in the
interest of equity and science.
There is every reason to believe that
Covid-19 will continue to develop more
dangerous variants wherever it
remains uncontrolled. We’re creating a
situation where impoverished nations
will not achieve mass immunisation for
years, if ever. As always, the people
hardest hit by infection will be those
with fewest resources. We must protect
vulnerable people where they live and
recognise that none of us are safe until
we defeat the pandemic everywhere.
Wealthy nations have a moral
obligation to stop hoarding vaccines.
New analysis from the One Campaign
shows that the US has purchased at
least 453m “excess” Covid-19 vaccines
doses that could be used to vaccinate
people in the world’s poorest countries
even if 100 per cent of the US
population is vaccinated.
As an American, I urge President Joe
Biden to suspend intellectual property
rights for Covid-19 vaccines and take
more assertive steps to share the US
surplus Covid-19 vaccine doses with
low-income countries quickly.
Cynthia Changyit Levin
Town and Country, MO, US
UK climate pledge should
not rob Peter to pay Paul
Alok Sharma’s timely reminder
(Opinion, April 19) of the urgent need
for developed countries to put together
a credible public and private finance
package for endorsement at the COP26
meeting in November is surely spot on.
The hard fact is that without it there
will not be a successful outcome to the
Glasgow conference.
What Sharma did not,
unsurprisingly, say is that our own
government’s draconian cuts in
overseas development aid will make
such an outcome harder to achieve. So
long as those cuts remain in effect,
even some earmarking of funds by the
UK for environmental purposes will
only be a case of robbing Peter to pay
Paul, taking money away from
objectives such as girls’ education, the
provision of primary healthcare and
the avoidance of starvation.
That contradiction in policy
prescriptions could be simply resolved
if the government were to make it
clear, ahead of COP26, that it intends to
restore full compliance with the 0.7 per
cent commitment for overseas aid in
the fiscal year following our own
economy’s return to growth.
David Hannay
House of Lords, London SW1, UK
Blossom lovers
fight for access
to Capitol
complex
Washington
Notebook
by Lauren Fedor
transactions. China’s currency is clearly
not, at present, and longstanding
controls on capital flows are a key
reason for this.
For exactly how long these
restrictions will persist is a matter of
debate. What is clear, however, is that
the Chinese authorities would have to
give up significant control over their
exchange rate and/or abandon much of
their autonomy in setting monetary
Bill before parliament will
hurt the army’s reputation
I read with interest the letters
regarding the overseas operations bill
currently before parliament from
I Stephanie Boyce, president of the Law
Society of England and Wales (“UK
risks its military standing by limiting
torture prosecutions”, Letters, April
14) and Bruce Finch (“Disgraced
solicitor’s claims ruined lives and
careers”, Letters, April 16).
As a former command legal adviser
during the Iraq war of 2003 and an
eyewitness to abuse of Iraqi prisoners
of war, I would respectfully remind
Finch of the words of Sir William Gage
during the Baha Mousa inquiry when
he described the “very great stain on
the reputation of the [British] Army”
inflicted by Mousa’s death and the
“corporate failings” of the Ministry of
Defence from 2003-09.
Finch would also be advised to read
the recent report by the International
Criminal Court which lists the war
crimes committed by Britain’s armed
forces in Iraq.
By contrast, the “excellent veterans
minister” Johnny Mercer, as Finch calls
him, was unable to name a single
“vexatious” claim when questioned
during the committee stage of the bill
in the House of Commons.
It is little wonder therefore that this
bill is opposed by the International
Committee of the Red Cross, UN
Rapporteurs on Human Rights and
Torture, the ICC, a field marshal, a
former secretary-general of Nato, a
former UK attorney-general, a former
judge advocate-general and of course
the Law Society.
Undermining international law does
nothing to enhance the reputation of
the British Army — it simply
diminishes it and our country at the
same time.
Lt Col the Reverend Nicholas Mercer
Command Legal Adviser, Iraq War 2003
Bolton Abbey, North Yorkshire, UK
Few things mark the arrival of spring
in Washington, DC, like the blooming
of thousands of cherry trees lining the
city’s Tidal Basin, turning the
reservoir at the south-west corner of
the National Mall into a sea of pink
blossoms.
While the park service sought to
limit the number of visitors as a Covid
precaution for the second year
running, crowds of Washingtonians
headed out to see the flowers for
themselves. The mood was hopeful.
Warmer weather had coincided not
only with the flowering trees, but
also with a vaccine rollout that
offered hope the end of the pandemic
was in sight.
At the other end of the National
Mall, the US Capitol Police had
recently removed the four miles of
“outer perimeter” fencing and razor
wire that had surrounded the
congressional complex since the
armed insurrection on January 6 that
left five people dead. The enclosure
had extended around the US Supreme
Court and the Library of Congress,
cutting off the area’s gardens and
green spaces.
Its removal was cheered by locals
and lawmakers who craved a return to
normalcy after a year of pandemic,
protests and riots. But their optimism
was punctured on Good Friday, when
a man rammed his car into barricades
on the north side of the Capitol, killing
police officer William “Billy” Evans
and injuring another.
The attack sent shockwaves through
Washington and provided a reminder
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
policy if they were to open the
economy’s capital account. The current
importance of exports for growth and
autonomous monetary policy for the
control of domestic financial risks
suggests that China’s policy preferences
will not change soon, regardless of the
development of a CBDC.
Undoubtedly the international
importance of the renminbi will
continue to grow, but we must not
Did Navalny fall for Putin’s Why we adhere to not
performance mimicry? speaking ill of the dead
In the natural world, some species —
such as photuris versicolor fireflies — use
what is called “performance mimicry”.
This allows them to attract members
of other species by a simulated mating
call — only to attack and devour those
so deceived.
By pretending to participate in a
multi-party political system only to
eliminate those who conveniently
identify themselves as rivals, is
Vladimir Putin not doing the same?
It is true that he is not employing the
fearsome methods of mass terror that
Joseph Stalin used without
compunction to keep himself in power
for a quarter of a century, until he died
in 1953.
But, with a style more like
sharpshooting, Putin appears to be on
the way to outlasting Stalin — seeing off
first Boris Nemtsov and now Alexei
Navalny (“Navalny supporters say he
is close to dying”, Report, April 19).
Can it really be true that a century
since the Revolution overthrew an
absolutist Czarist regime, the mass of
Russians accept that to maintain their
country’s status as a great power,
political control must be left in the
hands of a dictator for life, who
received his training in the KGB?
Marcus Miller
Professor Emeritus, University of
Warwick, Coventry, Warwickshire, UK
Don’t equate Olympic
athletes with Uyghurs
While one must sympathise with Anita
DeFrantz who had her hopes dashed by
the clash of cold war titans in 1980 (“A
boycott hurt my Olympic dreams.
Don’t do it again”, Opinion, April 19),
it’s hard not to think of the vastly
greater numbers of brave democratic
protesters in Hong Kong or the millions
of Uyghurs persecuted simply because
of the ethnic category they were born
into.
The maltreatment of these groups
and anyone else who offends Beijing is
what is causing the threat of a boycott
of next year’s Olympic Winter Games. I
don’t believe the 1980 athletes suffered
prison or “re-education”. The supposed
equivalence is distasteful.
Judith Martin
Winchester, Hampshire, UK
Cameron’s lobbying
follows a familiar pattern
As more and more examples of David
Cameron’s lobbying efforts for
Greensill come out (Report, April 17), I
notice a common factor — he failed
every time. It appears that Cameron
has been as unsuccessful in his new
career as he was in his former role.
Barrie Bain
Wadhurst, East Sussex, UK
that the nation’s capital remains a
target for extremists, despite the
recent change of administration. It
also revived long-running debates
over how to secure government
buildings and the nation’s democratic
institutions without walling them off.
Washingtonians are no strangers to
security protocols, many of which
were beefed up two decades ago after
the September 11 attacks. Some of the
bollards, road blocks and fences put in
place then were never removed. But
over the past year measures have
increased, from the repeated boarding
up of businesses to the regular
presence of armed National Guard
troops on the city’s streets.
Yet the troops’ presence remains far
less controversial than the row over
whether to build permanent fencing
around the Capitol and the White
House, where temporary structures
have been in place since last summer’s
protests over the police killing of
George Floyd.
Yogananda Pittman, acting chief of
the US Capitol police, said shortly
after Joe Biden’s inauguration that
“vast improvements to the physical
security infrastructure must be made
to include permanent fencing” — and
lawmakers are wrangling over a
possible $2bn investment in extra
security for Congress that could
include it.
But 34,000 people have signed an
online petition against a permanent
security fence on the Hill, which they
say would punish local residents and
visitors alike. They are supported by a
Wednesday 21 April 2021
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
conflate the operational ease and
advanced oversight afforded by CBDCs
with freedom from external sector
policy trade-offs. Unlike their
decentralised peers, they will still be
tethered to the sovereign states from
which they originate.
John Marrett
Asia Country Risk Service Manager
The Economist Intelligence Unit
Hong Kong
MK Srinivasan’s letter suggests that
history would be more accurate if the
dead could be criticised. This is
founded on a mistaken premise about
the aphorism restraining the living
from criticising the dead: that holding
one’s tongue compromises the truth or,
worse, is an instruction to lie or bear
false witness (Letters, April 19).
The enduring validity of the Latin
dictum de mortuis nihil nisi bonum (of
the dead, say nothing but good) was
best exemplified by the editorial in
Reform magazine which noted on
Margaret Thatcher’s passing that “if we
rail against someone while they live
and change our tone when they die, we
show respect not for them but for
death”. There are other reasons for
adhering to the millennia-long
tradition of not criticising the dead, not
the least of which is that the dead
cannot defend themselves. There is
also an expectation among many that
they too will be the beneficiaries of RIP
(rest in praise) when it is their time.
Vijay Dandapani
New York, NY, US
Indignation over football’s
‘Super League’ is not new
The indignation of those who have not,
and cannot, put “their money where
their mouth is” over the proposed
“Super League” is nothing new
(Report, April 19). I recall the same
passionate crying wolf when Kerry
Packer started his breakaway cricket
tournament, when Bernie Ecclestone
gained control of Formula 1, when
professionals entered tennis and rugby
and, of course, when the English
Premier League was formed.
It ill befits politicians in democratic
free market countries, such as the UK,
to cry out for protectionism. Frankly
the whining “fans” should accept that
football clubs are not financial mutual
societies, and are the property of those
who own and pay for them.
Global media rights and their
international digital and “over-the-top”
applications drive football revenues,
and fans and “eyeball” follow.
Having spent nearly five years trying
to do something similar for horseracing
and been stymied by protectionism
and a perverse combination of
blinkered self interest and self
destruction, I wish the new football
venture well.
Nicky Samengo-Turner
Gloucester, Gloucestershire, UK
Correction
c Sumit Singh, head of online pet
supplies store Chewy, was misquoted
saying “catheter” instead of “cat litter”
in an article on April 17.
group of Democrats and Republicans
who have teamed up to draft federal
legislation to prohibit the installation
of permanent fencing at the Capitol
complex. The lawmakers instead
support the recommendations of a
review which suggested retractable
barriers.
“This building is iconic all over the
world,” Roy Blunt, Republican senator
from Missouri, said as he introduced
the bill last month. “People from all
over our country and all over the
world visit here, and they have been
able to visit here with a sense of
openness . . . that we want them to
continue to have.”
Chris Van Hollen, the Maryland
Democrat who co-sponsored the bill,
agreed. “It would be a huge mistake
and send the wrong signal, both in our
country and around the world, if this
place of democracy was not
accessible,” he said.
As I walked along the fence of the
“inner perimeter” surrounding the
Capitol last week, I couldn’t help but
agree. The cherry blossoms that
bloom each spring are usually
accompanied by swarms of visitors,
including busloads of school children
seeing the sites for the first time. But
this year, the halls of democracy and
the sidewalks surrounding them are
all but empty, except for clusters of
troops, police and the occasional
passer-by.
Here’s hoping that by next April,
normalcy can return.
lauren.fedor@ft.com
Wednesday 21 April 2021
POLITICS
Janan
Ganesh
I
f US liberalism’s nightmare is a
competent populist, Ron DeSantis
might be the one to give it corporeal
form. Florida’s governor is Trump-
ish in style (tales of corruption are
“horse manure”) but runs one of Amer-
ica’s largest and most complex states to
some, if not unanimous, acclaim. No
governor is angling more conspicuously
for the Republican presidential mantle
in 2024.
It matters, then, that corporate liber-
alism has an enemy in him. As big
brands oppose new voting constraints in
Georgia and other states, DeSantis
The economic
recovery masks
a global divide
Martin Wolf Economics
Nothing would be more foolish than
for policymakers in rich nations
to ignore international challenges
T
he big story from the recent
meetings of the IMF and the
World Bank is that the
world economy is recover-
ing substantially more
quickly than expected even six months
ago. But the recovery in the global eco-
nomic aggregate masks what is happen-
ing to the world’s people. Both within
countries and among them, the disad-
vantaged seem set to suffer the slowest
recoveries. Moreover, this house
divided may not stand: what is going on
— above all, the slow global rollout of the
vaccines — will worsen prospects for
everybody.
The striking feature of the new fore-
casts from the IMF is that cumulative
growth in global gross domestic product
per head between 2019 and 2022 is now
forecast to be only 3 percentage points
less than was forecast in January 2020.
This is far better than the 6.5 percentage
point shortfall last year and the 4 per-
centage shortfall forecast for this year.
This then is the picture of a world econ-
omy in both strong and better than
expected recovery. (See charts.)
Even more striking, however, is the
divergence. Advanced economies are
now forecast to enjoy cumulative
growth in GDP per head between 2019
and 2022 just 1 percentage point less
than in January 2020. But emerging
markets and low-income developing
countries are forecast to suffer hits to
growth in GDP per head of 4.3 (5.8, with-
out China) and 6.5 percentage points,
respectively. To those who have, it shall
Keith
Skeoch
T
he 2008 financial crisis has
dominated the UK banking
industry for over a decade.
It is hard to capture the
sense of shock that many
people experienced during those fragile
days. Yet today, given the transform-
ative events such as Brexit and Covid-19
that have happened since, it can be
tempting to dismiss what happened
over a decade ago as something of a
non-event.
I believe this is a temptation we need
to resist, not least when it comes to
ringfencing. This refers to the 2013 law
that required UK-based banks to sepa-
rate their retail and investment banking
Corporate America’s woke moment won’t last
wonders “about all the other jurisdic-
tions that you’re in that have, quote,
more restrictive laws”. He names China
and Cuba as two markets that are not
known to wow the invigilators from
Freedom House. Nice businesses you
have there, he is saying. Shame if a back-
lash against double-standards were to
come for them.
That US business will tie itself in ethi-
cal knots in the coming years seems
grimly predictable. If customers, poten-
tial hires and even investors want good
corporate citizenship, they would be
strange moralists to confine that
demand to national borders. And once
companies’ global doings are up for
scrutiny, those as vast and many-tenta-
cled as Amazon and Delta Air Lines are
going to flunk the standards they are
now setting themselves. Silence in the
face of injustice is tawdry, no doubt, and
perhaps bad business too. But selective
righteousness, and the stain of
be given back. But from those who have
not shall be taken even the little that
they had: in January, the World Bank
reported the rise in the number of peo-
ple in extreme poverty last year as a
result of Covid-19 at between 119m and
124m. Given the dire forecasts, this
calamity seems unlikely to reverse soon.
In essence, the IMF now forecasts that
advanced economies and China will
emerge from the crisis largely
unscathed economically, with the US
economy even a bit bigger than forecast
beforehand, while emerging and devel-
oping countries suffer a large and long-
term hit. But remember that two-thirds
of humanity live in the latter.
This is the reverse of what happened
after the global financial crisis of
2007-09. That is partly because it origi-
nated in the high-income countries. It is
also because China’s recovery in 2009
was so strong. But the biggest reason for
the difference now is that the high-in-
come countries both possessed and
employed the ability to manage this
shock in ways that few other countries
(China being the main exception) could
do: rich countries could cushion the eco-
nomic and social blow with exceptional
fiscal and monetary policy responses;
and they could develop, produce and
deliver vaccines at high speed.
According to the IMF’s Fiscal Moni-
tor, “in the past 12 months, countries
have announced $16tn in fiscal actions”.
But the bulk of this was in advanced
countries. The fiscal deficit of advanced
economies rose by 8.8 per cent of GDP
Evidence alone will determine the merits of UK bank ringfencing
divisions. Its underlying aim, which
came into formal effect in 2019, is that
banks must shield their retail opera-
tions from their investment banking
operations to protect consumer services
from the shocks of a financial crisis. As
required under its terms, the law is now
under independent review from a panel
that will report its findings to Chancellor
Rishi Sunak later this year.
As chair of that review, my key con-
sideration is whether the changes that
have taken place in the UK over the
past decade have affected the law’s suit-
ability. Some in the industry reportedly
believe that ringfencing inhibits eco-
nomic growth and inward investment
to the UK, and leads to higher costs.
In the past few months, I’ve found
myself rethinking the financial crisis,
and its costs and consequences. The
most recent assessment by the Office
for Budget Responsibility puts the
implied cost of the government’s
★ FINANCIAL TIMES
Opinion
hypocrisy, could be even worse. There
was a reason for the political tact of the
prior generation of CEOs, and it wasn’t
uniform conservatism on their part.
There are other reasons to doubt that
corporate America’s activist phase, and
therefore its estrangement from the
Republican party, will last. For now, the
substance of CEO liberalism is civic: it is
That US business will tie
itself in ethical knots in the
coming years seems
grimly predictable
racial justice and the electoral franchise
that most exercise the bosses. Precious
causes, to be sure, but also agreeably
costless ones. It is when the definition of
virtue expands to matters of tax, wage
settlements and union rights that exec-
The divergent hits to forecasts for GDP
per head
Revisions to cumulative per capita GDP growth from
2019 between the Jan 2020 and Apr 2021
IMF forecasts (% points)
Advanced economies Emerging market
Emerging, excl. China economies
Low-income developing World
2020 2021
Source: IMF
between 2019 and 2020, to 11.7 per cent.
It will still be 10.4 per cent in 2021. In
emerging economies, the fiscal deficit
rose by 5.1 per cent of GDP between
2019 and 2020, to 9.8 per cent. But in
low-income developing countries it rose
by just 1.6 per cent of GDP, to 5.5 per
cent. Moreover, the Monitor stresses,
“the rise in deficits in advanced econo-
mies and several emerging market
economies resulted from roughly equal
increases in spending and declines in
revenues, whereas in many emerging
High-income countries
must do whatever it takes
to get the world vaccinated
by the end of 2022
financial intervention into the sector
at £37bn. This sum might now pale
in comparison to the size of pandemic-
related spending. But the figure also
doesn’t fully capture the time or
resources required of government
to manage its banking interventions
over the past dozen or so years.
After a decade of reforms,
it is right to consider
whether the desired impact
has been achieved
This is not a criticism. In fact, the
government has had some notable suc-
cesses exiting businesses that were
nationalised during the crisis. In Febru-
ary, almost 14 years after worried cus-
tomers queued to get their savings out
of Northern Rock, the government
utives will regret making ethics as well
as returns the measure of their work.
For a sense of how deep the corporate
conscience runs, it is fair to inquire as to
its whereabouts until roughly five min-
utes ago. Yes, the Muslim travel ban of
2017 provoked some executive dissent,
most volubly in the tech sector. When
Donald Trump telegraphed his refusal
to abide by an electoral defeat — no
bluff, as it turned out — some C-suites
spoke up. In vivid style, Nike also stood
by the athlete Colin Kaepernick after he
took the knee against racism.
In the round, however, big business
was a picture of docility throughout
what was probably the most conten-
tious presidency since the civil war.
Even if the Capitol siege of January 6
really was a moral epiphany for busi-
ness, tax cuts and deregulation bought
an eerie silence until that point. It is
fanciful to think they will not achieve a
similar effect as 2024 nears. Whether or
Covid-19 has hit economies very
differently from the financial crisis
GDP four years after the crisis, difference from pre-crisis
forecast* (%) Global financial crisis
World
Advanced
economies
0 Saudi Arabia
Emerging and
-2
developing economies
-4 Emerging
market economies
-6 Low-income
countries
-8
-10
2022
* For the GFC: 2012, difference between Oct 2007 & Apr 2013.
Source: IMF For Covid-19: 2024, difference between Jan 2020 & Apr 2021
market economies and low-income
developing countries, it stemmed pri-
marily from the collapse in revenues
caused by the economic downturn”.
It would be unwise to take for granted
the strong recovery forecast for the
advanced economies. It is possible that
new variants invulnerable to today’s
vaccines will sweep across the world. It
is highly likely that it will prove impossi-
ble to reopen borders soon. It is possible,
too, that monetary and fiscal policies
will turn out to have been too strong,
especially in the US, as Larry Summers
has argued, generating a strong upsurge
in inflation, inflation expectations and
real interest rates. If so, this would force
policymakers to slam on the brakes and
might generate debt crises among vul-
nerable borrowers at home and abroad.
Moreover, even if high-income
sold the last of its remaining stake in
the group and its stake in Bradford &
Bingley, the building society-turned-
bank. In March, it also sold down some
of its stake in NatWest Group, which
used to be known as Royal Bank of
Scotland, although it still owns almost
60 per cent.
What this timeline demonstrates to
me is that government interventions
in even small, relatively simple or
“vanilla” banks, such as Bradford &
Bingley or Northern Rock, still took
over a decade to unwind. That alone is
a strong case for ensuring that state
intervention is not needed for any
banks that might fail in the future. The
public sector is not a natural bed fellow
for financial assets that originate in the
private sector.
All of which brings me to two very
simple questions, both of which under-
lie the independent review. Has
ringfencing reduced the need for future
not it is DeSantis, a Republican who goes
into that election pledging to undo Pres-
ident Joe Biden’s mooted corporate tax
rise will not struggle for private-sector
donors. And none of this reckons with a
turn in public sentiment against the
cultural left before then.
Even now, it is hardly as if the party is
clawing around for corporate cash. You
would not know from the recent hub-
bub that companies as public-facing as
T-Mobile filled Republican coffers in
February, just one month after the
siege. It suits both sides in the alleged
rift between the Grand Old Party and big
business to play up its severity. The poli-
ticians gain populist bona fides; brands
endear themselves to a new White
House and a generation of conscientious
shoppers. There is sparring going on,
which is not nothing. The mistake is to
conflate it with authentic pugilism.
If there is nothing unfixable about the
Republican link to business, there is
A dramatic divergence in vaccination rates
G20 countries - doses of Covid-19 vaccine given
per 100 residents
Covid-19 UK
US
Canada
Germany
France
Italy
EU
Turkey
Brazil
Argentina
China
Russia
Mexico
India
Indonesia
Australia
S Korea
Japan
-8 -6 -4 -2 0 South Africa
0 20
Sources: Our World in Data; WHO; FT
countries, China and a few others do
recover strongly, many emerging and
developing countries are likely to
remain in great difficulty, as a result of a
painfully slow rollout of vaccines, prob-
lems in managing debt, the stresses
caused by worsening poverty and lim-
ited policy space. Economies dependent
on travel and tourism will find recovery
particularly slow, especially if new vari-
ants continue to emerge. None of this is
helped by the fact that many govern-
ments are corrupt, ineffective, or both.
This always matters. In abnormal times,
such as these, it matters even more.
Nothing would be more foolish than
for policymakers in rich countries to
breathe a sigh of relief and turn their
eyes away from the global challenges
they confront. They must instead do
whatever it takes to get the whole world
government intervention? And if so,
what has been the true cost?
The original rationale behind
ringfencing was to protect core banking
services, such as deposit taking,
from the riskier world of investment
banking and complicated financial
instruments. Some argue that the Brit-
ish banks that got into financial diffi-
culty, such as Northern Rock or HBOS,
did not have investment banking arms
to begin with.
Others claim that the implementation
of subsequent banking reforms have
increased capital and liquidity require-
ments and made it easier to wind down
banks, which in turn has made ringfenc-
ing redundant. One estimate suggests
that ringfencing has cost the British
banking sector £7bn, and the loss in
terms of lower competitiveness is
disproportionate to the benefits that
ringfencing might deliver.
These are compelling arguments and
23
nothing new about the Democratic one.
As was his way, Gore Vidal overdid it
when he described America’s as a single-
party system, starring the Property
Party, “with two right wings: one Demo-
cratic, one Republican”. Still, to a degree
that might be unique among the global
centre-left, the Democrats are not just
corporate-friendly but corporate-per-
meated. There is no UK Labour or
French Socialist answer to the fluidity of
movement between the party’s admin-
istrations and high finance in particular.
Far from pulling off an epochal cap-
ture of corporate America, Biden’s gov-
ernment is, in fact, less Wall Street-fla-
voured than Bill Clinton’s or Barack
Obama’s. Business genuflects to his
party and its mores because it is in
power, not because of some historic rea-
lignment. Expect that loyalty to switch
no later than the electorate’s does.
janan.ganesh@ft.com
40 60
vaccinated by the end of next year and
support the development of booster
shots for all, if necessary. They must do
what it takes to ensure that all countries
have the resources they need to cope
with these health and economic shocks.
They must do what it takes, too, to
ensure that, if debt crises emerge, they
know who the creditors — official and
private — are and how to manage the
resulting negotiation.
Last but not least they must learn the
lessons from this pandemic. It has so far
killed 3m people and inflicted a big eco-
nomic shock. The next one could quite
easily be far worse in both these sad
respects. Islands of supposed safety
will not thrive in a world of menacing
sickness.
martin.wolf@ft.com
reasonable people will disagree over
them. Indeed, after a decade of banking
reforms, it is right to consider whether
ringfencing has had its desired impact,
which areas it has improved, which it
has not and what, if any, unintended
consequences may have flowed from it.
That is why, in today’s call for evidence
by the review panel, the emphasis is on
evidence.
This call for evidence from both the
public and interested parties is a unique
opportunity to help shape the review,
which in turn will help shape the future
of UK banking. Where the review
believes that changes are needed, rec-
ommendations will be put forward to
the Treasury. However, I want to stress
that if any recommendations are made,
they will be led by the evidence.
The writer chairs the UK’s independent
review of bank ringfencing and proprietary
trading
24 ★ FINANCIAL TIMES Wednesday 21 April 2021

Credit Suisse/prime brokers: fears for tiers

Morgan Stanley and Goldman Sachs dominate prime brokerage banking revenues. Services to fund
managers such as leveraged positions and short selling have helped make up for declining cash equities
businesses. Leverage in the US stock market has grown at record levels this year.

Equity markets revenues Revenues for top 12 banks

Twitter: @FTLex
Carbon capture:
detox needs tax nudge
Trapping greenhouse gas emissions has
been likened to attaching the planet to
a dialysis machine. But carbon capture
and storage is increasingly viewed as a
critical technology for curbing global
warming. Advisers to the British
government, which yesterday set a
tough new emissions target, call it
essential. The International Energy
Agency argues that the world cannot
reach climate goals without it.
ExxonMobil’s proposal for a $100bn
public-private carbon storage project
under the Gulf of Mexico could
therefore be more than a mere
marketing stunt by an energy company
under pressure to reduce its
environmental impact. There is a
business opportunity, if it can secure
sufficient political support.
Government intervention is needed,
whether through tax breaks, carbon
pricing or direct funding. In the case of
the pioneering Northern Lights project,
which aims to store CO2 in porous rock
below the North Sea, the Norwegian
government is set to cover about 80 per
cent of the $751m initial cost. The rest
will be met by Equinor, Shell and Total.
The economics otherwise do not
stack up — except where the gases can
enhance oil recovery. The costs of
capture are $40-$120/t CO2 for
processes with “dilute” gas streams,
such as cement production and power
generation, says the IEA. Onshore
pipeline transport and storage might
add another $12-$24/t CO2. High costs
resulted in the mothballing of a Texan
clean coal carbon capture plant, the
US’s largest, last year.
Yet it can still be cheaper than other
green alternatives for sectors such as
steel. Incorporating CO2 capture into
processes raises costs by less than a
tenth, says the IEA. Moreover,
overheads are coming down. Aker
Carbon Capture, which became the
European sector’s only pure-play
quoted company when it listed in Oslo
last August, forecasts sharp falls.
Overall costs could fall at least 55 per
cent over the next decade, to less than
€80/t C02, according to Berenberg.
The technology should not be used to
avoid emissions that can be abated in
other ways. It involves risks, of which
carbon dioxide leakage from storage is
most serious. Yet even if it is limited to
hard-to-decarbonise sectors, carbon
capture could play an important role.
The technology needs to be scaled up.
But given enough incentives, industries
should be willing to pay for carbon to
be taken off their hands.
ABF/Primark:
fast company
Associated British Foods has the
hallmarks of a post-crisis turnround.
Shoppers have been queueing round
the block to get into Primark, its fast-
fashion subsidiary, now that UK stores
have reopened. While they were shut,
food-related assets helped the UK
group generate a first-half profit,
justifying payment of a dividend.
That shows the risk-limiting value of
ABF’s derided conglomerate model.
The shares dropped more than 4 per
cent, even so. ABF typically gets half its
sales and substantially more of its
profits from Primark.
The chain has revised down its
expectations on store reopenings.
Primark expects just 68 per cent of
its retail space will have lifted the
pandemic-imposed shutters by the end
of the month, down from 83 per cent. It
is taking a £21m charge — a drop in the
inventory ocean but equivalent to half
of divisional interim adjusted
operating profit — to clear stock.
With fresh waves and mutations of
the coronavirus, further lockdowns
remain a possibility. These hurt
Primark badly. It has no online channel
to fall back on. Closures last year cost
the business £3bn of sales and £1bn of
operating profits. Consequently retail,
which made up two-thirds of operating
profit in the first half of last year,
contributed just a tenth this time.
Sales of groceries and the like from
other ABF divisions were up 30 per
cent year on year in the first half. ABF
was careful to caution that this
strength will not persist. Commodity
inflation coming down the line will
damp volumes and trim margins in the
back end of the year. Stronger sterling
will also weigh, to the tune of £30m for
the full year, reflecting the group’s
increasing non-UK footprint.
Shares, which dipped after the
announcement, are far from the
lockdown lows of March and
November last year.
They still trade on multiples that are
Selected banks 2019 ($bn)
Prime brokerage Equity derivatives
Morgan Goldman UBS Barclays Société BNP
Stanley Sachs
FT graphic Source: JPMorgan estimates
John Dabbs and Ryan Nelson have
quit as bosses of prime services at
Credit Suisse following the Archegos
debacle. That bald statement has
complex context. Revenues from
cash equity trading are in secular
decline belied by last year’s surging
pandemic trading. Banks have fallen
back on prime broking, a suite of
services for hedge funds. This is a
dangerous game for second tier
participants such as the Swiss bank.
It lost $4.7bn on Archegos, a US
hedge fund client whose leveraged
bets on shares went badly wrong. It
was left “holding the bag” alongside
Nomura as one banker put it. Even
market leader Morgan Stanley took
losses close to $1bn. Goldman Sachs
increased its lustre having sold
half peak levels, according to S&P
Global. For all the inevitable wobbles,
these are shares worth queueing up for.
Clubhouse:
hearing loss
Audio will be a “first-class medium”,
claims Facebook’s Mark Zuckerberg.
Private investors in audio-only app
Clubhouse agree, quadrupling the San
Francisco start-up’s valuation to $4bn.
Yet downloads are already collapsing.
Investors should listen closely.
The drop in demand is ominous.
Between February and March,
Clubhouse downloads fell 72 per cent,
say data from app analytics company
Sensor Tower. Since late January, the
$bn
Cash equities Cash Derivatives Prime Total equities
8 50
40
30 Big Tobacco:
6 20 towards the last gasp
10 High nicotine levels and menthol
0 cigarette flavourings may soon join the
4 2010 11 12 13 14 15 16 17 18 19* 20* list of things Joe Biden’s administration
* Data not available for cash and derivatives for 2019 and 2020
Source: Coalition Greenwich hopes to ban. Tobacco stocks reacted
US margin debt characteristically to reports of plans to
Year-on-year change* ($bn) reduce nicotine to non-addictive levels.
2 400
British American Tobacco and
200 Imperial Brands lost more than 7 per
cent each in London yesterday. Altria
0 0 fell a similar amount in the US, while
Credit
-200 Philip Morris shares rose.
Générale Paribas Suisse 1998 2005 2010 2015 2020 Traditional cigarette volumes are
* Debit balances in margin accounts at broker/dealers
Source: Haver Analytics already on a multi-decade decline as
social and health concerns discourage
smoking. Straight-line trajectories for
Archegos collateral first. This reflected year triggered by dividend smoking prevalence and cigarette sales
the capacity as well as the agility of cancellations. Coalition data suggest suggest that both will hit zero in the US
American market leaders. JPMorgan that revenues from prime broking at between 2040 and 2045.
analysts have estimated the two US the top 12 banks outstripped those of Many other markets will hit that
investment banks were frontrunners in both cash equities and equity point by 2050 at the latest. So much for
prime broking in 2019 with $4.1bn and derivatives in 2012. The trend Big Tobacco’s claims that the
$3bn in prime broking revenues. Credit accelerated, until prime broking developing world would stay loyal to its
Suisse pulled in just $700m. suffered a decline in 2019. life-eroding product. Worldwide
What is prime broking? Services to The question for bankers is volumes have been falling since 2012.
hedge funds include: lending money or whether stronger hedge fund returns A ban on menthol flavourings was
stock; creating complex derivatives- in 2020 will prove to have reversed or first mooted in the US in 2013 and
based bets; and building low-profile merely delayed the decline in prime would bring the country in line with
positions in companies. A common broking. If the prime broking pie goes the EU, the UK and Canada. Menthol
theme is that clients get higher on shrinking, with top tier banks gaspers account for about 35 per cent
exposure to target stocks more cheaply hogging most of it, second-tier of US cigarette volumes and are seen as
than via a cash purchase. competitors will have to withdraw. appealing dangerously to the young.
Prime brokers are supposed to hedge The alternative is to take on bigger Smoking among 18 to 24-year-olds
their own risks as counter parties. risks on behalf of less reliable clients. has been falling far faster than other
Their failure to do so was illustrated by That is a self-defeating strategy, as age groups. It more than halved in the
Archegos and losses at BNP Paribas last Dabbs and Nelson’s fate illustrates. five years to 2019 to just 8 per cent.
In the past, tobacco companies
simply increased prices to make up for
lower volumes. The future of Big
app has gone from 28th most popular with competing tech groups. Most Tobacco depends on the success of
among US iPhone users to 410th. social media companies provide daily vaping and other lower-harm smoking
A combination of competition and or monthly active user metrics, so products.
familiarity are to blame. Clubhouse’s Clubhouse evades exact comparisons. Philip Morris’s success with heated
life cycle is an accelerated version of But the weekly figure is 0.5 per cent of tobacco, 24 per cent of sales at the last
other social media sensations. A couple
of months ago the app created such a
Facebook’s daily user count.
Limited user numbers mean limited
count, has been rewarded with a 15
times forward earnings multiple. BAT’s
frenzy that a tiny group with a similar revenue potential. If a tenth of 9 times multiple reflects a single-digit
name saw its share price jump 1,000 Clubhouse users paid $10 to a popular percentage of sales from new products.
per cent. Rivals scrambled to compete. creator each month and Clubhouse Tobacco stocks are a defensive play
Twitter made a bid for Clubhouse while took a 10 per cent cut — similar to short term. Longer term, they are a
working on a rival product. This week, newsletter platform Substack’s model proposition only for investors skilled in
Facebook and Reddit announced — it might rake in $12m per year. valuing businesses with dwindling cash
Clubhouse-alike audio rooms. Whether users will pay is uncertain. flows. Nicotine may eventually be
So far, Clubhouse has reported no As membership expands and chat regulated and campaigned out of
revenue. Its $4bn valuation, led by topics broaden, new joiners are less existence, just like cigarettes.
vocal fan Andreessen Horowitz, is likely to find anything that grips them.
based on rapid user growth. Weekly User numbers will grow once an Lex on the web
active user numbers jumped from 2m Android version of the app appears and For notes on today’s stories
to 10m between January and February. the invite-only model is removed. But go to www.ft.com/lex
Clubhouse remains small compared the app’s real enemy is boredom.

CROSSWORD
No 16,765 Set by GOZO
• ‘  ‰ …  } y The nine clues which lack definitions
form three thematic trios which may
u •¸ provide a solution to the problem in 27
different ways

ACROSS
•• •‘ 9 Oceanarium, not posh, serving coffee
(9)
10 To which some patron contributes (5)
11 Duck at first looks like any Walt
• •‰ •… • Disney animated goose, on reflection
(7)
12 Box with nine in – one missing (7)
13 Eire’s European monarch (3)
•} •y •u ‘¸ 14 Mafia adviser distributed sloe gin and
rice (11)
17 Bird will change course back by far
end of lake (5)
‘• ‘‘ ‘ ‘‰ 18 Airline’s new embargo (3)
19 Attract agency typist with training at
first (5)
21 Bans A-levels about Bloomsbury
‘… ‘ ‘} Virginia’s sister (7,4)
23 Scout regularly drunk (3)
25 Army group having no time for
slimming course (7)
‘y ‘u 27 Young boy harbours desire (7)
28 Charged over small transgressions (5)
29 See guerrilla in list (9)
DOWN
1 Worn edges switched (6)
2 Go first, taking constant exercise (4,4)
3 More than one money manager is in
France, troubled (10)
JOTTER PAD 4 Orchestra drops Elgar’s Introduction
(4)
5 Argument against technique making
moral sense (10)
6 It may blow up turning up in
Canterbury (4)
7 Surge forward grasping love (6)
Solution 16,764 8 See 26
15 Easy jobs smashing 18 Renoirs (2-8)
} B 8 B 7 B Ú E N } ‚ ~ B } 16 Smallest piggies allowed into
Ô ã Ú Ô
B
ã æ Ú
N
N Ý
:
‚ } N ã ×
:
7 N Ú Ú
refurbished toilets (6,4)
N × Ò 7 Ò æ ‚ Ú 17 New verger has his points (3,5)
ã : ‚ ª × B 8 N ~ Ô Ý B N 20 Mothers-in-law sadly lose loan (3,5)
ã
22 Drink and drink and drink! (6)
N N 7 < :
æ ã × B ~ ‚ : Ú Ð B H H N }
: æ E N æ æ 24 Doctor cutting fish in cold zone (6)
N Ý N
Ú
: æ 7 H
: æ
ã
E
‚ Ý × 7 N Ý
} K
26, 8 Fail to spot blemish on half the
‚ 7 H : N Ô ã ‚ 7 ~ E æ Ý vegetables (4,8)
ã Ô Ý : 7 Ý : 8 27 Kinnock’s heartless thrill (4)
‚ Ú Ú ‚ B : ‚ 7 × ‚ : B Ò N
Ý × ~ Ú æ Ú N æ
× æ ª Ú × E Ô 8 € Ú ~ Ý N Ð