MONDAY 27 MARCH 2023 NATIONAL NEWSPAPER OF THE YEAR UK £3.50; Republic of Ireland €3.

90

A new golden age of technology is looming Odds are stacked against the poor in the US
RANA FOROOHAR, PAGE 27 MATTHEW DESMOND INTERVIEW, PAGE 23

Rescues halted Briefing

Banksy vessel i SNP poised to unveil new

seized in Italy
leader after bitter contest
Nicola Sturgeon’s successor is to
be unveiled in Edinburgh today
after a battle that exposed splits
Migrants on a rescue ship financed by on independence strategy and
street artist Banksy were yesterday fac- gender recognition.— PAGE 2
ing an uncertain future when the vessel
was impounded by authorities in Italy. i Boost for defence ties
Activists aboard the Louise Michel The success of the Windsor deal
said they were being prevented from has encouraged UK and Brussels
leaving the port after rescuing 180 officials to step up talks on closer
migrants at sea, as Giorgia Meloni’s gov- security ties.— PAGE 2; INVESTORS’
ernment clamps down on humanitarian SIGHTS, PAGE 12; FT VIEW, PAGE 26
operations in an attempt to halt a surge
in Mediterranean crossings. i Steel fight intensifies
The former French naval vessel was The liquidation of Aartee Bright
purchased with help from Banksy using Bar, Britain’s largest distributor of
money raised from the sale of his art. Its steel products, has intensified a
crew warned there were “dozens of fight for control involving metals
boats in distress” off the Italian coast. tycoon Sanjeev Gupta.— PAGE 16
The seizure is the latest twist in the
confrontation between Meloni and res- i Macron braced for unrest
cue groups and comes just weeks after a Fresh demonstrations against the
shipwreck in which 90 people, including president’s pensions reform are
many children, drowned after their expected this week, testing his
wooden boat broke up on a rocky coast. handling of a backlash that has
Crossings clampdown page 4 turned into political crisis.— PAGE 4
Elio Desiderio/EPA-EFE/Shutterstock

i Putin in nuclear shift

Russia’s president has unveiled

Investors pour $286bn into money

plans to station tactical weapons
in Belarus, the Kremlin’s latest
bid to use a nuclear war threat to
raise tension with Nato.— PAGE 6

market funds in scramble for safety

i Guns spiked by cat videos
Nammo, one of Europe’s largest
ammunition makers, has said it is
struggling to expand because a
data centre for TikTok is using up
spare power in the area.— PAGE 10

3 IMF chief warns of stability risk 3 Attractive yields on short-dated debt 3 Big inflows for Goldman
BROOKE MASTERS, HARRIET CLARFELT
AND KATE DUGUID — NEW YORK
JOSEPH LEAHY — BEIJING
The recent banking industry turmoil
has increased the risks to financial sta-
bility, the IMF has warned, as investors
seeking safety pile hundreds of billions
of dollars into money market funds.
Speaking at a conference in Beijing
yesterday, IMF managing director Kris-
talina Georgieva said uncertainties in
the world economy were “exceptionally
high”.
“Risks to financial stability have
increased at a time of higher debt lev-
els,” Georgieva said. “The rapid transi-
tion from a prolonged period of low
interest rates to much higher rates nec-
essary to fight inflation inevitably gen-
erates stresses and vulnerabilities, as we
have seen in recent developments in the
banking sector.”
The global financial sector was
shaken by the collapse this month of a
midsized US lender, Silicon Valley Bank,
which led to the fall of another Ameri-
can institution and the takeover of
Credit Suisse by UBS.
More than $286bn has flooded into
money market funds so far in March
according to data provider EPFR, as the
crisis raised concerns about the safety of
Regulators’ tools
and understanding
are more complex
than in the past.
But the dilemma
over bank failure is
Page 28 not much changed
bank deposits. That makes it the biggest
month of inflows since the depths of the
Covid-19 crisis. The surge helped push
overall assets in money funds to a record
$5.1tn last week, according to research
from Bank of America.
Goldman Sachs, JPMorgan Chase and
Fidelity are the biggest winners. Gold-
man’s US money funds have taken in
nearly $52bn, a 13 per cent increase,
since March 9, the day before SVB was
taken over by US authorities. JPMor-
gan’s funds received nearly $46bn and
Fidelity recorded inflows of almost
$37bn, according to iMoneyNet data as
of Friday.
Money market funds typically hold
very low-risk assets that are easy to buy
and sell, including short-dated US gov-
ernment debt. The yields available on
these vehicles are now the best in years
as they rise with interest rates.
The pace of inflows has particularly
increased from large depositors looking
for safe havens. While US officials
agreed to backstop all of the deposits at
SVB and Signature Bank, which failed
on the same weekend, they have not
guaranteed those above $250,000 at
other institutions.
Ashish Shah, chief investment officer
for public investing at Goldman Sachs
Asset Management, said: “Given the
volatility we are seeing in the market,
every investor has to ask themselves:
does my cash risk profile match [my
overall risk profile], and am I suffi-
ciently diversified among the choices?”
Data from the Investment Company
Institute showed that the money is flow-
Datawatch
ing specifically into funds that hold US Arms race
government debt, which are considered Share of weapons exports (%)
the safest destinations.
2013-17 2018-22
Sara Devereux, global head of Van-
40 US
guard’s fixed-income group, said:
“Money market funds have seen US 33
remarkable flows in recent weeks . . .
Part of that is because of a flight to qual- Russia 22
ity after the scare with bank closures, 16 Russia
but it’s also because yields for money 11 France
France 7 5 China
markets are currently very attractive.” 4 Germany
Neel Kashkari, president of the Min-
Source: Sipri
neapolis Fed, said yesterday that the
banking sector stress “brings the US The five largest arms exporters account
closer to a recession” but it was “not for more than three-quarters of global
clear whether there will be a widespread sales, with the US and France lifting their
credit crunch that would slow down the shares considerably over the previous
five-year period. North America and
economy”. Europe account for 87 per cent of exports
Additional reporting by Felicia Schwartz
Gold options & start-up funds page 10

L&G chief says levelling up is ‘failing’

NHS trials tech tie-ups to
ease pressure on services
Tech start-ups are joining forces with
the NHS to improve services and cut
costs. One app allows smartphones to
test for Covid and flu, reducing A&E
waiting times. Another uses music to
reduce pain and stress, resulting in a
lower need for drugs in care homes.
But despite the success stories, tech
entrepreneurs say a lack of funding is
holding them back. Partnerships with
the tech sector have also sparked
concerns over NHS data privacy.
Alternative treatments i PAGE 2
and bank upheaval will make it worse
EMMA DUNKLEY AND IAN SMITH
The outgoing boss of Legal and General
has said that the government’s flagship
regional development policy of level-
ling up is “failing” and the recent bank-
ing turmoil will make the situation
worse.
In an interview with the Financial
Times, Sir Nigel Wilson said: “Are we
freeing enough capital to get on [with
levelling up]? No. Are we building
enough affordable housing, social hous-
ing, build-to-rent housing? No.
“Will the banking issues have an
impact? Yes, because lending is going to
be more difficult, there’s less risk-taking
capital in the banking system. Along
with higher rates, plus the general
uncertainty about valuations, that’s
going to cause issues.”
Policy should be changed to encour-
age insurers and pension funds to invest
outside the capital to reduce regional
inequalities, he said.
L&G’s latest Rebuilding Britain index
found that attempts to “level up” UK
regions are failing or stalling and that, in
many cases, inequalities have widened.
Creating better-paid jobs and investing
in energy-efficient buildings were
among the most popular policy ideas for
the 20,000 people surveyed.
Wilson said: “If we want to be a sci-
ence superpower, we want to build the
science superpower infrastructure. If
we want to be world-leading in the tran-
sition to net zero, we need to put a huge
amount of capital into that area as well.
“We’d like to invest in this. We think of
it as diversification and it’s economi-
cally relevant. Putting our money into
old shopping centres isn’t what we want
to do. We want to invest in new things
for the future that improve productivity
and deliver growth and real wages.”
L&G is a big investor in property,
including to back its pension liabilities.
As of the end of 2022, it had £9.4bn
invested in the sector, including £4bn in
offices. It also had £1bn in commercial
mortgage loans.
Wilson, who announced in January
that he plans to retire after more than a
decade in charge of the FTSE 100 insur-
ance group, said that offices had become
a more challenging investment because
of the growth of homeworking.
“High streets have been really
depleted and if we’re not careful that’s
going to happen with offices,” he said.
“We haven’t invested in London offices
for quite some time because we’ve
always believed this is the same pattern
as retail.”
Lane Fox confidence warning page 3

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2 ★
Scotland
SNP candidates make final pitches
Race to succeed Sturgeon
as leader exposes party’s
deep divisions on strategy
LUKANYO MNYANDA — EDINBURGH
The leading candidates to replace Nicola
Sturgeon as leader of the Scottish
National party have made their final
pitches ahead of the contest ending
today, offering a choice between conti-
nuity with the outgoing first minister or
a shift aimed at reinvigorating its stalled
independence campaign.
The winner is due to be announced in
Edinburgh this afternoon, ending a con-
test that exposed deep divisions within
Tech innovation aims to reduce NHS costs
From apps to music therapy,
new ties with companies have
cut bills but obstacles remain
SARAH NEVILLE AND IAN JOHNSTON
A new app that turns a mobile phone
into a clinical-grade scanner is easing
pressure on one of the UK’s busiest
emergency departments, while another
company is using music to treat anxiety
and soothe pain, reducing drug bills.
Across the health and care sector, new
partnerships with technology compa-
nies are being forged with the aim of cut-
ting costs as well as contributing to
wider environmental goals.
However, scarce resources and some-
times cumbersome regulatory require-
ments are hampering their impact,
according to those in the sector, despite
growing evidence that such innovations
are reducing strain on services.
The testing application, ClearScreen,
which can be installed on a smartphone
has been developed by TestCard, a Brit-
ish diagnostics company, in collabora-
tion with Guy’s and St Thomas’ (GSTT),
a large London NHS trust.
Over the course of a trial, started in
2021, the app has proved so effective
that staff are now using it to trial the
world’s first dual Covid and flu test,
developed by Derby-based SureScreen
Diagnostics and piloted by the trust.
Clinicians say that by identifying
infected people faster, the scanner helps
to stop disease spreading within the hos-
pital. A swift diagnosis can also spare
patients waiting hours in hospital acci-
dent and emergency departments to
find out whether they have tested posi-
tive, limiting bottlenecks.
The partnership began early in the
coronavirus pandemic in 2020, said
Dr Rahul Batra, deputy director for the
Centre for Clinical Infection and Diag-
nostics Research at GSTT. The trust had
initially partnered with SureScreen
Diagnostics, a UK-based manufacturer
of lateral-flow tests, to develop a Covid
antibody test.
Batra said working with two British
companies had been “great . . . because
it’s given us the ability and the insight to
rapidly make changes” to the technol-
ogy. “I think that type of partnership is
really important for the future of the
NHS.”
MediMusic, a Hull-based company
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the SNP over strategy on independence
and other issues, including a plan to
reform laws on gender recognition.
The race was also thrown into disar-
ray when the party was forced to admit
it had 30,000 fewer members than it
had previously claimed after two of the
candidates questioned the integrity of
the contest. It led to the resignation of
the SNP chief executive, Peter Murrell —
who is also Sturgeon’s husband.
The candidates — Kate Forbes,
Humza Yousaf and Ash Regan — spent
much of the six-week campaign criticis-
ing each other’s records, a marked
change from the tight discipline of Stur-
geon’s eight-year tenure.
Forbes, 32, the finance secretary, said
Healthcare. Alternative treatments
Doubling up: that aims to use music to lift depression
Rahul Batra and ease pain, is another example of a
conducts a joint company that is forging links with indi-
flu and Covid-19 vidual hospitals to reduce NHS costs.
lateral flow test, Chief executive and co-founder Gary
also below, on Jones said it had developed a bespoke
a volunteer algorithm that identified pieces with a
Harry Mitchell/FT specific timbre and tempo proven to
deliver health benefits. In 20 to 25 min-
utes, a playlist could cut heart rate and
production of the stress hormone corti-
sol, and improve cognitive response.
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FINANCIAL TIMES
NATIONAL
yesterday she could break the “constant campaign was almost derailed when she
constitutional loop” by winning over disclosed that she would have voted
new supporters for independence that against a 2014 law that legalised same-
would give the UK government no sex marriage, and critics say her con-
choice but to allow another referendum. servative social views do not reflect
An attempt by Sturgeon to force a those of the party.
rerun of the 2014 referendum in which Yousaf, 37, the SNP health secretary,
Scots voted 55-45 per cent to stay in the remains the bookmakers’ favourite and
union was thwarted by Westminster’s was the only candidate present during
refusal to grant permission for a new Sturgeon’s final parliamentary appear-
poll. Her critics said failure to break the ance as first minister on Thursday.
stalemate in which Scots were divided He has presented himself as the can-
roughly in half on the issue made it eas- didate who would preserve the first
ier for London to ignore her demands. minister’s legacy of progressive social
“I’m the only candidate who can reach and economic policies.
across the political divide and persuade “At this important juncture in the his-
new voters to think again,” said Forbes. tory of our party, and the wider inde-
But the deeply religious candidate’s pendence movement, it is so important
Jones said one trial, conducted by Uni- Managing
versity College London, showed the cost
of managing stress in care home resi- stress in
dents could be cut from £1,125 per resi- care home
dent a year to £120 when MediMusic’s
technology was deployed. He said this residents
amounted to an 86 per cent return on could be cut
investment and a potential saving of
millions to larger care home groups. from £1,125
Another study had shown a 23.8 per per resident
cent reduction in the prescription of
anxiolytics, a class of drugs used to pre- a year to
vent or treat anxiety symptoms or dis- £120 when
orders, for patients who received this
kind of musical therapy. MediMusic
This in turn helped to diminish the technology
sector’s carbon footprint, he argued,
pointing out the pharmaceutical indus- is deployed
try was among the largest emitters of
greenhouse gases.
However, while tech solutions can
provide useful tools to ease pressure on
overstretched NHS resources, tech
entrepreneurs say a lack of funding in
the cash-strapped service is holding
back their potential.
Oxehealth, a business founded in
2012 by Professor Lionel Tarassenko as
Licence transfer
Lottery technology supplier
in stand-off with successor
OLIVER BARNES New York-listed IGT — which last year
generated a large share of its $618mn
The outgoing technology supplier to
“rest of world” revenues in the UK, its
the UK’s National Lottery is in a stand-
fourth-biggest market — has so far
off with the new operator, in a dispute
shared only a proposal about how
highlighting the fraught process sur-
switching from its Altura lottery termi-
rounding the first change of licensee in
nal to the system used by Scientific
the lottery’s 29-year history.
Games would work, people close to the
International Game Technology is lottery transition said.
demanding a multimillion-pound pay- But the changeover of software, which
ment to facilitate the transfer of opera- IGT estimates could take up to six
tions to Allwyn and its partner, Scien- months to be completed, has yet to
tific Games, arguing it has limited con- begin as IGT is demanding payment
tractual obligations to help, according to from the Czech-based group before it
several people close to the process. deploys resources to the project.
The group has supplied the software The people said they had concerns
and hardware underpinning the that delays could frustrate the process
30,000-plus lottery terminals used in of trying to hand over to a new technol-
retailers to incumbent operator ogy supplier.
Camelot since 1994. Allwyn said it had been “working
Allwyn, which in March last year won assiduously” on the transition, adding:
the tender for one of the UK’s most “We are confident IGT appreciate their
lucrative procurement contracts, is responsibilities to do what is best for the
rushing to prepare for the launch of the National Lottery.” Scientific Games did
newly minted lottery in February next not respond to a request for comment.
year after a legal fight with rival Camelot Additional reporting by
delayed the handover by six months. Jasmine Cameron-Chileshe
that we don’t choose to throw away our
winning strategy and the progressive
values that have become the hallmark
of the SNP,” he said.
Regan, 49, the former community
safety minister who resigned in opposi-
tion to Sturgeon’s gender recognition
reforms, is regarded as a rank outsider
and has the public backing of just one
elected SMP parliamentarian.
She believes the party “lost its way”
under Sturgeon and tried to appeal to
members frustrated by the other candi-
dates’ gradualist approach to gaining
independence.
The new leader will be sworn in as
first minister on Wednesday after a par-
liamentary vote in Holyrood tomorrow.
an Oxford university spinout, installs
infrared cameras in mental health
patients’ rooms to reduce falls and self-
harm, and provide other monitoring.
The company’s technology, Oxevi-
sion, is present in almost half of English
NHS mental health trusts. Research by
York Health Economics Consortium,
funded by Oxehealth, estimated the
technology could save NHS England
mental health trusts more than £80mn
a year by reducing spending on agency
staff and other costs.
Although Oxevision said installation
expenses could be recouped through
savings, they are a barrier for some
trusts. Fitting the tech costs £1,682 per
room on a yearly basis, according to the
company’s 2021 accounts.
NHS partnerships with the tech sector
have also sparked concerns over data
privacy. Camden and Islington NHS
Foundation Trust said it discontinued
its use of Oxevision last year after
patients said the constant monitoring
could be harmful for survivors of abuse.
“No other NHS trusts discontinued
the use of Oxevision due to the deci-
sion,” Oxehealth said.
Other companies have struggled to
monetise their work with the NHS. Bab-
ylon, the telemedicine company behind
the GP at Hand app, has wound down
UK operations to focus on the more
lucrative US market instead.
At MediMusic, Jones lamented a lack
of “segmentation” that meant all digital
technology, from an app “right the way
through to high-end robotics”, had to
bear the same burden of regulatory
compliance. In the US, by contrast, bur-
dens varied according to the level of
risk, he suggested.
He welcomed an announcement by
Chancellor Jeremy Hunt this month
that the UK medicines regulator, the
MHRA, would from next year “allow
rapid, often near-automatic” sign-off
for technologies already approved by
trusted regulators elsewhere and would
set up a fast new approval process for
the most cutting-edge devices.
The NHS said it was already leading
the world in developing and adopting
innovations that improved patient care.
“Thanks to partnerships with industry,
we have led the way in achieving the
world’s first ever net zero cancer opera-
tion, we have delivered chemotherapy
drugs by drone and the NHS has the
UK’s first hospital capable of being pow-
ered completely by solar energy.”
Asylum seekers
Ministers set to offer rebels
tougher migration measures
ROBERT WRIGHT
Home Office ministers are expected to
commit to further restricting migrants’
rights today in an attempt to head off a
rebellion by Tory backbenchers over
the new illegal migration bill.
Amendments are expected to include
measures that will bar domestic courts
from blocking the removal of migrants
from the UK to a third country such as
Rwanda. In return, a group of up to 60
rebels from the Tory right, including
Stoke-on-Trent MP Jonathan Gullis and
Devizes MP Danny Kruger, are expected
to withdraw their own amendments
that would have made the already tough
measures still more uncompromising.
Two of the MPs involved and one per-
son working with the backbenchers
confirmed there had been discussions
about a deal with ministers since late
last week. The legislation, which will be
debated in the Commons from today,
will bar anyone entering the country
illegally from lodging a claim for asylum
in the UK and oblige the home secretary
Monday 27 March 2023
Security talks
Windsor deal
brings hope of
closer EU-UK
defence links
HENRY FOY — BRUSSELS
GEORGE PARKER — LONDON
Senior EU and UK officials have
stepped up discussions in recent weeks
on potential steps for closer defence
and security co-operation in response
to Russia’s war in Ukraine.
Encouraged by the success of the Wind-
sor framework between London and
Brussels that removed Northern Ire-
land’s post-Brexit trading arrangements
as an irritant between the UK and EU,
security discussions have ramped up in
recent weeks.
Officials have held informal but regu-
lar discussions aimed at better
co-ordination in areas including
increased European arms production,
according to people briefed on the talks.
UK foreign secretary James Cleverly
and Maroš Šefčovič, the European Com-
mission vice-president, signed off the
Windsor deal on Friday and promised to
build on their recent “excellent co-oper-
ation”. In a joint communiqué, the two
sides said they would hold a dialogue “in
the areas of cyber security and counter-
terrorism” and vowed to continue to
collaborate on a European response to
the war in Ukraine.
Officials on both sides have long seen
foreign, security and defence issues as
The two sides said they
would hold a dialogue ‘in
the areas of cyber security
and counter-terrorism’
the most obvious areas for closer co-op-
eration post-Brexit, but the dispute over
the Northern Ireland protocol was seen
as a big obstacle. “There is interest . . .
and we have always been open to this,”
said one EU official. “Remember, it was
us that never wanted them to leave and
stop co-operation in the first place.”
Britain is one of western Europe’s two
leading defence powers, along with
France, with sophisticated intelligence
services and a global reach. Britain is
also the lead member of the JEF military
alliance that covers the Nordic and Bal-
tic states plus the Netherlands.
UK armed forces minister James
Heappey attended the EU’s inaugural
Schuman Security and Defence Forum
last week, and held “productive” bilat-
eral meetings with senior officials from
the 27-member bloc, the people said.
The discussions were aimed at “incre-
mental” progress, rather than a formal-
ised security and defence co-operation
agreement, those close to the talks said.
Co-ordination between Brussels and
London on sanctions against Moscow,
primarily under the auspices of the G7,
made clear to officials on both sides that
formal communication and co-
operation channels between the two
were necessary.
EU officials are also keen to explore
potential areas of co-operation in other
areas such as intelligence-sharing, joint
defence missions and possible ties with
the European Defence Agency, the EU’s
defence promotion wing.
“In general, we support [better
EU-UK defence co-operation]; it is rea-
sonable,” said one senior official from an
EU member state. “The devil is in the
details but in general, increased defence
capacity for Europe is good for us.”
The FT View page 26
to remove them to a third country. The
government has already struck a deal
with Rwanda to process UK asylum
claims there.
The rebels on the Tory right have
sought to close what they regard as loop-
holes that could allow challenges to
removals in the UK courts. Two MPs
from the group and a person working for
them confirmed they expected minis-
ters to commit to “serious engagement”
with the issues raised by their proposals.
Government-backed amendments
addressing their concerns could be
added later in the bill’s passage through
parliament. A Home Office insider
insisted no deal had been done.
Gullis said the amendments were
intended to ensure the government
could deliver not only the bill but its
wider promise to “stop the boats”, a key
pledge by Prime Minister Rishi Sunak.
“We believe that UK courts should not
be able to issue injunctions to prevent us
from removing immigrants to safe third
countries like Rwanda,” said Gullis.
Banksy rescue ship seized page 4
Monday 27 March 2023
Lane Fox warns
upheaval has
hit business
confidence
Investment decisions held back by political
and economic uncertainty, BCC head says
DANIEL THOMAS
Baroness Martha Lane Fox, the new
president of the British Chambers of
Commerce, has warned policymakers
that businesses are holding off making
big investment decisions, given the UK’s
recent political and economic upheaval.
Chancellor Jeremy Hunt made restor-
ing business investment a priority in his
Budget this month, with an extension to
tax breaks for capital spending and
measures to keep people in work.
But Lane Fox, who took over from
Baroness Ruby McGregor-Smith at the
business group last October, said when
it came to long-term spending decisions,
her members were “just waiting and
seeing . . . everybody still feels a bit like
they’re holding fire”.
She told the Financial Times: “People
just don’t feel like taking risks, investing
or thinking about international trade
when they’re still feeling anxious about
the political situation and the economy.”
Lane Fox describes herself as a “dot-
com dinosaur” — a reference to her first
venture as co-founder of start-up last-
minute.com during the tech boom and
bust of the late 1990s — but has since
served successive governments as a dig-
ital adviser, and founded businesses
such as karaoke chain Lucky Voice.
Until the takeover by Elon Musk last
year, she was on the board of Twitter as
it fought to make the US billionaire fol-
low through on his buyout of the social
media group. “We held him to account,”
said Lane Fox, referring to Musk’s
attempt to pull out of the deal. She is the
chancellor of the Open University and
chairs the board of Dutch tech group
WeTransfer.
The 50-year-old sits as a crossbench
peer in the House of Lords, with the title
of Baroness Lane-Fox of Soho, and has
championed causes around diversity
and social rights.
“It’s really hard to put myself in a
box,” she said, before adding: “That
does make me sound a bit of an arse.”
Prime Minister Rishi Sunak has tried
to restore economic stability after the
chaotic short lived tenure of predeces-
sor Liz Truss, but Lane Fox said more
work was needed as it was clear from
her talks with businesses around the
country that confidence was still fragile.
Added to that was the uncertainty
about a possible power shift in West-
minster with the next general election —
which must be held by January 2025 at
the latest — fast approaching.
The Labour party is well ahead in the
opinion polls and has been on a business
charm offensive in recent months. Lane
Fox said her members had been
impressed by what they had heard from
its leadership, especially shadow chan-
cellor Rachel Reeves. “Labour is a very
different party to five years ago, 10 years
ago. I’m sure that this incarnation of
Labour leadership understands the
importance of business.”
★ FINANCIAL TIMES
NATIONAL
‘Dotcom Whichever party won the next elec-
dinosaur’: tion, the new government needed to
Martha Lane help “make sure there’s a clear plan for
Fox’s first Britain, and what our economy looks
venture was the like in 2030”, she added.
start-up “It needs to be a clear ambition for
lastminute.com what we’re trying to build, what our
during the tech economy looks like, how we’re filling
boom and bust those jobs shortages, and how we’re
of the late 1990s building the skills for the future.”
Charlie Bibby/FT This included encouraging exports,
she added, with Brexit still a headwind
for British businesses three years after
the UK left the EU. “We’re doing 40 per
cent less trade with Europe than we
were before. That’s just an astonishingly
large number.
“We know that the skill shortage has
been amplified by Brexit, we know that
trade is not ramping up any time soon
because of the complexities and difficul-
ties around the bureaucracy of Brexit
trading.”
The BCC already provided help for
businesses to export, she said, some-
thing she is keen to champion as BCC
president. “With only 10 per cent of
British businesses exporting, that feels
to me like such rich and low hanging
fruit. We’ve lost a significant chunk of
our trading, and we need to build that
back up. All the talk of global Britain is
not going to happen if we don’t.”
Businesses are also concerned about
help with energy bills being scaled down
from next month, and many complain
about the lack of skilled labour. “The
consistent message I’ve heard in every
single chamber is that they struggle to
find the right skilled people.”
She described the 53 regional
chambers that make up the BCC as the
“life and soul of . . . British business”.
Regionally there was a “mixed picture”
on business confidence, with some areas
still feeling left behind, despite the gov-
ernment’s levelling up strategy.
“I appreciate why if you’re sitting in
Nottingham, or even if you’re sitting in
Coventry, or places that aren’t top of the
3
‘We’ve lost a political agenda, it feels as though it’s
not happening.” The government could
significant also help with “better digital infrastruc-
chunk of ture and more digital skills”, she said,
pointing to the lack of fast broadband in
our trading, rural areas. “It’s great to talk about inno-
and we vation but you do need non-headline
grabbing stuff.”
need to She said it was important to encour-
build that age all small to medium enterprises to
adopt technology to boost productivity.
back up. All The recent sharp correction in tech
the talk of valuations was “a massive dose of real-
ism”, adding: “I’ve seen these cycles
global before. And, of course, if you’re in a
Britain is business, and your valuation has col-
lapsed, it’s harder to raise money, your
not going to [venture capitalists] being tough on
happen if you, that’s tough.
“I do understand that probably more
we don’t’ than most people. But I’m still so funda-
mentally optimistic about the sector
itself. Betting on a good tech business is
not going to be a bad bet.”
Rana Foroohar page 27
4 ★ FINANCIAL TIMES Monday 27 March 2023

INTERNATIONAL

France Financial stability

Macron stands firm as more protests loom Ukraine will

Unions call further strikes
for tomorrow and voice
concern at rising violence
the retirement age, protesters clashed
with police on Saturday in unauthorised
demonstrations near the village of
Sainte-Soline in western France over
political headache for the government.
After more than 1mn people took part
in marches across France last Thursday,
clashes with police broke out on the
retirement age from 62 to 64 and
require people to work for 43 years to
qualify for a full pension. Laurent
Berger, the leader of the moderate CFDT
stop printing
ers began to take to the streets more money to
fund war, says
assiduously, and several French rights
groups have said many arrests were
made unnecessarily and without legal

SARAH WHITE — PARIS

France is braced for fresh demonstra-
tions this week against Emmanuel
Macron’s pension reforms, testing the
president’s handling of a backlash that
has spiralled into a political crisis.
A fresh day of national strikes called
by unions is set to take place tomorrow
after spontaneous protests occasionally
turned violent in recent days, prompt-
ing the British royal house to postpone a
planned state visit by King Charles.
Though unconnected to the broader
pushback over Macron’s move to raise
plans to build a water reservoir, which is
opposed by environmentalists.
A protester and a police officer were
seriously injured. Demonstrators threw
projectiles and set vans on fire, while
officers on quad bikes tried to control
crowds in the fields, using tear gas and
stun grenades, leading to fresh criticism
from some opposition politicians over
heavy-handed police tactics.
Protests against Macron’s unpopular
pension plans have taken a more unpre-
dictable turn since the government
bypassed a parliamentary vote in mid-
March to pass the law, leading to a back-
lash on the streets that is turning into a
Armed forces. Budget battle
sidelines. Protesters set fire to uncol-
lected refuse in central Paris, leading
A poll showed support for
Marine Le Pen’s RN party
would rise 7 points if
elections were held now
police to fire tear gas and deploy its
more heavy-duty motorbike brigade to
control crowds.
Labour unions and protesters have
called on Macron to withdraw his
reform, which will raise the minimum
union, urged the government to “hit
pause” on its plans, saying the spiralling
violence on the fringes of demonstra-
tions was worrying.
Macron has stood firm, arguing that
the overhaul is necessary for the pen-
sions system to remain viable. Govern-
ment spokesman Olivier Véran said yes-
terday there would be no room for rene-
gotiating the retirement age, and called
for calm.
French police have been accused by
rights groups and legal campaigners of
resorting to excess force during the pro-
tests. More than 1,200 people have been
detained since March 16, when protest-
foundation.
They have cited instances of pas-
sers-by being caught up in a police
swoop on demonstrators, while most
people were released after a night in jail
with no follow-up.
On a political level, the public back-
lash has so far benefited Marine Le Pen’s
far-right National Rally (Rassemble-
ment National) party, an Ifop poll in
Sunday newspaper Le Journal du Di-
manche showed. Support for the RN
would grow by 7 percentage points to
26 per cent if parliamentary elections
were held now, it found, from a score of
19.2 per cent in elections last June.
central bank
BEN HALL — KYIV
Ukraine will no longer resort to “dan-
gerous” monetary financing to fund its
war against Russia, its central bank
governor said, adding that an “open
conflict” with the government over the
issue had been resolved.
Andriy Pyshnyy, the 48-year-old head
of the National Bank of Ukraine, said in
an interview with the Financial Times
that it had “created huge risks for mac-
ro-financial stability” when the bank
was last year forced to print billions of
hryvnia to plug a budget shortfall.
“It was a quick remedy, but very dan-
gerous,” said Pyshnyy, who wears multi-
ple leather and silver wristbands up his

Germany’s defence minister calls the shots
Pistorius has won popularity
for being decisive and in
command of a tricky brief
LAURA PITEL — BERLIN
Germany’s defence minister has
become unexpectedly popular less than
three months into a notoriously difficult
job, as he promises to overhaul the
armed forces and champions a strong
response to the war in Ukraine.
Boris Pistorius’s zeal for his new role
has catapulted him to the top of the pub-
lic popularity rankings and has
impressed opposition lawmakers, dip-
lomats and defence industry executives.
Pistorius’s popularity stands in stark
contrast to that of Chancellor Olaf
Scholz, whose reputation took a hit in
international circles because of his
reluctance to approve military aid for
Ukraine.
Roderich Kiesewetter, an MP of the
opposition Christian Democrats (CDU)
and a former colonel, said Pistorius “has
shown a heart for the troops and his
communication is excellent”.
“As a former army guy, I must say in
comparison to 13 or 14 defence minis-
ters I’ve experienced since [joining the
military in] 1982, he could become a
really excellent one,” Kiesewetter said.
Pistorius’s enthusiasm and direct
style have made him a hit with the pub-
lic, with polling by broadcaster ZDF
naming him Germany’s most popular
politician in both February and March.
“He is not the typical political intel-
lectual,” said Dietmar Nietan, an SPD
MP who has known Pistorius for years.
“He is really someone who can go to a
bar or a pub and explain in minutes why
it’s right to deliver weapons to Ukraine.”
Christine Lambrecht, who resigned as
defence minister in January after a
gaffe-ridden 13 months, was widely
thought to have had little appetite for
brief that Pistorius appears to relish.
The day after he was sworn in, he was
thrust into a storm of anger towards
Germany over its reluctance to provide
Leopard 2 tanks to Kyiv. He joined other
defence ministers at the US Ramstein
air base in Germany and promised to
check inventories and see how many
tanks could be sent to Ukraine.
His comments were interpreted as a
sign that Berlin might soon relent, even
Enthusiastic: as Pistorius said he was not prejudging a
Boris Pistorius final decision but “preparing for the day
leaps from a that might well come”.
stepladder The following week, Berlin did agree
during military with Washington to supply Kyiv with
exercises Leopard 2 and Abrams tanks, the result
near Berlin of a deal thrashed out by Scholz and US
this month president Joe Biden. But Pistorius was
Klaus-Dietmar Gabbert/
DPA/AP
able to bask in the glow of the decision,
smiling as he handed Oleksii Reznikov,
his Ukrainian counterpart, a model
Leopard 2 on a visit to Kyiv in February.
Those who have seen Pistorius oper-
ate believe he is serious about tackling
problems, including a painfully slow
procurement process and equipment
shortages that have hampered the mili-
tary. “He has an executive mindset,”
said one German official. “And he has a
very good, strong sense of when senior
bureaucrats are telling him fairy tales.”
In what is seen as the first step in a
wider reshuffle, this month he replaced
General Eberhard Zorn, the top-rank-
ing soldier, with Major General Carsten
Breuer, who became known as the
“corona general” after being brought in
by Scholz to help manage the pandemic.
He also appointed Nils Hilmer, a confi-
dant, to drive reform at the ministry.
But analysts and government insiders
warn Pistorius will need grit to turn
Scholz’s promise of a Zeitenwende, or sea
change, in Germany’s European defence
and security role into reality.
He is fighting for an extra €10bn a
year for his budget, though analysts say
even that will be insufficient for Ger-
many to meet the Nato target of spend-
ing 2 per cent of gross domestic product
on defence. He has also joined defence
experts in warning the €100bn prom-
ised by Scholz to upgrade equipment for
the Bundeswehr, the federal armed
forces, will not be enough.
Pistorius has offered a stark assess-
ment, reportedly telling an SPD group
meeting this month: “We don’t have
armed forces that are . . . capable of
defending against an offensive, brutally
waged war of aggression.”
Despite the plaudits, one diplomat
said Pistorius had been lucky to take
over from a predecessor with a poor rep-
utation. “Even if he’d done noth-
ing . . . you could argue he would still be
‘We don’t deemed a better fit,” he said. Germany,
hampered by its second world war his-
have armed tory and complex past relationship with
forces Russia, was seen by Nato allies as “strug-
gling with a leadership role” on Ukraine,
capable of he said, and Pistorius was unlikely to be
defending able to change that. Others said the
proof would be in what Pistorius
against an achieved rather than what he said, the
offensive, budget talks being the first big hurdle.
Also untested is his willingness to take
brutally on Scholz. But observers argue that, at
waged the age of 62 and with most of his politi-
cal career behind him, he might feel
war of more liberated than previous holders of
aggression’ a role that has ended so many careers it
is known as the “ejector seat”.
Pistorius, who made an unsuccessful
bid for the SPD leadership in 2019, is “at
the end of his career, so he has nothing
to lose”, said Claudia Major, a military
analyst at the German Institute for
International and Security Affairs.
It was already clear Pistorius was not
afraid of taking decisions or speaking
his mind, she said, adding: “Now we’ll
see what he’s going to do.”
See The FT View
tattooed arms, as well as the standard
hoodie now worn by Ukrainian officials.
The finance ministry had been
unwilling to tap domestic bond markets
or raise revenues instead. It has since
changed course, paving the way for a
$15.6bn loan agreed between the IMF
and Kyiv last week, which still requires
approval of the fund’s executive board.
An end to monetary financing, use of
domestic bond markets and measures
to increase tax revenues have been
hard-wired into the IMF deal.
Economists feared Ukraine could fall
into a hyperinflationary spiral last year
because of money-printing to make up
for delayed disbursements of financial
aid from the EU.
Critics said the government should
have instead tightened its belt, bor-
rowed from Ukrainian banks and raised
taxes and customs duties. Pyshnyy’s
predecessor Kyrylo Shevchenko echoed
those arguments in an opinion piece in
the FT in September, adding to tensions
with the government.
Pyshnyy, a former banker, replaced
Shevchenko in October. On his first day
in office he set out to repair relations
with the government, meeting finance
minister Serhiy Marchenko “until the
late hours of the night”. They struck a
deal, with the central bank adjusting its
bank reserve requirements and the
ministry offering lenders more attrac-
tive terms.
Pyshnyy said the NBU’s aim was to
soak up excess liquidity by tougher
reserve requirements and gradually
return to a floating exchange rate.
He said the IMF had made a “revolu-
tionary” policy change by agreeing to
lend to Ukraine during a period of
exceptional economic uncertainty
caused by Russia’s invasion. The IMF
agreement would help to “ensure the
coalition of donors commits to provid-
ing assistance of about $40bn” this year,
he added.
Ukraine has a poor record of meeting
the IMF’s conditions during a succession
of bailouts. But Kyiv built confidence by
reaching the goals set by the fund during
a four-month “programme monitoring
with board involvement” over the win-
ter, Pyshnyy claimed.
He said the NBU would next month
revise down its forecast for GDP growth
in 2023 to just 0.3 per cent, after a 30 per
cent fall over the past year, reflecting the
impact of Russian missile strikes against
Ukraine’s energy infrastructure over the
winter. The new forecast does not factor
in any additional western aid for recon-
struction, which Pyshnyy hoped would
act as a “silver bullet” for the economy.

Mediterranean

Italy seizes Banksy migrant rescue ship in crossings crackdown

AMY KAZMIN — ROME
Italy has impounded a migrant rescue
ship funded by UK artist Banksy as
Giorgia Meloni’s government clamps
down on humanitarian operations in
an attempt to halt a surge in Mediterra-
nean crossings.
Activists operating the MV Louise
Michel — a former French naval boat
purchased with help from Banksy using
money raised from the sale of his art —
said the high-speed vessel was seized
after delivering 180 rescued people to
MAKE A WISE INVESTMENT the Italian island of Lampedusa, where
hundreds of others had arrived in their
own small boats over the weekend.
“Twenty-four hours after our ship is
Choose the Financial Times subscription for you detained, we still do not have any writ-
• React to trusted global news everywhere you ten justification for the detention,” the
go, with ft.com and FT apps Louise Michel crew said in a tweet yes-
• Get the iconic FT newspaper delivered to your terday. “We know of dozens of boats in
home or office from Monday to Saturday distress right in front of the island at this
• Enjoy our award-winning lifestyle journalism very moment yet we are being pre-
with FTWeekend vented from assisting. This is unaccept-
able,” the crew added.
Subscribe today at ft.com/subscribetoday
The seizure of the Louise Michel is the
latest twist in the bitter confrontation
between Prime Minister Meloni and
humanitarian groups trying to prevent
migrant drowning deaths in the Medi-
terranean.
It comes just weeks after a devastating
shipwreck in which 90 people fleeing
Afghanistan, Pakistan and Iran —
including dozens of children — drowned
just 40 metres from shore after their
wooden ship broke apart on rocks near
the Italian coast.
Meloni’s rightwing government
believes humanitarian rescue ships
such as the Louise Michel and Médecins
Sans Frontières’ Geo Barents create an
illusion of safety, which encourages peo-
ple to undertake the dangerous Medi-
terranean Sea crossing.
Italy has issued restrictive protocols
that attempt to limit such humanitarian
operations and has impounded NGO
ships that failed to comply. MSF’s Geo
Barents was impounded last month and
held for 20 days before being allowed to
leave port in Ancona.
Despite these curbs, the number of
migrants is surging. As of Friday, 20,379
irregular migrants had reached Italian
shores this year, compared with 6,518 in
the same period last year.
“It is super clear that this whole
approach is not for the safety of anyone,
or the safety of the ships — it’s just about
keeping humanitarian rescue ships out
of the water,” a Louise Michel crew
member told the Financial Times
yesterday.
Banksy supported the acquisition of
the Louise Michel, which started its res-
cue missions in 2020 and is named after
a 19th-century French feminist anar-
chist. The artist, who still helps fund the
operations of the boat, could not imme-
diately be reached for comment.
The seizure of the Banksy-funded res-
cue ship comes as the Italian govern-
ment is braced for a rise in migrants
The Louise Michel was impounded
after helping 180 people get to shore
coming from Tunisia, where socio-
economic conditions are deteriorating
rapidly under the authoritarian rule of
President Kais Saied.
“Not everyone is aware of the risks we
are running . . . and that it is necessary
to sustain Tunisia’s stability,” Meloni
told reporters in Brussels on Friday.
“The country has huge financial prob-
lems. If we don’t address those problems
properly, we risk an unprecedented
wave of migration.”
The Italian coastguard said on Satur-
day that the Louise Michel had rescued
people from four different distressed
vessels before bringing them to port,
which was in violation of the protocols.
The coastguard also complained that
the activists had “complicated delicate
rescue co-ordination work”.
At least 2,000 people arrived in Italy
this weekend after crossing the Mediter-
ranean in scores of precarious boats,
government officials confirmed to the
FT on Saturday, though they said the
full numbers were still being compiled.
The coastguard said it had picked up
745 people in two separate rescues off
the Italian coast on Thursday.
Additional reporting by Giuliana Ricozzi
Monday 27 March 2023 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Monday 27 March 2023

INTERNATIONAL

Ukraine war Investment drive

Putin to station nuclear weapons in Belarus Libya oil chief

Plan to move tactical said Russia would not transfer control of
the tactical nuclear weapons to Belarus
warheads increases or violate its nuclear non-proliferation
tension with the west obligations, the decision is one of the
countries in Europe . . . we have agreed
to do the same thing, without, I stress,
violating our international non-prolif-
eration obligations.
skyy’s office. “Making a statement
about tactical nuclear weapons in Bela-
rus, he admits that he is afraid of losing
and all he can do is scare with tactics.”
confident of
November. The US has warned China support from
both sides in
against providing Russia with weapons
to use on the battlefield in Ukraine,
though there is no indication as yet that

MAX SEDDON — RIGA

FELICIA SCHWARTZ — WASHINGTON
Vladimir Putin has said Russia plans to
deploy tactical nuclear weapons in Bela-
rus, marking Moscow’s latest attempt to
use the threat of a nuclear war to ramp
up tension with the US and Nato over
the invasion of Ukraine.
Russia’s president said work would be
completed on building storage units for
tactical nuclear weapons in Belarus on
July 1, a move he likened to US nuclear
deployments in Europe. Although Putin
Kremlin’s most significant steps with its
arsenal since its full-scale invasion of
Ukraine more than a year ago.
Putin said the deployment was in
response to a longstanding request from
Belarus’s autocratic leader, Alexander
Lukashenko, who has allowed Russia to
use the country as a launch pad for
attacks on Ukraine, thereby moving it
deeper into the Kremlin’s embrace.
“There is nothing unusual here: first
of all, the US has been doing this for dec-
ades,” Putin said.
“They placed their tactical nuclear
weapons in six different allied Nato
Russia. Economic pivot
“They have [tactical nuclear weap-
ons] in certain countries, prepare the
delivery systems and train the crews.
We’re planning to do the same thing.”
It was unclear when work began on
the nuclear storage facilities in Belarus
or when Russia would deploy the weap-
ons there.
Ukraine was quick to condemn the
plans. “The Kremlin took Belarus as a
nuclear hostage,” Oleksiy Danilov, chair
of Ukraine’s national security council,
wrote on Twitter. “Putin is too predicta-
ble,” wrote Mikhail Podolyak, a senior
adviser in President Volodymyr Zelen-
The Russian president’s comments
came only days after he signed a joint
statement with Chinese counterpart Xi
Jinping in which Moscow and Beijing
declared: “All nuclear powers must not
deploy nuclear weapons beyond their
national territories and must remove all
nuclear weapons they have deployed
beyond their borders.”
China’s backing of Russia’s stance has
given Putin an important bulwark
against western sanctions pressure,
though Xi and US president Joe Biden
opposed the “use or threat of use” of
nuclear weapons in Ukraine last
Beijing has decided to do this.
In another clip from the interview
yesterday, Putin said: “We are not creat-
divided nation
ing any military alliance with China.
Yes, we have military-technical co-oper- TOM WILSON — LONDON
ation. We’re not hiding it. That’s all
The head of Libya’s state oil company
transparent.”
said he had the backing of both the gov-
US National Security Council spokes-
ernment in Tripoli and the renegade
woman Adrienne Watson said the US
general Khalifa Haftar, who controls
had not seen any signs Russia was mov-
the east of the country, as he outlined
ing towards using a nuclear weapon.
plans to attract investment and boost
“We have not seen any reason to
production.
adjust our own strategic nuclear posture
nor any indications Russia is preparing A battle for control of oil revenues has
to use a nuclear weapon,” Watson said. been at the heart of the conflict in the
north African country over the past dec-
ade. Armed groups allied to Haftar, who
commands the self-styled Libyan
National Army, have frequently block-
aded oilfields and export terminals as
part of efforts to exert pressure on the

Moscow driven towards embracing renminbi government, cutting oil exports by a

Shift from ‘toxic’ currencies
poses risks, given Beijing’s
history of abrupt devaluations
ANASTASIA STOGNEI — RIGA
Russia has adopted the renminbi as one
of the main currencies for its interna-
tional reserves, overseas trade and even
some personal banking services as it
pivots towards China in the face of west-
ern sanctions.
The shift has made Russia a rare
example of a country adopting the ren-
minbi rather than the US dollar or euro
as a reserve currency but poses risks for
Moscow, given Beijing’s history of
abrupt currency devaluations.
China’s desire for international adop-
tion of the renminbi has gone largely
unfulfilled, but Russia has been driven
towards the Chinese currency by sanc-
tions, the freezing of $300bn of its inter-
national assets and moves to exclude its
main banks from global markets.
Russia was the fourth-largest econ-
omy, excluding Hong Kong, for volumes
of renminbi trading in February,
according to data from the Swift global
payments system. It did not feature in
the top 15 before Russia’s full-scale inva-
sion of Ukraine.
“A year ago the renminbi was an
exotic currency used only by those
working with China. Now people use it
for all types of foreign transactions,
even those having nothing to do with
China,” said Natalia Revenko, a founder
of Helpyou, a company that assists
Russian clients with opening foreign
bank accounts.
The rise of renminbi trading mirrored
Russia’s economic pivot to China, as
bilateral trade hit a record $185bn in
2022. Russian companies pay for most
purchases of Chinese goods in renminbi
— purchases that increased sharply
after the invasion in February last year.
Before then, more than 60 per cent of
Russia’s payments for its exports were
made in what the country’s authorities
now refer to as “toxic currencies”, such
as the dollar and euro, with renminbi
accounting for less than 1 per cent.
Now “toxic” currencies have dropped
to less than half of export payments,
while the renminbi accounts for 16 per
cent, according to data from the Central
Bank of Russia (CBR).
Russian president Vladimir Putin this
month endorsed the broader interna-
tional use of the renminbi. As he met
Chinese president Xi Jinping, he said he
Changing supported “the use of the yuan in pay-
money: ments between Russia and countries of
Russia is a rare Asia, Africa and Latin America”.
example of a More than 50 Russian banks now
country offer renminbi-denominated deposits,
adopting the often under names such as Silk Way and
renminbi rather Crescent Moon, attracting ordinary
than the US people with interest rates higher than
dollar or euro as US dollar-denominated accounts.
a reserve Russians are already accustomed to
currency holding savings in dollars or euros after
FT montage/Getty Images/
Dreamstime
experiencing the abrupt devaluation of
the rouble in the 1990s.
But Victoria Shergina, a financial
adviser with more than 800,000
Instagram followers, said: “When the
rouble strengthened last summer, peo-
ple panicked. ‘Is it true that the US dol-
lar and the US are dead?’ they asked,
repeating the state narrative. ‘Do I need
to get rid of my savings in US dollars
immediately?’”
The central bank began switching to
renminbi even before the full-scale
invasion of Ukraine, increasing its share
from 13 per cent to more than 17 per
cent of its currency reserves in the year
to January 2022, when it disclosed
details of its currency reserves structure
for the last time.
The figure has probably remained
unchanged, given that the central bank
did not increase its reserves in 2022. It
did not sell gold, which it could have
used to buy renminbi, while its euro and
dollar holdings were frozen, said Alex-
andra Prokopenko, a former CBR
adviser and now a visiting fellow at Ger-
man Council on Foreign Relations.
Those holdings are unusual: IMF fig-
ures show that less than 3 per cent of
global central banks’ reserves were held
in renminbi-denominated assets.
Now the Russian central bank had no
option but to continue this strategy, as
its access to most other reserve curren-
cies was restricted, said Iikka Korho-
nen, head of research at the Bank of Fin-
land Institute for Emerging Economies.
Natalia Lavrova, chief economist at
BCS Global Markets, said the low share
of renminbi in global foreign exchange
reserves was a result of most commodi-
ties being traded in the US dollar. While
China had recently been encouraging its
trading counterparts to shift to ren-
minbi, she added, the opacity of Chinese
financial markets had weighed on the
currency’s popularity.
Russia added the renminbi to the
basket of permitted currencies for its
National Wealth Fund in 2021, and
renminbi assets now account for about
30 per cent of the $147bn fund, accord-
ing to Financial Times calculations
based on data from Russia’s finance
ministry.
The Chinese currency still represents
only 2 per cent of personal and corpo-
rate deposits, marking its limited reach
in retail banking as many Russians still
lack faith in the currency as a store of
value. But ordinary Russians are among
those accessing renminbi on the Moex
exchange.
In February, the share of renminbi on
Moex reached almost 40 per cent from a
fraction of a percentage point in early
2022, according to CBR data. Late last
year the exchange even experienced a
shortage of renminbi, which was over-
looked by retail investors but apparent
to analysts, who noticed yuan-rouble
swap rates turning negative.
“It seemed to be a one-time occur-
rence, with an unknown player ‘hoover-
ing’ the market to make a huge payment
to China,” said Prokopenko.
Matteo Maggiori, professor of finance
at Stanford Graduate School of Busi-
ness, highlighted the unequal nature of
Russia and China’s financial relation-
ship. “Given Russia’s international situ-
‘A year ation, the dependence on the renminbi
has been a forced choice,” he said.
ago the This dependence posed risks, said
renminbi Lavrova: “The problem is not the co-
operation with China itself but that Rus-
was an sia has replaced multiple trading part-
exotic ners with only one player.”
Russia’s problems had been “the
currency. greatest gift for China” in the light of its
Now people desire to internationalise its currency
through foreign trade, Prokopenko said.
use it for She added that she did not think Russia
all types would struggle to access renminbi
liquidity. In August 2014, four months
of foreign after annexing Crimea from Ukraine,
transactions’ Russia launched a swap line with the
People’s Bank of China, which it can use
to deepen liquidity.
But she said the main risk for the
Kremlin would be unpredictable cur-
rency shifts by Beijing, which Moscow
cannot hedge against because they were
so hard to foresee.
She said: “If Beijing decides to devalue
its currency overnight, which it has
done before, Russian reserves go down,
trade contracts are disrupted — and
Moscow can do nothing about it.”
third in the first half of 2022 to fewer
than 800,000 barrels a day.
Farhat Bengdara, chair of the Libyan
National Oil Corporation since July, said
he enjoyed support across the divided
nation, which had allowed the Opec
member to restore production to 1.2mn
b/d. “I can travel anywhere in Libya —
south, east, west, north, wherever — and
I’ve been working with all parties,” he
said. He said his aim was to lift produc-
tion to 2mn b/d over three to five years
as he pledged to review the fiscal regime
to attract more foreign investment.
The NOC chief, a former governor of
Libya’s central bank, pointed to an $8bn
deal signed in January with Italy’s Eni to
develop an offshore gasfield as evidence
of progress. “You will see more of these
big projects in Libya.” Planned changes
to the fiscal regime for oil and gas invest-
ments would make Libya more “attrac-
tive to international investors”, he said,
without providing further details.
He also said the NOC was establishing
a separate department to focus on gas
production, with the aim of exporting
more to European countries seeking to
replace supplies from Russia. Libya sup-
plies about 8bn cubic metres of gas to
Europe annually, enough to meet about
2 per cent of the continent’s demand.
The latest phase in Libya’s decade-
long civil conflict erupted in 2019 after
Haftar launched an offensive on Tripoli
to oust a weak UN-backed government.
Prime Minister Abdul Hamid Dbeibeh
was appointed through a UN-sponsored
process to organise elections in late 2021
but the vote was never held amid dis-
putes over the rules.
Bengdara was based in the United
Arab Emirates, where he ran a bank
jointly owned by the UAE, Libya and
Algeria. His appointment at the NOC
was part of a deal, mediated by the UAE,
between Haftar and Dbeibeh, who ana-
lysts say now wants to hold on to power.
Mohamed Eljarh, head of the Libya
Desk consulting firm, said Bengdara
was a “guarantor for whatever under-
standing was reached between the two
sides”. As part of that arrangement,
members of Haftar’s LNA now received
regular salaries from the Tripoli-based
government in return for allowing the
oil to flow, he added.
Bengdara was appointed following
the ousting of long-serving chair Mus-
tafa Sanalla, who last year told the
Financial Times that Dbeibeh did not
have the authority to dismiss him and
that “masked, armed men” had forced
their way into NOC headquarters to pre-
pare the handover. Most diplomats
credit Sanalla with having kept the NOC
above the political fray. Sanalla could
not be reached for comment.
Additional reporting by Heba Saleh

Economic blow

Exports and jobs fall in China’s richest county amid gloomy outlook and US tension
SUN YU — KUNSHAN
Workers in one of China’s busiest
export hubs are struggling to get jobs as
the global economic outlook weakens
and tensions with the US push manu-
facturers to relocate factories outside
the country.
Kunshan, a county 50km from Shang-
hai in China’s Jiangsu province, used to
boast wages up to 30 per cent higher
than in less-developed interior prov-
inces, thanks to the thousands of con-
tract manufacturers that assembled
critical components there.
With almost 1mn people, Kunshan
has 1,529 export-focused manufactur-
ers from Taiwan alone and is known as
China’s richest county.
But its companies were cutting back,
factory owners and logistics groups said,
in response to falling exports, which had
driven China’s economic growth through
the pandemic. Chinese exports have
declined in dollar terms for five straight
months since last October as western
buyers reduce orders amid high inflation
and a gloomy economic outlook. Kun-
shan’s malaise reflects the challenges
faced by China’s export-led economy as
it emerges from three years of pandemic
restrictions and as policymakers strug-
gle to find another growth engine to off-
set a decline in foreign trade.
Factory headcounts have shrunk and
companies have cut hourly wages by up
to a third, according to recruiters, while
sign-on bonuses have been scrapped.
Many factories are turning down older
applicants, as declining orders have cre-
ated a labour oversupply, reversing a
pandemic-era trend when factories
increased hiring to meet demand.
The labour market weakness has
been exacerbated by Taiwanese manu-
facturers, the county’s biggest
employer, relocating production to
other countries to limit their exposure
to US-China tensions.
The Biden administration has sought
to secure supply chains of critical elec-
tronics, such as those assembled in Kun-
shan, on national security grounds,
pressing American companies and
those of its allies to reshore operations
and restrict trade with China. “Kunshan
owes its rise to prominence to the influx
of Taiwanese manufacturers,” said Dan
Wang, chief China economist at Hang
Seng Bank China. “These companies
have now become a drag on growth.”
Official surveys have reported a rise in
Kunshan’s export growth has slipped back
Annual exports, year-on-year growth (%)
2000 05
Sources: Kunshan Municipal People’s Government; General Administration of Customs
economic activity, with manufacturing a year ago. Instead of paying signing
and exports in local currency terms bonuses of up to Rmb10,000 ($1,450),
climbing in the first two months of the many factories have begun charging
year, but the recovery has not filtered fees to screen applicants.
down to companies and jobseekers. Job openings have also declined as
Wages at Taiwanese manufacturers in many employers have tightened age
Kunshan have fallen to less than Rmb19 limits for unskilled workers. Foxconn
($2.75) an hour from more than Rmb25 Kunshan, the leading Taiwanese Apple
contract manufacturer, now requires
applicants for entry-level positions to be
under 40 years old, compared with 45 a
year ago. “We don’t have enough posi-
80 tions for so many jobseekers,” said Chen
Jian, a recruiter who works with con-
China excluding Kunshan tract manufacturers in Kunshan.
60
Kunshan As demand for low-margin manufac-
turing dwindles, Kunshan has begun
40 courting foreign investors with higher
technological demands and focusing on
20 local sales to spur growth. The strategy
has attracted some companies thanks to
0 Kunshan’s established supply chain and
proximity to Shanghai, China’s largest
-20 high-end consumer market and hub for
10 15 22 tech research and development.
Bernd Reitmeier, the founder of
Startup Factory, a Kunshan-based busi-
ness incubator for European manufac-
turers, forecast membership to grow
this year as companies sought to tap the
world’s second-largest economy.
“The motivation for our companies to
come to China is to localise manufactur-
ing and to sell into the Chinese mar-
ket . . . As a consequence, they stay in
Kunshan,” said Reitmeier. “This is dif-
ferent from Taiwanese companies who
will move on.”
But the inflow probably will not be
enough to offset the shortfall from Kun-
shan’s contractor manufacturers. In
January, Chen Liyan, Kunshan’s mayor,
said the county expected $1.1bn of for-
eign investment this year, a drop from
$1.7bn in 2022. Chen set a growth target
for foreign trade of zero for 2023, follow-
ing a 3 per cent contraction last year.
“We need to be more realistic about
foreign investment and trade projec-
tions” given the shifting economic envi-
ronment, said a local official who
declined to be named. “The days of fast
growth are gone for good.”
Additional reporting by Andy Lin
Monday 27 March 2023 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES
INTERNATIONAL
‘We have
used
important
Powell and
tools to act
quickly to
prevent
Yellen struggle
contagion.
And they
are tools
to calm nerves
we could
use again’
Janet Yellen
in bank turmoil
Confusion over safety of deposits as US
policymakers fight fears of contagion
JAMES POLITI AND COLBY SMITH
WASHINGTON
The top US economic policymakers
seemed to be speaking with one voice on
Wednesday when Federal Reserve chair
Jay Powell and Treasury secretary Janet
Reassurances: Yellen separately reassured depositors
Janet Yellen and that their money was safe.
Jay Powell have But a few minutes later there was a
been telling sell-off in bank shares, reflecting confu-
depositors their sion among investors about how far the
money is safe government was willing to go to protect
Kevin Dietsch/Bloomberg/
Getty Images
those depositors.
Yellen had been asked by Bill Hagerty,
a Republican senator from Tennessee, if
the Biden administration was contem-
plating a unilateral guarantee for all
bank deposits — even those above the
current $250,000 limit for federally
insured savings. She responded that US
authorities would not go that far.
“I have not considered or discussed
anything having to do with blanket
insurance or guarantees,” she said.
The market sell-off following Yellen’s
remarks highlights continuing fears
over the fate of uninsured deposits at
small and regional banks two weeks
after the collapse of Silicon Valley Bank
and Signature Bank. Investors and
‘The longer the uncertainty
continues, the more
permanent the damage is
to the smaller banks’
depositors have been hanging on every
word uttered by policymakers for clues
on how far the government is willing to
intervene.
“What Yellen and Powell are trying to
do, which is hard, is calibrate what they
say so that if this blows over, they
haven’t committed themselves to doing
a lot of stuff that was unnecessary, while
acknowledging that if it gets worse,
obviously we’re going to have to do
more,” said David Wessel, a senior
fellow in economic studies at the Brook-
ings Institution.
The US Treasury and the Fed created
an implicit assumption that authorities
would jump in to protect Americans’
savings and prevent a broader banking
crisis when they set up a liquidity facil-
ity to help shore up struggling banks on
generous terms and to rescue uninsured
depositors at SVB and Signature.
But regulators have stopped short of
backing an explicit guarantee for all
deposits, or even an increase in the limit
for insured deposits. Those more radical
steps would probably require the politi-
cally thorny process of securing con-
gressional approval.
For now, the Biden administration is
still intent on tackling problems at indi-
vidual banks on a case-by-case basis. On
Tuesday, at a gathering of the American
Bankers Association, Yellen said “simi-
lar actions” to those taken with SVB and
Western alliance
Polish PM rejects fears over US
Republican support for Kyiv
SAM FLEMING AND ALICE HANCOCK
BRUSSELS
Poland’s prime minister has played
down fears that the Republican party
will water down US support for
Ukraine, saying sceptical voices were
part of a political “poker game” in the
run-up to the 2024 elections.
Mateusz Morawiecki, a strong Euro-
pean ally of the Republican party and a
frequent guest at US rightwing events,
spoke to the Financial Times after Flor-
ida governor and likely presidential
candidate Ron DeSantis triggered a
flurry of concern by saying Kyiv was not
in America’s “vital national interest”.
On Thursday, DeSantis rowed back on
some of his comments, insisting his
characterisation of the conflict in
Ukraine as a “territorial dispute” had
been misunderstood. But the governor’s
words came alongside former US presi-
dent Donald Trump’s isolationist stance
and regular attacks on the White House
over its handling of the war in Ukraine.
The Polish prime minister said that
meetings with US senators in February
had left him convinced that the Republi-
cans and Democrats were singing from
Monday 27 March 2023
Signature “could be warranted if
smaller institutions suffer deposit runs
that pose the risk of contagion”, contrib-
uting to a rally in bank shares. Then
came her remarks in the Senate on
Wednesday and the market sell-off.
By Thursday, before the House of
Representatives, Yellen tweaked her
testimony to offer an answer that was
comparable to her remarks two days
earlier, soothing investors again. “We
have used important tools to act quickly
to prevent contagion. And they are tools
we could use again,” she said, adding:
“Certainly, we would be prepared to
take additional actions if needed.”
Although critics have suggested that
Yellen’s comments have contradicted or
clashed with Powell’s, most economic
policy experts in Washington have dis-
missed any suggestion of a chasm
between them regarding the response to
the crisis. Powell’s statements about the
safety of deposits overall is based on
confidence in the power of the Fed facil-
ity, while he has not directly addressed
the more narrow question of guarantees
for uninsured accounts.
But some blamed mixed messages
from Washington for feeding the mar-
ket turmoil. “The longer the uncer-
tainty continues, the more permanent
the damage is to the smaller banks, and
the more difficult it will be to bring their
customers back,” tweeted Bill Ackman,
the activist investor and CEO of Persh-
ing Square Capital.
By Friday afternoon, after a gathering
of the Financial Stability Oversight
Council, US regulators and officials,
including Yellen and Powell, declared
that the banking system remained
“sound and resilient” — amid some
comfort that deposit flows had stabi-
lised and the crisis was confined to a few
institutions.
One person familiar with the Biden
administration’s thinking said on Friday
it did not view an expansion of deposit
insurance as necessary because it
already had “tools” to support commu-
nity banks. The White House said:
“Since our administration and the regu-
lators took decisive action last weekend,
we have seen deposits stabilise at
regional banks throughout the country
and, in some cases, outflows have mod-
estly reversed.”
But if stresses in the banking sector
continue or worsen, the haze around
whose uninsured deposits might be pro-
tected could become troublesome.
Wessel said: “I think the bigger prob-
lem is the one that policymakers always
have at a time like this: how do you try
and restore confidence in the banking
system without exaggerating how much
you know, or saying something that
you’re going to regret three days later
when something blows up? I think all of
them are struggling with that.”
Market questions see Companies
See Opinion and Lex
the same “hymn sheet” with regard to
Ukraine, Russia and China. Morawiecki
also maintains a solid relationship with
the administration of Joe Biden, having
received the president in Warsaw last
month ahead of the first anniversary of
Russia’s full-scale invasion of Ukraine.
“Defeat of Ukraine [would mean] the
defeat of the west, and such a defeat
would be bigger than Vietnam,” the
prime minister said following an EU
summit in Brussels. “I’m cautiously
optimistic about the American
. . . political class — bipartisan, GOP and
Democrats.”
Morawiecki said initially he had been
worried by DeSantis’s remarks but
noted the Florida governor had subse-
quently made a “significant step back”.
“I believe it’s all said in the context of the
political battle preparing for the elec-
tion next year. I see this as part of this
poker game,” Morawiecki said.
The prime minister added that if
China became more seriously involved
in the conflict on the side of Russia, it
would prompt the US to “step up” its
support for Ukraine. Provision by China
of large quantities of weapons to Russia
would be “very dangerous”, he added.
10 ★ FINANCIAL TIMES Monday 27 March 2023

Succession pains Relinquishing control isn’t the only challenge for chief executives on the way out y WORK & CAREERS, PAGE 22

Ammunition Hot metal Heavy bets on rising gold price as

investors seek shelter from banking turmoil
Altria’s new
smokeless
maker loses push sets up
fight with PMI
power struggle ANDREW EDGECLIFFE-JOHNSON
NEW YORK
OLIVER BARNES — LONDON

with TikTok
Altria’s plan to come back from its dis-
astrous $12.8bn investment in Juul is
drawing it into a head-to-head fight for
the US smokeless tobacco market with
Philip Morris International, the former
sister company it tried to recombine
with four years ago.

The owner of the Marlboro brand in the

3 Data centre leaves little surplus energy
3 Defence group says growth is curtailed
RICHARD MILNE — OSLO
One of Europe’s largest manufacturers
of ammunition is struggling to expand
its biggest factory because a new data
centre for TikTok is using up all the
spare electricity in the area.
Nammo, which is co-owned by the
Norwegian government and a Finnish
state-controlled defence company, has
been told there is no surplus energy for
its Raufoss plant in central Norway as a
data centre that counts the social media
platform as its main customer is using
up the electricity.
“We are concerned because we see
our future growth is challenged by
‘We are concerned
because we see our future
growth is challenged by
the storage of cat videos’
the storage of cat videos,” Morten
Brandtzæg, Nammo chief executive,
told the Financial Times.
Demand for ammunition has surged
because of the war in Ukraine, which is
using about 6,000 rounds a day — equiv-
alent to the annual orders from a small
European country. Brandtzæg said
demand for artillery rounds was more
than 15 times higher than normal.
The European ammunition industry
needs to invest €2bn in new factories
just to keep up with the demand from
Ukraine, let alone other European coun-
tries, according to the Nammo chief
executive.
“We see an extraordinary demand for
our products which we have never seen
before in our history,” he said.
TikTok is building three data centres
this year with the option of adding two
more by 2025 in Hamar, 25km to the
east of Raufoss, Norwegian data centre
provider Green Mountain said this
month. TikTok declined to comment.
Elvia, the local energy company, con-
firmed that the electricity network had
no spare capacity after promising it to
the data centre as it allocates it on a first
come, first served basis.
Asked whether it was coincidence
that a Chinese-owned company was
stopping a defence company’s expan-
sion, Brandtzæg replied: “I will not rule
out that it’s not by pure coincidence that
this activity is close to a defence com-
pany. I can’t rule it out.”
“If Nammo orders capacity, depend-
ing on how much it needs, it will take
time before there is available capacity as
the transmission network needs to be
strengthened,” Elvia said.
Experts say conflict over which com-
panies and which type of industry get
priority access to electricity grids is
likely to increase across Europe. Data
centres have flourished in the Nordic
countries because of once plentiful and
cheap electricity, as well as a colder cli-
mate that keeps cooling costs down.
The clean energy transition is also
prompting companies in the battery
sector and steel industry to flock to the
Nordics, causing competition over
access to electricity.
Brandtzæg said governments needed
to set priorities for which industries
could receive special access to energy.
Per-Gunnar Sveen, head of the com-
mittee for business development at the
county council of Innlandet where
Nammo is based, said: “In this special
matter, we will work to secure the supply
Nammo needs to go forward with their
plans and be able to expand its factory. It
is in the national interest to secure their
possibility for development.”
Bullish trades soar
Five-day rolling trading volume of options on SPDR Gold Trust (’000)
Calls Puts
Apr 2022
Source: Bloomberg
NICHOLAS MEGAW — NEW YORK
Traders are betting on further
increases in the price of gold after it
touched a 12-month high last week,
as investors predict the US Federal
Reserve’s cycle of interest rate rises is
over and seek havens during banking
sector turmoil.
Spot prices for gold touched $2,000
an ounce for the first time since the
immediate aftermath of Russia’s inva-
sion of Ukraine.
Prices slipped back after testing the
level several times throughout the
week, but trading in options contracts
linked to the metal suggest many
investors are expecting a more sus-
tained rally in the weeks ahead.
Financial investors generally make
bets on gold prices through futures
contracts, exchange traded funds, or
options contracts tied to them.
Aakash Doshi, head of commodities
for North America at Citigroup, said
there had been a surge in investor
activity across all three channels in
recent weeks.
March is set to be the first month of
net inflows into gold ETFs for 10
months, while the volume of bullish
options bets tied to the funds has
approached record levels.
Call options give investors the right
to buy assets at a set price at a later
date. The five-day rolling volume of
call options on the SPDR Gold Trust
ETF has surged more than fivefold
since the start of the month. The ratio
of calls to puts — options that are used
to make bearish bets or protect
against downside risk — has also
swung to extreme levels, suggesting a
consensus among traders that prices
are on the way up.
There was a similar increase in
interest in CME’s gold futures and
options tied to them, including deep
“out of the money” options, which
would only pay out if the gold price
hits new all-time highs.
Suki Cooper, precious metals ana-
Chris Ratcliffe/Bloomberg
2.0
1.5
1.0
0.5
0 its lead in the US market.
2023 Mar
lyst at Standard Chartered, said in the
days immediately following the col-
lapse of SVB and Signature there was a
huge increase in “tactical” positioning
as traders looked for assets consid-
ered havens in times of crisis.
In previous crises, this impact has
been offset by other investors being
forced to sell gold to meet margin calls
on other investments. However,
Cooper said months of investor out-
flows meant positioning was light at
the start of the latest problems, reduc-
ing the amount of further selling.
At the same time, the bank crisis
has led investors to reassess the out-
look for interest rates in the US. Rising
rates over the past year had reduced
the attractiveness of yield-free gold
investments, but investors have
become increasingly convinced that
the Fed’s latest rate increase last week
will be its last.
“If we’re at the end of a rate hiking
cycle, there’s much more scope for
upside,” Cooper said.
US unveiled a new line-up of alterna-
tives to the cigarettes which still account
for 90 per cent of its sales at an investor
day on Thursday, setting a goal of dou-
bling revenues from smoke-free prod-
ucts to $5bn by 2028.
That portfolio, including On! oral nic-
otine pouches and a new device called
Swic that heats tobacco capsules, will
compete with PMI products Zyn, which
was developed by recently acquired
Swedish Match, and IQOS, the heated
tobacco sticks which are expected to
launch in the US in 2024. Smoke-free
products delivered 32.1 per cent of PMI’s
revenues last year.
Billy Gifford, Altria’s chief executive
officer, said that he expected PMI to be a
tougher rival than others but added that
the company was confident of retaining
“Will they be slightly better than
Swedish Match? Probably so. But we’re
used to competition,” he said, citing
Altria’s strong relationships with retail-
ers and distributors.
This month Altria paid $2.75bn to buy
NJOY, an e-cigarette start-up, in its lat-
est bet on the vaping market after losing
almost all of the $12.8bn it invested
in Juul five years earlier. The US
group wrote down the value of its
35 per cent stake in Juul to just $250mn
before swapping it for intellectual prop-
erty rights to some of Juul’s heated
tobacco prototypes.
Altria “certainly had a lack of success”
with Juul, Gifford admitted, blaming its
failure on “chasing the market” rather
than listening to consumers. With its
new products, he said, “we’re going to be
led by the consumer”. It would own
100 per cent of NJOY, he added, and
could improve its distribution.
Sal Mancuso, chief financial officer,
said Altria could offset about half of its
$12.5bn loss on the Juul investment
against future capital gains taxes.
The former Philip Morris rebranded
as Altria in 2003 and spun out its inter-
national operations as PMI in 2008.

Banks. Venture debt

Founders fear tech chill after SVB’s demise
Entrepreneurs flag rising risk
of company collapses amid
tough funding environment
GEORGE HAMMOND — SAN FRANCISCO
TIM BRADSHAW — LONDON
In late 2020, Silicon Valley Bank vice-
president Armando Argueta offered a
word of caution to any start-up founder
considering loans from less-established
lenders. “Many players come and go in
the venture debt market, so make sure
that whomever you are talking to is a
long-term player. When a bank decides
one day that it is no longer interested in
lending venture debt, it can wreak
havoc on your business,” he wrote in a
post on SVB’s website.
Since SVB’s collapse this month,
founders are learning the hard way how
true those words are. The bank was the
pioneer and linchpin of a venture debt
market that gave start-ups an alterna-
tive source of funding, without the need
to sacrifice equity stakes or swallow a
much lower valuation.
Across the US, SVB was responsible
for roughly a tenth of all venture debt
issued in the year so far. But on its home
turf in California, the bank was behind
more than 60 per cent of all deals this
year, according to data from Preqin.
Founders and investors fear that the
demise of the tech sector’s favourite
bank will ripple through to lower valua-
tions and hasten company collapses
amid an already tough funding environ-
ment, according to more than a dozen
interviewed by the Financial Times.
SVB’s collapse “will have a devastat-
ing impact on the ecosystem,” said Ales-
sandro Chesser, chief executive of
start-up Dynasty, which creates trusts.
Venture debt is typically issued to
companies that have already raised
equity in at least two or three rounds,
with the prior backing of venture capi-
talists providing confidence to lenders.
Private tech companies have been
relying on debt in larger numbers than
previously, as rising interest rates
reduce the amount of equity funding
available for start-ups.
A report published this week by GP
Bullhound, a tech investment and advi-
sory firm, found that debt issuance to
European tech companies doubled to
€30.5bn last year compared with 2021.
Debt was 30 per cent of all venture
capital raised in European tech in 2022,
according to figures from Dealroom,
compared to 16 per cent in the previous
six years. Cleantech and fintech compa-
nies were among the biggest borrowers.
Olya Klueppel, head of credit at GP
Bullhound, said the increase reflected
equity investors’ pullback from tech as
well as acquisitive companies looking to
take advantage of falling valuations.
“Terms have changed quite significantly
in favour of lenders,” she said.
In the US, the venture debt market
provided a lifeline last year as the pool of
available venture capital shrunk. Total
debt issuance was $32bn, in line with
2021, even as venture capital fell
sharply from $345bn in 2021 to $238bn,
according to data from PitchBook.
Access to venture debt has also been a
way for start-ups such as Allie Egan’s to
buy some extra time or put cash in the
bank for a rainy day. “We took on the
venture debt line as an extra option and
we want to keep that because the name
of the game is uncertainty right now,”
said Egan, founder of digital health com-
pany Veracity Selfcare.
With SVB in the hands of the govern-
ment and currently being auctioned off
by regulators, founders are anxious that
access to debt will dry up and existing
loans may even come under pressure.
“There definitely won’t be the same
degree of venture debt available — you
can go to [neobank] Mercury and oth-
ers, but the terms are worse and is that
safer?” said Egan. “It’s sad — the envi-
ronment is going to drastically change,
it’s going to make it harder to innovate.”
SVB gained favour with start-ups
thanks to its close relationship with
their venture capital backers and by
being “extremely competitive” on pric-
ing, said GP Bullhound’s Klueppel.
“The big draw also for a lot of the tech
companies going to SVB was because
they offered a banklike facility where
they could draw money over a very long
period of time,” she added.
There is now uncertainty for start-ups
who arranged those facilities with SVB
SVB pioneered a market offering an
alternative source of start-up funds
but never drew down on them. Those
anxieties exist both in the UK, where
SVB UK has been sold to HSBC, and the
US, where the sale process is ongoing.
For SVB, which banked start-ups and
their venture capital backers, lending to
founders at relatively low rates was a
viable business — not least because it
often mandated that companies park
their deposits at the bank in return.
In exchange for debt issued at rates
that were more generous compared
with peers, SVB often took warrants
that could convert to shares once a com-
pany exited, and benefited from closer
ties both to the start-up and their ven-
ture backers.
But shorn of those relationships, it is
less clear how much value SVB’s $6.7bn
US loan book has. Much of that lending
is to start-ups with “modest or negative
cash flows and/or no established record
of profitable operations,” according to
the company’s annual report.
The loan book is yet to find a buyer
despite the Federal Deposit Insurance
Corporation extending its auction and
broadening the pool of participants.
Even if an acquirer is found, few cus-
tomers of SVB in the US or in Europe
expect business to continue as before.
Without a supply of debt, companies
will be increasingly beholden to venture
backers, said Maëlle Gavet, chief execu-
tive of Techstars, one of the world’s larg-
est investors in early-stage start-ups.
“You are asking for more, and in the
market we’ve experienced over the past
eight months, with valuations going
down and venture capitalists being
pretty careful when it comes to their
investments, the VCs are going to have
an even more powerful position,” she
warned.
12
European investors set their sights on defence
Ukraine war and planned rise in military budgets prompt increase in private equity and venture capital funding
LEILA ABBOUD — PARIS
SYLVIA PFEIFER — LONDON
Russia’s invasion of Ukraine has
prompted a surge of interest from pri-
vate investors in European companies
in defence and related technologies as
they bet that the coming boost in mili-
tary spending in response to the conflict
will offer growth opportunities.
Private equity executives in France,
including Sanofi chair Serge Weinberg
and former Airbus manager Marwan
Lahoud, are among those spearheading
a move to consolidate the country’s frag-
mented aerospace and defence supply
chain, which includes many small com-
panies still suffering the effects of the
Covid-19 pandemic.
“The bigger defence companies are
concerned about having a solid supply
chain. This is becoming even more
important given the perspectives of
additional military spending that is set
to come through with the next multi-
year military budget,” Weinberg told
the Financial Times.
His private equity firm, Weinberg
Capital Partners, has raised more than
€100mn for a new fund that will invest
in French defence companies and hopes
to double that amount as fundraising
continues.
Private capital investment in the aer-
ospace and defence industry stretches
back decades but has long been the pur-
view of the larger private equity funds,
given the complexity of operating in a
highly regulated sector where govern-
ments play an outsized role.
The long-term nature of defence con-
tracts can be a deterrent to private
investors that typically look to exit after
five years, while national security con-
cerns can make selling out of companies
more difficult. Many funds, particularly
in Europe, have also been wary of back-
ing weapons manufacturers because of
the risk of running foul of environmen-
tal, social and governance (ESG) rules,
preferring instead to back players devel-
oping dual-use technologies for both
civil and military applications.
But as governments have started to
★ FINANCIAL TIMES
COMPANIES & MARKETS
Front line: a Ukrainian drone operator in Bakhmut. Private investors are taking notice of such technology as governments invest more — John Moore/Getty Images
Global deal activity in aerospace and defence companies increases as war in Ukraine continues
Global PE deal flow Global VC deal flow
Deal value ($mn) Number of deals Deal value ($mn)
30 500 30
400
20 20
300
200
10 10
100
0 0 0 0
2012 15 20 22 2012 15
Companies catagorised as defence include those that manufacture goods or provide services related to weapons, cybersecurity or military applications
Source: PitchBook
invest more in new capabilities such as
drones, sensors, cyber and artificial
intelligence that have broader applica-
tions, private investors have begun to
take notice.
The war in Ukraine has also prompted
plans for a significant increase in mili-
tary spending in many countries includ-
ing France, Germany, Poland and the
UK, which private investors are eager to
cash in on.
Global deal activity in aerospace and
defence companies by private equity
and venture capital investors stood at
$20bn in 2022 and $34bn in 2021,
according to data compiled by Pitch-
Book for the FT. That represents an
uplift from before the pandemic when
money flowing into the sector averaged
$10.4bn annually from 2015 to 2019.
European private equity deal activity
in defence-focused companies reached
€3.8bn in 2021, according to data from
PitchBook, the second highest over the
past decade after €5.3bn in 2019. The
two top PE defence deals by value were
done by Advent International, which
bought UK-listed groups Cobham for
£4bn in 2019 and Ultra Electronics for
£2.8bn in 2022.
Lahoud, chair of private equity at
Tikehau Capital, which has invested
roughly €1.1bn in aerospace and
defence through four funds since 2004,
Financials
SoftBank Latin America head shrugs off losses
MICHAEL POOLER — SÃO PAULO
The co-head of SoftBank’s Latin Ameri-
can fund said he had “zero concern”
about securing extra capital from its
Japanese parent, despite nearly $1bn of
investment losses and the departure of
the man considered its architect.
Alex Szapiro, managing partner and
head of Brazil for the Latin America
fund, told the Financial Times he
believed the technology conglomerate
remained committed to the region, with
close to $8bn already invested and
“hopefully more” soon.
SoftBank launched a $5bn vehicle
dedicated to the emerging market
region in 2019 and later followed with
another of $3bn, in an initiative driven
by former high-ranking executive
Marcelo Claure. But the Bolivia-born
billionaire’s exit from SoftBank more
than a year ago, after falling out with
company founder Masayoshi Son, has
led to questions over the future direc-
tion of his brainchild, compounded by a
paper loss of about $900mn on the Latin
American investments.
The group’s flagship Vision Funds,
two far larger pools of capital for inno-
Number of deals
500
400
300
200
100
20 22
said the sector “has become more popu-
lar” lately. “Before it was seen as some-
thing to be ashamed of, so no one talked
about investing in defence, but since the
war in Ukraine, the dynamic has
changed, and investors are bragging
about it,” he said.
After President Emmanuel Macron
called for French defence contractors to
go on “war economy” footing last year,
the government also declared its sup-
port for the creation of more investment
funds in defence to strengthen the
roughly 4,000 small and midsized com-
panies that supply the likes of Airbus,
Dassault Aviation and Thales.
Boosting suppliers’ capacities will be
key if France is to realise the goals set
out in Macron’s 2024-2030 military
budget that calls for spending to rise by
roughly 40 per cent to €413bn.
France is also trying to coax compa-
nies to bring manufacturing of weapons
back from abroad, such as with a recent
plan to help finance a project at Eurenco
group to build a new factory to make
‘It was seen as something
to be ashamed of but
since the war in Ukraine,
the dynamic has changed’
vative technology globally, have slashed
dealmaking after substantial write-
downs on their holdings.
Conceived as a standalone entity
apart from the rest of SoftBank, the
Latin American offshoot’s portfolio con-
tains more than 80 companies. It
quickly spent big to back many of the
area’s most richly valued private enter-
prises, including Mexican used car mar-
ketplace Kavak, Colombian delivery
app Rappi and Brazilian property plat-
form QuintoAndar.
While acknowledging a slowdown in
its investing activity, Szapiro insisted
Alex Szapiro said SoftBank would
remain committed to Latin America
Monday 27 March 2023
powder for artillery shells near Bor-
deaux. France took a similarly proactive
approach during the pandemic by
encouraging private equity funds to go
into aerospace. The state invested
€200mn in a newly created fund, which
was backed by contributions from Air-
bus, Safran, Thales and Dassault Avia-
tion, and managed by private equity
group Tikehau Capital.
Nato has followed suit, launching a
€1bn fund in June to invest in start-ups
and VC funds developing dual-use tech-
nologies, including artificial intelligence,
novel materials, propulsion and space.
Shonnel Malani, managing partner at
Advent International in London, said
even before the war in Ukraine, private
capital had been flowing into the
defence sector, given the increasing geo-
political risks posed by China and Rus-
sia. For Advent, the defence sector is a
“priority” and it has a particular interest
in “innovative technologies focused in
areas of hypersonics, cyber, space and
submarine defence”.
Venture capital funds are also invest-
ing more in European defence-related
companies and put in €96mn in 2022, a
50 per cent increase from a year earlier
and the highest level in a decade,
according to PitchBook analysis.
Portuguese drone company Tekever
is among those that have attracted
greater interest since the start of the
war. The company, whose drones have
been used for maritime surveillance
missions in the English Channel while
also being tested by Nato navies, raised
€20mn through a funding round led by
UK-based investor Ventura Capital in
2022. “We’ve seen some increase since
the war started, particularly because
our technology is dual-use and can be
applied in a wide number of markets,
including defence,” said Tekever chief
executive Ricardo Mendes.
Other recent fundraising examples
include Germany’s AI start-up Helsing,
which produces live maps of battlefields.
Despite the tailwinds bringing more
private funding into defence, it remains
to be seen whether these will prove to be
profitable investments.
French investors Lahoud and Wein-
berg both separately cautioned that pri-
vate equity funds had to choose their
targets well to avoid running into prob-
lems when seeking to exit, given that
governments were under pressure to
protect key strategic assets.
“It is not possible to run a worldwide
auction for a business but you can run a
French or European one,” said Lahoud,
adding that such limitations could hurt
valuation multiples.
The UK, which has historically had a
more open approach to foreign take-
overs, stepped in to secure binding com-
mitments from Advent in relation to its
purchases of both Cobham and Ultra.
The latter makes submarine-hunting
equipment as well as control systems for
the fleet of Trident submarines that
carry the UK’s nuclear deterrent.
France in 2021 blocked private equity
group Ardian from selling Photonis,
which makes image intensifier tubes for
night vision technology, to a US com-
pany and required it to sell to a Euro-
pean buyer instead at a lower price.
To avoid such issues, Weinberg’s fund
has hired a former official from a French
government department that oversees
purchasing for the military. “You have
to have a certain proximity with the
state to really know where you can
invest and how you can exit,” he said.
See The FT View
this was less related to Claure’s resigna-
tion, instead reflecting a general trend
plus a dearth of start-ups “of the right
maturity”.
After VC funding in the region hit an
annual record of $15.9bn in 2021 at the
peak of the boom, the amount dropped
by half last year, according to the Associ-
ation for Private Capital Investment in
Latin America.
SoftBank declined to provide a com-
plete list of its transactions in the region.
Since Claure’s exit in January 2022 there
have been 16 investments with a total
value of about $400mn, according to a
person familiar with the matter. The
team last month led a $48mn combined
funding round and merger for human
resources group Rankmi of Chile.
This month’s collapse of Silicon Valley
Bank, which catered to many start-ups,
has sparked warnings that credit lines
for such businesses could dry up.
About 80 per cent of companies in
SoftBank’s Latin American stable had
sufficient cash for the next 12 months or
more, said Szapiro. With most of the
required cost cuts already undertaken,
he estimated 30 to 40 per cent would
break even in the coming two years.
Monday 27 March 2023 ★ FINANCIAL TIMES 13

COMPANIES & MARKETS

Airlines Industrial goods

Air India chief plots course for turnround Daikin targets

Plan to challenge global
rivals includes overhaul
of fleet and IT systems
PHILIP GEORGIADIS — LONDON
JOHN REED — NEW DELHI
The chief executive of Air India said the
carrier was embarking on the biggest
turnround effort in airline history as he
outlined ambitions to turn India into the
next big aviation hub, following a huge
order for new planes.
Campbell Wilson said he hoped to
return the recently privatised airline to
the “upper echelons” of global aviation
as part of an overhaul by new owner
Tata Sons.
Wilson has begun to rebuild an airline Last month the airline announced its
that has been bleeding $2.4mn a day, is global ambitions with an order for 470
upgrading a fleet of antiquated planes, planes from Airbus and Boeing, one of
and runs on some of the oldest informa- the largest ever such purchases.
tion technology in the industry. “It’s cer- The airline is recruiting staff and
tainly the biggest aviation turnround, I pilots and rolling out services in the
think, that I am ever aware of . . . I don’t hope of capitalising on India’s growing
think there is anything that has ever economy and population — from this
been attempted like this before,” Wilson year the world’s largest — and diaspora,
told the Financial Times. many of whom fly to India via the Gulf.
Tata, the industrial group that Wilson said he planned to triple pas-
acquired the formerly state-owned senger numbers and to eventually chal-
national carrier after a $2.4bn bid in lenge Gulf airport hubs, including Dubai
2021, last year began a five-year a and Qatar, for layover traffic.
turnround programme codenamed Tata is also seeking regulatory per-
Vihaan.AI — derived from the Sanskrit mission to merge Vistara, its airline
for “dawn of a new era” and aimed at joint venture with Singapore Airlines,
transforming the brand, following into Air India. As part of the planned
nearly 70 years in state hands. merger, Singapore Airlines is investing
Market questions. Week ahead
about $250mn in Air India, giving it a
25.1 per cent stake. Air India is also inte-
grating its Air Asia Express and Air Asia
India into a single carrier.
Wilson was unable to say when the
carrier would turn a profit, but pointed
to “so much low-hanging fruit” for cost
cuts and revenue growth, including
modernising basic functions such as
scheduling, fuel and insurance con-
tracts and its frequent flyer programme.
He said the airline was the last in the
world to switch away from an old reser-
vation system and, until the takeover,
had last hired anyone to work in IT in
2007. Air India’s new owners have
started to invest heavily in IT — in a
business where many processes were
formerly manual — and installing new
seats and in-flight systems in its shop-
worn existing fleet.
Wilson said he did not “want to speak
ill” of the airline’s previous leaders, who
he said were constrained by the
bureaucracies of public ownership.
“They kept it going. They kept it going
long enough to be purchased.”
But some international observers
have questioned whether such a turn-
round is possible, given how Indian car-
riers have long struggled to compete on
the global stage.
Ryanair chief executive Michael
O’Leary, another major Boeing cus-
tomer, questioned whether Air India
would “ever take all those aircraft”.
“The history of Indian aviation is
boom, bust, boom, bust,” he told the FT.
India as hub
for air-con
production
ERI SUGIURA — OSAKA
Japan’s Daikin Industries aims to make
India its biggest manufacturing hub for
exports, as the world’s largest air-
conditioning company targets a near
tripling of Made in India products sent
abroad by 2025.
In an interview with the Financial
Times, chief executive Masanori
Togawa said European efforts to reduce
dependence on Russian energy and
tougher environmental regulations had
presented the group with “the biggest
opportunity” to expand sales of energy-
efficient heating products such as heat
pumps and has prompted the company
to consider producing them in India.
“We are actively ramping up produc-

Core inflation remains a concern for central banks
How fast is eurozone
inflation falling?
European Central Bank president Chris-
tine Lagarde said last week that euro-
zone inflation would “decline steeply
this year” while underlying inflation
pressures would “remain strong”. Data
to be released on Friday will show how
these two trends are playing out.
Inflation in the 20-country single-
currency zone has fallen for four
consecutive months since hitting a
record high of 10.6 per cent in October
and it is expected to fall again from
8.5 per cent in February to 7.3 per cent in
March, according to a Reuters poll of
economists.
However, any relief at the ECB over
this drop could be offset by an expected
rise in core inflation — which strips out
energy and food prices to give a better
picture of underlying price pressures —
from 5.6 per cent to a new eurozone
record of 5.7 per cent.
Economists think this month’s bank-
ing sector turmoil is likely to make lend-
ers more cautious, squeezing credit sup-
ply and reducing price pressures. But it
is probably too soon for this to have
much impact on Friday’s inflation data.
A purchasing managers’ survey pub-
lished by S&P Global last week pointed
to more strong growth in wages and
companies’ selling prices, particularly
in the services sector. Franziska Palmas,
an economist at Capital Economics, said
that this “adds to the reasons to think
that, as long as the banking crisis doesn’t
escalate much further, the ECB will con-
tinue to hike rates”.
Martin Arnold
How much will Chinese economic
activity have slowed?
Investors are expecting slower growth
in China’s business activity ahead of the
latest purchasing managers’ indices on
Friday. But markets could come under
further pressure if either of the official
growth gauges underperforms — or slips
into contractionary territory.
Economists polled by Bloomberg
have forecast China’s manufacturing
PMI to come in at 51.8 in March, down
from 52.6 for the January-February
period and closer to the 50-point line
separating expansion from contraction.
The non-manufacturing PMI, which
includes the country’s vast services
sector, is tipped to dip to 54.3, from 56.3
previously.
Two trends: Analysts said that while recent data
Christine for industrial production, investment
Lagarde believes and retail sales in China had all shown at
eurozone least modest growth, the country’s
inflation will fall recovery from a long period of economi-
steeply this year cally disruptive zero-Covid policies
would be gradual and remained vulner-
while
underlying able to external demand shocks.
pressures will Iris Pang, chief greater China econo-
‘remain strong’ mist for ING, predicted slowing demand
Alex Kraus/Bloomberg for Chinese goods from foreign markets
was likely to result in a drop for export
orders in March, but expected a simul-
taneous boost for domestic orders. She
added that while a recent rise in housing
purchases was likely to support the non-
manufacturing PMI, which includes the
construction sector, “it should not be
seen as a growth factor”.
Alicia Garcia Herrero, chief Asia-Pa-
cific economist at Natixis, said China’s
reopening was “clearly improving this
year’s economic outlook . . . but there
are still challenges, especially from very
weak external demand”.
Hudson Lockett
Will the Fed’s preferred measure
of inflation slow further?
The Bureau of Economic Analysis will on
Friday release the February figures for
the core personal consumption expendi-
tures index, the Federal Reserve’s pre-
ferred measure of inflation.
Some parts of the data are expected to
show that price rises slowed last month,
after a surprising acceleration at the
start of the year, attributable to a one-off
increase in social security payments.
Economists surveyed by Bloomberg
forecast that headline PCE will have
slowed from 5.4 per cent in January,
year on year, to 5.1 per cent in February.
But the core figure — which strips out
‘As long as the volatile food and energy sectors and
is more closely watched by the Fed — is
the banking expected to remain flat at 4.7 per cent.
crisis That stagnation is likely because of
the continued strength in shelter and
doesn’t other services costs, argue analysts at
escalate Credit Suisse, even as the prices of goods
prove disinflationary.
much The data comes after the Fed raised
further, the interest rates by 0.25 percentage points
at its meeting last week, and indicated in
ECB will its “dot plot” that officials expected
continue to interest rates to be raised only one more
time this year, even amid signs of per-
hike rates’ sistent inflation.
The transatlantic angst in the banking
sector has driven rate expectations
lower, with experts, including Fed chair
Jay Powell, saying the resulting tighten-
ing of credit conditions is likely to have
the same effect as a rate increase.
Kate Duguid
tion of heat pumps, but if Europe
enforces tighter regulations to require
them at full scale by 2030, we still won’t
be able to meet enough demand with
our production in the region,” said
Togawa, at Daikin’s headquarters in
Osaka.
“India would turn into a market as
giant as China in the future, as the mid-
dle class and the wealthy are growing
tremendously. In addition to concen-
trating production of [mass-market
air-conditioning] products in India,
we will also consider making heat
pumps in the country that are exported
abroad,” he said.
The company has one of the largest
market shares in the European heat
pump market along with Japan’s Pana-
‘India would turn into a
market as giant as China in
the future, as [the wealthy]
are growing tremendously’
sonic and had already planned to quad-
ruple its heat pump manufacturing
capacity in Europe by 2025. To help
reach the target, it will set up a dedi-
cated plant in Poland and increase pro-
duction at existing facilities in Germany,
Belgium and the Czech Republic.
In India, Daikin is constructing a new
plant, which will begin operation in
August, making room air conditioners
and compressors, a key component. It is
doubling down on a market where only
5 per cent of homes have air condition-
ing. The company will also aim to export
Made in India air-con products to 100
markets in 2025, up from 30 in 2021.
Pursuing an aggressive acquisition
strategy, the Osaka-based manufacturer
has expanded rapidly outside its shrink-
ing home market to become the world’s
top manufacturer of air-conditioning
equipment by sales. In 2006, it acquired
Malaysian rival OYL for ¥232bn
($1.7bn) and further expanded in the US
with the $3.7bn acquisition of Goodman
Global in 2012.
With the rise in global energy prices
boosting sales of its energy-efficient air
conditioners in Europe, the US and Asia,
the company has forecast a record oper-
ating profit for the second straight year,
with profit expected to rise 18 per cent
to ¥372bn in its year to March.
Even so, it has also been hit by chip
shortages and has had to adjust to sup-
ply chain disruptions following Covid-19
lockdowns in China. In March 2021,
Daikin began producing air-filtering
equipment also at a factory in Japan that
was previously made only in China.

Financials. Interest rate rises

Commercial property loans climb up US banks’ worry list

Concerns mount that further
retreat from lending in sector
will spark wider credit crunch
JENNIFER HUGHES, HARRIET CLARFELT
AND JOSHUA CHAFFIN — NEW YORK
Commercial property loans are joining
deposit flight and bond portfolios as the
biggest perceived risk for US banks as
rattled investors fret about lenders’
strength following the collapses of Sili-
con Valley Bank and Signature Bank.
Strains in the $5.6tn market for com-
mercial real estate loans have deepened
in recent months as the Federal
Reserve’s year-long series of interest
rate rises leads to sharply higher bor-
rowing costs and weakening property
valuations. Analysts fear any further
reduction in lending — say, from busi-
nesses more keen on hoarding deposits
after two shock bank runs in a week —
could make a perilous situation worse.
The threat of a credit crunch rippling
across the global financial system has
overtaken inflation this month as inves-
tors’ biggest worry, according to a
monthly global survey of fund manag-
ers by Bank of America.
Thousands of small and medium-
sized banks that make up the bulk of US
lenders account for about 70 per cent of
so-called CRE loans, according to
JPMorgan analysts.
Most of the products are not repack-
aged for the asset-backed securitisation
markets so remain on banks’ books.
CRE loans make up 43 per cent of small
banks’ total lending, against just 13 per
cent for the biggest banks.
“The collapse of SVB is putting a mag-
nifying glass on regional banks, and
their commercial real estate loan books
remain an area of major concern,” said
Chong Sin, securitisation analyst at
JPMorgan. “Credit availability to CRE
borrowers was already challenged com-
ing into this year,” he said, warning in a
note to investors that a retreat from
lending among smaller banks risked
creating a “credit crunch in secondary
and tertiary CRE markets”.
New York Community Bank’s pur-
chase this week of $39bn of assets from
collapsed rival Signature did not include
any of its real estate business, in a move
NYCB said was part of its efforts to
diversify away from CRE lending. But
bank analysts said they did not expect
immediate blow-ups in the sector as the
effects of higher interest rates are only
felt slowly.
“I’d agree that credit is the next thing
on the radar as we look over the rest of
this year and next,” said Gary Tenner,
senior research analyst at DA Davidson,
which covers more than 100 US banks.
Asked for his views on CRE risks, Fed
chair Jay Powell last Wednesday told a
press conference that the central bank
“was aware” of concentration in the sec-
tor but did not think the issue was com-
parable to the other strains banks had
experienced.
Offices are seen as the area of biggest
risk after tenants cut back on space to
reflect the popularity of working from
home following pandemic lockdowns.
Vacancy rates have risen in each of the
top 25 markets since 2019, according to
Moody’s, the rating agency.
High-profile defaults have accentu-
ated the potential for stress. Brookfield,
the Canadian property group, last
month stopped making payments on
$734mn of loans covering two prime Los
Angeles office towers while RXR, one of
New York’s biggest office landlords, said
it was negotiating with lenders to “hand
back the keys” to two buildings in an
acknowledgment that they no longer
made financial sense.
One New York developer expressed
amazement at big rivals’ willingness to
Strains are deepening in the market
for commercial property loans
relinquish properties to lenders since in
doing so, this person argued, they had
given cover for others to follow suit.
While banks have been generally
more conservative in their lending since
the excesses that caused the 2008 finan-
cial crisis, falling prices could create
problems if their once modest loan-to-
value ratios balloon, said Andrew Scan-
dalios, co-head of JLL Capital Markets.
Rising ratios can trigger higher regula-
tory capital requirements, further
squeezing the space for fresh funding.
“The lending community needs to
acknowledge the sharp and deep
declines that have occurred in office val-
uations,” said Scandalios. “Virtually
everyone is going to be impacted here.”
Banks have already begun raising the
bar for new loans, with about two-thirds
of lenders tightening terms for con-
struction and land development deals
by the end of last year, while more than
half were also lifting standards for
apartment buildings as well as other
non-residential commercial properties,
according to the Fed’s quarterly survey
of senior loan officers.
Compounding the risks for commer-
cial operators as well as their financiers
is a slow market for commercial
mortgage-backed securities, which is
squeezing the ability of banks to free up
lending capital by shifting existing loans
off their books, and also reducing the
exits available to other sources of fund-
ing such as the private markets.
Issuance of the bonds, as with their
residential mortgage cousins, is running
at a fraction of the levels of recent years
as volatility has widened the spread, or
premium charged, over risk-free Treas-
uries. Those higher yields have pushed
down the prices of existing bonds and
made it hard for lenders to find loans
that can yield what the market is asking.
About 17 per cent of office loans are
held in CMBS, according to Goldman
Sachs, making the market joint top
funder alongside regional and local
banks. Commercial real estate is a mar-
ket that “relies quite heavily on bank
lending — especially actually among the
small and midsized banks” said Lotfi
Karoui, chief credit strategist at Gold-
man Sachs. “The ability to substitute
and look for other sources of capital is
quite constrained,” he added.
16 ★ FINANCIAL TIMES Monday 27 March 2023

UK COMPANIES

Industrial goods Property

Aartee battle intensifies after court ruling Demand for

Liberty Steel insists it can
secure plant’s future as
judge orders liquidation
situation, who said a deal could be
announced as early as this week.
Gupta’s Liberty Steel, however, has
insisted that its rival plans for the busi-
Alvarez & Marsal appointed to handle
the insolvency.
Gupta’s GFG Alliance, which includes
Liberty Steel, announced later that
warehousing
ing its 250 jobs in the process. GFG’s put ABB on the path to recovery as a sol- from food
producers hits
challenge was rejected by a judge earlier vent going concern”.
this month. The administrators to Aar- “We have already presented our plan,
tee, which have been running a sales which is supported by a majority of

SYLVIA PFEIFER
INDUSTRY CORRESPONDENT
The fight for control of Aartee Bright
Bar, involving metals tycoon Sanjeev
Gupta, intensified after a judge put the
holding company of Britain’s largest dis-
tributor of steel products into compul-
sory liquidation.
Friday’s decision could pave the way
for the sale of Aartee to a third party,
according to people familiar with the
ness would secure its long-term future
at a time when Britain’s steel industry is
haemorrhaging jobs.
Aartee is Britain’s largest distributor
of steel products and was owned by Ravi
Trehan, a close associate of Gupta. It
buys steel bars, mainly used in the con-
struction industry, from Gupta’s Liberty
Steel. Based in the West Midlands, the
company employs 250 people.
Aartee was put into administration in
February at the behest of its main credi-
tor, FGI Worldwide, with consultancy
Financials. Edinburgh reforms
month that it had acquired Aartee after
purchasing its ultimate holding com-
pany, Singapore-based Aartee Group
Pte Limited, from Trehan.
Gupta was also appointed a director of
Aartee’s immediate UK holding com-
pany, Aartee Steel Group, on February
16, according to filings at Companies
House.
GFG said at the time that it had filed
an application to challenge the adminis-
tration, promising instead to integrate
Aartee’s operations into its own and sav-
process for the UK operations, subse-
quently filed a winding up petition
against Aartee Steel Group.
The judge on Friday did not appoint
administrators but said Aartee Steel
Group would be put into compulsory
liquidation. The decision paved the way
for a sale to take place, said people
familiar with the situation, and raised
the prospect that Aartee’s creditors may
be repaid.
Alvarez & Marsal declined to com-
ment. GFG said it had the “right plan to
ABB’s creditors, to the administrators
and will present it to the independent
liquidator [of Aartee Steel Group],” GFG
record high
added.
The Financial Times has previously OLIVER TELLING AND ARJUN NEIL ALIM
reported that Aartee’s owner Trehan
Food producers are taking up record
has longstanding ties with Gupta. The
volumes of warehouse space in the UK,
businessman was previously listed as
as the industry looks to prevent short-
one of the four members of GFG’s “stra-
ages such as those of fruit and vegeta-
tegic board” and met Scottish govern-
bles that left supermarket shelves bare
ment officials in this capacity. Trehan
earlier this year.
also used to own a stake in Gupta’s met-
als trading outfit Liberty Commodities. Although their efforts failed to prevent
that breakdown, demand from food
manufacturers for shed space increased
58 per cent to a record 4.3mn square feet
last year, according to Savills. The prop-
erty group said it was the biggest
take-up since it first started collecting

City braced for tighter rules after bank failures
Collapse of Credit Suisse and
SVB risks thwarting moves to
dilute post-crisis regulations
LAURA NOONAN,
SIDDHARTH VENKATARAMAKRISHNAN,
IAN SMITH AND EMMA DUNKLEY
City bosses are bracing for tighter over-
sight after the most dramatic bank col-
lapses since the financial crisis, even as
the UK government doubles down on its
vision for bolstering London’s competi-
tiveness by rewriting its financial serv-
ices rule book.
Chancellor Jeremy Hunt told the
House of Lords last week that the gov-
ernment would push ahead with plans
to reinvigorate the City through rule
changes known as the Edinburgh ref-
orms, widely seen as regulatory easing.
“Sticking with the status quo is not
necessarily the best thing to do to ensure
financial stability,” Hunt said, the day
after Credit Suisse’s shotgun marriage
with UBS marked one of the world’s big-
gest bank failures in history. “We should
make sure that we get the right balance
between stability and growth potential.”
The Edinburgh package includes
overhauling London’s listing regime,
liberalising what insurers can invest in,
and reviewing some post-crisis regula-
tions such as ringfencing measures,
which forced separation of retail bank- Square Mile:
ing and trading, and rules to improve the Edinburgh
accountability across City firms. package
The Bank of England has separately includes
promised a new “strong and simple” overhauling
regime to deliver more “proportionate” London’s
regulation to banks with assets of less listing regime,
than £20bn liberalising what
A senior policy figure at one big bank insurers can
said that the reforms’ impact could now invest in, and
be restrained, even if the Treasury could reviewing some
not pull back from the Edinburgh pro- post-crisis
gramme as it was a “core feature” of the regulations
government’s goal of boosting UK pro- Henry Nicholls/Reuters
ductivity and growth. “I suspect its
‘competitiveness’ agenda will now be
more forcefully challenged by the regu-
lators, who have some data points now
to press for higher liquidity and even
capital numbers,” he said.
His point was echoed by David
Postings, chief executive of bank trade
association UK Finance, who said recent
turmoil could “give regulators more
confidence in terms of the discussions
[with government]”, and another lob-
byist who said he would be “amazed” if
regulators did not capitalise on recent
events to push back against any loosen-
ing of the rule book.
The BoE’s governor, Andrew Bailey,
publicly warned the government in
December not to forget the lessons of
the financial crisis, and has particularly
strongly resisted insurance capital
reforms.
A policy chief at a second large bank
said the promised reviews of ringfenc-
ing and accountability rules known as
the senior managers’ regime were likely
to be less enthusiastically pursued now.
“They will be less aggressive on any roll-
back because in a time of crisis you don’t
want to be seen to be lenient on banks,”
he said.
One senior UK insurance executive
said the failure of Silicon Valley Bank, a
midsize US lender to the tech industry,
and Credit Suisse had triggered con-
cerns that regulators could “reverse-
ferret” over proposed loosening to EU
insurance rules known as Solvency II.
But they added that policymakers
had given no such signals, and the “idio-
syncratic” and non-UK origins of the
bank problems made it a remote possi-
bility for now.
Meanwhile British watchdogs are
expected to become more cautious in
their supervisory approach and in rule
changes within their gift. Under the
banner “strong and simple”, UK bank-
ing supervisors have been promising a
more “proportionate” regime for small
and midsized lenders deemed not to
pose a risk to the entire system.
The US undertook a similarly inten-
tioned, albeit more sweeping, initiative
from 2018 by exempting banks with less
than $250bn in assets from global capi-
tal rules and resolution planning. The
list of exempted lenders included SVB.
It was SVB’s implosion that sparked a
global market panic that has already
claimed Signature Bank and Credit
Suisse, and imperilled a third US non-
systemic lender, First Republic.
The UK’s strong and simple proposals
“are still only at the consultation stage,
so the PRA [Prudential Regulation
Authority] does have the flexibility to
pause and take stock of how recent
events may impact its proposals”, said
Jake Ghanty, financial regulatory part-
ner at Wedlake Bell, adding that the
PRA might now take a “more cautious”
approach.
Postings, a strong supporter of the
regime, admits the climate for introduc-
ing it is “perhaps more challenging
now”, although he continues to advo-
cate for increasing the threshold at
which banks should have to hold loss
‘They will absorbing capital to £25bn from £15bn.
Tighter liquidity rules are another
be less potential focus. “I wouldn’t be surprised
aggressive if you start hearing more noise on
whether liquidity coverage ratios or net
on any stable funding ratios are appropriate,”
rollback said one UK bank executive, referring to
two of the key post-crisis rules for miti-
because in a gating liquidity issues.
time of crisis The second policy executive said
recent turbulence could also prompt
you don’t regulators to push for lenders to use
want to be subsidiaries rather than branches, since
the resolution of SVB’s UK arm showed
seen to be how much easier resolutions were to
lenient on handle in a subsidiary, which is a sepa-
rate legal entity subject to tighter over-
banks’ sight by host countries’ regulators.
The BoE and the Financial Conduct
Authority declined to comment.
The government said: “We are contin-
uing to deliver the Edinburgh reforms,
which recognise the foundations on
which the UK’s success as a financial
services hub is built: stability, high regu-
latory standards, agility and openness.”
It added: “As the independent Bank of
England has confirmed, the UK banking
system remains safe, sound and well
capitalised.”
See Work & Careers, Opinion and Lex
data in 2007.
Food businesses have been acquiring
warehouses to use as slaughterhouses
and indoor farms as well as for storage
as worries rise over food supplies. In
March, many supermarkets were forced
to ration vegetables with the shortages
caused in large part by cold weather in
continental Europe and Africa.
Climate change and the Ukraine war,
which hit grain imports from eastern
Europe, have prompted concerns in
many countries about food security.
However, Kevin Mofid, logistics prop-
erty researcher at Savills, said he sus-
pected efforts to use suppliers closer to
home had been “much more pro-
nounced” in the UK, where trade with
Europe had been complicated by Brexit.
About 70 per cent of the UK’s food and
animals are delivered from the EU.
“Increased paperwork [has created]
delays in a time-sensitive supply
The growth could reflect a
‘realisation that outside of
the EU, the UK needs a
more solid logistics base’
chain . . . so you have to add an extra
step,” Mofid said.
The move by food producers is also an
example of how some businesses now
wish to manufacture more locally after
the Covid-19 pandemic hit supply
chains, he added.
Clive Black, an analyst at Shore
Capital, said fast-growing retailers, such
as supermarkets Aldi and Lidl, as well
as Amazon’s food business, have been
eager to acquire more distribution
centres.
He said growing demand for space
could be a “knee-jerk reaction” to
recent food security issues, or it could
reflect a “realisation that outside of the
EU, the UK needs a more solid logistics
base”.
Savills said recent warehouse deals
included a Rochdale facility acquired by
pork producer Danish Crown and a dis-
tribution centre that US-listed avocado
business Mission Produce expects to
start using in April.
Paul Frowde, managing director at
Mission Produce, which plans to use the
facility in Dartford to ripen avocados
from South America, said it would help
support UK food supplies.
“The rather interesting [UK shortages
of] peppers and cucumbers have
brought [food security] to attention,” he
added.
The move by food producers bucks
the trend for overall demand for ware-
house space, which dropped 13 per cent
to 48mn square feet last year as falls in
consumer spending prompted retailers
to cut back on storage.
Monday 27 March 2023 ★ FINANCIAL TIMES 17

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 $

-0.07% -0.24% -0.09% -1.26% -1.29% -0.13% -0.67% -0.59% -1.194% -0.731% -0.275% -0.452% -3.62%
1.47%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Feb 25 - - Index All World Feb 25 - Mar 24 Index All World Feb 25 - Mar 24 Index All World Feb 25 - Mar 24 Index All World Feb 25 - Mar 24 Index All World Feb 25 - - Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,395.26
3,991.05 7,930.63 15,399.89
3,948.72 20,193.33 15,210.39 27,531.94 27,419.61
7,499.60
19,459.92
Day -0.07% Month -0.62% Year -12.72% Day -0.31% Month -4.04% Year -11.56% Day -1.26% Month -6.06% Year -0.89% Day -1.66% Month 1.28% Year NaN% Day -0.13% Month 0.96% Year -2.41% Day NaN% Month NaN% Year NaN%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
11,787.40 53,239.95 1,826.14 20,423.84 3,300.04
11,507.07 52,827.93 9,172.70 20,049.64
8,970.00 3,219.00
1,764.55

Day -0.24% Month 3.19% Year -17.15% Day -0.31% Month -0.06% Year -5.69% Day -1.29% Month -3.58% Year -1.83% Day -1.98% Month -4.44% Year 5.87% Day -0.67% Month -2.07% Year -10.04% Day -0.20% Month -1.53% Year -4.43%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
107,152.05 60,672.72
33,045.09 7,299.26 27,101.53 3,291.15 3,286.65
7,139.25 26,482.21
32,105.25 57,925.28
97,926.34
Day -0.09% Month -2.32% Year -7.64% Day 0.85% Month -6.65% Year -17.04% Day -1.74% Month -2.40% Year 7.01% Day -2.23% Month -3.97% Year 6.20% Day -0.64% Month -0.66% Year -0.16% Day -0.69% Month -3.58% Year -0.36%

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 219276.74 224914.58 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 28056.96 28655.61 Philippines Manila Comp 6602.17 6536.36 Taiwan Weighted Pr 15914.70 15863.95 Cross-Border DJ Global Titans ($) 442.77 443.85
Australia All Ordinaries 7137.60 7148.60 Czech Republic
PX 1290.65 1325.32 FTSE Italia Mid Cap 42284.75 42949.26 Poland Wig 55986.82 56983.56 Thailand Bangkok SET 1591.85 1593.65 Euro Stoxx 50 (Eur) 4125.83 4207.14
S&P/ASX 200 6955.20 6968.60 Denmark OMXC Copenahgen 20 1950.45 1947.61 FTSE MIB 25892.18 26482.21 Portugal PSI 20 5733.84 5802.37 Turkey BIST 100 5031.98 5031.98 Euronext 100 ID 1307.70 1329.53
S&P/ASX 200 Res 5759.30 5735.20 Egypt EGX 30 15625.08 15253.22 Japan 2nd Section 7228.27 7239.06 PSI General 4327.52 4374.61 UAE Abu Dhabi General Index 9222.93 9251.11 FTSE 4Good Global ($) 9929.62 9982.17
Austria ATX 3024.58 3162.80 Estonia OMX Tallinn 1859.52 1865.31 Nikkei 225 27385.25 27419.61 Romania BET Index 11989.90 12082.45 UK FT 30 2587.10 2626.00 FTSE All World ($) 411.03 413.45
Belgium BEL 20 3626.44 3657.72 Finland OMX Helsinki General 10354.32 10603.70 S&P Topix 150 1674.87 1677.19 Russia Micex Index 2436.57 2445.30 FTSE 100 7405.45 7499.60 FTSE E300 1741.85 1764.55
BEL Mid 9763.66 9973.94 France CAC 40 7015.10 7139.25 Topix 1955.32 1957.32 RTX 1245.71 1212.57 FTSE 4Good UK 6713.35 6799.18 FTSE Eurotop 100 3453.51 3491.96
Brazil IBovespa 98759.44 97926.34 SBF 120 5356.58 5455.62 Jordan Amman SE 2581.15 2578.95 Saudi-Arabia TADAWUL All Share Index 10446.39 10446.39 FTSE All Share 4039.73 4090.90 FTSE Global 100 ($) 2634.17 2648.03
Canada S&P/TSX 60 1164.84 1168.11 Germany M-DAX 26484.15 27263.98 Kenya NSE 20 1558.87 1541.26 Singapore FTSE Straits Times 3212.64 3219.00 FTSE techMARK 100 6498.11 6546.18 FTSE Gold Min ($) 1871.67 1827.10
S&P/TSX Comp 19398.80 19459.92 TecDAX 3222.27 3273.16 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 317.24 317.24 USA DJ Composite 10672.08 10679.79 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1485.82 1466.74 XETRA Dax 14957.23 15210.39 Latvia OMX Riga 1172.62 1182.87 Slovenia SBI TOP - - DJ Industrial 32077.24 32105.25 FTSE Multinationals ($) 2793.04 2770.25
Chile S&P/CLX IGPA Gen 27331.64 27494.93 Greece Athens Gen 1021.00 1052.43 Lithuania OMX Vilnius 994.91 998.71 South Africa FTSE/JSE All Share 74695.04 75585.23 DJ Transport 13560.72 13687.68 FTSE World ($) 746.29 750.68
China FTSE A200 10518.38 10557.58 FTSE/ASE 20 2464.63 2552.35 Luxembourg LuxX 1506.75 1535.64 FTSE/JSE Res 20 64294.21 65190.32 DJ Utilities 897.43 882.54 FTSEurofirst 100 (Eur) 4689.93 4758.99
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 19915.68 20049.64 Malaysia FTSE Bursa KLCI 1399.70 1410.98 FTSE/JSE Top 40 69180.70 70066.09 Nasdaq 100 12703.17 12729.23 FTSEurofirst 80 (Eur) 5602.60 5707.11
Shanghai A 3423.04 3445.16 HS China Enterprise 6794.80 6836.46 Mexico IPC 52662.97 52827.93 South Korea Kospi 2414.96 2424.48 Nasdaq Cmp 11758.55 11787.40 MSCI ACWI Fr ($) 626.35 622.98
Shanghai B 291.34 290.68 HSCC Red Chip 3963.79 4006.69 Morocco MASI 10474.61 10454.29 Kospi 200 314.30 315.75 NYSE Comp 14663.30 14693.02 MSCI All World ($) 2696.85 2686.13
Shanghai Comp 3265.65 3286.65 Hungary Bux 41818.92 42906.06 Netherlands AEX 731.81 743.59 Spain IBEX 35 8792.50 8970.00 S&P 500 3945.81 3948.72 MSCI Europe (Eur) 1815.13 1818.98
Shenzhen A 2214.50 2208.92 India BSE Sensex 57527.10 57925.28 AEX All Share 999.82 1017.66 Sri Lanka CSE All Share 9419.35 9395.98 Wilshire 5000 39002.58 39049.85 MSCI Pacific ($) 2684.56 2667.07
Shenzhen B 1187.31 1186.92 Nifty 500 14279.00 14403.60 New Zealand NZX 50 11580.81 11594.94 Sweden OMX Stockholm 30 2087.81 2136.00 Venezuela IBC 28837.32 28842.10 S&P Euro (Eur) 1833.97 1866.13
Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 6762.25 6691.61 Nigeria SE All Share 54924.08 54936.11 OMX Stockholm AS 794.17 810.41 Vietnam VNI 1046.79 1045.10 S&P Europe 350 (Eur) 1787.07 1807.92
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7999.60 8235.78 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10634.04 10718.54 S&P Global 1200 ($) 2970.01 2983.91
Israel Tel Aviv 125 1776.73 1740.85 Pakistan KSE 100 39942.05 40376.10 Stoxx 50 (Eur) 3798.14 3830.58
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Mar 24 %Chg %Chg Mar 24 %Chg %Chg Mar 24 %Chg %Chg Mar 24 %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 115.1 189.51 -2.71 Shell 243.2 2200.50 -71.50 Intesa Sanpaolo 472.2 2.26 -0.06 Tokyo Electron 863.5 50000.00 900.00 Beazley 564.50 8.7 -16.9 Wetherspoon ( J.d.) 660.00 12.1 40.1 Hochschild Mining 77.20 14.8 10.0 Aerospace & Defense 6144.31 5.3 19.9
Nvidia 63.3 266.84 -5.07 Bp 180.1 486.30 -12.40 Ubs N 463.0 17.47 -0.64 Mitsubishi Ufj Fin,. 615.0 830.00 -9.20 Bae Systems 973.00 7.4 13.5 Balfour Beatty 371.20 11.4 9.7 Augmentum Fintech 96.90 9.1 - Mining 10745.83 4.1 -4.0
Apple 40.2 159.10 0.17 Barclays 164.5 133.90 -5.88 Novartis N 413.8 77.29 0.57 Sumitomo Mitsui Fin,. 398.8 5189.00 -28.00 Melrose Industries 157.90 7.2 17.6 Puretech Health 222.50 9.3 - Wanton 207.50 7.8 - Food & Drug Retailers 4231.31 3.7 2.6
Microsoft 33.4 279.25 1.59 Hsbc Holdings 141.7 534.00 -14.20 Bnp Paribas Act.a 413.1 51.01 -2.27 Softbank . 394.9 4972.00 12.00 Endeavour Mining 1860.00 5.7 6.2 Energean 1181.00 8.4 -9.8 Manchester & London Investment Trust 377.00 6.5 14.2 Beverages 27665.52 3.5 -0.7
Advanced Micro Devices 33.3 97.86 -2.43 Astrazeneca 138.2 11080.00 82.00 Nestle N 412.7 110.98 0.00 Shin-etsu Chemical Co., 374.3 20885.00 455.00 Ocado 439.20 5.6 - Marks And Spencer 152.50 7.7 23.7 Kenmare Resources 466.50 6.1 6.4 General Financial 12376.55 3.1 7.1
Meta Platforms 30.6 205.92 1.64 Unilever 113.3 4197.00 24.50 Unicredit 394.5 16.23 -0.69 Advantest 323.7 12050.00 -60.00 Reckitt Benckiser 6104.00 5.1 5.8 C&c 156.30 7.6 - Zotefoams 364.00 6.1 4.7 Personal Goods 32913.72 2.9 6.8
Netflix 26.4 327.72 7.35 Glencore 104.1 442.70 -8.90 Santander 295.7 3.22 -0.10 Fast Retailing Co., 302.1 27370.00 -280.00 Antofagasta 1517.00 5.1 -2.1 4imprint 4990.00 6.9 15.8 Anglo-eastern Plantations 840.00 5.8 2.8 Nonlife Insurance 2885.96 2.8 -
Amazon.com 24.7 97.71 -1.00 London Stock Exchange 101.0 7750.00 -30.00 Ing Groep N.v. 293.8 10.39 -0.38 Keyence 294.1 62270.00 530.00 Admiral 1996.00 4.3 -6.6 Moneysupermarket.com 247.40 6.8 28.6 Boot (henry) 230.00 5.5 -2.1 General Retailers 3494.49 2.6 3.8
Activision Blizzard 14.0 83.99 4.31 Gsk 99.4 1401.20 -36.60 Totalenergies 287.5 51.81 -1.62 Toyota Motor 289.5 1784.00 -3.00 3i 1542.50 4.0 14.9 Bridgepoint 206.60 6.7 8.4 Capital & Regional 57.90 4.9 -9.7 General Industrials 6201.22 2.0 2.4
Alphabet 13.8 105.15 -0.45 Rio Tinto 95.6 5253.00 -35.00 Roche Gs 273.6 261.55 0.05 Sony 285.2 11595.00 15.00 Sainsbury (j) 259.10 4.0 18.9 Games Workshop 9115.00 6.6 6.4 Jpmorgan Eur Growth & ome 92.80 4.5 8.2 Software & Computer Services 1829.05 1.8 3.5
London Stock Exchange 7750.00 3.7 8.7 Kainos 1371.00 6.3 - S&U 2295.00 4.3 8.6 Pharmaceuticals & Biotech. 20672.84 1.8 -1.8
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Unilever 4197.00 3.7 0.4 Man 237.60 5.8 11.3 Treatt 586.00 4.3 -6.2 Industrial Engineering 14396.91 1.7 4.2
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Activision Blizzard 83.99 4.31 5.41 Wetherspoon ( J.d.) 660.00 79.00 13.60 Novo Nordisk B A/s 140.76 1.91 1.37 Screen Holdings Co Ltd 11640.00 320.00 2.83 Standard Chartered 591.80 -6.7 -4.9 Essentra 178.40 -16.6 - Petrofac 50.60 -16.6 - Automobiles & Parts 1589.79 -4.2 6.9
Intuitive Surgical 253.07 8.60 3.52 Videndum 868.00 28.00 3.33 Sanofi 96.94 1.10 1.15 Sumco 1954.00 43.00 2.25 British Land 366.10 -6.5 -7.8 hcape 730.00 -13.7 - Luceco 112.00 -13.8 14.1 Real Estate Investment Trusts 2081.90 -3.9 -6.7
Citizens Fin 30.81 0.92 3.07 Telecom Plus 1940.00 42.00 2.21 Ericsson, Telefonab. L M Ser. A 5.50 0.06 1.15 Odakyu Electric Railway Co., 1682.00 37.00 2.25 Kingfisher 256.30 -5.0 8.6 Ithaca Energy 146.40 -9.1 - Pensionbee 88.00 -12.4 63.3 Banks 3248.94 -2.0 -1.3
Quest Diagnostics 139.54 4.15 3.07 Reckitt Benckiser 6104.00 120.00 2.01 Novartis N 77.29 0.57 0.74 Shin-etsu Chemical Co., 20885.00 455.00 2.23 Land Securities 573.80 -4.7 -7.0 Nb Private Equity Partners 1455.00 -8.5 -9.1 Kin And Carta 87.10 -9.7 - Industrial Transportation 3470.60 -2.0 0.2
Eqt 30.39 0.86 2.90 Crest Nicholson Holdings 210.40 3.60 1.74 Sartorius Sted Bio 302.60 2.10 0.70 Tokyo Electron 50000.00 900.00 1.83 Convatec 218.80 -4.2 -6.0 Aston Martin Lagonda Global Holdings 212.80 -8.4 38.1 Wickes 131.80 -9.0 -9.9 Tobacco 31451.74 -1.9 -
Barclays 133.90 -4.1 - Great Portland Estates 468.40 -7.6 -5.4 Life Science Reit 60.80 -9.0 - Construction & Materials 7923.14 -1.1 15.1
Downs Downs Downs Downs
Unite 883.00 -3.7 -3.4 Digital 9 Infrastructure 69.30 -7.5 -19.6 Trustpilot 84.70 -8.9 - Mobile Telecommunications 2318.20 -1.0 8.4
yte 68.28 -3.98 -5.51 Standard Chartered 591.80 -40.60 -6.42 Nordea Bank Abp 9.35 -1.01 -9.76 Hitachi Zosen 831.00 -36.00 -4.15
Scottish Mortgage Investment Trust 649.60 -3.2 -9.6 Osb 454.00 -7.3 -6.0 Triple Point Social Housing Reit 43.00 -8.8 - Support Services 9757.24 -0.9 -1.9
Monolithic Power Systems 483.01 -27.49 -5.38 Harbour Energy 245.20 -16.20 -6.20 Atlas Copco Ab Ser. A 10.69 -0.66 -5.78 Dowa Holdings Co., 4160.00 -125.00 -2.92
Smith & Nephew 1133.00 -3.1 2.1 Iwg 144.40 -7.0 - The Gym 91.90 -8.3 - Real Estate & Investment Servic 2174.98 -0.9 2.6
Enphase Energy 194.61 -10.05 -4.91 Ashtead 4737.00 -263.00 -5.26 Schneider Electric 141.80 -8.08 -5.39 Terumo 3448.00 -99.00 -2.79
Pearson 813.00 -2.9 - Hammerson 21.66 -6.6 -9.0 Robert Walters 483.00 -7.1 - Equity Investment Instruments 10840.28 -0.6 -3.9
Solaredge 279.70 -11.84 -4.06 Tullow Oil 28.22 -1.42 -4.79 Atlas Copco Ab Ser. B 9.63 -0.53 -5.21 Resona Holdings, . 593.50 -15.90 -2.61
Airtel Africa 104.60 -2.8 -6.5 Direct Line Insurance 141.55 -6.6 - Fisher (james) & Sons 294.50 -7.1 - Oil & Gas Producers 7884.08 0.1 -2.9
Hilton Worldwide Holdings 130.51 -5.16 -3.80 Shaftesbury Capital 107.70 -5.30 -4.69 Cs N 0.77 -0.04 -5.19 J.front Retailing Co., 1205.00 -29.00 -2.35
Ashtead 4737.00 -2.7 0.5 Ferrexpo 113.00 -6.5 - Residential Secure ome 60.60 -7.1 - Electricity 10389.31 0.1 -2.7
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Mar 24 Currency Mid Change Mid Change Mid Change Mar 24 Currency Mid Change Mid Change Mid Change Mar 24 Currency Mid Change Mid Change Mid Change Mar 24 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 205.6710 -0.1147 221.3539 -2.7476 251.4838 -2.0749 Indonesia Indonesian Rupiah 15155.0000 -190.0000 16310.6327 -400.1504 18530.7694 -376.5751 Poland Polish Zloty 4.3575 0.0599 4.6897 0.0097 5.3281 0.0329 ..Three Month 0.8180 0.0062 0.8799 -0.0036 - -
Australia Australian Dollar 1.5050 0.0167 1.6198 -0.0010 1.8402 0.0064 Israel Israeli Shekel 3.5937 0.0477 3.8677 0.0061 4.3942 0.0250 Romania Romanian Leu 4.5793 0.0575 4.9285 0.0043 5.5994 0.0279 ..One Year 0.8181 0.0063 0.8790 -0.0037 - -
Bahrain Bahrainin Dinar 0.3771 -0.0001 0.4059 -0.0049 0.4611 -0.0037 Japan Japanese Yen 130.6350 -0.3600 140.5962 -2.0579 159.7337 -1.6717 Russia Russian Ruble 77.1250 1.0000 83.0060 0.1055 94.3044 0.5071 United States United States Dollar - - 1.0763 -0.0128 1.2227 -0.0094
Bolivia Bolivian Boliviano 6.9100 - 7.4369 -0.0881 8.4492 -0.0650 ..One Month 130.6344 -0.3612 140.5958 -2.0587 159.7331 -1.6730 Saudi Arabia Saudi Riyal 3.7565 -0.0001 4.0430 -0.0480 4.5933 -0.0354 ..One Month - - 1.0761 -0.1559 1.2228 -0.0094
Brazil Brazilian Real 5.2479 -0.0214 5.6481 -0.0902 6.4169 -0.0757 ..Three Month 130.6333 -0.3635 140.5951 -2.0602 159.7318 -1.6754 Singapore Singapore Dollar 1.3319 0.0074 1.4335 -0.0089 1.6286 -0.0034 ..Three Month - - 1.0757 -0.1559 1.2230 -0.0094
Canada Canadian Dollar 1.3760 0.0101 1.4809 -0.0065 1.6825 -0.0005 ..One Year 130.6287 -0.3725 140.5916 -2.0674 159.7331 -1.6798 South Africa South African Rand 18.1619 0.1182 19.5468 -0.1029 22.2074 -0.0252 ..One Year - - 1.0746 -0.1560 1.2230 -0.0094
Chile Chilean Peso 811.3050 9.4300 873.1691 -0.0763 992.0217 3.9919 Kenya Kenyan Shilling 131.4000 0.1000 141.4196 -1.5667 160.6691 -1.1121 South Korea South Korean Won 1294.3500 16.0000 1393.0475 0.9188 1582.6639 7.5457 Vietnam Vietnamese Dong 23525.0000 25.0000 25318.8914 -272.7227 28765.2240 -190.3206
China Chinese Yuan 6.8659 0.0384 7.3894 -0.0457 8.3952 -0.0172 Kuwait Kuwaiti Dinar 0.3062 0.0002 0.3295 -0.0037 0.3743 -0.0026 Sweden Swedish Krona 10.4281 0.1669 11.2233 0.0487 12.7509 0.1075 European Union Euro 0.9292 0.0109 - - 1.1361 0.0047
Colombia Colombian Peso 4729.6050 -29.4850 5090.2501 -92.4209 5783.1180 -80.7912 Malaysia Malaysian Ringgit 4.4280 0.0100 4.7656 -0.0456 5.4143 -0.0293 Switzerland Swiss Franc 0.9179 0.0033 0.9879 -0.0081 1.1224 -0.0045 ..One Month 0.9290 0.0109 - - 1.1360 0.0047
Costa Rica Costa Rican Colon 543.0850 -0.1250 584.4966 -7.0614 664.0561 -5.2597 Mexico Mexican Peso 18.4995 0.0087 19.9101 -0.2264 22.6202 -0.1631 Taiwan New Taiwan Dollar 30.3485 -0.0165 32.6626 -0.4050 37.1086 -0.3056 ..Three Month 0.9286 0.0109 - - 1.1358 0.0047
Czech Republic Czech Koruna 22.0121 0.3348 23.6906 0.0840 26.9153 0.2056 New Zealand New Zealand Dollar 1.6106 0.0188 1.7334 0.0000 1.9693 0.0081 Thailand Thai Baht 34.1350 0.0650 36.7379 -0.3645 41.7385 -0.2408 ..One Year 0.9275 0.0108 - - 1.1349 0.0046
Denmark Danish Krone 6.9244 0.0834 7.4523 0.0025 8.4667 0.0377 Nigeria Nigerian Naira 460.7500 - 495.8833 -5.8754 563.3812 -4.3316 Tunisia Tunisian Dinar 3.0867 0.0350 3.3221 -0.0012 3.7743 0.0142
Egypt Egyptian Pound 30.8990 -0.0205 33.2551 -0.4163 37.7817 -0.3157 Norway Norwegian Krone 10.4943 0.2050 11.2945 0.0895 12.8319 0.1540 Turkey Turkish Lira 19.0733 0.0267 20.5276 -0.2141 23.3218 -0.1464
Hong Kong Hong Kong Dollar 7.8497 - 8.4483 -0.1001 9.5982 -0.0738 Pakistan Pakistani Rupee 282.7500 -0.1250 304.3104 -3.7417 345.7320 -2.8122 United Arab Emirates UAE Dirham 3.6725 -0.0001 3.9525 -0.0470 4.4905 -0.0347
Hungary Hungarian Forint 358.7596 7.4969 386.1159 3.5894 438.6726 5.8646 Peru Peruvian Nuevo Sol 3.7699 0.0026 4.0574 -0.0452 4.6096 -0.0322 United Kingdom Pound Sterling 0.8178 0.0062 0.8802 -0.0036 - -
India Indian Rupee 82.4763 0.2112 88.7653 -0.8217 100.8477 -0.5151 Philippines Philippine Peso 54.3450 0.0450 58.4889 -0.6440 66.4502 -0.4555 ..One Month 0.8179 0.0062 0.8801 -0.0036 - -
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 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 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 2587.10 2626.00 2630.00 2631.60 2569.50 0.00 2784.10 2454.10 Aerospace & Defense 19.76 Gas Water & Multi 5.64 FTSE 250 Index -1.91 FTSE 100 Price Change FTSE 100 Price Change
Mar 24 chge% Index Mar 23 Mar 22 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Fixed Line Telecomms 19.04 Mobile Telecomms 4.32 Industrial Metals & -2.31 3I Group PLC 1542.5 -41.00 Jd Sports Fashion PLC 163.95 -7.10
FTSE 100 (100) 7405.45 -1.26 6557.91 7499.60 7566.84 7467.38 3.74 2.22 12.05 79.96 7688.22 P/E Ratio net - - - - - 0.00 19.44 14.26 Construct & Material 15.18 Financial Services 4.26 Electricity -2.63 Abrdn PLC 202.50 -6.10 Johnson Matthey PLC 1932.5 -22.50
FTSE 250 (250) 18493.83 -1.26 16377.25 18729.96 18757.79 20893.19 3.35 1.08 27.63 106.46 15488.51 FT 30 hourly changes Food Producers 13.58 Utilities 3.41 Financials -2.69 Admiral Group PLC 1996 -14.00 Kingfisher PLC 256.30 -7.40
FTSE 250 ex Inv Co (170) 19020.38 -1.51 16843.54 19312.49 19336.52 21545.00 3.48 1.67 17.16 100.05 16246.01 8 9 10 11 12 13 14 15 16 High Low General Retailers 13.25 Real Est Invest & Se 1.69 Industrial Transport -2.91 Airtel Africa PLC 104.60 -1.50 Land Securities Group PLC 573.80 -10.00
FTSE 350 (350) 4080.78 -1.26 3613.75 4132.70 4165.39 4186.10 3.69 2.07 13.09 41.18 8401.79 2626 2593.6 2572.7 2574.2 2573.4 2589 2587.6 2585.3 2590.3 2626.1 2565.8 Oil Equipment & Serv 12.95 Personal Goods 0.91 Oil & Gas -2.98 Anglo American PLC 2538 -48.50 Legal & General Group PLC 229.40 0.50
FTSE 350 ex Investment Trusts (267) 4028.51 -1.28 3567.46 4080.55 4114.55 4106.73 3.74 2.26 11.85 41.53 4287.41 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Consumer Services 9.47 Beverages 31.66 Oil & Gas Producers -3.09 Antofagasta PLC 1517 -40.00 Lloyds Banking Group PLC 45.72 -1.14
FTSE 350 Higher Yield (135) 3478.64 -1.50 3080.52 3531.47 3575.31 3506.43 5.15 2.41 8.04 47.29 8109.96 Media 9.34 Health Care Eq & Srv -0.37 FTSE SmallCap Index -3.50 Ashtead Group PLC 4737 -263.00 London Stock Exchange Group PLC 7750 -30.00
FTSE 350 Lower Yield (215) 4275.33 -1.01 3786.03 4319.00 4333.29 4507.34 2.20 1.26 36.13 27.87 5299.63 FT WILSHIRE 5000 INDEX SERIES Travel & Leisure 8.77 NON FINANCIALS Index -0.44 Equity Invest Instr -3.58 Associated British Foods PLC 1918 -37.00 M&G PLC 179.65 -2.30
FTSE SmallCap (230) 6021.60 -1.03 5332.44 6084.42 6097.04 6854.76 3.60 -0.79 -35.07 40.81 10207.98 Telecommunications 8.59 Beverages -0.61 Chemicals -4.08 Astrazeneca PLC 11080 82.00 Melrose Industries PLC 157.90 -1.95
FTSE SmallCap ex Inv Co (122) 4835.70 -1.28 4282.26 4898.54 4906.82 5764.61 3.69 2.05 13.23 26.16 8510.10 Mar 23 Mar 23 Electronic & Elec Eq 7.88 FTSE 100 Index -0.62 Technology -4.56 Auto Trader Group PLC 594.00 -13.60 Mondi PLC 1289 -12.00
FTSE All-Share (580) 4039.73 -1.25 3577.39 4090.90 4122.70 4155.88 3.68 2.01 13.53 40.45 8398.35 Food & Drug Retailer 7.14 FTSE All{HY-}Share Index -0.87 Real Est Invest & Tr -7.54
FT Wilshire 5000 39867.35 FT Wilshire Mid Cap 5204.61 Aviva PLC 408.30 -7.70 National Grid PLC 1058.5 2.50
FTSE All-Share ex Inv Co (389) 3954.39 -1.28 3501.82 4005.47 4038.51 4040.50 3.74 2.26 11.86 40.52 4272.72 Automobiles & Parts 6.80 Consumer Goods -1.19 Life Insurance -8.55
FT Wilshire 2500 5111.49 FT Wilshire Small Cap 4664.34 B&M European Value Retail S.A. 464.90 -9.80 Natwest Group PLC 258.50 -9.60
FTSE All-Share ex Multinationals (520) 1051.68 -1.55 772.64 1068.29 1071.88 1215.86 4.15 1.11 21.65 7.07 2257.25 Leisure Goods 6.67 Software & Comp Serv -1.22 Tobacco -11.77
FT Wilshire Mega Cap 5165.80 FT Wilshire Micro Cap 4373.27 Bae Systems PLC 973.00 -2.00 Next PLC 6694 -110.00
FTSE Fledgling (78) 11257.38 -0.24 9969.00 11284.92 11352.02 12806.23 4.05 -0.99 -24.83 79.41 24597.86 Household Goods & Ho 6.34 Banks -1.23 Nonlife Insurance -13.64
FT Wilshire Large Cap 5173.00 Barclays PLC 133.90 -5.88 Ocado Group PLC 439.20 -8.20
FTSE Fledgling ex Inv Co (30) 14866.42 0.54 13165.00 14786.54 14973.47 17610.58 4.03 6.67 3.72 141.57 31578.29 Industrials 5.88 Support Services -1.39 Basic Materials -14.49
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Barratt Developments PLC 441.30 -3.50 Pearson PLC 813.00 -6.80
FTSE All-Small (308) 4200.34 -0.99 3719.62 4242.26 4251.98 4781.14 3.63 -0.81 -34.26 28.52 9133.11 Industrial Eng 5.87 Health Care -1.59 Mining -15.53
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Beazley PLC 564.50 7.50 Pershing Square Holdings LTD 2780 -20.00
FTSE All-Small ex Inv Co (152) 3640.70 -1.21 3224.03 3685.47 3693.20 4339.41 3.71 2.24 12.05 20.23 8115.30 Pharmace & Biotech -1.67 Tech Hardware & Eq -22.25
mark. Copyright ©2023 Wilshire. All rights reserved. Berkeley Group Holdings (The) PLC 4020 -14.00 Persimmon PLC 1200 -19.50
FTSE AIM All-Share (737) 800.42 -0.87 708.82 807.44 804.15 1036.36 1.77 1.62 34.93 2.18 943.67
BP PLC 486.30 -12.40 Phoenix Group Holdings PLC 548.80 -8.80
FTSE All-Share Technology (18) 1927.75 -0.94 1623.24 1946.00 1925.71 2005.89 1.97 1.53 33.10 10.04 2807.29
British American Tobacco PLC 2872 48.50 Prudential PLC 1024 -42.00
FTSE All-Share Telecommunications (6) 1484.42 -1.47 1249.95 1506.58 1518.17 2015.38 7.10 1.07 13.12 1.03 2282.08 FTSE GLOBAL EQUITY INDEX SERIES British Land Company PLC 366.10 -1.70 Reckitt Benckiser Group PLC 6104 120.00
FTSE All-Share Health Care (14) 14424.51 -0.32 12146.05 14471.00 14457.70 14023.66 2.52 1.13 34.99 172.97 13515.62
Mar 24 No of US $ Day Mth YTD Total
YTD Gr Div Mar 24 No of US $ Day Mth YTD Total YTD Gr Div Bt Group PLC 139.75 0.10 Relx PLC 2577 -6.00
FTSE All-Share Financials (255) 4455.44 -2.02 3751.67 4547.39 4597.03 4744.57 4.15 1.34 18.00 67.25 5028.81
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Bunzl PLC 3017 -30.00 Rentokil Initial PLC 566.40 2.40
FTSE All-Share Real Estate (54) 767.59 -1.95 676.15 782.84 780.93 1151.88 4.57 1.82 12.05 9.15 819.39
FTSE Global All Cap 9515 701.19 0.5 -1.9 3.1 1130.48
3.5 2.3 Oil Equipment & Services 25 250.27 -1.4 -9.4 -9.9 470.01 -9.1 4.8 Burberry Group PLC 2343 -18.00 Rightmove PLC 550.20 -13.80
FTSE All-Share Consumer Discretionary (83) 4917.14 -1.27 4140.44 4980.54 5010.46 4849.01 2.36 1.32 32.02 14.55 5232.36
FTSE Global All Cap 9515 701.19 0.5 -1.9 3.1 1130.48
3.5 2.3 Basic Materials 405 598.77 0.5 -3.0 0.2 1114.32 1.0 4.2 Centrica PLC 103.05 -1.70 Rio Tinto PLC 5253 -35.00
FTSE All-Share Consumer Staples (23)19137.82 0.82 16114.86 18982.38 19321.86 18580.53 4.05 1.59 15.54 180.98 17779.21
FTSE Global Large Cap 1937 633.12 0.6 -0.6 4.1 1052.25
4.6 2.4 Chemicals 200 801.68 0.5 -2.1 2.9 1427.26 3.1 3.2 Coca-Cola Hbc AG 2182 11.00 Rolls-Royce Holdings PLC 143.54 -3.80
FTSE All-Share Industrials (84) 6550.18 -1.79 5515.53 6669.25 6699.57 6542.94 2.26 1.26 34.99 25.25 7616.60
FTSE Global Mid Cap 2233 884.33 0.2 -5.1 0.1 1341.33
0.5 2.3 Forestry & Paper 19 238.86 0.8 -5.4 -5.2 488.97 -4.3 4.6 Compass Group PLC 1992 -3.00 Rs Group PLC 886.00 -20.00
FTSE All-Share Basic Materials (21) 7981.74 -1.35 6720.96 8091.19 8091.00 9498.51 5.93 2.57 6.56 132.73 11052.25
FTSE Global Small Cap 5345 904.84 0.1 -6.4 0.4 1311.23
0.7 2.2 Industrial Metals & Mining 105 510.95 0.1 -6.0 3.4 988.37 4.1 4.7 Convatec Group PLC 218.80 -0.20 Sage Group PLC 750.20 1.20
FTSE All-Share Energy (14) 8149.08 -2.94 6861.87 8395.51 8528.74 7389.69 4.00 5.60 4.46 89.41 10010.82
FTSE All-World 4170 413.45 0.6 -1.4 3.4 3.8705.982.4 Mining 81 928.83 0.8 -2.3 -5.0 1842.67 -3.4 5.4 Crh PLC 3888 -160.00 Sainsbury (J) PLC 259.10 -3.50
FTSE All-Share Utilities (8) 8808.79 -0.69 7417.37 8870.13 8801.90 9005.19 4.44 0.97 23.31 36.86 13505.85
FTSE World 2661 750.68 0.5 -1.4 3.7 1720.46
4.1 2.3 Industrials 810 503.14 0.4 -1.5 3.2 806.69 3.5 2.1 Croda International PLC 6416 -48.00 Schroders PLC 436.90 -8.50
FTSE All-Share Software and Computer Services (16) 2082.11 -0.95 1753.22 2102.17 2079.32 2159.31 1.96 1.55 32.91 10.99 3208.05
FTSE Global All Cap ex UNITED KINGDOM In 9234 739.78 0.5 -1.9 3.1 1169.51
3.5 2.3 Construction & Materials 163 596.58 0.2 -1.3 7.1 1007.80 7.3 2.2 Dcc PLC 4291 -67.00 Scottish Mortgage Investment Trust PLC 649.60 -20.40
FTSE All-Share Technology Hardware and Equipment (2) 4546.48 0.08 3828.33 4542.76 4622.18 5424.54 2.65 0.73 51.45 0.00 5892.89
FTSE Global All Cap ex USA 7719 507.58 0.9 -1.1 3.8 4.3908.463.2 Aerospace & Defense 35 914.37 0.2 -2.3 1.0 1432.84 1.3 1.5 Diageo PLC 3599 36.00 Segro PLC 721.00 -16.80
FTSE All-Share Telecommunications Equipment (1) 388.73 -0.46 327.33 390.52 394.55 548.12 3.61 1.72 16.10 9.21 568.89
FTSE Global All Cap ex JAPAN 8091 730.25 0.5 -2.2 3.0 1188.02
3.5 2.3 General Industrials 79 247.39 0.5 -1.0 3.7 441.35 4.5 2.5 Endeavour Mining PLC 1860 17.00 Severn Trent PLC 2816 -17.00
FTSE All-Share Telecommunications Service Providers (5) 2314.69 -1.50 1949.07 2349.99 2367.87 3136.66 7.21 1.06 13.04 0.00 3241.95
FTSE Global All Cap ex Eurozone 8870 736.27 0.5 -2.1 2.4 1161.47
2.8 2.3 Electronic & Electrical Equipment 158 639.46 0.7 1.2 6.6 921.38 6.8 1.5 Entain PLC 1181.5 -22.50 Shell PLC 2200.5 -71.50
FTSE All-Share Health Care Providers (3)10846.63 0.05 9133.32 10841.14 10834.85 8839.77 0.54 4.88 38.11 0.00 10067.42
FTSE Developed 2151 688.62 0.5 -1.4 3.6 1117.83
4.1 2.2 Industrial Engineering 159 1020.69 0.4 -2.6 3.9 1629.87 4.1 1.9 Experian PLC 2598 -40.00 Smith & Nephew PLC 1133 -19.00
FTSE All-Share Medical Equipment and Services (2) 5574.95 -1.24 4694.35 5645.07 5768.36 5920.94 2.56 1.23 31.82 0.00 5385.20
FTSE Developed All Cap 5791 714.99 0.4 -2.0 3.3 1143.41
3.7 2.2 Industrial Transportation 129 920.08 0.2 -0.6 2.0 1508.10 2.4 3.6 F&C Investment Trust PLC 899.00 -11.00 Smith (Ds) PLC 306.40 -4.50
FTSE All-Share Pharmaceuticals and Biotechnology (9)20616.37 -0.27 17359.86 20673.14 20628.11 19977.11 2.54 1.12 35.15 263.42 17407.83
FTSE Developed Large Cap 815 649.74 0.5 -0.5 4.5 1073.57
4.9 2.2 Support Services 87 502.34 0.5 -3.1 -0.6 750.32 -0.4 1.6 Flutter Entertainment PLC 13975 -230.00 Smiths Group PLC 1710 -5.50
FTSE All-Share Banks (12) 3205.99 -3.07 2699.58 3307.46 3389.71 3221.70 4.87 2.96 6.94 91.40 2908.14
FTSE Developed Europe Large Cap 205 406.36 0.7 -0.6 7.3 8.0810.923.1 Consumer Goods 563 566.85 0.4 -0.6 5.4 959.34 5.8 2.6 Frasers Group PLC 747.00 -8.00 Smurfit Kappa Group PLC 2833 -87.00
FTSE All-Share Finance and Credit Services (8)10673.53 -0.62 8987.57 10739.67 10643.97 10924.38 1.96 1.88 27.07 45.22 14404.89
FTSE Developed Europe Mid Cap 346 605.33 0.9 -1.9 6.9 1044.49
7.1 3.0 Automobiles & Parts 131 517.19 0.6 -3.8 18.6 839.44 19.0 2.7 Fresnillo PLC 732.60 -2.40 Spirax-Sarco Engineering PLC 11300 -25.00
FTSE All-Share Investment Banking and Brokerage Services (32) 8597.54 -2.11 7239.50 8782.55 8785.19 9421.29 5.18 2.06 9.38 86.27 12268.86
FTSE Dev Europe Small Cap 739 836.16 1.1 -3.1 4.5 1387.44
4.8 3.1 Beverages 71 774.81 0.1 0.4 0.0 1327.24 0.5 2.3 Glaxosmithkline PLC 1401.2 -36.60 Sse PLC 1706 -31.00
FTSE All-Share Closed End Investments (191)11169.17 -0.88 9404.92 11268.05 11274.32 12705.59 2.88 -2.91 -11.93 72.36 7049.11
FTSE North America Large Cap 234 854.11 0.4 -0.5 4.0 1290.78
4.4 1.8 Food Producers 139 719.45 0.5 0.1 -0.2 1245.05 0.0 2.5 Glencore PLC 442.70 -8.90 St. James's Place PLC 1173.5 -17.50
FTSE All-Share Life Insurance (6) 6559.25 -2.41 5523.16 6721.15 6813.60 7165.15 4.75 1.14 18.51 32.90 8065.80
FTSE North America Mid Cap 416 1074.31 -0.2 -7.2 -1.7 1502.36
-1.3 1.9 Household Goods & Home Construction 61 539.77 0.2 2.4 0.5 914.87 0.9 2.7 Haleon PLC 325.75 -6.75 Standard Chartered PLC 591.80 -40.60
FTSE All-Share Nonlife Insurance (6) 3254.07 -0.29 2740.06 3263.57 3261.15 3407.01 5.26 1.00 19.08 17.70 6965.30
FTSE North America Small Cap 1325 1051.02 -0.4 -8.5 -1.0 1407.36
-0.7 1.8 Leisure Goods 54 246.21 0.9 2.6 7.2 349.18 7.3 1.4 Halma PLC 2096 -15.00 Taylor Wimpey PLC 115.50 -0.70
FTSE All-Share Real Estate Investment and Services (10) 2084.81 -1.87 1755.50 2124.63 2109.41 2695.29 2.46 3.77 10.76 4.09 6253.72
FTSE North America 650 555.17 0.3 -1.8 2.9 3.3857.881.8 Personal Goods 94 992.88 1.1 1.6 7.4 1535.68 7.7 1.7 Hargreaves Lansdown PLC 787.40 -17.80 Tesco PLC 250.80 -3.00
FTSE All-Share Real Estate Investment Trusts (44) 1881.98 -1.96 1584.71 1919.64 1916.73 2903.31 4.98 1.63 12.34 26.13 2900.41
FTSE Developed ex North America 1501 274.09 0.8 -0.5 5.4 5.9528.363.1 Tobacco 13 920.68 -2.7 -7.8 -7.7 2691.41 -6.3 6.8 Hiscox LTD 1058.5 -8.00 Unilever PLC 4197 24.50
FTSE All-Share Automobiles and Parts (2) 1597.93 -3.56 1345.53 1656.97 1676.70 2612.58 0.78 -26.41 -4.84 0.00 1662.40
FTSE Japan Large Cap 175 387.77 0.8 2.0 4.5 4.6571.182.6 Health Care 337 694.61 0.3 -1.9 -4.6 1114.84 -4.1 1.9 HSBC Holdings PLC 534.00 -14.20 Unite Group PLC 883.00 -15.00
FTSE All-Share Consumer Services (2) 3284.08 -0.15 2765.34 3288.90 3310.37 2754.28 1.57 2.05 30.99 36.27 4214.08
FTSE Japan Mid Cap 340 541.29 1.4 2.0 2.3 2.4758.492.6 Health Care Equipment & Services 131 1323.10 -0.5 -2.5 -4.1 1628.64 -3.9 1.1 Imperial Brands PLC 1883.5 8.00 United Utilities Group PLC 1040 -12.50
FTSE All-Share Household Goods and Home Construction (11) 8859.21 -1.08 7459.83 8955.60 8944.50 11463.78 8.72 1.66 6.89 50.32 8015.63
FTSE Global wi JAPAN Small Cap 909 612.30 1.5 1.7 3.0 3.2891.142.8 Pharmaceuticals & Biotechnology 206 470.10 0.8 -1.5 -5.0 813.19 -4.3 2.4 Informa PLC 661.00 -13.00 Vodafone Group PLC 88.58 -2.22
FTSE All-Share Leisure Goods (2) 24604.70 0.76 20718.20 24418.57 23840.97 19176.73 3.34 1.25 23.96 317.87 27848.02
FTSE Japan 515 159.36 0.9 2.0 4.1 4.1262.922.6 Consumer Services 424 534.95 0.6 -2.2 4.2 766.68 4.5 1.3 Intercontinental Hotels Group PLC 5112 -156.00 Weir Group PLC 1743.5 -56.50
FTSE All-Share Personal Goods (4) 28294.08 -0.84 23824.82 28535.20 28489.07 25314.69 2.00 2.79 17.91 21.42 22271.40
FTSE Asia Pacific Large Cap ex Japan 1124 685.59 1.5 -1.2 2.1 1258.28
2.5 3.1 Food & Drug Retailers 69 297.27 -0.4 -4.5 -5.4 475.70 -5.0 2.6 International Consolidated Airlines Group S.A. 135.50 -3.86 Whitbread PLC 2817 -72.00
FTSE All-Share Media (11) 10144.00 -0.91 8541.68 10237.48 10334.95 9649.63 2.19 1.77 25.84 13.89 7146.96
FTSE Asia Pacific Mid Cap ex Japan 840 972.53 0.9 -2.1 1.1 1724.31
1.5 3.4 General Retailers 139 918.61 0.5 -2.2 3.1 1259.55 3.4 1.0 Intertek Group PLC 3923 -79.00 Wpp PLC 917.40 -28.40
FTSE All-Share Retailers (22) 2139.66 -2.17 1801.69 2187.11 2206.62 2244.61 2.62 2.96 12.90 1.62 2796.10
FTSE All-Share Travel and Leisure (29) 6778.55 -1.97 5707.82 6914.57 6949.93 6641.92 0.69 -6.34 -22.93 6.21 7017.62 FTSE Asia Pacific Small Cap ex Japan 2096 549.11 0.7 -2.2 2.8 3.1943.333.0 Media 75 319.06 1.6 -2.9 10.1 459.97 10.4 1.3
FTSE All-Share Beverages (5) 27783.49 0.98 23394.88 27513.75 27817.13 28462.88 2.20 2.34 19.36 217.52 22459.76 FTSE Asia Pacific Ex Japan 1964 545.88 1.5 -1.3 2.0 1064.98
2.4 3.1 Travel & Leisure 141 474.74 0.2 -0.6 7.2 695.91 7.5 1.2
FTSE All-Share Food Producers (9) 6669.84 -1.25 5616.28 6754.05 6749.06 6479.63 2.30 2.27 19.15 0.00 6497.00 FTSE Emerging All Cap 3724 713.16 1.3 -1.4 1.3 1250.40
1.6 3.5 Telecommunication 85 132.90 0.5 -0.7 3.3 315.89 3.9 4.2 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 31451.79 1.44 26483.74 31005.45 32588.02 33842.98 7.65 1.52 8.57 675.92 30547.15 FTSE Emerging Large Cap 1122 658.71 1.5 -1.3 1.3 1161.50
1.6 3.5 Fixed Line Telecommuniations 30 105.58 0.5 -0.4 4.9 289.62 5.8 4.9 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Yr Ago
FTSE All-Share Construction and Materials (15) 8374.06 -3.36 7051.32 8665.34 8794.22 7560.92 2.99 0.51 65.39 147.44 10399.44 FTSE Emerging Mid Cap 897 1024.45 0.8 -1.7 0.2 1810.02
0.8 3.9 Mobile Telecommunications 55 155.64 0.5 -0.8 2.4 317.90 2.8 3.8 Order Book Turnover (m) 158.98 84.00 125.52 743.85 259.04 259.04
FTSE All-Share Aerospace and Defense (7) 6442.25 -0.89 5424.65 6500.19 6461.64 4900.55 1.82 0.83 66.49 4.21 7863.29 FTSE Emerging Small Cap 1705 769.34 0.6 -2.1 2.1 1288.42
2.4 3.3 Utilities 201 304.80 -0.1 -1.6 -5.4 719.89 -4.7 3.6 Order Book Bargains 702035.00 522620.00 651497.00 763321.00 953050.00 953050.00
FTSE All-Share Electronic and Electrical Equipment (11)11017.30 -0.71 9277.04 11095.89 11064.78 11376.45 1.61 2.23 27.95 5.91 10917.66 FTSE Emerging Europe 147 128.75 1.7 -2.4 0.2 0.8271.703.1 Electricity 145 341.34 -0.2 -1.1 -6.6 794.34 -5.8 3.5 Order Book Shares Traded (m) 1626.00 1392.00 1404.00 1606.00 3097.00 3097.00
FTSE All-Share General Industrials (8) 4989.85 -1.33 4201.66 5057.08 5045.40 5040.73 2.95 1.05 32.40 7.25 6612.05 FTSE Latin America All Cap 253 677.32 -1.1 -7.7 -3.0 1362.24
-2.2 10.5 Gas Water & Multiutilities 56 308.66 -0.1 -2.7 -2.3 753.59 -1.8 3.8 Total Equity Turnover (£m) 6740.18 11187.89 10421.70 18065.74 13392.66 13392.66
FTSE All-Share Industrial Engineering (6)15886.25 -1.17 13376.90 16073.63 16029.56 17002.77 1.77 2.32 24.38 0.00 21339.53 FTSE Middle East and Africa All Cap 330 698.78 1.5 -0.3 -3.5 1293.12
-2.7 3.5 Financials 855 248.76 -0.2 -8.3 -4.1 481.85 -3.7 3.4 Total Mkt Bargains 920800.00 700378.00 870093.00 1017053.00 1191001.00 1191001.00
FTSE All-Share Industrial Support Services (29) 9423.16 -1.33 7934.70 9550.26 9633.43 10579.60 2.12 1.67 28.24 25.01 10880.15 FTSE Global wi UNITED KINGDOM All Cap In 281 323.77 -0.1 -2.9 3.0 4.1669.843.7 Banks 272 186.81 -0.5 -11.0 -5.7 404.16 -5.1 4.6 Total Shares Traded (m) 6864.00 5813.00 6064.00 6468.00 6823.00 6823.00
FTSE All-Share Industrial Transportation (8) 5203.35 -4.52 4381.45 5449.66 5549.23 5984.41 2.20 1.60 28.42 11.53 5467.73 FTSE Global wi USA All Cap 1796 950.46 0.2 -2.5 2.6 1384.36
3.0 1.7 Nonlife Insurance 72 352.10 -0.2 -5.7 -3.8 590.39 -3.5 3.1 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)18203.40 3.26 582.31 17628.29 17503.27 16103.00 1.81 1.81 30.60 0.00 22993.61 FTSE Europe All Cap 1473 458.70 0.7 -1.0 6.9 7.5878.053.1 Life Insurance 51 211.81 -0.1 -8.4 -7.0 410.80 -6.6 4.2 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (8) 7106.95 -1.47 5984.36 7213.26 7226.18 8529.64 6.35 2.63 6.00 130.58 11098.16 FTSE Eurozone All Cap 645 460.10 1.1 0.1 11.1 11.4871.463.0 Financial Services 213 419.46 -0.1 -5.6 -1.1 640.03 -0.8 1.8
FTSE All-Share Precious Metals and Mining (5)10158.08 0.25 8553.54 10132.53 9855.82 10642.02 3.94 1.75 14.49 99.80 7235.04 FTSE EDHEC-Risk Efficient All-World 4170 460.39 0.2 -4.1 -0.6 -0.2730.342.8 Technology 357 530.58 1.9 6.8 20.0 694.57 20.2 1.0
FTSE All-Share Chemicals (7) 12415.46 -0.87 10454.35 12524.75 12442.22 14309.15 2.82 1.80 19.76 33.73 12504.19 FTSE EDHEC-Risk Efficient Developed Europe 551 335.10 0.8 -1.3 6.8 7.2592.143.2 Software & Computer Services 182 789.27 2.1 7.1 16.4 956.45 16.6 0.6 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE All-Share Oil. Gas and Coal (13) 7910.77 -2.94 6661.21 8150.03 8279.41 7171.87 4.01 5.60 4.45 86.81 10078.50 Oil & Gas 133 375.67 -0.9 -6.6 -8.1 -7.1781.025.1 Technology Hardware & Equipment 175 477.72 1.8 6.5 23.8 673.90 24.1 1.4 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil & Gas Producers 88 375.69 -0.9 -6.2 -7.7 -6.7802.915.5 Alternative Energy 20 168.30 1.2 -3.8 -8.0 241.59 -8.0 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 140 240.47 0.4 -5.3 -4.2 470.29 -4.0 3.4
Non Financials (325) 4952.52 -1.03 4385.72 5003.99 5038.36 5044.03 3.55 2.23 12.63 42.48 9048.70 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 107 411.25 -0.3 -9.4 -5.6 975.99 -4.8 4.4
For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE Global Large Cap 1937 633.12 0.6 -0.6 4.1 1052.25 4.6 2.4
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 7456.71 7407.38 7358.66 7356.70 7359.71 7397.23 7401.12 7390.17 7413.29 7456.71 7336.28 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 18658.22 18543.64 18452.50 18423.04 18431.89 18497.64 18483.39 18472.39 18498.40 18658.22 18393.53 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 6081.67 6056.28 6033.92 6021.39 6020.34 6020.31 6019.22 6017.46 6017.52 6081.67 6012.33 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 4069.07 4042.66 4017.27 4015.29 4016.92 4036.06 4037.39 4032.03 4043.39 4069.07 4005.79 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:08:03:00 Day's Low10:14:45 FTSE 100 2010/11 High: 8014.31(20/02/2023) Low: 7335.40(17/03/2023) 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:08:03:00 Day's Low10:15:00 FTSE 100 2010/11 High: 4377.36(16/02/2023) Low: 4007.66(17/03/2023)
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 Ceres Power Holdings Pre 22.130 30.776 48.996L 23.372L 23.580L 11.360L 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- Dunedin Enterprise Investment Trust Pre 8.932 27.642 72.380 159.890 0.00000 1.90000 - 34.000 17.900 02/28 3.33 DAR Dar Global PLC 3.70 0.00 3.90 3.33 666.1
There are currently no rights offers by any companies listed on the LSE. GreenRoc Mining Pre 0.000 - 1.230L - 1.100L - 0.00000 - - 0.000 - 02/14 17.50 AIM FMET Fulcrum Metals Plc 17.75 -0.20 19.00 17.00 885.0
Holders Technology Pre 8.319 12.386 0.259L 0.787 6.130L 16.450 0.50000 0.50000 Jun 6 1.000 1.000
Maven Income and Growth VCT 5 Pre 0.693 8.432 0.390 5.240 0.50000 1.00000 May 5 3.500 1.600
Smiths Group Int 1497.000 1192.000 167.000 160.000 30.600 283.900 12.90000 12.30000 May 17 40.200 38.300
Tribal Group Pre 83.585 81.148 0.387 8.614 0.200L 3.300 0.65000 1.30000 Jul 27 0.650 1.300
Wetherspoon (J D) Int 915.956 807.395 56.953 13.036L 29.400 9.000L 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.
18 ★ FINANCIAL TIMES Monday 27 March 2023

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m
Australia (A$) Finland (€) Denso 7068 127.00 8330 6389 2.03 19.37 42631.72 Richemont 139.25 5.85 149.35 90.28 1.28 34.70 79185.69 Booking Holdings 2484.49 43.64 2630 1616.85 - 97.70 93537.01 Linde 340.82 10.33 362.74 262.47 1.12 51.57 167738.25
ANZ Bank 22.52 -0.20 27.96 20.78 6.62 9.55 44940.76 Nokia 4.31 0.06 5.20 4.18 - 15.58 26129.3 EastJpRwy 7225 39.00 8280 6510 1.42 -7.25 20902.22 Roche 258.40 -3.35 404.20 256.85 3.10 18.09 197769.16 Bristol-Myers 67.30 0.77 81.44 65.28 2.70 23.89 141237.13 Lockheed 472.24 6.37 498.95 373.67 2.12 22.46 120194.03
BHP Group 43.64 0.25 53.72 35.83 9.30 10.37 146891.98 SampoA 42.92 1.29 49.97 39.86 3.80 9.57 23852.99 Fanuc 22910 35.00 24930 18850 2.02 27.25 35409.68 Swiss Re 90.68 2.72 99.68 68.18 5.93 22.89 31364.08 Broadcom 633.14 2.17 648.50 415.07 2.14 39.61 263971.05 Lowes 188.86 -8.50 221.96 170.12 1.45 17.21 117225.51
CmwBkAu 95.84 0.54 111.38 86.98 3.61 18.24 107520 France (€) FastRetail 27370 -355.00 29800 18566.67 1.96 12.85 66672.09 Swisscom 587.60 5.80 593.40 443.40 3.41 18.27 33159.56 Cadence Design 203.88 -3.00 209.50 132.32 - 90.34 55647.01 Lyondell 86.33 1.65 117.22 71.46 4.64 5.70 28142.9
CSL 288.49 -0.79 314.21 254.30 1.03 41.80 92464.26 Airbus Grpe 117.40 0.66 126.04 86.52 - 22.56 99868.1 Fuji Hvy Ind 2063 24.00 2684 1739 2.78 23.70 12146.89 UBS 17.26 0.15 20.85 13.88 1.83 9.29 66272.91 CapOne 88.73 -0.99 144.73 86.84 2.03 3.65 33826.08 Marathon Ptl 123.97 0.31 136.46 77.62 1.69 67.98 54748.33
NatAusBk 27.18 -0.64 33.75 25.43 3.26 14.65 56683.65 AirLiquide 149.60 2.38 153.40 114.48 1.75 28.94 84290.13 Hitachi 6849 222.00 7463 5665 1.72 10.04 49182.31 Zurich Fin 420.60 19.10 461.70 384.60 4.34 14.64 68940.08 CardinalHlth 69.35 -0.27 81.57 49.70 2.55 39.80 17867.27 Marsh&M 159.40 3.60 183.14 143.33 1.52 27.16 78834.69
Telstra 4.17 0.07 4.24 3.62 2.37 34.32 32014.55 AXA 26.64 0.67 30.34 20.34 5.12 9.40 65736.91 HondaMtr 3370 5.00 3755 3001 3.92 7.13 46729.55 Taiwan (NT$) Carnival 9.11 0.56 21.50 6.11 - -1.20 10138.23 MasterCard 351.22 1.56 390.00 276.87 0.58 44.41 332152.1
Wesfarmers 49.60 0.77 51.66 40.03 3.54 25.80 37372.77 BNP Parib 50.47 -1.21 67.02 40.67 5.06 7.62 67046.99 JapanTob 2723 -14.50 2871.5 2072 5.14 13.86 41688.68 Chunghwa Telecom 119.50 0.50 132.50 105.50 3.54 26.29 30545.65 Caterpillar 215.91 0.90 266.04 160.60 1.79 20.22 111484.15 McDonald's 270.24 3.04 281.67 228.34 1.75 29.82 197679.74
Westpac Bank 21.20 0.01 24.67 18.80 4.14 15.61 49430.19 ChristianDior 790.50 23.50 819.50 516.00 0.84 30.24 153571.75 KDDI 4022 -20.00 4636 3873 3.06 13.48 70896.07 Formosa PetChem 83.20 1.60 97.90 75.20 0.70 16.20 26115.32 Centene Corp 63.49 0.94 98.53 61.71 - 30.85 34999.79 McKesson 342.18 2.83 401.78 298.69 0.47 42.93 46857.86
Woolworths 37.46 0.82 39.63 31.67 2.85 43.23 30278.57 Cred Agr 9.94 -0.05 11.94 8.09 7.68 5.69 32552.45 Keyence 62270 2990 62940 44880 0.33 52.05 115930.21 HonHaiPrc 105.50 3.50 116.00 98.00 3.75 10.75 48191.64 CharlesSch 53.96 -2.45 93.16 45.00 1.20 21.12 96666.73 Medtronic 78.62 0.33 114.31 75.77 2.86 23.76 104597.91
Belgium (€) Danone 56.27 1.81 58.14 46.78 3.29 20.06 40929.24 MitsbCp 4586 -9.00 5125 3740 3.08 10.23 51750.54 MediaTek 790.00 34.00 976.00 533.00 4.64 11.36 41640 Charter Comms 341.15 -8.86 574.65 297.66 - 15.44 57693.81 Merck 103.45 -0.65 115.49 79.72 2.30 23.58 262617.39
AnBshInBv 57.47 1.18 58.21 45.56 0.88 30.05 107449.48 EDF 11.84 0.00 12.07 7.27 3.93 9.54 50961.69 MitsubEst 972.77 15.17 1023.46 876.51 - - - TaiwanSem 539.00 34.00 602.00 370.00 1.96 21.68 460570.1 Chevron Corp 155.47 3.13 189.68 132.54 3.08 21.16 296430.61 Meta 205.92 10.31 236.86 88.09 - 16.56 458329.13
KBC Grp 59.84 1.00 72.46 45.53 5.48 10.20 26866.94 Engie SA 13.57 0.14 14.68 10.07 3.72 10.02 35577.2 MitsubishiEle 1538 19.00 1602.5 1273 2.66 13.75 25279.56 Chipotle Mexic. 1612.52 3.68 1754.56 1196.28 - 78.00 44540.78 Metlife 53.68 -1.19 77.36 52.83 3.20 8.13 26542.97
Thailand (THB)
EssilorLuxottica 162.10 2.35 184.70 132.70 0.64 51.81 78096.79 MitsuiFud 912.73 -5.99 1007.12 684.38 - - - Chubb 185.89 -0.91 231.37 173.78 1.54 10.69 76866.69 Microsoft 279.25 -0.18 315.95 213.43 0.74 32.942078682.14
Brazil (R$) PTT Explor 31.00 1.25 39.50 29.50 6.01 8.87 25939.77
Hermes Intl 1787 57.00 1812.5 957.60 0.24 80.40 203037.77 MitUFJFin 830.00 -7.60 999.50 632.60 3.21 8.41 80612.39 Cigna 258.87 -10.58 340.11 238.50 1.39 18.23 76899.92 Mnstr Bvrg 103.48 0.49 105.45 77.25 - 44.60 54058.92
Ambev 13.94 -0.28 16.88 12.60 4.15 20.51 41837.3 United Arab Emirates (Dhs)
LOreal 398.05 17.80 399.75 300.45 0.96 50.83 229275.15 Mizuho Fin 1843.5 11.00 2238 1486.5 4.34 8.81 35833.49 Cintas Corp 433.06 0.33 470.23 343.86 0.76 42.05 44007.76 MondelezInt 68.39 1.99 68.81 54.72 1.76 24.92 93236.56
Bradesco 11.36 -0.30 17.72 11.15 7.50 5.12 11538.4 Emirtestele 24.30 - 38.98 11.60 2.75 27.17 57535.64
LVMH 813.40 26.10 830.70 535.00 0.82 35.69 439505.1 Murata Mfg 7837 309.00 8811 6438 1.57 15.73 40541.76 Cisco 50.08 -0.12 56.94 38.61 2.69 19.69 205098.35 Monsanto 10.07 -0.11 11.13 9.56 - 51.84 251.75
Cielo 5.02 0.13 6.22 2.71 2.97 16.55 2598.82
Orange 10.68 0.11 11.94 9.08 5.363714.90 30569.96 Nippon TT 3969 -38.00 4128 3527 2.71 12.50 110045.29 United Kingdom (p) Citigroup 42.53 -1.73 57.40 40.01 4.33 4.65 82656.37 MorganStly 83.06 -1.12 100.99 72.05 2.28 11.46 139701.95
ItauHldFin 19.74 -0.39 26.04 18.86 4.02 7.61 18650.61
PernodRic 207.70 8.65 208.50 166.60 1.43 32.87 57660.94 Nissan Mt 480.70 11.30 577.60 408.10 - 15.26 15531.05 Anglo American 2538 34.00 4292.5 2437.5 7.02 5.03 41509.51 CME Grp 183.07 -2.92 249.33 166.55 1.78 27.82 65855.76 Netflix 327.72 24.22 396.50 162.71 - 32.30 145949.05
Petrobras 25.82 -0.54 42.08 23.61 19.06 3.59 36617.32
Renault 35.45 0.09 43.96 21.20 - -27.75 11282.74 Nomura 497.30 7.70 573.90 464.30 4.74 -33.44 12309.49 AscBrFd 1918 16.50 2076 1223 0.32 31.70 18327.36 Coca-Cola 60.47 0.45 67.20 54.02 2.51 29.77 261612.13 NextEraE 74.86 -0.81 91.35 67.22 1.96 108.93 148783.9
Vale 78.62 -4.11 98.30 61.90 16.95 3.42 67999.92
Safran 133.30 4.92 137.58 87.85 0.311397.45 61296.7 Nppn Stl 2999.5 -2.50 3294 1838 2.73 4.63 21820.25 AstraZen 11080 266.00 12828.45 9399 1.871876.06 209972.18 Cognizant 57.95 0.16 92.99 51.33 1.50 15.85 29513.62 Nike 119.83 -0.56 139.86 82.22 0.88 34.69 149268.12
Canada (C$) Panasonic 1131.5 -28.50 1325 1006.5 2.26 11.19 21255.91 Aviva 408.30 6.10 606.58 341.92 5.23 53.72 13979.26 ColgtPlm 72.96 0.76 83.81 67.84 2.21 31.69 60582.94 NorfolkS 197.61 -6.29 291.55 196.33 1.90 18.08 45012.04
Sanofi 97.10 7.30 106.08 76.45 3.14 20.58 131762.53
Bausch Hlth 9.72 -0.72 29.94 5.10 - -2.96 2556.22 Seven & I 5817 -74.00 6619 5041 1.81 21.65 39472.06 Barclays 133.90 -5.66 198.86 128.12 2.24 3.25 25846.48 Comcast 35.99 -0.04 48.42 28.39 2.51 13.11 151395.96 Northrop 451.67 8.07 556.27 430.94 1.23 11.49 68707.68
Sant Gbn 49.30 -1.81 58.65 35.20 2.63 12.36 27367.04
BCE 60.55 0.53 74.09 55.66 5.68 20.59 40138.33 ShnEtsuCh 20885 710.00 20935 14185 1.42 19.56 64720.49 BP 486.30 6.35 570.57 4.75 3.24 17.64 106080.62 ConocPhil 95.19 0.80 138.49 78.30 1.85 17.37 116015.33 NXP 176.22 -1.07 198.28 132.08 1.15 28.75 45732.51
Schneider 142.30 -3.78 159.62 110.02 1.74 26.31 87463.3
BkMontrl 114.86 -2.21 150.71 113.47 3.87 8.97 59517.29 Softbank 4972 75.00 7180 4491 0.91 4.18 65576.03 BrAmTob 2872 -76.50 3645 2823.5 7.51 9.72 78519.08 Constellation 216.60 5.70 261.53 208.12 1.28-1080.33 39962.31 Occid Pet 58.14 -0.34 77.13 51.53 0.06 31.26 52330.21
SocGen 19.90 -1.30 28.39 18.97 2.65 3.52 17309.75
BkNvaS 65.46 -0.35 92.87 63.19 5.57 8.32 56695.1 Sony 11595 360.00 13105 9213 0.53 14.48 111932.06 BT 139.75 2.00 196.60 110.55 - 13.57 16970.97 Corning 32.33 -0.49 38.71 28.98 2.68 27.98 27391 Oracle 88.31 3.05 90.67 60.78 1.32 36.99 238419.51
Total 51.81 -1.33 60.93 44.01 4.97 10.43 138858.6
Brookfield 58.88 10.36 63.88 41.28 1.09 19.91 69948.82 SumitomoF 5189 -68.00 6261 3816 3.95 9.87 54604.6 Compass 1992 51.00 2009 1568.75 0.70 48.47 42543.56 Corteva 56.65 0.04 68.43 50.03 0.85 26.47 40369.1 Pepsico 178.05 2.92 186.84 154.86 2.15 35.92 245230.87
UnibailR 46.64 -5.32 73.09 39.68 - -6.97 6965.24
CanadPcR 102.31 -3.83 111.43 86.42 0.73 24.89 69206.25 Takeda Ph 4263 -18.00 4478 3455 4.32 14.96 51634.92 Diageo 3599 124.00 4067 3388.5 2.02 27.68 99299.31 Corteva 56.65 0.04 68.43 50.03 0.85 26.47 40369.1 Perrigo 33.46 -1.31 43.90 30.78 2.59 -37.82 4505.34
Vinci 101.36 -2.10 109.92 80.84 2.53 23.56 64419.32
CanImp 56.22 -0.80 80.18 53.58 10.51 3.96 37257.97 TokioMarine 2541 -67.00 3000 2166.67 8.87 4.04 39680.33 GlaxoSmh 1401.2 0.40 2753.96 1280.92 5.71 16.18 70159.11 Costco 493.05 6.00 612.27 406.51 0.58 43.60 218659.39 Pfizer 40.21 0.11 56.32 39.23 3.50 11.33 226961.42
Vivendi 9.14 0.30 12.16 7.59 6.26 -17.10 10844.17
CanNatRs 70.12 1.47 88.18 58.75 2.80 11.04 56072.63 Toyota 1784 -6.00 2282.5 1764 2.93 7.87 222803.51 Glencore 442.70 10.05 583.25 5.07 2.00 16.21 68226.09 CrownCstl 125.41 -4.85 199.97 121.71 3.93 52.03 54357.4 Phillips66 93.03 -1.69 113.53 74.02 3.51 34.70 43157.28
CanNatRy 154.33 -3.97 175.39 137.26 1.57 22.78 74941 Germany (€)
Mexico (Mex$) HSBC 534.00 -8.10 653.80 434.70 3.02 11.67 130401.87 CSX 27.84 -1.08 38.17 25.80 1.27 17.03 57412.62 PhilMorris 90.58 -4.22 109.81 82.85 4.88 17.21 140412.34
Enbridge 50.07 -0.12 59.69 48.88 6.56 17.74 73683.19 Allianz 205.15 5.10 224.55 156.22 4.46 13.59 89048.99
AmerMvl 19.32 0.70 21.45 15.67 1.65 15.99 44070.37 Imperial Brands 1883.5 -1.00 2185 1579.5 7.33 6.30 21326.99 CVS 73.03 -1.35 108.87 72.11 2.47 13.60 93772.25 PNCFin 121.88 -1.84 198.98 119.27 3.56 10.63 48713.26
GtWesLif 34.33 0.11 37.69 27.99 5.53 9.80 23259.14 BASF 45.92 1.00 55.52 37.90 6.86 7.97 44170.85
FEMSA UBD 164.65 -0.78 177.41 120.63 1.20 137.73 19235 Jardine Mathes. 62.50 0.00 55.30 46.89 2.50 11.43 18090.08 Danaher 245.32 2.36 303.82 233.71 0.33 31.00 178734.48 PPG Inds 123.72 1.23 138.10 107.06 1.73 30.07 29118.49
ImpOil 63.29 1.73 79.83 52.67 1.60 18.49 26868.48 Bayer 55.55 -0.26 67.99 47.01 3.43 57.09 58735.04
WalMrtMex 72.80 1.60 82.93 64.81 0.68 37.12 68714.81 LlydsBkg 45.72 -0.54 54.33 38.51 5.62 6.35 37359.11 Deere 385.21 -0.29 448.40 283.81 0.92 23.43 114146.3 ProctGmbl 145.86 2.93 164.90 122.18 2.22 27.46 344104.76
Manulife 24.24 0.18 27.50 20.81 4.75 6.96 32719.36 BMW 97.76 2.91 103.70 68.44 1.85 5.46 63338.59
LSE Group 7750 280.00 8612 6710 0.99 79.24 48105.02 Delta 31.33 -1.63 46.27 27.20 - 41.65 20090.01 Prudntl 76.61 -1.41 122.54 75.37 5.42 4.35 28039.26
Nutrien 98.61 -1.23 147.93 93.43 2.32 14.38 35804.33 Continental 64.56 0.08 79.24 44.44 - 10.43 13896.99 Netherlands (€)
Natl Grid 1058.5 19.50 1271.45 844.29 4.64 24.67 47583.04 Devon Energy 46.84 0.69 79.40 44.03 3.80 12.38 30632.64 PublStor 285.21 -10.46 421.76 270.13 2.53 32.01 50138.59
RylBkC 125.86 -1.40 142.27 116.75 3.48 11.36 127196.17 Deut Bank 8.54 -0.79 12.36 7.46 - 8.81 18996.13 ASML Hld 598.70 2.60 642.00 376.10 0.54 48.45 259763.07
Natwest Group 258.50 0.50 310.00 210.90 4.06 10.18 30441.15 Digital Realty 93.35 -7.35 153.50 85.76 4.49 17.41 27192.47 Qualcomm 123.52 2.79 161.30 101.93 1.97 15.67 137724.8
SHOP 60.99 -0.37 94.73 33.00 - 2.14 59291.09 Deut Tlkm 21.72 0.24 22.07 16.59 2.64 26.17 116564.45 Heineken 97.74 2.60 99.40 78.28 0.96 17.76 60591.4
Prudential 1024 16.00 1357.5 782.40 1.15 16.63 34428.49 DiscFinServ 91.83 -0.41 121.17 87.64 1.85 5.71 23817.08 Raytheon 95.80 0.05 108.84 80.27 1.89 41.13 140175.33
Suncor En 39.95 0.41 53.62 36.39 2.58 14.67 38658.68 DeutsPost 41.44 0.91 46.48 29.68 3.18 10.99 55261.93 ING 10.38 -0.23 13.55 8.43 5.52 8.84 41615.07
ReckittB 6104 294.00 6824 5400 2.86 -26.41 53439.63 Disney 93.75 0.55 144.46 84.07 - 60.38 171263.36 Regen Pharm 813.31 65.66 816.00 538.01 - 12.52 87436.83
ThmReut 173.11 2.37 174.59 119.23 1.16 12.12 59370.55 E.ON 11.04 0.46 11.15 7.28 4.06 6.43 31369.49 Unilever 47.68 1.54 49.09 40.09 3.01 24.48 147535.36
RELX 2577 47.00 2619 2064 1.85 34.00 60049.2 Dollar General 203.72 -5.11 262.21 183.25 0.75 21.98 45546.66 S&P Global 331.14 -3.36 423.55 279.32 0.84 29.32 106625.47
TntoDom 77.12 -0.78 103.13 76.40 4.17 9.81 102568.46 Fresenius Med 37.07 0.08 63.66 26.19 3.45 11.74 11689.9 Norway (Kr) RioTinto 5253 3.00 6354 4436.95 9.56 5.49 80342.14 DominRes 53.12 -2.28 88.78 52.03 4.28 18.45 44365.48 Salesforce 188.31 3.46 222.16 126.34 - 139.61 188310
TrnCan 51.73 0.70 74.44 50.70 6.62 28.28 38447.79 Fresenius SE 23.60 -0.09 36.09 19.76 3.64 7.82 14185.71 DNB 180.60 -3.25 209.50 168.05 10.35 10.74 26835.4 RollsRoyce 143.54 3.24 160.00 64.44 - 97.65 14686.22 DukeEner 93.23 -3.16 116.33 83.76 3.78 20.95 71794.58 Schlmbrg 44.67 -0.01 62.78 30.65 1.01 37.49 63797.23
HenkelKgaA 65.30 2.50 66.00 56.55 2.67 18.21 18258.27 Equinor 281.30 -8.95 410.95 278.70 1.88 11.29 85118.57
China (HK$) Shell PLC 2200.5 -13.50 2613.5 1908.6 2.75 11.60 185071.11 DuPont 68.61 1.06 78.98 49.52 1.58 23.53 31446.57 Sempra Energy 141.62 -3.72 176.47 136.54 2.80 39.12 44549.34
Linde 317.40 2.70 344.00 261.20 1.12 51.69 168123.38 Telenor 121.10 0.45 135.80 87.60 7.98 19.04 16149.19
AgricBkCh 2.88 0.03 3.07 2.22 7.46 3.74 11277.77 StandCh 591.80 -42.20 799.40 478.60 1.50 13.27 20561.4 Eaton 163.40 3.25 178.75 122.50 1.68 33.89 65116.97 Shrwin-Will 209.65 -7.67 285.00 195.24 0.95 33.27 54100.73
Mercedes-Benz 69.65 0.39 75.92 50.19 1.85 7.30 80196.07
Bk China 3.01 0.01 3.17 2.51 7.45 3.69 32064.96 Qatar (QR) Tesco 250.80 3.90 307.23 194.35 3.65 12.77 22442.79 eBay 41.93 -0.13 60.39 35.92 1.55 122.23 22511.39 SimonProp 102.16 -2.15 138.65 86.02 6.32 16.54 33398.5
MuenchRkv 314.60 14.80 334.10 212.70 2.97 15.76 47435.96
BkofComm 4.87 0.08 5.74 3.84 7.24 3.98 21721.71 QatarNtBk 15.91 0.14 27.00 15.16 3.23 12.60 40371.32 Unilever 4197 149.50 4868.64 3351.66 3.45 21.55 129867.01 Ecolab 158.50 3.92 185.50 131.04 1.11 44.90 45120.12 SouthCpr 71.44 3.33 79.32 42.42 4.04 18.03 55230.38
SAP 113.98 2.40 115.40 81.35 1.55 26.79 150702.16
BOE Tech 0.65 0.02 0.85 0.55 - 10.37 16.48 Saudi Arabia (SR) Vodafone 88.58 -1.79 132.30 83.24 8.73-198.17 29235.92 Edwards Lifesc. 80.26 -0.48 131.10 67.13 - 37.35 48645.61 Starbucks 97.44 -1.27 110.78 68.39 1.70 29.17 111982.05
Siemens 140.58 3.22 152.20 93.67 2.37 22.16 121039.66
Ch Coms Cons 4.69 -0.20 5.32 3.09 4.37 3.85 2639.95 AlRajhiBnk 73.50 2.90 7317 0.00 2.97 13.69 78262.24 WPP 917.40 1.40 1095.5 713.00 2.89 17.47 12013.23 Eli Lilly 335.20 6.02 384.44 276.83 0.92 60.67 318534.52 StateSt 70.64 -1.14 94.74 58.62 2.79 10.88 24332.25
Volkswgn 149.50 -3.35 240.00 144.35 3.06 5.30 47479.88
Ch Evrbrght 2.47 0.08 3.01 2.04 9.77 3.31 3989.49 Natnlcombnk 46.45 4.95 2070 0.00 2.84 17.12 55370.02 United States of America ($) Emerson 82.39 1.55 100.00 72.41 2.22 19.93 47077.65 Stryker 274.59 0.15 281.20 188.84 0.85 58.38 104023.27
Ch Rail Cons 5.63 -0.16 6.38 3.75 4.69 2.96 1489.16 Hong Kong (HK$) EOG Res 105.03 2.28 150.88 92.16 1.39 14.56 61728.61 Sychrony Fin 27.67 -0.82 41.88 27.15 2.95 4.04 12092.37
SaudiBasic 90.30 4.80 2115 0.00 3.28 12.90 72113.07 21stC Fox A 32.87 0.14 41.67 28.02 1.29 14.74 9758.18
Ch Rail Gp 5.03 -0.22 5.88 3.48 4.12 4.00 2696.05 AIA 81.55 5.15 93.65 57.25 1.49 20.59 121237.16 Equinix 672.01 -18.84 776.35 494.89 1.54 134.61 62351.91 T-MobileUS 142.06 -0.39 154.38 120.90 - 65.29 173225.56
SaudiTelec 39.00 1.55 8480 0.00 9.34 7.57 51908.65 3M 101.01 -2.02 154.66 100.16 5.29 11.06 55701.11
ChConstBk 5.06 -0.01 5.98 4.12 7.39 3.64 154975.41 BOC Hold 25.15 0.25 31.85 23.55 4.49 12.74 33874.55 EquityResTP 55.10 -2.48 94.32 54.60 3.95 17.81 20861.01 Target 154.78 -4.58 254.87 137.16 1.86 12.04 71255.23
Singapore (S$) AbbottLb 97.47 0.46 124.36 93.25 1.67 27.40 169397.62
China Vanke 12.88 0.24 21.50 9.96 11.14 5.74 3620.51 Ch OSLnd&Inv 19.68 0.44 27.35 14.58 5.55 4.82 27439.92 Exelon 39.74 -2.40 50.71 35.19 3.48 25.30 39506.6 TE Connect 123.80 0.57 138.24 104.76 1.44 18.63 39177.33
DBS 33.37 0.82 36.40 29.45 3.29 14.48 64480.8 Abbvie 157.33 3.11 175.91 134.09 2.98 27.02 277552.25
ChinaCitic 3.86 0.19 4.08 2.92 7.32 3.54 7318.15 ChngKng 47.15 -1.65 57.00 42.90 3.42 10.65 21589.17 ExxonMb 103.20 3.36 119.63 79.29 3.05 21.21 420125.65 Tesla Mtrs 189.51 9.38 384.29 101.81 - 42.84 599637.33
JardnMt US$ 47.66 0.06 59.87 42.60 3.26 8.78 13794.78 Accenture 269.80 19.80 345.30 242.80 1.24 30.35 177633.22
ChinaLife 13.06 0.24 15.14 8.53 5.27 5.65 12380.33 Citic Ltd 9.06 0.22 9.40 7.01 5.40 4.14 33575.4 Fedex 216.23 -4.09 248.76 141.92 1.20 12.88 54348.57 TexasInstr 179.01 3.30 191.34 144.46 2.12 24.01 162219.9
OCBC 12.36 0.21 13.23 11.20 3.02 13.05 41708.14 Activision Bli. 83.99 5.00 85.72 70.94 0.51 27.05 65871.18
ChinaMBank 40.00 0.05 62.80 25.40 3.60 7.30 23394.04 Citic Secs 16.92 0.58 19.18 11.82 2.57 8.60 5647.58 Fidelity NIS 49.28 -2.36 106.65 48.57 2.86 81.47 29170.58 TheTrvelers 164.69 -0.34 194.45 149.65 1.98 11.25 38223.61
SingTel 2.38 0.00 2.88 2.31 2.80 42.53 29497.05 Adobe 372.51 14.37 473.49 274.73 - 40.59 170823.17
ChinaMob 62.55 -1.90 66.10 46.85 5.19 9.55 163043.71 CK Hutchison 48.50 0.60 59.45 38.80 4.27 6.06 23664.24 Fiserv 111.18 3.01 119.48 87.03 - 61.89 69835.09 ThrmoFshr 551.81 4.47 618.36 475.77 0.17 31.41 212684.17
UOB 29.29 1.29 32.55 25.91 3.01 13.80 36826.57 Advanced Micro 97.86 0.02 125.67 54.57 - 42.18 157682.39
ChinaPcIns 20.60 -0.45 23.20 12.10 6.42 6.64 7283.22 CNOOC 11.34 0.10 12.68 9.22 3.63 9.77 64397.38 FordMtr 11.42 0.12 17.80 10.61 0.79 2.84 44713.07 TJX Cos 74.11 -0.37 83.13 53.69 1.28 30.12 85634.41
AEP 87.32 -3.38 105.60 80.30 3.10 19.50 44918.01
ChMinsheng 2.68 0.06 3.14 2.19 9.24 3.43 2840.63 HangSeng 113.50 -2.10 154.00 110.00 4.89 18.02 27643.62 South Africa (R) Franklin 26.03 -0.25 32.88 20.24 3.92 7.63 13019.22 Truist Financial Corp 32.68 2.12 61.10 28.70 5.14 8.10 43403.62
Aflac 62.44 1.15 74.02 52.07 1.91 10.82 38195.07
ChMrchSecs 14.03 0.39 15.98 12.06 3.13 12.46 15166.5 HK Exc&Clr 342.00 15.80 404.20 208.20 2.43 38.04 55237.81 Firstrand 61.02 -0.42 79.34 59.16 4.43 10.60 18846.65 GenDyn 221.81 3.66 256.86 207.42 1.90 21.27 60870.12 Twitter 53.70 1.26 60.16 31.30 - -224.30 41093.72
AirProd 268.01 -6.74 328.56 218.88 2.02 31.18 59519.31
Chna Utd Coms 5.50 -0.36 6.45 3.30 2.05 27.46 24803.06 MTR 37.80 -0.20 43.70 33.45 2.96 27.00 29865.84 MTN Grp 125.63 -0.44 199.49 115.46 - 16.44 13033.93 GenElectric 91.99 1.70 94.94 46.77 0.31 -31.35 100295.02 UnionPac 185.99 -4.02 278.94 183.69 2.25 19.04 113802.26
Allstate 104.72 -0.39 144.46 103.20 2.79 6.83 27575.89
ChShenEgy 25.50 0.70 27.65 20.70 8.10 7.65 10971.85 SandsCh 26.60 0.35 30.70 12.50 - -28.99 27425.32 Naspers N 3330 344.94 3510 1421.74 0.18 17.18 79851.33 GenMills 83.84 4.05 88.34 64.42 2.22 24.53 49432.96 UPS 184.97 -1.82 223.97 154.87 1.99 13.96 133696.77
Alphabet 105.15 3.53 143.79 83.34 - 1.04 626273.4
ChShpbldng 3.87 0.04 4.02 3.36 - -286.32 12447.76 SHK Props 107.20 3.30 115.90 83.10 4.20 12.08 39573.74 South Korea (KRW) GenMotors 33.42 0.04 46.74 30.33 - 5.53 46608.78 USBancorp 34.45 1.50 57.92 32.72 4.61 7.48 52770.15
Altria 43.70 -1.63 57.05 40.35 7.27 36.12 78020.21
ChStConEng 5.92 -0.16 6.54 4.68 3.65 4.57 35628.09 Tencent 376.80 40.80 411.00 188.69 0.39 14.63 459285.25 HyundMobis 210500-4000.00 231500 189500 1.87 8.35 15333.57 GileadSci 79.46 2.15 89.74 57.17 3.23 17.85 99094.98 UtdHlthcre 472.85 3.35 558.10 449.70 1.07 28.97 441096.52
Amazon 97.71 -1.24 170.83 81.43 - 1.671001259.75
ChUncHK 5.65 0.08 6.54 3.27 2.80 12.31 22023.61 India (Rs) KoreaElePwr 17940 640.00 24000 16500 6.72 -10.66 8897.78 AmerAir 13.55 -0.43 21.42 11.65 - -4.01 8827.4 GoldmSchs 311.09 7.55 389.58 277.84 1.89 5.80 103840.23 ValeroEngy 128.91 2.54 160.16 93.65 2.75 62.91 47845.05
CNNC Intl 6.56 -0.12 8.40 5.78 1.91 17.06 18010.62 Bhartiartl 762.45 16.50 860.55 628.75 - 162.73 55165.72 SK Hynix 87300 8300 123000 73100 1.73 6.35 49101.56 AmerExpr 159.50 2.98 194.00 130.65 1.05 17.16 118674.79 Halliburton 29.58 -0.37 43.99 23.30 0.80 18.41 26743.88 Verizon 37.44 0.65 55.51 32.79 6.11 7.80 157262.94
CSR 4.11 -0.03 4.42 2.37 5.07 11.17 2288.65 HDFC Bk 1560.65 8.75 1722.1 1271.6 - 26.45 105582.24 SmsungEl 63000 3100 70500 51800 2.25 11.09 290567.7 AmerIntGrp 46.65 -0.59 65.73 45.66 2.48 4.78 34392.59 HCA Hold 252.12 1.46 279.02 164.47 0.69 13.20 69901.43 VertexPharm 309.76 13.99 325.19 233.01 - 38.08 79635.36
Daqin 7.28 -0.03 7.54 5.95 6.63 10.97 15763.72 Hind Unilevr 2480.8 21.45 2741.6 1931.3 1.29 66.44 70673.26 Spain (€) AmerTower 194.34 -7.01 282.47 178.17 2.42 38.03 90494.49 Hew-Pack 27.45 -0.59 41.47 24.08 2.76 5.49 27047.26 VF Cp 20.25 -1.18 60.09 20.03 8.78 7.35 7868.36
GuosenSec 9.52 0.24 10.55 8.43 2.43 10.89 12239.42 HsngDevFin 2559.9 28.30 2933.8 2026 0.90 21.78 56886.38 BBVA 6.13 0.09 7.56 3.97 5.78 8.74 39776.76 Amgen 236.35 6.56 296.67 223.30 2.69 25.47 126205.28 Hilton Worldwi. 130.51 -6.03 167.99 108.41 - 99.02 34774.48 Visa Inc 220.70 3.31 250.58 174.60 0.55 40.48 358627.36
HaitongSecs 4.90 0.00 6.31 3.77 5.92 5.26 2128.36 ICICI Bk 852.40 28.50 958.20 669.95 0.23 27.03 72154.96 BcoSantdr 3.22 0.08 3.87 2.32 2.27 6.76 58201.5 Amphenol Corp 77.71 0.92 82.86 61.67 0.91 34.29 46203.74 HiltonWwde 130.51 -6.03 167.99 108.41 - 99.02 34774.48 Walgreen 32.32 -0.59 48.48 30.39 5.36 5.18 27876.11
Hngzh HikVDT 44.60 6.59 45.01 28.10 1.80 24.39 59169.82 Infosys 1380.65 -23.45 1919 1360 2.20 27.27 69431.61 CaixaBnk 3.49 -0.02 4.14 2.64 0.74 24.08 28203.14 Analog Devices 187.69 1.84 196.41 133.48 1.34 69.81 94943.46 HomeDep 282.36 -6.03 347.25 264.51 2.13 19.95 286582.84 WalMartSto 142.29 2.89 160.77 117.27 1.41 32.06 383564.61
Hunng Pwr 4.20 0.03 4.80 2.62 4.74 -4.66 2514.94 ITC 378.70 -2.75 394.00 248.65 2.84 31.46 57029.72 Iberdrola 11.07 0.15 11.49 9.09 3.64 19.91 76802.75 Anthem 482.58 21.82 - - - - - Honywell 186.71 2.07 220.96 166.63 1.82 26.15 124748.47 Walt Disney 93.75 0.55 144.46 84.07 - 60.38 171263.36
IM Baotou Stl 1.92 0.00 2.71 1.75 - 32.53 8858.22 L&T 2166.15 -7.45 2273.3 1456.35 0.83 35.92 36909.67 Inditex 29.16 0.53 29.72 19.00 0.72 32.24 97811.51 Aon Cp 306.36 9.77 341.98 246.21 0.59 61.15 62847.42 HumanaInc 496.95 1.40 571.30 410.87 0.51 24.28 62106.15 Waste Manage. 153.34 0.19 175.98 138.89 1.35 39.59 62584.01
In&CmBkCh 4.22 -0.01 4.87 3.37 7.26 3.82 46660.48 OilNatGas 149.40 -2.80 179.80 119.85 6.10 4.23 22788.3 Repsol 13.79 0.31 16.23 11.05 4.15 8.81 19700.58 Apple 159.10 4.10 179.61 124.17 0.49 29.232517271.61 IBM 124.82 1.13 153.21 115.55 4.74 26.54 113220.39 WellsFargo 35.81 -1.96 53.30 35.25 1.95 8.02 135238.63
IndstrlBk 16.78 0.10 22.42 15.01 4.65 4.58 50771.88 RelianceIn 2203.3 -22.60 2856.15 2180 0.32 25.20 180749.2 Telefonica 3.77 0.07 5.06 3.22 8.76 2.88 23420.44 Applied Materi. 119.34 -3.26 142.01 71.12 0.72 18.24 100856.43 IDEXX Laborato. 481.17 9.81 560.92 317.06 - 61.98 39890.62 Williams Cos 28.45 0.15 37.97 27.80 5.20 25.41 34674.46
Kweichow 1778.62 26.63 2077 1359 1.09 39.87 325422.04 SBI NewA 505.35 -19.15 629.55 430.70 0.79 14.09 54683.06 Sweden (SKr) Aptiv 106.89 -0.31 129.18 77.96 - 61.03 28972.21 IllinoisTool 230.65 0.84 246.98 173.52 1.85 30.02 70362.44 Workday 188.99 0.22 248.92 128.72 - 1728.10 38364.97
Midea 0.38 -0.03 0.50 0.32 - -4.08 14.57 SunPhrmInds 972.85 5.45 1072.15 789.90 0.77 36.24 28301.42 AtlasCpcoB 108.04 0.28 123.16 22.08 7.03 7.00 16171.41 ArcherDan 76.12 1.86 98.88 70.02 1.76 17.60 41595.41 Illumina 219.05 -5.51 371.16 173.45 - 48.14 34609.11 Yum!Brnds 127.38 0.53 133.77 103.97 1.42 27.08 35680.14
New Ch Life Ins 18.50 0.10 23.15 12.04 8.35 3.47 2437.16 Tata Cons 3120.5 -64.50 3835.6 2950.1 1.17 29.79 138440.68 Ericsson 56.31 0.57 94.77 54.96 4.15 8.05 16590.41 AT&T 18.51 0.38 22.84 14.46 10.14 7.43 131973.9 Intcntl Exch 96.72 -0.29 136.04 88.60 1.23 14.92 54049.3 Zoetis 162.27 -2.21 201.32 124.15 0.56 42.09 75191.45
PetroChina 4.25 0.06 4.55 3.01 5.66 8.48 11423.37 Israel (ILS) H&M 121.20 -1.52 149.80 98.25 5.40 16.20 16976.57 Autodesk 200.53 1.42 235.01 163.20 - 98.23 43070.38 Intel 29.43 -0.39 52.51 24.59 4.26 6.71 121731.23 Zoom 68.56 -0.63 127.37 63.55 - 16.72 16945.74
PingAnIns 52.00 1.50 64.15 31.30 4.86 8.18 49336.18 TevaPha 31.39 -0.06 38.52 23.83 - 25.61 9832.99 Investor 196.54 5.20 212.90 158.22 1.85 8.20 34338.32 AutomData 213.27 0.05 274.92 196.61 1.62 36.57 88368.75 Intuit 427.47 13.78 507.71 339.36 0.54 59.30 119925.17 Venezuela (VEF)
PngAnBnk 12.82 0.00 16.66 10.39 1.37 7.62 36234.23 Nordea Bk 104.90 -7.82 134.94 88.32 14.48 11.87 36639.77 AutoZone 2316.3 -48.71 2610.05 1703.32 - 23.18 42614.51 John&John 152.11 -0.27 186.69 150.11 2.49 21.57 474559.25 Bco de Vnzla 3.97 -0.13 4.10 0.40 123.19 - 596.38
Italy (€)
Pwr Cons Corp 7.47 -0.25 8.45 6.71 1.19 15.45 11958.54 SEB 108.80 -1.90 133.50 97.38 9.65 8.82 22479.38 Avago Tech 633.14 2.17 648.50 415.07 2.14 39.61 263971.05 JohnsonCn 57.78 0.48 69.60 45.52 1.80 29.23 35718.19 Bco Provncl 8.29 -0.46 79400 6.80 - 0.00 128.04
Enel 5.39 0.11 6.42 3.96 6.48 26.29 58998.77
SaicMtr 14.26 0.09 19.29 13.77 4.19 7.10 24265.96 SvnskaHn 85.14 -9.66 112.90 80.88 6.10 8.10 15878.09 BakerHu 27.08 0.16 39.78 20.42 2.47 69.42 27378.72 JPMrgnCh 124.04 -1.77 144.34 101.28 2.77 8.95 365093.81
ENI 12.17 0.01 14.98 10.43 5.28 5.37 47233.83
ShenwanHong 0.08 0.00 0.18 0.07 - 2.34 89.76 Swedbank 173.60 -1.45 219.90 124.50 8.71 9.00 18844.87 Bank of NY 42.08 -0.50 53.63 36.22 2.79 11.26 33650.36 Kimb-Clark 129.41 4.04 144.53 108.74 3.29 26.90 43668.41 Closing prices and highs & lows are in traded currency (with variations for that
Generali 17.69 0.48 21.55 13.67 7.93 10.42 30101.83
ShgPdgBk 7.21 0.09 8.18 6.64 6.41 4.59 30823.3 Telia Co 26.08 -0.32 41.70 25.65 7.97 8.93 10227.88 BankAm 26.83 -1.00 44.39 26.32 2.62 8.32 214702.99 KinderM 16.54 0.26 20.20 15.78 6.06 39.58 37181.97 country indicated by stock), market capitalisation is in USD. Highs & lows are
IntSPaolo 2.26 0.07 2.60 1.58 1.54 73.53 47324.06
Sinopec Corp 4.69 0.07 4.97 3.06 3.00 5.59 14806.11 Volvo 197.14 0.90 219.75 148.24 3.43 12.46 30029.42 Baxter 38.88 1.30 80.72 37.35 2.52 17.02 19621.65 KLA Corp 374.04 -13.71 428.56 250.20 0.94 21.32 51796.97 based on intraday trading over a rolling 52 week period.
Unicred 16.23 0.33 19.77 7.87 0.71 25.26 33900.69
Sinopec Oil 2.11 0.01 2.39 1.70 - 698.14 4170.14 BectonDick 238.69 3.11 277.29 215.90 1.27 45.74 67764.48 Kraft Heinz 38.02 0.39 44.87 32.73 3.80 51.35 46568.5 ♦ ex-dividend
Japan (¥) Switzerland (SFr) Kroger 49.28 2.50 62.78 41.82 1.44 24.92 35273.91
Denmark (kr) BerkshHat 450815 8050544389.26393012.25 - 8.40 266088.14 ■ ex-capital redistribution
AstellasPh 1845 -2.50 2205 1823.5 2.55 27.78 25928.32 ABB 29.79 0.12 32.26 23.84 2.54 14.93 63761.38 LasVegasSd 53.85 -0.84 60.99 28.88 - -39.50 41156.12
DanskeBk 136.35 -3.30 165.35 91.28 1.40 9.77 16977.61 Biogen 265.57 2.41 311.88 187.16 - 28.29 38371.05 # price at time of suspension
Bridgestne 5172 139.00 5509 4428 3.29 11.76 28256.19 CredSuisse 0.76 -1.10 7.32 0.66 11.98 -1.25 3310.02 LibertyGbl 18.57 -0.33 26.47 15.22 - 0.88 3192.77
MollerMrsk 15785 -250.00 22650 13185 2.06 2.69 19086.77 BlackRock 644.35 7.64 788.65 503.12 2.31 18.67 96804.06
Canon 2871 24.00 3516 2790.5 3.48 13.89 29312.47 Nestle 109.64 0.30 127.00 103.42 2.28 19.89 328460.17 Lilly (E) 335.20 6.02 384.44 276.83 0.92 60.67 318534.52
NovoB 1049 71.40 1049 707.00 0.85 52.92 263988.62 Boeing 195.99 -5.06 221.33 113.02 - -30.36 117432.71
CntJpRwy 15505 150.00 17920 14730 0.86 -29.08 24450.03 Novartis 76.36 0.12 88.42 73.32 3.59 8.67 199954.42

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Hngzh HikVDT 44.60 44.80 -0.20 -0.45 6.79 17.3 18.18 CredSuisse 0.76 0.80 -0.04 -5.19 -1.06 -59.2 -72.59 Mar 24 date Coupon S* M* F* price yield yield yield US Mar 24 date Coupon S* M* F* price yield yield yield US
Tencent 376.80 375.60 1.20 0.32 39.60 12.1 5.90 UnibailR 46.41 47.79 -1.39 -2.90 -4.17 -10.7 -20.23 High Yield US$ US$
Naspers N 3330.00 3350.00 -20.00 -0.60 364.94 11.6 2.52 Deut Bank 8.51 9.34 -0.83 -8.86 -0.14 -10.2 -9.04 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
SK Hynix 87300.00 88500.00 -1200.00 -1.36 9500.00 10.5 -5.83 SvnskaHn 85.14 86.96 -1.82 -2.09 -7.84 -10.2 -22.78 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Regen Pharm 813.31 802.16 11.15 1.39 54.51 8.8 7.37 Midea 0.38 0.39 -0.01 -2.56 -0.02 -7.3 -9.76 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 -
Netflix 327.72 320.37 7.35 2.29 16.87 8.0 3.33 Digital Realty 93.35 93.51 -0.16 -0.17 -7.19 -7.3 -11.19 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Sanofi 96.94 95.84 1.10 1.15 6.04 8.0 7.81 Nordea Bk 104.90 114.70 -9.80 -8.54 1.98 -6.9 -20.09 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Accenture 269.80 271.66 -1.86 -0.68 21.66 7.9 1.28 Volkswgn 148.15 154.80 -6.65 -4.30 -4.35 -6.9 -3.07 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 -
NovoB 1049.00 1034.80 14.20 1.37 57.20 7.3 5.21 Bausch Hlth 9.72 9.99 -0.27 -2.70 -0.45 -6.9 -25.35 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
Truist Financial Corp 32.68 32.57 0.11 0.34 2.01 6.9 -30.71 StandCh 591.80 632.40 -40.60 -6.42 -1.60 -6.7 -23.26 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
AIA 81.55 81.10 0.45 0.55 4.70 6.7 0.55 Chna Utd Coms 5.50 5.77 -0.27 -4.68 -0.09 -6.1 5.97 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 -
TaiwanSem 539.00 538.00 1.00 0.19 33.00 6.7 4.05 Exelon 39.74 39.20 0.54 1.38 -2.94 -5.7 -3.90 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Carnival 9.11 9.22 -0.12 -1.25 0.67 6.5 -13.98 SocGen 20.00 21.20 -1.20 -5.66 0.00 -5.7 -24.06 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
Activision Bli. 83.99 79.68 4.31 5.41 0.69 6.3 9.35 VF Cp 20.25 20.44 -0.20 -0.95 -0.98 -5.5 -16.34
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Kroger 49.28 48.52 0.76 1.56 1.74 5.3 12.55 WellsFargo 35.81 36.61 -0.81 -2.20 -1.15 -5.2 -23.29
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
Meta 205.92 204.28 1.64 0.80 8.67 5.3 20.82 Vale 78.62 79.58 -0.96 -1.21 -3.15 -5.0 -7.60
Tesla Mtrs 189.51 192.22 -2.71 -1.41 12.09 5.2 -3.80 Delta 31.33 32.14 -0.81 -2.52 -0.82 -4.9 -16.13 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
ChinaCitic 3.86 3.80 0.06 1.58 0.13 5.2 3.76 Fidelity NIS 49.28 49.97 -0.69 -1.38 -1.67 -4.6 -24.14 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
SmsungEl 63000.00 62300.00 700.00 1.12 2400.00 5.2 0.48 PhilMorris 90.58 90.27 0.31 0.34 -4.52 -4.4 -8.14 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
GenMills 83.84 82.15 1.69 2.06 2.36 5.1 3.87 HiltonWwde 130.51 135.67 -5.16 -3.80 -0.87 -4.4 -9.76 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
Mar 24 Rate Current Since Last Day's Month's Year Return Return Mar 24 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 4.75-5.00 22-03-2023 4.75-4.50 Index change change change 1 month 1 year VIX 23.07 0.46 22.61 36.64 17.97 Mar 24 Price £ Yield Day Week Month Year High Low £m
US Prime 7.75 23-02-2023 7.75 Markit IBoxx VXD 21.23 0.82 20.41 37.57 3.27 - - - - - - - - -
US Discount 4.75 02-02-2023 4.75 ABF Pan-Asia unhedged 210.79 1.17 3.83 3.47 2.54 -1.38 VXN 27.04 0.48 26.56 44.02 5.85 Tr 0.75pc '23 98.98 3.96 -0.50 5.04 -0.25 216.80 99.56 97.34 34.36
Euro Repo 2.396 21-03-2023 2.396 Corporates( £) 332.66 0.67 1.42 2.95 0.68 -9.17 VDAX 23.86 3.35 20.51 93.30 - Tr 0.125pc '24 97.03 3.71 -0.54 5.40 -7.02 170.80 98.11 94.34 35.55
UK Repo 4.25 23-03-2023 4.25 Corporates(€) 211.39 0.62 1.31 1.97 0.48 -7.51 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '25 96.94 3.31 -1.78 0.30 -10.05 145.19 102.39 93.15 39.93
Japan O'night Call 0.00-0.10 01-02-2016 0.00 Eurozone Sov(€) 213.95 0.87 3.09 3.10 1.97 -11.56 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.125pc '26 91.77 3.17 -2.76 -0.31 -11.70 136.57 95.84 86.33 35.32
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 Gilts( £) 277.77 0.81 3.71 3.05 2.78 -15.89 Tr 1.25pc '27 92.44 3.13 -3.10 -1.26 -14.48 123.57 99.59 85.65 40.99
Overall( £) 286.91 0.77 3.15 3.02 2.28 -14.04 BONDS: BENCHMARK GOVERNMENT Tr 0.5pc '29 85.45 3.25 -2.69 -0.31 -10.71 118.12 95.84 78.21 24.54
INTEREST RATES: MARKET Overall(€) 209.43 0.76 2.53 2.57 1.51 -10.58 Red Bid Bid Day chg Wk chg Month Year Tr 1pc '32 83.07 3.21 -2.73 -0.31 -12.05 96.93 125.20 78.92 35.96
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '36 108.61 3.42 -2.29 0.59 -12.76 91.06 131.49 94.91 31.68
Mar 24 (Libor: Mar 23) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia - - - - - - - Tr 4.5pc '42 111.17 3.70 -1.60 0.54 -9.54 100.00 147.79 93.79 28.35
US$ Libor 4.80714 0.249 0.247 0.048 4.84529 5.13371 5.14271 5.10686 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 05/32 1.25 84.03 3.28 -0.07 -0.04 -0.60 0.50 Tr 3.75pc '52 100.33 3.73 -2.10 0.54 -8.13 104.95 149.35 82.51 25.11
Euro Libor -0.64957 -0.064 0.000 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Euro Emerging Mkts (€) 680.01 -11.40 - - -12.60 -1.02 02/50 1.00 101.82 1.49 -0.07 -0.06 -0.31 0.59 Tr 4pc '60 107.22 3.64 -2.15 1.11 -7.38 111.63 169.63 87.32 25.13
£ Libor 0.18063 -0.005 0.000 -0.009 4.18290 4.36770 4.66230 0.81363 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Austria 02/29 0.50 88.16 2.70 -0.18 -0.07 -0.28 2.06 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 75.52 2.94 -0.09 -0.05 -0.19 1.82
CREDIT INDICES Day's Week's Month's Series Series
Yen Libor
Euro Euribor
0.000
0.000
-0.06005
2.90200
-0.02617
2.99000
0.07165
3.29000
0.04867
3.57800
Index change change change high low
Belgium 06/27 0.80 93.02 2.56 -0.20 -0.06 -0.29 2.17 GILTS: UK FTSE ACTUARIES INDICES
06/47 1.60 73.33 3.20 -0.10 -0.06 -0.19 1.71
Sterling CDs 0.000 0.50000 0.63000 0.78500 Markit iTraxx Price Indices Day's Total Return Return
Canada 03/25 1.25 96.08 3.37 -0.01 -0.26 -0.74 1.24
US$ CDs -0.010 4.87000 4.97000 4.86000 Crossover 5Y 493.55 4.76 - - 510.17 460.68 Fixed Coupon Mar 24 chg % Return 1 month 1 year Yield
06/30 1.25 90.66 2.69 0.02 -0.20 -0.64 0.40
Euro CDs 0.000 2.88000 3.00000 3.15000 Europe 5Y 97.97 3.52 - - 101.15 88.57 1 Up to 5 Years 82.05 0.21 2374.05 1.28 -1.83 3.31
12/48 2.75 95.95 2.98 0.07 -0.03 -0.31 0.50
Japan 5Y 92.49 2.59 - - 99.54 88.47 2 5 - 10 Years 152.35 0.64 3245.39 3.80 -7.85 3.15
Short 7 Days One Three Six One Denmark 11/29 0.50 88.37 2.42 -0.16 -0.08 -0.26 1.82
Senior Financials 5Y 117.21 2.55 - - 124.01 103.39 3 10 - 15 Years 163.15 0.89 3800.91 5.41 -12.82 3.43
Mar 24 term notice month month month year 11/52 0.25 54.72 2.40 -0.09 -0.04 -0.11 1.54
Markit CDX Finland 09/24 0.00 96.12 2.73 -0.22 0.02 -0.31 2.75 4 5 - 15 Years 153.94 0.72 3379.61 4.32 -9.30 3.27
Euro 2.64 2.94 2.64 2.94 2.73 3.03 2.85 3.15 3.00 3.30 3.10 3.40 5 Over 15 Years 223.15 1.37 3873.75 6.48 -27.62 3.67
Emerging Markets 5Y 256.81 0.32 - - 265.81 253.36 09/29 0.50 87.17 2.69 -0.20 -0.07 -0.25 2.04
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 7 All stocks 139.03 0.76 3125.29 3.92 -14.70 3.54
Nth Amer High Yld 5Y 531.75 20.75 28.67 79.50 625.47 408.01 France 05/28 0.75 91.43 2.54 -0.20 -0.09 -0.29 2.04
US Dollar 4.63 4.83 4.64 4.84 4.77 4.97 4.87 5.07 4.76 4.96 4.52 4.72
Nth Amer Inv Grade 5Y 86.94 3.38 - - 88.71 80.28 05/48 2.00 81.16 3.09 -0.10 -0.05 -0.16 1.72
Japanese Yen -0.15 0.05 -0.20 0.00 -0.15 0.05 -0.10 0.10 -0.05 0.15 0.00 0.20 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 87.39 2.13 -0.18 -0.07 -0.33 1.82
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked Mar 24 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 55.73 2.16 -0.09 -0.02 -0.19 1.56
1 Up to 5 Years 325.79 0.07 1.27 1.14 2764.15 1.30 2.33
Greece - - - - - - - 2 Over 5 years 561.24 1.32 5.49 -30.77 4285.10 5.57 -30.40
01/28 3.75 100.47 3.64 -0.10 -0.16 -0.10 2.02 3 5-15 years 464.90 0.48 4.17 -11.77 3770.63 4.22 -11.04
Ireland - - - - - - - 4 Over 15 years 634.34 1.91 6.42 -39.26 4698.47 6.52 -39.04
05/26 1.00 95.47 2.52 -0.19 -0.09 -0.28 2.19 5 All stocks 529.45 1.12 4.78 -27.12 4125.12 4.85 -26.67
02/45 2.00 82.84 3.09 -0.12 -0.04 -0.20 1.72
Italy 02/25 0.35 95.12 3.08 -0.14 -0.10 -0.41 2.52 Yield Indices Mar 24 Mar 23 Yr ago Mar 24 Mar 23 Yr ago
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 05/30 0.40 92.29 1.54 -0.15 -0.17 -0.17 2.21 5 Yrs 3.09 3.19 1.37 20 Yrs 3.70 3.77 1.88
03/48 3.45 87.86 4.24 -0.08 -0.07 -0.18 1.80 10 Yrs 3.29 3.37 1.64 45 Yrs 3.55 3.62 1.66
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
Japan 04/25 0.05 100.04 0.03 -0.01 0.01 -0.04 -0.02 15 Yrs 3.57 3.64 1.83
Crude Oil† May 67.43 -2.53 Corn♦ May 637.50 5.75 Mar 23 Mar 23 Prev return stock Market stocks
12/29 0.10 99.64 0.15 -0.04 -0.01 -0.29 0.02
Brent Crude Oil‡ 74.89 -1.02 Wheat♦ May 681.25 19.25 Can 4.25%' 26 112.33 0.844 0.885 2.34 5.25 73085.47 8
12/49 0.40 79.49 1.31 0.01 0.04 -0.15 0.41 inflation 0% inflation 5%
RBOB Gasoline† May 2.56 -0.05 Soybeans♦ May 1409.50 -10.00 Fr 0.25%' 24 101.70 -1.004 -0.831 0.64 17.92 257047.43 17
Netherlands 07/27 0.75 93.26 2.42 -0.20 -0.08 -0.32 2.09 Real yield Mar 24 Dur yrs Previous Yr ago Mar 24 Dur yrs Previous Yr ago
Natural Gas† Apr 2.22 0.07 Soybeans Meal♦ May 436.60 -1.70 Swe 1.00%' 25 127.80 -0.050 0.038 0.76 35.68 227295.49 7
01/47 2.75 103.47 2.55 -0.09 -0.01 -0.14 1.80 Up to 5 yrs 0.48 2.49 0.51 -3.96 0.05 2.50 0.06 -4.48
Base Metals (♠ LME 3 Months) Cocoa (ICE Liffe)X May 2134.00 14.00 UK 0.125%' 24 100.00 0.127 0.501 0.68 15.24 581340.95 31
Aluminium 2329.00 2.50 Cocoa (ICE US)♥ May 2852.00 -16.00 New Zealand 05/31 1.50 81.50 4.21 -0.05 -0.14 -0.39 0.87 Over 5 yrs 0.36 19.65 0.42 -1.94 0.32 19.71 0.39 -1.96
UK 2.50%' 24 374.82 0.163 0.562 1.06 6.82 581340.95 31
Aluminium Alloy 2150.00 -75.00 Coffee(Robusta)X May 2180.00 56.00 09/40 2.50 123.13 2.31 -0.05 0.05 -0.34 1.27 5-15 yrs 0.08 9.43 0.13 -2.55 -0.02 9.45 0.03 -2.65
UK 2.00%' 35 251.01 0.068 0.150 4.11 9.08 581340.95 31
Copper 8936.50 -52.50 Coffee (Arabica)♥ May 176.50 2.20 Norway 08/30 1.38 89.90 2.91 -0.10 0.03 -0.49 0.41 Over 15 yrs 0.42 26.34 0.49 -1.85 0.40 26.36 0.47 -1.87
US 0.625%' 26 97.98 1.361 1.456 2.14 42.42 1664090.24 48
Lead 2118.50 -1.00 White SugarX 597.90 0.10 Poland - - - - - - - All stocks 0.36 16.85 0.43 -1.96 0.32 16.94 0.38 -1.99
US 3.625%' 28 111.88 1.199 1.283 3.19 16.78 1664090.24 48
Nickel 23330.00 795.00 Sugar 11♥ 20.70 -0.19 07/27 2.50 87.32 5.90 -0.03 0.02 -0.62 0.43 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 24640.00 340.00 Cotton♥ May 76.06 -1.52 04/47 4.00 73.32 6.15 0.00 0.00 0.02 0.87 ©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 2878.50 -17.00 Orange Juice♥ May 248.65 4.70 Portugal 04/27 4.13 105.52 2.67 -0.15 -0.07 -0.36 2.16 Gilt Closing Prices information contained herein is proprietary to
amount.
Precious Metals (PM London Fix) Live Cattle♣ Apr 162.10 -0.20 Spain - - - - - - - Tradeweb; may not be copied or re-distributed; is not warranted to be
Gold 1977.95 28.60 Feeder Cattle♣ May 134.88 - BONDS: TEN YEAR GOVT SPREADS 10/29 0.60 86.26 2.92 -0.16 -0.08 -0.29 1.93 accurate, complete or timely; and does not constitute investment advice.
Silver (US cents) 2290.00 55.50 Lean Hogs♣ Apr 76.13 0.05 10/46 2.90 88.46 3.64 -0.09 -0.09 -0.16 1.78 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Platinum 989.00 4.00 Spread Spread Spread Spread Sweden 06/30 0.13 115.78 0.22 -0.06 -0.01 -0.51 2.01
Palladium 1435.00 7.00 % Chg % Chg Bid vs vs Bid vs vs 03/39 3.50 116.41 2.27 -0.04 0.04 -0.32 1.08 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Bulk Commodities Mar 23 Month Year Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 04/28 4.00 114.20 1.08 -0.08 0.06 -0.17 0.88 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Iron Ore 118.11 -2.98 S&P GSCI Spt 549.78 -4.81 -29.03 06/29 0.00 93.69 1.05 -0.05 0.05 -0.22 0.76 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Australia 3.28 1.15 -0.13 Netherlands 2.42 0.29 -0.99
Baltic Dry Index 1489.00 5.00 DJ UBS Spot 102.99 -2.35 -20.20 Austria 2.70 0.56 -0.71 New Zealand 4.21 2.08 0.80 United Kingdom 07/23 0.75 98.93 4.02 -0.20 0.18 0.03 2.72 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Richards Bay ICE Futures 134.00 2.00 TR/CC CRB TR 282.68 -3.07 -13.24 Canada 2.69 0.56 -0.72 Norway 2.91 0.78 -0.50 07/27 1.25 92.06 3.23 -0.20 -0.09 -0.35 1.81 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 2.42 0.28 -0.99 Portugal 2.67 0.54 -0.74 07/47 1.50 63.37 3.83 -0.08 0.03 -0.23 1.93
LEBA UK Power 1048.00 -37.43 -39.60 Finland 2.69 0.55 -0.72 Spain 2.92 0.79 -0.49 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 2.13 0.00 -1.28 Sweden 0.22 -1.91 -3.19 03/25 0.50 93.65 3.80 -0.17 -0.31 -0.85 1.47
unless otherwise stated. Italy 1.54 -0.59 -1.87 Switzerland 1.05 -1.08 -2.36 02/30 1.50 88.32 3.41 -0.13 -0.27 -0.56 1.08
Japan 0.15 -1.98 -3.26 United States 3.41 1.28 0.00 02/50 0.25 72.27 1.51 0.02 -0.04 -0.11 1.50
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
Monday 27 March 2023 ★ FINANCIAL TIMES 19

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence Bridgepoint Grp Plc 206.60 12.90 378.80 166.20 - 12.91 749.2 McBride 25.80 -0.20 45.10 15.25 - -4.61 33.3 Media Real Estate Essentra PLC 178.40 -35.60 336.00 165.00 2.97 20.04 620.3
Avon Protection 908.50 25.00 1404 732.00 3.23 -15.33 25.7 CtyLonInv 437.00 -13.00 503.75 322.00 7.55 10.26 16.0 Persimn 1200 -11.00 2277.47 1113.5 19.58 4.89 1151.8 4imprint 4990 320.00 5100 2175 0.22 84.21 216.4 Experian 2598 -49.00 3147 2242 1.35 33.33 1907.9
REITs
BAE Sys 973.00 67.40 979.40 698.20 2.49 17.79 6099.7 CloseBrs 876.00 -20.00 1259 843.00 6.85 6.55 399.4 Philips € 14.80 -0.63 29.00 12.13 5.48 23.16 5125.5 Auto Trader Group PLC 594.00 7.00 681.00 479.80 0.84 29.30 2532.4 Ferguson 10470 -135.00 12460 8602 1.72 15.46 200.3
Assura 48.78 -0.60 72.35 46.88 5.95 9.76 7576.6
Chemring 276.00 -3.00 383.50 259.62 1.52 19.17 358.1 CoinShares Int Ltd SKr 33.90 2.90 84.00 19.00 - -0.06 10.4 PZCusns 179.40 7.80 223.00 163.40 3.39 20.69 438.5 DlyMailA 270.00 0.00 1178 264.50 8.96 10.31 111.0 Hays 109.30 1.50 132.00 98.75 1.12 15.77 4113.6
BigYellw 1110 -63.00 1572 938.50 3.04 7.31 298.4
Hargr Lans 787.40 19.60 1065 735.60 4.89 14.04 774.7 Redrow 446.60 2.80 590.00 367.40 5.49 5.54 976.2 Hyve Group 111.80 0.80 114.00 49.50 - -19.96 1355.3 HowdenJny 670.60 5.00 809.40 472.20 2.00 12.65 1727.0
Automobiles & Parts BritLand 366.10 -25.30 546.80 317.80 4.11 50.15 4294.0
Indvardn SKr 265.50 5.20 291.60 205.40 2.45 -9.62 684.7 Superdry Plc 103.00 -6.00 186.80 91.70 - -4.64 926.1 Informa 661.00 -11.20 707.60 498.80 - -29.25 3141.1 Intertek 3923 -53.00 5368 3485 2.70 22.05 352.5
FordMtr $X 11.42 0.12 17.80 10.61 0.79 2.84 33832.8 Cap&Reg 57.90 2.70 67.00 42.80 - -0.51 3.5
ICG 1166 9.50 1867 944.60 4.80 6.69 920.8 Vistry Group 722.50 -8.50 1019.5 502.00 5.54 6.33 1423.0 ITV 81.48 2.94 96.62 53.97 - 8.76 7015.9 Kin and Carta 87.10 -9.40 293.00 85.20 - -72.58 200.2
Civitas SH 53.00 -1.70 89.96 51.80 10.26 9.04 1561.8
Investec 437.60 -2.40 556.20 346.10 2.97 10.99 1265.1 Pearson 813.00 -24.60 1006.29 680.00 2.44 38.90 1096.0 Mitie 79.80 1.40 87.80 49.15 - 39.90 1330.8
Banks Industrial Engineering DrwntLdn 2212 -124.00 3325 1783 3.41 9.86 282.0
Jupiter 131.60 -0.30 216.20 82.20 12.99 4.89 1344.9 Rentokil 566.40 19.60 567.00 441.20 1.32 40.17 4846.5
ANZ A$X 22.52 -0.20 27.96 20.78 6.62 9.55 7165.4 Bodycote 618.50 3.00 690.50 452.40 3.17 19.82 325.2 MEDIA Great Portland 468.40 -38.60 739.00 388.18 2.69 -5.87 259.8
Liontrust 1044 6.00 1348 692.00 4.50 13.05 108.8 Ricardo 540.00 -21.00 596.04 325.00 1.27 48.21 50.2
BcoSant 285.55 7.30 343.50 193.42 2.25 6.81 847.1 Castings 352.00 12.00 380.00 272.00 4.34 17.01 0.8 Reach PLC 73.50 0.10 196.20 64.40 9.54 81.67 1272.9 LandSecs 573.80 -28.40 812.80 459.30 5.93 -14.98 1785.6
LSE GpX 7750 280.00 8612 6710 0.99 79.24 1303.4 RbrtWlts 483.00 -37.00 750.00 418.08 3.40 11.05 38.3
BnkGeorgia 2530 135.00 3030 1133.18 - 7.83 195.2 Goodwin 3605 -25.00 3877 2350 2.84 19.92 0.1 LondonMtrc 165.60 -5.70 280.40 157.76 5.28 3.53 1453.8
M&G Plc 179.65 1.85 229.90 159.30 10.20 56.14 5435.8 RS Grp 886.00 -7.50 1169 790.00 2.87 22.49 487.9
BankIre Grp € 9.06 0.19 11.03 5.20 - 10.42 830.3 Hill&Sm 1334 60.00 1556 859.00 2.21 31.39 172.8 Media Palace Cap 220.00 3.00 297.00 195.00 5.00 10.53 16.2
RathbnGrp 1860 26.00 2245 1553.28 3.98 14.39 111.6 SIG 41.05 1.30 44.88 27.00 - -17.10 1194.8
BkNvaS C$X 65.46 -0.35 92.87 63.19 5.57 8.32 1192.5 IMI 1493 60.00 1641 1069 1.53 20.40 599.6 RELX PLCX 2577 47.00 2619 2064 1.85 34.00 2138.3 PrimyHth 100.40 -4.20 152.30 95.75 6.18 10.24 4628.2
Record 84.20 -2.00 98.80 60.00 2.73 23.13 121.4 Vp 679.00 -21.00 980.00 640.00 3.68 16.73 5.9
BarclaysX 133.90 -5.66 198.86 128.12 2.24 3.25 122830.5 MelroseInd 157.90 10.60 169.25 94.82 1.00 -16.45 7898.4 Rightmove PLC 550.20 4.60 669.00 437.80 0.82 31.14 1174.2 SEGRO 721.00 -16.60 1408 669.20 3.13 2.13 2921.6
S&U 2295 95.00 2520 1920 3.92 10.84 1.7
CanImp C$X 56.22 -0.80 80.18 53.58 10.51 3.96 1170.2
Schroder 436.90 -4.10 661.40 348.00 26.55 2.01 1468.3 Renold 26.00 0.20 30.40 19.50 - 9.29 419.2 STV Grp 253.00 -7.00 351.75 235.00 3.83 6.17 20.3 TritaxBBOX 132.40 -3.10 251.40 120.08 4.92 2.39 3735.5 Tech - Hardware
HSBCX 534.00 -8.10 653.80 434.70 3.02 11.67 26530.9 RHIM 2210 12.00 2798 1557 5.70 5.21 30.7 WPPX 917.40 1.40 1095.5 713.00 2.89 17.47 2164.3 Wkspace 436.60 -13.20 735.59 335.20 4.07 -6.49 198.9 SpirentCM 173.90 5.20 294.00 160.20 2.63 16.20 1183.0
Shires Income 242.50 -1.50 291.00 216.81 5.53 3.38 29.7
LlydsBkgX 45.72 -0.54 54.33 38.51 5.62 6.35 203286.5
TP ICAP 180.10 9.10 210.20 100.85 3.33 257.29 962.7 Rotork 306.80 6.40 342.80 225.20 2.82 33.35 1967.8
Mining Real Estate Tech - Software & Services
NWGX 258.50 0.50 310.00 210.90 4.06 10.18 29808.3 Severfd 61.90 1.90 75.48 46.65 4.68 11.05 23.5 Shaftesbury Cap 107.70 -3.30 178.30 92.90 0.46 31.68 3993.7
Vanqus 222.60 -1.20 333.40 130.00 - 4.17 289.7 AngloAmerX 2538 34.00 4292.5 2437.5 7.02 5.03 2610.1 Computcnt 2040 34.00 3050 1780 2.71 12.68 439.1
PermTSB € 2.41 0.02 2.81 1.18 - -28.07 313.5 Trifast 71.00 2.00 122.00 46.70 2.25 11.74 444.9
AnGoldA R 402.70 28.28 407.31 219.10 2.16 16.60 2170.9 Real Estate Inv & Services NCC Grp 156.60 1.80 245.00 152.00 2.97 52.20 471.3
RylBkC C$X 125.86 -1.40 142.27 116.75 3.48 11.36 797.5 Food & Beverages Weir 1743.5 31.00 2072 1321 0.66 29.45 502.7 CLS 130.00 -3.00 231.00 127.80 5.81 4.44 326.1
StandChX 591.80 -42.20 799.40 478.60 1.50 13.27 9662.9 Antofagasta 1517 73.00 1815 971.20 3.51 15.70 1160.7 Sage 750.20 16.60 823.00 587.20 2.32 28.77 3126.5
AngloEst 840.00 46.00 972.00 736.00 0.08 7.70 0.1 Grainger 225.20 -7.80 315.00 202.80 2.43 13.99 834.2
..7.375%Pf 99.75 -1.75 123.50 95.50 7.39 - 11.3 AscBrFdX 1918 16.50 2076 1223 0.32 31.70 631.1
Industrial General BHP Group 2372 14.50 3040 1998.6 - 10.37 1523.7 TriadGp 135.00 2.50 150.00 77.00 1.48 14.82 4.5
Coats Group 74.50 -3.50 82.40 50.30 1.89 16.62 5338.8 Ecora Resources 116.20 -1.80 192.67 110.60 7.79 8.74 307.7 Harworth Grp 109.00 -5.00 189.00 99.00 1.68 3.77 14916.8
..8.25%Pf 108.25 -0.25 114.50 106.50 7.62 - 0.1 Barr(AG) 543.00 -3.00 595.82 426.50 - 19.28 108.9 Telecommunications
Macfrlne 106.50 4.00 133.50 85.20 2.55 12.35 85.5 Ferrexpo 113.00 -7.80 221.99 96.00 12.68 0.88 784.5 Helical 302.50 -21.00 454.70 292.25 3.34 7.31 225.2
TntoDom C$X 77.12 -0.78 103.13 76.40 4.17 9.81 1916.3 Britvic 877.50 28.50 882.00 697.50 2.76 19.90 677.4
Smith DS 306.40 3.90 367.80 238.10 3.95 17.41 4048.5 Fresnillo 732.60 22.60 996.80 637.20 3.32 17.35 538.0 Lon&Assc 15.50 -0.50 27.85 14.08 - -2.11 12.2 Airtel Africa 104.60 -3.00 173.10 104.09 3.11 9.32 1796.4
Westpc A$X 21.20 0.01 24.67 18.80 4.14 15.61 4648.6 CarrsGroup# 121.50 0.00 161.50 89.50 4.12 15.00 44.1
Smiths 1710 35.00 1807 1352.5 2.20 27.19 890.2 GlencoreX 442.70 10.05 583.25 5.07 2.00 16.21 23521.6 MacauPrp 58.50 1.00 60.82 35.95 - -7.59 7.0 BTX 139.75 2.00 196.60 110.55 - 13.57 15031.5
Coca-Cola HBC 2182 64.00 2201 1496 2.46 17.44 821.9 TelePlus 1940 40.00 2530 1470 2.94 49.74 180.1
Chemicals SmurfKap 2833 6.00 3798.61 2415 3.46 12.92 191.3 Harmony R 74.73 7.16 76.04 34.71 1.88 23.77 4365.8 Mntview 11100 0.00 13900 10600 3.83 13.84 0.1
Cranswk 3014 80.00 3768 2548 2.32 15.92 60.5 Safestre 903.50 -41.00 1423 744.50 2.24 5.12 568.2 Vodafone GpX 88.58 -1.79 132.30 83.24 8.73 -198.17 55222.9
Elemntis 112.30 -0.20 130.10 85.10 - 380.68 639.9 PolymtIntl 216.00 -8.00 409.70 140.00 45.16 - 1491.5
Devro 328.00 0.00 329.50 160.35 2.77 17.83 167.1 Industrial Transportation Savills 935.50 -10.50 1204 750.00 2.46 9.37 129.9
Johnsn Mtthey 1932.5 -12.00 2536 22.00 3.62 24.37 433.0 Rio TintoX 5253 3.00 6354 4436.95 9.56 5.49 1820.0 Tobacco
DiageoX 3599 124.00 4067 3388.5 2.02 27.68 2390.6 Braemar 298.00 7.00 350.00 220.00 1.68 9.89 98.0 SiriusRE 70.70 -4.50 129.80 64.20 4.62 5.51 1249.5
Victrex 1656 12.00 1953.15 16.45 3.60 19.71 217.4 Troy Res A$ 0.04 0.00 0.20 0.03 - -0.94 3131.9
Grncore 80.55 1.00 136.54 60.15 - 16.11 682.6 Fisher J 294.50 -22.50 415.50 242.00 - -5.34 176.9 Smart(J) 169.50 -4.00 177.00 155.00 1.90 4.64 5.8 BrAmTobX 2872 -76.50 3645 2823.5 7.51 9.72 2818.2
Construction & Materials HiltonFd 684.00 -25.00 1257.05 495.42 3.27 14.28 87.9 int'ldistser 230.40 8.40 365.20 173.65 4.34 2.64 3046.9 Oil & Gas U+I 148.50 0.50 151.50 58.51 - -2.12 98.8 Imperial BrX 1883.5 -1.00 2185 1579.5 7.33 6.30 1411.4
Boot(H) 230.00 12.00 349.00 215.00 2.39 12.30 50.9 Kerry € 93.00 3.25 107.85 83.00 0.91 22.68 58.5 OceanWil 880.00 -45.00 1050 795.00 9.10 4.48 7.8 BPX 486.30 6.35 570.57 4.75 3.24 17.64 37039.2
PremFds 123.60 6.00 132.00 90.70 0.81 12.88 4506.2 Retailers Travel & Leisure
CRH 3888 -57.50 4412 2736.5 2.20 16.15 503.2 Capricorn Energy 230.20 -3.00 263.20 191.37 - 1.82 933.4
Tate&Lyl 782.00 10.60 912.57 647.80 3.94 16.75 1174.4 Insurance Caffyns 550.00 0.00 600.00 450.00 - 7.99 1.0 Carnival 652.60 17.80 1460.5 498.90 - -1.05 860.0
GalfrdT 171.00 1.00 195.00 142.80 2.75 38.00 105.6 ExxonMb $X 103.20 3.36 119.63 79.29 3.05 21.21 5220.2
UnileverX 4197 149.50 4868.64 3351.66 3.45 21.55 2700.3 Admiral 1996 81.50 2646.6 20.03 7.59 10.18 1198.5 Dunelm 1135 22.00 1292 11.25 3.08 15.30 878.3 Dalata Hotel 374.25 0.00 398.50 239.00 - -159.19 0.1
MorgSdl 1648 -4.00 2561.75 1330 4.25 8.06 42.8 Gazprom PJSC ADR $# 0.58 -0.62 10.97 0.02 54.95 0.28 3213.3
..NV - - - - - - - AvivaX 408.30 6.10 606.58 341.92 5.23 53.72 7789.1 Halfords 172.40 -1.10 271.80 124.00 2.90 5.75 699.9 easyJet 467.30 6.60 604.24 276.87 - -2.94 3502.7
Tyman 239.50 1.00 345.00 182.40 3.34 9.47 329.1 GeoPark $ 10.46 -0.03 18.52 10.20 1.06 11.70 49.8
Chesnar 274.50 -1.50 334.40 259.00 8.08 15.25 133.0 Inchcape 730.00 -115.50 941.00 640.10 1.82 24.66 1695.9 FirstGrp 101.20 -3.40 145.66 89.55 - 24.10 2138.3
Health Care Equip & Services HELLENiQ ENERGY € 7.28 0.08 8.68 5.81 1.31 6.94 138.3
Electronic & Electrical Equip Direct Line 141.55 -9.95 282.60 138.45 15.75 5.87 5371.2 JDSportsF 163.95 1.65 213.12 88.40 0.18 19.81 8596.9 Flutter Entertainment 13975 350.00 14370 7340 - -59.09 185.1
ImpOil C$X 63.29 1.73 79.83 52.67 1.60 18.49 241.8
Dialight 196.25 -3.75 385.03 190.80 - 643.44 5.9 GNStre kr 146.70 -1.05 340.20 119.25 0.94 11.38 661.7 Eccles prf 131.00 -1.50 147.00 121.00 6.58 - 21.5 Kingfisher 256.30 -13.40 294.80 198.60 4.70 6.44 6052.4 Fuller A 471.00 -15.00 660.00 410.31 - -9.84 35.2
Shell PLCX 2200.5 -13.50 2613.5 1908.6 2.75 11.60 11054.0
Discoverie PLC 771.00 14.00 927.00 580.00 1.32 63.20 131.2 Mediclinic 499.40 1.80 514.00 334.80 - 31.21 9893.1 Hansard 44.70 -2.60 53.50 32.40 9.96 15.41 9.5 Marks&Sp 152.50 10.90 168.70 91.56 - 117.31 4708.8 IntCon Htels Gp 5112 -132.00 5796 4174 - 47.88 462.2
TrnCan C$X 51.73 0.70 74.44 50.70 6.62 28.28 2693.1
Halma 2096 29.00 2598 1855.3 0.84 30.35 298.7 Smith & Nephew 1133 -36.50 1338.5 959.20 2.41 25.71 2119.2 Hiscox 1058.5 16.50 1152.5 789.20 0.80 26.21 467.9 Ocado 439.20 23.10 1249.5 4.44 - -14.55 8118.3 Intl Cons Air 135.50 2.24 172.40 1.85 - -3.01 16938.4
Wood Group (John) PLC 200.60 -5.30 255.00 2.05 - -8.25 8790.3
Morgan Ad 286.50 6.00 327.62 211.00 2.34 12.09 251.1 Lancashire 539.50 15.00 670.00 360.40 2.13 -28.10 1754.1 Saga 129.30 5.10 268.20 71.10 - -13.82 441.4 PPHE Htl 1150 -45.00 1617.25 1005 - -9.35 2.9
House, Leisure & Pers Goods TUI 1380 -7.50 2536 1014.5 - -14.41 506.0
OxfordIn 2450 -30.00 2650 1700 0.69 33.47 197.4 Leg&Gen 229.40 2.80 311.13 2.28 7.77 7.04 38187.1 Pharmaceuticals & Biotech Sainsbury (J) 259.10 9.90 272.20 168.70 4.09 21.77 2926.6
BarrttDev 441.30 8.70 551.20 313.00 6.66 6.90 4384.0 Whitbrd 2817 13.00 3651.92 2245.51 - -22.87 395.3
Renishaw 4008 -102.00 4482.72 3238 1.65 22.86 34.2 Old Mut 49.65 0.80 81.04 44.05 5.55 7.21 271.8 AstraZenecaX 11080 266.00 12828.45 9399 1.87 1876.06 1247.4 TescoX 250.80 3.90 307.23 194.35 3.65 12.77 10266.8
Bellway 2017 -5.00 2780 1572 5.83 6.06 438.3
Spectris 3497 44.00 3652 2446 1.99 11.50 308.6 PhoenixGrp 548.80 -10.20 690.40 501.00 8.78 -6.35 2889.6 Dechra 2550 -12.00 4310 2473.32 1.59 38.08 417.4 Utilities
Berkeley 4020 30.00 4377 3120 0.23 10.46 319.8 Support Services
TT Elect 184.20 1.60 219.00 123.40 3.53 25.58 82.0 PrudntlX 1024 16.00 1357.5 782.40 1.15 16.63 6256.0 GlaxoSmhX 1401.2 0.40 2753.96 1280.92 5.71 16.18 7097.4
Burberry Gp 2343 76.00 2606 1473.5 1.81 20.16 709.0 AshtdGp 4737 -129.00 6012 3269 0.95 23.06 998.6 Drax 579.00 -13.00 845.89 467.20 3.07 42.89 2927.2
XP Power 2085 5.00 3695 1402 4.41 11.14 13.9 StJmsPl 1173.5 32.50 1520 904.60 5.22 22.35 1105.4 HikmaPhm 1671.5 9.00 2137 1174.5 2.29 12.53 238.3
Cairn Homes 90.30 -0.60 108.20 69.40 2.47 18.54 183.9 Bunzl 3017 42.00 3249 2542 1.81 22.89 453.8 Natl GridX 1058.5 19.50 1271.45 844.29 4.64 24.67 7772.6
Oxfd Bio 438.00 -25.00 698.27 276.62 - 19.69 76.2
Financial General Crest Nicholson 210.40 1.80 292.60 170.50 1.95 7.65 2765.2 LEISURE Capita 37.10 1.48 44.92 20.06 - 2.82 2893.1 Pennon 850.50 -10.50 1124 735.00 3.83 61.63 1816.7
RichterG $ 21.00 1.30 24.20 16.40 2.95 10.04 0.0
3i 1542.5 60.00 1685 1042 2.50 5.34 1457.6 GamesWk 9115 565.00 9490 5565 2.80 25.10 254.7 PhotoMe International Plc 107.00 1.50 109.00 55.70 - 18.67 655.5 DCC 4291 1.00 6508 3986 3.72 14.18 362.3 Severn Trent 2816 3.00 3228 28.29 3.61 -104.68 488.0
abrdn 202.50 3.20 237.00 131.03 7.21 4.40 3918.6 Gleeson 393.00 -5.00 643.18 331.00 3.82 6.15 28.5 DeLaRue 53.10 0.30 118.80 50.58 - 6.99 71.1 SSE 1706 8.00 1935.5 1405 4.75 6.66 1565.1
Headlam 302.00 -8.00 398.64 230.00 2.58 13.02 21.2 Diploma 2728 8.00 3022 2090 1.56 48.80 322.9 UtdUtils 1040 -4.00 1186.88 10.51 4.16 95.41 3270.4
DWF Group PLC 67.00 -1.00 120.12 66.00 6.72 -13.14 61.2

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence LPA 83.50 2.50 87.00 70.00 - -309.26 2.0 Health Care Equip & Services Media Pharmaceuticals & Biotech NWF 255.00 -19.00 288.00 188.00 2.82 127.50 39.9
Cohort 464.50 13.50 574.67 384.00 2.39 41.29 11.5 ThorpeFW 359.50 -20.00 480.00 335.38 1.61 25.02 24.5 AVO 3.15 -1.10 25.75 3.00 - -0.37 1966.3 Mission Group 53.00 0.00 71.00 40.80 4.40 8.98 1.4 Reneuron 9.70 0.00 44.50 8.50 - -0.61 92.7 Petards 10.50 0.00 13.80 8.01 - 19.09 0.1
Velocity Composites PLC 35.10 -2.90 65.00 13.65 - -11.70 0.0 Zytronic 137.50 0.00 192.49 110.00 - 45.83 23.9 Tristel 325.00 -6.00 430.00 270.00 2.02 67.01 5.6 Sareum 92.50 -7.50 345.00 55.10 - -30.83 31.9 Renew 685.00 -5.00 789.00 550.00 1.92 16.93 195.6
Mining Smart Metering Systems 751.00 -44.00 968.00 680.00 3.50 235.42 154.3
Banks Financial General House, Leisure & Pers Goods AMC 1.69 0.01 3.28 0.61 - -39.19 4448.6 Real Estate
Caribbean Inv 26.50 -2.00 45.40 24.03 - 3.05 138.6 Arbuthnot 905.00 -15.00 1050 625.00 1.77 20.02 1.7 Churchll 1270 15.00 1600 1020 - 151.19 5.8 BotswanaD 1.03 0.08 1.39 0.75 - -17.08 263.8 Lok'nStor 789.00 -21.00 1090 674.00 1.90 23.92 6.1 Tech - Hardware
BP Marsh 298.00 -14.00 353.98 272.25 0.82 8.21 13.6 Frontier Developments PLC 478.50 -1.50 1648 415.50 - 13.79 64.7 CentAsiaM 252.00 3.50 299.00 204.00 6.42 7.38 296.1 IQE 26.25 -0.25 58.41 24.78 - -291.67 2498.9
Basic Resource (Ex Mining) Burford Capital Ltd 569.00 16.50 943.38 478.00 2.43 -2331.97 152.1 Portmern 370.00 25.00 610.00 285.00 3.51 15.75 27.5 Gemfields 17.75 0.50 19.90 13.50 - -24.52 1468.9
Retailers
CropperJ 610.00 -35.00 1300 575.00 - 18.60 2.3 Gresham House Plc 705.00 -35.00 1020 681.50 0.85 28.30 20.8 ASOS 745.50 8.00 1783 459.90 - 24.77 183.1 Tech - Software & Services
Sanderson Design Grp 120.50 0.00 171.50 86.00 - 10.33 67.6
MattioliWds 585.00 -5.00 815.00 530.00 3.59 -208.93 90.8 Oil & Gas Boohoo Group PLC 53.40 2.38 98.82 0.54 - 11.51 19896.8 BoBlue Prism Group PLC 1274 1.00 1392 747.50 - -23.65 1869.0
Chemicals Industrial Engineering BorSthnPet 2.88 -0.22 8.50 1.51 - -28.24 615.5 CVS Group PLC 1832 -65.00 2134 1523 0.35 51.32 209.0 Eckoh 40.50 1.00 49.00 36.20 1.51 39.71 174.9
Numis 218.00 1.00 298.28 170.00 5.50 4.44 120.2
Directa Plus PLC 82.00 -1.00 135.00 66.25 - -19.11 0.0 600 Grp 8.50 0.00 16.97 7.50 - 49.71 17.5 ClontarfEn 0.14 -0.01 0.80 0.05 - -2.80 91816.5 Oxford Metrics 98.50 -4.00 114.89 73.44 1.83 42.83 348.7
Premier Miton Group 99.00 -5.50 156.00 84.69 8.28 11.05 246.3
Versarien PLC 3.35 -0.90 25.81 2.20 - -0.96 2085.8 MS Intl 540.00 2.50 746.60 255.00 0.65 77.14 6.0 Egdon Res 2.50 -0.10 10.00 2.35 - -3.21 707.3
Support Services
STM Group 28.00 0.50 30.00 22.05 5.00 10.78 0.3 Travel & Leisure
Pres Tech 42.00 0.50 103.00 23.20 - -3.49 52.6 Hurricane Energy 7.30 0.60 11.98 5.70 - -0.73 11377.3 Begbies 124.30 -3.70 156.00 102.20 2.41 621.50 36.9
Construction & Materials Food & Beverages Christie 114.00 0.00 135.00 101.00 - 48.51 0.4 gamingrealms 26.40 -0.13 35.00 21.50 - -660.00 4.0
AccsysTch 64.80 1.00 150.00 54.40 - -38.07 345.2 Phoenix Global 6.50 -0.63 7.95 3.07 - -1.63 53.0
Camellia 5050 190.00 6960 4300 2.85 93.00 0.0 IT Impellam 617.50 -47.50 755.00 406.00 - 33.74 4.8 Jet2 1263 39.00 1394.5 637.40 - -6.78 1431.3
UnJackOil 24.50 0.50 53.72 20.36 - -12.69 530.9
Fevertree Drinks 1211 166.00 1889.5 804.50 1.30 31.71 463.5 Keywords Studios 2770 128.00 3056 2080 0.02 76.76 102.9 JhnsnSrv 119.00 1.80 126.20 69.00 - 74.38 2866.1 MinoanGp 1.00 -0.05 1.37 0.87 - -7.09 3746.9
Electronic & Electrical Equip
Checkit 29.00 -1.50 41.88 13.74 - -3.54 192.1 Nichols 1070 15.00 1470 957.00 1.74 -17.82 13.4 Learning Technologies Group 128.90 3.50 176.00 97.70 0.97 54.30 402.5 LonSec 3050 0.00 3940 2150 2.62 16.82 0.0

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) CT Cp&I 302.00 4.00 341.00 269.56 3.84 293.3 3.0 JPM Emrg EMEA 83.00 -0.50 794.00 55.20 42.17 45.4 82.8 Schdr Inc 287.50 -0.50 324.00 254.60 4.38 292.9 -1.8 AEW UK REIT 93.00 -1.70 135.00 83.77 8.60 104.8 -11.3
asset value estimate and closing price. Discounts, premiums, gross redemption
Price +/-Week High Low Yld NAV or Pm CT UK HIT B 85.00 -1.00 92.80 79.00 6.24 86.2 -1.4 JPM Emrg 106.60 1.20 120.45 91.00 1.27 118.8 -10.3 SchdrJap 202.50 1.50 218.00 187.00 2.42 233.2 -13.2 Bal ComPrp 80.40 -2.90 124.20 68.53 5.32 118.4 -32.1
yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
abrdnuksm 417.00 -2.50 610.00 389.73 1.85 491.3 -15.1 CT UK HIT Ord 82.00 -0.50 91.33 71.00 6.46 86.6 -5.3 JPM EurGth & Inc 92.80 4.00 97.80 73.40 6.14 101.0 -8.1 SchdrOrient 259.50 7.00 280.08 230.00 3.97 272.3 -4.7 CT Prop T 61.20 -2.80 101.00 60.80 6.05 95.3 -35.8
are displayed as a percentage, NAV and terminal asset value per share (TAV)
3i Infra 311.00 0.00 368.50 281.50 3.15 320.2 -2.9 CT UK HIT UNIT 325.00 -7.00 356.00 294.00 - 346.5 -6.2 JPM EuDisc 408.00 5.50 460.50 339.00 1.64 476.1 -14.3 SchdrRealEst 40.70 -1.80 61.00 40.00 6.22 62.7 -35.1 Longbow 43.30 -2.30 70.20 42.00 13.86 61.2 -29.2
in pence.
AbnAsianIn 215.00 3.00 237.00 185.50 4.33 240.6 -10.6 Dun Inc 281.00 4.00 307.00 250.75 4.56 290.8 -3.4 JPM Clavr 652.00 2.00 738.00 624.00 4.75 681.9 -4.4 SchdrUKMd 548.00 6.00 626.00 454.00 2.43 616.9 -11.2 TR Prop 274.50 -13.50 487.50 263.00 5.17 309.1 -11.2
Abrdn Div I&G 83.20 -0.20 103.00 81.00 6.61 114.8 -27.5 Edin Inv 643.00 8.00 690.00 537.00 3.73 692.4 -7.1 JPMGblCoreRa 84.40 -0.40 113.00 80.80 4.44 102.4 -17.6 SchdrUKPubPriv 12.20 0.00 26.00 11.50 - 28.0 -56.4 Tritax EuroBEUR € 0.67 -0.06 1.30 0.66 7.04 1.3 -48.5 X FT Global 500 company
AbnNewIndia 504.00 -8.00 614.00 497.00 - 637.4 -20.9 Edin WWd 150.80 -1.00 230.50 147.37 - 185.8 -18.8 JPM GEI 131.00 0.50 142.50 108.00 3.89 144.1 -9.1 ScotAmer 497.00 3.50 536.59 434.00 2.47 514.0 -3.3 Tritax EuroBGBP 59.40 -4.00 109.20 57.70 - - - ♦ trading ex-dividend
Abf Sml 1210 -6.00 1428 1066 2.80 1392.0 -13.1 EuroAsset 89.30 -0.90 118.00 74.60 8.96 97.9 -8.8 JPM Gl Gr&Inc 449.00 6.00 481.00 386.00 3.35 439.6 2.1 ScottMort 649.60 -21.60 1081.82 643.20 0.53 825.7 -21.3 UKComPrp 50.90 -0.40 95.80 48.89 5.74 79.6 -36.1 ■ trading ex-capital distribution
Abf Spl Inc 70.90 -0.10 80.00 53.40 4.30 75.0 -5.5 Euro Opps 742.00 10.00 780.00 608.00 0.27 861.8 -13.9 JPM Ind 774.00 0.00 898.00 719.90 - 941.5 -17.8 ScottOrtll 1187.5 12.50 1240 1034.95 0.97 1363.4 -12.9 # price at time of suspension from trading
VCTs 52 Week Dis(-)
abrdn Asia Focus 252.50 5.50 289.00 224.24 1.19 294.4 -14.2 F&C Inv Trust 899.00 -11.00 989.00 769.00 1.38 920.0 -2.3 JPM JpCapSm G&I 324.00 12.00 384.00 301.00 6.91 358.9 -9.7 Smithson 1338 21.00 1666 1120 - 1472.2 -9.1
Price +/-Week High Low Yld NAV or Pm
Abrdn Eqt Inc 320.00 2.00 385.14 290.00 6.44 318.4 0.5 FidAsian 499.00 10.00 536.00 413.61 1.76 529.4 -5.7 JPM Jap 467.00 4.00 528.85 408.50 1.09 508.1 -8.1 StrategicEq 292.00 2.00 318.00 252.00 0.55 313.5 -6.9 The prices listed are indicative and believed accurate at the time of publication.
FidChiSpS 247.50 6.00 299.46 181.97 1.89 272.8 -9.3 JPM Mid 853.00 -3.00 1122 735.00 3.46 1000.0 -14.7 Temp Bar 223.00 -0.50 249.50 195.20 3.36 236.4 -5.7 Baronsmead 2nd VT 59.50 0.00 72.75 51.00 10.92 63.0 -5.6
abrdnJapInv 552.50 7.50 670.00 507.49 2.71 665.1 -16.9 No offer is made by Morningstar or the FT. The FT does not warrant nor
FidelityEmrgMkt 580.70 -1.30 694.90 552.70 2.28 684.1 -15.1 JPM Smlr 260.00 0.00 345.00 230.00 2.19 298.5 -12.9 Tetragon $ 10.40 0.00 10.60 8.49 3.47 30.1 -65.4 BSC VCT 78.00 3.50 83.50 72.00 8.97 87.3 -10.7
AbnNewDn 267.00 2.00 303.00 243.00 1.61 311.7 -14.3 guarantee that the information is reliable or complete. The FT does not accept
Fid Euro 329.00 7.00 351.00 258.50 1.99 353.6 -7.0 JPM US Sml 384.00 -11.00 444.48 337.25 0.65 412.0 -6.8 EurSmlCom 156.00 3.50 172.50 122.93 2.00 181.4 -14.0 ..VCT2 56.00 2.00 58.43 53.00 14.29 61.9 -9.5
Alliance 951.00 4.00 1046 876.00 1.77 1017.0 -6.5 responsibility and will not be liable for any loss arising from the reliance on
Fid Jap 172.00 1.50 189.50 143.00 - 197.8 -13.0 KeystoneInv 339.00 3.00 358.00 161.00 3.30 244.9 38.4 GblSmlrTrst 140.40 -2.00 162.80 122.00 1.25 162.4 -13.5 Inc&GthVCT 75.00 0.00 95.50 70.00 6.67 81.3 -7.7
AllianzTech 222.50 3.50 287.00 199.40 - 258.6 -14.0 or use of the information.
Fid Spec 266.00 1.00 364.49 232.00 2.21 284.8 -6.6 Law Deb 784.00 -2.00 871.08 649.00 3.65 767.7 2.1 TRIG 123.60 -2.20 148.57 112.60 5.46 134.6 -8.2 Nthn 2 VCT 54.50 0.00 63.00 52.00 6.42 58.9 -7.5
Art Alpha 315.00 -3.00 357.00 262.00 1.68 347.1 -9.2
FinsG&I 877.00 26.00 899.43 731.80 2.93 921.0 -4.8 LinTrain £ 1020 -10.00 1305 944.00 4.61 1059.7 -3.7 TroyInc&G 69.40 1.00 78.00 64.43 3.83 71.1 -2.4 Nthn 3 VCT 84.50 0.00 95.25 82.00 5.33 91.9 -8.1 The FT Share Service is a paid-for-print listing service and may not be fully
Asia Dragon 396.00 7.00 461.00 352.00 1.64 468.2 -15.4
FstPacfic HK HK$ 2.40 0.00 3.63 2.08 5.41 - - Lowland 123.00 2.00 136.50 99.05 4.88 130.0 -5.4 Utilico Emerging Market 210.00 1.00 227.52 197.50 3.74 241.4 -13.0 NthnVent 57.50 0.00 66.50 55.00 7.83 62.2 -7.6 representative of all LSE-listed companies. This service is available to all listed
Aurora Inv 204.00 -7.00 244.00 178.00 0.27 227.2 -10.2
GRIT 1.75 -0.20 11.20 1.50 - 9.6 -81.8 Majedie 210.50 4.50 220.30 156.80 5.42 245.1 -14.1 UIL Inv 128.00 -9.00 252.00 126.00 6.25 215.0 -40.5 UnicornAIM 104.50 -10.00 179.00 101.00 6.22 122.0 -14.3 companies, subject to the Editor’s discretion. For new sales enquiries please
AVI JapOpp 117.50 -5.00 124.23 103.00 1.15 121.8 -3.5
Axiom 83.00 -8.00 93.29 65.00 7.23 89.7 -7.5 HAN 174.00 -2.00 206.40 166.00 1.84 299.5 -41.9 Marwyn Val 96.50 -0.50 120.00 90.00 4.69 176.5 -45.3 VEIL 569.00 -1.00 772.00 500.00 - 661.0 -13.9 Zero Dividend Preference Shares 52 Week HR email daniel.fish@ft.com or call +44 (0)20 7873 4571.
BG Euro 91.50 1.10 111.20 73.50 0.38 106.1 -13.8 HANA 174.00 -1.50 206.40 167.00 1.84 299.5 -41.9 MercantIT 191.60 1.00 224.00 158.33 3.50 225.1 -14.9 Witan 217.50 0.00 237.50 199.78 2.53 240.8 -9.7 Price +/-Week High Low SP WO TAV 0%
BG Japan 739.00 -5.00 860.00 657.00 0.81 828.4 -10.8 Hen Div Inc Tr 67.60 -0.20 78.20 56.26 6.51 71.2 -5.1 MrchTst 551.00 6.00 606.00 480.00 4.95 545.2 1.1 WwideHlth 3055 -5.00 3500 2820 0.72 3393.4 -10.0 Abf Spl Inc 119.50 0.00 121.00 113.00 -60.9 -96.0 -
BG Shin 153.60 2.60 179.80 131.32 - 171.4 -10.4 HenEuroF 151.50 2.00 165.50 120.60 2.07 168.3 -10.0 Mid Wynd 670.00 6.00 820.00 639.80 0.96 691.9 -3.2
Dis(-) UIL Finance 2028 ZDP 98.00 0.00 102.00 82.40 -22.6 -27.6 - Data provided by Morningstar
Conventional - Private Equity 52 Week
Baillie Gifford UK 159.60 -1.00 191.00 139.40 1.52 188.6 -15.4 HenEuro 129.25 1.75 141.00 105.51 1.93 151.7 -14.8 Monks 931.50 -3.50 1138 875.00 0.21 1065.9 -12.6 UIL Finance 2026 ZDP 114.00 0.00 117.60 104.36 -31.9 -39.5 -
Price +/-Week High Low Yld NAV or Pm
Bankers 98.80 -0.60 109.70 90.88 2.19 109.3 -9.6 HenFarEs 257.50 -0.50 305.00 240.00 9.05 252.3 2.1 MontanSm 132.60 0.40 171.00 104.20 0.70 151.4 -12.4
abrdnPvEq 433.00 -17.00 546.00 365.00 3.12 743.1 -41.7
BB Healthcare Trust 148.80 -3.60 193.40 132.40 3.71 158.1 -5.9 HenHigh 167.25 1.25 181.00 137.25 5.95 166.5 0.5 Mur Inc 829.00 3.00 903.50 715.00 3.64 880.3 -5.8
BGUSGROWTH 138.20 -2.00 253.00 135.80 - 180.0 -23.2
Investment Companies - AIM
BiotechGth 789.00 -18.00 1048 722.37 - 860.6 -8.3 HenInt Inc 172.75 -3.25 184.00 153.00 3.47 181.6 -4.9 Mur Int 1320 14.00 1376 1128 4.13 1310.6 0.7
Hen Opp 1010 -2.00 1290 942.45 2.67 1166.8 -13.4 CQSNewCityHY 49.70 -0.30 56.40 48.20 8.99 46.7 6.4 BG China Growth 262.00 2.50 348.00 206.25 2.73 294.5 -11.0 52 Week Dis(-)
BlckRoEne 123.00 -5.50 151.00 95.00 3.25 125.5 -2.0
HenSmlr 812.00 5.00 1020 674.33 2.92 893.0 -9.1 New Star IT 121.00 0.00 137.00 115.30 1.16 178.2 -32.1 CT PvtEq 423.00 -27.00 506.00 375.51 4.39 709.7 -40.4 Price +/-Week High Low Yld NAV or Pm
BlckRFrnt 131.50 -2.00 144.50 116.50 3.91 140.9 -6.7
HVPE 1990 6.00 2650 1900 - 4051.0 -50.9
BlckRGtEur 512.50 13.50 568.00 396.00 1.20 543.1 -5.6 Herald 1782 -4.00 1966 1540 - 2065.2 -13.7 NorthAmer 275.00 -4.00 324.00 274.00 3.93 303.0 -9.2
HgCapital 326.00 -13.50 457.50 310.00 1.53 453.7 -28.1
BB Biotech AG SFr
CrysAmber
52.70
86.50
-1.40
-8.00
67.00 49.35
122.95 84.11
6.2 -
2.9 125.8
-
-31.2
www.morningstar.co.uk
BlckR I&G 185.00 -5.50 206.00 164.00 3.89 200.2 -7.6 HICL Infra 151.80 -3.40 184.98 138.89 5.43 165.7 -8.4 NthAtSml 3460 -90.00 4100 3125 0.87 5242.7 -34.0
Highbridge Tactical 283.00 -1.00 298.00 216.00 - 263.7 7.3 PacAsset 354.00 3.00 384.00 303.00 0.68 381.2 -7.1 ICG Ent Tr 1004 -24.00 1223.76 928.00 2.49 1914.7 -47.6 Infra India 0.30 0.00 0.70 0.20 - 10.6 -97.2
BlckRckLat 336.00 -6.00 457.00 330.00 6.35 380.9 -11.8
Impax Env. 421.00 3.00 486.44 373.23 0.90 421.5 -0.1 PacHorzn 583.00 -5.00 774.00 507.75 - 616.8 -5.5 Pantheon Intl 236.50 -2.50 325.00 229.23 - 459.7 -48.6
BlckRSmlr 1282 0.00 1694.7 1162 2.60 1493.5 -14.2
Ind IT 420.50 -7.00 583.16 385.00 1.90 - - PerAsset 480.00 8.00 506.00 463.87116.67 - - PrincssPE € 9.22 -0.16 12.95 7.80 6.93 14.7 -37.3
BlckRckSusAm 182.00 -8.50 215.00 181.52 4.40 194.0 -6.2
Unbound Group plc 4.00 -0.15 39.03 3.80 - - -
BlckRThrmt 565.00 -1.00 767.00 477.96 1.81 597.5 -5.4 IntBiotech 646.00 -8.00 744.00 563.00 4.40 698.0 -7.4 Petershill plc 150.60 -1.80 293.00 142.40 - - - Guide to FT Share Service
BlckRWld 641.00 6.00 804.98 524.00 3.71 631.2 1.6 Intl PP 143.20 -1.20 174.81 132.72 5.21 159.4 -10.2 PolarHealth 314.00 -3.00 340.00 286.66 0.64 335.7 -6.5 Discretionary Unit Fund Mngrs 52 Week Dis(-)
Brunner 1045 20.00 1115 888.00 1.93 1162.1 -10.1 Inv AsiaTr 336.00 -2.00 374.00 280.00 4.79 383.1 -12.3 PolarFins 134.00 -5.00 173.02 130.60 3.00 146.3 -8.4 (1000)F
Caledonia Inv 3350 -90.00 4065 3015 1.88 4993.1 -32.9 Invesco Bond Inc 161.25 -1.75 184.50 141.04 6.51 160.3 0.6 PolarTech 1970 10.00 2300 1697.57 - 2290.2 -14.0 Price +/-Week High Low Yld NAV or Pm
CanGen C$ 33.09 -0.16 42.49 28.21 2.62 50.4 -34.3 IPST BalR 139.50 1.00 164.69 111.00 - 153.2 -8.9 RIT Cap 1874 10.00 2595 1792.03 1.88 2432.0 -22.9 Right &ISS 1935 -50.00 259.80 185.00 1.67 2319.7 -16.6 For queries about the FT Share Service pages e-mail
City Lon 402.50 4.00 432.00 366.50 4.76 391.5 2.8 IP UKSmall 436.00 1.00 546.00 373.50 4.43 483.9 -9.9 Ruffer Inv Pr 304.50 -1.50 329.00 283.00 0.59 296.3 2.8 ft.reader.enquiries@morningstar.com.
JPM Amer 692.00 5.00 800.00 650.00 0.98 717.8 -3.6 Schroder ToRt 422.00 0.00 469.50 366.50 1.68 449.5 -6.1 Conventional - Property ICs 52 Week Dis(-)
CQSNatRs 169.25 -2.75 232.08 147.50 3.31 201.1 -15.8 All data is as of close of the previous business day. Company classifications
JPM Asia 367.00 9.00 402.26 294.50 5.15 406.5 -9.7 SchdrAsiaP 508.00 10.00 552.00 446.00 1.57 575.1 -11.7 Price +/-Week High Low Yld NAV or Pm
CTMgdI 118.00 -0.50 140.00 112.00 5.38 115.4 2.3 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
CTMgdG 226.00 -5.00 270.00 214.00 - 224.4 0.7 JPM China 320.00 4.50 451.54 246.50 7.13 355.8 -10.1 SchdrEurReE 80.90 -1.70 117.00 73.20 6.78 118.6 -31.8 Direct Property 100 constituent stocks are shown in bold.
abrdnPropInc 54.10 -2.80 90.00 50.82 6.31 84.0 -35.6
Closing prices are shown in pence unless otherwise indicated. Highs & lows
are based on intra-day trading over a rolling 52 week period. Price/earnings
ratios (PER) are based on latest annual reports and accounts and are updated
with interim figures. PER is calculated using the company’s diluted earnings
from continuing operations. Yields are based on closing price and on dividends
paid in the last financial year and updated with interim figures. Yields are
shown in net terms; dividends on UK companies are net of 10% tax, non-UK
companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
capital changes where appropriate.
Trading volumes are end of day aggregated totals, rounded to the nearest
1,000 shares.
Net asset value per share (NAV) and split analytics are provided only as a
guide. Discounts and premiums are calculated using the latest cum fair net
20 ★ FINANCIAL TIMES Monday 27 March 2023

MANAGED FUNDS SERVICE

SUMMARY FT.COM/FUNDS

Winners - EAA Fund Japan Large-Cap Equity Losers - EAA Fund Japan Large-Cap Equity Morningstar Star Ratings Global Broad Category Group - Allocation

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

M&G Investment Funds (1) - M&G Japan Fund 7.43 17.34 4.29 1.09 17.18 MUFG Japan Equity Focus Growth Fund -0.03 0.07 - 0.53 15.91 Greater China Growth A Shares Pound Sterling QQQQQ QQQQQ QQQQ ZAR/NAD Aggressive Allocation Rand 6.06 18.62 7.91
M&G (Lux) Investment Funds 1 - M&G (Lux) Japan Fund 0.89 17.11 3.71 1.07 17.27 BL-Equities Japan 0.01 0.07 0.02 0.63 13.11 Far East Growth A Inc Pound Sterling QQQ Q QQ TWD Moderate Allocation New Taiwan Dollar -4.23 18.18 9.19
Man GLG Japan CoreAlpha Fund 8.33 16.28 4.39 0.98 20.26 Aberdeen Standard SICAV I - Japanese Sustainable Equity Fund -0.04 0.07 0.01 0.51 16.20 Mastertrust A Inc {HEAR} F Pound Sterling QQQ QQ QQQQ Moderately Aggressive Allocation Hong Kong Dollar -18.97 17.66 10.44
Eastspring Investments - Japan Dynamic Fund 2.10 15.97 1.33 1.06 19.17 SPARX Japan Fund -0.03 0.08 0.03 0.53 16.17 Mastertrust B Inc {HEAR} F Pound Sterling QQQ QQ QQQQ Vietnam Aggressive Allocation US Dollar -26.03 17.31 0.56
DWS Nomura Japan Growth -3.27 15.36 4.18 0.98 18.92 Baillie Gifford Worldwide Japanese Fund -0.04 0.09 0.02 0.50 17.47 American Dynamic US Dollar QQ QQQQ QQQQQ ZAR/NAD Flexible Allocation Rand 17.85 17.22 10.37

Advertising Feature Performance Weightings - As of 31/01/2023 Top 10 Holdings - As of 31/01/2023

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials 5.53% 5.17%
Mar 2020 - Mar 2023 Microsoft Corp Technology 4.65%
EdenTree Global Equity Cls A Inc Communication Services 7.14% 5.67%
Consumer Cyclical 6.32% 10.51%
Alphabet Inc Class A Communication Services 4.12%
Consumer Defensive 0.01% 8.18%
Energy 0.05% 5.04%
Novartis AG Healthcare 2.68%
Financial Services 10.62% 15.45%
Healthcare 14.07% 12.03%
Schneider Electric SE Industrials 2.39%
Industrials 18.27% 11.26%
Real Estate 1.60% 1.74%
Veolia Environnement SA Industrials 2.13%
Technology 24.10% 15.30%
Utilities 3.40% 2.51%
Enel SpA Utilities 2.09%
Please remember that past performance is not necessarily a guide to future performance Cash & Equivalents 8.87% 3.72%
Firm Name Corporate - 0.93%
Smith (DS) PLC Consumer Cyclical 2.00%
EdenTree Investment Management Limited Derivative - 1.67%
Fund Name Government - 0.72%
Medtronic PLC Healthcare 1.98%
EdenTree Global Equity Cls A Inc Municipal - 0.00%
Morningstar Category Securitized - 0.10%
Sanofi SA Healthcare 1.98%
Global Large-Cap Blend Equity
Max Annual Charge
The Hartford Financial Services Group Inc Financial Services 1.96%
- Risk Measures - As of 28/02/2023
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
QQ Alpha -3.25 -1.60 -3.33 -1.75 -4.01 -1.80
Morningstar Sustainability Rating Beta 0.92 0.96 1.06 0.98 1.06 0.98
Fund Category Information Ratio -0.33 -0.24 -0.56 -0.35 -0.75 -0.38
Bid Price - KIID Ongoing Charge 1.51 R Squared 90.99% 89.49% 92.71% 90.21% 92.46% 90.26%
Offer Price - Day-End One Year Return -0.75 Day -0.86% Month -2.98% Year -4.30% Sharpe Ratio -0.54 -0.02 0.30 0.39 0.11 0.28
+/- -2.80 Total Ret 3Yr 7.33 Std Dev 21.72 19.56 22.02 18.45 19.64 17.25
Information reproduced courtesy of Morningstar. While the Financial Times takes every care to ensure that the information is faithfully reproduced, the information is not verified by the Financial Times and therefore it accepts no liability for any loss which may arise relating to the Morningstar information.
© 2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr

abrdn Capital (CI) Limited ( JER ) Atlantas Sicav ( LUX )

PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Regulated
FCA Recognised American Dynamic $ 6601.14 - 112.04 0.00 -6.46 18.75
abrdn Capital Offshore Strategy Fund Limited American One $ 6643.44 - -239.40 - -4.10 13.91
Bridge Fund £ 2.1525 - -0.0071 2.14 -5.32 10.11 Bond Global € 1529.22 - -1.45 - -1.01 0.83
Global Equity Fund £ 3.2379 - -0.0274 1.43 -4.55 13.44 Eurocroissance € 1336.10 - 16.64 - -0.76 15.01
Global Fixed Interest Fund £ 0.7438 - 0.0037 6.10 -7.92 1.53 Far East $ 1010.87 - 16.36 - 1.88 9.79
Income Fund £ 0.6264 - -0.0018 - -5.44 10.54
Sterling Fixed Interest Fund £ 0.6863 - 0.0039 4.09 -11.60 -2.79
UK Equity Fund £ 1.9028 - -0.0046 3.71 -3.30 14.12

Candriam Investors Group ( LUX ) Dodge & Cox Worldwide Funds ( IRL ) FIL Investment Services (UK) Limited (1200)F ( UK ) Fundsmith LLP (1200)F ( UK )
FCA Recognised 48-49 Pall Mall, London SW1Y 5JG. Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Candriam Eqts L Australia CapA$ 1835.89 - -15.34 0.00 -2.38 24.05 www.dodgeandcox.worldwide.com 020 3713 7664 Callfree: Private Clients 0800 414161 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
FCA Recognised Broker Dealings: 0800 414 181 Authorised Inv Funds
Dodge & Cox Worldwide Funds plc - Global Bond Fund OEIC Funds Fundsmith Equity T Acc 602.53 - -3.14 - 1.92 14.75
EUR Accumulating Class € 15.73 - -0.01 - 1.35 5.57 Allocator World Fund W-ACC-GBP £ 2.58 - -0.03 - -4.33 16.73 Fundsmith Equity T Inc 549.13 - -2.86 - 1.92 14.75
EUR Accumulating Class (H) € 10.54 - 0.08 - -2.86 4.49 American Fund W-ACC-GBP £ 52.42 - -0.63 - -7.24 9.99
EUR Distributing Class € 11.38 - -0.01 - -0.61 4.57 American Special Sits W-ACC-GBP £ 21.11 - -0.32 - -5.72 20.35
EUR Distributing Class (H) € 7.57 - 0.06 - -4.85 3.39 Asia Fund W-ACC-GBP £ 15.36 - 0.22 - -5.13 6.94
GBP Distributing Class £ 12.36 - 0.04 - 7.74 4.14 Asia Pacific Ops W-Acc £ 2.90 - 0.02 0.48 0.00 17.24
Candriam Investors Group GBP Distributing Class (H) £ 8.14 - 0.07 - -3.70 4.27 Asian Dividend Fund W-ACC-GBP £ 2.30 - 0.01 2.87 -0.43 13.78
Other International Funds USD Accumulating Class $ 12.33 - 0.10 - -0.16 6.21 Cash Fund W-ACC-GBP £ 1.04 - 0.00 - 2.07 0.67
Candriam Eqts L Emerging Mkts Cap € 832.77 - 2.38 - -21.15 8.07 Dodge & Cox Worldwide Funds plc-Global Stock Fund China Consumer Fund W-ACC-GBP £ 2.72 - 0.06 - -1.84 -1.22
Candriam Bonds Credit Opportunities € 195.95 - 0.47 0.00 -1.67 1.86 USD Accumulating Share Class $ 28.30 - -0.37 - -9.09 24.57 GAM
Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 1.51 - 0.00 4.74 -14.43 0.38 funds@gam.com, www.funds.gam.com
Candriam Bds Euro High Yield Cap € 1178.83 - 2.62 - -3.21 4.70
Blue Whale Investment Funds ICAV ( IRE ) GBP Accumulating Share Class £ 37.92 - -0.68 - -1.81 22.20 Emerging Asia Fund W-ACC-GBP £ 1.87 - 0.02 - -0.90 11.07 Regulated
www.bluewhale.co.uk, info@bluewhale.co.uk Candriam Bds Euro Sh.Term Cap € 1994.06 - -1.94 - -2.64 -0.81 GBP Distributing Share class £ 25.52 - -0.46 - -2.12 21.89 LAPIS GBL TOP 50 DIV.YLD-Na-D £ 119.31 - -1.42 - 1.52 15.16
Enhanced Income Fund W-INC-GBP £ 0.84 - 0.00 - 4.60 15.86
FCA Recognised - Ireland UCITS EUR Accumulating Share Class € 39.12 - -0.86 - -7.71 23.84 European Fund W-ACC-GBP £ 24.40 - 0.03 - 11.16 17.53 LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 103.37 - -0.29 - 0.19 8.94
Algebris Investments ( IRL ) Blue Whale Growth USD T $ 9.18 - -0.06 - -16.16 -
GBP Distributing Class (H) £ 13.07 - -0.17 0.78 -11.22 22.38 Extra Income Fund W-ACC-GBP £ 1.27 - 0.01 3.86 -9.12 1.24
Regulated
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Global Dividend Fund W-ACC-GBP £ 2.98 - -0.01 - 4.64 13.89
Algebris Core Italy I EUR € 146.65 - -0.50 0.00 -3.72 22.78
USD Accumulating Share Class $ 36.25 - -0.79 - -12.94 25.45 Global Enhanced Income W-ACC-GBP £ 2.31 - 0.00 - 5.47 13.09
Algebris Core Italy R EUR € 138.91 - -0.47 0.00 -4.44 23.11
GBP Accumulating Share Class £ 45.95 - -1.20 - -5.92 23.07 Global High Yield Fund W-ACC-GBP £ 13.73 - 0.02 - -5.96 4.25
Algebris Financial Credit I EUR € 166.22 - -0.25 - -9.45 6.15
GBP Distributing Share Class £ 27.53 - -0.72 - -6.42 22.76 Global Property Fund W-ACC-GBP £ 1.73 - -0.04 - -21.44 3.75
Algebris Financial Credit R EUR € 142.71 - -0.22 - -10.08 5.52
Chartered Asset Management Pte Ltd EUR Accumulating Share Class € 43.28 - -1.32 - -11.58 24.72 Global Special Sits W-ACC-GBP £ 53.06 - -0.42 - -5.25 17.00
Algebris Financial Credit Rd EUR € 86.06 - -0.13 - -10.07 5.57
Other International Funds GBP Distributing Class (H) £ 14.35 - -0.31 0.36 -14.88 23.35 Index Emerging Markets P-ACC-GBP £ 1.66 - 0.02 - -4.89 8.74
Algebris Financial Equity B EUR € 158.46 - -3.84 0.00 3.34 31.92
CAM-GTF VCC $ 283339.90 283339.90 -15889.63 - -6.36 3.78 Index Europe ex UK P-ACC-GBP £ 1.94 - -0.01 - 8.09 17.45
Algebris Financial Equity R EUR € 132.87 - -3.22 0.00 2.31 30.66
CAM GTi VCC $ 780.49 - -32.39 - 12.31 4.69 Index Japan P-ACC-GBP £ 1.89 - 0.01 - 0.02 8.67
Algebris Financial Income I EUR € 174.61 - 1.76 - -4.69 18.95
RAIC VCC $ 1.64 1.64 0.03 2.06 5.74 -1.66 Index Pacific ex Japan P-Acc-GBP £ 1.89 - 0.00 3.52 -1.28 15.63
Algebris Financial Income R EUR € 158.47 - 1.59 - -5.54 17.88
Algebris Financial Income Rd EUR € 96.00 - 0.96 - -5.55 17.88 Index Sterling Corporate Bond Fund P-ACC-GBP £ 0.83 - 0.00 - -9.86 -
Algebris Global Credit Opportunities I EUR € 125.06 - 0.91 - -0.06 6.25 Index UK Gilt Fund P-ACC-GBP £ 0.75 - 0.00 0.61 -15.09 -
Algebris Global Credit Opportunities R EUR € 121.87 - 0.88 - -0.65 5.89 Index UK P-ACC-GBP £ 1.57 - -0.01 - 1.75 18.30
Algebris Global Credit Opportunities Rd EUR € 106.31 - 0.78 - -0.63 6.01 Index US P-ACC-GBP £ 3.36 - -0.05 - -4.17 20.04
Algebris IG Financial Credit I EUR € 96.28 - 2.95 - -7.49 2.94 Index World P-ACC-GBP £ 2.64 - -0.03 - -2.67 18.38
Algebris IG Financial Credit R EUR € 94.65 - 2.90 - -7.95 2.42 Japan Fund W-ACC-GBP £ 5.68 - 0.06 - 4.89 15.94
Algebris Sust. World B € 102.94 - -0.87 - - - Consistent Unit Tst Mgt Co Ltd (1200)F ( UK ) Japan Smaller Companies Fund W-ACC-GBP £ 3.61 - 0.05 0.60 -2.72 7.41
Stuart House, St John's Street, Peterborough, PE1 5DD MoneyBuilder Balanced Fund W-ACC-GBP £ 0.60 - 0.00 - -2.95 7.10 Guinness Global Investors
Algebris Sust. World R € 102.39 - -0.86 - - - Brooks Macdonald International Fund Managers Limited( JER ) Dealing & Client Services 0345 850 8818 Guinness Global Equity Income Y GBP Dist £ 18.45 - -0.12 - 3.84 18.60
5 Anley Street, St Helier, Jersey, JE2 3QE MoneyBuilder Dividend Fund W-INC-GBP £ 1.26 - 0.00 - 3.93 16.41
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Authorised Inv Funds Guinness Global Innovators Y GBP Acc £ 26.46 - -0.33 - -4.15 18.68
Consistent UT Inc 59.78 59.78 -0.04 1.04 -10.27 24.74 Multi Asset Allocator Adventurous Fund W-ACC-GBP £ 2.08 - -0.01 - -4.72 12.82
Brooks Macdonald International Investment Funds Limited Guinness Sustainable Global Equity Y GBP Acc £ 11.21 - -0.15 - -1.74 -
Consistent UT Acc 162.40 162.40 -0.10 1.04 -10.28 24.77 Multi Asset Allocator Defensive Fund W-ACC-GBP £ 1.31 - 0.01 - -6.04 1.66
Euro High Income € 1.2123 - 0.0034 2.50 -10.51 -3.15
Practical Investment Inc 233.60 233.60 -0.60 3.91 -1.37 21.11 Multi Asset Allocator Growth Fund W-ACC-GBP £ 1.81 - -0.01 - -5.18 8.94
High Income £ 0.6550 - 0.0005 3.77 -10.73 -2.86
Practical Investment Acc 1488.00 1488.00 -3.00 3.91 -1.33 20.43 Multi Asset Allocator Strategic Fund W-ACC-GBP £ 1.57 - 0.00 - -5.71 5.17
Sterling Bond £ 1.2626 - 0.0007 2.06 -9.91 -2.22
Multi Asset Balanced Income Fund W-INC-GBP £ 0.95 - 0.00 - -5.26 4.30
Brooks Macdonald International Multi Strategy Fund Limited Dragon Capital
Cautious Balanced Strategy £ 1.2426 - 0.0022 0.00 -5.97 3.71 www.dragoncapital.com Multi Asset Income & Growth Fund W-INC-GBP £ 1.01 - 0.00 - -4.71 6.45
The Antares European Fund Limited Fund information:info@dragoncapital.com Multi Asset Income Fund W-INC-GBP £ 0.87 - 0.00 - -7.76 2.32
Other International Cautious Balanced Strategy A £ 0.8898 - 0.0016 1.10 -5.51 -
Other International Funds Multi Asset Open Advent W-ACC-GBP £ 1.73 - -0.01 1.53 -1.14 12.12
AEF Ltd Usd $ 560.53 - -10.60 0.00 1.61 -1.79 Balanced Strategy £ 0.9122 - 0.0010 0.09 -3.22 -
Vietnam Equity (UCITS) Fund A USD $ 24.88 - 0.13 - -37.24 17.90 Multi Asset Open Defen W-ACC-GBP £ 1.34 - 0.00 2.07 -3.25 4.54 HPB Assurance Ltd
AEF Ltd Eur € 514.10 - -10.23 0.00 0.24 -2.59 Balanced Strategy A £ 0.9144 - 0.0010 0.56 -2.74 - Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Growth Strategy £ 1.9203 - -0.0011 0.00 -4.52 8.75 Multi Asset Open Growth Fund W-ACC-GBP £ 1.65 - 0.00 - -1.08 11.55
International Insurances
Growth Strategy A £ 0.9190 - -0.0006 0.48 -4.05 - Multi Asset Open Strategic Fund W-ACC-GBP £ 1.50 - -0.01 1.92 -2.27 8.06
Holiday Property Bond Ser 1 £ 0.48 - 0.00 0.00 1.26 -2.57
High Growth Strategy £ 2.6776 - -0.0030 0.00 -4.60 10.98 Open World Fund W-ACC-GBP £ 2.25 - -0.02 0.83 -1.14 15.92
Holiday Property Bond Ser 2 £ 0.63 - 0.00 0.00 0.32 -0.63
High Growth Strategy A £ 0.9144 - -0.0010 0.12 -4.13 - Select 50 Balanced Fund PI-ACC-GBP £ 1.13 - -0.01 1.38 -4.23 6.51
US$ Growth Strategy $ 1.6634 - -0.0053 0.00 -13.44 8.23 Short Dated Corporate Bond Fund W-ACC-GBP £ 10.65 - 0.05 - -2.18 0.91
Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes Special Situations Fund W-ACC-GBP £ 41.96 - -0.21 - 2.37 23.49
Strategic Bond Fund W-ACC-GBP £ 1.19 - 0.01 - -8.06 -0.31
Sustainable European Equity Fund W-ACC-GBP £ 5.63 - 0.01 - 6.71 14.52
Sustainable Global Equity Fund W-ACC-GBP £ 32.53 - -0.28 - -1.90 16.43
Sustainable MoneyBuilder Income Fund W-ACC-GBP £ 12.22 - 0.00 - -11.00 -2.51
Sustainable Multi Asset Balanced Fund W-ACC-GBP £ 0.92 - 0.00 - -6.20 - Hermes Property Unit Trust ( UK )
Property & Other UK Unit Trusts
Sustainable Multi Asset Conservative Fund W-ACC-GBP £ 0.89 - 0.00 - -7.98 -
Property £ 6.35 6.82 -0.01 3.48 -12.57 -1.71
CP Global Asset Management Pte. Ltd. Sustainable Multi Asset Growth Fund W-ACC-GBP £ 0.94 - 0.00 - -6.09 -
www.cpglobal.com.sg, Email: customer_support@cpglobal.com.sg Sustainable Water & Waste W-ACC-GBP £ 1.13 - 0.00 - -6.71 12.40
International Mutual Funds
UK Opportunities Fund W-ACC-GBP 240.50 - -0.40 1.26 -17.33 14.57
CP Multi-Strategy Fund $ 305.77 - -1.67 - 10.07 11.06
UK Select Fund W-ACC-GBP £ 3.60 - -0.02 - -1.69 16.91
UK Smaller Companies W-ACC-GBP £ 3.57 - 0.00 - -0.81 30.98
EdenTree Investment Management Ltd ( UK )
Artemis Fund Managers Ltd (1200)F ( UK ) PO Box 3733, Swindon, SN4 4BG, 0800 358 3010
57 St. James's Street, London SW1A 1LD 0800 092 2051 Authorised Inv Funds
Authorised Inv Funds Amity Balanced For Charities A Inc 98.64 - -0.78 - -5.05 11.89
Artemis SmartGARP UK Eq I Acc 2333.43 - -14.77 - 6.23 29.53
Amity Global Equity Inc for Charities A Inc 152.20 - -1.90 - -3.07 14.98
Artemis Corporate Bond I Acc 98.75 - 0.53 - -7.93 2.56
EdenTree European Equity Cls A Inc 321.70 - -2.20 - 9.31 20.55
Artemis SmartGARP Eur Eq I Acc 445.34 - -3.31 - 11.81 22.51
CP Capital Asset Management Limited EdenTree European Equity Cls B Inc 325.00 - -2.30 - 9.92 21.29
Artemis European Opps I Acc 128.10 - -0.43 - 4.44 13.56 www.cpgbl.com, email: fundservices@cpgbl.com
Brown Advisory Funds plc ( IRL ) EdenTree Global Equity Cls A Inc 322.40 - -2.80 - -4.30 13.09
Artemis SmartGARP GloEmr Eq I Acc 163.68 - 1.26 - 3.23 14.39 http://www.brownadvisory.com Tel: 020 3301 8130 International Mutual Funds
EdenTree Global Equity Cls B Inc 325.20 - -2.80 - -3.82 13.72
Artemis SmartGARP Glo Eq I Acc 371.05 - -2.62 - -3.73 17.62 FCA Recognised CPS Master Private Fund $ 420.76 - 0.00 - 10.28 10.86
EdenTree Responsible and Sust S Dtd Bd B 93.76 - 0.25 1.26 -2.02 -0.23
Artemis Global Income I Inc 103.90 - -1.24 - -3.86 19.13 US Small Cap Blend Fund USD B $ 20.64 - -0.51 0.00 -10.53 21.35 CP Global Alpha Fund $ 345.55 - -0.44 - 10.34 10.82
EdenTree Sterling Bond Cls A Inc 85.67 - 0.34 4.01 -8.54 0.06
Artemis Global Select I Acc 159.79 - -1.12 - -8.17 12.51 US Flexible Equity Fund USD B $ 22.83 - -0.36 0.00 -12.36 20.40
EdenTree Sterling Bond Cls B Inc 96.86 - 0.39 4.01 -8.05 0.67
Artemis High Income I Q Inc 68.61 - 0.16 - -4.06 6.95 Global Leaders Fund USD C $ 20.52 - -0.12 - -8.43 18.06
EdenTree UK Equity Cls A Inc 214.60 - -0.60 1.52 -8.58 8.92
Artemis Income I Inc 249.04 - -1.58 - 0.62 20.05 US Sustainable Growth Fund USD C $ 23.48 - -0.43 0.00 -13.39 20.71
EdenTree UK Equity Cls B Inc 214.00 - -0.60 2.08 -8.08 9.57
Artemis Monthly Dist I Inc 68.42 - -0.24 - -4.92 9.96 Global Leaders Sustainable Fund USD C $ 12.37 - -0.10 - -9.97 17.84 Janus Henderson Investors ( UK )
EdenTree UK Equity Opps Cls A Inc 270.50 - -1.10 1.13 -9.65 12.86 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Artemis Positive Future Fund 66.92 - -0.62 - -16.02 - US Equity Growth Fund USD B $ 46.17 - -0.82 - -16.68 12.04
EdenTree UK Equity Opps Cls B Inc 276.20 - -1.10 1.68 -9.15 13.54 www.janushenderson.com
Artemis Strategic Assets I Acc 98.19 - -0.24 - 20.77 14.97 US Smaller Companies Fund USD B $ 33.89 - -0.76 0.00 -10.65 19.72 Authorised Inv Funds
Edentree Global Impact Bond B 86.30 - 0.60 2.43 -6.81 -
Artemis Strategic Bond I Q Acc 101.78 - 0.54 - -5.38 1.17 US Mid-Cap Growth Fund USD C $ 16.22 - -0.31 0.00 -15.30 15.13 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1136.00 - 7.00 0.05 -6.19 4.84
Edentree Green Future B Net Inc 99.88 - -1.22 0.46 -0.52 -
Artemis Target Return Bond I Acc 105.83 - 0.15 - -1.54 2.76 Global Sustainable Total Return Bond GBP B £ 9.49 - 0.02 0.91 -2.78 - Janus Henderson Asian Dividend Income Unit Trust Inc 78.64 - 0.34 5.87 -7.56 7.00
EdenTree Managed Income Cls A Inc 119.80 - -0.40 - -4.33 11.95 Findlay Park Funds Plc ( IRL )
Artemis UK Select Fund Class I Acc 756.28 - -6.55 - -0.76 26.61 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Janus Henderson Cautious Managed Fund A Acc 285.20 - 1.00 - -1.93 9.29
EdenTree Managed Income Cls B Inc 128.00 - -0.50 - -3.84 12.52 FCA Recognised
Artemis UK Smaller Cos I Acc 1995.15 - 0.75 - -3.25 19.38 Janus Henderson Cautious Managed Fund A Inc 140.70 - 0.50 - -1.91 9.56
Artemis UK Special Sits I Acc 756.55 - -7.59 - -0.32 21.11 American EUR Unhedged Class € 147.75 - -2.72 - -9.34 - Janus Henderson China Opportunities Fund A Acc 1192.00 - 22.00 - -11.96 -3.54
Artemis US Abs Return I Hdg Acc 112.72 - 0.15 0.00 -0.31 -0.91 American Fund USD Class $ 159.44 - -2.62 - -11.23 14.90 Janus Henderson Emerging Markets Opportunities Fund A Acc 192.50 - 1.40 0.73 -9.79 7.12
Artemis US Extended Alpha I Acc 314.04 - -3.59 - -7.32 15.55 American Fund GBP Hedged £ 78.02 - -1.29 0.00 -13.26 13.27 Janus Henderson European Growth Fund A Acc 296.80 - -0.10 - 8.40 18.29
Artemis US Select I Acc 276.88 - -3.27 - -11.67 12.84 American Fund GBP Unhedged £ 130.34 - -2.53 - -3.77 13.35 Janus Henderson European Selected Opportunities Fund A Acc 2241.00 - -6.00 - 8.21 17.46
Artemis US Smlr Cos I Acc 290.73 - -6.67 0.00 -16.03 16.49 CG Asset Management Limited ( IRL ) Janus Henderson Fixed Interest Monthly Income Fund Inc 17.61 - 0.14 - -10.93 1.57
25 Moorgate, London, EC2R 6AY Janus Henderson Global Equity Fund Acc 4161.00 - -43.00 0.00 -8.19 11.53
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Euronova Asset Management UK LLP ( CYM ) Janus Henderson Global Equity Income Fund A Inc 64.72 - -0.33 - 4.52 14.05
FCA Recognised DWS ( LUX ) Regulated
Janus Henderson Global Sustainable Equity Fund A Inc 466.10 - -6.70 - -5.36 17.04
CG Portfolio Fund Plc Tel: +44 (0) 20 7541 8999 www.dws.com Smaller Cos Cls One Shares € 52.90 - 0.07 0.00 - 9.52
FCA Recognised Janus Henderson Global Technology Leaders Fund A Acc 2919.00 - -27.00 0.00 -7.57 15.73
Absolute Return Cls M Inc £ 134.51 135.12 -0.05 - -2.59 6.31 Smaller Cos Cls Two Shares € 33.72 - 0.04 0.00 - 7.81
DWS Invest Top Dividend £ 148.17 148.17 0.36 - 0.87 12.09 Janus Henderson Instl UK Index Opportunities A Acc £ 1.12 - -0.01 - 1.36 17.82
Capital Gearing Portfolio GBP P £ 36989.14 37193.09 -23.66 - -3.18 6.53 Smaller Cos Cls Three Shares € 16.83 - 0.02 0.00 - 7.76
DWS Invest Top Euroland £ 159.18 159.18 0.93 - 8.84 16.69 Janus Henderson Multi-Asset Absolute Return Fund A Acc 161.60 - 0.50 - 0.62 8.28
Capital Gearing Portfolio GBP V £ 179.90 180.89 -0.11 - -3.18 6.53 Smaller Cos Cls Four Shares € 22.18 - 0.03 0.00 - 8.34
DWS Invest Multi Opportunities £ 115.05 115.05 0.26 - -0.37 9.84 Janus Henderson Multi-Manager Active Fund A Acc 252.50 - -0.60 - -4.65 9.15
Dollar Fund Cls D Inc £ 169.09 169.60 1.85 1.23 -0.96 0.04
DWS Invest Global Bonds £ 92.23 92.23 0.00 - -7.12 -1.53 Janus Henderson Multi-Manager Distribution Fund A Inc 124.40 - 0.30 - -4.33 6.15
Dollar Hedged GBP Inc £ 95.53 95.82 1.30 1.22 -10.03 1.01
Janus Henderson Multi-Manager Diversified Fund A Acc 87.02 - 0.27 2.63 -4.75 3.82
Real Return Cls A Inc £ 202.65 203.25 1.57 1.71 -0.74 0.23
Janus Henderson Multi-Manager Global Select Fund Acc 304.10 - -1.80 0.00 -3.95 15.30
Janus Henderson Multi-Manager Income & Growth Fund A Acc 186.60 - 0.30 - -3.81 6.33
Janus Henderson Multi-Manager Income & Growth Fund A Inc 145.20 - 0.30 - -3.77 6.36
Janus Henderson Multi-Manager Managed Fund A Acc 310.70 - -0.40 - -3.42 8.90
Fidelity Investments International Janus Henderson Multi-Manager Managed Fund A Inc 300.00 - -0.30 - -3.42 8.90
Other International Funds Janus Henderson Sterling Bond Unit Trust Acc 205.90 - 1.00 1.62 -10.24 -3.10
Emerging Mkts NAV £ 7.21 - -0.16 1.95 -10.11 0.37
Janus Henderson Sterling Bond Unit Trust Inc 56.24 - 0.27 1.64 -10.23 -3.10
Foord Asset Management
Website: www.foord.com - Email: info@foord.com Janus Henderson Strategic Bond Fund A Inc 105.20 - 1.10 - -9.47 0.22
Ashmore Group FCA Recognised - Luxembourg UCITS Janus Henderson Absolute Return Fund A Acc 167.70 - 0.00 0.00 1.88 2.48
61 Aldwych, London WC2B 4AE. Dealing team: +352 27 62 22 233
Foord International Fund | R $ 49.93 - 0.21 - -2.43 10.25 Janus Henderson UK Alpha Fund A Acc 135.50 - -0.40 - -11.55 12.78
Authorised Inv Funds
Emerging Markets Equity Fund $ 116.81 - -0.25 - -10.43 14.42 Foord Global Equity Fund (Lux) | R $ 16.54 - -0.02 - -8.57 - Janus Henderson UK Equity Income & Growth Fund A Inc 508.20 - -3.30 4.53 0.10 18.33
Emerging Markets Equity ESG Fund $ 134.96 - -0.46 - -9.83 - Regulated Janus Henderson US Growth Fund A Acc 1680.00 - -19.00 - -9.39 13.83
Foord Global Equity Fund (Sing) | B $ 19.80 - 0.00 - -8.23 15.54
Emerging Markets Active Equity Fund $ 118.39 - -0.49 - -16.95 6.82
Foord International Trust (Gsy) $ 48.67 - 0.21 - -2.39 10.26
Emerging Markets Frontier Equity Fund $ 169.30 - 0.13 - -15.56 12.67
Emerging Markets Blended Debt Fund $ 53.17 - 0.12 - -9.08 -1.20
Emerging Markets Blended Debt ESG Fund $ 85.08 - 0.24 - -8.25 -0.18
Emerging Markets Debt Fund $ 57.29 - 0.10 - -12.02 -1.53
Emerging Markets Corporate Debt Fund $ 59.99 - 0.05 - -6.78 0.66
Emerging Markets Local Currency Bond Fund $ 61.82 - 0.19 - 0.79 2.90
Monday 27 March 2023 ★ FINANCIAL TIMES 21

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr

Milltrust Laurium Africa SP A $ 97.31 - 2.38 0.00 -15.33 19.72

Milltrust Marcellus India Fund $ 113.62 - 0.51 0.00 -17.74 -
Milltrust Singular ASEAN SP Founders $ 129.19 - 1.06 - -13.15 23.07
Milltrust SPARX Korea Equity SP A $ 105.80 - 0.56 0.00 -21.64 12.97
Milltrust Xingtai China SP A $ 104.09 - -0.09 - - 3.12
The Climate Impact Asia Fund SP (Class A) $ 79.48 - 1.26 0.00 -5.85 -
The Climate Impact Asia Fund (Class B) $ 78.73 - 1.25 0.00 -6.32 -
Kleinwort Hambros Bank Limited ( UK ) Prusik Investment Management LLP ( IRL )
5TH Floor, 8 St James's Square, London, SW1Y 4JU Enquiries - 0207 493 1331
Dealing and enquiries: 033 0024 0785 Regulated
Authorised Inv Funds Prusik Asian Equity Income B Dist $ 174.12 - 0.27 4.97 -1.74 17.22
Unit Trust Manager/ACD - Host Capital Prusik Asia Emerging Opportunities Fund A Acc $ 173.87 - -0.54 - -13.11 20.62
HC Kleinwort Hambros Growth A Acc 235.88 - -0.64 1.36 -3.62 8.53 Prusik Asia Fund U Dist. £ 205.43 - 1.20 0.00 -12.01 12.15
HC Kleinwort Hambros Growth A Inc 214.02 - -0.58 1.38 -3.61 8.53 Prusik Asia Sustainable Growth Fund A Acc $ 86.43 - 0.68 0.00 -11.32 -
HC Kleinwort Hambros Equity Income A Inc 95.12 - 0.10 3.06 -1.99 12.92
HC Kleinwort Hambros Equity Income A Acc 190.51 - 0.19 4.50 -1.99 12.92 Ministry of Justice Common Investment Funds ( UK )
HC Kleinwort Hambros Multi Asset Balanced A Acc 168.93 - -0.31 0.81 -4.87 4.52 Property & Other UK Unit Trusts
HC Kleinwort Hambros Multi Asset Balanced A Inc 159.68 - -0.29 0.81 -4.86 4.52 The Equity Idx Tracker Fd Inc 1861.00 - 4.00 - -2.06 14.87
Distribution Units
HC Kleinwort Hambros Fixed Income A Acc 123.89 - -0.03 3.44 -10.06 -2.73 SICO BSC (c) ( BHR ) Toscafund Asset Management LLP ( UK )
HC Kleinwort Hambros Fixed Income A Inc 93.86 - -0.02 3.44 -10.06 -2.73 +973 17515031. www.toscafund.com
www.sicobank.com Authorised Funds
Purisima Investment Fds (UK) (1200)F ( UK ) Khaleej Equity Fund $ 544.95 - 1.07 0.00 -10.34 13.04 Aptus Global Financials B Acc £ 5.02 - -0.03 3.22 10.76 26.73
65 Gresham Street, London, EC2V 7NQ SICO Kingdom Equity Fund $ 31.42 - -0.29 0.00 -13.44 13.15 Aptus Global Financials B Inc £ 3.20 - -0.02 3.31 10.70 28.30
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds SICO Gulf Equity Fund $ 153.51 - -1.41 0.00 -7.42 11.52
Authorised Corporate Director - Link Fund Solutions
Global Total Fd PCG A 380.59 - -5.52 0.18 -5.11 18.74
Global Total Fd PCG B 375.57 - -5.45 0.00 -5.35 18.45
Global Total Fd PCG INT 368.37 - -5.35 0.00 -5.58 18.15

Slater
Toscafund Asset Management LLP
www.toscafund.com

Investments
Tosca A USD $ 468.17 - 18.89 0.00 7.50 10.91
Tosca Mid Cap GBP £ 168.13 - -3.56 0.00 -27.30 -14.39
Tosca Opportunity B USD $ 252.81 - -15.03 0.00 -29.95 -19.96
Pegasus Fund Ltd A-1 GBP £ 40.14 - -0.92 0.00 -27.06 -14.58
Purisima Investment Fds (CI) Ltd ( JER )
Mirabaud Asset Management ( LUX ) Regulated
www.mirabaud.com, marketing@mirabaud-am.com PCG B X 292.67 - 3.75 0.00 -11.25 17.17
Lazard Fund Managers Ltd (1200)F ( UK ) Please find more details on our website: www.mirabaud-am.com PCG C X 284.55 - 3.64 0.00 -11.44 16.93
P.O. Box 364, Darlington, DL1 9RD Regulated
Dealing: 0870 6066408, Info: 0870 6066459 Mir. - Glb Strat. Bd I USD $ 115.53 - 0.66 - -3.68 2.61
Authorised Inv Funds Mir. - DiscEur D Cap GBP £ 164.96 - -1.50 - -13.52 15.78
Lazard Investment Funds (OEIC) B Share Class
Developing Markets Acc 117.36 - 1.18 - -6.39 7.49
Mir. - UKEq HA Cap I GBP £ 131.28 - -0.69 - -10.33 15.10 Slater Investments Ltd ( UK )
www.slaterinvestments.com; Tel: 0207 220 9460
Developing Markets Inc 114.91 - 1.15 - -6.40 7.48 FCA Recognised
Emerging Markets Acc 357.48 - 2.85 - 1.19 11.72 Slater Growth A Acc 627.84 627.84 -0.10 0.00 -18.89 15.39
Emg Mkts Inc 269.32 - 2.15 - 1.19 11.72 Slater Income A Inc 137.15 137.15 -0.03 5.22 -4.52 19.95
European Alpha Acc 1057.22 - -2.53 - 6.58 15.36 Slater Recovery A Acc 328.50 328.50 0.12 0.00 -13.46 17.95
European Alpha Inc 905.26 - -2.16 - 6.58 15.36 Slater Artorius 282.22 282.22 0.33 - -18.12 19.59
European Smaller Cos Acc 663.17 - -2.13 - -11.19 15.62
Global Equity Income Acc 218.35 - -1.99 - -2.72 16.34
Global Equity Income Inc 109.58 - -1.00 - -2.73 16.34
Managed Bal Inc 182.14 - -0.43 - -5.71 10.08
UK Income Acc 1590.56 - -7.47 - -0.02 17.68
UK Income Inc 574.41 - -2.70 - -0.02 17.68 Troy Asset Mgt (1200) ( UK )
65 Gresham Street, London, EC2V 7NQ
UK Omega Acc 285.44 - -2.14 - 3.89 19.21 Order Desk and Enquiries: 0345 608 0950
UK Omega Inc 235.69 - -1.77 - 3.89 19.21 Authorised Inv Funds
UK Smaller Cos Inc 2001.70 - 8.44 - -24.24 1.74 Ram Active Investments SA Authorised Corporate Director - Link Fund Solutions
www.ram-ai.com Trojan Investment Funds
Other International Funds
Trojan Ethical O Acc 127.21 - 0.43 0.07 -2.06 7.63
RAM Systematic Emerg Markets Eq $ 214.96 214.96 1.23 - -7.19 18.67
Trojan Ethical Global Inc O Acc 97.97 - -0.95 - -3.01 -
Oasis Crescent Global Investment Funds (UK) ICVC( UK ) RAM Systematic European Eq € 528.18 528.18 -0.14 - -8.32 18.89
Regulated Trojan Ethical Global Inc O Inc 95.02 - -0.92 - -2.99 -
RAM Systematic Funds Global Sustainable Income Eq $ 144.74 144.74 -1.64 - -10.22 18.98
Oasis Crescent Global Equity Fund USD A (Dist) $ 33.80 - -0.26 0.24 -11.80 11.47 Trojan Ethical O Inc 126.85 - 0.43 0.08 -2.06 7.63
RAM Systematic Global Eq Sustainable Alpha $ 111.57 111.57 0.33 - -2.35 -0.71
Oasis Crescent Global Income Fund USD A (Dist) $ 10.07 - 0.02 - -2.22 1.61 Trojan Ethical Income O Acc 134.77 - -0.22 - -4.05 7.07
RAM Systematic Long/Short European Eq € 152.77 152.77 -0.54 - -3.87 4.68
Oasis Crescent Global Low Equity Fund USD D (Dist) $ 11.96 - -0.06 1.00 -10.43 5.39 Trojan Ethical Income O Inc 111.22 - -0.19 2.68 -4.05 7.06
Lothbury Property Trust (UK) RAM Systematic US Sustainable Eq $ 335.19 335.19 -7.29 - -17.93 13.15
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Oasis Crescent Global Medium Equity Fund USD A (Dist) $ 13.32 - -0.06 0.30 -9.96 6.92 Trojan Fund O Acc 386.18 - 1.48 0.25 -1.78 7.95
RAM Tactical Global Bond Total Return € 139.26 139.26 0.48 - -4.52 -0.99
Property & Other UK Unit Trusts Oasis Crescent Global Property Equity Fund USD A (Dist) $ 7.25 - -0.20 - -27.82 7.04 RAM Tactical II Asia Bond Total Return $ 145.38 145.38 0.11 - -2.78 0.58
Stewart Investors ( UK ) Trojan Fund O Inc 311.79 - 1.20 0.25 -1.77 7.95
Lothbury Property Trust GBP £ 1641.62 1686.71 -15.88 3.40 -19.25 -5.17 23 St Andrew Square, Edinburgh, EH2 1BB Trojan Global Equity O Acc 470.63 - -5.61 0.00 -2.49 13.05
Oasis Crescent Global Short Term Income Fund USD A (Dist) $ 0.93 - 0.00 - -1.85 0.21 enquiries@stewartinvestors.com
Oasis Crescent Variable Fund GBP A (Dist) £ 9.65 - -0.03 0.37 -7.03 7.17 Client Services: 0800 587 4141 Trojan Global Equity O Inc 388.31 - -4.63 0.00 -2.49 13.04
Dealing Line: 0800 587 3388 Trojan Global Income O Acc 148.60 - -1.64 - -2.76 10.05
Authorised Funds Trojan Global Income O Inc 123.36 - -1.36 3.17 -2.76 10.04
SI Asia Pacific A Acc 1582.02 - 9.61 - 5.61 15.16 Trojan Income O Acc 336.21 - -0.71 2.92 -4.05 8.06
SI Asia Pacific A Inc £ 2.80 - 0.02 - 5.37 14.69 Trojan Income O Inc 163.43 - -0.35 2.99 -4.05 8.06
SI Asia Pacific Leaders A Acc 858.27 - 3.12 0.00 -1.61 12.88
Royal London ( UK ) SI Asia Pacific Leaders A Inc £ 2.91 - 0.01 0.00 -1.65 12.81
M & G Securities (1200)F ( UK ) 55 Gracechurch Street, London, EC3V rlam.co.uk SI Asia Sustainability A Acc 727.24 - 3.28 0.00 4.67 15.21
PO Box 9038, Chelmsford, CM99 2XF Omnia Fund Ltd Authorised Inv Funds
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 SI Global Emerging Mkts A Acc 788.45 - -0.75 - 3.49 12.14
Other International Funds Royal London Sustainable Diversified A Inc £ 2.32 - -0.01 0.87 -6.18 7.49
Authorised Inv Funds SI Global Emerging Mkts Leaders A Acc 545.52 - 0.20 - -1.15 10.83
Estimated NAV $ 952.34 - 9.75 0.00 35.44 13.79 Royal London Sustainable World A Inc 341.70 - -2.50 - -5.69 11.36
Charifund Inc 1452.94 - -8.34 5.72 -0.47 16.94 SI Global Emerging Mkts Sus A Acc 361.58 - -0.33 - -0.51 8.12
Royal London Corporate Bond Mth Income 75.42 - 0.23 - -8.56 -1.63
Charifund Acc 28864.66 - -165.67 4.82 -0.48 16.94 SI Indian Sub-Cont A Acc 731.93 - 0.12 - 7.16 24.39
Royal London European Growth Trust 209.20 - -0.80 - 7.81 17.21 Zadig Gestion (Memnon Fund) ( LUX )
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.10 - 0.01 2.45 -4.25 -1.50 SI Latin America A Acc £ 2.18 - -0.01 2.87 -4.66 -8.93
Royal London Sustainable Leaders A Inc 763.30 - -3.30 - -1.96 14.04 FCA Recognised
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 39.53 - 0.23 - -4.24 -1.45 SI Worldwide Equity A Acc £ 2.36 - 0.05 - 21.94 8.37 Memnon European Fund - Class U2 GBP £ 259.41 - 0.77 0.00 17.16 22.16
Royal London UK Growth Trust 606.50 - -2.30 - -3.90 17.11
M&G Charity Multi Asset Fund Inc £ 0.88 - -0.01 3.85 1.60 15.80 SI Worldwide Equity A Inc £ 2.39 - 0.05 - 23.40 8.80
Royal London UK Income With Growth Trust 206.40 - -0.60 - -1.31 13.88
M&G Charity Multi Asset Fund Acc £ 106.23 - -0.47 3.52 1.59 15.81 SI Worldwide Leaders A Acc 581.96 - -2.36 - 0.07 12.79
Royal London US Growth Trust 361.50 - -6.70 - -3.68 20.04
Additional Funds Available SI Worldwide Sus A Acc £ 2.58 - 0.00 - -4.60 9.56
Orbis Investments (U.K.) Limited ( GBR ) Please see www.royallondon.com for details SI Worldwide Sus A Inc £ 2.50 - 0.00 - -4.59 9.66
28 Dorset Square, London, NW1 6QG
www.orbis.com 0800 358 2030
Regulated
Orbis OEIC Global Cautious Standard £ 11.91 - -0.01 0.00 2.10 9.63
Orbis OEIC Global Balanced Standard £ 19.36 - -0.06 0.37 4.74 17.88
MMIP Investment Management Limited ( GSY ) Orbis OEIC Global Equity Standard £ 21.33 - -0.18 2.47 1.70 17.15
Regulated Orbis OEIC UK Equity Standard £ 11.83 - 0.01 2.94 9.93 32.11
Multi-Manager Investment Programmes PCC Limited
UK Equity Fd Cl A Series 01 £ 3387.07 3433.43 91.65 0.00 2.41 8.14
Diversified Absolute Rtn Fd USD Cl AF2 $ 1688.02 - 45.93 - -1.51 1.32
Diversified Absolute Return Stlg Cell AF2 £ 1555.70 - -8.11 0.00 -2.21 2.75
Global Equity Fund A Lead Series £ 1805.70 1811.83 -22.50 0.00 2.51 6.59

Ruffer LLP (1000)F ( UK ) Stonehage Fleming Investment Management Ltd ( IRL )

Marwyn Asset Management Limited ( CYM ) 65 Gresham Street, London, EC2V 7NQ www.stonehagefleming.com/gbi
Regulated Order Desk and Enquiries: 0345 601 9610 enquiries@stonehagefleming.com
Marwyn Value Investors £ 329.72 - -6.14 0.00 - -7.17 Authorised Inv Funds Regulated
Authorised Corporate Director - Link Fund Solutions SF Global Best Ideas Eq B USD ACC $ 229.29 - -1.94 - -11.46 14.25
LF Ruffer Diversified Rtrn C Acc 104.04 - 0.62 0.87 -2.42 - SF Global Best Ideas Eq D GBP INC £ 284.41 - -3.25 - -4.02 12.71
LF Ruffer Diversified Rtrn C Inc 102.14 - 0.61 0.97 -2.42 -
Platinum Capital Management Ltd LF Ruffer European C Acc 780.19 - -0.89 0.80 -5.88 16.94
Other International Funds LF Ruffer European C Inc 139.96 - -0.16 - -5.86 16.95
Platinum All Star Fund - A $ 144.95 - - - -5.84 3.93 LF Ruffer Equity & General C Acc 576.11 - -3.03 0.75 4.04 11.79
Platinum Global Growth UCITS Fund $ 7.99 - -0.09 - -28.60 -3.60 LF Ruffer Equity & General C Inc 520.48 - -2.75 0.76 4.04 11.79
McInroy & Wood Portfolios Limited ( UK ) Platinum Essential Resources UCITS Fund SICAV USD Class E $ 9.89 - -0.14 0.00 -16.04 19.06
Easter Alderston, Haddington, EH41 3SF 01620 825867 LF Ruffer Gold C Acc 240.23 - 1.13 0.00 -17.47 7.01
Authorised Inv Funds Platinum Global Dividend UCITS Fund $ 45.00 - -0.51 - -17.63 0.50 LF Ruffer Gold C Inc 145.40 - 0.69 0.00 -17.46 7.01
Balanced Fund Personal Class Units 5973.30 - -1.50 1.40 1.48 11.18 LF Ruffer Japanese C Inc 163.99 - 3.01 - 4.93 13.38
Income Fund Personal Class Units 2858.50 - -4.30 2.40 0.68 10.09 LF Ruffer Japanese C Acc 353.29 - 6.48 0.24 4.93 13.38
Emerging Markets Fund Personal Class Units 2275.70 - 1.60 1.48 5.20 12.31 LF Ruffer Total Return C Acc 562.17 - -7.91 2.45 -1.33 8.85
Smaller Companies Fund Personal Class Units 5937.30 - -30.10 1.30 -10.86 10.20 LF Ruffer Total Return C Inc 346.01 - -9.52 2.53 -1.31 8.86

Polar Capital Funds Plc ( IRL )

Regulated
Automation & Artificial Intelligence CL I USD Acc $ 15.36 15.36 -0.02 - -14.05 16.96
Asian Starts I USD Acc $ $ 14.06 - 0.19 - -12.83 11.69
Biotechnology I USD $ 36.73 36.73 -0.75 0.00 -2.55 20.33 Superfund Asset Management GmbH
China Stars I USD Acc $ $ 11.38 11.38 0.08 - -5.79 4.86 www.superfund.com, +43 (1) 247 00
Other International Funds
Emerging Market Stars I USD Acc $ 11.08 - 0.11 - -14.51 10.06
Other International Funds
European Ex UK Inc EUR Acc € 14.54 14.54 -0.02 - 7.86 17.30
Superfund Green Gold $ 1057.64 - -4.22 - -36.45 -4.78
Financial Opps I USD $ 13.38 - -0.07 2.06 -12.83 18.12
Superfund Green Silver $ 876.55 - 6.90 - -41.95 6.74
Global Convertible I USD $ 13.48 13.48 0.00 0.00 -11.26 4.83 Regulated
Global Insurance I GBP £ 9.70 - -0.17 0.00 10.59 18.98 Superfund Green US$ $ 775.18 - -6.58 - -35.59 -10.42
Global Technology I USD $ 68.82 - -0.70 - -17.33 14.17
Healthcare Blue Chip Fund I USD Acc $ 18.01 18.01 -0.21 - -5.90 18.11
Healthcare Dis I Acc USD $ $ 12.08 - -0.19 - -13.59 16.25
Healthcare Opps I USD $ 63.54 - -0.71 - -1.43 18.22
Milltrust International Managed Investments ICAV( IRL ) Income Opportunities B2 I GBP Acc £ 2.88 2.88 -0.01 - 1.74 17.79 Rubrics Global UCITS Funds Plc ( IRL )
mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com www.rubricsam.com
Regulated Japan Value I JPY ¥ 146.56 146.56 0.26 - 11.86 19.44
Regulated
British Innovation Fund £ 121.92 - 2.89 0.00 - - North American I USD $ 31.73 31.73 -0.52 - -13.57 20.51
Rubrics Emerging Markets Fixed Income UCITS Fund $ 136.25 - 0.46 - -0.20 1.10 Thesis Unit Trust Management Limited ( UK )
MAI - Buy & Lease (Australia)A$ 103.45 - 0.50 0.00 -16.53 1.41 Smart Energy I USD Acc $ $ 9.32 9.32 -0.05 0.00 0.43 -
Rubrics Global Credit UCITS Fund $ 16.82 - 0.04 - -2.98 1.77 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
MAI - Buy & Lease (New Zealand)NZ$ 91.20 - -6.06 0.00 -7.20 -2.67 Smart Mobility I USD Acc $ $ 8.78 8.78 -0.04 - -3.41 - Authorised Funds
Rubrics Global Fixed Income UCITS Fund $ 172.03 - 0.42 - -1.83 -1.20
Milltrust Global Emerging Markets Fund - Class A $ 90.75 - 1.05 0.00 -11.83 8.65 UK Val Opp I GBP Acc £ 12.17 12.17 -0.03 - -11.36 16.48 TM New Court Fund A 2011 Inc £ 18.35 - -0.05 0.00 -6.33 8.69
TM New Court Fund - A 2014 Acc £ 18.50 - -0.06 - -6.38 8.68
TM New Court Equity Growth Fund - Inc £ 19.87 - -0.09 0.00 -8.26 10.79

Scottish Friendly Asset Managers Ltd ( UK )

Milltrust International Managed Investments SPC Private Fund Mgrs (Guernsey) Ltd ( GSY ) Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com Regulated Authorised Inv Funds
Regulated Monument Growth 21/03/2023 £ 537.37 542.55 -0.04 - 1.53 12.86 Managed Growth ♦ 341.20 - -1.90 - -1.87 18.43
Milltrust Alaska Brazil SP A $ 73.75 - -0.10 0.00 -13.28 18.25 UK Growth ♦ 399.90 - -1.70 - -1.87 24.69

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22 ★ FINANCIAL TIMES Monday 27 March 2023

WORK & CAREERS

Succession
‘
Spare some compassion for Logan Roy. Examples abound. As media mogul Giving up control isn’t the only — and perhaps more importantly
Succession’s foul-mouthed media titan Sumner Redstone’s health deteriorated, challenge for chief executives on the require participants to take a year

is painful faces an unenviable task: finding his

replacement. He exacerbates his pain
he vowed to never relinquish control.
Even into his nineties he would not
way out. These jobs are all consuming,
crowding out other interests,
away from work, imposing time to
decompress, get healthy and clear their

but it doesn’t by disbanding his board and being so

abusive no one dares offer him rational
discuss succession. Eventually his
daughter took over the management of
relationships and time. I know no chief
executives who complete their work in
minds. My hunch, though, is that
people attracted to such offerings

need to be
advice. But while his violence and
obscenity take some dramatic licence
in the HBO hit series, the portrayal
isn’t always far from the truth.
Most executives who reach the top
spend their career fending off rivals. As
much as corporations depend on
collaboration, the public celebration of
the business as she also cared for her
father until he died in 2020.
Walt Disney’s Bob Iger approached
the task with ambivalence. That he
delayed retirement for years then
handpicked a successor whom he was
called back to replace cannot be
explained as indecisiveness. But he
a 40-hour week. Sixty hours isn’t
uncommon and many work longer.
Addiction to adrenaline, stress and
long hours can become so integral to a
leader’s identity that retirement is
experienced as a threat, generating
often defensive behaviours. Financial
wealth alone doesn’t guarantee that a
might be the ones who need them least.
If CEOs didn’t Others might think more creatively
about their future if they had more
define themselves interests, networks and sleep.
so completely by The succession drama is entertaining
on TV but for directors of boards, it is
their work, excruciating. Appointing a new chief
retirement would executive is the single most important

heroic soloists, such as Steve Jobs or
Elon Musk, sends a different message:
success requires solitary genius, and
elbowing everyone else out of the way.
Roy, as the founder of his business,
has a particularly close personal
attachment to it but the process of
being replaced can be terrifying for
many in real life as well. If I was told to
find a new mother for my children,
someone else to write my books or give
my speeches, I don’t think I’d rush to
make a long list of candidates.
The reality is that succession for any
Margaret chief executive — and top politicians —
is unavoidably emotional. I doubt any
Heffernan successful leader can have so little ego
for it to be otherwise. A lifetime of
Management shrewd politics and self-promotion
makes latter day saintliness rare.
couldn’t let go — and the board couldn’t
let him go. That’s a folie a deux.
Leaders know it is their job to
develop a deep bench of experienced
executives capable of stepping into
their shoes; to do otherwise would be
irresponsible. It also gives them a
chance to secure their legacy and
extend their influence. But they are
easily embroiled in the kind of
internecine warfare that Succession’s
creator Jesse Armstrong anatomises so
well. It is unclear whether GE’s Jack
Welch enjoyed the competitive game
he set up before leaving — but the
internal havoc and bad blood created
by the public preening of contenders
for his job was obvious. I’ve worked for
similar characters whose passion for
their business just goes too far.
rich life awaits in retirement.
Dr Mark Goulston, an executive
coach and former professor of
psychiatry, finds that when the job is
“too rigidly connected to their identity,
leaders will literally fall apart, and feel
useless, purposeless and worthless”.
There is some evidence the transition is
less traumatic for women, perhaps
because they experience more societal
pressure to maintain external interests.
One way to ease the transition is
through further educational
programmes. The Modern Elder
Academy is designed to help seasoned
executives reposition their working
lives. Meanwhile Harvard’s Advanced
Leadership Initiative builds networks
of CEOs to address global challenges.
Both offer structure and camaraderie
’
job they do. But few directors know the
be less frightening operational detail and talents needed
to run vast, complex organisations.
Whether recruiters understand any
better is a matter for endless debate.
Change is needed all round. If
corporations didn’t allow themselves to
become so dependent on one leader,
chief executives wouldn’t become so
attached. If they didn’t so completely
define themselves by their work, they
wouldn’t see leaving it as so frightening.
It would help to acknowledge the
emotion in leaving one’s life’s work
behind and learn to manage that better.
I’ll watch Succession with grim delight
— but I’d rather see it as ancient history.
The writer is the author of ‘Uncharted:
How to Navigate the Future’

Banks Business books

Culture clash: the challenge of uniting

Taking leadership lessons
from sport and the art of
‘dynamic documentation’

fierce rivals UBS and Credit Suisse Which titles should be on your reading list this month?
Here are some recommendations from FT journalists

Investment banking is at
the heart of divisions
between the lenders, write
Anjli Raval, Stephen Morris
and James Fontanella-Khan

I
t took just 72 hours for Swiss regula-
tors to fast-track a $3.25bn rescue of
Credit Suisse by its rival UBS.
Now executives at the two banks
face a painful few years as they inte-
grate the businesses. Thousands of jobs
will be lost, entire data systems trans-
ferred and tens of billions of dollars’
worth of assets wound down. But insid-
ers said the biggest fear within UBS was
how to protect its carefully restored val-
ues from what one senior figure at the
bank described as a “rancid” culture in
parts of Credit Suisse.
“Where we find evidence of bad cul-
ture, examples will be made ‘pour
encourager les autres,’” said a second sen-
ior UBS figure, referring to the French
writer and philosopher Voltaire, who
coined the phrase. Credit Suisse will be
made to adjust to UBS’s way of doing
things, not the other way round.
Culture can be an asset to an organisa-
tion, but it can also be a risk. It dictates
how employees interact with each other
and clients, the decisions they make and
what priorities a business has — all of
which affect financial performance.
From the board and executive team to
compliance, risk and ethics functions,
everyone has a part to play.
Thomas Roulet, an associate profes-
sor at the University of Cambridge’s
Judge Business School, said corporate
culture can explain “competitive advan-
tage” within industries. But when two
companies cannot align after a deal, it is
dangerous. “There might be so much
divergence they cannot agree on the
way forward, and there is clear animos-
ity to the point the two [sides] spend
their energy trying to get rid of each
other rather than paving a route for-
ward for the merged group.”
Before the 2008 financial crisis, the
two big Swiss banks were both viewed as
fairly hard-charging institutions. But
after UBS was bailed out by the state and
became caught up in scandals including
a highly sensitive US tax dispute and
$2bn of losses by a rogue trader, it
changed course. The bank curtailed its
racier activities, cleaned itself up and
rebuilt as a more conservative wealth
manager. Credit Suisse, which did not
have to be rescued in 2008 and is known
for its leveraged financing business,
only pushed harder into classic big-risk,
big-reward investment banking, hiring
aggressively and expanding fast.
One dealmaker who spent years
working at both institutions said this
division was at the heart of the culture
clash and difference in how the banks’
staff behaved. “UBS has always been a
very friendly, collegial, team-oriented
culture. When I say friendly, I mean,
they actually like each other . . . Invest-
ment banking was never a part of the
DNA of UBS,” he said.
“Credit Suisse might be the opposite
UBS cleaned in that each individual was very sharp-
itself up after elbowed. Basically at Credit Suisse you
the 2008 crisis, were told to take advantage of the bal-
when it was ance sheet and got paid a massive
bailed out by the bonus, that was the game. And it was the
state. Now it game for 30 years. And there was no
must align sense of being in it together,” he added.
Credit Suisse One former UBS employee said
FT montage/Reuters investment banking was viewed akin to
gambling inside the lender. Credit
Suisse’s domestic bank is considered
attractive, but for a “not flashy, keep
your head down” culture such as UBS’s,
the asset management arm and invest-
ment banking division are more prob-
lematic.
When news circulated last week that
the Swiss regulators had pledged a
liquidity lifeline to Credit Suisse, a group
of the company’s investment bankers
and their clients were in a corporate box
at the John Mayer concert in Madison
Square Garden in New York. The bank-
ers “started high-fiving”, according to
one person present.
The 160-year old UBS, which has
taken a long time to feel secure about its
current business culture, now has to
carefully weave in the riskier parts of
Credit Suisse’s operations.
At the press conference announcing
the deal, UBS chair Colm Kelleher made
a pointed remark, saying the bank
would curtail Credit Suisse’s investment
bank where the losses have escalated,
to align it more with “our conservative
risk culture”.
The most immediate consequence for
staff — as with any big takeover — will be
job losses. Headhunters said Credit
Suisse employees were already on the
frantic hunt for new positions, with tens
of thousands likely to be sacked.
Those that stay will have to adapt.
UBS will assign teams to go through
Credit Suisse HR files for “evidence of
cultural slippage”, said one of the senior
figures at the bank. A priority will be
identifying those who have committed
regulatory infractions, people who are
heavily motivated by pay and are “hold-
ing the firm to ransom” and those who
were forgiven for past transgressions or
dealt with “softly”. This behaviour will
be “rooted out”, he said.
Timothy Galpin, senior lecturer of
strategy and innovation at Saïd Business
School, said culture mismanagement
could cause “heartburn” after a deal,
even with two willing participants, let
alone those hastily forced together.
“I predict there will be a lot of prob-
lems,” he said. “UBS is not acquiring a
small regional bank where you absorb a
‘Liabilities stay, assets and
people move. That’s the
risk when you’re taking
over a failing institution’
few retail branches. This is a much big-
ger organisation so everything will have
to be negotiated.”
He added that senior UBS executives
would need to ensure they had a firm
grip on a series of levers including cor-
porate values, recruitment, communi-
cation strategies, pay and the organisa-
tional structure.
“Everything is happening at an
incredible pace. They are changing the
tyres while going 60 miles an hour down
the road. Assessment, planning and
implementation is happening on an
iterative basis and doing all this simulta-
neously and at pace, will mean it is
chaotic unless it is managed tightly,”
he said.
Prior examples of banking deals in
times of crisis can provide lessons for
Swiss regulators and executives. While
‘Staying the
Distance: The
Lessons From Sport
That Business
Leaders Have Been
Missing’, by
Catherine Baker
Staying the Distance is a
manual for leaders seeking
a more sustainable way to
achieve long-term goals
and how to get the best
out of those they lead.
Starting with six steps to
enable managers to master
key attitudes, approaches
and behaviours that drive
longstanding success —
such as discipline and
finding sustained
motivation — Baker, an
expert in blending
business and sports
expertise to drive
the Chase acquisition of JPMorgan can performance, explores
be regarded as a success — where both how to apply them to
businesses retained their own identities working life.
and clientele, the JPMorgan 2008 trans- Chapters are
action for Bear Stearns is viewed differ- complemented by lessons
ently by some. “Their [Bear Stearns’] from elite sports and
best people went off and created Gug- insights from athletes
genheim Partners, and other key people as well as top business
from Bear Stearns went elsewhere,” said performers. Taking
one top M&A lawyer. discipline as an example, as
Bank of America’s acquisition of Mer- with sport, developing as a
rill Lynch in 2008 is another example leader takes determination
where cultures clashed. “Merrill Lynch and hard work.
was always very much the old line bro- Focusing on small and
ker-dealer, investment banker, they consistent behaviours
were not commercial bankers at all. could help discipline
Bank of America was very much a com- become part of a daily
mercial bank.” Again the result, the law- routine from which, Baker
yer said, was that some of Merrill writes, one may even learn
Lynch’s best people left. to find some joy.
He added that acquiring a financial The second part offers
institution was unlike other companies
as assets were “illusory”. Customers can
guidance on how to get
the best from the people
move their deposits and their business you lead, drawing on
elsewhere rapidly. “To sum it up: liabili- stories from a variety of
ties stay, assets and people move. That’s elite athletes and coaches,
really the risk when you’re taking over a which are backed up
failed or failing institution.” with research and other
UBS has made clear it is on the offen- case studies.
sive and is loath to allow in forces that Trust is key, writes
could disrupt a delicate and hard won Baker. And leaders
equilibrium. “UBS will not risk its own can build it if they behave
future or culture after all the tough in a way that is consistent
times it went through,” said Chris Roe- and they honour their
buck, a former UBS employee who was commitments. These
tasked with helping to integrate the actions engender
company in the years after the 1998 confidence in those
merger of Union Bank of Switzerland around them.
and Swiss Bank Corporation. Baker concludes that
“This is a forced marriage by the regu- if you can more
lators to avoid a disaster and now every- consistently get the best
body at UBS is going ‘oh my god’. How do out of yourself and your
we make this work in a way that is finan- people, “the greater that
cially viable, culturally viable and does impact is going to be over
not kill off UBS?” the long term”.
Additional reporting by Ortenca Aliaj in (Leo Cremonezi)
New York
The 24 Hour Rule
and Other Secrets
for Smart
Organizations’, by
Adrienne
Bellehumeur
Some business books you
can read for pleasure.
Others you read to get
something done. The 24
Hour Rule definitely
provides the latter, but is
written in an accessible
way that encourages those
of us who feel buried in
unnecessary emails,
receipts, memos and
spreadsheets.
Adrienne Bellehumeur
is a Canadian company
owner and consultant,
who developed her
administration system —
dynamic documentation
as she calls it — to
manage the information,
management projects,
proposal writing and
communication needed to
run her internal control
and compliance business,
Risk Oversight.
She admits she could
have done with a book like
this when she was starting
out in her career as an
accountant and analyst
15 years ago.
Essentially, the “24-Hour
Rule” is about doing
something with any
information you receive
within 24 hours. It forms
one part of a six-stage
process — which includes
effective structuring
and presenting this
information — to getting
your work administration
in order.
This book will give
heart to those who
despair about their ability
to get organised. The
core message is that
career success is built
on small but significant
changes in our daily
routines.
It is not an earth-
shattering message,
but given work and life
admin can be a constant
headache even for those
who feel they have a
handle on things, the
book offers advice we
could all apply to ease
the burden.
(Jonathan Moules)
Monday 27 March 2023
The
Henry Mance
Interview
‘America does
so much more
to subsidise
affluence than
alleviate poverty’
M AT T H E W D E S M O N D
The sociologist believes the US is stacked against
the poor and decisions by the rich are to blame
W
ho typically earns more
in today’s America:
a landlord in a poor
neighbourhood or one in
a rich neighbourhood?
You might assume the posh landlord,
whose tenants bring more money
and less risk. But according to Princeton
sociologist Matthew Desmond, you
would be wrong.
Landlords in poorer areas earn
“basically double” those in more
affluent districts — an extra $50 per
apartment per month, after expenses.
The outperformance, calculated from
national surveys, held even when
researchers factored in faster price rises
in richer areas.
“The reason is that property values,
mortgages and taxes are much lower
in downmarket neighbourhoods,
but rents aren’t that much lower,”
says Desmond.
There are caveats: the relationship is
not true in a few top cities, such as
New York, but does apply to places
like Indianapolis and Buffalo,
where “most folks live in America”.
Landlords in poorer areas do experience
greater variability in their profits:
some take large losses because their
tenants default.
Nonetheless, for Desmond, the
overall pattern is further evidence that
America is stacked against the poor.
Having won a Pulitzer Prize for his pre-
vious book, Evicted, the 43-year old has
now published Poverty, by America, a
manifesto for ending deprivation in the
world’s biggest economy.
Two million Americans don’t have
running water. The federal poverty rate
— 11.6 per cent in 2021 — has been
‘We’ve told the story
[of] the poor by focusing
on the poor . . . We’ve left
out this larger picture’
roughly flat since 1970. Official statistics
actually understate the problem
because they exclude the more than
1mn in jail.
Poverty, by America argues that the
poor are often trapped. They are at the
mercy of landlords, because they
can’t get mortgages. They pay the
bulk of overdraft fees charged by
US banks, totalling $11.7bn in 2019.
They are buffeted by bad wages and
anti-union legislation.
Crucially, many wealthy people —
including landlords, lobbyists and
middle-class homeowners — do well
from the same system. “We’ve told
the story about the poor by focusing
on the poor themselves and their
neighbourhoods. We’ve left out this
larger picture of how we’re implicated,”
says Desmond.
“If the top 1 per cent of income
earners just paid the taxes they owed,
the country would raise an additional
$175bn a year. That’s almost enough
money to fill the poverty gap.” But to
blame the 1 per cent alone is too easy
and too “absolving”, and Desmond has a
“reflex against things that absolve us”.
He points to the broader chunk of the
American population — perhaps the
richest quarter, many of them avowed
liberals — who hoover up tax credits,
demand cheap goods and oppose the
construction of affordable housing
where they live.
In other words, if poverty is the result
of individual decisions, it is largely
decisions by the rich. Desmond wants
the wealthy to “take less” in exchange
for a safer, fairer, less anxious society.
Are they ready to listen?
Desmond is not your stereotypical
aloof academic. He is soft-spoken and
sincere, and when we meet in London,
it is clear he feels his subject viscerally.
Poverty is his story. He grew up near
Route 66 in Arizona. His schoolmates
included poor kids who lived on the
nearby Navajo Nation reservation. His
family home was repossessed when his
father, a pastor, lost his job.
After the 2008 financial crisis,
Desmond set out to research evictions
ethnographically. He lived on a mobile
home park in Milwaukee — about 130
trailers in “a really poor place in a really
poor city”. Desmond calculated that the
owner earned about $447,000 a year
after expenses. “That blew me away.
His tenants are getting by on $600-$700
a month.”
Desmond also accompanied sheriffs
as they carried out evictions in the
city. He recalls one house where “the
oldest kids were teenagers, the youngest
kids were, like, six. It was very confusing
because there was no adult. And it
turned out that the mum had just
died, and after the funeral the kids just
went on living in the house. Mattresses
on the floor, eating what they could.
They just evicted the kids. Put the kids
out, called social services, put their stuff
on the curb, changed the locks, moved
to the next house. That’s a level of
deprivation that I never experienced —
a level of cruelty.”
After his research, Desmond was
scarred by guilt. He moved to Harvard,
and seeing the gap between the poverty
of Milwaukee and the affluence of
Cambridge, experienced “pretty long-
lasting depression”.
His latest book starts from the
premise that the US has made little
progress against poverty. The poor
might have cheap consumer goods, but
rents are more expensive and prison
more pervasive. In the US of the 1930s
and 1940s, “eviction was often a very
rare, scandalous thing that drew
crowds. Now we’re delivering 3.6mn
eviction filings every year . . . I think
the ideal poverty in a country as rich as
mine is zero.”
Desmond documents how the poor
are squeezed. There is a Clinton-era
welfare programme called Temporary
Assistance for Needy Families. In 2020,
poor families received just 22 cents in
every dollar it disbursed. The rest was
used by states to pay for things such as
job training and even abstinence-only
sex education. Meanwhile, George
Stigler, the Nobel Prize-winning econo-
mist, argued that a higher minimum
wage would raise unemployment, but
when New Jersey raised its minimum
wage, and neighbouring Pennsylvania
didn’t, there was negligible effect.
Intractable poverty has been blamed
on family breakdown, but Desmond
cites a study showing that single parents
aren’t poorer in other rich countries.
The right says the poor are hooked on
welfare, but he estimates that hundreds
of billions of dollars a year in benefits
are unclaimed.
The US spends almost as much as
★ FINANCIAL TIMES 23
WORK & CAREERS
Charlie Bibby/FT
France on welfare, but this welfare — poverty, inspired by the social uprisings subsidise affluence than it does to and started to shed light on them.
including tax credits and employer- of the 1960s. But he also calls for alleviate poverty.” “The criticism of individual change
sponsored health insurance — favours individual action now. All this might seem naive. Does if it stops there is justified. We’re
the rich too. Overall the US tax system He wants people to buy products Desmond worry that readers will not going to stop climate change by
is barely progressive: rich families from companies that treat the poor be shocked, but won’t act? “That’s [air] drying our laundry, and we’re
pay an effective tax rate of 28 per well — UPS is unionised, FedEx is not. my biggest fear with this book.” not going to solve poverty in cities by
cent, while poor and middle earners He wants the rich to donate their He speaks with the quiet moral fervour shopping different. But I think that
pay 25 per cent. tax credits to eviction charities. “What of a pastor’s son, but combines it those acts add up to a different common
Why don’t the rich realise their good if I said, what’s crazy to me is that with the realism of someone who sense, that can build a political will to
fortune? Desmond refers to loss the country does so much more to has seen the darkest corners of America bigger things.”
aversion bias — the idea that losing $1
hurts us more than winning $1 cheers us
up. “We look at the tax bill not at the
deductions. We think we have to pay
this much taxes, we don’t think of all the
ways that we’ve benefited.”
He also blames racism for public
reluctance to increase some welfare
benefits. “A tonne of evidence shows
that, if people think a benefit is going to
black people or non-white people,
they’re far less likely to support it.”
Poverty is written out of popular
culture. Although television shows such
as The White Lotus, Succession and
Billions satirise the rich, “there is also a
real pleasure taken in affluence. I don’t
think it’s as critical as maybe we think.”
Yet Desmond sees reasons for
hope. Majorities of Democrats and
Republicans now say people are
poor because they have faced more
‘Eviction was a very rare,
scandalous thing . . . Now
we’re delivering 3.6mn
eviction filings [a] year’
obstacles, not because they haven’t
worked hard.
Isn’t the unwillingness to pay for a
social safety part of the US ethos of
self-reliance? “I don’t think we believe
that. If you’re a worker without a college
degree, you’re making less — inflation
adjusted — in wages than you would
have 40 years ago. How can we look at
the American economy and still believe
it’s an engine for broad prosperity?”
Change is happening. Evicted docu-
mented how landlords threw out
domestic violence victims, because they
called 911 frequently. This spurred
changes to the law. Desmond donated
much of the proceeds to non-profits,
and set up an advice website for those
facing eviction.
During the pandemic, there were
moratoria on evictions, and payments
that reduced child poverty. It was a
“giant proof of concept” for reducing
poverty. But then Congress let the
support expire. It was a “tragedy”
that “more Americans didn’t say, ‘This
is incredible, this should be the
new normal.’”
When Joe Biden ran for president, he
pitched reducing poverty as a win-win.
Desmond pushes back at that. The rich
would lose financially if the system were
rejigged along his lines: the top income
tax rate might be 50 or 70 per cent.
“We have to be honest about that, and
about how difficult that will be.” But
“there’s a lot of folks that are quite
secure in their money, and are really
scared, pretty unhappy and discon-
nected from their neighbours. We all
have something to gain from an Amer-
ica that has a lot less poverty.”
Desmond, who lives outside Prince-
ton with his wife, an organic farmer,
wants a mass movement against
24
Sand dunes and strange rooms that tell stories
Mike Nelson assembles found
objects to create fictional
environments, which he has
reimagined for a new London
show. By Jane Ure-Smith
C
limb the stairs at the Hay-
ward Gallery in London and
you come upon a remarka-
ble sight: a vast sand dune
strewn with burnt-out tyres
fills the space, half-burying a shed in the
process. I follow the curve of a scuffed
white passageway on the right and push
open a creaking door. Inside, another
surprise: an old-style photographic lab,
drenched in red light. No sign of the
photographer; his or her latest prints,
pegged to a line, have long since dried.
Beyond the darkroom, a second room is
collapsing under the sand. A half-buried
Shell oil drum is all that remains.
For 30 years, Mike Nelson has been
assembling found objects to build com-
plex fictional worlds. “Nelson is a realist
sculptor,” writes Dan Fox in the cata-
logue accompanying Extinction Beckons,
the Hayward’s compelling survey of the
artist’s work. “It’s just not clear which
reality he’s sculpting.”
Nelson, 55, is best known for disori-
enting, immersive works such as “The
Coral Reef” (2000) and “I, Impostor”,
the Istanbul travellers’ inn he installed
in the British pavilion at the 2011 Venice
Biennale. More recently, he has
favoured objects over environments,
but the aim is always to make sense of
the moment. In “The Asset Strippers”
(2019), he filled Tate Britain’s Duveen
Galleries with manufacturing machines
and agricultural tools in a sorrowful
memorial to Britain’s recent industrial
past. But you don’t need to have encoun-
tered Nelson before to enjoy his art.
Indeed, with his immersive works, sur-
prise counts for a lot: it is an advantage
to know nothing of their past.
Born into a family of textile workers
in the Midlands, he has a BA in fine art
from Reading university and an MA in
sculpture from Chelsea College of Art
and Design. He was initially intent on
being a painter but, under the influence
of artists such as Richard Wilson,
became absorbed in materials and grav-
itated to sculpture.
A key to Nelson’s art lies in his shift,
★ FINANCIAL TIMES
ARTS
Clockwise, from occupy the gaps,” he said in 2011 and it is
left: installation still his approach today.
view of Mike For this survey, rather than rebuild
Nelson’s ‘The past works, Nelson has reimagined
Deliverance and them, breaking them up, recontextual-
The Patience’ ising, adding something new. “The idea
(2001); ‘Triple of trying to unravel the history I have
Bluff Canyon made for myself and reconstruct it is
(the woodshed)’ rather daunting,” he says in the cata-
(2004); Mike logue. “There’s a sense of revisiting
Nelson — Photos: Liam another time in my life, of competing
Harrison; Matt Greenwood;
Arnaud Mbaki. Courtesy the
with my former self to try and reimag-
artist and Hayward Gallery ine something that can’t be made in the
same way again.”
But reimaginings have long been Nel-
when barely out of college, from didac- son’s stock-in-trade: “I, Impostor”, for
tic pieces to works with a looser narra- example, grew out of work made for the
tive. The fiction of writers such as Wil- 2003 Istanbul Biennale. With each iter-
liam S Burroughs and JG Ballard seemed
to offer an approach that gave the
ation the layers of meaning build up.
Entering the gallery space by a side
viewer a way in. “You want the person to door, you find yourself in a store room,
understand not the specific points but to crammed with furniture, fittings and
timber and bathed in red light. By reus-
ing the title “I, Impostor”, Nelson pro-
pels us back to his Venice Biennale
intervention. But are we before or after
the event? I became so engrossed in
memories of Nelson’s pavilion that step-
ping back into one of the Hayward’s
well-lit spaces, it took me a moment to
remember where I was.
Next comes a reimagining of “The
Deliverance and the Patience”, another
Venice work, originally created for a
derelict brewery to coincide with the
2001 biennale. (The work takes its
name from two ships built under duress
in Bermuda by survivors of a 17th-
century shipwreck.) Like “The Coral
Reef”, it offers a maze of rooms to get
lost in, including two bars, a travel
agent, a gambling den and a rather sinis-
ter altar/shrine.
As so often with Nelson, the joy is in
the details: a poster of a cigar-smoking
Bertolt Brecht, pictured beside his
poem “In Praise of Communism” (“It’s
sensible/Anyone can understand it”); a
summary of “Corrupt and Illegal Prac-
tices for the guidance of voters” from a
local election; a mousetrap in the corner
of the gambling den. Here as elsewhere
in Nelson’s works, empty sleeping bags
invite you to speculate on what hap-
pened to the people.
Just how scary is artificial intelligence?
PODCASTS
Fiona
Sturges
I
n the first instalment of Synthetic
Stories, a new series of short stories,
horror podcast junkie Amelia is
lying in bed listening to a podcast
when she begins to hear ghostly
voices and haunted house sounds
echoing around her room. The following
day she tries to put it out of her mind,
but, as the voices start up again in the
evening, she notices that the AI
assistant on her phone has installed an
app without her consent called Horror
World. Opening it, she finds a portal to a
world that appears to be based on her
own life, created by a shadowy
syndicate of programmers “who had
created an AI so advanced that it had
gained sentience, and was now using its
vast intelligence to manipulate
humanity for its own gain.”
Scared? I doubt you will be, though
suspense is hard to build in just eight
minutes, which is the length of this first
story titled “Amelia”. What is scary,
however, is the way it has been made.
Synthetic Stories is AI-generated, from
Absence of a different kind resonates
through “The Asset Strippers”: Nelson’s
reflection on the death of industry
prompts thoughts of lost jobs, wrecked
lives. On show here are just five of the
machines, including a mechanical hack-
saw and a splendid hay rake. Yet up
there on their plinths, these relics take
on a certain grandeur as they oscillate
between being machines and being art,
and reference Paul Nash, Max Ernst and
Henry Moore in the process.
‘Nelson is a realist
sculptor. It’s just not
clear which reality
he’s sculpting’
The shed in the sand reimagines “Tri-
ple Bluff Canyon” (2004) by inserting
the photographer’s darkroom from “I,
Impostor” into its interior. (Nelson clev-
erly links the two by updating the pho-
tographer’s pegged-up prints.) The orig-
inal “Triple Bluff Canyon” was itself a
reimagining — a reworking of land artist
Robert Smithson’s “Partially Buried
Woodshed”, which became a symbol of
government cover-ups when the
‘The Deliverance and The Patience’ (2001) — Liam Harrison. Courtesy the artist and the Hayward Gallery
the plot and the voices to the music and
artwork. It arrives at a time of
heightened anxiety around AI and its
impact on the creative industries. Apple
recently launched an audiobook
catalogue narrated by synthesised
voices, much to the alarm of voice actors
noting the threat to their livelihoods.
And earlier this year the musician Nick
Cave was unimpressed with an attempt
to replicate his songwriting style via AI-
generated song lyrics, calling AI an
“emerging horror” and the song in
question “a grotesque mockery of what
it is to be human”.
‘Synthetic Stories’ is a podcast series
entirely created by AI
Monday 27 March 2023
National Guard killed four anti-Vietnam
war protesters at Kent State University,
Ohio, in 1970. Making his work during
the Iraq war, Nelson substituted sand for
Smithson’s earth and added the oil bar-
rels to evoke a Middle Eastern land-
scape. Today, littered with blown-out
tyres, the piece evokes more recent con-
flicts and the environmental crisis.
Nelson’s narratives are about capital-
ism, colonialism, war and the environ-
ment. With a nod to the science fiction
writer Stanisław Lem, he grapples with
the future, embedding a full-size recon-
struction of his studio into a sprawling
wire-mesh enclosure full of concrete
heads. In this wry parody of a studio as a
site of creativity, a concrete mixer
stands ready to make even more heads.
For the exhibition finale, I would have
preferred a reimagining of the more the-
atrical “L’Atteso” (2018), for which he
filled Turin’s OGR arts centre with aban-
doned cars and vans. Their headlights
blazing and radios on, it was a parking-
lot mystery.
But the show is less about theatrical-
ity and more about an artist seeking to
define himself at this point in his career.
Tucked away upstairs, “tools that see
(the possessions of a thief) 1986-2005”
(2016) underlines the point. An unex-
pectedly moving presentation of Nel-
son’s workbench, complete with tool
belt, hammer, table saw and piles of
nails, it is another tale of absence — a
portrait of the artist, where the one
thing missing is the artist himself.
To May 7, southbankcentre.co.uk
Synthetic Stories is really an
experiment conducted by the audio
content agency This Is Distorted, to see
to what extent the technology can pull
the wool over our eyes. The whole series
was created in just 24 hours and began
with producers asking the AI chatbot
ChatGPT to tell them a short story based
on the themes of AI and podcasts, and
using prompts including apps, horror
and dark twists. Later came the music
courtesy of AI music generator
Soundraw and the narration via the
voice cloning app ElevenLabs.
The result is a series that really does
sound as if it was made by humans,
although that isn’t really an
endorsement, since humans have
proved themselves more than capable
of making terrible podcasts. That the
story is told by a single male narrator
means the vibe is more audiobook than
pod. More pointedly, the voice lacks the
intonation and inflection that would be
provided by a good voice actor.
As for the story, the pacing is off, it is
prone to repetition and the mystery is
wrapped up way too soon, though
asking an AI bot to create a story about
the threat to humanity presented by AI
is enjoyably meta. The best that can be
said about Synthetic Stories is that it is a
worthy experiment that tells us much
about the possibilities of AI and, most
importantly, its limitations.
Monday 27 March 2023
Questions surrounding the tech industry and their highly addictive products increase as a growing body
of evidence links a rise in depression in children to social media use. Will it lead to more regulation?
T
he last minutes of 16-year-
old Ian Ezquerra’s life were
spent on Snapchat. The
teenager, who had excelled
in school, appeared to be a
happy young man. But as his social
media use increased, so did his anxiety.
His mother, Jennifer Mitchell, was
unaware Ian was viewing dangerous
content across a variety of platforms
unsuitable for impressionable young
people. “There were subtle changes in
his behaviour that I didn’t necessarily
pick up on at the time. One of these
things was him saying something like, ‘I
am such a burden,’” says Mitchell of
New Port Richey, Florida.
Then, in August 2019, Ian was found
dead. The police recorded his death as a
suicide, but Mitchell says her son died
playing a dark, online challenge pushed
his way by powerful algorithms.
Ian’s story adds to the evidence of the
decline in children’s mental health. Sui-
cide among those aged between 10 and
19 years old in the US surged by 45.5 per
cent between 2010 and 2020, according
to the Centers for Disease Control and
Prevention. A survey last month from
the same government agency found
nearly one in three teenage girls had
seriously considered taking their own
life, up from one in five in 2011.
The reasons for this deterioration in
mental wellbeing, however, are less con-
clusive. Many parents and legislators
put the blame at the door of social media
companies who, they say, are develop-
ing highly addictive products that
expose young people to harmful mate-
rial. Platforms push back, arguing their
technology allows people to build rela-
tionships and boost mental health.
But some academics point to a grow-
ing body of research showing the prolif-
eration of smartphones and social
media apps are rewiring children’s
brains and driving an increase in eating
disorders, depression and anxiety.
“They’re all reaching the same con-
clusion,” says Jonathan Haidt, a social
psychologist and professor at New York
University Stern School of Business.
“When social media or high-speed
internet came in . . . mental health
plummets, especially for girls.”
Despite other academics arguing that
the teenage mental health crisis is more
nuanced, Big Tech is still facing mount-
ing pressure. Ian’s family are behind one
of 147 product liability lawsuits collec-
tively filed in the US against major social
media platforms — Facebook, Insta-
gram, TikTok, Snapchat and YouTube.
The looming litigation compounds
increased attention from lawmakers.
President Joe Biden has accused the
industry of running experiments on
“our children for profit” and wants Con-
gress to pass laws preventing companies
from collecting their personal data. On
Capitol Hill last week, TikTok CEO Shou
Zi Chew faced pressure over the safe-
guarding of young users.
In the UK, ministers are considering
amending an online safety bill to
include criminal sanctions, including
jail time, on social media executives
who fail to protect children’s safety.
The stakes for social media compa-
nies are high as increased regulation
could threaten their ad-driven business
models, which rely on a large and capti-
vated young audience to thrive.
Pursuit of unhappiness
Hackensack Meridian Health’s Carrier
Clinic in New Jersey, home to a residen-
tial mental health unit for teenagers, is
on the frontline of this crisis.
Waiting lists have increased over the
past three years, leading to months-long
delays in getting a place in out-of-home
care units. A nearby hospital experi-
enced a 49 per cent increase in paediat-
ric emergency room psychiatric consul-
tations in 2022 compared with the pre-
vious year.
“We are seeing a lot of depression,
anxiety, suicidal ideation, eating disor-
ders and self-harm,” says Dr Thomas
Ricart, chief of adolescent services at
Carrier. “Kids do come in and talk about
bullying on social media and using a lot
of social media and its impact on them,”
he adds. “There is also the pandemic, an
increase in stress in general and better
screening for mental health.”
While professionals such as Ricart
keep an open mind, since Facebook
launched in 2004, the research explor-
ing the link between social media and
mental health is compelling.
In January, a report by experts in psy-
chology and neuroscience at the Univer-
sity of North Carolina said teenagers
who habitually checked their social
media accounts experienced changes in
how their brains responded to the
world, including becoming hypersensi-
tive to feedback from their peers.
A review of 68 studies related to the
risk of social media use in young people
published in August 2022 by the Inter-
national Journal of Environmental
Research and Public Health found that
the more time adolescents spend online,
★ FINANCIAL TIMES 25
FT BIG READ. TECHNOLOGY
By Jamie Smyth and Hannah Murphy
Social media companies are facing
rising scrutiny over the impact of
their ubiquitous products on the
mental health of young people
FT montage: Dreamstime
Teen mental health crisis
Teenagers’ addiction to social media damaging children’s mental health and come in with all these safety features media accounts should be completely
are suppressing that information. around compulsive use, around body banned for under-16s and enforced with
% of 13- to 17-year-olds in the US who say they visit the following sites or apps ... They allege that Meta, the parent image issues and depression, people will better age-verification software, that
Almost constantly Several times a day About once a day company that owns Facebook and say, ‘Wow, Instagram is dangerous. requires an official document, such as a
Several times a week Less often Do not use Instagram, and its rivals TikTok, Snap- Social media is dangerous,’” she adds. driving licence. “That’s where I think
0 10 20 30 40 50 60 70 80 90 100 chat and YouTube have borrowed heav- their greatest legal liability is,” he adds.
YouTube ily from the techniques used by the Road to regulation Meta says it removed 1.7mn Insta-
TikTok tobacco and gambling industries to get Meta disputes the notion that social gram accounts and 4.8mn Facebook
Snapchat
children addicted to their products. media is fuelling the teen mental health profiles in the second half of 2021 for
These features, which vary platform crisis. “Mental health is complex, it’s failing to meet minimum age require-
Instagram to platform, include endless feeds to individualised, it . . . [involves] many ments. Snapchat removed 700 under-
Facebook keep users scrolling; rewards that factors,” says Antigone Davis, Meta’s age accounts between April 2021 and
Source: Pew Research Survey conducted Apr-May 2022 manipulate the dopamine delivery global head of safety. April 2022, compared with around 2mn
mechanism in the brain to intensify use; Nevertheless, she acknowledges the by TikTok, according to data reported
Students’ mental health has been worsening metrics to exploit social comparison; need to ensure a “safe and positive expe- by Reuters. Snap says the figures “mis-
The percentage of US high school students who ... incessant notifications that encourage rience” for young users, adding that the represented” its work to keep under-13s
Experienced persistent Seriously repetitive account checking; inadequate company had built about 30 tools off the platform.
feelings of sadness considered Made a age verification; and deficient tools for including parental controls, features
or hopelessness attempting suicide suicide plan Attempted suicide parents that give the illusion of control. that encourage teenagers to take breaks Bipartisan support
40 40 Douglas Westwood, one of the parents and age-verification technology. What could tip the balance in parents’
30 30 involved in the lawsuit, says his daugh- Meta says its platforms remove con- favour is the upcoming legal battle tak-
ter got hooked on Instagram after tent related to suicide, self-harm and ing on the social media giants.
20 20
receiving her first smartphone, for eating disorders. These policies were Any ruling which finds the companies
10 10 safety purposes, at nine years old. enforced more vigorously following the liable for deaths and injuries caused to
0 0 “I had no idea that a nine-year-old kid death of 14-year-old British schoolgirl children could force the mass removal
2011 21 2011 21 2011 21 2011 21 could access a social media site. There is Molly Russell, who took her own life in of online content and damage revenues.
Source: CDC/Youth Risk Behavior Survey
supposed to be an age limit, a minimum 2017 after viewing thousands of posts In 2022, revenues at Meta and Snap
of 13,” says Westwood. “There’s no veri- about suicide. Meta has since launched grew at their slowest pace since the com-
Rates of suicide among teenagers have climbed steeply since fication. There’s no checking.” a default setting for under-16s that panies went public in 2012 and 2017 and
2010 on both sides of the Atlantic The algorithm bombarded the child reduces access to sensitive content they TikTok slashed its global revenue target
Rates of death by suicide per 1mn people with harmful images and videos, includ- see and has paused plans for Instagram by almost $2bn.
US, age 10-14 England and Wales, age 15-19
ing those promoting eating disorders, he Kids, a product for under-13s. The social media companies intend to
says. Her mental health worsened and, rely on a 1996 law, known as Section
30
Boys
60 by 14, she had entered residential care
to receive treatment for anorexia.
‘We need the data 230, that provides broad immunity
from claims over harmful content
20 40
His daughter, now 17, is recovering, [behind the algorithms. posted by users. The plaintiffs, however,
20 but is still confronted with harmful con- are arguing that is it the design features
10
0
Girls
0 tent, says Westwood, adding that he Without it] there is of these platforms and not user-gener-
1990 2000 2010 2020 1990 2000 2010 2020 does not want to stop her using her
smartphone because it is how she com-
no real public ated content that drives addiction.
Meta’s Davis warns that if this shield is
Sources: FT analysis of CDC Wonder (US); 20th and 21st Century Mortality files (UK)
municates with her friends. accountability’ removed, it could create “real prob-
It is a frustrating catch-22 for parents lems” for the internet with ramifica-
the higher the levels of depression and now that smartphones and social media Other social media giants are taking tions for free speech.
other adverse consequences. are so ubiquitous. “When [social media action as the threat of regulation gathers Even if the lawsuit does not succeed, it
But other researchers dispute the platforms] worked out how to monetise momentum. Snap, the company behind has focused public attention on mental
assessment of Haidt and his regular co- attention, they went for it with a ruth- Snapchat, has introduced parental con- health and internet safety, one of the
author Jean Twenge, professor of psy- lessness for which kids are the collateral trols and developed a wellbeing hub for few political issues with bipartisan sup-
chology at San Diego State University, damage,” says Baroness Beeban Kidron, users. Jacqueline Beauchere, Snap’s glo- port in the US and elsewhere.
that there is definitive evidence that chair of children’s digital rights charity bal head of platform safety, also says California governor Gavin Newsom
social media is the primary cause of the 5Rights Foundation. that it is different from other apps last September signed a bill called the
youth mental health crisis. Because they are loosely regulated, because it focuses less on passive scroll- California Age-Appropriate Design
They highlight a lack of scientific data she argues, platforms are able to get ing. YouTube says it has also “invested Code Act. It requires social media plat-
proving a causal link between the rise in away with more invasive techniques to heavily” in child-safe experiences, such forms to establish the age of child users
social media use and mental health con- suck young users in. as its YouTube Kids app for under-13s. with a “reasonable level of certainty”,
ditions. Some studies, they say, show Court documents allege some Meta TikTok, which has grappled with chil- but is being challenged in court.
teenagers can benefit from using social employees are aware of the harmful dren accidentally harming or in some On Thursday, Utah passed a bill into
media, if used in moderation. “I’m not effects of their products, but either dis- cases killing themselves as part of dan- law that imposes age verification for all
saying that social media is not part of regarded the information or, in some gerous online viral challenges on its users and parental consent to use social
this [crisis], but we don’t have the evi- cases, sought to undermine it. “No one short-form video platform, says it has media for under-18s starting in 2024.
dence yet,” says Dr Amy Orben, leader wakes up thinking they want to maxim- eliminated this type of content in search Similar proposals are being put forward
of the digital mental health group at the ise the number of times they open Insta- results. It also recently announced that in states such as Texas and Ohio.
University of Cambridge. gram that day,” one Meta employee the accounts of all users under the age of Legislators in Minnesota have pro-
‘There were subtle The answers are likely to be found in
the closely guarded data held by the
wrote in 2021. “But that’s exactly what
our product teams are trying to do.”
18 will automatically be set to a 60-
minute daily screen time limit, in addi-
posed a bill that would ban social media
companies from targeting users
changes in his behaviour companies themselves. “We need the The court filing also alleges that Mark tion to parental controls. “Generally under-18 with algorithms that curate
data,” adds Orben. Without it “there is Zuckerberg, Meta’s chief executive, was speaking, one of our most important content a user is likely to interact with.
that I didn’t necessarily no real public accountability”. warned the company was falling behind commitments is promoting the safety Bereaved parents such as Mitchell say
pick up on at the time. The addiction playbook
in addressing safety issues, including
excessive use, bullying and harassment.
and wellbeing of teens, and we recognise
this work is ongoing,” TikTok says.
they will not stop campaigning until
tougher regulation is enforced. “If I can
One of these things was Though social media companies have so This would increase regulatory risk if The changes do not impress Jennifer help another child, and another parent
him saying something far avoided stringent regulation, a day
of reckoning is approaching.
left unaddressed, one employee said,
according to the court documents.
Mitchell, who campaigns to raise aware-
ness of the dangers posed by social
from experiencing my horror,” she says.
“Then I’ve done what I need to do.”
like, “I am such a burden”’ Plaintiffs in the personal injury cases Whistleblower Frances Haugen, a media since her son’s death. Only effec-
filed in the federal court in Oakland, former Facebook employee, says Meta tive age-verification tools will protect Anyone in the UK affected by the issues
Jennifer Mitchell, above, with her California, will argue that social media is scared to admit to the scale of the children, she says. raised in this article can contact the Samar-
son Ian Ezquerra companies know their products are problem. If they are “first movers and Others, such as Haidt, believe social itans for free on 116 123
26 ★ FINANCIAL TIMES Monday 27 March 2023

The FT View
The end of the peace dividend
Democracies hope that by
preparing for war they can
once again avoid it
For a quarter of a century after the cold
war, western democracies dared to
believe the era of global confrontation
was past. Some of the resources once
poured into defence were diverted into
schools and hospitals. Russia’s invasion
of Ukraine and China’s increasing
assertiveness have brought a decisive
end to the “peace dividend”. Just this
month, the US, UK and Australia have
unveiled plans for an expensive fleet of
nuclear-powered submarines in the
Pacific as part of their “Aukus” alliance,
and Britain has followed France, Ger-
many, Poland, Japan and others in
boosting defence spending. Democra-
cies hope that by preparing for war they
can preserve the broader peace.
Some countries are finding it harder
ft.com/opinion than others to fund increases. Britain’s
two-year, £5bn uplift was only half of
what its defence secretary reportedly
wanted — though it is on top of a £24bn
boost to spending up to 2024-25
announced by Boris Johnson as prime
minister in 2020. The UK is also one of
only seven members that meets Nato’s
“guideline” of spending at least 2 per
cent of gross domestic product on
defence. The vague commitment to lift
that to 2.5 per cent if “circumstances
allow” reflects a sluggish UK economy.
Others are doing more, if sometimes
from a lower base. Germany has set up a
€100bn special defence fund. France’s
Emmanuel Macron has pledged to lift
defence expenditure by 40 per cent, or
€118bn, in 2024-30 compared with
2019-25. Poland plans to hit 4 per cent of
GDP this year.
Nato’s annual report last week found
that European members and Canada
increased defence spending in 2022 by
2.2 per cent in real terms, an eighth con-
secutive real increase. US spending grew
by less than inflation last year, though is
set to accelerate in 2023. Russia and
China both made sizeable increases last
year, according to the International
Institute for Strategic Studies.
As western governments are realis-
ing, the technological sophistication of
weaponry makes modern warfare crip-
plingly expensive. Russia’s war on
Ukraine, moreover, has shown that 21st-
century conflicts are not all about cyber
attacks, drones and precision bombing
from distant locations; tanks, artillery
and ground troops are as relevant as
ever. Being fully prepared for all threats
means possessing the whole panoply of
tools and an industrial base to support
them. So democracies will have to share
technology, intelligence, burdens and
procurement more broadly and deeply
than in the cold war.
Aukus is an ambitious attempt to put
such principles into practice, its three
members committing to co-operate not
just on submarines but on hypersonic
missiles, AI and quantum computing.
Australia and Britain will co-produce a
Western new attack submarine, with Australian
governments money helping to expand UK shipbuild-
ing capacity and a joint order reducing
have barely
the costs. Two separate three-nation
begun to alliances are collaborating on next-gen-
explain to their eration fighter jets. Even the EU is
populations the breaking new ground, agreeing last
implications of a week to spend €1bn on joint orders of
new military ammunition, and use €1bn to reim-
burse member states for supplying
build-up rounds to Ukraine from existing stocks.
Challenging trade-offs still lie ahead.
Declines in defence as a share of public
spending since the late 1980s have
helped European nations to expand wel-
fare systems without big increases in tax
burdens. Western governments have
barely begun to explain to their popula-
tions the implications of a new military
build-up. And the risk of rearming to
deter is that opponents see it as a provo-
cation. In the cold war stand-off
between two superpowers, direct con-
flict was ultimately avoided. Today’s
complex geopolitical picture will make
repeating that feat all the harder.

Opinion Asia
Letters
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com

Japan remains free from

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the tyranny of tipping
Maria Hergueta
definitely an all-American activity.
Leo A little over a century later, tipping
culture in the US is an implacable
Lewis monster which, according to Azar and
others, commands tens of billions of
dollars in the food and drink industry
UK cannot rest on its laurels if it is to remain Europe’s tech hub
For entrepreneurs across Europe, the
UK has always stood out as a positive
example of a progressive tech hub that
champions innovation and balanced
risk-taking. But Daniel Thomas’s recent
article “End of ‘easy money’ shifts
focus to profit” (Special Reports,
March 21) rightly highlights that
competition from Europe is heating up.
We, like many other tech firms, have
been disappointed with recent
developments in the UK market such
as the shuttering of Tech Nation.
Looking over at the UK from
Switzerland, my co-founders and I
were inspired by the depth of the tech
ecosystem, epitomised by
organisations like Tech Nation that
It’s a myth that capitalism
is run on free-market rules
Gillian Tett (“Trust in market rules is
knitted together the many different
parts of the UK tech scene. This
dynamism helped us decide that the
UK was a strategic next step for us,
which meant opening a London office
last year.
The loss of Tech Nation is one of
several blows during a difficult time for
UK tech which has seen investment
drop off, valuations fall, widespread
lay-offs and most recently a banking
crisis. The R&D tax credit withdrawal,
while partially reversed, left a bad taste
for many tech firms.
It’s an understatement to say that
the UK has failed to live up to the
Kalifa Review goal of being a more
attractive location for IPOs.
While the UK deals with controversy
in the tech market, Europe has been
pressing on. The European Tech
Champions initiative demonstrates
that the continent is doubling down on
tech investment in a bid to cement its
position as a start-up friendly tech hub.
Unlike UK tech companies, European
businesses are increasingly choosing to
remain in Europe to raise funding and
to scale rather than moving to the US,
as many did in the past.
It is important to mention that the
UK is still the number one tech hub in
Europe by some margin, and number
three in the world, boasting a tech
sector with a combined market value
of $1tn. The work to date has been
Deposit-taking banks are
like nuclear power plants
As I read your articles on Silicon Valley
incredible. But it can’t afford to rest on
its laurels as other tech hubs like Berlin
and Paris are building talent and
investment capacity all the time,
rapidly closing the gap.
All is not lost for the UK. The
decisive support for Silicon Valley Bank
deposit holders was welcome. In fact,
the UK here stands out compared to
the continued uncertainty about an
owner for SVB in the US. We hope that
this positive action is not wasted, and
that the UK government recognises the
importance of keeping London at the
head of the tech pack.
Yoko Spirig
Co-founder and Chief Executive, Ledgy
London E1, UK
Defence procurement is
facing threats of its own
While the announcement of increased

I
t’s not often you can relish the fail-
ure of a business venture, but the
quiet evaporation of the Tip
Project offers just such a joy.
The project, hatched from the
gnarled nest of mid-pandemic bad
ideas, was that it might somehow be
good for Japan to start tipping — a per-
nicious psychosis that the East Asian
country has watched consume the
United States and which it has itself
spent many happy decades avoiding.
By initially introducing a system of
broadly-accepted, fixed-sum tipping
vouchers, ran the pitch of Tip Project
founder and motivational guru Yoshi-
hito Kamogashira in early 2021, the lot
of miserable pandemic-stricken res-
taurant workers might be somewhat
improved.
The implied aim of Kamogashira’s
so-called Tip Promotion Association
was to wean Japan on to the broader,
western habit of arbitrary cash dis-
bursement to a select cabal of profes-
The country’s resistance
is a timely triumph of
sanity and fortitude.
And possibly stinginess
sions (cloakroom attendants, taxi
drivers and hairdressers but never
flight attendants, bus drivers or hair
transplanters). The scheme, however
serious it may or may not have been,
appears to have fizzled out, the site
and association no longer seem to
exist and nobody is taking questions
on the subject.
Asia generally lives in cherished
freedom from the extreme, US-style
tyranny of tipping and from the cloy-
ing calculus of guilt and pressure that
underwrites it. Japan’s economy is not
without the capacity for hidden costs
to consumers, but has been a particu-
larly stalwart defender of that liberty.
Its resistance at this juncture is a
timely triumph of sanity and forti-
tude. And possibly stinginess.
Intriguingly, notes a 2020 academic
paper by Ofer Azar on the economics
of tipping, the US was once teetering
deliciously on Japan’s side of the gratu-
ity jar. In the late 19th century, the
prominent economist and trade
unionist George Gunton argued that
the whole practice of tipping was dis-
gustingly un-American, running as it
did against the proud spirit of working
for wages rather than “fawning for
favours”. Persuaded, some US states
even passed laws against tipping in the
early 1900s — before the country
flipped and decided that tipping was
alone, where it often represents the
bulk of workers’ remuneration. It is
also expanding with inflation, and,
like fraud and romance, has success-
fully piggybacked on technology as a
vector for its next phase of evolution.
As digital payments have come to
dominate points of sale in the US, the
option and expectation to tip has
oozed into businesses that weren’t
previously affected (florists, grocers).
This has been advanced by presenting
customers with a choice between two
buttons — one that offers a default
10-20 per cent tip on a given payment,
the other providing an immediately
guilt-inducing “no tip” option.
The interesting feature of tipping,
argues Azar, is that it is extremely dif-
ficult to explain from the perspective
of a purely self-interested consumer.
An expectation of better future serv-
ice is not, in most cases, the motive,
which leaves psychological and social
pressure a more plausible driver. Until
there exists a social norm to tip a par-
ticular type of worker, or a known nar-
rative about their conditions (for
example, that waiters survive on tips),
there is no guilt or embarrassment in
not tipping.
There are many theories on how
those psychological and social pres-
sures combine to create (or perma-
nently suppress) a tipping culture, but
the owner of one Japanese restaurant
chain privately frames it as an index of
varying faith in capitalism. For all
their superficial faith in its powers, he
says, Americans tip because they
know very well that their version of
capitalism does not, without supple-
ment, deliver a fair reward for service
across the spectrum of industries.
Japan, he suggests with obvious mis-
chief, believes that its version funda-
mentally does.
If he is right, then faith on the Japa-
nese side (and the refusal to embrace
tipping) has endured an extreme and
protracted test — decades of stagnant
wages offset only by an accompanying
battle with deflation. The test could, in
theory, become more stern. Inflation
in Japan is now palpable, and despite
the success of workers in large compa-
nies securing historic pay increases
this year, the win is unlikely to be rep-
licated across Japan’s vast economic
hinterland of small and medium-sized
enterprises, which could widen pay
disparity.
None of this, though, appears likely
to sway the debate. Gunton may not
have won the argument that tipping
is un-American, but the Tip Project
definitely discovered that it is un-
Japanese.
leo.lewis@ft.com
at stake as investors remain in limbo”,
Opinion, March 21) is brilliantly lucid
in highlighting the question of trust in
the recent banking crisis, especially in
relation to the manner in which
additional tier-one bondholders of
Credit Suisse have been treated in its
takeover by UBS.
However, her argument on the
necessary importance of trust is based
on the assumption that free market
functioning is central to the operation
of a capitalist economy and in this case,
that trust has been undermined
because free-market principles have
been “over-ruled” by “protectionism,
geopolitical self-interest and state
intervention”.
It is a myth that a capitalist economy
is governed by the logic of free-market
competition. The late Joan Robinson of
Cambridge university long ago
exploded this myth in her pioneering
work The Economics of Imperfect
Competition for which she deserved the
Nobel Prize in economics denied to her
— I suspect because she was viewed as
leftwing.
I believe that Tett’s analysis would
have been richer had she embedded
into it those “over-ruling” forces — that
is the competing interests as central to
the way the capitalist economy always
functions.
Pritam Singh
Emeritus Professor in Economics
Oxford Brookes Business School
Oxford, UK
Moral hazard — a Pyrrhic
question for many savers
I take issue with Jeremiah D Braunlin’s
letter “By letting SVB fail you avoid
future moral hazard” (March 21). It
would avoid moral hazard, but at what
cost? A world, rich and poor, going
under — is that worth the moral cause?
Have we all forgotten the disastrous
consequences of the collapse of
Lehman Brothers? Even if yes, short
memories don’t change facts. It should
be accepted that banks are different
animals from the rest. That’s why they
have so much regulation.
The real issue that people are
reluctant to explain is why there has to
be the slaughter of the uninsured
depositors, as shareholders, debt
holders and management pay the
price. This is the Pyrrhic question. Do
you expect depositors to rate a bank
before they will put their money in it?
That is the responsibility of
regulators. Anything else will
undermine the system and thus the
economy. The implicit guarantee is like
an anchor to a ship.
Christos Rotsas
Former MP, Nicosia, Cyprus
An Ajax armoured fighting vehicle in
trials at Bovington Camp in Dorset
Marx envisaged a special
kind of monetary crisis
Karl Marx explained there was a
special kind of monetary crisis that
could arise independently but then
affect industry and trade; the German
philosopher argued that such
autonomous monetary crises were
driven by money capital and their
sphere was that of banks, the stock
exchange, and finance.
More than one and a half centuries
later, the Federal Reserve and the
European Central Bank — the two truly
systemically important central banks
on either side of the Atlantic — have
emerged as powerful institutions
within the global political economy.
The need for monetary policy to be
viewed as indissolubly associated with
social trust is more of an imperative.
And so, to expect “good economic
news to be bad news for markets” as
Karen Ward, chief market strategist for
Europe, Middle East and Africa at
JPMorgan Asset Management, argues
(Markets Insight, March 8) misses the
big picture; namely, the concept of
trust in public policies. As Bank for
International Settlements general
manager Agustín Carstens recently
defined it, trust “essentially consists in
society’s expectation that the
authorities will act predictably in the
pursuit of predefined objectives and
that they will succeed in their task”.
In Slouching Towards Utopia, J
Bradford DeLong states that, from a
narrow economist’s perspective,
inflation is simply a tax, a
rearrangement, and a confusion — and
that all of these elements of inflation
are destroyers of trust.
Konstantinos Gravas
Postdoctoral Researcher and Lecturer,
Department of Economics, Athens
University of Economics and Business
(AUEB), Athens, Greece
Bank (“Banks battered and rate
forecasts reined in as SVB tremors
spread”, Report, March 14), and now
Credit Suisse (“Credit Suisse petitions
central bank for show of support as
shares slump”, Report, March 16) it
strikes me that a deposit-taking bank is
like a nuclear power plant, a ward of
the state pretending to be a private
business.
The government will have to clean
up the mess no matter what.
So rather than obsessing about moral
hazard and systemic risk, I suggest that
we separate out deposit-taking banks
from the rest of the businesses they
acquired after the repeal of the Glass-
Steagall Act, insure all their deposits
and regulate them at least as minutely
as does the Nuclear Regulatory
Commission.
We can liberate the hotshot bankers
from regulation and let them do their
thing without a government backstop.
Leonard Hyman
Sleepy Hollow, NY, US
Persuasive, not fear-based,
climate messaging is key
One can agree that adding more carbon
dioxide to the atmosphere and oceans
causes some global temperature rise;
that this rise can cause seriously
damaging effects throughout the
biosphere and human society; and that
there must be concerted investment on
a global scale to reduce the
temperature rise and make its impacts
less damaging.
Bob Ward (Letters, March 22) goes
far beyond this to forecast “truly
catastrophic warming” unless “trillions
of dollars” are spent, in a “do or die”
message derived from an apocalyptic
sensibility.
The question is whether relentlessly
fear-based messaging is likely to be
effective in inducing sufficient actions
over the coming decades. It may be
counter-productive, prompting many
to turn away from the problem while
encouraging others to exaggerate their
scepticism or outright denialism.
This is where climate scientists need
to draw on experts in persuasive
messaging.
Robert H Wade
Professor of Global Political Economy
London School of Economics
London WC2, UK
The headline says it all
I had to read it twice: “Pornhub owner
sold to Canadian private equity firm
Ethical Capital” (Report, FT.com,
March 16). I think I’ve seen it all now.
Dr Izhar Khan
Aberdeen, UK
defence spending is to be welcomed, it
will soon be frittered away unless
accompanied by reform of UK defence
procurement (“Defence to receive
extra £6bn over five years”, Report,
March 16).
Current Ministry of Defence and
defence industry structures, processes
and ways of working were put in place
three decades ago to support a model
of fixed price “prime contracting” that
is no longer really applicable. Today it
is the MoD and the UK taxpayer that in
effect bear all bar a token amount of
the risk and cost overruns on major
projects. Contractors are seldom (if
ever) held to account.
These structures and ways of
working need reform. The inherent
presumption that projects have to take
one to two decades (or more) to come
to fruition needs to be challenged,
given the new and rapidly evolving
threat environment the UK now faces.
The UK’s current “requirements-
based” approach to design and
specification of major new items of
defence equipment is no longer fit for
purpose. The failing Ajax armoured
fighting vehicle programme (and the
MoD’s “wish listing” of things to add) is
evidence of this.
The current structure of the defence
industry goes back to the post-cold war
“peace dividend” and defence industry
consolidation of the 1990s, and the
desire to preserve what was left of the
industry in the face of savage and
successive cuts.
Circumstances are now very
different. In this new era of rising
defence spending and rapidly evolving
threats, it is perhaps time to ask
whether it would be beneficial for at
least some form of partial demerger
now to take place, to keep the UK at
the forefront of defence innovation and
best practice.
Mark Campbell-Roddis
Dunblane, Perthshire, UK
Heseltine’s Tarzan morphs
into Tolkien’s Treebeard
I greatly enjoyed George Parker’s
interview with Lord Heseltine in FT
Weekend (“‘The adults are back in
charge’”, Lunch with the FT, Life &
Arts, March 18).
He emphasised how many trees he
had planted. This remark combined
with Ferguson’s excellent French-style
portrait-charge made me suddenly
realise something. Lord Heseltine, once
nicknamed Tarzan, now bears a
striking resemblance to the Treebeard
from Tolkien’s fantasy novels.
And he’s nearly 90!
James Morris
Malmesbury, Wiltshire, UK
Monday 27 March 2023
The unstoppable rise of government bailouts
MARKETS
Ruchir
Sharma
A
s bank runs spread, it has
become clear that anyone
who questions a govern-
ment rescue for those
caught underfoot will be
tarred as a latter day liquidationist, like
those who advised Herbert Hoover to let
businesses fail after the crash of 1929.
Liquidationist is now challenging
fascist as the most inaccurately thrown
insult in politics. True, it’s no longer
politically possible for governments not
to stage rescues, but this is a snowballing
problem of their own making. The past
few decades of easy money created
markets so large — nearing five times
larger than the world economy — and so
intertwined, that the failure of even a
midsize bank risks global contagion.
More than low interest rates, the
easy money era was shaped by an
A new
technology
boom is at hand
business
Rana
Foroohar
C
onventional wisdom tells us
the technology boom is over.
The collapse of Silicon Val-
ley Bank has sent a chill
through the investment
community, and the tech sector has
seen a correction as interest rates have
risen. But I’d argue we may be about to
enter a new golden age of technological
innovation and investment. The differ-
ence is that this time around, it won’t be
about consumers, but industry.
Three-quarters of the world’s $100tn
in gross domestic product is made up of
traditional legacy industries — such as
manufacturing, transportation, logis-
tics and healthcare — that have yet to be
deeply transformed by technology.
That’s now changing, as part of what
venture capitalist Greg Reichow, a part-
ner at Eclipse Ventures, a Palo Alto firm
that has $3.8bn invested in the digital
transformation of physical industries,
calls “industrial evolution”.
Two weeks ago, I visited one of
Eclipse’s 70 portfolio companies outside
Boston. VulcanForms, an additive man-
ufacturing firm, takes Henry Ford’s
River Rouge factory model, in which
steel went into one end of a production
line and finished cars came out the
ECONOMICS
Martin
Sandbu
N
ot a day too soon, Europe is
confronting the reality that
it is investing too little. That
is true for both public and
private sectors, it is true for
creditor economies and high-debt
states, and it has been true for a long
time. For years, many European coun-
tries barely invested enough to main-
tain their existing capital stock, if that.
As external crises abound, the EU is
starting on the back foot: there is an
infrastructure shortfall to make up
before even beginning on the mammoth
task of Europe’s green transition, recast-
ing its energy system and securing its
defence capacity.
The need for more investment is uni-
versally acknowledged. But willing the
increasingly automatic state reflex
to rescue — to rescue the economy from
disappointing growth even during
recoveries, to rescue not only banks and
other companies but also households,
industries, financial markets and
foreign governments in times of crisis.
The latest bank runs show that the
easy money era is not over. Inflation is
back so central banks are tightening,
but the rescue reflex is still gaining
strength. The stronger it grows, the less
dynamic capitalism becomes. In stark
contrast to the minimalist state of the
pre-1929 era, America now leads a
rescue culture that keeps growing to
new maximalist extremes.
Today’s troubles have been compared
to bank runs of the 19th century, but
rescues were rare in those days. Amer-
ica’s founding hostility to concentrated
power had left it with limited central
government and no central bank. In the
absence of a financial system, trust was
kept at a personal, not an institutional
level. Before the civil war, private banks
issued their own currencies and when
trust failed, depositors fled.
Had the US Federal Reserve existed at
the time, it would not have helped much.
other, and replicates it across multiple
industries by 3D printing with metals to
create parts.
VulcanForms can produce thousands
of parts for a jet engine one day, then
switch to medical implants or consumer
electronic components within a matter
of hours. “The knowledge of how to
make the part lives in the software,” says
Reichow. This allows a digital manufac-
turer like VulcanForms to become a
River Rouge for multiple industries.
Large industrial customers can focus on
their core R&D, sales and marketing,
rather than production, which could
theoretically now be outsourced not to
hundreds of suppliers in dozens of coun-
tries, but to individual factories located
anywhere customers are.
It’s a big shift, and manufacturing is
just one part of it. The desire of most
companies to increase resilience in their
supply chains, coupled with the digitisa-
tion of industry, has increased local pro-
duction capacity in strategic sectors. A
legislative push to deal with climate
change may well create a new tech
boom in the industrial sector. Numer-
ous investment funds are being raised to
support the growth of high-tech start-
ups in advanced manufacturing, mobil-
ity, energy and other areas associated
with re-industrialisation.
“Everything we see around us, with
the exception of ourselves and the food
we grow, is manufactured,” notes MIT
Professor John Hart, a co-founder of
VulcanForms. “Now, post-pandemic,
several forces are aligning to reshape
how we make things. We understand the
EU leaders have a trilemma to tackle
ends has not yet led to willing the means
— spending more public money. Public
investment itself has to rise, of course.
Government incentives will also be
needed for private investment to reach
sufficient levels and the right areas.
That means the investment impera-
tive runs headlong into the EU’s rules
constraining public spending: the state
aid (subsidy) framework and the “eco-
nomic governance” (budget) frame-
work. The former, designed to prevent
member states from outbidding each
other to attract companies, is being
tweaked and remains under pressure
for even more loosening. The latter is
undergoing wholesale reform.
The changes are still fiercely con-
tested, often in knee-jerk ways which
reveal old faultlines between southern
and northern states. Behind the defence
of shibboleths, there are difficult ques-
tions regarding how to ensure more
spending would actually boost the right
kind of investment. But the direction of
travel is clearly towards more flexibility.
More leeway for public investment or
subsidies, however, runs into another
★ FINANCIAL TIMES
Opinion
The ethos of contemporary European cen-
tral banks was to help solvent banks with
solid collateral — in practice they were
tougher, protecting their own reserves
and “turning away their correspondents
in need”, as a Fed history puts it.
A restrained government was a key
feature of the industrial revolution,
marked by painful downturns and
robust recoveries, resulting in strong
The maximalist rescue
culture is bloating and
thereby destabilising the
global financial system
productivity and higher per capita
income growth. Right into the 1960s and
1970s, resistance to state rescues still
ran deep, whether the supplicant was a
major bank, a major corporation or New
York City.
Though the early 1980s is seen as a
pivotal moment of broader government
retreat, in fact this era was marked by
the rise of rescue culture when Conti-
nental Illinois became the first US bank
need for agile supply chains. We realise
how important production is for our
economic and national security. And
third, we need to decarbonise, which
will require the growth of new manufac-
turing systems at scale.”
Since areas like industry, power and
transport are responsible for 70 per cent
of carbon emissions, changing the way
we make things will be crucial to achiev-
ing climate change goals. Printing layers
of metal, for example, requires a frac-
tion of the energy and carbon load of
cutting parts out of a block of solid
material.
Technology investors see huge oppor-
tunities in the shift. Former White
House supply chain policy adviser Eliza-
beth Reynolds — who spent much of the
past two years sorting out port backups
Shifts in the way
we make things will
be crucial to achieving
climate change goals
pillar of EU co-operation: a level playing
field in the single market. If national
budgets have to become more invest-
ment-friendly, not all can be equally
generous. Whether because of budget
rules or market borrowing rates, some
will be unable to match the largesse of
others. The result of a large but geo-
graphically uneven subsidy bonanza
may be a large but geographically une-
ven productivity boom, with the fruits
There is a contradiction
between investment goals
and constraints on national
and common budgets
of the green transition reinforcing exist-
ing inequalities.
Only three years ago, similar fears
that pandemic support packages would
upend single market fairness pushed
the EU across the Rubicon of common
borrowing and a (small) fiscal union. It
is unsurprising that analogous fears
deemed too big to fail. In a move that
was radical then, reflexive now, the
FDIC extended unlimited protection to
Continental depositors — just as it
recently did for SVB depositors.
Recent bank runs have been com-
pared to the savings and loan crisis of
the 1980s. Triggered in part by regula-
tion that made it impossible for S&Ls to
compete in an environment of rising
rates, the crisis was resolved by regula-
tors who wound down more than 700 of
these “thrifts” at a cost to taxpayers of
about $130bn. The first preventive
rescue came in the late 1990s, when the
Fed organised support for a hedge fund
deeply tied to foreign markets, to avoid
the threat of a systemic financial crisis.
Those rescues pale next to 2008 and
2020, when the Fed and Treasury
smashed records for trillions of dollars
created or extended in loans and
bailouts to thousands of companies
across finance and other industries at
home and abroad. In each crisis, rescues
held down the corporate default rate
to levels that were unexpectedly low,
compared with past patterns. They are
doing the same now even as rates rise
and bank runs begin.
and baby food formula shortages — has
left the Biden administration to join
Unless, an investment fund that plans to
plough up to $100mn a year into start-
ups focused on industrial transforma-
tion. This includes things like additive
manufacturing and materials science,
but also sensors, robotics, AI, and soft-
ware that will help digitise America’s
vast number of small and medium-
sized industrial companies.
Right now, those firms tend to be
highly siloed. But in the world that peo-
ple like Hart, Reynolds and Reichow
envision, they would be connected just
as consumers are on the internet, able to
share resources and information seam-
lessly in a new industrial smart grid. The
productivity and growth opportunities
are obvious. “This isn’t about filters that
let you turn cats into dogs,” says Rey-
nolds. “Technology innovation around
re-industrialisation is very different,
and we are on the cusp of a real revolu-
tion in that area.”
Indeed, I think we may be at a pivot
point rather like 2007. Back then, the
introduction of the iPhone led to huge
today produce calls for more of the
same, such as an EU-level “sovereignty
fund” to finance the required industrial
transformation.
There is a contradiction, then,
between the goals of more investment,
strict constraints on national budgets
and no additional common spending.
The future of Europe’s economy
depends on resolving this trilemma.
For the northern “frugal” states,
whose ambitions from climate to
defence are in increasing conflict with
their traditional budget hawkishness,
this is particularly difficult. Denying
there is a problem is a political and prac-
tical dead end. Some will insist member
states can fund investment incentives
by raising other taxes or cutting spend-
ing elsewhere. But any single country’s
climate or strategic investments will
benefit other Europeans too. Simple
economic logic means that without
additional incentives, national govern-
ments will underinvest relative to nar-
rower domestic priorities.
Looking for ways to avoid tackling the
trilemma is tempting. Cheaper energy
The hazards are not just moral or
speculative, as many insist — they are
practical and present. The rescues
have led to a massive misallocation of
capital and a surge in the number of
zombie firms, which contribute might-
ily to weakening business dynamism
and productivity. In the US, total factor
productivity growth fell to just 0.5 per
cent after 2008, down from about 2 per
cent between 1870 and the early 1970s.
Instead of re-energising the economy,
the maximalist rescue culture is bloat-
ing and thereby destabilising the global
financial system. As fragility grows,
each new rescue hardens the case for
the next one.
No one who thinks about it for more
than a minute can wax nostalgic for
the painful if productive chaos of the
pre-1929 era. But too few policymakers
recognise that we are at an opposite
extreme; constant rescues undermine
capitalism. Government intervention
eases the pain of crises but over time
lowers productivity, economic growth
and living standards.
The writer is chair of Rockefeller Inter–
national
Matt Kenyon
growth in consumer technology. The
“app-economy” evolved and changed
the entire way we communicate, work,
play and shop. Business is about to go
through something similar, a long-
anticipated shift sped up by decoupling,
the pandemic and war in Ukraine. It’s a
transformation that will change the
nature of our economy. It’s also a big rea-
son I’m still long the Nasdaq, even
though there may yet be a bigger short-
term correction.
One unresolved question is whether
the new industrial revolution will be a
jobless one? Tech talent is starting to
migrate away from consumer software
and into industry. But AI, along with the
dramatically reduced human labour
needs of high-tech factories, has
reduced the number of people needed
to do this work. Still, it’s worth noting
that the app economy created job cate-
gories that hadn’t existed before. If we
are lucky, a new industrial revolution
will do the same in ways that have yet to
be imagined.
rana.foroohar@ft.com
would do wonders for investment. How-
ever, it requires more infrastructure
spending in the first place.
There are policies that can soften the
trade-offs. Doubling down on trade and
regulatory policies that convince com-
panies a huge EU market for green
goods is imminent should lift invest-
ment and has no cost. And while corpo-
rate Europe’s complaint of an “existen-
tial threat” from the US Inflation Reduc-
tion Act is self-serving (EU subsidies are
larger than America’s), the move does
highlight that the US delivers its subsidy
dollars faster and more predictably.
Practical ideas to replicate this, such as
the European Commission’s suggestion
of a common scheme for national tax
credits, would help deploy existing
funds faster.
But even so, the trilemma would
remain. It reflects divergent visions of
how to run the economy — and the
European project itself. More than tech-
nical policy fixes, statecraft is needed to
resolve it.
martin.sandbu@ft.com
27
Perils await if
Conservatives
rely on Sunak
to save them
Tim
Bale
R
ishi Sunak is on a roll. If you
believe Conservative spin-
doctors, the prime minister
is stopping small boats
crossing the channel, he’s
saved a bank and its customers from
going under, and he’s helped shape a
relatively well-received Budget — one
that should allow him to spend just
before the general election he has to call
sometime next year.
Above all, he’s proved that pragma-
tism can solve even the thorniest of
legacy problems, getting his Northern
Ireland Brexit fix through the Commons
with only a small rebellion from a dwin-
dling band of Brexiter malcontents and
disgruntled former leaders, including
Boris Johnson.
At least some of these claims are cred-
ible, and have led to a significant uptick
in Sunak’s personal poll ratings, up 5 per
cent on last month. But it’s far from
uncomplicated good news for his party
— Sunak’s successes have not so far
triggered an increase in support for the
Conservatives, still lagging behind
Labour by about 15 to 20 per cent.
His MPs shouldn’t abandon all hope of
a halo effect. If voters admire a leader
while harbouring reservations about
their party, an election campaign that
puts said leader front and centre can
potentially swing things even a belea-
guered government’s way.
No surprise, then, that this is the
strategy many analysts expect the gov-
ernment to follow — a markedly unpop-
ular Tory party hiding behind the skirts
of a sympathetic and popular Sunak.
But while it may be the best option avail-
able, recent precedents are not particu-
Many expect the markedly
unpopular party to hide
behind a sympathetic
and popular leader
larly encouraging: leaders aren’t the
be-all and end-all in winning elections.
To hear his most ardent admirers,
Boris Johnson almost single-handedly
won the 2019 election for the Tories. Yet
detailed polling during the campaign
suggests that that victory owed far more
to the slogan “Get Brexit Done”, plus
widespread antipathy to then Labour
leader Jeremy Corbyn, than to Johnson’s
personal appeal. Indeed, Johnson was
actually less popular with voters by
election day than both Corbyn and
Theresa May had been in 2017.
The May campaign offers the direst of
warnings to Tories who think the elec-
torate’s misgivings about the party can
be assuaged by focusing on the leader. I
have discovered that polling research
designed to test whether calling an
election that year was a smart move was
far from positive. The resulting recom-
mendation for a campaign built around
the supposedly “strong and stable” May
was made by strategists who had no idea
what a poor communicator she was —
then seized on nevertheless by insiders
who did, but hoped it wouldn’t matter.
That wasn’t, of course, the only reason
things went catastrophically wrong. The
absence of a clear command structure,
an undercooked media strategy, and an
overambitious manifesto and seat-
targeting operation also played their
part. So, too, did the failure to persuade
voters — most famously, Brenda from
Bristol whose views went viral — that
another general election needed to be
held just two years after the last one.
None of those mistakes was repeated
in 2019: Isaac Levido was firmly in
charge of strategy, the Tory manifesto
was deliberately dull and effectively
bombproof, its media operation well
organised and its targeting far more
realistic. Since Levido will be running
the Conservative campaign next year,
too, we’re unlikely to see the dysfunc-
tion and division of 2017.
But perhaps the most important
difference between 2017, 2019 and 2024
will be that, in Sunak, the Tories have a
leader who might turn out to be better
respected than Johnson and better able
to front a presidential-style campaign
than May — in an election that is due,
not chosen for party advantage.
Whether, though, after more than a
decade in power and with arguably pre-
cious little to show for all those changes
of leader, that will be enough to save the
Conservatives remains to be seen.
The writer’s new book is ‘The Conservative
Party After Brexit’
28 ★ † FINANCIAL TIMES Monday 27 March 2023

Tipping point
Japan makes a firm stand
against the gratuities culture
Z LEO LEWIS, OPINION

Why five days

in the office
don’t add up
{ Bank failures:
hit and run }
Financial crises
%, weighted by GDP, 3-year moving average
1907 Severe US bank run led to the 1914 2008
establishment of the Federal Reserve System Global financial crisis
1826 1930s Great depression
Failure of one
45
in 10 banks in England 40
and Wales 1990s
1857 Nordic and Japanese
First worldwide banking crises 35
financial crisis 30
1890 1914
Baring World 25
crisis War I 1980s
Savings and loans,
20
Latin American 15
debt crisis
10
5
0

Pilita Clark 10 20 30 40 50 60 70 80 90
1800 1900
10 20 30 40 50 60 70 80 90 08
2000

Business Life Sources: Reinhart and Rogoff; FT Research

Bank runs in the digital age are incorporate. But limited liability became

T
his is a story about a man
named James, a woman
named Julie and anyone
else still grappling with the
new world of office work
that Covid unleashed almost exactly
three years ago.
James Long is a veteran financier in
London who founded a boutique clean
energy financial advisory firm called
Longreach Capital in 2019, just before
the pandemic broke out.
One of his first hires was
30-something Julie Gimenez, who was
then in London working on
infrastructure investments at one of
Europe’s largest banks. As Britain
locked down, Long stayed in London
and Gimenez moved to a sunnier city
in southern Europe. She’s still there
now and Long is still in London,
working in the firm’s St James’s Square
office several days a week.
Gimenez comes to the London office
at least once a month for a few days
and travels abroad often for work
meetings. The firm is doing well. It
arranged one of the UK’s biggest green
hydrogen financing deals in the past 12
months. But its working arrangements
are what Long calls “an ongoing
conversation” and Gimenez calls “a hot
topic”. They agree some work must be
done in person, such as client
meetings, and some is easily done
remotely, like paperwork to complete a
deal. They also agree it’s good for
younger staff to work in person with
more experienced people.
But there is less accord about a third
category of tasks such as devising a
presentation for an upcoming client
meeting, or internal team meetings.
Long says: “I have a tendency to say
that most things should be done
physically, but I appreciate there is
scope for remote work.”
Gimenez, however, says the
pandemic showed how efficient and
productive she could be when free to
focus deeply at home, away from office
distractions. “Now that I know that, it’s
frustrating to have to meet in person
when I know it isn’t going to help with
what I’m working on.”
She also thinks much time is wasted
“ There was no sign that
hybrid homeworking raised
or lowered productivity
significantly. But attrition
rates fell by a third ”
flying to business meetings that could
be easily held online. Long feels much
of professional life is about turning up.
So who is right? Three years after
hybrid or remote working took off, do
we know if it saps or boosts
productivity? Were the likes of Elon
Musk right to order workers back to
the office or else?
Answers are starting to emerge — for
some types of work in some types of
businesses. They were set out in a
recently revised National Bureau of
Economic Research paper co-authored
by Stanford University economist,
Professor Nick Bloom, whose advice on
hybrid work is followed widely by
companies.
Studies before and during the
pandemic showed the productivity of
call centre staff working at home rose
by about 10 per cent. But not everyone
works like a call centre employee, and
another study of graduates working in
teams at an Asian IT company found
productivity sank by at least 8 per cent
after they were abruptly sent home
when the pandemic struck.
These staff, however, went from
fully in-office to fully remote work in a
rush and, as Bloom’s paper says, there
was no randomised control group,
Kenneth Andersson
so the results are hard to assess.
More answers come from a
randomised trial of both managers and
non-managers at a large tech company
that Bloom carried out in 2021 and
2022. One group worked at home on
Wednesdays and Fridays. The other
stayed in the office full-time.
The result? There was no sign that
hybrid homeworking either raised or
lowered productivity significantly. But
workers liked it and attrition rates fell
by a third.
The bottom line, Bloom told me last
week, is that people who say working
from home hurts productivity are often
talking about fully remote work, which
can affect productivity — but can also
attract staff and lower office costs.
Companies must calculate that
trade-off. But for managers and
professionals, Bloom says the evidence
shows a mix of working at home and in
the office is win-win. “It doesn’t make
sense to go back to five days a week.”
Ultimately, that means a lot of people
are, like Longreach’s Long and
Gimenez, set to keep prodding and
challenging each other to slowly make
a new way of working work.
pilita.clark@ft.com
extraordinarily swift. The demise of
Silicon Valley Bank and Credit Suisse
have demonstrated that. But at heart,
bank runs are old-fashioned affairs.
With the exception of a few decades
of calm after the second world war,
such crises have occurred regularly.
Most follow a pattern that is
centuries old. Speculative booms, large
capital inflows or financial liberalisation
are common precursors. The proximate
cause is often falling asset prices.
Depositors’ subsequent flight to safety
causes contagion. The consequence is a
credit crunch, depressing production
and employment. Nearly half of all US
business-cycle downturns from 1825 to
1914 involved big banking crises.
Remedies have been long debated. A
banker first floated the idea that the
Bank of England should act as a lender
of last resort in 1797. At first, the Old
Lady — then a private bank with some
public responsibilities — did not play
ball. Its initial response to the 1825
panic was to protect its reserves, ration
lending and raise its discount rate.
More than one in 10 banks in England
and Wales had failed by 1826.
That crash prompted legislation
allowing banks — then small, poorly
capitalised partnerships — to
mainstream only after the failure of the
City of Glasgow Bank in 1878.
The gulf between its assets and
liabilities punctured the notion
that unlimited liability guaranteed the
bank. That drama has resonance today,
as post-2008 rules intended to make
shareholders bear the brunt of any
bailout are put to the test.
Another early response to bank runs
was deposit insurance. This was first
introduced in 1829 by the US state of
New York. Just over a century later,
a federal insurance system was
introduced in response to the collapse
of more than 9,000 banks in the Great
Depression. It has recently — and
controversially — been extended to
cover all the depositors of SVB and
Signature.
The rescue effort sets expectations
for future bailouts dangerously high,
say critics. That adds to concerns about
moral hazard. While intervening in bank
runs limits the damage, it dilutes the
incentive to guard against financial
risks. No wonder many financial
regulators pay close attention to
history. Their tools and understanding
are more sophisticated than in the past.
But the underlying dilemma is not
much changed.

CROSSWORD
No 17,369 Set by MOO
ä á Þ Ú Ö Ò Î Ë ACROSS

È 1 Where to find ‘barrister’ in dictionary (8)

5 Beer for the mischievous Spike? (6)
ä. ää 10 Annoys son, insensible on couch (4,3)
11 Polish monitor right to pull back (7)
12 Ban inexperienced person who might
get you shot (9)
äá äÞ äÚ 13 Pitiful bishop covered in sauce (5)
15 A big blow, going wrong way round
South American city (5)
16 Accommodation Tom uses as bordello
äÖ äÒ äÎ (8)
19 Just one rum? (8)
äË 20 Heartless judge rejecting 50 men in
Alpine region (5)
äÈ á. 21 Soothsayer fearfully holding goddess
back (5)
23 Tossed and turned, no longer wanted (9)
25 Building from which yours truly might
áä áá áÞ áÚ emerge? (7)
27 Pope of old like a wild beast? (7)
28 Doctor eating Moroccan dish (6)
29 Proceed strangely unnoticed for the
áÖ áÒ áÎ most part (8)

DOWN

áË áÈ 1 Perfect example of what plagiarist might

do? (8)
2 Another local faced with change (11)
3 No embargo set? It might backfire! (9)
4 Did judge set gunmen on fifties rebel?
(5)
JOTTER PAD 6 Customs announcing another ecstasy
haul? (5)
7 Had an aversion for Cockneys (3)
Solution 17,366 8 English attempt to hold northern
approach (5)
8 Ô Ú B ~ € æ Ï ‚ € € N Ú Ú
9 Trader caught out in corporate
B × ‚ € ‚ Ô Ï N
manipulation (8)
× E Ý æ € Ú B } N € æ ‚ Ý }
14 Engagement in doubt (11)
× B B ~ } € 8 ‚ 16 State school board occasionally running
N 7 } ‚ 7 H N Ý Ú : B Ú § × into trouble (8)
7 N N 7 Ô N N 17 Dismissed twice in total (3-3-3)
? æ Ú × : N ã : ‚ ª K Ô : 18 No one here, it seems, is completely sane
~ Ô 8 7 ‚ ª (3,5)
Ý N × Ý B N } ~ Ô } } : N 21 Newspaper carrying terrific feature (5)
æ 7 N E Ú Ú Ô 22 A broody female devouring second
~ ‚ ã Ý B } Ý ‚ H à Ô N N 7 pasty (5)
Ô N Ú Ô × Ô E Ú 24 Sex toy of a hobbit initially disturbing for
Ú ã N ~ × ‚ ~ : N N ã æ ~ E You can now solve our crosswords bishops (5)
N Ò N N ‚ ‚ æ B in the new FT crossword app at 26 What might give the Dalai Lama a
Ú Ð N ‚ Ý ª : Ô ~ < ª } B ã ft.com/crosswordapp shock? (3)

Watches Jewellery
It’s your birthday
Sports watch stalwarts
celebrate anniversaries
LAUNCHES Page 2
Monday March 27 2023
Brands to capitalise on
coronation jubilation
Industry expects
sales boost from
jewellery made to
mark royal event,
says Kate Youde
T
he coronation of Queen Eliz-
abeth II in 1953 was a “com-
plete game changer” for
jeweller Deakin & Francis:
its commemorative silver
jam spoons, butter knives and teaspoons
flew off the shelves. “Sales were enor-
mous,” says managing director Henry
Deakin. “We built part of the factory [in
Birmingham] on the back of it.”
Seventy years on, the company now
best known for its cufflinks is among the
British watch and jewellery brands creat-
ing pieces to mark the coronation of the
UK’s newest monarch. Whether it can
replicate its previous success remains to
be seen. But Fflur Roberts, head of lux-
ury goods at market research provider
FT SPECIAL REPORT
Rise of the automaton Cultural connections
How to bring your What would Andy Warhol
products to life make of today’s arts tie-ups?
DESIGN Page 10 SPONSORSHIPS Page 8
www.ft.com/watches-jewellery
Euromonitor Inter-
national, says big
coronation souve-
nirs. A further six
royal events do
boost sales.
of the jeweller’s
designs feature the
As well as more King’s cipher, while
footfall from tourists another pair carries a
increasing sales in London, miniature 3D version of the
she says a collective celebration crown. “King Charles has regularly
makes people feel positive. “It’s very worn our cufflinks so it’s an obvious
much a feeling of coming together and
that builds consumer confidence, so peo-
link,” says Deakin.
He says the event is “good brand rec-
ple might be more willing to spend, or it ognition” for British companies. “‘Made
might be that they’re inspired by all of in England’ is getting stronger and
the jewels that they will see during the stronger, and what a perfect way to cele-
coronation and . . . be encouraged to brate it with the coronation.”
buy jewellery,” she says. Annoushka has taken inspiration
King Charles III will be crowned with St from the crown for an 18-carat and
Edward’s Crown at Westminster Abbey, ‘We cater to a white gold bejewelled charm, lim- Clockwise
London on May 6. The crown, made for lot of royal ited to 100 pieces, being released from left:
Charles II in 1661, features on the official on April 5. The jewels will bear St Edward’s
coronation emblem created by Sir Jony families , the King Charles III coronation Crown;
Ive, former chief design officer at Apple, particularly hallmark, depicting the mon- Annoushka
with its shape formed by flowers repre- arch’s head in profile, an optional coronation
senting the four nations of the UK. the Middle mark launched this month that crown charm;
Deakin & Francis has used this East, and can be requested on items hallmarked Deakin &
emblem for one of its eight designs for in the UK until the end of 2024. Francis 2023
sterling silver commemorative cuf- there are an “There’s always extra cachet when you coronation
flinks. A temporary relaxation of rules abundance can relay a piece of jewellery to a particu- cufflinks
governing the commercial use of royal lar time, especially now when the date Print Collector/Getty
arms and devices allows for their use on of princesses’ Continued on page 3 Images/Hulton Archive
2 ★
Watches & Jewellery | Watches and Wonders
Rolex, Tag Heuer and Blancpain all have venerable sports models with significant birthdays coming up this year, writes Simon de Burton
Stalwarts mark
milestone
moments on
land and sea
T
his is a year filled with sig-
nificant sports watch anni-
versaries. Three of the most
popular Rolex models have
milestones coming up, with
the Daytona turning 60, and the Subma-
riner and the Explorer pushing 70.
Two other brands whose signature
models have also played a part in the
evolution of the sports watch have spe-
cial birthdays to celebrate, too: Tag
Heuer’s Carrera chronograph and
Blancpain’s benchmark 50 Fathoms
diver model.
But, while Rolex is generally low-key
about marking such anniversaries, the
same cannot be said for the other dial
names. Tag Heuer has invested in a five-
minute movie short starring Ryan Gos-
ling to go alongside the release of a
clutch of new models being announced
at the Watches and Wonders fair today
— and at least two other Carreras will be
launched later in the year.
Directed by American film-maker
David Leitch, the movie was shot in Aus-
tralia in a break from Gosling and
Leitch’s forthcoming film The Fall Guy.
The short — called The Chase for Carrera
— will premiere in London on April 20.
“I think it’s a first in the watch indus-
try in terms of length and quality and
the fact that it features an A-list Holly-
wood actor,” says chief executive
Frédéric Arnault. “Each watch in the
Tag Heuer family has its own role to
play, but this year the Carrera is abso-
IWC revives a
Genta-designed
classic
The designer’s wife Evelyne tells
Robin Swithinbank about her late
husband’s work and what he
would have made of the
Ingenieur Automatic
High up in London’s Science Museum,
Evelyne Genta is discussing her late hus-
band, Gerald Charles Genta. “At one
point, he became obsessed with rap,”
she says of the 20th century’s most cele-
brated watch designer, eyes sparkling.
“When he was designing, there was
always loud music in the house. My
daughter thought it was fantastic. I con-
sidered seeing a lawyer to divorce.”
Gerald Genta died in 2011. During his
lifetime, he designed thousands of
watches, some of which became Swiss
watch industry icons. His Audemars
Piguet Royal Oak of 1972 created the
luxury stainless steel sports watch cate-
gory, while the Patek Philippe Nautilus
of 1976 continues to define it today. The
third of Genta’s 1970s sports watch tril-
ogy is the lesser-known IWC Ingenieur
SL, also of 1976, and it is this design that
Mrs Genta has come to discuss, ahead of
its return at Watches and Wonders
Geneva this week.
“He would have designed it in one go,”
she says of IWC’s highly collectible Ref-
erence 1832 ‘Jumbo’ version of the
watch, distinguished by its five exposed
bezel screws and integrated metal
bracelet — adding that Genta thought of
his watch designs as “applied art”. “He
thought IWC were particularly serious,
Suisse-Allemand, and that’s why they
did things well,” she says. “He loved IWC
and designed for them what he consid-
ered a really serious watch.”
The mystery behind the Ingenieur SL
is that it has been missing from IWC’s
collection for so long. Genta’s 1970s
design was a modernisation of an anti-
magnetic piece released in 1955, which
IWC has been using as its Ingenieur tem-
plate since 2016. In the time since,
lutely number one for us — it’s undoubt-
edly one of our most important watches
historically, which is why we’re invest-
ing a great deal in its future.”
The Carrera watch line accounts for
more than 30 per cent of Tag Heuer’s
business.
Although the Carrera chronograph
was launched in December 1963, more
than 30 years before Arnault was born,
he believes the story of how former
Heuer president Jack Heuer was
inspired to create it after learning about
the infamous Carrera Panamericana
cross-Mexico road race of the 1950s still
resonates with today’s young buyers.
“I think younger people are getting
really interested in the stories, image
and styles that are part of the classic car
world and, with the new Carrera, we’ve
tried to capture the essence of the his-
toric models in new but easily recognis-
able designs,” says Arnault.
The star piece (and the watch being
promoted by Gosling in the film) is the
39mm “Glass Box” chronograph, which
features a prominent crystal and a
curved dial — a modern method of
achieving the high level of legibility and
functionality that Heuer was aiming for
when he created the original , $98 “Car-
rera 12” of 1963.
That watch was largely replicated in
an edition of 600 “panda dial” Carreras
launched in January as the official anni-
versary model. However, during the
Watches and Wonders event, Tag will
FINANCIAL TIMES
pull the wraps off a 43mm glass
box chronograph tourbillon, two
further chronographs with con-
ventional crystals, as well as a
new version of the three-hand
Carrera Date.
Although the original Car-
rera Panamericana race was
cancelled after its 1954 itera-
tion due to a spate of fatal
accidents, it was revived as a
stage rally in 1988 and still
takes place today.
T
his year’s rally, hap-
pening in October,
will see Tag Heuer as
the official watch and
timing partner and is
likely to coincide with the release of
another new Carrera model in collabo-
ration with Porsche, which has also used
the name on certain versions of its cars
since 1954.
Meanwhile, away from the Watches
and Wonders show in Geneva,
Blancpain has chosen to celebrate the
70th anniversary of its landmark 50
Fathoms with a trio of new models being
launched in different parts of the world.
Regarded by many as the very first
commercially produced sport diver’s
watch, the 50 Fathoms saw the light of
day in 1953 after the French navy’s elite
underwater unit was established by
naval officers Robert Maloubier and
Claude Riffaud.
Evelyne Genta and Gerald
Genta. The IWC Ingenieur
Automatic 40 (above)
Richard Wilson
steely, angular 1970s sports watch
designs have skyrocketed in popularity,
leaving IWC behind.
Mrs Genta, who lives in London and is
Monaco’s ambassador to the UK,
appears to believe the trend is vindica-
tion of her husband’s work. As a free-
lance designer, Genta worked for count-
less brands, including Cartier, Omega
and Bulgari, often uncredited. But that
has changed since his death.
“Suddenly, everybody has got their
memory back,” says Mrs Genta. “Gerald
deserved more recognition because he
had done so much for the Swiss watch
industry in the 1970s when things
weren’t so good. Now, we have compa-
nies saying Gerald designed their
watches, when he didn’t.”
The new IWC Ingenieur Automatic 40
collection is a sympathetic update of
Genta’s original design. Mrs Genta was
not involved in its development, but is
happy to give it her husband’s seal of
approval. “I know what Gerald would
have thought,” she says. “And he would
have thought it was very good.”
‘Gerald deserved more
recognition because he had
done so much for the Swiss
watch industry in the 1970s’
Ryan Gosling (above left)
will star in a short film
commissioned by Tag
Heuer CEO Frédéric
Arnault (above right) to
celebrate the Carrera
(left). Blancpain
(below) is behind
the first
commercially
produced
diver’s watch
Zenith clears its Pilots for take-off
in renewed spirit of adventure
Refreshed collection
marks watchmaker’s
return to the aviation
segment, says Robin
Swithinbank
At Watches and Wonders in Geneva this
week, Zenith has revived its Pilot collec-
tion of watches. But, unlike many of its
competitors, the Swiss watch company
will not be using fighter jets or Catch-Me-
If-You-Can-style imagery to give its new
watches wings.
“This is about much more than war or
polluting jetliners,” says Julien Tornare,
chief executive of Zenith watches.
“They’re about adventure, travelling
and the positive aspect of the plane —
openness to the world.”
One of the curiosities of Swiss watch-
making is that it is Zenith that holds the
trademark to use the word “pilot” on a
watch dial, and not Rolex, Breitling or
IWC — much larger companies, and all
better known as pilot’s watch makers.
It is because — in an act of startling
prescience — Zenith’s founder regis-
tered the French Pilote in
1888, 15 years before the
Wright Brothers’ first flight.
The anglicised version was
added in 1904, shortly
before Zenith kitted out
Louis Blériot’s flying
contraption Blériot XI
with timing gear for
his seminal 1909
crossing of the Eng-
lish Channel.
The new collection
marks Zenith’s return to
the pilot’s watch segment.
A little over a decade ago, it
revived the trademark with a
series of pieces led by the Pilot
Type 20, an oversized watch
with vintage looks that Tornare
says is showing its age.
“The Pilot was very vintage in the
past, in bronze and aged steel,” he says.
“The idea now is to be much more con-
temporary. The new watches are much
They called on Blancpain having
heard that its manager, recreational
diver Jean-Jacques Fiechter, already
had a design in the pipeline as a result of
coming close to running out of air after
mistiming an ascent.
Upgraded with the addition of a Fara-
day cage, to protect against magnetism,
the 50 Fathoms went into service in
1953, remaining a military secret until
1956, when it appeared in Jacques Cous-
teau’s underwater documentary The
Silent World.
It subsequently came to be included
in commercial Scuba-diving catalogues
and was even made available to rent
from specialist shops as the popularity
of sports diving took off.
The model disappeared from
Blancpain’s line-up during the
1970s, only to reappear in 2003
after the brand had been
under Swatch Group own-
ership for more than a
decade.
It was then that chief
executive Marc Hayek
— another diving fan —
sanctioned a 50th anni-
versary revival, of three
limited editions of 50 pieces
each, across the territories of
Asia, Europe and North America.
The editions proved so popular
that the 50 Fathoms returned to full
production — and the three-launch
theme has been revisited to celebrate
Zenith CEO Julien Tornare is
relaunching the brand’s most
longstanding line — Alex Stephen Teuscher
‘We have rejuvenated our
client by nine years, from
47 to 36 years old’
Monday 27 March 2023
this year’s 70th anniversary. The 50
Fathoms line now accounts for 35 per
cent of Blancpain’s sales.
In January, three 70-piece “Act One”
editions were released, all closely based
on the 2003 model and respectively
dedicated to the Emea, Asia-Pacific and
Americas regions.
This was followed by “Act Two” which
involved the release of the most techni-
cally advanced 50 Fathoms yet, in the
form of the Tech Gombessa model. It
was launched on the Rangiroa atoll in
French Polynesia.
Five years in development, the watch
was tested by Hayek and professional
diver Laurent Ballesta, founder of the
Blancpain-backed Gombessa project,
which undertakes extreme underwater
expeditions around the world.
Uniquely, the Tech Gombessa can
measure immersion times of up to three
hours thanks to a special bezel linked to
a dedicated hand that completes one
dial rotation in 180 minutes.
Hayek and Ballesta have filed a joint
patent for the hand-wound movement’s
three-hour countdown mechanism,
which sits in a 47mm titanium case fit-
ted with a helium release valve to make
the £24,700 watch suitable for satura-
tion diving.
The “Act Three” 50 Fathoms will be
announced in September — and, taking
a leaf out of Rolex’s book, Blancpain
refuses to give the slightest hint of what
it might be like.
more wearable.” There are four new
models at launch: a pair of 42.5mm fly-
back chronographs; and two 40mm
automatics, one each in steel and
another in black ceramic. Prices start
from £6,700 and top out at £11,900.
Tornare says he expects his new col-
lection to continue a pattern that began
when he first joined the company six
years ago. “We have rejuvenated our cli-
ent by nine years, from 47 to 36 years
old,” he says.
Zenith, which is owned by the French
luxury conglomerate LVMH, is now
making 24,000 watches a year, says
Tornare, a figure he claims is hard
to increase rapidly as the com-
pany uses only its own El
Primero and Elite movements
in its watches.
Following the successes of
the Chronomaster Sport
and Defy Skyline of recent
years, revenues in 2022
were up by a “high double-
digit” percentage, he adds.
Now, in a further updating of
the flight theme, the story of the
new Pilot will be told by paper aero-
planes, explains Tornare. “We’re
never going into fighter jets or commer-
cial airliners. This is much more intel-
lectual and poetic. It’s about adventure,
crossing the world, meeting cultures.”
Monday 27 March 2023 ★ FINANCIAL TIMES 3

Watches & Jewellery | Watches and Wonders

Industry veteran brings his own watch to market

Jean-Claude Biver tells just decorating what people
see,” says Jean-Claude. “It is
They include such high-calibre hires as
production director Francois Perez —
back and front to his standard costs
more than SFr5,000. Jean-Claude does
Nick Foulkes what it decorating everything. I call
this is invisible visibility.”
formerly of Concepto, the movement
maker behind Bulgari’s ultra slim Octo
not specify his margins, but says he has
make an effort to keep them fair. He
takes to come up with He also wants to leave his Finissimo. does not have a distributor, but works
mark inside the movement. Then, there is speed. Instead of directly with just a handful of retailers
a new standard in “That is why we started requiring three or four years to to keep costs down.
our own poinçon bring a watch to market, the The 42mm minute repeater
movement decoration [hallmark],” he says, Biver team has taken less tourbillon is something of a place holder

C
onsultancy, motivational
speaking, and investing in
start-ups were simply not
enough to keep
septuagenarian watch
industry veteran and professional
disrupter, Jean-Claude Biver, occupied
after retirement.
And the outcome of his existential
crisis is one of the most anticipated
watch launches of the year. Last Sunday,
just before the opening of the Watches
and Wonders fair in Geneva, several
industry figures gathered at the 73-year-
old’s workshop outside the city to
inaugurate the Biver brand, which he is
launching with his 22-year-old son,
Pierre. “I want to help my son to enter
the watch business, and, eventually, to
be my successor,” he says.
During the past 18 months, the Bivers
have sunk SFr12mn ($12.9mn) into the
business and have just yesterday
launched their first self-winding minute
repeater tourbillon — with a SFr500,000
pricetag — limited to 15 watches.
A single Biver minute repeater will
also be offered at Phillips’s spring
auction in May. “We’re trying to make it
Jean-Claude Biver (left) with his son Pierre
become sort of [a] Grail,” says Pierre,
before outlining plans for another
“much simpler and more affordable”
model down the line.
With about half a century in the Swiss
watch business under his belt, Jean-
Claude is one of horology’s big beasts.
He started at Audemars Piguet in 1973,
bought the name Blancpain, rebuilt it
and then sold it to the Swatch Group,
where he worked closely with its
founder, Nicolas Hayek, on Omega. He
relaunched the dying brand Hublot —
which was subsequently bought by
LVMH — where he ran the watch
division until he retired in 2018. Now, he
is back and this time it is personal, with
his own name on the watch dial.
Aesthetically, the Biver brand
— Alex Stephen Teuscher
references the tropes of today. There is a
distinctive five-link bracelet design that
chimes with the recent focus on
integrated case and bracelet designs,
while the finishing is in line with the
current mania for independent brands.
The minute repeater’s movement,
made by the Neuchâtel-based
manufacturer Cercle des Horlogers,
features enlarged wheels to show off the
fact that they are decorated, an unusual
focus for a watchmaker. “Luxury is not
going into direct
competition with the
already-existing poinçon
de Genève [hallmark of
Geneva] which most
watchmakers aspire to get.
“Our poinçon is more difficult to
follow than the poinçon de
Genève,” says Jean-Claude of his
proprietary quality seal with its
emphasis on movement
decoration.
Neither Biver pretends to be a regular
watchmaker — they are instead
returning to the commercial approach
that defined Swiss watchmaking during
the 18th century: établissage. The
établisseur purchased basic components
from various suppliers and then had
them assembled.
There are considerable benefits to this
approach. The Biver team is relatively
small, with 12 people working at the HQ.
than 18 months.
Among the suppliers Jean-
Claude is working with is Efteor,
a small Swiss casemaker
supplying Greubel Forsey and A
Lange & Söhne, as well as Chanel-
owned bracelet maker Chatelain.
Jean-Claude is particularly
proud of the sodalite dial with
applied gold indices, the
back of which is finished
with perlage. “It’s the most
beautiful dial. I wrote to the
maker and said it’s the best I
have seen in 50 years.”
However, the low volumes
and the higher standards that
they have set themselves come at
a premium. For instance, each
sodalite dial costs more than
SFr20,000 and there is an 80 per
cent wastage rate. Meanwhile, a
set of three gold hands finished
heralding a core range of a minute
repeater, time-only, and chronograph,
all in 38mm cases. The chronograph
movement being developed
exclusively for Biver by
Dubois Depraz will feature a
1/10th of a second indicator
visible through an aperture in
the upper half of the dial. The
time-only model will be
produced in slightly larger
numbers — about 100 per
year.
“We’re trying to push
the level of execution,”
says Pierre. “We’re not
trying to be the most
innovative, we’re not trying to
disrupt the whole market.” If
history is anything to go by,
however, Jean-Claude tends to be
disruptive whether he tries to be or
not.

Brands to capitalise on
coronation jubilation
Continued from page 1
letter is only an option on hallmarking,”
says independent fine jewellery expert
Joanna Hardy. “The coronation hallmark
of King Charles will denote the period
that it was made, and of his coronation.”
Tateossian has made the coronation
hallmark the focal point of its rhodium-
plated sterling silver King Charles col-
lection, comprising two pairs of cuf-
flinks, a ring, two bracelets and a bangle
each limited to 50 pieces, which
launches today.
Hardy says the coronation is “a great
boost for the industry”. “It gives people
a reason to design something a little bit
different,” she says.
David Morris has chosen to create two
one-of-a-kind pieces, including a white
gold ring with a central 17.5-carat
purplish-blue spinel, 7.71 carats of red-
pink spinel and two carats of white dia-
monds, inspired by the design team’s
lunchtime walks in the royal parks near
the jeweller’s Bond Street atelier.
“There’s such a specific and incredible
aesthetic in wrought iron work and regal
motifs that you find all over the place,
from the benches and old gas lamps [to]
things like the gates to Buckingham Pal-
ace,” says Julian Medwell, senior
designer at David Morris, which made
the bespoke dragon statue that adorns
the bonnet of the Aston Martin Queen
Elizabeth II gave the now king on his
21st birthday in 1969. “There’s little
scrolls hidden everywhere and that
often trickles back into our sketch-
books.”
Its rhodium-plated white gold
tiara with spray motif is set with
more than 24 carats of rose-cut,
pear-shaped diamonds in a
wishbone style. David Morris
receives a flurry of requests
about tiaras whenever
there is a significant royal
event. “We cater to a lot of
royal families throughout
the world, particularly the
Middle East, and there are
an abundance of princesses,”
explains Medwell.
Interest is global. Deakin
says his company had customers
from Europe and the US “queue-
ing up” for coronation cufflinks
before their launch.
On the watchmaking front, William
Wood Watches will take five of the 30
pieces in its British Coronation Watch
limited edition to sell at the Windup
Watch Fair in San Francisco at the end of
April. This watch uses the same case as
the sellout Triumph Bronze Jubilee,
which marked the late queen’s platinum
jubilee, but has a British racing green
metallic shimmer dial etched with the
Union Jack flag. The strap is made from
green fire hose used by Lancashire Fire
and Rescue Service, with the brand’s sig-
nature ‘In case of fire break glass’ case
back also green.
Americans “really appreciate being
able to purchase [from] a brand that has
British quintessential heritage,” says
Jonny Garrett, founder of William Wood
Watches, “and, when the royal family is
layered into it as well, and there’s only 30
pieces available, that definitely helps”.
Sotheby’s is holding a cross-category
online sale, between April 21 and May 4,
of items relating to the British monarchy
past and present. Jewellery lots include
one of six identical diamond brooches
Queen Elizabeth II gave her coronation
maids of honour. The Garrard jewel
(estimate £30,000-£50,000) is the sec-
ond to come to auction. Featuring the ini-
tials ER modelled in the late queen’s
handwriting, it belonged to Lady Moyra
Campbell.
In a break from recent tradition,
Camilla, Queen Consort has not com-
missioned a new crown for the corona-
tion but will use Queen Mary’s Crown,
made by Garrard for the consort of King
George V in 1911, after the piece is reset
with the Cullinan III, IV and V diamonds
from Queen Elizabeth II’s jewellery col-
lection. Queen Elizabeth II often wore
the gems as brooches.
The Cullinan II diamond is in the Impe-
rial State Crown, made by Garrard for the
coronation of King George VI in 1937,
which King Charles III will also wear dur-
ing the Westminster Abbey service.
A one-off ring made by Boodles to
mark the coronation will feature
two heart-shaped diamonds from
the same mine.
Hirsh London will give its
18-carat yellow gold and
platinum butterfly brooch,
featuring a central 1.76-
carat kite-shaped fancy
intense yellow diamond
above two green diamonds,
pride of place in its Mayfair
window. Managing director
Sophia Hirsh says the coronation
provided the opportunity to
“showcase local craftsmanship”
with a one-of-a-kind, “technically
challenging” piece: the butterfly’s wings,
set with yellow diamonds graduating to
cognac diamonds on the tips, were cre-
ated with en tremblant movement.
She wanted the piece to reflect the
environmental efforts of the “Climate
King”. “Butterflies are also a symbol of
change and transformation so it seemed
an appropriate tribute,” she says.

Contributors
Simon de Burton, Niicholas Foulkes Alan Knox
Contributing editors, HTSI Picture editor

Francesca Fearon, Milena Lazazzera, For advertising details, contact:

Ming Liu, Caroline Palmer, YoonSun Oh, +33 (0) 6 66 83 31 54,
Robin Swithinbank, Kate Youde yoonsun.oh@ft.com, or
Freelance journalists your usual FT representative.

George Kyriakos
Commissioning editor All editorial content in this report is
produced by the FT. Our advertisers
Steven Bird have no influence over or prior sight of
Designer the articles.
4 ★
Watches & Jewellery
‘People ask why watch servicing is so expensive’
Megan Young has seen
perceptions change
after rise of pre-owned
watch market, writes
Simon de Burton
T
he stereotypical image of a
watchmaker might be that
of a bespectacled older
gentleman with wizened
fingers, wild hair, and a
poor posture resulting from years
hunched over the bench.
But that certainly does not describe
29-year-old Megan Young who, in less
than a decade, has gone from horology
student to founder of the fastest-growing
independent service facility in the UK.
Dutch-born Young, whose father
comes from Manchester and whose late
mother was from the Netherlands, is
director of the Hertfordshire-based
Watch Atelier, an independent business
born out of the service department of
pre-owned luxury goods retailer Xupes.
Xupes’s watch sales division became
Chrono24 UK after being acquired by
the German online platform Chrono24
in the summer of 2021 — leaving the
service and repair side (then called
Xupes Services) available for takeover.
With the help of a £500,000 loan,
Young has expanded the facility —
which is housed in a converted
Victorian barn — to incorporate 28
bespoke benches, eight Recomatic
polishing machines, automated
ultrasonic cleaning equipment, and
numerous other devices that will
enable the business to increase
throughput while enhancing quality.
It marks a career high point for the
aptly-named Young, who knew she
wanted to be a watchmaker even before
finishing school. “When I was in my
early teens, I went to an event
showcasing craft professions, and that’s
where I discovered watchmaking,” she
says. “I decided to leave school at 16 and
enrol on a four-year-horology course,
which included two apprentice years
during which I worked with Frédérique
Constant, a brand founded by Peter and
Megan Young at the Watch Atelier
service workshop
Charlie Bibby/FT
‘Skilled staff need good
wages, and equipment can
be very expensive. A single
Bluetooth timing machine
costs around £5,000’
FINANCIAL TIMES
Aletta Stas who, like me, are Dutch.”
The experience revealed Young’s
love for problem-solving. Her obvious
passion for her chosen profession soon
landed her a job at the Hamburg
flagship of long-established watch and
jewellery retailer Wempe.
Wempe subsequently moved Young
to its London store, at which she
attained service accreditations with
Cartier, Baume & Mercier, Panerai and
Patek Philippe — all before the age of
23 and within the space of three years.
She has since added Rolex to her list of
accreditations. At 25, she was recruited
to establish the first watch service and
repair workshop for luxury
department store Harrods, before
being headhunted by Xupes in the
summer of 2019. “Having spent three
years growing the servicing side of
Xupes and developing relationships
with clients, the opportunity to take it
over seemed too good to miss,” says
Young, who currently employs 15
watchmakers and technicians — a
number she hopes to increase to 50.
“It’s well known that the pre-owned
watch market has grown dramatically
in recent years, and people have come
to understand that if they want to be
able to sell a watch for decent price in
the future they are going to need to
look after it,” she explains.
“The servicing side of the industry
has changed a lot. Previously, people
were a bit oblivious to it but, now that
brands are publicising its availability
JLC takes a
chance with
a two-face
Reverso
Jaeger-LeCoultre will demonstrate its
mastery of micro-mechanics at this
year’s Watches and Wonders show with
the launch of a special version of its flip-
case Reverso model that features
separate dials on the front and back, as
well as a tourbillon regulator visible on
both sides (right). The hand-wound
movement that powers the two sets of
hands — which enable the Reverso
Tribute Duoface Tourbillon to display
the hour in two different time zones
simultaneously — contains 254 parts, 60
of which are accounted for in the
minuscule tourbillon cage weighing just
0.45 of a gramme. The watch costs
around €160,000 and will only be
available in limited numbers.
Kermit green
Oris is launching a variation of its Pro
Pilot X Calibre 4000 watch by giving it a
makeover honouring Kermit the Frog,
star of the celebrated
Muppet Show. The Swiss
maker collaborated with
Disney+, which began
streaming the show in 2021,
to give the watch a frog
green dial and a special
calendar feature: an emoji of
Kermit’s smiling visage
appears in the date window
on the first day of every
month. The ProPilot X
Kermit Edition costs
£3,700.
It really flew
One of 80 Tudor Pelagos
watches commissioned last year
to commemorate the 80th
anniversary of the British Army’s
elite Parachute regiment, the Red
Berets, has fetched a 10-times
estimate £53,340 at Sotheby’s in
London. The 42mm titanium and steel
chronometer carried the regiment’s
winged symbol on the dial, while the
caseback was engraved with the names
of a dozen locations where its members
have seen notable action. These
included Primosole Bridge (captured by
the Paras during the Allied invasion of
Sicily in 1943) and the Falklands. The
watch was sold complete with a red
beret and a regimental belt.
and cost, many owners are asking why
it has to be so expensive.
“Our aim is to make servicing and
repair more affordable, but that does
mean that our margins are small —
skilled staff need to be paid good wages,
and equipment can be very expensive.
A single Bluetooth timing machine, for
example, costs around £5,000.”
Less than six months since the
launch of the Watch Atelier,
throughput has increased from around
120 watches per month to more than
300 thanks to a combination of work
from private clients, retailers and
jewellers as well as from the
neighbouring Chrono24 UK operation.
Estimates for work are provided free
of charge, and typical servicing rates
Mountain time
New York conceptual artist Daniel
Arsham has worked with Hublot to
create a sun clock in the Swiss ski resort
of Zermatt. Only visible from the slopes
or from the Hublot Express chair lift
that takes visitors 2,600 metres up the
mountain, the Light and Time artwork
takes the form of a 15-foot obelisk-
shaped sundial that rises from the
centre of a 60-foot diameter circle
carved in the snow. The circle is
punctuated by six arches that
border giant versions of Hublot
watch screws made from ice.
Arsham is currently working
with Hublot to create another
“time keeping device” made
from sapphire — but, he hints
cryptically, it will not be a
watch.
Presidential
candidate
After almost a decade’s
silence, Vulcain — inventor of
the mechanical alarm
wristwatch — has been
revived by a Luxembourg-
based investment group and
is now taking orders for
modern-day versions of its celebrated
Cricket model. Developed by physicist
Paul Langevin in 1947, the watch got its
name after its 20-second ring was
likened to the chirp of a cricket. The
Cricket became popular in 1953 after
the White House Press Photographer’s
Association presented a 14-carat gold
version to then outgoing President
Harry Truman, establishing a
tradition that led to Vulcain offering
watches to several other incoming
presidents. New versions cost
around £3,500 and are
available in five dial designs
and two case sizes: 36mm and
39mm.
Farewell to Mayfair
Historic German watch and
jewellery retailer Wempe has
closed its New Bond Street store in
London after more than 25 years
of trading. Kim-Eva Wempe,
owner and managing partner of
the Hamburg-based firm, blamed
the closure on the fact that many of the
dial names stocked by Wempe now have
their own, monobrand boutiques in or
near the famous Mayfair shopping
street. She says the firm intends to
maintain its presence in London and is
currently searching for alternative
premises. The A Lange and Söhne
boutique on nearby Old Bond Street,
which is also operated by Wempe,
continues unaffected.
Monday 27 March 2023
are £380 to £400 for a good quality,
three-hand watch, rising to £450 to
£550 for a chronograph, and up to
£2,000 for high complication watches,
such as perpetual calendar models.
These quotes compare favourably
with the service and repair estimates
given by brands directly — where a
watch is often sent back to the
manufacturer in Switzerland or
elsewhere — with costs being almost
always higher.
“As well accounting for the fact that
more complicated pieces need to be
dealt with by very senior watchmakers
and polishers, we also have to cover
ourselves for the financial risk
associated with working on them,” says
Young. “It’s an aspect of watch servicing
that I don’t think many brands explain
to their customers at the point of sale.”
When it comes to repairing badly
damaged watches, however, there are
some that can present a challenge to
even Young’s considerable skills and
Watch Atelier’s state of the art
facilities. “We were recently sent a
Rolex Submariner Reference 5513
[worth around £15,000 in good
condition],” says Young.
“We couldn’t imagine what had
happened to it, until the owner
explained that his wife had lost her
temper with him, thrown the watch on
the ground and repeatedly driven over
it. Unfortunately, there’s not much
from this one that can be saved. . .”
Under the Parthenon
Rolex has chosen Athens for a special
event to celebrate the 20th anniversary
of its Rolex Perpetual Arts Initiative
mentoring programme supporting
artists, musicians, architects and film-
makers. The Rolex Arts Festival will run
from May 22 to May 28, bringing
together dozens of the world’s most
talented artists through more than 30
exhibitions, screenings, installations,
discussions and performances. The
festival will also include a
programme dedicated to Greek
artists encompassing 14 free-
to-enter public attractions.
Double decade
Dior is marking the 20th
anniversary of the La D de
Dior women’s cocktail watch
— created by Victoire de
Castellane, the longstanding
artistic director of its jewellery
division — with a special model
called the D My Dior (botom
left). Available in gold or silver
plated steel, it features the cannage
graphic synonymous with the
French couture house, which is said
to have been based on the cane seats
of the Napoleon III chairs used at
Christian Dior’s controversial New
Look fashion show in February 1947.
The pattern is individually hand
engraved into the dial and bracelet of
each of the tiny D My Dior watches,
which can be had in 19mm or 25mm
diameter sizes.
The whole nine yards
Swatch has been named as the new title
sponsor of The Nines, a non-
competitive extreme sports event
involving freestyle skiing,
snowboarding and mountain biking.
The protagonists will be filmed by some
of the world’s best photographers and
videographers during the event which
takes place in Schilthorn, Switzerland —
beneath the shadows of the Eiger,
Mönch and Jungfrau mountains of the
Bernese Alps — from April.
Lights, camera, action
Bonhams is to sell one of the most
coveted movie-worn watches in cinema
history — the Rolex Submariner that
appears on the wrist of the late Vanessa
Redgrave in Michelangelo Antonioni’s
cult 1960s film Blow-Up. Throughout the
movie, Redgrave wears the watch over
her sleeve on a distinctive leather cuff
strap. It was bought from the production
team by a member of the camera crew
who has now consigned it to the London
auction, where it is expected to fetch up
to £30,000 on June 23. Simon de Burton
Monday 27 March 2023 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Monday 27 March 2023
Monday 27 March 2023 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Monday 27 March 2023

Watches & Jewellery

Watchmakers court
cultural connections
Arts sponsorships give
companies cachet — and
access to less price-sensitive
consumers, writes
Milena Lazazzera

I
n the 1480s, when Leonardo da
Vinci fell out of favour in Medici-
governed Florence, he sought the
patronage of Milan’s ruler,
Ludovico Sforza. If he were alive
now and found himself in a similar
predicament, he might have done better
to travel further north — to Switzerland,
where watchmakers are emerging as
prominent arts patrons.
The trend is evident in the sponsor lists of
art fairs and cultural institutions, and in the
latest horological inspirations. Audemars
Piguet supports the Art Basel fair, which
takes place in Basel, Miami and Hong Kong.
Breguet backs Frieze in London, Seoul, New
York and Los Angeles. And Vacheron
Constantin is a partner of the Louvre. The
latest timepieces released by Hublot, Zenith
and Swatch all reference art while, this
year, Piaget is reintroducing its so-called
Warhol watch, a favourite of Andy Warhol.
Luxury brands have always pursued
adjacency to art. It bestows a halo on
otherwise simply functional and decorative
pieces of apparel — however beautifully made —
and pushes products in front of a more varied
audience. It also has a subtle psychological effect
on consumers, who put rational considerations
about costs on hold. “What’s the gross margin of the
Mona Lisa?” jokingly asks Luca Solca, senior analyst
at research firm Bernstein. Raising prices by more
than inflation is thus more easily done, and accepted.
Through its partnership with the Louvre, Vacheron
Constantin has secured the right to reproduce
masterpieces such as the Winged Victory of
Samothrace on some of its watch dials. Christian
Selmoni, the brand’s style and heritage director, says
clients’ response has been “exceptional”.
An additional perk for Vacheron Constantin’s clients
is exclusive tours with the museum’s curators on days
when the Louvre is closed.
Breguet’s booth at Frieze has been instrumental in
selling a few watches. “At each of the fairs we attended,
whether in London, Seoul or the US, the result was the
same: we were able to interact with visitors of all ages with a
passion for the arts,” says chief executive Lionel a Marca,
recalling how, in New York, a customer “fell in love with the
Marine Hora Mundi”.
A Marca’s counterpart at Zenith, Julien Tornare, reports
similar benefits from an artistic alliance — in Zenith’s case, a
collaboration with Felipe Pantone, the Argentine-Spanish
street artist who uses technology to create optical illusions
Clockwise from top right: Felipe Pantone’s
Beyond The Streets exhibition; Zenith’s
manufacture decorated by Pantone; the
Winged Victory of Samothrace in the
Louvre; Andy Warhol; MoMA’s Roy
Lichtenstein Swatch; Zenith Defy x Felipe
Pantone; Vacheron Constantin’s Victoire de
Samothrace; Swatch’s Sandro Botticelli
Birth of Venus; and Piaget’s Black Tie
Vintage Edition
Jack Mitchell/Getty Images; Richard Baker/Corbis via Getty Images;
Wiktor Szymanowicz/Future Publishing via Getty Images; Zenith
with vibrant colours and whose most recent
installation features in the Beyond The Streets show at
London’s Saatchi gallery. “We have reached younger clients
who are passionate about the art space, and this has
allowed us to position ourselves among the brands that
they now consider,” Tornare says.
Pantone wrapped Zenith’s headquarters in Le Locle in a
bright mist of colours and reimagined some of the house’s
Defy collection pieces. Last November, a unique Zenith
Defy watch was auctioned at Christie’s for SFr480,000
($519,000), double its high estimate.
For his part, Pantone says the collaboration has benefited
his work as an artist. “Lately, I’ve been introducing laser
engraving on some small parts of my artworks, such as screws
and various hardware,” he says. “I’m enjoying paying
attention to the smallest details, and I’m sure this has
something to do with having trained my eye in watchmaking.”
His remark highlights how, beyond the necessities of the
watchmakers’ marketing, sponsorships can open up
opportunities for artists.
Audemars Piguet Contemporary, the venture launched by
the brand in 2012, promotes art through two programmes:
Studio Audemars Piguet; and Audemars Piguet Art
Commission. The first allows artists to experiment with new
media; the second is the brand’s biennial competition, which
selects an artist — yet to be internationally recognised — to
produce large-scale work with an invited curator.
Aleksandra Domanović, who creates sculptures and digital
artworks., says: “Audemars Piguet Contemporary enables
new artistic commissions, like mine, and makes new work
available to a wider public, which is a good thing for artists and
the public.”
Shanghai-based artist Yu Ji says the programme allowed her
“Stone, Barnacles, and Seeds” — an immersive piece involving
a performance — come to life in Shanghai. In June, her work
will be showcased in a solo exhibition at the Orange County
Museum of Art in California.
Watchmaking’s association with arts is also shifting
perceptions of the industry itself.
Watches and Culture, the newest division of the Fondation
de la Haute Horlogerie, aims to promote horology as an art
form. Last year, it organised Time Design, a survey of
watchmaking design through history that had both sculptural
and virtual reality elements. This year, it is staging What Time
Is It in collaboration with the photographer Karine Bauzin.
Such efforts reflect a wider trend of convergence between
luxury goods and art. According to the consultancy Bain,
whose most recent luxury report was published in November,
the sector overall is “transcending . . . its original form, rooted
in craftsmanship and functional excellence, towards broader
meanings”.
So are watches now being conceived as works of art?
“Yes, definitely,” answers Hublot’s chief executive, Ricardo
Guadalupe. “Not only is there a lot of artistry in the
construction of the watch, but also our partnerships with the
world of art [including with Takashi Murakami and Richard
Orlinski] elevate the watch to a new level. The watch becomes
a wearable piece of art on the wrist.”
However, Guadalupe stresses the importance of mechanics.
“The watch is always key,” he says. “If the product is not good,
it will not sell — no matter what ambassadors you have or what
advertising you commit to. The watch comes first.”

Rising demand brings investment in visual media

Companies recognise
the extra marketing
value of their content,
writes Kate Youde
When it came to telling the story behind
the ‘Naissance d’une Montre 2’ [Birth of
a Watch] project, Phillips decided to
film the independent watchmakers who
collaborated on the unique piece ahead
of its sale in May.
And this type of content is now a
growing focus for the business, which is
opening a new 37 sq m video studio for
its watch department in Geneva. “We
believe that some watches deserve their
stories to be told for a larger audience,
not just the people who are interested in
buying,” says Arthur Touchot, interna-
tional head of digital strategy at Phillips.
With the pandemic accelerating
online sales, and social media fuelling
demand for content, other sellers of
watch and jewellery are also investing in
visual assets.
Boodles spends upwards of £500,000
on photography and video annually,
which James Amos, marketing director
at the British jeweller, says is about tri-
ple the amount pre-pandemic. A signifi-
cant share goes on imagery for its web-
site and ecommerce, for which the
brand previously employed an in-house
photographer before switching to a spe-
cialist company to create still images of
pieces from different angles and videos
of models wearing the jewellery.
Amos says it is not easy to track
return on investment. “Of course, one
would assume that with better images of
your jewellery, you’re more likely to
attract customers from your website
into your shops, or you’re definitely
more likely to sell through ecommerce
because they can see what they’re get-
ting,” he says.
According to Amos, Boodles’ ecom-
merce transactions in the financial year
to the end of February were 97 per cent
higher than they were in the same
period three years earlier. Ecommerce
revenue grew by 506 per cent over that
time. Similarly, Amos notes that the
“glass ceiling” for an online sale has
risen from £4,000 pre-pandemic to
£10,000 now. Boodles achieved its high-
est “click-and-buy sale” to date, at
£40,000, last month.
Amos believes better imagery creates
confidence. “If the image looks good,
and [is] not just an image of a piece of
jewellery on its own but, ideally, moving
on a person, then the [customer] is in a
better place to make the decision with-
out having to travel,” he says.
The collector who paid $4.09mn for
the George Daniels Spring Case
Tourbillon said that watching a
Phillips video motivated him to
place the winning bid
loveguli/Getty Images/FT
‘If the image looks good,
then the [customer] is in a
better place to make the
decision without having to
travel’
Videos can provide potential buyers
with a more detailed understanding of
an item, too — which can help build
trust and prompt more competitive bid-
ding, says Touchot. He says the collector
who paid SFr4.08mn ($4.09mn) for the
George Daniels Spring Case Tourbillon
in November mentioned that watching
a Phillips video, which included previ-
ously unaired footage of Daniels wear-
ing the watch, motivated him to place
the winning bid.
At the other end of a sale, there are
more requests for video content from
clients consigning watches, who “see it
as a powerful marketing tool”.
Phillips, which already has a photog-
raphy studio, plans to use its new video
studio to create “snackable content” of
30-60 seconds for the Phillips Watches
Instagram account’s 178,000 followers,
as well as five to 10-minute videos fea-
turing collector interviews, expert
reviews and provenance stories, and an
annual longer feature.
Thirty-four per cent of Phillips’ pri-
vate buyers last year were millennials,
up from 31 per cent in 2021. “The vast
majority in that group has grown up
looking at watches on screens, on social
media and on YouTube,” says Touchot.
“Still imagery and printed material,
while still important, are not enough to
engage this audience.”
Graff has expanded its in-house team
due to the growing importance of image
creation to the business. The jeweller
first opened a photography studio in its
Mayfair headquarters in 2012 with one
photographer, who doubled as a graphic
designer. Now, it has a full-service crea-
tive studio comprising a permanent
photography studio team of three and a
four-strong creative design team. It has
four to 10 specialist consultants and
freelancers — based globally to ensure
24-hour support — working at any one
time retouching and editing imagery.
Graff shoots an average of 100-plus
pieces in its studio every month and col-
laborates with external photographers
on advertising campaigns. Last year, it
moved from having an average of six
main visuals in its annual brand cam-
paign to more than 40 launched
throughout the year across different
channels.
But brands are not only investing in
their own content. Influencers and jour-
nalists at the Watches and Wonders fair,
opening today in Geneva, can shoot
Montblanc’s watches in a photography
studio with props inspired by Mont
Blanc mountain and materials includ-
ing acrylic ice, bio-organic snow, marble
and granite. “We realised that, despite
the fact that we come up with some
images that are done in-house to really
inspire our audience, it’s also good to
create a space for the content creators to
be able to manage very authentic pic-
tures better fitting their [own chan-
nels],” explains Vincent Montalescot,
Montblanc’s chief marketing officer.
Meanwhile, Hanover Saffron Crea-
tive, a photography studio in London’s
Hatton Garden jewellery district, is pro-
ducing more single product shots for
brands, as well as animations, short vid-
eos and 360-degree views of jewellery,
says owner Colin Shakespeare.
Although the advance of mobile, cam-
era and digital technology meant some
brands had taken their photography in-
house, he says things have come full-cir-
cle. “A lot of people are realising that
they need to stick out from the crowd —
and they need quality,” he says.
Monday 27 March 2023
My Favourite Pieces Fashion designer and TV judge Esme Young is drawn by objects that can be reused and given a new lease of life, says Kate Youde
A lifetime of large statement necklaces
G
rowing up, Esme Young’s creativity
was not always appreciated. “I used
to make necklaces for my mum for
Christmas and, one year, I didn’t
have time so I gave her a glass vase,”
she recalls. “She said, ‘At last, a proper present.’”
One half of the judging duo on BBC television
show The Great British Sewing Bee, in which
amateur sewers compete in clothes-making
challenges, Young co-founded the London
fashion shop Swanky Modes with three friends
in 1972. The now defunct label’s black Lycra
Amorphous disco dress is in the V&A museum’s
collection. She has made costumes for
commercials, music videos and films, including
Renée Zellweger’s scene-stealing bunny outfit in
Bridget Jones’s Diary (2001), and teaches
pattern-cutting at Central Saint Martins, part of
the University of the Arts London.
While her career is in clothes, however, it is
the large necklaces she wears that are her
signature style. “The thing about a necklace is it
makes a statement,” says Young.
Esme Young necklace (2020)
Her interest in jewellery started at school,
where she learned to make a necklace from
wooden beads. As a teenager, she bought a
necklace that reminded her of that first piece
and made necklaces for her mother, who Young
wrote in her 2022 autobiography was “great
fun” but “struggled to show us emotion”.
Young says her mum “didn’t really like” the
gifted necklaces. “I don’t think she ever wore
them,” she says.
Undeterred, Young makes necklaces when
inspiration strikes. While contestants on the
Sewing Bee upcycle old clothes into new
garments during the show’s transformation
challenge, she gave a new lease of life to empty
hand sanitiser bottles and carabiners used by
the crew. She made a necklace, comprising five
plastic bottles hanging off the colourful metal
clips, during a break in filming.
She wore the piece in an episode that aired in
2021. “It was [making a statement] about Covid
and it was humorous,” she says. She has not worn
the necklace since for fear it might leak: each
bottle contains a different colour paint.
Fiona Espenhahn necklace (c. 2022)
Having noticed that Young was wearing large
necklaces on television, her sister Fiona, a
★ FINANCIAL TIMES 9
Watches & Jewellery
brother Jeremy, the documentary film features
the countertenor Anthony Roth Costanzo.
“Everywhere I go where I wear [the necklace],
everyone goes, ‘Wow’,” she says.
Six necklaces (c. 1950s-1960s)
Young wears six imitation pearl necklaces as
one piece of jewellery. Five belonged to her
mother, who enjoyed dressing up, while Young
bought the sixth, which features “whopper”
pearls, at a vintage fair. “I’d never wear one on
its own,” she points out. “It’s all to do with a
statement, as you’ve probably gathered.”
Her jewellery is a form of self-expression.
“When I was a child, I was quite deaf — I
expressed and communicated through being
creative, drawing and making,” says Young.
“When I was a teenager, I expressed through
what I wore — and I still do.”
Sparkly necklace (date unknown)
Imitation pearls adorn the costume jewellery
necklace, made of metal and glass, that her
friend Patrick Lee Yow gave her. “I do love a bit
of sparkle,” notes Young, who wore the piece for
the 2022 Christmas celebrity special episode of
the Sewing Bee.
The pair first met more than 20 years ago as
colleagues at Central Saint Martins. Young
reckons he has since given her about 25-30
necklaces: “He would see a necklace and he’d
buy it for me.”
Bead necklace (c. 2018)
As a teenager, Young started going to London
street markets to buy jewellery but now finds
fewer chances to do so as many have been
“taken over by food”. She found her flower
necklace, made of beads, in a jewellery shop in
east London’s Ridley Road market area.
Young has “no idea” as to the scale of her
collection, although the drawers she bought to
store her necklaces are “full up”. If something
catches her eye, as the flower necklace did, she
Clockwise from main: textile artist, offered to make her one. The ‘When I was a child buys it, as long as it is not too expensive.
Esme Young with her Fiona resulting knitted wire piece features imitation Her eye is drawn by all kinds of objects. She
Espenhahn necklace; pearls from one of their late mother’s necklaces. I was quite deaf. also collects animal skeletons and has the skulls
Bead necklace; “A lot of my jewellery does have meaning to I communicated of a boar, goat and sheep. Perhaps her next
Six necklaces; me,” says Young. jewellery project might embrace this interest.
Sparkly necklace; She wore the necklace to a screening hosted through being “I do have some bones from a snake . . . I
Esme Young necklace by English National Opera of The Mysterious creative, drawing could make that into a necklace actually, a
Charlie Bibby/FT Register: A Journey to the Edge of Possibility in snake’s backbone,” she says.
London last month. Produced by Young’s and making’ Now that would make a statement.
10 ★ FINANCIAL TIMES Monday 27 March 2023

Watches & Jewellery

Poetry in motion: rise of the automaton

Designers bring Clockwise from main: making of the
products to life after Van Cleef & Arpels Éveil du
Cyclamen automaton; Floraison du
seeing appeal of Nénuphar; Éveil du Cyclamen; Éveil
du Cyclamen; Dior’s Grand Soir
bejewelled mechanical Étoile de Monsieur Dior; and Jaquet
Droz’s The Rolling Stones automaton
objects, says Ming Liu

I
n our AI-powered age of Alexa and
ChatGPT, the idea of a mechanical
automaton may seem out of step
with the times. But several watch-
makers are finding creative expres-
sion anew in these mechanical
machines, which enjoyed their heyday
in the 18th century. Whimsical in style
and often mimicking human behav-
iours, automata were beloved for their
sense of wonder, sparking astonishment
but also fear. In the mid-1700s, the
eponymous watchmaker Pierre Jaquet-
Droz was condemned to death by the
Inquisition for practising black magic
after showing his humanlike automata
to the Spanish court. He was subse-
quently spared.
Such raw emotion is likely why
automata are resonating again now.
According to a Euromonitor report pub-
lished in January, one of 2023’s top 10
global consumer trends is authentic
automation and technology with a
human touch.
“Digital is a dominant force, but tech
can’t match human nuances,” says the
report. “While machines make conven-
ience and speed possible, the power of
emotional connections shouldn’t be
underestimated.”
One of the most notable automaton
makers right now is Van Cleef & Arpels,
with enchanting, fairy tale-like designs
that evoke a strong sense of emotion. In
2017, the house unveiled an impressive,
fairy-themed Fée Ondine automaton
and clock, alongside several watches.
At today’s Watches and Wonders fair,
the brand is unveiling three new
mechanical objects, which follows on
from three similar automata introduced
last year. Richly bejewelled, narrative-
led, and themed around nature, the cre-
ations merge the maison’s jewellery and
watchmaking savoir-faire.
Two new floral automata, for exam-
ple — each one approximately 27cm tall
— are made in conjunction with the
Swiss automaton master François
Junod. Featuring either precious lac-
quered cyclamen or a lily that opens up
on-demand to reveal a fluttering, mas-
terfully enamelled and bejewelled but-
terfly, the pieces are set on equally deco-
rative bases that tell the time. The Flo-
raison du Nénuphar object, for exam-
ple, has a gem-set base crafted from
marble, shattuckite, ebony, aluminium
and leather.
Rainer Bernard, Van Cleef & Arpels’
head of research and development,
refers to the automata as “a field of
expression that is crazy — it’s big” and
says to expect more in coming years.
“Automata perfectly integrate the
things that we love: métier d’art, wood-
making, and wood marquetry, our
knowledge about stones and high jewel-
lery, watchmaking and automata mak-
ing,” says Bernard. “For us, it’s the per-
fect blending of different crafts, creativ-
ity and beauty.” Working with outside
masters like Junod is also increasingly
part of the process — while channelling
the romance behind keeping ancient
skills alive.
The third novelty, an astronomy-
themed Planétarium set with hand-
crafted bejewelled planets, continues
from models unveiled last year. The
design called upon the expertise of a
specialist Swiss bellmaker that has been
producing church bells for over 600
years, which Van Cleef & Arpels com-
missioned to make tiny bespoke bells
with specific tonalities.
Bernard adds that buyers of Van Cleef
& Arpels’ automata are often existing
clients who are familiar with the house.
Automata are increasingly found in
‘You only make one — and
then you think about the
next one. It takes time, it’s
not mass produced’
watches, too, with Louis Vuitton gaining
recognition in the field. In 2021, the
fashion house won the Audacity Prize at
the Grand Prix d’Horlogerie de Genève
(GPHG) watchmaking awards for its
Tambour Carpe Diem, an esoteric,
snake and skull-themed automata
watch that incorporated four complica-
tions.
This month, the house follows up with
two similarly daring designs. A 42mm
automata watch nods to the Sichuan
Opera Bian Lian via five animations,
including a mask that changes its facial
expression on demand to reveal a jump-
ing hour. Meanwhile, the Tambour
Fiery Heart Automata has seven anima-
tions that include a flaming heart, spin-
ning roses, rising thorns and text that
reveals “Sweet but Fierce”, alongside a
flying tourbillon.
Michel Navas, master watchmaker at
La Fabrique du Temps, Louis Vuitton’s
high watchmaking arm, called the crea-
tions “theatre” and “a real mix between
the high watchmaking and automata
worlds”. Before its 2021 GPHG win, the
house had been making bespoke
automata watches for VIP clients. Navas
says it is the rarefied art of automata
that captures imaginations: “It’s diffi-
cult to bring some poetry into the math-
ematical world of watchmaking.”
Mastering automaton making is a tall
order that takes expertise and patience.
“You only make one — and then you
think about the next one. It takes time,
it’s not mass produced,” says Van
Cleef’s Bernard.
Last month, independent watch-
maker De Bethune acquired Reuge, a
157-year-old Swiss maker of mechanical
music boxes and music automata. De
Bethune chief executive Pierre Jacques
says the acquisition will make sense for
its clients. “In the past few years, many
of our customers collect not only
watches but also like collecting art
pieces or mechanical art pieces,” he
says. “Clients are seeking bespoke
objects, like automata or special clocks.”
It will be some time before the first
pieces with Reuge land but De Bethune
is planning to launch its first automaton
watch later this year.
In January, Dior launched its first
automata watches under its Grand Soir
line, where two watches depict enchant-
ing scenes: one a bejewelled jungle com-
plete with flora and fauna that playfully
sway; another the Christian Dior flag-
ship at 30 Avenue Montaigne in Paris,
where a button animates shooting stars.
And, finally, 300 years on from Pierre
Jaquet-Droz’s close encounter with the
Spanish Inquisition, the brand is a
byword for automaton watches and is
starting a special personalisation serv-
ice. A Dragon Automata collection
launched last autumn enables clients to
customise the likes of the case, dial,
hands and hour markers, in what chief
executive Alain Delamuraz calls a “new
direction” for the brand. “We now want
to intimately connect with our clients
and their personal universe — be it art,
music, yachting or passions such as cars,
and sports,” he says.

Munich jewellery fair

comes into its own
The Schmuck show has also
given rise to a plethora of
events in the heart of the
city, reports Caroline Palmer
When Argentine jeweller Alejandra Fabiana
Agusti sent two of her pieces to Munich
to be shown at Schmuck, the prestigious annual
exhibition of the world’s best contempo-
rary art jewellery, she was thrilled to
become one of only 66 people
selected from more than 600
applicants.
But German customs offi-
cials were less than
impressed and refused to let
one of her necklaces into the
country — because it was
made from bullet casings.
Called ‘Memory’, it was an
item of jewellery with a
strong social and political
message that, says Agusti, pays
“homage to the women in my
life and in my past . . . who
fought for us to be where we are
today”.
It was a moment when contemporary jew-
ellery came up against political reality — which is
very much where many of its practitioners want
to be. Whether through playfulness, a desire to
shock, the use of unusual materials, or unex-
pected subject matter, this year’s Schmuck show-
cased a group of jewellers demonstrating all the
ambition and intensity you would expect to find
among any group of contemporary artists.
Established in 1959, Schmuck (which is German
for jewellery) has taken place in March every year
since 1962, except when it was disrupted by the
coronavirus pandemic. It
is part of an international craft
trades fair held at a vast exhibition hall on the out-
skirts of the city.
Tucked away at the back of the hall — past dis-
plays of handbags and nativity figures, a sauna
seller and hulking handmade boats — this year’s
Schmuck sat alongside booths for some of
Europe’s best art jewellery galleries, including
Marzee from the Netherlands and Platina from
Sweden.
One of the show’s supporters is the Chamber
of Trades and Crafts for Munich and
Upper Bavaria. Wolfgang Lösche,
head of its department for
trade fairs and exhibitions,
stresses “how important
Germany has
become . . . in the field of
jewellery . . . The entire
city of Munich has prof-
ited from [Schmuck]”.
Each year, Schmuck’s
organisers invite a highly
regarded industry
insider to curate the show.
This year’s choice was
Caroline Broadhead who, for
nearly a decade, was jewellery
and textiles programme director
and BA Jewellery Design course
leader at Central Saint Martins art college in
London. She is now professor emerita, having
retired in 2018.
Contemporary jewellery
comes up against political
reality through playfulness,
a desire to shock, and the use
of unusual materials
Broadhead was pleased with this year’s wide
selection of international practitioners — jewel-
lers from 23 countries submitted work for con-
sideration — and says her criteria for inclusion
were “very open”.
Among those who made the cut were well-es-
tablished contemporary jewellers such as Chris-
toph Ziegler. He showed two contrasting pieces: a
glass ampoule pendant, ‘Ampoule’, and, in con-
trast to its manufactured fragility, a grounded,
organic necklace made from olive wood and rub-
ber cord, called ‘Memories II’.
Also included was Dutch jeweller Bas
Bouman, whose chain-link necklace
had a touching story, which he said
“fits in the tradition of ethnic jew-
ellery”. The piece was made of
the chicken bones that were in
the soup his mother made
every Saturday for the whole
family, and continued to
make for his father until his
recent death. It was made as a
tribute to his parents, as well
as to the animal that supplied the
bones.
Broadhead was particularly
proud of the work by CSM alumna
Veronika Fabian, a Hungarian jew-
eller based in London. The pieces were a tech-
nical tour de force that consisted of large metal
chains created from smaller ones, some embel-
lished with oversized hallmarks (above).
Argentine jeweller Jimena Rios — who describes
More than 50 venues in the city are taken
over by jewellery designers and galleries
Sebastian Resch
her work as a “conversation between contempo-
rary and devotional and traditional jewellery” —
exhibited a bracelet, ‘Self Portrait with Corals’,
(top middle) featuring a hand that was made from
what looked like linen, embellished with silver,
gold, coral and glass beads. “These pieces have the
weight of touching and grasping and holding and
comforting,” she says.
Broadhead’s exhibitors used an
eclectic array of materials.
There was a necklace of beads
made from oil shale from
Dorset’s Jurassic coast by
UK jeweller Sarah Powell;
a talisman-like carved
driftwood pendant, com-
plete with jade tongue,
from New Zealander Neke
Moa; a silver and diamonds
‘Barbie’ shoe by Maria Mil-
itsi, a Greek jeweller based in
London; and a ‘Colonial Come-
uppance’ brooch (far left) by
South African Geraldine Fenn,
whose centrepiece was a naughtily graffitied
portrait miniature.
For sheer silliness with a heartfelt message,
there was also the ‘Olden Language Badge’ by
Timothy Information Limited, which consisted
of a booklet called Esperanto for Beginners pierced
by a blue metal peg.
Away from the exhibition itself, Schmuck has
given rise to numerous shows and events in the
heart of Munich, called Munich Jewellery Week.
More than 50 venues, including shops and indus-
trial spaces, are taken over by jewellery designers
and galleries from around the world, and the
city’s Design Museum is also involved.
If there was a shadow over this year’s event, it
was that some experts worried whether enough
new collectors and gallerists were coming
through. But, for now, it remains a key calendar
fixture for anyone interested in the space where
art meets jewellery.
Deconstructed Watch
See a pictorial
deconstruction
of the Louis
Vuitton
Tambour Opera
Automata
alongside other
watches online
ft.com/decon
Monday 27 March 2023
Precious metals UK familiarity with cheaper option is improving, thanks to its established popularity in the US, reports Kate Youde
Record gold
prices bring
14 carats to
the fore
‘M
y new understanding of
14-carat gold is that it’s
actually a bloody good
metal,” says British fine
jeweller Andrew
Geoghegan. Having been a “little bit set”
on 18-carat gold and platinum, he will
offer the lower caratage metal for the
first time in his eponymous brand’s 25-
year history.
His Emergence collection, launching
on April 7, features three rings available
in 14 or 18-carat yellow, rose or white
gold, or platinum, for bespoke requests.
Geoghegan says the higher proportion
of other metals in 14-carat gold com-
pared with 18 carat means it has a “supe-
rior hardness” that benefits stone set-
ting and gives different colour hues.
“We want to give my retailers and cli-
ents choice and, as long as the gold fits
our brand ethos of high quality and fit
for purpose, then fantastic,” he says.
“I’m all over it.”
The launch coincides with a wider rise
in use of 14-carat gold among British
jewellers — something already popular
in the US.
Fine jewellery brand Annoushka is
launching its first full 14-carat gold col-
lection, featuring a chunky chain design
in three different scales, in May. “The
gold price is pretty high [it exceeded
$2,000 per ounce in March] which,
given that I design in normally 18-carat
solid gold, has a huge effect on every-
thing we do,” says founder Annoushka
Cartier adds
sparkle to its
Libre watch
collection
Jewellery is to feature in Cartier Libre,
previously an annual watch collection
that allowed the house’s designers to
push creative boundaries, for the first
time. Tressage, which launches on April
1, features a ring and a bracelet in five
different designs that reinterpret gold
work and contrast different materials.
One motif gives the illusion of twisted
coral, braided diamonds and gold.
Three further designs feature yellow
gold, metaquartzite and obsidian,
respectively, bound by platinum strips
set with inverted diamonds. A fifth set
features the illusion of a continuous
yellow gold bead chain that wraps
around the ring and bracelet.
A long story
Piaget will unveil two sautoir watches
(top right) at the Watches and Wonders
fair in Geneva today. The new pieces pay
homage to the Swiss brand’s 21st
Century collection, launched in 1969,
which featured flamboyant gold cuff
watches and sautoirs. Fashioned from a
twisted gold chain with links connected
by brilliant-cut diamonds and
interspersed with emeralds, one
of the new designs features a
25.38-carat oval cabochon
Zambian emerald to
match an oval-shaped
malachite dial. The
other features twisted
gold around a gold
horizontal oval case and
a gold dial decorated
using Piaget’s signature
Palace Decor engraving
technique.
Holy Grail jewel
A Bulgari necklace with an unheated
118.35-carat Sri Lankan sapphire
(above) leads Phillips’ Jewels and Jadeite
auction in Hong Kong on May 23. The
Royal Blue cushion-shaped stone,
which is approximately 540mn years
old, is the 10th largest faceted sapphire
to be offered at auction. Also featuring
diamonds, the platinum and white gold
necklace, made in 2004, is estimated at
HK$25mn-35mn ($3.2mn-$4.5mn).
“This jewel is a holy grail for any
collector, with a classic and elegant
design typical of Bulgari that
Ducas. “I want [the
chain] to have some
kind of size and not
be too dainty, and, in
order to do that in
gold, 14 carat offers a
more commercial oppor-
tunity. In doing that, it helps
me to focus on perhaps a slightly
younger audience.”
Minka Jewels added 14-carat rings
and earrings featuring less expensive
stones to its existing 18-carat gold Ath-
ena collection in November. A blue
topaz ring with 14-carat yellow gold set-
ting and sterling silver band costs £350,
compared with £5,750 for a 18-carat
ring with blue/green tourmaline.
Founder Lucy Crowther wanted to pro-
vide a “slightly easier buy-in price
point”, aimed at younger customers.
However, thinking “things are getting
a bit tighter for everyone” this year, the
London-based brand is working on a
fully 14-carat gold collection being
launched in May.
All gold jewellery sold in the UK must
be hallmarked by law. And the number
of 14-carat gold items marked by the
country’s four assay offices rose 40.9 per
cent year on year to 276,915 in 2022, out-
pacing the overall 3.9 per cent increase
in all gold marked.
By comparison, the number of 18-
carat gold items marked grew by 5.2 per
cent to 785,370 over the same period.
The total for nine carat, the lowest but
emphasises the beauty and
extraordinariness of the gem,” said
Benoît Repellin, Phillips’ worldwide
head of jewellery.
It’s a mystery
Nine Van Cleef & Arpels Mystery
Set jewels will be offered at
Sotheby’s in New York on
April 21 as part of a single-
owner sale. Made using the
French house’s technique
that allows precious
stones to be set without
any metal components
being visible, they are
among more than 100
jewellery pieces being
auctioned from the Wolf
Family Collection. A
ruby and diamond flower
brooch (c. 1965) is
expected to fetch
$400,000-$600,000, while
a ruby and diamond
necklace (c. 1995) is
estimated at $300,000-
$500,000. The collection also
includes creations designed by
Jean Schlumberger for Tiffany & Co.
Bridal brass
Goossens will launch a bridal edit for
the first time next month. The French
house’s new collection, Venise
Mariage, comprises designs for three
pairs of earrings, one single earring,
three necklaces, two bracelets and, in
another first for the brand, six pieces of
hair jewellery (four hair clips
and two headbands).
Crafted in brass, the
jewellery has been
dipped in a bath of
24-carat
gold and set with
rock crystal,
freshwater pearls
and white moon
mother of pearl. In
a nod to the
romance of Venice,
the design is inspired
by antique Venetian
ornaments reminiscent of the
Byzantine era.
Punk pearls
Jewellery designer Melanie
Georgacopoulos’ latest collaboration
with Tasaki, which launches this
Saturday, pairs baroque pearls with 18-
carat gold. The new M/G Tasaki
collection, called Baroque Drops,
features five designs — a bracelet,
pendant, necklace, ring, and earrings —
that celebrate the fact that no two
baroque pearls are ever the same. The
soft grey pearls are studded with 2mm
★ FINANCIAL TIMES
Clockwise
from above:
Andrew
Geoghegan Emergence
Flow ring; Minka yellow gold
and amethyst ring; Ruth
Tomlinson grey diamond ring,
Ruth Tomlinson champagne
diamond ring; Andrew
Geoghegan Emergence Halo
ring; and Minka yellow
gold and topaz Athena
hoops
most common of the
gold fineness marks,
fell by 2.2 per cent to
2,509,491 items.
Will Evans, general
manager of the Goldsmiths’
Company Assay Office in London, who
provided the figures, says there has
always been strong demand for 14-carat
gold hallmarking from the UK’s “ethni-
cally Turkish jewellery sector” but the
recent growth is down to an increase in
global brands selling online into the UK.
“The UK was always the leader in nine-
carat jewellery,” he says. “The rest of the
world sees 14 carat as that entry level.”
He says nine-carat gold has “a down-
market reputation” in much of the
yellow gold spheres to highlight their
irregular shape. Pearl specialist
Georgacopoulos, who says that the
tactile effect gives “a bit of a punk feel”,
has collaborated with the Japanese
house since 2012.
Anniversary store
Ara Vartanian has chosen
Miami Beach as the location
of his eponymous brand’s
new flagship store.
Opening this month in
conjunction with the 20th
anniversary of the
Brazilian jeweller’s
business, the boutique in
the upmarket Bal
Harbour Shops mall is the
brand’s first standalone
shop in the US. The
jeweller, who closed a
London boutique as a result
of the Covid pandemic, also
has two standalone stores in
São Paulo. The new shop was
designed by Brazilian architect
Aldo Urbinati, founder of Estudio
Tupi, who was also behind the
brand’s other stores.
Tomfoolery showcase
British jeweller Ellis Mhairi Cameron
is launching her first collection of work
made using lab-grown diamonds at an
event opening in London next month.
One of 26 designers exhibiting in
boutique Tomfoolery London’s Love
Ring showcase — an annual selling
event which runs, this year, between
April 15 and June 17 — Mhairi Cameron
has created one 14-carat gold pendant
and two rings that feature the lab-
grown stones. Other participating
jewellers showing designs geared
towards engagements, weddings and
other meaningful moments in life
include Ami Pepper and Maya Selway —
who both exhibited at Goldsmiths’ Fair
last year.
Royal dressing
An early 19th-century bracelet
featuring a miniature of the left eye of
Charlotte, Princess of Wales is among
jewellery from the Royal Collection
going on display at Buckingham Palace
next month. The Style & Society:
Dressing the Georgians exhibition in the
Queen’s Gallery, between April 21 and
October 8, tells the story of fashionable
dress in the period and how it reflected
society. The silver-gilt bracelet holds
nine gold, enamel and diamond-set
lockets, one of which features a
watercolour painting of an eye. Six
lockets contain hair, with the remaining
two empty.
Kate Youde
‘The gold price is pretty
high which, given that I
design in normally 18-carat
solid gold, has a huge effect
on everything we do’
Strong dollar helps US buyers
boost UK jewellery trade
Favourable rates in
2022 brought an uplift
for stores and online,
says Francesca Fearon
Last September, the US dollar peaked at
92 cents to the pound, a five-year high
that brought American tourists to Lon-
don during the autumn and sparked a
boom in online sales of British jewellery
to US buyers. London department store
Harrods reported a 40 per cent increase
in North American visitors between Sep-
tember and November compared with
the same period in 2021, and those visi-
tors were intent on luxury shopping.
“Last year was a record-breaking year
for fine watches and jewellery, surpass-
ing pre-pandemic sales, to become the
category’s highest grossing year ever,”
says Beth Hannaway, head of fine
watches and jewellery at Harrods, with
many American clients returning after a
hiatus. It is a trend, she points out, that
continues to gather pace now interna-
tional travel is returning.
An influx of Americans with deep
pockets was a boost to UK trade. Global
Blue, the tax-free shopping refund
agency, reported that spending by US
visitors to the UK in 2022 was back at
pre-pandemic levels. However, the gov-
ernment’s decision not to reinstate tax
refunds for overseas shoppers was a
huge disappointment for several UK
department stores and retailers, which
say they have seen luxury sales move to
countries such as France.
British jewellery designers, mean-
while, noticed a big uptick in US sales on
their websites, with Robinson Pelham,
Diane Kordas, Cece Jewellery, Never-
NoT and Jessie Thomas among the
brands experiencing a surge. Robinson
Pelham reported a 33 per cent increase
in online sales of its rainbow gem-set
jewellery compared with 2021.
“The US dollar strengthening against
the pound has made fine jewellery more
affordable for my American customers,”
says Cece Fein Hughes, whose heirloom-
style gold signet rings and pendants fea-
ture delicate miniature enamel paint-
ings. Her bespoke orders — “capturing
my customers’ dreams and making them
miniature” — have been particularly
popular. She says expanding in the US
and launching on Net-a-Porter has
brought her a wider American audience.
Similarly, London-based American
Watches & Jewellery
world. It contains 37.5 per cent
gold, compared with 14 carat’s 58.5
per cent and 75 per cent for 18 carat.
US Federal Trade Commission
guides state that products made of less
than 10-carat gold should not be
called “gold”.
Growth in the US is therefore
driving British brand By
Pariah to switch from
nine-carat to 14-carat
gold. Already selling
there through Net-a-
Porter and Goop, it
will launch 14-carat
designs with four
new US stockists by
June. “We need to be
aligned across all
boards,” says By
Pariah founder Sophie
Howard. “It gets too
confusing for the cus-
tomer [otherwise].”
By Pariah launched its first
full fine jewellery collection in 14-
carat gold last month and plans to phase
out its nine-carat offering on its website
Americans in London can get a whole more bang for their buck — Getty Images
jeweller Diane Kordas has seen solid
growth in the US, which is proving to be
a better market for her talismanic and
Pop Art-style jewellery than the UK and
Europe. “It is hard to know the exact
driver, but it is a combination of a
stronger dollar that makes sterling-
priced products more competitive and
the strength of the US economy relative
to the other regions,” she says. Anxiety
in the UK and Europe over high energy
prices and the war in Ukraine has, Kor-
das adds, “hit [confidence] hard, and
this has had an impact on sales”.
The strong dollar also provided an
opportune moment for award-winning
designer Fernando Jorge to take to the
road and stage trunk shows at jewellery
outlets in Dallas and Houston, as well as
in New York’s Bergdorf Goodman
department store.
One of Jorge’s stockists is Twist, which
has jewellery boutiques in Portland and
‘We now have to assess
wholesale jewellery prices
every month because of
exchange rate fluctuations’
Seattle and a large online business. Four-
teen of its 120 collections are by British
designers, including NeverNoT, Alice
Cicolini, Castro Smith and Ruth Tomlin-
son — making Twist one of US retail’s
biggest supporters of British design.
Co-founder Paul Schneider says Brit-
ish jewellery resonates with his custom-
ers. “There is something about the his-
tory of British craftsmanship and metal-
11
by June.London-based jeweller Ruth
Tomlinson started working in 14-carat
yellow gold to fit the US market about 10
years ago. Today, this metal accounts for
about 70 per cent of sales and makes up
the majority of her eponymous brand’s
new bridal collection, launching next
month.
“We’ve used it more and more over
the years because I’ve found it suits
pretty much everyone’s skin tone,” says
Tomlinson. “It’s quite muted and
subtle; it’s got a bit of an old gold
feel.” She says it is “warmer” and
“more versatile” than 18 carat
because it complements many
different coloured gemstones.
As familiarity with 14-
carat gold grows, UK con-
sumer demand is rising.
Orders for 14-carat yel-
low gold pieces at Brit-
ish brand Lylie were up
71.4 per cent year on
year in 2022, compared
with a 3.6 per cent rise for
18 carat and a 3.3 per cent
drop for nine carat.
“It has felt American in the past
but is really growing in traction [in the
UK],” says Lylie founder Eliza Walter.
working and their natural understated
approach that happens to really fit into
what we at Twist are about,” he says.
Schneider, who has noticed criticism
of the rising prices of some American
jewellery brands, says pricing and the
exchange rate are factors in Twist’s buy-
ing policy, but not the only ones. “With
the value of the dollar so high and buy-
ing jewellery in pounds, [it] means we
can buy a lot more,” he says, “but our
priority is to deliver good value, design
and craftsmanship.”
America is now the biggest market for
some small British brands. Seventy per
cent of Cece Jewellery’s business is in the
US, and it is the largest market for Nev-
erNoT, too. “Sales at Nordstrom, our
main US retailer, have been increasing
even though the exchange rate was fixed
when the order was placed months ago
in 2022,” says Nina Dzhokhadze, co-
founder of the vibrant enamel fine jew-
ellery brand. “Nordstrom top up their
orders every quarter. We are also adding
a big new stockist from May that will
increase our sales, as it has new loca-
tions for us: Florida and California.”
Currencies’ shifting strengths can
mean some rapid recalculating of
prices. “Usually, we assess the wholesale
prices for jewellery destined for the US
every six months, but now we have to do
it monthly because of fluctuations in
exchange rates,” says Dzhokhadze.
However, the US consumer is still
coming out on top. “We view anything
below a 1.3 exchange rate as exception-
ally favourable to the US customer and
they do, too,” says Zoe Benyon, co-
founder of Robinson Pelham. “We are
still seeing the uptick in direct sales
from US customers.”
12 ★ FINANCIAL TIMES Monday 27 March 2023