MONDAY 1 MAY 2023 NATIONAL NEWSPAPER OF THE YEAR
90
Toxic corporate culture — stopping the rot
WORK & CAREERS, PAGE 10
US bank First Republic nears collapse
as Munger warns over ‘bad loans’
3 Three rivals submit bids 3 Berkshire vice-chair paints grim picture 3 Stock down 97% this year
FT REPORTERS
Stock in freefall
US regulators were last night racing to First Republic
put together a rescue deal for troubled share price
lender First Republic as veteran inves- ($)
tor Charlie Munger warned that Ameri-
can banks were “full of . . . bad loans”
held against commercial property. 150
At least three large banks yesterday
submitted bids for all or part of First
Republic, including JPMorgan, PNC and
Citizens, according to three people with
knowledge of the situation.
First Republic shares have lost more
than 97 per cent of their value this year,
driven down by concerns about paper 100
losses on its mortgage book and other
assets and massive deposit outflows
after the collapse of Silicon Valley Bank
in early March.
Last week the bank reported that it
lost $100bn in deposits in the first three
months of the year, raising concerns
that it would soon no longer be able to
operate on its own. 50
Munger, the 99-year-old vice-chair of
Warren Buffett’s Berkshire Hathaway,
warned in an interview with the Finan-
cial Times of lurking risks in banks’ vast
portfolios of commercial property
loans.
“A lot of real estate isn’t so good any
more,” Munger said. “We have a lot of
troubled office buildings, a lot of trou-
0
bled shopping centres, a lot of troubled Jul Aug Sep
other properties. There’s a lot of agony 2022
out there.”
Although “it’s not nearly as bad as it
was in 2008”, Munger said “trouble hap-
pens to banking just like trouble hap- created by the transaction, perhaps by
pens everywhere else. In the good times taking over all or most of First Repub-
you get into bad habits . . . When bad lic’s $30bn bond portfolio, which has
times come they lose too much”. roughly $500mn in unrealised losses.
First Republic and some government If the embattled California lender is
officials had hoped the bank could nego- taken over by the FDIC, it would rank
tiate a deal that would avoid receiver- among the biggest bank failures in US
ship but that is now unlikely. The only history, alongside Washington Mutual
offers submitted by yesterday evening
were contingent on the Federal Deposit
Insurance Corporation, which is run- Charlie Munger,
vice-chair of
ning the process, closing First Republic Berkshire
and putting it into receivership. Hathaway, has
Their offers also depended on the warned of risks
FDIC’s insurance fund covering some of lurking in banks’
the potential losses that could be property portfolios
Investors bet on shrinking pool of tech
stocks as rally becomes more fragile
NICHOLAS MEGAW — NEW YORK
KATIE MARTIN — LONDON
A small number of tech companies are
driving an increasing share of the US
stock market’s gains, prompting con-
Lack of NHS unity throws cerns among investors about the sus-
a brake on clinical trials
tainability of the rally.
Concerns about the ability of Britain’s The S&P 500 has risen 8 per cent so far
health service to drive innovation have in 2023, but 80 per cent of the increase
sharpened since Novartis recently has been driven by just seven compa-
scrapped a major trial of a new drug to nies, according to Bloomberg data.
reduce cholesterol. The NHS’s cradle- Apple and Microsoft have led the way,
to-grave patient records remain a contributing around 40 per cent of the
strong lure for pharma groups, but index’s rise by adding more than $1.1tn
clinicians warn the UK cannot ‘compete in combined market capitalisation.
on the international stage’ when those The gulf between the small number of
conducting trials must sign contracts winners and the rest of the market wid-
with hundreds of hospitals or trusts, ened last week as strong tech earnings
rather than just one for the whole NHS. contrasted with mixed results in other
Analysis i PAGE 2 sectors and downbeat economic data.
Stuart Kaiser, head of equity trading
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Oct Nov
in 2008 and SVB. It was not clear last
night whether a deal would be done and
other bidders could emerge. People with
knowledge of the situation said the gov-
ernment was determined to wrap up the
sale before the bank opens for business
this morning. When SVB failed, other
lenders initially declined to bid and the
FDIC set up a bridge bank to give its cus-
tomers access to their money.
Berkshire has a long history of sup-
porting US banks through periods of
financial instability. The sprawling
industrials-to-insurance behemoth
invested $5bn in Goldman Sachs during
the 2007-08 financial crisis and a
strategy at Citi, said many investors
were growing nervous about the fragil-
ity of the rally, but were reluctant to pull
back and risk missing out on further
gains. “People are considering diversify-
ing because the [tech] outperformance
has been so wide, but we’re not seeing
people pulling back yet,” he said.
Many long-only investment funds are
also rebuilding their positions from a
low base after selling huge amounts of
tech stock last year.
Big tech has benefited from enthusi-
asm about generative artificial intelli-
gence, along with a belief that the sector
would be relatively insulated from an
economic slowdown. Companies in the
benchmark index are on track to report
their second consecutive quarter of
earnings declines, and US economic
growth slowed dramatically in the first
quarter.
World Markets
CURRENCIES
Apr 28 Apr 21 Apr 28 Apr 21 Yield (%)
1.104 1.097 €/$ 0.906 0.911 US 2 yr
1.257 1.240 £/$ 0.796 0.807 US 10 yr
0.878 0.885 €/£
136.165 134.435 ¥/€
1.139 1.130 US 30 yr
150.326 147.522 UK 2 yr
171.145 166.679 £ index 79.449 79.339 UK 10 yr
0.983 0.981 SFr/£ 1.119 1.108 UK 30 yr
Apr 28 Prev
29122.00 29484.79
1884.30 1908.92
Apr 28 Apr 21
76.53 77.94
80.14 81.68
1985.65 2007.15
UK £3.50; Republic of Ireland €3.
Why the BoE must rein in stubborn inflation
MARTIN WOLF, PAGE 21
Briefing
i China economic recovery
yet to gain solid footing
Beijing warned a post-Covid
recovery had yet to gain traction
in the the world’s second-largest
economy after manufacturing
activity slowed in April.— PAGE 5
i Scam plan watered down
The UK’s new national fraud
strategy will see ministers set to
water down proposals to force
tech groups to pay compensation
for online financial scams. — PAGE 2
Wed March 8
Silicon Valley Bank i Lenders lament ‘extra tax’
UK building societies have
collapse begins warned that plans to pre-fund the
deposit insurance scheme would
be an “extra tax” on lenders and
curb much-needed loans.— PAGE 10
i US-China row over airlines
Moves to improve relations
$115 between Beijing and Washington
are being hampered by a dispute
over airline routes involving the
use of Russian air space. — PAGE 7
i EU rewilding plan blasted
Efforts to build wind farms and
other renewable projects face
threats from a proposed EU law
aimed at rebuilding natural
habitats, warn critics. — PAGE 4
i Pfizer rivals in EU alarm
Moderna, Novavax and Sanofi
risk being pushed out of Europe’s
Covid-19 vaccine market due to a
proposed deal between the EU
and BioNTech/Pfizer. — PAGE 9
Fri Apr 28
$3.51 Datawatch
Dec Jan Feb Mar Apr
2023 Tax burden
Source: Refinitiv Photo: Justin Sullivan/Getty Images % of Americans who say the tax
they pay is...
More than fair share About right
Less than fair share
similar sum in Bank of America in 2011. Speaking to CBS News yesterday, Ro All Americans
But the company has so far stayed on Khanna, the Democratic representative Age 18-29
the sidelines of the current bout of tur- from California, said the FDIC’s man- 30-49
50-64
moil. “Berkshire has made some bank date was to look for the lowest-cost 65+
investments that worked out very well option. Citizens and PNC declined to Upper income
for us,” said Munger. “We’ve had some comment on whether they had submit- Middle income
disappointment in banks, too. It’s not ted a bid for First Republic. JPMorgan Lower income
that damned easy to run a bank intelli- did not immediately respond to a 0 20 40 60 80 100
Source: Pew Research Center (Mar-Apr 2023)
gently, there are a lot of temptations to request for comment. First Republic
do the wrong thing.” and the FDIC also declined to comment As the tax filing deadline approaches,
He noted that banks were already on the sales process. Americans continue to be bothered by
the amount they pay. Those from upper-
pulling back from lending to property Reporting by Brooke Masters, James
and middle-income households — and
developers. “Every bank in the country Fontanella-Khan, Stephen Gandel and
those aged 30-64 — are especially likely
is way tighter on real estate loans today Colby Smith in New York, Eric Platt and to say they pay more than their fair share
than they were six months ago,” he said. Harriet Agnew in Los Angeles and James
“They all seem too much trouble.” Politi in Washington
Nvidia was the third-biggest contrib-
utor to the S&P’s rise, followed by Face-
book owner Meta, which has rebounded
from a rough 2022 to double in value so
far this year. Next was Google owner
Alphabet — another large investor in AI
— along with Amazon and Tesla.
The stocks have gained an average of
44 per cent so far this year, compared
with a 2 per cent increase in the equal-
weighted S&P 500. But markets have
started to lose steam: last month the
S&P gained 1 per cent or more in a day
only twice — down from six days in
January.
Despite this, some hope the rest of the
market will catch up with the winners.
“Once you have extreme readings like
leadership in a few stocks . . . it’s a sign
more often that the market is bottom-
ing,” said Denise Chisholm, director of
quantitative market strategy at Fidelity.
GOVERNMENT BONDS
Apr 28 Apr 21 Chg
4.05 4.07 -0.02
3.45 3.51 -0.07
3.67
3.77
3.75
3.81
-0.08
-0.04
3.84 3.93 -0.09
4.04 4.11 -0.07
JPN 2 yr -0.06 -0.04 -0.01
%chg JPN 10 yr 0.38 0.46 -0.07
-1.23 JPN 30 yr 1.22 1.33 -0.11
-1.29 GER 2 yr 2.69 2.85 -0.16
GER 10 yr 2.31 2.46 -0.15
GER 30 yr 2.41 2.54 -0.13
%Week
-1.81
-1.89 Prices are latest for edition
-1.07 Data provided by Morningstar
2 ★ FINANCIAL TIMES Monday 1 May 2023

NATIONAL

Online safety

Tech fraud payout plans to be watered down

Ministers fear impact of
scheme to make platforms
compensate scam victims
SIDDHARTH VENKATARAMAKRISHNAN
AND JIM PICKARD
Ministers are poised to water down pro-
posals to force tech companies to pay
compensation to victims of online
financial scams, after concerns at the
Treasury and the Department for Sci-
ence, Innovation and Technology about
their impact on the sector. The govern-
ment is set to announce a new national
fraud strategy as early as Wednesday. It
is meant to provide a co-ordinated
approach between the government, law
enforcement and the private sector.
But ministers are now expected to
announce a voluntary agreement, with
the tech industry pledging to take a
more proactive approach to combating
online fraud rather than making com-
panies responsible for compensation.
Prime Minister Rishi Sunak said last
November that the government would
publish its fraud strategy “shortly”. But
according to people with knowledge of
the situation it was delayed because of
concerns inside the government over
earlier proposals.
The online safety bill moving through
the House of Lords will impose a “duty
of care” on large platforms to protect
users from fraud and other negative
content. Ministers were proposing to go
further and make the tech and telecoms
sector responsible for reimbursing vic-
tims of fraudulent content, removing
the “safe harbour” principle in which
platforms are not liable for content on
their sites until they are aware of it.
But there were fears that could open
the doors to a wave of people suing tech
companies for the material they host.
Officials at the newly formed science
department — which is responsible for
regulating the tech sector — expressed
concern about the financial implica-
tions for tech companies.
The Treasury also privately
expressed concern that the proposals
could leave the sector open to large
numbers of content-related lawsuits.
That could leave companies forced to
monitor all content to determine
whether it was fraudulent, which one
government official described as
“extremely burdensome to do at scale”.
The official added: “It would move the
UK away from our international com-
petitors and would harm our interna-
tional tech competitiveness.”
People familiar with the negotiations
said that as part of the launch of the
strategy, tech companies would make
pledges about the actions they would
take to reduce fraud.
They are already scanning images and
tracking and blocking IP addresses of
scammers and using machine learning
to detect fraudulent behaviour.
Some large tech companies, such as
Meta and Microsoft, are already com-
mitted to a “revised advertising
onboarding process” ensuring that UK
financial services companies that want
to advertise with them have been
approved by the Financial Conduct
Authority, which regulates financial
services. More tech companies are
expected to sign up to this next week.
The Treasury declined to comment.
The Home Office said the government
was “absolutely committed to cracking
down on fraud”.
Additional reporting by Kate Beioley
TikTok scammers page 8

Healthcare. Drug trials

NHS faces calls to help boost innovation

Experts point to bureaucracy
and funding issues as hurdles
to introducing new treatments
SARAH NEVILLE AND HANNAH KUCHLER
The NHS is failing to fully exploit its
national scale and heft to ensure
patients receive cutting-edge treat-
ments, according to top health figures.
Concerns about the capacity of the
health service to drive innovation have
sharpened since global pharma giant
Novartis recently scrapped a major trial
of a new drug to reduce cholesterol.
The government has been anxious to
trumpet life sciences as an area of
strength following the UK’s departure
from the EU but experts pointed to an
array of hurdles, from the need to deal
with multiple NHS bodies to funding
constraints.
Some believe a conservative mindset
among clinicians is also making it
harder to bring novel treatments to
patients. Steve Bates, who heads the Bio-
Industry Association, a biotech sector
lobby group, cited many examples of
transformative drugs that had been suc-
cessfully introduced into the NHS, from
statins that combated cardiovascular
disease to treatments for cystic fibrosis
and rare diseases.
He also noted that the National Insti-
tute for Health and Care Excellence, the
public health body, produced assess-
ments of the value of new treatments.
“It’s not as if the NHS doesn’t have
national guidance,” he said. But “what it
seems to be resolutely resistant to is act-
ing in a strategic and co-ordinated way
on the adoption of innovation”, he
added, pointing to the patchy take-up of
Novartis’s inclisiran, which had varied
considerably around the country.
Despite its size, the NHS does not
always commission and buy care as a
single entity. While some specialist serv-
ices are commissioned centrally, in
other instances companies wishing to
penetrate the market have to negotiate
with multiple local bodies.
This atomisation also affects the UK’s
ability to maintain or improve its share
of clinical trials, which often give
patients a final chance of a longer life,
scientists suggest. A forthcoming gov-
ernment-commissioned review is
expected to conclude that trials are
being hampered by sluggish hospital
governance procedures and doctors
lacking the time to enrol patients.
Martin Landray, the Oxford univer-
Vital research: sity professor who ran the landmark unless it addressed what was slowing
staff work on Covid “Recovery” trial, had been down clinical trials, including having to
samples at the involved in the trial Novartis aban- sign contracts with hundreds of hospi-
Pandemic doned. He said that in Recovery, they tals or trusts, rather than just one for the
Institute in worked closely with drugmakers Roche whole NHS.
Liverpool and Regeneron to the benefit of both His concerns are echoed by the
Peter Byrne/PA
companies and the patients. pharma industry. Melanie Ivarsson,
He warned that the UK could not Moderna’s chief development officer,
“compete on the international stage” said Britain needed to cut bureaucracy
to catch up with countries such as the
US. “It’s become very slow to start up tri-
UK-based clinical trials have declined sharply als in the UK, relative to other geogra-
since 2019 phies,” she added.
Number of industry clinical trials initiated in the UK But the NHS’s cradle-to-grave patient
Phase I Phase II Phase III records remain a strong lure for compa-
700 nies such as Moderna. The Covid-19 vac-
600 cine maker is building an Oxfordshire
campus that Ivarsson said would make
500 Britain its “second home” for research.
400 It is working with Protas, a non-profit
300 run by Landray that specialises in large,
late-stage trials.
200 “Where the NHS brings enormous
100 value is that it is a closed healthcare sys-
0 tem so that people are contactable, you
2012 13 14 15 16 17 18 19 20 21 can follow people’s health records long
Source: ABPI
term,” she said.
But some fear that the culture of the
health service can stymie innovation, a
drawback compounded by its perennial
funding problems.
Sir John Bell, regius professor of medi-
cine at Oxford, said: “The first thing
everyone has to recognise is that the
NHS is not a great place to adopt innova-
tive products.” He added that “swaths”
of Britain’s medical profession did not
trust the pharma industry, unlike in
other countries where it was seen as the
source of the innovation that improved
patients’ lives.
One of the criticisms that GPs levelled
against inclisiran was that they were
being expected to prescribe it without
full information on safety and out-
comes.
Margaret McCartney, a GP and free-
lance writer, said: “There is a big push in
the government to have innovation. The
problem for me is stuff that hasn’t been
tested very well. It is the antithesis of
evidence-based medicine.”
Despite the fate of the Novartis incli-
siran trial, other partnerships are faring
better. Grail, a company that has devel-
oped a blood test able to screen for can-
cer, is conducting a major trial with the
first data on its performance expected
next year.
The drive is being directed centrally
by NHS England and does not depend
on agreements with individual inte-
grated care systems, which plan and
commission health and care for their
communities. The tests are carried out
in mobile units rather than hospitals or
GP surgeries.
Peter Johnson, NHS England national
clinical director for cancer, said there
was “very low risk to the NHS in an
undertaking like this compared to the
very big risk the company is taking on”.
The company had enrolled 140,000
people, 70,000 of whom were having
their blood tested “entirely at Grail’s
expense”.
Other life sciences companies have
found partners to help them navigate
the NHS and overcome its challenges.
Gilead has worked with scientists at
Accelerated Clinical Trials Ltd to
develop a blood cancer treatment.
ACT employs a network of research
nurses based at NHS hospitals who can
accelerate trial enrolments, and has
established a lab devoted to processing
patient samples. Charlie Craddock, pro-
fessor of haemato-oncology at the Uni-
versity of Birmingham and a non-exec-
utive director at ACT, said drugmakers
were “biting off their arm” to work with
the organisation.
Roland Sinker, recently appointed by
‘What [the NHS England as an unpaid national
director for research and innovation,
NHS] seems said the goal was to “speed up innova-
to be tions, with a focus on prevention, early
detection and integrated medicine” in a
resolutely way that “maintains all the strengths of
resistant to the NHS but minimises any additional
burden”.
is acting in To do this, closer relationships with
a strategic, life science companies would be needed,
argued Sinker, who is also chief execu-
co-ordinated tive of Cambridge University Hospitals
NHS Foundation Trust.
way on the The NHS said it directly commis-
adoption of sioned a range of services and treat-
innovation’ ments nationally “including by using
our strength as a single-payer health
system to negotiate commercial deals
for cutting-edge NICE-approved treat-
ments”.
It added that the National Institute for
Health and Care Research offered a
service that guided industry through all
stages of planning and delivery of clini-
cal trials. Newly established “integrated
care boards” would “provide a simpler
set-up to navigate compared to the pre-
vious model”.

Unexpected surplus Industrial action

Employers push to freeze Barclay labels RCN strikers as

MAKE A WISE pension scheme payments ‘disrespectful’ to other unions
INVESTMENT
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pension scheme is now very well had supported the government’s deal.
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Monday 1 May 2023
SNP insiders
split over future
as Yousaf tries
to ride out storm
Party loyalists remain defiant but
critics warn of the need for reform
LUKANYO MNYANDA AND MURE DICKIE
EDINBURGH
There is no doubting the difficulties fac-
ing Scotland’s governing Scottish
National party as it reels from a very
public police investigation into its
finances. Party president Michael Rus-
sell has called it the SNP’s worst crisis in
50 years, while Nicola Sturgeon has said
events since she quit as leader last
month surpassed her “worst night-
mares”.
“It’s a real shit show,” said one SNP
parliamentarian of the turmoil that is
threatening the pro-independence
party’s long dominance of Scottish poli-
tics and prompting fears that it could
lose many of the 45 seats it holds at
Westminster at the next UK general
election. “A lot of people are worried.”
How the crisis is handled by Humza
Yousaf, who in March narrowly won a
divisive leadership campaign to become
SNP leader and first minister, will have
far-reaching implications for the party
and its cause of independence.
Allies of Yousaf said he hoped to ride
out the storm by focusing on delivering
on promises to improve SNP govern-
ance while implementing policies he
thinks will restore the party’s reputation
for competence.
“He understands that there are things
he needs to sort out within the party,”
said one person who works closely with
Yousaf. “He wants to get on with the
business of delivering in government.”
Yet, while the ally said Yousaf was
winning credit for directly addressing
questions about the SNP’s woes — he has
repeatedly spoken to journalists at the
‘I’m astonished about
how otherwise serious
and intelligent people are
in such deep denial’
Scottish parliament over the past few
weeks — the first minister remains at
the mercy of events.
Yousaf’s attempt to set out a new gov-
ernment agenda was overshadowed by
the arrest of then SNP treasurer Colin
Beattie as part of a police investigation
prompted by claims that the party spent
money raised for a future independence
referendum on other things.
In early April, police arrested Peter
Murrell, former SNP chief executive and
Sturgeon’s husband.
Both men were released without
charge pending further investigation.
Many in the party now worry that
Sturgeon herself could be questioned or
arrested, a possibility subject to wide
speculation in Scottish media and one
that would drown out Yousaf’s attempts
to regain the political initiative, for
example, by publishing a new criminal
justice reform bill.
Sturgeon told journalists at Holyrood
that she had not been questioned by
police but declined to comment further
on the investigation.
“I can’t imagine anyone not being con-
cerned,” said one member of the SNP’s
ruling national executive committee.
“We need to be braced for the worst and
hope for the best.”
While opponents sense weakness in
the party that has controlled the
devolved government in Edinburgh
since 2007, loyalists on its governing
body are defiant. “We are the governing
party and we should expect to be
attacked by our opponents,” said a sec-
ond NEC member. “My only issue is with
the proportionality. We are held to a
degree of scrutiny that seems to be
harsh and more judgmental.”
Some members question the dra-
matic ramping up of the long-running
★ FINANCIAL TIMES 3
NATIONAL
‘I can’t
imagine
anyone not
being
concerned.
We need to
be braced
for the
worst and
hope for
the best’
police investigation, which included
searches of SNP headquarters and of
Sturgeon and Murrell’s home.
“It looked like a murder investigation Under pressure:
outside the first minister’s house,” said SNP leader and
the first NEC member of the police tent first minister
and screens erected in Sturgeon and Humza Yousaf.
Murrell’s front garden. “People who Below, police
have spoken to me have been quite search the
shocked by what felt like heavy-handed home of his
behaviour.” predecessor,
But the NEC member said the com- Nicola Sturgeon,
mittee was united in accepting the need last month
Jeff J Mitchell/ Getty Images;
for reform of the party — which critics Andrew Milligan/PA
have long complained was too closely
controlled by a small group centred on
Sturgeon and Murrell — and making its
workings much more transparent.
A former NEC member who has since
left the party said the body’s atmos-
phere had been “oppressive and unpro-
fessional” and that people who voiced
concerns about the party’s governance
were sidelined.
The national committee has set out
plans for a working group to explore
ways to improve governance and to con-
sider “the structural position of head-
quarters”. Drawing on external input
“where appropriate”, the group will
publish interim findings by June and a
final report before the SNP’s annual con-
ference this autumn.
A third NEC member said he and his
colleagues drew comfort from opinion
polls suggesting that, while the SNP had
lost some backers in recent months, it
remained ahead of second-placed
Labour. Support for independence
remains close to its level in 2014, when
Scots voted to stay in the UK by 55-45
per cent.
“Resilience in the polling is definitely
something that has brought great heart
to everybody during what has been a
difficult time,” the NEC member said.
“Most parties . . . would bite their hands
off for these kinds of polling numbers.”
Murrell resigned as chief executive in
March after the party was forced to
admit that it had 72,000 members, some
way off the more than 100,000 claimed
at the start of the leadership race and far
below a peak of 125,000 in 2019. But SNP
stalwarts have been cheered by the
party’s claims that its membership has
rebounded slightly since the final days of
the leadership race.
Some critics question the ability of the
NEC to effect genuine reform, arguing
that it failed for years to properly scruti-
nise party operations. But members say
the body is united behind Yousaf. “At
the moment, it’s positive and construc-
tive and looking to move forward
together,” said the first member.
Still, some senior SNP figures not on
the ruling body say its MPs, MSPs and
leadership have yet to fully reckon with
the scale of the crisis. They cite funding
worries, fuelled by admissions that the
party’s lack of an auditor means its MPs
in Westminster risk losing access to
£1.2mn in state subsidies this year.
“I’m astonished about how otherwise
serious and intelligent people are in
such deep denial,” said the parliamen-
tarian. “There could be more damage as
the scandal unfolds.”
Other independence supporters insist
that their cause of ending Scotland’s
three century-old union with England is
bigger than any single political party,
even one as formidable as the SNP was
under Sturgeon and her predecessor
Alex Salmond.
Gordon MacIntyre-Kemp, founder of
pro-independence campaign group
Believe in Scotland, said the SNP might
bounce back if Yousaf was seen to tackle
its governance problems effectively.
“If they don’t, we’ll just form another
political party,” he said. “This is not the
end of independence.”
4 ★ FINANCIAL TIMES Monday 1 May 2023

INTERNATIONAL

Environment Working culture

EU rewilding plan faces political backlash WHO official

EPP parliamentary group’s
opposition adds to doubts
in Denmark and Germany
ANDY BOUNDS AND SAM FLEMING
BRUSSELS
A proposed EU law aimed at rewilding
natural habitats risks undermining
efforts to build wind farms and other
renewable projects, its critics say, as the
bloc attempts to reconcile efforts to
drive down emissions while restoring
biodiversity.
Several governments have called for
changes to the draft Nature Restoration
Law, which requires EU members to
reverse environmental damage. They
say they want to ensure that the bill does
not impede offshore wind farms and
other renewable energy infrastructure,
or hamper economic development.
The law calls for countries to take
“restoration measures” for marine hab-
itats in poor condition that would
encompass 90 per cent of them by 2050.
It also requires them to “re-establish
habitats” completely in other areas by
2050.
Measures to restore the seabed and
land include rewetting peat bogs in Ire-
land and the Baltic states, and planting
trees and hedges on farmland, reducing
the amount of land available for produc-
tion. The world’s peatlands store twice
as much carbon as the world’s forests
and play a vital role in ecology, acting as
a home for plants and animals around
the world.
Cost of living. Budget squeeze
The centre-right European People’s
party, the biggest group in the parlia-
ment, however, wants the law scrapped
completely. Esther de Lange, the envi-
ronment policy co-ordinator for the
EPP, along with several MEPs from the
‘Climate and industry
policy need to go hand in
hand or the jobs will go to
China [if land is unusable]’
liberal Renew group, has tabled an
amendment calling for the European
Commission to withdraw the bill.
“The commission has gone way over
the top,” she said. “It increases the
number of areas covered too much. It is
going to be extremely hard to build
renewable energy projects and infra-
structure. Climate and industry policy
need to go hand in hand or the jobs will
go to China.”
Some EU states argue the rules need
to be adjusted to account for the dash to
decarbonise, which was accelerated by
the need to quit Russian fossil fuels in
the wake of the Ukraine invasion.
Since launching it last June, the EU
has increased the binding target for
renewable energy to reach 42.5 per cent
of supply by 2030, almost doubling the
existing share.
Denmark has warned that the new
law would threaten wind farm develop-
ment in the North Sea, where there are
big plans to create a network of turbines
connected to the UK and other coun-
warns UN
tries. Germany said it was essential that
the turbine networks did not overlap
agency not
with restoration areas under the man-
datory plans, which would make devel-
‘safe for all
opment impossible.
Others are concerned that they will
have to pay compensation to farmers
people’
unable to use the land.
The commission said the law was part DONATO PAOLO MANCINI
of meeting its international biodiversity
The woman in charge of preventing
commitments and reach net zero car-
bon emissions in 2050, “Well preserved
sexual misconduct at the World Health
Organization has criticised a male-
biodiversity is the basis for sustainable
dominated culture in UN agencies and
growth,” it added.
said the global health body was not a
“We look forward to discussing with
safe place for “all people” despite
the co-legislators how to ensure that the
efforts to root out the problem.
Nature Restoration Law can interact
constructively with our strategy on the “It is the prevalent culture in the UN sys-
build-up of renewables including tem . . . The culture in all our organisa-
through faster permitting.” tions has to improve,” said Gaya Gam-
hewage, WHO director of prevention
and response to sexual exploitation,
abuse and harassment.
Gamhewage said she stood by com-
ments, conveyed to the Financial Times
by people with knowledge of the matter

European households hit by inflation legacy
Analysis shows real incomes
under pressure despite the
easing of prices burden
VALENTINA ROMEI — LONDON
MARTIN ARNOLD — FRANKFURT
Households across Europe are facing a
persistent pinch from one of the worst
cost of living crises since the second
world war, despite inflation falling
almost as quickly as it rose.
Even by late next year, real incomes
will not have regained the levels they
reached before the surge in price
growth, according to analysis by the
Financial Times based on official figures
and projections from Consensus Eco-
nomics, a forecast aggregator.
Real incomes fell by 6.5 per cent
between 2020 and 2022 in the eurozone
because of surges in energy and food
costs. By the end of 2024 they will
remain 6 per cent below 2020 levels,
according to the analysis.
Price pressures in Europe are fading
as the impact of last year’s rise in energy
costs falls out of the annual headline cal-
culation. Figures due to be published
tomorrow are expected to show the
headline measure of annual inflation for
the eurozone dipped to 6.8 per cent last
month.
The falls ease the pressure on policy-
makers at the European Central Bank,
who made aggressive rate increases
throughout 2022 to combat price pres-
sures and are expected to slow the pace
of monetary tightening when they meet
later this week.
But the ebbing phase of high price
growth will leave a lasting drag on
households’ finances, analysts warn.
“Although inflation rates look set to
ease, prices are not coming down,” said
Victoria Scholar, head of investment at
Interactive Investor, an online invest-
ment service. “The squeeze on house-
holds’ budgets and cost-of-living pres-
sures could continue to be a notable
headwind.”
In major eurozone economies, includ-
ing Germany and France, the region’s
two largest, unions have resorted to
strike action in an attempt to compen-
sate workers for higher prices.
“Any easing of inflation is good news
for working people but we’re still far
from the end of this crisis,” said Esther
Paying the price: Lynch, general secretary of the Euro-
a customer in a pean Trade Union Confederation. “With
supermarket in wages so far behind the cost of living for
Warsaw, Poland so long, pay rises are still needed to
Damian Lemański/
restore lost purchasing power, espe-
Bloomberg
cially in those companies which have
made record profits.”
Poorer people, who spend a bigger
chunk of their income on essentials,
have been most exposed to the rise in
prices. They will continue to feel the
squeeze hardest, with food costs contin-
uing to soar even as energy prices fall.
In the EU, food costs rose by 19.5 per
cent in the year to March, the highest
rate since Eurostat started collecting
such data in 1997. In some member
states — including Poland, Portugal and
the Baltic countries — costs have surged
by even more. The price of some staples
such as cooking oil and eggs has risen
more than 30 per cent within the bloc in
the year to March.
Some EU governments have inter-
vened. France struck a deal with super-
markets to offer cut-price offers on sta-
ples. Croatia has capped the price of
eight essentials from milk to chicken,
Eurozone households will continue to feel much poorer than
before the pandemic, despite fall in inflation
Indices (2020=100)
CPI
Nominal wages
Real wages
2020
Europe’s workers have been among the hardest hit
from high inflation
Estimated fall in real wages in 2022 (annual % change)
-8
Greece
Spain
Italy
UK
Germany
Canada
Australia
South Korea
US
Poland
Japan
Forecast made in Sep 2022
Source: Consensus Economics
while Portugal has joined Spain and
Poland in slashing food taxes.
This has not stopped increasing num-
bers of people turning to charities for
support. Katja Bernhard, a board mem-
ber of the food bank association for Ger-
many’s Hesse region, said the influx of
applicants in recent weeks was so high
that half of its 58 establishments had to
stop taking on more people — up from a
third of them late last year.
“The demand is still high and the
number of customers is increasing,”
said Bernhard.
The same drag is set to hit UK work-
ers. The UK’s Office for Budget Respon-
sibility estimates that the period from
the spring of 2022 to the spring of 2024
will mark the steepest decline in peo-
ple’s real disposable incomes since
records began in the 1950s.
The cap on British households’ energy
costs is set to fall from more than £3,280
to £2,200 by the end of 2023, reflecting
a drop in the wholesale gas price from its
peak in August. But this level would still
be double the figure for 2020.
“Prices will remain high and wages
and made more than five years ago, that
she would not want her daughter to
work at the WHO. “In the past, it was not
safe. I stand by what I’ve said,” she said.
“Today, with our new focus and poli-
cies, it is safer,” she added. “But I’d be
lying if I told you that it was safe for all
people.”
The WHO has faced mounting con-
130
cerns about the adequacy of its proc-
Forecast esses for reporting allegations of sexual
and other forms of misconduct follow-
120
ing incidents in recent years.
Gamhewage was charged with
110 improving its ability to tackle sexual
misconduct in 2021 after employees in
100 the Democratic Republic of Congo were
embroiled in a sexual assault scandal
90 during an Ebola outbreak. Women were
21 22 23 24 raped after being offered work while
others were forced to undergo abortions
after being raped, according to a WHO-
commissioned report.
Tedros Adhanom Ghebreyesus, WHO
-6 -4 -2 0
director-general, apologised to victims
but said he had not been aware of the
incidents that occurred between 2018
and 2020. The WHO has also faced
other allegations of sexual misconduct,
increasing member states’ concerns
about governance. This week, the Gene-
va-based health body dismissed Temo
Waqanivalu after the Fijian official had
faced three separate accusations of sex-
ual misconduct over five years.
Since Gamhewage’s appointment, the
WHO has been publishing its own fig-
ures on incidents after strengthening its
‘The must recover their lost value after the own investigative capacities. It has set
longest wage squeeze in 200 years,” said aside a core budget of $50mn for
persistent Paul Nowak, general secretary at Brit- 2022-24 for this purpose. In 2022, 192
increase in ain’s Trades Union Congress. “For fami- cases of alleged sexual misconduct were
lies to feel better off, the government investigated, with 120 completed and 72
food prices must reward work instead of wealth.” still ongoing, Gamhewage said. Reports
month after Anna Taylor, executive director at the have increased because of more confi-
Food Foundation, a UK-based non- dence in the system, not because of an
month is profit organisation, said: “The persist- increase in incidents, the WHO said.
having a ent increase in food prices month after In the past two quarters, seven WHO
month is having a devastating impact on employees were dismissed for sexual
devastating people’s ability to feed themselves and misconduct, she said. “It really is a long
impact’ their families.” journey,” she said. “The rest of the UN
The headline rate of price growth is has been trying this for the past 20
not expected to return to the 2 per cent years.”
level that the ECB and the Bank of Eng- Current and former employees
land target until next year, in both the including victims have criticised the
eurozone and the UK, according to Con- WHO’s previous inability to tackle mis-
sensus Economics forecasts. conduct. Some of those who made alle-
Nathan Sheets, chief economist at US gations against Waqanivalu were either
bank Citi, said the “global consumer is discouraged from making any formal
likely to be feeling better during the first report or taking the cases forward.
half of next year [when] inflation But Gamhewage said this was chang-
should be declining and any associated ing after the health body implemented a
recessionary pressures likely to have zero-tolerance policy in 2021. “We
largely passed”. admitted that we should have done
Additional reporting by Mary McDougall more and we could do more,” she said.
Martin Wolf see Opinion “And that’s exactly what we’re doing.”

Green transition

Germany reopens mines in quest for mineral self-sufficiency

GUY CHAZAN — PFORZHEIM
The Käfersteige mine on the fringes of
the Black Forest has lain dormant for
27 years, its rich mineral deposits aban-
doned, gates locked and tunnels
immersed in floodwater.
Now those gates are about to reopen, as
Germany seeks to reduce its depend-
ence on imported critical minerals by
extracting more of them itself.
“If we really want a revolution in
transport and the resources needed for
that, there’s no way around this
MAKE A WISE INVESTMENT project,” said Simon Bodensteiner, chief
executive of Deutsche Flussspat, the
German start-up planning to reactivate
the mine.
Choose the Financial Times subscription for you Käfersteige sits atop of what is
• React to trusted global news everywhere you believed to be Europe’s largest deposit
go, with ft.com and FT apps of fluorspar, a crucial component of
• Get the iconic FT newspaper delivered to your electric cars. Every battery in a
home or office from Monday to Saturday Volkswagen ID. 4, the company’s first
• Enjoy our award-winning lifestyle journalism electric SUV, requires about 10kg of the
with FTWeekend mineral. Germany currently imports
large quantities from Mexico.
Subscribe today at ft.com/subscribetoday
The dream is of greater self-suffi-
ciency, not only in fluorspar — often
nicknamed “lithium’s little brother” —
but in other commodities the country
needs for its green transition. Since the
Covid-19 pandemic, western govern-
ments have been rushing to safeguard
their economies from disruptions to
trade, through everything from “friend-
shoring” — moving supply chains to
trusted countries — to outright decou-
pling from China.
Fears of an east-west conflict over Tai-
wan have only intensified the desire of
the US and Europe to reduce their reli-
ance on China for a host of critical mate-
rials. The EU, for example, depends on
China for 72 per cent of its rare earth
metals, a crucial component of comput-
ers, mobile phones and electric cars,
according to Germany’s raw materials
agency, Dera, a government agency.
Scarred by the turmoil caused by Rus-
sia’s suspension of gas exports to Europe
after its invasion of Ukraine, business
leaders say Germany must move
quickly to avoid falling into the same
trap with China.
“We are already more reliant on China
for certain metals than we were on Rus-
sia for gas,” said Matthias Wachter of the
BDI, Germany’s main business lobby.
“And that’s a huge risk.”
A map compiled by Dera makes clear
how dependent Germany and Europe
have become on a small group of suppli-
ers. In 2021 the EU received 96 per cent
of its feldspar from Turkey, 98 per cent
of its nickel oxide from Russia and 83
per cent of its gallium and germanium
from China.
The market for fluorspar is highly
concentrated: only a small number of
countries export it, and Europe’s
domestic production covers just a third
of its demand for the mineral, according
to Bodensteiner.
“Prices have steadily increased over
the past 20 years as China reduced
Käfersteige mine sits above a large
deposit of fluorspar, needed for EVs
exports, existing mines depleted and
few new mines were opened,” he said.
The revival of Käfersteige, situated in
a heavily-wooded area near the town of
Pforzheim, a jewellery and watchmak-
ing centre in south-western Germany,
epitomises the interest in exploiting the
country’s mineral wealth.
Projections by Deutsche Flussspat
suggest EU demand for fluorspar con-
centrate could rise from 755,000 tonnes
a year in 2020 to around 1.1mn tonnes
by the end of the decade, if carmakers in
the bloc use battery compounds
sourced in Europe to achieve their CO₂
emissions targets.
Käfersteige, which is reported to con-
tain about 2mn tonnes of raw fluorspar,
could produce 100,000 tonnes a year
after 2029, meeting 40 per cent of Ger-
many’s demand and 13 per cent of the
EU’s, according to Bodensteiner.
It is not the only new mining project in
Germany. London-listed Zinnwald Lith-
ium is planning to mine a huge lithium
deposit on the German-Czech border in
Saxony, while Vulcan Energy is aiming
to produce lithium from thermal water
in Oberrheingraben, near Karlsruhe in
south-west Germany.
Monday 1 May 2023 ★ FINANCIAL TIMES 5

INTERNATIONAL

Growth Social media

Chinese factories report slowing demand Big Tech fears

Activity declines in April
amid sluggish but uneven
economic recovery
JOE LEAHY — BEIJING
EDWARD WHITE — SEOUL
China’s manufacturing activity con-
tracted in April, official figures showed,
as global demand for goods slowed and
Communist party leaders warned that a
post-Covid recovery in the world’s sec-
ond-largest economy had yet to gain
solid footing.
The National Bureau of Statistics’
purchasing managers’ index fell to 49.2
points, compared with 51.9 in March,
falling below analyst expectations of
51.4 in a Reuters poll.
China’s non-manufacturing purchas-
ing managers’ index, which includes the
services and construction sectors, was
56.4, down from 58.4 in March but still
showing expansion since President Xi
Jinping ended the country’s economy-
constraining zero-Covid policy in
December. A reading above 50 indicates
expansion compared with the previous
month, while one below 50 means a
contraction.
“This is a mixed PMI report and
suggests that China’s post-Covid recov-
ery has somewhat lost steam and calls
for continued policy support,” said
Zhou Hao, chief economist at Guotai
Diaspora. Voter drive
Junan International, a Hong Kong-
based brokerage.
In a sign of China’s economic recovery
from last year, state media reported
forecasts that about 240mn passenger
trips would be made during this week’s
five-day May Day holiday, higher than
in 2019, before the pandemic.
But while consumer activity is
rebounding from a low base, the rest of
the economy has deeper challenges,
with the property sector still limping
after a government crackdown and
export markets fading as advanced
economies weaken. In March, China’s
PMI showed a similar picture, with
growth in manufacturing dipping
despite a recovery in exports, while
other sectors showed a rapid rise in
activity, indicating an uneven recovery.
“Economic growth has exceeded
expectations . . . and China’s economy
is off to a good start,” the Communist
party’s politburo said in a meeting on
Friday. But the “endogenous driving
force” of the economy was “still weak
and demand insufficient”, state media
Xinhua reported the bureau as saying.
Zhao Qinghe, senior statistician at the
NBS, said yesterday that the manufac-
turing PMI’s contraction was “due to
factors such as insufficient market
demand and the high base formed by
the rapid recovery of the manufacturing
industry in the first quarter”.
Production expanded slightly, but
sub-indices for new orders, raw mate-
rial inventories and employment in the
manufacturing sector all fell.
Goldman Sachs said in a note that the
non-manufacturing index’s perform-
ance was “still solid but lower than mar-
ket expectations”.
Part of the recovery in construction
was driven by infrastructure, the NBS
said. Beijing has used infrastructure to
stimulate growth following the property
sector’s collapse over the past two years.
Nomura forecast that China’s export
industries would remain under pressure
owing to “the ongoing global tech down-
turn, heightened global financial mar-
ket turmoil and deteriorating US-China
trade relations”.
censorship if
Brazil ‘fake
news’ law
approved
BRYAN HARRIS — SÃO PAULO
HANNAH MURPHY — SAN FRANCISCO
Brazil’s Congress is poised to vote on
contentious legislation to curb the
spread of “fake news”, which has drawn
opposition from Google and other tech
groups facing tougher laws governing
their content globally.
Parliament is expected this week to vote
on the measure being pushed through at
speed by the government led by Presi-
dent Luiz Inácio Lula da Silva. It aims to
tackle the spread of misinformation,
but critics decry it as draconian, rushed
and open to abuse by special interests.

Erdoğan woos German Turks in tight election fight
President counts on support
from overseas as he seeks to
extend 20-year grip on power
LAURA PITEL — ESSEN
Tens of thousands of people across
Europe cast their ballots in early voting
in Turkish elections over the weekend,
with President Recep Tayyip Erdoğan
counting on diaspora support as he bat-
tles to cling to power.
Officials said early indications sug-
gested a record turnout among Turkey’s
3.4mn overseas voters, who have histor-
ically backed Erdoğan, after polling sta-
tions opened two weeks ahead of the
main election on May 14.
The Turkish state has embarked on a
voter drive it says is aimed at boosting
democratic participation by increasing
the number of polling stations across
Europe and pumping out messages on
the importance of taking part.
Abdullah Eren, head of the state-run
body responsible for the Turkish
diaspora, insisted the motive was not to
bolster support for Erdoğan, who is
fighting the toughest re-election battle
of his 20 years in power as Turkey’s deep
economic malaise dents his support.
“We’re not interested in what party they
vote for,” Eren said. “For us, the impor-
tant thing is that we remove obstacles to
citizens exercising their rights.”
Officials from Erdoğan’s ruling Justice
and Development party (AKP) openly
say they expect higher turnout to bene-
fit them, given that members of the
diaspora who are eligible to vote have
backed the president strongly in the
past. In a message to diaspora voters on
Saturday, Erdoğan said he expected
them to “hurry to the polls and make
history on May 14”.
But the notion that higher turnout
would benefit the president was dis-
puted by Hülya Coşkun, a regional offi-
cial with the German arm of the opposi-
tion People’s Republican party (CHP).
She predicted high mobilisation among
well-educated opposition supporters,
who she said had sometimes sat on the
sidelines. “This time they see the impor-
tance of voting,” she said. “The political
winds in Turkey are affecting the politi-
cal winds here.”
Experts say the impact of the
diaspora, whose votes made up 3 per
cent of the total at the last parliamen-
tary and presidential elections in 2018,
is sometimes overplayed. But the group
Ballot box: has the potential to swing parliamen-
expat Turkish tary seats and, in a presidential contest
citizens leave a that polls suggest is neck and neck
Berlin voting between Erdoğan and his main rival
station last week Kemal Kılıçdaroğlu, every vote counts.
Maja Hitij/Getty Images
“It’s going to be really close,” said İnci
Öyku Yener-Roderburg, an expert on
migration at the University of Duisburg-
Essen. “Even if just half of diaspora vot-
ers use their votes, it could make a dif-
ference.”
Nowhere is more critical to the out-
come than Germany, home to a 3mn-
strong Turkish diaspora, of whom
1.5mn are Turkish citizens who are eligi-
ble to vote. Opposition parties complain
that Erdoğan has mobilised huge
resources in Germany, including around
900 mosques funded and run by the
Turkish state.
On Saturday in Essen, an AKP strong-
hold in the German state of North
Rhine-Westphalia, a steady stream of
minibuses organised by an AKP lobby
group shuttled mostly elderly and disa-
bled voters into the city from satellite
towns. Thousands more people made
their own way to the Grugahalle confer-
ence centre, which has been turned into
a polling station replete with Turkish
flags for the 13 days of overseas voting.
A majority expressed support for
Erdoğan, citing a range of reasons
including his forceful presence on the
world stage and grand infrastructure
projects completed under his watch.
“Erdoğan has helped Turkey to stand
up proud,” said Derya Bulut, a 33-year-
old pharmacist from the town of Lünen,
who was born and raised in Germany.
Many spoke of experiences of dis-
crimination in Germany, where unlike
EU citizens, most members of the
diaspora have been forbidden from
holding dual citizenship, forcing them
to choose between their Turkish and
German passports.
Many dismissed concerns about the
Turkish economy even though the lira
has plunged in value in recent years and
inflation has soared.
The vocal support for Erdoğan has
fuelled a popular but false perception in
Germany that most or all members of
the country’s Turkish community are
diehard backers of a leader viewed by
many in Europe as an autocrat.
Erdoğan has performed better in the
country in the past than in Turkey, gain-
ing 65 per cent of the German vote in
‘It’s going presidential elections in 2018 compared
with 53 per cent overall. But the picture
to be really is distorted by the fact that only about
close. Even half of the country’s Turkish population
— which includes exiled Kurds, leftists,
if just half academics and journalists as well as the
of diaspora religious conservatives who have tradi-
tionally backed Erdoğan — are Turkish
voters use passport holders who are eligible vote.
their votes, When eligibility and turnout are fac-
tored in, it becomes clear that less than
it could 15 per cent of the country’s Turkish
make a community voted for Erdoğan in 2018.
Nonetheless, the diaspora’s participa-
difference’ tion in the Turkish elections triggers
regular soul-searching about what some
Germans see as failure of integration,
even as figures such as agriculture min-
ister Cem Özdemir and BioNTech
founders and Covid-19 vaccine pioneers
Uğur Şahin and Özlem Türeci have risen
to the top of business and politics.
Gülistan Yüksel, a Turkish-born
member of the German Bundestag,
hopes that the ruling coalition’s drive to
allow multiple citizenships will help fos-
ter greater engagement with German
democracy and public life among some
parts of the diaspora and “strengthen
their sense of belonging.”
The law would impose strict require-
ments on how tech companies deal with
illegal and other damaging content, as
well as punishments for groups that
spread falsehoods at scale using robots
or artificial intelligence.
It has drawn a sharp backlash from a
diverse coalition, including the lobby
group for tech companies such as
Google and Meta, free speech advocates
and members of the far right. They vari-
ously argue that the bill may lead to cen-
sorship and is being rushed through.
“Hasty legislation can make the inter-
net work worse, restrict fundamental
rights . . . and create mechanisms that
put legitimate speech and freedom of
expression at risk,” said Marcelo Lac-
erda, of Google Brazil, in an online post.
The shift in Brazil — one of the world’s
biggest social media markets — comes
as digital platforms face new laws gov-
erning their content globally, with
requests by more authoritarian govern-
ments presenting regulatory dilemmas.
In India, critics of internet laws
announced in 2021 argue that they will
force platforms to take down content
deemed contentious by New Delhi.
Turkish social media laws have faced
similar criticism, while some platforms
have taken down content from dissi-
dents in Vietnam and Thailand at the
behest of their countries’ governments.
The orchestrated spread of misinfor-
mation on social media and messaging
apps such as WhatsApp became promi-
nent in Brazil during the 2018 election
campaign of Jair Bolsonaro and his sub-
sequent presidency.
Some researchers argue that fake
news about vaccines and other health
measures led to thousands of extra
deaths during the Covid-19 crisis.
Concern over the issue was reignited
in January when thousands of support-
ers of the former president raided and
vandalised the country’s political insti-
tutions in Brasília. Many rioters
repeated falsehoods spread in far-right
chat groups that the election in which
Bolsonaro lost to Lula in October was
rigged. Lula and his supporters called
the unrest an “attempted coup”.
At the heart of the legislation, which is
still subject to change, are requirements
for tech companies and social media
platforms, including a legal obligation to
flag and remove criminal content.
The law would also hold platforms
responsible for damage caused by paid
content, with potential fines if they did
not quickly comply with court orders to
remove posts. The legislation must be
voted on by both houses of Congress
before it can become law, a process that
may take weeks.
Additional reporting by Michael Pooler
and Carolina Ingizza

Balancing act

Singapore carefully juggles Beijing economic links with reliance on US for security
MERCEDES RUEHL — SINGAPORE
Singapore prime minister Lee Hsien
Loong recently managed what few
other global leaders would be able or
willing to do: travel to China and pub-
licly praise a US-led Asian initiative.
“Asia should always remain an open
region,” Lee said at the Boao Forum for
Asia in Hainan. “As Asian countries
develop co-operation among ourselves,
we should also cultivate our relations
with the US, Europe and other parts of
the world.”
That Lee commended the Indo-
Pacific Economic Framework — a trade
initiative intended to reassert US
engagement in the region with an alter-
native to Beijing’s economic statecraft —
at one of China’s largest annual interna-
tional conferences pleased many Amer-
ican policymakers, said one US official
based in Singapore who asked to remain
anonymous. The event underscored the
level of comfort that Singapore, one of
Washington’s most important non-
treaty allies in Asia, has attained with its
long-term partner in a new phase of
heightened Sino-US competition. The
city-state carefully balances its eco-
nomic relationship with China and its
reliance on the US for security.
But Singapore has become more
active in deepening its defence ties with
the US over the past several years, one of
the only south-east Asian countries to
do so aside from the Philippines, despite
its friendly relations with Beijing and a
recent influx of people and wealth from
mainland China, risking tensions with
its largest trading partner.
In March, the US Air Force-operated
RQ-4 Global Hawk, a stealth aircraft
known for its surveillance capabilities
and capacity to transmit time-sensitive
targeting details, was revealed to have
been deployed on a short-term basis
from Singapore’s Changi airport. The
previous month, Singapore announced
that it would exercise an option to
acquire eight more F-35 fighter jets from
the US, increasing its order to 12.
“Both of these actions sent a strong
signal about how Singapore feels right
now about its strong relationship with
the US,” said a former diplomat in Singa-
pore familiar with the government’s
thinking. “Deploying Global Hawk in
the backyard of the South China Sea? tant, said experts, because other US and South Korea,” said Nicholas Fang,
The optics of that send a message.” allies in the region, including Japan, director of security and global affairs at
For Singapore, which allows US forces South Korea and Australia, had also the Singapore Institute of International
to access its air and naval facilities on a purchased the stealth fighters. This Affairs. “In the event of a conflict, there
rotational basis as part of a 1990 agree- would enable interoperability — where is the possibility of a unified network of
ment, the strategic logic is straightfor- one country’s air force flies missions such aircraft from US allies operating in
ward. It believes an American presence with partners that are similarly concert, and Singapore could poten-
in Asia — especially its military presence equipped. tially be a part of that.”
— is beneficial to its own interests and “By 2035, there will be an estimated Ja Ian Chong, associate professor of
regional security. 300 F-35s in the Indo-Pacific region, political science at the National Univer-
The F-35 deal was particularly impor- with the majority in Australia, Japan sity of Singapore, said the strengthened
ties meant that Singapore would be
dependent on US military equipment
and technology. “This is Singapore
investing in the US system for a good
decade or two,” he said. “It really locks
[them] into that defence relationship.”
Research published by Australia’s
Lowy Institute think-tank traced how
the US-Singapore defence partnership
has been upgraded since 2019, with
increased arms procurements, more
joint training and deployments of per-
sonnel and equipment.
The US Indo-Pacific Command
increased its personnel in Singapore by
12 per cent between 2018 and 2021,
according to the report’s authors, while
Guard of honour: Lee Hsien Loong, third left, in China last month — Aw Cheng Wei/AP the city-state buys more arms equip-
ment from the US than any other coun-
try in south-east Asia.
For now, China has not challenged
Singapore’s delicate balancing act. But
Beijing is seeking to boost its security
relationship with Singapore and south-
east Asia, including greater military
engagement, raising the prospect of
another front for tensions, according to
policymakers and officials. This week,
China held its first military drills with
Singapore since 2021.
Singapore is also grappling with ever-
closer cultural ties to China. The city-
state’s resident population is more than
70 per cent ethnic Chinese.
Singapore’s position has become more
difficult as hostility between the US and
China escalates, particularly over Tai-
wan and the South China Sea.
“There are several points of stress
approaching . . . especially as [Singa-
pore’s] economic dependence and cul-
tural ties to China have grown consider-
ably in the past few years,” said Chong.
“The neutral approach works until it
doesn’t. It is unclear what Singapore’s
fallback position is when it doesn’t.”
Rana Foroohar see Opinion
6 ★ FINANCIAL TIMES
INTERNATIONAL
‘The RSF is
a desirable
destination
Sudan’s rival
for young
men who
also dream
factions adapt
of the
lucrative
payments
strategies for
given to the
fighters
that went
war of attrition
to Yemen
and Libya’ Conflict pitches conventional forces
against mobile band of paramilitaries
ANDRES SCHIPANI — NAIROBI
FELICIA SCHWARTZ — WASHINGTON
JOHN PAUL RATHBONE — LONDON
The shifting patterns of fighting in
Sudan have allowed foreign nationals to
escape and given the warring sides an
opportunity to assess their rival’s capa-
Guerrilla tactics: bilities and fine-tune their battle plans.
RSF fighters in The power struggle that erupted two
the East Nile weeks ago, which analysts fear could
district of precede a bloody and protracted con-
Sudan’s capital, flict, has pitted Sudan’s army, led by the
Khartoum de facto president General Abdel Fattah
RSF/AFP/Getty Images
al-Burhan, against a powerful paramili-
tary group commanded by his one-time
ally. With hostilities declared, few see
the other backing down. Which of them
triumphs will decide the future of Sudan
and its 46mn people.
“They’re locked in a kind of pitched
battle to the death. There can be only
one victor,” said Cameron Hudson, a
former chief of staff to US special envoys
for Sudan, now at the Center for Strate-
gic and International Studies.
The spasm of violence is the culmina-
tion of months of simmering tensions
between Burhan and General Mohamed
Hamdan Dagalo, Sudan’s vice-president
known as Hemeti who commands the
Rapid Support Forces. “They both think
that securing a military victory over the
other is possible,” a senior UN official
said from Port Sudan.
A partial ceasefire was extended for
an additional 72 hours late on Thursday.
‘They’re locked in a
kind of pitched battle to
the death. There can be
only one victor’
Yet fighting continued in Khartoum and
other parts of the country, with the war-
ring factions accusing each other of
breaching the truce.
The conflict between the conven-
tional military and a band of paramili-
taries involves two very different fight-
ing forces. Burhan’s army is made up of
ground troops backed by an air force
and heavy artillery. As such, it is better
at defending strategic locations such as
the presidential compound that has
recently come under attack.
Hemeti’s RSF is a mobile guerrilla
force, partly derived from the Janjaweed
militia that crushed the rebellion that
erupted in the western Darfur region in
2003. “The natural advantage in this
fight goes to the Sudanese armed forces
because it’s a conventional army. It does
know the streets of Khartoum, it’s
trained in defending fixed loca-
tions . . . it can complement its ground
forces with air force,” said Hudson.
Burhan commands about 100,000
troops who are “relatively well
equipped” with recent acquisitions of
Russian and Ukrainian surplus, accord-
ing to the International Institute for
Strategic Studies. His forces have Soviet-
designed MiG-29s and new Chinese
fighter ground-attack aircraft. The mili-
tary also runs a company that manufac-
tures ammunition, small arms and
armoured vehicles.
Casualties
UN official fears civilian deaths
could be worse than in Ukraine
DAVID PILLING AND ANDRES SCHIPANI
NAIROBI
The fighting in Sudan, which has
erupted again after a 72-hour humani-
tarian ceasefire collapsed at the week-
end, has the potential to be “worse than
Ukraine” for civilians, according to
Amina Mohammed, deputy secretary-
general of the UN.
Mohammed said Sudan’s army and its
rival paramilitary group (RSF) were
waging an indiscriminate battle for
Khartoum, the capital city of 6mn peo-
ple. The air force’s bombardment of
paramilitary fighters who had dug into
positions in people’s homes threatened
to cause mass casualties, she said.
The latest official death toll is 459, but
witnesses in Khartoum report seeing
bodies piled in the streets and on the
back of trucks. The UN fears the actual
number of people killed could be much
higher.
Monday 1 May 2023
Hemeti’s forces were “looting and
marauding” as their predecessors did
across Darfur, said Hudson. Brigades of
the Janjaweed — which means “devils on
horseback” — were accused by the
International Criminal Court of war
crimes and crimes against humanity.
The RSF has a 40,000-strong force,
according to the IISS, although one sen-
ior member of the paramilitary group
claimed to have more than 150,000 men
equipped with armoured vehicles and
Russian anti-aircraft machine guns.
Hemeti has hailed the discipline of his
forces, although others have cast doubt
on the chain of command. While about
10,000 of them were loyal to Hemeti
owing to clan ties, the RSF was other-
wise “a force for hire”, analysts said.
“RSF pays significantly better than
the Sudanese armed forces and in a
nosediving economy, the RSF is a desir-
able destination for young men who also
dream of the lucrative payments given
to the fighters that went to Yemen and
Libya,” said Jonas Horner, an independ-
ent Sudan analyst. “The corollary here
is that if the RSF’s financial capacity is
cut off and paychecks stop, most of
these guys will probably stop fighting.”
A disadvantage for the paramilitary
group is that many of its troops — often
recruited from clans in Chad, Darfur
and peripheral parts of Sudan — have
never been to Khartoum or do not know
the terrain where the fighting is now
centred.
Sudan’s armed forces have, during
this opening phase of the power strug-
gle, sought to encircle the RSF to cut off
supply lines and exit routes. But Susan
Stigant, Africa director at the United
States Institute of Peace, said Hemeti’s
forces had managed to create “breakout
groups” to open new supply lines, which
could point to a protracted fight as its
forces “dig in”.
The RSF would deploy “hit-and-run
tactics” to turn the conflict into a
“chronic war of attrition”, according to
Magdi el-Gizouli, a Sudanese fellow of
the Rift Valley Institute, a think-tank.
Where the fighting goes next partly
hinges on what outside support Hemeti
can secure in the form of weapons,
ammunition and even forces.
The RSF could get backing, albeit not
publicly, from renegade Libyan general
Khalifa Haftar, who controls the east of
Libya and who has fighters from Darfur
in his self-styled Libyan National Army.
Hemeti had also sent fighters to support
Haftar’s forces.
The RSF has also forged ties with
Yevgeny Prigozhin’s Wagner Group, the
Russian paramilitary organisation that
helped train Hemeti’s forces in 2019.
Although Hemeti has said he has since
broken ties, analysts fear the Russian
mercenaries could offer ammunition
and support from their bases in Libya
and the Central African Republic.
For now, the prize remains Khar-
toum, a sprawling city of 6mn people
where dead bodies are reported to be
lying in the streets. “That’s what no
other insurgency in Sudan’s history has
managed,” said el-Gizouli, referring to
the battle to take the capital.
Malaz Elgemiabby, a Sudanese archi-
tect living in Dubai, said her family
members in Khartoum were recounting
horror stories of RSF fighters forcing
their way into people’s homes, raping
and looting. “They’re forcing slave
women as young as 16 to cook for them,”
she said. The RSF has denied harassing
civilians.
Abdalla Hamdok, Sudan’s former
prime minister, said the war threatened
to drag in neighbouring countries. “God
forbid if Sudan is to reach a point of civil
war proper,” he said. “Whatever the rea-
sons that have brought us here, the
number one priority today is this war
has got to stop today . . . because it has
so many complications if it is not
stopped.”
Mohammed el-Hassan Labat, who
has acted as the African Union’s special
envoy to Sudan, said if the generals did
not negotiate, they should be tried for
“war crimes”.
Monday 1 May 2023
Tip of the iceberg How a severed finger on a Japanese pavement points to unwieldy employer expectations y LEO LEWIS, OPINION
Airline route
dispute adds
to US-China
headwinds
3 Stalemate over Russia airspace
3 Push to deny Beijing extra flights
DEMETRI SEVASTOPULO — WASHINGTON
JOE LEAHY — BEIJING
CLAIRE BUSHEY — CHICAGO
A dispute over airline routes between
the US and China has emerged as a fur-
ther sticking point in efforts to improve
relations between the countries after Joe
Biden and Xi Jinping agreed in Novem-
ber that stabilising ties was necessary.
The US has offered to grant Chinese
airlines the same number of weekly
flights between both countries as Amer-
ican carriers — but only if they agree not
to fly over Russia, according to six peo-
ple familiar with the talks.
Moscow banned US carriers from fly-
ing over the country after Washington
prohibited Russian airlines from flying
to the US following Russia’s full-scale
‘We have to have the
ability to fly the same
lengths and not burn more
fuel and add time on’
invasion of Ukraine. Chinese airlines are
not banned from Russian airspace.
US carriers have 12 weekly flights to
China, while Chinese airlines have eight
to the US.
The American carriers face higher
fuel costs than their Chinese rivals
whose routes over Russia to the US are
much shorter.
US airlines have lobbied the Biden
administration not to grant China more
flights because of the cost gap. The
shorter route over Russia also allows
Chinese carriers the advantage of flying
directly to the US east coast.
One Chinese embassy official said Bei-
jing’s proposal to equalise weekly flight
numbers — to give both sides 12 — was
“quite reasonable”.
He blamed Washington for the stale-
mate in the negotiations, saying China
Ruling opens door to creditor infighting on leveraged loans
Texas decision threatens to
escalate debtholder disputes
in usually quiet $1.4tn market
ERIC PLATT, SUJEET INDAP
AND HARRIET CLARFELT — NEW YORK
When a debt-laden company gets into
financial distress, the fights between
creditors are often ugly, but investors in
leveraged loans could usually watch
from the sidelines while more junior
claimants haggled over what they would
be repaid. Not any more.
A recent court decision threatens to
escalate creditor-on-creditor violence
in a normally sedate $1.4tn corner of the
financial markets that is critical to fund-
ing big private equity deals and the
operations of lowly rated businesses.
The ruling, in the Texas bankruptcy
case of Serta Simmons, blessed a contro-
versial 2020 debt swap that only a slim
majority of the mattress maker’s senior
lenders had approved. Other holders of
the company’s loans, including Angelo
Gordon and Apollo, were pushed fur-
ther back in the queue to be repaid and
the value of the loans they held crashed
when Serta ultimately went bust.
By confirming that the debt swap and
refinancing package did not need unani-
mous support from all loan holders,
Judge David Jones in effect opened the
door to more deals that will pit lender
against lender, industry veterans say.
“It’s the tyranny of the majority tak-
ing advantage of the minority,” one
restructuring adviser said. “If you’re in
the 51 per cent in the right case . . . it can
be very lucrative and it has created this
dynamic of people competing. Do
you get to sit at the cool lunch table or do
did not accept that its carriers should
have to avoid flying over Russia.
But US carriers, with the support of
some members of Congress, want the
Biden administration to resist granting
the Chinese airlines more flights.
American Airlines chief Robert Isom
this week told CNBC there could not be
an “unlevel playing field”.
“We have to have the ability to fly the
same lengths and not burn more fuel
and add time on,” he said. But he added
that he was hopeful Beijing and Wash-
ington would find a solution given there
was a “lot of demand”.
The National Security Council and
Department of State declined to com-
ment on the status of the US-China
negotiations. But an NSC spokesperson
said they were “aware” of the concerns
from the US airlines.
“It cannot be business as usual with
Russia in the face of Russia’s illegal war
of aggression in Ukraine,” the NSC
spokesperson said.
One American airline executive said
US carriers were also pushing back
because Chinese carriers cared more
about the prestige of multiple flights
than having full planes. He said that put
US carriers at a disadvantage since they
wanted to operate fewer, but fuller,
flights to ensure profitably.
Steve Saxon, head of the Asia travel
practice at McKinsey, suggested that
one reason US carriers resisted an over-
all rise in their own flights to China was
that they were not suffering from the
relatively low number.
“US carriers . . . are short on capacity
because of a lack of aircraft and pilots,
and are fully deployed on profitable
domestic and transatlantic routes,” said
Saxon, adding that South Korean and
Japanese carriers were winning from the
US-China impasse.
Additional reporting by Chan Ho-him
in Hong Kong
Financials. Court verdict
you have to sit with the maths majors?”
One distressed-debt fund manager
said aggressive investors such as his
firm would benefit if other jurisdictions
followed the Serta precedent.
“This will completely throw the lever-
aged loan market into chaos,” he said.
In a restructuring, creditors are
ranked by priority and receive payouts
commensurate with their standing.
Traditionally, loans used in a private
equity buyout were senior to lower-
ranked bonds and claims from unse-
cured creditors.
That attracted “long-only” asset man-
agers and vehicles that bundle hun-
dreds of loans together to create what
are known as collateralised loan obliga-
tions, or CLOs. But the loan market has
become a much bigger part of the
financing mix for leveraged buyouts
over the past decade, and there has been
less junior capital to absorb losses in a
bankruptcy or restructuring.
Moody’s estimates first-lien loan
holders recovered about 95 cents on the
dollar in restructurings from 1987 to
2019. That figure plunged to 73 cents in
2021 and 2022, with the rating agency
warning that in this “new world of
LBOs . . . even first-lien lenders will
experience material impairment”.
With bigger risk comes more incen-
tive to pursue aggressive tactics, and the
growth of private credit funds has also
brought new operators more comforta-
ble with playing aggressively.
Before the global financial crisis, “the
bond market was the favoured instru-
ment for private equity leveraged buy-
outs”, said John McClain, a portfolio
manager at Brandywine. “And lever-
aged loans took that mantle pretty
aggressively.”
Before, “you didn’t really have the
★ FINANCIAL TIMES
Falling short Hedge funds beat hasty retreat
from bets against Italian government bonds
La dolce vita: the Italian economy is expected to grow 1.2 per cent this year — Alessia Pierdomenico/Bloomberg
Bets against Italian government bonds plummet this year
Market value ($bn)
Apr 2022
Source: S&P Global Market Intelligence
MARY MCDOUGALL — LONDON
MARTIN ARNOLD — FRANKFURT
Hedge funds have been rushing to
unwind bets against Italian govern-
ment bonds in recent weeks, cutting
their losses as the highly indebted
country confounds expectations to
deliver strong returns following a
period of political calm.
The total value of Italy’s bonds
borrowed by investors to wager on a
fall in prices has dropped by 40 per
cent over the past month, according
to data from S&P Global Market
Intelligence.
The move marks a retreat from last
year, when short positions shot up to
their highest level since the global
financial crisis, peaking at €46bn last
November, amid concerns over the
country’s dependence on gas imports
and the election of rightwing prime
minister Giorgia Meloni.
But a warmer than expected winter
and a lack of confrontation with
opportunity for this type of behaviour”,
he added.
The changes have been accompanied
by a big increase in loans without histor-
ical investor protections, so-called
covenant-lite loans. Although the bal-
ance of power has shifted in investors’
favour this year as financing markets
have become tighter for borrowers, the
effects of the revolution will be felt in
debt restructuring fights to come.
Nearly 70 per cent of leveraged loans
in a Credit Suisse index appear to allow
for a Serta-like financing transaction,
according to credit analysis service
Covenant Review.
Litigation over such fights had offered
mixed guidance on the legality of such
deals as New York courts have been slow
to issue final decisions.
The Serta case hinged on the defini-
tion of an “open market purchase” and
whether the company was allowed to
only buy debt from a select group of
lenders. It bought their debt and
exchanged it for new, more senior loans
and $200mn in extra funding for its ail-
ing business.
A court ruled a Serta debt swap did
not need unanimous support
Brussels has helped drive an ICE Bank
of America index of Italian govern-
ment debt up 3.4 per cent so far in
2023 in total returns.
A sharp drop in natural gas prices
has delivered an extra boost to the
Italian economy, which is expected to
grow 1.2 per cent this year, outpacing
the ECB’s 1 per cent growth forecast
for the wider eurozone.
“I can certainly see shorts throwing
in the towel,” said Richard McGuire,
head of rates strategy at Rabobank. “I
suspect this is a combination of the
fact the trade has gone nowhere, and
the emergence of banking sector ten-
sions which is a challenge for those
who had been expecting ECB activism
to pull the rug from under BTPs [Ital-
ian government bonds].”
A senior European official said the
main reason why investors were
reducing their short positions was due
to the way the new government under
Meloni had been “a lot more calm and
constructive in fiscal policy and in its
Angelo Gordon and Apollo had chal-
lenged Serta Simmons and the majority
lenders that led the refinancing. The
pair had argued that so-called “sacred
rights” embedded in all loan contracts
did not allow for unequal treatment in
loan pay-offs.
A New York federal judge agreed in
2022 that Serta creditor claims should
go to trial to determine what constituted
an open market purchase.
However, the litigation in New York
was ultimately paused after Serta filed
for bankruptcy protection in Texas,
leaving the recent bankruptcy court
decision as the most consequential guid-
ance for the corporate credit market.
Not everyone thinks these aggressive
refinancing transactions are worth the
time, expense and reputational damage.
Cosmetics group Revlon, like Serta
Simmons, raised rescue capital at the
outset of the pandemic from a slim
majority of lenders but it ultimately
filed for bankruptcy in 2022.
It is set to emerge from bankruptcy
this spring but the case has cost $250mn
in legal fees. Shareholders were wiped
out and the majority lenders ultimately
took control.
“In the overwhelming majority of
cases, these transactions have just
served to delay the inevitable,” said
Mike Harmon, a former investor at
Oaktree Capital who now teaches at
Stanford University.
Others are sure the floodgates are
open, even if it will be some time before
it is clear whether other courts respect
the Texas decision.
One lawyer who has advised on a
number of these transactions noted that
“no one has smacked down a company
or lender group for doing this type of
transaction”.
50
40
30
20
10
0 ing since the financial crisis. It is also the
2023 Apr
relations with the EU” than many
investors had expected.
The rally has meant that the spread
between Italy and Germany’s 10-year
debt — a key gauge of risk — has
remained much narrower than the
majority of last year. It has traded in the
range of 1.2-2 percentage points this
year, down from a peak of more than 2.5
percentage points last autumn.
Beyond a brighter economic out-
look, the resilient performance of Ital-
ian government bonds in recent
months has also been underpinned by
a surge in purchases by domestic
retail investors and non-financial
companies, which has more than off-
set a retreat by foreign investors.
In the six months since August
2022, Italian households and non-
financial companies have bought an
extra €50bn of domestic government
securities, increasing their holdings
by more than 30 per cent to €213bn,
according to data released by the
Bank of Italy last month.
7
Deutsche
to expand
investment
advice team
STEPHEN MORRIS AND
OWEN WALKER — LONDON
OLAF STORBECK — FRANKFURT
Deutsche Bank is planning a hiring
spree and significant expansion of its
investment bank advisory team, posi-
tioning itself for a dealmaking rebound
and to take advantage of market dislo-
cation after the collapse of rival Credit
Suisse.
The German lender has already
recruited 26 managing directors in the
past two months — with several coming
from its Swiss peer — and plans to add
more, investment bank boss Fabrizio
Campelli said in an interview.
The appointments are on top of Deut-
sche’s move to buy UK stockbroker
Numis for £410mn, announced on Fri-
day. When completed, the acquisition
will add 344 trading, research and capi-
tal markets staff to its London corporate
broking unit.
“We are investing in advisory, which is
a high-returning business. Being in
M&A and ECM is key,” Campelli said.
“The UK is a natural market to focus on”
because it had 25 per cent of the Euro-
pean corporate finance fee pool.
Combined, it marks one of Deutsche’s
biggest expansions in investment bank-
most tangible evidence of its renewed
ambition since the dramatic decision in
2019 to exit equities trading and shrink
the underperforming unit, which led to
thousands of job cuts and billions of
euros of assets being run down.
The expansion in front-office staff
happens at the same time as a renewed
push by Deutsche to cut jobs in its back-
office functions. It has announced that it
will this year axe 800 senior positions in
its infrastructure units which are not cli-
ent facing and plans additional reduc-
tions over the coming two years as it
wants to get rid of €2.5bn in costs.
In the five years since Christian Sew-
ing was appointed chief executive, staff
numbers have fallen by 11 per cent to
86,000, compared with the 2019 goal of
74,000.
Deutsche previously said that it
missed that target as it replaced con-
tractors with its own staff and had to
build up the headcount in control func-
tions to fix shortcomings in anti money
laundering and transaction monitoring.
Deutsche’s expansion comes at a time
when other global investment banks
have been heavily cutting back on staff
following a dealmaking drought.
8 ★
Chinese scammers seek to profit from TikTok
Parent company ByteDance struggles to police videos promoting dubious products such as ‘enzyme weight loss coffee’
RYAN MCMORROW
AND NIAN LIU — BEIJING
CRISTINA CRIDDLE — LONDON
Mo Huabin struck the jackpot when his
company’s videos promoting “enzyme
coffee” went viral on TikTok last year.
The clips feature swirling cups of cof-
fee, nodding physicians and faked
before-and-after shots of incredible
weight loss. Mo’s videos racked up mil-
lions of views on TikTok, helping create
a gush of orders for his $124 “3 treat-
ment” plan that promised buyers of the
drink that they would lose 30-60
pounds.
“Weight-loss coffee, aphrodisiac cof-
fee, it’s actually just regular coffee, noth-
ing special,” Mo, who is based in Shen-
zhen, admitted in an interview with the
Financial Times. “I have no idea why it
became so popular.”
TikTok’s spiralling use around the
globe brought in about $15bn in reve-
nues for Beijing-based parent company
ByteDance last year. But its global user
base of more than 1bn has attracted a
cottage industry of scammers in its
home country who have found ways to
profit from the global reach of a Chinese
group like never before.
They have benefited from TikTok’s
hands-off approach to policing content
and the app’s algorithmically curated
feed allowing any video to gain traction.
“I do TikTok to rip people off,” Mo
said in a January video posted to
Douyin, ByteDance’s short video app for
China, where he chronicles his TikTok
tactics to gain recognition at home. “My
main tool is ecommerce in short videos
and livestreams for the Americas.”
Mo told the FT he was joking in the
video and that he did not consider sell-
ing dubious goods as tricking people.
After the FT sent a request for com-
ment, flagging Mo’s main Douyin
account, ByteDance removed it. Two of
his other accounts with similar handles
and many of the same tutorials
remained online, however.
Some sellers market their goods to
people outside China on TikTok Shop,
an in-app shopping platform where
ByteDance takes a cut of sales. Others
such as Mo use TikTok for marketing
COMPANIES & MARKETS
Money spinner: and direct users to third-party sites to
Mo Huabin’s complete the sale, at times paying
coffee videos ByteDance to push their product videos
secured a gush into user feeds as adverts.
of orders for Three TikTok employees said clean-
enzyme coffee ing up fraudulent content on the app
Douyin/FT montage
and monitoring its ballooning number
of merchants seemed to have fallen by
the wayside amid a frantic push for
growth.
On the group’s TikTok Shop ecom-
merce marketplace for the UK, the FT
found multiple accounts selling prod-
ucts violating ByteDance’s guidelines,
including weight loss tea and coffee, and
prescription drugs such as Tretinoin, an
acne medication, and Hydroquinone, a
skin whitening treatment.
FINANCIAL TIMES
“TikTok prioritises profit over the
regulation of goods on its platform,” said
a senior executive with knowledge of
decision-making in ecommerce at the
video app.
TikTok said it “has strict policies to
protect users from fake, fraudulent, or
misleading content, including adverts”
and removes content that violates its
guidelines, including 25 violative or
unsupported products from its market-
place flagged by the FT.
ByteDance’s attempts to police its
platforms appear in sharp contrast to a
heavy-handed approach to censoring
any content on Douyin that could dis-
please Chinese officials. Many of the
groups targeting TikTok users organise
on Douyin where they recruit new sell-
ers and discuss tactics.
“Douyin is committed to cracking
down on illicit activities including scam
attempts,” said ByteDance, adding it
had “removed over a hundred videos
with violative content, and suspended a
dozen accounts, including the ones
flagged by [the] FT”.
Mo said the ability to go viral on Tik-
Tok as a new account had offered his
group opportunities unavailable on
Instagram and YouTube. Getting
around the platform rules was “pretty
easy”, he said, and added, “if accounts
are closed we can sometimes get them
reactivated or just set up new ones”.
His group’s videos often feature clips
Monday 1 May 2023
of Dr Dana Brems, a Los Angeles-based
podiatrist and social media influencer,
in an attempt to add credibility to the
claims that enzyme coffee can trigger
weight loss.
Brems told the FT that the clips are
used without her consent and that she
flags the weight loss coffee and male
enhancement videos through TikTok’s
in-app reporting function on a weekly
basis, but the system usually finds the
videos not in violation of policies.
TikTok’s creator team will help, she
added, but it requires lengthy email
exchanges to remove even a single
video.
“It’s like whack-a-mole . . . there are
hundreds of accounts,” she said. “Most
people will not fall for it but if an
account is seen by enough people, even-
tually some people will buy.”
Some of the scam videos are marked
as promotions, meaning people such as
Mo paid TikTok to push the clips into
user feeds. Brems has taken to upload-
ing her own TikTok videos warning fol-
lowers of the problem, but the FT still
found many TikTok users posting about
purchasing the doctor-recommended
coffees.
As journalists and doctors began to
debunk the enzyme weight loss coffee in
articles and videos last year, Mo moved
to chronicle his group’s booming sales
on Douyin.
“We were the first ones to use doctors,
people are calling us the Doctor Group
‘I do TikTok now, it’s hilarious,” he said in an October
Douyin post, demonstrating how his
to rip team cut together video clips in their
people off. Shenzhen offices to post under TikTok
handles such as @dr.kara0, dr_merlin
My main and doctor_mccree, among dozens of
tool is others.
As TikTok users have begun to catch
ecommerce on, Mo said he had shifted his team’s
in short focus to selling legal goods on Byte-
Dance’s official ecommerce market-
videos and place, TikTok Shop, opening in the US.
livestreams “We see a higher mountain peak
ahead, a bigger opportunity, so we’re not
for the only going to be making money selling
Americas’ goods, we’re turning into a company
with sustainable operations, logistics
and a team of influencers,” he said.
Monday 1 May 2023 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

Pharmaceuticals Support services

Pfizer deal on EU Covid jabs alarms rivals China auction

Talks on new contract for
70mn doses highlight
group’s near-monopoly
DONATO PAOLO MANCINI — LONDON
RICHARD MILNE — OSLO
ANDY BOUNDS — BRUSSELS
ADRIENNE KLASA — PARIS
A proposed deal between BioNTech/
Pfizer and the EU for about 70mn
Covid-19 shots a year until 2026 threat-
ens to push rivals Moderna, Novavax,
and Sanofi out of the market, risking the
regional prevention of Covid-19 being
left to just one product.
The bloc is negotiating an amended
deal with Pfizer despite the European
public prosecutor opening a criminal
investigation into their original agree-
ment. The fresh proposal includes a new
provision for member states to pay half
price — about €10 — for each cancelled
dose, according to people close to nego-
tiations, who also confirmed the annual
70mn figure. The newer contract would
allow the EU to upgrade to newer vac-
cines tailored to any future variants, two
of those people said.
Poland and some other central Euro-
pean countries are refusing to sign the
amended deal because they do not want
to pay for cancelled doses, according to
two of the people. But if these holdouts
Market questions. Week ahead
can be persuaded, a revised deal would
highlight the near-monopoly status
enjoyed by BioNTech/Pfizer across the
bloc.
Health officials, including European
Medicines Agency chief Emer Cooke,
have been clear they believe portfolio
diversification is crucial to hedge
against any resurgence of the virus, or
the emergence of new variants.
A revised agreement between the bloc
and BioNTech/Pfizer would also pose an
existential question for other drugmak-
ers’ Covid-19 vaccination programmes.
Rivals’ order books with the EU have
been significantly smaller throughout
the pandemic.
One person familiar with the negotia-
tions said: “If [BioNTech/Pfizer] supply
around 70mn doses per year for the
next few years, that’s pretty much the
totality of the market.”
Pfizer declined to comment, citing
confidentiality, as did the European
Commission. Pfizer said discussions had
been conducted “in good faith by all
parties” and that it was committed to
finding “pragmatic solutions” to
address public health.
Both Sanofi and Novavax previously
committed to orders with the EU that
were much smaller than the headline
numbers announced, people familiar
with the matter said.
houses target
About 90 per cent of doses delivered
have since sat unused in warehouses,
west in art
with a large proportion being destroyed,
or earmarked for destruction.
market push
This is because they have either
passed their expiration dates, or there
was no demand for them, according to WILLIAM LANGLEY — HONG KONG
multiple European officials.
China’s biggest auction houses plan to
Moderna’s doses have all been deliv-
increase travel and open offices over-
ered and no new EU deal is in effect,
seas this year as they try to take on
according to a person familiar with the
their larger western rivals in the lucra-
company.
tive market for international contem-
Moderna said: “There must be a
porary art.
diversified supply of vaccines to miti-
gate future variants of concern and Poly Auction and China Guardian, two
ensure adequate and mitigated supply.” of the world’s largest auction houses by
Additional reporting by Hannah Kuchler sales, told the Financial Times that the
easing of pandemic travel restrictions
would enable them to source more con-
temporary art, pieces of which regularly
command the highest prices at auction
and can rapidly surge in value.
“We are not really afraid of other auc-

Fed expected to make tenth successive rate rise
Will the Fed deliver its tenth
straight rate rise?
The Federal Reserve is widely expected
to raise interest rates for the tenth pol-
icy meeting in a row on Wednesday.
Investors will be watching carefully for
signs that the move could be the Fed’s
last in its battle to tame inflation.
Consensus estimates put the Fed’s
next increase at 0.25 percentage points,
according to a Reuters poll, which
would take rates to a range of 5 to
5.25 per cent. As recently as March last
year, US borrowing costs sat close to
zero. The Fed’s campaign of aggressive
interest rate rises has already started to
cool rapid price growth and a hot labour
market. US inflation eased in March to
its lowest level in almost two years, and
economists polled by Reuters expect the
country to have added 178,000 jobs in
April when data is released on Friday —
a large step down from 236,000 a month
earlier.
Gross domestic product figures on
Thursday also showed that economic
growth slowed sharply in the first quar-
ter of 2023.
Some investors believe Fed policy-
makers will leave rates unchanged, fol-
lowing the latest flare up of tensions in
the US banking sector.
But for now, most still anticipate a
rise, with inflation of 5 per cent remain-
ing well above the central bank’s 2 per
cent goal. Market pricing indicates that
investors expect interest rates to level
off after the May meeting, before falling
to around 4.5 per cent by the end of the
year.
“We are likely to get a final [0.25 per-
centage points] on May 3, followed by a
pause for at least the remainder of the
year,” said analysts at Rabobank.
They expect Fed rate-setters to drop
the language that “some additional
policy firming” may be needed from
their formal introductory statement.
Harriet Clarfelt
What should investors expect from
European inflation data?
Investors will be closely watching
tomorrow’s eurozone inflation data
ahead of the European Central Bank’s
rate-setting meeting this week, with
economists expecting headline annual
price rises to remain stubbornly high at
6.9 per cent for the year to April.
Inflation in the 20-country single cur-
rency zone fell for five consecutive
months to March from a record high of
10.6 per cent in October, but traders are
The Federal expecting the downtrend to level off,
Reserve’s following recent data showing strong
decision on services activity.
interest rates, April’s inflation data, along with the
the state of the central bank’s survey of lenders which
US labour will also be published this week, will
market, and the influence whether the ECB raises its
UK housing main interest rate by half a percentage
market are on point — as it did in March — or slows to a
the agenda this 0.25 percentage point rise, from its cur-
week — FT montage/ rent level of 3 per cent.
Bloomberg/picture-alliance/
dpa/AP
Rate-setters will also keep a close
watch on core inflation, which excludes
energy and food costs, for a better view
of underlying price pressures and which
reached a record high of 5.7 per cent in
March.
Some analysts think eurozone infla-
tion may even rise, with RBC Capital
Markets expecting a headline rate of
7.1 per cent.
“While the overall trend for inflation
is down, in April the base effect of
energy prices works to the upside, as
does a rebalancing of goods weighted in
the index,” said RBC economist Peter
Schaffrik. Mary McDougall
Are there any positive signs for the
UK housing market?
The gloom hanging over the UK housing
market could be starting to lift a little,
data this week is expected to show.
Economists polled by Reuters fore-
cast that the Nationwide house price
index, released tomorrow, fell 0.3 per
cent between March and April, marking
a smaller contraction than the 0.8 per
cent fall registered the previous month.
But compared with April last year,
prices are still expected to be 3.6 per
cent down. The annual fall was 3.1 per
cent in March, the largest since 2009.
Bank of England mortgage approval
figures due on Thursday are also fore-
cast to show an improvement, with
Investec expecting a rise to 46,000 in
March from 43,500 in February. That
would mark the second consecutive
monthly rise after approvals reached a
‘While the post-pandemic low of 39,647 in January.
Kallum Pickering, an economist at
overall Berenberg, said that with fears of bank-
trend for ing troubles receding and BoE interest
rates expected to peak soon, “the worst
inflation is of the squeeze [for homebuyers] may be
down, in over”. He expects house prices to fall by
about 6 per cent from their peak in
April the August, which would mean a “modest”
base effect shock compared with previous esti-
mates, “consistent with broader evi-
of energy dence that economic activity held up
prices better than expected over the winter”.
Pickering thinks that a strengthening
works to economy will lift housing demand,
the upside’ starting in the second half of next year.
The BoE will also publish consumer
credit data. The consensus is that
monthly credit growth was stable in
March at around £1.5bn. Sandra Hors-
field, an economist at Investec, said
that, with cost of living pressures, “some
households will have had little choice
but to resort to unsecured borrowing to
make ends meet”. Valentina Romei
tion houses,” said Jenny Lok, head of
business development at Poly Auction
Hong Kong, a subsidiary of Chinese
state-owned Poly Culture Group. “We
are actually trying very hard to see if we
can get more western contemporary
artist consignors.”
Poly Auction hopes to expand its
overseas presence with two new offices,
one in London and one in South Korea
this year, Lok said. The company is part
of China Poly Group, which was founded
as a spin-off of the People’s Liberation
Army.
The global push follows the com-
pany’s first independent contemporary
art evening sales last year, and collabo-
rations with Phillips in 2020 and 2021,
which Lok said had helped the group
“expand our client pool” further into
the realm of western art.
‘We are trying very hard to
see if we can get more
western contemporary
artist consignors’
Together with its mainland sister
companies, Poly Auction was China’s
largest auction house in 2021, but its
sales plummeted amid a countrywide
slowdown to just under $450mn last
year, according to a joint report by art
fair Art Basel and Swiss bank UBS.
Sales at China Guardian dropped
almost 40 per cent last year to $603mn,
the report showed.
China’s share of the global contempo-
rary art market slipped to just 22 per
cent last year, its lowest level in more
than a decade, as the pandemic hit
spending habits and lockdown restric-
tions impeded in-person attendance at
sales, the report added.
Postwar and contemporary art is the
largest sector of the global art market,
with $7.8bn-worth of auction sales in
2022, or 54 per cent of the worldwide
total. “I think there is a lot of pent-up
demand,” said Clare McAndrew, author
of the report and founder of Arts Eco-
nomics, an industry consultancy.
Poly Auction’s efforts to sell more
western works on the Chinese market,
however, come as Christie’s, Sotheby’s
and Phillips, the world’s three major
auction houses, have all announced
plans to move into newer and larger
Hong Kong offices as they hope to capi-
talise on the recovery.
Phillips opened its 50,000-square-
foot Asia headquarters in March in the
city’s West Kowloon Cultural District,
while Christie’s will move into a Zaha
Hadid Architects-designed building in
Hong Kong’s financial district in 2024.
Additional reporting by Gloria Li

Technology. Intellectual property

Carmakers fear China’s growing dominance of connectivity patents

Huawei leads rush by telecoms
groups to tighten grip on
access to wireless networks
PATRICIA NILSSON — FRANKFURT
ANNA GROSS — LONDON
In the era of internet-connected vehi-
cles, Europe’s carmakers are already
embroiled in intellectual property bat-
tles with some of the region’s biggest tel-
ecoms groups. Now they face a new
front: China.
Companies from Asia’s biggest econ-
omy, led by Huawei, have filed a deluge
of patents around the essential technol-
ogy that allows products from cars to
mobile devices to access 4G, 5G and
WiFi networks. Anything that connects
to the internet must secure a licence for
these so-called standard essential pat-
ents (SEPs) from technology creators,
increasingly Chinese groups.
Chinese companies were behind
65 per cent of global filings of SEPs last
year, according to data collected by
Clarivate, up from 37 per cent in 2019.
The trend has prompted concern in the
car industry, which is already reliant on
China for key components across much
of its supply chain and has become
deeply wary of the escalation of geopo-
litical tensions between Washington
and Beijing.
Huawei, which has suffered from US
and European sanctions imposed over
fears that it helps Beijing to conduct
cyber espionage and technology theft,
has led the pack, filing tens of thousands
of patent applications in 2020 and 2021.
“In 5G, the winner is clear — it’s Hua-
wei,” warned Michael Schlögl, head of
patents at German automotive parts
supplier Continental, adding that the
company had started to enforce patents
“more aggressively”, turning to legal
action through the courts.
The company, which invested
$21.8bn in R&D in 2021, has placed par-
ticular focus on the car industry. But it
has opted not to license its IP via a pat-
ent pool called Avanci used by Ericsson,
Nokia and others, opting instead for
direct agreements with component
makers including a Volkswagen
supplier. It has signed bilateral SEP
agreements with 15 carmakers, includ-
ing Audi and BMW.
The role of Chinese companies in pat-
ent development comes as a growing
number of products become connected,
prompting the need for licences for
wireless access to 4G, 5G and eventually
6G networks. Car companies are among
traditional industries becoming
increasingly wary of the power telecoms
equipment makers hold over conditions
such as pricing for the IP licences.
Groups including Nokia and Ericsson
have been pegging the price of connec-
tivity patents to the price of a car, rather
than the significantly cheaper connec-
tivity hardware developed by automo-
tive suppliers, meaning they can charge
more.
Anja Miedbrodt, senior counsel in
intellectual property defence at
Mercedes-Benz, said the conflict
between the two industries was also
threatening to upend supply chains.
With vehicles such as the Mercedes-
Benz E-class requiring more than 3,700
different parts from more than 340 sup-
pliers, she said, carmakers could not be
responsible for ensuring each part was
patent compliant, adding that requiring
this “would turn around the entire
set-up of the automotive industry”.
The quantity of patents filed does not
necessarily equate to their quality since
there are no checks on their calibre,
industry experts say. Nevertheless,
quality patents command high fees,
with Huawei generating about $1.3bn
from patent licensing between 2019 and
Cars such as the Chinese BYD Han
use technologies including 5G
2021, and Nokia generating €1.5bn in
2021 alone.
Patent ownership can become a good
source of income for telecoms technol-
ogy groups such as Huawei, which has
been losing business internationally as
many western countries have started
purging the company from telecoms
networks because of concerns over its
relationship with Beijing.
Chinese companies were increasingly
in a position where they could “keep
other companies out of business — not
just in the automotive supply, but for the
whole Internet of Things”, said Schlögl.
Christian Loyau, legal affairs and gov-
ernance director at the body responsi-
ble for standardisation of communica-
tion technology in Europe, ETSI,
warned that if Chinese companies felt
they were not allowed to participate
fairly in western markets, Beijing could
decide to “use their patents as weapons”
and curtail western companies’ access
to key technologies.
Carmakers are already embroiled in
legal conflicts with telecoms groups in
Europe. This has spurred the European
Commission to draft plans for its
centralised patent body to set licence
royalties and resolve disputes over pay-
ments for key patents, after it warned
that the current state of affairs risked
hampering the competitiveness of com-
panies in the bloc.
The review follows several legal dis-
putes, including a lawsuit between
Nokia and Mercedes-Benz. The tele-
coms group sued the carmaker, previ-
ously known as Daimler, for patent
infringement when negotiations over
pricing broke down. The case was set-
tled outside of court two years ago.
Avanci charges roughly $20 per car.
Based on the roughly 15mn cars that
Volkswagen, Mercedes-Benz and BMW
sold in 2022, patent costs would add up
to $300mn on connectivity SEPs by the
German car industry alone.
The $20 cost “might not sound like
much for the consumer, but multiply
this by hundreds of standards [needed
by] car technologies,” said Schlögl, add-
ing that if connectivity SEP fees kept ris-
ing, “you might indeed see a bill of
licence fees that an end consumer would
never accept”.
Additional reporting by Javier Espinoza
10 ★ FINANCIAL TIMES Monday 1 May 2023

UK COMPANIES

Banks Travel & leisure

Lenders question deposit scheme reform Flutter chief ’s

Building societies chief
warns overhaul will divert
funds away from growth
SIDDHARTH VENKATARAMAKRISHNAN
AND LAURA NOONAN
Plans to pre-fund the UK’s deposit
insurance scheme would be an “extra
tax” on lenders, affecting their ability to
extend loans to cash-strapped house-
holds and businesses, the building socie-
ties body has warned.
The Bank of England is considering an
overhaul of the UK’s Financial Services
Compensation Scheme that will proba-
bly involve pre-funding the system so
that cash will be immediately available
to pay depositors of failed banks.
The move follows the fallout from
March’s collapse of Silicon Valley Bank,
when the BoE was forced to warn cus-
tomers of the US lender’s UK arm of a
seven-day wait for their guaranteed
deposits if it had collapsed, because of
the scheme’s funding needs.
Policymakers hope that bolstering the
system would insulate banks and build-
ing societies from future deposit runs,
but Robin Fieth, chief executive of the
Building Societies Association, said that
Technology. Watchdog attacked
lenders’ pre-funding the system would
have damaging consequences.
“The question we’d ask is, given we
have a strong financial framework in the
UK . . . do we need to put aside even
more capital in the form of a pre-funded
failure pot fund which we’re diverting
away from growth?” said Fieth. “Our
starting point would be the existing
scheme works really well in that con-
text, we would prefer to continue sup-
porting the mortgage market.”
He added that any levy should reflect
the type of deposits that institutions
took. The BSA would be resistant to
putting in additional funds for small and
medium-sized businesses, as its mem-
bers did not hold large deposits from the
sector, he said. The BoE has yet to pub-
lish any details on the design of the
revised scheme which is also expected
to raise the current £85,000 limit cover-
ing deposits to levels similar to
$250,000 for the pre-funded US system.
Eamonn White, a former BoE official
who now advises the IMF and others on
deposit guarantee schemes and policies
dealing with failing banks, said the cen-
tral bank could look to pre-fund the
scheme to the tune of £30bn-£60bn.
This would allow the BoE to cover pay-
outs for two to four small banks a the
comments
same time, the level recommended by
the IMF’s financial sector assessment of
anger safer
the UK last year.
The timeframe for fully funding the
gambling
scheme could be five to 10 years, White
suggested, which implies a levy of
£12bn to £6bn per year on the UK’s
charities
banks and building societies. It is likely
that all would be asked to pay since they OLIVER BARNES
all benefited from the stability of a
The chief executive of Paddy Power
banking sector.
owner Flutter has provoked anger
While the levy may be a burden for
among safer gambling charities after
some individual institutions, some
expressing concern that funds from a
experts believe it is unlikely to affect
new statutory levy on operators could
overall UK lending because of the size of
fall into the hands of groups “cam-
the market.
paigning to stop gambling”.
As part of a large-scale review of the
industry, the government on Thursday
announced plans to create a new levy —
collected by regulator the Gambling
Commission — aimed at raising

CMA faces pushback over block on Activision deal
Rejection of Microsoft’s $75bn
takeover is bad for the sector
and bad for Britain, say critics
CRISTINA CRIDDLE
The UK’s move to block Microsoft’s
takeover of video games maker Activi-
sion Blizzard risks damaging the coun-
try’s technology sector, according to
industry executives, investors and
start-up entrepreneurs who have
attacked the landmark decision.
The Competition and Markets
Authority ruled to block the $75bn
transaction on Wednesday, dealing a
potentially fatal blow to what would be
the US tech group’s largest deal.
In an extraordinary backlash, Micro-
soft and Activision criticised the CMA’s
argument that the deal would stifle the
nascent cloud gaming market, framing
the regulatory action as a hammer blow
to the UK economy.
Microsoft’s president Brad Smith lam-
basted the decision as “bad for Britain”,
saying it would “discourage innovation
and investment in the UK”.
Activision said the company would
“reassess our growth plans for the UK”,
adding that “global innovators large and
small will take note that — despite all its
rhetoric — the UK is clearly closed for Blame game:
business”. Both companies are set to both Microsoft
appeal against the decision. and Activision
Their furious reaction rippled criticised the
through the UK’s tech sector this week, CMA after it
with entrepreneurs and investors argued that the
expressing concern that the decision takeover deal
was a sign that the country’s status as would stifle the
Europe’s leading tech hub was slipping. cloud gaming
“The CMA decision does the reverse market — FT montage
in terms of encouraging innovation,”
said Ophelia Brown, founder of venture
capital firm Blossom Capital, which has
previously invested in London-based
start-ups Checkout.com and Dija.
“It is more bad PR for UK tech and
very disappointing,” she added.
Tech industry figures are particularly
worried about the recent hawkishness
of the CMA, which appears to be staking
out a position as a global leader in scruti-
nising Big Tech following Brexit.
In October, the watchdog ordered
Meta to reverse its $315mn acquisition
of Giphy, forcing the social media group
to sell the gif image maker — the first
time the regulator had moved to dis-
mantle a completed Big Tech deal.
The CMA’s decision to block the
Microsoft-Activision deal marked the
first such step by a global regulator. The
EU is expected to make a decision later
this month, while the US Federal Trade
Commission has already started legal
action to prevent the deal.
On Tuesday, Deliveroo founder Will
Shu criticised the CMA over its 18-
month inquiry into Amazon’s $500mn
purchase of shares in the London-based
takeaway platform, which was eventu-
ally cleared by the body. “I was treated
like a criminal,” he told the Business
Studies podcast. “I had to testify in front
of panels . . . That is the opposite of try-
ing to build companies, or trying to take
risk. It’s trying to kill companies.”
But others in the industry have
defended the UK regulator. William
Kovacic, former chair of the FTC and
previously a non-executive director at
the CMA, told the FT ahead of last
week’s decision that the CMA was best
placed to rule on issues of the magni-
tude of the Microsoft-Activision deal.
“Compared to anybody else on the
planet, they’ve put themselves in a posi-
tion to understand what’s going on in
this field,” said Kovacic, noting the UK
regulator’s investment in engineers,
computer scientists and analytics
experts to evaluate significant tech
takeovers. “They are by far best pre-
pared to do this.”
The CMA said its job was “to do what
is best for the people, businesses and
economy of the UK, not merging firms
with commercial interests”. Sarah
Cardell, the watchdog’s chief executive,
said the Microsoft-Activision decision
was “entirely consistent with the gov-
ernment’s investment ambition and
makes sure that tech markets are open
to competition”.
Still, investors also expressed concern
that blocking the Microsoft-Activision
deal risked making the UK a less attrac-
tive marketplace at a time when invest-
ment in its tech sector was already wan-
ing. In the first three months of this year,
venture capital investment in London
dropped 79 per cent to $2.1bn, accord-
ing to Dealroom. That compares with a
42 per cent drop in Berlin, to $925mn,
and a 68 per cent drop in Paris, to
$1.2bn.
Prime minister Rishi Sunak has said
he wants Britain to be “the next Silicon
Valley”, and last month the UK govern-
ment pledged more than £370mn to
support tech investment and transform
the country into a “science and technol-
ogy superpower” by 2030.
Many within the UK’s tech scene
pointed to other government policies
that they believe are stifling the sector,
such as plans to scale back the R&D tax
credit support that has been widely used
by British start-ups.
“We are seeing a distinct lack of
‘Global support for high-growth businesses,”
said John Ryan, chief executive and co-
innovators founder of SymTerra, a communication
large and app for construction sites. Ryan said his
company was considering relocating to
small will the US. “From the time taken to open
take note bank accounts, difficulties getting
skilled workers, and the R&D tax grants
that — — [the UK] is actively encouraging us to
despite all seek out a better future elsewhere.”
Others are more optimistic about the
its rhetoric UK’s ability to remain a tech hub, sug-
— the UK gesting that broader macroeconomic
factors are the real issues frustrating
is clearly founders.
closed for Analysis by London & Partners of fDi
Markets data, part of the Financial
business’ Times Group, indicated that London
attracted the second-highest level of
tech foreign direct investment last year,
behind Dubai, and was the largest recip-
ient of tech investment projects in
Europe.
“It is not just the UK struggling with
investment, it is the whole world,” said
Lucy Jung, founder of Cambridge-based
start-up Charco Neurotech, who is cur-
rently fundraising. “The environment is
not great, but we have been able to navi-
gate it because we have the existing eco-
system.”
Additional reporting by Ivan Levingston
and Madhumita Murgia
upwards of £100mn a year from betting
operators to fund gambling harms
research and treatment.
Flutter, Entain, Bet365 and 888 — the
four biggest operators — already pay a
voluntary contribution of 1 per cent of
gross revenues a year, but some safer
gambling campaigners argue there is
industry influence over the way funds
are distributed.
However, Peter Jackson, chief execu-
tive of Flutter, the world’s biggest listed
gambling group, told the Financial
Times he hoped the funds would be dis-
tributed in a “reasonably narrow way”
for research, treatment and education
around addiction. “I wouldn’t want the
money to be used for people to be cam-
paigning to stop gambling,” he added.
He argued that campaigners had had
the “opportunity to make those cases”
since the white paper consultation
began two years ago, adding: “We need
to be careful that people don’t feel the
‘I wouldn’t want the [new
levy] money to be used for
people to be campaigning
to stop gambling’
need to reprosecute some of those
cases.”
Will Prochaska, strategy director of
charity Gambling with Lives, which
does not receive funding from the
industry’s voluntary contributions, said
“having lost the argument” it was
“undignified” for the Flutter chief exec-
utive “to continue to try and influence
how the money is spent in the future”.
Another gambling executive told the
Financial Times he feared the funding
would be “very heavily skewed towards
the anti-gambling prohibitionist
agenda”.
However Matt Zarb-Cousin, director
of Clean Up Gambling, said: “Those now
expressing angst about how the money
might be administered risk revealing to
us the degree of control the sector previ-
ously enjoyed. That game is now up and
independent experts will decide.”
Prochaska added that “this is exactly
why we need a statutory levy” overseen
by the government with funding deci-
sions made independently “instead of
on the basis of whether a delivery organ-
isation signs up to gambling industry
dogma”.
Jackson, who helped corral rival oper-
ators into launching the voluntary con-
tributions system in 2019, said it was
“frustrating” that campaigners were
suspicious of industry influence over
how funds were distributed.
The current system is run by the Bet-
ting and Gaming Council, the industry
body, with charity GambleAware acting
as the main commissioning agent. The
BGC lobbied against the statutory levy.
Monday 1 May 2023 ★ FINANCIAL TIMES 11

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.566% -0.87%
0.56% 0.25% 0.61% 0.50% 0.49% 1.40% 0.27% 0.55% 0.272% 0.802% 1.521% 0.60%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Mar 29 - - Index All World Mar 29 - Apr 28 Index All World Mar 29 - Apr 28 Index All World Mar 29 - Apr 28 Index All World Mar 29 - Apr 28 Index All World Mar 29 - Apr 28 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
4,158.58 15,899.18 28,856.44
20,568.58 7,870.57
2,501.53
19,837.65 7,484.25 27,782.93 2,348.97
4,050.83 15,142.02
Day 0.56% Month 4.73% Year -2.99% Day 0.61% Month 5.02% Year -2.25% Day 0.50% Month 5.08% Year 4.73% Day 0.77% Month 0.80% Year NaN% Day 1.40% Month 5.00% Year 9.34% Day 0.23% Month 3.83% Year -5.21%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,846.39
12,173.04 54,592.95 9,241.00 20,400.11
11,926.24 54,198.94 19,894.57
8,944.30 3,262.54 3,270.51
1,760.07
Day 0.25% Month 3.91% Year -5.42% Day 1.14% Month 3.51% Year 4.68% Day 0.49% Month 4.83% Year 5.38% Day -0.79% Month 3.76% Year 9.00% Day 0.27% Month 1.95% Year 0.02% Day -0.35% Month 0.99% Year -1.50%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
34,033.48 61,112.44
7,491.50
103,713.45 27,077.44 3,323.27
102,657.46
57,527.10
32,717.60 7,088.34 26,329.46 3,240.06
Day 0.61% Month 5.04% Year 0.33% Day 1.34% Month 3.08% Year -5.11% Day 0.10% Month 5.84% Year 16.23% Day -0.30% Month 3.32% Year 13.63% Day 1.14% Month 2.21% Year 12.34% Day 0.76% Month 5.94% Year 7.50%

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 293761.03 296808.89 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 29248.28 29322.88 Philippines Manila Comp 6625.08 6583.68 Taiwan Weighted Pr 15579.18 15411.49 Cross-Border DJ Global Titans ($) 466.30 464.61
Australia All Ordinaries 7501.00 7482.20 Czech Republic
PX 1378.05 1416.49 FTSE Italia Mid Cap 43420.57 43370.56 Poland Wig 63066.80 63569.86 Thailand Bangkok SET 1529.12 1531.23 Euro Stoxx 50 (Eur) 4354.96 4358.05
S&P/ASX 200 7309.20 7292.70 Denmark OMXC Copenahgen 20 2062.86 2052.34 FTSE MIB 27077.44 27158.00 Portugal PSI 20 6212.33 6244.18 Turkey BIST 100 4688.57 4789.63 Euronext 100 ID 1372.90 1368.70
S&P/ASX 200 Res 5996.30 5977.10 Egypt EGX 30 17796.91 17452.22 Japan 2nd Section 7228.27 7239.06 PSI General 4676.15 4665.17 UAE Abu Dhabi General Index 9222.93 9251.11 FTSE 4Good Global ($) 10540.81 10481.56
Austria ATX 3258.65 3255.43 Estonia OMX Tallinn 1903.59 1900.26 Nikkei 225 28856.44 28457.68 Romania BET Index 12267.59 12318.55 UK FT 30 2879.80 2868.70 FTSE All World ($) 431.62 429.28
Belgium BEL 20 3801.81 3779.42 Finland OMX Helsinki General 10673.29 10681.62 S&P Topix 150 1765.84 1746.46 Russia Micex Index 2436.57 2445.30 FTSE 100 7870.57 7831.58 FTSE E300 1846.39 1837.30
BEL Mid 10028.87 9985.20 France CAC 40 7491.50 7483.84 Topix 2057.48 2032.51 RTX 1245.71 1212.57 FTSE 4Good UK 7139.80 7097.90 FTSE Eurotop 100 3662.32 3646.36
Brazil IBovespa 104303.24 102923.31 SBF 120 5708.60 5696.30 Jordan Amman SE 2461.48 2453.45 Saudi-Arabia TADAWUL All Share Index 11271.19 11307.22 FTSE All Share 4283.83 4259.55 FTSE Global 100 ($) 2791.69 2781.52
Canada S&P/TSX 60 1245.88 1239.12 Germany M-DAX 27855.08 27608.19 Kenya NSE 20 1593.37 1593.37 Singapore FTSE Straits Times 3270.51 3282.03 FTSE techMARK 100 6901.18 6864.02 FTSE Gold Min ($) 2044.73 2028.90
S&P/TSX Comp 20647.07 20522.64 TecDAX 3268.84 3252.05 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 311.69 315.78 USA DJ Composite 11277.08 11175.72 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1910.82 1888.05 XETRA Dax 15922.38 15800.45 Latvia OMX Riga 1152.98 1147.64 Slovenia SBI TOP - - DJ Industrial 34033.48 33826.16 FTSE Multinationals ($) 2909.83 2871.07
Chile S&P/CLX IGPA Gen 27498.36 27413.29 Greece Athens Gen 1085.11 1096.01 Lithuania OMX Vilnius 1015.07 1012.38 South Africa FTSE/JSE All Share 78218.37 78122.12 DJ Transport 14086.17 13797.69 FTSE World ($) 785.88 781.65
China FTSE A200 10568.26 10474.59 FTSE/ASE 20 2624.08 2653.44 Luxembourg LuxX 1522.55 1536.58 FTSE/JSE Res 20 68999.72 69008.56 DJ Utilities 963.05 963.39 FTSEurofirst 100 (Eur) 4972.30 4955.70
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 19894.57 19840.28 Malaysia FTSE Bursa KLCI 1415.95 1418.05 FTSE/JSE Top 40 72582.82 72533.14 Nasdaq 100 13178.30 13160.03 FTSEurofirst 80 (Eur) 5911.38 5905.82
Shanghai A 3483.63 3444.42 HS China Enterprise 6702.15 6675.40 Mexico IPC 55061.47 54442.17 South Korea Kospi 2501.53 2495.81 Nasdaq Cmp 12173.04 12142.24 MSCI ACWI Fr ($) 650.49 642.74
Shanghai B 294.37 292.37 HSCC Red Chip 4081.00 4076.83 Morocco MASI 10454.85 10499.26 Kospi 200 326.46 325.09 NYSE Comp 15536.99 15431.64 MSCI All World ($) 2815.77 2779.71
Shanghai Comp 3323.27 3285.88 Hungary Bux 44822.21 44671.82 Netherlands AEX 758.49 752.60 Spain IBEX 35 9241.00 9314.60 S&P 500 4158.58 4135.35 MSCI Europe (Eur) 1888.98 1886.47
Shenzhen A 2150.91 2121.00 India BSE Sensex 61112.44 60649.38 AEX All Share 1024.66 1015.38 Sri Lanka CSE All Share 8983.21 9012.40 Wilshire 5000 40968.95 40739.58 MSCI Pacific ($) 2729.25 2731.58
Shenzhen B 1173.33 1166.60 Nifty 500 15219.55 15075.05 New Zealand NZX 50 12019.84 11918.22 Sweden OMX Stockholm 30 2270.58 2271.10 Venezuela IBC 30460.62 30256.67 S&P Euro (Eur) 1929.50 1926.14
Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 6915.72 6945.48 Nigeria SE All Share 52097.62 51355.74 OMX Stockholm AS 858.61 855.20 Vietnam VNI 1049.12 1039.63 S&P Europe 350 (Eur) 1893.66 1883.07
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 8432.12 8368.63 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 11437.14 11361.89 S&P Global 1200 ($) 3130.97 3115.41
Israel Tel Aviv 125 1727.64 1713.22 Pakistan KSE 100 41580.85 41580.85 Stoxx 50 (Eur) 4046.14 4029.96
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Apr 28 %Chg %Chg Apr 28 %Chg %Chg Apr 28 %Chg %Chg Apr 28 %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 101.5 162.67 2.48 Bp 252.3 534.40 10.80 Nestle N 449.4 116.55 0.83 Mitsubishi Ufj Fin,. 1293.1 852.90 -7.20 Airtel Africa 120.10 10.6 7.4 Watches Of Switzerland 831.50 9.8 1.3 Medica 213.00 33.1 54.7 Mobile Telecommunications 2532.04 4.4 18.7
Amazon.com 80.3 105.53 -4.29 Shell 248.1 2452.00 51.00 Novartis N 428.6 92.74 -0.22 Sumitomo Mitsui Fin,. 957.5 5549.00 -46.00 Vodafone 95.90 5.8 13.9 Genuit 300.50 9.1 6.9 Rank 96.50 27.0 17.8 Household Goods 11920.34 3.5 20.0
Microsoft 56.1 305.63 0.80 Unilever 194.3 4436.50 5.00 Santander 399.6 3.19 -0.10 Keyence 814.0 61100.00 -940.00 Prudential 1211.50 5.2 7.7 Crest Nicholson Holdings 269.00 8.9 13.1 Invesco Select Trust 176.00 16.9 -4.0 Real Estate Investment Trusts 2342.54 3.2 5.0
Meta Platforms 43.1 237.00 -1.56 Astrazeneca 176.0 11746.00 -50.00 Iberdrola 395.1 11.78 -0.05 Shin-etsu Chemical Co., 690.9 3863.00 -179.00 Abrdn 212.70 5.1 12.4 Wizz Air Holdings 3021.00 8.7 58.6 The Gym 103.80 15.3 -4.8 General Financial 13283.00 2.7 14.6
Apple 39.2 168.78 0.37 Diageo 144.2 3622.00 -93.00 Unicredit 381.9 17.94 -0.70 Sony 618.6 12830.00 260.00 Land Securities 674.20 5.0 8.7 Darktrace 280.10 8.5 7.7 Fisher (james) & Sons 325.00 15.0 - Nonlife Insurance 3259.82 2.3 -2.7
Nvidia 37.5 274.80 2.54 Hsbc Holdings 138.8 573.80 -1.60 Roche Gs 359.0 285.31 4.22 Toyota Motor 556.8 1857.00 32.00 Taylor Wimpey 128.20 4.8 26.1 Dowlais 132.60 8.5 - Trifast 72.00 10.1 -0.8 Software & Computer Services 1957.09 2.0 10.7
Advanced Micro Devices 19.8 87.70 0.26 Rio Tinto 138.2 5049.00 5.00 Intesa Sanpaolo 294.8 2.38 -0.07 Mitsui O.s.k.lines, 543.1 3360.00 30.00 Persimmon 1314.00 4.7 7.8 Auction Technology 701.00 8.3 -6.8 Alfa Fin Software Holdings 142.00 9.2 - Electronic & Electrical Equip. 10060.83 1.9 16.2
Alphabet 16.9 106.32 -1.28 Glencore 135.8 469.00 -4.20 Telefonica 274.2 4.13 0.01 Softbank . 539.3 5094.00 146.00 Barclays 159.88 4.3 0.7 Man 227.20 6.9 6.3 Mears 221.50 8.6 6.5 Automobiles & Parts 1741.14 1.2 16.8
Exxon Mobil 13.8 119.38 2.55 London Stock Exchange 133.6 8346.00 262.00 Asml Holding 252.6 573.50 9.30 Hitachi, 511.1 7485.00 -161.00 British Land 400.20 4.2 0.6 hcape 808.50 6.7 -1.4 Ricardo 600.00 8.3 24.7 Life Insurance 7139.06 1.1 1.3
Intel 13.0 31.18 1.32 British American Tobacco 133.3 2927.00 -36.00 Novo Nordisk B A/s 250.9 150.88 1.05 Nippon Yusen Kabushiki Kaisha 478.6 3203.00 17.00 Pearson 887.00 4.1 -5.2 Moneysupermarket.com 274.00 6.7 41.6 Costain 59.60 8.0 51.4 Support Services 10591.93 1.0 6.5
Segro 834.80 4.0 9.4 Essentra 206.50 6.0 - Card Factory 109.60 7.5 40.2 General Retailers 3678.69 0.8 9.2
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
Whitbread 3247.00 3.9 26.1 Lancashire Holdings 612.50 5.9 -6.9 Petrofac 71.45 6.8 -1.5 Travel & Leisure 7637.25 0.8 22.9
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Charter Communications 368.43 25.68 7.49 Tullow Oil 27.96 1.26 4.72 Ericsson, Telefonab. L M Ser. A 5.55 0.17 3.12 Mitsui Eng & Shipbuilding Co., 519.00 71.00 15.85 Legal & General 234.10 -7.9 -6.5 Murray Int Trust 267.20 -80.3 0.1 Hochschild Mining 71.85 -16.9 1.6 Industrial Metals 6587.76 -3.4 -
Resmed 242.16 16.86 7.48 Prudential 1211.50 48.50 4.17 Ericsson, Telefonab. L M Ser. B 4.98 0.12 2.38 Kikkoman 8030.00 850.00 11.84 Fresnillo 711.40 -6.5 - Digital 9 Infrastructure 65.90 -12.7 - Pod Point Holdings 88.00 -6.4 44.3 Beverages 27995.67 -3.3 0.6
Eastman Chemical 86.46 5.90 7.32 Helios Towers 104.30 4.10 4.09 Dassault Systemes 36.57 0.81 2.28 Kansai Electric Power Co 1470.00 129.00 9.62 Antofagasta 1460.50 -4.5 -5.7 Capricorn Energy 219.40 -10.4 - Pensionbee 81.20 -6.2 50.6 Industrial Engineering 14597.82 -3.3 5.5
Catalent 49.47 2.52 5.37 Hikma Pharmaceuticals 1841.00 71.00 4.01 Sika N 249.74 5.09 2.08 Fuji Electric Co., 5450.00 400.00 7.92 Glencore 469.00 -4.5 - Asos 736.80 -6.1 44.3 Triple Point Social Housing Reit 47.05 -5.9 - Mining 11323.90 -3.2 1.3
Zions Ban Na 27.99 1.41 5.30 Cls Holdings 135.60 5.20 3.99 Vivendi Se 9.99 0.20 2.02 Gs Yuasa 2378.00 168.00 7.60 Associated British Foods 1956.00 -4.4 24.1 Telecom Plus 1806.00 -5.8 - Chrysalis Investments 59.80 -5.5 -22.2 Pharmaceuticals & Biotech. 21871.69 -3.1 3.9
Spirax-sarco Eng 11090.00 -4.3 4.2 Ip 56.30 -5.7 1.0 Civitas Social Housing 53.30 -5.2 - Construction & Materials 7919.02 -2.6 15.1
Downs Downs Downs Downs
Anglo American 2445.00 -4.2 - Synthomer 119.60 -5.3 - Jpmorgan China Growth & ome 285.50 -5.1 -17.4 Industrial Transportation 3399.48 -2.2 -2.2
First Republic Bank 3.20 -2.99 -48.30 W.a.g Payment Solutions 97.00 -5.50 -5.37 Engie 14.51 -0.90 -5.85 Ngk Insulators, 1700.00 -81.00 -4.55
Natwest 262.00 -3.9 -1.4 Morgan Sindall 1694.00 -4.2 10.7 Treatt 667.00 -5.1 6.7 Media 10220.24 -1.9 12.4
First Solar 172.27 -28.56 -14.22 Digital 9 Infrastructure 65.90 -3.40 -4.91 Unicredit 17.94 -0.70 -3.75 Shin-etsu Chemical Co., 3863.00 -179.00 -4.43
Weir 1840.00 -3.7 10.2 Ferrexpo 108.10 -4.2 - Paypoint 439.50 -5.1 - Food Producers 6675.87 -1.7 17.6
Amazon.com 105.53 -4.29 -3.91 Natwest 262.00 -10.20 -3.75 Bbva 6.65 -0.24 -3.48 Toyota Tsusho 5610.00 -240.00 -4.10
Diageo 3622.00 -3.7 -0.7 Genus 2688.00 -3.7 -9.9 Enquest 16.72 -4.5 - Aerospace & Defense 6470.88 -0.7 25.9
Solaredge 279.00 -10.15 -3.51 Telecom Plus 1806.00 -58.00 -3.11 Pernod Ricard 208.40 -6.60 -3.07 Hitachi, 7485.00 -161.00 -2.11
Astrazeneca 11746.00 -3.6 4.5 Chemring 284.00 -3.6 -4.5 Henderson Far East ome 250.50 -4.4 -8.3 General Industrials 6413.80 -0.6 5.7
T-mobile Us 144.71 -5.23 -3.49 Diageo 3622.00 -93.00 -2.50 Intesa Sanpaolo 2.38 -0.07 -2.99 Keyence 61100.00 -940.00 -1.52
Wpp 927.20 -3.5 13.0 Integrafin Holdings 272.20 -3.5 -9.9 Petra Diamonds 68.00 -4.1 - Real Estate & Investment Servic 2323.90 -0.5 9.6
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Apr 28 Currency Mid Change Mid Change Mid Change Apr 28 Currency Mid Change Mid Change Mid Change Apr 28 Currency Mid Change Mid Change Mid Change Apr 28 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 222.5850 0.5370 245.7331 1.2460 279.7665 2.9055 Indonesia Indonesian Rupiah 14670.0000 -32.5000 16195.6434 7.3672 18438.6858 106.8465 Poland Polish Zloty 4.1495 -0.0132 4.5810 -0.0024 5.2155 0.0252 ..Three Month 0.7958 -0.0064 0.8781 -0.0047 - -
Australia Australian Dollar 1.5132 0.0016 1.6706 0.0062 1.9019 0.0172 Israel Israeli Shekel 3.6364 0.0009 4.0146 0.0117 4.5706 0.0377 Romania Romanian Leu 4.4654 -0.0201 4.9297 -0.0090 5.6125 0.0198 ..One Year 0.7958 -0.0065 0.8771 -0.0048 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4162 0.0011 0.4739 0.0038 Japan Japanese Yen 136.1650 2.0400 150.3257 2.6467 171.1454 3.9114 Russia Russian Ruble 80.2000 -1.2250 88.5405 -1.1129 100.8032 -0.7217 United States United States Dollar - - 1.1040 0.0029 1.2569 0.0100
Bolivia Bolivian Boliviano 6.9100 - 7.6286 0.0203 8.6852 0.0694 ..One Month 136.1644 2.0388 150.3252 2.6458 171.1447 3.9101 Saudi Arabia Saudi Riyal 3.7507 -0.0006 4.1408 0.0104 4.7142 0.0369 ..One Month - - 1.1038 -0.1429 1.2570 0.0101
Brazil Brazilian Real 5.0028 -0.0034 5.5231 0.0110 6.2881 0.0461 ..Three Month 136.1631 2.0363 150.3243 2.6441 171.1433 3.9073 Singapore Singapore Dollar 1.3342 -0.0030 1.4729 0.0007 1.6769 0.0097 ..Three Month - - 1.1034 -0.1429 1.2571 0.0100
Canada Canadian Dollar 1.3563 -0.0048 1.4974 -0.0013 1.7047 0.0076 ..One Year 136.1579 2.0260 150.3201 2.6356 171.1447 3.9023 South Africa South African Rand 18.2838 0.0062 20.1852 0.0607 22.9808 0.1915 ..One Year - - 1.1023 -0.1429 1.2571 0.0100
Chile Chilean Peso 802.2250 -0.6050 885.6536 1.6938 1008.3145 7.3044 Kenya Kenyan Shilling 136.0000 0.1000 150.1435 0.5102 170.9380 1.4909 South Korea South Korean Won 1338.4000 0.3000 1477.5890 4.2675 1682.2315 13.8191 Vietnam Vietnamese Dong 23461.0000 12.5000 25900.8980 82.7866 29488.0868 251.2273
China Chinese Yuan 6.9282 0.0048 7.6487 0.0257 8.7080 0.0756 Kuwait Kuwaiti Dinar 0.3064 0.0001 0.3382 0.0010 0.3851 0.0032 Sweden Swedish Krona 10.2573 -0.0539 11.3240 -0.0291 12.8923 0.0359 European Union Euro 0.9058 -0.0024 - - 1.1385 0.0061
Colombia Colombian Peso 4660.9000 12.3950 5145.6184 27.3585 5858.2754 62.2761 Malaysia Malaysian Ringgit 4.4605 -0.0010 4.9244 0.0120 5.6064 0.0436 Switzerland Swiss Franc 0.8901 -0.0068 0.9826 -0.0049 1.1187 0.0005 ..One Month 0.9056 -0.0024 - - 1.1384 0.0061
Costa Rica Costa Rican Colon 543.8250 4.8000 600.3809 6.8848 683.5321 11.4479 Mexico Mexican Peso 18.0390 -0.0310 19.9150 0.0189 22.6732 0.1426 Taiwan New Taiwan Dollar 30.7425 0.0425 33.9396 0.1372 38.6402 0.3618 ..Three Month 0.9052 -0.0024 - - 1.1382 0.0061
Czech Republic Czech Koruna 21.2682 -0.0606 23.4800 -0.0042 26.7319 0.1381 New Zealand New Zealand Dollar 1.6190 -0.0128 1.7874 -0.0093 2.0350 0.0003 Thailand Thai Baht 34.1475 0.0075 37.6987 0.1087 42.9199 0.3524 ..One Year 0.9041 -0.0024 - - 1.1372 0.0060
Denmark Danish Krone 6.7513 -0.0186 7.4534 -0.0006 8.4857 0.0447 Nigeria Nigerian Naira 461.5000 - 509.4944 1.3576 580.0581 4.6360 Tunisia Tunisian Dinar 3.0382 -0.0063 3.3541 0.0021 3.8186 0.0227
Egypt Egyptian Pound 30.9012 0.0171 34.1148 0.1097 38.8396 0.3317 Norway Norwegian Krone 10.6911 0.0399 11.8029 0.0754 13.4376 0.1571 Turkey Turkish Lira 19.4483 0.0013 21.4708 0.0586 24.4445 0.1969
Hong Kong Hong Kong Dollar 7.8499 0.0000 8.6663 0.0231 9.8665 0.0789 Pakistan Pakistani Rupee 283.6600 -0.0900 313.1596 0.7353 356.5315 2.7373 United Arab Emirates UAE Dirham 3.6720 -0.0002 4.0539 0.0106 4.6153 0.0367
Hungary Hungarian Forint 337.9756 -1.2688 373.1239 -0.4028 424.8006 1.8131 Peru Peruvian Nuevo Sol 3.7084 -0.0307 4.0940 -0.0229 4.6610 -0.0011 United Kingdom Pound Sterling 0.7956 -0.0064 0.8784 -0.0047 - -
India Indian Rupee 81.8363 -0.0050 90.3469 0.2352 102.8598 0.8159 Philippines Philippine Peso 55.3850 -0.3400 61.1448 -0.2114 69.6133 0.1324 ..One Month 0.7957 -0.0064 0.8782 -0.0047 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Apr 28 Apr 27 Apr 26 Apr 25 Apr 24 Yr Ago High Low Year to date percentage changes Closing Week's Closing Week's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2879.80 2868.70 2875.20 2878.30 2884.90 0.00 2889.90 2454.10 Fixed Line Telecomms 32.36 Financial Services 11.66 Financials 4.15 FTSE 100 Price Change FTSE 100 Price Change
Apr 28 chge% Index Apr 27 Apr 26 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil Equipment & Serv 28.43 Utilities 11.03 Pharmace & Biotech 4.02 3I Group PLC 1767 54.50 Jd Sports Fashion PLC 161.05 -4.25
FTSE 100 (100) 7870.57 0.50 6988.38 7831.58 7852.64 7509.19 3.54 2.33 12.15 107.62 8200.30 P/E Ratio net - - - - - 0.00 19.44 14.26 Aerospace & Defense 26.15 Industrials 10.48 Real Est Invest & Tr 3.65 Abrdn PLC 212.70 10.40 Johnson Matthey PLC 1963.5 9.50
FTSE 250 (250) 19425.14 0.92 17247.83 19248.01 19207.97 20619.62 3.19 0.89 35.27 208.35 16356.32 FT 30 hourly changes Food & Drug Retailer 18.96 Health Care Eq & Srv 10.24 Consumer Goods 3.17 Admiral Group PLC 2311 50.00 Kingfisher PLC 257.50 0.20
FTSE 250 ex Inv Co (170) 20175.21 1.15 17913.83 19945.38 19898.37 21284.37 3.26 1.28 24.00 222.02 17340.32 8 9 10 11 12 13 14 15 16 High Low Telecommunications 18.60 Industrial Eng 8.50 FTSE 250 Index 3.03 Airtel Africa PLC 120.10 11.50 Land Securities Group PLC 674.20 32.40
FTSE 350 (350) 4329.96 0.56 3844.63 4305.97 4314.67 4197.13 3.49 2.14 13.38 57.45 8948.91 2868.7 2860.1 2850.1 2871.6 2853.1 2860.7 2868.8 2872.5 2871.3 2879.8 2848.3 Travel & Leisure 17.76 Real Est Invest & Se 8.16 Industrial Transport 2.67 Anglo American PLC 2445 -107.50 Legal & General Group PLC 234.10 -20.00
FTSE 350 ex Investment Trusts (267) 4283.60 0.56 3803.47 4259.57 4268.91 4124.46 3.53 2.32 12.23 57.79 4576.51 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Automobiles & Parts 16.97 Oil & Gas 7.38 Chemicals 1.77 Antofagasta PLC 1460.5 -69.50 Lloyds Banking Group PLC 48.20 -0.66
FTSE 350 Higher Yield (135) 3688.70 0.58 3275.24 3667.52 3680.54 3609.98 4.86 2.37 8.69 63.79 8638.62 General Retailers 16.86 Oil & Gas Producers 7.24 Technology 1.57 Ashtead Group PLC 4577 -108.00 London Stock Exchange Group PLC 8346 262.00
FTSE 350 Lower Yield (215) 4539.31 0.54 4030.51 4515.09 4517.21 4377.32 2.10 1.61 29.62 41.62 5644.30 FT WILSHIRE 5000 INDEX SERIES Food Producers 16.74 Personal Goods 7.21 Life Insurance 1.22 Associated British Foods PLC 1956 -90.00 M&G PLC 205.10 5.00
FTSE SmallCap (229) 6228.09 1.12 5530.00 6159.04 6156.67 6822.04 3.55 -0.69 -40.65 71.15 10610.43 Consumer Services 16.27 Banks 6.54 Beverages 0.58 Astrazeneca PLC 11746 -440.00 Melrose Industries PLC 409.00 4.65
FTSE SmallCap ex Inv Co (121) 5071.68 1.50 4503.21 4996.54 4989.76 5748.58 3.64 1.69 16.29 58.17 8983.28 Apr 27 Apr 27 Electronic & Elec Eq 15.75 FTSE 100 Index 5.62 Beverages 31.66 Auto Trader Group PLC 635.60 5.40 Mondi PLC 1265 -16.00
FTSE All-Share (579) 4283.83 0.57 3803.67 4259.55 4267.92 4165.89 3.49 2.08 13.80 56.66 8940.12 Leisure Goods 15.50 Software & Comp Serv 5.62 FTSE SmallCap Index -0.19
FT Wilshire 5000 41606.90 FT Wilshire Mid Cap 5405.65 Aviva PLC 423.00 2.70 National Grid PLC 1144.5 -1.00
FTSE All-Share ex Inv Co (388) 4204.04 0.58 3732.82 4179.98 4188.96 4057.47 3.53 2.31 12.27 56.61 4560.18 Construct & Material 15.41 Industrial Metals & 5.61 Equity Invest Instr -1.69
FT Wilshire 2500 5338.21 FT Wilshire Small Cap 4821.42 B&M European Value Retail S.A. 479.70 -16.10 Natwest Group PLC 262.00 -10.50
FTSE All-Share ex Multinationals (518) 1117.98 0.64 823.06 1110.92 1109.39 1189.01 3.93 1.06 23.98 15.28 2417.67 Household Goods & Ho 14.58 NON FINANCIALS Index 5.43 Nonlife Insurance -2.37
FT Wilshire Mega Cap 5409.43 FT Wilshire Micro Cap 4349.79 Bae Systems PLC 1014 -4.00 Next PLC 6740 -54.00
FTSE Fledgling (78) 11464.45 0.09 10179.43 11453.91 11445.67 13009.59 3.40 -0.96 -30.61 114.36 25127.12 Gas Water & Multi 13.27 FTSE All{HY-}Share Index 5.12 Tobacco -9.60
FT Wilshire Large Cap 5409.71 Barclays PLC 159.88 6.64 Ocado Group PLC 505.20 -11.60
FTSE Fledgling ex Inv Co (30) 15484.79 0.28 13749.14 15442.20 15393.97 17934.06 3.87 5.69 4.54 174.29 32961.35 Media 13.26 Electricity 4.99 Basic Materials -13.90
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Barratt Developments PLC 500.00 18.20 Pearson PLC 887.00 34.60
FTSE All-Small (307) 4340.59 1.06 3854.07 4294.95 4293.21 4763.34 3.54 -0.71 -39.91 49.23 9483.90 Mobile Telecomms 12.95 Health Care 4.40 Mining -15.48
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Beazley PLC 595.50 10.00 Pershing Square Holdings LTD 2760 -34.00
FTSE All-Small ex Inv Co (151) 3817.39 1.46 3389.51 3762.60 3757.23 4330.43 3.64 1.85 14.81 43.72 8562.92 Support Services 4.30 Tech Hardware & Eq -19.95
mark. Copyright ©2023 Wilshire. All rights reserved. Berkeley Group Holdings (The) PLC 4447 112.00 Persimmon PLC 1314 59.50
FTSE AIM All-Share (724) 829.94 0.89 736.91 822.63 821.84 1014.86 1.73 1.54 37.56 4.03 980.70
BP PLC 534.40 4.40 Phoenix Group Holdings PLC 591.80 17.80
FTSE All-Share Technology (18) 2053.66 0.79 1778.36 2037.56 2026.86 1917.13 1.86 1.53 35.15 15.02 2998.32
British American Tobacco PLC 2927 6.00 Prudential PLC 1211.5 60.00
FTSE All-Share Telecommunications (6) 1618.80 0.15 1401.80 1616.36 1586.36 2018.27 6.51 1.08 14.22 1.03 2488.67 FTSE GLOBAL EQUITY INDEX SERIES British Land Company PLC 400.20 16.10 Reckitt Benckiser Group PLC 6430 -42.00
FTSE All-Share Health Care (14) 15302.62 -0.06 13251.27 15311.96 15361.63 15119.57 2.38 1.14 36.92 185.25 14350.42
Apr 28 No of US $ Day Mth YTD Total
YTD Gr Div Apr 28 No of US $ Day Mth YTD Total YTD Gr Div Bt Group PLC 158.85 3.25 Relx PLC 2646 -76.00
FTSE All-Share Financials (254) 4747.85 0.55 4111.38 4721.85 4696.98 4573.29 3.96 1.23 20.49 101.63 5398.61
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Bunzl PLC 3164 -48.00 Rentokil Initial PLC 632.40 17.40
FTSE All-Share Real Estate (54) 852.75 2.06 772.49 835.57 834.32 1163.99 4.16 0.75 31.98 12.78 914.31
FTSE Global All Cap 9510 727.20 1.2 3.6 6.9
7.7 1176.00
2.3 Oil Equipment & Services 25 266.70 0.4 4.7 -4.0 501.95 -3.0 4.6 Burberry Group PLC 2591 -18.00 Rightmove PLC 574.20 -8.20
FTSE All-Share Consumer Discretionary (84) 5238.13 1.01 4535.94 5185.51 5229.53 4764.74 2.15 1.35 34.54 47.77 5610.26
FTSE Global All Cap 9510 727.20 1.2 3.6 6.9
7.7 1176.00
2.3 Basic Materials 404 613.39 0.4 2.8 2.6 1145.89 3.8 4.1 Centrica PLC 114.50 1.70 Rio Tinto PLC 5049 -82.00
FTSE All-Share Consumer Staples (22)19929.45 -0.45 17257.85 20019.21 20019.46 19493.19 3.91 1.62 15.83 225.49 18557.05
FTSE Global Large Cap 1936 657.62 1.2 4.0 8.1
9.0 1096.37
2.3 Chemicals 201 825.02 0.1 2.8 5.8 1474.33 6.6 3.1 Coca-Cola Hbc AG 2424 19.00 Rolls-Royce Holdings PLC 152.15 -2.20
FTSE All-Share Industrials (84) 6839.65 0.97 5922.78 6774.15 6776.99 6294.36 2.25 1.21 36.68 66.37 8002.03
FTSE Global Mid Cap 2229 916.51 1.0 3.2 3.8
4.5 1394.02
2.2 Forestry & Paper 19 228.24 -0.4 -3.0 -9.4 472.07 -7.6 4.4 Compass Group PLC 2097 21.00 Rs Group PLC 921.40 21.40
FTSE All-Share Basic Materials (21) 8031.84 -0.07 6955.15 8037.69 8087.85 8993.27 5.79 3.76 4.59 145.24 11138.20
FTSE Global Small Cap 5345 928.43 1.1 1.9 3.0
3.6 1349.61
2.2 Industrial Metals & Mining 104 514.61 1.4 1.1 4.1 1002.22 5.5 4.6 Convatec Group PLC 219.80 -0.80 Sage Group PLC 818.60 12.60
FTSE All-Share Energy (14) 9019.98 2.11 7810.83 8833.77 8968.20 7636.49 3.64 5.47 5.01 91.78 11083.60
FTSE All-World 4165 429.28 1.2 3.8 7.3
8.1 735.25
2.3 Mining 80 960.31 0.4 4.3 -1.7 1907.89 0.0 5.3 Crh PLC 3858 -114.00 Sainsbury (J) PLC 276.40 -5.30
FTSE All-Share Utilities (8) 9454.67 0.10 8187.24 9444.86 9432.74 9805.79 4.14 0.96 25.02 42.27 14504.53
FTSE World 2657 781.65 1.2 4.0 8.0
8.8 1797.00
2.3 Industrials 810 513.55 1.2 2.2 5.3 826.57 6.1 2.1 Croda International PLC 6980 -64.00 Schroders PLC 485.70 5.20
FTSE All-Share Software and Computer Services (16) 2222.99 0.79 1924.99 2205.63 2193.20 2065.71 1.84 1.55 35.01 15.79 3432.99
FTSE Global All Cap ex UNITED KINGDOM In 9229 766.61 1.2 3.5 6.8
7.6 1215.61
2.2 Construction & Materials 163 611.10 0.9 3.8 9.7 1038.02 10.5 2.2 Dcc PLC 4944 129.00 Scottish Mortgage Investment Trust PLC 628.80 -15.80
FTSE All-Share Technology Hardware and Equipment (2) 4183.44 1.01 3622.64 4141.52 4234.65 5039.25 3.13 0.65 49.25 89.37 5539.24
FTSE Global All Cap ex USA 7716 521.23 0.1 3.7 6.6
7.7 938.43
3.2 Aerospace & Defense 36 943.41 1.1 2.2 4.3 1481.91 4.8 1.5 Diageo PLC 3622 -138.50 Segro PLC 834.80 32.20
FTSE All-Share Telecommunications Equipment (1) 402.37 1.12 348.43 397.90 395.89 510.12 3.49 2.14 13.37 9.21 588.85
FTSE Global All Cap ex JAPAN 8088 758.43 1.2 3.8 7.0
7.7 1236.96
2.2 General Industrials 78 256.39 1.7 3.7 7.4 458.70 8.6 2.5 Endeavour Mining PLC 2058 -54.00 Severn Trent PLC 2932 13.00
FTSE All-Share Telecommunications Service Providers (5) 2528.20 0.12 2189.29 2525.09 2477.25 3147.71 6.60 1.06 14.25 0.00 3540.99
FTSE Global All Cap ex Eurozone 8866 763.26 1.3 3.4 6.2
6.9 1207.42
2.2 Electronic & Electrical Equipment 158 632.67 0.9 -0.7 5.5 913.48 5.9 1.6 Entain PLC 1444 39.00 Shell PLC 2452 -1.00
FTSE All-Share Health Care Providers (3)11319.76 0.51 9802.31 11261.82 11255.50 9102.20 0.51 6.94 27.99 0.00 10506.56
FTSE Developed 2148 718.45 1.3 4.2 8.1
8.9 1169.85
2.1 Industrial Engineering 159 1036.85 1.3 2.4 5.5 1665.74 6.4 2.1 Experian PLC 2810 -4.00 Smith & Nephew PLC 1314.5 37.00
FTSE All-Share Medical Equipment and Services (2) 6238.62 1.80 5402.31 6128.34 6140.63 6160.13 2.41 1.16 35.61 92.56 6128.00
FTSE Developed All Cap 5783 744.98 1.2 4.0 7.6
8.4 1195.05
2.1 Industrial Transportation 129 932.54 1.1 0.9 3.4 1534.42 4.2 3.4 F&C Investment Trust PLC 894.00 -13.00 Smith (Ds) PLC 310.10 -5.00
FTSE All-Share Pharmaceuticals and Biotechnology (9)21809.82 -0.17 18886.16 21847.51 21920.80 21590.98 2.40 1.12 37.12 263.42 18415.54
FTSE Developed Large Cap 815 678.69 1.3 4.4 9.1
10.0 1124.97
2.1 Support Services 87 520.48 1.2 3.3 3.0 780.60 3.7 1.6 Flutter Entertainment PLC 15915 30.00 Smiths Group PLC 1681 17.00
FTSE All-Share Banks (12) 3458.07 -0.76 2994.51 3484.52 3449.58 3064.34 4.60 2.69 8.08 109.11 3153.14
FTSE Developed Europe Large Cap 205 427.91 -0.2 6.5 13.0
14.6 3.0 Consumer Goods
860.31 563 586.59 0.7 3.1 9.1 997.73 10.0 2.3 Frasers Group PLC 768.50 -26.00 Smurfit Kappa Group PLC 2942 -18.00
FTSE All-Share Finance and Credit Services (8)11444.63 2.95 9910.45 11116.85 11003.93 10947.96 1.88 1.91 27.85 148.60 15592.65
FTSE Developed Europe Mid Cap 346 634.38 0.1 6.8 12.0
13.0 1101.76
2.9 Automobiles & Parts 132 493.58 1.6 -4.1 13.2 805.70 14.2 2.2 Fresnillo PLC 711.40 -49.60 Spirax-Sarco Engineering PLC 11090 -500.00
FTSE All-Share Investment Banking and Brokerage Services (31) 9199.78 1.61 7966.53 9053.58 9087.81 9063.57 4.85 2.07 9.97 144.44 13214.50
FTSE Dev Europe Small Cap 738 863.68 0.5 5.7 8.0
9.1 1443.48
3.0 Beverages 71 818.17 0.0 4.3 5.6 1402.61 6.2 2.2 Glaxosmithkline PLC 1441 -30.20 Sse PLC 1837.5 -3.50
FTSE All-Share Closed End Investments (191)11384.25 0.48 9858.16 11330.17 11319.25 12408.74 2.86 -2.51 -13.97 107.37 7207.18
FTSE North America Large Cap 234 895.44 2.0 4.2 9.0
9.6 1354.89
1.7 Food Producers 138 760.43 -0.1 4.8 5.5 1329.56 6.8 2.4 Glencore PLC 469.00 -21.90 St. James's Place PLC 1206.5 -12.50
FTSE All-Share Life Insurance (6) 7260.05 2.33 6286.82 7094.61 7072.77 6755.79 4.43 0.57 39.34 215.96 9166.65
FTSE North America Mid Cap 414 1115.62 1.5 2.6 2.1
2.6 1561.58
1.8 Household Goods & Home Construction 61 580.63 1.2 6.8 8.1 991.53 9.4 2.5 Haleon PLC 351.00 -1.10 Standard Chartered PLC 628.40 -10.20
FTSE All-Share Nonlife Insurance (6) 3678.46 1.88 3185.35 3610.59 3567.66 3440.95 4.62 1.22 17.75 18.48 7875.43
FTSE North America Small Cap 1322 1084.05 1.5 1.5 2.1
2.6 1453.77
1.7 Leisure Goods 54 252.04 1.2 1.8 9.7 358.89 10.3 1.2 Halma PLC 2308 70.00 Taylor Wimpey PLC 128.20 5.85
FTSE All-Share Real Estate Investment and Services (10) 2213.78 1.10 1917.02 2189.59 2190.50 2637.54 2.22 3.29 13.68 20.08 6689.89
FTSE North America 648 580.99 1.9 3.9 7.6
8.2 898.83
1.7 Personal Goods 94 1059.52 0.6 7.1 14.6 1644.59 15.3 1.7 Hargreaves Lansdown PLC 803.00 8.00 Tesco PLC 281.10 2.20
FTSE All-Share Real Estate Investment Trusts (44) 2108.86 2.23 1826.16 2062.79 2058.94 2952.89 4.51 0.52 42.52 33.95 3262.60
FTSE Developed ex North America 1500 284.07 -0.1 4.8 9.2
10.5 551.60
3.0 Tobacco 13 989.73 0.1 5.7 -0.8 2893.25 0.8 6.3 Hiscox LTD 1182 32.00 Unilever PLC 4436.5 44.50
FTSE All-Share Automobiles and Parts (3) 1750.06 1.61 1515.46 1722.26 1658.07 2322.91 0.24 -26.35 -15.55 0.00 1820.67
FTSE Japan Large Cap 175 393.66 -0.1 1.7 6.1
7.4 586.55
2.5 Health Care 337 735.06 0.2 4.3 0.9 1181.62 1.6 1.8 HSBC Holdings PLC 573.80 0.10 Unite Group PLC 959.00 19.00
FTSE All-Share Consumer Services (2) 3456.80 1.01 2993.41 3422.25 3455.08 2809.31 1.50 2.05 32.62 36.27 4435.71
FTSE Japan Mid Cap 339 551.80 -0.3 1.9 4.3
5.6 781.67
2.5 Health Care Equipment & Services 131 1399.21 0.7 4.1 1.4 1724.07 1.8 1.0 Imperial Brands PLC 1967.5 22.50 United Utilities Group PLC 1082 -0.50
FTSE All-Share Household Goods and Home Construction (11) 9938.48 1.63 8606.20 9779.29 9830.72 10766.46 6.90 1.95 7.41 263.35 9199.87
FTSE Global wi JAPAN Small Cap 908 613.91 -0.4 0.2 3.3
4.7 904.38
2.8 Pharmaceuticals & Biotechnology 206 497.70 -0.1 4.5 0.6 862.59 1.6 2.3 Informa PLC 722.60 12.40 Vodafone Group PLC 95.90 5.24
FTSE All-Share Leisure Goods (2) 26641.51 1.25 23070.14 26312.17 26270.64 19018.03 3.37 1.14 25.93 666.68 30572.02
FTSE Japan 514 161.91 -0.2 1.8 5.7
7.0 270.18
2.5 Consumer Services 424 562.76 1.6 5.3 9.6 807.79 10.1 1.2 Intercontinental Hotels Group PLC 5460 -118.00 Weir Group PLC 1840 -71.50
FTSE All-Share Personal Goods (4) 31407.83 -0.24 27197.52 31483.61 31312.28 23697.86 1.80 2.79 19.88 21.42 24722.35
FTSE Asia Pacific Large Cap ex Japan 1123 678.14 0.2 0.5 1.0
1.5 1246.52
3.1 Food & Drug Retailers 69 311.55 0.6 3.7 -0.9 500.19 -0.1 2.5 International Consolidated Airlines Group S.A. 152.15 2.60 Whitbread PLC 3247 122.00
FTSE All-Share Media (11) 10489.23 1.07 9083.12 10378.14 10542.56 9738.67 2.20 1.82 24.99 123.37 7467.80
FTSE Asia Pacific Mid Cap ex Japan 840 978.20 0.0 1.7 1.7
2.2 1736.47
3.3 General Retailers 139 968.31 1.9 5.7 8.7 1329.00 9.1 1.0 Intertek Group PLC 4156 36.00 Wpp PLC 927.20 -33.80
FTSE All-Share Retailers (22) 2204.88 0.46 1909.31 2194.87 2199.81 2103.56 2.53 3.24 12.21 7.74 2889.59
FTSE All-Share Travel and Leisure (29) 7438.48 1.20 6441.33 7350.18 7413.43 6585.99 0.67 -6.92 -21.45 24.25 7720.92 FTSE Asia Pacific Small Cap ex Japan 2101 549.98 0.5 0.9 3.0
3.5 947.12
2.9 Media 75 330.71 2.8 3.4 14.1 478.12 14.7 1.3
FTSE Asia Pacific Ex Japan 1963 540.89 0.2 0.6 1.0
1.6 1056.83
3.2 Travel & Leisure 141 503.11 0.5 6.3 13.6 738.46 14.1 1.1
FTSE All-Share Beverages (5)
FTSE All-Share Food Producers (8)
28115.05 -2.27 24346.15 28768.91 28846.23 30262.51 2.18
6855.50 0.92 5936.50 6793.32 6816.72 6452.56 2.21
2.34
2.15
19.61
21.01
217.52
2.98
22727.78
6680.78 FTSE Emerging All Cap 3727 709.89 0.4 0.7 0.8
1.4 1248.25
3.7 Telecommunication 83 136.77 1.3 2.5 6.3 328.74 8.1 4.2 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 32224.81 -1.07 27904.98 32574.14 33029.80 34522.85 7.47 1.52 8.78 675.92 31297.93 FTSE Emerging Large Cap 1121 653.21 0.4 0.5 0.5
1.1 1154.85
3.7 Fixed Line Telecommuniations 29 108.07 1.3 1.7 7.4 299.46 9.4 4.9 Apr 28 Apr 27 Apr 26 Apr 25 Apr 24 Yr Ago
FTSE All-Share Construction and Materials (15) 8394.44 0.67 7269.14 8338.55 8440.93 7375.24 3.00 0.53 62.82 166.90 10448.57 FTSE Emerging Mid Cap 896 1043.92 0.4 2.3 2.1
3.0 1850.80
3.8 Mobile Telecommunications 54 160.61 1.3 2.9 5.6 331.94 7.4 3.8 Order Book Turnover (m) 61.81 87.26 93.98 129.49 104.62 104.62
FTSE All-Share Aerospace and Defense (8) 6785.97 0.12 5876.29 6777.66 6754.32 4754.52 1.82 0.20 274.47 74.85 8369.65 FTSE Emerging Small Cap 1710 767.35 0.5 0.2 1.9
2.5 1290.26
3.4 Utilities 201 328.07 0.8 6.1 1.9 775.70 2.7 3.3 Order Book Bargains 574748.00 592419.00 522143.00 452681.00 560797.00 560797.00
FTSE All-Share Electronic and Electrical Equipment (11)11825.85 1.39 10240.57 11663.31 11507.90 11263.91 1.51 2.19 30.21 46.24 11761.49 FTSE Emerging Europe 147 128.07 0.1 1.9 -0.4
0.9 271.98
3.5 Electricity 145 366.54 0.9 5.7 0.3 853.98 1.2 3.2 Order Book Shares Traded (m) 1453.00 1248.00 1223.00 1186.00 1269.00 1269.00
FTSE All-Share General Industrials (7) 5160.42 1.64 4468.65 5077.01 5127.48 4961.96 3.35 1.34 22.30 70.41 6923.70 FTSE Latin America All Cap 253 728.08 1.3 5.8 4.3
5.5 1469.34
10.1 Gas Water & Multiutilities 56 334.04 0.5 6.9 5.8 816.34 6.4 3.5 Total Equity Turnover (£m) 9620.26 9434.42 8294.90 8121.27 7287.07 7287.07
FTSE All-Share Industrial Engineering (6)16109.24 0.21 13949.75 16076.04 15997.15 16121.55 1.94 2.38 21.59 210.47 21914.00 FTSE Middle East and Africa All Cap 330 717.17 0.3 3.7 -1.0
0.8 3.6 Financials
1339.26 855 260.93 1.0 4.9 0.5 508.47 1.7 3.3 Total Mkt Bargains 767613.00 787219.00 714689.00 634091.00 746873.00 746873.00
FTSE All-Share Industrial Support Services (29)10196.68 1.46 8829.79 10050.04 9950.97 10319.05 1.99 1.64 30.67 55.74 11810.97 FTSE Global wi UNITED KINGDOM All Cap In 281 341.96 -0.2 6.5 8.8
10.3 3.5 Banks
710.18 272 194.82 0.8 4.9 -1.7 425.67 0.0 4.4 Total Shares Traded (m) 6124.00 7773.00 8872.00 11823.00 7654.00 7654.00
FTSE All-Share Industrial Transportation (8) 5105.33 0.76 4420.95 5066.79 5213.46 5020.48 2.24 1.60 27.88 11.53 5364.73 FTSE Global wi USA All Cap 1794 992.54 1.9 3.6 7.1
7.7 1.6 Nonlife Insurance
1447.20 72 377.26 0.6 6.8 3.1 636.56 4.1 2.9 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)18953.54 -2.82 623.52 19503.64 18553.46 16253.03 1.74 1.38 41.62 0.00 23941.15 FTSE Europe All Cap 1471 481.54 -0.1 6.5 12.3
13.7 3.0 Life Insurance
928.48 51 224.83 1.9 6.9 -1.3 438.88 -0.2 4.0 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (8) 7097.94 -0.23 6146.44 7114.02 7161.30 7996.60 6.25 3.90 4.10 138.44 11095.43 FTSE Eurozone All Cap 644 479.28 -0.1 6.3 15.7
16.7 2.9 Financial Services
913.17 213 437.77 1.2 4.2 3.2 669.29 3.7 1.7
FTSE All-Share Precious Metals and Mining (5)10638.55 -0.71 9212.42 10714.21 10845.55 10563.33 3.52 1.91 14.89 131.63 7599.55 FTSE EDHEC-Risk Efficient All-World 4165 478.87 0.8 3.5 3.4
4.2 2.7 Technology
762.11 355 539.47 2.3 2.8 22.0 706.64 22.3 1.0
FTSE All-Share Chemicals (7) 13175.51 1.60 11409.29 12967.64 12977.60 14678.59 2.69 1.78 20.82 100.06 13337.83 FTSE EDHEC-Risk Efficient Developed Europe 551 349.12 0.0 6.0 11.3
12.5 3.0 Software & Computer Services
621.47 180 824.19 3.1 5.4 21.6 999.00 21.8 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) 8756.07 2.11 7582.30 8575.31 8705.74 7411.06 3.64 5.48 5.01 89.11 11158.36 Oil & Gas 133 400.96 0.0 6.1 -1.9
-0.7 834.51
5.0 Technology Hardware & Equipment 175 472.27 1.4 0.2 22.4 666.86 22.9 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 88 403.89 -0.2 6.8 -0.8
0.4 863.99
5.3 Alternative Energy 20 157.30 1.8 -3.7 -14.0 225.79 -14.0 0.3 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 140 246.63 1.2 3.9 -1.8 485.20 -0.9 3.4
Non Financials (325) 5244.44 0.58 4656.60 5214.43 5235.49 5112.84 3.35 2.36 12.62 57.11 9609.22 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 107 437.09 1.5 4.6 0.4 1041.32 1.6 4.1
For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE Global Large Cap 1936 657.62 1.2 4.0 8.1 1096.37 9.0 2.3
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 7849.68 7861.28 7863.29 7871.11 7878.34 7891.33 7888.97 7899.04 7879.84 7903.89 7849.68 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 19089.98 19241.90 19261.81 19292.10 19298.72 19323.32 19300.08 19306.18 19262.48 19336.07 19089.98 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
FTSE SmallCap 6183.78 6194.31 6196.13 6199.95 6206.72 6215.90 6219.99 6224.93 6213.97 6225.83 6182.05 WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
FTSE All-Share 4263.41 4273.47 4275.02 4279.57 4283.18 4290.01 4288.29 4293.16 4282.89 4295.41 4263.41 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:13:50:15 Day's Low07:03:00 FTSE 100 2010/11 High: 8014.31(20/02/2023) Low: 7335.40(17/03/2023) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:13:53:00 Day's Low07:03:00 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 Alphawave IP Group Pre 192.410 89.931 24.636 23.088 0.010 0.015 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- Barclays Pre 7237.000 6496.000 2598.000 2234.000 11.300 8.400 0.00000 0.00000 - 0.000 0.000 04/11 2.50 SCSP Seed Capital Solutions PLC 0.88 - 0.00 0.00 162.2
There are currently no rights offers by any companies listed on the LSE. Codex Acquisitions Pre 0.000 - 0.237L - 0.300L - 0.00000 - - 0.000 - 04/06 144.00 AIM FADL Fadel Partners Inc 147.00 0.00 150.00 144.00 2935.3
DG Innovate Pre 0.004 0.000 7.868L 0.700L 0.110L 0.000 0.00000 0.00000 - 0.000 0.000 04/06 6.25 CHSS World Chess PLC 9.50 0.60 11.50 6.55 6335.6
GRIT Investment Trust Pre 0.155L 0.097 1.910L 0.220 0.00000 0.00000 - 0.000 0.000 04/04 16.00 AIM OHT Ocean Harvest Technology Group PLC 21.50 -1.09 27.00 16.00 2705.9
Minoan Group Pre 0.000 0.000 1.065L 0.749L 0.160L 0.140L 0.00000 0.00000 - 0.000 0.000 03/30 100.00 AIM ONWD Onward Opportunities Ltd 105.50 -0.50 107.03 98.00 1345.1
Morgan Advanced Materials Pre 1112.100 950.500 131.600 104.300 31.000 25.900 0.00000 5.90000 - 5.300 9.100
NatWest Group 1st 3876.000 3008.000 1818.000 1224.000 13.200 8.100 0.00000 0.00000 - 13.769 11.308
Panther Securities Pre 13.411 13.172 22.902 15.922 96.600 76.400 6.00000 6.00000 Jul 19 12.000 12.000
Shield Therapeutics Pre 4.467 1.519 40.082L 19.907L 17.000L 10.000L 0.00000 0.00000 - 0.000 0.000
VPC Specialty Lending Investments Pre 22.108L 73.213 7.950L 26.170 2.00000 2.00000 Mar 30 4.000 4.000

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.
12 ★ FINANCIAL TIMES Monday 1 May 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$) Finland (€) Denso 8151 693.00 8330 6389 1.88 20.85 47167.33 Richemont 146.95 -3.80 152.55 90.28 1.21 36.74 86183.81 Booking Holdings 2654.38 -32.95 2721.85 1616.85 - 101.54 98510.23 Linde 369.02 2.81 369.65 262.47 1.07 54.33 181617.18
ANZ Bank 24.35 -0.11 27.61 20.78 6.33 9.99 48329.37 Nokia 3.84 -0.02 5.20 3.77 - 13.86 23889.67 EastJpRwy 7804 169.00 8280 6510 1.41 -7.31 21660.37 Roche 280.35 -0.70 366.65 256.05 2.84 19.69 221294.82 Bristol-Myers 66.57 -3.92 81.44 65.28 2.80 22.99 140016.9 Lockheed 464.84 -17.71 508.10 373.67 2.22 21.51 117721.92
BHP Group 44.40 -1.66 50.09 35.83 9.45 10.21 148640.24 SampoA 45.96 0.92 49.97 39.86 3.56 10.23 26200.93 Fanuc 4589 -75.00 24930 4409 10.81 5.10 34023.51 Swiss Re 89.72 0.40 99.68 68.16 5.98 22.73 32004.79 Broadcom 623.35 -9.56 648.50 415.07 2.24 37.93 259887.28 Lowes 205.58 -5.46 221.42 170.12 1.37 18.23 122598.92
CmwBkAu 99.36 -1.56 111.38 86.98 3.60 18.29 110732.69 France (€) FastRetail 32010 -540.00 33220 18566.67 1.80 14.03 74808.16 Swisscom 613.00 7.40 616.40 443.40 3.25 19.12 35677.31 Cadence Design 210.26 -2.74 217.67 132.32 - 90.63 57334.54 Lyondell 95.50 1.67 117.22 71.46 4.31 6.14 31080.62
CSL 300.58 0.71 314.21 254.30 1.03 42.14 95817.18 Airbus Grpe 127.14 -0.18 129.68 86.52 - 24.38 110941.6 Fuji Hvy Ind 2195 73.50 2684 1909 2.80 23.54 12399.23 UBS 18.07 0.01 20.85 13.87 1.74 9.75 71538.16 CapOne 97.35 0.76 134.46 86.84 1.91 3.89 37114.33 Marathon Ptl 122.84 -0.70 138.83 77.62 1.75 65.53 54728.75
NatAusBk 28.84 -0.26 32.83 25.43 3.18 15.04 59819.66 AirLiquide 163.18 0.28 163.88 114.48 1.61 31.50 94327.13 Hitachi 7485 -198.00 7871 5983 1.69 10.24 51566.49 Zurich Fin 431.80 0.80 461.20 384.70 4.21 15.08 72994.44 CardinalHlth 82.08 2.00 82.32 49.70 2.21 45.83 21147.01 Marsh&M 179.74 -0.23 180.59 143.33 1.38 29.79 88921.21
Telstra 4.37 0.09 4.38 3.62 2.34 34.80 33368.26 AXA 29.57 0.31 30.34 20.34 4.62 10.42 74862 HondaMtr 3588 50.00 3755 2990.5 3.95 7.09 47731.83 Taiwan (NT$) Carnival 9.20 -0.18 18.20 6.11 - -1.18 10267.33 MasterCard 380.02 4.78 381.97 276.87 0.55 46.75 359393.65
Wesfarmers 51.97 0.03 52.79 40.03 3.50 26.16 38946.33 BNP Parib 58.59 -0.07 67.02 40.67 4.37 8.83 79840.46 JapanTob 2923.5 44.00 2928 2199.5 5.13 13.89 42940.56 Chunghwa Telecom 127.00 2.00 131.50 105.50 3.47 26.84 32046.71 Caterpillar 220.00 -0.27 260.50 160.60 1.81 20.04 113596.01 McDonald's 295.74 3.68 295.84 228.34 1.65 31.74 215899.59
Westpac Bank 22.47 -0.10 24.65 18.80 4.04 16.00 52107.44 ChristianDior 832.00 -33.00 872.00 516.00 0.80 31.77 165800.68 KDDI 4248 123.00 4636 3825 3.10 13.29 71838.73 Formosa PetChem 86.80 1.60 97.90 75.20 0.70 16.23 26896.07 Centene Corp 69.00 3.01 98.53 61.71 - 32.61 37865.08 McKesson 363.18 3.32 401.78 298.69 0.45 44.32 49733.59
Woolworths 38.83 0.07 39.88 31.67 2.84 43.36 31272.92 Cred Agr 11.08 0.20 11.94 8.09 6.90 6.33 37027.06 Keyence 61100-1430.00 64810 44880 0.36 47.66 109132.22 HonHaiPrc 104.50 0.00 116.00 98.00 3.95 10.23 47123.08 CharlesSch 52.22 -1.58 86.63 45.00 1.28 19.88 93549.43 Medtronic 91.21 5.48 107.64 75.77 2.54 26.82 121347.95
Belgium (€) Danone 59.99 0.13 61.88 46.76 3.09 21.35 44759.9 MitsbCp 5018 26.00 5125 3740 3.02 10.45 53741.87 MediaTek 665.00 -8.00 935.00 533.00 5.74 9.18 34602.54 Charter Comms 368.43 35.72 515.66 297.66 - 16.22 62307.28 Merck 115.29 -0.08 116.86 83.05 2.12 25.56 292674.33
AnBshInBv 59.10 -0.57 62.01 45.56 0.86 30.84 113345.46 EDF 11.93 0.03 12.05 7.27 3.91 9.59 52672.93 MitsubEst 1000.97 4.60 1023.46 876.51 - - - TaiwanSem 502.00 -11.00 560.00 370.00 2.19 19.39 423456.56 Chevron Corp 167.68 -1.44 189.68 132.54 2.94 22.20 317693.82 Meta 237.00 24.11 241.69 88.09 - 18.55 527505.85
KBC Grp 64.78 -1.10 72.46 45.53 5.08 11.02 29834.66 Engie SA 14.52 -0.96 15.56 10.07 3.49 10.69 39026.93 MitsubishiEle 1679 62.00 1717 1273 2.61 14.01 26476.35 Chipotle Mexic. 2050.09 250.09 2057.47 1196.28 - 96.47 56606.27 Metlife 61.25 1.08 77.36 52.83 2.88 9.03 30286.08
Thailand (THB)
EssilorLuxottica 179.40 -7.12 188.28 132.70 0.58 57.22 88659.67 MitsuiFud 905.35 -33.06 1007.12 684.38 - - - Chubb 202.21 1.02 230.27 173.78 1.46 11.31 83744.76 Microsoft 305.63 19.87 308.93 213.43 0.70 35.072272508.07
Brazil (R$) PTT Explor 31.00 0.50 38.50 29.50 6.18 8.62 25930.34
Hermes Intl 1966.8 -36.70 2020 957.60 0.22 88.31 229227.11 MitUFJFin 852.90 -33.50 999.50 632.60 3.35 8.07 79472.27 Cigna 252.60 0.48 340.11 240.11 1.47 17.30 75037.35 Mnstr Bvrg 55.71 2.64 55.75 41.07 - 23.36 29103.43
Ambev 14.19 -0.41 16.88 12.60 4.00 21.31 44673.6 United Arab Emirates (Dhs)
LOreal 432.75 -9.85 442.60 300.45 0.88 55.14 256058.76 Mizuho Fin 1965 -90.50 2238 1486.5 4.36 8.77 36643.97 Cintas Corp 457.09 -2.78 470.23 343.86 0.74 43.18 46486.62 MondelezInt 77.08 5.76 78.59 54.72 1.60 27.32 105071.91
Bradesco 12.37 0.15 17.71 11.15 6.75 5.69 13179.66 Emirtestele 24.30 - 38.98 11.60 2.75 27.17 57535.64
LVMH 871.00 -30.10 904.60 535.00 0.77 38.14 482760.16 Murata Mfg 7880 18.00 8811 6438 1.67 14.77 39108.67 Cisco 47.08 0.05 52.56 38.61 2.95 18.01 192831.36 Monsanto 10.07 -0.11 11.13 9.56 - 51.84 251.75
Cielo 5.36 0.26 6.22 3.00 2.73 18.03 2910.77
Orange 11.82 0.28 11.94 9.08 4.854102.21 34699.96 Nippon TT 4149 125.00 4149 3674 2.78 12.19 110364.14 United Kingdom (p) Citigroup 47.19 -1.84 66.00 40.01 4.01 5.02 91723.79 MorganStly 90.02 -1.10 100.99 72.05 2.16 12.08 150546.5
ItauHldFin 21.99 0.38 26.04 18.86 3.54 8.65 21794.12
PernodRic 209.40 -5.20 218.00 166.60 1.42 33.07 59631.46 Nissan Mt 492.20 -8.00 577.60 408.10 - 14.59 15256.75 Anglo American 2445 -107.50 4036 2380 7.29 4.84 41105.29 CME Grp 183.90 -5.83 228.12 166.55 1.82 27.18 66156.14 Netflix 328.87 0.89 373.83 162.71 - 31.53 146196.24
Petrobras 27.04 -2.78 42.08 23.61 17.84 3.83 40225.87
Renault 33.63 0.32 43.96 21.20 - -26.27 10979.4 Nomura 485.90 -40.20 573.90 464.30 5.19 -30.50 11538.84 AscBrFd 1956 -90.00 2076 1223 0.32 32.33 19145.97 Coca-Cola 63.91 -0.15 66.38 54.02 2.44 30.61 276362.17 NextEraE 76.49 -2.50 91.35 67.22 1.97 108.28 154771.54
Vale 72.19 -2.47 94.48 61.90 18.09 3.20 65496.88
Safran 140.94 -1.52 143.68 87.85 0.291474.45 66480.57 Nppn Stl 2893 -127.00 3294 1838 3.03 4.17 20190.79 AstraZen 11746 -440.00 12828.45 9399 1.761988.82 228811.93 Cognizant 59.61 0.12 84.43 51.33 1.49 15.86 30250.06 Nike 126.04 0.51 129.23 82.22 0.86 35.50 155292.82
Canada (C$) Panasonic 1273.5 -9.50 1325 1006.5 2.15 11.75 22951.86 Aviva 423.00 2.70 593.42 341.92 5.05 55.66 14726.64 ColgtPlm 81.35 4.55 83.81 67.84 2.04 34.38 67551.31 NorfolkS 204.39 -7.22 269.05 196.33 1.89 18.19 46527.26
Sanofi 100.00 -2.88 105.18 76.45 3.06 21.15 139209.95
Bausch Hlth 9.89 -0.51 27.52 5.10 - -2.98 2638.71 Seven & I 6145 136.00 6619 5041 1.84 21.34 40004.3 Barclays 159.88 6.64 198.86 128.12 1.88 3.88 31243.58 Comcast 41.32 3.58 44.66 28.39 2.25 14.65 173796.17 Northrop 457.51 -14.48 556.27 431.92 1.25 11.32 69563.07
Sant Gbn 52.42 1.12 58.53 35.18 2.48 13.11 29849.59
BCE 65.22 0.78 70.73 55.66 5.35 21.89 43862.73 ShnEtsuCh 3863 -183.00 21055 3797 8.24 3.38 57424.35 BP 534.40 4.40 570.57 359.20 2.95 19.39 118543.69 ConocPhil 103.36 1.10 138.49 78.30 1.75 18.35 125259.76 NXP 162.16 -7.66 198.28 132.08 1.29 25.74 42118.68
Schneider 157.82 5.22 159.62 110.02 1.57 29.12 99503.07
BkMontrl 121.68 -1.78 140.49 113.47 3.70 9.38 63982.34 Softbank 5094 0.00 7180 4491 0.95 4.00 54993.24 BrAmTob 2927 6.00 3645 2791 7.37 9.90 82258.37 Constellation 228.27 1.83 261.32 208.12 1.25-1107.60 41826.36 Occid Pet 61.92 0.05 77.13 53.92 0.06 32.39 55611.29
SocGen 22.03 -0.21 28.39 18.97 2.40 3.89 19652.02
BkNvaS 67.39 -0.80 86.22 63.19 5.49 8.45 59215.04 Sony 12830 505.00 12835 9213 0.51 14.95 118824.07 BT 158.85 3.25 196.60 22.98 - 15.42 19829.91 Corning 33.05 -0.56 37.73 28.98 2.70 27.82 27996.77 Oracle 94.91 -0.24 96.74 60.78 1.26 38.67 256238.21
Total 57.94 0.24 60.93 45.81 4.46 11.64 159291
Brookfield 58.88 10.36 63.88 41.28 1.09 19.91 69948.82 SumitomoF 5549 -179.00 6261 3817 3.95 9.85 56021.46 Compass 2097 21.00 2104 1568.75 0.67 51.02 45991.24 Corteva 61.15 -0.33 68.43 50.03 0.81 27.80 43575.82 Pepsico 191.00 5.59 191.62 154.86 2.06 37.49 263139.38
UnibailR 49.68 0.09 73.09 39.68 - -7.44 7615.7
CanadPcR 107.11 -2.95 111.43 86.42 0.71 25.72 73515.57 Takeda Ph 4512 30.00 4547 3497 4.38 14.78 52431.39 Diageo 3622 -138.50 4047 3413.5 2.00 27.86 102593.98 Corteva 61.15 -0.33 68.43 50.03 0.81 27.80 43575.82 Perrigo 37.24 0.80 43.90 30.78 2.39 -40.95 5031.47
Vinci 112.20 1.94 112.40 80.84 2.29 26.03 73146.89
CanImp 56.55 -1.15 72.11 53.58 10.58 3.93 38031.82 TokioMarine 2720 12.50 3000 2200 8.88 4.04 40001.46 GlaxoSmh 1441 -30.20 2753.96 16.64 5.55 16.64 74167.24 Costco 503.19 -3.16 564.80 406.51 0.59 43.28 223156.31 Pfizer 38.80 -1.42 54.93 38.31 3.73 10.64 218974.59
Vivendi 9.95 0.02 11.52 7.59 5.76 -18.60 12119.69
CanNatRs 82.88 1.89 87.92 58.75 2.40 12.88 67086.18 Toyota 1857 43.50 2282.5 1764 3.01 7.64 222501.68 Glencore 469.00 -21.90 584.50 106.98 1.89 17.17 73927.91 CrownCstl 123.49 -2.48 193.95 119.82 4.10 49.84 53553.82 Phillips66 99.43 -0.72 113.53 74.02 3.38 36.08 46126.29
CanNatRy 162.37 -4.16 175.39 137.26 1.51 23.65 79649.31 Germany (€)
Mexico (Mex$) HSBC 573.80 0.10 653.80 434.70 2.82 12.54 144088.44 CSX 30.87 -0.96 35.55 25.80 1.17 18.37 62750.24 PhilMorris 99.07 1.30 109.81 82.85 4.59 18.31 153776.13
Enbridge 53.93 0.70 59.69 48.88 6.17 18.86 80516.32 Allianz 227.45 4.90 227.45 156.22 4.03 15.03 101273.76
AmerMvl 19.41 0.09 21.27 15.67 1.64 16.02 45405.97 Imperial Brands 1967.5 22.50 2185 1627.5 7.02 6.58 22817.15 CVS 73.42 0.58 107.26 71.94 2.53 13.30 93964.79 PNCFin 132.15 8.77 176.47 117.51 3.37 11.21 52818
GtWesLif 38.59 0.71 38.92 27.99 4.99 10.87 26525.12 BASF 46.85 -2.76 53.77 37.90 6.73 8.11 46232.17
FEMSA UBD 173.73 2.56 177.41 120.63 1.14 144.98 20813.87 Jardine Mathes. 62.50 0.00 55.30 46.89 2.55 11.21 18046.05 Danaher 238.79 -14.02 303.82 227.00 0.35 29.36 176202.85 PPG Inds 140.99 -0.99 145.51 107.06 1.56 33.34 33191.31
ImpOil 69.75 -2.19 79.83 52.67 1.47 20.12 30041.03 Bayer 59.76 -0.93 67.49 46.70 3.20 61.29 64815.26
WalMrtMex 72.30 1.16 79.15 64.81 0.68 36.78 69984.95 LlydsBkg 48.20 -0.66 54.33 38.51 5.33 6.69 39993.16 Deere 375.79 -10.91 448.40 283.81 0.97 22.24 111354.95 ProctGmbl 156.91 0.84 163.71 122.18 2.12 28.74 369832.06
Manulife 26.71 0.52 27.50 20.81 4.36 7.57 36435.59 BMW 101.44 0.84 104.48 68.44 1.79 5.65 67417.08
LSE Group 8346 262.00 8893.86 6710 0.92 85.34 53153.01 Delta 34.25 -0.08 44.75 27.20 - 44.29 22013.04 Prudntl 87.10 1.39 112.44 75.37 4.90 4.81 31963.45
Nutrien 94.26 -1.34 138.13 91.08 2.46 13.57 34523.69 Continental 63.42 -2.18 79.24 44.31 - 10.22 14003.51 Netherlands (€)
Natl Grid 1144.5 -1.00 1271.45 844.29 4.30 26.68 52899.81 Devon Energy 53.82 0.19 79.40 44.03 3.40 13.84 34651.67 PublStor 295.24 6.75 399.70 270.13 2.51 32.23 51901.82
RylBkC 134.15 -1.15 140.18 116.75 3.31 11.95 137543.38 Deut Bank 9.94 0.05 12.09 7.25 - 10.23 22395.83 ASML Hld 573.50 -6.70 637.50 375.75 0.56 46.32 255243.73
Natwest Group 262.00 -10.50 308.65 210.90 4.01 10.31 31382.82 Digital Realty 99.11 2.47 152.74 85.76 4.34 17.98 28870.34 Qualcomm 115.05 -2.71 156.66 101.93 2.17 14.20 128280.75
SHOP 65.41 -0.86 71.90 33.00 - 2.27 64497.75 Deut Tlkm 21.88 -0.50 23.13 17.14 2.62 26.31 120450.1 Heineken 104.05 1.20 105.10 78.28 0.90 18.87 66165.9
Prudential 1211.5 60.00 1336 782.40 0.97 19.68 41923.92 DiscFinServ 103.22 -2.30 121.17 87.64 1.69 6.24 26212.31 Raytheon 99.58 -2.67 104.91 80.27 1.87 41.59 145500.52
Suncor En 42.39 1.19 53.62 36.39 2.47 15.36 41615.62 DeutsPost 43.52 0.02 43.97 29.68 3.04 11.52 59531.76 ING 11.20 -0.52 13.55 8.43 5.12 9.53 44754.4
ReckittB 6430 -42.00 6824 5502 2.72 -27.82 57879.72 Disney 102.21 2.64 126.48 84.07 - 64.04 186717.97 Regen Pharm 802.72 1.99 837.55 538.01 - 12.02 86298.17
ThmReut 178.05 -1.68 180.93 119.23 1.15 12.30 61951.74 E.ON 12.01 -0.04 12.19 7.28 3.74 6.98 35006.67 Unilever 50.51 0.85 50.93 40.28 2.84 25.93 160301.83
RELX 2646 -76.00 2735 2064 1.80 34.91 63251.24 Dollar General 221.35 3.13 261.59 183.25 0.71 23.23 48500.71 S&P Global 358.99 7.27 395.80 279.32 0.80 30.92 117730.35
TntoDom 81.64 -1.91 97.13 76.40 3.99 10.25 110157.09 Fresenius Med 44.04 2.45 60.60 25.95 2.91 13.92 14245.87 Norway (Kr) RioTinto 5049 -82.00 6329 4424.5 9.95 5.28 79378.74 DominRes 57.61 -0.10 86.28 52.03 4.06 19.46 48115.5 Salesforce 197.82 -1.21 200.12 126.34 - 142.67 197820
TrnCan 56.36 0.58 74.44 50.70 6.15 30.41 42500.06 Fresenius SE 26.22 0.48 36.09 19.69 3.28 8.67 16166.84 DNB 187.20 -12.05 209.50 168.20 10.46 10.63 27304.06 RollsRoyce 152.15 -2.20 160.00 64.44 - 103.50 16001.94 DukeEner 99.48 1.12 114.70 83.76 3.64 21.74 76661.08 Schlmbrg 48.82 -0.98 59.45 30.65 0.95 39.86 69333.6
HenkelKgaA 67.00 -1.92 69.68 56.55 2.61 18.64 19216.52 Equinor 305.00 2.30 410.95 278.70 1.82 11.69 90591.08
China (HK$) Shell PLC 2452 -1.00 2613.5 1908.6 2.47 12.92 210888.12 DuPont 69.91 0.02 78.40 49.52 1.59 23.32 32089.82 Sempra Energy 155.91 -0.89 176.47 136.54 2.62 41.90 49057.09
Linde 333.45 0.40 344.00 261.20 1.07 54.19 181177.99 Telenor 132.95 5.20 135.80 87.60 7.62 19.96 17403.07
AgricBkCh 3.03 -0.04 3.10 2.20 7.29 3.83 11864.88 StandCh 628.40 -10.20 797.40 515.60 1.41 14.09 22338.22 Eaton 167.49 4.61 178.75 122.50 1.68 33.80 66746.89 Shrwin-Will 236.01 2.37 285.00 195.24 0.87 36.44 60864.69
Mercedes-Benz 70.58 1.37 75.92 50.19 1.83 7.38 83361.81
Bk China 3.13 -0.01 3.19 2.51 7.36 3.73 33342.71 Qatar (QR) Tesco 281.10 2.20 307.23 194.35 3.26 14.31 25852.48 eBay 46.45 3.34 54.49 35.92 1.44 131.72 24938.09 SimonProp 113.14 2.48 129.55 86.02 5.86 17.82 36966.42
MuenchRkv 340.50 5.30 340.50 212.70 2.75 17.02 52664.7
BkofComm 5.06 -0.07 5.54 3.83 7.16 4.02 22568.3 QatarNtBk 15.36 0.18 23.53 14.31 3.39 12.02 38975.7 Unilever 4436.5 44.50 4868.64 3407.5 3.26 22.78 140799.67 Ecolab 167.90 2.30 178.06 131.04 1.08 46.27 47794.59 SouthCpr 76.66 -1.99 82.05 42.42 3.87 18.82 59265.97
SAP 122.86 1.20 124.60 79.58 1.44 28.82 166630.64
BOE Tech 0.67 0.00 0.85 0.55 - 10.40 16.98 Saudi Arabia (SR) Vodafone 95.90 5.24 132.10 83.24 8.07-214.54 32535.76 Edwards Lifesc. 87.92 1.38 110.79 67.13 - 39.81 53288.33 Starbucks 113.47 5.28 113.63 68.39 1.50 33.05 130405.32
Siemens 148.90 3.26 152.20 93.67 2.25 23.42 131508.06
Ch Coms Cons 5.23 0.04 5.35 3.09 4.03 4.18 2943.81 AlRajhiBnk 76.80 0.30 7317 0.00 2.87 14.15 81891.6 WPP 927.20 -33.80 1082 713.00 2.86 17.66 12523.6 Eli Lilly 399.72 14.48 399.73 283.00 0.79 70.38 379847.63 StateSt 72.05 -1.58 94.74 58.62 2.81 10.80 24241.83
Volkswgn 151.95 1.30 217.00 144.35 3.02 5.37 49501.98
Ch Evrbrght 2.51 0.03 2.87 2.03 9.88 3.27 4054.03 Natnlcombnk 48.90 -1.50 2070 0.00 2.73 17.84 58372.88 United States of America ($) Emerson 83.40 -2.21 99.65 72.41 2.26 19.62 47651.9 Stryker 299.57 -3.97 306.56 188.84 0.80 61.96 113573.57
Ch Rail Cons 7.07 0.49 7.15 3.75 3.84 3.62 1870.02 Hong Kong (HK$) EOG Res 119.25 1.94 150.88 92.16 1.25 16.08 70092.98 Sychrony Fin 29.44 -0.28 40.89 27.15 2.85 4.18 12617.12
SaudiBasic 92.30 0.30 2115 0.00 3.24 13.05 73814.4 21stC Fox A 33.41 -0.22 37.26 28.02 1.31 14.57 9918.52
Ch Rail Gp 6.02 0.20 6.18 3.41 3.54 4.66 3226.61 AIA 84.95 1.20 93.65 57.25 1.47 20.87 126024.95 Equinix 720.42 7.42 760.35 494.89 1.48 140.39 67369.84 T-MobileUS 144.71 -1.51 154.38 120.90 - 64.71 176456.93
SaudiTelec 45.00 2.45 8480 0.00 8.18 8.64 59979.2 3M 106.09 1.61 154.66 100.16 5.18 11.30 58526.91
ChConstBk 5.25 -0.07 5.90 4.10 7.32 3.67 160791.1 BOC Hold 24.70 -0.50 31.85 23.55 4.70 12.17 33267.68 EquityResTP 63.17 1.87 86.51 54.60 3.54 19.87 23933.11 Target 157.74 -4.44 238.59 137.16 1.88 11.94 72617.82
Singapore (S$) AbbottLb 110.05 -1.61 118.74 93.25 1.52 30.10 191260.98
China Vanke 12.22 -0.08 19.90 9.87 12.07 5.30 3434.9 Ch OSLnd&Inv 19.84 -0.46 26.35 14.40 5.66 4.73 27662.32 Exelon 43.00 -0.23 49.86 35.19 3.30 26.63 42742.49 TE Connect 121.91 -6.49 138.24 104.76 1.51 17.85 38579.23
DBS 32.82 0.15 36.40 29.45 3.44 13.83 63436.96 Abbvie 150.34 -12.08 168.11 134.09 3.21 25.12 265212.26
ChinaCitic 4.24 0.02 4.32 2.92 6.85 3.79 8038.3 ChngKng 46.30 0.05 57.00 42.90 3.58 10.17 21190.15 ExxonMb 119.38 3.37 119.92 80.69 2.71 23.87 484598.56 Tesla Mtrs 162.67 -2.41 318.50 101.81 - 35.77 515583.26
JardnMt US$ 48.20 -0.84 59.48 42.60 3.31 8.64 13917.12 Accenture 278.70 2.37 322.88 242.80 1.23 30.49 184665.42
ChinaLife 15.02 0.60 15.34 8.53 4.71 6.32 14237.94 Citic Ltd 9.83 0.16 10.16 7.01 5.11 4.37 36428.28 Fedex 227.92 -2.52 248.76 141.92 1.17 13.21 57288.13 TexasInstr 166.57 -10.45 186.30 144.46 2.35 21.73 151187.9
OCBC 12.58 -0.23 13.23 11.20 3.06 12.90 42375.9 Activision Bli. 77.04 -8.50 87.01 70.94 0.57 24.13 60416.56
ChinaMBank 37.65 -3.75 53.00 25.40 3.93 6.68 22019.06 Citic Secs 16.46 -0.82 18.52 11.60 2.71 8.14 5493.88 Fidelity NIS 58.26 1.98 106.65 48.57 2.49 93.70 34512.13 TheTrvelers 181.93 2.43 194.45 149.65 1.85 12.08 42021.57
SingTel 2.55 0.00 2.88 2.31 2.69 44.26 31550.72 Adobe 374.40 -3.28 451.15 274.73 - 39.69 171734.99
ChinaMob 67.65 0.15 70.00 46.80 4.93 10.05 176332.81 CK Hutchison 52.50 1.50 57.10 38.55 4.05 6.39 25615.26 Fiserv 121.77 4.81 122.39 87.03 - 65.94 75169.83 ThrmoFshr 555.25 -16.43 611.06 475.77 0.17 30.75 214158.96
UOB 28.22 -1.50 31.40 25.91 3.22 12.91 35435.32 Advanced Micro 87.70 -0.74 109.57 54.57 - 36.77 141136.9
ChinaPcIns 23.35 -0.85 24.70 12.10 5.83 7.32 8255.3 CNOOC 12.80 0.30 13.06 9.22 3.30 10.72 72686.43 FordMtr 11.87 0.06 16.68 10.61 0.78 2.87 46638.51 TJX Cos 78.36 -0.07 83.13 53.69 1.24 30.98 90315.3
AEP 92.44 -1.48 105.60 80.30 3.01 20.08 47551.78
ChMinsheng 2.88 0.04 3.14 2.19 8.84 3.59 3052.55 HangSeng 116.10 1.80 144.90 108.30 4.91 17.93 28276.16 South Africa (R) Franklin 26.94 0.25 32.88 20.24 3.89 7.68 13474.45 Truist Financial Corp 32.57 1.10 52.22 28.70 5.30 7.85 43257.52
Aflac 70.25 4.27 74.02 52.07 1.74 11.85 43004.6
ChMrchSecs 13.97 -0.22 15.98 12.12 3.26 11.96 14965.73 HK Exc&Clr 324.00 -14.20 404.20 208.20 2.64 35.06 52329.22 Firstrand 64.36 1.63 72.95 56.80 4.34 10.80 19745.79 GenDyn 217.78 -7.24 256.86 207.42 1.99 20.32 59744.81 Twitter 53.70 1.26 60.16 31.30 - -224.30 41093.72
AirProd 294.12 3.55 328.56 218.88 1.89 33.29 65317.9
Chna Utd Coms 5.44 -0.28 6.45 3.30 2.14 26.18 24314.23 MTR 39.15 0.50 43.70 33.15 2.94 27.21 30931.66 MTN Grp 128.11 1.49 177.93 112.65 - 16.20 13202.64 GenElectric 99.45 -0.06 102.01 46.77 0.30 -32.97 108297.07 UnionPac 196.92 -1.93 242.36 183.69 2.18 19.61 120061.23
Allstate 116.35 0.57 142.15 103.20 2.58 7.38 30619.44
ChShenEgy 26.00 0.55 27.65 20.50 8.16 7.59 11186.69 SandsCh 27.85 -2.05 30.20 12.50 - -29.52 28713.56 Naspers N 3244.92 -3.31 3510 1421.74 0.20 16.18 77292.56 GenMills 88.59 1.14 89.39 64.94 2.16 25.22 52031.91 UPS 180.34 -14.88 209.39 154.87 2.10 13.24 130346.58
Alphabet 106.32 0.91 122.85 83.34 - 1.02 631617.42
ChShpbldng 4.60 0.64 4.72 3.37 - -328.11 14662.54 SHK Props 109.00 1.60 114.80 83.10 4.24 11.95 40237.21 South Korea (KRW) GenMotors 33.10 -0.45 43.63 30.33 - 5.32 46009.61 USBancorp 34.24 0.72 53.37 31.26 4.77 7.23 52448.47
Altria 47.51 1.36 57.03 40.35 6.88 38.21 84859.78
ChStConEng 6.57 0.10 6.65 4.68 3.41 4.88 39184.13 Tencent 344.40 -12.60 397.60 188.69 0.44 13.01 419888.57 HyundMobis 217500-10500.00 239500 189500 1.92 8.12 15322.03 GileadSci 81.88 -4.69 89.74 57.17 3.22 17.90 102253.06 UtdHlthcre 492.45 8.63 558.10 449.70 1.06 29.35 459380.31
Amazon 105.53 -1.43 146.57 81.43 - 1.751082526.89
ChUncHK 6.00 -0.25 6.54 3.27 2.71 12.72 23387.37 India (Rs) KoreaElePwr 18680 -260.00 24000 16500 6.86 -10.44 8959.87 AmerAir 13.44 0.04 19.64 11.65 - -3.87 8772.55 GoldmSchs 343.02 1.36 389.58 277.84 1.76 6.22 115056.9 ValeroEngy 114.94 -4.69 146.81 96.93 3.16 54.56 42660.08
CNNC Intl 6.90 0.09 7.44 5.78 1.88 17.30 18793.08 Bhartiartl 799.30 27.00 860.55 628.75 - 167.26 58291.13 SK Hynix 89500 1800 115000 60600 1.80 6.13 48682.17 AmerExpr 160.24 -3.54 183.89 130.65 1.08 16.77 119096.89 Halliburton 32.71 -0.69 43.99 23.30 0.74 19.81 29510.8 Verizon 38.97 1.65 52.18 34.55 6.04 7.89 163669.44
CSR 5.07 0.05 5.18 2.37 4.23 13.41 2823.14 HDFC Bk 1687.6 15.70 1720 1271.6 - 28.04 115083.67 SmsungEl 65500 200.00 79000 51800 2.30 10.85 292155.37 AmerIntGrp 53.16 1.61 64.88 45.66 2.23 5.29 39001.79 HCA Hold 284.52 3.31 294.02 164.47 0.63 14.49 78802.48 VertexPharm 343.19 12.10 343.78 233.01 - 41.05 88231.21
Daqin 7.70 0.09 7.77 5.95 6.50 11.19 16523.14 Hind Unilevr 2457.3 -35.30 2741.6 2100 1.33 64.52 70551.27 Spain (€) AmerTower 205.60 1.46 282.47 178.17 2.35 39.14 95818.49 Hew-Pack 29.63 0.15 40.79 24.08 2.63 5.76 29190.34 VF Cp 23.11 0.23 53.90 20.03 7.91 8.17 8981.86
GuosenSec 9.41 -0.27 10.55 8.43 2.55 10.37 11989.17 HsngDevFin 2775.6 32.60 2827.95 2026 0.85 23.16 62221.95 BBVA 6.65 -0.13 7.56 3.97 5.34 9.47 44270.58 Amgen 239.03 -4.83 296.67 223.30 2.73 25.06 127693.51 Hilton Worldwi. 144.16 -3.86 162.55 108.41 - 106.40 38148.56 Visa Inc 232.56 -1.49 235.57 174.60 0.53 41.49 377899.32
HaitongSecs 5.20 -0.09 5.99 3.77 5.73 5.43 2258.6 ICICI Bk 917.65 23.25 958.20 669.95 0.22 28.53 78313.38 BcoSantdr 3.19 -0.36 3.87 2.32 2.29 6.68 57883.18 Amphenol Corp 75.00 -1.84 82.86 61.67 0.97 32.20 44644.66 HiltonWwde 144.16 -3.86 162.55 108.41 - 106.40 38148.56 Walgreen 35.13 -0.14 45.30 30.39 5.07 5.48 30310.01
Hngzh HikVDT 37.75 -3.87 48.84 26.80 2.21 19.90 49631.39 Infosys 1252.75 29.35 1672.6 1185.3 2.47 24.26 63506.2 CaixaBnk 3.35 -0.23 4.14 2.64 0.77 23.06 27762.39 Analog Devices 178.95 -7.40 198.25 133.48 1.44 64.75 90519.78 HomeDep 297.07 -2.97 347.25 264.51 2.08 20.42 300833.58 WalMartSto 151.23 -0.50 156.98 117.27 1.36 33.15 407919.76
Hunng Pwr 4.88 0.48 5.00 2.62 4.20 -5.27 2922.04 ITC 425.55 25.25 428.25 249.15 2.58 34.66 64625.94 Iberdrola 11.78 -0.06 11.96 9.09 3.42 21.14 83835.48 Anthem 482.58 21.82 - - - - - Honywell 199.97 3.89 220.96 166.63 1.75 27.24 133120.45 Walt Disney 102.21 2.64 126.48 84.07 - 64.04 186717.97
IM Baotou Stl 1.82 -0.06 2.71 1.75 - 29.73 8321.29 L&T 2364.4 131.65 2369 1456.35 0.78 38.44 40604.11 Inditex 31.16 -0.26 31.59 19.00 0.68 34.38 107214.48 Aon Cp 321.79 -11.81 334.76 246.21 0.57 62.48 66012.77 HumanaInc 528.14 36.93 571.30 410.87 0.49 25.10 65988.45 Waste Manage. 165.84 0.69 175.98 138.89 1.29 41.66 67458.27
In&CmBkCh 4.22 -0.08 4.80 3.37 7.46 3.72 46659.61 OilNatGas 158.95 -0.20 168.40 119.85 5.85 4.41 24434.55 Repsol 13.35 0.01 16.23 11.19 4.30 8.51 19556.3 Apple 168.78 3.76 176.15 124.17 0.48 30.162670348.94 IBM 126.58 0.85 153.21 115.55 4.80 26.18 114940.39 WellsFargo 39.58 -1.66 48.84 35.25 1.81 8.62 149497.14
IndstrlBk 17.22 -0.17 21.00 14.91 4.70 4.53 51634.23 RelianceIn 2420.5 74.45 2856.15 2180 0.30 27.15 200123.2 Telefonica 4.13 0.07 5.06 3.22 8.02 3.15 26300.37 Applied Materi. 112.18 -1.28 125.62 71.12 0.79 16.68 94805.39 IDEXX Laborato. 489.14 -6.51 515.79 317.06 - 61.29 40585.33 Williams Cos 30.32 0.39 37.97 27.80 5.02 26.35 36954.37
Kweichow 1760.52 18.64 2077 1333 1.14 38.05 319211.58 SBI NewA 578.30 33.50 629.55 430.70 0.71 15.81 63066.22 Sweden (SKr) Aptiv 102.10 -3.19 124.88 77.96 - 56.71 27673.89 IllinoisTool 242.36 6.17 246.98 173.52 1.81 30.69 73876.45 Workday 185.46 -5.53 217.45 128.72 - 1649.75 37648.38
Midea 0.40 0.00 0.49 0.32 - -4.18 15.34 SunPhrmInds 987.65 -0.10 1070.95 789.90 0.78 36.07 28956.65 AtlasCpcoB 131.30 13.70 134.30 22.08 5.85 8.41 19980.31 ArcherDan 77.64 -2.86 98.28 70.02 1.77 17.47 42285.23 Illumina 208.12 -19.56 309.12 173.45 - 44.50 32893.86 Yum!Brnds 139.95 1.62 140.40 103.97 1.33 28.95 39201.1
New Ch Life Ins 22.40 2.00 23.50 12.04 7.08 4.09 2950.87 Tata Cons 3219.25 114.45 3623.25 2926.1 1.15 30.13 143938.67 Ericsson 56.37 1.00 82.25 54.29 4.19 7.97 16884.75 AT&T 17.73 -0.50 21.53 14.46 10.89 6.92 126796.08 Intcntl Exch 108.29 -0.06 119.60 88.60 1.13 16.25 60610.44 Zoetis 176.13 -0.75 183.81 124.15 0.53 44.45 81616.3
PetroChina 5.43 0.20 5.49 2.95 4.56 10.54 14594.74 Israel (ILS) H&M 149.88 -5.42 157.30 98.27 4.42 19.81 21343.49 Autodesk 194.15 0.06 235.01 163.20 - 92.52 41700.06 Intel 31.18 0.88 47.27 24.59 4.14 6.91 128970.98 Zoom 61.35 -2.63 124.05 60.45 - 14.55 15163.67
PingAnIns 56.70 1.80 63.10 31.30 4.58 8.67 53794 TevaPha 30.56 -0.47 38.39 23.83 - 23.93 9293.09 Investor 219.80 9.95 221.95 158.20 1.67 9.07 39041.83 AutomData 218.60 3.39 274.92 196.61 1.63 36.46 90575.18 Intuit 430.70 -15.71 490.83 339.36 0.55 58.12 120829.93 Venezuela (VEF)
PngAnBnk 12.55 -0.20 15.74 10.22 1.45 7.19 35151.98 Nordea Bk 113.82 -3.92 134.94 88.32 13.50 12.74 40253.76 AutoZone 2647.54 -33.87 2722.6 1703.32 - 25.78 48708.66 John&John 163.35 0.66 184.50 150.11 2.38 22.54 509626.28 Bco de Vnzla 4.48 0.48 4.59 0.42 111.44 - 663.60
Italy (€)
Pwr Cons Corp 7.69 -0.12 8.45 6.76 1.20 15.34 12200.02 SEB 116.50 2.75 133.50 97.38 9.11 9.34 24471.21 Avago Tech 623.35 -9.56 648.50 415.07 2.24 37.93 259887.28 JohnsonCn 59.85 1.24 69.15 45.52 1.78 29.45 36994.72 Bco Provncl 7.65 0.39 70000 6.80 - 0.00 116.15
Enel 6.20 0.27 6.31 3.96 5.65 30.17 69577.4
SaicMtr 14.12 -0.12 19.29 13.72 4.39 6.78 23811.48 SvnskaHn 90.62 -4.30 112.90 80.88 5.80 8.53 17181.58 BakerHu 29.29 -0.37 38.66 20.42 2.35 73.06 29653.2 JPMrgnCh 138.05 -2.49 144.34 101.28 2.55 9.69 404688.19
ENI 13.75 -0.02 14.98 10.45 4.69 6.05 54716.85
ShenwanHong 0.13 0.01 0.18 0.07 - 3.64 143.67 Swedbank 178.00 -6.95 219.90 124.50 8.59 9.12 19644.35 Bank of NY 42.80 -1.25 52.26 36.22 2.82 11.14 34226.13 Kimb-Clark 145.06 3.49 147.87 108.74 3.01 29.34 48940.49 Closing prices and highs & lows are in traded currency (with variations for that
Generali 18.88 -0.22 19.23 13.67 7.44 11.10 32500.81
ShgPdgBk 7.60 -0.08 8.13 6.63 6.31 4.67 32198.46 Telia Co 28.56 1.75 41.53 25.54 7.36 9.67 11387.05 BankAm 29.34 -0.53 38.75 26.32 2.47 8.86 234832.64 KinderM 17.22 -0.16 20.20 15.78 5.99 40.07 38582.49 country indicated by stock), market capitalisation is in USD. Highs & lows are
IntSPaolo 2.38 -0.10 2.60 1.58 1.47 77.31 51150.31
Sinopec Corp 5.13 0.03 5.22 3.06 2.82 5.95 16194.59 Volvo 210.80 -0.30 219.75 148.24 3.24 13.17 32645.04 Baxter 47.32 2.03 77.08 37.35 2.13 20.15 23918.83 KLA Corp 383.25 11.28 428.28 250.20 0.94 21.26 53072.37 based on intraday trading over a rolling 52 week period.
Unicred 17.94 -1.59 20.05 7.87 0.64 27.87 38438.47
Sinopec Oil 2.25 -0.04 2.39 1.75 - 717.72 4406.79 BectonDick 263.24 2.03 269.06 215.90 1.18 49.08 74732.85 Kraft Heinz 39.46 0.24 44.87 32.73 3.76 51.86 48417.38 ♦ ex-dividend
Japan (¥) Switzerland (SFr) Kroger 48.86 0.94 55.98 41.82 1.50 24.03 35055.46
Denmark (kr)
AstellasPh 2048 48.00 2205 1823.5 2.46 28.78 27218.38 ABB 32.12 0.55 32.91 23.84 2.35 16.16 70903.45
BerkshHat 501411.33 5006.35505949.44393012.25 - 9.09 295952.02 ■ ex-capital redistribution
DanskeBk 142.55 -5.10 165.35 86.90 1.34 10.19 18204.55 Biogen 303.02 9.03 311.88 187.16 - 31.40 43859.09 LasVegasSd 63.65 0.60 63.96 28.88 - -45.42 48645.87 # price at time of suspension
Bridgestne 5438 102.00 5509 4548 3.35 11.55 28502.85 CredSuisse 0.80 0.01 6.76 0.66 11.33 -1.32 3599.06 LibertyGbl 19.43 0.67 25.13 15.22 - 0.89 3339.77
MollerMrsk 12195 -620.00 22650 11100 2.67 2.08 15123.81 BlackRock 671.86 -9.08 785.65 503.12 2.28 18.94 100937.81
Canon 3238 252.50 3516 2754.5 3.31 14.62 31716.86 Nestle 114.52 -1.78 127.12 103.42 2.18 20.85 353834.06 Lilly (E) 399.72 14.48 399.73 283.00 0.79 70.38 379847.63
NovoB 1124.6 -39.60 1171.4 720.40 0.80 56.61 290268.17 Boeing 205.47 0.32 221.33 113.02 - -30.97 123609.42
CntJpRwy 16845 385.00 17920 14730 0.85 -29.48 25484.3 Novartis 91.13 2.22 93.95 73.33 3.00 10.38 233185.28

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
ChShpbldng 4.60 4.60 0.00 0.00 0.64 16.2 20.42 Petrobras 26.10 28.90 -2.80 -9.69 -0.92 -12.5 -1.32 Apr 28 date Coupon S* M* F* price yield yield yield US Apr 28 date Coupon S* M* F* price yield yield yield US
Chipotle Mexic. 2050.09 2036.26 13.83 0.68 236.26 13.9 24.03 BcoSantdr 3.19 3.28 -0.10 -2.94 -0.26 -10.1 -3.15 High Yield US$ US$
ShenwanHong 0.13 0.13 0.00 -1.54 0.02 12.3 64.10 Activision Bli. 77.04 77.61 -0.58 -0.74 -7.92 -9.9 -8.65 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 -
AtlasCpcoB 131.30 130.75 0.55 0.42 13.15 11.6 18.33 Hngzh HikVDT 37.75 37.90 -0.15 -0.40 -3.72 -9.3 -13.44 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Meta 237.00 238.56 -1.56 -0.65 25.67 11.3 18.10 ChinaMBank 37.65 37.50 0.15 0.40 -3.90 -9.1 -3.82 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 -
Hunng Pwr 4.88 4.89 -0.01 -0.20 0.49 10.9 18.69 Illumina 208.12 204.39 3.73 1.82 -23.29 -8.6 -2.63 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Charter Comms 368.43 342.75 25.68 7.49 10.04 10.7 6.56 Unicred 17.94 18.64 -0.70 -3.75 -0.89 -8.1 9.19 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
New Ch Life Ins 22.40 22.00 0.40 1.82 1.60 9.8 23.90 BASF 46.72 48.00 -1.28 -2.66 -2.62 -7.7 -7.75 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 -
Fresenius Med 43.90 42.58 1.32 3.10 2.50 9.5 9.53 Nomura 485.90 485.40 0.50 0.10 -40.70 -7.6 -2.73 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
Comcast 41.32 40.27 1.05 2.59 2.53 9.5 13.25 UPS 180.34 177.76 2.58 1.45 -17.45 -7.6 -3.95 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Denso 8151.00 7783.00 368.00 4.73 325.00 9.3 13.86 Abbvie 150.34 148.87 1.47 0.98 -13.54 -7.4 -4.99 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 -
Canon 3238.00 3162.00 76.00 2.40 176.50 8.5 12.05 SandsCh 27.85 27.55 0.30 1.09 -2.35 -6.9 5.87 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
MondelezInt 77.08 73.82 3.26 4.42 2.50 8.1 10.79 CaixaBnk 3.35 3.55 -0.20 -5.50 -0.03 -6.3 -4.85 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
eBay 46.45 45.56 0.89 1.95 2.45 7.7 8.35 Engie SA 14.51 15.41 -0.90 -5.85 -0.07 -6.3 4.75
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
HumanaInc 528.14 525.28 2.86 0.54 34.07 7.5 9.21 DNB 187.20 184.10 3.10 1.68 -15.15 -6.0 2.32
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
Ch Rail Cons 7.07 6.85 0.22 3.21 0.27 7.4 26.88 TexasInstr 166.57 165.27 1.30 0.79 -11.75 -5.9 -6.15
PNCFin 132.15 128.02 4.13 3.23 4.64 7.1 4.24 Bausch Hlth 9.75 9.65 0.10 1.04 -0.71 -5.9 -4.23 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
Microsoft 305.63 304.83 0.80 0.26 19.07 7.0 11.03 Bristol-Myers 66.57 67.61 -1.04 -1.54 -2.88 -5.6 -2.29 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Telia Co 28.56 28.47 0.09 0.32 1.66 6.5 8.80 Danaher 238.79 231.42 7.37 3.18 -21.39 -5.5 -3.32 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
Aflac 70.25 69.47 0.78 1.12 3.49 6.5 10.49 GileadSci 81.88 83.55 -1.67 -2.00 -3.02 -5.4 1.20 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
Apr 28 Rate Current Since Last Day's Month's Year Return Return Apr 28 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 15.96 -1.07 17.03 36.64 15.94 Apr 28 Price £ Yield Day Week Month Year High Low £m
US Prime 7.75 23-02-2023 7.75 Markit IBoxx VXD 14.96 -0.31 15.27 37.57 10.88 - - - - - - - - -
US Discount 4.75 02-02-2023 4.75 ABF Pan-Asia unhedged 209.78 0.16 -0.03 2.98 0.00 2.01 VXN 20.34 -0.71 21.05 44.02 5.85 Tr 0.75pc '23 99.23 4.24 0.24 0.00 3.41 196.50 99.56 97.34 34.36
Euro Repo 2.396 21-03-2023 2.396 Corporates( £) 330.40 -0.42 -0.04 2.25 -0.43 -8.35 VDAX 17.37 -0.46 17.83 93.30 - Tr 0.125pc '24 97.03 4.20 1.20 -3.00 7.97 167.52 98.11 94.34 35.55
UK Repo 4.25 23-03-2023 4.25 Corporates(€) 211.09 -0.27 0.11 1.83 0.11 -5.60 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '25 95.81 3.89 -0.26 0.26 8.36 147.77 102.39 93.15 39.93
Japan O'night Call 0.00-0.10 01-02-2016 0.00 Eurozone Sov(€) 210.49 -0.51 -0.96 1.43 -1.61 -10.24 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.125pc '26 90.78 3.69 -0.81 -0.54 7.27 133.54 95.84 86.33 35.32
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 Gilts( £) 269.16 -0.75 -2.47 -0.15 -3.45 -17.65 Tr 1.25pc '27 90.67 3.65 -1.35 -0.54 7.67 125.31 99.59 85.65 40.99
Overall( £) 279.73 -0.66 -1.88 0.45 -2.72 -15.25 BONDS: BENCHMARK GOVERNMENT Tr 0.5pc '29 83.48 3.72 -1.33 -0.80 5.68 115.03 95.60 78.21 28.92
INTEREST RATES: MARKET Overall(€) 207.03 -0.41 -0.62 1.39 -1.12 -9.02 Red Bid Bid Day chg Wk chg Month Year Tr 1pc '32 80.16 3.67 -1.61 -1.08 6.07 96.26 123.55 78.92 35.96
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '36 104.09 3.84 -1.79 -1.54 5.21 89.16 128.23 94.91 31.68
Apr 28 (Libor: Apr 27) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia - - - - - - - Tr 4.5pc '42 105.91 4.06 -1.46 -0.49 6.01 96.14 142.15 93.79 28.35
US$ Libor 4.81014 0.014 0.003 0.010 5.03414 5.29914 5.38686 5.32143 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 05/32 1.25 83.62 3.36 0.06 -0.13 0.18 0.30 Tr 3.75pc '52 94.66 4.06 -1.46 -0.49 6.01 104.02 141.09 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 (€) 629.54 -8.97 - - -2.85 -16.98 02/50 1.00 102.09 1.51 0.06 -0.04 0.07 0.55 Tr 4pc '60 100.68 3.96 -1.49 -0.25 7.32 110.64 158.02 87.32 25.13
£ Libor 0.18063 -0.005 0.000 0.001 4.20130 4.60860 4.74470 0.81363 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Austria 02/29 0.50 87.32 2.90 0.05 -0.02 0.20 1.93 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 71.73 3.22 0.06 0.04 0.23 1.75
CREDIT INDICES Day's Week's Month's Series Series
Yen Libor
Euro Euribor
0.000
0.022
-0.06005
3.03700
-0.02617
3.25000
0.07165
3.61800
0.04867
3.85200
Index change change change high low
Belgium 06/27 0.80 92.24 2.81 0.08 -0.05 0.26 2.05 GILTS: UK FTSE ACTUARIES INDICES
06/47 1.60 69.36 3.50 0.06 0.03 0.26 1.65
Sterling CDs 0.000 0.50000 0.63000 0.78500 Markit iTraxx Price Indices Day's Total Return Return
Canada 03/25 1.25 95.59 3.76 0.12 -0.07 0.22 1.18
US$ CDs 0.020 5.09000 5.25000 5.35000 Crossover 5Y 434.10 -10.39 -6.37 -28.28 510.17 424.31 Fixed Coupon Apr 28 chg % Return 1 month 1 year Yield
06/30 1.25 89.34 2.93 0.12 -0.03 0.09 0.16
Euro CDs 0.030 3.09000 3.27000 3.52000 Europe 5Y 82.75 -1.35 -0.46 -7.29 101.15 79.69 1 Up to 5 Years 81.32 0.11 2354.38 -0.47 -2.26 3.83
12/48 2.75 94.07 3.09 0.10 -0.03 0.04 0.27
Japan 5Y 81.97 -2.65 -1.40 -11.45 99.54 80.00 2 5 - 10 Years 147.80 0.41 3154.34 -1.66 -9.14 3.63
Short 7 Days One Three Six One Denmark 11/29 0.50 87.05 2.68 0.08 -0.01 0.24 1.66
Senior Financials 5Y 98.09 -1.28 1.70 -8.52 124.01 91.28 3 10 - 15 Years 156.72 0.74 3650.98 -2.21 -14.40 3.85
Apr 28 term notice month month month year 11/52 0.25 50.73 2.69 0.07 0.05 0.24 1.46
Markit CDX Finland 09/24 0.00 96.06 2.97 0.04 -0.14 0.22 2.66 4 5 - 15 Years 148.88 0.51 3272.51 -1.83 -10.67 3.72
Euro 2.64 2.94 2.65 2.95 2.94 3.24 3.12 3.42 3.37 3.67 3.49 3.79 5 Over 15 Years 210.81 1.06 3665.65 -3.70 -29.10 4.01
Emerging Markets 5Y 243.94 -5.16 0.14 8.81 265.81 229.64 09/29 0.50 86.08 2.93 0.08 -0.01 0.24 1.91
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 7 All stocks 134.58 0.54 3028.77 -1.98 -15.64 3.92
Nth Amer High Yld 5Y 470.81 -13.15 -5.05 -5.37 509.56 458.20 France 05/28 0.75 90.49 2.79 0.07 -0.04 0.24 1.91
US Dollar 4.63 4.83 4.81 5.01 4.99 5.19 5.15 5.35 5.25 5.45 5.11 5.31
Nth Amer Inv Grade 5Y 76.04 -2.95 -0.94 -1.56 88.71 73.57 05/48 2.00 77.01 3.37 0.06 0.03 0.25 1.65
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 86.17 2.40 0.07 -0.03 0.24 1.73
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked Apr 28 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 51.68 2.45 0.06 0.02 0.24 1.50
1 Up to 5 Years 326.21 -0.06 0.04 1.31 2767.69 0.04 2.50
Greece - - - - - - - 2 Over 5 years 542.39 1.20 -3.09 -29.23 4141.23 -3.09 -28.86
01/28 3.75 100.35 3.67 0.03 -0.06 0.14 1.62 3 5-15 years 455.70 0.20 -1.76 -11.50 3696.01 -1.76 -10.77
Ireland - - - - - - - 4 Over 15 years 607.01 1.91 -4.01 -37.59 4496.06 -4.01 -37.36
05/26 1.00 94.83 2.80 0.07 -0.04 0.28 2.15 5 All stocks 514.67 0.99 -2.58 -25.55 4009.95 -2.58 -25.08
02/45 2.00 79.47 3.34 0.06 0.04 0.21 1.61
Italy 02/25 0.35 94.74 3.47 0.06 0.01 0.44 2.37 Yield Indices Apr 28 Apr 27 Yr ago Apr 28 Apr 27 Yr ago
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 05/30 0.40 90.50 1.85 0.10 0.08 0.26 2.13 5 Yrs 3.61 3.65 1.60 20 Yrs 4.06 4.12 2.09
03/48 3.45 83.34 4.58 0.07 0.05 0.31 1.61 10 Yrs 3.74 3.80 1.89 45 Yrs 3.87 3.93 1.81
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
Japan 04/25 0.05 100.00 0.05 0.00 -0.01 0.04 0.00 15 Yrs 3.96 4.02 2.06
Crude Oil† May 75.21 0.45 Corn♦ May 627.00 0.00 Apr 27 Apr 27 Prev return stock Market stocks
12/29 0.10 99.13 0.23 0.00 -0.04 0.08 0.05
Brent Crude Oil‡ 80.14 1.92 Wheat♦ May 616.00 1.25 Can 4.25%' 26 110.78 1.173 1.063 0.14 5.25 71888.55 8
12/49 0.40 79.72 1.30 0.01 0.00 -0.03 0.35 inflation 0% inflation 5%
RBOB Gasoline† May 2.52 0.03 Soybeans♦ May 1434.25 7.50 Fr 0.25%' 24 100.71 -0.323 -0.423 0.04 17.92 256242.73 17
Netherlands 07/27 0.75 92.37 2.69 0.07 -0.06 0.26 2.00 Real yield Apr 28 Dur yrs Previous Yr ago Apr 28 Dur yrs Previous Yr ago
Natural Gas† May 2.42 0.07 Soybeans Meal♦ May 431.10 3.20 Swe 1.00%' 25 126.19 0.863 0.783 -0.82 35.88 223111.76 7
01/47 2.75 99.00 2.81 0.06 0.00 0.21 1.69 Up to 5 yrs 0.76 2.38 0.73 -3.64 0.33 2.40 0.28 -4.15
Base Metals (♠ LME 3 Months) Cocoa (ICE Liffe)X May 2203.00 -15.00 UK 2.500%' 24 375.52 0.823 0.782 0.32 6.82 543381.87 30
Aluminium 2342.50 16.50 Cocoa (ICE US)♥ May 3137.00 -13.00 New Zealand 05/31 1.50 82.73 4.04 0.02 -0.19 -0.02 0.42 Over 5 yrs 0.57 19.27 0.64 -1.65 0.54 19.33 0.60 -1.68
UK 2.50%' 24 375.52 0.823 0.782 0.32 6.82 543381.87 30
Aluminium Alloy 2150.00 -75.00 Coffee(Robusta)X May 2530.00 3.00 09/40 2.50 125.81 2.21 0.00 -0.15 -0.02 0.76 5-15 yrs 0.38 9.30 0.40 -2.22 0.28 9.31 0.30 -2.32
UK 2.00%' 35 244.84 0.401 0.352 -3.42 9.08 543381.87 30
Copper 8540.50 -53.00 Coffee (Arabica)♥ May 192.35 -3.50 Norway 08/30 1.38 88.18 3.22 0.04 0.01 0.27 0.52 Over 15 yrs 0.62 25.92 0.70 -1.57 0.61 25.94 0.68 -1.59
US 0.625%' 26 97.37 1.619 1.506 0.15 42.42 1680411.23 48
Lead 2143.00 33.00 White SugarX 711.20 -8.90 Poland - - - - - - - All stocks 0.58 16.46 0.64 -1.68 0.54 16.54 0.59 -1.71
US 3.625%' 28 110.94 1.340 1.245 0.13 16.78 1680411.23 48
Nickel 23730.00 -415.00 Sugar 11♥ 26.38 0.03 07/27 2.50 87.15 6.03 0.02 -0.09 0.07 -0.55 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 26150.00 440.00 Cotton♥ May 76.22 -0.29 04/47 4.00 75.00 5.99 0.00 0.00 -0.26 -0.31 ©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 2667.50 20.50 Orange Juice♥ May 267.50 -2.60 Portugal 04/27 4.13 104.85 2.81 0.06 -0.03 0.16 1.75 Gilt Closing Prices information contained herein is proprietary to
amount.
Precious Metals (PM London Fix) Live Cattle♣ Jun 165.35 0.78 Spain - - - - - - - Tradeweb; may not be copied or re-distributed; is not warranted to be
Gold 1985.65 -17.35 Feeder Cattle♣ May 134.88 - BONDS: TEN YEAR GOVT SPREADS 10/29 0.60 84.98 3.19 0.07 -0.01 0.26 1.78 accurate, complete or timely; and does not constitute investment advice.
Silver (US cents) 2514.50 29.50 Lean Hogs♣ May 77.93 -0.35 10/46 2.90 84.55 3.92 0.06 0.03 0.23 1.69 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Platinum 1085.00 -8.00 Spread Spread Spread Spread Sweden 06/30 0.13 112.10 0.82 0.07 -0.03 0.57 2.35
Palladium 1496.00 -13.00 % Chg % Chg Bid vs vs Bid vs vs 03/39 3.50 112.70 2.52 0.04 -0.05 0.29 0.87 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Bulk Commodities Apr 27 Month Year Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 04/28 4.00 114.24 1.02 0.04 -0.01 -0.06 0.58 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Iron Ore 102.41 -1.39 S&P GSCI Spt 564.34 -0.26 -25.46 06/29 0.00 93.79 1.05 0.06 0.02 0.02 0.51 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Australia 3.36 0.97 -0.20 Netherlands 2.69 0.30 -0.87
Baltic Dry Index 1576.00 -5.00 DJ UBS Spot 104.22 -0.15 -19.33 Austria 2.90 0.51 -0.66 New Zealand 4.04 1.64 0.48 United Kingdom 07/23 0.75 99.18 4.29 0.02 -0.09 0.18 2.89 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Richards Bay ICE Futures 127.50 0.00 TR/CC CRB TR 292.23 3.08 -10.20 Canada 2.93 0.53 -0.63 Norway 3.22 0.82 -0.34 07/27 1.25 90.44 3.71 0.08 0.03 0.44 2.12 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 2.68 0.29 -0.88 Portugal 2.81 0.41 -0.75 07/47 1.50 59.69 4.15 0.08 0.03 0.34 2.17
LEBA UK Power 1048.00 -37.43 -39.60 Finland 2.93 0.53 -0.63 Spain 3.19 0.80 -0.37 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 2.40 0.00 -1.16 Sweden 0.82 -1.58 -2.74 03/25 0.50 93.34 4.14 0.17 -0.03 0.16 1.38
unless otherwise stated. Italy 1.85 -0.55 -1.71 Switzerland 1.05 -1.35 -2.51 02/30 1.50 87.65 3.56 0.12 -0.01 -0.01 0.75
Japan 0.23 -2.16 -3.33 United States 3.56 1.16 0.00 02/50 0.25 71.75 1.54 0.04 -0.01 -0.06 1.10
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 1 May 2023 ★ FINANCIAL TIMES 13

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 241.00 -1.20 337.00 166.20 - 15.06 725.9 McBride 31.80 3.25 36.50 15.25 - -5.68 201.6 Media Real Estate Essentra PLC 206.50 11.70 329.50 165.00 2.57 23.20 2025.2
Avon Protection 993.00 54.00 1274 732.00 2.95 -16.76 50.9 CtyLonInv 436.00 9.00 489.00 322.00 7.57 10.23 25.5 Persimn 1314 59.50 2275.82 1113.5 17.88 5.35 1238.1 4imprint 4510 45.00 5170 2175 0.24 76.11 22.9 Experian 2810 -4.00 3126 2242 1.25 36.05 1076.8
REITs
BAE Sys 1014 -4.00 1037 702.20 2.39 18.54 5193.1 CloseBrs 908.00 12.50 1169 843.00 6.61 6.79 237.5 Philips € 19.09 1.75 25.51 12.13 4.26 29.80 3851.8 Auto Trader Group PLC 635.60 5.40 681.00 479.80 0.79 31.36 1610.1 Ferguson 11195 215.00 12460 8602 1.61 16.53 247.3
Assura 50.90 0.90 72.35 46.88 5.70 10.18 8585.2
Chemring 284.00 -10.50 383.50 259.62 1.48 19.72 306.6 CoinShares Int Ltd SKr 30.85 -1.90 82.10 19.00 - -0.05 6.3 PZCusns 200.50 -2.00 223.00 163.40 3.04 23.13 805.0 DlyMailA 270.00 0.00 1178 264.50 8.96 10.31 111.0 Hays 113.80 2.00 131.00 98.75 1.07 16.42 2707.2
BigYellw 1224 26.00 1509 938.50 2.75 8.06 173.0
Hargr Lans 803.00 8.00 1023.5 735.60 4.79 14.31 707.5 Redrow 517.50 21.50 590.00 367.40 4.73 6.42 319.9 Hyve Group 120.20 6.80 121.80 49.50 - -21.46 951.3 HowdenJny 684.60 -7.60 785.40 472.20 1.96 12.92 1988.1
Automobiles & Parts BritLand 400.20 16.10 544.80 317.80 3.76 54.82 4244.9
Indvardn SKr 292.30 2.80 305.70 205.40 2.25 -10.47 560.3 Superdry Plc 86.10 -0.40 184.40 82.10 - -3.88 229.3 Informa 722.60 12.40 722.60 498.80 - -31.97 4147.3 Intertek 4156 36.00 5220 3485 2.55 23.36 282.6
FordMtr $X 11.87 0.06 16.68 10.61 0.78 2.87 22403.3 Cap&Reg 57.40 2.60 67.00 43.20 - -0.50 7.0
ICG 1301.5 41.00 1638.5 937.00 4.30 7.47 488.9 Vistry Group 782.50 7.00 947.50 502.00 5.11 6.86 1028.4 ITV 80.78 -1.98 96.62 53.97 - 8.69 7992.0 Kin and Carta 80.00 5.00 253.50 65.00 - -66.67 883.7
Civitas SH 53.30 -2.90 87.50 51.07 10.20 9.10 7543.5
Investec 443.30 -0.30 556.20 336.30 2.93 11.14 935.9 Pearson 887.00 34.60 1006.29 722.60 2.23 42.44 2420.9 Mitie 92.00 0.00 95.40 50.90 - 46.00 3509.0
Banks Industrial Engineering DrwntLdn 2402 24.00 3080 1783 3.14 10.70 198.7
Jupiter 130.00 -1.70 184.00 82.20 13.15 4.83 2814.4 Rentokil 632.40 17.40 639.60 441.20 1.19 44.85 7332.1
ANZ A$X 24.35 -0.11 27.61 20.78 6.33 9.99 7190.6 Bodycote 690.50 27.00 695.50 452.40 2.84 22.13 283.3 MEDIA Great Portland 533.50 18.50 700.50 388.18 2.36 -6.69 224.8
Liontrust 860.00 19.00 1300 692.00 5.47 10.75 261.9 Ricardo 600.00 46.00 604.00 325.00 1.14 53.57 50.3
BcoSant 281.50 -33.50 343.50 193.42 2.28 6.72 530.6 Castings 374.00 5.00 380.00 270.00 4.08 18.08 277.0 Reach PLC 84.50 0.40 167.00 64.40 8.30 93.89 540.1 LandSecs 674.20 32.40 784.80 459.30 5.04 -17.60 2142.6
LSE GpX 8346 262.00 8893.86 6710 0.92 85.34 1600.7 RbrtWlts 426.00 13.00 665.80 388.00 3.85 9.75 45.2
BnkGeorgia 2960 120.00 3070 1133.18 - 9.17 96.9 Goodwin 3880 -70.00 4000 2350 2.64 21.44 0.1 LondonMtrc 192.60 7.50 274.80 157.76 4.54 4.11 1517.0
M&G Plc 205.10 5.00 229.90 159.30 8.94 64.09 8185.8 RS Grp 921.40 21.40 1169 790.00 2.76 23.39 974.8
BankIre Grp € 9.42 -0.32 11.03 5.20 - 10.81 339.0 Hill&Sm 1376 0.00 1474 859.00 2.14 32.38 79.3 Media Palace Cap 219.00 8.00 295.00 195.00 5.02 10.48 10.3
RathbnGrp 1954 14.00 2245 1553.28 3.79 15.11 450.9 SIG 44.45 2.10 45.30 27.00 - -18.52 1079.9
BkNvaS C$X 67.39 -0.80 86.22 63.19 5.49 8.45 503.5 IMI 1595 44.00 1641 1069 1.44 21.79 631.3 RELX PLCX 2646 -76.00 2735 2064 1.80 34.91 3787.7 PrimyHth 106.50 1.50 149.50 95.75 5.82 10.87 3955.3
Record 84.80 -0.40 98.00 60.00 2.71 23.30 233.3 Vp 640.00 -15.00 980.00 610.00 3.91 15.77 0.1
BarclaysX 159.88 6.64 198.86 128.12 1.88 3.88 40547.0 MelroseInd 409.00 4.65 513.90 284.46 0.39 -42.60 5545.4 Rightmove PLC 574.20 -8.20 669.00 437.80 0.78 32.50 2003.3 SEGRO 834.80 32.20 1374.5 669.20 2.71 2.47 3034.4
S&U 2440 50.00 2507.95 1900 3.69 11.52 1.3
CanImp C$X 56.55 -1.15 72.11 53.58 10.58 3.93 528.9
Schroder 485.70 5.20 611.20 348.00 23.88 2.24 2289.1 Renold 27.20 -1.05 30.40 20.60 - 9.71 172.4 STV Grp 251.00 5.00 328.00 235.00 3.86 6.12 8.8 TritaxBBOX 155.10 6.40 248.20 120.08 4.20 2.80 5724.3 Tech - Hardware
HSBCX 573.80 0.10 653.80 434.70 2.82 12.54 24183.8 RHIM 2260 48.00 2774 1557 5.57 5.33 32.1 WPPX 927.20 -33.80 1082 713.00 2.86 17.66 2787.9 Wkspace 477.40 8.60 735.59 335.20 3.72 -7.09 194.3 SpirentCM 180.00 1.90 294.00 160.20 2.54 16.77 1871.3
Shires Income 254.50 -2.50 291.00 216.81 5.27 3.55 23.4
LlydsBkgX 48.20 -0.66 54.33 38.51 5.33 6.69 193027.2 Rotork 327.00 9.00 340.40 225.20 2.65 35.54 2164.3 Real Estate
TP ICAP 170.10 -3.10 210.20 100.85 3.53 243.00 1037.6 Mining Tech - Software & Services
NWGX 262.00 -10.50 308.65 210.90 4.01 10.31 50438.5 Severfd 60.20 1.00 69.80 46.65 4.82 10.75 67.4 Shaftesbury Cap 117.80 0.00 169.00 92.90 0.42 34.65 1853.8
Vanqus 225.00 -5.50 264.60 130.00 - 4.21 229.8 AngloAmerX 2445 -107.50 4036 2380 7.29 4.84 2738.7 Computcnt 2296 64.00 2768 1780 2.41 14.27 223.3
PermTSB € 2.35 -0.11 2.81 1.18 - -27.36 65.9 Trifast 72.00 6.60 109.28 46.70 2.22 11.90 163.9
AnGoldA R 489.41 10.19 512.33 213.35 1.84 19.49 2587.1 Real Estate Inv & Services NCC Grp 107.40 5.80 245.00 75.80 4.33 35.80 5338.1
RylBkC C$X 134.15 -1.15 140.18 116.75 3.31 11.95 455.0 Food & Beverages Weir 1840 -71.50 2072 1312 0.63 31.08 539.3 CLS 135.60 4.40 231.00 126.69 5.57 4.63 305.3
StandChX 628.40 -10.20 797.40 515.60 1.41 14.09 6346.2 Antofagasta 1460.5 -69.50 1822.5 971.20 3.64 15.11 1616.2 Sage 818.60 12.60 823.00 587.20 2.12 31.39 1742.3
AngloEst 836.00 -14.00 972.00 728.00 0.09 7.66 6.4 Grainger 258.60 5.20 315.00 202.80 2.12 16.06 1393.8
..7.375%Pf 101.25 1.25 112.00 95.50 7.28 - 10.0 AscBrFdX 1956 -90.00 2076 1223 0.32 32.33 907.9
Industrial General BHP Group 2338 -17.00 2862 1998.6 - 10.23 970.4 TriadGp 145.00 -2.50 155.00 77.00 1.38 15.92 22.8
Coats Group 78.20 2.40 80.60 50.30 1.80 17.45 1340.4 Ecora Resources 119.60 -1.00 189.00 110.60 7.57 9.00 172.4 Harworth Grp 117.00 2.00 171.00 99.00 1.57 4.05 25.1
..8.25%Pf 107.85 0.00 114.50 105.70 7.65 - 200.0 Barr(AG) 503.00 -4.00 595.82 426.50 - 17.86 74.2 Telecommunications
Macfrlne 107.00 1.50 126.50 85.20 2.54 12.41 209.2 Ferrexpo 108.10 -4.70 195.53 96.00 13.26 0.84 1603.6 Helical 300.00 -12.00 452.00 290.61 3.37 7.25 186.5
TntoDom C$X 81.64 -1.91 97.13 76.40 3.99 10.25 984.7 Britvic 913.50 -6.00 928.00 697.50 2.65 20.71 998.2
Smith DS 310.10 -5.00 367.80 238.10 3.90 17.62 3602.6 Fresnillo 711.40 -49.60 996.80 637.20 3.42 16.85 1629.7 Lon&Assc 14.50 -3.00 27.85 13.00 - -1.97 315.8 Airtel Africa 120.10 11.50 173.10 104.09 2.71 10.70 3420.7
Westpc A$X 22.47 -0.10 24.65 18.80 4.04 16.00 6365.7 CarrsGroup 127.00 8.75 150.00 89.50 3.94 15.68 116.8
Smiths 1681 17.00 1807 1363.22 2.24 26.72 875.7 GlencoreX 469.00 -21.90 584.50 106.98 1.89 17.17 28964.3 MacauPrp 61.50 0.75 63.00 35.95 - -7.98 8.1 BTX 158.85 3.25 196.60 22.98 - 15.42 13838.6
Coca-Cola HBC 2424 19.00 2443 1496 2.22 19.38 539.0 TelePlus 1806 -112.00 2530 1538 3.16 46.31 131.7
Chemicals SmurfKap 2942 -18.00 3798.61 2415 3.33 13.42 342.4 Harmony R 85.57 5.09 88.00 33.33 1.70 26.30 1556.4 Mntview 11250 -150.00 13900 10500 3.78 14.02 0.5
Cranswk 3210 100.00 3516 2548 2.18 16.96 92.3 Safestre 990.50 16.50 1316 744.50 2.04 5.62 336.8 Vodafone GpX 95.90 5.24 132.10 83.24 8.07 -214.54 51611.3
Elemntis 125.60 3.40 130.00 85.10 - 425.76 1173.3 PolymtIntl 280.10 3.60 362.27 155.00 34.83 - 247.7
DiageoX 3622 -138.50 4047 3413.5 2.00 27.86 3982.3 Industrial Transportation Savills 961.50 -18.50 1204 750.00 2.39 9.63 275.0
Johnsn Mtthey 1963.5 9.50 2536 22.00 3.57 24.76 468.4 Rio TintoX 5049 -82.00 6329 4424.5 9.95 5.28 2737.4 Tobacco
Grncore 85.75 3.85 121.90 60.15 - 17.15 805.0 Braemar 281.00 -17.00 350.00 231.10 1.78 9.32 62.8 SiriusRE 80.55 2.10 121.80 64.20 4.05 6.28 1972.6
Victrex 1676 16.00 1953.15 1510.3 3.55 19.95 128.9 Troy Res A$ 0.04 0.00 0.20 0.03 - -0.94 3131.9
HiltonFd 678.00 3.00 1248 495.42 3.30 14.15 257.5 Fisher J 325.00 42.50 415.50 242.00 - -5.89 93.1 Smart(J) 164.50 1.00 177.00 155.50 1.96 4.50 0.0 BrAmTobX 2927 6.00 3645 2791 7.37 9.90 4554.4
Construction & Materials Kerry € 95.80 -0.68 107.85 83.00 0.89 23.31 28.8 int'ldistser 253.20 2.40 352.60 173.65 3.95 2.90 1290.1 Oil & Gas U+I 148.50 0.50 151.50 58.51 - -2.12 98.8 Imperial BrX 1967.5 22.50 2185 1627.5 7.02 6.58 1414.1
Boot(H) 239.00 6.00 349.00 215.00 2.30 12.78 56.0 PremFds 125.40 2.00 132.00 90.70 0.80 13.06 1593.6 OceanWil 898.00 4.00 1050 795.00 8.91 4.57 16.0 BPX 534.40 4.40 570.57 359.20 2.95 19.39 47205.5
Tate&Lyl 815.00 4.00 912.57 647.80 3.78 17.45 995.3 Retailers Travel & Leisure
CRH 3858 -114.00 4627.96 2736.5 2.22 16.03 1005.6 Capricorn Energy 219.40 -25.60 263.20 193.00 - 1.74 1357.7
UnileverX 4436.5 44.50 4868.64 3407.5 3.26 22.78 4379.6 Insurance Caffyns 550.00 0.00 600.00 450.00 - 7.99 0.4 Carnival 654.40 -9.40 1306.5 482.90 - -1.06 576.0
GalfrdT 177.60 2.40 187.80 142.80 2.65 39.47 93.2 ExxonMb $X 119.38 3.37 119.92 80.69 2.71 23.87 11591.0 -170.57
..NV - - - - - - - Admiral 2311 50.00 2561 1691.5 6.56 11.78 447.3 Dunelm 1146 3.00 1292 659.50 3.05 15.44 301.0 Dalata Hotel 401.00 27.00 406.00 239.00 - 0.5
MorgSdl 1694 -74.00 2275 1330 4.13 8.29 87.2 Gazprom PJSC ADR $# 0.58 -0.62 10.97 0.02 54.95 0.28 3213.3
AvivaX 423.00 2.70 593.42 341.92 5.05 55.66 7247.1 Halfords 210.20 3.00 234.40 124.00 2.38 7.01 317.5 easyJet 497.60 -14.20 582.71 276.87 - -3.13 2762.3
Tyman 246.50 1.00 306.50 182.40 3.25 9.74 257.0 Health Care Equip & Services GeoPark $ 10.84 -0.37 18.52 10.20 1.05 11.80 25.6
Chesnar 277.50 -9.50 334.40 259.00 7.99 15.42 228.5 Inchcape 808.50 51.00 941.00 665.50 1.65 27.31 637.2 FirstGrp 112.40 3.80 145.66 89.55 - 26.76 1426.0
HELLENiQ ENERGY € 7.20 -0.20 8.68 5.81 1.33 6.85 114.9
Electronic & Electrical Equip GNStre kr 180.00 21.65 289.80 119.05 0.77 13.93 1431.5 Direct Line 171.65 0.30 263.70 133.29 12.99 7.12 4417.2 JDSportsF 161.05 -4.25 213.12 88.40 0.18 19.46 19666.8 Flutter Entertainment 15915 30.00 16832.1 7340 - -67.29 315.1
ImpOil C$X 69.75 -2.19 79.83 52.67 1.47 20.12 1064.5
Dialight 216.00 2.00 370.00 190.80 - 708.20 7.3 Mediclinic 498.80 -1.20 514.00 340.60 - 31.18 3602.2 Eccles prf 129.00 0.00 142.00 121.00 6.69 - 15.0 Kingfisher 257.50 0.20 296.24 198.60 4.68 6.47 3955.5 Fuller A 472.00 -8.00 660.00 410.31 - -9.86 17.3
Shell PLCX 2452 -1.00 2613.5 1908.6 2.47 12.92 10118.1
Discoverie PLC 845.00 24.00 927.00 586.00 1.20 69.26 263.4 Smith & Nephew 1314.5 37.00 1338.5 959.20 2.07 29.82 2690.2 Hansard 51.50 1.85 54.55 32.40 8.64 17.76 45.0 Marks&Sp 164.35 0.45 170.20 91.56 - 126.42 3710.0 IntCon Htels Gp 5460 -118.00 5796 4174 - 51.14 492.6
TrnCan C$X 56.36 0.58 74.44 50.70 6.15 30.41 1059.4
Halma 2308 70.00 2489.86 1855.3 0.76 33.42 573.9 Hiscox 1182 32.00 1182 789.20 0.72 29.27 678.3 Ocado 505.20 -11.60 989.60 380.30 - -16.74 2464.9 Intl Cons Air 152.15 2.60 171.60 90.47 - -3.38 13775.9
House, Leisure & Pers Goods Wood Group (John) PLC 225.40 0.80 255.00 102.05 - -9.27 2587.1
PPHE Htl 1125 10.00 1617.25 1005 - -9.15 1.6
Morgan Ad 306.50 13.00 327.62 211.00 2.19 12.93 523.3 Lancashire 612.50 34.00 670.00 362.60 1.88 -31.91 480.8 Saga 130.60 5.00 243.16 71.10 - -13.96 643.6
BarrttDev 500.00 18.20 515.68 313.00 5.88 7.81 2901.7 TUI 507.40 -5.40 766.26 279.64 - -5.30 1611.6
OxfordIn 2760 45.00 2809.9 1686 0.62 37.70 78.0 Leg&Gen 234.10 -20.00 311.13 191.37 7.61 7.19 22840.7 Pharmaceuticals & Biotech Sainsbury (J) 276.40 -5.30 285.60 168.70 3.84 23.23 6524.0
Bellway 2412 74.00 2511 1572 4.87 7.25 399.9 Whitbrd 3247 122.00 3651.92 2245.51 - -26.36 620.0
Renishaw 3604 -128.00 4482.72 3238 1.83 20.56 75.5
4447 112.00 4505 3120 0.21 11.57 247.9 Old Mut 50.20 -0.20 67.00 44.05 5.49 7.29 105.1 AstraZenecaX 11746 -440.00 12828.45 9399 1.76 1988.82 1498.8 TescoX 281.10 2.20 307.23 194.35 3.26 14.31 24841.4
Berkeley
Spectris 3759 -19.00 3855 2654 1.85 12.37 184.4 PhoenixGrp 591.80 17.80 690.40 501.00 8.14 -6.85 3270.1 Dechra 3730 -80.00 3882 1940.89 1.09 55.70 1421.3 Utilities
Burberry Gp 2591 -18.00 2656 1473.5 1.64 22.30 795.8 Support Services
TT Elect 170.00 -6.40 212.03 123.40 3.82 23.61 120.8
Cairn Homes 90.60 0.40 97.80 69.40 2.46 18.60 1422.0 PrudntlX 1211.5 60.00 1336 782.40 0.97 19.68 6486.8 GlaxoSmhX 1441 -30.20 2753.96 16.64 5.55 16.64 5477.9
AshtdGp 4577 -108.00 6012 3269 0.99 22.28 718.7 Drax 629.60 3.60 832.00 467.20 2.83 46.64 1757.9
XP Power 2215 75.00 3470 1402 4.15 11.83 49.8 StJmsPl 1206.5 -12.50 1332 904.60 5.08 22.98 866.3 HikmaPhm 1841 10.50 2043 1174.5 2.08 13.80 528.9
Crest Nicholson 269.00 22.00 287.00 170.50 1.52 9.78 755.1 Bunzl 3164 -48.00 3249 2542 1.72 24.01 695.1 Natl GridX 1144.5 -1.00 1271.45 844.29 4.30 26.68 3851.9
Oxfd Bio 434.00 -15.50 586.00 276.62 - 19.51 156.8
Financial General GamesWk 9920 270.00 9955 5565 2.57 27.32 49.5 LEISURE Capita 34.74 0.48 44.92 21.00 - 2.64 2392.6 Pennon 860.00 -5.00 1124 735.00 3.79 62.31 406.1
RichterG $ 24.00 1.00 24.20 16.50 2.65 11.16 0.0
3i 1767 54.50 1903.96 1042 2.18 6.12 1963.3 Gleeson 427.00 -3.00 616.00 331.00 3.51 6.68 51.0 PhotoMe International Plc 107.00 1.50 109.00 55.70 - 18.67 655.5 DCC 4944 129.00 6508 3986 3.23 16.34 254.2 Severn Trent 2932 13.00 3176 2167.42 3.46 -109.00 933.3
abrdn 212.70 10.40 237.00 131.03 6.86 4.62 5084.2 Headlam 292.00 -9.00 375.60 230.00 2.67 12.59 93.3 DeLaRue 42.00 2.35 117.40 33.00 - 5.53 571.0 SSE 1837.5 -3.50 1935.5 1405 4.41 7.18 2821.6
Diploma 2686 -10.00 3022 2090 1.58 48.05 82.9 UtdUtils 1082 -0.50 1168 813.20 4.00 99.27 2108.3
DWF Group PLC 64.00 -1.60 113.50 62.00 7.03 -12.55 75.5

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 79.50 -0.50 87.00 70.00 - -294.44 15.0 Health Care Equip & Services Media Sareum 114.50 12.00 264.00 55.10 - -38.17 83.5 Smart Metering Systems 793.00 20.00 968.00 680.00 3.31 248.59 158.1
Cohort 435.00 -15.00 570.00 384.00 2.55 38.67 45.2 ThorpeFW 355.00 -5.00 475.00 335.38 1.63 24.70 8.2 AVO 5.25 0.88 25.75 2.30 - -0.62 1565.4 Mission Group 49.50 0.50 69.85 40.80 4.71 8.39 5.9
Zytronic 140.00 0.00 192.49 110.00 - 46.67 7.2
Real Estate Tech - Hardware
Velocity Composites PLC 37.50 -1.50 68.55 13.65 - -12.50 31.5 Tristel 327.50 -5.00 430.00 272.00 2.00 67.53 19.9 -274.44
Mining Lok'nStor 844.00 -28.00 1060 674.00 1.78 25.59 14.4 IQE 24.70 -1.35 60.80 23.55 - 1814.7
Banks Financial General House, Leisure & Pers Goods AMC 1.68 0.01 3.28 0.61 - -38.95 2501.7
Arbuthnot 962.50 40.00 1013.2 625.00 1.66 21.29 2.9
Retailers Tech - Software & Services
Caribbean Inv 26.50 -2.00 45.40 24.03 - 3.05 138.6 Churchll 1395 -165.00 1725 1020 - 166.07 2.7 BotswanaD 0.98 -0.03 1.39 0.75 - -16.25 1818.7
BP Marsh 304.00 4.00 353.98 272.25 0.80 8.37 11.5 Boohoo Group PLC 49.28 -2.72 92.28 30.00 - 10.62 5071.2 BoBlue Prism Group PLC 1274 1.00 1392 747.50 - -23.65 1869.0
Frontier Developments PLC 495.00 20.00 1648 415.50 - 14.27 91.8 CentAsiaM 205.50 -19.50 298.50 204.00 7.87 6.02 779.6
Basic Resource (Ex Mining) Burford Capital Ltd 1046 -1.00 1074 478.00 1.32 -4286.89 217.4 CVS Group PLC 2120 38.00 2142 1523 0.31 59.38 165.1 Eckoh 45.00 12.50 46.00 30.00 1.36 44.12 670.4
Portmern 469.00 -20.00 574.54 285.00 2.77 19.97 16.5 Gemfields 17.00 -1.25 20.27 13.50 - -23.48 240.5
CropperJ 780.00 145.00 1199 560.00 - 23.78 5.7 Gresham House Plc 807.00 -3.00 950.00 664.00 0.74 32.39 55.7 Oxford Metrics 95.00 -3.00 114.89 73.44 1.89 41.30 29.3
Sanderson Design Grp 128.00 -10.50 168.80 86.00 - 10.97 94.1 Support Services
MattioliWds 610.00 20.00 770.00 530.00 3.44 -217.86 586.5 Oil & Gas Travel & Leisure
Chemicals Begbies 131.00 5.00 156.00 108.40 2.29 655.00 129.6
Numis 341.00 131.00 343.00 170.00 3.52 6.95 4140.3 Industrial Engineering BorSthnPet 2.85 0.16 8.50 1.71 - -27.89 177.9 -767.50
Directa Plus PLC 75.50 -2.50 122.90 66.25 - -17.59 4.0 Christie 130.00 10.00 140.00 103.00 - 55.32 33.4 gamingrealms 30.70 2.70 33.06 21.50 - 477.1
Premier Miton Group 91.50 -5.50 144.89 84.69 8.96 10.21 624.3 600 Grp 8.50 0.25 16.97 7.50 - 49.71 10.5 ClontarfEn 0.13 -0.02 0.80 0.05 - -2.64 44854.1
Versarien PLC 2.15 -0.60 25.81 1.80 - -0.61 693.8 Impellam 662.50 -12.50 755.00 434.00 - 36.20 10.0 Jet2 1226 -58.00 1394.5 637.40 - -6.58 406.8
STM Group 28.00 0.00 30.00 22.05 5.00 10.78 0.3 MS Intl 510.00 -32.50 746.60 255.00 0.69 72.86 12.1 Hurricane Energy 7.60 0.14 10.68 5.70 - -0.76 5788.2
JhnsnSrv 121.60 3.60 126.40 69.00 - 76.00 16838.4 MinoanGp 1.00 0.08 1.35 0.76 - -7.09 3331.0
Construction & Materials Pres Tech# 44.50 0.50 103.00 23.20 - -3.70 74.7 Phoenix Global 6.50 -0.63 7.95 3.07 - -1.63 53.0
Food & Beverages LonSec 3100 0.00 3940 2150 2.58 17.10 0.0
AccsysTch 65.00 1.10 147.50 54.40 - -38.19 21.6 UnJackOil 22.75 -0.75 53.72 20.36 - -11.79 285.9
Camellia 4880 0.00 6960 4300 2.95 89.87 0.1 IT NWF 260.50 -1.50 288.00 188.00 2.76 130.25 10.6
Fevertree Drinks 1356 60.00 1875 804.50 1.16 35.51 825.4 Keywords Studios 2700 -2.00 3056 2080 0.03 74.82 55.3 Pharmaceuticals & Biotech Petards 8.30 -0.25 13.80 8.01 - 15.09 11.0
Electronic & Electrical Equip
Nichols 1080 -20.00 1470 957.00 1.72 -17.99 21.3 Learning Technologies Group 112.50 -16.20 153.10 96.33 1.11 47.39 4825.7 Reneuron 8.40 -0.35 44.50 8.00 - -0.53 150.4 Renew 727.00 30.00 789.00 550.00 1.81 17.97 106.4
Checkit 28.00 0.00 39.50 13.74 - -3.41 150.0

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) CT Cp&I 302.00 4.00 341.00 269.56 3.84 318.3 -5.1 JPM Emrg EMEA 83.00 -0.50 794.00 55.20 42.17 46.9 77.0 Schdr Inc 312.00 6.00 324.00 254.60 4.04 312.9 -0.3 AEW UK REIT 98.00 1.00 131.80 83.77 8.16 106.1 -7.6
asset value estimate and closing price. Discounts, premiums, gross redemption
Price +/-Week High Low Yld NAV or Pm CT UK HIT B 88.00 0.50 92.80 79.00 6.02 91.9 -4.2 JPM Emrg 103.60 -0.40 120.45 91.00 1.30 115.8 -10.5 SchdrJap 205.00 -1.00 218.00 187.00 2.39 234.8 -12.7 Bal ComPrp 82.40 -1.60 124.20 68.53 5.19 118.5 -30.5
yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
abrdnuksm 429.00 9.00 576.00 389.73 1.79 502.7 -14.7 CT UK HIT Ord 82.50 1.50 90.00 71.00 6.42 91.9 -10.2 JPM EurGth & Inc 95.80 0.40 97.80 73.40 5.95 107.3 -10.7 SchdrOrient 258.00 -1.50 280.08 230.00 3.99 265.5 -2.8 CT Prop T 66.00 0.80 101.00 60.00 5.61 96.9 -31.9
are displayed as a percentage, NAV and terminal asset value per share (TAV)
3i Infra 317.50 2.00 363.00 281.50 3.09 320.2 -0.8 CT UK HIT UNIT 326.00 2.00 356.00 294.00 - 367.5 -11.3 JPM EuDisc 417.00 -12.50 449.00 339.00 1.61 490.4 -15.0 SchdrRealEst 46.40 -0.10 59.80 40.00 5.45 63.0 -26.3 Longbow 40.95 0.30 70.00 39.00 14.65 61.2 -33.1
in pence.
AbnAsianIn 206.00 -2.00 237.00 185.00 4.51 230.8 -10.7 Dun Inc 304.00 2.00 309.00 250.75 4.21 316.1 -3.8 JPM Clavr 690.00 0.00 736.00 624.00 4.49 719.6 -4.1 SchdrUKMd 576.00 20.00 626.00 454.00 2.31 648.1 -11.1 TR Prop 301.50 2.50 458.19 263.00 4.71 323.9 -6.9
AbnNewIndia 526.00 14.00 614.00 497.00 - 650.0 -19.1 Edin Inv 681.00 -3.00 690.00 537.00 3.52 733.4 -7.1 JPMGblCoreRa 90.60 1.60 113.00 80.80 4.14 100.1 -9.5 SchdrUKPubPriv 14.73 1.73 26.00 11.50 - 26.9 -45.2 Tritax EuroBEUR € 0.74 0.01 1.24 0.64 6.41 1.3 -43.1 X FT Global 500 company
Abf Sml 1274 36.00 1428 1066 2.66 1467.5 -13.2 Edin WWd 149.20 -3.60 214.00 147.34 - 183.9 -18.9 JPM GEI 128.50 0.00 142.50 107.50 3.97 141.4 -9.1 ScotAmer 532.00 -9.00 541.00 434.00 2.31 528.8 0.6 Tritax EuroBGBP 65.40 1.00 105.00 56.60 - - - ♦ trading ex-dividend
Abf Spl Inc 71.40 2.40 80.00 53.40 4.27 79.1 -9.7 EuroAsset 92.80 0.40 108.50 74.60 8.62 100.1 -7.3 JPM Gl Gr&Inc 453.00 -10.00 481.00 386.00 3.32 446.2 1.5 ScottMort 628.80 -15.80 937.80 604.80 0.54 788.4 -20.2 UKComPrp 53.60 2.20 92.80 48.89 5.45 79.9 -32.9 ■ trading ex-capital distribution
abrdn Asia Focus 249.00 5.00 280.00 224.00 1.20 285.7 -12.8 Euro Opps 777.00 -18.00 796.00 608.00 0.26 895.2 -13.2 JPM Ind 786.00 12.00 898.00 719.90 - 970.1 -19.0 ScottOrtll 1205 15.00 1240 1034.95 0.95 1372.1 -12.2 # price at time of suspension from trading
VCTs 52 Week Dis(-)
abrdnDivInc&Grwth 86.80 0.40 102.50 80.34 6.34 116.8 -25.7 F&C Inv Trust 894.00 -13.00 989.00 769.00 1.39 933.4 -4.2 JPM JpCapSm G&I 309.00 -1.00 353.00 301.00 7.25 346.7 -10.9 Smithson 1436 30.00 1489 1120 - 1566.0 -8.3
Price +/-Week High Low Yld NAV or Pm
Abrdn Eqt Inc 331.00 -5.00 378.36 290.00 6.22 339.0 -2.4 FidAsian 500.00 -4.00 530.00 413.61 1.76 526.7 -5.1 JPM Jap 454.50 -11.00 510.00 408.50 1.12 501.6 -9.4 StrategicEq 303.00 13.00 318.00 252.00 0.53 324.4 -6.6 The prices listed are indicative and believed accurate at the time of publication.
FidChiSpS 234.00 -7.00 294.32 178.20 2.00 258.2 -9.4 JPM Mid 908.00 22.00 1058 735.00 3.25 1054.0 -13.9 Temp Bar 237.50 1.00 249.50 195.20 3.16 250.7 -5.3 Baronsmead 2nd VT 57.00 0.00 72.75 51.00 11.40 60.0 -5.0
abrdnJapInv 557.50 7.50 621.20 505.00 2.69 654.2 -14.8 No offer is made by Morningstar or the FT. The FT does not warrant nor
FidelityEmrgMkt 582.80 0.40 661.90 552.70 2.27 678.6 -14.1 JPM Smlr 273.00 5.00 319.00 230.00 2.09 315.7 -13.5 Tetragon $ 10.35 0.00 10.60 8.49 3.59 29.9 -65.4 BSC VCT 78.00 0.00 81.50 72.00 8.97 87.3 -10.7
AbnNewDn 261.00 -3.00 303.00 243.00 1.65 298.8 -12.7 guarantee that the information is reliable or complete. The FT does not accept
Fid Euro 354.50 -2.00 360.00 258.50 1.85 373.6 -5.1 JPM US Sml 370.00 -12.00 444.48 337.25 0.68 409.1 -9.6 EurSmlCom 158.50 -2.50 172.50 122.10 1.97 185.8 -14.7 ..VCT2 56.00 0.00 58.00 53.00 14.29 62.1 -9.8
Alliance 986.00 -7.00 1046 876.00 1.71 1045.7 -5.7 responsibility and will not be liable for any loss arising from the reliance on
Fid Jap 170.50 1.00 179.50 143.00 - 186.3 -8.5 KeystoneInv 205.00 -2.00 244.50 174.00 0.46 241.7 -15.2 GblSmlrTrst 144.60 -0.40 162.80 122.00 1.21 165.1 -12.4 Inc&GthVCT 72.00 0.00 95.50 70.00 6.94 78.1 -7.8
AllianzTech 225.00 -3.50 260.50 199.40 - 253.0 -11.1 or use of the information.
Fid Spec 285.50 4.50 293.50 232.00 2.06 303.9 -6.1 Law Deb 824.00 3.00 871.08 649.00 3.47 805.4 2.3 TRIG 127.20 1.80 148.57 112.60 5.31 135.2 -5.9 Nthn 2 VCT 54.50 0.00 63.00 48.00 6.42 58.9 -7.5
Art Alpha 319.00 2.00 355.00 262.00 1.66 365.6 -12.7
FinsG&I 918.00 3.00 922.01 731.80 2.80 957.8 -4.2 LinTrain £ 1040 10.00 1305 944.00 4.53 1085.2 -4.2 TroyInc&G 73.60 1.00 77.60 64.43 3.61 74.1 -0.7 Nthn 3 VCT 84.50 0.00 94.50 3.00 5.33 92.3 -8.5 The FT Share Service is a paid-for-print listing service and may not be fully
Asia Dragon 382.00 -9.00 457.00 345.00 1.70 442.2 -13.6
FstPacfic HK HK$ 2.62 0.05 3.63 2.08 5.10 - - Lowland 123.00 1.50 135.00 99.05 4.88 136.8 -10.1 Utilico Emerging Market 220.00 2.00 227.00 197.50 3.57 252.5 -12.9 NthnVent 57.00 0.00 65.76 53.50 7.89 62.3 -8.5 representative of all LSE-listed companies. This service is available to all listed
Aurora Inv 220.00 4.00 240.00 178.00 0.25 239.2 -8.0
GRIT 1.70 0.15 11.20 1.10 - 9.6 -82.3 Majedie 222.00 11.00 222.00 156.80 5.14 244.1 -9.1 UIL Inv 140.50 5.00 236.00 122.00 5.69 207.7 -32.4 UnicornAIM 102.50 0.00 179.00 98.00 6.34 130.9 -21.7 companies, subject to the Editor’s discretion. For new sales enquiries please
AVI JapOpp 119.00 1.00 124.23 103.00 1.13 122.2 -2.6
Axiom 85.00 0.00 93.29 65.00 7.06 91.0 -6.6 HAN 174.00 -2.00 204.00 166.00 1.84 301.6 -42.3 Marwyn Val 92.50 0.00 120.00 89.99 4.90 169.3 -45.4 VEIL 532.00 -12.00 755.00 500.00 - 645.0 -17.5 Zero Dividend Preference Shares 52 Week HR email daniel.fish@ft.com or call +44 (0)20 7873 4571.
BG Euro 93.30 -0.70 102.20 73.50 0.38 109.6 -14.9 HANA 168.50 -3.00 198.96 163.00 1.90 301.6 -44.1 MercantIT 201.50 2.30 222.00 158.33 3.33 235.5 -14.4 Witan 227.00 -1.00 237.50 199.78 2.43 250.2 -9.3 Price +/-Week High Low SP WO TAV 0%
BG Japan 744.00 -9.00 829.00 657.00 0.81 823.6 -9.7 Hen Div Inc Tr 69.60 0.20 78.20 56.26 6.32 71.9 -3.2 MrchTst 579.00 0.00 606.00 480.00 4.71 572.5 1.1 WwideHlth 3230 -25.00 3500 2820 0.68 3575.6 -9.7 Abf Spl Inc 119.50 0.00 121.00 113.00 -64.2 -97.0 127.3
BG Shin 145.20 -3.00 168.04 131.32 - 160.8 -9.7 HenEuroF 157.00 -1.00 165.50 120.60 1.99 178.5 -12.0 Mid Wynd 695.00 -5.00 782.02 639.80 0.92 699.6 -0.7
Dis(-) UIL Finance 2028 ZDP 97.50 2.00 102.00 82.40 -24.8 -31.0 152.3 Data provided by Morningstar
Conventional - Private Equity 52 Week
Baillie Gifford UK 168.00 3.20 183.00 139.40 1.44 195.6 -14.1 HenEuro 138.50 3.50 141.00 105.51 1.81 161.0 -14.0 Monks 975.00 16.00 1102 875.00 0.21 1079.7 -9.7 UIL Finance 2026 ZDP 114.00 0.00 117.60 104.00 -35.0 -44.1 151.5
Price +/-Week High Low Yld NAV or Pm
Bankers 100.60 -2.20 109.57 90.88 2.16 111.4 -9.7 HenFarEs 250.50 -11.50 303.50 239.50 9.30 240.5 4.2 MontanSm 140.20 -0.20 151.20 104.20 0.66 160.4 -12.6
BB Healthcare Trust 152.20 -5.20 183.23 132.40 3.62 166.3 -8.5 HenHigh 173.00 0.00 181.00 137.25 5.75 173.4 -0.2 Mur Inc 875.00 -1.00 897.00 715.00 3.45 947.8 -7.7 abrdnPvEq
BGUSGROWTH 136.40
456.00 16.00 527.67 365.00
-0.60 208.00 134.00
2.96
-
747.1
173.9
-39.0
-21.6
Investment Companies - AIM
BiotechGth 787.00 -20.00 1048 722.37 - 873.4 -9.9 HenInt Inc 178.00 0.50 184.98 153.00 3.37 187.0 -4.8 Mur Int 267.20 -1090.80 275.84 225.60 20.40 1319.1 -79.7
Hen Opp 1050 -20.00 1275 942.45 2.57 1226.6 -14.4 CQSNewCityHY 49.40 -0.80 55.60 48.10 9.05 45.9 7.6 BG China Growth 240.00 0.00 348.00 204.53 2.98 270.8 -11.4 52 Week Dis(-)
BlckRoEne 127.00 -1.80 151.00 95.00 3.15 131.0 -3.1
HenSmlr 823.00 2.00 958.00 674.33 2.89 941.1 -12.5 New Star IT 119.00 0.00 137.00 115.30 1.18 178.2 -33.2 CT PvtEq 491.00 7.00 506.00 375.51 3.78 706.8 -30.5 Price +/-Week High Low Yld NAV or Pm
BlckRFrnt 135.00 1.50 144.50 116.50 3.81 147.6 -8.5
HVPE 2075 -5.00 2610 1900 - 3925.0 -47.1
BlckRGtEur 535.00 -5.00 548.00 396.00 1.15 559.7 -4.4 Herald 1720 -16.00 1966 1540 - 2003.6 -14.2 NorthAmer 280.00 -5.00 324.00 273.50 3.86 313.4 -10.7
HgCapital 344.50 7.50 436.57 310.00 1.45 454.4 -24.2
BB Biotech AG SFr
CrysAmber
52.70
78.50
-1.40
-0.50
67.00 49.35
122.00 75.00
6.2 -
3.2 118.8
-
-33.9
www.morningstar.co.uk
BlckR I&G 191.00 -2.00 206.00 165.00 3.77 214.2 -10.8 HICL Infra 153.40 3.80 183.39 138.89 5.38 166.4 -7.8 NthAtSml 3505 95.00 4060 3125 0.86 5022.7 -30.2
Highbridge Tactical 389.00 10.00 450.00 216.00 - - - PacAsset 352.00 -4.00 384.00 258.00 0.68 372.8 -5.6 ICG Ent Tr 1060 28.00 1223.76 928.00 2.36 1917.3 -44.7 Infra India 0.30 0.00 0.60 0.20 - 10.6 -97.2
BlckRckLat 348.00 -3.00 457.00 330.00 6.13 399.9 -13.0
Impax Env. 410.50 -6.50 486.44 373.23 0.93 428.1 -4.1 PacHorzn 553.00 -8.00 736.00 507.75 - 608.6 -9.1 Pantheon Intl 251.50 6.50 318.00 229.23 - 456.6 -44.9
BlckRSmlr 1334 14.00 1580 1162 2.50 1532.2 -12.9
Ind IT 420.50 -7.00 583.16 385.00 1.90 - - PerAsset 481.00 -2.00 506.00 463.87116.42 - - PrincssPE € 9.46 0.04 12.68 7.80 6.77 14.4 -34.3
BlckRckSusAm 193.50 2.50 215.00 180.00 4.13 199.9 -3.2
Unbound Group plc 7.25 -1.75 37.31 3.80 - - -
BlckRThrmt 594.00 9.00 670.00 477.96 1.72 629.9 -5.7 IntBiotech 666.00 -6.00 744.00 563.00 4.26 703.3 -5.3 Petershill plc 166.80 -2.60 261.40 142.40 - - - Guide to FT Share Service
BlckRWld 653.00 -8.00 774.00 524.00 3.64 637.5 2.4 Intl PP 146.80 2.00 171.96 132.72 5.08 157.8 -7.0 PolarHealth 333.00 -4.00 340.00 289.00 0.60 352.9 -5.6 Discretionary Unit Fund Mngrs 52 Week Dis(-)
Brunner 1055 -5.00 1115 888.00 1.91 1202.7 -12.3 Inv AsiaTr 321.00 -2.00 374.00 279.05 5.02 366.3 -12.4 PolarFins 139.80 -1.20 164.11 130.60 2.87 155.2 -9.9 (1000)F
Caledonia Inv 3590 -40.00 4065 3015 1.75 5048.3 -28.9 Invesco Bond Inc 160.00 0.00 180.00 141.04 6.56 158.3 1.1 PolarTech 1940 -28.00 2288.75 1697.57 - 2226.8 -12.9 Price +/-Week High Low Yld NAV or Pm
CanGen C$ 33.50 -0.16 39.42 28.21 2.62 53.7 -37.6 IPST BalR 133.50 0.00 157.46 110.50 - 153.5 -13.0 RIT Cap 2005 33.00 2570 1789.91 1.76 2386.0 -16.0 Right &ISS 1965 -20.00 2410 1850 1.64 2345.1 -16.2 For queries about the FT Share Service pages e-mail
City Lon 423.00 -5.50 432.00 366.50 4.53 412.6 2.5 IP UKSmall 425.00 8.00 520.00 373.50 4.55 494.2 -14.0 Ruffer Inv Pr 302.00 -2.50 329.00 283.00 0.60 294.5 2.5 ft.reader.enquiries@morningstar.com.
JPM Amer 706.00 -8.00 800.00 650.00 0.96 727.8 -3.0 Schroder ToRt 408.00 1.00 457.00 366.50 1.74 431.5 -5.4 Conventional - Property ICs 52 Week Dis(-)
CQSNatRs 177.50 -0.50 223.00 147.50 3.15 204.1 -13.0 All data is as of close of the previous business day. Company classifications
JPM Asia 351.00 -9.00 402.00 222.00 5.38 384.0 -8.6 SchdrAsiaP 495.00 -6.00 549.75 446.00 1.62 553.4 -10.6 Price +/-Week High Low Yld NAV or Pm
CTMgdI 119.50 0.00 138.00 113.00 5.31 118.8 0.6 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
CTMgdG 226.00 1.00 259.00 214.00 - 231.2 -2.2 JPM China 285.50 -15.50 451.54 239.50 7.99 317.2 -10.0 SchdrEurReE 84.00 1.00 110.50 73.20 6.53 117.6 -28.6 Direct Property 100 constituent stocks are shown in bold.
abrdnPropInc 55.00 -1.00 85.00 50.82 6.21 85.1 -35.4
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
14 ★ FINANCIAL TIMES Monday 1 May 2023

MANAGED FUNDS SERVICE

SUMMARY FT.COM/FUNDS

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

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

Hotchkis & Wiley Mid-Cap Value Fund -1.19 26.13 3.40 1.32 27.85 Frank Value Fund 6.22 6.81 4.89 0.68 14.35 Foord International Fund | R US Dollar QQQQ QQQQ QQQQ Non-Euro Absolute Return Pound Sterling 3.81 9.40 6.19
Pzena Mid Cap Value Fund -1.69 22.04 5.28 1.19 25.87 Nuance Mid Cap Value Fund 2.65 8.29 6.28 0.87 13.09 Arisaig Global Emerging Markets Consumer UCITS Euro QQQQ QQQ - Systematic Trend USD US Dollar 2.38 5.86 4.38
Invesco Value Opportunities Fund -0.69 21.19 6.35 1.19 24.53 Janus Henderson Small-Mid Cap Value Fund 0.02 8.44 3.17 0.72 20.24 Global Convertible I USD US Dollar QQQ QQQ - Multistrategy USD US Dollar 2.10 4.99 1.71
Fidelity® Value Fund -3.70 19.23 6.78 1.14 24.25 Nuance Concentrated Value Fund 5.13 8.87 6.18 0.85 13.17 Fidelity Global Enhanced Income Fund W-ACC-GBP Pound Sterling QQ QQQQ - Multistrategy GBP Pound Sterling 0.28 4.58 0.64
Diamond Hill Select Fund -0.96 19.17 7.73 1.11 22.84 Longleaf Partners Fund -7.88 9.82 1.33 0.77 23.58 Strategic Bond Fund Y-ACC-GBP Pound Sterling Q QQ QQQ Equity Market Neutral USD US Dollar 2.95 3.79 2.83

Advertising Feature Performance Weightings - As of 28/02/2023 Top 10 Holdings - As of 28/02/2023

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials 4.26% 5.15%
Apr 2020 - Apr 2023 Microsoft Corp Technology 4.81%
EdenTree Global Equity Cls A Inc Communication Services 7.66% 5.64%
Consumer Cyclical 6.38% 10.53%
Alphabet Inc Class A Communication Services 4.39%
Consumer Defensive 0.01% 8.17%
Energy 0.06% 4.96%
Novartis AG Healthcare 2.56%
Financial Services 11.44% 15.25%
Healthcare 14.39% 11.94%
Schneider Electric SE Industrials 2.43%
Industrials 19.29% 11.28%
Real Estate 1.51% 1.71%
Veolia Environnement SA Industrials 2.19%
Technology 25.72% 15.57%
Utilities 3.49% 2.51%
The Hartford Financial Services Group Inc Financial Services 2.19%
Please remember that past performance is not necessarily a guide to future performance Cash & Equivalents 5.79% 6.15%
Firm Name Corporate - 0.93%
Sporton International Inc Industrials 2.05%
EdenTree Investment Management Limited Derivative - -0.71%
Fund Name Government - 0.82%
Verra Mobility Corp Class A Industrials 2.05%
EdenTree Global Equity Cls A Inc Municipal - 0.00%
Morningstar Category Securitized - 0.10%
Enel SpA Utilities 2.02%
Global Large-Cap Blend Equity
Max Annual Charge
Orange SA Communication Services 2.01%
- Risk Measures - As of 31/03/2023
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
QQ Alpha -2.88 -2.03 -3.55 -1.84 -4.50 -1.83
Morningstar Sustainability Rating Beta 0.92 0.96 1.06 0.98 1.06 0.98
Fund Category Information Ratio -0.29 -0.31 -0.57 -0.42 -0.84 -0.39
Bid Price - KIID Ongoing Charge 1.51 R Squared 91.22% 89.52% 91.06% 89.64% 92.48% 90.19%
Offer Price - Day-End One Year Return -3.47 Day 0.76% Month 2.07% Year 1.77% Sharpe Ratio -0.50 -0.03 0.60 0.57 0.14 0.31
+/- 1.10 Total Ret 3Yr 12.02 Std Dev 21.84 19.60 20.00 17.46 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.
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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 $ 6719.71 - -43.13 0.00 -5.34 13.25
abrdn Capital Offshore Strategy Fund Limited American One $ 7103.78 - 28.42 0.00 -0.28 16.71
Bridge Fund £ 2.2148 - 0.0121 2.08 -0.43 6.09 Bond Global € 1515.18 - -9.26 0.00 -2.43 -0.17
Global Equity Fund £ 3.3597 - 0.0336 1.38 2.44 9.04 Eurocroissance € 1399.92 - 9.22 0.00 -1.25 10.26
Global Fixed Interest Fund £ 0.7414 - -0.0009 6.19 -4.37 -0.80 Far East $ 1014.42 - -28.60 0.00 -0.14 5.94
Income Fund £ 0.6374 - 0.0008 3.28 -2.00 6.90
Sterling Fixed Interest Fund £ 0.6778 - -0.0002 4.29 -10.26 -5.06
UK Equity Fund £ 1.9950 - -0.0054 3.54 1.66 8.74

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$ 1923.81 - 3.50 0.00 2.75 19.51 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 638.23 - 3.14 0.16 8.80 11.59
EUR Accumulating Class € 15.69 - -0.01 0.00 -1.07 2.50 Allocator World Fund W-ACC-GBP £ 2.64 - 0.02 1.19 -2.15 11.52 Fundsmith Equity T Inc 581.67 - 2.86 - 8.80 11.59
EUR Accumulating Class (H) € 10.65 - -0.02 0.00 0.47 1.48 American Fund W-ACC-GBP £ 54.54 - 0.61 0.00 -0.94 5.89
EUR Distributing Class € 11.23 - -0.01 3.39 -2.22 1.51 American Special Sits W-ACC-GBP £ 21.46 - 0.02 0.69 -8.09 15.06
EUR Distributing Class (H) € 7.56 - -0.01 3.41 -0.73 0.42 Asia Fund W-ACC-GBP £ 14.92 - 0.04 0.78 -5.09 2.81
GBP Distributing Class £ 12.18 - -0.05 4.13 3.72 2.93 Asia Pacific Ops W-Acc £ 2.80 - 0.01 1.31 -0.60 10.25
Candriam Investors Group GBP Distributing Class (H) £ 8.14 - -0.01 3.49 0.61 1.28 Asian Dividend Fund W-ACC-GBP £ 2.31 - 0.00 3.03 -1.54 9.22
Other International Funds USD Accumulating Class $ 12.48 - -0.02 0.00 3.31 3.12 Cash Fund W-ACC-GBP £ 1.04 - 0.00 1.82 2.38 0.79
Candriam Eqts L Emerging Mkts Cap € 821.04 - 8.17 0.00 -17.77 1.42 Dodge & Cox Worldwide Funds plc-Global Stock Fund China Consumer Fund W-ACC-GBP £ 2.58 - 0.01 0.28 -3.52 -5.68
Candriam Bonds Credit Opportunities € 197.76 - 0.11 0.00 1.11 -0.11 USD Accumulating Share Class $ 29.94 - 0.54 - 4.36 19.24 GAM
Emerging Asia Fund W-ACC-GBP £ 1.84 - 0.01 0.63 0.38 6.69 funds@gam.com, www.funds.gam.com
Candriam Bds Euro High Yield Cap € 1187.19 - 1.63 0.00 0.14 1.26 GBP Accumulating Share Class £ 39.42 - 0.63 0.00 4.78 19.02
Blue Whale Investment Funds ICAV ( IRE ) Enhanced Income Fund W-INC-GBP £ 0.87 - 0.00 6.61 5.90 11.24 Regulated
www.bluewhale.co.uk, info@bluewhale.co.uk Candriam Bds Euro Sh.Term Cap € 1997.23 - -0.54 0.00 -1.86 -0.91 GBP Distributing Share class £ 26.46 - 0.42 - 4.34 18.63 LAPIS GBL TOP 50 DIV.YLD-Na-D £ 124.23 - 0.91 2.68 0.95 11.97
European Fund W-ACC-GBP £ 25.63 - -0.13 1.50 15.29 14.78
FCA Recognised - Ireland UCITS EUR Accumulating Share Class € 40.78 - 0.78 - -0.07 18.53 Extra Income Fund W-ACC-GBP £ 1.27 - 0.00 4.66 -7.51 -0.52 LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 106.97 - 0.92 1.05 5.00 7.72
Algebris Investments ( IRL ) Blue Whale Growth USD T $ 9.40 - 0.05 0.00 2.39 -
GBP Distributing Class (H) £ 13.78 - 0.24 0.78 1.84 17.23 Global Dividend Fund W-ACC-GBP £ 3.08 - 0.00 2.67 4.55 9.42
Regulated
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Global Enhanced Income W-ACC-GBP £ 2.37 - -0.01 4.40 4.31 8.48
Algebris Core Italy I EUR € 148.05 - 1.42 0.00 0.22 17.05
USD Accumulating Share Class $ 37.68 - 0.67 0.00 -1.44 17.95 Global High Yield Fund W-ACC-GBP £ 13.86 - 0.01 0.00 -4.28 1.28
Algebris Core Italy R EUR € 140.12 - 1.33 0.00 -0.54 17.36
GBP Accumulating Share Class £ 46.93 - 0.73 0.00 -0.99 17.76 Global Property Fund W-ACC-GBP £ 1.83 - 0.03 2.15 -22.89 0.35
Algebris Financial Credit I EUR € 169.52 - 0.77 0.00 -5.97 1.58
GBP Distributing Share Class £ 28.05 - 0.44 0.17 -1.58 17.37 Global Special Sits W-ACC-GBP £ 54.20 - 0.13 0.57 -2.36 11.17
Algebris Financial Credit R EUR € 145.44 - 0.66 0.00 -6.63 0.98
Chartered Asset Management Pte Ltd EUR Accumulating Share Class € 44.32 - 0.83 0.00 -5.60 17.24 Index Emerging Markets P-ACC-GBP £ 1.63 - 0.01 2.92 -4.88 4.89
Algebris Financial Credit Rd EUR € 86.40 - 0.39 5.99 -6.63 1.04
Other International Funds GBP Distributing Class (H) £ 14.86 - 0.26 0.36 -3.71 16.06 Index Europe ex UK P-ACC-GBP £ 2.03 - -0.02 2.32 12.97 14.37
Algebris Financial Equity B EUR € 164.02 - 2.53 0.00 15.10 29.00
CAM-GTF VCC $ 285674.48 285674.48 2334.58 - -6.36 3.78 Index Japan P-ACC-GBP £ 1.91 - -0.01 2.15 4.41 5.63
Algebris Financial Equity R EUR € 137.40 - 2.11 0.00 13.97 27.76
CAM GTi VCC $ 780.49 - -32.39 - 12.31 4.69 Index Pacific ex Japan P-Acc-GBP £ 1.90 - 0.00 3.66 -1.08 10.55
Algebris Financial Income I EUR € 178.58 - 2.05 0.00 1.99 15.23
RAIC VCC $ 1.64 1.64 0.03 2.06 5.74 -1.66 Index Sterling Corporate Bond Fund P-ACC-GBP £ 0.83 - 0.00 2.96 -8.70 -
Algebris Financial Income R EUR € 161.93 - 1.86 0.00 1.07 14.19
Algebris Financial Income Rd EUR € 96.97 - 1.10 4.45 1.06 14.19 Index UK Gilt Fund P-ACC-GBP £ 0.74 - 0.00 1.99 -16.09 -
Algebris Global Credit Opportunities I EUR € 126.56 - 0.28 0.00 1.57 4.72 Index UK P-ACC-GBP £ 1.64 - 0.00 3.45 5.73 12.76
Algebris Global Credit Opportunities R EUR € 123.26 - 0.27 0.00 0.97 4.37 Index US P-ACC-GBP £ 3.45 - 0.03 1.37 -1.70 13.83
Algebris Global Credit Opportunities Rd EUR € 106.40 - 0.23 1.66 0.98 4.49 Index World P-ACC-GBP £ 2.72 - 0.02 1.72 0.43 12.97
Algebris IG Financial Credit I EUR € 97.30 - 0.31 0.00 -4.56 -0.72 Japan Fund W-ACC-GBP £ 5.76 - -0.01 1.49 7.58 12.05
Algebris IG Financial Credit R EUR € 95.62 - 0.32 0.00 -5.03 -1.21 Japan Smaller Companies Fund W-ACC-GBP £ 3.54 - 0.00 0.63 2.94 2.12
Algebris Sust. World B € 104.04 - 0.81 - - - Consistent Unit Tst Mgt Co Ltd (1200)F ( UK ) MoneyBuilder Balanced Fund W-ACC-GBP £ 0.61 - -0.01 3.22 -2.73 3.78
Stuart House, St John's Street, Peterborough, PE1 5DD MoneyBuilder Dividend Fund W-INC-GBP £ 1.31 - -0.01 4.16 4.58 11.66 Guinness Global Investors
Algebris Sust. World R € 103.35 - 0.81 - - - Brooks Macdonald International Fund Managers Limited( JER ) Dealing & Client Services 0345 850 8818 Guinness Global Equity Income Y GBP Dist £ 19.07 - 0.20 2.20 5.09 14.55
5 Anley Street, St Helier, Jersey, JE2 3QE Multi Asset Allocator Adventurous Fund W-ACC-GBP £ 2.12 - 0.01 1.06 -2.53 8.39
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Authorised Inv Funds Guinness Global Innovators Y GBP Acc £ 26.73 - 0.69 0.00 3.01 12.59
Consistent UT Inc 59.98 59.98 -0.07 1.03 -7.17 16.29 Multi Asset Allocator Defensive Fund W-ACC-GBP £ 1.31 - 0.00 1.18 -3.67 -0.80
Brooks Macdonald International Investment Funds Limited Guinness Sustainable Global Equity Y GBP Acc £ 11.12 - 0.12 0.00 2.21 -
Consistent UT Acc 162.90 162.90 -0.20 1.03 -7.18 16.28 Multi Asset Allocator Growth Fund W-ACC-GBP £ 1.84 - 0.01 1.04 -2.96 5.19
Euro High Income € 1.2122 - 0.0045 2.50 -7.35 -4.30
Practical Investment Inc 239.90 239.90 -1.00 3.81 2.21 12.20 Multi Asset Allocator Strategic Fund W-ACC-GBP £ 1.58 - 0.00 1.05 -3.42 2.11
High Income £ 0.6532 - 0.0012 3.77 -8.90 -4.79
Practical Investment Acc 1528.00 1528.00 -6.00 3.81 2.28 11.54 Multi Asset Balanced Income Fund W-INC-GBP £ 0.96 - 0.00 3.95 -4.56 1.82
Sterling Bond £ 1.2505 - 0.0024 2.06 -7.78 -4.63
Multi Asset Income & Growth Fund W-INC-GBP £ 1.03 - 0.00 3.88 -3.57 4.01
Brooks Macdonald International Multi Strategy Fund Limited Dragon Capital
Cautious Balanced Strategy £ 1.2545 - -0.0009 0.00 -3.06 1.51 www.dragoncapital.com Multi Asset Income Fund W-INC-GBP £ 0.88 - 0.00 4.83 -7.52 0.01
The Antares European Fund Limited Fund information:info@dragoncapital.com Multi Asset Open Advent W-ACC-GBP £ 1.77 - 0.01 1.52 1.55 9.43
Other International Cautious Balanced Strategy A £ 0.8988 - -0.0007 1.11 -2.57 -
Other International Funds Multi Asset Open Defen W-ACC-GBP £ 1.35 - 0.00 2.05 -1.89 2.91
AEF Ltd Usd $ 558.24 - -4.09 0.00 -4.77 -1.76 Balanced Strategy £ 0.9244 - 0.0015 0.09 0.67 -
Vietnam Equity (UCITS) Fund A USD $ 25.43 - 0.33 0.00 -29.94 13.70 Multi Asset Open Growth Fund W-ACC-GBP £ 1.68 - 0.01 1.71 1.51 8.92 HPB Assurance Ltd
AEF Ltd Eur € 511.04 - -3.91 0.00 -6.32 -2.55 Balanced Strategy A £ 0.9271 - 0.0015 0.57 1.17 - Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Growth Strategy £ 1.9530 - 0.0058 0.00 0.65 5.78 Multi Asset Open Strategic Fund W-ACC-GBP £ 1.52 - 0.00 1.90 -0.39 5.77
International Insurances
Growth Strategy A £ 0.9351 - 0.0027 0.49 1.15 - Open World Fund W-ACC-GBP £ 2.31 - 0.02 0.83 2.57 12.57
Holiday Property Bond Ser 1 £ 0.48 - 0.00 0.00 1.26 -2.57
High Growth Strategy £ 2.7282 - 0.0113 0.00 1.10 7.45 Select 50 Balanced Fund PI-ACC-GBP £ 1.15 - 0.00 1.38 -2.21 4.08
Holiday Property Bond Ser 2 £ 0.63 - 0.00 0.00 0.32 -0.63
High Growth Strategy A £ 0.9321 - 0.0038 0.12 1.60 - Short Dated Corporate Bond Fund W-ACC-GBP £ 10.65 - -0.01 3.77 -1.40 0.29
US$ Growth Strategy $ 1.7064 - 0.0106 0.00 -2.23 3.98 Special Situations Fund W-ACC-GBP £ 43.72 - -0.13 3.36 6.14 17.01
Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes Strategic Bond Fund W-ACC-GBP £ 1.19 - 0.00 2.76 -5.48 -2.25
Sustainable Emerg Mkts Equity Fund A-ACC Shares £ 1.52 - 0.01 4.74 -13.81 -0.91
Sustainable Emerg Mkts Equity Fund A-ACC Shares £ 1.52 - 0.01 4.74 -13.81 -0.91
Sustainable European Equity Fund W-ACC-GBP £ 5.82 - -0.04 0.98 11.19 10.70
Sustainable Global Equity Fund W-ACC-GBP £ 32.86 - 0.13 0.42 -0.09 9.50
Sustainable MoneyBuilder Income Fund W-ACC-GBP £ 12.26 - -0.01 3.89 -9.52 -3.96 Hermes Property Unit Trust ( UK )
Property & Other UK Unit Trusts
Sustainable Multi Asset Balanced Fund W-ACC-GBP £ 0.94 - 0.01 1.58 -4.17 -
Property £ 6.35 6.82 -0.01 - -12.57 -1.71
CP Global Asset Management Pte. Ltd. Sustainable Multi Asset Conservative Fund W-ACC-GBP £ 0.90 - 0.00 1.68 -6.43 -
www.cpglobal.com.sg, Email: customer_support@cpglobal.com.sg Sustainable Multi Asset Growth Fund W-ACC-GBP £ 0.96 - 0.00 1.44 -3.73 -
International Mutual Funds
Sustainable Water & Waste W-ACC-GBP £ 1.13 - 0.01 0.53 -4.89 7.99
CP Multi-Strategy Fund $ 311.14 - -1.72 - 7.29 11.69
UK Opportunities Fund W-ACC-GBP 248.30 - 0.20 1.26 -15.17 7.69
UK Select Fund W-ACC-GBP £ 3.75 - -0.04 2.54 2.74 11.67
EdenTree Investment Management Ltd ( UK )
Artemis Fund Managers Ltd (1200)F ( UK ) PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 UK Smaller Companies W-ACC-GBP £ 3.71 - 0.01 2.21 3.92 23.95
57 St. James's Street, London SW1A 1LD 0800 092 2051 Authorised Inv Funds
Authorised Inv Funds Amity Balanced For Charities A Inc 100.50 - -0.20 5.56 -2.71 8.10
Artemis SmartGARP UK Eq I Acc 2390.65 - -13.30 3.69 8.04 20.36
Amity Global Equity Inc for Charities A Inc 157.80 - 0.70 2.81 2.03 10.24
Artemis Corporate Bond I Acc 98.76 - -0.03 3.63 -6.49 -1.17
EdenTree European Equity Cls A Inc 330.60 - -2.50 1.92 11.08 17.04
Artemis SmartGARP Eur Eq I Acc 449.61 - -6.37 2.61 12.58 17.44
CP Capital Asset Management Limited EdenTree European Equity Cls B Inc 334.20 - -2.50 2.41 11.67 17.73
Artemis European Opps I Acc 131.36 - -1.15 0.40 10.82 9.52 www.cpgbl.com, email: fundservices@cpgbl.com
Brown Advisory Funds plc ( IRL ) EdenTree Global Equity Cls A Inc 329.70 - 2.50 0.53 1.77 9.25
Artemis SmartGARP GloEmr Eq I Acc 166.98 - 0.82 - 2.38 11.77 http://www.brownadvisory.com Tel: 020 3301 8130 International Mutual Funds
EdenTree Global Equity Cls B Inc 332.80 - 2.60 1.04 2.32 9.86
Artemis SmartGARP Glo Eq I Acc 378.52 - 0.11 2.56 -3.34 12.78 FCA Recognised CPS Master Private Fund $ 422.42 - -0.15 - 8.54 10.56
EdenTree Responsible and Sust S Dtd Bd B 93.13 - -0.06 1.25 -1.75 -0.84
Artemis Global Income I Inc 106.22 - -0.87 4.52 -3.97 14.26 US Small Cap Blend Fund USD B $ 20.95 - 0.27 0.00 -1.78 13.73 CP Global Alpha Fund $ 347.07 - -0.91 - 7.37 10.71
EdenTree Sterling Bond Cls A Inc 84.58 - -0.04 4.00 -7.59 -2.24
Artemis Global Select I Acc 162.32 - -0.12 0.55 -5.12 8.05 US Flexible Equity Fund USD B $ 24.05 - 0.46 0.00 1.52 13.77
EdenTree Sterling Bond Cls B Inc 95.68 - -0.04 4.00 -7.10 -1.65
Artemis High Income I Q Inc 69.83 - -0.12 6.17 -0.78 4.12 Global Leaders Fund USD C $ 21.51 - 0.34 0.00 3.51 12.77
EdenTree UK Equity Cls A Inc 222.60 - 0.40 1.57 -2.68 3.20
Artemis Income I Inc 260.61 - -0.81 3.96 6.20 13.84 US Sustainable Growth Fund USD C $ 24.02 - 0.33 0.00 0.88 11.32
EdenTree UK Equity Cls B Inc 222.10 - 0.40 2.14 -2.13 3.80
Artemis Monthly Dist I Inc 69.30 - -0.37 4.97 -4.10 6.91 Global Leaders Sustainable Fund USD C $ 12.97 - 0.20 - 2.05 12.54 Janus Henderson Investors ( UK )
EdenTree UK Equity Opps Cls A Inc 274.90 - -0.30 1.17 -4.53 5.43 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Artemis Positive Future Fund 66.79 - -0.26 0.00 -9.08 - US Equity Growth Fund USD B $ 47.96 - 0.65 0.00 -3.25 5.11
EdenTree UK Equity Opps Cls B Inc 280.90 - -0.30 1.74 -3.97 6.05 www.janushenderson.com
Artemis Strategic Assets I Acc 101.69 - 0.14 0.00 23.02 11.84 US Smaller Companies Fund USD B $ 34.71 - 0.34 0.00 -0.77 11.17 Authorised Inv Funds
Edentree Global Impact Bond B 85.74 - -0.12 2.40 -4.13 -
Artemis Strategic Bond I Q Acc 102.16 - -0.12 3.96 -3.70 -0.47 US Mid-Cap Growth Fund USD C $ 16.82 - 0.17 0.00 -3.22 6.56 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1116.00 - 7.00 0.05 -3.54 1.54
Edentree Green Future B Net Inc 99.76 - 0.75 0.47 2.58 -
Artemis Target Return Bond I Acc 105.99 - -0.51 3.78 -0.70 1.99 Global Sustainable Total Return Bond GBP B £ 9.49 - -0.03 0.89 -2.18 - Janus Henderson Asian Dividend Income Unit Trust Inc 77.44 - 0.23 5.88 -8.80 2.13
EdenTree Managed Income Cls A Inc 123.10 - -0.40 4.96 -2.66 8.40
Artemis UK Select Fund Class I Acc 797.52 - -1.59 2.90 8.13 18.93 Findlay Park Funds Plc ( IRL ) Janus Henderson Cautious Managed Fund A Acc 290.30 - -0.50 2.82 -0.31 5.05
EdenTree Managed Income Cls B Inc 131.70 - -0.40 4.96 -2.11 9.00
Artemis UK Smaller Cos I Acc 2033.35 - 5.09 2.26 -2.49 12.99 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Janus Henderson Cautious Managed Fund A Inc 143.20 - -0.20 2.87 -0.30 5.29
Artemis UK Special Sits I Acc 791.89 - -2.74 1.85 7.38 14.05 FCA Recognised Janus Henderson China Opportunities Fund A Acc 1127.00 - 4.00 0.26 -10.48 -7.95
Artemis US Abs Return I Hdg Acc 112.98 - 0.07 0.24 0.91 -0.56 American EUR Unhedged Class € 151.05 - 3.17 0.00 -3.75 - Janus Henderson Emerging Markets Opportunities Fund A Acc 189.50 - 1.90 0.74 -6.93 3.08
Artemis US Extended Alpha I Acc 324.43 - 3.78 0.00 -3.08 10.66 American Fund USD Class $ 166.35 - 3.00 0.00 0.78 9.81 Janus Henderson European Growth Fund A Acc 305.70 - -1.80 1.16 9.61 13.35
Artemis US Select I Acc 284.40 - 3.29 0.18 -6.23 6.70 American Fund GBP Hedged £ 81.32 - 1.46 0.00 -1.50 8.47 Janus Henderson European Selected Opportunities Fund A Acc 2313.00 - -19.00 1.16 10.83 12.65
Artemis US Smlr Cos I Acc 284.50 - 1.90 0.00 -12.70 7.06 American Fund GBP Unhedged £ 133.40 - 2.41 0.00 1.08 9.63 Janus Henderson Fixed Interest Monthly Income Fund Inc 17.61 - -0.06 5.01 -7.43 -2.08
CG Asset Management Limited ( IRL )
25 Moorgate, London, EC2R 6AY Janus Henderson Global Equity Fund Acc 4208.00 - 0.00 0.00 -5.44 7.37
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Euronova Asset Management UK LLP ( CYM ) Janus Henderson Global Equity Income Fund A Inc 67.60 - -0.03 3.35 6.64 10.98
FCA Recognised DWS ( LUX ) Regulated
Janus Henderson Global Sustainable Equity Fund A Inc 471.50 - 3.40 0.00 -0.30 10.94
CG Portfolio Fund Plc Tel: +44 (0) 20 7541 8999 www.dws.com Smaller Cos Cls One Shares € 54.18 - -0.10 0.00 -7.90 6.01
FCA Recognised Janus Henderson Global Technology Leaders Fund A Acc 2926.00 - 45.00 0.00 0.52 9.79
Absolute Return Cls M Inc £ 134.61 135.22 -0.20 1.67 -3.25 4.78 Smaller Cos Cls Two Shares € 34.52 - -0.07 0.00 -8.36 4.35
DWS Invest Top Dividend £ 150.90 150.90 -0.25 3.20 1.84 8.80 Janus Henderson Instl UK Index Opportunities A Acc £ 1.17 - -0.01 2.94 5.48 12.27
Capital Gearing Portfolio GBP P £ 36974.42 37178.29 -56.69 1.69 -4.06 5.09 Smaller Cos Cls Three Shares € 17.23 - -0.03 0.00 -8.35 4.31
DWS Invest Top Euroland £ 163.21 163.21 0.32 2.20 14.78 13.04 Janus Henderson Multi-Asset Absolute Return Fund A Acc 165.00 - -0.10 0.52 0.55 6.11
Capital Gearing Portfolio GBP V £ 179.82 180.82 -0.27 1.69 -4.06 5.09 Smaller Cos Cls Four Shares € 22.70 - -0.05 0.00 -8.25 4.91
DWS Invest Multi Opportunities £ 116.53 116.53 -0.27 0.00 1.08 6.80 Janus Henderson Multi-Manager Active Fund A Acc 255.80 - 0.50 - -2.55 6.16
Dollar Fund Cls D Inc £ 166.29 166.79 -0.68 1.22 -5.66 -0.81
DWS Invest Global Bonds £ 93.08 93.08 -0.16 0.00 -4.97 -2.20 Janus Henderson Multi-Manager Distribution Fund A Inc 125.90 - 0.10 2.61 -2.52 3.55
Dollar Hedged GBP Inc £ 95.68 95.96 -0.40 1.19 -7.34 -1.11
Janus Henderson Multi-Manager Diversified Fund A Acc 87.75 - -0.07 2.42 -3.09 1.17
Real Return Cls A Inc £ 199.25 199.85 -0.92 1.70 -4.77 -0.45
Janus Henderson Multi-Manager Global Select Fund Acc 309.90 - 2.30 0.00 -1.09 10.18
Janus Henderson Multi-Manager Income & Growth Fund A Acc 189.00 - 0.10 2.69 -2.12 3.90
Janus Henderson Multi-Manager Income & Growth Fund A Inc 147.10 - 0.20 2.73 -2.07 3.93
Janus Henderson Multi-Manager Managed Fund A Acc 314.80 - 0.50 0.24 -1.59 5.85
Fidelity Investments International Janus Henderson Multi-Manager Managed Fund A Inc 304.00 - 0.50 0.25 -1.56 5.86
Other International Funds Janus Henderson Sterling Bond Unit Trust Acc 204.60 - -0.10 1.60 -9.51 -5.17
Emerging Mkts NAV £ 7.21 - -0.16 1.98 -6.77 -1.46
Janus Henderson Sterling Bond Unit Trust Inc 55.57 - -0.05 1.62 -9.53 -5.17
Janus Henderson Strategic Bond Fund A Inc 103.80 - -0.60 3.34 -6.86 -2.89
Ashmore Group Foord Asset Management
Website: www.foord.com - Email: info@foord.com Janus Henderson Absolute Return Fund A Acc 169.60 - 0.00 0.00 2.54 1.98
61 Aldwych, London WC2B 4AE. Dealing team: +352 27 62 22 233
Authorised Inv Funds FCA Recognised - Luxembourg UCITS Janus Henderson UK Alpha Fund A Acc 140.60 - 0.50 1.15 -5.19 5.87
Emerging Markets Equity Fund $ 117.95 - 1.72 0.00 -0.46 8.85 Foord International Fund | R $ 51.01 - 0.04 0.00 2.31 6.75 Janus Henderson UK Equity Income & Growth Fund A Inc 514.00 - 2.10 4.78 2.38 13.70
Emerging Markets Equity ESG Fund $ 136.29 - 2.03 0.00 2.50 8.19 Foord Global Equity Fund (Lux) | R $ 16.74 - 0.08 0.00 2.51 - Janus Henderson US Growth Fund A Acc 1714.00 - 27.00 - -2.61 8.50
Emerging Markets Active Equity Fund $ 118.76 - 1.29 0.00 -7.07 2.05 Regulated
Foord Global Equity Fund (Sing) | B $ 19.99 - 0.10 0.00 2.70 8.01
Emerging Markets Frontier Equity Fund $ 177.80 - 1.32 1.05 -11.53 12.41
Foord International Trust (Gsy) $ 49.72 - 0.04 0.00 2.33 6.76
Emerging Markets Blended Debt Fund $ 52.96 - -0.11 4.89 -6.41 -2.47
Emerging Markets Blended Debt ESG Fund $ 86.77 - -0.08 0.00 -2.99 -1.32
Emerging Markets Debt Fund $ 57.08 - -0.13 5.98 -9.62 -2.71
Emerging Markets Corporate Debt Fund $ 59.61 - -0.16 7.79 -7.07 -1.00
Emerging Markets Local Currency Bond Fund $ 63.60 - 0.05 4.25 8.32 2.59
Monday 1 May 2023 ★ FINANCIAL TIMES 15

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 $ 101.40 - 0.59 0.00 -0.49 16.59

Milltrust Marcellus India Fund $ 121.49 - 0.53 0.00 -11.86 -
Milltrust Singular ASEAN SP Founders $ 131.01 - 0.63 0.00 -10.37 19.73
Milltrust SPARX Korea Equity SP A $ 107.85 - 0.95 0.00 -13.61 5.67
Milltrust Xingtai China SP A $ 100.32 - -0.57 0.00 - -3.47
The Climate Impact Asia Fund SP (Class A) $ 80.50 - 0.35 0.00 3.25 -
The Climate Impact Asia Fund (Class B) $ 79.70 - 0.34 0.00 2.74 -
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 $ 179.82 - 0.05 4.94 2.55 10.59
Unit Trust Manager/ACD - Host Capital Prusik Asia Emerging Opportunities Fund A Acc $ 178.14 - 1.23 0.00 -11.18 14.41
HC Kleinwort Hambros Growth A Acc 238.81 - 0.68 1.36 -0.66 5.75 Prusik Asia Fund U Dist. £ 204.80 - -0.06 0.00 -9.85 6.47
HC Kleinwort Hambros Growth A Inc 216.68 - 0.62 1.38 -0.65 5.75 Prusik Asia Sustainable Growth Fund A Acc $ 88.30 - 0.06 0.00 -5.53 -
HC Kleinwort Hambros Equity Income A Inc 98.17 - 0.00 3.06 0.95 10.10
HC Kleinwort Hambros Equity Income A Acc 196.61 - -0.03 4.50 0.95 10.10 Ministry of Justice Common Investment Funds ( UK )
HC Kleinwort Hambros Multi Asset Balanced A Acc 170.28 - 0.30 0.81 -2.55 2.53 Property & Other UK Unit Trusts
HC Kleinwort Hambros Multi Asset Balanced A Inc 160.95 - 0.28 0.81 -2.55 2.53 The Equity Idx Tracker Fd Inc 1913.00 - 2.00 2.48 1.10 10.38
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 $ 566.29 - 7.14 0.00 -12.08 20.43 Aptus Global Financials B Acc £ 5.21 - 0.05 3.51 20.73 27.00
65 Gresham Street, London, EC2V 7NQ SICO Kingdom Equity Fund $ 33.31 - 0.83 0.00 -11.93 22.48 Aptus Global Financials B Inc £ 3.32 - 0.03 3.61 20.76 28.56
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds SICO Gulf Equity Fund $ 153.39 - 1.08 0.00 -13.49 18.40
Authorised Corporate Director - Link Fund Solutions
Global Total Fd PCG A 390.86 - 4.78 0.18 4.43 12.88
Global Total Fd PCG B 385.62 - 4.72 0.00 4.17 12.60
Global Total Fd PCG INT 378.13 - 4.62 0.00 3.91 12.32

Slater
Toscafund Asset Management LLP
www.toscafund.com

Investments
Tosca A USD $ 436.24 - -35.71 0.00 3.96 19.14
Tosca Mid Cap GBP £ 150.51 - -17.62 0.00 -34.81 -0.02
Tosca Opportunity B USD $ 252.81 - -15.03 0.00 -29.95 -19.96
Pegasus Fund Ltd A-1 GBP £ 35.91 - -4.23 0.00 -34.63 -0.24
Purisima Investment Fds (CI) Ltd ( JER )
Mirabaud Asset Management ( LUX ) Regulated
www.mirabaud.com, marketing@mirabaud-am.com PCG B X 295.21 - 0.50 0.00 0.27 11.07
Lazard Fund Managers Ltd (1200)F ( UK ) Please find more details on our website: www.mirabaud-am.com PCG C X 286.96 - 0.48 0.00 0.06 10.84
P.O. Box 364, Darlington, DL1 9RD Regulated
Dealing: 0870 6066408, Info: 0870 6066459 Mir. - Glb Strat. Bd I USD $ 116.45 - -0.26 0.00 -1.76 1.45
Authorised Inv Funds Mir. - DiscEur D Cap GBP £ 168.18 - 2.48 0.00 -6.48 9.45
Lazard Investment Funds (OEIC) B Share Class
Developing Markets Acc 115.71 - 0.70 0.49 -5.30 2.70
Mir. - UKEq HA Cap I GBP £ 138.13 - -0.22 0.00 -2.52 7.25 Slater Investments Ltd ( UK )
www.slaterinvestments.com; Tel: 0207 220 9460
Developing Markets Inc 113.56 - -0.92 0.54 -3.63 3.25 FCA Recognised
Emerging Markets Acc 359.14 - 1.25 4.63 0.32 9.57 Slater Growth A Acc 630.41 630.41 5.37 0.00 -17.22 8.23
Emg Mkts Inc 268.87 - 0.94 4.86 0.32 9.57 Slater Income A Inc 142.35 142.35 -0.24 5.22 -3.62 12.56
European Alpha Acc 1104.79 - -10.90 1.25 11.24 12.51 Slater Recovery A Acc 326.61 326.61 1.61 0.00 -14.21 10.80
European Alpha Inc 943.95 - -9.32 1.27 11.25 12.51 Slater Artorius 278.48 278.48 -2.96 0.53 -23.22 12.17
European Smaller Cos Acc 677.20 - -3.44 1.13 -6.97 9.28
Global Equity Income Acc 224.15 - 0.22 3.41 -1.70 12.18
Global Equity Income Inc 111.58 - 0.11 3.49 -1.69 12.18
Managed Bal Inc 183.90 - -0.41 1.99 -2.95 6.11
UK Income Acc 1655.71 - -6.98 4.03 3.87 12.59
UK Income Inc 591.57 - -2.49 4.14 3.87 12.59 Troy Asset Mgt (1200) ( UK )
65 Gresham Street, London, EC2V 7NQ
UK Omega Acc 295.22 - -1.66 1.84 9.04 13.84 Order Desk and Enquiries: 0345 608 0950
UK Omega Inc 241.96 - -1.36 1.87 9.05 13.85 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 128.33 - 0.10 0.07 -0.87 4.93
RAM Systematic Emerg Markets Eq $ 218.78 218.78 0.75 - 1.17 13.60
Trojan Ethical Global Inc O Acc 103.62 - 0.83 2.63 -2.29 -
Oasis Crescent Global Investment Funds (UK) ICVC( UK ) RAM Systematic European Eq € 540.85 540.85 -0.02 - -2.98 12.80
Regulated Trojan Ethical Global Inc O Inc 100.50 - 0.80 2.66 -2.26 -
RAM Systematic Funds Global Sustainable Income Eq $ 150.37 150.37 1.29 0.00 -1.40 12.88
Oasis Crescent Global Equity Fund USD A (Dist) $ 34.93 - 0.52 0.23 -3.05 6.56 Trojan Ethical O Inc 127.97 - 0.10 0.08 -0.87 4.93
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 3.02 -0.63 1.41 Trojan Ethical Income O Acc 142.26 - 0.44 2.61 -0.51 4.28
RAM Systematic Long/Short European Eq € 148.77 148.77 -0.82 - -4.99 2.34
Oasis Crescent Global Low Equity Fund USD D (Dist) $ 12.24 - 0.10 1.00 -5.08 3.06 Trojan Ethical Income O Inc 117.41 - 0.36 2.66 -0.50 4.28
Lothbury Property Trust (UK) RAM Systematic US Sustainable Eq $ 336.71 336.71 4.01 - -7.35 5.02
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Oasis Crescent Global Medium Equity Fund USD A (Dist) $ 13.65 - 0.13 0.29 -4.19 4.22 Trojan Fund O Acc 390.02 - -0.22 0.25 -0.81 5.17
RAM Tactical Global Bond Total Return € 139.86 139.86 -0.28 - -3.04 -1.67
Property & Other UK Unit Trusts Oasis Crescent Global Property Equity Fund USD A (Dist) $ 7.76 - 0.12 1.24 -21.13 4.02 RAM Tactical II Asia Bond Total Return $ 146.68 146.68 -0.10 - -0.88 0.22
Stewart Investors ( UK ) Trojan Fund O Inc 314.89 - -0.17 0.25 -0.81 5.17
Lothbury Property Trust GBP £ 1636.39 1681.34 -5.32 3.41 -22.62 -4.29 23 St Andrew Square, Edinburgh, EH2 1BB Trojan Global Equity O Acc 498.16 - 8.58 0.00 5.46 9.68
Oasis Crescent Global Short Term Income Fund USD A (Dist) $ 0.93 - 0.00 2.10 -0.83 0.23 enquiries@stewartinvestors.com
Oasis Crescent Variable Fund GBP A (Dist) £ 9.81 - 0.05 0.38 -4.02 5.06 Client Services: 0800 587 4141 Trojan Global Equity O Inc 411.03 - 7.09 0.00 5.46 9.68
Dealing Line: 0800 587 3388 Trojan Global Income O Acc 156.54 - 0.89 3.11 -2.70 6.82
Authorised Funds Trojan Global Income O Inc 129.95 - 0.73 3.18 -2.71 6.82
SI Asia Pacific A Acc 1578.46 - 8.30 0.00 2.88 12.37 Trojan Income O Acc 352.07 - 0.04 2.79 -1.31 4.01
SI Asia Pacific A Inc £ 2.79 - 0.01 0.00 2.64 11.91 Trojan Income O Inc 171.14 - 0.02 2.86 -1.32 4.01
SI Asia Pacific Leaders A Acc 853.44 - -0.35 0.00 -3.07 9.81
Royal London ( UK ) SI Asia Pacific Leaders A Inc £ 2.90 - 0.00 0.00 -3.11 9.74
M & G Securities (1200)F ( UK ) 55 Gracechurch Street, London, EC3V rlam.co.uk SI Asia Sustainability A Acc 724.09 - 3.33 0.00 1.74 12.23
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 790.59 - 4.13 1.77 2.18 10.28
Other International Funds Royal London Sustainable Diversified A Inc £ 2.36 - 0.01 0.87 -1.71 3.47
Authorised Inv Funds SI Global Emerging Mkts Leaders A Acc 547.69 - 1.78 1.06 -1.41 8.75
Estimated NAV $ 940.88 - -11.46 0.00 24.08 23.91 Royal London Sustainable World A Inc 348.50 - 1.90 0.00 0.16 6.57
Charifund Inc 1514.20 - -5.02 5.53 1.38 11.96 SI Global Emerging Mkts Sus A Acc 362.12 - 1.84 0.00 -0.38 6.35
Royal London Corporate Bond Mth Income 75.13 - 0.48 4.26 -7.39 -2.90
Charifund Acc 30081.65 - -99.86 4.66 1.37 11.96 SI Indian Sub-Cont A Acc 748.98 - 5.33 0.00 -0.50 22.46
Royal London European Growth Trust 216.80 - -2.00 1.12 12.36 13.68 Zadig Gestion (Memnon Fund) ( LUX )
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.09 - 0.00 2.42 -4.32 -2.16 SI Latin America A Acc £ 2.18 - -0.01 2.87 -4.66 -8.93
Royal London Sustainable Leaders A Inc 801.20 - 1.20 1.18 2.88 9.04 FCA Recognised
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 39.22 - -0.03 1.96 -4.32 -2.11 SI Worldwide Equity A Acc £ 2.36 - 0.05 - 21.94 8.37 Memnon European Fund - Class U2 GBP £ 272.32 - 0.03 0.00 22.86 19.82
Royal London UK Growth Trust 628.80 - -3.40 2.08 1.96 10.70
M&G Charity Multi Asset Fund Inc £ 0.90 - -0.01 3.92 2.72 11.21 SI Worldwide Equity A Inc £ 2.39 - 0.05 - 23.40 8.80
Royal London UK Income With Growth Trust 208.70 - -1.30 5.10 0.42 9.05
M&G Charity Multi Asset Fund Acc £ 108.95 - -0.14 3.58 2.73 11.22 SI Worldwide Leaders A Acc 600.83 - 4.31 0.00 4.96 10.94
Royal London US Growth Trust 376.40 - 8.40 0.00 1.87 14.50
Additional Funds Available SI Worldwide Sus A Acc £ 2.66 - 0.01 - 2.60 7.03
Orbis Investments (U.K.) Limited ( GBR ) Please see www.royallondon.com for details SI Worldwide Sus A Inc £ 2.57 - 0.00 - 2.59 7.12
28 Dorset Square, London, NW1 6QG
www.orbis.com 0800 358 2030
Regulated
Orbis OEIC Global Cautious Standard £ 12.02 - 0.00 0.00 1.68 7.96
Orbis OEIC Global Balanced Standard £ 19.70 - 0.07 0.37 6.12 14.71
MMIP Investment Management Limited ( GSY ) Orbis OEIC Global Equity Standard £ 21.86 - 0.19 2.55 6.01 12.95
Regulated Orbis OEIC UK Equity Standard £ 12.43 - 0.01 3.05 17.95 26.29
Multi-Manager Investment Programmes PCC Limited
UK Equity Fd Cl A Series 01 £ 3252.50 3286.20 -134.57 0.00 3.26 19.49
Diversified Absolute Rtn Fd USD Cl AF2 $ 1688.02 - 45.93 - -1.51 1.32
Diversified Absolute Return Stlg Cell AF2 £ 1580.96 - 25.26 0.00 -1.45 2.70
Global Equity Fund A Lead Series £ 1771.60 1775.91 -34.10 0.00 -2.19 11.39

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 $ 243.57 - 3.33 - 3.15 9.50
LF Ruffer Diversified Rtrn C Acc 103.11 - -0.31 1.84 -2.98 - SF Global Best Ideas Eq D GBP INC £ 296.37 - 4.07 - 3.44 9.33
LF Ruffer Diversified Rtrn C Inc 101.22 - -0.31 1.84 -2.98 -
Platinum Capital Management Ltd LF Ruffer European C Acc 796.96 - -4.88 0.79 -0.57 14.31
Other International Funds LF Ruffer European C Inc 142.97 - -0.87 0.82 -0.56 14.32
Platinum All Star Fund - A $ 146.17 - - - -6.04 7.53 LF Ruffer Equity & General C Acc 579.59 - -0.68 0.75 1.49 11.27
Platinum Global Growth UCITS Fund $ 8.08 - -0.08 0.00 -14.86 -7.74 LF Ruffer Equity & General C Inc 523.62 - -0.62 0.76 1.49 11.27
McInroy & Wood Portfolios Limited ( UK ) Platinum Essential Resources UCITS Fund SICAV USD Class E $ 10.12 - -0.09 0.00 -9.16 13.24
Easter Alderston, Haddington, EH41 3SF 01620 825867 LF Ruffer Gold C Acc 266.26 - -1.42 0.00 -8.64 5.01
Authorised Inv Funds Platinum Global Dividend UCITS Fund $ 46.11 - -0.49 0.00 -8.60 -1.94 LF Ruffer Gold C Inc 161.15 - -0.86 0.00 -8.64 5.01
Balanced Fund Personal Class Units 6082.00 - -1.80 1.40 2.41 8.67 LF Ruffer Japanese C Inc 163.05 - 0.17 0.24 5.37 8.67
Income Fund Personal Class Units 2889.50 - -5.20 2.40 -0.11 7.68 LF Ruffer Japanese C Acc 351.27 - 0.37 0.24 5.36 8.68
Emerging Markets Fund Personal Class Units 2253.20 - 11.50 1.48 1.40 7.89 LF Ruffer Total Return C Acc 558.75 - -4.93 2.85 -2.18 6.81
Smaller Companies Fund Personal Class Units 6118.90 - 22.50 1.30 -5.28 6.65 LF Ruffer Total Return C Inc 343.91 - -3.03 2.91 -2.16 6.82

Polar Capital Funds Plc ( IRL )

Regulated
Automation & Artificial Intelligence CL I USD Acc $ 15.63 15.63 0.16 0.00 1.10 9.58
Asian Starts I USD Acc $ $ 13.88 - 0.02 0.00 -1.07 6.50
Biotechnology I USD $ 39.61 39.61 -0.03 0.00 14.94 10.89 Superfund Asset Management GmbH
China Stars I USD Acc $ $ 11.10 11.10 0.04 0.00 1.74 0.24 www.superfund.com, +43 (1) 247 00
Other International Funds
Emerging Market Stars I USD Acc $ 11.10 - 0.05 0.00 -2.55 5.25
Other International Funds
European Ex UK Inc EUR Acc € 15.40 15.40 0.02 0.00 11.51 14.98
Superfund Green Gold $ 1031.20 - 10.67 0.00 -38.19 -9.83
Financial Opps I USD $ 13.99 - 0.15 2.19 1.06 15.55
Superfund Green Silver $ 924.02 - 13.18 0.00 -36.62 0.91
Global Convertible I USD $ 13.50 13.50 -0.01 0.00 -6.12 1.76 Regulated
Global Insurance I GBP £ 10.15 - 0.16 0.00 11.33 18.86 Superfund Green US$ $ 743.49 - 6.56 0.00 -39.67 -11.79
Global Technology I USD $ 68.52 - 1.05 0.00 -4.05 6.22
Healthcare Blue Chip Fund I USD Acc $ 19.15 19.15 -0.07 0.00 3.91 10.30
Healthcare Dis I Acc USD $ $ 12.82 - 0.02 0.00 1.02 8.63
Healthcare Opps I USD $ 67.82 - 0.10 0.00 10.26 9.26
Milltrust International Managed Investments ICAV( IRL ) Income Opportunities B2 I GBP Acc £ 2.96 2.96 0.00 0.00 3.27 17.67 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 ¥ 156.50 156.50 2.05 - 21.54 17.42
Regulated
British Innovation Fund £ 121.92 - 2.89 0.00 - - North American I USD $ 32.90 32.90 0.35 0.00 -2.92 13.74
Rubrics Emerging Markets Fixed Income UCITS Fund $ 139.17 - -0.09 0.00 3.03 1.69 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 $ $ 8.95 8.95 -0.02 0.00 9.15 -
Rubrics Global Credit UCITS Fund $ 16.90 - -0.03 0.00 -1.40 0.55 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 $ $ 8.49 8.49 -0.05 0.00 4.56 - Authorised Funds
Rubrics Global Fixed Income UCITS Fund $ 172.59 - -0.52 0.00 -0.56 -1.84
Milltrust Global Emerging Markets Fund - Class A $ 95.03 - -0.06 0.00 -9.05 6.71 UK Val Opp I GBP Acc £ 12.51 12.51 -0.06 0.00 -7.13 8.59 TM New Court Fund A 2011 Inc £ 18.68 - 0.15 0.00 -2.61 7.25
TM New Court Fund - A 2014 Acc £ 18.85 - 0.16 0.00 -2.53 7.30
TM New Court Equity Growth Fund - Inc £ 20.36 - 0.20 0.00 -3.42 8.84

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 25/04/2023 £ 559.45 564.77 1.71 0.00 -2.11 9.45 Managed Growth ♦ 346.10 - -1.50 0.00 1.50 11.80
Milltrust Alaska Brazil SP A $ 79.53 - 1.70 0.00 -1.08 16.53 UK Growth ♦ 411.20 - -1.80 0.00 3.45 15.98

Guide to Data
The fund prices quoted on these pages are supplied by the operator of the relevant fund. Details of funds published on these pages, including prices, are for the purpose of information only and should only be used as a guide. The Financial Times Limited makes no representation as to their accuracy or completeness and they should not be relied upon when making an
investment decision.
The sale of interests in the funds listed on these pages may, in certain jurisdictions, be restricted by law and the funds will not necessarily be available to persons in all jurisdictions in which the publication circulates. Persons in any doubt should take appropriate professional advice. Data collated by Morningstar. For other queries contact reader.enquiries@ft.com +44
(0)207 873 4211.
The fund prices published in this edition along with additional information are also available on the Financial Times website, www.ft.com/funds. The funds published on these pages are grouped together by fund management company.
Prices are in pence unless otherwise indicated. The change, if shown, is the change on the previously quoted figure (not all funds update prices daily). Those designated $ with no prefix refer to US dollars. Yield percentage figures (in Tuesday to Saturday papers) allow for buying expenses. Prices of certain older insurance linked plans might be subject to capital gains tax on
sales.
Guide to pricing of Authorised Investment Funds: (compiled with the assistance of the IMA. The Investment Association, Camomile Court 23 Camomile Street, London EC3A 7LL. Tel: +44 (0)20 7831 0898.)
OEIC: Open-Ended Investment Company. Similar to a unit trust but using a company rather than a trust structure.
Different share classes are issued to reflect a different currency, charging structure or type of holder.
Selling price: Also called bid price. The price at which units in a unit trust are sold by investors.
Buying price: Also called offer price. The price at which units in a unit trust are bought by investors. Includes manager’s initial charge.
Single price: Based on a mid-market valuation of the underlying investments. The buying and selling price for shares of an OEIC and units of a single priced unit trust are the same.
Treatment of manager’s periodic capital charge: The letter C denotes that the trust deducts all or part of the manager’s/operator’s periodic charge from capital, contact the manager/operator for full details of the effect of this course of action.
Exit Charges: The letter E denotes that an exit charge may be made when you sell units, contact the manager/operator for full details.
Time: Some funds give information about the timing of price quotes. The time shown alongside the fund manager’s/operator’s name is the valuation point for their unit trusts/OEICs, unless another time is indicated by the symbol alongside the individual unit trust/OEIC name.
Data Provided by
The symbols are as follows: ✠ 0001 to 1100 hours; ♦ 1101 to 1400 hours; ▲ 1401 to 1700 hours; # 1701 to midnight. Daily dealing prices are set on the basis of the valuation point, a short period of time may elapse before prices become available. Historic pricing: The letter H
denotes that the managers/operators will normally deal on the price set at the most recent valuation. The prices shown are the latest available before publication and may not be the current dealing levels because of an intervening portfolio revaluation or a switch to a forward pricing
basis. The managers/operators must deal at a forward price on request, and may move to forward pricing at any time. Forward pricing: The letter F denotes that that managers/operators deal at the price to be set at the next valuation.
Investors can be given no definite price in advance of the purchase or sale being carried out. The prices appearing in the newspaper are the most recent provided by the managers/operators. Scheme particulars, prospectus, key features and reports: The most recent particulars and
documents may be obtained free of charge from fund managers/operators. * Indicates funds which do not price on Fridays.
Charges for this advertising service are based on the number of lines published and the classification of the fund. Please contact data@ft.com or call +44 (0)20 7873 3132 for further information.
www.morningstar.co.uk
Data as shown is for information purposes only. No offer is made by Morningstar or this publication.
16
We’ve got 24 hours to save the CBI
Rutherford Hall
Critical comms
Messages from the archive of
Rutherford Hall, critical
communications strategist
WhatsApp to Stephen: Are you out
of your mind? We don’t want to go
anywhere near the CBI. We do
critical communications not
necromancy.
WhatsApp to Stephen: They were in
trouble long before this scandal.
This is just the last straw. You can
get past the rape allegations —
especially if you are the Metropolitan
Police. Do you think that’s what
really worries these trade bodies?
No, the Confederation of British
Industry is finished because lots of
people hate it and the big members
think it’s a waste of money. Seriously,
have you ever been to a CBI event?
There are lunar craters with more
atmosphere.
WhatsApp to Stephen: Also the
government’s against it because of
Brexit. Anyway I’ve got a better idea.
WhatsApp to Stephen: Yes. I’m
hearing a lot of talk about a new voice
of British industry — BizUK is one
bandied around. Such a good name,
so buzzy, so now. That’s where we
want to be, with the voice for the 21st
century business. A new organisation
with actual business leaders, a “don’t
molest the staff” policy and large
corporate affairs budgets. I know a few
of those working on this.
WhatsApp to Stephen: Exactly. If we
can make this work we’ll have an in
with every important business and
trade group.
---------------
From:Rutherford@monkwellstrategy.com
To SirPeter@podsnap.co.uk
Sir Peter,
Very good to see you the other day.
We’re stoked about the new grouping.
It’s the most exciting development
in business lobbying since the
corporate credit card. I’d be very
keen to work with you on this. I’ve
got a few preliminary thoughts for a
campaign.
Firstly, we need to stop the slow
dribble of stories, sign up key players
in secret and launch in a blaze of
publicity so we kill off the CBI with the
first blow. The message is the CBI is
over. It’s toxic, badly run and has no
clout. By contrast, you are the
European Super League of business,
taken seriously in the corridors of
power. Well maybe not the “European”
super league — in fact let’s not mention
Europe at all. But it’s got all the big
teams.
Best Rutherford
“If you don’t understand the wave, you
can’t respect it. And if you don’t have
respect for a wave, it’s only a matter of
time before the ocean teaches you some.”
Find me on Strava, KoM Sydenham
Hill, PR London to Brighton 3h 37m
★ FINANCIAL TIMES
WORK & CAREERS
To: SirPeter@podsnap.co.uk
Oh I see. Well thank you for letting me
know. Good luck with the plan
Best Rutherford
“If you don’t understand the wave . . .
Find me on Strava . . .
---------------
WhatsApp to Stephen: Disaster.
They’ve already signed up IPW
Strategy to run their comms. There’s
only one thing for it.
WhatsApp to Rain-NewtonSmith:
Rain, good to touch base. This is a
matter of principle for me. More than
ever, business needs the CBI. It needs
its most powerful voice at the top table,
not lots of little groups being played off
against each other by politicians.
Loved the FT interview,
floating the name change.
What is a confederation,
anyway? Is it better than
a federation or worse?
From: Rutherford@Monkwellstrategy.com
To: Rain.newtonsmith@cbi.stillbreathing.
org
As promised my first thoughts on the
fightback. Loved the FT interview,
floating the name change. What is a
confederation, anyway? Is it better
than a federation or worse?
Point one. People are writing off the
CBI too soon. We’ve got the regional
infrastructure, the research arms and
contacts. You led the fight on
childcare. This new crowd are just a
handful of FTSE 100 types with only
their narrow interest at heart and who
can see ministers whenever they like.
You are there for everyone.
They are the European Super
League, they don’t care about smaller
clubs and trade groups. More
important, we can’t have the
government telling business who can
speak for it. But we do need a real
operation before your EGM. We need
to get round the regional members, the
smaller businesses, the less glam trade
bodies — all the ones that look forward
to putting on black tie for the
President’s dinners and aren’t going to
be meeting the chancellor any other
way. We need to stop the desertions
and get them backing your reform
plan at that EGM.
We’ll play up the fact that you are
the only org that speaks for all of
business and all of the country. But we
do need to pull a couple of big names
just to silence the media.
And what kind of name is BizUK
anyway? Sounds like a kids’ show on
the BBC. Business needs a serious
voice, not some joke name dreamt up
by brand consultants.
Best Rutherford
“If you don’t understand the wave . . .
Find me on Strava . . .
---------------
WhatsApp to Stephen: OK we’re in.
So this had better work. How are our
brand guys doing with a new name?
Tell them to keep it classy.
Messages recovered by Robert Shrimsley
Dear Jonathan
YOUR QUESTION FOR OUR EXPERT — AND READERS’ ADVICE
I want to move out
of my tech job but
how do I sell my
transferable skills?
This week’s problem
I am a senior vice-president working in
tech at a large corporation and have
run and sold a start-up. I am financially
sound but, rather than retire, I want to
pivot to a new industry. I have many
transferable skills — coding, analysing
processes, problem solving and
managing teams. But how do I work out
my next move, and avoid a sidestep
into a similar role? Anonymous
Jonathan’s answer
To explore what your next step should
be, in a potentially new role and ideally
a different industry, it will be helpful to
assess these two dimensions.
Your role in the start-up would have
been broad and probably high risk. Tim
Edwards, chair of Storm Therapeutics, a
biotech start-up, and former chair of
the UK BioIndustry Association, points
out it’s quite an achievement to map
and execute a strategy, motivate
investors and complete a sale. These are
transferable skills to add to your list.
Your role seems to involve less risk,
focusing more on technical aspects.
Some may wonder what motivated this
move: “Does it give a clue to the
progression towards the next role,”
Edwards asks. Do you want the higher
risk and reward of managing a team, or
the lower risk of more focused roles?
Assess what you enjoy about your
current and previous role, especially
the balance of technical skills, people
management and motivation skills —
which do you want more or less of?
For example, could you lead the tech
team within an innovative organisation
that is moving from new start-up to a
fast growth and rollout phase in a
different industry? Or an advisory
board role in a tech spinout where your
experiences could be sought after?
Monday 1 May 2023
Think about why you want to leave,
and why you want to switch industry.
Perhaps you want a change, or greater
purpose in a sector that is important to
your values. Assessing motivations will
help clarify which sectors appeal to you.
Being financially sound gives you a
freedom in your work. Maybe a nine-to-
five role is not as attractive if you don’t
need the job. As well as assessing what
you want in a role, consider what you
seek overall: for example, work can
provide status, the opportunity to be
part of something bigger, to work with
or lead a team, or to support an issue.
Edwards notes you have far more
transferable skills than you listed, and
this gives you options. Working out
your next move will be easier if you can
identify your true motivations for role,
industry and why you want to work.
Readers’ advice
Coding, analysing processes, problem
solving and managing teams are in
demand in the charity and service
sectors. Pay won’t be as high, but that’s
not the goal. The London Gardener
How about non-exec roles? NEDs
can develop a portfolio of firms they
advise, it can be interesting and
well paid. Matthew H
Options could include joining a VC, a
consultancy, a non-profit, or setting up
an advisory for start-ups, and not
charging much since you do not need
the money. Cobraman
Jonathan Black is director of the
Careers Service at the University of
Oxford. Every fortnight he answers
your questions on personal and career
development and working life. Do you
have a question for him? Email:
dear.jonathan@ft.com
Monday 1 May 2023 ★ FINANCIAL TIMES 17

WORK & CAREERS

Company culture

How to spot corporate rot

signal for companies to examine their
CBI scandal prompts own culture. And a near-miss within an
bosses to re-examine organisation should prompt further
investigation. “My experience of busi-
their treatment of staff, ness is where there’s one problem, there
write Emma Jacobs and are usually others,” said Jenkins.
After-the-fact investigations often
Andrew Hill show bad behaviour has been tolerated

A
fter Antony Jenkins took
over as Barclays chief exec-
utive in 2012 after the Libor
scandal, he moved quickly
to axe the bank’s structured
capital markets unit, responsible for
controversial tax avoidance strategies.
“I felt [the division] was clearly incon-
sistent with the values we were trying to
set,” Jenkins, who now runs financial
technology company 10x Banking, told
the Financial Times last week. Describ-
ing the culture you seek is not enough on
its own, he explained. The next step must
be to use the values to guide decisions.
Although Jenkins was ousted in 2015,
the values he set — respect, integrity,
service, excellence and stewardship —
are still in place at Barclays. He remains
convinced good culture is not simply a
way of avoiding bad outcomes, but a
force to improve performance: “Values
should save you money, but they should
also make you money,” he said.
Corporate culture — how to improve it
and how to stop it turning bad — is back
at the top of the boardroom agenda after
the CBI was rocked by rape allegations
from two women who worked there.
In an open letter to members this
week, president Brian McBride said the
UK business lobby group had “failed to
filter out culturally toxic people during
the hiring process” and admitted some
managers had been “promoted too
quickly” without enough training on
values. The group had “paid more atten-
tion to competence than to behaviour”.
The CBI scandal has encouraged other
leaders to examine their organisations.
But it is only the latest in a series of cor-
porate culture crises. These include alle-
gations in 2021 that leaders at BrewDog,
the brewer, fostered a “culture of fear”
and misogyny; in 2017, Uber, the ride-
Analysing data on staff turnover
and sick leave can help to identify
instances of bullying — FT Montage/Getty
sharing app, faced allegations of gender
discrimination and harassment.
Bad cultures are often created by sen-
ior leaders. “It’s easy to spot what a cul-
ture’s going to be like in a business: you
look at the CEO and the chair,” said one
retail director. “You can have many peo-
ple saying different things [on the board
and in senior management], but if the
CEO believes in a way of behaving, that’s
what will happen, unless a chair stands
up and says that’s not acceptable.”
Even if the chair is uncomfortable
with behaviour in their organisation,
the temptation is often not to disrupt
the business if it is doing well financially.
‘My experience of
business is that where
there’s one problem,
there are usually others’
But not doing anything can have cata-
strophic consequences. “A business can
do very well financially with a shitty cul-
ture . . . but at some point it falls over,”
the retail director warned.
Leadership adviser Roger Steare said
“employers should have the legal
responsibility to screen out those poten-
tial leaders who display what psycholo-
gists call dark triad traits” — narcissism,
Machiavellianism and psychopathy.
Senior managers and leaders con-
cerned about their businesses’ culture
can start by examining existing informa-
tion for traces of rot, including data on
sickness and staff turnover. Engage-
ment surveys are useful too, although
staff will not fill them out if they fail to see
action taken as a result, said Pam Loch,
founder of Loch Associates Group, an
employment law firm and consultancy.
Findings from comprehensive exit
interviews and return-to-work meet-
ings when an employee has been off sick
can also help. “People take days off to
avoid . . . a bully,” added Loch.
Ben Wilmott of the IPD, the profes-
sional body for HR and people develop-
ment said human resources “leaders
should be talking to the board about
[significant trends] on a regular basis”.
Reporting procedures, such as whistle-
blowing and “speak up” systems that
offer employees a confidential hotline to
report concerns, are a vital tool. David
Rodin, founder of ethics consultancy
Principia, which works with companies
to apply ethics to organisational culture
and conduct, said: “If you have no calls
to your speak-up line, it’s almost cer-
tainly not because you have no issues”.
Too often signs get missed because
people report problems informally, said
Kathleen Heycock, employment law
partner at Farrer & Co, “so aren’t all
known about by one manager”.
“This means there is no one with
knowledge of everything who could
identify a pattern of behaviour. If small
things are missed [or] ignored then
larger issues are often not dealt with”.
Some organisations are addressing
this with tech tools, such as Vault Plat-
form’s Go Together app, which allows
employees to log anonymous com-
plaints that will surface when other
complainants come forward.
Other useful mechanisms include
scanning employee engagement sur-
veys, and Glassdoor, the jobs review site.
Research by Harvard Business School
used an algorithm to scan Glassdoor
reviews for words including “discrimi-
nation”, “trouble”, “favouritism” and
“unethical”. It identified a rise in use of
the terms to describe bank Wells Fargo
between 2009-13, which corresponded
with fraudulent financial activity by
employees. Researchers found the algo-
rithm could identify misconduct before
whistleblower claims emerged.
Misconduct by an industry peer is a
or even encouraged by management.
An external review at miner Rio Tinto in
2021 found “unacceptable rates” of sex-
ual harassment and casual sexism, and
that “bullying is systemic”. It said harm-
ful behaviour was often “an open secret”
with employees believing there was lit-
tle accountability, particularly for sen-
ior leaders and “high performers”.
This is a scenario Loch has seen often:
“You get people deliberately overlooking
[bad behaviour] as it suits their purpose.
A lot of bullies are highly manipulative.
I’ve worked in organisations, where
someone was generating huge sums of
money, [that] turn a blind eye, despite
churn in their teams and tribunals.”
This view is shared by the US National
Association of Corporate Directors,
which found corporate culture “does
not get the level of boardroom attention
it deserves until a problem arises”.
Joe Garner, a former chief executive of
Nationwide Building Society, stressed
that “high performance is no excuse for
bad behaviour”. “Sometimes a bully can
get results in the short term . . . so those
more distant [eg boards] might see the
positives, but be understandably una-
ware of the negatives,” he said.
Once an organisation has uncovered
bad behaviour, reform can be relatively
quick, said Frances Frei, professor of
technology and operations manage-
ment at Harvard Business School, who
went into Uber to fix the culture in 2017.
“[At Uber] The culture was turned
round . . . completely in nine months
and you would never hear of the prob-
lems that they had again.”
But even when the clean-up is done,
the task of maintaining a positive cul-
ture is never-ending. “You can never say
‘I’ve done culture and I’m going to move
on and do something else’,” warned
Jenkins. “It’s a constant battle.”

Why politics is a
dysfunctional workplace
staffers, Tristan Brown, defended her,
telling the Huffington Post that “I’ve
heard people say she’s tough to work
for and I sometimes cringe when I hear
it because I rarely hear that said about
male bosses in Congress despite the
fact that half of Congress is tough to
work for” — noticeably not a denial of
the allegations themselves.
What links Raab, Brown and
Klobuchar is that their chosen
profession — of elected official — is not
normal and neither is their workplace.
Political parties and parliamentary
Stephen Bush offices are high-pressure environments
full of bosses with limited management
of real-terms pay cuts for parliamentary
aides and civil servants, means there is
little prospect that elected politicians
will get proper management training.
Even if it were on offer, there is no
one who can really make them take it.
One neglected subplot of Adam Tolley’s
report into Raab’s conduct was that
Antonia Romeo, permanent secretary
at the Ministry of Justice, had made
representations to him to change his
behaviour. (Raab disputes this account,
though Tolley accepted it as truth, in
part because of the depth of Romeo’s
notes.) Ultimately, given neither
administration officials nor the

D
ominic Raab, who recently
quit as the UK’s deputy
prime minister, is both the
victim, and beneficiary, of
his unusual industry. He is
a beneficiary because, long before his
ministerial career was brought to an
end by allegations of bullying, his
administrative record would surely
have halted it elsewhere. Raab
attributed the reaction to him from
civil servants to the “pace, standards
and challenge” he brought to the role,
but his ministerial career is one lacking
in achievement.
If his chosen career were anything
other than that of a politician, he would
surely not have lost his job as justice
secretary in the manner he did. Being
found by an independent report to
have on occasion interrupted people by
“extending his hand directly out
towards another person’s face” is, by
any standard, unnecessarily rude. But
in any normal workplace, a quiet word
in the handraiser’s ear and a gentle
apology would surely suffice.
Raab is not the first politician to be
dogged by rumours about his conduct.
Labour’s last prime minister, Gordon
Brown, was accused of throwing pens
and even a stapler at staff. In 2009,
Bloomberg reported that one aide had
been warned to beware of “flying
Nokias”. The then prime minister’s
spokesperson described Bloomberg’s
report as “the sort of unsubstantiated,
unsourced nonsense that you would
expect to read in Sunday newspapers,
not on the supposedly respectable
financial wire services”. The difference
is that some of the claims against Raab
were upheld by an independent arbiter.
In 2020, the presidential bid of Amy
Klobuchar, Minnesota’s senior senator,
was hit by a series of bullying
allegations. She was accused of
reducing staff to tears and berating
them via email. One of her former
experience. Although none of these
features are only found in the political
world, together they can create
dysfunctional workplaces. The Raab
affair illustrates all of them well: while
the crisis at the CBI shows how many of
the same problems can hit organisations
that do not face the unique
circumstances or pressures of politics.
The problems go back to Raab’s
initial appointment. Like Klobuchar,
Brown and essentially every politician
to take office before them, Raab’s main
qualification for holding high office was
his ability to win elections. He was
promoted by successive prime
ministers in large part because of his
political credentials as a committed
Brexiter from the right of the party.
What he and most politicians do not
have is management experience.
People are bound to their
boss’s will in ways that are
rare outside the most
messianic of start-ups
Politics is far from the only industry
where people are rewarded for
expertise in a field with management
responsibilities and left to sink or
swim. In recent years, rapid growth in
tech companies has led to people being
promoted into management roles with
incredible speed.
But one important difference between
politics and other industries is that there
is no internal pressure to improve the
management skills of individual
politicians. Governments and
legislatures face pressures not only to
keep costs down, but a backdrop of
hostility from the press and their
opponents about any spending that
looks like a perk. The same thing that
sees ministers crammed like sardines
into second-class train carriages and
that has resulted in more than a decade
politician in question’s ultimate boss,
the prime minister, is going to make a
key ally undertake management
training, politics will always be cursed
by inexperienced and poor managers.
If that wasn’t bad enough, the
political workplace’s unusual structure
makes it more prone to dysfunction.
Most people in politics, whether as an
adviser or working in a parliamentary
office, are bound to their boss’s will in
ways that are rare outside the most
messianic of start-ups.
They tend to share a political outlook
and a set of objectives. It’s a workplace
where people are used to going the
extra mile and tolerance of bad bosses
is high. Almost everyone is either at the
top of the organisational tree — a
minister, an MP running their
parliamentary office or the prime
minister — or in a largely flat structure.
One problem in the CBI, too, is that it
has a “missing middle”: many
comparatively junior staff flanked by a
handful of powerful bosses is a recipe
for trouble.
What makes the toxicity of politics
more likely to spill into the open is that
politicians engage in conflict with one
another, but also because successful
ones are forced into contact with an
organisation that does operate like a
modern workplace: the government
bureaucracy. This is where a bullying
or charismatic politician can discover
they do not have what it takes to run a
government department.
The difficult truth for politicians, their
direct employees and those who come
into contact with them is that these
features are not easily removed from
politics. While there is no excuse for
bullying, if success in elections brought
with it the obligation to be good at
management, we would no longer call
the state in question a liberal democracy.
For the rest of us, politics remains a
useful case study for how not to run a
workplace and probably always will.
18 ★ FINANCIAL TIMES Monday 1 May 2023

ARTS

Nicole
Chevalier in
Brazilian rapper’s
‘Symphony of
Sorrowful
Songs’ — Bill Knight
powers of persuasion
POP
Emicida
Barbican, London
aaaae
Ludovic Hunter-Tilney
Brazilian rapper Emicida’s name is
taken from “emcee” and the Por-
tuguese world for “homicide”. The
emcee appellation was obvious as
he perambulated the Barbican
Centre’s stage with a microphone,
but the homicidal side was less
clear. Emicida, real name Leandro
Roque de Oliveira, appeared the
acme of amicability as he rapped
his verses. Foot on monitor, elbow
propped on knee, he leaned
towards the audience in the amia-
ble manner of a neighbour having
a natter over the garden fence, not
a stone-cold killer spitting bars
slavery as late as 1888. The project
includes a hit Netflix film showing
Emicida performing at São Paulo’s
opera house in 2019, a rococo cita-
del for the city’s European elite.
At the concrete citadel of the
Barbican, playing to an audience
chiefly composed of compatriots,
the rapper was accompanied by
Julio Fejuca on bass, Jhow Produz
on drums and Michele Lemos
on guitar.
The show was part of the annual
La Linea festival of Latin Ameri-
can music. An initially glitchy
screen behind the musicians
showed the same church stained-
glass window designs as the Netf-
lix-filmed staging. A mellow
tempo predominated at first. Emi-
cida rapped in an easy-paced, con-
versational fashion. Choruses had
a gospelly, handclappy feel.
The pre-recorded voice of the
Brazilian avatar of musical activ-

Drawn deep into symphonic drama like bullets.

CLAS SICA L
Symphony of Sorrowful Songs
London Coliseum
aaaae
Alastair Macaulay
Many layers of grief and poignancy sur-
round English National Opera’s new
production of Henryk Górecki’s Sym-
phony of Sorrowful Songs, which may
prove to be the company’s last at the
London Coliseum. Written in 1976, the
Polish composer’s third symphony con-
sists of three movements and is con-
structed around three songs: two sung
by a mother for her dead child, one by
a child separated from their parent.
A single soprano sings those songs, but
the slow-moving orchestra makes the
emotion feel far larger than that of any
one individual.
The war in Ukraine — and other
recent killings — makes the music seem
immediately relevant. And this produc-
tion comes only a week after the London
premieres of two other operas about the
traumatic after-effects of killings: Kaija
Saariaho’s Innocence at the Royal Opera
House and Jeanine Tesori’s Blue at ENO.
Although it’s unusual for opera com-
panies to stage symphonies, even vocal
ones, it’s by no means rare for dance
companies to do so. By a curious acci-
dent of planning, this ENO production
— directed and designed by Isabella
Bywater and conducted by Lidiya
Yankovskaya — comes six months
after another important London
staging that drew on the same Górecki
symphony: Canadian choreographer
Crystal Pite’s Light of Passage for the
Royal Ballet at Covent Garden. Pite’s
creation, widely acclaimed, has been
nominated for awards.
Even so, it’s Bywater’s staging that
draws us far deeper into the music by
dramatising the lone singer amid larger
cosmic vistas and, more specifically,
imagery of anonymous soldiers, corpses
and mourners. The stage area is a trian-
gle, open to us on one side, with two cur-
tained walls. On these, videos by Rob-
erto Vitalini show us a galaxy of stars,
seas at night and other vast contexts
within which one human situation
becomes central.
Although the action is slow, the effect
is enthralling. Jon Driscoll’s lighting
achieves a subdued theatre of marvels
as American soprano Nicole Chevalier,
as the mourning mother, ascends into
the air without any visible wires, all
beautifully timed to the music.
In the second movement, the triangu-
lar walls become ropes of mist through
which a few unknown soldiers — each
an individual but none with a face —
enact separate narratives of pathos.
All are wrapped in shrouds by the
movement’s end.
During the music’s final section,
Chevalier becomes an angel, again
ascending. When wide wings are fitted
to her shoulders, centre stage, they
come like a message of her own death,
gently transcending the misery she and
others have known. The production,
greatly affecting, abounds in such subtle
changes of tone.
The opening-night performance was
preceded by a rousing speech by Stuart
Murphy, soon to depart as chief execu-
tive of English National Opera and the
London Coliseum. Naming names from
Nicholas Serota, chair of Arts Council
England, to Michael Gove, secretary of
state for levelling up, Murphy called on
them to restore ENO’s funding and
declared: “History is watching you!”
This followed an equally memorable
speech at a Barbican concert a few
days earlier by Simon Rattle. The con-
ductor referred to cuts by Arts Council
England and the BBC as “devastating
for our sector” and said they revealed
a deep ignorance about the infrastruc-
ture of music in the UK. “We’re in a fight,
and we need to ensure that classical
music remains part of the beating heart
of our country — of our country and of
our culture.”
The 37-year-old is from the indie
wing of Brazilian rap. His name
derives from youthful skills in the
rough and tumble of battle raps,
slaying opponents in São Paulo’s
hip-hop scene with the quickness
of his ad-libs.
But despite that background,
and the further challenge of being
from one of the most unequal and
violent societies in the world, his
songs aren’t aggressively confron-
tational. Instead, they seek to per-
suade and educate.
In the US, these exercises in con-
sciousness-raising would be called
backpack rap. Emicida admires
backpack maestros De La Soul,
who he believes resemble “a Bra-
zilian band singing in English”. His
own country’s immense musical
history is written into his songs
too, like the tattoo on his arm of
the name of Rio de Janeiro musi-
cian Pixinguinha. His latest album
AmarElo aims to rescue Afro-
Brazilian history from the coercive
amnesia of a state that abolished
ism, Gilberto Gil, rang out during
“É Tudo Pra Ontem”, reciting a
fable about community. For sev-
eral tracks, Emicida played flute,
one of Pixinguinha’s signature
instruments. Fejuca occasionally
swapped bass for cavaquinho, a
miniature guitar used in choro and
samba music. Support act Drik
Barbosa guested on the charm-
ingly jazzy duet “9nha”.
Just as the evening seemed set to
dissolve into a wholesome sense of
warmth, a switch was flicked with
the storming rock-rap of “Hoje
Cedo”. Emicida’s rapping became
sharper and more attacking.
Lights flashed with greater inten-
sity and the audience’s fervour
went up a notch. He encored with
“Libre”, a pell-mell number with a
chanted refrain that collapsed the
Portuguese word “nós”, meaning
“us”, into the English word
“noise”. By the end, Emicida’s
name was self-explanatory: he had
killed it.
La Linea runs to May 7, comono.co.uk
Emicida on
stage at the
Barbican
Oliver Villegas

To May 6, eno.org

How a pop colossus was built and broken

arrived and stood motionless for more
PODCASTS than a minute before launching into
“Why You Wanna Trip on Me”. His
Fiona performance entered the Guinness
Book of World Records for drawing the
Sturges largest audience in TV history. Less well
known is that producers had the sounds
of cheering crowds piped into the
series and latterly with Fiasco. Think
Twice follows both those series’
traditions of fastidious research (each
episode comes with an extensive
bibliography), new interviews and
surprising connections. The bare bones
of the story are familiar, but the depth of
the storytelling here is remarkable,

T
he title of the new podcast
Think Twice is taken from
“Billie Jean”, Michael
Jackson’s 1982 hit about
being stalked by a woman
who claims he has fathered her baby
and in which he cautions the listener to
“take my strong advice, just remember
to always think twice”. Thinking twice
about Jackson, one of the biggest-selling
artists in pop history, is indeed the
aim of journalist Leon Neyfakh and
cultural commentator Jay Smooth’s
series which explores the singer’s
complicated legacy.
It is 14 years since the death of Jackson
and four since the release of the film
Leaving Neverland, which featured the
grimly explicit accounts of two men who
allege Jackson sexually abused them as
children. So why tell his story now?
Perhaps because the dust has had time
to settle from that film and because, for
better or worse, Jackson continues to be
a figure of fascination whose music is
woven into many lives.
The series opens in 1993 when
Jackson’s superstar status was waning
and his artistry was starting to be
eclipsed by his eccentric lifestyle and
odd appearance. To give his profile a
boost, Jackson played the half-time
show at the Super Bowl, where he
stadium and that spectators were
confused by Jackson’s stillness,
suspecting a technical malfunction.
This was also the year when the first
abuse allegations surfaced. We learn
how, shortly before they became
public, Jackson was making a short
film called Is This Scary?, in which he
played a reclusive man in a castle which
is set upon by an angry mob of parents
who accuse him of scaring their
children. Unsurprisingly, the film never
came out, though you can now see it
on YouTube.
Many listeners will already know
Neyfakh from his political history
podcasts, first through Slate’s Slow Burn
Michael Jackson
performs at
the Super Bowl
half-time show
in 1993 — Getty Images
meaning even the most dedicated
Jackson expert will find something new
to chew on.
Elsewhere, the podcast delves into
Jackson’s childhood under the tyranny
of his father, his bid for independence in
his late teens, his attempts to style
himself as a Peter Pan figure and his
relationship with religion and race. At
no point do Neyfakh and Smooth tell us
how we should feel about Jackson or try
to prove his innocence or guilt. Instead,
they show how the myth of a music
colossus was created and how it
dramatically fell apart.
audible.co.uk
Monday 1 May 2023 ★ FINANCIAL TIMES 19

FT BIG READ. UK SOCIETY

Voters with university degrees are on the rise, and becoming less likely to back the Conservatives.
The trend bodes ill for the ruling party and threatens to redraw the country’s electoral map.
By Bethan Staton and Ella Hollowood

C
hange is afoot in South Cam-
bridgeshire, the constitu-
ency that wraps around the
entire western side of the
famed university city.
In the past decade, the research com-
ing out of Cambridge’s colleges has
driven a boom in industries such as
pharmaceuticals and technology.
Residents of places like Cambourne or
Great Shelford are more likely to work
at drugmaker AstraZeneca or chip
designer Arm than on the farms scat-
tered across the flat landscape. They are
also likely to be graduates — about half
the area’s residents have a degree, up 7.5
percentage points since 2011.
For a Conservative government that
has pledged to make the UK a science
superpower, the flourishing “Silicon
Fen” scene should be good news. But
electorally, the opposite might be true.
A number of political experts note
that people with higher levels of educa-
tion now appear to be rejecting the
party, reversing a longstanding trend.
For MPs such as Anthony Browne,
who won South Cambridgeshire for the
Tories in 2019 with a narrow 4.3 per cent
majority, it is an ominous portent. He is
not alone. There are 25 Conservative
constituencies with both a slim majority
— defined as a winning margin of no
more than 10 per cent of valid votes cast
— and a rise in the proportion of degree
holders among voters that is above the
national average.
The growth in graduates is broad-
based; between 2011 and 2021, the pro-
portion across England and Wales
increased 6.6 percentage points. There
is not one UK constituency where the
proportion of graduates has fallen since
2021. Across the OECD, the share of 25-
to 34-year-olds with university educa-
tion rose 21 percentage points on aver-
age between 2000 and 2021.
“The people who, bluntly, are dying

The new political divide: education

every year are less well educated and
lean conservative. The people who join
the electorate are better educated and
lean liberal,” says Rob Ford, professor of
politics at the University of Manchester.
Centre-left parties in other western
nations, such as the US and France, have
also cultivated support among more
educated groups, suggesting that the UK
experience is not just a reaction to the
unpopularity of recent administrations.
This sorting among the electorate has
been in both directions: the Tories have
attracted support in recent elections
from a higher number of voters without
a university education. But given the ris-
ing numbers of graduates, if the ten-
dency for them to be more likely to back
leftwing parties is sustained, the politi-
cal landscape across Europe and the US
could shift leftward.
“As the years move on we get a bunch
of people dying out, and they are
replaced by a bunch of people for whom
the modal [average] is probably a grad-
uate,” says Ben Ansell, a researcher at
Oxford university’s Nuffield College.
“Education is our new political divide.”
Disrupting old patterns
It wasn’t always this way. Historically,
higher levels of education have corre-
lated with higher lifetime wages and a
higher likelihood of voting for parties
that advocate lower taxes, rather than
those that favour redistribution.
According to Ansell’s analysis of the
British Election Study, Britons in the
1960s with A-levels — the highest quali-
fication for school-leavers in much of
the country — were 10 percentage
points more likely to vote Conservative
than peers. If they went to university,
the likelihood of voting Conservative
was about 20 percentage points greater.
But since the 1990s, the reverse has
become true. Ansell’s analysis showed
that in 2015, people with degrees were
2.3 percentage points less likely to sup-
port the Conservatives than the national
average. The gap widened further in the
subsequent two elections, to 16.7 per-
centage points in 2019.
People without degrees were 0.7 per-
centage points more likely to support
the Conservatives in 2015. By 2019 that
gap had swelled to 7.7 percentage points.
It is a separate relationship to age —
although that has long been a predictor
of voting intentions and there is now a
greater proportion of graduates among
the young. In 2019, YouGov estimated
the chance of someone voting Conserva-
tive increased by nine points with every
10 years of someone’s life.
But Ansell’s analysis of survey results
from October showed the sole group of
over-50s in which more people sup-
ported the Tories than Labour were
those with only secondary school quali-
fications. Among older people with ter-
tiary education, a higher proportion of
people supported the centre-left Labour
party — five percentage points more
among undergraduates and 12 percent-
age points more among postgraduates.
“The Conservatives didn’t have a
young people problem, they had a
degree-holder problem,” Ansell says.
Akhila Jayaram, Lindsay Paterson, professor of educa-
above left, a PhD tion at the University of Edinburgh,
student, and Pat adds that the “typical graduate” calls
Blair, another themselves leftwing. The “typical non-
Cambridgeshire graduate” identifies as Conservative.
resident. There
have been large Society, not economy
rises in the In his book Capital and Ideology, the
proportion of leftwing political theorist Thomas
degree holders Piketty argues that modern electoral
in many politics across western democracies had
constituencies become a battle between the “merchant
Tom Pilston/FT
right” — that is, wealthy conservative
voters — and the highly educated “Brah-
min left”, a reference to groups that
wield cultural and social power.
This has turned elections into argu-
ments about social issues. Leftwing par-
ties have largely stopped fighting for
wealth distribution and instead become
associated with social liberalism. The
right has become more associated with
social conservatism, Piketty says.
Browne, the South Cambridgeshire
MP, speculates that a leftward shift in
academia and “wider horizons” con-
ferred by education could explain the
‘The people antipathy of graduates, who are also less
affected by migration, to his party.
who, bluntly, “They get a certain superficial knowl-
are dying edge about the rest of the world and they
start to think [the UK] is a terrible place,
every year and they get revolutionary and start
are less well voting Labour,” he says.
Ralph Scott, a Cardiff University
educated and researcher, says a “robust weight of evi-
lean dence” still suggests graduates are still
conservative. more economically rightwing than the
wider electorate, an effect he believes is
The people due to the wage boost that having a
who join the degree tends to bring. But in a working
paper based on the British Election
electorate are Study internet panel, Scott found an
better opposing trend: more recent or current
students became more economically
educated and leftwing during and after their studies.
lean liberal’ Scott notes the paper has not yet been
peer reviewed and does not address the
possibility that young graduates would
become more Conservative with age.
But he says a shift could be fuelled by
changes in the labour market after a big
Degree-education population has increased
in many marginal Tory-held seats
Conservative seats in
England and Wales with:
Above average increase
in degree-educated
population and a
slim majority
Above average increase
in degree-educated
population, but safe seat
Below average increase
in degree-educated
population
Sources: Census; Commons Library
expansion of higher education, with
almost two-fifths of 18-year-olds going
to university in 2021. Students, once
mostly middle class, are now drawn
from a range of social backgrounds.
“The graduate [wage] premium is
now less than it was, but going to univer-
sity gives you a greater sense of eco-
nomic possibility,” Scott says. “If you’re
from a less privileged background, you
might feel the economic opportunity is
there, but not for you. It might develop a
sense of economic unfairness.”
But doctoral researcher Elizabeth
Simon asserts that the link between
higher education and voting habits is
“largely spurious”. Her analysis found
that when it came to political views,
family backgrounds were more relevant
than attending university. They were
what made people both more likely to
go to university and more liberal.
Tory MP Anthony
Browne believes
‘sensible’ voters can
be won over by the
prime minister’s
competence
Lord David Willetts, formerly a uni-
versities minister in a Conservative-led
coalition government, believes inter-
generational inequality, not academic
attainment, is the real faultline.
“The Tory problem is with young peo-
ple as a whole and is related to the fail-
ure to deliver the classic promise of
modern capitalism — that economic
advance should mean that each genera-
tion is better off than the one before,” he
says. “It is so much harder for [young
people] to earn a good income or get
started on the housing ladder, be they
grads or non-grads.”
Age remains a factor, but the left
effect is no longer the preserve of the
youngest voters. Millennials, of whom
the eldest are now around 40, are not
getting more conservative as they age,
according to an FT analysis of British
Election Study surveys.
The higher the share of the population with a degree, the less well
the Conservatives have performed
Seat held by Each dot is a constituency
other party
% point
change in
Conservative
party vote
share between
2010 and
2019 general
elections
20
% of 16- to 64-year-olds with a degree-equivalent qualification, 2019
Sources: Annual Population Survey, Commons Library, excludes the constituencies of Buckingham and Chorley
These trends, along with a growing
body of data on voting, suggest factors
such as age, race, income and formative
experiences of recession and political
turmoil are mixing with education to
create new political constituencies, says
Ford at the University of Manchester.
“We’re in a period where new and old
divides are interacting.”
One might expect politicians to be
paying attention. But courting gradu-
ates does not appear to be a priority. The
Conservatives won an 80-seat majority
at the 2019 election by appealing to the
so-called red wall — traditionally
Labour-voting, mainly working-class
areas with high support for Brexit.
“It was a coalition built on the median
Brit: not a degree holder, increasingly
old, living outside major urban areas,
and with median incomes,” says Ansell.
The Conservatives need to retain
those seats to stay in power. Labour
needs to capture them. For that reason,
Ford says “neither party sees appealing
to socially liberal degree holders as a pri-
ority” for the next election, which is
likely to take place in 2024. He cites
noisy rhetoric from the government
about migrants arriving in small boats
or transgender rights that clearly antag-
onise liberal voters.
But if older, less educated, and
socially conservative voters will deter-
mine the next election, their influence
on subsequent polls may be lower.
Ford’s calculations show that for every
year that passes, the proportion of peo-
ple with no qualifications drops by 1 per-
centage point and the number with
degrees rises 0.7 percentage points.
“That’s demographics — it’s slow but
it’s relentless and cumulatively it’s mas-
sive,” says Ford.
The potential effects
In the UK’s first-past-the-post system of
voting, age matters at constituency
level. In the 2019 election, Labour won
88 seats in which over a quarter of the
population was aged between 18 and 34.
The Conservatives won just 16 — but
30 40 50
‘The they took 65 seats where more than a
quarter of the population was 65 or
[governing] older. Labour won two.
coalition was The same was true of education.
Areas with more degree holders were
built on the more likely to witness a fall in Conserva-
median Brit: tive vote share. “A lot of very safe Con-
servative places with high levels of grad-
not a degree uates have been drifting away [from the
holder, party],” Ford says. “It’s been really evi-
increasingly dent in every local election cycle.”
On the busy road leading to Browne’s
old, living South Cambridgeshire constituency
outside office, new towns housing tens of thou-
sands of people have sprung up. Their
major urban residents’ concerns are the same as
areas, and many in the country: living costs and
poor public services.
with median At an informal meeting in Cam-
incomes’ bourne’s Belfry Hotel, arranged for the
FT by Conservative councillor
Shrobona Bhattacharya, constituents
expressed diverse opinions. Akhila
Jayaram, a PhD student at the univer-
sity, is impressed by the government’s
creation of a Department for Science
Innovation and Technology. Sujit Bhat-
tacharya, the head of a local tech com-
pany, will vote Conservative in part
because he supports wider use of selec-
tive secondary education.
But Alexander Blair, who is from the
area but is studying for a masters degree
in Leeds, says he “really dislikes” the
party. “Boris [Johnson] spouted a load
of rubbish and caused most of the coun-
try to vote for Brexit, which has
impacted the cost of living. Brexit has
made everything worse,” he says.
At the Monkfield Arms pub in the
centre of Cambourne, few gathered in
the crowded bar had any sympathy for
the government. Kitchen assistant
Philippa Humphrey, 34, is frustrated at
long waits at pharmacies and GP surger-
ies. “They’re a pack of selfish bastards,”
she says of the government.
“People haven’t got a pot to piss in,”
adds Simon Walker, a local business-
man. He will vote for the party that
offers the best green policies for his
insulated cladding firm, but doesn't
think it will be the Conservatives. “I
used to like them, but their disregard for
the common person is embarrassing.”
Browne believes he can retain the
constituency at the next election. “Sen-
sible” voters can be won over by Sunak’s
30 competence, he says.
However Pippa Heylings, a local Lib-
20 eral Democrat councillor who plans to
stand against Browne, thinks voters will
10 be swayed by more material concerns.
Public sector workers and even many
0
working in multinational firms find
-10 themselves priced out. “They cannot
believe that after seven years of educa-
-20 tion . . . they can’t afford a one- or two-
60 70 80
bedroom apartment.”
Additional reporting by Jasmine Cam-
eron-Chileshe
20 ★ FINANCIAL TIMES Monday 1 May 2023

The FT View
Britain’s flawed new voter ID rules
Requirements billed as
countering fraud risk some
people being turned away
Britain’s Conservative prime minister
Rishi Sunak has pledged “integrity, pro-
fessionalism and accountability” in gov-
ernment. Nowhere is integrity more
important in a democracy than in the
electoral process. Yet a mishandled
move to require voters to show photo
identification to vote in person — which
will operate for the first time in Thurs-
day’s local elections in England — risks
leading to a significant number without
the right ID being turned away. Cam-
paigners warn those mostly likely to be
affected come disproportionately from
disadvantaged and minority communi-
ties, who tend not to be Tory voters.
The reforms passed last year by what
was then Boris Johnson’s government
might be said to be taking a sledgeham-
ft.com/opinion mer to crack a nut — except there was
never really a nut to crack. They are
billed as aiming to reduce fraud by vot-
ers pretending to be someone else. Yet
Electoral Commission data show only
seven allegations of attempted imper-
sonation in polling stations last year,
with no police action taken.
Where electoral fraud has occurred in
the UK, it has tended to involve election
expenses, manipulation by parties, or
postal votes. Ministers have cited a 2014
scandal in London’s Tower Hamlets,
where a mayoral contest was declared
void, as an example of the need for
action. But this was a rare and unusual
case mostly involving not impersona-
tion but misuse of postal voting — which
is not covered by the new rules.
Voter ID is commonplace in many
sound democracies, and there is no
compelling argument against it. If it was
to be done, however, it should have been
handled in a more cross-party way.
Reinforcing suspicions over the govern-
ment’s motives is the fact that last year’s
election law also weakened the Elec-
toral Commission’s independence, by
requiring it to follow regular govern-
ment-issued strategy statements.
Critics have likened the Tory enthusi-
asm for voter ID to Republican-led voter
suppression in various US states. Not
everyone has a passport or driving
licence, and the list of acceptable alter-
natives — an older person’s bus pass is
fine; student IDs or young person’s rail-
cards are not — is oddly tilted in favour
of generally Conservative-leaning older
voters. A House of Lords move to widen
the list was rejected by the government.
The Electoral Commission warned
pressing ahead with the new rules in
these elections was too soon, but the
government did so anyway.
Like so much in UK politics, this may
all be cock-up or obstinacy rather than
conspiracy. But estimates of voters
without eligible ID range from 925,000
to 2mn. The government offered a free
“voter authority certificate” to people
applying online, but only 89,502 had
done so by last week’s deadline.
Not everyone The key test of the new measures will
has a passport be how many voters are turned away
from polling stations for lack of ID and
or driving
do not return. Election officers will be
licence, and the collecting numbers for a subsequent
list of acceptable report. But it emerged last week that
alternatives is “greeters” being deployed outside poll-
oddly tilted in ing stations to remind people of the new
favour of rules will not note how many people
leave without ever going inside, so the
generally real number may never be known.
Conservative- Requiring voter ID to stop fraud also
leaning older raises a bigger question — of why the
citizens government does not then go the whole
hog and issue a national ID card for
access to government services. For now,
the priority is to see if Thursday’s elec-
tions pass without significant issues. If it
does appear meaningful numbers of
voters have been turned away, the gov-
ernment must drop the partisanship
that has characterised its adoption of
the ID rules and take all necessary steps
to ensure next year’s general election is
above reproach. Sunak’s promise of
integrity will otherwise count for little.

Opinion Asia
Letters
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
If you are not satisfied with the FT’s response to your complaint, you can appeal

Grisly episode tells painful to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com

story of corporate Japan Governance of deep-sea mining must avoid conflicts of interest
Would you put the butcher in charge of
Maria Hergueta animal welfare? It may sound like an
obvious question. Yet it is exactly what
is happening when it comes to deep-sea
mining governance (“Deep-sea mining
deadline stirs nations into action”,
Report, April 26).
The dual mission of the Jamaica-
based International Seabed Authority
is to authorise and control the
development of mineral-related
operations in the international seabed
considered the “common heritage of all
mankind” and also protect the
ecosystem of the seabed, ocean floor
and subsoil in “the Area” beyond the
reach of any national jurisdiction. This
is a massive conflict of interest which is
hard to solve without clear separation
of the protection vs authorisation roles.
What is at stake here? Matthieu
Rytz’s excellent documentary film Deep
Rising shows the beautiful and
extremely fragile ecosystem, which
evolves slowly but can be irreversibly
destroyed through a harsh mining
intervention. It takes a million years to
grow a manganese nodule by one
millimetre. And these same nodules
are home to a variety of rare
organisms. We are still very far from
understanding the consequences of
intervening in this precious ecosystem.
I spent more than two decades
promoting and advancing energy
transformation and am certainly
sensitive to the importance of minerals
including copper, cobalt, nickel and
manganese, all of which are critical for
the scaling up of electrification and
renewable energy efforts. These are
important but there are always
alternatives.
When we thought we had run out of
oil, there was shale. Instead of nickel or
cobalt batteries we now know how to
make phosphate and iron batteries.
And we may all remember the quote
that the Stone Age didn’t end because
we ran out of stone.
So, before we put a beautiful, fragile
and precious ecosystem at risk, let’s
make sure we consider all other
options. We need the energy
transformation to save the climate but
it would be absurd to use this as an
excuse to destroy a precious
ecosystem.
Governance really matters. Unless
the protection and authorisation roles
are properly separated, deep-sea
mining’s governing body will continue
to have a huge conflict of interest. This
needs addressing urgently.
Christoph Frei
Professor, Swiss Federal Institute of
Technology, Lausanne; Partner, Emerald
Technology Ventures, Zurich, Switzerland

away. A more immediately pernicious

Leo problem, however, is that a version
of that driver’s thinking exists at the
Lewis senior levels of corporate Japan: the
idea that it is generally better to
press on than to divert, whatever the
Remember the consumer Pharaohs to Freud — what Has Yellen inadvertently
in EU farm policy debate Keynes said about gold encouraged Beijing hawks?
The Big Read (“Farmers disrupt the In his piece on how gold has become “a If Xi Jinping (wrongly or rightly)
EU’s green agenda”, April 19) describes vehicle of central bank revolt against believes in his long-term policy aim of

W
alking home last
Monday afternoon
through the pictur-
esque and normally
gore-free seaside
city of Maizuru, a primary school
student discovered a human fingertip
lying on the road.
This was a traumatising horror for
a small child, but arguably a bigger
jolt for Japan as a whole and for
corporate Japan in particular. The
incident not only highlights an old and
debilitating strain of fear, but also the
urgent need to swap it for new and
possibly useful ones.
The problem presented by the sev-
ered finger was that its former owner,
a delivery lorry driver in his sixties,
had knowingly left it on the street after
the two were separated by the vehi-
cle’s sliding door. Rather than picking
it up and seeking immediate medical
attention, the retirement-age driver
pressed on with his delivery rounds.
There is a dread of
being wherever the
buck stops when a
mistake has been made
Though the man’s decision was
shocking by any standards, it drew
widespread recognition. Media com-
mentators, academics and social
media users could see broader,
familiar problems expressed in this
roadside spasm of duty and demo-
graphic pressure. The sense of obliga-
tion and endurance instilled in much
of the Japanese workforce has served
the economy superbly in many ways.
But, as many pointed out, it often
exacts a high societal and personal
price — usually less newsworthy
than an abandoned fingertip, but not
necessarily less injurious.
And the obligations themselves
are getting heavier. The logistics
industry is notoriously troubled by
Japan’s chronic labour shortages, with
scant prospect of relief. A government
report last Wednesday laid out the
severity of the nation’s demographic
challenge, forecasting a 30 per cent
shrinkage in Japan’s population by
2070. Even now, drivers are burdened
with routes that can easily require
well in excess of 100 deliveries a day.
As many wondered out loud: if the
amputee had diverted to a hospital,
who would have taken on the rest
of his round? How would customers
have reacted to the delay in delivery?
And so on.
These issues are not going to go
circumstances. Behind that, often, lies
a vague but potent fear of the alterna-
tive — instability, confrontation
with customers and the dread of
being wherever the buck stops when
a mistake has been made.
In the corporate context, this fear
finds expression in various forms:
cash hoarding, risk-aversion, cross-
held shares in other listed companies,
the tendency to set forecasts low and
hope for outperformance and chief
executives whose grandest strategic
ambition is to survive their time at
the top without incident.
The striking thing about this
framework of fear is how suddenly
vulnerable it all looks, and on multiple
fronts. The first of these, in a shift that
has not yet been recognised for its
truly tectonic nature, is a new edict
from the Tokyo Stock Exchange that
will in effect force companies to
explain why their share-price-to-
book-value ratio is consistently low.
The embarrassment factor should,
in theory, shake a lot of companies
hard. And while the price-to-book
metric may not be the best or most
consistent gauge of a company’s
commitment to better governance
and better capital efficiency, it works
well as a catch-all identifier of the
larger problem.
Japanese chief executives have lived
until now without an explicit, sus-
tained pressure (or stock-ownership-
related incentive) to raise their share
price, or even a clear doctrine that
it lies within their powers to do so.
Suddenly, the TSE has granted
investors permission to hard-boil
CEOs on their literacy levels when it
comes to cost of capital, and to make
inaction the greater fear than a sudden
course correction.
Closely linked to that is the need for
companies to be more scared than
they currently seem to be by the pace
of irresistible, and in some cases
existential, change. The transforma-
tions that will be forced on corporate
Japan by artificial intelligence, deteri-
orating US-China relations and the
fact that the country’s most important
company, Toyota, appears to have
misjudged global demand for electric
vehicles are all examples of concerns
that should far outweigh the more
conventional fear of sudden strategic
change. They have yet to do so — at
least outwardly — in the C-suites of
many companies.
A missing fingertip, however
gruesome, may be survivable. The
question the incident raises is how bad
the injury would have to have been to
give up on that day’s deliveries.
leo.lewis@ft.com
how the EU’s policy agenda for farming
across the 27 nations puts both
livestock and arable farmers at odds
with ambitious environmental policies.
However the article fails to mention
the “silent-partner” in this debate —
the consumer.
Using less pesticides reduces yields
per acre and increases land use.
Restrictions on methane, land set-
asides and other environmentally-
motivated policies will raise costs for a
sector which struggles at the best of
times. Together, the plans of the EU
will reduce supply and raise prices for
consumers, inevitably leading to
greater imports. Will the EU as well
impose carbon tariffs on imported
foods as an equalisation measure?
I suppose keeping Green party MEPs
on side is more important than
ensuring food affordability for its
440mn inhabitants. Bon appétit.
Lawrence Haar
Senior Lecturer in Finance, School of
Business and Law, University of Brighton
Brighton, East Sussex, UK
British exceptionalism
mars heat pump roll out
With regard to Pilita Clark’s recent
column on electric vehicle charging
points (“Greenwashing? It’s all about
green-botching now”, Opinion, April
12), there are so many examples of
how the failure by government to set
common standards, and ensure
delivery at pace and scale, undermines
the roll out of sustainable solutions.
In the UK, there is a further cultural
problem, what some people call “UK
exceptionalism”. In practice this often
seems to mean that we keep
reinventing the wheel, trying to come
up with our own way of doing things,
and doing them badly, when other
approaches have been tried and tested
in other countries.
A good example of this is heat
pumps. I saw my first heat pump when
it was installed in a fairly average
house belonging to some friends in
Canada in 1992! It was installed
perfectly, and has worked brilliantly
ever since, saving them vast amounts
of money (and carbon emissions) in a
part of Ontario which can be very cold
in winter.
It was considered new technology,
but not exactly “cutting edge” in
Canada at the time, and local
companies knew how to make it work.
My understanding is that the same
would have been true in any
Scandinavian country around then too.
And yet, in Britain, the industry and
government approach to rolling out
heat pumps is almost as if the UK will
be the first country ever to have tried
Janet Yellen, US Treasury secretary,
has warned against China decoupling
them. I see very little evidence that
expertise is being brought in from
other countries that have a lot of
experience of rolling out heat pumps at
scale. “Green-botching”, as Clark calls
it, is a huge concern for a green
campaigner like me, because it now
represents one of the greatest threats to
the sustainability agenda.
The financial arguments are
increasingly on our side. But unless
customers and citizens have a good
experience of the green transition, we
will struggle to make the rapid progress
we need to achieve.
Craig Bennett
Chief Executive, The Wildlife Trusts
Cambridge, UK
Water companies fool no
one with talk of ‘spillages’
Thanks are due to Camilla Hodgson for
her report “One utility fined under
1994 sewage rules” (Report, April 5),
on how water companies are
disregarding their obligations to avoid
river pollution. It may be a small point
I raise, but I suggest it is not
unimportant to refer to what is going
on in a way that reminds us all of the
frightening and intentional releases of
sewage. I counted five references to
“spillages” — a term which implies a
mistake beyond what may be normal
acceptable practice. Other descriptions
of “illegal discharges” or “sewage
dumping” occur fewer than five times
but it may be (and I believe it is)
crucial to refer whenever such an event
occurs to an intentional misdemeanour
rather than to some kind of accident.
It may be stylistically preferred to
vary the descriptions of such events,
but it is surely more important to “nail
the meaning” securely and repeatedly
— until such breaches are made a thing
of the past.
Mallory Wober
London NW3, UK
the dollar” (“What strong gold says
about the weak dollar”, Opinion, April
24), Ruchir Sharma refers to gold as
the “barbaric relic”.
The source of the quote is John
Maynard Keynes’ A Tract on Monetary
Reform (1923). The original quote is,
however, “barbarous”, not barbaric
relic.
Linguists can elaborate on the
difference, if any. What matters here is
that Keynes was not referring to gold as
such, but rather to the gold standard as
a monetary regime implying certain
policy constraints. “In truth” — he
wrote — “the gold standard is already a
barbarous relic”.
But as an asset and a store of value,
in his A Treatise on Money (1930) he
conceded that gold still had “magical
properties” dating back at least to the
“Egyptian priestcraft”, and referred to
the authority of modern psychology
and of “Dr Freud” himself, for whom
“there are peculiar reasons deep in our
subconsciousness why gold in
particular should satisfy strong
instincts and serve as a symbol”.
A century later, gold represents on
average 17 per cent of official reserves
for advanced economies (down from
80 per cent in 1950), according to
research by Arslanalp, Eichengreen
and Simpson-Bell (IMF Working Paper
No. 2023/014).
But the level is still more than 60 per
cent in countries such as the US,
Germany, Italy and France.
Giovanni Farese
Professor of Economic History
European University of Rome, Italy
Kings don’t take kindly to
coinage-clipping bankers
As usual Gillian Tett excels in her
masterly Weekend Essay (“What I
learnt from three banking crises”, April
8). I think one can add, as a lesson to
be learnt, the lack of punishments for
central and other bankers who did not
foresee, or diagnosed incorrectly, the
financial crises Tett writes about.
Politicians ultimately have to face the
electorate (or the “masses” in
dictatorships) and academics have
their reputations to protect. But
financiers?
Maybe if we copied Henry I and
Henry VIII, we would avoid future
crises. Henry I had his treasurers
unpleasantly mutilated after they
“clipped the coinage” and Henry VIII,
in a way that he got used to, had his
father’s treasurers (Edmund Dudley et
al) beheaded for their fiscal and
monetary actions. May give today’s
bankers pause for thought!
Martin Spector
London N2, UK
global supremacy for his country over
the US, based on “self-reliance” for the
People’s Republic, would he not be
buttressed in his intentions by Janet
Yellen’s warning of the “disastrous”
effects on the US of decoupling from
China (“US decoupling from China
would be ‘disastrous’ for both, Yellen
warns”, Report, April 21)? The
Treasury secretary may have intended
to ring a bell for hawks in Washington,
but she could also have encouraged
hawkishness in Beijing.
Jonathan Fenby
London WC1, UK
I just must take issue with
your ageist Biden editorial
Your editorial (“Biden’s high-stakes
election gamble”, FT View, April 26)
does a good job of listing President Joe
Biden’s many accomplishments, but
your position on his running again is
ageist. I speak as a relatively well-
preserved 85-year-old American whose
brain is percolating just fine. There are
a number of us fortunately at this age
who have been able to keep our
acumen, and though looking our age,
we actually are also agile.
At the end of a second term, Biden
would be one year younger than I am
presently. I’ve read and enjoyed your
editorials for years. This is the first one
I have needed to respond to.
Karen Clegg
Seattle, WA, US
It’s time we spoke about
those NHS staff pensions
However deserving our nurses, doctors
and other public servants may be of
large salary increases, do they have any
idea how huge their employers’
pension contributions are compared to
those of the rest of us? (“RCN tactics
drive wedge between health unions”,
Report, April 28).
These are north of 20 per cent while
many of the self-employed have no
pension arrangements at all, and
average employer contributions may
be around 5 per cent with the statutory
minimum at 3 per cent.
However, for a young doctor or nurse
a hugely generous pension 40 or so
years away doesn’t help with current
salary difficulties.
Shouldn’t the employer
contributions be reduced to a level
nearer those enjoyed by everyone else
in return for commensurate increases
in salary scales? Once increased in this
way those salaries would of course be
subject to the normal annual review
process.
Hugh Brass
Rendcomb, Gloucestershire, UK
Monday 1 May 2023
The costs of entrenched high inflation cannot be ignored
britain
Martin
Wolf
S
omehow, in the UK, someone
needs to accept that they’re
worse off and stop trying to
maintain their real spending
power by bidding up prices
[or] wages or passing the energy costs
on to customers.” This comment by
Huw Pill, the Bank of England’s chief
economist, has set off a firestorm.
Is he right? Yes, but only up to a point.
Is lecturing people useful? No. What is
useful is for the BoE and other central
banks to show that they will do what-
ever it takes to bring inflation back
under control.
Pill’s point is that the UK has suffered
an exceptionally large deterioration in
“terms of trade” (the ratio of its export
prices to those of its imports). Between
December 2020 and September 2022,
China, America
and why not all
growth is equal
business
Rana
Foroohar
L
ast week was the tenth anni-
versary of the Rana Plaza
factory collapse in Bangla-
desh, in which 1,100 garment
workers were killed because a
shoddily constructed factory collapsed
on top of them. It turned out that the
factory was making goods for major glo-
bal brands.
The managers who took the decision
to outsource to unknown individuals
way down the production line were just
doing what Finance 101 would tell them
to do: move expense off the balance
sheet, and treat labour like a cost not an
asset. Never mind the risks hidden in
plain sight, even those that result in
death and despair.
That kind of thinking has been at the
centre of global trade for decades. Let
capital, goods and labour move where
they will, even if that results in human
suffering and/or the degradation of the
planet. As long as share prices are going
up, and consumer costs are going down,
there’s no problem.
Chinese labour camps in Xinjiang are
perhaps the apex of this sort of thinking.
How can any country, or company, com-
pete with state-subsidised operations
with few environmental safeguards that
The sanctions net around Russia is tightening — but there is scope to do more
Tom
Keatinge
I
n February 2022, I compared the
UK’s first round of sanctions against
Russia and the Putin regime to tak-
ing a peashooter to a gunfight. The
threat of sanctions failed to deter
Vladimir Putin’s full-scale invasion of
Ukraine and their early imposition was
slow and lacked bite.
Western leaders were initially poor at
articulating their ambitions — which
ranged from “degrading and disrupt-
ing” Russia’s supply chains to shaking”
the foundations of its economy. But
they are now restricting Moscow’s
access to the international financial sys-
tem and applying ever-greater trade
restrictions.
While the tempo of sanctions designa-
tions has remained high, and the targets
have broadened, the coalition of coun-
tries implementing sanctions has
not. The holes in the net are significant
this fell by almost 10 per cent. Since
prices of imports rose dramatically, this
raised the overall price level, while mak-
ing the country significantly poorer. Pill
is right on this.
Yet it also creates a distributional
struggle, the outcome of which will be
determined by political and economic
power. Such a struggle would also have
happened if the UK were self-sufficient
in the goods whose prices rose. Domes-
tic producers of oil, gas and food would
have gained at the expense of everybody
else. The fact that the redistribution is to
foreigners just made it costlier overall.
However the loss of real income is not
the only effect of the deterioration in the
terms of trade. One must also consider
the effects of the inflationary process
itself. This is never smooth. Some
groups are better at getting ahead of
inflation than others: businesses, for
example, can adjust prices faster than
workers can force up wages. Public
employees and people on benefits are
likely to find gaining upward adjust-
ments of their incomes especially diffi-
cult. Pill is right that this process will be
futile, in aggregate. But it will not be at
are accused of forcing slave labour to dig
for silica, which is then used in solar
panels, electronics and other types of
goods dumped into the world at below
market rates?
Answer: you can’t, unless you change
the economic rules of the game. The last
40 years of neoliberal economic policy
gave us more global growth than ever
before, lifting many millions out of pov-
erty, but it also gave us huge amounts of
in-country inequality, and numerous
negative externalities. These range from
forced labour to exacerbating climate
change to highly fragile, concentrated
supply chains which led to shortages
and hyperinflation in key commodities
from natural gas to rare earth minerals.
Following the fallout from the war in
Ukraine and the growing rivalry with
China, the Biden administration, and to
a certain extent the EU, has been work-
ing to shift the paradigm from efficiency
to resilience. Their methods include
subsidising diversity of production in
semiconductors, which the market
hasn’t (Over 90 per cent of all high-end
semiconductors are made in Taiwan).
America’s Inflation Reduction Act is
designed to go even further, tackling the
problem of concentration and the lack
of private sector initiative in the clean
energy transition. The aim is to counter
a country such as China, which has both
concentration in crucial areas such as
rare earth minerals, along with a gov-
ernment that doesn’t mind using that to
its own advantage.
If the US and Europe want multiple
sources of such common goods, they
and manifold. Too many countries are
at best ambivalent and at worst profit-
ing from providing sanctions circum-
vention opportunities for the Kremlin
and its proxies.
The recent US warning that Russia is
trying to repair its degraded military
industrial supply chains by getting
around western export controls was a
welcome one.
The Financial Action Task Force
(FATF), the global watchdog on finan-
cial crime, has also drawn attention to
the risks posed to the financial system
by Russia’s activity, such as its reported
arms trades with other sanctioned juris-
dictions. But this signalling presupposes
that countries ignoring allied sanctions
are inclined to agree with the view of the
FATF (or the US). The UK and the EU
do, but those countries providing cir-
cumvention opportunities for Russia
are far less diligent, and indeed some
rail against the FATF, seeing it as hypo-
critical.
Far better than relying on uninter-
ested states to react to a process or
guidance they already disregard, is to
pressure their companies. While the
★ FINANCIAL TIMES
Opinion
all futile for the winners if they succeed
in protecting their incomes by shifting
most, or even all, losses on to others.
The fact that an inflationary process is
arbitrary and unjust is one of the rea-
sons it is so politically and socially corro-
sive. After the long period of low and
stable inflation, many have forgotten
this. But those who lived through the
1970s remember it well. Today’s labour
The exceptionally large
deterioration in terms
of trade creates a
distributional struggle
unrest is reminiscent of what happened
then. It was also quite predictable.
The impact of slow adjustment to
inflation is particularly harsh on the
recipients of benefits. The Resolution
Foundation notes, for example, that the
real level of unemployment benefit fell
12 per cent between March 2021 and
March 2023. These are very large falls in
the real incomes of already poor people.
must subsidise them. The market sys-
tem simply won’t compete with cheap
solar panels or electric vehicles or chips
on its own.
Europeans have complained about
the IRA, in part because it came as a sur-
prise. Nobody, including many of us
who’ve advocated for more US govern-
ment involvement in the market for
years, expected to see America embrace
industrial strategy in our lifetimes. But
the EU is now coming around to the fact
that such programmes are the only way
to deal with what private markets won’t
incentivise, and to compete with states
that have never played by the letter of
World Trade Organization rules.
US national security adviser Jake Sul-
livan laid out some of this new narrative
in a speech last week that connected US
The market system simply
won’t compete with cheap
solar panels or electric
vehicles or chips on its own
UAE, Turkey and South Africa may
choose to ignore sanctions decisions
made in Washington, London and Brus-
sels, the interconnected nature of global
trade means their companies and finan-
cial institutions cannot: they need
connections to international partners
and are thus sensitive to the signals
they receive.
For example, a bank in a non-compli-
ant country that continues to offer
Too many countries are at
best ambivalent and at
worst profiting from
providing circumvention
financial services to designated compa-
nies or individuals will almost certainly
require access to the international
financial system. This access is most
often provided by large, globally-oper-
ating banks located in the US, Europe or
the UK that are required to implement
sanctions to the letter. These corre-
spondent banks must at the very least
Moreover, with headline inflation at 10
per cent, real wages fell 3.2 per cent in
the year to February 2023, despite a 6.9
per cent rise in money wages.
Nevertheless, optimism is possible.
One reason is that headline inflation is
about to tumble, as the increase in
prices after Russia’s invasion of Ukraine
falls out of the index. This will deliver a
sharp fall in headline inflation, so
improving real wages and disposable
incomes, and weakening wage pressure.
Another reason for optimism is the
fact that market expectations of average
inflation are 3.5 per cent over the next
decade. This is not far from the BoE’s
target, once we take an inflation risk
premium (plus the fact that index-
linked gilts use the retail price index,
rather than the consumer price, as the
measure of inflation) into account.
Yet I am unconvinced. Real wages in
February were nearly 5 per cent below
their level in March 2022. After such
large losses in real wages and disposable
incomes, why would one expect growth
in nominal wages (which was 6.9 per
cent in the year to February) to slow
sharply, especially when core inflation
domestic plans with foreign policy. He
made it clear that the old “Washington
consensus” was over — in part because it
had not been able to manage the chal-
lenges of a more vulnerable financial
system, fragile supply chains and work-
ing-class job losses (with the subse-
quent blows to democracy).
Embedded in the old system, as he
put it, was an assumption “that the
type of growth did not matter. All
growth was good growth. So, various
reforms combined and came together
to privilege some sectors of the econ-
omy, such as finance, while other essen-
tial sectors, like semiconductors and
infrastructure, atrophied. Our indus-
trial capacity — which is crucial to any
country’s ability to continue to innovate
— took a real hit.”
People in this administration insist
this is not about “America alone”, or
even primarily about containing China
(indeed the very notion that any nation
could contain China is a fiction). Rather,
they believe it’s about working with
allies — which are being more broadly
defined to include parts of the Global
increase their scrutiny of these client
banks, and if necessary sever their rela-
tionships altogether to avoid facilitating
circumvention. Harnessing influence to
coerce sanctions compliance in this way
may seem distasteful, but so too is facili-
tating the funding and resourcing of
Moscow’s war machine.
Beyond their direct connections with
third country financial institutions,
these global banks also facilitate trade
finance payments and should be alert to
changes in their corporate clients’ activ-
ities since the Ukraine invasion. In par-
ticular, they should interrogate compa-
nies which have increased business with
the countries — such as Armenia, Kaza-
khstan and Turkey — that are acting as
trade “cut-outs”, in effect helping Russia
to evade sanctions.
Finally, those companies in countries
that facilitate sanctions circumvention
— such as with the Iranian provision
of drones to Russia — must themselves
be added to the designation lists,
to restrict their access to western mar-
kets. This has the added benefit of sig-
nalling to companies in compliant coun-
tries that dealing with these less scrupu-
was 6.2 per cent in the year to March
2023 and unemployment was as low as
3.7 per cent in the fourth quarter of
2022? What is likely to bring about a
really sharp fall in wage growth?
Standard economic models also
assume that the inflation target is self-
validating: if people believe it will hap-
pen, then it will. Yet expectations will
adjust to experience. If, as I expect, wage
growth continues at not far short of
today’s pace, productivity growth stays
low, and so unit labour costs continue to
rise fast, the core rate of inflation seems
likely to stabilise well above target.
Moreover, monetary policy is not even
tight by normal standards: the BoE’s
intervention rate of 4.25 per cent is well
below core inflation, never mind the
headline rate of over 10 per cent.
Yes, the BoE cannot fix the income
distribution. That is for the government
to do. What it can and must do is stop
inflation from remaining too high for
too long. The costs of dealing with
entrenched high inflation would be
huge. It is the BoE’s job to prevent this.
martin.wolf@ft.com
Matt Kenyon
South — to create a system that works
on the assumption that power exists and
can’t be economically modelled, and
that not all growth is the same. “Our
objective isn’t autarky,” said Sullivan in
his speech. “It’s resilience and security
in our supply chains.”
In a welcome shift, policymakers in
Washington are also moving away from
the term “decoupling” with China, and
instead talking about “de-risking” both
the nation and global economy, a term
also used by European Commission
president Ursula von der Leyen in her
recent speech on China.
The global trade system as it stands
isn’t working well. In his speech, Sulli-
van talked about the US maintaining its
commitment to the WTO, while also
recognising the key question of today:
“How does trade fit into our interna-
tional economic policy, and what prob-
lems is it seeking to solve?” As I’ll argue
further in future, it should start by seek-
ing to solve the problem of concentra-
tion and competition.
rana.foroohar@ft.com
lous actors poses significant risks.
It was encouraging to see some efforts
in this direction as part of the renewed
western sanctions imposed on the first
anniversary of Russia’s invasion. But
there is still more that could be done —
starting with better domestic imple-
mentation of sanctions in allied coun-
tries and more robust diplomatic
engagement to reverse the progress
Russia has made in blunting interna-
tional support for sanctions.
There is no doubt that Ukraine’s allies
have learnt lessons from their lacklustre
sanctions response to Russia’s annexa-
tion of Crimea in 2014 and have come a
long way from their tentative start last
year. But as the Kremlin adapts and
disguises its supply chains and financial
connections, the west will need to assess
and adjust its activities accordingly.
On second thoughts, maybe there is
no shame in taking a peashooter to
a gunfight — as long as it is suitably
nimble.
The writer is head of the centre for financial
crime and security studies at the Royal
United Services Institute think-tank
21
Battles over who
pays for video
traffic create
an Atlantic rift
Vittorio
Colao
T
he laying of the first transat-
lantic telegraph cable in the
nineteenth century brought
Europe and the US closer
than they had ever been,
ushering in an era of mutual prosperity.
Today, a rift at the heart of the telecoms
sector risks reversing decades of
progress and plunging digital allies into
a new phase of conflict.
Europe’s telecom companies want US
corporations such as Alphabet, Netflix,
Amazon and Meta to pay for the increas-
ing video traffic they generate. These US
giants originate data accounting for
around 50 per cent of network loads.
Europe’s telcos complain they bear mas-
sive additional costs without receiving
any fees or extra revenues.
For their part, the US corporations
argue that such cross-industry subsidies
are a form of protectionism. Indeed,
Alphabet, Netflix and Amazon already
pay for their distribution platforms and
for content rights and production. They
see these requests as a form of expropri-
ation of their profits, which are much
larger than those of the EU telcos.
As a result, member states, industry
associations and European MPs stand
divided on the issue, while the EU Com-
mission has launched a consultation on
the future of the telecoms industry. The
discussion over such profound and com-
plex questions will fuel aggressive lob-
bying from all sides and possibly end up
in litigation. Europe instead needs a bal-
anced approach which addresses the
legitimate funding requirements of the
telecoms companies without unfairly
punishing content providers.
US groups such as Netflix
and Amazon argue that
cross-industry subsidies are
a form of protectionism
There is a strong social argument for
ensuring that telcos earn a decent
return on capital. At the moment its
stands at a meagre 4 per cent, according
to a recent analysis of established opera-
tors by JPMorgan, which is too low. A
higher return would ensure there is ade-
quate investment in ultra-wide and low-
latency broadband (fibre and 5G) that
would benefit both the welfare of citi-
zens and the companies’ competitive-
ness. Industrial, agricultural, health,
educational and mobility applications
need fast, secure and low-latency net-
works. At the same time, it is clearly in
the interest of European citizens that
platforms distributing quality content
can operate and thrive in Europe. It is
right that, rather than feeling squeezed,
US corporations contribute a fair pro-
portion of the costs associated with dis-
tributing their videos.
A sensible compromise would be to
only seek contributions from the largest
operators — for example those loading
above 5 or 7.5 per cent of a single net-
work. These payments could be negoti-
ated bilaterally between platforms and
telecom companies, since investment
requirements and networks are differ-
ent. Antitrust authorities and regulators
would only need to intervene — granting
powers to access information and
imposing a mandatory contribution
based on the existing “abuse of eco-
nomic dependence” legislation — if no
agreement could be reached.
This approach would protect net neu-
trality and encourage genuine negotia-
tions, reducing the risk of regulatory
decisions which take time and often
have unintended consequences. A mar-
ket solution with safeguards is surely
better than straight regulation or,
worse, inaction.
However, these changes will not solve
the networks’ problems with profitabil-
ity and investment on their own. The EU
should allow more in-market consolida-
tion in the telecoms industry, reduce the
support governments give to low-in-
vestment operators, and stop facilitat-
ing the assignment of frequencies to
new entrants: all policies which distort
fairness for established networks and
squeeze them for spectrum renewals.
In short, the EU should reward those
who are willing to invest. Much as with
the transatlantic telegraph cables, all
sides stand to gain from a robust, inno-
vative and future-proof European tele-
coms infrastructure.
The writer was Italy’s minister for techno-
logical innovation and digital transition,
and a former CEO of Vodafone Group Plc
22 ★ FINANCIAL TIMES Monday 1 May 2023

Rutherford Hall
‘We’ve got 24 hours
to save the CBI’
Z WORK & CAREERS

Top ways to
be a super
schmoozer
{ Pensions: age
against the machine }
Annuity rates* Financial literacy declines
with age
Annuity income per year, Average scores for financial
Aviva (£) decision-making ability (%)
3,000 80

2,500 Confidence in financial

management skills 60
2,000

1,500 40

1,000 Financial literacy

20
500

0 0
2020 2021 2022 2023 60 65 70 75 80 85 90
Pilita Clark *Based on single life, aged 65, premium of £50,000 Survey of 3,873 US respondents over age 60
Age

Business Life Sources: company; Michael S Finke, John S Howe and Sandra J Huston

Age is no barrier to savvy financial further on. Fund depletion, investment

T
he other day, I was about to
head off to a business
drinks party when I made a
galling discovery.
Scrolling through my
emails to check on the address, I
discovered the date of the event had
been changed — to the evening before.
“Bullet dodged,” said a colleague who
assumed I would be pleased to have
missed two hours of small talk with
strangers over a warm glass of
chardonnay.
As it happened he was wrong. I had
been looking forward to seeing some
guests I knew from abroad who would
be hard to meet again in person. In
general though he would have been
right.
One of the bleakest terms in the
English language for many of us is
“networking event”. Among the few
upsides of the pandemic was the
absence of such things. But now that
they are back with force my colleague’s
reaction reminded me that, pre-Covid,
there were people I used to admire for
being master minglers.
They may not have been in the league
of President Joe Biden, whose ability to
work a room is formidable. But they
knew how to circulate graciously,
efficiently and apparently effortlessly.
How did they do it? I called a few to ask
and here are my conclusions.
First up, the elite schmoozer is likely
to be clever and innately outgoing,
though these qualities alone do not
explain their success.
Most I spoke to insisted they felt all
the normal work event anxieties: being
stranded alone in a room of strangers;
getting the cold shoulder when trying
to gently muscle in on a conversation;
forgetting people’s names.
The difference is that they do
something most people never do: they
prepare. They think about who is going
to be there, who they want to see and
what sorts of things they can feasibly
talk about once they begin a
conversation.
If this seems calculating it’s because
it is. But it makes it less likely you will
do what I once did at a business event
where I asked a man I’d just met what
“ Successful mixers are
good listeners. They also
avoid remorselessly
scanning the room for
better options ”
he did at the moderately large
company he told me he worked at.
“Chief executive,” he said.
This is a reminder that successful
minglers make a point of introducing
themselves, properly, to prevent such
awkward conversational holes.
The matter of conversation itself is
obviously also important. Here, it helps
to be bright, charming and well-read
but if you are not, you can at least learn
to avoid the more obnoxious habits of
the work function bore.
One of the reasons I suspect so many
editions of the US bestseller, How to
Work a Room, have been published
since the first in 1988 is that its author,
Susan RoAne, devotes an entire
chapter to such people.
Among the worst are the self-
absorbed blowhards who use every
conversational gap as a springboard to
drone on about themselves in a way
that is, as RoAne says, “not only
obvious but also mildly offensive”.
Successful mixers are good listeners.
They also avoid the tedious behaviour
of the networker who remorselessly
scans the room for better options.
These people are best dodged, which
leads to one of the most vexing room-
working matters — knowing how to
Kenneth Andersson
decision-making. Warren Buffett, the switches and inflation assumptions are
politely extricate oneself from a world’s most famous investor, is 92. all in the mix. So are ambitions to pass
conversation without causing offence. Even so, private investors need to ask on wealth to progeny.
This is where the truly adept mingler themselves a dispassionate question Analysing these issues is hard. Many
stands out. None of the experts I that also applies to US presidential people do not even try. The over-55s
consulted thought much of my candidates: will there come a time when spend more time buying a car than
preferred strategy of announcing a I am too old for this lark? managing their pensions, says L&G.
need to visit the lavatory, a fail-safe Mortality expectations are a key Older investors often have the
ploy with admittedly limited input in pension decision-making, even benefit of experience. Yet University of
application. Most approved of another though UK savers habitually Miami academics found this was offset
common tactic: asking if anyone would underestimate funds required. by a deterioration in stock selection and
like another drink and heading to the Declining competence hardly figures, diversification skills at about the age of
bar. This can prompt a clean break even at an implicit level. 70. Moreover, confidence does not
from those one wishes to detach A third of people in their seventies decline in line with ability, according to
oneself from and even if it does not, it have some sort of cognitive a separate Miami study.
means, as one expert put it, “the seal impairment. These will make it harder Even so, expect strong demand for
has been broken” and detachment is to judge risks of investments — either advice from retiring baby boomers.
more likely. of steep losses or miserly returns. That is good for the likes of service-
The more dexterous speed up this Three factors mean more UK retirees driven UK savings group St James’s
process by latching on to passers-by face more investment decisions. The Place, says Jefferies. Less so for direct-
and introducing them into the first is the decline of private sector to-consumer platforms such as
conversation, though this takes care defined-benefit pension schemes. The Hargreaves Lansdown.
and skill. second is the freedom to take fund Not everyone wants to pay high fees.
Ultimately, there is much to be said transfers from these schemes to DIY investors can lower risks in other
for simple honesty. A work event defined-contribution vehicles. The third ways. Some will set up steady-as-you-
generally involves an element of work, is the scrapping of a requirement to buy go portfolios. Others will seek
so it is fine to say exactly what I have so an annuity with the latter by 75. guaranteed income. Annuity rates are
often been told myself. “It’s been lovely Financially literate 60-somethings 40 per cent higher than in 2016.
to talk but I must catch up with should have no problem investing But the overriding rule for ageing
someone else before I leave. Let’s do judiciously via a self-invested personal investors is the same one informing
this again!” pension or other vehicle. It may become successful careers when younger:
more of a struggle a decade or two know your strengths and weaknesses.
pilita.clark@ft.com

Contracts & Tenders

CROSSWORD
No 17,402 Set by ZAMORCA
! " # $ % & ' ( ACROSS

) !!
9 Papa gets help with shot on green,
accepting round’s ruined (3,4,2)
10 Keen about going west by truck in
Australia (5)
11 Waffles and bagels formed a bit of
!! !" breakfast on board (7)
12 Tries to miss verges of snow and veers
alarmingly (7)
13 Bring back anything from Yorkshire for
!# !$ !% !& couple (3)
14 Raise shortage of respect with first-class
trainee naval officer (4,7)
17 Working behind scenes initially, in charge
of sound (5)
!' !( !) "! 18 Love the Italian Grease (3)
19 Carry on and do manager’s job for a while
(3,2)
21 Panicking at home even when fencing’s
"! "" "# "$ secure (2,1,4,4)
23 Mischievous child in The Simpsons (3)
25 Unable to make a decision having trouble
in storm (7)
27 Student of the sun’s carbon and hydrogen
"% "& "' content (7)
28 Briefly object then take legal action to get
result (5)
29 Hotel streetmap has us on busy road
"( ") that’s unsafe (9)

DOWN

1 Dribble stopped with turn in barrel tap (6)

2 Persistent objections raised and carried
verbally (8)
3 Enthuse about ace times in car Willy
restored (3,7)
JOTTER PAD 4 Likelihood detective’s following swindle
up (4)
5 Fish buffet without starter of sushi’s
nonsense (10)
Businesses For Sale
Solution 17,399
6 Carved a jar mounting characters in green
* + + ! " , # $ - , % - ! & stone (4)
+ ! * . ! . # 7 Note question’s beginning to annoy
* / ! & $ , / % 0 - , # ' ! retired churchman (6)
8 Gives away underwear with checks on the
% # . , & ! % 1
front (4,4)
- ! / 0 * # # . , # ( 2 . 15 Mark indicating possession’s perhaps too
& + * % $ % $ % disguised (10)
! 3 + ! 2 4 5 * 6 , 2 , ) % 16 Have best intentions but penny-pinching’s
! & ( + % ! upset hard working branch (4,2,4)
# , 5 # * . 2 % ! - / , * # 17 More devious move taking Queen after
both sides in impasse (8)
* , + / 3 ! ) *
20 Large number of students involved in wild
! . + * 2 , 1 ! 1 , $ , # rioting not good (8)
# $ 0 # * 0 + 2 22 Vulnerable with a ripped skirt (2,4)
. 1 & # , % % $ ! # 2 * / ! You can now solve our crosswords 24 Rural area is below standard on health
0 , , . * 1 $ primarily (6)
in the new FT crossword app at 26 Beat problem with help (4)
6 . 2 4 7 * 1 , % 3 . 3 + , ft.com/crosswordapp 27 Tip over when losing top mass (4)

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