TUESDAY 4 OCTOBER 2022
Conspiracy theorists have reins of power
GIDEON RACHMAN, PAGE 17
Hammer blow
Russia admits
losing ground
Ukrainian servicemen collect spare
parts from a burnt-out Russian
armoured military vehicle in Izium in
Ukraine’s Kharkiv region on Sunday.
The Ukrainian army has continued to
push Russian troops from occupied ter-
ritory in the north-east of the country in
a counterattack that is the latest blow to
Moscow’s military campaign.
Russia’s defence ministry admitted
yesterday that Ukraine’s forces had also
“pierced into our defences” near the
town of Zolota Balka, Kyiv’s biggest
advance in the south since the invasion
in February. The setback comes days
after President Vladimir Putin annexed
Kherson and three other regions.
Meanwhile, Kazakhstan said nearly
100,000 Russians had crossed its border
since Moscow announced nationwide
conscription last month.
Frontline breakthrough page 2
Russians flee page 3
UK premier backs down on tax cuts
for the well-off after Tory party revolt
3 Truss in U-turn on unfunded fiscal step 3 Gilt market strains ease 3 Pound regains lost ground
GEORGE PARKER, SEBASTIAN PAYNE
AND JIM PICKARD — BIRMINGHAM
New UK prime minister Liz Truss has
executed a U-turn by scrapping plans to
axe the top rate of tax after facing a
growing revolt from Tory MPs.
Investors bought sterling and UK gov-
ernment bonds following the policy
reversal, with the pound returning to its
level before ministers announced the
tax-cutting plan last month.
Having insisted on Sunday that the
controversial plan to abolish the 45p
rate would go ahead, Truss concluded
after talks with her senior team that it
stood no chance of being voted through
the House of Commons.
Finance minister Kwasi Kwarteng
yesterday confirmed he was abandon-
ing the plan laid out in his “mini” Budget
Kardashian in $1.3mn deal
to settle crypto charges
Analysis i PAGE 6
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© THE FINANCIAL TIMES LTD 2022
No: 41,136 ★
Printed in London, Liverpool, Glasgow, Dublin,
Frankfurt, Milan, Madrid, New York, Chicago, San
Francisco, Tokyo, Hong Kong, Singapore, Seoul,
Dubai
INTERNATIONAL NEWSPAPER OF THE YEAR ASIA
Business lessons for Indian teaching app
BIG READ, PAGE 15
Briefing
i Brazil braced for run-off
A showdown is set for October 30
after a first-round vote in which
leftwing challenger Luiz Inácio
Lula da Silva beat incumbent Jair
Bolsonaro by a slimmer margin
than expected.— PAGE 4
i TikTok turnover surge
The social media platform has
raised European turnover but its
losses have grown by a third as it
boosted its offering to advertisers
and hired more staff.— PAGE 6
i BlackRock shake-up
The world’s largest asset manager
has named a new chief financial
officer in a reshuffle that aims to
enable the group to respond to
mounting criticism.— PAGE 8
i Orbán accuses Berlin
Hungarian premier Viktor Orbán
has said Germany risks distorting
competition in the EU with its
€200bn energy support plan
unveiled last week.— PAGE 2
Oleg Petrasyuk/EPA-EFE
i Fresh blow for KPMG
The firm has been provisionally
fined $1.5mn over auditing of
Abraaj, the collapsed emerging
markets buyout group, in a new
blow to its UAE business.— PAGE 8
i Thiam life science shift
Ex-Credit Suisse chief Tidjane
Thiam has launched a fund to
invest in Human Longevity after
ending plans to merge his “blank
cheque” group with it.— PAGE 10
Datawatch
10 days ago to cut the taxes of Britain’s tough, but we need to focus on the job in having reached a high of almost 4.6 per ter said: “The politics of this were just Moving story
% of US users who look to their social
richest 1 per cent; the 45p rate applies to hand. We need to move forward. No cent during last week’s market ructions. awful and I am amazed the idea has media sites for news
earnings of more than £150,000. more distractions. We have a plan, and Kwarteng’s retreat will add to Tory lasted as long as it did.”
2020 2022
In an attempt to reassure markets fur- we need to get on and deliver it.” concerns that he and Truss have lost a Former cabinet ministers Michael 59
ther, Kwarteng will accelerate the publi- Referring to the market chaos follow- grip on the government and economy. Gove and Grant Shapps on Sunday put 54
cation of his medium-term fiscal plan to ing his fiscal statement, he added: “I Although scrapping the top rate of tax themselves at the forefront of the Tory 53 Twitter
cut Britain’s debt to later this month know the plan put forward only 10 days would have cost only between £2bn and mutiny over the tax cut.
44 Facebook
after previously insisting he would wait ago has caused a little turbulence. I get £3bn a year, it was seen by some Tory Gove said it was wrong at a time when 42
more than 50 days until November 23. it. We are listening and have listened.” MPs as totemic of a government that “people are suffering”, while Shapps 37 Reddit
In a speech to the Conservative party By late trading yesterday the pound appeared to be losing touch with voters. said the measures would not survive a 32 33 TikTok
30 YouTube
conference in Birmingham, the chancel- had risen 1 per cent against the dollar to One cabinet minister close to Truss parliamentary vote.
lor said of the U-turn: “It has been $1.127. That compared with sterling’s said: “It’s a very painful decision but we Another Tory MP representing a 22 Source: Pew Research Center
record low of $1.038 against the US cur- had no choice . . . There was no way we working-class seat described as
rency a week ago after Kwarteng were going to get the Budget through.” “deranged” the idea of slashing taxes for
‘We had no choice . . . announced the debt-funded £45bn Truss and Kwarteng held emergency the rich while planning cuts to benefits
TikTok is growing as a source of news in
the US. The share of adult TikTok users
There was no way we package of tax cuts. talks on Sunday in Birmingham, accord- and public services. who say they regularly get news there
has risen from 22 per cent in 2020 to
The price of UK government debt rose ing to government insiders, after facing
were going to get following the U-turn, pushing yields a growing rebellion from Tory MPs who
BoE buys just £22mn of gilts page 6
FT View page 16
33 per cent in 2022, even as news use is
the Budget through’ lower. The 10-year gilt yield fell publicly stated they would vote against Sarah O’Connor & Andrew Large page 17
declining or flat for most other platforms
0.14 percentage points to 3.95 per cent, the 45p measure. Another senior minis- Lex page 18
Credit Suisse’s debt insurance hits
high as bank fails to calm markets
ROBERT SMITH AND the market opened, before paring losses liquidity and capital position. The bank
OWEN WALKER — LONDON
and closing down 1.2 per cent at SFr3.96. was responding to a sharp spike in CDS
The cost of buying insurance against The market moves were even more spreads last week amid social media
Credit Suisse defaulting on its debt dramatic in the bank’s shorter-term rumours about its financial resilience.
soared to a record high yesterday, as CDS, with one trading desk quoting In a briefing note prepared for execu-
the Swiss bank failed to calm market Credit Suisse’s one-year CDS at 440bp tives speaking to investors on Sunday,
concerns over the strength of its bal- higher than on Friday, at 550bp. the bank wrote: “A point of concern for
ance sheet. Those moves mean that Credit many stakeholders, including specula-
Suisse’s CDS curve inverted yesterday, a tion by the media, continues to be our
Traders and investors rushed to sell phenomenon that occurs when inves- capitalisation and financial strength.
Credit Suisse’s shares and bonds while tors rush to buy protection against a “Our position in this respect is clear.
buying credit default swaps (CDS), default in the very near term. While Credit Suisse has a strong capital and
RMB30 derivatives that act like insurance con- these levels are even higher than where liquidity position and balance sheet.”
HK$33 tracts that pay out if a company reneges the Swiss bank’s CDS traded in the 2008 Several investors said the exaggerated
Rup220 on its debts. financial crisis, a change to the contracts market moves reflected chaotic trading
Credit Suisse’s five-year CDS soared means the derivatives now reference a rather than fundamental fears over the
by more than 100 basis points, with riskier class of debt that is more exposed bank’s solvency, with one credit hedge
W4,500 some traders quoting it as high as to losses if the bank collapses. fund manager comparing investors
RM11.50
350bp, according to quotes seen by the Senior Credit Suisse executives spent buying one-year CDS to people rushing
Financial Times. The bank’s shares the weekend calling the bank’s biggest to “buy lottery tickets”.
tumbled to historic lows of below clients, counterparties and investors in Credit Suisse declined to comment.
NT$140 SFr3.60, down close to 10 per cent when an effort to reassure them on the group’s Lex page 18
Bht140
World Markets
STOCK MARKETS CURRENCIES GOVERNMENT BONDS
Oct 3 Prev %chg Pair Oct 3 Prev Pair Oct 3 Prev Yield (%) Oct 3 Prev Chg
S&P 500 3650.86 3585.62 1.82 $/€ 0.982 0.980 €/$ 1.019 1.021 US 2 yr 4.09 4.14 -0.05
Nasdaq Composite 10712.47 10575.62 1.29 $/£ 1.128 1.116 £/$ 0.887 0.896 US 10 yr 3.61 3.73 -0.12
Dow Jones Ind 29313.03 28725.51 2.05 £/€ 0.870 0.878 €/£ 1.149 1.140 US 30 yr 3.67 3.71 -0.04
FTSEurofirst 300 1547.62 1537.22 0.68 ¥/$ 144.465 144.745 ¥/€ 141.828 141.800 UK 2 yr 4.01 3.90 0.11
Euro Stoxx 50 3342.89 3318.20 0.74 ¥/£ 162.957 161.578 £ index 76.150 75.356 UK 10 yr 3.96 4.13 -0.17
FTSE 100 6908.76 6893.81 0.22 SFr/€ 0.973 0.964 SFr/£ 1.118 1.099 UK 30 yr 3.89 3.81 0.08
FTSE All-Share 3773.80 3763.48 0.27 JPN 2 yr -0.06 -0.05 -0.01
CRYPTO
CAC 40 5794.15 5762.34 0.55 JPN 10 yr 0.24 0.25 -0.01
Oct 3 Prev %chg
Xetra Dax 12209.48 12114.36 0.79 JPN 30 yr 1.32 1.39 -0.07
Bitcoin ($) 19354.89 19051.30 1.59
Nikkei 26215.79 25937.21 1.07 GER 2 yr 1.60 1.75 -0.15
Ethereum 1316.31 1276.01 3.16
Hang Seng 17079.51 17222.83 -0.83 GER 10 yr 1.91 2.11 -0.19
MSCI World $ 2378.65 2401.32 -0.94 COMMODITIES GER 30 yr 1.92 2.09 -0.17
MSCI EM $ 875.79 873.29 0.29 Oct 3 Prev %chg
MSCI ACWI $ 553.37 557.88 -0.81 Oil WTI $ 82.68 79.49 4.01
FT Wilshire 2500 4670.65 4736.23 -1.38 Oil Brent $ 88.09 85.14 3.46 Prices are latest for edition
FT Wilshire 5000 36481.48 36986.59 -1.37 Gold $ 1671.75 1654.80 1.02 Data provided by Morningstar
2 ★ FINANCIAL TIMES Tuesday 4 October 2022

INTERNATIONAL

Annexed region Support package

Ukraine breaks through Kherson frontline Orbán attacks

Moscow’s military loses The Russian military is simultane-
ously losing ground in the east of the
ground in both east and country, after a separate Ukrainian
south of the country counteroffensive took back the trans-
However, it has instead forced Rus-
sian forces to admit losing territory only
days after claiming it in a lavish cere-
mony in the Kremlin.
firm how much territory it was annex-
ing — and, by extension, Russia’s cur-
rent declared borders.
Dmitry Peskov, Putin’s spokesman,
Germany’s
30km to Dudchany — a small village energy plans
as economic
along the Dnipro river’s western shore —
contrasts with the slow progress in pre-
vious months, where Ukraine was liber-

MAX SEDDON — RIGA

MEHUL SRIVASTAVA AND
ROMAN OLEARCHYK — KYIV
Ukrainian forces have broken through
Russian front lines in Kherson, one of
the four regions President Vladimir
Putin annexed last week, in the latest
blow to Moscow’s military campaign.
Russia’s defence ministry conceded
yesterday that Ukraine’s forces had
“pierced into our defences” thanks to
“superior tank divisions” near the town
of Zolota Balka, marking Kyiv’s biggest
advance in the south since Moscow
invaded the country in February.
port hub of Lyman in the Donetsk
region from fleeing Russian soldiers at
the weekend.
The fresh setback comes just days
after Putin annexed Kherson and three
other regions and threatened to use all
the means at his country’s disposal to
defend what he now considers Russian
territory.
Putin’s move was meant to increase
the stakes for Ukraine’s western allies
by raising the spectre of Russia using its
nuclear arsenal to protect territorial
gains in the seven-month conflict and
by reframing the war as a defensive
effort.
Italy. Conservative government
The defeats have intensified pressure
on Russia’s armed forces after a heavy
The fresh setback comes
just days after Putin
annexed Kherson and
three other regions
backlash against Putin’s decision to
mobilise its reserve army, prompting
hundreds of thousands of people to flee
the country.
The losses put the Kremlin in the awk-
ward position of not being able to con-
said any decision on how much territory
in Ukraine’s Kherson and Zaporizhzhia
regions to annex required further con-
sultation with the local population.
Peskov said while Russia wanted to
annex all of Donetsk and Luhansk in the
eastern Donbas industrial heartland, it
was “continuing to consult with the pop-
ulation of these regions about their bor-
ders”, according to Interfax.
In the south, Ukrainian forces remain
more than 120km from the shipbuilding
city of Kherson, the only provincial cap-
ital held by Russia since its full-blown
invasion was launched on February 24.
But an overnight push of more than
ating a handful of small villages over
weeks.
Though the defence ministry said
Russia’s forces had made a pre-planned
retreat and were inflicting “massive cas-
ualties” on Ukraine’s forces, Moscow-in-
stalled officials in the area indicated
that opposing troops had progressed
further still.
Vladimir Saldo, the Russia-appointed
“governor” of Kherson who signed a
“treaty” annexing the city alongside
Putin, told Russian state television that
Ukraine’s forces had advanced as far as
Dudchany, 40km south of Zolota Balka,
according to Reuters.
‘cannibalism’
MARTON DUNAI — BUDAPEST
SAM FLEMING — LUXEMBOURG
ANDY BOUNDS — BRUSSELS
Viktor Orbán accused Germany of
economic “cannibalism” yesterday
over a planned €200bn energy support
package that threatened EU unity
while member states were under
severe stress because of Russia’s inva-
sion of Ukraine.
Hungary’s premier echoed allegations
from other EU states that the unco-ordi-
nated borrowing package unveiled by
Berlin on Thursday risked distorting
fair competition within the bloc.
“It came as a bombshell when Ger-
many announced it was in a position to

Meloni’s social agenda worries rights groups
Liberals fear coalition will turn
back clock, curbing freedoms
and stoking homophobia
AMY KAZMIN — ROME
Cartoon character Peppa Pig made a
brief appearance during Italy’s recent
elections when a senior figure in Giorgia
Meloni’s Brothers of Italy party
demanded that an episode showing a
young pig with two mothers be banned.
Federico Mollicone, who oversees cul-
tural affairs for the hard-right party,
called the cartoon “unacceptable” and
said Italy, which has civil unions but
does not recognise same-sex marriage,
should not permit such “gender indoc-
trination” of children.
To many in Italy, the seemingly silly
incident was a telling sign of what could
be to come as Meloni, expected to lead
Italy’s first far-right government since
the second world war, seeks to put “the
defence of the natural family” at the
centre of her new government.
Liberals fear that her arch-conserva-
tive government will roll back the clock,
curb individual rights and social
freedoms, and stoke animosity towards
those who do not fit neatly into tradi-
tional Italian family models.
Activists for the LGBT+ community,
whose rights already lag behind other
western democracies, worry that even
their fragile social gains will be eroded.
“Certainly, the climate can become
nastier,” said Gabriele Piazzoni, direc-
tor-general of Arcigay, Italy’s largest
LGBT+ rights association. “A far-right
government with its illiberal rhetoric
might embolden homophobes that so
far have been restrained.”
Italy is still a deeply traditional soci-
ety that has made only fitful progress
towards equal rights for marginalised
groups, reproductive rights and the
inclusion of Italians from different eth-
nic backgrounds into the mainstream.
Now, many expect efforts to create a
more inclusive society to come to a
standstill, as Meloni and her rightwing
populist ally Matteo Salvini, the League
leader, take power.
“We are fully in the politics of cultural
backlash by rightwing political parties,”
said Pietro Castelli, a professor at Uni-
versité Libre de Bruxelles. “Her idea is
that Italy is a Christian society, must
Leader in remain a Christian — Catholic — society
waiting: and this contamination by foreign cul-
Giorgia Meloni, tures should be combated.”
leaving Emiliana De Blasio, a sociologist at
parliament in Rome’s Luiss University, said with the
Rome last week, far right in power, there would be no dis-
is a zealous cussion on “improvements on human
advocate for rights here in Italy”.
conservative In her own life, Meloni has walked an
social policies unconventional path, raised by a single
Angelo Carconi/EPA-EFE mother and not marrying the father of
her own young daughter. But she is a
zealous advocate for a conservative
social agenda, including defence of the
“natural family”, raising Italy’s domes-
tic birth rate, banning surrogacy — espe-
cially for same-sex male couples — and
stopping the flow of migrants into Italy.
Alessia Crocini, president of Rainbow
Families, an association of same-sex
parents in Italy, said her members were
frightened for their children. “It’s not
reassuring to know that the political
force in power has always been hostile to
you, and considers you not worthy of
the same rights as other families.”
Since the vote, Italian women’s rights
activists have marched in Rome, Milan
and other cities to protect the right to an
abortion, which they fear will be
attacked. “There will be a psychological
battle against women,” said Silvana Aga-
tone, founder of Laiga 194, an associa-
tion of doctors committed to upholding
abortion rights. “I worry so much about
the future.”
Meloni has insisted she will not touch
the 1978 law that legalised abortion. But
Agatone warned the government could
use other tools to impede abortion
access in a country where terminating a
pregnancy already requires long waiting
periods and navigating a complicated
bureaucratic maze.
About two-thirds of Italy’s obstetri-
cians and gynaecologists currently
refuse to provide abortion, while only
63 per cent of public hospitals permit
the procedures in their facilities.
Abortion providers often face hostil-
ity from colleagues, while some public
hospitals already permit anti-abortion
activists to interact with women seeking
to terminate pregnancies to press them
to change their minds.
For those working to help migrants in
‘It’s not Italy, the intense discourse around ille-
gal entry via small boats from Africa will
reassuring encourage hostility towards all of Italy’s
to know ethnic and religious minorities, regard-
less of their legal status.
that the “When far-right, xenophobic parties
political rule, the way they talk on television
about migration, people feel more free
force in to say things about migration that they
power has normally wouldn’t have said,” noted
Andrea Costa, president of the Baobab
always Experience, a humanitarian group that
been hostile helps migrants in Italy.
Luiss University’s De Blasio said
to you’ Italy’s economic fragility and depend-
ence on European financial support in
the coming years could restrict the new
government’s space to directly push
controversial policy rollbacks.
But Castelli at Université Libre de
Bruxelles said there was little doubt
far-right activists would seize the
opportunity of Meloni’s government.
“For the pro-life movement, extremists
and radical anti-immigrant groups, it’s
going to be an important opportunity.”
Additional reporting by Giuliana Ricozzi
in Rome
help its own companies with hundreds
of billions of euros,” Orbán said, com-
plaining that there was no EU solution
to help European companies.
Berlin has come under fire since
announcing a “protective shield” for
businesses and consumers struggling
with soaring energy costs, as policymak-
ers elsewhere in Europe accused Ger-
many of failing to properly co-ordinate
its response to the crisis and of risking
distortions to the single market.
Mario Draghi, outgoing Italian prime
minister, said last week that “faced with
the common threats of our times, we
cannot divide ourselves according to the
space in our national budgets”.
Orbán’s outspoken attack will add to
the tensions between Hungary and its
partners over the response to the war in
Ukraine. The prime minister has long
criticised the EU’s sanctions policy, say-
ing the sanctions hurt the EU more than
they hurt Russia. But Orbán was not
alone in being wrongfooted by the scale
of Germany’s intervention.
Speaking as he arrived at a meeting of
finance ministers in Luxembourg yes-
terday, French finance minister Bruno
Le Maire said member states were enti-
tled to announce their own support
measures to shelter their economies
from surging prices — pointing out that
Paris had done so itself. The total tab for
France’s energy measures this year is
about €24bn, according to the French
finance ministry.
But he warned that the eurozone
needed a better-co-ordinated strategy
and that interventions needed to be tar-
geted in order to avoid skewing the sin-
gle market. “It is essential that we pre-
serve a level playing field between euro-
zone member states and EU countries
more generally,” he told reporters.
Christian Lindner, the German
finance minister, defended the package,
saying it was proportionate given the
size of the German economy, and that
the spending would be spread over two
years. “It is a measure to protect the key
structure of our economy,” he said.
For its part, the European Commis-
sion refused to say whether Berlin had
notified it of the plan, which could
breach state aid rules. The commission
said only that it was in dialogue with the
German government.
It also referred to comments from
Ursula von der Leyen, commission pres-
ident, on Saturday. “Without a common
European solution we seriously risk
fragmentation. So it’s paramount that
we preserve a level-playing field for all
in the EU in the single market,” von der
Leyen said.

Fiscal rules

Brussels seeks to give capitals greater say in debt reduction

MAKE A WISE SAM FLEMING — BRUSSELS settle on a new approach before full debt ratios have shot up dramatically The proposals will need to win accept-
INVESTMENT Brussels wants to give EU capitals extra
enforcement of the Stability and Growth since the pandemic eased. ance in EU capitals and may need to be
Pact resumes in 2024 following a sus- The new rules would, however, retain enacted in legislation. Elements could
Subscribe today at time to curb their debts and create
pension triggered in 2020 by the pan- the EU’s main reference values of a 3 per face a frosty reception in hawkish mem-
ft.com/subscribetoday space for public investment as part of
demic. The proposals come as member cent of GDP public deficit limit and 60 ber states such as Germany. Berlin is
an overhaul of the EU’s deficit rules.
states face mounting fiscal burdens as per cent of GDP debt ratio, both of which suspicious of allowing bilateral deals
The European Commission would table they spend hundreds of billions of euros are mentioned in the EU treaty. The between capitals and the commission.
a proposal at the end of the month to sheltering businesses and households commission wants to downgrade the Clear upfront minimum EU standards
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Tuesday 4 October 2022
Ukraine war. Conscription fears
Russians flee
to Kazakhstan
in their droves
Nearly 100,000 enter former
Soviet state, undermining
Kremlin claims of support
POLINA IVANOVA — ORAL, KAZAKHSTAN
They crossed the border looking
exhausted, dragging their suitcases
through the mud, but the group of
young Russians fleeing the threat of con-
scription into the army were also grin-
ning as they entered Kazakhstan.
“Wow the air feels easier to breathe
here already,” one young person
exclaimed. The party, from the central
Russian city of Kolomna, more than
1,200km from the Kazakh border, spent
two nights sleeping out in the open as
they joined a long queue of people and
vehicles waiting to leave Russia.
They were among what Kazakhstan
has said are nearly 100,000 Russians
and counting who have crossed into the
central Asian country since President
Vladimir Putin announced a nationwide
conscription drive to bolster his flagging
war in Ukraine last month.
It is a number that — along with the
tens of thousands of Russians who have
fled to Georgia, Finland, Mongolia and
other neighbouring states — has blown
holes in the Kremlin’s claim of broad-
based support for the invasion.
It also illustrates the dramatic brain
drain out of Russia. Of the 17 Russians
who spoke to the Financial Times in the
Kazakh border city of Oral, almost all
were young professionals — computer
programmers, lawyers, bloggers, bar
owners — who dropped everything on
September 21 when the draft was
announced, and rushed to leave the
country.
They have flooded into Oral, a trading
city of about 200,000 people, filling its
hotels, hostels and summer camps.
Many of the new arrivals have slept on
the floors of mosques, churches, gyms
and cinemas, some even relying on
handouts of food from local volunteers
who have stepped in to help.
Alexander, Artyom, and Andrei,
three IT workers from Moscow in their
early 20s, set off from home the day
after the mobilisation was announced.
They flew to the southern Russian city
of Astrakhan, not far from the border,
and spent a night queueing before cross-
ing into Kazakhstan.
Now, the trio share a rented room in a
village outside Oral. Though they miss
their families and have to get used to a
more rural life, including an outside toi-
let and slower internet, they are upbeat,
grateful to their hosts and relieved to be
out of Russia, where they could have
been forced to join a war they opposed.
Alexander, a developer, said he did
not think twice about leaving after the
mobilisation was announced, even
though he now has to look for a new job,
in a new country. “I had three options:
prison, the front line or Kazakhstan.
The decision was obvious.”
Though Putin has claimed the draft
would not affect students, IT workers
and other categories of people, many of
those fleeing were not taking any
chances.
“All I had to do was imagine that I’d be
sent to the frontline, to fight on a side I
don’t agree with, and the motivation
was there to set off to the border straight
away,” said Vadim, 20, a Moscow film
student, as he paced alone outside a can-
teen in the Atameken camp in Oral.
Normally a summer school for chil-
dren, Atameken now provides tempo-
rary accommodation for incoming Rus-
sians; Vadim, who spent a night sleeping
★ FINANCIAL TIMES
INTERNATIONAL
Refuge: Russians rough on the Russian side of the border, Alexander, the developer, said he wel-
arriving in the is staying in one of its 12-bed dorm comed the shock it had been for the less
Kazakh border rooms. He said he hoped to make it to politically engaged in Russia, and for
city of Oral say Georgia, where he has friends, and he people like him, who had grown accus-
they fear being also hoped his father — who has done tomed to the war.
forced to fight in military service and is of call-up age — For one young woman at Atameken,
a war with would follow soon. the final straw camewhen she was told
which they Everyone the FT spoke to in Oral by her university in the southern Rus-
disagree. Below, opposed the war in Ukraine, though sian city of Krasnodar that she had to
drivers queue to some acknowledged that it had taken come to a city square for an event — only
cross the border the mobilisation decree to bring it home to find out that it was actually a pro-war
into Kazakhstan to them and their families, and to make rally. Horrified, she decided she could
AFP/Getty Images; AP
them take action. no longer remain in Russia, and a few
days later crossed over into Kazakhstan,
making the final leg of her journey by
bike.
Grigory, 32, a bar manager from Sibe-
ria, acted fast when the mobilisation
was announced. First he rushed to the
local registration office with his girl-
friend so they could get married, to
make it easier for her to join him as his
wife wherever he might end up. “We
forged a document saying she was three
months pregnant, so they let us get mar-
ried on the same day,” he said. Hours
later, he was heading to Kazakhstan.
Kazakhstan has made it clear that it
will keep letting Russians in, and its
3
‘[Kazakhs] see us as
hostages of this horror
that’s taking place
in our country’
president Kassym-Jomart Tokayev said
this week that it was a “humanitarian
question” since Russians who could face
conscription were in a “hopeless” situa-
tion.
Oral has welcomed the newcomers,
and some of the arrivals in turn have
tried to show their gratitude such as by
collecting rubbish from a local stream.
“[Kazakhs] have given us free food,
housed us, I’m in shock,” said Alexei
Sibirskiy, a well-known Russian envi-
ronmental blogger, as he stood in thigh-
high waders by the stream, holding
muddy rags and a discarded tyre. “They
see us as hostages of this horror that’s
taking place in our country.”
But several of Oral’s local residents
also said they were worried about what
the consequences of such an influx of
Russians might be, on everything from
local housing prices to social cohesion.
Others bristled at helping citizens of a
country that was the war’s aggressor.
Aizhana Mazaliyeva, a psychologist
who has helped out at welcome points
‘I had three and let Russians crossing the border
stay at her home, said she had noticed
options: criticism of volunteers such as herself
prison, the from other Kazakhs. She thought both
sides had a point. “Everyone has the
front line or right to be afraid. They have a right to
Kazakhstan. fear conscription, and Kazakhs have a
right to be afraid about what all this
The decision might bring,” she said.
was obvious’ While many of those who fled Russia
in the immediate aftermath of the Feb-
ruary invasion had jobs or family ties
that helped them relocate, a large
number of those arriving now had no
concrete plans for the future.
Alexander, 32, left his life in the city of
Bryansk when news of the mobilisation
came through. “The only goal I had was
to cross the border,” he said at the
Atameken camp.
He said his former wife and two chil-
dren lived not far from the frontline in
southern Ukraine, raising the horrifying
prospect that he would be forced to fight
on the opposite side to them.
One thing was clear, he would not be
going home. “Return to Russia? Not dur-
ing this government.”
Gideon Rachman see Opinion
4 ★ FINANCIAL TIMES Tuesday 4 October 2022

INTERNATIONAL

Brazil braced for tense leadership

GLOBAL INSIGHT
BRAZIL

Michael
run-off as Bolsonaro bounces back Stott

Contenders expected to tack to middle ground ahead of second-round showdown Surprisingly strong
election showing
BRYAN HARRIS, MICHAEL POOLER AND
CAROLINA INGIZZA — SÃO PAULO
Brazil is braced for a tense presidential
emboldens incumbent
run-off after a closely fought first-round

vote set up a showdown between two of
Latin America’s most divisive politi-
cians.
While leftwing challenger Luiz Inácio
Lula da Silva came out on top with
48.4 per cent of valid ballots cast on
Sunday, incumbent leader Jair Bol-
sonaro will be buoyed by a performance
that defied many forecasts.
The far-right populist claimed a
43.2 per cent share of the vote, higher
than most opinion polls had predicted.
The race now goes to a second round
on October 30 and analysts believe both
men will tack to the middle ground to
broaden their appeal and win over back-
ers of eliminated candidates.
“Both Bolsonaro and Lula will need to
get out of their comfort zone and try to
capture votes outside their supporter
base. The expectation is for Lula to
move even further towards the centre in
an attempt to capture some support
from the new Congress,” said Daniela da
Costa-Bulthuis, a portfolio manager at
Robeco.
“He also may need to tone down talk
on reverting [pro-business] reforms.
Bolsonaro, on the other hand, will need
to address the environmental concerns
in Brazil and drop the confrontational
tone against the Supreme Court and the
electoral system.”
By persistently alleging without solid
evidence that Brazil’s electronic ballot
machines are vulnerable to fraud, the
rightwinger has fed fears he might reject
defeat. Opponents are wary of the
potential for disorder on the streets
from the more radicalised fans of Bol-
sonaro, who has previously said that
“only God” can remove him from office.
But after the results were counted on
Sunday, the conservative former army
captain appeared to acknowledge the
need for a more conciliatory tone.
“I understand that among part of the
population there is a desire for
change,” he said. “But sometimes
change can be for the worse. We
tried during the campaign to dem-
onstrate this, but it seems that it did
not reach the most important layer
of society.”
The president received a boost
as allies scored big wins in con-
gressional and gubernatorial
France
Muted races. In the Senate, his Liberal party
celebration: picked up eight seats out of the 27 avail-
Lula supporters able on Sunday. In a lower house domi-
in Rio de Janeiro nated by the right, Bolsonaro’s party will
following the be the single biggest with 99 out of 513
count. Below, seats.
Jair Bolsonaro Allies of the president also clinched
after voting governorships in Rio de Janeiro and
Mauro Pimentel/AFP/Getty
Brasília. In São Paulo, a second round
run-off for the governorship is likely to
elect a bolsonarista.
“Bolsonaro has better strategic sup-
port in key states, such as São Paulo and
Rio de Janeiro. He also has momentum
with the better than expected result,”
said Lucas de Aragão, partner at Arko
Advice. “Lula is still the slight
favourite but the race will be com-
petitive.”
Financial markets appeared
to welcome the prospect of
Lula diluting his state-cen-
tric prescriptions for the
economy. The Brazilian
real climbed 2 per cent
against the US dollar
yesterday morning and the country’s
Bovespa stock index was up 4 per cent.
But supporters of the veteran
leftwinger could not conceal their disap-
pointment. Going into the count, some
opinion polls had suggested the two-
term former president could win out-
right in the first round by attaining
more than half the ballots.
“I feel lost. I can’t understand how the
people were able to vote the way they
did,” said Maiara Fernanda Barbosa, a
lawyer from Minas Gerais, a bellwether
state where Lula won a majority. “It is
sad to see people endorse violence, prej-
udice, racism.”
However, Lula struck a defiant note
and said he was relishing the prospect of
another month on the stump.
“It will be the first chance for us to
have a head-to-head debate with the
president of the republic, to find out if
he will continue to tell lies or if he will, at
least once in his life, speak the truth to
the Brazilian people,” the 76-year-old
declared.
J
The former trade unionist has sought
to portray himself as a statesman and
moderate, adept at building consensus
and carrying the nation on the interna-
tional stage. This message, however, did
not seem to resonate in Brazil’s wealth-
ier states, such as São Paulo.
Some suggested that voters remem-
bered Lula’s involvement in the Lava
Jato corruption scandal, which saw him
spend almost two years in prison before
his convictions were annulled by the
Supreme Court.
Eduardo Mello, a political scientist at
the Getulio Vargas Foundation, said
Lula had failed to gain traction in the
populous and relatively wealthy south-
eastern states of São Paulo and Rio de
Janeiro.
“His potential supporters [there] are
urban, low middle-class voters, more
moderate and less ideological,” he said.
“It is likely that these voters didn’t want
to vote for a candidate whose only point
in the campaign was that he isn’t a ‘fas-
cist’ and he isn’t Bolsonaro.”
air Bolsonaro may have finished in second place
in Sunday’s presidential election in Brazil, but his
tally of 43.2 per cent outperformed pre-election
polls and propels him into the runoff with fresh
momentum. Many of his allies and former minis-
ters were elected to Congress and to state governorships.
His Liberal party will form the largest bloc in the Senate.
Luiz Inácio Lula da Silva, the leftist former president,
won 48.4 per cent of the votes. He remains favourite to win
the second round on October 30, but his initial reaction
that Sunday’s result was merely an “extension” to the cam-
paign belied the magnitude of the left’s disappointment.
Results from the presidential, congressional and state
governors’ races suggest Lula and his Workers’ party (PT)
have yet to convince most Brazilians they have learnt from
past economic mistakes and corruption scandals. Lula
“hasn’t really felt the need to come up with new ideas”, said
Anthony Pereira, director of the Kimberly Green Latin
American and Caribbean Center at Florida International
University. “He is a little bit stuck in the past.”
The ex-president’s vote held up in the poor north-east
after a campaign focused on poverty. But he was less suc-
cessful in the three most populous (and rich) states of São
Paulo, Rio de Janeiro and Minas Gerais. Here Bolsonaro’s
allies led the governors’ races or won them outright.
There will be no rerun of the leftist “Pink Tide” that
swept Lula into office in the 2000s with more than 60 per
cent of the vote. His coalition was projected to improve its
showing in Congress slightly but will be short of a majority.
If he does prevail in the second round, it will be far harder
to govern an intensely
polarised country. The
hard left also increased its
Round two is likely
strength in Congress. to bring further
The first-round result
reflects deep changes in
polarisation and
Brazil in the past decade, a greater risk
in particular the growth
of the agribusiness lobby,
of violence
evangelical churches and
the gun lobby, all key allies of Bolsonaro. Brazil’s hard right
“is now much more organised and sophisticated”, said
Monica de Bolle of the Peterson Institute for International
Economics in Washington. If Lula did win a third term,
“the chances are that he will end up disappointing, not
because of anything he does, but because the country is so
extremely polarised”.
The big losers were the parties of the centre, and the
“third way” presidential alternatives. The PSDB party of
former president Fernando Henrique Cardoso had its
worst election this century, failing to reach the runoff for
governor of São Paulo state and seeing Eduardo Leite, one
of its brightest future presidential hopes, only narrowly
squeak into the second round for the governorship of Rio
Grande do Sul, the state he governed before.
A highly polarised presidential campaign fought largely
over the personalities of Bolsonaro and Lula left little space
for reasoned policy arguments. Simone Tebet and Ciro
Gomes, the third- and fourth-placed presidential candi-
dates, managed only 7.2 per cent of the vote between them.
Neither offered an immediate endorsement to the front-

Macron suffers blow after senior figures’ legal woes deepen
LEILA ABBOUD — PARIS
Emmanuel Macron’s top presidential
adviser and justice minister have suf-
fered legal setbacks over alleged con-
flicts of interest and abuse of position,
casting doubt over whether they can
stay in office.
A court ruled yesterday that justice
minister Éric Dupond-Moretti should
be tried by a special tribunal over allega-
tions he abused his position to target
judges against whom he held grudges
from his career as a defence attorney.
A few hours later the financial crimes
prosecutor’s office said it had placed
Élysée Palace secretary-general Alexis
Kohler, the highest ranking presidential
adviser, under official investigation, one
step short of an indictment. Prosecutors
are looking into allegations that Kohler
favoured the interests of Mediterranean
Shipping Company, the Swiss-Italian
maritime group controlled by his cous-
ins, the Aponte family.
Kohler and Dupond-Moretti denied
any wrongdoing via their lawyers. The
Élysée Palace and prime minister’s
office did not respond to requests for
comment.
Dupond-Moretti, who rose to promi-
nence for defending rogue Société Géné-
rale trader Jérôme Kerviel and Wiki-
Leaks founder Julian Assange, is the
first sitting justice minister to face such
a trial. It will be heard before the Cour de
justice de la République, the legal body
in France entitled to judge ministers for
alleged wrongdoing while in office.
Transparency International France
called for his resignation yesterday, say-
ing that letting him continue would
“feed a sentiment of public mistrust
against the political class”.
“The justice minister’s situation is
unprecedented . . . not only for the type
of infractions he is accused of, which
represent a grave breach of probity
Letting . . . but also for how, despite the respon-
sibilities of his position, he has repeat-
minister
edly called into question the impartial-
stay in post ity of the process,” said the two judges’
unions.
will ‘feed
The case has been a headache for
public Macron, who in 2020 gave Dupond-
Moretti a brief to reform a justice sys-
mistrust tem plagued by budget and staff short-
against the falls that have caused long delays.
The investigation against Kohler is at
political an earlier stage. Anticor, the anti-cor-
class’ ruption agency, filed several complaints
to police about Kohler’s involvement
with MSC and his disclosures about it
going back to 2018.
runners. Gomes’s 3 per cent support is likely to lean left,
but Tebet’s 4.2 per cent may split more evenly.
Investors took heart from Sunday’s result, believing
Lula will have to move further to the centre to win. Some
believe a Bolsonaro win and more market-friendly eco-
nomic policies are now possible.
But those hoping for an end to the personal attacks and
absence of debate on policy that have blighted the cam-
paign will be disappointed. The second round is likely to
bring further polarisation and a greater risk of violence.
Fears of a messy final outcome to the presidential elec-
tion, with Bolsonaro and his highly organised movement
of well-armed supporters contesting the result, will grow.
The president has frequently questioned the validity of
opinion polls and legitimacy of Brazil’s electronic voting
system. On Sunday, Bolsonaro claimed that “in a clean
election we will win with over 60 per cent of the vote”. The
result, which showed pollsters had underestimated his
support, will only have emboldened him.
michael.stott@ft.com

Gerb party Iran

Bulgaria poll winner faces coalition challenge Khamenei blames US and Israel for protests
MARTON DUNAI — BUDAPEST
Boyko Borisov’s centre-right Gerb
party has won Bulgaria’s fourth elec-
tion in the past year and a half, but the
former prime minister fell well short of
the majority he needs to build a gov-
erning coalition in the EU’s poorest
country.
Gerb won about 25 per cent of the vote,
while the liberal We Continue the
Change (PP), led by former premier
Legal Notices
Kiril Petkov, came in second with 20 per
cent, according to the state election
commission’s near-complete results
yesterday. The PP and other leading
parties have ruled out forming any coa-
lition with Gerb, increasing the chances
of another election in the near future.
Borisov, who after a decade in power
was ousted in 2021 following anti-cor-
ruption protests, positioned himself as a
steady hand who could steer Bulgaria
through crises. Under Petkov, the coun-
try turned sharply against Russia, tradi-
tionally a close partner.
“It is important that the country stays
on the Euro-Atlantic course, so the Rus-
sians will respect us as well . . . They
like strong, definite and clear,” Borisov
said, adding he wanted to lead the coun-
try into the eurozone, execute judicial
reform and keep diversifying gas sup-
plies away from Russia.
Petkov, a pro-western Harvard gradu-
ate who pledged to confront corruption,
lost a no-confidence vote in July over
budgetary and EU enlargement dis-
putes after just seven months in office,
prompting the latest election.
“A tough winter is coming,” PP co-
chairman Asen Vasilev said, adding that
Gerb had the responsibility to start talks
on forming a government. “I wish Gerb
success in forming a government . . . We
deeply disagree with the way they gov-
erned the country, but the Bulgarians
have spoken.”
Hard-right parties surged, with the
newly formed Bulgarian Rise party
passing the threshold to win seats in
parliament and the pro-Russian
Vazrazhdane (Revival) party doubling
its support to about 10 per cent.
If no viable coalition is formed, Presi-
dent Rumen Radev could continue with
caretaker governments and order
another election in a few months’ time.
But the political instability will further
damage the country economically and
delay its goal of joining the eurozone in
2024, analysts said.
Radev, a former military commander,
had sought to steer Sofia closer towards
Moscow. He pursued talks to resume gas
supplies and made critical statements
on the EU’s sanctions against Russia fol-
lowing its invasion of Ukraine.
NAJMEH BOZORGMEHR — TEHRAN
Iran’s supreme leader Ayatollah Ali
Khamenei has accused the US and
Israel of masterminding anti-regime
protests prompted by the death in
police custody of a young woman
arrested for allegedly violating the
Islamic dress code.
At least 41 people have been killed dur-
ing a crackdown since protests erupted
across the country in recent weeks, state
television said. Amnesty International
has put the death toll at more than 50.
In his first comments since the pro-
tests began, Khamenei backed the
police and said “these riots and insecuri-
ties have been engineered by the US and
the fake Zionist regime while those on
their payrolls and some expatriate Ira-
nian traitors helped them”.
Khamenei told Iran’s armed forces in
a speech yesterday that he was also
“hurt” because of “this incident” — the
death of Mahsa Amini, a 22-year-old
Kurdish woman, after morality police
arrested her in the capital Tehran. Her
family said she was beaten in custody at
the morality centre. Police officers
denied this and said her death was
linked to a pre-existing condition.
However, Iran’s top leader said while
investigations were under way into her
death, it was “not normal” to see “some
have made streets insecure, set alight
the Koran, taken away the hijab from
Ayatollah Ali
Khamenei: the
target of anger for
many protesting
against the death
of Mahsa Amini
religious women’s heads and set alight
mosques, religious venues and people’s
cars”.
Iran is experiencing the biggest unrest
since 2019 riots over rising fuel prices.
Young people have poured on to the
streets at night or staged protests at uni-
versities during the day. Many protest-
ers’ slogans are targeted at Khamenei,
who has ultimate power in the theo-
cratic state, rather than hardline presi-
dent Ebrahim Raisi.
Protesters, initially angry at the obli-
gation to wear the hijab and the treat-
ment of Amini, are also calling for a
democratic, secular system.
On Sunday evening, students at the
prestigious Sharif University in Tehran
staged a protest and demanded the
release of students arrested while chant-
ing anti-regime slogans. Security forces
arrested more than 30 students on Sun-
day alone, the students later said in a
statement.
The university announced yesterday
that classes would be online only until
further notice.
US President Joe Biden said during his
speech at the UN General Assembly that
his administration stood with “the
brave citizens and the brave women of
Iran, who right now are demonstrating
to secure their basic rights”.
Khamenei said that “the same enemy
[the US] which says in its diplomatic
comments that it has no intention to
strike Iran or change the [political] sys-
tem, holds these intentions deep down
and seeks to create riots and make the
country insecure”.
Tuesday 4 October 2022 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Tuesday 4 October 2022

Sushi shock Kappa chain’s shares come unstuck as investors digest scandal of jailed boss, spying and the price of fish y COMPANIES

TikTok boosts SEC settlement Reality TV star Kardashian

to pay $1.26mn over promotion of tokens
BoE spends
just £22mn on
turnover at its gilts as signs
of strain ease
European unit TOMMY STUBBINGTON

The Bank of England yesterday bought

almost sixfold
just £22mn of bonds under its opera-
tion to soothe strains in the gilt market,
in the latest sign the central bank has so
far succeeded in halting a chaotic sell-
off without spending anywhere near its
maximum £5bn of daily purchases.

3 Losses rise in platform’s expansion
3 Growth fuelled by swelling user base
CRISTINA CRIDDLE — LONDON
TikTok increased its European turnover
nearly sixfold in 2021 but its losses grew
by a third as the fast-growing social
media platform bolstered its offering to
advertisers and hired thousands more
staff across the world.
The Chinese-owned network
reported a turnover of more than
$990mn for the calendar year, com-
pared with $172mn the previous year,
according to filings from the UK’s Com-
panies House. Its pre-tax losses were
$896mn, up more than a third, mainly
due to increased spending on staff.
Growth has been driven by TikTok’s
The ‘TikTok Shop’ feature
has been hit by difficulties
after FT investigations
revealed an exodus of staff
flourishing user base, which is esti-
mated in the billions, increased adver-
tising spending, and improved targeting
of ads on the short-video platform.
The filing relates to TikTok opera-
tions in Europe, including the UK. These
now have a monthly average of 4,396
employees, up more than 3,000 since
2020. Selling and marketing expenses
were up nearly 90 per cent to $666mn,
while administrative expenses grew
almost 30 per cent to $212mn.
Revenue was largely generated from
the EU, accounting for $532mn, and the
UK, which was $279mn. The figures the
year before were $114mn and $52mn
respectively.
Although the filing does not cover the
US, believed to be TikTok’s largest mar-
ket, it provides a rare snapshot into the
business performance of one of the most
popular social media networks.
The app is owned by Beijing-based
ByteDance, which raised $5bn in
December 2020 at a $180bn valuation,
making it one of the world’s largest pri-
vately held companies.
ByteDance’s planned stock market
flotation has been postponed a number
of times. Advertising is an important
revenue driver for TikTok, similar to
social media rivals Meta and Twitter,
and amounted to more than $802mn of
its annual turnover in Europe, a fivefold
increase from the year before.
The company, which launched ads on
the platform in 2020, said it had grown
its sales and accounts teams to provide
“sufficient support to advertisers”.
TikTok has been experimenting with
ecommerce since last year as a form of
additional revenue, through shoppable
links on-screen. But the “TikTok Shop”
feature has been hit by internal and
external difficulties in the UK after mul-
tiple Financial Times investigations
revealed an exodus of staff. Brands and
influencers also left the scheme as it
failed to gain traction with consumers.
On Saturday, the FT revealed the
company planned to expand TikTok
Shop into North America, outsourcing
its live shopping technology to an LA-
based company, according to people
familiar with the plans.
“The size of TikTok’s user base and
the users’ level of engagement are cru-
cial to our business, which continue to
be significantly determined by our abil-
ity to retain our existing users, keep
them engaged and acquire new users,”
the company said in the filing.
One of the ways it rewards influencers
is through virtual gifts, which the com-
pany also derives revenue from.
During live broadcasts, influencers
can receive items such as digital roses,
hearts and pandas — and convert them
into Diamonds, a TikTok currency, that
can then be exchanged for real money.
TikTok takes a 50 per cent commis-
sion on the money spent on virtual gifts,
according to creators on the platform.
‘Are you guys into crypto????’ Kim Kardashian’s post reverberated through the markets — Stefani Reynolds/AFP/Getty Images
STEFANIA PALMA — WASHINGTON
Kim Kardashian has agreed to pay
$1.26mn to settle charges with the US
securities regulator for promoting a
cryptocurrency without revealing
that she was paid to do so.
The US Securities and Exchange Com-
mission said yesterday the reality TV
star did not disclose a $250,000 pay-
ment she received to post about
crypto security tokens sold by
EthereumMax on her Instagram
account, which has 331mn followers.
Kardashian last year asked her then
225mn followers, “Are you guys into
crypto????”, in an Instagram post that
drew attention to EthereumMax, a
new coin at the time. The post rever-
berated throughout the markets and
was emblematic of a ballooning trend
involving celebrity endorsements of
cryptocurrency assets.
But the EthereumMax tokens shed
70 per cent of their value a week after
the post, triggering a separate class
action that accused Kardashian and
other celebrities of helping to boost
the coin’s price in a scheme that bene-
fited its backers and hurt investors.
The case is making its way through
a US federal court. Kardashian’s law-
yers did not comment on the claims
when the lawsuit was filed this year.
SEC chair Gary Gensler said: “This
case is a reminder that, when celebri-
ties or influencers endorse invest-
ment opportunities, including crypto
asset securities, it doesn’t mean that
those investment products are right
for all investors.”
The settlement follows warnings by
the SEC related to celebrities publicis-
ing financial instruments. Last year,
the regulator published an alert tell-
ing investors it was “never a good idea
to invest in a [special purpose acquisi-
tion vehicle] just because someone
famous sponsors or invests in it”.
The case is also related to the debate
on what constitutes a digital security
and the breadth of the SEC’s jurisdic-
tion over crypto assets. Gensler reiter-
ated his position to CNBC yesterday:
“The law is clear. I believe based on
the facts and circumstances most of
these tokens are securities.”
Kardashian, who neither admitted
nor denied the SEC’s findings, vio-
lated the anti-touting provisions in US
securities laws, the agency said.
Her Instagram post included a link
to the issuer’s website, which had
instructions on how to buy the tokens,
as well as “#AD”, a term understood
to indicate advertisements.
As part of the settlement, for three
years Kardashian may not receive
compensation for publicising digital
security tokens and has agreed to con-
tinue collaborating in the investiga-
tion, the SEC said. A lawyer represent-
ing Kardashian said she had “fully co-
operated” with the SEC.
Lex page 18
The daily purchases were launched last
Wednesday as a slump in long-dated
gilts threatened to spiral out of control,
sparking a liquidity crisis among UK
pension funds. Over the first four days
of the 13-day programme, the BoE has
spent just £3.66bn of a possible £20bn,
meaning the purchases are likely to fall
far short of the potential £65bn size.
Yesterday’s operation, in which the
BoE rejected offers from investors who
sought to sell £1.89bn of gilts, followed a
gilt rally driven by the government’s
U-turn on plans to scrap the top rate of
income tax.
“This is the BoE sending a message
that if it doesn’t look like we’re still in
the middle of a crisis they will be careful
about how much they spend,” said
Rohan Khanna, rates strategist at UBS.
Yesterday’s smaller than expected
purchases triggered further sharp
moves in 30-year gilts. Yields rose from
the day’s low of less than 3.7 per cent to
almost 3.99 per cent, slightly higher on
the day but far below the level of more
than 5 per cent last week that triggered
the BoE intervention.
Starting with Tuesday’s buyback, the
BoE has asked gilt dealers to identify
whether offers to sell bonds have been
made on behalf of clients or for the
banks themselves. In a market notice
published yesterday, the central bank
said it was “studying patterns of
demand . . . in order to ensure the back-
stop objective of the tool is delivered”.
The notice, with yesterday’s small-
scale buying, is likely to be a sign the
BoE is sensitive to accusations it has in
effect restarted quantitative easing and
wants to ensure intervention is targeted
at stresses in the pensions sector, said
ING rates strategist Antoine Bouvet.
Investors are contemplating what will
happen after the scheduled end of pur-
chases on October 14. The fact that 30-
year bond yields are now below those on
shorter-term debt suggests long-end
yields are likely to rise once more with-
out BoE support, Khanna said. But some
investors think the BoE will have to pro-
long its purchases to prevent turmoil.
Lex page 18

Failure to learn lessons of 2008 caused LDI pensions blow-up

yield” that took investors into high-risk
INSIDE BUSINESS assets. The even lower rates that fol-
lowed 2008 had a profound effect on
FINANCE defined benefit pension funds. The gilts
and bonds of these funds were not
Patrick returning enough to match the schemes’
liabilities. LDI, based on borrowing (or
Jenkins “repo-ing”) against the collateral of low-
yielding gilts, became a popular way for
schemes to offset the shortfall. But what
started as a hedge in some cases became
effective overseers. Similar criticisms
have been made for years about the
amateurishness of some pension fund
trustees, yet little has been done to pro-
fessionalise a system that governs the
retirement prospects of millions.
5. Regulation is lacking. Whenever a
crisis grips part of the financial system,
it is tempting to squeal: “Where was the
regulator?” In the case of the LDI ruc-
tions, the UK’s Pensions Regulator can

T
he crisis in Britain’s defined
benefit pensions market
last week was like a replay
of the 2008 banking crisis —
just with different acro-
nyms. It was caused by a blow-up of
LDIs — or liability-driven investment
strategies, a vast £1.5tn corner of the
financial markets that most people had
never even heard of. Half a dozen les-
sons from 2008 have not been learnt.
1. There’s no such thing as risk-free.
Aside from the three-letter shorthand,
LDIs have at first glance little in com-
mon with the CDOs, or collateralised
debt obligations, the financial instru-
ments that spread the contagion of
defaulting subprime mortgages a dec-
ade and a half ago.
Pension funds were at risk, not banks.
And the trigger was a price collapse in
government bonds, not home loans. Yet
there are clear parallels: most obviously,
the double AA rated gilts that underpin
LDI strategies were treated as risk-free,
just like the triple A rated CDOs that
spiralled into near-worthless junk. Even
if you accept that the credit risk on gilts
is pretty minimal, the market risk in
these normally ultra-liquid securities
has been routinely underestimated.
2. Ultra-low interest rates have
obscure side-effects. Years of low inter-
est rates in the run-up to 2008 had
encouraged a debt-fuelled “search for
a leveraged bet — an irresistible way to
“juice” otherwise low returns.
3. Liquidity and capital are
intertwined. Back in 2007-08, banks
and their regulators initially argued that
the system was afflicted by a liquidity
crisis driven by a fearful drying-up of
funding markets, rather than more pro-
found weaknesses. A similar argument
was made about the pension fund
tumult last week.
Supposedly, the Governments and central
schemes were
merely experienc- banks paved the way for
ing a temporary the 2008 crisis. Lawmakers
shortage of collat-
eral to cover their are again pushing
gilt repo activity, deregulatory agendas
and that caused a
panic. The argument was that underly-
ing funding of the pension schemes,
thanks to those higher gilt yields, was
actually looking healthier from an actu-
arial point of view. In practice, though, a
sharp devaluation of gilts that might not
last is a flimsy basis for funding pension
payouts. Happily, the Bank of England’s
speedy gilt-buying intervention seems
to have staunched the problem for now.
4. Amateurish governance is
dangerous. One of the lessons of bank
failures in 2007-08 was that expertise
matters: having a retail boss run a bank
(the case with the failed HBOS) was
probably unwise; many bank boards
lacked the skills and knowledge to be
claim to have been alive to the risks.
Only last month, its lead investment
consultant wrote that some pension
scheme trustees were “underprepared”
for the collateral calls that rising interest
rates would mean for their LDI portfo-
lios. But the tone, in a blog, was reminis-
cent of the way the BoE, as the 2007-08
crisis loomed, would point out that it was
aware of developments and had warned
about the risks in speeches and papers.
The BoE did little in practice, partly
because it lacked powers. Post-2008,
rules were introduced on bank capital
and liquidity and regulators began
annual stress tests. The Pensions Regu-
lator could do with tougher powers, too.
6. Policymakers could make things
even worse. Governments and central
banks paved the way for the 2008 crisis,
with free money and lax regulation. Yet
lawmakers are once again pushing
deregulatory agendas. In the US last
week, Republican senators introduced a
new bill arguing that crypto assets as
well as private equity should be allowed
in private pension plans.
In the UK, the government wants to
make it easier for pension funds and life
insurers to invest in riskier assets —
putting a political imperative ahead of
concerns about asset illiquidity and
risk. When you espouse such policies,
you’re asking for trouble — again.
patrick.jenkins@ft.com
Tuesday 4 October 2022 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Tuesday 4 October 2022

COMPANIES & MARKETS

Financials Financial services

BlackRock shakes up leadership team KPMG fined

New CFO and vice-chairs
position founder Fink for
fightback against critics
BROOKE MASTERS
BlackRock has chosen a new chief finan-
cial officer as part of a reshuffle that
positions the largest asset manager to
fight back against criticism and pro-
motes younger executives.
Founder Larry Fink remains firmly in
control of BlackRock but is bolstering
his team with several new vice-chairs
who will focus on outreach.
In recent months the group has come
under fire from the political right and
left for its big stakes in every large US
company and its approach to environ-
mental,socialandgovernanceinvesting.
Martin Small will replace Gary Shed-
lin, the outgoing chief financial officer
and a former Citigroup and Morgan
Stanley investment banker, from next
year. As a vice-chair, Shedlin will con-
tinue to work with strategic clients,
especially other financial institutions.
Mark McCombe, who has been lead-
ing the fight against the state of Texas’s
plans to designate BlackRock “hostile”
to fossil fuels, would focus full time on
“broader engagement . . . with a wider
range of stakeholders”, Fink and Rob
Kapito, president, wrote in a memo to
staff yesterday.
Personal & household goods. Growth driver
The $8.5tn money manager argues
that its ESG initiatives serve client needs
and that it is also investing to help car-
bon-heavy industries become greener.
Yesterday the group rebranded its
The asset manager is
under fire over its large
stakes in US businesses
and ESG investing
sustainable investing unit as Sustaina-
ble and Transition Solutions. Jessica
Tan, formerly head of corporate strat-
egy, will be in charge and will report to
Philipp Hildebrand, another vice-chair.
“Sustainability is one of the most
important growth opportunities for the
firm, and these changes will allow us to
further leverage the advantages of our
BlackRock platform,” Hildebrand wrote
in another message.
The reshuffle added to the portfolio of
Mark Wiedman, seen as one of a hand-
ful of possible Fink successors. Already
head of International, he is picking up
McCombe’s old responsibilities as head
of the US and Canada, making him the
chief of a new Global Client Business.
The unit had two goals, Fink and Kap-
ito wrote, to “deliver the firm locally to
clients around the world, to build our
brand”, and to “listen and bring back
insights and opportunities”.
The reshuffle did not affect the
responsibilities of three other execu-
tives seen as potential heirs; Rob Gold-
stein, Rich Kushel and Manish Meta, but
half-a-dozen younger executives are
moving into bigger roles.
“We regularly evolve our manage-
ment team to grow leaders in new roles
across the firm. It enhances their under-
standing of BlackRock and helps us bet-
ter anticipate our clients’ future needs,”
Fink and Kapito wrote.
Small will pick up oversight of corpo-
rate strategy from Wiedman, taking
him into the top cadre of executives. He
joined BlackRock as a lawyer in 2006
and has most recently been running its
US wealth advisory business.
by Dubai’s
watchdog over
Abraaj audit
SIMEON KERR — DUBAI
MICHAEL O’DWYER — LONDON
Dubai’s regulator has provisionally
fined KPMG and one of its former part-
ners $2mn over the firm’s auditing of
Abraaj, the emerging markets private
equity group that collapsed in 2018.
The Dubai Financial Services Authority
announced the $1.5mn penalty for
KPMG and $500,000 for former audit
principal Milind Navalkar for failing to
follow international standards in its
audits of Abraaj’s Dubai-based holding
company for a number of years up to
October 2017.
The regulator said an audit of the
“expected standard” would have identi-
fied that Abraaj had not conformed with
accounting rules, had failed to maintain

Unilever’s India chief aims to overtake US unit
‘Jewel in the crown’ division
faces tough inflation challenge
and rise of local competitors
CHLOE CORNISH — MUMBAI
JUDITH EVANS — LONDON
Hindustan Unilever’s chief executive
has said that he believes India, the con-
sumer group’s biggest market by vol-
ume, will overtake the US to become the
largest market by value.
“I clearly see a day when HUL will
become the largest Unilever business,”
said Sanjiv Mehta, adding that he could
not give a timeframe.
The Indian subsidiary accounts for
about 10.7 per cent of Unilever group
sales, according to company data,
and is one of the group’s best-perform-
ing units.
Unilever’s portfolio is tilted towards
emerging markets, with only the US
exceeding the Indian market as a per-
centage of sales revenue. With China,
the US and India have been earmarked
by Unilever as key markets for further
growth.
The share price of India’s biggest con-
sumer group has climbed to Rs2,692, a
14 per cent rise this year, edging closer
to its record of Rs2,800 hit during the
country’s 2021 bull run.
Hindustan Unilever’s market capitali-
sation is $78bn, equal to 69 per cent of
the $113bn market value of its parent,
which owns more than 60 per cent of the
India-listed business.
In India, Hindustan Unilever com-
petes with Nestlé India and, before
the end of the year, Mukesh Ambani’s
Reliance Retail for the loyalty of 1.4bn
customers.
Martin Deboo, consumer goods ana-
lyst at Jefferies, said Hindustan Unilever
was one of the company’s best-perform-
ing emerging market businesses — “the
jewel in the crown”.
Mehta’s comments come at a turbu-
lent time for Unilever. Chief executive
Alan Jope announced that he would
retire at the end of 2023 following a
failed bid for GSK’s consumer health
division and investor discontent over
lacklustre performance.
Shareholders have been watching
closely to see how inflation affects Uni-
lever’s portfolio, which is weighted
towards emerging markets and spans
budget to luxury products.
Inflation has squeezed India’s shop-
pers. For Indians on limited incomes,
the rate of 7 per cent “eats into their wal-
let pretty rapidly. So the money left for
them, even for items which are more
High ambition: essential than discretionary, there is a ume was up 6 per cent year on year for
Sanjiv Mehta, stress,” said Mehta. the three months ending in June, buck-
chief executive The Unilever subsidiary sells every- ing the industry trend: market volumes
of Hindustan day goods from soap to soup in India, of goods sold in the Indian market
Unilever, and, one of the fastest-growing major econo- shrank 6 per cent in the same period,
below, a ‘Smart mies. India’s per capita gross domestic said analysts at Nomura.
Fill’ machine in product was $2,277 in 2021, just below Hindustan Unilever’s unaudited sales
a Mumbai Bangladesh and well behind China, at for the three months ending in June
supermarket $12,556, according to the World Bank. were Rs140bn ($1.7bn), up 19 per cent
Dhiraj Singh/FT; Francis
Mascarenhas/Reuters
Despite Indian consumers feeling the year on year. Hindustan Unilever has
pinch, Hindustan Unilever’s sales vol- increased the prices of goods, from tea
to detergent, but to retain customers,
Mehta said that the company had taken
less profit on some products, such as
sachets of shampoo.
“You can reduce the size [of the
sachets] only up to a point,” Mehta said.
Too small an amount would not wash a
customer’s hair. “We wouldn’t like to see
them go to other brands, so we’ll take
the hit on margins.”
Conversely, consumers with higher
incomes were buying larger packs to get
the best value. “We are seeing two
trends happening: consumers moving
to smaller packs, or moving to much
larger packs.”
India represents a bright spot in South
Asia, with debt crises erupting in Sri
‘Now Indian Lanka, Pakistan and, most recently,
Bangladesh.
brands get “The biggest stress we have seen is in
as much Sri Lanka,” said Mehta, who is also pres-
ident of Unilever South Asia. He sug-
respect, if gested that until Colombo was able to
not more “get loans from IMF, it will still be very
tough for them”.
respect, Mehta said Indian consumers were
than increasingly eschewing international
brands in favour of homegrown labels.
imported “As a nation and in this generation,
brands’ we’re leaving behind the colonial past.
There is pride in India, which is very
apparent.
“Now Indian brands get as much
respect, if not more respect, than
imported brands.”
Competition in Indian fast-moving
consumer goods is intensifying with the
arrival of Mukesh Ambani’s Reliance
Industries in the sector this year. Fellow
tycoon Gautam Adani’s edible oil and
staple food seller Adani Wilmar is also
making inroads.
“It will be good for the market,”
Mehta said of the competition. India
was “not a zero-sum game”, he said.
See FT Big Read
adequate capital resources, and was
concealing the true state of its finances
from KPMG.
The DFSA said that Navalkar, who
signed off on Abraaj’s audit report, was
“knowingly concerned” about KPMG’s
work and “failed to act with professional
competence”.
KPMG and Navalkar have disputed
the findings, which will be reviewed by a
tribunal that oversees regulatory
enforcement at the Dubai International
Financial Centre, the region’s main
financial hub.
The DFSA made its ruling in June last
year, but KPMG and Navalkar sought to
The decision is a further
blow to the UAE unit,
which has been rocked by
a revolt over governance
prevent its publication. The tribunal
rejected the attempt.
KPMG faces a separate $600mn claim
from the liquidators of two Abraaj enti-
ties, which are seeking to raise funds for
creditors, including former staff mem-
bers who remain unpaid.
A judicial committee in the emirate
was deciding whether this claim should
be heard at the DIFC courts or by an
onshore Dubai court, lawyers said.
The latest DFSA decision is another
blow to KPMG’s UAE business, which
has been rocked by an internal revolt
over governance under chief executive
Nader Haffar.
KPMG’s audit work at Abraaj relates
to the period under Haffar’s predeces-
sor, Vijay Malhotra, who retired in 2019
after three decades at the firm. He
declined to comment.
The collapse in 2018 of Abraaj, once
one of the largest emerging markets
investors with $14bn under manage-
ment, was triggered by investor con-
cerns over the misuse of funds at its
$1bn healthcare fund.
The DFSA last year fined Abraaj’s
former chief financial officer Ashish
Dave for deceiving investors in Abraaj’s
funds.
Dave, who worked for KPMG
between two periods at the private
equity firm, is one of the executives fac-
ing criminal complaints for fraud and
conspiracy in the US, alongside founder
Arif Naqvi.
Naqvi denies any wrongdoing. Dave
could not be reached for comment.
In 2019, the regulator fined two
Abraaj entities about $315mn for
deceiving investors and misusing their
money, the largest penalty since the
DIFC was established in 2004.
The DFSA has also imposed a
$135.6mn fine on Naqvi and other
former senior executives. Naqvi is chal-
lenging the fine at the tribunal.

Aerospace & defence Financials

AerCap battles insurers over Russian planes
ROBERT WRIGHT — LONDON
AerCap faces a long legal battle to
secure up to $3.5bn from insurers after
more than 100 planes owned by the
world’s biggest aircraft leasing com-
pany were seized by their Russian
operators, in a dispute that will provide
a template for a wave of other claims.
The challenge facing AerCap has been
set out in legal papers filed at the High
Court in London, where the case pits the
Dublin-based company against one
group of insurers led by AIG of the US
and another led by the Lloyd’s of Lon-
don insurance market.
AerCap believes it has a valid claim
for the loss of 116 aircraft and 23 spare
aircraft engines that the company has
failed to recover from Russian operators
since February 25, the day after Russia
launched its invasion of Ukraine.
The case, likely to come to a full court
hearing next year at the earliest, will be
closely watched because other leasing
companies are expected to lodge similar
claims over aircraft stranded in Russia.
Vitaliy Seveliev, Russia’s transport min-
ister, has said 1,140 planes have been
newly registered in the country as a
result of a decree authorising the seizure
of foreign-owned aircraft.
One party to the case indicated an ini-
tial case management conference for
the trial was likely to take place early in
2023, though it could take another year
before a final judgment is delivered.
Under AerCap’s policies, different
risks, such as normal damage to the air-
craft, war damage and harm to passen-
gers and cargo, are covered by separate
groups of insurers. The group led by AIG
provides “all-risk” cover for the aircraft,
insuring against risks excluding war.
The other group, led by Lloyd’s of Lon-
don, covers war-related risks.
None of the parties would discuss the
case publicly.
Aercap’s court filing spells out how,
after the EU imposed sanctions on
Russia, the leasing company told Rus-
sian airlines it was terminating their
leases and asked them to return the
planes. The operators instead re-
registered the aircraft in Russia.
The filings showed that both the all-
risk insurers and war-risk insurers
insisted the aircraft’s seizure did not
constitute a loss for insurance purposes.
The two groups of insurers disagreed
in their filings on what should happen if
the court found that, contrary to their
arguments, the aircraft had been lost.
The group led by AIG argued that the
decision to retain the aircraft was a
political one, which could put it outside
the scope of its coverage.
The war-risks insurers insisted that,
even if the court decided the seizure was
covered by their policies, they would be
liable only if the aircraft were destroyed.
Limits on the war-risk insurance
mean that any payout is likely to be lim-
ited to $1.2bn, instead of the $3.48bn
claimed under the all-risks policy.
Prosus scraps $4.7bn fintech deal for BillDesk
JOSEPH COTTERILL — JOHANNESBURG
CHLOE CORNISH — MUMBAI
India’s biggest payments deal has col-
lapsed after South Africa’s Naspers
scrapped a $4.7bn agreement to buy
BillDesk, the country’s oldest payment
gateway.
Prosus, the international investment
arm of Naspers, said yesterday that it
was terminating a year-old agreement
to merge Mumbai-based BillDesk with
its own PayU payment business after
“certain conditions” had not been met
before the end of September.
The deal’s collapse is a blow to India’s
fintech and payments industry, which
has attracted foreign investors betting
that consumers’ use of online payments
will surge in future. The Prosus deal val-
ued BillDesk, which has a large share in
the billing and processing of payments
for Indian government portals, at
almost 20 times its revenues.
Prosus had received approval from
India’s competition commission last
month for the deal, which was
announced in August last year, but the
merger also required approval from the
Reserve Bank of India. The RBI did not
immediately respond to a request for
comment.
The Prosus board last week turned
The group ‘remains
committed to the Indian
market and growing its
existing businesses’
down a request by BillDesk to extend
the deadline in order to meet condi-
tions, people familiar with the matter
said. BillDesk could not immediately be
reached with a request for comment.
The people added that Prosus was
considered unlikely to return to the
deal, which could have created one of
the world’s biggest online payment
providers with about $147bn in annual
payments volume.
Its unravelling comes as many Indian
technology so-called unicorns such as
Paytm and Zomato, whose valuations
soared in the era of cheap money, have
fared poorly since listing last autumn.
Prosus has since 2005 invested $6bn
in Indian companies, including Swiggy,
India’s biggest food delivery operator,
and said it “remains committed to the
Indian market and growing its existing
businesses within the region”.
The South African group is also the
largest shareholder in China’s Tencent,
with a stake close to 29 per cent. The
company has been selling parts of the
stake this year to finance a stock buy-
back. It is not the first time that Prosus
has walked away from a big deal. In
2020, it was beaten to acquiring the UK’s
Just Eat food delivery pioneer in a
£5.5bn all-cash deal after Takeaway
made a higher offer.
See FT Big Read
Tuesday 4 October 2022 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

Hiring crisis concentrates minds in audit firms

Tech-focused rebrand targets wider staff diversity, greater flexibility in CPA exam, and stronger incentives for juniors
STEPHEN FOLEY — NEW YORK
“We’ve heard the rumours that account-
ing is nerdy and boring,” a US account-
ing trade body says on one of its web-
sites. “We’ve gotta let you in on a secret.
That is just not true.”
Faced with a sharp decline in the
number of people taking exams for
entry to the profession, and a slide in
interest in university accounting
courses that hints at deeper trouble to
come, the industry is trying to reverse
the trend.
From the Big Four audit firms to state
accounting regulators, participants are
pursuing measures to attract people to a
career in accounting, including adver-
tising to high-school students and pro-
grammes to cut the cost of becoming a
certified public accountant.
“As a profession, our ability to protect
the public interest could be at risk,” said
Lara Abrash, chief executive of
Deloitte’s US audit business.
With declining numbers of entrants
and a “cliff” of baby-boomer retire-
ments, a crunch could come within a
decade, she said.
Christina Ho, a member of the Public
Company Accounting Oversight Board,
the industry’s regulator, called the
shortage a “crisis” in a speech last
month.
The number of people sitting the CPA
exam had hit a decade low even before
the pandemic, which caused a further
drop to just 72,271 last year, from almost
103,000 five years before. With 43,000
candidates in the first half of 2022, the
rebound does not look strong enough to
recover lost ground.
“The downward trend is very recent,”
said Abrash. “As people are planning
their careers, we have just lost our abil-
ity to tell our story.”
The Center for Audit Quality, the
trade body that runs the myth-busting
Accounting+ website aimed at young-
sters, said it was seeking additional
backers beyond the eight largest
accounting firms that launched the
campaign earlier this year.
Its website emphasises how technol-
ogy and artificial intelligence have auto-
mated many old accounting tasks,
opening avenues for more creative work
such as data analysis, advising on busi-
ness decisions and hunting down fraud.
The site offers quizzes and even astro-
logical advice on which type of account-
ant youngsters may want to become.
Gemini, Libra and Aquarius are the
“thinkers, communicators and doers of
the zodiac” who “analyse, synthesise,
and probe” and “would thrive in a foren-
sic accounting internship program”, for
example.
The Accounting+ campaign echoes
investor Warren Buffett in calling
accounting “the language of business”.
Liz Barentzen, vice-president at the
CAQ, said: “We believe this is a tie for
students of colour, that it is the language
of business and provides a pathway to
entrepreneurship.”
The group believes that increasing the
numbers coming in to the profession
depends on widening its appeal to
diverse communities.
“There is a generation coming up that
places a premium on a diverse and
inclusive workforce, but we do not have
that story to tell yet,” Barentzen said.
Fewer people are taking the CPA exam...
Unique CPA candidates by year (’000)
150
100
50
0 0
2006 10 15 20 21
Sources: AICPA Exams Team; Integrated Postsecondary Education Data System
Young people Sector leaders do not think a simple
are walking rebranding will be enough to bring in
away from the the number of accountants needed or to
prospect of break down barriers in diverse commu-
a career in nities. Many point to the CPA exam,
accountancy, which requires candidates to have com-
with a sharp fall pleted 150 hours of higher education, a
in numbers financially onerous fifth year on top of a
taking exams traditional four-year course.
for entry Big Four firms have created CPA
David Paul Morris/Bloomberg
“accelerator” programmes. KPMG, for
example, is offering to start paying next
year’s new recruits two months early
while they complete the extra study,
according to Becky Sproul, talent and
culture leader for KPMG in the US.
New Jersey’s state accountancy board
recently changed its rules to allow some
work experience to count towards the
150 hours, something the industry
hopes will catch on nationwide.
PwC last week began offering such
work experience to accounting students
at New Jersey’s Saint Peter’s University.
There will soon be more flexibility in
the CPA exam, with candidates able to
elect specialist modules, such as busi-
ness analytics or information systems,
from 2024.
The industry is lobbying in favour of
two bills on Capitol Hill that would allow
funding from government programmes
for science, technology, engineering and
mathematics courses to be directed to
accounting too, on the grounds that it is
a high-tech profession.
“The profession has changed so
much,” said Colleen Conrad, executive
vice-president of the National Associa-
tion of State Boards of Accountancy,
which represents industry regulators.
“Technology is in pretty much every-
thing you do in the accounting profes-
sion, and CPAs spend a lot of time with
internal controls, system controls,
cyber security.”
In her speech, Ho identified lower
starting salaries compared with other
professions as a problem.
“Starting salary in the audit profes-
sion is lower than other professions,
such as data scientists and IT profes-
sionals,” she said. “In my opinion, this is
a crisis. We cannot afford a world with
no accountants or a capital market with
no auditors.”
The US Bureau of Labor Statistics
found the median annual salary for
auditors and accountants nationally to
be $77,250 for 2021, though pay for
those at the largest firms is significantly
higher. Social media forums and jobs
boards often carry complaints from
early career accountants about gruel-
...and the number of US accounting Accountancy’s diversity issue ling hours, as well as low pay.
graduates is falling US CPA firms by ethnicity (%) Abrash said the shortage was “not an
’000 economic-only issue” as “this is not a
0 20 40 60 80 generation that is all about money”.
Bachelor’s Master’s 60 Asian or And Nasba’s Conrad said a downturn
Pacific Islander might help swing people back to the
profession.
Black or Partners “When the economy is good, the
40 African American New graduate hires
market is good, there is a lot of M&A
Hispanic or activity, people that might go into
Latino accounting may say they’ll go into
20 finance,” she said.
White “If the economy starts to turn and we
start to see lay-offs, as we have recently
Multiethnic among the investment banks, you may
or other see people coming back to accounting.
1995 2000 05 10 15 20
Accounting is solid. You can always get a
job as a CPA.”
‘As a
profession,
our ability
to protect
the public
interest
could be
at risk’
Lara Abrash,
Deloitte

Retail

Pricing scandal unravels Japanese sushi chain

ERI SUGIURA AND LEO LEWIS — TOKYO
Shares in one of Japan’s Big Four chains
of cut-price sushi collapsed yesterday
as investors digested a scandal involv-
ing a jailed chief executive, industrial
espionage, the weak yen, and the price
of fish.
Investors said the unexpected arrest last
week and the resignation yesterday of
Koki Tanabe, president of Kappa Sushi
operator Kappa Create, could shatter
the fragile equilibrium between the
country’s family-friendly conveyor-belt
sushi shops.
Among Japan’s most highly competi-
tive restaurant companies, they sell
individual plates of tuna, squid or
prawn for ¥100 ($0.70).
Tanabe, who used to be a director at
arch-rival Hama Sushi, was arrested last
week on suspicion of violating Japan’s
competition law after his former
employer accused him of stealing data
relating to fish pricing.
After the market closed yesterday,
Kappa said Tanabe had offered to step
down following his arrest and the board
had accepted his decision.
“We would like to express our deepest
apologies for any inconvenience and
concern this may have caused,” the
company said.
Competition between the four biggest
chains, of which Kappa was a pioneer
but has since dropped to fourth place, is
intense. Profits depend heavily on
securing the best prices for seafood.
That battle, said people involved in
the industry, had intensified spectacu-
larly since March this year as the yen has
fallen to a 24-year low and the cost of
imports has soared.
Kappa and third-largest Hama are the
two remaining large sushi chains main-
taining the industry’s ¥100 plates after
the yen and higher fuel prices forced
rivals to raise prices this month.
Police arrested Tanabe on Friday for
allegedly violating the unfair competi-
tion prevention law, according to
Kappa.
He joined Kappa Create from Hama in
2020 and became the president the fol-
lowing year.
Tanabe could not be reached for com-
Kappa was a pioneer but has fallen to
fourth place in the sushi shop ranks
ment. But he has said the information
he obtained was not “a big deal”, accord-
ing to local media citing police sources.
Yesterday, Kappa said Tokyo police
had sent the case to prosecutors.
Hama parent Zensho, without nam-
ing Tanabe said it had found out that
“the former director of Hama Sushi”
had illegally obtained information on
product cost related to the group’s pur-
chases of seafood. The company had
filed a criminal complaint with the
Tokyo police against Tanabe last year,
prompting the police to raid the Kappa
headquarters in Yokohama.
Kappa said it would fully co-operate
with the investigation.
Information on rivals’ purchasing
prices for fish and other seafood could
be useful for Kappa to lower the cost of
procuring seafood when negotiating
with suppliers. But, echoing Tanabe’s
reported comments, an investor said
fish prices changed frequently and the
data could quickly become out of date.
One person who worked closely with
the management of another of the big
sushi chains said Hama seemed moti-
vated by “a pure desire to cause trouble
to a rival” as the value of old pricing data
was “approximately zero”.
Kappa has struggled to develop a
long-term strategy because of frequent
changes in ownership and leadership
over the past eight years.
10 ★ FINANCIAL TIMES Tuesday 4 October 2022

COMPANIES & MARKETS

Equities. Developer comeback Financials

Thiam starts
China property shares rally fresh fund to
on policymaker support target life
science group
EMMA DUNKLEY

Former Credit Suisse chief executive

Tidjane Thiam has launched a new fund
to invest in life sciences firm Human
Longevity after dropping plans to merge
his blank-cheque company with the
California-based start-up.
Thiam co-founded the Free Tiger
Fund to invest in late-stage venture
groups, including Human Longevity,
previously in advanced talks to merge
with his special purpose acquisition
company, Freedom Acquisition Corp.
But Thiam told the Financial Times
that Human Longevity was not ready to
be listed on the stock exchange, which
led to Freedom merging with another
firm, Complete Solaria, yesterday.
Spacs are shell companies that list on
stock exchanges, using their funds to
identify private companies they can
acquire and take public through a
reverse merger. They are generally
required to complete a deal within two
years of their float or they must return
the money raised to investors.
Thiam has established the Free Tiger
Fund with Edward Zeng and Adam
Gishen, the two other co-founders of
Freedom.
“We’re excited about Human Longev-
ity, but they are just not ready for list-
ing,” Thiam said.
“We have set up the Free Tiger Fund

‘We’re excited about

Beijing accelerates measures
in an attempt to shore up
confidence in real estate sector
CHENG LENG — HONG KONG
Shares in Chinese property companies
jumped yesterday following a series of
supportive policy announcements as
regulators stepped up efforts to curb
property sector turmoil weighing on the
world’s second-largest economy.
The Hong Kong-listed shares in the
service unit of Country Garden rose
as much as 14 per cent in earlier trading,
while its listed parent company and
Longfor Properties rose as much as 6 per
cent and 7 per cent respectively, while
the Hang Seng Mainland Properties
index was up 5.4 per cent.
Policymakers have accelerated
tweaks to stabilise the sagging housing
market in recent weeks, including
launching bailout funds and special
loans to help developers complete
unfinished homes, which had sparked a
countrywide mortgage boycott.
The People’s Bank of China said on
Friday that it would lower the interest
rate for housing provident fund loans by
0.15 percentage points for first-time
homebuyers starting from October, the
first cut in such loans since 2015.
Loans with a term of more than five
years borrowed from the government’s
housing provident fund will be lowered
to 3.1 per cent, according to a statement
from PBoC.
The Ministry of Finance also on
Friday unveiled a rare tax incentive for
Sticky situation
Builder woes trigger slide
in global cement output
The biggest fall in Chinese cement
production in at least two decades has
dragged global output of the
construction material into decline,
demonstrating how a crisis in the
country’s vast property sector is
hitting other industries that rely on it
for growth.
According to data provided by the
World Cement Association, global
cement output fell 8 per cent year on
year to 1.9bn tonnes in the first six
months of 2022.
The global drop was caused by a 15
per cent fall to 977mn tonnes in the
volume of cement produced in China,
the WCA said.
Ian Riley, WCA chief executive, said
the Chinese decline was the biggest in
more than 20 years with no
comparable decline in recent memory.
The country’s property crisis, which
began with missed bond payments at
real estate developer China
Evergrande a year ago and has since
spread across the indebted sector, is
weighing heavily on economic activity.
The cement data are a sign of its
mounting spillover effect on other
industries that benefited from the
previous construction boom.
Official data show that new
construction starts in China have
fallen more than 40 per cent year on
year every month since April.
“[In recent years], we have seen a
tremendous construction boom [in
China] . . . Cement companies thought
they were about to start selling
cement to these big infrastructure
projects,” said Riley. But then a
combination of the real estate crisis
and China’s zero-Covid policy “really
started to impact business”.
Shares in leading Chinese cement
producers have taken a hit. Anhui
Conch Cement and China Resources
Cement, two of the country’s largest,
have seen their Hong Kong-listed
shares drop more than a third this year.
Other commodities, such as the
steelmaking ingredient iron ore, have
been hit by the weakness in the
Chinese property sector.
Maike Metals International, a major
importer of refined copper, this week
said it was selling assets to survive a
liquidity crisis compounded by real
estate woes.
Beijing has responded in recent
months, with officials announcing a
series of actions to shore up the
economy and the real estate sector,
including tens of billions of dollars in
stimulus measures.
Chinese cement producers are
hoping that after the Chinese
Communist party congress in October,
which will be closely watched for any
change in policy stance, the situation
will “ease up”, Riley said.
“It is very optimistic to think we are
going to see much of an
improvement,” he warned. Oliver
Telling, Thomas Hale and Andy Lin
Windows of homebuyers, which allows individuals
opportunity: who buy new homes within one year of
the world’s selling their previous homes to enjoy a
most indebted refund on income taxes, a move
real estate intended to encourage property
developer, China purchases.
Evergrande, had On Thursday, the banking and
vowed to restart insurance regulator and the PBoC
stalled projects relaxed a floor on mortgage rates for
by the end of some first-time buyers.
last month In some cities, banks can scrap the
Bloomberg
lower limit of home loan rates and offer
cheaper loans to support demand based
on their own profitability conditions.
“The three measures . . . will
remarkably shore up the housing
market momentum in the fourth
quarter,” said Yan Yuejin, research
director of E-house China Research and
Development Institute. “They will
help lower the replacement cost on
houses and offer burden reliefs for
homebuyers.”
But investors have lost confidence
in the financial health of Chinese
developers, who have defaulted on both
dollar and renminbi repayment
obligations.
After defaulting on its debt last year,
the world’s most indebted real estate
‘The three developer, Evergrande, pledged to
restart all stalled projects by the end of
measures September.
. . . will While policymakers have increased
support for homebuyers, a lack of
remarkably clarity on future measures for real
shore up the estate companies has exacerbated
uncertainty in the market.
housing Last week, the Hong Kong shares of
market CIFI Holdings slumped to a record low
after the company’s chair predicted
momentum’ “unprecedented” liquidity stress ahead.
Human Longevity,
but they are just not
ready for listing’
and [Human Longevity] has given us
the mandate to do the next round of fun-
draising for them.
“They have two centres — San Diego
and San Francisco — but they want to
open more, so they will use that capital
to open more centres.”
Thiam said the founders of Freedom
assessed more than 90 companies in
their search for an acquisition target.
This has prompted them to set up the
new fund to take advantage of some of
these investment opportunities.
Human Longevity was founded by
genomics pioneer Craig Venter in 2013,
to assess clients’ genomes, and conduct
full-body MRI scans and blood tests to
fight diseases associated with ageing.
Freedom listed in New York in 2021
and is backed by François Pinault, the
French billionaire who founded luxury
group Kering, among other investors.
The Spac announced yesterday it had
merged with Complete Solaria, a solar
services company, ahead of listing on
the New York Stock Exchange next year.
The deal, which values Complete
Solaria at about $888mn, is expected to
provide up to $376mn of proceeds,
before potential redemptions by Free-
dom’s investors.
Our global Complete Solaria expects to achieve
team gives you $120mn of revenue this year and
market-moving $285mn next year, with the aim of
news and views, breaking even in the second half of
24 hours a day 2023.
ft.com/markets Human Longevity did not respond to
a request for comment.

Crypto Equities

Celsius founder withdrew $10mn ahead of bankruptcy Bertelsmann ditches auction

KADHIM SHUBBER
Celsius Network founder Alex
Mashinsky withdrew $10mn from the
crypto lender just weeks before the
company froze customer accounts as it
spiralled towards bankruptcy, accord-
ing to people familiar with the matter.
The withdrawals of crypto by
Mashinsky in May came as customers
were pulling their assets from the com-
pany in large numbers, spooked by the
turbulence in crypto markets and con-
cerns about Celsius’s financial health.
Celsius froze withdrawals on June 12,
leaving hundreds of thousands of retail
investors unable to access their savings.
The company filed for bankruptcy in
July with a $1.2bn hole in its balance
sheet.
The business reached a peak last year
of $25bn worth of crypto assets
deposited by customers who were
attracted by the outsized interest rates
that Celsius offered, some as high as 18
per cent, on certain cryptocurrencies.
The withdrawal revelations will
intensify scrutiny of Mashinsky, who
resigned as chief executive last Tuesday,
and will raise questions about when he
knew Celsius would be unable to return
customers’ assets.
Details of Mashinsky’s transactions
are set to be submitted in court by
Celsius in the coming days as part of a
broader disclosure by the company of
its financial affairs.
A spokesperson for Mashinsky said
he and his family still had $44mn of
crypto assets frozen with Celsius even
after the withdrawals, which he had
voluntarily disclosed to the official
unsecured creditors committee in the
bankruptcy proceedings.
“In mid to late May 2022, Mr Mashin-
sky withdrew a percentage of crypto-
currency in his account, much of which
was used to pay state and federal taxes.
In the nine months leading up to that
withdrawal, he consistently deposited
cryptocurrency in amounts that
Alex Mashinsky faces the prospect of
being forced to return withdrawals
totalled what he withdrew in May,” the
spokesperson said. “He continues to be
committed to working with and
uniting the community around a recov-
ery plan that will maximise coin and
liquidity for all.”
Mashinsky, 56, co-founded Celsius in
2017 and was the public face of the
company, appearing in weekly video
addresses on YouTube in which he
pushed his message of financial libera-
tion from the banking establishment.
In late 2021, Celsius was valued at
$3bn as it raised $600mn in equity
investment from US investment firm
WestCap and Canada’s second-largest
pension fund, Caisse de dépôt et
placement du Québec.
Despite Mashinsky’s public bullish-
ness, the company struggled behind the
scenes with weak internal systems for
managing its assets and at times paid
out more to customers in interest than it
was generating from lending.
Celsius also suffered a series of
investment losses in 2021 and 2022 that
contributed to its downfall but were not
disclosed to customers.
Last month, the Vermont state finan-
cial regulator alleged that Celsius was
insolvent as early as May 13 this year.
The group saw huge outflows of assets in
May as crypto markets were rocked
by the collapse of two interlinked
cryptocurrencies, terraUSD and luna.
Just days before Celsius froze with-
drawals, the crypto lender reassured
customers that it had adequate reserves
and declared “full speed ahead”.
Mashinsky, a former telecoms
entrepreneur, faces the prospect of
being forced to return the $10mn he
withdrew from Celsius. Under US law,
payments by a company in the 90 days
ahead of its bankruptcy — or a year for
transfers to insiders — can be clawed
back for the benefit of all creditors.
About $8mn of the assets Mashinsky
withdrew was used to cover taxes that
arose from income the assets had
generated on Celsius, one of the people
familiar with the matter said. The other
$2mn was units of Celsius’s native CEL
token. The withdrawal had been pre-
planned and was linked to Mashinsky’s
estate planning, the person added.
Mashinsky was Celsius’s biggest
shareholder and has said he is among its
biggest creditors in bankruptcy.
He apologised to customers in his
resignation letter last week, saying he
was “very sorry about the difficult
financial circumstances members of our
community are facing”.
of French broadcaster M6
ALEX BARKER — LONDON
LEILA ABBOUD — PARIS
Bertelsmann has called off the auction
of its French television broadcaster M6
despite receiving several “attractive”
bids backed by billionaires after
regulatory demands left too narrow a
window to complete the sale.
The decision by Europe’s biggest media
group to abandon the sale is another
setback for chief executive Thomas
Rabe after his first choice of selling M6
to larger French broadcaster TF1 fell
through because of opposition from
competition regulators.
Rabe’s back-up plan was a quick-fire
auction. But an obstacle soon emerged
— M6’s broadcast licence was up for
renewal next year, which would require
any sale to be completed before the
registration date in January.
Rabe said that, given the uncertain-
ties, it was right for Bertelsmann’s RTL
to hold its stake in M6, which remains
profitable. “We have tested the market
and received attractive offers but the
timetable is too tight because of the
licence renewal process,” he said.
Recent bidders for M6 included the
Czech investor Daniel Křetínský, a joint
offer from telecoms billionaire Xavier
Niel and the Silvio Berlusconi-backed
conglomerate MediaForEurope. A
consortium of French entrepreneurs,
including maritime transport tycoon
Rodolphe Saadé, Stéphane Courbit of FL
Entertainment and investor Marc
Ladreit de Lacharrière, also bid.
Bertelsmann decided to abandon the
process because it was unable to address
how a new buyer would renew M6’s
licence before it expires in May.
Under French rules, the main share-
holder would need to apply by January,
which would be too tight a timetable for
the sale of the business to be completed.
The initial bids came in at about €20
per share, which would have valued
Bertelsmann’s 48.3 per cent stake in M6
at €1bn-€1.2bn. Some of the bidders
had been pressing the seller to protect
them from the risks implied by the
licence renewal process.
Rabe was in Paris on Friday to meet
regulators in the Élysée Palace to see if
they would alter the schedule or intro-
duce some flexibility into the licence
renewal process but was rebuffed, said a
person familiar with the matter.
Tuesday 4 October 2022 ★ FINANCIAL TIMES 11

COMPANIES & MARKETS

The day in the markets US recession would

What you need to know
give emerging
3 US stocks begin quarter on upbeat
economies a boost
US government debt kicks off the quarter on an upbeat note
note after streak of losses
10-year Treasury yield (%)
3 JPMorgan warns of rising volatility
and ‘increased credit market stress’
3 Gilts and sterling rally after UK
government U-turn on higher tax rate
4.0
David Lubin
US stocks and government bonds kicked
off the new month on an upbeat note as
3.8 Markets Insight
weaker than expected manufacturing

U
data prompted investors to reassess how
high the Federal Reserve will raise S recession now! It doesn’t flow had risen to 2 per cent of GDP, after episodes mentioned above, it is worth
interest rates. 3.6 really seem like the most two barren years when the Lehman cri- pointing out that on both occasions the
The S&P 500 share gauge was up obvious rallying cry for sis and its aftermath unfolded. “pull” factors were pretty strong.
1.8 per cent by the early afternoon in emerging economies. Yet It has to be said that both these epi- In the early 1990s, EMs benefited
New York, having closed down 1.5 per the fact is that a US reces- sodes ended badly: the rise in capital from investors’ excitement about the
cent on Friday. 3.4 sion may well be what’s needed to make flows in the early 1990s came to an proposed benefits of globalisation and
That decline had capped off a third room for a reliable decline in real US abrupt halt with Mexico’s “Tequila the effort that countries — Mexico,
straight quarter of losses for the broad interest rates, and a reliable weakening Crisis” in late 1994. And the post- Turkey, Thailand and the like —
index as equity markets buckled under of the dollar. financial crisis boom in capital inflows were making to reduce trade barriers,
the tension of central banks, led by the 3.2 And that loosening of US monetary ended in a series of bumps: a hefty sell- integrate themselves in the global econ-
Fed, turning the screws on monetary conditions would certainly do some off in asset prices towards the end of omy, cut budget deficits and reduce
2 Sep 2022 26
policy. good for emerging economies now. The 2011, and the “taper tantrum” starting inflation.
Bond yields fall as their prices rise
The tech-heavy Nasdaq Composite Source: Refinitiv
recent tightening of those conditions in spring 2013 when the Federal Reserve In addition, since the early 1990s,
advanced 1.4 per cent after similarly has had some pretty awful conse- triggered market turmoil by tightening several countries had benefited from
concluding its longest streak of quarterly quences for them. monetary policy. debt reduction under the Brady initia-
declines since the 2008 financial crisis. quarter with the yield on the benchmark ultimately led the Bank of England to It has eroded their access to interna- It is also true that these two “boom tive. So EMs’ balance sheets were per-
Across the Atlantic, the pan-regional 10-year Treasury note sliding 18 basis intervene on Wednesday, pledging to buy tional capital markets; increased the ceived to be cleaner than they had been
Stoxx Europe 600 index rose 0.8 per cent. points as its price rose. up long-dated government debt to risk of debt default, especially for low- in the crisis period of the 1980s.
“A rapid tightening in US monetary The two-year yield, which is more stabilise the market. income countries; and destabilised their The idea that capital flows Equally, the post-financial crisis envi-
conditions — rising borrowing rates and sensitive to changes in interest rate The pound also advanced following currencies, pushing price stability fur- will return in the wake of a ronment also saw a substantial EM
the dollar — has been conducive to forecasts, lost 13bp to 4.08 per cent. Westminster’s U-turn, rising 1 per cent ther from the grasp of even the most “pull” factor. Emerging economies were
building financial stress in the past and is Ten-year UK gilt yields similarly slid against the dollar to $1.127 after tumbling adept central bank. US recession has some relatively unscathed by the crisis, while
now becoming a key vulnerability,” said after Prime Minister Liz Truss scrapped last week to its weakest level on record. The idea that capital flows will return history to back it up growth expectations were supported by
Bruce Kasman, chief economist at plans to reduce tax on higher earners. In commodities markets, global oil to emerging markets in the wake of a US the late-2008 decision by China to
JPMorgan Chase, adding that “recent The rally in gilt prices followed days of benchmark Brent crude added more than recession has some history to back it up. launch a huge programme of stimulus,
weeks have shown a substantial rise in historic swings sparked by Westminster’s 3 per cent to around $88 a barrel, helped Two episodes are especially worth con- episodes” in capital flows to developing which reinjected life into global com-
overall volatility and increased credit “mini”-Budget unveiled on September 23. by news that the international alliance sidering: the early 1990s, and the after- countries were not entirely the result of modity prices and global trade growth.
market stress”. At the start of last week, the 30-year Opec+ was planning a substantial math of the global financial crisis in a loosening in US financial conditions, Strong EM “pull” factors are difficult
US government bonds rallied sharply gilt yield had surged as much as 75bp as production cut. Harriet Clarfelt and 2008. since there were other factors at play. to point to these days. Global trade
on the first trading day of the final its price plummeted — a sell-off that Ian Johnston The US experienced recessions from Such a loosening is best understood as growth is weak, which harms develop-
1990 and from 2007 that lasted eight a “push” factor for capital flows: inves- ing countries disproportionately. Pro-
months and 18 months respectively. tors want to seek higher yields from tectionism is rising while geopolitical
Markets update Both these episodes allowed a meaning- developing countries when US rates are tensions threaten globalisation. And
ful loosening of US monetary condi- low and when the dollar’s value is there is little evidence of growth-
tions, which helped trigger capital declining. enhancing domestic economic reforms
inflows to emerging economies after a But “pull” factors are also relevant. — with exceptions such as Indonesia or
US Eurozone Japan UK China Brazil period of risk aversion that was not You can think of these as the growth Vietnam.
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa unlike what we have been through potential of emerging economies, the So it likely that “push” factors will be
Level 3650.86 1547.62 26215.79 6908.76 3024.39 114943.04 recently. effort that their policymakers put into important in determining capital flows
% change on day 1.82 0.68 1.07 0.22 -0.55 4.46 By 1992, for example, international encouraging inflows of long-term to EMs. The trick will be to make sure
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ capital markets supplied net lending to investment capital and the overall con- that any post-US recession boom in such
Level 112.298 0.982 144.465 1.128 7.091 5.184 emerging economies to the tune of fidence that market participants have flows doesn’t, as in the past, turn to bust.
% change on day 0.161 0.204 -0.193 1.075 0.000 -4.152 about 1 per cent of gross domestic prod- that “things are looking OK” for the
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond uct after nearly 10 years of taking developing world. David Lubin is head of emerging markets
Yield 3.614 1.913 0.239 3.959 2.756 12.313 money away from them. By 2010, that Looking back at those two historical economics at Citi
Basis point change on day -11.620 -19.300 -0.790 -17.300 0.000 -34.600
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 370.00 88.09 82.68 1671.75 19.02 3541.00
% change on day 1.37 3.46 4.01 1.02 1.87 -0.43
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
4480 1760 7680

1680 7360
4160
1600
3840 7040
1520
| | | | | | | | |
3520 || | | | | | | | | | | | | | | | | | | 1440 || | | | | | | | | | | | | | | | | | | 6720 | | | | | | | | | | |

Aug 2022 Oct Aug 2022 Oct Aug 2022 Oct

Biggest movers
% US Eurozone UK
Marathon Oil 8.90 Tenaris 6.90 Bt 4.41
Apa 8.01 Oci 4.95 Fresnillo 3.80
Ups

Devon Energy 7.95 Wartsila 4.38 B&m Eur Value Retail S.a. 3.66
Freeport-mcmoran 6.99 Thyssenkrupp 4.13 Barratt Developments 3.51
Diamondback Energy 6.78 Arcelormittal 4.02 Jd Sports Fashion 3.44
%
Tesla -8.52 Casino Guichard -5.01 Scottish Mortgage Investment Trust -4.29
Illumina -4.78 Lufthansa -4.55 Endeavour Mining -3.53
Downs

Carnival -2.26 Beiersdorf -2.47 Haleon -3.03

Twitter -1.94 Pernod Ricard -2.46 Flutter Entertainment -2.46
Darden Restaurants -1.70 Colruyt -1.96 Diageo -2.37
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

Tesla retreated after delivering 343,830 Scandinavian Airlines owner SAS fell Pharmaceutical group Futura Medical
vehicles in the third quarter, reflecting 35 sharply following further clarification of rallied following an update on its efforts
per cent growth on the previous period its turnround plan that would water down to gain US regulatory approval for
but below Wall Street estimates. investors’ holdings. MED3000, its treatment of erectile
Elon Musk’s electric car group said that, It said a combination of debt-to-equity dysfunction.
as production volumes grew, it was conversions and a capital raising of at Futura said it had “now completed all
“becoming increasingly challenging to least SKr9.5bn ($850mn) of new equity of the work . . . required” for the US Food
secure vehicle transportation capacity would “likely result in a dilution to and Drug Administration to grant
and at a reasonable cost”. existing SAS shareholders substantially marketing authorisation, paving the way
Freshpet rallied following a report in greater than 95 per cent”. for over-the-counter approval in the first
Barron’s that said the upmarket pet food For its fiscal 2022 year, SAS expected quarter of 2023.
company had “hired bankers to explore a to report an adjusted loss before tax of If approved, Liberum expected interest
potential sale”. SKr8b. The year after, the group’s losses to be “high” for MED3000 as Futura
A regulatory filing disclosed last month would then narrow to SKr4bn to SKr5bn, searched for US commercial partners.
that activist hedge fund Jana Partners it said. An upgrade to its outlook propelled
had taken a 9.6 per cent stake and The Faroe Islands’ modest changes to Telecom Plus up more than 20 per cent.
considered Freshpet “undervalued”. its revenue tax rates for salmon farmers The holding company for Utility
Meal-kit delivery group Blue Apron boosted Oslo-listed Bakkafrost. Warehouse, which bundles its customers’
plummeted on news that its chief Bank of America estimated that these home services, said full-year profits
financial officer was leaving and it changes would reduce the salmon would “be materially ahead of current
planned to raise more equity. farmer’s profit by about 4 per cent, which market expectations”.
CFO Randy Greben was resigning from was roughly in line with the 5 per cent hit In the wake of soaring utility bills,
his role later this month, having accepted the broker had previously pencilled in to Telecom Plus said it was benefiting from
a position at another company. its forecast. “stronger customer growth” and “an
This news came as a filing revealed a Belgium’s VGP dived on announcing improved outlook for energy
$15mn “at-the-market” equity programme that, together with its partner Allianz Real affordability” because of the recently
with Canaccord Genuity, allowing Blue Estate, it was postponing the seed announced energy price cap.
Apron to sell stock “from time to time”. portfolio closing of its Europa joint Mexican fast-food chain Tortilla
Fitness bikes and treadmills group venture owing to a “volatile market tumbled after pre-tax profits fell to
Peloton rallied after signing a partnership environment”, it said. £300mn for the first half of this year,
with Hilton-branded hotels. The deal will The provider of logistics and semi- down significantly from the £2.6mn for
ensure that at least one Peloton bike will industrial real estate said it would the same period a year earlier.
be in each of the hospitality group’s re-evaluate the situation “once a calmer The eatery warned it faced higher meat
fitness centres. Ray Douglas environment has returned”. Ray Douglas and utilities costs this year. Ray Douglas
12 ★ FINANCIAL TIMES Tuesday 4 October 2022

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.83% -0.193% -0.911%

1.82% 1.29% 2.05% 0.22% 0.68% 1.07% 1.37% 0.204% 1.075% 5.08% 1.02%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Sep 04 - - Index All World Sep 04 - Oct 03 Index All World Sep 04 - Oct 03 Index All World Sep 04 - Oct 03 Index All World Sep 04 - Oct 03 Index All World Sep 04 - Oct 03 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
3,966.85 13,050.27 28,091.53 2,409.41
19,142.72 7,148.50
18,613.70 6,908.76 26,215.79
3,650.86 12,209.48 2,155.49
Day 1.82% Month -13.68% Year -17.66% Day 2.27% Month -6.04% Year -7.78% Day 0.22% Month -8.51% Year 0.06% Day 0.79% Month -6.71% Year NaN% Day 1.07% Month -9.43% Year -14.09% Day -0.71% Month -13.53% Year -31.36%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore

1,640.63 7,932.20 19,597.31 3,205.69

11,785.13 45,383.85 44,721.04 3,107.09
1,547.62 7,462.00
10,712.47 17,079.51
Day 1.29% Month -15.71% Year -28.81% Day 1.25% Month -6.70% Year -11.87% Day 0.68% Month -10.17% Year -11.56% Day 1.29% Month -10.58% Year -14.90% Day -0.83% Month -13.61% Year -31.46% Day -0.74% Month -4.12% Year 1.35%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
113,605.56 6,167.51 3,202.14 58,803.33
31,656.42 110,405.30 21,921.26 56,751.79
5,794.15 20,972.57 3,024.39
29,313.03
Day 2.05% Month -12.98% Year -15.19% Day 4.46% Month 3.18% Year 5.70% Day 0.55% Month -10.80% Year -11.81% Day 1.57% Month -7.13% Year -18.60% Day -0.55% Month -7.17% Year -16.31% Day -1.18% Month -4.85% Year -3.84%

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 143125.30 139115.09 Cyprus
CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 22760.50 22462.16 Philippines Manila Comp 5783.15 5741.07 Taiwan Weighted Pr 13300.48 13424.58 Cross-Border DJ Global Titans ($) 394.01 389.98
Australia All Ordinaries 6656.40 6678.70 Czech Republic
PX 1120.57 1123.37 FTSE Italia Mid Cap 35186.82 34757.44 Poland Wig 46308.30 45970.64 Thailand Bangkok SET 1558.05 1589.51 Euro Stoxx 50 (Eur) 3342.89 3318.20
S&P/ASX 200 6456.90 6474.20 OMXC Copenahgen 20
Denmark 1551.33 1526.61 FTSE MIB 20972.57 20648.85 Portugal PSI 20 5397.74 5302.76 Turkey BIST 100 3316.72 3179.99 Euronext 100 ID 1124.30 1113.98
S&P/ASX 200 Res 5179.70 5179.40 Egypt
EGX 30 9687.36 9827.46 Japan 2nd Section 7228.27 7239.06 PSI General 4239.85 4159.09 UAE Abu Dhabi General Index 9222.93 9251.11 FTSE 4Good Global ($) 8764.17 8624.45
Austria ATX 2718.06 2691.95 Estonia
OMX Tallinn 1667.74 1682.08 Nikkei 225 26215.79 25937.21 Romania BET Index 10803.16 10639.41 UK FT 30 2230.80 2220.20 FTSE All World ($) 370.00 365.01
Belgium BEL 20 3374.94 3370.21 Finland
OMX Helsinki General 10066.93 9934.81 S&P Topix 150 1578.33 1565.07 Russia Micex Index 2436.57 2445.30 FTSE 100 6908.76 6893.81 FTSE E300 1547.62 1537.22
BEL Mid 8857.60 8915.99 France
CAC 40 5794.15 5762.34 Topix 1930.17 1935.49 RTX 1245.71 1212.57 FTSE 4Good UK 6199.01 6193.11 FTSE Eurotop 100 3040.13 3023.40
Brazil IBovespa 114943.04 110036.79 SBF 120 4463.39 4435.09 Jordan Amman SE 2486.64 2483.64 Saudi-Arabia TADAWUL All Share Index 11487.07 11405.32 FTSE All Share 3773.80 3763.48 FTSE Global 100 ($) 2301.86 2273.39
Canada S&P/TSX 60 1141.97 1117.10 Germany M-DAX 22670.64 22370.02 Kenya NSE 20 1717.68 1717.41 Singapore FTSE Straits Times 3107.09 3130.24 FTSE techMARK 100 5907.09 5910.03 FTSE Gold Min ($) 1451.96 1417.72
S&P/TSX Comp 18863.14 18444.22 TecDAX 2716.46 2670.82 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 346.11 346.11 USA DJ Composite 9917.21 9679.49 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1273.73 1272.22 XETRA Dax 12209.48 12114.36 Latvia OMX Riga 1066.16 1055.21 Slovenia SBI TOP - - DJ Industrial 29313.03 28725.51 FTSE Multinationals ($) 2370.89 2395.11
Chile S&P/CLX IGPA Gen 27703.69 27680.69 Greece Athens Gen 804.00 792.90 Lithuania OMX Vilnius 894.83 897.97 South Africa FTSE/JSE All Share 64227.23 63726.37 DJ Transport 12431.99 12058.26 FTSE World ($) 669.46 659.46
China FTSE A200 10253.86 10312.52 FTSE/ASE 20 1934.47 1904.45 Luxembourg LuxX 1262.66 1236.09 FTSE/JSE Res 20 61645.92 60230.23 DJ Utilities 914.36 888.47 FTSEurofirst 100 (Eur) 4057.13 4016.70
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 17079.51 17222.83 Malaysia FTSE Bursa KLCI 1397.62 1394.63 FTSE/JSE Top 40 57849.66 57389.70 Nasdaq 100 11117.34 10971.22 FTSEurofirst 80 (Eur) 4589.60 4552.67
Shanghai A 3169.60 3187.27 HS China Enterprise 5856.82 5914.08 Mexico IPC 45185.56 44626.80 South Korea Kospi 2155.49 2170.93 Nasdaq Cmp 10712.47 10575.62 MSCI ACWI Fr ($) 553.37 557.88
Shanghai B 283.63 284.04 HSCC Red Chip 3365.78 3338.65 Morocco MASI 11613.11 11613.11 Kospi 200 281.36 282.65 NYSE Comp 13775.83 13472.18 MSCI All World ($) 2378.65 2401.32
Shanghai Comp 3024.39 3041.20 Hungary Bux 38420.33 37838.30 Netherlands AEX 645.80 640.62 Spain IBEX 35 7462.00 7366.80 S&P 500 3650.86 3585.62 MSCI Europe (Eur) 1565.33 1548.67
Shenzhen A 2000.08 2026.46 India BSE Sensex 56751.79 57426.92 AEX All Share 881.88 873.81 Sri Lanka CSE All Share 9649.86 9931.07 Wilshire 5000 36465.00 35836.92 MSCI Pacific ($) 2305.99 2343.56
Shenzhen B 1136.38 1148.10 Nifty 500 14638.50 14829.35 New Zealand NZX 50 10959.45 11065.71 Sweden OMX Stockholm 30 1839.51 1828.98 Venezuela IBC 8680.79 8698.96 S&P Euro (Eur) 1528.16 1515.38
Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 7009.72 7040.80 Nigeria SE All Share 49171.70 49161.45 OMX Stockholm AS 710.63 706.20 Vietnam VNI 1086.44 1132.11 S&P Europe 350 (Eur) 1584.76 1573.31
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 6340.01 6311.47 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10290.71 10267.55 S&P Global 1200 ($) 2661.25 2619.92
Israel Tel Aviv 125 1883.93 1918.26 Pakistan KSE 100 41211.70 41128.67 Stoxx 50 (Eur) 3345.73 3331.81
(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 Oct 03 %Chg %Chg Oct 03 %Chg %Chg Oct 03 %Chg %Chg Oct 03 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Tesla 123.3 242.64 -22.61 Glencore 304.6 486.55 8.40 Nestle N 331.1 109.46 -0.64 Softbank . 893.0 4981.00 81.00 Fresnillo 798.40 11.8 -9.2 Biffa 410.20 29.1 16.6 Pharos Energy 21.80 17.8 - Aerospace & Defense 4611.90 -1.6 10.3
Apple 71.7 140.82 2.62 Shell 250.5 2299.50 53.00 Roche Gs 286.7 331.17 -1.39 Tokyo Electron 717.3 37340.00 1640.00 Burberry 1845.50 11.4 1.5 Telecom Plus 2140.00 23.4 34.0 Avon Protection 1074.00 13.2 -6.2 Oil & Gas Producers 7923.25 -1.7 38.6
Nvidia 30.9 124.32 2.93 Lloyds Banking 182.9 41.78 0.39 Asml Holding 250.5 440.70 7.10 Sony 647.0 9509.00 223.00 Antofagasta 1131.00 7.7 - Essentra 210.50 16.4 - Residential Secure ome 107.00 10.5 -3.8 Industrial Metals 6746.12 -1.9 6.2
Advanced Micro Devices 27.8 65.66 2.30 Bp 181.5 442.70 9.60 Novartis N 237.5 78.12 0.46 Toyota Motor 634.6 1941.50 65.50 Anglo American 2795.00 7.5 -7.3 Hikma Pharmaceuticals 1357.50 12.2 - Helical 345.00 9.7 - Personal Goods 28655.93 -2.1 -
Microsoft 24.2 237.25 4.35 Vodafone 181.2 103.72 2.60 Eni 186.3 11.24 0.33 Nippon Yusen Kabushiki Kaisha 598.0 2599.00 132.00 Glencore 486.55 6.6 29.1 Tp Icap 192.90 10.6 25.6 Abrdn Property ome Trust 64.60 9.5 - Beverages 28087.80 -2.9 -9.6
Amazon.com 23.8 114.78 1.78 Diageo 172.5 3707.50 -90.00 Totalenergies 184.3 49.90 1.63 Fast Retailing Co., 558.1 76320.00 -390.00 Rio Tinto 4940.00 5.2 0.8 Puretech Health 235.00 9.3 - Newriver Reit 75.50 8.9 - Health Care Equip.& Services 10654.97 -3.1 29.3
Duke Realty 20.1 48.20 0.23 Astrazeneca 166.9 9806.00 -138.00 Intesa Sanpaolo 182.2 1.73 0.03 Mitsui O.s.k.lines, 551.5 2732.00 130.00 Ashtead 4122.00 4.8 - Clarkson 2725.00 7.3 - Hochschild Mining 60.45 8.6 - Mining 9806.64 -3.7 -50.2
Alphabet 10.4 97.87 2.22 Unilever 121.8 3876.50 -92.50 Unicredit 176.0 10.71 0.25 Mitsubishi Ufj Fin,. 546.5 648.00 -3.50 Shell 2299.50 4.0 42.4 Playtech 445.00 6.3 - Schroder Real Estate Investment Trust 46.95 8.3 - Pharmaceuticals & Biotech. 18537.55 -5.2 -1.3
Netflix 10.1 235.57 0.13 Rio Tinto 94.7 4940.00 44.00 Cs N 167.3 4.05 -0.04 Nintendo Co., 396.4 5820.00 -34.00 Land Securities 531.00 3.3 - Bluefield Solar ome Fund 137.00 6.2 12.3 Custodian Reit 99.60 8.0 -5.6 Media 8462.84 -5.2 -
Exxon Mobil 9.5 91.15 3.84 Hsbc Holdings 89.8 461.40 -5.90 Richemont N 165.8 98.87 1.93 Eisai Co., 363.2 7461.00 -288.00 Spirax-sarco Eng 10420.00 3.1 - Diversified Energy 130.20 6.1 24.7 Abrdn Eur Logistics ome 88.50 6.8 - Mobile Telecommunications 2540.12 -5.6 -
Bp 442.70 3.0 33.2 Centamin 91.16 5.7 4.2 Picton Property ome Ld 84.60 6.7 - General Financial 12053.12 -6.0 4.3
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
Smith & Nephew 1035.00 2.6 - Syncona 169.60 5.3 - Mears 196.50 6.2 -0.5 Electronic & Electrical Equip. 8031.49 -6.3 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Marathon Oil 24.59 2.01 8.90 Telecom Plus 2140.00 414.00 23.99 Sartorius Ag Vzo O.n. 366.70 21.80 6.32 Nippon Sheet Glass , 539.00 28.00 5.48 Ocado 465.70 -16.3 - Aston Martin Lagonda Global Holdings 109.85 -31.3 - Saga 85.45 -36.3 - Automobiles & Parts 1179.34 -29.0 -
Apa 36.93 2.74 8.01 Essentra 210.50 27.90 15.28 Orsted A/s Dk 10 11.55 0.57 5.18 Nippon Yusen Kabushiki Kaisha 2599.00 132.00 5.35 Rightmove 483.00 -12.1 - Synthomer 109.00 -26.8 - Lsl Property Services 257.00 -21.2 - Real Estate & Investment Servic 2013.66 -18.6 -38.1
Devon Energy 64.91 4.78 7.95 Watches Of Switzerland 722.50 48.50 7.20 Totalenergies 49.90 1.63 3.37 Mitsui O.s.k.lines, 2732.00 130.00 5.00 Next 4836.00 -10.3 -40.4 Carnival 538.60 -25.5 - Secure Trust Bank 774.00 -18.9 - Real Estate Investment Trusts 2151.31 -18.0 -
Freeport-mcmoran 29.24 1.91 6.99 Cls Holdings 148.80 9.40 6.74 Enel 4.36 0.13 3.15 Shizuoka Bank Ltd 889.00 42.00 4.96 M&g 167.50 -10.3 - Mitchells & Butlers 112.10 -22.8 - Pod Point Holdings 56.50 -16.5 - Gas Water & Multiutilities index 5147.09 -14.2 -
Diamondback Energy 128.63 8.17 6.78 Royal Mail 196.40 11.95 6.48 A.p. Møller - Mærsk B A/s 1922.87 58.49 3.14 Kawasaki Kisen Kaisha, 2130.00 98.00 4.82 Barclays 145.08 -9.8 - Tui Ag 105.45 -21.5 - Xaar 175.00 -14.2 -2.0 Household Goods 9213.43 -13.5 -
Auto Trader 523.20 -9.3 -28.8 Wetherspoon ( J.d.) 389.80 -16.1 - Restaurant 30.02 -13.7 - Banks 2936.92 -12.7 -3.8
Downs Downs Downs Downs
Legal & General 221.90 -8.4 - 888 Holdings 96.55 -14.6 - Mj Gleeson 408.00 -13.6 - Electricity 9733.42 -12.7 -3.5
Tesla 242.64 -22.61 -8.52 Aston Martin Lagonda Global Holdings 109.85 -9.65 -8.08 Pernod Ricard 184.20 -4.65 -2.46 Kansai Electric Power Co 1148.00 -64.00 -5.28
Barratt Developments 354.20 -8.0 - Just 58.20 -13.3 - Headlam 232.00 -13.1 - Food Producers 4870.63 -12.6 -
Illumina 181.67 -9.12 -4.78 Carnival 538.60 -43.20 -7.43 Anheuser-busch 45.76 -1.11 -2.37 Unitika 283.00 -15.00 -5.03
Hsbc Holdings 461.40 -8.0 2.5 Wizz Air Holdings 1526.00 -12.2 -63.6 Topps Tiles 39.30 -12.7 - Travel & Leisure 5396.27 -12.1 -
Carnival 6.87 -0.16 -2.26 Puretech Health 235.00 -12.00 -4.86 Abb Ltd N 25.04 -0.57 -2.21 Maruha Nichiro 2350.00 -110.00 -4.47
Sainsbury (j) 176.55 -7.8 - Osb 429.80 -11.5 - The Gym 108.00 -11.0 -57.8 Life Insurance 5889.95 -11.0 -
Twitter 42.99 -0.85 -1.94 Scottish Mortgage Investment Trust 748.80 -33.60 -4.29 Danone 47.74 -0.84 -1.72 Seven & I Holdings Co., 5559.00 -247.00 -4.25
Int Consolidated Airlines S.a. 93.66 -7.5 - Ssp 188.40 -11.0 -23.4 Nanoco 40.60 -10.8 - Nonlife Insurance 2877.02 -10.4 -12.5
Darden Restaurants 124.17 -2.15 -1.70 Vietnam Enterprise Investments 610.00 -26.00 -4.09 Adidas Ag Na O.n. 117.14 -1.74 -1.46 Eisai Co., 7461.00 -288.00 -3.72
Phoenix Holdings 530.80 -6.9 - Hays 102.60 -10.7 - Marston's 35.40 -10.7 - Chemicals 11076.71 -9.8 -
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
Oct 3 Currency Mid Change Mid Change Mid Change Oct 3 Currency Mid Change Mid Change Mid Change Oct 3 Currency Mid Change Mid Change Mid Change Oct 3 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 148.2325 0.9175 145.5272 1.2096 167.2072 2.7601 Indonesia Indonesian Rupiah 15302.5000 75.0000 15023.2259 105.5565 17261.3191 262.9000 Poland Polish Zloty 4.9132 -0.0258 4.8235 -0.0150 5.5421 0.0287 ..Three Month 0.8867 -0.0092 0.8698 -0.0072 - -
Australia Australian Dollar 1.5386 -0.0167 1.5105 -0.0132 1.7355 -0.0007 Israel Israeli Shekel 3.5500 -0.0070 3.4852 0.0005 4.0044 0.0337 Romania Romanian Leu 5.0404 -0.0132 4.9484 -0.0024 5.6855 0.0442 ..One Year 0.8861 -0.0091 0.8679 -0.0071 - -
Bahrain Bahrainin Dinar 0.3775 0.0001 0.3706 0.0009 0.4258 0.0045 Japan Japanese Yen 144.4650 -0.2800 141.8284 0.0286 162.9574 1.3792 Russia Russian Ruble 59.9250 -1.2000 58.8313 -1.0499 67.5958 -0.6378 United States United States Dollar - - 0.9817 0.0021 1.1280 0.0117
Bolivia Bolivian Boliviano 6.9100 - 6.7839 0.0145 7.7945 0.0809 ..One Month 144.4645 -0.2809 141.8283 0.0284 162.9570 1.3784 Saudi Arabia Saudi Riyal 3.7590 0.0020 3.6904 0.0098 4.2402 0.0463 ..One Month - - 0.9815 -0.1346 1.1281 0.0117
Brazil Brazilian Real 5.1843 -0.2246 5.0897 -0.2091 5.8479 -0.1900 ..Three Month 144.4634 -0.2832 141.8279 0.0276 162.9559 1.3762 Singapore Singapore Dollar 1.4303 -0.0046 1.4042 -0.0015 1.6134 0.0116 ..Three Month - - 0.9810 -0.1346 1.1282 0.0118
Canada Canadian Dollar 1.3665 -0.0076 1.3415 -0.0046 1.5414 0.0075 ..One Year 144.4583 -0.2935 141.8251 0.0218 162.9570 1.3703 South Africa South African Rand 17.8575 -0.1150 17.5316 -0.0752 20.1434 0.0807 ..One Year - - 0.9793 -0.1346 1.1276 0.0119
Chile Chilean Peso 956.8300 -1.1050 939.3672 0.9237 1079.3102 9.9714 Kenya Kenyan Shilling 120.7500 - 118.5462 0.2532 136.2067 1.4140 South Korea South Korean Won 1430.7000 - 1404.5889 2.9998 1613.8385 16.7541 Vietnam Vietnamese Dong 23890.0000 25.0000 23454.0278 74.5746 26948.0764 307.6240
China Chinese Yuan 7.0912 - 6.9618 0.0149 7.9989 0.0830 Kuwait Kuwaiti Dinar 0.3097 -0.0003 0.3040 0.0004 0.3493 0.0033 Sweden Swedish Krona 11.0188 -0.0788 10.8176 -0.0540 12.4292 0.0411 European Union Euro 1.0186 -0.0022 - - 1.1490 0.0095
Colombia Colombian Peso 4540.5550 -53.4500 4457.6867 -42.8423 5121.7753 -6.4929 Malaysia Malaysian Ringgit 4.6480 0.0110 4.5632 0.0205 5.2430 0.0667 Switzerland Swiss Franc 0.9907 0.0064 0.9726 0.0084 1.1175 0.0188 ..One Month 1.0184 -0.0022 - - 1.1488 0.0095
Costa Rica Costa Rican Colon 627.4000 -1.2700 615.9495 0.0713 707.7111 5.9295 Mexico Mexican Peso 19.9910 -0.1165 19.6261 -0.0722 22.5500 0.1041 Taiwan New Taiwan Dollar 31.8775 0.1285 31.2957 0.1927 35.9580 0.5167 ..Three Month 1.0178 -0.0022 - - 1.1485 0.0095
Czech Republic Czech Koruna 25.0013 -0.0807 24.5450 -0.0266 28.2016 0.2027 New Zealand New Zealand Dollar 1.7495 -0.0184 1.7176 -0.0144 1.9734 -0.0001 Thailand Thai Baht 38.1475 0.4275 37.4513 0.4988 43.0306 0.9239 ..One Year 1.0162 -0.0023 - - 1.1465 0.0096
Denmark Danish Krone 7.5751 -0.0148 7.4368 0.0013 8.5447 0.0721 Nigeria Nigerian Naira 435.5000 - 427.5518 0.9131 491.2467 5.0999 Tunisia Tunisian Dinar 3.2671 0.0125 3.2075 0.0191 3.6853 0.0523
Egypt Egyptian Pound 19.6188 0.0927 19.2607 0.1319 22.1301 0.3332 Norway Norwegian Krone 10.7092 -0.1881 10.5137 -0.1618 12.0800 -0.0845 Turkey Turkish Lira 18.5413 0.0028 18.2029 0.0416 20.9146 0.2202
Hong Kong Hong Kong Dollar 7.8500 0.0001 7.7067 0.0165 8.8548 0.0920 Pakistan Pakistani Rupee 227.2100 -0.8900 223.0633 -0.3955 256.2943 1.6672 United Arab Emirates UAE Dirham 3.6731 0.0001 3.6061 0.0078 4.1433 0.0431
Hungary Hungarian Forint 429.0044 -2.8591 421.1747 -1.9014 483.9195 1.8322 Peru Peruvian Nuevo Sol 3.9687 -0.0089 3.8963 -0.0004 4.4767 0.0365 United Kingdom Pound Sterling 0.8865 -0.0093 0.8703 -0.0073 - -
India Indian Rupee 81.8832 0.5319 80.3887 0.6928 92.3647 1.5526 Philippines Philippine Peso 58.9945 0.3695 57.9178 0.4857 66.5462 1.1033 ..One Month 0.8866 -0.0093 0.8702 -0.0073 - -
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 Oct 03 Sep 30 Sep 29 Sep 28 Sep 27 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2230.80 2220.20 2196.70 2268.10 2264.90 0.00 2880.10 2174.60 Oil & Gas Producers 38.84 Beverages -9.71 Industrials -23.37 FTSE 100 Price Change FTSE 100 Price Change
Oct 03 chge% Index Sep 30 Sep 29 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil & Gas 38.16 FTSE All{HY-}Share Index -10.32 Consumer Services -25.41 3I Group PLC 1098.5 5.50 International Consolidated Airlines Group S.A. 93.66 -1.01
FTSE 100 (100) 6908.76 0.22 6190.96 6893.81 6881.59 7027.07 3.90 1.95 13.13 233.05 7060.85 P/E Ratio net - - - - - 0.00 19.44 14.26 Tobacco 18.01 Utilities -11.04 FTSE 250 Index -26.39 Admiral Group PLC 1906 -8.50 Intertek Group PLC 3674 -33.00
FTSE 250 (250) 17284.88 0.68 15489.05 17168.34 16790.40 22975.77 3.41 1.23 23.95 436.89 14301.18 FT 30 hourly changes Aerospace & Defense 9.73 Telecommunications -11.74 Support Services -26.58 Airtel Africa PLC 133.30 4.10 Jd Sports Fashion PLC 103.65 3.45
FTSE 250 ex Inv Co (174) 17373.13 1.01 15568.13 17199.96 16810.11 24075.13 3.58 1.50 18.56 470.25 14668.64 8 9 10 11 12 13 14 15 16 High Low Mining 5.75 Gas Water & Multi -13.56 Food Producers -27.33 Anglo American PLC 2795 59.50 Kingfisher PLC 224.80 4.40
FTSE 350 (350) 3807.86 0.28 3412.24 3797.10 3779.32 4044.03 3.83 1.86 14.04 123.75 7721.58 2220.2 2198.3 2188.2 2194.9 2197.2 2203.4 2211.3 2217.3 2231.9 2234.9 2178.9 Beverages 31.66 Software & Comp Serv -15.57 Construct & Material -27.43 Antofagasta PLC 1131 15.50 Land Securities Group PLC 531.00 9.20
FTSE 350 ex Investment Trusts (271) 3744.79 0.33 3355.72 3732.44 3718.05 3942.01 3.89 1.93 13.29 124.40 3924.67 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Pharmace & Biotech -1.19 Media -15.66 Household Goods & Ho -27.46 Ashtead Group PLC 4122 36.00 Legal & General Group PLC 221.90 5.40
FTSE 350 Higher Yield (131) 3305.00 0.80 2961.62 3278.67 3273.09 3163.64 5.33 1.88 9.98 136.92 7538.16 Basic Materials -1.32 Technology -15.91 Industrial Eng -31.60 Associated British Foods PLC 1262.5 1.00 Lloyds Banking Group PLC 41.78 0.39
FTSE 350 Lower Yield (219) 3915.64 -0.26 3508.82 3925.94 3895.28 4702.35 2.23 1.82 24.70 85.97 4814.31 FT WILSHIRE 5000 INDEX SERIES Health Care -1.74 Financials -18.45 Chemicals -33.69 Astrazeneca PLC 9806 -138.00 London Stock Exchange Group PLC 7640 12.00
FTSE SmallCap (241) 5874.39 -0.05 5264.07 5877.58 5806.43 7385.42 3.51 0.99 28.67 162.67 9812.48 Electricity -3.51 Tech Hardware & Eq -18.88 Electronic & Elec Eq -34.31 Auto Trader Group PLC 523.20 8.20 M&G PLC 167.50 0.95
FTSE SmallCap ex Inv Co (128) 4666.31 0.25 4181.50 4654.49 4562.54 6319.43 3.73 2.27 11.81 130.10 8113.16 Sep 30 Sep 30 Banks -3.71 Nonlife Insurance -19.47 Real Est Invest & Tr -35.89 Aveva Group PLC 3179 37.00 Melrose Industries PLC 101.10 -1.10
FTSE All-Share (591) 3773.80 0.27 3381.71 3763.48 3745.11 4028.97 3.82 1.84 14.23 122.12 7727.14 Personal Goods -3.91 Travel & Leisure -19.51 Leisure Goods -37.44
FT Wilshire 5000 36481.48 FT Wilshire Mid Cap 4888.41 Aviva PLC 397.40 9.20 Mondi PLC 1393 -1.00
FTSE All-Share ex Inv Co (399) 3677.72 0.33 3295.62 3665.63 3650.67 3887.55 3.89 1.94 13.27 121.89 3913.33 FTSE 100 Index -6.44 Fixed Line Telecomms -20.29 Real Est Invest & Se -37.69
FT Wilshire 2500 4670.65 FT Wilshire Small Cap 4428.88 B&M European Value Retail S.A. 317.30 11.20 National Grid PLC 933.40 2.40
FTSE All-Share ex Multinationals (528) 988.26 0.82 734.25 980.25 961.98 1307.14 4.19 1.91 12.49 33.40 2091.63 Consumer Goods -7.45 Oil Equipment & Serv -20.72 Food & Drug Retailer -40.64
FT Wilshire Mega Cap 4664.99 FT Wilshire Micro Cap 4381.95 Bae Systems PLC 799.00 9.20 Natwest Group PLC 227.00 1.10
FTSE Fledgling (83) 11229.45 0.02 10062.75 11227.43 11241.21 13319.13 3.77 5.11 5.19 269.73 24145.80 Mobile Telecomms -8.38 Financial Services -20.84 General Retailers -40.77
FT Wilshire Large Cap 4702.30 Barclays PLC 145.08 0.78 Next PLC 4836 35.00
FTSE Fledgling ex Inv Co (33) 14001.95 0.61 12547.20 13917.34 13886.45 18315.49 3.50 8.06 3.54 356.96 29255.65 NON FINANCIALS Index -8.77 FTSE SmallCap Index -21.25 Industrial Transport -48.58
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Barratt Developments PLC 354.20 12.00 Ocado Group PLC 465.70 -6.80
FTSE All-Small (324) 4102.43 -0.05 3676.21 4104.50 4057.83 5141.50 3.53 1.24 22.95 112.80 8788.88 Health Care Eq & Srv -9.32 Equity Invest Instr -21.88 Automobiles & Parts -67.49
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Berkeley Group Holdings (The) PLC 3362 65.00 Pearson PLC 883.20 16.40
FTSE All-Small ex Inv Co (161) 3509.97 0.27 3145.30 3500.64 3433.68 4747.43 3.72 2.46 10.91 97.58 7728.46 Life Insurance -22.91 Industrial Metals & -82.89
mark. Copyright ©2022 Wilshire. All rights reserved. BP PLC 442.70 9.60 Pershing Square Holdings LTD 2670 -30.00
FTSE AIM All-Share (767) 808.73 0.29 724.71 806.38 798.39 1231.13 1.61 1.57 39.54 9.91 946.86
British American Tobacco PLC 3244 17.50 Persimmon PLC 1277 39.50
FTSE All-Share Technology (21) 1849.62 0.57 1440.36 1839.09 1807.90 2259.16 2.04 0.81 60.33 35.52 2673.44
British Land Company PLC 355.80 5.10 Phoenix Group Holdings PLC 530.80 4.00
FTSE All-Share Telecommunications (6) 1644.58 3.44 1280.68 1589.81 1593.68 1814.46 6.37 1.06 14.83 57.66 2447.51 FTSE GLOBAL EQUITY INDEX SERIES Bt Group PLC 126.70 5.35 Prudential PLC 882.40 -11.40
FTSE All-Share Health Care (14) 12962.92 -0.88 10094.65 13078.27 13061.35 12683.45 3.07 1.14 28.56 341.32 11977.66
Oct 3 No of US $ Day Mth YTD Total
YTD Gr Div Oct 3 No of US $ Day Mth YTD Total YTD Gr Div Bunzl PLC 2772 12.00 Reckitt Benckiser Group PLC 5926 -50.00
FTSE All-Share Financials (256) 4159.90 -0.21 3239.45 4168.83 4111.43 4742.59 4.03 2.33 10.63 153.18 4616.13
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Burberry Group PLC 1845.5 37.50 Relx PLC 2200 -2.00
FTSE All-Share Real Estate (55) 793.11 0.61 646.10 788.28 753.16 1133.95 4.38 4.51 5.06 27.12 829.89
FTSE Global All Cap 9536 621.19 -0.7 -10.3 -26.7
-25.3 993.00
2.5 Oil Equipment & Services 24 236.85 -0.7 -12.5 1.2 436.27 4.6 4.8 Centrica PLC 72.06 1.22 Rentokil Initial PLC 475.50 -2.00
FTSE All-Share Consumer Discretionary (86) 4056.05 0.31 3158.58 4043.52 3999.71 5569.33 2.55 1.05 37.36 89.59 4284.22
FTSE Global All Cap 9536 621.19 -0.7 -10.3 -26.7
-25.3 993.00
2.5 Basic Materials 392 516.63 0.6 -9.4 -23.2 950.00 -20.0 5.4 Coca-Cola Hbc AG 1853.5 -40.50 Rightmove PLC 483.00 0.80
FTSE All-Share Consumer Staples (24)18684.70 -1.18 14550.39 18907.18 19105.00 18472.40 4.06 1.20 20.43 597.76 17048.84
FTSE Global Large Cap 1907 556.70 -0.9 -10.2 -26.7
-25.3 917.22
2.5 Chemicals 195 703.41 0.4 -10.8 -27.4 1242.41 -25.5 3.3 Compass Group PLC 1790 -15.00 Rio Tinto PLC 4940 44.00
FTSE All-Share Industrials (84) 5671.10 0.64 4416.27 5635.09 5576.15 6963.60 2.50 1.36 29.33 111.62 6538.73
FTSE Global Mid Cap 2266 795.17 -0.3 -10.7 -25.9
-24.5 1195.97
2.5 Forestry & Paper 20 228.34 1.7 -12.6 -25.2 459.59 -23.0 4.2 Convatec Group PLC 204.40 -1.20 Rolls-Royce Holdings PLC 69.77 0.18
FTSE All-Share Basic Materials (22) 8098.25 1.47 6306.37 7980.98 8019.57 7588.93 6.73 2.01 7.41 536.38 11036.89
FTSE Global Small Cap 5363 827.47 0.0 -10.7 -27.7
-26.5 1190.17
2.3 Industrial Metals & Mining 98 401.62 0.7 -10.7 -27.4 766.87 -23.8 9.1 Crh PLC 2897 -13.00 Rs Group PLC 975.50 6.50
FTSE All-Share Energy (13) 8194.27 2.28 6381.14 8011.60 7990.40 6055.16 3.39 2.96 9.96 219.90 9874.56
FTSE All-World 4173 365.01 -0.8 -10.3 -26.5
-25.2 617.90
2.5 Mining 79 815.06 0.8 -5.9 -12.4 1588.43 -7.1 6.8 Croda International PLC 6552 106.00 Sage Group PLC 696.60 -0.60
FTSE All-Share Utilities (10) 7762.12 1.17 6044.62 7672.15 7678.71 7671.97 4.83 0.67 30.67 286.01 11715.82
FTSE World 2667 659.46 -0.9 -10.2 -26.6
-25.2 1497.95
2.5 Industrials 801 423.35 -0.6 -11.5 -29.5 674.20 -28.3 2.3 Dcc PLC 4733 44.00 Sainsbury (J) PLC 176.55 2.25
FTSE All-Share Software and Computer Services (18) 2002.49 0.59 1559.40 1990.82 1955.84 2420.36 2.04 0.81 60.68 38.44 3062.22
FTSE Global All Cap ex UNITED KINGDOM In 9244 657.17 -0.8 -10.3 -26.7
-25.4 1030.39
2.4 Construction & Materials 154 495.61 0.6 -9.9 -32.9 833.29 -31.6 2.4 Dechra Pharmaceuticals PLC 2634 12.00 Schroders PLC 396.70 7.40
FTSE All-Share Technology Hardware and Equipment (3) 4290.86 0.20 3341.43 4282.16 4282.15 6990.14 2.07 0.93 51.94 78.21 5545.59
FTSE Global All Cap ex USA 7719 430.09 0.3 -10.6 -28.3
-26.3 763.03
3.6 Aerospace & Defense 35 725.38 -0.7 -11.0 -9.7 1129.44 -8.6 1.8 Diageo PLC 3707.5 -90.00 Scottish Mortgage Investment Trust PLC 748.80 -33.60
FTSE All-Share Telecommunications Equipment (1) 587.46 0.15 457.47 586.57 574.94 658.28 2.09 2.31 20.70 11.51 839.72
FTSE Global All Cap ex JAPAN 8131 648.55 -0.6 -10.3 -26.7
-25.4 1045.75
2.5 General Industrials 76 196.99 -0.5 -11.1 -29.0 347.30 -27.4 3.0 Endeavour Mining PLC 1583 -58.00 Segro PLC 756.60 3.60
FTSE All-Share Telecommunications Service Providers (5) 2536.28 3.58 1975.08 2448.50 2456.79 2793.80 6.55 1.04 14.66 90.35 3435.82
FTSE Global All Cap ex Eurozone 8870 662.57 -0.9 -10.4 -26.0
-24.7 1036.00
2.4 Electronic & Electrical Equipment 157 523.49 -1.1 -11.6 -34.9 751.83 -33.9 1.7 Entain PLC 1092.5 6.50 Severn Trent PLC 2399 44.00
FTSE All-Share Health Care Providers (3)10733.31 -0.38 8358.38 10774.79 10719.51 8032.79 0.54 4.49 41.12 54.55 9958.79
FTSE Developed 2183 605.46 -0.9 -10.2 -26.6
-25.4 974.29
2.3 Industrial Engineering 157 806.35 -0.2 -10.6 -30.3 1279.24 -29.1 2.3 Experian PLC 2666 5.00 Shell PLC 2299.5 53.00
FTSE All-Share Medical Equipment and Services (2) 5123.23 -1.24 3989.63 5187.42 5057.35 6058.38 2.79 0.97 37.18 142.76 4948.85
FTSE Developed All Cap 5843 631.01 -0.8 -10.3 -26.7
-25.5 1000.44
2.3 Industrial Transportation 132 801.41 -1.5 -15.6 -27.8 1300.73 -25.8 3.8 F&C Investment Trust PLC 895.00 -5.00 Smith & Nephew PLC 1035 -15.50
FTSE All-Share Pharmaceuticals and Biotechnology (9)18483.99 -0.87 14394.08 18645.83 18647.51 17928.62 3.11 1.14 28.09 489.47 15376.51
FTSE Developed Large Cap 833 568.44 -1.1 -10.0 -26.7
-25.4 930.98
2.4 Support Services 90 479.60 -0.5 -10.5 -32.5 712.52 -31.7 1.5 Flutter Entertainment PLC 9694 -244.00 Smith (Ds) PLC 260.90 4.00
FTSE All-Share Banks (12) 2898.13 -0.39 2256.87 2909.49 2891.15 2776.08 4.48 4.28 5.22 127.03 2563.41
FTSE Developed Europe Large Cap 219 318.46 1.4 -8.8 -29.1
-27.1 3.5 Consumer Goods
629.86 569 514.88 -1.2 -10.0 -25.3 864.17 -23.9 2.5 Frasers Group PLC 676.50 -1.50 Smiths Group PLC 1517 7.00
FTSE All-Share Finance and Credit Services (8)10330.55 0.33 8044.73 10296.15 10245.19 10515.39 2.02 2.05 24.14 208.41 13880.00
FTSE Developed Europe Mid Cap 356 467.19 2.5 -12.2 -39.4
-37.9 801.40
3.3 Automobiles & Parts 132 534.26 -1.6 -11.2 -30.9 863.58 -29.8 1.8 Fresnillo PLC 798.40 29.20 Smurfit Kappa Group PLC 2592 10.00
FTSE All-Share Investment Banking and Brokerage Services (31) 7466.87 0.26 5814.70 7447.46 7231.48 10302.88 5.90 1.86 9.11 374.76 10469.16
FTSE Dev Europe Small Cap 752 660.89 3.1 -12.9 -40.2
-38.6 1089.26
3.5 Beverages 72 706.37 -0.5 -6.3 -12.4 1197.50 -10.8 2.4 Glaxosmithkline PLC 1319.6 13.80 Spirax-Sarco Engineering PLC 10420 20.00
FTSE All-Share Closed End Investments (192)11143.52 -0.52 8677.82 11201.28 11019.32 13695.25 2.76 -0.12 -305.22 231.83 6941.07
FTSE North America Large Cap 234 773.30 -1.6 -9.9 -25.8
-25.0 1158.46
1.9 Food Producers 134 660.06 -0.3 -8.6 -16.0 1135.55 -14.3 2.6 Glencore PLC 486.55 8.40 Sse PLC 1573 45.50
FTSE All-Share Life Insurance (6) 5997.35 0.59 4670.33 5961.90 5795.44 8101.40 5.11 1.08 18.11 294.59 7339.24
FTSE North America Mid Cap 426 1003.47 -0.8 -10.6 -23.3
-22.2 1390.78
2.0 Household Goods & Home Construction 65 457.94 -1.2 -11.0 -30.0 768.33 -28.5 3.0 Haleon PLC 270.80 -8.45 St. James's Place PLC 1023 -13.00
FTSE All-Share Nonlife Insurance (7) 3238.91 -0.78 2522.24 3264.47 3266.49 3663.84 4.46 1.24 18.12 130.27 6897.71
FTSE North America Small Cap 1337 993.56 -0.5 -10.3 -24.7
-23.8 1320.35
1.8 Leisure Goods 53 215.67 -1.4 -12.8 -32.3 304.86 -31.4 1.5 Halma PLC 2059 14.00 Standard Chartered PLC 564.40 -2.40
FTSE All-Share Real Estate Investment and Services (10) 1958.02 0.65 1524.77 1945.43 1887.47 2885.34 2.57 3.76 10.33 40.66 5837.32
FTSE North America 660 505.65 -1.4 -10.1 -25.4
-24.5 774.51
1.9 Personal Goods 98 778.44 -2.0 -11.2 -32.6 1195.97 -31.6 2.0 Harbour Energy PLC 449.10 1.20 Taylor Wimpey PLC 90.42 2.12
FTSE All-Share Real Estate Investment Trusts (45) 1979.42 0.61 1541.44 1967.49 1874.71 2806.20 4.70 4.59 4.64 73.16 2982.76
FTSE Developed ex North America 1523 222.48 0.3 -10.5 -29.4
-27.5 425.22
3.4 Tobacco 15 858.47 -1.7 -10.2 -10.7 2426.78 -6.7 6.7 Hargreaves Lansdown PLC 859.60 -7.60 Tesco PLC 208.90 2.10
FTSE All-Share Automobiles and Parts (2) 1185.39 -3.53 923.10 1228.75 1248.74 4326.77 0.82 -19.25 -6.32 14.02 1233.21
FTSE Japan Large Cap 169 327.58 -2.1 -11.4 -28.1
-26.4 481.39
2.7 Health Care 343 644.16 -0.8 -4.8 -18.4 1024.91 -17.2 1.9 Homeserve PLC 1185 1.00 Unilever PLC 3876.5 -92.50
FTSE All-Share Consumer Services (2) 2946.75 -0.88 2294.73 2972.90 2980.38 2592.94 1.30 1.71 44.85 38.43 3737.94
FTSE Japan Mid Cap 340 477.53 -1.2 -8.2 -22.2
-20.3 666.39
2.7 Health Care Equipment & Services 133 1245.58 -0.9 -7.1 -25.1 1526.75 -24.5 1.1 HSBC Holdings PLC 461.40 -5.90 Unite Group PLC 872.00 13.50
FTSE All-Share Household Goods and Home Construction (13) 7696.08 2.92 5993.19 7477.76 7126.77 13878.12 9.10 1.72 6.39 582.04 6809.64
FTSE Global wi JAPAN Small Cap 896 528.61 -1.3 -8.1 -24.0
-22.0 765.68
2.8 Pharmaceuticals & Biotechnology 210 431.59 -0.7 -3.2 -13.2 737.89 -11.5 2.4 Imperial Brands PLC 1861.5 6.50 United Utilities Group PLC 899.20 10.40
FTSE All-Share Leisure Goods (2) 15883.45 0.92 12368.96 15739.04 15456.45 25230.11 4.26 1.59 14.75 673.41 17581.25
FTSE Japan 509 135.82 -1.9 -10.8 -27.0
-25.2 223.48
2.7 Consumer Services 428 493.92 -1.1 -9.3 -29.9 704.10 -29.3 1.3 Informa PLC 517.20 -2.00 Vodafone Group PLC 103.72 2.60
FTSE All-Share Personal Goods (5) 24659.52 2.81 19203.17 23985.23 23209.99 28782.74 2.07 2.58 18.69 402.68 19287.57
FTSE Asia Pacific Large Cap ex Japan 1089 602.87 -0.2 -12.5 -27.7
-25.7 1096.87
3.4 Food & Drug Retailers 69 287.00 -0.7 -9.0 -16.6 454.87 -15.1 2.6 Intercontinental Hotels Group PLC 4352 -17.00 Whitbread PLC 2318 16.00
FTSE All-Share Media (11) 8672.95 0.31 6753.91 8645.92 8545.78 9544.94 2.42 1.53 26.98 192.87 6082.43
FTSE Asia Pacific Mid Cap ex Japan 866 851.32 -0.2 -12.3 -24.9
-22.8 1493.21
3.8 General Retailers 141 900.73 -1.0 -9.4 -29.5 1229.22 -29.1 1.0 Intermediate Capital Group PLC 999.80 17.00 Wpp PLC 749.40 -0.60
FTSE All-Share Retailers (22) 1613.75 1.83 1256.68 1584.71 1547.55 2697.51 3.11 3.71 8.67 37.80 2086.34
FTSE All-Share Travel and Leisure (29) 5284.33 -1.14 4115.08 5345.18 5374.55 8956.89 0.73 -11.29 -12.10 35.29 5460.66 FTSE Asia Pacific Small Cap ex Japan 2119 490.30 0.4 -12.2 -32.6
-30.9 835.85
3.3 Media 76 267.17 -1.4 -12.2 -43.1 383.24 -42.6 1.4
FTSE All-Share Beverages (5) 28183.76 -2.30 21947.61 28846.53 28697.24 27545.23 2.12 1.99 23.62 583.84 22586.46 FTSE Asia Pacific Ex Japan 1955 479.79 -0.2 -12.5 -27.4
-25.4 927.73
3.5 Travel & Leisure 142 393.58 -1.5 -6.9 -23.3 573.85 -22.6 1.2
FTSE All-Share Food Producers (10) 5023.95 -0.17 3912.32 5032.36 4915.35 6672.69 2.95 2.14 15.82 83.25 4836.53 FTSE Emerging All Cap 3693 652.91 0.4 -10.8 -25.9
-23.6 1135.97
3.9 Telecommunication 89 120.01 -0.6 -10.5 -19.0 280.95 -16.5 4.5 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 34565.62 0.50 26917.37 34391.98 34840.47 27300.21 6.85 0.92 15.81 1728.22 32306.58 FTSE Emerging Large Cap 1074 603.25 0.3 -11.2 -26.7
-24.4 1055.49
3.9 Fixed Line Telecommuniations 31 92.05 -0.7 -12.0 -18.3 247.44 -15.1 5.6 Oct 03 Sep 30 Sep 29 Sep 28 Sep 27 Yr Ago
FTSE All-Share Construction and Materials (15) 6548.98 0.05 5099.90 6545.74 6425.75 8266.93 3.48 0.63 45.72 214.85 7972.78 FTSE Emerging Mid Cap 916 928.02 0.6 -9.2 -19.3
-16.6 1624.26
4.3 Mobile Telecommunications 58 143.22 -0.5 -9.7 -19.4 288.93 -17.2 3.9 Order Book Turnover (m) 336.97 110.17 110.17 68.31 591.46 140.77
FTSE All-Share Aerospace and Defense (7) 4847.14 0.99 3774.63 4799.76 4927.80 4756.52 2.38 0.05 836.41 59.71 5859.15 FTSE Emerging Small Cap 1703 711.84 1.0 -9.3 -26.5
-24.3 1185.74
3.6 Utilities 200 292.26 -1.0 -12.0 -14.8 681.19 -12.6 3.5 Order Book Bargains 929271.00 1012298.00 1012298.00 1087601.00 1350600.00 1149334.00
FTSE All-Share Electronic and Electrical Equipment (10) 9430.58 0.97 7343.90 9339.93 9161.65 13383.76 1.81 2.02 27.30 129.38 9297.48 FTSE Emerging Europe 111 88.22 1.0 -8.0 -78.7
-77.8 184.30
3.6 Electricity 142 335.74 -1.0 -11.8 -12.9 770.60 -10.7 3.4 Order Book Shares Traded (m) 2035.00 2271.00 2271.00 2276.00 2842.00 2311.00
FTSE All-Share General Industrials (8) 4405.01 0.30 3430.32 4391.96 4300.90 5449.00 3.14 1.20 26.52 106.33 5773.18 FTSE Latin America All Cap 262 677.24 1.3 -6.7 -4.5
2.3 1322.49
11.6 Gas Water & Multiutilities 58 277.85 -0.9 -12.7 -19.4 670.39 -17.1 3.9 Total Equity Turnover (£m) 10433.64 5177.55 5177.55 6109.31 5230.68 5639.04
FTSE All-Share Industrial Engineering (5)14315.21 1.14 11147.72 14153.54 13991.69 18968.37 1.76 2.08 27.26 187.37 19130.97 FTSE Middle East and Africa All Cap 331 721.48 0.3 -9.8 -9.4
-7.0 3.3 Financials
1318.57 856 229.41 -0.1 -9.6 -23.5 439.51 -21.6 3.5 Total Mkt Bargains 1123351.00 1204000.00 1204000.00 1331387.00 1569016.00 1336157.00
FTSE All-Share Industrial Support Services (31) 9063.08 0.47 7057.71 9020.41 8888.57 11136.47 2.12 1.72 27.49 177.67 10418.38 FTSE Global wi UNITED KINGDOM All Cap In 292 268.49 1.5 -10.6 -25.4
-23.1 3.9 Banks
546.94 270 176.02 -0.2 -8.3 -22.2 375.39 -19.6 4.5 Total Shares Traded (m) 6849.00 6168.00 6168.00 7283.00 6906.00 7246.00
FTSE All-Share Industrial Transportation (8) 4556.47 1.41 3548.27 4492.99 4395.10 6420.34 2.56 3.42 11.43 98.14 4773.98 FTSE Global wi USA All Cap 1817 867.84 -1.4 -10.1 -25.5
-24.7 1.8 Nonlife Insurance
1253.53 72 306.64 -0.5 -5.9 -12.5 511.36 -10.1 3.2 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)12952.42 1.17 383.19 12802.39 12727.37 19353.61 2.54 1.81 21.77 329.06 16360.84 FTSE Europe All Cap 1467 358.33 1.7 -9.7 -33.1
-31.2 3.5 Life Insurance
680.27 51 186.88 0.7 -10.4 -22.7 359.25 -19.9 4.5 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (9) 7264.44 1.54 5657.06 7154.52 7215.16 6271.30 7.19 2.01 6.92 516.71 11149.89 FTSE Eurozone All Cap 666 337.86 1.8 -9.3 -34.8
-33.0 3.5 Financial Services
636.83 211 373.58 -0.6 -10.4 -25.1 565.98 -24.1 2.0
FTSE All-Share Precious Metals and Mining (5) 9327.97 -0.65 7264.00 9388.85 9128.34 18087.58 3.84 1.86 14.03 358.99 6576.54 FTSE EDHEC-Risk Efficient All-World 4173 414.66 -0.4 -10.3 -24.0
-22.5 2.9 Technology
651.28 363 426.12 -1.5 -13.3 -37.2 555.29 -36.7 1.2
FTSE All-Share Chemicals (7) 12226.29 1.59 9521.01 12034.89 11793.60 17673.96 3.11 1.97 16.32 324.25 12253.91 FTSE EDHEC-Risk Efficient Developed Europe 575 260.14 2.0 -11.8 -37.0
-35.3 3.6 Software & Computer Services
456.58 187 661.69 -1.2 -12.2 -38.1 799.46 -37.9 0.7 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE All-Share Oil. Gas and Coal (12) 7954.85 2.28 6194.70 7777.49 7756.91 5876.47 3.39 2.96 9.96 213.47 9941.56 Oil & Gas 132 349.15 -0.1 -11.5 6.5
10.8 5.3 Technology Hardware & Equipment
711.43 176 366.32 -1.9 -14.5 -36.1 513.55 -35.3 1.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil & Gas Producers 88 347.26 0.0 -11.1 9.3
14.1 726.61
5.6 Alternative Energy 20 165.31 -0.1 -16.5 -20.7 237.19 -20.4 0.4 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Sector Indices Real Estate Investment & Services 143 231.74 1.0 -10.7 -29.6 450.15 -27.8 3.5
Non Financials (335) 4626.78 0.41 4146.07 4607.76 4596.89 4845.95 3.76 1.69 15.74 143.99 8330.98 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 109 414.51 1.0 -14.3 -30.5 965.95 -28.7 4.0
For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE Global Large Cap 1907 556.70 -0.9 -10.2 -26.7 917.22 -25.3 2.5
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day 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/
FTSE 100 6811.90 6834.91 6824.88 6838.72 6855.36 6866.43 6884.43 6890.66 6918.78 6922.98 6797.98 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 250 16994.43 17013.01 16999.07 17086.08 17100.69 17066.85 17068.50 17132.67 17279.99 17303.67 16964.69 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.
FTSE SmallCap 5863.09 5852.47 5842.66 5845.11 5852.08 5841.01 5842.09 5845.74 5868.72 5874.39 5837.56 Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
FTSE All-Share 3720.63 3731.49 3726.33 3735.34 3743.47 3747.28 3755.54 3760.40 3778.11 3779.54 3713.03 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,
Time of FTSE 100 Day's high:14:13:45 Day's Low09:08:00 FTSE 100 2010/11 High: 7672.40(10/02/2022) Low: 6881.59(29/09/2022) please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:14:59:00 Day's Low09:08:00 FTSE 100 2010/11 High: 4296.96(10/02/2022) Low: 3745.11(29/09/2022)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Avation Pre 112.232 117.738 22.502 70.221L 0.247 1.312L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Carnival 3rd 8330.000 621.000 4478.000L 6898.000L 3.890L 6.140L 0.00000 0.00000 - 0.000 0.000 09/02 11.00 ZAMZ Zamaz PLC 10.00 -1.00 12.00 10.50 7080.6
There are currently no rights offers by any companies listed on the LSE. Carnival Pre 8330.000 621.000 4478.000L 6898.000L 3.890L 6.140L 0.00000 0.00000 - 0.000 0.000
Hawkwing Int 0.000 0.022 0.547L 0.190L 0.910L 0.380L 0.00000 0.00000 - 0.000 0.000
Henderson EuroTrust Pre 48.313L 65.368 22.800L 30.600 3.00000 1.70000 Nov 23 3.800 2.500
IDE Group Holdings Int 6.741 7.557 1.226L 0.120L 0.140L 0.310L 0.00000 0.00000 - 0.000 0.000
James Halstead Pre 291.860 266.362 52.063 51.268 9.700 9.600 0.00000 5.50000 - 2.250 7.625
Kropz Int 0.000 0.000 60.854L 7.305L 0.051L 0.010L 0.00000 0.00000 - 0.000 0.000
London Finance & Investment Group Pre 0.334L 1.873 1.400L 4.800 0.60000 0.60000 Dec 21 1.150 1.150
Mode Global Holdings Int 0.535 0.814 3.595L 3.887L 3.900L 4.400L 0.00000 0.00000 - 0.000 0.000
Pineapple Power Corp Int 0.000 0.000 0.187L 0.239L 0.310L 0.640L 0.00000 0.00000 - 0.000 0.000
Quadrise Fuels International Pre 0.075 0.017 2.762L 4.410L 0.180L 0.360L 0.00000 0.00000 - 0.000 0.000
Real Good Food Pre 40.431 37.292 18.978L 6.108L 0.000 0.000 0.00000 0.00000 - 0.000 0.000
Ross Group Int 0.000 0.000 0.686L 0.085L 0.280L 0.040L 0.00000 0.00000 - 0.000 0.000

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.
Tuesday 4 October 2022 ★ FINANCIAL TIMES 13

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 (€) Denso 6876 290.00 9575 6549 2.13 18.47 37503.26 Novartis 75.98 0.45 88.42 73.01 3.60 8.66 184349.19 Boeing 125.40 4.32 233.94 113.02 - -21.06 74463.92 Lilly (E) 318.37 -4.99 341.70 224.22 0.89 62.46 302502.41
ANZ Bank 22.77 -0.03 28.75 20.78 6.17 10.24 44248.96 Nokia 4.50 0.08 5.71 4.12 - 16.10 25182.15 EastJpRwy 7285 -136.00 7919 6373 1.43 -7.17 19058.16 Richemont 96.16 1.88 146.10 90.28 1.84 24.06 50666.72 Booking Holdings 1672.99 29.78 2715.66 1628.08 - 71.31 66427.96 Linde 274.52 4.93 346.50 262.47 1.29 45.03 136811.32
BHP Group 38.60 0.08 53.72 35.56 9.92 9.73 127003.92 SampoA 44.33 0.57 48.74 35.85 3.72 9.78 23199.34 Fanuc 20450 190.00 25300 18740 2.31 23.85 28581.64 Roche 322.10 -1.35 404.20 298.60 2.47 22.65 228419.75 Bristol-Myers 70.39 -0.71 80.59 53.22 2.38 27.09 150289.93 Lockheed 398.01 11.72 479.99 324.23 2.32 20.52 105533.23
CmwBkAu 90.61 -0.09 110.19 86.98 3.60 18.28 100088.37 France (€) FastRetail 76320 -390.00 88230 54310 0.72 35.12 56038.08 Swiss Re 73.18 0.02 102.20 69.02 7.32 18.56 23452.56 Broadcom 454.84 10.83 677.76 443.64 2.75 30.84 184210.86 Lowes 194.65 6.84 263.31 170.12 1.30 19.23 120819.37
CSL 283.26 -1.76 319.78 240.10 0.99 43.52 88778.33 Airbus Grpe 89.21 0.32 120.36 86.52 - 16.95 69026.43 Fuji Hvy Ind 2233 66.00 2684 1664.5 2.62 25.15 11889.17 Swisscom 473.10 9.60 587.40 461.60 4.21 14.77 24737.56 Cadence Design 166.86 3.43 194.97 132.32 - 80.14 45697.95 Lyondell 78.25 2.97 117.22 71.46 4.73 5.60 25525.62
NatAusBk 28.73 -0.08 33.75 25.43 2.91 16.42 58891.34 AirLiquide 117.80 0.24 153.40 114.70 2.25 22.53 60523.12 Hitachi 6254 140.00 7460 4750 1.92 8.99 41930.21 UBS 14.68 0.21 19.90 13.10 2.14 7.93 52227.38 CapOne 95.25 3.08 174.65 90.27 1.75 4.24 36558.64 Marathon Ptl 101.69 2.36 114.35 59.55 1.90 60.45 50705.08
Telstra 3.84 -0.01 4.20 3.62 2.43 33.51 28837.66 AXA 22.23 -0.25 29.09 20.34 6.21 7.76 50993.54 HondaMtr 3210 73.00 3755 3043 4.20 6.66 40249.78 Zurich Fin 399.40 4.40 461.70 374.60 4.55 13.97 60657.91 CardinalHlth 67.08 0.40 72.28 45.85 2.43 41.73 17575.86 Marsh&M 153.45 4.16 183.14 142.80 1.45 28.34 77018.66
Wesfarmers 42.80 0.08 61.34 40.03 3.87 23.61 31541.01 BNP Parib 43.88 0.28 68.07 40.67 5.89 6.55 53173.97 JapanTob 2356.5 -17.50 2441 2000 6.06 11.76 32623.82 Taiwan (NT$) Carnival 6.87 -0.16 26.57 6.59 - -0.98 6834.01 MasterCard 288.89 4.55 399.92 281.69 0.65 39.60 276951.88
Westpac Bank 20.60 -0.04 26.44 18.80 4.02 16.08 46876.49 ChristianDior 592.50 -3.00 733.50 513.00 1.14 22.42 104998.78 KDDI 4187 -56.00 4636 3237 2.99 13.75 66739.05 Chunghwa Telecom 111.50 -2.50 132.50 110.00 3.68 25.32 27133.69 Caterpillar 171.39 7.31 237.90 160.60 2.08 17.40 90478.35 McDonald's 234.49 3.75 269.72 217.68 1.86 28.04 172518.34
Woolworths 33.50 -0.45 41.13 32.62 3.00 40.99 26430.7 Cred Agr 8.46 0.10 14.27 8.09 9.12 4.79 25282.25 Keyence 48430 530.00 75090 44880 0.43 39.68 81532.19 Formosa PetChem 81.40 -1.50 106.00 78.30 0.70 16.36 24324.82 Centene Corp 79.19 1.38 98.53 60.81 - 41.70 45263.49 McKesson 341.55 1.68 375.23 193.89 0.43 46.44 49090.42
Belgium (€) Danone 47.71 -0.86 58.99 46.48 3.92 16.82 31655.75 MitsbCp 4046 78.00 4845 3355 3.56 8.85 41286.06 HonHaiPrc 101.00 -1.00 116.00 99.50 3.80 10.62 43923.22 CharlesSch 72.75 0.88 96.24 59.35 0.82 30.87 132244.52 Medtronic 82.35 1.60 128.85 80.39 2.52 26.98 109455.77
AnBshInBv 46.45 -0.30 58.72 45.56 1.11 24.01 79211.3 EDF 11.94 0.05 12.67 6.64 3.94 9.51 45539.77 MitsubEst 916.03 0.31 972.04 876.51 - - - MediaTek 548.00 -3.00 1200 533.00 6.48 8.13 27493.43 Charter Comms 313.54 10.19 753.69 302.94 - 15.39 50371.13 Merck 86.52 0.40 95.72 71.50 2.54 21.38 219179.37
KBC Grp 48.58 -0.08 86.50 45.53 6.83 8.19 19882.59 Engie SA 12.11 0.27 14.61 9.79 4.22 8.84 28948.28 MitsubishiEle 1306.5 2.00 1629 1225.5 3.20 11.45 19418.67 TaiwanSem 417.00 -5.00 650.00 416.50 2.46 17.31 339203.86 Chevron Corp 150.68 7.01 182.40 101.88 2.93 22.23 296058.09 Meta 196.64 0.99 384.33 169.00 - 15.41 450997.53
EssilorLuxottica 142.25 1.90 195.00 132.70 0.73 44.96 62484.34 MitsuiFud 806.89 11.98 949.18 684.38 - - - Chipotle Mexic. 1489.11 -13.65 1895.99 1196.28 - 78.08 41344.61 Metlife 62.44 1.66 73.18 57.05 2.53 10.26 50776.58
Brazil (R$) Thailand (THB)
Hermes Intl 1228 11.00 1678 957.60 0.36 54.63 127273.23 MitUFJFin 648.00 -3.50 828.30 601.40 4.19 6.44 59576.65 Chubb 185.83 3.95 218.99 171.96 1.43 11.58 77610.3 Microsoft 237.25 4.35 349.67 232.73 0.81 30.341769384.85
Ambev 15.96 0.42 18.12 12.81 3.30 25.77 48487.52 PTT Explor 34.00 - 41.25 32.75 5.65 9.43 25457.63
LOreal 326.70 -3.55 433.65 300.45 1.18 41.25 172149.07 Mizuho Fin 1556.5 -6.00 1683.5 1397 5.24 7.29 27358.49 Cigna 284.00 6.53 296.29 191.74 1.17 21.68 86653 Mnstr Bvrg 88.00 1.04 99.81 71.78 - 41.11 46365.92
Bradesco 17.18 0.87 17.29 13.53 4.52 8.50 16140.37 United Arab Emirates (Dhs)
LVMH 608.00 -2.40 741.60 535.00 1.11 26.38 300396.1 Murata Mfg 6790 158.00 9497 6604 1.85 13.36 31762.84 Cintas Corp 394.59 6.40 461.44 343.86 0.77 41.54 40265.63 MondelezInt 55.59 0.76 69.47 54.72 1.99 21.96 76182.92
Cielo 5.78 0.38 6.22 2.01 2.35 20.91 3028.98 Emirtestele 23.36 0.06 38.98 11.60 2.82 26.49 55309.96
Orange 9.42 0.17 11.94 8.93 6.143240.56 24600.42 Nippon T&T 3837 -69.00 4055 3054 2.86 11.84 96200.91 Cisco 40.97 0.97 64.29 39.96 3.04 17.46 168318.8 Monsanto 9.87 - 9.95 9.66 - 54.33 246.75
ItauHldFin 24.61 1.09 27.85 18.86 2.94 10.41 23537.1
PernodRic 183.30 -5.55 214.50 166.60 1.64 28.68 46418.82 NipponTT 3837 -69.00 4055 3054 2.86 11.84 96200.91 United Kingdom (p) Citigroup 42.29 0.62 73.73 41.07 4.02 5.01 81903.45 MorganStly 80.39 1.38 109.73 72.05 2.18 12.02 138015.67
Petrobras 35.38 2.30 40.51 26.54 12.68 5.39 50790.66
Renault 28.44 0.47 38.07 20.47 - -22.01 8256.85 Nissan Mt 469.70 9.50 654.30 436.50 - 14.62 13722.85 Anglo American 2795 59.50 4996.8 2487.5 6.38 5.53 44284.39 CME Grp 176.50 -0.63 256.94 175.08 1.70 29.07 63439.98 Netflix 235.57 0.13 700.99 162.71 - 25.17 104758.9
Vale 73.17 1.13 107.11 61.85 16.60 3.49 67448.14
Safran 94.19 0.18 123.12 87.85 0.44 976.39 39507.52 Nomura 475.00 -3.40 578.70 460.30 5.06 -31.31 10631.92 AscBrFd 1262.5 1.00 2066 1223 0.49 20.87 11274.3 Coca-Cola 56.30 0.28 67.20 52.28 2.49 30.05 243476.62 NextEraE 80.54 2.13 92.91 67.22 1.68 127.04 158243.32
Canada (C$) Nppn Stl 2026 19.50 2318.5 1690.5 4.13 3.07 13327.46 AstraZen 9806 -138.00 11540 8090.32 2.111660.35 140084.79 Cognizant 58.69 1.25 93.47 57.42 1.36 17.40 30386.21 Nike 84.86 1.74 179.10 82.23 1.15 26.63 107227.25
Sanofi 79.80 1.40 106.08 76.45 3.87 16.72 99298.92
Bausch Hlth 9.33 -0.21 36.26 5.10 - -3.11 2464.81 Panasonic 1025 10.50 1541 1006.5 2.55 9.93 17411.88 Aviva 397.40 9.20 606.58 341.92 5.37 52.29 17990.15 ColgtPlm 70.46 0.21 85.18 70.10 2.12 33.18 58772.11 NorfolkS 216.11 6.46 296.87 209.59 1.60 21.43 50758.54
Sant Gbn 38.14 1.09 64.82 35.20 3.44 9.45 19470.61
BCE 60.06 2.14 74.09 57.51 5.25 22.30 40082.52 Seven & I 5559 -247.00 6083 4552 1.93 20.28 34110.21 Barclays 145.08 0.78 209.45 140.06 2.07 3.52 27925.02 Comcast 30.34 1.01 57.96 29.28 2.74 11.98 133611.11 Northrop 486.35 16.03 515.49 345.90 1.05 13.41 75243.84
Schneider 116.62 -0.32 173.78 110.02 2.15 21.32 65385.34
BkMontrl 122.98 1.91 154.47 118.79 3.31 10.49 60953.33 ShnEtsuCh 14950 620.00 20870 14185 2.03 13.73 43118.46 BP 442.70 9.60 469.60 310.53 3.56 16.06 99527.32 ConocPhil 108.97 6.63 124.08 66.06 1.49 21.56 140947.2 NXP 152.61 5.10 239.91 140.33 1.23 26.99 40073.84
SocGen 20.76 0.35 37.68 18.34 2.57 3.64 17321.58
BkNvaS 65.77 0.07 95.00 64.91 5.08 9.12 57340.99 Softbank 4981 81.00 7217 4210 0.92 4.10 59405.62 BrAmTob 3244 17.50 3645 2507.5 6.65 10.97 68224.94 Constellation 232.60 2.92 261.53 207.59 1.10-1257.57 37500.73 Occid Pet 64.67 3.22 77.13 26.05 0.05 37.70 60608.14
Total 49.76 1.49 57.41 40.09 5.24 9.91 127949.38
Brookfield 57.64 1.13 79.04 55.27 1.03 21.19 69249.7 Sony 9509 223.00 14745 9213 0.66 11.64 83007.14 BT 126.70 5.35 201.40 120.05 - 12.30 14180.18 Corning 29.69 0.67 43.47 28.98 2.69 27.85 25097.5 Oracle 62.12 1.05 106.34 60.78 1.73 28.20 167483.96
UnibailR 42.88 -0.01 73.09 39.68 - -6.33 5840.74
CanadPcR 95.01 2.80 106.93 82.40 0.72 25.23 64669.49 SumitomoF 4022 -2.00 4461 3672 5.20 7.50 38272.3 Compass 1790 -15.00 1970.5 1435 0.78 43.55 33206.42 Corteva 58.94 1.79 64.30 41.37 0.75 29.85 42654.88 Pepsico 163.78 0.52 181.07 149.48 2.16 35.82 226001.07
Vinci 83.58 0.41 103.74 80.74 3.10 19.21 49032.67
CanImp 61.64 1.18 167.50 59.03 8.78 4.74 40818.98 Takeda Ph 3726 -41.00 4063 2993 5.05 12.82 40809.57 Diageo 3707.5 -90.00 4364.1 3282.5 1.96 28.52 105281.66 Corteva 58.94 1.79 64.30 41.37 0.75 29.85 42654.88 Perrigo 36.14 0.48 49.39 31.32 2.21 -44.28 4865.09
Vivendi 8.07 0.10 12.16 7.76 7.17 -14.94 8785
CanNatRs 67.87 3.57 88.18 46.06 2.65 11.66 55352.18 TokioMarine 2560 -5.00 2787.33 1886 8.98 3.99 36149.94 GlaxoSmh 1319.6 13.80 2753.96 1280.92 6.06 15.24 73203.12 Costco 471.63 -0.64 612.27 406.51 0.56 45.21 208914.62 Pfizer 43.91 0.15 61.71 40.94 2.96 13.41 246410.31
CanNatRy 153.18 4.00 171.48 137.26 1.45 24.68 76462.17 Germany (€)
Toyota 1941.5 65.50 2375.5 1805 2.74 8.39 219261.03 Glencore 486.55 8.40 548.30 343.90 1.82 17.81 79167.45 CrownCstl 146.29 1.74 208.69 143.18 3.11 65.79 63349.31 Phillips66 83.62 2.90 111.28 67.08 3.61 33.81 40225.49
Enbridge 52.27 1.05 59.69 46.88 5.76 20.22 77453.72 Allianz 161.54 -0.26 232.50 156.22 5.73 10.58 64778.06
Mexico (Mex$) HSBC 461.40 -5.90 567.20 344.46 3.50 10.08 104353.32 CSX 27.36 0.72 38.63 26.61 1.19 18.14 58573.65 PhilMorris 84.70 1.69 112.48 82.85 4.82 17.44 131298.83
GtWesLif 30.41 0.59 41.50 29.42 5.72 9.48 20737.39 BASF 40.94 1.34 69.15 37.90 7.78 7.03 36916.25
AmerMvl 16.95 0.36 21.44 15.66 1.87 14.07 36099.93 Imperial Brands 1861.5 6.50 1966.5 1434.23 7.42 6.22 20026.41 CVS 96.88 1.51 111.25 81.78 1.72 19.55 127186.85 PNCFin 154.08 4.66 217.60 146.39 2.59 14.57 63191.91
ImpOil 62.78 2.97 72.96 40.01 1.48 20.02 28555.28 Bayer 47.96 0.54 67.99 43.91 4.02 48.74 46252.32
FEMSA UBD 127.94 1.62 178.81 120.63 1.54 107.35 13831.28 Jardine Mathes. 62.50 - 60.50 50.06 2.29 12.49 18089.69 Danaher 263.80 5.51 331.69 233.71 0.29 36.14 191897.76 PPG Inds 114.57 3.88 172.78 107.06 1.73 30.19 26923.65
Manulife 22.15 0.47 28.09 21.23 4.76 6.94 30765.88 BMW 70.73 0.74 97.60 67.58 2.59 3.91 41802.02
WalMrtMex 70.89 0.16 82.93 64.81 0.69 36.26 61919.88 LlydsBkg 41.78 0.39 4824.5 38.10 6.15 5.80 33965.25 Deere 345.07 11.18 446.76 283.81 0.95 22.75 104147.39 ProctGmbl 127.51 1.26 165.35 126.21 2.34 26.02 304175.04
Nutrien 116.33 1.13 147.93 82.48 1.80 18.52 45910.95 Continental 47.19 1.24 111.96 44.33 - 7.54 9266.03
LSE Group 7640 12.00 8612 6230 1.00 78.12 29818.17 Delta 28.18 0.12 46.27 27.21 - 40.61 18068.96 Prudntl 88.96 3.18 124.22 85.46 4.31 5.48 33093.12
RylBkC 126.00 1.63 149.60 118.24 3.18 12.41 128432.09 Deut Bank 7.63 -0.02 14.64 7.25 - 7.78 15481.68 Netherlands (€)
Natl Grid 933.40 2.40 1271.45 880.60 5.27 21.76 35340.67 Devon Energy 64.91 4.78 79.40 35.55 2.53 18.60 42503.07 PublStor 292.50 -0.31 421.76 284.01 2.28 35.58 51342.21
SHOP 37.27 0.08 222.87 36.25 - 1.43 27199.53 Deut Tlkm 17.86 0.36 19.61 14.47 3.24 21.28 87413.22 ASML Hld 441.30 7.70 777.50 403.45 0.74 35.32 176103.42
Natwest Group 227.00 1.10 284.42 196.92 4.63 8.94 30639.76 Digital Realty 100.02 0.84 176.53 96.08 3.86 20.22 28746.53 Qualcomm 116.50 3.52 192.68 112.92 1.92 16.02 130823.89
Suncor En 41.49 2.59 53.62 26.29 2.28 16.63 41490.01 DeutsPost 31.61 0.49 58.31 29.68 4.22 8.29 38445.77 Heineken 89.46 -0.40 100.95 77.50 1.06 16.07 50588.75
Prudential 882.40 -11.40 1519 850.20 1.33 14.33 25752.61 DiscFinServ 93.32 2.40 133.40 88.02 1.68 6.28 25492.35 Raytheon 83.21 1.35 106.02 79.00 2.01 38.73 122465.15
ThmReut 141.74 -0.06 156.62 119.23 1.30 10.83 50006.46 E.ON 8.12 0.22 12.54 7.60 5.59 4.67 21045.71 ING 8.91 0.05 14.00 7.90 6.49 7.51 32961.31
ReckittB 5926 -50.00 6824 4905.16 2.95 -25.64 47073.03 Disney 95.90 1.57 179.63 90.23 - 66.95 174831.24 Regen Pharm 721.86 32.99 754.67 538.01 - 12.04 77376.3
TntoDom 86.64 1.92 109.08 77.27 3.40 12.03 115037.28 Fresenius Med 28.80 -0.23 63.66 27.98 4.49 9.02 8284.52 Unilever 44.55 -0.67 48.81 39.36 3.22 22.87 127796.5
RELX 2200 -2.00 2634.82 2056 2.17 29.02 47606.26 Dollar General 244.02 4.71 262.21 183.25 0.58 28.54 55044.01 S&P Global 313.12 7.77 484.21 305.08 0.82 30.05 104425.52
TrnCan 57.71 2.07 74.44 55.60 5.43 34.44 42737.67 Fresenius SE 21.82 -0.13 42.50 20.98 3.98 7.15 11964.1 Norway (Kr) RioTinto 4940 44.00 6343 4354 10.17 5.17 74737.32 DominRes 71.26 2.15 88.78 69.01 2.95 26.82 59319.99 Salesforce 146.24 2.40 311.75 143.75 - 117.52 146235
HenkelKgaA 58.40 0.10 75.80 56.55 3.02 16.10 14895.18 DNB 173.45 0.60 220.50 168.05 10.15 10.96 25255.79
China (HK$) RollsRoyce 69.77 0.18 161.91 64.44 - 47.46 1463.71 DukeEner 95.36 2.34 116.33 92.80 3.41 23.23 73417.71 Schlmbrg 37.96 2.06 49.83 27.65 1.10 34.53 53690.18
Linde 279.35 0.15 315.35 244.00 1.29 44.99 136677.59 Equinor 370.25 12.15 410.95 210.20 1.35 15.78 109785.78
AgricBkCh 2.33 -0.02 3.15 2.30 8.51 3.28 9123.9 Shell PLC 2299.5 53.00 2459.23 1534.2 2.63 12.12 119242.81 DuPont 52.99 2.59 84.08 49.52 1.89 19.70 26542.79 Sempra Energy 154.57 4.63 176.47 119.56 2.37 46.28 48582.95
Mercedes-Benz 52.99 0.64 77.90 50.19 2.46 5.49 55656.04 Telenor 101.60 1.94 148.80 99.36 8.96 16.97 13276.9
Bk China 2.55 -0.02 3.20 2.52 8.11 3.39 27163.86 StandCh 564.40 -2.40 641.00 406.20 1.57 12.66 20988.86 Eaton 137.83 4.47 175.72 122.50 1.84 30.99 54897.69 Shrwin-Will 212.55 7.80 354.15 204.57 0.86 36.56 55088.06
MuenchRkv 246.60 -0.90 282.25 205.15 3.83 12.21 33917.86
BkofComm 4.07 -0.07 5.74 4.04 7.99 3.61 18152.6 Qatar (QR) Tesco 208.90 2.10 304.10 199.78 4.38 10.64 19293.54 eBay 37.12 0.31 81.19 36.18 1.62 117.29 20392.53 SimonProp 90.76 1.01 171.12 86.02 6.56 15.93 29710.44
SAP 84.81 0.69 129.74 81.35 2.10 19.71 102287.92
BOE Tech 0.65 -0.08 0.98 0.57 - 11.24 16.47 QatarNtBk 19.64 -0.26 27.00 18.40 2.37 17.16 49812.15 Unilever 3876.5 -92.50 4178 3267.5 3.74 19.90 53861.68 Ecolab 148.49 4.07 238.93 143.34 1.09 45.60 42318.05 SouthCpr 47.82 2.98 79.32 42.42 5.57 13.08 36969.28
Siemens 100.92 -0.28 156.98 93.67 3.35 15.73 84216.42
Ch Coms Cons 3.20 -0.10 5.17 3.16 5.91 2.85 1801.19 Saudi Arabia (SR) Vodafone 103.72 2.60 141.60 99.63 7.46-232.04 31207.55 Edwards Lifesc. 84.77 2.14 131.73 81.87 - 42.77 52552.57 Starbucks 84.89 0.63 117.47 68.39 1.81 27.55 97402.79
Volkswgn 168.80 0.15 301.40 160.50 2.74 5.91 48902.07
Ch Evrbrght 2.12 -0.04 3.11 2.10 10.50 3.08 3424.15 AlRajhiBnk 82.50 1.20 117.40 76.25 2.40 16.95 87836.04 WPP 749.40 -0.60 1231.5 719.60 3.54 14.27 10702.79 Eli Lilly 318.37 -4.99 341.70 224.22 0.89 62.46 302502.41 StateSt 62.64 1.83 103.76 58.80 2.90 10.46 23027.68
Ch Rail Cons 3.90 -0.12 5.95 3.85 6.25 2.22 1031.55 Hong Kong (HK$) Emerson 75.48 2.26 100.47 72.41 2.24 19.79 44631.32 Stryker 208.36 5.82 279.28 188.84 1.03 48.02 78792.18
Natnlcombnk 62.70 -0.40 82.00 59.60 1.91 25.51 74732.67 United States of America ($)
Ch Rail Gp 3.83 -0.02 5.88 3.61 4.99 3.31 2052.79 AIA 65.35 -0.10 92.50 64.10 1.71 17.89 99356.01 EOG Res 118.82 7.09 147.99 80.67 1.13 17.86 69633.81 Sychrony Fin 29.76 1.57 52.49 27.22 2.53 4.71 14337.15
SaudiBasic 89.70 0.90 141.40 86.10 2.99 14.14 71626.29 21stC Fox A 30.92 0.24 44.95 30.31 1.27 15.03 9440.41
ChConstBk 4.46 -0.08 6.23 4.37 7.74 3.48 136595.5 BOC Hold 25.75 -0.40 32.75 23.10 4.04 14.13 34681.68 Equinix 572.36 3.52 849.51 558.63 1.67 124.28 52127.79 T-MobileUS 137.70 3.53 148.04 101.51 - 68.60 172675.21
SaudiTelec 39.40 0.05 50.40 37.10 8.37 8.44 52435.45 3M 112.72 2.22 186.30 110.39 4.37 13.37 64203.82
China Vanke 15.04 0.74 22.75 13.06 8.80 7.27 3652.76 Ch OSLnd&Inv 21.45 1.00 27.35 16.10 4.70 5.70 29906.9 EquityResTP 67.93 0.71 94.32 65.58 2.95 23.81 25549.71 Target 150.20 1.81 268.98 137.16 1.77 12.67 69131.45
Singapore (S$) AbbottLb 98.69 1.93 142.60 96.67 1.52 30.08 172827.88
ChinaCitic 3.10 -0.02 4.08 3.06 8.41 3.08 5877.11 ChngKng 46.85 -0.35 57.00 43.75 3.17 11.47 21745.6 Exelon 38.57 1.11 50.71 29.10 3.30 26.62 37816.82 TE Connect 113.49 3.13 166.44 107.12 1.45 18.51 36296.93
DBS 33.15 -0.24 37.49 29.45 3.28 14.52 59645.96 Abbvie 137.64 3.43 175.91 106.86 3.15 25.62 243360.8
ChinaLife 9.76 -0.30 15.04 9.69 6.50 4.58 9251.76 Citic Ltd 7.37 -0.03 9.26 6.96 6.12 3.65 27311.68 ExxonMb 91.15 3.84 105.57 57.96 3.19 20.31 379880.05 Tesla Mtrs 242.64 -22.61 414.50 206.86 - 59.46 754132.34
JardnMt US$ 52.60 1.96 62.10 49.50 2.72 10.51 15224.29 Accenture 262.28 4.98 417.37 254.27 1.17 31.98 174203.3
ChinaMBank 35.60 -0.90 70.80 35.30 3.73 7.04 20820.01 Citic Secs 12.70 -0.64 21.32 12.54 3.16 6.99 4238.87 Fedex 151.79 3.32 260.50 141.92 1.57 9.80 39498.76 TexasInstr 158.78 4.00 202.26 144.46 2.21 23.08 145078.46
OCBC 11.76 -0.07 13.54 10.98 3.15 12.53 36985.35 Activision Bli. 74.33 -0.01 82.34 56.40 0.53 25.95 58148.85
ChinaMob 49.50 -0.40 58.65 45.90 6.05 8.19 129016.43 CK Hutchison 43.30 -0.10 60.45 42.80 4.41 5.87 21150.87 Fidelity NIS 75.83 0.26 126.20 74.75 1.71 135.90 46103.01 TheTrvelers 156.39 3.19 187.98 145.40 1.93 11.58 37113.4
SingTel 2.60 -0.06 2.88 2.31 2.54 46.90 30006.8 Adobe 281.04 5.84 699.54 274.73 - 33.20 130655.5
ChinaPcIns 14.18 -0.28 26.20 13.94 8.61 4.95 5013.25 CNOOC 9.48 0.07 12.54 7.55 4.00 8.85 53897.14 Fiserv 94.44 0.87 111.84 87.03 - 56.98 60399.15 ThrmoFshr 516.31 9.12 668.94 497.83 0.17 31.86 202284.56
UOB 26.07 -0.09 33.33 25.47 3.36 12.40 30523.02 Advanced Micro 65.66 2.30 164.46 62.83 - 30.67 105988.24
ChMinsheng 2.21 -0.04 3.29 2.19 10.34 3.07 2342.41 HangSeng 117.80 -1.40 169.50 116.60 4.34 20.27 28690.01 FordMtr 11.46 0.26 25.87 10.61 0.73 3.09 45254.43 TJX Cos 62.44 0.32 76.94 53.69 1.40 27.51 72496.15
AEP 88.15 1.70 105.60 80.22 2.83 21.34 45286.22
ChMrchSecs 12.34 -0.02 18.68 12.06 3.36 11.62 12915.7 HK Exc&Clr 266.60 -3.00 495.00 263.00 2.88 32.15 43058.28 South Africa (R) Franklin 22.30 0.78 38.27 21.46 4.22 7.08 11113.36 Truist Financial Corp 44.72 1.18 66.10 42.56 3.46 12.01 59316.31
Aflac 57.47 1.27 67.20 52.07 1.91 10.80 36316.24
Chna Utd Coms 3.35 0.01 4.25 3.30 3.17 17.74 14627.26 MTR 35.60 -0.45 43.70 35.30 2.90 27.57 28113.9 Firstrand 60.80 0.06 79.34 53.25 4.03 11.64 19098.29 GenDyn 219.07 6.90 254.99 188.64 1.78 22.77 60077.75 Twitter 42.99 -0.85 68.41 31.30 - -184.35 32897.93
AirProd 237.29 4.56 316.39 216.24 2.11 29.93 52630.68
ChShenEgy 23.35 -0.10 27.65 15.74 8.16 7.59 10046.46 SandsCh 19.96 0.26 24.90 13.52 - -23.58 20578.47 MTN Grp 119.37 -0.51 211.49 117.03 - 17.22 12595.53 GenElectric 64.08 2.17 116.17 59.93 0.42 -23.67 70267.12 UnionPac 199.42 4.60 278.94 194.73 1.93 22.13 124533.52
Allstate 127.44 2.91 144.46 106.11 2.12 9.01 34446.47
ChShpbldng 3.41 -0.02 4.56 3.36 - -267.57 10619.66 SHK Props 86.90 0.05 104.70 84.95 4.78 10.62 32078.8 Naspers N 2271 7.71 2853.25 1392.5 0.24 12.92 55385.45 GenMills 77.65 1.04 81.24 59.90 2.21 24.63 46088.04 UPS 161.86 0.32 233.72 159.42 2.10 13.24 118457.92
Alphabet 97.87 2.22 151.55 95.56 - 1.05 586815.33
ChStConEng 5.15 0.14 6.40 4.52 3.95 4.21 29656.69 Tencent 263.80 -2.60 515.00 259.40 0.51 11.10 322474.64 South Korea (KRW) GenMotors 32.76 0.67 67.21 30.33 - 5.87 47758.39 USBancorp 41.40 1.08 63.01 40.27 3.54 9.75 61511.46
Altria 41.21 0.83 57.05 40.35 7.11 36.93 74211.93
ChUncHK 3.49 -0.04 4.43 3.47 4.19 8.25 13603.62 India (Rs) HyundMobis 191000-6500.00 275000 189500 2.10 7.43 12625.61 Amazon 114.78 1.78 188.11 101.26 - 2.13 1169341.8 GileadSci 61.57 -0.13 74.12 57.17 3.84 14.99 77163.56 UtdHlthcre 510.54 5.50 553.29 383.12 0.91 33.91 477550.29
CNNC Intl 5.85 -0.03 8.92 5.78 2.02 16.14 15551.02 Bhartiartl 803.35 3.45 815.55 628.75 - 187.21 58429.18 KoreaElePwr 20100 400.00 25100 18900 6.12 -11.71 9019 AmerAir 11.99 -0.06 22.35 11.66 - -3.84 7788.4 GoldmSchs 298.51 5.46 426.16 277.84 1.81 6.03 101898.16 ValeroEngy 110.40 3.55 146.81 65.13 2.96 58.39 43492.36
CSR 2.52 -0.02 3.80 2.48 7.63 7.43 1403.2 HDFC Bk 1413.2 -8.15 1725 1271.6 - 26.15 96130.47 SK Hynix 83100 2300 134000 80400 1.86 5.93 42284.9 AmerExpr 138.94 4.03 199.55 134.12 1.12 16.20 104166.21 Halliburton 26.23 1.61 43.99 20.77 0.83 17.70 23789.15 Verizon 39.07 1.10 55.51 37.95 5.40 8.82 164077.81
Daqin 6.77 0.09 7.25 5.95 6.72 10.82 14193.46 Hind Unilevr 2622.5 -73.95 2734 1927 1.12 76.68 75251.18 SmsungEl 53100 500.00 80800 51800 2.73 9.17 221566.69 AmerIntGrp 48.90 1.42 65.73 47.05 2.18 5.43 37180.55 HCA Hold 191.48 7.69 279.02 164.47 0.84 10.87 54958.07 VertexPharm 294.50 4.96 305.95 176.36 - 39.25 75527.32
GuosenSec 8.60 0.03 12.30 8.55 2.53 10.43 10705.27 HsngDevFin 2283.05 -4.70 3021.1 2026 0.92 21.21 50670.47 Spain (€) AmerTower 216.52 1.82 291.99 211.38 2.00 45.93 100808.88 Hew-Pack 25.76 0.84 41.47 24.74 2.71 5.58 25907.95 VF Cp 30.54 0.63 78.91 29.32 5.37 12.02 11864.62
HaitongSecs 3.85 -0.31 7.34 3.81 6.95 4.48 1672.22 ICICI Bk 848.35 -13.65 936.65 642.15 0.22 29.38 72183.71 BBVA 4.68 0.06 6.29 3.97 7.65 6.61 29359.77 Amgen 228.56 3.16 258.45 198.64 2.57 26.70 122263.8 Hilton Worldwi. 121.70 1.08 167.99 108.41 - 100.09 33380.78 Visa Inc 181.12 3.47 236.96 174.83 0.61 36.01 296133.85
Hngzh HikVDT 30.42 0.01 58.45 28.10 2.49 17.64 39361.98 Infosys 1393.75 -19.70 1923.3 1360 2.00 30.06 71622.32 BcoSantdr 2.46 0.07 3.48 2.32 2.99 5.12 40634.39 Amphenol Corp 68.78 1.82 88.45 61.67 0.94 32.90 40912.28 HiltonWwde 121.70 1.08 167.99 108.41 - 100.09 33380.78 Walgreen 32.12 0.72 53.46 31.23 4.97 5.59 27759.92
Hunng Pwr 3.39 -0.03 5.74 3.08 5.42 -4.08 2029.86 ITC 324.40 -7.80 348.75 207.00 3.04 29.42 49122.32 CaixaBnk 3.30 -0.01 3.64 2.22 0.79 22.50 26130.52 Analog Devices 144.08 4.74 191.95 138.50 1.61 58.09 74103.76 HomeDep 284.06 8.12 420.61 264.51 1.95 21.76 290799.73 WalMartSto 131.89 2.19 160.77 117.27 1.40 32.21 357980.84
IM Baotou Stl 1.84 - 3.27 1.75 - 33.06 8219.6 L&T 1819.3 -28.40 2035 1456.35 0.91 32.94 31218.68 Iberdrola 9.72 0.14 11.49 8.47 4.19 17.28 60710.92 Anthem 482.58 12.71 - - - - - Honywell 172.17 5.20 228.26 166.63 1.82 26.14 115989.61 Walt Disney 95.90 1.57 179.63 90.23 - 66.95 174831.24
In&CmBkCh 3.63 -0.05 4.94 3.59 7.78 3.57 40135.3 OilNatGas 132.40 5.60 189.80 119.85 6.31 4.09 20341.56 Inditex 21.30 0.02 32.41 18.55 1.00 23.29 65173.12 Aon Cp 272.92 5.05 341.98 246.21 0.61 59.05 57565.8 HumanaInc 493.21 8.02 514.98 363.73 0.47 26.12 62417.73 Waste Manage. 163.07 2.86 175.98 138.58 1.17 45.64 67402.66
IndstrlBk 16.65 0.11 23.22 16.49 4.42 4.82 48777.5 RelianceIn 2369.5 -8.25 2856.15 2222 0.27 29.59 195791.49 Repsol 12.21 0.40 16.23 9.60 4.74 7.71 17402.97 Apple 140.82 2.62 182.13 129.04 0.51 28.04 2263083.3 IBM 121.48 2.67 146.00 114.56 4.49 28.00 109718.35 WellsFargo 41.42 1.20 60.30 36.54 1.55 10.05 157108.11
Kweichow 1872.5 -7.85 2216.96 1593 0.98 44.52 331711.24 SBI NewA 519.75 -10.85 578.50 430.70 0.71 15.82 56648.62 Telefonica 3.47 0.10 5.06 3.33 9.61 2.63 19691.37 Applied Materi. 85.77 3.84 167.06 81.53 0.92 14.21 73788.74 IDEXX Laborato. 332.49 6.69 672.93 318.50 - 46.42 27681.02 Williams Cos 29.36 0.73 37.97 24.86 4.65 28.43 35776.04
Midea 0.43 0.02 0.61 0.40 - -4.95 16.30 SunPhrmInds 944.50 -4.15 967.85 733.70 0.73 38.42 27675.69 Sweden (SKr) Aptiv 81.97 3.76 180.81 77.97 - 50.73 22206.85 IllinoisTool 186.27 5.62 248.11 173.52 2.11 26.28 57671.69 Workday 151.58 -0.64 307.81 134.10 - 1502.45 30467.58
New Ch Life Ins 14.10 -0.88 25.15 14.04 10.10 2.87 1857.45 Tata Cons 2984.95 -19.60 3989.9 2950.1 1.12 31.12 133386.25 AtlasCpcoB 93.44 0.18 133.60 22.08 7.92 6.21 13236.37 ArcherDan 81.52 1.07 98.88 59.42 1.51 20.44 45696.98 Illumina 181.67 -9.12 425.00 173.45 - 43.28 28540.36 Yum!Brnds 108.22 1.88 139.85 106.20 1.54 24.94 30793.19
PetroChina 3.22 - 4.49 3.18 6.89 6.96 8654.56 Israel (ILS) Ericsson 66.95 1.46 117.32 64.16 3.40 9.82 18667.91 AT&T 15.95 0.61 21.53 15.34 10.86 6.94 113658.99 Intcntl Exch 91.94 1.59 139.79 90.05 1.20 15.38 51344.65 Zoetis 150.45 2.16 249.27 147.77 0.55 42.31 70431.45
PingAnIns 37.50 -1.70 69.40 37.00 6.21 6.39 35577.82 TevaPha 27.40 -0.46 37.23 23.83 - 24.84 8538.99 H&M 107.44 3.98 191.86 98.25 5.94 14.73 14242.5 Autodesk 190.00 3.20 335.48 163.20 - 100.89 41013.22 Intel 26.81 1.04 56.07 25.74 4.32 6.62 110081.86 Zoom 72.78 -0.81 291.31 71.79 - 19.24 18265.97
PngAnBnk 11.84 -0.02 20.59 11.81 1.39 7.46 32401.05 Investor 165.56 1.98 228.75 158.22 2.14 7.08 27375.15 AutomData 229.94 3.75 261.59 192.26 1.39 42.74 95490.09 Intuit 390.05 2.73 716.86 339.36 0.55 58.65 109943.35 Venezuela (VEF)
Italy (€)
Pwr Cons Corp 6.97 0.08 9.81 5.99 1.21 15.29 10803.56 Nordea Bk 95.42 -0.25 113.78 85.25 15.52 11.08 32348.98 AutoZone 2178.51 36.58 2362.24 1634.34 - 23.64 42453.93 John&John 162.37 -0.99 186.69 155.72 2.15 24.96 426899.94 Bco de Vnzla 1.15 - 594.00 0.32 129.71 - 513.15
Enel 4.36 0.13 7.37 4.19 8.11 21.01 43487.77
SaicMtr 14.30 0.03 23.45 14.25 3.94 7.55 23560.63 SEB 106.20 -0.60 141.85 91.64 9.63 8.83 20766 Avago Tech 454.84 10.83 677.76 443.64 2.75 30.84 184210.86 JohnsonCn 51.61 2.39 81.69 45.52 1.86 28.30 35549.5 Bco Provncl 2.75 - 798000 1.70 - 0.00 126.17
ENI 11.24 0.33 14.85 10.43 5.79 4.91 39794.34
ShenwanHong 0.10 0.01 0.18 0.05 - 3.14 111.08 SvnskaHn 91.54 -0.08 108.15 80.88 5.53 8.94 16156.55 BakerHu 22.16 1.20 39.78 20.42 2.78 61.59 22420.48 JPMrgnCh 106.93 2.43 172.96 104.40 2.96 8.36 313579.97
Generali 14.02 - 21.55 13.68 10.11 8.16 21762.03
ShgPdgBk 7.04 0.05 9.25 6.95 6.19 4.75 29140.25 Swedbank 144.80 -2.05 196.70 124.50 10.18 7.70 14875.96 Bank of NY 39.68 1.16 64.63 38.30 2.73 11.51 32065.54 Kimb-Clark 112.48 -0.07 144.53 111.90 3.49 25.34 37974.07 Closing prices and highs & lows are in traded currency (with variations for that
IntSPaolo 1.73 0.03 2.92 1.58 2.03 55.71 33077.45
Sinopec Corp 3.35 -0.02 4.28 3.25 3.87 4.33 10887.86 Telia Co 32.85 0.82 41.70 31.88 6.17 11.53 12192.34 BankAm 30.96 0.76 50.11 29.67 2.10 10.41 248730.82 KinderM 17.00 0.36 20.20 15.01 5.44 44.10 38302.37 country indicated by stock), market capitalisation is in USD. Highs & lows are
Unicred 10.71 0.25 15.93 7.75 1.08 16.48 23519.37
Sinopec Oil 1.84 0.01 2.67 1.70 - 645.67 3520.98 Volvo 159.86 1.78 218.65 148.24 4.12 10.36 23045.44 Baxter 55.30 1.44 89.70 53.78 1.63 26.24 27847.15 KLA Corp 315.13 12.50 442.44 282.83 1.03 19.47 44687.9 based on intraday trading over a rolling 52 week period.
Japan (¥) Kraft Heinz 33.67 0.32 44.87 32.73 3.96 49.30 41260.56
Denmark (kr) Switzerland (SFr) BectonDick 228.72 5.89 277.29 222.61 1.22 47.51 65229.83 ♦ ex-dividend
AstellasPh 1922 5.00 2205 1739 2.50 28.37 24424.65 Kroger 43.70 -0.05 62.78 38.22 1.50 23.95 31280.74
DanskeBk 93.62 -1.22 133.25 86.84 2.06 6.65 10655.73 BerkshHat 410925 4455544389.26395202.25 - 8.30 246523.77 ■ ex-capital redistribution
Bridgestne 4786 117.00 5509 4042 3.62 10.67 23644.2 ABB 24.35 -0.55 35.30 24.06 3.10 12.26 48290.64 LasVegasSd 38.42 0.90 48.27 28.88 - -30.55 29358.88
MollerMrsk 14300 435.00 24070 13185 2.29 2.42 15805.83 Biogen 262.76 -4.24 290.76 187.16 - 30.34 38129.9 # price at time of suspension
Canon 3179 7.00 3516 2467 3.21 15.08 29349.91 CredSuisse 3.94 -0.04 10.18 3.52 2.30 -6.49 10539.32 LibertyGbl 16.24 0.65 30.42 15.58 - 0.83 2814.54
NovoB 773.60 12.20 863.60 604.40 1.17 38.67 177958.9 BlackRock 569.58 19.30 973.16 544.22 2.42 17.89 85874.86
CntJpRwy 16350 -585.00 18110 14660 0.83 -30.06 23314.3 Nestle 106.46 -0.62 128.90 104.60 2.34 19.40 295513.27

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
Biogen 262.76 267.00 -4.24 -1.59 67.01 34.2 22.55 TokioMarine 2560.00 2565.00 -5.00 -0.19 -5355.00 -67.7 -66.65 Oct 03 date Coupon S* M* F* price yield yield yield US Oct 03 date Coupon S* M* F* price yield yield yield US
Devon Energy 64.91 60.13 4.78 7.95 9.73 17.6 -5.25 Carnival 6.87 7.03 -0.16 -2.26 -2.03 -22.8 -30.24 High Yield US$ US$
Marathon Ptl 101.69 99.33 2.36 2.38 12.15 13.6 1.20 ShenwanHong 0.10 0.09 0.01 6.45 -0.02 -19.5 -38.92 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 -
SandsCh 19.96 19.70 0.26 1.32 2.32 13.2 18.81 HaitongSecs 3.85 4.16 -0.31 -7.45 -0.77 -16.7 -27.36 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
EOG Res 118.82 111.73 7.09 6.35 13.64 13.0 0.07 BOE Tech 0.65 0.73 -0.08 -10.96 -0.10 -13.3 -19.48 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 -
ValeroEngy 110.40 106.85 3.55 3.32 12.51 12.8 -6.83 VF Cp 30.54 29.91 0.63 2.11 -4.48 -12.8 -32.95 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Phillips66 83.62 80.72 2.90 3.59 9.46 12.8 -5.33 Tesla Mtrs 242.64 265.25 -22.61 -8.52 -33.37 -12.1 -18.27 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Halliburton 26.23 24.62 1.61 6.54 2.92 12.5 -10.65 Fuji Hvy Ind 2233.00 2167.00 66.00 3.05 -297.00 -11.7 -10.06 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 -
Schlmbrg 37.96 35.90 2.06 5.74 4.10 12.1 2.37 Nike 84.86 83.12 1.74 2.09 -11.21 -11.7 -24.93 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
Occid Pet 64.67 61.45 3.22 5.24 6.79 11.7 -9.30 Volkswgn 168.20 168.65 -0.45 -0.27 -22.00 -11.6 -8.76 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
SouthCpr 47.82 44.84 2.98 6.65 5.01 11.7 -0.76 New Ch Life Ins 14.10 14.98 -0.88 -5.87 -1.82 -11.4 -22.38 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 -
ConocPhil 108.97 102.34 6.63 6.48 9.77 9.8 3.60 Deut Bank 7.66 7.65 0.02 0.20 -0.97 -11.2 -14.18 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Suncor En 40.57 38.90 1.67 4.29 3.62 9.8 -8.23 ChngKng 46.85 47.20 -0.35 -0.74 -5.90 -11.2 -13.73 Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
ImpOil 62.51 59.81 2.70 4.51 5.42 9.5 -2.81 PingAnIns 37.50 39.20 -1.70 -4.34 -4.50 -10.7 -14.12
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Cielo 5.65 5.40 0.25 4.63 0.47 9.1 3.29 Citic Secs 12.70 13.34 -0.64 -4.80 -1.52 -10.7 -21.77
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
Petrobras 35.71 33.08 2.63 7.95 2.81 8.5 1.25 MitUFJFin 648.00 651.50 -3.50 -0.54 -75.50 -10.4 -11.03
ExxonMb 91.15 87.31 3.84 4.40 7.17 8.5 -3.02 Barclays 145.08 144.30 0.78 0.54 -15.74 -9.8 -12.40 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
Lyondell 78.25 75.28 2.97 3.95 6.05 8.4 -12.19 Nissan Mt 469.70 460.20 9.50 2.06 -50.50 -9.7 -12.46 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
BakerHu 22.16 20.96 1.20 5.73 1.71 8.4 -11.76 Nppn Stl 2026.00 2006.50 19.50 0.97 -216.00 -9.6 -5.59 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
Repsol 12.21 11.81 0.40 3.39 0.88 7.7 -7.00 MTR 35.60 36.05 -0.45 -1.25 -3.35 -8.6 -14.18 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.48 -0.26 - - -0.36 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Oct 03 Rate Current Since Last Day's Month's Year Return Return Oct 03 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 3.00-3.25 21-09-2022 2.25-2.5 Index change change change 1 month 1 year VIX 30.41 -1.21 31.62 38.93 14.73 Oct 03 Price £ Yield Day Week Month Year High Low £m
US Prime 6.25 22-09-2022 5.50 Markit IBoxx VXD 26.35 -0.06 26.41 45.37 3.27 - - - - - - - - -
US Discount 2.50 27-07-2022 1.50 ABF Pan-Asia unhedged 186.88 0.29 -6.13 -14.97 -5.83 -14.49 VXN 36.43 -0.18 36.61 44.05 15.70 Tr 0.75pc '23 97.73 3.65 -4.70 -8.75 26.30 1203.57 100.87 97.34 34.36
Euro Repo 0.374 20-09-2022 0.141 Corporates( £) 300.08 -0.51 -9.18 -24.18 -10.74 -24.26 VDAX 30.48 -0.18 30.67 93.30 - Tr 0.125pc '24 95.05 4.01 -5.20 -8.66 25.31 878.05 99.44 94.34 34.76
UK Repo 2.25 22-09-2022 1.75 Corporates(€) 204.12 -0.30 -3.80 -15.49 -4.43 -16.12 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '25 94.23 4.11 -4.86 -6.38 42.21 738.78 105.99 93.15 39.04
Japan O'night Call 0.00-0.10 01-02-2016 0.00 Eurozone Sov(€) 210.80 -0.39 -4.39 -17.15 -4.73 -17.77 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.125pc '26 87.47 4.21 -4.97 -5.61 46.69 651.79 98.77 86.33 34.53
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 Gilts( £) 261.76 -0.35 -9.52 -27.18 -11.51 -25.91 Tr 1.25pc '27 87.37 4.18 -4.78 -5.43 47.18 543.08 104.30 85.80 40.07
Overall( £) 268.14 -0.37 -9.21 -25.93 -11.05 -25.00 BONDS: BENCHMARK GOVERNMENT Tr 0.875pc '29 80.80 4.03 -4.50 -6.28 43.93 374.12 102.36 78.30 42.65
INTEREST RATES: MARKET Overall(€) 205.64 -0.32 -4.19 -16.63 -4.56 -17.25 Red Bid Bid Day chg Wk chg Month Year Tr 4.25pc '32 102.52 3.93 -3.68 -4.84 35.05 277.88 135.62 98.95 39.43
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '36 101.42 4.11 -0.72 -5.52 26.46 239.67 145.94 96.26 30.97
Oct 03 (Libor: Sep 30) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia 11/22 2.25 99.92 2.88 -0.04 0.09 0.45 2.86 Tr 4.5pc '42 106.29 4.04 0.50 -9.62 21.32 199.26 169.96 95.62 27.72
US$ Libor 3.06514 0.004 2.140 0.015 3.14271 3.75471 4.23200 4.78057 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 05/32 1.25 78.56 3.95 -0.16 0.27 0.27 - Tr 3.75pc '52 98.59 3.83 1.86 -13.35 19.31 179.56 180.27 82.60 24.55
Euro Libor -0.64957 -0.064 -0.224 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Euro Emerging Mkts (€) 546.79 4.81 - - -22.98 -27.95 02/50 1.00 86.74 2.01 -0.20 0.12 0.37 1.72 Tr 4pc '60 108.36 3.59 2.87 -15.73 16.56 176.15 213.01 87.32 24.57
£ Libor 0.18063 -0.005 -0.043 -0.205 2.28590 3.34440 4.40470 0.81363 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Austria 02/29 0.50 87.29 2.69 0.03 0.20 0.86 2.88 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Swiss Fr Libor -0.002 -0.77540 -0.75300 -0.70280 -0.55320 02/47 1.50 75.27 2.93 0.15 0.33 0.61 2.39
CREDIT INDICES Day's Week's Month's Series Series
Yen Libor
Euro Euribor
0.000
0.013
-0.04632
0.67900
-0.03653
1.17300
0.03625
1.80900
0.04867
2.55600
Index change change change high low
Belgium 06/27 0.80 93.16 2.35 0.03 0.16 0.79 2.73 GILTS: UK FTSE ACTUARIES INDICES
06/47 1.60 73.91 3.13 0.13 0.33 0.50 2.32
Sterling CDs 0.000 0.50000 0.63000 0.78500 Markit iTraxx Price Indices Day's Total Return Return
Canada 03/25 1.25 94.34 3.73 0.05 0.01 0.19 2.86
US$ CDs 0.050 3.16000 3.71000 4.17000 Crossover 5Y 662.56 9.35 43.50 - 688.92 598.01 Fixed Coupon Oct 03 chg % Return 1 month 1 year Yield
06/30 1.25 86.81 3.21 0.11 0.05 0.10 1.79
Euro CDs 0.100 0.74000 1.06000 1.65000 Europe 5Y 138.23 2.94 12.40 - 142.08 121.70 1 Up to 5 Years 79.72 0.50 2291.48 -2.38 -6.94 4.15
12/48 2.75 93.30 3.13 0.16 0.10 0.08 1.15
Japan 5Y 115.24 -0.76 10.74 - 116.00 100.33 2 5 - 10 Years 143.02 1.11 3011.43 -7.22 -17.90 4.04
Short 7 Days One Three Six One Denmark 11/29 0.50 86.62 2.58 0.05 0.23 0.78 2.67
Senior Financials 5Y 153.13 5.18 15.48 - 155.06 133.08 3 10 - 15 Years 151.49 0.99 3480.62 -8.70 -24.55 4.09
Oct 03 term notice month month month year 11/52 0.25 51.25 2.61 0.08 0.34 0.74 2.12
Markit CDX Finland 09/24 0.00 96.19 2.01 -0.03 0.01 0.83 2.65 4 5 - 15 Years 144.15 1.08 3124.50 -7.62 -19.91 4.06
Euro 0.57 0.87 0.53 0.83 0.59 0.89 0.91 1.21 1.50 1.80 2.05 2.35 5 Over 15 Years 217.79 -1.15 3720.35 -10.42 -36.41 3.80
Emerging Markets 5Y 319.45 -13.80 30.89 - 333.25 288.27 09/29 0.50 86.65 2.63 0.04 0.22 0.83 2.79
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 7 All stocks 133.73 0.09 2970.57 -6.97 -23.37 3.90
Nth Amer High Yld 5Y 596.23 -29.24 - - 625.47 596.23 France 05/28 0.75 91.19 2.44 0.04 0.19 0.78 2.68
US Dollar 2.85 3.05 2.89 3.09 3.06 3.26 3.61 3.81 4.07 4.27 4.39 4.59
Nth Amer Inv Grade 5Y 106.14 -4.84 5.69 - 110.98 98.24 05/48 2.00 81.28 3.06 0.11 0.31 0.56 2.28
Japanese Yen -0.15 0.05 -0.20 0.00 -0.20 0.00 -0.15 0.05 -0.10 0.20 -0.05 0.25 Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Germany 08/29 0.00 86.83 2.08 0.04 0.18 0.77 2.45
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked Oct 03 chg % chg % chg % Return 1 month 1 year
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 08/50 0.00 55.20 2.16 0.11 0.28 0.57 1.91
1 Up to 5 Years 317.98 0.06 -2.73 1.51 2681.72 -2.71 2.66
Greece 01/23 3.50 100.71 1.29 0.00 0.02 0.70 1.67 2 Over 5 years 561.98 -4.38 -10.72 -34.09 4277.98 -10.67 -33.82
01/28 3.75 97.13 4.36 0.05 0.33 0.97 4.08 3 5-15 years 439.31 -0.10 -9.72 -16.37 3547.39 -9.67 -15.76
Ireland 10/22 0.00 99.94 1.55 0.03 0.16 1.01 2.14 4 Over 15 years 660.23 -6.71 -11.21 -41.37 4880.06 -11.16 -41.22
05/26 1.00 95.87 2.20 0.01 0.12 0.74 2.63 5 All stocks 527.75 -3.73 -9.58 -30.33 4097.57 -9.53 -29.99
02/45 2.00 82.95 3.06 0.09 0.30 0.52 2.37
Italy 02/25 0.35 93.62 3.21 -0.03 0.25 0.97 3.38 Yield Indices Oct 03 Sep 30 Yr ago Oct 03 Sep 30 Yr ago
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 05/30 0.40 86.82 2.30 0.13 0.73 1.19 3.13 5 Yrs 4.06 4.28 0.57 20 Yrs 4.05 4.03 1.38
03/48 3.45 84.57 4.47 0.09 0.36 0.61 2.78 10 Yrs 4.07 4.20 1.01 45 Yrs 3.44 3.34 1.24
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
Japan 04/25 0.05 99.98 0.06 0.00 0.03 0.04 -0.02 15 Yrs 4.10 4.14 1.27
Crude Oil† Nov 83.53 4.04 Corn♦ Dec 686.50 9.00 Sep 28 Sep 28 Prev return stock Market stocks
12/29 0.10 99.10 0.23 -0.01 0.04 0.03 0.24
Brent Crude Oil‡ 88.09 2.95 Wheat♦ Dec 934.00 12.50 Can 4.25%' 26 111.44 1.412 1.572 -0.37 5.25 72565.37 8
12/49 0.40 78.92 1.32 -0.05 0.08 0.18 0.67 inflation 0% inflation 5%
RBOB Gasoline† Dec 2.47 0.10 Soybeans♦ Nov 1368.00 3.25 Fr 0.25%' 24 103.83 -1.802 -1.792 -2.93 17.92 240751.99 17
Netherlands 07/27 0.75 93.47 2.20 0.03 0.12 0.74 2.65 Real yield Oct 03 Dur yrs Previous Yr ago Oct 03 Dur yrs Previous Yr ago
Natural Gas† Nov 6.48 -0.28 Soybeans Meal♦ Oct 404.00 0.80 Swe 1.00%' 25 123.48 -0.664 -0.659 -0.91 35.15 211164.43 6
01/47 2.75 104.62 2.49 0.09 0.30 0.56 2.26 Up to 5 yrs -0.12 1.55 -0.09 -3.52 -0.75 1.56 -0.72 -3.89
Base Metals (♠ LME 3 Months) Cocoa (ICE Liffe)X Dec 1916.00 -24.00 UK 0.125%' 24 102.09 -1.271 -0.643 -3.83 15.24 524731.75 31
Aluminium 2201.00 59.00 Cocoa (ICE US)♥ Dec 2345.00 -9.00 New Zealand 05/31 1.50 80.80 4.18 -0.14 0.17 0.23 2.20 Over 5 yrs 0.09 19.54 -0.13 -2.27 0.07 19.59 -0.16 -2.29
UK 2.50%' 24 365.22 -0.472 0.115 -4.23 6.82 524731.75 31
Aluminium Alloy 1675.00 -905.00 Coffee(Robusta)X Nov 2169.00 16.00 09/40 2.50 116.17 2.48 -0.17 -0.02 0.07 1.63 5-15 yrs 0.17 8.61 0.16 -2.78 0.08 8.62 0.06 -2.88
UK 2.00%' 35 228.99 0.530 1.114 -14.98 9.08 524731.75 31
Copper 7465.00 -25.00 Coffee (Arabica)♥ Dec 219.10 -2.45 Norway 08/30 1.38 86.43 3.36 -0.02 0.03 -0.05 1.82 Over 15 yrs 0.08 25.96 -0.19 -2.22 0.07 25.98 -0.20 -2.23
US 0.625%' 24 98.00 2.202 2.529 -1.25 40.98 1567445.89 46
Lead 1884.00 0.50 White SugarX 523.90 -4.80 Poland 01/23 2.50 98.57 7.23 0.02 0.08 0.40 6.88 All stocks 0.09 16.81 -0.13 -2.29 0.06 16.89 -0.17 -2.31
US 3.625%' 28 110.55 1.628 1.941 -4.30 16.78 1567445.89 46
Nickel 21315.00 -85.00 Sugar 11♥ 17.79 0.11 07/27 2.50 80.53 7.46 0.22 0.92 0.64 5.91 See FTSE website for more details www.ftse.com/products/indices/gilts
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Tin 20170.00 -380.00 Cotton♥ Dec 84.83 -0.51 04/47 4.00 68.20 6.66 0.00 0.62 0.67 4.18 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Zinc 2897.00 -77.00 Orange Juice♥ Nov 194.75 3.35 Portugal 04/27 4.13 106.55 2.57 0.03 0.29 0.82 2.89 Gilt Closing Prices information contained herein is proprietary to
amount.
Precious Metals (PM London Fix) Live Cattle♣ Oct 143.40 -0.73 Spain 10/22 0.45 99.95 1.16 0.01 -0.10 0.54 1.77 Tradeweb; may not be copied or re-distributed; is not warranted to be
Gold 1671.75 16.95 Feeder Cattle♣ May 134.88 - BONDS: TEN YEAR GOVT SPREADS 10/29 0.60 84.78 3.02 0.04 0.26 0.79 2.86 accurate, complete or timely; and does not constitute investment advice.
Silver (US cents) 1902.00 35.00 Lean Hogs♣ Oct 89.30 -0.15 10/46 2.90 88.34 3.63 0.10 0.32 0.57 2.47 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Platinum 864.00 -1.00 Spread Spread Spread Spread Sweden 06/30 0.13 112.90 -0.16 0.10 0.53 0.73 1.51
Palladium 2214.00 8.00 % Chg % Chg Bid vs vs Bid vs vs 03/39 3.50 118.44 2.16 0.04 0.28 0.17 1.49 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Bulk Commodities Sep 30 Month Year Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 04/28 4.00 115.57 1.08 -0.04 -0.15 0.33 1.47 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Iron Ore 95.30 -0.94 S&P GSCI Spt 619.24 -7.47 15.07 06/29 0.00 92.74 1.13 -0.05 -0.07 0.39 1.44 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Australia 3.95 1.87 0.13 Netherlands 2.20 0.13 -1.62
Baltic Dry Index 1788.00 28.00 DJ UBS Spot 112.20 -8.27 15.03 Austria 2.69 0.62 -1.13 New Zealand 4.18 2.10 0.36 United Kingdom 07/23 0.75 97.44 3.99 0.11 0.72 1.47 3.72 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Richards Bay ICE Futures 295.00 -0.90 TR/CC CRB TR 288.12 -7.81 22.04 Canada 3.21 1.13 -0.61 Norway 3.36 1.29 -0.46 07/27 1.25 86.45 4.41 0.13 0.83 1.83 3.77 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
LEBA EUA Carbon 58.91 -1.98 129.94 Denmark 2.58 0.50 -1.24 Portugal 2.57 0.49 -1.25 07/47 1.50 60.91 4.00 0.06 0.17 1.05 2.66
LEBA UK Power 1048.00 -37.43 -39.60 Finland 2.63 0.55 -1.19 Spain 3.02 0.94 -0.80 United States - - - - - - - Data provided by Morningstar | www.morningstar.co.uk
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Germany 2.08 0.00 -1.74 Sweden -0.16 -2.23 -3.98 03/25 0.50 91.32 4.19 0.07 0.03 0.73 3.51
unless otherwise stated. Italy 2.30 0.22 -1.52 Switzerland 1.13 -0.95 -2.69 02/30 1.50 85.24 3.82 0.06 0.04 0.68 2.38
Japan 0.23 -1.85 -3.59 United States 3.82 1.74 0.00 02/50 0.25 67.17 1.77 0.13 0.26 0.75 -
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
14
How Shepard Fairey is keeping hope alive
Best known for his Barack
Obama poster, the artist has a
new show in Dallas that
reflects these ‘crazy times’. He
talks to Will Higginbotham
O
n a recent afternoon in his
Los Angeles studio,
Shepard Fairey is in his ele-
ment. The 52-year-old art-
ist moves energetically
around a space that brims with can-
vases, stencils, paints, spray cans, and
even skateboards — supplies as diverse
as his artistic output. And everywhere I
look, piled on racks and propped on the
floor, are his highly stylised images,
popping in bright red, blue, black and
yellowy-gold.
A practising artist for the past three
decades, Fairey has cultivated a unique,
instantly recognisable style. It blends
elements of graffiti and pop art and
draws inspiration from advertising, art
nouveau and communist propaganda.
His best-known work to date is the
iconic 2008 Barack Obama “Hope”
poster, which he designed to support the
then senator’s presidential campaign.
Today his artwork has begun to be
shipped from the studio in preparation
for a solo exhibition, backward forward,
at Dallas Contemporary in Texas. “It’s
my largest body of brand new work I’ve
ever exhibited,” Fairey says as he settles
down at a table. Many of the 150 pieces
in the show, which opened last week, are
mixed-media and have been produced
in the past 18 months. “These are crazy
times, there’s been a lot of things to draw
on,” he says.
Fairey, a high-energy character, has
always been an activist (although he
stresses he is an “artist first”) whose
work responds to the social and politi-
cal. This exhibition is no different. “It’s
the themes I’ve been dealing with for a
while — the corruption that comes with
absolute power, police brutality, the
health of our planet, disinformation,
gender and racial equality,” he says. As
a father of two teenage girls, such
Clockwise, from above:
Shepard Fairey’s ‘John
Lewis — Good Trouble,
Version 2’ (2020); Fairey
in a skateboard magazine
T-shirt; ‘Bias By Numbers,
Version 1’ (2017)
Prezat Denis/ABACA/Shutterstock
★ FINANCIAL TIMES
ARTS
problems concern him now more than
ever. “The two biggest right now, for
me, are the habitability of the planet
and the ability for democracy to
endure,” he says.
Among the work he shows me is an
image of a shrunken Earth underneath
the words “No bees, no honey”, and an
image of a disengaged human face
bathed in blue light and covered by a
cyber matrix. Other works include styl-
ised portraits (something of a Fairey sig-
nature), including those of the late asso-
ciate Supreme Court justice Ruth Bader
Ginsburg and the late congressman John
Lewis. “The quiet radicals,” he calls
them with a smile.
On the surface, the work appears
driven by the horrors and ills of modern
society, but on closer inspection, it car-
ries a sense of hope. Comparing these
works to Fairey’s earlier pieces, it’s clear
that in recent years his work has entered
a new phase. The multimedia works are
brighter; more blues, yellows, purples,
and the central figures seem to have
softer edges. There are also more
women in his current today.
“The exhibition shows the evolution
of Shepard over 30 years,” says Pedro
Alonzo, curator of the show, over the
phone from Dallas. “You get to Shepard
now, and there is tempering in his work,
more of an appeal to universal human-
ity. Once upon a time, these works
would have been way more explicit.”
Alonzo curated Fairey’s first big show in
2009, and the two have known each
other for more than 20 years.
“I’ve learnt — and call it ageing if you
like — that I need to bring the viewer in
with something that’s powerful, beauti-
ful, but not instantly political or polaris-
ing,” Fairey says. “To start the conversa-
tions we need to be having right now,
you cannot turn people off instantly. I’m
aiming for intrigue and engagement. Of
course there will always be people who
find something confrontational.”
Frank Shepard Fairey was born in
A reassuringly grand Tosca
OPERA
Tosca
Coliseum, London
aaaae
Richard Fairman
It’s important to get off to a good start,
as the past week in politics has shown.
English National Opera has taken
that to heart and, with the performing
arts facing a difficult period for ticket
sales and finances, the company
has delivered a strong opening to its
2022/3 season.
The big Italian operas have proved
challenging ground for ENO in the
past, but its new production of Puccini’s
Tosca has an upbeat confidence. Staging
and singing are suitably big in scale
and passion.
Anybody who has deserted ENO
recently because of a run of outlandish
productions can come back. Originally
staged by Finnish National Opera in
2018, this Tosca is a typically profes-
sional production from German direc-
tor Christof Loy and, some questionable
moments apart, is fairly traditional in
its look and impact.
There is a celebrated 1976 film of
Tosca, starring Plácido Domingo, that
was recorded live in the opera’s three
real-life locations in Rome. Loy is not so
specific, but we do get a church, a pal-
azzo interior and the outline of a rooftop
panorama of the city.
His defining idea is to focus on the
clash of political beliefs that provides
the opera’s historical background. Tosca
is set in the wake of the French Revolu-
tion, as Napoleon’s army fights for con-
trol of Italy, enthusing young liberals
such as the artist Cavaradossi, while the
1970 in South Carolina. He arrived in
the art world with a prestigious degree
from the Rhode Island School of Design
and a cache of street cred, a duality that
has become a defining feature of his
career. In 1989 he designed a sticker of
André René Roussimoff, a wrestler
known as Andre the Giant. It read
“André the Giant has a posse” and soon
began to appear in cities across the US.
A teenager embroiled in the counter-
culture worlds of hip-hop, punk and
skateboarding, he placed his graphics
on the sides of city buildings, but also on
T-shirts and skateboards. “I just wanted
to connect my art to an audience, the
broader the better.”
This sentiment continues to guide
Fairey, although his operation is no
longer so grassroots. Today he runs a
clothing label, keeps a studio and crea-
tive offices in Los Angeles, employs peo-
ple, and sells art for six-figure sums. He
still paints murals and street art — he
has racked up 18 arrests for vandalism
to date (“I try not to get arrested, the
police in this country are not nice”). He
supports activist groups by creating
campaigns for them or by providing
funds through the sales of his art. At
the same time, he is wealthy and close to
the world’s biggest galleries. Being a
commercially viable street artist has
come at some costs — primarily losing
old order of police chief Scarpia doubles
down on repression.
This is represented by the costumes,
with Cavaradossi dressed in a forward-
looking, timeless style, while Scarpia
appears in period brocaded jackets (the
ghostly white rococo figures from the
old order who hover in the background
fit in with this two-period theme).
Elsewhere, the opera’s venerable tra-
ditions remain. Tosca even gets to place
the candlesticks around Scarpia’s
corpse, as detailed precisely by Puccini,
and Sinéad Campbell-Wallace, in the
title role, manages to make it look fresh.
There is an awkward patch in the upper
middle of her voice, but the top soars,
and she sings with a generosity of spirit
that fills the theatre.
As Cavaradossi, Adam Smith is no less
impressive. In the 50 years that ENO has
been at the Coliseum, the theatre can
rarely have witnessed top notes so ring-
ingly confident and held at such length
Sinéad Campbell-Wallace, Noel Bouley and Adam Smith in ‘Tosca’— Bill Knight
Tuesday 4 October 2022
credibility among some within the
street art community.
“Some people say I’m a sellout,”
Fairey says flatly, “but what a lot don’t
realise is that I’ve always had this very
broad approach. Even in the early days,
I was doing T-shirts and I’d have gallery
interest, I’ve just kept expanding. It’s
never been one or the other for me. I
don’t see the problem in having [art] on
the streets and in the rarefied world of
fine art. I’m fascinated by Warhol and
artists like him who brought a bigger
audience into fine art. He may not have
been so political, but that’s what I’m
going for.”
In true Fairey form, the exhibition
won’t just be about what is shown in a
white box in Dallas; it will also include a
‘I need to bring the
viewer in with something
that’s powerful, beautiful,
but not instantly political
or polarising’
street mural that he is preparing to start
work on. He rummages through a desk
and grabs a stencilled image of a flower.
“The mural is going to be something
like this, repeated flowers,” Fairey
explains, “but in the middle is a figure of
a woman — a Mother Nature type with a
Mona Lisa smile. She’ll hold a flower out
with planet Earth as the centre. And
there will be a sticker — like in the
supermarket — and it’ll say ‘While
supplies last’.”
I ask Fairey why he chose Texas
for this exhibition. His eyes light up at
the question.
“If I were to exhibit in LA of NY, it
would be like preaching to the con-
verted, but Texas is a complicated
place,” he says. “When the opportunity
came up, it was a no-brainer. I couldn’t
ask for more fertile soil, a better place
for some of the conversations I’m trying
to provoke.”
To July 23 2023, dallascontemporary.org
In Chicago,
Fairey’s image of
Barack Obama
features in
banners
celebrating
Obama’s
election to
the presidency
in 2008
Mondadori via Getty Images
(how many seconds was his triumphant
“Vittoria”?). He works hard to sound
sensitive in the lyrical passages, despite
some inflexibility in the voice, and looks
the part as a revolutionary young artist.
It is bad luck that Noel Bouley fell ill
just before the first night, necessitating
a last-minute stand-in from Roland
Wood, who sang Scarpia while Bouley
acted the role. Bonus points go to John
Findon’s strongly sung Spoletta and an
intriguing take on Tosca in the form of a
poem read at the beginning of the pro-
duction by ENO spoken-word artist
Kieron Rennie.
If only the conductor, Leo Hussain,
did not sap the energy so much, every-
thing would be in place. His is a stop-go
performance, at its best when he is let-
ting the ENO orchestra off the leash.
That can deliver quite a punch in this
big theatre.
To November 4, eno.org
Tuesday 4 October 2022
As Indian tech start-ups were flooded with investor cash during the pandemic, a teaching app feted by
Silicon Valley rode to a $22bn valuation. But questions over Byju’s expansion have clouded its future.
I
n the days before mobile internet
spread across India, Byju Raveen-
dran, an engineer and test prepara-
tion tutor from a coastal village in
Kerala, could hold the attention of a
stadium full of thousands of teenagers
with the power of numbers. Or, at least,
the magic numbers they would need to
pass India’s standardised engineering
exams.
But despite running teaching events
on a scale he would describe as “almost
like a maths concert”, Raveendran
wanted a bigger audience. By 2015, he
launched his own teaching app: Byju’s.
Today, the Bangalore-headquartered
group offers smartphone, or tablet-
based, learning to students from pri-
mary school age, using graphics and car-
toons to liven up lessons. The company
says it has 150mn-plus users, although
less than 10 per cent are subscribers,
who pay an average of Rs15,000 ($180)
for an annual membership to the app.
Parents can pay more for live lessons
and personal attention from teachers.
“Back in the day in India, if a teacher
had 1,000 students in a class it was a
matter of pride,” says Pratheek Rao, a
creative director who worked at Byju’s
from February 2021 to earlier this year.
“I think [Raveendran] wants to be that
one professor who has taught all the
students in this world.”
‘[Fast growth] has
to be steered with
utmost caution . . .
otherwise it will fall like
a house of cards’
That vision, and an influx of investor
funds that poured into Indian tech start-
ups during the Covid-19 pandemic,
vaulted the charismatic teacher to star-
dom and made him one of India’s richest
people. Today, Byju’s is valued at $22bn,
the most of any ed-tech start-up in the
world. Its backers include the Chan
Zuckerberg Initiative, set up by Face-
book founder Mark Zuckerberg and his
wife, Priscilla Chan, as well as China’s
Tencent and the US hedge fund Tiger
Global. In turn, Byju’s has acquired
some 20 other companies worldwide.
When the government’s strict Covid
lockdowns kept families at home in
2020, it seemed a surge in online learn-
ing would be a breakout moment for ed-
tech. So it was all the more surprising
when an auditing and accounting wran-
gle delayed the filing of Byju’s manda-
tory 2021 results for a full 18 months.
When the numbers did emerge in Sep-
tember, they showed flat revenue and
ballooning losses equivalent to $560mn.
Scrutiny of the company during the
long delay brought questions over Byju’s
accounting practices, exposed millions
of dollars in expected investments that
Byju’s now says it did not receive and
uncovered accusations of mis-selling. It
has also shone a light on a sales culture
described by employees as “toxic”.
Investors have expressed doubts
about a strategy of rapid-fire deploy-
ment of funds to expand globally. The
company’s valuation is now 10 times
expected revenues for the year ending
March 2023, according to Raveendran.
Experts say the episode has cast doubt
on the ed-tech sector’s ability to profit
by converting casual users into paying
subscribers. One veteran of India’s
start-up scene says the filing delay has
“shaken the confidence of existing and
new investors”. Raveendran “should not
have . . . spoilt his reputation . . . Hope-
fully he’s learnt his lesson.”
Others think Byju’s has been unfairly
maligned. “When you’re this huge you
get overwhelming opposition from all
over,” says Jatin Kumar, chief executive
of Indian real estate group ProperT.
Cash burn and ambitious sales targets
are problems faced by many fast-grow-
ing companies, he adds. “It has to be
steered with utmost caution . . . other-
wise it will fall like a house of cards.”
Raveendran himself seems uncowed
by the allegations and blames losses on
new accounting practices that reduced
the amount of revenue Byju’s can book
upfront. “Even during tough times like
these, in the last 12 months not a single
investor has sold,” he says. “The world
needs 10 more Byju’s.”
Pain points
Raveendran’s pitch to parents speaks to
a deep anxiety among many families in
India that the only way for their chil-
dren to succeed is through gaining entry
to a respected college or university and,
from there, into a well-paying job.
The 41-year-old is not the first self-
styled education guru to offer a leg-up in
India’s fearsomely competitive school
exams for disciplines such as engineer-
ing and medicine, seen as the gateway to
affordable, quality public universities.
Acceptance rates are low because
demand for higher education far
outstrips supply — the government’s
★ FINANCIAL TIMES
FT BIG READ. TECHNOLOGY
By Chloe Cornish, Jyotsna Singh and Mercedes Ruehl
Chasing the Indian dream
Byju Raveendran, an engineer and foreign investment promotion arm esti-
test preparation tutor, built a huge mates some 700 new universities are
company on the back of a teaching needed to keep up with demand.
app. But its accounting practices In response, a thriving industry of
are now coming under scrutiny exam coaches, tutors and cramming
FT montage: Jyothy Karat/FT/Dreamstime | Byju Raveendran
institutions has done good business for
decades. Infinium Global Research, a
Pune-based consultancy, expects India’s
coaching industry to be worth $500mn
this year. “The ‘Indian dream’ . . . will
always revolve around education assur-
ing a good share of customers’ wallet,”
wrote analysts Pranav Bhavsar and
Nitin Mangal last year. “Byju’s has been
able to capitalise on this.”
Raveendran, the son of school teach-
ers, says his entry into the industry was
accidental. While working at a shipping
company he took a standard entrance
test for fun and aced it. He began teach-
ing others to take the exams, setting up a
Byju’s funding — and its test prep company with his wife, Divya
surge amid the pandemic Gokulnath. After securing their first
outside investments in 2013, the couple
Cumulative $bn raised in investment
decided to expand beyond university
rounds and debt issuance
exam prep and into primary education.
Start of pandemic Their model was more ambitious in
6
scope than many of its predecessors: a
Nov 2021 learning app preloaded on a tablet that
5 Conventional
would engage even young children,
debt issuance
delivered by the best teaching talent in
4 India and with personalised follow-up
Jan 2020
Tiger Global support. Yet it tapped the same old anxi-
3 Management eties. “We used to hit on those pain
Sep 2016 points, ‘Don’t you want to give your
The Chan
2 Zuckerberg Dec 2018 child a good education?’” says a former
Initiative Naspers salesman who worked with Byju’s in
2018. “We were trained to say those
1
things bluntly to the parents’ face.”
In demonstrations at family homes,
0 salespeople tested children with tough
2013 15 17 19 21
questions. “You have to push the stu-
Byju’s rise coincided with the dents and parents by demeaning them,
rapid spread of smartphones telling them, ‘You are not good in your
studies’,” says a second former sales-
in India
Smartphone penetration as a % of… man. Raveendran says training material
does not contain “anything like this”.
50
Forecast In 2015, with internet access spread-
40
…the country’s
ing through the country, the potential to
investors was obvious. India’s education
30
population* market is expected to be worth $225bn
by 2025, comprising the world’s biggest
20 cohort of people aged under 24. Some
37 per cent of more than 250mn stu-
10 dents attend fee-paying private schools
…worldwide
smartphone users — and aspirational parents spend what-
0 ever they can on extra tuition. Within
2010 12 14 16 18 20 22 24 26 three years, Raveendran had attracted
Indian tech start-ups’ funding more than $180mn in investment.
At the same time, the new prime min-
is waning fast
Indian tech industry total funding ($bn) ister, Narendra Modi, had promised to
create 250mn jobs as part of an appeal to
15
young people trying to navigate a job
market with changing skills require-
ments. Thousands of IT and engineering
10 graduates were drawn to tech start-ups,
flush with foreign money. Many were
offering better salaries than even India’s
5 IT giants such as Infosys.
Forcing the moment
0 “Hello children,” said Raveendran to the
2020 21 22 camera. “We are all up against a crisis.”
*who own a smartphone and use it at least Covid-19 was surging across India, clos-
once a month Sources: Tracxn; Insider Intelligence
ing schools and affecting some 286mn
children. In the 35-second video, which
has been watched 12mn times on
YouTube, he pledged to help kids keep
learning, offering free live lessons.
As central banks the world over
brought down interest rates, India’s tech
start-ups were swimming in cheap
money and Byju’s was no exception.
Between March 2020 and the end of
2021, the company raised more than
$2.5bn. Byju’s put that money to work
buying up foreign and domestic compa-
nies and gathering them under its
brand. Its acquisitions in the US, in par-
ticular, were highly unusual for an
Indian start-up: it suggested a new level
of confidence among India’s tech outfits.
But Byju’s growth engine was its sales-
people. A dozen former and current
employees, who worked across the com-
pany over the past four years, described
a target-oriented organisation that was
generous with incentives but tough on
workers who fell behind.
By 2018, the sales floor at Byju’s Ban-
galore headquarters was “like a college
frat party, where you’re getting paid”,
says one saleswoman, recruited from
her college campus. “The culture was
very weird: they openly swear,” she says.
She saw managers “shout” and
“scream” at workers and colleagues cry.
Two salespeople who worked for
Byju’s in Kolkata say their office floor
was nicknamed “Wolf of Wall Street”.
“I’ve sat [at work from] 8am in the
morning to 1am,” says Rao, the creative.
“I have hired people who wanted to quit
within two to three months . . . this is
not for the weak hearted.”
Byju’s contests such descriptions and
says it is “mindful of employee wellbe-
ing” and has low attrition rates that
indicate it is a workplace with a “culture
of guidance and nurturing”. Raveen-
dran acknowledges “higher pressure” in
sales due to targets, “but if we come
across wrongdoing we do take strict
action”, he says.
Rao says he admired Byju’s drive and
vision. “I told myself if I want to survive
in this company . . . I have to match the
pace of the organisation.” With the
start-up growing fast, junior sales work-
ers quickly jumped into managerial
roles. But without enough wealthy par-
ents to sell to, competition was fierce.
Sometimes, salespeople admitted,
their tactics crossed ethical boundaries
such as not telling parents about a 15-
day refund policy. “Due to the pressure
of losing your job, sometimes the sales-
person has to do whatever you have to
do for sales,” says one, who is still work-
ing at Byju’s. Many parents went into
debt to pay. Some used credit cards, but
others took out loans with fintech com-
panies, fellow risers in India’s start-up
scene that were willing to take on risky
credit traditional banks might avoid.
In a statement, Byju’s early-stage
financing partner Zest Money says it
pulled back from the relationship
“owing to the mis-selling of their prod-
ucts to customers. This impacted the
overall customer experience on both
platforms.”
Raveendran says Zest Money was
“never a big partner”. He says a central
team is now auditing every sale: “I won’t
say zero but its almost impossible for
people to do mis-selling today.”
Flatlining
One father in New Delhi, who asked not
to be named because he is still in debt,
signed his nine-year-old son up in 2019
after Byju’s salespeople “regularly and
persistently” came to his door. He took a
loan worth Rs34,000 (about $420) to
pay for a three-year package.
The office assistant says he wanted
“to do all I could to make sure my son
would grow up to [ . . . ] not have to live
the hard life like us, for lack of good edu-
cation.” He was already spending more
than one-third of his Rs12,000 ($150)
monthly income on fees at a private
school. Byju’s payments added Rs2,833
more. But the pandemic made this pre-
carious arrangement untenable.
Even as online learning seemed the
cure for school closures, many parents
‘I’ve sat [at work from]
8 in the morning to 1am.
I have hired people who
wanted to quit within
two to three months’
were squeezed as businesses fired work-
ers or stopped their salaries. In late
2021, as complaints about Byju’s began
to proliferate, the BBC published a
bruising investigation into its sales prac-
tices. Byju’s rejected the allegations, but
its image was damaged. Raveendran
says Byju’s now has a non-profit organi-
sation that helps parents struggling to
pay with free tuition.
“The three things — mis-selling,
aggressive sales and consumer financ-
ing — these are one-off incidents and
anecdotal things,” he says. He cites a
Bain and Company report, which
judged evidence of Byju’s mis-selling to
be “limited” and the risks posed by con-
sumer financing to be low for investors.
International Finance Corporation, a
sister investor of the World Bank that
bought a $15mn stake in Byju’s in 2016,
says it was “aware of media reports per-
taining to aggressive sales tactics in the
15
[ed-tech] sector and has advocated for
solutions”. It says Byju’s had “taken
measures to prevent such incidents
from taking place”. IFC was the only one
of the 15 Byju’s investors approached by
the FT that agreed to comment.
When Byju’s auditor, Deloitte, signed
off in late August, the ed-tech revealed
feeble-looking results caused by a major
change in accounting policies — at
Deloitte’s advice. Byju’s had previously
booked most of its revenues from selling
preloaded tablets upfront, even though
parents were buying multiyear plans.
Yet, during the pandemic, free live video
lessons were also used by existing cus-
tomers. Classified as a service, auditors
advised these lesson revenues should be
accounted for over time.
Deloitte also advised Byju’s that reve-
nues from packages sold to customers
on credit, a practice begun during
Covid, should be booked only when col-
lected in full. All in all, Raveendran says,
the accounting changes deferred
roughly Rs20bn out of Rs45bn reve-
nues. Losses at Whitehat Jr, an online
coding school Byju’s acquired in August
2020, weighed on the group.
Ferocious marketing also drove steep
losses of Rs45bn ($555mn), with swell-
ing expenses of about three times reve-
nues. Nirgunan Tiruchelvam, head of
consumer sector research at analytics
group Tellimer, says more than 90 per
cent of costs came from promotional
activities such as sponsoring the Indian
cricket team as well as employee bene-
fits. “Investors need to figure out if
Byju’s can turn off the marketing
expense tap and go back to [growth] by
word of mouth,” he says.
There was also bad news on funding.
Two US venture capitalists, Oxshott
Capital and Sumeru Ventures, failed to
deliver investments pledged over the
past year worth about $250mn. Neither
responded to requests for comment.
Byju’s is now looking ahead to a post-
pandemic world. The founder, who once
said “we have killed our offline business
model”, is introducing a hybrid through
opening tuition centres and a newly
acquired coaching college, Aakash.
Yet if losses by other global ed-tech
companies are any indicator, the next
few years could be tough. Three US
online education start-ups, Coursera,
Udemy and Chegg, have about $400mn
to $600mn in cumulative losses, says
technology consultant Jeffrey Lee Funk.
“I imagine the financial performance
of these start-ups . . . will worsen as
schools continue to open. It is likely that
the same dynamic is operating
with Byju’s,” he says. Byju’s says its reve-
nues are rising strongly.
Raveendran has already moved on.
He concedes that “investors and lenders
were anxious” about the audit delay, but
adds: “Everything which auditors do is
fair . . . short-term you might think, OK
FY21 is a bad year from a reporting
point [of view] but who cares right? We
are thinking next 20 years.”
16 ★ FINANCIAL TIMES Tuesday 4 October 2022

The FT View
Truss and Kwarteng’s embarrassing U-turn
The government must go
further to restore Britain’s
economic credibility
As U-turns go, the scrapping of plans to
axe the 45p tax rate is a particularly
humiliating one for Liz Truss’s UK gov-
ernment. It comes after a week of dog-
gedly defending chancellor Kwasi
Kwarteng’s radical “mini” Budget in the
face of severe financial market turmoil
and fervent criticism from their own
Conservative MPs. In the middle of their
party conference, a moment Truss and
Kwarteng hoped would mark a raptur-
ous beginning to their tax-cutting
agenda, the volte-face only underscores
how much their authority has been
sapped. While the move may ease some
political pressures, the government
needs to go much further to restore Brit-
ain’s and its own economic credibility.
For all the market chaos left in the
ft.com/opinion wake of Kwarteng’s announcements, it
was the parliamentary revolt facing
Truss that forced her into a surrender.
The plan to abolish the higher tax rate —
a big giveaway to wealthier households
— was unpopular with many Tory MPs
who considered it to be bad optics in the
midst of a cost of living crisis. The
U-turn may help to mend internal rifts,
as the government seeks support for its
finance bill, and could blunt criticism
from the Labour party over the prospec-
tive rise in inequality stemming from
the new economic plans.
More fundamentally, though, the
U-turn will make little difference to
Britain’s debt dynamics, which have
been set on an unsustainable path by
Kwarteng’s unfunded borrowing
splurge. Removing the top rate of tax
represents only about £2bn of his over-
all £45bn tax-cutting package. The
Bank of England will still need to push
interest rates higher to bear down on
inflationary pressures emanating from
other measures. The chancellor’s plans
remain reliant on the unfounded belief
that driving growth via tax cuts will help
balance the books.
Financial markets will not see this as
significantly easing the economic uncer-
tainties that Truss and Kwarteng helped
create. Though the retrenchment on
top-rate tax reflects a pragmatic soften-
ing of hardline ideology, due to their
weakened bargaining power within the
Tory party, this government has a long
way to go to regain investors’ trust. The
pound edged higher against the dollar
and gilt yields fell immediately after the
announcement, but downward pressure
on the currency will remain and bond
yields are still worryingly high after last
week’s market ructions. Concerns over
how pension funds will cope when the
BoE’s emergency bond-buying scheme
expires on 14 October also remain.
The loss of political authority is likely
to make it harder for Kwarteng to pass
unpopular spending cuts, including a
potential plan for real-terms cuts to
benefits. This, in turn, could force him
into reversing a broader swath of his tax
The volte-face cuts. There may be no other way to con-
will make little vince overseers at the Office for Budget
Responsibility, and investors, that the
difference to
government can finance its plans,
the UK’s debt including its huge energy price support
dynamics, package. Bringing forward the OBR’s
which have independent assessment of the chancel-
been set on an lor’s agenda will also be important. The
unsustainable longer the market waits for convincing
evidence that the fiscal plans add up, the
path by the greater the risk of volatility. Kwarteng’s
unfunded conference speech, in which he con-
borrowing ceded his plan had caused a “little tur-
splurge bulence” but said he was committed to
delivering the “major parts” of it, will
settle few nerves.
This is a moment of acute embarrass-
ment for Truss and Kwarteng. It may
buy some political breathing space, but
the economics of their “mini” Budget
are still stacked against them. The
U-turn on top-rate tax at least shows a
capacity to listen. But it should not be
the end of the rethink. It should mark
the beginning of a wider climbdown
from the disastrous “mini” Budget.

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to embrace failure Forecasting can help decision makers manage uncertainty

Ewan White Howard Marks (“Macro models only
provide an illusion of knowledge”,
Markets Insight, September 9) does an
admirable job in giving a very clear and
well-argued summary of why making
helpful macro forecasts is so difficult.
He was then supported by Mariano
Torras’s letter “Why economic
forecasting is a mug’s game” (Letters,
September 19).
Both are dead right on the diagnosis
of the difficulties but for me Marks is
quite wrong in his conclusion that
“forecasts can’t be right often enough
to be worthwhile”.
Forecasts are never right, but they
are nevertheless needed as a basis for
decisions by business, government and
individuals in organising their lives and
planning ahead. Their importance lies
not in the spurious precision of the
economic forecast but the underlying
story about how things came about and
what that then portends for the future.
That story can be embellished with
analysis of different scenarios
envisaging different assumptions and
trying to deal with inevitable
uncertainties.
As events unfold, the story can then
be amended so that course corrections
can be made to current plans.
It is building a well-argued forecast
with an underlying story that is the key
to such forecasts being helpful. In this
context it is not helpful to be nihilistic
about the forecaster’s efforts. How does
one plan anything without trying to
make some assumptions about the
future?
Final disclosure, I worked as a
forecaster at the OECD for many years
until I retired in 2014 but have
nevertheless always had a healthy
scepticism of forecasting! But don’t
throw the baby out with the bath water.
Andrew Dean
Paris, France

levels in the US increased 215 per cent
Niklas and 97 per cent respectively in the
years following the 2000 and 2009
Zennström downturns, helping to create the con-
ditions from which some of today’s
most influential technology compa-
nies emerged.
IMF is just doing its job, Required reading on Putin Ukraine war shows good
calling out the UK’s stance for all the nuclear powers sense of Attlee’s deterrent
The article “IMF attack on Britain Gideon Rachman’s column “Putin’s Seventy years ago on October 3, HMS
divides opinion” (Report, October 1) nuclear threats cannot be ignored”, Plym was vapourised in the UK’s first
was not so much an attack on Britain
as an admonishment of the
(Opinion, September 27) should be
required reading in all foreign
atomic test explosion. The bomb was
located 9ft below the waterline in the
irresponsible and erratic fiscal policy
of the new UK government led by
ministries of those countries which are
nuclear powers.
ship anchored off the Montebello
Islands, Western Australia (Report,
Prime Minister Liz Truss and Kwasi Rachman’s logic is impeccable. October 3). The decision by the Attlee
Kwarteng, her chancellor. First, Vladimir Putin is cornered, government and particularly Ernest

T
he theory was that this
curiously regional fear
paralysed ambition and
prevented great talent
from starting companies
at all. To produce a Google or Amazon,
Europe needed to develop a mega risk
appetite. By 2021, we appeared to
have overcome this and European
tech had grown to a start-up pipeline
that equalled the US.
Today’s downturn presents
Europe’s first real test since the global
financial crisis. But I’m not worried
about short-term fluctuations in stock
prices. Real value is entirely depend-
ent on continuing to develop a func-
tioning ecosystem. And central to any
ecosystem is resilience — the ability to
withstand the broader macroeco-
nomic environment.
For me, the real danger is that the
failure stigma that used to stop Euro-
When I talk to founders and part-
ners about failure, they’re under-
standably focused on the human
repercussions. Redundancies are
particularly scary, and people are
hard-wired to consider this a
last resort.
So far this year, 125,000 people have
been made redundant from 889 tech
companies across Europe and the US.
But these are highly skilled workers,
and in this buoyant candidates’ mar-
ket, the number of open roles still
vastly outweighs the talent available.
What happens if you choose not to
make the hard decisions? Keeping a
company on life support traps
resources — talent and capital — in a
business that will not achieve its goals.
Inexperienced founders and investors
are at risk of throwing good money
after bad, creating “zombie firms”,
going nowhere and contributing
nothing.
I know how relentlessly hard it is
The IMF has in the past been accused
of soft-pedalling and self-censorship
when it comes to bad policies in richer
countries, especially in the G7, and it is
good to see it step up to the plate and
call it as it sees it — a poorly designed
fiscal programme in an advanced G7
country.
The IMF must be the premier
institution for global macroeconomic
policy and financial stability. It must be
allowed to provide proper surveillance
and comment on G7 country policies
which can harm themselves but also
have huge spillover effects on the
global economy.
Ajay Chhibber
Distinguished Visiting Scholar, Institute
for International Economic Policy, George
Washington University; Non-Resident
Senior Fellow, The Atlantic Council,
Washington, DC, US
Less ‘mini’, more ‘quasi’
Quotation marks are hardly sufficient
to do justice to the UK “mini” Budget.
Might it be more apt to refer to it as a
quasi-budget — “resembling in some
degree” a budget? Or, a more phonetic
spelling, a Kwasi-budget?
Jonathan Hayward
Nempnett Thrubwell, Somerset, UK
immoral and reckless. A man in his
position might choose the use of
nuclear weapons as preferable to
“humiliation and defeat”. Second, “it is
hard to imagine Putin accepting even
the less hardline western position”. If
the west insists on maximalism, Putin’s
options are reduced.
Third, US defeat in Vietnam and the
Soviet Union’s defeat in Afghanistan
were in no way “existential”. Fourth,
“hoping for something does not make
it more likely. And most of the
alternative outcomes range between
bleak and catastrophic.”
Rachman’s reasoning leads one to
the conclusion that a non-optimal,
negotiated settlement is by far
preferable to running the risk of
nuclear war.
Néstor Enrique Cruz
Falls Church, VA, US
Bevin, the foreign secretary, to ensure
the UK became an atomic weapons
power was correct and reinforced
subsequently by the cold war and now
events in Ukraine.
But maintaining our deterrent is at
the limit of UK’s technical and
industrial capability and the
government needs to ensure that this is
seen as a national endeavour and
resourced as such.
Admiral Lord West of Spithead
House of Lords, London SW1, UK
Correction
c The football match in Indonesia at
which 125 people died at the weekend
took place in Malang, not Surabaya
as wrongly stated in an article on
October 3.

The downturn is an
opportunity . . . We can
create genuinely resilient
founders and talent
R
because I’ve folded three companies
that I co-founded. I invested my time,
sweat, pride and money in all of them.
OUTLOOK isa Morimoto and her
siblings dressed their 84-
the concrete used to prevent graves
from collapsing as a body
60 per cent pre-Covid to 75 per cent.
What explains the growing taste for
Each time was scary and painful and I year-old mother, Noriko, in decomposes, are bad for the home funerals? Morimoto, whose
UNITED STATES
spent a great deal of time beating
myself up about my obligations to cus-
her sister’s kimono, lifted
her inert body lovingly off
environment, while cremation,
especially from older crematories,
father died early in the pandemic
without her even being allowed to see
tomers, my team and investors. Yet the bed where she had died, tucked her create harmful carbon emissions. his body, treasures the hands-on

peans from starting tech companies,
will now hold founders back from end-
ing them.
In any market, the start-up ecosys-
tem is based on founders daring to
take big bets on a new technology. For
the few that make it, the rewards are
immense. But the ecosystem needs
the ones who don’t make it just as
much, maybe even more. Historically,
just 1.2 per cent of all companies
receiving seed investment reach a
$1bn valuation, and 50 per cent won’t
raise their second funding round.
Businesses that fail have an impor-
tant role. Their founders will have
learnt how to lead, explored a new
technology, figured out how to solve
hard problems and given employees
exposure to a high-growth environ-
ment. Data shows that founders have a
better chance of getting it “right” the
second or third time — if they have the
guts to come back fighting. Six in 10
founders of billion-dollar firms are not
first timers, compared with four in
10 who raise some kind of venture
funding.
There’s evidence that the US under-
stands this better than us. American
companies are 50 per cent more likely
to exit after a first round of funding —
indicative of a better ability to identify
the limits of a fledgling company and a
healthy culture of fast failure. Funding
the third time I started a business, we
invented Skype.
The downturn is an opportunity. It
can help Europe mature exponentially
quicker by developing this muscle,
fast. We can create genuinely resilient
founders and talent. With this comes
consolidation of low value, “me too”
competitor firms into a smaller group
of winners, who will grow faster with
greater market share. And, impor-
tantly for mankind, we’ll focus our
resources on technologies that solve
meaningful problems.
When I need some perspective, I
look at the Nasdaq Composite Index
constituents over time. They’ve grown
their aggregate revenues from less
than $1.2tn in 2003 to $6.7tn today.
Of course, over those decades we’ve
had moments that weren’t as strong.
When you zoom in to the global finan-
cial crisis or the dotcom crash, we
can see revenue slowed. But when
you zoom out, you see the trend —
consistent long-term growth — and
the bumps in the road are barely
visible.
We shouldn’t fear market dynamics,
or even closing up shop. The down-
turn is Europe’s opportunity to
develop essential DNA. For tech, as for
people, resilience is power.
The writer is CEO and founder, Atomico,
and co-founder of Skype
The American
into a simple wooden box filled with
flowers and messages, and carried it
out of her home for the last time.
way of death Sometimes mourning rituals are
dictated down to the tiniest detail by
history, as in the recent funeral of
goes green Queen Elizabeth II, which captivated
millions around the world. But
increasingly, US funeral directors say
they are adding more green and home
funeral options for families such as
the Morimotos who want to create
their own customs and write their
own rules. As more US families try to
live sustainably, they are looking for
greener ways to die, and taking more
of the funeral process into their own
hands, says Amy Cunningham,
director of Fitting Tribute Funeral
Services, which specialises in green
burials and home funerals.
According to a report this year by
the US National Funeral Directors
Association, 60.5 per cent of those
surveyed would be “interested in
exploring ‘green’ funeral options”, for
environmental concerns, cost or other
reasons, up from 55.7 per cent in 2021.
The NFDA says it’s impossible to
know how many US bodies are being
disposed of in “green” ways, because
national statistics don’t make that
distinction.
Opponents of traditional burial say
by Patti Waldmeir conventional embalming fluids, and
Jack Davenport is a funeral director
in northern Illinois, near where I live.
When I visited him recently, he
offered me a casket made locally out
of banana leaves. At the cemetery
outside Detroit where I own a plot,
they have just opened a “green burial”
section where I can be buried wrapped
in my favourite blanket if I wish.
Caskets come in willow, sea grass,
bamboo and other eco-materials;
Davenport offers me a cremation urn
made of recycled paper.
Five US states have recently even
legalised human composting, which
involves the production of soil from
human remains. And in 2019, actor
Luke Perry was buried in a
“mushroom suit” to help him
decompose.
But Jimmy Olson, NFDA
spokesperson and a funeral director in
Sheboygan, Wisconsin, says many
families don’t have the option of a
truly “green” burial because there is
no cemetery near them that allows
one. He estimates only 5 per cent of
his business is fully green, but half
“has a green overtone”. All his wooden
caskets are from local products made
locally, which reduces emissions from
importing them. The pandemic did
nothing to make things greener, he
says, since it significantly boosted
cremation rates — his has risen from
experience of her mother’s death. She
told me the process of washing and
dressing her was “cathartic”.
Sarah Riley, whose family held a
DIY green funeral for her mother in
July, agrees. She says: “Having that
direct role in the burial process was
very cathartic . . . It goes back to the
way things were done before we hired
everything out to non-family
members.” Her family bought a
cardboard casket, decorated it with
magic markers and flowers, loaded it
on a hand-drawn carriage and buried
her mother in a “succession plot”,
which will be used for another body
once hers has decomposed.
For myself, despite my pre-bought
plot, I’m leaning towards the kind of
“shades of green” funeral that Olson
provides: once a year he takes a boat
out for those who want their ashes
strewn in Lake Michigan. Cremation
may have its drawbacks, but at least
my body won’t be taking up space.
He promises to sprinkle me at the
spot on the horizon where the sun will
rise on my birthday each year — and
give my kids the GPS co-ordinates.
They would far prefer that to dressing
and shrouding me at home, or anything
else more up close and personal.
The writer is a contributing columnist,
based in Chicago
Tuesday 4 October 2022
EMPLOYMENT
MENT
Sarah
O’Connor
nor
W
hen former US Treas-
ury secretary Larry
Summers likened the
UK to a “submerging
market” last week, I
thought he was laying it on a bit thick.
But in a busy food bank in south London
on Friday, “submerging” felt like the
right word.
A queue of people stretched across the
car park of a church to collect a parcel of
free food and a hot meal. Once, the visi-
tors here would have been mostly single
men. But last week, there were toddlers
running around and mums jiggling
babies on their hips.
“We’ve had people recently saying
‘can I have food that I don’t have to put
in the fridge because I’ve turned the
fridge off?’” says Kate Lott, project man-
When world
leaders believe
in conspiracies
global affairs
Gideon
Rachman
I
used to think conspiracy theories
were the refuge of the powerless
and the uneducated. The convic-
tion that dark and secretive forces
are manipulating world events was
the mark of an outsider, surfing the
internet or shouting in the streets. In the
corridors of power they knew better. As
British civil servants like to murmur,
when things go wrong, it’s usually “a
cock-up, not a conspiracy”.
But conspiracy theorists have moved
from the streets to the suites. They have
become presidents of countries, includ-
ing Turkey and Brazil. In the US, Donald
Trump — who sees plots against him
everywhere — is planning his political
comeback. The most dangerous con-
spiracy theorist of them all is Vladimir
Putin, who is currently threatening the
world with nuclear war.
His speech last week, announcing the
illegal annexation of parts of Ukraine,
was stuffed full of conspiratorial think-
ing. According to Putin, the collective
west doesn’t “want us to be free; they
want us to be a colony . . . They want to
steal from us.” On previous occasions,
Putin and his key advisers have made
reference to the conspiracy theory of
the “golden billion”. This holds that the
Industry is now looking to the US on climate — everyone else must catch up
Søren
Skou
T
he map of global green
energy production for the
future is being drawn,
and the United States has
landmark.
established a significant
Amid an energy crisis exacerbated
by the invasion of Ukraine, President
Joe Biden’s Inflation Reduction Act
includes a game-changing $369bn
for climate and energy funding on top of
the $110bn of funding already chan-
nelled into climate investments last
year. This is expected to unlock more
than $1tn in combined climate-related
investments.
With the IRA the Americans have put
themselves at the forefront of the race to
become world leader in green energy
production and have given the renewa-
bles transition a much-needed boost.
The legislation is not perfect in every
Making the poor poorer is a false economy
ager at the Living Well Bromley food
bank. Others ask for food they don’t
have to cook because they have turned
the gas off, she says.
The number of visits to this food bank
has climbed from 530 adults with 183
dependants in August last year to 843
adults with 372 dependants this August.
About 1,000 people came for hot meals
in September, nearly double the
number from a year ago.
Many of these new visitors have never
used a food bank before. According to
Tamara Cooper, a volunteer, many are
working people who can’t pay the rising
cost of food and energy. She under-
stands: she sometimes sits with the
lights off to save money on her prepay-
ment meter.
Kwasi Kwarteng, the UK’s new chan-
cellor, U-turned on Monday on his deci-
sion to cut the 45p rate of tax for the
rich. But he still has a fiscal hole to fill.
One option under discussion is to cut
welfare spending by not lifting benefits
in line with inflation.
According to the Resolution Founda-
tion think-tank, uprating working-age
benefits by earnings rather than infla-
west has decided that the world only has
enough resources to support a billion
people — and that therefore it intends to
break up Russia and steal its resources.
Last week he claimed that western
countries have abandoned religion and
embraced “satanism”.
It is increasingly evident that Putin
actually believes many of the conspir-
acy theories he peddles. A deeply con-
spiratorial view of the world has driven
his actions for years. He has repeatedly
insisted that “colour revolutions” in
Ukraine and Georgia were not sponta-
neous democratic movements, but
“coups” manufactured by western intel-
ligence agencies.
Putin is uniquely dangerous. But he is
not the only president who is also a con-
spiracy theorist. As he faces the possi-
bility of electoral defeat, Brazil’s leader,
Jair Bolsonaro, is promoting the idea of a
vast leftist conspiracy to steal the elec-
tion from him. He has also embraced
the unproven theory that the Covid-19
virus was manufactured in a laboratory.
Giorgia Meloni, who is expected to be
Italy’s next prime minister, is fond of
conspiracy theories. She has flirted with
the “great replacement” theory — which
holds that there is a plan, hatched by
elite financiers, to dilute Europe’s Chris-
tian culture by promoting immigration.
The end goal, apparently, is to turn
Europeans into “slaves” and mindless
consumers, stripped of their national
and gender identities.
With dreary predictability, Meloni —
like Trump and Viktor Orbán in Hun-
gary — has suggested that the key figure
detail. But as the saying at Nasa goes:
“Better is the enemy of good enough.”
Considering the daunting task we
have in front of us, this is the mindset we
need. We do not have time to wait for
everything to be perfect.
Scaling green energy production and
making it price competitive is a serious
challenge. By providing an attractive
business case for private and public
partnerships, the IRA can help us fix
this problem through large investments
in a full suite of low-carbon technolo-
gies. An analysis by the Boston Consult-
ing Group shows that with the ground-
breaking incentives included in the act,
the cost of solar power can be halved,
and onshore wind power prices lowered
by more than 60 per cent.
At AP Møller-Maersk, we operate
more than 700 large container vessels
and 68 container terminals, as well as
3.2mn square meters of warehousing.
Every year we conduct almost 5mn con-
tainer moves on rail, trucks, and barges.
We consume large amounts of energy,
and in our ships alone, we burn close to
12mn tonnes of fossil fuel per year.
Nevertheless, we want to be climate
★ FINANCIAL TIMES
Opinion
tion next year would cost a typical low-
income working family with two chil-
dren more than £500 a year and save
the Treasury £5bn.
The UK does spend a lot on benefits
for non-pensioners: the bill came to
about 4.6 per cent of GDP in 2019/20, up
from about 3 per cent in the 1970s. But
spending has already been cut from
The better way to get tough
on welfare spending would
be to get tough on the
causes of welfare spending
about 5.7 per cent during the decade of
austerity that followed the financial cri-
sis. There comes a point where making
the poor poorer becomes a false econ-
omy — and I think we have reached it.
Families who become homeless have
to be put up in expensive bed and break-
fasts. People who become mentally or
physically unwell add to the healthcare
bill and drop out of the workforce.
More than 640,000 or so working-age
working against her country is the 92-
year-old Jewish financier and philan-
thropist, George Soros. “When you are a
slave, you act in Soros’s interests,” she
has declared.
Another powerful leader who rails
against Soros is Recep Tayyip Erdoğan.
The president of Turkey often blames
his country’s economic problems not on
his own ineptitude, but on a mysterious
“interest rate lobby” that supposedly
wants to impose usurious interest rates
on ordinary people.
Trump’s rise shattered any illusion
that the well-established democracies
of the west were immune to this sort of
thing. The former, and perhaps future,
president launched his political career
by promoting the “birther” lie — which
held that Barack Obama was not born in
Such theories have existed
for centuries. But in our
era they are favoured by
extreme nationalists
neutral by 2040 and to achieve signifi-
cant emission reductions ahead of 2030.
This will require a complete shift from
fossil to green fuels.
To make this happen, we need a
market for a green fuel such as e-metha-
nol. We need access to lots of cost-effi-
cient renewable energy to produce the
hydrogen needed for the e-fuels and to
When we see an
‘open for business’
sign in America,
we pay attention
secure a fuel price that is attractive for
our customers. And we need a new
energy infrastructure — one that cur-
rently does not exist. So when we see an
“open for business” sign in the US, we
pay attention.
Industry leaders must help to forge
the path forward. We are looking for
strong partnerships and investment
opportunities to create the market at
the requisite global scale, and poten-
people have already left the labour mar-
ket since the start of the pandemic. In a
survey of the leaders of NHS trusts last
week, 72 per cent said they had seen an
increase in people presenting with men-
tal health problems due to stress, debt
and poverty. More than a quarter of
trust leaders said they had set up food
banks for their own staff.
The better way to get tough on welfare
spending would be to get tough on the
causes of welfare spending. Roughly
three-quarters of working-age benefits
are spent in one of three ways: income
top-ups for workers with low earnings;
housing benefit to help people pay the
rent; and disability, sickness and inca-
pacity benefits for people who are
unwell.
In other words, the size of the welfare
bill is the consequence of Britain’s deep-
rooted problems with low pay, high
housing costs and poor health. The dys-
functional housing market, in particu-
lar, stands out. The UK spends less on
unemployment benefits than most
other OECD countries, but more than
any other OECD country on housing
benefits-in-kind.
the US. He has been a prolific promoter
of conspiracy theories ever since. This
culminated in his insistence that the
2020 presidential election was stolen
from him.
Conspiracy theories have existed for
centuries, since the age of witch-burn-
ing and before. But in our era of globali-
sation they are particularly favoured by
extreme nationalists, who see shadowy
foreign forces lurking behind every set-
back or national humiliation. A retreat
into such theories involves a flight from
reality, which then invites further disas-
ters. As things go wrong, the natural
reaction for a conspiracy theorist is to
double down, claiming that the disaster
their policies have produced is further
evidence of the original conspiracy.
The pressure of events can make even
normally rational policymakers reach
for the comfort blanket of conspiracy
theories. At the height of the euro crisis,
I encountered EU policymakers who
were flirting with the idea that it was all
caused by hedge funds, in league with
the Financial Times. Now that it is Brit-
ain’s turn to go through the financial
tially to become directly involved in
renewable energy production such as
wind and solar to produce our green
fuels.
I am convinced that green hydrogen-
based fuels will scale in the future
and that prices will eventually drop
when that happens. The Americans
have laid the groundwork for this
by showing a willingness to invest in
developing an attractive home turf for
this market, ahead of the rest of the
world.
For years, Europe liked to think of
itself as the global frontrunner in the
struggle against climate change. But the
US is now in the driving seat.
I hope that this American move can
serve as a green catalyst for the rest of
the world. Imagine a green “space race”
in which regions and nations push each
other to create the best conditions for an
accelerated energy transition.
Of course, in a race someone will fin-
ish first — but in the end we will all be
winners from a global political environ-
ment that fosters faster decisions,
incentivises green investments and ena-
bles businesses to embark on meaning-
These problems are not insurmounta-
ble. They require better community-
based and preventive health services,
more building of social housing, and
higher business investment in work-
force skills and productivity.
The alternative is to cut benefit
spending again and leave it to people to
try to help each other through. But this
is an economic shock that is reverberat-
ing far up the income ladder. People who
are usually comfortably enough off to
donate to others are now worried about
their own energy bills and mortgage
payments.
The Living Well Bromley food bank
has a shipping container in the car park
which is usually full of donations. Now it
is half empty. Two other local food
banks in the area have warned they
might have to close.
Still, people give what they can. And
Lott says it’s the people who have the
least who give the most. “People will
come in and say, ‘can I give you three
pounds? I used to be a guest and I want
to help’.”
sarah.oconnor@ft.com
wringer, some rightwing commentators
in the UK suspect a foreign conspiracy
to derail Brexit.
Those leaders who were already
inclined to conspiratorial thinking tend
to become even more paranoid, as
things go wrong. (In the immortal words
of Kenneth Williams in Carry on Cleo,
“Infamy, infamy, they’ve all got it in for
me.”) Putin’s annexation speech last
week was a classic example. Everything
that has gone wrong for Russia, since his
decision to invade Ukraine, was cited as
further evidence of the fiendish western
conspiracy that “justified” the invasion
in the first place.
Some years ago, Angela Merkel, the
former German chancellor, suggested
that Putin had lost touch with reality
and was living “in another world”. That
world is one in which hidden enemies
and plots abound. It is the world of con-
spiracy theories. Tragically, Putin’s dis-
eased imagination has unleashed a
needless, brutal and increasingly dan-
gerous war.
gideon.rachman@ft.com
ful transition journeys. The upshot will
be greater innovation, production at
scale and the construction of the green
energy infrastructure that is so badly
lacking today.
Acting on climate change and making
the move away from fossil fuel energy is
a global challenge — but one that also
comes with global opportunities. The
US government has sent a clear signal
with its commitment to partnerships
with businesses who are ready to invest
in a green future. Europe, China, the
Middle East, India and others should
follow suit with their own ambitious
investment plans.
Despite the turmoil in the world
right now, we should not forget that
we are in a climate emergency, and we
must act now to make significant
progress before 2030. The US has
invited the rest of the world to join the
race to a green future, but the good news
is that there is space for more than one
frontrunner. If we want to go far, we
need to go together.
The writer is chief executive of AP Møller-
Maersk
17
UK government
must remember
that debt
matters
Andrew
Large
I
nstead of focusing on whether
Kwasi Kwarteng’s “mini” Budget
will lead to the growth he desires,
attention has rapidly and rightly
shifted to financial stability. This
should have been uppermost in the
chancellor’s mind before he delivered
his statement to the House of Commons
on September 23, because without
stability there will be no sustainable
growth.
As deputy governor at the Bank of
England in the years leading up to the
2007-09 global financial crisis, I worried
about rising debt levels for the simple
reason that history has shown that debt
is at the root of all financial crises.
The reasons for my concerns then
were twofold. First, stability demands
that there should be a consensus
that debts are sustainable. In other
words, that debt can be serviced and
repaid when due. Second, the consensus
is always based on trust, and trust can
evaporate rapidly and cannot be taken
for granted.
In the lead-up to the crisis the worry
was that debts within the financial sys-
tem would reach a level where sustaina-
bility could become an issue; and that as
the levels of debt rose, one day a shock
or spark could ignite massive sales of
debt instruments, triggering instability
in the markets. We did not know what
might light the spark but we worried
that complacency would lead to the
danger being ignored.
As a result, I took a hawkish stance on
interest rates and was chastised by
colleagues on the Monetary Policy Com-
mittee who told me that debt was of no
There is a risk that we are
in danger of moving from a
gradual questioning to a
sudden loss of trust
consequence for monetary policymak-
ing. My protestation that one day that
same debt could lead to instability fell
on deaf ears.
The financial crisis and its after-
math serve as a warning that sparks can
appear unexpectedly, and that amass-
ing debt without regard to mounting
dangers is risky. Now once again the UK
is in a perilous position. But this time the
debt is not caused by overpaid bankers,
but by the sovereign government itself.
The spark has been the “mini” Budget.
It is extraordinary that more thought
had not been given to the stability impli-
cations for trust and the impact on
confidence in the markets of mounting
levels of debt. How did it come to this? I
see three underlying factors.
First, complacency about the implica-
tions of excessive debt has built up in the
years since the crisis, when interest
rates have been at or close to zero and
the cost of debt has been low. Not only
was this dangerous, it has also fed rising
inequality as asset owners have been
rewarded for little effort, with seem-
ingly no impact on growth, and those
without have felt left behind.
Second, we in the UK have been arro-
gant in forgetting that to a large extent
our sovereign debts are provided by for-
eigners. They need to be convinced that
government policies will make sense
or they will flee. And third, the ideologi-
cal approach taken by successive
governments has rejected the advice
of “experts”.
There is now a real risk that, after a
long period of ignoring the implications
of debt, we are in danger of moving from
a gradual questioning — perhaps illus-
trated by the steady decline in the value
of sterling up to the “mini” Budget — to a
situation where there is a real and
sudden loss of trust.
What is to be done? The Bank of Eng-
land was right to take the calming meas-
ures announced last week. But it now
faces the challenge of avoiding the
calamitous outcome of monetary
financing, where the central bank prints
money to pay the government’s bills. In
addition it will need to adjust rates, per-
haps brutally, both to restore confi-
dence further and control inflation.
But it is ultimately up to the govern-
ment to take action to restore trust and
avoid yet worse outcomes. The BoE
cannot do more than calm the waters
and buy time. For the good of the UK
and its citizens I hope the government
will remember that debt matters.
The writer is a former deputy governor for
financial stability at the Bank of England
18 ★ FINANCIAL TIMES Tuesday 4 October 2022

Credit Suisse: strife edge

The cost of insuring against a default by the Swiss bank has risen steeply and its shares have slumped. But
Credit Suisse is protected by large capital buffers and liquidity reserves. The lender has reduced reported
leverage by about a half since the financial crisis

Risk-weighted assets Default risk

Twitter: @FTLex
Kwarteng U-turn:
volatile mix
Contrition can be disarming. But Kwasi
Kwarteng’s U-turn on the abolition of a
45p tax rate for high earners will not
restore the UK’s fiscal credibility. The
measure accounted for under 5 per
cent of the £45bn package of unfunded
tax cuts in the “mini” Budget 10 days
ago. Moreover, the reverse ferret has
proved a damaging thesis about the UK
chancellor and prime minister Liz
Truss: they lack the judgment to intuit
the mood of markets or their own party.
Their original unforced error led to
an extreme jump in gilt yields. The
disarray is ominous. Markets are
febrile. Modest bad news can trigger
massive sell-offs, as US tech stocks
have also shown. The gyrations of the
UK bond market are exceptional. But
signs of stress are widespread.
In the US, the Move (Merrill Lynch
Option Volatility Estimate) index rose
to its second-highest level since 2009
last Wednesday. This index, derived
from options on Treasuries, captures
bond market volatility, much like the
Vix index does for stocks. The UK has
made itself vulnerable to a battering
from bond vigilantes. Kwarteng put the
UK’s reputation at risk by dispensing
with forecasts from the Office for
Budget Responsibility, firing the
Treasury’s top official and implausibly
targeting 2.5 per cent growth.
But he is right to point out that the
UK has a lower debt burden than most
other G7 countries. Its peers are
swallowing the same toxic cocktail of
high inflation, slowing growth and
tightening monetary policy. For many,
the fight against inflation is
handicapped by the surge in the dollar.
The war in Ukraine and tension with
China add to the uncertainties. This is
treacherous territory for investors.
But there are opportunities, too.
High volatility can help global macro
hedge funds, which try to anticipate
moves across interest rates, currencies,
equities and commodities. The HFRI
Macro index is up 9 per cent this year.
Good-quality shares with low
indebtedness and high dividend yields
should prove resilient.
Value stocks outperform growth
equities in periods of high inflation and
rising bond yields, according to a UBS
analysis of data going back to 1975.
The price of 30-year gilts is down
nearly a third over the past year. The
FTSE 100 has fallen by less than a
tenth as much. That is not the normal
pattern. As markets move further into
uncharted territory, there will be more
nasty surprises.
RWE/ConEd:
the Biden bid premium
The White House’s plans to encourage
the expansion of green energy have
produced some surprising results.
Consolidated Edison is a case in
point. The New York-based gas and
electricity provider has struck a deal to
sell its clean energy business to
Germany’s RWE for $6.8bn, including
debt. The transaction, if completed,
will be one of the biggest green energy
deals in US history. RWE is paying an
enterprise value/ebitda multiple of 11
times. That is nearly twice the multiple
of RWE itself.
For that, ConEd can thank President
Joe Biden. The Inflation Reduction Act,
signed into law in August, extended
generous tax breaks for green energy
projects. That has helped drive up the
value of US clean power portfolios.
Selling makes sense for ConEd,
which has a market capitalisation of
$31bn. The company operates about
3.1 gigawatts of utility-scale renewable
projects. But these assets — which
include solar farms in Texas and
California — are primarily in the west
and south-west. ConEd’s customers are
concentrated in the north-east.
Physically getting the power to its core
market would be expensive.
US utilities would prefer to invest in
grid upgrades and renewable projects
in their core, regulated businesses.
American Electric Power and Duke
Energy are also looking to sell their
green energy businesses, which face
stiff competition.
There are other reasons for the
disposal. ConEd plans to spend nearly
$15.7bn in capital expenditure by 2024,
which it will not cover with cash flow.
Selling its clean energy assets means it
can avoid tapping the debt markets just
as interest rates are rising.
For RWE, the deal doubles its US
renewable portfolio capacity to more
than 7GW. But it is likely to face
criticism for making a large acquisition
overseas rather than at home when
Europe is gripped by an energy crisis.
Q2 2022 SFr (bn)
Equity investments in funds
300
Credit valuation adjustments
Equity positions in banking book
250
Securitisation exposure in banking book
Other
Counterparty credit risk
200
Market risk
Operational risk
150
100
Credit risk
50
0 0
Risk-weighted assets Capital
FT graphic Source: company
First days on the job can be tough but
Dixit Joshi’s tops most. Credit Suisse’s
new chief financial officer started
yesterday after senior executives had
spent the weekend telling clients,
investors and counterparties that the
bank was solvent.
Such reassurance can be
spectacularly unsettling. It implies
that someone somewhere thinks the
business is in serious trouble. Credit
Suisse shares fell 8 per cent when
markets opened. Spreads on credit
default swaps moved even higher.
Its share valuation now lines up
with Greek banks. As the UK
government found out last week,
markets are ruthless during times of
heightened fear. Credit Suisse has all
the makings of an easy short. First, it
But it may win praise from investors
for diversifying out of strife-torn
Europe and its stagnating economies.
Opec+/Russia:
help wanted
Vladimir Putin has few friends outside
Russia. He should therefore offer a
hearty bolshoe spasibo to his oil-
producing brethren in Opec+. They
have heeded his suggestion for sharp
production cuts. Tomorrow’s Vienna
meeting should include a higher than
expected 1mn barrel per day reduction
to support sagging benchmark prices.
Brent bounced 4 per cent yesterday
to more than $88 per barrel. But it has
fallen by more than a quarter since
% Five-year credit default swaps (bp)
25
20
AT1
low-trigger
15
AT1 capital
high-trigger
10
05
CET1 capital
Capital
has a chequered history, including
losses from the Archegos and Greensill
scandals. Second, there has been a
revolving door of managers. The latest
of these will not unveil their plans for
almost a month. Form says it is hard to
give Credit Suisse the benefit of the
doubt. But the banking system
regulation today deserves greater trust.
If Credit Suisse is going bust, so,
improbably, are Deutsche and
Commerzbank. Their CDS spreads also
trade at or above highs of recent years.
All banks have greater loss absorption
capacity. Credit Suisse has SFr52.7bn
($53bn) of core and additional tier one
capital or 19.2 per cent of risk-weighted
assets. That covers losses from
Archegos by almost tenfold. The
leverage ratio is 6.1 per cent or about
peaking in early June. Opec+ says it is
worried about oil market
fundamentals. Russia has more to fret
over. Its oil is under sanctions in the
west. Indian and Chinese buyers are
sopping up Russian output only
because benchmark Urals crude trades
so cheaply, at about $75 per barrel,
according to S&P Platts. That discount
did not exist before the Ukraine
invasion. For Russia, both price and
volumes have fallen year on year.
Production has dropped by 200,000
barrels daily compared with September
last year, to about 10.5mn per day,
according to Energy Aspects. Russia
supplied the world with roughly a tenth
of its oil before invading Ukraine.
Unusually, Opec+ is now willing to
cede market share to producers outside
its cartel. That shows that Opec+ is
Deutsche 250
Commerzbank Bank
200
150
100
50
Credit Suisse
Société Générale
0 charges that she violated rules by not
2012 15 20 22
Source: Refinitiv
half what it was in 2008. Liquidity
reserves of SFr235bn comprise
central bank assets, Swiss government
bonds and US Treasuries.
Yet Credit Suisse may need more
capital or lower risk-weighted assets.
If so, how much? The bank raised
$10bn in 2015 but CET1 was lower
back then at 10 per cent. Raising half
of that today would be likely to need
a steep discount and could leave
shareholders facing a two-thirds
dilution. Asset sales are another
option. Global private banking assets
of $800bn are worth at least 2 per
cent of that, so could fetch $16bn.
Chief executive Ulrich Körner should
bring forward a promised clean-up to
assuage investor fears. The market’s
message to Körner: act now, not later.
wary of the world economy. In the US,
the world’s largest producer and
consumer, petrol demand (43 per cent
of the total) has slowed. On a monthly
average, it is down more than 6 per
cent year on year, according to Citi data.
North Sea producers such as Equinor
of Norway should benefit as Opec+
pulls back. Equinor’s giant 2.7bn barrel
offshore oilfield Johan Sverdrup is
ramping up output. US and Canadian
drillers, most without Opec country
exposure, should gain market share too.
Saudi Arabia may end up sacrificing
the most within Opec+ to maintain
group harmony. But the real test of the
cartel’s consensus has yet to happen. If
the oil price downtrend continues,
Opec+ will need more cuts in 2023.
Stresses within the group would then
become intense.
Kim Kardashian:
two sides of the coin
Kim Kardashian, eager to be known as
a serious businesswoman, should have
known better. In 2021, the US TV
personality turned lifestyle brand
promoted a cryptocurrency,
EthereumMax, on her Instagram page.
Kardashian did not inform her
followers — more than 200mn of them
at the time — that she received
$250,000 for the post. Yesterday, the
influencer paid $1.26mn to settle
disclosing the payment she received
from EthereumMax.
A typical Instagram follower
probably could have deduced that she
was getting something in exchange for
the post. Simply adding some fine print
would have spared her the ignominy of
SEC action just weeks after launching
her private equity firm. As a part of the
deal with the SEC, Kardashian did not
admit or deny wrongdoing. The SEC
has been aggressively ramping up its
oversight of crypto markets. This is
part of defending its role as the right
cop on the beat in financial services.
The SEC’s sway over crypto is not a
settled question. Washington has been
puzzling over which agency should
have purview. Based on a Supreme
Court ruling from 1946, the SEC applies
the so-called Howey test to determine
whether an asset qualifies as an
investment contract or security and
thus is subject to federal securities law.
The test is whether an asset involves
an investment of money in a common
enterprise, with the expectation of
profit to be derived from the efforts of
others. In its order, the SEC argues that
the marketing materials and public
statements made by EthereumMax
clearly demonstrate evidence that the
Howey test was met.
Some cryptocurrency sponsors,
notably Ripple Labs, are challenging
the SEC’s authority. Some in Congress
would prefer the Commodity Futures
Trading Commission to take the lead.
But the success of the SEC in winning
big settlements from the likes of
Kardashian is improving its chances of
establishing supremacy.
Lex on the web
For notes on today’s stories
go to www.ft.com/lex

CROSSWORD
No 17,216 Set by BOBCAT
        ACROSS
1 Youngster on short cut through library
(4,3)
5 Bread is consumed by the Masons at
initiation ceremony (7)
  9 Former Hollywood star not right in Ibsen
role (5)
10 Bus travelling around top speed in circles,
causing confusion (9)
11 More than one drug-taking bumpkin’s a
  potential nuisance in bed (9)
12 Garment exchange in old country involving
thousands (5)
13 See solution to debts? (5)
     15 Articles about Parisian night beginning to
take – I’m due payment (9)
18 Picnic food and drink get endlessly
knocked back at Glyndebourne’s première
(6,3)
   19 One directing space scheme’s oddly
deficient (5)
21 Part of presentation at a lecture on birth
(5)
23 The essence of beehive control? (9)
    25 Brightly decorate ornamental band
securing unusual gift (9)
26 I’m not sure china from Sèvres displays
taste (5)
  27 Dope needing support on course originally
looked refined (7)
28 Name going with position – highest
attainable with dodgy money out east (7)
DOWN
  1 Sensible pub drinks – just half a small
measure? (7)
2 Essential part of music from Bilbao got
mislaid (9)
3 Brass taps keep losing power when turned
(5)
JOTTER PAD 4 Commission Vogue to undermine Man
after change of hands (9)
5 Settled since apparently retiring (5)
6 Autobiographers could be aghast if this
payment’s withheld after editing (9)
7 It’s cooler, but more risky, to go topless (5)
8 One leaving friend abroad exposed is
heading for storm (7)
14 You shouldn’t be fit to take this
Solution 17,215 opportunity for self-improvement (4,5)
16 Officer got up and left: one fellow paying
* 5 $ 1 $ ' $ ' ( ) / $ 7 (
no attention (9)
2 0 7 / 8 , 7 0
17 Athens on vacation’s sure to be divine (9)
7 $ 8 1 7 / $ 0 % 5 8 6 & 2 18 Hit hard, and bound to start going into
2 * , % 0 6 ( 7 decline (7)
% $ 6 , & $ / / < 7 5 $ & , 20 Emily’s dancing with us in state of bliss (7)
( * $ < 2 22 A heavyweight boxing-wise by profession
' 5 $ 0 $ & + $ 0 ( / ( 2 1
(5)
0 0 . 6 $ /
( / ( 9 ( 1 6 ( 6 5 ( $ / 0
23 Who, in brief, held the fundamentals of
; 5 $ % $ Geist and Essence to be innate? (5)
& $ 3 5 , % $ , / ( ' 2 8 7 24 What’s left of tree found in hollow? (5)
, 2 & 5 / / 5 7
7 2 3 % $ 1 $ 1 $ * 5 $ & (
( 3 1 , 1 $ 7 5
' 5 $ * 2 2 1 7 8 5 5 ( 7 6