THURSDAY 18 MARCH 2021 WORLD BUSINESS NEWSPAPER EUROPE

Read the label Polls apart Art of the deal

Vaccine highs might not last long for Voting rights battle reignites old Crypto-crusaders find new paths to
Big Pharma — BROOKE MASTERS, PAGE 17 conflicts in US states — BIG READ, PAGE 15 quick bucks — NOTEBOOK, PAGE 16

Irish ayes Briefing

Dublin builds i AstraZeneca defends quality checks

on US support
AstraZeneca and a main supplier have hit back after
the EU regulator said that it was investigating
whether manufacturing defects occurred in specific
batches.— PAGE 6; BROOKE MASTERS, PAGE 17
US president Joe Biden holds a video call
from the Oval Office with Irish premier i Ex-Blackwater head faces Libya heat
Micheál Martin to mark St Patrick’s day Erik Prince, the US private security contractor and
yesterday. ex-head of Blackwater, tried to help a rebel general
Amid increasingly frayed relations take control of Libya and “at the very least” helped
between the UK and the EU, Martin told evade an arms embargo, UN inspectors said.— PAGE 4
Biden the two sides must “stand by what
has been agreed” on post-Brexit rules on i ByteDance targets Singapore engineers
trade between Great Britain and North- Beijing-based ByteDance, the
ern Ireland. He also called on London owner of video app TikTok, has
and Brussels to “move forward with a launched a Singapore hiring
positive relationship”. spree, deepening operations
Ahead of the talks, Washington law- outside the mainland to try to
makers published a resolution warning satisfy watchdogs.— PAGE 8
that they would oppose any UK-US
trade deal unless the UK government i Von der Leyen warns on jab controls
upheld the terms of the 1998 Good Fri- European Commission president Ursula von der
day peace agreement. Leyen has warned that the EU is ready to introduce
Full story page 2 emergency controls on Covid-19 vaccine production
Erin Scott/EPA-EFE and distribution if needed.— PAGE 2

i Greensills jettisoned shares in 2019

Fed revises up US growth forecast

Lex Greensill and his family sold about $200m of
shares in Greensill Capital during a SoftBank Vision
Fund-led fundraising round in 2019, two years
before the UK fintech company collapsed.— PAGE 7

but signals no rate rise until 2024

i Trawling emits same CO2 as aviation
Ocean trawling, condemned by the green lobby for
destroying marine habitats and depleting fish stocks,
generates a similar volume of carbon emissions as
the global aviation sector does, a study says.— PAGE 3

i HSBC nears sale of French retail network

3 Expansion of 6.5% expected this year 3 Jab rollout and $1.9tn stimulus spur optimism HSBC is in final talks to sell its French retail network
to a unit of US buyout firm Cerberus, as the bank
continues to shed underperforming western assets
JAMES POLITI — WASHINGTON per cent — above the central bank’s 2 per tinue to buy bonds at the rate of $120bn terest rates until at least 2024, an overall and sharpen its strategic focus on Asia.— PAGE 7
COLBY SMITH — NEW YORK
cent target — compared with a smaller a month until “substantial further assessment that was unchanged yester-
Federal Reserve officials sharply rise to 1.8 per cent predicted in Decem- progress” was made towards its goals. day despite the better outlook.
upgraded their growth forecasts for the ber. The unemployment rate is now “The path of the economy will depend But four out of 18 Fed officials are now Datawatch
world’s largest economy but signalled forecast to fall to 4.5 per cent by the end significantly on the course of the virus, forecasting a rate increase in 2022,
that they expected to keep interest rates of the year, instead of 5 per cent. including progress on vaccinations. The while seven are expecting one in 2023,
close to zero until at least 2024. “Following a moderation in the pace ongoing public health crisis continues to The Fed’s sharp signalling that US central bankers are Pandemic mental health More than a fifth
The median estimate from Fed offi- of the recovery, indicators of economic weigh on economic activity, employ- upgrade of its turning more hawkish, according to yes- US levels of psychological of US adults
cials now predicts that the US will grow activity and employment have turned ment, and inflation, and poses consider- projections will terday’s projections. stress, Feb 2021 (%) report high levels
of psychological
6.5 per cent this year, compared with 4.2 up recently, although the sectors most able risks to the economic outlook,” the intensify debate The Fed meeting comes at a delicate High Medium Low distress, based on
per cent in its December forecast. The adversely affected by the pandemic FOMC said. among investors moment for the $21tn market for US
All surveys of anxiety,
rosier projections came at the end of a remain weak,” the FOMC said. The sharp upgrade to the Fed’s sum- over when it will government debt. Men sleeplessness,
two-day meeting of the Federal Open The policymaking committee made mary of economic projections will test ease its support Treasury yields, which rise as prices Women depression,
Market Committee yesterday. no changes to its ultra-loose monetary the central bank’s willingness to keep for the economy fall, have recently shot higher during Aged 18-29 loneliness and
The meeting was held against a back- policy yesterday, pledging to maintain that stance in the years to come, and will bouts of frenetic trading as investors Aged 65+ other symptoms.
drop of growing optimism for the US rock-bottom interest rates until the intensify investor debate over when the have revised their growth and inflation Upper income Females, those on
economy in the wake of Joe Biden’s economy reached full employment, central bank will start removing its sup- forecasts higher while also pulling for- Lower income low incomes and
$1.9tn fiscal stimulus and the country’s with inflation hitting 2 per cent and on port for the economy. ward the expected timing of the Fed’s 0 20 40 60 80100 the young report
swift vaccination rollout. track to exceed that target. In December, the median of Fed offi- first interest rate increase. Source: Pew Research Center much more stress.
Core inflation is expected to rise to 2.2 It also reiterated that it would con- cials’ estimates did not signal a rise inin- Day in the markets page 10

Scientists create first living models of

human embryos to research defects
CLIVE COOKSON — SCIENCE EDITOR development five to 10 days after an egg by reprogramming adult cells or
has been fertilised. For ethical reasons extracted from embryos.
Scientists have for the first time grown
there is an internationally accepted 14- After being cultured for a week or so,
living reproductions of human
day limit on growing human embryos the cells had become blastoids of a simi-
embryos in the lab — with all the cell
for research and so far scientists work- lar size and shape to natural blastocysts.
types, biochemical activity and overall
‘Strange creatures’ take structure of real embryos.
ing on living models such as blastoids They contained more than 100 cells that
Stripe out of the woods have observed the same limit. were beginning to differentiate into the
The research, which aims to help under- The International Society for Stem various cell types that would later pro-
Star of Silicon Valley i PAGE 8 stand problems that cause miscarriages Cell Research, the field’s professional duce different tissues in an older foetus.
and birth defects, may raise fears over a body, aims to address ethical concerns Some blastoids mimicked implanta-
slippery slope towards human genetic by issuing guidelines soon for creating tion in the uterus as they attached to the
Austria €3.90 Malta €3.70
Bahrain Din1.8 Morocco Dh45 engineering and cloning. embryos from stem cells. culture dish. But Jun Wu, leader of the
Belgium
Bulgaria
€3.90
Lev7.50
Netherlands
Norway
€3.90
NKr40 But the scientists conducting research “Blastoids will allow scientists to Texas team, said blastoids “would not
Croatia Kn29 Oman OR1.60 at both Monash University in Australia study the very early steps in human be viable embryos”.
Cyprus €3.70 Pakistan Rupee350
Czech Rep Kc105 Poland Zl 20 and the University of Texas in the US say development and some of the causes of Meanwhile, research into artificial
Denmark
Egypt
DKr38
E£59
Portugal
Qatar
€3.70
QR15
their creations, called blastoids, are not infertility, congenital diseases and the reproduction of mice, unconstrained by
Finland €4.70 Romania Ron17 perfect replicas of real embryos and are impact of toxins and viruses on early ethical issues, has moved much further.
France €3.90 Russia €5.00
Germany €3.90 Serbia NewD420 not suitable to implant into a womb. embryos — without the use of human Scientists at the Weizmann Institute in
Gibraltar
Greece
£2.90
€3.70
Slovak Rep
Slovenia
€3.70
€3.70
The research teams have reported in blastocysts [from IVF],” said Jose Polo, Israel reported in the same issue of
Hungary Ft1200 Spain €3.70 the journal Nature their creation of blas- leader of the Monash project. Nature that mouse embryos had grown
India Rup220 Sweden SKr39
Italy €3.70 Switzerland SFr6.20 toids — cellular assemblies resembling Both teams grew their blastoids in lab healthily for 11 days — half their normal
Lithuania
Luxembourg
€4.30
€3.90
Tunisia
Turkey
Din7.50
TL19
blastocysts, the stage of embryonic dishes from stem cells — derived either gestation period — in an artificial womb.
North Macedonia Den220 UAE Dh20.00

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2 ★ FINANCIAL TIMES Thursday 18 March 2021

INTERNATIONAL

Covid injections Brexit

Von der Leyen hints at vaccine controls Irish premier

tells Biden EU
Export blocks considered sion president warned Brussels was 34m jabs to 31 high- and middle-income sion that “they weren’t aware of any companies. The EU’s 27 members are and UK must
back Good
ready to halt exports of vaccines to countries covered by its export control plans to restrict lawfully contracted due to hold talks on vaccines next week.
to ensure EU’s citizens countries that did not reciprocate in regime between January 30 and March supply to the UK”. Von der Leyen also said the bloc
can receive inoculations sending life-saving jabs to the EU. 9, according to the bloc’s data, including Raab added: “Frankly, I’m surprised needed to review whether to keep send-

MICHAEL PEEL AND JIM BRUNSDEN

BRUSSELS
“If the situation does not change, we
will have to reflect on how to make
exports to vaccine-producing countries
9.1m to the UK and almost 1m to the US.
Both countries have rolled out vac-
cines much faster the EU, which has
we’re having this conversation. It is nor-
mally what the UK and EU team up with
to reject when other countries with less
ing vaccines to countries that were both
producing jabs themselves and outpac-
ing the bloc in inoculating their people.
Friday pact
SEBASTIAN PAYNE — LONDON dependent on their level of openness,” grappled with limited supplies and than democratic views than our own “Open roads run in both directions,”
The European Commission’s president von der Leyen said. logistical failings in member states. engage in that kind of brinkmanship.” she said. “If needed, we’ll reflect on how AIME WILLIAMS — WASHINGTON
LAURA NOONAN — DUBLIN
has warned the EU is ready to introduce While she did not mention the UK, “All options are on the table” to speed Von der Leyen said the bloc could to adjust our exports based on reciproc-
emergency controls on Covid-19 vaccine Brussels has repeatedly complained up Europe’s vaccine rollout, von der even activate Article 122 of the EU’s ity and, in the case of countries with Micheál Martin, Ireland’s prime minis-
production and distribution if needed to about a lack of shipments of the Oxford/ Leyen said yesterday. “We are in the cri- treaty, which allows it to take emer- higher vaccination rates than us, pro- ter, told Joe Biden the UK and EU must
deal with the “crisis of the century”. AstraZeneca vaccine from Britain. sis of the century. I am not ruling out gency measures to control the distribu- portionality.” “stand by what has been agreed” on
Ursula von der Leyen said the bloc The EU has emerged as one the big- anything for now because we have to tion of essential goods if “severe difficul- But she played down the prospect of post-Brexit rules on trade between
was considering “all options” to ensure gest Covid-19 vaccine production hubs make sure that Europeans are vacci- ties arise” in securing supplies. The cri- action against the US, saying though the Britain and Northern Ireland.
“Europeans are vaccinated as soon as with companies including Pfizer and nated as soon as possible.” sis powers were conceived largely to US had not shipped vaccines to the EU
possible”, in a sign of concern the EU has Moderna of the US manufacturing Dominic Raab, UK foreign secretary, deal with energy shortages, but would the flow of raw materials back and forth Martin said by video link in a St Patrick’s
exported jabs to the UK and US but much of their international supply in said the threat “cuts across” previous provide for steps such as forced sharing had been “seamless”. day meeting with the US president that
received none from them. The commis- the bloc. The EU shipped more than assurances from the European Commis- of patents between pharmaceutical Brooke Masters see Opinion the UK and EU must “move forward
with a positive relationship” on the
Northern Irish protocol, which is
designed to prevent a hard trade border
on the island of Ireland.

Welcome back Brussels launched legal action this

week after Britain took unilateral steps

Iceland open to
to ease rules on trade with Northern Ire-
land, allegedly in breach of the Brexit
treaty with the bloc.
more tourists US politicians including Biden have
insisted there be no return to a hard bor-
der and that the 1998 Good Friday
Agreement underpinning the peace set-
tlement in Northern Ireland be upheld.
Iceland will open its borders to Biden touted his Irish heritage yester-
vaccinated foreigners from today, day, and quoted Irish poet Seamus
making the north Atlantic island one Heaney. Martin said he wanted to thank
of the first countries in the world to Biden for his “unwavering support for
reopen to tourists after coronavirus. the Good Friday Agreement”. He added:
Iceland had already allowed “It has meant a lot and it has mattered,
vaccinated travellers from the EU to including as we negotiated Brexit.”
enter without quarantine, but the At a separate St Patrick’s day event
new decision will give entry to hosted by Nancy Pelosi, Speaker of the
visitors from its main tourist House of Representatives, Martin said
destinations of the US and UK. the protocol was “the only way that
Visitors will have to show proof of could be found to manage the unique
full vaccination from a jab approved complexities of Northern Ireland” while
by the European Medicines Agency, avoiding a return to a hard border.
which excludes vaccines from China, He urged US lawmakers to continue
as well as Russia’s Sputnik V. to pay attention to Ireland and speak
Pre-pandemic, in 2019, tourism Tourists visit Skogafoss waterfall out in support of the agreement. “Once
accounted for 8 per cent of Iceland’s near Skogar, south Iceland, in 2018 again, the eyes and the interest of the
gross domestic product. Richard Milne Maja Hitij/Bongarts/Getty United States can continue to make a
difference at a delicate time,” he said.
Biden administration officials have
struck a cautious note on the protocol
but lawmakers on Capitol Hill have
Interview. Gérald Darmanin been outspoken.
A senior White House official said on
Tuesday: “The administration is inter-

Macron unleashes hardliner to thwart Le Pen ested in having strong relations with
both the UK and the EU, and we hope
that they’re able to find ways to work
well together, particularly ways that are
in the interest of political and economic
“There are between 60 and 70 per [the former name of Le Pen’s Rassem- last year as authorities tackled the tail- closed 17 mosques accused of promoting stability for the people of Northern
Crackdown on Islamists will cent of French people who say there is blement National] . . . may think Mad- end of the gilets jaunes anti-government extre mism and four clandestine Ireland.”
help save France from extreme too much immigration in France, that ame Le Pen is right about immigration, protests. He then chose Darmanin to schools, and wanted the bill, which is But Brendan Boyle, a Democratic con-
Islam is not compatible with the repub- but they say to themselves that she is lead a crackdown on Islamist radicals being debated in parliament, to break gressman from Philadelphia and mem-
right, insists interior minister lic, that there could be civil war,” he said. useless on the economy,” he said. accused of taking control of Muslim- down “the atmosphere of separa- ber of the Irish caucus on Capitol Hill,
“When 47 per cent of people are ready Darmanin’s grandfather was an Alge- dominated suburbs and of fomenting tism . . . the atmosphere that encour- said the attitude of Boris Johnson, UK
to vote for [Le Pen], you have two solu- rian who fought for France in the former terror attacks such as the beheading of ages people to commit [terrorist] acts”. prime minister, towards the protocol
DAVID KEOHANE AND VICTOR MALLET
PARIS tions. Either you call them all idiots — colony’s 1954-62 war of independence. schoolteacher Samuel Paty last year. But the law has triggered accusations was “deeply concerning”.
but if you insult people, it’s rare they end While lauded by conservatives and that the pair are stigmatising France’s “Obviously this protocol is complex,
Emmanuel Macron’s rightwing interior up voting for you — or you try to under- police unions, Darmanin, who has even estimated 5.7m Muslims. Darmanin and it’s a complex situation. It wouldn’t
minister is unapologetic about his stand what they’re going through.”
‘[People] may think Le Pen complained about “communitarian” defended laïcité, or secularism, as a way have taken four-and-a-half years to
crackdown on Islamists in France. But An Elabe opinion poll for BFMTV on is right about immigration, supermarket shelves of halal or kosher of binding disparate groups together negotiate and conclude if it weren’t
his campaign is aimed not only at curb- Thursday showed 58 per cent of voters food, has become a divisive figure. He into a nation, even if it took decades, as complex,” said Boyle. “But we want to
ing homegrown extremism, he says it is agreed with Le Pen on some issues some
but . . . that she is useless has faced calls to resign over a rape alle- it did with Protestants and Jews. see no unilateral action from either side,
also a ploy to defeat far-right leader of the time, while 48 per cent thought on the economy’ gation, which he denies; last week, he “It will take 50 years or a century, but and we believe there needs to be co-op-
Marine Le Pen in next year’s elections. her likely or certain to win in 2022. was called as a witness in the case. He [Muslims], like the Catholics, the Jews, eration between the UK and EU to
Gérald Darmanin, whose planned law Le Pen reached the second and final His father ran a bar and his mother was has also been criticised by some on the the Protestants, will assimilate, provid- implement this in good faith.”
against Islamist “separatism” is aimed round of the 2017 presidential election, a cleaning lady, which makes him an left and some Muslim leaders for his ed we don’t lower our guard,” he said. Several lawmakers from both parties
at bolstering France’s secular republi- only to lose to Macron by 66 per cent to advertisement for France’s attempt to handling of the fight against extremism. The political danger is that courting have also threatened to block a UK trade
can values, has been accused of Islamo- 34 per cent following a disastrous TV assimilate those from former colonies. The new law includes measures to ban the right will alienate leftwing voters. deal with the US if the Good Friday
phobia and pandering to the far right debate performance. Now, with surveys At 16, he joined the Gaullist Rassem- “virginity certificates” for Muslim wom- That could destroy the traditional “rep- Agreement is threatened.
after suggesting Le Pen was “softer than showing her within a whisker of winning blement pour la République, became a en, curb home schooling and extend a ublican front”, under which voters Most recently, lawmakers including
we could ever be” in a recent television the presidency next year, Darmanin protégé of former president Nicolas public sector ban on religious clothing to choose a candidate they dislike to keep Bob Menendez, the chair of the Senate
debate. But Darmanin, 38, was unre- insisted it was best to engage with Le Pen Sarkozy, and in 2012 was elected mayor private contractors working for the another out in a second-round run-off. foreign relations committee, issued a
pentant. The danger, he argued, was “to head on about immigration and Islam- of Tourcoing, not far from the tough state. The text does not specify “Islam- Asked whether France might finally resolution that said any new trade deals
let Madame Le Pen become president of ism while pointing out her weakness on Valenciennes suburb of his birth. ist” or “separatist”, but Macron’s team succumb to the populist wave if Le Pen with the US should take account of
the republic because we’ve shown our- issues, such as the economy and the EU. Macron appointed him budget minis- have said it is to rein in Islamist extrem- won in 2022, he said: “That’s what we’re whether the conditions of the agree-
selves to be too naive, too soft”. “The people who vote Front National ter, then put him in the interior ministry ism. Darmanin said he had already here to prevent.” ment were met.

EU clash
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Tension on LGBT+ rights overshadows Poland-France meeting
JAMES SHOTTER — WARSAW nitely perceived as a negative in French- changes that will ban same-sex couples problem with this, the same issue
DAVID KEOHANE — PARIS
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00

Trump vs the Valley

Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
A Five Star plan?
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
Dear Don...
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12 MICHAEL PEEL — BRUSSELS
Polish relations. Doing this ahead of a from adopting children. existed when we joined the EU. So what
HMRC warns Lloyd’s of Brussels Insurance market
to tap new talent pool with EU base
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80
Briefing
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
visit is at least careless, if not something Polish officials say the measures are has changed?” said the Polish official.
customs risks THE END
i US bargain-hunters fuel Europe M&A

The meeting yesterday between more.” necessary to defend the central Euro- “Changes in public opinion in certain
Europe has become the big target for cross-border
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

being swamped i Report outlines longer NHS waiting times

A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
AMERICAN WAY OF LIFE

French president Emmanuel Macron The spat is the latest sign of how the pean country’s traditional family val- countries do not have any effect on the
non-urgent operations and for A&E treatment while

by Brexit surge
some surgical procedures will be scrapped.— PAGE 4 Censors and sensitivity
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of

government debt in the first quarter of this year,
upsetting — LIFE & ARTS
taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15

Credit Suisse
3 Confidence in IT plans ‘has collapsed’ Art of persuasion Mystery deepens

and Polish prime minister Mateusz anti-LGBT+ rhetoric adopted over the ues, which they say are under threat Polish legal system . . . We can talk, we
i London tower plans break records
3 Fivefold rise in declarations expected
A survey has revealed that a
record 455 tall buildings are
planned or under construction over disputed painting of Jane Austen How To Spend It

engulfed in
JAMES BLITZ — WHITEHALL EDITOR adjust its negotiation position with the in London. Work began on
EU, a Whitehall official said. “If running almost one tower a week
A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4
duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions

fresh tax probe

Morawiecki in Paris was meant to focus past two years by Poland’s conservative- from the liberal mores of western Euro- can argue which model is better. But we
surge in workload expectedonce Britain press for certain options in Brussels.” The US secretary of state has failed to reconcile
leaves the EU, customs authorities have
admitted toMPs.
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the Chic new lodgings

on economic co-operation. But the nationalist ruling Law and Justice party pean states, and that Brussels has no do not impose anything on anyone. And
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Letters to the editor Boetie, 75008 Paris, Tel. +33 (0)1 5376 8256; Fax: +33 (01) confidant of Macron, said the European The anti-LGBT+ rhetoric peaked dur- decades and if indeed there is now a it is not France alone that will change
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Thursday 18 March 2021 ★ FINANCIAL TIMES 3

INTERNATIONAL

US warns China over Iran oil supply sanctions

Washington denies turning blind eye to trade in effort to encourage Tehran to join negotiations on 2015 nuclear agreement
KATRINA MANSON — WASHINGTON waived during hoped-for talks between chases on record. Iran had been offering “Many foreign companies are no
ANJLI RAVAL — LONDON
NAJMEH BOZORGMEHR — TEHRAN
Washington and Tehran to revive the Hong Kong Blinken warned any financial steep discounts, energy analysts said. longer scared of sanctions since Biden
multi-party nuclear deal. Biden imposes penalties institutions that did significant Iran’s ghost tankers are hard to track has been elected,” said a trader.
The Biden administration has told Bei- Enforcement could take the form of business with the officials would also and often include exports of petroleum The nuclear agreement, which was
jing it will enforce Trump-era sanctions “secondary sanctions”. In 2019, the on two dozen officials be subject to sanctions. The state products as well as crude oil that has also signed by China as well as France,
against Iranian oil as shipments from Trump administration imposed sanc- department yesterday also expanded been stored at sea for months, said Am- Germany, the UK and Russia, gave sanc-
the Islamic regime to China have soared, tions on a Chinese state-run energy The Biden administration has accused the number of officials targeted from rita Sen of consultant Energy Aspects. tions relief in exchange for imposing
a senior US official said. company and several tanker companies two dozen Chinese and Hong Kong 10 singled out by the administration of “We always knew these barrels would limits on Iran’s nuclear programme.
Iranian oil exports to China have been it said were trading Iranian oil in viola- officials of undermining autonomy in Donald Trump. The decision illustrated come out; it was a question of when.” Washington and Tehran have both indi-
increasing “for some time now”, the sen- tion of US restrictions. China’s embassy the territory, signalling it would President Joe Biden’s commitment to Iran had exported crude and conden- cated they want to revive the nuclear
ior administration official familiar with in Washington did not immediately maintain its tough stance towards maintaining the tough approach sate, an ultralight oil, to China by dis- pact. But neither side wants to take the
the Iran issue said. Some observers had reply to a request for comment. Beijing ahead of its first high-level towards China adopted by Trump. guising its barrels most recently as first step. Since Trump withdrew from
questioned whether the rise indicated The comments come as US secretary meeting with the rival power. The electoral law dilutes the Omani ones, Kpler said this week. Four the pact, Iran has stopped complying
that Washington was turning a blind eye of state Antony Blinken and national Antony Blinken, secretary of state, proportion of democratically elected tankers removed their transponders with many of its terms.
to the trade in an effort to encourage security adviser Jake Sullivan are due to said the US had identified 24 officials lawmakers in Hong Kong. The and transferred them to other vessels at Blinken testified to Congress last
Tehran to join negotiations over a 2015 meet their Chinese counterparts in whose actions had “reduced Hong measure is the latest attempt by an Omani port. They then went to Iran week the US would not give sanctions
nuclear accord the US abandoned in Alaska today for the first time since they Kong’s high degree of autonomy” after Beijing to crack down on the pro- to load almost 8m barrels of oil collec- relief until Iran was in full compliance
2018. The Biden administration has took office. China passed an election law for the democracy movement. Zhao Lijian of tively after which they returned to with the deal or was on what one law-
made returning to the deal a priority. China imported about 478,000 bar- city last week. China’s foreign ministry said the US Oman to pick up the transponders on maker called “a negotiated path toward
“We’ve told the Chinese we will con- rels of oil a day from Iran on average in The move subjected the officials to attempt to set the agenda before the the way to China. full compliance”.
tinue to enforce our sanctions,” the sen- February, according to data from energy sanctions under the Hong Kong talks was “doomed to fail”. Iran’s economy has been devastated The senior official said the US could
ior administration official said. “There research company Kpler, and this is Autonomy Act, which was introduced Demetri Sevastopulo and Primrose by US sanctions and Covid-19 but Ira- relieve sanctions if Washington reached
will be no tacit green light.” The official expected to increase to about 1m b/d in by the previous US administration. Riordan nian traders have said they are already understanding with Tehran on the 2015
indicated that sanctions could be March, one of the highest monthly pur- seeing signs of new business. nuclear accord.

Military coup. Civil unrest

Myanmar business fears protesters’ ‘dangerous game’

Companies support right to ‘If Myanmar rews, UN special rapporteur on human
rights in Myanmar.
oppose putsch but warn collapses Human rights groups want govern-
into chaos, ments and companies to impose sanc-
economy will be paralysed tions against MEHL and MEC, two mili-
there would tary-controlled conglomerates whose
JOHN REED — BANGKOK be a subsidiaries Andrews said include more
than 100 companies.
PATRICIA NILSSON — LONDON
KATRINA MANSON — WASHINGTON destabilising The US has also imposed sanctions

A civil disobedience movement resist-

impact on against three subsidiary gem compa-
nies. Human rights groups have called
ing Myanmar’s military regime has par- Thailand for further measures against Myanmar
alysed the economy as workers strike, and regional Oil and Gas Enterprise, a state-owned
businesses withhold taxes and the group in the junta’s control, which
ousted government asks foreign inves- supply Andrews recently called “the single
tors to shun the junta. chains’ largest source of revenue to the state”.
The movement has won mass support Inside Myanmar, protesters have
from tens of thousands of government called on companies to withhold paying
and private sector employees opposed taxes and avoid dealing with the junta or
to General Min Aung Hlaing’s coup on military-linked enterprises. At the
February 1, in which he ousted Aung weekend, a parallel government set up
San Suu Kyi’s National League for by NLD officials in hiding declared any
Democracy. Railway workers, bank permits issued by the state’s Myanmar
employees, medical workers and civil Investment Commission “will not be
servants have joined a general strike, honoured when the legitimate govern-
disrupting transport, logistics, banking, ment of the Republic of the Union of
commerce and Myanmar’s Covid-19 Myanmar returns to power”.
vaccination drive. The unrest has put multinationals
Yet the chaos has alarmed businesses, under growing pressure.
most of whom support their employees’ “In February we were asking brands
right to protest but privately warned the not to leave the country, but that was
turmoil threatened to wipe out a decade High risk: demonstrators prepare to warned this week that higher prices for “If Myanmar collapses into chaos, testers and foreign governments and when people weren’t being killed,” said
of economic gains. clash with the police during a protest food and other essentials increased the there would be a significant destabilis- activists who support the people’s quest Khaing Zar Aung, president of the
“The CDM is succeeding in bringing in Yangon this month. Below, risk of poor families, who were already ing impact on neighbouring Thailand to regain their democracy: mass action Industrial Workers Federation of Myan-
things to a halt,” one chief executive Chinese-owned factories are set in trouble because of the pandemic, and regional supply chains,” said Peter aimed at opposing the coup is starting to mar. Now, she added, “if businesses stay
said. “I guess that is its purpose, but it is ablaze on Sunday — Lynn Bo Bo/EPA-EFE going hungry. Mumford, an analyst. hurt millions of people, and could sap in the country, they’re supporting the
a bit of a dangerous game.” Chinese-owned factories in Yangon Businesses are mostly keeping quiet the strength of the protest movement. military by paying tax”.
The supply chain in garments, a sec- were set on fire on Sunday, while the about their concerns for fear of being The US and some other western coun- Clothing chains H&M, C&A and Indi-
tor that employs 500,000, mostly regime killed at least 39, a single-day publicly branded junta supporters. tries have imposed sanctions targeting tex said they would suspend orders
women, is fracturing as foreign compa- record for protest-related fatalities. Jap- “Wider boycotts and ‘social punish- the junta’s leaders, their families and the from Myanmar. Thulsi Narayanasamy
nies suspend orders. Goods are piling up anese brand Uniqlo said on Tuesday ment’ through peer pressure and Face- companies they control and have sought at the Business & Human Rights
at ports for lack of customs agents to that two of its clothes factories had been book are damaging the wider economy, to avoid harming others. But the Resource Centre said local unions were
clear them. Most banks have been set ablaze. particularly through their impact on regime’s use of violence, internet shut- united in support of sanctions to help
closed since the coup, disrupting pay- Since the coup, 202 have been killed banking and logistics,” a Myanmar busi- downs and other tactics to quell protests restore democracy. Unions have called
rolls and international invoicing and by security forces and 2,181 arrested, ness analyst said. “This means employ- have stoked an increasingly angry for brands that suspend production
prompting consumers to hoard cash. said the Assistance Association for Polit- ers can’t pay suppliers or staff, including response from demonstrators that there to support garment workers’ right
Farmers are struggling to get crops to ical Prisoners, a human rights group. those they have tacitly allowed to skip together are damaging business. to protest without risk of job loss.
market at the same time that prices for Eurasia Group, the risk consultancy, work and participate in protests.” “We want to have maximum impact “Brands need to use the enormous
seed and fertiliser are rising. warned there was a growing risk Myan- The economic paralysis highlighted a on the junta and minimal impact on the leverage they have now to support
The UN World Food Programme mar could become a failed state. profound challenge faced by the pro- people of Myanmar,” said Tom And- workers,” Narayanasamy said.

Carbon pollution Security law US shootings

Ocean trawling emits as much Hong Kong wary of dissident’s Asian-American murders
CO2 as aviation, study finds art appearing at new museum raise hate crime concerns
CAMILLA HODGSON — LONDON Oceans cover about 70 per cent of the PRIMROSE RIORDAN AND NICOLLE LIU decades. The law ushered in a broad LAUREN FEDOR — WASHINGTON “We cannot make that determination
HONG KONG
earth’s surface and play a critical role in crackdown on Hong Kong, targeting at this moment,” Bryant said. “Even
Ocean trawling, condemned by green Washington lawmakers decried vio-
absorbing heat and CO2. The study said Carrie Lam, Hong Kong leader, has said political opposition in an attempt to though we have made an arrest, there is
groups for destroying marine habitats lence against Asian Americans yester-
governments could achieve the triple officials will be “extra cautious” to bring the territory in line with the main- still a lot more work to be done.”
and depleting fish populations, gener- day, after at least eight were killed in
benefits of carbon savings, increased ensure the new M+ museum of visual land. But law enforcement officers in neigh-
ates a similar volume of carbon emis- shootings in the Atlanta area, raising
marine biodiversity and greater fishing culture does not undermine national The city’s previously freewheeling bouring Cherokee County, where one of
sions to the global aviation industry, concerns about a surge in hate crimes.
yields by protecting larger areas of sea. security, as China cracks down on free- civic society has not escaped the shootings took place, claimed they
driven by activity in Chinese national
It also endorsed an international initi- dom of expression in the territory. untouched. Teachers have been dis- Law enforcement officers in Georgia were “not racially motivated” and cited
waters, the journal Nature has said.
ative which is likely to be a feature of qualified, journalists arrested, curricu- arrested a 21-year-old man in connec- a possible “sex addiction”.
Bottom trawling, which involves drag- this year’s China-hosted COP15 biodiv- The Herzog & de Meuron-designed M+ tion with the shootings at three spas and “He apparently has an issue, what he
ging nets across the seabed, is responsi- ersity conference to safeguard at least museum was set to feature the work of massage parlours late on Tuesday. Sev- considers a sex addiction, and sees these
ble for between 0.6 and 1.5 gigatonnes of 30 per cent of the oceans by 2030. Chinese dissident artist Ai Weiwei after Works by Chinese eral of the victims were Asian-American locations as something that allows him
dissident artist Ai
carbon emissions a year, compared with Sediment on the sea floor acts as a one of the world’s most prolific collec- Weiwei could fall women, although police said the suspect to go to these places, and it is a tempta-
the aviation industry’s emissions of long term carbon “sink” where emis- tors of contemporary Chinese art, Uli foul of Beijing’s indicated the killings were not “racially tion for him that he wanted to elimi-
close to 1Gt, researchers found. Global sions are stored, but nets disrupt the Sigg, donated the majority of his collec- tough new national motivated”. nate,” Captain Jay Baker, of the Chero-
aviation produces about 2 per cent of all seabed and release the gas back into the tion to Hong Kong. security law “Our country, the president and I and kee sheriff’s office, said.
human-induced carbon emissions. water. That means the ocean has less The museum’s opening, expected all of us, we grieve for those lost,” Keisha Lance Bottoms, mayor of
Most of this pollution occurs in under capacity to absorb CO2 from the atmos- later this year, is one of the most antici- lums changed and civil servants have Kamala Harris, the vice-president, said Atlanta, said she would not “get into vic-
4 per cent of the ocean, in the sovereign phere, and some of the newly released pated in the Asia-Pacific region. After been forced to swear loyalty oaths. yesterday. “The investigation is ongo- tim blaming”: “As far as we know in
fishing waters of coastal nations called carbon is likely to escape into the air, facing delays, the construction of the Lam made the remarks after Eunice ing, we don’t yet know, we’re not yet Atlanta, these are legally operating busi-
“exclusive economic zones”, they said. said Enric Sala, study lead author. 65,000 sq m TV-like building was com- Yung, a pro-Beijing politician, suggested clear about the motive. But I do want to nesses that have not been on our radar.”
Trawling in Chinese waters generates Using satellite data based on fishing pleted last Friday. the museum’s exhibits might spread say to our Asian-American community She said law enforcement had “deter-
by far the greatest volume of emissions, activity between 2016 and 2019, the “We will be extra cautious about this hatred against China and be in breach of that we stand with you.” mined that the suspect was on his way to
or about 770m metric tonnes of CO2, researchers said roughly 1.3 per cent of matter,” Lam said yesterday, adding a new law. Lam said “as a cultural and Jen Psaki, the White House press sec- Florida . . . perhaps to carry out addi-
followed by trawlers in the economic the ocean was trawled each year, releas- that M+ management should be able to art centre” the government would retary, said President Joe Biden would tional shootings”.
zones of Russia, then Italy, followed by ing up to 1.5Gt of CO2, a finding they said decide whether their exhibitions were respect freedom of expression. be briefed by Merrick Garland, the US “We know that many of the victims,
the UK at 370m metric tonnes. was “a preliminary best estimate”. in breach of China’s new national secu- Twenty-six of the 1,450 works Sigg attorney-general, and Christopher the majority of them, were Asian. We
“The ocean floor is the world’s largest Governments could halt the practice, rity law. has donated to Hong Kong are by Ai, and Wray, the FBI director, on the shootings. also know that this is an issue that is
carbon storehouse. If we’re to succeed in said Sala: “We need to make sure that The security law was introduced to the collection has an estimated value of The FBI is working with local enforce- happening across the country. It is unac-
stopping global warming, we must leave the trawling effort vanishes.” Hong Kong by Beijing last year in $163m. Sigg said last year that his friend ment teams to investigate the incident. ceptable, it is hateful, and it has to stop.”
the carbon-rich seabed undisturbed,” He added that a study was under way response to the 2019 pro-democracy Ai claimed he would rather have all his Rodney Bryant, Atlanta’s acting chief The House judiciary committee will
said Trisha Atwood of Utah State Uni- to include the impact of ending the protests, one of the biggest challenges to things thrown into a lake “than given to of police, said yesterday he did not rule today hold a hearing on discrimination
versity, co-author of the paper. trawling on jobs and food security. central authorities on Chinese soil in China”. out calling the shootings a hate crime. and violence against Asian Americans.
4 ★ FINANCIAL TIMES Thursday 18 March 2021

INTERNATIONAL
GLOBAL INSIGHT
UN allegations

Ex-Blackwater chief faces Libya claims

INDIA

Amy
Kazmin
Security contractor denies intervened on the side of his opponents. personnel, or military equipment to Project was unimpressed with the replacement
An interim unity government was anyone in Libya.” aircraft procured for the operation and
helping in evasion of Opus
provisions of arms embargo
sworn in this week, raising hopes for the
return of stability.
Days after the war began, Prince met
He also denied there had been a meet-
ing in Cairo with Haftar. “Prince was not
in Egypt at any point in 2019 — as travel
included
made threats against the team manage-
ment”. Within days of their arrival in
Libya, 20 mercenaries had to be evacu-
Hiring quota tries the
HEBA SALEH — CAIRO Haftar in Cairo and made a proposal for
a private military intervention, said the
records confirm — and has never met or
spoken to [Haftar]. This alleged meet-
plan to
‘kidnap or
ated in a hurry across the sea to Malta
aboard two inflatable boats.
patience of investors
Erik Prince, the US private security con-
tractor and former head of Blackwater
Worldwide, tried to help a renegade
UN inspectors. The alleged $80m con-
tract included assault aircraft, cyber
capabilities and the ability to intercept
ing is fiction and never took place.”
The report said three UAE companies
were used for the planning, manage-
terminate
Prince was once the darling of the US
government, which paid his company in wealthy Haryana
general take control of Libya and “at the Turkish ships at sea. One component of ment and finance of the operation and it
individuals more than $2bn to provide military sup-
port in Iraq, Afghanistan and elsewhere.

J
very least” helped evade a UN arms the operation, dubbed Project Opus, identified a South African citizen as the regarded as But Blackwater became mired in con-
embargo on the country, UN inspectors was to “kidnap or terminate individuals team leader on the ground. high-value troversy for the massacre of 14 unarmed ust beyond India’s colonial-era capital, the pros-
have said. regarded as high-value targets in Libya”, The UN report said military aircraft Iraqi civilians by its operatives in Bagh- perous state of Haryana has capitalised on its
Khalifa Haftar, a general from eastern said the inspectors. Prince violated a for Project Opus were to be procured targets’ dad in 2007. Three years later, Prince proximity to New Delhi’s corridors of power, and
Libya, launched a war in April 2019 to Security Council resolution on Libya “in from Jordan, but senior officials can- sold the company. its ample available land, to emerge as a hub of
overthrow the UN-backed government that, at the very least, he assisted in the celled the sale after they suspected they Prince’s lawyer said the UN inspectors business and industry.
in Tripoli. His offensive scuttled a UN evasion of the provisions of the arms would be used in an illegal operation. had failed to provide his client with any Its gleaming offices house local headquarters of around
process aimed at uniting the country embargo in Libya”, they added. Six former military helicopters were information about the investigation. 75 per cent of the Fortune 500 companies operating in
and ending years of chaos since the Matthew Schwartz, a lawyer for bought from South Africa and three However, the report said Prince was India. They are also home to a good chunk of the outsourc-
overthrow of Muammer Gaddafi, the Prince, told the Financial Times his cli- other aircraft were supplied by compa- contacted by several emails and letters ing industry, local tech darlings such as Zomato and Grof-
former dictator, in 2011. Haftar’s 14- ent “had absolutely no involvement in nies controlled by Prince. but no response was received. ers, and IndiGo, the country’s largest domestic airline. Its
month offensive — backed by the UAE, any alleged military operation in Libya But Project Opus, said the inspectors, Additional reporting by Katrina Manson in Factories make cars, motorbikes and components.
Egypt and France — failed after Turkey in 2019. He did not provide weapons, ran into trouble because “Khalifa Haftar Washington But despite a reputation for business friendliness, Hary-
ana has thrown a googly at the investors that flocked there.
The state government, run by Narendra Modi’s Bharatiya
Janata party, has chosen to restrict companies from hiring
Afghanistan. Troop numbers workers from other states.
Restrictions signed into law this month mandate 75 per
cent of people hired for jobs paying less than Rs50,000 a

US envoy races to broker Taliban deal month be awarded to Haryana residents of at least five
years’ standing. The law comes after violent protests by
locals struggling to move from farming to the jobs market.
Opponents say companies need flexibility to choose
staff and point out the constitution bars discrimination
knows the personalities involved,” said based on birthplace and guarantees free movement.
As May 1 withdrawal deadline Rashid, who has known him since the But Haryana’s rules reflect a spreading parochialism as
1980s. “He’s got longevity.” politicians confront public frustration at the lack of jobs to
approaches, much depends on Washington has made clear one of its absorb the estimated 12m young Indians joining the
efforts of a former US envoy chief interests is ending the threat of labour market each year. The problem has been exacer-
attacks from al-Qaeda and others on US bated by the coronavirus pandemic.
soil, but sees a lasting political settle- “Such rules reflect a larger malaise in the Indian econ-
KATRINA MANSON — WASHINGTON
STEPHANIE FINDLAY — NEW DELHI ment in Kabul as central to the task — omy, which is that it is not
elusive twin goals. generating enough jobs,”
FARHAN BOKHARI — ISLAMABAD
“The feeling is, and this has been said Mahesh Vyas, man-
Rival parties in
As Joe Biden seeks to bring America’s expressed in the negotiations I believe, aging director of the Cen- Tamil Nadu are
longest-running war to a close, a long- that [the Taliban] haven’t sufficiently tre for Monitoring the
time Republican is leading the US presi- separated themselves from al-Qaeda Indian Economy. “Once
also promising
dent’s efforts to shepherd a peace settle- and that there hasn’t been the dimin- you do not generate jobs, job reservation
ment in Afghanistan that would put the ished levels of violence that were there are political pres-
Taliban into government. expected to flow from the agreement,” sures on local govern-
rules for locals
Zalmay Khalilzad, Donald Trump’s said James Dobbins, former US special ment to do something
former envoy to Afghanistan, is spear- envoy to Afghanistan for whom Khalil- about it.”
heading renewed US talks following a zad used to work. Besides Haryana, Jharkhand, a centre for mining and
deal he struck on behalf of Washington But crafting a deal to fuse the Taliban’s heavy industries such as steel, will require private employ-
with the Taliban last year. This month, Islamist ideology with civilian demo- ers to reserve 75 per cent of jobs with salaries of Rs30,000
Washington proposed a conference of cratic rule may prove impossible to rec- or less for state residents. Rival parties in forthcoming
Afghan and Taliban leaders to move oncile, especially over durable national elections in Tamil Nadu, a hub of textile and automotive
towards an interim power-sharing gov- security arrangements and the rights of production, are also promising private sector jobs reserva-
ernment. women, which have seen gains since the tions for locals. Other states are watching with interest.
At stake is whether the Biden admin- US overthrew Taliban rule in 2001. Vyas said local hiring requirements would be “very
istration will keep to a May 1 deadline to Khalilzad is no stranger to policy set- counterproductive” and likely to drive investment away
pull out the 2,500 US troops who are backs. He secured Kabul government from states that adopt them. In Haryana, the thriving
officially still stationed in Afghanistan, support for his plan to reach out to the back-office process outsourcing industry will be hard hit as
and deliver on Biden’s promise to end Taliban in 2005, but failed to deliver it now draws educated, technically skilled and highly
the so-called forever wars. reconciliation. He blamed what he said mobile young workers from a nationwide talent pool.
Afghanistan-born Khalilzad is known was Pakistan’s “double game” and its Reetika Khera, economics professor at Delhi’s Indian
as a well-connected geostrategist who hold over the Taliban, but he also felt Institute of Technology, said Haryana’s job reservations
has worked on the region for four dec- repeatedly let down by his own capital. reflected the “policy confusion” of Modi’s BJP, which had
ades, including as US ambassador to Khalilzad has begun pressing Paki- vowed to improve the ease of doing business in India.
Afghanistan under George W Bush. But stan to influence the Taliban in Afghani- “On one hand, they want to bring in FDI and open the
Biden’s special representative for stan to abide by the terms of the peace economy, and on the other hand they want to protect
Afghanistan reconciliation has also agreement, a senior Pakistan govern- Indian businesses,” she said. “Now it’s being taken down to
drawn criticism in Kabul for giving ment official told the FT. a lower level. You say, ‘one nation, one market’ but for
short shrift to the civilian government Dobbins, who has authored multiple labour you don’t want that ‘one nation one market.’ You
that Washington spent almost two dec- papers with Khalilzad, said the US faced say only ‘Haryana labour for Haryana’.”
ades fighting a war — and an estimated undesirable outcomes on all sides and Companies are going to court to challenge the rules,
$1tn — trying to support. that any time-bound commitment to which analysts predict will not withstand judicial scrutiny.
Khalilzad’s efforts are a “last-ditch Homecoming: civilian rule in Afghanistan and the to lay the groundwork for a temporary withdraw US troops unrelated to AK Automatics, a motorcycle components maker, and the
attempt to try and salvage something soldiers at prospect of takeover by the Taliban, extension, or even a lasting presence. progress in negotiations was “flawed”. Gurgaon Industrial Association have both filed cases call-
after a very non-productive year of Fort Drum, which has vowed not to co-operate with Khalilzad tweeted that the Afghan gov- “If the US leaves before there’s an ing the restrictions unconstitutional.
negotiations since the deal was signed”, New York, al-Qaeda and other groups that threaten ernment and the Taliban “must find a agreement, there’ll never be an agree- But the battle could take years and in the meantime cast
said Ahmed Rashid, author of books on are briefed US security in exchange for troop with- path to a political settlement and a per- ment,” he said. a cloud of uncertainty for investors. Khera predicts the
Afghanistan, Pakistan and the Taliban, on Covid-19 drawals. If the US stays, it could be tar- manent and comprehensive ceasefire” But Farkhonda Akbari, an Afghan emergence of “a whole racket of getting fake domicile cer-
of the US envoy’s new aim to broker a quarantine geted by the Taliban or al-Qaeda again. following his talks in Kabul this month. academic at the Australian National tificates” to assist job seekers, while the state may also
power-sharing agreement. “The Tali- procedures after As US vice-president, Biden opposed Turkey has offered to host talks next University, said no one in Kabul had offer exemptions in response to industry demands.
ban have a great habit and skill at play- returning from troop increases during Barack Obama’s month and Russia, which has lent sup- believed Khalilzad could pull off a seri- But pressures for state-level labour market protection-
ing one neighbouring state off another,” Afghanistan administration that pushed the number port for a government that includes the ous peace process since talks first ism are unlikely to abate without a dramatic pick-up in
he said, adding that co-ordinating an John Moore/Getty
of forces above 100,000. The Biden Taliban, will also host talks later this started in October 2018. job-generating investment. For employers, pressures to
international consensus would be cru- administration has yet to decide week that Khalilzad will attend. Khalil- “I think the new plan is pulling a rab- increase local hiring will be just another complication.
cial for any chance of success. whether it will withdraw after May 1, zad may prove crucial to such efforts. bit out of the hat,” she said. “If someone
US withdrawal risks the collapse of but the US foreign policy elite has begun “He knows the faults of both sides, he believes in magic this is it.” amy.kazmin@ft.com

Shifting attitudes Vaccine Rising Infections

Japanese court rules against UAE offers third Sinopharm Australia urges EU to export
ban on same-sex marriage shot in low-immunity cases jabs for Papua New Guinea
ROBIN HARDING — TOKYO system] is discriminatory I just couldn’t SIMEON KERR — DUBAI Egypt, Hungary, Pakistan and Serbia, JAMIE SMYTH — SYDNEY tralia, which is only about 150km from
stop crying,” said Ryosuke Kunimi, one have authorised the use of the Sinop- its closest neighbour.
Japan’s refusal to marry same-sex cou- The United Arab Emirates is offering Australia has appealed to the EU to
of the plaintiffs in the case. “For a man harm shot amid questions over the Canberra has suspended commercial
ples is unconstitutional, according to a people who have shown weak immu- reject “vaccine protectionism” and
like me in his mid-forties, who’s been liv- transparency of its trial data. The state- flights to and from PNG and is sending
landmark court ruling that will stoke nity after two doses of the Sinopharm allow the export of 1m doses of the
ing with his same-sex partner for 20 backed company says the jab has an effi- medical supplies, personal protective
the country’s debate about gay rights. vaccine a third shot of the Chinese jab Oxford/AstraZeneca jab to address a
years . . . to have a judge say so clearly cacy rate of 79 per cent in phase 3 trials. equipment and 8,000 Covid-19 vaccine
as a booster. Covid-19 emergency in Papua New
In a case brought against the govern- that the only difference between opposite Many vaccinated locals are seeking doses to inoculate health staff.
Guinea.
ment by three same-sex couples, the and same-sex couples is sexual orienta- Anyone who fears they are not immune antibody tests three weeks after their In a direct appeal to the EU, which this
Sapporo district court ruled that pre- tion, that’s really wonderful.” after taking an antibody test following second dose to find out if they need a Canberra said yesterday that the gov- month blocked a shipment of vaccines
venting them from marrying violated The case in Sapporo was one of five their second dose has been told to third shot. A booster is also available for ernments of PNG and Australia would to Australia amid concerns about its
Article 14 of the country’s constitution, nationwide brought by campaigners for return to the centre where they were those who had their first dose more than make a formal request to AstraZeneca own supplies, Morrison urged the bloc
which outlaws discrimination on same-sex marriage. Judgements are vaccinated. six months ago. and European authorities to allocate 1m to allow the export of shots contracted
grounds of race, creed, sex, social status expected in the coming months. “The vast majority of people have Dr Nawal Al Kaabi, chair of the doses of Australia’s contracted supplies by Canberra to aid PNG.
or family origin. The court refused the plaintiffs’ taken Sinopharm and it shows a good national Covid-19 clinical management for distribution in PNG, one of the “Those [1m doses of] vaccines and
It was the first time a Japanese court demands for compensation and response,” said a doctor working at a committee, said initial data suggested world’s poorest and most remote their deployment would therefore, I
has ruled for same-sex marriage on con- awarded costs against them. However, government hospital. “The booster is immunity would last four to six months. nations. think, be following through on the very
stitutional grounds, and came alongside the decision to reject a monetary award only needed if you don’t mount an She estimated less than 1 per cent of The initiative followed a warning this public statements that have been made
a shift in social attitudes towards homo- means the government cannot appeal immune response after two jabs.” those vaccinated were not generating week from James Marape, PNG prime in the European Union about their com-
sexuality in Asia’s richest democracy. and the ruling is final. A health official told local media last enough antibodies. “It is not significant minister, of a looming public health mitment to ensure there is no vaccine
Although the ruling did not immedi- “The difference between heterosex- month a third dose might be needed for at all,” she added. catastrophe in the country because of a protectionism and that vaccines do go to
ately create the right for gay people to ual and homosexual people is simply a a minority shown to have insufficient G42, Sinopharm’s regional distribu- “staggering” increase in Covid-19 cases. those most in need,” Morrison said.
marry, it will put pressure on the govern- matter of sexual orientation, which a levels of antibodies in subsequent tests. tor, said: “A select group of people are He said the infection rate could soon Covax, the World Health Organiza-
ment to change the law, boosting a move- person cannot change, and whatever The Sinopharm shot has helped the being administered a third shot to reach “one person to every three or tion-backed Covid-19 vaccine facility,
ment that has led to local authorities somebody’s sexual orientation, there UAE deliver 67 doses per 100 residents, observe the immune system response.” four” and clog the health system. has only recently begun sending small
issuing symbolic partnership certificates can be no disparity in their rights under second only to Israel in countries with a The UAE government and Sinopharm Scott Morrison, Australia’s prime quantities of vaccines to Pacific islands.
to same-sex couples. “When I read what the law,” wrote presiding judge Tomoko sizeable population. Only a handful of did not immediately respond to a minister, said PNG’s coronavirus crisis Additional reporting by George Russell in
the judge said about how [the marriage Takebe in her decision. other countries including Bahrain, request for comment. posed “very real risks” to northern Aus- Hong Kong
Thursday 18 March 2021 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Thursday 18 March 2021

This is unreal Non-fungible token mania represents another fast-buck opportunity for creatures of the cryptosphere y NOTEBOOK

AstraZeneca On the line Eurostar in talks with Paris and

London to head off cash crunch, says SNCF
Spac boom
eclipses 2020
and supplier fundraising
record in
defend vaccine single quarter

quality checks
ORTENCA ALIAJ AND AZIZA KASUMOV
NEW YORK

Blank-cheque companies have already

surpassed last year’s fundraising
record in the first quarter of this year,
reflecting the insatiable appetite for
special purpose acquisition companies
among both institutional and retail
3 Pharma group cites strict batch tests investors.

3 EU probes process after blood clots Spacs have raised $79.4bn globally since
the start of the year, eclipsing the
$79.3bn that flooded into vehicles in
DONATO PAOLO MANCINI — ROME is then shipped to “fill and finish” facili- 2020, according to data provider Refini-
HANNAH KUCHLER — NEW YORK
ties where the drug product is manufac- tiv, as of Tuesday night.
AstraZeneca and one of its key Euro- tured and put into vials. So far in 2021, 264 new Spacs have
pean suppliers have defended their One of AstraZeneca’s fill and finish been launched, overtaking last year’s
Covid-19 vaccine production process facilities is the Anagni plant in Italy, run record 256.
after the EU drugs regulator said it was by US company Catalent. That plant The fundraising comes amid a
investigating whether there could have produced two of the batches that ini- broader effort from European cities
been defects in specific batches. tially triggered the suspension of vacci- such as Amsterdam and Frankfurt to
The European Medicines Agency nations in Austria and Italy, ABV 5300 match the boom in listings in the US.
inquiry follows reports of possible side- and ABV 2856. Blank-cheque companies have
effects, including blood clots, that have Those batches are not being used in become a staple on Wall Street, boosted
led at least 16 European countries to the UK, according to UK health officials, by record-low interest rates and an
suspend or limit use of the shot. The but they have been distributed widely abundance of cash from investors look-
EMA has said that it was unlikely the across Europe. ing for yield.
reported adverse events were con- Cooke said that an initial investiga- Figures ranging from Wall Street vet-
nected to the vaccine or specific batches tion after Austria’s suspension of the erans Michael Klein and Bill Ackman to
but a link could not yet be ruled out. ABV 5300 batch had yielded no “plausi- sports stars Shaquille O’Neal and Alex-
Emer Cooke, the head of EMA, said on ble” link between that batch of vaccine ander Rodriguez have raised money
Tuesday that the agency was investigat- and the reported adverse events. through Spacs.
“As we’re seeing more events reported However, the pace of listings, particu-
across Europe we’re seeing more larly by backers with little financial
‘All documentation [was] batches are involved,” she said. A Eurostar train at St Pancras in London: travel has fallen at least 95 per cent since last March — Niklas Halle’n/AFP via Getty expertise, has raised concerns that the
once again reviewed by Mario Gargiulo, the president of the market is overheated.
European biologics division of Catalent, cent of the shares, is at risk of bank- Eurostar, which has its headquar- “The Spac is a good product, but the
Catalent, AstraZeneca and told the Financial Times that every
DAVID KEOHANE — PARIS
PHILIP GEORGIADIS AND
ruptcy following a drop in travel since ters in London, has held conversa- volume has been incredible this year, so
the Italian regulator, AIFA’ batch shipped from Anagni had met rig-
JIM PICKARD — LONDON
March last year of at least 95 per cent. tions with the UK government over you are going to see some indigestion,”
orous quality specifications and testing. Eurostar is in advanced discussions Shareholders, which also include the possibility of a state-backed com- said Rob Fullerton, global head of lever-
ing “the possibility or plausibility of any “All documentation and quality to seal aid from the UK and France Canadian institutional fund manager mercial loan to help it through the dis- aged finance at Jefferies.
events linked to specific batches” of the assessments pertaining to these batches that it needs by next month to head Caisse de dépôt et placement du ruption, although there is no guaran- London Stock Exchange chief execu-
Oxford/AstraZeneca jab, as well as “any were once again reviewed by Catalent, off a looming cash crunch, said the Québec, Hermes Infrastructure and tee of an agreement, according to two tive David Schwimmer warned earlier
differences in manufacturing . . . that AstraZeneca and the Italian [drugs] reg- head of SNCF, France’s state-backed the Belgian state rail operator, have people familiar with the discussions. this month that there was “froth” in the
might lead to some disparities across ulator, AIFA,” he said. Italian regulators rail group and largest shareholder in already pumped in €200m to keep Eurostar has discussed £60m of US Spac market, which “could end
batches”. will inspect the plant a third time this the Channel Tunnel train operator. Eurostar going during the crisis. loans backed by UK Export Finance, poorly for some of those opportunities
AstraZeneca said each batch of its week, officials said. “We hope that it will be weeks [not which helps UK companies gain and those investors”.
vaccine was subject to “more than 40 AstraZeneca’s drug substance facility “We are getting closer to the moment months] because the financial situa- access to finance and was originally The overwhelming majority of Spacs
different quality control tests”. at Seneffe in Belgium is run by Thermo when Eurostar will have real cash flow tion is going to be very difficult at the set up to support businesses following this year — 257, which raised $78.4bn —
“Regular quality control testing is car- Fisher Scientific, which declined to problems . . . By next month, we have end of May, start of June,” said Faran- Brexit, said one of the people. have listed on US exchanges.
ried out at every stage of production, to comment on the EMA probe. The facil- to conclude these discussions,” said dou, who would not be drawn on the People close to the discussions in In Europe, Amsterdam is emerging as
ensure the production process is well ity at Leiden in the Netherlands, run by Jean-Pierre Farandou, SNCF chief overall size of any French loan or France also warned that there was no a hub for blank-cheque vehicles, leaving
controlled and results are consistently Halix, is yet to supply vaccine ingredi- executive, in an interview with the whether it would go through SNCF or guarantee of an agreement. Eurostar London largely in the dust. Only one
within required levels.” ents to the EU. Oxford BioMedica in the Financial Times. directly to Eurostar. and both the French and UK govern- Spac has gone public on the LSE since
In Europe, where most of the reported UK, which is also approved to provide Farandou said the French and UK SNCF has itself already received bil- ments declined to comment. the beginning of last year.
blood clot events have been recorded, drug substance for AstraZeneca in the governments were in “very advanced lions in French government support The UK government has for months Short-sellers have upped bets against
Oxford/AstraZeneca’s vaccine is manu- EU, also declined to comment. discussions” with Eurostar over possi- after Eurostar traffic plummeted insisted that Eurostar is not a British the vehicles. Since the beginning of the
factured in a multi-step process. Additional reporting by Guy Chazan in ble state-backed loans that would because of Covid-19 travel restric- company and that the French state year, the value of such bets against Spacs
The active ingredient is supposed to Berlin, Michael Peel and Sam Fleming in allow the struggling train operator to tions, which came on the heels of should take the lead with any finan- has more than trebled, from less than
be produced at plants including one in Brussels, and Sarah Neville in London get through the coronavirus crisis. strikes by labour unions over reform cial support. The UK sold its stake in $800m to $2.8bn, according to data
Belgium and one in the Netherlands. It See Markets and Opinion Eurostar, in which SNCF holds 55 per to pensions and of the company itself. the train operator in 2015. from S3.

Contracts & Tenders

Suez-Veolia battle tests French state’s power over mergers
some 12 cases and appeals have been their orders from Suez, nor does the
INSIDE BUSINESS brought before the French courts and company own it.
one case before EU regulators. Veolia has challenged the establish-
EUROPE Suez or its unions have challenged ment of the stichting without share-
Veolia’s right to launch a bid, to vote its holder approval and is threatening to
Peggy shares, and its handling of obligatory
consultation with Suez employees. Veo-
vote against directors who created it at
Suez’s forthcoming annual meeting.
Hollinger lia, meanwhile, is challenging Suez dis-
posals and, most importantly, its deci-
But a court this month allowed Suez
to maintain the stichting for up to four
sion to use an obscure Dutch law to years, although the waters assets have
ringfence its French water assets in a not yet been transferred. A separate

P
foundation whose board members case will decide the basic merits of Veo-
ity Emmanuel Moulin. There would have veto rights over any disposal lia’s case — whether the foundation
can be few more dedicated of the business. breaks French law, which requires
civil servants than the It is this last that potentially has the directors safeguard corporate interests.
52-year-old director-general greatest significance. The move, if acti- That ruling will take many months. It
of the French Treasury. vated by the Suez board, in effect blocks could define whether these instruments
He has demonstrated his mettle dur- Veolia from being able to sell the French continue to be used in France. But even
ing successive crises — subprime and water business, a disposal regulators are with an adverse decision, it is not clear

Businesses For Sale eurozone — as an adviser first to former

finance minister Christine Lagarde and
then to ex-president Nicolas Sarkozy.
expected to require should its bid be
successful.
Stichtings, as
how a French ruling could lead to the
unwinding of an entity already incorpo-
rated under a foreign law, say Paris-
But those challenges must have been a these foundations Hostile bids are relatively based lawyers.
piece of cake compared with his latest are called, were People close to the situation suggest
task: trying to bring together the war- first used in a take- rare in continental Suez is unlikely to make its foundation
ring camps at the world’s two largest over outside the Europe, so when they irrevocable by transferring the assets, as
waste and water groups, Veolia and Netherlands in some shareholders have denounced the
Suez. 2006 when Euro- do happen they tend to poison pill. That would be seen as the
Moulin was recently asked by the pean steel group be fairly controversial ultimate act of hostility and could be
French finance minister to intervene as Arcelor was fight- used by Veolia to sue Suez directors,
an informal peacemaker in the hostile ing tooth and nail to fend off a bid by says one Paris lawyer.
bid battle between the two longtime India’s Mittal Steel. That is a controversy the government
rivals, which threatened to become a Arcelor put its North American would like to avert.
political embarrassment — and poten- Dofasco steel business into Strategic Perhaps the most significant lesson
Business for Sale, Business Opportunities, Business Services,
Business Wanted, Franchises tially a focus for industrial unrest. But Steel Stichting, barring the division’s from the battle is the impotence of the
Runs Daily not everyone wants to play. sale as required by US regulators. French state. In exchange for allowing
......................................................................................................................................................................................................................................................................... Hostile bids for all or parts of a busi- Although Arcelor eventually suc- Veolia to buy the Suez stake, the govern-
Classified Business Advertising
ness are relatively rare in continental cumbed to Mittal, the move gave the ment insisted any approach should be
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
Europe. France has had just five since target time to rally support. friendly to avoid controversy ahead of a
2010, roughly on a par with Spain and But these Dutch foundations are presidential election. Yet this fight has
Notice to Advertisers Italy, according to Dealogic. So when risky, as the merged ArcelorMittal been anything but. France may have
Calls to the Financial Times Advertising Department may be monitored. they do happen, they tend to be fairly found. When it sought to sell Dofasco to reinforced its powers to fend off foreign
controversial. Thyssenkrupp, the stichting’s inde- bids last year. But when it comes to con-
Acceptance of any advertisement for publication will be subject to the then current terms and conditions of insertion
of advertisements in FT publications. Yet rarely has a French bid battle been pendent directors refused. It took years trolling its own, the state might just have
as litigious as this one, say lawyers. Since for ArcelorMittal to regain control. to let this battle run its course.
A copy of the terms and conditions of insertion of advertisements in FT publications can be obtained from Veolia bought a 29.9 per cent stake in its Suez’s stichting could backfire too.
+44 (0)20 7873 3000, or viewed at www.FT.com/advertising
bitter rival Suez in October last year, The foundation’s directors do not take peggy.hollinger@ft.com
Thursday 18 March 2021 ★ FINANCIAL TIMES 7

COMPANIES & MARKETS

Financials Oil & gas

Greensills dumped shares before collapse Shell and Eni

cleared of
Family offloaded about were able to sell part of their stake after SoftBank is expecting to lose its entire low-margin business and which is domi- loan, to bridge another planned capital corruption
over Nigeria
the technology fund ploughed $1.5bn investment in Greensill after the com- nated by the largest banks. increase. While the Swiss bank’s debt
$200m of stock during into the business in 2019, valuing the pany filed for administration in the UK Lauded as one of the UK’s leading fin- ranks ahead of the Greensill family
2019 funding round company at about $3.5bn. last week. techs, it attracted former prime minis- trust, Credit Suisse said that it could

ARASH MASSOUDI, ROBERT SMITH

AND STEPHEN MORRIS — LONDON
The news makes Greensill the latest
start-up founder to benefit personally
from SoftBank’s investment before the
SoftBank declined to comment, as did
Greensill and Grant Thornton, which is
handling the insolvency.
ter David Cameron as an adviser and
targeted a $7bn valuation.
The Greensill family put money back
take a hit on the loan or other aspects of
its relationship with the company.
A personal guarantee from Lex
licence deal
business fell into distress. The jobs of Greensill’s several hun- into the business as it entered financial Greensill or a pledge on his assets at
Lex Greensill and his family sold about SoftBank in 2019 invested billions of dred employees are at risk after talks to difficulties last year. In a witness state- Credit Suisse’s private bank was initially ANJLI RAVAL — LONDON
NEIL MUNSHI — LAGOS
$200m of shares in Greensill Capital in dollars in WeWork, the office-sharing sell parts of the business to private ment to court last week, Lex Greensill discussed as security for the loan, SILVIA SCIORILLI BORRELLI — MILAN
2019, cashing out during a fundraising group, allowing founder Adam Neu- equity group Apollo Global Manage- said that a family trust in his brother according to three people familiar with
round led by SoftBank Vision Fund two mann to cash out huge sums before the ment fell apart last week. Peter’s name lent the company $60m in the matter. Royal Dutch Shell, Italy’s Eni and sev-
years before the company collapsed. company was forced to call off a planned Greensill founded the business in October 2020. Greensill denied to the Financial eral of the energy groups’ current and
Three people with knowledge of the stock market listing and focus on a fight 2011 as an upstart in supply chain The same month, Credit Suisse pro- Times that was part of the loan’s final former executives were cleared of cor-
matter said Greensill and his family for survival. finance, a sector that is considered a vided Greensill Capital with a $140m agreed terms, however. ruption charges yesterday in an Italian
case over a 2011 oil deal in Nigeria.

After dozens of hearings over three

Automobiles. Electric vehicles years, judge Marco Tremolada said he
had acquitted all 15 defendants because
“a crime was not committed”.

Car-charging trailblazers fuel up on Spacs cash Prosecutors had accused the compa-
nies and senior managers of knowing
that most of the $1.3bn they paid in 2011
for the licence to the OPL 245 block
went towards bribes for businessmen,
middlemen and Nigerian officials, par-
Investors bet lossmaking ticularly Dan Etete, the former oil min-
ventures will race ahead with ister who had previously been convicted
of money laundering in a separate case.
help from green legislation They had sought prison sentences of
eight years for current Eni chief execu-
tive Claudio Descalzi and his predeces-
GREGORY MEYER — NEW YORK
sor Paolo Scaroni, 10 years for Etete and
Big plans to build more battery- 88 months for former Shell executive
powered cars have led the companies Malcolm Brinded, along with a total of
that charge them to Wall Street in a $1.1bn in fines. The defendants had all
fusion of two buzzy trends: the electric denied wrongdoing.
vehicle and the special purpose acquisi- “Descalzi’s and Eni’s reputations were
tion company. finally restored,” Paola Severino, the
Groups such as ChargePoint Holdings, chief executive’s lawyer, said after the
EVgo Services and Volta Industries are decision.
entering US stock markets by merging Nigeria, which has argued that it has
with Spacs, blank-cheque companies been the victim of a serious fraud, said it
that raise money to acquire private was “disappointed” in the ruling and
businesses and take them public. that it would await the written judg-
The charging companies aim to pro-
vide the public power cords for a new
generation of EVs demanded by govern-
‘Nigeria will continue to
ments and promised by General Motors, hold those responsible for
Volvo and other carmakers.
But they are losing money and their
the OPL 245 fraud
path to profitability remains unsettled. accountable’
ment “before considering its position”.
‘We will see a change in “Nigeria will continue to hold those
the electric vehicle responsible for the OPL 245 fraud
accountable,” the government said.
market that we have not The verdict is the latest twist in one of
seen in the last 20 years’ the oil industry’s most notorious cor-
ruption cases, a saga that began in 1998
Los Angeles-based EVgo has more than 1,400 public ‘fast chargers’ in the US and is set to go public through a merger with a blank-cheque company — Alamy when Etete awarded OPL 245 to a com-
Some companies sell electricity, some pany he allegedly controlled, Malabu.
sell equipment and software and one Shell agreed to acquire a 40 per cent
sells advertising that flashes from charg- has a strong position in Europe. The utive of the Electric Power Research former chief executive of power pro- operating chargers that were reliable stake in the plot from Malabu in 2001,
ing stations where the energy is free. company intends to list in New York Institute. ducer NRG Energy. The Los Angeles- and located at shopping centres and only for the government to revoke the
“It’s difficult to earn a return just pro- through a Spac, with a $1bn enterprise Most EV drivers recharge at home. based company has more than 1,400 supermarkets. “It’s more than just being Nigerian company’s licence months
viding the charging service,” said Nick value and a forecast to break even in Yet public charging stations are still crit- public “fast chargers” in the US that can a pass-through of electricity: it’s actually later. That set in motion years of legal
Nigro, founder of Atlas Public Policy, a 2023 on revenue of €372m, more than ical to winning over new drivers anxious replenish a car battery in minutes. a sophisticated network of fast chargers wrangling over the plot’s ownership.
consultancy. five times 2020 levels. about running short of power as well as EVgo’s main source of revenue is sell- across the country that we keep running Eni entered into talks with Malabu
ChargePoint last week reported The companies’ financial projections people who live in housing without a ing electricity, whose inflation-adjusted at 98 per cent uptime,” she said. and Shell to buy a stake in OPL 245 in
$146.5m in revenue and a loss from rest on rapid growth in the electric car place to charge, Nigro said. price has declined for decades in the US. EVgo is going up against companies 2010. The $1.3bn deal a year later for the
operations of $121m for the fiscal year market. Globally, sales will rise fivefold In the US, President Joe Biden aims to The company reported adjusted losses such as Electrify America, a subsidiary plot off the Niger Delta, which remains
that ended in January. The company to 8.5m passenger EVs in 2025, forecast get 500,000 public charging cords of $29m on $14m in revenue in 2020 but of Volkswagen whose $2bn, 10-year undeveloped, was meant to settle the
merged with a listed Spac last month BloombergNEF, a research group. installed by 2030, up from almost projected that revenue would reach investment plan was funded by a legal ownership dispute but instead led to the
and now has a market capitalisation of “The next four years, we will see a 100,000, as part of a push to decarbon- almost $1.3bn and adjusted ebitda settlement over the German carmaker’s bribery probe in Milan and investiga-
$7.2bn. change in the electric vehicle market ise the energy system. would surpass $500m in 2027. diesel emissions scandal. tions in the US and the Netherlands.
ChargePoint projects turbocharged that we have not seen in the last 20 EVgo is set to go public through a Cathy Zoi, chief executive, said EVgo The company expects to have about Nigeria is pursuing separate legal pro-
growth in the years ahead. A presenta- years,” said Arshad Mansoor, chief exec- merger with a Spac led by David Crane, was more than a commodity supplier, 3,500 fast chargers installed or under ceedings in the UK against JPMorgan
tion preceding the Spac merger mod- development by the end of this year. Chase, which it alleges knowingly facili-
elled revenue of $2.1bn in 2026, yielding Coastal states had head start in electric EVgo’s Spac partner takes wild ride EV leader Tesla, meanwhile, has its tated the misappropriation of $845m in
adjusted earnings before interest, tax, vehicle charging own exclusive network of “Supercharg- state funds related to OPL 245 via trans-
Climate Change Crisis Real Impact I Acquisition Corp share
depreciation and amortisation of ers” that plug into the cars it makes. fers from Malabu accounts. The bank
Public outlets by state (’000) price ($)
$340m. Companies that go public via Volta, a charging company with a deal denies wrongdoing.
Spacs are allowed to show projections 0 5 10 15 20 25 30 35 22 to go public via Spac, forecast revenue A fast-tracked 2018 Italian trial of two
that they cannot make in traditional California rising from $25m in 2020 to more than middlemen involved in the OPL 245
New York 20
public offerings. EVgo announces
$800m in 2025, breaking even on an deal found both guilty of corruption.
Pasquale Romano, chief executive, Florida 18 ebitda basis in 2022. The oil majors, which still operate in
Texas Spac merger
emphasised the company was not in the 16 The San Francisco-based company the country, have said the deal was legit-
business of selling electricity. Rather, it Washington allows drivers to charge for free and sells imate and sanctioned by the state.
sells hardware and subscription soft- Massachusetts 14 advertising at its stations. Money, they have said, was transferred
ware to businesses and property owners Georgia Chris Wendel, Volta’s co-founder and into a government account and they had
12
that want a charging station on their Colorado president, said: “We are not at all in the no part to play in what happened to it
premises. “I’m not a charging company, Maryland 10 business of reselling kilowatt-hours. afterwards. “We welcome today’s deci-
per se,” Romano said. Virginia We’re in the business of delivering sion by the Milan tribunal,” said Shell
8
Its closest rival is EVBox, a subsidiary Rest of US consumers to new locations where fuel- chief executive Ben van Beurden. “We
Nov 2020 2021 Mar
of Engie of France, which also sells ling happens in the background of their have always maintained that the 2011
Sources: US Department of Energy; S&P Global Market Intelligence
equipment and subscriber software and regular day.” settlement was legal”.

Technology Banks

Founder bows out at Alibaba rival Pinduoduo HSBC closes in on sale of French retail outlets
RYAN MCMORROW — BEIJING for three years. Until yesterday, he held of chief executive in July. He was a class- DAVID KEOHANE — PARIS and other bidders could come back into €500m as part of an agreement. HSBC
PHILIP STAFFORD AND STEPHEN MORRIS
control through his ownership of a sepa- mate of Huang’s at the University of the frame. HSBC and Cerberus declined arrived in France in 2000 when it
Colin Huang, the founder of highflying LONDON
rate class of shares with 10 times the Wisconsin-Madison and worked along- to comment. bought Credit Commercial de France for
Chinese ecommerce group Pinduoduo,
voting rights, but Pinduoduo said these side him on several of his ventures. HSBC is in final negotiations to sell its The move comes as lenders including €11bn.
has unexpectedly quit his executive
would be cancelled with his resignation. The announcement came as Pinduo- French retail network to a subsidiary of Spain’s Santander, Sweden’s Han- For HSBC, the sale of its French retail
roles to explore “new, long-term
In a letter to shareholders, Huang duo overtook Alibaba by annual US private equity firm Cerberus, as the delsbanken and Société Générale in network would remove roughly 4,000
opportunities”.
said: “It is about the right time to shopper count for the first time, with bank continues to dispose of underper- France weigh up their physical distribu- employees from its payroll. Concerns
Huang, who steered the company to a explore what’s next if we want the same 788m people buying on its platform in forming assets in the west and sharpen tion networks and the role of bank over steep restructuring costs have led
New York initial public offering in 2018, the past year, compared with 779m for its strategic focus on Asia. branches as the coronavirus pandemic other big French banks to demur from
said that Pinduoduo had “become a Alibaba. has hastened customers’ shift online. bidding, leaving Cerberus as one of the
youth entering adolescence”. Chair Colin Huang But Pinduoduo’s rapid growth has “I have just informed unions that we The long-awaited sale of HSBC’s few options on the table, the people
is ‘stepping out of
He said he was resigning as chair to the comfort zone been powered by cheap deals, and it have decided to progress discussions French consumer operations is part of a familiar said.
make way for a new generation of lead- to embark on a remains heavily in the red. Revenues in with [Cerberus subsidiary] MyMoney- plan announced a year ago to shift more Talks also took place back in 2017
ers, and that Pinduoduo “will have its journey of the fourth quarter rose 146 per cent year Group,” Jean Beunardeau, HSBC France than $100bn of capital to Asia and cut with another private equity firm,
own growth journey regardless of exploration’ on year to Rmb26.5bn ($4.1bn), while it chief executive, told employees yester- 35,000 jobs in Europe and the US. The AnaCap Financial Partners, which had
whether I am nervous, excited or fright- recorded a loss of Rmb1.4bn, narrowing day. “Discussions are still ongoing and lender confirmed last month that it is previously taken over Barclays’ French
ened as its guardian”. quality and pace of growth in 10 years. from Rmb1.8bn a year earlier. are expected to be for some weeks.” also exiting its 150-branch US retail arm retail network, according to other peo-
Pinduoduo, valued at close to $200bn As the founder of this company, I am The company spent Rmb14.7bn on Beunardeau added that the scope of after years of unsuccessfully trying to ple familiar with the deal.
after taking a substantial share of probably the most suitable person to sales and marketing fees during the the potential deal included retail bank- restore it to profitability. Cerberus is a shareholder in Ger-
China’s online shopping market, saw its take on this task by stepping out of the quarter, which include the consumer ing but not insurance or asset manage- Advisers have previously suggested many’s Deutsche Bank and Commerz-
shares fall 10 per cent in early trading. business and the comfort zone to subsidies, or about 55 per cent of reve- ment, according to two people familiar that the sale of the 230 retail branches in bank. It is also the largest owner of
Huang said he would turn over voting embark on a journey of exploration.” nue. It marks an improvement from with the matter. They would not be France could be for a token amount, and shares in Hamburg Commercial Bank.
rights for his 29 per cent stake to the The company has appointed Chen Lei earlier quarters when expenses at times drawn on the potential value of a sale said that HSBC might have to recapital- Last year it failed in a takeover bid for
board and pledged to not sell any shares as its new chair after he took on the title exceeded revenues. but warned that it could still fall through ise the French network by as much as the UK’s Co-operative Bank.
8 ★ FINANCIAL TIMES Thursday 18 March 2021

COMPANIES & MARKETS

Payments group Stripe becomes star

Technology

ByteDance
embarks on
of Silicon Valley with $95bn valuation Singapore
hiring spree
Digital pioneer founded by pair of Irish brothers has global ambitions to shake up sector STEPHANIE FINDLAY — NEW DELHI
MERCEDES RUEHL — SINGAPORE
TIM BRADSHAW AND NICHOLAS MEGAW
LONDON
ByteDance, owner of viral video app
MILES KRUPPA — SAN FRANCISCO TikTok, has launched a hiring spree in
Singapore, as the Chinese group deep-
Even the co-founder of Stripe admitted ens operations outside the mainland to
there was nothing obviously attractive satisfy global regulators.
or exciting about the digital payments
technology that is the company’s focus. The Beijing-based group controlled by
“It’s low-margin . . . It’s very competi- Zhang Yiming is hiring hundreds of
tive,” said John Collison, who launched engineers and managers in the city-state
Stripe in 2010 with his brother Patrick, for TikTok as well as its enterprise soft-
in an interview with the Financial ware business Lark and other products.
Times. Stripe’s staff are “the strange and GlobalData job analytics data showed
weird woodland creatures who are pay- that ByteDance had posted 338 jobs in
ments fanatics”, he added. Singapore in the past six months. By
Silicon Valley’s most prominent start- comparison only five jobs were posted
ups are normally consumer internet in India, where TikTok was shut in June
ventures such as Facebook and Uber — last year on security grounds.
aggressive, fast-growing companies on a Singapore is viewed as a neutral city
relentless drive for global domination by Chinese tech companies amid ten-
and the huge brand awareness that goes sions between Washington and Beijing.
with it. Tencent and Alibaba announced last
Yet it is Stripe — a name unfamiliar to year that the city would serve as a hub,
most outside the tech industry — that with Alibaba spending half a billion dol-
now sits atop the list of Silicon Valley’s lars to buy a skyscraper in the heart of
most prized private companies after the financial district in May.
investors valued it at $95bn this week. ByteDance has not confirmed which
Stripe’s software makes it simple for of its international offices is its global
any website or app to accept payments, hub outside China, but its expansion in
without having to obtain their own Singapore — it moved into larger
licences or strike deals with the many premises in an office tower late last year
banks and card operators the company — comes amid setbacks in India, the US
and the UK, where it has been blocked
or accused of breaching privacy rules.
‘One of the things we’re “As we grow our presence in Singa-
very focused on is being pore, we continue to look for the best
global and local talents to support our
able to serve customers all business and augment local skills and
across the size range’ capabilities,” the company said.
The Financial Times reported last
Stripe, founded by John and Patrick Collison, is said to have recorded $2bn in gross revenues in the third quarter, which translated to $120m in ebitda — FT montage year that ByteDance could seek to turn
has already integrated. Underpinning a TikTok and other units into a global
near-tripling of Stripe’s valuation in the business separate from its Chinese
past year is a belief from investors, similar to other online payments groups start-ups, Stripe operates in an intensely Suryadevara described the second London-based Checkout.com, said in a entity. Joe Biden’s administration is
including Ireland’s National Treasury that offer a similar set of services, such regulated industry where Silicon Val- part of Stripe’s business as “building for January interview that he expected his reviewing an executive order from Don-
Management Agency, Fidelity and as Adyen, which has a market capitali- ley’s “move fast and break things” platforms” — launching extra services company’s payments volume to more ald Trump that sought to force the sale
Sequoia Capital, that the digitisation of sation of €60bn, or PayPal, which is val- approach cannot apply. that can save meaningful amounts of than double this year after tripling in of TikTok’s US operations.
commerce and payments still has some ued at almost $300bn. There are two aspects to Stripe’s busi- money at a large scale or for which 2020. He said net revenues roughly dou- In China, where ByteDance makes
way to run. Conor O’Kelly, chief executive of Ire- ness model that got investors excited. Stripe clients can charge their own users bled last year, thanks to an international most of its money, it runs the mainland
“The size of the opportunity is some- land’s NTMA, said he was “very com- One is the fundamental infrastructure extra, bringing in new revenue streams. footprint that supports more currencies version of TikTok called Douyin and
thing that people caught on to,” said fortable” investing in Stripe at a $95bn of payments processing, for which One new Stripe customer, Matches- than Stripe. businesses including edtech unit Dali.
Dhivya Suryadevara, Stripe’s finance valuation, given how fast it was growing. Stripe typically takes a fee of roughly 2.9 fashion, initially switched because its “Our moat has always been built One lawyer who helped advise the
chief. “It’s not very often you see a com- “Even if they weren’t to do much further per cent of each transaction — or 1.9 per technology was easier to use. But the around actually having all these licences company on its new office space said
pany where it is already so big, but still innovating — which of course they will cent in Europe, where card fees are typi- London-based luxury retailer also sells all around the world,” Pousaz said. that it “had all the hallmarks of a global
there’s so much more growth left to go.” be — they are already embedded in the cally lower. high-priced items to buyers in more Collison insisted Stripe was also hub. ByteDance seems to be spending
With the internet economy shifting largest secular trend of our time: the Stripe’s is not the cheapest rate availa- than 170 countries — creating just the expanding rapidly into Europe, Asia more on this office than any other out-
away from advertising and towards acceleration of digitisation and the ble but key to its appeal is speed and kind of cross-border transaction that and Latin America, attracting larger side of China”.
ecommerce and payments, Benedict growth of digital commerce,” he said. simplicity of integration, especially for bank systems can mistakenly block. corporate clients such as Facebook’s A consultant in the city said: “I think
Evans, a tech industry analyst, In a sign of strong investor appetite, the small businesses and start-ups upon Nicolas Pickaerts, vice-president of Instagram and software provider Atlas- they are hedging their bets given
described Stripe’s opportunity another Stripe has held talks about a deal that whom it built its business. global development at Matchesfashion, sian. He cited 50 customers that process the rapidly evolving regulatory
way: “They are a 3 per cent tax on the would allow investors to buy between “There was a lot of white space for said Stripe had increased its acceptance more than $1bn a year in payments as environment.”
future of the internet.” $500m and $1bn worth of shares from small companies who didn’t qualify for rate — the frequency with which pur- evidence that it has made “tonnes and The hiring spree in Singapore will
One of Stripe’s key competitive existing shareholders at or near the a merchant account,” said Dayna Ford, chases successfully go through — by tonnes of progress in the enterprise seg- support ByteDance’s push into south-
advantages is doing more with less. It same price as the recent financing, said payments analyst at Gartner. “They about 2 percentage points. “Given the ment”. “One of the things we’re very east Asia. The group has created an edu-
has about 3,000 staff, a third less than people familiar with the discussions. didn’t have to take market share away size of our business, it’s worth a lot of focused on is being able to serve custom- cation portal to test a seller marketplace
Facebook had in 2012 when it went pub- Stripe’s mission statement to from the large incumbents.” money,” he said. ers all across the size range,” he said. in Indonesia, the region’s biggest ecom-
lic at a similar valuation. Its online tools “increase the GDP of the internet” is no That core payments business is “self- To introduce more new products, and John Doran, general partner at ven- merce market, called TikTok Shop
are designed to be easy for businesses to less grandiose than Facebook’s scheme sustaining”, said Suryadevara. “We expand its geographic coverage, Surya- ture capital firm TCV, which has backed Seller University.
adopt without needing a large sales to connect everyone on the planet. But don’t necessarily need to raise more devara said, Stripe is “investing like payments companies including Revolut TikTok’s migration to Singapore to
force or support team. unlike social media apps or gig economy money in order to grow that business.” crazy in 2021, with an eye towards the and Amsterdam-based Mollie, predicts cater to the Asia market was part of a
That has allowed it to remain capital- next decade”. Stripe will find it harder to grow in trend of corporates moving out of China
efficient, even as it expanded to more Stripe’s rising price But others spy the same opportunity Europe than it did in the US. “Given the and Hong Kong, said Jayanth Kolla, tech
than 40 countries. Stripe has raised Valuation ($bn) to join up the world’s fragmented pay- size and fragmented nature of the Euro- analyst at Bangalore-based consultancy
$2.4bn to date, compared with Uber’s ment systems. “Taking a credit card pean payments market . . . we believe Convergence Catalyst.
$14bn in equity financing before its ini- 100 payment has gotten a lot more competi- there is space for multiple winners.” For the south-east Asia market, Sin-
tial public offering in 2019. tive because it’s been commoditised,” While its rivals may be able to high- gapore was seen as “neutral” ground
Stripe recorded about $2bn in gross 80 said Lily Varon, payments analyst at light support for a greater number of that could be viewed more favourably
revenues in the third quarter of last Forrester. countries, payment types or even by regulators, said Kolla.
year, according to one person who has 60
To expand beyond its core market of cryptocurrencies, Collison argued that “Singapore is increasingly becoming
seen the numbers. Those revenues small businesses, Stripe has to beat back Stripe’s ability to defend its business for all practical purposes the official
translated to more than $120m in earn- competition both from more traditional from its rivals is driven not by any spe- south Asia and south-east Asia hub. The
ings before interest, tax, depreciation 40 payments companies such as Global cific product or feature, but an outlook. government has been accommodative
and amortisation, this person said. Payments, Worldpay and Fiserv but also He referred to the “global perspec- and is jumping on the opportunity.”
Stripe declined to comment on the fig- 20 other next-generation companies, tive” of a Silicon Valley company TikTok has laid off the majority of its
ures, which may not be calculated or including PayPal, Adyen, Checkout.com founded by two young Irish immigrants 2,000 employees in India, formerly its
presented in a way that is directly com- 0 and a growing swarm of smaller start- and its ability to plan five or 10 years biggest market with 200m users. Some
parable to publicly listed peers. Series A Series B Series C Series D Series E Series F Series G Series H ups looking for a piece of a multitrillion- ahead. “The [payments] infrastructure of that headcount was being transferred
The numbers imply that the company dollar market. is global and you have to have a long- to Singapore, a person familiar with the
Sources: PitchBook; news reports
is valued on a revenue multiple not dis- Guillaume Pousaz, chief executive of term mindset,” he said. company’s plans said.

Financials. Market strategy

Investors flock to Lending Club after it shifts gear and becomes a bank
dependence on “partner banks” that lower-cost funding [and] it also lets you The core checking account at newly subprime loans to investors — asset pens, and the market pulls back by 70,
Status change gives fintech financed its loans until they could be test out, for example, auto lending as a acquired Radius offers depositors a managers, hedge funds — with higher 80, 90 per cent. Guess what happens to
chance to lower funding costs sold to investors. product,” said William Coffey of Wed- yield of 0.10 per cent, Lending Club risk appetites. Marcus, by contrast, your revenue?”
“We don’t need to pay somebody else bush Securities. “You can go to Radius says. By contrast, a key rival, Goldman retains its loans, pushing it to focus on It was an attempt to even out demand,
and diversify product offering to issue our loans. We don’t need to pay depositors and say, ‘You need a line of Sachs’ digital bank Marcus, pays deposi- prime customers. by setting up an asset management
somebody else [to] warehouse our credit.’” tors 0.5 per cent. Sanborn estimated that Lending company that bought Lending Club
loans,” he said. “Over the past two years Lending Club’s core product is unse- Lending Club plans to retain about a Club’s new business model will be 40 loans, that helped get the company’s
ROBERT ARMSTRONG — NEW YORK
on average we paid issuing banks alone cured personal loans, which borrowers fifth of the loans it originates and sell per cent more profitable than the old founder and former chief executive,
When Lending Club was founded in $20m a year. Now we can recapture use to refinance higher-rate card and one and he expects the company to gen- Renauld Laplanche, in trouble. The
2006, it was hailed as a pioneering that.” car loans. Demand for the loans and erate a return on equity superior to that FDIC alleged that the loan purchases
“fintech” company — a consumer Investors seem to like the change. their credit performance have both of a traditional bank. were misrepresented to investors;
lender that operated online without the After discussing its plans for Radius last been relatively consistent across the “We’ve got a really high-yielding asset Laplanche resigned in 2016 and was
regulatory burdens of a bank. week, along with its fourth-quarter company’s 15 years of existence. But and we’ve got a really low cost of capi- banned from the securities industry
This year, under chief executive Scott earnings, Lending Club’s shares have Lending Club’s dependence on partner tal,” he said. “You put the two together, under a settlement with the SEC.
Sanborn, Lending Club has shifted gears risen more than 60 per cent to nearly banks to finance the credits put pres- we’ve got a real economic engine.” Loan investors, particularly banks,
and obtained a banking charter, reckon- $18, adding some $600m to its market sure on its profitability. Consistency of revenue will also be pulled out following the regulatory
ing that extra attention from the gov- capitalisation. “In the first quarter of last year we improved with a banking charter, San- problems and Lending Club shares,
ernment is a fair price to pay for an The rally also has been encouraged by held a billion dollars in loans, and our born said. Last year, as the pandemic worth more than $100 in 2015, fell
opportunity to lower its funding costs Lending Club’s biggest investor, tech- average cost of funding was about 330 hit, the company issued $4.3bn in loans, below $5 last October.
and diversify its product offering. stock evangelist Cathie Wood’s ARK basis points,” Sanborn said. “Our total down from $12.3bn in 2019. To win back investors, Sanborn said,
With last month’s acquisition of Bos- Investment Management, which has cost of funding today at the bank we “The typical fintech marketplace the company increased compliance
ton-based digital bank Radius, Sanborn added to its position in the company. acquired, which has more than $2bn in model, your primary revenue stream is efforts to bank-like levels, so he does not
told the Financial Times, Lending Club “Being a bank is transformative on a deposits, is 35 basis points. Our borrow- Scott Sanborn, CEO, says the new directly tied to loan originations,” he expect having the charter to signifi-
will be able to move away from its number of fronts: it gives you access to ing costs just went down by 90 per cent.” model will be 40% more profitable said. “Let’s say a global pandemic hap- cantly increase its administrative costs.
Thursday 18 March 2021 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

Fixed income. Syndication Commodities

IEA pushes
Europe’s bond order books back against
jump to ‘ridiculous’ levels talk of oil
supercycle
ANJLI RAVAL
SENIOR ENERGY CORRESPONDENT

The expectation of Wall Street banks

that oil has entered a new and sustained
period of dramatic price rises is
misguided, said the International
Energy Agency yesterday.
The Paris-based body said “oil’s sharp
rally to near $70 a barrel has spurred
talk of a new supercycle and a looming
supply shortfall. Our data and analysis
suggest otherwise”.
Those forecasting a return to $100-a-
barrel crude — last hit in 2014 — say
huge fiscal stimulus measures will boost
demand just as spending on new
production declines, fuelling a longer
lasting price surge.
Brent crude, the international oil
benchmark, is up 80 per cent since the
end of October 2020 to $67.56 a barrel,
driven by optimism about the rollout of
vaccines and production cuts by some of
the world’s biggest exporters.
But the IEA said “oil inventories still
look ample compared with historical
levels” even as the stock overhang from
2020 — as the pandemic crushed
demand for crude — begins to dissipate.
Opec countries and allies outside the
cartel, including Russia, agreed last
April to cut production by a record 9.7m
barrels a day. The group has since grad-
ually reduced the curbs to about 8m b/d.

ECB asset purchases inflate Rising demand for eurozone Eurozone governments Towering: tion climbed last year. Issuance through
‘There is more than enough
sovereign bond syndications increase use of syndication the European auctions has, meanwhile, faced limits
what was once a key yardstick Average bid-to-cover ratio for borrowing Central Bank’s from banks’ capacity to act as market oil in tanks and under the
makers by holding bonds on their books
for judging investor interest 10 Syndication as a percentage
emergency
bond-buying until they can sell them on to investors.
ground to keep markets
of total issuance
France and Germany
Spain and Italy 8 20 has absorbed “Banks’ ability to warehouse bonds adequately supplied’
JOSHUA OLIVER more than has been reduced and therefore it’s
Rest of eurozone
Investors have been toppling records 6 15 €760bn of public more difficult to get bonds in size,” said A rebound in demand and continued
this year with outsized orders for a rush sector debt Graham-Taylor. production restraint by the so-called
of new eurozone government debt but 4 10 Ralph Orlowski/Reuters
This has pushed more demand to Opec+ group point to a sharp decline in
bankers say the true scale of demand for syndications from investors who want inventories later this year. But, for now,
the bonds is becoming harder to 2 5 big chunks of debt. “there is more than enough oil in tanks
discern. When syndication deals draw more and under the ground to keep global oil
Spain attracted more than €130bn of 0 0 orders than they have bonds to sell, markets adequately supplied”.
orders for a 10-year syndication in 2015 16 17 18 19 20 21 2015 16 17 18 19 20 investors are allocated a percentage of The IEA said the cuts implied there
Source: Rabobank
January, the second record deal in 12 the amount they bid for. was significant spare production
months. Some investors have inflated their capacity — at about 9.3m b/d — that
In February, an Italian 10-year sale compiled by Rabobank. Private sector working the phones to reconfirm and orders to make sure that they still walk could be brought on by these countries
drew €108bn in orders, breaking a demand for eurozone government debt then reallocate orders, dragging out the away with the amount they need, quickly, should the market tighten too
record set last summer. is backed by a vast bond-buying length of the deal. They have also added bankers and analysts said. much.
Former bailout recipient Greece has programme from the European Central pressure on managers of subsequent “This behaviour, which has been Oil producers have been wary about
also drawn a crowd with new 30-year Bank, which is seeking to shore up offerings to understand how buyers will observed across government bond syn- unleashing more barrels on to the
debt — its first since the financial crisis. financial conditions and an economy react to new pricing. dications internationally, can result in market, given the unpredictability of
The supersized order book sizes have hobbled by the shock of coronavirus. “Headline orders suggest issuers can sizeable but potentially misleading the virus. This month, Opec+ decided
helped countries’ public debt offices Since last March, the central bank’s tighten pricing quite a lot but some of order books and therefore should not be against increasing supply by 1.5m b/d
secure more favourable borrowing costs emergency Covid-19 bond-buying the demand remains very sensitive taken as an indicator of the level of from April.
but it has also made what was typically a programme has absorbed more than and will drop if prices tighten”, said demand,” the head of the UK’s debt In a separate report released by the
staid process of “book building” more €760bn in public sector debt, buying Kerr Finlayson, head of the frequent agency, Sir Robert Stheeman, wrote in a IEA yesterday, it said that, while
fickle, and made it harder to judge after it is issued in the secondary borrowers group at NatWest Markets. letter to MPs in December. oil markets had rebounded from
whether orders really reflect demand market. That leaves investors “You can’t just say that, because you The UK has also seen big orders for the big demand shock triggered by Cov-
for the bonds. clamouring for new issues when they have a €100bn book, you can set any gilt syndications. A 25-year gilt deal in id-19 they “still face a high degree of
“Back in the day, an order book was need debt for their portfolios. price you want. You need to balance the January attracted £60bn in orders, uncertainty”.
viewed as a reasonable gauge of But some of the apparent interest in high-quality ‘buy-and-hold’ versus the prompting the country to up the size of The IEA said: “The staggering inven-
demand,” said Lyn Graham-Taylor, these deals from fund managers proves fast money.” ‘Back in the issuance to £6.5bn. tory surplus that built up last year is
senior rates strategist at Rabobank. fleeting. In both the Italian and Spanish European governments raised an The surge of volatility in bond being worked off and global oil stocks,
The size of order books started to rise deals earlier this year, about half the unprecedented €3.6tn in debt in 2020, the day, markets in recent weeks may make excluding strategic reserves, will return
in 2017, he said, but “skyrocketed” in orders fled the book as the government according to the Association for an order investors more cautious about bidding to pre-pandemic levels in 2021. And yet,
2020 and so far this year, reaching debt agencies sought cheaper borrowing Financial Markets in Europe. for large orders of bonds. there may be no return to ‘normal’ for
“frankly ridiculous numbers”. costs. Although auctions remain the domi- book was But Jean-Luc Lamarque, global head Our global the oil market in the post-Covid era.”
Across the eurozone, the average Several bankers said orders from nant tool for government borrowing, viewed as a of syndicate at Crédit Agricole CIB, said team gives you Oil demand, which hit close to 100m
bid-to-cover ratio for syndications — a hedge funds are particularly sensitive to syndications allow national treasuries he is not anticipating immediate market-moving b/d in 2019, is not expected to recover
standard measure of demand — jumped price changes as they may be aiming to issue larger chunks of debt and have reasonable changes in syndication investors’ news and views, back to this level until 2023, the IEA
by about 40 per cent in 2020 compared quickly to resell the bonds at a profit on helped them to meet the financing gauge of behaviour. 24 hours a day noted. But a peak in consumption is not
with the previous year and has pushed the open market. demands of the Covid-19 response. “For the time being, there is still a lot ft.com/markets expected. By 2026, global oil demand is
higher this year, according to figures These collapses leave bankers The share of debt issued by syndica- demand’ of confidence in the market,” he said. projected to reach 104.1m b/d.

Equities Equities

Biotech start-up behind AstraZeneca Baidu set to raise more than $3bn
jab raises $168m to fund similar trials in ‘homecoming’ HK stock listing
HANNAH KUCHLER — NEW YORK its lead programmes forward in clinical Medicines Agency, the EU’s drugs regu- HUDSON LOCKETT — HONG KONG Tencent. Baidu also joins a host of New The Hong Kong listing will open up
MERCEDES RUEHL — SINGAPORE
trials. “We now look forward to advanc- lator, says there is no evidence that the York-listed Chinese tech groups such as the company’s stock to more Chinese
Vaccitech, the Oxford start-up that
ing key programmes towards generat- vaccine is causing the blood clots. Baidu is set to raise more than $3bn in JD.com and NetEase that have sought funds and retail investors.
owns the biotech platform behind the
ing proof-of-concept data in indications AstraZeneca has commercial rights to a Hong Kong stock market listing, secondary placements closer to home. Baidu, known as China’s answer to
AstraZeneca Covid-19 vaccine, has
with significant need of effective new use Vaccitech’s platform for its Covid-19 marking the latest “homecoming” US authorities have said they will Google, has been expanding into new
raised $168m as it seeks to use similar
treatments,” he said. vaccine. The jab is being distributed on a share sale by a Chinese technology delist Chinese companies from Ameri- businesses including electric vehicles
technology to treat other infectious
The fundraising was announced as non-profit basis for the duration of the group against a backdrop of tension can exchanges if they do not comply and video streaming in a bid to increase
diseases and cancer.
distribution of the AstraZeneca shot has pandemic but afterwards Vaccitech will between Washington and Beijing. with local accounting rules. its revenues and shift away from its
Vaccitech is preparing to go public in the been suspended in many European get an undisclosed share of the revenue. The New York Stock Exchange earlier stagnating core business.
coming months, according to a person countries while the regulator investi- While Vaccitech will not profit from The New York-traded search engine this year delisted the ADRs of state-run These include a partnership with
familiar with the matter, after its latest gates a possible link with a serious side the Covid-19 shot in the short term, it company told investors yesterday that it Chinese carmaker Geely Auto to make
round valued the start-up at about effect called thrombosis. The suspen- has proven its platform — using a chim- expected to price shares for its Hong electric vehicles.
$425m after the fundraising. sion is precautionary and the European panzee adenovirus vector to deliver Kong secondary listing at HK$252
Baidu, known as China’s Investor interest in China’s electric
The series B round was led by Lon- active ingredients — in millions of peo- ($32.45) each, according to two people answer to Google, car market — the world’s biggest — has
don-headquartered M&G Investment ple. This vector is combined with an familiar with the matter. been buoyed by US group Tesla’s success
Management and investors included immune system booster, based on a That represents a discount of about
has been expanding in the country.
Californian biotech group Gilead Sci- modified vaccinia Ankara virus, 2.7 per cent against the most recent clos- into new businesses The company is also following rivals
ences, Chinese tech group Tencent and derived from a smallpox vaccine. The ing level for its Nasdaq-listed American into crowded new business lines such as
Monaco’s constitutional reserve fund. viruses are used as delivery mecha- depositary receipts. Chinese groups including China Mobile short videos, a sector already domi-
Sarah Gilbert, a vaccines expert and nisms and cannot replicate in humans. That would put Baidu on track to and China Telecom following an execu- nated by ByteDance and Kuaishou.
co-founder of Vaccitech, led the devel- The funds raised will support early- bring in at least $3.1bn through the sale tive order by Donald Trump, the former “We believe Baidu’s growth outlook is
opment of the Oxford/AstraZeneca vac- stage clinical trials of a treatment for of about 24m shares. That could rise to president, that barred US investors promising,” said Alicia Yap, an analyst
cine. The company is built on technol- patients with chronic hepatitis, a treat- more than $3.5bn if banks organising from holding stakes in groups suspected at Citi, pointing to the company’s
ogy spun out of the University of Oxford ment for persistent high-risk human the listing deem that demand is strong of having ties to China’s military. diversification efforts.
and backed by Oxford Sciences Innova- papillomavirus and a treatment for enough to exercise a “greenshoe” option One person familiar with the matter Baidu’s Nasdaq-listed ADRs have
tion, a fund trying to help the institution prostate cancer. Vaccitech is also work- and sell another 3.6m shares. said strong institutional investor risen more than 20 per cent this year.
commercialise more of its intellectual ing on vaccines for Mers, another respi- The Hong Kong listing would make demand — particularly from long-only Bank of America, Goldman Sachs and
property like US universities do. ratory illness caused by a coronavirus Baidu the final member of the so-called investors and hedge funds — had helped Citic are joint sponsors and global co-or-
Bill Enright, Vaccitech’s chief execu- AstraZeneca has rights to use that first emerged in 2012, and zoster, BAT stocks to list in the city after Baidu’s share offer weather recent dinators for Baidu’s Hong Kong share
tive, said the financing would help push Vaccitech’s platform for its vaccine the virus that causes shingles. Chinese internet groups Alibaba and volatility in global equity markets. sale.
10 ★ FINANCIAL TIMES Thursday 18 March 2021

COMPANIES & MARKETS

The day in the markets UK value stocks

What you need to know
hold bargain
3 US long-term bonds under pressure as
opportunities
Federal Reserve upgrades GDP forecast
US long-term bonds under renewed pressure
3 Stocks on Wall Street follow bond Treasury yields (%)
prices lower, led by tech
3 Treasury sell-off spreads to other
countries including the UK and Germany 30-year
2.5
Rob Arnott
US long-term government bonds sold off
yesterday as markets turned jittery ahead 2.0 Markets Insight
of the Federal Reserve’s policy meeting in

P
which the bank kept rates on hold but
sharply upgraded its growth forecast for redicting when markets will And, with the UK among the world’s At the start of 2021, UK value stocks
the US to 6.5 per cent for the year. 1.5 turn or what catalysts will champions in mass vaccinations, they were trading at very nearly their cheap-
The yield on the benchmark 10-year 10-year trigger the move is more a fun are unlikely to materialise in future. est ever relative to both the market and
Treasury note gained as much as five parlour game than a reliable Likewise, the recent Brexit deal means to growth on metrics such as price to
basis points to more than 1.67 per cent. tool for investment strategy. that UK businesses can operate with sales, price to dividends and price to
That brought one of world’s most 1.0 Even so, sometimes long-term pros- much less uncertainty. cash flow
closely watched measures of borrowing pects seem clear. That is notably the As with most crises, Covid and Brexit Granted, they have recently rallied,
costs to its highest level since February case now for UK stocks. have changed the UK’s relationship with up nearly 20 per cent in excess of their
2020. The yield on 30-year bonds also We have been saying since the the world, but not drastically. growth counterparts from October 1
rose, hitting 2.44 per cent. 0.5 autumn that UK shares may be the On a five-year horizon, it seems 2020 through to February 28 2021. This
Stocks on Wall Street followed bond trade of the decade, in particular so- unlikely that Brexit will leave the UK may lead some to ask if the value stock
prices lower, led by the technology sector. Jan 2020 2021 Mar called value stocks that appear cheap isolated from global trade and that in uptick is merely a bounce or the begin-
The blue-chip S&P 500 was down 0.4 Source: Refinitiv compared with benchmarks, such as fact the UK will actually remain a ning of a sustained move.
per cent by lunchtime in New York while dividend payouts or assets. That is still vibrant and competitive economy, The good news is even after the
the tech-heavy Nasdaq Composite sank the case. enjoying robust trade with its global rebound, UK stocks are still trading at
more than 1 per cent. “They have not stated exactly the research at WisdomTree Investments, What created this potential bargain? partners. very attractive levels relative to their
Borrowing costs have been rising with extent of the overshoot they are said that, even though the US was closer Over the past year, Brexit-related perils history — now very cheap versus excep-
the 10-year yield increasing from about comfortable with or for how long,” said to a rate rise than economies that were coupled with concerns of sweeping tionally cheap earlier this year.
0.9 per cent at the start of this year as Dall’Angelo. “From a market perspective, recovering more slowly from the bankruptcies amid the pandemic They are priced to earn a What does all this mean in terms of
markets anticipated a jump in inflation this brings uncertainty and volatility.” pandemic, it made sense for fears about understandably induced investors’ return a notch higher than potential return for the long-term inves-
from President Joe Biden’s $1.9tn stimulus The bond sell-off in the US spread to tighter US monetary policy to spread fears. tor? UK stocks stand out as offering the
and the rollout of Covid-19 vaccines. other countries yesterday, taking the around global bond markets. Brexit drove UK stocks to valuation emerging markets equities most attractive risk-return trade-off
Bond markets were likely to stay yield on the UK’s 10-year gilt up 5bp to “The US central bank is giving levels that were the cheapest compared with considerably less risk across the main global asset classes and
volatile, said Silvia Dall’Angelo, senior 0.83 per cent. investors a window into the pace at which with other developed world markets. are indeed are priced to earn a return
economist at Federated Hermes, because The yield on the equivalent German other central banks will eventually Then Covid-19 fears drove value stocks even a notch higher than emerging mar-
the Fed’s move to average inflation Bund rose by the same margin to minus tighten,” she said. globally to near-record lows relative to Consider that the OECD projects UK kets equities with considerably less risk.
targeting — which allowed the central 0.29 per cent while Canada’s 10-year yield Across the Atlantic, the Stoxx Europe growth stocks, in many countries lower economic growth rates in 2021 and 2022 An annualised total return of 8 per
bank to be more tolerant of price climbed 4bp to 1.61 per cent with yields 600 equities benchmark fell 0.5 per cent even than at the peak of the tech bubble of 5.1 per cent and 4.2 per cent respec- cent over the next 10 years may not
increases overshooting — made it harder also rising in Australia, Brazil and Greece. and London’s FTSE 100 dropped 0.6 per in 2000. tively. That compares with global sound like much, but in a world of near-
for investors to predict monetary policy. Lidia Treiber, director of fixed income cent. Naomi Rovnick and Colby Smith This exodus created bargain prices in growth expected of 5.6 per cent in 2021 zero bond yields, it is tremendous. Fur-
UK value stocks, which even after a and 4.0 per cent in 2022. ther, that is before the 4 per cent incre-
recent rebound, still offer a compelling Are UK equities risky? Of course, but mental return we are expecting for
Markets update opportunity. no more than other developed economy value stocks.
As of end-December 2020, the ratio of stock markets. Our forecast for global developed
the price of UK value stocks to the bal- We gauge potential long-term returns equities is that they would deliver an
ance sheet value of their assets was 0.97 as the sum of dividend yield, expected annualised total return of 4.0 per cent
US Eurozone Japan UK China Brazil compared with 1.61 for the broad UK capital growth and changes in valuation over the next 10 years. That means
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa equity market ratio and 2.89 for global multiples (which usually mean revert investment growth of just over 25 per
Level 3944.32 1637.03 29914.33 6762.67 3445.55 115136.95 developed equity markets. towards historical norms). cent in six years.
% change on day -0.46 -0.34 -0.02 -0.60 -0.03 0.98 While most investors are transfixed For the FTSE 100 stocks over the next In contrast, a 12 per cent return for
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ by the pandemic crisis and Brexit, sur- 10 years, this means returns of 3.2 per UK value stocks would double an inves-
Level 91.981 1.190 109.220 1.389 6.503 5.656 prisingly few ask: “Will these events cent from yield, 4.1 per cent from capi- tor’s money in just six years.
% change on day 0.161 0.000 0.183 0.000 0.032 1.376 matter much in five years?” tal growth and 0.8 per cent per year
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond Covid-related shutdowns have not from a reversion to historical valuation The writer is founder and chairman of fund
Yield 1.666 -0.292 0.088 0.829 3.253 8.445 after all led to sweeping bankruptcies. norms. manager Research Affiliates
Basis point change on day 5.730 4.400 -0.580 4.600 -0.700 10.000
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 445.32 67.23 63.80 1735.00 26.08 3816.80
Executive Appointments
% change on day -0.46 -1.95 -1.85 0.66 -0.08 -1.53
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
4000 1680 6880

1640 6720
3840 1600
6560
1560
| | | | | | | | |
3680 || | | | | | | | | | | | | | | | | | | 1520 || | | | | | | | | | | | | | | | | | | 6400 | | | | | | | | | | |

Jan 2021 Mar Jan 2021 Mar Jan 2021 Mar

Biggest movers
% US Eurozone UK
Lennar 7.05 Volkswagen 15.83 Bt 6.49
Dow 3.77 Bay.motoren Werke 6.16 Rolls-royce Holdings 3.54
Ups

Lyondellbasell Industries Nv 2.86 Kbc 4.27 Intertek 2.41

Roper 2.71 Solvay 3.11 British American Tobacco 2.25
Northrop Grumman 2.68 Renault 3.10 Standard Chartered 1.89
%
Nrg Energy -15.42 Rwe -2.68 Ocado -4.84
Viacomcbs -8.20 Thyssenkrupp -2.41 M&g -4.08
Downs

Abbvie -5.53 Muench Rueckvers -2.23 Anglo American -3.94

Fox -4.98 Novozymes -2.16 Evraz -3.84
Discovery -4.72 Deutsche Boerse -2.12 Legal & General -3.50
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.

Wall Street Europe London

Strong results sent cyber security BMW revved up after laying out a road SSP Group sank after announcing its
company CrowdStrike higher as total map in which it aims to make at least half intention to raise £475m from another
revenue for the fourth quarter hit of its vehicles fully electric by 2030. rights issue.
$264.9m, a 74 per cent increase on the Deliveries of fully electric models will The owner of Caffè Ritazza and Upper
same period a year earlier. grow “well over 50 per cent annually” on Crust added that it had secured an
During the quarter, annual recurring average by 2025, said the premium extension of its bank facilities that were
revenue increased 75 per cent year over carmaker. due to mature in July 2022 to January
year, growing to $1.05bn as of January 31, Shorter term, the German group 2024.
of which $142.7m was net new ARR. forecast a “solid year-on-year increase in Both measures were aimed at
UBS reaffirmed its “buy” rating for the deliveries” for its automotive division with strengthening the company “if the global
California group off the back of its its margin for earnings before interest travel sector experiences a more
“robust” quarter and a “healthy above- and tax of between 6 per cent and 8 per prolonged recovery from the pandemic”,
consensus (and we think beatable) cent for 2020, edging above it said in a statement.
outlook”. consensus estimates, said Citi analyst “Business has dried up for [SSP’s] cafés
Mobile gaming platform Skillz tumbled Angus Tweedie. and restaurants in airports and train
after announcing a public offering of 32m The company’s outlook was “marginally stations, forcing the company to go cap in
shares, of which 17m would be offered by ahead of sellside consensus expectations”, hand and ask for more funds until
the San Francisco group and 15m sold by added Tweedie, “and the further details travellers return,” said AJ Bell. “Much
existing stockholders. on the electrification are somewhat uncertainty remains over when travel
Proceeds from the shares being offered reassuring given investor concerns over restrictions will be lifted in the various
by Skillz are earmarked for working BMW’s electric vehicle strategy”. countries in which SSP operates.”
capital and general corporate purposes Schoeller Bleckmann, the oilfield BT Group rallied after its mobile
but the company would not receive any equipment group, sank after scrapping its network, EE, secured spectrum in an
funds from the selling stockholders. dividend for 2020 and reporting a post- Ofcom auction.
Skillz rallied last month after signing a tax loss of €21.7m against a profit of The telecoms company paid £452m for
multiyear deal with the National Football €32.3m a year earlier. 3.6-3.8GHz and 700MHz spectrum, the
League to host a game developer “The exceptional global situation and latter being “crucial for reach and indoor
challenge. the drop in demand for oil and gas led to coverage”, said the group.
Uber went into reverse following news a decline in sales and results,” stated the An upbeat trading update helped lift
that its UK drivers would be reclassified Austrian company. Hargreaves Lansdown after the
as workers, meaning they would be However, chief executive Gerald investment platform said it expected
entitled to extra benefits such as holiday Grohmann said he expected to see a pre-tax profit for its financial year ending
pay and automatic enrolment into a moderate increase in activities in the first June 30 to be “modestly above the top
pension scheme. Ray Douglas half of this year. Ray Douglas end of analyst expectations”. Ray Douglas
Thursday 18 March 2021 ★ 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 € $ pe r £ ¥ per $ £ pe r € Oil Brent $ Sep Gold $

-0.46% -1.27% -0.60% -0.34% -0.02% -0.46% -1.04%

No change No change
0.30% 0.02% 0.183% 0.117% 0.66%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Feb 18 - - Index All World Feb 18 - Mar 17 Index All World Feb 18 - Mar 17 Index All World Feb 18 - Mar 17 Index All World Feb 18 - Mar 17 Index All World Feb 18 - Mar 17 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
3,944.32 18,865.83 14,596.61 3,163.25
3,932.59 6,748.86 6,762.67 30,084.15 29,914.33
18,492.50 14,064.60 3,047.50

Day -0.46% Month 0.32% Year 55.94% Day -0.04% Month 2.69% Year 48.75% Day -0.60% Month 0.92% Year 27.91% Day 0.27% Month 0.39% Year NaN% Day -0.02% Month -1.76% Year 76.05% Day -0.64% Month -3.66% Year 77.71%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
14,047.50 47,991.74 3,109.65
1,637.03 8,599.50 30,746.66
13,299.93 1,614.37
44,157.49 8,153.70 29,034.12 2,935.34

Day -1.27% Month -4.77% Year 81.32% Day -0.44% Month 6.45% Year 30.13% Day -0.34% Month 2.15% Year 43.18% Day -0.67% Month 5.87% Year 32.33% Day 0.02% Month -5.63% Year 25.81% Day 0.13% Month 6.07% Year 24.75%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
32,923.03 6,054.82 24,281.05 52,154.13
119,428.72 3,603.49
31,522.75 115,136.95 5,786.53 23,440.81
3,445.55 49,801.62

Day 0.30% Month 4.14% Year 55.01% Day 0.98% Month -4.31% Year 54.35% Day -0.01% Month 5.01% Year 51.68% Day 0.08% Month 4.78% Year 58.59% Day -0.03% Month -5.73% Year 23.53% Day -1.12% Month -4.42% Year 58.65%

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 49393.02 49646.77 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 26419.89 26417.61 Philippines Manila Comp 6566.83 6559.08 Taiwan Weighted Pr 16215.82 16313.16 Cross-Border DJ Global Titans ($) 452.27 455.99
Australia All Ordinaries 7048.00 7079.00 Czech Republic
PX 1082.14 1078.08 FTSE Italia Mid Cap 42640.98 42862.89 Poland Wig 57867.02 59088.73 Thailand Bangkok SET 1566.76 1564.03 Euro Stoxx 50 (Eur) 3853.51 3850.96
S&P/ASX 200 6795.20 6827.10 Denmark OMXC Copenahgen 20 1437.08 1466.29 FTSE MIB 24281.05 24261.12 Portugal PSI 20 4769.73 4835.17 Turkey BIST 100 1562.11 1570.42 Euronext 100 ID 1183.44 1184.32
S&P/ASX 200 Res 5171.60 5245.10 Egypt EGX 30 11068.37 11190.80 Japan 2nd Section 7534.70 7521.54 PSI General 3531.95 3592.37 UAE Abu Dhabi General Index 5746.17 5749.07 FTSE 4Good Global ($) 9602.65 9670.58
Austria ATX 3153.33 3176.99 Estonia OMX Tallinn 1480.71 1485.66 Nikkei 225 29914.33 29921.09 Romania BET Index 10810.53 10844.45 UK FT 30 2708.90 2720.20 FTSE All World ($) 445.32 447.38
Belgium BEL 20 3883.74 3859.99 Finland OMX Helsinki General 11456.41 11579.65 S&P Topix 150 1670.94 1670.34 Russia Micex Index 3507.91 3589.83 FTSE 100 6762.67 6803.61 FTSE E300 1637.03 1642.61
BEL Mid 8880.96 8881.20 France CAC 40 6054.82 6055.43 Topix 1984.03 1981.50 RTX 1493.66 1552.81 FTSE 4Good UK 6354.43 6403.85 FTSE Eurotop 100 3084.51 3090.05
Brazil IBovespa 115136.95 114018.78 SBF 120 4771.37 4771.78 Jordan Amman SE 1733.76 1719.70 Saudi-Arabia TADAWUL All Share Index 9602.26 9660.27 FTSE All Share 3854.27 3879.81 FTSE Global 100 ($) 2547.81 2561.99
Canada S&P/TSX 60 1124.68 1123.74 Germany M-DAX 31867.40 32098.29 Kenya NSE 20 1922.70 1923.04 Singapore FTSE Straits Times 3109.65 3105.51 FTSE techMARK 100 6483.96 6581.09 FTSE Gold Min ($) 2160.79 2155.99
S&P/TSX Comp 18865.83 18874.01 TecDAX 3372.79 3386.27 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 370.62 367.78 USA DJ Composite 10878.61 10855.69 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 809.45 826.65 XETRA Dax 14596.61 14557.58 Latvia OMX Riga 1112.82 1119.31 Slovenia SBI TOP - - DJ Industrial 32923.03 32825.95 FTSE Multinationals ($) 2825.31 2816.45
Chile S&P/CLX IGPA Gen 24580.30 24682.80 Greece Athens Gen 857.19 860.26 Lithuania OMX Vilnius 855.01 856.66 South Africa FTSE/JSE All Share 66494.49 67289.37 DJ Transport 14082.06 14020.73 FTSE World ($) 791.01 794.68
China FTSE A200 13689.68 13655.24 FTSE/ASE 20 2064.04 2072.52 Luxembourg LuxX 1451.76 1462.11 FTSE/JSE Res 20 67133.88 68759.24 DJ Utilities 853.59 859.04 FTSEurofirst 100 (Eur) 4259.12 4266.96
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 29034.12 29027.69 Malaysia FTSE Bursa KLCI 1624.97 1623.96 FTSE/JSE Top 40 60810.17 61623.63 Nasdaq 100 12985.51 13152.28 FTSEurofirst 80 (Eur) 5258.66 5257.29
Shanghai A 3611.55 3612.77 HS China Enterprise 11358.66 11329.43 Mexico IPC 47991.74 48203.95 South Korea Kospi 3047.50 3067.17 Nasdaq Cmp 13299.93 13471.57 MSCI ACWI Fr ($) 677.96 676.99
Shanghai B 244.55 245.53 HSCC Red Chip 4219.37 4158.19 Morocco MASI 11487.27 11417.87 Kospi 200 414.01 417.31 NYSE Comp 15642.63 15775.50 MSCI All World ($) 2823.69 2821.85
Shanghai Comp 3445.55 3446.73 Hungary Bux 43504.47 44268.77 Netherlands AEX 680.71 683.65 Spain IBEX 35 8599.50 8657.70 S&P 500 3944.32 3962.71 MSCI Europe (Eur) 1714.44 1703.17
Shenzhen A 2321.03 2298.25 India BSE Sensex 49801.62 50363.96 AEX All Share 975.79 981.43 Sri Lanka CSE All Share 7044.56 7119.70 Wilshire 5000 41754.29 42013.83 MSCI Pacific ($) 3228.20 3207.50
Shenzhen B 1114.00 1110.42 Nifty 500 12319.90 12512.70 New Zealand NZX 50 12622.21 12689.05 Sweden OMX Stockholm 30 2172.86 2180.14 Venezuela IBC 2699170.75 2668313.50 S&P Euro (Eur) 1775.03 1776.74
Colombia COLCAP 1350.14 1356.98 Indonesia Jakarta Comp 6277.23 6309.70 Nigeria SE All Share 38720.81 38561.84 OMX Stockholm AS 864.00 870.93 Vietnam VNI 1186.09 1179.90 S&P Europe 350 (Eur) 1693.82 1699.97
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 8048.34 8079.89 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10922.49 10944.48 S&P Global 1200 ($) 3116.76 3130.77
Israel Tel Aviv 125 1647.90 1669.09 Pakistan KSE 100 45450.31 44857.06 Stoxx 50 (Eur) 3284.93 3289.49
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Mar 17 %Chg %Chg Mar 17 %Chg %Chg Mar 17 %Chg %Chg Mar 17 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 53.1 122.66 -2.91 Rio Tinto 206.7 5460.00 -150.00 Volkswagen Ag Vzo O.n. 1015.8 230.80 22.95 Softbank . 1016.2 10400.00 -220.00 Rolls-royce Holdings 127.20 12.6 - Hammerson 37.69 17.6 - Menzies(john) 310.50 29.4 20.5 Fixed Line Telecommunication 1816.08 10.5 13.0
Boeing 29.5 257.61 2.40 Astrazeneca 176.9 7138.00 -94.00 Asml Holding 399.4 461.10 -2.30 Rakuten . 708.3 1419.00 -89.00 Flutter Entertainment 16700.00 11.4 - Cineworld 115.55 12.7 - Photo-me Int 65.00 27.5 - Mobile Telecommunications 3121.72 5.6 13.0
Amazon.com 28.8 3085.06 -6.80 Bp 152.8 313.80 2.55 Daimler Ag Na O.n. 354.8 71.33 0.07 Toyota Motor 445.2 8308.00 39.00 Bt 152.50 11.1 - Cmc Markets 430.00 12.6 - Dignity 646.00 21.9 - Aerospace & Defense 3800.73 5.2 5.4
Facebook 21.5 278.56 -0.72 Unilever 140.8 4025.00 11.00 Bay.motoren Werke Ag St 324.2 85.46 4.96 Fast Retailing Co., 405.0 96000.00 810.00 Burberry 2095.00 6.7 - Drax 414.80 11.4 - Pendragon 18.54 18.8 46.9 Tobacco 28781.54 4.9 0.0
Microsoft 20.4 233.83 -3.89 Bhp 127.1 2074.50 -50.00 Unicredit 303.8 9.47 0.17 Sony 372.4 11575.00 -10.00 British Land 525.80 5.9 - Gamesys 1610.00 11.0 - Volution 366.00 16.6 35.4 Electricity 8326.30 3.8 -5.8
Walt Disney (the) 16.9 195.24 1.00 Glaxosmithkline 124.8 1287.40 -3.60 Intesa Sanpaolo 291.2 2.31 0.02 Takeda Pharmaceutical 368.1 4255.00 105.00 Vodafone 136.92 5.9 - Ncc 286.00 10.9 - Capital & Regional 86.40 14.3 16.8 Industrial Transportation 3582.16 3.3 25.0
Viacomcbs 15.1 88.35 -7.89 Barclays 117.9 181.32 -1.70 Total 288.0 40.61 -0.16 Mitsubishi Ufj Fin,. 342.7 615.30 0.80 Kingfisher 311.30 5.7 - Serco 139.50 10.5 - Ecofin Global Utilities And Infrastructure Trust 181.00 11.7 -4.0 Personal Goods 34807.65 2.8 -6.3
Advanced Micro Devices 13.3 80.95 -1.80 Anglo American 111.5 2889.50 -118.50 Sap Se O.n. 252.2 103.00 -0.02 Tokyo Electron 338.2 42100.00 -100.00 Int Consolidated Airlines S.a. 216.20 5.3 - Capital & Counties Properties 183.80 10.0 - Georgia Capital 558.00 11.6 1.5 Travel & Leisure 9454.92 2.7 16.7
Nvidia 12.4 521.55 -10.10 Glencore 105.7 282.30 -4.20 Siemens Ag Na O.n. 238.0 135.98 0.56 Sumitomo Mitsui Fin,. 247.5 4092.00 8.00 British American Tobacco 2750.50 5.0 - Watches Of Switzerland 684.00 9.6 - Card Factory 73.70 10.7 - Food Producers 7595.11 1.8 8.0
Abbvie 10.6 104.71 -6.13 Vodafone 105.2 136.92 2.40 Bnp Paribas Act.a 222.0 51.68 0.49 Tokyo Electric Power ,orporated 217.6 354.00 -40.00 Next 7938.00 5.0 - Meggitt 501.00 9.5 - Lsl Property Services 296.00 10.4 - Real Estate Investment Trusts 2805.45 1.8 2.4
Intertek 5602.00 4.9 - Avon Rubber 3155.00 8.8 - Medica 145.00 9.4 22.1 General Retailers 2671.43 1.7 5.7
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Rentokil Initial 487.00 4.8 - Savills 1144.00 8.0 - Sthree 372.50 9.1 24.0 Health Care Equip.& Services 6196.32 1.7 -5.0
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Lennar 94.96 6.25 7.05 Bt 152.50 9.30 6.49 Volkswagen Ag St O.n. 308.80 42.20 15.83 Odakyu Electric Railway Co., 3320.00 90.00 2.79 Evraz 540.20 -7.0 - Petrofac 93.70 -29.6 - Amigo Holdings 11.20 -17.2 37.1 Oil Equipment & Services 5039.30 -10.6 -8.8
Dow 65.56 2.38 3.77 Rolls-royce Holdings 127.20 4.35 3.54 Volkswagen Ag Vzo O.n. 230.80 22.95 11.04 Keio 8130.00 210.00 2.65 Johnson Matthey 3017.00 -5.8 - Provident Fin 188.80 -25.8 - Galliford Try Holdings 127.10 -9.1 - Chemicals 14082.33 -2.7 3.8
Lyondellbasell Industries Nv 108.37 3.01 2.86 Helios Towers 157.20 4.40 2.88 Bay.motoren Werke Ag St 85.46 4.96 6.16 Takeda Pharmaceutical 4255.00 105.00 2.53 Berkeley Holdings (the) 4355.00 -5.0 - Playtech 420.10 -17.8 - Rps 84.90 -8.7 - Construction & Materials 7444.13 -1.7 8.1
Roper 398.49 10.51 2.71 Intertek 5602.00 132.00 2.41 Kbc 64.00 2.62 4.27 Comsys Holdings 3400.00 80.00 2.41 London Stock Exchange 7268.00 -4.9 - 4imprint 2400.00 -11.1 -9.4 On The Beach 441.50 -6.4 - Oil & Gas Producers 5360.61 -1.7 18.7
Northrop Grumman 314.04 8.20 2.68 Chemring 272.50 6.00 2.25 Solvay 106.20 3.20 3.11 Nec 6670.00 150.00 2.30 Persimmon 2975.00 -4.2 - Ibstock 216.80 -10.6 - Costain 63.70 -6.3 - Mining 23500.83 -1.2 8.7
M&g 214.10 -3.9 - Wood (john) 291.40 -8.7 - Saga 369.00 -5.8 - General Financial 11741.55 -1.0 -3.2
Downs Downs Downs Downs
Just Eat Takeaway.com N.v. 6992.00 -3.7 - Hg Capital Trust 320.00 -7.4 - Allied Minds 27.00 -5.6 - Banks 2879.43 -0.7 15.1
Nrg Energy 36.74 -6.70 -15.42 Hammerson 37.69 -4.01 -9.62 Rwe Ag Inh O.n. 31.24 -0.86 -2.68 Tokyo Electric Power ,orporated 354.00 -40.00 -10.15
Hsbc Holdings 430.60 -3.5 - Ssp 318.40 -7.0 - Hyve 124.00 -5.3 - Industrial Engineering 15358.70 -0.4 2.5
Viacomcbs 88.35 -7.89 -8.20 Ssp 318.40 -27.40 -7.92 Thyssenkrupp Ag O.n. 10.92 -0.27 -2.41 Rakuten . 1419.00 -89.00 -5.90
Rio Tinto 5460.00 -3.3 - Energean 866.30 -6.9 21.4 Studio Retail 270.00 -5.3 -3.9 Gas Water & Multiutilities 4685.62 -0.4 -1.7
Abbvie 104.71 -6.13 -5.53 Games Workshop 9445.00 -735.00 -7.22 Muench.rueckvers.vna O.n. 258.80 -5.90 -2.23 Kobe Steel, 714.00 -25.00 -3.38
Phoenix Holdings 714.80 -3.2 - Helios Towers 157.20 -6.4 - Metro Bank 117.70 -4.9 - General Industrials 6626.19 -0.3 0.0
Fox 41.98 -2.20 -4.98 Computacenter 2184.00 -158.00 -6.75 Novozymes B A/s 52.92 -1.17 -2.16 Nippon Steel & Sumitomo Metal 1780.50 -60.50 -3.29
Bhp 2074.50 -2.8 - Wizz Air Holdings 5110.00 -5.9 - Premier Oil 29.85 -4.4 49.9 Nonlife Insurance 3172.77 -0.3 -3.0
Discovery 72.23 -3.58 -4.72 Tullow Oil 55.50 -3.94 -6.63 Deutsche Boerse Na O.n. 138.60 -3.00 -2.12 Taiheiyo Cement 2762.00 -87.00 -3.05
Hikma Pharmaceuticals 2213.00 -2.6 - Ti Fluid Systems 269.50 -5.7 - Forterra 274.50 -4.4 - Industrial Metals 5894.72 0.1 19.4
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Mar 17 Currency Mid Change Mid Change Mid Change Mar 17 Currency Mid Change Mid Change Mid Change Mar 17 Currency Mid Change Mid Change Mid Change Mar 17 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 91.2055 0.0700 108.5754 0.1737 126.6479 0.0339 Indonesia Indonesian Rupiah 14427.5000 17.5000 17175.1956 35.1200 20034.0579 14.3184 Poland Polish Zloty 3.8727 0.0105 4.6102 0.0163 5.3776 0.0119 ..Three Month 0.7202 0.0004 0.8572 0.0011 - -
Australia Australian Dollar 1.2974 0.0069 1.5445 0.0095 1.8016 0.0086 Israel Israeli Shekel 3.2961 0.0014 3.9238 0.0050 4.5770 -0.0003 Romania Romanian Leu 4.1057 -0.0022 4.8876 0.0015 5.7012 -0.0059 ..One Year 0.7203 0.0003 0.8567 0.0011 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4489 0.0004 0.5236 -0.0003 Japan Japanese Yen 109.2200 0.2000 130.0207 0.3461 151.6628 0.2020 Russia Russian Ruble 74.1550 1.4050 88.2777 1.7447 102.9716 1.9005 United States United States Dollar - - 1.1904 0.0010 1.3886 -0.0007
Bolivia Bolivian Boliviano 6.9100 - 8.2260 0.0068 9.5952 -0.0048 ..One Month 109.2200 0.1999 130.0208 0.3462 151.6628 0.2020 Saudi Arabia Saudi Riyal 3.7504 - 4.4647 0.0037 5.2078 -0.0026 ..One Month - - 1.1904 -0.1988 1.3886 -0.0007
Brazil Brazilian Real 5.6555 0.0768 6.7326 0.0969 7.8532 0.1027 ..Three Month 109.2199 0.1998 130.0209 0.3464 151.6628 0.2018 Singapore Singapore Dollar 1.3471 0.0016 1.6037 0.0032 1.8706 0.0012 ..Three Month - - 1.1902 -0.1989 1.3886 -0.0007
Canada Canadian Dollar 1.2478 0.0028 1.4854 0.0046 1.7327 0.0030 ..One Year 109.2195 0.1989 130.0212 0.3471 151.6628 0.2014 South Africa South African Rand 14.8975 0.0313 17.7347 0.0519 20.6867 0.0331 ..One Year - - 1.1894 -0.1988 1.3888 -0.0007
Chile Chilean Peso 730.3100 4.7550 869.3960 6.3798 1014.1083 6.0989 Kenya Kenyan Shilling 109.8000 0.1000 130.7112 0.2278 152.4682 0.0627 South Korea South Korean Won 1130.2500 0.6000 1345.5037 1.8339 1569.4647 0.0485 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.5026 0.0021 7.7410 0.0089 9.0295 -0.0016 Kuwait Kuwaiti Dinar 0.3020 0.0001 0.3595 0.0004 0.4193 -0.0001 Sweden Swedish Krona 8.5180 -0.0025 10.1402 0.0055 11.8281 -0.0094 Vietnam Vietnamese Dong 23066.0000 -17.0000 27458.8735 2.6387 32029.5184 -39.6484
Colombia Colombian Peso 3577.9150 21.0650 4259.3229 28.6031 4968.2924 26.7801 Malaysia Malaysian Ringgit 4.1215 0.0075 4.9064 0.0130 5.7231 0.0076 Switzerland Swiss Franc 0.9277 0.0016 1.1043 0.0028 1.2881 0.0016 European Union Euro 0.8400 -0.0007 - - 1.1665 -0.0016
Costa Rica Costa Rican Colon 610.3450 1.0150 726.5839 1.8123 847.5249 0.9862 Mexico Mexican Peso 20.6758 0.0878 24.6134 0.1249 28.7103 0.1076 Taiwan New Taiwan Dollar 28.2870 0.0230 33.6742 0.0554 39.2793 0.0123 ..One Month 0.8399 -0.0007 - - 1.1664 -0.0016
Czech Republic Czech Koruna 21.9653 0.0013 26.1485 0.0233 30.5009 -0.0134 New Zealand New Zealand Dollar 1.3964 0.0057 1.6623 0.0082 1.9390 0.0070 Thailand Thai Baht 30.7825 0.0175 36.6450 0.0513 42.7446 0.0029 ..Three Month 0.8398 -0.0007 - - 1.1663 -0.0016
Denmark Danish Krone 6.2462 -0.0054 7.4358 -0.0002 8.6735 -0.0118 Nigeria Nigerian Naira 410.2800 0.5400 488.4169 1.0490 569.7147 0.4653 Tunisia Tunisian Dinar 2.7556 -0.0101 3.2803 -0.0092 3.8264 -0.0159 ..One Year 0.8390 -0.0007 - - 1.1658 -0.0016
Egypt Egyptian Pound 15.7110 0.0523 18.7031 0.0778 21.8163 0.0617 Norway Norwegian Krone 8.5107 0.0298 10.1315 0.0439 11.8179 0.0355 Turkey Turkish Lira 7.6287 0.1243 9.0816 0.1554 10.5933 0.1673
Hong Kong Hong Kong Dollar 7.7670 0.0016 9.2463 0.0097 10.7853 -0.0031 Pakistan Pakistani Rupee 155.5500 -0.9400 185.1742 -0.9639 215.9967 -1.4140 United Arab Emirates UAE Dirham 3.6732 - 4.3727 0.0036 5.1005 -0.0026
Hungary Hungarian Forint 308.7740 -0.2344 367.5794 0.0273 428.7635 -0.5401 Peru Peruvian Nuevo Sol 3.7079 0.0013 4.4141 0.0052 5.1488 -0.0008 United Kingdom Pound Sterling 0.7201 0.0004 0.8573 0.0011 - -
India Indian Rupee 72.5438 -0.0138 86.3596 0.0555 100.7342 -0.0695 Philippines Philippine Peso 48.7250 0.0825 58.0046 0.1464 67.6595 0.0808 ..One Month 0.7202 0.0004 0.8573 0.0011 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Mar 17 Mar 16 Mar 15 Mar 12 Mar 11 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2708.90 2720.20 2688.70 2688.20 2667.30 0.00 3314.70 1337.80 Oil & Gas Producers 23.21 General Retailers 5.15 Equity Invest Instr -0.41 FTSE 100 Price Change FTSE 100 Price Change
Mar 17 chge% Index Mar 16 Mar 15 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil & Gas 22.89 FTSE 250 Index 4.97 Gas Water & Multi -1.14 3I Group PLC 1197 -13.00 Land Securities Group PLC 692.30 -13.50
FTSE 100 (100) 6762.67 -0.60 6145.93 6803.61 6749.70 5080.58 3.09 1.35 24.01 54.05 6516.03 P/E Ratio net - - - - - 0.00 19.44 14.26 Industrial Transport 22.75 FTSE All{HY-}Share Index 4.83 Electronic & Elec Eq -1.27 Admiral Group PLC 2973 8.00 Legal & General Group PLC 281.10 -10.20
FTSE 250 (250) 21558.55 -0.95 19592.47 21764.49 21522.35 13008.19 1.89 1.67 31.61 51.67 17154.66 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Industrial Metals & 20.00 NON FINANCIALS Index 4.72 Financial Services -1.70 Anglo American PLC 2889.5 -118.50 Lloyds Banking Group PLC 41.46 -0.02
FTSE 250 ex Inv Co (183) 22382.47 -1.10 20341.26 22632.40 22368.55 13376.03 1.77 1.05 53.74 42.06 18156.97 FT 30 hourly changes Travel & Leisure 16.87 Oil Equipment & Serv 4.70 Consumer Goods -2.20 Antofagasta PLC 1708.5 -7.50 London Stock Exchange Group PLC 7268 -244.00
FTSE 350 (350) 3874.32 -0.66 3520.99 3900.25 3867.06 2804.29 2.87 1.39 25.11 27.01 7431.83 8 9 10 11 12 13 14 15 16 High Low Banks 14.51 FTSE 100 Index 4.66 Food & Drug Retailer -2.71 Ashtead Group PLC 4275 -25.00 M&G PLC 214.10 -9.10
FTSE 350 ex Investment Trusts (281) 3779.57 -0.65 3434.88 3804.42 3772.42 2763.99 2.92 1.19 28.85 27.09 3742.20 2720.2 2713.5 2713.3 2666.2 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Life Insurance 13.83 Industrial Eng 4.10 Utilities -2.76 Associated British Foods PLC 2461 -33.00 Melrose Industries PLC 180.95 -1.05
FTSE 350 Higher Yield (145) 3139.66 -0.46 2853.33 3154.13 3139.59 2341.57 3.97 1.11 22.65 30.78 6642.38 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Mining 12.91 Beverages 4.09 Real Est Invest & Se -2.84 Astrazeneca PLC 7138 -94.00 Mondi PLC 1818.5 -25.00
FTSE 350 Lower Yield (205) 4344.00 -0.87 3947.84 4382.28 4327.68 3063.96 1.75 2.03 28.23 17.76 5161.60 Basic Materials 12.41 Industrials 3.86 Nonlife Insurance -2.97 Auto Trader Group PLC 564.80 -11.20 Morrison (Wm) Supermarkets PLC 177.55 -0.65
FTSE SmallCap (249) 6775.40 -0.47 6157.51 6807.35 6758.27 3721.13 2.18 -0.37 -125.13 28.43 10821.60
FTSE SmallCap ex Inv Co (134) 5649.16 -0.42 5133.98 5673.22 5635.66 2859.46 1.52 -1.11 -59.09 14.48 9417.37 FX: EFFECTIVE INDICES Construct & Material
Mobile Telecomms
11.74
9.52
Automobiles & Parts
Support Services
3.27
2.99
Tech Hardware & Eq
Tobacco
-3.45
-3.64
Avast PLC 467.80 5.80 National Grid PLC 831.40 -19.00
Aveva Group PLC 3378 -56.00 Natwest Group PLC 187.60 1.90
FTSE All-Share (599) 3854.27 -0.66 3502.77 3879.81 3846.97 2764.48 2.85 1.34 26.17 26.50 7468.00 FTSE SmallCap Index 8.22 Media 2.56 Health Care -5.15
Mar 16 Mar 15 Mnth Ago Mar 17 Mar 16 Mnth Ago Aviva PLC 391.50 -2.20 Next PLC 7938 -40.00
FTSE All-Share ex Inv Co (415) 3722.49 -0.65 3383.01 3746.80 3715.42 2704.36 2.89 1.17 29.68 26.34 3743.03 Consumer Services 7.81 Fixed Line Telecomms 2.30 Pharmace & Biotech -5.15 B&M European Value Retail S.A. 537.20 -3.40 Ocado Group PLC 2083 -106.00
FTSE All-Share ex Multinationals (530) 1253.20 -0.92 943.95 1264.89 1249.43 808.65 2.22 1.59 28.32 3.48 2518.75 Australia - - - Sweden - - - Telecommunications 7.52 Software & Comp Serv 2.23 Health Care Eq & Srv -5.23 Bae Systems PLC 501.00 -2.20 Pearson PLC 798.40 -14.80
FTSE Fledgling (86) 11681.70 -0.06 10616.36 11689.13 11632.42 6197.10 2.04 2.24 21.91 33.54 24125.57 Canada - - - Switzerland - - - Food Producers 7.35 Aerospace & Defense 1.69 Electricity -7.27 Barclays PLC 181.32 -1.70 Pennon Group PLC 962.60 -19.60
FTSE Fledgling ex Inv Co (40) 15203.85 0.58 13817.30 15115.53 15058.93 6630.23 1.61 7.11 8.74 32.15 30638.17 Denmark - - - UK 81.83 81.60 80.63 Chemicals 5.43 Real Est Invest & Tr 1.64 Personal Goods -8.01 Barratt Developments PLC 755.40 -14.60 Pershing Square Holdings LTD 2605 -35.00
FTSE All-Small (335) 4704.93 -0.45 4275.85 4726.06 4692.59 2579.31 2.17 -0.23 -198.05 19.40 9640.23 Japan - - - USA - - - Financials 5.15 Technology 1.63 Leisure Goods -11.25 Berkeley Group Holdings (The) PLC 4355 -101.00 Persimmon PLC 2975 -41.00
FTSE All-Small ex Inv Co (174) 4231.27 -0.38 3845.39 4247.60 4219.96 2129.20 1.53 -0.77 -85.42 10.76 8934.77 New Zealand - - - Euro - - - Household Goods & Ho 0.59 Oil & Gas Producers -40.36 Bhp Group PLC 2074.5 -50.00 Phoenix Group Holdings PLC 714.80 -15.20
FTSE AIM All-Share (717) 1201.28 -0.47 1091.72 1206.97 1199.34 589.63 0.72 0.17 798.84 1.57 1381.40 Norway - - -
BP PLC 313.80 2.55 Polymetal International PLC 1486 -23.50
FTSE 100 (100) 6762.67 -0.60 6145.93 6803.61 6749.70 5080.58 3.09 1.35 24.01 54.05 6516.03 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2750.5 60.50 Prudential PLC 1537 -23.50
FTSE Sector Indices Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 525.80 -6.20 Reckitt Benckiser Group PLC 6332 -
Oil & Gas (12) 5563.83 0.14 5056.42 5556.29 5656.12 3708.35 4.16 -1.95 -12.34 49.13 6319.12 Bt Group PLC 152.50 9.30 Relx PLC 1766 25.00
Oil & Gas Producers (9) 5399.59 0.18 4907.16 5389.94 5483.91 3599.94 4.22 -1.93 -12.27 48.35 6359.98 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2266 -10.00 Rentokil Initial PLC 487.00 1.60
Oil Equipment Services & Distribution (3) 5259.27 -2.87 4779.64 5414.47 5710.56 3435.30 0.21 -23.91 -19.52 0.00 4533.81 Burberry Group PLC 2095 4.00 Rightmove PLC 555.80 -17.60
Mar 16 No of US $ Day Mth YTD Total
YTD Gr Div Mar 16 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2342 -38.00 Rio Tinto PLC 5460 -150.00
Basic Materials (23) 7763.95 -2.38 7055.90 7953.50 7934.15 4104.08 3.69 2.57 10.57 149.95 9495.17
Chemicals (8) 15666.71 -1.47 14237.95 15900.83 15762.31 10382.32 1.61 1.86 33.53 31.52 15091.35 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1540 -55.50 Rolls-Royce Holdings PLC 127.20 4.35
Industrial Metals & Mining (4) 6349.55 -0.84 5770.49 6403.49 6317.29 2474.23 4.00 2.74 9.12 113.45 8698.30 FTSE Global All Cap 8930 768.41 0.1 -0.7 5.6
5.9 1.8 Oil Equipment & Services
1187.99 26 220.48 -1.8 -1.8 16.5 377.97 17.7 5.1 Crh PLC 3359 -20.00 Royal Dutch Shell PLC 1455.8 -3.20
Mining (11) 22499.65 -2.54 20447.75 23086.88 23056.62 11546.85 3.90 2.59 9.89 478.22 14553.10 FTSE Global All Cap 8952 740.29 0.0 2.8 1.7
1.8 1.8 Basic Materials
1141.62 352 651.19 -0.3 -0.3 6.7 1114.79 7.5 2.7 Croda International PLC 6256 -42.00 Royal Dutch Shell PLC 1523.8 0.40
FTSE Global Large Cap 1725 679.63 0.3 -1.4 4.3
4.7 1.8 Chemicals
1082.42 163 908.93 -0.3 -0.3 4.4 1532.15 4.6 2.2 Dcc PLC 5952 -88.00 Rsa Insurance Group PLC 680.60 2.20
Industrials (96) 6247.07 -0.61 5677.36 6285.12 6217.87 3839.86 1.50 1.31 51.12 4.92 6955.77
Construction & Materials (16) 7892.34 -0.73 7172.58 7950.10 8019.51 4164.99 1.70 -0.04-1369.22 0.28 9118.38 FTSE Global Mid Cap 2226 991.54 -0.3 1.3 8.2
8.4 1.7 Forestry & Paper
1441.82 20 342.39 0.3 0.3 8.3 652.85 8.5 2.4 Diageo PLC 3045.5 -7.00 Sage Group PLC 581.20 -15.00
Aerospace & Defense (9) 4025.79 0.70 3658.65 3997.81 3952.31 3417.56 2.46 0.55 73.96 1.94 4700.31 FTSE Global Small Cap 4979 1106.24 -0.6 0.5 9.9
10.1 1.4 Industrial Metals & Mining
1545.43 92 526.04 -0.9 -0.9 12.3 914.17 13.6 2.9 Entain PLC 1519 -3.00 Sainsbury (J) PLC 239.70 -2.90
General Industrials (9) 5331.78 -1.21 4845.54 5397.23 5320.45 3329.28 1.98 1.08 46.73 0.00 6678.90 FTSE All-World 3951 447.38 0.2 -0.9 5.0
5.4 1.8 Mining
732.10 77 946.45 0.0 0.0 7.5 1667.46 9.1 3.3 Evraz PLC 540.20 -21.60 Schroders PLC 3446 -26.00
Electronic & Electrical Equipment (8) 11646.32 -1.10 10584.21 11776.28 11605.65 8005.53 0.87 2.10 54.50 4.63 11193.38 FTSE World 2563 794.68 0.1 -0.2 5.0
5.4 1.8 Industrials
1745.81 737 556.74 -0.2 -0.2 6.3 859.88 6.5 1.5 Experian PLC 2464 -37.00 Scottish Mortgage Investment Trust PLC 1139 -38.00
Industrial Engineering (9) 16664.57 -0.60 15144.81 16764.49 16624.99 10150.95 1.16 2.51 34.30 0.00 21787.99 FTSE Global All Cap ex UNITED KINGDOM In 8643 812.07 0.0 -0.8 5.5
5.8 1232.67
1.7 Construction & Materials 142 656.35 0.0 0.0 6.5 1062.85 6.6 1.7 Ferguson PLC 8882 -184.00 Segro PLC 909.60 -19.20
Industrial Transportation (7) 5463.08 -0.21 4964.86 5474.68 5363.72 2302.04 0.30 1.63 201.46 1.73 5551.59 FTSE Global All Cap ex USA 7190 591.59 0.6 -2.0 4.9
5.2 998.23
2.2 Aerospace & Defense 36 790.48 -0.8 -0.8 7.8 1202.69 8.1 1.9 Flutter Entertainment PLC 16700 -70.00 Severn Trent PLC 2231 -67.00
Support Services (38) 9872.08 -0.68 8971.77 9939.96 9800.73 5761.64 1.22 2.14 38.25 16.08 10992.10 FTSE Global All Cap ex JAPAN 7538 794.14 0.0 -0.6 5.7
6.0 1239.51
1.7 General Industrials 71 273.32 -0.7 -0.7 8.0 464.77 8.7 2.0 Fresnillo PLC 941.40 -25.40 Smith & Nephew PLC 1394 -11.00
FTSE Global All Cap ex Eurozone 8294 809.68 0.1 -0.8 5.7
6.0 1226.19
1.7 Electronic & Electrical Equipment 139 696.09 0.2 0.2 4.0 973.63 4.1 1.2 Glaxosmithkline PLC 1287.4 -3.60 Smith (Ds) PLC 398.00 -3.10
Consumer Goods (41) 18284.15 0.09 16616.68 18268.51 18064.55 15413.80 3.84 1.41 18.53 123.53 15648.37
FTSE Developed 2132 726.97 0.1 -0.1 5.0
5.4 1133.59
1.8 Industrial Engineering 145 1135.38 -0.3 -0.3 10.8 1744.89 11.0 1.3 Glencore PLC 282.30 -4.20 Smiths Group PLC 1512.5 -45.50
Automobiles & Parts (2) 4775.47 -0.79 4339.96 4813.43 4824.20 2340.16 0.75 -14.18 -9.43 35.65 4921.72
FTSE Developed All Cap 5594 766.80 0.0 -0.1 5.6
6.0 1178.68
1.7 Industrial Transportation 122 955.36 -0.1 -0.1 4.2 1486.06 4.5 1.6 Halma PLC 2302 -20.00 Smurfit Kappa Group PLC 3334 -54.00
Beverages (6) 24034.27 -0.30 21842.41 24107.37 23804.39 17210.98 2.36 0.74 56.83 199.86 18627.20
FTSE Developed Large Cap 831 675.82 0.3 -0.5 4.2
4.6 1072.64
1.8 Support Services 82 669.40 -0.2 -0.2 4.1 974.28 4.2 1.0 Hargreaves Lansdown PLC 1572 22.50 Spirax-Sarco Engineering PLC 11520 -55.00
Food Producers (10) 7711.68 -1.22 7008.40 7807.31 7713.64 5422.93 1.24 3.54 22.83 0.00 7172.83
FTSE Developed Europe Large Cap 225 407.76 0.6 -0.1 3.8
4.3 2.3 Consumer Goods
765.84 532 616.21 0.1 0.1 0.8 997.89 1.1 2.0 Hikma Pharmaceuticals PLC 2213 -31.00 Sse PLC 1386 -28.50
Household Goods & Home Construction (13)15082.97 -0.85 13707.45 15212.71 14946.43 11464.67 2.73 1.80 20.41 78.71 12218.70
FTSE Developed Europe Mid Cap 343 735.57 0.9 0.4 5.3
5.5 1204.61
1.8 Automobiles & Parts 130 646.08 -1.3 -1.3 5.5 1017.03 5.5 1.2 HSBC Holdings PLC 430.60 7.80 St. James's Place PLC 1250.5 -25.50
Leisure Goods (2) 24152.12 -6.82 21949.52 25919.88 25265.23 10578.24 1.86 1.60 33.66 0.00 25385.71
FTSE Dev Europe Small Cap 684 1030.06 0.9 0.5 6.9
7.0 1625.13
1.5 Beverages 67 708.07 0.7 0.7 -4.2 1160.26 -3.7 2.4 Imperial Brands PLC 1432.5 4.50 Standard Chartered PLC 500.60 9.30
Personal Goods (6) 30142.51 0.26 27393.60 30065.83 29804.66 28648.08 3.35 1.39 21.46 256.58 22782.39
FTSE North America Large Cap 224 867.93 0.1 0.0 4.5
4.9 1271.34
1.6 Food Producers 132 710.75 0.4 0.4 -1.0 1173.18 -0.8 2.3 Informa PLC 575.00 3.60 Standard Life Aberdeen PLC 282.30 -6.10
Tobacco (2) 28781.59 1.90 26156.79 28244.53 28075.75 27953.79 8.00 1.43 8.72 170.67 23776.06
FTSE North America Mid Cap 410 1161.33 -1.0 1.9 9.5
9.8 1568.85
1.5 Household Goods & Home Construction 61 575.84 0.5 0.5 0.0 928.10 0.4 2.4 Intercontinental Hotels Group PLC 5150 -68.00 Taylor Wimpey PLC 182.30 -2.40
Health Care (15) 10942.60 -0.87 9944.67 11038.71 10755.90 10522.93 3.77 0.98 27.03 171.87 9675.21
FTSE North America Small Cap 1284 1281.67 -1.4 0.8 12.0
12.2 1668.19
1.2 Leisure Goods 44 334.71 1.5 1.5 1.4 462.25 1.5 0.9 Intermediate Capital Group PLC 1896 -33.00 Tesco PLC 225.70 -0.60
Health Care Equipment & Services (6) 6335.27 -0.80 5757.51 6386.23 6325.90 5040.59 1.91 1.99 26.29 7.73 5843.99
FTSE North America 634 571.17 -0.2 0.4 5.5
5.9 854.92
1.6 Personal Goods 84 1042.29 0.2 0.2 -1.1 1558.38 -0.9 1.4 International Consolidated Airlines Group S.A. 216.20 0.60 Unilever PLC 4025 11.00
Pharmaceuticals & Biotechnology (9) 15270.76 -0.88 13878.11 15406.15 14983.67 14966.29 3.97 0.93 27.11 264.52 12152.38
FTSE Developed ex North America 1498 305.13 0.7 -1.2 4.1
4.5 554.80
2.2 Tobacco 14 965.31 0.5 0.5 6.3 2460.28 6.5 6.3 Intertek Group PLC 5602 132.00 United Utilities Group PLC 887.40 -24.00
Consumer Services (78) 5480.15 -0.95 4980.38 5532.71 5497.83 3366.91 1.13 1.01 87.66 0.03 5607.14 FTSE Japan Large Cap 178 466.54 0.7 -3.5 2.9
2.9 1.9 Health Care
655.53 309 681.85 0.5 0.5 -0.6 1055.32 -0.2 1.8
Food & Drug Retailers (5) 4375.69 -1.93 3976.64 4461.85 4350.08 4061.64 3.38 1.25 23.69 0.00 5569.15 Jd Sports Fashion PLC 859.80 4.40 Vodafone Group PLC 136.92 2.40
FTSE Japan Mid Cap 335 697.32 0.5 0.5 8.2
8.3 929.44
1.8 Health Care Equipment & Services 113 1378.67 -0.3 -0.3 -0.9 1664.35 -0.8 0.8 Johnson Matthey PLC 3017 -103.00 Whitbread PLC 3439 -48.00
General Retailers (25) 2532.22 -0.58 2301.29 2546.95 2525.90 1413.16 0.37 5.54 48.73 0.00 3168.39
FTSE Global wi JAPAN Small Cap 879 743.09 1.3 0.9 4.2
4.3 1026.34
1.9 Pharmaceuticals & Biotechnology 196 442.64 1.1 1.1 -0.5 729.57 0.1 2.4 Just Eat Takeaway.Com N.V. 6992 -190.00 Wpp PLC 921.00 7.00
Media (13) 8462.14 0.43 7690.42 8426.15 8349.37 5963.91 1.52 2.57 25.69 0.18 5703.37
FTSE Japan 513 194.37 0.7 -2.7 3.9
3.9 305.73
1.9 Consumer Services 441 714.09 0.2 0.2 3.5 1002.18 3.7 0.9 Kingfisher PLC 311.30 1.30
Travel & Leisure (35) 9328.48 -1.67 8477.75 9486.97 9509.63 4303.94 0.55 -3.68 -49.24 0.00 9573.81
FTSE Asia Pacific Large Cap ex Japan 922 919.05 0.6 -6.4 5.1
5.3 1595.88
2.0 Food & Drug Retailers 70 314.00 0.4 0.4 5.1 479.12 5.7 2.5
Telecommunications (5) 2024.22 2.90 1839.62 1967.24 1936.15 1603.77 4.26 0.91 25.76 0.00 2799.88 FTSE Asia Pacific Mid Cap ex Japan 893 1087.56 0.8 -1.1 5.9
6.2 1814.06
2.4 General Retailers 148 1261.12 0.1 0.1 -0.4 1700.49 -0.3 0.6
Fixed Line Telecommunications (2) 1882.71 5.97 1711.01 1776.60 1722.70 1566.57 0.26 39.71 9.85 0.00 2065.87
Mobile Telecommunications (3) 3116.99 1.82 2832.73 3061.33 3028.53 2417.61 5.72 0.28 62.70 0.00 3918.36
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
1837
1815
685.58
718.38
1.1
0.6
-1.6
-5.9
5.5
5.8
5.2
5.4
1117.54
2.1 Media
1325.24
2.0 Travel & Leisure
84 510.48
139 549.36
0.5
0.1
0.5
0.1
8.8 720.65
10.3 788.37
8.9
10.5
0.7
1.4
UK STOCK MARKET TRADING DATA
Utilities (8) 6921.84 -2.17 6290.59 7075.12 6977.48 7074.67 5.18 1.54 12.55 30.41 9714.71 FTSE Emerging All Cap 3336 936.55 0.5 -5.7 5.3
5.4 1543.58
2.0 Telecommunication 89 161.79 0.9 0.9 5.1 354.75 5.7 4.0 Mar 17 Mar 16 Mar 15 Mar 12 Mar 11 Yr Ago
Electricity (3) 8307.40 -1.84 7549.79 8463.33 8310.68 6628.45 5.62 0.93 19.16 128.41 15453.49 FTSE Emerging Large Cap 894 900.95 0.5 -6.9 5.0
5.2 1494.41
1.9 Fixed Line Telecommuniations 38 119.58 0.3 0.3 2.8 295.53 3.9 5.1 - - - - - -
Gas Water & Multiutilities (5) 6192.52 -2.28 5627.78 6336.83 6258.55 6806.12 5.03 1.77 11.22 3.68 8568.95 FTSE Emerging Mid Cap 925 1104.43 0.7 -0.3 5.5
5.7 1819.92
2.6 Mobile Telecommunications 51 198.40 1.5 1.5 7.8 378.84 7.9 2.8 Order Book Turnover (m) 458.34 73.63 48.56 48.56 48.56 52.63
Financials (305) 4681.35 -0.65 4254.43 4711.76 4663.97 3351.01 2.38 2.70 15.56 29.49 4917.30 FTSE Emerging Small Cap 1517 913.40 0.7 -0.8 7.2
7.3 1443.31
2.2 Utilities 190 316.95 0.3 0.3 -1.2 700.67 -0.5 3.3 Order Book Bargains 1052966.00 991426.00 876680.00 876680.00 876680.00 1096651.00
Banks (11) 2839.52 0.86 2580.56 2815.23 2808.20 2564.22 1.59 5.11 12.32 40.68 2374.26 FTSE Emerging Europe 76 407.17 0.4 3.9 9.9
10.1 773.42
4.6 Electricity 130 358.62 0.3 0.3 -0.7 782.52 0.1 3.4 Order Book Shares Traded (m) 1630.00 1399.00 1565.00 1565.00 1565.00 1628.00
Nonlife Insurance (7) 3631.85 -0.34 3300.64 3644.40 3605.23 2735.81 3.03 1.73 19.14 0.00 7203.21 FTSE Latin America All Cap 244 774.57 0.7 -4.2 -5.8
-5.1 1336.33
2.5 Gas Water & Multiutilities 60 313.37 0.3 0.3 -2.3 713.18 -1.8 3.2 Total Equity Turnover (£m) 6524.96 5644.35 4666.50 4666.50 4666.50 5665.71
Life Insurance/Assurance (6) 8258.25 -1.83 7505.12 8412.46 8320.91 4412.09 3.26 2.15 14.27 0.00 9388.19 FTSE Middle East and Africa All Cap 321 713.12 0.5 0.9 9.2
9.7 2.8 Financials
1238.34 866 277.95 -0.2 -0.2 10.1 506.99 10.6 2.5 Total Mkt Bargains 1355879.00 1291608.00 1151736.00 1151736.00 1151736.00 1375705.00
Real Estate Investment & Services (17) 2429.44 -1.61 2207.88 2469.30 2414.97 1898.81 1.10 2.76 33.07 2.71 7007.66 FTSE Global wi UNITED KINGDOM All Cap In 287 340.92 1.1 1.0 7.6
8.3 2.9 Banks
656.21 271 213.52 -0.3 -0.3 15.8 428.04 16.4 2.8 Total Shares Traded (m) 15782.00 13766.00 12826.00 12826.00 12826.00 11766.00
Real Estate Investment Trusts (40) 2521.31 -1.49 2291.38 2559.45 2493.25 1935.35 2.63 -2.51 -15.15 12.98 3607.31 FTSE Global wi USA All Cap 1740 996.46 -0.3 0.3 6.1
6.4 1.4 Nonlife Insurance
1408.32 74 318.96 -0.5 -0.5 6.6 502.85 6.9 2.6 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (40) 9997.88 -1.62 9086.10 10162.46 10028.07 6699.85 3.25 1.58 19.45 31.38 12984.21 FTSE Europe All Cap 1403 492.38 0.7 0.1 4.5
4.9 2.2 Life Insurance
888.27 53 256.84 -0.8 -0.8 10.5 462.48 10.8 3.0 (c) Market closed.
Equity Investment Instruments (184) 12931.12 -0.79 11751.84 13034.17 12907.28 7651.72 2.20 4.61 9.86 52.75 7773.30 FTSE Eurozone All Cap 636 484.39 0.4 0.3 4.5
4.7 1.9 Financial Services
868.81 209 450.53 -0.1 -0.1 7.3 665.18 7.6 1.5
Non Financials (294) 4593.19 -0.66 4174.31 4623.85 4587.45 3296.52 3.01 0.96 34.52 32.52 7825.57 FTSE EDHEC-Risk Efficient All-World 3951 503.34 -0.1 1.2 6.6
7.0 2.0 Technology
761.10 308 544.00 0.9 0.9 4.5 698.83 4.7 0.8
Technology (16) 2070.60 -1.81 1881.77 2108.81 2077.29 1426.07 2.01 0.89 55.57 15.18 2910.89 FTSE EDHEC-Risk Efficient Developed Europe 568 389.55 0.8 0.3 4.3
4.5 1.9 Software & Computer Services
651.00 166 885.66 0.7 0.7 5.4 1061.46 5.5 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 2236.48 -1.74 2032.52 2276.05 2239.85 1562.89 2.10 0.76 62.80 18.17 3329.34 Oil & Gas 127 308.66 -1.7 6.8 19.6
20.7 582.14
4.0 Technology Hardware & Equipment 142 441.62 1.2 1.2 3.6 605.80 3.7 1.2 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (3) 4793.34 -2.48 4356.20 4915.11 4884.43 2702.65 1.23 3.00 27.05 0.00 5950.16 Oil & Gas Producers 90 295.91 -1.8 8.6 22.5
23.6 4.0 Alternative Energy
570.23 11 230.28 -0.2 -0.2 -14.3 327.30 -14.3 0.7 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 162 373.25 0.9 0.9 4.1 689.33 4.2 2.6 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 97 478.34 0.5 0.5 5.2 1059.58 5.7 3.4 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6796.99 6783.41 6784.35 6781.44 6766.73 6769.84 6777.61 6762.61 6768.70 6805.40 6754.13 FTSE Global Large Cap 1725 659.57 0.0 0.0 1.3 1047.63 1.3 1.9
FTSE 250 21704.10 21612.77 21641.41 21666.16 21624.12 21630.06 21618.26 21587.03 21571.77 21704.10 21558.55 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index®
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 6804.55 6789.36 6786.47 6785.01 6772.39 6771.83 6773.22 6770.21 6766.25 6804.59 6765.00
FTSE All-Share 3874.87 3865.59 3866.86 3866.30 3858.11 3859.69 3862.84 3855.04 3857.23 3877.65 3851.19 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ.
Time of FTSE 100 Day's high:08:14:15 Day's Low14:49:45 FTSE 100 2010/11 High: 6873.26(08/01/2021) Low: 6407.46(29/01/2021) Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
Time of FTSE All-Share Day's high:08:14:00 Day's Low14:49:00 FTSE 100 2010/11 High: 3880.43(08/01/2021) Low: 3641.93(29/01/2021) of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
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 Advanced Medical Solutions Group Pre 86.796 102.368 10.089 24.257 3.990 8.810 1.20000 1.05000 Jun 18 1.700 1.550 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Alpha FX Group Pre 46.217 35.378 17.137 13.545 31.700 27.700 0.00000 0.00000 - 0.000 2.200 03/12 175.00 AIM AMTE Amte Power PLC 327.00 56.00 330.00 175.00 11335.8
There are currently no rights offers by any companies listed on the LSE. Anpario Pre 30.522 29.046 5.350 4.394 20.630 18.100 6.25000 5.50000 Jul 30 9.000 8.000 03/08 88.00 AIM TEAM Team PLC 90.00 -1.80 91.90 84.00 1490.3
Baillie Gifford Shin Nippon Pre 159.519 39.023 55.910 13.850 0.00000 0.00000 - 0.000 0.000 03/02 197.00 AIM VINO Virgin Wines UK PLC 225.00 -0.50 236.65 200.00 12563.5
Capita Pre 3324.800 3678.600 49.400L 62.600L 0.850 3.890L 0.00000 0.00000 - 0.000 0.000 02/26 5.00 CBX Cellular Goods PLC 11.25 -0.05 30.00 8.55 5677.4
Centaur Media Pre 32.400 39.600 2.600L 8.100L 10.000L 1.300 0.00000 0.00000 - 0.000 1.500 02/23 600.00 ATG Auction Technology Group PLC 824.80 4.80 839.00 734.63 82480.0
Dignity Pre 357.500 338.900 19.600L 44.100 51.000L 61.200 0.00000 0.00000 - 0.000 0.000 02/17 118.00 AIM 4BB 4basebio UK Societas 350.00 -15.00 744.00 175.00 4311.1
Empiric Student Property Pre 23.970L 54.772 3.970L 9.080 0.00000 1.25000 - 0.000 2.500 02/16 100.00 CORD Cordiant Digital Infrastructure Ltd 99.50 0.90 101.00 97.40 36815.0
Ferrexpo Pre 1700.321 1506.724 747.860 459.575 1.081 0.686 0.00000 3.30000 - 6.600 9.900 02/16 7.00 AIM CUSN Cornish Metals Inc 8.63 -0.01 13.00 7.70 2304.1
Fidelity European Trust Pre 107.711 225.513 25.860 54.260 0.00000 3.88000 - 2.600 6.470 02/09 1.48 MXC MGC Pharmaceuticals Ltd 4.17 0.29 9.30 2.00 9453.3
Hostelworld Group Pre 15.364 80.672 50.495L 3.011 0.457L 0.086 0.00000 0.00000 - 0.000 4.100
JPMorgan Claverhouse Investment Trust Pre 47.390L 91.907 81.650L 162.220 10.00000 10.25000 Mar 5 16.500 16.500
Manchester & London Investment Trust Int 6.475 7.144 17.270 23.320 7.00000 7.00000 May 4 13.962 15.000
River and Mercantile Group Int 34.257 36.333 4.555 5.655 3.940 4.860 3.89000 3.89000 Apr 15 6.118 6.490

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 Thursday 18 March 2021

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 30.10 0.11 34.06 26.08 7.42 18.56 214646.83 Lowes 175.00 -0.33 180.67 60.00 1.38 22.95 128226.5
ANZ 28.37 -0.19 29.55 14.10 3.70 23.43 62221.02 Nokia 3.58 -0.05 4.95 2.19 - 25.51 24160.67 AstellasPh 1813 -16.50 1982 0.00 2.43 22.58 30904.77 AtlasCpcoB 426.30 -0.40 438.00 223.20 1.59 34.04 19529.28 AutomData♦ 188.25 -0.03 190.50 103.11 1.98 32.12 80559.75 Lyondell 108.37 3.01 110.97 35.60 4.16 28.42 36209.95
BHPBilltn 46.07 -0.77 50.93 25.69 4.47 20.12 104602.44 SampoA 36.78 -0.29 40.37 22.44 4.31 16.02 24263.36 Bridgestne 4347 -44.00 4498 2984 3.32 35.07 28405.47 Ericsson 114.85 -2.30 117.65 64.66 1.34 25.89 41425.76 Avago Tech 474.89 -3.30 495.14 155.67 2.94 69.86 193896.65 Marathon Ptl 55.01 -1.20 59.93 15.26 4.43 -3.35 35826.63
CmwBkAu♦ 87.11 -0.07 89.20 53.44 3.48 23.93 119112.67 France (€) Canon♦ 2363.5 -15.00 2517.5 0.00 5.64 36.01 28862.39 H&M 221.30 -2.10 229.50 98.13 2.24 120.71 37948.67 BakerHu 22.08 0.09 31.26 20.09 3.24 -1.40 11412.93 Marsh&M 119.26 0.48 120.97 74.34 1.57 29.80 60606.33
CSL 261.00 -0.81 332.68 242.00 1.13 38.66 91554.33 Airbus Grpe 101.00 -0.78 103.98 48.12 - -11.95 94282.37 CntJpRwy 17565 -230.00 19165 0.00 0.86 -31.55 33129.37 Investor 683.60 -1.40 686.20 375.10 1.94 6.49 36554.24 BankAm♦ 37.85 0.21 38.36 17.95 2.04 17.44 326498.37 MasterCard 380.71 -1.68 389.50 199.99 0.54 58.83 375050.36
NatAusBk 26.24 -0.01 27.10 13.20 4.30 23.80 66712.38 AirLiquide 135.50 - 144.45 97.88 2.11 26.79 76410.02 Denso 7491 118.00 7500 0.00 2.01-216.55 54042.26 Nordea Bk 82.83 -0.22 83.93 48.88 - 13.79 39382.18 Baxter♦ 79.55 0.62 95.19 69.69 1.22 36.76 40181.01 McDonald's 222.85 2.99 231.91 124.23 2.41 31.68 166150.75
Telstra♦■ 3.19 0.07 3.54 2.66 3.19 21.05 29241.93 AXA 22.45 -0.17 23.01 11.84 3.45 18.28 64622.59 EastJpRwy 8518 26.00 8881 0.00 1.67 -8.61 29474.71 SEB 105.65 0.05 107.30 61.24 - 13.67 26915.07 BectonDick♦ 240.53 0.98 284.97 197.75 1.35 45.62 69888.39 McKesson♦ 186.91 0.37 189.72 113.71 0.90 -6.89 29749.99
Wesfarmers♦ 50.81 0.10 56.40 29.75 3.04 30.00 44403.15 BNP Parib 51.68 0.49 53.66 24.51 - 8.84 76890.53 Fanuc 26995 -185.00 29700 0.00 0.76 66.75 49907.41 SvnskaHn 99.36 1.94 99.82 71.70 - 12.33 22685.26 BerkshHat 384133.55 1413.55 407750 239440 - 16.22 245748.29 Medtronic 118.92 -0.02 120.53 72.13 2.02 42.43 160312.82
Westpc 24.67 -0.06 25.30 13.47 3.24 38.77 69755.96 ChristianDior 514.00 4.50 516.50 252.40 0.99 48.00 110450.78 FastRetail 96000 810.00 110500 0.00 0.54 100.34 93234.49 Swedbank 159.46 -1.08 165.90 99.14 - 13.64 21191.55 Biogen 264.58 4.66 363.92 223.25 - 10.50 40304.99 Merck♦ 77.23 0.42 87.80 65.25 3.39 15.87 195416.28
Woolworths 39.35 -0.34 42.05 33.82 2.63 42.51 38377.15 Cred Agr 12.17 0.06 12.65 5.91 - 8.43 42256.26 Fuji Hvy Ind 2157 -29.00 2683.5 1671.5 2.79 13.37 15190.55 Telia Co 37.28 0.46 39.16 30.75 5.70 48.62 17898.72 BkNYMeln 46.43 0.19 46.90 26.40 2.87 9.52 40712.47 Metlife 59.91 0.60 62.05 22.85 3.23 9.08 52979.94
Belgium (€) Danone 59.84 0.12 65.68 46.03 - 19.39 48913.02 Hitachi 5410 21.00 5424 0.00 1.99 14.25 47942.31 Volvo 236.80 -0.60 240.80 95.00 - 28.08 44147.4 BlackRock♦ 724.37 1.30 788.00 323.98 2.10 22.41 110563.38 Microsoft 233.83 -3.89 245.92 132.52 0.91 34.30 1763558.6
AnBshInBv 53.35 1.18 59.51 29.03 2.44 -38.06 107538.47 EDF 11.22 0.12 13.58 5.98 1.42 19.96 41386.68 HondaMtr 3292 -45.00 3348 0.00 2.90 20.68 54598.26 Boeing 257.61 2.40 278.57 89.00 0.81 -12.15 150185.82 Mnstr Bvrg 87.59 -1.80 95.11 50.06 - 36.73 46259.52
Switzerland (SFr)
KBC Grp 64.00 2.62 64.02 33.44 1.65 16.19 31747.4 Engie SA 12.07 -0.04 13.87 8.63 - -25.30 34991.9 JapanTob 2064 8.00 2234 0.00 8.29 11.36 37795.28 Booking Holdings 2417.74 21.18 2450.26 1107.29 - 67.80 99034.97 MondelezInt 57.91 0.13 60.00 41.19 2.11 23.08 81768.49
ABB 28.57 -0.07 29.04 14.43 2.91 124.67 66775.17
EssilorLuxottica 134.55 -2.35 142.80 88.66 - -4229.92 70319.62 KDDI 3523 -41.00 3584 2604 3.66 11.45 74323.62 BrisMySq 62.37 0.47 67.16 45.76 3.00 -15.39 139738.44 Monsanto 9.67 -0.12 9.80 9.57 - - 241.75
Brazil (R$) CredSuisse 12.03 0.11 13.50 6.18 1.25 7.25 31743
Hermes Intl 981.80 6.80 1018 516.00 0.49 87.69 123387.6 Keyence 50370 610.00 59310 30070 0.43 62.23 112162.34 CapOne 129.56 1.07 134.70 38.00 1.08 58.55 59498.71 MorganStly 83.28 0.74 85.08 27.20 1.81 13.10 150881.48
Ambev 15.22 0.17 16.91 10.36 3.47 25.80 42346.19 Nestle 101.38 0.22 112.62 88.11 2.93 19.73 314855.59
LOreal 326.00 2.60 326.40 199.95 1.23 49.25 217278.46 MitsbCp 3203 -2.00 3239 0.00 4.53 13.46 43570.52 CardinalHlth 58.09 0.82 59.46 39.05 3.39 12.30 17057.68 MylanNV 15.86 0.31 23.11 12.75 - 29.73 8586.21
Bradesco 22.40 0.45 25.15 14.05 1.20 6.71 17566.35 Novartis 79.24 -0.34 89.34 67.48 3.62 23.89 210736.71
LVMH 568.20 7.90 569.20 282.15 0.85 58.39 341424.16 MitsubEst 1951.5 24.50 1957 0.00 1.65 16.23 24859.71 Carnival 28.31 0.06 30.12 7.80 1.84 -2.06 26398.66 Netflix 516.07 -7.96 593.29 290.25 - 83.56 228564.96
Cielo 3.66 0.20 5.93 3.15 1.96 18.35 1758.21 Richemont 89.84 -0.16 92.06 47.40 1.20 195.15 50554.07
Orange 10.45 0.05 11.88 8.63 5.08 10.05 33075.76 MitsubishiEle 1726 -18.50 1759.5 0.00 2.24 20.28 33932.16 Caterpillar 231.55 5.09 231.80 90.64 1.81 41.75 126262.38 NextEraE 73.33 -2.05 87.69 43.70 1.94 48.77 143717.61
ItauHldFin 24.63 0.32 29.38 19.46 3.66 12.09 21593.6 Roche 311.00 -1.30 357.85 273.70 3.09 17.66 235538.18
PernodRic 162.50 0.60 166.45 116.45 1.71 147.88 50659.44 MitsuiFud 2633.5 4.00 2638 1538 1.80 13.17 23274.76 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike♦ 144.93 0.28 147.95 60.00 0.72 78.72 184275.42
Petrobras 23.53 0.62 32.34 10.50 2.42 -6.05 30964.7 Swiss Re 90.86 -0.60 92.58 52.68 6.95 -18.74 31097.72
Renault 39.64 1.19 41.42 14.50 - -1.21 13953.18 MitUFJFin 615.30 0.80 621.90 380.00 4.52 15.29 76515.26 CharlesSch 65.85 0.38 68.21 28.01 1.16 28.38 118730.84 NorfolkS 258.93 2.54 264.86 112.62 1.48 32.51 70489.14
Vale 96.70 0.19 104.00 33.37 4.89 31.84 90356.06 Swisscom 485.60 1.50 548.00 456.30 4.83 15.42 27116.93
Safran 123.60 -1.50 127.45 51.10 - 74.73 58941.8 Mizuho Fin 1639.5 6.00 1657 1156 2.70 38.43 38116.65 Charter Comms 636.72 -2.93 681.71 345.67 - 40.70 123352.4 Northrop 314.04 8.20 357.12 263.31 1.83 16.24 52356.24
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.99 43035.76
Sanofi 81.82 -0.91 95.82 69.99 4.08 8.72 122626.92 Murata Mfg 9105 -145.00 10835 0.00 1.24 35.32 56336.52 Chevron Corp 107.20 -0.44 112.70 51.60 5.07 -16.25 206507.59 NXP 205.51 2.73 206.82 58.41 0.78-367.93 56926.57
BCE♦ 56.12 0.31 60.14 46.03 5.88 22.19 40682.69 UBS 14.53 0.23 14.80 7.01 2.48 9.59 60424.51
Sant Gbn 48.35 0.26 49.79 16.41 2.72 18.96 30660.31 NipponTT 2909 29.50 2913.5 2127 3.60 11.23 103894.86 Chubb 173.09 0.67 176.40 87.35 1.90 31.97 77927.18 Occid Pet♦ 28.20 0.03 32.52 8.52 6.09 -1.65 26271.71
BkMontrl 110.19 0.59 110.79 55.76 3.87 14.52 57140.19 Zurich Fin 391.30 0.10 399.80 253.40 5.02 16.25 63466.89
Schneider 126.35 -0.70 130.70 61.72 2.14 30.16 85294.53 Nissan Mt 596.30 -9.10 664.50 311.20 - -2.01 23043.5 Cigna♦ 242.61 0.92 247.63 118.50 0.02 15.83 85361.26 Oracle 66.52 -0.33 73.62 41.66 1.50 19.44 195837.14
BkNvaS 79.41 0.49 79.96 46.38 4.56 14.91 77175.94 Nomura 662.80 -9.10 680.80 402.50 4.19 7.88 19622.84 Taiwan (NT$) Cisco 49.21 -0.46 49.74 33.31 2.96 20.36 207754.07 Pepsico♦ 133.84 -0.17 148.77 101.42 3.05 25.73 184646.82
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 55.51 1.11 56.10 31.35 1.13-1129.65 70127.61 Nppn Stl 1780.5 -60.50 1886.5 0.00 - -7.71 15492.1 Chunghwa Telecom 110.50 - 117.00 103.50 4.01 24.72 30303.61 Citigroup 73.47 0.14 75.59 32.00 2.98 13.36 153355.25 Perrigo 41.55 0.16 58.83 38.20 2.29-773.58 5530.15
SocGen 21.96 0.29 22.43 10.77 - -25.31 22309.03
CanadPcR 468.43 2.58 482.74 252.00 0.74 27.69 50041.05 NTTDCMo 3880 - 3928 2678 3.25 19.99 120882.79 Formosa PetChem 98.20 -1.80 104.00 66.10 3.10 208.51 33069.94 CME Grp♦ 208.20 1.08 216.75 131.80 1.70 32.31 74744.52 Pfizer 35.71 -0.12 43.08 26.41 4.51 21.45 199177.15
Total 40.61 -0.16 42.19 21.12 6.73 -20.00 127137.2
CanImp 125.57 1.18 126.20 67.52 4.66 15.20 45070.82 Panasonic 1379.5 15.00 1520 691.70 1.95 16.86 30989.66 HonHaiPrc 126.00 2.50 128.00 65.70 3.50 16.21 61750.48 Coca-Cola 51.38 0.16 54.93 36.27 3.41 24.79 221412.43 Phillips66 84.18 -0.75 90.59 40.04 4.59 -12.66 36780.44
UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04
CanNatRs 39.01 0.30 41.05 9.80 4.24 -79.34 37064.48 Seven & I 4432 -25.00 4461 2937.5 2.42 20.04 35970.62 MediaTek 908.00 -18.00 1010 273.00 1.21 42.18 51046.34 Cognizant 77.67 -0.39 82.73 40.01 1.15 29.75 41212.81 PhilMorris 88.83 0.63 88.94 56.01 5.42 16.95 138348.45
Vinci 91.52 -0.02 92.38 55.06 2.36 30.18 64446.01
CanNatRy♦ 147.39 1.07 149.11 95.10 1.55 29.63 83968.01 ShnEtsuCh 18330 175.00 19710 8820 1.29 25.29 69927.02 TaiwanSem 604.00 -8.00 679.00 235.50 1.74 29.86 553680.02 ColgtPlm 75.95 0.09 86.41 58.49 2.46 22.59 64448.34 PNCFin 178.75 2.17 181.53 79.41 2.76 22.58 75793.66
Vivendi 28.03 0.38 32.35 16.60 2.27 17.41 39581.65
Enbridge 45.22 -0.13 46.75 33.06 7.13 30.71 73405.29 Softbank 10400 -220.00 10695 2609.5 0.45 23.96 198993.5 Thailand (THB) Comcast 56.90 -1.14 58.59 31.71 1.64 24.57 260101.95 PPG Inds 145.83 1.03 153.81 69.77 1.52 29.91 34553.89
GtWesLif♦ 32.88 0.14 33.85 18.88 5.30 10.42 24453.03 Germany (€)
Sony 11575 -10.00 12545 0.00 0.46 12.48 133645.45 PTT Explor♦ 40.50 -0.25 45.00 24.60 5.62 26.77 37579.76 ConocPhil 56.19 -0.39 61.14 20.84 3.06 -22.04 76122.54 Praxair♦ 164.50 -0.99 169.75 140.00 2.29 39.25 47306.22
ImpOil♦ 30.61 -0.07 32.67 10.27 2.88 -50.85 18007.76 Allianz 210.10 -1.35 216.20 117.10 4.84 12.37 103119.91
SumitomoF 4092 8.00 4153 2507.5 5.12 152.43 51479.33 United Arab Emirates (Dhs) Corning♦ 41.10 0.11 41.62 17.44 2.18 74.92 31579.92 ProctGmbl 129.59 0.65 146.92 94.34 2.44 24.11 319106.11
Manulife♦ 26.93 0.22 27.50 12.58 4.14 9.24 41896.19 BASF 70.76 0.67 72.84 37.64 4.93 -31.11 77369.05
Takeda Ph 4255 105.00 4258 2900 4.55 34.50 61413.03 Emirtestele 21.14 0.20 21.14 12.40 4.06 19.11 50052.25 Costco 327.64 0.39 393.15 278.42 0.87 32.34 144989.56 Prudntl 92.77 1.38 94.85 38.62 4.98-287.90 36829.57
Nutrien 72.01 -0.19 73.59 34.80 3.35 316.04 32858.04 Bayer 52.81 -0.10 73.63 39.91 5.61 -3.07 61762.6
TokioMarine 5551 41.00 5746 4167 3.78 24.71 35678.46 United Kingdom (p) CrownCstl 163.80 -1.25 180.00 114.18 3.15 95.31 70648.88 PublStor 242.14 -3.19 246.52 155.37 3.55 34.74 42323.59
RylBkC 116.22 0.23 117.22 72.00 3.71 14.79 132664.52 BMW 85.46 4.96 85.53 36.60 3.10 15.25 61244.38
Toyota 8308 39.00 8497 0.00 2.94 13.59 248205.29 CSX 92.28 0.34 97.54 46.81 1.14 25.23 70363.97 Qualcomm♦ 131.64 -2.01 167.94 58.00 1.98 22.19 149543.04
Suncor En♦ 28.50 0.16 29.55 14.02 4.59 -6.76 34834.75 Continental 120.75 3.05 130.85 51.45 2.63 -15.55 28750.18 AscBrFd 2461 -33.00 2523 1554 1.39 42.73 27054.23
Mexico (Mex$) CVS 73.44 -1.63 77.23 52.04 2.77 13.22 96305.91 Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46
ThmReut 108.65 -1.28 115.66 75.91 1.85 21.62 43123.48 Daimler 71.33 0.07 73.06 21.02 1.332247.38 90844.86 AstraZen♦ 7138 -94.00 10120 6319 2.88 39.99 125528.18
AmerMvl 14.25 -0.05 16.50 12.33 2.54 13.26 31391.87 Danaher 214.66 -1.24 248.86 119.60 0.36 46.69 152881.75 Regen Pharm 492.22 10.05 664.64 424.01 - 15.88 51822.36
TntoDom 82.60 0.45 82.85 49.01 3.78 12.78 120376.09 Deut Bank 10.50 0.10 11.25 4.70 - -13.41 25838.96 Aviva 391.50 -2.20 399.00 205.70 2.43 7.13 21817.46
FEMSA UBD 154.22 -1.51 162.97 112.72 1.96 298.09 16120.18 Deere 377.03 3.51 378.69 106.14 0.87 40.40 118175.88 S&P Global 349.57 0.96 379.87 186.06 0.78 35.62 84141.5
TrnCan 58.14 -0.19 67.89 47.05 5.49 12.25 45569.83 Deut Tlkm 16.63 0.14 16.76 10.50 3.82 23.81 94234.98 Barclays 181.32 -1.70 185.81 73.04 - 16.06 42963.32
WalMrtMex 64.78 -1.51 68.25 47.76 0.85 35.19 54709.02 Delphi 17.02 0.31 18.51 5.39 - -7.42 1469.67 Salesforce 211.18 -3.30 284.50 115.29 - 51.61 193229.7
ValeantPh 30.80 -1.06 36.02 14.01 - -4.20 8158.48 DeutsPost 45.42 -0.16 45.75 19.11 2.68 21.36 66858.09 BP 313.80 2.55 376.54 188.52 8.96 -3.79 86846.44
Delta 49.58 0.19 52.28 17.51 0.82 -2.50 31636.12 Schlmbrg♦ 27.85 -0.21 30.41 11.87 3.19 -3.62 38941.67
E.ON 8.73 -0.10 10.81 7.60 5.58 17.93 27443.91 Netherlands (€) BrAmTob 2750.5 60.50 3308.5 2362.5 5.60 9.93 71209.75
China (HK$) Devon Energy♦ 23.27 -0.24 26.13 4.70 1.83 -3.38 15663.04 Sempra Energy 129.89 -1.34 137.47 88.00 3.39 18.63 39303.59
Fresenius Med 60.78 -0.48 79.96 53.50 2.09 12.79 21191.21 Altice 5.34 0.00 6.86 2.26 - -4.03 9137.97 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 3.21 0.01 3.30 2.38 6.95 4.94 12703.74 DiscFinServ 98.32 -0.30 104.49 23.25 1.92 28.08 30119.84 Shrwin-Will 716.04 -1.01 758.00 325.43 0.77 32.41 64158.52
Fresenius SE 36.30 0.03 46.51 24.25 2.45 10.56 19543.29 ASML Hld 461.10 -2.30 502.60 177.52 0.58 52.08 230268.67 BT 152.50 9.30 153.50 94.68 3.03 10.03 21010.72
Bk China 2.93 0.04 3.19 2.33 8.01 4.35 31544.83 Disney 195.24 1.00 203.02 79.07 - -70.66 354412.12 SimonProp 117.46 0.27 121.92 42.25 5.03 24.85 38584.84
HenkelKgaA 81.25 1.85 86.10 54.65 2.39 18.83 25128.47 Heineken 90.92 - 94.48 68.90 1.96 53.26 62343.94 Compass 1540 -55.50 1626.5 865.80 1.75 192.50 35168.62
BkofComm 4.62 0.01 5.09 3.66 8.37 4.29 20825.76 DominRes♦ 73.56 -0.73 87.34 57.79 5.46 25.65 59263.48 SouthCpr 72.89 -0.91 83.15 23.43 2.06 40.88 56349.31
Linde 226.40 -0.20 228.10 136.30 1.50 60.03 140913.51 ING 10.23 0.13 10.57 4.23 - 21.49 47512.72 Diageo♦ 3045.5 -7.00 3125.1 2050.6 2.29 62.79 106462.26
BOE Tech 0.75 - 1.10 0.47 - -4.83 19.21 DowDupont 30.52 -0.65 48.38 30.06 3.63 -8.38 68559.76 Starbucks 109.71 -1.63 112.34 50.02 1.56 189.47 129161.58
MuenchRkv 258.80 -5.90 267.10 141.10 4.01 28.05 43162.79 Unilever 46.93 0.06 53.66 40.17 - 22.94 171321.63 GlaxoSmh♦ 1287.4 -3.60 1772.51 1190.8 6.21 10.19 87915.67
Ch Coms Cons 3.88 -0.01 5.51 3.21 7.36 3.33 2207.25 DukeEner 92.79 -0.23 98.88 62.13 4.40 31.53 71324.29 StateSt 84.25 0.60 85.78 42.10 2.65 12.49 29638
SAP 103.00 -0.02 143.32 84.02 1.62 23.80 150634.43 Norway (Kr) Glencore 282.30 -4.20 310.55 2.44 2.83 -13.95 56545.27
Ch Evrbrght 3.50 -0.02 3.97 2.40 7.47 4.93 5713.29 Eaton 137.79 0.96 141.37 56.42 2.26 37.73 54852.21 Stryker 237.35 -0.69 250.02 124.54 1.01 55.63 89289.41
Siemens 135.98 0.56 137.52 53.02 2.99 25.19 137595.54 DNB 187.35 1.35 187.90 94.26 - 15.53 34129.1 HSBC 430.60 7.80 523.00 281.50 1.81 -50.61 119885.96
Ch Rail Cons 5.05 -0.07 8.95 4.07 5.05 3.15 1349.97 eBay♦ 57.58 0.16 64.85 26.02 1.13 16.01 39180.07 Sychrony Fin 42.60 0.40 43.24 12.15 2.10 18.47 24873.36
Volkswgn 308.80 42.20 310.00 99.16 1.64 36.12 108478.05 Equinor 171.95 0.80 176.80 98.74 4.69 -18.62 65594.28 Imperial Brands♦ 1432.5 4.50 1758 1142 12.96 9.06 18971.44
Ch Rail Gp 4.16 -0.02 4.85 3.33 4.93 3.31 2253.48 Ecolab 211.23 -1.72 231.36 124.60 0.96 47.97 60380.09 T-MobileUS 126.97 -0.81 135.54 63.50 - 44.61 157798.83
Hong Kong (HK$) Telenor 151.75 0.70 163.80 132.00 5.41 19.94 24953.18 LlydsBkg 41.46 -0.02 59.94 23.59 - 24.39 41491.54
ChConstBk 6.58 - 6.74 4.93 5.96 5.54 203674.34 Emerson 90.19 1.13 93.38 37.75 2.26 25.73 54116.68 Target 178.76 -1.45 199.96 90.17 1.60 22.08 89132.63
AIA 97.60 0.10 109.30 60.05 1.46 24.81 151983.86 Natl Grid 831.40 -19.00 998.80 789.13 5.84 19.61 38750.97
China Vanke 33.35 0.25 35.00 21.65 3.71 7.60 8130.43 Qatar (QR) EOG Res 70.68 0.03 77.15 27.00 2.01-124.16 41246.27 TE Connect 133.29 -0.72 135.53 48.62 1.45 468.59 44102.51
BOC Hold 28.65 -0.05 29.00 20.05 6.04 8.92 38999.39 Natwest Group 187.60 1.90 193.40 90.54 - 29.31 31171.52
ChinaCitic 3.90 0.01 4.05 2.93 7.56 3.93 7472.63 QatarNtBk 17.32 -0.18 19.20 16.35 3.52 14.32 43928.08 EquityResTP 73.49 -0.29 76.13 45.43 3.47 26.83 27387.02 Tesla Mtrs 667.50 -9.38 900.40 70.10 - 1026.70 640702.21
Ch OSLnd&Inv 21.10 0.20 28.50 14.92 5.44 4.60 29732.68 Prudential 1537 -23.50 1581 682.80 2.41 37.83 55219.83
ChinaLife 16.40 -0.04 21.90 11.64 5.50 7.38 15711.89 Russia (RUB) Exelon 42.79 -0.57 46.02 29.28 3.79 16.39 41777.49 TexasInstr 176.65 -0.49 181.80 94.15 2.14 29.13 162560.25
ChngKng 45.90 -0.15 50.55 33.40 5.15 7.40 21826.45 ReckittB 6332 - 8020 5393 2.76 -16.37 61918.01
ChinaMBank 63.10 -0.50 69.45 29.80 2.33 14.35 37296.76 Gzprm neft 185.71 -3.02 272.68 158.17 - -71.33 58976.64 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TheTrvelers♦ 156.53 0.06 159.04 76.99 2.19 14.65 39479.11
Citic Ltd 6.77 -0.01 8.68 5.20 7.74 3.69 25355.95 RELX 1766 25.00 2000 1427 2.59 26.92 47389.91
ChinaMob 53.60 0.55 63.75 39.00 6.86 8.42 141300.28 Lukoil 4745.5 -157.00 6810 3663 10.47 32.79 44107.51 ExxonMb 59.05 -0.06 62.55 30.11 6.33 70.48 249986.76 ThrmoFshr 445.29 -1.14 532.57 250.21 0.21 33.98 175352.25
Citic Secs 15.58 0.04 21.45 12.60 3.93 11.26 4570.12 RioTinto♦■ 5460 -150.00 6561 2954 5.60 15.31 101687.79
ChinaPcIns 33.25 -2.20 42.75 17.90 4.46 10.24 11880.78 MmcNrlskNckl 20150 -66.00 23656 13352 5.44 13.99 42774.79 Facebook 278.56 -0.72 304.67 137.10 - 27.18 670061.71 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
CK Hutchison 62.05 -0.60 64.05 45.05 5.75 6.16 30807.05 RollsRoyce 127.20 4.35 159.43 0.90 1.24 -1.23 3285.04
ChMinsheng 4.91 - 6.06 3.85 9.24 4.13 5259.76 Novatek 973.20 -3.20 1382.2 682.80 3.05 46.54 39639.58 Fedex♦ 263.86 3.06 305.66 88.69 0.77 27.60 69940.2 TJX Cos 67.72 1.00 71.06 32.72 0.73 103.37 81306.74
CNOOC 8.95 -0.12 10.60 6.24 9.85 7.88 51447.26 RylDShlA 1523.8 0.40 1607.6 878.10 6.32 -9.16 97273.01
ChMrchSecs 19.61 - 28.18 13.41 - 17.31 22382.69 Rosneft 324.00 -11.00 489.90 229.80 9.45-126.68 46063.6 FordMtr 12.44 -0.06 13.62 3.96 1.23 -38.25 48594.03 Truist Financial Corp 58.79 0.55 61.26 25.51 3.29 18.94 79201.8
HangSeng 150.90 -1.10 156.30 110.00 5.90 12.85 37143.72 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 4.50 -0.07 5.72 4.01 1.38 24.93 21132.7 Sberbank 188.91 -2.03 270.80 172.15 9.07 5.92 54705 Franklin 29.98 0.22 30.16 14.91 3.69 18.92 15152 UnionPac♦ 212.60 0.90 221.28 105.08 1.85 26.56 142405.72
HK Exc&Clr 454.60 1.40 587.00 206.00 1.66 54.11 74205.61 StandCh 500.60 9.30 519.80 334.25 - 24.99 22917.02
ChShenEgy 14.98 - 16.32 11.94 10.39 6.13 6514.01 Surgutneftegas 35.13 -0.76 54.89 24.06 1.70 1.55 16833.73 GenDyn 177.78 2.46 177.87 100.55 2.47 15.91 50892.13 UPS B 161.02 -1.81 178.01 87.79 2.66 28.45 115851.35
MTR 45.55 -0.15 49.00 36.20 3.04 40.85 36249.27 Tesco 225.70 -0.60 329.33 217.10 5.14 16.84 25660.88
ChShpbldng 4.11 - 5.44 3.94 - -105.36 11556.34 GenElectric♦ 13.43 0.28 14.42 5.48 0.30 22.40 117709.62 USBancorp 54.29 0.45 54.75 28.36 3.32 16.74 81567.23
SandsCh 39.25 0.15 40.55 25.15 2.83 145.51 40887.95 Saudi Arabia (SR) Vodafone 136.92 2.40 142.44 92.76 5.96 17.66 50714.1
ChStConEng 5.16 -0.03 5.70 4.68 3.68 4.98 32252.7 GenMills 59.43 0.05 66.14 46.88 3.47 14.65 36337.68 UtdHlthcre 357.86 3.26 367.95 187.72 1.40 19.14 338292
SHK Props 117.10 0.30 126.00 87.60 4.76 12.80 43688.41 AlRajhiBnk 95.30 -0.90 99.90 51.10 1.60 22.13 63526.55 WPP 921.00 7.00 936.20 450.00 2.46 -4.95 16192.29
ChUncHK 4.61 -0.03 6.70 3.84 3.97 9.34 18160.9 GenMotors 58.18 1.06 59.62 14.33 0.66 13.23 83829.28 UtdTech♦ 86.01 -5.36 158.44 69.02 2.27 -41.47 74498.84
Tencent 624.50 -6.00 775.50 325.20 0.22 47.21 771435.81 Natnlcombnk 51.50 -0.30 52.80 31.00 2.37 13.82 41195.61 United States of America ($)
CNNC Intl 5.46 -0.20 5.77 4.02 2.29 15.85 13069.7 GileadSci♦ 64.21 0.20 85.97 56.56 4.47 61.00 80685.85 ValeroEngy 78.14 -1.18 84.39 31.00 5.28-1212.51 31925.1
SaudiBasic 110.00 -1.40 112.00 63.50 3.61-112.56 87990.6 21stC Fox A 41.98 -2.20 44.80 19.81 1.11 16.21 14036.07
CSR 3.57 -0.04 4.22 2.53 5.15 8.57 2009.07 India (Rs) GoldmSchs♦ 342.69 0.98 352.42 130.85 1.57 18.38 118500.27 Verizon 55.92 0.28 61.95 48.84 4.75 11.78 231405.27
SaudiTelec 116.00 -3.00 120.00 80.30 3.70 20.15 61860.06 3M 189.31 2.46 189.63 114.04 3.16 20.15 109629.42
Daqin 6.87 -0.09 7.30 6.32 7.17 9.44 15706.77 Bhartiartl 522.90 -6.40 623.00 361.75 0.39 -9.53 39323.98 Halliburton 22.82 -0.05 24.74 4.25 1.40 -6.73 20278.6 VertexPharm 216.52 -2.47 306.08 197.47 - 20.71 56286.55
Gree Elec Apl 0.12 0.00 0.21 0.07 - -0.04 6.53 HDFC Bk 1495.35 -16.80 1641 738.75 - 27.82 113594.96 Singapore (S$) AbbottLb 117.22 -1.00 128.54 61.61 1.28 58.05 207658.67 HCA Hold♦ 187.85 2.33 194.01 58.38 0.47 17.70 63853.5 VF Cp♦ 77.22 1.30 89.68 45.07 2.54-165.25 30254.15
GuosenSec 11.78 -0.14 16.14 10.39 1.74 15.52 15991.03 Hind Unilevr 2226.3 -17.75 2614.3 1757.3 1.70 69.50 72105.7 DBS 28.02 0.12 29.02 16.65 4.31 13.16 52860.17 Abbvie 104.71 -6.13 113.41 62.55 4.73 21.01 184905.47 Hew-Pack♦ 30.55 0.12 30.98 12.54 2.48 14.22 38077.35 ViacomCBS♦ 88.35 -7.89 101.97 10.10 1.17 38.26 50142.14
HaitongSecs 7.14 0.01 9.42 5.79 - 6.34 3134.31 HsngDevFin 2515.55 5.15 2896 1473.45 0.84 25.15 62539.48 JardnMt US$ 64.20 -0.29 66.40 37.37 3.01-109.86 46214.25 Accenture 263.93 0.41 271.18 137.15 1.29 31.25 174493.39 HiltonWwde 125.61 1.65 128.92 44.30 0.12 -47.92 34868.93 Visa Inc 224.50 -0.20 228.23 133.93 0.55 45.57 380777.5
Hngzh HikVDT 53.50 0.20 70.48 27.00 1.34 37.48 67154.24 ICICI Bk 589.50 -5.45 679.40 268.30 - 26.81 56187.31 JardnStr US$ 32.95 -0.10 37.47 17.81 1.21 -37.11 36522.06 Adobe 443.14 -7.40 536.88 255.13 - 39.34 212582.67 HomeDep 281.93 -0.15 292.95 140.63 2.23 22.69 303526.06 Walgreen 53.59 -1.12 56.12 33.36 3.59 -65.22 46303.99
Hunng Pwr 2.58 -0.05 4.12 2.24 6.59 19.02 1561.33 Infosys 1387 3.00 1406 509.25 1.52 31.90 81446.93 OCBC 11.58 -0.04 11.82 7.80 4.02 13.05 38453.04 AEP 83.16 -0.34 95.77 65.14 3.62 20.06 41302.4 Honywell 213.54 1.73 217.00 101.08 1.73 31.28 148517.32 WalMartSto 132.21 -1.18 153.66 106.85 1.75 17.76 374059.89
IM Baotou Stl 1.80 -0.05 2.24 1.04 - -168.94 8768.57 ITC 210.60 2.75 239.20 139.00 4.86 19.35 35730.73 SingTel 2.38 0.01 2.86 2.00 5.46 22.04 28849.7 Aetna - - - - - - - HumanaInc 407.87 4.75 474.70 208.25 0.64 12.16 52619.65 WellsFargo 39.72 0.37 40.44 20.76 4.41 94.82 164206.72
In&CmBkCh 5.53 - 5.75 3.96 5.83 5.71 61795.62 L&T 1437.65 -24.15 1593 661.00 1.26 66.95 27830.68 UOB 25.52 0.12 25.99 17.28 4.68 10.97 31690.47 Aflac 51.57 0.47 52.23 23.07 2.31 7.54 35510.44 IBM 128.69 0.45 135.88 90.56 5.43 13.57 114996.62 Williams Cos♦ 23.22 - 24.69 8.41 7.31 113.78 28184.21
IndstrlBk 23.98 -0.63 28.07 14.93 3.26 8.06 72336.34 OilNatGas 109.35 -5.75 122.35 57.50 4.83 40.13 18963.14 South Africa (R) AirProd 272.58 -1.93 327.89 173.91 2.00 31.46 60315.65 IllinoisTool 220.94 2.42 224.69 115.94 2.03 32.80 69963.36 Yum!Brnds 110.29 1.49 110.66 54.95 1.78 29.94 33093.1
Kweichow 2030.36 19.86 2627.88 960.10 0.86 55.79 392232.98 RelianceIn 2055.35 -45.25 2369.35 867.40 0.32 31.61 191586.69 Firstrand 52.98 -0.87 59.82 31.13 5.42 18.12 19949.02 Alexion 152.42 -0.95 162.60 75.57 - 55.16 33509.23 Illumina 413.69 -5.84 555.77 196.78 - 91.51 60357.37 Venezuela (VEF)
Midea 0.62 0.01 0.85 0.52 - -1.72 24.03 SBI NewA 368.15 -10.40 427.70 149.45 - 14.05 45291.24 MTN Grp 89.38 -1.83 92.56 26.25 5.93 10.17 11304.98 Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11 Intcntl Exch 114.29 -0.37 119.02 63.51 1.07 29.84 64197.45 Bco de Vnzla 116900 -90.00 125990 2100 354.57 - 233.60
New Ch Life Ins 30.05 -0.55 37.30 20.45 5.69 6.04 4000.87 SunPhrmInds 584.75 -17.55 654.40 312.00 0.69 57.69 19340.2 Naspers N 3383.52 -36.48 3888 1843.8 - 31.10 98913.27 Allstate 115.94 0.10 117.30 64.13 1.96 7.61 35113.63 Intel 63.99 -0.79 65.73 43.61 2.10 12.75 259991.37 Bco Provncl 3300000 - 3300000 127000 - -17.51 194.98
PetroChina 3.01 -0.02 3.19 2.16 5.24 24.33 8176.46 Tata Cons 3112.95 2.90 3339.8 1546.75 1.30 37.08 158731.29 Alphabet 2050.67 -33.22 2145.14 1008.87 - 34.44 616711.61 Intuit 388.62 -6.80 423.74 187.68 0.60 48.57 106419.65
South Korea (KRW) Mrcntl Srvcs 3950000-49990.00 4000000 120000 0.02 -3.81 131.77
PingAnIns 96.65 -1.20 103.60 69.00 2.62 9.96 92674.59 Altria 49.62 0.18 49.95 30.95 7.32 118.45 92228.18 John&John 161.43 0.06 173.65 109.16 2.61 23.63 424997.82
Indonesia (Rp) HyundMobis♦ 296000-7500.00 405000 126000 1.05 17.12 24825.26
PngAnBnk 21.20 -0.46 25.31 11.91 - 14.99 63267.22 Amazon 3085.06 -6.80 3552.25 1689.24 - 72.601553527.45 JohnsonCn 60.54 -0.03 62.40 22.78 1.75 55.18 43563.06
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 24600 -150.00 30050 15550 - 164.58 13972.41 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 4.00 -0.09 4.88 3.40 1.02 8.46 6855.37 AmerAir 24.61 0.14 25.94 8.25 0.87 -1.66 15739.22 JPMrgnCh 154.39 0.88 157.63 76.91 2.50 18.76 471122.08
Israel (ILS) SK Hynix 140000 -500.00 150500 65800 0.74 32.15 90175.03 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 20.52 0.21 28.80 16.90 4.40 10.89 36869.03 AmerExpr 143.02 -0.28 151.46 67.00 1.22 37.34 115215.34 Kimb-Clark♦ 134.03 -0.40 160.16 110.66 3.24 19.20 45302.19
TevaPha 36.69 -0.21 46.23 24.30 - -3.01 12205.65 SmsungEl 82300 -500.00 96800 42300 1.79 21.65 434694.19 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.08 0.01 0.10 0.03 - -0.26 87.94 AmerIntGrp♦ 47.65 0.32 48.92 16.07 2.89 -7.62 41207.28 KinderM 16.04 0.12 17.97 9.42 6.57 315.68 36310.46
Italy (€) Spain (€) AmerTower 221.51 -1.33 272.20 174.32 2.10 48.75 98434.57 ♦ ex-dividend
ShgPdgBk 10.92 -0.19 12.69 9.22 5.63 6.53 49291.93 Kraft Heinz♦ 38.75 0.01 39.71 20.67 4.19 131.54 47398.06 ■ ex-capital redistribution
Enel 8.16 -0.08 9.05 5.28 4.25 18.37 98783.94 BBVA 4.77 0.10 4.84 2.13 5.77 -50.10 37871.13 Amgen 244.23 3.91 276.69 177.05 2.66 19.53 141059.04
Sinopec Corp 4.35 -0.12 4.69 2.95 5.39 11.20 14289.06 Kroger 35.48 -0.34 42.99 27.33 2.00 8.81 27012.59 # price at time of suspension
ENI 10.30 0.06 10.53 5.73 5.65 -3.58 44210.4 BcoSantdr 2.93 0.01 3.07 1.44 3.46 -7.06 57904.82 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 2.05 -0.01 2.37 1.67 - 90.81 4277.88 L Brands 60.02 -0.25 62.08 8.00 1.07 -73.54 16692.41
Generali 16.75 -0.14 17.27 10.20 3.17 13.62 31426.48 CaixaBnk 2.57 0.01 2.62 1.50 2.88 14.34 18328.38 Anthem♦ 343.24 -0.34 345.24 171.03 1.14 16.48 84060.2
Denmark (kr) Iberdrola 10.68 -0.23 12.57 8.25 3.96 18.26 81600.31 LasVegasSd 64.81 -0.16 66.77 33.30 1.24 -28.87 49504.66
IntSPaolo 2.32 0.02 2.33 1.32 - 6.36 53548.22 Aon Cp 226.58 -0.17 235.88 143.93 0.83 27.18 51203.53 LibertyGbl 26.20 -0.23 26.66 15.31 - -9.55 4751.51
DanskeBk 120.45 -1.90 124.95 68.04 - 21.48 16626 Inditex 29.10 -0.47 30.79 19.40 1.26 54.40 107967.15
Unicred 9.47 0.17 9.47 6.01 - -7.91 25227.19 Apple 122.66 -2.91 145.09 53.15 0.67 32.552059227.86 Lilly (E) 187.91 -2.99 218.00 117.06 1.60 27.24 180097.77
MollerMrsk 14555 305.00 15400 4976 0.97 15.82 21979.7 Repsol 10.74 -0.02 11.14 5.04 9.03 -2.00 20036.79 ArcherDan 57.55 -0.23 59.12 28.92 2.67 19.00 32136.73 Lockheed♦ 353.43 6.30 417.62 266.11 2.82 14.20 98996.96
NovoB 446.00 -7.15 467.90 341.95 2.01 23.74 129422.22 Telefonica 4.09 0.00 5.01 2.71 10.16 77.37 26927.54

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
Volkswgn 308.80 266.60 42.20 15.83 64.60 26.5 26.45 BOE Tech 0.75 0.75 0.00 0.00 -0.08 -9.6 -23.47 Mar 17 date Coupon S* M* F* price yield yield yield US Mar 17 date Coupon S* M* F* price yield yield yield US
MTN Grp 89.38 91.21 -1.83 -2.01 15.01 20.2 25.39 Lilly (E) 187.91 190.90 -2.99 -1.57 -18.20 -8.8 -8.98 High Yield US$ US$
Franklin 29.98 29.76 0.22 0.74 3.92 15.0 8.35 Oracle 66.52 66.85 -0.33 -0.49 -6.12 -8.4 7.17 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 -
AmerAir 24.61 24.47 0.14 0.55 3.01 13.9 36.69 ChUncHK 4.61 4.64 -0.03 -0.65 -0.39 -7.8 1.99 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
EDF 11.22 11.10 0.12 1.04 1.33 13.4 5.95 CredSuisse 12.03 11.92 0.11 0.92 -0.88 -6.8 -5.28 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 -
RollsRoyce 127.20 122.85 4.35 3.54 14.20 12.6 -98.76 OilNatGas 109.35 115.10 -5.75 -5.00 -7.40 -6.3 5.40 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
NXP 205.51 202.78 2.73 1.34 21.69 11.8 8.26 RelianceIn 2055.35 2100.60 -45.25 -2.15 -135.70 -6.2 -0.20 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Boeing 257.61 255.21 2.40 0.94 27.00 11.7 19.37 MTR 45.55 45.70 -0.15 -0.33 -2.95 -6.1 0.88 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 -
ShenwanHong 0.08 0.07 0.01 6.85 0.01 11.4 27.87 BHPBilltn 46.07 46.84 -0.77 -1.64 -2.92 -6.0 -1.98 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
ChinaMBank 63.10 63.60 -0.50 -0.79 6.40 11.3 -5.83 ICICI Bk 589.50 594.95 -5.45 -0.92 -35.60 -5.7 -10.46 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
BT 152.50 143.20 9.30 6.49 15.25 11.1 -98.83 ChinaPcIns 33.25 35.45 -2.20 -6.21 -2.00 -5.7 -9.04 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 -
ViacomCBS 88.35 96.24 -7.89 -8.20 8.69 10.9 45.03 Firstrand 52.98 53.85 -0.87 -1.62 -2.86 -5.1 3.60 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Walgreen 53.59 54.71 -1.12 -2.05 5.13 10.6 8.13 Schlmbrg 27.85 28.06 -0.21 -0.75 -1.50 -5.1 3.65 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
L Brands 60.02 60.27 -0.25 -0.41 5.51 10.1 23.62 SBI NewA 368.15 378.55 -10.40 -2.75 -19.45 -5.0 -8.50
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
KBC Grp 64.00 61.38 2.62 4.27 5.72 9.8 9.07 Naspers N 3383.52 3420.00 -36.48 -1.07 -176.48 -5.0 -11.24
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
HonHaiPrc 126.00 123.50 2.50 2.02 11.00 9.6 11.01 L&T 1437.65 1461.80 -24.15 -1.65 -70.65 -4.7 -7.22
Ch OSLnd&Inv 21.10 20.90 0.20 0.96 1.84 9.6 13.66 SunPhrmInds 584.75 602.30 -17.55 -2.91 -27.85 -4.5 -7.35 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
AmerTower 221.51 222.84 -1.33 -0.60 18.81 9.3 -2.14 HDFC Bk 1495.35 1512.15 -16.80 -1.11 -67.15 -4.3 -8.07 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
China Vanke 33.35 33.10 0.25 0.76 2.75 9.0 10.45 GenElectric 13.43 13.15 0.28 2.09 -0.58 -4.1 13.05 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
Denso 7491.00 7373.00 118.00 1.60 585.00 8.5 8.22 EOG Res 70.68 70.65 0.03 0.04 -2.93 -4.0 11.21 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.48 -0.26 - - -0.36 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Mar 17 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Mar 17 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 20.59 0.80 19.79 85.42 19.33 Mar 17 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 19.59 0.79 18.80 71.05 7.84 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 217.55 0.15 -1.95 -4.32 -3.81 6.00 VXN 30.53 1.26 29.27 84.67 24.96 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 392.34 0.02 0.16 -4.03 -1.56 9.37 VDAX 19.16 0.19 18.98 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 326.85 0.13 -1.33 -4.30 -1.33 -4.30 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 242.65 -0.02 0.31 -0.62 -0.24 5.94 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 8pc '21 101.80 -0.07 0.00 0.00 0.00 -124.14 102.75 100.21 24.59
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 258.31 -0.05 0.50 -1.97 -0.41 3.65 Tr 4pc '22 103.91 -0.02 -33.33 -33.33 -66.67 -106.45 107.70 103.91 38.77
Gilts( £) 353.59 0.10 0.65 -6.76 -1.40 -3.27 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 118.74 0.25 13.64 31.58 212.50 -37.50 124.02 118.74 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 306.21 0.39 0.90 -2.64 -1.21 12.45 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 104.41 0.54 8.00 20.00 92.86 22.73 109.23 104.27 39.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts 380.03 0.03 0.20 -3.77 -1.33 6.48 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 134.91 0.96 5.49 14.29 39.13 43.28 147.41 134.91 38.71
Mar 17 (Libor: Mar 16) night Day Week Month month month month year Overall ($) 273.02 0.13 -0.96 -4.09 -0.96 -4.09 Australia 11/22 2.25 103.64 0.08 0.00 -0.02 0.00 -0.40 Tr 4.25pc '36 142.60 1.15 4.55 13.86 29.21 38.55 158.29 142.60 30.41
US$ Libor 0.07850 0.001 0.001 0.001 0.10813 0.19000 0.19788 0.28075 Overall( £) 356.97 0.08 0.52 -5.95 -1.38 -0.65 05/32 1.25 94.50 1.80 -0.10 -0.09 0.38 0.78 Tr 4.5pc '42 160.14 1.31 3.15 11.02 21.30 31.00 184.05 159.99 27.21
Euro Libor -0.58071 0.000 0.003 -0.001 -0.57914 -0.54957 -0.52400 -0.49143 Overall(€) 249.89 -0.02 0.40 -1.60 -0.34 3.35 Austria - - - - - - - Tr 3.75pc '52 161.76 1.33 3.10 10.83 17.70 38.54 196.84 160.62 24.10
£ Libor 0.04088 0.004 0.001 0.000 0.05013 0.07800 0.10113 0.15663 Treasuries ($) 251.40 0.15 -0.80 -4.18 -0.80 -4.18 02/47 1.50 127.11 0.40 0.00 -0.01 0.04 0.02 Tr 4pc '60 183.16 1.28 3.23 12.28 17.43 43.82 230.92 180.90 24.12
Swiss Fr Libor 0.000 -0.80220 -0.75580 -0.71160 -0.59100 FTSE Belgium 09/22 1.00 102.34 -0.58 0.01 0.00 0.01 -0.05 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor -0.003 -0.06617 -0.08333 -0.05150 0.04650 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 103.02 0.18 0.00 -0.01 0.03 -0.42
Euro Euribor
Sterling CDs
-0.007
-
-0.56300
-
-0.54200
-
-0.52000
-
-0.49100 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 98.05 1.48 0.02 0.09 0.45 0.67 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 671.53 -16.47 - - -5.52 58.84 Denmark 11/22 0.25 101.19 -0.46 0.01 0.01 0.06 0.37
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 118.14 -1.62 -0.05 -0.15 -0.21 -0.14 Price Indices Day's Total Return Return
Euro CDs - - - - Fixed Coupon Mar 17 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 104.56 -0.67 0.00 0.00 0.00 -0.19
04/31 0.75 109.16 -0.15 0.00 -0.04 0.03 -0.24 1 Up to 5 Years 88.10 -0.06 2472.17 -0.39 0.31 0.21
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 179.70 -0.31 3681.31 -1.81 -1.08 0.69
Mar 17 term notice month month month year Markit iTraxx France 05/23 1.75 105.32 -0.66 0.00 -0.02 -0.01 -0.19
3 10 - 15 Years 210.33 -0.48 4619.33 -2.74 -2.89 1.07
Euro -0.74 -0.44 -0.70 -0.40 -0.71 -0.41 -0.64 -0.34 -0.67 -0.37 -0.67 -0.37 Crossover 5Y 243.64 1.97 -5.93 7.30 277.03 236.32 11/26 0.25 104.11 -0.46 0.00 -0.03 -0.02 -0.42
4 5 - 15 Years 186.31 -0.37 3910.60 -2.09 -1.55 0.86
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 47.68 0.66 -0.83 1.54 66.97 45.31 Germany - - - - - - -
5 Over 15 Years 353.24 -0.85 5840.03 -4.18 -6.27 1.30
Swiss Franc - - - - - - - - - - - - Japan 5Y 45.81 -0.13 -1.85 -2.27 70.43 45.60 08/23 2.00 106.64 -0.72 0.00 -0.02 -0.01 0.11
7 All stocks 180.03 -0.48 3880.84 -2.52 -3.03 1.14
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 56.18 0.72 -1.69 0.54 86.20 54.75 02/27 0.25 105.25 -0.62 0.00 -0.05 -0.01 0.03
US Dollar 0.11 0.31 0.02 0.22 0.05 0.25 0.12 0.32 0.14 0.34 0.20 0.40 08/50 0.00 94.40 0.20 0.00 -0.01 0.04 0.34 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 4.30 120.42 0.77 0.03 -0.06 0.11 -2.48
Japanese Yen -0.15 0.05 -0.15 0.05 -0.15 0.05 -0.15 0.05 -0.15 0.15 -0.15 0.15 Index Linked Mar 17 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 189.24 -0.17 -8.93 25.67 245.71 150.45
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Ireland 10/22 0.00 100.94 -0.59 -0.01 -0.02 -0.01 -0.22 1 Up to 5 Years 302.79 -0.06 0.10 -0.03 2511.05 0.12 1.66
Nth Amer High Yld 5Y 299.68 3.12 -9.87 12.60 421.26 283.37
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 123.43 -0.14 0.00 -0.03 0.01 -0.50 2 Over 5 years 791.86 -0.35 0.04 7.54 5993.12 0.08 7.92
Nth Amer Inv Grade 5Y 51.96 0.38 -3.07 1.46 65.62 49.59
05/30 2.40 123.43 -0.14 0.00 -0.03 0.01 -0.50 3 5-15 years 499.99 -0.29 -0.75 1.74 3992.09 -0.70 2.49
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 101.81 -0.41 0.00 -0.03 -0.02 -1.78 4 Over 15 years 1037.02 -0.37 0.36 9.83 7637.79 0.39 10.06
11/25 2.50 111.89 -0.05 0.01 -0.06 0.02 -1.85 5 All stocks 706.73 -0.32 0.05 6.50 5448.70 0.09 7.01
05/30 0.40 109.19 -0.58 -0.01 -0.15 -0.10 -2.51
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 143.26 1.49 0.02 -0.06 0.11 -1.21 Yield Indices Mar 17 Mar 16 Yr ago Mar 17 Mar 16 Yr ago
Japan 04/23 0.05 99.98 0.06 0.00 -0.02 -0.01 - 5 Yrs 0.39 0.35 0.28 20 Yrs 1.34 1.30 1.01
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
04/25 0.05 99.95 0.06 -0.01 -0.04 -0.02 - 10 Yrs 0.91 0.86 0.58 45 Yrs 1.24 1.21 0.87
Crude Oil† Mar 64.05 -0.67 Corn♦ May 554.75 1.25 Mar 16 Mar 16 Prev return stock Market stocks
03/34 1.50 116.11 0.24 -0.01 -0.03 0.02 -0.01 15 Yrs 1.21 1.16 0.88
Brent Crude Oil‡ 67.23 -1.34 Wheat♦ May 642.00 -4.50 Can 4.25%' 26 130.68 -0.968 -0.968 0.56 5.00 74611.31 7
12/49 0.40 93.21 0.66 -0.01 -0.03 -0.01 0.33
RBOB Gasoline† Mar 2.05 -0.05 Soybeans♦ May 1414.75 -7.00 Fr 1.10%' 22 104.88 -2.396 -2.396 0.29 19.85 256456.01 16
Netherlands 07/23 1.75 105.78 -0.71 0.00 -0.04 -0.02 -0.07 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ May 401.80 -3.90 Swe 0.25%' 22 110.65 -1.143 -1.143 -0.45 28.26 211966.46 7
07/26 0.50 105.89 -0.58 0.00 -0.05 -0.03 -0.21 Real yield Mar 17 Dur yrs Previous Yr ago Mar 17 Dur yrs Previous Yr ago
Natural Gas† Mar 2.54 -0.02 Cocoa (ICE Liffe)X May 1735.00 -7.00 UK 1.875%' 22 109.36 -3.476 -3.476 0.07 15.74 772788.32 30
Ethanol♦ - - Cocoa (ICE US)♥ May 2510.00 -22.00 New Zealand 04/25 2.75 107.63 0.84 -0.03 -0.06 0.23 0.15 Up to 5 yrs -3.03 2.60 -3.05 -2.03 -3.40 2.60 -3.42 -2.52
UK 2.50%' 24 356.64 -3.141 -3.141 0.33 6.82 772788.32 30
Uranium† - - Coffee(Robusta)X May 1408.00 0.00 05/31 1.50 97.49 1.77 -0.08 -0.12 0.33 0.55 Over 5 yrs -2.09 23.50 -2.10 -1.75 -2.10 23.54 -2.12 -1.76
UK 2.00%' 35 289.65 -2.422 -2.422 1.18 9.08 772788.32 30
Carbon Emissions‡ - - Coffee (Arabica)♥ May 132.70 -2.15 05/31 1.50 97.49 1.77 -0.08 -0.12 0.33 0.55 5-15 yrs -2.54 9.24 -2.57 -2.18 -2.61 9.24 -2.64 -2.25
US 0.625%' 23 106.51 -2.408 -2.408 0.61 47.03 1625289.20 44
White SugarX 458.30 -4.50 Norway 08/30 1.38 99.92 1.38 -0.04 -0.05 0.11 0.47 Over 15 yrs -2.04 28.75 -2.05 -1.69 -2.04 28.76 -2.05 -1.70
Diesel† - - US 3.625%' 28 135.28 -1.144 -1.144 0.64 16.78 1625289.20 44
Sugar 11♥ 16.04 -0.23 08/30 1.38 99.92 1.38 -0.04 -0.05 0.11 0.47 All stocks -2.10 21.67 -2.11 -1.75 -2.12 21.73 -2.13 -1.77
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2222.50 27.00 Cotton♥ May 86.65 -0.35 Portugal 10/22 2.20 104.63 -0.70 -0.01 -0.05 -0.07 -0.74 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 2222.50 -2.00 Orange Juice♥ May 118.80 -0.60 02/26 3.30 117.75 -0.26 0.01 -0.06 -0.01 -0.97 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 9071.00 147.50 Palm Oil♣ - - Spain 10/22 0.45 101.61 -0.54 0.00 -0.03 -0.03 -0.48 Gilt Closing Prices information contained herein is proprietary to
Lead 1918.00 -13.00 Live Cattle♣ Apr 118.23 -0.78 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 121.34 -1.07 -0.02 -0.13 -0.12 -1.42 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 16145.00 20.00 Feeder Cattle♣ Mar 134.88 - Sweden 06/22 0.25 110.65 -1.16 0.21 0.19 0.23 0.30 accurate, complete or timely; and does not constitute investment advice.
Tin 25680.00 430.00 Lean Hogs♣ Apr 92.75 2.28 Spread Spread Spread Spread 06/26 0.13 118.54 -1.67 0.05 0.00 0.08 -0.15 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2826.00 30.00 Bid vs vs Bid vs vs 06/30 0.13 116.87 -1.49 0.05 -0.01 0.13 -0.17
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 103.31 -0.77 -0.01 0.01 0.01 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1735.00 11.35 Mar 16 Month Year 05/30 0.50 107.92 -0.35 -0.01 -0.03 -0.01 0.02 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.80 - - Netherlands -0.58 - -
Silver (US cents) 2608.00 -2.00 S&P GSCI Spt 486.87 2.90 77.77 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - New Zealand 1.77 - -
Platinum 1209.00 -4.00 DJ UBS Spot 85.48 0.31 37.82 Canada 1.48 - - Norway 1.38 - - 07/23 0.75 101.53 0.10 0.00 0.01 0.08 -0.25 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2496.00 106.00 TR/CC CRB TR 204.05 1.76 47.52 Denmark -1.62 - - Portugal -0.26 - - 07/26 1.50 105.90 0.39 0.00 0.04 0.17 0.04 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland -0.15 - - Spain -1.07 - - 07/47 1.50 104.26 1.31 -0.01 0.07 0.10 0.36
Iron Ore 165.85 -0.45 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.49 - - United States 03/22 0.38 100.27 0.11 0.01 0.00 0.02 - Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 94.00 1.25 LEBA EUA Carbon 42.30 11.96 47.85 Ireland -0.14 - - Switzerland -0.35 - - 03/27 0.63 97.24 1.10 0.00 0.03 0.32 -
Baltic Dry Index 2105.00 88.00 LEBA CER Carbon 0.29 0.00 52.63 Italy -0.58 - - United Kingdom - - - 04/32 3.38 146.42 - - - - -
LEBA UK Power 1790.00 -29.67 43.20 Japan 0.24 - - United States - - - 02/50 0.25 102.99 0.14 -0.02 0.06 - -0.14
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
Thursday 18 March 2021 ★ FINANCIAL TIMES 13

MANAGED FUNDS SERVICE

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

Rubrics Global Fixed Income UCITS Fund $ 179.90 - 0.16 0.00 Data Provided by

Aberdeen Standard Capital

PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
(JER) Genesis Investment Management LLP
Other International Funds
Slater
FCA Recognised
Aberdeen Standard Capital Offshore Strategy Fund Limited
Bridge Fund £ 2.2268 - -0.0129 1.44
Emerging Mkts NAV £ 7.21 - -0.16 1.34
Investments www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.
Global Equity Fund £ 3.1934 - -0.0171 0.89
Global Fixed Interest Fund £ 0.9627 - 0.0005 4.26
Income Fund £ 0.6487 - -0.0043 -
Sterling Fixed Interest Fund
UK Equity Fund
£ 0.8855
£ 2.0735
-
-
-0.0037 2.95
-0.0160 2.10
Guide to Data
Ashmore Investment Management Limited (LUX) Dragon Capital HPB Assurance Ltd New Capital UCITS Fund PLC (IRL) Polar Capital Funds Plc (IRL)
2 rue Albert Borschette L-1246 Luxembourg www.dragoncapital.com Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Leconfield House, Curzon Street, London, W1J 5JB Regulated The fund prices quoted on these pages are supplied by
Slater Investments Ltd (UK)
FCA Recognised Fund information:info@dragoncapital.com www.newcapitalfunds.com the operator of the relevant fund. Details of funds
International Insurances Automation & Artificial Intelligence CL I USD Acc $ 17.91 17.91 0.03 0.00 www.slaterinvestments.com; Tel: 0207 220 9460
published on these pages, including prices, are for the
Ashmore SICAV Emerging Market Debt Fund $ 88.08 - 0.62 4.44 Other International Funds Holiday Property Bond Ser 1 £ 0.49 - 0.01 0.00 FCA Recognised Asian Financials I USD $ 488.25 488.25 0.08 0.00 FCA Recognised purpose of information only and should only be used
Ashmore SICAV Emerging Market Frontier Equity Fund $ 174.48 - 0.66 0.49 Vietnam Equity (UCITS) Fund A USD $ 28.53 - -0.02 0.00 Holiday Property Bond Ser 2 £ 0.63 - 0.01 0.00 New Capital UCITS Funds Biotechnology I USD $ 40.80 40.80 0.33 0.00 Slater Growth 726.55 726.55 -3.62 0.00 as a guide. The Financial Times Limited makes no
Ashmore SICAV Emerging Market Total Return Fund $ 78.39 - 0.44 3.86 New Capital China Equity Fund $ 290.37 - -9.56 - Emerging Market Stars I USD Acc $ 15.60 - -0.15 0.00 Slater Income A Inc 138.73 138.73 -0.15 5.22 representation as to their accuracy or completeness
and they should not be relied upon when making an
Ashmore SICAV Global Small Cap Equity Fund $ 237.90 - 2.55 0.00 New Capital Dynamic European Equity Fund € 134.14 - -0.28 - European Ex UK Inc EUR Acc € 12.20 12.20 0.01 0.00 Slater Recovery 345.44 345.44 -0.46 0.00
investment decision.
Aegon Asset Management UK ICVC (UK) EM Active Equity Fund Acc USD $ 171.67 - 0.50 - New Capital Dynamic UK Equity Fund £ 118.74 - -0.69 - Financial Opps I USD $ 15.74 - -0.06 1.55 Slater Artorius 316.51 316.51 8.24 -
3 Lochside Crescent, Edinburgh, EH12 9SA EM Equity Fund Acc USD $ 159.73 - 0.93 - New Capital Global Alpha Fund £ 117.74 - 0.20 0.00 GEM Income I USD $ 14.11 - -0.01 - The sale of interests in the funds listed on these pages
0800 358 3009 www.aegonam.com EM Mkts Corp.Debt USD F $ 91.27 - 0.21 4.98 New Capital Global Equity Conviction Fund $ 214.63 - -1.04 - may, in certain jurisdictions, be restricted by law and
Global Convertible I USD $ 17.33 17.33 0.06 0.00
Authorised Funds the funds will not necessarily be available to persons
EM Mkts Loc.Ccy Bd USD F $ 74.95 - 0.18 - New Capital Global Value Credit Fund $ 160.49 - 0.12 - Global Insurance I GBP £ 7.50 - 0.03 0.00 in all jurisdictions in which the publication circulates.
Global Equity GBP B Acc £ 3.21 - -0.04 -
EM Short Duration Fund Acc USD $ 120.81 - 0.19 0.00 New Capital Japan Equity Fund ¥ 1747.29 - 9.53 - Global Technology I USD $ 87.90 - 0.42 0.00 Persons in any doubt should take appropriate
Ennismore Smaller Cos Plc (IRL) Janus Henderson Investors (UK) New Capital US Growth Fund $ 452.73 - 5.52 0.00 professional advice. Data collated by Morningstar. For
Healthcare Blue Chip Fund I USD Acc $ 16.53 16.53 0.20 0.00
5 Kensington Church St, London W8 4LD 020 7368 4220 other queries contact reader.enquiries@ft.com +44
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 New Capital US Small Cap Growth Fund $ 259.14 - 1.94 0.00 Healthcare Opps I USD $ 65.40 - 0.68 0.00 (0)207 873 4211.
FCA Recognised www.janushenderson.com New Capital Wealthy Nations Bond Fund $ 151.77 - 0.16 0.00 Income Opportunities B2 I GBP Acc £ 2.54 2.54 0.00 0.00
Ennismore European Smlr Cos NAV £ 134.86 - 0.14 0.00 Authorised Inv Funds The fund prices published in this edition along with
Japan Value I JPY ¥ 129.28 129.28 1.16 0.00
Ennismore European Smlr Cos NAV € 156.89 - 0.08 0.00 Janus Henderson Instl UK Idx Opps A Acc £ 1.01 - 0.00 - additional information are also available on the
North American I USD $ 34.64 34.64 0.19 0.00 Financial Times website, www.ft.com/funds. The
UK Val Opp I GBP Acc £ 12.97 12.97 0.12 0.00 funds published on these pages are grouped together
by fund management company.
Atlantas Sicav (LUX)
Regulated Prices are in pence unless otherwise indicated. The
change, if shown, is the change on the previously
American Dynamic $ 7269.45 7269.45 359.73 - quoted figure (not all funds update prices daily). Those
American One $ 6742.85 6742.85 274.17 0.00 designated $ with no prefix refer to US dollars. Yield
Bond Global € 1515.25 1515.25 -3.52 - percentage figures (in Tuesday to Saturday papers)
Ennismore European Smlr Cos Hedge Fd M & G Securities (1200)F (UK) allow for buying expenses. Prices of certain older
Eurocroissance € 1288.52 1288.52 22.69 -
PO Box 9038, Chelmsford, CM99 2XF insurance linked plans might be subject to capital
Far East $ 1321.18 - 60.83 - Other International Funds
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 Polar Capital LLP (CYM) Stonehage Fleming Investment Management Ltd (IRL) gains tax on sales.
NAV € 546.98 - 9.77 0.00 Regulated www.stonehagefleming.com/gbi
Authorised Inv Funds Guide to pricing of Authorised Investment Funds:
European Forager A EUR € 190.85 - 0.26 0.00 enquiries@stonehagefleming.com
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.24 - 0.00 2.27 (compiled with the assistance of the IMA. The
Regulated
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.53 - -0.06 - Investment Management Association, 65 Kingsway,
Aegon Asset Management Investment Company (Ireland) (IRL) SF Global Best Ideas Eq B USD ACC $ 248.12 - 1.07 0.00 London WC2B 6TD.
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 M&G Charity Multi Asset Fund Inc £ 0.85 - -0.01 -
SF Global Best Ideas Eq D GBP INC £ 271.54 - 1.79 0.00 Tel: +44 (0)20 7831 0898.)
FCA Recognised M&G Charity Multi Asset Fund Acc £ 95.34 - -0.61 -
Absolute Return Bond B GBP Acc 1163.18 - -0.09 1.61 OEIC: Open-Ended Investment Company. Similar to a
High Yield Global Bond A GBP Inc 514.08 - 0.35 4.49 Oasis Crescent Management Company Ltd unit trust but using a company rather than a trust
Other International Funds structure.
High Yield Global Bond B GBP Inc 1102.60 - 0.77 5.23
Euronova Asset Management UK LLP (CYM)
Oasis Crescent Equity Fund R 11.94 - -0.06 0.20
Global Equity Income B GBP Acc 2174.03 - 23.69 0.00 Regulated Different share classes are issued to reflect a different
Private Fund Mgrs (Guernsey) Ltd (GSY) currency, charging structure or type of holder.
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 Smaller Cos Cls One Shares € 54.77 - -1.67 0.00 Regulated
lobal Equity Market Neutral Fund - B Acc GBP £ 12.33 - 0.02 0.00 Smaller Cos Cls Two Shares € 35.74 - -0.98 0.00 Selling price: Also called bid price. The price at which
Monument Growth 16/03/2021 £ 515.43 520.98 7.37 -
Global Sustainable Equity B Acc GBP £ 28.72 - 0.49 - Smaller Cos Cls Three Shares € 17.94 - -0.57 0.00 units in a unit trust are sold by investors.
Global Sustainable Equity C Acc GBP £ 29.15 - 0.49 - Smaller Cos Cls Four Shares € 23.17 - -0.65 0.00 MMIP Investment Management Limited (GSY)
Regulated Buying price: Also called offer price. The price at
Inv Grd Gbl Bond A Inc GBH 605.76 - 0.85 1.81
which units in a unit trust are bought by investors.
Short Dated High Yld Bd B Acc GBP £ 11.16 - 0.00 0.00 Multi-Manager Investment Programmes PCC Limited
Includes manager’s initial charge.
Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.28 - 0.01 0.00 UK Equity Fd Cl A Series 01 £ 2829.27 2863.47 166.38 0.00
Strategic Global Bond A GBP Inc 1315.55 - 0.17 2.70 Diversified Absolute Rtn Fd USD Cl AF2 $ 1759.19 - 88.33 0.00 OGM Oasis Crescent Global Investment Funds (UK) ICVC (UK) Single price: Based on a mid-market valuation of the
Brooks Macdonald International Fund Managers Limited (JER) Diversified Absolute Return Stlg Cell AF2 £ 1646.89 - 80.30 0.00 Regulated underlying investments. The buying and selling price
Strategic Global Bond B GBP Inc 746.61 - 0.11 3.45 5 Anley Street, St Helier, Jersey, JE2 3QE for shares of an OEIC and units of a single priced unit
Global Equity Fund A Lead Series £ 1665.84 1670.94 49.44 0.00 OGM Oasis Crescent Global Short Term Income Fund USD Class A Shares (Dist) $ 0.99 - 0.00 1.74
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Prusik Investment Management LLP (IRL) trust are the same.
OGM Oasis Crescent Global Equity Fund USD Class A Shares (Dist) $ 37.38 - 0.04 0.25
Brooks Macdonald International Investment Funds Limited OGM Oasis Crescent Variable Fund GBP Class A Shares (Dist) £ 9.88 - 0.05 0.01 Enquiries - 0207 493 1331
Treatment of manager’s periodic capital charge:
Euro High Income € 1.5335 - -0.0016 2.50 FIL Investment Services (UK) Limited (1200)F (UK) OGM Oasis Crescent Global Income Fund USD Class A Shares (Dist) $ 11.07 - 0.01 2.48
Regulated The letter C denotes that the trust deducts all or part
Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP Prusik Asian Equity Income B Dist $ 193.70 - -0.06 4.15 of the manager’s/operator’s periodic charge from
High Income £ 0.8456 - -0.0024 3.77 OGM Oasis Crescent Global Low Equity Fund USD Class D Shares (Dist) $ 13.04 - 0.02 0.68 Toscafund Asset Management LLP (UK)
Callfree: Private Clients 0800 414161 Prusik Asia Emerging Opportunities Fund A Acc $ 200.31 - 1.32 - www.toscafund.com capital, contact the manager/operator for full details
Sterling Bond £ 1.5637 - -0.0054 2.06 OGM Oasis Crescent Global Medium Equity Fund USD Class A Shares (Dist) $ 14.42 - 0.02 0.18
Broker Dealings: 0800 414 181 of the effect of this course of action.
Prusik Asia Fund U Dist. £ 237.89 - 3.05 0.00 Authorised Funds
Brooks Macdonald International Multi Strategy Fund Limited OGM Oasis Crescent Global Property Equity Fund USD Class A Shares (Dist) $ 8.67 - 0.02 1.19
OEIC Funds Aptus Global Financials B Acc £ 4.33 - 0.02 3.86
Cautious Balanced Strategy £ 1.3568 - 0.0028 0.00 Exit Charges: The letter E denotes that an exit charge
Fidelity American Fund W-ACC-GBP £ 54.25 - -0.18 - Aptus Global Financials B Inc £ 2.98 - 0.02 5.03 may be made when you sell units, contact the
Growth Strategy £ 2.0160 - 0.0083 0.00
Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.66 Marwyn Asset Management Limited (CYM) manager/operator for full details.
High Growth Strategy £ 2.8068 - 0.0101 0.00 Regulated
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.61 - -0.05 3.75
US$ Growth Strategy $ 2.0048 - 0.0059 0.00 Marwyn Value Investors £ 340.40 - -14.66 0.00 Time: Some funds give information about the timing of
Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.05 - -0.01 - price quotes. The time shown alongside the fund
Dealing Daily. Initial charge up to 2%
Fidelity Global Focus Fund W-ACC-GBP £ 35.10 - -0.57 - manager’s/operator’s name is the valuation point for
Fidelity Global High Yield Fund Y-ACC-GBP £ 15.73 - 0.00 3.57 their unit trusts/OEICs, unless another time is
indicated by the symbol alongside the individual unit
Fidelity Japan Fund W-ACC-GBP £ 5.40 - -0.02 - Purisima Investment Fds (CI) Ltd (JER)
Omnia Fund Ltd trust/OEIC name.
Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 4.15 - 0.00 0.36 Regulated
Other International Funds
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.17 - 0.01 - PCG B 307.14 - 4.09 0.00 Toscafund Asset Management LLP The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Estimated NAV $ 631.95 - -5.25 0.00 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Fidelity Special Situations Fund W-ACC-GBP £ 37.41 - -0.27 - PCG C 299.91 - 3.99 0.00 www.toscafund.com
midnight. Daily dealing prices are set on the basis of
Algebris Investments (IRL) Short Dated Corporate Bond Fund Y ACC GBP £ 11.09 - -0.01 3.85 Tosca A USD $ 377.23 - 34.90 0.00
the valuation point, a short period of time may elapse
Regulated Fidelity Sustainable Water & Waste W Acc £ 1.12 - -0.01 - Tosca Mid Cap GBP £ 244.37 - 36.89 0.00 before prices become available. Historic pricing: The
CCLA Investment Management Ltd (UK)
Algebris Financial Credit I EUR € 190.20 - -0.04 0.00 Fidelity Sustainable Water & Waste W Inc £ 1.11 - -0.01 - Tosca Opportunity B USD $ 372.43 - 56.30 0.00 letter H denotes that the managers/operators will
Senator House 85 Queen Victoria Street London EC4V 4ET
Pegasus Fund Ltd A-1 GBP £ 57.89 - 8.63 0.00 normally deal on the price set at the most recent
Algebris Financial Credit R EUR € 165.29 - -0.05 0.00 Authorised Inv Funds Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 -
valuation. The prices shown are the latest available
Algebris Financial Credit Rd EUR € 110.06 - -0.03 4.76 Diversified Income 1 Units GBP Inc £ 1.54 1.54 0.00 - Fidelity UK Select Fund W-ACC-GBP £ 3.33 - -0.02 - before publication and may not be the current dealing
Algebris Financial Income I EUR € 171.54 - -0.26 - Diversified Income 2 Units GBP Inc £ 1.48 1.48 -0.01 - Institutional OEIC Funds levels because of an intervening portfolio revaluation
Algebris Financial Income R EUR € 158.54 - -0.25 - or a switch to a forward pricing basis. The
Diversified Income 3 Units GBP Inc £ 1.49 1.49 0.00 - Europe (ex-UK) Fund ACC-GBP £ 7.00 - -0.10 -
Oryx International Growth Fund Ltd managers/operators must deal at a forward price on
Algebris Financial Income Rd EUR € 103.91 - -0.16 - request, and may move to forward pricing at any time.
Other International Funds
Algebris Financial Equity B EUR € 133.24 - -0.28 0.00 Forward pricing: The letter F denotes that that
NAV (Fully Diluted) £ 9.10 - -0.52 0.00 managers/operators deal at the price to be set at the
Algebris IG Financial Credit B EUR € 110.24 - 0.08 0.00
next valuation.
Algebris IG Financial Credit R EUR € 109.27 - 0.07 0.00
Algebris Global Credit Opportunities I EUR € 132.31 - 0.07 0.00
Milltrust International Managed Investments ICAV (IRL) Troy Asset Mgt (1200) (UK) Investors can be given no definite price in advance of
mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com 65 Gresham Street, London, EC2V 7NQ
Algebris Global Credit Opportunities R EUR € 130.21 - 0.07 0.00 the purchase or sale being carried out. The prices
Regulated Order Desk and Enquiries: 0345 608 0950 appearing in the newspaper are the most recent
Algebris Global Credit Opportunities Rd EUR € 130.21 - 0.07 0.00
British Innovation Fund £ 121.92 - 2.89 0.00 Authorised Inv Funds provided by the managers/operators. Scheme
Algebris Core Italy I EUR € 138.85 - 0.65 0.00 CG Asset Management Limited (IRL) Findlay Park Funds Plc (IRL)
MAI - Buy & Lease (Australia) A$ 102.95 - -0.80 0.00 particulars, prospectus, key features and reports: The
Authorised Corporate Director - Link Fund Solutions
Algebris Core Italy R EUR € 128.99 - 0.59 0.00 25 Moorgate, London, EC2R 6AY 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 most recent particulars and documents may be
MAI - Buy & Lease (New Zealand)NZ$ 97.26 - -0.02 0.00 Trojan Investment Funds
Algebris Allocation I EUR € 109.51 - 0.08 0.00 Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 FCA Recognised obtained free of charge from fund
FCA Recognised Milltrust Global Emerging Markets Fund - Class A $ 120.81 - 0.11 0.00 managers/operators. * Indicates funds which do not
American EUR Unhedged Class € 138.79 - 0.42 - Ram Active Investments SA Trojan Ethical O Acc 118.23 - -0.10 0.07
The Climate Impact Asia Fund (Class A) $ 141.00 - 2.59 0.00 price on Fridays.
CG Portfolio Fund Plc American Fund USD Class $ 165.08 - 0.20 0.00 www.ram-ai.com Trojan Ethical O Inc 118.00 - -0.10 0.06
Absolute Return Cls M Inc £ 130.95 130.95 0.21 1.36 American Fund GBP Hedged £ 83.07 - 0.10 0.00 Other International Funds Charges for this advertising service are based on the
Capital Gearing Portfolio GBP P £ 36083.72 36083.72 64.71 0.85 American Fund GBP Unhedged £ 118.81 - -0.11 0.00 RAM Systematic Emerg Markets Eq $ 233.48 233.48 1.66 - number of lines published and the classification of the
RAM Systematic European Eq € 512.56 512.56 5.58 - fund. Please contact data@ft.com or
Capital Gearing Portfolio GBP V £ 175.49 175.49 0.32 0.85
call +44 (0)20 7873 3132 for further information.
Dollar Fund Cls D Inc £ 159.68 159.68 0.93 1.53 RAM Systematic Funds Global Sustainable Income Eq $ 144.68 144.68 0.08 0.00
Dollar Hedged GBP Inc £ 103.66 103.66 0.37 1.34 RAM Systematic Global Eq Sustainable Alpha $ 107.02 107.02 -0.97 -
Real Return Cls A Inc £ 196.27 196.27 0.81 1.71 RAM Systematic Long/Short European Eq € 134.07 134.07 0.48 -
The Antares European Fund Limited
Other International RAM Systematic US Sustainable Eq $ 370.87 370.87 -0.65 -
Milltrust International Managed Investments SPC RAM Tactical Global Bond Total Return € 154.31 154.31 0.05 -
AEF Ltd Usd $ 552.67 - 7.59 0.00 WA Fixed Income Fund Plc (IRL)
em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com
Orbis Investments (U.K.) Limited (GBR) RAM Tactical II Asia Bond Total Return $ 155.74 155.74 0.26 - Regulated
AEF Ltd Eur € 515.71 - 6.85 0.00 Regulated 28 Dorset Square, London, NW1 6QG European Multi-Sector € 120.37 - 0.06 3.23
Foord Asset Management Milltrust Alaska Brazil SP A $ 69.79 - -1.36 0.00
Website: www.foord.com - Email: info@foord.com www.orbis.com 0800 358 2030
Milltrust Laurium Africa SP A $ 109.33 - -0.16 0.00 Regulated
FCA Recognised - Luxembourg UCITS
Milltrust Marcellus India Fund $ 122.41 - 1.56 - Orbis OEIC Global Cautious Standard £ 10.60 - 0.01 -
Foord International Fund | R $ 47.34 - -0.14 -
Milltrust Singular ASEAN SP Founders $ 170.54 - 0.47 0.00 Orbis OEIC Global Balanced Standard £ 16.40 - 0.01 -
Chartered Asset Management Pte Ltd Foord Global Equity Fund (Lux) | R $ 18.87 - -0.05 -
Milltrust SPARX Korea Equity SP A $ 165.20 - 3.59 0.00 Orbis OEIC Global Equity Standard £ 20.65 - 0.06 -
Other International Funds Regulated
Milltrust VTB Russia Fund SP $ 135.04 - -0.09 - Orbis OEIC UK Equity Standard £ 9.30 - 0.08 2.82
CAM-GTF Limited $ 340220.12 340220.12 2628.62 - Foord Global Equity Fund (Sing) | B $ 23.13 - -0.06 - Milltrust Xingtai China SP A $ 152.71 - 2.21 -
Arisaig Partners CAM GTi Limited $ 780.49 - -32.39 - Foord International Trust (Gsy) $ 47.16 - -0.13 0.00 Ruffer LLP (1000)F (UK)

Other International Funds RAIC VCC $ 1.64 1.64 0.03 2.06 65 Gresham Street, London, EC2V 7NQ Zadig Gestion (Memnon Fund) (LUX)
Order Desk and Enquiries: 0345 601 9610 FCA Recognised
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 125.89 - 0.67 0.00 Authorised Inv Funds Memnon European Fund - Class U2 GBP £ 204.85 - 0.53 -
Arisaig Asia Consumer Fund Limited $ 124.94 - 0.74 0.00 Authorised Corporate Director - Link Fund Solutions
Arisaig Global Emerging Markets Consumer Fund $ 16.90 - 0.20 0.00
LF Ruffer European C Acc 900.53 - 13.25 0.05
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 -
LF Ruffer European C Inc 164.33 - 2.41 -
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 -
LF Ruffer European O Acc 877.56 - 12.87 0.00
Arisaig Latin America Consumer Fund $ 27.11 - -0.02 0.00 Mirabaud Asset Management (LUX)
LF Ruffer Equity & General C Acc 526.29 - 5.12 0.17
Franklin Templeton International Services Sarl (IRL) www.mirabaud.com, marketing@mirabaud-am.com
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland LF Ruffer Equity & General C Inc 481.32 - 4.69 0.17
Dodge & Cox Worldwide Funds (IRL) Conviction based investment vehicles details available here www.mirabaud-am.com
48-49 Pall Mall, London SW1Y 5JG. Other International Funds LF Ruffer Equity & General O Acc 512.90 - 4.96 0.00
Regulated
www.dodgeandcox.worldwide.com 020 3713 7664 Franklin Emerging Market Debt Opportunities Fund Plc Mir. - Glb Strat. Bd I USD $ 122.03 - 0.03 0.00 LF Ruffer Equity & General O Inc 474.86 - 4.60 0.00
FCA Recognised Franklin Emg Mkts Debt Opp CHFSFr 14.63 - 0.01 9.01 Mir. - DiscEur D Cap GBP £ 192.94 - 0.46 - LF Ruffer Gold C Acc 271.67 - 6.65 0.00
Dodge & Cox Worldwide Funds plc - Global Bond Fund Franklin Emg Mkts Debt Opp GBP £ 9.39 - 0.02 6.04 LF Ruffer Gold C Inc 164.42 - 4.02 -
EUR Accumulating Class € 15.05 - 0.04 - Franklin Emg Mkts Debt Opp SGD S$ 20.82 - 0.03 4.33 LF Ruffer Gold O Acc 264.65 - 6.45 0.00
EUR Accumulating Class (H) € 11.49 - 0.00 0.00 Franklin Emg Mkts Debt Opp USD $ 16.59 - 0.03 6.17 LF Ruffer Japanese C Inc 176.40 - 6.77 -
Artemis Fund Managers Ltd (1200)F (UK)
EUR Distributing Class € 11.72 - 0.04 - LF Ruffer Japanese C Acc 379.06 - 14.56 0.08
57 St. James's Street, London SW1A 1LD 0800 092 2051
EUR Distributing Class (H) € 8.90 - 0.00 3.46 Platinum Capital Management Ltd LF Ruffer Pacific & Emerging Markets C Acc 395.33 - 3.47 0.80
Authorised Inv Funds
GBP Distributing Class £ 12.28 - 0.03 - Other International Funds LF Ruffer Pacific & Emerging Markets C Inc 107.67 - 0.88 -
Artemis Corporate Bond I Acc £ 1.11 - 0.00 2.14
GBP Distributing Class (H) £ 9.39 - 0.00 3.47 Platinum All Star Fund - A $ 142.07 - - - LF Ruffer Pacific & Emerging Markets O Acc 384.90 - 3.36 0.51
Artemis Target Return Bond I Acc £ 1.07 - 0.00 1.97
USD Accumulating Class $ 12.95 - 0.00 - Platinum Global Growth UCITS Fund $ 13.82 - 0.11 - LF Ruffer Total Return C Acc 542.76 - 8.31 0.79
Dodge & Cox Worldwide Funds plc-Global Stock Fund Platinum Essential Resources UCITS Fund SICAV USD Class E $ 8.75 - -0.14 0.00 LF Ruffer Total Return C Inc 350.16 - 4.30 0.79
Platinum Global Dividend UCITS Fund $ 55.95 - -0.06 0.00 LF Ruffer Total Return O Acc 528.90 - 8.07 0.79
USD Accumulating Share Class $ 28.34 - 0.02 -
GBP Accumulating Share Class £ 33.54 - 0.10 - GAM LF Ruffer Total Return O Inc 341.03 - 4.17 0.80
GBP Distributing Share class £ 23.10 - 0.07 - funds@gam.com, www.funds.gam.com
EUR Accumulating Share Class € 35.67 - 0.12 - Regulated
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 105.03 - -0.21 3.25
GBP Distributing Class (H) £ 13.74 - 0.01 0.44
LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 104.62 - 0.36 0.71
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 36.34 - 0.07 0.00
GBP Accumulating Share Class £ 40.68 - 0.18 0.00
GBP Distributing Share Class £ 24.71 - 0.10 -
EUR Accumulating Share Class € 39.50 - 0.18 0.00
Rubrics Global UCITS Funds Plc (IRL)
www.rubricsam.com
GBP Distributing Class (H) £ 14.98 - 0.03 0.87
Regulated
Rubrics Emerging Markets Fixed Income UCITS Fund $ 139.65 - 0.09 -
Rubrics Global Credit UCITS Fund $ 17.72 - 0.00 0.00
14 ★ FINANCIAL TIMES Thursday 18 March 2021

ARTS

Washington elevates a humdrum drama

This week’s new film releases, The Little Things
John Lee Hancock
reviewed by Danny Leigh AAAEE
and Raphael Abraham Operation Varsity Blues

H
Chris Smith
ow strange to see a film like AAAEE
The Little Things in this of
all weeks. A humdrum Creation Stories
crime thriller elevated by a Nick Moran
terrific Denzel Washing- AAAEE
ton, it has such familiarity that you will
spend most of the running time con- Silk Road
vinced you must surely have seen it Tiller Russell
before, possibly twice. But the déjà vu AAAEE
goes deeper than that. In the wake of the
killing of Sarah Everard in the UK, with
women protesting against male violence
in London and Australia — and the Brit- As cyber crime swells into a $1.5tn a
ish police under fierce scrutiny — it year business, law enforcement strug-
arrives as that oldest of chestnuts, the gles to keep pace. So too film-makers,
brooding cop procedural built on the still wrestling with a nagging question:
murders of women. And yet it is the how to make cyber crime sexy?
men of the film — cops, in fact — who And so we get the fitfully entertaining
claim its drama. Theirs is the torment Silk Road, a wannabe dark-web noir
we are asked to empathise with. Women based on real events. It pits an old-
are simply wives, ex-wives and dead school cop against a libertarian
bodies. In that, of course the movie is no millennial web pirate fixated on chang-
different from half the noirs in cinema ing the world one click at a time
history. But cinema history has long had and becoming a bitcoin billionaire in
some catching up to do. the process.
The film comes dated by design. Octo- “I’m a door-kicker,” growls Rick Bow-
ber 1990, a title card announces. Period Above: Denzel 1970s Glasgow schoolboy. Nick Moran’s den (Jason Clarke), a redeployed DEA
details are scattered about, a poster for Washington and cheaply cheerful movie offers a con- dinosaur who will be disappointed
brat-pack vampire movie The Lost Boys Jared Leto in veyor belt of nostalgia: The Sex Pistols when he finds out what RAM is. His Plan
tacked to a wall. If it feels as if John Lee ‘The Little on the telly, fabled groups in pub back A is to hit the streets and bash heads
Hancock’s script itself might be a relic, Things’. rooms, the ecstasy of rave (and ecstasy), together, which is like bringing a knife to
congratulations on your own detective Left: Ewen lucre and triumph with Britpop. Tri- a cyber-fight.
work. The project dates back to 1993, Bremner umph, of course, is precisely where Clearly this is no underworld for old
spending almost three decades in devel- and Suki things fall apart. men but at least Rick is willing to learn a
opment hell attached to directors Waterhouse Moran makes his first wise decision in new skill. Soon our “Jurassic Narc” is
including Steven Spielberg and Clint in ‘Creation casting the fail-safe Ewen Bremner as frowning over “introduction to the
Eastwood. Now the gig finally falls to Stories’ McGee. In another, he recognises that for internet” videos. Meanwhile his adver-
Hancock himself. all the gifts of the groups McGee champi- sary Ross (Nick Robinson, in regulation
His hero is Joe “Deke” Deacon (Wash- oned — among them My Bloody Valen- hoodie and bum-fluff beard) is building
ington), a weary beat cop in Bakersfield, tine and Primal Scream — the inner lives a drug-dealing empire armed only with
California, about to experience his own of bands rarely make for compelling a laptop and fleet fingers. Yes, the char-
tumble back through history. An errand drama. Instead, the hustle is the draw, acterisation is as binary as that — and
recalls him to LA, where in a past life he mostly wrapped up as dervish comedy. writer/director Tiller Russell wants us
was star detective of the homicide still closely resemble what Hancock found; under pressure to get results, an mirrors are glared through in interroga- The script is co-written by Irvine to know that he knows it.
department. A certain reputation now crafted on a word processor in the early LAPD hotshot (Rami Malek) reaches tion scenes. Deacon slips down a rabbit Welsh, the tone similar to the film of his “You’re a walking cliché!” Rick is told
precedes his return. “Deke’s got his own months of the Bill Clinton presidency. A out to his predecessor. Dramatically, hole of old, unsolved cases. Trainspotting. At his most excitable, this by his irritatingly young boss. Mean-
style,” an ex-colleague says. Of course. killer is at large as Deke comes home, his much of what follows could best be What saves the movie is the star. McGee might be a cousin of Bremner’s while, Ross’s increasingly alarmed girl-
Less so the film, which must surely victims local women. Another body is described as “et cetera”. Two-way Malek is stuck at surface level, but with character there, the frantic Spud. (You friend implores: “This isn’t a movie!” —
Washington you see the soul-deep know you are in need of a rest when any- the sort of thing people say only in mov-
breakage of a character whom the abyss one played by demonstrative actor Ste- ies. But such meta moments are an
has gazed back into. It’s a powerful turn, ven Berkoff — in this case the ghost of insufficient firewall against the general
given a dash of professional intrigue by occultist Aleister Crowley — advises you air of overfamiliarity: drawing attention
the actor having once rejected a role in to calm down.) to a cliché doesn’t stop it being one.
David Fincher’s Seven. That film has its Creation Stories is at least partly a story Still, the game of cat-and-mouse is
prints all over this one, the clearest about money, a subject that fascinates diverting enough, tension simmering as
being the dynamic between haunted McGee, though less as a route to the high things get real IRL and the net closes in
veteran and ambitious protégé. There is life than a private game with the world. around Ross. There is even some blur-
also the extravagant character actor Finally accepting a takeover by Sony is ring of moral boundaries as cracks start
who crops up midway out of nowhere. treated like a kind of death: inevitable to appear in Rick’s Old Fashioned Val-
As with Fincher’s movie, they haven’t but dull to be stuck with afterwards. Yet ues. What doesn’t help is that both men
paid him just to say “Hello”. bigger regrets are to come. are saddled with tired and thinly drawn
But the film belongs to Washington — “What do you think of this Tony Blair backstories: a failing marriage and frag-
and Deke. In one brief exchange, he says dude?” McGee asks ahead of the 1997 ile daughter for Rick; an impossible-to-
it himself. His obsessive pursuit of jus- election. He soon answers his own ques- please daddy for Ross.
tice? “I’m doing it for me.” It stands out tion, publicly throwing his lot in with All of this is designed to distract from
as a shard of awkward truth. New Labour, embraced in turn as the central problem: the innate tedium
Yet the movie sticks with Deacon any- keeper of the youth vote. What follows of watching people stare blankly into
way, his sidekick and their suspect, is the best of the film, a mordant computers, even when lives or large
all awaiting the killing of the next account of bitter disillusion. Peter Man- sums are at stake.
woman whose name the script will men- delson preens for the cameras; Blair In that respect, Silk Road is no game-
tion in passing. DL greets McGee at Chequers with a victors’ changer. For film-makers, the vexing
On digital platforms now grin and Jimmy Savile at his side. McGee irony remains: crimes committed on
exits in much unease, ahead of the curve screens just don’t make for scintillating
In his last film, Fyre: The Greatest Party as always. DL screen entertainment. RA
That Never Happened, documentary- On Sky Cinema from March 20 On digital platforms from March 22
maker Chris Smith told the story of the
Fyre festival, an outlandish scam that Below:
saw ticket-holders pay thousands of dol- Alexandra Shipp
lars to end up stranded and hungry on a and Nick
wind-torn Bahamian island. Robinson in
The same fascination with high the truth-based
deception now inspires Operation ‘Silk Road’.
Varsity Blues, a flawed but watchable Left: Matthew
precis of the 2019 US college admissions Modine as
scandal which led to dozens of parents William Singer
facing jail time, among them successful in ‘Operation
business figures and Hollywood actress Varsity Blues’
Felicity Huffman.
Smith takes a creative gamble early.
Like the case mounted by the FBI, much
of his film comes straight from the wire-
tapped phone of Rick Singer, master-
mind of the scheme to offer fraudulent
“side door” entry to the US’s most pres-
tigious colleges. But talking heads and
transcripts are not enough, and Smith
punctuates them with dramatised re-
enactments, Singer played by actor
Matthew Modine. The fit is odd, but you
get used to it.
Even so, Singer remains an enigma, a
cold fish who simply steps conscience-
free from inflating his own résumé to
doing the same for students trans-
formed with Photoshop and bribery into
star athletes and academic prodigies.
What the film does well is refusing to
paint him as a lone bad apple. Smith
doesn’t flinch from a grim conclusion —
that for a large number of wealthy par-
ents, Singer only extended the logic that
had always defined their children’s edu-
cation. You buy one advantage and then
you buy the next. DL
On Netflix now

“Names have been changed to protect

the guilty,” declares music industry
biopic Creation Stories, a mission state-
ment to make you fear the Spinal Tap
worst. The subject is record label impre-
sario Alan McGee, whose discovery of
Oasis was only one high point — both
meanings apply — in a career begun as a
Thursday 18 March 2021 ★ FINANCIAL TIMES 15

FT BIG READ. US POLITICS

As Republicans in swing states push bills that make it harder to vote, Democrats want to revive a key civil
rights law. The parties’ electoral efforts will shape the outcome of the country’s next elections.
By Lauren Fedor

America’s battle over voting rights

W
hen Jimmy Carter first
ran for the Georgia state
senate in 1962, he lost —
before challenging the
result.
The Democrat contended his oppo-
nent had “stuffed” ballot boxes with
fraudulent votes cast in the name of
people who had died or moved out of the
area. A judge agreed with Carter, and he
was declared the winner after a recount.
Nearly six decades later, Carter, now
96, is a mild-mannered former US presi-
dent. But he cited his first election when
he criticised Georgia Republicans this
month for their attempts to enact
sweeping changes to voting laws that
would significantly reduce the opportu-
nities to vote outside of election day.
“As our state legislators seek to turn
back the clock through legislation that
will restrict access to voting for many
Georgians, I am disheartened, saddened
and angry,” Carter said, in a nod to the
southern state’s long history of racial
strife, from slavery to segregation to the
civil rights movement.
Less than three months after a mob
ransacked the US capitol, spurred on by
Donald Trump’s false claims about
voter fraud, the battle lines are already
being drawn for America’s next election.
Carter was reacting to a bevy of bills
being considered by the Georgia state
legislature that would, if signed into law,
do everything from sharply restricting

‘The marker that Biden is

issuing with the executive
order [on registration] is
the core importance of
making voting easier’
access to absentee voting to preventing
in-person early voting on Sundays —
Above: a polling
station during
Senate, as well as dozens of state
governor races.
The scenes in Selma spurred then
president Lyndon B Johnson to sign the
things, writing a modern formula that
would require states to have voting law >250
Bills, proposed in 43
from rolling back vote by mail,” the
official adds. “But the president can put
something Democrats say amounts to Georgia’s runoff Many of the most aggressive changes Voting Rights Act, the landmark law changes approved by the federal gov- a marker in his hand that demonstrates
states, that would
an attack on black voters, who have often votes in January. are being floated in states such as Ari- that prohibited racial discrimination in ernment. The House, which is control- make it harder to
what he thinks is important for democ-
cast ballots as part of “souls to the polls” Bottom: John zona and Florida, where, as in Georgia, voting and regulated elections, later led by Democrats, is expected to pass a vote, according to racy, and the marker that President
efforts at African-American churches. Lewis (holding Republicans control the legislatures and that year. Lewis, who died last year at bill in the coming months that Sewell the Brennan Center Biden is issuing with this executive
After Democrats won both the state’s bottle) on the the governor’s mansions. All three were the age of 80, would go on to be a long- says would hold up to any legal scrutiny. for Justice order . . . is the core importance of
Senate seats in January’s run-off, two march for civil crucial swing states in last year’s presi- time congressman from Georgia and an The lower chamber of Congress this making voting easier, not harder.”
high-profile bills have passed the GOP- rights from dential election and will see closely icon of the civil rights movement. month separately approved, in a party-
controlled Georgia state house and sen-
ate respectively, though it remains
Selma in 1965.
The Voting
fought races in the midterms.
“The voter suppression efforts we are
The Voting Rights Act, however, has
been the subject of more than a dozen
line vote, HR1, or the For the People Act,
another sweeping piece of voting rights
101m
Early voters in last
Motivational moves
In Georgia, the stakes could not be
unclear what versions would be sent to Rights Act was seeing are widespread. They are racist, high-profile legal challenges, most nota- legislation that includes provisions for year’s election — a higher. In next year’s midterms, Rap-
Brian Kemp, the Republican governor, passed later that and they are clearly a calculation by bly Shelby vs Holder, a case that automatic voter registration, a require- record — either by hael Warnock will seek to defend the
and whether he would sign them into law. year. Below: Republicans that the only way that they resulted in a 2013 landmark decision ment that states guarantee a time mail or in person, Senate seat he won only two months ago
But that has not stopped the propos- voting rights feel like they can win elections is to from the Supreme Court that struck period for early voting, and the restora- according to the in a hotly contested run-off against
University of Florida
als from generating huge amounts of activist Stacey make it more difficult for Americans to down a key provision of the law. tion of voting rights for offenders who Kelly Loeffler; Stacey Abrams, the vot-
national interest and reviving calls for Abrams could vote,” says Sean Eldridge, founder of the The court ruled, 5-4, to wipe away the have completed their sentences. Repub- ing rights activist, is expected to chal-
the restoration of the Voting Rights Act,
a key piece of federal civil rights legisla-
again challenge
Brian Kemp in
progressive group Stand Up America.
“Any politician should want to win
“coverage formula” that determined
whether certain states and localities
licans accused Democrats of trying to
launch a “federal takeover” of elections ~10,000 lenge Kemp in the governor’s race again.
Abrams narrowly lost in her bid
tion from 1965 that was partly disman- the Georgia their race, or a political party should needed to have any changes to their that would remove safeguards that pre- Biden’s vote-winning against Kemp in 2018 in a contest
tled by the US Supreme Court in 2013. gubernatorial want to win their races, by convincing election laws preapproved by the fed- vent voter fraud. margin in Arizona, a marred by accusations that Kemp, then
With the stimulus bill passed, Demo- race — Bloomberg the majority that they can do the best eral government. Writing the majority As federal legislation, HR1 and HR4, if key swing state the state’s secretary of state, had sup-
crats in Washington now see a narrow job, not by making it harder for the opinion, chief justice John Roberts signed into law, would supersede the pressed the votes of some black citizens
window to push for federal legislation other side to vote,” he adds. argued the formula was unconstitu- state-level measures being proposed in by removing them from voter rolls.
that protects and expands voting rights. Republican officials defend their tional because it was based on old infor- Georgia and other states. But the bills More than two years later, analysis by
If they do not succeed, some argue, they actions, with many saying outright the mation and created rules for states that are unlikely to move beyond the House the Brennan Center has found that
could end up losing the 2022 midterms changes would increase their chances of and gain approval in the Senate, thanks Georgia Republicans’ voting restriction
or the 2024 presidential election simply
because of efforts to make it harder for
winning.
“I’m like a dog with a bone. I will not
‘I will not let them end to Republican opposition and an upper
house custom known as the filibuster,
proposals currently being debated at
the state house would disproportion-
people to vote. In Georgia, one of the key let them end this [legislative] session this [legislative] session which in effect requires the support of ately hurt black voters, whether by
swing states that Joe Biden won in without changing some of these laws,” 60 senators to consider a proposal. curbing “souls to the polls” or severely
November, his margin of victory was Alice O’Lenick, the Republican chair of without changing some of In the current Senate, which is split limiting access to mail-in voting. Black
just over 12,000 votes; in Arizona, it was
closer to 10,000.
the board of elections in Gwinnett
County, outside of Atlanta, was quoted
these laws . . . so that we 50-50 between Democrats and Republi-
cans, that means 10 Republican law-
voters account for about a third of the
electorate in Georgia and tend to over-
“Everything is at stake. We must win as saying this year. “They don’t have to have a shot at winning’ makers would need to cross party lines. whelmingly back Democrats.
this race, this fight for this bill,” Nancy change all of them, but they’ve got to Jason Shepherd, the Republican party
Pelosi, the Democratic Speaker of the change the major parts of them so that no longer discriminated against voters Democratic split chair in Cobb County, an affluent area
House, said this month at the US Capitol we at least have a shot at winning.” in a way they once did. The circumstances have piled pressure outside of Atlanta, calls the claims
ahead of the lower chamber’s vote on In her dissent, the late liberal chief on Biden and a handful of moderate “completely ridiculous”.
one of the proposed voting rights bills. ‘Old battles become new’ justice Ruth Bader Ginsburg said voter Democratic senators to call for scrap- “I think Democrats are using this as a
According to the non-partisan Bren- Fierce battles over voting rights, partic- discrimination had only declined ping the filibuster altogether, something talking point and a fundraising point,
nan Center for Justice, as of last month, ularly for black people, have been a fix- because the Voting Rights Act existed. the president has been loath to endorse. and what is more, they are spreading
legislators in 43 states had proposed ture of modern American history, from Activists say the Holder decision That said, this month Biden signed an disinformation,” Shepherd says. “No
more than 250 bills that would make it the civil war to Reconstruction to the opened the floodgates for laws restrict- executive order intended to boost voter one is losing their right to vote. This is
harder to vote — more than seven times segregationist Jim Crow era to the civil ing ballot access — a trend that only registration, in a move White House not voter suppression.”
the number of bills that had been put rights movement of the 1960s. accelerated during the Trump era, and officials say underscores his commit- “There used to be no option for early
forward at this time last year. A turning point in the civil rights ramped up even more after the former ment to enshrining voting rights into voting,” he adds. “We have become used
Republicans argue the changes in movement came in March 1965, when president led a campaign to undermine law and ensuring states do not crowd to it, but prior to about 15, 20 years ago,
Georgia and other states are an essential John Lewis, a 25-year-old student activ- public faith in November’s election out voters — even if he does not have the you only had a chance to vote on elec-
stopgap against the widespread fraud ist, led hundreds of peaceful marchers result. The Supreme Court this month power to stop the state laws outright. tion day, and everyone showed up on
and corruption that Trump and his sup- across the Edmund Pettus Bridge in heard arguments in a separate case Biden’s unilateral action, signed on election day. Does that mean we were
porters falsely claim “rigged” last Selma, Alabama, only for the protesters involving voting restrictions in Arizona the 56th anniversary of Bloody Sunday suppressing the vote all of those years?”
November’s presidential election in to be brutally beaten by police. that have been in place since 2016. A in Selma, directs federal agencies to pro- Lewanna Heard-Tucker, the Demo-
Biden’s favour. November saw a higher decision is expected later this year. That mote voter registration and participa- cratic party chair in neighbouring
share of the US voting population cast decision could see the court further tion, and to work with states to help reg- Fulton County, which compromises
ballots than in any election for more weaken the Voting Rights Act. ister voters. It also mandates federal most of Atlanta, vehemently disagrees.
than a century; a record 101m people “We have seen old battles have authorities to overhaul the Vote.gov “It is unfair to certain communities,
voted early either by mail or in person, become new again,” says Terri Sewell, a website, ensure federal employees are and we know that, and [Republicans]
according to the University of Florida’s Democratic congresswoman from Ala- given time off work to vote or volunteer know what communities this impacts,”
US Elections Project. Early voting was bama, who represents Selma and the as poll workers, and provide more she says. “That is what they are banking
expanded in response to public health surrounding area in the House. “I would resources to make sure people with dis- on, that these people won’t show up.”
fears amid the coronavirus pandemic. have never thought that the cause for abilities, military personnel on active But Heard-Tucker says she is confi-
Democrats accuse Republicans of which John Lewis and those footsoldiers duty, other overseas voters and Native dent that even if the proposals are
perpetuating Trump’s “big lie” and marched 56 years ago would now Americans have opportunities to regis- signed into law, they will further moti-
undermining faith in America’s elec- become our cause, too.” She adds: “It is ter to vote. vate black voters whose support was
toral system — and contend the Georgia going to require congressional action “He is leaving no cards on the table, seen as key to both Biden’s victory and
proposals are the tip of the iceberg when once again to fully restore the protec- and he is acting this early in his adminis- the two Senate run-offs.
it comes to GOP efforts to keep their tions of the Voting Rights Act.” tration, five or six weeks into his presi- “We are obviously going to do what-
supporters out of the polling booths in Sewell is the lead sponsor of HR4, also dency, on this topic,” says one senior ever it takes to keep this ball rolling and
next year’s midterm elections, when the known as the John Lewis Voting Rights Biden administration official. continue to keep Georgia blue, but the
parties will vie for control of the US Advancement Act, which would restore “The president cannot through exec- antics have already started, and we are
House of Representatives and the the Voting Rights Act by, among other utive order prevent state legislatures ready to go to war,” she says.
16 ★ FINANCIAL TIMES Thursday 18 March 2021

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WTO boss must stick to role as honest broker in vaccine talks

Your newspaper has been generally famously holding “green room” achieving equitable access to Covid- others, taking a cue from her own
supportive of the newly appointed meetings with the key players in order related products. But it is unfortunate words?
director-general of the World Trade to thrash out differences. The director- that she has spoken publicly of a “third One can only hope that she is not led
Organization Ngozi Okonjo-Iweala, and general’s skill lies in inviting the right way” that would involve licensed astray, that she can take a page from
her efforts to resolve the tricky members, asking the right probing manufacture in order to increase the the book of past directors-general, win
question of intellectual property and questions and teasing out the supply of much-needed Covid vaccines the trust of all sides and begin the
access to Covid-related medical differences in order to bring members in poorer countries. arduous task of building consensus for
THURSDAY 18 MARCH 2021 products, including vaccines (Opinion, to a point where the most feasible It does not matter that her idea issues within her remit, leaving it to
March 3). The most recent council solution emerges. It is still uphill from makes eminent sense; what matters is other organisations like the World
meeting of the WTO’s trade-related here to find a consensus among the how many members now believe she is Health Organization to look into the
aspects of intellectual property rights entire membership but trust in the an honest broker. Also, is it really the issue of global expansion of vaccine
(Trips) body ended unsurprisingly in a director-general’s impartiality is key role of the WTO to convene meetings manufacturing capacity.

Germany’s Christian continued stalemate.

Past directors-general of the WTO,
and the General Agreement on Tariffs
to success.
There is no doubt that Okonjo-Iweala
is well-intentioned and quite sincere in
with vaccine developers and
manufacturers to examine the
adequacy of vaccine manufacturing
Jayashree Watal
Former Staff Member, WTO’s Intellectual
Property Division

Democrats are in trouble and Trade before it, have aspired to be

“honest brokers” in trade negotiations,
wanting to lead from the front in
finding a realistic solution quickly to
capacity, as is apparently being
suggested by Australia, Canada and
Honorary Professor, National Law
University Delhi, New Delhi, India

Regional defeats change political calculus before Bundestag elections Why is Israel not giving Fears of Hong Kong Blame it on Franklin’s
A heavy defeat for the Christian Demo- power in Baden-Württemberg, it might more Palestinians the jab? exodus are overdone ‘positive’ frame of mind
crats in two German regional elections become more likely at federal level too. I am puzzled why Mehul Srivastava’s Your correspondent Tom Mitchell As an engineer and longtime FT
has blown wide open the national politi- It could encourage the Greens to fight article (Report, March 13) on Israel’s (“Hong Kong executives are quietly reader, allow me to point out an
cal race six months before the country the general election in outright opposi- brilliant Covid-19 vaccination wary of Beijing’s next step”, Inside ambiguity, or dare I say a potential
votes in parliamentary elections. The tion to the CDU, rather than as future campaign makes no mention of the Business, March 17) overlooks your mistake, in the “fuel cells” diagram in
CDU slid to 24 per cent in Baden-Würt- partners. A risk for the Greens is that Israeli government’s refusal to provide own reporting that HSBC has the excellent article “Europe
temberg, eight points behind the this prospect emboldens the party’s vaccines to all Palestinians who live announced that the bank is moving carmakers wary of hydrogen ‘hype
Greens, and to 28 per cent in Rhineland- radical wing against its realists. But under occupation on the West Bank or three of its most senior executives to cycle’”(Report, March 11).
Palatinate, where it lost to the Social the party triumphed in Baden-Würt- are blockaded in Gaza. Hong Kong from London (“HSBC woos You correctly show the electron flow
Democrats. It was the centre-right’s temberg precisely because voters like Though the government of Israel has investors with plan to base ‘heart’ in outside the cell between the anode and
worst ever performance in regions that and trust its business-friendly and provided 2,000 vaccine doses for Asia”, Report, February 24). cathode. However, electrical “current”
were once considered bastions. pragmatic leader there, Winfried Palestinian health workers and In the past three months in Hong flows in the exact opposite direction,
It can no longer be discounted that Kretschmann. reportedly started vaccinating the Kong I’ve met senior employees of between cathode and anode.
the CDU, still Germany’s most popular The option of a traffic light coalition 130,000 Palestinians entering Israel or “magic circle” law firms and “white This contradiction is said to arise
party after 16 years in office, could be could be healthy for German democ- the settlements for work, this shoe” professional services firms, from perhaps America’s greatest
locked out of federal government by racy. Voters have real choices. It is less represents only a tiny proportion of the major US banks and from Jardines and polymath, Benjamin Franklin. After
the end of this year when Chancellor good for the CDU, which plays up the population under its effective control Swire. None of them have shown a hint expertly investigating electricity,
Angela Merkel retires from office. threat of a radical alliance of greens, as an occupying power. of moving from Hong Kong. Franklin had to make a somewhat
It would, however, be unwise to draw centre-left and far-left. Sunday’s elec- Israel continues to refuse to accept Your correspondent’s latest analysis, arbitrary decision — which he had no
firm national predictions from regional tions show the CDU badly needs a fresh its legal duty to ensure rapid, together with the article “Expats way of verifying experimentally — as to
polls. The two votes on Sunday were offer to shore up support. It has been comprehensive and equitable caught in Hong Kong Covid quarantine whether the particle, which carried
won by popular politicians with a slipping slowly away for six months, vaccination coverage for all were killed in the Holocaust. I do voice alarm” (Report, March 16) are electrical charge, was itself positive or
strong local profile. They may also have having recovered last year thanks to Palestinians, leaving the population wonder what my father would have beginning to give an impression to negative. Franklin, being of a positive
been used as an opportunity by some Germany’s impressive handling of the dependent on occasional donations. said about the possible after-effects of some of your readers here that your frame of mind, chose positive; hence
voters to register a protest, especially coronavirus first wave. Over half of the Israeli adult population today’s pandemic. paper is intent on building a narrative current flows from “plus” to “minus”.
when the country is still under Cov- Faltering testing and vaccination has had two vaccinations. Less than Jeannette Josse that there is shortly to be an exodus of As it happens, it was not until many
id-19 restrictions with no immediate programmes have badly dented the 1 per cent of Palestinians on the West Cambridge, UK capital and people from Hong Kong. years later that JJ Thomson, the British
end to the pandemic in sight. CDU’s reputation for competence. The Bank and Gaza have been immunised. That is not how a lot of people — physicist, and others found that this
Nevertheless the elections confirm scandal of centre-right MPs making Srivastava writes: “With warehouses of Stable populations are the including clearly HSBC — view recent free particle was the electron, with a
the ascendancy of the Greens, who now money out of face mask procurement unused jabs, the world’s fastest developments, difficult as some of “minus” charge, and that Franklin’s
look assured of a place in the next coali- deals leaves it open to claims it has vaccination drive has run out of adults goal, not improved fertility those are for residents. choice was hence incorrect. Thus, the
tion and can plausibly aspire to take the been corrupted by a long stint in power. to vaccinate.” No it hasn’t. Jeremy Grantham’s article (“The severe Peter Beckingham standard nomenclature is that while
role of chancellor. That would have The CDU has entered a protracted Gene Feder cost of the world’s baby bust”, Opinion, Hong Kong electric current flows from positive to
consequences beyond Germany’s bor- electoral season without Merkel as Professor of Primary Health Care FT Weekend, March 13) rightly draws negative outside the cell as in the
ders: a second stint in power for the figurehead, its trump card. There is Bristol Medical School attention to the dangers posed to our Sunak’s tax break should diagram, the electron flow is from
Greens after the red-green coalition of another regional poll in June and three University of Bristol, Bristol, UK future wellbeing from artificial organic negative to positive.
1998-2005, would reshape Berlin’s atti- more on the same day as the Bundestag chemical compounds that we use in be for all businesses However, Franklin may have had the
tude to public investment, fiscal disci- election. The defeats on Sunday are a My father took train from everyday life. Announcing the “super-deduction” tax last word. In quantum physics — which
pline, climate action and relations terrible start for Armin Laschet, who But he then falls into the familiar break in his Budget speech Rishi is proven billions of times a second in
towards Russia and China, with took over as party leader this year. Russia to avoid Spanish flu trap of focusing on the need to grow Sunak, the UK chancellor, rightly said: each and every mobile phone and
knock-on effects for the rest of the EU. Laschet’s prospects of becoming the There has been much comment about total gross domestic product as “We need to do even more to computer — a key intellectual
In Baden-Württemberg, the stronger centre-right candidate for chancellor the changes to all our lives as a result of providing the answer. Leaving aside encourage businesses to invest right component is a virtual positive particle
Greens now have an alternative to are in jeopardy. the pandemic (“History shows Robert Kennedy’s remark that GDP now . . . we need an investment-led called the “hole” or the absence of an
their existing coalition with the CDU — His task now is to equip the CDU with pandemics rarely end neatly or with measures almost everything except recovery.” With that argument, why is electron. It is this that permits today’s
a tie-up with the Social Democrats some bold ideas for renewal. That the complete eradication”, Report, March what matters, from a societal point of the super-deduction allowance for transistor-based devices to function.
and a revived Free Democratic party. Christian Democrats have traditionally 13). My own family was affected by the view the key metric is not total GDP plant and machinery investment Hy Chantz
This so-called traffic light coalition been a party for the status quo has been Spanish flu. Both my late father’s but average, or better still median GDP limited to those businesses that are Scarsdale, NY, US
has won re-election in Rhineland- an electoral strength. After four terms parents, who lived in Russia, died in per head and any growth therein. incorporated but excludes those that
Palatinate. If that combination took in office, it is looking like a vulnerability. the pandemic of 1918-20. Secondly, shifts in the dependency are not (“Investors fear chancellor’s At least Michigan’s leading
My father was 12 years old at the ratio (the ratio of those in work corporate tax raid will make UK less
time. To protect him, his older siblings compared to those in education or attractive”, Report, March 5)? airport is not crumbling
put him and another 12 year-old boy retirement) will undoubtedly present When the tax regime should be Distressing as it is to be held up as the
on a train to Paris, a journey that then challenges. But enabling older people neutral between business structures model of the US’s crumbling
took three days. who are living longer and facing rising and the economy is crying out for infrastructure, it is even more so for

Uber has taken half a My father was looked after by a

French-Jewish aristocrat and educated
at a Paris boarding school. He returned
retirement ages to work longer can
help offset this. At present, a
substantial proportion of the over-50s
investment to improve productivity
and achieve recovery, why is a large
part of business and a larger number
Michiganders to live with the reality
every day (“Michigan: a tale of US
neglect”, Special Reports, FT.com,

step on workers’ rights to Baranoviche, which is now in

Belarus, in about 1931 to visit his
siblings. There he met and eventually
cannot get jobs.
Finally, the key cause of global
warming is human activity and more
of businesses discriminated against in
this way?
Investment by limited liability
March 15).
One bright spot that the article might
have noted is the excellent Detroit
married my mother. However, as an humans inevitably means more human partnerships, other partnerships and Metro airport, which holds its own
Enhancing drivers’ status is welcome but working time is a grey area acculturated Frenchman, my father activity. So, governments need to be sole traders is just as wanted and just among the best in the country, and is
did not wish to stay in eastern Europe, planning not for ways to improve as valid. This should be open to all. far superior to those of much larger
“We have decided to turn the page,” options for companies to drive for so they left, first for Paris and then the fertility but for ways to live with a Jeremy Moody and more important cities, such as
wrote Dara Khosrowshahi, the Uber means this flexibility is not as one- UK in 1933. stable population. Secretary and Adviser, Central Association New York.
chief executive, in an opinion piece in a sided as it once was. My parents never saw most of their Lord Robin Hodgson of Agricultural Valuers Cristina Sunstrum
London local newspaper after the com- Uber’s attempts to push the envelope vast extended families again, as they House of Lords, London SW1, UK Longhope, Gloucestershire, UK Dearborn, MI, US
pany decided to extend more rights to as far as it can are understandable for a
its British drivers. Instead of trying to disrupter. Entrepreneurs exist to spot
fight the UK Supreme Court decision opportunities. In many countries over-
that its drivers should be classified as
workers and not self-employed, it
regulation is common and Uber has
provided a necessary corrective to a NFTs are We are in the midst of a new mania. A
species of digital asset as unsexy-
artist Brendan Dawes told Today. If
you believe the crypto evangelists,
even if they did not make the asset
being tokenised. That means that
would change its business model. “The
path that we chose shows our willing-
ness to change,” he said.
dysfunctional taxi market; often, how-
ever, it has taken advantage of legal
grey areas where enforcement is weak
the latest sounding as the “non-fungible token”
— or the only marginally sexier “NFT”
— is taking over the front pages, social
they are the future of art, music and
asset ownership more broadly.
In reality, NFTs are just the latest
while the Beeple NFT was indeed
created by the artist, so the buyer is
able to prove they have the “original”,
Complying with the law after a five-
year legal battle does demonstrate just
and the rules are unclear.
It is government’s job to establish get-rich-quick media and, sadly for me, my life.
Over the past two weeks I have
way that what we might call the
cryptosphere — the industry that has
anyone else could create an NFT of
exactly the same digital collage, or of
how happy the company is to change —
although not in the way that Khosrow-
shahi means. So, too, does the decision,
clear boundaries and ensure would-be
innovators obey the law. That means
proper enforcement, preventing
scheme for the been added to a WhatsApp group
named “crypto NFTs”; been invited to
two chats about the tokens on
sprung up over the past decade
around blockchain, bitcoin and other
tokens — has found to make a quick
someone else’s tweet, GIF or anything
else on the internet. The value is not
conferred by the artwork itself, but by
unmentioned in his oped, not fully to
respect its spirit.
While the Supreme Court concluded
drivers from having to rely on a slow
journey through the courts to achieve
justice.
‘cryptosphere’ Clubhouse; and had three friends call
and ask me to try to explain this
strange new phenomenon. On top of
buck. After the record-breaking
auction of the digital sketches by the
artist Beeple, it emerged that the
the idea that a digital certificate of its
provenance is valuable in its own
right.
that Uber ought to pay the minimum In Britain, three different agencies this are the dozens of NFT-flavoured pseudonymous buyer, MetaKovan, “What we need to understand is
wage to drivers for the full time they are responsible for enforcing labour press releases thwarting my owns the world’s biggest NFT fund that what is being traded is not the
use the app, the ride-hailing company standards: the Gangmasters and increasingly vain attempts to reach and was already the biggest owner of artwork, it’s the participation,” says
will only classify “working time” as Labour Abuse Authority, the Employ- inbox zero. Beeple’s work. So the sale should not Edmund Schuster, an associate
when they are assigned to trips. The ment Agency Standards Inspectorate Google Trends — a rough but useful be thought of as representing the true professor of corporate law at the
supreme court’s judgment that drivers and the part of HM Revenue & Customs metric — shows global interest in market value of NFTs, but as PR London School of Economics. “And
were workers and not self-employed that oversees minimum wage compli- the term NFT began to surge about a expenditure. why not? People can subjectively
was based on the fact that they must ance. The job of director of labour month ago, with searches now “This is just about the pure desire to assign value to something, and that is
take direction from the company market enforcement, created in 2019 exceeding those for “blockchain”. get rich that drives everything in the not something that we can really
whenever they are using its app. Uber to set strategy for all three organisa- Last week, after Christie’s sold a crypto space right now. It’s another of argue against, even if NFTs have no
relies on a vast fleet of underused tions, is vacant. digital collage for $69.3m, we got these bubble manias,” says Frances objective value whatsoever.”
workers to ensure that its customers Change in legislation will, eventually, another indicator that the tokens had Coppola, a finance and economics Schuster is right: value is in the eye
can swiftly find a ride; having to pay
them whenever they are taking direc-
be needed too. Neither the current reg-
ulation of the labour market nor of taxi Notebook gone mainstream: a segment on BBC
Radio 4’s flagship Today programme.
commentator.
The most notable related bubble
of the beholder. And the NFT craze
will probably stick around for a bit
tion from the company would imperil companies is suitable for the digital And, on Monday, Elon Musk, a man mania came in 2017, with the boom in longer because the novelty and the
its business model. age. In British employment law “work-
by Jemima Kelly who appears able to provoke a “initial coin offerings”. Like NFTs, the hype surrounding it currently hold
Partly, the company’s decision ers”, as the drivers are classified, are an frenzied rush into any asset he barriers to entry to make and sell some value.
reflects the genuine changes in the intermediate category between mentions on Twitter, released a music these coins were low, meaning But that does not mean NFTs
ride-hailing market since drivers origi- employees and the self-employed, video (which he also said he would sell thousands of versions were created, represent the future of art. We value
nally brought the case in 2016. As com- enjoying some but not all rights. Clari- as an NFT, though he later changed pulling in billions of dollars of original pieces not just because of the
petition to Uber has increased, more fying these distinctions and bringing his mind) in honour of the non- investment. Ultimately, however, the bragging rights they bring but because
are using multiple apps, logging in to them into line with the definitions used fungible goodies. ICO bubble burst, with the public of their history, their aura, their smell,
both Uber and its rivals to find a wider in the tax system — many drivers So what is this new craze all about — cottoning on to the fact that the the way they feel. The emotional and
range of clients. While the company would prefer to be self-employed for and what explains the stratospheric scarcity claimed for these digital coins visceral connection we have with the
could instead demand that its workers tax purposes but workers for rights and prices? These supposedly unique was undermined when so many were physical world cannot be replicated by
drive exclusively for it when logged on the minimum wage — would prevent tokens are secured using blockchain being flogged. digital strings of ones and zeroes.
to its app — a more standard employ- the kind of regulatory arbitrage that technology and are “akin to a digital NFTs face the same problem.
ment relationship — it argues that its Uber and its competitors have certificate of authenticity”, as digital Anyone can create one of the tokens, jemima.kelly@ft.com
drivers value their freedom. More exploited in the UK.
Thursday 18 March 2021 ★ FINANCIAL TIMES 17

Opinion
Pharma is on a vaccine high, but reputational risks loom Syrian peace
remains a
BUSINESS
and high charges for both new and old
medicines have further alienated the
tion opportunity to reset” its reputa-
tion. Some of the worst problems have
on the goodwill. “We know the world is
closely watching how . . . we move for-
thing they could become worse if
vaccine makers appear to profit from mirage after a
decade of war
public. Political pressure was mounting already been addressed: since 2013, ward as an industry after the pandemic the pandemic after receiving govern-
Brooke in the US, the most profitable market. companies have had to disclose pay- is over,” says Stephen Ubl, president of ment support.
Masters Covid-19 changed all that. Since Janu-
ary 2020, the share of the US public that
ments to US doctors and more clinical
trial data is being released, although
the US industry group PhRMA.
AstraZeneca insists there is no evi-
AstraZeneca and Johnson & Johnson
have promised not to profit from their
has a positive view of the sector has databases remain incomplete. dence that its jab increases the risk of jabs “during the pandemic”. Yet Pfizer
nearly doubled from 32 to 62 per cent, Some companies are even applying blood clots, and the EU drugs regulator said last month that it expected to sell

P
WORLD AFFAIRS
the highest since the survey began in public relations muscle to increase says the benefits outweigh the risks. $15bn of its Covid vaccine this year, with
harmaceutical companies
have never had it so good.
2003, says Rob Jekielek, managing
director at The Harris Poll. And 56 per
wider understanding. Pfizer paid Still, the furore is a harbinger of prob-
lems. Any side-effects are frightening
profit margins in the “high 20s” as a per-
centage of revenues. The company
David
The rapid rollout of Covid-19 cent in the UK told The Association of because they involve healthy people notes that under its tiered pricing strat- Gardner
vaccines has made household
names of Pfizer and Astra-
the British Pharmaceutical Industry in
January that their view of pharma had
If side-effects prove severe, becoming sick. Yet, because these are
unavoidable, many countries have com-
egy, low-income countries pay a non-
profit price. But the rollout to poorer
Zeneca and the whole industry is win- improved during coronavirus. the result could be even pensation programmes for those who countries has been slow.

T
ning praise for co-operation.
But the decision this week by some
Drug companies, previously seen as
avaricious, anonymous corporations,
tougher scrutiny of new are harmed.
The rapid development and rollout of
If the pharma companies are seen to
favour those who can pay higher prices, he civic uprising against
governments to suspend use of the were revealed to be full of responsible, products and higher costs the Covid-19 jabs means there has been that would reinvigorate the debate over Bashar al-Assad’s heredi-
Oxford/AstraZeneca vaccine over fears hardworking scientists. Russia distrib- less chance to find and prepare the pub- the pricing of other medicines. Already, tary tyranny in Syria, which
of possible blood clots shows just how uted jabs that weren’t fully tested, and National Geographic to come into its lic for side-effects, and the AstraZeneca US campaigners are demanding an anti- turned into a savage civil
fragile public trust can be. What has western regulators allowed drugmakers labs and follow the vaccine develop- suspensions show just how quickly trust investigation of rising prices in the war that still rages and radi-
been a public relations triumph could, if to use shorter “emergency” approval ment process, resulting in online con- opinion can shift. Though drugmakers insulin market. “We should now be ates chaos across the Middle East and
handled badly, turn out to be a trap. procedures. tent and a video that aired last week in took only partial advantage of the looser holding pharma companies to a higher Europe, began 10 years ago this week.
Big Pharma’s reputation has been Yet the big companies opted not to the US. Johnson & Johnson’s social Covid rules, if vaccine side-effects prove bar because they’ve shown us what they Syria is really three conflicts: the
down in the dumps for years, after a take all the shortcuts. Last autumn, the media video series about its search for a severe, the end result could be even can do,” says Olivia Webb, a health pol- minority Assad regime waging total war
series of scandals involving Medicare nine biggest makers agreed not to jab has drawn 90m views in 100 coun- tougher scrutiny of new products and icy analyst at the American Economic on its own people; an ethno-sectarian
fraud, improper payments to doctors release jabs without large clinical trials. tries, with more episodes planned. higher costs. Liberties Project. conflict in which the Iran-led Shia axis
and poorly tested drugs that damaged Eli Lilly chief executive David Ricks But there are significant risks for the Nor can the industry wave off com- took the field against Syria’s Sunni
health. Recently, the opioid epidemic says the sector has a “once in a genera- sector if it appears to be trying to cash in plaints about pricing and access. If any- brooke.masters@ft.com majority; and a regional war in which
external powers — including Russia,
Iran, Turkey and the US — have used
Syria to pursue their own interests.
Ellie Foreman-Peck
The recklessness of the US-led inva-

Johnson must
sion of Iraq in 2003 seeded proxy wars
between Sunni and Shia across the
region and proliferated jihadism. The
fecklessness of western powers egging
on the Syrian rebels but outsourcing

put the safety

arming and supplying them to the Gulf
and Turkey helped guarantee that
mainstream Sunni rebels would be out-
flanked by Islamists.
The Assads and their apologists have
nurtured the alibi that they are a secular

of women first
bulwark against extremism, rather
than incubators of poisonous forces to
which they present themselves as the
antidote. They emptied Syrian jails of
jihadis in 2011, betting they would hijack
the rebellion, just as they had fomented
sectarianism in Lebanon and funnelled
Sunni extremists into US-occupied Iraq.
with the criminalisation of revenge porn The rebels nevertheless came close to
BRITAIN and upskirting and a domestic abuse toppling the regime in 2012, 2013 and
bill, is it ignoring these issues (though 2015. Assad was trapped in a shrinking
Robert this is owed more to the previous prime
Shrimsley minister Theresa May). But the prob-
lems are legion, from gaps in police data
and information sharing on domestic
The fecklessness of western
abusers to delays in bringing cases to powers guaranteed that

G
overnments are always
court. Rape prosecutions, already low,
dropped from 3,043 to 2,102 in the year
mainstream rebels would
more comfortable tackling before the pandemic. And it is true that be outflanked by Islamists
definable problems than a ministers have not shown the same zeal
societal malaise. So when for this issue as they have for curbing into this? Or random abuse in the street? since the killing has been formulaic and traditional criminal justice response rump state until first Iran and then
the issue is the fear and unwelcome protests. These fall below the criminal radar discouraging. Boris Johnson held an is needed. A cultural shift demands a Russia came to his rescue. Now, he has
anxiety of half of society, the instinct Yet perversely, the contrast also offers and yet are key to the dread in women’s emergency ministerial meeting but his more coherent approach — almost an recovered about 70 per cent of Syria,
can be to retreat into familiar solutions. a glimpse of a way forward. The protest everyday lives. promise of more money for CCTV and integrated review — which takes in although swaths of this are held by
The murder of Sarah Everard, curbs show ministers prioritising those There is a model for a public order street lights smacked more of a need to social services, local government and regime-allied warlords and racketeers.
abducted and killed while walking they see as the victims of public disorder approach, albeit a failed one. Under- have something to say. Even as minis- education, as well as criminal justice. The price is horrendous. Russian and
home in London, could force a new over the rights of disruptive protesters. standing that for many the greatest ters were meeting, Tory peers were vot- Listening to the stories of everyday Syrian air strikes and artillery have
approach. In the way that certain mur- For all the civil liberty concerns, the blight on daily life was not crime but ing, unsuccessfully, to block an amend- abuse, it is hard not to see the case for a reduced cities including Aleppo and
ders capture a moment, this case (and public supports crackdowns on those antisocial behaviour, Tony Blair’s gov- ment to a Domestic Abuse bill which new offence of street harassment. This Homs to rubble. Most of the more than
the alleged killer is a police officer) has who shut down airports, disrupt com- ernment introduced new civil remedies required stalkers and domestic abusers would follow the principles of the public 500,000 dead were civilians, slaugh-
uncorked a wave of rage and anxiety mutes or deface memorials. “Most peo- to give individuals respite from the to be added to a national register. order approach, addressing the every- tered by barrel bombs and ballistic mis-
among women, which spoke to the fears ple don’t go on protests but they do go to offending activity, be it noise or intimi- The need for a new approach is clear. day aggravation which plays such a siles, starvation and sieges, nerve gas
not only of violence and assault but also work,” says one Tory strategist. Having dation. His antisocial behaviour orders Since the killing, more than 100,000 large role in the feelings of fear. It is not and other chemical weapons, targeting
to harassment and routine feelings of found a public order enemy, ministers have since been rethought, but they people have responded to the consulta- an easy fix — random street harassers markets, schools and more than 800
dread when out alone. have been ruthless. showed a new way of thinking which tion for Patel’s strategy. Their stories, are hard to trace — but it would make a medical facilities. Half the population
This has unbalanced the government, Perhaps the error, then, has been not grasped the distress caused by what is recognisable to all women, are of fear of strong statement about the standards has been displaced, many for good. The
especially after the heavy-handed polic- seeing the protection of women through seen as lesser disorder. taxis, empty streets and deserted sta- society demands of men. minority regime, short of manpower,
ing of a vigil over her murder was juxta- a similarly wide lens and acting with the Priti Patel, the home secretary, was tions, of walking with keys between There is no simple answer to the likes the new demography, and licenses
posed with new laws to restrict disrup- same ferocity. For what greater public already working on a new strategy but their fingers, not knowing if some ran- risks faced by women but existing war profiteers to effectively expropriate
tive protests. This exposed ministers to security issue can there be than half the the initial response of the government dom abuse could turn violent. approaches are not working. A different refugee property. As well as the Covid
charges they cared more about safe- country routinely feeling unsafe in their There are things that can be done. mindset, which addresses issues at both emergency, famine is stalking Syria.
guarding statues and property from everyday activities? Ministers can accept the Lords amend- the lower and most extreme end of the Complacency about the defeat of Isis
protesters than protecting women, an
attack made punchier by the maximum
Too often violence and harassment of
women are seen as a series of separate
A traditional criminal ment on a national register for stalkers
and abusers. They can try to speed cases
spectrum, may show that the govern-
ment and the country are ready to make
and its cross-border caliphate is mis-
placed. Its forerunner in Iraq was
jail time under the protest laws being criminal justice issues rather than justice response is not through the courts, further raise sen- the everyday security of half the popula- reborn in Syria after being reduced to
higher than some rape sentences.
In truth, this government hardly has
part of a bigger picture. Where an easily
defined wrong is identified, laws are
enough. A more coherent tences, force better data sharing and
fund more specialist police units.
tion a genuine national priority. 600 fighters; security experts reckon it
now has up to 40 times that number,
qualms about locking up rapists. Nor, made. But where does catcalling fit approach is needed But it is also obvious that more than a robert.shrimsley@ft.com enough for a resurgence in two rotting
states. Europe, as well as the Middle
East, knows from bitter experience
that jihadi cut-throats are not confined
to the killing fields of Iraq and Syria.

UK’s strategic defence review goes nuclear What of Syria’s future? Assad, despite
his vainglorious bombast, is the ward of
three states: Russia, Iran and Turkey —
with the US half-in and half-out of the
arena. The Syrian president, the locus of
calculate. The UK government explains to the UK’s reputation in multilateral ments, partnering with disarmament- verification research suspicious that instability, blocks a new constitution
Matthew only in general terms why its policy is nuclear diplomacy. At home, opposition leaning non-nuclear states like Norway. their efforts have been little more than a pushed by Moscow that might check his
changing. But its references to global leader Sir Keir Starmer has criticised the It is possible the government calcu- fig leaf for a state uninterested in despotic power. Turkey, with neo-Otto-
Harries competition suggest that it could be higher nuclear stockpile cap as it is not lates that its policy change will prove lit- seriously pursuing disarmament. man nostalgia, has taken four enclaves
looking beyond Russia, the traditional explained “when, why or for what tle more than a messaging problem. The UK is not responsible for the of north Syria to push US-allied Kurds
driver of UK deterrence requirements. strategic purpose”. The international Non-proliferation treaty members world’s descent into an era of greater from its borders. Russia and Turkey,

T
China, while not mentioned in the same reaction may be even stronger. might also be angry, but there is little nuclear competition; arguably, it was moreover, keep coming to blows. Might
he UK’s decision to raise breath, is expanding and diversifying its In multilateral forums, such as review they will do in practice. Nor will any down to great power rivalry and Russian Iran, paradoxically, be more biddable?
substantially the self- own nuclear arsenal. conferences for the nuclear non-prolif- country go nuclear simply because of fear. Nor is the country primarily US president Joe Biden wants to
imposed cap on its nuclear The government also cites “doctrinal” the UK’s increased target. Maybe so, but responsible for frustrations of non-nu- return to the 2015 nuclear deal with Iran
stockpile to 260 warheads is threats — insider language probably the country should not be too confident clear states that disarmament has not that Donald Trump tore up. And then,
a striking reversal of a two- best understood as code for Russia’s this is as far as any damage will go. The gone faster. But, in the event that global along with Iran’s neighbours, work to
decade push towards nuclear disarma- apparent interest in limited nuclear war Britain seems to be attitude it shows to non-nuclear-armed arms control does progress and the UK restrain its missiles and militias’ efforts
ment. An equally important part of the — as demanding a response in kind. The states in the non-proliferation treaty is drawn in, its new warhead ceiling to forge an axis of Shia power across the
government’s integrated defence and review’s references to changes in tech- descending from the clashes with the emphasis that the could approximate to the number that Levant and down into the Gulf. That
foreign policy review is that it will no nology may also imply concerns about diplomatic high road to send defence review places on multilateral- the UK might negotiate down from. So axis is actually now an arc of failed
longer make public the number of improvements in the kinds of ballistic ism. If multilateral diplomacy and stick- its policy change should be kept in per- states — Syria, Iraq, Lebanon and
Trident missiles and nuclear warheads defences that UK weapons might have a message of deterrence ing to the spirit of international commit- spective and all hope should not be lost. Yemen — that Tehran and its proxies are
deployed on its submarines. to penetrate. Still, changes in the strate- ments is key to the battle against Still, the defence review talks of a shift struggling to control.
Taken together with the rest of the gic military balance may not be the only eration treaty, the UK often presents climate change, why not for keeping the away from simply preserving the rules Any solution would need a new
review, which refers to greater global driver for the higher stockpile cap. itself as a leader on disarmament among nuclear peace? and institutions of the post-cold war sta- regional entente and security architec-
competition and developments in There could be practical issues, such as nuclear-armed states. Both the previous The policy shift is likely to make life tus quo and towards shaping a new glo- ture, followed by massive reconstruc-
technology and nuclear doctrine, the the way nuclear warheads are main- target of 180 warheads, and declara- harder for non-nuclear countries that bal order. Given that, it is reasonable to tion that Gulf Arab actors could profit
country seems to be descending from tained and upgraded, that make tions about the number of deployed the UK has encouraged to spread the worry that the UK may be leaving from as they diversify away from oil.
the diplomatic high road and instead increasing the cap useful for entirely weapons, have been a regular part of the gospel of incremental disarmament behind the vision of a gradual lifting of Right now, that looks more like a mirage
sending a message of deterrence. different reasons. UK’s diplomatic catechism. Britain has (versus more radical demands posed by the nuclear shadow. than a vision. That does not mean there
The effect of these changes on the If the benefits of bolstered deterrence worked for more than a decade on the the new nuclear ban treaty, which aims is any viable alternative.
military balance with Russia, China and are up for debate, one immediate cost of science and technology required to ver- to make nuclear weapons illegal). The The writer is a senior research fellow at the
other potential adversaries is hard to lifting the stockpile cap is clear: the hit ify future nuclear arms control agree- shift may also make British partners in Royal United Services Institute david.gardner@ft.com
18 ★ FINANCIAL TIMES Thursday 18 March 2021

Crédit Agricole: on a terre

High exposure to asset management through its shareholding in Amundi supports the high rating of
France’s second-largest bank. A hefty weighting of insurance and retail banking keeps capital requirements
low. That has produced outsized returns for shareholders.

European bank valuations and asset management earnings

Twitter: @FTLex Price to tangible book
1.5
Lloyds SEB
Banking EFG Int'l
Group
Uber/worker rights: Gig economy companies will end up
bound by more regulation. The days of
1.0
Natixis
UBS Group
Lending Club: new
driving test being able to exploit ambiguities in the
0.5
Credit Suisse Crédit Agricole BNP Paribas member, new privileges
law are coming to an end. Their Société Générale
Uber hit a roadblock last month when transition from freewheeling Commerzbank The balance sheet versus the profit-
it lost a five-year legal battle over innovators to rule-takers has begun. 0 and-loss statement is one of the great
drivers’ rights in Britain. On Tuesday, 0 20 40 60 80 Source: Citi rivalries in corporate America. Lending
Share of earnings from asset management (%)
the ride-hailing company said it would Club now aspires to bridge the great
Crédit Agricole outperformance Tier 1 capital
reclassify them as workers, entitled to
minimum wage, pensions and holiday.
SSP: Total returns (rebased) 2021 estimate 0 5 10 15 20
divide. The fintech has purchased a
conventional financial institution,
That is not quite the concession it it kneads the dough Amundi
200 (%) NatWest
Barclays
Radius, and rebranded itself as a
appears. Even so, the traffic is heading 150 HSBC “digital marketplace bank”. It is a
just one way: towards much tougher SSP depends upon time-poor, cash-rich Lloyds counter-intuitively shrewd move
regulation of disruptive tech giants. travellers dashing through airports and UniCredit Group After the financial crisis, fintechs
100 BBVA
The offer is a “day late and a dollar stations. A near cessation of travel Euro Stoxx Banks index Société Générale
threatened to eat the lunch of stodgy,
short”, according to the claimants. meant that the purveyor of food-on- Crédit Agricole
50 BNP Paribas paralysed banking titans. Algorithms
Further legal challenges are likely, as it the-go almost went under, saved only 2016 2017 2018 2019 2020 2021 Crédit Agricole would give them an edge and a lack of
is debatable whether the concessions by government loans and friendly FT graphic Source: Refinitiv Source: Citi branches would make them agile.
fully comply with the ruling. Drivers creditors. A well-flagged £475m rights Lending Club was among the first.
will not receive minimum wage during issue should put this former UK stock Crédit Agricole’s no-nonsense A slow and steady approach is The business model would be A decade later, banking looks less
the time before they have been paired market darling back on its feet. approach reflects the bank’s farming advisable. Creval, with total assets of difficult to replicate. The listed Crédit boring. The Radius deal has doubled
with a passenger. Even so, it is likely to The capital raising gives the heritage. Its refreshing slogan is €24bn, according to Refinitiv, still offers Agricole is best thought of as the Lending Club shares. Tough regulation
push up prices to compensate. Plans to sandwich specialist some much-needed “common sense has a future”. plenty of scope for Crédit Agricole to wider group’s product factory. From and steep capital requirements are
post a profitable quarter — on an filling between its assets and liabilities. France’s second-largest lender roll out its bancassurance model. The here it serves its network of regional evidently prices worth paying for
adjusted ebitda basis — before the end Lenders have agreed to extend the wants to expand abroad, planning to French bank, left a basket case by the client banks in France. Majority- cheap funding from deposits.
of the year should not be knocked off- maturities of loans and credit facilities absorb Italian peer Credito financial crisis, is now highly rated by owned asset manager Amundi is the The legacy Lending Club depended
course, says Uber. London is one of its worth £523m to January 2024 and to Valtellinese. Clearance from the investors. That is a result of an emphasis best-known brand but earnings from on fees from matching lending banks
few profitable markets worldwide. ease debt covenants. With an estimated European Central Bank came on retail savings and low exposure to insurance are greater. with consumer borrowers. Loans were
The Supreme Court’s decision rattled £300m of unrestricted cash by June, yesterday. But with Creval shares unpredictable investment banking. Stable business lines mean the originated by the company but funded
other companies engaged in the gig SSP should have the leeway to survive a trading above the November bid Last year’s results showed the bank targets one of the lowest core externally then sold off to third-party
economy, which also rely on the slow resumption of travel. price for a market worth of €850m, benefits of diversification: underlying equity tier one capital ratios of a large investors. Marketing expenses
flexibility of the self-employed. But the Reflecting that, the shares fell just 6 Crédit Agricole needs to offer more. net profits were 44 per cent higher EU bank, at just 11 per cent. It was the remained stubbornly high. In 2019,
judgment relied on specific facts about per cent by noon — far less than the 37 Cross-border deals are fiendishly than expected. Derivatives losses only one of them to raise its payout, Lending Club had just $2m of adjusted
the relationship between Uber and its per cent implied by the theoretical ex- hard to pull off in the EU. Crédit incurred by other French banks were made partly in shares, last year. About net income on $760m of revenue after
employees. Significantly, Uber is not rights price. All this matters when Agricole’s stolid character and absent. Shareholders have received the half of the current 200 basis points of originating $12bn in loans.
extending the change in classification some of SSP’s debts come due next Creval’s small size will make it easier. benefits. Total returns have been 50 excess capital is expected to go towards Financing lines were expensive at
to couriers in its food delivery business, year, including a Covid Corporate Banking supervisors might even per cent higher than the wider unwinding measures dating from the more than 3 per cent. As a bank with
Uber Eats, who remain self-employed. Funding Facility of £300m in February. have preferred a bigger acquisition — European sector over the past five financial crisis. That is set to boost deposits costing 35 basis points,
The difference is likely to stem from The group is burning up to £30m Banco BPM, for example. years, outperforming BNP Paribas. earnings and returns to shareholders. charges are much lighter. The rub is
the fine print of contracts. In deciding monthly. SSP may not get to break- that Lending Club will now retain loans
whether people are workers — a even free cash flow until summer 2022, originated from this funding source.
different category to employees or the according to Berenberg. According to its maths, interest
self-employed under UK employment Raising a meaty sum from hefty slice of risk. That gives SSP global chocolate industry worth more tried-and-tested favourites. There is income, even netted against accounting
law — it matters whether or not they shareholders makes sense. The new upside if travel resumes faster than than $100bn. Sales collapsed at competition from new brands with an losses, will generate $12m of revenue
could ask someone else to substitute funds should do wonders for leverage current gloomy forecasts say it will. airports, snack bars and speciality ethical or healthy eating slant. over two years. This compares against
for them. That is not possible in ride- ratios. SSP’s net debt to forward ebitda shops. Farmers were hard hit amid An example is Tony’s Chocolonely, a $4m of immediate fee revenue in its
sharing for security reasons, but other ratio should ease to 1.3 times in the tension between manufacturers and challenger brand focused on historical role as an intermediary.
gig economy businesses are not so
limited. Deliveroo, the food delivery
year to September 2022, down from at
least quadruple that.
Chocolate/coronavirus: west African producers over prices.
Shares of leading chocolate groups such
eradicating child slavery from the
cocoa industry.
The missing part of the equation is
the capital Lending Club will need to
company about to join the market, has Most travellers who have caught the their dark materials as Lindt, Hershey and Switzerland’s Paleo-inspired chocolate bar maker hold on its balance sheet against loans.
won three legal battles in the UK over last flight out of a trouble zone would Barry Callebaut are worth 5 per cent or Hu uses unrefined, vegan ingredients. This will curtail return on equity. Still,
the self-employed status of its riders. sit back and relax. Not SSP. Instead, it In dark times, people turn to chocolate. so less than a year ago. It was bought in January by Mondelez, its loans charge around 15 per cent.
Uber and other gig economy groups is talking up opportunities. The group The pandemic curbed gift buying but Longer term, the premium chocolate a sign that niche dietary preferences With good underwriting and lower
do not just have to deal with the quirks operates worldwide — the UK provides not personal consumption, according market is growing at about 4 per cent a are moving into the mainstream. marketing costs, banking should still
of UK employment law. Tax is another only about 30 per cent of its top line. to Swiss chocolate maker Lindt. US year. Lindt is a pure play that explains Chocolatiers have proved their be a good business. Lending Club will
battleground. An argument over VAT Already it sees opportunities to catch confectioner Hershey reported a jump its lofty valuation. Its trailing defensive qualities. There will be drive keep its agency business as the bulk of
that raises similar issues to the up to its bigger rival Autogrill of Italy. of 40-50 per cent in demand for its enterprise value-to-ebitda ratio is 29 to tackle obesity as nations come out of operation, so should be able to find the
workers’ rights dispute could cost Uber SSP is bidding for the previously highly milk chocolate bars in zip codes with times according to S&P Global, almost lockdown. But people will also socialise sweet spot between the two models.
more than £1bn. There are conflicts priced sales space other competitors high rates of infection. Cadbury owner 50 per cent higher than Hershey and more, bearing sweet gifts to friends and
over employment rights in at least 40 have given up in airports and stations. Mondelez reported that its market Barry Callebaut. British chocolatier family as they do so. After a pandemic Lex on the web
countries. Only last month, Italian It is a fragmented market, of which share expanded as consumers went Hotel Chocolat is not far behind on a that has entrenched socio-economic For notes on today’s stories
prosecutors levied a heavy fine on Uber two-thirds belongs to smaller peers. back to brands they knew and trusted. multiple of 24 times. divides, the opportunities for investors go to www.ft.com/lex
Eats and other food delivery groups. This rights issue will neutralise a Overall, the pandemic held back a Chocolate makers cannot rely on are at the upper end of the market.

CROSSWORD
No 16,737 Set by MOO
• ‘  ‰ …  } y ACROSS
1 Boy dropping round, shot accidentally
(2,6)
5 Veteran sommelier pocketing pay-off
u •¸ (6)
9 Penny sporting dreadful Mohican, or a
•• number one? (8)
10 Give a wave to dictator (6)
•‘ •
12 Boris in trouble with the Soviets once?
(9)
13 The end of Athens, as described by
Homer? (5)
14 American cops procuring tart (4)
•‰ •… •
16 Worried by underwriter’s return in
spring (7)
•} •y 19 Right to abandon wretched woman in
the dock? (7)
•u ‘¸ ‘• 21 Aunt Sally’s derrière (4)
24 Almost everyone’s after my woman (5)
‘‘ ‘ 25 Sport for which girls went mad (9)
27 Nick, youth I eventually ensnare (6)
‘‰ ‘… ‘ 28 Reduce international attendance at
Cambridge University (8)
29 Some Tory supporters are cheats (3,3)
30 Vicar always has to tear about (8)
‘} ‘y DOWN
1 Writer tied to bedpost from time to
time? It shows flexibility! (6)
2 Posh girl carrying crummy case? The
‘u ¸ opposite (6)
3 First Lady was tempted by such
wealthy company (5)
4 Boasted about Meghan finally being
made queen? (7)
6 Satanists abroad? Help! (9)
JOTTER PAD 7 Penny-pinching painter taken in, one
to be wary of (8)
8 Married a smarter woman with quite
an appetite (3-5)
11 Island once part of Murdoch’s domain,
they say (4)
15 Resignation statement of Emmanuel
Macron? (4,2,3)
Solution 16,736 17 Crashed car into back of Merc, under
influence of this? (8)
ã Ý B Ò ‚ × N N ª N Ð ‚ × × 18 Arachnid found in house at noon (8)
N ‚ E : 8 N E 20 What makes duckling fluffy and sad?
æ ã
×
‚ :
N
N Ò N 7
8 ~
€ N × × N
æ € N
Ý
(4)
€ B Ú × Ý æ × N Ú Ú N Ý ‚ N 21 A style that has the workers buzzing?
: Ô Ý Ú E Ý (7)
8 N Ý ~ Ô × B æ B 7 Ú × 22 Outburst of one that’s stuck in traffic
H æ
E
€ B
E }
ª B
E 7
N : } B 7 H
(6)
~ 7 N 7 ‚ ‚ 23 A deadly sin? I’m of the same opinion
× ‚ Ú 8 ‚ 7 B ‚ } æ Ð 7 B 7 (6)
Ý
: B
Ô } 8
ã Ú N Ý Ò B ~
B
N
E Ý
N Ý æ Ú
26 Son kicked out of bar? Rubbish! (5)
7 B Ô ~ Ú ‚ €
8 ‚ Ý ~ 7 æ Ú N × æ × ‚ B :