Financial Times UK - 17-08-2020

MONDAY 17 AUGUST 2020 NEWS PROVIDER OF THE YEAR UK £2.90 Channel Islands £3.20; Republic of Ireland €3.
20
Urban exodus America’s new deal Year of the introvert

Will businesses follow workers into The simple logic that underpins The joy of avoiding gossip-filled
the suburbs? — BIG READ, PAGE 19 Bidenomics— EDWARD LUCE, PAGE 21 offices — KESEWA HENNESSY, PAGE 22
Exam anger Briefing

Tories facing i Hitachi opens nuclear plant discussions
The Japanese industrial group has begun holding
‘huge mess’ ‘detailed conversations’ with the government about
resurrecting plans for a nuclear power plant in
Wales after talks were suspended last year.— PAGE 2
Students hold placards as they protest
the government’s handling of A-level i UK still attractive after Brexit, says Tata
results outside the Department for Edu- Britain will still appeal to investors after Brexit
cation yesterday. because global trade turmoil has been normalised,
Boris Johnson faced growing pressure says Natarajan Chandrasekaran, chairman of one of
last night to intervene in the row over the UK’s largest private sector employers.— PAGE 8
how A-level grades were calculated. The
algorithm-based system, brought in i Wirecard hinders Scholz’s ambitions
after exams were cancelled, was The German payments company’s spectacular
plunged into further disarray over the collapse has cast a cloud over finance minister
weekend when the regulator abruptly Olaf Scholz’s hopes of succeeding Angela Merkel as
suspended guidance on how to appeal the leader of Europe’s largest economy. — PAGE 7
against downgraded results.
Robert Halfon, Conservative chair of i Wine groups cheered by success of split
the education select committee, called The separation of Majestic and
the situation a “huge mess”. Naked Wines that surprised
On Thursday, GCSE results are due to investors when announced last
be published using the same model. year has confounded its critics
Calls to fix chaos page 2 with a big increase in sales for
Henry Nicholls/Reuters both businesses.— PAGE 11
i Brussels warns City over market access
Government explores bailout loans

The EU has told the City of London it might have to
wait beyond this year, when Britain’s post-Brexit
transition period ends, to find out whether it will
have access to all of the bloc’s market.— PAGE 2
for private equity-owned groups

i Kremlin tells media to vilify governor
Russian news organisations have been ordered to
“deheroise” the image of Sergei Furgal, a popular
regional governor whose arrest on murder charges
has prompted large protests in Moscow.— PAGE 6
i Car groups exploit Covid sales opening

3 Concern over job losses 3 Possible EU rules conflict 3 Increased liability for taxpayers The automobile industry has launched direct
internet sales to bypass expensive dealerships
having seen how would-be customers searched for
Kaye Wiggins, Nicholas Megaw losses even when they are generating the so-called ‘discipline of debt’,” said banks to allow them to ignore or reinter- cars online during the Covid-19 lockdown.— PAGE 9
and Daniel Thomas
cash. Consequently, they have not been Peter Morris at Oxford university’s Said pret the debts that companies typically
The government is seeking ways to offer able to apply for emergency coronavirus Business School. “It seems hard to owe to their owners, to reassure lenders
state-backed loans to debt-laden com- loans, since EU rules say companies square that with accepting taxpayer they would not be exposed to defaults. Datawatch
panies owned by private equity groups, whose losses exceed 50 per cent of their handouts.” “This has been subject to a lot of dia-
in the hope of rescuing a swath of the share capital are ineligible for govern- The government is concerned about logue at industry level,” said one senior
British high street. ment support. employment, with nearly 750,000 jobs Companies like banker at a high street bank. Another The Jordan effect Nike’s 2020
The Business, Energy and Industrial Opening up access to the loans, which lost since the start of the crisis. The Pizza Express, banker called for a “common sense Change in revenue by Nike brand, fiscal year saw
Strategy department wants to help pri- are worth up to £200m and come with a industry lobby group BVCA says that Prezzo and interpretation” of the guidelines. 2020 fiscal year* (%) an overall drop
vate equity-backed groups that employ guarantee that the taxpayer will repay companies invested in by the private Merlin are Some banks have already quietly Jordan brand in revenues. Its
large numbers of people, such as Pizza 80 per cent if a company fails, would be equity and venture capital sectors backed by started giving coronavirus loans to Sportswear ‘Jordan brand’,
Express, Prezzo and Merlin, the owner controversial. employ over 840,000 people. private equity affected companies, but others are Nike Basketball built from the
of Legoland, without breaching EU state PE groups often leave their portfolio “We are aware of the issue surround- but employ nervous about acting without approval All reputation of
aid rules, according to four people companies with only a thin financial ing some firms being able to access [the large numbers from regulators. Running the ex-Chicago
involved in the process. cushion to ride out economic down- loans] . . . and continue to explore of people Private equity groups said the govern- Training Bulls star
They cautioned, however, that there turns, and the industry is currently sit- whether anything more can be done to ment should act soon, since many of the Football player, was one
is no guarantee the government will find ting on a record $2.5tn in cash that is support these businesses,” a govern- companies they own were offered tem- -10 0 10 of the only
-15 -5 5 15
a solution. PE-backed companies typi- waiting to be invested. ment spokesperson said in a statement. porary extensions to their financing at *wholesale equivalent, excluding currency growth areas for
cally carry high levels of debt to reduce “Private equity firms and their sup- Private equity groups want the gov- the start of the pandemic, but these changes. Source: company the business.
their tax bill, resulting in statutory porters often talk about the virtues of ernment to issue explicit guidance to deals are now expiring.
Japan officials eyed Nissan-Honda

merger to create national champion
Leo Lewis and Kana Inagaki — Tokyo Rising demand for electric cars and advisers, said people familiar with the
other technology has piled pressure on situation, feared that the state of Nis-
Japanese government officials tried to
global carmakers to bulk up through san’s alliance with Renault had soured
bring Nissan and Honda together for
mergers or alliances, even before so badly since the arrest in 2018 of their
merger talks this year, in a sign of grow-
Covid-19 plunged the industry into cri- former boss Carlos Ghosn, that it might
ing concern in Tokyo over the future of
Agritech investors plough sis. But tie-ups often come unstuck as collapse altogether, and leave the Japa-
the country’s once mighty car sector.
cash into vertical farms rival engineering teams clash over tech- nese company exposed.
The idea of creating a national cham- nology, and entrenched corporate cul- But Honda officials have pushed back
As the UK’s traditional agriculture pion was first put to the companies at tures fail to gel. against that idea, pointing to Nissan’s
sector grapples with a number of the end of 2019, according to three peo- Japan still has eight major car brands, complex capital structure with Renault,
mounting challenges, the pandemic ple familiar with the matter, amid fears but four of them — Mazda, Subaru, one person who was close to the talks
has proved a boon for one fast- that Japan’s vast car manufacturing base Suzuki, and Daihatsu — are tied by said.
growing new niche: ‘vertical farms’. was losing its edge as the shift towards cross-shareholdings with Toyota, the Nissan was equally opposed to the
The system, where crops are grown in electric vehicles unleashed greater com- world’s second-largest carmaker. proposal as the group focuses on getting
9m-high towers under LED lighting, petition. Nissan has a troubled three-way alli- its existing alliance back on track,
allows food to be grown year-round, The independent future of Honda, ance with France’s Renault and smaller another person close to the company’s
close to consumers, and with minimal Japan’s third-largest carmaker, has rival Mitsubishi Motors, leaving Honda board said. The merger idea quickly
labour, its proponents say. Now come under scrutiny in recent years as as the only group without a tie-up. evaporated before it reached the boards
agritech investors are pouring cash consolidation has grown elsewhere. The idea of combining Nissan with of both companies.
into the industry. But the ambitious project fizzled out Honda appears to have arisen from the Nissan, Honda and the prime minis-
Coronavirus spurs interest i PAGE 3 before it even began, after both sides protectionist instincts of advisers to ter’s office declined to comment.
immediately rejected the idea. Shinzo Abe, the prime minister. Those Additional reporting by Peter Campbell
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2 ★ FINANCIAL TIMES Monday 17 August 2020
NATIONAL
Wales project Post-transition period
Hitachi seeks to resurrect nuclear plant plan EU warns

City of delays
Japanese industrial group Hitachi suspended the £20bn Wylfa
project at the start of 2019 after failing to
nuclear schemes, which could enable
developers such as Horizon to become
He added that Horizon was having
“pretty detailed conversations right
to its parent company by December
before its funding expires next year.
in decision
wants clarity from
ministers on strategy
reach an agreement over financing. The
Japanese group decided at the time the
contractors. A decision on Wylfa’s plan-
ning application is expected by the end
now” about its proposals.
Plans to resurrect Wylfa could help
It wants clarity from government on
its nuclear strategy and a potential
on market
Nathalie Thomas — Edinburgh
project still posed “too great a commer-
cial challenge”, despite the government
offering to take a one-third equity stake
of next month.
Duncan Hawthorne, chief executive
of Horizon, said: “What I’ve been trying
the government out of a political tight
spot as rebel Conservative MPs question
the involvement of the Chinese state-
funding model by the autumn, when
ministers had been expected to publish
a delayed energy white paper and
access rights
Hitachi is talking to the government and provide debt financing. to do over the last period is convince backed CGN in Britain’s nuclear sector. national infrastructure strategy.
about resurrecting plans for a nuclear But Hitachi has maintained a skeleton people that our suspension has not in CGN is a junior funding partner on If sufficient commitment was not Jim Brunsden and Sam Fleming
Brussels
power plant in north Wales, which were staff at Horizon and continued to pur- any way undermined our ability to re- Hinkley Point C, Britain’s first new forthcoming, Mr Hawthorne conceded Philip Stafford — London
frozen at the start of last year. sue planning permission for Wylfa after start quickly. nuclear power plant in a generation, it would be “easy” for Hitachi to sell the
Horizon Nuclear Power, a UK-based the government launched a review into “We are ready to go . . . but the fund- under construction by France’s EDF in site, raising fears CGN could move in. The EU’s financial services chief has
subsidiary of Hitachi, has been holding a “regulated asset base” funding model, ing model needs to be in place. We’ve got Somerset. And there are particular con- The business department said: “New warned the City of London it may have
“detailed conversations” with the gov- which would see consumers pay upfront a competitively priced project that will cerns over another proposed scheme at nuclear has an important role to play in to wait beyond the end of this year to
ernment to persuade ministers the pro- through their energy bills for a new generate jobs quickly and really fuel the Bradwell-on-Sea in Essex, where the providing reliable, low-carbon power as know whether it will secure prized
posed Wylfa Newydd plant on Anglesey plant and significantly reduce the con- economy in the region the plant is in. If Chinese group hopes to install its own part of our future energy mix as we access rights to the whole of the bloc’s
could be quickly remobilised if they can struction risk for developers. we can’t make our transaction viable in reactor technology. tackle climate change. We regularly market, leaving banks and asset man-
produce a new financing model for large There has also been talk in the indus- this environment then it’s never going to But the clock is also ticking for Hori- engage with developers about their agers in the UK grappling with a com-
nuclear power stations in Britain. try of the state taking majority stakes in happen.” zon, which has to submit a business plan projects.” plex patchwork of national rules.
Valdis Dombrovskis, an executive vice-

president of the European Commission,
said that Brussels would not be ready in
A-level results. Tory tensions the coming months to assess whether
Britain qualifies for some pan-EU access
Johnson faces growing calls to fix exam chaos rights, known as equivalence provi-
sions, because the bloc’s own regula-
tions are in flux.
The stance underlines the complica-
tions and uncertainty awaiting the UK’s
critical financial services sector when
Confusion rises as regulator Britain’s post-Brexit transition period
withdraws guidance on how expires at the end of this year. When
that happens, the UK’s “financial serv-
to appeal against downgrades ices passport” — the right for companies
to exploit the benefits of the single
market — will disappear.
Laura Hughes and Bethan Staton
Unlike many other economic sectors,
Boris Johnson is under growing pressure financial services has been largely left
to step in and fix an exam moderation out of the EU-UK negotiations on a
system in increasing disarray after Eng-
land’s regulator suspended guidance on
how to appeal against downgraded
‘In some areas we will not
A-level results. be in a position to adopt
A system of calculated grades, intro-
duced after exams were cancelled
equivalence decisions’
because of coronavirus, was plunged Valdis Dombrovskis
into further uncertainty late on Satur-
day when regulator Ofqual recalled an future relationship — which resume
appeals process, published earlier in the tomorrow — because Brussels relies
day, announcing it would be reviewed instead on the unilateral equivalence
with details published “in due course”. system for determining what access
The climbdown spelt confusion for other countries should get.
pupils and teachers and increased calls About 40 equivalence provisions are
for Mr Johnson and Gavin Williamson, scattered in different EU financial
his under-fire education secretary, to regulations, covering everything from
drop moderated results entirely and use of non-EU trading platforms and
restore downgraded results to teacher- clearing houses to reliance on credit
assessed grades. ratings. They grant market access on the
With younger pupils set to receive basis that another country’s regulations
their GCSE results this Thursday based are as tough as those in force in the EU.
on the same model, Mr Johnson’s plans But Mr Dombrovskis said that a
for a holiday in Scotland are likely to be recent overhaul of the EU’s own rules for
overshadowed by the growing storm investment firms was still bedding
over schools. down, so there was no way for Brussels
The controversy has been gathering to make a rapid assessment of the UK’s
momentum ever since A-level students Classroom “We have some really poor people in and incompetence”. She accused Mr ‘It was tary of the National Education Union, eligibility for access rights in that area.
received grades last week based on controversy: senior positions and we keep tripping up Johnson of “watching from the sidelines said Saturday’s guidance demonstrated The measures include rights for
teacher predictions that were moder- Boris Johnson because of it. Number 10 has got to real- while a generation of young people are never that mock exams were inadequate for brokers and investment banks to
ated by an algorithm determined by fac- has been ise that these guys just aren’t delivering being robbed of their future”. possible to appealing calculated grades. market their services across Europe
tors such as the past performance of attacked by in places.” Pupils had been told by Ofqual on Sat- “It means Ofqual have accepted the without having to seek country-by-
their school. Labour for Robert Halfon, Conservative chair of urday that they could appeal against sit the principle that teacher-assessed grades country approvals among the EU’s 27
The system prompted outrage after it ‘watching from parliament’s education committee, results based on mock exam results or exams, are better than mock exams,” she said. member states. “In some areas we will
emerged nearly 40 per cent of grades the sidelines’ described the situation as a “huge mess” non-exam assessment grades, if they “If the government has any sense they’ll not be in a position to adopt equivalence
from teacher predictions had been Jeremy Selwyn/AFP and said pupils should be entitled to were higher than the grades they were because of have to bite the bullet and go with decisions . . . not all EU parameters are
downgraded and the method appeared appeal against “Kafkaesque exam awarded following moderation by the Covid. teacher-assessment grades — it’s the in place in these areas,” Mr Dom-
to have negatively affected capable stu- grades that no one understands”. Ofqual algorithm last week. least worst option at this point.” brovskis said. “Implementing rules are
dents from disadvantaged back- Ruth Davidson, the former Conserva- But pupils were also told if a pupil’s But surely Ofqual’s decision followed several not yet in place.”
grounds. tive party leader in Scotland, said “there teacher-assessed grade was lower than there was a threats of legal action, including from He said a lack of equivalence did not
Yesterday a growing number of Tory must have been a better way than this” the mock grade, then they would have the Good Law Project and Foxglove, a mean UK-based firms would be shut out
MPs questioned Mr Williamson’s “com- and urged Mr Williamson to “grip” the to accept the teacher’s initial prediction. better way charity that specialises in challenging of the EU market, but said UK regula-
petence” and students staged a second issue. Within hours of the guidance being than this’ the use of algorithms in government tors would have to strike agreements
day of protests outside the Department “Everybody knows that it’s impossi- published on the regulator’s website, decision-making. with counterparts on a country-by-
for Education in London. ble to handle exam results for exams students, schools and parents were left Ruth Davidson Cori Crider, director of Foxglove, said country basis.
Robert Syms, Conservative MP for that were never sat, it was never possi- facing yet more uncertainty after Ofqual by admitting that centre-assessed Julia Smithers Excell, a partner at law
Poole, said many of his colleagues were ble to sit the exams, because of Covid,” said it was now reviewing the process. grades were more reliable than mock firm White & Case in London, said that
“making views known to whips” and she said. “But surely there must have “We suspect that the Ofqual guidance exams, Ofqual’s guidance on appeals the absence of an equivalence decision
warned ministers to either address the been a better way than this.” on appeals has been withdrawn because opened the door to a legal challenge. “It for investment firms would mean addi-
issue with a “fair appeals process or risk Angela Rayner, deputy Labour leader, it is a recipe for even more chaos,” said basically conceded that for some classes tional complexity for the sector. “Unfor-
Tory MPs going on [the] warpath”. said the prime minister should take Geoff Barton, general secretary of the of people teacher assessments are the tunately these national regimes can
“The competence point is the issue,” “personal responsibility” for the situa- Association of School and College Lead- most rational basis for a grade,” she said. vary considerably from one EU27 mem-
seethed another backbench Tory MP. tion after weeks of “chaos, confusion ers. Mary Bousted, joint general secre- “That may be game over.” ber state to another,” she said.
Procurement New institute

MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Defence industry urges more Public Health England to be
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
emphasis on buying British axed after virus tests criticism
Trump vs the Valley A Five Star plan? Dear Don...
Tech titans need to minimise Italy’s populists are trying to woo May’s first stab at the break-up
political risk — GILLIAN TETT, PAGE 13 the poor — BIG READ, PAGE 11 letter — ROBERT SHRIMSLEY, PAGE 12
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
customs risks THE END

i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
ysis, the industry newsletter, show that but was not well placed to deliver a
dealmaking, as US companies ride a Trump-fuelled HOW DRIVERLESS
being swamped
equity market rally to hunt for bargains across the
OF THE
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
i Report outlines longer NHS waiting times

A report on how the health service can survive
TECHNOLOGY IS
CHANGING AN
Peggy Hollinger Laura Hughes
ROAD
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE Censors and sensitivity
by Brexit surge
some surgical procedures will be scrapped.— PAGE 4
roughly 20 per cent of 2019-20 procure- nationwide Covid-19 testing system.

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
The defence industry is calling on min- Public Health England is to be scrapped

taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15
3 Confidence in IT plans ‘has collapsed’

Credit Suisse Art of persuasion Mystery deepens
i London tower plans break records
A survey has revealed that a
How To Spend It
ment spending went on the five biggest Officials said the government was
3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR adjust its negotiation position with the
record 455 tall buildings are
planned or under construction
in London. Work began on
over disputed painting of Jane Austen
engulfed in
EU, a Whitehall official said. “If running almost one tower a week
isters to prioritise spending on British- as an independent health agency under

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
surge in workload expected once Britain press for certain options in Brussels.” The US secretary of state has failed to reconcile
fresh tax probe

US off-the-shelf programmes, up from committed to looking at ways to
leaves the EU, customs authorities have In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep
admitted to MPs.
HM Revenue & Customs told a parlia-
of the Commons treasury select com-
mittee, HMRC said the timetable for
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
Chic new lodgings
mentary inquiry that the new system
needed urgent action to be ready by
delivering CDS was “challenging but
achievable”. But, it added, CDS was “a i Toshiba investors doubt revival plan
in Scotland
based companies to help drive a post- government plans to set up a “more

March 2019, when Brexit is due to be complex programme” that needed to be In a stormy three-hour meeting, investors accused MAGAZINE
completed, and the chair of the probe linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
said confidence it would be operational tems to work properly. In November, 3 UK, France and Netherlands swoop
and cast doubt on a revival plan after Westinghouse
in time “has collapsed”. HMRC assigned a “green traffic light” to filed for Chapter 11 bankruptcy protection.— PAGE 16
3 Blow for bid to clean up Swiss image
12 per cent in 2016-17. “improve the system” and ensure the

Setting up a digital customs system CDS, indicating it would be delivered on
has been at the heart of Whitehall’s time. But last month, it wrote to the i HSBC woos transgender customers
Brexit planning because of the fivefold committee saying the programme had TheRALPH
bank hasATKINSunveiled
— ZURICHa range of gender-neutral it followed “a strategy offull client tax
increase in declarations expected at been relegated to “amber/red,” which DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to
British ports when the UK leaves the EU. means there are “major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.
FINANCIAL TIMES coronavirus, post-Brexit economic agile” body responsible for dealing
About 53 per cent of British imports apparent in a number ofkey areas”. Credit
needs Suisse hascustomers.
of transgender been targeted by
— PAGE 20 HM Revenue & Customs said it had
come from the EU, and do not require HMRC said last night: “[CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into
checks because they arrive through the track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-
single market and customs union. But and it will be able to support frictionless back Switzerland’s attempts to clean up dering by “a global financial institution
Datawatch
In the past four years, in-year spend- country is prepared for a second wave”
Theresa May announced in January that international trade once the UK leaves its image as a tax haven. and certain ofits employees”. The UK
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
the EU . . . Internal ratings are designed
to make sure that each project gets the
focus and resource it requires for suc-
cessful delivery.”
Terror attacks inwith
co-operating western Europe after
authorities
offices in London, Paris and Amsterdam
were contacted
Highlighted attack byOthers
Recent
Reproduction of the contents of this newspaper in

The Swiss bank said yesterday it was tax authority added: “The international
reach
itsattacks
notably the message
2011
— of this investigation sends a clear
that there is no hiding place for
massacre bythose seeking to evade tax.”
local officials
The lure of the exotic
Robin Lane Fox on the flair
recovery. with pandemics.

“concerning client tax matters”. Anders BreivikDutch in prosecutors, who initiated the
to hit 300m.
The revelations about the system,
HMRC’s letters to the select commit-
tee, which will be published today, pro- AFP Norway, the
Dutch authorities said their counter- action, said they seized jewellery, paint- of foreign flora — HOUSE & HOME
parts in Germany wereBrussels attacks in Paris
also involved, ings and gold ingots as part of their
Bracken House, 1 Friday Street, London EC4M 9BT.

called Customs Declaration Service, are vide no explanation for the rating Lloyd’s of London chose Brus- insurers to follow. Most of the EU, with Dublin and Luxem-
any manner is not permitted without the publisher’s

while Australia’s revenue department and Nice, and the while French officials said their
probe;
likely to throw a sharper spotlight on change, but some MPs believe it was sels over “five or six” other business written in Brussels bourg thought to be more likely Norway Brussels suicide
said it was investigating a Swiss
Nice bank. investigation had revealed “several
ing on those five programmes — the of the virus. “While the new body will
whether Whitehall can implement a caused by Mrs May’s unexpected deci- cities in its decision to set up an will be reinsured back to the homes for the industry. But Paris bombings — have
host of regulatory regimes — in areas sion to leave the EU customs union. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on The inquiries threaten to undermine thousand” bank accounts opened in
bucked the trend
ranging from customs and immigration Timetable & Great Repeal Bill page 2 expected loss of passporting headquarters, pictured above. its transport links, talent pool efforts by the country’s banking sector Switzerland and not declared to French
of generally low
to agriculture and fisheries — by the Scheme to import EU laws page 3 rights after Brexit. The Belgian capital had not and “extremely good regula- to overhaul business models and ensure tax authorities.
fatalities from
time Britain leaves the EU. Editorial Comment & Notebook page 12 John Nelson, chairman of the been seen as the first choice for tory reputation”. customers meet international tax The Swiss attorney-general’s office
Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
requirements following a US-led clamp- western Europesaid it was “astonished at the way this
Problems with CDS and other projects Philip Stephens & Chris Giles page 13 centuries-old insurance mar- London’s specialist insurance Lex page 14
essential to Brexit could force London to JPMorgan eye options page 18 ket, said he expected other groups after the UK leaves the Insurers set to follow page 18
billions of dollars in fines.
prior consent.
down on evaders, which resulted in operation has been organised with the
deliberate exclusion of Switzerland”. It
The probes risk sparking an interna- demanded a written explanation from
tional dispute after the Swiss attorney- Dutch authorities.
City watchdog sends a clear message as

With new data seen by the FT showing Apache AH-64E helicopter, E-7 Wedge- Amid fears of an autumn or winter “look different, the key functions of
general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty
ment” that it had been left out of the in the US to an “extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients THE RISE
Escape OF
the taper ECO-GLAM
trap
Published by: The Financial Times Limited,
banker loses job over WhatsApp boast
EU’s judicial liaison body.
Credit Suisse, whose shares fell 1.2 per
subject ofinvestigations in the Nether-

lands, France and the UK. The bank said in Paris
evade tax. It agreed to fines of $2.6bn.
Additional reporting by Laura Noonan in
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
Houlder in London, and Michael Stothard
Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library
How high earners can evade
a pension headache — FT MONEY
annual spending on US-sourced defence tail radar aircraft and P8 maritime resurgence of coronavirus in the UK, PHE will all be fulfilled”, they said.
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
Bracken House, 1 Friday Street,

JENNIFER THOMPSON — LONDON
Christopher Niehaus, a former Jeffer- ban people from installing apps on their
Shutdown risk as border

wall bid goes over the top
A boastful WhatsApp message has cost
a London investment banker his job
and a £37,000 fine in the first case of
regulators cracking down on commu-
nications over Facebook’s popular
chat app.
ies banker, passed confidential client
information to a “personal acquaint-
ance and a friend” using WhatsApp,
according to the FCA. The regulator said
Mr Niehaus had turned over his device
to his employer voluntarily.
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set “a precedent
in that it shows the FCA sees these mes-
saging apps as the same as everything
else”.
‘Financial
Brussels takes toughTimes’ and ‘FT’ are registered trade marks
stance on Brexit
with Spain handed veto over Gibraltar
390_Cover_PRESS.indd 1 19/01/2017 13:57
London EC4M 9BT. Congressional Republicans seeking to The FCA said Mr Niehaus had shared Information shared by Mr Niehaus
of The Financial Times Limited.

programmes rising sharply in recent patrol aircraft, all from Boeing, General officials confirmed plans to merge the PHE came into being as part of a wide-
avert a US government shutdown after The fine by the Financial Conduct confidential information on the messag- included the identity and details of a
April 28 have resisted Donald Trump’s Authority highlights the increasing ing system “on a number of occasions” client and information about a rival of ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
attempt to tack funds to pay for a wall problem new media pose for companies last year to “impress” people. Jefferies. In one instance the banker GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after
on the US-Mexico border on to that need to monitor and archive their Several banks have banned the use of boasted how he might be able to pay off STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would
stopgap spending plans. They fear staff’s communication. new media from work-issued devices, his mortgage if a deal was successful. The EU yesterday took a tough opening fully been singled out for unfavourable require “existing regulatory, budgetary,
that his planned $33bn increase in Several large investment banks have but the situation has become trickier as Mr Niehaus was suspended from Jef- stance in Brexit negotiations, rejecting treatment by the council at the behest of supervisory and enforcement instru-
Tel: 020 7873 3000 defence and border spending could

force a federal shutdown for the first
time since 2013, as Democrats refuse
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
banks move towards a “bring your own
device” policy. Goldman Sachs has
clamped down on its staff’s phone bills
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Living wage rise to pile
pressure on care services
Britain’s plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
Spain”. Madrid defended the draft
clause, pointing out that it only reflected
“the traditional Spanish position”.
ments and structures to apply”.
Mr Tusk wants talks on future trade
to begin only once “sufficient progress”
years, UK industry executives are urg- Atomics’ Protector surveillance drone agency with the NHS test and trace ranging shake up of the NHS almost 10
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and
US budget Q&A and accessed without permission from the issued BlackBerrys. for comment. About 2.3m people will benefit from European Council president Donald Mr Tusk’s text left room for negotiators citizen rights, which Whitehall officials
Trump attack over health bill i PAGE 8 user. Deutsche Bank last year banned Bankers at two institutions said staff Additional reporting by Chloe Cornish today’s increase in the national living Tusk’s first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
WhatsApp from work-issued Black- are typically trained in how to use new Lombard page 20 wage to £7.50 per hour. But the rise which are an important milestone on minister Theresa May’s allies insisted possible if certain conditions are met.
Editor: Roula Khalaf Subscribe In print and online

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will pile pressure on English councils,
which will have to pay care workers a
lot more. Some 43 per cent of care
staff — amounting to 341,000 people
aged 25 and over — earn less than the
The Financial Times and its journalism are subject to
the road to Brexit, sought to damp Brit-
ain’s expectations by setting out a
“phased approach” to the divorce proc-
ess that prioritises progress on with-
drawal terms.
that the EU negotiating stance was
largely “constructive”, with one saying it
was “within the parameters of what we
were expecting, perhaps more on the
upside”.
Boris Johnson, the foreign secretary,
reassured European colleagues at a
Nato summit in Brussels that Mrs May
had not intended to “threaten” the EU
when she linked security co-operation
ing officials conducting a defence review and Lockheed Martin’s F-35 stealth programme would be set out in detail years ago and is an executive agency of
STOCK MARKETS CURRENCIES INTEREST RATES new living wage and the increase is The decision to add the clause giving British officials admitted that the EU’s after Brexit with a trade deal.
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£360m in the coming financial year. deals covering Gibraltar could make the European Court of Justice in any transi- Jonathan Powell, Tim Harford &
For the latest news go to S&P 500 2365.93 2361.13 0.20 $ per € 1.074 1.075 € per $ 0.932 0.930 US Gov 10 yr 98.87 2.38 0.00
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297.99 297.73 0.09 Gold $
Mar 30
50.22
52.98
1248.80
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49.51
52.54
1251.10
Fed Funds Eff
%chg US 3m Bills
1.43 Euro Libor 3m
0.84 UK 3m
-0.18 Prices are latest for edition
0.66
0.78
-0.36
0.34
0.66
0.78
-0.36
0.34
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88.767 89.046 $ index
77.226 76.705 US Gov 30 yr
104.536 104.636 Ger Gov 2 yr
99.27
102.57
3.04
-0.75
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until 2030 — to allocate certain procure- £1.4bn, according to Defence Analysis. As ministers scramble to explain Eng- directly to the health secretary.
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Are available of any FT article with your company ment to UK-based bidders. The UK’s total annual procurement land’s poor response to the virus and The new body is expected to look
Advertising logo or contact details inserted if required (minimum “We want a competitive regime but budget, in contrast, rose by just 14 per high death toll, Boris Johnson’s govern- similar to Germany’s Robert Koch
Tel: 020 7873 4000; emeaads@ft.com order 100 copies).
Letters to the editor also would like to see recognition that a cent during that period. ment has increasingly sought to blame Institute, praised for its co-ordination of
letters.editor@ft.com One-off copyright licences for reproduction of FT significant number of our [UK] projects “The MoD, in procurement, are so PHE for much of what has gone wrong. the country’s public health response to
Executive appointments articles are also available. will never be put on the market in that separated from the country that they Among the criticism of the agency is the pandemic. The Sunday Telegraph
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way,” said one person involved in the have one procurement policy — make that it stopped tracing contacts of all first reported it would be called the
Printed by alternatively, email syndication@ft.com discussions. America great again,” said Francis Tusa, people who had tested positive for coro- National Institute for Health Protection.
St Clements Press (1988) Ltd, London, Newsprinters The procurement process needed to editor of Defence Analysis. “There are a navirus once case numbers began to rise A Department of Health and Social
(Knowsley) Limited, Merseyside, Newsprinters Newspapers support recycling give more recognition to bids delivering lot of sensible things they can buy in the sharply in March. Speaking in July, Care spokesman said: “Public Health
(Eurocentral) Glasgow, and Smurfit Kappa News The recycled paper content of UK newspapers in
Press Ld, Kells, Ireland 2018 was 69.2% greater value to the UK in terms of jobs UK.” He cited the UK’s reluctance to health secretary Matt Hancock hinted England have played an integral role in
and economic prosperity, he said. order a next-generation Typhoon PHE would not continue in its current our national response to this unprece-
© Copyright The Financial Times Limited 2020. All The campaign comes as Ministry of fighter jet, equipped with the latest form. It was “really good as a scientific dented global pandemic.”
rights reserved.
Defence data acquired by Defence Anal- radar technology. organisation”, Mr Hancock told MPs, Downing Street refused to comment.
Monday 17 August 2020 ★ FINANCIAL TIMES 3
NATIONAL
Coronavirus
crisis renews
interest in
vertical farming
Higher productivity of crops grown indoors
appeals to British farmers hit by rising costs
MURE DICKIE — INVERGOWRIE James Hutton Institute, a research
EMIKO TERAZONO — LONDON
organisation that hosts the IGS farm and
The coronavirus pandemic has been a another vertical farming company,
big worry for many British farmers, Liberty Produce, said the global food
threatening access to agricultural supply system had generally worked
labour and complicating international well during the pandemic. But he added
supply chains. that the crisis had highlighted worries
But for proponents of indoor farming, about food safety and the risks of relying
the crisis has offered an opportunity. on seedlings or produce grown far away
David Farquhar, chief executive of from where it is consumed. “Covid-19 is
technology developer Intelligent making a lot of people rethink how we Leafy greens: However, many vertical farm start-ups technology that could work in regions ‘[Vertical grains or cereals. Martin Dickie, founder
Growth Solutions, says the pandemic want to grow our food,” he said. plant scientist have struggled with the high initial such as parts of the Middle East, where of Vertegrow and co-founder of Brew-
has prompted a spike in interest in While agritech investors have been Csaba Hornyik investment for building the facilities conventional farming was impossible, farming Dog, said the new facility would grow
“vertical farms”, where batches of crops pouring millions of dollars into vertical under LED lights and running costs. The sector has been or areas in countries such as China that makes] leafy greens, baby leaves like pak choi,
can be individually watered, fed and lit farm start-ups in the US and Europe, in Invergowrie. littered with bankruptcies as companies suffer from serious soil contamination. and herbs, such as basil, using only rain-
using LED lights, allowing them to be Irving Fain, founder of US vertical Below, Mr struggling to remain competitive on Mr Manzoni said the investment case people water and without pesticides.
grown year-round with minimal labour farming firm Bowery Farming, said the Hornyik price have run out of cash. for vertical farms suffered by compari- change “With Covid, people are really
near their markets, regardless of local pandemic had accelerated interest harvests crops Niccolo Manzoni of Five Seasons Ven- son with open field production. “In an focused on healthy lifestyles and
soil or weather conditions. around the world. “The simplicity of the Jeremy Sutton-Hibbert tures, a Paris-based agritech venture open field, you have the sun for free. In a their ideas focused on more sustainable plant-
At the company’s demonstration supply chain is extremely important,” capital firm, said locally grown fruit and vertical farm, the electricity bill is very of what the based diets, and they want to make sure
farm in Invergowrie near the Scottish Mr Fain said. vegetables appealed to consumers. He high,” he said. “It only makes sense to what they are putting into their bodies
city of Dundee, trays of produce stacked IGS sold its first vertical farm in July to said producers would also welcome operate a [vertical] farm where electric- food system are spray-free,” Mr Dickie said.
in nine-metre-tall towers are managed an Aberdeenshire venture backed by a ity is dirt cheap or a place where energy should The green credentials of vertical
remotely from seeding to packaging. founder of craft beer business BrewDog. is being heavily subsidised.” farming are undermined by the need for
Humans need to enter the towers only According to Mr Farquhar, the company But Graeme Warren, chief executive be like’ artificial lighting, particularly if the
for occasional maintenance. “You can last year raised £7m from three venture of Aberdeenshire-based Vertegrow, said electricity is generated from fossil fuels.
run it entirely on robotics . . . You prob- capital firms and the Scottish Invest- the company expected the four-tower But Prof Campbell said this was offset by
ably need to go in once every six ment Bank and could build a four- facility that will be built for it by IGS this the reduced need for transport and a
months,” Mr Farquhar said. tower farm that would produce more year to quickly start paying for itself. reduction in food waste, because crops
This higher productivity will have than 80 tonnes of produce a year for “When the facility is fully operational were of more uniform quality and sup-
particular appeal to British farmers, around £2.5m. and the four towers are operating at ply could be matched to demand.
who are facing a steep increase in costs At the IGS facility in Invergowrie, capacity, then it should be profitable at And, he added, “there is likely to be
because coronavirus restrictions have each tray of produce has its own micro- that point,” Mr Warren said. “We reduced greenhouse gas emissions,
affected the arrival of seasonal workers climate, with temperature differences wouldn’t be going into this project if we because of reduced fertiliser use”.
from eastern Europe. Brexit may also of up to 6C between the trays immedi- didn’t think we would be cash positive in “[Vertical farming] appears to be
make it more difficult to access labour ately above or below. The growing tower the not so distant future.” Because of the very disruptive in the true sense of the
from the bloc when the UK’s transition is accessed through an air lock and relatively high costs of vertical farms, it word, because it is making people
period expires at the end of the year. plastic curtain barrier, removing the makes sense to grow high-margin crops change their ideas of what the food
Colin Campbell, chief executive of the need for chemicals to control pests. rather than commodities like bulk system should be like.”
INTERNATIONAL
Belarus protests US election
Russia offers Lukashenko military support Democrats

invite postal
Kremlin backing comes as Yet even as the domestic pressure
mounted, Mr Lukashenko received sup-
offering us new elections. I just said: if
we dive into this swamp, we will never
rusians who took to the streets to pro-
test that the vote was rigged.
cracks in the Belarus establishment.
Several high-profile presenters have
chief to testify
demonstrations continue
against election result
port from Moscow. The Kremlin said
yesterday that President Vladimir Putin
climb out,” he said, according to state-
run news agency Belta. “If someone
The clampdown left at least two peo-
ple dead, hundreds injured and nearly
resigned from state television. On Satur-
day, the independent Nasha Niva web-
in dispute
James Shotter — Warsaw
Michael Peel — Brussels
had spoken to his Belarusian counter-
part, taking note of “external pressure”
on Belarus, and had offered to provide
wants to give away the country, even
when I am dead, I will not allow it.”
7,000 detained. After details of beatings
and torture emerged, the protests
mushroomed into the most serious
site posted a video in which the Belaru-
sian ambassador to Slovakia, Igor Lesh-
chenya, expressed his “solidarity” with
over voting
assistance “if necessary” through a col- challenge Mr Lukashenko has faced protesters.
Russia said yesterday it was prepared to lective defence security pact of former
‘I don’t remember anything since he took power in 1994. Strikes have also spread through Bela- Katrina Manson — Washington
provide security support to Alexander Soviet states. like this. It is not just the “I don’t remember anything like this rus’s state-owned companies, which tra-
Senior Democrats have invited the US
Lukashenko, as hundreds of thousands The Kremlin’s backing, a reaffirma- since 1994 or even 1991. In 2010 there ditionally have been the bedrock of Mr
of the Belarusian strongman’s oppo- tion of commitments it has made under
opposition — it is the were protests, but they were just 12,000 Lukashenko’s support. Opposition lead-
postmaster-general to testify before
Congress on “dangerous” operational
nents rallied across the country, existing treaties, came as Mr Lukash- people, who want changes’ or 15,000 people and they were just ers have called for a national strike to
changes to the postal service they say
demanding he step down after last enko delivered a defiant speech to a from the opposition. But today it is not continue today.
jeopardise November’s elections,
week’s disputed election. rally of several thousand of his support- Nato said it was “closely monitoring” just the opposition — it is the people, Opposition candidate Svetlana
and are planning emergency funding
The biggest opposition rally came in ers in central Minsk. the situation but denied it was increas- who simply want changes,” said Eugen Tikhanovskaya, who fled Belarus last
legislation.
Minsk, the capital, where protesters Angrily denouncing his opponents as ing its presence near the eastern Euro- from Minsk. week under pressure from the security
flooded the area around the Stela sec- “rats” controlled by foreign puppet- pean nation’s borders. As well as the rally in Minsk, protests services, is setting up a co-ordination Nancy Pelosi, House Speaker, and
ond world war monument, waving flags masters, Mr Lukashenko accused Nato Belarus has endured a tumultuous against Mr Lukashenko took place in council to work towards a transfer of Chuck Schumer, Senate minority
and chanting: “Leave! Leave!” Local of massing on the country’s western bor- week since Mr Lukashenko claimed a cities across the country, including power. leader, called Louis DeJoy “an accom-
media said as many as 200,000 people der, and insisted that he would not landslide election victory and then Grodno, Brest and Pinsk. Her allies are trying to persuade the plice in the president’s campaign to
took part. rerun last week’s election. “They are unleashed a savage crackdown on Bela- In recent days there have been signs of EU to recognise her as president. cheat in the election”.
In a joint statement, they said a warn-
ing by the United States Postal Service
that mail-in ballots may not arrive in
time to be counted on November 3 was a
US. White House race threat to the integrity of the elections
“and to our very democracy”.
Trump and Biden grapple with virus-hit campaign Ms Pelosi intends to call the House
back early from the August recess and
invite Mr DeJoy and Robert Duncan,
chairman of the USPS board of gover-
nors, to testify at an urgent hearing on
August 24. At issue are changes law-
Democrat has built poll lead, makers say could slow the mail and
in part by avoiding scrutiny a threaten mass postal voting during the
coronavirus pandemic.
candidate would normally face “The president has explicitly stated
his intention to manipulate the postal
service to deny eligible voters access to
Demetri Sevastopulo — Washington
the ballot in pursuit of his own re-elec-
Joe Biden will be anointed as the Demo- tion,” Democratic lawmakers said in a
crats’ presidential candidate at the statement yesterday.
party’s four-day national convention Adam Schiff, a Democrat and chair of
that begins in Minnesota today. the House intelligence committee, and
But the only-high profile politician to Senator Bernie Sanders were among
appear before a crowd in the upper lawmakers who called for Mr DeJoy to
Midwestern swing state on that day will resign over the weekend.
not be the former vice-president but Mr Trump said on Saturday that mass
Donald Trump. postal voting could make it impossible
While Mr Biden and top Democrats to know the results of November’s presi-
from Barack Obama to Bill and Hillary dential election “for months or for
Clinton congregate online at a virtual years” as he stepped up his campaign
convention because of coronavirus, the against universal mail-in voting. He said
US president has no qualms about troll- the process would be “catastrophic”.
ing Mr Biden by campaigning live in Mr Trump, who is facing defeat at the
Minnesota, despite scaling back the election, according to the latest polls,
Republican convention, which starts warned votes could be lost, discarded or
the following week. subject to fraud — found “in piles” or “be
The two approaches highlight the gone” — adding there would be no way
challenges of campaigning for the presi- to know when to cut off the vote count.
dency amid a pandemic. Mr Schumer said yesterday Mr DeJoy
Mr Trump is making much of the fact had refused three times to meet him. He
that his 77-year-old opponent has for added that he wanted to bring “must-
months been largely confined to his Del- pass” legislation to force the hand of the
aware home, suggesting such reticence postal service. “Mr DeJoy has a public-
points to Mr Biden’s weakness as a can- be-damned attitude,” he told reporters.
didate for the White House. Back on stage: public health guidelines. Voters have given some of his more controversial ‘Our goal is Her group is focused on energising “low- Mr Schumer said he would also
“Our goal is to put President Trump in Donald Trump’s punished Mr Trump over his handling statements about tackling the virus. information” younger voters who tend demand the Senate be recalled for hear-
front of as many voters between now first campaign of the Covid-19 outbreak. Polls show Mr Digital campaigning — everything to put to be less engaged — in a push that could ings and a vote. It was not clear if Senate
and election day, and where possible we rally in several Biden with a comfortable edge nation- from Instagram, YouTube and Face- President help Mr Biden since his support among majority leader Mitch McConnell would
are going to have him travel,” said Jason months, in ally, and he leads in every swing state book to text messaging and advertising younger Americans tends to be much accept such a request.
Miller, a senior Trump campaign strate- Tulsa, except Iowa and North Carolina. But on streaming services — advances with Trump in weaker. Mr DeJoy has been criticised for dis-
gist. Oklahoma, in Doug Heye, a Republican strategist, says each election. But the pandemic has front of “We needed to pivot the majority of mantling mail-sorting machines, cut-
The president has expressed frustra- June, attracted the pandemic has helped the Biden made it even more important, with vot- our money towards addressing the ting overtime and removing post boxes
tion that the pandemic has prevented fewer than team in another way. ers stuck at home working remotely or as many enthusiasm gap for Biden,” said Ms since starting work as postmaster-gen-
him from holding the huge rallies that expected “It allows them to avoid the kind of because they have lost their jobs. voters Kowalczyk, who said his decision to eral in June. The postal service says
defined his campaign in 2016. In June Leah Millis/Reuters gruelling schedule that a candidate Shannon Kowalczyk, chief marketing select Kamala Harris as his vice-presi- structural changes and budget cuts are
only 7,000 supporters turned up to a would normally have to run,” he said. officer for Pacronym, a Democratic between dential running mate would help. needed to put it on an operational foot-
Trump event, which his team had During the primaries, Mr Biden held “Super Political Action Committee” that now and She said another critical difference ing as dwindling revenues tumble fur-
boasted would attract 1m. noticeably fewer events than his rivals. plans to spend $75m producing digital this year was the expected increase in ther during the coronavirus pandemic.
In contrast with the president, who Before the pandemic, some Democrats ads to help Mr Biden, said her team was election postal voting because of the pandemic. Mark Meadows, White House chief of
engages with reporters almost every privately worried that a tough campaign having to be extra nimble. day’ Democrats are concerned as Mr Trump staff, accused Democrats of trying to
day, Mr Biden rarely takes questions, would reveal more of his weaknesses — Early during the pandemic, Pacro- threatens to make it harder for the post “stoke fear”, telling CNN no sorting
partly because he has so few public less energy compared with his younger nym found that ads attacking Mr office to deliver ballots amid cost-cut- machines would go offline between now
appearances. years, a tendency for gaffes, and signs Trump over his handling of the situa- ting efforts that could also hurt delivery. and the election. Mr Meadows called on
As the election shapes up to be a refer- that he increasingly has trouble remem- tion were very effective. But after a cou- “We have to have the message out Democrats to negotiate funding for the
endum on Mr Trump’s handling of the bering his words. ple of months, they realised that mes- there early and often, as people are vot- USPS, which is facing budget shortfalls.
pandemic, Mr Biden has used what Yet with his overwhelming focus on a sage was gaining less traction. ing all the time,” said Ms Kowalczyk. He said the president would sign on to
some call his “basement strategy” to virtual campaign, Mr Biden has been “Everyone wanted to start thinking “The election is not just one day in additional funding as part of a wider
attack the president, arguing that with less exposed. Meanwhile Mr Trump about the future. You have got to keep November, it is every day.” stimulus package that has become
his virtual campaigning he is following risks overexposure in a dangerous way, your hand on the pulse,” she said. Edward Luce see Opinion stalled along party political lines.
Washington-Beijing ties
Trump vs the Valley

FRIDAY 31 MARCH 2017
Tech titans need to minimise

political risk — GILLIAN TETT, PAGE 13
A Five Star plan?
WORLD BUSINESS NEWSPAPER
Italy’s populists are trying to woo

the poor — BIG READ, PAGE 11
UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
Dear Don...
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
US stance on South China Sea undermined by Philippines
HMRC warns
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Lloyd’s of Brussels Insurance market

THE END
Briefing
to tap new talent pool with EU base HOW DRIVERLESS
customs risks
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
OF THE TECHNOLOGY IS
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
CHANGING AN
being swamped ROAD
i Report outlines longer NHS waiting times
AMERICAN WAY OF LIFE
as worrying, Washington’s oldest ally in standing order to us, to me, that we demanded that rival claimants to the
A report on how the health service can survive
more austerity has said patients will wait longer for Censors and sensitivity
by Brexit surge
non-urgent operations and for A&E treatment while
some surgical procedures will be scrapped.— PAGE 4
i Emerging nations in record debt sales

Developing countries have sold record levels of
FT WEEKEND MAGAZINE
Warning: this article may be
upsetting — LIFE & ARTS Kathrin Hille — Taipei
government debt in the first quarter of this year,
taking advantage of a surge in optimism toward
John Reed — Bangkok

Credit Suisse Art of persuasion Mystery deepens
the region the Philippines, is showing should not involve ourselves in naval South China Sea commit to holding
emerging markets as trade booms.— PAGE 15
3 Confidence in IT plans ‘has collapsed’ i London tower plans break records

A survey has revealed that a over disputed painting of Jane Austen How To Spend It
3 Fivefold rise in declarations expected record 455 tall buildings are
engulfed in
planned or under construction
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
signs of wavering in the face of Chinese exercises in the South China Sea except naval drills only within 12 miles of their
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
surge in workload expected once Britain
leaves the EU, customs authorities have
admitted to MPs.
HM Revenue & Customs told a parlia-
mentary inquiry that the new system
ought to have an impact on how we
press for certain options in Brussels.”
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
mittee, HMRC said the timetable for
delivering CDS was “challenging but
fresh tax probe
i Tillerson fails to ease Turkey tensions
The US secretary of state has failed to reconcile
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
Chic new lodgings
in Scotland
MAGAZINE When the US Navy kicks off the world’s
FEBRUARY 4 2017
pressure. in our national water, the 12-mile dis- coasts.

needed urgent action to be ready by achievable”. But, it added, CDS was “a i Toshiba investors doubt revival plan
March 2019, when Brexit is due to be complex programme” that needed to be 3 UK, France and Netherlands swoop
In a stormy three-hour meeting, investors accused
largest maritime military exercise

completed, and the chair of the probe linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
said confidence it would be operational tems to work properly. In November, 3 Blow for bid to clean up Swiss image
and cast doubt on a revival plan after Westinghouse
in time “has collapsed”. HMRC assigned a “green traffic light” to filed for Chapter 11 bankruptcy protection.— PAGE 16
Setting up a digital customs system CDS, indicating it would be delivered on RALPH ATKINS — ZURICH it followed “a strategy offull client tax
DUNCAN ROBINSON — BRUSSELS
has been at the heart of Whitehall’s time. But last month, it wrote to the i HSBC woos transgender customerscompliance” but was still trying to
Brexit planning because of the fivefold committee saying the programme had The bank has unveiled a range of gender-neutral gather information about the probes.
“How is this rolling back the control tance from our shores,” Mr Lorenzana The Philippines and the US have a
increase in declarations expected at been relegated to “amber/red,” which Credit
titles suchSuisse
as “Mx”,has been targeted
in addition by Miss or
to Mr, Mrs, HM Revenue & Customs said it had
British ports when the UK leaves the EU. means there are “major risks or issues Ms,sweeping
in a move tax
toinvestigations
embrace diversity in the
andUK,
cater to launched
the a criminal investigation into
today, one country that has not been

About 53 per cent of British imports apparent in a number ofkey areas”. France
needs and the Netherlands,
of transgender customers.— setting
PAGE 20 suspected tax evasion and money laun-
come from the EU, and do not require HMRC said last night: “[CDS] is on back Switzerland’s attempts to clean up dering by “a global financial institution
checks because they arrive through the track to be delivered by January 2019, its image as a tax haven. and certain ofits employees”. The UK
single market and customs union. But and it will be able to support frictionless The Swiss bank said yesterday it was tax authority added: “The international
Datawatch
Theresa May announced in January that international trade once the UK leaves co-operating with authorities after its reach of this investigation sends a clear
offices in London, Paris and Amsterdam message that there is no hiding place for
The lure of the exotic
Brexit would include departure from the EU . . . Internal ratings are designed
wereattacks
Terror contacted by local
in western Europe officials those— seeking to evade tax.” Robin Lane Fox on the flair
China has established through its artifi- said. mutual defence treaty that Mr Pompeo
both trading blocs. HMRC handles 60m to make sure that each project gets the Recent attacks
“concerning client tax matters”. notably the 2011 Dutch prosecutors, who initiated the
declarations a year but, once outside the focus and resource it requires for suc-
Dutch authorities
Highlighted attack said their counter-
Others action, said they seized jewellery, paint- of foreign flora — HOUSE & HOME
invited to the 10-nation drill will be

customs union, the number is expected cessful delivery.” massacre by
to hit 300m. HMRC’s letters to the select commit- parts in Germany were also involved, ingsinand gold ingots as part of their
Anders Breivik
The revelations about the system, tee, which will be published today, pro- AFP while Australia’s revenue department Norway, theprobe; while French officials said their
called Customs Declaration Service, are vide no explanation for the rating Lloyd’s of London chose Brus- insurers to follow. Most of the EU, with Dublin and Luxem- said it was investigating a Brussels
Swiss bank. investigation had revealed “several
attacks in Paris
The inquiries threaten to undermine and Nice, and the
thousand” bank accounts opened in
likely to throw a sharper spotlight on change, but some MPs believe it was sels over “five or six” other business written in Brussels bourg thought to be more likely Norway Brussels suicide
efforts by the Paris country’s banking sector Switzerland and not declared to French
whether Whitehall can implement a caused by Mrs May’s unexpected deci- cities in its decision to set up an will be reinsured back to the homes for the industry. But Nice bombings —
to overhaul business models and ensure taxhave
authorities.
cial islands?” said William Choong, an His remarks followed a laconic state- last year confirmed extended to the
host of regulatory regimes — in areas sion to leave the EU customs union. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on
customers meet internationalbucked tax the trend The Swiss attorney-general’s office
ranging from customs and immigration Timetable & Great Repeal Bill page 2 expected loss of passporting headquarters, pictured above. its transport links, talent pool of generally low
requirements following a US-led clamp- said it was “astonished at the way this
to agriculture and fisheries — by the Scheme to import EU laws page 3 rights after Brexit. The Belgian capital had not and “extremely good regula- fatalities from
watching with particular interest.

down on evaders, which resulted in operation has been organised with the
time Britain leaves the EU. Editorial Comment & Notebook page 12 John Nelson, chairman of the been seen as the first choice for tory reputation”. Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
billions of dollars in fines. deliberate exclusion of Switzerland”. It
western Europe
Problems with CDS and other projects Philip Stephens & Chris Giles page 13 centuries-old insurance mar- London’s specialist insurance Lex page 14 The probes risk sparking an interna- demanded a written explanation from
essential to Brexit could force London to JPMorgan eye options page 18 ket, said he expected other groups after the UK leaves the Insurers set to follow page 18 tional dispute after the Swiss attorney- Dutch authorities.
general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty
ment” that it had been left out of the in the US to an “extensive and wide-
Escape the taper trap
analyst at the Yusof Ishak Institute in ment by Mr Duterte that he was unable South China Sea. Washington was also
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients
City watchdog sends a clear message as EU’s judicial liaison body.

Credit Suisse, whose shares fell 1.2 per
evade tax. It agreed to fines of $2.6bn.
Additional reporting by Laura Noonan in
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
How high earners can evade
banker loses job over WhatsApp boast subject ofinvestigations in the Nether-
lands, France and the UK. The bank said in Paris
Houlder in London, and Michael Stothard
Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library
a pension headache — FT MONEY
Although Rim of the Pacific 2020 will be Singapore. “That would have worked 10 to assert Manila’s claim to the waters heartened after Manila suspended a
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
JENNIFER THOMPSON — LONDON
A boastful WhatsApp message has cost

Christopher Niehaus, a former Jeffer-
ies banker, passed confidential client
ban people from installing apps on their
private phones. Brussels takes tough stance on Brexit
with Spain handed veto over Gibraltar
a London investment banker his job information to a “personal acquaint- Andrew Bodnar, a barrister at Matrix
and a £37,000 fine in the first case of ance and a friend” using WhatsApp, Chambers, said the case set “a precedent
Shutdown risk as border regulators cracking down on commu- according to the FCA. The regulator said in that it shows the FCA sees these mes-
wall bid goes over the top nications over Facebook’s popular Mr Niehaus had turned over his device saging apps as the same as everything
chat app. to his employer voluntarily. else”.
based in Hawaii, China will be tracking or 20 years ago but not today.” because “China has the arms, we do plan to end an agreement governing the
Congressional Republicans seeking to The FCA said Mr Niehaus had shared Information shared by Mr Niehaus ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
avert a US government shutdown after The fine by the Financial Conduct confidential information on the messag- included the identity and details of a GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after
April 28 have resisted Donald Trump’s Authority highlights the increasing ing system “on a number of occasions” client and information about a rival of STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would
attempt to tack funds to pay for a wall
on the US-Mexico border on to
problem new media pose for companies
that need to monitor and archive their
last year to “impress” people.
Several banks have banned the use of
Jefferies. In one instance the banker
boasted how he might be able to pay off
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
fully been singled out for unfavourable
treatment by the council at the behest of
Spain”. Madrid defended the draft
THE RISE
supervisory OF instru-
and enforcement
ments and structures to apply”.
ECO-GLAM
require “existing regulatory, budgetary,
stopgap spending plans. They fear staff’s communication. new media from work-issued devices, his mortgage if a deal was successful. Britain’s plea for early trade talks and
that his planned $33bn increase in Several large investment banks have but the situation has become trickier as Mr Niehaus was suspended from Jef- Living wage rise to pile explicitly giving Spain a veto over any clause, pointing out that it only reflected Mr Tusk wants talks on future trade
defence and border spending could banned employees from sending client banks move towards a “bring your own feries and resigned before the comple- pressure on care services arrangements that apply to Gibraltar. “the traditional Spanish position”. to begin only once “sufficient progress”
any joint manoeuvres by US friends and Despite this, the US is trying to match not”. visits of US forces to the Philippines.
force a federal shutdown for the first information over messaging services device” policy. Goldman Sachs has tion of a disciplinary process. Senior EU diplomats noted that has been made on Britain’s exit bill and
time since 2013, as Democrats refuse including WhatsApp, which uses an clamped down on its staff’s phone bills Jefferies declined to comment while About 2.3m people will benefit from European Council president Donald Mr Tusk’s text left room for negotiators citizen rights, which Whitehall officials
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request today’s increase in the national living Tusk’s first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
US budget Q&A and accessed without permission from the issued BlackBerrys. for comment. wage to £7.50 per hour. But the rise which are an important milestone on minister Theresa May’s allies insisted possible if certain conditions are met.
Trump attack over health bill i PAGE 8 user. Deutsche Bank last year banned Bankers at two institutions said staff Additional reporting by Chloe Cornish will pile pressure on English councils, the road to Brexit, sought to damp Brit- that the EU negotiating stance was Boris Johnson, the foreign secretary,
WhatsApp from work-issued Black- are typically trained in how to use new Lombard page 20 which will have to pay care workers a ain’s expectations by setting out a largely “constructive”, with one saying it reassured European colleagues at a
lot more. Some 43 per cent of care “phased approach” to the divorce proc- was “within the parameters of what we Nato summit in Brussels that Mrs May
MAKE A SMART INVESTMENT

staff — amounting to 341,000 people ess that prioritises progress on with- were expecting, perhaps more on the had not intended to “threaten” the EU
aged 25 and over — earn less than the drawal terms. upside”. when she linked security co-operation
allies on the sidelines or after the exer- its punchy new rhetoric on the region Security officials in other Asian coun- For Washington, the Philippines is
390_Cover_PRESS.indd 1 19/01/2017 13:57
Subscribe In print and online World Markets new living wage and the increase is The decision to add the clause giving British officials admitted that the EU’s after Brexit with a trade deal.
expected to cost councils’ care services Spain the right to veto any EU-UK trade insistence on a continuing role for the Reports & analysis page 3
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Since last month, when US secretary such as Japan and Australia, much more waters came as a shock. Beijing has long strategy for competing with China in the
of state Mike Pompeo declared as illegal frequently in recent months and wider Indo-Pacific region. China’s devel-
Morning briefing. Midday analysis. Mobile updates. Subscribe to China’s vast maritime claims on the recently held a drill involving two air- opment of missiles that can threaten big
the FT and you’re better informed all day. South China Sea, over which other coun- craft carriers while China’s navy was US bases and aircraft carriers is forcing
tries ranging from Vietnam to the Phil- exercising nearby. Washington to consider a new strategy
With newspaper delivery, you start the day prepared.* With FT.com, ippines also claim partial sovereignty, Some countries in the region have relying on smaller, mobile units.
you’re on top of the news throughout the day. And with mobile the region has become the focal point of supported Mr Pompeo’s July statement, The US Marines have developed an
and tablet access, you’re up to speed wherever you are. Washington’s strategic rivalry with such as Vietnam. operational concept under which they
Beijing. But the weak spot in the tougher US would spread out to multiple islands in
But while the July 13 statement ended strategy is proving to be the shifting Asia and the Pacific to make it harder
the US pretence of neutrality in the stance of the Philippines. This month for an enemy to find, track and target
Visit FT.com/subscribenow South China Sea, some argue it might Delfin Lorenzana, Manila’s normally them.
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*Terms and conditions can be found at www.ft.com/subscribenow Beijing has built and militarised a series exercises in the South China Sea. Maritime exercise: China will track than 7,000 islands sit between the South
of artificial islands in the area and, just “President Rodrigo Duterte has a the drill, kicked off by the US Navy China Sea and the Pacific Ocean.
INTERNATIONAL
Global insight
Russia’s far east
Colombia
Kremlin orders media to vilify governor Michael

Stott
Pressure put on editors east that have run for almost 40 days. In or St Petersburg, local police have not ‘[The charges, which date back to 2004.
response, the Kremlin has put used mass arrests or physical intimida- According to the document, dated July
over jailed politician in document]
bid to quell mass protests
pressure on the media to “double the
number of reports on the shortcomings
of [Mr] Furgal’s work as governor
tion against participants. “[The docu-
ment] is for local media outlets, their
editors,” a Kremlin official told the FT.
is for local
29, the number of positive comments
about the protests in Russian media and
social media channels outnumbered
Arrest of ex-president
Henry Foy — Moscow (deheroization of the image of the
‘people’s governor’)”, according to a
“It is like military orders, they will fol-
low it.” The Kremlin declined to com-
media
outlets . . .
negative ones by around two to one.
In response, the Kremlin sought “to
jeopardises a Latin
The Kremlin has called on Russian
media outlets to pump out stories
undermining a popular regional gover-
document seen by the FT.
Outlets should also “continue infor-
mation activities to discredit active
ment when contacted by the FT.
Russia’s traditional media are almost
exclusively controlled by Mr Putin’s
It is like
double the number of messages about
public fatigue regarding the protests,
their dangers and illegality” and “to
America success story
nor whose arrest and replacement last participants of the unauthorised pro- administration, either through direct
military double the number of messages about
month sparked the largest and longest- tests, including social media pages ownership or via Kremlin-friendly busi- orders, the participation of visiting provoca-
C
running mass protests against Moscow actively supporting such events (stories nessmen and editors. While opposition they will teurs in the protests”. olombia has been a rare good news story in a
for two decades. exposing such activists),” the adminis- groups are active on social media, the The Kremlin’s response was to troubled continent. Despite a long history of
Sergei Furgal, who in 2018 defeated tration document states. Kremlin has in recent years beefed up follow it’ appoint a Moscow apparatchik from Mr political violence and a more recent one of
the candidate of President Vladimir The demands are confirmation that its presence in these networks. Furgal’s party to replace him as acting cocaine-funded brutality, the country has
Putin’s ruling party in the Khabarovsk Mr Putin’s administration believes it The protests entered a seventh week
Kremlin official governor. Examples of positive work by found a path to prosperity against the odds.
Krai region on a wave of anti-Kremlin can manipulate public opinion against on Saturday, with participants in replacement governor, Mikhail Degt- A decision by the Supreme Court this month to order the
sentiment, was arrested in July on the protests, which began spontane- Khabarovsk, the capital of the region yarev, should be increased “by three house arrest of the country’s most powerful political figure
murder charges. ously and lack any clear leaders, as a close to the Chinese border, demanding times”, the Kremlin document states, threatens to change all that.
He was flown to a Moscow prison, means of silencing the dissent. Mr Furgal be returned and given a fair mentioning topics such as “assistance in Not because the court has acted improperly — the accu-
prompting street protests in Russia’s far Unlike in large cities such as Moscow trial in a local court. He denies the solving problems of specific citizens”. sations of obstruction of justice against Alvaro Uribe, who
led the country from 2002-10 and was instrumental in
ensuring the election of President Iván Duque, are based
on extensive evidence, say those familiar with the case.
The problem is that by targeting Mr Uribe, a hero close
Gulf. Financial crisis to sainthood for many Colombians after successfully wag-
ing war on the Marxist Farc guerrillas who had terrorised
Saudis power on with flagship projects their country for decades, the court has rubbed salt into
the gaping wounds of Colombia’s recent conflicts.
Thousands of Mr Uribe’s supporters took to the streets
honking horns in support of their idol after his house
arrest on August 4. But his opponents were also rejoicing.
Finally, they said, a man over whom the shadow of para-
Riyadh awards billions of military violence had long loomed was to face justice.
dollars of contracts despite Mr Uribe has always denied accusations of links to para-
militaries, which have dogged him since the mid-1990s.
imposing austerity measures Jose Miguel Vivanco, head of the Americas division of
Human Rights Watch, remembers confronting Mr Uribe,
then a provincial governor, with information that dozens
Andrew England — London
Ahmed Al Omran — Jeddah of members of his much-vaunted neighbourhood watch
scheme were probably criminals and paramilitaries.
Saudi Arabia is forging ahead with “He lost his temper and
Crown Prince Mohammed bin Salman’s insulted me,” Mr Vivanco
flagship giga-projects, awarding billions said. “Then his wife
The pandemic has
of dollars of contracts despite Riyadh calmed him down and he laid bare weakness
being forced to impose austerity meas- made a great show of con-
ures as it grapples with the twin shocks cern, ordering his chief of
in the health
of coronavirus and low oil prices. staff to investigate the system and the
With Riyadh facing its worst financial allegations. I don’t think
crisis in decades, it has taken the step of anything happened.”
scale of inequality
tripling value added tax to 15 per cent, Worse was to come.
suspending benefits of the civil service, During Mr Uribe’s presidency, the army’s success in beat-
which employs most Saudis, and warning back the guerrillas came at a high price: thousands of
ing it will have to reprioritise spending. innocent people were murdered and some counted as
Many Saudis had expected the three guerrilla casualties to improve the army’s performance fig-
schemes — Neom, a $500bn futuristic ures, according to human rights groups.
city; Qiddiya, a vast sports and enter- Uribistas, as the former president’s supporters are
tainment complex; and a high-end Red known, see the past and the present differently. Their hero
Sea tourism development — to be vic- is the victim of media smears and a sordid effort by former
tims of state spending cuts. Saudi Arabia’s to date, signing up Saudi companies to Like Qiddiya, Mr Pagano said the barrel next year, the “projects are fine”. guerrillas and a leftist legal establishment to destroy him
But executives at the developments King Salman build an airport designed by Foster + funds for the Red Sea development were “But you still have to question the via- politically and ensure the triumph of Marxism.
told the Financial Times Prince bin Abdulaziz Partners, the British architects. already committed, adding the com- bility of the projects, regardless of The bitter controversy over Mr Uribe matters not just
Mohammed had insisted the projects al-Saud, The first phases of Qiddiya and the pany was also working on a debt facility whether they have the money,” he said. because of his political clout. The 2016 peace agreement
move ahead. centre, and Red Sea project, which is expected to with Saudi banks. “There’s always scep- The Public Investment Fund, the that ended the four-decade conflict between the state and
“He’s completely committed to this Crown Prince cost about $10bn and will cover five ticism around big projects . . . [but] the kingdom’s sovereign wealth fund, is the Farc hangs by a thread. The campaign for the 2022 presi-
vision and he wants to make sure that Mohammed islands, are supposed to be completed in progress we are making, the [contract] lead developer of all three projects, but dential election is just beginning.
everybody associated with it, from me bin Salman, 2023. But officials hope the Red Sea will awards we are making, starts to dispel is also hoping to attract foreign invest- Rather than staying above the fray, Mr Duque has made
on down, is crystal clear that we ‘stay the right, attend begin welcoming visitors in two years, any scepticism,” he said. ment. Riyadh transferred $40bn of its no secret of his sympathies. “I am, and always will be, a
course, move this forward, don’t let any- the Qiddiya betting that tourism will bounce back. There are fewer details about what foreign reserves to the fund in March believer in the innocence and honour of someone
thing get in the way’,” said Michael Rein- launch “It is full steam ahead, we haven’t shape Neom will take, and its scope and and April to support its overseas invest- who . . . has earned a place in Colombia’s history,” he said
inger, chief executive of Qiddiya. ceremony in skipped a beat . . . he [Prince Moham- ambitions exceed the others. Ali Shi- ment strategy and domestic projects. of Mr Uribe.
The prince has identified entertain- Riyadh. Below, med] wants these projects delivered,” habi, a member of the project’s advisory Even before the crisis, there was scep- “This will polarise the country even more,” said Maria
ment and tourism as vital parts of his an image of the said John Pagano, chief executive of the board, said it was “proceeding”, but the ticism about the viability of some of the Jimena Duzán, a columnist for Semana magazine. She said
reforms, from job creation to offering Neom project Red Sea Development Company. “In final schedule had not yet been deter- developments, as well as questions over hard-left leader Gustavo Petro would be among the main
young Saudis more options and reshap- Bandar Algaloud/Reuters fact, we may expand the project by mined. It would probably move ahead at how they would be funded. beneficiaries, as the country radicalised over Mr Uribe.
ing perceptions about the ultra-con- another island.” a more “moderate pace”, he added. The PIF, which like Qiddiya and the The storm comes at a bad time. Colombia’s economy is
servative kingdom. The price of oil, the kingdom’s lifeline, Red Sea Development Company, is contracting as Covid-19 wreaks havoc. The pandemic has
Qiddiya, a more than $15bn develop- is still below Saudi Arabia’s break-even chaired by Prince Mohammed, said: laid bare the weaknesses of the health system, the limita-
ment that will include a Formula One price and oil revenues declined 45 per “We do not believe that the current eco- tions of the welfare state and the scale of inequality.
motor racing track, last month awarded cent in the second quarter to $25.5bn. nomic conditions will have significant Instead of tackling those challenges, the country is now
a $187m contract for roads and bridges, There is little space for critical debate impact on project timelines.” consumed by a fierce polemic over Mr Uribe.
one of about $2.6bn in “near-term” con- in the kingdom, but analysts said the Mr Reininger said the funding for Qid- Until the virus struck, Colombia was the fastest-growing
tracts it plans to allocate this year. optics of spending billions of dollars on diya’s first phase had “from the begin- big economy in Latin America. Its murder rate, once
Last month, Neom signed a $5bn the projects at a time of austerity were ning been earmarked and set aside”. among the world’s highest, is set this year to reach the low-
agreement with Air Products, a US com- awkward. One Gulf banker said the fact “Our view on the viability of private est level since the 1970s. That progress is now at risk.
pany, and Acwa Power, a Saudi com- that Prince Mohammed was forging sector capital, local, regional and inter- “This is going to hold Colombia back for quite some
pany that is 40 per cent owned by the ahead with his projects was a “charac- national, really hasn’t changed,” he said. time,” said Sergio Guzmán, director of Colombia Risk
kingdom’s sovereign wealth fund, to teristic of the crown prince”. “He wants “In the midst of all of this crisis, every Analysis, a consultancy. “It makes the whole country’s
develop a renewable energy project. to show ‘I’m not relenting, I’m commit- job that we create, every dollar worth of progress an appendage to the saga of Uribe.”
Days later, the Red Sea Development ted, things will pick up’,” the banker activity that we generate into the econ-
Company awarded its biggest contract said. He added if oil recovered to $60 a omy is a good thing.” michael.stott@ft.com
Middle East Oil spill
Israel-UAE accord leads to direct phone links Mauritius faces disaster as wrecked ship splits
Ilan Ben Zion — Jerusalem am standing strong for it. I promised with Middle East countries with which it Leslie Hook — London The island’s pristine beaches and when an oil tanker hit a reef off the coast
Andrew England — London Joseph Cotterill — Johannesburg
that I will bring peace with Arab states does not have formal relations. coral reefs are a tourist draw. “What you of Alaska, eventually leaking 37,000
The United Arab Emirates opened and I brought it, I will also bring annexa- Yoaz Hendel, Israel’s communication A wrecked cargo vessel off the coast of see at the coast is a black deposit — tonnes of crude into the ocean.
direct phone communications with tion,” he told Army Radio yesterday. minister, congratulated the UAE for Mauritius has split in two, leaking more heavy, thick fuel with a very nasty However, the proximity of the Mauri-
Israel and unblocked Israeli news web- The UAE is on course to become only “removing the blocks”, adding that fuel into the ocean and exacerbating smell,” said Sunil Mokshanand Dowar- tian spill to the island’s coastline means
sites in a sign that the two Middle East the third Arab country to normalise “many economic opportunities will the worst ecological disaster in the kasing, an environmental consultant its delicate coastal ecosystem may
states are moving swiftly to begin nor- relations with Israel, after Egypt in 1979 open now, and these trust-building Indian Ocean island’s history. who has visited the site almost daily struggle to recover, according to Mr
malising relations. and Jordan in 1994. steps are an important step toward since the spill began. “The polluted oil Dowarkasing. “The mangroves are
The Israeli foreign ministry con- advancing states’ interests”. The Japanese-owned ship, which ran heavily impacted, this will be a major
Abdullah bin Zayed al-Nahyan, the firmed that the call between Sheikh In a further sign of changing relations, aground on July 25, broke apart on Sat- challenge to address.”
UAE’s foreign minister, and Israeli coun- Abdullah and Mr Ashkenazi took place, Apex National Investment, a UAE com- urday afternoon. It had already leaked
‘The polluted oil which While initial clean-up efforts were
terpart Gabi Ashkenazi “exchanged adding that the two top diplomats had pany, signed a deal with TeraGroup, an about 1,000 tonnes of fuel into the water has reached the shores is largely run by volunteers and non-profit
greetings” as they “inaugurated a phone agreed to “a direct channel of communi- Israeli company, to conduct research over the past three weeks. groups that came to the shoreline to
link” between the countries yesterday, cation” and to meet soon. Israel has not into coronavirus and to co-operate on Rescue authorities said they had
very difficult to remove’ help, access to the area is now restricted
the Gulf state’s foreign ministry said on had direct phone telecommunications the development of a test for the virus. already been able to siphon most of the Environmental consultant after the government took control of the
Twitter. The UAE and other Gulf states, remaining oil from the vessel’s fuel response.
The move comes three days after the including Saudi Arabia, have been qui- tanks but the breakage of the ship will which has reached the shores is very dif- Mr Jugnauth’s government has come
UAE and the Jewish state reached a etly strengthening ties with Israel as further complicate rescue efforts. ficult to remove.” under fire for its response to the spill
landmark deal to establish full diplo- they share the Jewish state’s concerns The spill has blackened the pristine The vessel, a bulk carrier named MV from the opposition and activists, who
matic relations. In return, Israeli prime over Iran’s influence and have been shoreline of the Mahebourg Lagoon, Wakashio, was on its way from China to said it could have raised the alarm
minister Benjamin Netanyahu agreed to keen to gain access to Israeli technology, near Pointe d’Esny in south-west Mauri- Brazil. Mr Jugnauth has said Mauritius sooner. Mr Jugnauth has said that the
suspend his plans to annex large parts of particularly on security. tius, just as Prime Minister Pravind Jug- will seek compensation from the ship’s government did its “level best” in diffi-
the occupied West Bank. Eli Cohen, Israel’s intelligence minis- nauth is seeking to revive the country’s owner, Nagashiki Shipping of Japan, cult conditions.
But Mr Netanyahu, who hailed the ter, said he expected similar peace tourism sector, already battered by the which has also sent people to help with Greenpeace Africa, the environmen-
accord as “a new era in Israel’s relations accords with Arab states would follow. coronavirus pandemic. the rescue efforts. tal group, has called for an independent
with the Arab world”, has insisted that “Following this agreement, there will Mauritius brought its own Covid-19 The ship contained no cargo when it investigation into why the ship came so
he has only delayed his plans to claim come other normalisation agreements outbreak under control at an early ran aground and was carrying only the close to the reef as it crossed the island’s
sovereignty over land occupied since with other Gulf states and with Muslim stage, but disruption to global travel has fuel it needed for its journey. It means waters, which are on an international
the 1967 war. Benjamin Netanyahu: insists he has states in Africa,” Mr Cohen said. meant it was already facing a recession the spill is much smaller than incidents route connecting Asia to the southern
“I am not giving up on annexation, I only delayed annexation plans See Editorial Comment this year. such as the 1989 Exxon Valdez disaster, tip of Africa.
INTERNATIONAL
Wirecard casts ‘The

opposition
. . . will do
shadow over everything

they can to
exploit the
Scholz’s bid to issue and

use it to
undermine
succeed Merkel him’

Jens
Zimmermann,
SPD MP
Scandal at payments provider may hit

German finance minister’s ambitions Sensitive time:
the Wirecard
GUY CHAZAN — BERLIN gated for alleged market manipulation. revelations
As finance minister, Mr Scholz over- come as Olaf
The Wirecard scandal is a national sees BaFin, the financial market watch- Scholz, pictured
embarrassment for Germany. For Olaf dog, and the Financial Intelligence Unit, at a Berlin press
Scholz, finance minister, it is much G ermany’s main agenc y for conference last
more — a stain that could complicate his fighting money-laundering and week, has been
campaign for the top job in German terrorist financing. Both have been chosen by the
politics. faulted for failing to adequately super- SPD as their
The German payments company’s vise Wirecard. candidate for
spectacular collapse has exposed deep BaFin has been sharply criticised for chancellor in
flaws in Germany’s system of financial responding to reports in the Financial next year’s
regulation. All the agencies that should Times last year about accounting irreg- Bundestag
have policed Wirecard appear to have ularities at the payments processor by election
failed. With a few exceptions, Mr filing a criminal complaint against the Hayoung Jeon/EPA-EFE
Scholz’s ministry oversees them all. FT journalists who wrote the reports.
“Ultimately the buck stops with the Meanwhile it emerged last week that the
finance minister,” said Frank Schäffler, FIU has received about 1,000 reports of
MP for the opposition Free Democrats. suspicious activity relating to Wirecard
The Wirecard revelations come at a since 2017, mainly from banks — but
sensitive time for Mr Scholz. Last week had passed on just a handful of these to
his party, the Social Democrats, chose police and prosecutors.
him as their candidate for chancellor in “A potential vulnerability for Scholz is
next year’s Bundestag election. The if there is more evidence of money-laun-
most popular SPD politician in Ger- dering [by Wirecard],” said Fabio De
many, he entertains high hopes of Masi, an MP for the leftwing Die Linke.
“Then the question will be why didn’t
the FIU intervene earlier? And the FIU
answers to the finance ministry.”
Mr Scholz has responded by placing
the blame elsewhere, principally with
EY, the accounting firm, which issued
unqualified audits of Wirecard for a
decade. “It’s unbelievable that auditors,
the ones who check [company]
accounts in the first instance in our sys-
tem, didn’t discover such manipulation,
despite high fees, an incredible number
of employees and in full knowledge of
the press reports,” he told Der Spiegel.
succeeding Angela Merkel as the leader He has also defended BaFin to the hilt
of Europe’s largest economy. and dismissed suggestions it could have
But the Wirecard affair could hobble intervened earlier. The watchdog, he
Mr Scholz’s political ambitions, at least has said, lacked the powers under Ger-
if the opposition has any say in the mat- man law to conduct the kind of forensic
ter. Many MPs — including some from audit that was ultimately carried out by
the SPD’s partner in government, the KPMG at the behest of Wirecard’s
CDU/CSU — want to see a full parlia- board. In its highly critical report, pub-
mentary inquiry. It is a prospect that lished in April, KPMG said it was unable
fills the Scholz team with dread. to resolve questions about the payments
“There are a lot of unanswered ques- group’s accounting.
tions as far as we’re concerned,” said “Scholz . . . made it sound like BaFin’s
Lisa Paus, the opposition Greens’ hands were tied and it couldn’t have
finance spokeswoman. “There’s a acted otherwise,” said Ms Paus. “That’s
suspicion that the authorities gave not accurate in our view. And that’s why
Wirecard a free pass.” we still have questions.”
However, others reject the idea that Mr Scholz insists he has learnt the les-
the minister is in danger. “So far there’s sons of the Wirecard scandal and is
no evidence at all of misconduct on the determined to fix the system. Last
part of Scholz himself, or of any month he presented a 16-point “action
personal entanglement,” said Uwe Jun, a plan” to strengthen financial regulation
political scientist at Trier University. in Germany, give BaFin sweeping new
“And if that remains the case, voters will powers, and force companies to change
forgive him. They know he can’t oversee their auditors more frequently.
everything.” He has also promised full transpar-
Wirecard collapsed in June under ency, agreeing to work with MPs to get to
€3.5bn of debt in one of the largest the bottom of the authorities’ role in the
accounting frauds in Germany’s post- Wirecard affair. Last month he was
war history. Chief executive Markus grilled by the Bundestag’s finance
Braun and three other former execu- committee for four hours.
tives were arrested by Munich prosecu- Jens Zimmermann, a Social Democrat
tors last month and are in custody. MP and member of the Bundestag
Investigators believe they were involved finance committee, said he saw “no way
in a multiyear fraud designed to inflate anyone can blame Scholz personally for
Wirecard’s revenue and so deceive the Wirecard affair”.
investors. Mr Braun has denied any “But of course the opposition and the
wrongdoing. CDU/CSU will do everything they can to
Ever since the payments company’s exploit the issue and use it to undermine
demise, questions have been raised him,” he said. “That’s what always
about Mr Scholz’s role in the debacle, happens in politics — you just keep
especially after it emerged that he had repeating something until people start
been informed as early as February believing it.”
2019 that Wirecard was being investi- Constanze Stelzenmüller see Opinion
FDI collapse
Africa urged to boost internal trade
NEIL MUNSHI per, declined and investors pulled funds
WEST AFRICA CORRESPONDENT
from frontier markets in search of safer
The collapse in foreign direct invest- investments. But rather than wait for
ment to African economies during the that foreign capital to return, African
pandemic has bolstered the need for economies should drive growth by
intra-African trade, the continent’s top focusing on domestic production and
trade official has said, warning it will intra-African trade, he said.
take years for investment to return. Mr Muchanga is leading the effort to
finalise the Africa Continental Free
“Capital is a coward, so it will take some Trade Area (AfCFTA) agreement,
time before foreign direct investment which will create a single, tariff-free
starts flowing back in full force to the $3tn market ahead of its implementa-
continent,” said Albert Muchanga, the tion on January 1. He said AfCFTA
African Union’s commissioner for trade would be essential to enable Africa to
and industry. bounce back.
The total value of greenfield invest- “If Africa is to recover quickly . . . it
ments in Africa in the first three months has to undertake trade in value-added
of 2020 fell 58 per cent year on year, products and the best platform for that
according to the UN Conference on export diversification is the AfCFTA.”
Trade and Development (Unctad). FDI flows are expected to contract by
Africa’s natural resource-dependent between 25 and 40 per cent this year,
economies had been particularly according to a June report by Unctad.
exposed, Mr Muchanga said, as the Services such as aviation and tourism
prices of exports, including oil and cop- will be hit particularly hard.
Andrew Hill If your job can be done remotely, what’s to stop your employer from giving it to someone cheaper? y WORKS & CAREERS
UK remains Lopsided global rally Big Tech drives US to

streak ahead of Europe in stocks recovery
Bertelsmann
chief calls for
attractive European
media tie-ups
despite Brexit, Erika Solomon
Regulators should allow European
says Tata boss

media companies to pursue mergers
and partnerships if they are to have any
chance of competing with US stream-
ing giants, the head of one of the conti-
nent’s largest TV, radio and publishing
groups has said.
Thomas Rabe, chief executive and
3 Trade turmoil dubbed ‘new normal’ chairman of Bertelsmann, told the
Financial Times the economic impact of
3 Indian group warns over new tariffs coronavirus on the industry had
strengthened his view that it will be nec-
essary to redraw the European media
Benjamin Parkin — New Delhi damage wrought by the coronavirus cri- landscape.
Peter Campbell
and Michael Pooler — London
sis has raised the stakes. “There is a strong case and a need for
The pandemic has compounded long- consolidation,” he said. “I’m convinced
The UK will remain an attractive invest- standing problems at JLR as well as at that partnerships are more important
ment destination after Brexit because Tata’s steel arm and Mr Chandraseka- than ever, especially after the coronavi-
global trade turmoil has become the ran warned that extra tariffs or disrup- rus, which hurt European TV broad-
“new normal” for companies, according tive customs checks could make the casters and has helped the US streaming
to the head of India’s Tata, one of Brit- group’s businesses “uncompetitive”. platforms.”
ain’s largest private sector employers. Many of Tata’s companies in the UK Lucas Jackson/Reuters
Streaming services such as Netflix,
Brexit had not unduly hurt the UK’s rely on cross-border trade. Four-fifths Europe lags behind in stock market rebound Amazon Prime and Disney+ have had
standing, said Tata Sons chairman of JLR’s cars are exported while the car- their subscriber numbers and revenues
Losses recovered since coronavirus sell-off (%)
Natarajan Chandrasekaran, although maker buys almost all of its components boosted as lockdowns worldwide meant
he warned that any new tariffs would outside Britain. The group’s steel busi- 0 20 40 60 80 100 millions more turned to watching con-
damage the Indian conglomerate’s business relies on international markets for China (Shanghai Composite) tent online.
nesses. almost half its sales. South Korea (Kospi) Although audiences also grew among
“I think what you look for in running “One is we want a smooth border, the US (S&P 500) European TV broadcasters for the same
big businesses is stability, it’s not that supply chain has to be very smooth as it Germany (Dax price return index) reason, these groups have suffered from
every policy you end up liking,” said the is today. The second one is we don’t want Japan (Topix) a sharp drop in advertising. On Thurs-
boss of Tata, a business empire whose extra tariffs,” warned Mr Chandraseka- Brazil (Bovespa) day the Bertelsmann division RTL
ran. “If we get extra tariffs, we will Italy (FTSE MIB) Group — Europe’s largest broadcaster —
become uncompetitive.” reported a 16.4 per cent fall in revenue
‘What you look for in Tata, which employs some 60,000
France (CAC 40)
UK (FTSE 100) to €2.7bn in the six months to June. Net
running big businesses is people in the UK across carmaking, profit slumped 65 per cent to €156m.
steel production, IT services, chemicals, All in local currencies Shares in RTL, which is the only listed
stability, it’s not that every beverages and technology, has invested
Source: Refinitiv
part of Bertelsmann, have dropped
policy you end up liking’ $15bn in the country since 2007. almost 40 per cent since the start of the
The group had been in negotiations Tommy Stubbington 59 per cent. London’s FTSE 100 has panies, have recouped all their losses year.
UK interests include Jaguar Land Rover, with the UK government over support recovered around 58 per cent of the and pushed on to set further highs for Mr Rabe, who also chairs RTL, did not
Benchmark US stock index the S&P
Tetley Tea and the country’s biggest for JLR and its UK steel operations value lost. 2020. offer an annual forecast saying that con-
500 came within a whisker of its
steelworks. through the “Project Birch” emergency In part, these imbalances are Technology stocks have benefited ditions remain unpredictable, although
record high last week but not all
“In the past three to four years, Brexit funding scheme but talks ended two another symptom of a global stock from the surge in numbers of people he believes future lockdowns are more
indices around the world have been
dealings have had a lot of twists and weeks ago, the FT reported on Friday. rally notable for its lopsidedness. working from home during govern- likely to be local than national as gov-
so swift to recover the deep losses
turns but the world has not been a stable The 57-year-old insisted that Tata In the US, the comeback has been ment-imposed lockdowns. ernments focus on rescuing their bat-
suffered due to the coronavirus
place for the past four years,” Mr Chan- continued to view the UK as a “second dominated by runaway gains for the But their success also highlights the tered economies.
crisis.
drasekaran told the Financial Times. home”. It is the group’s largest market giants of Big Tech. Remove the likes of role of central bank stimulus in driv- But he added that the rise of US
“Geopolitical conflicts have become a outside India. “The UK is a destination The S&P has clawed back more than Google, Facebook and Amazon, and ing the rally, analysts said. streaming services will be a challenge
new normal for every business.” where we feel comfortable,” he added. 99 per cent of the losses suffered the recovery looks much less impres- Massive bond-buying programmes that outlasts the crisis, and urged Euro-
The comments came as the UK pre- “If you asked me whether I would con- between its pre-Covid high for 2020 — sive. have pushed bond yields to record pean regulators not to adopt strict inter-
pares to resume trade talks with the EU sider [the UK] to be an investment des- which was also its all-time peak — and “A lot of this is down to sectoral lows. That reduction in long-term pretations of competition law in order to
in the hope of striking a deal before the tination, I do think so.” its low in the March sell-off. Other make-up,” said Guy Foster, chief strat- interest rates reduces the so-called take into account a new era of competi-
country’s 12-month transition period His comments on investment are a fil- major indices, particularly in parts of egist at wealth manager Brewin Dol- discount rate, used to calculate the tion. “We should be allowed to create
ends on December 31. lip for the UK, where international Europe, have lagged far behind. phin. “The UK has virtually no tech present value of future cash flows. national TV champions,” he said.
Boris Johnson, uk prime minister, has investment has fallen across a number Italy’s FTSE MIB has recovered and Europe doesn’t have that much.” Fast-growing tech firms are more The EU generally regards tie-ups that
claimed that Britain could cope with a of sectors since the 2016 Brexit vote as about 62 per cent of the Covid-related Stock indices in China and South dependent on future profits to justify result in a combined market share of
no-deal Brexit if an agreement with the foreign companies divert or delay losses since its peak at the start of Korea, which have relatively heavy their valuations, meaning they bene- greater than 40 per cent as potentially
EU remains elusive but the economic projects. 2020 and France’s CAC 40 roughly weightings towards technology com- fit more from this shift. problematic.
Contracts & Tenders

Financials. Political tumult
Chinese influence grows in Hong Kong banking
tion of the number of investment bank- pressure from Wall Street peers, which Growth in financial professionals
More mainland companies ers, traders and other senior finance have been bolstering their footprint licensed by the SFC slowed markedly in
turn towards the city as professionals employed by companies within China in recent years. That has the second half of 2019, when clashes
in the territory. encouraged Chinese banks to bolster between police and protesters over a
US-Beijing tension heightens Since the start of 2019, CICC has their global offerings, including by pro- proposed extradition law repeatedly
expanded its SFC-licensed headcount viding more services in Hong Kong. shuttered Hong Kong’s central business
by more than 130, or almost 20 per cent, Recruiters said the national security district. The coronavirus pandemic has
Hudson Lockett
and Jane Pong — Hong Kong as of the end of July. CICC, which served law imposed by Beijing in June will meant the overall number of licences
as joint lead bookrunner on Alibaba’s probably encourage more Chinese has fallen this year.
Hong Kong investment bankers $12.9bn secondary share placement in financial institutions to raise their pres- But SFC data tracked by Webb-site, an
employed by Chinese groups are on Hong Kong last year, now employs more ence in Hong Kong, especially if it pre- online database maintained by activist
track to outnumber those in the terri- than 500 investment bankers in the city vents protests like those that disrupted investor David Webb, shows mainland
tory with Wall Street and international — the most of any lender. their day-to-day business for much of companies as a whole have continued
banks, in a reversal that underscores Chinese companies have increasingly 2019. hiring even as recruitment by interna-
Beijing’s growing influence in the city. turned to Hong Kong as a funding plat- “The fact that we have a national tional and local financial groups has
More than a year of political tumult form as tensions between Beijing and security law is actually giving the Chi- shrunk.
has put the brakes on expansion by Washington have increased. The Trump nese firms more confidence,” said Vince The Financial Times researched the
international banks in the Asian finan- administration has unveiled measures Natteri, managing director at recruit- ownership of about 1,300 employers
cial hub, Financial Times analysis targeting Chinese companies that trade ment company Pinpoint Asia. “They see with 10 or more SFC licensees and was
shows, with the passage of a controver- in US capital markets, prompting a interruptions to business as less of a able to categorise about 80 per cent of
sial national security law likely to has- flurry of multibillion dollar stock mar- threat now”. licensees as working for mainland,
ten this trend. ket listings in Hong Kong over recent But the growth in mainland banks’ Hong Kong, or international companies.
“The protests, the national security months. presence in Hong Kong is at odds with Since the start of 2019, four of the five
Businesses For Sale law, the pandemic, the trade war — it’s
all accelerating this,” said John Mullally,
Mainland banks are under increasing the city’s shrinking financial sector. fastest-growing financial groups in
Hong Kong were from mainland China,
head of financial sector recruitment in SFC data shows.
Hong Kong at Robert Walters, who JPMorgan is one of the few Wall Street
increasingly deals with Chinese clients. banks to significantly boost its head-
Financing for mainland Chinese compa- count in the territory. The bank
nies is becoming “the only game in declined to comment on its licensee
town”, he added. count in Hong Kong. CICC did not
Business for Sale, Business Opportunities, Business Services, The hiring charge has been led by Bei- respond to requests for comment.
Business Wanted, Franchises jing-backed investment banks includ- But recruiters warned that continued
Runs Daily
......................................................................................................................................................................................................................................................................... ing China International Capital Corpo- growth at mainland banks in Hong Kong
Classified Business Advertising ration, data from Hong Kong’s Securi- was not guaranteed.
UK: +44 20 7873 4000 | Email: acs.emea@ft.com ties and Futures Commission shows. Beijing recently introduced a law that
Mainland Chinese companies in Hong applies a 45 per cent income tax to some
Kong now employ more than 2,100 bankers at Chinese state-owned enter-
Notice to Advertisers investment bankers, figures from the prises in the city, which could dent Hong
Calls to the Financial Times Advertising Department may be monitored. financial regulator show, up 4 per cent Kong’s appeal.
Acceptance of any advertisement for publication will be subject to the then current terms and conditions of insertion
from a year ago and just a few hundred “People come to Hong Kong because
of advertisements in FT publications. shy of the total working for Wall Street they want to make money,” said Pin-
groups including Morgan Stanley and point’s Mr Natteri. “If they’re going to be
A copy of the terms and conditions of insertion of advertisements in FT publications can be obtained from
+44 (0)20 7873 3000, or viewed at www.FT.com/advertising Goldman Sachs. taxed at 45 per cent, they may as well
The data, based on individuals remain in China.”
licensed by the SFC, give a useful indica- Chinese banks are keen to bolster their global offerings — Paul Yeung/Bloomberg Additional reporting by Sherry Fei Ju
COMPANIES & MARKETS
Ping-pong table prompts car sales epiphany

Auto groups launch direct internet sales to bypass expensive dealer networks as pandemic drives customers online
JOE MILLER — FRANKFURT is huge, and one reason VW is not limit-
PETER CAMPBELL — LONDON
ing its direct sales strategy to electric
Carlos Tavares’s quest to change the way vehicles or Germany.
cars are sold began when he tried to buy “Obviously the next step is to roll it
a ping-pong table for his Portuguese out to the entire sort of portfolio,” Mr
country home. Stackmann told the FT. In the coming
The chief executive of Peugeot owner months, dealers in a few European mar-
PSA went into a store and asked to buy kets will adopt the agency model — at
an exact replica of the table on display their request, he said.
sitting outside. However, Mr Stackmann has long
“I went to the sales person and he maintained that VW is many years away
made the online selection of that store — from following Tesla’s lead, and cutting
I realised it was the same process that I out dealers altogether.
could have enjoyed at home,” he told the “During their Volkswagen online
Financial Times. journey, customers will choose a pre-
PSA has now copied the model, rolling ferred dealer before making any trans-
out direct online car sales to customers, action,” he wrote in an online post in
aiming to deliver more than 100,000 November. “This guarantees that
cars straight to customers’ homes with- our dealers remain an integral and
out them ever entering a traditional essential part of our distribution sys-
showroom. tem, benefiting and participating in
The industry’s flirtation with internet every transaction.
retailing has been turbocharged by the “And to make it crystal clear: the retail
Covid-19 pandemic, when would-be trade will continue to be our most
customers spent lockdown trawling important sales factor for the next 15
car websites, as showrooms were forced years.”
to close. Cutting out dealerships altogether
As consumers begin spending again, would also remove a fallback for manu-
albeit slowly, manufacturers are grasp- facturers needing to meet quarterly tar-
ing at the chance to bypass their expen- gets, who often register cars with dealers
sive dealership networks and forge in order to mark them down as sold.
direct relationships with buyers. If dealerships were to disappear, car-
“Clearly the Covid time has created a makers would “need to find new ways to
much stronger link and emphasis on VW’s flagship electric car, the ID. 3, is due to be delivered from September, the first of 75 battery-powered models coming in the next decade — Jens Schlueter/Getty Images stimulate demand — in particular end-
direct and online sales capabilities,” consumer demand,” said Eric Zayer, a
Jürgen Stackmann, Volkswagen’s brand Q: If you were to buy online, how likely is it that you would use Q: What decisions have you typically already made prior partner at Bain & Company’s automo-
sales chief, told the Financial Times. these platforms? to visiting a dealership for the first time? tive practice. “It’s no longer good
The world’s largest carmaker is using enough to incentivise importers or deal-
its foray into electric vehicles to drive a % of responses % of respondent ers to buy a particular model.”
simultaneous online push, in a multi- Germany US China Germany US China Such messages appear to be reassur-
pronged attack on industry pioneers 0 20 40 60 80 0 20 40 60 80 0 20 40 60 80 0 20 40 60 80 0 20 40 60 80 0 20 40 60 80 ing European dealers.
Tesla. Manufacturer’s website Price point/budget “It won’t change much,” said Josef
VW’s flagship electric car, the ID. 3, is Brand/manufacturer Harb, an official at the Austrian Cham-
due to be delivered to customers from Car dealer’s website bers of Commerce who also run
September, the first of at least 75 bat- Independent car sales Drive train two Mercedes dealerships in the coun-
platform that transfers NA try. “The end customer business stays
tery-powered models coming down the me to a “real dealer” Model
line over the next decade. Independent car sales Key equipment with us.” He said price wars between
Spurred on by the changes wrought platform where I can dealers were a race to the bottom in any
buy directly Exact engine
by the coronavirus pandemic, VW is Leading online retailer case.
also using the ID. 3 to transform the Visit dealer to “For the next several decades at least,
collect info
sales model that has underpinned Other Other I believe that Daimler needs us to get
most of the car industry for decades, their new cars on the market. We are the
Source: Bain
and putting an end to haggling in the connection to the customers.”
process.
Instead of allowing dealers to set their
own prices, in what is known as the fran- who said dealerships had to justify their know how soon batteries will become
chise model, VW will sell the ID. 3 at a share of industry profits by leaving car lighter. I do not know how rapidly the
standardised price in Germany, regard- buyers satisfied with their experience. technology will evolve.
less of whether it is purchased from a “The least [dealers] could do is make “That’s why we said we don’t want to
physical branch or online. customers happy,” he said. take on any risk.”
The Wolfsburg-based company hopes While dealerships, which make the Mr Weddigen von Knapp also dis-
to employ this “agency model”, in which bulk of their profits from repairs and missed the idea that an end to price
Volkswagen sets the price centrally, aftersales services, have tried to competition would mean individual
for all forthcoming electric vehicles in respond to changing demands, Mr dealerships losing their differentiating
its ID range, paying a commission to Tavares urged them to weather the factor.
dealerships merely to deliver cars to coming changes by becoming more “We differentiate ourselves through
customers. efficient. performance and service,” he told the
German rival Daimler is following “These are independent companies FT. “And we are the partners close to
suit. The Mercedes-Benz maker, which with which we have contracts, they can the customer, we don’t need to differen-
already employs the direct sales model move, they can be agile,” he added. tiate.”
in South Africa and Sweden, is rolling it “There is no reason why the distribu- What is more, dealers will be relieved
out in Austria next year, and intends to tion networks could not adopt the same of the cost of marketing, Mr Weddigen
continue to expand in other countries, von Knapp added, which is done cen-
including Australia. trally by VW, and will no longer have to
“By 2025, 25 per cent of our passenger
‘These are independent advertise bargains.
car sales will be made via online chan- companies with which we “When you buy a Tesla, you cannot
nels,” said Daimler sales boss Britta negotiate the price, you have to accept
Seeger. The company, she added, was
have contracts, they can the price that Tesla makes,” he said. “We
investing a “triple-digit million-euro move, they can be agile’ thought that was good.”
amount” in streamlining the shopping The electric carmaker’s approach to
experience, and building so-called dig- approach [as carmakers]. They will be retail — selling directly online and
ital dealerships. faced with the same Darwinian reality through glitzy showrooms in shopping
Previously, Ms Seeger explained, car as everyone else.” centres rather than independent dealer-
buyers used to visit dealerships up to Perhaps surprisingly, VW and Daim- ships — has run into barriers in certain
eight times before they purchased a ler’s dealers seem unperturbed by this US states, where manufacturers must
vehicle. “Now it’s more like only up to trend. by law use established dealer groups.
two times, because they research online Dirk Weddigen von Knapp, president “Some of the logic that we can apply in
beforehand,” a trend accelerated by of an association that represents 2,000 some other markets were not applied to
Covid-19. Volkswagen and Audi dealers in Ger- the US,” said Daimler’s Ms Seeger, while
In Germany, the number of daily visi- many, said his members were loath to VW’s Mr Stackman said direct sales in
tors to Mercedes’ sales websites rose 70 take on the risk of selling the ID. 3 via the the US would be “almost impossible”
per cent between April and June 2020, franchise model, as little is known about legally.
she added. how robust electric vehicles are, and for “The US will come when the dealers
This puts the pressure on retailers to how long they will retain their value. finally will want to join the bandwagon
make radical changes as more business “I can’t estimate how quickly the themselves,” he said. “So it needs to be a
moves online. development of batteries will progress,” pull rather than a push.”
In order to survive, “your service he said. “I do not know how quickly But the potential for growth outside
needs to be stellar”, warned Mr Tavares, electric cars’ range will improve. I do not the small number of protected markets
Airlines
US airlines hope Hawaii is route to recovery

CLAIRE BUSHEY — CHICAGO demand while Southwest Airlines tries in states such as Alabama, which saw
to lure skiers with more flights to Steam- scheduled capacity increase 72 per cent,
US airlines added more seats on planes
boat Springs, Colorado. but from a low base of just 35,000 seats
bound for Hawaii than to any
The travel reservation app TripIt in June.
other state this summer, betting that
showed that, for the forthcoming Labor But several states that rely on tourism
Americans sick of isolation will need a
Day weekend, destinations in Mexico, dollars for 5 per cent or more of gross
holiday.
Florida and Hawaii climbed the most domestic product saw substantial
Scheduled airline capacity to the Pacific compared with the same US holiday increases between June and September.
islands grew 185 per cent between June weekend in 2019. The number of seats on planes to
and September. Airlines plan to have “There’s more of a focus on those lei- Hawaii rose each month in anticipation
1.4m seats — filled, they hope — arrive in sure destinations post-Covid because of the state reopening to visitors. The
the state next month, according to data that’s where the demand is,” said Savan- islands, which derive 10 per cent of their
from aviation consultancy OAG. thi Syth, an analyst at Raymond James. GDP from tourism, originally said they
The increased capacity to the tropical Travellers heading to beaches or to would welcome travellers with a nega-
destination is part of a larger trend of outdoor destinations have “a perception tive Covid-19 test starting on August 1,
leisure travel recovering, albeit still at a that you can social distance”, she added. later pushing that to September 1. As
fraction of 2019 levels, while business The OAG data show that states with cases rise, the governor has raised the
travel remains in the doldrums. large populations, such as Texas, saw possibility of delaying the date again.
United Airlines said on Wednesday the greatest amount of scheduled capac- Meanwhile, Montana, known for ski-
that it would add 28 nonstop flights to ity over the four-month period and ing, saw the third-highest increase in
Florida this winter because of customer some of the biggest increases occurred seats at 112 per cent.
COMPANIES & MARKETS
Governance Pharmaceuticals
Boards urged to appoint health experts CureVac vows

ethical margin
Harvard academic says the Financial Times. “Public health
plays a key role in being prepared.”
to realise quite how important this is to
take this moment . . . to develop an
ensuring that employees can return to
their workplace safely.
private sector to come together and stay
together,” Ms Williams said. “In the
on price of
companies need help to
manage pandemic threat
Her appeal was being heard by the
large companies that have sought to
enduring relationship with the business
community,” Ms Williams said.
Tyson Foods, Stanley Black & Decker
and Royal Caribbean Cruises are among
business sector there’s a lot of under-
standing of data . . . but where business
virus vaccine
tap the university’s public health exper- Harvard has seen a strong appetite for the companies to have announced new falls short is in understanding behav-
Andrew Edgecliffe-Johnson tise during the coronavirus crisis, a course it is launching this autumn to chief medical officer positions since the ioural and risk modelling. Putting those
she said. help senior executives integrate public pandemic began while Boston Proper- together is a more holistic and powerful Donato Paolo Mancini — Rome
Richard Henderson — New York
The dean of Harvard University’s “I think the penny has dropped health principles in their businesses, she ties enlisted an expert on improving approach.”
school of public health has called on because, unlike some of the other crises added. conditions in “sick buildings” from Har- Ms Williams said companies had CureVac, one of the pharmaceutical
companies to put public health profes- we’ve had, this one is enduring. This one Other academic and medical institu- vard’s school of public health. become increasingly attuned to the groups developing a potential vaccine
sionals on their boards and in their top will be with us for a while. It has allowed tions have also witnessed similar “It’s important for academics and the importance of public health because of for Covid-19, has ruled out selling its
executive ranks to manage a pandemic the C-suite to realise this is not just an demand from the private sector. the opioid and obesity crises that have inoculation at cost, arguing instead for
threat that could hang over businesses acute moment,” Ms Williams said. Airlines and hotel companies, for struck Americans in recent years.
for years. Harvard’s school of public health has example, have struck partnerships with
‘The penny has dropped “It’s now clear to companies that
an “ethical margin” for shareholders.
“I think what Covid does is lay bare struck partnerships with several com- the Cleveland Clinic; the Mayo Clinic because, unlike some of . . . having a healthy employee commu- The German company raised $213m in a
just how essential it is to be prepared for panies across the entertainment, manu- has been advising fast-food chain nity is critical. In flyover states, some US stock market listing on Friday and
man-made and natural disasters, and facturing and banking sectors, includ- McDonald’s on how to operate its res-
the other crises we’ve had, companies can’t find enough people will put the money towards conducting
our economic resilience depends on ing AMC Theaters, the cinema chain, taurants safely; and Salesforce has this one is enduring’ who are well enough, able enough to trials for the vaccine.
being prepared,” Michelle Williams told and Snap-On Tools. “That’s allowed us shared advice with CVS Health on work,” she said. CureVac’s approach uses messenger
RNA technology, which aims to tran-
scribe some of the pathogen’s genetic
code into human cells in order to help
them detect it.
Market Questions. Coronavirus impact No mRNA vaccine has been approved
by regulators, although rivals Moderna
Policymakers wrestle with recovery support options and Pfizer, along with the latter’s Ger-
man partner BioNTech, are betting on
it. CureVac says its jab could require
lower doses.
“That would allow us to give a com-
FT reporters petitive price while still preserving
some ethical margin,” said Pierre
What action might the Fed take in Kemula, the company’s chief financial
September? officer, in an interview with the Finan-
cial Times.
At its most recent monetary policy “We can’t do it at cost. We have inves-
meeting in late July, the Federal Reserve tors putting money for 10 years into the
sent a clear signal — the US central bank company so there should be a little
would not waver in its determination to return for [them],” he said. Mr Kemula
support the nascent economic recovery declined to say what the margin would
from the Covid-19 crisis. be, although he said prices would be
“We’re in this until we’re well through dose-dependent and not cost-related.
it,” Fed chairman Jay Powell said at the Drugmakers have been under pres-
press conference that followed the sure to lower costs for Covid-related
two-day gathering. “The picture is, you
have the lockdown, then you have the
reopening but there’s probably going to
‘That would allow us to
be a long tail where a large number of give a competitive price
people are going to be struggling to get
back to work.”
while still preserving
Despite these reassuring words, some ethical margin’
investors were left wondering what
policies the Fed was considering in the drugs or vaccines. Supply deals in recent
near term. More detail should come on weeks have laid bare significant price
Wednesday when the minutes from differentials in what drugmakers have
July’s meeting are released. been able to obtain from governments,
Fed officials have already indicated which have been scrambling to secure
their support for a more explicit form of early access to potential inoculations.
forward guidance, in which they tether Prices range from about $3-$4 a dose
the future path of the benchmark US for the vaccine developed by Astra-
interest rate to specific economic met- Zeneca and the University of Oxford, to
rics such as unemployment or inflation $10 a dose for the Johnson & Johnson jab
levels. But, so far, it has been unclear candidate.
when such a policy might be taken. Moderna has priced some of its treat-
Investors also want to know if the Fed ments at $74 a course. AstraZeneca and
is willing to make adjustments to its J&J have said they would not seek to
bond-buying programme. Sterling has data for July, due on Wednesday, is Capital Economics, warned that the release of national consumer price infla- profit from their vaccines, at least dur-
The central bank is currently buying been resilient of expected to show an uptick of 0.6 per impact of tax cuts for the hospitality tion data for July. CPI figures for greater ing the pandemic.
Treasuries of all maturities at a pace of late against the cent from a year earlier. sector and a government-subsidised Tokyo for the same month, released in “Some [rivals] are injecting 100
$80bn a month. Given the planned economic drag However, some investors worry that eating out programme could see the UK August, have provided some guidance. micrograms [of active ingredient] for
surge in long-dated Treasury issuance of the pandemic price movements could turn negative in enter a brief period of deflation for the For all items except fresh food, they Covid,” added Mr Kemula. “We are test-
to fund record Covid-related spending while Fed the months ahead, bringing important first time in five years in August. registered a surprise 0.4 per cent year- ing 2, 4, 6, 8, micrograms for shots.”
packages, speculation has grown that officials are implications for the path of monetary Others remain bullish on the pound’s on-year increase. He said this would enable the vaccine
the Fed may need to shift the focus of looking at the policy and the pound. prospects. Thomas Flury, a strategist at Analysts at Citi, however, expect maker — 10 per cent of which was
its purchases to the longer end of the best ways to Sterling has been resilient of late, UBS Global Wealth Management, nationwide prices to have risen just 0.1 recently acquired by GlaxoSmithKline
yield curve. support an shrugging off that 20 per cent fall in Q2 expects sterling to finish the year per cent year-on year in July while — to do more with less.
Any mention of that policy change in economic economic output. The currency has trading at $1.35. Nomura is even more downbeat, saying CureVac was rumoured to have
the minutes could ease the effects of last bounceback notched up a 7 per cent gain against the He argues that the currency offers a even the smallest of gains would be attracted the interest of the Trump
Thursday’s disappointing 30-year bond in the US dollar over the past three months — good alternative for investors looking to unsustainable as the country’s economy administration earlier this year.
auction when lacklustre demand unset- FT montage
despite stalling Brexit trade negotia- diversify from the US dollar. Eva Szalay continues to feel the effects of the viral But Berlin moved to block any foreign
tled prices in the secondary market. tions, which are set to resume today — to outbreak. Nomura’s analysts predict takeover attempts by investing €300m
Colby Smith trade at $1.31 on Friday. Will Japanese data show a solid Japan could see deflation of close to 1 per in the company, acquiring a stake of
This performance has in part recovery? cent in the coming months. 23 per cent. The executive reported to
Could the threat of deflation weigh reflected the Bank of England’s firm A flurry of data releases this week, Activity is rebounding in some areas. have been involved in those talks no
on the pound? rejection of negative interest rates at its ranging from exports to industrial Retail store sales jumped 13.1 per cent FastFT longer works at CureVac.
Data released last Wednesday showed last meeting in early August when poli- production, is expected to give investors month-on-month in June. But there was Our global team The group, which plans to manufac-
that the UK suffered the worst economic cymakers unanimously voted to keep a deeper insight into how Japan’s econ- also a sharp increase in Covid-19 infec- gives you the ture its vaccine in Germany and then
market-moving
slump in the second quarter among rates unchanged at 0.1 per cent. omy has fared in recent months as its tions in July. This risks re-establishing news and views, ship it worldwide, is in talks with gov-
major European economies. Anything that weakens this resolve retail and leisure sectors recover from the “fear factor” that hit domestic 24 hours a day ernments and regulators including the
But analysts are hoping for brighter could be a threat to sterling. the Covid-19 shock. consumption in the early months of the ft.com/fastft
US Food and Drug Administration, Mr
news this week. Consumer price index Ruth Gregory, senior UK economist at Primary among them will be Friday’s crisis, according to Nomura. Leo Lewis Kemula said, with a focus on Europe.
Healthcare. Dietary supplements
Rise in vitamin sales during pandemic provides tonic for consumer groups
might boost health and immunity has said. “It’s part of the Instagram culture sonalised subscription service — per cent of the global market, followed category looks relatively resil-
Multinationals in ‘wellness’ benefited multinationals such as Nestlé, that we live in . . . Compared to their acquired last year — had more than tri- by the pharma company GlaxoSmithK- ient . . . [but] where people previously
which in 2017 agreed to buy Canadian parents, the baby boomers, [millenni- pled sales from a year earlier. line, according to Euromonitor. bought more expensive, specialist prod-
industry benefit from rise supplement maker Atrium Innovations als] generally drink less alcohol, smoke Matthew Maxwell from Kantar said Mr Ackerman said more mergers and ucts they may look at changing down to
in supplement sales for $2.3bn, and Reckitt Benckiser, which less cigarettes, go to the gym more and bricks-and-mortar retailers had also acquisitions were likely provided cur- an own-label manufacturer,” he said.
bought US-based Schiff Nutrition for care about their personal wellbeing.” made more room for these sorts of prod- rent growth does not push valuations Evidence for the effectiveness of sup-
$1.4bn in 2012. He added: “Clearly Covid has been a ucts, helping push up sales. too high. plements is mixed.
Judith Evans
P&G, the world’s largest consumer huge accelerator. Everyone realises The $109bn dietary supplements GlaxoSmithKline plans to spin off its The US Centers for Disease Control
Sales of vitamin and mineral supple- goods company, bought the vitamins health and wellness is going to be one of industry is a fragmented one. The mar- consumer health business, a joint ven- and Prevention said that “dietary
ments have risen sharply during the and supplements business of pharma- the enduring trends, whether or not ket leader Amway, a US multi-level ture with Pfizer, in the next two years, supplements aren’t meant to treat or
pandemic, boosting consumer goods ceutical group Merck for $4.2bn in 2018. [the pandemic] goes away.” marketing group, accounts for just 3.5 presenting one big potential acquisition prevent Covid-19” but added that cer-
multinationals such as Nestlé, Procter & Unilever has also dipped its toe into Reckitt Benckiser said “self-care and target. Analysts have suggested the tain vitamins and minerals, such as
Gamble and Reckitt Benckiser that have the sector, buying Olly, a US-based a more proactive approach to wellness” US demand for vitamins has French pharmaceuticals group Sanofi vitamins C and D and zinc, might affect
piled into the sector in recent years. group that sells gummy vitamins, last had driven demand. “We expect some of risen during the pandemic may also sell its consumer health divi- how the immune system fends off infec-
US dietary supplement sales were 16.7 year following its 2018 purchase of Ital- this behaviour change [caused by the sion. tions.
per cent higher than a year ago in the ian wellness group Equilibra. pandemic] to stick.” Total unit sales of Year-on-year But there are also hundreds of smaller “The best way to obtain these nutri-
four weeks to July 11 at £781m, accord- Warren Ackerman, analyst at Bar- Another factor pushing consumers vitamins and % change groups that may be snapped up by the ents is through foods,” the CDC said.
supplements (m)
ing to data provider Nielsen, having clays, said the market was already grow- towards supplements and over-the- likes of Nestlé, which has identified con- The UK government, however, has
risen as much as 51.2 per cent in March ing before the pandemic. “If you look at counter medicines has been the over- 150 60 sumer health as an area for expansion, advised people to consider taking daily
as Covid-19 spread. millennials and Generation Z, if you load on health services caused by the or Unilever. vitamin D supplements during the pan-
Mark Schneider, chief executive of look at the lead indicators, they are very pandemic. “Consumers with minor ail- Big consumer companies will look at demic.
Nestlé, said last month that “vitamins, interested in health and wellness,” he ments are having to self-medicate,” ana- 100 40 brands offering “a specific consumer According to Mr Ackerman, con-
minerals and supplements . . . continue lysts at Barclays said. proposition” rather than generic com- sumer goods companies will need little
to see elevated demand”. Digital subscription services includ- pounds such as vitamins A, B and C, said encouragement to take on more vita-
In the UK, sales have reached record
‘[Millennials] drink less ing Los Angeles start-up Ritual and serv-
50 20
Mr Ackerman. mins and supplements.
levels this year, said market researcher alcohol, smoke less . . . go ices offering supplements tailored to But Mr Maxwell warned the recession “There’s a big opportunity in building
Kantar. More than half the population buyers’ requirements, such as New 0 0 might cause some consumers to look for global brands and getting emerging
have bought a supplement of some type
to the gym more and care York-based Care/Of, have proved popu- cheaper options. market consumers, as their wealth
Jan 2019 2020 Aug
in the past year. about their . . . wellbeing’ lar.
Source: Nielsen
“[Supplements] become part of peo- increases over time, to consider well-
An eagerness to do anything that Nestlé said in July that its Persona per- ple’s daily routine. At the moment the ness products.”
COMPANIES & MARKETS

inside business
Personal & household goods
ON Monday
Unilever warns over Dutch exit tax law Jonathan

Ford
Multinational says it will and EU tax law. Political parties in the the bottom when it comes to corporate ‘The law is deemed legal by the country’s equiva-
government and opposition have indi- taxation,” Mr Snels told the Financial lent of the UK’s Privy Council, which is
be forced to drop move to cated that they will back the law if it is Times. “We do not want companies to designed to due to give its verdict this month.
UK if proposal adopted deemed legal.
Unilever warned last week that, “if
‘shop’ for the lowest tax jurisdiction.”
Mr Snels said the other dual-listed
stop a race The liberal party of Prime Minister
Mark Rutte, himself a former Unilever
Green power needs to
to the
Mehreen Khan — Brussels
Judith Evans — London
the bill were enacted in its present form”
and applied to the company’s planned
restructure, it would not proceed with
group that could be affected by the initi-
ative was Royal Dutch Shell.
The oil group’s chief executive, Ben
bottom
executive, has been less enthusiastic,
warning it could harm the Netherlands’
attractiveness for foreign investment.
be dense, an awkward
A Dutch law that would hit multination-
als leaving the Netherlands with billions
its plan to establish a single legal entity
in the UK. The maker of Dove soap and
van Beurden, said last month that the
company had not formally ruled out
when it
comes to
But Paul Tang, a Dutch centre-left
MEP, suggested it would be difficult for
truth for renewables
in exit taxes is gaining political support Magnum ice creams has estimated it moving its headquarters from the Neth- Mr Rutte’s party to oppose the law, espe-
after Unilever warned that it would have would face a €11bn retroactive penalty erlands to the UK. corporate cially as the country is heading into
taxation’
H
to reverse its decision to relocate from if the bill was approved. The Greens’ proposal would need the national elections next March. ere are two green power projects. The first, a
Rotterdam to the UK if the initiative Put forward by Green MP Bart Snels, support of the Netherlands’ upper and Andrew Parkes, national technical solar farm in Kent, Britain’s largest, received
passed. the bill is designed to penalise compa- lower houses of parliament. It is due to director at tax consultants Andersen, planning consent from the business and
Derided as a “Hotel California” tax nies with revenues of more than €750m win backing from the opposition Labour said the exit tax would not survive a energy secretary, Alok Sharma, in May. The
law by critics after the Eagles’ song who depart from the Netherlands for party, which has also campaigned for challenge at the European Court of Jus- second is a planned nuclear project at Size-
about a lodging from which “you can low-tax jurisdictions. In the case of tougher rules to limit aggressive tax tice level, despite an earlier ECJ ruling well in Suffolk. Its developer, EDF Energy of France,
check out any time you like, but you can Unilever, Mr Snels said the exit fees planning in the Netherlands. that indicated EU countries could tax recently applied for approval, which has yet to be received.
never leave”, the proposal is awaiting a would apply because the UK does not Three of the four parties in the Dutch unrealised capital gains when a com- Both would make substantial contributions to Britain’s
key legal opinion this month that will have a withholding tax on dividends. coalition government have also said pany moved its residency elsewhere green electricity supply. Cleve Hill would have sufficient
determine its compatibility with Dutch “The law is designed to stop a race to they are supportive of the idea if it is within the bloc. solar panels to generate 350 megawatts — enough, its
developers claim, to power 91,000 homes. Sizewell would
be an order of magnitude greater. Its two reactors would
have the capacity to generate 3,200MW of electricity,
roughly seven per cent of Britain’s current power needs.
Retail & consumer. Break-up cheers The really stark difference comes when you consider
their respective physical footprints. While Cleve Hill
Majestic and Naked Wines prove critics wrong

would need around 950 acres of land for the roughly
800,000 panels required to generate its output, Sizewell
would require a mere 80 acres to house its plant.
The gap actually widens further when you consider their
respective output. Cleve Hill’s panels will not be generat-
ing constantly — thanks to Britain’s rainy climate, solar
produces power only 11 per cent of the time. Meanwhile,
A separation of the businesses nuclear’s so-called capacity factor is roughly 90 per cent.
What all this means is that simply to match annual out-
that surprised many investors put churned out by Sizewell’s 3,200MW reactors, you
works well for both a year on wouldn’t just need nine 350MW Cleve Hills but more like
77. Turn that into acres and it comes to almost 74,000.
That’s equivalent to some 300 square kilometres of land
Jonathan Eley versus the 0.3 sq km the nuclear plant consumed.
When Majestic Wine announced last It all goes to illustrate one of the awkward truths about
year that it would focus on its online renewables; their relatively low “power density” makes
subscription business, many longstand- them more consumptive of resources.
ing customers feared it marked the end The issue was once illustrated by the former chief scien-
of the warehouse-style retail shops that tific officer to the UK energy department, the late David
had brought them the pick of Riojas and MacKay. He compared his own territorial estimate of UK
Sauvignons since the 1980s. energy consumption, roughly 1.25W/square metre, with
Many had already grumbled that the the energy yield of a wind turbine, which he put at roughly
company’s offer had been downgraded 2.5W for each square metre
in an effort to generate cash to fund they occupied.
Naked Wines, whose founder Rowan On that basis, he estimated
In a crowded
Gormley was chief executive of the you would need to cover half country such
wider group. the UK’s landmass to gener-
Investors marked Majestic’s shares ate the necessary energy.
as Britain, the
down by a fifth in two days. Liberum The political impossibility pressures on land
analyst Wayne Brown described the of anything like this happen-
plan to split as “a drastic and unex- ing should be evident. A
use are sharper
pected change in strategy”. study of the US state of Iowa
But last month, Majestic, which is by consultancy LucidCatalyst showed resistance to wind
now owned by asset manager Fortress, projects escalated between 2008 and 2019 as more
said it had gained 150,000 new custom- schemes were put forward. About 60 per cent of counties
ers during the UK’s lockdown with in the state progressively imposed restrictions or morato-
online sales quadrupling and average riums on wind development.
bottle prices rising 11 per cent. In a crowded country such as Britain, the pressures on
Customers have said they are pleased land use are sharper, given the competing priorities to
to see many of their favourite tipples grow food, plant more forests and protect existing wildlife
back on the shelves. Staff have been habitats.
encouraged by the revamped ranges, Put simply, greater land use for energy generation has an
renewed focus on training and recruit- escalating opportunity cost. Greenpeace, no enemy of
ment of experienced wine buyers. renewables, expressed concerns about Cleve Hill, arguing
Meanwhile, the remainder of the that “vast continuous fields of panels on agricultural land”
listed business, renamed Naked Wines, were not “the best way to go solar”.
has also thrived. A trading statement This should prompt reflection in light of the UK’s com-
last week showed that sales to new cus- Growth think a store could do well”. He believed year period, the company estimates the acquiring new customers, often less mitment to achieve net zero carbon emissions by 2050. It
tomers were up 185 per cent in July, expectations: profitability could in time return to 2015 average customer will return at least loyal ones, and that this “meant that is hard enough decarbonising electricity but electricity is
while total sales were 73 per cent higher Naked Wines levels. four times the cost of signing them up. [Majestic] has not generated the returns about a quarter of final energy demand and the rest is
than a year ago. The company is now producer Katie Naked is a subscription business “That number does rely very heavily you would want”. largely powered by fossil fuels.
worth 50 per cent more than at the time Jones at Tuchan founded about a decade ago. Its custom- on forward assumptions so we have The merger of the two businesses, Estimates from consultancy LucidCatalyst suggest
the stores were sold at £300m. in the Languedoc ers pay a monthly fee that funds inde- started publishing five-year numbers which took place four years before they replacing the UK’s oil demand with hydrogen produced
“Investors had doubts about the region of France pendent winemakers, who in turn sup- and 12-month ones,” added Mr Craw- split, was not exactly a triumph for using solar could absorb 23,000 sq km (equivalent to 14
Naked Wine business model, given that ply them with their produce. ford. “We get 67 per cent of our acquisi- investors. The market value of the com- counties the size of Surrey).
the metrics were moving in the wrong The main operating expense is not tion cost back in the first 12 months.” bined company on the day the break-up Renewables experts argue that not all oil use would need
direction at the time [the split was stores but investment in marketing to Naked’s biggest opportunity is in the was announced was little different to replacing with hydrogen, reducing the need for renewable
announced],” said Mr Brown. “But that sign up members. It has 600,000 US, where sales of wine made online the value of Majestic alone on the day it capacity. They also say much could be done with offshore
isn’t the case now”. already and this year will spend up to rose from 5 per cent to 20 per cent at the revealed the acquisition of Naked. wind turbines, reducing the land requirement. But as wind
Both divisions have been helped £40m — or 14 per cent of predicted sales peak of the pandemic. The company But Mr Crawford pointed out there is less dense than solar, you would still end up gobbling
by the coronavirus pandemic as — acquiring more. believed this was a tipping point. was an element of mutual necessity. “At large chunks of the North Sea.
oenophiles have drunk more at home The obvious risk is that customers do “We are not naive enough to think the time of that deal, Naked Wines Historic energy transitions have moved to more dense
with bars and restaurants closed. not stick around or spend enough for that the full shift to 20 per cent will hold needed cash and Majestic needed an energy; so coal succeeded wood and was in its turn suc-
Majestic and Naked have markedly Naked to recoup its acquisition costs. forever,” said Mr Crawford. “But large injection of digital savvy,” he said. “It ceeded by oil and natural gas. Renewables such as Cleve
different strategies and business models But finance director James Crawford, numbers of people there are now pur- was a store rollout model that was run- Hill have their place in decarbonisation. It is worth noting,
but both now have high expectations for said that, with 12 years of history in the chasing wine online, who had not done ning out of steam and profits were static too, that the only other zero carbon technology to hand,
growth. UK, the company had good insights into so previously.” or falling.” nuclear, faces its own political challenges.
John Colley, who rejoined Majestic as customers’ likely behaviour. By contrast, Majestic remains focused Five years on, Naked has the cash to But in planning how to decarbonise, policymakers
chief executive after the sale to Fortress, “We look at what percentage of cus- on the UK and a more traditional retail grow while Majestic has its independ- should think about whole-system outcomes. They need
is committed to stores; two more will tomers remain with us, how often they model. ence and a thriving online business. power technologies in the mix that are scalable and dense.
open this year and he said there were shop and at what sort of margin and we Mr Colley accepted that, before the What looked like a marriage of con-
“around two dozen locations where we project that forward,” he said. Over a 20- split, there was too much focus on venience has come to an amicable end. jonathan.ford@ft.com
Retail Utilities
Debenhams says liquidation would be last resort Energy suppliers braced for surge in bad debts
Nic Fildes growing ranks of collapsed high street cut 2,500 jobs, a move it described as Nathalie Thomas — Edinburgh a sector that suffers from thin margins Energy UK, a trade body representing
stalwarts, putting 14,000 jobs at risk. necessary to give it “every chance of a and fierce competition. energy providers, said that because of
Debenhams has insisted its decision to Energy suppliers are fearing a surge in
One person briefed on the situation viable future”. The government and utilities prom- Covid-19 “energy suppliers are facing
appoint a potential liquidator was bad debts in the autumn as the govern-
described liquidation as an “outside The business, which is in its third ised at the start of lockdown not to dis- likely increases in debt and other rising
merely a matter of procedure as its ment’s job retention scheme draws to a
chance”, and Hilco’s appointment as a insolvency process in the space of two connect any households that were in system costs, in an industry which
administrators continue their search close.
necessary part of the administration years, has had to cope with the impact of financial distress as a result of the coro- already operates on small margins”.
for investors to secure the future of one
process. coronavirus on the retail sector, a Several large suppliers, including Cen- navirus pandemic. Steve Jennings, head of consultancy
of Britain’s best-known retailers.
“Debenhams is trading strongly, with crisis that could complicate a sale of the trica and Bulb, have expressed concern “The thing that we’ve been very con- PwC’s energy practice, said water and
The department store entered adminis- 124 stores reopened and a healthy cash business. over a rise in households defaulting on scious of since March is the risk of a electricity bills are often among the first
tration in April but has continued to position,” Debenhams said. It added When Mike Ashley’s Frasers Group, electricity and gas bills in the second large number of customers getting into things households stop paying, so “utili-
trade while taking a series of measures that advisers were still exploring a “full previously Sports Direct, reports results half of the year as unemployment financial difficulty and not paying their ties are right to be worried that
to reduce costs to cope with the impact range of possible outcomes” including a this week, observers of the retail sector climbs and the government’s furlough bills,” Hayden Wood, chief executive of they will suffer if consumer debt rises”.
of the coronavirus pandemic. sale, a joint venture arrangement or will look out for any comments by Mr scheme ends in October. Bulb, told the Financial Times. Centrica chief financial officer
Lazard was appointed to explore a retention of the business by its current Ashley regarding Debenhams, following The withdrawal of the scheme will “I know the government has provided Johnathan Ford recently told analysts
sale in July. Hilco, which has previously owners — which include hedge funds reports he could be interested in acquir- come at a difficult time of year for the a huge amount of support through that the risk of bad debt was “more
worked with Debenhams on store Silver Point Capital, GoldenTree and ing 30 sites from his rival. energy sector. In recent years some things like the furlough scheme. But weighted towards the second half, espe-
closures, has been appointed as a poten- Alcentra, and Barclays bank. Mr Ashley last year made an offer to smaller suppliers have struggled to there is a strong risk that if there’s a sec- cially given the planned withdrawal of
tial liquidator of the company should Hilco, Lazard and FRP Advisory, the rescue Debenhams, in which Sports meet autumn deadlines to pay for poli- ond wave, if there’s really high unem- government support for jobs”. The com-
that process fail. administrator, declined to comment on Direct was the largest shareholder, but cies that support the development of ployment, a large number of businesses pany has not offered investors any spe-
The Hilco appointment, first reported the future of the retailer as it battles was rebuffed and the department store renewable electricity, pushing many out in the UK will find it challenging, with cific financial guidance for its full year as
by Sky News at the weekend, has raised to survive. collapsed into administration as a of business. Some 20 energy suppliers non-payment by customers.” it remains “cautious” on bad debt “if
fears that Debenhams could join the Debenhams said last week it would result. have gone bust since November 2016 in Emma Pinchbeck, chief executive of customers delay or defer payments”.
12 ★ Monday 17 August 2020
COMPANIES & MARKETS
How to Lead. Toto Wolff, team principal, Mercedes Formula One team
‘Tough love’ and mediation secure F1 dominance

called a board meeting. But Mr Wolff
The co-owner shook up says he and Lauda met quietly before-
hand, settled their differences and
the racing team after defused the situation with a handshake
convincing Daimler to in front of the board.
The pair seized the first of Mercedes’
commit more resources, six consecutive crowns after finishing
writes Samuel Agini second to Red Bull in 2013.
Internal friction has been a constant
feature of Mr Wolff’s tenure. A believer
W
ho could imagine in “tough love”, the Mercedes principal
Mercedes without Toto soon became mediator to his drivers,
Wolff? The Austrian has who clashed on the track and jousted in
led the Formula One press conferences. Rosberg quit after
racing team to such winning his sole championship in 2016.
dominance that securing this year’s Rather than allow the acrimony to
constructors’ championship would be fester, Mr Wolff and Hamilton settled
enough to overtake Ferrari’s record for their differences in the kitchen of the
consecutive titles. Mercedes boss’s Oxford home. Hamil-
Not even the strangest F1 season in ton has not lost a world title since.
memory — a result of coronavirus — Managing Mercedes’ star driver has
would undermine the significance of become more complicated over the
extending the Silver Arrows’ six-year years, particularly following the killing
winning streak. The achievement would of George Floyd. While protesters
be sweeter still if star driver Lewis against racism and police brutality
Hamilton can defend his title to match
the record seven titles won by Michael
Schumacher.
‘There [are] not one or two
“Other team leaders spend 50 per superstars. In our team, in
cent of the time worrying about the
balance sheet, Toto spends 100 per cent
our structure, there are
of his time on racing,” says one rival. 2,000 superstars’
“That said, it’s not easy even with that to
win six in a row.” Toto Wolff, above, and his Mercedes Mercedes-Benz cars for the DTM racing quarters in Stuttgart to meet the then But the appointment stoked tensions gathered in the US, the UK and beyond,
The team’s peerless performance on team are seeking their seventh series, was just one interest that hinted management board chairman Dieter with Ross Brawn, who led the predeces- F1 remained silent. Hamilton accused
the track has helped drive revenues to consecutive series title this year. at a future return to motorsport. Zetsche, who asked him to run the team. sor to the Mercedes team — when it was the industry of being complicit. “We
£338m in 2018 from £115m in 2012. Below: Lewis Hamilton races in the It came when he bought a stake in The late Niki Lauda, the three-time still known as Brawn GP — to its last have been — all of us — guilty of being
Not that the Mercedes team principal, team’s new black livery at Frank Williams’ racing team in 2009, world champion and fellow Austrian, championship victory. silent for way too long,” says Mr Wolff.
chief executive and part-owner is ready Silverstone this month though he only became executive direc- had already joined as chairman of the Going up against the F1 veteran was a After discussing Hamilton’s views,
to accept all the plaudits. “There [are] Tolga Akmen/AFP; Getty tor in 2012. Their achievements operation. sign of Mr Wolff’s willingness to shake Mercedes decided to paint its car black
not one or two superstars. In our team, included an initial public offering in While Williams still struggles to com- up Mercedes. this season, convincing sponsors to
in our structure, there are 2,000 super- 2011 and the Oxfordshire team’s first pete with the sport’s wealthiest players, Trust with the former Mercedes team agree and Daimler to adopt a change of
stars,” Mr Wolff says. Grand Prix victory in eight years. “I gave Mercedes has the budget to compete at principal broke down. One sticking point livery after decades of racing in silver.
The 48-year-old and his Scottish wife my heart to Williams,” says Mr Wolff. “I the top with Ferrari and Red Bull. Add- was that Mr Wolff hired Paddy Lowe as Mr Wolff wants to increase the propor-
Susie, a former racing driver, have built will always remember that when I got ing to the appeal was Daimler’s willing- the team’s technical director, further tion of its minority ethnic and female
a £355m fortune that belies the difficul- the offer to join Mercedes . . . I was ness to make a 30 per cent stake in the encroaching on Mr Brawn’s remit. By the staff from 3 per cent and 12 per cent
ties he says he faced at the age of 15, really struggling with the decision.” racing team available for Mr Wolff to end of 2013, Mr Brawn was gone. today. “We don’t want this launch of the
when his father died from a brain It all started with coffee. Wolfgang purchase. As at Williams, he wanted “I must admit that it was verydifficult black livery to be a PR stunt. We don’t
tumour. Searching for the words as he Bernhard, then on the Daimler board, skin in the game. for him,” concedes Mr Wolff. want to join companies that feel it is the
summons painful memories, Mr Wolff asked Mr Wolff to assess why Mercedes In January 2013, Mr Wolff was Although it might have looked like Mr flavour of the month to speak up against
says the “scars and demons” left by the had failed to win an F1 world champion- appointed managing partner, following Wolff and Lauda had connived to oust racism,” says Mr Wolff.
loss of a parent can trigger “super- ship since 2009 despite boasting the rac- a season in which Northamptonshire- Mr Brawn, power battles strained their His next challenge will be to retain his
power” within a child. ing talents of Schumacher and future based Mercedes finished fifth. own relationship, particularly in 2013, leading driver, who is yet to renew his
Having been forced to give up his winner Nico Rosberg. Mr Wolff was “He was lucky they had quite a large when they clashed over the division of contract, which expires at the end of this
ambitions as a racing driver, Mr Wolff direct. Winning in F1 requires serious budget,” says Bernie Ecclestone, the their responsibilities. “Niki and I were season. With F1 set to introduce a
instead plunged into an investing career resources. Convincing the Daimler former F1 supremo, who attributed Mr always our own bosses. We ran our com- budget cap and a fairer split of its reve-
that began with technology companies board of that fact was critical. Wolff’s success to running the team like panies and had our own perspectives,” nues among the teams next year, the
in 1998. But an investment in HWA, Within weeks of receiving his report a business, hiring well and making sure says Mr Wolff. greatest test of Mr Wolff’s stranglehold
a German company that developed in 2012, Daimler invited him to its head- staff did what they were supposed to do. Daimler was so concerned that it on the sport is yet to come.
Jam Cultures: Inclusion —

The benefits of workplace. There’s also advice on
“unwanted romantic bonding” — when
things go beyond friendship.
Having a Seat at the Table, a
Voice and a Vote’, by Jitske
friends at work At a time when so many people are
missing the interactions in a physical
Kramer, translated by Mischa
Hoyinck and Robert Chesal
and an outline workplace, Nelson’s book reminds us
that we need connections, and that it is
fine — indeed, healthy — to have close
We don’t often review management
and leadership books that are not
for inclusion friends in a place of work. written in English, the dominant
language of business — which makes
Jam Cultures, translated from Dutch,
‘On Board: The Insider’s Guide to an interesting prospect in itself.
Surviving Life in the Boardroom’, The “jam cultures” of the title are
by John Tusa the author’s way of comparing active
FT journalists recommend “Serving on a board is a responsibility efforts to create diverse and
the best business titles and a privilege,” writes John Tusa. “The inclusive workplaces (and beyond)
high points are very high, the low with musical jam sessions, “Where
points properly chastening.” In his we are all trying to find our own
book, the radio and television voice, summoning the courage to
journalist who has served on the make it heard, and tuning in to each
boards of institutions such as the other to create a better sound”.
‘The Business of Friendship: National Portrait Gallery and the If that sounds cheesy, prepare
Making the Most of Our British Museum reveals the successes yourself. The book has lots of
Relationships Where We Spend and failures of governance. inspirational asides from the author,
Most of Our Time’, by Shasta Whether it be but get past those and there is a lot
Nelson a parish council, that is valuable — and very different.
school or The non-Anglocentric focus of
The starting point for Shasta Nelson’s multinational this book allows readers a glimpse
exploration of the benefits — corporation, the into a different range of academics.
personally and for an organisation — non-executive Kramer is an anthropologist — it’s
of staff having friends at work is the board, he writes, useful and non-stigmatising to see
phrase we’ve all heard many times: “I plays a critical part the evidence of how hard inclusion
am not here to make friends”. Almost in their success: “The ultimate can be to enact properly, by
30 per cent of responsibility for an organization is respecting people’s individuality
people are not theirs but they should not interfere in rather than asking them to
sure that it is a the way it is managed. This is the assimilate or
good idea, or central paradox of the activity of change. Kramer
appropriate to ‘governance’.” cites the work
have a best friend This book highlights the issues faced of Dutch
at work. And that, by the boards he has sat on — British, anthropology
as Nelson goes on American and European — and board professor Gloria
to demonstrate in her fun, easy to members he has worked with. Among Wekker, for
digest guide, is a shame for us all. colleagues were lawyers, bankers, example, on
If we have (or have had) a best artists, academics and administrators. what she calls our “cultural archive,
friend at work we are more likely to Interviews include contemporary artist an unacknowledged reservoir of
be convinced of its benefits (nearly Grayson Perry, who Tusa worked with knowledge and emotions, based on
90 per cent are convinced it is a good on the board of the University of the 400 years of colonial domination,
thing). Why does this matter? Arts London. Perry now serves as the which continually informs our
Nelson’s chapters go through an array UAL’s chancellor. We also hear from feelings, thoughts and actions
of arguments bolstering our need for former chief executive of BP Lord without us even realizing it”.
intimacy in work just as much as in Browne, a former trustee of the British Kramer sets out a clear path for
any other part of our lives. And she Museum. any organisation that really wants to
defines loneliness as “wanting more Tusa reveals squabbles and financial have difficult conversations and
belonging than we are currently crises but the stories show how listen to everyone’s contribution.
experiencing” — a reframing that is divisions and chaos are surmountable. Her chapters are clearly laid out,
helpful for the workplace, where For more than 30 years Tusa has sat with exercises and advice — but this
inclusion is now top of many on boards that have been established is no quick-fix guide. Kramer uses
managers’ agendas. for centuries, others newly created and her experiences in helping to embed
So how do we go about making he believes only two things have ever democratic conversations in South
friends at work? There are chapters been certain: “The unpredictability of Africa, among other places, as a
here on the science of all friendships events in the world of governance and blueprint to guide us towards more
and setting healthy goals and the fact that, frequently, board inclusive cultures.
expectations for the kinds of membership will be a time of personal
friendships we may seek in a learning that is painfully acquired.” Isabel Berwick and Janina Conboye
MARKET DATA
WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $
-0.02% -0.21% -1.55% -1.24% -0.19% -0.24% -0.084% -0.402% -0.221% -0.38%
0.12% 0.17% 0.153% 0.64%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jul 15 - - Index All World Jul 15 - Aug 14 Index All World Jul 15 - Aug 14 Index All World Jul 15 - Aug 14 Index All World Jul 15 - Aug 14 Index All World Jul 15 - Aug 14 Index All World
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
3,372.85 2,407.49
16,514.61 6,250.69 23,289.36
6,090.04 12,874.97 12,901.34 22,784.74
16,063.33
3,215.57 2,183.76
Day -0.02% Month 5.48% Year 18.74% Day -0.09% Month 3.81% Year 2.92% Day -1.55% Month -1.42% Year -14.77% Day -0.71% Month 1.61% Year 12.26% Day 0.17% Month 2.21% Year 13.85% Day -1.23% Month 10.13% Year 25.01%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
38,949.88
11,019.30
1,450.61 7,474.70 25,183.01
1,426.95 7,154.30 24,970.69 2,620.19 2,581.32
10,473.83 36,465.67
Day -0.21% Month 5.06% Year 41.75% Day 0.87% Month 7.62% Year 0.78% Day -1.24% Month -0.35% Year -1.02% Day NaN% Month NaN% Year NaN% Day -0.19% Month -2.28% Year -0.38% Day -0.56% Month -1.91% Year -17.98%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
27,931.02 3,360.10
5,085.28 20,356.09 37,877.34
4,962.93 20,028.11
26,734.71 101,353.45 3,210.10 36,471.68
100,553.27
Day 0.12% Month 4.84% Year 9.62% Day 0.89% Month 0.91% Year 1.09% Day -1.58% Month -0.89% Year -5.49% Day -1.13% Month 0.75% Year 0.04% Day 1.19% Month -2.42% Year 20.12% Day -1.13% Month 3.23% Year 2.49%
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 48547.91 49626.79 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 21882.50 22124.17 Philippines Manila Comp 6076.91 6097.78 Taiwan Weighted Pr 12795.46 12763.13 Cross-Border DJ Global Titans ($) 400.44 401.59
Australia All Ordinaries 6261.70 6223.90 Czech Republic
PX 913.06 916.77 FTSE Italia Mid Cap 34690.14 34938.41 Poland Wig 52631.64 52706.25 Thailand Bangkok SET 1327.05 1346.69 Euro Stoxx 50 (Eur) 3305.05 3342.85
S&P/ASX 200 6126.20 6091.00 Denmark OMXC Copenahgen 20 1310.24 1329.42 FTSE MIB 20028.11 20257.31 Portugal PSI 20 4441.52 4479.10 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 984.47 999.29
S&P/ASX 200 Res 4808.80 4789.60 Egypt EGX 30 10944.18 10922.33 Japan 2nd Section 6580.39 6600.73 PSI General 3213.55 3245.69 UAE Abu Dhabi General Index 4386.66 4359.57 FTSE 4Good Global ($) 8432.27 8454.26
Austria ATX 2246.32 2268.74 Estonia OMX Tallinn 1194.35 1196.14 Nikkei 225 23289.36 23249.61 Romania BET Index 8733.63 8764.47 UK FT 30 2252.90 2283.30 FTSE All World ($) 375.34 376.26
Belgium BEL 20 3422.00 3447.14 Finland OMX Helsinki General 9823.74 9908.51 S&P Topix 150 1357.55 1357.87 Russia Micex Index 3061.99 3080.44 FTSE 100 6090.04 6185.62 FTSE E300 1426.95 1444.92
BEL Mid 7646.89 7647.43 France CAC 40 4962.93 5042.38 Topix 1623.38 1624.15 RTX 1323.80 1326.13 FTSE 4Good UK 5677.69 5759.32 FTSE Eurotop 100 2697.80 2730.87
Brazil IBovespa 101353.45 100460.60 SBF 120 3929.53 3991.84 Jordan Amman SE 1569.58 1572.18 Saudi-Arabia TADAWUL All Share Index 7704.25 7645.55 FTSE All Share 3397.87 3447.01 FTSE Global 100 ($) 2222.23 2229.42
Canada S&P/TSX 60 990.34 990.98 Germany M-DAX 27313.16 27707.71 Kenya NSE 20 1738.58 1751.39 Singapore FTSE Straits Times 2581.32 2595.97 FTSE techMARK 100 5766.27 5844.88 FTSE Gold Min ($) 2708.13 2644.23
S&P/TSX Comp 16514.61 16530.06 TecDAX 3080.40 3123.00 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 331.95 331.95 USA DJ Composite 9183.35 9178.77 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 448.40 452.23 XETRA Dax 12901.34 12993.71 Latvia OMX Riga 1084.89 1089.41 Slovenia SBI TOP 873.85 - DJ Industrial 27931.02 27896.72 FTSE Multinationals ($) 2396.28 2397.01
Chile S&P/CLX IGPA Gen 20306.61 20242.60 Greece Athens Gen 634.37 637.27 Lithuania OMX Vilnius 771.42 772.66 South Africa FTSE/JSE All Share 57077.48 57419.46 DJ Transport 10959.54 10886.48 FTSE World ($) 667.24 668.97
China FTSE A200 12276.46 12096.96 FTSE/ASE 20 1524.12 1536.68 Luxembourg LuxX 1005.61 1008.42 FTSE/JSE Res 20 58926.78 59161.88 DJ Utilities 824.87 834.39 FTSEurofirst 100 (Eur) 3663.63 3710.44
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 25183.01 25230.67 Malaysia FTSE Bursa KLCI 1564.59 1576.42 FTSE/JSE Top 40 52737.48 53082.08 Nasdaq 100 11164.45 11178.37 FTSEurofirst 80 (Eur) 4487.72 4540.11
Shanghai A 3522.00 3480.70 HS China Enterprise 10266.46 10244.60 Mexico IPC 38949.88 38615.62 South Korea Kospi 2407.49 2437.53 Nasdaq Cmp 11019.30 11042.50 MSCI ACWI Fr ($) 570.82 571.04
Shanghai B 239.10 237.19 HSCC Red Chip 4135.67 4132.57 Morocco MASI 10309.05 10273.01 Kospi 200 319.24 323.33 NYSE Comp 12902.50 12919.15 MSCI All World ($) 2390.08 2391.80
Shanghai Comp 3360.10 3320.73 Hungary Bux 36591.83 36756.82 Netherlands AEX 560.84 569.95 Spain IBEX 35 7154.30 7250.50 S&P 500 3372.85 3373.43 MSCI Europe (Eur) 1512.10 1521.98
Shenzhen A 2348.85 2319.82 India BSE Sensex 37877.34 38310.49 AEX All Share 801.42 813.30 Sri Lanka CSE All Share 5261.99 5235.61 Wilshire 5000 34478.01 34492.58 MSCI Pacific ($) 2689.72 2668.97
Shenzhen B 928.56 925.11 Nifty 500 9214.40 9307.85 New Zealand NZX 50 11452.14 11500.82 Sweden OMX Stockholm 30 1754.20 1786.80 Venezuela IBC 491593.56 463802.47 S&P Euro (Eur) 1503.27 1521.65
Colombia COLCAP 1149.97 1141.78 Indonesia Jakarta Comp 5247.69 5239.25 Nigeria SE All Share 25236.97 25141.48 OMX Stockholm AS 693.94 705.37 Vietnam VNI 850.74 855.05 S&P Europe 350 (Eur) 1462.98 1481.68
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 6380.31 6457.27 Norway Oslo All Share 950.94 959.02 Switzerland SMI Index 10163.60 10260.11 S&P Global 1200 ($) 2642.03 2647.70
Israel Tel Aviv 125 1438.37 1445.28 Pakistan KSE 100 40290.74 40473.18 Stoxx 50 (Eur) 2979.87 3014.15
(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 Aug 14 %Chg %Chg Aug 14 %Chg %Chg Aug 14 %Chg %Chg Aug 14 %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 187.1 459.63 -0.41 British American Tobacco 123.4 2526.00 -58.50 Asml Holding 204.4 314.00 -4.80 Softbank . 1051.1 6326.00 -97.00 Evraz 346.00 11.5 -14.8 Cineworld 50.74 45.4 -76.9 Dignity 640.00 85.5 6.7 Industrial Transportation 2070.22 12.5 -
Amazon.com 85.7 3148.02 -13.00 Glaxosmithkline 108.1 1535.80 -34.00 Sap Se O.n. 170.2 135.24 -1.88 Sony 533.0 8876.00 176.00 Admiral 2688.00 6.7 16.8 Clarkson 2500.00 19.0 -17.5 Brown (n) 52.00 40.5 -67.4 Industrial Metals 3528.37 9.3 -6.8
Boeing 57.5 178.08 3.35 Astrazeneca 101.6 8381.00 -161.00 Intesa Sanpaolo 164.7 1.85 -0.01 Toyota Motor 357.5 7181.00 -104.00 Gvc Holdings 769.80 6.2 -16.2 Watches Of Switzerland 307.00 18.8 -21.3 Sdl 626.00 34.6 9.1 Oil Equipment & Services 4379.50 6.9 -
Nvidia 42.1 462.56 4.84 Unilever 87.7 4541.00 -42.00 Dt.telekom Ag Na 163.5 15.34 0.03 Fast Retailing Co., 292.9 61590.00 250.00 Intercontinental Hotels 4148.00 6.1 -20.6 Plus500 Ltd 1483.00 18.1 70.7 Ted Baker 91.80 29.5 -74.0 Banks 2105.90 4.6 -
Facebook 38.4 261.24 -0.06 Royal Dutch Shell 86.4 1171.40 -31.80 Sanofi 146.7 85.46 -1.53 Tokyo Electron 265.0 28690.00 -15.00 Burberry 1399.50 6.0 -36.4 Royal Mail 213.30 15.5 -8.0 Superdry 148.30 25.8 -70.8 Aerospace & Defense 3463.99 3.4 -
Microsoft 37.2 208.90 0.20 Bp 81.2 292.65 -8.55 Adidas Ag Na O.n. 136.3 265.90 -2.30 Fujifilm Holdings 232.3 5138.00 138.00 M&g 179.70 5.8 -26.3 Petrofac 178.20 15.1 -53.5 Topps Tiles 51.20 23.7 -31.7 Forestry & Paper 17212.71 2.8 -
Advanced Micro Devices 34.3 81.30 -0.54 Diageo 79.1 2603.00 -47.00 Bnp Paribas Act.a 132.4 36.66 -0.33 Mitsubishi Ufj Fin,. 205.5 435.50 -5.30 Persimmon 2534.00 5.3 -7.2 Ao World 194.60 13.3 126.8 Int Personal Finance 70.90 21.6 -56.1 Food Producers 6638.84 2.7 -
Alphabet 20.2 1507.73 -10.72 Royal Dutch Shell 79.0 1131.40 -29.00 Total 132.2 33.50 -0.49 Fanuc 172.0 19440.00 0.00 Standard Chartered 421.90 5.2 -41.4 Airtel Africa 60.70 12.2 -23.0 Aa 39.50 20.2 -31.9 Travel & Leisure 6489.41 2.5 -37.3
Alphabet 16.4 1504.63 -12.02 Bhp 70.6 1816.00 -9.00 Royal Dutch Shella 129.7 13.17 -0.33 Recruit Hldgs Co Ltd 163.1 3879.00 45.00 Jd Sports Fashion 693.40 5.2 -16.6 Tbc Bank 891.00 11.7 -31.4 Hollywood Bowl 162.50 17.3 -41.3 Food & Drug Retailers 4256.14 2.5 1.5
Applied Materials 15.8 67.62 2.55 Rio Tinto 69.2 4705.50 -47.00 Allianz Se Na O.n. 129.6 182.02 -1.56 M3,. 154.6 5950.00 180.00 Bae Systems 534.00 5.2 -7.0 Go-ahead 660.50 11.6 -70.1 Gem Diamonds 29.00 15.5 -44.3 General Retailers 2299.57 2.5 -8.4
Hsbc Holdings 341.30 4.8 -42.6 Aggreko 476.00 11.3 -43.9 Elementis 73.60 14.8 -60.1 Industrial Engineering 12983.39 2.4 -3.5
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
Int Consolidated Airlines S.a. 194.55 4.8 -69.4 Just 51.70 11.1 -37.7 Zotefoams 410.00 13.9 -6.8 Fixed Line Telecommunication 1330.30 2.1 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Mckesson 158.67 6.48 4.26 Cls Holdings 215.50 8.50 4.11 Colruyt 52.04 0.84 1.64 M3,. 5950.00 180.00 3.12 Avast 559.00 -6.4 17.8 Coats 54.60 -11.2 -27.0 Countrywide 131.00 -12.7 -62.5 Index - Technology Hardware & Equipment 2275.46 -4.9 14.9
Dxc Technology 20.41 0.77 3.92 Bmo Commercial Property Trust 69.30 2.30 3.43 Continental Ag O.n. 92.80 1.20 1.31 Fujifilm Holdings 5138.00 138.00 2.76 Fresnillo 1223.00 -5.5 89.9 Hochschild Mining 271.80 -9.8 54.1 Lamprell 24.50 -12.5 -38.8 Software & Computer Services 2049.10 -3.8 -7.1
Applied Materials 67.62 2.55 3.92 Oxford Instruments 1560.00 50.00 3.31 Telecom Italia 0.38 0.00 0.85 Eisai Co., 9671.00 258.00 2.74 Hargreaves Lansdown 1770.50 -5.1 -9.8 Renishaw 4788.00 -9.6 22.5 Senior 51.00 -11.0 -72.6 Electricity 7635.50 -2.0 -9.3
Cabot Oil & Gas 20.04 0.69 3.57 Pollen Street Secured Lending 820.00 24.00 3.02 Svenska Cellulosa Ab Sca Ser. B 10.60 0.08 0.78 Tokyo Gas Co., 2401.00 54.00 2.30 Phoenix Holdings 697.00 -3.2 -7.7 Balfour Beatty 231.20 -8.8 -13.7 Kier 62.00 -10.1 -34.6 Real Estate Investment Trusts 2568.10 -1.5 -
Corteva 27.87 0.95 3.53 Big Yellow 1040.00 19.00 1.86 Kbc 50.44 0.28 0.56 Takara Holdings . 1023.00 23.00 2.30 Sage 740.80 -3.2 -0.9 Centamin 201.10 -8.6 58.7 Petropavlovsk 31.55 -8.6 148.4 Pharmaceuticals & Biotech. 17748.73 -1.1 -0.4
Aveva 4364.00 -3.1 -7.4 Petropavlovsk 31.55 -8.6 148.4 4imprint 2285.00 -8.2 -33.2 Health Care Equip.& Services 6611.72 -1.0 -
Downs Downs Downs Downs
Rentokil Initial 529.60 -3.1 16.2 Greencore 120.50 -8.4 -54.8 Mccoll's Retail 31.45 -7.5 -17.2 Gas Water & Multiutilities 4951.35 -0.8 -8.2
Dexcom 425.16 -10.12 -2.32 Tui Ag 315.60 -29.10 -8.44 Accor 24.21 -0.99 -3.93 Pacific Metals Co., 1682.00 -70.00 -4.00
Homeserve 1332.00 -2.4 3.9 4imprint 2285.00 -8.2 -33.2 Electra Private Equity 180.25 -6.7 -52.6 Household Goods 17321.39 -0.5 -3.5
Duke Realty 37.89 -0.89 -2.29 Easyjet 570.80 -40.00 -6.55 Skf, Ab Ser. B 16.61 -0.67 -3.88 Ihi 1537.00 -53.00 -3.33
Glencore 170.52 -2.3 -29.3 Network Int Holdings 422.20 -8.2 -33.5 Tt Electronics 173.00 -6.0 -28.2 Equity Investment Instruments 10958.87 -0.2 0.1
Sempra Energy 131.89 -2.77 -2.06 Greencore 120.50 -8.30 -6.44 Hennes & Mauritz Ab, H & M Ser. B 13.97 -0.52 -3.62 Tokyo Tatemono Co., 1265.00 -41.00 -3.14
Hikma Pharmaceuticals 2340.00 -2.2 17.9 Bellway 2417.00 -7.1 -37.2 Stv 210.00 -5.4 -49.4 Electronic & Electrical Equip. 8956.80 0.0 3.5
Wynn Resorts 84.98 -1.69 -1.95 Just 51.70 -3.30 -6.00 Amadeus It 46.30 -1.64 -3.42 Mitsui Fudosan Co., 1809.00 -57.00 -3.05
Segro 963.20 -2.1 7.0 Capital & Counties Properties 128.60 -6.0 -51.3 Dwf 61.30 -5.0 -52.1 Mining 18764.44 0.3 -1.5
Hologic 66.81 -1.31 -1.92 Coats 54.60 -3.30 -5.70 Atlantia 14.23 -0.47 -3.23 Thb Japan Steel Works, 1641.00 -49.00 -2.90
Intermediate Capital 1337.00 -2.1 -18.5 Direct Line Insurance 313.90 -6.0 -1.4 Trifast 102.00 -4.9 -43.6 Support Services 9022.81 0.5 -4.6
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
Aug 14 Currency Mid Change Mid Change Mid Change Aug 14 Currency Mid Change Mid Change Mid Change Aug 14 Currency Mid Change Mid Change Mid Change Aug 14 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 73.1550 0.0500 86.5350 -0.0033 95.8995 0.1722 Indonesia Indonesian Rupiah 14805.0000 30.0000 17512.8588 22.8806 19408.0167 60.9043 Poland Polish Zloty 3.7214 0.0079 4.4020 0.0061 4.8783 0.0157 ..Three Month 0.7629 -0.0008 0.9022 -0.0017 - -
Australia Australian Dollar 1.3942 0.0002 1.6492 -0.0010 1.8277 0.0023 Israel Israeli Shekel 3.4060 0.0034 4.0289 0.0011 4.4649 0.0094 Romania Romanian Leu 4.0874 0.0036 4.8350 0.0007 5.3582 0.0106 ..One Year 0.7630 -0.0008 0.9018 -0.0017 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4460 -0.0003 0.4942 0.0006 Japan Japanese Yen 106.4550 -0.4300 125.9256 -0.5999 139.5527 -0.4077 Russia Russian Ruble 72.9088 -0.1712 86.2438 -0.2650 95.5767 -0.1179 United States United States Dollar - - 1.1829 -0.0009 1.3109 0.0015
Bolivia Bolivian Boliviano 6.9100 - 8.1738 -0.0059 9.0584 0.0101 ..One Month 106.4550 -0.4301 125.9257 -0.5999 139.5527 -0.4078 Saudi Arabia Saudi Riyal 3.7504 0.0000 4.4363 -0.0031 4.9164 0.0055 ..One Month - - 1.1828 -0.1265 1.3109 0.0015
Brazil Brazilian Real 5.3898 0.0207 6.3757 0.0199 7.0656 0.0350 ..Three Month 106.4549 -0.4302 125.9257 -0.5997 139.5526 -0.4079 Singapore Singapore Dollar 1.3707 -0.0006 1.6213 -0.0019 1.7968 0.0012 ..Three Month - - 1.1827 -0.1265 1.3110 0.0015
Canada Canadian Dollar 1.3249 0.0038 1.5672 0.0034 1.7368 0.0069 ..One Year 106.4544 -0.4313 125.9259 -0.5994 139.5527 -0.4084 South Africa South African Rand 17.3638 -0.0362 20.5396 -0.0577 22.7623 -0.0221 ..One Year - - 1.1820 -0.1266 1.3111 0.0015
Chile Chilean Peso 795.7850 1.6450 941.3341 1.2676 1043.2010 3.3152 Kenya Kenyan Shilling 108.3500 0.0500 128.1672 -0.0334 142.0369 0.2236 South Korea South Korean Won 1184.5500 1.2500 1401.2043 0.4679 1552.8363 3.3651 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.9499 0.0056 8.2210 0.0007 9.1107 0.0175 Kuwait Kuwaiti Dinar 0.3057 -0.0001 0.3616 -0.0004 0.4007 0.0003 Sweden Swedish Krona 8.7015 0.0292 10.2930 0.0272 11.4069 0.0510 Vietnam Vietnamese Dong 23174.5000 - 27413.1825 -19.7783 30379.7161 33.8337
Colombia Colombian Peso 3782.4700 9.1400 4474.2849 7.5884 4958.4728 17.4879 Malaysia Malaysian Ringgit 4.1930 0.0025 4.9599 -0.0006 5.4966 0.0094 Switzerland Swiss Franc 0.9096 -0.0003 1.0760 -0.0011 1.1924 0.0009 European Union Euro 0.8454 0.0006 - - 1.1082 0.0020
Costa Rica Costa Rican Colon 595.5200 -1.7750 704.4407 -2.6098 780.6720 -1.4554 Mexico Mexican Peso 22.0310 -0.2710 26.0605 -0.3396 28.8806 -0.3227 Taiwan New Taiwan Dollar 29.4040 -0.0050 34.7820 -0.0310 38.5459 0.0364 ..One Month 0.8453 0.0006 - - 1.1082 0.0020
Czech Republic Czech Koruna 22.0585 -0.0214 26.0930 -0.0441 28.9167 0.0042 New Zealand New Zealand Dollar 1.5251 0.0026 1.8040 0.0017 1.9993 0.0056 Thailand Thai Baht 31.1300 0.0675 36.8237 0.0533 40.8086 0.1338 ..Three Month 0.8452 0.0006 - - 1.1081 0.0020
Denmark Danish Krone 6.2959 0.0041 7.4474 -0.0005 8.2533 0.0146 Nigeria Nigerian Naira 386.3300 - 456.9898 -0.3300 506.4431 0.5637 Tunisia Tunisian Dinar 2.7447 0.0200 3.2466 0.0213 3.5980 0.0302 ..One Year 0.8444 0.0006 - - 1.1076 0.0020
Egypt Egyptian Pound 15.9281 0.0132 18.8413 0.0020 20.8803 0.0405 Norway Norwegian Krone 8.9008 0.0335 10.5288 0.0321 11.6681 0.0569 Turkey Turkish Lira 7.3820 0.0620 8.7322 0.0671 9.6771 0.0920
Hong Kong Hong Kong Dollar 7.7505 0.0002 9.1681 -0.0064 10.1602 0.0116 Pakistan Pakistani Rupee 168.1000 - 198.8455 -0.1436 220.3637 0.2453 United Arab Emirates UAE Dirham 3.6732 - 4.3450 -0.0031 4.8152 0.0054
Hungary Hungarian Forint 292.5142 1.0041 346.0150 0.9388 383.4592 1.7417 Peru Peruvian Nuevo Sol 3.5780 0.0065 4.2324 0.0046 4.6904 0.0137 United Kingdom Pound Sterling 0.7628 -0.0008 0.9024 -0.0017 - -
India Indian Rupee 74.9037 0.0587 88.6036 0.0056 98.1919 0.1862 Philippines Philippine Peso 48.7620 -0.0970 57.6806 -0.1565 63.9225 -0.0559 ..One Month 0.7628 -0.0009 0.9023 -0.0017 - -
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 Aug 14 Aug 13 Aug 12 Aug 11 Aug 10 Yr Ago High Low Year to date percentage changes Closing Week's Closing Week's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2252.90 2283.30 2325.30 2303.40 2245.70 0.00 3314.70 1337.80 Leisure Goods 36.37 Gas Water & Multi -8.26 Life Insurance -19.29 FTSE 100 Price Change FTSE 100 Price Change
Aug 14 chge% Index Aug 13 Aug 12 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Tech Hardware & Eq 30.99 Utilities -8.47 Industrial Transport -19.30 3I Group PLC 922.80 -2.60 Kingfisher PLC 268.20 4.60
FTSE 100 (100) 6090.04 -1.55 5256.20 6185.62 6280.12 7067.01 4.63 1.17 18.55 153.55 5769.12 P/E Ratio net - - - - - 0.00 19.44 14.26 Electronic & Elec Eq 3.01 Construct & Material -8.79 Health Care Eq & Srv -21.09 Admiral Group PLC 2688 168.00 Land Securities Group PLC 570.00 -10.00
FTSE 250 (251) 17735.62 -1.05 15307.26 17924.59 18089.58 18640.65 3.65 1.39 19.68 214.38 13976.85 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Food & Drug Retailer 1.37 Electricity -9.18 Real Est Invest & Se -21.74 Anglo American PLC 1879.2 -8.60 Legal & General Group PLC 226.10 -1.10
FTSE 250 ex Inv Co (184) 18047.05 -1.19 15576.05 18265.11 18441.87 19460.45 4.00 1.35 18.46 188.17 14515.36 FT 30 hourly changes Pharmace & Biotech -0.06 General Retailers -10.26 Consumer Services -22.50 Antofagasta PLC 1105 28.00 Lloyds Banking Group PLC 28.95 1.17
FTSE 350 (351) 3433.40 -1.46 2963.30 3484.30 3533.90 3918.32 4.46 1.20 18.74 78.75 6483.77 8 9 10 11 12 13 14 15 16 High Low Mining -1.23 Nonlife Insurance -10.57 Media -22.94 Ashtead Group PLC 2690 77.00 London Stock Exchange Group PLC 8636 16.00
FTSE 350 ex Investment Trusts (283) 3355.39 -1.49 2895.97 3406.20 3456.22 3869.42 4.57 1.18 18.59 78.36 3269.81 2283.3 2241.3 2227.7 2219.6 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Equity Invest Instr -2.09 Industrials -11.07 Tobacco -23.78 Associated British Foods PLC 1960 76.00 M&G PLC 179.70 9.85
FTSE 350 Higher Yield (150) 2627.25 -1.49 2267.53 2666.87 2723.09 3383.31 6.89 1.00 14.52 87.05 5431.82 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Basic Materials -2.38 Financial Services -12.95 Real Est Invest & Tr -23.93 Astrazeneca PLC 8381 -89.00 Melrose Industries PLC 102.75 1.45
FTSE 350 Lower Yield (201) 4074.82 -1.44 3516.90 4134.20 4165.17 4142.08 2.06 1.85 26.23 57.58 4801.21 Health Care -2.45 Consumer Goods -13.33 Financials -24.02 Auto Trader Group PLC 555.80 -1.80 Mondi PLC 1529 43.00
FTSE SmallCap (259) 5141.74 -0.37 4437.74 5161.03 5149.09 5330.75 4.31 0.69 33.60 83.26 8100.69 Personal Goods -2.75 FTSE SmallCap Index -13.59 Telecommunications -26.09
FTSE SmallCap ex Inv Co (140) 3945.77 -0.35 3405.52 3959.51 3932.70 4272.17 5.30 1.08 17.52 45.17 6509.70 FX: EFFECTIVE INDICES Household Goods & Ho -4.05 Forestry & Paper -13.74 Aerospace & Defense -30.14
Avast PLC 559.00 -38.00 Morrison (Wm) Supermarkets PLC 195.30 3.05
Aveva Group PLC 4364 -141.00 National Grid PLC 891.80 -12.20
FTSE All-Share (610) 3397.87 -1.43 2932.64 3447.01 3494.22 3865.55 4.45 1.18 19.01 77.14 6481.87 Technology -4.88 Food Producers -16.70 Travel & Leisure -37.16
Aug 13 Aug 12 Mnth Ago Aug 14 Aug 13 Mnth Ago Aviva PLC 288.80 -4.80 Natwest Group PLC 115.75 5.15
FTSE All-Share ex Inv Co (423) 3290.05 -1.47 2839.58 3339.21 3386.99 3789.66 4.59 1.17 18.57 76.11 3256.36 Industrial Eng -4.94 NON FINANCIALS Index -17.18 Fixed Line Telecomms -41.66 Bae Systems PLC 534.00 26.20 Next PLC 5950 236.00
FTSE All-Share ex Multinationals (536) 1047.71 -0.92 749.46 1057.45 1065.73 1083.31 3.81 1.06 24.66 15.87 2081.66 Australia - - - Sweden - - - Support Services -5.96 Beverages -18.56 Automobiles & Parts -42.59 Barclays PLC 109.20 4.60 Ocado Group PLC 2331 91.00
FTSE Fledgling (94) 8506.58 -0.13 7341.86 8517.79 8511.65 9253.87 3.81 1.26 20.83 142.56 17360.56 Canada - - - Switzerland - - - Industrial Metals & -6.62 FTSE 250 Index -18.95 Banks -44.37 Barratt Developments PLC 511.80 1.20 Pearson PLC 610.20 20.00
FTSE Fledgling ex Inv Co (44) 9716.92 -0.92 8386.48 9806.81 9780.06 10932.99 4.86 2.81 7.33 119.05 19416.61 Denmark - - - UK 77.97 77.86 77.49 Chemicals -6.66 Mobile Telecomms -19.00 Oil & Gas Producers -44.85 Berkeley Group Holdings (The) PLC 4595 87.00 Pennon Group PLC 1058 -7.00
FTSE All-Small (353) 3562.33 -0.36 3074.57 3575.22 3567.26 3703.83 4.28 0.72 32.53 57.85 7200.56 Japan - - - USA - - - Software & Comp Serv -7.49 FTSE All{HY-}Share Index -19.03 Oil & Gas -44.91 Bhp Group PLC 1816 52.00 Persimmon PLC 2534 127.00
FTSE All-Small ex Inv Co (184) 2944.97 -0.37 2541.74 2955.87 2936.31 3190.79 5.28 1.14 16.64 33.77 6154.75 New Zealand - - - Euro - - - FTSE 100 Index -19.26 Oil Equipment & Serv -49.01 BP PLC 292.65 5.40 Phoenix Group Holdings PLC 697.00 -23.40
FTSE AIM All-Share (724) 948.14 -0.91 818.32 956.80 954.84 858.88 1.19 1.35 62.42 4.20 1085.19 Norway - - -
British American Tobacco PLC 2526 34.50 Polymetal International PLC 1977 -35.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 366.30 -2.90 Prudential PLC 1256.5 52.00
Oil & Gas (11) 4601.31 -2.64 3971.30 4726.12 4895.58 8580.85 8.57 1.35 8.66 256.93 5110.19 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 108.05 2.30 Reckitt Benckiser Group PLC 7438 -140.00
Oil & Gas Producers (8) 4464.49 -2.65 3853.21 4585.89 4752.00 8311.86 8.52 1.36 8.63 252.79 5140.30 Bunzl PLC 2384 77.00 Relx PLC 1722 19.00
Oil Equipment Services & Distribution (3) 4421.33 -2.17 3815.96 4519.52 4565.56 9199.55 12.52 0.74 10.86 6.80 3807.10 FTSE GLOBAL EQUITY INDEX SERIES Burberry Group PLC 1399.5 79.50 Rentokil Initial PLC 529.60 -16.80
Basic Materials (22) 6196.50 -1.31 5348.07 6278.82 6367.35 5797.79 5.55 2.01 8.98 192.25 7373.16 Coca-Cola Hbc AG 2109 -10.00 Rightmove PLC 621.40 -9.20
Chemicals (7) 13246.37 -1.27 11432.68 13417.05 13463.41 12791.37 2.25 2.75 16.15 139.21 12656.66 Aug 12 No of US $ Day Mth YTD Total
YTD Gr Div Aug 12 No of US $ Day Mth YTD Total YTD Gr Div Compass Group PLC 1195 18.50 Rio Tinto PLC 4705.5 36.00
Forestry & Paper (1) 18782.23 -0.65 16210.57 18905.07 18997.20 18554.98 1.65 5.70 10.65 0.00 22223.48 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Crh PLC 2995 40.00 Rolls-Royce Holdings PLC 257.10 4.50
Industrial Metals & Mining (2) 3800.61 -1.11 3280.23 3843.30 3894.74 5117.00 14.81 1.27 5.34 324.49 4939.47 FTSE Global All Cap 8860 638.68 1.1 5.7 0.31.8 977.84
2.3 Oil Equipment & Services 32 193.96 1.1 1.1 -27.6 321.08 -25.2 5.4 Croda International PLC 5954 114.00 Royal Dutch Shell PLC 1171.4 16.80
Mining (12) 17954.99 -1.35 15496.60 18200.99 18486.25 16579.84 5.93 1.96 8.62 607.98 11292.83 FTSE Global All Cap 7079 462.39 0.3 7.3 -0.30.2 624.68
2.5 Basic Materials 349 519.45 0.7 0.7 1.1 874.08 3.2 3.1 Dcc PLC 6856 -118.00 Royal Dutch Shell PLC 1131.4 14.60
FTSE Global Large Cap 1769 578.47 1.3 5.2 1.93.5 912.11
2.3 Chemicals 159 752.53 0.9 0.9 0.3 1256.44 2.3 2.8 Diageo PLC 2603 36.00 Rsa Insurance Group PLC 448.20 3.20
Industrials (100) 5330.40 -1.74 4600.56 5424.76 5470.49 5290.29 2.48 1.32 30.49 43.95 5888.93
Construction & Materials (15) 6737.16 -2.10 5814.71 6881.33 6965.31 5859.28 2.76 0.38 96.53 99.48 7744.29 FTSE Global Mid Cap 2175 793.31 0.8 7.0 -4.3
-3.2 1142.33
2.1 Forestry & Paper 20 239.74 0.7 0.7 -13.8 450.93 -12.0 3.3 Evraz PLC 346.00 35.70 Sage Group PLC 740.80 -24.60
Aerospace & Defense (9) 3642.93 -1.04 3144.14 3681.25 3709.44 5075.18 3.47 0.69 41.86 55.69 4194.54 FTSE Global Small Cap 4916 830.24 0.5 8.0 -4.0
-2.9 1150.88
1.9 Industrial Metals & Mining 92 339.49 0.5 0.5 -10.2 572.52 -8.7 3.4 Experian PLC 2774 8.00 Sainsbury (J) PLC 189.85 0.40
General Industrials (7) 4290.84 -1.93 3703.34 4375.17 4439.54 4415.16 3.53 1.02 27.83 25.34 5315.21 FTSE All-World 3944 376.46 1.2 5.5 0.92.3 609.91
2.3 Mining 78 806.59 0.4 0.4 10.7 1387.37 13.5 3.7 Ferguson PLC 7100 76.00 Schroders PLC 3025 50.00
Electronic & Electrical Equipment (10)10539.23 -1.72 9096.20 10723.57 10787.45 8794.07 1.31 1.88 40.76 0.00 10032.97 FTSE World 2591 669.30 1.3 5.9 0.82.2 1455.14
2.3 Industrials 747 447.62 0.6 0.6 -0.3 685.48 0.9 2.0 Flutter Entertainment PLC 12015 10.00 Scottish Mortgage Investment Trust PLC 885.00 -17.50
Industrial Engineering (13) 14016.47 -1.67 12097.34 14254.19 14278.61 12452.26 2.45 1.48 27.53 102.58 18229.21 FTSE Global All Cap ex UNITED KINGDOM In 8558 674.24 1.1 5.7 1.42.8 1013.94
2.1 Construction & Materials 147 541.92 0.6 0.6 -2.3 871.85 -0.8 2.1 Fresnillo PLC 1223 -71.00 Segro PLC 963.20 -20.80
Industrial Transportation (6) 3174.64 -1.16 2739.97 3211.88 3200.16 3493.70 6.81 0.76 19.28 0.00 3211.57 FTSE Global All Cap ex USA 7085 493.04 0.8 4.9 -5.0
-3.2 823.26
3.0 Aerospace & Defense 37 666.06 -0.8 -0.8 -25.6 1004.13 -24.9 2.5 Glaxosmithkline PLC 1535.8 -19.40 Severn Trent PLC 2508 41.00
Support Services (40) 8574.35 -1.83 7400.35 8734.23 8805.90 8146.83 1.80 2.24 24.81 56.79 9482.86 FTSE Global All Cap ex JAPAN 7511 660.49 1.2 5.8 0.82.2 1021.00
2.2 General Industrials 67 208.24 0.6 0.6 -8.6 348.63 -7.2 2.7 Glencore PLC 170.52 -4.04 Smith & Nephew PLC 1566.5 -14.50
FTSE Global All Cap ex Eurozone 8213 671.44 1.1 5.6 0.92.3 1006.57
2.2 Electronic & Electrical Equipment 142 536.74 0.9 0.9 5.4 746.71 6.7 1.6 Gvc Holdings PLC 769.80 44.60 Smith (Ds) PLC 278.10 9.40
Consumer Goods (42) 17452.24 -1.28 15062.68 17679.32 17777.72 19838.53 4.61 1.65 13.11 429.55 14614.81
FTSE Developed 2167 614.13 1.3 6.1 1.42.8 947.75
2.2 Industrial Engineering 142 870.80 0.8 0.8 5.0 1328.27 6.6 2.1 Halma PLC 2243 -7.00 Smiths Group PLC 1420.5 -22.00
Automobiles & Parts (2) 3156.10 -1.72 2723.97 3211.26 3282.24 3718.46 0.78 -4.11 -31.28 0.00 3229.38
FTSE Developed All Cap 5628 638.89 1.3 6.3 0.82.2 972.21
2.2 Industrial Transportation 125 810.55 0.9 0.9 7.0 1247.05 8.2 2.1 Hargreaves Lansdown PLC 1770.5 -94.50 Smurfit Kappa Group PLC 2724 30.00
Beverages (6) 20677.36 -1.70 17846.22 21034.54 21139.84 26980.30 2.76 1.63 22.24 528.83 15875.78
FTSE Developed Large Cap 880 578.27 1.4 5.8 2.64.1 908.23
2.3 Support Services 87 552.33 0.9 0.9 9.4 798.77 10.4 1.3 Hikma Pharmaceuticals PLC 2340 -53.00 Spirax-Sarco Engineering PLC 10665 75.00
Food Producers (10) 6726.43 -0.91 5805.44 6788.39 6805.08 7052.41 2.68 2.06 18.07 67.99 6224.89
FTSE Developed Europe Large Cap 232 359.89 1.6 5.8 -6.3
-4.2 669.34
3.6 Consumer Goods 535 516.96 1.6 1.6 1.3 828.54 2.9 2.4 Homeserve PLC 1332 -33.00 Sse PLC 1302 -27.00
Household Goods & Home Construction (14)14446.28 -0.48 12468.30 14515.49 14489.46 12957.87 3.46 2.07 13.96 141.01 11496.95
FTSE Developed Europe Mid Cap 355 605.42 1.1 9.5 -4.3
-3.0 983.77
2.7 Automobiles & Parts 126 411.08 3.0 3.0 7.9 642.85 9.5 2.4 HSBC Holdings PLC 341.30 15.75 St. James's Place PLC 1004.5 8.50
Leisure Goods (2) 22678.37 -2.52 19573.25 23264.55 23094.48 12475.67 2.24 1.06 42.09 182.24 23588.81
FTSE Dev Europe Small Cap 693 812.39 0.7 8.9 -9.6
-8.3 1273.01
2.9 Beverages 67 644.13 1.4 1.4 -9.1 1039.01 -7.9 2.6 Imperial Brands PLC 1274.5 25.50 Standard Chartered PLC 421.90 21.00
Personal Goods (6) 32216.44 -1.02 27805.37 32546.81 32566.71 36727.30 3.17 2.90 10.90 679.19 23953.43
FTSE North America Large Cap 253 744.50 1.6 5.8 6.88.1 1079.83
1.8 Food Producers 131 700.29 1.0 1.0 2.7 1147.57 4.6 2.3 Informa PLC 412.10 16.60 Standard Life Aberdeen PLC 266.20 1.00
Tobacco (2) 26286.37 -2.01 22687.24 26825.76 27341.03 33706.47 9.43 1.14 9.32 1238.36 20740.73
FTSE North America Mid Cap 411 923.25 0.7 7.2 -2.4
-1.4 1234.63
1.7 Household Goods & Home Construction 58 548.06 1.5 1.5 8.2 873.35 9.9 2.3 Intercontinental Hotels Group PLC 4148 237.00 Taylor Wimpey PLC 120.25 0.75
Health Care (15) 12557.52 -1.93 10838.14 12804.85 13049.66 12147.62 3.36 1.23 24.15 354.54 10873.80
FTSE North America Small Cap 1298 928.33 0.7 9.1 -2.7
-1.9 1199.51
1.5 Leisure Goods 42 278.67 0.8 0.8 15.1 382.78 16.0 1.1 Intermediate Capital Group PLC 1337 -28.00 Tesco PLC 228.00 4.30
Health Care Equipment & Services (6) 6669.10 -1.66 5755.97 6781.86 6842.43 8273.13 2.06 1.39 34.93 77.97 6105.31
FTSE North America 664 482.45 1.4 6.1 5.16.4 714.99
1.8 Personal Goods 98 892.32 1.5 1.5 -1.0 1324.01 0.0 1.8 International Consolidated Airlines Group S.A. 194.55 8.90 Unilever PLC 4541 2.00
Pharmaceuticals & Biotechnology (9) 17685.64 -1.96 15264.12 18038.97 18402.41 16619.59 3.49 1.22 23.42 528.88 13761.81
FTSE Developed ex North America 1503 257.84 1.1 6.1 -5.2
-3.5 463.57
3.2 Tobacco 13 871.07 0.6 0.6 -12.6 2141.04 -9.2 7.0 Intertek Group PLC 5846 36.00 United Utilities Group PLC 894.40 -8.40
Consumer Services (82) 4403.37 -1.66 3800.46 4477.91 4496.18 5024.46 3.48 1.51 19.04 54.51 4490.65 FTSE Japan Large Cap 179 384.42 0.6 4.3 -3.1
-1.8 534.23
2.4 Health Care 279 649.16 1.4 1.4 6.3 994.40 7.7 1.8
Food & Drug Retailers (5) 4421.29 -0.43 3815.92 4440.60 4445.30 3676.52 3.02 1.12 29.55 78.41 5556.61 Itv PLC 62.28 -0.52 Vodafone Group PLC 118.68 1.94
FTSE Japan Mid Cap 327 570.57 1.3 4.5 -9.2
-8.0 753.09
2.2 Health Care Equipment & Services 96 1252.31 1.4 1.4 6.8 1503.92 7.3 0.9 Jd Sports Fashion PLC 693.40 34.20 Whitbread PLC 2444 65.00
General Retailers (25) 2161.14 -0.96 1865.24 2182.13 2187.48 1943.29 2.48 2.09 19.29 6.13 2697.75
FTSE Global wi JAPAN Small Cap 843 624.04 1.0 5.1 -10.3
-9.1 853.57
2.3 Pharmaceuticals & Biotechnology 183 433.74 1.4 1.4 5.7 705.31 7.5 2.4 Johnson Matthey PLC 2337 0.00 Wpp PLC 625.00 13.20
Media (17) 7156.01 -2.15 6176.21 7313.14 7379.14 8737.16 3.81 1.58 16.62 112.95 4814.33
FTSE Japan 506 159.92 0.8 4.3 -4.3
-3.0 248.84
2.4 Consumer Services 450 616.10 1.4 1.4 10.5 860.42 11.2 1.2 Just Eat Takeaway.Com N.V. 8938 136.00
Travel & Leisure (35) 6357.90 -2.32 5487.38 6508.86 6523.14 8939.82 4.06 1.38 17.81 79.44 6521.55
FTSE Asia Pacific Large Cap ex Japan 925 743.64 0.3 3.0 2.34.1 1278.99
2.6 Food & Drug Retailers 67 282.82 0.7 0.7 -4.1 425.37 -2.4 2.6
Telecommunications (6) 1680.01 -0.96 1449.98 1696.33 1702.63 2181.95 8.06 -0.44 -28.38 43.50 2271.85 FTSE Asia Pacific Mid Cap ex Japan 835 846.42 -0.3 3.2 -2.3
-0.6 1397.25
2.9 General Retailers 147 1172.93 1.9 1.9 29.6 1575.63 30.2 0.7
Fixed Line Telecommunications (3) 1379.11 0.04 1190.28 1378.58 1404.56 2016.77 12.95 1.27 6.10 3.51 1511.21
Mobile Telecommunications (3) 2700.86 -1.28 2331.06 2735.91 2732.87 3354.41 6.48 -1.54 -10.05 90.67 3293.03
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
1787
1760
559.29
579.19
-0.8
0.3
3.5
3.0
3.0
1.9
4.8
3.7
902.83
2.8 Media
1058.22
2.7 Travel & Leisure
85 384.56
151 417.48
1.0
0.4
1.0 0.1 540.64
0.4 -19.4 595.89 -18.6
0.8 1.4
2.2
UK STOCK MARKET TRADING DATA
Utilities (8) 7067.32 -1.40 6099.66 7167.80 7301.44 6420.23 5.96 0.90 18.59 272.12 9754.88 FTSE Emerging All Cap 3232 762.95 0.1 0.8 -3.4
-1.5 1248.58
2.6 Telecommunication 96 148.60 0.4 0.4 -7.4 319.38 -4.6 4.6 Aug 14 Aug 13 Aug 12 Aug 11 Aug 10 Yr Ago
Electricity (3) 7618.17 -1.31 6575.09 7719.19 7760.86 6492.04 6.09 0.81 20.31 445.76 13939.67 FTSE Emerging Large Cap 889 738.03 0.3 0.8 -2.6
-0.6 1215.73
2.5 Fixed Line Telecommuniations 43 116.48 0.4 0.4 -14.0 280.89 -10.9 5.7 - - - - - -
Gas Water & Multiutilities (5) 6543.72 -1.43 5647.75 6638.62 6788.56 6056.00 5.93 0.93 18.14 212.92 8908.15 FTSE Emerging Mid Cap 888 871.34 -0.5 0.4 -10.5
-8.5 1423.70
3.2 Mobile Telecommunications 53 170.30 0.4 0.4 2.1 320.37 4.3 3.3 Order Book Turnover (m) 28.69 32.63 74.99 59.92 71.66 71.66
Financials (308) 3909.58 -0.66 3374.28 3935.60 4001.74 4502.54 4.16 0.56 43.15 61.62 4052.74 FTSE Emerging Small Cap 1455 734.76 -0.7 0.8 -2.8
-0.8 1152.79
2.9 Utilities 189 304.13 1.5 1.5 -4.3 659.93 -2.1 3.6 Order Book Bargains 739645.00 927796.00 940065.00 756947.00 723838.00 723838.00
Banks (11) 2078.20 -0.38 1793.65 2086.15 2156.16 3343.16 6.36 -0.19 -82.70 0.02 1711.63 FTSE Emerging Europe 75 337.42 0.9 2.0 -23.3
-20.7 626.82
6.1 Electricity 132 341.23 1.4 1.4 -4.2 729.78 -2.0 3.5 Order Book Shares Traded (m) 1307.00 1614.00 1788.00 1399.00 1363.00 1363.00
Nonlife Insurance (8) 3315.70 -0.14 2861.72 3320.46 3394.37 3592.57 4.29 1.43 16.26 77.16 6517.25 FTSE Latin America All Cap 244 668.17 -0.7 1.1 -32.2
-31.2 1131.74
2.8 Gas Water & Multiutilities 57 306.26 1.8 1.8 -4.6 686.21 -2.5 3.8 Total Equity Turnover (£m) 3492.83 3918.36 6572.31 3920.47 3769.03 3769.03
Life Insurance/Assurance (7) 6628.90 -1.00 5721.27 6695.83 6855.21 6773.75 4.10 1.96 12.45 218.86 7494.18 FTSE Middle East and Africa All Cap 329 565.54 0.9 0.7 -18.0
-15.9 4.1 Financials
973.22 861 222.17 0.5 0.5 -16.0 399.92 -14.3 3.5 Total Mkt Bargains 908311.00 1129773.00 1158033.00 910725.00 887430.00 887430.00
Real Estate Investment & Services (17) 2298.46 -0.02 1983.76 2298.95 2301.54 2273.36 2.40 1.97 21.10 21.85 6577.62 FTSE Global wi UNITED KINGDOM All Cap In 302 290.79 1.6 6.8 -18.7
-17.2 4.7 Banks
549.03 279 157.23 0.7 0.7 -26.4 310.19 -24.6 5.3 Total Shares Traded (m) 12408.00 9241.00 9943.00 7269.00 8010.00 8010.00
Real Estate Investment Trusts (39) 2293.65 -0.15 1979.61 2296.99 2308.46 2414.40 4.30 -0.90 -25.84 47.45 3239.66 FTSE Global wi USA All Cap 1775 826.52 1.4 6.3 4.75.9 1.7 Nonlife Insurance
1157.43 74 272.58 0.2 0.2 -11.7 426.09 -10.0 2.3 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (39) 9487.12 -1.13 8188.14 9596.00 9695.68 9287.95 3.29 1.10 27.71 197.42 12123.24 FTSE Europe All Cap 1429 424.25 1.4 6.6 -6.7
-4.8 3.4 Life Insurance
758.18 56 200.88 0.9 0.9 -16.8 356.39 -14.5 4.1 (c) Market closed.
Equity Investment Instruments (187) 11008.70 -0.76 9501.39 11093.42 11148.21 10311.04 2.58 1.36 28.57 182.48 6535.08 FTSE Eurozone All Cap 647 412.72 1.3 6.7 -5.1
-3.3 3.1 Financial Services
736.22 210 363.53 0.2 0.2 -1.8 531.40 -0.6 2.0
Non Financials (302) 4126.64 -1.68 3561.62 4197.26 4250.35 4673.01 4.55 1.37 15.98 103.39 6915.99 FTSE EDHEC-Risk Efficient All-World 3944 414.76 0.8 6.8 -4.2
-2.8 2.5 Technology
620.29 292 448.79 1.9 1.9 24.8 573.78 25.7 1.0
Technology (16) 2152.82 -2.42 1858.06 2206.26 2220.16 2084.56 3.14 0.09 359.12 27.72 2996.22 FTSE EDHEC-Risk Efficient Developed Europe 587 327.52 1.2 9.1 -3.1
-1.6 3.1 Software & Computer Services
543.28 154 754.18 1.6 1.6 24.1 901.11 24.5 0.6 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 2292.29 -2.68 1978.43 2355.53 2369.93 2313.69 3.34 -0.03 -867.52 29.57 3374.53 Oil & Gas 146 251.38 0.8 7.7 -30.9
-28.6 461.64
5.8 Technology Hardware & Equipment 138 350.42 2.3 2.3 26.0 477.38 27.5 1.5 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (2) 5699.01 0.23 4918.70 5685.87 5732.68 3195.29 1.22 3.38 24.17 69.78 7074.39 Oil & Gas Producers 104 237.68 0.7 6.1 -32.7
-30.4 446.19
6.1 Alternative Energy 10 169.32 -0.2 -0.2 33.8 240.46 35.6 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 161 328.14 0.9 0.9 -11.1 599.82 -9.0 3.2 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 81 437.35 1.0 1.0 -11.8 950.00 -9.9 3.9 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6152.12 6095.38 6041.89 6058.16 6075.81 6090.39 6077.69 6086.82 6086.02 6154.09 6036.22 Real Estate Investment & Services 152 258.63 2.8 2.8 -30.0 463.40 -29.7 4.2
FTSE 250 17833.25 17711.65 17680.55 17696.88 17733.16 17738.69 17729.01 17738.92 17730.12 17838.49 17666.19 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 www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 5161.11 5145.28 5133.68 5135.28 5131.02 5135.96 5132.04 5131.93 5135.32 5161.95 5130.24
FTSE All-Share 3429.13 3399.57 3374.43 3382.26 3391.21 3398.00 3391.94 3396.33 3395.76 3429.90 3371.67 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Time of FTSE 100 Day's high:07:03:45 Day's Low09:03:30 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020) WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE All-Share Day's high:07:04:00 Day's Low09:03:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 2727.86(23/03/2020) 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 Condor Gold Int 0.000 0.000 0.355L 0.652L 0.360L 0.900L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Horizonte Minerals Int 0.000 0.000 2.680L 1.131L 0.185L 0.078L 0.00000 0.00000 - 0.000 0.000 07/31 45.00 AIM AEXG AEX Gold Inc 49.00 2.50 53.00 44.00 8677.8
There are currently no rights offers by any companies listed on the LSE. Murray International Trust Int 166.320L 151.959 128.770L 115.470 12.00000 12.00000 Nov 19 29.405 29.000 07/09 217.00 AIM ELIX Elixirr International PLC 222.50 7.29 227.00 185.00 10056.5
Serabi Gold Int 29.462 29.586 5.610 2.339 0.071 0.029 0.00000 0.00000 - 0.000 0.000
Tex Holdings Int 18.532 21.805 1.364L 0.351L 21.500L 5.500L 0.00000 0.00000 - 0.000 0.000
Verona Pharma Int 0.000 0.000 19.606L 24.251L 16.000L 19.800L 0.00000 0.00000 - 0.000 0.000
Westminster Group Int 6.959 5.610 0.236 0.787L 0.160 0.580L 0.00000 0.00000 - 0.000 0.000
Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES

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FINANCIAL TIMES SHARE SERVICE
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Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence CloseBrs 1156 62.00 1663 849.00 5.71 9.05 291.0 Superdry Plc 148.30 30.40 529.00 60.10 7.75 -0.97 465.0 Pearson 610.20 20.00 891.40 412.08 3.11 17.95 1726.2 LandSecs 570.00 -10.00 1019.5 399.80 6.11 -5.07 2163.4 Hays 121.80 3.90 186.00 85.25 3.26 12.51 1428.5
Avon Rubber♦ 3530 70.00 3962.25 1552 0.59 84.84 20.6 DBAG € 31.00 -0.70 42.50 22.20 4.75 -12.35 10.0 TaylorWm 120.25 0.75 237.70 101.00 6.35 5.84 11771.0 RELX PLCX 1722 19.00 2109 1382.86 2.51 22.39 2071.4 LondonMtrc 241.00 4.60 245.40 132.90 3.53 -344.291005.1 Homesve 1332 -33.00 1371 755.81 1.65 42.29 268.0
BAE Sys 534.00 26.20 672.80 428.60 4.23 11.58 7199.5 Hargr Lans 1770.5 -94.50 2186 1147 1.90 32.07 575.8 TedBaker 91.80 20.90 910.35 59.57 43.02 -0.71 1036.9 Rightmove PLC 621.40 -9.20 710.60 373.10 1.09 31.88 1219.3 McKaySec 187.50 1.50 286.00 136.00 5.44 21.88 12.8 HowdenJny 533.40 13.40 736.80 394.00 2.21 15.33 1553.0
Chemring 257.50 2.50 367.75 145.80 1.40 0.32 698.8 Indvardn SKr 226.40 3.00 255.00 167.70 - 38.99 253.4 Vistry Group 625.00 1.00 1491.8 503.50 9.36 6.16 468.9 STV Grp 210.00 -12.00 455.00 210.00 9.67 5.15 1.7 Palace Cap 188.75 0.00 347.34 158.37 10.07 188.75 1.2 Intertek 5846 36.00 6178 3786 1.73 30.35 278.8
Meggitt 296.00 12.00 701.80 196.15 5.71 10.46 1226.8 ICG 1337 -28.00 1896 452.00 3.74 35.00 423.0 ThmReut C$X 99.64 -0.47 109.99 75.91 2.05 21.69 313.6 PrimyHth♦ 152.60 -3.20 167.60 120.40 3.67 -23.48 3313.6 Kin and Carta 65.00 2.00 112.00 46.00 3.00 -38.01 29.6
Investec 149.65 5.80 388.33 122.55 16.37 8.65 4549.5
Industrial Engineering WPPX 625.00 13.20 1085.5 450.00 9.60 12.55 1506.2 RDI REIT 87.00 2.90 143.22 41.55 11.49 -3.70 108.3 MearsGp 123.00 0.00 323.00 74.25 10.16 6.51 150.9
RollsRoyceX 257.10 4.50 858.60 212.10 4.55 -3.72 6359.2
Jupiter 215.00 -2.20 437.80 161.65 7.95 8.02 1398.1 Bodycote 596.50 36.50 975.00 378.40 3.24 12.12 215.9 SEGRO 963.20 -20.80 996.60 641.80 2.03 12.21 1874.6 MenziesJ 124.20 6.40 489.50 66.90 16.51 11.50 342.0
Automobiles & Parts Liontrust♦ 1305 -25.00 1495 668.50 2.07 36.59 26.4 Castings♦ 351.00 -13.00 443.76 274.00 4.24 15.21 0.8 Mining Shaftbry 517.50 -24.00 992.50 420.00 3.42 -5.30 180.9 Mitie 38.50 3.80 87.46 29.35 5.36 6.85 974.1
FordMtr $X 7.04 0.18 9.65 3.96 9.01 -8.54 43477.3 LSE Gp 8636 16.00 8886 5300 0.73 73.12 326.0 Goodwin 3110 -20.00 3700 1730 3.09 21.30 0.6 AngloAmer 1879.2 -8.60 2266 1018.2 4.56 9.02 2624.8 Town Ctr 98.50 3.50 235.94 90.50 11.93 -13.13 32.5 Renewi 24.00 -0.30 45.90 17.66 4.00 -3.52 579.4
M&G Plc 179.70 9.85 282.30 86.40 - 4.40 5555.7 Hill&Sm 1334 88.00 1534 844.00 2.43 21.94 144.7 AngloPacif 112.20 -2.00 217.00 98.80 7.13 7.03 241.7 TritaxBBOX 157.40 -4.60 162.40 79.00 4.33 18.78 2041.6 Rentokil 529.60 -16.80 578.00 247.70 0.88 34.75 2429.3
Banks IMI 1049 -9.00 1214.5 619.80 3.90 18.57 1018.8 AnGoldA R 495.55 -44.59 637.35 209.79 0.34 25.47 937.9
Man 131.10 -0.45 177.10 84.72 5.76 9.44 1737.1 Wkspace 573.00 -23.00 1317 420.88 5.92 14.43 129.5 Ricardo 358.00 33.00 846.00 286.93 5.94 10.50 26.5
ANZ A$X 18.68 1.04 28.79 14.10 7.73 13.33 6039.9 MelroseInd 102.75 1.45 309.40 72.00 4.62 114.17 9043.9 Antofagasta 1105 28.00 1129 575.00 3.23 28.76 1106.5
Paragon 349.20 16.40 555.50 217.00 6.07 8.03 116.1 Real Estate Inv & Services RbrtWlts 422.00 7.00 614.00 214.00 3.60 9.40 19.8
BcoSant 170.78 4.38 348.40 158.98 8.55 7.12 6273.1 Renold 10.05 0.25 24.60 4.00 - 6.70 63.4 BHP Group 1816 52.00 1932 939.80 3.74 12.93 3885.1
Providnt 181.40 1.60 492.70 126.87 10.47 5.48 594.8 Cap&Count 128.60 -8.20 275.00 126.80 1.17 -17.62 4178.5 RPS 50.00 3.75 185.60 29.86 19.76 4.86 197.3
BnkGeorgia 831.00 54.00 1845 690.00 7.48 5.46 40.3 RHIM 2720 188.00 4512 1419 6.23 11.42 22.2 BisichMg 65.00 0.00 128.00 45.00 4.62 6.75 0.0
RathbnBr 1680 64.00 2470 1194 3.99 34.50 82.9 CLS 215.50 17.90 322.50 153.00 3.27 6.49 2633.6 SIG 32.86 3.68 134.32 14.38 10.99 -1.63 2195.3
BankIre Grp € 1.92 0.05 5.51 1.28 7.82 5.70 5596.7 Rotork 321.60 3.60 344.70 177.05 1.87 29.78 1096.1 EVRAZ 346.00 35.70 547.60 200.60 24.07 4.00 2002.9
Record 35.00 0.25 42.22 25.00 6.57 10.74 131.3 Grainger 314.60 4.20 341.80 189.76 1.65 18.29 832.6 Vp 720.00 21.00 1040 499.00 4.23 15.59 0.5
BkNvaS C$X 57.68 0.78 76.75 46.38 6.14 9.57 2096.7 Severfd 59.80 0.40 96.00 55.00 4.68 11.26 21.1 Fresnillo 1223 -71.00 1359.5 456.51 1.19 58.49 1219.7
S&U 1585 -15.00 2500 1420 7.57 6.62 0.9 Harworth Grp 105.50 -3.50 160.22 83.66 0.89 13.35 18.2
BarclaysX 109.20 4.60 192.99 73.04 2.75 9.13 31089.4
Schroder 3025 50.00 3465 1711 3.77 17.21 173.3 Tex# 73.00 0.00 - - - -4.08 - GlencoreX 170.52 -4.04 264.12 109.76 8.80 -75.28 30132.6 Tech - Hardware
CanImp C$X 97.17 2.42 115.96 67.52 5.86 10.77 887.5 Trifast 102.00 -5.25 210.00 89.00 4.17 10.30 35.4 Harmony R 102.62 -12.19 126.76 31.06 - -31.68 4075.6 Helical 303.00 -1.00 540.00 200.43 3.37 9.56 43.8 SpirentCM 288.50 -15.50 309.50 146.81 1.22 30.26 1164.7
..N/V 2090 15.00 2645 1424 5.45 11.89 24.5 HK Land $ 3.67 0.00 6.02 3.46 5.93 43.74 6155.3
HSBCX 341.30 15.75 633.50 319.45 7.03 23.51 19712.1 Vitec 730.00 68.00 1335 485.98 5.18 16.40 28.6 KAZ Minerals PLC 567.00 -5.20 599.80 256.20 1.34 6.42 990.3
Shires Income 224.00 6.00 299.46 157.85 5.89 -4.93 28.0 Lon&Assc 13.00 0.00 24.20 11.00 1.38 -1.71 0.4 Tech - Software & Services
LlydsBkgX 28.95 1.17 73.66 25.43 3.87 12.06 137246.3 Weir 1342 93.50 1640 608.60 3.50 -9.84 1413.4 Petropvlsk 31.55 -2.95 41.60 9.09 - 41.79 11187.9
Strd Life Aber 266.20 1.00 338.25 170.30 8.11 30.25 4244.6 MacauPrp 68.00 5.75 147.00 51.00 - -1.95 4.5 Computcnt 2004 -34.00 2076 900.00 1.58 22.52 371.3
NWG 115.75 5.15 265.00 100.34 1.73 5.14 13453.7
TP ICAP 313.20 3.20 425.00 160.25 5.38 26.32 726.9 PolymtIntl 1977 -35.00 2051.03 990.20 1.91 25.99 1097.3
PermTSB € 0.51 0.02 1.28 0.43 - -5.37 31.6 Industrial General Rio TintoX 4705.5 36.00 5152 2954 5.32 12.78 1471.0 Mntview♦ 10800 0.00 12850 8600 3.70 14.88 0.3 MicroFoc 309.00 -3.00 1627.2 270.10 14.59 -1.32 1266.9
WlkrCrip 27.50 0.00 30.00 18.00 3.31 17.74 2.3 Coats Group 54.60 -6.90 80.90 35.90 2.36 10.96 1394.5 Raven Property Group Ltd 32.00 0.60 51.80 25.80 - 4.27 2007.0 NCC Grp 182.40 -1.60 236.00 125.40 2.55 38.81 284.3
RylBkC C$X♦ 97.46 2.06 109.68 72.00 4.27 12.59 1354.9 Troy Res A$ 0.12 0.02 0.14 0.06 - -1.72 783.2
Secure Trust Bank 670.00 -10.00 1730 524.93 12.54 4.03 2.3 Food & Beverages JardnMt $X 40.25 -0.05 59.68 37.37 4.23 5.38 240.1 RavenR CNV 87.00 0.00 110.00 63.00 - - 2.1 RM 243.00 3.00 310.00 110.00 0.82 14.64 6.1
StandChX 421.90 21.00 740.80 368.40 1.34 10.88 3681.4 AngloEst 513.00 37.50 680.00 336.00 0.43 16.73 7.3 Jard Str $X 20.21 -0.39 33.50 17.81 1.69 5.29 230.7 Oil & Gas RavenR Prf 121.50 0.50 137.00 75.00 - 136.06 12.6 Sage 740.80 -24.60 794.60 7.32 2.28 24.22 2056.7
..7.375%Pf 116.00 0.00 129.00 93.50 6.36 - 2.0 AscBrFdX 1960 76.00 2730 1554 2.36 21.92 529.2 Macfrlne 93.80 7.40 116.50 61.00 2.49 15.23 113.2 BPX 292.65 5.40 537.00 222.90 11.27 -22.17 27730.5 Safestre 773.00 9.00 886.89 501.00 2.26 8.72 370.5 SDL 626.00 161.00 658.00 367.00 1.12 29.67 344.8
..8.25%Pf 129.50 0.25 138.95 105.00 6.37 - 0.2 Barr(AG) 435.00 -0.50 663.00 401.00 3.85 16.42 85.0 Smith DS 278.10 9.40 397.80 244.80 5.83 12.56 3184.6 CairnEng 141.00 11.00 216.80 57.35 - 9.22 938.9 Savills 814.00 14.50 1268 620.00 1.93 13.84 106.1 TriadGp 25.50 0.00 49.00 24.00 11.76 -850.00 2.9
TntoDom C$X 63.43 2.23 77.72 49.01 4.70 11.23 3315.9 Britvic 842.00 8.00 1079 536.00 3.56 26.48 280.9 Smiths 1420.5 -22.00 2246.4 790.00 3.23 57.51 325.0 ExxonMb $X 43.20 -0.24 75.18 30.11 8.52 15.30 13528.6 SiriusRE♦ 74.00 -0.90 93.50 44.35 4.10 8.86 1895.6
SmurfKap 2724 30.00 3038 1831 3.11 16.07 1796.0 Gazprom PJSC ADR $ 5.24 0.20 8.50 2.55 8.27 7.97 3434.5 Smart(J) 112.50 0.00 126.00 107.50 2.84 8.09 11.4 Telecommunications
Westpc A$X 18.04 1.28 30.05 13.47 8.70 15.01 7783.1 CarrsGroup 137.00 0.50 165.00 83.53 3.47 9.93 24.0
Vesuvius 424.80 8.80 514.50 284.00 4.71 14.35 369.8 GeoPark $ 10.43 0.37 22.53 5.44 0.84 -11.42 113.2 StModwen 315.00 0.50 539.00 296.00 2.41 13.94 147.8 BTX 108.05 2.30 212.25 94.68 14.25 4.96 21330.5
Coca-Cola HBC 2109 -10.00 2933 1393.1 2.29 18.71 411.8
Basic Resource (Ex Mining) GulfKeyst 92.30 -1.10 259.43 47.30 17.56 6.66 431.0 U+I 73.00 -1.60 479.33 63.20 8.08 2.29 52.0 TalkTalk 77.50 0.90 125.50 67.20 3.23 5.87 733.6
Cranswk♦ 3824 120.00 4020 2480 1.46 26.97 73.3 Industrial Transportation TelePlus 1406 22.00 1585 907.00 3.84 30.77 42.7
Ferrexpo 198.20 5.80 228.70 94.88 5.03 3.84 632.0 HellenPet € 5.22 -0.13 9.60 4.40 14.09 -7.29 24.9 Unite Gp 940.00 -8.50 1351 577.00 3.16 -29.84 380.8
Devro 184.80 13.80 200.00 116.76 4.87 -7.45 444.1 Braemar 132.50 -2.50 241.84 92.00 11.32 -12.66 35.1 Vodafone GpX 118.68 1.94 169.46 92.76 6.46 -42.84 32315.7
Mondi 1529 43.00 1794 1156.5 4.53 10.77 791.4 Hunting 185.10 1.90 524.00 148.90 4.08 10.43 91.1 Urban&C 221.00 -4.50 375.00 183.00 1.76 7.20 42.3
DiageoX 2603 36.00 3633.5 2050.6 2.63 20.29 3038.5 Clarkson 2500 400.00 3135 1936 3.04 -58.96 13.3 ImpOil C$X 22.63 0.93 36.99 10.27 3.83 10.22 1247.7 Tobacco
Chemicals Grncore 120.50 -11.00 282.20 83.40 5.15 9.27 1833.9 Eurotunnl € 13.21 0.02 17.04 8.62 2.56 48.51 957.4 Retailers
HiltonFd 1188 18.00 1352 711.00 1.84 29.63 14.1 Pharos Energy 16.00 1.48 69.00 10.00 32.72 -3.03 382.2 BrAmTobX 2526 34.50 3507 34.85 8.04 10.14 4885.5
Carclo 7.75 0.75 20.90 3.05 - -0.29 47.9 Fisher J 1176 72.00 2190 1100 2.77 16.18 15.1 AA 39.50 6.65 74.00 13.32 5.06 2.88 5069.6
Kerry € 108.40 1.00 126.50 57.62 0.63 36.09 14.8 PJSC Lukoil ADR $ 72.01 2.57 108.45 46.86 6.52 8.15 4.7 Imperial BrX 1274.5 25.50 2256 1238.5 16.21 14.11 1235.8
Croda 5954 114.00 6070 3814 1.51 34.54 410.9 OceanWil 660.00 -10.00 1040 509.90 7.77 6.60 0.8 AO World 194.60 22.80 216.70 46.67 - 525.95 646.6
PremFds 87.80 2.30 96.21 17.86 - 16.26 18133.7 PremOil 35.63 0.97 120.70 10.02 - 2.74 5192.0
Elemntis 73.60 9.50 185.70 18.07 8.44 12.34 820.3 RoyalMail 213.30 28.55 258.60 118.86 11.72 6.60 7294.4 Caffyns 270.00 0.00 450.00 200.00 8.33 -7.18 0.8 Travel & Leisure
REA 59.00 -2.00 186.00 25.00 - -1.81 0.4 RylDShlAX 1171.4 16.80 2417 946.10 12.79 11.94 7374.8
Johnsn Mtthey 2337 0.00 3294 1614 3.71 17.69 306.5 Signature Aviation 272.80 23.60 407.50 129.40 4.91 90.36 4584.0 Dairy Fm $ 4.27 -0.11 7.29 3.48 4.87 18.04 660.9
StckSpirit 226.50 2.50 258.06 119.80 3.49 13.81 25.8 ..B 1131.4 14.60 2419.5 8.89 13.24 11.53 6980.3 888 Hldg 199.20 2.80 204.50 68.40 3.44 23.35 332.1
Victrex 1955 72.00 2574 1645 3.05 18.96 94.0 Dignity 640.00 295.00 648.00 210.50 2.46 9.17 1520.1
Tate&Lyl 682.60 12.60 811.40 493.83 4.34 13.10 1827.2 Insurance Seplat 52.00 -2.00 130.00 37.30 7.80 3.22 55.7 Carnival 978.40 91.60 3864 581.00 12.46 -2.91 1859.8
Dunelm 1356 57.00 1450 596.50 2.06 24.39 213.5
Construction & Materials Unilever 4541 2.00 5333 3583.5 3.03 25.04 1932.2 Admiral 2688 168.00 2758 1858.5 3.40 18.16 338.0 TrnCan C$X 64.83 0.68 76.58 47.05 4.64 14.97 1124.8
Halfords 163.80 6.00 202.69 49.42 11.34 7.88 945.0
CompassX 1195 18.50 2150 20.62 3.35 18.41 4246.9
Alumasc 78.50 4.50 133.45 56.54 9.36 14.81 34.2 ..NV € 53.40 -0.40 55.40 45.30 2.87 26.35 7.9 AvivaX 288.80 -4.80 439.40 205.70 10.47 4.58 6386.1 Tullow Oil PLC 25.23 -0.25 251.31 7.17 21.44 -0.28 7513.6 Dalata Hotel 240.75 7.25 502.00 147.37 3.70 6.76 53.6
Wood Group (John) PLC 215.70 9.50 462.20 100.90 12.28 27.21 1393.3 Inchcape 488.60 -4.60 725.00 400.20 5.49 6.23 638.4 easyJet 570.80 -4.20 1570 410.00 7.69 9.40 8020.6
Boot(H) 255.00 10.50 351.00 180.00 3.73 9.07 54.8 Beazley 432.00 7.60 634.00 294.20 2.69 13.01 454.8 JDSportsF 693.40 34.20 890.00 274.70 0.25 27.42 1037.9
CRH 2995 40.00 3119 1500 2.05 17.62 561.1 Health Care Equip & Services Chesnar 286.00 7.50 350.50 200.00 7.30 5.45 88.8 FirstGrp 40.08 1.28 138.80 25.00 - -2.09 7454.3
ConvaTec 196.90 -0.10 225.80 142.40 2.20 526.47 3447.7 Pharmaceuticals & Biotech Kingfisher 268.20 4.60 279.90 101.00 4.03 670.50 6543.9 Flutter Entertainment 12015 10.00 12375 68.61 1.64 67.05 396.4
GalfrdT 97.00 -2.00 887.00 90.22 59.79 0.90 317.5 Direct Line 313.90 -20.00 355.00 225.40 6.75 10.75 4176.8 Marks&Sp 112.85 9.25 236.50 73.90 9.75 94.04 8688.5
GNStre kr 404.40 0.80 414.80 217.40 0.35 41.99 260.9 AstraZenecaX 8381 -89.00 10120 5871 2.65 90.37 1211.7 Fuller A 600.00 30.00 1250 486.00 3.36 27.42 8.4
KierGp 62.00 -7.00 154.60 58.65 7.90 -0.44 1811.1 Eccles prf 153.00 0.50 167.00 111.00 5.64 - 35.6 Morrison (Wm) 195.30 3.05 210.25 157.55 3.42 13.52 3090.4
Mediclinic 265.80 -0.40 419.40 232.40 2.97 -6.12 335.3 CathayIn 1.15 0.00 3.15 0.26 - -0.54 9.3 Go-Ahead 660.50 68.50 2308.91 390.20 15.45 4.70 173.9
Kingsp € 64.00 0.10 107.30 37.30 0.63 33.59 170.8 Hansard 31.80 0.50 48.00 22.05 13.99 10.60 2.4 Next 5950 236.00 7358 3311 2.82 12.69 198.5
Smith & Nephew 1566.5 -14.50 2023 1055.01 1.75 30.34 1169.3 Dechra 3122 -32.00 3218 388.00 1.01 112.38 130.3 IntCon Htels Gp 4148 237.00 5297 2161 2.14 26.27 578.6
Marshlls 660.50 7.00 876.00 505.00 1.92 22.67 226.0 Hiscox 827.00 31.80 1671 635.40 3.85 64.83 832.6 Ocado 2331 91.00 2348 994.01 - -135.92 819.0
UDGHlthC 709.00 -35.50 846.00 423.40 1.91 24.64 359.0 Genus 3444 -10.00 3760 2460 0.78 289.41 72.6 Intl Cons Air 194.55 8.90 684.00 155.10 14.10 -52.34 16743.2
MorgSdl 1274 24.00 1980 990.01 4.32 8.32 55.5 Lancashire 780.00 -1.00 852.50 481.00 1.44 17.82 201.4 Saga 14.74 -0.16 60.00 12.51 15.60 -0.53 2256.7
GlaxoSmhX 1535.8 -19.40 1857 1328.19 5.21 14.34 7038.0 MandarO $ 1.54 0.05 1.85 1.06 1.93 -35.45 83.6
Norcros 156.50 6.50 305.00 119.00 5.56 11.59 26.4 House, Leisure & Pers Goods Leg&Gen 226.10 -1.10 324.70 117.30 7.41 7.45 11797.3 Sainsbury (J) 189.85 0.40 236.70 171.19 5.90 32.73 6101.6
HikmaPhm 2340 -53.00 2670 1596 1.39 15.50 684.0 Marstons 50.00 4.42 133.80 18.40 15.00 -5.32 2658.9
Tyman 202.00 7.20 292.00 133.00 5.99 22.32 690.9 Old Mut 56.84 4.54 113.00 42.76 11.06 5.19 1721.2 Studio Retail Group 232.50 21.50 249.00 140.00 - 15.54 0.2
BarrttDev 511.80 1.20 979.54 349.40 5.69 6.98 1507.7 Oxfd Bio 829.00 -21.00 897.98 356.73 - -37.51 61.0 Natl Exp 149.30 -9.40 485.00 66.30 10.27 5.43 4206.8
PhoenixGrp 697.00 -23.40 806.00 439.60 6.71 81.05 1410.0 TescoX 228.00 4.30 332.67 203.70 2.96 23.90 15852.3
Electronic & Electrical Equip Bellway 2417 -184.00 4336 1735.5 6.22 5.71 348.7 RichterG $ 24.40 0.20 24.80 15.60 1.32 26.07 0.0 PPHE Htl 1080 25.00 2160 700.00 3.24 16.88 6.9
Berkeley 4595 87.00 5562 3041 0.59 11.48 187.8 PrudntlX 1256.5 52.00 1509 682.80 3.84 22.16 3021.5 VecturGp 113.40 2.20 119.80 59.10 - -33.35 1037.4
Dialight 300.00 10.00 355.00 157.50 - -6.02 0.6 Support Services Restaurt 53.75 2.30 167.70 20.26 6.64 -6.53 605.5
Burberry Gp 1399.5 79.50 2340 1017 3.06 46.96 1227.2 RSA Ins 448.20 3.20 736.84 321.20 4.73 13.79 1308.9
Discoverie PLC 594.00 14.00 627.98 330.29 1.61 27.76 39.5 Real Estate Aggreko 476.00 48.20 881.00 285.90 5.70 9.39 747.9 Ryanair Holdings PLC 309.40 9.40 459.13 206.80 6.69 21.34 435.9
Cairn Homes € 0.87 0.03 1.35 0.60 2.70 14.25 252.0 SagicFin 117.50 0.00 135.00 87.00 3.43 10.87 0.0
Halma 2243 -7.00 2377 1660 0.70 47.21 489.4 AshtdGp♦ 2690 77.00 2879 1010 1.51 15.24 484.0 TUI 315.60 -6.90 1090 218.00 15.14 -16.21 3864.2
CtrySide 322.00 22.00 544.00 248.80 5.06 9.88 1024.9 StJmsPl 1004.5 8.50 1777.5 614.00 4.80 36.53 882.5 REITs
Morgan Ad 247.00 18.50 339.40 168.80 4.45 9.88 383.8 Bunzl 2384 77.00 2465 1242 2.12 22.81 678.2 Whitbrd 2444 65.00 4462.28 1551.15 3.50 19.62 648.7
OxfordIn 1560 150.00 1672 724.00 0.68 28.21 45.4 GamesWk 8960 -510.00 9562.75 3564 1.73 44.62 57.7 LEISURE Assura 81.20 -0.30 88.00 46.80 3.40 24.61 3618.8 Willim H 135.10 -0.40 206.80 28.63 7.70 -43.58 8670.1
Gleeson 624.00 6.00 1010 512.00 5.53 13.31 5.8 BigYellw 1040 37.00 1245.3 630.00 3.23 18.71 250.5 Capita 36.96 -0.09 185.25 19.84 - -8.84 8283.2
Renishaw 4788 -507.00 5345 2234.51 1.25 73.21 98.2 PhotoMe International Plc 49.00 5.80 105.00 32.50 17.22 5.52 70.2 DCC 6856 -118.00 8558.3 3463 2.08 27.51 101.5
Spectris 2629 43.00 3072 2058 2.37 13.04 236.4 Headlam 265.00 12.00 560.00 235.00 9.43 7.84 32.9 BritLand 366.30 -2.90 649.40 309.40 6.47 -3.33 2197.6 Utilities
McBride 60.20 0.70 88.00 45.90 - 17.20 541.3 Media Cap&Reg 74.60 -2.40 302.50 66.21 21.45 -0.46 13.0 DeLaRue 152.00 1.00 214.97 36.86 10.05 5.04 429.2 Centrica 46.63 0.41 95.32 29.10 21.23 -2.62 19666.2
TT Elect 173.00 -11.00 268.00 135.75 3.84 20.60 52.5 Diploma 1915 -28.00 2152 1165.21 1.51 34.38 186.0
XP Power 4570 220.00 4592.3 2062.05 1.93 43.52 8.2 McCarthy&S 70.90 0.50 160.20 36.51 7.62 9.33 598.3 4imprint 2285 -205.00 3540 1067.31 2.43 19.93 25.9 Civitas SH 110.00 -2.00 115.40 74.20 4.82 18.15 759.5 Drax 290.00 -3.40 364.60 118.90 5.14 2900.00 631.9
Persimn 2534 127.00 3328 1367.5 9.27 9.52 979.5 Auto Trader Group PLC 555.80 -1.80 747.00 308.60 1.26 25.17 2570.5 Countrywd 131.00 -19.00 399.50 42.63 - -1.14 43.8 DWF Group PLC 61.30 -3.20 143.00 45.00 1.63 18.01 57.8 Natl GridX♦ 891.80 -12.20 1073.8 8.90 5.36 24.37 4297.9
Financial General Philips € 44.25 -0.37 46.38 26.92 1.88 38.90 1550.2 DlyMailA 679.00 14.00 960.00 538.00 3.52 11.98 74.4 DrwntLdn 2816 -138.00 4362 2462 2.41 11.13 282.6 Elctrcmp 706.00 8.00 731.20 397.30 2.18 20.40 442.7 Pennon♦ 1058 -7.00 1589.5 705.60 3.96 38.33 592.7
3i 922.80 -2.60 1189 529.80 4.06 41.76 1480.5 PZCusns 201.50 4.50 220.50 115.23 4.11 22.67 184.8 Hyve Group 84.45 0.45 3178.79 66.03 22.84 -6.50 460.1 Great Portland 600.00 -10.20 971.80 518.60 2.10 30.00 522.1 Essentra PLC 309.40 9.40 459.13 206.80 6.69 21.34 435.9 Severn Trent 2508 41.00 2716 1957.5 3.83 37.83 332.6
BrewDlph 264.00 4.00 377.20 130.00 6.21 16.92 181.3 ReckittBX 7438 -140.00 8191.3 5130 2.33 -18.93 588.8 Informa 412.10 16.60 880.20 326.70 5.44 22.89 2774.0 Green Reit € 1.84 -0.09 1.93 1.30 3.12 13.44 1922.5 Experian 2774 8.00 2956 1823.5 1.38 46.23 848.4 SSE♦ 1302 -27.00 1703 1057.5 7.08 32.07 2019.5
CtyLonInv 383.00 -8.00 479.52 264.00 7.05 10.19 11.6 Redrow 443.20 1.80 850.76 293.00 6.99 5.05 1004.5 ITV 62.28 -0.52 165.90 50.06 12.85 5.28 23327.2 Hammersn 50.90 3.89 325.30 39.57 50.88 -0.68 5421.8 Ferguson 7100 76.00 7696 3700 2.22 21.77 412.2 UtdUtils 894.40 -8.40 1104 625.00 4.66 57.33 1047.8
Hibernia € 1.18 0.03 1.52 0.75 3.11 13.72 1777.1 G4S 146.25 1.50 223.50 69.92 6.63 -24.79 5063.3
AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence Zytronic 102.50 2.50 258.50 70.00 22.24 8.61 12.2 House, Leisure & Pers Goods Mining Reneuron 115.00 -1.50 297.50 71.00 - -2.83 24.1 Renew 443.00 4.00 570.00 304.00 2.60 15.10 57.9
Cohort 670.00 0.00 738.00 416.85 1.36 37.62 11.8 Airea 26.50 0.00 46.99 18.11 10.57 6.68 27.5 AMC 2.46 0.04 3.92 0.85 - -10.14 2393.6 Sareum 0.89 -0.04 1.10 0.03 - -22.13 14871.2 Restore 332.50 -17.50 560.00 319.36 1.92 25.38 54.4
Financial General Smart Metering Systems 617.00 -32.00 742.00 308.00 1.02 174.79 61.2
Velocity Composites PLC 17.00 -0.50 44.96 12.00 - -6.80 9.2 Churchll 1075 115.00 2060 605.00 2.85 13.14 5.9 Arkle Resources 0.95 -0.05 1.70 0.40 - -4.68 3774.6 Real Estate
Appreciate Grp 34.40 0.20 65.00 27.00 9.30 7.05 237.7
Frontier Developments PLC 2075 -5.00 2135 875.00 - 147.16 20.4 BotswanaD 0.70 -0.05 1.44 0.40 - -5.38 785.6 Tech - Hardware
Banks Arbuthnot 725.00 2.50 1400 600.00 2.21 28.43 1.4
Portmern 367.00 -2.00 928.36 229.59 10.20 6.74 9.8 CentAsiaM 170.60 0.60 233.00 100.20 8.11 7.92 279.7
InlandHms 50.50 -0.20 94.40 32.00 4.36 6.82 221.8
Caribbean Inv 60.00 -1.50 64.45 13.12 - 4.62 17.8 BP Marsh 225.00 4.00 276.02 133.00 2.12 6.45 12.6 Lok'nStor 580.00 0.00 740.00 335.00 2.07 55.50 9.4 AminoTech 128.00 -9.00 155.00 100.00 5.68 41.82 147.9
WalkerGb 49.00 3.00 91.75 22.00 6.27 9.42 10.3 HighldGld 293.40 -1.60 314.00 150.00 4.07 7.98 1911.2
Burford Capital Ltd 565.80 16.80 987.68 250.43 1.72 7.76 461.1 PnthrSec♦ 215.00 10.00 400.00 180.00 5.58 -9.31 1.6 IQE 61.15 -0.25 76.30 18.86 - -13.56 1691.0
Basic Resource (Ex Mining) Gresham House 680.00 2.50 700.00 450.00 0.44 -198.95 4.0 Industrial Engineering Oil & Gas SIR 286.50 21.50 476.00 180.00 5.68 6.06 352.5 Telit Communications PLC 148.60 11.60 180.66 64.76 - 5.51 358.0
CropperJ 950.00 0.00 1480 580.00 1.42 18.77 0.1 Leeds 15.50 0.00 20.00 7.50 - -1.51 6.8 600 Grp 8.00 0.00 19.20 6.75 9.43 2.64 1.4 BorSthnPet 0.84 0.14 2.63 0.10 - -3.98 564.0
MattioliWds 702.50 0.00 865.00 291.00 2.85 22.09 1.1
Retailers Tech - Software & Services
Chemicals MS Intl 117.00 0.00 216.00 105.00 7.05 21.67 0.1 ClontarfEn 0.51 -0.03 1.98 0.09 - -12.63 2601.3
Numis 292.00 -8.00 324.00 165.00 4.11 33.95 31.5 ASOS 4689 381.00 4970 975.20 - 87.97 312.4 BoBlue Prism Group PLC 1300 -50.00 1890 774.25 - -12.19 173.0
Directa Plus PLC 83.00 7.00 92.00 46.25 - -13.99 145.1 Pres Tech 91.50 -2.00 147.00 70.10 - -9.53 28.9 Egdon Res 1.95 0.05 6.95 1.50 - -1.36 372.8
PolarCap 530.00 33.00 614.92 282.00 6.23 12.83 82.8 Boohoo Group PLC 315.50 28.90 433.50 133.10 - 58.97 5936.8 Eckoh 69.50 6.50 72.00 40.00 0.88 57.92 1618.7
Scapa 116.00 -9.40 295.00 82.50 2.50 -3.64 1055.4 Hurricane Energy 5.20 0.35 50.90 3.84 - 4.05 4860.3
Premier Miton Group 96.00 -2.40 192.00 65.00 10.83 9.20 21.9 IT PetrelRes 4.75 0.30 27.00 3.01 - -3.74 699.8
CVS Group PLC 1210 34.00 1290 648.00 0.45 69.54 66.3 IDE Group Holdings 2.40 -0.25 10.50 1.33 - 0.48 183.8
Versarien PLC 43.00 0.00 124.00 12.00 - -17.84 1751.6 Keywords Studios 2190 -14.00 2242 1069 0.07 175.47 107.4 Ingenta 54.00 -2.50 96.00 40.00 2.78 -6.77 4.8
STM Group 34.00 5.00 45.00 18.00 6.03 6.03 26.1 Phoenix Global 10.50 0.75 23.00 5.88 - -3.48 1.2 Support Services
Learning Technologies Group 143.60 5.50 174.40 97.00 0.42 90.66 2148.0 Iomart♦ 342.00 -14.00 409.00 219.50 2.18 27.14 102.7
Construction & Materials Food & Beverages Rockhop 7.26 -0.07 22.45 4.00 - -2.12 271.2 Begbies 87.90 -4.70 117.00 0.63 2.96 27.47 176.5 Oxford Metrics 80.00 -1.50 127.40 70.00 2.25 33.90 58.3
Abbey 1270 0.00 1575.28 1060 0.75 11.64 4.5 LEISURE Sound Energy 2.09 -0.04 9.40 0.74 - -1.36 1021.1 Christie 70.50 -4.00 132.00 54.00 4.26 8.56 16.2
Camellia 7275 0.00 10100 6250 1.98 24.21 0.8 WANdisco 592.00 16.00 834.00 330.00 - -12.45 6.7
AccsysTch 91.00 2.80 106.62 59.80 - -34.71 46.5 Codemasters Group Holdings PLC 395.00 18.00 420.00 190.00 - 49.38 291.7 UnJackOil 0.29 0.02 0.38 0.08 - -14.60 183924.8 Empres 41.00 0.50 66.00 28.00 4.88 -25.63 57.4
Fevertree Drinks 2239 -34.00 2492.14 888.40 0.69 44.55 159.1
Aukett 1.95 0.00 3.16 1.30 - 4.24 2.3
FinsbryFd 57.60 -1.40 105.00 50.00 6.08 7.68 197.7 Sumo Group PLC 183.50 2.50 211.95 121.54 - 36.19 607.2 United O&G 3.05 0.25 4.19 1.00 - -6.52 10135.2 Gattaca 55.50 4.50 141.50 29.40 - -7.71 2.9 Travel & Leisure
Impellam 257.00 0.00 430.00 220.10 - 26.22 1.2 Celtic 115.00 0.00 167.00 85.00 - 11.76 3.5
Electronic & Electrical Equip Nichols 1242.5 -27.50 1873.6 858.00 3.15 17.07 8.4
Media Pharmaceuticals & Biotech
JhnsnSrv 99.10 3.10 226.00 76.50 3.28 11.94 936.5 ..6%CvPf 127.50 0.00 170.00 120.00 - - 0.2
CeresPow 518.00 13.00 674.00 169.00 - -169.28 250.8 Health Care Equip & Services Mission Group 61.00 0.00 110.00 33.25 3.56 8.54 124.7 Abcam 1311 24.00 1584 943.00 0.93 62.43 277.1
LonSec 2100 0.00 2470 1800 3.81 15.46 0.0 ..Cv Pf 245.00 0.00 339.50 220.00 - - 0.1
Checkit 41.50 3.00 65.00 22.00 - -4.23 30.9 YouGov 840.00 -10.00 860.00 300.00 0.48 59.57 119.4 AllcePharm 74.90 3.00 88.90 52.17 2.02 15.87 371.1
AVO 26.60 1.10 44.00 20.00 - -2.71 88.6 NewmkSec 1.40 0.05 1.65 0.60 - 7.69 20.0 Dart 669.50 -65.50 1950 182.50 1.52 6.57 666.6
LPA 73.50 6.50 117.00 56.00 1.50 26.44 2.0 Clinigen Group 693.50 -22.00 1000.00 350.40 0.97 67.99 311.8
CareTech 444.00 -3.00 502.00 285.00 2.64 20.15 32.1 NWF 205.00 0.00 218.00 113.00 3.22 13.58 7.9 gamingrealms 19.60 0.85 20.63 4.40 - -12.25 835.8
ThorpeFW 296.00 5.00 363.32 225.00 1.87 23.22 8.2 e-Thera 13.63 0.00 23.00 1.25 - -15.66 407.1
Tristel 438.00 -7.00 534.00 260.00 1.26 43.32 97.6 Petards 7.38 -0.63 21.50 3.75 - -21.69 31.5 MinoanGp 1.35 -0.05 2.80 0.68 - -2.21 335.8
Mereo Bio 42.00 -0.50 75.00 13.00 - -1.08 14.7
Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) BMO UK HIT UNIT 316.00 4.00 406.00 224.00 - 356.1 -11.3 IPST UK Eq 146.50 6.50 190.25 104.00 4.51 148.1 -1.1 PolarHealth 239.00 -2.00 258.00 163.00 0.88 268.0 -10.8 Conventional - Property ICs 52 Week Dis(-)
Price +/-Week High Low Yld NAV or Pm Brunner 778.00 -4.00 935.00 550.00 2.57 895.2 -13.1 IP UKSmall 395.00 7.00 640.00 285.17 4.76 478.1 -17.4 PolarFins♦ 106.50 2.00 154.50 77.20 4.13 120.3 -11.5 Price +/-Week High Low Yld NAV or Pm
3i Infra 295.00 -10.00 317.79 184.96 3.03 249.9 18.0 Caledonia Inv 2685 25.00 3195 1920 2.23 3325.3 -19.3 JPM Amer 508.00 5.00 527.50 328.50 1.28 541.6 -6.2 PolarTech 2075 -15.00 2290 1041.5 - 2095.8 -1.0 Direct Property For queries about the FT Share Service pages e-mail
AbnAsianIn 188.00 2.00 223.00 140.59 4.87 213.9 -12.1 CanGen C$ 27.50 0.33 27.97 16.22 2.94 41.7 -34.1 JPM Asia 407.00 4.00 420.00 272.00 3.96 413.5 -1.6 RIT Cap 1886 16.00 2185 1252 1.80 1944.0 -3.0
AEW UK REIT 80.60 -1.40 102.10 53.00 9.93 91.4 -11.8 ft.reader.enquiries@morningstar.com.
Abrdn Div I&G 93.40 3.40 116.00 66.20 5.76 111.1 -15.9 City Merch♦ 178.00 2.50 199.50 118.00 5.62 186.1 -4.4 JPM Brazil 66.25 -0.25 80.75 35.00 1.21 69.4 -4.5 Ruffer Inv Pr 241.00 -1.00 250.00 202.00 0.75 251.0 -4.0
BMO ComPrp 69.30 3.70 123.00 43.50 8.66 124.1 -44.2 All data is as of close of the previous business day. Company classifications
AbnEmgMkts 560.00 12.50 638.00 420.05 3.79 680.5 -17.7 City Lon 326.50 3.00 448.50 269.00 5.76 332.5 -1.8 JPM China♦ 351.50 15.00 381.16 252.00 0.71 523.8 -32.9 Schroder ToRt 394.00 11.00 407.78 244.00 1.57 402.9 -2.2
BMORealE 61.80 4.00 89.80 38.72 8.09 96.6 -36.0 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnJapInv 602.50 -12.50 653.50 456.00 1.89 734.7 -18.0 CQSNatRs 96.20 3.40 96.88 49.00 5.82 111.0 -13.3 JPMElct MC 102.50 0.00 106.00 99.00 0.39 103.4 -0.9 SchdrAsiaP 474.50 2.50 502.00 345.00 2.04 547.9 -13.4
CustdnREIT 89.00 0.70 118.20 76.00 7.39 95.7 -7.0 100 constituent stocks are shown in bold.
AbnLatAmIn 50.00 -0.60 75.00 38.00 7.00 59.6 -16.1 Dun Inc♦ 254.00 1.00 307.00 180.12 4.90 278.6 -8.8 ..MG 807.50 17.50 929.85 565.20 2.09 846.4 -4.6 SchdrEurReE 72.00 0.00 120.87 59.00 9.14 120.5 -40.2
GCP Student 136.80 4.20 212.50 90.00 4.52 170.4 -19.7
AbnNewDn♦ 254.00 -6.00 272.00 179.59 1.69 298.9 -15.0 EcofinGlobal 172.00 0.00 188.00 102.63 3.72 171.7 0.2 ..MI 83.50 0.00 114.00 64.00 5.57 87.8 -4.9 Schdr Inc 244.00 7.00 320.00 171.17 5.12 252.4 -3.3 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Longbow 75.75 2.75 99.50 64.19 7.92 96.9 -21.8
AbnNewIndia 406.00 -2.00 508.00 296.00 - 493.3 -17.7 Edin Inv 473.00 6.00 644.00 335.50 5.98 539.8 -12.4 JPM Emrg 1054 -4.00 1277.55 706.00 1.33 1155.0 -8.7 SchdrJap 169.50 4.50 203.00 126.09 2.77 206.4 -17.9 are based on intra-day trading over a rolling 52 week period. Price/earnings
SLIPropInc 54.60 1.40 99.30 48.95 8.72 79.9 -31.7
AbnNewThai 426.00 0.00 650.00 322.00 4.46 499.8 -14.8 Edin WWd 271.50 -7.00 287.66 124.60 - 263.5 3.0 JPM EurGth 276.00 5.00 305.00 170.89 3.21 322.4 -14.4 SchdrOrient 233.00 4.00 267.00 151.50 4.38 246.0 -5.3 ratios (PER) are based on latest annual reports and accounts and are updated
TR Prop 359.00 -3.00 497.83 197.00 3.84 406.7 -11.7
AbnSmlInCo 262.00 8.00 350.00 175.00 3.15 321.1 -18.4 EP Global 268.00 2.00 392.00 214.00 2.05 295.7 -9.4 JPM EurInc 114.00 -2.75 166.00 78.80 5.88 140.0 -18.6 SchdrRealEst 33.90 -1.10 58.10 29.40 5.75 59.3 -42.8 with interim figures. PER is calculated using the company’s diluted earnings
Tritax EuroBEUR € 1.00 -0.03 1.13 0.67 - 1.2 -16.7
AbnStdAsia 980.00 10.00 1125 696.00 1.43 1145.9 -14.5 EuroAsset 104.00 2.00 112.00 62.40 7.08 114.2 -8.9 JPM EuSm 382.00 5.00 405.26 209.00 1.75 455.6 -16.2 SchdrUKMd 459.00 19.00 700.00 271.93 4.03 552.2 -16.9 from continuing operations. Yields are based on closing price and on dividends
Tritax EuroBGBP 90.40 -2.20 102.00 65.20 - - -
AStd Eqt Inc 272.00 2.00 427.84 194.36 7.65 305.4 -10.9 F&C Inv Trust 694.00 6.00 789.02 463.00 1.66 753.8 -7.9 JPM Clavr 565.00 3.00 798.00 446.00 5.00 589.1 -4.1 SchdrUKPubPriv 27.40 1.50 40.92 18.89 - 46.1 -40.6 paid in the last financial year and updated with interim figures. Yields are
UKComPrp 67.50 0.20 91.70 47.35 5.45 83.4 -19.1
Abf Sml 861.00 23.00 1547.68 608.25 3.57 994.7 -13.4 FidAsian 340.00 2.50 446.00 243.00 2.59 374.3 -9.2 JPMGblCoreRa 108.75 -1.25 112.50 70.00 0.69 96.8 12.3 ScotAmer 428.00 2.00 443.00 243.80 2.76 417.2 2.6 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Abf Spl Inc 47.40 -2.00 96.35 34.50 8.78 51.6 -8.1 FidChiSpS 308.00 -2.00 318.50 180.20 1.25 332.1 -7.3 JPM GEI 116.50 0.50 141.50 82.00 4.38 129.2 -9.8 Scottish Inv 730.00 -3.00 847.00 550.00 3.18 814.7 -10.4 VCTs 52 Week Dis(-) companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Alliance 807.00 1.00 880.00 536.00 1.72 860.8 -6.2 Fid Euro 265.00 4.00 277.00 177.40 3.35 285.7 -7.2 JPM Gl Gr&Inc 340.00 -21.00 368.00 298.00 3.76 338.2 0.5 ScottMort 885.00 -17.50 960.00 449.50 0.35 876.8 0.9 Price +/-Week High Low Yld NAV or Pm capital changes where appropriate.
AllianzTech 2375 -65.00 2485.5 1176 - 2341.2 1.4 Fid Jap 180.25 4.75 184.78 104.25 - 201.1 -10.4 JPM Ind 555.00 -5.00 766.00 398.00 - 664.1 -16.4 ScottOrtll 826.00 -18.00 1065 600.00 1.39 986.0 -16.2 ArtemisVCT 24.20 2.00 51.79 17.00 16.53 24.6 -1.6 Trading volumes are end of day aggregated totals, rounded to the nearest
Art Alpha 280.00 11.50 352.00 205.00 1.79 355.1 -21.1 Fid Spec 187.60 8.00 280.50 128.16 3.07 202.4 -7.3 JPM JpSm 434.50 8.50 457.23 275.00 4.14 507.9 -14.5 Seneca I&G 144.25 3.25 181.89 107.50 4.66 147.4 -2.1 Baronsmead 2nd VT♦ 67.50 -3.00 79.50 40.00 9.63 70.5 -4.3 1,000 shares.
Asia Dragon 407.00 1.00 438.00 302.50 1.17 476.1 -14.5 FinsG&I 838.00 1.00 966.00 595.00 1.98 838.1 0.0 JPM Jap 539.00 12.00 553.00 323.00 0.93 601.0 -10.3 Smithson 1504 -6.00 1558 890.00 - 1468.0 2.5 BSC VCT 62.00 2.50 73.67 54.00 6.45 65.6 -5.5 Net asset value per share (NAV) and split analytics are provided only as a
Aurora Inv 155.00 11.00 242.00 130.00 2.58 167.8 -7.6 FstPacfic HK HK$ 1.81 0.02 3.41 1.10 6.49 - - JPM Mid 910.00 -8.00 1430 598.00 3.24 1055.5 -13.8 StrategicEq 182.00 -7.00 259.00 112.28 0.82 241.4 -24.6 ..VCT2 46.00 1.80 53.00 40.00 6.52 48.4 -5.0 guide. Discounts and premiums are calculated using the latest cum fair net
AVI Global Trust 723.00 20.00 802.00 459.00 2.28 794.8 -9.0 GenEmer 754.00 15.00 820.00 540.00 1.91 851.1 -11.4 JPM Mlti-As 86.40 1.40 107.00 63.00 4.63 95.9 -9.9 Temp Bar 738.00 18.00 1495.6 558.00 7.25 843.6 -12.5 Inc&GthVCT 62.50 0.00 76.50 60.00 9.60 65.5 -4.6 asset value estimate and closing price. Discounts, premiums, gross redemption
AVI JapOpp 102.00 1.75 119.00 73.29 - 101.8 0.2 GRIT# 2.75 0.00 5.50 0.65 - 1.4 96.4 JPMRussian 656.00 16.00 804.00 404.00 5.34 740.4 -11.4 TempEmerg 815.00 2.00 876.99 570.00 1.96 930.7 -12.4 Nthn 2 VCT♦ 51.05 -1.45 61.90 42.00 7.84 53.5 -4.6 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
Axiom 82.00 0.00 95.00 68.00 7.32 89.8 -8.7 GoldenPros 66.00 1.90 75.00 20.00 - 68.8 -4.1 JPM Smlr 250.50 8.50 325.92 126.00 2.20 283.5 -11.6 Tetragon $ 9.15 0.05 12.60 6.78 7.95 24.9 -63.3 Nthn 3 VCT♦ 75.50 -2.00 91.00 63.00 5.30 79.2 -4.7 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BG Euro 1150 15.00 1185 594.00 2.70 1198.0 -4.0 Gulf Invest $ 1.16 0.02 1.36 0.85 2.56 1.3 -10.8 JPM US Sml 309.00 12.00 372.18 191.31 0.81 335.2 -7.8 TRIG 132.60 -5.40 140.49 95.79 4.98 111.3 19.1 NthnVent♦ 56.50 0.00 67.00 46.00 7.08 59.2 -4.6 in pence.
BG Japan 815.00 9.00 851.00 514.00 0.43 853.7 -4.5 HAN 162.50 0.50 990.00 123.77 2.46 260.2 -37.5 KeystoneInv 258.00 0.00 364.00 161.00 5.27 311.1 -17.1 TREurGth 950.00 33.00 1008 530.00 2.32 1131.7 -16.1 ProVenGI♦ 51.50 0.00 62.00 44.00 6.80 54.4 -5.3
BG Shin 195.40 5.40 197.60 105.06 - 200.3 -2.4 HANA 171.00 0.00 972.00 125.00 2.34 260.2 -34.3 Law Deb 533.00 2.00 656.00 366.00 3.55 550.5 -3.2 TroyInc&G 72.80 0.70 87.00 58.69 3.80 72.4 0.6 ProVenVCT 63.50 0.00 76.00 55.00 7.09 66.0 -3.8 X FT Global 500 company
Baillie Gifford UK 182.00 4.50 206.34 111.00 1.62 196.0 -7.1 Hend Alt 280.00 -4.00 309.00 170.00 1.70 317.8 -11.9 LinTrain £♦■ 1175 2.50 1640.88 400.00 2.37 1075.6 9.2 Utilico Emerging Market 174.00 -1.50 252.00 135.00 4.28 208.7 -16.6 UnicornAIM 132.50 3.00 152.00 104.00 4.91 163.6 -19.0 ♦ trading ex-dividend
Bankers♦ 1008 -2.00 1042 689.00 2.10 1002.6 0.5 Hen Div Inc Tr 87.60 0.00 97.90 55.47 5.02 91.3 -4.1 Lowland 940.00 12.00 1489.65 696.00 6.38 1045.5 -10.1 UIL Inv 169.00 -3.50 263.00 109.75 4.44 298.4 -43.4 ■ trading ex-capital distribution
Zero Dividend Preference Shares 52 Week HR
BB Healthcare Trust 157.50 -4.50 173.00 98.68 2.81 159.7 -1.4 HenEuroF 1230 -5.00 1350 860.72 2.54 1414.0 -13.0 Majedie 198.00 16.00 268.00 134.00 5.76 247.9 -20.1 VEIL 425.00 13.00 511.00 288.00 - 466.7 -8.9 # price at time of suspension from trading
HenEuro 1270 10.00 1333.25 804.00 2.44 1431.5 -11.3 Man&Lon 616.00 -16.00 704.00 418.00 2.27 610.4 0.9 Witan 189.40 3.40 235.50 130.00 2.68 202.3 -6.4 Price +/-Week High Low SP WO TAV 0%
BH Global 1860 15.00 1950 1460 - 1888.0 -1.5
HenFarEs♦ 312.00 -6.00 380.00 236.30 7.24 311.3 0.2 Marwyn Val 105.00 0.00 134.56 71.00 - 168.4 -37.6 WwideHlth 3445 -40.00 3950 2159.52 0.77 3424.7 0.6 Abf Spl Inc 108.00 0.00 111.00 97.50 -22.6 -59.3 127.3
..USD $ 18.80 0.35 20.38 15.20 - 19.4 -3.1 The prices listed are indicative and believed accurate at the time of publication.
HenHigh 138.25 2.75 195.00 100.03 7.09 149.8 -7.7 MercantIT 195.40 -0.60 279.10 116.68 3.38 209.3 -6.6 UIL ZDP 2026 92.50 0.00 110.90 84.00 -25.5 -29.6 151.5
BH Macro 3450 40.00 3670 2097 - 3231.0 6.8 Conventional - Private Equity 52 Week Dis(-) No offer is made by Morningstar or the FT. The FT does not warrant nor
HenInt Inc♦ 145.00 -0.50 178.00 99.30 4.00 153.1 -5.3 MrchTst♦ 359.00 10.50 569.00 293.00 7.49 366.4 -2.0 UIL Limited 2024 ZDP 103.50 0.50 119.94 73.00 -33.7 -40.4 138.4
..USD $ 35.90 1.20 42.17 25.40 - 33.4 7.5 Price +/-Week High Low Yld NAV or Pm guarantee that the information is reliable or complete. The FT does not accept
Hen Opp 845.00 6.00 1130 499.93 3.08 1052.6 -19.7 Mid Wynd 637.00 -1.00 682.00 420.00 0.92 622.9 2.3 UILFn20 153.50 0.50 153.80 132.00 -99.9 -100.0 154.9
BiotechGth 1236 -46.00 1397.44 648.00 - 1221.5 1.2 responsibility and will not be liable for any loss arising from the reliance on
HenSmlr 793.00 17.00 1104 470.00 2.90 911.4 -13.0 Miton Global 238.00 7.00 284.00 180.00 - 251.3 -5.3 BGUSGROWTH 222.00 4.00 233.00 111.00 - 219.9 1.0 UIL Finance 2022 ZDPs 127.00 0.50 134.50 92.00 -47.2 -62.7 147.0
BlckRCom 63.30 -0.30 74.00 36.20 6.32 72.1 -12.2 or use of the information.
Herald 1708 52.00 1736 877.00 - 1916.1 -10.9 Monks♦ 1120 -18.00 1166 618.00 0.17 1077.3 4.0 BMO PvtEq 327.00 -3.00 415.36 219.00 3.49 397.7 -17.8
BlckRFrnt
BlckRGtEur
94.60
448.00
3.60 138.06 77.44
8.00 456.94 271.14
6.60
1.31
99.5
458.1
-4.9
-2.2 HICL Infra 170.80 -2.80 183.00 107.80 4.80 148.2 15.2 MontanSm♦ 1335 15.00 1375 645.00 0.69 1378.0 -3.1 Electra 180.25 -13.00 427.00 121.81 - 372.5 -51.6 Investment Companies - AIM The FT Share Service is a paid-for-print listing service and may not be fully
Highbridge Tactical 198.75 0.25 209.00 154.00 - 232.9 -14.7 Mur Inc 762.00 3.00 945.34 552.00 4.49 820.1 -7.1 HVPE 1550 -22.00 1870 857.00 - 2070.0 -25.1 representative of all LSE-listed companies. This service is available to all listed
BlckR I&G♦ 155.00 0.00 214.00 117.00 4.65 174.2 -11.0 52 Week Dis(-)
Impax Env. 352.50 6.50 361.00 226.00 0.85 336.9 4.6 Mur Int 950.00 -1.00 1299.5 658.00 5.58 1005.8 -5.5 HgCapital 250.00 -4.50 275.81 148.40 1.92 236.0 5.9 companies, subject to the Editor’s discretion. For new sales enquiries please
BlckRckLat 329.00 3.50 509.20 250.00 7.78 362.7 -9.3 Price +/-Week High Low Yld NAV or Pm
Ind IT♦ 455.50 9.50 600.00 264.00 2.85 499.6 -8.8 NewCityHY 48.05 -0.05 61.80 22.90 9.26 47.1 2.0 ICG Ent Tr♦ 808.00 22.00 1015 460.00 2.10 1087.0 -25.7 email daniel.fish@ft.com or call +44 (0)20 7873 4571.
BlckRckNrAm 159.50 1.50 196.50 106.53 5.02 167.2 -4.6 AbnFrntrMkts 41.30 0.20 47.60 29.00 3.6 42.6 -3.1
IGC 62.60 2.60 80.71 32.20 - 78.0 -19.7 New Star IT 109.00 0.00 121.25 88.00 1.28 160.0 -31.9 Pantheon International Plc ORDs 2170 30.00 2620 1268.53 - 2865.3 -24.3
BlckRSmlr 1270 -2.00 1806 770.00 2.52 1414.8 -10.2 BB Biotech AG SFr 64.20 0.50 67.30 39.55 4.4 - -
IntBiotech♦ 743.00 -13.00 816.00 451.00 3.55 741.6 0.2 NorthAmer 234.00 10.00 315.00 187.50 3.76 257.7 -9.2 PrincssPE € 9.00 -0.10 12.25 6.64 6.05 11.8 -23.7
BlckRThrmt 608.00 12.00 724.00 315.60 1.64 600.8 1.2
BlckRWld 408.00 -7.00 428.50 208.50 5.15 455.3 -10.4 Intl PP 165.00 -3.00 171.80 122.80 4.30 147.0 12.2 NthAtSml 2910 -25.00 3570.6 2190 1.03 4262.6 -31.7 StdLfPv 314.00 2.00 402.00 186.00 4.11 431.2 -27.2 CrysAmber
Gresham House Strategic
84.50
1040
5.75
0.00
195.99 50.87 5.9 106.0
1355 830.00 2.0 1248.0
-20.3
-16.7
Data provided by Morningstar
BMO Cp&I 256.00 2.50 358.00 181.50 4.49 260.7 -1.8 Inv AsiaTr 289.00 9.00 310.50 198.00 3.15 334.9 -13.7 Oryx Int 1015 0.00 1050 550.00 - 1168.0 -13.1 Discretionary Unit Fund Mngrs 52 Week Dis(-) Infra India 0.95 0.00 4.43 0.60 - 22.0 -95.7
BMOGblSmlr 124.00 1.20 150.00 76.65 1.37 134.1 -7.5 Inv IncGro 234.00 5.00 308.00 180.59 5.02 268.2 -12.8 PacAsset 266.00 7.00 306.00 198.09 1.13 292.6 -9.1 (1000)F
BMOMgdT 224.00 1.00 230.00 150.05 - 222.9 0.5 IP EnInc 67.20 1.30 78.00 38.50 7.44 72.5 -7.3 PacHorzn 528.00 -6.00 548.00 232.50 - 499.0 5.8 Price +/-Week High Low Yld NAV or Pm
BMOMgdT 121.00 0.50 146.00 85.00 4.96 121.0 0.0 IPST BalR 133.50 0.00 147.60 124.00 - 144.9 -7.9 PerpInc&Gr 234.50 4.50 346.75 157.20 6.38 260.7 -10.0 Right &ISS 1840 55.00 2341 1251 1.73 1941.2 -5.2
BMO UK HIT A 79.00 2.00 103.00 57.00 4.96 89.1 -11.3 IPST Gbl Eq 186.00 5.50 218.00 140.00 3.76 189.3 -1.7 PerAsset 44900 -300.00 47000 37650 1.25 44394. 1.1 Guide to FT Share Service
BMO UK HIT B 80.00 1.00 103.00 56.00 4.90 88.7 -9.8 IPST Mngd 101.50 0.00 104.00 96.00 0.79 105.0 -3.3 3
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WORK & CAREERS
If you can work

‘
I have been thinking a lot about “Bob”. “persistent atmosphere of exaggerated which conducted 100,000 interviews flexible work Charles Handy told me
He was a US software developer who fear” she believes lies behind those for clients in a 30-day period earlier companies should “lure staff in, not
anywhere, worked from home for a large

company. In 2013, it emerged Bob had
been outsourcing his own job to China.
figures. She also raised the spectre of
outsourcing. “Those who opt not to
return to the office through fear or
this summer.
Nicholas Bloom of Stanford
University, who has examined the
command them”.
In increasingly tough times, staff will,
though, have to perform and produce,
can anyone He sent a chunk of his own salary to a
Chinese consulting firm to do his work
complacency may be in for rude
awakening,” she wrote.
productivity of remote workers (and
reminded me about the Curious Case of
whether from a muggy front-room or
an air-conditioned, Covid-proofed
do your job? so he could surf Reddit, trade on eBay,
update Facebook, and watch cat
I dispute the implication staff are the
crude sum of their marketable skills
the Man Who Outsourced Himself)
also foresees a future of hybrid work.
In the uncertain cubicle, and they will have to be well
managed. As Ms Mayer explained in an
videos, according to a blog post by and the wider suggestion workers have Companies will use outsourcing as one phase before a interview with MIT Technology Review
Andrew Valentine of Verizon, who an economic duty to return to their of a mix of strategies to cushion Covid-19 vaccine is last year: “I wasn’t trying to make a big
investigated the case. offices. But Dame Helena’s point themselves against volatility. White- political statement about the way that
Bob’s cunning solution to the work- contains a core truth. In the uncertain collar employees higher in the found, companies people want to work in the future . . . I
life balance conundrum is on my mind phase before reliable Covid-19 vaccines traditional office hierarchy may come will have to was just trying to say, look, if we’re
because of the troubling suggestion and therapies are found, companies under threat, he suggests. going to try and turn this company
that if you work remotely, your will have to use workers more flexibly. Prof Bloom’s pre-pandemic research use workers around, something like 10 to 20 per
employer could eventually realise you They may need to outsource work to shows the greatest productivity gains more flexibly cent of the people are a bit out to
’
are eminently replaceable by someone cope with any recovery in demand, or occur when staff have a choice of where lunch.”
else doing your task more cheaply on offset a prolonged downturn. And they and how to work, so the correct answer Trusting people to work well from
the other side of the world. Out of already have the tools to do so. to the YouGov question of whether home is one skill managers now have
sight, out of mind, out of work. Not that they always use them. Even workers should return is the one 36 per to learn. Verifying that they are not
An AlphaWise survey for Morgan in Silicon Valley, recruiters used to ask cent of respondents gave: it should be “out to lunch” is another. It is harder
Stanley last month showed only just candidates for programming jobs to up to them. than you might think. When Verizon’s
over a third of UK office staff had write code on whiteboards during face Even so, simply being in your investigators looked into Bob’s
returned to their usual workplace, to face interviews. They would tend to manager’s eye line offers little situation, they examined his record:
compared with 83 per cent in France hire within a 20-mile radius of their protection against your job being “His code was clean, well written, and
and 76 per cent in Italy. In a more California offices, according to Vivek outsourced. Coercing or scaring people submitted in a timely fashion,” they
recent YouGov poll of British adults, Ravisankar, co-founder of back into offices is bound to backfire, observed. “Quarter after quarter, his
only 13 per cent firmly believed HackerRank. He says companies are leaving behind a noxious whiff of performance review noted him as the
workers who could do their job from now finally asking “why can’t we open presenteeism. best developer in the building.” Except
Andrew Hill home should return to the office. up our applications to anyone in the After Marissa Mayer, then Yahoo’s he wasn’t in the building, and he wasn’t
Helena Morrissey, the campaigner world?” Mr Ravisankar would say that. chief executive, ordered employees even the developer writing the code.
On management and former fund manager, railed in the
Daily Mail last week against the
HackerRank is a platform to facilitate
remote assessment and recruitment,
back to the tech company’s mother-
ship in 2013, the prescient guru of andrew.hill@ft.com
Graduates Work Tribes
‘The future of work is hybrid,
Remote internships have been or what we now call hy-Toil™’

andrew hill and emma jacobs
an unexpected success
Virtual schemes are Selena Flake, co-working Olly, the (home) office
likely to be blended impresario martyr
with in-person training Dear WorkHousers,
When the world went into
Unmuting, camera on — hey,
hi, everybody!
in years to come, lockdown, I feared for the Sorry I’m late — I had to
writes Amy O’Brien future of my visionary
utopia of co-workers. But
step off a four-hour
videoconference with
you’ve kept the spirit going Bangalore and Singapore
T
he summer internship is in your bedrooms and at about Operation Canute.
a rite of passage for many your kitchen tables. Actually, I’ve got that call
students and graduates. But Not all of you were happy running on my second
the pandemic and its global we debited membership screen in case they need me
lockdowns have created an payments while WorkHouse to tune back in.
unusual set-up, as many start their offices were shut. But even That’s one advantage of
placements from their bedrooms. in torrid times, we require a having upgraded to
Adam Warburton-Brown, a 23-year- year’s notice of cancellation. bleeding-edge ultrafast fibre
old graduate from King’s College Lon- It was all in the T&Cs you in January. I saw what was
don, started his fundraising internship approved without reading. happening in Wuhan,
at a non-profit environmental organisa- I’m sure the series of gratis cancelled all my holiday for
tion in May after moving back to the lunchtime lectures on 2020 and fitted out the
family home. “They sent me out a lap- accounting rules, led by the home office just in case.
top — the only problem was I had no guest host of Luxembourg’s Lucky, really: someone has
desk, so I was working with it propped Women over the Top to provide continuity.
on a wardrobe shelf for a few weeks.” podcast, more than made up I’m monitoring out-of-
When I began my internship at the for lost desk-space time. I office messages and I can
Financial Times in March, I had the ben- hope, too, you all received tell you we are very thin on
efit of eight days in the office, meeting Graduate Adam was lots of virtual interaction with my backgrounds into internships and work. to be much more proactive [virtually] if the complimentary tea bag the ground until after Labor
my immediate team face-to-face before Warburton- team checking in with me.” Digital platform InsideSherpa has you want to shadow meetings in other we mailed, plus instructions Day. I gather Bruno’s taken
the switch to working from home. The Brown did his JPMorgan Chase has designed a vir- enabled companies, such as Boston Con- departments and ask for the Zoom on how to upload a video the whole of August off. I
noisy kitchen table in my six-person fundraising tual internship that has enabled its sulting Group, Deloitte, White & Case, link,” Ms Dobrin explains. backdrop of your chosen mean, yes, he had a small
shared house in London did not allow internship for global offices to share the same pro- KPMG, Linklaters and JPMorgan, to Some find the virtual approach easier. WorkHouse venue for our heart attack but there are
for the same levels of concentration as a non-profit gramme. “It’s encouraged us to be more design mini virtual internships where “In the office, it would be a bit strange to “Absen-Tea Parties” (now limits, aren’t there?
the FT newsroom — let alone the oppor- environmental globally co-ordinated,” says Robert young people anywhere in the world can message someone who’s on the other discontinued). You’re right — I could take
tunity to set up the coffee meetings I had organisation Walke, global head of corporate and select the programme of their choice, side of the room, but I’m not sure I’d The pandemic has opened it a bit easier now, but the
hoped for. So I moved back to my family from home investment bank campus recruiting. from audit to commercial law. Partici- have the courage to walk up to them,” our eyes that the future of great virtue of working from
home where I could work in a quieter Charlie Bibby/FT
“While in a normal year, you’d be able to pants receive a certificate of completion says engineering intern Petra-Camelia work is hybrid, or what we’ home is that you never have
environment. I was determined to make ask a senior person within your office to once they have worked through the Scutaru. When Ms Scutaru sits in on now call hy-Toil™. To to stop. In any case, the
the best of the situation, just thankful meet for a coffee, this year interns have required tasks. Law firm Clifford another team’s Zoom meeting, she feels paraphrase JM Keynes: warm weather seems to be
that my internship was still going ahead. been able to do group Zooms with senior Chance is launching a global internship much less intrusive, on mute and part of when the facts change, so helping ease my backache.
A survey by Prospects, a UK graduate staff all over the world.” programme with the platform this the grid, than if she were occupying a does our business model. Also, my productivity is way
jobs website, found 26 per cent of gradu- Investment banking interns in the month, and will use it as a way to widen seat in the meeting room. So yet again we are up according to our twice-
ates had their internships cancelled this UK, North America and Asia were able their talent pipeline in future. “Opening But Ms Atkinson adds that the biggest pivoting! Yay! Membership is weekly Millstone survey.
year. Demand for virtual internships is to complete the same tasks, get involved up access to our learning opportunities challenge for virtual interns has been now arranged by risk Hang on, I’m just
even higher than usual, according to with similar live deals, and speak to dif- not being able to build confidence in a and hygiene. messaging you my
recruiters such as Josie Dobrin, chief
executive of Creative Access, a social
ferent offices. This year’s summer
scheme, although now “remote”, will
‘[They] can give us the physical office or see there are others in
an organisation who look like them.
CountryHouse™
members will be
year-on-year
engagement scores
enterprise that helps candidates from still function as their main pipeline for potential to reach young “During normal internships, on the picked up by a — if that isn’t
under-represented communities find graduate recruitment. first day you can see students feel they
employment in the creative industries. A significant benefit of virtual intern- people in places that don’t don’t belong, but by the end they’ve
masked Uber
driver and
evidence of
devotion, I don’t
“We’ve had massively increased levels
of applications — for us it’s somewhat
ships has been the chance to break down
geographical barriers, widening access
normally get reached’ mentally gained enormous confidence
and have a sense of belonging in the
delivered to and
from the office. We
Meet the tribes know what is!
Read the series
Thanks for the
ft.com/
unprecedented,” she says. to employers — especially for those from space. This year, they can’t gain this.” have adapted a work-tribes offer, Leo, but I’m
As employers work out how to keep underprivileged backgrounds. to everyone was a top priority — people While virtual placements have self-tanning fine, really I am. You
their existing workforce engaged while “Virtual internships can give us the can join for free from any jurisdiction in opened up access to opportunities, stu- machine so anyone take your holiday.
working remotely, more effort is potential to reach young people in the world,” says Laura Yeates, head of dents and recruiters say they still want entering the velvet-rope I’ve got you covered.
required to ensure regular communica- places that don’t normally get reached — graduate talent. to have an in-person component as soon areas will be hosed with I’ve set alerts on all my
tion with virtual interns, to prevent inner cities, but also smaller towns and But being out of the office means as possible. disinfectant before being devices so that I’m kept up
them from feeling out of the loop. rural coastal areas where opportunities these virtual interns need to think about Clifford Chance intends to plug this groomed by a beautician to date with any progress
Danielle Koku, a 22-year-old interna- are few and far between,” explains new ways of networking. Creative gap. Students who participated in its and hairstylist wearing full via email, Slack, Messenger
tional relations graduate, started her Sarah Atkinson, chief executive of the Access has been encouraging new tech- July virtual vacation scheme will return Dior PPE. TownHouse™ and WhatsApp and I’ve
marketing internship at a global tech Social Mobility Foundation, which sup- niques. “It’s a bit harder to find out in person to the company in December members will have the same programmed my bedside
company in June and found a Zoom self- ports students from low-income about the rest of a company, as you have to “top up” their internship with some facilities outside peak hours. smartlamp to wake me up
assessment with her manager gave her a work shadowing and reflect on the HotHouse™ subscribers will when Tokyo comes online.
clear target. “I hadn’t realised, but he experience in an interview with part- be asked to adopt a Talking of which, I have a
said I’m shy on calls. I’m much more Virtual internships may help to break weekly household income brackets (up ners. “We did this mainly because the BYOPPE approach. hard stop at 10am for the
confident in real life and think Zoom Access down geographical barriers but there are to £599 a week), white British students wanted it. Once they’ve been in Having settled the end-of-day Asia web-
meetings are a completely different skill still concerns around accessibility for households are less likely to be the work environment, they’ll feel like lawsuits, we’ve reinstated huddle.
— so now I know that’s something to those from disadvantaged backgrounds, overcrowded than any other they know they can do it — it gives them our budget OutHouse™ Jill — please could you
work on,” she says. write Adam Hewitt and Meron Haile. ethnic group. that inner confidence,” Ms Yeates says. offering and members will email me when you’ve
For Rinat Kapev, a Washington-based Tech leads Virtual working can lead to biases Students in more crowded or poorer This physical sense of belonging is have full access to our finalised the schedule for
Fulbright scholar interning at a global to biases based on an individual’s surroundings. homes are also more likely to be affected important for interns, so that they know virtual community while September’s phased return
bank, even more regular progress track- And there may be issues around access by unstable internet connections, and to their talent will gain them respect in remaining at home. Should to the office? I’m worried I
ing has helped motivate him when deal- to equipment and technology. have to share a computer. future work environments, says Ms we ever be allowed to throw may drop a couple of
ing with time differences. “Yesterday I Ethnicity and household income can UK telecoms regulator Ofcom has Atkinson. “We’ve been able to work our infamous WorkHouse productivity points because
had to speak with Iran and Kazakhstan affect living spaces in a way that found that within working-class and or with employers to do things we didn’t parties again, they will be of the commute but
for a case so was up until 5am. This is employers deem “unprofessional”. For non-working households, 16- to 64-year- think we could. But being able to oper- able to view all the fun from obviously I’d like to be one
hard when you’re working right next to example, Bangladeshi homes are 15 olds are three times as likely to miss out ate in person is so important — a hybrid outside a closed window. of the first back, ready for
your bed and there’s no one around to times more likely to be crowded than on access to the same number of devices model is absolutely on the cards Safe wishes! Selena the second wave.
push or motivate you, but luckily there white British ones. Even in the lowest as people in higher income brackets. in future.”
WORK & CAREERS
Business Book of the Year Award — the longlist

trait opens a window on to the anarchic
A review of the 15 titles development and extraordinary innova-
selected by FT journalists tive drive of Apple’s principal smart-
phone rival — and the dynasty behind it.
that are competing for Equally eye-opening is Flash Crash,
this year’s £30,000 prize. Liam Vaughan’s account of the saga of
By Andrew Hill Navinder Singh Sarao, the maths prod-
igy who managed to crash US stock mar-
kets in 2010, while trading from his par-
O
ne benchmark for the ents’ home in the London suburbs. It is
£30,000 Financial Times in part a cautionary tale of the fragilities
and McKinsey Business of the financial system.
Book of the Year is that its One keenly awaited title on the longlist
insights should be “likely to is Blood and Oil by Bradley Hope (co-au-
stand the test of time”. That is hard thor of Billion Dollar Whale, longlisted in
enough to predict in a normal year. In 2018) and Justin Scheck, out next
2020, the task will be particularly taxing. month. Their book is a gossipy account
From more than 400 entries, Finan- of the rise to power of Saudi Arabia’s
cial Times journalists have helped select Crown Prince Mohammed bin Salman,
a longlist of 15 titles, from which the offering detailed insights into his ascent
panel of judges will winnow a shortlist of and his business, family and political
six, to be announced on September 23. relationships.
Books specifically about the impact of The uncertain future will send some
coronavirus are likely to land only in back to history, represented in the
time for the 2021 prize. But there are a longlist by Thomas Levenson’s Money for
few in this year’s selection that should Nothing. It tells of the invention of finan-
help readers prepare for a Covid-shaped cial engineering, culminating in the
world. Among them are Margaret Hef- South Sea Bubble, with lessons for
fernan’s Uncharted and Mervyn King today’s financial system. “What’s novel”,
and John Kay’s Radical Uncertainty, our FT previewer remarked, “is the way
both of which take issue with the spuri- he presents the South Sea Company not
ous precision of forecasting methods. as a period of madness and a disaster but
Heffernan — shortlisted for her book a learning process that in the long run
Wilful Blindness in 2011 — underlines the created something very valuable.”
need to be prepared, with prescient ref- Finally, two books that focus on the
erence to, among many varied exam- Join discussion Americans, hit by death by suicide, acci- sustain Netflix as it expanded from the longlist selection process, an FT col- potential for change. In A World Without
ples, the scientists who were readying of business dental drug overdose or alcoholic liver scrappy start-up into the video stream- league described it as “a beautifully writ- Work, Daniel Susskind addresses the
themselves for a pandemic. Kay and books, past, disease. They blame a system that is not ing service that many have turned to for ten and intellectually rigorous account of future of work — a topic that more than
King focus on economists’ overdepend- present and so much unequal as unfair. entertainment during lockdown. the origins of the science of predictive half of those polled at a recent FT webi-
ence on probability analysis and our future in the Equally timely is Matthew Klein and David Cote, former chief executive of analytics and behavioural data science in nar on business books said they most
dangerous craving for certainty in the comments Michael Pettis’s Trade Wars are Class Honeywell, presents a grittier picture of the cold war era”. wanted to read about. His underlying
face of an unknowable future. below the online Wars. They analyse the history of world the tests corporate leaders face in his That legacy is analysed in part in premise is that machines will make
Rebecca Henderson’s Reimagining article at ft.com/ trade, and the evolution of the econo- Winning Now, Winning Later. In an Sarah Frier’s book No Filter, about the human work obsolete, requiring radical
Capitalism addresses the climate emer- work-careers mies of China, Germany and the US, intensely practical management man- culture clash that played out after Face- solutions that only the state can execute.
gency, but her solutions — notably the mapping the path to ballooning debt, ual he tackles the difficult paradox that book bought picture-based social net- Linda Scott’s book The Double X
need for a collaborative compact frequent financial crises, and global all chief executives face: how to win in working site Instagram in 2012. “As with A few in the Economy is based on her academic work
between government, society and pur- imbalances, not to mention the human the short term but still invest for a sus- most families, there was drama,” Frier examining the systematic exclusion of
pose-led businesses — look relevant as crisis described in Deaths of Despair. tainable long-term future. writes in her dissection of the deterio- selection women from the economic system.
economies emerge from the acute phase
of the Covid-19 crisis.
Intertwined themes of corporate cul-
ture, management and leadership are
Against these stories from insiders
is set a trio of longlisted tales of technol-
rating relationship between Facebook
founder Mark Zuckerberg and Insta-
should help From this gloomy analysis, though, she
draws an optimistic conclusion: prop-
A gloomier analysis of capitalism, with picked up in the business books at the ogy companies, including Jill Lepore’s If gram’s architect Kevin Systrom, who readers erly empowered and employed, women
relevance for the fate of President Don-
ald Trump in this year’s elections, comes
heart of the longlist.
Reed Hastings, founder of Netflix, and
Then, due to be published in September.
It is a hefty history of the Simulmatics
left with his co-founder in 2018.
Lest readers believe the US west coast
prepare for have the potential to transform the glo-
bal economy for the better.
from Anne Case and Angus Deaton. Erin Meyer, an academic specialising Corporation, founded in 1959, whose leg- is the only locus of technological innov- a Covid- The winner of the award will be
Deaths of Despair is based on the in culture, collaborated on the forth- acy can be detected today in the work of ation — and corporate dysfunction — in announced on December 1. Read more
authors’ findings about the rising mor- coming No Rules Rules. It analyses the companies such as Google, Amazon and the world, Geoffrey Cain takes us to
shaped at www.ft.com/bookaward.
tality rate of white non-college-educated radical culture that helped launch and Facebook. Previewing the book as part of South Korea in Samsung Rising. His por- world Additional research by Amy O’Brien
ARTS
Escape from
New York
for art lovers
Simon Schama visits the 500-acre Storm King sculpture park
and finds work that evokes the industrial and the natural
ciously solitary, though the hum of traf-
S
ummertime and the living sculptor David Smith, who had died just fic on Route 87 is never inaudible. But
ain’t easy, not if you love art two years earlier. Smith was at the oppo- the two most powerful works in the park
and live in New York. The site pole of sensibility from Hudson Val- provide, in a paradoxically Storm King
Metropolitan Museum of Art ley luminism. He came from the tough way, a meditative comment on the
has announced it will reopen city of Decatur, Illinois, had moved to stress-relationship between nature and
at the end of the month but all the rest — industrial Ohio, had fallen in love with the quotidian grind. Maya Lin’s “Storm
MoMA and the Guggenheim, the Frick Russian constructivism and with the King WaveField” (2009) is made up of
and the Whitney — are “temporarily bolted metal sculptures of Julio softly rising and dipping grassed ter-
closed”, which feels like interminably González and Picasso. races and, like the tragic wound of her
shut. But there’s one 500-acre site of After the second world war, the Vietnam Veterans Memorial in Wash-
spectacular modern art that’s very romance of the flying girder, a heroic ington DC, suggests ancient tumuli, the
much open: Storm King Art Center, a industrial aesthetic, was celebrated in, bed of past lives as well as of nature’s
sculpture park 50 miles north of Man- for example, the black-and-white perennial resurrections.
hattan in the Hudson Highlands. abstractions of Franz Kline. But Smith At an angle to her gentle sea-swell of
Storm King Mountain was given its was different in that he always felt his memory, as if in undulating dialogue, is
romantic moniker by the 19th-century own weldings and forgings were incom- another work that rises organically
writer Nathaniel Parker Willis, who plete without the play of open-air light from its setting. There are ruined drys-
reckoned “Butter Hill”, the name given and the natural spaces which they occu- tone walls running all through the Hud-
to it by the dairy-fancying Dutch who pied. For Smith, the real sculpture was a son Valley, and in the late 1990s Andy
settled the area, not grand enough for a construction in, and of, space and in this Goldsworthy used the remains at Storm
place where morning clouds on the sense he was a forerunner of the likes of Above: ‘Figolu’ (2005–11), But the fields beneath the hill are to 55ft long, but unlike so many of King to rebuild one, with the help of
slopes were the “surest foreteller of Anthony Caro and Antony Gormley. left, and ‘E=MC2’ (1996-97) dominated by a sculptor embodying the Serra’s overpowering, occasionally bul- British wallers. The wall snakes curvily
storms” in the afternoon. This stretch of Ogden, the metals man, bought 13 by Mark di Suvero. full-on clangour of metallurgical ham- lying pieces that enjoy boxing in the through stands of shagbark hickories
the Hudson River was the place where Smiths on the spot, perhaps moved by Above right: ‘The Arch’ mering. A whole herd of Mark di beholder, the setting at Storm King (as and maples, before descending into a
luminist painters such as Frederic the true memory of the Hudson, which (1975) by Alexander Calder. Suvero’s pieces stand in the tall grass Serra intended) has had the last word. pond and climbing up the other side,
Edwin Church were moved by the was only an echo of the Rhineland (to Below: ‘Storm King like so many post-industrial dinosaurs A dense wildflower meadow has straightened out to confront the inter-
pearly light to create the first American which it was constantly being compared) Wavefield’ (2007-08) nibbling at the Jurassic pasture, grown up around and over the plates so state highway.
landscape art. When Ralph “Ted” in that it, too, had been choked with by Maya Lin sometimes in a state of placid self- that barely three or four feet of them are I saw the wall being finished in 1998,
Ogden, a local manufacturer of metal industrial traffic moving to and from the Spacetime C.C./Calder Foundation/
Artists Rights Society/Jerry L. Thompson
containment, at other times with neck- visible above the grass. When my wife and Goldsworthy spoke of it as a kind of
fasteners bought some 150 acres in 1958 great belching metropolis to the south. craning dominant attitude. Di Suvero and I were there, monarch butterflies gentle wrestling contest between stones
and built his château on the plateau, it Smith’s most affecting work is not in was a political activist in the 1960s (and perched on their tops before taking off and trees; sometimes the one, some-
was with the intention of creating a fact heavy metal, but graceful articula- still going today, deep into his 80s) and for another hit of nectar. The whole times the other prevailing as roots grow
museum to house his collection of Hud- tions of line and plane, and his 1957 some of these constructions have the work, with its delicate calibrations of and the structure shifts. Decades on,
son River School pictures. “Study in Arcs”, installed in the garden feeling of silverback hippyism: the space and standing form, is now best you feel this, along with the everyday
But once a metal man, always a metal near the museum house, is something sculptural equivalent of situationism, described as good-natured which, with pondering of vitality and mortality —
man. In 1967, Ogden went upriver to like free drawing made tangible, by turns whimsical and clunky. More this artist, is not invariably the point. now more than ever.
Bolton Landing on the shore of Lake light-footed and rhythmic like the recent ones are less Rube Goldberg in Serra picked the site at the far perime-
George to visit the studio estate of the dancer it suggests. their play of mass and motion, are ter of Storm King, meaning it to be spa- stormking.org
stripped down to lighter, simpler forms
but still weighed down with “meaning-
ful” titles such as “Neruda’s Arch” or
“Mozart’s Birthday”.
The di Suveros, like a scattering of
Alexander Calder stabiles — the most
endearing an exploded artichoke claim-
ing to be “Five Swords” — are installed
on the land. But sculpture ’s relationship
with nature has changed since they were
conceived and forged, and some of the
most affecting installations at Storm
King work with the land, enriching their
setting rather than being triumphantly
plonked upon it.
The most unlikely example of this rel-
ative reticence is Richard Serra’s
“Schunnemunk Fork”, named for the
mountain at the back of the sloping 10-
acre field in which his four weathering
steel plates are embedded, separated at
calculated angles and by hundreds of
feet from each other. The bladelike
plates are 8ft high by anything from 30
Testament to the magic of audio

disposition masks a deep sadness, in which I was allowed every day to
podcasts prompted by a recent divorce. “I don’t anguish over this strange art and to
know who is going to bury me,” she says, experience something that I can only
Fiona despairingly. Giaever is so moved she compare to the sensation of being in
Sturges offers to bury her herself.
“Two Years with Franz” is a mesmer-
love.” But this isn’t just Wright’s story.
We also hear about Beth’s relationship
ising tale of art, love, addiction and with Wright — theirs is an epic love story
madness told through the 546 audio which unfolded over the course of a dec-
tapes recorded by the Pulitzer Prize- ade. Giaever also talks about her own
C
onstellation Prize, a mini-se- winning poet Franz Wright in the years problems with anxiety and creative tor-
ries from The Believer mag- leading up to his death from cancer. por. “The tapes filled a void in my life,
azine and radio producer With the blessing of Wright’s widow, one that I didn’t even realise was there,”
Bianca Giaever, features a Beth Oehlkers Wright, Giaever spent she says.
series of conversations with two years listening to the tapes, which These episodes are closer to short sto-
interesting people, which makes it reveal the poet to be wise, funny, can- ries than regular interviews, each of
sound like every podcast ever made. In tankerous and occasionally furious. He them thoughtful, curious and poignant
fact, it’s deeply unusual. There are five is pragmatic about his illness: “I want to explorations of the soul. Shortly after
episodes: the shortest, about a lingering enter death with eyes wide open. I want finishing the series, I went back and lis-
childhood memory, lasts just five min- to be there,” he says. tened all over again to make sure I
utes, while the longest, in which a man In his final recordings, he gives thanks hadn’t missed anything. I suspect others
speaks from beyond the grave, stretches “for this strange, darkly glamorous life will do the same.
to nearly an hour. Each episode trans-
ports the listener into the realms of art, Art, love,
ideas, existential anxiety and the inte- addiction:
rior lives of strangers. Exquisitely writ- Pulitzer Prize-
ten and produced, all are testament to winning poet
the magical properties of audio. Franz Wright
Two episodes stand out in particular.
The first is “The Crossing Guard”, a
heartfelt examination of loneliness in
which Giaever’s sense of isolation in
New York leads her to seek out another
lonely soul. At a coffee meeting in a
Catholic church, she meets 48-year-old
Sophia, who lives by herself and spends
her mornings shepherding children and
their families across a busy road.
The pair strike up a friendship and
Sophia allows Giaever to record her at
work and at home over six months. We
learn that Sophia gave up a career in
academia for a simpler life as a crossing
guard. She is warm, generous and
bursting with love, although her sunny
FT BIG READ. THE FUTURE OF CITIES
As the pandemic prompts a migration to the suburbs, companies are debating whether to follow the people.
While some developers believe it a temporary trend, others think urban hubs will never be the same.
By Joshua Chaffin
T
ed Ferrarone gazed at the
flattened, 14-acre parcel of
land jutting like a runway
into the waters of the Long
Island Sound off Stamford,
Connecticut, and saw possibilities.
It might house a shiny corporate
headquarters, or a cluster of life sciences
laboratories, or an e-sports arena,
muses Mr Ferrarone, the co-president
of Building and Land Technology, the
developer that owns the plot.
“It’s a blank slate,” he says, hopefully.
Peninsula, as the site is known, is part
of Harbor Point, a larger, 100-acre
development in Stamford that has
involved billions of dollars of invest-
ment over a dozen years.
BLT’s ability to lease Peninsula for a
tidy sum may determine the success of
this long-term effort to remake a long-
neglected chunk of the city.
Its fate will also say much about the
rise of suburban, secondary cities like
Stamford in the age of coronavirus.
The past 20 years has been a golden
age of great cities such as New York and
London. As talented young workers
migrated to such hubs, companies fol-
lowed, attracting more talent in turn.
What resulted from that dance were
vibrant, productive — and pricey —
metropolises that have been the global
economy’s centres of gravity.
In New York, one need only look to
the torrid expansion over the past few
years of large tech companies — Google,
Facebook and Amazon — that has fast
‘New York
remade the west side of Manhattan.
But coronavirus has, almost overnight,
thrown this dynamic into question by
rendering some of these cities’ great
attributes — their density and
‘This is different than

any other cycle. We’re
going to come out of this,
but we’re going to come
City Lite’
out in a different way’
cultural offerings — unappealing or off Future vision: headquarters. “It’s not just talk now — and seek the same things that have way. Red trolley buses circle the prop-
limits. That is prompting an exodus to an artists’ there’s action being taken,” he says. caused others to flee big cities: space, erty. BLT has also strained to recruit a
suburbs that had wilted in their shadows. impression of Some, like Melissa Kaplan-Macey, an safety and good schools. CONNECTICUT succession of restaurants, a gourmet
“It’s unlike anything I’ve seen and I’ve Harbor Point in urban planning expert at the Regional “There was already a move but I think Stamford Fairway supermarket (which is now
been doing this for 20 years,” says Caro- Stamford, Plan Association, a non-profit group the pandemic has expedited it,” Mr Baer bankrupt), a brew pub and retailers.
lyn Fugere, a Sotheby’s broker in Stam- Connecticut, an that tries to promote better develop- says. Given changing workplace tech- The idea was not to recreate the tradi-
ford. In July, the number of single-fam- attempt to ment in the tri-state area, question how nology and the fear instilled by a once- Greenwich tional suburb depicted — often despair-
ily homes under contract in the wider recreate traces meaningful this suburban shift will be. in-a-century health crisis, he is not con- ingly — by authors such as Richard
Fairfield County rose 63 per cent com- of urban life in “We feel pretty strongly that this is a vinced that the previous equilibrium NEW Yates and Richard Ford. Instead, they
pared to the previous year. The value of the suburbs. temporary decampment,” says Ms Kap- between city and suburb will soon be JERSEY are aiming for a walkable community
those contracts was up 104 per cent. Below, a large lan-Macey, arguing that the things that restored. “This is very different than with the urban accoutrements that are
Reports of rising crime in a fraying New office rented in made New York City so appealing before any other cycle,” Mr Baer says. “We’re supposed to appeal to millennials.
York City, Ms Fugere adds, are prompt- Stamford in the the pandemic would return when it going to come out of this, but we’re going “It’s a return to the suburbs, but not
ing young families to “accelerate life 1990s by UBS eventually passes. to come out of it, I think, in a very differ- your father’s suburb,” says Steve Baker,
decisions”. and, bottom, the As if to underscore that point, Face- ent way.” a broker at Cushman & Wakefield,
In south Florida, developer Alex latest building book two weeks ago leased all 730,000 Stamford, Connecticut’s third-largest which is working with BLT. “We’re tak-
Yokana believes the recent craze for in Manhattan sq ft of office space in the converted Far- city, blends memories of bustling indus- Manhattan ing all the amenities of the city, but with-
urban living is over, likening luxury leased by ley post office building by Penn Station. try with a smattering of modern finance Long Island out the hassle.” Another broker
apartment towers in a pandemic to Facebook — Building In less than a year, it has gobbled up and corporate life. It has some of the describes the aesthetic as “New York
fancy jails. “They’re basically locked and Land Technology; Getty
more than 2m sq ft of space in upmarket traces of neighbouring NEW YORK City lite”, trying to deliver a “downtown
into their apartments. They can’t go out Manhattan. Greenwich but is more rugged and 10km
office experience — but in the ‘burbs’”.
any more,” he says of residents. Mr In any case, Ms Kaplan-Macey wor- diverse — something its boosters appre- © M a p c re a t o r. i o / © H E R E
Yokana is now hoping to sell homes on ries that a surge of new residents — ciate and its detractors do not. Its Corporate clients
two-acre plots that offer a sense of safety
and seclusion. “You can even build your
own office compound,” he says of his
while a boon to suburban realtors —
would overwhelm communities like
Stamford already struggling to provide
fortunes have turned over the years
based on its close relationship with New
York City, which is just 45 minutes away
The current crisis has brought a flurry
of inquiries, say commercial brokers.
Most are smaller firms — hedge funds,
6,876
Households left the
Architects can debate the execution of
this “live-work-play” concept that is the
Holy Grail of modern developers. So far,
new project, AKAI estates. affordable housing, particularly for the by commuter train. boutique investment banks — seeking New York metro area though, Harbor Point’s dozen residen-
On the other side of the ledger, Real- types of workers who did essential jobs ready-built offices of 10,000 sq ft or less. in the second tial buildings are between 93 and 96 per
Page, a property analytics company, during the pandemic. “That’s not the Back to the 1970s They also want short leases. “Agents are quarter cent occupied, according to BLT.
recorded a net loss of 6,786 households kind of growth that we need,” she says. When New York was on its knees in the busy as can be. But we haven’t moved It has also lured corporate tenants.
in the New York metro area in the sec-
ond quarter. It had gained 3,730 in the
same period a year earlier. (Los Angeles
Daniel Baer, an urban planner at
architecture firm WSP, notes that even
before the pandemic, the suburbs were
1970s, Stamford was one of the suburbs
that became a magnet for corporations
fleeing the decaying metropolis. It
the needle that much yet,” says Thomas
Pajolek, an executive vice-president at
commercial broker CBRE. “Time will
2m
Square feet of space
Dean Chamberlain, chief executive of
Mischler, a boutique investment bank,
moved his firm to Harbor Point 10 years
lost 6,347). The flight has been so dra- quietly gaining ground as millennials — attracted the likes of GTE and Singer tell if it sticks.” rented by Facebook ago, after deciding he no longer wanted
matic that Governor Andrew Cuomo those born between 1981 and 1996 — Sewing Machines, among others. Sev- Peter Gottlieb, a senior vice-president in Manhattan over to endure a pre-dawn commute to Man-
the past year
recently pleaded for New Yorkers to enter their prime child-rearing years eral unremarkable office buildings from at Rubenstein Partners, which owns hattan, and has watched the area grow.
come home. that era are still visible in a downtown office properties in Stamford, is con- “Pre-Covid, it was already filling up,” he
“We’ve already picked up data that it’s
happening,” says Jacques Gordon, glo-
bal strategist for LaSalle Investment
that is just off Interstate 95 and was bru-
tally revamped in the 1970s to favour
the automobile over the pedestrian.
vinced that many workers would rather
not return to New York City — at least
not full time. “People have got used to
45
Minute commute
says. “Post-Covid, it will be fantastic.”
Charter Communications is putting
the finishing touches on a 500,000 sq ft
Management, noting that the property In the 1990s, the Swiss investment not commuting,” he says. from Stamford to headquarters by the train line and has
firm was seeing similar shifts outside bank UBS took the bold decision to open At Harbor Point, BLT is not only try- Manhattan by train since decided to add an additional
London and Paris. “The bigger ques- a 700,000 sq ft US headquarters in ing to lure people and companies to a 300,000 sq ft. Indeed.com, the job
tion”, Mr Gordon asks, “is whether it’s Stamford that featured what was then suburb but to convince them to move recruitment company, and NBC Sports
permanent or temporary”. billed as the world’s largest trading floor. south of the train station, where busi- have set up shop. Sema4, a DNA testing
It was as big as 23 basketball courts and nesses have traditionally been concen- company, moved in last year.
Working from home said to be the setting for many Nerf foot- “If we move to Stamford, we can get
If more and more workers flock to the
suburbs, this raises the question of
ball-throwing competitions.
“There’s always been demand in
‘If we move to Stamford, great office space at a good price. But
can we get talent?” says Mr Ferrarone,
whether companies will also follow. One Stamford because of its proximity to we can get great office reciting the question many prospective
of the revelations of the coronavirus New York and Boston and because so tenants ask. “I think the answer is yes.”
pandemic has been how communica- many employees live in the immediate space at a good price. But Still, the Peninsula has languished.
tions technology has allowed so many
people to work from home without
radius,” one developer explains. Gener-
ous tax breaks from the state, and the
can we get talent? I think Years ago, Ray Dalio, the hedge fund
manager, was planning to make it the
much of a hitch. fact that office rents in Stamford are the answer is yes’ waterfront headquarters for his Bridge-
Within the property industry, opinion about half those of New York City, also water Associates fund management
is divided. Some brokers and developers helped persuade UBS. trated. Its development sits atop a company. The deal fell apart after Mr
believe that many companies will retain However, rather than becoming a former industrial site that once hosted Kuehner ran into a zoning dispute over
a splashy Manhattan headquarters beacon for a thriving suburban financial the likes of Pitney Bowes and the Yale his plan to build on an old boatyard.
while also allowing employees more services industry, the UBS building — Lock Company, whose factory burnt In July, sensing renewed interest in
flexibility to work remotely. Others say and another commissioned by rival RBS down in a mysterious 2006 fire. the suburbs, BLT and Cushman decided
companies are considering investing in — became painful reminders of Stam- Carl Kuehner, BLT’s canny chairman, to ramp up their marketing effort. “It’s a
satellite offices in suburbs where they ford’s travails following the 2008 finan- took over the project in 2008 from shot in the arm,” Mr Baker says of the
have concentrations of workers. These cial crisis. another developer who had run out of attention whipped up by the pandemic.
would give them the flexibility to use After sitting vacant for years, the UBS cash. Over the years, BLT has scrubbed Some developers are sceptical the
such facilities for big presentations. building was finally leased last year to away the factories and put up parks, Peninsula will attract the sort of grand —
Evercore, the investment bank, is said World Wrestling Entertainment, which waterfront jogging trails and 3,400 and lucrative — development that BLT is
to be shopping for such a facility in is converting it into a production studio apartment units that feature the same seeking. That is, the kind that would
Stamford to accommodate 10 to 20 local and headquarters. Stamfordites once sort of amenities — doormen, rooftop more commonly be found in Manhat-
employees. accustomed to seeing derivatives trad- terraces, gyms and dog washes — that tan. Still, they see bright days for Stam-
Those companies that can afford it ers in khaki pants smoking cigars at one might find in a fancy residential ford and its ilk at a time when the big
will eventually offer their employees the now-defunct Morton’s Steakhouse tower in New York or Miami. city looks scary.
options, Mr Gordon predicts: remote may soon be seeing professional wres- There are still cranes on the skyline, Says one: “It’s just, for lack of a better
working, satellite offices and a big city tlers wandering around town. with another 600 apartments on the word, ‘easy-living’ out there.”
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Adoption was Romans’

Accord fails to meet minimum condition way of avoiding class wars
Jeffrey Fessel (Letters, August 8)
Any agreement which keeps states in Given the situation in Area C, which agreement is more likely to exacerbate criticises Gillian Tett’s review of Isabel
civilised and constructive comprises over 60 per cent of the West tensions than to promote peace. The Wilkerson’s book on caste. He does so
communication and trade is to be Bank and where Israeli settlers UAE appears to ignore inequitable by confusing the concept of “pecking
welcomed, but the reported condition continue to build at a great rate while realities on the ground, while Israel order” with the dynamic of social
for the agreement between the UAE Palestinians are effectively prevented concentrates on putting in place organisation.
and Israel is quite extraordinary from building anything at all, it would physical obstacles to any future This is a common mistake.
(Report, August 14). Israel has have been reasonable to expect that a agreement between Israel and Ethologists and other scientists who
MONDAY 17 AUGUST 2020 apparently agreed to “suspend” its minimum condition for any deal would Palestine. Meanwhile, whatever its study animal social organisation look
proposal to annex large parts of the be the cessation of all settlement failings, the Palestinian leadership at how actors in a society engage over
West Bank and the Jordan Valley, an construction. seems to have been ignored. time, as in my own studies of the jungle
act which is in any case illegal under Whatever the common agenda of the Mark Moody-Stuart fowl of Kawai.
international law. UAE and Israel in relation to Iran, this London E1, UK In societies where we find a
Israel’s deal with UAE is Lal was courageous voice US-Sino tensions resemble
dominance hierarchy, as in most
monkeys, the individuals of the
hierarchy change over time, often with
a setback for wider peace for diverse opinion

In these times when people are calling
pre-election theatre
By prominently extending the
stray outsiders coming into the group
and replacing one or more. Such
“recycling of membership” is noted to
for diverse voices in the social sciences, mounting US-Chinese conflict to the introduce new genetic material and
Lack of resolution for Palestinians stores up more problems for future we should note with sadness the realm of ideology, it is now official: we often behaviours.
passing of Deepak Lal this spring. His are in cold war II (The FT View, July In a society where a caste exists that
Benjamin Netanyahu had reason to be Bahrain and Oman, may follow suit. illustrious career took him to the 29). US secretary of state Mike Pompeo prevents movement of individuals
triumphant when he addressed his Mr Trump has a “positive” story to universities of Oxford and London and and national security adviser Robert either vertically from below or from
nation after Israel and the United Arab sell ahead of November’s election. But the University of California, Los O’Brien have recently described outside, one can predict a reduction of
Emirates announced a deal to establish the pact has one glaring fault: it fails to Angeles. Chinese leader Xi Jinping as a genetic variation and lack of variability
full diplomatic ties. It was, for him, “an address the core problem that is the Professor Lal was Indian, of course. “communist ideologue” and the to challenges of the environment.
incomparably exciting moment”. Israeli-Palestinian conflict. Instead, the But he would regret that so many of the Chinese political/economic system as Such a stultifying social structure can
For years, Israel’s prime minister cov- UAE has rewarded Israel for pausing an discussions about diversity would focus fundamentally driven by traditional be equated with the caste system of
ertly courted Gulf states as he strove to annexation of occupied territory most on ethnic origin. Lal represented real Marxist-Leninist ideas. How does this India, though there is not one caste
improve the Jewish state’s relations with of the world considered illegal, rather diversity of thought at a time when description square with the 80 per cent system there but variations of the
Arab countries, while not giving an inch than for moving forward a peace proc- central planning was in vogue to an private-sector share of China’s gross theme and it is questionable how old
to Palestinians. Using their common ess that brings an end to occupation. even greater extent than it is today. domestic product, and the Chinese the system is or if it was modified by
fears over Iran’s influence and interest Israel’s long sought-after recognition It was his experience in the central Communist party having more than British colonialism (see Romila
in Israel’s technological advances, par- from Arab neighbours has been a main planning functions of the Indian Coco Chanel said ‘dress impeccably 100 billionaires among its card- Thapar’s Early India).
ticularly in security, he nurtured infor- point of leverage for Palestinians seek- government that led him to research, and they remember the woman’ carrying members? A meritocracy can produce a more
mal co-operation with the UAE and ing to establish their own state. A rec- write and speak out against the What is the official ideology of the dynamic system by including
Saudi Arabia. Last week, the UAE, with ognition that would have been deliv- conventional wisdom of the time, People’s Republic of China? The most movement both horizontally (from
US backing, delivered the prize he has ered through a peace settlement has especially in relation to development never been solely economic. But Ms heralded label is “socialism with outside and by regions) and vertically
long sought: the promise of normalised now been offered at no cost. aid and industrial strategy for Maddox makes one reference to the Chinese characteristics”. But in effect between classes as in the Roman
relations with a third Arab state. Mr Netanyahu, a master political developing countries which, he argued, “post-Brexit protocol”. The FT devoted this is an abstract textbook message system where also adoption by upper
It is a gift at a time when Israel is fac- operator, may or may not have other- had disastrous consequences and many column inches to questioning the mostly for communist party classes produced the mythology of the
ing a worsening economic crisis and Mr wise moved forward with his pledge enriched the elites. Whilst policy did sustained robust health of the congresses, seminars and schools, not a “Noble Roman” family (see Hugh
Netanyahu’s coalition is unravelling. to annex parts of the West Bank. He change in some areas, he had no “economic engine of south-east core value system with which people Lindsay’s Adoption in the Roman World).
And the UAE is not just any Arab state, insists Israel’s claim for sovereignty pretensions about his success in England” after Brexit. But perhaps this even within the party closely identify. Here patrician families would maintain
but arguably the most influential. over occupied territory remains. The influencing politicians. In his 2012 is a dependency we should learn to live The actual party organisation is rather vigour by adopting the most brilliant
President Donald Trump was equally UAE made little mention of Israeli book, Lost Causes, Lal enumerated a without. pragmatic, and interested only in what youth of the poor, something also
delighted. The self-proclaimed deal- withdrawal from lands it captured in range of policy areas where economic Secondly, Covid-19 is a once-in- works. Even with its weak economy, found among the Tokugawa Japanese
maker has long promised — but failed the 1967 war, which for decades has evidence had not led to policy change. several-generations challenge. Before the Soviet Union was busy in exporting where individuals could be adopted
to deliver — the “deal of the century” to been the central Arab demand for nor- Recent reports have shown that its body blow to global economies, its communist model to four into a samurai family.
end the Palestinian-Israeli conflict. The malising relations. academia tends to speak with one voice independent Scotland was at least as continents, including to numerous Niccolo Caldararo
third protagonist, Sheikh Mohammed Palestinians see the deal as a UAE on political issues and that many fear equipped to be as productive a African countries of “socialist Department of Anthropology
bin Zayed, Abu Dhabi’s crown prince betrayal. They were already pushed to express an opposing view. member of the EU as Lithuania or orientation”. But China is more San Francisco State University
and the UAE’s de facto leader, was more into a corner as Mr Trump promoted Deepak Lal spoke with courage and Slovakia — or so said such experts as interested in exporting its surplus San Francisco, CA, US
understated. He tweeted that Israel a peace plan blatantly biased towards represented real diversity of thought. Joseph Stiglitz. industrial capacity and geostrategic
had pledged to stop annexation, while Israel. Proponents of the agreement Philip Booth One factor omitted in Ms Maddox’s influence than its model of socialism Ignoring referendums is
the UAE had “agreed to co-operation will argue that successive peace proc- Professor of Finance, Public Policy and analysis is the dismissive (one might with Chinese characteristics.
and setting a road map towards estab- esses failed and a new approach was Ethics, St Mary’s University, Twickenham add characteristic) rudeness Boris Washington and Beijing are rivals on big lesson for People’s Vote
lishing a bilateral relationship”. needed. Closer relations between Israel Meghnad Desai Johnson has displayed to Scotland in multiple fronts. I don’t doubt that Henry Mance (“How
The accord affirms the shift in the and its neighbours could provide Economist and Labour life peer the past. I read with amusement the But let’s hope that this ideological the People’s Vote fell apart”, Life &
region’s geopolitics over the past dec- greater reassurance of security for the Niall Ferguson reaction of one observer to his game is just political theatre before the Arts, FT Weekend, August 8)
ade. It lays bare the unspoken reality Jewish state and, potentially, more will- Historian, fellow at the Hoover Institution, (apparently not entirely successful) November elections. accurately reflects the attitudes of the
that several Arab states now view Iran ingness to compromise. Stanford University visit north: it would be like a state visit Istvan Dobozi misnamed People’s Vote campaign
as their prime enemy, not Israel. The Yet the accord has been shaped by Miriam Gross from Edward I. This is hardly an asset Former lead economist, World Bank when he says “inevitability is
deal will strengthen Abu Dhabi’s net- Israeli and US governments that have Writer and former literary editor for “holding the union together”. Sarasota, FL, US overrated . . . Other EU states had
work of alliances and foster greater shown no interest in a fair resolution of Ayaan Hirsi Ali David C Speedie reversed referendum results.”
economic and security co-operation the Palestinian-Israeli conflict. Rather Writer, fellow at the Hoover Institution, Charlottesville, VA, US It’s about time men were That was rather the point that many
with the Jewish state. It will help negate than delivering peace, this deal is likely Stanford University who were disillusioned with the EU
some US criticism of the UAE for its to exacerbate Palestinians’ sense of Norman Lamont Defining the back-story of judged on what they wear elites were making — that the people of
role in the Yemen war and the regional hopelessness. That will only store up Former Conservative Chancellor For myriad, often misogynistic reasons, a country might well be invited to
embargo on Qatar. Others, such as greater problems for the future. Geoffrey Owen Biden’s running mate women always have had to think far express a view about something, but
Former FT editor and visiting professor at Senator Kamala Harris’s father is a more carefully about how they dress, that if the view was “incorrect” then it
the London School of Economics Jamaican economics professor while taking pains to be as creative and smart could perfectly well be ignored or
her mother is a Brahmin south Indian with budget, as with style (Opinion, rerun until the answer was the right
Has pandemic changed breast cancer scientist. She even had a August 15). one. The irony of demanding a rerun of
Chinese name in California. Why then Maybe before they slip into that the British referendum and calling it a
the Scotland calculus?
The dangers of a poorly It is ironic that Bronwen Maddox’s
column (“Johnson faces a tough task to
do the media overwhelmingly refer to
her as the first “African-American”
woman candidate, without
value-priced sweater, men will have to
adopt a similar mindset if their
positions and influence in business are
“People’s Vote” seems to have been lost
on Roland Rudd, Peter Mandelson,
Tony Blair and other Remainers.
handled executive pay-off hold the union together”, Opinion,

August 11) appears in the same edition
of the FT as a review of the truncated
acknowledging at the same time that
she is the first Asian candidate, for this
high office? (“A vote to decide
to survive the all-important first
impression. As Coco Chanel said very
wisely: “Dress shabbily and they
Roger White
Sherborne, Dorset, UK
Edinburgh Festival that is headlined America’s place in the world”, Philip remember the dress; dress impeccably
Sacking of McDonald’s boss shows how severance deals can backfire “Scotland Shines On”. Not so for Ms Stephens, August 14.) and they remember the woman.” Correction
Maddox, who emphasises the A reflection of the realities of Women everywhere will celebrate
When McDonald’s sacked Steve Easter- CtW, an investment group that works increased dependence of Scotland on multiracial politics and advocacy in the seeing this particular boot being worn c Guillermo Rein is a professor at
brook in November 2019 for breaking with union pension funds, tried in London as a consequence of the US, perhaps? on the other foot! Imperial College London, not University
company rules that outlaw “intimate May to orchestrate a vote against pandemic. KM Choy Giovanna Forte College as wrongly stated in an article of
interactions” with an employee, the McDonald’s chairman and the head of The independence aspiration has Singapore London E9, UK August 10. We apologise for the error.
fast food company and its outgoing its pay committee for its “poor decision-
chief executive signed a separation making”. Nobody likes to air their dirty
agreement, triggering his severance laundry in public. But by failing to
benefits, and tried to move on. investigate deeply enough last year, the The great financial crisis of 2007-8 still judgment, the bank prospered. acquisitions, along with explosive
But last week, the company filed a
lawsuit against Mr Easterbrook, alleg-
board now has no choice but to hang out
an entire basket of soiled linen in the
Why banks leaves questions to which no wholly
satisfactory answers have been
Complexity came with expansion
into foreign parts, which required an
innovation in derivative instruments
and securitisation. Growth, writes
ing that he “concealed evidence and
lied” about three sexual relationships
with other staff members. If it had
Delaware courts.
Any board runs the risk that poorly
conceived severance benefits will be
fail through offered. One concerns the fact that top
management in the largest banks
consisted of intelligent and
understanding of local conditions and
an ability to control foreign branches
with appropriate incentives for
Dinesen, creates a need for
management. Yet, with the help of
case studies garnered mainly from
known, McDonald’s said it would have
sacked him “for cause”, instead of
rebadged as “payment for failure” if
executives leave under a shadow, or the
the ages hardworking people. They may have
been greedy, writes Christian Dinesen,
managers. As Europe’s biggest bank
grew, and Cosimo’s heirs failed on this
Harvard, he shows that at numerous
banks, from the megalithic Citigroup
allowing him to float gently to earth performance of the company deterio- a former management consultant who and other scores, it became at one extreme to the much smaller S
with a golden parachute estimated to rates after their departure. Deutsche spent a decade from 2002 straddling unmanageable. A high-spending G Warburg at another, growth was
be worth $40m. Bank took flak last year for exit pack- the crisis at investment bank Merrill grandson, Lorenzo the Magnificent, unmanageable.
Strip out the lurid detail — Mr Easter- ages paid to John Cryan and other Lynch, but it is difficult to believe that neglected an increasingly troubled How helpful is the label “absent
brook allegedly approved a special board members after he was ousted as they could manage so badly as to have institution. The bank was closed down management”? It is a loose
stock grant to one of the staff members chief executive in 2018. Book review caused so much devastation to the when the Medici were expelled from categorisation and the dividing line
shortly after their first sexual encoun- Formal clawback provisions, such as global economy while sabotaging their Florence in 1494. between absent management and
ter and days before their second — and those built in to bank executives’ con- by John Plender own banks and reputations. Fast forward to the 20th century plain mismanagement is not always
the case shines a light on a murky tracts since the financial crisis, ought to In this book, Dinesen argues that it and the complexity story becomes clear. Dinesen applies it to Citigroup’s
aspect of executive pay: the pay-off. provide some insurance against time- is possible for all banks to fail in a about deregulation. As Dinesen writes, Chuck Prince who in 2007 told the
In engaging and motivating execu- bombs hidden in a bad manager’s leg- crisis, as happened in the 14th-century regulation does not cause banking Financial Times that “as long as the
tives, boards assume a few extra tens of acy. Pension entitlements should be plague in Europe. But while financial crises but provides parameters within music is playing, you’ve got to get up
millions shelled out in pay or incen- subject to abatement clauses in the crises may have multiple causes, in which banks are allowed to operate and dance”. Yet this was surely also a
tives will be offset by the billions such event of forced early retirement or most of them management is the and fail. In short, deregulation gives response to short-term capital
leaders can generate. The same crude sacking. Directors should also be wary ultimate determinant of which banks bankers more rope with which to hang markets and institutional investor
calculus applies to severance pay, of drawing the terms of “for cause” ter- fail and which survive. If it is themselves. pressure — rather than flawed
which is often determined at the same mination too tightly and allowing tar- unfathomable that anybody would In this context it means the corporate governance, which is not
time as the overall package, while the nished leaders to escape with the manage so badly as to lose more than introduction of morally hazardous something the book much explores.
directors are basking in the afterglow money. A careful agreement would $50bn as he suggests Merrill Lynch did limited liability through the retreat Dinesen concludes that a historic
of having picked a worthy successor. protect the company not only against in 2008, then what is the explanation? from partnership together with the mistake has been made in the
McDonald’s board had an opportu- performance failure but also take into Absent Managem
Management in His answer is that the fault lay in liberalisation of markets before the regulatory response to the financial
nity to revisit their decision on how account reputational harm, dishonesty Banking: How Banks Fail “absent management” compounded 1929 Wall Street crash, and again in crisis. He argues that, in contrast to
much to pay their outgoing CEO last and inappropriate behaviour. and Cause Financial Crisis by flawed incentive structures. the 1970s. That was when the response after the Depression,
October when they learnt about Mr McDonald’s is asking the court to by Christian Dinesen, Looking back selectively through governments unwound the draconian policymakers decided broadly to
Easterbrook’s connection to the first rescind the separation agreement and Palgrave Macmillan, £89.99 history, the book identifies the reasons controls of the 1930s such as the Glass- regulate banks as they were, with an
employee. Based on what looks like a direct him to return the cash and bene- for absent management as an inability Steagall act, which prevented deposit- emphasis on capital adequacy, rather
cursory probe and their faith in Mr Eas- fits. Mr Easterbrook has yet to com- to cope with complexity. At the Medici taking banks from dealing in than simplify them to make them
terbrook’s declaration the relationship ment on the allegations. What is bank, in the early 15th century, securities. more manageable. The analysis bears
was a one-off, they opted to sack him already clear, though, is that directors banking products were few and There were no major financial crises thinking about, though many will find
without cause and pay his benefits. The would have saved themselves and the simple: bills of exchange, lending to between the 1940s and the early the prescription uncomfortably
alternative, the company says, would company time, money and continuing individuals of high social standing and 1970s. Deregulation then unleashed radical.
have been to “embroil the company in a reputational damage if they had dug taking deposits from the rich. Under dramatic banking growth and
lengthy dispute with him”. deeper when first alerted to his breach Cosimo de Medici, famous for his keen concentration through mergers and The reviewer is an FT columnist
That move was already controversial. of its code of conduct.
Opinion
Hard road back to power for Germany’s Social Democrats Covid-19
prompts rethink
europe
place between August 25 and October
24.) It was no mean feat for the Social
affairs committee — none has proved
compelling. Markus Söder, Bavaria’s
green” coalition with the radical leftist
Die Linke and the Greens would get them
SPD’s parliamentary group, has enforced
a pacifist anti-Nato line. The party of the case for
Constanze
Stelzenmüller
Democrats, well known for vicious
infighting and toppling their own lead-
ers, to pull together and become the first
popular state premier, protests that he
does not want to run for the chancellor-
ship. With several key state elections
barely 40 per cent. So it must also lure
centrist voters from other parties.
This purpose is served by picking Mr
group’s three most senior security policy
experts have all resigned — a dowry for
Die Linke. The successor to the former
real estate
party to nominate its candidate. But early in the year, party leaders are eye- Scholz over fierce objections and tweets East German Communist party, Die
does Mr Scholz stand a chance — with ing a deferral of the choice until spring. of #NOlaf from parts of the SPD’s hard Linke responded to Mr Scholz’s candi-
his party, and with the nation? Such vacillation suggests the CDU’s left. The 62-year-old is the closest thing dacy by declaring its readiness to assume
Until recently, conventional wisdom commanding lead in the polls is, above in German politics to a male Merkel: a role in government. Die Linke’s ideo- Dambisa
L
ast week, Germany’s Social had it that the first post-Merkel govern- all, a Merkel bonus. The Greens were bone-dry and — as finance minister, logical intransigence is unpalatable to
Democrats surprised the ment would be a coalition of her Chris- two-time Hamburg mayor and former many Social Democrats. But the party Moyo
nation, and possibly them- tian Democrats and the Greens. If the labour minister — highly experienced. includes pragmatists such as Gregor
selves, by nominating finance
minister Olaf Scholz as their
vote were held today, opinion polls sug-
gest the two parties would win an easy
The SPD has a leftwing Mr Scholz is nothing if not flexible. A
renegade from the left fringe, he imple-
Gysi, 72, its foreign policy spokesman.
The Greens display a studied indiffer-
base but needs
W
candidate for chancellor — thereby kick- absolute majority. They would not even mented former chancellor Gerhard ence to all this that betrays an awkward ealthy families with
ing off next year’s election campaign.
With Angela Merkel in her 15th year
need the liberal Free Democrats, whose
walkout from coalition negotiations in
centrist votes to win Schröder’s “Agenda 2010” labour market
reforms and became an advocate of bal-
dilemma. They owe their surge to a pro-
gressive centrism designed for cross-
investment outlooks
that span generations
as chancellor, guiding Germany’s 2017 forced Ms Merkel into a third next year’s election anced budgets. Now he is the architect of over appeal to conservatives. But much have traditionally fol-
six-month spell in the EU’s rotating “grand coalition” with the SPD. Germany’s head-spinning endorsement of their base remains very left wing. On lowed a rule of thumb to
presidency and enjoying 70 per Yet the CDU has so far failed to find briefly neck and neck with the CDU last of a €750bn EU recovery package. A rec- election night, the Greens might end up manage their asset portfolios: one-third
cent approval for her calm and effective a successor to Ms Merkel. Defence min- year, prompting speculation the party ognition of Germany’s responsibilities with more votes than the SPD. If they to stocks, one-third to art and one-third
pandemic management, one might ister Annegret Kramp-Karrenbauer, would have to field its first candidate for for Europe, it is in keeping with a public did well enough, Germany might be to real estate. More broadly, asset man-
almost forget that her country is not a her heir-designate, resigned in Febru- chancellor. But the gloss of their two mood that wants more social solidarity looking at a “green-red-red” coalition. agers have been drawn to property’s
monarchy. But Ms Merkel has ruled out ary as party leader after a series of youngish leaders, Robert Habeck and and a stronger state. Germany’s politics have not been so attractive record.
running for a fifth term. Inexorably, the mis-steps. Of the current competitors — Annalena Baerbock, has dimmed. But the SPD’s left wing remains a pow- open in a long time. For its neighbours, According to a study of asset perform-
Age of Angela is drawing to a close. Armin Laschet, state premier of North The SPD hopes to exploit these vulner- erful force. Kevin Kühnert, 31, influen- this is unlikely to be reassuring. ance from 1870-2015 by the National
Germany thus faces its most conse- Rhine-Westphalia; businessman Frie- abilities. Still, polling at a mere 15 per tial leader of the party’s radical youth Bureau of Economic Research, real
quential vote in a decade and a half in drich Merz; and Norbert Röttgen, the cent, its path to power requires a heroic organisation, is running for the legisla- The writer is a senior fellow at the Brook- estate returned average annual returns
autumn 2021. (The election must take chairman of the Bundestag’s foreign squaring of circles. Forming a “red-red- ture. Rolf Mützenich, chairman of the ings Institution of just over 7 per cent, compared with
6.9 per cent from equities. In the wake of
the global pandemic, however, investors
should ask themselves if the case for
their holdings is still compelling — or
Bidenomics
should they rein back on it? In particu-
lar, three factors put the long-term
value of property assets at risk.
First, the mass move to working from
home has shown that remote working is
viable, leading to less demand for com-
and the new

mercial space as businesses close or
scale-back offices. Already, big compa-
nies are extending homeworking
beyond the autumn, with Google telling
most of its 200,000 staff to stay at home
New Deal
until July 2021.
Extending working from home means
many people will give up expensive city
accommodation to move to cheaper —
suburban and rural — areas, driving
down residential property values and
eroding returns. The shift has also accel-
erated digitisation, automation, robot-
AMERICA policies are squarely in the American ics and the adoption of technologies
tradition. What Mr Biden proposes is that will ensure companies can operate
Edward pragmatic — an America-coined word
and philosophy that means “whatever it
effectively with fewer employees. This
Luce takes”. A better term may be pandemo-

nomics. Neither the left nor the right
should underestimate its appeal. Remote working has
The left should be especially wary of been shown to be viable,
looking a gift horse in the mouth. Some
leading to less demand
T
im Geithner, the former are disappointed that Mr Biden picked
US Treasury secretary, Kamala Harris rather than Elizabeth for commercial space
famously said “plan beats Warren as his running mate.
no plan” during the 2008 Ms Harris is a moderate whose cam- A better analogy would be to 1963, when more than half a century. The left’s that the Republicans raise their offer by trend will exacerbate the reduced
financial crisis. It is a lesson paign focused more on America’s racial Lyndon Johnson became president after instincts to go for the perfect over the $1tn to $2tn. This would be the kind of demand for physical premises.
that Republicans appear to have forg- inequities than its economic ones. Ms the assassination of John F Kennedy. good could still get in the way. old-fashioned compromise in which Mr Second, after coronavirus, govern-
otten. If Donald Trump loses in Novem- Warren has devoted her career, as well Much like Barack Obama, JFK moved a The right, meanwhile, seems frozen Biden exults. But the Senate leader, ments will look for new sources of reve-
ber, his aversion to striking an economic as her presidential bid, to reversing the nation with his poetry but struggled to in the oncoming headlights of probable Mitch McConnell, will not bring any- nue. Stressed public coffers expose the
stimulus deal with Democrats amid a latter. She will stay in the Senate. That is write its legislative prose. Mr Biden, like defeat. That is now likely to include the thing to the vote that Mr Trump has not real estate sector to higher taxes: the
raging pandemic will be one of the main exactly where her supporters should Johnson, is a creature of the Senate. He loss of the Senate as well as Mr Trump’s approved. underlying asset (land) is immovable
reasons. You cannot beat something want her. knows how the sausage is made. It was ejection from the White House. The Barring his warnings about Mr Biden, and politicians will favour taxing prop-
with nothing. At best, vice-presidents are helpful LBJ who enacted Kennedy’s civil rights party’s paralysis reflects its underlying Mr Trump thus has no re-election plat- erty over raising taxes on labour (income
The irony is that Joe Biden’s own plan understudies: they never write the agenda. divisions. form. Last weekend he issued executive tax) at a time of high unemploy-
contains key elements of what Mr script. There is a chance Mr Biden could America’s left should picture a Biden On the one hand, Mr Trump is loath to orders to resume unemployment payment. That puts a drag on the value of
Trump promised in 2016: to modernise make Ms Warren his Treasury secre- presidency as their chance to pass the do any kind of deal with Nancy Pelosi, ments and suspend payroll taxes for real estate to the holder, again reducing
US infrastructure and protect the “for- tary, in which case she could negotiate big reforms that stalled under Mr the Democratic speaker of the House, employees. The legality of his orders is returns. Removing tax incentives for
gotten American”. The logic of Bide- terms. Should she stay in the Senate, Obama, such as parental leave, pre- whom he has not met since the pan- questionable. In practice, they are owning property would also raise funds
nomics is simple. The cost of borrowing however, she would be in pole position school learning, green energy and pub- demic began. Her $3tn economic stimu- almost certainly unworkable. for cash-strapped governments. The risk
is free. The US is in the midst of a to help dictate them. Mr Biden has omit- lic health insurance. They would be wise lus plan, which the Democrat-control- His real objection to the Democrats’ is that they will reverse tax relief on the
national crisis. Its infrastructure is no ted the wealth tax from his campaign. to subdue their misgivings until after led House passed in May but has run pandemic bill is that it includes funding interest paid on a mortgage, and restrict
longer first world, and unemployment He has also ignored Medicare-for-all the election. A Biden administration aground in the Senate, would keep to make it easier for Americans to vote the scope for one generation to pass on
is at a generational high. It seems like a and employment guarantees. Ms War- would be their best opportunity of American heads above water until after in November and for the US postal serv- property to the next that is currently pro-
good moment to enter the 21st century ren and Bernie Sanders, who will also rewriting America’s social contract in the election. It could only help Mr ice to deliver ballots on time. Mr Trump vided by lower inheritance tax rates than
with the “largest mobilisation of public remain in the Senate, can help to draft Trump’s re-election chances. His ani- thus has a plan of sorts — but it is based is payable on other assets. This would
investments” since the second world the legislation. Vice-presidents never mosity to Ms Pelosi exceeds his grasp of on scorched earth retreat. He would increase the taxable base, but dim real
war, as the Biden campaign puts it.
The debates about whether Mr
get to do that.
Some have likened America’s 2020
The US left should picture his own self-interest.
There are some Republicans, includ-
rather let Americans suffer through the
pandemic than risk a high turnout elec-
estate’s attraction.
Third, owning land and property has
Biden’s proposals are too centrist, as situation to 1932. The scale of the crises a Biden presidency as their ing many who face likely defeat in tion. It is about burning bridges, not long been seen a good way of preserving
Democratic progressives complain, or
are radically socialist, as Mr Trump
facing America today may indeed be
comparable to when Franklin D Roo-
chance to pass reforms November, who would be happy to split
the difference with Ms Pelosi. She has
building them. wealth and protecting capital against
inflation, because values and rents typi-
says, have an air of unreality. His sevelt took office in the Depression. that stalled under Obama offered to cut her plan by $1tn, provided edward.luce@ft.com cally increase in times of inflation. How-
ever, investors today might question
whether inflation will be a serious threat
in the years ahead. After all, the US con-
sumer price index has remained below
Annihilation of India’s political opposition is almost complete 2.5 per cent from 2012 onwards, reach-
ing a low of 0.1 per cent in 2015.
Although the huge government stim-
ulus packages in the wake of the pan-
demic could be inflationary, deflation-
widely predicted to surpass the unbro- completely captured modern Indian Congress is also in deep paralysis. poured on its privileged credentials, the ary pressures exist too. Technology is
Shruti ken run of 16 years of power of India’s politics. Last week’s ceremony at the Despite being the only opposition party Congress party looks humbled. The driving many costs down, for example
Kapila first prime minister and Congress
leader, Jawaharlal Nehru. This is not
Ram temple in Ayodhya was also met
with celebration — and not just from Mr
with a national footprint, it has just 52
MPs to the BJP’s more than 300. Its most
party has not been able to prosecute an
effective argument to counter Hindu
in transport and telecommunications.
The shock to global demand has led to
merely a matter of breaking records. Mr Modi’s ruling Bharatiya Janata party. recent decade-long stint in power was a nationalism. downgraded growth forecasts; this is
Modi and his Hindu nationalist support- Many of Nehru’s successors in the Con- time of high growth rates and the rearm- Since its electoral collapse in 2014, the likely to weaken consumer demand and
ers are fixated on overturning Nehru’s gress party also welcomed the move as ing of civil rights, but is now mostly Nehru-Gandhi dynasty that has always cap price increases. And there is no sign
N
arendra Modi is making political vision of India. they jostled to take credit for their role associated with nepotism and eye- served as the party linchpin at last of wage inflation in the near-term;
history in India. Earlier this After independence, the zealously sec- in converting the mosque. watering political corruption. seems exhausted. Shorn of idealism, higher unemployment is more likely to
month he laid the found- ular Nehru also anointed a new Indian In fact, the striking feature of Indian That largely peaceful period is also and without any realistic prospects of keep it at bay.
ation stone for a temple to era by installing a temple, albeit of a very politics today is the annihilation of any remembered as one helmed by a weak power, the party’s failures have become There is a final long-term question
Lord Ram at the site where different kind. Nehru celebrated the leader, Manmohan Singh, scornfully a soap opera that threatens to bore with hanging over the market — that of demo-
a Mughal mosque once stood. country’s transition from colonial servi- dubbed the “accidental prime minis- a predictable end. graphic shifts. As populations continue
It was the latest twist in a long, bitter
dispute over the contested holy ground.
tude to sovereignty by inaugurating the
vast Bhakra Dam, calling it a befitting
Modi’s ruling party ter”. Any failing — big or small — is now
blamed on Congress misrule. The party
There are grave consequences to this
imbalance of power. Without an effec-
to age, there will be fewer economically
active, younger people relative to reti-
Suffused with saffron, the colour used in “temple of modern India”. has captured national is the season’s easy and favourite punch- tive opposition, Indian democracy will rees. This will leave fewer buyers for
sacred Hindu rituals that has been
adopted as the badge of nationalists, the
Nehru, like Mr Modi today, was a
wildly popular figure. He ruled through
politics for the bag. Its death is widely proclaimed, and
even deeply desired, by many across the
have more to worry about than monot-
ony. The Congress party needs to let go
property, adding to downward pressure
on prices. The market is so broad and
ceremony was symbolic. In effect, what came to be known as the “Nehru- foreseeable future political spectrum. of the past and face the future fearlessly. deep that the way price and returns play
India’s prime minister had inaugurated vian consensus”. The term was apt. It Most damagingly, Indian nationalism, But if it insists on looking backwards, it out could vary materially across geogra-
a new era that placed the Hindu major- was Nehru’s personal charisma that significant opposition. Barring the once associated with the country’s free- could learn a lesson from the figure who phies and sectors. But Covid-19 has
ity at the centre of this multi-religious, overwhelmed any simmering commu- embattled opposition regional leader dom struggle, has been remade as revived the party from an early death in thrown up many questions about asset
staggeringly diverse nation. nist or conservative opposition to his Mamata Banerjee in Bengal, Mr Modi strident Hindu majoritarianism. Unable 1920: Mahatma Gandhi. As then, India’s allocation, and as investors rethink their
Mr Modi has also made history in rule. The Congress party had morphed faces little or no challenge. The pan- to counter this powerful ideological opposition now needs a brave, new ani- portfolios they will have to weigh up
another way. Last week he became from being a highly mobilised, anti-im- demic brought an abrupt end to wide- warfare, the Congress party has turned mating idea or it will not survive. whether exposure to real estate will pro-
India’s longest-serving prime minister perial party of protest to a deep machine spread street protests against his gov- on its own in slow-motion fratricide. tect, or erode, their wealth.
from outside the Congress party, which of state power. ernment’s legislation on citizenship that Some of its more ambitious leaders now The writer teaches modern Indian history
led the country to independence from There is, as yet, no adequate name for has privileged Hindus over Muslims. clamour to join the BJP. and global political thought at Cambridge The writer is a global economist and the
the British empire in 1947. He is also Mr Modi’s style of rule — which has so Civil activists increasingly face arrest. Despite the scorn and invective university author most recently of ‘Edge of Chaos’
Virtual internships
Remote work experience helps
to break down old barriers
Z WORK & CAREERS
Is 2020 shaping
up to be the
year of the
{ Tech heirs: Zuckerberg Jnr
and Evan Spiegel III }
introvert? US IPOs with dual-class shares Global prevalence of dual-class
shares
% of listed companies
% of market cap
0 20 40 60
Sweden
Denmark
Brazil
Finland
Canada
Germany
S Korea
US
Switzerland
Italy
S Africa
Irrepressible extrovert UK
Leslie Knope (Amy Hong Kong
Poehler) disturbs her Japan
Kesewa Hennessy introvert boss Ron
Swanson (Nick
China
Business Life Offerman) in ‘Parks &

Recreation’ — NBC Universal
Source: Ritter, J, R. (University of Florida) Source: Committee on Capital Markets Regulation
Futurology is built into US tech industry share stock if transferred. But other
control as well as its products. Special public shareholders have zero voting
For at least a decade, introvert activists dodged otherwise. WFH meetings have Simple signalling systems — a stress- home is often held up as a calmer, pro- share classes at some of America’s rights. The pair could theoretically pool
have been calling for a revolution: been a revelation. An introvert-friendly free way to show you have something introvert alternative to the distracting shiniest success stories set the stage their transferred stock and effectively
remake the extrovert-dominated etiquette has evolved. For the first time to share — have been a game-changer. open plan office. But the insulating for a new era of corporate dynasties. hand the company to another owner.
workplace. Stop penalising the third of it is perfectly acceptable to say nothing Type “hat” in the chat box if you want power of those noise-cancelling Gala night gossips may one day be Facebook’s listing document states
us who don’t fit the loud, highly unless you have something to say something, she said. If it’s headphones turns out to be just as pointing out a Zuckerberg or a Spiegel Mark Zuckerberg’s super voting shares
sociable ideal fostered by open-plan constructive to contribute. In fact, it’s urgent, type “top hat”. No one knows essential at home for keeping domestic alongside the Rockefellers. can be transferred to family members
offices; create a culture equally suited encouraged in the name of efficiency. why we use headgear (anyone?). You sounds at bay (rubbish lorries, a More than a fifth of all the companies or a trust. By 2080 Facebook could be
to those who work better alone, with This is a relief compared to real life, can just as easily raise a hand or turn locked-down teenage neighbour with a that listed shares on US exchanges last controlled by Zuckerberg Jnr. Adam
less outside stimulation. Then came where it can feel like making your your mic on or off. Even better, via the keen interest in afrobeats). year used a multi-class structure, Neumann wanted a similar
the pandemic and many of us had to voice heard at any cost is rewarded. chat box, you can contribute without And what about the lack of according to Jay Ritter at the University arrangement for office rental company
work from home. Noa Herz, a neuroscientist and a speaking at all. workplace camaraderie? Soon after we of Florida. Shares with excess voting WeWork before its IPO was cancelled.
The 2020 “office” suddenly looked neuropsychologist at the University of Also invaluable for softer-spoken were all sent home, my super-sociable rights let founders or other insiders Establishing a family corporate
like the answer to an introvert- Pennsylvania, has written about how people in a culture that rewards work friend raised a concern: “Won’t wield long-term control while holding a lineage is tricky. Children who grow up
employee manifesto. It would be “a this can disadvantage introverts — who loudness: the levelling power of the you miss your colleagues?” For comparatively small stake. in wealth rarely inherit the founder’s
chance to play to our strengths”. Five tend to listen closely and chip in only volume control. Just as even the most introverts, who do their best work In theory this power dies with the entrepreneurial spirit. See Rupert
months on, how is the year of the with ideas they consider worth sharing. voluble are expected to switch off alone, this is not necessarily a problem. founder. Google introduced the Murdoch’s difficulty appointing an heir
introvert working out? Herz’s description of a culture where their mic or risk polite censure (“Can And it turns out I see my teammates template for modern founder control to his media empire. The counterpoint
At first it felt unsettling. “Introverts “each participant contributes thoughts everyone please mute”), so we can now every day at our online morning with its 2004 listing. Co-founders Larry is staying power. Families who hold a
recharge their batteries by being in a disorganised, dominance-based all make ourselves equally audible. meeting. Since March, I have seen Page and Sergey Brin still hold over 51 controlling stake can repel activists.
alone,” writes Susan Cain in her best- manner” calls to mind far too many This relieves introverts of a frequent them more than anyone I’m related to per cent of voting power even after Investors may want the UK’s Associated
selling Quiet: The Power of Introverts in a uncomfortable gatherings. worry: “Will they be able to hear me?” (luckily they are lovely). stepping back from running parent British Food to spin out clothing chain
World that Can’t Stop Talking. Home is In March, when many of us were still Together, all this has ended the “OK, but won’t you miss the office company Alphabet. But when they die Primark but the Weston family’s
where we do it. So turning a place of new to all this, my team leader shared scourge of the introvert: dominant chat working at home?” asked or transfer their stock the shares lose controlling stake bats them away.
escape into an office, and sharing our tips to help things run smoothly. colleagues cutting other people off or Super-Sociable Friend, by now their super votes. This is not a dilemma the tech
refuge via video calls, was weird. ignoring them. In an online room, sounding a bit incredulous. “Won’t you This automatic time limit makes industry needs to resolve immediately.
Yet for introverts anxious about “ Also invaluable for the everyone waits their turn. feel lonely?” sense. Yet some companies have Zuckerberg is 36 and Spiegel is 30. But
public speaking, it can also be helpful. In theory, that is. Badly run online It might sound odd but, typically for
You may feel less anxious addressing
softer-spoken in a culture meetings can be as much of a bear pit a solitude loving introvert, I’m not sure
ensured perpetual dual-class
ownership. At social media company
investors tolerate unequal voting rights
that favour founders because they are
big groups when you’re in your own that rewards loudness: the as analogue ones. I’ve watched I understand the question. Snap, the 10-vote per share class held desperate to buy into expected growth.
space secretly wearing your slippers. I discussions deteriorate in seconds if
do. Which is why I’ve accepted online
levelling power of the two people get into a heated kesewa.hennessy@ft.com
by co-founders Evan Spiegel and
Robert Murphy becomes 1-vote per
That should not extend automatically
to accepting dynastic control too.
speaking invitations I would have volume control ” disagreement. Similarly, working from Pilita Clark returns next week
CROSSWORD
No. 16,557 Set by MOO
ACROSS DOWN
1 Go, but only pay the minimum? 1 Help politician to pocket
(5,1,5) billions? A sorry tale (3,5)
7 Cut price lettuce (3) 2 Happy about first lady almost
9 Sing thus and yell, half-cut in getting high (8)
boozer (2,3) 3 Day heading for disaster? Boris

10 Listen as Cockney retches by blows top (5)
sink (9) 4 Show rotten English poet up
11 Lowlifes wanting money back? (4,3)
It makes you sick (9) 5 Book revealing unusual case of

12 Priest beginning to take Libya (7)
ecstasy and crack (5) 6 Starry-eyed Romeo leaving in
13 Look longingly round distress not long ago (9)

European court and return to 7 My privates? Her Majesty’s
office (2-5) always fondling them (6)
15 Reckons theologian’s in the 8 Something that exhausts a
way (4) soldier? (6)
18 King sunk in gloom – he’ll 14 One of us needing another
probably croak (4) large hint (9)
20 Attempt to seduce? One might 16 Nightclub performer, one
with item from Ann Summers falling under bus in the end (8)
(3,2,2) 17 I was mistaken about books
23 Husband’s lust a problem? (5) being buried (8)
24 Something spicy, such as Sun 19 Stupidly goes round to bug
article I briefly see (4,5) police (7)
26 Begin to hold forth about 20 Exploit customers at work (5,2)
JOTTER PAD island tipple (9) 21 Cries when wife rings? (6)
27 Very nice meal. 1p off (5) 22 Kit that you might need for car,
28 Woman knocking back some I hear (6)
chartreuse (3) 25 Agree Johnson finally must go?
29 Friendly don outraged when That would be a blessing (5)
sacked (4-7)
fm
THE AUTHORITY ON GLOBAL FUND MANAGEMENT | FINANCIAL TIMES | Monday August 17 2020
Shundrawn Thomas
Northern Trust’s
fund chief breaks
his silence
PAGE 4
Fink keeps top EDitor’s NOTE

place as highest Peter
paid CEO Smith
The chief executives of 31 US
and European asset managers
took home combined pay and
bonuses that rose 12 per cent Today’s FTfm marks the end of the
to $233m last year, an increase weekly print supplement as we
that masks divergent rewards switch to a digital-only offering with
for the industry’s leaders. greater focus on our expanding
Larry Fink tops the ranking online community.
for a second year in FTfm’s It’s a big change after nearly 19
exclusive annual survey of years in print and close to 900 issues.
remuneration for investment The reality, however, is that most
chiefs. Fourteen incumbent readers consume our content online
CEOs received an increase in and the Financial Times’ role as an
their total remuneration but authoritative voice tracking the glo-
executive pay remains a thorny bal investment industry remains
governance issue. intact. We will continue to offer agen-
PAGES 6-7 da-setting news, analysis, interviews
and thought-provoking commentary.
Our offer will be strengthened via
the soon to be launched ETF Hub web
Leading investors step up calls for page, which will bring leading cover-
age and data on the fast-growing
exchange traded fund sector. We are
also enlarging the number of FTfm
climate risk reporting in accounts Special Reports, which will appear in

print and online.
To help with the transition, FTfm
content will be prominently featured
on FT.com, particularly on a Monday
Attracta Mooney Anne Simpson, interim managing expectation of lower long-term oil quences of putting these targets in morning with a component showcas-
investment director for board gov- prices linked to the coronavirus pan- place is companies will have to ing the latest articles on asset man-
A growing chorus of big investors, ernance and sustainability at Calp- demic hastening the shift away from rethink capital expenditure,” she agement.
including Calpers, Schroders and ers, the US’s largest public sector fossil fuels. said. Our content is also available daily
DWS, are piling pressure on compa- pension plan, said it “should be man- European rivals, including Total She said ad hoc reporting on cli- at: www.ft.com/fund-management.
nies and auditors to include material datory” that auditors and companies and Royal Dutch Shell, have also cut mate risks was often “not overseen I also recommend readers sign up
climate risks in accounts, after a sim- report on climate risk. oil price forecasts linked to the by auditors, not standardised, not to the FT Fund Management email
ilar move by oil company BP this She added that if climate change energy transition. verified or produced in a timely newsletter, which arrives every Mon-
summer. risks were included in accounts, Ms Simpson said many companies manner, [and that] is not good for day shortly after 6am UK time. The
Investors are worried that finan- some companies would be forced to in recent years had set targets to sig- investors”. newsletter pulls together in one loca-
cial statements do not reflect the write down valuations of assets and nificantly reduce carbon emissions. Peter Harrison, chief executive of tion all coverage of the sector from
longer-term outlook for many busi- projects, akin to BP’s decision in “Once companies set a target, if all Schroders, said there was a need for a across the FT’s global network.
nesses, with few companies properly June. of this is in a separate report and it is “fundamental rethink of what com- Go to www.ft.com/newsletters to
incorporating climate change risk After investor pressure, BP said it not connected to the financial panies are reporting” to investors, subscribe.
despite many groups proclaiming would slash up to $17.5bn off the [accounts], you have a disconnect on adding that it was vital that account-
support for the Paris Agreement. value of its oil and gas assets on the capital allocation. One of the conse- continued on page 2 peter.smith@ft.com
UBS unseats Amundi as top European retail manager

Siobhan Riding gest Europe-headquartered US giant BlackRock retained places year on year to rank just have had a tougher time,” said equity fund range, which is the
manager of such funds, its position at the top of the below Amundi, displacing Ryan Hughes, head of active largest of any global invest-
UBS Asset Management has according to data provider Morningstar ranking, which established active houses portfolios at investment plat- ment house, according to
leapfrogged Amundi as the Morningstar. excludes institutional man- including JPMorgan, Credit form AJ Bell. Morningstar.
largest European manager of The Swiss group’s rise coin- dates and money market Suisse and Pimco. UBS’s net inflows of €9.3bn By contrast, Amundi suf-
retail investor assets, as wild cided with a bruising half-year funds. The group managed The shake-up underlines were driven by investor fered significant redemptions
market swings this year led to for Amundi, which previously €814bn in European retail how the market ructions demand for its US government from several of its ultra-short
a reversal in the fortunes for held the title. Investors with- investor assets across its active unleashed by the pandemic and investment-grade corpo- euro bond funds and its
the region’s leading fund man- drew a net €8.9bn from fund business and passive knocked some managers off rate fixed income funds on the emerging markets strategies.
agers. Amundi’s retail funds sold to iShares unit at the end of June. course while boosting others. back of the Federal Reserve’s It declined to comment.
UBS increased its assets in European investors over the Investors’ fee sensitivity was “There has been some emergency bond-buying pro- UBS and Amundi have long
retail and exchange traded period, with assets in the strat- another reason behind shifts mixed results for asset manag- gramme, said Morningstar jostled for the position of
funds to €308bn in the first egies down from €319bn to in the manager ranking. Low- ers with some seeing hugely analyst Wing Chan. It also ben- Europe’s largest fund manager,
half of 2020, making it the big- €287bn. cost Vanguard jumped six positive inflows while others efited from flows into its China continued on page 2
2 | FTfm FINANCIAL TIMES Monday 17 August 2020
NEWS
Lawmakers quiz
endowments
over diversity
FUND Assets hiding these numbers [at
Universities under endowments], there’s no rea-
pressure to employ son for it,” Mr Wilson says.
The congressmen plan to
diverse managers release a report based on the
responses “to see who is lead-
Aziza Kasumov ing the way, who needs to do
Democratic members of Con- more, and who hasn’t even
gress are pushing the richest begun the process of diversify-
universities in the US to dis- ing the asset managers han-
close how much of their dling these colossal endow-
endowment money is man- ments,” said Mr Cleaver. More than 70 groups have said they will take on black university students for an internship — Getty
aged by women and minori- The push for more diversity
ties. In response to inquiries
from Congressmen Emanuel
Cleaver and Joe Kennedy,
comes on the heels of a larger
debate over whether institu-
tions should consider environ-
Investors to tackle black representation
many of the largest universi- mental, social and governance
ties reported investments with criteria in their investment Attracta Mooney sector. More than 70 hedge like me”. “It is so powerful that found there were only 12 black
diverse companies exceeding strategies. funds, consultancies, pension the investment management portfolio managers in the
the industry average. One side of the debate Leading fund managers have funds and traditional asset industry has agreed to help entire UK investment manage-
At Harvard University and argues the sole focus of invest- pledged to support a new initi- managers, including Man welcome more black talent ment industry. In 2017, several
Princeton University, both ment should be on earning the ative that aims to tackle the Group, Pimco, Bridgepoint, into our industry.” of the world’s largest asset
controlling multi-billion-dol- highest returns. Former treas- “chronic underrepresenta- Carlyle, Janus Henderson and Many asset managers glo- managers shared data on staff
lar endowments, about one ury secretary Larry Summers tion” of black people across Willis Towers Watson, have bally have spoken out about from an ethnic minority back-
fifth of their assets are man- said during an Aspen Security the UK’s investment industry, said they will take on black the need for diversity in the ground, with Capital Group
aged by US groups that are Forum interview last week which has long been branded university students from any wake of the Black Lives Matter ranking as the most diverse.
majority-owned by women or that university endowments pale, male and stale. academic discipline, including protests this year, but the fund Mr Sorrell said the aim was
racial minorities, according to “should not be turned into a The #100blackinterns pro- those on gap years and those industry remains heavily to attract “great black students
letters from their respective tool of social action”. gramme, the brainchild of who graduated last year, for an dominated by white men, par- to a career path they may not
top investment officers. But proponents say invest- Capstone Investment Advisors internship. ticularly in investment roles. A have otherwise contem-
Across the $69tn US asset ing with women- and minori- president Jonathan Sorrell, Mr Konotey-Ahulu, who co- 2018 study by New Financial plated”. “We wanted to do
management industry, only 1.3 ty-owned funds is about smart pension consultancy Reding- founded Redington and online something really tangible to
per cent of assets are managed investing rather than social ton’s Dawid Konotey-Ahulu pensions forum Mallowstreet, ‘We wanted to do build a bench of compelling
by companies that are majori- justice. “Diverse managers are and other investment profes- said in his more than two dec- something tangible to black talent in our industry for
ty-owned by women and racial often outperforming their sionals, will offer paid intern- ades working in the UK’s build a bench of the long term,” he added.
or ethnic minorities, according [non-diverse] counterparts,” ships to black people to help financial centre he had “rarely compelling black talent’ Other backers include
to a 2019 study by the Knight said Robert Greene, president them break into the finance come across anyone who looks Michael Barrington-Hibbert.
Foundation. of the National Association of
“These numbers help us Investment Companies, an
understand what universities’ industry group.
real priorities are,” said Justin
Wilson, director at the Raben
He added he was challeng-
ing anyone who believed that Calls for climate risk UBS unseats Amundi
reporting in accounts as top Europe manager
Group, which runs the Diverse “the systematic exclusion of a
Asset Managers Initiative. group of people who are doing
Pressure to diversify their exceptionally well is within
investment portfolios has so your fiduciary responsibility”
far concentrated on public to invest with diverse funds. continued from page 1 ing standards such as IFRS — continued from page 1 The adviser cautioned UBS
pensions, with the country’s A number of endowments ancy standards took into con- the International Financial with Amundi holding the was a “work in progress” and it
historically opaque university have already launched pro- sideration material climate Reporting Standards — if crown for the last two years. was too early to tell whether
endowments facing far less grammes to increase their risks. “What gets measured directors believe that “a piece The French asset manager, the shift in the ranking would
scrutiny. “There should be no pipeline of diverse managers. gets managed,” he said. of information would have a which was formed via the be long lasting.
The Institutional Investors bearing on investor decision merger of the fund units of “Fund managers’ fortunes
Group on Climate Change is making” then it becomes Société Générale and Crédit ebb and flow. Some invest-
fm
developing a set of expecta- material and should be Agricole, has achieved strong ment strategies work in some
Production Elena Losavio
Tel: +44 (0) 20 7873 3877 tions on accounting practices included in the accounts. growth since its 2017 purchase environments but not others,”
email: elena.losavio@ft.com for directors and auditors that Michael Lewis, head of envi- of Pioneer Investments, which the person said.
Advertising Tom Da Costa align with the Paris Agree- ronmental, social and govern- increased its international dis-
Tel: +44 (0) 20 7873 4569
email: tom.dacosta@ft.com
ment. In recent years, a cohort ance thematic research tribution reach.
of investors, including Sarasin at DWS, said that only 58 per UBS held the title of world’s
FINANCIAL TIMES
Bracken House, 1 Friday Street, & Partners and a group of UK cent of companies globally dis- largest asset manager before
Editor Peter Smith
Tel: +44 (0) 20 7775 6382
London EC4M 9BT pension funds, have pushed close their carbon emissions. the global financial crisis but
+44 (0) 20 7873 3000
email: peter.smith@ft.com European oil companies and “This is why governments struggled to recover after
Investment correspondent their auditors to include cli- should mandate the incorpo- haemorrhaging assets in
Attracta Mooney
Tel: +44 (0) 20 7775 6237
mate risks in their accounts. ration of climate and ESG 2008. A senior fund industry
email: attracta.mooney@ft.com The campaign was expanded issues into audited, annual adviser who asked not to be
Reporter Chris Flood to other sectors this year. reports,” he said. The UK’s named said UBS’s recent
Tel: +44 (0) 20 7873 3892
© The Financial Times Limited 2020. Natasha Landell-Mills, head Financial Reporting Council progress was due to better cli-
email: chris.flood@ft.com
Reproduction of the contents of FTfm in any
manner is not permitted without the
of stewardship at Sarasin, who this year said that it would ent service and closure of
Reporter Siobhan Riding
Tel: +44 (0) 20 7873 4469 publisher’s prior consent. “FINANCIAL TIMES” has led investor efforts on this review the way UK businesses many “bells and whistles” UBS’s rise coincided with a
and “FT” are registered Trade Marks and
email: siobhan.riding@ft.com Service Marks of the Financial Times Limited issue, said that under account- disclose climate risks. funds. bruising time for Amundi
FINANCIAL TIMES Monday 17 August 2020 FTfm | 3
NEWS
Ultra-low rates boost Brookfield’s asset values

Property portfolio divided into dozens of funds including equities, where the “In some cases, [we can] just
Canadian group’s and other entities including US stock market sits near a relieve ourselves of that debt
four investment vehicles that record high despite disruption obligation, where it no longer
financial landscape trade on the stock market. from the pandemic. makes sense to continue fund-
changed by Covid-19 Bruce Flatt, chief executive, Shopping malls owned by ing the shortfalls in those
told shareholders “perform- Brookfield’s property arm assets,” Brian Kingston, chief
Mark Vandevelde ance was good, all things con- defaulted on $1.2bn of debt executive of Brookfield Prop-
Brookfield Asset Management sidered”. during the quarter, marking erty, told investors this month.
plunged into the red in the sec- “With all government debt the start of a process that may In July $6.4bn of debt owed
ond quarter and may walk now paying a nil return,” he lead it to hand as many as 12 by Brookfield Property Reit
away from some of its pan- said “the alternatives of real properties back to lenders. was renegotiated.
demic-hit properties — but its estate, infrastructure, [and
chief executive said he thought other real assets] have become
many of its assets could be even more compelling.”
worth more than ever. He said Westinghouse, the
The reason: near-zero inter- nuclear reactor servicer it
est rates. bought in 2018 was worth
The rosy assessment con- about $3bn last year, assuming
trasted with the $1.5bn quar- investors would pay about 10
terly net loss for the company times earnings before interest,
that sits at the top of Brook- taxes, depreciation and amor-
field’s complex corporate tisation.
structure, as the coronavirus “With the world searching
pandemic hit valuations of real for returns and this business
estate assets and disrupted having proven its resilience, a
operations. multiple of 12 to 15 times is
Brookfield’s portfolio potentially more reasonable,”
includes office properties in he said, suggesting a possible
New York and London, mobile windfall of up to $3bn.
phone towers in France and Similar arguments underpin
railroads in Australia, and is rallies in other asset classes,
Fund groups urged

to rebuke China
Siobhan Riding and “Speaking up is an important
Attracta Mooney step as it helps the global
UK politicians including the coalition to hold China to
former Conservative party account,” he said, adding that
leader have called on large nearly £50bn of assets
investors to use their voice managed by UK fund groups
more forcefully to condemn was invested in China.
China’s crackdown in Hong His views were echoed by
Kong. former Conservative party
China’s move to impose a leader Iain Duncan Smith, who
national security law on Hong said asset managers should ask
Kong has drawn widespread “serious questions” about
condemnation, which was companies like HSBC and
inflamed further last week Standard Chartered that had
after Hong Kong police shown support for China.
detained media mogul Jimmy “There are more important
Lai. But Gareth Davies, a things in life than two or three
backbench Tory MP, said per cent return on your
investment houses had been money,” said Sir Iain, a known
slow to speak out against China. China hawk.
“Fund managers can’t pick and While he cautioned that the
choose the issues they stand up decision to publicly criticise
on,” Mr Davies told the companies or divest from them
Financial Times. “Any fund was up to investors, he said
management organisation asset managers needed to put
investing in a country that has pressure on companies that
caused international outrage were “giving licence to the
should be looking at this.” Communist Party of China to
Mr Davies, a former fund trash an international treaty”.
management executive, called However, several fund
et Management
on asset managers to follow the managers dismissed the idea
example of £334bn group that their holdings compelled
Aviva Investors, which voiced them to participate in political
unease over HSBC and debates. HSBC and Standard
Asset Management
Standard Chartered’s backing Chartered declined to
of the national security law. comment.
FACE TO FACE Shundrawn Thomas
Northern Northern Trust
Established 1889
Trust’s fund Assets under management $1.3tn
Employees 19,000
chief breaks Headquarters Chicago
Ownership Listed on Nasdaq
his silence ing roles,” he says. Northern Trust has

expanded its programme of engage-
ment with minority-owned and
women-owned investment managers
to more than 70 firms. About a quar-
INTERVIEW
ter are included in portfolios run by
Thomas urges investment Northern Trust on behalf of clients.
“I am really pushing to figure out
industry to confront racial more ways we can drive this. I am sur-
prised that relatively few of the enti-
injustice and discrimination ties, which we work with actually
explicitly ask to engage with women-
led or ethnically diverse firms,” says
Chris Flood
Mr Thomas.
Members of Congress have directed
S
hundrawn Thomas felt an questions to endowments about the
obligation to chronicle his mix of managers hired to run their
personal experiences of portfolios but more political support
racial discrimination after for diversity across the investment
the killing of George Floyd industry is vital. “Research shows
by a Minneapolis police officer. that minority-owned investment
In an open letter, the chief of managers have outperformed histor-
Northern Trust’s $1tn asset manage- ically. This shows there is something
ment business described how a Chi- systemically wrong because it is not
cago police officer unholstered his about performance,” he says.
gun after stopping Mr Thomas who Another route to encouraging more
was driving to a movie. engagement with women-owned and
“I am an African-American. I minority-owned investment compa-
hadn’t committed any infraction, not nies is via Northern Trust’s role as a
even a traffic violation. It was profil- provider of outsourced chief invest-
ing, pure and simple,” he explains. ment officer services, where it advises
Years later, he recounts another Tony Healey/FT
clients on manager selection and
unjustified “threatening episode” portfolio construction.
with a police officer in his own home. of black Americans and Latino Amer- Discussions with human resources Northern Trust is now working on
“I neither said nor did anything to icans in the investment industry. This staff at Northern Trust have resulted extending its analysis of diversity to
warrant such treatment.” is an acute problem in client facing in more diverse candidate lists for other investment firms, both public
Mr Thomas has gone public to pro- positions and senior leadership.” jobs and the creation of more diverse and private equity, which are owned
vide an insight into what has been Mr Thomas became the sole Afri- panels of interviewers. “This helps a or run by white staff.
experienced by many of his col- can-American on the 16-strong lot. It creates more opportunities for It has also deliberately expanded
leagues and friends. Born 1973 Chicago entirely male executive management minorities because there are hidden the volume of trading transacted
Over an hour-long video interview, team at NT’s asset management busi- biases in any organisation.” through brokers owned or led by eth-
Mr Thomas radiates a warm intelli- Total pay Not disclosed ness when he joined in 2008. The cur- Half of the staff employed in asset nic minorities, disabled people and
gence and a deep interest in how posi- rent team of 15 has six women and management in the Emea regions are women.
tive values can be nurtured by busi- Education two African American members. women and 30 per cent of the new “The genie is out and there’s no
nesses, organisations and individuals. 1991-95 BS in accounting, Florida “Diversity has to start at the top. hires over the past year have come recorking the bottle. These are clear
He avoids direct political state- Agricultural and Mechanical We have been very deliberate in cre- from racial minorities. secular shifts that will drive the
ments but does not disguise his deter- University ating opportunities for women and Efforts to narrow the gender pay future of investment management.”
mination to fight the racial discrimi- 1997-99 MBA in accounting and minorities in the most senior ranks at gap between men and women should Outside of work, Mr Thomas enjoys
nation. “The question is how to finance, University of Chicago Northern Trust,” says the father of be extended to racial minorities, he running and he completed three mar-
change this moment into a move- Booth School of Business two teenage boys, who was named says. “We have issues of pay [gap] athons. He rarely watches television
ment. I’m optimistic but I’m also cir- one of the most powerful black execu- based on gender and also ethnicity. and has written four books.
cumspect because we have had peri- Career tives in corporate America in 2017 by That just simply should not be hap- The latest Discover joy in work — how
ods like this in the past.” 2005-08 Head of corporate Black Enterprise magazine. pening in an industry that describes to transform your occupation into your
He believes the suspension of nor- strategy, Northern Trust Recruitment processes often make itself as a meritocracy,” he argues. vocation points to his role as an associ-
mal activities as a result of the coro- 2008-10 President and chief little effort to attract new staff from Mr Thomas believes that many ate pastor in his local Church.
navirus pandemic in 2020 combined executive, Northern Trust minority communities, says the 46- asset owners, such as pension funds, Many of his pronouncements have
with the rising toll of murdered Afri- Securities year-old. talk about the importance of diver- a religious flavour but that does not
can Americans has fired up the 2010-14 Managing director, “The excuse that the talent is not sity but rarely challenge investment detract from their authority or
debate about racial justice. Although exchange traded fund group, there in minority communities is not managers about where they truly appeal.
he notes “material change” in the Northern Trust valid. We have to go in different stand on these issues. “Investment managers, asset own-
thinking of some individuals and 2014-17 Head of funds and places we want to find different tal- “We should all be held to a higher ers, journalists. We all have to raise
organisations, Mr Thomas is con- managed accounts, NT ent. The investment industry overall standard. Investors should be asking our game and to hold ourselves to a
vinced that the asset management 2017-present President and chief has not felt compelled to consciously about diversity levels in senior man- higher level of accountability. That is
industry must do more. executive of global asset or practically change how it repro- agement groups, portfolio manage- what will drive true lasting systemic
“We see very little representation management, NT duces itself.” ment teams and the folks in client fac- change,” he says.
THE BIG PICTURE
Fink retains
position
as highest
paid CEO
Aggregate pay and bonuses among
industry heavyweights rises to $233m
last year, writes Chris Flood
T
he chiefs of 31 US and their focus on environmental, social
European asset manage- and governance issues in response to
ment businesses took pressure from investors for a more
home combined pay and sustainable form of capitalism.
bonuses that rose 12 per Tim Wright, founder of Wright
cent to $233m last year, a bumper Reward, an asset management
increase that masks widely divergent reward consultancy, says the publicly
rewards for the industry’s top leaders. available data on asset management
Large pay growth for chief execu- CEO pay is a small subset of the entire
tives across the corporate landscape industry and must be interpreted
over the past decade while earnings with care.
for ordinary workers have stagnated “Overall there has been much more
has led to public anger and growing scrutiny of awards to CEOs by remu- $24.3 m $11.5 m companies. Compensation commit- Nate Dalton who stood down after
calls for restraint. neration committees over the past The 2019 Total pay of tees tend to be advised by specialist just a year following hefty outflows
Pay rises for asset management five years, due in part to regulation remuneration of Invesco’s chief consultants that analyse remunera- and a sharp fall in AMG’s share price.
chief executives have attracted par- and also as a result of the increased BlackRock’s CEO Marty Flanagan, tion packages at nearby competitors. AMG agreed an entirely new compen-
ticular attention due to the weak per- public awareness about executive Larry Fink down 10.9% But the consultants are also paid by sation contract with Mr Horgen
formance of many actively managed pay. Many asset managers grew their the companies and there is little which has different performance tar-
funds and disappointing returns from revenues and profits in 2019 yet January 2020, Mr Fink’s pay fell to incentive for them to bite the hand gets than those of his predecessor. As
supposedly sophisticated multi-asset remuneration committees typically $24.3m, down 8.3 per cent on 2018 that feeds. a result, the value of Mr Horgen’s pay
strategies. agreed relatively prudent awards for and declining for a second year in suc- Total pay for Marty Flanagan at jumped to $24.2m from $5.8m in
Asset managers also face accusa- CEOs,” he says. cession, but he retains his position as Invesco fell 10.9 per cent to $11.5m 2018 when he was chief financial
tions that lavish awards to their chiefs the asset management industry’s best after the Atlanta-based group officer.
blunt their ability to challenge exor- Annual remuneration and perform- paid CEO. reported net outflows of $27.2bn in AMG said Mr Horgen’s equity stake
bitant executive pay deals in the com- ance bonuses Mr Fink is also entitled to about 2019 and a 36 per cent tumble in net in the business was significantly
panies in which they invest. The pay awards reported here are $50.8m in stock awards that have not income. Joe Sullivan’s total pay fell 13 lower than CEOs at peer asset man-
This has raised questions about the public data based on the Securities yet vested. Stock awards can increase per cent to $8.7m in his last full year agement companies so a one-time
effectiveness of asset managers as and Exchange Commission’s disclo- significantly in value from when they as CEO at Legg Mason, which was grant was made to him and other sen-
corporate stewards and led to height- sure guidelines. The US regulator are granted to when they are vested, recently acquired for $4.5bn by Fran- ior leaders. This award is perform-
ened scrutiny of their voting records specifies that annual remuneration or cashed in. As a result, some ana- klin Templeton. Total pay for ance based and will have no value if
on pay. disclosures should include all cash lysts argue that it is more accurate to Greg Johnson, who was Franklin’s targets are not met.
FTfm has expanded its analysis of earnings and equity-based incentive report pay data that includes the con- CEO since 2004, rose 10.6 per cent to “A new CEO can provide an oppor-
the annual reports and regulatory fil- payments made in a particular year, tribution made by vested stock $10.4m. He was succeeded in Febru- tunity for the remuneration commit-
ings of listed asset managers, banks even if some of these awards are awards instead of the fair value esti- ary by Jennifer Johnson, the fourth tee to scale back on executive pay
and insurers to shine a light on the based on performance in another mates used when they are granted. member of the Johnson clan to lead awards but sometimes it also allows
salaries of investment CEOs. period. This can lead to differences Using this measure, Mr Fink’s real- Franklin Templeton since it was one-off awards to be made to ensure
Fourteen of the incumbent CEOs with the “headline” pay figures ised remuneration (basic salary, cash founded in 1947. that the incoming CEO or senior team
that had been in their post for more reported by companies. bonus, other payments and vested Philip Sanders, chief executive at has real skin in the game,” says Mr
than a year received an increase in BlackRock awarded a 5 per cent shares) reached $31m, down from Waddell & Reed, saw a substantial fall Wright.
their total pay while 11 chief execu- pay rise last year to Larry Fink, taking $51.3m in 2018. in his total pay in 2019 due mainly to A number of other US CEOs saw
tives saw total remuneration fall, total remuneration for the head of the Critics argue that the current delays in the awards of performance- eye-catching increases including
often as a result of changes in per- world’s largest asset manager to arrangements for determining CEO based payments until this year. Jonathan Steinberg at WisdomTree,
formance-based stock awards. $25.3m, ahead of all industry rivals. remuneration are fundamentally Other US asset management CEOs where performance-based awards
This analysis, however, has limited This modest increase came after a flawed and not appropriately bal- that saw declines in total remunera- boosted his total remuneration from
scope as many big asset managers year when BlackRock attracted anced with the interests of sharehold- tion included Mitchell Harris at BNY $2m in 2018 to $6.1m. New York-
including Vanguard, Fidelity, Capital investor inflows of $429bn, a record ers, employees and other stakehold- Mellon and Guang Yang, who stepped based WisdomTree gathered positive
Group and Wellington provide little if for new annual business across the ers. So-called compensation commit- down in April as chief of Brightshere. inflows of $596m in 2019 after $4.4bn
any insight into senior staff pay. fund industry. tees that oversee pay awards to CEOs Suren Rana was promoted from chief of outflows the previous year.
Secrecy on executive pay by some Under the SEC’s disclosure guide- and other senior staff are labelled as financial officer to CEO. Affiliated Vijay Advani stepped down in Jan-
of the industry’s heavyweights underlines, which exclude some perform- independent but their members can Managers Group promoted Jay Hor- uary after less than three years as
mines claims they are strengthening ance-based stock awards made in also be paid generously by the same gen to CEO in May 2019 to replace CEO of Nuveen but collected total
THE BIG PICTURE
Change in chief executive pay in the asset ter in March, while Peter Sanderson set up by Crédit Agricole, the French lenging for remuneration committees
replaced GAM’s interim CEO David bank. Mr Perrier’s pay was to decide how to take account of
management industry Jacob in September. Hendrik du Toit’s unchanged in dollar terms at $3.2m coronavirus in their deliberations
Total pay ($m) total pay as head of Investec’s asset last year. over 2020 awards to fund company
0 10 20 30
BlackRock management business dropped 36 Mr Wright says conversations CEOs at a time when many other
AMG per cent to $1.8m in the year ended about CEO pay at remuneration com- sectors have been hit very hard,” he
T Rowe Price March. The Investec unit listed as mittees later this year will be “very says.
Eaton Vance
Invesco Ninety One in London and Johannes- interesting” as the impact of corona-
Franklin Templeton burg in March after completing a virus on economic growth and unem- Data for European CEOs was converted
Janus Henderson
AllianceBernstein demerger from the parent South Afri- ployment becomes clearer. to US dollars using period average
Lazard
Legg Mason can banking group. “Most asset management compa- exchange rates for the relevant company
Schroders Yves Perrier, veteran CEO at nies have functioned well so far dur- reporting years. As a result, the growth
Columbia Threadneedle
BNY Mellon IM Amundi, said in April that he would ing lockdown and markets have rates shown for European CEOs differ
DWS donate half of his €2m bonus for 2019 rebounded strongly from their slightly from the local currency data dis-
Nuveen
MetLife to support a coronavirus relief fund lows. If this continues, it will be chal- closed in company annual reports.
Principal Global 2018 2019
WisdomTree
Federated Hermes
Gamco
Ashmore
Amundi
LGIM
Man Group
Source: company reports
Chief executive pay as a share of revenues

Basis points
0 50 100 150 200 250
WisdomTree
Gamco
Ashmore
AMG
Eaton Vance
Janus Henderson
Federated Hermes
Waddell & Reed
Jupiter
Gam
Legg Mason
DWS
AllianceBernstein
LGIM
T Rowe Price
Invesco
Schroders
Man Group
Franklin Templeton
BlackRock
Source: company reports
FT montage; Bloomberg
remuneration of $7.2m, a 12.5 per
cent rise.
Mario Gabelli, the majority owner
of Gamco, should be viewed sepa-
rately as founder and CEO of the New
York-listed value focused investment
manager. He has an unusual employ-
ment contract that saw his pay, which
is entirely performance based, rise
from $1.8m to $5.4m last year.
Movers & shakers

CEO arrivals and departures have
also featured in Europe this year.
Keith Skeoch collected total pay of
$1.9m in 2019, a 35.7 per cent rise
after he became sole chief executive
of UK-based Standard Life Aberdeen
in March 2019 after Martin Gilbert
stepped down as co-chief. Standard
Life Aberdeen announced in June
that Mr Skeoch was leaving and
would be replaced by Stephen
Bird, a former Citigroup banker,
in an abrupt shake-up of the top
‘It will be ranks.
Michelle Scrimgeour, previously
challenging for the head of Columbia Threadneedle’s
remuneration European business, took over as head
of Legal & General Investment Man-
committees to agement from Mark Zinkula in July
decide how to last year. Ms Scrimgeour earned
$3.1m for her initial six months,
take account of while performance share awards
coronavirus in boosted Mr Zinkula’s total pay to
$3.1m before his departure at the end
their 2020 of August.
deliberations’ Andrew Formica succeeded
Maarten Slendebroek as CEO at Jupi-
FTfm
Property Unit Trusts are limited to investors or type of holder. hours; # 1701 to midnight. Daily dealing prices move to forward pricing at any time.
Guide to data who are UK tax exempt.
All dealings are subject to individual Trust
Deed rules. The sale prices for these funds are
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investors. Includes manager’s initial charge.
are set on the basis of the valuation point, a
short period of time may elapse before prices
become available.
Forward pricing: The letter F denotes that that
managers/operators deal at the price to be set
at the next valuation. Investors can be given
estimates. Selling price: Also called bid price. The price Yield: Funds comprising mainly of bonds no definite price in advance of the purchase or
The fund prices quoted in FTfm are supplied reader.enquiries@ft.com. The fund prices Guide to pricing of Authorised Investment at which units in a unit trust are sold by normally quote a gross redemption yield after sale being carried out. The prices appearing in
by the operator of the relevant fund. Details of published in this edition along with additional Funds. investors. all charges but before tax has been deducted. the newspaper are the most recent provided
funds, including prices, are for informational information are also available on the Financial Compiled with the assistance of the IMA. The Single price: Based on a mid-market valuation Funds mainly made up of equities normally by the managers/operators. Scheme
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makes no representation as to their accuracy for this advertising service are based on the Kingsway, London WC2B 6TD. +44 (0)20 7831 and selling price for shares of an OEIC and annual payout net of tax for basic rate reports: The most recent report, scheme
or completeness, and they should not be relied number of lines published and the 0898. All funds within this section, whether units of a single priced unit trust are the same. taxpayer. For further information contact the particulars, prospectus and key features
upon when making an investment decision. classification of the fund. Please contact OEICs or unit trusts are authorised in the UK Exit Charges: The letter E denotes that an management company. document may be obtained free of charge
The sale of interests in the funds listed in data@ft.com or call +44 (0)20 7873 3132. by the Financial Services Authority. The prices exit charge may be made when you sell units, Historic pricing: The letter H denotes that the from fund managers/operators.
FTfm in certain jurisdictions may be restricted The funds published on these pages are quoted should only be used as a guide. contact the manager/operator for full details. managers/operators will normally deal on the * Indicates funds which do not price on
by law and the funds will not necessarily be grouped together by fund management OEIC: Open-Ended Investment Company. Time: The time shown alongside the fund price set at the most recent valuation. Fridays.
available to persons in all jurisdictions in which company. Similar to a unit trust but using a company manager’s/operator’s name is the time of the The prices shown are the latest available Other explanatory notes are contained in the
the publication circulates. Persons in any Prices are in pence unless otherwise indicated rather than a trust structure. unit trust’s/OEIC’s valuation point unless before publication and may not be the current last column of the FT Managed Funds Service.
doubt should take appropriate professional and those designated $ with no prefix refer to Share Classes: Separate classes of share are another time is indicated by the symbol dealing levels because of an intervening
advice. US dollars. Yields % allow for buying expenses. denoted by a letter or number after the name alongside the individual unit trust/OEIC name. portfolio revaluation or a switch to a forward Prospectus data, price histories, charges and
Data collated by Morningstar. For all other Prices of certain older insurance linked plans of the fund. Different classes are issued to The symbols are as follows: ✠ 0001 to 1100 pricing basis. The managers/operators must risk analytics on the funds within these pages
queries, contact the FT at are subject to capital gains tax on sales. Some reflect a different currency, charging structure hours; ♦ 1101 to 1400 hours; ▲1401 to 1700 deal at a forward price on request, and may is available online at www.ft.com/funds.
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
Artemis Corporate Bond I Acc £ 1.08 - 0.00 - Property Inc 108.22 111.85 0.03 5.56
Artemis European Growth I Acc £ 3.18 - -0.06 3.08 Local Authorities Property Fd (LAMIT) (UK)
Property 278.61 302.10 -0.96 4.81
Artemis European Opps I Acc £ 1.12 - -0.02 1.70
Aberdeen Standard Capital (JER) Artemis Global Emerging Mkts I Acc 131.25 - -0.64 - CP Capital Asset Management Limited
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 www.cpgbl.com, email: fundservices@cpgbl.com
Artemis Global Growth I Acc £ 2.90 - -0.03 2.52
FCA Recognised International Mutual Funds
Aberdeen Standard Capital Offshore Strategy Fund Limited Artemis Global Income I Inc £ 0.83 - -0.01 3.79 CPS Master Private Fund $ 318.13 - 0.00 -
Bridge Fund £ 2.1030 - -0.0165 1.79 Artemis Global Select I Acc £ 1.40 - 0.00 -
CG Asset Management Limited (IRL)
CP Global Alpha Fund $ 263.40 - 0.22 -
25 Moorgate, London, EC2R 6AY
Global Equity Fund £ 2.9496 - -0.0172 1.11 Artemis High Income I Q Inc £ 0.76 - 0.00 5.24 Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859
Global Fixed Interest Fund £ 0.9719 - -0.0019 4.18 Artemis Income I Inc £ 2.06 - -0.05 4.77 FCA Recognised
CG Portfolio Fund Plc
Income Fund £ 0.6138 - -0.0061 2.61 Artemis Monthly Dist I Inc £ 0.67 - 0.00 3.85 Absolute Return Cls M Inc £ 129.24 129.24 -0.32 1.46
Sterling Fixed Interest Fund £ 0.9016 - -0.0019 2.98 Artemis Strategic Assets I Acc £ 0.77 - -0.01 0.77 Brown Advisory Funds plc (IRL) Capital Gearing Portfolio GBP P £ 34917.81 34917.81 -57.58 0.53 Dragon Capital Group
UK Equity Fund £ 1.7587 - -0.0368 3.11 http://www.brownadvisory.com Tel: 020 3301 8130 1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Artemis Strategic Bond I Q Acc £ 1.08 - 0.00 2.54 Capital Gearing Portfolio GBP V £ 169.81 169.81 -0.28 0.21
FCA Recognised Fund information, dealing and administration: funds@dragoncapital.com
Artemis Target Return Bond I Acc £ 1.03 - 0.00 - Global Leaders Sustainable Fund USD C $ 10.83 - 0.04 - Dollar Fund Cls D Inc £ 173.53 173.53 -1.14 1.81 Other International Funds
Artemis UK Select Fund Class I Acc £ 5.13 - -0.10 3.70 Vietnam Equity (UCITS) Fund A USD $ 19.31 - -0.05 0.00
US Equity Growth Fund USD B $ 50.81 - 0.23 0.00 Dollar Hedged GBP Inc £ 106.24 106.24 -0.37 1.78
Artemis UK Smaller Cos I Acc £ 14.53 - -0.11 3.06 American Fund USD B $ 27.06 - -0.03 0.16 Real Return Cls A Inc £ 211.58 211.58 -1.07 2.08
Artemis UK Special Sits I Acc £ 5.69 - -0.11 2.74 US Smaller Companies Fund USD B $ 32.01 - 0.25 0.00
Artemis US Abs Return I Hdg Acc 112.22 - 0.11 0.39 US Small Cap Blend Fund USD B $ 17.86 - 0.02 0.00
Artemis US Extended Alpha I Acc 259.83 - 0.16 - US Flexible Equity Fund USD B $ 20.13 - -0.04 0.00 DWS (LUX)
Artemis US Select I Acc 253.55 - 0.28 0.19 Tel: +44 (0) 20 7541 8999 www.dws.com
Global Leaders Fund USD C $ 17.90 - 0.07 -
FCA Recognised
Artemis US Smlr Cos I Acc 269.66 - -0.74 0.02 Latin American Fund USD B $ 10.00 - 0.02 1.06 DWS Invest Top Dividend £ 134.04 134.04 -0.99 3.15
US Sustainable Growth Fund USD C $ 20.93 - 0.09 0.00 DWS Invest Top Euroland £ 146.52 146.52 0.08 -
US Mid-Cap Growth Fund USD C $ 17.16 - 0.15 0.00 DWS Invest Multi Opportunities £ 102.33 102.33 -0.09 -
Algebris Investments (IRL)
DWS Invest Global Bonds £ 102.22 102.22 -0.03 0.00
Regulated
Algebris Financial Credit I EUR € 178.34 - 0.41 0.00
EdenTree Investment Management Ltd (UK)
Algebris Financial Credit R EUR € 155.50 - 0.35 0.00
PO Box 3733, Swindon, SN4 4BG, 0800 358 3010
Algebris Financial Credit Rd EUR € 105.93 - 0.24 5.12 Candriam Investors Group (LUX) Authorised Inv Funds
FCA Recognised Amity UK Cls A Inc 220.10 - 1.60 1.40
Algebris Financial Income I EUR € 135.66 - -0.55 0.00
Candriam Eqts L Australia Cap A$ 1350.87 - 10.17 0.00
Amity UK Cls B Inc 219.60 - 1.70 2.53
Algebris Financial Income R EUR € 126.03 - -0.52 0.00
Candriam Qt-Eqts Europe Cap € 2525.06 - -17.43 0.00
Higher Income Cls A Inc 114.60 - 0.30 5.30
Algebris Financial Income Rd EUR € 84.04 - -0.35 4.60
Candriam Qt-Eqts USA Cap $ 3650.10 - -2.73 0.00
Higher Income Cls B Inc 120.90 - 0.30 5.42
Algebris Financial Equity B EUR € 91.03 - -1.63 0.00
Ashmore Investment Management Limited (LUX) UK Equity Growth Cls A Inc 269.90 - -0.60 1.67
Algebris IG Financial Credit B EUR Acc € 105.94 - 0.03 -
2 rue Albert Borschette L-1246 Luxembourg UK Equity Growth Cls B Inc 275.60 - -0.50 2.87
Algebris IG Financial Credit R EUR Acc € 105.38 - 0.03 - FCA Recognised
Amity Balanced For Charities A Inc 98.86 - 0.14 4.83
Algebris Global Credit Opportunities I EUR € 122.29 - -0.22 0.00 Ashmore SICAV Emerging Market Debt Fund $ 91.19 - 0.02 5.62 CCLA Investment Management Ltd (UK)
Senator House 85 Queen Victoria Street London EC4V 4ET Candriam Investors Group
Ashmore SICAV Emerging Market Frontier Equity Fund $ 142.08 - 0.32 1.72 Amity European Fund Cls A Inc 255.70 - 0.50 -
Algebris Global Credit Opportunities R EUR € 120.36 - -0.22 0.00
Authorised Inv Funds
Other International Funds Dodge & Cox Worldwide Funds (IRL)
Ashmore SICAV Emerging Market Total Return Fund $ 78.75 - 0.08 4.71 Candriam Eqts L Emerging Mkts Cap € 921.43 - 0.89 0.00 6 Duke Street,St.James,London SW1Y 6BN Amity European Fund Cls B Inc 258.10 - 0.40 -
Algebris Global Credit Opportunities Rd EUR € 120.36 - -0.22 0.00 Diversified Income 1 Units GBP Inc £ 1.54 1.54 0.00 0.03
www.dodgeandcox.worldwide.com 020 3713 7664
Ashmore SICAV Global Small Cap Equity Fund $ 168.52 - 0.00 0.03 Candriam Bonds Credit Opportunities € 201.05 - -0.08 0.00 Amity Global Equity Inc for Charities A Inc 138.70 - 1.10 2.58
Algebris Core Italy I EUR Acc € 106.91 - 1.16 0.00 Diversified Income 2 Units GBP Inc £ 1.48 1.48 0.00 0.03 FCA Recognised
EM Active Equity Fund Acc USD $ 134.81 - -0.74 0.00 Candriam Bds Euro High Yield Cap € 1211.61 - -0.21 0.00 Dodge & Cox Worldwide Funds plc - Global Bond Fund Amity International Cls A Inc 289.90 - 1.90 0.51
Algebris Core Italy R EUR € 100.21 - 1.09 0.00 Diversified Income 3 Units GBP Inc £ 1.49 1.49 0.00 0.03
EUR Accumulating Class € 14.75 - -0.04 0.00 Amity International Cls B Inc 292.40 - 2.00 1.28
Algebris Allocation I EUR € 96.83 - 0.15 0.00 EM Equity Fund Acc USD $ 119.70 - -0.09 0.00 Candriam Bds Euro Sh.Term Cap € 2076.01 - -0.74 0.00
The Public Sector Deposit Fund
EUR Accumulating Class (H) € 11.21 - -0.01 0.00 Amity Sterling Bond Fund A Inc 104.70 - 0.10 3.88
EM Mkts Corp.Debt USD F $ 87.50 - 0.07 6.76 The Public Sector Deposit Fund-share class 1 F * 100.00 - 0.00 0.21
EUR Distributing Class € 11.69 - -0.04 3.94 Amity Sterling Bond Fund B Inc 116.50 - 0.10 3.88
EM Mkts Loc.Ccy Bd USD F $ 74.36 - 0.18 4.91 The Public Sector Deposit Fund-share class 4 F * 100.00 - 0.00 0.14
EUR Distributing Class (H) € 8.85 - -0.01 4.00
EM Short Duration Fund Acc USD $ 117.02 - 0.35 0.00
GBP Distributing Class £ 12.90 - -0.04 4.02
The Antares European Fund Limited Chartered Asset Management Pte Ltd
Other International Other International Funds GBP Distributing Class (H) £ 9.31 - -0.01 4.31
AEF Ltd Usd (Est) $ 619.93 - 6.54 - CAM-GTF Limited $ 292433.59 292433.59 3426.16 0.00
USD Accumulating Class $ 12.57 - -0.01 0.00
CCLA Investment Management Ltd (UK) Electric & General (1000)F (UK)
AEF Ltd Eur (Est) € 580.47 - 5.50 0.00 CAM GTi Limited $ 792.71 - 5.51 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET Dodge & Cox Worldwide Funds plc-Global Stock Fund Stuart House St.John's Street Peterborough PE1 5DD
Atlantas Sicav (LUX) Property & Other UK Unit Trusts Raffles-Asia Investment Company $ 1.44 1.44 0.08 2.08 USD Accumulating Share Class $ 20.94 - -0.18 0.00 Orders & Enquiries: 0845 850 0255
Regulated CBF Church of England Funds Authorised Inv Funds
American Dynamic $ 5793.34 5793.34 72.88 0.00 GBP Accumulating Share Class £ 26.40 - -0.27 0.00
Investment Inc 1936.40 1945.25 8.89 2.96 Authorised Corporate Director - Carvetian Capital Management
American One $ 5606.49 5606.49 104.70 - GBP Distributing Share class £ 18.26 - -0.19 1.66 Electric&General Net Accumulation 248.50 - 1.30 -
Investment Acc 4630.97 4652.14 21.24 0.00
Arisaig Partners Bond Global € 1503.93 1503.93 6.58 0.00 EUR Accumulating Share Class € 26.63 - -0.27 0.00 Electric&General Net Income A 245.70xd - -1.20 1.10
Global Equity Inc 243.98 244.40 0.13 2.94
Other International Funds Eurocroissance € 1145.47 1145.47 -2.60 0.00 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) GBP Distributing Class (H) £ 10.26 - -0.09 1.27
Global Equity Acc 426.35 427.07 0.23 0.00
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 106.68 - 0.94 0.00 Stuart House, St John's Street, Peterborough, PE1 5DD
Far East $ 1047.95 - -0.38 - Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
UK Equity Inc 182.61 183.22 3.06 3.48 Dealing & Client Services 0345 850 8818
Arisaig Asia Consumer Fund Limited $ 104.91 - 1.08 - USD Accumulating Share Class $ 26.38 - -0.27 0.00
UK Equity Acc 321.71 322.78 5.39 0.00
Arisaig Global Emerging Markets Consumer Fund $ 13.67 - 0.19 - Consistent UT Inc 44.74xd 46.43 -0.06 1.52 GBP Accumulating Share Class £ 31.44 - -0.39 0.00
Ennismore Smaller Cos Plc (IRL)
Fixed Interest Inc 169.57 170.60 -0.33 3.47
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 - Consistent UT Acc 119.20xd 123.80 -0.20 1.52 GBP Distributing Share Class £ 19.24 - -0.24 1.15 5 Kensington Church St, London W8 4LD 020 7368 4220
Fixed Interest Acc 620.16 623.91 -1.22 0.00 FCA Recognised
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 - Practical Investment Inc 209.60 225.20 -1.70 3.65 EUR Accumulating Share Class € 28.97 - -0.35 0.00
Barclays Investment Funds (CI) Ltd (JER) Property Fund Inc 126.57 130.81 0.07 5.52
Ennismore European Smlr Cos NAV £ 122.87 - -0.88 0.00
Arisaig Latin America Consumer Fund $ 23.32 - 0.08 - 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Practical Investment Acc 1193.00 1281.00 -9.00 3.65 GBP Distributing Class (H) £ 11.01 - -0.11 1.56
Ennismore European Smlr Cos NAV € 135.92 - -0.93 0.00
FCA Recognised
Bond Funds
Sterling Bond F £ 0.50 - 0.00 -
CCLA Fund Managers Ltd (UK)

Senator House 85 Queen Victoria Street London EC4V 4ET Ennismore European Smlr Cos Hedge Fd
Property & Other UK Unit Trusts Other International Funds
COIF Charity Funds (UK) NAV € 484.62 - -10.61 0.00
Investment Inc 1717.96 1725.81 21.61 3.06
Investment Acc 19418.64 19507.39 244.35 0.00
Ethical Invest Inc 265.01 266.23 3.28 3.15
Ethical Invest Acc 402.52 404.36 4.98 0.00

Equinox Fund Mgmt (Guernsey) Limited (GSY)
Global Equity Inc 231.00 231.39 3.67 2.93 Regulated
Artemis Fund Managers Ltd (1200)F (UK) CP Global Asset Management Pte. Ltd. Equinox Russian Opportunities Fund Limited $ 168.94 - 4.98 0.00
57 St. James's Street, London SW1A 1LD 0800 092 2051 Global Equity Acc 407.96 408.65 6.48 0.00
www.cpglobal.com.sg, Tel: +65 6466 6990
Authorised Inv Funds Fixed Interest Inc 141.19 142.05 -1.07 3.12 International Mutual Funds
Artemis Capital I Acc £ 14.59 - -0.26 4.19 CP Multi-Strategy Fund $ 231.45 - 1.61 -
Fixed Interest Acc 952.37 958.14 -7.19 0.00
FTfm
South East Asia £ 6.43 - -0.02 1.31 High Yield Bond B Inc £ 0.92 - 0.00 5.06
Sterling Core Plus Bond Gr Accum £ 3.11 - -0.03 2.08 Investment Grade Bond B Acc 196.49 - -0.38 1.51
UK £ 3.93 - -0.07 - Investment Grade Bond B Inc £ 1.30 - 0.00 2.26
Euronova Asset Management UK LLP (CYM) UK Aggreg Bond Gr Accum £ 2.43 - 0.00 1.71 HPB Assurance Ltd Sterling Corporate Bond B Acc £ 0.93 - 0.00 2.74 Lloyds Investment Fund Managers Limited (1000)F (JER)
Regulated Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Sterling Corporate Bond - Gross £ 2.99 - 0.01 2.30 Sterling Corporate Bond B Inc £ 0.35 - 0.00 2.74
Smaller Cos Cls One Shares € 49.79 - 0.48 0.00 International Insurances Other International Funds
UK Gilt Gross £ 2.66 - -0.01 - Holiday Property Bond Ser 1 £ 0.50 - 0.00 0.00 Strategic Bond B Acc £ 1.44 - 0.00 3.54 Lloyds Investment Funds Limited
Smaller Cos Cls Two Shares € 32.91 - 0.28 0.00
Sterling Long Corp Bond - Gross £ 3.64 - -0.02 2.70 Strategic Bond B Inc £ 1.35 - 0.00 3.54 Euro High Income € 1.5410xd - -0.0020 2.56
Holiday Property Bond Ser 2 £ 0.63 - 0.01 0.00
Smaller Cos Cls Three Shares € 16.57 - 0.14 0.00
UK Equity B Acc £ 2.95 - -0.04 2.34 High Income £ 0.8745xd - -0.0011 3.71
Smaller Cos Cls Four Shares € 21.29 - 0.18 0.00
UK Equity Absolute Return B Acc £ 1.21 - 0.00 0.00 Sterling Bond £ 1.6030xd - -0.0030 2.04
UK Equity Income B Acc £ 2.34 - -0.04 4.34 Lloyds Multi Strategy Fund Limited
Conservative Strategy £ 1.2920 - -0.0040 0.00
Findlay Park Funds Plc (IRL) Hermes Property Unit Trust (UK) UK Equity Income B Inc £ 1.47 - -0.02 4.47 Milltrust International Managed Investments ICAV (IRL)
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Growth Strategy £ 1.8080 - -0.0080 0.00 mimi@milltrust.com, +44(0)20 8123 8369 www.milltrust.com
Property & Other UK Unit Trusts
UK Opportunities B Acc £ 2.19 - -0.03 1.11
FCA Recognised Property £ 6.62 7.11 -0.08 - Aggressive Strategy £ 2.4550 - -0.0110 0.00 Regulated
American EUR Unhedged Class € 121.78 - 0.05 - UK Smaller Companies B Acc £ 3.86 - -0.04 0.87 British Innovation Fund £ 123.94 - 23.92 0.00
Global USD Growth Strategy $ 1.7390 - -0.0010 0.00
American Fund USD Class $ 144.16 - 0.47 0.00 MAI - Buy & Lease (Australia) A$ 123.94 - 21.42 0.00
Dealing Daily
American Fund GBP Hedged £ 72.88 - 0.24 0.00 MAI - Buy & Lease (New Zealand)NZ$ 98.28 - 0.99 0.00
American Fund GBP Unhedged £ 110.08 - 0.02 0.00 Milltrust Global Emerging Markets Fund - Class A $ 102.77 - -0.50 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu Kames Capital Investment Portfolios ICVC (UK) The Climate Impact Asia Fund (Class A) $ 94.29 - 7.55 -
Other International Funds Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
0800 358 3009 www.kamescapital.com Lothbury Property Trust (UK)
NAV £ 8.65 - -0.09 0.00
Authorised Funds 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
FIL Investment Services (UK) Limited (1200)F (UK) Property & Other UK Unit Trusts
Property Income B Acc 118.45 118.45 0.01 4.36
130, Tonbridge Rd, Tonbridge TN11 9DZ First State Investments (UK) (1200)F (UK) Lothbury Property Trust GBP* £ 1867.57 - -24.82 3.23
Callfree: Private Clients 0800 414161 23 St Andrew Square, Edinburgh, EH2 1BB Property Income B Inc 89.06 89.06 0.01 4.47
*Net asset value calculation suspended. Indicative valuation for information only. Milltrust International Managed Investments SPC
Broker Dealings: 0800 414 181 enquiries@firststate.co.uk
em@milltrust.com, +44(0)20 8123 8369, www.milltrust.com
OEIC Funds Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
Authorised Funds
Intrinsic Value Investors (IVI) LLP (IRL) Regulated
Allocator World Fund Y-ACC-GBP £ 2.13 - -0.01 1.47
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Milltrust Alaska Brazil SP A $ 68.52 - -0.51 -
Asia-All Cap Acc GBP £ 1.58 - 0.00 1.08
American Special Sits W-ACC-GBP £ 14.92 - -0.12 - FCA Recognised
Milltrust Laurium Africa SP A $ 79.82 - -0.06 -
Asia Focus Acc GBP £ 2.01 - -0.01 1.15 IVI European Fund EUR € 22.35 - -0.10 0.00
Asia Pacific Ops W-Acc £ 2.35 - 0.00 1.34 Kames Capital VCIC (IRL) M & G Securities (1200)F (UK)
Milltrust Singular ASEAN SP Founders $ 123.21 - 0.74 -
Diversified Growth B Acc £ 1.19 - -0.01 - IVI European Fund GBP £ 26.90 - -0.13 0.36 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 PO Box 9038, Chelmsford, CM99 2XF
Asian Dividend Fund W-ACC-GBP £ 1.88 - 0.00 3.41
FCA Recognised www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 Milltrust SPARX Korea Equity SP A $ 132.40 - 0.07 -
Emerging Markets Bond A Accumulation £ 1.41 - 0.00 5.10
China Consumer Fund W-ACC-GBP £ 3.56 - 0.01 0.47 Absolute Return Bond B GBP Acc 1137.53 - 0.40 1.61 Authorised Inv Funds Milltrust Xingtai China SP A $ 140.19 - -1.38 -
Emerging Markets Bond A Income £ 0.96 - 0.00 5.31 Charifund Inc 1248.84 - -21.36 6.42
Emerging Asia Fund W-ACC-GBP £ 1.77 - -0.01 0.99 High Yield Global Bond A GBP Inc 484.93 - -0.42 4.49
Global Listed Infrastructure Acc 274.75 - -1.58 3.26 Charifund Acc 21849.35 - -373.76 6.20
Enhanced Income Fund W-INC-GBP £ 0.77 - -0.01 8.36 High Yield Global Bond B GBP Inc 1035.28 - -0.86 5.23
European Fund W-ACC-GBP £ 19.02 - -0.30 1.63

Global Listed Infrastructure Inc 184.23 - -1.06 3.33 Janus Henderson Investors (UK)
Kames Global Equity Income B GBP Acc 1927.68 - -10.08 0.00 M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.25 - 0.00 -
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Global Property Securities A Accumulation 221.46 - -3.03 2.31 M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.46 - -0.01 -
Extra Income Fund Y-ACC-GBP £ 1.37 - 0.00 3.43 www.janushenderson.com Kames Global Equity Income B GBP Inc 1455.44 - -8.32 3.19
Ministry of Justice Common Investment Funds (UK)
Global Property Securities A Income 153.96 - -2.11 2.34 Authorised Inv Funds M&G Charity Multi Asset Fund Inc £ 0.77 - -0.01 -
FID INST - Emerging Markets Fund W-ACC-GBP £ 1.73 - 0.00 0.60 Kames Global Equity Market Neutral Fund - B Acc GBP £ 11.52 - 0.06 0.00 Property & Other UK Unit Trusts
Greater China Growth A Shares 1056.88 - 2.36 0.22 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1238.00 - 0.00 - The Equity Idx Tracker Fd Inc 1640.00 1640.00 -20.00 3.41
Fidelity American Fund W-ACC-GBP £ 49.43 - -0.02 0.35 Kames Inv Grd Gbl Bond A Inc GBH 620.60 - 1.67 1.81 M&G Charity Multi Asset Fund Acc £ 83.80 - -1.01 -
Japan Focus Acc GBP £ 2.45 - 0.02 0.03 Janus Henderson Asian Dividend Income Unit Trust Inc 91.40 - 0.17 7.54 Distribution Units
Fidelity Asia Fund W-ACC-GBP £ 15.97 - -0.06 0.99 Global Sustainable Equity B Acc GBP £ 22.82 - 0.13 0.00
Janus Henderson Cautious Managed Fund A Acc 254.10 - -3.20 3.55
Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.66 Global Sustainable Equity C Acc GBP £ 23.12 - 0.14 0.00
Janus Henderson Cautious Managed Fund A Inc 134.40 - -1.60 3.63
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.04 - 0.02 4.63 Short Dated High Yld Bd B Acc GBP £ 10.58 - 0.00 0.00
Janus Henderson China Opportunities Fund A Acc 1679.00 - 3.00 0.21
Fidelity European Opportunities W Acc £ 4.93 - -0.08 1.12 Short Dated High Yld Bd C Acc GBP (Hdg) £ 10.67 - 0.00 0.00 MMIP Investment Management Limited (GSY)
Janus Henderson Emerging Markets Opportunities Fund A Acc 209.00 - -0.10 0.27 Regulated
Fidelity Global Enhanced Income Fund W-ACC-GBP £ 1.96 - -0.02 3.86 Strategic Global Bond A GBP Inc 1253.28 - -4.00 2.70 Multi-Manager Investment Programmes PCC Limited
Janus Henderson European Growth Fund A Acc 243.10 - -3.80 0.88
Fidelity Global Focus Fund W-ACC-GBP £ 29.22 - -0.02 - Strategic Global Bond B GBP Inc 711.00 - -2.26 3.45 UK Equity Fd Cl A Series 01 £ 2012.16 2045.81 -148.51 0.00
Janus Henderson European Selected Opportunities Fund A Acc 1822.00 - -34.00 0.18
Fidelity Global High Yield Fund Y-ACC-GBP £ 14.74 - -0.01 3.86 Diversified Absolute Rtn Fd USD Cl AF2 $ 1544.12 - -8.15 0.00
Janus Henderson Fixed Interest Monthly Income Fund Inc 22.55 - -0.06 4.06
Fidelity Japan Fund W-ACC-GBP £ 4.42 - -0.04 0.69 Diversified Absolute Return Stlg Cell AF2 £ 1460.19 - -8.03 0.00
Janus Henderson Global Equity Fund Acc 3900.00 - -11.00 0.00
Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.72 - -0.03 0.42 Global Equity Fund A Lead Series £ 1446.38 1451.08 -48.72 0.00
Janus Henderson Global Equity Income Fund A Inc 57.06 - -0.83 3.45
Fidelity Multi Asset Income Fund W Acc £ 1.06 - 0.00 2.66 Kleinwort Hambros Bank Limited (UK)
Janus Henderson Global Sustainable Equity Fund A Inc 399.70 - -0.80 - 5TH Floor, 8 St James's Square, London, SW1Y 4JU
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.10 - 0.00 0.76
Janus Henderson Global Technology Fund A Acc 2624.00 - 9.00 - Dealing and enquiries: 033 0024 0785 Mirabaud Asset Management (LUX)
Foord Asset Management
Fidelity Special Situations Fund W-ACC-GBP £ 29.62 - -0.52 3.91 Authorised Inv Funds www.mirabaud.com, marketing@mirabaud-am.com
Website: www.foord.com - Email: info@foord.com Janus Henderson Instl UK Idx Opps A Acc £ 0.86 - -0.02 -
Unit Trust Manager/ACD - Host Capital Marlborough Fd Managers Ltd (1200)F (UK) Conviction based investment vehicles details available here www.mirabaud-am.com
Short Dated Corporate Bond Fund Y ACC GBP £ 10.90 - 0.03 3.93 FCA Recognised - Luxembourg UCITS
Janus Henderson Multi-Asset Absolute Return Fund A Acc 144.20 - -0.10 0.79 HC Kleinwort Hambros Growth A Acc 221.49 - -0.41 1.36 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Regulated
Foord International Fund | R $ 44.08 - 0.34 -
Fidelity Sustainable Water & Waste W Acc £ 1.03 - -0.01 - www.marlboroughfunds.com Mir. - Glb Strat. Bd I USD $ 118.28 - -0.18 0.00
Janus Henderson Multi-Manager Active Fund A Acc 231.10 - -1.30 - HC Kleinwort Hambros Growth A Inc 200.95 - -0.38 1.38
Foord Global Equity Fund (Lux) | R $ 15.24 - 0.11 - Authorised Inv Funds
Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 - Mir. - DiscEur D Cap GBP £ 152.97 - 0.52 0.00
Janus Henderson Multi-Manager Distribution Fund A Inc 130.70 - 0.00 3.18 HC Kleinwort Hambros Equity Income A Inc 87.31 - 0.00 3.06 Balanced 207.96 207.96 0.08 0.42
Fidelity UK Select Fund W-ACC-GBP £ 2.89 - -0.05 2.60 Regulated
HC Kleinwort Hambros Equity Income A Acc 159.10 - 0.01 4.50 Mirabaud - UK Equity High Alpha £ 124.52 - -0.38 0.00
Foord Global Equity Fund (Sing) | B $ 18.60 - 0.14 0.00 Janus Henderson Multi-Manager Diversified Fund A Acc 90.58 - -0.08 2.88 Bond Income 51.84 51.84 -0.22 3.25
Global Dividend Fund W-ACC-GBP £ 2.49 - -0.04 2.72
Foord International Trust (Gsy) $ 43.82 - 0.34 0.00 Janus Henderson Multi-Manager Global Select Fund Acc 259.00 - -0.20 0.00 HC Kleinwort Hambros Multi Asset Balanced A Acc 169.60 - -0.04 0.81 Cautious Inc 85.22 85.22 -0.01 2.25
Global Property Fund W-ACC-GBP £ 1.83 - -0.03 2.14
Janus Henderson Multi-Manager Income & Growth Fund A Acc 181.50 - 0.00 2.47 HC Kleinwort Hambros Multi Asset Balanced A Inc 160.30 - -0.03 0.81 Emerging Markets 302.28 302.28 -1.38 1.03
Global Special Sits W-ACC-GBP £ 45.82 - -0.30 0.76
Janus Henderson Multi-Manager Income & Growth Fund A Inc 150.40 - 0.00 2.51 HC Kleinwort Hambros Fixed Income A Acc 135.61 - 0.09 3.44 ETF Commodity A 71.97 71.97 0.03 0.00
Index Emerging Markets P-Acc £ 1.65 - 0.00 2.29
Janus Henderson Multi-Manager Managed Fund A Acc 285.70 - -1.90 0.45 HC Kleinwort Hambros Fixed Income A Inc 108.17 - 0.08 3.44 European Multi-Cap 514.76 514.76 -3.65 1.13
Index Europe ex UK P-Acc £ 1.56 - -0.02 2.66
Franklin Templeton International Services Sarl (IRL) Janus Henderson Multi-Manager Managed Fund A Inc 276.60 - -1.90 0.46 Extra Income 80.62 80.62 -0.66 3.55
Index Japan P-Acc £ 1.71 - -0.01 2.23 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Janus Henderson Sterling Bond Unit Trust Acc 250.00 - 0.50 1.47 Far East Growth A Inc 230.82 230.82 -0.32 0.95
Index Pacific ex Japan P-Acc £ 1.57 - 0.00 3.55 Other International Funds
Franklin Emerging Market Debt Opportunities Fund Plc Janus Henderson Sterling Bond Unit Trust Inc 70.53 - 0.12 1.48 Global 263.65 263.65 0.71 0.00
Index UK P-Acc £ 1.20 - -0.02 4.62 Franklin Emg Mkts Debt Opp CHFSFr 13.82 - 0.16 10.93 Janus Henderson Strategic Bond Fund A Inc 131.70 - -0.50 2.89 Global Bond Inc 159.97 159.97 -0.36 2.35
Index US P-Acc £ 2.60 - 0.00 1.51 Franklin Emg Mkts Debt Opp GBP £ 8.93 - 0.07 7.85 Janus Henderson UK & Irish Smaller Companies Fund A Acc 575.50 - -5.30 0.27 High Yield Fixed Interest 69.32 69.32 -0.50 3.96
Index World P-Acc £ 2.10 - -0.01 1.91 Franklin Emg Mkts Debt Opp SGD S$ 19.68 - 0.35 5.43 Janus Henderson UK Absolute Return Fund A Acc 161.60 - -0.10 0.00 Multi Cap Income A Inc 124.59 124.59 -1.06 4.75
MoneyBuilder Balanced Y-ACC-GBP £ 0.56 - -0.01 3.80 Franklin Emg Mkts Debt Opp USD $ 15.52 - 0.34 7.55 New Capital UCITS Fund PLC (IRL)
Janus Henderson UK Alpha Fund A Acc 126.70 - -2.30 2.22 Nano-Cap Growth A Acc 171.96 171.96 -4.42 0.00
MoneyBuilder Dividend Y-INC-GBP £ 1.08 - -0.02 - Leconfield House, Curzon Street, London, W1J 5JB
Janus Henderson UK Equity Income & Growth Fund A Inc 419.20 - -7.50 4.29 Special Situations A Acc 1693.58 1693.58 -4.12 0.00 www.newcapitalfunds.com
MoneyBuilder Income Fund Y-ACC-GBP £ 14.34 - -0.03 2.98 FCA Recognised
Janus Henderson UK Property PAIF A Acc £ 2.29 2.41 0.00 3.31 UK Multi-Cap Growth A Inc 355.96 355.96 -4.42 0.13
Multi Asset Allocator Adventurous Fund Y-ACC-GBP £ 1.83 - 0.00 1.34 New Capital UCITS Funds
Janus Henderson UK Property PAIF A Inc £ 0.96 1.01 0.00 3.37 UK Micro Cap Growth A 757.93 757.93 -14.83 0.00 New Capital China Equity Fund $ 225.28 - -0.16 0.00
Multi Asset Allocator Defensive Fund Y-ACC-GBP £ 1.40 - -0.01 1.21
Janus Henderson US Growth Fund A Acc 1537.00 - 2.00 - Lazard Fund Managers Ltd (1200)F (UK) US Multi-Cap Income 643.57 643.57 -0.79 1.29 New Capital Dynamic European Equity Fund € 126.17 - -0.11 0.00
Multi Asset Allocator Growth Fund Y-ACC-GBP £ 1.70 - -0.01 1.22 P.O. Box 364, Darlington, DL1 9RD
Dealing: 0870 6066408, Info: 0870 6066459 MFM - Third Party Funds New Capital Dynamic UK Equity Fund £ 112.60 - -0.81 0.00
Multi Asset Income Fund W-INC-GBP £ 1.05 - 0.00 4.25
Authorised Inv Funds Junior Oils 35.61 35.61 0.21 0.00
New Capital Global Alpha Fund £ 113.10 - 0.17 0.00
Multi Asset Allocator Strategic Fund Y-ACC-GBP £ 1.58 - 0.00 1.13 Lazard Investment Funds (OEIC) B Share Class Junior Gold C Acc 55.33 55.33 1.12 0.00
New Capital Global Equity Conviction Fund $ 174.84 - 0.27 -
Multi Asset Open Advent W-ACC-GBP £ 1.48 - -0.01 0.00 Developing Markets Acc 126.19 - -0.62 0.24
MFM Bowland 288.95 288.95 8.07 0.70
Developing Markets Inc 124.29 - -0.61 0.20 New Capital Global Value Credit Fund $ 157.33 - -0.19 0.00
Multi Asset Open Defen W-ACC-GBP £ 1.32 - -0.01 0.00
MFM Hathaway Inc 149.41 149.41 3.36 1.35
Emerging Markets Acc 301.12 - -2.23 2.25 New Capital Japan Equity Fund ¥ 1399.76 - 21.64 0.00
Multi Asset Open Growth Fund W-ACC-GBP £ 1.43 - 0.00 0.00
MFM Techinvest Special Situations Acc 197.99 197.99 4.43 0.00
Emg Mkts Inc 247.74 - -1.84 2.29 New Capital US Growth Fund $ 383.48 - 1.59 0.00
Multi Asset Open Strategic Fund W-ACC-GBP £ 1.40 - 0.00 0.00
Fundsmith LLP (1200)F (UK) MFM Techinvest Technology Acc 739.37 739.37 7.37 0.00
European Alpha Acc 899.80 - -15.79 1.22 New Capital US Small Cap Growth Fund $ 172.09 - 1.25 0.00
Open World Fund W-ACC-GBP £ 1.79 - -0.01 0.00 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
MFM UK Primary Opportunities A Inc 377.82 377.82 -5.32 1.68
www.fundsmith.co.uk, enquiries@fundsmith.co.uk New Capital Wealthy Nations Bond Fund $ 154.77 - -0.15 0.00
Strategic Bond Fund Y-ACC-GBP £ 1.35 - -0.01 1.87 European Alpha Inc 787.13 - -13.81 1.24
UK Opportunities Fund W-ACC-GBP 220.00 - -3.00 1.26 Fundsmith Equity T Acc 514.23 - -1.85 - European Smaller Cos Acc 607.64 - -7.94 0.72
UK Smaller Companies W-ACC-GBP £ 2.21 - -0.05 2.38 Fundsmith Equity T Inc 470.48 - -1.69 - Global Equity Income Acc 170.65 - -2.25 2.75
Kames Capital ICVC (UK)
Institutional OEIC Funds Global Equity Income Inc 92.67 - -1.22 3.70
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Marwyn Asset Management Limited (CYM)
America £ 6.92 - -0.02 0.35 0800 358 3009 www.kamescapital.com Managed Bal Inc 171.94 - -1.68 1.77 Regulated
Emerging Markets £ 5.24 - 0.00 0.46 Authorised Funds Marwyn Value Investors £ 340.40 - -14.66 0.00
UK Income Acc 1212.90 - -26.07 3.60
Kames Global Equity GBP B Acc £ 2.61 - 0.01 0.21
Europe (ex-UK) Fund ACC-GBP £ 6.47 - -0.10 0.61 UK Income Inc 482.92 - -10.38 4.60
GAM Diversified Monthly Inc B Acc 141.82 - -0.79 4.83
Fidelity Pre-Retirement Bond Fund £ 165.20 - -0.70 1.70 funds@gam.com, www.funds.gam.com UK Omega Acc 212.24 - -4.72 2.92
Regulated Diversified Monthly Inc B Inc 101.80 - -0.57 4.97
Global Focus £ 5.45 - -0.03 0.40 UK Omega Inc 183.06 - -4.08 2.98
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 97.27 - -0.85 - Diversified Growth B Acc £ 1.73 - 0.00 2.58
Index Linked Bond Gross £ 4.63 - -0.10 0.10
LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 94.77 - -0.19 - UK Smaller Cos Inc 1768.35 - -13.60 1.44 McInroy & Wood Portfolios Limited (UK)
Asse
Asset Management
Ethical Cautious Managed B Acc £ 1.39 - -0.02 1.59 Easter Alderston, Haddington, EH41 3SF 01620 825867
Japan £ 3.53 - -0.02 0.49
Long Bond Gross £ 1.26 - -0.01 -

Ethical Cautious Managed B Inc
Ethical Corporate Bond B Acc

Asset Management £
£
1.21
2.11
-
-
-0.01 1.60
-0.01 2.69
Asset Management
Northwest Investment Management (HK) Ltd
Balanced Fund Personal Class Units 5419.10 - -21.60 1.51
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9331 9220
Pacific (Ex Japan) £ 5.06 - -0.01 2.47 Income Fund Personal Class Units 2630.80 - -32.00 2.84
Ethical Corporate Bond B Inc £ 1.08 - 0.00 2.69 Other International Funds
Select Emerging Markets Equities £ 2.09 - -0.01 0.52 Emerging Markets Fund Personal Class Units 2116.40 - -3.80 1.87 Northwest China Opps Class T $ $ 2801.82 - -37.22 0.00
Genesis Investment Management LLP Ethical Equity B Acc £ 2.27 - -0.03 1.53
Select Global Equities £ 5.08 - -0.02 0.79 Other International Funds
Asset Management Smaller Companies Fund Personal Class Units 6024.00 - -20.10 1.28 Northwest Feilong Class T $ $ 2003.00 - -3.00 0.00
Emerging Mkts NAV £ 7.21 - -0.16 0.00 High Yield Bond B Acc £ 2.92 - 0.00 5.06
Asset Management Asset Management
FTfm
Northwest Fund Class T $ $ 2525.23 - -39.56 0.00 Pictet-EUR Short Term HY I EUR € 125.18 - 0.00 0.00 LF Ruffer Equity & General C Inc 413.06 - 4.20 0.51
Northwest Warrant Class A $ $ 1330.60 - 12.11 0.00 Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 100.12 - -0.01 0.00 LF Ruffer Equity & General O Acc 440.06 - 4.45 0.20
Pictet-Euroland Index IS EUR € 156.37 - -0.81 - LF Ruffer Equity & General O Inc 407.42 - 4.11 0.22
Pictet-Europe Index-I EUR F € 194.98 - -1.18 0.00 Polar Capital LLP (CYM) LF Ruffer Gold C Acc 331.46 - -37.11 0.00
Regulated
Pictet-European Equity Selection-I EUR F € 617.48 - -10.30 0.00 LF Ruffer Gold C Inc 200.61 - -22.46 -
European Forager A EUR € 175.20 - 2.34 0.00
Pictet-European Sust Eq-I EUR F € 286.74 - -3.00 0.00 LF Ruffer Gold O Acc 323.48 - -36.24 0.00
Pictet-Global Bds Fundamental I USD $ 136.96 - -0.18 0.00 LF Ruffer Japanese C Inc 145.53 - 1.84 0.30
Pictet-Global Bonds-I EUR € 191.91 - -0.94 0.00 LF Ruffer Japanese C Acc 312.50 - 3.94 0.29
Pictet-Global Defensive Equities I USD $ 199.55 - -0.77 0.00 LF Ruffer Japanese O Acc 304.69 - 3.83 0.14
Private Fund Mgrs (Guernsey) Ltd (GSY)
Pictet-Global Emerging Debt-I USD F $ 468.97 - 0.18 0.00 Regulated LF Ruffer Pacific & Emerging Markets C Acc 357.35 - -1.20 1.30
Monument Growth 11/08/2020 £ 474.45 478.98 1.31 1.62
Pictet-Global Env.Opport-I EUR € 266.54 - 0.36 - LF Ruffer Pacific & Emerging Markets C Inc 98.21 - -0.33 1.38 Stewart Investors (UK) Troy Asset Mgt (1200) (UK)
23 St Andrew Square, Edinburgh, EH2 1BB 65 Gresham Street, London, EC2V 7NQ
Pictet-Global Megatrend Selection-I USD F $ 364.44 - -1.36 - LF Ruffer Pacific & Emerging Markets O Acc 348.54 - -1.19 1.02
enquiries@stewartinvestors.com Order Desk and Enquiries: 0345 608 0950
Oasis Crescent Management Company Ltd Pictet-Global Sust.Credit HI EUR € 164.00 - -0.35 0.00 LF Ruffer Total Return C Acc 484.83 - -2.03 1.39 Client Services: 0800 587 4141 Authorised Inv Funds
Other International Funds Dealing Line: 0800 587 3388 Authorised Corporate Director - Link Fund Solutions
Pictet-Greater China-I USD F $ 870.88 - 2.98 0.00 LF Ruffer Total Return C Inc 314.83 - -1.32 1.41
Oasis Crescent Equity Fund R 11.40 - -0.10 0.71 Authorised Funds Trojan Investment Funds
Pictet-Health-I USD $ 369.67 - -0.42 -
Prusik Investment Management LLP (IRL)
LF Ruffer Total Return O Acc 473.29 - -2.01 1.39
Enquiries - 0207 493 1331 SI Asia Pacific A Acc 1303.07 - -3.20 0.37 Spectrum Fund O Acc 243.25 - 0.76 0.24
Pictet-SmartCity-I EUR € 211.15 - -0.82 0.00 Regulated LF Ruffer Total Return O Inc 307.16 - -1.31 1.41 SI Asia Pacific A Inc £ 2.31 - -0.01 0.40 Spectrum Fund O Inc 231.09 - 0.72 0.24
Pictet-India Index I USD $ 122.46 - 0.08 0.00 Prusik Asian Equity Income B Dist $ 162.24 - -0.83 4.86
SI Asia Pacific Leaders A Acc 734.70 - -1.03 0.37 Trojan Ethical O Acc 117.43 - -0.16 0.10
Pictet-Indian Equities-I USD F $ 559.43 - -5.50 0.00 Prusik Asia Emerging Opportunities Fund A Acc $ 149.73 - -0.40 0.00
SI Asia Pacific Leaders A Inc £ 2.50 - 0.00 0.30 Trojan Ethical O Inc 117.20 - -0.16 0.09
Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Pictet-Japan Index-I JPY F ¥ 18575.63 - -1.45 0.00 Prusik Asia Fund U Dist. £ 204.18 - -0.52 0.00
Regulated SI Asia Sustainability A Acc 588.48 - -1.26 0.16 Trojan Ethical Income O Acc 131.86 - -1.63 2.95
Oasis Crescent Global Investment Fund (Ireland) plc Pictet-Japanese Equities Opp-I JPY F ¥ 11433.41 - -52.38 0.00 SI Global Emerging Mkts A Acc 651.68 - -5.57 0.85 Trojan Ethical Income O Inc 115.67 - -1.43 3.01
Oasis Crescent Global Short Term Income Fund I - Class A Dist $ 0.99 - 0.00 2.28
Pictet-Japanese Equity Selection-I JPY F ¥ 16276.32 - -95.98 0.00 SI Global Emerging Mkts Leaders A Acc 466.00 - -4.79 0.89 Trojan Fund O Acc 349.00 - -0.78 0.35
Oasis Crescent Global Equity Fund $ 32.25 - -0.26 0.50
Pictet-LATAM Lc Ccy Dbt-I USD F $ 130.89 - 0.82 0.00 SI Global Emerging Mkts Sus A Acc 343.33 - -1.54 0.15 Trojan Fund O Inc 282.63 - -0.63 0.35
Oasis Crescent Variable Balanced Fund £ 8.93 - -0.04 0.00
Pictet-Multi Asset Global Opportunities-I EUR € 129.82 - -0.19 0.00 Purisima Investment Fds (UK) (1200)F (UK)
SI Indian Sub-Cont A Acc 466.58 - -4.27 0.00 Trojan Global Equity O Acc 413.80 - -0.88 0.24
OasisCresGl Income Class A $ 10.99 - 0.01 - 65 Gresham Street, London, EC2V 7NQ
Pictet-Nutrition-I EUR € 255.53 - -0.82 0.00 Order Desk and Enquiries: 0345 922 0044 SI Latin America A Acc £ 2.07 - 0.00 1.05 Trojan Global Equity O Inc 341.44 - -0.73 0.24
OasisCresGl LowBal D ($) Dist $ 12.05 - -0.04 1.04
Pictet-Pacific Ex Japan Index-I USD F $ 434.55 - -1.12 0.00 Authorised Inv Funds
SI Worldwide Equity A Acc £ 2.05 - -0.01 0.00 Trojan Global Income O Acc 129.81 - -1.81 3.07
OasisCresGl Med Eq Bal A ($) Dist $ 13.00 - -0.05 0.37 Authorised Corporate Director - Link Fund Solutions
Pictet-Premium Brands-I EUR F € 206.98 - -1.22 - Global Total Fd PCG A 318.94 - -1.50 0.56 SI Worldwide Equity A Inc £ 2.08 - 0.00 0.00 Trojan Global Income O Inc 115.88 - -1.62 3.13
Oasis Crescent Gbl Property Eqty $ 7.55 - -0.05 -
Pictet-Russia Index I USD $ 91.22 - 1.25 0.00 Global Total Fd PCG B 316.13 - -1.48 0.35 RobecoSAM (LUX) SI Worldwide Leaders A Acc 485.08 - -1.32 0.21 Trojan Income O Acc 322.82 - -4.51 3.58
Tel. +41 44 653 10 10 http://www.robecosam.com/
Pictet-Russian Equities-I USD F $ 90.44 - 0.09 0.00 Global Total Fd PCG INT 312.08 - -1.47 0.15 SI Worldwide Sus A Acc £ 2.36 - -0.01 - Trojan Income O Inc 168.45 - -2.35 3.61
Regulated
Pictet-Security-I USD F $ 338.72 - 0.02 0.00 RobecoSAM Sm.Energy/A £ 23.32 - -0.04 1.33 SI Worldwide Sus A Inc £ 2.28 - -0.01 -
Pictet-Small Cap Europe-I EUR F € 1381.88 - -3.96 0.00 RobecoSAM Sm.Energy/N € 21.51 - -0.02 0.00
Omnia Fund Ltd
Other International Funds Pictet-ST Emerg Local Currency Debt-I USD F $ 104.28 - 0.33 0.00 RobecoSAM Sm.Materials/A £ 199.64 - -0.41 1.62
Estimated NAV $ 584.11 - 9.49 0.00 Pictet-ST.MoneyMkt-I € 137.94 - -0.01 0.00 RobecoSAM Sm.Materials/N € 208.75 - -0.36 0.00
Purisima Investment Fds (CI) Ltd (JER) Unicorn Asset Management Ltd (UK)
Pictet-ST.MoneyMkt JPY I USD ¥ 100708.93 - -2.05 0.00 Regulated RobecoSAM Sm.Materials/Na € 136.13 - -0.24 1.61 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
PCG B 259.49 - 1.17 0.00 Authorised Inv Funds
Pictet-ST.MoneyMkt-ICHF SFr 119.69 - 0.00 0.00 RobecoSAM S.HealthyLiv/B € 229.91 - -0.53 0.00 UK Growth A Inc 546.49 - -1.49 1.25
PCG C 253.73 - 1.14 0.00
Pictet-ST.MoneyMkt-IUSD $ 146.00 - 0.00 - RobecoSAM S.HealthyLiv/N € 221.86 - -0.50 0.00 Mastertrust A Inc F 499.44 - 2.00 -
Oryx International Growth Fund Ltd Pictet-Timber-I USD F $ 202.01 - -0.95 0.00 RobecoSAM S.HealthyLiv/Na £ 165.93 - -0.43 1.44 UK Growth B Inc 551.03 - -1.49 2.06
Other International Funds
NAV (Fully Diluted) £ 9.10 - -0.52 0.00 Pictet-US High Yield-I USD F $ 179.87 - -0.40 0.00 RobecoSAM S.Water/A £ 290.70 - -0.99 1.53 Mastertrust B Inc F 448.71 - -1.72 -
Pictet-USA Index-I USD F $ 314.96 - -0.60 0.00 RobecoSAM S.Water/N € 254.45 - -0.79 0.00 Outstanding British Cos A Acc F 281.35 - -2.52 0.68
Pictet-USD Government Bonds-I F $ 768.02 - -2.53 0.00 Outstanding British Cos B Acc F 304.20 - -2.70 1.47
Pictet-USD Short Mid-Term Bonds-I F $ 144.76 - -0.03 0.00 Stonehage Fleming Investment Management Ltd (IRL) UK Smaller Cos A Inc F 510.50 - -0.33 1.95
Pictet-USD Sov.ST.Mon.Mkt-I $ 109.70 - 0.00 - www.stonehagefleming.com/gbi
UK Smaller Cos B Inc F 501.65 - -0.31 2.75
enquiries@stonehagefleming.com
Pictet-Water-I EUR F € 424.49 - -1.68 0.00 UK Income A Acc F 273.31 - -2.88 3.69
Regulated
SF Global Best Ideas Eq B USD ACC $ 220.79 - 0.72 -
UK Income A Inc F 202.56 - -2.13 3.11
SF Global Best Ideas Eq D GBP INC £ 255.81 - 0.04 -
UK Income B Acc F 300.70 - -3.16 3.54
UK Income B Inc F 222.98 - -2.34 3.46

Ram Active Investments SA
www.ram-ai.com
Other International Funds
RAM Systematic Emerg Markets Eq $ 186.31 - 0.39 -
Thesis Unit Trust Management Limited (UK)
Orbis Investments (U.K.) Limited (GBR)
RAM Systematic European Eq € 435.55 - 1.06 - Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
28 Dorset Square, London, NW1 6QG Rubrics Global UCITS Funds Plc (IRL) Authorised Funds WA Fixed Income Fund Plc (IRL)
www.orbis.com 0800 358 2030 RAM Systematic Funds Global Sustainable Income Eq $ 119.50 - -0.35 0.00 www.rubricsam.com TM New Court Fund A 2011 Inc £ 16.53 - -0.01 0.03 Regulated
Regulated Regulated
RAM Systematic Long/Short Emerg Markets Eq $ 105.32 - -0.18 - European Multi-Sector € 121.91 - -0.39 3.27
Orbis OEIC Global Cautious Standard £ 10.02 - -0.04 0.03 Rubrics Emerging Markets Fixed Income UCITS Fund $ 136.88 - 0.03 0.00 TM New Court Fund - A 2014 Acc £ 16.67 - -0.01 0.03
RAM Systematic Long/Short European Eq € 136.32 - 1.06 -
Orbis OEIC Global Balanced Standard £ 14.30 - -0.10 0.00 Rubrics Global Credit UCITS Fund $ 17.34 - 0.00 0.00 TM New Court Equity Growth Fund - Inc £ 17.61 - 0.00 0.08
RAM Systematic North American Eq $ 326.39 - -0.15 -
Orbis OEIC Global Equity Standard £ 17.47 - -0.09 0.00 Platinum Capital Management Ltd Rubrics Global Fixed Income UCITS Fund $ 182.80 - -0.10 0.00
Other International Funds RAM Tactical Global Bond Total Return € 154.71 - -0.10 -
Orbis OEIC UK Equity Standard £ 6.88 - -0.05 0.00 Q Rubrics India Fixed Income UCITS Fund $ 11.24 - 0.01 0.00
Platinum All Star Fund - A $ 128.52 - - -
RAM Tactical II Asia Bond Total Return $ 154.52 - -0.05 -
Platinum Global Growth UCITS Fund $ 12.27 - 0.03 0.00 Rubrics India Fixed Income UCITS Fund $ 97.46 - 0.03 0.00
Platinum Essential Resources UCITS Fund SICAV USD Class E $ 7.51 - -0.01 0.00
Platinum Global Dividend UCITS Fund $ 54.14 - -0.03 0.00
RLUM Ltd (UK)

5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Scottish Friendly Asset Managers Ltd (UK)
Authorised Inv Funds Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Royal London Sustainable Diversified A Inc £ 2.35 - -0.01 - Authorised Inv Funds
Managed Growth 282.60 - -2.70 0.00
Royal London Sustainable World A Inc 326.20 - -1.20 - Yuki - Co, LLC (IRL)
UK Growth 317.60 - -3.30 0.00 Tel +18015545191 www.yukifunds.com
Royal London Corporate Bond Mth Income 93.53 - -0.16 3.58
Toscafund Asset Management LLP (UK) Regulated
Royal London European Growth Trust 172.30 - -2.70 0.22 www.toscafund.com Yuki Mizuho Umbrella Fund
Authorised Funds Yuki Mizuho Japan Dynamic Growth ¥ 6292.00 - 68.00 0.00
Royal London Sustainable Leaders A Inc 675.40 - -9.60 -
Pictet Asset Management (Europe) SA (LUX) Aptus Global Financials B Acc £ 3.21 - -0.01 -
Yuki Japan Low Price ¥ 32546.00 - 285.00 0.00
15, Avenue J.F. Kennedy L-1855 Luxembourg Royal London UK Growth Trust 516.80 - -10.50 2.19
Slater
Aptus Global Financials B Inc £ 2.24 - -0.01 7.05
Tel: 0041 58 323 3000 Yuki Asia Umbrella Fund
Royal London UK Income With Growth Trust 187.00 - -3.00 4.99
FCA Recognised Yuki Japan Rebounding Growth Fund JPY Class ¥ 29659.00 - 383.00 0.00
Investments
Pictet-Absl Rtn Fix Inc-HI EUR € 112.64 - -0.09 0.00 Royal London US Growth Trust 278.90 - -0.80 0.01
Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1218.99 - 15.78 0.00
Polar Capital Funds Plc (IRL)
Additional Funds Available
Pictet-Asian Equities Ex Japan-I USD F $ 358.23 - -0.59 0.00
Regulated
Please see www.royallondon.com for details
Pictet-Asian Local Currency Debt-I USD F $ 183.98 - 0.12 - Automation & Artificial Intelligence CL I USD Acc $ 15.00 15.00 0.07 -
Toscafund Asset Management LLP
Pictet-Biotech-I USD F $ 1028.08 - -0.49 0.00 Asian Financials I USD $ 379.47 379.47 -1.35 0.00 www.toscafund.com
Tosca A USD $ 277.72 - -5.57 -
Pictet-CHF Bonds I CHF SFr 510.93 - -0.30 0.00 Biotechnology I USD $ 32.65 32.65 0.30 0.00
Zadig Gestion (Memnon Fund) (LUX)
Tosca Mid Cap GBP £ 117.51 - -36.63 -
Pictet-China Index I USD $ 183.09 - -0.57 0.00 Emerging Market Stars I USD Acc $ 12.82 - 0.00 - FCA Recognised
Slater Investments Ltd (UK) Tosca Opportunity B USD $ 177.66 - -59.35 - Memnon European Fund - Class U2 GBP £ 187.96 - -0.90 0.00
Pictet-Clean Energy-I USD F $ 132.36 - -0.64 0.00 European Ex UK Inc EUR Acc € 10.89 10.89 -0.05 0.00 www.slaterinvestments.com; Tel: 0207 220 9460
FCA Recognised Pegasus Fund Ltd A-1 GBP £ 28.00 - -8.90 0.00
Pictet-Digital-I USD F $ 538.09 - -3.55 - Financial Opps I USD $ 11.39 - -0.03 2.41
Slater Growth 565.13 565.13 -4.33 0.00
Pictet-Em Lcl Ccy Dbt-I USD F $ 182.30 - 0.59 0.00 GEM Income I USD $ 11.27 - 0.06 0.00
Slater Income A Inc 113.88 113.88 -1.17 5.22
Pictet-Emerging Europe-I EUR F € 403.98 - -0.24 - Global Convertible I USD $ 14.97 14.97 0.06 0.00
Pictet-Emerging Markets-I USD F $ 718.46 - -2.06 0.00 Global Insurance I GBP £ 6.79 - -0.04 0.00
Slater Recovery 263.79 263.79 -1.88 0.00 Data Provided by
Slater Artorius 229.88 229.88 8.40 0.45
Pictet-Emerging Markets Index-I USD F $ 314.39 - 0.73 0.00 Global Technology I USD $ 73.96 - 0.44 -
Pictet-Emerging Corporate Bonds I USD $ 136.91 - -0.02 0.00 Healthcare Blue Chip Fund I USD Acc $ 15.48 15.48 -0.03 0.00
Ruffer LLP (1000)F (UK)
Pictet-Emerging Markets High Dividend I USD $ 131.86 - -0.28 0.00 Healthcare Opps I USD $ 57.55 - 0.23 0.00 65 Gresham Street, London, EC2V 7NQ
Pictet-Emerging Markets Sust Eq I USD $ 105.02 - -0.35 0.00 Income Opportunities B2 I GBP Acc £ 2.09 2.09 0.00 0.00
Order Desk and Enquiries: 0345 601 9610
www.morningstar.co.uk
Pictet-EUR Bonds-I F € 648.45 - -2.37 - Japan Value I JPY ¥ 101.83 101.83 -0.64 0.00 Authorised Corporate Director - Link Fund Solutions Data as shown is for information purposes only. No
Pictet-EUR Corporate Bonds-I F € 220.14 - -0.24 0.00 North American I USD $ 26.80 26.80 0.02 0.00 LF Ruffer European C Acc 672.68 - 13.84 0.60 offer is made by Morningstar or this publication.
Pictet-EUR Government Bonds I EUR € 179.48 - -0.77 - UK Absolute Equity I GBP £ 15.47 15.47 0.00 0.00 LF Ruffer European C Inc 122.88 - 2.53 0.67
Pictet-EUR High Yield-I F € 282.06 - 0.17 0.00 UK Val Opp I GBP Acc £ 10.25 10.25 -0.15 0.00 LF Ruffer European O Acc 656.68 - 13.48 0.32
Pictet-EUR Short Mid-Term Bonds-I F € 137.34 - -0.07 0.00 LF Ruffer Equity & General C Acc 450.75 - 4.58 0.51
OPINION
Reinsurance is booming during pandemic

LAST WORD buying (now expensive) coverage
from the reinsurance companies.
John In a real-return starved world, you
would think this high-prices-desper-
Dizard ate-buyers market would attract new
entrants, such as private equity or
hedge funds. Yes, there are start-ups
being papered up, modelled out, and
slide-decked, but it takes a while.
A
confluence of global mis- Ratings have to be established, cash
eries is creating a sort of has to be raised, state regulators need
giddy prosperity and to be satisfied, and so on.
hope for the future in the Dan Loeb’s Third Point, specifically
reinsurance world. In Third Point Reinsurance Ltd, was
the June-July contract renewal sea- ready to be lucky.
son, the reinsurers have received A Chinese wealth management
double digit price increases for cover- company, CMIH, had some problems
ing a broad range of property and cas- with finding the readies to meet a
ualty risks. Premiums for directors’ bond payment or two, and found it
and officers’ liability coverage are up advantageous to merge its own rein-
as much as 75 per cent. Reinsurance surer, Sirius International, with Third
for US trucking fleet liability risk has After the Hurricane Katrina losses in 2005, catastrophe bond capital did return — Robert Sullivan/AFP/Getty Point Re.
in some cases tripled in cost. The deal was done on favourable
Tom Libassi of ILS Capital Manage- out for Covid-related business inter- recent years, in part created by alter- have led to unexpectedly large “loss terms for Third Point, as can be the
ment, which runs a group of reinsur- ruption insurance. Now, in most new native providers of coverage who creep”, and are still wending their case in difficult times.
ance assets in Bermuda, attributes policies, any ambiguity about pan- bought capital markets instruments way through the Florida legal system. The Third Point/Sirius merger,
the hardened pricing to what insurers demic losses is gone; those are just not such as catastrophe (cat) bonds. Even Since the “alternative” reinsurance which closes early next year, has a
call “social inflation”, ie the willing- covered. after the huge losses from, for exam- providers have to provide specific col- somewhat complex structure involv-
ness of people to take each other to You might think there have been ple, Hurricane Katrina, which devas- lateral, ie investment grade bonds, to ing a new-money equity investment
court. Filing a lawsuit against an hurricanes, earthquakes and other tated New Orleans in 2005, cat bond cover any possible claims until all the by Mr Loeb, and CMIH will retain a
insurance company or lawyer is eas- natural disasters over the past 20 capital was able to flood back in to the legal questions are resolved, there are share. It would seem, though, that
ier now, thanks to litigation finance years. Why didn’t those lead to sub- industry after the initial premium tens of billions of trapped collateral Third Point was able to buy Sirius for
companies that have raised capital- stantial and lasting increases in insur- spikes. from the alternative providers tied up about 80 per cent of book, at the very
markets money in recent years. That ance costs? A quirk in Florida law has made it at the mercy of Florida courts. moment the reinsurance market was
has made writing liability coverage Basically, there was increasing ease easy for homeowners there to assign Those billions are not, therefore, finally taking off.
for large corporations much less of entry to the reinsurance trade in their storm loss claims to others, ie available to compete with traditional Third Point Re had total assets of
attractive, therefore more expensive. lawyers. Then, in a short period of reinsurers, whose promises are $2.5bn at the end of the second quar-
And it’s not just the premium rates The pandemic meant time in 2017, three named storms in a backed up by a diversified balance ter in 2020; the combined company
that have gone up. Terms and condi- row hit the US south-east, Puerto sheet and ongoing revenue. So the will have $6.1bn when the deal closes.
tions for reinsurance coverage are
that big-ticket buyers had Rico and Florida. pandemic disaster, as well as the And Third Point gets to manage the
rapidly becoming more strict, partic- no alternative to buying The last of these, Irma, proved the investment losses in the first quarter premium income and reserves. A bet-
ularly after the wave of lawsuits most problematic for the capital mar- of this year, meant that big-ticket cov- ter business than chasing the indices,
against insurers, which refused to pay
coverage from reinsurers kets based insurers. The Irma claims erage buyers had no alternative to I think.
Companies in need of cash must be better corporate citizens

VIEWPOINT and suppliers. Many ideas have been sations are already happening at date to insist on companies adopting to interrogate those claims. The UK’s
put forward and some have been scale: data from Refinitiv shows glo- more ambitious social and environ- new Stewardship Code, launched in
Catherine adopted.
Among the cheerleaders of this
bal equity issuance in May exceeded
$75bn, 50 per cent more than the
mental standards. Two FTSE 100
company pension schemes have this
January, is already raising and influ-
encing standards. It defines steward-
Howarth approach are some of Europe’s largest same month last year. Debt issuance year asked members for their views ship as “the responsible allocation,
investors. In June, a group of inves- over the same period increased by a on the stewardship activities under- management, and oversight of capital
tors with assets of €11.9tn wrote to similar amount. taken on their behalf, using the serv- to create long-term value for clients
the European Commission and to Institutions that have signed the ices of fintech group Tumelo. and beneficiaries leading to sustaina-
C
ovid-19 has transformed heads of government calling on com- Principles for Responsible Invest- They found strong support for vot- ble benefits for the economy, the
the role of government in panies that receive “government bail- ment and the Principles for Responsi- ing and engagement that aligns com- environment and society”.
economies around the outs, grants, loans, tax concessions ble Banking are among the most pany behaviour with the needs of As the UK’s asset management
world. In the face of the and temporary equity purchases” to influential capital allocators in the society. Research by Nest into its 9m industry charts a path forward post-
crisis, long standing be required to “enact climate change world and, as such, will be on the pension fund members found nearly Brexit and post-Covid, it should look
orthodoxies have dissolved with transition plans consistent with the front line of recapitalisations. half felt it was “very important” that to shine on the global stage in its
barely a murmur. Green Deal and Paris Agreement In the coming months, these insti- Nest considered how companies were approach to stewardship. We may be
As the scale of government borrow- goals”. It is a powerful letter. tutions have an extraordinary oppor- run and how they treated people and in a new era of interventionist gov-
ing and spending became clear earlier However it also raises the question tunity to shape company behaviour the planet. A further quarter ernment but the value of enlightened
this year, there were calls for public of whether portfolio managers work- and priorities in ways that meet our expressed more moderate support. oversight of the corporate sector
support for companies to be condi- ing at the 134 signatories are applying need for better public health, more Strong public support for responsi- remains high. Without the active sup-
tional on business behaviour that also the same conditions to their refinanc- equitable access to labour market ble investment is only part of the pic- port of investors and banks, our
serves the public interest. ing decisions. Much of the refinancing opportunities, and speedy action to ture. A financial case matters just as chances of building back better will
Conditions include not operating in of companies in the months ahead decarbonise the corporate sector. much. Growing ranks of large inves- be much diminished.
tax havens, raising environmental will come from traditional sources: Stewardship is central to grasping tors claim to be convinced of that
standards, limiting executive pay and private investors, both retail and this opportunity. case. Post-Covid refinancing deci- The writer is chief executive of ShareAc-
extending financial support to staff institutional, and banks. Recapitali- Fiduciary investors have a man- sions are a useful lens through which tion, a responsible investment charity

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MONDAY 17 AUGUST 2020 NEWS PROVIDER OF THE YEAR UK £2.90 Channel Islands £3.20; Republic of Ireland €3.

Urban exodus America’s new deal Year of the introvert

Exam anger Briefing

i Brussels warns City over market access

Government explores bailout loans

for private equity-owned groups

i Car groups exploit Covid sales opening

Japan officials eyed Nissan-Honda

Wales project Post-transition period

Hitachi seeks to resurrect nuclear plant plan EU warns

Valdis Dombrovskis, an executive vice-

Procurement New institute

HMRC warns Lloyd’s of Brussels Insurance market

customs risks THE END

i Report outlines longer NHS waiting times

roughly 20 per cent of 2019-20 procure- nationwide Covid-19 testing system.

Developing countries have sold record levels of

The defence industry is calling on min- Public Health England is to be scrapped

3 Confidence in IT plans ‘has collapsed’

isters to prioritise spending on British- as an independent health agency under

fresh tax probe

based companies to help drive a post- government plans to set up a “more

12 per cent in 2016-17. “improve the system” and ensure the

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Belarus protests US election

Russia offers Lukashenko military support Democrats

Trump vs the Valley

Tech titans need to minimise

Italy’s populists are trying to woo

Lloyd’s of Brussels Insurance market

i Emerging nations in record debt sales

John Reed — Bangkok

3 Confidence in IT plans ‘has collapsed’ i London tower plans break records

pressure. in our national water, the 12-mile dis- coasts.

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Kremlin orders media to vilify governor Michael

Middle East Oil spill

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shadow over everything