FRIDAY 20 NOVEMBER 2015 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.

00

Gillian Tett Arms bazaar Half empty

Who should pay for defence Gun running has made Belgium a launch Why smart cups don’t hold water
against cyber attacks? — PAGE 11 pad for Europe’s jihadis — BIG READ, PAGE 9 PERSONAL TECHNOLOGY, PAGE 12

Senior managers blamed for HBOS Briefing

i Pfizer set for US fight over Allergan deal

collapse face only limited penalties

Pfizer is gearing up for a US fight provoked by fears
that a deal to buy Ireland’s Allergan would deprive
the US of billions of dollars in taxes, threaten jobs
and erode the country’s science base.— PAGE 15

i Robinson to retire from public life

Peter Robinson, Northern Ireland’s first minister
3 Report finds inquiry ‘materially flawed’ 3 Ban from financial services the stiffest sanction and the key Unionist voice of recent years, is to
retire from public life, kicking off a contest for the
leadership of Ulster Unionism.— PAGE 3

i Cameron to outline key defence review

Prime minister David Cameron will on Monday set
out what security chiefs believe is the most
important statement on Britain’s defence strategy
since the cold war.— PAGE 4

i Argentina presidential poll turnround

A month ago, Daniel Scioli, the chosen
successor to Cristina Fernández as
president of Argentina, seemed sure
to win against his centre-right rival
Mauricio Macri, right, with his
campaign based on fear. Yet it is Mr
Macri who now seems set to win on Sunday.— PAGE 5

i EM valuations fall to historic low

‘Senior management The sell-off in emerging market equities has pushed
valuations to an all-time low, reflecting their marked
of HBOS failed to underperformance since the immediate aftermath
challenge a flawed of the global financial crisis.— PAGE 28

business model ’ i Credit Suisse to shun ‘risky activities’

Credit Suisse plans to stop its bankers from engaging
Andrew Bailey in “overly risky activities” by not setting external
Prudential Regulation Authority profit targets. Bankers will focus on support for
private banking and wealth management.— PAGE 18

CAROLINE BINHAM AND EMMA DUNKLEY to set an appropriate strategy, and also quite good pals and government will be Left to right: “consider whether any former senior i Bombardier sells 30% stake in train unit
failed to challenge a flawed business careful not to offend or punish the City Lord Stevenson, managers of HBOS should be the subject Quebec’s public pension fund is to buy a 30 per cent
A much-delayed report into the 2008 model”. It has now been passed to Sajid in a material way? I think so.” James Crosby of an enforcement investigation with a stake in Bombardier’s train-making unit for $1.5bn,
collapse of HBOS heaped blame on the Javid, business secretary, who has over- Criticising the previous City regulator, and view to prohibition proceedings”, with a after the ailing group shelved a plan to float shares in
bank’s board, top management and its sight of company directorships and can the report said the Financial Services Andy Hornby decision early next year. the subsidiary after a strategic review.— PAGE 19
regulators but any further action strip people of their roles in any sector. Authority should have at least investi- Those managers include Mr Hornby,
against them will take at least two more But the worst penalty any individual gated HBOS’s former chief executive, soon to be chief operating officer of bet- Datawatch
years and be limited to industry bans. could face from financial regulators — Andy Hornby, adding: “The failure to do ting and gaming company Ladbrokes
The damning investigation into the and only after a fresh investigation is so was not reasonable.” Coral following a merger; Lord Steven-
group’s £20bn failure raised the pros- completed, which typically would take HBOS, one of the UK’s biggest lenders, son, HBOS’s first and only chairman; Most pressing problems
pect of a fresh probe into the conduct of two years — is a ban from working in was given emergency public assistance ‘Will Joe and James Crosby, Mr Hornby’s prede- faced by SMEs in the EU
senior managers.
Written by independent barrister
financial services. That is because the
old statute of limitations that applies in
of up to £25.4bn to keep it afloat under a
secret Bank of England programme
Public cessor and a deputy chairman of the
FSA — a position that he had to forgo in Per cent
2011 2014
0 5 10 15 20 25
Andrew Green and commissioned by this case prevents the Financial Conduct from October 2008. It was rescued via a feel that 2009 following a storm over his alleged Finding customers Brussels’ annual
regulators, it concluded that another
investigation into HBOS was “plainly in
Authority from fining individuals after
three years have passed.
government-ordained takeover by
Lloyds Banking Group, with the tax-
government conflict of interest. The report said Mr
Crosby’s presence on the watchdog’s
Availability
of skilled staff
report on small
and medium-sized
the public interest” following a “materi- “Will this report give Joe Public even payer taking a 42 per cent stake in the and the board while still HBOS chief executive Regulation enterprises shows
that finding
Competition
ally flawed” original probe that sanc-
tioned only one person.
an ounce of reassurance that his faith in
the financial services industry can be
merged bank. Only one HBOS senior
executive, corporate division chief Peter
City are “could have resulted in the FSA treating
HBOS more leniently”, although the Access to finance customers

Andrew Bailey, head of the Prudential rebuilt? I doubt it,” said Philip Mead- Cummings, was ever sanctioned, receiv- really quite review found no evidence of that. Cost of production
or labour
remained the most
pressing problem
Regulation Authority, said the report
“concluded that the board and senior
owcroft, a former private small share-
holder in HBOS. “Will Joe Public feel
ing a fine and partial ban in 2012.
The PRA and FCA, successor bodies to
good pals? Analysis page 2
Editorial Comment page 10 Source: European Commission
for SMEs in 2014.

executive management of HBOS failed that government and the City are really the FSA, confirmed that they will now I think so’ Lombard page 20

Former Tory treasurer Cruddas gives

£1m to campaign for Britain’s EU exit
JIM PICKARD Times, Mr Cruddas predicted that Vote party after being caught up in a
CHIEF POLITICAL CORRESPONDENT
Leave would spend close to £20m by the newspaper sting three years ago.
Peter Cruddas, the former Tory treas- time that votes are cast. “We are confi- Mr Cruddas subsequently won a libel
urer, is giving £1m to the campaign for dent we will raise that. There are some action against The Sunday Times over
Britain to leave the EU in a boost to the big businesses, big business names that allegations that he was willing to
coffers of Vote Leave as the rival camps are with us, but they haven’t declared arrange meetings with the prime minis-
Rolls-Royce feels heat as step up their fundraising efforts. yet,” he said. ter in return for donations.
ValueAct doubles stake Most of the big names to reveal their The referendum would be the biggest
The donation from the self-made multi- stances so far on either side have been political event in several decades, he
US activist investor ValueAct has millionaire who founded online trading City financiers. Last week saw two said. “I think this will be the Scottish
doubled its stake in Rolls-Royce to company CMC Markets, is the biggest hedge fund executives emerge as big referendum times 10. It is a much wider,
10 per cent, prompting other top yet for the Out cause. The scale of the donors to the In campaign: David Hard- bigger issue which also has implications
shareholders to call for it to be given gift underlines how both sides are fund- ing of Winton Capital Management and across the union,” he said.
a board seat to help revive the ailing raising in earnest as they mobilise ahead John Armitage of Egerton Capital. “There are windows in history
engineering group. ‘It is time to think of the referendum on EU membership Mr Cruddas is the first big name to whereby the British public decide what
seriously about how the company can in either 2016 or 2017. announce a donation to Vote Leave, they want and it’s outside the control of
be turned round,’ said one. ValueAct’s The Out campaign is convinced it will although the FT recently revealed that politicians. This is one of those events.”
move raised the pressure on chief have far greater financial power than in Sir Michael Hintze is expected to give Mr Cruddas said he was very confi-
executive Warren East to change the previous European referendum in generously to the campaign. dent that his side would win. “I’ve bet
strategy after five profit warnings. 1975, when the In campaign spent 11 The intervention is a return to the £1m, although I’ll never get it back,” he
Report iPAGE 15 times as much as its opponents. public stage for the City tycoon who was said. “If I was the politicians, I’d hang on
In an interview with the Financial publicly abandoned by the Conservative to my hat.”

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2 ★ FINANCIAL TIMES Friday 20 November 2015

NATIONAL

Time-consuming probe into HBOS Report fails

to convince
advocates yet another costly inquiry public interest
is being served
Worst that could happen to individuals after an investigation would be a ban from holding financial posts
OPINION
Shaun Curry/AFP

Patrick
CAROLINE BINHAM AND EMMA DUNKLEY
LONDON

The main consequence of the regula-

tors’ costly and time-consuming inquiry Jenkins
into the £20.5bn collapse of HBOS is,

W
wait for it: yet another costly and time- hat can you do in seven
consuming inquiry. years? If you are in the
Around 10 former senior managers financial post mortem
and board members of HBOS — among business, you can spend
them former chief executives James £7m compiling a 549-
Crosby and Andy Hornby, and former page report on the failure of Halifax
chairman Lord Stevenson — may face a Bank of Scotland — and add very little to
further investigation by City regulators, the sum of human knowledge.
seven years after the bank was rescued That is precisely what UK regulators
by a merger with Lloyds Banking Group. have just done, supposedly in the name
That is the principal recommendation of public interest.
of a 549-page report into the bank’s col- The questions that the report sets out
lapse at the height of the financial crisis. to answer about the demise of HBOS in
The report, written by the Financial 2008 are entirely valid — principally,
Conduct Authority and the Prudential why did Britain’s fifth-biggest bank fail,
Regulation Authority, as well as by 2008 Oct and why did only one second-tier man-
Andrew Green QC, lays the blame at the 1000 HBOS HBOS rescued by 1000 ager suffer any sanction?
feet of HBOS’s senior management and Share price (pence) Though it is thorough, the conclu-
Lloyds takeover.
board and also with regulators at the Bank of England 800 sions are very similar to a more concise
now-defunct Financial Services Author- 800 study conducted by the now-disbanded
provides secret
ity. £25bn lifeline Parliamentary Commission on Banking
“Both the strategy of the bank and the 600 600 Standards in the spring of 2013.
2006 2007
FSA were creatures of their time,” The conclusion that yet another
Sir James Crosby FSA evaluation
Andrew Bailey, the head of the PRA, inquiry is required — to decide whether
400 2001 2002 2004 knighted for concludes that 400
said yesterday. “Much has changed to pursue regulatory enforcement
Bank of Financial Services FSA drops contribution to many of the
since that time.” action against former HBOS staff — will
Scotland and Authority identifies serious increase in capital financial services. bank’s problems
The FSA only ever sanctioned one 200 200 do nothing to convince the public that
Halifax merge concerns, including risk requirement Andy Hornby have been
former HBOS executive, Peter Cum- their interests are being served.
to create HBOS that group regulation will becomes chief addressed
mings, in 2012. It did not even launch a It was wrong, as the report acknowl-
not keep pace with growth executive
probe into Mr Hornby because it was 0 0 edges, that the former chief executive,
thought it would be too difficult to pin 2001 02 03 04 05 06 07 08 09 Andy Hornby, was not pursued back in
down personal culpability, yesterday’s 2012, when Peter Cummings, corporate
report revealed. Source: Thomson Reuters Datastream banking chief, was fined £500,000 and
The FCA and PRA, created from the banned from working in financial serv-
ashes of the FSA, which received its In the spotlight ices. His predecessor, James Crosby, and
umpteenth kicking for shoddy decision- Lord Stevenson, chairman, have also
making in the report, said they would escaped censure.
decide whether new probes were war- Lord Stevenson Andy Hornby James Crosby Sir Hector Sants Changing tack now serves little practi-
ranted as soon as possible. cal purpose. A time bar on imposing
Even if the decision is speedy, any new Chairman of HBOS Took the reins from HBOS’s first chief Chief executive of fines has passed and none of the prime
investigation would take at least 18 throughout its Mr Crosby in 2006 executive from the Financial actors works in financial services.
months. And the worst that can happen short lifetime. Lord and oversaw the 2001-06. Described Services Authority Mike Ellis, HBOS’s former finance
is that these individuals are banned Stevenson demise of the bank. in 2013 as the from July 2007; at director, is a fringe exception. Today he
from holding financial positions. “reinforced the Mr Hornby’s “architect of the the helm when is chairman of Skipton Building Society
A statute of limitations that existed culture of strategy was strategy that set the HBOS failed. Only and he may be investigated. But the idea
before 2014 but which applies to the confidence and optimism and, at times, focused on continuous growth. course for disaster” by the Parliamentary one HBOS executive, Peter Cummings, that a huge bank collapse puts a ques-
HBOS collapse prevents the regulator lost some of the objectivity the role In yesterday’s report, Andrew Green QC Commission on Banking Standards. The was fined and banned. Sir Hector said in tion mark over a non-executive at a sec-
from fining any of the individuals who required”, the report said. said: “The FSA, at a minimum, should also report quoted a senior member of HBOS the report “. . . it seemed that you start ond-tier building society in Yorkshire,
may be investigated. have investigated Mr Hornby from early Finance as saying: “. . . the growth factor with Cummings because he looked seven years later, is an odd definition of
Paul Moore, the bank’s former head of 2009 . . . and the failure to do so was not came through loud and clear every time superficially the most culpable” and regulatory justice.
risk who alleges he was fired in 2005 for reasonable.” James [Crosby] spoke . . . It was: ‘We are that “[t]here was never any suggestion The public interest would have been
blowing the whistle on excessive risk- better than the competition. We can grow that, just because you started far better served by a thorough look at
taking, called for the bank’s former sen- faster. We can do this, this, and this’.” there, . . . that’s where you finished”. the next phase of the HBOS story — just
ior managers to waive their right not to where yesterday’s report ends. Lloyds’
be fined. rescue of the bank has cost shareholders
“If not, I will start a campaign to intro- Insolvency Service would defer any senior managers for failures on their a fortune. And that includes taxpayers,
duce a law to remove the limitation can reply before publication. For this decision to launch fresh probes until watch. The FSA came unstuck in a land- who still own nearly 10 per cent of the
period for these individuals,” he said. The report, 35 people made 1,425 after the PRA and FCA had made their mark case, known as Pottage, when it bank following its £20.5bn bailout.
None of the top trio works in financial details representations. There have also been own determinations. The Insolvency tried to do this in 2012. The lack of For Lloyds, HBOS has been toxic —
services. A potential ban could hit other problems of “consent”, a related process Service already looked in 2013 at resources in the FSA’s enforcement divi- costing it £40bn in loan losses and more
former senior managers, such as Mike where the regulator must receive whether to ban the directors and sion hampered its decision-making, than £6bn in redress for the mis-selling
Ellis, chairman of Skipton Building Soci- Chapter and verse that cost approval from an entity before citing decided there was no evidence. yesterday’s report found. of payment protection insurance, on top
ety, or Lindsay Mackay, a director at any statistics attributed to it. Certainly the experience of the With the advent of the new senior of the £9bn acquisition cost.
Alpha Bank.
£7m and took years to write Who wrote it? The Prudential former directors of the Royal Bank of managers’ regime — designed to Sir Victor Blank and Eric Daniels, the
Skipton said Mr Ellis had the full con- Regulation Authority has written the Scotland — the other colossal UK bank- improve accountability in the City — former Lloyds chairman and chief exec-
fidence of its board. What is the purpose of the report? first four chapters on why HBOS failed, ing failure of the financial crisis where possibly providing a swath of new cases utive, who did that deal, have faced even
Lawyers for Mr Crosby, Mr Hornby, To investigate why HBOS collapsed in its dealings with the regulator and its no individual was penalised by the regu- for the regulator to pounce on, it is less music than the old HBOS leader-
Mr Ellis and Mr Mackay all declined to 2008, leading to a government- governance and culture. A separate, lator — does not provide evidence of hoped that this has been addressed. ship. Their idea of creating a dominant
comment, while a lawyer at Ashurst arranged merger with Lloyds Banking fifth chapter on the regulator’s decision- speedy action: the regulators referred Ten years on, and it is not just regula- behemoth, with the blessing of a govern-
representing Lord Stevenson and other Group. making around sanctions after the the matter to the business department tors haunted by HBOS. Lloyds share- ment waiver on their excessive market
board members said: “The report does How long has it taken to write? collapse was written by Andrew Green following a separate report into that holders, still nursing their losses from share, has failed.
not contain evidence that would justify Work started only after 2012, when the QC, a barrister at Blackstone Chambers. bank’s failure. The department in turn the HBOS rescue takeover, are demand- Regulators swear that if HBOS failed
any further enforcement action against watchdog published its first and only How detailed is it? The main report has forwarded the file to the Procurator Fis- ing answers via a £400m lawsuit. today, the repercussions would be very
executives.” enforcement action against Peter 405 pages and the Green chapter 144. cal Service in Scotland, whose case is “The report . . . supports our view different. The new senior managers
Although regulators passed yester- Cummings, an HBOS executive. How much has it cost? About £7m in still ongoing. that Lloyds TSB’s shareholders paid to regime spells out directors’ responsibili-
day’s report to the Department of Busi- Why has it taken so long? There have total. Mr Green’s fees alone came to Even if regulators decide to open new rescue HBOS,” the shareholder group ties, putting them on the hook for far
ness, Innovation and Skills to see if there been at least two rounds of a process £870,000, which equates to roughly investigations, they cannot avail them- said. “We want to understand why the more than rank criminality or gross
are grounds for disqualification of those known as Maxwellisation, under which £2,390 per paragraph. The cost is not selves of new rules that have come into FSA and the government thought it negligence. With luck, blame in any
who hold directorships beyond the those facing criticism in an official borne by the taxpayer; it is paid for out effect since the financial crisis making it proper to encourage this deal”. future bank failure will be properly and
financial sector, the department said the report are sent details in advance and of the regulatory levy on financial firms. easier to pin personal responsibility on Editorial Comment page 10 promptly apportioned.

Stamp duty Regulation

A private bank unlike
any other. Wealthy foreign homebuyers Digital natives too trusting of
shun London after tax rise online ads and information
JUDITH EVANS to 6 per cent in the same period of 2015, HENRY MANCE they need to navigate the online world.”
PROPERTY CORRESPONDENT MEDIA CORRESPONDENT
according to figures compiled exclu- In Ofcom’s research, children were
30 global locations • www.efginternational.com
Asian and Russian homebuyers who sively for the Financial Times by Hamp- Forget their ageist sneering — many shown a list of search results for the
once made up a third of those buying tons, a high-end estate agent. Chinese children know less about the internet term “trainers”, and directed towards
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014)
property in London’s wealthiest areas buyers were down from 9 per cent of the than they think. the top two results — which were in an
FINANCIAL TIMES newspaper in any manner is not permitted without
have largely deserted the market this total to 3 per cent and Russians were orange box with the word “Ad” written
Number One Southwark Bridge, London SE1 9HL the publisher’s prior consent.
‘Financial Times’ and ‘FT’ are registered trade marks year as emerging market currencies down from 7 per cent to 1 per cent. Research has found that a large propor- in it. Only 31 per cent of those aged 12 to
Published by: The Financial Times Limited, of The Financial Times Limited. plunged against sterling. The fall has coincided with a period of tion of British children lack a basic 15 identified the sponsored links as
Number One Southwark Bridge, The Financial Times adheres to a self-regulation turbulence in Chinese equity markets, understanding of how the web works. advertising. Among those aged 8 to 11,
London SE1 9 HL, United Kingdom. regime under the FT Editorial Code of Practice:
Tel: 020 7873 3000; Fax: 020 7407 5700 www.ft.com/editorialcode
Properties in boroughs such as Kensing- which spread to other Asian emerging Only one in three of those aged 12 to 15 the proportion was 16 per cent.
Editor: Lionel Barber ton, where the average home price is markets, prompting falls in the region’s could identify which Google search Children aged 12 to 15 spend nearly
Reprints £1.5m, were a sought-after asset among currencies against sterling. China’s ren- results were adverts, while one in five three hours a day online — half an hour
Subscriptions and Customer service: Are available of any FT article with your company wealthy buyers seeking an investment minbi is down 6.6 per cent since April. said all information returned by search more than they spend watching TV.
Tel 0800 028 1407; [email protected]; logo or contact details inserted if required (minimum
www.ft.com/subscribenow order 100 copies). in a global, politically stable city. In Russia, the war in Ukraine and engines must be true. Nearly one in 10 children named
One-off copyright licences for reproduction of FT But that has changed in 2015, in a shift international sanctions, together with In addition, nearly half did not know YouTube as their preferred source of
Advertising: articles are also available. that estate agents said was partly down lower oil prices, have taken a big toll on that YouTube — dubbed the new chil- “true and accurate” information, more
Tel: 020 7873 4000; [email protected] For both services phone 020 7873 4816, or
Letters to the editor: alternatively, email [email protected]
to turmoil in emerging markets and the country’s economy. The rouble has dren’s TV — is funded by advertising. than double the proportion a year ago.
Fax: 020 7873 5938; [email protected] partly to sweeping changes to stamp shed 25 per cent against sterling since The findings, in a report by communi- The most popular answer remained the
Executive appointments: FT Cityline duty, increasing the rate for those buy- April and is down 53 per cent over the cations watchdog Ofcom, come as regu- BBC, with 52 per cent of responses.
Tel: 020 7873 4909; www.exec-appointments.com For real time share prices call 0905 817 1690 or go to
http://www.ft.com/servicetools/ftmobile/cityline. Calls
ing homes worth more than £937,000 past two years. lators struggle to uphold television rules Some consumer groups have long
Printed by: cost 75p/min. This includes rates of 10 per cent on the Transactions in prime London bor- on advertising in the digital age. worried that the internet allows adver-
St Clements Press (1988) Ltd, London, Newsprinters portion of the sale price above £925,000 oughs were down 19 per cent in the first “The internet allows children to learn, tisers greater access to children, com-
(Knowsley) Limited, Merseyside, Newsprinters Newspapers support recycling and 12 per cent on the part above £1.5m. three-quarters of 2015 against a year discover different points of view and pared with the more regulated world of
(Eurocentral) Glasgow, and Smurfit Kappa News The recycled paper content of UK newspapers in
Press Ld, Kells, Ireland 2014 was 78.5% Asians made up 26 per cent of those earlier, according to LonRes research. stay connected with friends and family,” television. Parents are now more likely
buying homes in areas such as Kensing- UK nationals made up 42 per cent of said James Thickett, Ofcom’s research to be concerned about companies col-
©Copyright The Financial Times Limited 2015. All ton, Chelsea and Belgravia in the first buyers this year, against 36 per cent last director. “But these digital natives still lecting children’s personal data than
rights reserved. Reproduction of the contents of this
three-quarters of last year, but that fell year, Hamptons said. need help to develop the know-how about the influence of computer games.
Friday 20 November 2015 ★ FINANCIAL TIMES 3

NATIONAL

Northern Ireland Brexit. Vote Leave

Robinson to quit Self-made billionaire returns to political fray

as first minister On the EU vote
‘I think this will be the
Scottish referendum

and party leader times 10’

On Out group’s chances
‘I’ve bet £1m, although I’ll
Arlene Foster and MP bombast of Paisley — the details man,” never get it back. If I were a
said Jon Tonge, professor of politics at
Nigel Dodds seen as main the University of Liverpool who has politician, I’d hang on to
contenders for positions studied the DUP closely. my hat’
Mr Robinson’s main achievement has
VINCENT BOLAND — DUBLIN been to keep Northern Ireland’s
devolved institutions from falling apart. On campaign backers
Peter Robinson, Northern Ireland’s first To achieve that he forged a pragmatic
minister and the dominant Unionist working relationship between hardline ‘Of course we are talking to
voice for most of the past decade, has unionists and the equally hardline hedge funds but . . . we
announced he will retire from public life nationalists of Sinn Féin, the former
in a few weeks, kicking off a contest for political wing of the IRA. will not be dominated
the leadership of Ulster Unionism. Despite their political differences, Mr by the hedge fund
Mr Robinson said yesterday that he Robinson and Sinn Féin’s Martin
would step down as both first minister McGuinness, the deputy first minister community. This is not a
and leader of the Democratic Unionist and one-time IRA gunman, hammered big ticket campaign’
party, confirming speculation that had out this week’s agreement to end the
been circulating for weeks. “I have told deadlock over political, security and
the party officers that I don’t intend to financial reform that has crippled Peter Cruddas, right, co-treasurer of
fight the next assembly election,” which Northern Ireland for months. Vote Leave, talks to Matthew Elliott,
is due next May, he said. Charlie Flanagan, the Irish foreign chief executive — Rosie Hallam
His announcement will spark an minister who helped to broker that
intense leadership contest to succeed agreement, tweeted: “Peter Robinson
him as leader of the DUP, the largest was a straight talker. The more I knew public eye as co-treasurer of the Vote Does the City entrepreneur feel any City millionaires angered by regulation
party in the devolved administration in him the more I liked him.” Peter Cruddas was shunned Leave campaign for British EU exit, with schadenfreude about funding the other from Brussels.
Northern Ireland. In an interview with the Belfast Tele- by his party but is feeling no a promise to donate £1m towards the side of the campaign? “Not really,” he There will also be fundraising on the
Mr Robinson, 66, has been in hospital graph yesterday, Mr Robinson insisted cause: and he seems relaxed about re- says. “I think it was a difficult situation, I Vote Leave website for “thousands of
twice in recent months for treatment of health was not a factor in his decision. bitterness in his new role entering the political world. don’t feel bitter towards the Conserva- small donors” giving any kind of sum.
a heart problem. He has also been Instead, he indicated that he thought he Speaking at the group’s campaign tive party. They got it wrong in their “We’re not just a London-centric cam-
engulfed in a scandal sparked by the had been in his demanding roles for long JIM PICKARD
offices in Westminster Tower, an office handling of me, but it doesn’t matter.” paign; we are building a network in the
£1.2bn sale of a Northern Ireland prop- enough and he wished to relax more. CHIEF POLITICAL CORRESPONDENT block on the south of the Thames with Most of the big names to reveal their north and north-east,” he says. “Of
erty portfolio to a US private equity The contest to succeed Mr Robinson is views of parliament, he insists that views so far have been City financiers. course, we are talking to hedge funds
fund. The sale has been tainted by alle- likely to begin in earnest this weekend Three years ago Peter Cruddas was there are no hard feelings with the Tory Last week saw two hedge fund execu- but . . . we will not be dominated by the
gations that a £7m “fixer’s fee” was set when the DUP holds its annual confer- making the headlines but not in a good party: “We’ve all moved on,” he says. tives emerge as big donors to the In cam- hedge fund community. This is not a big
aside to pay senior political and busi- ence. It is seen as a choice between way. He is still a Conservative and donated paign: David Harding of Winton Capital ticket campaign.”
ness figures in Belfast. He has denied Arlene Foster, the most senior woman in The self-made billionaire — give or to a handful of MPs before the election. Management and John Armitage of The tycoon argues that Britain can
any links to that alleged payment. the almost entirely male ranks of the take a few millions — had been accused More recently he bought a table at Sep- Egerton Capital. survive outside an EU that is simply not
A central figure in unionism for 40 DUP, and Nigel Dodds, the MP for North by the Sunday Times of offering access tember’s Carlton Club dinner. Matthew Elliott, chief executive of working. “Youth unemployment across
years, Mr Robinson laboured for much Belfast and the party’s deputy leader. to David Cameron in return for cash “The prime minister came up, said it Vote Leave — talking alongside Mr the eurozone is above 40 per cent. Most
of that time in the shadow of Ian Paisley, The successor will be selected by DUP donations. The City financier quit as was good to see me again, said it was Cruddas — concedes that big corporate eurozone countries have massive debts.
the charismatic preacher who led the members of the Northern Ireland Conservative treasurer that day and was good to see me back in the fold,” he says. names are unlikely to campaign in the There’s all sorts of problems with the
party from street militancy into power- assembly and its Westminster MPs. The subsequently shunned by the party: But relations are likely to become referendum in the way that they had Schengen agreement,” he says.
sharing with Irish republicans. speculation is that the roles of party “excommunicated”, in his words. awkward once again if, as expected, Mr done in 1975, when groups such as BP, The group is competing for funding
He came to dominate the Northern leader and first minister will be split, Yet he went on to sue the newspaper Cameron ends up on the In side of the Shell, J Sainsbury and the London Stock and for official Out status — decided by
Ireland political landscape only after with Mr Dodds assuming the former for libel successfully, although the Court EU referendum. The prime minister’s Exchange funded the In camp. the Electoral Commission — with a rival
becoming DUP leader and first minister and Ms Foster becoming Northern Ire- of Appeal later reduced the award. position is likely to be untenable if the Yet Mr Cruddas denies the referen- group: Leave.EU, which has aligned
in 2008. “He was the brains behind the land’s first woman leader. Now the 62-year-old is back in the public votes for Brexit. dum will be funded almost entirely by itself with the UK Independence party.
4 ★ FINANCIAL TIMES Friday 20 November 2015

NATIONAL

Military spending

Global threats raise stakes for defence review

threat of Islamist militants Isis and Mr Cameron will trumpet the 2015 Downing Street has made clear to levels, any efficiencies will have to come strike aircraft to be launched from the
Tricky balance as PM growing cyber insecurity will dominate defence review as evidence that his gov- defence chiefs that while they are pro- from a combination of savings from the navy’s two new carriers); the existing
seeks to protect nation decision-making. ernment can maintain national security tecting the overall defence budget, they existing equipment plan, and a squeeze numbers of Typhoon jets; a new mari-
Perhaps more than at any time since — meeting Nato’s target of spending 2 will not leave existing spending plans on the services’ wage bill. time patrol capability; and a future
while cutting deficit the fall of the Berlin Wall, the security of per cent of gross domestic product on unchanged. Military salaries, the forces have said, unmanned strike aircraft.
the UK’s citizens is at risk, Whitehall’s defence — while cutting the deficit. will be fixed at a 1 per cent annual Bolstering Typhoon capability would
SAM JONES defence mandarins warn. Intelligence and military agility will increase. Many support jobs may be deliver on the urgent need for greater
DEFENCE AND SECURITY EDITOR
Those close to Downing Street say Mr dominate the UK response to emerging ‘We are aiming to keep outsourced. In the equipment budget, operational capabilities in the air in the
David Cameron will on Monday set out
what security chiefs believe is the most
Cameron still regrets the hasty defence
review of 2010, which whipped the Min-
global threats.
Mr Cameron has already promised
our options open in this the key will be to “strike a balance with-
out losing capability”, says one senior
Middle East and the Baltic.
The pay-off could be no new commit-
important statement on Britain’s istry of Defence’s chaotic budget into both £1.9bn of extra funding over five SDSR, not narrow them, naval officer. ment to buying more expensive F-35s. A
defence strategy since the cold war.
Back then the threat was monolithic;
order but saw huge reductions in mili-
tary strength and the outright scrapping
years for the Single Intelligence Account
— from which the spy agencies GCHQ,
as we did in the last’ The Type-26 frigates due to be built in
the coming years — and already
future unmanned strike aircraft deci-
sion is probably crucial, if only to main-
now it is diffuse and dynamic. of some capabilities, such as maritime MI5 and MI6 are funded — as well as “There won’t be as many tough deci- expected to cost significantly more than tain industrial capabilities and set the
The Paris terrorist attacks last week surveillance. £2bn for the military to spend on special sions as there were before, but they are planned — are likely to be a target for ball rolling on research and develop-
have raised the stakes for the five-year “This time around we’re at least going forces and aircraft. still going to have to look at significant savings and could be delayed by one or ment, but no funding decisions will be
Strategic Defence and Security Review, to see some strategy”, says the UK chief That will translate readily into more savings to fund some of the new capabil- two years. taken until at least the next review.
with the prime minister determined not executive of one of the world’s largest cyber weapons for GCHQ and more for- ities” says Malcolm Chalmers, director Even the RAF, which is central to Mr “We are aiming to keep our options
to repeat some of the mistakes of the last defence companies. “The last SDSR eign agents for MI6. But for the MoD, of UK defence policy at the think-tank Cameron’s vision of a more agile mili- open in this SDSR,” says one MoD
exercise in 2010. started and finished with a budget. The notwithstanding headline announce- Rusi. tary, will have to consider its options. defence procurement official, “not nar-
In this defence review, Russia’s revan- government and industry are still living ments of more funding, a tricky balance With the government committed to Four air programmes are key: the row them, as we did in the last.”
chism, turmoil in the Middle East, the with the consequences.” will still need to be struck. maintaining troop numbers at current number of new F-35s (the US-built Paris terror pages 6 & 7

Procurement. Private sector

Industry hopes for boost as security priorities change

Selected defence equipment cuts unmanned combat aircraft. The most
Defence companies seek clear % change, 2010-15 likely option for increasing Britain’s air
‘direction of travel’ setting out power in the short term, according to
Howard Wheeldon, defence expert, is to
where groups need to invest extend the lives of older fighter jets,
such as the Tornado, and current gener-
ation Typhoons. The Tornado, which
PEGGY HOLLINGER — INDUSTRY EDITOR
entered service in 1980 and is still being
One of the key questions to be answered used in Iraq, could be kept flying until
in Monday’s Strategic Defence and Secu- 2021 or longer, and the Typhoon’s life
rity Review is what new priorities for stretched from 2030 to 2040.
safeguarding the nation will mean for This is good news for big groups such
Britain’s £30bn-a-year industry. as BAE and Rolls-Royce and spare parts
The question has paralysed execu- suppliers such as Meggitt. Life exten-
tives for the past six months, with many sions will not mean more aircraft pro-
unwilling to give the go-ahead to certain duction, but there will be more mainte-
investments without knowing where nance work to keep the older jets flying.
they might have to put money in future. -17% -17% -19% -19% -21% Mr Wheeldon suggests that roughly
Meanwhile the defence sector is -25% 50 per cent of BAE’s estimated £2.7bn
under pressure. Though military budg- -33% revenues on the Typhoon programme
ets in the west are finally beginning to -39% -39% -41% already comes from maintaining the
rise again, UK companies have suffered aircraft. In addition, the longer the
in recent weeks. Rolls-Royce, BAE Sys- Typhoon’s life, the greater the chance of
tems, Meggitt, Cobham and Chemring upgrades to its capabilities.
have all delivered downbeat outlooks in There will be a continued strong com-
the run-up to the SDSR. mitment to renewing the Trident
While these warnings have had little nuclear deterrent, crucial to Scottish
or nothing to do with British defence -100% shipyards and to BAE. The bigger ques-
spending, the domestic industry’s tion hangs over the development of next
robustness should count when setting Submarines Destroyers/ Infantry Transport Attack/ Fighter/ Aircraft Tanker and Howitzers Main Maritime generation battle ships such as the
frigates fighting helicopters anti- ground attack carriers/ transport and battle patrol
out defence and security priorities, says vehicles/ submarine aircraft amphibious aircraft multiple tanks aircraft Type-26. This will be a costly pro-
John Louth, senior research fellow at personnel helicopters ships rocket gramme. One senior naval officer
Rusi, the military think-tank. “Half of carriers launchers recently suggested to an audience at the
the spending falls automatically into the FT graphic Source: The International Institute for Strategic Studies DSEI arms fair in London that it could
private sector,” he says. “It is really run to as much as £12bn for 13 frigates,
important to remember that . . . the though the official estimate has not
health of those businesses is crucial to Off target been published.
our national imperative.” The government has already indi-
Industry is confident the recent cated its support for the programme by
emphasis by ministers and military on system. The answer is both the nuclear warheads and missiles is due authorising BAE Systems to buy compo-
“the prosperity agenda” means its con- exorbitant cost of developing to enter service from 2028. But the nents with long lead times for the first
tribution to the economy will be more unmanned systems and a failure to chances of slippage for a wholly new ships. But it has not yet given the official
obviously taken into account when recognise the important role that they design could be high. Already there go-ahead for production nor confirmed
deciding what ranks as value for money would come to play. “We failed are reports of official frustration over how many it might want. Yet, whether
in purchasing decisions. because we lacked a strategy,” says slow progress made on infrastructure, the government opts for the originally
ADS, the industry lobby group, says Howard Wheeldon, defence expert. testing and skills requirements in the planned 13 frigates is less important to
the defence and security sectors “Our competitors have stolen a march.” £3.3bn assessment phase. “This is one industry than securing the decision to
account for 215,000 direct jobs, includ- The UK now buys its military drones of the most complex engineering produce, which is seen as crucial to pre-
ing 6,500 apprentices, and a further from the US and Israel. However, in challenges anyone has ever serving shipbuilding skills in the UK
150,000 indirect jobs, to generate reve- 2005, the decision was taken to undertaken,” said one industry source. once current shipbuilding programmes
nues of £30bn a year. support development of an The Strategic Defence and Security end. “The continuous drumbeat of
“Industry is much better placed than intelligence drone known as Review is expected to confirm the activity without any breaks is more
in 2010,” said one defence executive. Watchkeeper. Due to be fully government’s commitment to building important,” says one insider.
Still, few know precisely what will be Drones operational in 2017, the programme is Trident at least four 16,000 tonne boats to Finally, Rolls-Royce and BAE may not
in the review, apart from a few pre-an- Lack of strategy blamed years late and millions over budget. Companies warned carry the missiles. But industry is still be contenders for submarine-hunting
nouncements. This includes the govern- Monday’s Strategic Defence and waiting for the final vote in parliament aircraft to protect nuclear subs and car-
ment’s decision to double the fleet of as rivals ‘steal a march’ Security Review should provide some
against cost overrun to press ahead, expected next year. riers. But they and the defence industry
armed drones from the current 10. But clarity on how remotely piloted air This could be more difficult now supply chain have an interest in any
this will bring little benefit to UK indus- David Cameron last month pledged to systems will fit into future military BAE Systems, Rolls-Royce and than a year ago, with Labour’s new opportunities that may arise from a
try as the solution is likely to be a succes- double the number of killer drones plans. The Ministry of Defence is also Babcock have been put on watch. The leader Jeremy Corbyn, and the stated commitment to replace the Nim-
sor to the current US-made Reaper available to the military from the considering whether a remotely biggest companies involved in the Scottish National party committed to rod maritime programme that was can-
drones — known as Protector, a name existing fleet of 10. But UK industry piloted aircraft could fulfil its maritime renewal of Britain’s nuclear deterrent unilateral nuclear disarmament. The celled amid much controversy in 2010.
devised to promote public acceptance, will not reap the benefit of that surveillance needs. Further ahead, have been warned by Michael Fallon, government will be keen to see a vote Few industry executives expect a
according to one defence official. investment. The new Protector Britain and France are funding a joint defence minister, not to allow costs on sooner rather than later, given the detailed list of programmes to come out
More attention will be paid to how the system, like the Reapers currently in study into the feasibility of an the estimated £23bn project to Scottish parliament elections next of the SDSR. What industry expects is “a
government intends to meet its promise service, will be made in the US, raising unmanned combat aircraft as a overrun or the timetable to slip. May. “They do not want the election to clear direction of travel”, setting out
to increase the number of fighter jets in the question of why Britain has never possible replacement for Typhoon The successor to the Royal Navy’s be a vote on Trident,” the person said. where it will have to invest if it is to meet
service and on its commitment to the developed its own armed unmanned from 2030. Vanguard class submarine carrying Peggy Hollinger Britain’s defence and security needs,
next generation of manned and says Paul Everitt, ADS chief executive.

Labour leadership Official trips

McDonnell caught up in letter row over M15 Cameron’s tanker jet fuels jumbo cost concern
JIM PICKARD shoot terrorists on sight, only to drop seen this letter and certainly never JIM PICKARD, MARK ODELL curement decisions taken by this Street no longer having to charter pri-
CHIEF POLITICAL CORRESPONDENT AND GEORGE PARKER
that position after criticism from within signed it,” he said at the time. Labour government”. vate flights for prime ministerial visits.
John McDonnell, the shadow chancel- his own party. “He doesn’t support such views, and The prime ministerial aircraft that Those comments came after a damn- But with the upfront cost of £10m for
lor, has been pictured holding a letter Fresh news that Mr McDonnell, a only this week John offered his support David Cameron plans to use on official ing report by the National Audit Office the refurbishment, any savings will not
calling for the scrapping of MI5, the close ally of Mr Corbyn, was only to the government to further fund the trips is the product of a much-maligned found the complex procurement of the be recouped until 2028, seven years
intelligence service, and for police to months ago calling for the police to be security services and police.” private finance initiative — pushed by Voyager tankers was not value for before the end date of the PFI.
give up their weapons — just hours disarmed will amplify questions about That position unravelled yesterday the last Labour government as a cost- money. The Royal Air Force said the £10m
after his spokesman denied that he had the Labour leadership and its approach morning when a photograph emerged of saving measure — that will cost the tax- Downing Street’s decision to proceed would be spent on putting in 10 first and
signed it. to national security. the MP grinning and clutching the letter. payer £12.3bn over its lifetime. with the £10m plan to refit one of the 48 business class seats and reducing the
The shadow chancellor had signed the Mr McDonnell was under growing tankers came just days before the gov- total number from 291 to 160 seats.
The disclosure, first reported by the Sun letter released in April by The Socialist pressure to clarify whether he had Senior Conservatives had already ernment announces billions of pounds Details of the project will be
newspaper, comes at an acutely difficult Network as part of a “Socialist Cam- authorised the original response reject- slammed the decision to lease a core of spending cuts. announced on Monday as part of the
time for the Labour party after its paign For a Labour Victory” before ing the claims. A spokesperson for Mr fleet of nine militarised Airbus A330 The government said the plan was government’s Strategic Defence and
leader, Jeremy Corbyn, came under fire May’s general election, the Sun McDonnell said: “John posed in good passenger jets as military refuelling compatible with its austerity drive Security Review.
from his own MPs over his pacifist out- reported. But his spokesman told the faith to stand with a copy of what he tankers. Liam Fox, the former defence because it would ultimately save Mr Cameron had promised five years
look after the Paris attacks. newspaper on Wednesday that the MP thought were the principles he signed secretary, speaking when he was in £735,000 a year for taxpayers and the ago to cut his travel costs by a quarter,
Mr Corbyn started the week saying he had never heard of the group. up to and not the demands which he had opposition in 2010, described the con- aircraft could continue in its tanker role. said Louise Haigh, shadow Cabinet
opposed the idea of police being able to “This is the first time John has ever never seen before yesterday.” tract as “one of the most absurd pro- Those savings come from Downing Office minister.
Friday 20 November 2015 ★ FINANCIAL TIMES 5

INTERNATIONAL

Election. Momentum shift Cracking the whip:

Fear campaign
an area with nearly
200,000 cattle is to
stay in Australian
hands Quinn Rooney/Getty

falters as
Argentines look
for change
but it put him within spitting distance.
Mauricio Macri is leading early Crucially, Mr Macri also had voter
favourite Daniel Scioli in polls momentum behind him.
In addition, the government suffered Australia has blocked Chinese bidders’ highlights the balancing act between federal treasurer Scott Morrison
as voters adjust to end of boom an unprecedented defeat in Buenos
Aires province, Argentina’s largest. Tra-
Land block efforts to buy a A$350m ($250m)
swath of Australian farmland three-
the benefits of inward investment and
concerns over foreign ownership.
said the acquisition of the cattle
station by foreign investors “would
BENEDICT MANDER — BUENOS AIRES ditionally a stronghold of the ruling Per-
onist party, Mr Scioli had ruled it for the Australia bars quarters of the size of England,
complete with nearly 200,000 cattle,
Chinese bidders led the pack to buy
S Kidman & Co, a family-owned
be contrary to the national interest”,
largely owing to proximity to a
Fear, it transpires, is not a winning elec-
toral strategy in Argentina.
A month ago, Daniel Scioli looked to
past eight years, The seat instead went
to the fresh-faced María Eugenia Vidal,
formerly Mr Macri’s deputy mayor.
sale to Chinese on the grounds of national interest.
The move, a blow to China’s
voracious appetite for agricultural and
operation that controls pastoral leases
across 101,411 sq km in the outback
and owns roughly 185,000 head of
weapons-testing site. All bidders
subsequently withdrew their offers.
The door is now open for a
be a shoo-in as next president of Latin It is not just the public that is clamour- food assets, is the first such ruling cattle. But yesterday, following a possible partial sale that does not
America’s third-largest economy. As the ing for change in a country whose stag- under the new government of Prime recommendation from Australia’s breach the national interest.
chosen successor of Argentina’s fiery nating and investment-starved econ- Minister Malcolm Turnbull and Foreign Investment Review Board, Peter Wells
leader, Cristina Fernández, he promised omy is struggling with a widening fiscal
Argentines continuity, albeit a more deficit, double-digit inflation, an over-
moderate version of her populist, free- valued currency and an acute shortage
spending and nationalist policies. of dollars. Businesses want change, too.
This Sunday’s presidential election Early signs that foreign investment is
was his to lose. Especially, it seemed, as flowing back into an Argentina on the
he could paint his centre-right oppo- verge of change include a $16bn nuclear
nent, Mauricio Macri, as a bloodless deal with China signed last week, while
“neoliberal” who would wreak untold US businesses have been eagerly send-
economic pain on his countrymen. ing teams to Buenos Aires to scope out
“His ideas, decisions and proposals opportunities.
are a danger for the whole of our soci- Financial investors are also hugely
ety,” Mr Scioli inveighed during Argen- expectant. Argentine equities and
tina’s first-ever presidential debate last bonds have rallied for the past month as
Sunday. Mr Macri’s promises of change investors have bet that Mr Macri, a
are a “great lie”, he added. former president of Boca Juniors, one of
Argentina’s most popular football clubs,
will introduce much-needed economic
Turnround: reforms and strengthen the country’s
centre-right
candidate Mauricio degraded institutions.
Macri has a “I have never seen such demand for
9-point lead, says an Argentine economist,” said Andrés
pollster Elypsis Borenstein, BTG Pactual’s chief econo-
mist in Argentina. “If Macri wins, there
Yet now, on the eve of the vote and is going to be a rally. There is a part of the
with the economy in the doldrums, it is Macri dividend that is not yet priced in,”
Mr Macri, the “turnaround candidate” he said, estimating that investors are
and pro-business mayor of Buenos assuming a 60 to 80 per cent probability
Aires, who is leading the polls — and that Mr Macri will win.
with a 9-point lead, according to Elypsis, There will be a difficult start for who-
a reputed local pollster. ever triumphs. The dire economic leg-
The shift is a striking illustration of acy left by Ms Fernández requires
how many countries in the region, such urgent attention. The most immediate
as Brazil and Venezuela, are also adjust- problems are an acute shortage of for-
ing to the end of a decade-long economic eign exchange reserves and an overval-
boom and how voters are rejecting the ued currency.
governments and charismatic leaders Mr Macri told the Financial Times in a
that presided over them. recent interview that he would lift strict
Mr Scioli’s fear campaign was a “mis- capital controls implemented four years
take”, said Juan Germano, director of ago on “day one” of his presidency,
Isonomia, another local pollster. “Scioli which will lead to a significant devalua-
failed to understand what Argentines tion from Argentina’s official exchange
want”, especially after 12 “very intense” rate and could stoke inflation already
years of being ruled by the imperious running at around 20 per cent.
Ms Fernández and Néstor Kirchner, her There are also high hopes that the
late husband. “The desire for a change next government will swiftly settle a
among Argentines is pretty clear.” marathon legal dispute with a group of
That became obvious on October 25, “holdout” hedge funds that has blocked
when Mr Macri won 34 per cent of the Argentina’s access to international capi-
vote in the first round. It was not enough tal markets since it defaulted on $100bn
to beat Mr Scioli, who won 37 per cent, of debt in 2001.

Fiscal woes

Brazilian inflation surge adds

to economic and political crisis
JONATHAN WHEATLEY ing countries such as Greece, the cost of
servicing Brazil’s debt, at about 20 per
Brazilian inflation has risen to its high-
cent a year, is astronomical.
est level in 12 years, adding to negative
“Public debt to GDP is rising by 9 or 10
data and underlining the mounting
percentage points of GDP a year,” said
challenges that face the government as
Maarten-Jan Bakkum, senior emerging
it struggles to steer the country
markets strategist at NN Investment
through a deepening economic and
Partners. “That’s explosive. The cost is
political crisis.
getting higher quickly. At some point
Inflation in the year to November 15 was the market will stop believing that pub-
10.28 per cent according to the IBGE, lic debt is sustainable.”
Brazil’s statistics office. Yet in spite of There have already been jitters. In
rapidly rising prices, the economy is set September the national treasury can-
to contract by more than 3 per cent this celled three bond auctions after inves-
year, according to a weekly central bank tors backed away.
survey of market economists. “Markets are certainly apprehensive,”
“This is more than stagflation,” said said Mr Ramos. “It is imperative that the
Alberto Ramos, head of Latin American government changes its fiscal position.”
research at Goldman Sachs. “This is a Failure to do so could prompt inves-
nasty recession accompanied by accel- tors to take their money out of the coun-
erating inflation.” try. Evidence of this has already begun
The government’s main problem is to emerge. Foreign investors attracted
fiscal. It promised a primary budget sur- to Brazil by its very high interest rates —
plus this year (before interest pay- the central bank’s overnight rate is 14.25
ments) equal to 1.2 per cent of gross per cent — have increasingly taken to
domestic product. Instead, it is on track hedging their foreign exchange expo-
to deliver a primary deficit of 2 per cent sure but this means they give away a
of GDP. Its total deficit, including inter- large part of their earnings. It also adds
est, is likely to be 9 or 10 per cent of GDP, to pressure on the currency.
Mr Ramos said. The IBGE also reported yesterday that
With government spending out of unemployment had risen to 7.9 per cent
control — and with more than 90 per in October, further undermining the
cent of public spending mandated by government’s rock-bottom popularity.
Brazil’s constitution — the public Brazil’s deepening crisis has been
accounts have sunk deep into the red. helped along by political paralysis, a
Government debt, internal and exter- result of a far-reaching corruption scan-
nal, is equal to 66 per cent of GDP and dal and a failure by the government of
rising. President Dilma Rousseff to manage a
While that is less than in other falter- fragmented Congress.
6 ★ FINANCIAL TIMES Friday 20 November 2015

PARIS TERROR

Migration

Brussels struggles to strike Turkey deal on refugees

Erdogan negotiations with Jean-Claude Juncker and Donald Tusk, cial briefed on the meeting, Mr Erdogan 29. Mr Juncker said the discussions with some member states are desperate for already dealing with a high rate of
the respective presidents of the Euro- at one point referred to Mr Juncker as Mr Timmermans showed the will on assistance with the crisis and have little unemployment and is in the middle of
EU turn ‘sour’ as Ankara pean Commission and Council, pressed the former premier of Luxembourg, “a “both sides to get closer together”. The leverage. “They are trying to exploit this increasing the minimum wage.
presses for aid package him for a detailed timetable for meas- country the size of a Turkish city”. Yes- talks helped to steady the situation but situation in a way that some countries The Turkish Coast Guard and local
ures intended to discourage migrants in terday Mr Juncker described the meet- diplomats worry that difficulties with find unacceptable,” he said officials bordering the Aegean Sea —
ALEX BARKER — BRUSSELS Turkey from continuing their journey ing as “sportive and exhausting”. Mr Erdogan may jeopardise the sign-off. There are an estimated 2.5m Syrians from where as many as 5,000 people
MEHUL SRIVASTAVA — ISTANBUL to Europe. These include tightening Senior German and other EU officials already in Turkey, along with well-es- make the daily perilous crossing to
border controls and awarding work are convinced Mr Erdogan has the tablished and lucrative smuggling Greek islands like Lesbos — are already
A flagship EU-Turkey plan to stem the rights to 2m Syrian refugees. power to dramatically cut the outflow
‘[Turkey] are trying to routes. Turkish authorities would have overwhelmed by the task of saving lives,
migrant flow to Europe is floundering as One senior official familiar with the from Turkey and want to see tangible exploit this situation in a to launch a massive effort to cut off the dismantling organised gangs that facili-
Ankara piles pressure on the EU to discussion said the meeting turned results by the end of the year. But it eastern Mediterranean route that many tate the smuggling and housing those
deliver on a multibillion-euro aid pack- “sour” as Mr Erdogan demanded remains unclear how much Turkey can
way that some countries have followed to Europe. who are detained while trying to cross.
age and other elements of the bargain. Europe move first on its pledges. actually do to make that happen, even if find unacceptable’ It would likely require increased Metin Corbatir, of the Research
The challenge of completing the deal, Ankara is seeking €3bn in support, reg- it reaches an agreement with the EU. policing, greater co-operation with the Center on Asylum and Migration in An-
hammered out through more than a ular Turkey-EU summits and a clear Frans Timmermans, the commis- “We don’t want a summit for the sake of EU and changes to refugee policy to con- kara, said: “As you take more preven-
month of negotiations, was underlined political path to open several chapters in sion’s vice-president, went to Ankara a summit,” said one Turkish official. vince refugees they might have better tive measures, people put themselves at
during a difficult meeting on Monday stalled EU membership talks. There was yesterday to meet Feridun Sinirlioglu, “We have to see they are serious.” opportunities for work and assimilation greater risk. Even if you buy 10 or more
between senior EU officials and Turkish also disagreement as to whether the Turkey’s foreign minister, to rescue the A senior European diplomat said the in Turkey than in Germany or Scandi- coastguard ships, the demand is so huge
president Recep Tayyip Erdogan. EU’s planned financial assistance pack- potential deal. It was supposed to have “tough exchange of views” underlined navia. One of the key EU suggestions and for them it’s a life or death issue.”
According to several people familiar age covers one or two years of aid. been fleshed out and formally signed off how difficult it was to negotiate with includes the issuance of work permits FT Big Read page 9
with the talks, Mr Erdogan baulked as According to another European offi- at an EU-Turkey summit on November Turkey — particularly at a time when for Syrian refugees in Turkey, which is Philip Stephens page 11

Intelligence agencies
Abaaoud Speedy evolution
Ability to track Isis comes in for big rethink from thief to leading jihadi
ANNE-SYLVAINE CHASSANY — PARIS
SAM JONES — LONDON SAM JONES — LONDON standing interview he gave in Dabiq,
Western intelligence agencies were Isis’s glossy propaganda sheet, in Febru-
forced to rethink their operations and The transformation of Abdelhamid ary.
reassess their ability to track Isis yes- Abaaoud — the Isis figure at the centre of It positioned him as one of a number
terday as French officials confirmed the Paris attacks — from suburban thief of charismatic young men Isis’s central
the organiser of Friday’s Paris attacks to mass murderer in just two years epit- leadership in Raqqa had at its disposal
had been operating under their noses. omises the new face of jihadi terror. with which it could connect to networks
Abaaoud, who was killed by French in Europe.
Abdelhamid Abaaoud, the 27-year-old police on Wednesday afternoon, has As a result he was designated a high
Belgian jihadi said to have plotted the been a marked man for months. But priority target by the anti-Isis coalition.
attacks in the French capital last week — after the massacre in the French capital His plotting, said one senior French offi-
and previously thought to be operating on Friday, perpetrated by Isis gunmen cial, was one of the reasons why Presi-
from Isis territories in Syria — died dur- and bombers under his guidance, track- dent François Hollande began air
ing a seven-hour siege in Saint-Denis on ing down the 27-year-old became the strikes in Syria last month.
Wednesday, authorities said. top priority of every counterterrorism Abaaoud’s swift transformation to
“If Abaaoud has been able to travel agency in Europe. jihadi figurehead illustrates how Isis has
from Syria to France . . . there are fail- On Monday it emerged that Abaaoud completely changed the way intelli-
ings in the whole European system,” was already working with another cell in gence agencies need to address the
said Laurent Fabius, foreign minister. Paris to launch an imminent attack on Islamist terror threat, according to one
A senior European intelligence offi- Charles de Gaulle airport. senior British security official.
cial said the attacks had raised a host In the small hours of Wednesday “The flash-to-bang is now so much
of serious questions for him and his morning, more than 110 police stormed quicker,” he said, referring to the period
colleagues at other agencies. the building occupied by the jihadi, between a threat emerging and then
Among the issues they say are respon- prompting a seven-hour stand off where crystallising into a concrete attack.
5,000 rounds were fired before Abaaoud It took al-Qaeda more than a decade
was eventually killed. It took 24 hours to build upon the foreign fighter net-
for forensic specialists to formally iden- works that grew out of the last big jihadi
tify his remains. conflict in Afghanistan in the 1980s, the
Abaaoud was more puppet master
than master mind — a distinction that
has worrying implications for counter
‘He’s offering people
terrorism work. His rapid radicalisa- a new life — a life that
tion, his youth, his digital savvy, his con-
nections and his viciousness represents
can either be in the
everything that intelligence agencies caliphate or in paradise’
worry about when it comes to Isis’s
reach and powers. official noted. “Isis is doing it in
Louis Caprioli, a former French intel- months,” he said.
ligence counter-terrorism chief and Experts say figures like Abaaoud are
expert on Islamist networks, points out the counterpoint to al-Qaeda’s Khaled
that until just last year Abaaoud Sheikh Mohammed — an operational
appeared to be a minor figure. veteran and strategic mastermind — in
sible for the lack of intelligence on the But his links to at least three other the new order of global jihad.
complex attack, in which eight jihadis attacks — including the attempt to gun “Khaled Sheikh Mohammed was a
killed 129 people across Paris, is the use down passengers on a Thalys train in very skilful plotter. A manipulator with
of encrypted communications and August and the aborted raids on two huge ambition, ability and determina-
“extremely diligent” operational secu- churches in the French town of Villejuif tion,” said Richard Barrett, former head
rity measures between Abaaoud and in April — show that his influence had of counter terrorism operations at MI6
others in the terror cell responsible. dramatically, and rapidly grown. and now consultant at the Soufan
“Finding Abaaoud in France and not “It seems that Abaaoud has had con- Group.
in Syria means that all our European tacts with each of those who tried the “Whereas Abaaoud is something
system of alerts have failed completely,” attacks,” Mr Caprioli said. “Is he simply quite different. He’s motivated, and is
Jean-Charles Brisard, a consultant on a go-between? We don’t know.” able to motivate people like him, by Isis’
terrorism says. “It’s a huge collective According to two European intelli- vision. Radicalisation isn’t quite the
failure.” gence officials with knowledge of intelli- word for it. He’s offering people a new
Mr Abaaoud was connected with four gence on the jihadi, he had become one life — a track somewhere — a life that
of six attempted Isis attacks in France of a number of crucial, charismatic can either be in the caliphate, or in
since the spring that had occurred “linkmen” between Isis’ operations in Paradise.”
before Friday’s massacres in Paris, Ber- Syria and its pool of would-be recruits The allure of that vision is a powerful
nard Cazeneuve, interior minister, said. People work allowing authorities to track him down lande expanded French air strikes and returnee fighters in Europe. one, as the figures show. At least 1,500
The plots, he added, had identical modus inside the to an apartment in Saint-Denis, a sub- against Isis into the country. But he was far more than a messenger French and more than 500 Belgian citi-
operandi: “Overseas planning of violent damaged urb of the capital. The US Department of Homeland and is referred to by security officials in zens have gone to fight for Isis.
actions perpetrated by jihadis from building where The police operation in Saint-Denis Security warned six months ago that Isis the same breath as Mohammed And it means the availability of other
European countries who have been Abdelhamid resulted in the deaths of at least two had developed sophisticated opera- Emwazi, Reyaad Khan and Junaid Hus- attractive figureheads for Isis to call
trained to handle weapons to carry out Abaaoud, above people — one a female suicide bomber, tional capabilities that made it likely it sain — who also had a kind of celebrity upon in its renewed efforts to perpetrate
attacks.” left, suspected while the other was believed to would perform a large-scale attack on status in the Isis command structure terror against its enemies is only going
French spymasters were unaware mastermind of have been hit by grenade fragments European targets with “small arms” and that they had respect and could foster to grow.
that Abaaoud had returned to Europe the deadly making his mangled body difficult to “improvised explosive devices”. bonds with other like-minded fighters “This is the future,” said Mr Barrett.
until a foreign intelligence service attacks in Paris, identify. The assessment, prepared in May, from similar backgrounds, both directly “There are many other Abdelhamid
tipped them off that the jihadi had died along with Abaaoud had been a big target for went so far as to identify Abaaoud as a and via social media. Abaaouds.”
recently been spotted in Greece. his female French jets in Syria for several weeks. likely ringleader of a future operation. For Abaaoud, who was already a Additional reporting by Michael
Further information was gleaned on cousin His plotting against France was one of Additional reporting by Simon Kuper in leader among his Belgian compatriots, Stothard in Paris and Tom Burgis in
Monday that he could be on French soil, Christophe Ena/AP Photo
the reasons President François Hol- Paris the turning point came with a grand- Brussels

European parliament

French minister tells EU to ‘get a grip’ on security threats facing the Schengen area
ALEX BARKER AND DUNCAN ROBINSON allow EU citizens entering the Schengen discriminate against minorities. meier said of the parliament’s main- the zone to a “mini-Schengen”, which by EU ministers are a relatively surgical
BRUSSELS
area to be systematically registered, a EU officials involved in the negotia- stream centre-left and liberal groups. would reintroduce border checks change, but reopening the code would
France is demanding that Brussels and measure that is not currently allowed. tions said that talks with the parliament “The movements of terrorists have to be around a core of western EU member raise the risk of it spiralling into a more
the European parliament “get a grip” Bernard Cazeneuve, French interior had borne fruit in recent days, with one monitored.” states. fundamental overhaul.
on the security threats facing the bloc minister, hit out at the EU’s lack of official saying they “made us quite con- The calls to tighten Schengen security Thomas de Maiziere, Germany’s inte- At present member states have co-or-
by allowing tighter border checks and action, saying the bloc must “shape up” fident we will reach agreement by the rules come against the backdrop of a rior minister, yesterday dismissed the dinated an approach to “unsystematic”
removing barriers to sharing airline and regroup in the face of an organised end of the year”. more far-reaching debate between Dutch idea. “Our political goal must be checks on EU citizens entering the
passenger data. terror threat following last Friday’s In the wake of the Paris attacks, the member states, as they respond to acute that the Schengen area as a whole func- Schengen area. However, blanket regis-
deadly terrorist attacks in Paris in which issue has become highly politicised in pressures from the migration crisis. tions,” he said. “Everything else would tration of the kind security officials are
EU home affairs ministers meeting in 129 people died. Brussels, with German Christian Demo- In a sign of the drastic measures under just be considerations.” calling for would need amendments to
Brussels today are preparing to reprise a Most politically sensitive is the push crat Monika Hohlmeier, leader of the consideration, the Netherlands has The commission has been loath to dis- the travel-zone’s code. Draft conclu-
series of demands — first made after to conclude the fraught eight-year parliament’s home affairs committee, informally raised the idea of shrinking cuss serious amendments to the code sions for today’s Brussels home affairs
January’s Charlie Hebdo attacks in Paris debate over whether so-called passen- accusing left-leaning parties of “inviting governing the Schengen zone. Dimitris ministers meeting also call for more rig-
— to close alleged loopholes and gaps in ger name record (PNR) data stored dur- terrorists to use loopholes in our safety Inside In-depth Avramopoulos, EU home affairs com- orous use of law enforcement databases,
the passport-free Schengen zone’s secu-
rity arrangements.
This includes calling on the European
ing flight bookings within the EU can be
shared with law enforcement agencies.
It is a touchstone issue for liberal MEPs,
and security legislation in order to per-
petrate other terror attacks”.
“For them there is no lesson to be
Isis
Inc.
How jihadis force
their enemies to
buy their oil
missioner, said on Wednesday that
Schengen is “not the problem” if its tools
for security were put to full use.
better intelligence sharing, and call for
the creation of specific mechanisms to
track the movements of foreign fighters
Commission to propose rule changes to who fear the system could be misused to drawn from the Paris attacks,” Ms Hohl- ft.com/isisinc The reforms of border rules backed returning from Syria.
Friday 20 November 2015 ★ FINANCIAL TIMES 7

PARIS TERROR

Good-natured bus driver GLOBAL INSIGHT

MOSCOW

Kathrin
who chose the road to jihad Hille

Amimour’s story raises troubling idea that nice guys with decent jobs can be terrorists too Delay a key tactic for
Putin in managing
TOM BURGIS — PARIS

Samy Amimour could hardly have

grief over jet bomb
advertised his intentions more clearly if
he had written them on the side of the

W
bus he used to drive through the drab hen buildings around the world lit up in
Paris suburb of Drancy. the tricolour following last Friday’s Paris
First, the friendly if reticent young terror attack, it could just as well have
man departed from his French-Algerian been a tribute to Russia. The country,
parents’ secular ways and embraced a which also boasts a blue, white and red
strict version of Islam. flag, lost 219 of its citizens when a bomb brought down a
Then, according to French prosecu- Russian passenger jet three weeks ago. Just like France,
tors, he hatched a plan to travel to which is in shock over the attacks that killed 129 in Paris,
Yemen. It was foiled by the authorities, Russia is also a victim of Islamist terrorism.
who imposed a control order, requiring But in a departure from the scenes unfolding in France,
him to report to the police each week, the Russian people have largely refrained from asking
only for Mr Amimour to slink off to Syria larger questions about their own tragedy or pressing their
and join the Islamist militants Isis two government for answers. This is not just a matter of Rus-
years ago. sians’ famous stoicism, say political analysts. It is also the
Last Friday, the 28-year-old and two result of a coolly executed communication strategy
fellow jihadis strode into the Bataclan designed to prevent the country’s deadliest air crash from
concert hall in the French capital carry- becoming a political liability for President Vladimir Putin
ing assault rifles. They slaughtered rock and his military campaign in Syria.
fans until they were felled by a combina- Delay has been a key Kremlin tactic. Even as western
tion of police bullets and their own sui- governments began to express concerns that the October
cide vests. 30 crash was the result of an Isis-planted bomb, the Krem-
The Paris attacks, like others before lin managed to smother talk of terrorism for more than
them, have prompted hand-wringing two weeks. There was an immediate outpouring of sorrow
about “intelligence failures”. Amimour’s in St Petersburg, the doomed aircraft’s destination, with
ability to leave and return to France vigils in the city’s central square and hundreds laying flow-
unhindered, despite an international ers at the airport. Sympathy also welled up on social
arrest warrant issued when he media. But it remained apolitical.
absconded to Syria, seems a particularly “[The] acknowledgment of a terrorist act at the time
egregious lapse. At first glance, he fits when it happened could have and without doubt would
the standard profile of homegrown have been perceived as a punishment for the invasion in
French jihadis, raised in crime-ridden Syria,” Gleb Pavlovsky, a
ghettos and consumed by hatred. former Kremlin adviser,
But details of his story, and of the limits said in a radio interview.
Vigils were held
of what intelligence agencies can do, sug- “[That] would have come and sympathy
gest a more troubling possibility: that it is across much more pain-
simply impossible to head off every plot, fully. And the Kremlin
welled up on social
that others will certainly succeed and always tries to soften this media. But it
that nice guys with loving parents and first strong, painful reac-
decentjobscanbeterroriststoo. tion. The more time
remained apolitical
Outside the squat brick apartment passes, the more it mixes
block where Amimour and his two sis- with other issues.”
ters grew up in Drancy, northern Paris, He took to wearing the djellaba, a tradi- Bafflement: deemed a terrorist conspirator. Yet the It was only on Monday when Mr Putin changed tack. In a
there were both fond memories of a
good-natured neighbour and baffle-
Unlike other French tional robe, and tried to insist that his
mother veil herself. He grew more
local residents only check the authorities kept on him
was an obligation to report to a police
video released by the Kremlin, Russia’s intelligence chief
was shown reporting to the president that a bomb had
walk past the
ment at what he had become. jihadis, Amimour was not devout, praying assiduously. His father, apartment block station each week. That might seem lax brought down the plane. Mr Putin then declared that he
Salim, 24, was three years below Ami-
mour at the local school. Amimour’s
drawn into petty crime. speaking to Le Monde last year about his
son’s departure for jihad, recalled his
in Drancy, for a country that has known Islamist
violence for decades. But Louis Caprioli,
would step up the military operation in Syria.
The announcement came on the heels of a G20 summit
northern Paris,
parents, he said, were not practising ‘He was intelligent,’ says horror when he first heard Samy voice where Sami a former French intelligence counter- in which French president François Hollande had declared
Muslims. French media reports describe
them as thoughtful and worldly. A short
Salim, who asked for his admiration for Osama bin Laden.
On Monday, Jean-Christophe Lagarde,
Amimour, below terrorism chief, points to the practical
difficulties of mass surveillance.
his country was now at war with Isis, and the fight against
the groups was increasingly becoming an international
left, grew up
walk from the family apartment, past surname not to be printed the mayor of Drancy and a friend of Linda Davidson/The “Materially, physically, you cannot priority. “Putin turned around and acknowledged: yes, the
Washington Post via Getty
Drancy’s quaint town hall, the Berber Amimour’s mother, blamed a mosque in Images keep a watch on 20,000 people round plane was, after all, blown up by terrorists,” writes Sasha
cultural centre where Amimour’s femi- the neighbouring commune of Le Blanc- the clock,” he says, referring to the rough Sotnik, one of Russia’s most prominent bloggers. “Now —
nist mother helped out is the antithesis Mesnil for radicalising the young man. tally of everyone the French authorities after the Paris events — that is possible. Because this has
of jihadism. On one wall hangs a paint- At prayers on Wednesday afternoon, consider to have links to jihadi cells, to befallen not just Russia . . . and we together with our col-
ing of a female form alongside photo- worshippers at that mosque were out- hold radical Islamist views or to pose a leagues will fight terror.”
graphs of Algerian landscapes. An raged at the suggestion. threat to national security. Monitoring Not all Russians accept this narrative. Some Putin critics
employee cheerfully explained that the “There’s nothing like that here,” said one of them for 24 hours requires at began trading conspiracy theories almost immediately
organisation embraces the liberal values Ahmed Iftikar, 40, from Pakistan. “That least 18-20 agents, who have to be after the crash. But following years of censorship and prop-
of the French republic. is not Islam.” Worshippers said Ami- rotated to avoid being recognised. To aganda emphasising patriotism, security and strong lead-
Amimour was no zealot growing up. mour was an infrequent visitor. They maintain surveillance over all of them, ership, such voices are rare. Meanwhile, having dissolved
He dressed like everyone else, played have issued a statement demanding Mr France would need to deploy 400,000 the pain over the crash in the perception that Russia is now
football, hung out. He gained a bacca- Lagarde produce proof if he has any. The operatives — more than three times the fighting shoulder to shoulder with its foreign partners
laureate and a permanent contract as a local Muslim association says that, far total number of police officers, gen- against the evil of terrorism, Mr Putin is charging ahead.
bus driver — a markedly better liveli- from recruiting for Isis, it has sought to darmes and soldiers mobilised nation- Moscow initially estimated the Syria operation to take a
hood than the sons of immigrants in spread word of the dangers of sectarian- wide in the wake of the attacks. Cher- few months, but now pledges to intensify it. Today parlia-
tougher banlieues can expect. ism. Salim does not believe his school- ished civil liberties create further con- ment is expected to debate the possibility of a ground oper-
Unlike other French jihadis, such as mate was radicalised there. “It must straints. For instance, police would have ation, an option so far categorically excluded by the Krem-
the trio that perpetrated January’s have been on the internet,” he says. been prohibited from tapping Ami- lin. “We will pursue [the terrorists] everywhere, wherever
attacks on Charlie Hebdo magazine and Salim remembers the day in October mour’s phone. they may hide. We will find them in any spot on the planet
a Jewish supermarket in Paris, or Ismael 2012 when armed police smashed down “You can protect the Eiffel Tower but and we will punish them,” Mr Putin said this week.
Omar Mostefai, his partner in the Batac- the door of the Amimour home. French not every restaurant in France,” says For Russians, this language is eerily reminiscent of that
lan onslaught, Amimour was not drawn intelligence believed Samy was bound Farhad Khosrokhavar, a sociologist who with which the president signalled the start of the second
into petty crime. “He was intelligent,” for Yemen to seek jihad. His parents told has spent two decades analysing Islam Chechen war in 1999. Having come full circle and once
says Salim, who asked for his surname the AFP news agency subsequently that in France and recently interviewed again put war at the centre of his political agenda, Mr Putin
not to be printed for fear of Islamist it was the “traumatic” experience of French fighters returned from Syria. He may sooner or later have to explain what lies ahead. In the
reprisals. Nonetheless, he added, Ami- being handcuffed and led away in front foresees deepening strife. “There will be second Chechen war, he promised a quick and decisive vic-
mour was easily influenced. of his family that sealed his determina- more violence towards these guys tory. Russia found itself bogged down for a decade.
Around 2012, Salim and others tion to fight alongside Isis. [young French Muslims] and that will
started to notice a change in Amimour. After his arrest, Amimour was increase radicalisation.” [email protected]

Serbia and Macedonia Democratic candidate

Southern Balkan border officials clamp down on migrants Clinton defends US Mideast strategy
ANDREW BYRNE — BUDAPEST Leros but his identity had yet to be con- six Greek islands. A Greek coastguard native passages. We are strengthening COURTNEY WEAVER — NEW YORK Kurdish forces to have greater involve-
ALEX BARKER — BRUSSELS
firmed. official in Lesbos, which receives about border control and registration but even ment in the US-led coalition against Isis,
KERIN HOPE — ATHENS Hillary Clinton yesterday called for
It is unclear whether the new meas- half the daily inflow, said: “We don’t that can’t assure 100 per cent accuracy,” and for US technology companies to
Washington and its allies to expand the
Southern Balkan authorities have ures were more widely agreed and co- expect numbers to fall unless the the official said. share more information with the gov-
frequency and scale of their air strikes
refused passage to thousands of ordinated. One European diplomat said weather turns stormy.” Macedonia has deployed regular ernment so that jihadi websites and chat
in Syria, impose a no-fly zone and give
migrants who are not fleeing wars in a the restrictions were leaving “hundreds The UNHCR in Athens said about 50 army and special forces units on the rooms could be shut down.
more power to the US’s military advis-
security clampdown following the stranded overnight”, warning the situa- per cent of arrivals are Syrians, 30 per frontier. In August, authorities in Sko- In her presidential campaign, Mrs
ers in the country.
Paris attacks. tion could deteriorate. A European cent Afghans and about 10 per cent Ira- pje, the capital, declared a “crisis Clinton faces a difficult balancing act as
Commission official declined to com- qis. The others are mostly from Paki- period” on its southern border and had But she ruled out sending thousands of she seeks to distinguish her foreign pol-
Serbian and Macedonian officials on ment on the moves. previously attempted pushbacks with US troops into Syria if elected president icy beliefs from those of Mr Obama
Europe’s southern flank have begun to Aid workers said about 200 people troops and tear gas. and largely stood by the policies of Pres- without disowning her record as secre-
deny entry to certain nationalities at the were being held overnight along Mace- Only Syrian, Aid agencies said hundreds of ident Barack Obama. tary of state — or alienating Democratic
Afghan and Iraqi
main crossing points on the Balkan donia’s northern frontier in container- refugees are being migrants were arriving at the site on an Speaking at New York’s Council on primary voters, who still support the
migrant trail to western Europe. type accommodation provided by the allowed to cross hourly basis yesterday morning and the Foreign Relations, the Democratic president’s policies to a large degree.
The screening began at 6pm on UN High Commissioner for Refugees. border points mood was reasonably calm. frontrunner used her half-hour speech In her speech, Mrs Clinton took an
Wednesday, with officials allowing only By mid-morning yesterday, about 1,500 Alexandra Krause, senior protection to articulate and defend the US’s strat- indirect swipe at Mr Obama. She said
Syrian, Afghan and Iraqi refugees to people, mostly Iranians and Moroccans, officer at the UNHCR, said: “Right now, egy in the Middle East and the policies the US should not be aiming just to
cross border points in Idomeni on had been prevented from travelling stan, Iran, Yemen, Somalia and everyone is waiting to see what the that she helped shape as Mr Obama’s “deter or contain Isis, but to defeat and
the Greek-Macedonian border and fur- north from Greece into Macedonia. Morocco. authorities will decide — whether the secretary of state. destroy Isis”, an apparent reference to
ther north at the Serbian-Macedonian They were waiting at the frontier while Authorities have struggled to record, decision to only allow these nationali- She said that a “more effective coali- Mr Obama’s comments a day before last
border. large emergency tents known as “rubb let alone verify, the identities of the new ties through is temporary or perma- tion air campaign” would be “necessary week’s Paris attacks when he claimed
The measures were imposed after halls” were being erected nearby. arrivals. One Macedonian official said nent.” but not sufficient. We should be honest Isis had been “contained”.
governments in the region launched an Countries along the so-called western border security was intensifying in the Serbian officials said fingerprints and about the fact that to be successful, air But for the most part she stood by the
investigation into whether one of the Balkan route are looking to provide wake of the Paris attacks, but cautioned other biometric data of all migrants strikes will have to be combined with president, refusing to critique his
suspects in the Paris attacks posed as a shelter for up to 50,000 people as winter against raising unwarranted fears that arriving in the country were being ground forces actually taking back more remark that Isis was a “JV” — or “junior
refugee and travelled into Europe via approaches but many are struggling to could harm genuine refugees. recorded. In Macedonia, aid workers territory from Isis.” varsity” team. She reserved her most
this route in early October. prepare usable accommodation. “Managing this is a major operation. said authorities had started a process of Mrs Clinton called on Congress to cutting remarks for Republican rivals
Greek authorities said the suspect’s Between 3,000 and 5,000 refugees are Not all migrants are coming to legally mandatory registration although they “swiftly pass an updated authorisation who have argued against accepting Syr-
fingerprints were taken on the island of crossing daily by boat from Turkey to marked crossing points, some use alter- do not record biometric information. to use military force”, for Sunni and ian refugees in the wake of the attacks.
8 ★ FINANCIAL TIMES Friday 20 November 2015

INTERNATIONAL

Monetary policy Japan recovery

ECB looked at further stimulus in October BoJ monetary

policy on
Weak regional and global growth, as well as the resistance of the
US Federal Reserve to raising rates,
there are concerns among the member-
ship that inflation is set to take much
the ECB has what it takes to return infla-
tion to its target of below but close to
buy other assets as part of the package.
Purchases now are limited to mostly
hold despite
growth almost led central
bank to act last month
almost forced the ECB to act sooner. “It
was argued that in such an environ-
longer to return to target than officials
had hoped when they unveiled their
2 per cent. At the moment, annual head-
line inflation is 0.1 per cent across the
government bonds, alongside loans
sliced and repackaged either as asset-
technical
CLAIRE JONES — FRANKFURT
ment, the risk of deflation remained rel-
evant,” the accounts said. “Against this
background, the view was put forward
original QE package in January.
Some members are particularly
currency area, a rate similar to that of
other advanced economies. Price pres-
sures in the eurozone have been weaker
backed securities or covered bonds.
Another option open to the council is to
extend purchases beyond the current
recession
Eurozone policymakers mooted ramp- that a case could be made for consider- for longer than other economies, how- deadline of September 2016.
ing up their monetary stimulus as early ing reinforcing the ECB’s accommoda-
‘Despite the delay, we ever. Core inflation is 1.1 per cent. The council is also willing to abandon ROBIN HARDING — TOKYO
as October, according to a set of Euro- tive monetary policy stance already at consider the messages Timo del Carpio, economist at RBC an earlier commitment to keep interest
The Bank of Japan kept monetary pol-
pean Central Bank accounts that tees up the current meeting and, in any case, to Capital Markets, said the account shows rates unchanged and raise the rate it
a crucial re-examination of the bank’s act sooner rather than later.”
here still wholly relevant’ a council “primed and ready for action”. charges on a portion of reserves held at
icy on hold despite the economy enter-
ing a technical recession as it continued
policy strategy on December 3. The council’s 25 members opted to Timo del Carpio, economist “Despite the delay between the meet- the eurosystem’s central banks from the
to argue the recovery is on track.
The ECB is expected to unleash an wait until next month on signs the cur- ing and the publication of its account, current level of 0.2 per cent.
enhanced version of its €1.1tn quantita- rency area’s economy had so far proven spooked by signs that weak demand is we consider the messages here are still The accounts said “reference was Japan’s central bank said it will keep
tive easing package and will consider resilient to weaker global growth. pushing down core inflation rates, wholly relevant to the contemporane- made to the experience in other juris- buying government bonds at a pace of
cutting one of its benchmark interest The accounts, published yesterday, which strip out the costs of more volatile ous policy debate,” he added. dictions, where negative rates had not Y80tn a year in an effort to drive down
rates deeper into negative territory in its read like a clear case for injecting more items such as food and energy goods. To address deflation threats and a appeared to result in major difficulties long-term interest rates, even as it noted
early December vote. stimulus into the eurozone’s economy. Chief among those fears is that cheap recovery which the accounts describe as or widespread substitution of cash”. weakness in some measures of public
The accounts for the rate-setting gov- While the council believes aggressive oil threatens derailing inflation longer “particularly sluggish”, the ECB could Denmark’s and Switzerland’s central inflation expectations.
erning council’s late October meeting in monetary easing is thawing the region’s term. Dovish members on the council increase its monthly purchases under banks have imposed deposit rates of The BoJ’s decision highlights a differ-
Malta show weak regional and global credit markets and boosting lending, also cite diminished expectations that QE from the current level of €60bn or minus 0.75 per cent. ence to its stance last year, when it eased
policy to boost inflation expectations.
Now the BoJ is signalling it will keep pol-
icy on hold as long as inflation is on
Economic fallout course eventually to reach 2 per cent.
The yen was stronger after the deci-

Paris tourist spots eerily quiet as terror deters visitors sion at Y123.2 to the dollar while the
Topix share index gave up some of its
gains, trading up 0.7 per cent at 1,598.
The BoJ decision came as Japan
recorded an unexpected Y111bn trade
ADAM THOMSON — PARIS surplus for October. Showing the boost
to the economy from falling oil prices,
Carolina Cabrera and Deepe Randhawa
the value of imports was down by 13.4
yesterday achieved what couples visit-
per cent on a year ago.
ing Paris can usually only dream of:
But exports also fell 2.1 per cent by
they were able to walk unimpeded
value, despite the heavy depreciation of
through the Louvre to the Mona Lisa
the yen, showing the impact of China’s
and appreciate the world’s most
slowdown on Japanese industry.
famous painting without the crowds.
Exports to China fell for the third con-
“It’s very quiet,” observed Ms Cabrera, secutive month and were down by 3.6
looking round the half-empty salon. per cent on a year ago.
They booked their trip from North “Japan’s economy has continued to
America almost a month ago, and recover moderately, although exports
thought seriously about cancelling after and production have been affected by
last Friday’s deadly terrorist attacks. the slowdown in emerging economies,”
“It’s not that we thought it would be said the BoJ’s policy board in its latest
dangerous — it’s more that we thought it statement. “Inflation expectations
would be sombre,” said Mr Randhawa. appear to be rising on the whole from a
In the past few days, clear signs have somewhat longer-term perspective.”
emerged showing that the murderous Headline inflation is running close to
attacks have had an economic impact zero because of weak oil prices. Exclud-
on the French capital — one of the most ing food and energy, prices are up by
visited cities in the world. 0.9 per cent on a year ago.
A survey by Synhorcat, the French Haruhiko Kuroda, BoJ governor, has
hotel and restaurant operators’ union, placed great weight on increasing public
suggests that sales in the city’s cafés, expectations of inflation in order to
bars and brasseries during the past break the deflationary mindset brought
week are 44 per cent down on the same about by 20 years of on-and-off falls in
period last year, while hotels have suf- prices.
fered a 57 per cent drop in business. In contrast to October 2014, when the
Didier Chenet, the union’s president, BoJ surprised markets by pre-emptively
is working on ways to absorb some of easing monetary policy, officials believe
the shock. But he admitted: “There is no a “virtuous circle” from higher incomes
question that there is a strong economic and profits to higher spending and
impact for the whole sector.” investment is still at work. They are also
A slew of rock performers, including encouraged by signs of changed corpo-
U2, Prince, the Deftones and the Foo rate behaviour, with a great willingness
Fighters, have cancelled concerts in Waiting for travel to Paris had fallen. “You will Philippe Waechter, chief economist at 57% “I normally sell 10 or 15 of these a to raise prices.
Paris — in some cases, whole European customers: the always see a cooling-off period, but you Natixis Asset Management, said previ- Drop in business day,” he said, pointing to a bag full of “The fundamentals of Japan’s econ-
tours — as a result of the bloodshed. Christmas also see quite a quick resumption to ous terrorist attacks on big cities such as suffered by Paris merchandise. omy are sound and the environment
“In light of this senseless violence, the market on the travelling again,” Carolyn McCall, New York, London and Madrid — as well hotels compared “I haven’t sold one today.” surrounding firms and households has
closing of borders, and international Champs Elysées, easyJet’s chief executive, told reporters. as Paris after the January killings — had with same period On the Rue des Rosiers, which forms significantly improved compared to
last year, according
mourning, we can’t continue right now,” which has The airline, which offered people who offered little evidence of a significant to operators’ union the backbone of the city’s Jewish quarter some years ago,” said Mr Kuroda
read a post on the Foo Fighters’ Face- reopened after booked travel to Paris the possibility of economic knock-on effect. in the Marais district, things were at a recently.
book page. “There is no other way to say being closed by postponing or changing their tickets, “Past episodes of attacks have not near standstill during lunchtime. A Officials think corporate decisions to
it. This is crazy and it sucks.” The post police following noted there had been an increase in the plunged the local economy into a sharp 30% gruff ticket seller at L’As du Fallafel, increase prices — and the acceptance of
got 155,000 likes. Friday’s attacks number of passengers who had booked slowdown,” he concluded. Fall-off in trade where long queues normally form out- those rises by shoppers — is a better
since last week at
Yesterday, the normally long queue Dominique Charriau/Getty
to go to France but had not shown up For now, though, the cautious opti- L’As du Fallafel side, said business was down at least 30 guide to the public’s real opinions about
outside the Louis Vuitton store on the over the weekend. mism is little consolation for those eatery in the per cent since last week. future prices.
Champs Elysées had disappeared, leav- Wider questions remain about what a whose livelihoods depend on servicing Marais district David Albouker, manager at the The BoJ is now closely focused on next
ing the velvet rope used to control the Paris slowdown could mean for the the city’s 22m annual visitors. nearby Miznon restaurant, said that spring’s round of wage negotiations.
crowds redundant. overall French economy at a time of Johan Giethlen has been working at sales had halved since the attacks. “When it comes to the impact on prices,
“It’s dead,” admitted one staff mem- fragile growth. the Louvre’s audio tour counter for two Moreover, he had personally avoided the focal point is the developments in
ber. Since the attacks, the store has Anna Zabrodzka, an economist at years — and has never seen the museum taking the Metro and had drastically cut wage increases towards next fiscal year,”
boosted security. Customers are patted Moody’s Analytics, said France’s tour- so quiet. down the number of times he went out said Mr Kuroda. The most likely trigger
down as well as having bags checked ism sector, which accounts for 7 per cent “It’s really empty,” he said. “It’s quite for drinks with friends. for further BoJ action would be signs of a
Air France refused to comment on of gross domestic product, was unlikely strange — eerie.” “The January attacks were against a weak pay round.
passenger numbers and cancellations to suffer a sustained decline. However, Outside, the streets were wet with specific target,” he said. “This time, it’s “In the long term, prices won’t rise if
on Paris flights. But on Tuesday, the low- she said the longer-term fallout was drizzle, but Kamal, an umbrella seller everyone.” wages don’t rise,” said Mr Kuroda at his
cost airline easyJet said that demand for “anyone’s guess right now”. from India, was abnormally downbeat. Philip Stephens page 11 press conference yesterday.

Independence concerns

Indian central bank staff strike over pensions and rates reform
AMY KAZMIN — NEW DELHI inflation “which puts thousands of RBI to overhaul military pension schemes. erosion of the RBI’s independence.
pensioners in extreme penury in these Veterans have been protesting for Until now, setting interest rates has
India’s central bank ground to a halt
days of soaring prices, increased medi- months in New Delhi to demand a “one- been the exclusive purview of the RBI
yesterday as 17,000 staff went on strike
cal costs, etc”, the central bank unions rank, one-pension scheme”, which governor. But India’s draft financial
to protest against a proposed overhaul
said in a joint statement. would ensure that all retirees of the code, released earlier this year,
of the country’s monetary policy
They added that peaceful efforts had same rank and length of service proposed establishing a new seven-
framework that would curb the bank’s
failed to bear fruit after eight years. Now received the same pension, regardless of member Monetary Policy Committee
independence, and to demand
“RBI staff and retirees have reached when they retired. The government — dominated by government nominees
improved pensions.
[their] limit of patience and are com- promised to make such changes in — to set rates, raising the spectre that
The United Forum of Reserve Bank pelled to mobilise to fight”. August, but has subsequently angered the RBI’s independence to set monetary
Officers and Employees, an umbrella The strike by the RBI employees is veterans by trying to impose various policy would be curbed, with interest
group of four unions representing the latest setback for Prime Minister caveats. rate decisions determined by govern-
Reserve Bank of India staff, said its Narendra Modi’s administration, which The strike by central bank staff ment policy.
members had taken a day’s mass “cas- is also under pressure from veterans also throws a spotlight on concerns over Raghuram Rajan, the central bank
ual leave” to protest against what it governor, has supported the creation of
called New Delhi’s plans to “cripple the a Monetary Policy Committee to set
RBI”. rates but talks continue about the com-
But the one-day strike was also aimed mittee’s precise composition and how it
at raising the stakes in a long-running would function.
battle over the RBI’s pension scheme, In their statement, however, the RBI
with disgruntled retirees complaining unions said successive administrations
that their benefits have been severely in New Delhi had “long been trying to
eroded by years of high inflation. coerce the RBI to surrender to their
The unions warned they would step pressure tactics” of pushing for lower
up their agitation — with longer strikes interest rates for short-term gains.
in the weeks ahead — if New Delhi did Having failed, the union statement
not accept the RBI staff’s “very reasona- said, “the government is keen to virtu-
ble demand” of improved pension ally take over the function”.
payment. Additional reporting by David Keohane
The basic pension does not rise with Striking RBI workers demonstrate in Ahmedabad yesterday — Amit Dave/Reuters in Mumbai
Friday 20 November 2015 ★ FINANCIAL TIMES 9

FT BIG READ. PARIS ATTACKS

A thriving black market in firearms has made Belgium a launch pad for jihadis, who exploit the country’s
fractured security services. Now officials are scrambling to crack down on the illicit trade.
By Christian Oliver and Duncan Robinson

Belgium’s arms bazaar

W
hen Ayoub el-Khazzani racially motivated shooting rampage in of Belgium in Brussels in May last year.
stepped out of the toilet ‘We have Antwerp that year, killing two people The officials added that this cell was
on the high-speed Tha- seen a trend and injuring one. also behind a gun battle in the provincial
lys train from Amster- By that stage, however, a large pool of Belgian town of Verviers in January,
dam to Paris on August towards guns had built up in Belgium. “We had where two jihadis were shot dead and
21, he was brandishing a Kalashnikov micro got a reputation,” says Mr Duquet. “Peo- one was injured. Those fighters —
rifle and a 9mm pistol. A bloodbath was ple knew Belgium was a place to go to reportedly accomplices of Paris suspect
only averted after several passengers,
trafficking. buy guns.” Abdelhamid Abaaoud — had accumu-
Operational centre Many of Europe’s
recent high-profile terrorist attacks
including off-duty US servicemen, wres- You can Jihadis have made the most of the lated a formidable stockpile of Kalash- have links to the Belgian arms market
tled him to the ground and clubbed him
unconscious with the muzzle of his
probably combustible mix. François Molins,
the Paris prosecutor, says the cars
nikovs, handguns and bomb-making
equipment, and were planning attacks Legacy of war Some estimates say
assault rifle. buy an used in last week’s attacks drove against Belgium’s police, according to 90 per cent of the arms circulating in
It came as little surprise that Mr Khaz- AK-47 “almost in convoy” from Belgium, prosecutors in Brussels. Abaaoud was Belgium originates from the Balkans
zani had boarded the train in Brussels. where they were hired. At least one of killed in a raid on a property in St Denis,
Belgium has become Europe’s prime for around the cars carried Kalashnikov-type the French government confirmed yes- European plan A far broader effort on
launch pad for attacks by jihadis and, €300 weapons, part of what he describes as terday. sharing intelligence is needed to stop
according to many security experts, a “veritable arsenal”. Claude Moniquet, a former French arms trafficking, say Belgian officials
their favourite place to pick up guns [in the spy and co-founder of the European
smuggled from the Balkans. Balkans]’ Terror for sale Strategic Intelligence and Security Cen- they had stopped a car from Montene- Above: Belgian In the month after the bust in Charle-
Mr Khazzani’s lawyer made it sound Belgian officials have not said whether tre, said there was mounting evidence gro carrying eight AK-47s. authorities have roi, Koen Geens, the justice minister,
easy to acquire an AK-47 in the Belgian they have evidence that the guns were that the Belgian gun trade, once focused Ivan Zverzhanovski, head of the UN’s found it difficult announced that Belgium would take
capital. She said her client found his acquired in Brussels but, if so, it would on criminals, has expanded to providing South Eastern and eastern Europe to penetrate extra steps to break up the smuggling
Kalashnikov by accident in a suitcase fit a troubling pattern. In addition to Mr arms to jihadis. Clearinghouse for the Control of Small poorer districts gangs.
while sleeping rough in a park close to Khazzani’s failed train attack, most of Mr Moniquet said the black market Arms and Light Weapons, says many such as He has pushed through a measure to
Gare du Midi, known to commuters Europe’s recent high-profile terrorist for firearms, including gun runners people in the region still like to keep Molenbeek in reactivate the “committee for interde-
mainly as the Eurostar terminal. She attacks have connections to the Belgian around Gare du Midi, have seen prices guns at home. Some Montenegrins quip Brussels. Below, partmental co-ordination on illegal
added that Mr Khazzani only wanted to arms market. spike in line with the increased risk of that “a house is not a home without a a vigil in arms transfers”, which had largely been
hold up the passengers, not murder sales. Just a few years ago, an AK-47 with gun”. The number of unregistered fire- Molenbeek on forgotten since 2003. Its restitution is
them. 300-400 rounds included could be arms in Serbia is estimated to be much Wednesday for meant to improve intelligence-sharing
While security experts dismiss the acquired for about €400. Now, Mr more than 200,000, and authorities in those killed in between the departments of Belgium’s
suitcase story, few doubt Mr Khazzani Moniquet says, prices have risen to the country say it could be as high as the Paris attacks often-dysfunctional administration.
acquired his weapons in Brussels. €1,000 to €2,000. 900,000. Stephanie Lecocq/EPA
Co-ordination is difficult for the
Friday’s attacks in Paris, which killed “Trafficking arms to criminals is one Driving north to sell these weapons authorities in Belgium, which is divided
129 people, have turned the spotlight thing; terrorists is another,” he says. can prove lucrative. “We have increas- along linguistic lines and between
back on to the Belgian capital — and its “While arms traffickers can receive sen- ingly seen a trend towards micro traf- regional and federal administrations.
deprived Molenbeek neighbourhood — tences of two to three years, if you sell ficking since 2010,” Mr Zverzhanovski Brussels alone has six policing zones,
as a centre for returning jihadi fighters arms to a terrorist, you can expect 20.” says. “You can probably buy an AK-47 hindering the sharing of information.
looking to deploy the lethal skills they for around €300 [in the Balkans]. It’s Another politician from Mr Geens’
learnt in Iraq and Syria. In per capita The Balkans connection sometimes only small-time criminals, party, Sonja Becq, is proposing
terms, Belgium has seen more of its The flow of illegal guns into Belgium who can then drive that weapon hidden increased phone tapping to tackle arms
nationals go to the war zone than any began in earnest in the 1990s amid the in their car to Belgium or Sweden and traffickers.
other European country. Balkan wars and the fall of the Soviet sell it for around €4,000.” One of Mr Geens’ biggest concerns
After the attacks, president François Union. Mr Moniquet says a large Balkan Once those guns are in Belgium, Mr hinges on supposedly deactivated weap-
Hollande delivered an unusually scath- community built up during those years, Duquet says one of the country’s main ons from massive Soviet-era arms
ing assessment of Belgium’s role. “These when guns circulated freely around the weaknesses is simply geographical, as dumps.
acts of war have been decided and Heavily armed In January, Metin Karasular, a resi- fragmenting Yugoslavia, and former terrorists can evade detection by easily
planned in Syria, they have been organ- special forces dent of the southern city of Charleroi communist officials took to trafficking switching between the jurisdictions of
ised in Belgium and perpetrated on our soldiers outside who is under investigation for arms traf- their states’ vast and often mothballed different security services.
soil with French accomplices.” a house in ficking, turned himself in to police after munitions reserves. “This is not just Belgium’s problem.
Other European countries have radi- Molembeek — Dirk seeing pictures of two of the suspects in Mr Moniquet estimates that 90 per That is an exaggeration. There is a big
cal mosques, active terror cells and dis- Waem/AFP/Getty Images
the January plot in Paris that killed 17, cent of the arms circulating in Belgium arms trade in Paris, Marseille and Ber-
affected, unemployed young men who including 11 at the offices of satirical probably originate from the Balkans. lin, anywhere with high crime rates. But
are easily recruited by jihadi groups magazine Charlie Hebdo. “You have mountains of Kalashnikovs Belgium is a transit country. It is small
such as Isis. What Belgium adds to the Mr Karasular has denied selling in Bosnia, Serbia and Croatia,” he says. and difficult for police to intervene. You
mix, analysts say, is a long, troubled his- weapons to Amedy Coulibaly — the mili- When you take in people, you take in can drive in from France — drive in and
tory of lax gun laws and a pedigree of tant who stormed a kosher supermarket their luggage. Smuggling is a living tra- out in an hour. It is hard for police to
gun manufacturing, led by FN Herstal in the hours after the Charlie Hebdo dition for these guys.” stop a deal.”
in the Wallonia region. The country has assault — and insisted he merely helped Police in the Netherlands have com- In terms of the arms caches held by
an unusually high number of people someone buy a car that had belonged to plained that drug gangs have been jihadis, Belgian authorities find it diffi-
with technical and commercial exper- Coulibaly’s girlfriend. Mr Karasular’s increasingly using Kalashnikovs rather cult to penetrate poor neighbourhoods
tise in guns. lawyer says his client voluntarily than handguns because of their ready such as Molenbeek, home to a large
Nils Duquet, an arms expert at the approached the police to avoid any mis- availability in Belgium. community of north African origin.
Flemish Peace Institute, notes that until understanding as soon as he saw Couli- While security experts argue that Security officials say it is common for
2006, purchasers could buy guns simply baly and his girlfriend identified on tele- there is a large pool of guns in Belgium militant cells to use safe houses, where ‘You have Technically, deactivated arms are
by showing an ID card. The government vision. The girlfriend, Hayat Boumeddi- from the Balkans wars, they note that an weapons are permanently ready for only meant to be suitable for use as stage
only tightened its rules after 18-year-old ene, is believed to have fled to Syria. “ant trade” continues, with smugglers returning foreign fighters. Such pickups mountains props or collectors’ items. But former
skinhead Hans Van Themsche went on a In addition, security officials told the bringing small numbers of guns from are quick and hard to intercept. of [guns] in eastern bloc countries have widely dif-
Financial Times that Mr Khazzani southeastern Europe. Shortly before the fering standards on what deactivation
belonged to the same cell as Mehdi Paris attacks, German authorities said Co-ordinating the response Bosnia, means, and many of the weapons can be
Nemmouche, a French-Algerian who Belgium’s status as a smuggling hub Serbia and fixed to fire again. In several countries,
killed four people with a Kalashnikov grabbed headlines in July, when the the stockpiles have been looted, most
in an attack on the Jewish Museum police dismantled a gun-running ring
Croatia. spectacularly in Albania, where more
around Charleroi and seized dozens of When you than 100,000 weapons are believed to
small arms. The smugglers had been
brazenly faking the signature of the
take in have been stolen.
Mr Geens stressed that Belgium could
minister-president of Wallonia on people, you only combat the arms traffickers as part
import documents. take in their of a far broader European effort on shar-
ing intelligence.
luggage’ The Belgians acting alone, he says,
could never be “masters of the game”.
Additional reporting by Andrew Byrne
and Jim Brunsden

Crime a small town in Wallonia. Police also

Firearms deaths high by had to change a bus route in an
affluent suburb of Brussels after
European standards suspecting that the windows of
one bus had been shattered by a
Shortly before Christmas in 2011, stray bullet.
Nordine Amrani opened fire at According to the UN’s latest data on
shoppers in the Belgian city of Liège, homicides by firearms in Belgium, from
killing five people and injuring 125 with 2004, the country had a relatively high
an FN FAL assault rifle and grenades. death rate by European standards.
At the end of his bloody assault, he
shot himself. The attack had no links
The rate of homicides caused by
firearms was 0.7 per 100,000 deaths.
€4,000
to jihadism, and the authorities That meant that Belgium’s rate was Estimated price of an AK-47 (pictured)
concluded that Amrani was mentally similar to those of Italy and Bulgaria — plus its ammunition on the Belgian
ill and obsessed with guns. countries notorious for organised black market. It was once as low as
Although jihadis have cast the crime. Britain’s rate hovers around 0.1. €400 for the rifle plus 300-400 rounds
spotlight on Belgium’s gun culture, Still, by international standards, of ammunition
Claude Moniquet, a security analyst Belgium remains safe. The US rate is
and former French spy, stresses that around 3 or 4. In Honduras, it is an
95 per cent of the weapons are
destined for criminals with no relation
astonishing 64.
Separate sources also suggest that
€300
to terrorism. Belgium has become safer. Data Possible cost of that gun in the
Gun crimes are hardly a collated by Gunpolicy.org, a research Balkans. Up to 90% of illegally held
rarity on the news in site hosted by the University of arms in Belgium could be from the
Belgium. In the days after Sydney, said 36 people were shot region
the terrorist attacks in Paris, a dead in 2010, down from 95 in 1993
young man was shot dead in and 70 in 1999. This pulled
the gun
homicide rate
900,000
down to 0.33 Illegally held arms in Serbia, according to
in 2010. some official estimates. The exact
number is not known
10 ★ FINANCIAL TIMES Friday 20 November 2015

Letters
Email: [email protected] or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: [email protected]

Schengen can work with better intelligence Burning more fossil fuels is
no answer to air pollution
Sir, Matt Ridley (Letters, November
Sir, The Schengen zone is often referred for the economy. Moreover, the efficacy response to the challenges” it now faces 18) wants to dispute and dismiss the
to as one of the central tenets of the of checking motorway borders has to and “intelligence sharing must be role of fossil fuels in most of the 7m
EU; however, it is not sacrosanct from be questionable since there are made to work in practice, as well as in deaths from air pollution worldwide
a merely ideological point of view but numerous smaller roads that cross principle”. If it wasn’t so tragic, the fact each year. However, he fails to
also from a practical perspective. countries’ borders which are easily that Saleh Abdeslam was apprehended acknowledge that the World Health
I am one of the 83,000 cross-border accessible and are not monitored now, by police as he crossed from France Organisation noted that coal, as well as
workers who travel from France to nor were they in pre-Schengen days. into Belgium on Saturday morning and wood and biomass, burnt for cooking
FRIDAY 20 NOVEMBER 2015 work in Luxembourg everyday. Forty- It isn’t difficult for a criminal to evade then let go on his way, would be and heating, is a major source of the
five per cent of Luxembourg’s customs or police checkpoints. I live laughable. It is imperative that the indoor air pollution linked to the
workforce is made up of more than in a village 300m from the France- intelligence services in Schengen-zone deaths of 4.3m people each year. He
149,000 workers who travel daily from Luxembourg border on a route countries up their game and ensure also omits any mention of the deaths of
Belgium, Germany and France. Since nationale. Since the border controls frank and efficient sharing of the 3.7m people who are exposed to

Better late then never Tuesday, border controls have been

reinstated on the French motorway
and they have paralysed roads for
were reinstated on the motorway
people are simply travelling through
my village where there are no checks.
information.
We must not allow the anti-
immigration element to take advantage
outdoor air pollution, most of which is
produced by the use of fossil fuels for
power, industry and transport.

for banking discipline more than three hours in the morning

and evening. Many workers have given
up trying to get to work and gone home.
The knee-jerk reaction of installing
more border controls might be a
crowd-pleaser but it is not a sustainable
of this tragedy in order to pursue their
policies. Neither must we allow the
rightwing, anti-immigration element
The WHO warns that these figures
cannot simply be added together as
about 1m of these people whose lives
While everyone is patient and policy any more for many Schengen- in France and Belgium to throw up a are cut short are exposed to both
The report into the collapse of HBOS is right to seek punishment understanding of the need for the zone countries. Your editorial “The smokescreen; the terrorist threat in indoor and outdoor pollution.
checks in the aftermath of last Friday’s shadow of Paris hangs over Schengen”, Europe is largely homegrown. Precision is not possible here but it
Had the Bank of England’s damning discipline. They were overseen by a atrocities, this is clearly unsustainable November 17) quite rightly points out Fiona Templeman does seem reasonable to conclude, as
report on the 2008 failure of HBOS, one board with even less expertise, run by a in the long term without implications that “Europe needs a common Évrange, France I did in my letter of November 12, that
of the UK’s largest banks, been com- chairman who did not encourage open “7m people worldwide die each year
pleted a few years ago, it would have discussion, which failed to challenge due to indoor and outdoor pollution,
been very welcome. By naming the sen- them or the executives under them. Envoys of peaceful Islam Levy a temporary tax mostly caused by the burning of fossil
ior executives and board members who Meanwhile, the FSA, which was sup- fuels”. Internal air pollution is indeed a
ran HBOS “without due regard to basic posed to ensure that the UK’s biggest have a battle to be heard to aid economic recovery major issue, as I and many others have
standards of banking” and recom- banks did not run aground and put the Sir, While Georgina Butler (Letters, Sir, Martin Wolf has identified the emphasised, but Lord Ridley seems to
mending that several face possible taxpayer at risk, was broadly deficient November 18) may be expressing a critical corporate problem for the want to argue that it follows from this
bans from working in the industry, it in its job. It operated within the prevail- generally held disappointment that British economy — the excess of that we can dismiss the importance of
clarifies responsibility. ing political assumption of the time Muslim leaders are not gaining corporate savings as the state and external air pollution.
One drawback is that it took so long that the FSA “had to be ‘light touch’ in coverage for condemning the abuse of household sectors are deeply in debt Moreover, Lord Ridley is trying to
— seven years since the financial crisis its approach and mindful of the UK’s their religion by Isis and other violent (“The corporate contribution to the obscure the key issue: that the
— and another inquiry will be needed competitive position”. Responsibility extremist groups, she fails to observe savings glut”, November 18). consumption of fossil fuels kills many
to sanction the individuals criticised. It for the consequent disaster was spread that such people would be doing so at Some years ago in my evidence to a millions a year now and in the future
is hardly surprising that many believe from the bottom of the bank to the top grave risk to their own lives — as Treasury select committee inquiry I from air pollution and climate change.
that bankers escaped too lightly from of the administration. witnessed by the fatwa imposed on proposed a temporary tax on quoted Your article about the severe air
having caused the crisis, and that little In theory, the merger of Halifax and Salman Rushdie (whatever you may companies returnable after a period of pollution problems in New Delhi and
has been done to stop the same disaster Bank of Scotland should have allowed think of his books and views). sustained corporate investment and other Indian cities (“Gasping for air”,
happening again. As the report makes the latter to curb a reliance on whole- Nonetheless, Muslim scholars have economic recovery. The quoted The Big Read, November 18) illustrates
clear, earlier efforts to investigate the sale funding created by a lack of and do put their lives at risk to corporate sector is always the first to this clearly. It is simply absurd to argue
culprits were mishandled. branches in England and Wales. In condemn and argue the case for benefit from the effect of government that the burning of fossil fuels is the
A second one is that the regulators practice, the bank’s executives took it peaceful Islam. One example is the stimuli as looser monetary conditions best way to reduce air pollution.
themselves — and the politicians who as a launching pad for a headlong push paper entitled “Open Letter to Dr flow quickly into share prices. We can radically reduce both local
established the “light touch” regula- into high-yield lending, particularly in Ibrahim Awwad al-Badri, Alias Abu consider payments to Isis as true Quantitative easing doubled this effect air pollution and greenhouse gas
tory regime for the City of London that property. Strangely, given the long his- Bakr Al-Bagdadi, and to the fighters “zakah” and a fulfilment of their duty but failed to reach the consumer. emissions, and create a much healthier,
encouraged the HBOS failure — do not tory of banking crises, they saw prop- and followers of the Self-Declared to give to charity. Let’s not misinterpret Therefore the corporate sector saw no wealthier and more productive world,
face similar action. Although it erty lending as “safe”. ‘Islamic State’” of September 19, 2014, and denigrate another Arabic term that reason to risk investment with no by making the very attractive
severely criticises the Financial Serv- Some lessons of the failures of both signed by 117 very brave and plays a vital role in Islam, like so many obvious consumer demand. investments which allow us to move
ices Authority — now succeeded by the European and US banks in 2008 have committed peaceful Muslim scholars already have with “jihad”. Temporary corporate taxation in strongly and urgently away from fossil
BoE’s Prudential Regulation Authority clearly been learnt. Capital and liquid- and leaders. It can be found at Jamil Batcha order to reduce consumer taxes and fuels. It is disingenuous to pretend
— the official inquiry ends up treating ity standards have been tightened and www.lettertobaghdadi.com. Wanchai, Hong Kong boost corporate activity (and otherwise.
officials more leniently. supervisors are no longer instructed to Publicly berating our good Muslim government revenue) has a history in Lord Stern of Brentford
Despite the flaws, it should be com- defer to bankers because they are compatriots only plays into the hands Deploy social media police other European countries and should IG Patel Professor of Economics and
pulsory for any banker, or board direc- bound to know their trade. These of violent extremists such as Isis who be applied in this case in the UK. Government, London School of Economics
tor of a public company, to read this institutions are structurally sounder, seek to divide our society. Many of us against messages of terror Rodney Atkinson London WC2, UK
painful account of how HBOS failed. It although it remains to be seen how long share her desire to see such Sir, I accuse social media over the tragic Stocksfield, Northumberland, UK
was, as Andrew Bailey, the BoE’s dep- caution endures. condemnation on the front pages of events in Paris last Friday, November Proposals for Osborne that
uty governor, writes, “a simple bank But it remains striking that such a newspapers, but perhaps Ms Butler 13. On Monday, John Brennan, director Britain depends on a will not hurt the party
that nonetheless managed to create a widespread failure of one institution should put herself in the shoes of such of the CIA, blamed the “hand-
big problem” by expanding rapidly into and its supervisors should until now people before berating their lack of wringing” over intrusive government wider and dynamic world Sir, I have two suggestions to make to
commercial and property lending on have resulted only in the sanctioning bravery (as might all of us comfortable spying and leaks about intelligence Sir, It is absurd for Alastair Forsyth Oliver Rowse (Letters, November 17).
the flimsy foundation of short-term and fining of one executive — Peter westerners). Would she consider programmes for making it harder to (Letters, November 18) to say that a First, the chancellor should remove
wholesale funding. Cummings, the former head of corpo- adding her signature to the letter? identify the “murderous sociopaths” of vote for Brexit means walking off the the 2.5 per cent element of the triple
Neither of its two chief executives rate banking. That is neither fair nor Michael Ledzion Islamic State. I believe it is time to world stage. In or out of Europe, the lock for state pensions. It was included
following the 2001 merger of Bank of prudent. No matter how many worthy Cambridge, Cambs, UK reopen a clamorous dialogue over UK is a major player in the world at a time when inflation was far higher
Scotland and Halifax Building Society inquiries are made, individual profes- surveillance over social media and whether it likes it or not, being, for and is becoming socially decisive.
had much banking experience and sional accountability is the surest way Meaning of Islamic terms telephone calls. The debate over example, an even bigger economy Second, the inheritance tax threshold
they failed to impose any clear risk to change behaviour. surveillance has become too polarised. than Russia. should be reduced and the special
lost in fight against Isis The rush to extreme measures after The vast majority of countries in the exemptions that apply to first
Sir, In “Inside Raqqa” (November 18) 9/11 was counterproductive, but in world do not have to be members of residences for the assessment of care
you refer to the tax (or tribute) that recent years, the sweeping the EU to trade with it and the UK does home fees should be removed. Why
business owners must pay to Isis as condemnation of all surveillance by not have to make its decisions exempt houses and not productive
zakah or a religious tax. In actuality, some critics is an overreaction too. dependent on the approval of more assets or other investments? It makes

Debt burdens weigh on zakah is more commonly known to

more literally mean “grow in goodness”
and alludes to purifying one’s wealth.
In the days when Facebook scans
millions of pictures daily to find out
which ones are “inappropriate” or too
than 20 other European nations, many
far smaller, with different legal systems
and economic objectives to itself.
no economic sense.
The Tory supporters in the shires
and their MPs might complain but it is

the emerging markets In a modern context, zakah is

understood as giving to charity and is
one of Islam’s five pillars and thus
“sexually explicit” then removes them
within hours, censuring and cancelling
accounts within minutes, it is
The “Little Englander” mentality
seems to be far more apposite to those
who think that this nation depends on
hard to believe seats would be lost. One
Nation Toryism would be reinstalled.
Keith Billinghurst
mandatory for all Muslims. inexcusable not to have that Europe for its existence than to those London SE9, UK
Policymakers must be prepared to face up to a substantial threat Though Isis may consider the tribute puritanical fervour employed by social who have the confidence that we, like
it demands from the unfortunate media to police itself from the other nations, depend on a wider and COMMENT ON FT.COM
Warren Buffett’s magisterial dictum bailouts and regulatory forbearance to business owners in Raqqa as “zakah”, numerous jihadi messages that occur perhaps more dynamic world in which The Exchange
about the aftermath of financial booms keep the show on the road. This risks I doubt that such business owners as everyday. we can more effectively play our part. Dambisa Moyo: How an ageing population is
has now become conventional wisdom: the kind of prolonged malaise that well as refugees from the Middle East Carlos T Mock John Read driving the decline in equities
only when the tide has receded can you afflicted Japan after the bursting of the and most Muslims worldwide would Chicago, IL, US London NW11, UK www.ft.com/theexchange
see who has been swimming naked. 1980s bubble: banks weakened by bad
In the case of emerging market coun- loans clogging up their balance sheets;
tries who have spent years wallowing in failing companies kept afloat; excess
cheap money, however, the issue is
complicated by the changing identity
industrial capacity creating gluts and
threatening chronic deflation. Poison pills may A question for the gentlemen: would
you take a male contraceptive
Because such an approach would
work only when those cell “doorways”
provided 20m pesos ($1.2m) in
funding, initially for three years.
of the bathers in the water.
Traditional debt busts in emerging
It is easy to see why the Chinese and
other authorities might prefer avoiding be a perfect male pill made with scorpion, spider or
snake poison?
are blocked, it would also be fully
reversible. That may make it easier to
The scientists, based at the UNAM’s
institute of cellular physiology and
markets, from the Latin American cri-
sis of the 1980s to the Asian financial
turmoil of the late 1990s, generally
the debt nettle to grasping it. Although
falling short of the official growth tar-
get would undoubtedly weaken Bei-
contraceptive If you answered “not on your life”,
Mexican researchers would like you
to think again. They believe that
swallow something made from animal
venom. “If it’s proved to be safe, I’d
take it,” says Fernando González, a 53-
institute of biotechnology (IBT), used
much of the money to buy a special
robot, the only one of its kind in Latin
used to be centred on sovereign bonds, jing’s credibility, a full-blown debt cri- substances in the venom of such year-old chauffeur. “We have a big America, Mr Darszon says. It uses
usually contracted in dollars and often sis and recession, with swaths of banks creatures could block proteins, which population; there’s a lot of us human liver cells, hamster cells and
linked to the collapse of a currency peg. and companies going bust, would have act as “doorways”, on the membranes Mexicans.” sperm from rats and paid student
But the build-up of debt in emerging more severe political consequences. of sperm cells in such a way as to stop Others were adamant that venom donors to test whether venom can
markets over the past decade has been It is already evident from China’s them fertilising female eggs. was a no-no. “If it’s toxic, forget it. I inhibit the ionic channels.
disproportionately concentrated in the management of its exchange rate — Indeed, a poison pill sounds wouldn’t dare,” says Pedro Juárez, 60. The team is working its way
corporatesector,ofteninlocalcurrency. and more generally its painful transi- positively palatable alongside some of Women are also divided on its through the IBT’s catalogue of 900
Total private sector debt in emerging tion from an export-oriented manufac- the more unpleasant options under merits. “I’d welcome it,” says Rocío worldwide toxins to see if any affect
markets is now equal to more than 100 turing model to a domestic demand- development or on trial. These Negrete, who works in marketing. the two sperm channels that have
per cent of annual gross domestic prod- driven service economy — that Beijing include a polymer gel injected into the “And it’s natural, too.” But Flor precise functions necessary for
uct, higher even than it was in devel- has a habit of trying to make large scrotum with the promise of long- Martino, 26, an actress, has doubts. fertilisation. They have examined
oped economies on the brink of the glo- moves in a series of small steps, revers- lasting contraception that is “likely” to “An intelligent woman won’t trust a about 150 so far.
bal financial crisis in 2008. ing them to avoid short-term disloca- be more reversible than a vasectomy. man who has had to remember to take While other researchers are also
In fact the problem may be even big- tions. It would hardly be a surprise if It is fitting that the quest for a male a pill,” she says. targeting ionic channels, Mexico has
ger, given that data on private sector that mode of behaviour were to emerge contraceptive should be conceived in Mr Picones, a biologist who worked the extensive poison catalogue and
emerging market debt are imperfect. again in the face of a debt crunch. If it the country where the active for 13 years in the pharmaceuticals many of the animals. “I wouldn’t
Some of the cheap money created by did, long-term growth prospects for ingredient of the female pill was industry in the US, is nevertheless venture to say that we are the only
the US Federal Reserve’s quantitative China and emerging markets as a discovered. Carl Djerassi, the chemist banking on women to “sell the idea” to ones using toxins. But in the
easing that found its way to emerging
markets came via the “shadow bank-
whole would suffer.
The euphoria surrounding emerging Mexico City known as the father of the
contraceptive pill, made his biggest
their partners. It could be a struggle in
a country where the government
[scientific] literature, there has been
no study on toxins,” Mr Darszon says.
ing” system, where flows are harder to
record. Many emerging markets have
markets as an asset class started before
the global financial crisis and was rap- Notebook breakthrough in Mexico, working with
a small team in the early 1950s to
organises workshops on “alternative
masculinity” to educate macho men
Arlet Loza, in charge of screening
the samples, has examined tarantula,
also borrowed from China’s opaque idly resurrected afterwards. That discover norethindrone, the synthetic that it is not OK to hit their wives; and scorpion and coral snake venom so
development banks to a substantial but excessive enthusiasm has now, fortu- by Jude Webber hormone that makes the pill work by where the teen pregnancy rate is by far. “We have seven or eight
unknown degree. nately, very largely dissipated. But it mimicking the effects of pregnancy. far the highest in the OECD. candidates,” she says. “But we can’t
The classic emerging market crisis was in place long enough to create a Now Alberto Darszon, Arturo It is early days. Mr Darszon, a wiry yet say, ‘yes they work’.”
ends with a sudden shock and a severe misallocation of capital that could take Picones and Arturo Hernández, at academic with a long bushy beard, is “We’re looking for a needle in a
economic adjustment — often includ- several years and many billions of dol- Mexico City’s Autonomous university an authority on sperm and has been haystack,” said Mr Hernández. “We
ing a debt writedown — that clears the lars of losses to sort out. (UNAM) believe the unique nature of studying ionic channels for 30 years. haven’t seen a glimmer of it yet. But
way for countries to grow again. The Many emerging market policymak- the proteins on the membranes of But the male contraceptive research we are confident we will find some
risk today, particularly in countries ers have a difficult and uncertain sperm cells — known as ionic channels project has been running only for two, needles in there along the way . . . we
such as China with deep-pocketed gov- future. They can start by recognising — means there would be no disruption in partnership with the Mexico City think Mother Nature is wise.”
ernments, is of a different denoue- that they are facing a potentially very to the functioning of the rest of the government’s ministry of science and
ment: a series of partial short-term serious problem. The easy good times cells. In short: no side effects. technological innovation, which [email protected]
fixes via state interventions such as have gone; the hard work lies ahead.
Friday 20 November 2015 ★ FINANCIAL TIMES 11

Comment

Invisible threats that insurers cannot measure Cut doctors’

pay and the
FINANCE
expense. “We don’t consider ourselves a
target of terrorism here in Idaho,” says
city initially estimated at $40bn but it
was at first unclear whether insurers
insurance industry is expected to
absorb the first $37.5bn of losses from an
cost might be handled. In the past cou-
ple of years the insurance industry has health service
Gillian
Tett
Mr Marsh. “It’s rural.” Nonetheless he
concludes: “We are in a changing world
and we may need to look at this further
had to pay out for terrorist risks. Mean-
while a bitter dispute erupted in the
insurance world about whether the
attack, after which the government
steps in.
And that, in turn, has persuaded US
started to offer policies against cyber
hacking in a general sense; surveys sug-
gest that between 30 and 50 per cent of
will bleed
down the road.” event should be defined as one attack or insurance groups to offer cover to busi- large American companies now have
This shows the degree to which the several. Indeed the risks were so hard to ness and government entities — such as such policies in place.
shadow of terror — or, more accurately, model that many insurance companies the officials in Kuna — and kept terror- But cyber terrorism is shrouded in
reports about terror — is spreading into stopped offering cover at all. ism insurance fees relatively stable. legal uncertainty, and the costs of an OPINION

U
ntil recently the civic lead- unlikely places. It also highlights a big- Since then, many legal uncertainties But the bad news for corporate and attack are hard to model. There is also
ers of Kuna, an Idaho city of ger dilemma for corporate and civic civic leaders is that cyber terrorism is deep uncertainty about what role the Daniel
15,200 people, did not leaders. presenting a whole new wave of uncer- government might play in America and, Westacott
spend much time thinking As the world reels from the horror of The bad news is that tainty. Until now, when the intelligence most crucially, whether the federal
about the cost of global ter- the Paris attacks, it casts the spotlight on community — and the insurance indus- guarantee could be invoked if an attack
cyber terrorism is

W
rorism. Now, however, they are doing a question that needs more debate: can try — have tried to measure the cost of occurs. hen I graduated from
just that. As the city prepares to set its institutions protect themselves from presenting a whole new terrorism, they have tended to focus on This suggests that there is now an medical school I
2016 budget, its treasury office has been the financial risk of terrorism — and do physical attacks. This week, for exam- urgent need for Washington to develop a pledged to first do no
debating a new question: should Kuna so in an effective way? wave of uncertainty ple, the Institute for Economics and clearer framework; indeed, the whole harm. Why, then,
spend an estimated $40,000 of taxpay- The answer is yes and no.The good Peace, a think-tank in Australia, pub- tangled question of who should pay for nearly a decade later,
ers’ money to buy an insurance policy to news is that in the past decade the insur- have been ironed out (at least for tradi- lished a report suggesting that acts of cyber defences is badly in need of have I voted to strike, becoming part of
recoup damages if their city is ever hit ance industry in the US and Europe has tional terrorist risks) and governments terror cost about $52.9bn globally last greater debate. the first cadre of junior doctors since
by a terrorist attack? Or is that a waste of made huge progress in establishing a have created implicit and explicit back- year, the highest tally seen since 2001. But sadly this may not happen until a 1975 to support industrial action?
funds? framework for dealing with traditional stops. That calculation refers almost exclu- big terrorist cyber attack hits. In a It would be disingenuous to pretend
In the event the city council voted terrorism threats — the types of attack In 2002, Congress introduced a law sively to physical assaults, however, hyperconnected world, cyber terrorism that pay is not part of the reason we have
against taking out the policy. John that occurred in Paris, which kill people guaranteeing that the US government since cyber terrorism has hitherto not could deliver damage on defied Jeremy Hunt, the health secre-
Marsh, the city’s treasurer, says Kuna is and damage properties. will absorb catastrophic physical losses been very visible. a whole new level, be that in Paris, tary, who has sought to change the
already partly covered by a county-wide Such progress was badly needed. The resulting from terrorism; it was But the risk of cyber terrorism is ris- Washington or Idaho. terms of our contracts. No one likes a
policy, and the risks in the state do not attack on New York’s World Trade renewed this year. The formula is fiend- ing fast. And the problem is that, if an pay cut. But this is not a case of greedy
necessarily justify the additional Center in 2001 resulted in a bill for the ishly complex — but essentially the attack did happen, it is unclear how that [email protected] medics.
I am striking because retention and
recruitment is already in crisis — and
the health secretary is worsening the sit-
uation. In a market for skilled labour,

Paris must
medicine is losing out. And the ones
who will suffer will be the patients
Last year, only about half the doctors
who completed their foundation pro-
gramme after graduation chose to pur-
sue a specialist training course, down

shake Europe’s
from about three-quarters five years
ago. Medics are shunning the more com-
plex specialisms essential for a compre-
hensive health service. They have seen
the stressful job done by those ahead of

complacency
them and looked elsewhere — abroad or
to other professions. A third of doctors
in accident and emergency units have
left the UK in the past five years. More
than 1,600 junior doctors registered to
work abroad in the days after Mr Hunt
announced his contract offer.
Retention is far from the only prob-
treated as a staunch ally even as it lem; recruitment is harder, too. The best
GLOBAL POLITICS exports the extreme version of Islam and brightest school leavers once un-
that informs the murderous credo of the thinkingly chose medicine for the res-
Philip jihadis. Then there is a welcome
Stephens afforded Egypt’s president Abdel Fattah
al-Sisi whose violent repression of the
Muslim Brotherhood opens the door to
Jobs in the City and
Isis. With its oil and autocrats, the Mid- technology are
dle East is a graveyard for anything pre-
tending to be a principled foreign policy.
increasingly seen as more
rewarding among medics

T
here is an impulse in None of these hypocrisies can be held
Europe’s political dis- up in exculpation of the tyranny of the
course, by no means the self-styled Islamic State. Those who underpinnings. Somehow it is easier to ance will shift somewhat in the after- its strongholds, though the case for pect in which it was held and its finan-
exclusive property of the think it better to explain than condemn blame the west than to admit that there math of the Paris attacks. fiercer military action is a strong one. cial security. No longer. Medical stu-
left, that assumes nothing forget that by far the greatest number of are those for whom freedom, tolerance The original sin was the assumption Fighting means recognising that the val- dents graduate with an average of
bad happens in the world without it victims of Isis’ crimes are fellow Mus- and the rule of law are natural enemies. that the end of the cold war did indeed ues that form our societies cannot be £45,000 of debt, and under Mr Hunt’s
being somehow the fault of the west in lims in Iraq, Syria and, most recently, We saw this when Mr Putin over- mark the end of history. The compla- taken for granted; that the postmodern plans will start on about £25,000 in
general and the US in particular. This is Beirut. Or that the caliphate replaces turned the continent’s postwar security cency straddled the boundary of eco- order imagined after 1989 is at very best basic salary — less than banking, law,
the mindset that casts Saddam Hussein liberty with theocratic intolerance, sub- order by sending his army into Ukraine. nomics and politics. Liberal markets some way off; and that even as they con- accountancy, IT and construction.
as a victim, Hugo Chávez a hero and jugates women and murders homosex- The reaction of many on the right as well would create permanent prosperity, front the enemies of freedom and toler- Doctors also incur debts beyond stu-
Russia’s Vladimir Putin as a bulwark uals. The idea that the west should as the left was to mutter that the fault while political pluralism would become ance European governments must dent loans to earn the qualifications
against Nato expansionism. The mass shoulder blame rests on a corrosive lay with Nato’s decision to welcome the the default system of governance. The address deprivation and marginalisa- necessary to practice. Since I graduated
murder of Parisian concertgoers and moral relativism blind to the essential new democracies of eastern and central international order would be remade in tion within their societies. I have spent more than £30,000 pursu-
Russian tourists may be crimes, but evil of those who kill and maim. Indis- Europe. the image of European multilateralism. This in turn demands a willingness to ing my vocation, enough for a house
they are surely also the product of criminate murder is wicked. It demands There are many more who have The first of the illusions was shattered admit there will be costs. But then any- deposit. Consultancy — the most senior
unprincipled great power intervention. unvarnished condemnation. Full stop. decided in the wake of Edward Snow- by the financial crash of 2008, but gov- one who has glanced at the history of the level in the National Health Service,
Listen to Jeremy Corbyn. The leader You could ask whether anyone cares den’s revelations that the principal ernments and electorates have held on 20th century will know that today’s lib- with more chance to work privately —
of Britain’s Labour party cannot censure what Mr Corbyn thinks. The Labour threat to Europe’s freedoms comes from more tenaciously to the idea that erties came at a price. Nor should we may become a route only for those who
the outrages of extremist jihadis with- leader’s formative memories are of the the electronic “snooping” of domestic democracy is the natural destination of imagine that governments will not have can afford it.
out reference to the supposed crimes of Vietnam war and the nasty campaigns intelligence services rather than from politics. When things have gone wrong to make ugly compromises — not least Jobs in the City and technology are
the US: the siege of Falluja, say, or killing waged by the CIA in central and Latin jihadis wielding Kalashnikovs and — the terrorist attacks of al-Qaeda and in Syria — if some order is to be restored. increasingly seen as more rewarding
rather than arraigning Osama bin America during the 1970s. He has not wearing suicide vests. Hopefully the bal- now Isis and Russia’s revanchism — the Above all, it is time for Europeans to among medics and would-be medics. In
Laden. “We have created a situation stepped out of the time warp. He will instinct has been to treat them as excep- celebrate what they have built and rec- part this is about money. But as these
where some of these forces have grown,” never be prime minister. Even Fidel tions. The curtains, though, have now ognise it is under threat. The streets of professions seek to persuade graduates
was Mr Corbyn’s reflection on the
slaughter in Paris.
Castro thinks it is time to move on.
Yet Mr Corbyn’s response illuminates
The idea that the been torn open, not least by the influx of
refugees fleeing violent chaos on
Paris this week have seen a heartening
resolve not to be cowed by the murder-
that their careers have “purpose”, and
ease off on average hours, there is more
There is no shortage of criticisms to be a broader strand of European thinking west should shoulder Europe’s periphery. ers. If Europe does not stand up for its to their lure than monetary reward.
made of the west — and they do not start
or end with the invasion of Iraq. I find it
— a complacency that takes for granted
the Enlightenment and has sapped the
blame rests on a corrosive What is required is a readiness to
fight. This means a lot more than simply
values, who else will? This reduction in numbers of high-
quality candidates willing to make the
shocking that Saudi Arabia is still willingness to defend its essential moral relativism sending more warplanes to attack Isis in [email protected] sacrifices to complete specialist training
is being felt. In 2005, there were 11 eligi-
ble for each available posts for higher
surgical training in orthopaedics, my
specialism. Last year, the ratio was 2:1.

Let them eat lobster — it was never the food of kings The weakening of competitive pres-
sure for jobs will lead to a reduction in
the quality of individuals entering train-
ing. Add to this the proposed contract
changes, which would remove the obli-
them ourselves. They are plentiful, at no turies we can assume London’s dock cated. It is also delicious, combining a prolifically, moulting more regularly gation on NHS trusts to monitor hours
OPINION particular risk of extinction, and utterly labourers were ordering oysters at a far cream sauce enriched with eggs, sherry and growing up to 2m in leg span. worked. Staff shortages are increasingly
delicious, having sweeter and better- greater rate than the wealthiest occu- and mushrooms with a gratin topping. They were so successful that they filled by short-term “locum” doctors,
Tim textured flesh than fish. They survive in pants of the City can afford to today. While some restaurants still feature began migrating across the ocean floor who are less qualified but better paid on
Hayward a wide range of sea temperatures and As industrialised cities developed, oyster and lobster as premium dishes, it in vast packs. Spider crabs the width of an hourly basis. Here is an NHS geared
are easiest caught by simple and sus- what we would now call “supply chains” is not unusual to be offered oysters, cars are, even now, moving along the towards costly short-term fixes rather
tainable methods. were created and preserved, packaged, fried or baked, as affordable starters — bottom of the North Sea towards the UK than one built for the future.

T
oday we regard the oyster Like oysters, the creatures’ ability to tinned and eventually chilled products something never seen a few years ago. In coast, eating everything in their path. It The new contract proposed by Mr
and lobster as luxury foods, survive out of water meant they could became the more convenient diet. Pres- the run up to Christmas, the discount is the stuff of science fiction movies. Hunt extends what are counted as nor-
but it has not always been be transported far inland and supply tige restaurants, though, never fell out supermarket chains Lidl and Iceland are At the moment, Kamchatka crab is a mal hours (outside which doctors can
so. Oysters have been com- spankingly fresh protein long before offering frozen lobsters for under £5 delicacy in London restaurants, where earn supplementary payments) to
mercially farmed since the refrigeration made it possible to distrib- (they make a great Thermidor). the ability to select a live, angry, metre- 10pm on weekdays. Saturday work will
time of the Romans and have a remark-
able talent: when collected, they close
ute other forms of fresh fish. For this
reason, lobster and oysters were often
It is only a matter of time Lobsters and oysters are robust crea-
tures and they breed vigorously. We
wide creature from a tank and have it
killed and brought steaming to the table
no longer attract higher rates. The con-
tract will also make doctors less keen on
their watertight shells, trapping seawa- considered a food of the poor in industr- before they acquire a taste have artificially kept them as prestige is a spectacle that delights the super doing poorly paid academic research
ter inside. This useful skill doubtless
evolved so they could survive being
ialised cities. Nineteenth-century
prison governors in some coastal states
for human flesh, so we need foods, so it is unsurprising that their
price is now dropping.
rich. But the crabs have reached the
Norwegian coast. It is only a matter of
while in practice, stifling innovation.
I have thought hard about the ethics
beached at low tide. But it meant that of the US were forbidden to feed their to acquire a taste for theirs Now that previously aristocratic time before they come ashore here, of strike action. I strive every day to act
oysters could be shovelled into a barrel, prisoners lobster more than a few times salmon is the go-to protein at every cor- lurching up the beach having acquired a in the best interests of my patients. But
carted to a city, and left under a bar — a week, as it was considered a “cruel and of love with food so fresh that it still porate event or provincial wedding, per- taste for human flesh — so we need to no doctor can do this without a func-
sometimes for weeks — while remaining unusual” privation. moved, and developed dishes that haps we should wonder at what is next. start acquiring a taste for theirs, fast. tional system with the right incentives.
alive and fresh. At low tide you can still wander along remain in the canon today. It is hard to The answer may again come from under King crabmeat is superb, with a meatier And this is why I will strike: not for
Lobsters, or similar forms of inverte- the muddy banks of the Thames in Lon- go wrong with lobster Newburg (egg-en- the sea. In the 1930s Josef Stalin ordered texture and sweeter taste than its the pay at the end of the month but for a
brate, crustacean arthropod have been don and see vast “middens” of dis- riched cream and cognac), lobster a the introduction of the red king or Kam- skinny little capitalist cousin. Surely, system that attracts and keeps the best
around longer than humans and it is carded oyster shells. These mark the l’armoricaine (tomato, tarragon, shal- chatka crab to the Barents Sea to create government must intervene. Drop the in the years to come.
quite possible that we have been eating spot of bank-side pubs, where revellers lots), or the king of the lobster dishes, a new source of cheap protein for Soviet prices — we need to eat them before they
them for a very long time. They are also would consume huge numbers of oys- first created by Auguste Escoffier in workers. Eventually the crabs, indige- eat us. The writer is a specialty registrar in trauma
unique among the food we eat today in ters and throw the shells into the river. about 1880. Lobster Thermidor is nous to the northern Pacific, grew to and orthopaedics at University Hospitals
that we often buy them alive and kill As the deposits are still there after cen- superbly rich and massively compli- accept their warmer home, breeding The writer is an FT magazine columnist Coventry and Warwickshire
12 ★ † FINANCIAL TIMES Friday 20 November 2015

BUSINESS LIFE

Personal technology

Mark One/ Thermos

‘Smart’ cup and bottle quench
thirst you never knew you had
TIM BRADSHAW

Water is our simplest My main incentive for

nutrient. It requires no more maintaining Pryme became
preparation than turning on to silence the constant nag
a tap. We know when we of push notifications that
need to drink it because we arrived whenever I was short
feel thirsty. Fully of my goal. My phone often
functioning adults tend not pinged when I had just taken
to forget to drink enough a sip with urges to take
water to survive. another, to “get you to the
next level”.
Yet companies old and new Mark One has raised
want to convince us that millions of dollars in venture
humanity has a drinking capital to develop a more
problem. New “smart cups” ambitious cup that claims to
from Thermos and San track the type and brand of
Francisco-based start-up drink inside, including
Mark One use an array of calorie and caffeine content.
sensors that beam users’ However, that product has
real-time data about water had more than a year of
consumption to a delays because of problems

Slick go-betweens at the Inns of Court

smartphone app. But does with sensor reliability, with
such a simple act as drinking no shipping date in sight. In
really need all this tech? the past few months, the
Being well hydrated can company has suffered the
make us feel more alert and departure of its heads of
focused, as well as boosting health, design and software,
our immune system. The as well as founder and chief
Terry Pratchett’s “neurovores” — peo- sion of commercial chambers since the a bubble: boarding school, then Oxford apocryphal advice of eight executive Justin Lee.
WORKING LIVES ple who live by their nerves — as an 1990s and the establishment of offices or Cambridge, then spend the rest of glasses of water a day is
appropriate description. overseas, particularly in Singapore, has their lives in the inns of court. They have actually a little less than the Thermos 2.0
Emma As clerks gain experience and stature demanded a more sophisticated opera- no real concept of life outside those 2.7 litres recommended for Thermos’s $60 Smart Lid
Jacobs they can both help and guide a barris-
ter’s career, as they talk up rising stars
tion. Initially, a new job — practice man-
ager — was created. People with man-
walls, which is why they rely on sharp,
streetwise clerks to run their busy lives.”
women and 3.7l for men by
the US Institute of Medicine.
device is more utilitarian. Its
app simply tracks how much
and advise them on when to apply to agement expertise were sought: former Mr Baldwin disagrees: while some But, as the institute water is in the bottle (in case
take silk (ie, rise to the eminent status of army officers and former solicitors have led a closeted life, the bar has concluded: “The vast you can’t see through its
Queen’s Counsel, or QC). entered chambers. Yet ultimately, changed and become less elitist, he says. majority of healthy people transparent side), its
Periodically, the last rites are read on clerks won the day by embracing these David Hockney is the senior clerk in adequately meet their daily temperature (in case
Modernisation may bring the clerk’s job. There are probably fewer professional skills. Monckton Chambers, which specialises hydration needs by letting holding the cup was
big changes to barristers’ than 2,000 barristers’ clerks in England
and Wales. And yet the job survives and
Prof Flood says clerking is largely
learnt on the job. “This is a job based on
Kelly Walker
(top) joined
in European, human rights and compe-
tition law. The view over Gray’s Inn’s
thirst be their guide.” insufficiently precise), how
much water you have
clerks but they can still thrives. One clerk who left the business craft and apprenticeship . . . learning Monckton after lawn is reminiscent of an Oxbridge col- Pryme time consumed and — for fans of
help make or break their a decade ago, recently returned to his
former chambers and was shocked. “My
from a master. This is why the ‘old
school’ clerks are still in high demand.”
a suggestion
from a
lege quad. He joined 25 years ago, fol-
lowing two uncles who worked as clerks.
Nonetheless, Mark One
believes its algorithm can do
employers’ careers God, it was like I’d popped out for a Carolyn McCombe is chief executive jobs agency; For the first few years it was “hard better than humans.
sandwich. Nothing had changed.” at 4 Pump Court, where she heads the Brian Lee, graft”, he says. “Not all youngsters can When setting up its $100

A
nthony Trollope’s 1862 However, the job has been affected by clerks and administration team. Her (above) chair of look beyond that.” As a result, he has smart cup, called Pryme
novel Orley Farm includes a technology as well as the modernisation path to the role was unusual as she read the Institute of tried to give clerks clear career paths. Vessyl, I told the app my
vivid description of Mr and globalisation of the legal profession. law at Cambridge university and Barristers’ Another change in clerking has been age, weight, height and
Crabwitz, the clerk to bar- As with many administrative roles, became a partner at a solicitors’ firm. It Clerks the arrival of women. Today they make sleeping hours. As an
rister Thomas Furnival. Prof Flood, director of the Law Futures was important to learn to be a clerk, she Rosie Hallam
up 15 to 20 per cent of clerks, according optional extra, I also gave it
This was a “gentleman who . . . consid- Centre at Griffith University, Queens- says, although she did not start at the to the IBC. Ms McCombe says: “It is inev- access to my iPhone’s
ered that no inconsiderable portion of land, as well as author of Barristers’ very bottom, by pushing trolleys or pho- itably blokeish, as there are an awful lot activity and workout data,
the barrister’s success had been attrib- Clerks: The Law’s Middlemen, says the tocopying. “It is a bit like policemen: of blokes. However, I have not encoun- collected through fitness
utable to his own energy and genius”. work has been transformed. “There is you need to have been on the beat to tered sexism or barriers; in fact quite trackers such as Apple
More than 150 years later, says Profes- the increasing use of technology in the understand what policing is all about.” the reverse.” Watch or Jawbone’s UP.
sor John Flood, who has written one of job — electronic diaries, billing.” Previ- While automation is likely to replace Kelly Walker, a 22-year-old clerk at Pryme Vessyl crunches
the only books on the subject, there are ously barristers’ clerks would amend a some legal jobs, Mr Baldwin believes it is Monckton, had intended to become a this data in the cloud to
many clerks who could say the same. thick paper diary, wearing out erasers to more likely to threaten the UK’s solici- legal secretary until a legal recruitment create what it says is a more pointless statistics — how
Essentially, their job is to manage the move appointments skilfully. At the tors — who have a less theatrical role — agency suggested clerking. “It’s not personalised and dynamic many minutes you have
diaries, workloads and the careers of same time, Prof Flood says demand for than barristers and their clerks. Prof something that anyone at school advises hydration target. But rather spent drinking and how
barristers. They also sort out the money skills such as marketing and networking Flood, however, sees no one as immune. you to do,” she says. Usually, she notes, than tally this in regular many sips you have taken
side, negotiating fees and delivering means clerks must be slicker than ever. At a time when higher education is “you hear about it through your family”. litres or ounces, it uses a that day. You can set your
invoices. Brian Lee, chair of the Institute of Bar- expanding, this is one of the few white- In fact, her sister came for work experi- curious metric of its own own water consumption
Scott Baldwin, author of a blog, Not a risters’ Clerks and senior clerk at 7 collar jobs with long-term prospects ence, and is now keen to follow in Ms invention, also called Pryme. goal (in plain old litres), with
Barrister, likens the role to being a nurs- King’s Walk chambers, says the expan- open to school-leavers. One former Walker’s path. This obscurely calculated a bar tracking your progress,
ery nurse. “The vast majority of barris- clerk says it was a good education: he If so, she may be safest to opt for bar- score is tallied up on the app and the total amount drunk
ters spend half their time worrying they
won’t pay the mortgage, the other half
‘Barristers have no real did anything from making tea to acting
as a pallbearer at barristers’ funerals.
risters working on commercial cases.
Recent cuts to legal-aid funding, as part
and also appears as a thin
strip of white light on the
can also sync to Fitbit’s app.
The plastic bottle and its
thinking they’re God.” concept of life outside Mr Baldwin, raised in Moss Side in Man- of the UK government’s austerity drive, outside of the cup. The line lid are light and watertight,
The role of a clerk is much like an chester, says he fell in love with the job means that “crime doesn’t pay for law-
agent, making sure the self-employed those walls, which is why from day one. “It was another world. yers”, says Mr Lee. “Many of the smaller
lights up when you tilt the
cup, ending in a blue dot if it
which at least makes it more
practical than the Pryme.
barristers have a good supply of cases to they rely on sharp, People knew Latin and poetry and criminal chambers will shrink, includ- judges you are sufficiently But I found the data transfer
plead in court. Mr Baldwin, senior clerk drank wine.” ing the number of clerks they hire.” hydrated at that moment. unreliable. On one occasion,
at St Mary’s Chambers in Nottingham, streetwise clerks to run One former clerk suggests that barris- This light is an elegant it told me I had spent 1,143
says barristers are “inherently paranoid
all the time”. He cites the late novelist Sir
their busy lives’ ters’ typically privileged background is
why they need clerks: “Barristers live in
[email protected]
Twitter: @emmavj
touch on the otherwise
minimalist white cup, which
minutes taking one sip, to
consume 7ml of water.
at least is not too brash
about its “smarts”. The white Verdict
matt plastic exterior is The human body comes
pleasant to hold and with robust hydration

Female entrepreneurs get a helping hand in a changing Japan comfortable regardless of

whether the cup contains
iced water or hot tea.
sensors — based on input
and output — pre-installed
at no cost to the user. We
However, the glass may all benefit from the
interior makes the cup occasional reminder to drink
The number of women prime minister Shinzo Abe’s push for Analysts say the low level of entrepre- pretty heavy, while its more water, but there are far
more women to be in the workforce. If neurial activity in Japan also stems
leading businesses is still he succeeds in closing the gender gap in from attitudes towards start-ups,
“splashproof” sliding cap
does not prevent drips and
cheaper ways to do that
than these devices.
tiny, says Kana Inagaki employment, Goldman Sachs estimates including the fear of failure. A report leaks. This makes it Amid the ongoing
it would boost Japan’s gross domestic last year from the Global Entrepreneur- unsuitable for use during “internet of things” hype,
product by almost 13 per cent. ship Monitor, which analyses early vigorous exercise, when the argument that a cup or
Maria Mercedes Corrales knows well Despite this, efforts to promote more stage start-up activity, respondents in hydration monitoring might bottle must be “smart” just
the challenges of navigating the corpo- women to senior roles have still to Japan expressed a fear-of-failure rate of be most useful. does not hold water.
rate world of Japan as a female boss. inspire women to become entrepre- 54.5 per cent compared with 43 per
When she took over the struggling neurs. In the last financial year, only 16 cent in the UK and 34 per cent in the
Japanese operations of Levi Strauss in per cent of new businesses were started US.
2001, she vividly recalls how some of by women, according to Japan Finance As part of her mentoring role, Ms Planet of the apps
her employees and clients refused to Corporation, the government-owned Corrales also sought to ease Ms Uchida’s
speak to a female president. That wall bank. Maria Mercedes in shaping her business strategy at fears about her prospects and her capa- several cheap apps.
of silence came down gradually as she “One of the things [Japanese women] Corrales, right, Re:public, which supports innovation in bilities. “You have to believe in yourself. Waterlogged’s basic
turned around the company’s perform- face is access to women role models mentoring Yuki companies and cities. We are put on the job because people features, including
ance. both in leadership and mentoring in dif- Uchida “We’re at a phase many start-ups think we are capable of doing it,” she recording each glass or
“When you are a woman you are put ferent skill sets,” says Rena De Sisto, face,” Ms Uchida says. “We need to says. bottle drunk and a daily
to a test,” she says. “You are measured international corporate social responsi- think about where we want to take the Looking back, Ms Corrales says she reminder, are free. Paying
by the results that you deliver.” bility executive at Bank of America. She company from here and how much we would not have accepted her jobs at What they are $3.99 unlocks extras such as
Backed by her experience — which heads a global mentoring programme want to expand.” Levi Strauss and Starbucks had she more notifications and the
later included a stint heading the Japa- for women leaders co-organised with Tamiko Hayashi, founder of Social been offered a No 2 position: “When Waterlogged and Daily ability to share data.
nese unit of Starbucks — Ms Corrales, Vital Voices, a non-profit organisation Concierge, a non-profit organisation you are at the top, you set the tone in Water apps for iOS Daily Water offers some of
from the Philippines, has returned to for empowering women. promoting sustainable lifestyles with your organisation.” those features for free but
Japan for a new role as mentor to a When the programme, launched in online magazines and shops, says the Rewards can also override the fears of Why you should try includes ads, which you
group of budding female entrepre- 2012, held an event in Tokyo last month, hurdle for her is the lack of know-how sitting at the top. In Ms Corrales’ case, them pay to remove. Logging a
neurs. “A lot of things have changed. It 70 women applied for 11 slots. Ms Cor- in gaining access to capital. Through the those rewards were the friendships she To track your hydration glass of water is faster on
is like a renaissance in Japan for rales cancelled her travel plans to apply programme, she has learnt how to forged with her initially sceptical male without splashing out on a Daily Water, but neither are
women,” Ms Corrales says. for the role of mentor. She is now coach- approach bankers to finance the expan- colleagues at Levi Strauss, that are now “smart cup”, there are particularly hard to use.
Much of the change is driven by ing managing director Yuki Uchida, 32, sion of her business. a decade old.
Friday 20 November 2015 ★ FINANCIAL TIMES 13

ARTS

A smart, spirited reach the end, which is also the begin-

ning. Love is quite something: sad and
smudgyasafarewellkiss.
The black-and-white showcase from

heroine for the the young first-time director is all but a

genre of its own, but Mexico’s Alonso
Ruizpalacios infuses his debut Güeros
with verve and imagination. After a diz-

21st century zying red herring of an opening, he

leaves us with Tomás (Sebastián
Aguirre), a teenage tearaway sent by his
despairing mother to live with older
brother Federico (Tenoch Huerta) in
Mexico City. There, the straight and nar-
FILM row is evaded; what unfolds is an urban
odyssey and the search for a lost
Danny rock’n’rollsinger.
Woozy and urgent in the same
Leigh moment, Güeros isn’t shy in its devotion
to the French New Wave, but its style has
substance: despite being brothers,
Tomás is light-skinned (for which güeros

A
nd so, it’s goodbye. After is derisive slang), Federico darker, and
three previous films, more that difference, with all its implications,
than $2bn at the box office poundsawayattheheartofthemovie.
and a lifetime in make-up “I’m back, you bastards,” announces
for Stanley Tucci, The Myrtle “Tilly” Dunnage (Kate Winslet)
Hunger Games draws to a close with at the start of The Dressmaker, these
Mockingjay — Part 2. Denied the indul- particular bastards the citizens of Aus-
gence of an early recap, even fans may tralian Outback hellhole Dungatar circa
need a moment to reorientate. (Anyone Natalie Dormer and Jennifer Lawrence in ‘Mockingjay — Part 2’. Below: Karl Glusman and Aomi Muyock in ‘Love’ 1951, a two-horse town where both
thinking of just jumping in now would be horses have died. But it’s Dungatar to
best advised to find some kind of online The series’ vast global popularity may his famous sex scene with screen wife couple in the world,” he declares. Soon, which she returns, a femme fatale-ish
course.) In our last meeting, the fearless well have been helped by the discreet Julie Christie inspiring endless debate as though, Murphy reveals himself as a seamstress in eye-popping couture. Half
Katniss Everdeen (Jennifer Lawrence) replacement of humour (too prone to to whether or not that was actually act- ruinous dolt, and things begin to spoil: the premise — Tilly making over the
wasattackedbyhersometimeloveinter- not travelling) with splashes of flamboy- ing. No such mystery in Love, the new “Secrets make you darker,” Electra town’s dowdy women with her trusty
est Peeta (Josh Hutcherson), brain- ance: the usual palette of murk and film from director Gaspar Noé. We open warns, as amid a string of lurid sexual Singer sewing machine — would be
washed by the barbarous Capitol (heart sludge is brightened here by a Capitol with a long tableau of mutual masturba- adventures, jealousy and paranoia scut- insufferably twee if it weren’t for the
of the post-apocalyptic North America shopkeeper surgically remade to resem- tion, the first of several clearly unfaked tletherelationship. other half. As a fatherless child, she was
now renamed Panem). Now, her throat ble a tiger. The cast admire her couplings. Ah yes, you often think, that Noé’s liking for mischief dies hard: bullied by the whole town and blamed
is a mesh of bruises; when she tries to implanted whiskers as if they were a would have to be real. Yet even the most Love does, for instance, feature some for the violent death of a schoolmate.
speak, there is silence. She will have to new,reasonablypricedblusher. single-minded viewer will ultimately potent use of 3D (I will only say you may (She too thinks she might be guilty.) And
findhervoice. Since the first, hyperactive film in find the sex less compelling than the instinctively duck). But his eye for the nowshewantsrevenge.
The sound you hear when she does is The Hunger Games: 2012, the series has had a regular direc- messthathappensinbetween. gorgeous extends to more than just flesh: So pass the first five minutes. Stick
an industrial-size narrative arc being Mockingjay — Part 2 tor in Francis Lawrence. It’s hard not to After that first encounter, we find our- a great arranger of actors, he finds Mur- with it and you will encounter the many
loweredintoplace.Whiletheforeground (12A) wonder what might have been in the selves in a cold shower of Parisian phy and Electra at their most blissed-out rural grotesques, the rival dressmaker,
is given over to a climactic assault on the Francis Lawrence hands of a war movie virtuoso such as domesticity, the bleary Murphy (Karl fully dressed and drinking tea against a the local hunk, the box of hash brownies,
Capitol, the finale also sees Katniss — the AAAAE Kathryn Bigelow, but sturdy compe- Glusman) waking to his partner, infant hyper-real trompe-l’oeil of white lake- the wife-beater’s comeuppance, the
backwoods girl who started a revolution tence is no crime. A set-piece in which son and a mood of glum self-loathing. It house and pink flamingos. And he has a poignant romance, the tragic demise in a
— taking charge of her own fate in the Love (18) Katniss is pursued by a monster wave of isNewYear’sDay. novelist’s knack for playing with vat of sorghum, the am-dram produc-
face of not just tyrants, but also her own Gaspar Noé oil has the raw thrill of good action cin- But we’re not yet destined for kitchen time. Just as his last film Enter tion of The Mikado, and the
side’sPRandmarketingstrategy. AAAAE ema and enough metaphorical oomph to sink realism. Soon, Murphy seeks refuge the Void saw its hero stuck in unfathomable quantity of lavish
For all its heroine’s personal growth, keep the theorists busy for years. In the in his memories: the key, Noé-ishly, a the afterlife watching his own frocks. If all this sounds tonally
still more sharply drawn is the hall of Güeros (15) end, for all the high-end support of the lump of opium kept in a VHS case for story replayed, so Mur- deranged,indeeditis,lurching
mirrors of power and propaganda, the Alonso Ruizpalacios late Philip Seymour Hoffman and the I Stand Alone, the director’s own scabrous phy too is doomed to from low farce to teary
media battle between the flailing Capitol AAAAE flawless Donald Sutherland, these debut. So begins a reverie of an earlier be both here and melodrama, then standing
and revolutionaries already jostling for strange, important films belong to Jenni- life, and another girl, a guarded brunette there, present on its head and barking.
place. For a CGI-stuffed blockbuster The Dressmaker (12A) fer Lawrence: unsmiling, unbreaking, namedElectra(AomiMuyock). and past, get- I actually think I
franchise aimed at 14-year-olds, this was Jocelyn Moorhouse JoanofArcfortheSnapchatgeneration. She, we realise, was the One, since ting ever enjoyed it, though I
always a smart one, its real life echoes at AAAEE In a different era, Sutherland was part got away. At first the sweetness is irre- darker now feel so confused I
oncegrimlyspecificandusefullyvague. of the elaborate tease of Don’t Look Now, sistible. “We’re going to be the greatest until we mightbewrong.

THIS EVENING’S TELEVISION

Pick of the day

The excellent, unsensational no easy solutions.
Unreported World (C4 (Pictured: victims Chung
7.30pm) comes up with Gie-hong and Chung
another disturbing comment Byung-ae.)
on social abuses tonight. Badlands (BBC2 11.35pm)
Hundreds of South Koreans, takes conventional themes
many with learning — teenagers on the run,
difficulties, frequently violence, the American
homeless, are lured away to landscape — and treats
work as unpaid and often them with a lyricism and a
violently mistreated mixture of the epic and the
labourers. Police make elegiac typical of Terrence
regular inspections but the Malick’s direction.
farm-owners hide their Beautifully acted by Martin
workers. The programme Sheen and Sissy Spacek.
states the facts and offers MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News at Six; Weather. 6.00 Strictly Come Dancing — 6.00 ITV News London. 6.00 The Simpsons. R
6.30 BBC Regional News It Takes Two. 6.30 ITV Evening News. 6.30 Hollyoaks.
Programmes. 7.00 Celebrity Antiques Road 7.00 Emmerdale. 7.00 Channel 4 News.
7.00 The One Show. Trip. Tommy Cannon and 7.30 Coronation Street. 7.30 Unreported World.
7.30 Citizen Khan. Shazia and Bobby Ball hit the antiques 8.00 Gino’s Italian Escape — Reporter Marcel Theroux
Amjad find it hard to cope trail. Islands in the Sun. Chef visits South Korea to
as their baby is struggling 8.00 Mastermind. John Gino D’Acampo heads into investigate the growing
to sleep during the night. Humphrys poses questions the mountains of Sardinia scandal of modern-day
8.00 EastEnders. on specialist subjects. to see how simple food slavery, involving many
8.30 Adele at the BBC. The 8.30 An Island Parish: and the landscape victims with learning
singer-songwriter talks Falklands. Reverend contribute to the health disabilities.
about life and career. Richard lends a hand in and longevity of the 8.00 TFI Friday. Chris Evans
9.35 Have I Got News for You. preparing the hot cross people living there. hosts the lively
10.05 BBC News. buns. 8.30 Coronation Street. entertainment show mixing
10.30 BBC Regional News and 9.00 Great Continental Railway 9.00 I’m a Celebrity Get Me music and chat with stunts
Weather. Journeys. Out of Here! Ant and Dec and skits, with guests
10.40 The Graham Norton Show. 10.00 QI. Host Stephen Fry is present the celebrity including Stereophonics
Tom Hanks talks about his joined by Sandi Toksvig and challenge as the famous and Hozier.
role in the new Spielberg Alan Davies. faces continue their ordeal 9.00 Gogglebox.
thriller Bridge of Spies. 10.30 Newsnight. in the Australian jungle. 10.00 Alan Carr: Chatty Man.
11.25 Josh. New series. Sitcom 11.00 Artsnight — Edmund de 10.30 ITV News. Danny Dyer talks about his
following Josh, his Waal. The artist explores 11.00 ITV News London. book The World According
flatmates and their the theme of memory and 11.15 FILM The Eiger Sanction. to Danny Dyer: Life
landlord. In the first art. Action adventure, directed Lessons from the East End,
edition, Josh is invited to a 11.30 Weather. by and starring Clint while Josh Widdicombe
pool party. Starring Josh 11.35 FILM Badlands. Terrence Eastwood. With George discusses his BBC sitcom.
Widdicombe. Previously Malick’s crime drama, with Kennedy. Rita Ora drops in for a
shown on BBC Three. Martin Sheen and Sissy chat.
11.55 Josh. Spacek. Regional variations apply 11.05 First Dates. R

Other channels
BBC3 Channel 5 Battleship. 11.35 End of Days. Sky 1
7.00 Top Gear. 8.00 Don’t Tell 6.00 Home and Away. 6.30 5 6.00 Futurama. 6.30 The
the Bride. 9.00 Russell Howard’s News Tonight. 7.00 UK’s Sky Atlantic Simpsons. 7.00 The Simpsons.
Good News. 9.30 Rent a Cop. Strongest Man 2015. 8.00 Ice 6.00 Without a Trace. 7.00 7.30 The Simpsons. 8.00
10.00 EastEnders. 10.30 Russell Road Truckers. 9.00 NCIS: New Cold Case. 8.00 Blue Bloods. Gordonstoun: A Different Class.
Howard’s Good News Extra. 11.15 Orleans. 10.00 NCIS. 10.55 NCIS: 9.00 Blue Bloods. 10.00 The 9.00 A League of Their Own.
Family Guy. 11.40 Family Guy. Los Angeles. 11.55 Access. Last Panthers. 11.00 The 10.00 Duck Quacks Don’t Echo.
Wire. 11.00 Hawaii Five-0.
BBC4 More4
7.00 World News Today. 7.30 6.50 Great Canal Journeys. 7.55 Sky Sports 1 Sky Arts
Pappano’s Classical Voices. Grand Designs. 9.00 24 Hours in 6.00 The Fantasy Football 6.00 Darbar Festival 2015. 7.00
8.30 Pappano’s Classical Voices. A&E. 10.00 The Returned. 11.15 Club. 7.00 FL72 Live. 10.15 Landscape Artist of the Year.
9.30 Mercury Prize Live 2015. Father Ted. 11.50 Father Ted. Fight Night Preview. 10.45 The 8.00 Discovering: Groucho Marx.
10.30 Mercury Prize Winners at Fantasy Football Club. 11.45 9.00 Sky Arts Sessions. 10.00
the BBC. 11.35 Totally British: 70s Film4 Barclays Premier League Hard. 10.30 Hard. 11.10 AC/DC’s
Rock ’n’ Roll. 7.00 Run Fat Boy Run. 9.00 Preview. Brian Johnson: Rock Icon.
14 ★ FINANCIAL TIMES Friday 20 November 2015

Odd one out

Tech IPOs in 2014 raised nearly as much as the 2000 peak, even though there
were far fewer offerings. Recent IPOs have been priced towards the lower end of
the suggested range. Square sold shares at $2 below its indicated price range

Global technology initial public offerings Selected tech IPOs

Twitter: @FTLex Email: [email protected]
Funds raised in IPO ($bn) Number of IPOs IPO price IPO price range Current share price**
60 800 IPO date Company $10 $15 $20 $25 $30
Royal Mail: and a regulatory review next year may Italian banks:
turn out to be less onerous than Nov 2015 Square
lepidopteral leanings expected. Even so, a transformed Royal 600
productivity gap
Mail is unlikely to be a butterfly. A Nov 2015 Match Group
Some companies talk about moth — functional and largely 40 Italian banking can be contradictory. In
restructuring or reorganising. The nocturnal — might be a better analogy. Oct 2015 Pure Storage his latest restructuring, UniCredit boss
UK’s Royal Mail talks about 400 Federico Ghizzoni aims to shrink the
“transformation”. The word implies a Jun 2015 Fitbit country’s second-biggest lender by
process of complete reinvention, at the Lonmin: market value — by cutting 12,000 jobs
end of which a beautiful corporate 20 Apr 2015 Etsy and selling assets. Meanwhile Italy’s
creature will emerge, butterfly-like, stay of execution 200 popolari banks are abuzz with merger
from the husk of state ownership. Jan 2015 Box talk as these smaller banks shake off
The reality is rather more prosaic. Ouch. And ouch. Investors in Lonmin their mutual pasts and try to bulk up.
Transformation, Royal Mail-style, is a need a thick skin and a very, very Jun 2014 GoPro Big or small, the banks have the same
long, expensive slog. The UK delivery long-term horizon. They have just 0 0 aim: to cut costs, capture more revenue
group, now wholly privatised after the approved the South African platinum 1995 98 2000 02 04 06 08 10 12 15* and use profits to build capital.
government sold its remaining shares miner’s third rights issue in six years, That is just what regulators want too.
FT graphic Sources: Dealogic, FT research * Year to date ** As of 4.30pm GMT
last month, will rack up at least £180m this one at a 94 per cent discount to the Trouble is, it will lumber investors with
in transformation costs this year. Much share price. The cash call will raise feeble returns as long as interest rates
of that will be incurred in a round of $470m and will open the door to a It is all over. Tech bubble 2.0 has busy at Twitter. It has cool-looking private valuations. Institutional stay low. Italian bank returns on equity
voluntary redundancies (3,000 out of a $370m debt refinancing. Without it, burst. Square priced its initial public hardware and software. And it has all investors say they would rather wait are already pathetic; most, bar Intesa
total workforce of 148,000 left in the Lonmin would have run out of cash. offering below the range, at only $9 the financial features of a “unicorn” to see how a stock performs than Sanpaolo’s, are below 6 per cent and all
first half). Operating costs in the core Yesterday’s supportive vote from compared with a proposed $11-$13. (the name given to hyped private start- take a hefty allocation upfront. That but Intesa trade at a discount to net
business will fall by at least 1 per cent long-suffering shareholders will keep it Not even Goldman Sachs could sell ups), with a private valuation of $6bn was evident in the Square IPO. But tangible book value as a result. Some
this year — news cheered with a 5 per going for a couple more years. this thing. Call in the removal trucks. and a public one of $3.2bn at pricing. Match, the online dating company, banks are counting on fee income,
cent pop in the share price. Lonmin’s bind is obvious from the San Francisco is done. But despite appearances, Square is a which also priced on Wednesday, did increasingly from asset management,
On top of that comes another £440m issue’s extreme discount — and from Yes, Square popped to $13 in lossmaking financial services company, so in its indicated range. Pure to offset low interest income. Lower
of investment in automation and IT the company’s willingness to pay early trading. But that is still down with an unsexy niche in the payments Storage, the flash memory company, bad loan charges will help. But cost
that will support services such as same- almost 10 per cent of the proceeds in from its last private fundraising at infrastructure. It does other stuff too — last month priced above its last cuts are the main way to lift returns.
day delivery and a better system to fees to advisers and financiers. The $15.46 and considerably lower than it has a food delivery app, for example private round, in the middle of its Again, early mover Intesa has shown
allow people to return unwanted miner should refresh its board: a the guarantee of $18.56 that late — but 94 per cent of revenues comes indicated range, and has since traded the way. Its cost-to-income ratio of
products to e-retailers. All this carries couple of members predate the last investors extracted. They were from Square’s role as a “merchant higher. 46 per cent at end-September was one
execution risk; just ask UK Mail, a ($817m) cash call; one was there even compensated with a lot of extra aggregator”. It collates the transactions Uber, Dropbox, Snapchat and the of the lowest of Europe’s big banks. But
competitor that on Wednesday blamed before the previous one. Lonmin has at shares in the IPO. of 2m sellers and stands between them other richly priced private tech its ROE is still only 6 per cent. That is
the botched commissioning of a new least wielded its axe more decisively A faint glimmer of hope: perhaps and the card networks. It is not so companies must hope that Square partly the result of its capital strength.
parcels hub for a profit warning. elsewhere. It has cut its workforce and Square is not a tech company at all. It much disintermediating and disrupting was perceived differently because it Its Basel III common equity tier one
Assume that Royal Mail manages curbed capital outlay by closing certainly quacks like a duck. It has as adding another layer. is not offering the same prospects for ratio of 13.4 per cent — to UniCredit’s
such challenges better, as it has done so high-cost shafts or putting them on Jack Dorsey as founder and chief Tech IPOs this year have been innovation-led growth. Then the 10.5 — is high by European standards.
far. Its prize is a leading position in a care and maintenance. executive — at least, when he is not mediocre and there is scepticism about party can continue. The regulator still takes all.
market so brutally competitive that it But its newfound wiggle room will be The problem for Italian banks, with
borders on the irrational. Royal Mail’s short lived. On top of risks beyond its their high branch and staff numbers, is
growth engine is parcels, yet in the first control — such as South Africa’s lousy productivity. Staff at Intesa
half revenues there inched up just 1 per uncertain power supply and pricing, demand. If this rights issue does not do refining hit earnings, as did partial converters they need cost five times contributed more than €29,800 each to
cent, less than the 4 per cent gain in changeable mining regulation, poor the trick, Lonmin will become a white exposure both to oil and to Chinese the petrol equivalent. Should car nine-month earnings — more than
volumes. Even before “transformation productivity and unpredictable labour elephant. industrial spirits — China has no buyers reject diesel en masse, Johnson double the output of their UniCredit
costs” the company’s first-half relations — Lonmin will slide back into immediate need for more Matthey would be badly exposed. But counterparts and four times that of
operating margins were static. Things its familiar pattern of debt in no time. petrochemical plants. On the plus side, there are rosier possibilities, according staff at Banca Popolare dell’Emilia
are unlikely to get better any time Net debt at end-October was $284m, Johnson Matthey: the company yesterday announced a to analysts at Liberum. A planned shift Romagna. One way to boost output
soon; Amazon’s decision to launch its leaving $85m in net cash from the larger than expected special dividend, of testing from the laboratory to the might be consolidation: combining UBI
own UK delivery network is expected rights issue plus the refinanced bank catalysing growth and better control over its working road is a de facto tightening of Banca and Banca Popolare di Milano,
to limit volume growth for other facilities. Assume the platinum price capital. The reward was a 9 per cent standards. So is the next phase of say, could save about 30 per cent of the
delivery companies to a measly 1-2 per stays put, earnings stay flat and the Diesel engines emit poison: everyone bump in the shares, which now trade at European regulation, which requires latter’s cost base, notes Berenberg.
cent a year, and there is already spare miner sticks to planned capital now knows this, thanks in part to 15 times earnings. cleaner emissions from petrol too. Such deal speculation has already
capacity. Some players in the market spending of $430m in the next three industrial-level mendacity about what This is still down a quarter since Together these boost demand for the been priced into many banks’ share
will withdraw or fail, especially once years. Add all that together, and it Volkswagen cars spew out. Bad for June, and cheap on a historic basis. company’s pricier kit. prices. That is a pity, since it also
they are forced to raise wages (to the could be back into debt in a year. anyone supplying parts for such Here they will remain without more As converters become costlier, means that improvements in returns
so-called living wage). Lonmin claims it will break even at the engines. But what if those parts are the solid growth prospects. For those, buyers might shift to hybrid or electric have in effect been rewarded before
Royal Mail will not be one of them; it cash flow level by the end of next year ones that strip poison from the fumes? Johnson Matthey must look towards its cars. Johnson Matthey has a battery they have been achieved.
is big, its finances are in decent shape, (after capex). That is a question for anyone emissions control division, responsible materials business, an admission of the
it has the advantages of incumbency, Yet it is hard to avoid the impression pondering Johnson Matthey, leading for two-thirds of sales and half of need to spread its automobile bets. It is
brand recognition and access to the that, for all the conservatism of its manufacturer of catalytic converters. profits. Here, the VW scandal adds to currently just 5 per cent of sales. For Lex on the web
For notes on today’s breaking
Post Office’s high-street network. It is plan, survival still hinges on rivals Its outlook has been smoggy. An exit an already complex story. Because now, to become more of a growth story stories go to www.ft.com/lex
sitting on some valuable real estate, cutting production and a pick-up in from profitable but non-core gold- diesel engines are so dirty, the Johnson Matthey still needs diesel.

Forecasts by
41 1020
1010 3
2 990
LOW 1
L 5
1000
4
Luxembourg Rain 10 50
26 O Lyon Shower 18 64
6 6 Madrid Sun 20 68
8 1 10
9 8 Manchester Shower 8 46
10 Miami Thunder 28 82
7 25 1020 8 15 Milan Cloudy 13 55
8 Montreal Sun 8 46
14
9 16 Moscow Rain 5 41
9 9 17 Mumbai Sun 34 93
9 3 Munich Shower 14 57
10 14
1 30 New York Sun 14 57
1030 Nice Sun 20 68
10 9 20 9 I H Paris Shower 14 57
22
23 Prague Rain 8 46
22 1020 Reykjavik Snow 0 32
23
Rio Thunder 36 97
Wind speed in MPH at 12 GMT 5 HIGH Rome Cloudy 19 66
Temperatures max for day˚C Wind speeds in PH 23 San Francisco Sun 18 64
Stockholm Fair 1 34
Today’s temperatures Strasbourg Shower 14 57
Abu Dhabi Sun 30 86 Belgrade Sun 18 64 Copenhagen Shower 7 45 Hamburg Shower 9 48 Sydney Sun 42 108
Amsterdam Shower 10 50 Berlin Shower 10 50 Delhi Sun 27 81 Helsinki Sleet 3 37 Tokyo Drizzle 16 61
Athens Sun 21 68 Brussels Rain 10 50 Dubai Sun 30 86 Hong Kong Shower 28 82 Toronto Fair 7 45
B’ham Fair 9 48 Budapest Cloudy 13 55 Dublin Hail 6 43 Istanbul Sun 18 64 Vancouver Fair 7 45
Bangkok Fair 35 95 Buenos Aires Sun 21 70 Edinburgh Sleet 6 43 Jersey Rain 13 55 Vienna Shower 12 54
Barcelona Sun 21 70 Cardiff Fair 10 50 Frankfurt Rain 11 52 Lisbon Fair 19 66 Warsaw Shower 9 48
Beijing Cloudy 4 39 Chicago Fair 7 45 Geneva Shower 17 63 London Fair 10 50 Washington Sun 14 57
Belfast Sleet 6 43 Cologne Rain 9 48 Glasgow Sleet 6 43 Los Angeles Sun 25 77 Zurich Shower 16 61

CROSSWORD ACROSS
1 Fully 26 see cheap computer’s
4 One who gets up from chair is
erotic (5)
No. 15,093 Set by WANDERER content that anyone can read? (8) 6, 17 Pretends not to be interested in
        5 Culmination of a bit of play obscure dramas? (5,4,2,3)
including own goal (6) 7 Cor anglais’s third piece broadcast
 10 Stone age tools working the soil (7) (3)
11 Asses working a long time need 8 Guarantee no right to come next
 
odd bits of rest (7) (5)
12, 13 Area once under the British 9 Being governed by one’s own in-
flag, taken by France in her broken law (4,4)
   English, say (5,4,5) 14 Early article by magazine editor?
15 Scot elected as PM, once (5) (5,2,4)
16 Relative has hard time getting drug 16 Racing car taking 7 26, say, and
  
after a month – admitted by 7 26? Queen around Silverstone (8)
(8) 17 See 6
 19 Sporting footwear with diamonds 18 Either half of two-thirds of nearly
takes off (3,5) inactive substance (5,3)
  21 Little fish for Jack, the picky eater
20 Russian composer loses address
for US male sculptor (5) (5)
21, 23 Be a guarantor in respect of 22 See 3
    Wrong Trousers Day? FT? Not at 24 Religious leader raging briefly
first (5,6,3) about bishop (5)
25 Make good theatre at city church 26 Number one vegetable, we hear (3)
  
(7)
27 German repeatedly into living as
mendicant (7) Solution 15,092
28 Develop the ability to chew 14,
  ) 2 5 7 + ( & + 2 3 5 ( 6 7
thanks initially to 18 (6) 9 $ 6 $ , $ $
29 Sluggish as shopper that’s no & (

















JOTTER PAD





CROSSWORD
No. 14,845 Set by NEO

























ACROSS
1 Important Viking one among best
friends (5,4)
6 Socialite with appeal makes left-
side entry (5)
9 Brazilian city as far as we’re
concerned ungovernable (7)
10 Obscure English knight against
European rebuffed (7)
11 Poor nation’s little island in hot
current (5)
12 Caught flamboyant cardinal in
Seventh Heaven? (5,4)
14 Notice flock encircles houses (3)
15 Alarmist financier reversed into
second vehicle bearing right (11)
17 German poet’s the writer
embracing pub vocalist (11)
19 Moggy fur with hole concealed? (3
20 Earl, King and Queen on
Hampshire river’s banks (9)
22 Ambassador in temple finds grain
(5)
24 Ardent Green must change leader
(7)
26 As one’s despicably mean, small
tips for servants materialise (2,5)
27 Sauce unfortunately knocked over
contains sulphur (5)
28 Related martial artist stops at
Bedouin residence (9)
Solution to Saturday’s prize pu
Solution to yesterday’s prize pu
Winners’ names will be printed

1 7 & 2 9 ( 5 * , 5 / 6
jogger? (8) 5 ( $ ( $ 1 7
6 7 , 5 8 3 $ 5 7 , 6 7 , &
JOTTER PAD DOWN
2
6 3
$ 6
2 5 $ ' , &
( 7 5
2 0 ( 1
1 First showing by PM before start ( ( 5 * 5
: $ 1 ' ( 1 2 5 0 , 7 <
of election (8) & + 6 : / :
2 Lamb taco is served with cold dish + $ 7 ( 0 $ , / * 8 7 7 ( 5
of veal and ham (11) ' $ 7 2 2 + (
7 ( 1 ' ( 5 ) 2 2 7 < ( 7 ,
3, 22 To go viral badly, there’s chance 0 ( $ 6 + 0 (
hot date’s gone wrong (5,4,5) : ( ( ' 3 , ( ' $ 7 ( 5 5 (
Friday 20 November 2015 ★ 15

CNOOC Mitsui IBM IHG Xetra Dax Gold Euro/dollar Brent oil
City Insider Sino-British ties Chemicals
under strain at Wentworth 2.46% 1.39% 1.16% 1.5% 1.1% $10 0.7% 0.1%
HARRIET AGNEW, PAGE 20
HK$8.33 Y496 $137.4 2,502p 11,085 $1,081 $1.0732 $44.12

Rolls-Royce Forsaken land Investors ditch Poundland shares

after fall in profit and warning of volatile trading
Short
View
pressed to give James
Mackintosh
US activist As the Federal Reserve at long last appears ready to
remove the zero interest rate honeypot, bears are growling

board seat
that the US is moving into the final phase of its credit cycle.
If they are right, investors should be paying attention.
There are five reasons to worry. First, corporate profits
have turned down, and analysts have been cutting their
forecasts of future profits. The fall so far has been only
small, but it stands in stark contrast to the double-digit
rises that Wall Street usually hopes for.
Push for shift of strategy as ValueAct Second, sales are not helping. US companies have seen
revenue go nowhere amid the slow growth of the past few
reveals it has doubled its stake to 10% years. Data on manufacturing and trade collected by the
Census Bureau show sales in those areas have been falling
at a speed only seen since 1992 during recessions.
PEGGY HOLLINGER, DAVID OAKLEY AND core aerospace engine business. “I Third, credit markets are growing twitchy. The spread
MARK ODELL — LONDON
STEPHEN FOLEY — NEW YORK
would say ValueAct is aligned with us in over government bonds demanded by junk bond investors
their investment approach,” another has risen sharply, hurt in particular by unwanted oil debt.
Top shareholders are calling on Rolls- investor said. “I would be happy to see The price of “leveraged loans” to private equity has fallen
Royce to bring US activist investor Val- them on the board. The group has a too; this week, the banks backing Carlyle’s purchase of
ueAct on to the board to help efforts to good track record and wants the same as data storage company Veritas shelved a $5.5bn offering of
revive the engineering group. other shareholders, which is better per- loans and junk after finding too little demand.
The San Francisco-based hedge fund formance from Rolls.” Fourth, America’s corporates (excluding the financial
revealed yesterday that it had doubled These views were echoed by several sector) have been exploiting cheap finance to a degree not
its stake in Rolls-Royce to 10 per cent, a big shareholders who expressed frustra- seen since the heyday of the last credit bubble in 2007. Bor-
move that is expected to heighten pres- tion with a board that has lacked indus- rowing to buy back shares or engage in megamergers is
sure on Warren East, chief executive, for trial expertise and failed to engage suc- back to pre-crisis levels, pushing up leverage — net debt
a change of strategy. cessfully with investors. “The need for compared to equity — back to where it stood in 2008.
The group has gone from profit warn- help is self-evident,” said one big share- Finally, default rates are picking up, with a tenth of US
ing to profit warning over the past two holder. energy junk bond issues defaulting in the past year (see
years, with the fifth last week. The stock But many said there was no immedi- chart). True, junk defaults hit very low levels of just 1.4 per
has fallen almost 50 per cent since the ate pressure for a change of chairman or cent last year, the lowest since 2007. But Standard & Poor’s
first warning in February last year. chief executive. “This is a relatively new predicts that they will reach 3.3 per cent by next autumn,
Rolls-Royce said it had received a management team,” one investor said. the highest since the recovery began.
request from ValueAct for a board seat “We would expect Warren East and the Against this, bulls can point out that the Fed remains
but no decision had been taken. “We are finance director to give leadership and dovish even as it prepares to raise rates. When the Fed
leaving the option open,” it said. “We tell us what steps they are taking and tightened in the mid-1980s and 1990s, junk bond defaults
need to understand who their nominee where they are going. This will take rose, but wider markets quickly recovered.
is, where they fit in and whether other time.” In 2004, higher rates coincided with both a bull market
shareholders would be happy with it.” Much of this detail is expected at and lower defaults. Mostly, bulls hope that higher rates will
Several top-20 shareholders said they Tuesday’s investor briefing, when Mr come in response to a stronger economy, so companies can
wanted more urgency at board level. East will give an update on the business grow out of their debt. Fingers crossed.
“We support ValueAct,” said one. review he has been conducting since
“They have similar values to ourselves. arriving in July. Stefan Wermuth/Reuters
US junk
They are medium to long-term inves- Mr East has so far resisted calls to Default rate
tors that want to create more value at divest the group’s marine engine unit, ALIYA RAM AND JOEL LEWIN deal for us”, and early results of for strong growth. Nick Bubb, Barclays High Yield %
Rolls . . . It is time to think seriously arguing that diversification is crucial to integration were “encourag- retail analyst at KPMG/Ipsos, Index spread
Poundland stock fell 20 per 20
about how the company can be turned offset its exposure to the cyclical aero- ing”. The group said it was opti- said investors “should be
cent after it revealed a hefty
round.” space market. He has vowed to acceler- mistic that it could crack the enthused by the bullish noises 15
drop in half-year profits and
The US fund, which is pushing for a ate cost cutting in an attempt to boost Spanish discount market after about the synergies from the
warned that trading in the
divestment of the group’s businesses profitability and cash generation. its trial store, in Torremolinos, 99p acquisition and the confi- 10
third quarter would be “vola-
outside aerospace, has been contacting ValueAct became Rolls-Royce’s larg- reported like-for-like sales dence in further store opening Default rates are
tile” as consumers change 5
Rolls-Royce’s top shareholders to est shareholder in July and has made a growth. potential”. picking up, with a
Christmas buying patterns in
explain its strategy. string of investments in some of the Darren Shirley, analyst at The company is looking at tenth of US energy
response to Black Friday 0
“We thought the things they were say- UK’s other engineering groups, includ- Shore Capital, said the UK dis- ways to cut costs, including junk bond issues
offers. 2000 05 10 15
ing were sensible,” a top-10 shareholder ing Smiths Group. It typically commits count market remained chal- switching to LED lighting in defaulting in the
said, though he stressed that he had not to holding its largest positions for sev- But Jim McCarthy, chief execu- lenging, but “the combination stores. Sources: Bloomberg; S&P past year
yet come to a view on whether Rolls- eral years, and pushes for substantial tive, said the acquisition of 99p of 99p and the potential from Lombard page 20
Royce should focus solely on its restructurings. Stores was “a transformational Spain” meant there was scope Report page 21 [email protected]

Pfizer seeks to win over Washington

on Allergan amid tax inversion moves
FT REPORTERS would see Pfizer move its tax base to and cuts in research and development,
Europe, allowing the company to escape two of the people said, though he will
Pfizer is gearing up for battle in
US tax bills on more than $128bn of not lobby politicians directly.
Washington over concerns that a
profits earned overseas. Pfizer paid an Brent Saunders, Allergan chief execu-
potential $150bn deal to buy Dublin-
effective tax rate of roughly 26 per cent tive, has said large pharma companies
based Allergan would deprive the US
last year compared with Allergan’s rate should focus their resources on develop-
Treasury of billions of tax dollars, put
of less than 5 per cent. ing and marketing drugs, leaving drug
thousands of jobs at risk and erode the
Ofcom boost for Sky over If successful, a tie-up between Pfizer discovery to nimble biotech companies.
country’s science base.
fixed-price sales to BT and Allergan would be the biggest deal His words have stoked fears for their
The Obama administration is preparing in the healthcare sector and the largest jobs among some Pfizer scientists.
Sky has won a regulatory victory after this week to unveil measures to deter US tax inversion, paving the way for more With the groups engaged in friendly
Ofcom ruled it should no longer have companies from using takeovers to US companies to explore such deals. talks, analysts and investors have
to make its main sports channels relocate their domicile to low-tax juris- Pfizer has assembled a team of advis- warned that the main risk to a combina-
available to BT at a fixed price. Ofcom dictions, as Pfizer nears a deal with ers with political connections including tion of Pfizer and Allergan is a political
said it was removing the “wholesale Allergan to do just that. Though talks Eric Cantor, the Republican former push designed to frustrate the deal.
must-offer” obligation. It will be up to are continuing, the US group is prepar- House majority leader who is working at Reporting by James Fontanella-Khan,
BT and Sky to agree terms. ing to offer more than $380 a share, boutique advisory firm Moelis. He is David Crow, Barney Jopson and Arash
Report i PAGE 20 people close to the situation said. advising Pfizer on how to overcome Massoudi
A deal, structured as a tax inversion, fears that the deal would lead to lay-offs Cancer drug rights page 14

Companies / Sectors / People

Companies CMC Markets................................................1 Home Depot..............................................29 Persimmon..................................................29 Uber......................................................14,16,18 Armstrong, Tim........................................17
AB InBev......................................................30 Cellectis.........................................................16 Idemitsu Kosan.........................................16 Pfizer..........................................................15,16 UniCredit......................................................14 Beamish, Brian..........................................21
ABN Amro...................................................18 Chemring ......................................................4 Independent Energy..............................21 Poundland.................................15,20,21,29 UnitedHealth..............................................16 Bertling, Lutz.............................................19
AOL..................................................................17 Citic Bank.....................................................16 Intesa Sanpaolo........................................14 Pure Storage..............................................14 Valeant..........................................................29 Böhnke, Werner........................................18
AbbVie...........................................................15 Cobham...........................................................4 JPMorgan Chase.....................................28 Rentrak..........................................................17 ValueAct........................................................15 Crosby, James..............................................1
Air Liquide...................................................19 Commerzbank...........................................18 JX Holdings................................................16 Rio Tinto......................................................28 Verizon...........................................................19 Cruddas, Peter..........................................1,3
Air Products...............................................19 Credit Suisse..............................................18 Johnson Matthey..............................14,29 Roche..............................................................16 Virgin Money.............................................29 Diess, Herbert............................................17
Airbus.........................................................4,19 Crystal Amber...........................................21 Johnston Press.........................................21 Rolls-Royce..............................................4,15 Vodafone......................................................28 Dorsey, Jack...............................................28
Airgas.............................................................19 DPD.................................................................20 Juno Therapeutics..................................16 Royal Bank of Scotland...................2,18 Volkswagen ..........................................14,17 Dorsey , Jack.............................................14
Aldermore...................................................29 DX Group....................................................20 Kite Pharma................................................16 Royal Mail.............................................14,20 WGZ Bank....................................................18 East, Warren...............................................15
Alibaba...........................................................19 DZ Bank........................................................18 Levi Strauss................................................12 SABMiller.....................................................30 WeBank..........................................................16 Fitzpatrick, Stephen...............................21
Allergan....................................................15,16 Daily Mail and General Trust...........21 Lloyds Banking Group......................2,18 Servier............................................................16 Winton Capital Management..........1,3 Ghizzoni, Federico..................................14
Alpha Bank....................................................2 Deutsche Bank..........................................18 Local World.................................................21 Shire.................................................................15 Yahoo..............................................................19 Gordon, Helen...........................................21
Alrosa..............................................................16 Dropbox........................................................14 Lonmin.....................................................14,21 Showa Shell................................................16 YouView.......................................................20 Greene, Moya............................................20
Amazon.........................................................14 Egerton Capital........................................1,3 Lucara Diamond.......................................16 Skipton Building Society.......................2 Sectors Harding, David.........................................1,3
Ant Financial..............................................16 Embraer.........................................................19 Lyft...................................................................18 Sky...................................................................20 Aerospace & Defence.......................4,15 Hemsley, Stephen...................................16
Anthem...................................................16,29 Equity Release (Increments) Ltd...21 Macy’s............................................................29 Smiths Group.............................................15 Banks.......................................10,14,16,18,28 Hornby, Andy...............................................1
AstraZeneca...............................................16 Facebook......................................................16 Snapchat.................................................14,18 Chemicals.....................................................19
B&M..........................................................20,21 Fiat Chrysler...............................................17 Marriott International..........................20 Spark Energy.............................................21 Kirsch, Wolfgang......................................18
BAE Systems...............................................4 First Utility .................................................21 Match.......................................................14,29 Square....................................14,16,18,28,29 Energy............................................................21 Lamb, William............................................16
BHP Billiton................................................28 Freeport Indonesia.................................19 Meggitt............................................................4 Standard Chartered...............................18 Food & Beverage...................................30 Marriott, Bill...............................................20
BMW................................................................17 Freeport-McMoRan................................19 Merck..............................................................16 Starboard Value.......................................19 Industrials...................................................30 McCaig, Ian..................................................21
BT....................................................................20 G4S..................................................................29 Millennial Media.......................................17 Starbucks......................................................12 Media....................................................2,20,21 McCausland, Peter..................................19
Baidu...............................................................16 General Motors.........................................17 Moelis..............................................................15 Starwood.....................................................20 Mining.................................................14,16,21 Mercedes Corrales, Maria...................12
Banca Popolare dell’Emilia Glencore.......................................................28 Morgan Stanley.......................................28 TalkTalk........................................................20 Oil & Gas......................................................16 Michael Hintze, Sir....................................1
Romagna......................................................14 Goldman Sachs........................................28 Mothercare.................................................20 Tencent..........................................................16 Property..........................................................5 Newton-Jones, Mark............................20
Banca Popolare di Milano..................14 Google............................................................16 Nordstrom...................................................29 Terra Firma................................................20 Support Services.....................................14 Potier, Benoît.............................................19
Berkeley........................................................29 Grainger.........................................................21 Novartis.........................................................16 TonenGeneral............................................16 Technology.........................................2,14,18 Saunders, Brent........................................15
Boeing............................................................19 HBOS...........................................................1,10 Ocado..............................................................21 Trinity Mirror..............................................21 Telecoms.................................................17,28 Sorenson, Arne........................................20
Bombardier..................................................19 Halifax Bank of Scotland .................20 Ophir Energy.............................................29 Twitter................................................14,16,28 Transport......................................................19 Thiam, Tidjane..........................................18
Bovis Homes.............................................29 Heitman.........................................................21 Ovo Energy.................................................21 UBI Banca....................................................14 People Wol, Hans-Bernd......................................18
Bristol-Myers Squibb............................16 Hermes.........................................................20 Paragon........................................................29 UK Mail...................................................14,20 Armitage, John.........................................1,3 Zimmer, John.............................................18

© The Financial Times Limited 2015 Week 47

16 ★ FINANCIAL TIMES Friday 20 November 2015

COMPANIES
INSIDE BUSINESS
Insurance
TECHNOLOGY

UnitedHealth threat to quit Obamacare Richard

Waters
Insurer to review whether people without cover has fallen to a of whom have been without cover for That, in turn, could stop people from
record low of 9 per cent, compared with years — are visiting the doctor and using signing up.
to abandon scheme as it
struggles to make a profit
16 per cent five years ago, according to
the Centers for Disease Control and Pre-
vention.
medical services more than previously
expected, analysts said.
Many of UnitedHealth’s rivals have
Mr Obama has hailed the Affordable
Care Act as a success and this month
announced that 17.6m Americans have
Square’s rough ride to
DAVID CROW AND ADAM SAMSON
NEW YORK
However, UnitedHealth said it was
struggling to make a profit on the plans
embarked on a round of big-ticket deal-
making to better prepare for a future
been covered with health insurance
since the law took effect, although it has
market is a lesson to
BARNEY JOPSON — WASHINGTON
UnitedHealth, the largest US health
insurer, dealt a significant blow yester-
it offered through the exchanges,
prompting it to scale back marketing of
the products and to start a review of
under the Affordable Healthcare Act,
although the company has been left on
the sidelines of industry consolidation.
been politically divisive.
In the summer, the US Supreme Court
handed Mr Obama a victory, upholding
rival tech start-ups
day to President Barack Obama’s signa- whether it should abandon the scheme Although UnitedHealth is the largest a core component of his still-controver-
ture policy by threatening to withdraw altogether. It said it would make a final health insurer, it offers fewer plans sial overhaul of the nation’s healthcare

S
from insurance exchanges that have decision on whether to withdraw in the through the insurance exchange than system and safeguarding insurance cov- tock market investors have been getting whip-
helped to sharply reduce the number of first half of next year. rivals such at Anthem, with about erage for more than 6m Americans. lash this week trying to follow the twists and
Americans without healthcare cover. Shares in UnitedHealth fell 5.7 per 550,000 people enrolled. If one insurer However, several cases related to the turns in the technology industry’s most note-
The introduction in 2010 of the cent in afternoon trade in New York. Analysts said UnitedHealth’s with- law are still working their way through worthy initial public offering of the year. With
Affordable Care Act, dubbed Stephen Hemsley, UnitedHealth chief drawal from the system could have a walks away, the US legal system, including one most of the tech “unicorns” — private compa-
Obamacare, helped establish a network executive, suggested the entire health knock-on effect because the exchanges it pushes up regarding mandatory contraceptive nies claiming valuations of at least $1bn — choosing to stay
of online exchanges that allowed unin- insurance industry was struggling to rely on a critical mass of insurers: if one the risks coverage. The exchanges, many of private, they are not getting the pick of the herd. Even with
sured Americans to purchase individual make money from plans sold through insurer walks away, it pushes up the which are run by states, also got off to a that caveat, the tortuous path that has brought payments
healthcare plans. the exchanges. risks for other companies, who could for other rocky start, with technical glitches caus- company Square to Wall Street takes some explaining.
As a consequence, the percentage of Customers who buy the plans — many react by raising prices for consumers. companies ing some consumer headaches. In today’s inverted tech financing environment, public
and private markets are switching roles. It turns out that
they are not always suited to their new jobs. And in this
Alice-Through-the-Looking-Glass world, the lower an IPO
Pharmaceuticals Oil & gas price, the more its early investors may be cheering.
Square has become the unfortunate test case for this

Pfizer secures somewhat weird time in the tech financing markets. The
first of the high-profile unicorns to go public, its IPO has
oscillated violently between success and failure in recent
US rights for days — capped by the sort of massive first-day bounce that
only Wall Street’s god of irony could have scripted.

cancer drug One indisputable fact: few people will emerge smelling
of roses from this mess, not least the underwriters who
slashed the issue price to $9, or $2 below the bottom of the
range they had said was likely only a week earlier. A
ANDREW WARD bounce of more than 50 per cent when trading opened yes-
PHARMACEUTICALS CORRESPONDENT
terday may prove shortlived, but it suggests that either the
Pfizer has stepped up its investment in underwriters got the psychological game that surrounds
a hotly tipped new cancer drug which any IPO pricing badly wrong, or they set the bar deliber-
recently made headlines for saving a ately low. Either way, Square left many millions of dollars
one-year-old British girl who was dying on the table. First-day spikes like this during the dotcom
from leukaemia. boom sowed considerable discord between Wall Street and
Silicon Valley, where entrepreneurs and start-up investors
Great Ormond Street Hospital in Lon- believed their ventures were being sold on the cheap.
don this month announced the first use One oddity of the Square IPO is that it looks like a com-
in humans of the product, which pany that would have been better suited to stay in the pri-
employs so-called gene editing to re-en- vate markets for longer. Forget, for a minute, the fact that
gineer immune cells to hunt and destroy it has only half a chief executive in Twitter boss Jack Dor-
cancer. Pfizer has secured exclusive sey. The even bigger issue for investors is Square’s unfin-
rights to commercialise the product in ished business model. Having once seen itself as a consum-
the US if it gains regulatory approval, er-facing payments company, it is trying to become a cloud
signalling the group’s desire to become a software and small business lending company. But it is too
force in the burgeoning field of cancer early in this attempted
immunotherapy. “pivot” for stock market
The product, known as UCART19, is investors to give it the bene-
Square looks like
being developed by a French biotech fit of the doubt. it would have
company called Cellectis. It is similar to This is an inversion of the
high-profile therapies from Novartis of normal role of public and
been better
Switzerland and Juno Therapeutics and private markets. Most uni- suited to staying
Kite Pharma of the US, which have corns — even those with
attracted hundreds of millions of dollars more developed business
private for longer
of investment in the past two years. models than Square — are
However, whereas these rival prod- still happy tapping private investors for cash. Ride-hailing
ucts — known as CAR-T therapies — apps Uber and Lyft are out looking for another $1.5bn
require each treatment to be engineered between them. But even here, there may be evidence of
from the patient’s own immune cells, growing investor wariness. A $70bn valuation has been
UCART19 uses donor cells that can be touted for Uber in its latest fundraising round, but there do
used by any patient. Cellectis believes not appear to be bidders at that price. When the darling of

Japanese oil refiners set for defensive mergers

this will make its “off-the-shelf” prod- the present generation of start-ups cannot hit the increas-
uct cheaper and easier to manufacture ingly lofty price points that are set for it, it does not bode
and administer — a potentially impor- well for the others. All of this indicates that investor senti-
tant advantage over the other CAR-T ment towards tech start-ups has turned since the stock
therapies. market volatility brought on by China’s economic slow-
UCART19 is at a much earlier stage of LEO LEWIS — TOKYO merger has not been finalised — was Power play: publicly identified refining overcapacity down this summer. The convoluted financing arrange-
development than its rivals and clinical that “the scale of the benefits cannot be a plant in as a blight on the sector. ments that companies such as Square have pursued in the
trials will be needed to prove that the Ageing demographics, hybrid electric perceived as positive”. Last year the ministry used newly- past add an extra, unpredictable twist. By guaranteeing
Ichihara,
apparently successful treatment of the engines and a dwindling passion for Meanwhile, people familiar with the attained powers to undertake a survey returns to late-stage investors, many have sent confusing
eastern Japan,
British toddler can be replicated safely cars among the under-40s are souring situation confirmed on Tuesday that JX of the country’s 23 refineries in an effort signals about their valuations, leaving it to Wall Street to
owned by
in other patients. However, the case has Japan’s long love affair with petrol and Holdings and TonenGeneral, the largest to work out where the biggest potential unscramble the mess.
Idemitsu Kosan,
raised optimism over its prospects. pushing the oil refining industry into a and third-largest refiners, were in for capacity cuts might lie. Investors in Square’s final private fundraising round had
which has
Cellectis said yesterday that Servier, a pair of defensive mergers. merger talks. JX said it was conducting Average operating margins among reason to cheer twice over the company’s travails. The offi-
announced a
larger, privately held French drug- If completed, the two deals — one “various studies” in response to the merger with Japan’s five largest refiners, say analysts, cial IPO price was less half the $18.56 a share they had been
maker, had exercised an option it had announced and the other confirmed as severe conditions in the industry. Tonen Showa Shell have been running at 0.7 per cent of guaranteed from an IPO, forcing Square to hand over a
previously acquired for global market- under discussion by people close to the said it was seeking “various options, Getty Images sales for the past few years. The govern- bundle of new shares to make up the difference. The day-
ing rights for UCART19, and that Pfizer talks — would see about 85 per cent of such as a tie-up with another company”. ment is understood to be working on the one bounce has now given them an extra shot in the arm.
had acquired US rights from Servier. Japan’s refining capacity concentrated Petrol prices in Japan are at the lowest assumption that consolidation could The last laugh may well be Square’s. An IPO, after all, is a
Under the deal, Servier will pay Cel- in the hands of two companies. level since 2010 and, with increasing ultimately bring those margins closer to necessary rite of passage that may provide few clues about
lectis $38.2m upfront with a further The first sign of consolidation came numbers of young Japanese moving into 2.3 per cent. future business success. Google had to slash the price of the
$300m subject to successful progress last week when Idemitsu Kosan and the cities and into the embrace of first- Thanh Ha Pham, an analyst at Jeffer- shares in its IPO after a botched sale, before quickly
through the research and development Showa Shell, Japan’s second-largest and class public transport, gasoline demand ies, said the intervention of the Japanese rebounding, while Facebook traced an opposite path —
process. The terms of Pfizer’s agreement fifth-largest refiners by sales, is expected to settle into a protracted government was the “biggest factor” in pricing high before its stock price collapsed.
with Servier were not disclosed. announced they had reached a provi- annual decline of at least 1.5 per cent for the appearance of the two possible As they enjoy the schadenfreude of watching Square’s
The Financial Times reported in May sional agreement to merge. Based on the next decade. merger deals, with the ministry of econ- stumble into the public markets, other tech start-ups
that Pfizer was interested in buying Cel- their sales of last year, the combined A duopoly of refiners, controlling omy eager to see the industry improve should pause and think about their own position. Most will
lectis but a deal failed to materialise. company would generate annual reve- more than four-fifths of Japan’s petrol its margins. The country’s population either fail or be acquired and never make it as far as Wall
The US company owns just under 10 per nue of $65bn. supply, would fulfil a vision being was falling and the automobile market Street. If they are really lucky, an IPO like this could hap-
cent of the French company after the Analysts at Mizuho Securities said strongly advocated from behind the was more fuel efficient, meaning that pen to them someday as well.
pair entered an alliance last year to their initial impression of the deal — the scenes by Japan’s Ministry of Economy, demand decline was “structural and
develop further cancer treatments. share-swap ratio for the all-stock Trade and Industry. The ministry has undeniable”, he added. [email protected]

Mining Technology

Biggest diamond find in more than a century Tencent looks to raise $1bn for WeBank push
ANDREW ENGLAND — JOHANNESBURG similar type of stone, weighing 342 car- Lucara, said the Karowe diamond — CHARLES CLOVER — BEIJING WeBank, launched in January, is one China’s nine largest banks are all
JAMES WILSON — LONDON
ats, for $20.55m in July. about twice the size of any stone sold of a number of similar internet banks state-owned and tailor their lending
Tencent, one of China’s largest internet
A Canadian miner claims it has To date, the largest diamond ever dis- recently — also had “historical signifi- that have recently emerged in China. towards large, state-owned groups.
companies, is looking to beef up its new
unearthed the biggest diamond to be covered is the “Cullinan Diamond”, cance” that could influence the value. Others include MYbank, which was WeBank’s first year in existence has
banking affiliate by helping it raise
found for more than a century, with the which was dug out of a South African “I have been waking up at 4am every launched in June by Chinese ecom- not gone smoothly — Cao Tong resigned
$1bn in new capital, according to
discovery of a 1,111 carat gem-quality mine in 1905. That 3,106 carat gem was night this week,” he said yesterday. “It is merce group Alibaba’s financial affiliate as bank president in September, and
investors.
stone in Botswana. cut and set in Britain’s crown jewels. an amazing feeling and a great position Ant Financial, while this week search Zheng Xinlin, the vice-president who
William Lamb, chief executive of to be in . . . this is the first stone of more The bolstering of WeBank, which is 30 engine Baidu announced it would handled interbank business, also
Lucara Diamond has released photo- than 1,000 carats for 100 years.” per cent owned by Tencent, is part of a launch a bank in partnership with Citic recently resigned, the bank confirmed
graphs of the stone, which was discov- Lucara also announced finds of two government-approved push by China’s Bank. this week.
ered at its Karowe mine. It measures other white diamonds: an 813 carat biggest internet conglomerates into Due to stringent regulations on the Tencent and other internet compa-
65mm x 56mm x 40mm and pictures of stone and a 374 carat stone. It said the finance — an area dominated by state- internet finance sector, these banks are nies plan to use troves of internet “big
the clear-looking gem show it to be the weights remained subject to change as owned banks. still required to partner with a licensed data” to determine the creditworthiness
size of a small orange. Analysts said the the stones have not yet been cleaned. Beijing hopes the push will lead to a lender and act as middlemen, limiting of customers who might otherwise not
stone was difficult to value but should Lucara, one of the companies backed rise in lending to small and medium- activities such as accepting deposits. have access to larger banks’ lending due
be worth tens of millions of dollars. by Lukas Lundin, a mining and oil sized companies, which have been China’s banking regulator granted to lack of collateral.
Des Kilalea, an analyst at RBC Capital entrepreneur, is one of several mid-tier ignored by the state banking sector. The bank licences to Tencent and Ant Finan- The planned $1bn fundraising will
Markets, said the stone would be worth miners to have geared their businesses fundraising for WeBank, which plans to cial as part of a pilot programme to pro- help WeBank expand its personal-loan
at least $35m, based on previous sales, to finding lucrative large diamonds. offer a range of financial products, is mote private-sector banks. Such gov- service called Weilidai — “a little loan”
and possibly up to $50m. Another Analysts at Investec said the Lucara expected to value the company at $5bn. ernment support was highlighted by the in English — which allows users to bor-
industry professional estimated its Analysts said the stone should be find was “a balance sheet changing Tencent declined to comment on the attendance of Li Keqiang, China’s pre- row up to Rmb200,000 ($31,000) with-
value at $70m to $80m. Lucara sold a worth tens of millions of dollars development” for the company. capital raising. mier, at WeBank’s launch ceremony. out collateral.
Friday 20 November 2015 ★ FINANCIAL TIMES 17

COMPANIES

Volkswagen choked by cost and complexity

German group to cut expenses to help pay for emissions scandal — but analysts fear this may not go far enough
RICHARD MILNE

A steering wheel may seem like a simple

Bumpy road At the wheel
component for a car. But when you buy Persistent chief faces
a Volkswagen Golf, you currently have a tricky turnround test
choice of 117 different steering wheels. VW brand operating margin (%)
VW is now planning to cut that
number to 43 as the scandal-ridden Ger-
man carmaker looks at ways of saving Herbert Diess is, in the words of
money and boosting profitability. Many analyst Arndt Ellinghorst,
of the variations were just for slightly “unpleasant, but in a good way”.
different shades of grey or an extra but- Ferdinand The former BMW executive was
ton or two on the steering wheel, accord- Piech one of the candidates to head the
ing to managers. 6 luxury carmaker but was poached
The resulting potential for cost-cut- by Volkswagen last year to run its
ting has some analysts arguing that, main but struggling VW brand.
despite an emissions scandal that could “He is one of those people who
cost it tens of billions of euros, VW Wolfgang Bernhard are pretty persistent and don’t take
shares could be a screaming purchase. 4 no for an answer. He makes life
“Most investors think VW is currently uncomfortable for people and he
uninvestable,” says Max Warburton, challenges the status quo, from
analyst at Bernstein Research. “But this Herbert Diess what I know about him from BMW,”
is the biggest cost reduction possibility says Mr Ellinghorst.
in the global auto sector. It is the only 2011 2 But the scale of the challenge
company that did not cut costs in Alone among big global facing him at VW is altogether
2008-09.” carmakers, VW increases its different. The VW brand made
José Ignacio López
VW is likely to give a flavour of what it spending and investments €100bn in sales last year but had
has planned today when the carmaker’s after the financial crisis an operating profit of just €2.5bn.
executives will discuss future invest- BMW, by contrast, had €75bn in
1993 2001 2005 2015 0
ments with the supervisory board. sales and €7.2bn in operating profit.
Herbert Diess, plucked from BMW VW in financial crisis as Mr Piech tries to Gripped by a new scandal, VW VW poaches Herbert Diess Max Warburton, analyst at
earlier this year to head the struggling new CEO Ferdinand Piech move VW brand hires Wolfgang Bernhard from from BMW to turn round its Bernstein Research, thinks Mr Diess
VW brand, has already said investments recruits José Ignacio López upmarket, pushing Chrysler to make the VW VW brand after years of will be aware that his two
will be cut by €1bn and an efficiency from GM to slash costs up costs brand more efficient margin decline and stagnation predecessors as outsiders hired to
programme designed to reduce costs by -2 cut costs — José Ignacio López in
€5bn a year by 2017 will be accelerated. 1990 92 94 96 98 2000 02 04 06 08 10 12 14 16 1993 and Wolfgang Bernhard in
“We are turning over every stone in Estimate 2005 — both left the carmaker
the company and are examining all within two years after opposition
planned investments. What is not abso- Output lags peers Admin costs have tripled since 2007 Labour expenses continue to rise from the trade union. Like many, he
lutely necessary will be cancelled or Cars produced per employee, 2014 Admin expense (€bn) As % of sales Labour costs (€bn) As a % of sales thinks Mr Diess may be interested
postponed,” Mr Diess told the VW in- in succeeding Matthias Müller as
0 5 10 15 20 25 7 3.4 35 17
house magazine Autogramm this week. VW’s group chief executive.
Investors in VW may feel a sense of Toyota 6 3.2 30 “It looks like he is going to play
déjà vu. In both 1993 and 2005 the Ger- 5 25 16 this more carefully than López and
man carmaker faced scandals and Renault 3.0 Bernhard. Still he should watch his
almost non-existent profit margins due PSA Peugeot 4 20 back in two years’ time when he’s
Citroën 2.8 15
to overspending in the good times. Fiat 3 15 done good work,” he adds.
Outsiders were hired — José Ignacio 2
2.6
10 Mr Diess made his name at BMW
López from General Motors in 1993, BMW 14 by reducing its purchasing costs by
1 2.4 5
Wolfgang Bernhard from Chrysler in Mercedes €4bn and also helped improve its
2005 — and costs were soon slashed, VW group 0 2.2 0 13 research and development
restoring the VW brand to healthier 2007 10 12 14
efficiency — issues VW needs to
2007 10 12 14
margins. The question now is whether address too. Richard Milne
Source: Bernstein
another outsider, Mr Diess, can perform
the trick again and overcome resistance
from VW’s powerful trade union and
works council. broke in September. Martin Win- nology have been permitted, often at
Bernd Osterloh, the head of VW’s terkorn, its former chief executive, great expense in terms of machinery
works council, has already sounded a started an efficiency programme that and components. VW has, for instance,
warning shot, suggesting this month current managers say will now be inten- already said that its top-of-the-range
that unilateral cost-cutting by manage- sified. Much of the work is about reduc- Phaeton saloon will be delayed and only
ment would endanger “the social peace ing complexity, as with the steering come in an electric version.
and future of our company”. wheels. Mr Diess, renowned for cutting
Analysts think this suggests workers Endless examples abound. At the BMW’s costs in the financial crisis, is
are grasping that management may try moment VW manufactures two differ- also likely to have a look at the VW
to use the emissions scandal to intensify ent types of internal lighting — one for brand’s enormous €86bn purchasing
cost-cutting and reform, particularly at left-hand drive cars, one for right. In the bill. Mr Warburton says that VW often
the VW brand, which generates half of future, it will just be one. The front seats over-specifies parts, using higher grade
group revenue. “This is a historic chance in the Golf will have 259 variations in the steel than rivals or more complex and
for VW,” says Arndt Ellinghorst, analyst future, instead of 341. lightweight parts.
at Evercore ISI. “The rhetoric from the But VW is going further. Managers say Shwetha Surender, a consultant at
works council suggests they are really it will examine whether it needs so Frost & Sullivan, says VW could cut
alarmed that the management might many models across brands including €3bn in annual costs from its suppliers.
try to run the business and not [the VW, Seat and Skoda, and multiple varia- But she also thinks it could make sav-
works council].” tions of each model, such as two or five- ings in research and development,
An obvious focus for many industry door cars, estates and convertibles. where it spends more than any com-
observers is jobs. VW makes roughly the Mr Ellinghorst says this is VW’s big- pany in the industry. She sees savings of
same number of cars as Toyota but with gest short-term opportunity. “They €2bn-€4bn as possible, instead of the
almost twice the amount of workers. need to reduce the degree of freedom of €1bn the company plans.
Axing jobs is likely to prove tricky due to engineers,” he says, pointing to how For investors, all of this may sound
the union, even if consultants believe endless vehicle variations and new tech- good, but the uncertainty arising from
temporary workers could be at risk. the emissions scandal dominates. VW’s
Still, there is plenty for VW to cut. shares have more than halved in the
VW’s administrative expenses have past six months and the company is still
almost tripled since 2007 while labour not sure how big the scandal is, and even
costs have more than doubled, rising far less how much it will cost in lawsuits,
faster than sales. The operating profit fines and recalls. Mr Warburton says
margin at the VW brand is expected observers should not fantasise too much
next year to be 1.2 per cent, the lowest about change at VW given the role of the
since 2009, according to Bernstein. union and local politicians.
Referring to the famously intense But he adds: “I can’t lay out what the
boss of Fiat Chrysler, Mr Warburton costs will be in the next 12 months. My
says: “If Sergio Marchionne ran 117 43 head says it’s logical to be a bit careful
Volkswagen, it could make 15 per cent Number of That choice will here, but my heart says this is a bit of an
margins by next Christmas.” steering wheels be more than opportunity. I think we’ll probably look
VW was aware of its cost problem VW Golf buyers halved under back at late 2015 retrospectively and
even before the diesel emissions scandal can choose from cost-cutting plans think it was a great buying opportunity.”

Telecoms

TV ads to be ‘retargeted’ on to mobiles

SHANNON BOND — NEW YORK US wireless operator searches for new TV. Those viewers are then anony-
sources of growth. Tim Armstrong, AOL mously matched in Millennial’s data-
The ads you see on television may soon
chief executive, has said that “this is the base of smartphone and tablet users, so
follow you into your smartphone apps.
year when TV and web budgets are that personalised video ads can be
Millennial Media, the mobile advertis- going to collide”. placed in mobile apps, targeting viewers
ing network recently bought by AOL for US mobile advertising revenues in the who have already seen a brand’s TV ad.
$238m, is partnering with Rentrak, the first half of this year reached $8.2bn, For example, a retailer could follow
video measurement company, to allow accounting for 30 per cent of overall dig- up a TV spot with a mobile video ad
advertisers to “retarget” through their ital ad spending. In 2014, online ad encouraging a consumer to find the
phones people who have seen a particu- spend reached $49.5bn, compared with nearest store, add a sale to their smart-
lar ad on TV. combined broadcast and cable ad reve- phone’s calendar, or sign up to receive
The partnership comes as AOL, which nues of $65.7bn. more information. Advertisers can also
was itself acquired by Verizon in a Millennial Media says its new offering target mobile advertisements to people
$4.4bn deal this year, is reorientating its will help accelerate big brands’ spend- who have seen their competitors’ ads.
digital advertising business towards ing in mobile and measure the results of While other ad tech companies offer
mobile devices, where consumers are that investment. “Advertisers want to some ability to retarget TV viewers on
spending increasing amounts of time. integrate all of their spending across the internet, Millennial says the scale
AOL’s ability to drive more spending screens,” said Liza Blumenthal, head of that it and Rentrak bring sets its offering
through its advertising technology tools, north-east sales for Millennial Media. apart. Rentrak has data on 25m house-
particularly video ads on mobile The partnership uses Rentrak data holds, while Millennial’s ad network
devices, was a key driver of Verizon’s from set-top boxes to track which com- extends across 65,000 apps, reaching
interest in the company as the largest mercials a viewer sees while watching more than 190m unique users monthly.
18 ★ FINANCIAL TIMES Friday 20 November 2015

COMPANIES

Banks Technology

Credit Suisse rules out ‘risky activities’ Uber and Lyft

race to pick
Lender’s future focus is to “short-term trading activities”. His
comments came at a shareholders’
acting as a market maker in European
government bond markets, and Mr
emerging markets targeted by Credit
Suisse was owned mainly by first-gener-
sion, international wealth management
and Swiss operations.
up $1.5bn as
support private banking
and wealth management
meeting in Bern, Switzerland, which
overwhelmingly approved a SFr6bn
Thiam, former head of the UK insurer
Prudential, said the investment bank’s
ation entrepreneurs — in contrast to
western Europe, where wealth “was cre-
Credit Suisse’s plans for a SFr1.32bn
private placement and a SFr4.7bn rights
valuation
RALPH ATKINS — BERN
($5.9bn) capital increase that is part of a
wide-ranging strategic overhaul of
Credit Suisse announced by Mr Thiam
“right-sizing process” would be com-
pleted by the end of the year.
Credit Suisse’s “new approach” to
ated four or five generations ago”.
Much of the new wealth is held in
“illiquid form” — factories, for instance.
issue were approved by about 95 per
cent of shareholders.
Mr Thiam told the nearly 600 share-
doubts rise
Credit Suisse plans to stop its invest- on October 21. investment banking was reflected in the Rather than short-term trading, Credit holders who attended the Bern meeting
ment bankers engaging in “overly risky As well as a 20 per cent reduction in decision not to set external profit targets Suisse investment bankers would look that the bank’s Swiss operations were LESLIE HOOK — SAN FRANCISCO
JAMES FONTANELLA-KHAN — NEW YORK
activities” by refusing to set them exter- assets at the investment bank, his plans for the two divisions of its investment for “longer-term fee opportunities” “central to our strategy”.
nal profit targets, the Swiss bank’s new foresee a significant expansion of Credit bank. “This is to ensure that our bank- from managing such wealth. It was “a great advantage” to have “a Ride-hailing rivals Uber and Lyft are
chief executive has told shareholders. Suisse’s activities in managing the ers do not have incentives to engage in The Credit Suisse chief executive has leading position in one of the most racing to raise a combined $1.5bn by
Tidjane Thiam said the job of Credit wealth of the world’s richest, especially overly risky activities,” Mr Thiam said. already raised eyebrows in finance cir- advanced and most enterprising econo- the end of the year, as investors become
Suisse’s investment bankers would be in Asia. The bank would withdraw from “The investment bank is there prima- cles by not setting return on equity tar- mies in the world”. increasingly sceptical of the lofty valu-
primarily to support the lender’s expan- “those activities that produce volatile rily to support our ambitions in the pri- gets for the bank, arguing that such Credit Suisse plans to list up to 30 per ations attached to Silicon Valley tech
sion in private banking and wealth man- earnings and are capital intensive”, Mr vate banking and wealth management ratios are subject to many uncertainties. cent of its Swiss universal bank by 2017. companies.
agement. Thiam confirmed to shareholders. space.” Instead he has set three-year earnings Results of the capital increase will be
That would require a shift away from Last month, Credit Suisse stopped Mr Thiam said the “new wealth” in growth targets for the Asia-Pacific divi- announced on December 3. Uber is looking to raise $1bn and Lyft is
aiming for $500m, as the companies
fight to build market share and finance
expensive legal and political campaigns
to back their business models.
Banks. Balance sheet push The fundraisings come at a time when
it is becoming harder to gauge how

Investors spoilt for choice as European lenders seek capital investors will react to lossmaking start-
ups. Shares in payments company
Square traded below the level of its ear-
lier private fundraising on the first day
as a public company yesterday. Mean-
while, fund manager Fidelity marked
ABN Amro’s listing comes as down the value of its stake in messaging
Greek banks, Credit Suisse app Snapchat earlier this year.
Uber’s initial conversations with
and StanChart plan offerings investors were based on a valuation of
about $70bn. However, that figure has
MARTIN ARNOLD — BANKING EDITOR
since come down, according to people
familiar with the matter. Earlier this
Like shoppers wandering through a year, investors valued Uber at $50bn.
Christmas market, investors in shares of Uber declined to comment.
European banks are being peppered Both companies are already among
with offers of seasonal merchandise. the tech sector’s most aggressive fund-
Today, the Dutch government plans raisers, with Uber having raised more
to raise about €4bn by floating ABN than $10bn, a record for a US tech
Amro in the biggest initial public offer- start-up.
ing of a European bank since the finan- Lyft is aiming to double its valuation
cial crisis. from just six months ago. It is targeting
This week, Greece’s four big banks are $4bn before it adds the new money, up
also seeking buyers for more than €6bn
in shares to fill capital shortfalls. Else-
where, Credit Suisse and Standard Char-
Both companies are
tered are planning to raise SFr6bn and heavily lossmaking,
$5.1bn respectively to shore up their
balance sheets.
which is common among
Meanwhile, the UK government has start-ups in Silicon Valley
pledged to keep selling down its multi-
billion-pound stakes in Royal Bank of
Scotland and Lloyds Banking Group. from the $2bn valuation at which it
So far this year, banks have raised raised money from investors including
more than $75bn from investors world- Alibaba and Carl Icahn, the activist
wide, according to Thomson Reuters. investor, in May.
Given all the bank equity still to be “The air has gotten pretty thin where
issued in Europe, it is on course to top these valuations are,” said Max Wolff,
last year’s $93bn total, though it chief economist at Manhattan Venture
remains well below the record $236bn Partners, which brokers transactions in
raised in 2009 when the financial crisis private company shares. “Uber is more
forced many banks to raise capital. at risk than Lyft, because Uber is the
James Chappell, banks analyst at Ber- poster boy for the most aggressive ele-
ments of this boom.”
Both companies are heavily lossmak-
ABN is being pitched as ing, which is common among start-ups
a stock that could be in Silicon Valley, where growth is prized
among early stage businesses. Uber has
attractive in the low poured billions of dollars into its inter-
interest rate environment national operations, as it seeks to gain
market share against homegrown rivals
such as Ola in India and Didi Kuaidi
China.
enberg, says investors remain cautious The Dutch ABN has promised to pay out 40 per have been forced to accept the discount about its capital levels. ABN’s common Lyft, which has raised a total of $1bn,
about investing in Europe’s banks. “Peo- government cent of its profits in dividends until 2017 to ING because their bigger rival has equity tier one ratio — a key measure of has invested heavily in US marketing as
ple are quite uncertain about the eco- plans to raise and half of them after that. Analysts more growth potential thanks to its dig- capital to risk-weighted assets — was it bids to steal market share from Uber.
nomic outlook at the moment in Europe about €4bn by estimate it will make a net profit of ital banking operations in countries above most rivals at 14.8 per cent in Sep- The company declined to comment on
and you have uncertainty around regu- floating ABN about €2bn this year and pay a €0.85 such as Germany and Spain. tember. However, its leverage ratio — the fundraising but John Zimmer, co-
lation,” he says. Amro in the per share dividend, representing a yield There are other reasons why investors measuring capital against total assets — founder and president of Lyft, said: “We
“The third-quarter numbers have biggest IPO of a of about 5 per cent at the likely IPO price may be cautious about buying ABN is less strong. are growing faster than Uber in the US.”
seen more revenue weakness in Europe, European bank of €18 per share. shares. The bank, which was once so Because of the recent requirement The company added that it has been
so people are doubling down on US since the Second, ABN is expected to be valued dominant in the Netherlands that it from regulators to include off-balance catching up to its rival in San Francisco,
banks where there is more prospect for financial crisis at a discount to its larger local rival ING, referred to itself simply as De Bank, is sheet exposures at its large clearing the home town of both companies, and
rising interest rates and higher eco- Jock Fistick/Bloomberg
even though it is generating a better per- still strongly associated with being one business, which has €12bn of customer boasts a 40 per cent market share in the
nomic growth.” formance on some measures. In the first of the big victims of the financial crisis. loans, the bank’s leverage ratio was 3.5 city. Lyft has also partnered with Didi
As ABN prepares to float in Amster- nine months of the year, ABN made a In 2007, ABN ran into trouble after an per cent at the end of September. This is Kuaidi, one of its investors and Uber’s
dam today with a market value of about return on equity of 14 per cent, one of ambitious overseas expansion and was The Dutch below the Dutch government’s planned main rival in China.
€17bn, analysts say there are some rea- the highest in the sector and above the acquired and dismembered by rivals minimum of 4 per cent. Yet Uber, which has operations in 65
sons why it may stand out as a more comparable figure of 11.6 per cent at Royal Bank of Scotland, Santander and bank has A final potential poison pill at ABN is countries, has revenues that are 10
attractive investment than others in the ING. Fortis. That deal ultimately led to RBS promised to that investors are not being offered times higher than Lyft’s, according to
sector. Yet if ABN floats at €18 per share it having to be rescued by the UK govern- shares in the bank itself, but in an inde- people familiar with the matter. It
First, the bank is being pitched to will have a premium of about 6 per cent ment. When the financial crisis hit, the pay out 40 pendent foundation. expects net revenues of about $2bn this
investors as a defensive yield stock that to its tangible book value, which meas- remaining Dutch rumps of ABN and per cent of This body has the power to block a year, they said. Lyft said it was taking in
could be attractive in the existing low ures its net asset value excluding good- Fortis had to be bailed out by the gov- hostile takeover of the bank for up to $1bn in fares on an annualised basis,
interest rate environment. “You have will and other intangibles. That com- ernment at a cost of €28bn. its profits in two years if it deems the deal to be from which the company’s take would
got no growth, so where is your return pares to ING’s premium of about 15 per The bank being floated today bears dividends against shareholder interests, removing be $200m based on its normal cut.
going to come from — it has to be the div- cent to tangible book value. little resemblance to its pre-crisis prede- this potential — albeit unlikely — upside See Lex
idend,” says Mr Chappell. Advisers to ABN say its managers cessor. Yet there is still some concern until 2017 to the shares. Square IPO Markets

Contracts & Tenders Banks

German co-operatives DZ and WGZ agree to merger

JAMES SHOTTER — FRANKFURT publicly owned lenders — since Deut- including ultra-low interest rates and business, which is also characterised by
sche’s takeover of Postbank in 2010. tougher regulatory requirements. the arrival of new market participants.”
DZ Bank and WGZ Bank, the central
It comes after several previous efforts “Central banks will continue to try to Mr Kirsch said the combination was
banks for Germany’s sprawling
to combine DZ Bank and WGZ Bank keep interest rates artificially low for expected to yield synergies of at least
co-operative banking sector, are to
ended in failure. the foreseeable future . . . as a result of €100m a year, partly due to eradicating
merge in a deal that will create the
The new bank will be headed by Wolf- this, banks’ interest income will remain duplication and increased opportunities
country’s third-largest banking group.
gang Kirsch, currently chief executive under pressure,” Mr Kirsch said. for cross-selling products.
The two groups, which provide a range of DZ, while DZ’s chairman Helmut He added: “In our market environ- He added that there would be
of national and international banking Gottschalk will lead the supervisory ment, we are experiencing intense price “moderate” job cuts.
services for Germany’s 1,000-odd board. Their counterparts at WGZ, competition, particularly in the credit At the end of June, DZ’s fully applied
mutual lenders, said that the new entity Hans-Bernd Wolberg and Werner core tier one capital ratio — a closely
would begin operating next August. Böhnke, will become their deputies. watched measure of financial strength
Between them, they have assets of DZ posted a net profit of €2.16bn last
‘Central banks will — stood at 11.8 per cent. WGZ’s was 13.1
€501bn, ranking them behind Deutsche year, more than any other German continue trying to per cent.
Bank, which has assets of €1.7tn, and bank, while its smaller counterpart Mr Kirsch said that WGZ would make
Commerzbank, which has €564bn. WGZ managed a net profit of €234m.
keep interest rates up around 25 per cent of the new bank,
The proposed tie-up is the largest deal Mr Kirsch said that the timing of the artificially low’ and DZ around 75 per cent, but added
in the German bank sector — which is merger made sense, given the continu- that the precise ratio would be deter-
composed of private, mutual and ing pressures on the banking system, mined by auditor KPMG.
Friday 20 November 2015 ★ FINANCIAL TIMES 19

COMPANIES

Transport

Bombardier sells 30% stake in train unit to CDPQ

Company shelves plan for ager for $1.5bn. The Caisse de Dépôt et attempt to break into the narrow-body marks a volte-face for Bombardier, emerged as the “most attractive option”. financial flexibility. We can complete all
Placement du Québec will acquire con- commercial jet market dominated which announced in March that it He said the administrative costs the programmes and have a safety net.”
IPO as Quebec pension vertible shares in a new holding com- by Airbus and Boeing. Cost and timeta- planned to float shares in the unit. It had would be significantly lower than if the Bombardier Transportation, with
fund says it will pay $1.5bn pany to be formed out of the group’s ble overruns have placed a strain on the considered a competitive auction for the company had pursued an initial public 39,700 employees, builds trains and
Bombardier Transportation division. company’s profitable business jet oper- private placement of a minority stake. offering, with a lower execution risk. “A provides maintenance services, system
GUY CHAZAN — BERLIN The deal values the company at $5bn. ations and on the group more broadly. There were indications earlier in the lot of recent IPOs have not delivered integration and signalling. The com-
Only last month, Bombardier sold a Bombardier last month reported year that Bombardier might be explor- what they promised,” he said. He also pany has a $30bn backlog. Over the first
Canadian aircraft and train maker Bom- near-50 per cent stake in its troubled a $4.9bn loss for the third quarter. ing a sale of BT to an industry player, said CDPQ was “focused on the long- nine months of this year, its earnings
bardier was forced for a second time in a C Series passenger jet programme to the It confirmed it had sought unsuccess- with reports saying it was in talks with term development of the company”. before interest and tax were $342m,
month to turn to its home province for a Quebec government in exchange for a fully to sell a stake in the C Series to Air- two Chinese state-owned trainmakers. Mr Bertling said the proceeds from with a profit margin of 5.6 per cent.
cash infusion as it announced the sale of $1bn lifeline. bus and it has been reported it could sell But Lutz Bertling, president of Bom- the sale of the stake to CDPQ would go Montreal-based CDPQ is one of Can-
a 30 per cent stake in its rail business to Bombardier has been beset by prob- a stake to other companies. bardier Transportation, said that the towards “general business purposes” of ada’s leading institutional fund manag-
the Quebec public pension fund man- lems with the C Series, an ambitious The sale of the stake in its rail business idea of an investment by CDPQ had Bombardier. “These injections give us ers with $240.8bn in net assets.

Interview. Benoît Potier

French gas supplier targets US rebound with deal for rival

efficient business.” Putting Air Liquide’s
Chief says ambitious $13.4bn production and bulk sales together with
takeover of Airgas will pay off Airgas’s distribution would create a ver-
tically integrated company that can cap-
despite shareholders’ gloom ture opportunities for profit wherever
they emerge, he added.
Second, there is a real prospect that
ED CROOKS — NEW YORK
technology will shake up the gas distri-
Benoît Potier, chief executive of Paris- bution business. The “industrial inter-
based Air Liquide, had reached the most net” — equipment fitted with sensors
sensitive phase of negotiations to buy and communications to generate data
Airgas of the US when the terrorist that can be analysed to improve per-
attacks of November 13 hit his home formance — is likely to mean that signif-
city, killing 129 people. icant long-term productivity gains will
He was at home, watching the terrible be possible in the gas cylinder business,
news come in all night. “Your kids are Mr Potier believes.
out having parties: my daughter was in Third, the deal increases Air Liquide’s
one of those restaurants just a week ago. exposure to the US, which is expected to
So it’s a big shock,” he said. The terrorist be the best market for industrial gases
attacks provided a sombre backdrop for in the developed world over the next
the final stages of the negotiations, but half-decade. In 2014 the company made
the two companies concluded a deal, 24 per cent of its revenues in the Ameri-
resulting in Tuesday’s announcement of cas. Adding in Airgas, which makes
Air Liquide’s agreed takeover of Airgas almost all of its sales in the US, that pro-
for $13.4bn, including debt. portion would rise to 42 per cent.
The deal is an ambitious move, one of Although US manufacturing has been
the largest ever acquisitions of a US affected by falling commodity prices,
materials company by a European which have hit demand for products
group. It will make Air Liquide the such as mining equipment and the steel
world’s largest supplier of industrial tubes used in oil and gas wells, Air Liq-
gases, which include oxygen, nitrogen, uide still expects the US industrial gases
hydrogen, carbon dioxide and helium, market to grow by about 4.4 per cent
used in industries such as manufactur- every year from 2014-20. That is much
ing, construction and healthcare. faster than the expected annual growth
The initial reaction from the stock of 2-2.5 per cent in Europe, and just 1-2
market, though, was unenthusiastic. per cent in Japan.
Air Liquide’s shares fell 7 per cent on Air Liquide’s executives are confident
Wednesday, as investors digested what the potential pitfalls of the deal are sur-
was described by David Silver, an mountable. US antitrust regulators may
analyst at Morningstar, as a “generous” order some asset sales, Mr Potier
price. They also worried about Air Liq- expects, but the amounts are likely to be
uide taking on more debt to increase its There is a compelling strategic case for the Air Liquide-Airgas deal, say Benoît Potier, below, and Peter McCausland, below right — Fabrice Dimier/Bloomberg “reasonable”.
exposure to US manufacturing, which Paying for the deal means Air Liquide
has shown unimpressive growth this taking on a lot of debt: essentially the
year, in part because of the commodity failed when a court in Delaware upheld aged” gases, in cylinders or other small entire $13.4bn price as a bank bridging
price slump. How the companies compare Airgas’s “poison pill” defence. Since quantities, might seem unglamorous, it loan. That will be refinanced as soon as
Mr Potier believes that adverse reac- 2014 gas & services sales (%) then, the S&P 500 index has risen 56 per was actually a very attractive market. possible through bond sales, bank loans
tion will prove shortlived. “We lost 7 per cent, and Air Products shares by about There was repeat business, cash flow and a €3bn-€4bn share issue, so the
cent, which is not good,” he told the Air Liquide (€13.9bn) Air Liquide + Airgas (€17.8bn) the same amount, while Airgas’s stock was strong, and Airgas has been suc- company can keep an A or A-minus
Financial Times. “But we just need to Middle East has increased 117 per cent. cessful in adding sales of credit rating.
wait another week or so, and give time Americas Europe & Africa 2 The Air Liquide deal is a personal vin- related products and With ample liquidity making the
Asia Pacific
to absorb the news, and the time it takes dication for Peter McCausland, who services alongside its deal possible, said Mr Potier,
to recognise the value.” 19 founded Airgas in the early 1980s and is gas distribution. this was a good time to be buy-
There is no doubt that the offer looks 24 now executive chairman. “The merchant busi- ing Airgas, in spite of appear-
Middle East 48 42
attractive for Airgas shareholders. At & Africa 3 “They’ve made a good offer for our ness is not excit- ances. “We’ve been absorbing
$143 in cash per share, it is at a 51 per shareholders, and we’re all about creat- ing: it is a little the shock in the US of
cent premium to the average Airgas 25 Europe 37 ing value,” he told the FT. bit cumber- the low oil price, and
share price over the past month. Americas He and Mr Potier agree, though, that some, boring,” I don’t know exactly
It is also double the $70 per share that Asia Pacific the bid terms are justified by the “very said Mr Potier. how long it will
Air Products, another US gases com- compelling” strategic case for the deal. “[But] this is a take, but the US
pany, offered to pay in a hostile takeover First, said Mr Potier, although Airgas’s simple, small market is going to
Source: Air Liquide
battle in 2010-11. That bid eventually core business of distributing “pack- but very, very rebound,” he said.

Technology Mining Legal Notices

Starboard hits out at Yahoo Indonesia in extortion probe

HANNAH KUCHLER — SAN FRANCISCO pany to be known as Aabaco, was not AVANTIKA CHILKOTI — JAKARTA The scandal may also add to uncer-
the “best alternative”. tainty for Freeport as senior politicians
Activist investor Starboard Value is Indonesia has launched an investiga-
“If you stay on the current path, we push for an evaluation of the group’s
urging Yahoo to abandon plans to spin- tion into alleged attempts by senior
believe the potential penalty for being operations in Indonesia. The miner is
off its stake in Chinese ecommerce officials to extort a stake in Freeport-
wrong is just too great, and the potential already battling with weak commodity
group Alibaba and switch to selling its McMoRan’s Indonesian unit in return
reward for being right is not materially prices and Indonesia’s ban on the export
core internet business, which ranges for an extension of the US mining com-
better than the other alternative,” Mr of unprocessed minerals.
from Yahoo Mail to Fantasy Football. pany’s right to operate in the country.
Smith wrote. “We can’t comment because the alle-
In an open letter sent Wednesday night, Yahoo shares slipped 0.2 per cent to Sudirman Said, minister of energy and gations are being investigated,” said
Starboard accused Marissa Mayer, $32.90 by lunchtime trading in New mineral resources, filed a complaint Riza Pratama, Freeport’s spokesman.
Yahoo chief executive, and chairman York yesterday. Shares have fallen 34 with the House of Representatives eth- Freeport, which plans to invest
Maynard Webb, of having a “dismissive per cent this year, despite the plan to ics committee this week alleging that $16bn-$18bn in underground develop-
approach” to the investor’s “serious con- spin-off the stake to give shareholders the Speaker, Setya Novanto, had ment, has been lobbying Jakarta for
cerns” about the future of the company, direct access to the Alibaba investment. demanded Freeport divest shares to affirmation its contract in Indonesia will
despite having held several conversa- The plan was formed under pressure be extended beyond 2021. The group
tions and meetings with them. from Starboard but has faced setbacks, generated 8.4 per cent of its revenue last
Jeffrey Smith, a managing partner at while Ms Mayer has struggled in her The Speaker, year from Indonesia, said Bloomberg,
Setya Novanto,
Starboard, said the planned spin-off of mission to turn round the core business. has told local and had expressed hope over “produc-
Yahoo’s 15 per cent stake in the Chinese Aabaco was due to be formed in late media that his tive discussions” with Jakarta.
group, worth about $29bn, in a com- 2015, but the plan stumbled when US comments were Amid this week’s scandal, Luhut Pan-
tax authorities refused to rubber stamp made as a joke jaitan, co-ordinating minister for politi-
the deal. cal, legal and security affairs, appeared
Yahoo decided to press ahead on President Joko Widodo and his vice- to flip-flop on those reassurances. “The
Legal Notices advice of its lawyers that the spin-off is president, Jusuf Kalla. extension of the Freeport contract can
the most tax efficient way to hand the “We will wait and see how the house only be completed through negotiation
Alibaba stock to shareholders. In the let- settles this,” Mr Kalla told broadcaster two years before the contract expires,”
ter, Starboard, a top 30 investor, said it BeritaSatu, denying any involvement. he said yesterday. “The divestment and
agreed with Yahoo’s assessment but that When asked whether Mr Widodo had development of a smelter were sup-
it was clear the market had taken a “dim reacted, he added: “Of course, anyone posed to be completed by Freeport a
view” of the strategy and appeared to be will get angry if their name is tagged.” while ago and the company has simply
valuing the core business at just over Mr Widodo’s office did not respond to an failed to fulfil those requirements.”
$2bn. emailed request for comment. The Indonesian government, which
Starboard believes the most “prudent The matter has raised fresh concerns has a 9.4 per cent stake in Freeport Indo-
path” is to sell the core business and around corruption in Southeast Asia’s nesia, had set a deadline of October 14
return the money to shareholders largest economy. Mr Novanto told local for the company to lay out proposals for
through share buybacks and dividends. media his comments were made in jest. a further 10.6 per cent stake sale.
20 ★ FINANCIAL TIMES Friday 20 November 2015

UK COMPANIES

City
Insider

Retribution would have been a dish better served hot at HBOS

Edited by
Harriet Agnew
[email protected]

employed full time. He does not work rolling downhill. Mr Hornby merely C: Terrible! You don’t mind if I stretch in half-year underlying profits to £9.3m Richard Caring
in finance. clambered aboard when it was already out on this couch do you? at single-price retailer Poundland.
The trio cannot be fined for any heading for derailment, according to GH: Er, sure. How do you get along Worryingly, weakness is extending
Fore!
misconduct, the penalty that should Ray Perman, author of Hubris, a book with your investors? into the third quarter. Poundland Chinese President Xi Jinping’s state
have been sought. The deadline for on the wreck. C: You’ll find this interesting, so take warned of “volatile trading” around visit to the UK last month may have
that expired during the interminable The FCA should disqualify the three notes. To be frank, they’re very Black Friday. The share price slumped been trumpeted by both sides as a
seven years it has taken the FCA and men, since that is the main penalty controlling. Emotionally, they’re cold. 20 per cent yesterday. “golden era” in bilateral ties. But
the Prudential Regulation Authority to available. MPs should legislate to curb They remind me of my mother. The Black Country-based business over at the exclusive Wentworth
What blame should King George I, publish their report on the collapse. Maxwellisation. GH: How do you deal with this? expects to add £25m in underlying golf club in Surrey, UK-Sino
governor of the South Sea Company, Delays reflecting the reluctance of Regrettably, compromised regulators C: I drive a Vantage and dine in five- earnings by 2018 from the £55m relations are under strain.
bear for its collapse in 1720? The the financial elite to attack its own will get away with barely a scratch. star restaurants. I weep myself to sleep. acquisition of 99p Stores. But Wentworth’s new Chinese owner
Financial Conduct Authority should were compounded by “Maxwellisation” Back at the time of the South Sea What do you advise? integration costs will help peg back Reignwood said last month that its
reopen this cold case. The regulator is — a legal requirement to negotiate with Bubble, when standards were evidently GH: Well, only you can solve your 2016 forecasts for profits before tax to 4,000 members will have to reapply
already reconsidering whether to ban individuals named in a report. higher, the chancellor of the exchequer problems. But you might feel fulfilled if about £35m from £48m, according to for just 800 membership places,
the ex-heads of Halifax Bank of We can blame Maxwellisation for the was imprisoned in the Tower. you invested entrepreneurially and ate Cannacord. and they must pay a £100,000 fee
Scotland from the City. They ran the tone of this report, which is as bland as out at Garfunkel’s. Investors see Poundland’s rival B&M or lose their membership. Now
overleveraged bank into the ground at the Tunnock’s Teacakes produced in C: (sitting up) I feel better already! Did I as a better bet. It has higher margins, is Wentworth’s disgruntled members
huge public cost in 2008. That’s almost HBOS’s Scottish homeland. Healing Hands get the job? growing faster and bears no integration are fighting back. The Wentworth
as long ago as the South Sea scandal in Andrew Green QC has done a better GH: No. There’s only room for one risks. The difficulty for both groups is
the hive mind of finance, an industry job examining the failures of the FCA’s Private equity veteran Guy Hands has massive ego at Terra Firma. Please pay that single-price retailing is a category
with a conveniently short memory. forerunner. The silk slams the complained executives coming for job for your therapy on your way out. with fuzzy borders and low barriers to
Some would say it would be a waste Financial Services Authority for interviews are arrogant, unhappy and entry. They are exposed to fashions for
of time barring the monarch from limiting its pursuit of the reckless men treat him as “an agony aunt”. investments, which change like crazes
holding a senior job in banking or to divisional boss Peter Cummings, GH: So you’d fit in at Terra Firma? Looming difficulties for pastimes. To illustrate: forsaking
broking. He has been dead a while. who was fined £500,000 in 2012. Candidate: Sure. I’d be surrounded by loom bands, Lombard and Lex are
But banning ex-chairman Lord Mr Green rightly says a case should near-equals — eights to my nine out of Loom bands were massive last year. trading Match Attax football cards so Residents Association is today set
Stevenson and Messrs Hornby and have been brought against Mr Hornby. 10. At Permadven the other partners John Kay made several for Lucy hard it’s a wonder we ever get time to to approve a resolution to make a
Crosby, who served as successive chief You could make the same argument are sixes. At home, I have a wife who’s a Kellaway. Now the craze is over among calculate a net present value. challenge to Reignwood’s
executives of HBOS, would be almost concerning Lord Stevenson and James five and a toddler who’s barely a two. tweens, as it is among FT columnists. proposals. A group of members and
as feeble. Only Andy Hornby is still Crosby. They set the freight train GH: How does that make you feel? This helps explain a 26.3 per cent drop [email protected] residents have formed “Wet Feet”,
named after an old Chinese
proverb: “It never rains on your
neighbours without you getting
Support services your feet wet.” They are claiming
broken promises on all sides.

Redundancies
Richard Caring, pictured, the ultra-
wealthy restaurateur who sold the
club to the Chinese for £135m,
remains a director of Wentworth,

bill hits Royal

having — as they see it — welched
on his pledge to find “an owner
with integrity [in] recognition of the
iconic nature of Wentworth”. And
Reignwood had promised “it was

Mail profits
committed to preserving [the
club’s] unique culture”. One irony —
back in China, the Communist Party
has banned all 88m of its members
from joining golf clubs because
they’re too elitist.
Postal operator facing Greene has embarked on an overhaul of
the postal operator, seeking to update Jeffrey Archer
cut-throat competition its antiquated systems and slim down
Mates’ rates
in parcels business the workforce.
As a result of its efficiency drive, the To the Savoy on Wednesday night,
MICHAEL POOLER AND group said it had saved £200m in cumu- where a ballroom of bow-tied
NATHALIE THOMAS lative costs in the past three years and bankers voted in a tongue-in-cheek
was targeting a further £500m by 2018, debate. The motion? “Money makes
A larger than expected redundancies including £180m this year. the world go round.” The gala
bill weighed on Royal Mail’s profits in An increase in parcels, an area on dinner was organised by Debate
the first half, though it said a pro- which Royal Mail’s future growth rests, Mate, a social mobility charity that
gramme to modernise the 500-year-old offset a fall in letters, which are in struc- organises debating clubs in
business was on track to deliver greater tural decline. Its overseas parcel opera- schools. It saw City grandees and
cost savings. tion, GLS, was particularly strong. hedge fund millionaires nodding
The postal operator blamed higher However, ahead of the peak Christ- support as inner-city teenagers
so-called “transformation costs” as it mas period there were further signs of told them that love and kindness,
posted a 30.5 per cent drop in pre-tax the cut-throat competition to deliver not credit derivatives or forex
profits to £116m in the six months to 27 Britain’s packages. Pricing pressures spreads, get people out of bed in
meant a 4 per cent rise in Royal Mail’s the morning. And just in case
More on ft.com UK parcel volumes only translated into anyone worried that the evening
Royal Mail delivering in tough 1 per cent revenue growth. wasn’t sufficiently infused with self-
market: Lex’s Oliver Ralph and Rival carriers DPD and Hermes are satire, Jeffrey Archer was on hand
Jonathan Eley discuss how the
company is faring building new sorting hubs and expand- to conduct the after-dinner auction.
ing vehicle fleets, while Amazon is roll- The politician and fictionalist
ft.com/video
ing out its own delivery network. UK delivered a few choice lines on the

September, on revenues down slightly

to £4.4bn. During the period nearly
Mail and DX Group, two smaller com-
petitors, have suffered share price falls
after anaemic financial performances.
Growth spurt Mothercare has more than doubled
pre-tax profits on the back of a
turnround at its UK business, though
closure plan saw total space fall 7.4
per cent year on year in the first half
as the company moved out of high
importance of telling the truth.

Arne Sorenson
3,000 staff voluntarily left the group’s
core UK letters and parcels business,
“My estimate is that we have 20 per
cent too much capacity in the market Mothercare sales remain weak at higher-margin
international franchises.
streets and into retail parks.
Mr Newton-Jones said stores were
Room service
where the company expects underlying
operating costs to fall by at least 1 per
cent this financial year.
right now and it definitely has increased
the trend that prices are under pres-
sure,” Ms Green added.
doubles UK The buggy-to-babywear retailer
posted a 112 per cent year-on-year
increase in pre-tax profits to £7m in
becoming “showrooms” for
Mothercare’s “full online offer” as
the group reported online sales 22
How Arne Sorenson became the
first non-Marriott to lead the hotel
chain Marriott International might
Moya Greene, chief executive, said:
“We have maintained a tight grip on
Rob Byde, an analyst at Cantor Fit-
zgerald, said the results were “solid” and profit in rejig the 28 weeks to October 10, due largely
to the halving of underlying UK losses.
per cent higher on last year.
UK like-for-like sales grew at 3.8
be of interest given Marriott’s
$12.2bn acquisition this week of
costs and so we think these are very in line with expectations. But, he added: Mark Newton-Jones, the chief per cent, compared with 1.5 per cent rival Starwood. Sorenson could not
good results. We delivered an unprece- “Over the medium term, [Royal Mail] executive, said the company had in the same period last year. be more different from his
dented amount of change.” faces potentially higher cash pensions benefited from selling more products However, international like-for- predecessor and mentor Bill
Royal Mail entered a new chapter in costs, tighter regulation in UK mail and at full price and refurbishing stores. like sales declined 2.3 per cent. Marriott. Sorenson is a Democrat,
its history when the government sold off a tricky fresh wage and productivity Mr Newton-Jones was appointed last International franchises account for Marriott is a Republican. Marriott
its remaining stake in October to com- negotiation with the union.” year to overhaul the UK strategy and 66 per cent of Mothercare’s likes Ferraris, Sorenson drives a
plete a controversial privatisation proc- Shares in Royal Mail rose 4.9 per cent lighten debt. His aggressive store business. Aliya Ram Prius. Both men are religious, but
ess. Since taking over in 2010, Ms to 476p. It floated in 2013 at 330p. Marriott is a high-ranking member
Chris Ratcliffe/Bloomberg
of the Mormon church while
Sorenson is the son of a Lutheran
missionary. It was his humility,
Media according to Marriott, that clinched
the job: “He’s not arrogant, he’s not

Sky scores regulatory victory over BT in long-running sports coverage battle a big shot, he’s not a master of the
universe.” No presidential suite to
celebrate at Starwood’s palatial St
Regis, City Insider suspects.
HENRY MANCE channels. The company’s customers year. Sky’s initial appeal against Ofcom reassess the need for regulation,” the including an £897m deal for exclusive
MEDIA CORRESPONDENT
must subscribe separately to BT to is due to be reheard. regulator said. Champions League coverage, was moti- Email etiquette
Sky has won a belated regulatory vic- watch its coverage, including the Cham- “Ofcom continues to monitor “In particular, Ofcom wants to be sure vated partly by a belief that Sky’s domi-
pions League football competition. the pay-TV market closely. Should evi- consumers continue to have access to, nance of premium sports rights would
Private — keep out
tory after Ofcom ruled it should no
longer have to make its main sports BT said it was “very disappointed” by dence emerge of practices that we and a choice of, packages and services undermine its core markets of teleph- No good at keeping secrets? An
channels available to rival BT at a fixed Ofcom’s decision. “We still believe that consider to be prejudicial to fair and containing Sky Sports 1 and 2.” ony and broadband. attempt has been made to solve
price. effective remedies are essential to effective competition, we will quickly BT’s investment in sports rights, The wholesale must-offer obligation the perennial problem of private
address the failure of competition in the applies only to YouView, the platform emails being read by the nosy PA.
The regulator said yesterday that it was pay-TV market,” it said. whose backers include BT and the The head honchos of one property
removing the “wholesale must-offer” Sky welcomed the move, saying: “We smaller broadband supplier TalkTalk. company have decreed that if
obligation, partly because BT’s own are, and have always been, more than Shares in Sky increased 1 per cent yes- directors intend to send a personal
investment in sports rights had happy to make our channels available terday, while those in BT rose 0.79 per message, they should mark the
increased consumers’ options. It will on other platforms.” cent. subject line “Private” followed by
now be up to BT and Sky to agree com- The ruling is the latest episode in Analysts at Citi said that any their initials. The plan is that this
mercial terms for the channels. a regulatory saga. Ofcom started con- increased payments by BT to air Sky should scare the PAs into not
The ruling could mean Sky Sports 1 trolling the wholesale price of Sky Sports 1 and 2 were “unlikely to be that peeping. That is, unless it proves to
and 2 are not made available as part of a Sports 1 and 2 in 2010, following com- significant”. be an irresistible signpost to the
BT subscription, or are available only at plaints by BT. But Toby Syfret, an analyst at Enders best office gossip. Maybe better to
a higher price. The move was subject to a lengthy Analysis, said any price rises would tag messages: “Further query re
It may also strengthen Sky’s hand in legal challenge by Sky, with the Court depend partly on how actively Ofcom year-end accounts”.
agreeing a deal to resell BT’s own sports of Appeal ruling in Ofcom’s favour last The ruling means Sky and BT will have to agree commercial terms — David Jones/AP scrutinised the sector.
Friday 20 November 2015 ★ FINANCIAL TIMES 21

UK COMPANIES

Retail

Poundland seeks ‘new market segment’ as costs rise

Retailer will experiment cess we’ll take a view about multi-price the loom band craze. In June the com- cent since it floated. Poundland’s have new stores and the boost from the take- LED lighting in stores, which would cut
in the group,” he said. pany warned of “subdued” consumer dropped 24 per cent since its market over of rival discount chain 99p Stores. its electricity bill by a third, and expand
with prices above £1 in Poundland’s shares fell 19 per cent to demand, leading analysts to question debut. Mr McCarthy said Poundland’s core self-checkouts. The company also said it
about 30 stores next year 226p after the company revealed a drop the discounter’s ability to absorb volatil- Poundland said it would increase offer would still be £1 products and that was optimistic it could crack the Span-
in half-year profits and warned of vola- ity and costs without changing its price. targets for new stores to trial multi-price stores might ish discount market after its trial store,
ALIYA RAM AND JOEL LEWIN tile trading in the run-up to Christmas. Nick Bubb, an independent retail ana- 1,400 in the UK and Ire- operate under a modified in Torremolinos, reported like-for-like
First half pre-tax profits fell 43.5 per lyst, said a multi-price trial showed land — up from an origi- brand, such as “Poundland sales growth.
Poundland will experiment with prices cent to £5.3m because of costs associ- Poundland was looking to “hedge its nal 1,000 — to reassure Plus”. Darren Shirley, analyst at Shore Capi-
above £1 for the first time next year as it ated with expansion. Costs have stacked bets”. investors that the 99p “If Poundland could put tal, said the UK market remained chal-
battles to absorb rising costs and fierce up from Poundland’s acquisition of rival “Although the first half comparatives acquisition would not prices up we wouldn’t be so lenging, but “the combination of 99p
competition from other discounters. discounter 99p Stores and aggressive were tough and [Poundland] are not stop organic growth inventive and innovative in and the potential from Spain, a rollout
The cut-price retailer, which at store openings in the UK and Ireland. alone in having had a quiet October/ plans. how we tackle costs,” he of the latter of which remains out with
present sells everything from snacks to Like-for-like sales declined 2.8 per early November, it’s hard to avoid the “We have to grow,” said. our forecasts, has the scope to sustain
toys for no more than £1, yesterday said cent in the six months to September view that the growth of B & M and Home Mr McCarthy said. “We Like other retailers, Pound- strong ongoing growth from the group”.
it would try more expensive products in compared with growth of 4.7 per cent in Bargains is putting some pressure,” he have to keep diluting our land is grappling with the intro- Mr McCarthy warned that trading
about 30 of its larger stores from April. the same period last year. said. cost base so we can keep providing duction of the UK’s national living wage, conditions in the third quarter would be
The idea will be to “take a new seg- Analysts had expected a decline, Shares in B & M, a multi-price dis- value.” which will raise the minimum wage for “volatile” as consumers change their
ment of the market”, according to chief which the company blamed on adverse counter that listed three months after Total sales rose 6.2 per cent to over-25s to £7.20 an hour. Christmas buying patterns in response
executive Jim McCarthy. “If that’s a suc- currency movements — and the end of Poundland last year, have risen 17 per £561.1m, fuelled by the opening of 52 Poundland said it would switch to to Black Friday special offers.

Energy. Growth test Media

Johnston
Utility challengers face uphill struggle on profits Press shares
Independent alternatives to
fall to all-time
the ‘big six’ slide into losses low as print ad
as revenues power ahead
sales shrink
KIRAN STACEY
ENERGY CORRESPONDENT
HENRY MANCE AND JOEL LEWIN
They are young, affluent and shop at
Shares in Johnston Press fell 11 per cent
online supermarket Ocado.
to their lowest level in history, as print
Energy consumers have been flocking
advertising revenues at the regional
to independent utility companies such
newspaper group continued a sharp
as Ovo Energy and First Utility in the
decline.
past few years as they become increas-
ingly dissatisfied with the “big six” The company, which owns the Scots-
energy groups that dominate the sector. man, the Yorkshire Post and dozens of
But analysis by the Financial Times other titles, said total revenues had
suggests that while revenues among the fallen 8.8 per cent year on year between
new entrants are rising fast, profits are July and October. That was deeper than
not. Revenues among the eight biggest the 3.2 per cent decline it reported for
independent suppliers have risen the same period last year, and the 7.6 per
almost tenfold in the past five years. But cent fall in the second quarter.
over the same period, profits have Shares in Johnston Press have fallen
slumped from a total of £4m to losses of 70 per cent over the past year, and
more than £14m. nearly 90 per cent since early 2014. The
The decline in profits has been exac- company has been seen as a potential
erbated in the past 18 months by the fall acquisition target after its rivals Trinity
in the oil price, which has driven down Mirror and Local World joined forces to
the costs of electricity consumption. create the UK’s largest local publishing
Analysts say one reason for the dis- group. Trinity Mirror has indicated that
connect between profits and revenues it is looking for further deals.
may be that customers of the independ- In its trading statement, Johnston
ent providers are more price sensitive Press said that its underlying profit and
and less loyal than those buying energy net debt would be in line with previous
from the established players. If prices An engineer works on high-voltage pylons. The new energy suppliers find that customers who switch to them have a tendency to move again guidance. The company’s revenue trou-
begin to rise, they are more likely to
switch provider.
“People who switch supplier are more
The Scotsman and
affluent, but more likely to switch again.
Ecotricity Ovo Energy First Utility Good Energy Yorkshire Post owner
They are valuable but they are savvy,” Revenue (£m) Pre-tax profit (£m) Revenue (£m) Pre-tax profit (£m) Revenue (£m) Pre-tax profit (£m) Revenue (£m) Pre-tax profit (£m)
says Edmund Reid at the research group
said total revenues fell
Lazarus Partnership. 80 4 300 0 600 10 60 3 8.8% year on year
The independent sector has grown in
market share from under 1 per cent in
2010 to over 13 per cent today. Amber 60 3 -10 bles were led by a 14.7 per cent drop in
Rudd, the energy secretary, on Wednes- 200 400 5 40 2 print advertising. Employment and
day welcomed that growth. She said: property advertising fell 22.4 per cent
40 2 -20
“The big six are losing market share and 20.8 per cent respectively across
every quarter. Innovative new suppli- 100 200 0 20 1 both print and digital.
ers, which range from start-ups to local 20 1 -30 The company said it “continued to
authorities, are demonstrating how focus on offsetting revenue decline with
competition is working for people.” But cost reduction”. It closed or merged 11
she added that competition was not yet 0 0 0 -40 0 -5 0 0 free print titles in October, and a further
doing enough to drive down prices. 2010 11 12 13 14 2010 11 12 13 14 2010 11 12 13 14 2010 11 12 13 14 seven in November.
Source: companies
Falling profits have not stopped the Citi analysts said that the trading
independents from spending significant statement highlighted “the volatility in
amounts on trying to win customers. print” businesses. Shares in Daily Mail
Ovo Energy, the second-biggest inde- that he could not say when the utility were best able to operate and hedge Mark Freshney of Credit Suisse says: and General Trust, publisher of the
pendent energy supplier in the UK, with would become profitable. their costs managed to survive,” he says. “Energy supply can be managed in a national Mail titles, have also fallen this
500,000 customers, generated revenues It has been a similar story for Spark The figures are not necessarily an working capital positive way, so that the year, although Trinity Mirror’s have
of £317m in 2014. But spiralling costs Energy, which launched in 2007. The immediate problem for these compa- customer pays ahead of when they con- risen slightly.
saw losses before tax at the company company increased its revenues from nies, as constant customer acquisition sume. This is the most important source Unlike its peers, Johnston Press
rise from £658,000 between May 2009 £7.8m in 2010 to £83m last year, but and in some cases injections of cash of companies’ capital.” remains highly leveraged from a series
and July 2010 to £37m last year. during the same period, a profit of from private equity backers are helping This means companies can continue of acquisitions. Net debt was £183.3m as
“It could be that some companies are £67,704 became a loss of £34,401. fund operations. to fund expansion before starting to of June, down from about £300m at the
mainly focused on getting customers in Ian McCaig, chief executive of First Many independents fund their work- raise prices in an attempt to make a start of 2014.
with cheap energy deals and then selling Utility, the biggest and one of the most ing capital by taking sizeable sums up profit from existing customers. But it The company has pinned its hopes on
them higher-margin services,” says Mr profitable of the independents, likens front from new customers and paying does leave them vulnerable to unex- its 1XL advertising exchange, which it
Reid. £14m £4m the situation to what happened in the them back much more slowly if they pected problems, such as IT failures. says allows brands to reach more inter-
Stephen Fitzpatrick, Ovo’s chief exec- Combined losses Profits reported airline industry several years ago. end up using less electricity than pre- That is exactly what happened in 2011 net users than MailOnline, the Guardian
utive, last month blamed marketing posted by the by the same “When the market began to be deregu- dicted. Ovo last year, for example, was to Independent Energy, which was the or the Daily Telegraph. Digital revenues,
spend, fees, software licensing and eight biggest operators five lated, low-cost airlines began popping owed £32m by customers and suppliers, biggest small supplier at the time but which represent about one-eighth of
higher staff costs for the losses, adding new entrants years ago up all over Europe. But only those that but owed £82m to customers. collapsed after its billing system failed. total sales, rose 8.4 per cent.

Property Mining

Grainger benefits from rising rental sector Lonmin investors back $400m rights issue
JUDITH EVANS German joint venture, which it brought New chief executive Helen Gordon is JAMES WILSON share they hold, at a 94 per cent dis- company’s $360m banking facility,
PROPERTY CORRESPONDENT MINING CORRESPONDENT
forward as part of efforts to refocus its due to reveal her strategy for the com- count to the stock price that prevailed which was due to expire next year.
The UK-listed landlord Grainger yes- business on its core UK market. pany on January 28. Lonmin’s shareholders have approved when the proposals were announced. About half of the proceeds will be used
terday reported a higher-than- The FTSE 250 company accelerated Grainger said pre-tax profit was down its deeply discounted rights issue, pav- Some analysts have warned that Lon- to cut Lonmin’s net debt of $185m. Part
expected rise in the value of its assets as its exit from MH Grainger JV Sarl, a joint 38 per cent to £50m because of losses on ing the way for the platinum miner to min could yet require more capital of the remainder will fund some of the
it seeks to fight off activist investors venture with Heitman, selling its por- the reacquisition of Equity Release raise more than $400m and stave off within three years if the price of plati- company’s capital expenditure and
and position itself at the forefront of a tion to “a large German investor”. It is (Increments) Limited, known as Eril, financial collapse. num does not recover. Lonmin raised redundancy costs for about 6,000 work-
rising rental sector. also in the process of selling wholly which it sold in January to Clifden Hold- cash through similar issuance of equity ers in its 30,000 workforce.
owned German assets. The Newcastle- ings. Clifden failed to pay and subse- The miner is struggling for profitability in 2009, after the global financial crisis, Mr Beamish told an extraordinary
Grainger said net asset value rose 9.7 per based group has had a bad year amid a quently entered administration, while amid a sharp decline in platinum prices and in 2012, after a crisis in which 34 shareholder meeting yesterday that,
cent in the year to the end of September, campaign by Crystal Amber, a Guern- Grainger took a further £7m hit on and had warned that banks’ willingness striking workers were killed by police. while the platinum industry had been
exceeding analysts’ expectations. The sey-based activist investment fund, derivatives during the year. to refinance their lending to the com- Brian Beamish, chairman, said Lon- “at the centre of a feud” between labour
increase was driven by buoyant values which owns 3 per cent of its shares. But profits from its reversionary pany depended upon the equity issue min had a “detailed and carefully struc- unions, tension had abated with the rel-
in the company’s portfolio of rent-con- Grainger has resisted the suggestion assets — the rent-controlled properties going ahead. tured business plan”, which will cut atively new AMCU union.
trolled homes, which it can sell once that it should seek a takeover by an that make up the majority of its hold- Lonmin’s shares have declined more costs by trimming production and jobs. About 88 per cent of shares in the
properties become vacant. institutional investor, but has replaced ings, which it sells when they become than 90 per cent this year. In the capital The rights issue is expected to raise company were voted in favour of five
Grainger also announced it had com- its chairman, chief executive and empty — were up to £68.4m from raising, the company is offering inves- $369m for Lonmin after $38m of fees to measures connected to the rights issue.
pleted the £34m sale of its share in a finance director during the year. £60.6m a year earlier. tors rights to buy 46 new shares for each banks, including fees for amending the See Lex
22 ★ FINANCIAL TIMES Friday 20 November 2015

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 $

-0.19% -0.02% -0.10% -0.627% -0.98% -1.06%

0.81% 0.43% 1.07% 1.41% 0.67% 0.845% 0.592% 0.286%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
11,085.44 19,859.81
2,079.71 13,704.19 6,345.13
13,428.92 6,278.97 2,042.98
2,018.94 10,238.10 18,207.15 1,988.91

Day -0.19% Month 2.31% Year 1.38% Day 0.22% Month -2.39% Year -10.35% Day 0.81% Month -0.24% Year -5.37% Day 1.14% Month 2.81% Year NaN% Day 1.07% Month 8.57% Year 14.50% Day 1.33% Month -2.04% Year 1.11%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,074.28 1,502.33
44,599.74 10,354.70 22,989.22 3,019.03
44,523.01 22,500.22
4,840.12 1,431.61 10,157.50
2,919.83
Day -0.02% Month 3.84% Year 7.90% Day 0.21% Month 0.25% Year 1.17% Day 0.43% Month 4.46% Year 10.50% Day 0.91% Month 1.20% Year -0.75% Day 1.41% Month -2.46% Year -4.37% Day 1.17% Month -3.66% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,719.19 47,819.77 4,915.10 3,617.06
27,364.92
17,168.61 47,025.87 22,191.99
4,695.10 22,172.64 3,320.68 25,841.92

Day -0.10% Month 2.95% Year 0.20% Day 0.81% Month 0.78% Year -10.46% Day 0.17% Month 4.51% Year 15.31% Day 0.45% Month -1.02% Year 14.51% Day 1.36% Month 6.66% Year 47.25% Day 1.41% Month -5.04% Year -8.24%

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 13597.20 13773.89 Cyprus CSE M&P Gen 69.87 71.02 Italy FTSE Italia All-Share 23922.91 23813.36 Philippines Manila Comp 6825.38 6772.92 Taiwan Weighted Pr 8477.20 8340.47 Cross-Border DJ Global Titans ($) 239.36 238.37
Australia All Ordinaries 5293.30 5189.10 Czech Republic
PX 992.18 992.13 FTSE Italia Mid Cap 34342.82 34179.86 Poland Wig 49146.10 49345.31 Thailand Bangkok SET 1384.97 1376.82 Euro Stoxx 50 (Eur) 3451.46 3431.92
S&P/ASX 200 5242.60 5133.10 Denmark OMXC Copenahgen 20 988.99 985.80 FTSE MIB 22191.99 22091.56 Portugal PSI 20 5351.38 5378.60 Turkey BIST 100 80514.17 81152.85 Euronext 100 ID 952.68 950.38
S&P/ASX 200 Res 2640.10 2563.30 Egypt EGX 30 6413.97 6407.33 Japan 2nd Section 4722.34 4701.99 PSI General 2494.50 2496.23 UAE Abu Dhabi General Index 4260.06 4196.85 FTSE 4Good Global ($) 5541.91 5500.40
Austria ATX 2490.79 2465.12 Estonia OMX Tallinn 878.71 879.33 Nikkei 225 19859.81 19649.18 Romania BET Index 7207.01 7174.47 UK FT 30 2893.10 2869.10 FTSE All World 270.36 268.55
Belgium BEL 20 3701.84 3683.38 Finland OMX Helsinki General 8670.91 8673.70 S&P Topix 150 1330.76 1320.37 Russia Micex Index 1811.20 1810.48 FTSE 100 6329.93 6278.97 FTSE E300 1502.33 1495.83
BEL Mid 5964.74 5959.39 France CAC 40 4915.10 4906.72 Topix 1600.38 1586.53 RTX 883.82 876.56 FTSE 4Good UK 5754.43 5707.64 FTSE Eurotop 100 2994.00 2983.93
Brazil Bovespa 47819.77 47435.58 SBF 120 3855.14 3844.12 Jordan Amman SE 2000.74 1994.59 Saudi-Arabia TADAWUL All Share Index 7034.08 6953.47 FTSE All Share 3471.04 3446.61 FTSE Global 100 ($) 1340.34 1333.64
Canada S&P/TSX 60 790.00 787.00Germany M-DAX 21270.17 21138.86 Kenya NSE 20 3946.99 3946.99 Singapore FTSE Straits Times 2919.83 2886.08 FTSE techMARK 100 3885.89 3840.48 FTSE Gold Min ($) 849.44 835.25
S&P/TSX Comp 13428.92 13399.97 TecDAX 1826.79 1818.65 Kuwait KSX Market Index 5725.41 5698.10 Slovakia SAX 301.57 301.75 USA DJ Composite 6169.10 6161.21 FTSE Latibex Top (Eur) 2590.90 2575.50
S&P/TSX Met & Min 361.64 368.41 XETRA Dax 11085.44 10959.95 Latvia OMX Riga 599.60 599.50 Slovenia SBI TOP 690.65 690.87 DJ Industrial 17719.19 17737.16 FTSE Multinationals ($) 1514.35 1499.63
Chile IGPA Gen 18645.78 18496.56Greece Athens Gen 670.45 671.82 Lithuania OMX Vilnius 484.30 483.46 South Africa FTSE/JSE All Share 52116.26 51654.54 DJ Transport 8214.60 8191.33 FTSE World ($) 479.36 476.31
China FTSE A200 9649.65 9515.23 FTSE/ASE 20 200.42 200.79 Luxembourg LuxX 1485.09 1486.11 FTSE/JSE Res 20 28479.71 28156.91 DJ Utilities 566.68 562.80 FTSEurofirst 100 (Eur) 4280.65 4259.77
FTSE B35 10927.22 10780.86Hong Kong Hang Seng 22500.22 22188.26 Malaysia FTSE Bursa KLCI 1660.06 1661.53 FTSE/JSE Top 40 46851.60 46464.28 Nasdaq 100 4659.36 4653.44 FTSEurofirst 80 (Eur) 4635.60 4609.40
Shanghai A 3787.89 3737.03 HS China Enterprise 10193.11 10055.28 Mexico IPC 44599.74 44505.59 South Korea Kospi 1988.91 1962.88 Nasdaq Cmp 5074.28 5075.20 MSCI ACWI Fr ($) 406.98 403.67
Shanghai B 379.38 373.39 HSCC Red Chip 4139.63 4095.47 Morocco MASI 9179.31 9179.31 Kospi 200 244.79 241.44 NYSE Comp 10422.10 10429.60 MSCI All World ($) 1691.55 1676.10
Shanghai Comp 3617.06 3568.46Hungary Bux 23070.83 23279.89 Netherlands AEX 469.00 465.93 Spain IBEX 35 10354.70 10261.10 S&P 500 2079.71 2083.58 MSCI Europe (Eur) 1445.99 1446.83
Shenzhen A 2362.07 2291.41India BSE Sensex 25841.92 25482.52 AEX All Share 717.18 712.32 Sri Lanka CSE All Share 7020.18 6981.97 Wilshire 5000 21589.05 21638.00 MSCI Pacific ($) 2291.71 2295.46
Shenzhen B 1208.96 1196.01 S&P CNX 500 6594.55 6507.55 New Zealand NZX 50 5995.25 5979.81 Sweden OMX Stockholm 30 1512.08 1514.18 Venezuela IBC 12466.63 12449.84 S&P Euro (Eur) 1532.35 1522.53
Colombia COLCAP 1125.57 1112.05Indonesia Jakarta Comp 4518.94 4497.91 Nigeria SE All Share 28219.44 28351.28 OMX Stockholm AS 517.54 517.06 Vietnam VNI 601.90 603.34 S&P Europe 350 (Eur) 1541.77 1535.15
Croatia CROBEX 1693.34 1692.41Ireland ISEQ Overall 6687.93 6554.64 Norway Oslo All Share 668.48 668.46 Switzerland SMI Index 9008.65 8990.96 S&P Global 1200 ($) 1878.83 1869.38
Israel Tel Aviv 100 13.59 13.51 Pakistan KSE 100 33949.26 34065.87 Stoxx 50 (Eur) 3266.09 3255.03
(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 Nov 19 %Chg %Chg Nov 19 %Chg %Chg Nov 19 %Chg %Chg Nov 19 %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 24.7 118.79 1.50 Vodafone 184.9 221.50 -1.29 Telefonica 758.4 11.80 0.02 Toyota Motor 738.0 7620.00 21.00 Johnson Matthey 2694.00 9.7 -20.9 Btg 606.00 15.2 -23.8 Primary Health Properties 109.00 296.4 18.4 Industrial Metals 836.65 8.3 -45.2
Amazon.com 14.1 666.01 2.47 Rio Tinto 159.4 2290.00 46.11 Novartis N 412.7 82.37 0.00 Mitsubishi Ufj Fin,. 540.0 835.30 8.30 Astrazeneca 4428.50 9.0 -2.5 Diploma 700.00 14.8 -1.3 Carclo 146.75 26.0 64.0 Automobiles & Parts 7056.28 7.8 -12.3
Allergan 13.5 301.10 -9.70 Lloyds Banking 155.9 73.33 0.09 Nestle N 294.2 69.61 0.00 Mizuho Fin,. 470.2 260.40 0.40 Hikma Pharmaceuticals 2110.00 9.0 6.6 Qinetiq 260.10 13.1 38.4 Chemring 186.50 11.0 -22.0 Industrial Transportation 2741.66 6.1 -3.0
Netflix 12.6 120.18 -0.46 Royal Dutch Shell 152.3 1681.50 14.50 Roche Gs 289.6 250.15 0.00 Softbank . 429.3 6575.00 -87.00 Gkn 301.80 8.0 -12.1 Atkins (ws) 1530.00 11.4 11.5 St. Ives 208.25 10.5 9.6 Construction & Materials 4924.00 5.5 19.2
Facebook Class A 12.5 107.27 -0.51 Royal Dutch Shell 141.3 1666.00 31.62 Total 278.8 46.60 -0.06 Fast Retailing Co., 345.0 48350.00 870.00 Smiths 1006.00 7.8 -8.4 Kaz Minerals 91.50 9.7 -64.7 Moss Bros 106.00 9.3 20.5 Oil & Gas Producers 6137.96 5.5 -13.8
Pfizer 12.1 32.16 -1.15 Imperial Tobacco 119.6 3492.00 -52.42 Daimler Ag Na O.n. 266.8 78.04 0.00 Sumitomo Mitsui Fin,. 294.6 4943.00 45.00 Bae Systems 484.10 7.2 3.4 Premier Oil 76.00 9.4 -54.5 Speedy Hire 34.75 8.6 -56.0 Chemicals 10698.13 5.0 -5.4
Hospira 11.8 89.95 -0.01 Bhp Billiton 118.5 888.70 8.00 Santander 261.2 5.21 0.10 Fanuc 247.7 22055.00 300.00 Royal Mail 476.70 7.2 9.9 Aggreko 992.00 9.2 -33.3 Premier Farnell 107.50 8.0 -38.9 Aerospace & Defense 4030.18 4.9 -15.2
Unitedhealth orporated (delaware) 9.6 111.61 -5.64 Bp 115.8 385.15 2.41 Royal Dutch Shella 247.4 23.91 0.31 Fujitsu 216.8 617.00 22.00 Bg 1038.50 6.8 20.2 Essentra 856.00 9.2 16.9 Oxford Instruments 646.00 7.0 -30.3 Pharmaceuticals & Biotech. 12554.44 4.4 -1.3
Sigma-aldrich 8.7 139.76 -0.05 British American Tobacco 104.1 3860.50 55.10 Intesa Sanpaolo 245.1 3.12 0.00 Nissan Motor Co., 212.4 1309.50 26.00 Crh 1875.00 6.4 20.8 Bodycote 535.00 8.9 -16.9 Charles Taylor 289.00 7.0 15.6 General Industrials 4347.17 4.0 11.6
Keurig Green Mountain 6.3 50.91 10.41 Hsbc Holdings 103.1 525.10 4.53 Ing Groep 232.6 13.29 -0.01 Japan Tobacco . 208.9 4526.00 76.00 Hammerson 612.00 6.2 1.1 Evraz 84.95 8.7 -45.0 Hogg Robinson 66.50 6.8 61.4 Oil Equipment & Services 13150.35 4.0 -20.0
Antofagasta 501.00 5.8 -32.4 Hunting 339.50 8.2 -35.1 Gulf Marine Services 100.50 6.6 0.5 Real Estate Investment Trusts 3373.66 3.4 10.5
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
Royal Dutch Shell 1666.00 5.5 -22.4 Firstgroup 106.20 8.1 0.9 Tt Electronics 134.00 6.6 29.5 Electronic & Electrical Equip. 4069.89 3.2 0.8
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Keurig Green Mountain 50.91 10.41 25.70 Qinetiq 260.10 24.40 10.35 Sodexo 88.20 7.91 9.85 Sharp 126.00 6.00 5.00 Tui Ag 1130.00 -3.6 5.3 Poundland 222.70 -18.3 -32.1 Kenmare Resources 0.76 -44.9 -76.5 General Retailers 3131.05 0.0 5.3
The J.m. Smucker 122.31 8.93 7.88 Johnson Matthey 2694.00 229.85 9.35 Casino Guichard 55.03 2.04 3.85 Advantest 1110.00 52.00 4.91 Easyjet 1714.00 -3.2 3.2 Allied Minds 431.60 -8.2 19.4 Johnston Press 46.25 -26.0 -72.1 Travel & Leisure 8534.75 0.1 6.0
Salesforce.com 81.50 4.15 5.37 Investec 542.00 29.23 5.72 Caixabank 3.55 0.09 2.60 Pioneer 331.00 14.00 4.42 Burberry 1279.00 -2.6 -21.8 Spire Healthcare 284.40 -8.2 -24.3 Soco Int 143.00 -18.3 -52.9 Equity Investment Instruments 7332.88 0.4 1.3
Citrix Systems 73.41 2.87 4.07 Nostrum Oil & Gas 366.00 19.20 5.57 B. Sabadell 1.78 0.04 2.53 Dainippon Screen Mfg.co., 873.00 35.00 4.18 Carnival 3442.00 -2.3 17.9 B&m Eur Value Retail S.a. 315.00 -7.5 8.3 Hss Hire 48.25 -15.7 - Mobile Telecommunications 5093.99 0.4 1.6
Alcoa 8.71 0.30 3.57 Acacia Mining 170.80 8.79 5.43 Arcelormittal 4.94 0.12 2.45 Shiseido , 2870.50 107.50 3.89 Int Consolidated Airlines S.a. 582.50 -2.3 19.8 Bovis Homes 904.00 -5.6 2.2 Ferrexpo 29.25 -14.0 -44.8 Personal Goods 25423.35 0.6 3.3
Intercontinental Hotels 2502.00 -2.1 -3.6 Aldermore 262.30 -5.3 - Uk Mail 324.50 -12.9 -32.3 Food & Drug Retailers 2705.20 0.7 -4.4
Downs Downs Downs Downs
Glencore 94.05 -1.9 -68.5 Ophir Energy 90.60 -5.2 -36.0 Brammer 162.25 -10.8 -52.3 Beverages 15576.84 0.7 10.2
Tenet Healthcare New 29.92 -3.13 -9.47 Poundland 222.70 -55.90 -20.06 Altice B 14.38 -0.60 -4.01 Mitsui Chemicals,. 496.00 -7.00 -1.39
G4s 225.80 -1.4 -16.2 Nostrum Oil & Gas 366.00 -5.1 -13.4 Cambian 133.50 -8.6 -34.4 Real Estate & Investment Servic 3046.55 1.0 14.0
Chesapeake Energy 5.48 -0.52 -8.67 Bovis Homes 904.00 -85.00 -8.59 Altice 14.04 -0.54 -3.74 Softbank . 6575.00 -87.00 -1.31
Schroders 2955.00 -0.6 10.2 Thomas Cook 106.00 -4.7 -17.1 Trinity Mirror 160.75 -7.6 1.6 Household Goods 15780.08 1.2 23.5
Southwestern Energy 9.81 -0.74 -6.97 Ophir Energy 90.60 -6.35 -6.55 Bollore 4.29 -0.10 -2.21 Nitto Denko 8369.00 -103.00 -1.22
Persimmon 1840.00 -0.4 16.6 Bwin.party Digital Entertainment 105.90 -4.5 -10.1 Lavendon 136.75 -7.3 -22.9 Banks 3822.54 1.2 -12.5
Anthem 128.76 -8.54 -6.22 Virgin Money Holdings (uk) 353.00 -21.00 -5.61 Zodiac Aerospace 24.95 -0.44 -1.75 Obayashi 1116.00 -13.00 -1.15
Morrison (wm) Supermarkets 154.60 -0.3 -16.2 Virgin Money Holdings (uk) 353.00 -4.3 22.6 Darty 99.25 -7.0 44.9 Nonlife Insurance 2452.18 1.2 26.8
Newfield Exploration 38.56 -2.49 -6.07 Aldermore 262.30 -14.70 -5.31 Endesa 20.06 -0.32 -1.55 Kubota 2014.00 -18.00 -0.89
Whitbread 4515.00 -0.3 -5.7 Zoopla Property 225.00 -4.3 16.4 Goodwin 2240.50 -6.5 -9.3 Mining 8343.13 1.4 -41.5
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Nov 19 Currency Mid Change Mid Change Mid Change Nov 19 Currency Mid Change Mid Change Mid Change Nov 19 Currency Mid Change Mid Change Mid Change Nov 19 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.6529 0.0124 10.3638 0.0996 14.7640 0.1008 Indonesia Indonesian Rupiah 13777.5000 -22.0000 14792.2648 99.9081 21072.6395 83.5056 Poland Polish Zloty 3.9575 -0.0306 4.2490 0.0029 6.0530 -0.0129 ..Three Month 0.6538 -0.0036 0.7018 0.0020 - -
Australia Australian Dollar 1.3886 -0.0237 1.4909 -0.0128 2.1239 -0.0243 Israel Israeli Shekel 3.8837 -0.0174 4.1697 0.0163 5.9401 0.0066 Romania Romanian Leu 4.1409 -0.0340 4.4458 0.0009 6.3334 -0.0165 ..One Year 0.6541 -0.0037 0.7012 0.0020 - -
Bahrain Bahrainin Dinar 0.3774 - 0.4051 0.0034 0.5772 0.0032 Japan Japanese Yen 122.8050 -0.7750 131.8499 0.2740 187.8298 -0.1360 Russia Russian Ruble 64.6825 -0.3859 69.4465 0.1681 98.9316 -0.0377 United States United States Dollar - - 1.0737 0.0090 1.5295 0.0085
Bolivia Bolivian Boliviano 6.9100 0.0100 7.4189 0.0725 10.5688 0.0739 ..One Month 122.8050 -0.7751 131.8499 0.2741 187.8297 -0.1362 Saudi Arabia Saudi Riyal 3.7502 - 4.0264 0.0336 5.7359 0.0318 ..One Month - - 1.0736 -0.4474 1.5295 0.0085
Brazil Brazilian Real 3.7276 -0.0517 4.0021 -0.0217 5.7014 -0.0470 ..Three Month 122.8047 -0.7756 131.8499 0.2741 187.8294 -0.1368 Singapore Singapore Dollar 1.4138 -0.0097 1.5179 0.0024 2.1624 -0.0027 ..Three Month - - 1.0734 -0.4473 1.5295 0.0085
Canada Canadian Dollar 1.3268 -0.0076 1.4245 0.0038 2.0293 -0.0003 ..One Year 122.8035 -0.7780 131.8499 0.2740 187.8297 -0.1381 South Africa South African Rand 14.0255 -0.1970 15.0585 -0.0842 21.4520 -0.1805 ..One Year - - 1.0724 -0.4474 1.5297 0.0085
Chile Chilean Peso 711.3450 -3.4550 763.7374 2.6885 1087.9996 0.7851 Kenya Kenyan Shilling 102.2000 - 109.7273 0.9148 156.3145 0.8678 South Korea South Korean Won 1161.7500 -10.5000 1247.3159 -0.7810 1776.8926 -6.1057 Venezuela Venezuelan Bolivar Fuerte 6.3078 0.0148 6.7723 0.0722 9.6477 0.0760
China Chinese Yuan 6.3840 -0.0009 6.8542 0.0562 9.7643 0.0528 Kuwait Kuwaiti Dinar 0.3039 -0.0002 0.3263 0.0025 0.4648 0.0023 Sweden Swedish Krona 8.6632 -0.0715 9.3013 0.0014 13.2503 -0.0352 Vietnam Vietnamese Dong 22472.5000 7.5000 24127.6643 209.0831 34371.7025 202.2424
Colombia Colombian Peso 3082.0250 -18.8750 3309.0241 7.4890 4713.9460 -2.5390 Malaysia Malaysian Ringgit 4.3445 -0.0465 4.6645 -0.0106 6.6449 -0.0338 Switzerland Swiss Franc 1.0143 -0.0049 1.0890 0.0038 1.5513 0.0011 European Union Euro 0.9314 -0.0078 - - 1.4246 -0.0040
Costa Rica Costa Rican Colon 531.5800 -0.0400 570.7322 4.7154 813.0497 4.4530 Mexico Mexican Peson 16.5621 -0.1945 17.7819 -0.0588 25.3316 -0.1551 Taiwan New Taiwan Dollar 32.6295 -0.1710 35.0327 0.1100 49.9067 0.0170 ..One Month 0.9313 -0.0078 - - 1.4245 -0.0040
Czech Republic Czech Koruna 25.1730 -0.2060 27.0271 0.0060 38.5020 -0.0996 New Zealand New Zealand Dollar 1.5202 -0.0333 1.6322 -0.0218 2.3252 -0.0377 Thailand Thai Baht 35.8800 -0.1200 38.5227 0.1934 54.8783 0.1221 ..Three Month 0.9311 -0.0078 - - 1.4244 -0.0040
Denmark Danish Krone 6.9483 -0.0591 7.4601 -0.0007 10.6274 -0.0309 Nigeria Nigerian Naira 199.2300 - 213.9038 1.7832 304.7216 1.6917 Tunisia Tunisian Dinar 2.0367 -0.0121 2.1867 0.0053 3.1151 -0.0012 ..One Year 0.9301 -0.0078 - - 1.4238 -0.0040
Egypt Egyptian Pound 7.8349 0.0285 8.4119 0.1004 11.9834 0.1098 Norway Norwegian Krone 8.5989 -0.0963 9.2323 -0.0255 13.1521 -0.0734 Turkey Turkish Lira 2.8405 -0.0266 3.0497 -0.0028 4.3445 -0.0163
Hong Kong Hong Kong Dollar 7.7501 -0.0007 8.3210 0.0686 11.8538 0.0647 Pakistan Pakistani Rupee 105.4600 0.0150 113.2274 0.9599 161.3007 0.9183 United Arab Emirates UAE Dirham 3.6731 0.0003 3.9436 0.0332 5.6179 0.0316
Hungary Hungarian Forint 289.0328 -2.5564 310.3208 -0.1348 442.0746 -1.4341 Peru Peruvian Nuevo Sol 3.3545 -0.0040 3.6016 0.0258 5.1307 0.0224 United Kingdom Pound Sterling 0.6538 -0.0036 0.7020 0.0020 - -
India Indian Rupee 66.2000 -0.1150 71.0758 0.4701 101.2527 0.3872 Philippines Philippine Peso 47.1350 - 50.6066 0.4219 72.0928 0.4002 ..One Month 0.6538 -0.0036 0.7019 0.0020 - -
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 Nov 19 Nov 18 Nov 17 Nov 16 Nov 13 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2893.10 2869.10 2873.20 2812.30 2800.60 0.00 3110.40 2575.90 Forestry & Paper 35.62 General Retailers 4.89 Pharmace & Biotech -6.03 FTSE 100 Price Change FTSE 100 Price Change
Nov 19 chge% Index Nov 18 Nov 17 ago yield% Cover ratio adj Return FT 30 Div Yield 1.72 1.74 1.73 1.77 1.78 0.00 3.93 2.74 Software & Comp Serv 25.41 Travel & Leisure 4.78 Gas Water & Multi -6.23 3I Group PLC 496.70 7.80 Kingfisher PLC 356.40 7.20
FTSE 100 (100) 6329.93 0.81 7032.84 6278.97 6268.76 6678.90 3.93 1.45 17.55 241.04 4953.33 P/E Ratio net 25.95 25.70 25.76 25.21 25.08 0.00 19.44 14.26 Nonlife Insurance 25.02 Consumer Services 4.55 Industrial Transport -6.53 Aberdeen Asset Management PLC 338.90 1.70 Land Securities Group PLC 1250 11.00
FTSE 250 (250) 17144.72 0.33 19048.56 17089.09 17084.79 15604.52 2.50 2.10 19.03 407.44 11906.40 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Household Goods & Ho 20.37 Tech Hardware & Eq 4.47 FTSE 100 Index -6.82 Admiral Group PLC 1641 11.00 Legal & General Group PLC 268.30 2.00
FTSE 250 ex Inv Co (211) 18647.73 0.33 20718.47 18587.27 18579.25 16787.12 2.52 2.22 17.90 448.16 13206.04 FT 30 hourly changes Fixed Line Telecomms 17.14 FTSE 250 Index 4.29 Food & Drug Retailer -7.06 Anglo American PLC 450.75 1.30 Lloyds Banking Group PLC 73.33 -0.67
FTSE 350 (350) 3524.59 0.73 3915.98 3499.17 3494.32 3630.05 3.68 1.53 17.79 125.45 5558.22 8 9 10 11 12 13 14 15 16 High Low Construct & Material 14.17 FTSE SmallCap Index 3.85 Utilities -8.31 Antofagasta PLC 501.00 1.00 London Stock Exchange Group PLC 2585 33.00
FTSE 350 ex Investment Trusts (311) 3502.09 0.74 3890.98 3476.52 3471.52 3610.76 3.71 1.53 17.60 125.72 2843.71 2869.1 2898.5 2904 2902.1 2901.6 2898.3 2895.4 2892.6 2894.1 2905.6 2869.1 Real Est Invest & Se 13.77 Support Services 1.24 Chemicals -10.52 Arm Holdings PLC 1084 18.00 Marks And Spencer Group PLC 519.50 4.50
FTSE 350 Higher Yield (107) 3220.88 0.64 3578.54 3200.49 3190.47 3613.45 5.42 1.28 14.43 168.80 5210.13 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Technology 12.69 Personal Goods 1.09 Banks -14.30 Ashtead Group PLC 1052 21.00 Meggitt PLC 388.40 1.90
FTSE 350 Lower Yield (243) 3493.75 0.82 3881.72 3465.41 3466.81 3291.32 1.90 2.25 23.37 67.57 3692.19 Leisure Goods 11.99 Mobile Telecomms 0.61 Electricity -15.59 Associated British Foods PLC 3504 59.00 Merlin Entertainments PLC 412.80 3.00
FTSE SmallCap (289) 4566.43 0.24 5073.51 4555.67 4554.44 4305.78 2.90 1.47 23.41 116.88 6243.75 Tobacco 10.57 Life Insurance 0.33 Automobiles & Parts -18.02
FTSE SmallCap ex Inv Co (153) 4134.37 0.09 4593.47 4130.60 4127.96 3716.49 2.82 2.05 17.24 103.96 5937.57 FX: EFFECTIVE INDICES Consumer Goods 9.67 Equity Invest Instr -0.15 Oil & Gas Producers -19.02
Astrazeneca PLC 4428.5 19.50 Mondi PLC 1494 23.00
Aviva PLC 504.00 8.00 Morrison (Wm) Supermarkets PLC 154.60 0.10
FTSE All-Share (639) 3471.04 0.71 3856.48 3446.61 3441.97 3564.14 3.65 1.53 17.94 122.31 5537.02 Financial Services 9.32 Health Care Eq & Srv -2.84 Oil & Gas -19.13
Nov 18 Nov 17 Mnth Ago Nov 19 Nov 18 Mnth Ago Babcock International Group PLC 1000.00 6.00 National Grid PLC 939.50 16.60
FTSE All-Share ex Inv Co (464) 3434.93 0.72 3816.36 3410.28 3405.42 3532.42 3.69 1.54 17.60 122.57 2835.29 Media 8.27 Electronic & Elec Eq -3.19 Aerospace & Defense -20.18 Bae Systems PLC 484.10 7.50 Next PLC 7805 -
FTSE All-Share ex Multinationals (574) 1195.40 0.39 1100.79 1190.79 1192.15 1117.88 2.78 1.59 22.63 31.43 2033.42 Australia 91.01 91.42 90.34 Sweden 78.40 78.19 79.18 Beverages 7.94 Financials -3.48 Industrial Eng -20.54 Barclays PLC 229.95 2.05 Old Mutual PLC 202.10 2.50
FTSE Fledgling (103) 7769.35 0.11 8632.10 7760.64 7757.82 6738.06 2.52 1.21 32.75 162.93 13974.10 Canada 88.46 88.58 90.57 Switzerland 157.98 158.65 160.54 Real Est Invest & Tr 7.37 Industrials -4.09 Oil Equipment & Serv -22.08 Barratt Developments PLC 577.00 -0.50 Pearson PLC 815.00 3.00
FTSE Fledgling ex Inv Co (51) 10680.43 0.29 11866.44 10649.16 10661.15 8291.31 2.72 1.51 24.36 207.13 18669.16 Denmark 105.07 105.07 106.34 UK 93.98 93.97 91.44 Food Producers 7.13 FTSE All{HY-}Share Index -4.74 Basic Materials -37.09 Berkeley Group Holdings (The) PLC 3093 -46.00 Persimmon PLC 1840 -25.00
FTSE All-Small (392) 3169.02 0.23 3520.92 3161.75 3160.88 2976.28 2.88 1.46 23.75 80.39 5563.79 Japan 125.47 125.57 126.79 USA 106.48 106.37 101.92 Telecommunications 6.76 NON FINANCIALS Index -5.18 Mining -42.34 Bg Group PLC 1038.5 17.00 Prudential PLC 1518 23.00
FTSE All-Small ex Inv Co Index (204) 3087.77 0.10 3430.65 3084.71 3082.95 2757.49 2.82 2.03 17.44 76.81 5618.54 New Zealand 110.87 111.12 113.72 Euro 84.37 84.33 87.64 Health Care -5.71 Industrial Metals & -48.21 Bhp Billiton PLC 888.70 8.00 Randgold Resources LD 4051 118.00
FTSE AIM All-Share Index (824) 730.61 0.19 811.74 729.23 728.88 717.58 1.50 0.74 90.17 8.51 785.12 Norway 85.71 85.94 87.50
BP PLC 385.15 2.65 Reckitt Benckiser Group PLC 6315 9.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3860.5 52.00 RELX PLC 1186 11.00
Oil & Gas (18) 6476.86 1.11 7196.08 6405.96 6323.89 8219.31 5.81 0.20 85.61 370.03 5423.36 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 841.50 12.50 Rio Tinto PLC 2290 29.50
Oil & Gas Producers (11) 6172.14 1.17 6857.53 6100.81 6024.59 7759.97 5.82 0.16 105.35 354.65 5345.41 Bt Group PLC 491.10 3.85 Rolls-Royce Holdings PLC 541.00 -2.00
Oil Equipment Services & Distribution (7)13821.11 -0.74 15355.88 13924.66 13615.08 22651.24 5.51 1.41 12.87 649.52 10080.72 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1886 8.00 Royal Bank Of Scotland Group PLC 315.20 -0.60
Basic Materials (30) 3048.04 1.54 3386.52 3001.76 2946.63 4907.38 6.66 1.88 7.98 198.46 2988.71 Burberry Group PLC 1279 -3.00 Royal Dutch Shell PLC 1681.5 19.00
Chemicals (8) 11455.86 4.36 12727.98 10976.90 10897.08 11508.04 2.34 2.35 18.22 237.16 9848.91 Nov 19 No of US $ Day Mth YTD Total
YTD Gr Div Nov 19 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1251 14.00 Royal Dutch Shell PLC 1666 26.00
Forestry & Paper (1) 17559.77 1.56 19509.70 17289.44 17277.69 12552.77 2.05 3.37 14.43 360.52 18240.62 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3442 42.00 Royal Mail PLC 476.70 22.50
Industrial Metals & Mining (2) 860.05 -0.62 955.56 865.43 829.08 1457.74 1.34 -18.64 -4.01 11.18 750.56 FTSE Global All Cap 7747 459.00 0.8 -0.1 -2.3 626.64
-0.2 2.5 Oil & Gas 165 337.70 1.2 1.2 -15.2 514.61 -12.3 3.9 Centrica PLC 213.60 2.00 Rsa Insurance Group PLC 440.00 6.10
Mining (19) 7993.39 1.04 8881.01 7911.41 7740.90 14311.77 7.85 1.85 6.90 616.70 4103.94 FTSE Global All Cap 7118 472.41 0.9 0.0 -2.4 633.57
-0.3 2.4 Oil & Gas Producers 117 313.04 0.9 0.9 -13.6 485.69 -10.6 3.9 Coca-Cola Hbc AG 1616 17.00 Sabmiller PLC 4018 13.00
FTSE Global Large Cap 1418 406.32 0.8 0.0 -2.5 567.43
-0.2 2.6 Oil Equipment & Services 39 325.01 2.3 2.3 -21.6 450.91 -19.4 4.1 Compass Group PLC 1075 19.00 Sage Group PLC 561.50 15.00
Industrials (117) 4307.81 1.41 4786.18 4247.93 4248.76 4149.15 2.58 1.19 32.54 107.43 4273.81
Construction & Materials (13) 5100.80 3.76 5667.22 4916.03 4947.50 3906.83 2.34 -0.83 -51.63 120.59 5211.39 FTSE Global Mid Cap 1646 610.37 0.8 -0.7 -1.1 795.47
0.6 2.0 Basic Materials 263 367.33 0.3 0.3 -15.7 537.10 -13.4 3.3 Crh PLC 1875 97.00 Sainsbury (J) PLC 253.20 -0.40
Aerospace & Defense (9) 4194.14 1.24 4659.88 4142.71 4147.72 4748.86 2.73 0.96 38.27 113.27 4335.89 FTSE Global Small Cap 4683 635.93 0.9 -0.7 -2.5 804.79
-0.9 2.0 Chemicals 124 613.10 0.0 0.0 -1.7 899.00 0.4 2.4 Diageo PLC 1902.5 17.00 Schroders PLC 2955 24.00
General Industrials (6) 3532.81 1.42 3925.11 3483.34 3518.19 3106.06 3.26 1.68 18.31 112.80 3842.70 FTSE All-World 3064 268.55 0.8 -0.1 -2.3 386.80
-0.1 2.5 Forestry & Paper 16 211.39 1.3 1.3 1.5 338.33 4.2 2.9 Direct Line Insurance Group PLC 406.00 1.70 Severn Trent PLC 2214 16.00
Electronic & Electrical Equipment (11) 5183.67 1.97 5759.29 5083.61 5097.45 4736.74 2.26 2.04 21.72 110.13 4579.79 FTSE World 2549 476.31 0.8 0.2 -2.0 921.08
0.2 2.5 Industrial Metals & Mining 67 267.11 0.9 0.9 -35.2 391.39 -33.6 3.6 Dixons Carphone PLC 459.60 -0.40 Shire PLC 4718 45.00
Industrial Engineering (14) 7585.31 0.22 8427.63 7568.74 7557.93 9197.89 3.22 1.52 20.41 243.31 8880.77 FTSE Global All Cap ex UNITED KINGDOM In 7421 471.23 0.8 0.0 -2.1 634.41
0.0 2.4 Mining 56 349.46 0.7 0.7 -38.7 511.85 -35.9 6.3 Easyjet PLC 1714 20.00 Sky PLC 1103 11.00
Industrial Transportation (8) 4074.14 2.26 4526.55 3984.16 3942.94 4028.31 3.70 0.95 28.61 135.04 3399.55 FTSE Global All Cap ex USA 5735 422.91 -0.1 -2.6 -5.4 612.57
-2.9 2.9 Industrials 536 306.80 0.6 0.6 -2.5 425.50 -0.6 2.2 Experian PLC 1217 24.00 Smith & Nephew PLC 1125 16.00
Support Services (56) 6654.70 1.03 7393.67 6586.99 6573.45 6149.52 2.34 1.51 28.27 148.46 6663.18 FTSE Global All Cap ex JAPAN 6486 467.97 0.9 -0.3 -3.3 644.45
-1.1 2.5 Construction & Materials 109 425.02 0.2 0.2 -1.5 617.50 0.5 2.1 Fresnillo PLC 699.50 9.00 Smiths Group PLC 1006 16.50
FTSE Developed 2115 433.83 0.9 0.4 -1.0 596.67
1.2 2.5 Aerospace & Defense 28 515.38 0.4 0.4 3.7 708.72 5.7 2.0 G4S PLC 225.80 -6.70 Sports Direct International PLC 707.50 5.50
Consumer Goods (40) 18202.96 0.31 20224.31 18145.98 18180.90 16395.85 2.95 1.76 19.25 517.93 12819.36
FTSE Developed All Cap 5739 454.76 0.9 0.3 -1.1 618.71
1.0 2.4 General Industrials 56 219.69 0.6 0.6 1.0 327.01 3.4 2.6 Gkn PLC 301.80 5.10 Sse PLC 1475 12.00
Automobiles & Parts (1) 7092.44 1.72 7880.02 6972.59 6869.19 7679.95 2.82 1.53 23.19 199.75 6522.49
FTSE Developed Large Cap 921 401.71 0.9 0.5 -1.3 559.99
1.0 2.6 Electronic & Electrical Equipment 69 326.04 0.4 0.4 0.2 417.53 2.0 1.8 Glaxosmithkline PLC 1347 -2.00 St. James's Place PLC 968.00 3.00
Beverages (6) 15608.27 0.64 17341.50 15509.62 15514.78 14588.53 2.25 1.79 24.82 345.76 10606.24
FTSE Developed Europe Large Cap 217 337.74 -0.2 -2.6 -4.5 531.47
-1.4 3.4 Industrial Engineering 105 552.70 0.4 0.4 -10.6 754.19 -8.7 2.5 Glencore PLC 94.05 0.74 Standard Chartered PLC 593.00 5.70
Food Producers (10) 9035.07 0.80 10038.37 8963.22 8966.86 8142.94 1.79 1.40 39.94 112.52 7518.36
FTSE Developed Europe Mid Cap 302 511.75 0.0 -1.5 2.3 731.79
4.6 2.5 Industrial Transportation 96 524.66 1.3 1.3 -12.1 724.93 -10.6 2.3 Hammerson PLC 612.00 15.00 Standard Life PLC 404.70 4.20
Household Goods & Home Construction (13)13201.98 -0.34 14668.00 13246.81 13267.03 10221.34 2.16 2.60 17.81 252.82 8956.63
FTSE Dev Europe Small Cap 714 721.26 0.0 -1.1 4.7 1004.88
7.0 2.3 Support Services 73 281.29 0.6 0.6 3.2 375.30 5.1 1.9 Hargreaves Lansdown PLC 1491 5.00 Taylor Wimpey PLC 185.30 -0.40
Leisure Goods (2) 5542.61 2.56 6158.09 5404.03 5360.85 4820.36 4.32 1.19 19.41 238.83 4694.25
FTSE North America Large Cap 323 446.00 1.6 2.2 0.3 585.70
2.3 2.2 Consumer Goods 423 416.06 0.6 0.6 2.8 589.82 4.9 2.4 Hikma Pharmaceuticals PLC 2110 62.00 Tesco PLC 172.00 1.10
Personal Goods (6) 22135.00 0.56 24592.99 22012.18 22127.95 21460.35 2.94 3.02 11.26 629.27 14265.57
FTSE North America Mid Cap 400 658.09 1.5 0.1 -3.0 810.40
-1.6 1.7 Automobiles & Parts 101 380.71 0.9 0.9 -2.3 518.76 -0.2 2.5 HSBC Holdings PLC 525.10 4.30 Travis Perkins PLC 1965 14.00
Tobacco (2) 46373.11 0.21 51522.62 46277.46 46433.02 42656.35 4.30 1.16 20.06 1994.40 28260.82
FTSE North America Small Cap 1518 662.18 1.6 -0.1 -3.9 793.36
-2.5 1.7 Beverages 48 576.09 0.6 0.6 7.1 827.85 9.5 2.4 Imperial Tobacco Group PLC 3492 -78.00 Tui AG 1130 18.00
Health Care (19) 9193.29 0.30 10214.16 9165.88 9135.39 9559.24 3.80 3.53 7.45 347.26 6702.68
FTSE North America 723 298.04 1.6 1.9 -0.3 401.12
1.6 2.1 Food Producers 106 549.22 0.7 0.7 -0.5 802.36 1.5 2.2 Inmarsat PLC 1069 9.00 Unilever PLC 2820 19.00
Health Care Equipment & Services (7) 6832.92 0.44 7591.69 6802.95 6786.51 6263.88 1.66 2.14 28.12 97.63 5787.83
FTSE Developed ex North America 1392 228.46 -0.1 -1.8 -2.1 355.04
0.6 2.9 Household Goods & Home Construction 48 394.57 0.8 0.8 -0.4 557.32 1.8 2.3 Intercontinental Hotels Group PLC 2502 37.00 United Utilities Group PLC 974.50 16.50
Pharmaceuticals & Biotechnology (12)12454.73 0.29 13837.77 12419.16 12376.84 13104.63 3.99 3.58 6.99 498.46 8066.59
FTSE Japan Large Cap 177 329.07 -0.1 1.8 7.9 411.13
9.9 1.9 Leisure Goods 28 135.34 0.5 0.5 7.4 172.97 8.4 1.3 International Consolidated Airlines Group S.A. 582.50 9.50 Vodafone Group PLC 221.50 -2.50
Consumer Services (97) 4865.49 0.68 5405.78 4832.71 4840.26 4400.65 2.25 1.65 26.94 107.50 4384.55 FTSE Japan Mid Cap 303 486.55 0.0 1.5 14.4 587.17
16.2 1.5 Personal Goods 80 604.68 0.4 0.4 3.7 817.76 5.5 1.9
Food & Drug Retailers (7) 2820.69 0.35 3133.91 2810.80 2788.07 2924.63 1.90 -1.50 -35.08 53.33 3225.48 Intertek Group PLC 2657 18.00 Whitbread PLC 4515 15.00
FTSE Global wi JAPAN Small Cap 781 512.88 -0.4 0.9 9.4 638.69
11.2 1.7 Tobacco 12 1212.92 0.5 0.5 13.0 2348.91 16.8 3.9 Intu Properties PLC 326.60 4.80 Wolseley PLC 3717 60.00
General Retailers (33) 3062.94 0.38 3403.06 3051.38 3062.13 2720.42 2.26 2.26 19.61 63.84 3345.86
FTSE Japan 480 136.50 0.0 1.7 9.2 191.62
11.1 1.8 Health Care 172 454.43 1.2 1.2 4.6 631.98 6.4 1.8 Itv PLC 267.20 -0.10 Wpp PLC 1515 7.00
Media (22) 7390.29 0.53 8210.95 7351.27 7353.02 6460.92 2.77 1.62 22.29 207.70 4362.47
FTSE Asia Pacific Large Cap ex Japan 530 536.20 -0.5 -5.1 -12.9 799.83
-10.4 3.3 Health Care Equipment & Services 61 641.94 0.9 0.9 8.7 734.75 9.6 1.0 Johnson Matthey PLC 2694 237.00
Travel & Leisure (35) 8340.93 1.09 9267.15 8250.60 8285.84 7530.01 1.91 2.14 24.57 154.89 7584.60
FTSE Asia Pacific Mid Cap ex Japan 434 731.54 -0.7 -4.4 -9.2 1052.12
-7.0 2.9 Pharmaceuticals & Biotechnology 111 345.33 1.4 1.4 3.4 499.02 5.4 2.1
Telecommunications (7) 4053.19 -0.33 4503.27 4066.81 4099.16 3679.50 4.01 0.18 135.35 148.35 4231.53 FTSE Asia Pacific Small Cap ex Japan 1430 489.93 -0.5 -3.5 -8.3 695.45
-6.1 2.8 Consumer Services 390 394.77 0.9 0.9 5.5 511.90 7.1 1.7
Fixed Line Telecommunications (5) 5608.82 0.57 6231.65 5577.19 5638.78 4362.80 2.72 1.77 20.81 105.24 4821.07
Mobile Telecommunications (2) 5086.28 -0.97 5651.09 5136.15 5165.84 5085.49 4.94 -0.44 -46.02 251.48 4757.05
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
964
2008
424.94
589.49
-0.5
-0.3
-5.0
-4.8
-12.5 673.71
-10.0 3.3 Food & Drug Retailers
-14.5 839.49
-12.1 3.2 General Retailers
54 298.89
121 531.83
1.0
0.9
1.0
0.9
-0.6 403.54
11.2 673.04
1.0
12.8
1.8
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8342.20 1.39 9268.57 8227.53 8244.96 8983.79 4.86 1.35 15.24 326.98 8800.09 FTSE Emerging Large Cap 497 559.09 -0.3 -5.0 -14.5 801.04
-12.1 3.2 Media 91 308.11 1.1 1.1 2.4 400.22 4.0 1.7 Nov 19 Nov 18 Nov 17 Nov 16 Nov 13 Yr Ago
Electricity (3) 8464.55 1.05 9404.50 8376.50 8407.67 9936.76 6.00 1.33 12.54 504.89 11260.28 FTSE Emerging Mid Cap 452 728.75 -0.3 -4.8 -15.4 1032.72
-13.2 2.9 Travel & Leisure 124 376.42 0.7 0.7 4.5 492.74 6.1 1.7 SEAQ Bargains 4366.00 4219.00 4315.00 4478.00 4478.00 4478.00
Gas Water & Multiutilities (5) 7856.07 1.48 8728.45 7741.40 7754.62 8265.78 4.57 1.36 16.12 266.93 8300.07 FTSE Emerging Small Cap 1059 613.36 -0.3 -3.4 -13.3 842.42
-10.9 3.0 Telecommunication 91 159.88 -0.2 -0.2 -4.3 280.39 -0.7 4.1 Order Book Turnover (m) 44.65 41.59 34.68 27.05 27.05 27.05
Financials (283) 4584.50 0.61 5093.59 4556.83 4560.35 4628.16 3.58 1.88 14.83 160.25 4000.73 FTSE Emerging Europe 99 301.97 1.0 -2.1 -3.1 441.95
0.6 4.2 Fixed Line Telecommuniations 44 133.44 -0.2 -0.2 -2.6 256.10 1.7 4.6 Order Book Bargains 828294.00 776261.00 774222.00 826125.00 826125.00 826125.00
Banks (9) 3774.37 0.37 4193.49 3760.34 3746.92 4348.27 4.43 1.37 16.52 170.78 2601.79 FTSE Latin America All Cap 240 658.35 0.8 -1.6 -26.9 967.43
-25.2 3.4 Mobile Telecommunications 47 169.23 -0.2 -0.2 -6.5 268.90 -3.7 3.5 Order Book Shares Traded (m) 1262.00 1206.00 1101.00 1205.00 1205.00 1205.00
Nonlife Insurance (10) 2824.53 0.33 3138.18 2815.23 2822.18 2126.43 2.67 2.06 18.14 75.75 4746.92 FTSE Middle East and Africa All Cap 219 662.54 -0.2 -8.4 2.9 Utilities
-13.9 985.85
-11.6 163 236.22 0.2 0.2 -11.6 430.95 -8.6 4.0 Total Equity Turnover (£m) 2950.62 2741.60 - 0.00 0.00 0.00
Life Insurance/Assurance (11) 7966.71 1.27 8851.38 7866.46 7914.78 7769.99 3.81 1.59 16.55 293.04 7313.53 FTSE Global wi UNITED KINGDOM All Cap In 326 340.12 0.1 -2.7 -5.3 536.27
-2.1 3.7 Electricity 112 256.79 -0.1 -0.1 -9.4 463.57 -6.5 3.8 Total Mkt Bargains 945936.00 901897.00 10.00 1.00 1.00 1.00
Index- Real Estate Investment & Services (21) 3059.71 -0.14 3399.47 3063.88 3075.41 2592.08 2.07 5.62 8.61 58.13 7856.84 FTSE Global wi USA All Cap 2012 512.05 1.6 2.1 0.6 654.69
2.4 2.0 Gas Water & Multiutilities 51 252.44 0.6 0.6 -15.2 472.21 -12.0 4.4 Total Shares Traded (m) 4304.00 3948.00 0.00 0.00 0.00 0.00
Real Estate Investment Trusts (25) 3048.81 0.95 3387.37 3019.98 3039.01 2707.62 2.73 6.36 5.76 80.32 3593.76 FTSE Europe All Cap 1392 388.26 -0.1 -2.3 3.2 Financials
-2.5 592.42
0.4 675 205.19 0.7 0.7 -4.9 318.13 -2.3 2.9 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (32) 8192.23 0.65 9101.93 8139.24 8150.84 6966.84 2.82 2.22 15.94 203.84 8875.98 FTSE Eurobloc All Cap 629 363.60 -0.4 -1.8 2.9 Banks
-1.3 561.22
1.4 242 183.17 0.5 0.5 -8.9 302.79 -6.1 3.4 (c) Market closed.
Equity Investment Instruments (175) 7585.78 0.36 8428.14 7558.59 7563.27 7484.30 2.63 1.06 35.89 180.16 3978.25 FTSE RAFI All World 3000 3010 5563.44 0.6 -1.3 -5.5 6991.05
-3.0 3.1 Nonlife Insurance 71 215.70 0.9 0.9 0.7 299.77 2.9 2.3
Non Financials (356) 4021.47 0.75 4468.03 3991.72 3983.34 4153.01 3.68 1.40 19.39 142.13 5622.13 FTSE RAFI US 1000 1004 9054.79 1.5 1.4 -2.6 11414.92
-0.4 2.5 Life Insurance 51 206.20 0.2 0.2 -2.3 312.23 0.1 2.8
Technology (20) 1433.48 1.30 1592.66 1415.15 1409.42 1140.10 1.35 2.10 35.43 18.71 1791.27 FTSE EDHEC-Risk Efficient All-World 3064 318.23 0.7 -0.7 2.2 Financial Services
-0.4 426.60
1.5 140 231.62 1.2 1.2 0.0 307.80 1.7 1.9 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1749.07 1.09 1943.29 1730.15 1730.68 1285.35 1.87 1.65 32.43 32.33 2289.65 FTSE EDHEC-Risk Efficient Developed Europe 519 280.65 -0.1 -1.5 2.7 Technology
0.8 408.88
3.2 186 175.85 1.2 1.2 2.2 209.59 3.8 1.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (7) 1650.65 1.46 1833.95 1626.85 1614.37 1386.45 0.91 2.87 38.36 14.25 1894.69 Software & Computer Services 84 307.57 1.3 1.3 13.3 352.88 14.5 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 102 129.95 1.2 1.2 -7.2 159.20 -5.2 2.4 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 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/ For all queries e-mail [email protected]
FTSE 100 6312.52 6346.43 6361.80 6358.15 6358.45 6351.08 6334.88 6328.60 6329.15 6366.85 6309.62 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
FTSE 250 17148.40 17141.20 17185.68 17190.68 17186.14 17150.99 17144.22 17148.71 17145.33 17197.20 17115.78 (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,
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
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4555.47 4560.14 4564.85 4566.10 4572.83 4570.19 4570.70 4567.94 4569.23 4573.00 4555.47
FTSE All-Share 3463.28 3477.96 3486.30 3484.92 3485.08 3480.59 3473.30 3470.64 3470.80 3488.77 3461.10 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:11:27:15 Day's Low08:07:30 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5898.87(24/08/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:11:36:00 Day's Low08:08:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
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 Aberdeen Japan Investment Trust Int 14.076L 9.125 2.62 1.54 - - - 2.6 4.5 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Assura Int 29.4 23.6 35.4 16.5 3.5 2.9 0.5 0.45 Nov 4 1 1.203 11/17 260.00 AIM FARN Faron Pharmaceuticals Oy 277.50 0.00 295.00 265.00 6413.5
1p Nil 10-12-15 11.00 9.40 Lonmin PLC 9.85 -0.65 Aurum Mining Int - - 0.089L 0.172L 0.05L 0.12L - - - - - 11/17 10.00 SCGL Sealand Capital Galaxy Ltd 12.50 - 13.90 13.90 0.0
465p Nil 10-12-15 595.60 583.40 Standard Chartered PLC 593.00 5.70 Botswana Diamonds Pre - - 0.34L 0.949L 0.16L 0.57L - - - - - 11/13 240.00 SCT Softcat PLC 295.00 15.00 296.60 240.00 58049.0
Caledonia Investments Int 58.1L 64.6 25.4 23.6 14.3 13.8 Jan 7 51.1 64.389 11/10 5.00 SEN Senterra Energy PLC 4.88 0.02 5.59 4.75 131.6
Dart Group Int 1024 902.2 146.8 71.7 79.82 38.93 0.9 0.75 Feb 1 3.15 3.557 11/09 195.00 GYM Gym Group (The) PLC 203.25 0.60 216.75 195.00 26037.4
Electrocomponents Int 626.5 616.4 19.9 57.1 3.1 9.6 5 5 Jan 13 11.75 17.306 11/06 180.00 MCS McCarthy & Stone PLC 223.00 0.75 228.00 180.00 119821.0
Euromoney Institutional Investor Pre 403.412 406.559 123.285 101.475 83.42 59.49 16.4 16 Feb 11 23.4 23 11/06 100.00 RGL Regional REIT Ltd 100.00 -0.75 104.00 99.75 27421.7
Grainger Pre 244.1 319.1 50 81.1 10.4 18.1 2.11 1.89 Feb 12 2.75 2.5 10/28 185.00 HSW Hostelworld Group PLC 0.00 0.00 3.13 2.88 0.0
Investec Int 949.897 886.105 276.647 209.042 20.1 11.6 9.5 8.5 Dec 23 21 28.389 10/26 1.00 UPL Upland Resources Ltd 0.98 -0.08 1.36 0.92 208.1
Johnson Matthey Int 5755.1 4799.9 330.2 207.8 137.9 85.6 19.5 18.5 Feb 2 69 82.889 10/22 190.00 IBST Ibstock PLC 191.50 -0.50 202.85 188.24 77653.3
Poundland Group Int 561.105 528.154 5.27 9.326 1.51 2.85 1.65 1.5 Jan 29 4.65 1.5 10/21 37.00 AIM EVG Evgen Pharma PLC 27.00 0.50 45.00 25.00 1967.5
QinetiQ Group Int 370.9 365.6 48.3 44.4 7.1 5.1 1.9 1.8 Feb 12 5.5 6.556 10/13 240.00 WPG Worldpay Group PLC 290.00 4.00 293.00 240.00 580000.0
Royal Mail Int 4395 4478 116 167 11.4 12.5 7 6.7 Jan 13 21.3 20 10/12 170.00 HSTG Hastings Group Holdings PLC 171.75 3.75 179.77 155.00 112877.1

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.
Friday 20 November 2015 ★ FINANCIAL TIMES 23

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) BakerHu 50.56 -1.13 70.45 44.11 1.36 -80.28 22046.36 Lyondell♦ 93.74 -0.55 107.32 70.06 3.19 9.96 42130.86
ANZ♦ 27.52 0.77 37.25 25.01 9.25 10.87 57527.86 Nokia 6.19 -0.11 7.87 5.65 2.27 15.24 24906.95 AstellasPh 1734 2.00 2047 1514.5 1.91 21.73 31372.03 AtlasCpcoB 209.70 -2.00 270.00 173.70 1.49 17.48 9445.58 BankAm 17.68 -0.17 18.48 14.60 1.14 13.12 184040.58 Marathon Ptl♦ 55.25 -0.44 60.38 37.62 1.96 8.65 29444.15
BHPBilltn 20.42 0.61 34.29 19.73 11.69 23.16 47229.4 SampoA 46.17 0.25 49.40 37.01 4.43 14.61 27700.02 Bridgestne 4505 28.00 5182 3753.5 2.76 12.62 29827.98 Ericsson 81.70 2.30 120.00 77.45 4.23 25.64 31168.46 Baxter 37.79 -0.28 43.44 32.18 4.48 11.21 20673.88 Marsh&M 55.27 -0.31 59.99 50.90 2.67 19.94 28831.5
CmwBkAu 79.14 1.30 96.69 70.15 7.75 14.42 97317.5 France (€) Canon 3758 47.00 4539 3402 4.41 18.09 40814.98 H&M 321.10 -1.40 368.50 295.20 3.08 24.24 61344.96 BB & T♦ 38.33 -0.02 41.90 34.24 2.69 14.06 29903.16 MasterCard 98.66 -0.50 101.76 74.61 0.66 30.06 108549.04
CSL 98.10 1.66 102.43 77.91 1.47 24.83 32853.86 Airbus Grpe 65.87 0.09 67.88 39.64 - - - CntJpRwy 22660 180.00 24800 16565 0.55 14.71 38011.16 Investor 324.90 9.30 363.40 264.50 2.89 15.13 28571.63 BectonDick 149.87 -1.67 154.98 128.87 1.52 38.29 31380.96 McDonald's 113.47 0.94 114.99 87.50 3.03 24.34 104191.54
NatAusBk♦ 29.72 0.93 39.71 27.51 9.31 12.36 56199.57 AirLiquide 114.95 0.45 123.95 93.01 - - - Denso 5820 -34.00 6548 4945 2.19 17.28 41897.97 Nordea Bk 96.95 2.75 115.50 85.15 6.24 10.81 45323.05 BerkshHat 204610 330.00 229374 190007 - 14.63 165965.1 McGraw Hill 96.15 0.40 109.13 84.64 1.35-259.38 25987.99
Telstra 5.43 0.09 6.74 5.06 8.19 15.25 47807.33 AXA 24.74 -0.17 25.40 17.56 - - - EastJpRwy 12275 190.00 12815 8553 1.05 21.98 39232.42 SEB 91.53 2.53 111.50 86.65 5.41 10.94 22925.82 Biogen 287.34 -4.64 480.18 254.00 - 18.59 64048.98 McKesson 184.70 -4.57 243.61 160.10 0.55 20.57 42501.84
Wesfarmers 38.70 1.24 46.95 36.65 8.85 17.29 31318.76 BNP Parib 56.47 0.28 61.00 43.14 - - - Fanuc 22055 300.00 28575 17930 3.63 20.32 36985.92 SvnskaHn 118.90 2.60 426.00 112.40 3.65 14.87 25689.81 BkNYMeln 43.77 -0.23 45.45 35.63 1.57 18.76 47838.53 Medtronic 76.00 -1.56 79.50 55.54 1.67 35.96 107434.71
Westpc♦ 31.58 0.81 40.07 29.10 8.18 13.26 73891.07 ChristianDior 176.15 -1.80 195.35 127.90 - - - FastRetail 48350 870.00 61970 40610 0.67 41.55 41762.64 Swedbank 194.10 -1.80 223.90 179.10 6.10 13.20 25362.72 BlackRock 358.68 -1.95 382.84 275.00 2.38 18.26 58820.84 Merck 54.00 -0.24 63.62 45.69 3.37 14.18 150837.36
Woolworths 23.65 0.52 34.71 23.05 7.45 13.38 21646.02 Cred Agr 11.52 0.17 14.49 9.82 - - - Fuji Hvy Ind 5131 31.00 5193 3669 2.20 11.31 32709.46 TeliaSonera 43.07 0.31 55.85 39.89 7.26 12.33 21527.45 Boeing♦ 148.90 0.62 158.83 115.14 2.35 18.53 99760.56 Metlife♦ 50.41 -0.67 58.23 44.49 2.90 9.67 56037.09
Belgium (€) Danone 64.45 0.70 67.74 51.50 - - - Hitachi 731.40 2.20 939.90 585.70 1.48 12.98 28787.04 Volvo 88.25 -1.60 120.50 76.35 3.55 18.07 16532.5 BrisMySq 67.02 -0.59 70.54 51.82 2.23 62.70 111808.55 Microsoft♦ 54.25 0.40 54.98 39.72 2.31 35.82 433344.29
AnBshInBv 116.35 -1.40 119.65 85.63 - - - EDF 15.07 0.05 24.89 14.65 - - - HondaMtr 4072 68.00 4499 3382.5 2.24 12.93 60063.81 Switzerland (SFr) Broadcom 52.40 -0.87 57.70 40.21 1.04 22.55 29396.4 Mnstr Bvrg 149.51 0.38 155.83 103.18 - 51.33 30309.04
KBC Grp 54.91 0.42 66.00 42.77 - - - Engie SA 16.58 0.14 20.57 13.80 - - - JapanTob 4526 76.00 4848 3101 2.33 19.00 73710.36 ABB 19.06 0.04 22.31 16.49 - 17.24 43499.14 CapOne 79.29 1.00 92.10 67.73 1.78 11.04 42185.87 MondelezInt 44.55 0.07 48.58 33.97 1.41 8.61 70797.41
Essilor Intl 120.70 -0.80 123.65 82.75 - - - KDDI■ 3031 14.00 8550 2519 2.05 45.97 66414.98 CredSuisse 23.47 0.04 28.94 18.57 3.07 10.52 37912.88 CardinalHlth 87.14 -1.46 91.91 74.76 1.69 21.61 28667.41 Monsanto 95.85 -0.28 126.00 81.22 2.03 20.29 42158.39
Brazil (R$)
Esslr Intl 120.70 -0.80 123.65 82.75 - - - Keyence 66800 -160.00 70100 50700 0.32 31.71 33073.31 Nestle 76.10 0.30 77.00 64.55 3.05 15.98 239228.23 Carnival♦ 51.23 0.94 54.59 41.38 2.04 28.63 30363.41 MorganStly 34.03 -0.22 41.04 30.15 1.48 20.73 65889.7
Ambev 19.30 0.13 20.46 15.00 8.08 25.44 81379.37
Hermes Intl 332.15 -2.65 365.55 258.55 - - - MitsbCp 2098 34.00 2837 1887.5 2.71 10.90 27164.86 Novartis 90.00 0.30 103.20 82.25 3.10 25.15 237544.37 Caterpillar♦ 69.34 -0.98 107.12 62.99 4.18 14.18 40372.09 MylanNV 50.96 -1.06 76.69 37.59 - 28.17 25059.43
Bradesco 25.95 0.62 33.23 22.84 3.58 9.55 17573.57
LOreal 167.50 -0.45 181.30 127.70 - - - MitsubEst 2636.5 10.50 2975 2321 0.59 46.38 29850.44 Richemont 77.70 -0.10 92.25 66.40 2.15 23.92 39989.55 CBS 51.43 0.12 63.95 38.51 1.18 16.45 22305.33 Netflix 120.18 -0.46 129.29 45.08 - 317.96 51361.39
Cielo 37.52 0.72 46.27 30.48 1.73 18.91 18990.27
LVMH 162.40 -1.20 176.60 123.50 - - - MitsubishiEle 1355.5 17.50 1718 1063 2.06 12.23 23700.42 Roche 272.30 -0.10 295.80 238.80 3.10 24.85 188619.99 Celgene 114.18 -1.60 140.72 92.98 - 56.68 90263.88 News Corp A 29.97 -0.33 39.27 22.81 1.01 7.73 35087.44
ItauHldFin 26.69 0.34 32.66 23.81 1.82 6.29 21817.11
Nmrcble-SFR 41.44 0.79 60.01 29.51 - - - MitsuiFud 3211 -17.00 3879 2951 0.90 25.48 25922.92 Swiss Re 96.70 -0.15 97.65 74.95 4.61 39.96 35343.71 CharlesSch♦ 33.11 -0.29 35.72 25.43 0.73 33.03 43590.09 NextEraE 100.23 0.53 112.64 93.74 3.06 14.24 46157.21
Petrobras 9.32 -0.20 16.26 7.66 - -3.69 18608.14
Orange 16.84 0.01 16.98 12.21 - - - MitUFJFin 835.30 8.30 936.80 604.00 2.23 7.34 96374.28 Swisscom 523.50 2.50 587.50 474.40 4.40 18.31 26737.31 ChevrnTx♦ 91.01 -1.20 118.91 69.58 4.75 19.57 171284.16 Nike 125.94 0.16 133.52 90.69 0.88 32.01 84976.24
Vale 14.57 -0.02 27.89 14.35 15.87 -6.45 12574.96
PernodRic 107.85 0.35 117.75 87.90 - - - Mizuho Fin 260.40 0.40 280.40 191.00 3.08 7.79 52737.07 Syngent 376.60 -10.90 435.20 280.00 2.99 21.51 34511.54 Cigna 129.84 -5.30 170.68 99.88 0.03 16.54 33450.41 NorfolkS♦ 93.52 1.03 117.64 72.10 2.53 16.74 27920.75
Canada (C$) Murata Mfg 19290 160.00 22220 12430 1.07 18.38 35384.02 Cisco 27.56 0.44 30.31 23.03 2.85 16.11 140176.5 Northrop 187.73 -0.41 193.99 136.49 1.61 17.93 34238.77
Renault 92.57 0.55 100.25 55.68 - - - UBS 20.00 0.25 22.57 13.58 3.93 11.80 75904.83
BCE 58.38 0.54 60.20 50.92 4.49 19.21 37367.75 NipponTT 4696 7.00 5066 3011 2.09 16.01 80165.06 Citigroup♦ 54.90 -0.08 60.95 46.60 0.22 12.25 163546.58 NXP 81.03 -0.88 114.00 70.35 - 27.72 20399.42
Safran 66.87 -0.70 72.45 47.75 - - - Zurich Fin 271.00 1.60 334.60 232.60 - 12.91 40186.01
BkMontrl♦ 76.71 0.71 84.39 64.01 4.17 11.81 37151.47 Nissan Mt 1309.5 26.00 1350 963.10 2.96 9.71 48205.52 CME Grp 95.88 -0.29 100.87 82.51 2.07 25.40 32429.8 Occid Pet 75.14 -0.63 85.19 63.60 3.95 -9.41 57387.11
Sanofi 82.42 -0.66 101.10 69.77 - - - Taiwan (NT$)
BkNvaS 60.85 0.18 71.17 52.60 5.52 11.55 55202.73 Nomura 774.80 4.90 909.20 609.30 3.07 10.39 24117.27 Coca-Cola 43.07 0.79 44.78 36.56 3.04 27.37 187332.1 Oracle 39.17 0.47 46.71 35.14 1.37 18.53 167045.49
Sant Gbn 40.91 0.60 44.84 31.83 - - - Chunghwa Telecom 100.00 1.20 101.00 91.20 4.86 19.54 23774.33
Brookfield 45.33 0.05 48.64 36.34 1.36 12.09 33517.64 Nppn Stl 2485.5 31.00 3505 2122.5 1.58 9.88 19233.93 Cognizant 65.42 0.16 69.80 50.17 - 25.42 39875.4 Pepsico 101.03 0.76 103.44 76.48 2.71 29.68 147185.63
Schneider 58.35 0.61 75.29 48.57 - - - HonHaiPrc 85.50 0.70 99.70 77.90 4.45 8.91 40977.48
CanadPcR 193.62 -1.32 245.05 172.01 0.72 21.58 22448.29 NTTDCMo 2423 7.50 2873.5 1731 2.99 19.55 80614.2 ColgtPlm 66.46 0.40 71.56 50.84 2.25 24.35 59609.44 Perrigo 155.06 -0.58 215.73 140.40 0.31 152.10 22701.1
SocGen 44.79 0.44 48.77 31.85 - - - TaiwanSem 140.50 3.50 155.00 112.50 3.20 11.97 111654.15
CanImp 100.38 0.48 107.32 83.10 4.16 11.24 30060.85 Panasonic 1421.5 17.00 1853.5 1177.5 1.19 97.10 28394.73 Comcast 62.62 0.06 64.99 50.01 1.57 19.43 131158.17 Pfizer♦ 32.16 -1.15 36.46 28.47 3.45 23.93 198041.75
Total 46.60 -0.06 50.30 36.92 - - -
CanNatRs 32.98 -0.17 43.10 25.01 2.77 83.90 27203.47 Seven & I 5804 37.00 5998 4117.5 1.30 29.33 41894.95 Thailand (THB) ConocPhil♦ 53.51 -0.97 74.68 41.10 5.53 -64.67 66065.69 Phillips66♦ 92.03 -0.51 94.12 57.33 2.33 10.64 49092.51
UnibailR 251.30 3.70 262.00 193.05 - - -
CanNatRy 78.40 -0.32 88.89 69.90 1.51 18.47 47021.17 ShnEtsuCh 7139 9.00 8529 5801 1.52 21.33 25119.58 PTT Explor 269.00 6.00 398.00 240.00 3.36 17.03 21414.28 Corning♦ 19.13 0.30 25.16 15.42 2.43 12.38 22630.49 PhilMorris 86.22 0.79 90.08 75.27 4.71 18.35 133580.27
Vinci 62.06 0.31 62.60 39.65 - - -
Enbridge♦ 49.67 -0.61 66.14 47.74 3.51-128.18 32331.75 Softbank 6575 -87.00 8100 5370 0.63 13.52 64283.56 United Arab Emirates (Dhs) Costco♦ 161.85 0.60 162.23 117.03 0.93 30.31 71131.08 PNCFin 94.88 -0.23 100.52 81.84 2.11 12.65 49140.28
Vivendi 20.26 0.09 24.83 19.05 - - -
GtWesLif 35.63 0.05 37.70 30.42 3.61 13.01 26665.33 Sony 3297 11.00 3970 2315 0.71 38.35 33887.26 Emirtestele 16.10 0.15 16.10 9.41 4.04 17.27 38120.12 CrownCstl 85.70 -0.17 89.44 74.45 3.86 55.36 28604.2 PPG Inds♦ 103.02 -1.21 118.95 82.93 1.36 23.86 27740.11
ImpOil 41.91 -0.77 55.76 40.55 1.13 21.10 26773.35 Germany (€)
SumitomoF 4943 45.00 5770 3902 3.25 12.50 56916.87 United Kingdom (p) CSX 28.31 0.04 37.99 24.47 2.43 13.94 27595.81 Praxair 115.07 -0.51 132.95 98.55 2.45 23.22 32777.17
Manulife 22.18 0.24 24.20 18.91 2.93 17.56 32953.7 Allianz 161.25 0.75 170.15 129.35 4.46 10.87 79118.8
Takeda Ph 6166 30.00 6657 4821 3.02 -30.59 39673.24 AscBrFd 3504 59.00 3524 2705.75 0.97 49.10 42428.63 CVS 92.61 -2.58 113.65 81.37 1.44 20.61 102548.64 Prec Cast 231.01 -0.19 245.05 186.17 0.05 24.04 31782.62
Potash 27.45 0.12 47.10 25.80 7.13 11.62 17274.16 BASF 77.32 0.97 97.22 63.00 3.65 14.45 76247.34
TokioMarine 4809 71.00 5504 3703 1.93 15.08 29664.38 AstraZen 4428.5 19.50 4931.68 3746 4.19 50.02 85604.46 Danaher 97.05 0.02 97.35 81.25 0.53 26.71 66506.94 Priceline 1293.53 15.03 1476.52 990.69 - 26.76 64396.7
RylBkC♦ 76.21 0.71 83.87 68.05 3.99 11.64 85299.25 Bayer 125.80 1.65 146.45 106.80 1.88 26.61 111692.11
Toyota 7620 21.00 8783 6650 3.06 10.06 212085.34 Aviva 504.00 8.00 578.68 428.40 3.59 13.19 31187.94 Deere 74.41 -0.11 98.23 71.85 3.16 11.65 24418.85 ProctGmbl 76.43 0.53 93.89 65.02 3.45 25.29 207933.37
Suncor En 37.01 -0.47 40.93 30.89 2.27 558.58 40324.87 BMW 98.73 1.28 123.75 72.05 3.08 10.97 63812.53
Mexico (Mex$) Barclays♦ 229.95 2.05 289.90 219.54 2.83 0.77 59034.76 Delphi♦ 83.01 0.94 90.57 66.10 1.22 17.32 23250.12 Prudntl 86.87 -0.51 92.60 73.19 2.70 11.22 39004.63
ThmReut 53.25 0.20 55.92 42.85 3.36 15.79 30826.37 Continental 221.00 2.50 234.25 154.75 1.48 17.38 47456.86
AmerMvl 14.10 -0.07 17.37 13.21 1.75 26.10 36190.95 BG 1038.5 17.00 1301.62 780.55 1.84 -20.06 54288.7 Delta♦ 48.73 0.98 52.00 34.61 0.84 13.90 38324.86 PublStor 234.49 1.76 235.33 178.42 2.67 38.94 40542.36
TntoDom 54.67 0.18 57.89 47.75 3.58 13.13 76400.77 Daimler 78.59 0.55 96.07 61.97 3.27 10.37 90271.13
FEMSA UBD 163.20 1.14 169.74 119.19 0.66 32.24 35259.3 BP♦ 385.15 2.65 499.25 252.55 6.99 -14.07 107871.23 DirectTV 93.55 1.36 95.51 82.04 - 16.82 47176.52 Qualcomm 48.60 0.60 75.72 47.52 3.74 14.95 73050.37
TrnCan 43.32 0.18 59.50 40.68 4.71 18.38 23147.35 Deut Bank 24.68 0.30 33.42 22.95 3.19 -7.70 36547.63
WalMrtMex■ 45.75 -0.71 47.00 28.26 1.16 35.50 48306.45 BrAmTob 3860.5 52.00 3906.73 3231.5 3.84 17.92 110074.88 DiscFinServ 57.42 0.39 66.73 50.20 1.83 11.73 24543.98 Raytheon 125.55 1.60 126.65 95.32 2.10 18.36 37802.85
ValeantPh 105.50 8.58 347.84 92.65 - 45.01 27129.67 Deut Tlkm 17.16 0.01 17.63 12.40 3.06 33.72 84847.66
BSkyB♦ 850.50 -12.00 954.00 782.50 3.80 10.88 23005.52 Disney 118.60 0.46 122.08 88.75 1.48 25.35 200179.95 Regen Pharm 583.03 -4.06 605.93 383.87 - 114.14 59315.65
DeutsPost 26.84 0.34 31.19 22.93 - 21.38 34902.38 Netherlands (€)
China (HK$) BT 491.10 3.85 493.00 372.18 2.32 18.51 62868.23 DominRes 68.70 0.22 80.89 66.52 3.74 22.53 40899.42 ReynoldsAm 46.37 0.46 49.56 31.35 2.97 17.30 66267.43
E.ON 9.12 0.23 15.46 7.08 1.61 -1.87 19595.37 Altice 14.04 -0.55 143.20 13.88 - - -
AgricBkCh 3.08 0.05 4.55 2.87 7.39 4.55 12215.92 Compass 1075 19.00 1223.36 963.00 2.52 20.87 27032.31 DowChem 53.32 0.16 53.80 35.11 3.18 14.23 61744.2 Salesforce 81.50 4.15 82.90 53.44 - -528.73 53790
Fresenius Med 79.18 -0.31 83.17 57.70 1.02 24.47 26447.54 ASML Hld 86.69 -0.06 104.85 70.25 - - -
Bk China 3.52 0.06 5.68 3.25 6.75 5.10 37979.57 Diageo 1902.5 17.00 2055 1592.5 2.81 20.11 73188.75 DukeEner♦ 67.85 0.65 89.97 65.65 4.78 19.52 46703.22 Schlmbrg 77.95 -0.60 99.21 66.57 2.46 29.17 98303.03
Fresenius SE 67.85 0.02 68.85 40.85 0.68 28.16 39697.5 Heineken 85.23 0.47 85.84 56.14 - - -
BkofComm 5.59 0.07 8.61 5.17 6.04 5.05 25253.36 GlaxoSmh♦ 1347 -2.00 1645 1227.5 5.94 6.67 100268.78 DuPont♦ 66.72 -0.38 76.61 47.11 2.74 18.98 58473.88 Shrwin-Will♦ 272.55 -0.06 294.35 218.27 0.95 25.86 25374.55
HenkelKgaA 89.84 0.90 99.44 75.00 1.51 20.96 25059.12 ING 13.29 -0.01 16.00 9.68 - - -
BOE Tech 1.92 -0.09 4.78 1.17 2.03 26.73 49.29 Glencore 94.05 0.74 339.00 66.67 12.17-218.72 20706.69 Eaton♦ 56.42 -0.46 73.82 49.21 3.83 12.94 26111.18 SimonProp♦ 191.70 1.46 208.14 170.99 3.03 35.50 59315.45
Linde 165.95 2.75 195.55 140.05 1.99 25.75 33092.57 Unilever♦ 41.32 0.22 42.75 30.28 - - -
Ch Coms Cons 10.12 0.13 17.00 6.85 2.39 8.98 5781.34 HSBC♦ 525.10 4.30 674.57 478.35 6.38 10.35 157271.94 eBay 28.80 0.05 29.69 22.11 - 11.52 34572.83 SouthCpr♦ 26.87 0.50 33.31 23.41 1.58 20.88 21103.06
MuenchRkv 184.50 1.65 206.50 154.20 4.41 9.47 33049.94 Norway (Kr)
Ch Evrbrght 3.74 0.02 5.65 3.22 6.22 4.82 3314.65 ImpTob 3492 -78.00 3648 2680 3.67 17.48 51204.76 Ecolab 117.53 -0.79 122.48 97.78 1.13 31.20 34707.02 Starbucks♦ 61.46 -0.35 64.00 38.70 1.05 33.40 91248.38
SAP 74.80 0.84 75.11 53.01 1.54 27.60 98660.2 DNB 113.70 0.70 143.00 100.90 3.55 7.87 21536.86
Ch Rail Cons 10.92 0.36 17.70 7.92 1.72 9.34 2925.5 LlydsBkg 73.33 -0.67 89.35 70.90 2.05 43.73 80142.11 EMC 25.01 -0.14 30.92 22.66 1.86 20.76 48490.32 StateSt 72.49 -0.39 81.26 63.97 1.78 16.80 29248.71
Siemens 95.83 1.58 106.35 77.91 3.48 13.72 90644.44 Statoil♦ 134.20 -2.60 161.70 113.90 5.46 -11.27 49763.81
Ch Rail Gp 6.78 0.14 12.30 4.98 1.44 11.15 3680.71 Natl Grid 939.50 16.60 965.00 806.40 4.56 16.37 53794.3 Emerson♦ 50.07 0.06 65.94 42.21 3.79 12.38 32903.01 Stryker 95.88 -1.13 105.34 88.94 1.45 30.83 36005.07
Volkswgn 125.30 5.30 254.50 95.00 4.02 9.48 39698.04 Telenor 154.50 0.90 186.10 143.70 2.50 37.11 26977.16
ChConstBk 5.54 0.14 7.98 5.02 6.79 4.89 171855.11 Prudential 1518 23.00 1761.5 1045.99 2.43 15.45 59694.64 EOG Res 82.32 -2.83 103.04 68.15 0.82 -11.71 45251.9 Sychrony Fin 31.46 -0.13 36.40 27.92 - 11.84 26232.16
China Vanke RMB 14.50 -0.17 16.25 9.14 3.50 9.83 22071.85 Hong Kong (HK$) Qatar (QR) EquityResTP 79.27 0.54 82.53 61.90 2.75 34.05 28875.04 Target♦ 70.76 0.98 85.81 68.15 2.88 15.94 44467.85
RBS 315.20 -0.60 414.00 300.30 - -14.13 55797.52
ChinaCitic 5.22 0.07 7.40 4.36 - 4.82 10023.73 AIA 47.30 0.85 58.20 38.85 0.92 21.75 73528.54 QatarNtBk 172.00 0.20 236.00 159.90 4.40 10.67 33052.79 Exelon♦ 28.23 0.11 38.93 27.49 4.44 12.42 25959.3 TE Connect 67.22 0.51 73.73 54.32 1.86 22.12 25967.48
ReckittB 6315 9.00 6450 4895 2.20 26.83 68397.49
ChinaLife 27.85 0.30 41.00 22.55 1.77 16.52 26739.71 BOC Hold 24.55 0.05 33.70 22.30 4.44 10.32 33491.18 ExpScripts 83.80 -1.02 94.61 68.06 - 25.76 56671.93 Telsa Mtrs 223.50 2.43 286.65 181.40 - -41.52 29267.62
Russia (RUB) RELX 1186 11.00 1199 988.50 2.19 27.48 -
ChinaMBank 19.86 0.08 26.85 14.44 4.22 6.95 11764.32 Ch OSLnd&Inv 26.15 -0.45 34.05 20.15 2.04 7.41 33270.88 ExxonMb♦ 80.37 -0.37 97.20 66.55 3.57 16.81 334575.37 TexasInstr 57.61 -0.35 59.99 43.49 2.38 20.19 58440.28
Gzprm neft 147.50 0.03 166.94 113.73 5.51 7.82 53984.37 RioTinto 2290 29.50 3280 2090.5 5.96 22.78 48382.18
ChinaMob 90.95 0.65 118.00 85.00 3.11 14.07 240282.36 ChngKng 53.05 0.65 77.55 50.10 - 11.49 26419.62 Facebook 107.27 -0.51 110.65 72.00 - 107.25 242390.64 TheTrvelers 114.97 0.29 115.14 95.21 2.04 10.12 34976.03
Lukoil 2534 8.00 3297.7 2053.6 2.68 13.47 33321.64 RollsRoyce 541.00 -2.00 1061 504.50 4.27 -39.79 15214.2
ChinaPcIns 32.20 0.40 47.10 24.80 1.89 15.49 11530.71 Citic Ltd 13.82 0.12 16.40 11.64 1.51 6.71 51873.47 Fedex 162.53 -0.28 185.19 130.01 0.52 43.00 45895.13 ThrmoFshr 137.33 -0.40 141.25 117.10 0.44 27.66 54808.09
MmcNrlskNckl 9670 30.00 12247 7962 13.83 12.04 23657.62 RylDShlA♦ 1666 26.00 2299.5 1497.5 7.54 100.70 100444.69
ChMinsheng 7.76 0.15 11.88 6.70 2.98 4.92 6942.38 Citic Secs 19.24 0.04 40.50 12.82 1.83 8.46 5656.02 FordMtr♦ 14.57 0.11 16.74 10.44 3.99 12.10 56776.98 TimeWrnr 70.97 -0.80 91.34 65.25 1.95 16.15 57881.81
Novatek 620.20 -11.00 646.30 398.50 9.41 56.77 29113.23 SABMill 4018 13.00 4090 2773 1.85 33.28 99517.05
ChMrchSecs RMB 22.48 0.36 40.00 12.99 1.89 12.72 16913.16 CK Hutchison 103.80 1.80 174.90 97.50 3.42 4.21 51693.8 Franklin 41.44 0.02 59.43 36.10 1.46 12.47 24922.72 TimeWrnrC 185.07 0.28 194.22 134.21 2.05 27.36 52411.37
Rosneft 271.50 -6.70 294.20 183.95 5.43 7.89 44485.11 Shire 4718 45.00 5870 4305 0.32 13.92 42726.13
Chna Utd Coms RMB 6.83 0.18 10.74 3.56 1.00 45.78 22677.39 CNOOC 8.33 0.20 13.78 7.41 6.63 7.41 47987.98 GenDyn 144.59 0.88 153.76 130.91 2.31 16.14 45708.97 TJX Cos♦ 68.51 0.17 76.93 61.35 1.05 21.37 46201.15
Sberbank 104.86 0.86 108.55 47.21 - 7.37 34995.68 StandCh 593.00 5.70 1166 570.00 9.08 13.19 23123.55
ChShenEgy 12.82 0.40 24.40 11.30 7.11 8.73 5621.8 HangSeng 143.80 2.60 162.10 125.00 3.79 10.59 35473.25 GenElectric 30.34 -0.18 30.90 19.37 3.06 58.26 306714.31 T-MobileUS 37.74 0.42 43.43 24.26 - 61.88 30797.25
Surgutneftegas 35.31 -0.31 39.80 21.82 1.92 1.36 19502.82 Tesco 172.00 1.10 252.52 155.40 0.67 -2.47 21416.81
ChShpbldng RMB 11.04 0.13 20.19 5.70 0.35-665.09 31054.88 HK Exc&Clr 208.00 2.80 311.40 162.00 1.86 36.64 32434.92 GenMills 57.10 -0.07 59.87 47.43 2.96 27.12 34127.96 UnionPac 86.51 -0.60 124.52 79.31 2.51 14.80 73889.98
Saudi Arabia (SR) Vodafone♦ 221.50 -2.50 258.00 201.25 5.07 -41.48 89956.37
ChStConEng RMB 6.81 0.06 12.52 3.72 2.56 8.60 31894.94 MTR 36.85 0.80 40.00 30.50 2.77 13.92 27838.7 GenMotors 36.24 -0.22 39.00 24.62 3.68 13.17 56395.85 UPS B♦ 103.69 0.01 114.40 93.64 2.79 23.58 72183.03
AlRajhiBnk 50.63 0.68 69.00 48.40 3.73 12.71 21938.49 WPP 1515 7.00 1616 1271 2.52 15.66 29946.86
ChUncHK 9.92 0.24 16.00 9.31 2.52 20.73 30651.78 SandsCh 27.05 - 47.50 22.85 7.15 15.15 28163.6 GileadSci 106.89 -1.24 123.37 85.95 0.81 9.73 154047.75 USBancorp 43.98 0.09 46.26 38.81 2.30 13.80 76928.81
SHK Props♦ 96.80 -0.30 137.60 93.25 2.41 9.06 36138.42 Natnlcombnk 50.98 0.48 72.75 48.80 - 11.45 27114.93 United States of America ($)
CNNC Intl RMB 10.46 0.13 14.38 4.07 - 29.02 6375.29 GoldmSchs 192.85 -0.81 218.77 167.49 1.31 12.55 82257.5 UtdHlthcre 111.61 -5.64 126.21 95.00 1.58 17.54 106376.43
Tencent 153.10 1.70 171.00 104.50 0.23 42.01 185721.34 SaudiBasic 86.52 2.08 110.50 70.25 6.00 10.89 69212.31 3M♦ 157.80 0.41 170.50 134.00 2.51 20.22 97159.5
CSR♦ 9.97 0.20 20.70 7.80 - 21.81 5623.07 Google 760.11 0.10 769.08 490.91 - 34.73 221439.7 UtdTech♦ 98.04 0.33 124.45 85.50 2.59 15.25 86963.53
SaudiTelec♦ 66.00 1.01 73.25 52.75 6.12 13.37 35198.12 AbbottLb 45.79 -0.02 51.74 39.00 2.07 26.95 68298.4
Daqin RMB 9.38 0.03 15.15 7.88 5.19 9.74 21843.78 India (Rs) Halliburton 38.00 -0.88 51.13 30.93 1.91 122.27 32520.91 ValeroEngy♦ 70.61 0.45 72.70 43.45 2.11 7.77 33998.96
Singapore (S$) Abbvie 60.26 -0.73 71.60 45.45 3.23 34.52 98509.85
Gree Elec Apl 0.26 -0.01 0.45 0.13 - -2.83 392.48 Bhartiartl 339.55 5.60 452.45 315.60 0.67 23.11 20503.26 HCA Hold 66.14 -4.07 95.49 43.91 - 13.70 26963.14 Verizon 45.59 0.21 51.03 38.06 4.91 18.10 185479.58
DBS 17.00 0.19 21.50 16.00 3.54 12.82 30088.25 Accenture 107.89 0.01 109.86 81.66 1.88 24.12 86983.44
GuosenSec RMB 21.09 0.49 34.94 7.00 0.96 12.61 27089.27 HDFC Bk 1068.9 20.30 1128 912.10 0.76 24.16 40700.9 Hew-Pack 13.69 0.05 18.66 11.03 4.70 5.69 24617.7 VertexPharm 130.54 -2.72 143.45 97.45 - -47.12 32075.93
JardnMt US$ 51.03 -0.10 67.88 45.02 2.76 12.21 35841.15 Ace 115.52 0.18 117.89 96.00 2.31 13.98 37449.44
HaitongSecs 14.66 0.26 27.90 10.00 2.13 8.90 6449.47 Hind Unilevr 794.60 1.10 981.00 744.50 1.85 36.16 25972.98 HiltonWwde 23.37 -0.04 31.60 20.93 0.30 30.58 23076.75 VF Cp 63.81 0.57 77.83 61.17 2.03 26.33 27202.78
JardnStr US$ 27.47 0.12 37.03 26.11 0.96 10.01 30650.48 Actavis 298.98 -2.94 317.72 201.91 - -39.48 117333.1
Hngzh HikVDT RMB 36.47 0.93 56.48 18.68 1.11 25.59 18027.68 HsngDevFin 1214.2 35.50 1402.3 1060.1 1.26 20.79 28942.64 HomeDep 126.85 0.31 127.20 92.17 1.64 25.24 162888.5 Viacom 52.01 -1.10 78.00 36.32 2.83 10.89 18056.13
OCBC 8.95 0.13 10.92 8.62 4.04 9.90 26053.16 Adobe 91.59 0.32 92.13 68.98 - 94.41 45685.03
Hunng Pwr 7.40 -0.03 11.90 7.23 6.39 6.88 3743.26 ICICI Bk 266.40 5.95 393.40 247.70 1.90 12.18 23372.67 Honywell♦ 104.46 0.40 107.41 87.00 2.00 18.12 80506.43 Visa Inc♦ 80.22 -0.24 81.01 60.00 0.56 34.61 156540.29
SingTel 3.87 0.07 4.57 3.43 4.54 15.86 43642.35 AEP♦ 56.03 0.62 65.38 52.29 3.82 15.39 27498.04
IM Baotou Stl RMB 4.09 0.04 7.50 2.92 - -51.58 10085.29 Infosys 1047.8 27.80 2336 932.65 3.60 18.62 36176.3 HumanaInc 164.83 -6.25 219.79 135.38 0.70 18.78 24431.75 Walgreen♦ 82.89 -1.69 97.30 66.46 1.65 20.82 90250.1
UOB■ 20.02 0.38 25.05 18.20 4.26 10.10 22689.18 Aetna 100.69 -6.17 134.40 84.92 0.98 15.29 35110.6
In&CmBkCh 4.85 0.10 7.10 4.30 6.59 5.11 54314.85 ITC 352.05 4.20 409.95 294.00 1.86 26.92 42697.24 IBM♦ 137.45 1.63 176.30 131.65 3.53 9.33 133341.64 WalMartSto 60.62 -0.32 90.97 56.30 3.15 12.93 194328.16
Aflac♦ 65.03 0.11 65.24 51.41 2.42 11.27 27748.68
IndstrlBk RMB 16.32 0.18 21.42 10.35 3.54 6.14 41361.41 L&T 1358.95 14.50 1893.8 1326 1.14 24.30 19115.93 South Africa (R) IllinoisTool 91.85 0.23 100.14 78.79 2.20 17.91 33385.7 Wellpoint 128.71 0.94 129.96 81.84 1.86 11.92 34744.16
AirProd 139.59 0.16 158.20 123.66 2.20 30.06 30009.4
Kweichow RMB 215.03 0.37 290.00 150.20 2.06 16.57 42312.07 OilNatGas 233.00 2.30 394.60 217.70 4.33 9.98 30112.25 Firstrand 50.04 2.04 58.47 46.00 4.27 11.25 20013.48 Illumina 173.93 -2.50 242.37 130.00 - 50.29 25463.35 WellsFargo♦ 55.66 -0.01 58.77 47.75 2.63 13.33 285722.78
Alexion 174.47 -2.18 208.88 142.02 - 156.50 39312.33
Midea 1.98 -0.04 2.68 1.65 4.91 12.81 54.94 RelianceIn 934.75 22.75 1067.85 796.45 1.09 11.01 45732.54 MTN Grp 143.80 5.80 250.00 132.01 9.73 7.68 18921.38 Intcntl Exch 262.21 -1.39 266.74 202.24 0.83 24.56 28775.77 Williams Cos 37.24 -0.86 61.38 33.48 6.45 82.36 27921.24
Allstate 63.23 -0.27 72.87 54.12 1.88 10.91 24489.37
New Ch Life Ins 34.05 0.30 56.55 27.05 0.76 9.31 4543.31 SBI NewA 243.90 2.90 336.00 220.15 1.46 9.90 28600.32 Naspers N 2149.18 -24.82 2194.9 1283 0.24 52.07 64305.47 Intel♦ 33.67 0.51 37.90 24.87 2.83 14.28 158888.73 Yahoo 32.99 0.01 52.26 27.20 - 127.92 31154.28
Altria 57.77 0.71 61.74 47.31 3.71 21.53 113258.84
PetroChina 5.51 0.10 11.04 5.10 3.57 19.00 15000.26 SunPhrmInds 742.50 -11.25 1200.8 724.05 - 61.45 26990.61 South Korea (KRW) Intuit 96.15 -0.47 109.21 79.63 1.02 67.65 26663.03 Yum!Brnds 71.54 0.42 95.90 66.35 2.31 33.87 30851.03
Amazon 666.01 2.47 675.96 285.25 - 951.68 312197.84
PingAnIns 44.25 0.30 62.90 29.00 1.91 11.53 42522.46 Tata Cons 2362.55 11.10 2812.1 2345 1.70 21.88 70320.77 HyundMobis 252000 1500 271500 185500 1.21 12.48 21115.26 John&John 102.08 -0.59 108.99 81.79 2.87 19.40 282449.61 Venezuela ()
AmerAir 42.69 0.94 56.20 34.10 0.95 6.07 26905.45
PngAnBnk RMB 12.50 0.08 17.50 8.75 1.41 7.84 23112.58 Indonesia (Rp) KoreaElePwr 50600 -200.00 54000 38750 1.00 7.05 27960.73 JohnsonCn 45.48 -0.03 54.52 38.48 2.31 20.66 29747.08 Bco de Vnzla 90.00 - 143.95 27.00 - - 24314.24
AmerExpr 72.15 0.00 94.89 70.21 1.54 12.72 71016.39
Pwr Cons Corp RMB 9.19 0.13 20.00 3.92 1.10 17.83 4750.48 Bk Cent Asia♦ 12950 -125.00 15600 11000 1.09 19.04 23174.23 SK Hynix 31200 650.00 51700 30050 0.95 4.97 19551.25 JPMrgnCh 67.34 -0.11 70.61 50.07 2.52 11.36 247887.28 Bco Provncl 3051 - 4400 840.00 1.14 41.17 24369.01
AmerIntGrp 61.81 -0.15 64.93 48.68 1.07 17.75 76459.74
SaicMtr RMB 19.89 0.08 29.18 14.00 6.63 7.50 34351.26 SmsungEl 1289000 8000 1510000 1033000 1.61 9.75 143476.66 Kimb-Clark 121.81 0.87 122.73 103.04 2.88 72.63 44216.35 Mrcntl Srvcs 4800 - 5900 930.00 0.17 35.36 21120.48
Israel (ILS) AmerTower 100.04 0.38 105.20 86.83 1.72 73.96 42373.96
ShenwanHong 0.19 0.01 0.41 0.17 - -2.53 61.53 Spain (€) KinderM 23.58 -0.72 44.71 22.57 7.96 43.53 52619.12
TevaPha♦ 232.70 0.80 275.90 213.20 2.21 28.79 57337.39 Amgen♦ 158.95 -1.97 181.81 130.09 1.89 18.81 119900.41
ShgPdgBk RMB 17.90 0.51 19.19 10.37 4.29 6.67 52302.09 Kraft♦ 88.19 -0.11 91.32 53.33 1.93 125.72 52233.16 Closing prices and highs & lows are in traded currency (with variations for that
Italy (€) BBVA 7.81 0.13 9.77 7.21 2.15 18.91 52864.06 Anadarko 59.31 -2.43 95.94 57.86 1.84 -5.11 30137.95
Sinopec Corp 5.06 0.11 7.79 4.46 4.91 23.31 16657.47 Kroger♦ 37.20 -0.35 39.43 27.32 0.95 19.36 36206.89 country indicated by stock), market capitalisation is in USD. Highs & lows are
Enel 4.10 0.02 4.50 3.36 3.44 55.79 41413.52 BcoSantdr 5.21 0.10 7.42 4.55 10.00 9.54 80021.96 Aon Cp 93.52 -1.50 107.08 86.38 1.19 21.16 25615.33
Sinopec Oil RMB 9.48 0.12 14.23 4.10 - -269.69 668.23 L Brands♦ 92.07 -0.16 101.11 75.11 1.79 24.38 26735.17 based on intraday trading over a rolling 52 week period.
ENI 14.93 0.08 17.66 12.98 6.75 -18.66 58254.65 CaixaBnk 3.55 0.09 4.62 3.32 2.36 28.54 21991.83 Apple 118.79 1.50 134.54 92.00 1.68 12.76 662293.57
Denmark (kr) Iberdrola 6.55 0.04 6.58 5.31 2.49 15.99 44536.35 LasVegasSd 46.03 0.04 65.35 36.53 5.37 16.39 36706.68 ♦ ex-dividend
Generali 17.69 -0.10 19.21 15.16 3.56 13.63 29569.55 ArcherDan♦ 36.96 -0.45 53.91 36.96 2.95 12.64 22055.51
DanskeBk 189.40 1.90 218.00 155.50 3.05 26.67 27493.44 Inditex 32.72 0.07 34.60 21.56 1.24 36.88 109487.7 LibertyGbl 42.47 -0.78 58.66 42.10 - -27.14 10731.97 ■ ex-capital redistribution
IntSPaolo 3.15 0.03 3.65 2.22 2.24 18.97 53692.3 AT&T 33.54 0.00 36.45 30.97 5.66 35.03 206359.61
MollerMrsk 10160 290.00 16450 9560 2.89 7.70 15562.32 Repsol 12.26 0.14 18.75 9.90 8.19 34.20 18087.69 Lilly (E)♦ 82.86 -0.79 92.85 66.56 2.43 37.13 91815.22 # price at time of suspension
Luxottica 62.70 - 67.80 39.90 1.21 36.27 32545.03 AutomData 86.45 -0.05 90.67 64.29 2.29 28.50 40222.89
NovoB 378.40 7.70 415.00 256.00 1.39 28.20 112325.92 Telefonica♦ 11.80 0.02 14.31 10.38 3.56 18.92 61626.83 Lockheed 223.75 0.53 225.47 181.91 2.71 19.67 68757.37
Unicred 5.53 0.01 6.61 4.82 2.19 14.57 35396.88 Avago Tech 123.12 -2.80 150.50 88.02 1.15 33.30 33980.97
Lowes 73.91 0.43 76.25 60.84 1.29 25.48 68383.94

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
MylanNV 50.96 52.02 -1.06 -2.04 7.76 18.0 16.58 DirectTV 93.55 92.19 1.36 1.48 - - 0.42 Nov 19 date Coupon S* M* F* price yield yield yield US Nov 19 date Coupon S* M* F* price yield yield yield US
Syngent 387.50 387.50 0.00 0.00 41.60 12.0 22.99 Altice 14.04 14.58 -0.55 -3.74 -1.73 -10.9 -28.83 High Yield US$ US$
Illumina 173.93 176.43 -2.50 -1.42 18.54 11.9 17.93 Hunng Pwr 7.40 7.43 -0.03 -0.40 -0.77 -9.4 -19.48 Windstream Services, LLC 11/17 7.88 B+ B2 BB 105.20 5.09 0.00 0.18 4.27 Burlington Resources, Inc. 02/26 6.88 A A2 A 117.81 4.72 0.00 0.56 2.46
Sberbank 104.86 104.00 0.86 0.83 10.86 11.6 18.46 Qualcomm 48.60 48.00 0.60 1.25 -3.98 -7.6 -17.81 High Yield Euro Wachovia Corporation 08/26 6.82 A A3 A+ 125.49 4.59 0.00 0.26 2.32
VertexPharm 130.54 133.26 -2.72 -2.04 13.24 11.3 12.75 GuosenSec 21.09 20.60 0.49 2.38 -1.66 -7.3 26.14 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Cummins Inc. 02/27 6.75 A+ A2 A 118.41 4.68 0.00 0.62 -
Netflix 120.18 120.63 -0.46 -0.38 11.26 10.3 18.34 LibertyGbl 42.47 43.25 -0.78 -1.80 -3.28 -7.2 -7.27 Korea Electric Power Corporation 08/27 6.75 AA- Aa3 AA- 98.59 7.05 0.00 0.10 -
Gzprm neft 147.50 147.47 0.03 0.02 12.50 9.3 4.61 HiltonWwde 23.37 23.41 -0.04 -0.17 -1.75 -7.0 -3.33 Emerging US$ FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 118.30 4.92 0.00 0.27 -
Repsol 12.26 12.12 0.14 1.16 1.03 9.1 0.78 Sinopec Oil 9.48 9.36 0.12 1.28 -0.60 -6.0 -16.55 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.41 SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 108.76 5.09 0.00 0.18 -
AstraZen 4428.50 4409.00 19.50 0.44 353.50 8.7 6.88 ChShpbldng 11.04 10.91 0.13 1.19 -0.67 -5.7 -4.17 Mexico 09/16 11.40 BBB+ A3 BBB+ 108.16 1.33 0.00 0.00 0.51
Brazil 01/18 8.00 BB+ Baa3 BBB- 105.43 5.28 0.00 0.00 4.46 Euro
CanadPcR 194.94 194.94 0.00 0.00 12.32 6.7 1.94 Sony 3297.00 3286.00 11.00 0.33 -200.00 -5.7 1.51 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 96.15 3.03 0.00 -0.27 -
BG 1038.50 1021.50 17.00 1.66 65.40 6.7 -3.17 Target 70.76 69.78 0.98 1.40 -4.17 -5.6 -5.25 Russia 07/18 11.00 BB+ Ba1 BBB- 119.59 3.29 0.00 -0.04 2.48
Peru 03/19 7.13 BBB+ A3 BBB+ 114.98 2.46 0.00 0.21 0.78 TeliaSonera 09/27 3.00 A- A3 A- 109.62 2.07 -0.01 -0.12 -
CanNatRs 33.15 33.15 0.00 0.00 2.05 6.6 8.88 Infosys 1047.80 1020.00 27.80 2.73 -59.80 -5.4 -4.52 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 111.58 2.12 0.00 -0.09 -
Yum!Brnds 71.54 71.12 0.42 0.59 4.42 6.6 -0.22 AirLiquide 114.95 114.50 0.45 0.39 -6.25 -5.2 4.07 Brazil 01/21 7.88 BB+ Baa3 BBB- 98.01 5.39 0.00 -0.17 3.71
Turkey 03/21 5.63 - Baa3 BBB- 107.36 4.12 0.00 0.02 2.44 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 109.44 2.06 0.00 -0.17 -
WalMartSto 60.62 60.93 -0.32 -0.52 3.67 6.4 3.02 CNNC Intl 10.46 10.33 0.13 1.26 -0.54 -4.9 -4.04
Poland 04/21 5.13 A- A2 A- 111.71 2.80 0.00 0.28 1.12 Yen
Raytheon 125.55 123.95 1.60 1.29 7.34 6.2 11.26 ChMrchSecs 22.48 22.12 0.36 1.63 -1.12 -4.7 24.34
Colombia 07/21 4.38 BBB Baa2 BBB 102.07 4.00 0.00 0.17 2.32 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
Williams Cos 37.24 38.10 -0.86 -2.26 2.14 6.1 -11.14 SumitomoF 4943.00 4898.00 45.00 0.92 -245.00 -4.7 5.97
Emerson 50.07 50.01 0.06 0.12 2.82 6.0 10.16 JardnStr US$ 27.47 27.35 0.12 0.44 -1.33 -4.6 -8.92 Turkey 04/26 4.25 - Baa3 BBB- 95.98 4.80 0.00 0.07 2.54 £ Sterling
DowChem 53.32 53.16 0.16 0.29 2.89 5.7 12.53 Hermes Intl 332.15 334.80 -2.65 -0.79 -15.15 -4.4 -0.66 Emerging Euro Southern Water Services (Fin) Limited 03/26 6.64 A- Baa1 A- 128.49 3.34 -0.03 0.10 1.07
Petrobras 9.52 9.52 0.00 0.00 0.50 5.5 -3.62 Tata Cons 2362.55 2351.45 11.10 0.47 -106.25 -4.3 -4.50 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 123.28 4.06 0.01 0.18 1.80
Regen Pharm 583.03 587.09 -4.06 -0.69 30.50 5.5 11.33 PetroChina 5.51 5.41 0.10 1.85 -0.24 -4.2 -15.23 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.68 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 109.83 2.99 0.00 -0.19 1.31 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 115.17 3.92 0.00 -0.16 1.66
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Nov 19 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Nov 19 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 17.02 0.17 16.85 53.29 10.88 Nov 19 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 16.24 -0.12 16.36 56.32 7.04 Tr 2pc '16 100.26 0.48 9.09 2.13 2.13 -7.69 101.78 100.26 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 171.41 -0.14 -1.89 -3.86 -2.64 -4.67 VXN 17.80 0.04 17.76 46.72 11.15 Tr 1.75pc '17 101.48 0.48 -4.00 -12.73 6.67 -31.43 102.68 101.38 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 295.10 0.35 0.79 0.54 0.35 3.14 VDAX 20.56 -0.44 21.00 29.94 - Tr 5pc '18 110.01 0.60 -4.76 -13.04 11.11 -42.31 113.54 109.82 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 250.58 0.09 -0.52 0.04 -0.52 0.04 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 111.81 0.86 -3.37 -10.42 8.86 -33.33 115.07 111.42 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 212.39 0.08 0.38 -0.15 0.96 0.47 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.25 1.11 -2.63 -8.26 8.82 -26.00 119.04 114.67 0.33
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 0-0.25 Eurozone Sov(€) 226.59 0.19 -0.01 2.22 0.52 4.43 Tr 1.5pc '21 100.65 1.37 -2.14 -6.80 6.20 -16.97 142.92 99.91 0.08
Gilts( £) 286.92 0.36 -0.13 0.45 -0.85 4.49 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.49 1.42 -2.74 -7.79 5.97 -20.22 119.85 113.65 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 240.80 -0.09 -1.95 -4.01 -2.54 -3.65 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.59 1.77 -2.21 -6.35 4.73 -16.51 134.70 124.47 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 294.80 0.31 0.49 0.44 -0.03 2.99 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 123.72 2.02 -1.94 -5.16 3.59 -14.41 131.90 119.79 0.31
Nov 19 (Libor: Nov 18) night Day Week Month month month month year Overall ($) 225.35 0.08 -0.60 0.53 -0.60 0.53 Australia 10/18 3.25 103.11 2.14 0.01 0.00 0.30 -0.54 Tr 4.25pc '32 125.94 2.35 -1.26 -3.29 2.17 -10.98 136.85 121.93 0.35
US$ Libor 0.13100 0.000 0.000 0.004 0.20675 0.36960 0.60600 0.93585 Overall( £) 286.61 0.35 0.06 0.45 -0.60 4.02 04/26 4.25 111.23 2.99 0.01 -0.02 0.29 -0.42 Tr 4.25pc '36 127.45 2.51 -1.18 -3.46 1.21 -9.71 140.37 123.52 0.28
Euro Libor -0.18214 0.002 -0.001 0.001 -0.15071 -0.09786 -0.02571 0.07000 Overall(€) 221.91 0.14 0.11 1.56 0.58 3.16 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 137.20 2.58 -1.15 -3.01 0.39 -9.79 153.16 132.17 0.26
£ Libor 0.48188 0.000 -0.001 -0.002 0.50913 0.57363 0.73063 1.03400 Treasuries ($) 216.65 0.08 -0.69 0.74 -0.69 0.74 10/25 1.20 104.15 0.76 -0.01 -0.12 0.00 0.00 Tr 3.75pc '52 129.31 2.52 -1.18 -3.08 -0.79 -13.10 145.21 120.25 0.22
Swiss Fr Libor -0.003 -0.79700 -0.80100 -0.77700 -0.69500 FTSE Belgium 06/18 0.75 101.92 -0.01 0.00 0.00 0.00 0.00 Tr 4pc '60 140.56 2.48 -1.20 -2.75 -1.59 -13.89 159.23 129.15 0.21
Yen Libor 0.000 0.04143 0.07357 0.11929 0.22257 Sterling Corporate (£) 110.59 0.51 - - 0.09 -1.13 06/25 0.80 100.07 0.79 -0.02 -0.10 -0.01 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.002 -0.14600 -0.09200 -0.01500 0.07600 Euro Corporate (€) 106.54 0.14 - - 0.58 -2.41 Canada 11/17 0.25 99.26 0.64 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 979.48 13.08 - - 7.55 3.22 06/26 1.50 97.30 1.78 0.00 0.00 0.00 0.00
US$ CDs
Euro CDs
0.030
0.000
0.20000
-0.17500
0.34000
-0.12500
0.55000
-0.05500
Eurozone Govt Bond 114.58 0.28 - - 0.52 2.04 Denmark 11/18 0.25 101.63 -0.29 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 109.53 0.75 -0.02 -0.13 -0.04 -0.31
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 05/18 1.00 99.46 1.22 0.00 -0.02 0.28 0.00
Fixed Coupon Nov 19 chg % Return 1 month 1 year Yield
Nov 19 term notice month month month year Markit iTraxx 09/25 0.88 101.15 0.75 -0.01 -0.11 -0.01 0.00
1 Up to 5 Years 98.51 0.08 2366.00 -0.13 1.69 0.96
Euro -0.25 -0.15 -0.25 -0.15 -0.25 -0.10 -0.20 -0.05 -0.13 0.02 -0.01 0.14 Crossover 5Y 295.32 0.87 -10.59 -29.82 389.82 283.05 France 11/16 0.25 100.55 -0.29 0.00 0.00 0.00 0.00
2 5 - 10 Years 179.49 0.26 3236.84 -0.38 3.75 1.62
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.01 1.16 Europe 5Y 70.97 0.88 -2.30 -7.22 95.40 68.47 11/20 0.25 101.11 0.03 0.00 -0.05 -0.06 0.00
3 10 - 15 Years 207.55 0.41 3794.92 -0.59 5.37 2.02
Swiss Franc - - - - - - - - - - - - Japan 5Y 72.15 -1.01 2.62 2.29 83.13 65.01 11/25 1.00 101.78 0.81 -0.01 -0.11 -0.03 0.00
4 5 - 15 Years 185.95 0.29 3372.08 -0.42 4.21 1.73
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 70.14 0.92 -3.11 -4.59 99.56 66.41 05/45 3.25 132.67 1.81 -0.03 -0.13 0.04 -0.47
5 Over 15 Years 296.62 0.51 4269.30 0.12 8.41 2.51
US Dollar 0.12 0.22 0.12 0.22 0.15 0.25 0.25 0.35 0.50 0.60 0.80 0.90 Germany 04/18 0.25 101.47 -0.36 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 172.18 0.31 3210.35 -0.10 4.83 2.24
Japanese Yen -0.03 0.07 -0.02 0.08 -0.05 0.15 -0.20 0.10 -0.20 0.10 -0.10 0.20 10/20 0.25 101.88 -0.13 0.00 0.00 0.00 0.00
Emerging Markets 5Y 315.01 -7.70 -3.32 -22.55 345.86 299.17 08/25 1.00 104.76 0.50 -0.01 -0.12 0.00 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 447.87 -9.20 3.22 1.76 509.34 416.39 08/46 2.50 129.57 1.32 -0.02 -0.14 0.06 -0.44
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Nov 19 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 81.86 -1.62 0.78 -0.61 94.63 75.52 Greece 07/17 3.38 96.01 5.98 -0.10 -0.57 -1.56 -1.11
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 228.00 100.00 1 Up to 5 Years 308.84 0.04 -0.44 -2.53 2359.55 -0.30 -0.94
02/26 3.00 75.38 7.03 0.02 -0.19 -0.58 -1.82 2 Over 5 years 565.55 0.26 0.25 5.29 4174.26 0.41 6.07
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 110.89 -0.21 0.00 0.00 0.00 0.00 3 5-15 years 428.20 0.25 -0.65 -0.80 3253.97 -0.41 0.33
03/25 5.40 138.56 1.03 -0.02 -0.11 -0.04 -0.71 4 Over 15 years 695.38 0.27 0.62 8.28 5037.77 0.74 8.93
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 10/18 0.30 100.42 0.15 0.01 -0.01 -0.04 0.00 5 All stocks 524.34 0.23 0.14 4.56 3919.84 0.30 5.46
11/20 0.65 100.56 0.54 0.00 -0.03 0.00 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 104.58 1.51 -0.02 -0.10 -0.07 0.00 Yield Indices Nov 19 Nov 18 Yr ago Nov 19 Nov 18 Yr ago
Crude Oil† Dec 41.56 -0.41 Corn♦ Dec 363.50 1.50 Nov 18 Nov 18 Prev return stock Market stocks
09/46 3.25 113.15 2.64 -0.02 -0.13 0.04 0.00 5 Yrs 1.21 1.25 1.43 20 Yrs 2.54 2.57 2.77
Brent Crude Oil‡ 44.07 -0.18 Wheat♦ Dec 484.75 1.00 Can 4.25%' 21 126.98 -0.194 -0.213 -0.47 5.18 69005.97 7
Japan 10/17 0.10 100.23 -0.02 0.00 0.00 0.00 0.00 10 Yrs 1.93 1.97 2.17 45 Yrs 2.50 2.53 2.90
RBOB Gasoline† Nov 1.28 0.00 Soybeans♦ Jan 855.50 -2.50 Fr 2.25%' 20 115.40 -0.952 -0.955 0.13 20.31 214469.02 14
12/20 0.05 99.95 0.06 0.00 -0.01 0.00 0.00 15 Yrs 2.35 2.38 2.57
Heating Oil† Nov 1.38 0.01 Soybeans Meal♦ Dec 285.60 0.10 Swe 0.25%' 22 108.54 -0.897 -0.882 -0.83 31.97 226610.07 7
09/25 0.40 100.98 0.30 0.00 -0.01 -0.01 0.00
Natural Gas† Nov 2.33 0.00 Cocoa (ICE Liffe)X Dec 2297.00 6.00 UK 2.5%' 16 - - - - - - -
09/45 1.40 100.27 1.39 -0.01 0.00 0.04 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Dec 3353.00 13.00 UK 2.5%' 24 337.31 -0.750 -0.729 -0.01 6.82 477123.32 25
Netherlands 04/17 0.50 101.19 -0.35 0.00 0.00 0.00 0.00 Real yield Nov 19 Dur yrs Previous Yr ago Nov 19 Dur yrs Previous Yr ago
Uranium Nov 36.75 0.00 Coffee(Robusta)X Nov 1530.00 56.00 UK 2%' 35 229.24 -0.722 -0.706 -0.48 9.08 477123.32 25
07/25 0.25 96.14 0.67 -0.01 -0.11 -0.01 0.00 Up to 5 yrs -0.80 2.47 -0.78 -1.05 -1.62 2.50 -1.61 -1.96
Carbon Emissions - - Coffee (Arabica)♥ Dec 114.15 1.10 US 0.625%' 21 101.03 0.440 0.444 -0.56 35.84 1091062.05 36
Diesel Dec - - White SugarX 401.40 10.60 New Zealand - - - - - - - Over 5 yrs -0.76 23.46 -0.75 -0.48 -0.80 23.56 -0.78 -0.53
US 3.625%' 28 131.91 0.900 0.444 -0.82 16.78 1091062.05 36
Unleaded (95R) - - Sugar 11♥ 14.64 0.14 12/17 6.00 106.72 2.63 0.02 -0.03 0.10 -1.10 5-15 yrs -0.69 9.70 -0.66 -0.67 -0.82 9.71 -0.79 -0.81
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 105.34 0.63 0.02 -0.02 -0.01 -0.67 Over 15 yrs -0.77 29.17 -0.76 -0.46 -0.79 29.23 -0.78 -0.49
Base Metals (♠ LME 3 Months) Cotton♥ Dec 62.11 0.56 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 101.69 1.55 -0.01 -0.07 0.02 0.00 All stocks -0.76 20.35 -0.75 -0.49 -0.81 20.52 -0.80 -0.55
Aluminium 1461.00 -10.50 Orange Juice♥ Jan 150.65 -0.50 amount.
Aluminium Alloy 1600.00 30.00 Palm Oil♣ Dec 527.00 3.25 Portugal 06/18 4.45 110.34 0.38 0.02 -0.13 -0.03 -1.03 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 4614.00 9.00 Live Cattle♣ Dec 130.05 0.08 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 104.14 2.40 -0.06 -0.37 0.08 0.00
Lead 1573.50 -13.50 Spain 04/18 0.25 100.23 0.15 -0.02 -0.05 -0.04 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Jan 163.78 3.00
Nickel 8915.00 -85.00 Lean Hogs♣ Dec 54.28 0.08 Spread Spread Spread Spread 10/25 2.15 104.08 1.70 -0.03 -0.14 0.07 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 14465.00 -110.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.40 1.16 0.00 -0.02 0.28 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1500.50 -18.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 114.67 0.88 0.04 -0.04 0.19 -0.27 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Nov 18 Month Year Australia 2.99 2.49 0.72 Italy 1.51 1.01 -0.75 Switzerland 01/18 3.00 108.90 -1.11 0.00 0.00 0.00 0.00 [email protected]
Gold 1067.75 -11.45 S&P GSCI Spt 337.90 -8.48 -34.69 Austria 0.76 0.27 -1.50 Japan 0.30 -0.20 -1.97 05/26 1.25 115.85 -0.24 0.00 0.00 0.00 0.00
Silver (US cents) 1421.00 4.00 DJ UBS Spot 82.03 -8.62 -29.75 Belgium 0.79 0.30 -1.47 Netherlands 0.67 0.17 -1.60 United Kingdom 07/18 1.25 101.09 0.84 0.00 -0.06 0.13 -0.38 Data provided by Morningstar | www.morningstar.co.uk
Platinum 844.00 -17.00 R/J CRB TR 185.12 -7.42 -30.52 Canada 1.78 1.29 -0.48 Norway 1.55 1.06 -0.71 01/21 1.50 100.51 1.40 0.00 -0.08 0.13 0.00
Palladium 544.00 -3.00 Rogers RICIX TR 2136.38 - - Denmark 0.75 0.26 -1.51 Portugal 2.40 1.90 0.14 09/25 2.00 100.76 1.91 -0.01 -0.10 0.11 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 242.93 -7.41 -34.73 Finland 0.75 0.25 -1.51 Spain 1.70 1.20 -0.56 01/45 3.50 117.61 2.63 0.00 -0.06 0.07 -0.29
Iron Ore (Platts) 45.30 -1.20 UBS Bberg CMCI TR 12.61 -8.53 -31.57 France 0.81 0.32 -1.45 Switzerland -0.24 -0.73 -2.50 United States 07/17 0.63 99.68 0.82 0.00 0.01 0.24 0.00
Iron Ore (The Steel Index) 45.10 -0.70 LEBA EUA Carbon 7.96 0.00 38.68 Germany 0.50 0.00 -1.77 United Kingdom 1.91 1.42 -0.35 10/20 1.38 98.55 1.68 0.00 -0.04 0.00 0.00
GlobalCOAL RB Index 58.50 1.50 LEBA CER Carbon 0.67 15.52 737.50 Greece 7.03 6.54 4.77 United States 2.26 1.77 0.00 11/25 2.25 99.88 2.26 -0.01 -0.05 0.00 0.00
Baltic Dry Index 504.00 -15.00 LEBA UK Power 1495.00 -28.09 -48.91 Ireland 1.03 0.53 -1.23 11/45 3.00 99.53 3.02 -0.02 0.00 0.00 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
24 ★ FINANCIAL TIMES Friday 20 November 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence HenderGp 298.00 3.80 303.30 197.20 3.02 20.79 1618.8 Severfd 62.25 -1.25 73.00 57.00 - 1296.88 22.6 BHP Bltn 888.70 8.00 1735.68 852.50 8.96 21.40 13333.2 Town Ctr 310.00 - 336.25 260.00 3.37 6.87 8.1 Lavendon 136.75 3.75 211.50 130.02 3.36 14.42 5825.8
AvonRub 1084 -5.00 1180 668.38 0.52 24.60 105.5 ICAP 508.50 -3.00 573.00 382.40 4.33 25.25 871.9 SKF SKr 153.50 4.60 231.70 140.20 3.74 15.43 2728.5 BisichMg 75.00 - 94.75 60.15 5.33 5.77 0.8 Wkspace 920.00 -5.00 988.00 670.00 1.31 4.27 1568.4 MngCnslt 14.75 - 19.00 13.25 5.59 -71.95 6.2
BAE Sys♦ 484.10 7.50 549.00 419.30 4.23 21.87 11945.4 Indvardn SKr 154.60 -0.50 183.50 129.30 4.22 13.54 939.0 Spirax-S 2991 1.00 3767.56 2738 2.24 22.95 101.6 EVRAZ 84.95 0.30 209.90 60.30 - -1.64 1348.8 Real Estate Inv & Services MearsGp 447.25 7.25 475.00 354.75 2.24 17.29 48.8
Chemring 186.50 4.75 243.00 131.00 2.20 -21.33 163.0 ICG 595.50 18.50 712.83 485.70 4.31 9.33 814.7 Tex■ 111.50 - 130.00 86.30 5.38 7.93 14.4 Fresnillo 699.50 9.00 939.50 569.63 0.28 147.89 1351.0 Cap&Count 434.40 5.00 475.10 341.10 0.34 6.38 873.2 MenziesJ♦ 393.00 -2.00 525.00 306.25 4.12 34.94 28.2
Cobham 290.10 3.90 349.10 250.50 3.67 -168.47 1731.9 IPF 370.40 -0.10 512.00 348.00 3.24 10.77 369.5 Trifast 119.00 -1.75 134.00 93.50 1.76 14.24 59.0 GemDmnd 102.75 -0.25 189.13 94.75 3.09 8.42 56.3 Cardiff 1045 - 1089 950.00 1.24 4.53 0.4 MichaelPge 504.50 6.00 568.00 383.10 2.18 24.41 212.6
Meggitt 388.40 1.90 593.50 337.60 3.54 16.16 1780.0 Investec 542.00 31.00 649.50 482.40 3.60 20.10 1247.5 Vitec 611.00 -4.50 670.85 587.00 3.93 24.18 150.7 Harmony R 8.96 0.46 38.50 8.10 - -0.76 1600.3 CLS 1727 -33.00 2037 195.00 - 3.68 3.8 MITIE 329.50 1.60 341.00 263.90 3.43 34.81 660.2
RollsRoyceX 541.00 -2.00 1061 504.50 4.27 -39.79 12759.4 Jupiter 463.00 -0.40 481.30 338.79 2.85 13.85 597.7 Weir 1131 -11.00 2117 995.50 3.89 - 909.2 Hochschild 57.75 2.50 134.25 54.47 - -4.02 422.8 Daejan 5825 -80.00 6614.2 4913 1.41 4.26 5.1 PayPoint 995.50 3.50 1112.15 779.82 3.65 17.36 70.2
Senior♦ 239.40 6.80 361.70 215.60 2.35 16.10 1053.3 Liontrust♦ 297.50 -7.50 393.50 258.50 2.69 22.06 5.6 Kenmr 0.76 -0.10 6.98 0.75 - -0.34 14769.6 DvlptSec♦ 234.25 -4.75 293.00 205.00 2.52 11.06 80.8 PremFarn 107.50 3.25 204.60 96.50 9.67 9.05 604.2
Man 166.00 2.00 217.80 133.90 3.84 11.25 2696.9
Industrial General Lonmin 9.85 -0.65 194.00 8.30 - -1.29 8024.5 Rentokil 156.40 1.00 157.40 112.80 1.66 21.90 1767.9
UltraElc 1903 2.00 1942 1627 2.33 -166.94 118.3 Grainger 245.50 2.10 256.00 180.00 1.02 28.47 758.9
NB GFRIF♦ 92.55 -0.10 99.75 92.05 4.02 23.69 1466.4 BritPoly 733.50 - 755.00 610.50 2.18 11.79 0.3 Petra♦ 60.25 2.30 210.80 52.77 - 10.31 3876.3 Ricardo 880.00 27.50 967.50 605.50 1.77 25.03 110.9
HelclBar 457.25 17.25 460.00 342.00 1.50 7.52 130.9
Automobiles & Parts Paragon 402.50 -18.90 461.50 360.20 2.24 12.39 1303.1 JardnMt $X 51.03 -0.10 67.88 45.02 2.76 12.21 240.8 Petropvlsk 5.69 -0.02 22.25 4.21 - -0.83 602.2 HK Land $ 7.31 0.11 8.80 6.40 2.53 13.84 2775.7 RbrtWlts 385.00 - 478.00 270.00 1.56 22.45 19.4
FordMtr $X♦ 14.57 0.11 16.74 10.44 3.98 12.10 14463.6 Providnt♦ 3600 32.00 3648 2143 2.72 26.87 277.2 Jard Str $X 27.47 0.12 37.03 26.11 0.96 10.01 42.8 PolymtIntl 570.00 -9.50 634.00 424.20 2.38 -17.58 264.5 RPS 237.00 - 271.37 181.50 3.57 16.76 139.5
Macfrlne 49.50 - 53.00 35.00 3.33 12.01 206.7 Lon&Assc 28.50 -0.50 42.52 27.55 0.55 -4.02 36.4
GKN 301.80 5.10 389.00 248.56 2.78 33.59 4398.6 RathbnBr 2184 -46.00 2348 1899 2.38 28.13 11.6 RndgldRs 4051 118.00 5752.1 3546 0.96 29.44 482.9 MacauPrp 159.50 -5.50 250.00 155.00 - -3.77 75.6 Shanks 96.25 -0.50 113.50 88.00 3.58 -50.42 166.4
Record 29.13 - 41.00 27.73 5.15 11.00 6.5 REXAM 560.50 6.00 592.50 424.60 3.16 19.83 2220.9 RioTintoX 2290 29.50 3280 2090.5 5.96 22.78 6959.3 SIG 127.30 0.10 212.20 117.00 3.46 22.81 871.1
Banks RPC 703.50 2.50 712.50 490.00 2.02 33.82 825.6 Mntview 11375 - 12900 7950 2.20 13.94 0.2
S&U 2387 -0.50 2595 1920 2.76 14.20 0.4 Troy Res A$ 0.23 -0.01 0.77 0.23 - -0.47 936.3 Q'tainEst 141.25 -1.25 147.75 79.48 - 19.62 1.0 SpeedyHr 34.75 0.50 80.50 27.94 2.01 -12.64 194.7
ANZ A$X♦ 27.52 0.77 37.25 25.01 9.25 10.87 9053.0 Smith DS 413.50 6.40 423.70 278.63 2.54 25.21 1925.5
Schroder 2955 24.00 3441 2493 2.64 18.14 247.0 VedantaRs 391.50 -5.90 841.00 353.21 10.63 -0.77 793.0 RavenRuss 43.50 -0.25 61.00 37.25 - -3.07 142.2 St Ives 208.25 -0.25 210.00 156.68 3.43 59.79 63.0
BcoSant 365.25 8.50 604.00 335.57 10.03 9.53 502.4 Smiths♦ 1006 16.50 1243 916.50 4.03 16.30 1736.7
..N/V 2250 2.00 2629 1916 3.47 13.81 24.8 RavenR Prf♦ 129.50 -2.00 146.00 101.50 9.27 - 38.3 TribalGrp 77.00 - 188.00 65.00 2.34 -13.10 5.7
BnkGeorgia 1871 -35.00 2345 1609 2.45 9.39 25.6
SVG Cap 466.90 -0.10 535.00 410.00 - 11.65 125.0 SmurfKap € 25.60 -0.02 30.31 17.13 2.46 19.22 294.6 Oil & Gas Vp 737.50 10.00 816.00 581.57 2.09 15.69 2.5
BankIre € 0.33 0.01 0.39 0.07 - 14.74 14977.8 Vesuvius 350.90 11.80 530.00 323.60 4.60 9.87 1339.9 Afren 1.79 -0.05 114.22 1.28 - - 9090.3 RavenR Wrt 26.50 -0.50 38.50 25.00 - - 0.0
TullettPre 347.30 -10.00 415.90 242.60 4.85 7.42 329.7 Safestre 329.00 -1.00 335.90 217.00 2.26 6.76 263.6 Watermn 85.25 0.25 91.00 53.10 1.64 19.38 3.0
BkNvaS C$X 60.85 0.18 71.17 52.60 5.52 11.55 886.1 Aminex 1.90 0.08 2.92 1.55 - -22.35 21596.5
Tungsten 43.00 -0.50 308.18 41.00 - -1.63 148.4 Industrial Transportation Savills 876.50 -15.00 991.46 592.00 1.25 20.49 150.1 Wolseley♦ 3717 60.00 4398 3425 2.29 30.12 533.7
BarclaysX♦ 229.95 2.05 289.90 219.54 2.83 0.77 28447.5 BGX 1038.5 17.00 1301.62 780.55 1.84 -20.06 9106.9
WlkrCrip 47.25 5.25 55.00 37.50 3.60 28.11 110.8 BBA Aviat 196.10 -1.80 259.11 181.40 3.78 16.27 1128.1 SchroderRE♦ 59.75 0.50 63.00 56.10 4.15 7.31 312.2
CanImp C$X 100.38 0.48 107.32 83.10 4.16 11.24 418.6 BPX♦ 385.15 2.65 499.25 252.55 6.99 -14.07 30064.0 Tech - Hardware
HSBCX♦ 525.10 4.30 674.57 478.35 6.38 10.35 19629.9 Food & Beverages Braemar♦ 446.25 -9.75 513.86 390.00 5.83 21.25 6.7 Cadogan 9.38 - 13.25 8.25 - -0.57 1.0 Smart(J) 106.50 - 114.80 87.50 2.78 44.25 5.0 ARM Hldgs 1084 18.00 1332.5 811.50 0.71 48.05 3989.8
LlydsBkgX 73.33 -0.67 89.35 70.90 2.05 43.73 212597.9 AngloEst 578.50 -16.25 683.10 521.00 0.52 -45.17 2.5 Clarkson 2205 5.00 2855 1835 2.72 45.45 9.7 CairnEng 146.80 -1.40 210.00 135.20 - -2.40 736.9 StModwen 424.30 4.90 499.40 363.17 1.08 4.00 167.5 CSR 899.50 0.50 900.00 550.00 1.02 25.43 2323.5
RylBkC C$X♦ 76.21 0.71 83.87 68.05 3.99 11.64 1337.6 AscBrFdX 3504 59.00 3524 2705.75 0.97 49.10 572.2 Eurotunnl € 12.19 -0.09 14.57 10.01 1.49 59.49 1086.1 Cape 249.50 2.50 278.00 177.00 5.61 13.73 137.3 UNITE Gp 630.00 -12.50 706.00 432.80 1.78 5.08 505.7 Laird♦ 346.80 2.30 413.30 289.10 3.60 16.87 440.6
RBSX 315.20 -0.60 414.00 300.30 - -14.13 8835.5 Barr(AG) 525.00 -2.50 699.36 513.00 2.31 19.94 54.5 Fisher J 919.50 -14.50 1442 894.50 2.39 11.91 25.8 EnQuest 23.50 -0.75 71.50 21.50 - -2.06 4455.0 Urban&C 277.75 4.50 280.53 232.00 0.54 9.05 6.6 Pace 379.80 1.90 520.80 316.34 1.15 10.88 596.7
StandChX 593.00 5.70 1166 570.00 9.08 13.19 7377.4 Britvic 721.00 -1.00 788.00 632.00 2.90 17.91 453.6 Flybe Grp 91.50 1.50 113.04 52.00 - 30.50 1071.9 ExxonMb $X♦ 80.39 -0.35 97.20 66.55 3.57 16.81 5222.7 SpirentCM 69.00 1.00 98.75 65.95 3.57 76.41 331.3
Goldenpt 56.00 -1.50 273.00 55.00 - -0.20 3.5
Retailers
..7.375%Pf 106.50 - 128.00 104.75 6.92 - 191.4 C&C €♦ 3.76 0.04 4.08 3.16 3.18 -13.55 9.5 GenelEgy 252.75 -4.25 814.50 248.50 - -3.10 875.1 AA 270.90 -0.40 434.50 255.00 - -162.12 1178.9
..8.25%Pf 119.00 -0.25 141.00 117.00 6.93 - 77.0 CarrsGroup 169.75 0.63 178.50 136.00 2.00 13.04 50.8 OceanWil♦ 772.50 12.50 1066 722.00 5.18 71.01 59.5 GeoPark $ 3.29 0.07 8.33 2.70 - -1.76 0.7
Tech - Software & Services
RoyalMail 476.70 22.50 532.50 388.60 4.20 14.67 6753.4 AO World 159.10 0.60 240.00 118.60 - -266.05 928.3 Anite 125.75 - 129.75 69.25 1.51 39.36 4191.0
TntoDom C$X 54.67 0.18 57.89 47.75 3.58 13.13 967.5 Coca-Cola H 1616 17.00 1631.25 1051 3.13 25.67 351.1 GrnDnGas 255.00 -1.00 475.00 240.00 - 20.72 0.6 AshleyL 27.50 - 36.00 25.00 7.27 10.70 249.9
VirginMoney 353.00 -21.00 472.90 278.00 - -882.50 1825.8 Cranswk 1691 21.00 1760 1280 1.93 20.18 29.0 UK Mail 324.50 4.50 569.00 300.00 6.72 21.50 23.6 GulfKeyst 25.75 0.25 81.65 20.25 - -1.22 1112.9 AVEVA 2091 49.00 2344 1183.9 1.46 47.29 72.3
Brown N 350.00 0.30 400.00 276.85 4.07 23.55 1008.9 Computcnt 780.00 11.50 802.40 651.67 2.54 8.49 40.8
Westpc A$X♦ 31.58 0.81 40.07 29.10 8.18 13.26 7008.9 Dairy Cr 615.50 0.50 656.50 437.90 3.53 44.50 165.3 Insurance HellenPet € 4.90 -0.06 5.65 3.35 - -20.32 61.7 Caffyns 575.00 - 665.00 501.00 3.26 1.74 0.8
Devro 298.50 -2.50 328.00 264.54 2.95 53.33 19.9 Hunting 339.50 -8.50 714.00 306.16 5.82 -21.35 525.0 DRS Data 12.00 - 14.90 11.25 - -5.06 2.5
Basic Resource (Ex Mining) Admiral 1641 11.00 1672 1202 2.82 15.64 688.2 Card Factor♦■ 365.30 9.70 401.50 223.24 1.86 21.27 207.5 Elecdata 64.50 - 76.50 62.25 3.10 21.46 1.3
Glanbia € 17.25 0.04 19.59 11.39 0.64 31.46 40.0 Amlin 657.00 -1.00 663.50 427.12 1.23 14.32 4593.3 ImpOil C$X 41.91 -0.77 55.76 40.55 1.13 21.10 140.9 Dairy Fm $ 6.07 0.05 9.77 5.89 3.69 18.08 408.6
Ferrexpo 29.25 -3.00 83.00 28.15 14.35 3.00 1137.8 MicroFoc 1277 4.00 1442 1012 2.39 34.70 612.3
Grncore 326.30 2.90 359.40 253.40 1.67 22.04 527.1 AvivaX 504.00 8.00 578.68 428.40 3.59 13.19 6733.6 IE Hldgs 88.00 -9.00 216.00 67.00 - -3.00 174.4 Debenhm 81.00 -0.50 96.80 68.00 4.20 11.02 5253.6
IntFerMet# 0.90 0.06 5.61 0.76 - -0.55 562.4 NCC Grp 286.25 0.75 294.25 192.25 1.28 36.49 44.4
HiltonFd♦ 519.00 -4.00 535.00 368.00 2.56 20.70 2.7 Beazley 384.60 -2.30 389.10 253.61 2.45 13.38 492.0 JKX 28.75 - 39.40 10.23 - -0.76 55.1 Dignity 2438 -19.00 2643 1527.06 0.82 -28.02 47.3
Mondi 1494 23.00 1614.36 985.50 1.99 19.37 1007.0
Kerry € 74.08 0.69 74.49 54.11 0.80 24.71 36.0 Nostrum 366.00 21.50 683.50 333.40 4.63 15.22 621.8 RM 165.50 0.50 185.00 137.50 2.42 10.41 0.0
Vale BRLX 14.57 -0.02 27.89 14.35 15.87 -6.45 2387.1 Chesnar 336.00 -1.50 367.81 309.25 5.48 13.17 292.6 DixonsCar 459.60 -0.40 490.80 398.90 - 21.68 1973.6 Sage 561.50 15.00 584.00 363.39 2.16 30.74 1976.7
Nestle SFrX 76.10 0.30 77.00 64.55 3.05 15.98 4226.6 DirectLine 406.00 1.70 410.20 299.96 3.55 12.72 3917.1 OphirEgy 90.60 -6.35 191.30 78.00 - -2.09 2631.1 Dunelm♦ 958.00 -2.00 970.50 800.00 2.14 20.26 59.5 SDL 430.00 - 472.00 315.00 0.58 40.84 30.2
Chemicals PremFds 38.75 -1.50 47.79 29.50 - -1.52 1331.6 Eccles prf 137.25 1.75 146.00 124.50 6.28 - 78.9 Petrofac 788.50 -11.50 1203 594.00 5.38 -21.33 1144.9 Findel 237.50 -2.00 255.00 162.00 - -32.99 11.1
PureCircle 400.00 -7.00 590.00 352.24 - 253.97 22.7 PremOil 76.00 1.50 245.50 60.60 - -0.81 6126.9 Telecity 1185 -11.00 1250 940.00 1.14 94.15 343.7
Alent 502.00 1.00 502.00 315.20 1.82 23.33 1251.6 Hansard 111.50 1.25 120.06 80.00 7.62 10.28 31.1 Halfords 383.30 -2.50 563.51 381.90 3.81 11.50 714.5
REA 261.00 - 401.75 244.00 2.95 54.68 0.0 RylDShlAX♦ 1666 26.00 2299.5 1497.5 7.54 100.70 8482.0 TriadGp 35.50 -0.50 43.00 9.25 - 12.40 7.8
Bayer €X 125.80 1.65 146.45 106.80 1.88 26.61 1713.0 Hiscox 1005 1.00 1017 671.50 2.34 12.34 193.7 Inchcape 789.50 4.00 906.65 673.50 2.55 21.25 305.1
Carclo 146.75 5.25 169.75 87.00 1.87 49.05 126.6 SABMillX 4018 13.00 4090 2773 1.85 33.28 1870.7 JardineL 890.00 -9.00 1112 836.00 3.25 17.40 40.5 ..B♦ 1681.5 19.00 2408.5 1502.5 7.47 101.64 9058.5 JDSportsF 962.50 7.50 989.34 433.20 0.73 22.17 162.9 Telecommunications
Croda 2835 46.00 3150 2412 2.31 22.07 221.8 StckSpirit 180.50 -0.25 262.50 172.00 0.98 27.02 81.8 Lancashire 746.00 -1.50 755.00 506.00 1.20 10.49 487.8 Schlmbrg $X 77.76 -0.79 99.21 66.57 2.47 29.10 4177.9 Lookers♦ 176.00 0.90 185.30 124.50 1.61 14.36 237.0 BTX 491.10 3.85 493.00 372.18 2.32 18.51 13228.7
Elemntis 240.00 4.10 324.10 206.70 2.21 10.43 748.9 Tate&Lyl 594.00 -13.00 682.50 492.20 4.71 61.64 2211.2 Leg&Gen 268.30 2.00 296.02 229.95 4.19 15.63 8617.5 SEPLAT 74.50 1.00 179.00 66.00 13.10 7.53 1043.4 Marks&Sp♦ 519.50 4.50 600.00 440.10 3.46 19.90 4379.8 Inmarsat 1069 9.00 1079 717.08 3.01 23.28 1474.2
Syngent SFrX 376.60 -10.90 435.20 280.00 2.99 21.51 341.4 TongtHu R 101.00 1.00 174.50 95.40 4.49 9.79 258.5 NovaeGp 874.50 -4.00 914.39 516.50 2.84 11.47 116.8 Soco Int 143.00 -6.25 318.60 117.00 6.81 -12.35 1228.8 MossBros♦ 106.00 5.00 112.00 77.50 4.95 23.83 2127.0 KCOM Gp 94.00 0.25 101.00 78.50 5.36 38.51 173.4
Synthomer 311.60 -0.90 364.10 203.00 2.50 21.02 1010.5 Unilever♦ 2820 19.00 3087 2450 2.92 23.50 3005.4 Old Mut 202.10 2.50 20590 178.90 4.30 14.04 10605.5 TrnCan C$X 43.32 0.18 59.50 40.68 4.71 18.38 500.8 Next 7805 - 8055 6310 1.92 18.39 334.1 TalkTalk♦ 235.40 -6.70 415.10 210.10 5.86 44.31 1565.7
Victrex 1905 24.00 2202.55 1606 2.37 19.25 102.4 ..NV €♦ 41.60 0.54 42.98 30.00 2.81 24.33 13.3 PermTSB 0.06 - 0.10 0.05 - -0.08 0.0 Tullow 203.30 1.00 509.50 153.50 2.08 -1.88 6896.3 Ocado 354.00 7.50 478.50 299.00 - 310.25 1388.0 TelePlus 1062 -13.00 1376.04 725.50 3.58 26.42 39.8
Health Care Equip & Services PhoenixGrp 887.00 7.00 935.00 759.50 6.02 18.65 379.9 Pharmaceuticals & Biotech Pendragn 42.75 - 46.17 29.50 2.11 7.49 169.7
Construction & Materials Photo-Me 153.75 6.00 163.00 125.00 2.79 20.70 143.9 Tobacco
Bioquell 142.00 1.50 155.50 80.00 2.32 141.72 71.1 PrudntlX 1518 23.00 1761.5 1045.99 2.43 15.45 3748.8 BTG 606.00 -4.00 835.87 504.00 - 50.91 435.5
Alumasc 175.00 -2.50 221.83 117.00 3.03 11.82 6.4 Saga 210.30 0.90 225.10 143.75 1.95 17.14 378.7 BrAmTobX 3860.5 52.00 3906.73 3231.5 3.84 17.92 2695.6
ConstMed 973.00 2.50 1004.69 690.85 1.86 64.44 10.3 RSA Ins 440.00 6.10 528.00 390.50 0.45 67.78 2327.5 CathayIn 19.00 - 28.29 16.00 - -19.77 2.0
Boot(H) 223.00 -2.00 245.00 174.75 2.51 13.64 596.8 SignetJwl♦ 9104 -72.00 9917.53 7356 0.56 27.91 1.7 ImpTobX 3492 -78.00 3648 2680 3.67 17.48 3423.7
GNStre kr 131.40 0.60 158.50 113.70 0.72 25.68 543.6 SagicFin 56.50 2.50 68.00 53.00 4.67 4.52 1.8 Dechra♦ 967.00 0.50 1068 751.00 1.63 43.97 35.8
ClarkeT 90.63 4.38 91.00 53.75 3.42 - 272.3 SuperGroup 1596 -9.00 1690.08 750.00 - 28.61 121.2
UDGHlthC 517.00 -12.00 551.50 322.00 1.42 14.62 1918.1 StJmsPl 968.00 3.00 1008 744.83 2.41 28.81 1220.9 Genus♦ 1391 -10.00 1535 1191 1.32 21.43 76.2 Travel & Leisure
CRH 1875 97.00 2478.5 1351 2.36 35.08 2884.1 TescoX 172.00 1.10 252.52 155.40 0.67 -2.47 23749.9
Stan Life 404.70 4.20 505.68 372.28 4.52 29.88 3042.6 GlaxoSmhX♦ 1347 -2.00 1645 1227.5 5.94 6.67 7540.6 888 Hldg 167.00 3.50 185.75 131.00 3.05 22.23 161.6
GalfrdT♦ 1421 7.00 1824 1132 4.22 12.81 170.7 House, Leisure & Pers Goods VertuMotor 76.25 -0.50 77.00 50.50 1.38 13.50 1198.5
Keller 797.50 -12.00 1105 786.00 3.16 25.18 99.9 Media HikmaPhm 2110 62.00 2617 1849.38 0.66 27.31 616.9 AirPrtnr 407.25 5.75 470.00 246.20 5.42 14.27 1.7
AGARmst 184.50 - 213.00 78.44 - -39.95 36.7 Oxfd Bio 6.99 -0.06 13.38 4.17 - -17.88 2360.6 bwin.party 105.90 -1.00 119.90 70.40 3.37 292.54 1680.1
KierGp♦ 1297 -1.00 1779 1260 4.53 32.43 129.9
BarrttDev♦■ 577.00 -0.50 673.50 411.60 2.06 12.95 4102.1 4imprint 1242 -34.00 1351.85 775.00 1.65 28.48 2.1 Support Services
Kingsp € 24.89 1.25 24.99 12.62 0.66 31.37 47.5 Centaur 68.00 -1.00 87.09 60.91 3.82 10.07 339.3 RichterG $ 17.52 0.03 17.71 12.20 0.69 22.42 0.0 Acal 280.25 2.00 334.75 192.00 2.56 58.39 571.2 Cineworld 538.00 -2.00 599.00 344.20 2.51 18.02 167.5
Bellway 2437 -15.00 2638 1686 2.50 10.56 214.4 ShireX 4718 45.00 5870 4305 0.32 13.92 1377.8 CompassX 1075 19.00 1223.36 963.00 2.52 20.87 4092.6
LowBonr 68.00 1.25 76.00 44.25 3.97 17.51 51.6 ChimeCm 364.50 -0.25 366.00 239.00 2.30 128.25 139.6 Aggreko 992.00 16.50 1724.15 866.00 2.73 13.13 701.0
Berkeley 3093 -46.00 3570 2264 5.82 9.88 548.0 VecturGp 170.00 - 187.50 119.00 - 105.20 1099.6 EntInns 103.80 -0.20 139.60 94.65 - 17.38 1238.6
Marshlls♦ 322.00 -3.70 379.80 212.79 1.86 26.25 146.2 Creston 134.00 1.00 163.00 108.00 3.02 10.77 35.4 APR Engy 170.00 1.50 407.44 49.98 2.00 -0.29 44.0
BovisHme♦ 904.00 -85.00 1206 750.00 3.87 11.09 2032.7 FirstGrp 106.20 0.20 129.90 88.65 - 19.18 2601.4
MorgSdl 755.50 -1.50 865.00 570.00 3.57 -22.10 3.1 DlyMailA 724.00 -12.00 989.50 716.50 2.82 9.85 1653.2 Real Estate AshtdGp 1052 21.00 1231 838.00 1.16 16.05 2495.2
Cairn Homes € 1.09 0.00 1.15 1.00 - - 3121.9 Fuller A 1143 23.00 1250 905.00 1.37 22.67 7.6
Norcros 199.75 -1.25 227.60 150.00 2.80 14.07 131.9 HaynesPb 107.50 -2.50 171.90 103.00 6.98 -2.02 6.6 AtknsWS 1530 52.00 1580.34 1225 2.39 15.72 283.4
CrestNic 513.00 -2.00 598.50 328.20 2.79 11.48 652.5 Harworth Gr 11.63 -0.38 14.00 7.26 - 2.81 1702.1 Go-Ahead 2638 10.00 2745 2269 3.24 22.07 43.8
StGobn €X 40.91 0.60 44.84 31.83 1.53 27.19 1586.1 ITE Grp 152.50 2.50 204.75 125.00 4.85 12.19 101.9 Babcock 1000.00 6.00 1207 868.50 2.19 18.99 1078.8
GamesWk 586.00 1.50 600.00 487.25 8.87 15.31 3.3 REITs GreeneKg 816.00 10.50 891.00 712.00 3.52 20.09 541.4
Tyman 238.25 -0.50 342.00 230.00 3.36 34.55 148.6 ITV♦ 267.20 -0.10 281.90 199.90 1.76 20.42 9533.6 Berendsen 1058 29.00 1161 946.50 2.84 20.78 378.6
Gleeson♦ 515.00 10.00 520.00 324.66 1.48 22.40 8.7 Assura 54.75 -0.50 64.00 48.25 3.38 11.65 1097.2 IrishCtl € 5.14 -0.13 5.27 2.90 2.06 13.97 3.1
JohnstnP 46.25 -6.75 175.00 44.00 - -96.56 11364.9 Brammer 162.25 0.25 420.50 148.75 6.59 22.64 826.5
Electronic & Electrical Equip Headlam 503.00 -1.00 550.00 395.00 3.48 16.72 7.9 BigYellw 776.50 20.00 781.50 547.50 2.79 9.24 664.6 Bunzl♦ 1886 8.00 1969 1665 1.88 27.63 612.0 Ladbrokes 109.50 - 147.00 92.85 8.13 -41.92 2261.9
McBride 156.25 -0.75 176.00 74.00 - -406.90 1593.3 News Corp A $ 14.08 -0.19 17.55 12.16 0.72 -76.48 1416.6
Dialight 510.00 9.50 850.00 398.00 2.94 27.29 68.8 BritLand 841.50 12.50 891.50 719.00 3.31 6.13 3022.4 Capita♦ 1251 14.00 1336 1000.5 2.33 33.91 994.2 MandarO $ 1.45 -0.04 1.78 1.44 4.62 18.82 153.1
McCarthy&S 223.00 2.50 228.00 180.00 - 18.69 555.3 NewsCpB $ 14.17 -0.20 17.11 12.24 0.71 -76.94 527.1
e2v Tech♦ 237.25 3.00 268.00 167.50 2.15 21.57 98.8 Cap&Reg 68.50 - 71.00 49.00 1.39 4.17 72.3 Carillion 311.20 0.80 371.40 293.20 5.70 24.88 830.8 Marstons 157.70 1.50 174.40 135.80 4.25 -33.39 811.1
Persimn 1840 -25.00 2156 1423.36 - 12.78 1329.3 Pearson 815.00 3.00 1517.42 747.00 6.26 34.91 4083.1
Halma 823.50 18.00 832.00 642.50 1.45 29.22 1122.9 Countrywd 399.70 -5.90 608.00 397.10 3.75 19.91 329.0 Comnsis 44.00 1.25 63.00 42.00 4.55 -6.04 63.7 Natl Exp 325.10 2.40 326.40 216.30 3.17 20.14 710.9
Philips € 25.14 0.19 28.00 20.48 - 37.50 4336.1 Quarto 218.00 - 239.00 143.50 3.80 8.47 6.1
MorganAd♦ 245.90 5.50 375.84 224.85 4.43 42.54 399.2 DrwntLdn 3774 20.00 3888 2800 1.05 5.23 150.1 ConnectGp 155.75 -4.25 191.45 128.02 6.03 12.21 346.5 PPHE Htl 649.00 - 688.00 429.00 2.73 9.90 3.8
PZCusns 320.00 1.70 376.90 283.00 2.45 25.73 221.0 RELX NV € 14.36 0.18 24.17 13.85 - - 3278.3
OxfordIn 646.00 9.00 1114 502.62 2.01 -75.41 93.3 Gt Portld♦ 871.00 2.00 892.50 676.46 1.03 4.73 524.5 DCC♦ 5860 85.00 5975 3294 1.44 38.17 304.3 Restaurt 659.00 14.00 748.70 611.00 2.34 23.54 836.2
ReckittBX 6315 9.00 6450 4895 2.20 26.83 1007.5 RELX PLCX 1186 11.00 1199 988.50 2.19 27.48 1867.3
Renishaw 1839 -1.00 2672.9 1805 2.30 10.98 82.9 Green Reit € 1.52 0.01 1.70 1.21 - - 7.9 DeLaRue 446.75 -1.25 606.00 442.59 8.17 13.35 73.7 Sportech 55.50 - 72.00 48.00 - -1.32 2.4
Redrow 443.00 -5.40 504.50 254.50 0.90 9.98 355.0 STV Grp 455.00 5.25 494.00 338.00 1.76 13.90 0.2
Spectris 1704 55.00 2420 1608 2.73 15.78 456.0 Hammersn 612.00 15.00 708.00 569.50 3.33 7.07 1899.6 Diploma 700.00 - 916.50 600.29 2.43 21.37 204.5 Stagech 351.20 5.80 437.90 326.80 2.79 14.54 397.3
TaylorWm 185.30 -0.40 207.40 121.85 0.84 14.58 13728.9 ThmReut C$X 53.25 0.20 55.92 42.85 3.36 15.79 969.2
TT Elect 134.00 0.50 164.00 96.00 4.10 -68.61 18.2 Hansteen♦ 115.20 0.30 128.95 101.50 4.34 5.68 3061.5 Elctrcmp 232.00 3.90 263.10 167.55 5.06 14.55 1586.3 ThomasCook 106.00 0.10 162.20 99.05 - -27.36 2774.7
TedBaker♦ 3490 62.00 3490 1882.48 1.15 41.28 33.0 UTV Med 180.00 0.75 205.00 137.00 4.03 32.18 7.9
XP Power 1473 13.00 1750 1340 4.21 14.64 103.9 HIBERNIA 1.38 0.00 1.39 1.06 - - 4728.3 EnergyAst 501.00 1.00 640.00 392.25 - 17.13 4.4 TUI 1130 18.00 1294.78 996.74 - 63.17 557.5
WPPX 1515 7.00 1616 1271 2.52 15.66 2953.3
Industrial Engineering Highcrft 1000.00 5.00 1090 820.00 3.60 18.32 1.0 Essentra 856.00 7.50 1069 714.00 2.14 30.64 387.0 Whitbrd♦ 4515 15.00 5475 4379 1.82 21.88 412.5
Financial General Mining INTU♦ 326.60 4.80 376.50 307.20 4.19 17.08 1541.3
Bodycote 535.00 4.50 797.59 489.90 2.69 17.12 601.7 Experian 1217 24.00 1264 976.50 2.16 26.85 2217.2 Willim H♦ 347.70 3.70 432.10 312.10 3.51 17.36 2953.4
3i 496.70 7.80 571.50 413.70 1.63 7.93 1731.4 LandSecs 1250 11.00 1363 1112 2.57 4.74 1989.5
Castings 475.00 2.50 479.25 360.00 2.80 13.92 1.9 Acacia 170.80 8.70
318.90 154.50 1.61 47.67 1000.1 Grafton 638.50 15.00 868.00 613.00 1.68 16.55 2750.9
AberAsM 338.90 1.70 509.64 288.80 5.31 14.93 3094.6
AngloAmer 450.75 1.30
1392.5 417.20 12.11 -1.30 9860.2 LondonMtrc 166.10 1.10 173.20 144.20 4.21 6.51 1453.2 Utilities
BrewDlph 262.50 4.20 361.00 247.70 3.77 39.89 974.3 Fenner 144.50 0.75 269.80 124.50 8.30 701.46 615.1 HarvyNah♦ 92.63 -0.13 107.00 66.32 3.84 13.44 3.5 Centrica♦ 213.60 2.00 301.00 206.80 6.32 -21.49 10450.5
Goodwin 2240.5 3.00 3285 2063.5 1.89 12.97 2.8 AngloPacif 72.25 2.75
128.00 66.25 11.70 -2.90 152.4 McKaySec 263.00 -0.50 278.00 219.68 3.31 4.59 6.0 Hays 143.70 1.50 173.70 123.30 1.86 19.66 908.6
Canaccord♦ 210.00 -5.00 515.00 201.50 4.69 -7.82 0.1 MucklGp 502.00 2.00 510.00 428.00 4.08 5.64 3.2 DeeVally 1457.5 -5.00 1480 1135 4.29 19.34 1.3
Hill&Sm♦ 643.50 -3.00 735.00 556.50 2.80 24.98 15.0 AnGoldA R 97.00 5.06
149.99 71.59 - -22.51 2219.4 Homesve 419.20 1.30 447.84 314.52 2.95 23.96 306.1
CtyLonInv 348.00 - 380.37 310.00 6.90 13.37 3.1 PrimyHth 109.00 -1.50 113.50 87.50 4.53 12.22 241.7 Drax 228.10 11.00 613.50 213.40 5.22 5.34 2600.5
IMI 917.00 8.50 1454.55 859.50 4.10 14.17 1010.5 Antofagasta 501.00 1.00
811.50 465.90 2.73 32.54 2911.3 HowdenJny♦ 503.00 - 532.00 374.50 1.67 21.41 835.6
CloseBrs♦ 1501 -20.00 1857.39 1344 3.36 12.88 582.6 Redefine♦ 52.25 -1.75 59.90 49.20 6.12 5.16 2979.9 Natl GridX 939.50 16.60 965.00 806.40 4.56 16.37 7505.9
MelroseInd 280.00 2.20 314.78 242.70 2.97 43.81 2436.0 ..5%Pf 0.60 - 0.60 0.60833.33 - - Intserve 545.50 -0.50 878.50 487.20 4.22 14.83 167.1
DBAG € 26.00 -0.05 34.50 22.24 1.55 9.68 13.5 SEGRO 435.60 6.10 466.70 360.70 3.47 4.07 712.2 Pennon 827.50 5.00 925.00 711.90 3.62 26.43 546.6
Renold 57.75 1.00 86.00 50.75 - 22.60 10.3 AquarsPl 11.25 -0.25 17.00 5.53 - -2.68 7866.1 Intertek 2657 18.00 2773 2141 1.85 22.56 375.3
Hargr Lans 1491 5.00 1505 909.00 1.52 45.08 552.8 Shaftbry 918.00 1.00 975.50 737.50 1.43 5.10 551.5 UtdUtils 974.50 16.50 1045 816.50 3.75 24.55 1291.0
Rotork 174.10 0.60 267.20 162.60 2.88 15.17 2541.8 Barrick C$ 10.00 0.37 16.54 7.89 1.34 -2.84 1949.7 Latchways 1100 - 1105 705.01 3.60 29.05 0.4
HBM Hlth SFr 98.50 0.50 113.50 87.00 - 21.17 14.5

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence PolarCap 386.50 9.00 490.00 335.00 6.86 15.22 1.8 Insurance EuropaOil 3.13 - 10.75 2.65 - -3.63 827.2 Palace Cap 370.00 - 405.00 312.00 2.30 4.62 2.4 Tech - Hardware
Cohort 398.50 3.50 432.04 230.00 1.10 29.01 22.9 Share 29.00 -1.00 40.75 26.50 2.14 308.51 10.0 Gable 20.00 - 63.00 16.75 - -2.91 4.0 FalkldO&G 10.00 - 45.00 9.52 - -21.55 533.7 PnthrSec♦ 377.50 - 402.00 300.00 3.18 16.67 0.9 AminoTech 112.50 -4.00 171.00 104.00 4.44 10.02 58.5
ShoreCap 425.00 - 431.50 400.00 2.35 14.72 0.4 Helios 201.00 - 205.00 120.00 0.75 26.10 0.0 GETECH♦ 34.50 -0.50 65.00 32.00 6.43 6.27 10.7 PSPI 40.50 - 41.70 23.50 - -8.45 0.4 IQE 23.13 0.13 27.00 15.25 - 95.95 298.0
Banks STM Group 67.50 -1.25 73.00 16.50 - 36.33 12.1 Infrastrata 2.38 - 7.48 1.32 - -2.07 80.4 SiriusRE € 0.52 - 0.53 0.35 2.12 10.81 140.9
BCB Hldgs 4.00 -0.50 12.00 4.00 - -0.34 8.0 WH Ireland 101.00 2.00 130.00 79.00 1.98 38.86 7.0 Media Iofina 21.13 0.13 45.00 13.62 - -7.28 368.0 SumGermny €♦ 0.91 - 0.99 0.65 3.46 15.00 10.0 Tech - Software & Services
STB 2912.5 0.50 3024 2680 2.33 21.16 12.9 Avesco 219.00 - 252.00 102.00 2.74 15.26 1.3 Ithaca Engy 41.00 0.25 83.71 26.25 - -7.66 1196.8 TaliesinPr 2260 5.00 2545 1905.65 - 8.19 6.0 Blinkx 25.00 -0.25 40.50 14.75 - -1.72 10912.0
Food & Beverages Cello Gp♦ 89.00 0.50 106.70 79.00 2.92 83.10 276.8 KBC Adv 135.50 - 144.50 77.00 0.74 34.36 176.9 Winkworth♦ 150.50 -2.00 180.00 115.00 4.19 13.65 5.1 BondInt 95.50 -1.00 148.25 83.00 2.30 17.78 20.0
Basic Resource (Ex Mining) FinsbryFd♦ 103.00 - 110.00 56.00 1.53 18.42 214.8 M&Csaatc 332.38 1.13 395.00 280.25 1.89 -45.50 6.8 Brady 80.00 - 110.13 64.00 2.31 -62.84 23.2
Max 0.16 - 1.35 0.08 - -0.08 634.1
CropperJ 620.00 - 718.00 383.00 1.37 28.55 0.4 Nichols 1418 27.00 1496.81 834.56 1.58 24.56 2.7 MissionMk♦ 46.25 - 50.00 39.00 2.16 10.26 10.0 PetrelRes 3.63 - 5.63 2.00 - -1.77 5.0
Retailers Datatec 242.50 - 370.00 241.00 2.15 11.41 0.9
RealGdFd 57.00 -2.00 59.40 23.00 - 41.27 67.8 Next15Cm♦ 226.00 - 228.08 140.00 1.22 146.18 1.4 ASOS 3200 28.00 4259 2146 - 72.08 471.3 DDD 2.00 -0.25 4.50 1.25 - -2.07 189.9
Chemicals Petroceltic 40.00 1.00 195.00 38.00 - -0.54 155.1
Wynnstay 547.50 - 607.25 474.52 1.86 15.42 1.2 YouGov 154.00 - 156.00 101.50 0.52 49.94 1.1 PetroNeft 2.50 -0.05 6.20 2.45 - -3.68 324.9 Koovs 34.50 - 171.00 33.00 - -1.18 5.3 Eckoh 45.88 -1.38 48.83 35.89 0.81 67.27 157.8
Scapa 200.00 0.75 225.25 122.55 0.50 32.23 1019.4
Plexus♦ 170.50 - 252.50 148.00 0.66 27.67 0.4 Majestic 343.00 -1.75 480.00 273.25 1.22 26.26 1266.7 EgSoltns 64.00 -1.00 79.00 61.00 - -44.41 0.9
Health Care Equip & Services Mining
Construction & Materials Rockhop 35.25 0.25 83.50 34.00 - -6.89 691.0 StanlGib 95.50 5.00 322.00 87.00 5.24 -42.79 176.8 Iomart 304.75 -2.75 310.00 159.93 0.57 36.98 83.6
Advnc Med 168.00 -1.25 187.29 116.00 0.42 26.23 138.5 Amara 7.93 0.14 20.00 7.51 - -4.68 108.8
Abbey 1100 - 1129.4 830.00 0.73 8.20 0.1 Sound Oil 14.38 0.13 26.73 8.75 - -9.12 1068.3 Support Services K3BusTc 364.00 - 375.00 205.00 0.34 34.07 21.0
AVO 6.00 - 16.90 3.60 - -7.59 601.4 AMC 8.90 - 44.58 5.25 - 8.86 1054.2
AccsysTch 66.50 0.38 81.50 56.00 - -6.55 96.9 TowerRes 0.10 - 0.77 0.08 - -0.43 1424.2 OMG 43.25 -0.50 49.00 26.50 1.16 124.64 22.0
CareTech♦ 242.50 - 262.15 190.00 3.30 11.44 20.3 BotswanaD 0.75 -0.05 2.50 0.63 - -1.61 8.0 AndSyks 325.00 - 355.00 270.00 7.32 13.96 1.5
Aukett 7.00 - 8.50 5.50 3.00 9.19 54.5 TrinityE 5.50 - 47.00 2.92 - -0.06 6.0 Progility 1.85 - 8.25 1.25 - 7.58 11.2
CircleHldgs 43.00 -1.00 69.00 32.00 - -12.51 0.8 CentAsiaM 154.50 0.50 198.00 135.16 8.02 15.89 2.4 Augean 54.25 - 62.00 37.65 0.92 10.94 26.0
UnJackOil 0.16 -0.01 0.30 0.14 - -5.96 526.5 Pub Tech 127.50 - 208.00 114.00 - -3.93 6.3
Electronic & Electrical Equip ImmunDiag 270.00 - 347.50 264.40 3.15 33.78 4.5 Connema 1.30 - 2.80 0.25 - -3.69 10.0 Begbies 43.50 - 51.08 38.50 5.06 -70.27 50.7
SciSys 69.75 - 95.51 38.50 2.31 -60.92 42.7
SphereMed 11.25 - 27.00 8.30 - -1.43 14.1 VictorOil 47.75 0.50 89.05 1.32 - -1.51 122.1 Christie 127.50 - 162.00 118.00 1.76 11.13 3.3
CeresPow 6.18 - 10.08 6.00 - -4.63 5.0 C'royG&NR 0.43 - 1.10 0.40 - -4.62 50.0 WANdisco 117.50 1.00 545.00 95.00 - -1.29 6.1
Tristel♦ 128.50 2.00 130.00 67.00 1.44 24.55 67.6 VolgaGas 34.00 -3.50 95.00 31.00 9.35 8.26 38.4 Empres 106.00 - 106.90 38.13 0.66 12.79 174.4
Densitrn 10.75 - 11.00 3.50 - 370.69 42.5 GrekaDrill 5.25 -0.28 16.80 5.07 - -5.05 3.0
ElektronT 6.75 - 8.70 4.00 - 10.20 1.6 House, Leisure & Pers Goods Herencia 0.08 - 0.30 0.07 - -0.85 150.0 Pharmaceuticals & Biotech Hargreaves 295.00 -4.75 710.00 280.00 9.05 4.59 112.9 Telecommunications
FlowGp 15.25 -0.25 50.00 9.75 - -3.17 1119.1 HighldGld 51.00 - 59.75 17.73 8.91 -8.43 116.9 Abcam♦ 554.50 -2.50 621.00 390.25 1.43 29.86 607.6 Impellam♦ 752.50 - 859.60 467.50 0.83 12.29 0.6 AltNetwks 460.63 1.38 545.00 261.50 3.15 24.87 9.3
Airea♦ 19.25 - 23.00 10.50 3.12 14.88 3.0 ISG♦ 210.50 - 356.00 140.00 2.33 -6.34 7.3
LPA 89.00 4.50 102.00 58.00 1.74 78.62 21.0 KarelianDd 1.05 0.10 1.85 0.80 - -15.00 4764.5 AllcePharm 53.75 - 63.00 31.70 1.86 17.22 52.1 Peoples Op 106.00 - 147.60 102.00 - -46.80 0.9
Churchll 680.00 2.50 705.00 502.00 2.37 21.10 3.1 JhnsnSrv 87.00 0.25 95.41 56.63 1.95 59.35 15.7
ThorpeFW 217.88 2.88 234.71 130.00 1.51 21.55 7.1 OracleC 2.23 - 3.00 0.25 - -14.26 421.1 Epistem 130.00 - 339.00 110.00 - -4.34 416.4
Zytronic 375.00 -1.50 386.00 252.00 2.67 18.34 10.7
gamingrealm 24.75 - 41.00 20.00 - -5.29 0.0
ShantaGold 5.13 - 11.45 4.00 - -10.57 461.4 JourneyGp 180.50 - 187.50 115.00 1.65 14.33 701.1 Travel & Leisure
Mulberry♦ 904.50 - 969.00 675.00 0.55 -385.39 0.9 e-Thera 28.00 - 49.40 24.25 - -9.05 5.3
SierraRut 21.75 - 36.75 16.06 - -18.73 34.5 LonSec 2100 - 2400 1800 2.95 21.95 0.0 32Red PLC 96.50 -1.50 104.09 35.25 2.49 34.94 214.6
GW Phrms 471.50 -6.25 708.55 310.00 - -35.36 411.2
Financial General Portmern 957.50 - 980.00 860.20 2.77 15.67 0.7
Sirius Min 18.00 - 29.50 6.40 - -35.79 2389.2 Matchtech♦ 530.00 - 587.80 485.00 3.82 17.92 8.1 CastleStIn 28.75 -0.25 41.25 17.00 - 5.13 57.4
TelfordHms 371.00 -19.00 495.00 337.00 2.75 11.38 386.7 HtchChMd 2565 - 2860 1140.15 - 148.44 9.7
Ambrian 4.88 - 12.05 4.50 - -1.27 28.0 Stratex 1.48 -0.08 2.92 1.00 - -3.05 419.0 NewmkSec 2.98 0.03 4.93 1.86 2.52 6.97 439.7 Celtic 73.50 - 79.00 70.75 - -17.28 0.2
WalkerGb 202.00 - 244.85 161.00 1.14 22.46 26.5 ImmuPhar 26.00 -0.75 65.00 23.50 - -8.75 36.4
Arbuthnot 1475 -17.50 1650 1250 1.83 20.25 1.3 ZincOx 6.88 - 18.00 6.00 - -0.56 62.0 NWF♦ 177.50 - 181.00 120.00 2.87 13.94 5.9 ..6%CvPf 65.00 - 80.00 35.00 4.98 - 0.5
ReNeuron 3.00 -0.13 6.50 2.80 - -6.02 3922.8
Aurora 9.13 - 11.25 8.00 - -0.93 19.0 Industrial Engineering Optimal Pay 345.00 -5.25 575.00 215.00 - 52.77 4284.0 ..Cv Pf 135.00 - 150.00 120.00 - - 0.1
Sareum 0.21 - 0.65 0.19 - -3.23 1080.6
BP Marsh 155.00 0.50 159.00 125.00 1.77 6.88 26.1 Oil & Gas PennaCns 267.50 - 285.00 126.00 1.31 15.54 88.8 Dalata 315.00 - 340.00 111.15 - 169.81 3.8
600 Grp 14.75 -0.25 20.00 14.55 - 5.73 32.5 SinclairIS 36.75 -0.25 48.00 30.00 - -14.09 64.0
BrooksMac 1976 10.50 1985 1300 1.47 29.00 10.7 AlkneEng 35.75 - 38.50 19.50 0.84 -22.41 12.1 Petards 13.88 - 14.65 9.75 - 11.03 0.4 Dart 483.75 14.00 505.00 249.50 0.60 21.79 536.8
Molins 72.50 - 96.80 66.10 7.59 -17.68 52.5 Vernalis 64.00 1.00 88.29 44.45 - -96.24 50.1
Camellia 9325 175.00 9992 8579.64 1.35 316.41 0.0 AmeriRes 25.50 0.75 48.75 19.10 - -39.41 1219.5 RedhallGp 6.63 - 15.50 5.00 - -0.27 15.5 GoalsSocc♦ 157.50 1.50 242.00 127.00 1.27 11.03 47.2
MS Intl 205.00 - 222.00 116.00 3.90 25.01 4.0
Fairpoint 189.50 - 195.00 105.66 3.38 27.26 42.3
Pres Tech 191.00 - 720.00 140.00 4.40 11.58 6.1
AndesEnrg 24.50 0.50 44.76 16.50 - -18.05 134.1 Real Estate Renew 335.00 -0.50 348.00 237.00 1.49 19.41 14.5 MinoanGp 8.75 - 14.90 6.00 - -13.87 13.4
Leeds 36.00 - 43.79 30.00 - 9.43 10.0 BahamasP 1.27 -0.04 3.10 1.11 - -5.41 490.7 Conygar 169.75 0.25 195.00 163.50 1.03 8.65 1.7 Restore 281.00 - 297.59 232.00 0.85 51.31 109.6 PeelHtls 104.00 - 110.00 77.00 1.44 20.50 3.3
TP Group 3.13 - 6.75 3.00 - -2.96 1332.5
MattioliWds 639.00 -0.50 650.00 421.96 1.46 32.61 519.3 BorSthnPet 1.90 -0.08 9.00 1.88 - -3.84 701.7 FltchKng 42.50 - 65.00 41.11 7.06 5.91 10.7 SafeCharge 240.00 -1.50 297.00 226.00 2.22 26.14 286.7
Miton 24.88 0.13 31.00 18.50 2.41 8.64 64.2 Industrial General Circle Oil 4.25 -0.13 17.50 4.23 - -0.62 101.0
Utilities
InlandHms 68.25 -0.50 77.00 53.55 0.88 21.58 3756.3 Servoca 30.75 0.25 34.30 15.00 - 22.88 374.6
MAB 337.50 -11.50 349.00 170.00 - 35.20 1.0 ClontarfEn 0.25 - 1.10 0.13 - -5.21 628.3 ModernWtr 8.75 - 23.25 7.75 - -0.40 23.1
Powerflte 90.25 0.25 100.98 44.50 1.18 29.06 20.9 Lok'nStor♦ 326.50 -2.00 332.00 228.00 2.25 42.73 16.0 Utilityws 156.50 1.00 290.00 142.00 2.88 10.75 150.9
Numis 251.25 0.25 278.00 196.09 4.18 19.08 59.0 Egdon Res 9.38 - 20.00 6.24 - -4.64 143.5 Rurelec 0.80 -0.03 5.25 0.50 - -0.29 1788.5
RM2 46.00 - 73.00 36.50 - -4.63 133.0 LXB Retail 92.00 0.50 149.00 77.00 - - 12.7
Park Grp 92.50 - 95.00 52.00 2.76 20.10 51.3 Enegi Oil 0.48 -0.08 3.35 0.42 - -0.18 513.5 SeaEnergy 4.50 - 32.63 4.00 - -0.48 149.0
Symphny 7.38 - 11.22 6.50 - -20.66 126.4 NewRiver 344.00 -0.50 351.50 283.25 3.78 9.14 325.0

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) EdinDragn♦ 236.75 -1.25 311.00 212.50 0.93 268.0 -11.7 JPM Clavr♦ 600.00 9.00 645.18 550.50 3.42 634.0 -5.4 SchdrUKMd 459.38 1.75 504.50 418.50 1.85 519.2 -11.5 VCTs 52 Week Dis(-) MMP 3.13 - 4.93 3.00 - - -
Price +/-Chg High Low Yld NAV or Pm ..CULS 104.00 -0.13 107.89 102.00 - - - JPMGIConv 92.75 -0.25 106.00 90.00 6.06 97.7 -5.1 ScotAmer 265.50 4.00 276.50 230.44 3.97 247.5 7.3 Price +/-Chg High Low Yld NAV or Pm Marwyn Val 215.50 -2.00 251.93 198.00 - - -
3i Infra 175.30 0.10 189.56 161.85 4.44 - - Edin Inv♦ 706.00 -0.50 725.00 620.00 3.38 708.0 -0.3 JPM GEI 93.75 1.50 125.05 84.25 5.23 93.8 -0.1 Scottish In 601.00 3.50 670.00 552.50 2.00 671.9 -10.6 AlbionDev 69.00 - 70.89 66.00 7.25 72.5 -4.8 TerraCat 106.00 - 110.89 90.00 - - -
AbnAsianIn 156.00 1.00 208.00 142.50 5.26 165.7 -5.9 Edin WWd 447.13 0.88 502.44 381.20 0.45 472.5 -5.4 JPM I&C Uni 353.00 - 370.00 342.00 - 361.9 -2.5 ScottMort♦ 265.00 0.80 283.40 226.20 1.11 260.4 1.8 Albion Ent 90.50 - 91.75 85.00 5.52 103.5 -12.6
AbnAsian♦■ 734.00 2.00 973.00 653.77 1.36 832.4 -11.8 EP Global 234.00 0.63 262.10 212.05 1.41 235.8 -0.8 JPM Inc&Gr 106.50 - 115.85 102.00 4.23 113.0 -5.8 ScottOrtll 747.25 -0.50 898.50 660.00 1.54 829.1 -9.9 AlbionTech 76.00 - 78.49 72.50 6.58 77.2 -1.6 ISDX
AbnJapInv 462.00 1.00 571.00 422.11 0.56 523.1 -11.7 Estabmt 169.50 - 188.00 138.00 2.89 204.8 -17.2 JPM Ind 484.25 4.00 605.50 443.00 - 543.0 -10.8 SecTstScot♦ 129.00 - 148.00 120.50 4.03 137.9 -6.5 AlbionVCT 65.50 - 67.90 63.00 7.63 67.5 -3.0
Euro Ast 1062.5 5.00 1160 945.00 4.97 1046.4 1.5 JPM JpSm 245.00 - 261.75 196.25 - 277.6 -11.7 Seneca I&G♦ 142.63 -0.63 150.00 134.00 3.93 145.9 -2.2 52 Week Vol
AbnLatAmIn 47.75 -0.25 77.79 43.35 8.90 53.6 -10.9 ArtemisVCT 68.00 - 70.52 59.23 5.88 76.2 -10.8
EuroInvT 705.00 0.75 849.00 667.00 1.99 759.8 -7.2 JPM Jap 281.00 1.00 307.95 220.00 1.00 312.5 -10.1 Shires Inc 217.13 1.25 261.00 210.98 5.64 233.3 -6.9 Price +/-Chg High Low Yld P/E 000s
..Sub 0.15 - 2.60 0.10 - - - Baronsmd 72.63 - 75.60 69.75 4.82 76.4 -4.9
F&C Cp&I 262.00 3.00 277.00 241.00 3.78 261.4 0.2 JPM Mid 1010 - 1015 743.58 2.03 1033.1 -2.2 StdLf Eqt 463.50 3.50 471.46 384.44 3.11 454.6 2.0 ArsenalFC 1567000 - 1600000 1430000 - 48.64 0.0
AbnNewDn 150.63 0.63 205.23 136.00 2.39 169.9 -11.3 ..VCT 2 95.38 - 99.00 91.00 4.72 99.7 -4.3
F&CGblSmlr 973.50 9.50 1028.92 864.00 0.84 963.9 1.0 JPM O'seas♦ 1024 9.00 1159 930.00 1.46 1093.8 -6.4 StdLf Sml 348.00 -1.00 352.75 267.00 1.33 365.4 -4.8 ShephdNm 1162.5 - 1232 1000.00 2.24 23.84 5.2
AbnNewThai 363.88 2.00 489.88 324.00 2.25 430.2 -15.4 ..VCT 3 100.13 - 101.50 94.00 7.49 104.4 -4.1
F&CMgdG 151.00 - 158.00 136.11 - 148.5 1.7 JPMRussian 331.38 -3.13 391.00 223.25 3.92 394.7 -16.0 StrategicEq 220.00 2.50 241.50 175.75 0.35 208.3 5.6 Thwaites 118.50 - 131.00 102.00 3.76 7.14 18.6
AbnSmlCo 210.50 0.50 229.00 174.00 3.09 245.2 -14.2 ..VCT 4 92.63 - 95.19 88.25 3.24 96.3 -3.8
Abn UK 307.00 4.00 334.75 281.83 3.32 316.2 -2.9 F&CMgdI♦ 118.50 - 130.00 112.10 4.18 116.3 1.9 JPMSnrSec 85.63 -0.75 99.00 85.25 7.18 91.0 -5.9 Temp Bar 1064 - 1235.01 1020 4.40 1112.2 -4.3 ..VCT 5 78.00 - 78.88 72.00 5.13 79.8 -2.3
Abf Gd Inc 195.13 3.88 212.00 156.00 3.77 212.8 -8.3 FidAsian♦ 235.25 2.25 285.50 195.50 0.47 264.1 -10.9 JPM Smlr♦ 896.00 4.00 929.20 584.17 1.07 1022.4 -12.4 TempEmerg 421.00 2.00 607.78 370.00 1.72 475.0 -11.4 BSC VCT 87.00 - 91.00 82.00 6.32 99.1 -12.2
Abf Sml 1131 -3.00 1235 1015 2.19 1253.3 -9.8 FidChiSpS 134.00 1.50 179.78 105.06 0.97 157.0 -14.6 JPM US Sml 178.25 -0.50 193.75 155.25 - 180.6 -1.3 TRIG 99.75 -0.25 109.00 99.00 6.10 - - ..VCT2 56.00 - 59.00 51.98 8.04 59.9 -6.5 Guide to FT Share Service
AcenciADbt $ 1.50 -0.01 1.80 1.48 4.09 1.7 -11.8 Fid Euro 166.00 3.30 187.50 153.00 1.87 177.0 -6.2 JupUSSmCo 599.50 -0.25 704.03 572.50 - 687.0 -12.7 ThreadUKSel 163.50 - 180.00 156.00 2.66 186.0 -12.1 Crown Place♦ 29.00 - 30.50 27.75 8.62 30.7 -5.5
AdvDvpMk 397.50 -1.63 483.00 350.00 - 450.3 -11.7 Fid Jap 82.00 -0.50 88.25 68.50 - 94.8 -13.5 KeystoneInv 1823 23.00 1900 1720.95 2.77 1924.8 -5.3 TREurGth♦■ 583.00 1.00 661.00 493.00 1.11 651.9 -10.6 FrsightSol 102.50 - 106.00 95.00 5.85 109.2 -6.1
Alliance 505.00 5.00 531.50 437.00 1.96 558.3 -9.5 Fid Spec♦ 197.00 0.50 217.00 164.80 2.18 - - Law Deb 515.75 5.75 545.50 452.50 3.04 460.4 12.0 TroyInc&G 72.50 0.75 74.71 63.75 3.14 70.7 2.5 Inc&GthVCT 93.75 0.75 104.00 88.25 19.20 102.5 -8.5
AllianzTech 610.50 1.50 640.43 507.00 - 643.6 -5.1 FinsG&I 579.00 6.00 609.36 513.00 2.02 573.0 1.0 LinTrain £ 535.00 2.50 585.00 370.00 1.26 418.6 27.8 UtilicoEmg 169.88 3.63 172.00 119.11 3.59 185.3 -8.3 KingsAYVCT 18.50 - 19.00 17.25 5.41 19.8 -6.6 For queries about the FT Share Service pages e-mail
AltAstsOps 42.00 -0.75 47.00 37.50 - 46.7 -10.1 FstPacfic H HK$ 5.11 0.01 8.38 4.56 3.99 - - Ln&StLaw♦ 344.00 1.00 384.00 331.51 4.13 366.0 -6.0 UtilEmSubs 9.75 - 14.00 7.63 - - - Maven I&G♦ 67.50 - 75.00 59.50 8.74 63.6 6.1 [email protected].
Art Alpha 252.00 3.00 300.00 248.00 1.29 309.5 -18.6 For & Col 438.20 0.20 467.90 395.60 2.15 473.8 -7.5 Lowland 1323.5 4.50 1440 1230 2.87 1337.4 -1.0 UIL Inv♦ 108.50 -5.25 126.00 105.88 6.91 146.3 -25.8 MavenVCT2 49.25 -0.25 64.00 45.00 8.12 50.2 -1.9 All data is as of close of the previous business day. Company classifications
..Sub 18.25 - 38.00 17.00 6.58 - - Geiger 12.75 -0.13 25.66 11.50 - 9.0 41.7 M&GHighInc♦ 158.00 3.00 179.95 145.00 2.91 169.2 -6.6 ValAndInc 244.50 -0.50 274.00 228.50 3.68 326.1 -25.0 MavenVCT3 75.75 - 79.00 70.00 7.26 89.5 -15.4 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AsianToRt 188.50 1.50 224.00 163.25 1.72 205.5 -8.3 GenEmer 460.20 5.20 575.00 391.70 - 517.7 -11.1 Majedie 257.00 0.75 283.00 215.00 2.92 254.1 1.1 Witan♦ 778.50 0.50 850.00 676.78 2.01 773.5 0.6 MavenVCT4 85.25 0.25 88.39 80.00 5.87 97.7 -12.7 100 constituent stocks are shown in bold.
Aurora 156.00 - 162.23 144.00 2.47 162.6 -4.1 GFIS 14.25 -0.25 22.60 13.00 - 41.6 -65.7 Man&Lon♦■ 246.50 - 259.28 219.00 1.41 299.8 -17.8 WitanPac 225.63 0.75 274.75 203.03 2.02 260.4 -13.4 MavenVCT5 36.00 - 37.00 32.00 6.94 39.3 -8.4 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Axiom 101.50 - 103.00 100.00 - - - GRIT 6.45 -0.05 28.00 4.00 - - - MCGlobPort 176.50 1.00 195.00 155.00 2.32 177.1 -0.3 WorldTst 251.25 1.75 285.25 231.00 0.21 284.6 -11.7 Nthn 2 VCT 73.00 - 88.00 67.25 7.53 76.8 -4.9 are based on intra-day trading over a rolling 52 week period. Price/earnings
BG Japan 459.50 1.50 493.25 358.25 - 444.6 3.4 GoldenPros 19.63 -0.25 34.00 18.00 - 21.0 -6.5 MCurPac♦ 259.75 -0.75 336.00 236.73 2.89 297.2 -12.6 WwideHlth 1811 7.00 2108.5 1590.25 0.77 1941.1 -6.7 Nthn 3 VCT 95.50 - 104.00 86.50 5.76 100.5 -5.0 ratios (PER) are based on latest annual reports and accounts and are updated
BG Shin 386.00 1.75 424.00 284.50 - 396.2 -2.6 Hansa♦ 768.50 2.00 988.00 740.50 2.47 1096.7 -29.9 MercantIT 1750 5.00 1762.96 1390.39 2.46 1942.5 -9.9 NthnVent 78.75 - 85.36 74.00 7.62 83.0 -5.1 with interim figures. PER is calculated using the company’s diluted earnings
Conventional - Private Equity 52 Week Dis(-)
BSRT 18.75 -0.25 34.00 17.00 - 39.1 -52.0 ..A 762.50 - 930.00 747.25 - 1096.7 -30.5 MrchTst 431.75 -1.00 500.00 406.22 5.54 448.6 -3.8 ProVenGI♦ 75.50 - 81.25 75.00 5.96 79.8 -5.4 from continuing operations. Yields are based on closing price and on dividends
Price +/-Chg High Low Yld NAV or Pm
Bankers♦ 622.00 5.00 674.50 548.00 2.43 618.6 0.5 Hend Alt 218.75 -1.25 252.50 215.00 1.37 274.8 -20.4 Mid Wynd 339.00 0.50 352.50 290.50 1.14 328.2 3.3 ProVenVCT♦ 90.75 - 97.89 89.50 5.51 98.4 -7.8 paid in the last financial year and updated with interim figures. Yields are
Hen Div 91.50 -0.25 95.50 87.50 5.57 88.4 3.5 MitonUKMic 56.75 0.38 57.00 50.00 - - - AbnPvtEq 88.63 -0.13 96.00 82.00 2.52 121.6 -27.1
BrngEmEu 533.50 -1.50 618.00 432.00 3.56 596.7 -10.6 UnicornAIM 143.00 - 143.88 122.00 4.20 160.1 -10.7 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuroF 1043 4.00 1148.5 925.91 2.25 1013.8 2.9 MitonWw 158.50 - 164.65 152.75 - 174.4 -9.1 Altamir € 10.71 0.11 11.82 9.52 4.71 17.5 -38.8
BH Global 1280 12.00 1343.6 1214 - 1368.0 -6.4 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenEuro♦ 872.25 11.25 957.00 770.00 2.06 861.0 1.3 MMP 3.13 - 4.93 3.00 - - - Dun Ent 338.38 0.88 378.00 305.00 1.39 508.9 -33.5 Ordinary Income Shares 52 Week HR
..EUR € 12.00 - 14.00 11.80 - - - capital changes where appropriate.
HenFarEs♦ 279.50 3.25 362.00 238.25 6.62 273.2 2.3 Monks 410.60 2.40 458.90 370.07 0.96 462.5 -11.2 Electra 3595 -1.00 3750 2550 - 3912.3 -8.1 Price +/-Chg High Low Yld WO GRY 0%
..USD $ 12.79 0.09 13.35 11.90 - 13.5 -5.3 Trading volumes are end of day aggregated totals, rounded to the nearest
HendGlob 370.00 - 416.81 334.86 2.70 412.1 -10.2 MontanSm 525.50 3.00 548.00 429.86 1.33 590.7 -11.0 ElectraPrf 151.75 - 152.75 146.70 - 148.0 2.5 JPM I&C 89.00 - 106.00 82.00 7.47 -17.3 0.4
BH Macro 2009 3.00 2191 1990 - 2168.0 -7.3 1,000 shares.
HenHigh 182.25 2.25 195.25 165.90 4.77 175.4 3.9 Mur Inc 682.00 7.00 796.60 637.04 4.58 722.9 -5.7 F&C PvtEq 221.00 - 230.00 210.00 4.90 277.1 -20.2 JupiterDv&G♦ 3.88 - 5.50 3.00 19.10 7.3 -43.4
..EUR € 19.80 - 21.10 19.31 - 20.9 -5.3
HenInt Inc♦ 121.00 0.88 137.69 106.92 3.68 118.2 2.4 Mur Int 833.00 -3.00 1089 784.00 5.40 844.5 -1.4 GraphEnt 594.00 3.00 615.94 552.00 1.68 699.4 -15.1 M&GHI&Gt♦ 55.75 0.25 65.50 53.00 - -19.6 -7.5 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.53 -0.16 21.10 19.25 - 20.8 -6.1
Hen Opp 885.00 -4.50 1059.1 755.00 1.41 992.2 -10.8 ..B 725.00 - 1304.1 627.00 - 844.1 -14.1 HVPE 850.00 -6.00 899.46 795.55 - 1088.3 -21.9 Rghts&Icp 4920 10.00 4950 3800 - -87.6 -13.2 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 697.50 -2.50 898.92 582.73 - 752.6 -7.3
HenSmlr 650.50 5.00 696.00 526.00 1.77 715.0 -9.0 NB DDIF $ 1.16 -0.01 1.22 1.00 - - - HgCapital 1071 1.00 1169 1030 2.99 1283.5 -16.6 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom 60.75 -0.25 103.25 55.00 9.90 60.4 0.6 Income Shares 52 Week HR
Herald 738.00 10.00 742.50 631.00 - 885.8 -16.7 NewCtyEgy 12.50 -0.13 26.95 10.50 - 17.3 -27.7 JPM Pvt Eq $ 1.01 0.00 1.07 0.80 - 1.2 -15.8 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 212.75 -0.50 240.00 164.58 - 243.0 -12.4 Price +/-Chg High Low Yld WO GRY 0%
HICL Infra 153.20 0.10 161.40 147.40 4.80 138.7 10.5 ..Sub 0.13 - 0.15 0.06 - - - JZ Capital♦ 394.00 - 480.00 388.00 - 623.3 -36.8 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 104.88 0.13 126.50 95.25 3.97 111.5 -5.9 JPM In&Gr 99.00 - 100.50 92.50 4.55 -76.5 9.9
Impax Env. 152.50 -1.50 167.75 139.00 0.92 170.9 -10.8 NewCityHY♦ 58.75 -0.25 65.25 52.00 7.34 55.5 5.9 Mithras 146.50 - 151.91 126.50 0.68 162.8 -10.0 in pence.
BlckRGtEur♦ 242.25 0.25 264.50 217.43 2.00 251.8 -3.8 M&GHghIc♦ 54.50 0.25 63.00 51.00 - -19.6 -5.7
Ind IT 360.00 1.75 368.00 280.00 1.39 385.5 -6.6 NewIndia 309.00 3.50 371.30 263.00 - 333.0 -7.2 NB PE Ptnr $ 11.05 - 12.20 10.91 - - -
..Sub 10.13 -0.13 25.63 9.00 - - - Rghts&I 1275 5.00 1300 925.00 2.82 - 21.1
Intl PP 138.10 2.10 140.59 130.00 4.56 126.7 9.0 New Star IT♦ 72.50 - 78.00 65.45 - 112.4 -35.5 Nthn Invs 610.00 - 695.00 403.63 2.79 553.6 10.2 X FT Global 500 company
BlckR I&G 184.75 2.00 193.00 170.99 3.09 188.4 -1.9
InvAsTr 175.88 1.75 213.58 147.00 1.96 196.7 -10.6 NorthAmer 826.00 6.00 906.45 729.50 3.69 914.1 -9.6 Pantheon 1306 -4.00 1395 1220 - 1607.2 -18.7 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRIncStr 138.00 1.50 140.50 124.44 4.68 136.2 1.3
Inv Inc 285.13 2.25 305.00 265.50 3.51 301.0 -5.3 NthAtSml 2190 -9.00 2200 1710 - 2646.3 -17.2 PantheonR 1227.5 - 1300 1150 - 1607.2 -23.6 Price +/-Chg High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRckLat 291.13 3.63 456.00 262.11 6.62 329.3 -11.6
InvPerp 72.13 - 79.00 68.40 6.93 69.9 3.2 Oryx Int 647.50 - 654.88 400.00 - 688.1 -5.9 PrincssPE € 8.04 -0.01 8.12 6.90 7.05 9.6 -16.2 JPM Inc&Gr 9.50 0.13 15.19 8.00 2.9 -3.8 5.4 # price at time of suspension from trading
BlckRckNrAm♦ 111.00 0.50 124.50 101.00 3.60 124.7 -11.0
IPST BalR 117.00 0.25 123.00 114.08 - 115.1 1.7 PacAsset 183.50 0.50 226.15 156.25 1.42 185.7 -1.2 Riverstone 825.00 8.00 1114 817.00 - 1071.3 -23.0 M&GHghIc 2.25 0.05 5.30 1.70 13.5 12.6 -
BlckRSmlr♦ 955.00 10.00 983.00 740.50 1.52 1023.9 -6.7 The prices listed are indicative and believed accurate at the time of publication.
IPST Gbl Eq 159.50 2.00 172.00 147.00 2.88 156.2 2.1 PacHorzn 167.38 -0.13 223.77 142.50 0.84 187.7 -10.8 StdLfEuPv 206.00 3.00 223.50 198.00 2.43 278.7 -26.1
BlckRThrmt 331.00 2.50 352.00 258.68 1.33 384.9 -14.0 Zero Dividend Preference Shares 52 Week HR No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRWld 206.75 0.50 360.80 185.75 10.16 221.5 -6.7 IPST Mngd 102.50 -0.50 104.00 101.00 - 103.2 -0.7 Perp I&G 415.00 1.50 431.00 378.20 2.92 411.5 0.9 Conventional - Property ICs 52 Week Dis(-)
Price +/-Chg High Low SP WO TAV 0% guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 190.30 -0.40 194.60 184.50 - 202.9 -6.2 IPST UK Eq 170.00 1.50 174.39 150.36 3.62 167.2 1.7 PerAsset 34360 -227.00 36313.1 33000 1.63 34590. -0.7 Price +/-Chg High Low Yld NAV or Pm
Abf Gd Inc 152.25 - 153.25 146.25 -48.1 - 159.7 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp 471.80 2.80 557.08 440.10 2.23 539.5 -12.5 InvPpUK♦ 384.75 -1.25 391.00 302.44 4.46 401.3 -4.1 4 Direct Property EcofinWatr 155.50 - 155.88 152.60 -82.4 -97.4 160.7 or use of the information.
Brunner♦ 544.75 4.25 584.12 503.70 2.20 605.6 -10.0 Invs Cap A 92.00 - 102.00 88.00 4.87 98.1 -6.2 PolarFins 104.25 0.25 112.84 94.00 2.97 110.2 -5.4
AXA Propty 49.50 - 52.00 40.25 - - - JPM I&C 175.25 - 176.00 168.00 -21.5 - 192.1
Calednia 2400 5.00 2517.66 2110 2.06 2818.3 -14.8 Invs Cap B 92.50 -1.00 103.00 88.00 1.24 98.1 -5.7 ..Sub 5.25 - 9.54 4.00 - - - The FT Share Service is a paid-for-print listing service and may not be fully
CustdnREIT 104.75 -0.25 110.50 104.00 3.58 - - JupiterDv&G 114.75 - 115.75 103.00 -6.2 - 130.4
CanGen C$ 18.95 0.05 22.00 17.08 2.84 25.7 -26.3 Invs CapU 362.00 - 404.95 347.00 - 392.8 -7.8 PolarHealth♦ 174.00 4.00 187.50 157.23 2.04 178.3 -2.4 representative of all LSE-listed companies. This service is available to all listed
F&CComPrp♦ 136.30 -0.90 149.00 128.10 4.40 132.2 3.1 JZ Capital 363.25 - 363.50 348.00 - - 369.8
Cap Gear 3265 0.50 3575 3152.28 0.49 3263.5 0.0 JLaingInf 117.00 - 128.60 113.99 5.66 106.0 10.4 PolarTech 604.00 7.50 614.00 487.40 - 614.4 -1.7 companies, subject to the Editor’s discretion. For new sales enquiries please
F&CUKRealE 99.25 -0.50 105.50 92.50 5.04 97.6 1.7 M&GHghIc 116.38 - 117.23 112.00 -22.8 -98.2 122.8
City Merch♦ 183.00 - 194.00 179.00 5.46 179.9 1.7 JPM Amer 274.20 0.10 296.14 238.90 1.19 286.5 -4.3 ProspJap $ 1.04 0.00 1.09 0.90 - 1.3 -20.0 email [email protected] or call 020 7873 4012.
InvistaERET# 0.30 0.05 2.00 0.03 - 1.3 -76.9 UILFn16 188.13 0.50 188.50 182.50 -77.6 - 192.8
CityNatRs♦ 87.25 -1.00 121.00 75.00 6.42 96.3 -9.4 JPM Asn 213.00 1.00 268.92 182.00 1.03 238.7 -10.8 QatarInvF $ 1.28 - 1.49 1.09 2.66 1.4 -8.6
Longbow 104.75 - 106.75 101.25 5.73 - - UILFn18 142.63 0.25 146.50 135.50 -24.5 -37.9 160.5
City Lon♦ 385.30 3.50 418.35 359.00 3.93 377.4 2.1 JPM Brazil 38.50 - 64.73 32.25 2.21 43.1 -10.7 RIT Cap 1605 9.00 1640 1376 1.85 1546.0 3.8
PictonProp♦ 70.50 0.50 74.75 63.50 4.47 72.1 -2.2 UILFn20 122.63 - 123.75 107.50 -11.7 -14.6 154.9
DexionAb 183.63 0.25 191.00 172.50 - 191.8 -4.3 JPM China 169.00 1.75 233.96 136.30 0.95 196.5 -14.0 RobecoNV € 30.38 - - - - - -
SLIPropInc♦ 83.00 -0.50 90.25 75.50 5.60 80.6 3.0 Data provided by Morningstar
JPMElct MC 100.00 - 101.99 97.01 0.35 99.2 0.8 RolincoNV € 28.32 - - - - - -
..EUR € 2.59 0.05 2.65 2.40 - - -
..MG 603.00 4.00 635.00 563.10 1.12 611.7 -1.4 Ruffer Inv 210.50 - 226.00 206.50 - 210.2 0.1
UKComPrp♦ 82.85 -0.35 94.00 82.85 4.44 84.8 -2.3 Investment Companies - AIM
..USD $ 3.90 0.06 3.89 3.70 - - -
DiverseInc 96.25 0.75 97.50 78.00 2.44 92.6 3.9 ..MI 102.50 - 110.00 92.00 3.71 104.9 -2.3 SchdrAsiaP 261.75 1.13 321.50 226.25 1.05 293.3 -10.8 Property Securities 52 Week Dis(-)
JPM Emrg♦ 552.00 4.50 674.65 486.00 1.00 618.3 -10.7 Schdr Inc 259.00 2.75 348.25 243.50 3.90 271.2 -4.5 SchdrGlbRe 120.25 0.25 132.98 111.25 1.81 129.1 -6.9
Dun Inc♦ 231.50 3.13 273.00 217.50 4.86 246.6 -6.1 Price +/-Chg High Low Yld NAV or Pm
JPM EurGth 237.00 -0.25 263.00 212.00 2.83 251.3 -5.7 SchdrJap 159.00 1.38 165.00 122.75 1.13 164.7 -3.5 TR Prop 285.80 -2.40 325.00 265.97 2.64 315.0 -9.3
Dun Sml 198.00 0.75 229.00 173.50 2.65 236.5 -16.3 AdFrntMkt 51.00 0.25 62.29 48.20 - 56.0 -8.9
EcofinWatr♦ 125.00 -0.38 167.25 113.10 5.60 149.1 -16.2 JPM EurInc 128.75 0.25 147.50 115.50 1.98 130.6 -1.4 SchdrOrient♦ 182.88 0.38 215.25 154.00 4.24 182.2 0.4 CrysAmber 171.88 - 173.50 140.50 0.3 161.8 6.2
JPM EuSm 260.00 3.00 264.00 192.00 1.12 281.5 -7.6 SchdrUK 157.00 1.88 174.00 145.00 3.03 173.5 -9.5
..CULS 100.38 -0.38 107.00 99.50 - - - GLI Finance♦ 41.25 -2.50 65.00 39.00 12.1 - - www.morningstar.co.uk
IndiaCap 59.00 0.25 69.40 52.00 - 71.5 -17.5
Infra India 19.25 - 21.99 11.00 - 51.7 -62.8
Friday 20 November 2015 ★ FINANCIAL TIMES 25

MANAGED FUNDS SERVICE

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

Artemis Strategic Bond R Q Acc 83.82 88.98 0.09 4.12 The Castleton Growth Fund Ret Inc 2 111.24 - 0.14 0.00 Cavendish Worldwide Fund C Acc 306.40xd - 3.90 0.80 Vietnam Growth Fund (VGF) NAV $ 24.04 - -0.23 0.00 Global High Yield Fund - A Net Inc £ 9.95 - 0.00 5.51 Latin American Fund GBP Unhedged £ 7.89 - 0.04 -

ACPI Global UCITS Funds Plc (IRL) Artemis Strategic Bond R Q Inc 54.07 57.40 0.05 4.21 The Castleton Growth Fund Ret Acc X F 108.83 - 0.14 0.00 Cavendish AIM Fund B Class 160.50 - 1.00 0.37 Vietnam Property Fund (VPF) NAV $ 0.81 - 0.01 0.00 Global Property - Acc £ 1.46 - 0.01 1.31 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
www.acpishard.com Artemis UK Growth R Acc 457.25 484.01 4.13 0.55 The Castleton Growth Fund Ret Inc X F 109.27 - 0.14 0.00 Cavendish AIM Fund A Class 156.40 - 1.00 0.00 Global Property W Inc £ 1.19 - 0.01 3.06 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Regulated Enquiries 0117 90090000
Artemis UK Smaller Cos R Acc 1148.86 1234.95 0.06 0.48 Cavendish Asia Pacific Fund B Class 155.70 - 2.30 1.58 DSM Capital Partners Funds (LUX) Global Special Sits £ 26.14 - 0.29 0.00 www.hl.co.uk
ACPI Emerging Mkts FI UCITS Fund USD A $ 109.24 - 0.12 0.00
www.dsmsicav.com Authorised Inv Funds
Artemis UK Special Sits R Acc 517.53 550.11 6.75 1.67 BlackRock (JER) Cavendish Asia Pacific Fund A Class 155.90 - 2.30 0.72 Index Emerging Markets P-Acc £ 0.98 - 0.02 2.67
ACPI Global Credit UCITS Funds USD A $ 13.96 - 0.00 0.00 Regulated Hargreaves Lansdown Funds
Artemis US Abs Ret I Acc 108.13 - 0.21 0.00 Regulated Cavendish Asia Pacific Fund C Acc 162.70 - 2.40 1.56 Index Europe ex UK P-Acc £ 1.03 - 0.01 2.46
ACPI Global Fixed Income UCITS Fund USD A $ 151.68 - 0.00 0.00 Global Growth I2 Acc € 140.82 - 1.67 0.00 Unit Trust
BlackRock UK Property £ 41.04 - 0.05 3.41
Artemis US Equity I Acc 115.71 - 1.45 0.29 Cavendish European Fund B Class 141.10 - 1.20 1.26 Index Japan P-Acc £ 1.15 - 0.00 1.56 HL Multi-Manager Special Situations Trust A Acc 266.86 280.90 -0.17 0.52
Q ACPI India Fixed Income UCITS Fund USD A $ 10.00 - -0.04 - Global Growth I1 Eur € 105.32 - 1.24 -
Blackrock UK Long Lease £ 1070.55 - -0.01 0.00 Fleming Financial Trust Investment Fund Limited (NZ)
Artemis US Select I Acc 117.89 - 1.60 0.13 Cavendish European Fund A Class 140.10 - 1.20 0.37 Index Pacific ex Japan P-Acc £ 1.01 - 0.02 4.03 Incorporated in New Zealand, Reg No 5141841 HL Multi-Manager Special Situations Trust M Acc 266.87 280.91 -0.17 0.42
ACPI India Fixed Income UCITS Fund USD A3 $ 85.47 - -0.35 0.00
BLK Intl Gold & General $ 3.81 4.03 0.09 0.00 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
Artemis US Select I Inc 105.29 - 1.42 - Cavendish Japan Fund B Class 159.70 - 0.90 0.77 Index UK A-Acc £ 0.84 - 0.01 2.88 HL Multi-Manager Income & Growth Trust A Acc 165.11 173.72 0.11 3.83
ACPI International Bond UCITS Fund USD A $ 17.71 - 0.01 0.00 Eclectica Asset Management (UK) www.fftinvestmentfund.com
Artemis US Smlr Cos I Acc 119.17 - 1.62 0.00 Cavendish Japan Fund A Class 158.90 - 0.80 0.00 40 Dukes Place, London EC3A 7NH Index UK P-Acc £ 1.03 - 0.02 3.12 [email protected] HL Multi-Manager Income & Growth Trust M Acc 165.12 173.71 0.11 1.79
BONHOTE Order Desk and Enquiries: 0345 608 0941 Other International Funds
Artemis US Ex Alpha I Acc 123.44 - 1.61 0.15 Cavendish North American Fund B Class 192.60 - 2.90 0.58 Index US A-Acc £ 1.66 - 0.03 1.43 HL Multi-Manager Income & Growth Trust A Inc 99.29 104.46 0.07 3.91
ACPI Select UCITS Funds PLC (IRL) Other International Funds Authorised Corporate Director - Capita Financial Managers Fleming FT Investment Fund
Regulated Cavendish North American Fund A Class 187.30 - 2.80 0.00 Authorised Inv Funds Index US P-Acc £ 1.28 - 0.02 1.64 Fleming Fund £ 4.69 4.69 -0.01 - HL Multi-Manager Income & Growth Trust M Inc 99.29 104.46 0.07 1.81
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6725.00 - -45.00 2.25
ACPI Balanced UCITS Fund USD Retail $ 13.97 - 0.01 0.00 Cavendish Technology Fund B Class 290.30 - 2.30 0.09 CF Eclectica Agriculture A EUR Acc ♦ € 1.46 - 0.01 0.00 Index World A-Acc £ 1.44 - 0.02 1.81 HL Multi-Manager Balanced Managed Trust A Acc 182.73 192.18 -0.06 1.10
Artisan Partners Global Funds PLC (IRL) Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9652.00 - -153.00 0.94
ACPI Balanced UCITS Fund EUR Retail € 10.54 - 0.01 0.00 Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Cavendish Technology Fund A Class 275.90 - 2.10 0.00 CF Eclectica Agriculture A GBP Acc ♦ 102.43 - 0.72 0.00 Index World P-Acc £ 1.17 - 0.01 1.92 HL Multi-Manager Balanced Managed Trust M Acc 182.74 192.19 -0.07 0.71
Tel: 44 (0) 207 766 7130 Foord Asset Mgt (Guernsey) Ltd (GSY)
ACPI Balanced UCITS Fund GBP Retail £ 10.66 - 0.01 0.00 Cavendish UK Balanced Income Fund B Class 137.10 - 0.90 5.21 CF Eclectica Agriculture A USD Acc ♦ $ 1.56 - 0.02 0.00 Japan £ 2.82 - 0.00 0.00 Regulated HL Multi-Manager Equity & Bond Trust A Inc 108.54 114.09 -0.01 2.25
FCA Recognised
Braemar Group PCC Limited (GSY)
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artisan Partners Global Funds plc CF Eclectica Agriculture C EUR Acc ♦ € 1.51 - 0.00 0.32 Foord International Trust $ 34.89 - 0.07 0.00
Regulated Cavendish UK Balanced Income A Class 130.30 - 0.80 5.48 Japan Smaller Companies £ 2.04 - 0.01 0.00 HL Multi-Manager Equity & Bond Trust M Inc 108.53 114.07 -0.01 1.04
Artisan Emerging Markets I USD Acc $ 6.96 - 0.01 0.00 CF Eclectica Agriculture C GBP Acc ♦ 106.30 - 0.75 0.39
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - UK Agricultural Class A £ 1.26 - 0.00 0.00 Cavendish UK Select Fund B Class 145.30 - 1.70 1.90 MoneyBuilder Asset Allocator £ 1.18 - 0.01 0.52 HL Multi-Manager Equity & Bond Trust A Acc 146.96 154.47 -0.01 2.22
Artisan Global Equity Fund Class I USD Acc $ 14.71 - 0.18 0.00
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - UK Agricultural Class B £ 1.41 - 0.02 0.00 Cavendish UK Select Fund A Class 145.30 - 1.70 1.03 CF Eclectica Agriculture C USD Acc ♦ $ 1.61 - 0.02 0.40 MoneyBuilder Balanced £ 0.51 - 0.01 4.03 Franklin Templeton International Services Sarl (IRL) HL Multi-Manager Equity & Bond Trust M Acc 146.98 154.48 -0.01 1.03
Artisan Global Opportunities I USD Acc $ 12.43 - 0.11 0.00 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
ACPI Horizon UCITS Fund $ 12.98 - 0.04 0.00 Student Accom Class B £ 0.55 - -0.17 0.00 Money Builder Dividend £ 2.63 - 0.03 4.41 HL Multi-Manager Strategic Bond Trust A Acc 166.84 172.00 0.19 1.80
Other International Funds
Artisan Global Value Fund Class I USD Acc $ 16.04 - 0.12 0.00
MoneyBuilder Growth £ 0.75 - 0.01 2.46 Franklin Emerging Market Debt Opportunities Fund Plc HL Multi-Manager Strategic Bond Trust M Acc 166.83 171.98 0.19 0.89
Cedar Rock Capital Limited (IRL)
Artisan US Value Equity Fund Class I USD Acc $ 11.09 - 0.16 0.00 Franklin Emg Mkts Debt Opp CHFSFr 16.93 - -0.14 8.25
Regulated
Abbey Life Assurance Company Limited (UK) MoneyBuilder Growth ISA £ 0.76 - 0.01 2.63 HL Multi-Manager Strategic Bond Trust A Inc 138.83 143.12 0.16 1.82
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Cedar Rock Capital Fd Plc $ 358.82 - -14.23 0.00 Franklin Emg Mkts Debt Opp EUR € 11.91 - -0.08 7.35
MoneyBuilder Income £ 0.35 - 0.00 3.23 HL Multi-Manager Strategic Bond Trust M Inc 138.82 143.10 0.16 0.91
additional fund prices can be found @ www.abbeylife.co.uk
Ashmore Sicav (LUX) Cedar Rock Capital Fd Plc £ 370.83 - -8.40 0.00 Franklin Emg Mkts Debt Opp GBP £ 9.93 - -0.13 7.14
Insurances MoneyBuilder Income -Gross £ 0.35 - 0.00 3.23 HL Multi Manager Emerging Markets A Acc 85.26 87.87 -0.05 0.33
2 rue Albert Borschette L-1246 Luxembourg
Life Funds Cedar Rock Capital Fd Plc € 348.08 - -3.48 0.00 Franklin Emg Mkts Debt Opp SGD S$ 21.92 - -0.27 6.31
FCA Recognised Multi Asset Adventurous A-Acc £ 1.32 - 0.01 0.47 HL Multi-Manager European A Acc 100.80 103.90 0.07 0.74
Prop. Acc. Ser 2 1561.20 1643.40 -0.30 -
EdenTree Investment Management Ltd (UK)
Ashmore SICAV Emerging Market Debt Fund $ 94.08 - 0.26 8.28 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Franklin Emg Mkts Debt Opp USD $ 16.83 - -0.15 7.14
Multi Asset Alloc Adventurous A-Acc £ 3.73 - 0.03 3.09 HL Multi-Manager UK Growth A Acc 103.29 106.48 0.04 1.24
Selective Acc. Ser 2 1585.30 1668.80 12.10 - CCLA Investment Management Ltd (UK) Authorised Inv Funds
Ashmore SICAV Emerging Market Frontier Equity Fund $ 146.67 - 0.14 0.93 Senator House 85 Queen Victoria Street London EC4V 4ET Charles Schwab Worldwide Funds Plc (IRL)
Multi Asset Alloc Strategic A-Acc £ 1.17 - 0.01 0.28
American Ser. 4 1686.10 1774.90 19.50 - Authorised Inv Funds Regulated Amity UK Cls A Inc 212.90 - 1.80 1.47
Ashmore SICAV Emerging Market Total Return Fund $ 80.46 - 0.17 5.86 Multi Asset Alloc Def - Gross A £ 1.12 - 0.01 0.28 Frontier Capital (Bermuda) Limited
The Public Sector Deposit Fund Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 Amity UK Cls B Inc 213.20 - 1.80 2.27 Haussmann
Custodian Ser. 4 491.70 517.60 3.70 - Other International
Ashmore SICAV Global Small Cap Equity Fund $ 125.42 - 0.85 0.00 Other International Funds
The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.52 Multi Asset Alloc Def - Net A £ 1.11 - 0.00 0.25
Higher Income Cls A Inc 122.70 - 1.00 4.97 Commercial Property-GBP Class £ 71.42 - -0.53 -
Equity Ser. 4 562.30 591.90 9.60 - Haussmann Cls A $ 2684.67 - -11.68 0.00
Ashmore SICAV Local Currency Fund $ 81.47 - 0.06 0.31 Multi Asset Alloc Growth A £ 1.20 - 0.01 0.00
The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.32 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
European Ser 4 572.60 602.70 8.00 - Chartered Asset Management Pte Ltd Higher Income Cls B Inc 126.30 - 0.90 4.88
Haussmann Cls C € 2349.99 - -9.81 0.00
EM Mkts Corp.Debt USD F $ 91.17 - 0.14 8.26 Other International Funds Multi Asset Defensive £ 1.22 - 0.00 0.36
The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.37
Fixed Int. Ser. 4 887.40 934.10 1.40 - UK Equity Growth Cls A Inc 240.10 - 2.00 0.60
EM Mkts Loc.Ccy Bd USD F $ 76.26 - 0.07 4.34 Haussmann Cls D SFr 1244.25 - -5.57 0.00
The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.44 CAM-GTF Limited $ 279984.63 279984.63 -8357.62 0.00 Multi Asset Defensive - Gross £ 1.22 - 0.00 0.35
Intl Ser. 4 439.90 463.10 5.60 - UK Equity Growth Cls B Inc 246.10 - 2.10 1.21
The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.31 CAM GTi Limited $ 649.70 - 30.41 0.00 Multi Asset Growth £ 1.36 - 0.01 0.35
Japan Ser 4 376.50 396.30 3.10 - Amity Balanced For Charities A Inc 107.00 - 0.70 6.14
Raffles-Asia Investment Company $ 1.66 1.66 0.11 7.80 MultiManager Balanced £ 1.09 - 0.00 0.56
Heartwood Wealth Management Limited (IRL)
Man. Ser. 4 1658.10 1745.40 17.70 - Amity European Fund Cls A Inc 199.40 - 2.30 1.24 Regulated
CCLA Investment Management Ltd (UK) Multi Asset Open Growth A-Acc £ 0.46 - 0.00 0.80 Heartwood Caut Multi Asset B Acc 138.73 - 0.07 0.00
Money Ser. 4 524.40 552.00 0.00 - Amity European Fund Cls B Inc 202.00 - 2.30 2.11
Senator House 85 Queen Victoria Street London EC4V 4ET Multi Asset Open Strategic A-Acc £ 1.22 - 0.01 1.23
Prop. Ser. 4 1109.40 1167.80 -0.20 - Property & Other UK Unit Trusts Amity Global Equity Inc for Charities A Inc 102.30 - 1.00 4.06
Multi Asset Open Strategic A-Inc £ 0.29 - 0.00 2.50
Fundsmith LLP (1200)F (UK)
CBF Church of England Funds
Custodian Ser 5 472.20 497.10 3.60 - Amity International Cls A Inc 201.70 - 1.80 1.39 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Henderson Global Investors (UK)
Investment Inc 1328.59 1343.28 -20.74 3.78 Multi Asset Strategic £ 1.53 - 0.01 0.53 www.fundsmith.co.uk, [email protected] PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
International Ser 5 422.50 444.70 5.40 -
Aspect Capital Ltd (UK) Amity International Cls B Inc 203.90 - 1.80 2.26
Authorised Inv Funds www.henderson.com
Other International Funds Investment Acc 2706.55 2736.49 -42.27 - Open World A-Acc £ 1.20 - 0.01 0.00
Amity Sterling Bond Fund A Inc 105.30 - 0.00 5.21 Fundsmith Equity T Acc 221.25 - 1.65 1.18 Authorised Inv Funds
Managed Ser 5 1592.30 1676.10 17.00 - Aspect Diversified USD $ 418.24 - 5.95 0.00 Global Equity Inc 150.77 152.44 -2.66 4.31 Multi Asset Income A Gross Acc £ 1.56 - 0.00 3.68 Asia Pacific Capital Growth A Acc 689.00 - -1.70 0.93
Money Ser 5 513.40 540.40 0.00 - Cheyne Capital Management (UK) LLP (IRL) Amity Sterling Bond Fund B Inc 113.80 - 0.00 5.20 Fundsmith Equity T Inc 208.95 - 1.56 1.19
Aspect Diversified EUR € 251.56 - 3.58 - Global Equity Acc 220.40 222.84 -3.88 - Regulated Multi Asset Income A Gross Inc £ 1.09 - 0.01 4.75 Asian Dividend Income Inc 80.92 85.39 -0.04 6.82
Property Ser 5 1065.40 1121.50 -0.20 - Aspect Diversified GBP £ 128.75 - 1.85 0.00 Cheyne Convertibles Absolute Return Fund € 1369.28 - 1.09 0.00
UK Equity Inc 144.65 146.10 -2.52 4.05 Multi Asset Income A Net Acc £ 1.48 - 0.01 3.71 Cautious Managed A Acc 235.90 - 0.40 3.25
Pension Funds Edinburgh Partners Limited (IRL)
Aspect Diversified CHF SFr 120.28 - 1.71 0.00 Cheyne Global Credit Fund € 118.76 - 0.01 0.00 GAM Limited (2300)F (UK)
UK Equity Acc 214.51 216.66 -3.74 - 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Multi Asset Income A Net Inc £ 1.09 - 0.01 4.73 Cautious Managed A Inc 145.90 - 0.30 3.30
American 1948.10 2050.70 27.40 - GAM Sterling Management Limited
Aspect Diversified Trends USD $ 126.57 - 1.10 0.00 Fixed Interest Inc 161.82 162.47 1.45 3.96 Cheyne European Mid Cap Fund € 1150.92 - 10.51 0.00 Dealing - Fax only - +353 1 434 5230 12 St James's Place London SW1A 1NX. 0800 919 927
Equity 4942.40 5202.50 85.40 - South East Asia £ 7.91 - 0.11 0.12 China Opportunities A Acc 822.40 - -0.50 0.41
FCA Recognised Internet: gam.com
Aspect Diversified Trends EUR € 126.68 - 1.10 0.00 Fixed Interest Acc 490.84 492.81 4.38 -
European 1150.90 1211.50 15.30 - Edinburgh Partners Opportunities Fund PLC Special Situations £ 30.44 - 0.40 0.79 Authorised Inv Funds Emerging Markets Opportunities A Acc 139.30 - -0.30 0.79
Aspect Diversified Trends GBP £ 131.48 - 1.14 0.00 Property Fund Inc 132.11 136.53 0.11 6.51 Cheyne Capital Management (UK) LLP European Opportunities I EUR € 2.59 - 0.02 2.26 GAM Funds OEIC
Fixed Int. 1627.50 1713.20 3.60 - Sterling Core Plus Red Dur £ 9.97 - -0.01 - European Growth A Acc 166.70 - 0.30 0.56
Other International Funds GAM Global Diversified Acc 3805.45 - 28.14 0.00
Property Fund Acc 234.22 242.07 2.73 - European Opportunities I GBP £ 1.81 - 0.01 2.48 Strategic Bond £ 0.31 - 0.00 2.85 European Selected Opportunities A Acc 1264.00 - 0.00 0.68
International 934.90 984.10 13.20 - Cheyne European Event Driven Fund € 137.91 - -3.22 0.00
GAM North American Gwth Acc 3149.55 - 38.65 0.00
Atlantas Sicav (LUX) European Opportunities I USD $ 2.77 - 0.01 2.01 Strategic Bond Gross £ 0.31 - 0.00 2.84 European Special Situations A Acc 94.66 - -0.29 1.05
Japan 396.30 417.10 3.20 -
Asset Management
Regulated Cheyne European High Yield Fund € 128.43 - -3.51 0.00
GAM UK Diversified Acc 1736.09 - 5.92 1.13
European Opportunities A EUR € 2.53 - 0.02 1.57
Asset Manageme
Managed 4293.80 4519.80 48.30 - CCLA Fund Managers Ltd (UK) Target 2015 £ 0.50 - 0.00 0.27 Fixed Interest Monthly Income A Inc 21.74 22.80 0.06 5.40
American Dynamic $ 3457.93 - -90.79 0.00 Cheyne Multi Strategy Liquid Fund $ 124.23 - 2.46 -
Senator House 85 Queen Victoria Street London EC4V 4ET Global Opportunities I USD $ 1.66 - 0.01 2.05
Property 2875.40 3026.70 -0.50 - Target 2020 £ 0.56 - 0.00 0.50 Global Care Growth A Inc 198.10 - -0.50 0.00
American One $ 3190.90 - -52.74 0.00 Property & Other UK Unit Trusts Cheyne Real Estate Credit Holdings Fund £ 160.92 - 7.23 0.00
COIF Charity Funds (UK) Global Opportunities I GBP £ 1.09 - 0.00 1.95 Target 2025 £ 1.31 - 0.00 0.28 GAM Limited (IRL)
Global Equity Income A Inc 49.11 - -0.03 3.82
Security 1476.30 1554.00 0.00 - Bond Global € 1426.24 - 8.75 0.00 Cheyne Real Estate Debt Fund Class A1 £ 130.82 - 0.23 0.00 FCA Recognised
Investment Inc 1224.93 1238.48 -2.08 3.62 Global Opportunities I EUR € 1.52 - -0.01 1.98 Target 2030 £ 1.41 - 0.01 0.25 GAM Fund Management Ltd
Selective 2023.50 2130.00 16.40 - Global Growth Fund 2033.67 2125.61 -0.05 0.00
Eurocroissance € 898.03 - -5.50 0.00 Cheyne Total Return Credit Fund - December 2017 Class $ 182.18 - 10.16 0.00
Investment Acc 11795.91 11926.38 -20.04 - Global Opportunities A GBP £ 1.02 - 0.00 1.47 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Formerly Hill Samuel Life Assurance Ltd UK Select £ 2.47 - 0.03 0.86 Global Technology A Acc 956.20 - 1.10 0.00
Far East $ 685.43 - -5.00 0.00 Cheyne Total Return Credit Fund December 2019 $ 137.99 - 13.28 - GAM Star Fund Plc
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Ethical Invest Inc 188.74 190.83 -0.24 3.73 Pan European Opportunities I EUR € 1.57 - 0.01 - UK Growth £ 3.62 - 0.04 0.00 Multi-Manager Absolute Return A Acc 133.80 - 0.00 0.39
Managed Ser A (Life) 1557.20 1647.80 -0.30 - GAM Star Asia-Pacific Eqty USD Acc F $ 12.19 - 0.15 0.00
Ethical Invest Acc 242.99 245.67 -0.30 - UK Smaller Companies £ 2.12 - 0.02 0.19 Multi-Manager Active A Acc ▲ 172.20 - -0.10 0.00
Managed Ser A (Pensions) 1038.30 1093.00 -0.20 - Atlantis Investment Management Ltd (IRL) Cohen & Steers SICAV (LUX) GAM Star Asian Eqty USD Ord Acc F $ 13.61 - 0.16 0.00
Global Equity Inc 144.14 145.73 -0.26 4.41 WealthBuilder A Acc £ 1.02 - 0.01 0.62
2nd Floor, 13 St Swithin's Lane, London EC4N 8AL Regulated Multi-Manager Distribution A Inc 127.00 - 0.80 3.13
Formerly Target Life Assurance Ltd GAM Star Balanced GBP Acc £ 10.34 - 0.02 0.00
www.atlantis-investmenet.com, Tel: 0207 877 3377 Global Equity Acc 213.85 216.22 -0.40 - Fidelity PathFinder
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 European Real Estate Securities € 24.0041 - -0.0294 1.53 Multi-Manager Diversified A Acc 77.57 - 0.26 2.86
Regulated GAM Star Cap.Appr.US Eqty USD Inc F $ 17.19 - 0.36 0.00
Managed (Life) 1582.40 1665.60 -0.20 - Fixed Interest Inc 132.58 133.11 1.07 4.14 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.09 - 0.00 -
Europ.RealEstate Sec. IX € 32.1356 - -0.0394 0.00 Multi-Manager Global Select Acc 175.70 - 0.70 0.00
Atlantis China Fund $ 6.44 - 0.00 0.00 GAM Star Cat Bond USD Acc $ 12.71 - 0.01 0.00
Managed Growth (Life) 498.60 524.80 -0.10 - Fixed Interest Acc 760.17 763.22 6.12 - Fidelity PathFinder Foundation 1 Acc (clean) £ 1.09 - 0.00 -
Gbl Listed Infrastructure I $ 10.0317 - 0.0477 - Multi-Manager Income & Growth A Acc 151.30 - 1.00 2.06
Atlantis China Healthcare Fund $ 2.04 - 0.02 0.00 GAM Star Cautious GBP Acc £ 10.38 - 0.04 0.00
Managed (Pensions) 6229.20 6557.00 -1.00 - Property Inc 113.52 117.33 0.05 5.79 Fidelity PathFinder Foundation 2 Acc (clean) £ 1.09 - 0.01 -
Gbl Listed Infrastructure IX $ 10.0317 - 0.0477 - Multi-Manager Income & Growth A Inc 140.00 - 0.90 2.08
Atlantis Japan Opportunities Fund $ 2.47 - 0.03 0.00 EFG Hermes GAM Star China Equity USD Acc F $ 23.27 - -0.04 0.00
Managed Growth (Pensions) 609.50 641.60 -0.20 - Property Acc 248.62 256.95 2.77 - Fidelity PathFinder Foundation 3 Acc (clean) £ 1.08 - 0.01 -
Gbl RealEstate Sec. I $ 10.6594 - 0.0482 1.38 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Multi-Manager Managed A Acc 225.20 - -0.10 0.42
Atlantis Asian Fund $ 6.18 - 0.02 0.00 GAM Star Cont European Eqty GBP Acc F £ 3.53 - -0.01 0.00
additional fund prices can be found on our website Local Authorities Property Fd (LAMIT) (UK) Contact: Telephone + 971 4 363 4029 Email [email protected] Fidelity PathFinder Foundation 4 Acc (clean) £ 1.09 - 0.01 -
Gbl RealEstate Sec. IX $ 12.6066 - 0.0570 0.00 Multi-Manager Managed A Inc 221.10 - -0.10 0.41
Other International Funds GAM Star Cred Opportunities GBP Acc £ 12.32 - 0.01 4.60
Property 274.76 295.14 2.73 4.81 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.19 - 0.02 -
The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Sterling Bond Acc 196.01 204.80 1.87 2.90
GAM Star Defensive GBP Acc £ 10.88 - 0.02 0.00

AXIOM
Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.10 - 0.00 -
Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00
GAM Star Discretionary FX USD Acc F $ 13.03 - 0.00 0.00
Sterling Bond Inc 60.76 63.48 0.58 2.94
CG Asset Management Limited (IRL) PO BOX 10117, Chelmsford, Essex, CM1 9JB Fidelity PathFinder Focussed 1 Acc (clean) £ 1.10 - 0.00 -
ALTERNATIVE INVESTMENTS Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Saudi Arabia Equity Fund SR 12.66 - -0.19 0.00 Strategic Bond A Inc 125.30 - 0.20 5.25
Dealing & Client Services 0845 0264281 GAM Star Dynamic Gbl Bd USD Acc H $ 9.77 - 0.01 0.00
Fidelity PathFinder Focused 2 Acc (Clean) £ 1.11 - 0.00 -
00 353 1 434 5098 Authorised Inv Funds UK & Irish Smaller Companies A Acc 540.20 - -1.00 0.00
GAM Star Emerg. Market Rates USD Acc F $ 11.49 - 0.02 0.00
FCA Recognised Fidelity PathFinder Focussed 3 Acc (clean) £ 1.11 - 0.01 -
Consistent UT Inc 54.71 55.35 0.83 4.72 UK Absolute Return A Acc 150.00 - 0.10 0.00
Capital Gearing Portfolio Fund Plc £ 26720.11 26720.11 -10.84 0.62 Electric & General (1000)F (UK) GAM Star European Eqty USD Acc F $ 23.20 - -0.08 0.00
Algebris Investments (IRL) Axiom Alternative Investments (FRA) Consistent UT Acc 127.51 129.01 1.94 4.57 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Focussed 4 Acc (clean) £ 1.13 - 0.01 -
CG Portfolio Fund Plc UK Alpha A Acc ♦ 113.30 - 0.10 1.90
Regulated 1 Conduit Street - 4th floor - London W1S 2XA Orders & Enquiries: 0845 850 0255 GAM Star Flexible Gbl Port GBP Ac £ 12.66 - 0.03 0.00
Practical Investment Inc 202.49 207.56 1.59 3.95 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.15 - 0.00 -
www.axiom-ai.com Tel: +44 330 822 0374 Real Return Cls A £ 164.54 164.54 -1.00 2.40 Authorised Inv Funds UK Equity Income & Growth A Inc 595.50 - 0.80 3.93
Algebris Financial Credit Fund - Class I EUR € 132.95 - 0.06 0.00 GAM Star GAMCO US Equity Acc F $ 13.35 - 0.20 0.00
Regulated Authorised Corporate Director - Carvetian Capital Management Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.07 - 0.01 -
Practical Investment Acc 988.80 1013.58 7.75 3.84 UK Index A Acc 489.30 - 0.60 2.56
Algebris Financial Income Fund - Class I EUR € 120.86 - 0.53 0.00 Dollar Fund Cls D £ 128.06 128.06 -0.85 1.63 GAM Star Global Rates USD Acc F $ 12.46 - -0.05 0.00
Axiom Contingent Capital € 1028.48 - 2.63 - Electric&General Net Income A 146.50 - 1.60 1.99 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.06 - 0.01 -
Capital Value Fund Cls V £ 129.54 129.54 -0.15 0.27 UK Property A Acc 193.08 203.24 0.05 4.04
Algebris Financial Equity Fund - Class B EUR € 99.77 - 0.01 - Axiom Contingent Capital £ 1032.27 - 2.65 - GAM Star Global Selector USD Acc F $ 12.78 - 0.04 0.00
Fidelity PathFinder Freedom 1 Acc (clean) £ 1.06 - 0.00 -
UK Property A Inc 97.68 102.81 0.03 4.16
Algebris Asset Allocation Fund - Class B EUR € 101.55 - -0.05 - Axiom Equity $ 929.95 - -1.82 - GAM Star Japan Eqty USD Acc F $ 13.58 - 0.19 0.00
Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Freedom 3 Acc (clean) £ 1.05 - 0.01 -
UK Tracker A Acc 219.00 - 0.30 2.28
Axiom Equity € 975.50 - -1.92 0.00 5 Kensington Church St, London W8 4LD 020 7368 4220 GAM Star Keynes Quant Strat USD Acc F $ 12.09 - 0.05 0.00
Fidelity PathFinder Freedom 4 Acc (clean) £ 1.04 - 0.00 -
FCA Recognised US Growth A Acc 767.50 - 2.60 0.00
Alken Asset Management (LUX) Axiom Obligataire $ 1787.42 - 1.74 0.00 GAM Star Local EM Rates and FX USD Acc $ 10.63 - -0.07 0.00
Ennismore European Smlr Cos NAV £ 97.85 - 0.12 0.00 Fidelity PathFinder Freedom 5 Acc (clean) £ 1.12 - 0.01 -
61 Conduit Street, London, W1S 2GB GAM Star North of South EM Equity Acc F $ 10.15 - -0.02 0.00
Axiom Obligataire € 1785.34 - 1.80 0.00
www.alken-am.com Ennismore European Smlr Cos NAV € 139.78 - 0.16 0.00 Fidelity PathFinder Income 1 Income (clean) £ 1.02 - 0.00 3.75
Regulated Axiom Obligataire £ 1796.13 - 1.64 0.00 Crèdit Andorrà Asset Management (LUX) GAM Star Technology USD Acc F $ 15.58 - 0.23 0.00
Fidelity PathFinder Income 1 Gross Income (clean) £ 1.02 - 0.00 4.64
www.creditandorra.com
Alken European Opportunities € 217.95 - 0.29 0.00 GAM Star US All Cap Eqty USD Acc F $ 13.65 - 0.19 0.00
Canada Life Investments (UK) FCA Recognised Fidelity PathFinder Income 2 Income (clean) £ 1.03 - 0.01 3.42
Alken European Opportunities £ 121.96 - 0.17 0.00 1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 Ennismore European Smlr Cos Hedge Fd
Crediinvest SICAV Money Market Eur I € 11.20 - 0.00 0.00 GAM Star Worldwide Eqty USD Acc F $ 3160.49 - 5.51 0.00
BLME Asset Management (LUX) Other International Funds Fidelity PathFinder Income 2 gross £ 1.03 - 0.00 4.31
Authorised Inv Funds
Alken Absolute Return € 144.49 - -0.38 0.00 BLME Sharia'a Umbrella Fund SICAV SIF Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 NAV € 485.30 - 14.53 0.00 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.03 - 0.00 4.26
Regulated Asia Pacific B Acc 779.49 - 10.88 1.12
Alken Absolute Return £ 117.26 - -0.31 0.00
Income Fund - Share Class A Acc $ 1136.79 - -0.35 0.00 Balanced B Acc 147.05 - 1.27 1.48
Crediinvest SICAV Fixed Income Eur € 10.76 - 0.01 0.00
Fidelity PathFinder Income 3 Income (clean) £ 1.03 - 0.00 3.85 GYS Investment Management Ltd (GSY) Hermes Investment Funds Plc (IRL)
Alken Small Cap € 192.07 - -0.60 0.00 Regulated Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Crediinvest SICAV Fixed Income Usd $ 10.44 - 0.00 0.00 Institutional OEIC Funds
Income Fund - Share Class B Acc $ 1157.27 - -0.36 0.00 Corporate Bond B Inc 204.46 - 0.42 4.09 Equinox Fund Mgmt (Guernsey) Limited (GSY)
Taurus Emerging Fund Ltd $ 190.92 194.82 -1.17 0.00 FCA Recognised
Crediinvest SICAV Spanish Value € 255.83 - 2.34 0.00 Regulated America £ 4.00 - 0.06 0.53
Income Fund - Share Class C Acc $ 1004.61 - -0.32 0.00 European B Acc 251.98 - 1.95 1.60 Hermes Abs Return Credit Fund Class F Acc £ £ 1.00 1.00 0.00 -
Equinox Russian Opportunities Fund Limited $ 119.90 - 3.71 0.00
Crediinvest SICAV International Value € 226.98 - 1.96 0.00 Emerging Markets £ 3.10 - 0.03 0.82
Income Fund - Share Class D Dis $ 995.11 - -0.31 1.22 Global Bond B Inc 90.32 - -0.01 2.97 Hermes Abs Return Credit Fund Class R Acc € € 2.05 2.05 0.00 -
Europe £ 4.08 - 0.05 1.57 Generali International Limited
Crediinvest SICAV Big Cap Value € 16.24 - 0.13 0.00 Hermes Active UK Inflation Fund Class F Acc £ 1.27 1.27 -0.01 0.00
Income Fund - Share Class G Acc £ 1077.49 - -0.29 0.00 Global Equity B Acc 590.18 - 4.60 1.11 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Crediinvest SICAV US American Value $ 18.29 - 0.27 0.00 Euronova Asset Management UK LLP (CYM) Fidelity Pre-Retirement Bond Fund £ 117.20 - 0.10 3.06 International Insurances
Income Fund - Share Class M Acc € 1011.00 - -0.33 0.00 Global Equity Income B Inc 120.73 - 1.14 3.99 Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.55 1.55 0.03 0.00
Regulated
Crediinvest SICAV Sustainability € 15.74 - 0.12 0.00 Global Focus £ 2.84 - 0.04 1.63 Global Multi-Strategy Managed $ 4.79 5.16 -0.05 0.00
Income Fund - Share Class W DisA$ 1032.72 - -0.15 - Global High Yield Bond B Inc 93.88 - 0.00 4.91 Smaller Cos Cls One Shares (Est) € 34.97 - -0.32 0.00 Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.50 3.50 0.06 0.00
Index Linked Bond £ 2.59 - -0.01 0.73 UK Multi-Strategy Managed £ 4.85 5.22 -0.04 0.00
Allianz Global Investors GmbH(1200) F (LUX) Gl Sukuk Fund - Share Class A Acc $ 1226.28 - -1.39 0.00 Global Infrastructure B Acc 109.56 - 0.98 0.93 Smaller Cos Cls Two Shares (Est) € 24.46 - -0.21 0.00 Hermes Global Emerging Markets Fund Class F Acc £ 1.15 1.15 0.01 0.00
FCA Recognised Index Linked Bond Gross £ 3.13 - 0.00 0.73 EU Multi-Strategy Managed € 3.06 3.30 0.00 0.00
Gl Sukuk Fund - Share class B Acc £ 1094.73 1094.73 -1.19 0.00 Global Resource B Acc 75.26 - 1.14 0.88 Daiwa SB Investments (UK) Ltd (LUX) Smaller Cos Cls Three Shares (Est) € 12.32 - -0.10 0.00 Hermes Global Emerging Markets Fund Class R Acc € 3.04 3.04 0.02 0.00
Allianz Best Styles Global Equity £ 106.70 106.70 1.68 - 5 King William Street, London EC4N 7DA Index-Linked Bond Fund Gross Inc £ 12.22 - -0.02 0.73 Global Bond USD $ 3.44 3.71 -0.03 0.00
Japan B Acc 51.84 - 0.42 0.95 www.daiwasbi.co.uk 0207 597 7000 Smaller Cos Cls Four Shares (Est) € 15.83 - -0.14 0.00 Hermes Global Equity Fund Class F Acc £ 1.52 1.52 0.02 0.00
Allianz Global Fundamental Strategy £ 106.64 106.64 0.61 - Japan £ 2.08 - 0.00 0.80
Regulated Hermes Global Equity Fund Class R Acc € 4.15 4.15 0.05 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Portfolio III B Acc 107.00 - 0.35 2.37
Allianz Global Small Cap Equity £ 109.91 109.91 1.28 - DSBI Japan Equity Fundamental Active I JPY ¥ 12859.13 12859.13 99.62 0.00 Long Bond £ 0.50 - 0.00 2.91 Genesis Asset Managers LLP
Regulated Hermes Global ESG Equity Fund Class F Acc £ 1.16 1.16 0.01 0.00
Portfolio IV B Acc 109.25 - 0.54 2.48
Other International Funds

Amundi Funds (LUX)

Global Liquidity USD $ 1.00 - 0.00 0.26
Portfolio V B Acc 108.76 - 0.78 1.69
DSBI Japan Equity Fundamental Active I GBP £ 127.72 127.72 0.98 0.00

DSBI Japan Equity Fundamental Active A EUR € 122.61 128.74 0.96 0.00
Long Bond Gross

Long Bond Fund Gross Inc

£ 0.82

£ 11.11
-

-
0.00 2.86

0.01 2.91
Emerging Mkts NAV £ 5.19Asset Management
- 0.01 0.00 Hermes Global High Yield Bond Fund Class F Acc £ 1.03 1.03 0.00 0.00

Portfolio VI B Acc 107.83 - 0.96 1.67 Hermes Global High Yield Bond Fund Class R Acc € 2.79 2.79 0.00 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
Barclays Investment Funds (CI) Ltd (JER) Pacific (Ex Japan) £ 3.47 - 0.06 1.97
www.amundi-funds.com Portfolio VII B Acc 104.56 - 1.09 1.61 Hermes Global Small Cap Fund Class F Acc £ £ 0.99 0.99 0.01 -
FCA Recognised 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Guardian (UK)
DAVIS Funds SICAV (LUX) Pan European £ 2.64 - 0.03 2.07
FCA Recognised North American B Acc 815.58 - 11.75 0.75 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151 Hermes Global Small Cap Fund Class R Acc € € 2.04 2.04 0.02 -
Bd. Euro Corporate AE Class - R - EUR € 18.57 - 0.01 0.00 Regulated Eurobank Fund Management Company (Luxembourg) S.A. Insurances
Bond Funds Reduced Duration UK Corporate Bond £ 10.40 - -0.06 3.81
Strategic Return B Acc 98.53 - 0.79 0.00 Regulated Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.00 1.00 0.01 -
Bd. Global AU Class - R - USD $ 25.45 - 0.04 0.00 Davis Value A $ 41.35 - 0.62 0.00 Guardian Assurance
Sterling Bond F £ 0.45 - 0.00 3.34 Reduced Duration UK Corporate Bond Gross £ 10.58 - -0.06 3.81
Total Return B Acc 101.14 - 0.58 2.94 (LF) Absolute Return € 1.33 - 0.00 0.00 Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.03 1.03 0.00 0.00
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 Davis Global A $ 28.81 - 0.23 0.00 Equity S-GH Class B £ 12.02 - 0.02 -
Reduced Duration UK Corporate Bond Inc £ 9.78 - -0.05 3.81
UK Equity B Acc 110.90 - 1.15 1.69 (LF) Eq Emerging Europe € 0.78 - 0.01 0.00 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.31 1.31 0.02 0.00
Eq. Emerging World AU Class - R - USD $ 82.33 - 0.02 0.00 Managed Fund Bond £ 23.27 24.24 0.10 -
Baring Fund Managers Ltd (1200)F (UK)
(LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00
Reduced Duration UK Corp Bond Gross Inc £ 9.79 - -0.05 3.81
UK Equity & Bond Income B Inc 236.12 - 2.20 5.12 Choices Wth-Pfts Lg-tm 320.60 337.50 0.00 - Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.27 1.27 0.01 1.32
Eq. Greater China AU Class - R - USD $ 558.37 - -2.18 0.00 Dealing and Enquiries 020 7214 1004 Discretionary Unit Fund Mngrs (1000)F (UK)
Select Emerging Markets Equities £ 1.16 - 0.02 1.63
Fund Information: www.barings.com UK Equity Income B Inc 423.63 - 4.67 5.06 1 Poultry, London EC2R 8JR 020 7 415 4130 (LF) Eq Mena Fund € 13.36 - 0.02 0.00 Hermes Sourcecap EU Alpha Fund Class R Acc € 3.31 3.31 0.04 0.00
Eq. Latin America AU Class - R - USD $ 334.08 - 2.88 0.00 Choices Wth-Pfts St-tm 271.60 285.80 0.10 -
Authorised Inv Funds Authorised Inv Funds Select European Eqts £ 1.73 - 0.01 1.88
UK Government Bond B Inc 46.87 - 0.01 1.98 (LF) Greek Government Bond € 19.72 - -0.17 - Hermes Sourcecap EX UK Fund Class F Acc £ 1.36 1.36 0.02 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.79 - 0.00 0.00 Multi Asset A Acc ... C 156.40 - 0.90 1.50 Choices Managed 611.75 643.95 0.50 -
Disc Inc 1560.30 1608.60 -4.80 0.00 Select Global Equities £ 3.02 - 0.04 1.13
(LF) Greek Corporate Bond € 12.22 - 0.00 - Hermes Sourcecap EX UK Fund Class R Acc € 3.32 3.32 0.04 0.00
Multi Asset A Inc ... C 149.10 - 0.80 1.27 Choices Equity 677.93 713.61 0.62 -
Do Accum 5879.50 6061.40 7.40 0.00 South East Asia £ 3.52 - 0.06 2.05
(LF) FOF Dynamic Fixed Inc € 11.95 - 0.00 0.00 Hermes UK Small & Mid Cap Fund Class F Acc £ 1.67 1.67 0.02 0.00
Charity Fund Capita Asset Services (UK) Freedom With Pfts Long-Tm 219.90 231.50 0.00 -
The Antares European Fund Limited 40 Dukes Place, London EC3A 7NH Sterling Core Plus Bond Gr Accum £ 2.05 - 0.00 3.47
Enquiries 020 7214 1763 (LF) FOF Real Estate € 16.88 - 0.04 0.00 Hermes UK Small & Mid Cap Fund Class R Acc € 5.21 5.21 0.03 0.00
Other International Freedom With Pfts Short-Tm 197.70 208.10 0.00 -
Targeted Return Fund Acc 145.90 146.70 0.90 3.16 Order Desk and Enquiries: 0345 922 0044 Sterling Core Plus Bond Inc £ 1.34 - 0.01 3.58
AEF Ltd Usd $ 654.57 - -7.40 - Authorised Inv Funds Freedom Managed 357.57 376.39 1.59 - Hermes US All Cap Equity Class F Stg £ Acc £ 0.99 0.99 0.01 -
Targeted Return Fund Inc 112.10 112.70 0.60 3.22 UK £ 3.61 - 0.04 2.24
AEF Ltd Eur € 656.97 - -7.67 0.00 CF Heartwood Cautious B Acc X 127.31 - 0.48 0.15 Hermes US All Cap Equity Class R € Acc € 2.03 2.03 0.02 -
Freedom Equity 400.65 421.74 4.21 -
UK Aggreg Bond Gr Accum £ 1.81 - 0.00 4.63
CF Heartwood Cautious Income B Inc X 109.91 - 0.37 2.41 Hermes US SMID Equity Fund Class F Acc £ 1.63 1.63 0.02 0.00
Corp Pens Mananged 215.96 215.96 0.17 -
Baring International Fd Mgrs (Ireland) (IRL) UK Aggregate Bond Inc £ 1.22 - 0.01 3.18
CF Heartwood Growth B Acc X 143.27 - 1.20 0.66 Hermes US SMID Equity Fund Class R Acc € 3.64 3.64 0.05 0.00
Arisaig Partners Corp Pens Equity 221.34 221.34 0.21 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 UK Corporate Bond £ 1.22 - 0.00 3.99
Other International Funds CF Heartwood Balanced Income B Inc X 112.00 - 0.71 2.99 Dodge & Cox Worldwide Funds (IRL)
FCA Recognised Corp Pens Fixed Interest 296.16 296.16 1.68 -
Arisaig Africa Consumer Fund Limited $ 13.94 - -0.01 0.00 6 Duke Street,St.James,London SW1Y 6BN UK Corporate Bond - Gross £ 2.26 - 0.01 3.85
ASEAN Frontiers A GBP Inc £ 106.72 - 0.59 0.60 CF Heartwood Balanced B Acc X 124.46 - 0.67 0.31 Hermes Property Unit Trust (UK)
www.dodgeandcox.worldwide.com 020 3713 7664 Corp Pens Index Linked 334.16 334.16 -2.94 -
Arisaig Asia Consumer Fund Limited $ 62.97 - -0.45 0.00 FIL Investment Services (UK) Limited (1200)F (UK) UK Gilt Bond £ 1.27 - 0.00 1.97
Asia Growth A GBP Inc H £ 43.35 - 0.23 0.00 CF Heartwood Defensive Multi Asset Fund B Accumulation 109.19 - 0.20 0.00 FCA Recognised Property & Other UK Unit Trusts
130, Tonbridge Rd, Tonbridge TN11 9DZ Corp Pens Deposit 190.96 190.96 0.01 -
Arisaig Global Emerging Markets Consumer UCITS € 12.38 - -0.03 0.00 Dodge & Cox Worldwide Funds plc - Global Bond Fund Callfree: Private Clients 0800 414161 UK Gilt Gross £ 2.02 - 0.00 1.93 Property £ 5.75 6.12 0.04 4.17
Australia A GBP Inc £ 66.72 - 1.12 2.04 CF Richmond Core X 176.01 - 1.84 0.00
EUR Accumulating Class € 12.10 - -0.01 0.00 Broker Dealings: 0800 414 181 Corp Pens Protector 355.71 355.71 2.47 -
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.07 - -0.03 0.00 UK Long Corp Bond £ 1.37 - 0.01 4.41
Baring China Bond Fund $ 10.01 - 0.01 0.00 CF Seneca Diversified Growth A ACC 215.61 - 0.51 1.44 Authorised Inv Funds
EUR Accumulating Class (H) € 9.23 - 0.00 0.00 Corp Pens UK Index Tracker £ 1.91 1.91 0.00 -
Arisaig Latin America Consumer Fund $ 21.36 - 0.06 0.00 Unit Trust UK Long Corp Bond - Gross £ 2.47 - 0.01 4.25 Hermes UK Residential Real Estate (UK)
Baring Emerging Markets Corporate Debt Fund $ 9.37 - -0.02 0.00 CF Seneca Diversified Growth B ACC 127.55 - 0.30 2.47 Guardian Linked Life Assurance Ltd
EUR Distributing Class € 11.61 - 0.00 3.21 Cash Accum Units 186.40 186.40 0.00 0.00 Property & Other UK Unit Trusts
UK Long Corporate Bond Fund - Gross Income £ 10.98 - 0.03 4.39
Baring European Opportunities Fund Class A EUR Acc € 14.04 - 0.09 0.00 CF Seneca Diversified Growth N ACC 126.30 - 0.30 2.14 Managed Acc £ 17.81 18.75 0.03 -
EUR Distributing Class (H) € 8.84 - -0.01 3.36 Cash Fund £ 1.00 1.00 0.00 0.14 VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Retail Share Classes
Baring Global Mining Fund - Class A GBP Inc £ 3.60 - 0.09 0.60 CF Seneca Diversified Income A INC 87.73 - 0.17 5.13 Equity Acc £ 32.32 34.03 0.12 -
GBP Distributing Class £ 9.88 - -0.01 3.33 Gross Accum Cash £ 1.28 1.28 0.00 0.00 Emerging Markets - retail £ 1.24 - 0.02 0.07
Dynamic Emerging Markets A GBP Acc F £ 8.77 - 0.06 0.00 CF Seneca Diversified Income B INC 104.07 - 0.20 5.16 Fixed Interest Acc £ 16.99 17.89 0.08 -
GBP Distributing Class (H) £ 8.92 - 0.00 3.33 MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.14 Europe Long Term Growth £ 1.54 - 0.00 1.84 Impax Asset Management (IRL)
Eastern Europe A GBP Inc £ 43.46 - 0.51 1.78 CF Seneca Diversified Income N INC 103.07 - 0.20 5.16 {*}CAR - Net income reinvested International Acc £ 13.08 13.77 -0.02 - Norfolk House, 31 St James's Square, London, SW1Y 4JR
USD Accumulating Class $ 9.30 - 0.00 0.00 MoneyBuilder Global £ 2.61 2.61 0.01 0.20
Investment Adviser - DSM Capital Partners FCA Recognised
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.30 - 0.03 6.50 International S-NA Acc £ 6.72 7.07 -0.01 -
Dodge & Cox Worldwide Funds plc-Global Stock Fund OEIC Funds
The Westchester X $ 28.00 - 0.57 0.00 Env Mkts (Ire) Stl A £ 2.20 - 0.02 0.00
Artemis Fund Managers Ltd (1200)F (UK) Emerging Opportunities A GBP Inc H £ 18.33 - 0.19 0.00 USD Accumulating Share Class $ 16.19 - 0.19 0.00 American £ 27.30 - 0.38 0.00 FIL Fund Management (LUX) International S-PA Acc £ 4.06 4.27 0.00 -
The Westchester Class 1 GBP Acc £ 19.87 - 0.33 0.00 Env Mkts (Ire) Euro A € 2.15 - 0.02 0.00
57 St. James's Street, London SW1A 1LD 0800 092 2051 Glb Emerging Markets A GBP Inc H £ 18.94 - 0.15 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
GBP Accumulating Share Class £ 17.49 - 0.19 0.00 American Special Sits £ 11.61 - 0.14 0.00 International S-EU Acc £ 3.27 3.45 -0.01 -
Authorised Inv Funds Phone: 800 22 089, 800 22 088 Env Mkts (Ire) USD A $ 1.75 - 0.02 0.00
The Westchester Class 2 GBP Acc £ 19.92 - 0.34 0.00
Glb Resources A GBP Inc H £ 10.83 - 0.15 0.37 GBP Distributing Share class £ 12.75 - 0.13 0.83 Asia Pacific Ops W-Acc £ 1.07 - 0.01 0.42 Regulated Managed S-PR Acc £ 6.77 7.12 0.02 -
Artemis Capital R ACC 1281.16 1353.70 10.03 1.25
Investment Adviser - Morant Wright Management Limited
High Yield Bond A GBP Hedged Inc H £ 6.25 - 0.00 7.01 EUR Accumulating Share Class € 22.83 - 0.26 0.00 China Consumer A-GBP £ 14.51 - -0.06 0.00 Fixed Interest S-IL Acc £ 6.42 6.76 0.03 -
Artemis European Growth R Acc 241.60 255.07 2.72 1.21 CF Morant Wright Japan A X 277.48 - 2.62 0.00 Fidelity Asian Dividend Fund A-Accumulation £ 1.08 - 0.01 1.42
Dodge & Cox Worldwide Funds plc-International Stock Fund China Focus A-GBP £ 4.25 - 0.00 0.71 INDIA VALUE INVESTMENTS LIMITED (INVIL)
Hong Kong China A GBP Inc £ 587.55 - 5.85 0.60 Fidelity Asian Dividend Fund A-Income £ 1.02 - 0.01 3.50 Deposit Accum £ 4.44 4.67 0.00 -
Artemis European Opps R Acc 74.78 78.91 0.81 0.82 CF Morant Wright Japan A Inc X 273.38 - 2.59 0.00 www.invil.mu
USD Accumulating Share Class $ 13.96 - 0.12 0.00 Global Financial Services A-GBP £ 0.44 - 0.00 0.11 Guardian Pensions Management Ltd Other International Funds
India Fund - Class A GBP Inc £ 13.75 - 0.18 0.00 China Consumer £ 1.48 - 0.02 0.08
Artemis Global Emg Mkts I GBP Acc 81.68 - 0.66 - CF Morant Wright Japan B X 295.19 - 2.80 0.50
EUR Accumulating Share Class € 15.43 - 0.13 0.00 Global Health Care A-GBP £ 0.55 - 0.00 0.00 Pens. Managed Acc. £ 23.11 24.32 0.02 - NAV £ 7.57 - 0.05 0.00
Latin America A USD Inc H $ 27.53 - 0.39 0.22 Emerging Asia £ 1.16 - 0.01 0.14
Artemis Global Emg Mkts I GBP Dist 81.69 - 0.66 - CF Morant Wright Japan B Inc X 278.36 - 2.64 0.53
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
MENA A GBP Inc F * £ 12.00 - 0.04 0.65 Global Industrials A-GBP £ 0.64 - 0.00 0.00 Pens. Equity Acc. £ 34.14 35.94 0.03 -
Artemis Global Energy R Acc 22.66 24.02 0.28 0.00 CF Morant Wright Nippon Yield ACC A X 283.24 - 2.14 2.07 Emerg Eur, Mid East & Africa H £ 1.38 - 0.01 0.95
USD Accumulating Share Class $ 18.39 - 0.27 0.00
Enhanced Income - Acc £ 1.92 - 0.02 6.53
Global Inflation-Linked Bd A-GBP-Hdg £ 1.16 - 0.00 0.56 Intrinsic Value Investors (IVI) LLP (IRL)
Artemis Global Growth R Acc 180.73 190.67 1.93 0.82 CF Morant Wright Nippon Yield ACC B X 293.67 - 2.23 2.06 GBP Accumulating Share Class £ 18.78 - 0.25 0.00 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Artemis Global Income R Acc 95.23 100.61 0.91 4.19 Baring International Fd Mgrs (Ireland) (IRL) Enhanced Income - Inc £ 1.24 - 0.02 7.27
Global Real Asset Securities £ 1.38 - 0.00 0.00 HPB Assurance Ltd FCA Recognised
CF Morant Wright Nippon Yield Fund A Inc X 246.22 - 1.87 2.10 GBP Distributing Share Class £ 11.96 - 0.16 0.58
Regulated Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Global Technology A-GBP £ 0.26 - 0.00 0.00 IVI European Fund EUR € 18.17 - -0.02 0.00
Artemis Global Income R Inc 76.68 81.02 0.73 4.36 CF Morant Wright Nippon Yield Fund B Inc X 255.36 - 1.94 2.09 European - Inc £ 1.41 - 0.01 0.78 International Insurances
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 EUR Accumulating Share Class € 22.39 - 0.32 0.00
Global Telecomms A-GBP £ 0.28 - 0.00 1.18 Holiday Property Bond Ser 1 £ 0.50 - 0.01 0.00 IVI European Fund GBP £ 17.25 - -0.02 1.02
Artemis Global select R Acc 72.16 76.14 0.82 0.00 European £ 16.08 - 0.17 1.17
India Focus A-GBP £ 4.21 - -0.03 0.00 Holiday Property Bond Ser 2 £ 0.60 - 0.01 0.00
Artemis High Income R Inc 77.72 82.77 0.23 5.84 European Opportunities £ 3.79 - 0.04 0.24
Cavendish Asset Management Limited (1200)F (UK)
Barings (Luxembourg) (LUX) Latin America A-GBP £ 1.36 - 0.00 0.65
Artemis Income R Inc 204.81 217.05 2.38 4.36 Chelsea House, Westgate, London W5 1DR Extra Income £ 0.26 - 0.00 3.29
FCA Recognised
IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
Artemis Income R Acc 349.27 370.14 4.06 4.24 Russia A GBP Inc F £ 26.60 - 0.37 0.00 Authorised Inv Funds
Extra Income - Gross £ 0.26 - 0.00 3.28 Hamon Investment Group
Findlay Park Funds Plc (IRL) Other International Funds
Artemis Monthly Dist R Inc 62.36 66.20 0.24 4.79 Cavendish Opportunities Fund B Class 1053.00 - 3.00 1.40 Global Dividend - Acc £ 1.59 - 0.02 3.14
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Asian Market Leaders - USD $ 24.84 - 0.37 0.00
Artemis Pan-Euro Abs Ret GBP 112.46 - 0.34 - Cavendish Opportunities Fund A Class 1048.00 - 3.00 0.61 Global Dividend - Inc £ 1.42 - 0.02 3.33
Barmac Asset Management Ltd (UK) FCA Recognised
Dragon Capital Group Asian Market Leaders - GBP £ 12.71 - 0.14 0.00
40 Dukes Place, London, EC3A 7NH Cavendish Opportunities Fund C Acc 1096.00xd - 3.00 1.20 Global Focus £ 13.34 - 0.18 0.00 American Fund USD Class $ 82.50 - 0.96 0.00
Artemis Strategic Assets R Acc 73.67 78.01 0.35 0.00
Authorised Corporate Director - Capita Financial Managers c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Greater China - USD $ 10.81 - 0.13 0.00
Artemis Strategic Bond R M Acc 83.73 88.89 0.08 4.12 Order Desk and Enquiries: 0345 922 0044 Cavendish Worldwide Fund B Class 298.70 - 3.80 0.82 Fund information, dealing and administration: [email protected] Global High Yield Fund - A Gross Acc £ 11.99 - 0.01 4.86 American Fund GBP Hedged £ 44.96 - 0.52 0.00
Other International Funds Greater China - GBP £ 4.47 - 0.04 0.00
Authorised Inv Funds
Artemis Strategic Bond R M Inc 53.99 57.32 0.05 4.19 Cavendish Worldwide Fund A Class 298.30 - 3.80 0.07 Global High Yield Fund - A Gross Inc £ 9.96 - 0.00 5.51 American Fund GBP Unhedged £ 54.03 - 0.45 -
The Castleton Growth Fund Ret Acc 2 112.58 - 0.15 0.00 Vietnam Enterprise Inv. (VEIL) NAV $ 3.73 - -0.05 0.00 Selected Asian P'folio $ 45.16 45.17 -0.51 0.00
Global High Yield Fund - A Net Acc £ 11.55 - 0.01 4.92 Latin American Fund USD Class $ 12.04 - 0.10 0.00
 26 ★ FINANCIAL TIMES Friday 20 November 2015

MANAGED FUNDS SERVICE

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

Global Smaller Companies (No Trail) Inc ♦ F 233.66 - 2.14 0.76 Emrg Eur Eq Acc 140.80 - 2.30 2.57 Investment Grade Bond B Acc 158.70 - 0.32 1.50 Wld Gold Expertise PA € 6.80 - 0.16 0.00 European Res.A1 € 33.72 - 0.11 0.00 Morant Wright Sakura Fund Euro Acc Hedged € 14.50 - 0.15 0.00 Wealthy Nat Bd USD Ord Inc $ 110.94 - 0.09 3.31

Global Targeted Rets (No Trail) Acc 114.22 - 0.10 0.83 Emrg Eur Eq Inc 33.47 - 0.54 2.54 Investment Grade Bond B Inc £ 1.16 - 0.01 3.64 Wld Gold Expertise PA $ 9.06 - 0.21 0.00 European Smaller Companies A1 € 52.80 - 0.16 0.00 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1480.23 - 15.03 0.00 New Capital Alternative Strategies

LO Selection All Weather Fd USD Cls $ 117.51 - -1.87 0.00

High Income (No Trail) Acc ♦ F 178.08 - 1.25 3.32 Emrg Mkts Inc Acc... C 47.41xd - -0.11 5.21 Sterling Corporate Bond B Acc £ 0.74 - 0.01 3.46 European Value A1 € 37.21 - 0.09 0.00 Morant Wright Sakura Fund Dollar Acc Hedged $ 14.45 - 0.15 0.00
Balanced (CHF) PA F SFr 109.48 - 0.37 0.00 All Weather Fd EUR Cls € 105.60 - -1.73 0.00
High Income (No Trail) Inc ♦ F 130.93 - 0.92 3.40 Emrg Mkts Inc Inc... C 41.36xd - -0.10 5.36 Sterling Corporate Bond B Inc £ 0.31 - 0.00 3.53 Global Conc.A1 $ 37.43 - 0.38 0.00 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 14.38 - 0.15 0.00
Balanced (EUR) PA F € 127.92 - 0.23 0.00 All Weather Fd GBP Cls £ 113.71 - -2.13 0.00
High Yield Fund (No Trail) Acc 222.52 - -0.38 4.90 Europe Acc 1044.00 - 0.00 1.49 Strategic Bond B Acc £ 1.12 - 0.00 2.72 Global Credit Fund $ 10.25 - 0.00 0.00
Conservative (CHF) PA F SFr 104.67 - 0.19 0.00 Tactical Opps USD Cls $ 141.99 - -8.87 0.00
High Yield Fund (No Trail) Inc 164.00 - -0.28 5.02 Europe Inc 60.13 - 0.06 1.49 Strategic Bond B Inc £ 1.17 - 0.00 2.76 Global Energy Fund A1 $ 12.88 - 0.17 0.00
Invesco Fund Managers Ltd (UK) Conservative (EUR) PA F € 115.30 - 0.13 0.00 Tactical Opps EUR Cls € 118.97 - -7.43 0.00
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Hong Kong & China (No Trail) Acc ♦ F 187.32 - 3.08 1.24 Eur Dynamic exUK Acc 158.10 - -0.30 0.83 UK Equity B Acc £ 2.59 - 0.03 2.41 Global Equity A1 $ 45.90 - 0.43 0.00
Dealing: 0800 085 8571 Global Allocation (GBP) PA F £ 9.99 - 0.01 0.00 Tactical Opps GBP Cls £ 133.63 - -8.30 0.00
Income & Growth (No Trail) Acc ♦ F 225.15 - 2.77 4.06 Eur Dynamic exUK £ hdg Acc 188.60 - -0.20 0.70 UK Equity Absolute Return B Acc £ 1.23 - 0.00 0.00 Global Equity A1 € 27.25 - 0.16 0.00
Investor Services: 0800 085 8677
Growth (CHF) PA F SFr 115.34 - 0.53 0.00
www.invescoperpetual.co.uk Income & Growth (No Trail) Inc ♦ F 178.24 - 2.20 4.18 Eur Dynamic exUK Inc 72.58 - -0.15 0.82 UK Equity Income B Acc £ 2.16 - 0.03 4.76 Global High Yield Fund $ 24.48 - 0.00 0.00
Authorised Inv Funds Growth (EUR) PA F € 139.57 - 0.32 0.00
Income (No Trail) Acc ♦ F 176.24 - 1.15 3.16 Eur Smaller Cos Acc 483.70 - -2.30 0.00 UK Equity Income B Inc £ 1.67 - 0.02 4.89 Global High Yield Fund € 16.70 - -0.05 0.00
INVESCO PERPETUAL Funds Morgan Stanley Investment Funds (LUX)
Vantage 1500 (EUR) MA € 10.21 - 0.00 0.00
Asian Acc ♦ F 425.73 - 7.16 0.91 Income (No Trail) Inc ♦ F 129.03 - 0.84 3.23 Eur Smaller Cos Inc 62.91 - -0.30 0.00 UK Opportunities B Acc £ 1.75 - 0.02 2.34 Global Multi-Asset A1 $ 15.24 - 0.06 0.00 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
Vantage 3000 (EUR) MA € 10.35 - 0.01 0.00 www.morganstanleyinvestmentfunds.com
Asian Inc ♦ F 382.37 - 6.42 0.92 Japan (No Trail) Acc ♦ F 149.63 - 1.32 0.77 Fusion Balanced Acc 54.78 - 0.20 0.47 UK Smaller Companies B Acc £ 2.89 - 0.01 1.47 Global Res.A1 $ 25.95 - 0.34 0.00
PrivilEdge FCA Recognised
Asian Equity Income Acc ♦ F 56.02 - 0.81 4.62 Japanese Smaller Companies (No Trail) Acc ♦ F 162.62 - 0.50 0.00 Fusion Balanced Inc 55.08 - 0.19 0.47 Global Total Return A1 € 18.25 - 0.06 0.00 US Advantage A F $ 59.50 - 0.91 0.00
Inc.Pt.RMB Dt.CNH PA CNH 102.95 - -0.03 0.00
Asian Equity Income Inc ♦ F 47.73 - 0.69 4.75 Latin American (No Trail) Acc ♦ F 99.78 - 1.03 1.91 Fusion Conservative Acc 54.21 - 0.15 0.65 Kames Capital Investment Portfolios ICVC (UK) Inflation-Adjusted Bond A1 $ 13.81 - 0.02 0.00 Asian Equity A F $ 41.36 - 0.48 0.00 Northwest Investment Management (HK) Ltd
Inc.Pt.RMB Dt.SH CHF PA SFr 9.85 - -0.01 0.00
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Balanced Risk 6 Acc 51.70 - 0.21 0.00 Latin American (No Trail) Inc ♦ F 89.61 - 0.92 1.94 Fusion Conservative Inc 54.15 - 0.15 0.67 Japan Equity A1 $ 10.48 - 0.06 0.00 Asian Property A F $ 17.70 - 0.13 0.00
0800 45 44 22 www.kamescapital.com Inc.Pt.RMB Dt.SH EUR PA € 9.93 - -0.02 0.00 Other International Funds
Balanced Risk 8 Acc 52.93 - 0.29 0.00 Managed Growth (No Trail) Acc ♦ F 195.29 - 2.00 1.24 Fusion Growth Acc 56.39 - 0.25 0.47 Authorised Funds Latin American Equity Fd A1 $ 12.07 - 0.16 0.00 Asian Property AX F £ 10.68 - 0.03 0.52 Northwest $ class $ 2382.42 - 14.15 0.00
Inc.Pt.RMB Dt.USD PA $ 10.01 - -0.01 0.00
Managed Growth (No Trail) Inc ♦ F 179.59 - 1.83 1.25 Fusion Growth Inc 56.39 - 0.25 0.47 Property Income B Acc 118.68 - 0.10 4.53 Limited Maturity A1 $ 14.01 - -0.01 0.00
Balanced Risk 10 Acc 54.08 - 0.37 0.12 Jenn. US Eq.Opp. USD PA $ 9.78 - 0.15 0.00 Diversified Alpha Plus A F € 29.89 - 0.05 0.00 Northwest Warrant $ class $ 1969.35 - -444.40 0.00
Managed Income (No Trail) Acc ♦ F 191.96 - 1.48 2.99 Fusion Growth + Acc 58.68 - 0.31 0.47 Property Income B Inc 110.46 - 0.10 4.67 Prudent Wealth Fd A1 Asset Management
$ 14.69 - 0.04 0.00
set Management
Childrens Acc ♦ F 396.42 - 4.95 1.79 Neubrg.Berman US Core PA $ 13.97 - 0.21 0.00 Emerg Europ, Mid-East & Africa Eq A F € 71.19 - 0.66 0.00

Corporate Bd Acc (Gross) ♦ F 206.72 - 0.19 3.61 Managed Income (No Trail) Inc ♦ F
Asset Management 158.64 - 1.22 3.05 Fusion Growth + Inc 58.68 - 0.30 0.47
Asset Management Sands US Growth PA € 14.63 - 0.26 0.00
Research Bond A1 $ 16.51 - 0.00 0.00 Emerging Markets Debt A F $ 75.68 - 0.03 0.00

Corporate Bd Inc (Gross) ♦ F 87.84 - 0.08 3.71 Monthly Income Plus (No Trail) Acc ♦ F 171.48 - 0.22 4.80 Fusion Income Acc...C 53.75xd - 0.19 2.37 Kames Capital VCIC (IRL)
Sands US Growth PA $ 17.68 - 0.31 0.00
UK Equity A1 £ 8.03 - 0.05 0.00 Emerging Markets Domestic Debt AX F £ 10.29 - 0.04 5.41
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
Corporate Bond Acc ♦ F 183.99 - 0.17 3.64 Monthly Income Plus (No Trail) Inc ♦ F 107.99 - 0.13 4.90 Fusion Income Inc...C 50.79xd - 0.18 2.41 US Conc.Growth A1 $ 15.67 - 0.21 0.00 Emerging Markets Equity A F $ 33.69 - 0.39 0.00
FCA Recognised Will.Blair Gbl. Ldrs PA € 16.66 - 0.18 0.00
Corporate Bond Inc ♦ F 87.76 - 0.08 3.72 Pacific (No Trail) Acc ♦ F 180.17 - 2.71 0.87 Global Allocation Acc 53.77 - 0.06 0.65 Absolute Return Bond B GBP Acc 1079.36 - 0.17 - US Government Bond A1 $ 17.02 - 0.00 0.00 Euro Bond A F € 15.79 - 0.04 0.00
Will.Blair Gbl. Ldrs PA $ 13.23 - 0.13 0.00
Distribution Acc ♦ F 109.47 - 0.48 4.39 Pacific (No Trail) Inc ♦ F 171.01 - 2.58 0.95 Global Allocation Inc 53.42 - 0.06 0.66 Eq Market Neutral B Acc 1010.40 - -0.42 - Value A1 $ 22.29 - 0.33 0.00 Euro Corporate Bond AX F £ 20.92 - 0.01 1.53
Oasis Crescent Management Company Ltd
Distribution Acc (Gross) ♦ F 125.34 - 0.56 4.36 Tactical Bond (No Trail) Acc ♦ F 141.18 - -0.15 1.45 Global Bond exUK Acc 250.80 - 0.20 0.73 Eq Market Neutral Plus B Acc 1009.34 - -0.49 - Euro Strategic Bond A F € 43.63 - 0.11 0.00
Lothbury Property Trust (UK) Other International Funds
Distribution Inc ♦ F 63.78 - 0.28 4.47 Tactical Bond (No Trail) Inc ♦ F 119.68 - -0.12 1.47 Global Bond exUK Inc 197.20 - 0.10 0.73 High Yield Global Bond A GBP Inc 521.30 - -0.05 3.64 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 MMIP Investment Management Limited (GSY) European Currencies High Yield Bd A F € 21.80 - 0.03 0.00 Oasis Crescent Equity Fund R 9.32 - 0.06 0.00
Property & Other UK Unit Trusts Regulated
Distribution Inc (Gross) ♦ F 63.80 - 0.28 4.47 UK Focus (No Trail) Acc F 164.35 - 2.21 2.37 Global Bond Opport. Acc 49.08xd - 0.11 2.87 High Yield Global Bond B GBP Inc 1082.67 - -0.09 4.14 European Equity Alpha A F € 44.85 - 0.39 0.00
Lothbury Property Trust GBP £ 1776.50 1904.58 11.63 3.24 Multi-Manager Investment Programmes PCC Limited
Emerging European Acc ♦ F 35.71 - 0.38 2.93 UK Focus (No Trail) Inc F 138.29 - 1.86 2.42 Global Bond Opport. Inc 48.35xd - 0.11 2.92 Investment Grade Global Bd A GBP Inc 554.22 - 0.19 2.36 European Property A F € 36.99 - 0.34 0.00
European Equity Fd Cl A Initial Ser € 2579.25 2589.39 212.70 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Emerging European Inc ♦ F 32.55 - 0.34 3.01 UK Enhanced Index (No Trail) Acc ♦ F 404.48 - 5.77 3.62 Global Eq Income £ hdg Acc... C 68.61xd - -0.09 3.15 Kames Global Equity Income B GBP Acc 1173.20 - 7.85 - Regulated
Japanese Equity Fd Cl A Initial Ser ¥ 361904.00 363123.00 28252.00 0.00 Eurozone Equity Alpha A F € 12.02 - 0.14 0.00
Oasis Global Investment (Ireland) Plc
European Equity Acc ♦ F 840.81 - 6.62 2.26 UK Enhanced Index (No Trail) Inc ♦ F 251.92 - 3.59 3.72 Global Eq Income £ hdg Inc ... C 49.11xd - -0.07 3.22 Kames Global Equity Income B GBP Inc 1118.32 - 7.48 - Global Bond A F $ 38.19 - 0.15 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1135.99 1139.27 -48.31 0.00 Oasis Crescent Global Short Term Income Fund $ 0.99 - 0.00 0.71
European Equity Inc ♦ F 701.57 - 5.53 2.31 UK Growth (No Trail) Acc ♦ F 143.58 - 1.78 2.40 Global Eq Income Acc... C 70.93xd - -0.13 3.18 Strategic Global Bond A GBP Inc 1092.92 - 0.27 0.71 Global Brands A F $ 100.66 - 1.45 0.00
Pacific Basin Fd Cl A Initial Ser $ 2142.33 2154.57 139.28 0.00 Oasis Global Equity $ 27.04 - 0.20 0.22
European Equity Income Acc ♦ F 73.21 - 0.72 3.50 UK Growth (No Trail) Inc ♦ F 117.48 - 1.46 2.45 Global Eq Income Inc ... C 61.44xd - -0.12 3.24 Strategic Global Bond B GBP Inc 619.83 - 0.16 1.21 Global Convertible Bond A F $ 43.02 - 0.17 0.00
UK Equity Fd Cl A Series 01 £ 2356.72 2380.35 78.79 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
European Equity Income Inc ♦ F 55.66 - 0.55 3.58 UK Smaller Companies Equity (No Trail) Acc ♦ F 281.26 - 1.09 1.27 Global Equity Acc 994.70 - -2.90 0.15 Global Property A F $ 27.86 - 0.28 0.00 Oasis Crescent Global Equity Fund $ 27.55 - 0.20 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1591.09 - 14.69 0.00
European High Income Acc ♦ F 80.20 - 0.32 3.50 UK Smaller Companies Equity (No Trail) Inc ♦ F 259.47 - 1.01 1.29 Global Equity Inc 73.93 - -0.21 0.14
Kleinwort Benson Bank (UK) M & G Securities (1200)F (UK) Diversified Absolute Return Stlg Cell AF2 £ 1611.67 - 15.03 0.00 Indian Equity A F $ 34.38 - 0.43 0.00 Oasis Crescent Variable Balanced Fund £ 10.30 - 0.00 0.58
PO Box 9039, Chelmsford, CM99 2XG
European High Income Inc ♦ F 58.26 - 0.23 3.56 UK Strategic Income (No Trail) Acc ♦ F 740.28 - 4.45 3.53 Global Financials Acc 727.20 - -2.90 0.86 14 St. George Street, Mayfair, London W1S1FE OasisCresGl Income Class A $ 10.87 - 0.00 2.35
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Latin American Equity A F $ 39.61 - 0.48 0.00
Dealing and enquiries: 0800 024 2400
European Opportunities Inc ♦ F 82.75 - 0.84 0.16 UK Strategic Income (No Trail) Inc ♦ F 545.43 - 3.28 3.62 Global Financials Inc 41.36 - -0.16 0.87 Authorised Inv Funds OasisCresGl LowBal D ($) Dist $ 11.74 - 0.04 0.00
Authorised Inv Funds Short Maturity Euro Bond A F € 20.38 - 0.00 0.00
Manek Investment Mgmt Ltd (1000)F (UK)
US Equity (No Trail) Acc ♦ F 228.27 - 2.87 0.11 Global High Yield Bd Mth Inc C 36.37xd - 0.18 6.81 Unit Trust Manager/ACD - Host Capital Charifund Inc 1431.98 - 14.22 4.83
European Opportunities Acc ♦ F 85.59 - 0.86 0.16 P.O.Box 100, Swindon SN1 1WR 0844 800 9401 US Dollar Liquidity A F $ 13.03 - 0.00 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 11.94 - 0.05 0.32
HC KB Capital Growth A Acc 168.91 - 1.66 1.36 Charifund Acc 19765.01 - 196.28 4.68 Authorised Inv Funds
European Smlr Cos Acc ♦ F 185.43 - 0.64 0.23 Global High Yield Bd Acc C 96.22xd - 0.47 6.76 US Growth A F $ 69.35 - 1.40 0.00 Oasis Crescent Gbl Property Eqty $ 9.36 - 0.03 2.00
HC KB Capital Growth A Inc 158.16 - 1.55 1.38 Growth Fd Acc 52.66 55.67 -0.40 0.00
Global High Yield Bd Inc C 36.35xd - 0.18 6.85 M&G Corporate Bond A Acc 62.84xd - 0.08 3.15
Global Bd Acc (Gross) ♦ F 129.74 - 0.03 1.17 US Growth AH F € 48.08 - 0.97 0.00
HC KB Enterprise Equity Income A Inc 108.27 - 0.26 5.00 M&G Corporate Bond A Inc 39.47xd - 0.05 3.15
Global Bd Inc (Gross) ♦ F 79.89 - 0.02 1.18 Global Property Secs Acc 57.51 - 0.07 0.59 US Growth AX F £ 45.36 - 0.71 0.00
HC KB Enterprise Equity Income A Acc 160.85 - 0.38 3.69 M&G Dividend A Inc 61.78 - 0.73 4.41 LNG Capital (CYM)
Global Bond Acc ♦ F 121.91 - 0.03 1.17 Global Property Secs Inc 49.63 - 0.05 0.58 US Property A F $ 67.56 - 0.70 0.00
Kingsbury House, 15-17 King St, London SW1Y 6QU
HC KB Endeavour Multi Asset Balanced A Acc 130.58 - 0.53 0.81 M&G Dividend A Acc 618.79 - 7.31 4.26
Global Bond Inc ♦ F 79.85 - 0.02 1.18 Income Acc ... C 49.31xd - 0.13 6.53 www.lngcapital.com, Tel: 0207 839 3456
HC KB Endeavour Multi Asset Balanced A Inc 124.11 - 0.51 0.81 M&G Episode Growth X Inc 52.26xd - 0.51 1.75 Regulated
Glbl Distribution Acc 53.60 - 0.23 4.76 Income Inc ... C 46.02xd - 0.11 6.56
Invesco (LUX) LNG Europa Credit Fund EUR (Est) € 1196.70 - 65.31 - Morgens Waterfall Vintiadis.co Inc
HC KB Enterprise Fixed Income A Acc 121.93 - 0.34 3.44 M&G Episode Income A Acc 137.90xd - 0.62 3.55
Glbl Distribution Acc (Gross) 54.31 - 0.24 4.76 Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 Japan Acc 293.80 - -0.60 0.00 Other International Funds
LNG Europa Credit Fund GBP (Est) £ 1196.70 - 56.94 - Odey Asset Management LLP (UK)
FCA Recognised HC KB Enterprise Fixed Income A Inc 108.22 - 0.30 3.44 M&G Episode Income A Inc 115.00xd - 0.52 3.63 Phaeton Intl (BVI) Ltd (Est) $ 404.39 - -6.80 0.00
Glbl Distribution Inc 50.94 - 0.23 4.77 Japan Inc 70.73 - -0.15 0.00 40 Dukes Place, London, EC3A 7NH
Invesco Management SA LNG Europa Credit Fund USD $ 1199.05 - -12.58 -
Multi-Asset Inc Mth Inc ... C 63.91xd - 0.12 3.68 M&G Extra Income A Inc 727.67 - 6.41 4.46 Order Desk and Enquiries: 0345 300 2106
Glbl Distribution Inc (Gross) 50.95 - 0.22 4.77 Invesco Active Multi-Sector Credit Fund A € 2.90 - 0.00 0.00 Authorised Corporate Director - Capita Financial Managers
Multi-Asset Inc Acc... C 85.13xd - 0.15 3.59 Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Extra Income A Acc 5954.42 - 52.47 4.34
Authorised Inv Funds
Global Emerging Markets Acc ♦ F 237.75 - 2.28 0.99 Invesco Asia Balanced A dist $ 14.18 - 0.13 3.66
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Marlborough Fd Managers Ltd (1200)F (UK)
Multi-Asset Inc Inc... C 63.91xd - 0.11 3.69 M&G Global Basics A Inc 610.71 - 8.10 0.62 CF Odey Continental European GBP R Acc 710.34 - 2.42 0.19
Global Emerging Markets Inc ♦ F 214.39 - 2.05 1.00 Invesco Asia Consumer Demand Fund A income $ 12.56 - 0.23 0.24 Other International Funds Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
Multi-Asset Macro Acc 65.03 - -0.09 0.00 Lloydstrust Gilt £ 12.1200xd - 0.0300 2.42 M&G Global Basics A Acc 928.00 - 12.30 0.57 www.marlboroughfunds.com CF Odey Opus GBP R Inc 3726.81 - 15.15 0.00
Global Equity (acc) ♦ F 475.27 - 5.87 0.64 Invesco Asia Infrastructure (A) $ 12.59 - 0.17 0.75
Authorised Inv Funds
Lloyds Investment Funds Limited M&G Global Dividend Fund A Acc 188.86xd - 2.05 3.24 CF Odey Absolute Return GBP R 316.48 - -2.37 0.00
Global Equity (inc) ♦ F 430.86 - 5.32 0.64 Invesco Asia Opportunities Equity A $ 102.48 - 2.12 0.00 Multi-Asset Macro Inc 65.04 - -0.09 0.00
Balanced 155.26 164.16 0.29 0.05
Euro High Income € 1.6240xd - 0.0020 2.89 M&G Global Dividend Fund A Inc 149.05xd - 1.63 3.31
Multi-Manager Growth Acc 715.80 - -1.80 0.47 CF Odey Portfolio Fund GBP R Inc 146.34 - 0.75 0.07
Global Equity Income Acc ♦ F 121.06 - 1.36 3.63 Invesco Balanced Risk Allocation Fund A € 14.68 - 0.07 0.00 Bond Income 49.94 52.85 0.06 4.90 Natixis International Funds (Lux) I SICAV (LUX)
European £ 7.5210xd - 0.1000 1.12 M&G Glbl Emrgng Mkts A Acc 185.01 - 2.48 0.93
Global Equity Income Inc ♦ F 98.32 - 1.10 3.73 Multi-Manager Growth Inc 668.10 - -1.60 0.47 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Invesco Emerging Europe Equity Fund A $ 8.38 - 0.12 0.00 Cash 50.02 50.02 0.00 0.32
High Income £ 0.8603xd - 0.0024 4.97 M&G Glbl Emrgng Mkts A Inc 178.74 - 2.39 0.94 FCA Recognised
Gbl Financial Capital Acc 88.66 - 0.23 4.32 Invesco Emerging Local Currencies Debt A Inc $ 6.93 - 0.03 6.87 Natural Resources Acc 321.90 - -3.10 0.13
Cautious Inc 82.01 86.34 0.09 1.32 Odey Asset Management LLP (CYM)
International £ 4.0170xd - 0.0520 1.03 Harris Global Equity R/A (USD) $ 263.06 263.06 2.71 0.00
M&G Global Macro Bond Fund A Acc 105.33xd - -0.31 0.82 Regulated
Gbl Financial Capital Inc 74.61 - 0.20 4.45 Invesco Emerging Mkt Quant.Eq. A $ 9.29 - 0.14 0.00 Natural Resources Inc 22.80 - -0.21 0.13
Defensive A Inc 117.15 117.15 0.00 0.27 Harris US Equity Fund R/A (USD) $ 214.01 214.01 3.67 0.00 OEI Mac Inc GBP A £ 362.17 - 14.98 0.00
North American £ 15.6500xd - 0.1900 0.06 M&G Global Macro Bond Fund A Inc 72.97xd - -0.22 0.82
Gbl Financial Cap Acc Gross 92.77 - 0.25 4.81 Invesco Energy A $ 19.26 - 0.32 0.00 Portfolio Acc 199.80 - 1.00 0.68
Emerging Markets 225.56 225.56 1.86 1.69 Harris Concentrated US Equity R/A (USD) $ 162.74 162.74 3.33 0.00 OEI Mac Inc GBP B £ 197.72 - 8.75 0.00
Sterling Bond £ 1.4580xd - 0.0050 3.57 M&G Global High Yield Bond X Inc 48.86xd - 0.04 4.45
Gbl Financial Cap Inc Gross 74.76 - 0.20 4.99 Invesco Euro Corporate Bond Fund (A) € 17.07 - 0.02 0.00 Sterling Corporate Bond Acc 82.18xd - 0.27 2.35
ETF Global Growth A 146.88 146.88 -0.09 0.00 Loomis Sayles Strategic Alpha R/A (USD) $ 110.59 110.59 -0.03 - OEI MAC Inc USD $ 1933.42 - 78.16 0.00
UK £ 6.4780xd - 0.1300 1.62 M&G Global High Yield Bond X Acc 115.26xd - 0.08 4.43
Global Opportunities Acc ♦ F 94.05 - 1.15 0.47 Invesco Euro Inflation Linked Bond A € 15.71 - 0.01 0.00 Sterling Corporate Bond Inc 51.37xd - 0.17 2.36
Lloyds Gilt Fund Limited ETF Commodity A 66.78 66.78 -0.23 0.00 Odey European Inc EUR € 842.77 - 31.53 0.00
Strategic Bond Acc 68.54xd - 0.09 3.18 M&G Managed Growth X Inc 75.77xd - 0.94 0.57
Global Smaller Cos Acc ♦ F 1673.64 - 15.29 0.21 Invesco Euro Reserve A € 322.73 - 0.00 0.00 Lloyds Gilt Fund Quarterly Share £ 1.2620 - 0.0030 1.90 European Multi-Cap 272.50 272.50 2.02 0.20
M&G Optimal Income A Inc 141.89xd - 0.12 2.51
Natixis International Funds (Dublin) I plc (IRL) Odey European Inc GBP A £ 323.71 - 12.01 0.00
Global Smaller Cos Inc ♦ F 1598.12 - 14.60 0.21 Invesco Euro Bond A € 7.17 - 0.01 0.00 Strategic Bond Inc 56.89xd - 0.07 3.20 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Monthly Share £ 1.2140xd - 0.0030 1.90 Extra Income 79.08 83.68 0.63 4.39 Odey European Inc GBP B £ 183.69 - 6.82 0.00
UK Active Index + E Acc 278.40 - 0.20 3.08 M&G Optimal Income A Acc 187.45xd - 0.16 2.51 Regulated
Global Targeted Rets Acc 56.52 - 0.04 0.29 Invesco European Growth Equity A € 25.59 - 0.23 0.00 Lloyds Money Fund Limited Far East Growth A Inc 160.07 160.07 1.21 2.35
Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.26 12.26 0.00 1.19 Odey European Inc USD $ 388.19 - 14.14 0.00
UK Active Index + E Inc 52.50 - 0.04 3.08 Sterling Class £ 52.6090 - 0.0000 0.15 M&G Recovery GBP A Inc 117.15 - 1.45 0.75
High Income Acc ♦ F 832.76 - 5.86 3.33 Invesco Global Absolute Return Fund A Class € 11.77 - 0.01 0.00 Global 176.98 186.31 0.12 0.00
Loomis Sayles High Income R/D (USD) $ 8.45 8.45 0.01 14.41 Giano Capital EUR Inc € 4453.26 - 0.00 0.00
Lloyds Multi Strategy Fund Limited M&G Recovery GBP A Acc 263.06 - 3.26 0.75
High Income Inc ♦ F 459.38 - 3.24 3.41 Invesco Global Bond A Inc $ 5.51 - 0.01 0.75 UK Dynamic Acc 161.30 - -0.40 1.46
Global Bond Inc 135.18 143.05 0.04 3.22
Conservative Strategy £ 1.0910 - 0.0020 1.97 M&G Strategic Corp Bond A Inc 72.97 - 0.08 2.96 Loomis Sayles Multisector Income R/D (GBP) $ 12.21 12.21 0.01 5.68
High Yield Fund Acc 107.37 - -0.18 4.91 Invesco Global Conservative Fund 90 (EUR) A € 11.95 - 0.03 0.00 UK Dynamic Inc 131.90 - -0.30 1.47
High Yield Fixed Interest 73.25 77.72 0.27 5.68
Growth Strategy £ 1.4750 - 0.0050 1.32 M&G Strategic Corp Bond A Acc 104.76 - 0.11 2.96 Odey Asset Management LLP (IRL)
High Yield Fund Acc (Gross) 125.31 - -0.22 4.88 Invesco Global Equity Income Fund A $ 60.29 - 0.86 0.00 UK Eq & Bond Inc Acc ... C 140.40xd - 0.10 3.38
Multi Cap Income A Inc 156.84 156.84 1.15 4.49 FCA Recognised
Aggressive Strategy £ 1.8130 - 0.0100 0.00 M&G Global Leaders GBP A Inc 191.67 - 2.17 1.35 Natixis International Funds (UK)
High Yield Fund Inc 42.48 - -0.07 5.04 Invesco Global Inc Real Estate Sec A dist $ 9.14 - 0.07 2.19 UK Eq & Bond Inc Inc ... C 81.68xd - 0.05 3.45 Odey Pan European EUR R € 354.87 - -0.15 0.00
Nano-Cap Growth A Acc 103.9371 114.0300 0.0532 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Global USD Growth Strategy $ 1.4090 - 0.0110 0.00 M&G Global Leaders GBP A Acc 451.41 - 5.10 1.33
High Yield Fund Inc (Gross) 42.53 - -0.07 5.03 Invesco Global Inv Grd Corp Bond A Dist $ 11.79 - 0.01 3.04 UK Higher Inc Acc ... C 904.80 - 0.10 4.14 Authorised Funds Odey Allegra European EUR O € 265.36 - -1.01 0.00
Dealing Daily Special Situations A Acc 1173.77 1242.08 3.60 0.38
UK Higher Inc Inc ... C 525.90 - 0.10 4.27 M&G UK Inflation Lnkd Corp Bnd A Acc 111.88xd - -0.02 0.11 H2O MultiReturns Fund N/A (GBP) £ 1.44 - 0.00 1.46
Hong Kong & China Acc ♦ F 472.28 - 7.75 0.74 Invesco Global Leisure A $ 37.18 - 0.63 0.00 UK Multi-Cap Growth A Inc 241.49 255.54 1.87 0.38 Odey Allegra International EUR O € 182.63 - -0.01 0.00
UK Managed Equity Acc 65.72xd - -0.01 2.15 M&G UK Inflation Lnkd Corp Bnd A Inc 110.27xd - -0.03 0.11 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.05 - 0.01 0.00
Income & Growth Acc ♦ F 956.30 - 11.75 4.08 Invesco Global Smaller Comp Eq Fd A $ 57.48 - 0.76 0.00 UK Micro Cap Growth A 475.27 502.93 0.49 0.00 Odey Allegra Developed Markets USD I $ 133.32 - 0.79 0.00
UK Managed Equity Inc 55.01xd - -0.01 2.18 Loomis Sayles Strategic Income N/D (GBP) £ 0.95 - 0.00 4.21
Income & Growth Inc ♦ F 414.89 - 5.10 4.20 Invesco Global Structured Equity A $ 47.40 - 0.49 0.73 US Multi-Cap Income 319.51 319.51 2.89 0.17 Odey European Focus Fund € 18.07 - -0.05 0.49

Income Acc ♦ F 3206.90 - 20.72 3.17 Invesco Global Total Ret.(EUR) Bond Fund A € 13.24 - 0.00 0.00 UK Smaller Cos Acc 383.70 - -2.20 0.00 M & G Securities Ltd (UK) MFM - Third Party Funds
Loomis Sayles Strategic Income H-N/D (GBP) £ 0.92 - 0.00 4.27
Odey Atlas Fund GBP I S £ 1.15 - 0.00 0.00
Property & Other UK Unit Trusts
UK Smaller Cos Inc 74.51 - -0.42 0.00 Junior Oils 68.82 72.83 2.60 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.49 - 0.01 0.26
Income Inc ♦ F 1783.50 - 11.53 3.24 Invesco Gold & Precious Metals A $ 3.51 - 0.11 0.00 Odey Giano European Fund EUR R € 117.26 - -0.10 0.00
Charibond 122.77xd - 0.12 5.29
UK Strategic Eq Inc Acc ... C 150.50xd - 0.20 3.76 Junior Gold C Acc 19.48 19.48 0.14 0.00 Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP) £ 0.99 - 0.01 -
Japan Acc ♦ F 314.88 - 2.78 0.30 Invesco Greater China Equity A $ 45.27 - 1.18 0.00 Odey Naver Fund EUR I € 128.17 - -0.14 0.00
(Accum Units) 3634.68xd - 3.68 5.29
Lombard Odier Funds (Europe) S.A (LUX)
MFM Artorius Fund 157.58 157.58 -1.06 0.17 Seeyond Factor Plus U.K Equity Fund N/A (GBP) £ 1.01 - 0.02 -
Japanese Smlr Cos Acc ♦ F 63.83 - 0.19 0.00 Invesco India Equity A $ 50.96 - 0.97 0.00 UK Strategic Eq Inc Inc ... C 97.30xd - 0.07 3.85 Odey Odyssey USD I $ 151.97 - -0.08 0.00
www.loim.com NAACIF 74.66xd - 0.65 4.69
Latin America Acc ♦ F 103.18 - 1.06 1.17 UK Strategic Gth Acc 112.30 - -0.30 1.17 Regulated MFM Bowland 155.69 168.31 -1.86 0.00 Odey Orion Fund EUR I € 123.06 - 0.41 0.00
Invesco Japanese Equity Adv Fd A ¥ 3943.00 - 42.00 0.00 (Accum Units) 6691.77xd - 57.87 4.57
Lombard Odier Funds
Latin America Inc ♦ F 85.89 - 0.88 1.19 Invesco Japanese Value Eq Fd A ¥ 1314.00 - 12.00 0.00 UK Strategic Gth Inc 104.80 - -0.30 1.19 MFM Hathaway Inc 105.87 110.86 -0.45 1.54 NatWest (2230)F (UK) Odey Swan Fund EUR I € 92.89 - -0.91 0.00
Absolute Ret Bond (EUR) PA € 11.97 - -0.01 0.00 M&G Property Portfolio A Acc 133.94 140.98 0.02 3.45
PO Box 23873, Edinburgh EH7 5WJ**
Managed Growth Acc ♦ F 161.05 - 1.64 0.71 US Acc 714.90 - -1.50 0.00 MFM SGWM Managed A Acc 125.44 125.44 -0.12 0.15 Odey European Absolute Return GBP S £ 97.67 - -0.55 0.00
Invesco Latin American Equity A $ 6.02 - 0.08 0.00 Absolute Ret Bond (USD) PA $ 17.60 - -0.01 0.00 Property Portfolio A 122.88 129.34 0.02 3.52 Enquiries: 0800 085 5588
Managed Growth Inc ♦ F 134.08 - 1.37 0.72 US Inc 98.94 - -0.21 0.00 MFM Techinvest Special Situations Acc 139.60 139.60 -0.56 0.01 Authorised Inv Funds
Invesco Nippon Small/Mid Cap Equity A ¥ 1006.00 - 1.00 0.00 All Roads (CHF) PA SFr 17.47 - 0.02 0.00 Property Portfolio X 122.88 122.88 0.02 3.51 Series 1(Minimum initial investment 16375,000)
Managed Income Acc ♦ F 160.16 - 1.23 2.99 US Equity Income Acc ... C 120.50xd - -0.10 2.15 MFM Techinvest Technology Acc 345.07 345.07 -10.64 0.00
Invesco Pan European Equity A EUR Cap NAV € 20.23 - 0.22 0.00 All Roads (USD) PA $ 11.14 - 0.02 0.00 United Kingdom Equity Index Fund £ 12.33 - 0.02 2.77 Odey Wealth Management (CI) Ltd (IRL)
US Equity Income £ hdg Inc ... C 98.98xd - -0.07 2.23 MFM UK Primary Opportunities A Inc 329.71 329.71 2.14 1.34 www.odey.com/prices
Managed Income Inc ♦ F 98.69 - 0.76 3.05 Invesco Pan European High Income Fd A € 14.09 - 0.04 2.39 All Roads (GBP) PA £ 11.37 - 0.01 0.00 M & G (Guernsey) Ltd (GSY) UK Specialist Equity Inc £ 19.19 - 0.03 0.41 FCA Recognised
US Equity Income Inc ... C 102.20xd - -0.20 2.18 Slater Investments Ltd - Investment Adviser
Money Acc ♦ F 90.17 - 0.00 0.21 Invesco Pan European Small Cap Equity A € 23.17 - 0.05 0.00 Regulated Odey Opportunity EUR I € 227.59 - 1.75 0.00
All Roads (EUR) PA € 11.28 - 0.01 0.00 MFM Slater Growth 414.29 439.57 0.42 0.11 Contl Europe Spec Equity £ 15.61 - 0.02 0.00
US Select Acc 111.60 - -0.30 0.00 The M&G Offshore Fund Range
Money Acc (Gross) ♦ F 95.29 - -0.01 0.21 Invesco Pan European Structured Equity A € 18.03 - 0.21 0.00 Alpha Japan (EUR) PA F € 11.95 - -0.02 0.00 MFM Slater Income A Inc 162.42 162.42 0.30 3.77 US Spec Equity Fund £ 13.91 - 0.16 0.00
Corporate Bond 1314.04 1354.69 1.66 3.17
Monthly Income Plus Acc ♦ F 297.28 - 0.37 4.81 Invesco UK Eqty Income A £ 32.07 - 0.21 0.00 US Select Inc 110.20 - -0.30 0.00
Alpha Japan (CHF) PA F SFr 14.92 - -0.02 0.00 MFM Slater Recovery 179.11 190.04 0.57 0.23 Japan Specialist Fund X £ 9.83 - 0.01 0.00 Omnia Fund Ltd
Global Basics 2260.85 2330.77 29.76 0.31
Monthly Income Plus Acc (Gross) ♦ F 349.63 - 0.46 4.78 Invesco UK Investment Grade Bond A £ 0.98 - 0.00 2.94 US Smaller Cos Acc 369.90 - -0.70 0.00 Other International Funds
Alpha Japan (JPY) PA F ¥ 1421.00 - -2.00 0.00 Pacific Basin Specialist Equity Fund £ 21.60 - 0.36 0.67
Global Leaders 3330.24 3469.00 37.64 1.13
Monthly Income Plus Inc ♦ F 109.56 - 0.14 4.91 US Smaller Cos Inc 96.94 - -0.18 0.00 Estimated NAV $ 838.81 - 21.56 0.00
Invesco US Structured Equity A $ 21.06 - 0.28 0.00 Alpha Japan (USD) PA F $ 17.12 - -0.03 0.00 UK Sovereign Bd Index Fund £ 10.81 - 0.03 2.52
Global High Yield Bond 960.60 990.31 0.78 4.44 Marlborough International Management Limited (GSY)
Monthly Income Plus Inc (Gross) ♦ F 109.75 - 0.15 4.91 Invesco US Value Eq Fd A $ 32.00 - 0.47 0.00 Alternative Beta PA F SFr 115.81 - 0.32 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 UK Specialist Equity Income Fund £ 9.52 - 0.02 3.88
Global Macro Bond Fund 10955.68 11294.51 -32.94 0.82
Pacific Acc ♦ F 971.15 - 14.62 0.38 Invesco USD Reserve A $ 87.02 - 0.00 0.00 JPMorgan Charity Funds (UK) FCA Recognised
Alternative Beta PA F € 78.25 - 0.22 0.00 Global Spec Inv Grade Bd Fund GBP £ 9.73 - 0.00 3.23
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 North American Dividend Fund 156.58 163.10 1.48 2.18 Marlborough North American Fund Ltd £ 31.18 31.49 -0.05 0.00
Pacific Inc ♦ F 891.98 - 13.42 0.38
Property & Other UK Unit Trusts Alternative Beta PA F $ 117.10 - 0.34 0.00 Inflation Lkd Sov Bd Fund £ 12.50 - -0.04 0.68
Optimal Income Fund 140.60 144.95 0.12 2.52 Marlborough Tiger Fund Ltd F £ 25.56 25.82 -1.12 0.00
Tactical Bond Acc ♦ F 68.97 - -0.08 0.96 UK Equity Fund for Charities I...C £ 2.787234xd 2.798270 1.750804 3.55
Invesco Global Asset Management Ltd (IRL) Commodities (CHF) PA SFr 4.98 - -0.02 0.00
Recovery Fund Limited 'A' Participating Shares 10139.89 10562.38 123.97 0.45
Global Emerg Mkts Equity Fund X £ 11.12 - 0.12 0.54
Tactical Bond Inc ♦ F 59.80 - -0.06 0.97 Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
Bond Fund for Charities £ 1.331165xd 1.337321 0.294735 3.59 Commodities (EUR) PA € 5.04 - -0.03 0.00 Series 2 (Investment Management customers only)
FCA Recognised Recovery Fund Limited 'I' Participating Shares 10161.91 10264.56 124.97 1.29
Tactical Bond Acc (Gross) ♦ F 71.55 - -0.08 0.96 Marwyn Asset Management Limited (CYM) United Kingdom Equity Index Fund £ 12.32 - 0.02 3.27
Invesco Stlg Bd A QD F £ 2.61 - 0.01 3.32 Commodities (USD) PA $ 5.22 - -0.03 0.00
Strategic Corporate Bond Fund 132.49 138.01 0.14 2.97 Regulated Optima Fund Management
Tactical Bond Inc (Gross) ♦ F 59.85 - -0.06 0.97 UK Specialist Equity Inc £ 19.37 - 0.02 1.73 Other International Funds
Invesco Asian Equity A $ 6.27 - 0.10 0.51 Convertible Bd P A € 17.69 - 0.00 0.00 Marwyn Value Investors £ 463.87 - -14.48 0.00
UK Select 1511.11 1574.07 5.10 1.20
UK Focus Acc F 199.75 - 2.69 1.82 Contl Europe Spec Equity £ 16.27 - 0.02 0.63 Cuttyhunk Fund II Limited $ 1549.16 - -5.02 0.00
Invesco ASEAN Equity A $ 88.64 - 0.67 0.44 Convertible Bd Asia PA F SFr 13.59 - 0.01 0.00
US Spec Equity Fund £ 14.49 - 0.15 0.15 JENOP Global Healthcare Fund Ltd $ 14.71 - 0.01 0.00
UK Focus Inc F 166.35 - 2.24 1.85
Invesco Bond A $ 26.81 - 0.05 2.20 Convertible Bd Asia PA F € 14.51 - 0.02 0.00 McInroy & Wood Portfolios Limited (UK)
Japan Specialist Fund X £ 10.40 - 0.00 0.51 OPTIKA Fund Limited - Cl A $ 104.52 - -0.84 -
UK Growth Acc ♦ F 542.77 - 6.71 1.87 Easter Alderston, Haddington, EH41 3SF 01620 825867
Invesco Continental Eurp Small Cap Eqty A $ 196.29 - 2.41 0.00 Convertible Bd Asia PA F $ 14.62 - 0.02 0.00
Authorised Inv Funds Pacific Basin Specialist Equity Fund £ 21.37 - 0.36 1.34 Optima Fd NAV $ 90.37 - 0.16 0.00
UK Growth Inc ♦ F 344.36 - 4.26 1.90
Invesco Emerging Markets Equity A $ 36.21 - 0.48 0.00 Emerg. Consumer (CHF) PA SFr 11.65 - 0.01 0.00
GAM Balanced Fund Personal Class Units 3887.60xd - 27.50 1.91 Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
UK Smaller Cos Equity Acc ♦ F 863.82 - 3.33 0.78 UK Sovereign Bd Index Fund £ 10.99 - 0.03 2.52
Invesco Emerging Markets Bond A $ 21.17 - 0.08 4.76 [email protected], www.jbfundnet.com Emerg. Consumer (EUR) PA € 11.80 - 0.01 0.00
Income Fund Personal Class Units 2369.20 - 15.40 2.90 The Dorset Energy Fd Ltd NAV (Est) $ 28.41 - -2.05 0.00
UK Smaller Cos Equity Inc ♦ F 661.49 - 2.54 0.79 Regulated UK Specialist Equity Income Fund £ 10.30 - 0.02 3.81
Invesco Continental European Equity A € 9.18 - 0.10 0.19 Emerg. Consumer (USD) PA $ 11.79 - 0.01 0.00
JB BF ABS-EUR B € 104.76 - 0.00 0.00 Emerging Markets Fund Personal Class Units 1572.00xd - 6.30 2.49 Platinum Fd Ltd $ 87.75 - 0.60 0.00
UK Strategic Income Acc ♦ F 186.35 - 1.12 3.54
Emerg.Eq. Risk Par.(EUR) PA € 7.98 - 0.00 0.00
MFS Investment Funds (LUX) Global Spec Inv Grade Bd Fund GBP £ 9.89 - 0.00 3.23
Invesco Gilt A £ 14.89 - 0.00 1.42
JB BF Abs Ret Def-EUR B € 109.83 - -0.11 0.00 FCA Recognised Smaller Companies Fund Personal Class Units 3616.30 - 27.30 1.71 Platinum Fd Ltd EUR € 17.06 - 0.12 0.00
UK Strategic Income Inc ♦ F 137.29 - 0.82 3.63 Inflation Lkd Sov Bd Fund £ 12.63 - -0.04 0.68
Invesco Global Small Cap Equity A NAV $ 121.15 - 1.53 0.00 Emerg. Eq. Risk Par.(USD) PA $ 5.94 - 0.00 0.00 Blend.Research Gb.Eq.Fd. € 107.39 - 1.25 -
JB BF Abs Ret EM-USD B $ 114.84 - 0.02 0.00 Platinum Japan Fd Ltd $ 53.47 - -0.18 0.00
US Equity Acc ♦ F 548.12 - 6.86 0.00 Global Emerg Mkts Equity Fund X £ 10.67 - 0.12 0.75
Invesco Global High Income A NAV $ 12.42 - 0.02 5.43 Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.88 - 0.00 0.00 Blend.Research Gb.Eq.Fd. £ 101.00 - 1.19 -
Invesco Perpetual Funds (No Trail) JB BF Abs Ret-EUR B € 128.67 - -0.12 0.00 Meridian Fund Managers Ltd The initial charge you will pay will depend on the amount you invest Optima Partners Global Fd $ 14.28 - 0.04 0.00
Invesco Gbl R/Est Secs A GBP F F £ 7.69 - 0.05 0.89 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.59 - 0.03 0.00 Blend.Research U.S.Core Eq.Fd. ¥ 10666.00 - 192.00 - Other International Funds **Address and Telephone number for series 1 only
Asian (No Trail) Acc ♦ F 178.42 - 3.00 1.47 JB BF Abs Ret Pl-EUR B € 127.55 - -0.13 0.00 Optima Partners Focus Fund A $ 15.86 - 0.16 0.00
Invesco Global Health Care A $ 130.34 - 2.71 0.00 Emerg.Loc.Cur.Bd.Fdt PA € 11.41 - 0.01 0.00 Global Gold & Resources Fund $ 179.68 - 10.63 -
Asian (No Trail) Inc ♦ F 162.24 - 2.73 1.48 Blend.Research Gb.Eq.Fd. $ 100.94 - 1.15 -
JB BF EM Corporate-USD B $ 107.73 - 0.07 0.00
Invesco Global Select Equity A $ 13.41 - 0.21 0.00 Emerg.Loc.Cur.Bd.Fdt PA $ 8.44 - 0.00 0.00 Global Energy & Resources Fund $ 33.88 - 1.76 -
Asian Equity Income (No Trail) Acc ♦ F 114.69 - 1.65 4.61 Em.Mk.Eq.Fund Euro € 116.83 - 0.63 0.00
JB BF EM Infl Link-USD B $ 82.17 - 0.26 0.00
Oryx International Growth Fund Ltd
Invesco Jap Eqty Core A $ 1.85 - 0.03 0.00 Euro BBB-BB Fdt PA SFr 15.52 - 0.01 0.00 Em.Mk.Eq.Fund Sterling £ 96.16 - 0.52 0.00
Asian Equity Income (No Trail) Inc 97.73 - 1.41 4.74 JB BF EM Inv Grade-USD B $ 98.52 - 0.01 0.00 Other International Funds
Invesco Japanese Equity A $ 19.19 - 0.21 0.00 Euro BBB-BB Fdt PA € 12.34 - 0.01 0.00 Em.Mk.Eq.Fd.US Dollar $ 95.00 - 0.48 0.00 Ministry of Justice Common Investment Funds (UK) NAV (Fully Diluted) £ 6.69 - 0.06 0.00
Balanced Risk 6 No Trail Acc 105.34 - 0.45 0.16 JB Emerging (EUR)-EUR B € 333.75 - 0.60 0.00
Property & Other UK Unit Trusts
Invesco Korean Equity A $ 31.72 - 0.77 0.00 Euro BBB-BB Fdt PA £ 10.90 - 0.01 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 8215.00 - -140.00 5.79
Balanced Risk 8 No Trail Acc 107.80 - 0.59 0.43 JB Emerging (USD)-USD B $ 407.82 - 0.67 0.00 The Equity Idx Tracker Fd Inc 1320.00 1320.00 12.00 2.87
Invesco PRC Equity A $ 52.76 - 0.85 0.00 Euro BBB-BB Fdt PA $ 17.52 - 0.01 0.00 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 9948.00 - -185.00 6.22
Balanced Risk 10 No Trail Acc 110.16 - 0.76 0.58 JB BF Local EM-USD B $ 250.74 - 0.35 0.00 Distribution Units New Capital Fund Management Ltd (IRL) OTP Asset Management Romania SAI SA ((ROM))
Invesco Pacific Equity A $ 47.77 - 0.88 0.18 Euro Credit Bd PA F € 12.92 - 0.00 0.00 Leconfield House, Curzon Street, London, W1J 5JB www.otpfonduri.ro
Corporate Bond (No Trail) Acc ♦ F 163.74 - 0.15 3.88 Gb.Conc.Eq.Fd.Euro € 297.40 - 2.99 0.00
JB BF Total Ret-EUR B € 97.64 - 0.04 0.00 Other International Funds
FCA Recognised
Invesco Global Technology A $ 16.36 - 0.33 0.00 Euro Government Fdt PA € 12.61 - 0.03 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 174.11 - 1.77 0.00
Corporate Bond (No Trail) Inc ♦ F 115.99 - 0.10 3.97 JB EF Abs Ret Eur-EUR B € 120.16 - -0.11 0.00 Mirabaud Asset Management (LUX) New Capital UCITS Funds OTP Comodisro $ 16.84 - 0.00 -
Invesco UK Eqty A £ 8.02 - 0.10 1.37 Euro Inflation-Lk Fdt PA € 12.10 - 0.02 0.00 Gb.Conc.Eq.Fd.Sterling £ 263.61 - 2.68 0.00 www.mirabaud.com, [email protected] Asia Pac Bd USD Inst Inc $ 92.45 - 0.03 3.25
Distribution (No Trail) Acc ♦ F 167.96 - 0.74 4.37 JB EF Euro Value-EUR B € 181.96 - 1.24 0.00 OTP Obligatiuni $ 14.25 - 0.00 -
Regulated
Euro Resp.Corp. Fdt PA € 18.22 - 0.01 0.00 Gb.Conc.Eq.Fd.US $ 200.49 - 1.96 0.00 Asia Pac Bd USD Ord Inc $ 94.26 - 0.04 2.52
Distribution (No Trail) Inc ♦ F 111.40 - 0.49 4.46 JB EF Japan-JPY B ¥ 18180.00 - 196.00 0.00 Mir. Conv. Bds Eur A EUR € 140.05 - -0.12 0.00 OTP Avantisro $ 8.55 - -0.01 -
Europe High Conviction PA € 12.07 - -0.01 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 189.05 - 1.82 0.00 Asia Pac Eq EUR Ord Inc € 86.77 - -0.15 3.28
Emerging European (No Trail) Acc ♦ F 74.29 - 0.78 3.51 JB EF Luxury B-EUR B € 225.81 - 0.85 0.00 Mir. Conv. Bds Glb A USD $ 117.50 - -0.04 0.00 OTP Euro Bond $ 12.40 - 0.00 -
Eurozone Small&Mid Caps PA € 54.36 - -0.11 0.00 Gb.Eq.Euro Hdg Fd. € 267.93 - 2.58 0.00 Asia Pac Eq GBP Ord Inc £ 90.02 - -0.15 3.72
Emerging European (No Trail) Inc ♦ F 65.66 - 0.70 3.63 JB Ms EF Special Val. EUR/A € 140.38 - 1.16 0.77 Mir. - Eq Asia ex Jap A $ 175.02 - 2.95 0.00 OTP Dollar Bond $ 10.58 - 0.00 -
Fdmt.Eq.L/S SH Sd EUR PA € 10.62 - 0.06 0.00 Gb.Eq.Fund Euro € 297.71 - 2.80 0.00 Asia Pac Eq USD Ord Inc $ 90.56 - -0.14 3.11
European Equity (No Trail) Acc ♦ F 148.47 - 1.17 2.77 JB Strategy Balanced-CHF/B SFr 151.71 - 0.72 0.00 Mir. - Eq Glb Emrg Mkt A USD $ 89.87 - 1.45 0.00 OTP Premium Return $ 1072.23 - 0.26 -
Fdmt.Eq.L/S SH Sd USD PA $ 10.65 - 0.05 0.00 Gb.Eq. Fd Euro IRE T € 188.34 - 1.77 0.00 Asia Pac Eq USD Inst Acc $ 96.10 - -0.15 0.00
European Equity (No Trail) Inc ♦ F 123.05 - 0.97 2.84 JB Strategy Balanced-EUR € 157.08 - 0.53 0.00 Mir. - Eq Global Focus A USD $ 102.54 - 1.22 0.00
Gbl.Gvt.Fdmt PA € 10.67 - 0.00 0.00 Gb.Eq.Fd.Sterling UK T £ 210.74 - 2.00 0.00 Asia Pac Eq USD Inst Inc $ 101.19 - -0.16 3.82
European Equity Income (No Trail) Acc ♦ F 150.84 - 1.49 3.48 Invest AD JB Strategy Balanced-USD/B $ 130.23 - 0.55 0.00 Mir. -Eq Spain A € 26.72 - -0.12 0.00
Client services: +971 2 692 6101 [email protected] Gbl.Gvt.Fdmt.(CHF) PA SFr 23.22 - 0.10 0.00 Gb.Eq.Fd.US Dollar $ 316.83 - 2.87 0.00 Dyn Europ Eq EUR Ord Inc € 180.62 - -0.04 1.34
European Equity Income (No Trail) Inc ♦ F 114.71 - 1.13 3.57 JB Strategy Growth-CHF/B SFr 93.78 - 0.64 0.00 Mir. - Eq Swiss Sm/Mid A SFr 329.04 - 1.70 0.00
Other International Funds Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.56 - 0.01 0.00 Gb.Eq.Fund Sterling £ 208.37 - 1.97 0.00 Dyn Europ Eq GBP Ord Inc £ 191.83 - -0.03 1.71
European High Income (No Trail) Acc ♦ F 165.24 - 0.65 3.49 JB Strategy Growth-EUR € 118.07 - 0.59 0.00 Mir. - Glb High Yield Bds A $ 108.64 - -0.07 -
Invest AD - Iraq Opportunity Fund $ 60.55 - -1.30 0.00
Gbl.5B Fdmt (EUR) PA € 12.04 - 0.01 0.00 Gb.Val.Ex-Jap.Fd.USD $ 119.05 - 1.22 0.00 Dyn Europ Eq USD Ord Inc $ 180.17 - -0.03 1.26
European High Income (No Trail) Inc ♦ F 120.03 - 0.47 3.55 JB Strategy Inc-CHF/B SFr 120.37 - 0.34 0.00 Mir. - Glb Eq High Income A USD $ 100.44 - 0.69 0.00
Invest AD - Emerging Africa Fund $ 912.25 - 5.32 0.00
Gbl.5B Fdmt (CHF) PA SFr 10.69 - 0.05 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 14467.00 - 163.00 0.00 China Equity EUR Ord Acc € 138.09 - -1.66 0.00
European Opportunities (No Trail) Acc ♦ F 179.21 - 1.81 0.68 JB Strategy Inc-EUR/B € 161.20 - 0.29 0.00 Mir. - Glb Inv Grade Bds A € 101.04 - 0.13 -
Invest AD - GCC Focus Fund $ 1401.68 - 1.77 0.00 Permal Investment Mgmt Svcs Ltd
Gbl.5B Fdmt SH (USD) PA $ 10.93 - 0.00 0.00 Gb.Val.Fd. Euro € 138.01 - 1.44 0.00 China Equity GBP Ord Acc £ 144.39 - -1.68 0.00
European Opportunities (No Trail) Inc ♦ F 167.54 - 1.69 0.68 JB Strategy Inc-USD/B $ 146.57 - 0.34 0.00 Mir. - Glb Strat. Bd A USD $ 104.84 - 0.01 0.00 www.permal.com
Generation Global (CHF) PA F SFr 14.18 - 0.10 0.00 Gb.Val.Fd.Sterling £ 117.66 - 1.24 0.00 China Equity USD Ord Acc $ 140.56 - -1.63 0.00 Other International Funds
European Smaller Companies (No Trail) Acc ♦ F 227.75 - 0.79 0.75
Offshore Fund Class A US $ Shares
Generation Global (EUR) PA F € 21.52 - 0.07 0.00 Gb.Val.Fd.USD $ 105.92 - 1.08 0.00 China Equity USD Inst Acc $ 144.44 - -1.66 0.00
Global Balanced Index (No Trail) Acc ♦ F 158.99 - 1.78 2.06 MW Japan Fund Plc (IRL) Investment Holdings N.V. $ 5437.88 - 160.86 0.00
Generation Global (USD) PA F $ 15.63 - 0.05 0.00 Low Volatility Gb.Eq.Fd.Euro € 107.10 - 0.80 - FCA Recognised Global Val.Cr.Fd GBP Ord Inc £ 111.54 - 0.02 3.60
Global Bond (No Trail) Acc ♦ F 137.00 - 0.03 1.42 Macro Holdings Ltd $ 4125.71 - -83.51 0.00
Global Energy (USD) PA F $ 6.92 - 0.14 0.00 Low Volatility Gb.Eq.Fd.Sterl £ 100.72 - 0.76 - MW Japan Fund PLC A $ 25.63 - 0.33 - Global Val.Cr.Fd USD Inst Acc $ 123.18 - 0.02 0.00
Global Bond (No Trail) Inc ♦ F 123.86 - 0.03 1.43 Fixed Income Holdings N.V. $ 366.06 - 2.19 -
Golden Age (CHF) PA F SFr 21.46 - 0.18 0.00 Low Volatility Gb.Eq.Fd.USD $ 100.66 - 0.72 - MW Japan Fund PLC B $ 25.85 - 0.34 - Global Val.Cr.Fd GBP Ord Acc £ 177.62 - 0.04 0.00
Glbl Distribution Acc (No Trail) 108.00 - 0.47 3.88 Permal Absolute Return Fund $ 163.11 - 0.59 0.00
JPMorgan Asset Mgmt (1200)F (UK) Golden Age (EUR) PA € 14.60 - 0.12 0.00 Low Volatility Gb.Eq.Fd.Yen ¥ 9702.00 - 79.00 - MW Japan Fund PLC C $ 100.88 - 1.10 - Global Val.Cr.Fd USD Ord Acc $ 166.70 - 0.02 0.00

Asset Management
Glbl Distribution Inc (No Trail) 102.64 - 0.45 3.96
60 Victoria Embankment, London EC4Y 0JP Kames Capital ICVC (UK) Golden Age (USD) PA F $ 20.26 - 0.17 0.00
Asset Management Brokerline: 0800 727 770, Clients: 0800 20 40 20 Global Val.Cr.Fd EUR Ord Acc € 155.36 - 0.03 0.00
Gbl Emerging Markets (No Trail) Acc ♦ F 155.84 - 1.50 1.59 Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
Gbl Emerging Markets (No Trail) Inc ♦ F 144.80 - 1.38 1.62
Authorised Inv Funds
JPM Retail OEIC (A class unless stated) Authorised Funds
Asset Management
0800 45 44 22 www.kamescapital.com Sh.T- Money Mkt EUR PA

Sh.T- Money Mkt CHF PA

€ 112.29

SFr 128.62
-

-
0.00 0.00

0.00 0.00
MFS Meridian Funds SICAV
Regulated
Asset Management (LUX) Morant Wright Funds (Ireland) PLC
FCA Recognised
(IRL) Swiss Select Equity Inst Acc SFr 114.44 - 0.31 0.00

Swiss Select Equity Ord Acc SFr 113.19 - 0.30 0.00

Global Equity (No Trail) acc ♦ F 209.81 - 2.59 1.19 America Equity Acc 61.57 - -0.17 0.00 Diversified Income B Acc 112.67 - 0.42 0.00 Absolute Return A1 € 20.52 - -0.09 0.00 Morant Wright Fuji Yield EUR Acc Hedged € 11.68 - 0.07 -
Sh.T- Money Mkt GBP PA £ 10.27 - 0.00 0.00 US Growth USD Ord Acc $ 214.44 - 4.11 0.00
Global Equity (No Trail) inc ♦ F 194.13 - 2.40 1.21 America Equity Inc 61.57 - -0.16 0.00 Diversified Income B Inc 103.11 - 0.38 0.00 Asia ex-Japan A1 $ 22.81 - 0.15 0.00 Morant Wright Fuji Yield EUR Dist Hedged € 11.50 - 0.07 -
Sh.T- Money Mkt USD PA $ 10.31 - 0.00 0.00 US Growth EUR Ord Acc € 205.34 - 4.08 0.00
Global Equity Income (No Trail ) Acc ♦ F 250.44 - 2.81 3.62 Asia Acc 116.00 - -0.40 0.33 Diversified Growth A Acc 132.53 - 0.83 2.72 Bond A1 $ 10.36 - -0.01 0.00 Morant Wright Fuji Yield GBP Acc Hedged £ 11.93 - 0.08 -
Sw.Fr.Bd(For) PA SFr 23.82 - 0.02 0.00 US Growth GBP Ord Acc £ 215.73 - 4.17 0.00 Pictet Asset Management (Europe) SA (LUX)
Global Equity Income (No Trail) Inc ♦ F 203.40 - 2.28 3.73 Asia Inc 64.36 - -0.25 0.32 Ethical Cautious Managed B Acc £ 1.22 - 0.00 2.23 China Equity Fd A1 $ 9.39 - 0.11 0.00 Morant Wright Fuji Yield GBP Dist Hedged £ 11.60 - 0.08 - 15, Avenue J.F. Kennedy L-1855 Luxembourg
Sw.Fr.Credit Bd(For) PA SFr 13.65 - 0.00 0.00 US Growth USD Inst Acc $ 197.96 - 3.79 0.00
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 173.22 - 1.74 1.59 Cautious Managed Rt Acc 68.04xd - 0.01 0.38 Tel: 0041 58 323 3000
Ethical Cautious Managed B Inc £ 1.16 - 0.01 2.26 Continental European Eqty A1 € 17.97 - 0.01 0.00 Morant Wright Fuji Yield USD Acc Hedged $ 11.60 - 0.08 -
Tactical Alpha (CHF) PA SFr 10.11 - -0.02 0.00 Wealthy Nat Bd EUR Inst Inc € 109.24 - 0.09 3.75 FCA Recognised
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 201.75 - 2.16 2.08 Cautious Managed Rt Inc 59.84xd - 0.00 0.38 Ethical Corporate Bond B Acc £ 1.69 - 0.00 3.75 Emer Mkts Debt Lo Curr Fd A1 $ 11.01 - 0.02 0.00 Morant Wright Fuji Yield USD Dist Hedged $ 11.63 - 0.08 - Pictet-Absl Rtn Fix Inc-HI EUR € 106.12 - 0.02 0.00
Tactical Alpha (EUR) PA € 10.41 - -0.02 0.00 Wealthy Nat Bd GBP Inst Inc £ 113.40 - 0.09 3.59
Gbl Fin Cap No Trail Acc 180.70 - 0.48 4.30 Diversified Real Ret Acc 50.36 - 0.05 1.07 Ethical Corporate Bond B Inc £ 0.99 - 0.01 3.82 Emerging Markets Debt A1 $ 33.06 - 0.04 0.00 Morant Wright Fuji Yield YEN Acc ¥ 1196.10 - 7.82 - Pictet-Absl Rtn Glo Div-I EUR F € 123.44 - 0.23 0.00
Tactical Alpha (USD) PA $ 14.98 - -0.03 0.00 Wealthy Nat Bd EUR Ord Inc € 108.43 - 0.09 3.51
Gbl Fin Cap No Trail Inc 152.08 - 0.41 4.43 Diversified Real Ret Inc 48.92 - 0.05 1.08 Ethical Equity B Acc £ 2.01 - 0.01 2.15 Emerging Markets Eq.A1 $ 10.53 - 0.06 0.00 Morant Wright Fuji Yield B YEN Acc ¥ 1056.98 - 6.92 - Pictet-Agriculture-I EUR F € 191.00 - 2.49 0.00
Technology PA € 13.41 - 0.17 0.00 Wealthy Nat Bd GBP Ord Inc £ 114.00 - 0.10 3.33
Global Opportunities (No Trail) Acc ♦ F 242.03 - 2.95 1.03 Emerging Mkts Acc 134.40 - -0.40 0.77 High Yield Bond B Acc £ 2.43 - 0.00 5.26 Morant Wright Fuji Yield YEN Dist ¥ 1171.29 - 7.66 -
Asset Management
European Concentrated A1 € 18.07 - 0.04 0.00 Pictet-Asian Equities Ex Japan-I USD F $ 205.91 - 3.38 0.00
Global Smaller Companies (No Trail) Acc ♦ F 244.53 - 2.24 0.76 Emerging Mkts Inc 57.82
Asset Management
- -0.17 0.78 High Yield Bond B Inc £ 0.98 - 0.00 5.38
Technology PA

Wld Gold Expertise PAF

$ 20.32

SFr 8.52
-

-
0.25 0.00

0.20 0.00
European Core Eq A1 € 32.56 - 0.02 0.00 Morant Wright Sakura Fund Sterling Acc Hedged £ 14.53 - 0.15 0.00 Managemen
Pictet-Asian Local Currency Debt-I USD F $ 151.03 - 0.75 0.00

Asset Management Asset Management

Friday 20 November 2015 ★ FINANCIAL TIMES 27

MANAGED FUNDS SERVICE

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

Pictet-Biotech-I USD F $ 858.80 - 23.46 0.00 Santander Atlas Port 4 Acc Inst 163.70 - 0.30 - Far Eastern Income and Growth Fund A Class 416.40 - 4.40 3.24 EGV - Acc Z 270.30 - 2.50 0.82 UK Growth B Inc 414.90 - 0.48 0.56

Pictet-Brazil Index I USD $ 39.07 - 0.41 0.00 Royal Bank of Scotland (2230)F (UK) Santander Atlas Port 5 Acc Ret 190.50 - 0.30 - Fixed Interest Fund A Class 120.10xd - 0.10 3.42 Continental Mastertrust B Inc X F 323.19 - 1.70 0.91 Money Market
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 CGV Acc S 112.00 - 1.00 0.06
Pictet-CHF Bonds I CHF

Pictet-China Index I USD

SFr 509.17

$ 107.96
-

-
0.07 0.00

-0.04 0.00
Authorised Inv Funds
Series 5 (Minumum Initial Investment £75,000)
Santander Atlas Port 5 Acc Inst

Santander Atlas Port 6 Acc Ret

161.60

259.70
-

-
0.20

0.50
-

-
Global Gold and Resources Fund A Class

MM Endurance Balanced Fund A Class

126.60

211.10
-

-
3.20 0.00

0.40 1.20 CGV Acc X 110.80 - 0.90 0.00

Outstanding British Cos A Acc X F

Outstanding British Cos B Acc X F

249.75

260.91
-

-
2.20 0.68

2.31 1.46
Trusts and
Pictet-Clean Energy-I USD F $ 79.45 - 0.83 0.00 United Kingdom Equity Index Fund £ 15.42 - 0.02 2.77 Santander Atlas Port 6 Acc X 185.40 - 0.30 - MM Global Investment Fund A Class 2107.00 - 10.00 1.83 CGV Inc A 111.60 - 1.00 - UK Smaller Cos A Inc X F 436.90 - 0.36 0.34 Bank Accounts Gross
Pictet-Digital Communication-I USD F $ 263.10 - 3.01 0.00 UK Specialist Equity Inc £ 19.20 - 0.03 0.41 Santander Atlas Port 6 Acc Inst 159.80 - 0.30 - North American Fund A Class 1692.00 - 24.00 0.00 CGV Inc B 111.60 - 1.00 - UK Smaller Cos B Inc X F 426.93 - 0.35 1.21 Gross Net AER Int Cr
Platinum Capital Management Ltd
Pictet-Eastern Europe-I EUR F € 290.07 - 1.73 0.00 Other International Funds Contl Europe Specialist Fund £ 23.05 - 0.03 0.00 Santander Atlas Port 7 Acc Ret 202.00 - 0.60 - Oriental Growth Fund A Class 147.40 - 1.80 1.04 UK Income A Acc X F 262.64 - 1.56 3.85

Pictet-Em Lcl Ccy Dbt-I USD F $ 154.97 - 0.05 0.00 Platinum All Star Fund - A (Est) $ 117.96 - - - Japan Specialist Fund X £ 14.87 - 0.00 0.00 Santander Atlas Port 7 Acc Inst 160.20 - 0.40 - UK Equity Growth Fund A Class 412.70 - 2.90 0.67 The Hartford International Funds (IRL) UK Income A Inc X F 235.62 - 1.40 3.94
CCLA Investment Management Ltd
Regulated Senator House 85 Queen Victoria Street, London EC4V 4ET
Pictet-Emerging Markets-I USD F $ 479.99 - 6.59 0.00 Platinum Global Dividend Fund - A (Est) $ 57.18 - - - US Spec Equity Fund £ 18.79 - 0.20 0.00 Authorised Inv Funds UK Equity Income Fund A Class 226.50 - 2.00 4.75 UK Income B Acc X F 278.84 - 1.66 3.83 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1564.64 - 2.02 0.00
Max 70% Shs Acc Ret 167.00 - 1.10 -
Pictet-Emerging Markets Index-I USD F $ 213.71 - -0.33 0.00 Platinum Global Dividend UCITS Fund $ 68.16 - 0.67 5.13 Pacific Basin Specialist Equity Fund £ 38.09 - 0.63 0.68 UK Income B Inc X F 250.28 - 1.49 3.93
UK Corporate Bond £ 1566.78 - 3.64 0.00 CCLA Fund Managers Ltd
Max 70% Shs Inc Ret 140.60 - 0.90 -
Pictet-Emerging Corporate Bonds I USD $ 106.69 - 0.11 0.00 Platinum Essential Resources UCITs Fund $ 5.27 - -0.01 0.00 UK Sovereign Bd Index Fund £ 10.60 - 0.04 2.52
Smith & Williamson Fd Admin Ltd (1200)F (UK)
Gilt £ 1572.30 - 0.79 0.00 Senator House 85 Queen Victoria Street, London EC4V 4ET
Investments Inc Acc Ret 154.00 - 0.20 - 25 Moorgate, London, EC2R 6AY 0141 222 1150 COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Pictet-Emerging Markets High Dividend I USD $ 94.80 - 1.31 0.00 Platinum Maverick Enhanced Fund Limited (Est) $ 95.79 - - 0.00 Inflation Lkd Sov Bd Fund £ 12.75 - -0.03 0.68
Authorised Inv Funds Global Eq (Ex Japan) Index Fund ¥ 1.40 - 0.02 0.00 Value Partners Hong Kong Limited (IRL)
Investments Inc Inc Ret 101.90 - 0.10 - www.valuepartners.net, [email protected]
Pictet-Emerging Markets Sust Eq I USD $ 83.70 - -0.28 0.00 UK Specialist Equity Income Fund £ 9.49 - 0.01 3.88
S&W Deucalion Fd (OEIC) 2102.00 - -8.00 0.24 Global Eq (ex Japan) Class HJ4 ¥ 1.45 - 0.01 0.00 Regulated
Equity Inc Inc Inst 249.70 - 2.50 -
Pictet-Environmental Megatrend Sel I EUR € 166.49 - 1.70 0.00 Global Emerg Mkts Equity Fund X £ 10.74 - 0.12 0.50
S & W Magnum 377.10 398.40 2.80 1.94 Value Partners Asia ex-Japan Equity Fund $ 8.81 - -0.03 -
Pictet-EUR Bonds-I F € 557.75 - 1.91 0.00 Global Spec Inv Grade Bd Fund GBP £ 9.58 - 0.01 3.23
Equity Inc Inc Ret 214.10 - 2.10 -
Global Eq (ex Japan) Class JP5 ¥ 1.60 - 0.02 0.00
Data Provided by
S & W Marathon Trust 185.20 196.00 1.20 1.75 Global Eq Ex Japan Index Fund (Hedge) ¥ 1.46 - 0.01 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 11.26 - 0.09 0.00
Series 6 (Investment Management Customers Only) Equity Inc Acc Inst 150.80 - 1.50 -
Pictet-EUR Corporate Bonds Ex Fin i EUR € 143.45 - 0.13 0.00
Charity Value and Income Fund Acc 140.40 141.30 1.60 4.59 Gbl Govt Bond (Ex Japan) Index ¥ 1.35 - 0.01 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 11.81 - 0.09 0.00
United Kingdom Equity Index Fund £ 15.21 - 0.02 3.27 N&P UK Gwth Inc Ret 166.50 - 1.50 -
Pictet-EUR Corporate Bonds-I F € 199.80 - 0.67 0.00
Charity Value and Income Fund Inc 94.54 95.17 1.08 4.72 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.32 - 0.00 0.00 Value Partners Classic Equity Fund EUR Hedged € 11.93 - 0.09 0.00
UK Specialist Equity £ 19.38 - 0.03 1.73 Stckmkt 100 Track Gwth Acc Inst 92.22 - 1.45 -
Pictet-EUR Government Bonds I EUR € 158.85 - 0.47 0.00
Polar Capital Funds Plc (IRL) Japan Equity Index Fund ¥ 1.10 - 0.01 0.00 Value Partners Classic Equity Fund GBP Hedged £ 12.20 - 0.10 0.00
Contl Europe Specialist Fund £ 23.81 - 0.03 0.63 Stckmkt 100 Track Gwth Acc Ret 171.20 - 2.70 -
Pictet-EUR High Yield-I F € 242.98 - 0.26 0.00 Regulated
Standard Life Wealth (JER) Japan Equity Class JP3 ¥ 1.34 - 0.01 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 12.47 - -0.01 0.00
Japan Specialist Fund X £ 15.62 - 0.00 0.51 UK Growth Acc Inst 291.30 - 2.60 -
Pictet-EUR Short Mid-Term Bonds-I F € 136.96 - 0.01 0.00 Asian Financials I USD $ 279.70 279.70 2.64 0.00 PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Value Partners Classic Equity USD Hedged $ 13.86 - 0.11 0.00
Pictet-EUR Short Term HY I EUR € 119.91 - 0.08 0.00 Biotechnology I USD $ 18.34 18.34 0.39 0.00
US Spec Equity Fund £ 19.62 - 0.21 0.15 UK Growth Acc Ret 337.60 - 3.00 - FCA Recognised
Standard Life Offshore Strategy Fund Limited Value Partners Greater China Equity Fund $ 8.75 - -0.03 -
www.morningstar.co.uk
Pacific Basin Specialist Equity Fund £ 37.70 - 0.63 1.33 UK Growth Inc Ret 222.50 - 2.00 - The National Investor (TNI)
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 102.99 - 0.00 0.00 European Income Acc EUR € 11.94 11.94 0.01 0.00
Bridge Fund £ 1.6321 - 0.0153 1.97 www.tni.ae
Data as shown is for information purposes only. No
Value Partners Health Care Fund RMB Class Z UnhedgedCNH 9.70 - -0.08 -
UK Sovereign Bd Index Fund £ 10.72 - 0.04 2.52 Managed OEIC offer is made by Morningstar or this publication.
Pictet-Euroland Index IS EUR € 136.90 - -0.53 0.00 European Ex UK Inc EUR Acc € 10.15 10.15 0.00 - Other International Funds
Glob Em Shs Port Acc Ret 153.10 - 0.20 - Diversified Assets Fund £ 1.1810 - 0.0052 3.01 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 9.28 - -0.09 -
Inflation Lkd Sov Bd Fund £ 12.62 - -0.03 0.68 TNI Blue Chip UAE Fund * AED 9.72 - -0.03 0.00
Pictet-Europe Index-I EUR F € 176.36 - -0.20 0.00 Financial Opps I USD $ 12.49 - 0.04 2.11
Max 70% Shs Port Acc Ret 255.20 - 0.80 - Global Equity Fund £ 1.9028 - 0.0232 1.03 Value Partners Health Care Fund USD Class A Unhedged $ 9.32 - -0.09 -
UK Specialist Equity Income Fund £ 10.30 - 0.02 3.81 TNI Funds Ltd (BMU)
Pictet-European Equity Selection-I EUR F € 651.65 - 3.57 0.00 GEM Growth I USD $ 8.53 - -0.01 0.00
Max 70% Shs Port Acc X 183.30 - 0.70 - Global Balanced Fund - Income Units £ 1.3523 - 0.0101 1.86 MENA Hedge Fund $ 945.66 - 2.84 0.00
Global Spec Inv Grade Bd Fund GBP £ 9.87 - 0.00 3.23
Pictet-European Sust Eq-I EUR F € 251.03 - -1.09 0.00 GEM Income I USD $ 9.46 - 0.00 0.00
Max 70% Shs Port Acc S 148.20 - 0.50 - Global Balanced Fund - Accumulations Units £ 1.5695 - 0.0116 1.83 TNI Funds Plc (Ireland)
Global Emerg Mkts Equity Fund X £ 10.68 - 0.12 0.73 Veritas Asset Management LLP (IRL)
Global Alpha I USD $ 12.88 12.88 0.11 0.00
Pictet-Global Bds Fundamental I USD $ 115.24

Pictet-Global Bonds-I EUR € 165.60

-

-
-0.04 0.00

0.00 0.00 Global Convertible I USD $ 11.43 11.43 0.01 0.00

Address and telephone number for Series 5 only Investment Port Acc Ret 230.50 - 0.10 - Global Fixed Interest Fund £ 0.9941 - -0.0001 4.89 MENA UCITS Fund * $ 1094.98 - -3.73 0.00 HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc Guide to Data
Investment Port Acc X 163.40 - 0.10 - Sterling Fixed Interest Fund £ 0.8414 - 0.0013 4.18 www.veritas-asset.com
Pictet-Global Emerging Currencies-I USD F $ 96.30 - -0.13 0.00 Global Insurance I GBP £ 4.14 - 0.05 0.00 +353 1 635 6799
Royal London Unit Managers Ltd. (1200) F (UK) Max 50% Shs Port Acc Ret 243.80 - 0.70 - UK Equity Fund £ 1.9401 - 0.0232 2.68 Thesis Unit Trust Management Limited (UK) The fund prices quoted on these pages are supplied by
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP FCA Recognised
Pictet-Global Emerging Debt-I USD F $ 357.62 - 0.42 0.00 Global Technology I USD $ 23.84 - 0.39 0.00 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 the operator of the relevant fund. Details of funds
Max 50% Shs Port Inc Ret 217.20 - 0.70 - Authorised Funds Institutional published on these pages, including prices, are for the
Healthcare Blue Chip Fund I USD Acc $ 10.68 10.68 0.16 0.00 Authorised Inv Funds
Pictet-Global Megatrend Selection-I USD F $ 224.18 - 2.55 0.00 Veritas Asian Fund A USD H $ 314.47 - 4.76 0.43 purpose of information only and should only be used
Max 50% Shs Port Acc X 176.50 - 0.50 - TM New Court Fund A 2011 Inc £ 12.83 - -0.01 0.00
Royal London Sustainable Diversified A Inc £ 1.56 - 0.01 1.96 as a guide. The Financial Times Limited makes no
Pictet-Greater China-I USD F $ 452.57 - 6.53 0.00 Healthcare Opps I USD $ 38.59 - 0.51 0.00 Veritas Asian Fund A GBP H £ 381.47 - 5.03 0.25
Max 50% Shs Port Acc S 147.80 - 0.50 - TM New Court Fund - A 2014 Acc £ 12.91 - 0.05 0.00 representation as to their accuracy or completeness
Royal London Sustainable World A Inc 173.00 - 2.00 0.83 and they should not be relied upon when making an
Pictet-Health-I USD $ 276.21 - 5.12 0.00 Income Opportunities B2 I GBP Acc £ 1.72 1.72 0.00 0.00 Veritas Asian Fund A EUR H € 333.33 - 3.96 0.22
Max 100% Shs Port Acc Ret 280.30 - 1.50 - TM New Court Equity Growth Fund - Inc £ 12.90 - -0.02 0.00 investment decision.
Royal London Corporate Bond Mth Income 88.50 93.16 0.18 4.21
Pictet-High Dividend Sel I EUR F € 160.69 - 0.80 0.00 Japan Alpha I JPY ¥ 220.36 220.36 2.28 0.00 Veritas China Fund A USD $ 142.09 - 1.47 0.35
Royal London European Growth Trust 109.70 115.50 1.10 0.93 Max 100% Shs Port Acc X 201.20 - 1.10 - The sale of interests in the funds listed on these pages
Pictet-India Index I USD $ 92.58 - -1.53 0.00 Japan I JPY ¥ 2197.99 - 16.62 0.00 Veritas China Fund A GBP £ 147.12 - 1.51 0.37 may, in certain jurisdictions, be restricted by law and
Royal London Sustainable Leaders A Inc 470.20 - 5.70 0.82 Max 100% Shs Port Acc S 146.70 - 0.70 - the funds will not necessarily be available to persons
North American I USD $ 17.92 17.92 0.28 0.00 Stenham Asset Management Inc
Pictet-Indian Equities-I USD F $ 439.15 - 6.03 0.00 Veritas China Fund A EUR € 140.73 - 1.46 0.37 in all jurisdictions in which the publication circulates.
Royal London UK Growth Trust 484.30 509.80 5.60 1.46 Enhanced Inc Inc Ins 213.50 - 2.00 - www.stenhamassetmanagement.com
Persons in any doubt should take appropriate
Pictet-Japan Index-I JPY F ¥ 16944.41 - 147.48 0.00 UK Absolute Equity I GBP £ 12.68 12.68 0.00 0.00 Other International Funds Veritas Global Equity Income Fund D USD $ 116.69 - 2.67 4.14 professional advice. Data collated by Morningstar. For
Royal London UK Income With Growth Trust 224.00 235.80 2.20 4.48 Enhanced Inc Inc Ret 201.60 - 1.90 -
Stenham Asia USD $ 130.04 - 6.40 - other queries contact [email protected] +44
Pictet-Japanese Equities Opp-I JPY F ¥ 10168.14 - 96.99 0.00 Veritas Global Equity Income Fund D EUR € 211.03 - 3.87 4.10 (0)207 873 4211.
Royal London US Growth Trust 155.20 163.30 2.50 0.00 Enhanced Inc Inc X 171.40 - 1.70 -
Stenham Credit Opportunities A Class USD $ 102.06 - -0.68 0.00
Pictet-Japanese Equity Selection-I JPY F ¥ 15206.15 - 131.76 0.00 Polar Capital LLP (CYM)
Additional Funds Available Veritas Global Equity Income Fund D GBP £ 148.48 - 2.89 4.21
Enhanced Inc Acc Inst 159.40 - 1.50 - The fund prices published in this edition along with
Regulated
Please see www.royallondon.com for details Stenham Equity UCITS USD $ 143.33 - 0.49 0.00 Toscafund Asset Management LLP (UK) additional information are also available on the
Pictet-LATAM Index I USD $ 51.72 - 0.49 0.00 Managed Investments OEIC Veritas Global Focus Fund D USD $ 25.95 - 0.30 0.64
ALVA Convertible A USD $ 128.85 - 0.86 0.00 www.toscafund.com Financial Times website, www.ft.com/funds. The
Stenham Growth USD $ 214.90 - 3.75 -
Pictet-LATAM Lc Ccy Dbt-I USD F $ 109.12 - 0.26 0.00 Max 30% Shs Port Acc Ret 154.50 - 0.30 - Authorised Funds Veritas Global Focus Fund D EUR € 24.39 - 0.18 0.64 funds published on these pages are grouped together
European Conviction A EUR € 139.75 - -3.36 0.00 by fund management company.
Ruffer LLP (1000)F (UK) Stenham Healthcare USD $ 180.64 - 0.66 0.00 Aptus Global Financials B Acc £ 3.15 - 0.00 4.59
Pictet-Pacific Ex Japan Index-I USD F $ 318.16 - -1.46 0.00 Max 30% Shs Port Acc X 154.30 - 0.30 - Veritas Global Focus Fund D GBP £ 28.85 - 0.24 0.64
European Forager A EUR € 174.69 - -3.67 0.00 40 Dukes Place, London EC3A 7NH Prices are in pence unless otherwise indicated. The
Stenham Managed Fund USD $ 113.66 - 1.13 - Aptus Global Financials B Inc £ 2.79 - 0.00 4.59
Pictet-Premium Brands-I EUR F € 158.95 - 0.78 0.00 Order Desk and Enquiries: 0345 601 9610 Max 30% Shs Port Acc S 148.10 - 0.20 - Veritas Global Focus Fund A GBP £ 27.87 - 0.23 0.37 change, if shown, is the change on the previously
Authorised Inv Funds Stenham Macro UCITS USD $ 102.37 - 0.20 - quoted figure (not all funds update prices daily). Those
Pictet-Quality Global Equities I USD $ 135.11 - 1.63 0.00 Max 30% Shs Inc Port Inc Ret 153.20 - 0.40 - Veritas Global Focus Fund A EUR € 14.22 - 0.10 0.36
Authorised Corporate Director - Capita Financial Managers designated $ with no prefix refer to US dollars. Yield
Polunin Capital Partners Ltd Stenham Multi Strategy USD $ 116.22 - -0.84 - percentage figures (in Tuesday to Saturday papers)
Pictet-Russia Index I USD $ 52.79 - 0.90 0.00 CF Ruffer Investment Funds Max 30% Shs Inc Port Inc X 153.30 - 0.40 - Toscafund Asset Management LLP (CYM) Veritas Global Focus Fund A USD $ 25.05 - 0.29 0.37
Other International Funds allow for buying expenses. Prices of certain older
Stenham Quadrant USD A $ 394.26 - -1.46 - www.toscafund.com
Pictet-Russian Equities-I USD F $ 45.40 - 0.64 0.00 Emerging Markets Active $ 40.93 - -0.92 - CF Ruffer Gold Fund C Acc 77.06 - -1.91 0.00 Max 30% Shs Inc Port Inc S 147.20 - 0.40 - Veritas Global Focus Fund C GBP £ 30.25 - 0.25 0.00 insurance linked plans might be subject to capital
Regulated
Stenham Trading Inc USD $ 114.29 - -0.38 - gains tax on sales.
Pictet-Security-I USD F $ 201.29 - 1.55 0.00 Luxcellence Em Mkts Tech $ 892.96 - -23.26 0.00 CF Ruffer Gold Fund O Acc 76.29 - -1.89 0.00 Max 60% Shs Port Acc Ret 268.20 - 0.90 - Tosca A USD (Est) $ 302.50 - 5.17 0.00 Veritas Global Focus Fund C EUR € 25.69 - 0.19 0.00
Stenham Universal USD $ 431.83 - -0.28 - Guide to pricing of Authorised Investment Funds:
Pictet-Select-Callisto I EUR € 106.08 - -0.42 0.00 Polunin Developing Countries $ 728.64 734.83 -1.92 0.00 Equity & General C Acc 377.19 - -7.27 0.06 Max 60% Shs Port Inc Ret 212.30 - 0.80 - Tosca Mid Cap GBP £ 259.26 - 0.54 0.00 Veritas Global Focus Fund C USD $ 27.27 - 0.33 0.00 (compiled with the assistance of the IMA. The
Stenham Universal II USD $ 160.04 - -0.18 0.00 Investment Management Association, 65 Kingsway,
Pictet-Small Cap Europe-I EUR F € 1148.79 - -3.97 0.00 Polunin Discovery - Frontier Markets $ 1386.75 - -14.50 0.00 Equity & General C Inc 347.88 - -6.71 0.06 Max 60% Shs Port Inc X 164.40 - 0.60 - Tosca Opportunity B USD $ 357.47 - 5.56 0.00 Veritas Global Equity Income Fund A GBP £ 142.32 - 2.76 4.21 London WC2B 6TD.
Pictet-ST.MoneyMkt-I € 140.48 - 0.01 0.00 Equity & General O Inc 346.54 - -6.70 0.00 Max 60% Shs Port Inc S 145.60 - 0.50 - Tel: +44 (0)20 7831 0898.)
Polunin Small Cap $ 1363.81 1380.86 -27.34 0.00 Veritas Global Equity Income Fund A EUR € 205.05 - 3.76 4.11

Pictet-ST.MoneyMkt JPY I USD ¥ 101517.48 - -5.50 0.00 Equity & General O Acc 373.49 - -7.22 0.00
Managed Investments OEIC 2 Stratton Street Capital (CI) Limited (GSY) Veritas Global Equity Income Fund A USD $ 112.31 - 2.57 4.14 OEIC: Open-Ended Investment Company. Similar to a
Investments Inc Port Inc Ret 162.20 - 0.20 - Regulated unit trust but using a company rather than a trust
Pictet-ST.MoneyMkt-ICHF SFr 124.34 - 0.00 0.00 European C Acc 503.76 - -6.46 0.26 Veritas Global Equity Income Fund C GBP £ 171.02 - 3.32 - structure.
Private Fund Mgrs (Guernsey) Ltd (GSY) Japan Synthetic Warrant Yen Class ¥ 1906.06 - 117.12 0.00
Regulated Investments Inc Port Inc X 147.00 - 0.20 -
Pictet-ST.MoneyMkt-IUSD $ 135.18 - 0.00 0.00 European O Acc 498.86 - -6.42 0.00 Veritas Global Equity Income Fund C EUR € 246.28 - 4.52 - Different share classes are issued to reflect a different
Japan Synthetic Warrant GBP Hedged Class £ 198.78 - 36.88 0.00
Monument Growth 17/11/2015 £ 489.47 494.98 -1.03 1.00 £ Gov Bond Inc Inst (gross) 176.20 - 0.00 - currency, charging structure or type of holder.
Pictet-Timber-I USD F $ 152.27 - 2.54 0.00 Japanese Fund C Acc 186.84 - -1.92 0.00 Veritas Global Equity Income Fund C USD $ 134.10 - 3.07 -
Japan Synthetic Warrant USD Class $ 20.20 - 1.13 0.00
£ Gov Bond Inc Inst 144.70 - 0.10 - Selling price: Also called bid price. The price at which
Pictet Total Ret-Agora I EUR € 115.67 - -0.12 0.00 Japanese Fund O Acc X 184.77 - -1.91 0.00 Veritas Global Real Return Fund A USD $ 20.04 - 0.05 0.30
Japan Synthetic Warrant USD Hedged Class $ 197.94 - 36.59 0.00 TreeTop Asset Management S.A. (LUX) units in a unit trust are sold by investors.
Prusik Investment Management LLP (IRL) £ Gov Bond Acc Inst 146.10 - 0.10 -
Pictet Total Ret-Corto Europe I EUR € 136.41 - -0.24 0.00 Pacific C Acc 300.86 - -4.16 0.55 Regulated Veritas Global Real Return Fund A GBP £ 11.22 - 0.03 0.33
Enquiries - 0207 493 1331 Renminbi Bond Fund AUD Cls A A$ 121.44 - -0.07 3.78 Buying price: Also called offer price. The price at
Strat Bond Inc Inst (gross) 181.20 - 0.30 - TreeTop Convertible Sicav
Pictet Total Ret-Divers Alpha I EUR € 104.80 - 0.12 0.00 Regulated Pacific O Acc 297.63 - -4.13 0.25 Veritas Global Real Return Fund A EUR € 11.83 - 0.03 0.12 which units in a unit trust are bought by investors.
Renminbi Bond Fund AUD Cls B A$ 123.23 - -0.07 3.52
Strat Bond Inc Inst 149.60 - 0.30 - International A € 307.24 - 2.05 0.00 Includes manager’s initial charge.
Pictet Total Ret-Kosmos I EUR € 109.07 - 0.04 0.00 Prusik Asian Equity Income B Dist $ 159.68 - 1.54 3.75 Total Return C Acc 391.42 - -2.82 1.36 Retail
Renminbi Bond Fund CHF Cls A SFr 118.39 - -0.07 3.83
Strat Bond Acc Inst 150.70 - 0.30 - International B $ 393.15 - 2.61 0.00 Veritas Asian Fund B USD $ 219.30 - 3.32 0.00 Single price: Based on a mid-market valuation of the
Pictet Total Ret-Mandarin I USD $ 113.92 - -0.50 0.00 Prusik Asia A $ 197.11 - 2.85 0.00 Total Return C Inc 271.20 - -2.13 1.38
Managed Investments OEIC 3 Renminbi Bond Fund CHF Cls B SFr 118.12 - -0.07 3.59 underlying investments. The buying and selling price
International C £ 132.33 - 0.89 0.00 Veritas Asian Fund B GBP £ 281.36 - 3.71 0.00 for shares of an OEIC and units of a single priced unit
Pictet-US Equity Selection-I USD $ 192.81 - 3.63 0.00 Prusik Asian Smaller Cos A $ 141.70 - 1.21 0.00 Total Return O Inc 268.40 - -2.14 1.38
Div Inc Port Inc Ret 176.40 - 1.70 - Renminbi Bond Fund CNH Cls A CNH 126.63 - 0.09 3.34 trust are the same.
International D € 285.16 - 1.90 2.96 Veritas Asian Fund B EUR € 245.71 - 2.86 0.00
Pictet-US High Yield-I USD F $ 145.71 - -0.02 0.00 Total Return O Acc 387.55 - -2.82 1.36
Corp Bond Acc Inst (gross) 211.80 - 0.30 - Renminbi Bond Fund CNH Cls B CNH 126.30 - 0.08 3.11 TreeTop Global Sicav Treatment of manager’s periodic capital charge:
Veritas China Fund B GBP £ 142.64 - 1.45 0.00
Pictet-USA Index-I USD F $ 183.92 - 2.93 0.00 Purisima Investment Fds (UK) (1200)F (UK)
Corp Bond Inc Inst 141.30 - 0.20 - Renminbi Bond Fund Euro Cls B € 119.82 - -0.07 3.59 Global Opp.A € 144.66 - 2.10 0.00 The letter C denotes that the trust deducts all or part
40 Dukes Place, London EC3A 7NH Veritas China Fund B EUR € 163.91 - 1.09 0.00 of the manager’s/operator’s periodic charge from
Pictet-USD Government Bonds-I F $ 632.00 - -0.23 0.00 capital, contact the manager/operator for full details
Order Desk and Enquiries: 0345 922 0044 Corp Bond Acc Inst 143.90 - 0.20 - Renminbi Bond Fund GBP Cls B £ 121.87 - -0.07 3.38 Global Opp.B $ 141.39 - 1.96 0.00
Veritas Global Focus Fund B USD $ 18.10 - 0.21 0.00 of the effect of this course of action.
Pictet-USD Short Mid-Term Bonds-I F $ 129.56 - -0.04 0.00 Authorised Inv Funds Multi-Manager OEIC Renminbi Bond Fund SGD Cls B S$ 121.00 - -0.08 3.34 Global Opp.C £ 178.13 - 2.54 0.00
Authorised Corporate Director - Capita Financial Managers Veritas Global Focus Fund B GBP £ 21.31 - 0.18 0.00 Exit Charges: The letter E denotes that an exit charge
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.60 - 0.00 0.00 Bal Intl Track Acc Ret 264.00 - 1.60 -
Global Total Fd PCG A 168.59 - 1.85 0.34 Renminbi Bond Fund USD Cls B $ 121.25 - -0.07 3.15 Sequoia Equity A € 147.65 - 2.26 0.00 may be made when you sell units, contact the
Veritas Global Focus Fund B EUR € 16.95 - 0.12 0.00 manager/operator for full details.
Pictet-Water-I EUR F € 291.33 - 2.52 0.00 Bond Mthly Inc Acc Ret 142.40 - 0.20 -
Global Total Fd PCG B 167.09 - 1.84 0.13 Renminbi Bond Fund YEN Cls B ¥ 13350.69 - -4.64 0.00 Sequoia Equity B $ 150.09 - 2.14 0.00
Veritas Global Equity Income Fund B GBP £ 130.94 - 2.53 4.23
Bond Mthly Inc Inc Ret 91.35 - 0.11 - Time: Some funds give information about the timing of
Renminbi Bond Fund USD Cls A $ 167.25 - -0.09 3.38 Sequoia Equity C £ 169.16 - 2.49 0.00
Global Total Fd PCG INT 164.92 - 1.81 0.00 S W Mitchell Capital LLP (CYM) Veritas Global Equity Income Fund B EUR € 188.20 - 3.45 4.12 price quotes. The time shown alongside the fund
Pimco Fds: Global Investors Series Plc (IRL) Regulated Renminbi Bond Fund GBP Cls A £ 162.51 - -0.08 3.62 manager’s/operator’s name is the valuation point for
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Veritas Global Equity Income Fund B USD $ 111.36 - 2.54 4.16 their unit trusts/OEICs, unless another time is
S W Mitchell European Fund Class A EUR € 334.37 - 23.63 - Santander Asset Management UK Limited (1200)F (UK)
http://gisnav.pimco-funds.com/ Renminbi Bond Fund SGD Cls A S$ 160.34 - -0.10 3.58 indicated by the symbol alongside the individual unit
Purisima Investment Fds (CI) Ltd (JER) 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 Veritas Global Real Return Fund B USD $ 19.46 - 0.06 0.00 trust/OEIC name.
Dealing: +44 20 3640 1000 S W Mitchell Small Cap European Fund Class A EUR € 233.97 - 4.05 -
Regulated Authorised Inv Funds Renminbi Bond Fund YEN Cls A ¥ 19767.64 - -6.93 0.00
PIMCO Funds: +44 (0)20 3640 1407 Veritas Global Real Return Fund B GBP £ 11.02 - 0.03 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
PCG B X 169.43 - 0.34 0.00 The Charlemagne Fund EUR € 323.41 - -9.82 - Santander Premium Fund (OEIC)
FCA Recognised Renminbi Bond Fund EUR Cls A € 110.24 - -0.07 3.83 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
A Shares Veritas Global Real Return Fund B EUR € 12.65 - 0.03 0.00
Capital Securities Inst Acc $ 15.10 - 0.02 0.00 PCG C X 167.09 - 0.34 0.00 midnight. Daily dealing prices are set on the basis of
Europe (ex-UK) 275.80 - 2.60 - the valuation point, a short period of time may elapse
Commodity Real Return Fund Inst Acc $ 5.94 - -0.01 0.00 S W Mitchell Capital LLP (IRL) before prices become available. Historic pricing: The
Regulated Japan Equities 157.80 - 1.10 - Troy Asset Mgt Ltd (UK) Veritas Asset Management LLP letter H denotes that the managers/operators will
Credit Absolute Return Fund Inst Acc $ 11.10 - -0.02 0.00 Putnam Investments (Ireland) Ltd (IRL) 40 Dukes Place, London EC3A 7NH www.veritas-asset.com
normally deal on the price set at the most recent
SWMC European Fund B EUR € 15544.08 - -104.80 0.00 Pacific Bas (ex-Japan) 499.30 - 6.90 -
Regulated Order Desk and Enquiries: 0345 608 0950 valuation. The prices shown are the latest available
Diversified Income - Inst Acc $ 19.36 - 0.00 0.00 Other International Funds before publication and may not be the current dealing
Putnam New Flag Euro High Yield Plc - E € 1017.37 - 0.38 4.30 SWMC UK Fund B £ 11544.90 - 4.27 0.00 Sterling Bonds 262.90 - 0.40 - Authorised Inv Funds
Real Return Asian Fund USD (Est) € 281.21 - -1.94 0.00 levels because of an intervening portfolio revaluation
Diversified Income Durat Hdg Fund Inst Acc $ 11.31 - -0.01 0.00 ACD Capita Financial Mgrs
SWMC Small Cap European Fund B EUR € 13528.31 - -44.72 0.00 UK Equities 269.10 - 2.60 - or a switch to a forward pricing basis. The
Emerging Asia Bond Fund Inst Acc $ 9.63 - 0.01 0.00 Trojan Investment Funds Real Return Asian Fund GBP (Est) £ 300.43 - -1.99 0.00 managers/operators must deal at a forward price on
SWMC Emerging European Fund B EUR € 9455.79 - 7.97 0.00 US Equities 267.50 - 3.40 - request, and may move to forward pricing at any time.
Rathbone Unit Trust Mgmt (1200)F (UK) E.I. Sturdza Strategic Management Limited (GSY) Spectrum Fund 'O' Acc ♦ 161.28 - 0.14 0.28 Real Return Asian Fund EUR (Est) $ 296.71 - -1.93 0.00
Emerging Local Bond - Inst Acc $ 10.85 - 0.01 0.00 Forward pricing: The letter F denotes that that
PO Box 9948, Chelmsford, CM99 2AG B Shares Regulated
Spectrum Fund 'O' Inc ♦ 157.21 - 0.14 0.28 managers/operators deal at the price to be set at the
Emerging Markets Bond - Inst Acc $ 38.32 - 0.05 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Nippon Growth Fund Limited ¥ 106273.37 - 3516.59 0.00 next valuation.
Pacific Bas (ex-Japan) 498.60 - 6.90 -
Authorised Inv Funds Spectrum Income Fund 'O' Acc 96.67 - 0.14 -
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.85 - 0.01 0.00 Strat Evarich Japan Fd Ltd JPY ¥ 96739.00 - 569.00 0.00 Waverton Investment Funds Plc (1600)F (IRL) Investors can be given no definite price in advance of
Blue Chip Income Inc 153.63 158.63 1.90 4.24 [email protected]
Spectrum Income Fund 'O' Inc 96.23 - 0.14 - the purchase or sale being carried out. The prices
Emerging Markets Short-Term Local Currency Fund $ 11.78 - 0.00 0.00 Strat Evarich Japan Fd Ltd USD $ 958.08 - 5.71 0.00
Blue Chip Income Acc 229.03 236.27 2.82 4.11 Saracen Fund Managers Ltd (1000)F (UK) FCA Recognised appearing in the newspaper are the most recent
Trojan Fund O Acc ♦ 257.46 - 1.23 0.44 provided by the managers/operators. Scheme
Euro Bond - Inst Acc € 22.82 - 0.04 0.00 19 Rutland Square, Edinburgh EH1 2BB Waverton Asia Pacific A USD $ 17.40 - 0.22 5.08
Ethical Bond Inc 89.83 91.82 0.16 4.76 particulars, prospectus, key features and reports: The
Dealing: 00 353 1 603 9921 Trojan Fund O Inc ♦ 213.59 - 1.02 0.44
Euro Credit - Inst Acc € 14.81 - 0.02 0.00 Waverton Global Bond Fund Cls A $ 8.78 - 0.01 5.47 most recent particulars and documents may be
Ethical Bond Acc 171.81 175.26 0.30 5.23 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 E.I. Sturdza Funds PLC (IRL)
obtained free of charge from fund
RobecoSAM (LUX) Regulated Trojan Global Equity O Acc 219.07 - 1.67 0.89
Euro Income Bond - Inst Acc F € 13.02 - 0.01 0.00 Authorised Inv Funds Waverton Global Equity Fund A GBP £ 13.66 - 0.14 0.59 managers/operators. * Indicates funds which do not
Global Opportunities Acc 140.16 144.57 1.50 0.11 Tel. +41 44 653 10 10 http://www.robecosam.com/ price on Fridays.
Saracen Growth Fd Alpha Acc £ 3.59 - 0.01 1.00 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1143.21 - -1.50 0.00 Trojan Global Equity O Inc 186.61 - 1.43 0.89
Euro Long Average Duration - Inst Acc € 21.79 - 0.16 0.00 Regulated Waverton UK Fund A GBP £ 13.39 - 0.11 1.88
Income Inc 855.88 885.86 8.81 4.12
Saracen Growth Fd Beta Acc £ 5.73 - 0.01 1.50 Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1345.78 - -1.68 0.00 Trojan Income O Acc ♦ 277.90 - 2.93 3.63 Charges for this advertising service are based on the
Euro Low Duration Fund Inst Acc € 11.30 - 0.00 0.00 RobecoSAM Sm.Energy/A £ 10.90 - 0.16 1.32 Waverton Equity Fund A GBP £ 14.62 - 0.07 0.19
Income Acc 1331.79 1376.70 13.71 4.00 number of lines published and the classification of the
Saracen Global Income & Growth Fund A - Acc £ 1.14 - 0.01 3.05 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 105605.00 - -137.00 0.00 Trojan Income O Inc ♦ 176.04 - 1.86 3.75 fund. Please contact [email protected] or
Euro Real Return - Inst Acc € 13.57 - 0.03 0.00 RobecoSAM Sm.Energy/N € 11.79 - 0.18 0.00 Waverton Sterling Bond Fund A GBP £ 9.45 - 0.01 5.36
Multi Asset Enhanced Growth Acc 121.54 - 0.89 0.00 call +44 (0)20 7873 3132 for further information.
Saracen Global Income & Growth Fund A - Dist £ 1.06 - 0.01 2.79 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 88553.00 - -115.00 0.00
Euro Short-Term Inst Acc € 12.28 - 0.00 0.00 RobecoSAM Sm.Materials/A £ 120.94 - 0.66 2.05
Multi Asset Strategic Growth inc 148.31 - 0.68 1.14
Saracen Global Income and Growth Fund -Acc # £ 1.41 - 0.01 3.43 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82212.00 - 968.00 0.00 UBS Global Asset Mgmt Fds Ltd (UK)
Euro Ultra Long Duration - Inst Acc € 28.48 - 0.24 0.00 RobecoSAM Sm.Materials/N € 148.73 - 0.80 0.00
WA Fixed Income Fund Plc
Asset Management
Multi Asset Strategic Growth acc 156.94 - 0.72 1.14 (IRL)
Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 57313.00 - -74.00 0.00 21 Lombard Street, London, EC3V 9AH
Saracen Global Income and Growth Fund -Dist # £ 1.24 - 0.00 2.82
Asset Management Asset Management
Global Advantage - Inst Acc $ 11.97 - 0.00 0.00 RobecoSAM Sm.Materials/Na € 102.63 - 0.55 - Regulated
Client Services 0800 587 2113, Client Dealing 0800 587 2112
Multi Asset Total Return inc 125.93 - 0.28 1.83
Saracen UK Income Fund - Acc £ 0.98 - 0.00 - Strategic China Panda Fund USD $ 2229.48 - 15.90 0.00 www.ubs.com/retailfunds European Multi-Sector € 117.93 - 0.34 0.00
Global Advantage Real Return Fund Inst Acc $ 8.48 - 0.02 0.00 RobecoSAM Gl.Small Cap Eq/A £ 76.16 - 0.77 1.77
Multi Asset Total Return acc 138.77 - 0.30 1.80 Authorised Inv Funds
Saracen UK Income Fund - Dist £ 0.98 - 0.01 - Strategic China Panda Fund Hedged EURO € 2172.60 - 16.61 0.00
Global Bond - Inst Acc $ 27.89 - 0.02 0.00 RobecoSAM Gl.Small Cap Eq/N € 162.20 - 1.62 0.00 OEIC
Recovery Inc 423.53 440.15 3.78 2.61 . Strategic China Panda Fund Hedged Sterling £ 2201.36 - 16.36 0.00 Global Emerg Mkts Eqty B Acc £ 1.30 - 0.01 1.75
Global Bond Ex-US - Inst Acc $ 19.53 - 0.03 0.00 RobecoSAM Sustainable Gl.Eq/B € 187.71 - 1.65 0.00
Recovery Acc 511.78 531.31 4.57 2.56 For Save & Prosper please see Countrywide Assured
Strategic Euro Bond Accumulating Class CHFSFr 985.98 - -0.48 0.00 Global Optimal B Acc £ 1.00 - 0.01 0.65
Global High Yield Bond - Inst Acc $ 19.93 - -0.01 0.00 RobecoSAM Sustainable Gl.Eq/N € 161.91 - 1.42 0.00
Strategic Bond I-Class Acc 124.66 125.30 0.11 3.95
Strategic Euro Bond Institutional Class EUR € 1011.84 - -0.41 0.00 UBS UK Opportunities Fund B Acc £ 0.87 - 0.02 3.09
Global Investment Grade Credit - Inst Income $ 12.14 - 0.00 3.65 RobecoSAM S.HealthyLiv/B € 177.99 - 2.12 0.00
Strategic Bond I-Class Inc 109.34 109.98 0.09 3.90 Schroder Property Managers (Jersey) Ltd
Other International Funds Strategic Euro Bond Fund Accumulating Class Shares € 1134.71 - -0.47 0.00 US Equity B Acc £ 1.50 - 0.03 0.30
Global Investment Grade Credit Fund Inst Acc € € 11.98 - 0.01 0.00 RobecoSAM S.HealthyLiv/N € 165.77 - 1.98 0.00
Indirect Real Estate SIRE £ 133.22 139.31 0.83 2.34 Strategic Euro Bond Fund Distributing Class Shares € 1024.03 - -0.42 1.33 UBS S&P 500 Index C Acc £ 0.54 - 0.01 -
Global Investment Grade Credit Fund Inst Acc $ $ 16.60 - 0.00 0.00 RobecoSAM S.HealthyLiv/Na £ 101.23 - 1.21 - Yuki International Limited (IRL)
Strategic European Smaller Companies Fund EUR Class € 956.34 - -18.53 - UBS Targeted Return B Acc £ 1.28 - 0.01 0.82 Tel +44-20-7269-0207 www.yukifunds.com
Global Multi-Asset - Inst Acc $ 14.60 - 0.07 0.00 RobecoSAM S.Water/A £ 165.64 - 1.20 2.27
Regulated
Scottish Friendly Asset Managers Ltd (UK) Strategic Global Bond RMB Acc $ 1063.46 - -0.91 0.00 UBS Sterling Corporate Bond Indexed Fund 50.49 - 0.07 3.31
Global Real Return - Inst Acc $ 17.88 - 0.04 0.00 RobecoSAM S.Water/N € 170.21 - 1.22 0.00 Yuki Mizuho Umbrella Fund
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Strategic Global Bond USD Acc $ 1040.20 - 0.15 0.00
Income Fund Inst Acc $ 12.40 - 0.02 0.00 Authorised Inv Funds UBS Multi Asset Income B Inc (net) £ 0.49 - 0.00 3.60 Yuki Mizuho Japan Dynamic Growth ¥ 7157.00 - 47.00 0.00
Strategic US Momentum and Value Fund $ 788.25 - 16.10 0.00 UBS UK Equity Income B Inc Net £ 0.38 - 0.01 4.83 Yuki Mizuho Japan Large Cap ¥ 3911.00 - -3229.00 0.00
Inflation Strategy Fund Inst Acc $ 8.78 - 0.01 0.00 Managed Growth ♦ 238.80 - 1.50 0.00

Robeco Asset Management (LUX) Strategic US Momentum & Value Fund USD I Class $ 523.27 - 10.68 0.00 Corporate Bond UK Plus B Inc Net £ 0.51 - 0.00 4.00 Yuki Japan Low Price ¥ 26781.00 - 109.00 0.00
Low Average Duration - Inst Acc $ 14.80 - 0.00 0.00 UK Growth ♦ 261.50 - 2.10 0.00
Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Strategic US Momentum and Value EUR Hedged Class EUR € 550.33 - 11.23 0.00
PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $ 8.52 - 0.04 0.00 UBS Global Allocation (UK) B Acc £ 1.09 - 0.01 1.44 Yuki Japan Value Select ¥ 12653.00 - 24.00 0.00
www.robeco.com/contact
FCA Recognised Strategic US Momentum and Value CHF Hedged Class CHFSFr 547.59 - 11.23 0.00 UBS Global Enhanced Equity Income C Inc £ 0.46 - 0.01 - YMR Umbrella Fund
PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 11.00 - 0.11 0.00 SIA (SIA Funds AG) (LUX)
Asia-Pacific Equities (EUR) € 137.91 - 1.08 0.00 Regulated YMR N Growth ¥ 17589.00 - 116.00 0.00
PIMCO RAE Fundam.PLUS US Inst Acc $ 12.33 - 0.20 0.00 UBS US Growth Fund B Acc £ 1.54 - 0.03 0.00
Chinese Equities (EUR) € 78.41 - 0.49 0.00 LTIF Classic € 344.67 - 2.43 0.00 Yuki Asia Umbrella Fund
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.73 - 0.00 0.00 Taube Hodson Stonex Ptnrs UT (1200)F (UK) UBS Emerging Markets Equity Income B Inc £ 0.35 - 0.01 6.33
Yuki Japan Rebounding Growth Fund JPY Class ¥ 23764.00 - 154.00 0.00
Em Stars Equities (EUR) € 179.59 - 3.01 0.00 LTIF Natural Resources € 73.01 - 0.95 0.00 50 Bank Street, Canary Wharf, London E14 5NT
StocksPLUS{TM} - Inst Acc $ 23.44 - 0.34 0.00 Admin: 50 Bank Street, Canary Wharf, London E14 5NT Yuki Japan Rebounding Growth Fund USD Hedged Class $ 947.09 - 6.09 -
Emerging Markets Equities (EUR) € 148.93 - 0.59 0.00 LTIF Stability A ACCU € 167.32 - -0.13 -
Total Return Bond - Inst Acc $ 27.05 - 0.01 0.00 Santander Asset Management UK Limited (1200)F (UK) Dealing & Enquiries: 0870 870 8433
Unicapital Investments (LUX)
Flex-o-Rente (EUR) € 109.41 - 0.05 0.00 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Authorised Inv Funds
Regulated
UK Corporate Bond - Inst Acc £ 17.18 - 0.06 0.00 Authorised Funds THS Growth & Value Funds
Glob.Consumer Trends Equities (EUR) € 161.74 - 1.90 0.00 Investments III € 5.03 - -22.38 - Zadig Gestion (Memnon Fund) (LUX)
Santander Atlas Range SIA (SIA Funds AG) (CH) International
FCA Recognised
UK Long Term Corp. Bnd Inst-Inst Acc £ 18.98 - 0.11 0.00
Santander Atlas Inc Port Acc Inst 288.00 - 0.60 - Other International Fds Investments IV - European Private Eq. € 247.75 260.13 -44.58 -
High Yield Bonds (EUR) € 124.75 - -0.02 0.00 IGV - Inc A 324.10 - 2.70 2.40 Memnon European Fund I GBP £ 111.22 - 0.29 0.00
UK Low Duration - Inst Acc £ 14.05 - 0.01 0.00 LTIF Stability Growth SFr 196.40 - -1.30 -
Lux -O- Rente (EUR) € 140.15 - 0.18 0.00 Santander Atlas Inc Port Inc Inst 222.30 - 0.50 - IGV - Inc B 323.20 - 2.60 1.58 Investments IV - Global Private Eq. € 366.42 384.74 -49.81 -
UK Real Return - Inst Acc £ 22.52 - 0.07 0.00 LTIF Stability Inc Plus SFr 174.50 - -1.20 5.86
New World Financials (EUR) € 55.73 - 0.46 0.00 Santander Atlas Port 3 Acc Ret 147.90 - 0.40 - IGV - Acc X 395.60 - 3.20 1.86
UK Sterling Long Average Duration - Inst Acc £ 21.33 - 0.15 0.00 Zebedee Capital Partners LLP (CYM)
US Premium Equities (EUR) € 184.57 - 2.68 0.00 Santander Atlas Port 3 Inc Ret 102.40 - 0.20 - IGV - Acc Y 424.40 - 3.50 2.36 Unicorn Asset Management Ltd (UK) Regulated
Unconstrained Bond - Inst Acc $ 11.92 - 0.01 0.00
US Premium Equities (USD) $ 206.34 - 3.00 0.00 Santander Atlas Port 3 Acc Inst 162.50 - 0.30 - Smith & Williamson Investment Management (1200)F (UK) PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
IGV - Acc Z 393.00 - 3.20 1.59
US High Yield Bond Fund Inst Acc $ 27.46 - -0.02 0.00 25 Moorgate, London, EC2R 6AY 020 7131 8100 Authorised Inv Funds
Santander Atlas Port 4 Acc Ret 180.20 - 0.30 - www.sandwfunds.com European Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
UK Growth A Inc 413.73 - 0.47 0.00
Authorised Inv Funds EGV - Acc S 270.30 - 2.50 0.00 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Santander Atlas Port 4 Inc Ret 129.50 - 0.30 - Mastertrust A Inc X F 360.68 - 1.89 0.07
European Equity Fund A Class 501.00 - 5.00 0.73
28 ★ FINANCIAL TIMES Friday 20 November 2015

MARKETS & INVESTING

Commodities
Capital markets

Credit spreads a less reliable

gauge on risk in age of QE
Goldman sees more raw materials pain
The yield premium on US ratings ladder a bond falls. Bank issues bearish But unless demand picked up, Gold- 2016 global outlook, Barclays said com-
16% US crude dipped below $40 a barrel
high-yield bonds has been Government bonds are man said, cuts would not be enough to modities would “bump along the bot- for a second day, taking prices to a fresh
moving up steadily this often given the safest AAA outlook amid lows for oil, balance commodity markets. Prices tom” until there was a pick-up in global This year’s fall for three-month low. “Between now and
the Bloomberg
year ahead of a possible rating, followed by big coal, copper and zinc needed to remain “lower for longer” to economic growth. Commodity index; the end of 2016, there is a growing risk
Federal Reserve interest blue-chip companies. force more production offline. “Given structural negatives . . . [and] it has shed 40% that oil inventories could swell to full
rate rise, and as falling Highly indebted private “Supply adjustments to date are still large overhangs of excess production since 2009 capacity,” said the Goldman analysts.
commodity prices put equity companies and NEIL HUME AND DAVID SHEPPARD insufficient, and demand has done too and inventory, especially in oil, it is rea- They thought the market would avert
pressure on miners and small shale gas drillers Natural resources prices have not bot- little to offset this slow adjustment,” its sonable to expect that the price trough $39.89 a storage crisis, but if demand weakened
oil companies, writes tend to have ratings tomed and could fall further unless analysts said in a report. “This sustains may last for some time yet,” it said. Price of WTI crude or supply remained strong “the only
Gavin Jackson. among the lowest. Junk is demand improves or more supply is the need for lower prices for even In previous cycles, oil, copper, and per barrel for way to clear the excess . . . is with sharp
Investors use credit the riskiest bond class. curtailed, according to Goldman Sachs, longer, keeping us underweight com- gold have spent much longer trading at December; the price declines”.
spreads — the percentage- And, over the past year, one of the most influential banks in modities for the next 12 months.” depressed levels than so far this cycle, January contract US benchmark West Texas Interme-
fell 1% to near $41
point difference in yields the average US junk bond commodity markets. The Bloomberg Commodity index, a according to research by the bank. diate fell to a low of $39.89 a barrel, los-
between junk bonds and spread — over equivalent With oil, copper, coal and zinc trading basket of 22 commodity futures fol- The cost of transporting commodities ing as much as 2 per cent in the Decem-
investment-grade maturity US Treasury around their lowest levels since the lowed by institutional investors, has as measured by the Baltic Dry index fell ber contract, which expires today.
corporate or Treasury yields — has risen from financial crisis, some investors have said fallen 16 per cent to its lowest since 2009 yesterday to its lowest in 30 years. The January contract fell 1 per cent to
bonds — to indicate the 441bp to 590bp, having prices may have troughed and could and is on course for third year of losses. Iron ore fell to $45.10 a tonne, just a $1 near $41 a barrel. North Sea Brent, the
overall creditworthiness peaked at 650bp in recover in the next 12 months. Over that period it has fallen almost above the record low it hit in June. international benchmark, lost 0.5 per
of the private sector. October, according to Production cuts from miners such as 40 per cent. Copper, seen as barometer of global cent to a low of $43.70.
A deterioration in Barclays. Glencore, which plans to reduce annual Abundant supplies have been behind growth, traded as low $4,573 a tonne, a Both WTI and Brent have averaged
companies’ ability to production of zinc by a third, have given this year’s sell-off. A strengthening US fresh six-year low, while zinc fell a fur- less than $55 a barrel this year, the low-
service their debt is likely What sorts of risk do further grounds for optimism. dollar has been another headwind. In its ther $1,502. est level in at least 10 years.
to be felt first among investors face?
junk-rated businesses. The first is default risk,
when the company goes
What are credit spreads?
A credit spread is a risk
bust and lenders end up
negotiating how much of Analysis. Equities
premium that can be used their money they get back.
as a barometer of the
health of an underlying
corporate balance sheet.
The higher the risk of
Credit spread risk comes
in when there is a change
in a company’s perceived
credit risk. For example, it
Caution reigns as EM valuations hit new low
default by a company, as could take on too much
judged by rating agencies, debt in an acquisition
the more it has to pay spree or be downgraded.
lenders when it sells debt. A macroeconomic shock Analysts are wary of calling a Equity market valuations
On corporate debt the such as lower oil prices market bottom as economic Price-to-10-year average earnings
yield, which varies with the might affect a range of (cycle-adjusted valuations)
price in the secondary companies negatively. In headwinds chill sentiment Emerging markets (MSCI EM)
market, is set partly in these cases spreads are US (S&P 500)
relation to the yield on said to “widen”, with yields Europe (MSCI Europe)
government bonds — rising and prices falling.
STEVE JOHNSON 50
often described as the Finally there could be a The sell-off in emerging market equities
“risk-free rate”. change in the market. has pushed valuations to an all-time 40
It is also set partly on Because credit spreads low, by one measure at least, reflecting
the premium, or spread, reflect an assessment of the marked underperformance of the
investors demand based risk, a change in the asset class since the immediate after- 30
on company-specific risk. broader attitude to risk math of the global financial crisis.
To calculate the credit taking can be damaging. EM equities have delivered a total 20
spread an investor earns return of minus 2.1 per cent since the
for taking the risk of losing What about when start of 2010, compared with a 69.1 per
money if a company goes interest rates go up? cent return for developed markets. 10
bust, compare the yield In the past investors in Despite this potential buy signal, ana- 1979 87 91 95 2003 11 15
on a corporate bond with junk bonds were better off lysts are not queueing up to argue that
Cyclically adjusted price-to-earnings multiple uses
a government bond. than those holding EM equities are wildly undervalued. 10-year average earnings per share.
For example, Vodafone investment-grade bonds “The latest leg of correction leaves
has a bond maturing in when rates rose. The size emerging markets as the unambigu- MSCI Emerging Markets
2020 that pays investors a of the credit spread ously cheap segment of global equity on Price-to-book ratio
fixed 1 per cent coupon. provides a bigger cushion a fundamental basis [but], with the 3.5
The bond trades at 101 to absorb changes in rates. exception of Russia, valuations simply
cents on the dollar and Central banks generally haven’t become cheap enough,” says
3.0
yields 0.72 per cent. raise rates when the George Iwanicki, EM macro strategist at
A German government economy is growing, not at JPMorgan Asset Management.
2.5
bond of similar maturity times when large numbers The MSCI Emerging Markets index
yields minus 0.17 per cent. of companies are likely to fell to a valuation of just 12.8 times
So the Vodafone bond’s struggle to pay lenders. 10-year average earnings at the end of 2.0
spread is 89 basis points. But this year’s rise in September, according to JPMorgan cal-
credit spreads is possibly culations, taking it below the previous 1.5
Where does junk come in? not the most accurate nadir of 13.5 times during the 1997-98
There are two main gauge of corporate credit Asian financial crises. 1.0
categories of corporate risk. Quantitative easing The cyclically adjusted price/earnings 1995 2000 05 10 15
debt: investment-grade has pushed yields on multiple is barely half its long-term Sources: JPMorgan Asset Management
and high-yield, or junk. government debt to low average of 25 times average 10-year Thomson Reuters Datastream
Gradations in the levels, and into negative earnings.
categories denote the territory in Europe. In contrast, the US S&P 500 index is
likelihood of default, as The response has been a trading at 23.4 times cyclically adjusted Analysts are not boom and bust of the commodity super- Some are more upbeat. Dominic Mr Iwanicki is most optimistic
judged by rating agencies. search for yield, pushing earnings, within a whisker of its queuing up to cycle, aggregate earnings have possibly Rossi, global chief investment officer for about the Russian stock market, one
Any bond rated below down borrowing costs for long-term average of 23.6. The MSCI suggest that not been so high that they are not repli- equities at Fidelity International, says of the few where he says valuations have
BB by Standard & Poor’s all sorts of bond issuers. If Europe index is at 15.1, against an aver- EM equities cable in the next 10 years. that while the outlook for EM econo- fallen far enough to be unambiguously
or Ba by Moody’s falls into this represents an excess age of 20.6. are wildly Balancing this, Mr Iwanicki says that mies continues to look “precarious”, attractive.
the junk category. of risk taking then the Alex Wolf, EM economist at Standard undervalued EM equities have been cheaper before thanks to slowing growth, a likely rise in He is also upbeat on Hong Kong, Tai-
Credit spreads tend to uptick this year may not Life Investments, says: “EM equities Martin O’Neill
when measured by other metrics. US interest rates and depressed com- wan and, to a lesser degree, South
widen the further down the tell the whole story. have underperformed developed mar- The asset class is trading on a multiple modity prices, EM equities “have likely Korea, but is avoiding most Latin Amer-
kets for some time. The late 1990s was of 1.43 times book value (the value discounted much of the bad news”. ican markets.
US junk bond credit spreads the last time they underperformed by as at which assets are carried on the bal- He adds: “Many investors appear to Nevertheless, EM equities will remain
Per cent much. However, that does not mean we ance sheet). While this is below the have thrown in the towel — in other rangebound, he says, given a triumvi-
20 will see a sharp rebound.” long-run average of 1.8 times, it is above words, given up on EMs — which is the rate of economic headwinds in the
The lowly valuation of EM stocks sug- the cyclical low of 1.28, recorded in late point at which careful investors might shape of slow growth, dollar strength
15 gests investors believe corporate earn- August, and the all-time low of 0.94 start looking for opportunities.” and retreating commodity prices.
ings over the coming decade will be in August 1998. Mr Wolf sees scope for EM corporate Mr Wolf, too, is positive on Russia,
10 lower than in the past 10 years. Historically, buying EM equities at earnings to rise a little from this year’s given signs of economic stabilisation, as
Mr Wolf says this is a “pretty safe this valuation has often led to double- depressed levels, but even if this does well as India, Indonesia and Mexico.
5 assumption”, with EM earnings having digit gains in the subsequent 12-month unfold he suggests it will present only a Mr Rossi favours EMs that are com-
been elevated for much of the current period, although this is far from univer- short-term tactical buying opportunity, mitted to a reform agenda, such as India
0 millennium by high commodity prices sal, and losses have been recorded in a rather than a long-term strategic one. and Mexico. “These nations will con-
1999 01 03 05 07 09 11 13 15 and rapid growth in both China and glo- handful of cases. “There are structural issues over the tinue to attract investors’ confidence
bal trade. Mr Iwanicki describes a valuation of next couple of years that will keep earn- for tackling their structural problems,”
BofA Merrill Lynch US high yield master II option-adjusted spread However, Mr Iwanicki is not con- 1.4 to 1.5 times book as “the top end ings growth weak,” he says, singling out he says.
Source: FRED vinced this will prove the case. With the of the band that has historically been the corporate sector’s high debt levels “Countries where this is not the
past decade having encompassed the ‘buy’ territory”. as the largest problem. case will not see any investor interest.”

Currencies Equities

Dollar rally loses pace as focus on rates shifts Square surges two-thirds from low IPO price
MICHAEL HUNTER, ROGER BLITZ December meeting. The euro promptly hawkish commentary about lift-off with LESLIE HOOK — SAN FRANCISCO need to execute the plans in front of which Mr Dorsey is also chief and co-
AND KATIE MARTIN
fell 0.5 per cent against the dollar, a dovish tone on the cycle. “If, or when, us,” she said. founder. He splits his time between the
Shares in Jack Dorsey’s Square soared
The attention of the foreign-exchange though it recovered to end the European they lift rates in December, the Fed will Had Square priced at the top of its two groups.
in the payments company’s first day of
market has shifted from an expected session up 0.85 per cent to $1.0750. likely be very aggressive in highlighting pricing range, the offering would have The listing has been a harsh test of
trading, after pricing at an unexpect-
December US rate rise to uncertainty That left the dollar index, which the idea of a very gradual pace,” said raised an additional $108m. investor appetite for lossmaking Silicon
edly low level on Wednesday evening.
about the pace of a tightening cycle, tracks the US currency against a basket Tom Porcelli, chief US economist at RBC The share price jump between pricing Valley tech companies. Even at its high-
creating volatility in dollar trading. of its rivals, still shy of the psychologi- Capital Markets. In early trading yesterday the shares and opening was larger than for most US est levels the share price was below the
cally important 100 mark, last touched According to David Bloom at HSBC, a peaked at $14.80, almost two-thirds flotations. Square opened at $11.20 yes- valuation commanded in the private
Neil Mellor, FX analyst at BNY Mellon, in March. Having reached 99.85 after shift in rates higher than expected higher than its $9 IPO price, which had terday, 24 per cent higher than its offer- markets a year ago.
said: “The interest is not when the Fed the Fed minutes, the index was down would add strength to the dollar. “How- given a market capitalisation of $3.2bn. ing price. The US average this year is Square’s first-day pop will be seen as
moves, but what happens thereafter.” 0.75 per cent to 98.92. ever, if at any time next year the market By late morning, the stock was just 13 per cent, according to Dealogic. vindication of Mr Dorsey’s determina-
After rising to a seven-month high With the index having risen more thinks the Fed may need to loosen in above $13, with a greater volume trad- Mr Dorsey’s mother opened trading at tion to push ahead at a time when other
against the euro in the run-up to min- than 5 per cent since mid-October, the 2017, then the dollar will plummet,” he ing hands than the 27m shares issued. the New York Stock Exchange by tap- tech IPOs have performed poorly.
utes from the Federal Reserve’s October market had priced in monetary diver- said. “The risk-reward in 2016 is for a Square’s advisers — led by Goldman ping her watch to a Square payment The surging price also highlights the
meeting on Wednesday, the dollar was gence, said Mr Mellor. weaker dollar.” Sachs, Morgan Stanley and JPMorgan reader at a flower stall on the street out- increasingly common practice of offer-
sold off in the morning European ses- “The only problem I have with this Nordea warned that investors could Chase — had set a price range of $11 to side, which was connected to the bell ing shares at a low price to generate a
sion yesterday. divergence is everyone is going the same be underestimating the potential speed $13 when they began marketing, against inside the exchange. The stall had been first-day buzz. This benefits investors
A similar pattern emerged after the way. If this divergence gets traction, of US rate rises. Martin Enlund, analyst, $15.46 in the most recent private fund- one of Square’s earliest customers and who participate in the public offering
publication of dovish minutes from the that’s fine. But with this absolutely dom- said the Fed was “trying to signal a hik- ing round, in October 2014. its name — Lilybelle — was used as the directly, because they see their shares
European Central Bank’s October meet- inant view, there is a significant possibil- ing path in line with half the pace” of the Sarah Friar, chief financial officer, code name for the IPO project. soar immediately, but it comes at a cost
ing, which, according to FX strategists, ity of a market shock.” cycle in 2004-06. “The market is pric- denied that the company had sold The proceedings were broadcast on for the company, which raises less
point to looser monetary policy at the Analysts expect the Fed to blend ing in half of half.” itself short. “We have the capital we Periscope, the video feed of Twitter, of money as a result.
Friday 20 November 2015 ★ FINANCIAL TIMES 29

MARKETS & INVESTING

Global overview
TRADING POST Markets update

Jamie
Chisholm
Stocks unfazed by Fed ‘lift-off’ S&P 500 index
Change on day 0.15%

chatter as the dollar eases back

2100
2080
2060
The general consensus among 2040
analysts and investors after the latest
2020
Federal Reserve minutes is that a Oct 2015 Nov
rate rise on December 16 is, all things
remaining equal, even more likely. Wall Street holds gains, potential November weakness, empha- US equities Healthcare stocks ran into
Yet the federal funds futures market sising the cumulative improvement profit-taking after a recent run of gains
appears reluctant to reflect European bourses rise over the course of the year as justifica- while the broader market appeared
this growing certainty. At mid-session and euro firms on tion for lift-off,” he said. comfortable with expectations that US
yesterday it was still pricing in just a However, interest rate futures stub- interest rates would rise next month
66 per cent probability of a hike. prospects of December bornly kept the probability of a move
Anthony Karydakis, chief economic Fed and ECB moves next month priced at 66 per cent, while FTSE 100 index
strategist at Miller Tabak, says this the yield on the two-year Treasury note Change on day 0.81%
presents a trading opportunity. He DAVE SHELLOCK held steady at 0.88 per cent. 6500
places the odds of a pre-Christmas In contrast to the Fed minutes, those 6400
rate rise in the 85 to 90 per cent range. European stocks rose and Wall Street from the ECB’s latest policy gathering 6300
“Irrespective though of whether our held the bulk of the previous session’s “strongly echo the message of numerous 6200
call is validated or the federal funds strong gains even as expectations grew recent speeches by governing council
6100
futures market’s more cautious that the Federal Reserve would raise members signalling further monetary Oct 2015 Nov
approach turns out to be the prudent interest rates next month for the first stimulus at the next meeting on Decem-
approach, we believe that this market time in nearly a decade. ber 3”, said Capital Economics. UK equities Hefty gains for Johnson
is set up for a potentially sizeable However, the dollar gave back some of Nevertheless, the euro was up 0.8 per Matthey, CRH and Royal Mail helped
move over the next three weeks.” its advance as participants took profits cent against the dollar at $1.0744, and push the FTSE 100 to its highest in a
This is because there are two after the Fed’s Open Market Committee 0.1 per cent higher versus the yen at week, although the index was down
important events in the first week of said that a December move made it Y131.84, even as the yield on the 3.6 per cent for the year so far
December that may “settle [in either more likely that the policy trajectory German 10-year government bond fell
direction] the outcome of the after lift-off would be shallow. 3 basis points to 0.48 per cent. Eurofirst 300 index
upcoming meeting”, he says. The euro firmed even though the The dollar was 0.7 per cent weaker
Change on day 0.43%
On December 3 Fed chair Janet minutes of the European Central Bank’s against the yen at Y122.72, leaving the 1500
Yellen will deliver testimony on the latest policy meeting signalled that fur- dollar index, a measure of the US cur- 1490
economy in Congress, and the next ther policy easing was a strong possibil- rency against a basket of peers, down 0.8 1480
— Andrew Harrer/Bloomberg
day the jobs report will be published. ity next month. per cent. That helped gold rally $12 to
Fed signals dovish rate rise: FT.com/video 1470
Those wanting to bet on a rate rise After the Bank of Japan maintained its $1,082 an ounce.
1460
next month could go short the pace of asset purchases, the yen also John Authers says markets remain calm as expectations of a The BoJ kept policy unchanged, main-
Oct 2015 Nov
December fed funds future contract gained ground versus the US currency. December rate rise were bolstered by the latest Fed minutes taining its purchases of government
against the August 2016 contract. The softer dollar helped gold snap its bonds at Y80tn a year. Its statement European equities Sodexo shares
The spread — currently about 40 downward trend but industrial com- highlighted the fact that some indica- jumped 9.9 per cent after the catering
basis points — should tighten as the modity prices stayed under pressure to rein in Japanese equities, and the rise in market expectations of a Decem- tors of inflation expectations had been group gave an encouraging trading
December contract falls much more from persistent concerns about over- Nikkei 225 rose 1.1 per cent to a three- ber “lift-off”, he added. “relatively weak”, although Haruhiko update, helping the Eurofirst 300 hit a
sharply than the August one, with the supply and weakening demand. month high. “That suggests a belief in the market Kuroda, governor, said that there was no three-month intraday high
latter’s pullback tempered by the Fed By midday in New York, the S&P 500 Wednesday’s hefty rally for US stocks that the Fed is going to be able to change to the view that longer-term
having stressed that the tightening is equity index was down less than 0.1 per came after the minutes of the Fed’s start hiking rates in December without price expectations were rising.
likely to be shallow and slow. cent at 2,082.6 after climbing 1.6 per October meeting offered further signals much negative impact on the US econ- Mansoor Mohi-uddin, senior market Nikkei 225 index
cent on Wednesday. that the US central bank was preparing omy, as well as — crucially — without strategist at RBS, noted that Mr Kuroda Change on day (’000) 1.07%
20.0
[email protected] That left the US equity benchmark to raise official borrowing costs at its crushing commodities, oil and the had been similarly dismissive of Octo- 19.5
about 2.4 per cent short of the record meeting on December 15-16, barring global economy.” ber’s weak trade data. “The BoJ thus
19.0
Fed funds future spread intraday high of 2,134.72 reached in “unanticipated shocks”. Joe LaVorgna, chief US economist at seems unlikely to consider more easing
18.5
Dec 2015 minus Aug 2016 May, after a near-10 per cent rally from Hans Mikkelsen, credit strategist at Deutsche Bank, said that the bar for a until at least April,” he said.
the end of September. BofA-Merrill Lynch, said: “The market December rise was fairly low with Industrial commodities looked shaky. 18.0
(percentage points) Oct 2015 Nov
0.8 Across the Atlantic, the FTSE has spoken — the Fed is free to start respect to incoming economic data. Copper touched $4,573 a tonne in
0.6 Eurofirst 300 rose 0.4 per cent to hiking rates in December.” “Even though we expect a soft London, the lowest since May 2009, Japanese equities The Nikkei ended
0.4
0.2 1,502.33, more than recovering the pre- Energy, materials and financial stocks November non-farm payroll report — before ending 0.4 per cent up at $4,630. at a three-month high as participants
Nov 2015 Nov vious day’s slip but ending well short of had been the best performers since the partially the result of payback from Zinc and nickel also struck multiyear took heart from a strong overnight
2014 an earlier three-month peak of 1,513.65. day before the conclusion of the October unexpected strength in October — the lows, while Brent oil was down 0.3 per advance for Wall Street
Source: Bloomberg
The firmer tone of the yen failed policy meeting that triggered the sharp Fed appears likely to look through any cent at $44.03 a barrel.

G4S rather than the profit warning many

investors had feared. Trading Directory
Share price (pence)
300 G4S dropped 2.9 per cent to 225.8p, a
280 two-year low. JPMorgan Cazenove said
260 it was cutting earnings forecasts for G4S
240 having hosted a “fireside chat” with
220 Himanshu Raja, the security group’s
London Nov
2014
2015
Source: Thomson Reuters Datastream
Nov chief finance officer.
Emerging market growth had
Virgin Money slips Day's
weakened since G4S last updated the
on worries of BoE Indices
FTSE 100
Close
6329.93
change
50.96
market with interim results in August,
JPMorgan said. “Management expects
buy-to-let clampdown FTSE 250 17144.72 55.63 growth at the 4 per cent level for the
FTSE 350 3524.59 25.42 year,” it told clients. “At the time of the
FTSE All-Share 3471.04 24.43 first-half results, management had
FTSE All-Share Yield 3.68 - thought that second-half growth could
FTSE 100 Futures 6335.50 60.00 trend towards 5 per cent but emerging
Bryce Elder 10 yr Gilt Yield 2.53 -0.29 markets (circa 40 per cent of revenue)
20yr Gilt All-Share Ratio 0.70 -
have slowed a bit, especially due to
commodity softness.”
Fears of a clampdown on risky lending BoE might take, the direction of travel Housebuilders drifted after Bovis
put challenger banks such as Virgin seems apparent,” Merrill told clients. Homes warned on profit margins,
Money under pressure yesterday. “Those banks relying most on buy-to-let blaming cost inflation and planning
Merrill Lynch turned cautious on the and consumer credit are likely to see the delays on its high margin sites.
fledgling lenders in a sector review. costs of growth increase. These costs Bovis fell 8.6 per cent to 904p,
With the Bank of England likely to put may crystallise in higher capital Berkeley lost 1.5 per cent to £30.93
off its first interest rate increase until requirements or less revenues. Neither and Persimmon was down 1.3 per cent
mid-2017, it needed to tame buy-to-let is appealing.” to £18.40.
mortgage lending and unsecured credit Virgin Money, down 5.6 per cent to Poundland tumbled 20.1 per cent to
by other measures, Merrill said. 353p, faces the sector’s biggest hit to its 222.7p on a profit warning, caused in
The BoE’s next financial stability capital buffers, said Merrill. part by the acquisition of 99p Stores.
review on December 1 was likely to It advised selling Aldermore, down Stretched finances at the lossmaking
introduce underwriting caps and might 5.3 per cent to 262.3p, and landlord chain had led to a withdrawal of credit
include more draconian measures to mortgage specialist Paragon, which insurance, which compounded
cool the market, Merrill argued. slipped 4.5 per cent to 402.5p. “volatile” trading conditions,
One option, it said, would be to insist A wider rally lifted the FTSE 100 by Poundland said.
that banks put higher risk weightings on 0.8 per cent, or 50.96 points, to 6,329.93. Ophir Energy fell 6.6 per cent to 90.6p
consumer debt such as by treating buy- Leading the gainers, Johnson after it said an exploration well in the
to-let mortgages as commercial rather Matthey rallied 9.6 per cent to £26.94 Gulf of Thailand was below commercial
than residential lending. after the auto catalyst maker’s interim quality, so had been plugged and
“Whilst it is unclear what actions the results came with a special dividend abandoned.

$8.82bn. That missed Wall Street black. The maker of single-serve coffee
expectations of $8.83bn. pods and brewers revealed stronger-
The news is yet another sign of the than-expected adjusted quarterly
uneven performance of retailers. Macy’s profits after the closing bell on
and Nordstrom, both department store Wednesday. Sales narrowly topped Wall
chains, issued gloomy outlooks last Street expectations. The shares shot up
week. However, Home Depot, the 25.7 per cent, but were still down more
biggest US home improvement retailer, than 60 per cent for the year.
Wall Street on Tuesday revealed better than Also in the black was Valeant, the
Best Buy suffers after expected quarterly results.
Best Buy’s shares fell 2.8 per cent in
struggling speciality pharmaceutical
company. Its debt was initiated at
sales power down midday trading to $30.44, widening its “overweight” by Citigroup. It rallied
loss this year to 20.9 per cent. 8.1 per cent to $78.55, helping narrow
Elsewhere, UnitedHealth cut its full- year-to-date loss to 45.1 per cent.
year profit outlook as its involvement in Match Group and Square both made
US public insurance exchanges weighs public-market debuts. Match, parent
Adam Samson on its business. The biggest US health of dating app Tinder, popped 13.3 per
insurer added that it might abandon the cent to $13.59, after pricing at the lower
marketplaces, an important component end of its expected range. Square, a
Best Buy shares fell after the electronics of Barack Obama’s signature healthcare mobile payment company run by
retailer offered a cautious outlook for law. UnitedHealth’s shares skidded Twitter chief Jack Dorsey, climbed
the holiday shopping season. 4.3 per cent to $112.17, knocking its gain 44.6 per cent to $13.01, after pricing
The retailer said it expected fiscal this year to 10.9 per cent. below its projected range.
fourth-quarter revenue growth to be Anthem, another insurer, dropped In midday trading the S&P 500 was
nearly flat, reflecting weakness in the 6.7 per cent to $128.04. HCA Holdings, down 0.1 per cent to 2,082.6, the Dow
consumer electronics retailing industry. an operator of hospitals, dropped Jones Industrial Average had dipped
Indeed, sales in the fiscal third 5.2 per cent to $66.53. 0.1 per cent to 17,720.66 and the
quarter, which ended on October 31, fell On the other side of the ledger, Keurig technology-heavy Nasdaq Composite
2.4 per cent from the year before to Green Mountain shares zoomed into the was a touch firmer at 5,079.84.
30 ★ Friday 20 November 2015

INSIGHT Analysis. Capital markets

Jennifer
Hughes
Reverse Yankees settle into Europe’s bond scene
Rates divergence favours the Here to stay?
trend for foreign companies
Adding renminbi to being the biggest euro issuers
Reverse Yankees: euro-denominated corporate bonds
Europe US Rest of world

IMF currency basket GAVIN JACKSON

2014
Total €318.45bn 2015 (Year-to-date)
is more than symbolic Among fearsome warriors and cute ani-
mals — the Japanese samurai, the Chi-
2013
Total €282.12bn
Total €297.85bn

nese panda and the Australian kangaroo

— is the reverse Yankee, the European
€258.8bn
€229.1bn €201.7bn

B
ack in 2009 the west was desperately seeking market for foreign issuers, which has
green shoots of recovery and paid little atten- stood out this year despite its prosaic
tion when Zhou Xiaochuan called for nothing name.
less than a new world financial order. The reason US companies are selling
China’s central bank governor proposed so many euro-denominated bonds
replacing the US dollar as the international reserve cur- relates to diverging monetary policy on
rency with a global system controlled by the International either side of the Atlantic.
Monetary Fund. If, as expected, the IMF this month The European Central Bank’s quanti-
approves the inclusion of the renminbi as a reserve cur- tative easing programme has pulled
rency, it will mark a small step for Mr Zhou’s 2009 vision eurozone bond yields down to historic
but a big move for the renminbi. lows, while the US Federal Reserve may
The prospect of China’s currency joining the dollar, euro, finally shift borrowing costs higher as
yen and sterling in backing the IMF’s Special Drawing soon as next month.
Rights — its unit of account, restricted to member govern- With US yields well above those in the €63.2bn
€633.2bn
€63.22bn €33bn
ments — has been described as everything from a symbolic
ego trip on the part of Beijing to the dawning of a new era.
eurozone, a range of blue-chip compa-
nies have sold reverse Yankees to lock in
€32.5bn
€32.5bn
€32.5bn
n €20.5bn €38.6bn
€38.6b
€3
38.6bn
n €21bn
In all probability it will be like many Chinese financial lower borrowing costs. FT graphic Source: Dealogic
reforms: significant in hindsight, but hard to get excited Not only does the outlook for the debt
about in the short term. sales remain robust because of growing
Market enthusiasm for early-stage reforms such as divergence between US and eurozone ‘US issuers, kees of €38bn, according to Dealogic. “The euro market is nowhere near as Investment. “Maybe the knowledge
de-pegging the renminbi 10 years ago has given way to interest rates, but a new driver looms in Bond sales have come not just from competitive for US issuers doing a euro base or research base or mandate makes
ennui as the changes get smaller and China gets bigger. The the form of mergers and acquisitions. even the US companies. The total raised by Chi- deal as it was at the start of the year,” them more difficult to find a home.”
result is often disappointment in the numbers as China “The estimated M&A refinancing lesser-known nese borrowers has climbed to €9bn says Frazer Ross of the global risk syndi- Many European funds have to invest
maintains an antipathy to the sweeping changes, accom- pipeline is sizeable, and you could argue names, have from nothing last year. Companies that cate desk at Deutsche Bank. in European companies, he adds.
panied by headline-grabbing figures, beloved of newly that not all of those deals can be done in are neither European nor US account Many issuers next year are likely to be Worries over market liquidity may
installed western executives and politicians. the dollar market,” says Marco Baldini, experienced for 11 per cent of sales, compared with 7 global companies seeking a natural off- also result in eurozone investors seeking
Even the Shanghai-Hong Kong Stock Connect, a year old head of the European corporate syndi- earnings per cent for all of 2014. set of their euro revenues. to be compensated for the added diffi-
this week, was shrugged aside by many, because the abso- cate at Barclays. “It is fair to expect this volatility Much of this flow reflects an arbitrage “In 2015 all US issuers, even the culty of selling the bonds if they need to
lute numbers involved are rel- trend to continue.” opportunity, with companies locking in lesser-known names, have experienced get out, he says. They will demand a “lit-
atively small. However, its Cheaper financing in euros can make due to the a low European rate and swapping euro earnings volatility due to the stronger tle bit more premium”.
real significance lies in the fact
Ramifications of the return on US-based M&A work, as strong dollar’ proceeds back into dollars. Currency US dollar,” says Mr Ross. “Many issuers But other investors welcome the
that it was the first scheme SDR inclusion can the sheer size of deals — including swaps allow businesses, for a fee, to with operations in Europe want to build diversification and say the only problem
under which foreign investors the AB InBev-SABMiller megamerger — transfer coupon and principal pay- a presence in the European debt mar- comes if borrowers favour one currency
had been allowed in “blind”
come from that need refinancing. Other foreign ments into their own currency, limiting kets commensurate with their presence too much, creating indigestion as fund
— without requiring individ- its effect on companies buying European assets will the risk of adverse moves. on the ground to offset this volatility.” managers struggle to get enough capital.
ual approval. also need to tap the debt market. But this has changed. The cost of One note of caution on the reverse The trend is unlikely to go away soon.
SDR inclusion risks being
financial reform This year foreign groups have been swapping liabilities from euros to dol- Yankee boom extending into 2016 So long as the economic cycles of the US
categorised the same way. the biggest issuers of euro-denominated lars has climbed to 46 basis points — the relates to the eurozone investor base. and the eurozone are out of sync and
That would miss the point. It is not about boosting short- corporate bonds, with a 21.3 per cent highest for three years — as expecta- “Sometimes there isn’t a natural buyer interest rates plot divergent paths, com-
term demand from central banks for renminbi. Rather it is share. They have issued €63bn, easily tions that the Fed will tighten policy in for reverse Yankees,” says Mitch panies will have an incentive to come to
about embedding the currency in the international system eclipsing the 2014 total for reverse Yan- December increased. Reznick, co-head of credit at Hermes the European market.
and committing Beijing to financial reform.
If China were to constitute up to 10 per cent of the
SDR basket, reserve managers would need to buy just
$28bn of its currency — not a particularly meaningful Commodities
number compared with the $20bn traded daily in the
onshore spot market.
Reserve figures are thus another source of headline
number dismay. If China were to make up 3 per cent of the
Saudi Arabia seeks to
$11.5tn of reserves held globally by the end of 2016, as fore-
cast by DBS economist Nathan Chow, that $340bn would
quell oil supply fears
vault the renminbi into the top league alongside sterling
and the yen. Yet the dollar makes up almost two-thirds of
reserves, and the euro 20 per cent. ANJLI RAVAL — BAHRAIN A conference poll showed
Numbers aside, the big ramifications of SDR inclusion more than 90 per cent of
come from its effect on financial reform. Xiangrong Yu, Saudi Arabia and its Gulf attendees do not expect oil
economist at CICC, likens it to the impact of China joining Opec allies have lined up to prices to rise significantly
the World Trade Organisation in 2002. “Even if the ren- try to quell fears of a pro- next year, with a quarter
minbi fails to be added this time around, it will be impossi- longed supply glut in the oil expecting them to stay at
ble to reverse these reform measures,” he adds. market, warning of short- current levels or lower.
Changes so far include the scrapping in July of the need ages in the sector if invest- Just 7 per cent saw the
for central banks and other sovereign-linked players to ments fall further. prices trading back above
gain approval to invest in onshore bond markets. After all, A year after the de facto lead- $70 a barrel, the level many
reserve managers that want to add renminbi, however ers of Opec opened the taps major oil-producing coun-
slowly they do so, will need assets to buy. And China likes to squeeze high-cost rivals, tries need to get closer to bal-
and needs long-term, steady investors. they are struggling to reas- ancing their budgets.
There are also the efforts to allow the currency to trade sure cash-strapped members “Nobody expected the oil
more in line with market movements — a goal of the mis- of the cartel that the strategy price to go this low and it can-
handled August devaluation. The gap between onshore is working. not stay here,” said Ahmed
and offshore renminbi rates has risen recently, suggesting Prices are languishing near Ali Al Sharyan, secretary-
less response by the People’s Bank of China to what the $40 a barrel and showing lit- general at Bahrain’s National
market, via the offshore rate, is implying. tle sign of recovering, despite Oil and Gas Authority.
This, however, could be a function of the SDR campaign major oil companies slashing Saudi Arabia has said it
itself. After acceptance has been gained, pressure for billions of dollars in invest- will not cut production when
a stronger currency should fade, paving the way for a ment already this year. Opec members such as Iraq
drift lower. At a conference in Bahrain and Iran are raising or pre-
For short-term investors the main outcome of inclusion yesterday, Ali al-Naimi, paring to raise output.
could be greater uncertainty. For longer-term thinkers, it Saudi Arabia’s oil minister, The view is that in the
is possibly worth returning to Deng Xiaoping’s maxim told oil executives the world long-run Opec will win back
describing China’s method of progress as “crossing the must continue ploughing customers, with US shale oil
river by feeling the stones”. Investors sometimes need to money into projects to guar- expected to decline next year
count the stones felt and passed so far. There are more antee the “stability” of the after more than half a decade
of them than the numbers involved suggest. market in the long run. of robust growth. Prices may
“Demand for oil is continu- even shoot higher eventually
[email protected] ing to rise,” he said, predict- if investment is cut too far.
ing growth would rise at 1m United Arab Emirates
barrels a day, a faster pace energy ministry undersecre-
than earlier this decade. tary Matar Hamed Al Neyadi
Mr al-Naimi said $700bn said yesterday that he still
in investment would be believed Opec’s policy was
More comment and data on ft.com needed in the next decade “the right one”.
to “provide a surplus to He added: “Yes there is
guarantee the security of some pain. But we believe
Y Fast FT Our global economies, headed the market”. from next year the market
team gives you market- by Brazil, Russia, India But his remarks show he is will change itself and we
moving news and views, and China. still trying to win over a scep- could see some improve-
24 hours a day, five days ft.com/beyondbrics tical market that adopted the ment in the price.”
a week. ft.com/fastft mantra of “lower for longer”. In the meantime, the mar-
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a On December 4 Opec ket is increasingly saturated.
irreverent financial blog. look at what is driving meets in Vienna, and Vene- The International Energy
Join Paul Murphy and the global currency zuela and other economi- Agency said last week oil
Bryce Elder for the daily market. ft.com/podcasts cally weak Opec members inventories have hit record
Markets Live session at are expected to lobby for levels, approaching 3bn bar-
Y Lex Video Analysis a return to production rels in developed countries —
11am. ft.com/alphaville
and opinion from the cuts to bolster the price, the equivalent of a month’s
Y beyondbrics News and team on the hot issues which is on course this year global demand.
comment from more affecting companies and to average its lowest since Additional reporting by
than 40 emerging markets. ft.com/lexvideo 2005. Few are confident of a David Sheppard and Neil Hume
speedy recovery. in London
 FT SPECIAL REPORT

Doing Business in China

Friday November 20 2015 www.ft.com/reports | @ftreports

Inside

Beijing’s Legacy of economic

stimulus is mixed
Heavy debt burden

economic weighs on balance

sheets
Page 2

‘One Belt, One Road’

competence An investment initiative

that has been greeted
with confusion and
caution
Page 3

questioned ‘Dawn raid’ drills may

be needed
Foreign companies are
confronting a broader
array of regulatory risks
Page 3

Expatriates
Leadership under pressure as growth continues to The number of
grind down and debt piles up, says Jamil Anderlini Seeking change: Xi Jinping, China’s president, visits an advanced technology factory in the Fujian province — Xinhua/Alamy foreigners arriving
on lavish corporate

F
or more than two decades the But a stock market crash and a series this year as the Communist Party strug- the negative feedback loop in weak real decision to devalue the renminbi on
Chinese Communist party of policy mis-steps over the summer gles to achieve its full-year target of activity, worsening deflationary pres- August 11, according to people familiar packages is declining
has offered the masses an have left many investors questioning “around 7 per cent” growth in GDP. sures and increasing debt burdens; all with the matter. But the shocked reac- Page 4
unwritten social contract — we their faith in the infallibility of the man- According to official statistics, the econ- against a backdrop of higher capital out- tion of global markets and the abrupt
will manage the country and darins in Beijing. omy expanded 6.9 per cent in the third flows and financial market volatility.” volte-face that followed that decision
allow you to get rich, as long as you stay Meanwhile, the relentless slowdown quarter from a year earlier, after grow- Investors are unlikely to see any relief probably did more to harm Chinese
out of politics. in the broader Chinese economy that ing by 7 per cent in the first half. from China’s enormous export sector, leaders’ reputation for economic com-
Rapidly rising living standards and a has been under way for the last few Tao Wang, the chief China economist which is struggling with weak global petence than anything else.
bureaucracy that was remarkably suc- years appears to be worsening, and at UBS, predicts growth will slow to 6.2 demand, rising environmental and “The devaluation was clearly a policy
cessful at achieving high rates of growth deep-seated problems in the real estate, per cent next year and 5.8 per cent in labour costs and a strengthening ren- mis-step,” says Derek Scissors, a resi-
left most ordinary citizens convinced manufacturing and financial sectors are 2017. minbi. dent scholar at the American Enterprise
this was a pretty good deal. becoming more acute. “Downside risks [to these forecasts] At the start of 2015, the government Institute in Washington DC. “It seems
Most foreign investors in the country As recently as two years ago, many will probably come mainly from a set a target of 6 per cent expansion in they were completely oblivious to the
have been similarly impressed by the Chinese officials were still confidently deeper and more prolonged property total trade, but in the first 10 months downside risk and how the rest of the
competence of Chinese technocrats and predicting that the economy would con- destocking process and a greater of the year China’s trade with the world would react.” Corporate reinvention
their ability to manage an increasingly tinue to expand at a steady rate of 8 per knock-on effect on the industrial sector, rest of the world shrank 8 per cent from In fact, global investors had already
complex economy that is now the cent for at least two more decades. and to a lesser extent, from insufficient the same period a year earlier. been losing confidence in the Chinese A company in business
world’s largest, at least in purchasing But China will grow at its slowest policy support to temper the down- Woes in the export sector were one authorities for some time. for more than 100 years
power terms. annual pace in a quarter of a century turn,” she says. “Either could aggravate reason for the Chinese government’s Continued on page 2 Page 4

Ecommerce offers a cheaper

and faster way to market
Chinese middle class buyers who are
Online looking to buy imported goods abroad
due to concerns about home-made
Charles Clover discovers counterfeit goods.
companies so powerful that Alibaba offers a number of options for
sellers, including the free eBay-like plat-
for all intents and purposes form Taobao, which is basically an
they have become the online flea market. Most big brands set
‘ministry of the internet’ up on Tmall, which resembles an Ama-
zon market place, a platform where big
brands can set up stores and have more
On November 11, Todd Fryhover, presi- control over their sales and supply
dent of the Washington Apple Commis- chains. Tmall’s first store from a fortune
sion, joined China’s Singles Day celebra- 500 company was Procter & Gamble,
tion for the first time, hoping to sell 1.2m launched in 2008, which has grown 100
apples from Washington State in 24 times since then, according to P&G vice-
hours. president Jasmine Xu.
To help him out was the marketing This year on Singles Day Ms Xu says
juggernaut of Alibaba, the Chinese that P&G made its first Rmb100m
ecommerce company, where Washing- ($16m) in six minutes, compared with
ton apples are sold through branded eight hours last year. “[Tmall] is a key
website Tmall, one of a number of for- platform to drive brand building in
eign food brands that are finding a ready addition to sales,” she says.
market in China amid health scares over Some merchants have been loath to
domestic produce. list on Alibaba, however. It gets vast
Singles Day, which began as a student online traffic, but the pressure to dis-
celebration of singledom in the early count and the prevalence of fakes
1990s, was reinvented by Alibaba in Core customers: Jack Ma of Alibaba means it is “hard to protect a brand on
2009 as a mass festival of conspicuous Tmall,” says one consultant.
consumption, and more and more for- erates has been able to monopolise But there are plenty of alternatives.
eign companies are joining, hoping to every aspect of daily life that could con- JD.com, Alibaba’s rival, which is increas-
use the holiday as a marketing exercise ceivably be put on the web and sold to ing its market share, has attracted a
to get their brands out to the Chinese the public. “They all want to own the number of brands to its online store.
public. customer, they want to be with them Meanwhile, waiting in the wings is
Mr Fryhover wants everyone in China every second of the day, when they Tencent’s social media app WeChat,
to have “a repeatable, wonderful experi- watch a video, chat to their friends, buy which has more than 500m users and is
ence on Washington apples”. China is groceries, or go to a restaurant” says growing rapidly. Fearful of flooding the
number six on the list of 60 countries Chris DeAngelis from the Beijing-based app with advertising and products, Ten-
that import apples from Washington’s Alliance Development Group. cent has been holding back on “mone-
450 growers, but he thinks it will be China’s internet giants are becoming tising” WeChat.
number one by next year. what analyst Anne Stevenson-Yang of But advertising on WeChat is just one
He may be right. By midnight, as a J Capital Research calls “tech Keiretsu”, way of getting attention, and many com-
video billboard in Alibaba’s Beijing referring to the national champions that panies have found they can win huge
auditorium showed, $14.3bn of mer- marketing success simply by using
chandise had been bought via Alibaba’s WeChat for word-of-mouth marketing.
platforms in 24 hours. Fans of English country living, for
Western companies are increasingly ‘China in many ways is more example, can join a WeChat group
turning to online commerce, a cheaper switched on to the internet devoted to Aga cookers, the iconic Eng-
and faster way to get to market than set- lish oven brand, watch videos about
ting up store chains or penetrating the than other countries which cooking on an Aga, swap messages
opaque retail market in China. have had it for longer’ about it, and, thanks to the software
To do this they are learning to love which embeds the store in the chat-
China’s internet conglomerates, infor- dominated the Japanese economy in the room, even buy one on impulse.
mally known as BAT — Baidu, the search 20th century with interests in multiple “WeChat is unusually versatile; its
company, Alibaba and Tencent, the industries. “When companies are this better than Facebook, better than
social media and gaming company. The big in China, the difference between WhatsApp for marketing,” says Jim
three have begun to dominate economic public and private is not that impor- James, head of EastWest Public Rela-
life in China with amazing speed, doing tant,” she says. “For all intents and pur- tions in Beijing, which designed the Aga
everything from retail to finance to poses these companies have become the WeChat group.
transportation, and moving into health- ministry of the internet.” “China in many ways is more
care and even agriculture. But fierce competition means foreign switched on to the internet than other
In just a few years, the BAT conglom- sellers have many options for courting countries which have had it for longer.”
2 ★ FINANCIAL TIMES Friday 20 November 2015

Doing Business in China

‘It is just like

the left hand
borrowing from
the right hand’
Debt Gabriel Wildau says the legacy of the
government’s economic stimulus plan is mixed

W
hen China's cabinet by state-owned enterprises (SOEs) and
announced a Rmb4tn local governments to state-owned
economic stimulus at banks. In other words, they are more
the height of the global like the left hand of the government bor-
financial crisis in rowing from the right hand of the gov-
November 2008, the plan was widely ernment,” Larry Hu, China economist at
praised as a vital contribution to sup- Macquarie Securities, wrote in October.
porting the world economy. “What concerns us most is not an immi-
Seven years later, the legacy of that nent debt crisis but lower long-term
programme is decidedly mixed. The growth.”
burst of spending on infrastructure and China's leadership has taken a series
new manufacturing capacity propelled of steps over the past year to bring debt
the economy to 9.8 per cent average under control. The most important has
annual GDP growth in 2009-2011 and been the creation of a municipal bond
also buoyed the economies of resource market. Troubled times: debts as companies struggle to repay unproductive factories because it default, including by SOEs, will increase
exporters such as Australia and Brazil During the stimulus period, local gov- the People’s debts fixed in nominal terms even as involves both the laying off of workers in the coming years, but only modestly.
by boosting demand for industrial com- ernments borrowed heavily through Bank of China in their revenues decrease. and sacrificing tax revenue. “The agency expects defaults by SOEs
modities. special-purpose investment vehicles to Beijing “Debt-deflation trap is a big macro Reducing the flow of new debt, lower- to become less uncommon in China's
But the stimulus also led to a vast circumvent a legal ban on local borrow- AFP
risk,” Tao Wang, China economist at ing debt service costs and boosting infla- corporate bond market, but still spo-
increase in debt. McKinsey, the business ing. Last year, in an effort to “close the UBS, wrote in early November. “Declin- tion are all necessary to address China's radic and isolated, as controlling sys-
consultancy, estimates that total debt — back door and open the front door”, the ing prices, a heavy debt burden and still- debt challenge, but they are not suffi- ‘Declining temic risk remains a top priority for the
including the household, corporate, government eliminated this ban and high interest rates will likely weigh on cient, analysts say. The final piece of the prices, a Chinese government while the economy
financial and government sectors — allowed provinces to issue bonds corporate balance sheets, undermining puzzle is accepting that some debt can- remains soft,” Fitch said in a report.
quadrupled from $7.4tn at the end of directly. The finance ministry sets debt their debt servicing capacity and invest- not be repaid. That means greater toler- heavy debt The rise in defaults is also leading to
2007 to $28.2tn by mid-2014. As a share quotas for each province, limiting the ment demand and worsening banks' ance of defaults and write-offs. burden and opportunities for distressed debt inves-
of GDP, Chinese debt rose from 158 per total amount of new debt. asset quality.” For years, China’s government — fear- tors. Foreign debt investors played a
cent to 282 per cent in the same period. The ministry is also allowing prov- To deal with this problem, economists ing the impact of default on financial still-high modest role in China’s last round of
Most analysts do not believe China inces to refinance bank loans to special expect China’s central bank to continue stability and economic confidence — has interest large-scale debt restructuring in the late
will suffer an acute debt crisis. Instead, purpose investment vehicles (SPVs) loosening monetary policy, which used bailouts and debt rollovers to pre- 1990s and early 2000s, when state-
the fear is of a Japan-style scenario in with municipal bonds. Lower interest should boost inflation and lower debt vent this scenario, especially for state- rates will owned banks offloaded trillions of ren-
which state-owned banks roll over rates on bonds compared with loans will servicing costs. owned enterprises where debt problems likely minbi in bad loans from their balance
unpaid debts to unprofitable “zombie” reduce the burden of servicing debt for Ms Wang also believes that corporate are most severe. sheets in preparation for stock market
companies in a strategy of “extend and local governments. restructuring — including liquidation of Yet even the government’s considera- weigh on listings.
pretend”. As corporate cash flows are In addition to the run-up in borrow- excess manufacturing capacity — as well ble fiscal resources are not sufficient to corporate So far, there is little evidence that for-
increasingly used to service old debts, ing, China’s debt problems are com- as monetary easing is necessary to bail out all the debt that is expected to eign investors will be welcome this
growth will suffer as less money is avail- pounded by falling prices, particularly reverse deflationary trends. But that is sour in the coming years as China’s balance time round, given the political sensitiv-
able to finance new investment. in the manufacturing sector. Deflation politically difficult. Local governments economy slows. Rating agency Fitch sheets’ ity of selling off state-owned assets to
“The majority of debt in China is owed increases the real burden of servicing have traditionally resisted the closure of believes the government’s tolerance for foreigners.

Economic competence questioned

Continued from page 1 sible policy option and did not expect nese leadership. “But once it feels it has
Around the middle of 2014 it became the central leadership to adopt it so sufficiently stabilised the market then
clear that the government had decided promptly. At first glance the announce- we will see some more devaluation.”
to encourage speculation in the coun- ment appeared to be a master stroke. If this prediction is correct it will have
try’s vast, but poorly regulated, equity In addition to a small “one-off” deval- a vast impact on global companies and
market. By attaching its imprimatur to uation of less than 1 per cent against the investors operating in or coming to
a bubble the government believed it US dollar, the PBOC also said it would China.
could engineer a giant debt-for-equity now allow the market to play a much For years, the ever-rising value of the
swap as companies sold shares to pay off bigger role in setting the exchange rate renminbi was as certain and stable as
some of the crushing debt that was — a reform the IMF and many other the Communist Party’s social contract
harder to service as growth slowed. institutions had been urging for years. with its citizens and that meant a one-
As the benchmark Shanghai index That meant Beijing could devalue the way bet and an extra attraction for for-
soared in early 2015 the People’s Daily, currency to help struggling exporters eign investors pouring into renminbi
the official mouthpiece of the Commu- while also appearing to be complying assets.
nist Party, crowed in a front page with IMF demands. Theoretically, this Investors looking for a bright spot in
editorial that this was only the start of a would not lead to competitive devalua- China have pointed to resilience in con-
multiyear bull market. But barely two tions from other countries and China sumption and service sectors, which
months later the bubble burst and would not be accused of following a have held up even as growth in invest-
prices of equities, that had been driven mercantilist policy. Over the next few ment, construction, manufacturing and
upwards by a flood of newly sanctioned days investors pushed the value of the heavy industries has plummeted. The
margin trading, started to plummet. renminbi down by close to 5 per cent, as government has encouraged this opti-
Beijing’s knee jerk reaction was a Beijing had hoped. mism by pledging to shift the Chinese
massive state-sponsored rescue effort to But outside China’s borders global growth model from investment and
buy stocks and stop the price falls. markets and regional Asian currencies construction to consumption and serv-
When that did not work the government were collapsing as investors worried ices.
banned large shareholders from selling about a currency war amid fears the But in unpublished recent remarks to
any stocks. The market kept falling and visiting foreign dignitaries, even China’s
eventually the “national team” of state- outspoken finance minister, Lou Jiwei,
backed stock-buying funds abandoned forecast four or five years of much lower
their attempts to prop up prices — but ‘As investment and GDP growth as the economy digests massive
not before they had spent more than growth continue to slow, industrial overcapacity, as well as exces-
$200bn trying to support the market. sive debt levels that are still rising. He
“This was a huge hit to the govern- employment and wage also warned that he expects “labour
ment’s credibility and it just got worse growth may soften further’ pains” as unemployment rises.
with the failed devaluation attempt,” “Although employment and con-
said one market participant with close Chinese economy was in much worse sumption have stayed resilient so far, we
ties to top financial regulators. trouble than anyone had thought. expect both to face increasing head-
On August 11, the day the People’s Within days the PBOC reversed itself winds in 2016 and 2017,” says Ms Wang.
Bank of China — China’s central bank — and announced it was heavily interven- “Going forward, as investment and GDP
announced its devaluation, several of ing in the market, essentially to re-peg growth continue to slow, employment
the PBOC’s most senior officials were on the renminbi to the dollar to try to calm and wage growth may soften further.”
holiday and had to be recalled, accord- panicky markets and trading partners. As growth slows and debt piles up the
ing to several people with knowledge of “The government was very surprised by government’s unwritten contract with
the matter. These people said the PBOC the strength of the international reac- the masses — and with global investors
had proposed the move as just one pos- tion,” said one senior adviser to the Chi- — is looking increasingly strained.

Contributors
Jamil Anderlini Erick Robinson Andy Mears
Beijing bureau chief Beijing-based partner at Rouse, an Picture editor
international law firm
Charles Clover For advertising details, contact
Tom Mitchell Chris Campbell Olivia Hu on 00 86 21 6375 9222 ext. 121
Lucy Hornby Graphic artist or [email protected],
Beijing correspondents or your usual FT representative.
Valentina Romei
Ben Bland Statistics journalist All editorial content in this report is
South China correspondent produced by the FT.
Aban Contractor Our advertisers have no influence over or
Gabriel Wildau Commissioning editor prior sight of the articles.
Patti Waldmeir
Shanghai correspondents Steven Bird All FT Reports are available at:
Designer ft.com/reports
Follow us on Twitter @ftreports
Friday 20 November 2015 ★ FINANCIAL TIMES 3

Doing Business in China

‘One Belt One Road’ plan greeted with caution

Investment So far there is little indication of where the money from the country’s development initiative might flow, or how to tap into it, reports Lucy Hornby

N
o Chinese initiative has
been lapped up so eagerly China in numbers
since Chairman Mao’s Little
Red Book inspired millions Chinese GDP per capita is However, bureaucracy continues China’s debt rises fast, higher than The student population is now
across the globe in the approaching that of the US ... to be among the most problematic in some advanced countries 12% smaller than in 2003
1960s. This time the proponents of the GDP per capita at purchasing power parity $, % of US factors for business ... Debt to GDP ratio Million of enrolled students
“One Belt, One Road” slogan are not Forecast Survey of executives, 2015 Postgraduate
300
young idealists but suit-clad and nor- 30 Rank (0 = least problematic) Higher Institution
mally more sobersided politicians, bank 0 2 4 6 8 10 12 250
analysts and economists. China
20 Insufficient capacity to innovate 200 200
One Belt, One Road is a Chinese for-
eign policy initiative promoted by presi- Indonesia Access to financing 150
10 Inefficient government bureaucracy
dent Xi Jinping and sometimes known Inadequate supply of infrastructure 100
as China’s answer to the Marshall Plan Tax rates
(although Beijing rejects that analogy). India 50 Secondary School
0 Corruption 150
The numbers are impressive: $40bn Policy instability 0
from the new Silk Road Fund, to sup- 1980 90 2000 10 15 20 Tax regulation complexity 2000 2007 2014 (Q2)
port private investment; not to mention
the lion’s share of the expected $100bn ... and it’s becoming more ... with China’s perceived as more
Household Government Financial Non-financial
to be dispersed from the new China-led business-friendly Starting a business corrupt than other Asia countries institutions corporate 100
Asian Infrastructure Investment Bank Days to do each task Registering property Global corruption perception index, 2014
Debt to GDP ratio, Q2 2014
(AIIB). 800 1 (least corrupt) 174 (most corrupt)
So far there is little indication of 300
Paying taxes Primary School
where the money might flow, or how to 600 Hong 250
tap it. Kong China 50
Securing 17 100 200
The confusion starts with the name construction 400 150
itself. One Belt refers to what was histor- permits
ically called the Silk Road, stretching 200 100
from China through central Asia. One 50
India, Philippines 0
Road refers to a “maritime road” which 0 Thailand, Sri Lanka 0
more or less draws inspiration from the 2003 05 10 15 85 China US Germany 1980 85 90 95 2000 05 10 14
voyages through Southeast Asia to the FT graphic Sources: IMF; World Bank Ease of Doing Business; World Economic Forum; Transparency International; McKinsey; CEIC
east coast of Africa by Zheng He, the
eunuch admiral of the Ming Dynasty.
Rather than being limited to China’s While there, he announced £60m of World Bank in Beijing, also views the were signed during an April visit by projects, when they are finally detailed,
near neighbours in central and South- investment into real estate projects in potential whole as greater than the sum President Xi, and a steel mill that state- would have to be profitable at lower
east Asia, One Belt, One Road is geo- Manchester and Sheffield by the Hual- of its parts, writing: “The benefits only owned Hebei Iron and Steel proposes to prices, or heavily subsidised by the Chi-
graphically elastic. ing Group, known for developing whole- accrue if each part of the belt and road build in South Africa. nese state. Potential host nations are
“Some people say there are only 65 sale markets in Xinjiang. gets built, or at least a significant part”. One consultant, who advises Chinese already pulling back on investment to
countries involved but that’s a misun- Others see a spurt of investment into Within China, regional promoters are businesses in Africa, says that would-be ride out the anticipated trough so they
derstanding,” says Zhao Changhui, chief regions that are already close trading rushing to tie their projects to the One Chinese investors always ask whether a cannot be counted on for the funds.
risk analyst at China Export-Import partners with China. Singapore, the Belt, One Road initiative with the same proposed project would be eligible for ‘The time is The AIIB could fill in the gaps once it is
Bank and an enthusiastic proponent of trading hub for Southeast Asia, could enthusiasm and lack of geographic dis- earmarked One Belt loans from Chinese up and running, but details of how it will
the concept. “It’s a new method of devel- capture some of the flow. tinction as China’s earlier “Develop the banks, before taking talks further. not ripe. It’s operate are still to be finalised.
opment for China and the world.” “The country’s role as a major busi- West” slogan, which ultimately grew to Mr Zhao says the lack of projects so not that Another concern for Chinese compa-
In the absence of concrete plans, ness, financial and trade hub for the include much of the nation. far is simply because the concept is new. nies is the security of any investment.
international enthusiasts are left to fill Asia Pacific region will only be But when it comes to committing “The time is not ripe. It’s not that there there aren’t After the fall of the Soviet Union, Euro-
in the blanks. enhanced,” says Stuart Fuller of law their money overseas, Chinese business aren’t projects, it’s just that they aren’t projects, it’s pean companies led by oil investors had
George Osborne, the UK chancellor firm King & Wood Mallesons. people have so far been more cautious developed yet.” to develop investment protocols to
believes One Belt, One Road invest- Mr Zhao believes that investors from than international politicians. There are Others believe the lack of specific just that bridge central Asian countries’ Soviet-
ments will dovetail nicely with his third countries would also benefit, if the very few identifiable One Belt, One projects reflects a lack of clear business they aren’t based legal and corporate structures
promise to develop the north of Eng- investment from the Chinese side Road projects outside China’s borders. rationale. Chinese state-owned and pri- with western corporate norms.
land. In September he visited ethnically improves infrastructure such as roads, The exceptions are a slew of Chinese vate businesses have already rushed developed China is now developing similar pro-
divided Xinjiang on China’s borders ports or airports in the host country. investments announced for Pakistan, into any promising projects during the yet’ tocols to support an expected influx of
with central Asia to evoke the Silk Road. Bert Hofman, country director for the where 51 memoranda of understanding oil and commodities boom. New Chinese investment to the region.

‘Dawn raid’ drills may become

de rigueur as authorities swoop
“It’s a good time for lawyers.” “it is a damage limitation process”.
Office raids Many lawyers are advising their cor- As a result, adds Erick Robinson at
porate clients in China to implement — Rouse, the international law firm, it is
Foreign companies are and practice — a kind of “dawn raid essential that companies or their law-
confronting a broader array drill” in anticipation of uninvited regu- yers have close connections with regula-
of regulatory risks than ever latory visits. Companies, they say, tors, which could enable them to nip
should have designated employees problems in the bud before they turn
before, reports Tom Mitchell tasked with raising the alarm to senior into a full-blown scandal (Foreign com-
executives, who in turn manage the panies must learn trust and respect, see
response. page 4).
In the summer of 2014 the National Mr Beckett says many companies “try The opacity and presumption of guilt
Development and Reform Commission to control the flow of information” to that often surrounds regulatory investi-
(NDRC) raided a number of foreign investigators but advises that they do so gations in China can trigger a defensive
companies suspected of violating Bei- in a helpful manner. reaction from western companies more
jing’s Anti Monopoly Law (AML). At the Susan Ning, a competition lawyer familiar with adversarial judicial sys-
same time, senior executives at the with King & Wood Mallesons in Beijing, tems, in which it is expected that firms
Chinese operations of a large multi- adds that it is especially important to and individuals will fight for their rights.
national were meeting to deliberate a make a record of the information pro- That can give rise to corporate reac-
demand from the authorities that they vided. That can at least help companies tions ranging from “it’s not fair” to “how
change their pricing policies. better understand the thrust of the can they think this?”, which often only
The company’s chief financial officer investigation. further antagonises investigators.
and legal counsel argued that there was Companies should not expect to be Chinese criminal and even political
no legal basis for the instruction, and presented with a warrant that has been “show trial” cases offer foreign investors
recommended rejecting it. According to issued after careful deliberation by a an important insight into the workings
one person familiar with the delibera- judge. They may well receive only an of the country’s judicial system.
tions, they were overruled by a more “investigation notice”. In a tradition dating back not just to
senior colleague who said: “Don’t talk to A company contending with a raid the early years of rule by the Chinese
me about rule of law, this is China.” has, in a large sense, already lost at least Communist party, but also to imperial
The company’s China pricing policies half the battle. Once the NDRC or other times, remorse and confessions are
were duly adjusted and the company’s regulatory officials confirm that they rewarded with leniency. Hence the pat-
operations — unlike those of many of are investigating a company, it is tern of frequent state news broadcasts of
their competitors — were never raided extremely unlikely for them not to fol- suspects “confessing” to police accusa-
or fined. low through with a finding of fault. tions about various crimes long before
Such fraught exchanges have become A raid, especially if news of it leaks via any official hearing dates, in what to
increasingly common at the offices of the official Xinhua news agency or other western eyes appears a gross violation of
multinationals in China since 2013, state media outlets, only makes it that judicial due process.
when the NDRC handed down a land- much more difficult for regulators to In their desire to avoid any entangle-
mark series of fines on infant formula back down. After that, Mr Beckett says, ment with China’s regulatory appara-
manufacturers accused of violating the tuses, some foreign companies have
2008 AML. begun to make proactive “applications
Coupled with similar investigations for leniency”.
by the State Administration of Industry The best example of this was the
and Commerce, which also governs NDRC’s finding last year against 12 Japa-
aspects of the AML, and even police nese auto parts companies for alleged
investigations into allegedly crimi- price collusion. In a repeat of Japanese
nal behaviour such as bribery, for- cartel cases previously prosecuted in
eign companies are confronting a the US and the European Union, the
broader array of regulatory risks parts suppliers admitted to conspiring
than ever before in the world’s sec- to fix prices to their automaker
ond-largest economy. customers.
Some attribute the sea change to a According to people familiar with the
natural evolution of China’s regula- investigation, the case came about after
tory environment. “It’s such a young one of the Japanese companies reported
system that every day you’re coming the behaviour to the NDRC in return for
across a new area where the rules leniency.
haven’t been written,” says Nick Beck- For the supplier in question, it turned
ett, a Beijing-based lawyer with CMS out to be a very effective way of avoiding
Cameron McKenna. much more severe sanctions, while
other companies that were not as proac-
Keep good records: tive and co-operative
Susan Ning of King & ended up paying
Wood Mallesons, Beijing stiff financial
penalties.
4 ★ FINANCIAL TIMES Friday 20 November 2015

Doing Business in China

Cash-strapped Family ties prove

companies see indispensable
the appeal of Strategic revamp
Ben Bland looks at a
profit point in the industry. But unfortu-
nately they reached this perception at
the lip of the great recession.”
As the world’s biggest sourcing com-

returning locals company reinventing itself

after more than 100 years
in the sourcing business
pany, Li & Fung was hit hard. Profit has
dropped by 21 per cent since 2011 to
$539m last year, while turnover has
stagnated at about $19bn. Shares in the
company which is listed in Hong Kong
Over the past 109 turbulent years of Chi- have lost more than 70 per cent of their
Expatriates The number arriving on lavish nese history, the leaders of Hong Kong
sourcing and trading company Li &
value since peaking in 2011, giving the
business a market capitalisation of
corporate packages is falling, writes Patti Waldmeir Fung have had front-row seats for dra- $6.2bn.
matic twists and turns of fortune. But Mr Fung, whose family still owns

L
iving in Shanghai is like living foreign countries. A remarkably low 3 Like many Chinese family-run busi- about 30 per cent of the company,
in China — only less so. In per cent of expats surveyed in China nesses, the venture has found ways to believes that investors will need to show
many ways, it is the least Chi- said they regarded the state of the local reinvent itself through war, the rise to more patience in a venture just midway
nese of cities: English is economy negatively — compared with power of the Communist party, global through a strategic revamp. The com-
widely (if often badly) spoken an average of 21 per cent who hold that recessions and capital market routs. pany has already spun off its branded
in many shops, restaurants and residen- view in other countries, InterNations But, while Asia is at peace and thriv- goods business, now called Global
tial areas patronised by expatriates. said in its 2015 rankings released last ing, the company — which helps global Brands Group that is listed in Hong
But Shanghai taxi drivers famously do month. But when it comes to “feeling retailers such as Walmart and Marks Kong with a market capitalisation of
not speak English (or understand the welcome”, China sits at 61 out of 64 and Spencer source clothing, home- about $1.8bn. Li & Fung is continuing to
English names of even the most famous countries. wares and other products — is facing the streamline, while expanding into new
city hotels) and finding an English Still, there is no shortage of expats toughest challenge of its modern era. growth areas such as ecommerce and
speaker outside expat areas can be coming to Shanghai for work, local After 20 years of rapid growth as logistics.
tough. Overall, Shanghai packs a mean headhunters say, and figures for the China emerged as the world’s factory
punch in terms of culture shock for any- number of residence permits issued to floor, the company came up against
one who is not Chinese — but less so than foreigners in Shanghai fell only slightly what Spencer Fung, chief executive, Spencer Fung,
Li & Fung chief
anywhere else on the mainland. between 2013 and 2014 and remain 70 calls “almost a perfect storm” from 2010 executive, says:
Exotic but not completely alien, mod- per cent up on a decade ago, at about onwards. ‘The global
ern but with a taste of the ancient, 170,000. “The global financial crisis was the financial crisis
Shanghai attracts people from around But local relocation companies, inter- Population overload: the commercial heartland on West Nanjing Road — Dreamstime first hit,” says Mr Fung, who is the great- was the first hit’
the world who want to cash in on China’s national schools and long-time expat grandson of the company’s co-founder
economic boom — but without stepping business people say they see a marked guage support to preschoolers for the who were previously in the country ille- and took the helm of Li & Fung in March Like other sourcing companies, Li &
too far outside their comfort zone. And change in the kind of expatriates who first time. gally, but regularised their status after a last year. Fung is increasingly buying goods in
that remains true today, despite the Chi- are moving to Shanghai. Fewer are com- At a recent meeting sponsored by the recent crackdown. The worldwide demand shock came markets outside China, such as Vietnam
nese economic slowdown that has given ing on lavish corporate packages (as American Chamber of Commerce in Still, Shanghai’s reputation as a place just as factory wages in China, where Li and Bangladesh where factory wages
stock markets around the world jitters. companies save money by localising Shanghai, several managers of multina- to live is far from stellar. Shanghai did & Fung procures most of its goods, were can be 50 per cent lower. Mr Fung says
Despite Beijing’s recent announce- senior positions) and more are coming tional corporations said that most exec- not even make it into the top 100 of the rising rapidly and the company was that 70-80 per cent of the company’s
ment that GDP growth could fall as low on their own. utive positions in their corporations had world’s most liveable cities, according to struggling to digest the latest of 100 durable goods, such as furniture, still
as 6.5 per cent next year, down from Overall, foreign resident numbers fell been switched to local terms in recent 2015 rankings from Mercer, the employ- acquisitions during the previous two come from China, but only 35-40 per
double digits as recently as 2010, there is 3 per cent last year, but relocation years. ment consultants. decades. cent of its clothing.
little sign of a big exodus of expatriates company numbers and international “The number of expatriates hasn’t Many expats complain about traffic Since then, the dizzying growth of At the same time, it is trying to boost
from the mainland. In truth, China’s school enrolment suggest a much fallen, but the composition of the expat and pollution, food safety and internet ecommerce and the expansion of low- its sales into China. While its Asian busi-
economy has been slowing steadily for steeper decline in executives heading to population has changed. Many more speed. The stampede at the 2014 New cost, fast fashion brands such as H&M ness is growing, it still only accounts for
several years as it matures, but for Shanghai on full expat packages. The expats are actually returning Chinese, Year’s Eve celebrations in which 36 peo- and Zara has shaken up the traditional 12 per cent of sales, compared with 63
ambitious expatriate managers, it headmaster of one of the leading Shang- and the western expat on a two-three- ple were trampled to death on the sourcing business still further. per cent in the US and 17 per cent in
remains an important place to build a hai international schools says he sees a year contract is much scarcer than Shanghai Bund was a sombre reminder “Li & Fung is facing terrific chal- Europe. Mr Fung insists that the com-
career. marked change in the racial composi- before,” says one expat service provider. of the city’s crowds and chaos — and a lenges,” says Robert Ross, a professor of pany remains focused on the long term.
InterNations, the global expat com- tion of the school’s students, with many Lawyers, who work on visa matters, lack of public civility that is extreme sociology at Clark University in Massa- “Our horizon is 10-20 years,” he says.
munity, says China ranks third behind more Asian children and fewer Europe- say that although overall residence per- even by global megacity standards. chusetts, who studies global apparel “We don’t want to do things that are only
only the US and Malta, in its “job and ans, to the point where the school has mit numbers have not fallen sharply, supply chains. “They realised that being good for the next quarter, we want to do
career” rankings of expatriate life in 64 had to offer English as a second lan- the statistics could be inflated by expats With additional reporting by Jackie Cai the middleman is no longer the best things that are good for the company.”

Foreign companies must learn that

trust and respect are paramount
the NDRC began investigating to the ground. This is not to encourage
OPINION InterDigital, a US wireless technology any type of corruption, but rather
company, after complaints by Chinese facilitate a free flow of information.
Erick companies. InterDigital subsequently In China, trust and respect are
reached settlement agreements with the paramount and cannot be developed
Robinson Chinese complainants and, in an overnight.
undertaking with the NDRC, said it The challenge to Qualcomm
would scale back the royalty rates it might have been avoided or minimised
charges. if the US company had had better
China’s economic and industrial The NDRC also probed US technology Chinese government contacts who
transformation is occurring so rapidly giant Qualcomm on similar grounds could have advised it that problems
that foreign companies often fail to and, earlier this year, imposed a record were brewing and explained the need
appreciate the risks of doing business in penalty of Rmb6.1bn. Qualcomm for action.
the country. This is particularly true in agreed to stop some of its “patent It is at this sort of early stage that
the sphere of intellectual property (IP), bundling” practices and lowered certain having knowledge of the problem and
where companies now enjoy much royalty rates by one-third. the ability to communicate a defence is
greater protections but have AML penalties and fines in China paramount. Once the investigation was
simultaneously been tripped up by can be extreme. But in the case of announced publicly in February 2014,
competition regulators’ increased Qualcomm, perhaps the worst there was no path for the NDRC to
scrutiny of their patent and licensing consequence of its run-in with the impose either a minimal penalty or no
practices. NDRC was the separate antitrust penalty without losing face.
China’s ability to protect patents has inquiries that followed in South Korea, Had Qualcomm and NDRC instead
grown after decades of non-existence the European Union and US. been able to negotiate a mutually
and non-enforcement. In 10 years, the acceptable solution earlier — and with
number of patent litigations filed has less publicity — the result may well have
more than quadrupled, with close to been a lesser penalty that did not trigger
10,000 cases submitted last year. The better road is one of follow-up investigations in other
The Chinese government’s new calm and thoughtfulness jurisdictions.
specialised IP courts now provide Second, all foreign companies and
companies with an enforcement rather than agitation and their executives, lawyers and other
mechanism comparable to, if not better hostility agents must act with great respect in
than, those in Europe and the US. dealing with Chinese officials. US
Litigation in China also offers many There are a number of steps that companies in particular have a well-
advantages to patent owners, including companies can take to minimise the deserved reputation for lacking
win rates above 75 per cent (and even risks posed by regulatory investigations. deference and humility.
higher for foreign patentees), First, companies must have friends in Had InterDigital and Qualcomm
injunction rates above 95 per cent, short China. In a country where everything is originally approached their situations
time to trial, scant discovery and low based on relationships, every company with greater meekness, things might
costs (less than one-tenth of those must have multiple levels of have evolved quite differently. Often it is
incurred in the US). Most importantly, relationships with both government the lawyers that get in the way, because
because so many supply chains pass officials and influential Chinese when you are a hammer everything
through China, a single litigation can industry leaders who have their ear looks like a nail. The better road is one
effectively impose a global ban on sales of calm and thoughtfulness rather than
of a disputed product. agitation and hostility.
But not all patent owners should Third, any company that licenses
rejoice. Along with a strengthening of patents or technology in China should
the patent system has come increased always have in its back pocket a specific
enforcement of China’s 2008 Anti- minimum acceptable royalty rate. That
Monopoly Law (AML). Over the past way any dispute can be nipped in the
three years, China’s National bud with a public announcement that
Development and Reform Commission the company is lowering its licensing
(NDRC) has beefed up staffing levels rate to an “even fairer level”, with
and raised its price-related examples to support this claim. This is
investigations fourfold. not ideal but far better than the
In 2013, the NDRC imposed price- alternative of having to face a formal
fixing fines of Rmb353m on six AML investigation.
Korean and Taiwanese LCD panel
manufacturers. Last year The writer is chief patent
counsel for Rouse, an
Erick Robinson of international law firm
Rouse: ‘When you specialising in
are a hammer intellectual
everything looks property, and a former
like a nail’ Qualcomm lawyer
 FRIDAY 20 NOVEMBER 2015 WORLD BUSINESS NEWSPAPER EUROPE

Gillian Tett Square dance Half empty

Who should pay for defence The tech group’s IPO does not bode well Why smart cups don’t hold water
against cyber attacks? — PAGE 9 for Silicon Valley — RICHARD WATERS, PAGE 14 PERSONAL TECHNOLOGY, PAGE 10

Western intelligence agencies Briefing

i Pfizer set for US fight over Allergan deal
Pfizer is gearing up for a US fight provoked by fears

forced to rethink tracking of Isis that a deal to buy Ireland’s Allergan would deprive
the US of billions of dollars in taxes, threaten jobs
and erode the country’s science base.— PAGE 13

i Credit Suisse to shun ‘risky activities’

Credit Suisse plans to stop its bankers from engaging
3Surveillance failure 3 Ringleader killed in France 3 Ministers to urge Schengen changes in “overly risky activities” by not setting external
profit targets. Bankers will focus on support for
private banking and wealth management.— PAGE 16
ANNE-SYLVAINE CHASSANY — PARIS
SAM JONES — LONDON i BoJ to keep buying government bonds
The Bank of Japan has kept monetary policy on hold,
Western intelligence agencies were ‘Finding Abaaoud in despite the onset of a technical recession, and is
forced to rethink their operations and persisting with its argument that the economic
reassess their ability to track Isis yester- France and not in recovery remains on track.— PAGE 2
day as French officials confirmed the Syria means that
organiser of Friday’s Paris attacks had i Argentina presidential poll turnround
been operating from under their noses. our European system A month ago Daniel Scioli, the chosen
Abdelhamid Abaaoud, the 27-year old of alerts has failed successor to Cristina Fernández as
Belgian jihadi said to have plotted the president of Argentina, seemed sure
attacks in the French capital last week, completely’ to win against his centre-right rival
and previously thought to be operating Mauricio Macri, right, with his
from Isis’s territories in Syria, died dur- campaign based on fear. Yet it is Mr
ing a seven-hour siege in Saint-Denis on Macri who now seems set to win on Sunday.— PAGE 3
Wednesday, authorities confirmed.
“If Abaaoud has been able to travel i EM valuations fall to historic low
from Syria to France, it means that there The sell-off in emerging market equities has pushed
are failings in the whole European valuations to an all-time low, reflecting their marked
system,” said Laurent Fabius, foreign underperformance since the immediate aftermath
minister. of the global financial crisis.— PAGE 22
A senior European intelligence offi-
cial said that the attacks had raised a i India’s central bank hit by striking staff
host of serious questions for him and his India’s central bank ground to a halt as staff went on
colleagues at other agencies. Among the strike to protest against changes that would curb
issues they say are responsible for the the bank’s independence and to demand improved
lack of intelligence on the complex pensions. Further strikes are threatened.— PAGE 2
attack, in which eight jihadis killed 129
people across Paris, is the use of i Bombardier sells 30% stake in train unit
encrypted communications and Quebec’s public pension fund is to buy a 30 per cent
“extremely diligent” operational secu- stake in Bombardier’s train-making unit for $1.5bn,
rity measures between Abaaoud and after the ailing group shelved a plan to float shares in
others in the terror cell responsible Abdelhamid grip” on the security threats facing the series of demands to close loopholes in Abaaoud had been a key target for the subsidiary after a strategic review.— PAGE 17
“Finding Abaaoud in France and not Abaaoud had bloc by allowing tighter border checks the passport-free Schengen zone’s secu- French jets in Syria for several weeks.
in Syria means that all our European been a key and removing barriers to sharing airline rity arrangements. Plotting against France by him was one Datawatch
system of alerts has failed completely. target for passenger data. French spymasters were unaware of the reasons President François Hol-
It’s a huge collective failure,” terrorism French jets in EU home affairs ministers meeting in that Abaaoud had returned to Europe lande expanded French air strikes
consultant Jean-Charles Brisard said. Syria for weeks Brussels today are preparing to reprise a until a foreign intelligence service against Isis into the country. Most pressing problems
Abaaoud was linked with four of six tipped them off that the jihadi had The US Department of Homeland faced by SMEs in the EU
attempted Isis attacks in France since recently been spotted in Greece. Security warned six months ago that Isis 2011 2014
Inside ‘This is the future. There are Per cent 0 5 10 15 20 25
the spring that had occurred before Further information was gleaned on had developed sophisticated opera-
Friday’s massacres, interior minister many Abdelhamid Abaaouds’ Monday that he could be on French soil, tional capabilities that made it likely Finding customers Brussels’ annual
Analysis, page 4 report on small
Bernard Cazeneuve said. allowing authorities eventually to track they would perform a large-scale attack Availability
The plots, he added, had identical him down to a flat in Saint-Denis, a sub- on European targets with “small arms” of skilled staff and medium-sized
‘Putin is charging ahead in Regulation enterprises shows
modus operandi: “Overseas planning of urb of the capital. and “improvised explosive devices”.
violent actions perpetrated by jihadis
the fight against terrorism’ The police operation in Saint-Denis Additional reporting by Simon Kuper in Competition that finding
Global Insight, page 5 customers
from European countries who have resulted in the deaths of at least two Paris Access to finance
remained the most
been trained to handle weapons to carry people — one a female suicide bomber, Paris tourism page 2 Cost of production
out attacks.” ‘A black arms market has made while the other was believed to have Reports and analysis pages 4 & 6
or labour pressing problem
for SMEs in 2014.
France is demanding that Brussels Belgium a jihadi launch pad’ been hit by grenade fragments making Letters page 8 Source: European Commission

and the European parliament “get a Big Read, page 7 his mangled body difficult to identify. Philip Stephens page 9

Uber and Lyft race to pick up $1.5bn as

investors flinch at lofty tech valuations
LESLIE HOOK — SAN FRANCISCO Fidelity marked down the value of its Both companies are heavily lossmak-
JAMES FONTANELLA-KHAN — NEW YORK
stake in messaging app Snapchat. ing, common among start-ups in Silicon
Ride-hailing rivals Uber and Lyft are Uber’s initial conversations with Valley where growth is prized among
racing to raise a combined $1.5bn by investors were based on a valuation of early stage businesses. Uber has poured
the end of the year, as investors become around $70bn. However, that figure has billions of dollars into its international
Biggest diamond in 100 ever more sceptical of the lofty valua- since come down, according to people operations to gain global market share.
years found in Botswana tions attached to Silicon Valley tech familiar with the matter. Earlier this Lyft, which has raised a total of $1bn,
companies. year, investors valued Uber at $50bn. has invested heavily in US marketing as
Report i PAGE 14 Uber declined to comment. it tries to steal domestic market share
Uber is seeking to raise $1bn and Lyft is Both companies are already among from Uber. The company declined to
aiming for $500m as the companies the tech sector’s most aggressive fund- comment on the fundraising but John
Austria €3.60 Macedonia Den220 fight to build market share and finance raisers, with Uber having raised more Zimmer, co-founder, said: “We are
Bahrain Din1.7 Malta €3.50
Belgium €3.60 Morocco Dh43 expensive legal and political campaigns than $10bn, a record for a US tech growing faster than Uber in the US.”
Bulgaria Lev7.50 Netherlands €3.60
Croatia Kn27.50 Nigeria Naira715 to back their business models. start-up. Lyft is targeting a $4bn valua- Yet Uber has revenues 10 times higher
Cyprus €3.50 Norway NKr34
Czech Rep Kc100 Oman OR1.50 The fundraisings come at a time when tion ahead of the new fundraising, up than Lyft’s, according to people familiar
Denmark DKr32 Pakistan Rupee 250
Egypt E£20 Poland Zl 18 it is becoming harder to gauge how from the $2bn level at which it raised with the matter. It expects net revenues
Finland €4.10 Portugal €3.50
France €3.60 Qatar QR15 investors will react to lossmaking start- money from investors in May. of about $2bn this year, they said. Lyft
Germany
Gibraltar
€3.60
£2.70
Romania
Russia
Ron17
€5.00 ups. Payments company Square priced “The air has gotten pretty thin where said it was taking in $1bn in fares a year,
Greece
Hungary
€3.50
Ft990
Saudi Arabia
Serbia
Rls15
NewD420 its IPO below its indicated range but these valuations are,” said Max Wolff, from which the company’s take would
India
Italy
Rup170
€3.50
Slovak Rep
Slovenia
€3.60
€3.50
then saw its shares initially pop 50 per chief economist at Manhattan Venture be $200m based on its normal cut.
Kazakhstan
Kenya
US$5.50
Kshs300
Spain
Sweden
€3.50
SKr37
cent when public trading started yester- Partners, which brokers transactions in Lex page 12
Kuwait
Latvia
KWD1.50
€6.99
Switzerland
Tunisia
SFr5.90
Din7.50
day. Earlier this year, fund manager private company shares. Square IPO page 20
Lebanon LBP7500 Turkey TL10
Lithuania €4.30 UAE Dh15.00
Luxembourg €3.60

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2 ★ FINANCIAL TIMES Friday 20 November 2015

INTERNATIONAL

Monetary policy Japan recovery

ECB looked at further stimulus in October BoJ monetary

policy on
Weak regional and global growth, as well as the resistance of the
US Federal Reserve to raising rates,
there are concerns among the member-
ship that inflation is set to take much
the ECB has what it takes to return infla-
tion to its target of below but close to
buy other assets as part of the package.
Purchases now are limited to mostly
hold despite
growth almost led central
bank to act last month
almost forced the ECB to act sooner. “It
was argued that in such an environ-
longer to return to target than officials
had hoped when they unveiled their
2 per cent. At the moment, annual head-
line inflation is 0.1 per cent across the
government bonds, alongside loans
sliced and repackaged either as asset-
technical
CLAIRE JONES — FRANKFURT
ment, the risk of deflation remained rel-
evant,” the accounts said. “Against this
background, the view was put forward
original QE package in January.
Some members are particularly
currency area, a rate similar to that of
other advanced economies. Price pres-
sures in the eurozone have been weaker
backed securities or covered bonds.
Another option open to the council is to
extend purchases beyond the current
recession
Eurozone policymakers mooted ramp- that a case could be made for consider- for longer than other economies, how- deadline of September 2016.
ing up their monetary stimulus as early ing reinforcing the ECB’s accommoda-
‘Despite the delay, we ever. Core inflation is 1.1 per cent. The council is also willing to abandon ROBIN HARDING — TOKYO
as October, according to a set of Euro- tive monetary policy stance already at consider the messages Timo del Carpio, economist at RBC an earlier commitment to keep interest
The Bank of Japan kept monetary pol-
pean Central Bank accounts that tees up the current meeting and, in any case, to Capital Markets, said the account shows rates unchanged and raise the rate it
a crucial re-examination of the bank’s act sooner rather than later.”
here still wholly relevant’ a council “primed and ready for action”. charges on a portion of reserves held at
icy on hold despite the economy enter-
ing a technical recession as it continued
policy strategy on December 3. The council’s 25 members opted to Timo del Carpio, economist “Despite the delay between the meet- the eurosystem’s central banks from the
to argue the recovery is on track.
The ECB is expected to unleash an wait until next month on signs the cur- ing and the publication of its account, current level of 0.2 per cent.
enhanced version of its €1.1tn quantita- rency area’s economy had so far proven spooked by signs that weak demand is we consider the messages here are still The accounts said “reference was Japan’s central bank said it will keep
tive easing package and will consider resilient to weaker global growth. pushing down core inflation rates, wholly relevant to the contemporane- made to the experience in other juris- buying government bonds at a pace of
cutting one of its benchmark interest The accounts, published yesterday, which strip out the costs of more volatile ous policy debate,” he added. dictions, where negative rates had not Y80tn a year in an effort to drive down
rates deeper into negative territory in its read like a clear case for injecting more items such as food and energy goods. To address deflation threats and a appeared to result in major difficulties long-term interest rates, even as it noted
early December vote. stimulus into the eurozone’s economy. Chief among those fears is that cheap recovery which the accounts describe as or widespread substitution of cash”. weakness in some measures of public
The accounts for the rate-setting gov- While the council believes aggressive oil threatens derailing inflation longer “particularly sluggish”, the ECB could Denmark’s and Switzerland’s central inflation expectations.
erning council’s late October meeting in monetary easing is thawing the region’s term. Dovish members on the council increase its monthly purchases under banks have imposed deposit rates of The BoJ’s decision highlights a differ-
Malta show weak regional and global credit markets and boosting lending, also cite diminished expectations that QE from the current level of €60bn or minus 0.75 per cent. ence to its stance last year, when it eased
policy to boost inflation expectations.
Now the BoJ is signalling it will keep pol-
icy on hold as long as inflation is on
Economic fallout course eventually to reach 2 per cent.
The yen was stronger after the deci-

Paris tourist spots eerily quiet as terror deters visitors sion at Y123.2 to the dollar while the
Topix share index gave up some of its
gains, trading up 0.7 per cent at 1,598.
The BoJ decision came as Japan
recorded an unexpected Y111bn trade
ADAM THOMSON — PARIS surplus for October. Showing the boost
to the economy from falling oil prices,
Carolina Cabrera and Deepe Randhawa
the value of imports was down by 13.4
yesterday achieved what couples visit-
per cent on a year ago.
ing Paris can usually only dream of:
But exports also fell 2.1 per cent by
they were able to walk unimpeded
value, despite the heavy depreciation of
through the Louvre to the Mona Lisa
the yen, showing the impact of China’s
and appreciate the world’s most
slowdown on Japanese industry.
famous painting without the crowds.
Exports to China fell for the third con-
“It’s very quiet,” observed Ms Cabrera, secutive month and were down by 3.6
looking round the half-empty salon. per cent on a year ago.
They booked their trip from North “Japan’s economy has continued to
America almost a month ago, and recover moderately, although exports
thought seriously about cancelling after and production have been affected by
last Friday’s deadly terrorist attacks. the slowdown in emerging economies,”
“It’s not that we thought it would be said the BoJ’s policy board in its latest
dangerous — it’s more that we thought it statement. “Inflation expectations
would be sombre,” said Mr Randhawa. appear to be rising on the whole from a
In the past few days, clear signs have somewhat longer-term perspective.”
emerged showing that the murderous Headline inflation is running close to
attacks have had an economic impact zero because of weak oil prices. Exclud-
on the French capital — one of the most ing food and energy, prices are up by
visited cities in the world. 0.9 per cent on a year ago.
A survey by Synhorcat, the French Haruhiko Kuroda, BoJ governor, has
hotel and restaurant operators’ union, placed great weight on increasing public
suggests that sales in the city’s cafés, expectations of inflation in order to
bars and brasseries during the past break the deflationary mindset brought
week are 44 per cent down on the same about by 20 years of on-and-off falls in
period last year, while hotels have suf- prices.
fered a 57 per cent drop in business. In contrast to October 2014, when the
Didier Chenet, the union’s president, BoJ surprised markets by pre-emptively
is working on ways to absorb some of easing monetary policy, officials believe
the shock. But he admitted: “There is no a “virtuous circle” from higher incomes
question that there is a strong economic and profits to higher spending and
impact for the whole sector.” investment is still at work. They are also
A slew of rock performers, including encouraged by signs of changed corpo-
U2, Prince, the Deftones and the Foo rate behaviour, with a great willingness
Fighters, have cancelled concerts in Security travel to Paris had fallen. “You will Philippe Waechter, chief economist at 57% “I normally sell 10 or 15 of these a to raise prices.
Paris — in some cases, whole European crackdown: always see a cooling-off period, but you Natixis Asset Management, said previ- Drop in business day,” he said, pointing to a bag full of “The fundamentals of Japan’s econ-
tours — as a result of the bloodshed. police snipers also see quite a quick resumption to ous terrorist attacks on big cities such as suffered by Paris merchandise. omy are sound and the environment
“In light of this senseless violence, the take aim at the travelling again,” Carolyn McCall, New York, London and Madrid — as well hotels compared “I haven’t sold one today.” surrounding firms and households has
closing of borders, and international Hôtel des easyJet’s chief executive, told reporters. as Paris after the January killings — had with same period On the Rue des Rosiers, which forms significantly improved compared to
last year, according
mourning, we can’t continue right now,” Invalides The airline, which offered people who offered little evidence of a significant to operators’ union the backbone of the city’s Jewish quarter some years ago,” said Mr Kuroda
read a post on the Foo Fighters’ Face- military booked travel to Paris the possibility of economic knock-on effect. in the Marais district, things were at a recently.
book page. “There is no other way to say monument and postponing or changing their tickets, “Past episodes of attacks have not 30% near standstill during lunchtime. A Officials think corporate decisions to
it. This is crazy and it sucks.” The post museum noted there had been an increase in the plunged the local economy into a sharp Fall-off in trade gruff ticket seller at L’As du Fallafel, increase prices — and the acceptance of
got 155,000 likes. complex in Paris number of passengers who had booked slowdown,” he concluded. since last week at where long queues normally form out- those rises by shoppers — is a better
L’As du Fallafel
Yesterday, the normally long queue during a visit by to go to France but had not shown up For now, though, the cautious opti- eatery in the Marais side, said business was down at least 30 guide to the public’s real opinions about
outside the Louis Vuitton store on the President over the weekend. mism is little consolation for those district per cent since last week. future prices.
Champs Elysées had disappeared, leav- François Wider questions remain about what a whose livelihoods depend on servicing David Albouker, manager at the The BoJ is now closely focused on next
ing the velvet rope used to control the Hollande Paris slowdown could mean for the the city’s 22m annual visitors. nearby Miznon restaurant, said that spring’s round of wage negotiations.
crowds redundant. yesterday — Reuters overall French economy at a time of Johan Giethlen has been working at sales had halved since the attacks. “When it comes to the impact on prices,
“It’s dead,” admitted one staff mem- fragile growth. the Louvre’s audio tour counter for two Moreover, he had personally avoided the focal point is the developments in
ber. Since the attacks, the store has Anna Zabrodzka, an economist at years — and has never seen the museum taking the Metro and had drastically cut wage increases towards next fiscal year,”
boosted security. Customers are patted Moody’s Analytics, said France’s tour- so quiet. down the number of times he went out said Mr Kuroda. The most likely trigger
down as well as having bags checked ism sector, which accounts for 7 per cent “It’s really empty,” he said. “It’s quite for drinks with friends. for further BoJ action would be signs of a
Air France refused to comment on of gross domestic product, was unlikely strange — eerie.” “The January attacks were against a weak pay round.
passenger numbers and cancellations to suffer a sustained decline. However, Outside, the streets were wet with specific target,” he said. “This time, it’s “In the long term, prices won’t rise if
on Paris flights. But on Tuesday, the low- she said the longer-term fallout was drizzle, but Kamal, an umbrella seller everyone.” wages don’t rise,” said Mr Kuroda at his
cost airline easyJet said that demand for “anyone’s guess right now”. from India, was abnormally downbeat. Paris terror page 4 press conference yesterday.

Independence concerns
A private bank unlike
any other. Indian central bank staff strike over pensions and rates reform
AMY KAZMIN — NEW DELHI inflation “which puts thousands of RBI to overhaul military pension schemes. erosion of the RBI’s independence.
pensioners in extreme penury in these Veterans have been protesting for Until now, setting interest rates has
India’s central bank ground to a halt
days of soaring prices, increased medi- months in New Delhi to demand a “one- been the exclusive purview of the RBI
yesterday as 17,000 staff went on strike
cal costs, etc”, the central bank unions rank, one-pension scheme”, which governor. But India’s draft financial
to protest against a proposed overhaul
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Friday 20 November 2015 ★ FINANCIAL TIMES 3

INTERNATIONAL

Election. Momentum shift Cracking the whip:

an area with nearly

Fear campaign
200,000 cattle is to
stay in Australian
hands Quinn Rooney/Getty

falters as
Argentines look
for change
but it put him within spitting distance.
Mauricio Macri is leading early Crucially, Mr Macri also had voter
favourite Daniel Scioli in polls momentum behind him.

as voters adjust to end of boom

In addition, the government suffered
an unprecedented defeat in Buenos
Aires province, Argentina’s largest. Tra-
Land block Australia has blocked Chinese bidders’
efforts to buy a A$350m ($250m)
swath of Australian farmland three-
highlights the balancing act between
the benefits of inward investment and
concerns over foreign ownership.
federal treasurer Scott Morrison
said the acquisition of the cattle
station by foreign investors “would
BENEDICT MANDER — BUENOS AIRES ditionally a stronghold of the ruling Per-
onist party, Mr Scioli had ruled it for the Australia bars quarters of the size of England,
complete with nearly 200,000 cattle,
Chinese bidders led the pack to buy
S Kidman & Co, a family-owned
be contrary to the national interest”,
largely owing to proximity to a
Fear, it transpires, is not a winning elec-
toral strategy in Argentina.
A month ago, Daniel Scioli looked to
past eight years, The seat instead went
to the fresh-faced María Eugenia Vidal,
formerly Mr Macri’s deputy mayor.
sale to Chinese on the grounds of national interest.
The move, a blow to China’s
voracious appetite for agricultural and
operation that controls pastoral leases
across 101,411 sq km in the outback
and owns roughly 185,000 head of
weapons-testing site. All bidders
subsequently withdrew their offers.
The door is now open for a
be a shoo-in as next president of Latin It is not just the public that is clamour- food assets, is the first such ruling cattle. But yesterday, following a possible partial sale that does not
America’s third-largest economy. As the ing for change in a country whose stag- under the new government of Prime recommendation from Australia’s breach the national interest.
chosen successor of Argentina’s fiery nating and investment-starved econ- Minister Malcolm Turnbull and Foreign Investment Review Board, Peter Wells
leader, Cristina Fernández, he promised omy is struggling with a widening fiscal
Argentines continuity, albeit a more deficit, double-digit inflation, an over-
moderate version of her populist, free- valued currency and an acute shortage
spending and nationalist policies. of dollars. Businesses want change, too.
This Sunday’s presidential election Early signs that foreign investment is
was his to lose. Especially, it seemed, as flowing back into an Argentina on the
he could paint his centre-right oppo- verge of change include a $16bn nuclear
nent, Mauricio Macri, as a bloodless deal with China signed last week, while
“neoliberal” who would wreak untold US businesses have been eagerly send-
economic pain on his countrymen. ing teams to Buenos Aires to scope out
“His ideas, decisions and proposals opportunities.
are a danger for the whole of our soci- Financial investors are also hugely
ety,” Mr Scioli inveighed during Argen- expectant. Argentine equities and
tina’s first-ever presidential debate last bonds have rallied for the past month as
Sunday. Mr Macri’s promises of change investors have bet that Mr Macri, a
are a “great lie”, he added. former president of Boca Juniors, one of
Argentina’s most popular football clubs,
will introduce much-needed economic
Turnround: reforms and strengthen the country’s
centre-right
candidate Mauricio degraded institutions.
Macri has a “I have never seen such demand for
9-point lead, says an Argentine economist,” said Andrés
pollster Elypsis Borenstein, BTG Pactual’s chief econo-
mist in Argentina. “If Macri wins, there
Yet now, on the eve of the vote and is going to be a rally. There is a part of the
with the economy in the doldrums, it is Macri dividend that is not yet priced in,”
Mr Macri, the “turnaround candidate” he said, estimating that investors are
and pro-business mayor of Buenos assuming a 60 to 80 per cent probability
Aires, who is leading the polls — and that Mr Macri will win.
with a 9-point lead, according to Elypsis, There will be a difficult start for who-
a reputed local pollster. ever triumphs. The dire economic leg-
The shift is a striking illustration of acy left by Ms Fernández requires
how many countries in the region, such urgent attention. The most immediate
as Brazil and Venezuela, are also adjust- problems are an acute shortage of for-
ing to the end of a decade-long economic eign exchange reserves and an overval-
boom and how voters are rejecting the ued currency.
governments and charismatic leaders Mr Macri told the Financial Times in a
that presided over them. recent interview that he would lift strict
Mr Scioli’s fear campaign was a “mis- capital controls implemented four years
take”, said Juan Germano, director of ago on “day one” of his presidency,
Isonomia, another local pollster. “Scioli which will lead to a significant devalua-
failed to understand what Argentines tion from Argentina’s official exchange
want”, especially after 12 “very intense” rate and could stoke inflation already
years of being ruled by the imperious running at around 20 per cent.
Ms Fernández and Néstor Kirchner, her There are also high hopes that the
late husband. “The desire for a change next government will swiftly settle a
among Argentines is pretty clear.” marathon legal dispute with a group of
That became obvious on October 25, “holdout” hedge funds that has blocked
when Mr Macri won 34 per cent of the Argentina’s access to international capi-
vote in the first round. It was not enough tal markets since it defaulted on $100bn
to beat Mr Scioli, who won 37 per cent, of debt in 2001.

Fiscal woes

Brazilian inflation surge adds

to economic and political crisis
JONATHAN WHEATLEY ing countries such as Greece, the cost of
servicing Brazil’s debt, at about 20 per
Brazilian inflation has risen to its high-
cent a year, is astronomical.
est level in 12 years, adding to negative
“Public debt to GDP is rising by 9 or 10
data and underlining the mounting
percentage points of GDP a year,” said
challenges that face the government as
Maarten-Jan Bakkum, senior emerging
it struggles to steer the country
markets strategist at NN Investment
through a deepening economic and
Partners. “That’s explosive. The cost is
political crisis.
getting higher quickly. At some point
Inflation in the year to November 15 was the market will stop believing that pub-
10.28 per cent according to the IBGE, lic debt is sustainable.”
Brazil’s statistics office. Yet in spite of There have already been jitters. In
rapidly rising prices, the economy is set September the national treasury can-
to contract by more than 3 per cent this celled three bond auctions after inves-
year, according to a weekly central bank tors backed away.
survey of market economists. “Markets are certainly apprehensive,”
“This is more than stagflation,” said said Mr Ramos. “It is imperative that the
Alberto Ramos, head of Latin American government changes its fiscal position.”
research at Goldman Sachs. “This is a Failure to do so could prompt inves-
nasty recession accompanied by accel- tors to take their money out of the coun-
erating inflation.” try. Evidence of this has already begun
The government’s main problem is to emerge. Foreign investors attracted
fiscal. It promised a primary budget sur- to Brazil by its very high interest rates —
plus this year (before interest pay- the central bank’s overnight rate is 14.25
ments) equal to 1.2 per cent of gross per cent — have increasingly taken to
domestic product. Instead, it is on track hedging their foreign exchange expo-
to deliver a primary deficit of 2 per cent sure but this means they give away a
of GDP. Its total deficit, including inter- large part of their earnings. It also adds
est, is likely to be 9 or 10 per cent of GDP, to pressure on the currency.
Mr Ramos said. The IBGE also reported yesterday that
With government spending out of unemployment had risen to 7.9 per cent
control — and with more than 90 per in October, further undermining the
cent of public spending mandated by government’s rock-bottom popularity.
Brazil’s constitution — the public Brazil’s deepening crisis has been
accounts have sunk deep into the red. helped along by political paralysis, a
Government debt, internal and exter- result of a far-reaching corruption scan-
nal, is equal to 66 per cent of GDP and dal and a failure by the government of
rising. President Dilma Rousseff to manage a
While that is less than in other falter- fragmented Congress.
4 ★ FINANCIAL TIMES Friday 20 November 2015

PARIS TERROR

Migration

Brussels struggles to strike Turkey deal on refugees

Erdogan negotiations with the respective presidents of the Euro- at one point referred to Mr Juncker as Mr Timmermans showed the will on some member states are desperate for already dealing with a high rate of
pean Commission and Council, pressed the former premier of Luxembourg, “a “both sides to get closer together”. The assistance with the crisis and have little unemployment and is in the middle of
EU turn ‘sour’ as Ankara him for a detailed timetable for meas- country the size of a Turkish city”. Yes- talks helped to steady the situation but leverage. “They are trying to exploit this increasing the minimum wage.
presses for aid package ures intended to discourage migrants in terday Mr Juncker described the meet- diplomats worry that difficulties with situation in a way that some countries The Turkish Coast Guard and local
Turkey from continuing their journey ing as “sportive and exhausting”. Mr Erdogan may jeopardise the sign-off. find unacceptable,” he said officials bordering the Aegean Sea —
ALEX BARKER — BRUSSELS to Europe. These include tightening Senior German and other EU officials There are an estimated 2.5m Syrians from where as many as 5,000 people
MEHUL SRIVASTAVA — ISTANBUL border controls and awarding work are convinced Mr Erdogan has the already in Turkey, along with well-es- make the daily perilous crossing to
A flagship EU-Turkey plan to stem the rights to 2m Syrian refugees. power to dramatically cut the outflow ‘[Turkey] are trying to tablished and lucrative smuggling Greek islands like Lesbos — are already
migrant flow to Europe is floundering as One senior official familiar with the from Turkey and want to see tangible routes. Turkish authorities would have overwhelmed by the task of saving lives,
Ankara piles pressure on the EU to discussion said the meeting turned results by the end of the year. But it exploit this situation in a to launch a massive effort to cut off the dismantling organised gangs that facili-
deliver on a multibillion-euro aid pack- “sour” as Mr Erdogan demanded remains unclear how much Turkey can way that some countries eastern Mediterranean route that many tate the smuggling and housing those
age and other elements of the bargain. Europe move first on its pledges. actually do to make that happen, even if have followed to Europe. who are detained while trying to cross.
The challenge of completing the deal, Ankara is seeking €3bn in support, reg- it reaches an agreement with the EU. find unacceptable’ It would likely require increased Metin Corbatir, of the Research
hammered out through more than a ular Turkey-EU summits and a clear Frans Timmermans, the commis- policing, greater co-operation with the Center on Asylum and Migration in An-
month of negotiations, was underlined political path to open several chapters in sion’s vice-president, went to Ankara “We don’t want a summit for the sake of EU and changes to refugee policy to con- kara, said: “As you take more preven-
during a difficult meeting on Monday stalled EU membership talks. There was yesterday to meet Feridun Sinirlioglu, a summit,” said one Turkish official. vince refugees they might have better tive measures, people put themselves at
between senior EU officials and Turkish also disagreement as to whether the Turkey’s foreign minister, to rescue the “We have to see they are serious.” opportunities for work and assimilation greater risk. Even if you buy 10 or more
president Recep Tayyip Erdogan. EU’s planned financial assistance pack- potential deal. It was supposed to have A senior European diplomat said the in Turkey than in Germany or Scandi- coastguard ships, the demand is so huge
According to several people familiar age covers one or two years of aid. been fleshed out and formally signed off “tough exchange of views” underlined navia. One of the key EU suggestions and for them it’s a life or death issue.”
with the talks, Mr Erdogan baulked as According to another European offi- at an EU-Turkey summit on November how difficult it was to negotiate with includes the issuance of work permits FT Big Read page 7
Jean-Claude Juncker and Donald Tusk, cial briefed on the meeting, Mr Erdogan 29. Mr Juncker said the discussions with Turkey — particularly at a time when for Syrian refugees in Turkey, which is Philip Stephens page 9

Isis command structure State of emergency

Abaaoud’s speedy Sweeping

police powers
evolution from thief to continue
to jihadi linkman for another
SAM JONES — LONDON
three months
expert on Islamist networks, points out
The transformation of Abdelhamid that until just last year Abaaoud ANNE-SYLVAINE CHASSANY — PARIS
Abaaoud — the Isis figure at the centre appeared to be a minor figure.
of the Paris attacks — from suburban France has approved a three-month
But his links to at least three other
thief to mass murderer in just two extension of the state of emergency,
attacks — including the attempt to gun
years, epitomises the new face of jihadi giving sweeping powers to police inves-
down passengers on a Thalys intercity
terror. tigators following the worst terror
train in August and the aborted raids on
attacks in its history.
Abaaoud, who was killed by French two churches in the French town of
police on Wednesday afternoon, has Villejuif in April — show that his influ- The exceptional measure, prolonged
been a marked man for months. But ence had dramatically, and rapidly until February, was backed by all but
after the massacre in the French capital grown. seven votes in the National Assembly
on Friday, perpetrated by Isis gunmen “It seems that Abaaoud has had con- yesterday. It is expected to pass in the
and bombers under his guidance, track- tacts with each of those who tried the Senate by the end of the week.
ing down the 27-year-old became the attacks,” Mr Caprioli said. “Is he simply “It’s the response of a strong France,
top priority of every counter terrorism a go-between? We don’t know.” which does not bend and will never
agency in Europe. According to two European intelli- bend,” Manuel Valls, prime minister,
On Monday — in a dramatic twist to gence officials with knowledge of intelli- told lawmakers. “It’s the quick response
the largest counterterror operation ever gence on the jihadi, he had become one of a democracy to barbarity.”
mounted in Europe — French intelli- of a number of key, charismatic “link- The state of emergency, called by
gence determined that Abaaoud was men” between Isis’ operations in Syria President François Hollande in the early
under their noses, and was already and its pool of would-be recruits and hours of Saturday as Islamist suicide
working with another cell in Paris to returnee fighters in Europe. bombers targeted bars, the Stade de
launch an imminent attack on Charles But he was far more than a messenger France and the Bataclan theatre in
de Gaulle airport. and is referred to by security officials in Paris, is the linchpin of wide-ranging
In the small hours of Wednesday the same breath as Mohammed security measures intended to contain
morning, more than 110 police stormed Emwazi, Reyaad Khan and Junaid Hus- the terror threat on French soil.
the building occupied by the jihadi, sain — who also had a kind of celebrity The French measures came as Charles
prompting a seven-hour stand off where status in the Isis command structure Michel, Belgium’s prime minister,
5,000 rounds were fired before Abaaoud that allowed them to command respect announced an extra €400m for his
was eventually killed. It took 24 hours and foster bonds with other like- country’s security services. He will rush
for forensic specialists to formally iden- minded fighters from similar back- through reforms aimed at making it eas-
tify his remains. grounds, both directly and via social ier to capture, try and punish terrorists.
Abaaoud was more puppet master media. Belgium also issued a private diplo-
than master mind — a distinction that For Abaaoud, who was already a matic protest to France over what it per-
has worrying implications for counter leader among his Belgian compatriots, ceives as the French leadership’s unfair
terrorism work. His rapid radicalisa- the turning point came with a grand- blaming of Belgium for the attacks, say-
tion, his youth, his digital savvy, his con- standing interview he gave in Dabiq, ing that France was attempting to point
nections and his viciousness represents Isis’ glossy propaganda sheet, in Febru- the finger at Belgian failings to cover up
everything that intelligence agencies ary. It positioned him as one of a its own domestic lapses in countering
worry about when it comes to Isis’s number of charismatic young men Isis’s Islamic extremism.
reach and powers. central leadership in Raqqa had at its International scrutiny has focused on
Louis Caprioli, a former French intel- disposal with which it could connect to the Brussels neighbourhood of Molen-
ligence counter-terrorism chief and networks in Europe. As a result he was People work works that grew out of the last big jihadi ‘He’s word for it. He’s offering people a new beek, home to at least three of the
designated a high priority target by the inside the conflict in Afghanistan in the 1980s, the life — a track somewhere — a life that attackers and the militant believed to be
anti-Isis coalition. His plotting, said one damaged official noted. “Isis is doing it in offering can either be in the caliphate, or in the plot’s architect.
senior French official, was one of the building where months.” people a paradise.” Eleven months after satirical maga-
reasons why President François Hol- Abdelhamid Experts say figures like Abaaoud are The allure of that vision is a powerful zine Charlie Hebdo and a Jewish super-
lande began air strikes in Syria last Abaaoud, left, the counterpoint to al-Qaeda’s Khaled new life — one, as the figures show. At least 1,500 market were struck by Islamist extrem-
month. the Belgian Sheikh Mohammed — an operational a life that French and more than 500 Belgian citi- ists, France is still scrambling to adapt to
Abaaoud’s swift transformation to extremist veteran and strategic mastermind — in zens have gone to fight for Isis. the risk of mass terrorism.
jihadi figurehead illustrates how Isis has suspected of the new order of global jihad. can either And it means the availability of other The state of emergency was first
completely changed the way intelli- masterminding “Khaled Sheikh Mohammed was a be in the attractive figureheads for Isis to call enacted in 1955, when France con-
gence agencies need to address the the deadly very skilful plotter. A manipulator with upon in its renewed efforts to perpetrate fronted terrorism during Algeria’s inde-
Islamist terror threat, according to one attacks in Paris, huge ambition, ability and determina- caliphate, terror against its enemies is only going pendence war, and used again in 2005
senior British security official. “The died along with tion,” said Richard Barrett, former head or in to grow. following the riots that rocked Parisian
flash-to-bang is now so much quicker,” his female of counter terrorism operations at MI6 “This is the future,” said Mr Barrett. suburbs. It allows police officers to
he said, referring to the period between cousin and now consultant at the Soufan paradise’ “There are many other Abdelhamid search homes and more easily place sus-
a threat emerging and then crystallising Christophe Ena/AP Photo
Group. “Whereas Abaaoud is something Abaaouds.” pects under house arrest.
into a concrete attack. quite different. He’s motivated, and is Additional reporting by Michael Since Friday night, when Islamist ter-
It took al-Qaeda more than a decade able to motivate people like him, by Isis’ Stothard in Paris and Tom Burgis in rorists killed 129 and injured more than
to build upon the foreign fighter net- vision. Radicalisation isn’t quite the Brussels 350 in the French capital, authorities
have led more than 400 house searches.
As a result, investigators have placed
more than 60 individuals in custody and
European Parliament found 75 weapons, including 11 heavy
weapons. More than 110 house arrests

French minister tells EU to ‘get a grip’ on security threats facing Schengen area have been imposed.
The clause has been widened to make
it more effective, Mr Valls said.
“We’re enlarging the possibility to use
ALEX BARKER AND DUNCAN ROBINSON minister, hit out at the EU’s lack of issue has become highly politicised in rules come against the backdrop of a Schengen is “not the problem” if its tools it, not just for proven dangerous activi-
BRUSSELS
action, saying the bloc must “shape up” Brussels, with German Christian Demo- more far-reaching debate between for security were put to full use. ties, but also for threats stemming from
France is demanding that Brussels and and regroup in the face of an organised crat Monika Hohlmeier, leader of the member states, as they respond to acute The reforms of border rules backed serious suspicions,” the French premier
the European parliament “get a grip” terror threat following last Friday’s parliament’s home affairs committee, pressures from the migration crisis. by EU ministers are a relatively surgical said. Police will be able, for example, to
on the security threats facing the bloc deadly terrorist attacks in Paris in which accusing left-leaning parties of “inviting In a sign of the drastic measures under change, but reopening the code would place under house arrest individuals
by allowing tighter border checks and 129 people died. terrorists to use loopholes in our safety consideration, the Netherlands has raise the risk of it spiralling into a more flagged for “their behaviours or their
removing barriers to sharing airline Most politically sensitive is the push and security legislation in order to per- informally raised the idea of shrinking fundamental overhaul. acquaintances, their comments or
passenger data. to conclude the fraught eight-year petrate other terror attacks”. the zone to a “mini-Schengen”, which At present member states have co-or- projects”. The move comes four months
debate over whether so-called passen- “For them there is no lesson to be would reintroduce border checks dinated an approach to “unsystematic” after the French government passed a
EU home affairs ministers meeting in ger name record (PNR) data stored dur- drawn from the Paris attacks,” Ms Hohl- around a core of western EU member checks on EU citizens entering the law designed to enhance the intelligence
Brussels today are preparing to reprise a ing flight bookings within the EU can be meier said of the parliament’s main- states. Schengen area. However, blanket regis- services’ capabilities, particularly for
series of demands — first made after shared with law enforcement agencies. stream centre-left and liberal groups. Thomas de Maiziere, Germany’s inte- tration of the kind security officials are intercepting communications.
January’s Charlie Hebdo attacks in Paris It is a touchstone issue for liberal MEPs, “The movements of terrorists have to be rior minister, yesterday dismissed the calling for would need amendments to In addition, Mr Hollande has
— to close alleged loopholes and gaps in who fear the system could be misused to monitored.” Dutch idea. “Our political goal must be the travel-zone’s code. approved the hiring of 5,000 additional
the passport-free Schengen zone’s secu- discriminate against minorities. The calls to tighten Schengen security that the Schengen area as a whole func- Draft conclusions for today’s Brussels police officers, 2,500 judicial investiga-
rity arrangements. EU officials involved in the negotia- tions,” he said. “Everything else would home affairs ministers meeting also call tors and 1,000 customs officers while
This includes calling on the European tions said that talks with the parliament just be considerations.” for more rigorous use of law enforce- also reversing a plan to cut jobs in the
Commission to propose rule changes to had borne fruit in recent days, with one Inside In-depth
How jihadis force
The commission has been loath to dis- ment databases, better intelligence military — measures that government
allow EU citizens entering the Schengen
area to be systematically registered, a
measure that is not currently allowed.
official saying they “made us quite con-
fident we will reach agreement by the
end of the year”.
Isis
Inc.
their enemies to
buy their oil
cuss serious amendments to the code
governing the Schengen zone. Dimitris
Avramopoulos, EU home affairs com-
sharing, and call for the creation of
specific mechanisms to track the move-
ments of foreign fighters returning from
says will cost an estimated €600m.
Additional reporting by Peter Spiegel,
Duncan Robinson and Jim Brunsden in
ft.com/isisinc
Bernard Cazeneuve, French interior In the wake of the Paris attacks, the missioner, said on Wednesday that Syria. Brussels
Friday 20 November 2015 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Friday 20 November 2015

PARIS TERROR

Good-natured bus driver GLOBAL INSIGHT

MOSCOW

Kathrin
who chose the road to jihad Hille

Amimour’s story raises troubling idea that nice guys with decent jobs can be terrorists too Delay a key tactic for
Putin in managing
TOM BURGIS — PARIS

Samy Amimour could hardly have

grief over jet bomb
advertised his intentions more clearly if
he had written them on the side of the

W
bus he used to drive through the drab hen buildings around the world lit up in
Paris suburb of Drancy. the tricolour following last Friday’s Paris
First, the friendly if reticent young terror attack, it could just as well have
man departed from his French-Algerian been a tribute to Russia. The country,
parents’ secular ways and embraced a which also boasts a blue, white and red
strict version of Islam. flag, lost 219 of its citizens when a bomb brought down a
Then, according to French prosecu- Russian passenger jet three weeks ago. Just like France,
tors, he hatched a plan to travel to which is in shock over the attacks that killed 129 in Paris,
Yemen. It was foiled by the authorities, Russia is also a victim of Islamist terrorism.
who imposed a control order, requiring But in a departure from the scenes unfolding in France,
him to report to the police each week, the Russian people have largely refrained from asking
only for Mr Amimour to slink off to Syria larger questions about their own tragedy or pressing their
and join the Islamist militants Isis two government for answers. This is not just a matter of Rus-
years ago. sians’ famous stoicism, say political analysts. It is also the
Last Friday, the 28-year-old and two result of a coolly executed communication strategy
fellow jihadis strode into the Bataclan designed to prevent the country’s deadliest air crash from
concert hall in the French capital carry- becoming a political liability for President Vladimir Putin
ing assault rifles. They slaughtered rock and his military campaign in Syria.
fans until they were felled by a combina- Delay has been a key Kremlin tactic. Even as western
tion of police bullets and their own sui- governments began to express concerns that the October
cide vests. 30 crash was the result of an Isis-planted bomb, the Krem-
The Paris attacks, like others before lin managed to smother talk of terrorism for more than
them, have prompted hand-wringing two weeks. There was an immediate outpouring of sorrow
about “intelligence failures”. Amimour’s in St Petersburg, the doomed aircraft’s destination, with
ability to leave and return to France vigils in the city’s central square and hundreds laying flow-
unhindered, despite an international ers at the airport. Sympathy also welled up on social
arrest warrant issued when he media. But it remained apolitical.
absconded to Syria, seems a particularly “[The] acknowledgment of a terrorist act at the time
egregious lapse. At first glance, he fits when it happened could have and without doubt would
the standard profile of homegrown have been perceived as a punishment for the invasion in
French jihadis, raised in crime-ridden Syria,” Gleb Pavlovsky, a
ghettos and consumed by hatred. former Kremlin adviser,
But details of his story, and of the limits said in a radio interview.
Vigils were held
of what intelligence agencies can do, sug- “[That] would have come and sympathy
gest a more troubling possibility: that it is across much more pain-
simply impossible to head off every plot, fully. And the Kremlin
welled up on social
that others will certainly succeed and always tries to soften this media. But it
that nice guys with loving parents and first strong, painful reac-
decentjobscanbeterroriststoo. tion. The more time
remained apolitical
Outside the squat brick apartment passes, the more it mixes
block where Amimour and his two sis- with other issues.”
ters grew up in Drancy, northern Paris, He took to wearing the djellaba, a tradi- Bafflement: deemed a terrorist conspirator. Yet the It was only on Monday when Mr Putin changed tack. In a
there were both fond memories of a
good-natured neighbour and baffle-
Unlike other French tional robe, and tried to insist that his
mother veil herself. He grew more
local residents only check the authorities kept on him
was an obligation to report to a police
video released by the Kremlin, Russia’s intelligence chief
was shown reporting to the president that a bomb had
walk past the
ment at what he had become. jihadis, Amimour was not devout, praying assiduously. His father, apartment block station each week. That might seem lax brought down the plane. Mr Putin then declared that he
Salim, 24, was three years below Ami-
mour at the local school. Amimour’s
drawn into petty crime. speaking to Le Monde last year about his
son’s departure for jihad, recalled his
in Drancy, for a country that has known Islamist
violence for decades. But Louis Caprioli,
would step up the military operation in Syria.
The announcement came on the heels of a G20 summit
northern Paris,
parents, he said, were not practising ‘He was intelligent,’ says horror when he first heard Samy voice where Sami a former French intelligence counter- in which French president François Hollande had declared
Muslims. French media reports describe
them as thoughtful and worldly. A short
Salim, who asked for his admiration for Osama bin Laden.
On Monday, Jean-Christophe Lagarde,
Amimour, below terrorism chief, points to the practical
difficulties of mass surveillance.
his country was now at war with Isis, and the fight against
the groups was increasingly becoming an international
left, grew up
walk from the family apartment, past surname not to be printed the mayor of Drancy and a friend of Linda Davidson/The “Materially, physically, you cannot priority. “Putin turned around and acknowledged: yes, the
Washington Post via Getty
Drancy’s quaint town hall, the Berber Amimour’s mother, blamed a mosque in Images keep a watch on 20,000 people round plane was, after all, blown up by terrorists,” writes Sasha
cultural centre where Amimour’s femi- the neighbouring commune of Le Blanc- the clock,” he says, referring to the rough Sotnik, one of Russia’s most prominent bloggers. “Now —
nist mother helped out is the antithesis Mesnil for radicalising the young man. tally of everyone the French authorities after the Paris events — that is possible. Because this has
of jihadism. On one wall hangs a paint- At prayers on Wednesday afternoon, consider to have links to jihadi cells, to befallen not just Russia . . . and we together with our col-
ing of a female form alongside photo- worshippers at that mosque were out- hold radical Islamist views or to pose a leagues will fight terror.”
graphs of Algerian landscapes. An raged at the suggestion. threat to national security. Monitoring Not all Russians accept this narrative. Some Putin critics
employee cheerfully explained that the “There’s nothing like that here,” said one of them for 24 hours requires at began trading conspiracy theories almost immediately
organisation embraces the liberal values Ahmed Iftikar, 40, from Pakistan. “That least 18-20 agents, who have to be after the crash. But following years of censorship and prop-
of the French republic. is not Islam.” Worshippers said Ami- rotated to avoid being recognised. To aganda emphasising patriotism, security and strong lead-
Amimour was no zealot growing up. mour was an infrequent visitor. They maintain surveillance over all of them, ership, such voices are rare. Meanwhile, having dissolved
He dressed like everyone else, played have issued a statement demanding Mr France would need to deploy 400,000 the pain over the crash in the perception that Russia is now
football, hung out. He gained a bacca- Lagarde produce proof if he has any. The operatives — more than three times the fighting shoulder to shoulder with its foreign partners
laureate and a permanent contract as a local Muslim association says that, far total number of police officers, gen- against the evil of terrorism, Mr Putin is charging ahead.
bus driver — a markedly better liveli- from recruiting for Isis, it has sought to darmes and soldiers mobilised nation- Moscow initially estimated the Syria operation to take a
hood than the sons of immigrants in spread word of the dangers of sectarian- wide in the wake of the attacks. Cher- few months, but now pledges to intensify it. Today parlia-
tougher banlieues can expect. ism. Salim does not believe his school- ished civil liberties create further con- ment is expected to debate the possibility of a ground oper-
Unlike other French jihadis, such as mate was radicalised there. “It must straints. For instance, police would have ation, an option so far categorically excluded by the Krem-
the trio that perpetrated January’s have been on the internet,” he says. been prohibited from tapping Ami- lin. “We will pursue [the terrorists] everywhere, wherever
attacks on Charlie Hebdo magazine and Salim remembers the day in October mour’s phone. they may hide. We will find them in any spot on the planet
a Jewish supermarket in Paris, or Ismael 2012 when armed police smashed down “You can protect the Eiffel Tower but and we will punish them,” Mr Putin said this week.
Omar Mostefai, his partner in the Batac- the door of the Amimour home. French not every restaurant in France,” says For Russians, this language is eerily reminiscent of that
lan onslaught, Amimour was not drawn intelligence believed Samy was bound Farhad Khosrokhavar, a sociologist who with which the president signalled the start of the second
into petty crime. “He was intelligent,” for Yemen to seek jihad. His parents told has spent two decades analysing Islam Chechen war in 1999. Having come full circle and once
says Salim, who asked for his surname the AFP news agency subsequently that in France and recently interviewed again put war at the centre of his political agenda, Mr Putin
not to be printed for fear of Islamist it was the “traumatic” experience of French fighters returned from Syria. He may sooner or later have to explain what lies ahead. In the
reprisals. Nonetheless, he added, Ami- being handcuffed and led away in front foresees deepening strife. “There will be second Chechen war, he promised a quick and decisive vic-
mour was easily influenced. of his family that sealed his determina- more violence towards these guys tory. Russia found itself bogged down for a decade.
Around 2012, Salim and others tion to fight alongside Isis. [young French Muslims] and that will
started to notice a change in Amimour. After his arrest, Amimour was increase radicalisation.” [email protected]

Serbia and Macedonia Democratic candidate

Southern Balkan border officials clamp down on migrants Clinton defends US Mideast strategy
ANDREW BYRNE — BUDAPEST Leros but his identity had yet to be con- six Greek islands. A Greek coastguard native passages. We are strengthening COURTNEY WEAVER — NEW YORK Kurdish forces to have greater involve-
ALEX BARKER — BRUSSELS
firmed. official in Lesbos, which receives about border control and registration but even ment in the US-led coalition against Isis,
KERIN HOPE — ATHENS Hillary Clinton yesterday called for
It is unclear whether the new meas- half the daily inflow, said: “We don’t that can’t assure 100 per cent accuracy,” and for US technology companies to
Washington and its allies to expand the
Southern Balkan authorities have ures were more widely agreed and co- expect numbers to fall unless the the official said. share more information with the gov-
frequency and scale of their air strikes
refused passage to thousands of ordinated. One European diplomat said weather turns stormy.” Macedonia has deployed regular ernment so that jihadi websites and chat
in Syria, impose a no-fly zone and give
migrants who are not fleeing wars in a the restrictions were leaving “hundreds The UNHCR in Athens said about 50 army and special forces units on the rooms could be shut down.
more power to the US’s military advis-
security clampdown following the stranded overnight”, warning the situa- per cent of arrivals are Syrians, 30 per frontier. In August, authorities in Sko- In her presidential campaign, Mrs
ers in the country.
Paris attacks. tion could deteriorate. A European cent Afghans and about 10 per cent Ira- pje, the capital, declared a “crisis Clinton faces a difficult balancing act as
Commission official declined to com- qis. The others are mostly from Paki- period” on its southern border and had But she ruled out sending thousands of she seeks to distinguish her foreign pol-
Serbian and Macedonian officials on ment on the moves. previously attempted pushbacks with US troops into Syria if elected president icy beliefs from those of Mr Obama
Europe’s southern flank have begun to Aid workers said about 200 people troops and tear gas. and largely stood by the policies of Pres- without disowning her record as secre-
deny entry to certain nationalities at the were being held overnight along Mace- Only Syrian, Aid agencies said hundreds of ident Barack Obama. tary of state — or alienating Democratic
Afghan and Iraqi
main crossing points on the Balkan donia’s northern frontier in container- refugees are being migrants were arriving at the site on an Speaking at New York’s Council on primary voters, who still support the
migrant trail to western Europe. type accommodation provided by the allowed to cross hourly basis yesterday morning and the Foreign Relations, the Democratic president’s policies to a large degree.
The screening began at 6pm on UN High Commissioner for Refugees. border points mood was reasonably calm. frontrunner used her half-hour speech In her speech, Mrs Clinton took an
Wednesday, with officials allowing only By mid-morning yesterday, about 1,500 Alexandra Krause, senior protection to articulate and defend the US’s strat- indirect swipe at Mr Obama. She said
Syrian, Afghan and Iraqi refugees to people, mostly Iranians and Moroccans, officer at the UNHCR, said: “Right now, egy in the Middle East and the policies the US should not be aiming just to
cross border points in Idomeni on had been prevented from travelling stan, Iran, Yemen, Somalia and everyone is waiting to see what the that she helped shape as Mr Obama’s “deter or contain Isis, but to defeat and
the Greek-Macedonian border and fur- north from Greece into Macedonia. Morocco. authorities will decide — whether the secretary of state. destroy Isis”, an apparent reference to
ther north at the Serbian-Macedonian They were waiting at the frontier while Authorities have struggled to record, decision to only allow these nationali- She said that a “more effective coali- Mr Obama’s comments a day before last
border. large emergency tents known as “rubb let alone verify, the identities of the new ties through is temporary or perma- tion air campaign” would be “necessary week’s Paris attacks when he claimed
The measures were imposed after halls” were being erected nearby. arrivals. One Macedonian official said nent.” but not sufficient. We should be honest Isis had been “contained”.
governments in the region launched an Countries along the so-called western border security was intensifying in the Serbian officials said fingerprints and about the fact that to be successful, air But for the most part she stood by the
investigation into whether one of the Balkan route are looking to provide wake of the Paris attacks, but cautioned other biometric data of all migrants strikes will have to be combined with president, refusing to critique his
suspects in the Paris attacks posed as a shelter for up to 50,000 people as winter against raising unwarranted fears that arriving in the country were being ground forces actually taking back more remark that Isis was a “JV” — or “junior
refugee and travelled into Europe via approaches but many are struggling to could harm genuine refugees. recorded. In Macedonia, aid workers territory from Isis.” varsity” team. She reserved her most
this route in early October. prepare usable accommodation. “Managing this is a major operation. said authorities had started a process of Mrs Clinton called on Congress to cutting remarks for Republican rivals
Greek authorities said the suspect’s Between 3,000 and 5,000 refugees are Not all migrants are coming to legally mandatory registration although they “swiftly pass an updated authorisation who have argued against accepting Syr-
fingerprints were taken on the island of crossing daily by boat from Turkey to marked crossing points, some use alter- do not record biometric information. to use military force”, for Sunni and ian refugees in the wake of the attacks.
Friday 20 November 2015 ★ FINANCIAL TIMES 7

FT BIG READ. PARIS ATTACKS

A thriving black market in firearms has made Belgium a launch pad for jihadis, who exploit the country’s
fractured security services. Now officials are scrambling to crack down on the illicit trade.
By Christian Oliver and Duncan Robinson

Belgium’s arms bazaar

W
hen Ayoub el-Khazzani racially motivated shooting rampage in of Belgium in Brussels in May last year.
stepped out of the toilet ‘We have Antwerp that year, killing two people The officials added that this cell was
on the high-speed Tha- seen a trend and injuring one. also behind a gun battle in the provincial
lys train from Amster- By that stage, however, a large pool of Belgian town of Verviers in January,
dam to Paris on August towards guns had built up in Belgium. “We had where two jihadis were shot dead and
21, he was brandishing a Kalashnikov micro got a reputation,” says Mr Duquet. “Peo- one was injured. Those fighters —
rifle and a 9mm pistol. A bloodbath was ple knew Belgium was a place to go to reportedly accomplices of Paris suspect
only averted after several passengers,
trafficking. buy guns.” Abdelhamid Abaaoud — had accumu-
Operational centre Many of Europe’s
recent high-profile terrorist attacks
including off-duty US servicemen, wres- You can Jihadis have made the most of the lated a formidable stockpile of Kalash- have links to the Belgian arms market
tled him to the ground and clubbed him
unconscious with the muzzle of his
probably combustible mix. François Molins,
the Paris prosecutor, says the cars
nikovs, handguns and bomb-making
equipment, and were planning attacks Legacy of war Some estimates say
assault rifle. buy an used in last week’s attacks drove against Belgium’s police, according to 90 per cent of the arms circulating in
It came as little surprise that Mr Khaz- AK-47 “almost in convoy” from Belgium, prosecutors in Brussels. Abaaoud was Belgium originates from the Balkans
zani had boarded the train in Brussels. where they were hired. At least one of killed in a raid on a property in St Denis,
Belgium has become Europe’s prime for around the cars carried Kalashnikov-type the French government confirmed yes- European plan A far broader effort on
launch pad for attacks by jihadis and, €300 weapons, part of what he describes as terday. sharing intelligence is needed to stop
according to many security experts, a “veritable arsenal”. Claude Moniquet, a former French arms trafficking, say Belgian officials
their favourite place to pick up guns [in the spy and co-founder of the European
smuggled from the Balkans. Balkans]’ Terror for sale Strategic Intelligence and Security Cen- they had stopped a car from Montene- Above: Belgian In the month after the bust in Charle-
Mr Khazzani’s lawyer made it sound Belgian officials have not said whether tre, said there was mounting evidence gro carrying eight AK-47s. authorities have roi, Koen Geens, the justice minister,
easy to acquire an AK-47 in the Belgian they have evidence that the guns were that the Belgian gun trade, once focused Ivan Zverzhanovski, head of the UN’s found it difficult announced that Belgium would take
capital. She said her client found his acquired in Brussels but, if so, it would on criminals, has expanded to providing South Eastern and eastern Europe to penetrate extra steps to break up the smuggling
Kalashnikov by accident in a suitcase fit a troubling pattern. In addition to Mr arms to jihadis. Clearinghouse for the Control of Small poorer districts gangs.
while sleeping rough in a park close to Khazzani’s failed train attack, most of Mr Moniquet said the black market Arms and Light Weapons, says many such as He has pushed through a measure to
Gare du Midi, known to commuters Europe’s recent high-profile terrorist for firearms, including gun runners people in the region still like to keep Molenbeek in reactivate the “committee for interde-
mainly as the Eurostar terminal. She attacks have connections to the Belgian around Gare du Midi, have seen prices guns at home. Some Montenegrins quip Brussels. Below, partmental co-ordination on illegal
added that Mr Khazzani only wanted to arms market. spike in line with the increased risk of that “a house is not a home without a a vigil in arms transfers”, which had largely been
hold up the passengers, not murder sales. Just a few years ago, an AK-47 with gun”. The number of unregistered fire- Molenbeek on forgotten since 2003. Its restitution is
them. 300-400 rounds included could be arms in Serbia is estimated to be much Wednesday for meant to improve intelligence-sharing
While security experts dismiss the acquired for about €400. Now, Mr more than 200,000, and authorities in those killed in between the departments of Belgium’s
suitcase story, few doubt Mr Khazzani Moniquet says, prices have risen to the country say it could be as high as the Paris attacks often-dysfunctional administration.
acquired his weapons in Brussels. €1,000 to €2,000. 900,000. Stephanie Lecocq/EPA
Co-ordination is difficult for the
Friday’s attacks in Paris, which killed “Trafficking arms to criminals is one Driving north to sell these weapons authorities in Belgium, which is divided
129 people, have turned the spotlight thing; terrorists is another,” he says. can prove lucrative. “We have increas- along linguistic lines and between
back on to the Belgian capital — and its “While arms traffickers can receive sen- ingly seen a trend towards micro traf- regional and federal administrations.
deprived Molenbeek neighbourhood — tences of two to three years, if you sell ficking since 2010,” Mr Zverzhanovski Brussels alone has six policing zones,
as a centre for returning jihadi fighters arms to a terrorist, you can expect 20.” says. “You can probably buy an AK-47 hindering the sharing of information.
looking to deploy the lethal skills they for around €300 [in the Balkans]. It’s Another politician from Mr Geens’
learnt in Iraq and Syria. In per capita The Balkans connection sometimes only small-time criminals, party, Sonja Becq, is proposing
terms, Belgium has seen more of its The flow of illegal guns into Belgium who can then drive that weapon hidden increased phone tapping to tackle arms
nationals go to the war zone than any began in earnest in the 1990s amid the in their car to Belgium or Sweden and traffickers.
other European country. Balkan wars and the fall of the Soviet sell it for around €4,000.” One of Mr Geens’ biggest concerns
After the attacks, president François Union. Mr Moniquet says a large Balkan Once those guns are in Belgium, Mr hinges on supposedly deactivated weap-
Hollande delivered an unusually scath- community built up during those years, Duquet says one of the country’s main ons from massive Soviet-era arms
ing assessment of Belgium’s role. “These when guns circulated freely around the weaknesses is simply geographical, as dumps.
acts of war have been decided and Heavily armed In January, Metin Karasular, a resi- fragmenting Yugoslavia, and former terrorists can evade detection by easily
planned in Syria, they have been organ- special forces dent of the southern city of Charleroi communist officials took to trafficking switching between the jurisdictions of
ised in Belgium and perpetrated on our soldiers outside who is under investigation for arms traf- their states’ vast and often mothballed different security services.
soil with French accomplices.” a house in ficking, turned himself in to police after munitions reserves. “This is not just Belgium’s problem.
Other European countries have radi- Molembeek — Dirk seeing pictures of two of the suspects in Mr Moniquet estimates that 90 per That is an exaggeration. There is a big
cal mosques, active terror cells and dis- Waem/AFP/Getty Images
the January plot in Paris that killed 17, cent of the arms circulating in Belgium arms trade in Paris, Marseille and Ber-
affected, unemployed young men who including 11 at the offices of satirical probably originate from the Balkans. lin, anywhere with high crime rates. But
are easily recruited by jihadi groups magazine Charlie Hebdo. “You have mountains of Kalashnikovs Belgium is a transit country. It is small
such as Isis. What Belgium adds to the Mr Karasular has denied selling in Bosnia, Serbia and Croatia,” he says. and difficult for police to intervene. You
mix, analysts say, is a long, troubled his- weapons to Amedy Coulibaly — the mili- When you take in people, you take in can drive in from France — drive in and
tory of lax gun laws and a pedigree of tant who stormed a kosher supermarket their luggage. Smuggling is a living tra- out in an hour. It is hard for police to
gun manufacturing, led by FN Herstal in the hours after the Charlie Hebdo dition for these guys.” stop a deal.”
in the Wallonia region. The country has assault — and insisted he merely helped Police in the Netherlands have com- In terms of the arms caches held by
an unusually high number of people someone buy a car that had belonged to plained that drug gangs have been jihadis, Belgian authorities find it diffi-
with technical and commercial exper- Coulibaly’s girlfriend. Mr Karasular’s increasingly using Kalashnikovs rather cult to penetrate poor neighbourhoods
tise in guns. lawyer says his client voluntarily than handguns because of their ready such as Molenbeek, home to a large
Nils Duquet, an arms expert at the approached the police to avoid any mis- availability in Belgium. community of north African origin.
Flemish Peace Institute, notes that until understanding as soon as he saw Couli- While security experts argue that Security officials say it is common for
2006, purchasers could buy guns simply baly and his girlfriend identified on tele- there is a large pool of guns in Belgium militant cells to use safe houses, where ‘You have Technically, deactivated arms are
by showing an ID card. The government vision. The girlfriend, Hayat Boumeddi- from the Balkans wars, they note that an weapons are permanently ready for only meant to be suitable for use as stage
only tightened its rules after 18-year-old ene, is believed to have fled to Syria. “ant trade” continues, with smugglers returning foreign fighters. Such pickups mountains props or collectors’ items. But former
skinhead Hans Van Themsche went on a In addition, security officials told the bringing small numbers of guns from are quick and hard to intercept. of [guns] in eastern bloc countries have widely dif-
Financial Times that Mr Khazzani southeastern Europe. Shortly before the fering standards on what deactivation
belonged to the same cell as Mehdi Paris attacks, German authorities said Co-ordinating the response Bosnia, means, and many of the weapons can be
Nemmouche, a French-Algerian who Belgium’s status as a smuggling hub Serbia and fixed to fire again. In several countries,
killed four people with a Kalashnikov grabbed headlines in July, when the the stockpiles have been looted, most
in an attack on the Jewish Museum police dismantled a gun-running ring
Croatia. spectacularly in Albania, where more
around Charleroi and seized dozens of When you than 100,000 weapons are believed to
small arms. The smugglers had been
brazenly faking the signature of the
take in have been stolen.
Mr Geens stressed that Belgium could
minister-president of Wallonia on people, you only combat the arms traffickers as part
import documents. take in their of a far broader European effort on shar-
ing intelligence.
luggage’ The Belgians acting alone, he says,
could never be “masters of the game”.
Additional reporting by Andrew Byrne
and Jim Brunsden

Crime a small town in Wallonia. Police also

Firearms deaths high by had to change a bus route in an
affluent suburb of Brussels after
European standards suspecting that the windows of
one bus had been shattered by a
Shortly before Christmas in 2011, stray bullet.
Nordine Amrani opened fire at According to the UN’s latest data on
shoppers in the Belgian city of Liège, homicides by firearms in Belgium, from
killing five people and injuring 125 with 2004, the country had a relatively high
an FN FAL assault rifle and grenades. death rate by European standards.
At the end of his bloody assault, he
shot himself. The attack had no links
The rate of homicides caused by
firearms was 0.7 per 100,000 deaths.
€4,000
to jihadism, and the authorities That meant that Belgium’s rate was Estimated price of an AK-47 (pictured)
concluded that Amrani was mentally similar to those of Italy and Bulgaria — plus its ammunition on the Belgian
ill and obsessed with guns. countries notorious for organised black market. It was once as low as
Although jihadis have cast the crime. Britain’s rate hovers around 0.1. €400 for the rifle plus 300-400 rounds
spotlight on Belgium’s gun culture, Still, by international standards, of ammunition
Claude Moniquet, a security analyst Belgium remains safe. The US rate is
and former French spy, stresses that around 3 or 4. In Honduras, it is an
95 per cent of the weapons are
destined for criminals with no relation
astonishing 64.
Separate sources also suggest that
€300
to terrorism. Belgium has become safer. Data Possible cost of that gun in the
Gun crimes are hardly a collated by Gunpolicy.org, a research Balkans. Up to 90% of illegally held
rarity on the news in site hosted by the University of arms in Belgium could be from the
Belgium. In the days after Sydney, said 36 people were shot region
the terrorist attacks in Paris, a dead in 2010, down from 95 in 1993
young man was shot dead in and 70 in 1999. This pulled
the gun
homicide rate
900,000
down to 0.33 Illegally held arms in Serbia, according to
in 2010. some official estimates. The exact
number is not known
8 ★ FINANCIAL TIMES Friday 20 November 2015

Letters
Email: [email protected] or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: [email protected]

Schengen can work with better intelligence Burning more fossil fuels is
no answer to air pollution
Sir, Matt Ridley (Letters, November
Sir, The Schengen zone is often referred for the economy. Moreover, the efficacy response to the challenges” it now faces 18) wants to dispute and dismiss the
to as one of the central tenets of the of checking motorway borders has to and “intelligence sharing must be role of fossil fuels in most of the 7m
EU; however, it is not sacrosanct from be questionable since there are made to work in practice, as well as in deaths from air pollution worldwide
a merely ideological point of view but numerous smaller roads that cross principle”. If it wasn’t so tragic, the fact each year. However, he fails to
also from a practical perspective. countries’ borders which are easily that Saleh Abdeslam was apprehended acknowledge that the World Health
I am one of the 83,000 cross-border accessible and are not monitored now, by police as he crossed from France Organisation noted that coal, as well as
workers who travel from France to nor were they in pre-Schengen days. into Belgium on Saturday morning and wood and biomass, burnt for cooking
FRIDAY 20 NOVEMBER 2015 work in Luxembourg everyday. Forty- It isn’t difficult for a criminal to evade then let go on his way, would be and heating, is a major source of the
five per cent of Luxembourg’s customs or police checkpoints. I live laughable. It is imperative that the indoor air pollution linked to the
workforce is made up of more than in a village 300m from the France- intelligence services in Schengen-zone deaths of 4.3m people each year. He
149,000 workers who travel daily from Luxembourg border on a route countries up their game and ensure also omits any mention of the deaths of
Belgium, Germany and France. Since nationale. Since the border controls frank and efficient sharing of the 3.7m people who are exposed to

Better late then never Tuesday, border controls have been

reinstated on the French motorway
and they have paralysed roads for
were reinstated on the motorway
people are simply travelling through
my village where there are no checks.
information.
We must not allow the anti-
immigration element to take advantage
outdoor air pollution, most of which is
produced by the use of fossil fuels for
power, industry and transport.

for banking discipline more than three hours in the morning

and evening. Many workers have given
up trying to get to work and gone home.
The knee-jerk reaction of installing
more border controls might be a
crowd-pleaser but it is not a sustainable
of this tragedy in order to pursue their
policies. Neither must we allow the
rightwing, anti-immigration element
The WHO warns that these figures
cannot simply be added together as
about 1m of these people whose lives
While everyone is patient and policy any more for many Schengen- in France and Belgium to throw up a are cut short are exposed to both
The report into the collapse of HBOS is right to seek punishment understanding of the need for the zone countries. Your editorial “The smokescreen; the terrorist threat in indoor and outdoor pollution.
checks in the aftermath of last Friday’s shadow of Paris hangs over Schengen”, Europe is largely homegrown. Precision is not possible here but it
Had the Bank of England’s damning discipline. They were overseen by a atrocities, this is clearly unsustainable November 17) quite rightly points out Fiona Templeman does seem reasonable to conclude, as
report on the 2008 failure of HBOS, one board with even less expertise, run by a in the long term without implications that “Europe needs a common Évrange, France I did in my letter of November 12, that
of the UK’s largest banks, been com- chairman who did not encourage open “7m people worldwide die each year
pleted a few years ago, it would have discussion, which failed to challenge due to indoor and outdoor pollution,
been very welcome. By naming the sen- them or the executives under them. Envoys of peaceful Islam Levy a temporary tax mostly caused by the burning of fossil
ior executives and board members who Meanwhile, the FSA, which was sup- fuels”. Internal air pollution is indeed a
ran HBOS “without due regard to basic posed to ensure that the UK’s biggest have a battle to be heard to aid economic recovery major issue, as I and many others have
standards of banking” and recom- banks did not run aground and put the Sir, While Georgina Butler (Letters, Sir, Martin Wolf has identified the emphasised, but Lord Ridley seems to
mending that several face possible taxpayer at risk, was broadly deficient November 18) may be expressing a critical corporate problem for the want to argue that it follows from this
bans from working in the industry, it in its job. It operated within the prevail- generally held disappointment that British economy — the excess of that we can dismiss the importance of
clarifies responsibility. ing political assumption of the time Muslim leaders are not gaining corporate savings as the state and external air pollution.
One drawback is that it took so long that the FSA “had to be ‘light touch’ in coverage for condemning the abuse of household sectors are deeply in debt Moreover, Lord Ridley is trying to
— seven years since the financial crisis its approach and mindful of the UK’s their religion by Isis and other violent (“The corporate contribution to the obscure the key issue: that the
— and another inquiry will be needed competitive position”. Responsibility extremist groups, she fails to observe savings glut”, November 18). consumption of fossil fuels kills many
to sanction the individuals criticised. It for the consequent disaster was spread that such people would be doing so at Some years ago in my evidence to a millions a year now and in the future
is hardly surprising that many believe from the bottom of the bank to the top grave risk to their own lives — as Treasury select committee inquiry I from air pollution and climate change.
that bankers escaped too lightly from of the administration. witnessed by the fatwa imposed on proposed a temporary tax on quoted Your article about the severe air
having caused the crisis, and that little In theory, the merger of Halifax and Salman Rushdie (whatever you may companies returnable after a period of pollution problems in New Delhi and
has been done to stop the same disaster Bank of Scotland should have allowed think of his books and views). sustained corporate investment and other Indian cities (“Gasping for air”,
happening again. As the report makes the latter to curb a reliance on whole- Nonetheless, Muslim scholars have economic recovery. The quoted The Big Read, November 18) illustrates
clear, earlier efforts to investigate the sale funding created by a lack of and do put their lives at risk to corporate sector is always the first to this clearly. It is simply absurd to argue
culprits were mishandled. branches in England and Wales. In condemn and argue the case for benefit from the effect of government that the burning of fossil fuels is the
A second one is that the regulators practice, the bank’s executives took it peaceful Islam. One example is the stimuli as looser monetary conditions best way to reduce air pollution.
themselves — and the politicians who as a launching pad for a headlong push paper entitled “Open Letter to Dr flow quickly into share prices. We can radically reduce both local
established the “light touch” regula- into high-yield lending, particularly in Ibrahim Awwad al-Badri, Alias Abu consider payments to Isis as true Quantitative easing doubled this effect air pollution and greenhouse gas
tory regime for the City of London that property. Strangely, given the long his- Bakr Al-Bagdadi, and to the fighters “zakah” and a fulfilment of their duty but failed to reach the consumer. emissions, and create a much healthier,
encouraged the HBOS failure — do not tory of banking crises, they saw prop- and followers of the Self-Declared to give to charity. Let’s not misinterpret Therefore the corporate sector saw no wealthier and more productive world,
face similar action. Although it erty lending as “safe”. ‘Islamic State’” of September 19, 2014, and denigrate another Arabic term that reason to risk investment with no by making the very attractive
severely criticises the Financial Serv- Some lessons of the failures of both signed by 117 very brave and plays a vital role in Islam, like so many obvious consumer demand. investments which allow us to move
ices Authority — now succeeded by the European and US banks in 2008 have committed peaceful Muslim scholars already have with “jihad”. Temporary corporate taxation in strongly and urgently away from fossil
BoE’s Prudential Regulation Authority clearly been learnt. Capital and liquid- and leaders. It can be found at Jamil Batcha order to reduce consumer taxes and fuels. It is disingenuous to pretend
— the official inquiry ends up treating ity standards have been tightened and www.lettertobaghdadi.com. Wanchai, Hong Kong boost corporate activity (and otherwise.
officials more leniently. supervisors are no longer instructed to Publicly berating our good Muslim government revenue) has a history in Lord Stern of Brentford
Despite the flaws, it should be com- defer to bankers because they are compatriots only plays into the hands Deploy social media police other European countries and should IG Patel Professor of Economics and
pulsory for any banker, or board direc- bound to know their trade. These of violent extremists such as Isis who be applied in this case in the UK. Government, London School of Economics
tor of a public company, to read this institutions are structurally sounder, seek to divide our society. Many of us against messages of terror Rodney Atkinson London WC2, UK
painful account of how HBOS failed. It although it remains to be seen how long share her desire to see such Sir, I accuse social media over the tragic Stocksfield, Northumberland, UK
was, as Andrew Bailey, the BoE’s dep- caution endures. condemnation on the front pages of events in Paris last Friday, November Proposals for Osborne that
uty governor, writes, “a simple bank But it remains striking that such a newspapers, but perhaps Ms Butler 13. On Monday, John Brennan, director Britain depends on a will not hurt the party
that nonetheless managed to create a widespread failure of one institution should put herself in the shoes of such of the CIA, blamed the “hand-
big problem” by expanding rapidly into and its supervisors should until now people before berating their lack of wringing” over intrusive government wider and dynamic world Sir, I have two suggestions to make to
commercial and property lending on have resulted only in the sanctioning bravery (as might all of us comfortable spying and leaks about intelligence Sir, It is absurd for Alastair Forsyth Oliver Rowse (Letters, November 17).
the flimsy foundation of short-term and fining of one executive — Peter westerners). Would she consider programmes for making it harder to (Letters, November 18) to say that a First, the chancellor should remove
wholesale funding. Cummings, the former head of corpo- adding her signature to the letter? identify the “murderous sociopaths” of vote for Brexit means walking off the the 2.5 per cent element of the triple
Neither of its two chief executives rate banking. That is neither fair nor Michael Ledzion Islamic State. I believe it is time to world stage. In or out of Europe, the lock for state pensions. It was included
following the 2001 merger of Bank of prudent. No matter how many worthy Cambridge, Cambs, UK reopen a clamorous dialogue over UK is a major player in the world at a time when inflation was far higher
Scotland and Halifax Building Society inquiries are made, individual profes- surveillance over social media and whether it likes it or not, being, for and is becoming socially decisive.
had much banking experience and sional accountability is the surest way Meaning of Islamic terms telephone calls. The debate over example, an even bigger economy Second, the inheritance tax threshold
they failed to impose any clear risk to change behaviour. surveillance has become too polarised. than Russia. should be reduced and the special
lost in fight against Isis The rush to extreme measures after The vast majority of countries in the exemptions that apply to first
Sir, In “Inside Raqqa” (November 18) 9/11 was counterproductive, but in world do not have to be members of residences for the assessment of care
you refer to the tax (or tribute) that recent years, the sweeping the EU to trade with it and the UK does home fees should be removed. Why
business owners must pay to Isis as condemnation of all surveillance by not have to make its decisions exempt houses and not productive
zakah or a religious tax. In actuality, some critics is an overreaction too. dependent on the approval of more assets or other investments? It makes

Debt burdens weigh on zakah is more commonly known to

more literally mean “grow in goodness”
and alludes to purifying one’s wealth.
In the days when Facebook scans
millions of pictures daily to find out
which ones are “inappropriate” or too
than 20 other European nations, many
far smaller, with different legal systems
and economic objectives to itself.
no economic sense.
The Tory supporters in the shires
and their MPs might complain but it is

the emerging markets In a modern context, zakah is

understood as giving to charity and is
one of Islam’s five pillars and thus
“sexually explicit” then removes them
within hours, censuring and cancelling
accounts within minutes, it is
The “Little Englander” mentality
seems to be far more apposite to those
who think that this nation depends on
hard to believe seats would be lost. One
Nation Toryism would be reinstalled.
Keith Billinghurst
mandatory for all Muslims. inexcusable not to have that Europe for its existence than to those London SE9, UK
Policymakers must be prepared to face up to a substantial threat Though Isis may consider the tribute puritanical fervour employed by social who have the confidence that we, like
it demands from the unfortunate media to police itself from the other nations, depend on a wider and COMMENT ON FT.COM
Warren Buffett’s magisterial dictum bailouts and regulatory forbearance to business owners in Raqqa as “zakah”, numerous jihadi messages that occur perhaps more dynamic world in which The Exchange
about the aftermath of financial booms keep the show on the road. This risks I doubt that such business owners as everyday. we can more effectively play our part. Dambisa Moyo: How an ageing population is
has now become conventional wisdom: the kind of prolonged malaise that well as refugees from the Middle East Carlos T Mock John Read driving the decline in equities
only when the tide has receded can you afflicted Japan after the bursting of the and most Muslims worldwide would Chicago, IL, US London NW11, UK www.ft.com/theexchange
see who has been swimming naked. 1980s bubble: banks weakened by bad
In the case of emerging market coun- loans clogging up their balance sheets;
tries who have spent years wallowing in failing companies kept afloat; excess
cheap money, however, the issue is
complicated by the changing identity
industrial capacity creating gluts and
threatening chronic deflation. Poison pills may A question for the gentlemen: would
you take a male contraceptive
Because such an approach would
work only when those cell “doorways”
provided 20m pesos ($1.2m) in
funding, initially for three years.
of the bathers in the water.
Traditional debt busts in emerging
It is easy to see why the Chinese and
other authorities might prefer avoiding be a perfect male pill made with scorpion, spider or
snake poison?
are blocked, it would also be fully
reversible. That may make it easier to
The scientists, based at the UNAM’s
institute of cellular physiology and
markets, from the Latin American cri-
sis of the 1980s to the Asian financial
turmoil of the late 1990s, generally
the debt nettle to grasping it. Although
falling short of the official growth tar-
get would undoubtedly weaken Bei-
contraceptive If you answered “not on your life”,
Mexican researchers would like you
to think again. They believe that
swallow something made from animal
venom. “If it’s proved to be safe, I’d
take it,” says Fernando González, a 53-
institute of biotechnology (IBT), used
much of the money to buy a special
robot, the only one of its kind in Latin
used to be centred on sovereign bonds, jing’s credibility, a full-blown debt cri- substances in the venom of such year-old chauffeur. “We have a big America, Mr Darszon says. It uses
usually contracted in dollars and often sis and recession, with swaths of banks creatures could block proteins, which population; there’s a lot of us human liver cells, hamster cells and
linked to the collapse of a currency peg. and companies going bust, would have act as “doorways”, on the membranes Mexicans.” sperm from rats and paid student
But the build-up of debt in emerging more severe political consequences. of sperm cells in such a way as to stop Others were adamant that venom donors to test whether venom can
markets over the past decade has been It is already evident from China’s them fertilising female eggs. was a no-no. “If it’s toxic, forget it. I inhibit the ionic channels.
disproportionately concentrated in the management of its exchange rate — Indeed, a poison pill sounds wouldn’t dare,” says Pedro Juárez, 60. The team is working its way
corporatesector,ofteninlocalcurrency. and more generally its painful transi- positively palatable alongside some of Women are also divided on its through the IBT’s catalogue of 900
Total private sector debt in emerging tion from an export-oriented manufac- the more unpleasant options under merits. “I’d welcome it,” says Rocío worldwide toxins to see if any affect
markets is now equal to more than 100 turing model to a domestic demand- development or on trial. These Negrete, who works in marketing. the two sperm channels that have
per cent of annual gross domestic prod- driven service economy — that Beijing include a polymer gel injected into the “And it’s natural, too.” But Flor precise functions necessary for
uct, higher even than it was in devel- has a habit of trying to make large scrotum with the promise of long- Martino, 26, an actress, has doubts. fertilisation. They have examined
oped economies on the brink of the glo- moves in a series of small steps, revers- lasting contraception that is “likely” to “An intelligent woman won’t trust a about 150 so far.
bal financial crisis in 2008. ing them to avoid short-term disloca- be more reversible than a vasectomy. man who has had to remember to take While other researchers are also
In fact the problem may be even big- tions. It would hardly be a surprise if It is fitting that the quest for a male a pill,” she says. targeting ionic channels, Mexico has
ger, given that data on private sector that mode of behaviour were to emerge contraceptive should be conceived in Mr Picones, a biologist who worked the extensive poison catalogue and
emerging market debt are imperfect. again in the face of a debt crunch. If it the country where the active for 13 years in the pharmaceuticals many of the animals. “I wouldn’t
Some of the cheap money created by did, long-term growth prospects for ingredient of the female pill was industry in the US, is nevertheless venture to say that we are the only
the US Federal Reserve’s quantitative China and emerging markets as a discovered. Carl Djerassi, the chemist banking on women to “sell the idea” to ones using toxins. But in the
easing that found its way to emerging
markets came via the “shadow bank-
whole would suffer.
The euphoria surrounding emerging Mexico City known as the father of the
contraceptive pill, made his biggest
their partners. It could be a struggle in
a country where the government
[scientific] literature, there has been
no study on toxins,” Mr Darszon says.
ing” system, where flows are harder to
record. Many emerging markets have
markets as an asset class started before
the global financial crisis and was rap- Notebook breakthrough in Mexico, working with
a small team in the early 1950s to
organises workshops on “alternative
masculinity” to educate macho men
Arlet Loza, in charge of screening
the samples, has examined tarantula,
also borrowed from China’s opaque idly resurrected afterwards. That discover norethindrone, the synthetic that it is not OK to hit their wives; and scorpion and coral snake venom so
development banks to a substantial but excessive enthusiasm has now, fortu- by Jude Webber hormone that makes the pill work by where the teen pregnancy rate is by far. “We have seven or eight
unknown degree. nately, very largely dissipated. But it mimicking the effects of pregnancy. far the highest in the OECD. candidates,” she says. “But we can’t
The classic emerging market crisis was in place long enough to create a Now Alberto Darszon, Arturo It is early days. Mr Darszon, a wiry yet say, ‘yes they work’.”
ends with a sudden shock and a severe misallocation of capital that could take Picones and Arturo Hernández, at academic with a long bushy beard, is “We’re looking for a needle in a
economic adjustment — often includ- several years and many billions of dol- Mexico City’s Autonomous university an authority on sperm and has been haystack,” said Mr Hernández. “We
ing a debt writedown — that clears the lars of losses to sort out. (UNAM) believe the unique nature of studying ionic channels for 30 years. haven’t seen a glimmer of it yet. But
way for countries to grow again. The Many emerging market policymak- the proteins on the membranes of But the male contraceptive research we are confident we will find some
risk today, particularly in countries ers have a difficult and uncertain sperm cells — known as ionic channels project has been running only for two, needles in there along the way . . . we
such as China with deep-pocketed gov- future. They can start by recognising — means there would be no disruption in partnership with the Mexico City think Mother Nature is wise.”
ernments, is of a different denoue- that they are facing a potentially very to the functioning of the rest of the government’s ministry of science and
ment: a series of partial short-term serious problem. The easy good times cells. In short: no side effects. technological innovation, which [email protected]
fixes via state interventions such as have gone; the hard work lies ahead.
Friday 20 November 2015 ★ FINANCIAL TIMES 9

Comment

Invisible threats that insurers cannot measure America’s mixed

maritime signals
FINANCE
expense. “We don’t consider ourselves a
target of terrorism here in Idaho,” says
city initially estimated at $40bn but it
was at first unclear whether insurers
insurance industry is expected to
absorb the first $37.5bn of losses from an
cost might be handled. In the past cou-
ple of years the insurance industry has in the South
Gillian
Tett
Mr Marsh. “It’s rural.” Nonetheless he
concludes: “We are in a changing world
and we may need to look at this further
had to pay out for terrorist risks. Mean-
while a bitter dispute erupted in the
insurance world about whether the
attack, after which the government
steps in.
And that, in turn, has persuaded US
started to offer policies against cyber
hacking in a general sense; surveys sug-
gest that between 30 and 50 per cent of
China Sea
down the road.” event should be defined as one attack or insurance groups to offer cover to busi- large American companies now have
This shows the degree to which the several. Indeed the risks were so hard to ness and government entities — such as such policies in place.
shadow of terror — or, more accurately, model that many insurance companies the officials in Kuna — and kept terror- But cyber terrorism is shrouded in
reports about terror — is spreading into stopped offering cover at all. ism insurance fees relatively stable. legal uncertainty, and the costs of an OPINION

U
ntil recently the civic lead- unlikely places. It also highlights a big- Since then, many legal uncertainties But the bad news for corporate and attack are hard to model. There is also
ers of Kuna, an Idaho city of ger dilemma for corporate and civic civic leaders is that cyber terrorism is deep uncertainty about what role the Euan
15,200 people, did not leaders. presenting a whole new wave of uncer- government might play in America and, Graham
spend much time thinking As the world reels from the horror of The bad news is that tainty. Until now, when the intelligence most crucially, whether the federal
about the cost of global ter- the Paris attacks, it casts the spotlight on community — and the insurance indus- guarantee could be invoked if an attack
cyber terrorism is

W
rorism. Now, however, they are doing a question that needs more debate: can try — have tried to measure the cost of occurs. hen a US Navy des-
just that. As the city prepares to set its institutions protect themselves from presenting a whole new terrorism, they have tended to focus on This suggests that there is now an troyer sailed past the
2016 budget, its treasury office has been the financial risk of terrorism — and do physical attacks. This week, for exam- urgent need for Washington to develop a Spratly Islands in late
debating a new question: should Kuna so in an effective way? wave of uncertainty ple, the Institute for Economics and clearer framework; indeed, the whole October, much of Asia
spend an estimated $40,000 of taxpay- The answer is yes and no.The good Peace, a think-tank in Australia, pub- tangled question of who should pay for breathed a sigh of relief.
ers’ money to buy an insurance policy to news is that in the past decade the insur- have been ironed out (at least for tradi- lished a report suggesting that acts of cyber defences is badly in need of The administration of President Barack
recoup damages if their city is ever hit ance industry in the US and Europe has tional terrorist risks) and governments terror cost about $52.9bn globally last greater debate. Obama had put deed to the insistence of
by a terrorist attack? Or is that a waste of made huge progress in establishing a have created implicit and explicit back- year, the highest tally seen since 2001. But sadly this may not happen until a Ashton Carter, defence secretary, that
funds? framework for dealing with traditional stops. That calculation refers almost exclu- big terrorist cyber attack hits. In a the US “will fly, sail and operate wher-
In the event the city council voted terrorism threats — the types of attack In 2002, Congress introduced a law sively to physical assaults, however, hyperconnected world, cyber terrorism ever international law allows”. A line
against taking out the policy. John that occurred in Paris, which kill people guaranteeing that the US government since cyber terrorism has hitherto not could deliver damage on had been drawn in China’s “Great Wall
Marsh, the city’s treasurer, says Kuna is and damage properties. will absorb catastrophic physical losses been very visible. a whole new level, be that in Paris, of Sand”, demonstrating US freedom to
already partly covered by a county-wide Such progress was badly needed. The resulting from terrorism; it was But the risk of cyber terrorism is ris- Washington or Idaho. operate at will in the South China Sea.
policy, and the risks in the state do not attack on New York’s World Trade renewed this year. The formula is fiend- ing fast. And the problem is that, if an Relief has since turned to puzzle-
necessarily justify the additional Center in 2001 resulted in a bill for the ishly complex — but essentially the attack did happen, it is unclear how that [email protected] ment. As details have emerged, they
have given rise to confusion over what
the USS Lassen did and did not do. The
US has been accused of sending mixed
signals. And the administration’s wall of

Paris must
silence on the mission has not helped.
The US continues to express concern
over Chinese intentions. Mr Obama said
in Manila on Wednesday: “We agree on
the need for bold steps to lower ten-
sions, including pledging to halt further

shake Europe’s
reclamation, new construction and mil-
itarisation of disputed areas in the South
China Sea.” But the Lassen’s mission
may in fact have strengthened Beijing’s
legal hand by tacitly acknowledging a

complacency
territorial sea around one of its new arti-
ficial islands.
We know it was warned not to enter
“Chinese waters” as it passed within 12
nautical miles of Subi Reef, a formerly
submerged natural feature on which
China has built an artificial island. We
know its crew talked chow with their
treated as a staunch ally even as it Chinese naval shadows. But vital specif-
GLOBAL POLITICS exports the extreme version of Islam ics remain unclear, such as which other
that informs the murderous credo of the small features the destroyer passed in
Philip jihadis. Then there is a welcome
Stephens afforded Egypt’s president Abdel Fattah
al-Sisi whose violent repression of the
Muslim Brotherhood opens the door to
As details have emerged,
Isis. With its oil and autocrats, the Mid- they have given rise to
dle East is a graveyard for anything pre- confusion over what exactly
tending to be a principled foreign policy.
the USS Lassen did

T
here is an impulse in None of these hypocrisies can be held
Europe’s political dis- up in exculpation of the tyranny of the
course, by no means the self-styled Islamic State. Those who underpinnings. Somehow it is easier to ance will shift somewhat in the after- its strongholds, though the case for the Spratlys and how it operated as it
exclusive property of the think it better to explain than condemn blame the west than to admit that there math of the Paris attacks. fiercer military action is a strong one. steamed by. Unnamed US government
left, that assumes nothing forget that by far the greatest number of are those for whom freedom, tolerance The original sin was the assumption Fighting means recognising that the val- sources have insinuated that the war-
bad happens in the world without it victims of Isis’ crimes are fellow Mus- and the rule of law are natural enemies. that the end of the cold war did indeed ues that form our societies cannot be ship invoked the protocol of “innocent
being somehow the fault of the west in lims in Iraq, Syria and, most recently, We saw this when Mr Putin over- mark the end of history. The compla- taken for granted; that the postmodern passage”. This is a subdued mode of con-
general and the US in particular. This is Beirut. Or that the caliphate replaces turned the continent’s postwar security cency straddled the boundary of eco- order imagined after 1989 is at very best duct that applies to a state’s territorial
the mindset that casts Saddam Hussein liberty with theocratic intolerance, sub- order by sending his army into Ukraine. nomics and politics. Liberal markets some way off; and that even as they con- sea, which under the UN convention on
as a victim, Hugo Chávez a hero and jugates women and murders homosex- The reaction of many on the right as well would create permanent prosperity, front the enemies of freedom and toler- the law of the sea extend to 12 nautical
Russia’s Vladimir Putin as a bulwark uals. The idea that the west should as the left was to mutter that the fault while political pluralism would become ance European governments must miles.
against Nato expansionism. The mass shoulder blame rests on a corrosive lay with Nato’s decision to welcome the the default system of governance. The address deprivation and marginalisa- If there was strategic logic to the oper-
murder of Parisian concertgoers and moral relativism blind to the essential new democracies of eastern and central international order would be remade in tion within their societies. ational caution of the Lassen’s transit, it
Russian tourists may be crimes, but evil of those who kill and maim. Indis- Europe. the image of European multilateralism. This in turn demands a willingness to could either be to probe China’s res-
they are surely also the product of criminate murder is wicked. It demands There are many more who have The first of the illusions was shattered admit there will be costs. But then any- ponses; or it could be that it was scripted
unprincipled great power intervention. unvarnished condemnation. Full stop. decided in the wake of Edward Snow- by the financial crash of 2008, but gov- one who has glanced at the history of the in such a way as to mollify hawks at
Listen to Jeremy Corbyn. The leader You could ask whether anyone cares den’s revelations that the principal ernments and electorates have held on 20th century will know that today’s lib- home while keeping Sino-US relations
of Britain’s Labour party cannot censure what Mr Corbyn thinks. The Labour threat to Europe’s freedoms comes from more tenaciously to the idea that erties came at a price. Nor should we on track during east Asia’s summit sea-
the outrages of extremist jihadis with- leader’s formative memories are of the the electronic “snooping” of domestic democracy is the natural destination of imagine that governments will not have son — with an eye on securing a global
out reference to the supposed crimes of Vietnam war and the nasty campaigns intelligence services rather than from politics. When things have gone wrong to make ugly compromises — not least climate-change agreement with China’s
the US: the siege of Falluja, say, or killing waged by the CIA in central and Latin jihadis wielding Kalashnikovs and — the terrorist attacks of al-Qaeda and in Syria — if some order is to be restored. co-operation in Paris. Or perhaps it was
rather than arraigning Osama bin America during the 1970s. He has not wearing suicide vests. Hopefully the bal- now Isis and Russia’s revanchism — the Above all, it is time for Europeans to meant as a ladder for Beijing to climb
Laden. “We have created a situation stepped out of the time warp. He will instinct has been to treat them as excep- celebrate what they have built and rec- down from its assertive stance and to
where some of these forces have grown,” never be prime minister. Even Fidel tions. The curtains, though, have now ognise it is under threat. The streets of clarify the nature of its claims within the
was Mr Corbyn’s reflection on the
slaughter in Paris.
Castro thinks it is time to move on.
Yet Mr Corbyn’s response illuminates
The idea that the been torn open, not least by the influx of
refugees fleeing violent chaos on
Paris this week have seen a heartening
resolve not to be cowed by the murder-
disputed “nine-dash line”.
The point is we do not know. What-
There is no shortage of criticisms to be a broader strand of European thinking west should shoulder Europe’s periphery. ers. If Europe does not stand up for its ever signals the US was trying to send
made of the west — and they do not start
or end with the invasion of Iraq. I find it
— a complacency that takes for granted
the Enlightenment and has sapped the
blame rests on a corrosive What is required is a readiness to
fight. This means a lot more than simply
values, who else will? have been lost in translation. Reports
that a US B52 bomber subsequently flew
shocking that Saudi Arabia is still willingness to defend its essential moral relativism sending more warplanes to attack Isis in [email protected] near the Spratlys have not dispelled the
ambiguity surrounding US intentions.
The US is not helped by the fact that it
has not ratified the convention, even as
it asserts the rights that treaty defines.

Let them eat lobster — it was never the food of kings This is the element of exceptionalism
that undercuts Washington’s efforts to
claim the moral ground in the South
China Sea. The US Navy adheres closely
to the convention — but nothing short of
them ourselves. They are plentiful, at no turies we can assume London’s dock cated. It is also delicious, combining a prolifically, moulting more regularly ratification by the Senate will satisfy in
OPINION particular risk of extinction, and utterly labourers were ordering oysters at a far cream sauce enriched with eggs, sherry and growing up to 2m in leg span. the court of world opinion. Hawkish
delicious, having sweeter and better- greater rate than the wealthiest occu- and mushrooms with a gratin topping. They were so successful that they critics of Mr Obama’s foreign policy
Tim textured flesh than fish. They survive in pants of the City can afford to today. While some restaurants still feature began migrating across the ocean floor must grasp that US moral leadership in
Hayward a wide range of sea temperatures and As industrialised cities developed, oyster and lobster as premium dishes, it in vast packs. Spider crabs the width of defence of the international rules-based
are easiest caught by simple and sus- what we would now call “supply chains” is not unusual to be offered oysters, cars are, even now, moving along the order begins at home. Senator John
tainable methods. were created and preserved, packaged, fried or baked, as affordable starters — bottom of the North Sea towards the UK McCain, a Republican supporter of rati-

T
oday we regard the oyster Like oysters, the creatures’ ability to tinned and eventually chilled products something never seen a few years ago. In coast, eating everything in their path. It fication, has formally requested clarifi-
and lobster as luxury foods, survive out of water meant they could became the more convenient diet. Pres- the run up to Christmas, the discount is the stuff of science fiction movies. cation about the Lassen’s mission from
but it has not always been be transported far inland and supply tige restaurants, though, never fell out supermarket chains Lidl and Iceland are At the moment, Kamchatka crab is a Mr Carter.
so. Oysters have been com- spankingly fresh protein long before offering frozen lobsters for under £5 delicacy in London restaurants, where When Washington finally speaks, it
mercially farmed since the refrigeration made it possible to distrib- (they make a great Thermidor). the ability to select a live, angry, metre- should eschew the language of innocent
time of the Romans and have a remark-
able talent: when collected, they close
ute other forms of fresh fish. For this
reason, lobster and oysters were often
It is only a matter of time Lobsters and oysters are robust crea-
tures and they breed vigorously. We
wide creature from a tank and have it
killed and brought steaming to the table
passage, which the US Navy is under no
obligation to observe anywhere in the
their watertight shells, trapping seawa- considered a food of the poor in industr- before they acquire a taste have artificially kept them as prestige is a spectacle that delights the super Spratlys. Beijing has not legally defined
ter inside. This useful skill doubtless
evolved so they could survive being
ialised cities. Nineteenth-century
prison governors in some coastal states
for human flesh, so we need foods, so it is unsurprising that their
price is now dropping.
rich. But the crabs have reached the
Norwegian coast. It is only a matter of
its territorial claims in the archipelago,
despite President Xi Jinping’s recent
beached at low tide. But it meant that of the US were forbidden to feed their to acquire a taste for theirs Now that previously aristocratic time before they come ashore here, incantations about the territories being
oysters could be shovelled into a barrel, prisoners lobster more than a few times salmon is the go-to protein at every cor- lurching up the beach having acquired a “Chinese . . . since ancient times”.
carted to a city, and left under a bar — a week, as it was considered a “cruel and of love with food so fresh that it still porate event or provincial wedding, per- taste for human flesh — so we need to South-east Asian countries that claim
sometimes for weeks — while remaining unusual” privation. moved, and developed dishes that haps we should wonder at what is next. start acquiring a taste for theirs, fast. territory in the area have not done so
alive and fresh. At low tide you can still wander along remain in the canon today. It is hard to The answer may again come from under King crabmeat is superb, with a meatier either. Until such time as this changes,
Lobsters, or similar forms of inverte- the muddy banks of the Thames in Lon- go wrong with lobster Newburg (egg-en- the sea. In the 1930s Josef Stalin ordered texture and sweeter taste than its there is no need for the US Navy to con-
brate, crustacean arthropod have been don and see vast “middens” of dis- riched cream and cognac), lobster a the introduction of the red king or Kam- skinny little capitalist cousin. Surely, cede its lawful right to operate normally.
around longer than humans and it is carded oyster shells. These mark the l’armoricaine (tomato, tarragon, shal- chatka crab to the Barents Sea to create government must intervene. Drop the That should not be seen as a brazen
quite possible that we have been eating spot of bank-side pubs, where revellers lots), or the king of the lobster dishes, a new source of cheap protein for Soviet prices — we need to eat them before they provocation to China or anyone else.
them for a very long time. They are also would consume huge numbers of oys- first created by Auguste Escoffier in workers. Eventually the crabs, indige- eat us.
unique among the food we eat today in ters and throw the shells into the river. about 1880. Lobster Thermidor is nous to the northern Pacific, grew to The writer is director of the international
that we often buy them alive and kill As the deposits are still there after cen- superbly rich and massively compli- accept their warmer home, breeding The writer is an FT magazine columnist security programme at the Lowy Institute
10 ★ † FINANCIAL TIMES Friday 20 November 2015

BUSINESS LIFE

Personal technology

Mark One/ Thermos

‘Smart’ cup and bottle quench
thirst you never knew you had
TIM BRADSHAW

Water is our simplest My main incentive for

nutrient. It requires no more maintaining Pryme became
preparation than turning on to silence the constant nag
a tap. We know when we of push notifications that
need to drink it because we arrived whenever I was short
feel thirsty. Fully of my goal. My phone often
functioning adults tend not pinged when I had just taken
to forget to drink enough a sip with urges to take
water to survive. another, to “get you to the
next level”.
Yet companies old and new Mark One has raised
want to convince us that millions of dollars in venture
humanity has a drinking capital to develop a more
problem. New “smart cups” ambitious cup that claims to
from Thermos and San track the type and brand of
Francisco-based start-up drink inside, including
Mark One use an array of calorie and caffeine content.
sensors that beam users’ However, that product has
real-time data about water had more than a year of
consumption to a delays because of problems

Slick go-betweens at the Inns of Court

smartphone app. But does with sensor reliability, with
such a simple act as drinking no shipping date in sight. In
really need all this tech? the past few months, the
Being well hydrated can company has suffered the
make us feel more alert and departure of its heads of
focused, as well as boosting health, design and software,
our immune system. The as well as founder and chief
Terry Pratchett’s “neurovores” — peo- sion of commercial chambers since the a bubble: boarding school, then Oxford apocryphal advice of eight executive Justin Lee.
WORKING LIVES ple who live by their nerves — as an 1990s and the establishment of offices or Cambridge, then spend the rest of glasses of water a day is
appropriate description. overseas, particularly in Singapore, has their lives in the inns of court. They have actually a little less than the Thermos 2.0
Emma As clerks gain experience and stature demanded a more sophisticated opera- no real concept of life outside those 2.7 litres recommended for Thermos’s $60 Smart Lid
Jacobs they can both help and guide a barris-
ter’s career, as they talk up rising stars
tion. Initially, a new job — practice man-
ager — was created. People with man-
walls, which is why they rely on sharp,
streetwise clerks to run their busy lives.”
women and 3.7l for men by
the US Institute of Medicine.
device is more utilitarian. Its
app simply tracks how much
and advise them on when to apply to agement expertise were sought: former Mr Baldwin disagrees: while some But, as the institute water is in the bottle (in case
take silk (ie, rise to the eminent status of army officers and former solicitors have led a closeted life, the bar has concluded: “The vast you can’t see through its
Queen’s Counsel, or QC). entered chambers. Yet ultimately, changed and become less elitist, he says. majority of healthy people transparent side), its
Periodically, the last rites are read on clerks won the day by embracing these David Hockney is the senior clerk in adequately meet their daily temperature (in case
Modernisation may bring the clerk’s job. There are probably fewer professional skills. Monckton Chambers, which specialises hydration needs by letting holding the cup was
big changes to barristers’ than 2,000 barristers’ clerks in England
and Wales. And yet the job survives and
Prof Flood says clerking is largely
learnt on the job. “This is a job based on
Kelly Walker
(top) joined
in European, human rights and compe-
tition law. The view over Gray’s Inn’s
thirst be their guide.” insufficiently precise), how
much water you have
clerks but they can still thrives. One clerk who left the business craft and apprenticeship . . . learning Monckton after lawn is reminiscent of an Oxbridge col- Pryme time consumed and — for fans of
help make or break their a decade ago, recently returned to his
former chambers and was shocked. “My
from a master. This is why the ‘old
school’ clerks are still in high demand.”
a suggestion
from a
lege quad. He joined 25 years ago, fol-
lowing two uncles who worked as clerks.
Nonetheless, Mark One
believes its algorithm can do
employers’ careers God, it was like I’d popped out for a Carolyn McCombe is chief executive jobs agency; For the first few years it was “hard better than humans.
sandwich. Nothing had changed.” at 4 Pump Court, where she heads the Brian Lee, graft”, he says. “Not all youngsters can When setting up its $100

A
nthony Trollope’s 1862 However, the job has been affected by clerks and administration team. Her (above) chair of look beyond that.” As a result, he has smart cup, called Pryme
novel Orley Farm includes a technology as well as the modernisation path to the role was unusual as she read the Institute of tried to give clerks clear career paths. Vessyl, I told the app my
vivid description of Mr and globalisation of the legal profession. law at Cambridge university and Barristers’ Another change in clerking has been age, weight, height and
Crabwitz, the clerk to bar- As with many administrative roles, became a partner at a solicitors’ firm. It Clerks the arrival of women. Today they make sleeping hours. As an
rister Thomas Furnival. Prof Flood, director of the Law Futures was important to learn to be a clerk, she Rosie Hallam
up 15 to 20 per cent of clerks, according optional extra, I also gave it
This was a “gentleman who . . . consid- Centre at Griffith University, Queens- says, although she did not start at the to the IBC. Ms McCombe says: “It is inev- access to my iPhone’s
ered that no inconsiderable portion of land, as well as author of Barristers’ very bottom, by pushing trolleys or pho- itably blokeish, as there are an awful lot activity and workout data,
the barrister’s success had been attrib- Clerks: The Law’s Middlemen, says the tocopying. “It is a bit like policemen: of blokes. However, I have not encoun- collected through fitness
utable to his own energy and genius”. work has been transformed. “There is you need to have been on the beat to tered sexism or barriers; in fact quite trackers such as Apple
More than 150 years later, says Profes- the increasing use of technology in the understand what policing is all about.” the reverse.” Watch or Jawbone’s UP.
sor John Flood, who has written one of job — electronic diaries, billing.” Previ- While automation is likely to replace Kelly Walker, a 22-year-old clerk at Pryme Vessyl crunches
the only books on the subject, there are ously barristers’ clerks would amend a some legal jobs, Mr Baldwin believes it is Monckton, had intended to become a this data in the cloud to
many clerks who could say the same. thick paper diary, wearing out erasers to more likely to threaten the UK’s solici- legal secretary until a legal recruitment create what it says is a more pointless statistics — how
Essentially, their job is to manage the move appointments skilfully. At the tors — who have a less theatrical role — agency suggested clerking. “It’s not personalised and dynamic many minutes you have
diaries, workloads and the careers of same time, Prof Flood says demand for than barristers and their clerks. Prof something that anyone at school advises hydration target. But rather spent drinking and how
barristers. They also sort out the money skills such as marketing and networking Flood, however, sees no one as immune. you to do,” she says. Usually, she notes, than tally this in regular many sips you have taken
side, negotiating fees and delivering means clerks must be slicker than ever. At a time when higher education is “you hear about it through your family”. litres or ounces, it uses a that day. You can set your
invoices. Brian Lee, chair of the Institute of Bar- expanding, this is one of the few white- In fact, her sister came for work experi- curious metric of its own own water consumption
Scott Baldwin, author of a blog, Not a risters’ Clerks and senior clerk at 7 collar jobs with long-term prospects ence, and is now keen to follow in Ms invention, also called Pryme. goal (in plain old litres), with
Barrister, likens the role to being a nurs- King’s Walk chambers, says the expan- open to school-leavers. One former Walker’s path. This obscurely calculated a bar tracking your progress,
ery nurse. “The vast majority of barris- clerk says it was a good education: he If so, she may be safest to opt for bar- score is tallied up on the app and the total amount drunk
ters spend half their time worrying they
won’t pay the mortgage, the other half
‘Barristers have no real did anything from making tea to acting
as a pallbearer at barristers’ funerals.
risters working on commercial cases.
Recent cuts to legal-aid funding, as part
and also appears as a thin
strip of white light on the
can also sync to Fitbit’s app.
The plastic bottle and its
thinking they’re God.” concept of life outside Mr Baldwin, raised in Moss Side in Man- of the UK government’s austerity drive, outside of the cup. The line lid are light and watertight,
The role of a clerk is much like an chester, says he fell in love with the job means that “crime doesn’t pay for law-
agent, making sure the self-employed those walls, which is why from day one. “It was another world. yers”, says Mr Lee. “Many of the smaller
lights up when you tilt the
cup, ending in a blue dot if it
which at least makes it more
practical than the Pryme.
barristers have a good supply of cases to they rely on sharp, People knew Latin and poetry and criminal chambers will shrink, includ- judges you are sufficiently But I found the data transfer
plead in court. Mr Baldwin, senior clerk drank wine.” ing the number of clerks they hire.” hydrated at that moment. unreliable. On one occasion,
at St Mary’s Chambers in Nottingham, streetwise clerks to run One former clerk suggests that barris- This light is an elegant it told me I had spent 1,143
says barristers are “inherently paranoid
all the time”. He cites the late novelist Sir
their busy lives’ ters’ typically privileged background is
why they need clerks: “Barristers live in
[email protected]
Twitter: @emmavj
touch on the otherwise
minimalist white cup, which
minutes taking one sip, to
consume 7ml of water.
at least is not too brash
about its “smarts”. The white Verdict
matt plastic exterior is The human body comes
pleasant to hold and with robust hydration

Female entrepreneurs get a helping hand in a changing Japan comfortable regardless of

whether the cup contains
iced water or hot tea.
sensors — based on input
and output — pre-installed
at no cost to the user. We
However, the glass may all benefit from the
interior makes the cup occasional reminder to drink
The number of women prime minister Shinzo Abe’s push for Analysts say the low level of entrepre- pretty heavy, while its more water, but there are far
more women to be in the workforce. If neurial activity in Japan also stems
leading businesses is still he succeeds in closing the gender gap in from attitudes towards start-ups,
“splashproof” sliding cap
does not prevent drips and
cheaper ways to do that
than these devices.
tiny, says Kana Inagaki employment, Goldman Sachs estimates including the fear of failure. A report leaks. This makes it Amid the ongoing
it would boost Japan’s gross domestic last year from the Global Entrepreneur- unsuitable for use during “internet of things” hype,
product by almost 13 per cent. ship Monitor, which analyses early vigorous exercise, when the argument that a cup or
Maria Mercedes Corrales knows well Despite this, efforts to promote more stage start-up activity, respondents in hydration monitoring might bottle must be “smart” just
the challenges of navigating the corpo- women to senior roles have still to Japan expressed a fear-of-failure rate of be most useful. does not hold water.
rate world of Japan as a female boss. inspire women to become entrepre- 54.5 per cent compared with 43 per
When she took over the struggling neurs. In the last financial year, only 16 cent in the UK and 34 per cent in the
Japanese operations of Levi Strauss in per cent of new businesses were started US.
2001, she vividly recalls how some of by women, according to Japan Finance As part of her mentoring role, Ms Planet of the apps
her employees and clients refused to Corporation, the government-owned Corrales also sought to ease Ms Uchida’s
speak to a female president. That wall bank. Maria Mercedes in shaping her business strategy at fears about her prospects and her capa- several cheap apps.
of silence came down gradually as she “One of the things [Japanese women] Corrales, right, Re:public, which supports innovation in bilities. “You have to believe in yourself. Waterlogged’s basic
turned around the company’s perform- face is access to women role models mentoring Yuki companies and cities. We are put on the job because people features, including
ance. both in leadership and mentoring in dif- Uchida “We’re at a phase many start-ups think we are capable of doing it,” she recording each glass or
“When you are a woman you are put ferent skill sets,” says Rena De Sisto, face,” Ms Uchida says. “We need to says. bottle drunk and a daily
to a test,” she says. “You are measured international corporate social responsi- think about where we want to take the Looking back, Ms Corrales says she reminder, are free. Paying
by the results that you deliver.” bility executive at Bank of America. She company from here and how much we would not have accepted her jobs at What they are $3.99 unlocks extras such as
Backed by her experience — which heads a global mentoring programme want to expand.” Levi Strauss and Starbucks had she more notifications and the
later included a stint heading the Japa- for women leaders co-organised with Tamiko Hayashi, founder of Social been offered a No 2 position: “When Waterlogged and Daily ability to share data.
nese unit of Starbucks — Ms Corrales, Vital Voices, a non-profit organisation Concierge, a non-profit organisation you are at the top, you set the tone in Water apps for iOS Daily Water offers some of
from the Philippines, has returned to for empowering women. promoting sustainable lifestyles with your organisation.” those features for free but
Japan for a new role as mentor to a When the programme, launched in online magazines and shops, says the Rewards can also override the fears of Why you should try includes ads, which you
group of budding female entrepre- 2012, held an event in Tokyo last month, hurdle for her is the lack of know-how sitting at the top. In Ms Corrales’ case, them pay to remove. Logging a
neurs. “A lot of things have changed. It 70 women applied for 11 slots. Ms Cor- in gaining access to capital. Through the those rewards were the friendships she To track your hydration glass of water is faster on
is like a renaissance in Japan for rales cancelled her travel plans to apply programme, she has learnt how to forged with her initially sceptical male without splashing out on a Daily Water, but neither are
women,” Ms Corrales says. for the role of mentor. She is now coach- approach bankers to finance the expan- colleagues at Levi Strauss, that are now “smart cup”, there are particularly hard to use.
Much of the change is driven by ing managing director Yuki Uchida, 32, sion of her business. a decade old.
Friday 20 November 2015 ★ FINANCIAL TIMES 11

ARTS

A smart, spirited reach the end, which is also the begin-

ning. Love is quite something: sad and
smudgyasafarewellkiss.
The black-and-white showcase from

heroine for the the young first-time director is all but a

genre of its own, but Mexico’s Alonso
Ruizpalacios infuses his debut Güeros
with verve and imagination. After a diz-

21st century zying red herring of an opening, he

leaves us with Tomás (Sebastián
Aguirre), a teenage tearaway sent by his
despairing mother to live with older
brother Federico (Tenoch Huerta) in
Mexico City. There, the straight and nar-
FILM row is evaded; what unfolds is an urban
odyssey and the search for a lost
Danny rock’n’rollsinger.
Woozy and urgent in the same
Leigh moment, Güeros isn’t shy in its devotion
to the French New Wave, but its style has
substance: despite being brothers,
Tomás is light-skinned (for which güeros

A
nd so, it’s goodbye. After is derisive slang), Federico darker, and
three previous films, more that difference, with all its implications,
than $2bn at the box office poundsawayattheheartofthemovie.
and a lifetime in make-up “I’m back, you bastards,” announces
for Stanley Tucci, The Myrtle “Tilly” Dunnage (Kate Winslet)
Hunger Games draws to a close with at the start of The Dressmaker, these
Mockingjay — Part 2. Denied the indul- particular bastards the citizens of Aus-
gence of an early recap, even fans may tralian Outback hellhole Dungatar circa
need a moment to reorientate. (Anyone Natalie Dormer and Jennifer Lawrence in ‘Mockingjay — Part 2’. Below: Karl Glusman and Aomi Muyock in ‘Love’ 1951, a two-horse town where both
thinking of just jumping in now would be horses have died. But it’s Dungatar to
best advised to find some kind of online The series’ vast global popularity may his famous sex scene with screen wife couple in the world,” he declares. Soon, which she returns, a femme fatale-ish
course.) In our last meeting, the fearless well have been helped by the discreet Julie Christie inspiring endless debate as though, Murphy reveals himself as a seamstress in eye-popping couture. Half
Katniss Everdeen (Jennifer Lawrence) replacement of humour (too prone to to whether or not that was actually act- ruinous dolt, and things begin to spoil: the premise — Tilly making over the
wasattackedbyhersometimeloveinter- not travelling) with splashes of flamboy- ing. No such mystery in Love, the new “Secrets make you darker,” Electra town’s dowdy women with her trusty
est Peeta (Josh Hutcherson), brain- ance: the usual palette of murk and film from director Gaspar Noé. We open warns, as amid a string of lurid sexual Singer sewing machine — would be
washed by the barbarous Capitol (heart sludge is brightened here by a Capitol with a long tableau of mutual masturba- adventures, jealousy and paranoia scut- insufferably twee if it weren’t for the
of the post-apocalyptic North America shopkeeper surgically remade to resem- tion, the first of several clearly unfaked tletherelationship. other half. As a fatherless child, she was
now renamed Panem). Now, her throat ble a tiger. The cast admire her couplings. Ah yes, you often think, that Noé’s liking for mischief dies hard: bullied by the whole town and blamed
is a mesh of bruises; when she tries to implanted whiskers as if they were a would have to be real. Yet even the most Love does, for instance, feature some for the violent death of a schoolmate.
speak, there is silence. She will have to new,reasonablypricedblusher. single-minded viewer will ultimately potent use of 3D (I will only say you may (She too thinks she might be guilty.) And
findhervoice. Since the first, hyperactive film in find the sex less compelling than the instinctively duck). But his eye for the nowshewantsrevenge.
The sound you hear when she does is 2012, the series has had a regular direc- messthathappensinbetween. gorgeous extends to more than just flesh: So pass the first five minutes. Stick
an industrial-size narrative arc being The Hunger Games: tor in Francis Lawrence. It’s hard not to After that first encounter, we find our- a great arranger of actors, he finds Mur- with it and you will encounter the many
loweredintoplace.Whiletheforeground Mockingjay — Part 2 wonder what might have been in the selves in a cold shower of Parisian phy and Electra at their most blissed-out rural grotesques, the rival dressmaker,
is given over to a climactic assault on the Francis Lawrence hands of a war movie virtuoso such as domesticity, the bleary Murphy (Karl fully dressed and drinking tea against a the local hunk, the box of hash brownies,
Capitol, the finale also sees Katniss — the AAAAE Kathryn Bigelow, but sturdy compe- Glusman) waking to his partner, infant hyper-real trompe-l’oeil of white lake- the wife-beater’s comeuppance, the
backwoods girl who started a revolution tence is no crime. A set-piece in which son and a mood of glum self-loathing. It house and pink flamingos. And he has a poignant romance, the tragic demise in a
— taking charge of her own fate in the Love Katniss is pursued by a monster wave of isNewYear’sDay. novelist’s knack for playing with vat of sorghum, the am-dram produc-
face of not just tyrants, but also her own Gaspar Noé oil has the raw thrill of good action cin- But we’re not yet destined for kitchen time. Just as his last film Enter tion of The Mikado, and the
side’sPRandmarketingstrategy. AAAAE ema and enough metaphorical oomph to sink realism. Soon, Murphy seeks refuge the Void saw its hero stuck in unfathomable quantity of lavish
For all its heroine’s personal growth, keep the theorists busy for years. In the in his memories: the key, Noé-ishly, a the afterlife watching his own frocks. If all this sounds tonally
still more sharply drawn is the hall of Güeros end, for all the high-end support of the lump of opium kept in a VHS case for story replayed, so Mur- deranged,indeeditis,lurching
mirrors of power and propaganda, the Alonso Ruizpalacios late Philip Seymour Hoffman and the I Stand Alone, the director’s own scabrous phy too is doomed to from low farce to teary
media battle between the flailing Capitol AAAAE flawless Donald Sutherland, these debut. So begins a reverie of an earlier be both here and melodrama, then standing
and revolutionaries already jostling for strange, important films belong to Jenni- life, and another girl, a guarded brunette there, present on its head and barking.
place. For a CGI-stuffed blockbuster The Dressmaker fer Lawrence: unsmiling, unbreaking, namedElectra(AomiMuyock). and past, get- I actually think I
franchise aimed at 14-year-olds, this was Jocelyn Moorhouse JoanofArcfortheSnapchatgeneration. She, we realise, was the One, since ting ever enjoyed it, though I
always a smart one, its real life echoes at AAAEE In a different era, Sutherland was part got away. At first the sweetness is irre- darker now feel so confused I
oncegrimlyspecificandusefullyvague. of the elaborate tease of Don’t Look Now, sistible. “We’re going to be the greatest until we mightbewrong.

Slick, stirring — and lacking a personal touch

Impeccable
POP ALBUM timing: Adele
Kevin Winter/Getty
Adele: 25
XL Recordings
aaaee
Ludovic Hunter-Tilney

The progression of Adele’s albums mir-

rors the British television documentary
series Seven Up!, which each seven years
revisits the lives of a group of people
who have been tracked since childhood
in 1964. Adele’s version began with her
debut 19 in 2008, released when she was
a graduate from a London stage school.
Then, three years later, came 21, which “Everybody tells me it’s about time I has said. The one song about parent-
was themed around a break-up. Now it moved on,” she sings on “River Lea”, a hood, “Sweetest Devotion”, is couched
is time for 25, which follows marriage standout track. Produced by Brian in boilerplate gospel-pop that could
and motherhood. “Danger Mouse” Burton, it takes one of equally apply to romantic love. The
Another set of figures hovers over her soul music’s most abiding images, the desire to capture the widest possible
albums. 19 sold 7m copies, a vast river, and turns it into a stirring number constituency trumps all.
amount for a newcomer. But 21 dwarfed about being unable to escape history. The singing goes some way to com-
it. It shifted 30m units, a freakish quan- “Send My Love (To Your New Lover)” pensating for the generic sentiments.
tity at a time of record industry crisis. also finds Adele nimbly traversing the Even when belting out “Hello”, Adele
These two sets of numbers, Adele’s age distance between past and present, doesn’t overdo the theatrics. Her timing
and her sales figures, collide on 25. The chanting over a lilting, singsong beat is impeccable, as with the way she punc-
expectation surrounding the album is about letting go of “ghosts”. tuates the word “breathe” in “Remedy”
immense: there are hopes it will single- But 25 could do with more exorcism. with a sighing breath. The result is a
handedly reverse a 5 per cent decline in Despite its diaristic title and Adele hav- slickly assembled commercial pop
US album sales so far this year. Like a ing co-written all its songs, 25 lacks a product sung by a technically excep-
James Bond film, it is a moneymaking personal touch. “I did pretty much write tional vocalist. Perhaps it is greedy to
franchise, a sure bet in an economically an album about being a mum, but that’s want more. But if 25 is to be judged by
precarious age. But what room does that pretty boring for everyone who isn’t a more than its sales figures, we should
leave 25 to develop musically from 21? mum [so] I scrapped that,” the singer want more.

along to vintage jazz. But the supposed “Well-Tempered Clavier” with a punch-
DANCE serious dance, Preludes and Fugues — in line you didn’t see coming: a goofy lift, a
the mountains of recent press, Tharp has shuffle or shrug. You end up waiting in
Twyla Tharp 50th anniversary characterised it as possessing “the aus- dread for it. She makes the rookie’s mis-
Lincoln Center, New York terity of innocence” — is like a comedian take of crowding intimate moments,
aaeee whoonlyinterruptshisonslaughtofstale interrupting a slow unfolding, distract-
jokeswhenhewantstohearyoulaugh. ing us by whatever means necessary
Apollinaire Scherr Tharp concludes nearly every prelude fromthepurityandscaleofBach’smusic.
and fugue she has selected from Bach’s The compulsion for shtick proves par-
The civilian slouch, the shuffling feet, ticularly awful in her brief allusions to
the spunkiness: where would contem- illustrious predecessors — Paul Taylor
porary dance be without veteran chore- especially, since he has approached
ographer Twyla Tharp? Where Wayne Bach with openheartedness. Finally,
McGregor, joining squiggly spine to wide Tharp reduces her 13 gorgeous dancers
open ballet hips, or Hofesh Shechter, to types. Only long-time trouper John
with his fumbling masses? But Tharp Selya, whose low centre of gravity
alone sets her seeming casualness in matches his captivating directness
structures as ornate as a fugue. toward the steps and his companions,
So there is cause for celebrating the manages to elude classification.
74-year-old’s 50 years of dance-making. There are glimpses of what might
You will not find it, however, in the all- have been. For example, to the first prel-
new show (presented in New York by ude Selya and NYCB soloist Savannah
the Joyce Theater) that concludes its Lowery danced hand-in-hand, first
17-city American tour this week. waltzing, then Charlestoning, then she
The second of the programme’s arching back as he whirled her around
40-minute pieces is harmless enough, and up and down. One thing rolled into
perhaps because it signals its cartoonish- the next in signature Tharp fashion. I
ness at the title, “Yowzie”. A homage to could have watched that pair all night.
showbusiness’s lowly origins in vaude-
ville and slapstick, the piece bumbles Cartoonish: Twyla Tharp’s ‘Yowzie’ To November 22, joyce.org
12 ★ FINANCIAL TIMES Friday 20 November 2015

Odd one out

Tech IPOs in 2014 raised nearly as much as the 2000 peak, even though there
were far fewer offerings. Recent IPOs have been priced towards the lower end of
the suggested range. Square sold shares at $2 below its indicated price range

Global technology initial public offerings Selected tech IPOs

Twitter: @FTLex Email: [email protected]
Funds raised in IPO ($bn) Number of IPOs IPO price IPO price range Current share price**
60 800 IPO date Company $10 $15 $20 $25 $30
Royal Mail: and a regulatory review next year may Italian banks:
turn out to be less onerous than Nov 2015 Square
lepidopteral leanings expected. Even so, a transformed Royal 600
productivity gap
Mail is unlikely to be a butterfly. A Nov 2015 Match Group
Some companies talk about moth — functional and largely 40 Italian banking can be contradictory. In
restructuring or reorganising. The nocturnal — might be a better analogy. Oct 2015 Pure Storage his latest restructuring, UniCredit boss
UK’s Royal Mail talks about 400 Federico Ghizzoni aims to shrink the
“transformation”. The word implies a Jun 2015 Fitbit country’s second-biggest lender by
process of complete reinvention, at the Lonmin: market value — by cutting 12,000 jobs
end of which a beautiful corporate 20 Apr 2015 Etsy and selling assets. Meanwhile Italy’s
creature will emerge, butterfly-like, stay of execution 200 popolari banks are abuzz with merger
from the husk of state ownership. Jan 2015 Box talk as these smaller banks shake off
The reality is rather more prosaic. Ouch. And ouch. Investors in Lonmin their mutual pasts and try to bulk up.
Transformation, Royal Mail-style, is a need a thick skin and a very, very Jun 2014 GoPro Big or small, the banks have the same
long, expensive slog. The UK delivery long-term horizon. They have just 0 0 aim: to cut costs, capture more revenue
group, now wholly privatised after the approved the South African platinum 1995 98 2000 02 04 06 08 10 12 15* and use profits to build capital.
government sold its remaining shares miner’s third rights issue in six years, That is just what regulators want too.
FT graphic Sources: Dealogic, FT research * Year to date ** As of 4.30pm GMT
last month, will rack up at least £180m this one at a 94 per cent discount to the Trouble is, it will lumber investors with
in transformation costs this year. Much share price. The cash call will raise feeble returns as long as interest rates
of that will be incurred in a round of $470m and will open the door to a It is all over. Tech bubble 2.0 has busy at Twitter. It has cool-looking private valuations. Institutional stay low. Italian bank returns on equity
voluntary redundancies (3,000 out of a $370m debt refinancing. Without it, burst. Square priced its initial public hardware and software. And it has all investors say they would rather wait are already pathetic; most, bar Intesa
total workforce of 148,000 left in the Lonmin would have run out of cash. offering below the range, at only $9 the financial features of a “unicorn” to see how a stock performs than Sanpaolo’s, are below 6 per cent and all
first half). Operating costs in the core Yesterday’s supportive vote from compared with a proposed $11-$13. (the name given to hyped private start- take a hefty allocation upfront. That but Intesa trade at a discount to net
business will fall by at least 1 per cent long-suffering shareholders will keep it Not even Goldman Sachs could sell ups), with a private valuation of $6bn was evident in the Square IPO. But tangible book value as a result. Some
this year — news cheered with a 5 per going for a couple more years. this thing. Call in the removal trucks. and a public one of $3.2bn at pricing. Match, the online dating company, banks are counting on fee income,
cent pop in the share price. Lonmin’s bind is obvious from the San Francisco is done. But despite appearances, Square is a which also priced on Wednesday, did increasingly from asset management,
On top of that comes another £440m issue’s extreme discount — and from Yes, Square popped to $13 in lossmaking financial services company, so in its indicated range. Pure to offset low interest income. Lower
of investment in automation and IT the company’s willingness to pay early trading. But that is still down with an unsexy niche in the payments Storage, the flash memory company, bad loan charges will help. But cost
that will support services such as same- almost 10 per cent of the proceeds in from its last private fundraising at infrastructure. It does other stuff too — last month priced above its last cuts are the main way to lift returns.
day delivery and a better system to fees to advisers and financiers. The $15.46 and considerably lower than it has a food delivery app, for example private round, in the middle of its Again, early mover Intesa has shown
allow people to return unwanted miner should refresh its board: a the guarantee of $18.56 that late — but 94 per cent of revenues comes indicated range, and has since traded the way. Its cost-to-income ratio of
products to e-retailers. All this carries couple of members predate the last investors extracted. They were from Square’s role as a “merchant higher. 46 per cent at end-September was one
execution risk; just ask UK Mail, a ($817m) cash call; one was there even compensated with a lot of extra aggregator”. It collates the transactions Uber, Dropbox, Snapchat and the of the lowest of Europe’s big banks. But
competitor that on Wednesday blamed before the previous one. Lonmin has at shares in the IPO. of 2m sellers and stands between them other richly priced private tech its ROE is still only 6 per cent. That is
the botched commissioning of a new least wielded its axe more decisively A faint glimmer of hope: perhaps and the card networks. It is not so companies must hope that Square partly the result of its capital strength.
parcels hub for a profit warning. elsewhere. It has cut its workforce and Square is not a tech company at all. It much disintermediating and disrupting was perceived differently because it Its Basel III common equity tier one
Assume that Royal Mail manages curbed capital outlay by closing certainly quacks like a duck. It has as adding another layer. is not offering the same prospects for ratio of 13.4 per cent — to UniCredit’s
such challenges better, as it has done so high-cost shafts or putting them on Jack Dorsey as founder and chief Tech IPOs this year have been innovation-led growth. Then the 10.5 — is high by European standards.
far. Its prize is a leading position in a care and maintenance. executive — at least, when he is not mediocre and there is scepticism about party can continue. The regulator still takes all.
market so brutally competitive that it But its newfound wiggle room will be The problem for Italian banks, with
borders on the irrational. Royal Mail’s short lived. On top of risks beyond its their high branch and staff numbers, is
growth engine is parcels, yet in the first control — such as South Africa’s lousy productivity. Staff at Intesa
half revenues there inched up just 1 per uncertain power supply and pricing, demand. If this rights issue does not do refining hit earnings, as did partial converters they need cost five times contributed more than €29,800 each to
cent, less than the 4 per cent gain in changeable mining regulation, poor the trick, Lonmin will become a white exposure both to oil and to Chinese the petrol equivalent. Should car nine-month earnings — more than
volumes. Even before “transformation productivity and unpredictable labour elephant. industrial spirits — China has no buyers reject diesel en masse, Johnson double the output of their UniCredit
costs” the company’s first-half relations — Lonmin will slide back into immediate need for more Matthey would be badly exposed. But counterparts and four times that of
operating margins were static. Things its familiar pattern of debt in no time. petrochemical plants. On the plus side, there are rosier possibilities, according staff at Banca Popolare dell’Emilia
are unlikely to get better any time Net debt at end-October was $284m, Johnson Matthey: the company yesterday announced a to analysts at Liberum. A planned shift Romagna. One way to boost output
soon; Amazon’s decision to launch its leaving $85m in net cash from the larger than expected special dividend, of testing from the laboratory to the might be consolidation: combining UBI
own UK delivery network is expected rights issue plus the refinanced bank catalysing growth and better control over its working road is a de facto tightening of Banca and Banca Popolare di Milano,
to limit volume growth for other facilities. Assume the platinum price capital. The reward was a 9 per cent standards. So is the next phase of say, could save about 30 per cent of the
delivery companies to a measly 1-2 per stays put, earnings stay flat and the Diesel engines emit poison: everyone bump in the shares, which now trade at European regulation, which requires latter’s cost base, notes Berenberg.
cent a year, and there is already spare miner sticks to planned capital now knows this, thanks in part to 15 times earnings. cleaner emissions from petrol too. Such deal speculation has already
capacity. Some players in the market spending of $430m in the next three industrial-level mendacity about what This is still down a quarter since Together these boost demand for the been priced into many banks’ share
will withdraw or fail, especially once years. Add all that together, and it Volkswagen cars spew out. Bad for June, and cheap on a historic basis. company’s pricier kit. prices. That is a pity, since it also
they are forced to raise wages (to the could be back into debt in a year. anyone supplying parts for such Here they will remain without more As converters become costlier, means that improvements in returns
so-called living wage). Lonmin claims it will break even at the engines. But what if those parts are the solid growth prospects. For those, buyers might shift to hybrid or electric have in effect been rewarded before
Royal Mail will not be one of them; it cash flow level by the end of next year ones that strip poison from the fumes? Johnson Matthey must look towards its cars. Johnson Matthey has a battery they have been achieved.
is big, its finances are in decent shape, (after capex). That is a question for anyone emissions control division, responsible materials business, an admission of the
it has the advantages of incumbency, Yet it is hard to avoid the impression pondering Johnson Matthey, leading for two-thirds of sales and half of need to spread its automobile bets. It is
brand recognition and access to the that, for all the conservatism of its manufacturer of catalytic converters. profits. Here, the VW scandal adds to currently just 5 per cent of sales. For Lex on the web
For notes on today’s breaking
Post Office’s high-street network. It is plan, survival still hinges on rivals Its outlook has been smoggy. An exit an already complex story. Because now, to become more of a growth story stories go to www.ft.com/lex
sitting on some valuable real estate, cutting production and a pick-up in from profitable but non-core gold- diesel engines are so dirty, the Johnson Matthey still needs diesel.

Today’s temperatures

41 1020 Abu Dhabi Sun 30 Malta Fair 20

1010 3 Amsterdam Shower 10 Manila Sun 33
Ankara Sun 14 Miami Thunder 28
2 990 Athens Sun 21 Milan Cloudy 13
LOW 1
L 5 Bahrain Fair 26 Montreal Sun 8
1000
Barcelona Sun 21 Moscow Rain 5
Beijing Cloudy 4 Mumbai Sun 34
O Belfast Sleet 6 Munich Shower 14
6 Belgrade Sun 18 Naples Cloudy 19
9 8 Berlin Shower 10 New York Sun 14
1 10 Brussels Rain 10 Nice Sun 20
10 Budapest Cloudy 13 Nicosia Sun 23
1020 8 15 Cairo Sun 24 Oslo Fair 2
Cardiff Fair 10 Paris Shower 14
14 Chicago Fair 7 Prague Rain 8
16 Cologne Rain 9 Reykjavik Snow 0
17
Copenhagen Shower 7 Riga Drizzle 7
3 Delhi Sun 27 Rio Thunder 36
14 Dubai Sun 30 Rome Cloudy 19
30
Dublin Hail 6 San Francisco Sun 18
1030 Edinburgh Sleet 6 Singapore Thunder 30
9 20 9 I H Frankfurt Rain 11 Stockholm Fair 1
22 Geneva Shower 17 Strasbourg Shower 14
23
Hamburg Shower 9 Sydney Sun 42
1020
Helsinki Sleet 3 Tokyo Drizzle 16
23
Hong Kong Shower 28 Toronto Fair 7
Istanbul Sun 18 Vancouver Fair 7
5 HIGH
Lisbon Fair 19 Vienna Shower 12
Wind speeds in PH 23
London Fair 10 Warsaw Shower 9
Forecasts by Los Angeles Sun 25 Washington Sun 14
Wind speed Luxembourg Rain 10 Zagreb Fair 17
in KPH Madrid Sun 20 Zurich Shower 16

CROSSWORD ACROSS
1 Fully 26 see cheap computer’s
4 One who gets up from chair is
erotic (5)
No. 15,093 Set by WANDERER content that anyone can read? (8) 6, 17 Pretends not to be interested in
        5 Culmination of a bit of play obscure dramas? (5,4,2,3)
including own goal (6) 7 Cor anglais’s third piece broadcast
 10 Stone age tools working the soil (7) (3)
11 Asses working a long time need 8 Guarantee no right to come next
 
odd bits of rest (7) (5)
12, 13 Area once under the British 9 Being governed by one’s own in-
flag, taken by France in her broken law (4,4)
   English, say (5,4,5) 14 Early article by magazine editor?
15 Scot elected as PM, once (5) (5,2,4)
16 Relative has hard time getting drug 16 Racing car taking 7 26, say, and
  
after a month – admitted by 7 26? Queen around Silverstone (8)
(8) 17 See 6
 19 Sporting footwear with diamonds 18 Either half of two-thirds of nearly
takes off (3,5) inactive substance (5,3)
  21 Little fish for Jack, the picky eater
20 Russian composer loses address
for US male sculptor (5) (5)
21, 23 Be a guarantor in respect of 22 See 3
    Wrong Trousers Day? FT? Not at 24 Religious leader raging briefly
first (5,6,3) about bishop (5)
25 Make good theatre at city church 26 Number one vegetable, we hear (3)
  
(7)
27 German repeatedly into living as
mendicant (7) Solution 15,092
28 Develop the ability to chew 14,
  ) 2 5 7 + ( & + 2 3 5 ( 6 7
thanks initially to 18 (6) 9 $ 6 $ , $ $
29 Sluggish as shopper that’s no & (

















JOTTER PAD





CROSSWORD
No. 14,845 Set by NEO

























ACROSS
1 Important Viking one among best
friends (5,4)
6 Socialite with appeal makes left-
side entry (5)
9 Brazilian city as far as we’re
concerned ungovernable (7)
10 Obscure English knight against
European rebuffed (7)
11 Poor nation’s little island in hot
current (5)
12 Caught flamboyant cardinal in
Seventh Heaven? (5,4)
14 Notice flock encircles houses (3)
15 Alarmist financier reversed into
second vehicle bearing right (11)
17 German poet’s the writer
embracing pub vocalist (11)
19 Moggy fur with hole concealed? (3
20 Earl, King and Queen on
Hampshire river’s banks (9)
22 Ambassador in temple finds grain
(5)
24 Ardent Green must change leader
(7)
26 As one’s despicably mean, small
tips for servants materialise (2,5)
27 Sauce unfortunately knocked over
contains sulphur (5)
28 Related martial artist stops at
Bedouin residence (9)
Solution to Saturday’s prize pu
Solution to yesterday’s prize pu
Winners’ names will be printed

1 7 & 2 9 ( 5 * , 5 / 6
jogger? (8) 5 ( $ ( $ 1 7
6 7 , 5 8 3 $ 5 7 , 6 7 , &
JOTTER PAD DOWN
2
6 3
$ 6
2 5 $ ' , &
( 7 5
2 0 ( 1
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: $ 1 ' ( 1 2 5 0 , 7 <
of election (8) & + 6 : / :
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of veal and ham (11) ' $ 7 2 2 + (
7 ( 1 ' ( 5 ) 2 2 7 < ( 7 ,
3, 22 To go viral badly, there’s chance 0 ( $ 6 + 0 (
hot date’s gone wrong (5,4,5) : ( ( ' 3 , ( ' $ 7 ( 5 5 (
Friday 20 November 2015 ★ 13

CNOOC Mitsui IBM IHG Xetra Dax Gold Euro/dollar Brent oil
Insight The renminbi and Chemicals
the IMF currency basket 2.46% 1.39% 1.16% 1.5% 1.1% $10 0.7% 0.1%
JENNIFER HUGHES, PAGE 22
HK$8.33 Y496 $137.4 2,502p 11,085 $1,081 $1.0732 $44.12

Pfizer gears up Bright spark ThyssenKrupp bolsters dividend

amid robust rise in profits and positive cash flow
Short
View
for battle in James
Mackintosh

Washington As the Federal Reserve at long last appears ready to

remove the zero interest rate honeypot, bears are growling
that the US is moving into the final phase of its credit cycle.

over Allergan If they are right, investors should be paying attention.

There are five reasons to worry. First, corporate profits
have turned down, and analysts have been cutting their
forecasts of future profits. The fall so far has been only
small, but it stands in stark contrast to the double-digit
rises that Wall Street usually hopes for.
Fears deal would deprive US of billions Second, sales are not helping. US companies have seen
revenue go nowhere amid the slow growth of the past few
in tax, hit jobs and erode science base years. Data on manufacturing and trade collected by the
Census Bureau show sales in those areas have been falling
at a speed only seen since 1992 during recessions.
FT REPORTERS ing and marketing drugs, leaving drug Third, credit markets are growing twitchy. The spread
discovery to nimble biotech companies. over government bonds demanded by junk bond investors
Pfizer is gearing up for battle in Wash- His words have stoked fears for their has risen sharply, hurt in particular by unwanted oil debt.
ington over concerns that a potential jobs among some Pfizer scientists. The price of “leveraged loans” to private equity has fallen
$150bn deal to buy Dublin-based Aller- With the groups engaged in friendly too; this week, the banks backing Carlyle’s purchase of
gan would deprive the US Treasury of talks, analysts and investors have data storage company Veritas shelved a $5.5bn offering of
billions of tax dollars, put thousands of warned that the main risk to a combina- loans and junk after finding too little demand.
jobs at risk and erode the country’s tion of Pfizer and Allergan is a political Fourth, America’s corporates (excluding the financial
science base. push designed to frustrate the deal. sector) have been exploiting cheap finance to a degree not
The Obama administration is prepar- The administration’s tax measures seen since the heyday of the last credit bubble in 2007. Bor-
ing this week to unveil measures to are expected to focus on diluting the rowing to buy back shares or engage in megamergers is
deter US companies from using take- benefits that inverted companies gain back to pre-crisis levels, pushing up leverage — net debt
overs to relocate their domicile to low- from making loans among subsidiaries. compared to equity — back to where it stood in 2008.
tax jurisdictions, as Pfizer nears a deal The Treasury made it harder last year Finally, default rates are picking up, with a tenth of US
with Allergan to do just that. Though for inverters to access offshore earnings, energy junk bond issues defaulting in the past year (see
talks are continuing, the US group is which scuppered AbbVie’s planned chart). True, junk defaults hit very low levels of just 1.4 per
preparing to offer more than $380 a £32bn takeover of UK-listed Shire. cent last year, the lowest since 2007. But Standard & Poor’s
share, people close to the situation said. The US Treasury could also put pres- predicts that they will reach 3.3 per cent by next autumn,
A deal, structured as a tax inversion, sure on Pfizer through its status as a gov- the highest since the recovery began.
would see Pfizer move its tax base to ernment contractor, according to Citi Against this, bulls can point out that the Fed remains
Europe, allowing the company to escape analyst Andrew Baum. dovish even as it prepares to raise rates. When the Fed
US tax bills on more than $128bn of Stephen Myrow, a former Treasury tightened in the mid-1980s and 1990s, junk bond defaults
profits earned overseas. Pfizer paid an official now at Beacon Policy Advisors, rose, but wider markets quickly recovered.
effective tax rate of roughly 26 per cent pointed to a letter sent this week by Jack In 2004, higher rates coincided with both a bull market
last year compared with Allergan’s rate Lew, US Treasury secretary, to lawmak- and lower defaults. Mostly, bulls hope that higher rates will
of less than 5 per cent. ers saying the administration could not come in response to a stronger economy, so companies can
If successful, a tie-up between Pfizer stop inversions without congressional grow out of their debt. Fingers crossed.
and Allergan would be the biggest deal action. “If you read between the lines,
in the healthcare sector and the largest this shows they’re starting to lay out the Ina Fassbender/Reuters
US junk
tax inversion, paving the way for more reasons for why they weren’t able to Default rate
US companies to explore such deals. stop [Pfizer-Allergan] and place the JAMES SHOTTER — FRANKFURT The group also posted a posi- turn round the group in the Barclays High Yield %
MICHAEL POOLER — LONDON
Pfizer has assembled a team of advis- blame elsewhere,” he said. tive free cash flow before wake of failed multibillion- Index spread 20
ers with political connections including Others questioned the merits of tak- ThyssenKrupp has raised its divestments of €65m, a big euro steel plant investments in
Eric Cantor, the Republican former ing over Allergan. “This looks like a bad dividend by more than a third improvement from a drain of the Americas, said the payout 15
House majority leader who is working at deal for the wrong company, at the after the German steel and €357m last year, and the first increase was a “step in the right
boutique advisory firm Moelis. He is wrong time and the wrong price,” said technology group posted a time the group has recorded a direction” but “cannot be a sat- 10
advising Pfizer on how to overcome Aswath Damodaran, a finance professor sharp rise in annual profits. positive cash flow since 2006. isfactory dividend over the Default rates are
fears that the deal would lead to lay-offs at New York University’s Stern School. In light of the improved medium term”. 5 picking up, with a
and cuts in research and development, Pfizer shares closed 2.8 per cent lower In the year to the end of Sep- results, ThyssenKrupp said it Since taking the helm in tenth of US energy
0
two of the people said, though he will while Allergan dropped 2 per cent. tember, ThyssenKrupp said net planned to pay shareholders 15 2011, he has embarked on a junk bond issues
not lobby politicians directly. Reporting by James Fontanella-Khan, profit came in at €268m, up cents per share, up from 11 restructuring drive. 2000 05 10 15 defaulting in the
Brent Saunders, Allergan chief execu- David Crow, Barney Jopson and Arash from €195m a year earlier. cents per share last year. Shares in ThyssenKrupp Sources: Bloomberg; S&P past year
tive, has said large pharma companies Massoudi Revenues rose 4 per cent to Heinrich Hiesinger, who was closed 2.6 per cent higher at
should focus their resources on develop- Cancer drug rights page 14 €42.8bn. brought in as chief executive to €19.65, a three-month high. [email protected]

Rolls-Royce under pressure to hand

board seat to US activist ValueAct
FT REPORTERS but no decision had been taken. “We are yet come to a view on whether Rolls-
leaving the option open,” it said. Royce should focus solely on its core
Top shareholders are calling on Rolls-
Several top-20 shareholders said they aerospace engine business.
Royce to bring US activist investor
wanted more urgency at board level. “I would say ValueAct is aligned with
ValueAct on to the board to help efforts
“We support ValueAct,” said one. us in their investment approach,”
to revive the UK engineering group.
“They have similar values to ourselves. another investor said. “I would be
The San Francisco-based hedge fund They are medium- to long-term inves- happy to see them on the board.”
Air Liquide takes the top revealed yesterday that it had doubled tors that want to create more value at These views were echoed by several
spot in industrial gases its stake in Rolls-Royce to 10 per cent, a Rolls . . . It is time to think seriously big shareholders who expressed frustra-
move that is expected to heighten about how the company can be turned tion with a board that has lacked indus-
Air Liquide’s takeover of Airgas, for pressure on Warren East, chief execu- round.” trial expertise and failed to engage
$13.4bn including debt, is one of the tive, for a change of strategy. The US fund, which is pushing for a successfully with investors.
biggest acquisitions of a US materials The group has gone from profit warn- divestment of the group’s businesses But many said there was no immedi-
company by a European group. It will ing to profit warning over the past two outside aerospace, has been contacting ate pressure for a change of chairman or
make Air Liquide, headed by Benoît years, with the fifth last week. The stock Rolls-Royce’s top shareholders to chief executive. “This is a relatively new
Potier, above, the largest supplier of has fallen almost 50 per cent since the explain its strategy. management team,” one investor said.
industrial gases. first warning in February last year. “We thought the things they were say- Reporting by Peggy Hollinger, David
US targeted iPAGE 17 Rolls-Royce said it had received a ing were sensible,” a top-10 shareholder Oakley and Mark Odell in London, and
request from ValueAct for a board seat said, though he stressed that he had not Stephen Foley in New York

Companies / Sectors / People

Companies Boeing............................................................17 Home Depot...............................................21 Pfizer.........................................................13,14 Uber........................................................1,12,14 Property..........................................................3
AB InBev......................................................22 Bombardier..................................................17 Idemitsu Kosan.........................................14 Poundland....................................................21 UniCredit.......................................................12 Support Services......................................12
ABN Amro...................................................16 Bovis Homes..............................................21 Intesa Sanpaolo........................................12 Pure Storage..............................................12 UnitedHealth........................................14,21 Technology...............................................1,12
AOL..................................................................15 Bristol-Myers Squibb............................14 JPMorgan Chase.....................................20 Rentrak..........................................................15 Valeant...........................................................21 Telecoms................................................15,20
Air Liquide...................................................17 Cellectis.........................................................14 JX Holdings................................................14 Rio Tinto......................................................20 ValueAct........................................................13 People
Air Products................................................17 Citic Bank.....................................................14 Johnson Matthey...............................12,21 Roche..............................................................14 Verizon...........................................................17 Armstrong, Tim........................................15
Airbus.............................................................17 Commerzbank...........................................16 Juno Therapeutics..................................14 Rolls-Royce..................................................13 Virgin Money.............................................21 Böhnke, Werner........................................16
Airgas..............................................................17 Credit Suisse..............................................16 Keurig Green Mountain .....................21 Royal Bank of Scotland.......................16 Vodafone.....................................................20 Crosby, James...........................................16
Aldermore....................................................21 DZ Bank........................................................16 Kite Pharma................................................14 Royal Mail....................................................12 Volkswagen.................................................15 Diess, Herbert............................................15
Alibaba...........................................................17 Deutsche Bank..........................................16 Levi Strauss................................................10 SABMiller.....................................................22 Volkswagen ...............................................12 Dorsey, Jack..............................................20
Allergan...................................................13,14 Dropbox........................................................12 Lloyds Banking Group...................16,16 Servier............................................................14 WGZ Bank....................................................16 Dorsey , Jack..............................................12
Alrosa.............................................................14 Embraer.........................................................17 Lonmin...........................................................12 Showa Shell................................................14 WeBank.........................................................14
Facebook......................................................14 Lucara Diamond......................................14 Smiths Group.............................................13 East, Warren...............................................13
Amazon..........................................................12 Yahoo..............................................................17
Fiat Chrysler...............................................15 Lyft.....................................................................1 Snapchat....................................................1,12 Ghizzoni, Federico...................................12
Ant Financial..............................................14
Freeport Indonesia.................................17 Macy’s.............................................................21 Square.............................................1,12,14,20 Sectors Hiesinger, Heinrich.................................13
Anthem....................................................14,21
Freeport-McMoRan................................17 Match.........................................................12,21 Standard Chartered...............................16 Aerospace & Defence...........................13 Hornby, Andy............................................16
AstraZeneca...............................................14
G4S...................................................................21 Merck..............................................................14 Starboard Value.......................................17 Banks........................................8,12,14,16,20 Kirsch, Wolfgang......................................16
BHP Billiton...............................................20
Gala-Coral....................................................16 Millennial Media.......................................15 Starbucks.....................................................10 Chemicals.....................................................17 Lamb, William............................................14
BMW................................................................15
General Motors.........................................15 Morgan Stanley.......................................20 Tencent.........................................................14 Food & Beverage....................................22 McCausland, Peter..................................17
Baidu...............................................................14
Glencore.......................................................20 Nordstrom....................................................21 ThyssenKrupp...........................................13 Industrial Goods.......................................13 Mercedes Corrales, Maria..................10
Banca Popolare dell’Emilia
Romagna.......................................................12 Goldman Sachs........................................20 Novartis.........................................................14 TonenGeneral............................................14 Industrials..............................................13,22 Potier, Benoît.............................................17
Banca Popolare di Milano..................12 Google............................................................14 Ophir Energy..............................................21 Twitter...............................................12,14,20 Mining.......................................................12,14 Stevenson, Lord.......................................16
Berkeley.........................................................21 HBOS..........................................................8,16 Paragon.........................................................21 UBI Banca.....................................................12 Oil & Gas......................................................14 Thiam, Tidjane..........................................16
Best Buy ......................................................21 HCA Holdings............................................21 Persimmon...................................................21 UK Mail..........................................................12 Pharmaceuticals.......................................13 Wol, Hans-Bernd......................................16

© The Financial Times Limited 2015 Week 47

14 ★ FINANCIAL TIMES Friday 20 November 2015

COMPANIES
INSIDE BUSINESS
Insurance
TECHNOLOGY

UnitedHealth threat to quit Obamacare Richard

Waters
Insurer to review whether people without cover has fallen to a of whom have been without cover for That, in turn, could stop people from
record low of 9 per cent, compared with years — are visiting the doctor and using signing up.
to abandon scheme as it
struggles to make a profit
16 per cent five years ago, according to
the Centers for Disease Control and Pre-
vention.
medical services more than previously
expected, analysts said.
Many of UnitedHealth’s rivals have
Mr Obama has hailed the Affordable
Care Act as a success and this month
announced that 17.6m Americans have
Square’s rough ride to
DAVID CROW AND ADAM SAMSON
NEW YORK
However, UnitedHealth said it was
struggling to make a profit on the plans
embarked on a round of big-ticket deal-
making to better prepare for a future
been covered with health insurance
since the law took effect, although it has
market is a lesson to
BARNEY JOPSON — WASHINGTON
UnitedHealth, the largest US health
insurer, dealt a significant blow yester-
it offered through the exchanges,
prompting it to scale back marketing of
the products and to start a review of
under the Affordable Healthcare Act,
although the company has been left on
the sidelines of industry consolidation.
been politically divisive.
In the summer, the US Supreme Court
handed Mr Obama a victory, upholding
rival tech start-ups
day to President Barack Obama’s signa- whether it should abandon the scheme Although UnitedHealth is the largest a core component of his still-controver-
ture policy by threatening to withdraw altogether. It said it would make a final health insurer, it offers fewer plans sial overhaul of the nation’s healthcare

S
from insurance exchanges that have decision on whether to withdraw in the through the insurance exchange than system and safeguarding insurance cov- tock market investors have been getting whip-
helped to sharply reduce the number of first half of next year. rivals such at Anthem, with about erage for more than 6m Americans. lash this week trying to follow the twists and
Americans without healthcare cover. Shares in UnitedHealth fell 5.7 per 550,000 people enrolled. If one insurer However, several cases related to the turns in the technology industry’s most note-
The introduction in 2010 of the cent in afternoon trade in New York. Analysts said UnitedHealth’s with- law are still working their way through worthy initial public offering of the year. With
Affordable Care Act, dubbed Stephen Hemsley, UnitedHealth chief drawal from the system could have a walks away, the US legal system, including one most of the tech “unicorns” — private compa-
Obamacare, helped establish a network executive, suggested the entire health knock-on effect because the exchanges it pushes up regarding mandatory contraceptive nies claiming valuations of at least $1bn — choosing to stay
of online exchanges that allowed unin- insurance industry was struggling to rely on a critical mass of insurers: if one the risks coverage. The exchanges, many of private, they are not getting the pick of the herd. Even with
sured Americans to purchase individual make money from plans sold through insurer walks away, it pushes up the which are run by states, also got off to a that caveat, the tortuous path that has brought payments
healthcare plans. the exchanges. risks for other companies, who could for other rocky start, with technical glitches caus- company Square to Wall Street takes some explaining.
As a consequence, the percentage of Customers who buy the plans — many react by raising prices for consumers. companies ing some consumer headaches. In today’s inverted tech financing environment, public
and private markets are switching roles. It turns out that
they are not always suited to their new jobs. And in this
Alice-Through-the-Looking-Glass world, the lower an IPO
Pharmaceuticals Oil & gas price, the more its early investors may be cheering.
Square has become the unfortunate test case for this

Pfizer secures somewhat weird time in the tech financing markets. The
first of the high-profile unicorns to go public, its IPO has
oscillated violently between success and failure in recent
US rights for days — capped by the sort of massive first-day bounce that
only Wall Street’s god of irony could have scripted.

cancer drug One indisputable fact: few people will emerge smelling
of roses from this mess, not least the underwriters who
slashed the issue price to $9, or $2 below the bottom of the
range they had said was likely only a week earlier. A
ANDREW WARD bounce of more than 50 per cent when trading opened yes-
PHARMACEUTICALS CORRESPONDENT
terday may prove shortlived, but it suggests that either the
Pfizer has stepped up its investment in underwriters got the psychological game that surrounds
a hotly tipped new cancer drug which any IPO pricing badly wrong, or they set the bar deliber-
recently made headlines for saving a ately low. Either way, Square left many millions of dollars
one-year-old British girl who was dying on the table. First-day spikes like this during the dotcom
from leukaemia. boom sowed considerable discord between Wall Street and
Silicon Valley, where entrepreneurs and start-up investors
Great Ormond Street Hospital in Lon- believed their ventures were being sold on the cheap.
don this month announced the first use One oddity of the Square IPO is that it looks like a com-
in humans of the product, which pany that would have been better suited to stay in the pri-
employs so-called gene editing to re-en- vate markets for longer. Forget, for a minute, the fact that
gineer immune cells to hunt and destroy it has only half a chief executive in Twitter boss Jack Dor-
cancer. Pfizer has secured exclusive sey. The even bigger issue for investors is Square’s unfin-
rights to commercialise the product in ished business model. Having once seen itself as a consum-
the US if it gains regulatory approval, er-facing payments company, it is trying to become a cloud
signalling the group’s desire to become a software and small business lending company. But it is too
force in the burgeoning field of cancer early in this attempted
immunotherapy. “pivot” for stock market
The product, known as UCART19, is investors to give it the bene-
Square looks like
being developed by a French biotech fit of the doubt. it would have
company called Cellectis. It is similar to This is an inversion of the
high-profile therapies from Novartis of normal role of public and
been better
Switzerland and Juno Therapeutics and private markets. Most uni- suited to staying
Kite Pharma of the US, which have corns — even those with
attracted hundreds of millions of dollars more developed business
private for longer
of investment in the past two years. models than Square — are
However, whereas these rival prod- still happy tapping private investors for cash. Ride-hailing
ucts — known as CAR-T therapies — apps Uber and Lyft are out looking for another $1.5bn
require each treatment to be engineered between them. But even here, there may be evidence of
from the patient’s own immune cells, growing investor wariness. A $70bn valuation has been
UCART19 uses donor cells that can be touted for Uber in its latest fundraising round, but there do
used by any patient. Cellectis believes not appear to be bidders at that price. When the darling of

Japanese oil refiners set for defensive mergers

this will make its “off-the-shelf” prod- the present generation of start-ups cannot hit the increas-
uct cheaper and easier to manufacture ingly lofty price points that are set for it, it does not bode
and administer — a potentially impor- well for the others. All of this indicates that investor senti-
tant advantage over the other CAR-T ment towards tech start-ups has turned since the stock
therapies. market volatility brought on by China’s economic slow-
UCART19 is at a much earlier stage of LEO LEWIS — TOKYO merger has not been finalised — was Power play: publicly identified refining overcapacity down this summer. The convoluted financing arrange-
development than its rivals and clinical that “the scale of the benefits cannot be a plant in as a blight on the sector. ments that companies such as Square have pursued in the
trials will be needed to prove that the Ageing demographics, hybrid electric perceived as positive”. Last year the ministry used newly- past add an extra, unpredictable twist. By guaranteeing
Ichihara,
apparently successful treatment of the engines and a dwindling passion for Meanwhile, people familiar with the attained powers to undertake a survey returns to late-stage investors, many have sent confusing
eastern Japan,
British toddler can be replicated safely cars among the under-40s are souring situation confirmed on Tuesday that JX of the country’s 23 refineries in an effort signals about their valuations, leaving it to Wall Street to
owned by
in other patients. However, the case has Japan’s long love affair with petrol and Holdings and TonenGeneral, the largest to work out where the biggest potential unscramble the mess.
Idemitsu Kosan,
raised optimism over its prospects. pushing the oil refining industry into a and third-largest refiners, were in for capacity cuts might lie. Investors in Square’s final private fundraising round had
which has
Cellectis said yesterday that Servier, a pair of defensive mergers. merger talks. JX said it was conducting Average operating margins among reason to cheer twice over the company’s travails. The offi-
announced a
larger, privately held French drug- If completed, the two deals — one “various studies” in response to the merger with Japan’s five largest refiners, say analysts, cial IPO price was less half the $18.56 a share they had been
maker, had exercised an option it had announced and the other confirmed as severe conditions in the industry. Tonen Showa Shell have been running at 0.7 per cent of guaranteed from an IPO, forcing Square to hand over a
previously acquired for global market- under discussion by people close to the said it was seeking “various options, Getty Images sales for the past few years. The govern- bundle of new shares to make up the difference. The day-
ing rights for UCART19, and that Pfizer talks — would see about 85 per cent of such as a tie-up with another company”. ment is understood to be working on the one bounce has now given them an extra shot in the arm.
had acquired US rights from Servier. Japan’s refining capacity concentrated Petrol prices in Japan are at the lowest assumption that consolidation could The last laugh may well be Square’s. An IPO, after all, is a
Under the deal, Servier will pay Cel- in the hands of two companies. level since 2010 and, with increasing ultimately bring those margins closer to necessary rite of passage that may provide few clues about
lectis $38.2m upfront with a further The first sign of consolidation came numbers of young Japanese moving into 2.3 per cent. future business success. Google had to slash the price of the
$300m subject to successful progress last week when Idemitsu Kosan and the cities and into the embrace of first- Thanh Ha Pham, an analyst at Jeffer- shares in its IPO after a botched sale, before quickly
through the research and development Showa Shell, Japan’s second-largest and class public transport, gasoline demand ies, said the intervention of the Japanese rebounding, while Facebook traced an opposite path —
process. The terms of Pfizer’s agreement fifth-largest refiners by sales, is expected to settle into a protracted government was the “biggest factor” in pricing high before its stock price collapsed.
with Servier were not disclosed. announced they had reached a provi- annual decline of at least 1.5 per cent for the appearance of the two possible As they enjoy the schadenfreude of watching Square’s
The Financial Times reported in May sional agreement to merge. Based on the next decade. merger deals, with the ministry of econ- stumble into the public markets, other tech start-ups
that Pfizer was interested in buying Cel- their sales of last year, the combined A duopoly of refiners, controlling omy eager to see the industry improve should pause and think about their own position. Most will
lectis but a deal failed to materialise. company would generate annual reve- more than four-fifths of Japan’s petrol its margins. The country’s population either fail or be acquired and never make it as far as Wall
The US company owns just under 10 per nue of $65bn. supply, would fulfil a vision being was falling and the automobile market Street. If they are really lucky, an IPO like this could hap-
cent of the French company after the Analysts at Mizuho Securities said strongly advocated from behind the was more fuel efficient, meaning that pen to them someday as well.
pair entered an alliance last year to their initial impression of the deal — the scenes by Japan’s Ministry of Economy, demand decline was “structural and
develop further cancer treatments. share-swap ratio for the all-stock Trade and Industry. The ministry has undeniable”, he added. [email protected]

Mining Technology

Biggest diamond find in more than a century Tencent looks to raise $1bn for WeBank push
ANDREW ENGLAND — JOHANNESBURG similar type of stone, weighing 342 car- Lucara, said the Karowe diamond — CHARLES CLOVER — BEIJING WeBank, launched in January, is one China’s nine largest banks are all
JAMES WILSON — LONDON
ats, for $20.55m in July. about twice the size of any stone sold of a number of similar internet banks state-owned and tailor their lending
Tencent, one of China’s largest internet
A Canadian miner claims it has To date, the largest diamond ever dis- recently — also had “historical signifi- that have recently emerged in China. towards large, state-owned groups.
companies, is looking to beef up its new
unearthed the biggest diamond to be covered is the “Cullinan Diamond”, cance” that could influence the value. Others include MYbank, which was WeBank’s first year in existence has
banking affiliate by helping it raise
found for more than a century, with the which was dug out of a South African “I have been waking up at 4am every launched in June by Chinese ecom- not gone smoothly — Cao Tong resigned
$1bn in new capital, according to
discovery of a 1,111 carat gem-quality mine in 1905. That 3,106 carat gem was night this week,” he said yesterday. “It is merce group Alibaba’s financial affiliate as bank president in September, and
investors.
stone in Botswana. cut and set in Britain’s crown jewels. an amazing feeling and a great position Ant Financial, while this week search Zheng Xinlin, the vice-president who
William Lamb, chief executive of to be in . . . this is the first stone of more The bolstering of WeBank, which is 30 engine Baidu announced it would handled interbank business, also
Lucara Diamond has released photo- than 1,000 carats for 100 years.” per cent owned by Tencent, is part of a launch a bank in partnership with Citic recently resigned, the bank confirmed
graphs of the stone, which was discov- Lucara also announced finds of two government-approved push by China’s Bank. this week.
ered at its Karowe mine. It measures other white diamonds: an 813 carat biggest internet conglomerates into Due to stringent regulations on the Tencent and other internet compa-
65mm x 56mm x 40mm and pictures of stone and a 374 carat stone. It said the finance — an area dominated by state- internet finance sector, these banks are nies plan to use troves of internet “big
the clear-looking gem show it to be the weights remained subject to change as owned banks. still required to partner with a licensed data” to determine the creditworthiness
size of a small orange. Analysts said the the stones have not yet been cleaned. Beijing hopes the push will lead to a lender and act as middlemen, limiting of customers who might otherwise not
stone was difficult to value but should Lucara, one of the companies backed rise in lending to small and medium- activities such as accepting deposits. have access to larger banks’ lending due
be worth tens of millions of dollars. by Lukas Lundin, a mining and oil sized companies, which have been China’s banking regulator granted to lack of collateral.
Des Kilalea, an analyst at RBC Capital entrepreneur, is one of several mid-tier ignored by the state banking sector. The bank licences to Tencent and Ant Finan- The planned $1bn fundraising will
Markets, said the stone would be worth miners to have geared their businesses fundraising for WeBank, which plans to cial as part of a pilot programme to pro- help WeBank expand its personal-loan
at least $35m, based on previous sales, to finding lucrative large diamonds. offer a range of financial products, is mote private-sector banks. Such gov- service called Weilidai — “a little loan”
and possibly up to $50m. Another Analysts at Investec said the Lucara expected to value the company at $5bn. ernment support was highlighted by the in English — which allows users to bor-
industry professional estimated its Analysts said the stone should be find was “a balance sheet changing Tencent declined to comment on the attendance of Li Keqiang, China’s pre- row up to Rmb200,000 ($31,000) with-
value at $70m to $80m. Lucara sold a worth tens of millions of dollars development” for the company. capital raising. mier, at WeBank’s launch ceremony. out collateral.
Friday 20 November 2015 ★ † FINANCIAL TIMES 15

COMPANIES

Volkswagen choked by cost and complexity

German group to cut expenses to help pay for emissions scandal — but analysts fear this may not go far enough
RICHARD MILNE

A steering wheel may seem like a simple

Bumpy road At the wheel
component for a car. But when you buy Persistent chief faces
a Volkswagen Golf, you currently have a tricky turnround test
choice of 117 different steering wheels. VW brand operating margin (%)
VW is now planning to cut that
number to 43 as the scandal-ridden Ger-
man carmaker looks at ways of saving Herbert Diess is, in the words of
money and boosting profitability. Many analyst Arndt Ellinghorst,
of the variations were just for slightly “unpleasant, but in a good way”.
different shades of grey or an extra but- Ferdinand The former BMW executive was
ton or two on the steering wheel, accord- Piech one of the candidates to head the
ing to managers. 6 luxury carmaker but was poached
The resulting potential for cost-cut- by Volkswagen last year to run its
ting has some analysts arguing that, main but struggling VW brand.
despite an emissions scandal that could “He is one of those people who
cost it tens of billions of euros, VW Wolfgang Bernhard are pretty persistent and don’t take
shares could be a screaming purchase. 4 no for an answer. He makes life
“Most investors think VW is currently uncomfortable for people and he
uninvestable,” says Max Warburton, challenges the status quo, from
analyst at Bernstein Research. “But this Herbert Diess what I know about him from BMW,”
is the biggest cost reduction possibility says Mr Ellinghorst.
in the global auto sector. It is the only 2011 2 But the scale of the challenge
company that did not cut costs in Alone among big global facing him at VW is altogether
2008-09.” José Ignacio López carmakers, VW increases its different. The VW brand made
VW is likely to give a flavour of what it spending and investments €100bn in sales last year but had
has planned today when the carmaker’s after the financial crisis an operating profit of just €2.5bn.
executives will discuss future invest- BMW, by contrast, had €75bn in
1993 2001 2005 2015 0
ments with the supervisory board. sales and €7.2bn in operating profit.
Herbert Diess, plucked from BMW VW in financial crisis as Mr Piech tries to Gripped by a new scandal, VW VW poaches Herbert Diess Max Warburton, analyst at
earlier this year to head the struggling new CEO Ferdinand Piech move VW brand hires Wolfgang Bernhard from from BMW to turn round its Bernstein Research, thinks Mr Diess
VW brand, has already said investments recruits José Ignacio López upmarket, pushing Chrysler to make the VW VW brand after years of will be aware that his two
will be cut by €1bn and an efficiency from GM to slash costs up costs brand more efficient margin decline and stagnation predecessors as outsiders hired to
programme designed to reduce costs by -2 cut costs — José Ignacio López in
€5bn a year by 2017 will be accelerated. 1990 92 94 96 98 2000 02 04 06 08 10 12 14 16 1993 and Wolfgang Bernhard in
“We are turning over every stone in Estimate 2005 — both left the carmaker
the company and are examining all within two years after opposition
planned investments. What is not abso- Output lags peers Admin costs have tripled since 2007 Labour expenses continue to rise from the trade union. Like many, he
lutely necessary will be cancelled or Cars produced per employee, 2014 Admin expense (€bn) As % of sales Labour costs (€bn) As a % of sales thinks Mr Diess may be interested
postponed,” Mr Diess told the VW in- in succeeding Matthias Müller as
0 5 10 15 20 25 7 3.4 35 17
house magazine Autogramm this week. VW’s group chief executive.
Investors in VW may feel a sense of Toyota 6 3.2 30 “It looks like he is going to play
déjà vu. In both 1993 and 2005 the Ger- 5 25 16 this more carefully than López and
man carmaker faced scandals and Renault 3.0 Bernhard. Still he should watch his
almost non-existent profit margins due PSA Peugeot 4 20 back in two years’ time when he’s
Citroën 2.8 15
to overspending in the good times. Fiat 3 15 done good work,” he adds.
Outsiders were hired — José Ignacio 2.6
10 Mr Diess made his name at BMW
BMW 2 14
López from General Motors in 1993, by reducing its purchasing costs by
Wolfgang Bernhard from Chrysler in 1 2.4 5 €4bn and also helped improve its
Mercedes
2005 — and costs were soon slashed, VW group 0 2.2 0 13 research and development
restoring the VW brand to healthier efficiency — issues VW needs to
2007 10 12 14 2007 10 12 14
margins. The question now is whether address too. Richard Milne
Source: Bernstein
another outsider, Mr Diess, can perform
the trick again and overcome resistance
from VW’s powerful trade union and
works council. broke in September. Martin Win- nology have been permitted, often at
Bernd Osterloh, the head of VW’s terkorn, its former chief executive, great expense in terms of machinery
works council, has already sounded a started an efficiency programme that and components. VW has, for instance,
warning shot, suggesting this month current managers say will now be inten- already said that its top-of-the-range
that unilateral cost-cutting by manage- sified. Much of the work is about reduc- Phaeton saloon will be delayed and only
ment would endanger “the social peace ing complexity, as with the steering come in an electric version.
and future of our company”. wheels. Mr Diess, renowned for cutting
Analysts think this suggests workers Endless examples abound. At the BMW’s costs in the financial crisis, is
are grasping that management may try moment VW manufactures two differ- also likely to have a look at the VW
to use the emissions scandal to intensify ent types of internal lighting — one for brand’s enormous €86bn purchasing
cost-cutting and reform, particularly at left-hand drive cars, one for right. In the bill. Mr Warburton says that VW often
the VW brand, which generates half of future, it will just be one. The front seats over-specifies parts, using higher grade
group revenue. “This is a historic chance in the Golf will have 259 variations in the steel than rivals or more complex and
for VW,” says Arndt Ellinghorst, analyst future, instead of 341. lightweight parts.
at Evercore ISI. “The rhetoric from the But VW is going further. Managers say Shwetha Surender, a consultant at
works council suggests they are really it will examine whether it needs so Frost & Sullivan, says VW could cut
alarmed that the management might many models across brands including €3bn in annual costs from its suppliers.
try to run the business and not [the VW, Seat and Skoda, and multiple varia- But she also thinks it could make sav-
works council].” tions of each model, such as two or five- ings in research and development,
An obvious focus for many industry door cars, estates and convertibles. where it spends more than any com-
observers is jobs. VW makes roughly the Mr Ellinghorst says this is VW’s big- pany in the industry. She sees savings of
same number of cars as Toyota but with gest short-term opportunity. “They €2bn-€4bn as possible, instead of the
almost twice the amount of workers. need to reduce the degree of freedom of €1bn the company plans.
Axing jobs is likely to prove tricky due to engineers,” he says, pointing to how For investors, all of this may sound
the union, even if consultants believe endless vehicle variations and new tech- good, but the uncertainty arising from
temporary workers could be at risk. the emissions scandal dominates. VW’s
Still, there is plenty for VW to cut. shares have more than halved in the
VW’s administrative expenses have past six months and the company is still
almost tripled since 2007 while labour not sure how big the scandal is, and even
costs have more than doubled, rising far less how much it will cost in lawsuits,
faster than sales. The operating profit fines and recalls. Mr Warburton says
margin at the VW brand is expected observers should not fantasise too much
next year to be 1.2 per cent, the lowest about change at VW given the role of the
since 2009, according to Bernstein. union and local politicians.
Referring to the famously intense But he adds: “I can’t lay out what the
boss of Fiat Chrysler, Mr Warburton costs will be in the next 12 months. My
says: “If Sergio Marchionne ran 117 43 head says it’s logical to be a bit careful
Volkswagen, it could make 15 per cent Number of That choice will here, but my heart says this is a bit of an
margins by next Christmas.” steering wheels be more than opportunity. I think we’ll probably look
VW was aware of its cost problem VW Golf buyers halved under back at late 2015 retrospectively and
even before the diesel emissions scandal can choose from cost-cutting plans think it was a great buying opportunity.”

Telecoms

TV ads to be ‘retargeted’ on to mobiles

SHANNON BOND — NEW YORK US wireless operator searches for new TV. Those viewers are then anony-
sources of growth. Tim Armstrong, AOL mously matched in Millennial’s data-
The ads you see on television may soon
chief executive, has said that “this is the base of smartphone and tablet users, so
follow you into your smartphone apps.
year when TV and web budgets are that personalised video ads can be
Millennial Media, the mobile advertis- going to collide”. placed in mobile apps, targeting viewers
ing network recently bought by AOL for US mobile advertising revenues in the who have already seen a brand’s TV ad.
$238m, is partnering with Rentrak, the first half of this year reached $8.2bn, For example, a retailer could follow
video measurement company, to allow accounting for 30 per cent of overall dig- up a TV spot with a mobile video ad
advertisers to “retarget” through their ital ad spending. In 2014, online ad encouraging a consumer to find the
phones people who have seen a particu- spend reached $49.5bn, compared with nearest store, add a sale to their smart-
lar ad on TV. combined broadcast and cable ad reve- phone’s calendar, or sign up to receive
The partnership comes as AOL, which nues of $65.7bn. more information. Advertisers can also
was itself acquired by Verizon in a Millennial Media says its new offering target mobile advertisements to people
$4.4bn deal this year, is reorientating its will help accelerate big brands’ spend- who have seen their competitors’ ads.
digital advertising business towards ing in mobile and measure the results of While other ad tech companies offer
mobile devices, where consumers are that investment. “Advertisers want to some ability to retarget TV viewers on
spending increasing amounts of time. integrate all of their spending across the internet, Millennial says the scale
AOL’s ability to drive more spending screens,” said Liza Blumenthal, head of that it and Rentrak bring sets its offering
through its advertising technology tools, north-east sales for Millennial Media. apart. Rentrak has data on 25m house-
particularly video ads on mobile The partnership uses Rentrak data holds, while Millennial’s ad network
devices, was a key driver of Verizon’s from set-top boxes to track which com- extends across 65,000 apps, reaching
interest in the company as the largest mercials a viewer sees while watching more than 190m unique users monthly.
16 ★ FINANCIAL TIMES Friday 20 November 2015

COMPANIES

Banks Banks

Credit Suisse rules out ‘risky activities’ HBOS senior

managers face
Lender’s future focus is to “short-term trading activities”. His
comments came at a shareholders’
acting as a market maker in European
government bond markets, and Mr
emerging markets targeted by Credit
Suisse was owned mainly by first-gener-
sion, international wealth management
and Swiss operations.
fresh probe as
support private banking
and wealth management
meeting in Bern, Switzerland, which
overwhelmingly approved a SFr6bn
Thiam, former head of the UK insurer
Prudential, said the investment bank’s
ation entrepreneurs — in contrast to
western Europe, where wealth “was cre-
Credit Suisse’s plans for a SFr1.32bn
private placement and a SFr4.7bn rights
regulators
RALPH ATKINS — BERN
($5.9bn) capital increase that is part of a
wide-ranging strategic overhaul of
Credit Suisse announced by Mr Thiam
“right-sizing process” would be com-
pleted by the end of the year.
Credit Suisse’s “new approach” to
ated four or five generations ago”.
Much of the new wealth is held in
“illiquid form” — factories, for instance.
issue were approved by about 95 per
cent of shareholders.
Mr Thiam told the nearly 600 share-
blame board
Credit Suisse plans to stop its invest- on October 21. investment banking was reflected in the Rather than short-term trading, Credit holders who attended the Bern meeting
ment bankers engaging in “overly risky As well as a 20 per cent reduction in decision not to set external profit targets Suisse investment bankers would look that the bank’s Swiss operations were CAROLINE BINHAM AND EMMA DUNKLEY
LONDON
activities” by refusing to set them exter- assets at the investment bank, his plans for the two divisions of its investment for “longer-term fee opportunities” “central to our strategy”.
nal profit targets, the Swiss bank’s new foresee a significant expansion of Credit bank. “This is to ensure that our bank- from managing such wealth. It was “a great advantage” to have “a A long-delayed report into failed Brit-
chief executive has told shareholders. Suisse’s activities in managing the ers do not have incentives to engage in The Credit Suisse chief executive has leading position in one of the most ish bank HBOS laid bare lax regulation
Tidjane Thiam said the job of Credit wealth of the world’s richest, especially overly risky activities,” Mr Thiam said. already raised eyebrows in finance cir- advanced and most enterprising econo- and conflicts of interest at the main UK
Suisse’s investment bankers would be in Asia. The bank would withdraw from “The investment bank is there prima- cles by not setting return on equity tar- mies in the world”. watchdog leading up to the financial
primarily to support the lender’s expan- “those activities that produce volatile rily to support our ambitions in the pri- gets for the bank, arguing that such Credit Suisse plans to list up to 30 per crisis.
sion in private banking and wealth man- earnings and are capital intensive”, Mr vate banking and wealth management ratios are subject to many uncertainties. cent of its Swiss universal bank by 2017.
agement. Thiam confirmed to shareholders. space.” Instead he has set three-year earnings Results of the capital increase will be But the report into the group’s £20.5bn
That would require a shift away from Last month, Credit Suisse stopped Mr Thiam said the “new wealth” in growth targets for the Asia-Pacific divi- announced on December 3. collapse in 2008 nonetheless concluded
that the blame lay squarely with the
board and senior management. They
now face a fresh probe by regulators and
the threat of being banned from UK
Banks. Balance sheet push financial services.
HBOS, one of the UK’s biggest lenders,

Investors spoilt for choice as European lenders seek capital was given emergency government
assistance of up to £25.4bn under a
secret Bank of England programme
from October 2008. It had to be rescued
via a government-ordained takeover by
the Lloyds Banking Group.
ABN Amro’s listing comes as Taxpayers took a 43 per cent stake in
Greek banks, Credit Suisse the merged bank to prop it up, although
the government is selling its stake,
and StanChart plan offerings which currently stands at just under 10
per cent. The sell-off is expected to be
MARTIN ARNOLD — BANKING EDITOR
completed by spring 2016.
Criticising the previous City regulator,
Like shoppers wandering through a yesterday’s report said the Financial
Christmas market, investors in shares of Services Authority should not have
European banks are being peppered closed a “materially flawed” earlier
with offers of seasonal merchandise. investigation after sanctioning just one
Today, the Dutch government plans person. At a minimum, the FSA should
to raise about €4bn by floating ABN have investigated HBOS’s former chief
Amro in the biggest initial public offer- executive, Andy Hornby, the report
ing of a European bank since the finan- said, adding: “The failure to do so was
cial crisis. not reasonable.”
This week, Greece’s four big banks are The Prudential Regulation Authority
also seeking buyers for more than €6bn
in shares to fill capital shortfalls. Else-
where, Credit Suisse and Standard Char-
HBOS board ‘failed to set
tered are planning to raise SFr6bn and an appropriate strategy,
$5.1bn respectively to shore up their
balance sheets.
and also failed to challenge
Meanwhile, the UK government has a flawed business model’
pledged to keep selling down its multi-
billion-pound stakes in Royal Bank of
Scotland and Lloyds Banking Group. and Financial Conduct Authority — the
So far this year, banks have raised successor bodies to the FSA — said yes-
more than $75bn from investors world- terday they will now “consider whether
wide, according to Thomson Reuters. any former senior managers of HBOS
Given all the bank equity still to be should be the subject of an enforcement
issued in Europe, it is on course to top investigation with a view to prohibition
last year’s $93bn total, though it proceedings”, with a decision in early
remains well below the record $236bn 2016.
raised in 2009 when the financial crisis Those senior managers include
forced many banks to raise capital. Mr Hornby, now chief operating officer
James Chappell, banks analyst at Ber- of private equity-owned betting and
gaming company Gala-Coral; Lord Ste-
venson, HBOS’s first and only chairman;
ABN is being pitched as and James Crosby, Mr Hornby’s prede-
a stock that could be cessor.
Mr Crosby served simultaneously as
attractive in the low HBOS chairman and a deputy chairman
interest rate environment of the FSA until 2009, when he resigned
amid criticism of his alleged conflict of
interest.
The report said Mr Crosby’s presence
enberg, says investors remain cautious The Dutch ABN has promised to pay out 40 per have been forced to accept the discount about its capital levels. ABN’s common on the watchdog’s board while still head
about investing in Europe’s banks. “Peo- government cent of its profits in dividends until 2017 to ING because their bigger rival has equity tier one ratio — a key measure of of HBOS “could have resulted in the FSA
ple are quite uncertain about the eco- plans to raise and half of them after that. Analysts more growth potential thanks to its dig- capital to risk-weighted assets — was treating HBOS more leniently” —
nomic outlook at the moment in Europe about €4bn by estimate it will make a net profit of ital banking operations in countries above most rivals at 14.8 per cent in Sep- although the review found no evidence
and you have uncertainty around regu- floating ABN about €2bn this year and pay a €0.85 such as Germany and Spain. tember. However, its leverage ratio — of this.
lation,” he says. Amro in the per share dividend, representing a yield There are other reasons why investors measuring capital against total assets — While the heads of other British banks
“The third-quarter numbers have biggest IPO of a of about 5 per cent at the likely IPO price may be cautious about buying ABN is less strong. contacted senior management at the
seen more revenue weakness in Europe, European bank of €18 per share. shares. The bank, which was once so Because of the recent requirement FSA when they had concerns, the report
so people are doubling down on US since the Second, ABN is expected to be valued dominant in the Netherlands that it from regulators to include off-balance said Mr Crosby tended to contact the
banks where there is more prospect for financial crisis at a discount to its larger local rival ING, referred to itself simply as De Bank, is sheet exposures at its large clearing manager of the supervision team
rising interest rates and higher eco- Jock Fistick/Bloomberg
even though it is generating a better per- still strongly associated with being one business, which has €12bn of customer directly.
nomic growth.” formance on some measures. In the first of the big victims of the financial crisis. loans, the bank’s leverage ratio was 3.5 Andrew Bailey, head of the PRA, said
As ABN prepares to float in Amster- nine months of the year, ABN made a In 2007, ABN ran into trouble after an per cent at the end of September. This is the report “concluded that the board
dam today with a market value of about return on equity of 14 per cent, one of ambitious overseas expansion and was below the Dutch government’s planned and senior executive management of
€17bn, analysts say there are some rea- the highest in the sector and above the acquired and dismembered by rivals minimum of 4 per cent. HBOS failed to set an appropriate strat-
sons why it may stand out as a more comparable figure of 11.6 per cent at Royal Bank of Scotland, Santander and A final potential poison pill at ABN is egy, and also failed to challenge a flawed
attractive investment than others in the ING. Fortis. That deal ultimately led to RBS The Dutch that investors are not being offered business model”.
sector. Yet if ABN floats at €18 per share it having to be rescued by the UK govern- shares in the bank itself, but in an inde- “The paradox of the story is that at the
First, the bank is being pitched to will have a premium of about 6 per cent ment. When the financial crisis hit, the bank has pendent foundation. time, and indeed up until quite near to
investors as a defensive yield stock that to its tangible book value, which meas- remaining Dutch rumps of ABN and promised to This body has the power to block a its failure, HBOS was widely regarded as
could be attractive in the existing low ures its net asset value excluding good- Fortis had to be bailed out by the gov- pay out 40% hostile takeover of the bank for up to a success story,” he said.
interest rate environment. “You have will and other intangibles. That com- ernment at a cost of €28bn. of its profits two years if it deems the deal to be A fresh investigation could lead to a
got no growth, so where is your return pares to ING’s premium of about 15 per The bank being floated today bears against shareholder interests, removing financial services ban on individuals,
going to come from — it has to be the div- cent to tangible book value. little resemblance to its pre-crisis prede- in dividends this potential — albeit unlikely — upside but those people could not be fined due
idend,” says Mr Chappell. Advisers to ABN say its managers cessor. Yet there is still some concern until 2017 to the shares. to a statute of limitations.

Contracts & Tenders Banks

German co-operatives DZ and WGZ agree to merger

JAMES SHOTTER — FRANKFURT publicly owned lenders — since Deut- including ultra-low interest rates and business, which is also characterised by
sche’s takeover of Postbank in 2010. tougher regulatory requirements. the arrival of new market participants.”
DZ Bank and WGZ Bank, the central
It comes after several previous efforts “Central banks will continue to try to Mr Kirsch said the combination was
banks for Germany’s sprawling
to combine DZ Bank and WGZ Bank keep interest rates artificially low for expected to yield synergies of at least
co-operative banking sector, are to
ended in failure. the foreseeable future . . . as a result of €100m a year, partly due to eradicating
merge in a deal that will create the
The new bank will be headed by Wolf- this, banks’ interest income will remain duplication and increased opportunities
country’s third-largest banking group.
gang Kirsch, currently chief executive under pressure,” Mr Kirsch said. for cross-selling products.
The two groups, which provide a range of DZ, while DZ’s chairman Helmut He added: “In our market environ- He added that there would be
of national and international banking Gottschalk will lead the supervisory ment, we are experiencing intense price “moderate” job cuts.
services for Germany’s 1,000-odd board. Their counterparts at WGZ, competition, particularly in the credit At the end of June, DZ’s fully applied
mutual lenders, said that the new entity Hans-Bernd Wolberg and Werner core tier one capital ratio — a closely
would begin operating next August. Böhnke, will become their deputies. watched measure of financial strength
Between them, they have assets of DZ posted a net profit of €2.16bn last
‘Central banks will — stood at 11.8 per cent. WGZ’s was 13.1
€501bn, ranking them behind Deutsche year, more than any other German continue trying to per cent.
Bank, which has assets of €1.7tn, and bank, while its smaller counterpart Mr Kirsch said that WGZ would make
Commerzbank, which has €564bn. WGZ managed a net profit of €234m.
keep interest rates up around 25 per cent of the new bank,
The proposed tie-up is the largest deal Mr Kirsch said that the timing of the artificially low’ and DZ around 75 per cent, but added
in the German bank sector — which is merger made sense, given the continu- that the precise ratio would be deter-
composed of private, mutual and ing pressures on the banking system, mined by auditor KPMG.
Friday 20 November 2015 ★ FINANCIAL TIMES 17

COMPANIES

Transport

Bombardier sells 30% stake in train unit to CDPQ

Company shelves plan for ager for $1.5bn. The Caisse de Dépôt et attempt to break into the narrow-body marks a volte-face for Bombardier, emerged as the “most attractive option”. financial flexibility. We can complete all
Placement du Québec will acquire con- commercial jet market dominated which announced in March that it He said the administrative costs the programmes and have a safety net.”
IPO as Quebec pension vertible shares in a new holding com- by Airbus and Boeing. Cost and timeta- planned to float shares in the unit. It had would be significantly lower than if the Bombardier Transportation, with
fund says it will pay $1.5bn pany to be formed out of the group’s ble overruns have placed a strain on the considered a competitive auction for the company had pursued an initial public 39,700 employees, builds trains and
Bombardier Transportation division. company’s profitable business jet oper- private placement of a minority stake. offering, with a lower execution risk. “A provides maintenance services, system
GUY CHAZAN — BERLIN The deal values the company at $5bn. ations and on the group more broadly. There were indications earlier in the lot of recent IPOs have not delivered integration and signalling. The com-
Only last month, Bombardier sold a Bombardier last month reported year that Bombardier might be explor- what they promised,” he said. He also pany has a $30bn backlog. Over the first
Canadian aircraft and train maker Bom- near-50 per cent stake in its troubled a $4.9bn loss for the third quarter. ing a sale of BT to an industry player, said CDPQ was “focused on the long- nine months of this year, its earnings
bardier was forced for a second time in a C Series passenger jet programme to the It confirmed it had sought unsuccess- with reports saying it was in talks with term development of the company”. before interest and tax were $342m,
month to turn to its home province for a Quebec government in exchange for a fully to sell a stake in the C Series to Air- two Chinese state-owned trainmakers. Mr Bertling said the proceeds from with a profit margin of 5.6 per cent.
cash infusion as it announced the sale of $1bn lifeline. bus and it has been reported it could sell But Lutz Bertling, president of Bom- the sale of the stake to CDPQ would go Montreal-based CDPQ is one of Can-
a 30 per cent stake in its rail business to Bombardier has been beset by prob- a stake to other companies. bardier Transportation, said that the towards “general business purposes” of ada’s leading institutional fund manag-
the Quebec public pension fund man- lems with the C Series, an ambitious The sale of the stake in its rail business idea of an investment by CDPQ had Bombardier. “These injections give us ers with $240.8bn in net assets.

Interview. Benoît Potier

French gas supplier targets US rebound with deal for rival

efficient business.” Putting Air Liquide’s
Chief says ambitious $13.4bn production and bulk sales together with
takeover of Airgas will pay off Airgas’s distribution would create a ver-
tically integrated company that can cap-
despite shareholders’ gloom ture opportunities for profit wherever
they emerge, he added.
Second, there is a real prospect that
ED CROOKS — NEW YORK
technology will shake up the gas distri-
Benoît Potier, chief executive of Paris- bution business. The “industrial inter-
based Air Liquide, had reached the most net” — equipment fitted with sensors
sensitive phase of negotiations to buy and communications to generate data
Airgas of the US when the terrorist that can be analysed to improve per-
attacks of November 13 hit his home formance — is likely to mean that signif-
city, killing 129 people. icant long-term productivity gains will
He was at home, watching the terrible be possible in the gas cylinder business,
news come in all night. “Your kids are Mr Potier believes.
out having parties: my daughter was in Third, the deal increases Air Liquide’s
one of those restaurants just a week ago. exposure to the US, which is expected to
So it’s a big shock,” he said. The terrorist be the best market for industrial gases
attacks provided a sombre backdrop for in the developed world over the next
the final stages of the negotiations, but half-decade. In 2014 the company made
the two companies concluded a deal, 24 per cent of its revenues in the Ameri-
resulting in Tuesday’s announcement of cas. Adding in Airgas, which makes
Air Liquide’s agreed takeover of Airgas almost all of its sales in the US, that pro-
for $13.4bn, including debt. portion would rise to 42 per cent.
The deal is an ambitious move, one of Although US manufacturing has been
the largest ever acquisitions of a US affected by falling commodity prices,
materials company by a European which have hit demand for products
group. It will make Air Liquide the such as mining equipment and the steel
world’s largest supplier of industrial tubes used in oil and gas wells, Air Liq-
gases, which include oxygen, nitrogen, uide still expects the US industrial gases
hydrogen, carbon dioxide and helium, market to grow by about 4.4 per cent
used in industries such as manufactur- every year from 2014-20. That is much
ing, construction and healthcare. faster than the expected annual growth
The initial reaction from the stock of 2-2.5 per cent in Europe, and just 1-2
market, though, was unenthusiastic. per cent in Japan.
Air Liquide’s shares fell 7 per cent on Air Liquide’s executives are confident
Wednesday, as investors digested what the potential pitfalls of the deal are sur-
was described by David Silver, an mountable. US antitrust regulators may
analyst at Morningstar, as a “generous” order some asset sales, Mr Potier
price. They also worried about Air Liq- expects, but the amounts are likely to be
uide taking on more debt to increase its There is a compelling strategic case for the Air Liquide-Airgas deal, say Benoît Potier, below, and Peter McCausland, below right — Fabrice Dimier/Bloomberg “reasonable”.
exposure to US manufacturing, which Paying for the deal means Air Liquide
has shown unimpressive growth this taking on a lot of debt: essentially the
year, in part because of the commodity failed when a court in Delaware upheld aged” gases, in cylinders or other small entire $13.4bn price as a bank bridging
price slump. How the companies compare Airgas’s “poison pill” defence. Since quantities, might seem unglamorous, it loan. That will be refinanced as soon as
Mr Potier believes that adverse reac- 2014 gas & services sales (%) then, the S&P 500 index has risen 56 per was actually a very attractive market. possible through bond sales, bank loans
tion will prove shortlived. “We lost 7 per cent, and Air Products shares by about There was repeat business, cash flow and a €3bn-€4bn share issue, so the
cent, which is not good,” he told the Air Liquide (€13.9bn) Air Liquide + Airgas (€17.8bn) the same amount, while Airgas’s stock was strong, and Airgas has been suc- company can keep an A or A-minus
Financial Times. “But we just need to Middle East has increased 117 per cent. cessful in adding sales of credit rating.
wait another week or so, and give time Americas Europe & Africa 2 The Air Liquide deal is a personal vin- related products and With ample liquidity making the
Asia Pacific
to absorb the news, and the time it takes dication for Peter McCausland, who services alongside its deal possible, said Mr Potier,
to recognise the value.” 19 founded Airgas in the early 1980s and is gas distribution. this was a good time to be buy-
There is no doubt that the offer looks 24 now executive chairman. “The merchant busi- ing Airgas, in spite of appear-
Middle East 48 42
attractive for Airgas shareholders. At & Africa 3 “They’ve made a good offer for our ness is not excit- ances. “We’ve been absorbing
$143 in cash per share, it is at a 51 per shareholders, and we’re all about creat- ing: it is a little the shock in the US of
cent premium to the average Airgas 25 Europe 37 ing value,” he told the FT. bit cumber- the low oil price, and
share price over the past month. Americas He and Mr Potier agree, though, that some, boring,” I don’t know exactly
It is also double the $70 per share that Asia Pacific the bid terms are justified by the “very said Mr Potier. how long it will
Air Products, another US gases com- compelling” strategic case for the deal. “[But] this is a take, but the US
pany, offered to pay in a hostile takeover First, said Mr Potier, although Airgas’s simple, small market is going to
Source: Air Liquide
battle in 2010-11. That bid eventually core business of distributing “pack- but very, very rebound,” he said.

Technology Mining Legal Notices

Starboard hits out at Yahoo Indonesia in extortion probe

HANNAH KUCHLER — SAN FRANCISCO pany to be known as Aabaco, was not AVANTIKA CHILKOTI — JAKARTA The scandal may also add to uncer-
the “best alternative”. tainty for Freeport as senior politicians
Activist investor Starboard Value is Indonesia has launched an investiga-
“If you stay on the current path, we push for an evaluation of the group’s
urging Yahoo to abandon plans to spin- tion into alleged attempts by senior
believe the potential penalty for being operations in Indonesia. The miner is
off its stake in Chinese ecommerce officials to extort a stake in Freeport-
wrong is just too great, and the potential already battling with weak commodity
group Alibaba and switch to selling its McMoRan’s Indonesian unit in return
reward for being right is not materially prices and Indonesia’s ban on the export
core internet business, which ranges for an extension of the US mining com-
better than the other alternative,” Mr of unprocessed minerals.
from Yahoo Mail to Fantasy Football. pany’s right to operate in the country.
Smith wrote. “We can’t comment because the alle-
In an open letter sent Wednesday night, Yahoo shares slipped 0.2 per cent to Sudirman Said, minister of energy and gations are being investigated,” said
Starboard accused Marissa Mayer, $32.90 by lunchtime trading in New mineral resources, filed a complaint Riza Pratama, Freeport’s spokesman.
Yahoo chief executive, and chairman York yesterday. Shares have fallen 34 with the House of Representatives eth- Freeport, which plans to invest
Maynard Webb, of having a “dismissive per cent this year, despite the plan to ics committee this week alleging that $16bn-$18bn in underground develop-
approach” to the investor’s “serious con- spin-off the stake to give shareholders the Speaker, Setya Novanto, had ment, has been lobbying Jakarta for
cerns” about the future of the company, direct access to the Alibaba investment. demanded Freeport divest shares to affirmation its contract in Indonesia will
despite having held several conversa- The plan was formed under pressure be extended beyond 2021. The group
tions and meetings with them. from Starboard but has faced setbacks, generated 8.4 per cent of its revenue last
Jeffrey Smith, a managing partner at while Ms Mayer has struggled in her The Speaker, year from Indonesia, said Bloomberg,
Setya Novanto,
Starboard, said the planned spin-off of mission to turn round the core business. has told local and had expressed hope over “produc-
Yahoo’s 15 per cent stake in the Chinese Aabaco was due to be formed in late media that his tive discussions” with Jakarta.
group, worth about $29bn, in a com- 2015, but the plan stumbled when US comments were Amid this week’s scandal, Luhut Pan-
tax authorities refused to rubber stamp made as a joke jaitan, co-ordinating minister for politi-
the deal. cal, legal and security affairs, appeared
Yahoo decided to press ahead on President Joko Widodo and his vice- to flip-flop on those reassurances. “The
Legal Notices advice of its lawyers that the spin-off is president, Jusuf Kalla. extension of the Freeport contract can
the most tax efficient way to hand the “We will wait and see how the house only be completed through negotiation
Alibaba stock to shareholders. In the let- settles this,” Mr Kalla told broadcaster two years before the contract expires,”
ter, Starboard, a top 30 investor, said it BeritaSatu, denying any involvement. he said yesterday. “The divestment and
agreed with Yahoo’s assessment but that When asked whether Mr Widodo had development of a smelter were sup-
it was clear the market had taken a “dim reacted, he added: “Of course, anyone posed to be completed by Freeport a
view” of the strategy and appeared to be will get angry if their name is tagged.” while ago and the company has simply
valuing the core business at just over Mr Widodo’s office did not respond to an failed to fulfil those requirements.”
$2bn. emailed request for comment. The Indonesian government, which
Starboard believes the most “prudent The matter has raised fresh concerns has a 9.4 per cent stake in Freeport Indo-
path” is to sell the core business and around corruption in Southeast Asia’s nesia, had set a deadline of October 14
return the money to shareholders largest economy. Mr Novanto told local for the company to lay out proposals for
through share buybacks and dividends. media his comments were made in jest. a further 10.6 per cent stake sale.
18 ★ FINANCIAL TIMES Friday 20 November 2015

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 $

-0.19% -0.02% -0.10% -0.627% -0.98% -1.06%

0.81% 0.43% 1.07% 1.41% 0.67% 0.845% 0.592% 0.286%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World Oct 20 - Nov 19 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
11,085.44 19,859.81
2,079.71 13,704.19 6,345.13
13,428.92 6,278.97 2,042.98
2,018.94 10,238.10 18,207.15 1,988.91

Day -0.19% Month 2.31% Year 1.38% Day 0.22% Month -2.39% Year -10.35% Day 0.81% Month -0.24% Year -5.37% Day 1.14% Month 2.81% Year NaN% Day 1.07% Month 8.57% Year 14.50% Day 1.33% Month -2.04% Year 1.11%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,074.28 1,502.33
44,599.74 10,354.70 22,989.22 3,019.03
44,523.01 22,500.22
4,840.12 1,431.61 10,157.50
2,919.83
Day -0.02% Month 3.84% Year 7.90% Day 0.21% Month 0.25% Year 1.17% Day 0.43% Month 4.46% Year 10.50% Day 0.91% Month 1.20% Year -0.75% Day 1.41% Month -2.46% Year -4.37% Day 1.17% Month -3.66% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,719.19 47,819.77 4,915.10 3,617.06
27,364.92
17,168.61 47,025.87 22,191.99
4,695.10 22,172.64 3,320.68 25,841.92

Day -0.10% Month 2.95% Year 0.20% Day 0.81% Month 0.78% Year -10.46% Day 0.17% Month 4.51% Year 15.31% Day 0.45% Month -1.02% Year 14.51% Day 1.36% Month 6.66% Year 47.25% Day 1.41% Month -5.04% Year -8.24%

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 13597.20 13773.89 Cyprus CSE M&P Gen 69.87 71.02 Italy FTSE Italia All-Share 23922.91 23813.36 Philippines Manila Comp 6825.38 6772.92 Taiwan Weighted Pr 8477.20 8340.47 Cross-Border DJ Global Titans ($) 239.36 238.37
Australia All Ordinaries 5293.30 5189.10 Czech Republic
PX 992.18 992.13 FTSE Italia Mid Cap 34342.82 34179.86 Poland Wig 49146.10 49345.31 Thailand Bangkok SET 1384.97 1376.82 Euro Stoxx 50 (Eur) 3451.46 3431.92
S&P/ASX 200 5242.60 5133.10 Denmark OMXC Copenahgen 20 988.99 985.80 FTSE MIB 22191.99 22091.56 Portugal PSI 20 5351.38 5378.60 Turkey BIST 100 80514.17 81152.85 Euronext 100 ID 952.68 950.38
S&P/ASX 200 Res 2640.10 2563.30 Egypt EGX 30 6413.97 6407.33 Japan 2nd Section 4722.34 4701.99 PSI General 2494.50 2496.23 UAE Abu Dhabi General Index 4260.06 4196.85 FTSE 4Good Global ($) 5541.91 5500.40
Austria ATX 2490.79 2465.12 Estonia OMX Tallinn 878.71 879.33 Nikkei 225 19859.81 19649.18 Romania BET Index 7207.01 7174.47 UK FT 30 2893.10 2869.10 FTSE All World 270.36 268.55
Belgium BEL 20 3701.84 3683.38 Finland OMX Helsinki General 8670.91 8673.70 S&P Topix 150 1330.76 1320.37 Russia Micex Index 1811.20 1810.48 FTSE 100 6329.93 6278.97 FTSE E300 1502.33 1495.83
BEL Mid 5964.74 5959.39 France CAC 40 4915.10 4906.72 Topix 1600.38 1586.53 RTX 883.82 876.56 FTSE 4Good UK 5754.43 5707.64 FTSE Eurotop 100 2994.00 2983.93
Brazil Bovespa 47819.77 47435.58 SBF 120 3855.14 3844.12 Jordan Amman SE 2000.74 1994.59 Saudi-Arabia TADAWUL All Share Index 7034.08 6953.47 FTSE All Share 3471.04 3446.61 FTSE Global 100 ($) 1340.34 1333.64
Canada S&P/TSX 60 790.00 787.00Germany M-DAX 21270.17 21138.86 Kenya NSE 20 3946.99 3946.99 Singapore FTSE Straits Times 2919.83 2886.08 FTSE techMARK 100 3885.89 3840.48 FTSE Gold Min ($) 849.44 835.25
S&P/TSX Comp 13428.92 13399.97 TecDAX 1826.79 1818.65 Kuwait KSX Market Index 5725.41 5698.10 Slovakia SAX 301.57 301.75 USA DJ Composite 6169.10 6161.21 FTSE Latibex Top (Eur) 2590.90 2575.50
S&P/TSX Met & Min 361.64 368.41 XETRA Dax 11085.44 10959.95 Latvia OMX Riga 599.60 599.50 Slovenia SBI TOP 690.65 690.87 DJ Industrial 17719.19 17737.16 FTSE Multinationals ($) 1514.35 1499.63
Chile IGPA Gen 18645.78 18496.56Greece Athens Gen 670.45 671.82 Lithuania OMX Vilnius 484.30 483.46 South Africa FTSE/JSE All Share 52116.26 51654.54 DJ Transport 8214.60 8191.33 FTSE World ($) 479.36 476.31
China FTSE A200 9649.65 9515.23 FTSE/ASE 20 200.42 200.79 Luxembourg LuxX 1485.09 1486.11 FTSE/JSE Res 20 28479.71 28156.91 DJ Utilities 566.68 562.80 FTSEurofirst 100 (Eur) 4280.65 4259.77
FTSE B35 10927.22 10780.86Hong Kong Hang Seng 22500.22 22188.26 Malaysia FTSE Bursa KLCI 1660.06 1661.53 FTSE/JSE Top 40 46851.60 46464.28 Nasdaq 100 4659.36 4653.44 FTSEurofirst 80 (Eur) 4635.60 4609.40
Shanghai A 3787.89 3737.03 HS China Enterprise 10193.11 10055.28 Mexico IPC 44599.74 44505.59 South Korea Kospi 1988.91 1962.88 Nasdaq Cmp 5074.28 5075.20 MSCI ACWI Fr ($) 406.98 403.67
Shanghai B 379.38 373.39 HSCC Red Chip 4139.63 4095.47 Morocco MASI 9179.31 9179.31 Kospi 200 244.79 241.44 NYSE Comp 10422.10 10429.60 MSCI All World ($) 1691.55 1676.10
Shanghai Comp 3617.06 3568.46Hungary Bux 23070.83 23279.89 Netherlands AEX 469.00 465.93 Spain IBEX 35 10354.70 10261.10 S&P 500 2079.71 2083.58 MSCI Europe (Eur) 1445.99 1446.83
Shenzhen A 2362.07 2291.41India BSE Sensex 25841.92 25482.52 AEX All Share 717.18 712.32 Sri Lanka CSE All Share 7020.18 6981.97 Wilshire 5000 21589.05 21638.00 MSCI Pacific ($) 2291.71 2295.46
Shenzhen B 1208.96 1196.01 S&P CNX 500 6594.55 6507.55 New Zealand NZX 50 5995.25 5979.81 Sweden OMX Stockholm 30 1512.08 1514.18 Venezuela IBC 12466.63 12449.84 S&P Euro (Eur) 1532.35 1522.53
Colombia COLCAP 1125.57 1112.05Indonesia Jakarta Comp 4518.94 4497.91 Nigeria SE All Share 28219.44 28351.28 OMX Stockholm AS 517.54 517.06 Vietnam VNI 601.90 603.34 S&P Europe 350 (Eur) 1541.77 1535.15
Croatia CROBEX 1693.34 1692.41Ireland ISEQ Overall 6687.93 6554.64 Norway Oslo All Share 668.48 668.46 Switzerland SMI Index 9008.65 8990.96 S&P Global 1200 ($) 1878.83 1869.38
Israel Tel Aviv 100 13.59 13.51 Pakistan KSE 100 33949.26 34065.87 Stoxx 50 (Eur) 3266.09 3255.03
(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 Nov 19 %Chg %Chg Nov 19 %Chg %Chg Nov 19 %Chg %Chg Nov 19 %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 24.7 118.79 1.50 Vodafone 184.9 221.50 -1.29 Telefonica 758.4 11.80 0.02 Toyota Motor 738.0 7620.00 21.00 Johnson Matthey 2694.00 9.7 -20.9 Btg 606.00 15.2 -23.8 Primary Health Properties 109.00 296.4 18.4 Industrial Metals 836.65 8.3 -45.2
Amazon.com 14.1 666.01 2.47 Rio Tinto 159.4 2290.00 46.11 Novartis N 412.7 82.37 0.00 Mitsubishi Ufj Fin,. 540.0 835.30 8.30 Astrazeneca 4428.50 9.0 -2.5 Diploma 700.00 14.8 -1.3 Carclo 146.75 26.0 64.0 Automobiles & Parts 7056.28 7.8 -12.3
Allergan 13.5 301.10 -9.70 Lloyds Banking 155.9 73.33 0.09 Nestle N 294.2 69.61 0.00 Mizuho Fin,. 470.2 260.40 0.40 Hikma Pharmaceuticals 2110.00 9.0 6.6 Qinetiq 260.10 13.1 38.4 Chemring 186.50 11.0 -22.0 Industrial Transportation 2741.66 6.1 -3.0
Netflix 12.6 120.18 -0.46 Royal Dutch Shell 152.3 1681.50 14.50 Roche Gs 289.6 250.15 0.00 Softbank . 429.3 6575.00 -87.00 Gkn 301.80 8.0 -12.1 Atkins (ws) 1530.00 11.4 11.5 St. Ives 208.25 10.5 9.6 Construction & Materials 4924.00 5.5 19.2
Facebook Class A 12.5 107.27 -0.51 Royal Dutch Shell 141.3 1666.00 31.62 Total 278.8 46.60 -0.06 Fast Retailing Co., 345.0 48350.00 870.00 Smiths 1006.00 7.8 -8.4 Kaz Minerals 91.50 9.7 -64.7 Moss Bros 106.00 9.3 20.5 Oil & Gas Producers 6137.96 5.5 -13.8
Pfizer 12.1 32.16 -1.15 Imperial Tobacco 119.6 3492.00 -52.42 Daimler Ag Na O.n. 266.8 78.04 0.00 Sumitomo Mitsui Fin,. 294.6 4943.00 45.00 Bae Systems 484.10 7.2 3.4 Premier Oil 76.00 9.4 -54.5 Speedy Hire 34.75 8.6 -56.0 Chemicals 10698.13 5.0 -5.4
Hospira 11.8 89.95 -0.01 Bhp Billiton 118.5 888.70 8.00 Santander 261.2 5.21 0.10 Fanuc 247.7 22055.00 300.00 Royal Mail 476.70 7.2 9.9 Aggreko 992.00 9.2 -33.3 Premier Farnell 107.50 8.0 -38.9 Aerospace & Defense 4030.18 4.9 -15.2
Unitedhealth orporated (delaware) 9.6 111.61 -5.64 Bp 115.8 385.15 2.41 Royal Dutch Shella 247.4 23.91 0.31 Fujitsu 216.8 617.00 22.00 Bg 1038.50 6.8 20.2 Essentra 856.00 9.2 16.9 Oxford Instruments 646.00 7.0 -30.3 Pharmaceuticals & Biotech. 12554.44 4.4 -1.3
Sigma-aldrich 8.7 139.76 -0.05 British American Tobacco 104.1 3860.50 55.10 Intesa Sanpaolo 245.1 3.12 0.00 Nissan Motor Co., 212.4 1309.50 26.00 Crh 1875.00 6.4 20.8 Bodycote 535.00 8.9 -16.9 Charles Taylor 289.00 7.0 15.6 General Industrials 4347.17 4.0 11.6
Keurig Green Mountain 6.3 50.91 10.41 Hsbc Holdings 103.1 525.10 4.53 Ing Groep 232.6 13.29 -0.01 Japan Tobacco . 208.9 4526.00 76.00 Hammerson 612.00 6.2 1.1 Evraz 84.95 8.7 -45.0 Hogg Robinson 66.50 6.8 61.4 Oil Equipment & Services 13150.35 4.0 -20.0
Antofagasta 501.00 5.8 -32.4 Hunting 339.50 8.2 -35.1 Gulf Marine Services 100.50 6.6 0.5 Real Estate Investment Trusts 3373.66 3.4 10.5
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
Royal Dutch Shell 1666.00 5.5 -22.4 Firstgroup 106.20 8.1 0.9 Tt Electronics 134.00 6.6 29.5 Electronic & Electrical Equip. 4069.89 3.2 0.8
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Keurig Green Mountain 50.91 10.41 25.70 Qinetiq 260.10 24.40 10.35 Sodexo 88.20 7.91 9.85 Sharp 126.00 6.00 5.00 Tui Ag 1130.00 -3.6 5.3 Poundland 222.70 -18.3 -32.1 Kenmare Resources 0.76 -44.9 -76.5 General Retailers 3131.05 0.0 5.3
The J.m. Smucker 122.31 8.93 7.88 Johnson Matthey 2694.00 229.85 9.35 Casino Guichard 55.03 2.04 3.85 Advantest 1110.00 52.00 4.91 Easyjet 1714.00 -3.2 3.2 Allied Minds 431.60 -8.2 19.4 Johnston Press 46.25 -26.0 -72.1 Travel & Leisure 8534.75 0.1 6.0
Salesforce.com 81.50 4.15 5.37 Investec 542.00 29.23 5.72 Caixabank 3.55 0.09 2.60 Pioneer 331.00 14.00 4.42 Burberry 1279.00 -2.6 -21.8 Spire Healthcare 284.40 -8.2 -24.3 Soco Int 143.00 -18.3 -52.9 Equity Investment Instruments 7332.88 0.4 1.3
Citrix Systems 73.41 2.87 4.07 Nostrum Oil & Gas 366.00 19.20 5.57 B. Sabadell 1.78 0.04 2.53 Dainippon Screen Mfg.co., 873.00 35.00 4.18 Carnival 3442.00 -2.3 17.9 B&m Eur Value Retail S.a. 315.00 -7.5 8.3 Hss Hire 48.25 -15.7 - Mobile Telecommunications 5093.99 0.4 1.6
Alcoa 8.71 0.30 3.57 Acacia Mining 170.80 8.79 5.43 Arcelormittal 4.94 0.12 2.45 Shiseido , 2870.50 107.50 3.89 Int Consolidated Airlines S.a. 582.50 -2.3 19.8 Bovis Homes 904.00 -5.6 2.2 Ferrexpo 29.25 -14.0 -44.8 Personal Goods 25423.35 0.6 3.3
Intercontinental Hotels 2502.00 -2.1 -3.6 Aldermore 262.30 -5.3 - Uk Mail 324.50 -12.9 -32.3 Food & Drug Retailers 2705.20 0.7 -4.4
Downs Downs Downs Downs
Glencore 94.05 -1.9 -68.5 Ophir Energy 90.60 -5.2 -36.0 Brammer 162.25 -10.8 -52.3 Beverages 15576.84 0.7 10.2
Tenet Healthcare New 29.92 -3.13 -9.47 Poundland 222.70 -55.90 -20.06 Altice B 14.38 -0.60 -4.01 Mitsui Chemicals,. 496.00 -7.00 -1.39
G4s 225.80 -1.4 -16.2 Nostrum Oil & Gas 366.00 -5.1 -13.4 Cambian 133.50 -8.6 -34.4 Real Estate & Investment Servic 3046.55 1.0 14.0
Chesapeake Energy 5.48 -0.52 -8.67 Bovis Homes 904.00 -85.00 -8.59 Altice 14.04 -0.54 -3.74 Softbank . 6575.00 -87.00 -1.31
Schroders 2955.00 -0.6 10.2 Thomas Cook 106.00 -4.7 -17.1 Trinity Mirror 160.75 -7.6 1.6 Household Goods 15780.08 1.2 23.5
Southwestern Energy 9.81 -0.74 -6.97 Ophir Energy 90.60 -6.35 -6.55 Bollore 4.29 -0.10 -2.21 Nitto Denko 8369.00 -103.00 -1.22
Persimmon 1840.00 -0.4 16.6 Bwin.party Digital Entertainment 105.90 -4.5 -10.1 Lavendon 136.75 -7.3 -22.9 Banks 3822.54 1.2 -12.5
Anthem 128.76 -8.54 -6.22 Virgin Money Holdings (uk) 353.00 -21.00 -5.61 Zodiac Aerospace 24.95 -0.44 -1.75 Obayashi 1116.00 -13.00 -1.15
Morrison (wm) Supermarkets 154.60 -0.3 -16.2 Virgin Money Holdings (uk) 353.00 -4.3 22.6 Darty 99.25 -7.0 44.9 Nonlife Insurance 2452.18 1.2 26.8
Newfield Exploration 38.56 -2.49 -6.07 Aldermore 262.30 -14.70 -5.31 Endesa 20.06 -0.32 -1.55 Kubota 2014.00 -18.00 -0.89
Whitbread 4515.00 -0.3 -5.7 Zoopla Property 225.00 -4.3 16.4 Goodwin 2240.50 -6.5 -9.3 Mining 8343.13 1.4 -41.5
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Nov 19 Currency Mid Change Mid Change Mid Change Nov 19 Currency Mid Change Mid Change Mid Change Nov 19 Currency Mid Change Mid Change Mid Change Nov 19 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.6529 0.0124 10.3638 0.0996 14.7640 0.1008 Indonesia Indonesian Rupiah 13777.5000 -22.0000 14792.2648 99.9081 21072.6395 83.5056 Poland Polish Zloty 3.9575 -0.0306 4.2490 0.0029 6.0530 -0.0129 ..Three Month 0.6538 -0.0036 0.7018 0.0020 - -
Australia Australian Dollar 1.3886 -0.0237 1.4909 -0.0128 2.1239 -0.0243 Israel Israeli Shekel 3.8837 -0.0174 4.1697 0.0163 5.9401 0.0066 Romania Romanian Leu 4.1409 -0.0340 4.4458 0.0009 6.3334 -0.0165 ..One Year 0.6541 -0.0037 0.7012 0.0020 - -
Bahrain Bahrainin Dinar 0.3774 - 0.4051 0.0034 0.5772 0.0032 Japan Japanese Yen 122.8050 -0.7750 131.8499 0.2740 187.8298 -0.1360 Russia Russian Ruble 64.6825 -0.3859 69.4465 0.1681 98.9316 -0.0377 United States United States Dollar - - 1.0737 0.0090 1.5295 0.0085
Bolivia Bolivian Boliviano 6.9100 0.0100 7.4189 0.0725 10.5688 0.0739 ..One Month 122.8050 -0.7751 131.8499 0.2741 187.8297 -0.1362 Saudi Arabia Saudi Riyal 3.7502 - 4.0264 0.0336 5.7359 0.0318 ..One Month - - 1.0736 -0.4474 1.5295 0.0085
Brazil Brazilian Real 3.7276 -0.0517 4.0021 -0.0217 5.7014 -0.0470 ..Three Month 122.8047 -0.7756 131.8499 0.2741 187.8294 -0.1368 Singapore Singapore Dollar 1.4138 -0.0097 1.5179 0.0024 2.1624 -0.0027 ..Three Month - - 1.0734 -0.4473 1.5295 0.0085
Canada Canadian Dollar 1.3268 -0.0076 1.4245 0.0038 2.0293 -0.0003 ..One Year 122.8035 -0.7780 131.8499 0.2740 187.8297 -0.1381 South Africa South African Rand 14.0255 -0.1970 15.0585 -0.0842 21.4520 -0.1805 ..One Year - - 1.0724 -0.4474 1.5297 0.0085
Chile Chilean Peso 711.3450 -3.4550 763.7374 2.6885 1087.9996 0.7851 Kenya Kenyan Shilling 102.2000 - 109.7273 0.9148 156.3145 0.8678 South Korea South Korean Won 1161.7500 -10.5000 1247.3159 -0.7810 1776.8926 -6.1057 Venezuela Venezuelan Bolivar Fuerte 6.3078 0.0148 6.7723 0.0722 9.6477 0.0760
China Chinese Yuan 6.3840 -0.0009 6.8542 0.0562 9.7643 0.0528 Kuwait Kuwaiti Dinar 0.3039 -0.0002 0.3263 0.0025 0.4648 0.0023 Sweden Swedish Krona 8.6632 -0.0715 9.3013 0.0014 13.2503 -0.0352 Vietnam Vietnamese Dong 22472.5000 7.5000 24127.6643 209.0831 34371.7025 202.2424
Colombia Colombian Peso 3082.0250 -18.8750 3309.0241 7.4890 4713.9460 -2.5390 Malaysia Malaysian Ringgit 4.3445 -0.0465 4.6645 -0.0106 6.6449 -0.0338 Switzerland Swiss Franc 1.0143 -0.0049 1.0890 0.0038 1.5513 0.0011 European Union Euro 0.9314 -0.0078 - - 1.4246 -0.0040
Costa Rica Costa Rican Colon 531.5800 -0.0400 570.7322 4.7154 813.0497 4.4530 Mexico Mexican Peson 16.5621 -0.1945 17.7819 -0.0588 25.3316 -0.1551 Taiwan New Taiwan Dollar 32.6295 -0.1710 35.0327 0.1100 49.9067 0.0170 ..One Month 0.9313 -0.0078 - - 1.4245 -0.0040
Czech Republic Czech Koruna 25.1730 -0.2060 27.0271 0.0060 38.5020 -0.0996 New Zealand New Zealand Dollar 1.5202 -0.0333 1.6322 -0.0218 2.3252 -0.0377 Thailand Thai Baht 35.8800 -0.1200 38.5227 0.1934 54.8783 0.1221 ..Three Month 0.9311 -0.0078 - - 1.4244 -0.0040
Denmark Danish Krone 6.9483 -0.0591 7.4601 -0.0007 10.6274 -0.0309 Nigeria Nigerian Naira 199.2300 - 213.9038 1.7832 304.7216 1.6917 Tunisia Tunisian Dinar 2.0367 -0.0121 2.1867 0.0053 3.1151 -0.0012 ..One Year 0.9301 -0.0078 - - 1.4238 -0.0040
Egypt Egyptian Pound 7.8349 0.0285 8.4119 0.1004 11.9834 0.1098 Norway Norwegian Krone 8.5989 -0.0963 9.2323 -0.0255 13.1521 -0.0734 Turkey Turkish Lira 2.8405 -0.0266 3.0497 -0.0028 4.3445 -0.0163
Hong Kong Hong Kong Dollar 7.7501 -0.0007 8.3210 0.0686 11.8538 0.0647 Pakistan Pakistani Rupee 105.4600 0.0150 113.2274 0.9599 161.3007 0.9183 United Arab Emirates UAE Dirham 3.6731 0.0003 3.9436 0.0332 5.6179 0.0316
Hungary Hungarian Forint 289.0328 -2.5564 310.3208 -0.1348 442.0746 -1.4341 Peru Peruvian Nuevo Sol 3.3545 -0.0040 3.6016 0.0258 5.1307 0.0224 United Kingdom Pound Sterling 0.6538 -0.0036 0.7020 0.0020 - -
India Indian Rupee 66.2000 -0.1150 71.0758 0.4701 101.2527 0.3872 Philippines Philippine Peso 47.1350 - 50.6066 0.4219 72.0928 0.4002 ..One Month 0.6538 -0.0036 0.7019 0.0020 - -
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 Nov 19 Nov 18 Nov 17 Nov 16 Nov 13 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2893.10 2869.10 2873.20 2812.30 2800.60 0.00 3110.40 2575.90 Forestry & Paper 35.62 General Retailers 4.89 Pharmace & Biotech -6.03 FTSE 100 Price Change FTSE 100 Price Change
Nov 19 chge% Index Nov 18 Nov 17 ago yield% Cover ratio adj Return FT 30 Div Yield 1.72 1.74 1.73 1.77 1.78 0.00 3.93 2.74 Software & Comp Serv 25.41 Travel & Leisure 4.78 Gas Water & Multi -6.23 3I Group PLC 496.70 7.80 Kingfisher PLC 356.40 7.20
FTSE 100 (100) 6329.93 0.81 7032.84 6278.97 6268.76 6678.90 3.93 1.45 17.55 241.04 4953.33 P/E Ratio net 25.95 25.70 25.76 25.21 25.08 0.00 19.44 14.26 Nonlife Insurance 25.02 Consumer Services 4.55 Industrial Transport -6.53 Aberdeen Asset Management PLC 338.90 1.70 Land Securities Group PLC 1250 11.00
FTSE 250 (250) 17144.72 0.33 19048.56 17089.09 17084.79 15604.52 2.50 2.10 19.03 407.44 11906.40 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Household Goods & Ho 20.37 Tech Hardware & Eq 4.47 FTSE 100 Index -6.82 Admiral Group PLC 1641 11.00 Legal & General Group PLC 268.30 2.00
FTSE 250 ex Inv Co (211) 18647.73 0.33 20718.47 18587.27 18579.25 16787.12 2.52 2.22 17.90 448.16 13206.04 FT 30 hourly changes Fixed Line Telecomms 17.14 FTSE 250 Index 4.29 Food & Drug Retailer -7.06 Anglo American PLC 450.75 1.30 Lloyds Banking Group PLC 73.33 -0.67
FTSE 350 (350) 3524.59 0.73 3915.98 3499.17 3494.32 3630.05 3.68 1.53 17.79 125.45 5558.22 8 9 10 11 12 13 14 15 16 High Low Construct & Material 14.17 FTSE SmallCap Index 3.85 Utilities -8.31 Antofagasta PLC 501.00 1.00 London Stock Exchange Group PLC 2585 33.00
FTSE 350 ex Investment Trusts (311) 3502.09 0.74 3890.98 3476.52 3471.52 3610.76 3.71 1.53 17.60 125.72 2843.71 2869.1 2898.5 2904 2902.1 2901.6 2898.3 2895.4 2892.6 2894.1 2905.6 2869.1 Real Est Invest & Se 13.77 Support Services 1.24 Chemicals -10.52 Arm Holdings PLC 1084 18.00 Marks And Spencer Group PLC 519.50 4.50
FTSE 350 Higher Yield (107) 3220.88 0.64 3578.54 3200.49 3190.47 3613.45 5.42 1.28 14.43 168.80 5210.13 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Technology 12.69 Personal Goods 1.09 Banks -14.30 Ashtead Group PLC 1052 21.00 Meggitt PLC 388.40 1.90
FTSE 350 Lower Yield (243) 3493.75 0.82 3881.72 3465.41 3466.81 3291.32 1.90 2.25 23.37 67.57 3692.19 Leisure Goods 11.99 Mobile Telecomms 0.61 Electricity -15.59 Associated British Foods PLC 3504 59.00 Merlin Entertainments PLC 412.80 3.00
FTSE SmallCap (289) 4566.43 0.24 5073.51 4555.67 4554.44 4305.78 2.90 1.47 23.41 116.88 6243.75 Tobacco 10.57 Life Insurance 0.33 Automobiles & Parts -18.02
FTSE SmallCap ex Inv Co (153) 4134.37 0.09 4593.47 4130.60 4127.96 3716.49 2.82 2.05 17.24 103.96 5937.57 FX: EFFECTIVE INDICES Consumer Goods 9.67 Equity Invest Instr -0.15 Oil & Gas Producers -19.02
Astrazeneca PLC 4428.5 19.50 Mondi PLC 1494 23.00
Aviva PLC 504.00 8.00 Morrison (Wm) Supermarkets PLC 154.60 0.10
FTSE All-Share (639) 3471.04 0.71 3856.48 3446.61 3441.97 3564.14 3.65 1.53 17.94 122.31 5537.02 Financial Services 9.32 Health Care Eq & Srv -2.84 Oil & Gas -19.13
Nov 18 Nov 17 Mnth Ago Nov 19 Nov 18 Mnth Ago Babcock International Group PLC 1000.00 6.00 National Grid PLC 939.50 16.60
FTSE All-Share ex Inv Co (464) 3434.93 0.72 3816.36 3410.28 3405.42 3532.42 3.69 1.54 17.60 122.57 2835.29 Media 8.27 Electronic & Elec Eq -3.19 Aerospace & Defense -20.18 Bae Systems PLC 484.10 7.50 Next PLC 7805 -
FTSE All-Share ex Multinationals (574) 1195.40 0.39 1100.79 1190.79 1192.15 1117.88 2.78 1.59 22.63 31.43 2033.42 Australia 91.01 91.42 90.34 Sweden 78.40 78.19 79.18 Beverages 7.94 Financials -3.48 Industrial Eng -20.54 Barclays PLC 229.95 2.05 Old Mutual PLC 202.10 2.50
FTSE Fledgling (103) 7769.35 0.11 8632.10 7760.64 7757.82 6738.06 2.52 1.21 32.75 162.93 13974.10 Canada 88.46 88.58 90.57 Switzerland 157.98 158.65 160.54 Real Est Invest & Tr 7.37 Industrials -4.09 Oil Equipment & Serv -22.08 Barratt Developments PLC 577.00 -0.50 Pearson PLC 815.00 3.00
FTSE Fledgling ex Inv Co (51) 10680.43 0.29 11866.44 10649.16 10661.15 8291.31 2.72 1.51 24.36 207.13 18669.16 Denmark 105.07 105.07 106.34 UK 93.98 93.97 91.44 Food Producers 7.13 FTSE All{HY-}Share Index -4.74 Basic Materials -37.09 Berkeley Group Holdings (The) PLC 3093 -46.00 Persimmon PLC 1840 -25.00
FTSE All-Small (392) 3169.02 0.23 3520.92 3161.75 3160.88 2976.28 2.88 1.46 23.75 80.39 5563.79 Japan 125.47 125.57 126.79 USA 106.48 106.37 101.92 Telecommunications 6.76 NON FINANCIALS Index -5.18 Mining -42.34 Bg Group PLC 1038.5 17.00 Prudential PLC 1518 23.00
FTSE All-Small ex Inv Co Index (204) 3087.77 0.10 3430.65 3084.71 3082.95 2757.49 2.82 2.03 17.44 76.81 5618.54 New Zealand 110.87 111.12 113.72 Euro 84.37 84.33 87.64 Health Care -5.71 Industrial Metals & -48.21 Bhp Billiton PLC 888.70 8.00 Randgold Resources LD 4051 118.00
FTSE AIM All-Share Index (824) 730.61 0.19 811.74 729.23 728.88 717.58 1.50 0.74 90.17 8.51 785.12 Norway 85.71 85.94 87.50
BP PLC 385.15 2.65 Reckitt Benckiser Group PLC 6315 9.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3860.5 52.00 RELX PLC 1186 11.00
Oil & Gas (18) 6476.86 1.11 7196.08 6405.96 6323.89 8219.31 5.81 0.20 85.61 370.03 5423.36 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 841.50 12.50 Rio Tinto PLC 2290 29.50
Oil & Gas Producers (11) 6172.14 1.17 6857.53 6100.81 6024.59 7759.97 5.82 0.16 105.35 354.65 5345.41 Bt Group PLC 491.10 3.85 Rolls-Royce Holdings PLC 541.00 -2.00
Oil Equipment Services & Distribution (7)13821.11 -0.74 15355.88 13924.66 13615.08 22651.24 5.51 1.41 12.87 649.52 10080.72 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1886 8.00 Royal Bank Of Scotland Group PLC 315.20 -0.60
Basic Materials (30) 3048.04 1.54 3386.52 3001.76 2946.63 4907.38 6.66 1.88 7.98 198.46 2988.71 Burberry Group PLC 1279 -3.00 Royal Dutch Shell PLC 1681.5 19.00
Chemicals (8) 11455.86 4.36 12727.98 10976.90 10897.08 11508.04 2.34 2.35 18.22 237.16 9848.91 Nov 19 No of US $ Day Mth YTD Total
YTD Gr Div Nov 19 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1251 14.00 Royal Dutch Shell PLC 1666 26.00
Forestry & Paper (1) 17559.77 1.56 19509.70 17289.44 17277.69 12552.77 2.05 3.37 14.43 360.52 18240.62 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3442 42.00 Royal Mail PLC 476.70 22.50
Industrial Metals & Mining (2) 860.05 -0.62 955.56 865.43 829.08 1457.74 1.34 -18.64 -4.01 11.18 750.56 FTSE Global All Cap 7747 459.00 0.8 -0.1 -2.3 626.64
-0.2 2.5 Oil & Gas 165 337.70 1.2 1.2 -15.2 514.61 -12.3 3.9 Centrica PLC 213.60 2.00 Rsa Insurance Group PLC 440.00 6.10
Mining (19) 7993.39 1.04 8881.01 7911.41 7740.90 14311.77 7.85 1.85 6.90 616.70 4103.94 FTSE Global All Cap 7118 472.41 0.9 0.0 -2.4 633.57
-0.3 2.4 Oil & Gas Producers 117 313.04 0.9 0.9 -13.6 485.69 -10.6 3.9 Coca-Cola Hbc AG 1616 17.00 Sabmiller PLC 4018 13.00
FTSE Global Large Cap 1418 406.32 0.8 0.0 -2.5 567.43
-0.2 2.6 Oil Equipment & Services 39 325.01 2.3 2.3 -21.6 450.91 -19.4 4.1 Compass Group PLC 1075 19.00 Sage Group PLC 561.50 15.00
Industrials (117) 4307.81 1.41 4786.18 4247.93 4248.76 4149.15 2.58 1.19 32.54 107.43 4273.81
Construction & Materials (13) 5100.80 3.76 5667.22 4916.03 4947.50 3906.83 2.34 -0.83 -51.63 120.59 5211.39 FTSE Global Mid Cap 1646 610.37 0.8 -0.7 -1.1 795.47
0.6 2.0 Basic Materials 263 367.33 0.3 0.3 -15.7 537.10 -13.4 3.3 Crh PLC 1875 97.00 Sainsbury (J) PLC 253.20 -0.40
Aerospace & Defense (9) 4194.14 1.24 4659.88 4142.71 4147.72 4748.86 2.73 0.96 38.27 113.27 4335.89 FTSE Global Small Cap 4683 635.93 0.9 -0.7 -2.5 804.79
-0.9 2.0 Chemicals 124 613.10 0.0 0.0 -1.7 899.00 0.4 2.4 Diageo PLC 1902.5 17.00 Schroders PLC 2955 24.00
General Industrials (6) 3532.81 1.42 3925.11 3483.34 3518.19 3106.06 3.26 1.68 18.31 112.80 3842.70 FTSE All-World 3064 268.55 0.8 -0.1 -2.3 386.80
-0.1 2.5 Forestry & Paper 16 211.39 1.3 1.3 1.5 338.33 4.2 2.9 Direct Line Insurance Group PLC 406.00 1.70 Severn Trent PLC 2214 16.00
Electronic & Electrical Equipment (11) 5183.67 1.97 5759.29 5083.61 5097.45 4736.74 2.26 2.04 21.72 110.13 4579.79 FTSE World 2549 476.31 0.8 0.2 -2.0 921.08
0.2 2.5 Industrial Metals & Mining 67 267.11 0.9 0.9 -35.2 391.39 -33.6 3.6 Dixons Carphone PLC 459.60 -0.40 Shire PLC 4718 45.00
Industrial Engineering (14) 7585.31 0.22 8427.63 7568.74 7557.93 9197.89 3.22 1.52 20.41 243.31 8880.77 FTSE Global All Cap ex UNITED KINGDOM In 7421 471.23 0.8 0.0 -2.1 634.41
0.0 2.4 Mining 56 349.46 0.7 0.7 -38.7 511.85 -35.9 6.3 Easyjet PLC 1714 20.00 Sky PLC 1103 11.00
Industrial Transportation (8) 4074.14 2.26 4526.55 3984.16 3942.94 4028.31 3.70 0.95 28.61 135.04 3399.55 FTSE Global All Cap ex USA 5735 422.91 -0.1 -2.6 -5.4 612.57
-2.9 2.9 Industrials 536 306.80 0.6 0.6 -2.5 425.50 -0.6 2.2 Experian PLC 1217 24.00 Smith & Nephew PLC 1125 16.00
Support Services (56) 6654.70 1.03 7393.67 6586.99 6573.45 6149.52 2.34 1.51 28.27 148.46 6663.18 FTSE Global All Cap ex JAPAN 6486 467.97 0.9 -0.3 -3.3 644.45
-1.1 2.5 Construction & Materials 109 425.02 0.2 0.2 -1.5 617.50 0.5 2.1 Fresnillo PLC 699.50 9.00 Smiths Group PLC 1006 16.50
FTSE Developed 2115 433.83 0.9 0.4 -1.0 596.67
1.2 2.5 Aerospace & Defense 28 515.38 0.4 0.4 3.7 708.72 5.7 2.0 G4S PLC 225.80 -6.70 Sports Direct International PLC 707.50 5.50
Consumer Goods (40) 18202.96 0.31 20224.31 18145.98 18180.90 16395.85 2.95 1.76 19.25 517.93 12819.36
FTSE Developed All Cap 5739 454.76 0.9 0.3 -1.1 618.71
1.0 2.4 General Industrials 56 219.69 0.6 0.6 1.0 327.01 3.4 2.6 Gkn PLC 301.80 5.10 Sse PLC 1475 12.00
Automobiles & Parts (1) 7092.44 1.72 7880.02 6972.59 6869.19 7679.95 2.82 1.53 23.19 199.75 6522.49
FTSE Developed Large Cap 921 401.71 0.9 0.5 -1.3 559.99
1.0 2.6 Electronic & Electrical Equipment 69 326.04 0.4 0.4 0.2 417.53 2.0 1.8 Glaxosmithkline PLC 1347 -2.00 St. James's Place PLC 968.00 3.00
Beverages (6) 15608.27 0.64 17341.50 15509.62 15514.78 14588.53 2.25 1.79 24.82 345.76 10606.24
FTSE Developed Europe Large Cap 217 337.74 -0.2 -2.6 -4.5 531.47
-1.4 3.4 Industrial Engineering 105 552.70 0.4 0.4 -10.6 754.19 -8.7 2.5 Glencore PLC 94.05 0.74 Standard Chartered PLC 593.00 5.70
Food Producers (10) 9035.07 0.80 10038.37 8963.22 8966.86 8142.94 1.79 1.40 39.94 112.52 7518.36
FTSE Developed Europe Mid Cap 302 511.75 0.0 -1.5 2.3 731.79
4.6 2.5 Industrial Transportation 96 524.66 1.3 1.3 -12.1 724.93 -10.6 2.3 Hammerson PLC 612.00 15.00 Standard Life PLC 404.70 4.20
Household Goods & Home Construction (13)13201.98 -0.34 14668.00 13246.81 13267.03 10221.34 2.16 2.60 17.81 252.82 8956.63
FTSE Dev Europe Small Cap 714 721.26 0.0 -1.1 4.7 1004.88
7.0 2.3 Support Services 73 281.29 0.6 0.6 3.2 375.30 5.1 1.9 Hargreaves Lansdown PLC 1491 5.00 Taylor Wimpey PLC 185.30 -0.40
Leisure Goods (2) 5542.61 2.56 6158.09 5404.03 5360.85 4820.36 4.32 1.19 19.41 238.83 4694.25
FTSE North America Large Cap 323 446.00 1.6 2.2 0.3 585.70
2.3 2.2 Consumer Goods 423 416.06 0.6 0.6 2.8 589.82 4.9 2.4 Hikma Pharmaceuticals PLC 2110 62.00 Tesco PLC 172.00 1.10
Personal Goods (6) 22135.00 0.56 24592.99 22012.18 22127.95 21460.35 2.94 3.02 11.26 629.27 14265.57
FTSE North America Mid Cap 400 658.09 1.5 0.1 -3.0 810.40
-1.6 1.7 Automobiles & Parts 101 380.71 0.9 0.9 -2.3 518.76 -0.2 2.5 HSBC Holdings PLC 525.10 4.30 Travis Perkins PLC 1965 14.00
Tobacco (2) 46373.11 0.21 51522.62 46277.46 46433.02 42656.35 4.30 1.16 20.06 1994.40 28260.82
FTSE North America Small Cap 1518 662.18 1.6 -0.1 -3.9 793.36
-2.5 1.7 Beverages 48 576.09 0.6 0.6 7.1 827.85 9.5 2.4 Imperial Tobacco Group PLC 3492 -78.00 Tui AG 1130 18.00
Health Care (19) 9193.29 0.30 10214.16 9165.88 9135.39 9559.24 3.80 3.53 7.45 347.26 6702.68
FTSE North America 723 298.04 1.6 1.9 -0.3 401.12
1.6 2.1 Food Producers 106 549.22 0.7 0.7 -0.5 802.36 1.5 2.2 Inmarsat PLC 1069 9.00 Unilever PLC 2820 19.00
Health Care Equipment & Services (7) 6832.92 0.44 7591.69 6802.95 6786.51 6263.88 1.66 2.14 28.12 97.63 5787.83
FTSE Developed ex North America 1392 228.46 -0.1 -1.8 -2.1 355.04
0.6 2.9 Household Goods & Home Construction 48 394.57 0.8 0.8 -0.4 557.32 1.8 2.3 Intercontinental Hotels Group PLC 2502 37.00 United Utilities Group PLC 974.50 16.50
Pharmaceuticals & Biotechnology (12)12454.73 0.29 13837.77 12419.16 12376.84 13104.63 3.99 3.58 6.99 498.46 8066.59
FTSE Japan Large Cap 177 329.07 -0.1 1.8 7.9 411.13
9.9 1.9 Leisure Goods 28 135.34 0.5 0.5 7.4 172.97 8.4 1.3 International Consolidated Airlines Group S.A. 582.50 9.50 Vodafone Group PLC 221.50 -2.50
Consumer Services (97) 4865.49 0.68 5405.78 4832.71 4840.26 4400.65 2.25 1.65 26.94 107.50 4384.55 FTSE Japan Mid Cap 303 486.55 0.0 1.5 14.4 587.17
16.2 1.5 Personal Goods 80 604.68 0.4 0.4 3.7 817.76 5.5 1.9
Food & Drug Retailers (7) 2820.69 0.35 3133.91 2810.80 2788.07 2924.63 1.90 -1.50 -35.08 53.33 3225.48 Intertek Group PLC 2657 18.00 Whitbread PLC 4515 15.00
FTSE Global wi JAPAN Small Cap 781 512.88 -0.4 0.9 9.4 638.69
11.2 1.7 Tobacco 12 1212.92 0.5 0.5 13.0 2348.91 16.8 3.9 Intu Properties PLC 326.60 4.80 Wolseley PLC 3717 60.00
General Retailers (33) 3062.94 0.38 3403.06 3051.38 3062.13 2720.42 2.26 2.26 19.61 63.84 3345.86
FTSE Japan 480 136.50 0.0 1.7 9.2 191.62
11.1 1.8 Health Care 172 454.43 1.2 1.2 4.6 631.98 6.4 1.8 Itv PLC 267.20 -0.10 Wpp PLC 1515 7.00
Media (22) 7390.29 0.53 8210.95 7351.27 7353.02 6460.92 2.77 1.62 22.29 207.70 4362.47
FTSE Asia Pacific Large Cap ex Japan 530 536.20 -0.5 -5.1 -12.9 799.83
-10.4 3.3 Health Care Equipment & Services 61 641.94 0.9 0.9 8.7 734.75 9.6 1.0 Johnson Matthey PLC 2694 237.00
Travel & Leisure (35) 8340.93 1.09 9267.15 8250.60 8285.84 7530.01 1.91 2.14 24.57 154.89 7584.60
FTSE Asia Pacific Mid Cap ex Japan 434 731.54 -0.7 -4.4 -9.2 1052.12
-7.0 2.9 Pharmaceuticals & Biotechnology 111 345.33 1.4 1.4 3.4 499.02 5.4 2.1
Telecommunications (7) 4053.19 -0.33 4503.27 4066.81 4099.16 3679.50 4.01 0.18 135.35 148.35 4231.53 FTSE Asia Pacific Small Cap ex Japan 1430 489.93 -0.5 -3.5 -8.3 695.45
-6.1 2.8 Consumer Services 390 394.77 0.9 0.9 5.5 511.90 7.1 1.7
Fixed Line Telecommunications (5) 5608.82 0.57 6231.65 5577.19 5638.78 4362.80 2.72 1.77 20.81 105.24 4821.07
Mobile Telecommunications (2) 5086.28 -0.97 5651.09 5136.15 5165.84 5085.49 4.94 -0.44 -46.02 251.48 4757.05
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
964
2008
424.94
589.49
-0.5
-0.3
-5.0
-4.8
-12.5 673.71
-10.0 3.3 Food & Drug Retailers
-14.5 839.49
-12.1 3.2 General Retailers
54 298.89
121 531.83
1.0
0.9
1.0
0.9
-0.6 403.54
11.2 673.04
1.0
12.8
1.8
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8342.20 1.39 9268.57 8227.53 8244.96 8983.79 4.86 1.35 15.24 326.98 8800.09 FTSE Emerging Large Cap 497 559.09 -0.3 -5.0 -14.5 801.04
-12.1 3.2 Media 91 308.11 1.1 1.1 2.4 400.22 4.0 1.7 Nov 19 Nov 18 Nov 17 Nov 16 Nov 13 Yr Ago
Electricity (3) 8464.55 1.05 9404.50 8376.50 8407.67 9936.76 6.00 1.33 12.54 504.89 11260.28 FTSE Emerging Mid Cap 452 728.75 -0.3 -4.8 -15.4 1032.72
-13.2 2.9 Travel & Leisure 124 376.42 0.7 0.7 4.5 492.74 6.1 1.7 SEAQ Bargains 4366.00 4219.00 4315.00 4478.00 4478.00 4478.00
Gas Water & Multiutilities (5) 7856.07 1.48 8728.45 7741.40 7754.62 8265.78 4.57 1.36 16.12 266.93 8300.07 FTSE Emerging Small Cap 1059 613.36 -0.3 -3.4 -13.3 842.42
-10.9 3.0 Telecommunication 91 159.88 -0.2 -0.2 -4.3 280.39 -0.7 4.1 Order Book Turnover (m) 44.65 41.59 34.68 27.05 27.05 27.05
Financials (283) 4584.50 0.61 5093.59 4556.83 4560.35 4628.16 3.58 1.88 14.83 160.25 4000.73 FTSE Emerging Europe 99 301.97 1.0 -2.1 -3.1 441.95
0.6 4.2 Fixed Line Telecommuniations 44 133.44 -0.2 -0.2 -2.6 256.10 1.7 4.6 Order Book Bargains 828294.00 776261.00 774222.00 826125.00 826125.00 826125.00
Banks (9) 3774.37 0.37 4193.49 3760.34 3746.92 4348.27 4.43 1.37 16.52 170.78 2601.79 FTSE Latin America All Cap 240 658.35 0.8 -1.6 -26.9 967.43
-25.2 3.4 Mobile Telecommunications 47 169.23 -0.2 -0.2 -6.5 268.90 -3.7 3.5 Order Book Shares Traded (m) 1262.00 1206.00 1101.00 1205.00 1205.00 1205.00
Nonlife Insurance (10) 2824.53 0.33 3138.18 2815.23 2822.18 2126.43 2.67 2.06 18.14 75.75 4746.92 FTSE Middle East and Africa All Cap 219 662.54 -0.2 -8.4 2.9 Utilities
-13.9 985.85
-11.6 163 236.22 0.2 0.2 -11.6 430.95 -8.6 4.0 Total Equity Turnover (£m) 2950.62 2741.60 - 0.00 0.00 0.00
Life Insurance/Assurance (11) 7966.71 1.27 8851.38 7866.46 7914.78 7769.99 3.81 1.59 16.55 293.04 7313.53 FTSE Global wi UNITED KINGDOM All Cap In 326 340.12 0.1 -2.7 -5.3 536.27
-2.1 3.7 Electricity 112 256.79 -0.1 -0.1 -9.4 463.57 -6.5 3.8 Total Mkt Bargains 945936.00 901897.00 10.00 1.00 1.00 1.00
Index- Real Estate Investment & Services (21) 3059.71 -0.14 3399.47 3063.88 3075.41 2592.08 2.07 5.62 8.61 58.13 7856.84 FTSE Global wi USA All Cap 2012 512.05 1.6 2.1 0.6 654.69
2.4 2.0 Gas Water & Multiutilities 51 252.44 0.6 0.6 -15.2 472.21 -12.0 4.4 Total Shares Traded (m) 4304.00 3948.00 0.00 0.00 0.00 0.00
Real Estate Investment Trusts (25) 3048.81 0.95 3387.37 3019.98 3039.01 2707.62 2.73 6.36 5.76 80.32 3593.76 FTSE Europe All Cap 1392 388.26 -0.1 -2.3 3.2 Financials
-2.5 592.42
0.4 675 205.19 0.7 0.7 -4.9 318.13 -2.3 2.9 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (32) 8192.23 0.65 9101.93 8139.24 8150.84 6966.84 2.82 2.22 15.94 203.84 8875.98 FTSE Eurobloc All Cap 629 363.60 -0.4 -1.8 2.9 Banks
-1.3 561.22
1.4 242 183.17 0.5 0.5 -8.9 302.79 -6.1 3.4 (c) Market closed.
Equity Investment Instruments (175) 7585.78 0.36 8428.14 7558.59 7563.27 7484.30 2.63 1.06 35.89 180.16 3978.25 FTSE RAFI All World 3000 3010 5563.44 0.6 -1.3 -5.5 6991.05
-3.0 3.1 Nonlife Insurance 71 215.70 0.9 0.9 0.7 299.77 2.9 2.3
Non Financials (356) 4021.47 0.75 4468.03 3991.72 3983.34 4153.01 3.68 1.40 19.39 142.13 5622.13 FTSE RAFI US 1000 1004 9054.79 1.5 1.4 -2.6 11414.92
-0.4 2.5 Life Insurance 51 206.20 0.2 0.2 -2.3 312.23 0.1 2.8
Technology (20) 1433.48 1.30 1592.66 1415.15 1409.42 1140.10 1.35 2.10 35.43 18.71 1791.27 FTSE EDHEC-Risk Efficient All-World 3064 318.23 0.7 -0.7 2.2 Financial Services
-0.4 426.60
1.5 140 231.62 1.2 1.2 0.0 307.80 1.7 1.9 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1749.07 1.09 1943.29 1730.15 1730.68 1285.35 1.87 1.65 32.43 32.33 2289.65 FTSE EDHEC-Risk Efficient Developed Europe 519 280.65 -0.1 -1.5 2.7 Technology
0.8 408.88
3.2 186 175.85 1.2 1.2 2.2 209.59 3.8 1.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (7) 1650.65 1.46 1833.95 1626.85 1614.37 1386.45 0.91 2.87 38.36 14.25 1894.69 Software & Computer Services 84 307.57 1.3 1.3 13.3 352.88 14.5 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 102 129.95 1.2 1.2 -7.2 159.20 -5.2 2.4 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 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/ For all queries e-mail [email protected]
FTSE 100 6312.52 6346.43 6361.80 6358.15 6358.45 6351.08 6334.88 6328.60 6329.15 6366.85 6309.62 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
FTSE 250 17148.40 17141.20 17185.68 17190.68 17186.14 17150.99 17144.22 17148.71 17145.33 17197.20 17115.78 (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,
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
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4555.47 4560.14 4564.85 4566.10 4572.83 4570.19 4570.70 4567.94 4569.23 4573.00 4555.47
FTSE All-Share 3463.28 3477.96 3486.30 3484.92 3485.08 3480.59 3473.30 3470.64 3470.80 3488.77 3461.10 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:11:27:15 Day's Low08:07:30 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5898.87(24/08/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:11:36:00 Day's Low08:08:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
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 Aberdeen Japan Investment Trust Int 14.076L 9.125 2.62 1.54 - - - 2.6 4.5 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Assura Int 29.4 23.6 35.4 16.5 3.5 2.9 0.5 0.45 Nov 4 1 1.203 11/17 260.00 AIM FARN Faron Pharmaceuticals Oy 277.50 0.00 295.00 265.00 6413.5
1p Nil 10-12-15 11.00 9.40 Lonmin PLC 9.85 -0.65 Aurum Mining Int - - 0.089L 0.172L 0.05L 0.12L - - - - - 11/17 10.00 SCGL Sealand Capital Galaxy Ltd 12.50 - 13.90 13.90 0.0
465p Nil 10-12-15 595.60 583.40 Standard Chartered PLC 593.00 5.70 Botswana Diamonds Pre - - 0.34L 0.949L 0.16L 0.57L - - - - - 11/13 240.00 SCT Softcat PLC 295.00 15.00 296.60 240.00 58049.0
Caledonia Investments Int 58.1L 64.6 25.4 23.6 14.3 13.8 Jan 7 51.1 64.389 11/10 5.00 SEN Senterra Energy PLC 4.88 0.02 5.59 4.75 131.6
Dart Group Int 1024 902.2 146.8 71.7 79.82 38.93 0.9 0.75 Feb 1 3.15 3.557 11/09 195.00 GYM Gym Group (The) PLC 203.25 0.60 216.75 195.00 26037.4
Electrocomponents Int 626.5 616.4 19.9 57.1 3.1 9.6 5 5 Jan 13 11.75 17.306 11/06 180.00 MCS McCarthy & Stone PLC 223.00 0.75 228.00 180.00 119821.0
Euromoney Institutional Investor Pre 403.412 406.559 123.285 101.475 83.42 59.49 16.4 16 Feb 11 23.4 23 11/06 100.00 RGL Regional REIT Ltd 100.00 -0.75 104.00 99.75 27421.7
Grainger Pre 244.1 319.1 50 81.1 10.4 18.1 2.11 1.89 Feb 12 2.75 2.5 10/28 185.00 HSW Hostelworld Group PLC 0.00 0.00 3.13 2.88 0.0
Investec Int 949.897 886.105 276.647 209.042 20.1 11.6 9.5 8.5 Dec 23 21 28.389 10/26 1.00 UPL Upland Resources Ltd 0.98 -0.08 1.36 0.92 208.1
Johnson Matthey Int 5755.1 4799.9 330.2 207.8 137.9 85.6 19.5 18.5 Feb 2 69 82.889 10/22 190.00 IBST Ibstock PLC 191.50 -0.50 202.85 188.24 77653.3
Poundland Group Int 561.105 528.154 5.27 9.326 1.51 2.85 1.65 1.5 Jan 29 4.65 1.5 10/21 37.00 AIM EVG Evgen Pharma PLC 27.00 0.50 45.00 25.00 1967.5
QinetiQ Group Int 370.9 365.6 48.3 44.4 7.1 5.1 1.9 1.8 Feb 12 5.5 6.556 10/13 240.00 WPG Worldpay Group PLC 290.00 4.00 293.00 240.00 580000.0
Royal Mail Int 4395 4478 116 167 11.4 12.5 7 6.7 Jan 13 21.3 20 10/12 170.00 HSTG Hastings Group Holdings PLC 171.75 3.75 179.77 155.00 112877.1

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.
Friday 20 November 2015 ★ FINANCIAL TIMES 19

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) BakerHu 50.56 -1.13 70.45 44.11 1.36 -80.28 22046.36 Lyondell♦ 93.74 -0.55 107.32 70.06 3.19 9.96 42130.86
ANZ♦ 27.52 0.77 37.25 25.01 9.25 10.87 57527.86 Nokia 6.19 -0.11 7.87 5.65 2.27 15.24 24906.95 AstellasPh 1734 2.00 2047 1514.5 1.91 21.73 31372.03 AtlasCpcoB 209.70 -2.00 270.00 173.70 1.49 17.48 9445.58 BankAm 17.68 -0.17 18.48 14.60 1.14 13.12 184040.58 Marathon Ptl♦ 55.25 -0.44 60.38 37.62 1.96 8.65 29444.15
BHPBilltn 20.42 0.61 34.29 19.73 11.69 23.16 47229.4 SampoA 46.17 0.25 49.40 37.01 4.43 14.61 27700.02 Bridgestne 4505 28.00 5182 3753.5 2.76 12.62 29827.98 Ericsson 81.70 2.30 120.00 77.45 4.23 25.64 31168.46 Baxter 37.79 -0.28 43.44 32.18 4.48 11.21 20673.88 Marsh&M 55.27 -0.31 59.99 50.90 2.67 19.94 28831.5
CmwBkAu 79.14 1.30 96.69 70.15 7.75 14.42 97317.5 France (€) Canon 3758 47.00 4539 3402 4.41 18.09 40814.98 H&M 321.10 -1.40 368.50 295.20 3.08 24.24 61344.96 BB & T♦ 38.33 -0.02 41.90 34.24 2.69 14.06 29903.16 MasterCard 98.66 -0.50 101.76 74.61 0.66 30.06 108549.04
CSL 98.10 1.66 102.43 77.91 1.47 24.83 32853.86 Airbus Grpe 65.87 0.09 67.88 39.64 - - - CntJpRwy 22660 180.00 24800 16565 0.55 14.71 38011.16 Investor 324.90 9.30 363.40 264.50 2.89 15.13 28571.63 BectonDick 149.87 -1.67 154.98 128.87 1.52 38.29 31380.96 McDonald's 113.47 0.94 114.99 87.50 3.03 24.34 104191.54
NatAusBk♦ 29.72 0.93 39.71 27.51 9.31 12.36 56199.57 AirLiquide 114.95 0.45 123.95 93.01 - - - Denso 5820 -34.00 6548 4945 2.19 17.28 41897.97 Nordea Bk 96.95 2.75 115.50 85.15 6.24 10.81 45323.05 BerkshHat 204610 330.00 229374 190007 - 14.63 165965.1 McGraw Hill 96.15 0.40 109.13 84.64 1.35-259.38 25987.99
Telstra 5.43 0.09 6.74 5.06 8.19 15.25 47807.33 AXA 24.74 -0.17 25.40 17.56 - - - EastJpRwy 12275 190.00 12815 8553 1.05 21.98 39232.42 SEB 91.53 2.53 111.50 86.65 5.41 10.94 22925.82 Biogen 287.34 -4.64 480.18 254.00 - 18.59 64048.98 McKesson 184.70 -4.57 243.61 160.10 0.55 20.57 42501.84
Wesfarmers 38.70 1.24 46.95 36.65 8.85 17.29 31318.76 BNP Parib 56.47 0.28 61.00 43.14 - - - Fanuc 22055 300.00 28575 17930 3.63 20.32 36985.92 SvnskaHn 118.90 2.60 426.00 112.40 3.65 14.87 25689.81 BkNYMeln 43.77 -0.23 45.45 35.63 1.57 18.76 47838.53 Medtronic 76.00 -1.56 79.50 55.54 1.67 35.96 107434.71
Westpc♦ 31.58 0.81 40.07 29.10 8.18 13.26 73891.07 ChristianDior 176.15 -1.80 195.35 127.90 - - - FastRetail 48350 870.00 61970 40610 0.67 41.55 41762.64 Swedbank 194.10 -1.80 223.90 179.10 6.10 13.20 25362.72 BlackRock 358.68 -1.95 382.84 275.00 2.38 18.26 58820.84 Merck 54.00 -0.24 63.62 45.69 3.37 14.18 150837.36
Woolworths 23.65 0.52 34.71 23.05 7.45 13.38 21646.02 Cred Agr 11.52 0.17 14.49 9.82 - - - Fuji Hvy Ind 5131 31.00 5193 3669 2.20 11.31 32709.46 TeliaSonera 43.07 0.31 55.85 39.89 7.26 12.33 21527.45 Boeing♦ 148.90 0.62 158.83 115.14 2.35 18.53 99760.56 Metlife♦ 50.41 -0.67 58.23 44.49 2.90 9.67 56037.09
Belgium (€) Danone 64.45 0.70 67.74 51.50 - - - Hitachi 731.40 2.20 939.90 585.70 1.48 12.98 28787.04 Volvo 88.25 -1.60 120.50 76.35 3.55 18.07 16532.5 BrisMySq 67.02 -0.59 70.54 51.82 2.23 62.70 111808.55 Microsoft♦ 54.25 0.40 54.98 39.72 2.31 35.82 433344.29
AnBshInBv 116.35 -1.40 119.65 85.63 - - - EDF 15.07 0.05 24.89 14.65 - - - HondaMtr 4072 68.00 4499 3382.5 2.24 12.93 60063.81 Switzerland (SFr) Broadcom 52.40 -0.87 57.70 40.21 1.04 22.55 29396.4 Mnstr Bvrg 149.51 0.38 155.83 103.18 - 51.33 30309.04
KBC Grp 54.91 0.42 66.00 42.77 - - - Engie SA 16.58 0.14 20.57 13.80 - - - JapanTob 4526 76.00 4848 3101 2.33 19.00 73710.36 ABB 19.06 0.04 22.31 16.49 - 17.24 43499.14 CapOne 79.29 1.00 92.10 67.73 1.78 11.04 42185.87 MondelezInt 44.55 0.07 48.58 33.97 1.41 8.61 70797.41
Essilor Intl 120.70 -0.80 123.65 82.75 - - - KDDI■ 3031 14.00 8550 2519 2.05 45.97 66414.98 CredSuisse 23.47 0.04 28.94 18.57 3.07 10.52 37912.88 CardinalHlth 87.14 -1.46 91.91 74.76 1.69 21.61 28667.41 Monsanto 95.85 -0.28 126.00 81.22 2.03 20.29 42158.39
Brazil (R$)
Esslr Intl 120.70 -0.80 123.65 82.75 - - - Keyence 66800 -160.00 70100 50700 0.32 31.71 33073.31 Nestle 76.10 0.30 77.00 64.55 3.05 15.98 239228.23 Carnival♦ 51.23 0.94 54.59 41.38 2.04 28.63 30363.41 MorganStly 34.03 -0.22 41.04 30.15 1.48 20.73 65889.7
Ambev 19.30 0.13 20.46 15.00 8.08 25.44 81379.37
Hermes Intl 332.15 -2.65 365.55 258.55 - - - MitsbCp 2098 34.00 2837 1887.5 2.71 10.90 27164.86 Novartis 90.00 0.30 103.20 82.25 3.10 25.15 237544.37 Caterpillar♦ 69.34 -0.98 107.12 62.99 4.18 14.18 40372.09 MylanNV 50.96 -1.06 76.69 37.59 - 28.17 25059.43
Bradesco 25.95 0.62 33.23 22.84 3.58 9.55 17573.57
LOreal 167.50 -0.45 181.30 127.70 - - - MitsubEst 2636.5 10.50 2975 2321 0.59 46.38 29850.44 Richemont 77.70 -0.10 92.25 66.40 2.15 23.92 39989.55 CBS 51.43 0.12 63.95 38.51 1.18 16.45 22305.33 Netflix 120.18 -0.46 129.29 45.08 - 317.96 51361.39
Cielo 37.52 0.72 46.27 30.48 1.73 18.91 18990.27
LVMH 162.40 -1.20 176.60 123.50 - - - MitsubishiEle 1355.5 17.50 1718 1063 2.06 12.23 23700.42 Roche 272.30 -0.10 295.80 238.80 3.10 24.85 188619.99 Celgene 114.18 -1.60 140.72 92.98 - 56.68 90263.88 News Corp A 29.97 -0.33 39.27 22.81 1.01 7.73 35087.44
ItauHldFin 26.69 0.34 32.66 23.81 1.82 6.29 21817.11
Nmrcble-SFR 41.44 0.79 60.01 29.51 - - - MitsuiFud 3211 -17.00 3879 2951 0.90 25.48 25922.92 Swiss Re 96.70 -0.15 97.65 74.95 4.61 39.96 35343.71 CharlesSch♦ 33.11 -0.29 35.72 25.43 0.73 33.03 43590.09 NextEraE 100.23 0.53 112.64 93.74 3.06 14.24 46157.21
Petrobras 9.32 -0.20 16.26 7.66 - -3.69 18608.14
Orange 16.84 0.01 16.98 12.21 - - - MitUFJFin 835.30 8.30 936.80 604.00 2.23 7.34 96374.28 Swisscom 523.50 2.50 587.50 474.40 4.40 18.31 26737.31 ChevrnTx♦ 91.01 -1.20 118.91 69.58 4.75 19.57 171284.16 Nike 125.94 0.16 133.52 90.69 0.88 32.01 84976.24
Vale 14.57 -0.02 27.89 14.35 15.87 -6.45 12574.96
PernodRic 107.85 0.35 117.75 87.90 - - - Mizuho Fin 260.40 0.40 280.40 191.00 3.08 7.79 52737.07 Syngent 376.60 -10.90 435.20 280.00 2.99 21.51 34511.54 Cigna 129.84 -5.30 170.68 99.88 0.03 16.54 33450.41 NorfolkS♦ 93.52 1.03 117.64 72.10 2.53 16.74 27920.75
Canada (C$) Murata Mfg 19290 160.00 22220 12430 1.07 18.38 35384.02 Cisco 27.56 0.44 30.31 23.03 2.85 16.11 140176.5 Northrop 187.73 -0.41 193.99 136.49 1.61 17.93 34238.77
Renault 92.57 0.55 100.25 55.68 - - - UBS 20.00 0.25 22.57 13.58 3.93 11.80 75904.83
BCE 58.38 0.54 60.20 50.92 4.49 19.21 37367.75 NipponTT 4696 7.00 5066 3011 2.09 16.01 80165.06 Citigroup♦ 54.90 -0.08 60.95 46.60 0.22 12.25 163546.58 NXP 81.03 -0.88 114.00 70.35 - 27.72 20399.42
Safran 66.87 -0.70 72.45 47.75 - - - Zurich Fin 271.00 1.60 334.60 232.60 - 12.91 40186.01
BkMontrl♦ 76.71 0.71 84.39 64.01 4.17 11.81 37151.47 Nissan Mt 1309.5 26.00 1350 963.10 2.96 9.71 48205.52 CME Grp 95.88 -0.29 100.87 82.51 2.07 25.40 32429.8 Occid Pet 75.14 -0.63 85.19 63.60 3.95 -9.41 57387.11
Sanofi 82.42 -0.66 101.10 69.77 - - - Taiwan (NT$)
BkNvaS 60.85 0.18 71.17 52.60 5.52 11.55 55202.73 Nomura 774.80 4.90 909.20 609.30 3.07 10.39 24117.27 Coca-Cola 43.07 0.79 44.78 36.56 3.04 27.37 187332.1 Oracle 39.17 0.47 46.71 35.14 1.37 18.53 167045.49
Sant Gbn 40.91 0.60 44.84 31.83 - - - Chunghwa Telecom 100.00 1.20 101.00 91.20 4.86 19.54 23774.33
Brookfield 45.33 0.05 48.64 36.34 1.36 12.09 33517.64 Nppn Stl 2485.5 31.00 3505 2122.5 1.58 9.88 19233.93 Cognizant 65.42 0.16 69.80 50.17 - 25.42 39875.4 Pepsico 101.03 0.76 103.44 76.48 2.71 29.68 147185.63
Schneider 58.35 0.61 75.29 48.57 - - - HonHaiPrc 85.50 0.70 99.70 77.90 4.45 8.91 40977.48
CanadPcR 193.62 -1.32 245.05 172.01 0.72 21.58 22448.29 NTTDCMo 2423 7.50 2873.5 1731 2.99 19.55 80614.2 ColgtPlm 66.46 0.40 71.56 50.84 2.25 24.35 59609.44 Perrigo 155.06 -0.58 215.73 140.40 0.31 152.10 22701.1
SocGen 44.79 0.44 48.77 31.85 - - - TaiwanSem 140.50 3.50 155.00 112.50 3.20 11.97 111654.15
CanImp 100.38 0.48 107.32 83.10 4.16 11.24 30060.85 Panasonic 1421.5 17.00 1853.5 1177.5 1.19 97.10 28394.73 Comcast 62.62 0.06 64.99 50.01 1.57 19.43 131158.17 Pfizer♦ 32.16 -1.15 36.46 28.47 3.45 23.93 198041.75
Total 46.60 -0.06 50.30 36.92 - - -
CanNatRs 32.98 -0.17 43.10 25.01 2.77 83.90 27203.47 Seven & I 5804 37.00 5998 4117.5 1.30 29.33 41894.95 Thailand (THB) ConocPhil♦ 53.51 -0.97 74.68 41.10 5.53 -64.67 66065.69 Phillips66♦ 92.03 -0.51 94.12 57.33 2.33 10.64 49092.51
UnibailR 251.30 3.70 262.00 193.05 - - -
CanNatRy 78.40 -0.32 88.89 69.90 1.51 18.47 47021.17 ShnEtsuCh 7139 9.00 8529 5801 1.52 21.33 25119.58 PTT Explor 269.00 6.00 398.00 240.00 3.36 17.03 21414.28 Corning♦ 19.13 0.30 25.16 15.42 2.43 12.38 22630.49 PhilMorris 86.22 0.79 90.08 75.27 4.71 18.35 133580.27
Vinci 62.06 0.31 62.60 39.65 - - -
Enbridge♦ 49.67 -0.61 66.14 47.74 3.51-128.18 32331.75 Softbank 6575 -87.00 8100 5370 0.63 13.52 64283.56 United Arab Emirates (Dhs) Costco♦ 161.85 0.60 162.23 117.03 0.93 30.31 71131.08 PNCFin 94.88 -0.23 100.52 81.84 2.11 12.65 49140.28
Vivendi 20.26 0.09 24.83 19.05 - - -
GtWesLif 35.63 0.05 37.70 30.42 3.61 13.01 26665.33 Sony 3297 11.00 3970 2315 0.71 38.35 33887.26 Emirtestele 16.10 0.15 16.10 9.41 4.04 17.27 38120.12 CrownCstl 85.70 -0.17 89.44 74.45 3.86 55.36 28604.2 PPG Inds♦ 103.02 -1.21 118.95 82.93 1.36 23.86 27740.11
ImpOil 41.91 -0.77 55.76 40.55 1.13 21.10 26773.35 Germany (€)
SumitomoF 4943 45.00 5770 3902 3.25 12.50 56916.87 United Kingdom (p) CSX 28.31 0.04 37.99 24.47 2.43 13.94 27595.81 Praxair 115.07 -0.51 132.95 98.55 2.45 23.22 32777.17
Manulife 22.18 0.24 24.20 18.91 2.93 17.56 32953.7 Allianz 161.25 0.75 170.15 129.35 4.46 10.87 79118.8
Takeda Ph 6166 30.00 6657 4821 3.02 -30.59 39673.24 AscBrFd 3504 59.00 3524 2705.75 0.97 49.10 42428.63 CVS 92.61 -2.58 113.65 81.37 1.44 20.61 102548.64 Prec Cast 231.01 -0.19 245.05 186.17 0.05 24.04 31782.62
Potash 27.45 0.12 47.10 25.80 7.13 11.62 17274.16 BASF 77.32 0.97 97.22 63.00 3.65 14.45 76247.34
TokioMarine 4809 71.00 5504 3703 1.93 15.08 29664.38 AstraZen 4428.5 19.50 4931.68 3746 4.19 50.02 85604.46 Danaher 97.05 0.02 97.35 81.25 0.53 26.71 66506.94 Priceline 1293.53 15.03 1476.52 990.69 - 26.76 64396.7
RylBkC♦ 76.21 0.71 83.87 68.05 3.99 11.64 85299.25 Bayer 125.80 1.65 146.45 106.80 1.88 26.61 111692.11
Toyota 7620 21.00 8783 6650 3.06 10.06 212085.34 Aviva 504.00 8.00 578.68 428.40 3.59 13.19 31187.94 Deere 74.41 -0.11 98.23 71.85 3.16 11.65 24418.85 ProctGmbl 76.43 0.53 93.89 65.02 3.45 25.29 207933.37
Suncor En 37.01 -0.47 40.93 30.89 2.27 558.58 40324.87 BMW 98.73 1.28 123.75 72.05 3.08 10.97 63812.53
Mexico (Mex$) Barclays♦ 229.95 2.05 289.90 219.54 2.83 0.77 59034.76 Delphi♦ 83.01 0.94 90.57 66.10 1.22 17.32 23250.12 Prudntl 86.87 -0.51 92.60 73.19 2.70 11.22 39004.63
ThmReut 53.25 0.20 55.92 42.85 3.36 15.79 30826.37 Continental 221.00 2.50 234.25 154.75 1.48 17.38 47456.86
AmerMvl 14.10 -0.07 17.37 13.21 1.75 26.10 36190.95 BG 1038.5 17.00 1301.62 780.55 1.84 -20.06 54288.7 Delta♦ 48.73 0.98 52.00 34.61 0.84 13.90 38324.86 PublStor 234.49 1.76 235.33 178.42 2.67 38.94 40542.36
TntoDom 54.67 0.18 57.89 47.75 3.58 13.13 76400.77 Daimler 78.59 0.55 96.07 61.97 3.27 10.37 90271.13
FEMSA UBD 163.20 1.14 169.74 119.19 0.66 32.24 35259.3 BP♦ 385.15 2.65 499.25 252.55 6.99 -14.07 107871.23 DirectTV 93.55 1.36 95.51 82.04 - 16.82 47176.52 Qualcomm 48.60 0.60 75.72 47.52 3.74 14.95 73050.37
TrnCan 43.32 0.18 59.50 40.68 4.71 18.38 23147.35 Deut Bank 24.68 0.30 33.42 22.95 3.19 -7.70 36547.63
WalMrtMex■ 45.75 -0.71 47.00 28.26 1.16 35.50 48306.45 BrAmTob 3860.5 52.00 3906.73 3231.5 3.84 17.92 110074.88 DiscFinServ 57.42 0.39 66.73 50.20 1.83 11.73 24543.98 Raytheon 125.55 1.60 126.65 95.32 2.10 18.36 37802.85
ValeantPh 105.50 8.58 347.84 92.65 - 45.01 27129.67 Deut Tlkm 17.16 0.01 17.63 12.40 3.06 33.72 84847.66
BSkyB♦ 850.50 -12.00 954.00 782.50 3.80 10.88 23005.52 Disney 118.60 0.46 122.08 88.75 1.48 25.35 200179.95 Regen Pharm 583.03 -4.06 605.93 383.87 - 114.14 59315.65
DeutsPost 26.84 0.34 31.19 22.93 - 21.38 34902.38 Netherlands (€)
China (HK$) BT 491.10 3.85 493.00 372.18 2.32 18.51 62868.23 DominRes 68.70 0.22 80.89 66.52 3.74 22.53 40899.42 ReynoldsAm 46.37 0.46 49.56 31.35 2.97 17.30 66267.43
E.ON 9.12 0.23 15.46 7.08 1.61 -1.87 19595.37 Altice 14.04 -0.55 143.20 13.88 - - -
AgricBkCh 3.08 0.05 4.55 2.87 7.39 4.55 12215.92 Compass 1075 19.00 1223.36 963.00 2.52 20.87 27032.31 DowChem 53.32 0.16 53.80 35.11 3.18 14.23 61744.2 Salesforce 81.50 4.15 82.90 53.44 - -528.73 53790
Fresenius Med 79.18 -0.31 83.17 57.70 1.02 24.47 26447.54 ASML Hld 86.69 -0.06 104.85 70.25 - - -
Bk China 3.52 0.06 5.68 3.25 6.75 5.10 37979.57 Diageo 1902.5 17.00 2055 1592.5 2.81 20.11 73188.75 DukeEner♦ 67.85 0.65 89.97 65.65 4.78 19.52 46703.22 Schlmbrg 77.95 -0.60 99.21 66.57 2.46 29.17 98303.03
Fresenius SE 67.85 0.02 68.85 40.85 0.68 28.16 39697.5 Heineken 85.23 0.47 85.84 56.14 - - -
BkofComm 5.59 0.07 8.61 5.17 6.04 5.05 25253.36 GlaxoSmh♦ 1347 -2.00 1645 1227.5 5.94 6.67 100268.78 DuPont♦ 66.72 -0.38 76.61 47.11 2.74 18.98 58473.88 Shrwin-Will♦ 272.55 -0.06 294.35 218.27 0.95 25.86 25374.55
HenkelKgaA 89.84 0.90 99.44 75.00 1.51 20.96 25059.12 ING 13.29 -0.01 16.00 9.68 - - -
BOE Tech 1.92 -0.09 4.78 1.17 2.03 26.73 49.29 Glencore 94.05 0.74 339.00 66.67 12.17-218.72 20706.69 Eaton♦ 56.42 -0.46 73.82 49.21 3.83 12.94 26111.18 SimonProp♦ 191.70 1.46 208.14 170.99 3.03 35.50 59315.45
Linde 165.95 2.75 195.55 140.05 1.99 25.75 33092.57 Unilever♦ 41.32 0.22 42.75 30.28 - - -
Ch Coms Cons 10.12 0.13 17.00 6.85 2.39 8.98 5781.34 HSBC♦ 525.10 4.30 674.57 478.35 6.38 10.35 157271.94 eBay 28.80 0.05 29.69 22.11 - 11.52 34572.83 SouthCpr♦ 26.87 0.50 33.31 23.41 1.58 20.88 21103.06
MuenchRkv 184.50 1.65 206.50 154.20 4.41 9.47 33049.94 Norway (Kr)
Ch Evrbrght 3.74 0.02 5.65 3.22 6.22 4.82 3314.65 ImpTob 3492 -78.00 3648 2680 3.67 17.48 51204.76 Ecolab 117.53 -0.79 122.48 97.78 1.13 31.20 34707.02 Starbucks♦ 61.46 -0.35 64.00 38.70 1.05 33.40 91248.38
SAP 74.80 0.84 75.11 53.01 1.54 27.60 98660.2 DNB 113.70 0.70 143.00 100.90 3.55 7.87 21536.86
Ch Rail Cons 10.92 0.36 17.70 7.92 1.72 9.34 2925.5 LlydsBkg 73.33 -0.67 89.35 70.90 2.05 43.73 80142.11 EMC 25.01 -0.14 30.92 22.66 1.86 20.76 48490.32 StateSt 72.49 -0.39 81.26 63.97 1.78 16.80 29248.71
Siemens 95.83 1.58 106.35 77.91 3.48 13.72 90644.44 Statoil♦ 134.20 -2.60 161.70 113.90 5.46 -11.27 49763.81
Ch Rail Gp 6.78 0.14 12.30 4.98 1.44 11.15 3680.71 Natl Grid 939.50 16.60 965.00 806.40 4.56 16.37 53794.3 Emerson♦ 50.07 0.06 65.94 42.21 3.79 12.38 32903.01 Stryker 95.88 -1.13 105.34 88.94 1.45 30.83 36005.07
Volkswgn 125.30 5.30 254.50 95.00 4.02 9.48 39698.04 Telenor 154.50 0.90 186.10 143.70 2.50 37.11 26977.16
ChConstBk 5.54 0.14 7.98 5.02 6.79 4.89 171855.11 Prudential 1518 23.00 1761.5 1045.99 2.43 15.45 59694.64 EOG Res 82.32 -2.83 103.04 68.15 0.82 -11.71 45251.9 Sychrony Fin 31.46 -0.13 36.40 27.92 - 11.84 26232.16
China Vanke RMB 14.50 -0.17 16.25 9.14 3.50 9.83 22071.85 Hong Kong (HK$) Qatar (QR) EquityResTP 79.27 0.54 82.53 61.90 2.75 34.05 28875.04 Target♦ 70.76 0.98 85.81 68.15 2.88 15.94 44467.85
RBS 315.20 -0.60 414.00 300.30 - -14.13 55797.52
ChinaCitic 5.22 0.07 7.40 4.36 - 4.82 10023.73 AIA 47.30 0.85 58.20 38.85 0.92 21.75 73528.54 QatarNtBk 172.00 0.20 236.00 159.90 4.40 10.67 33052.79 Exelon♦ 28.23 0.11 38.93 27.49 4.44 12.42 25959.3 TE Connect 67.22 0.51 73.73 54.32 1.86 22.12 25967.48
ReckittB 6315 9.00 6450 4895 2.20 26.83 68397.49
ChinaLife 27.85 0.30 41.00 22.55 1.77 16.52 26739.71 BOC Hold 24.55 0.05 33.70 22.30 4.44 10.32 33491.18 ExpScripts 83.80 -1.02 94.61 68.06 - 25.76 56671.93 Telsa Mtrs 223.50 2.43 286.65 181.40 - -41.52 29267.62
Russia (RUB) RELX 1186 11.00 1199 988.50 2.19 27.48 -
ChinaMBank 19.86 0.08 26.85 14.44 4.22 6.95 11764.32 Ch OSLnd&Inv 26.15 -0.45 34.05 20.15 2.04 7.41 33270.88 ExxonMb♦ 80.37 -0.37 97.20 66.55 3.57 16.81 334575.37 TexasInstr 57.61 -0.35 59.99 43.49 2.38 20.19 58440.28
Gzprm neft 147.50 0.03 166.94 113.73 5.51 7.82 53984.37 RioTinto 2290 29.50 3280 2090.5 5.96 22.78 48382.18
ChinaMob 90.95 0.65 118.00 85.00 3.11 14.07 240282.36 ChngKng 53.05 0.65 77.55 50.10 - 11.49 26419.62 Facebook 107.27 -0.51 110.65 72.00 - 107.25 242390.64 TheTrvelers 114.97 0.29 115.14 95.21 2.04 10.12 34976.03
Lukoil 2534 8.00 3297.7 2053.6 2.68 13.47 33321.64 RollsRoyce 541.00 -2.00 1061 504.50 4.27 -39.79 15214.2
ChinaPcIns 32.20 0.40 47.10 24.80 1.89 15.49 11530.71 Citic Ltd 13.82 0.12 16.40 11.64 1.51 6.71 51873.47 Fedex 162.53 -0.28 185.19 130.01 0.52 43.00 45895.13 ThrmoFshr 137.33 -0.40 141.25 117.10 0.44 27.66 54808.09
MmcNrlskNckl 9670 30.00 12247 7962 13.83 12.04 23657.62 RylDShlA♦ 1666 26.00 2299.5 1497.5 7.54 100.70 100444.69
ChMinsheng 7.76 0.15 11.88 6.70 2.98 4.92 6942.38 Citic Secs 19.24 0.04 40.50 12.82 1.83 8.46 5656.02 FordMtr♦ 14.57 0.11 16.74 10.44 3.99 12.10 56776.98 TimeWrnr 70.97 -0.80 91.34 65.25 1.95 16.15 57881.81
Novatek 620.20 -11.00 646.30 398.50 9.41 56.77 29113.23 SABMill 4018 13.00 4090 2773 1.85 33.28 99517.05
ChMrchSecs RMB 22.48 0.36 40.00 12.99 1.89 12.72 16913.16 CK Hutchison 103.80 1.80 174.90 97.50 3.42 4.21 51693.8 Franklin 41.44 0.02 59.43 36.10 1.46 12.47 24922.72 TimeWrnrC 185.07 0.28 194.22 134.21 2.05 27.36 52411.37
Rosneft 271.50 -6.70 294.20 183.95 5.43 7.89 44485.11 Shire 4718 45.00 5870 4305 0.32 13.92 42726.13
Chna Utd Coms RMB 6.83 0.18 10.74 3.56 1.00 45.78 22677.39 CNOOC 8.33 0.20 13.78 7.41 6.63 7.41 47987.98 GenDyn 144.59 0.88 153.76 130.91 2.31 16.14 45708.97 TJX Cos♦ 68.51 0.17 76.93 61.35 1.05 21.37 46201.15
Sberbank 104.86 0.86 108.55 47.21 - 7.37 34995.68 StandCh 593.00 5.70 1166 570.00 9.08 13.19 23123.55
ChShenEgy 12.82 0.40 24.40 11.30 7.11 8.73 5621.8 HangSeng 143.80 2.60 162.10 125.00 3.79 10.59 35473.25 GenElectric 30.34 -0.18 30.90 19.37 3.06 58.26 306714.31 T-MobileUS 37.74 0.42 43.43 24.26 - 61.88 30797.25
Surgutneftegas 35.31 -0.31 39.80 21.82 1.92 1.36 19502.82 Tesco 172.00 1.10 252.52 155.40 0.67 -2.47 21416.81
ChShpbldng RMB 11.04 0.13 20.19 5.70 0.35-665.09 31054.88 HK Exc&Clr 208.00 2.80 311.40 162.00 1.86 36.64 32434.92 GenMills 57.10 -0.07 59.87 47.43 2.96 27.12 34127.96 UnionPac 86.51 -0.60 124.52 79.31 2.51 14.80 73889.98
Saudi Arabia (SR) Vodafone♦ 221.50 -2.50 258.00 201.25 5.07 -41.48 89956.37
ChStConEng RMB 6.81 0.06 12.52 3.72 2.56 8.60 31894.94 MTR 36.85 0.80 40.00 30.50 2.77 13.92 27838.7 GenMotors 36.24 -0.22 39.00 24.62 3.68 13.17 56395.85 UPS B♦ 103.69 0.01 114.40 93.64 2.79 23.58 72183.03
AlRajhiBnk 50.63 0.68 69.00 48.40 3.73 12.71 21938.49 WPP 1515 7.00 1616 1271 2.52 15.66 29946.86
ChUncHK 9.92 0.24 16.00 9.31 2.52 20.73 30651.78 SandsCh 27.05 - 47.50 22.85 7.15 15.15 28163.6 GileadSci 106.89 -1.24 123.37 85.95 0.81 9.73 154047.75 USBancorp 43.98 0.09 46.26 38.81 2.30 13.80 76928.81
SHK Props♦ 96.80 -0.30 137.60 93.25 2.41 9.06 36138.42 Natnlcombnk 50.98 0.48 72.75 48.80 - 11.45 27114.93 United States of America ($)
CNNC Intl RMB 10.46 0.13 14.38 4.07 - 29.02 6375.29 GoldmSchs 192.85 -0.81 218.77 167.49 1.31 12.55 82257.5 UtdHlthcre 111.61 -5.64 126.21 95.00 1.58 17.54 106376.43
Tencent 153.10 1.70 171.00 104.50 0.23 42.01 185721.34 SaudiBasic 86.52 2.08 110.50 70.25 6.00 10.89 69212.31 3M♦ 157.80 0.41 170.50 134.00 2.51 20.22 97159.5
CSR♦ 9.97 0.20 20.70 7.80 - 21.81 5623.07 Google 760.11 0.10 769.08 490.91 - 34.73 221439.7 UtdTech♦ 98.04 0.33 124.45 85.50 2.59 15.25 86963.53
SaudiTelec♦ 66.00 1.01 73.25 52.75 6.12 13.37 35198.12 AbbottLb 45.79 -0.02 51.74 39.00 2.07 26.95 68298.4
Daqin RMB 9.38 0.03 15.15 7.88 5.19 9.74 21843.78 India (Rs) Halliburton 38.00 -0.88 51.13 30.93 1.91 122.27 32520.91 ValeroEngy♦ 70.61 0.45 72.70 43.45 2.11 7.77 33998.96
Singapore (S$) Abbvie 60.26 -0.73 71.60 45.45 3.23 34.52 98509.85
Gree Elec Apl 0.26 -0.01 0.45 0.13 - -2.83 392.48 Bhartiartl 339.55 5.60 452.45 315.60 0.67 23.11 20503.26 HCA Hold 66.14 -4.07 95.49 43.91 - 13.70 26963.14 Verizon 45.59 0.21 51.03 38.06 4.91 18.10 185479.58
DBS 17.00 0.19 21.50 16.00 3.54 12.82 30088.25 Accenture 107.89 0.01 109.86 81.66 1.88 24.12 86983.44
GuosenSec RMB 21.09 0.49 34.94 7.00 0.96 12.61 27089.27 HDFC Bk 1068.9 20.30 1128 912.10 0.76 24.16 40700.9 Hew-Pack 13.69 0.05 18.66 11.03 4.70 5.69 24617.7 VertexPharm 130.54 -2.72 143.45 97.45 - -47.12 32075.93
JardnMt US$ 51.03 -0.10 67.88 45.02 2.76 12.21 35841.15 Ace 115.52 0.18 117.89 96.00 2.31 13.98 37449.44
HaitongSecs 14.66 0.26 27.90 10.00 2.13 8.90 6449.47 Hind Unilevr 794.60 1.10 981.00 744.50 1.85 36.16 25972.98 HiltonWwde 23.37 -0.04 31.60 20.93 0.30 30.58 23076.75 VF Cp 63.81 0.57 77.83 61.17 2.03 26.33 27202.78
JardnStr US$ 27.47 0.12 37.03 26.11 0.96 10.01 30650.48 Actavis 298.98 -2.94 317.72 201.91 - -39.48 117333.1
Hngzh HikVDT RMB 36.47 0.93 56.48 18.68 1.11 25.59 18027.68 HsngDevFin 1214.2 35.50 1402.3 1060.1 1.26 20.79 28942.64 HomeDep 126.85 0.31 127.20 92.17 1.64 25.24 162888.5 Viacom 52.01 -1.10 78.00 36.32 2.83 10.89 18056.13
OCBC 8.95 0.13 10.92 8.62 4.04 9.90 26053.16 Adobe 91.59 0.32 92.13 68.98 - 94.41 45685.03
Hunng Pwr 7.40 -0.03 11.90 7.23 6.39 6.88 3743.26 ICICI Bk 266.40 5.95 393.40 247.70 1.90 12.18 23372.67 Honywell♦ 104.46 0.40 107.41 87.00 2.00 18.12 80506.43 Visa Inc♦ 80.22 -0.24 81.01 60.00 0.56 34.61 156540.29
SingTel 3.87 0.07 4.57 3.43 4.54 15.86 43642.35 AEP♦ 56.03 0.62 65.38 52.29 3.82 15.39 27498.04
IM Baotou Stl RMB 4.09 0.04 7.50 2.92 - -51.58 10085.29 Infosys 1047.8 27.80 2336 932.65 3.60 18.62 36176.3 HumanaInc 164.83 -6.25 219.79 135.38 0.70 18.78 24431.75 Walgreen♦ 82.89 -1.69 97.30 66.46 1.65 20.82 90250.1
UOB■ 20.02 0.38 25.05 18.20 4.26 10.10 22689.18 Aetna 100.69 -6.17 134.40 84.92 0.98 15.29 35110.6
In&CmBkCh 4.85 0.10 7.10 4.30 6.59 5.11 54314.85 ITC 352.05 4.20 409.95 294.00 1.86 26.92 42697.24 IBM♦ 137.45 1.63 176.30 131.65 3.53 9.33 133341.64 WalMartSto 60.62 -0.32 90.97 56.30 3.15 12.93 194328.16
Aflac♦ 65.03 0.11 65.24 51.41 2.42 11.27 27748.68
IndstrlBk RMB 16.32 0.18 21.42 10.35 3.54 6.14 41361.41 L&T 1358.95 14.50 1893.8 1326 1.14 24.30 19115.93 South Africa (R) IllinoisTool 91.85 0.23 100.14 78.79 2.20 17.91 33385.7 Wellpoint 128.71 0.94 129.96 81.84 1.86 11.92 34744.16
AirProd 139.59 0.16 158.20 123.66 2.20 30.06 30009.4
Kweichow RMB 215.03 0.37 290.00 150.20 2.06 16.57 42312.07 OilNatGas 233.00 2.30 394.60 217.70 4.33 9.98 30112.25 Firstrand 50.04 2.04 58.47 46.00 4.27 11.25 20013.48 Illumina 173.93 -2.50 242.37 130.00 - 50.29 25463.35 WellsFargo♦ 55.66 -0.01 58.77 47.75 2.63 13.33 285722.78
Alexion 174.47 -2.18 208.88 142.02 - 156.50 39312.33
Midea 1.98 -0.04 2.68 1.65 4.91 12.81 54.94 RelianceIn 934.75 22.75 1067.85 796.45 1.09 11.01 45732.54 MTN Grp 143.80 5.80 250.00 132.01 9.73 7.68 18921.38 Intcntl Exch 262.21 -1.39 266.74 202.24 0.83 24.56 28775.77 Williams Cos 37.24 -0.86 61.38 33.48 6.45 82.36 27921.24
Allstate 63.23 -0.27 72.87 54.12 1.88 10.91 24489.37
New Ch Life Ins 34.05 0.30 56.55 27.05 0.76 9.31 4543.31 SBI NewA 243.90 2.90 336.00 220.15 1.46 9.90 28600.32 Naspers N 2149.18 -24.82 2194.9 1283 0.24 52.07 64305.47 Intel♦ 33.67 0.51 37.90 24.87 2.83 14.28 158888.73 Yahoo 32.99 0.01 52.26 27.20 - 127.92 31154.28
Altria 57.77 0.71 61.74 47.31 3.71 21.53 113258.84
PetroChina 5.51 0.10 11.04 5.10 3.57 19.00 15000.26 SunPhrmInds 742.50 -11.25 1200.8 724.05 - 61.45 26990.61 South Korea (KRW) Intuit 96.15 -0.47 109.21 79.63 1.02 67.65 26663.03 Yum!Brnds 71.54 0.42 95.90 66.35 2.31 33.87 30851.03
Amazon 666.01 2.47 675.96 285.25 - 951.68 312197.84
PingAnIns 44.25 0.30 62.90 29.00 1.91 11.53 42522.46 Tata Cons 2362.55 11.10 2812.1 2345 1.70 21.88 70320.77 HyundMobis 252000 1500 271500 185500 1.21 12.48 21115.26 John&John 102.08 -0.59 108.99 81.79 2.87 19.40 282449.61 Venezuela ()
AmerAir 42.69 0.94 56.20 34.10 0.95 6.07 26905.45
PngAnBnk RMB 12.50 0.08 17.50 8.75 1.41 7.84 23112.58 Indonesia (Rp) KoreaElePwr 50600 -200.00 54000 38750 1.00 7.05 27960.73 JohnsonCn 45.48 -0.03 54.52 38.48 2.31 20.66 29747.08 Bco de Vnzla 90.00 - 143.95 27.00 - - 24314.24
AmerExpr 72.15 0.00 94.89 70.21 1.54 12.72 71016.39
Pwr Cons Corp RMB 9.19 0.13 20.00 3.92 1.10 17.83 4750.48 Bk Cent Asia♦ 12950 -125.00 15600 11000 1.09 19.04 23174.23 SK Hynix 31200 650.00 51700 30050 0.95 4.97 19551.25 JPMrgnCh 67.34 -0.11 70.61 50.07 2.52 11.36 247887.28 Bco Provncl 3051 - 4400 840.00 1.14 41.17 24369.01
AmerIntGrp 61.81 -0.15 64.93 48.68 1.07 17.75 76459.74
SaicMtr RMB 19.89 0.08 29.18 14.00 6.63 7.50 34351.26 SmsungEl 1289000 8000 1510000 1033000 1.61 9.75 143476.66 Kimb-Clark 121.81 0.87 122.73 103.04 2.88 72.63 44216.35 Mrcntl Srvcs 4800 - 5900 930.00 0.17 35.36 21120.48
Israel (ILS) AmerTower 100.04 0.38 105.20 86.83 1.72 73.96 42373.96
ShenwanHong 0.19 0.01 0.41 0.17 - -2.53 61.53 Spain (€) KinderM 23.58 -0.72 44.71 22.57 7.96 43.53 52619.12
TevaPha♦ 232.70 0.80 275.90 213.20 2.21 28.79 57337.39 Amgen♦ 158.95 -1.97 181.81 130.09 1.89 18.81 119900.41
ShgPdgBk RMB 17.90 0.51 19.19 10.37 4.29 6.67 52302.09 Kraft♦ 88.19 -0.11 91.32 53.33 1.93 125.72 52233.16 Closing prices and highs & lows are in traded currency (with variations for that
Italy (€) BBVA 7.81 0.13 9.77 7.21 2.15 18.91 52864.06 Anadarko 59.31 -2.43 95.94 57.86 1.84 -5.11 30137.95
Sinopec Corp 5.06 0.11 7.79 4.46 4.91 23.31 16657.47 Kroger♦ 37.20 -0.35 39.43 27.32 0.95 19.36 36206.89 country indicated by stock), market capitalisation is in USD. Highs & lows are
Enel 4.10 0.02 4.50 3.36 3.44 55.79 41413.52 BcoSantdr 5.21 0.10 7.42 4.55 10.00 9.54 80021.96 Aon Cp 93.52 -1.50 107.08 86.38 1.19 21.16 25615.33
Sinopec Oil RMB 9.48 0.12 14.23 4.10 - -269.69 668.23 L Brands♦ 92.07 -0.16 101.11 75.11 1.79 24.38 26735.17 based on intraday trading over a rolling 52 week period.
ENI 14.93 0.08 17.66 12.98 6.75 -18.66 58254.65 CaixaBnk 3.55 0.09 4.62 3.32 2.36 28.54 21991.83 Apple 118.79 1.50 134.54 92.00 1.68 12.76 662293.57
Denmark (kr) Iberdrola 6.55 0.04 6.58 5.31 2.49 15.99 44536.35 LasVegasSd 46.03 0.04 65.35 36.53 5.37 16.39 36706.68 ♦ ex-dividend
Generali 17.69 -0.10 19.21 15.16 3.56 13.63 29569.55 ArcherDan♦ 36.96 -0.45 53.91 36.96 2.95 12.64 22055.51
DanskeBk 189.40 1.90 218.00 155.50 3.05 26.67 27493.44 Inditex 32.72 0.07 34.60 21.56 1.24 36.88 109487.7 LibertyGbl 42.47 -0.78 58.66 42.10 - -27.14 10731.97 ■ ex-capital redistribution
IntSPaolo 3.15 0.03 3.65 2.22 2.24 18.97 53692.3 AT&T 33.54 0.00 36.45 30.97 5.66 35.03 206359.61
MollerMrsk 10160 290.00 16450 9560 2.89 7.70 15562.32 Repsol 12.26 0.14 18.75 9.90 8.19 34.20 18087.69 Lilly (E)♦ 82.86 -0.79 92.85 66.56 2.43 37.13 91815.22 # price at time of suspension
Luxottica 62.70 - 67.80 39.90 1.21 36.27 32545.03 AutomData 86.45 -0.05 90.67 64.29 2.29 28.50 40222.89
NovoB 378.40 7.70 415.00 256.00 1.39 28.20 112325.92 Telefonica♦ 11.80 0.02 14.31 10.38 3.56 18.92 61626.83 Lockheed 223.75 0.53 225.47 181.91 2.71 19.67 68757.37
Unicred 5.53 0.01 6.61 4.82 2.19 14.57 35396.88 Avago Tech 123.12 -2.80 150.50 88.02 1.15 33.30 33980.97
Lowes 73.91 0.43 76.25 60.84 1.29 25.48 68383.94

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
MylanNV 50.96 52.02 -1.06 -2.04 7.76 18.0 16.58 DirectTV 93.55 92.19 1.36 1.48 - - 0.42 Nov 19 date Coupon S* M* F* price yield yield yield US Nov 19 date Coupon S* M* F* price yield yield yield US
Syngent 387.50 387.50 0.00 0.00 41.60 12.0 22.99 Altice 14.04 14.58 -0.55 -3.74 -1.73 -10.9 -28.83 High Yield US$ US$
Illumina 173.93 176.43 -2.50 -1.42 18.54 11.9 17.93 Hunng Pwr 7.40 7.43 -0.03 -0.40 -0.77 -9.4 -19.48 Windstream Services, LLC 11/17 7.88 B+ B2 BB 105.20 5.09 0.00 0.18 4.27 Burlington Resources, Inc. 02/26 6.88 A A2 A 117.81 4.72 0.00 0.56 2.46
Sberbank 104.86 104.00 0.86 0.83 10.86 11.6 18.46 Qualcomm 48.60 48.00 0.60 1.25 -3.98 -7.6 -17.81 High Yield Euro Wachovia Corporation 08/26 6.82 A A3 A+ 125.49 4.59 0.00 0.26 2.32
VertexPharm 130.54 133.26 -2.72 -2.04 13.24 11.3 12.75 GuosenSec 21.09 20.60 0.49 2.38 -1.66 -7.3 26.14 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Cummins Inc. 02/27 6.75 A+ A2 A 118.41 4.68 0.00 0.62 -
Netflix 120.18 120.63 -0.46 -0.38 11.26 10.3 18.34 LibertyGbl 42.47 43.25 -0.78 -1.80 -3.28 -7.2 -7.27 Korea Electric Power Corporation 08/27 6.75 AA- Aa3 AA- 98.59 7.05 0.00 0.10 -
Gzprm neft 147.50 147.47 0.03 0.02 12.50 9.3 4.61 HiltonWwde 23.37 23.41 -0.04 -0.17 -1.75 -7.0 -3.33 Emerging US$ FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 118.30 4.92 0.00 0.27 -
Repsol 12.26 12.12 0.14 1.16 1.03 9.1 0.78 Sinopec Oil 9.48 9.36 0.12 1.28 -0.60 -6.0 -16.55 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.41 SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 108.76 5.09 0.00 0.18 -
AstraZen 4428.50 4409.00 19.50 0.44 353.50 8.7 6.88 ChShpbldng 11.04 10.91 0.13 1.19 -0.67 -5.7 -4.17 Mexico 09/16 11.40 BBB+ A3 BBB+ 108.16 1.33 0.00 0.00 0.51
Brazil 01/18 8.00 BB+ Baa3 BBB- 105.43 5.28 0.00 0.00 4.46 Euro
CanadPcR 194.94 194.94 0.00 0.00 12.32 6.7 1.94 Sony 3297.00 3286.00 11.00 0.33 -200.00 -5.7 1.51 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 96.15 3.03 0.00 -0.27 -
BG 1038.50 1021.50 17.00 1.66 65.40 6.7 -3.17 Target 70.76 69.78 0.98 1.40 -4.17 -5.6 -5.25 Russia 07/18 11.00 BB+ Ba1 BBB- 119.59 3.29 0.00 -0.04 2.48
Peru 03/19 7.13 BBB+ A3 BBB+ 114.98 2.46 0.00 0.21 0.78 TeliaSonera 09/27 3.00 A- A3 A- 109.62 2.07 -0.01 -0.12 -
CanNatRs 33.15 33.15 0.00 0.00 2.05 6.6 8.88 Infosys 1047.80 1020.00 27.80 2.73 -59.80 -5.4 -4.52 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 111.58 2.12 0.00 -0.09 -
Yum!Brnds 71.54 71.12 0.42 0.59 4.42 6.6 -0.22 AirLiquide 114.95 114.50 0.45 0.39 -6.25 -5.2 4.07 Brazil 01/21 7.88 BB+ Baa3 BBB- 98.01 5.39 0.00 -0.17 3.71
Turkey 03/21 5.63 - Baa3 BBB- 107.36 4.12 0.00 0.02 2.44 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 109.44 2.06 0.00 -0.17 -
WalMartSto 60.62 60.93 -0.32 -0.52 3.67 6.4 3.02 CNNC Intl 10.46 10.33 0.13 1.26 -0.54 -4.9 -4.04
Poland 04/21 5.13 A- A2 A- 111.71 2.80 0.00 0.28 1.12 Yen
Raytheon 125.55 123.95 1.60 1.29 7.34 6.2 11.26 ChMrchSecs 22.48 22.12 0.36 1.63 -1.12 -4.7 24.34
Colombia 07/21 4.38 BBB Baa2 BBB 102.07 4.00 0.00 0.17 2.32 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
Williams Cos 37.24 38.10 -0.86 -2.26 2.14 6.1 -11.14 SumitomoF 4943.00 4898.00 45.00 0.92 -245.00 -4.7 5.97
Emerson 50.07 50.01 0.06 0.12 2.82 6.0 10.16 JardnStr US$ 27.47 27.35 0.12 0.44 -1.33 -4.6 -8.92 Turkey 04/26 4.25 - Baa3 BBB- 95.98 4.80 0.00 0.07 2.54 £ Sterling
DowChem 53.32 53.16 0.16 0.29 2.89 5.7 12.53 Hermes Intl 332.15 334.80 -2.65 -0.79 -15.15 -4.4 -0.66 Emerging Euro Southern Water Services (Fin) Limited 03/26 6.64 A- Baa1 A- 128.49 3.34 -0.03 0.10 1.07
Petrobras 9.52 9.52 0.00 0.00 0.50 5.5 -3.62 Tata Cons 2362.55 2351.45 11.10 0.47 -106.25 -4.3 -4.50 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 123.28 4.06 0.01 0.18 1.80
Regen Pharm 583.03 587.09 -4.06 -0.69 30.50 5.5 11.33 PetroChina 5.51 5.41 0.10 1.85 -0.24 -4.2 -15.23 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.68 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 109.83 2.99 0.00 -0.19 1.31 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 115.17 3.92 0.00 -0.16 1.66
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Nov 19 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Nov 19 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 17.02 0.17 16.85 53.29 10.88 Nov 19 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 16.24 -0.12 16.36 56.32 7.04 Tr 2pc '16 100.26 0.48 9.09 2.13 2.13 -7.69 101.78 100.26 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 171.41 -0.14 -1.89 -3.86 -2.64 -4.67 VXN 17.80 0.04 17.76 46.72 11.15 Tr 1.75pc '17 101.48 0.48 -4.00 -12.73 6.67 -31.43 102.68 101.38 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 295.10 0.35 0.79 0.54 0.35 3.14 VDAX 20.56 -0.44 21.00 29.94 - Tr 5pc '18 110.01 0.60 -4.76 -13.04 11.11 -42.31 113.54 109.82 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 250.58 0.09 -0.52 0.04 -0.52 0.04 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 111.81 0.86 -3.37 -10.42 8.86 -33.33 115.07 111.42 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 212.39 0.08 0.38 -0.15 0.96 0.47 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.25 1.11 -2.63 -8.26 8.82 -26.00 119.04 114.67 0.33
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 0-0.25 Eurozone Sov(€) 226.59 0.19 -0.01 2.22 0.52 4.43 Tr 1.5pc '21 100.65 1.37 -2.14 -6.80 6.20 -16.97 142.92 99.91 0.08
Gilts( £) 286.92 0.36 -0.13 0.45 -0.85 4.49 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.49 1.42 -2.74 -7.79 5.97 -20.22 119.85 113.65 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 240.80 -0.09 -1.95 -4.01 -2.54 -3.65 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.59 1.77 -2.21 -6.35 4.73 -16.51 134.70 124.47 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 294.80 0.31 0.49 0.44 -0.03 2.99 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 123.72 2.02 -1.94 -5.16 3.59 -14.41 131.90 119.79 0.31
Nov 19 (Libor: Nov 18) night Day Week Month month month month year Overall ($) 225.35 0.08 -0.60 0.53 -0.60 0.53 Australia 10/18 3.25 103.11 2.14 0.01 0.00 0.30 -0.54 Tr 4.25pc '32 125.94 2.35 -1.26 -3.29 2.17 -10.98 136.85 121.93 0.35
US$ Libor 0.13100 0.000 0.000 0.004 0.20675 0.36960 0.60600 0.93585 Overall( £) 286.61 0.35 0.06 0.45 -0.60 4.02 04/26 4.25 111.23 2.99 0.01 -0.02 0.29 -0.42 Tr 4.25pc '36 127.45 2.51 -1.18 -3.46 1.21 -9.71 140.37 123.52 0.28
Euro Libor -0.18214 0.002 -0.001 0.001 -0.15071 -0.09786 -0.02571 0.07000 Overall(€) 221.91 0.14 0.11 1.56 0.58 3.16 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 137.20 2.58 -1.15 -3.01 0.39 -9.79 153.16 132.17 0.26
£ Libor 0.48188 0.000 -0.001 -0.002 0.50913 0.57363 0.73063 1.03400 Treasuries ($) 216.65 0.08 -0.69 0.74 -0.69 0.74 10/25 1.20 104.15 0.76 -0.01 -0.12 0.00 0.00 Tr 3.75pc '52 129.31 2.52 -1.18 -3.08 -0.79 -13.10 145.21 120.25 0.22
Swiss Fr Libor -0.003 -0.79700 -0.80100 -0.77700 -0.69500 FTSE Belgium 06/18 0.75 101.92 -0.01 0.00 0.00 0.00 0.00 Tr 4pc '60 140.56 2.48 -1.20 -2.75 -1.59 -13.89 159.23 129.15 0.21
Yen Libor 0.000 0.04143 0.07357 0.11929 0.22257 Sterling Corporate (£) 110.59 0.51 - - 0.09 -1.13 06/25 0.80 100.07 0.79 -0.02 -0.10 -0.01 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.002 -0.14600 -0.09200 -0.01500 0.07600 Euro Corporate (€) 106.54 0.14 - - 0.58 -2.41 Canada 11/17 0.25 99.26 0.64 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 979.48 13.08 - - 7.55 3.22 06/26 1.50 97.30 1.78 0.00 0.00 0.00 0.00
US$ CDs
Euro CDs
0.030
0.000
0.20000
-0.17500
0.34000
-0.12500
0.55000
-0.05500
Eurozone Govt Bond 114.58 0.28 - - 0.52 2.04 Denmark 11/18 0.25 101.63 -0.29 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 109.53 0.75 -0.02 -0.13 -0.04 -0.31
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 05/18 1.00 99.46 1.22 0.00 -0.02 0.28 0.00
Fixed Coupon Nov 19 chg % Return 1 month 1 year Yield
Nov 19 term notice month month month year Markit iTraxx 09/25 0.88 101.15 0.75 -0.01 -0.11 -0.01 0.00
1 Up to 5 Years 98.51 0.08 2366.00 -0.13 1.69 0.96
Euro -0.25 -0.15 -0.25 -0.15 -0.25 -0.10 -0.20 -0.05 -0.13 0.02 -0.01 0.14 Crossover 5Y 295.32 0.87 -10.59 -29.82 389.82 283.05 France 11/16 0.25 100.55 -0.29 0.00 0.00 0.00 0.00
2 5 - 10 Years 179.49 0.26 3236.84 -0.38 3.75 1.62
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.01 1.16 Europe 5Y 70.97 0.88 -2.30 -7.22 95.40 68.47 11/20 0.25 101.11 0.03 0.00 -0.05 -0.06 0.00
3 10 - 15 Years 207.55 0.41 3794.92 -0.59 5.37 2.02
Swiss Franc - - - - - - - - - - - - Japan 5Y 72.15 -1.01 2.62 2.29 83.13 65.01 11/25 1.00 101.78 0.81 -0.01 -0.11 -0.03 0.00
4 5 - 15 Years 185.95 0.29 3372.08 -0.42 4.21 1.73
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 70.14 0.92 -3.11 -4.59 99.56 66.41 05/45 3.25 132.67 1.81 -0.03 -0.13 0.04 -0.47
5 Over 15 Years 296.62 0.51 4269.30 0.12 8.41 2.51
US Dollar 0.12 0.22 0.12 0.22 0.15 0.25 0.25 0.35 0.50 0.60 0.80 0.90 Germany 04/18 0.25 101.47 -0.36 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 172.18 0.31 3210.35 -0.10 4.83 2.24
Japanese Yen -0.03 0.07 -0.02 0.08 -0.05 0.15 -0.20 0.10 -0.20 0.10 -0.10 0.20 10/20 0.25 101.88 -0.13 0.00 0.00 0.00 0.00
Emerging Markets 5Y 315.01 -7.70 -3.32 -22.55 345.86 299.17 08/25 1.00 104.76 0.50 -0.01 -0.12 0.00 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 447.87 -9.20 3.22 1.76 509.34 416.39 08/46 2.50 129.57 1.32 -0.02 -0.14 0.06 -0.44
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Nov 19 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 81.86 -1.62 0.78 -0.61 94.63 75.52 Greece 07/17 3.38 96.01 5.98 -0.10 -0.57 -1.56 -1.11
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 228.00 100.00 1 Up to 5 Years 308.84 0.04 -0.44 -2.53 2359.55 -0.30 -0.94
02/26 3.00 75.38 7.03 0.02 -0.19 -0.58 -1.82 2 Over 5 years 565.55 0.26 0.25 5.29 4174.26 0.41 6.07
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 110.89 -0.21 0.00 0.00 0.00 0.00 3 5-15 years 428.20 0.25 -0.65 -0.80 3253.97 -0.41 0.33
03/25 5.40 138.56 1.03 -0.02 -0.11 -0.04 -0.71 4 Over 15 years 695.38 0.27 0.62 8.28 5037.77 0.74 8.93
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 10/18 0.30 100.42 0.15 0.01 -0.01 -0.04 0.00 5 All stocks 524.34 0.23 0.14 4.56 3919.84 0.30 5.46
11/20 0.65 100.56 0.54 0.00 -0.03 0.00 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 104.58 1.51 -0.02 -0.10 -0.07 0.00 Yield Indices Nov 19 Nov 18 Yr ago Nov 19 Nov 18 Yr ago
Crude Oil† Dec 41.56 -0.41 Corn♦ Dec 363.50 1.50 Nov 18 Nov 18 Prev return stock Market stocks
09/46 3.25 113.15 2.64 -0.02 -0.13 0.04 0.00 5 Yrs 1.21 1.25 1.43 20 Yrs 2.54 2.57 2.77
Brent Crude Oil‡ 44.07 -0.18 Wheat♦ Dec 484.75 1.00 Can 4.25%' 21 126.98 -0.194 -0.213 -0.47 5.18 69005.97 7
Japan 10/17 0.10 100.23 -0.02 0.00 0.00 0.00 0.00 10 Yrs 1.93 1.97 2.17 45 Yrs 2.50 2.53 2.90
RBOB Gasoline† Nov 1.28 0.00 Soybeans♦ Jan 855.50 -2.50 Fr 2.25%' 20 115.40 -0.952 -0.955 0.13 20.31 214469.02 14
12/20 0.05 99.95 0.06 0.00 -0.01 0.00 0.00 15 Yrs 2.35 2.38 2.57
Heating Oil† Nov 1.38 0.01 Soybeans Meal♦ Dec 285.60 0.10 Swe 0.25%' 22 108.54 -0.897 -0.882 -0.83 31.97 226610.07 7
09/25 0.40 100.98 0.30 0.00 -0.01 -0.01 0.00
Natural Gas† Nov 2.33 0.00 Cocoa (ICE Liffe)X Dec 2297.00 6.00 UK 2.5%' 16 - - - - - - -
09/45 1.40 100.27 1.39 -0.01 0.00 0.04 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Dec 3353.00 13.00 UK 2.5%' 24 337.31 -0.750 -0.729 -0.01 6.82 477123.32 25
Netherlands 04/17 0.50 101.19 -0.35 0.00 0.00 0.00 0.00 Real yield Nov 19 Dur yrs Previous Yr ago Nov 19 Dur yrs Previous Yr ago
Uranium Nov 36.75 0.00 Coffee(Robusta)X Nov 1530.00 56.00 UK 2%' 35 229.24 -0.722 -0.706 -0.48 9.08 477123.32 25
07/25 0.25 96.14 0.67 -0.01 -0.11 -0.01 0.00 Up to 5 yrs -0.80 2.47 -0.78 -1.05 -1.62 2.50 -1.61 -1.96
Carbon Emissions - - Coffee (Arabica)♥ Dec 114.15 1.10 US 0.625%' 21 101.03 0.440 0.444 -0.56 35.84 1091062.05 36
Diesel Dec - - White SugarX 401.40 10.60 New Zealand - - - - - - - Over 5 yrs -0.76 23.46 -0.75 -0.48 -0.80 23.56 -0.78 -0.53
US 3.625%' 28 131.91 0.900 0.444 -0.82 16.78 1091062.05 36
Unleaded (95R) - - Sugar 11♥ 14.64 0.14 12/17 6.00 106.72 2.63 0.02 -0.03 0.10 -1.10 5-15 yrs -0.69 9.70 -0.66 -0.67 -0.82 9.71 -0.79 -0.81
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 105.34 0.63 0.02 -0.02 -0.01 -0.67 Over 15 yrs -0.77 29.17 -0.76 -0.46 -0.79 29.23 -0.78 -0.49
Base Metals (♠ LME 3 Months) Cotton♥ Dec 62.11 0.56 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 101.69 1.55 -0.01 -0.07 0.02 0.00 All stocks -0.76 20.35 -0.75 -0.49 -0.81 20.52 -0.80 -0.55
Aluminium 1461.00 -10.50 Orange Juice♥ Jan 150.65 -0.50 amount.
Aluminium Alloy 1600.00 30.00 Palm Oil♣ Dec 527.00 3.25 Portugal 06/18 4.45 110.34 0.38 0.02 -0.13 -0.03 -1.03 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 4614.00 9.00 Live Cattle♣ Dec 130.05 0.08 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 104.14 2.40 -0.06 -0.37 0.08 0.00
Lead 1573.50 -13.50 Spain 04/18 0.25 100.23 0.15 -0.02 -0.05 -0.04 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Jan 163.78 3.00
Nickel 8915.00 -85.00 Lean Hogs♣ Dec 54.28 0.08 Spread Spread Spread Spread 10/25 2.15 104.08 1.70 -0.03 -0.14 0.07 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 14465.00 -110.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.40 1.16 0.00 -0.02 0.28 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1500.50 -18.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 114.67 0.88 0.04 -0.04 0.19 -0.27 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Nov 18 Month Year Australia 2.99 2.49 0.72 Italy 1.51 1.01 -0.75 Switzerland 01/18 3.00 108.90 -1.11 0.00 0.00 0.00 0.00 [email protected]
Gold 1067.75 -11.45 S&P GSCI Spt 337.90 -8.48 -34.69 Austria 0.76 0.27 -1.50 Japan 0.30 -0.20 -1.97 05/26 1.25 115.85 -0.24 0.00 0.00 0.00 0.00
Silver (US cents) 1421.00 4.00 DJ UBS Spot 82.03 -8.62 -29.75 Belgium 0.79 0.30 -1.47 Netherlands 0.67 0.17 -1.60 United Kingdom 07/18 1.25 101.09 0.84 0.00 -0.06 0.13 -0.38 Data provided by Morningstar | www.morningstar.co.uk
Platinum 844.00 -17.00 R/J CRB TR 185.12 -7.42 -30.52 Canada 1.78 1.29 -0.48 Norway 1.55 1.06 -0.71 01/21 1.50 100.51 1.40 0.00 -0.08 0.13 0.00
Palladium 544.00 -3.00 Rogers RICIX TR 2136.38 - - Denmark 0.75 0.26 -1.51 Portugal 2.40 1.90 0.14 09/25 2.00 100.76 1.91 -0.01 -0.10 0.11 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 242.93 -7.41 -34.73 Finland 0.75 0.25 -1.51 Spain 1.70 1.20 -0.56 01/45 3.50 117.61 2.63 0.00 -0.06 0.07 -0.29
Iron Ore (Platts) 45.30 -1.20 UBS Bberg CMCI TR 12.61 -8.53 -31.57 France 0.81 0.32 -1.45 Switzerland -0.24 -0.73 -2.50 United States 07/17 0.63 99.68 0.82 0.00 0.01 0.24 0.00
Iron Ore (The Steel Index) 45.10 -0.70 LEBA EUA Carbon 7.96 0.00 38.68 Germany 0.50 0.00 -1.77 United Kingdom 1.91 1.42 -0.35 10/20 1.38 98.55 1.68 0.00 -0.04 0.00 0.00
GlobalCOAL RB Index 58.50 1.50 LEBA CER Carbon 0.67 15.52 737.50 Greece 7.03 6.54 4.77 United States 2.26 1.77 0.00 11/25 2.25 99.88 2.26 -0.01 -0.05 0.00 0.00
Baltic Dry Index 504.00 -15.00 LEBA UK Power 1495.00 -28.09 -48.91 Ireland 1.03 0.53 -1.23 11/45 3.00 99.53 3.02 -0.02 0.00 0.00 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
20 ★ FINANCIAL TIMES Friday 20 November 2015

MANAGED FUNDS SERVICE

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

Atlantis China Healthcare Fund $ 2.04 - 0.02 0.00 Invesco Global Structured Equity A $ 47.40 - 0.49 0.73 Sterling Bond £ 1.4580xd - 0.0050 3.57

ACPI Global UCITS Funds Plc (IRL) Cheyne Capital Management (UK) LLP Ennismore Smaller Cos Plc (IRL) Generali International Limited M & G (Guernsey) Ltd (GSY)
Atlantis Japan Opportunities Fund $ 2.47 - 0.03 0.00 Invesco Global Total Ret.(EUR) Bond Fund A € 13.24 - 0.00 0.00 UK £ 6.4780xd - 0.1300 1.62
www.acpishard.com Other International Funds 5 Kensington Church St, London W8 4LD 020 7368 4220 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 Regulated
Regulated FCA Recognised International Insurances Lloyds Gilt Fund Limited The M&G Offshore Fund Range
Atlantis Asian Fund $ 6.18 - 0.02 0.00 Cheyne European Event Driven Fund € 137.91 - -3.22 0.00 Invesco Gold & Precious Metals A $ 3.51 - 0.11 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 109.24 - 0.12 0.00 Ennismore European Smlr Cos NAV £ 97.85 - 0.12 0.00 Global Multi-Strategy Managed $ 4.79 5.16 -0.05 0.00 Lloyds Gilt Fund Quarterly Share £ 1.2620 - 0.0030 1.90 Corporate Bond 1314.04 1354.69 1.66 3.17
Cheyne European High Yield Fund € 128.43 - -3.51 0.00 Invesco Greater China Equity A $ 45.27 - 1.18 0.00
ACPI Global Credit UCITS Funds USD A $ 13.96 - 0.00 0.00 Ennismore European Smlr Cos NAV € 139.78 - 0.16 0.00 UK Multi-Strategy Managed £ 4.85 5.22 -0.04 0.00 Monthly Share £ 1.2140xd - 0.0030 1.90 Global Basics 2260.85 2330.77 29.76 0.31

AXIOM
Cheyne Multi Strategy Liquid Fund $ 124.23 - 2.46 - Invesco India Equity A $ 50.96 - 0.97 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 151.68 - 0.00 0.00 EU Multi-Strategy Managed € 3.06 3.30 0.00 0.00 Lloyds Money Fund Limited Global Leaders 3330.24 3469.00 37.64 1.13
Cheyne Real Estate Credit Holdings Fund £ 160.92 - 7.23 0.00 Invesco Japanese Equity Adv Fd A ¥ 3943.00 - 42.00 0.00
ALTERNATIVE INVESTMENTS Ennismore European Smlr Cos Hedge Fd Sterling Class £ 52.6090 - 0.0000 0.15
Q ACPI India Fixed Income UCITS Fund USD A $ 10.00 - -0.04 - Global Bond USD $ 3.44 3.71 -0.03 0.00 Global High Yield Bond 960.60 990.31 0.78 4.44
Other International Funds
Cheyne Real Estate Debt Fund Class A1 £ 130.82 - 0.23 0.00 Invesco Japanese Value Eq Fd A ¥ 1314.00 - 12.00 0.00 Lloyds Multi Strategy Fund Limited
ACPI India Fixed Income UCITS Fund USD A3 $ 85.47 - -0.35 0.00 NAV € 485.30 - 14.53 0.00 Global Macro Bond Fund 10955.68 11294.51 -32.94 0.82
Conservative Strategy £ 1.0910 - 0.0020 1.97
Axiom Alternative Investments (FRA) Cheyne Total Return Credit Fund - December 2017 Class $ 182.18 - 10.16 0.00 Invesco Latin American Equity A $ 6.02 - 0.08 0.00
ACPI International Bond UCITS Fund USD A $ 17.71 - 0.01 0.00 1 Conduit Street - 4th floor - London W1S 2XA Genesis Asset Managers LLP
North American Dividend Fund 156.58 163.10 1.48 2.18
Other International Funds Growth Strategy £ 1.4750 - 0.0050 1.32
www.axiom-ai.com Tel: +44 330 822 0374 Cheyne Total Return Credit Fund December 2019 $ 137.99 - 13.28 - Invesco Nippon Small/Mid Cap Equity A ¥ 1006.00 - 1.00 0.00
Regulated Equinox Fund Mgmt (Guernsey) Limited (GSY)
Emerging Mkts NAV £ 5.19 - 0.01 0.00 Optimal Income Fund 140.60 144.95 0.12 2.52
Regulated Aggressive Strategy £ 1.8130 - 0.0100 0.00
Invesco Pan European Equity A EUR Cap NAV € 20.23 - 0.22 0.00
ACPI Select UCITS Funds PLC (IRL) Axiom Contingent Capital € 1028.48 - 2.63 -
Regulated Equinox Russian Opportunities Fund Limited $ 119.90 - 3.71 0.00 Recovery Fund Limited 'A' Participating Shares 10139.89 10562.38 123.97 0.45
Cohen & Steers SICAV (LUX)
Invesco Pan European High Income Fd A € 14.09 - 0.04 2.39
Global USD Growth Strategy $ 1.4090 - 0.0110 0.00
Axiom Contingent Capital £ 1032.27 - 2.65 - Regulated
ACPI Balanced UCITS Fund USD Retail $ 13.97 - 0.01 0.00 HPB Assurance Ltd Dealing Daily Recovery Fund Limited 'I' Participating Shares 10161.91 10264.56 124.97 1.29
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Invesco Pan European Small Cap Equity A € 23.17 - 0.05 0.00
Axiom Equity $ 929.95 - -1.82 - European Real Estate Securities € 24.0041 - -0.0294 1.53
ACPI Balanced UCITS Fund EUR Retail € 10.54 - 0.01 0.00 Euronova Asset Management UK LLP (CYM) International Insurances
Regulated Strategic Corporate Bond Fund 132.49 138.01 0.14 2.97
Europ.RealEstate Sec. IX € 32.1356 - -0.0394 0.00 Invesco Pan European Structured Equity A € 18.03 - 0.21 0.00
Axiom Equity € 975.50 - -1.92 0.00 Holiday Property Bond Ser 1 £ 0.50 - 0.01 0.00
ACPI Balanced UCITS Fund GBP Retail £ 10.66 - 0.01 0.00 Smaller Cos Cls One Shares (Est) € 34.97 - -0.32 0.00 UK Select 1511.11 1574.07 5.10 1.20
Gbl Listed Infrastructure I $ 10.0317 - 0.0477 - Invesco UK Eqty Income A £ 32.07 - 0.21 0.00
Axiom Obligataire $ 1787.42 - 1.74 0.00 Holiday Property Bond Ser 2 £ 0.60 - 0.01 0.00
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Smaller Cos Cls Two Shares (Est) € 24.46 - -0.21 0.00
Gbl Listed Infrastructure IX $ 10.0317 - 0.0477 - Invesco UK Investment Grade Bond A £ 0.98 - 0.00 2.94
Axiom Obligataire € 1785.34 - 1.80 0.00
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Smaller Cos Cls Three Shares (Est) € 12.32 - -0.10 0.00
Gbl RealEstate Sec. I $ 10.6594 - 0.0482 1.38 Hamon Investment Group Invesco US Structured Equity A $ 21.06 - 0.28 0.00
Axiom Obligataire £ 1796.13 - 1.64 0.00 Lombard Odier Funds (Europe) S.A (LUX)
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Smaller Cos Cls Four Shares (Est) € 15.83 - -0.14 0.00 Other International Funds
www.loim.com
Gbl RealEstate Sec. IX $ 12.6066 - 0.0570 0.00 Invesco US Value Eq Fd A $ 32.00 - 0.47 0.00
Asian Market Leaders - USD $ 24.84 - 0.37 0.00 Regulated
ACPI Horizon UCITS Fund $ 12.98 - 0.04 0.00
Lombard Odier Funds
BLME Asset Management (LUX) Invesco USD Reserve A $ 87.02 - 0.00 0.00
BLME Sharia'a Umbrella Fund SICAV SIF Asian Market Leaders - GBP £ 12.71 - 0.14 0.00
Absolute Ret Bond (EUR) PA € 11.97 - -0.01 0.00 MFS Investment Funds (LUX)
Regulated FCA Recognised
Greater China - USD $ 10.81 - 0.13 0.00
Income Fund - Share Class A Acc $ 1136.79 - -0.35 0.00 Absolute Ret Bond (USD) PA $ 17.60 - -0.01 0.00
Invesco Global Asset Management Ltd (IRL) Blend.Research Gb.Eq.Fd. € 107.39 - 1.25 -
Greater China - GBP £ 4.47 - 0.04 0.00 Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
Income Fund - Share Class B Acc $ 1157.27 - -0.36 0.00 FCA Recognised All Roads (CHF) PA SFr 17.47 - 0.02 0.00
Blend.Research Gb.Eq.Fd. £ 101.00 - 1.19 -
Selected Asian P'folio $ 45.16 45.17 -0.51 0.00
Income Fund - Share Class C Acc $ 1004.61 - -0.32 0.00 Eurobank Fund Management Company (Luxembourg) S.A. Invesco Stlg Bd A QD F £ 2.61 - 0.01 3.32 All Roads (USD) PA $ 11.14 - 0.02 0.00
Regulated Blend.Research U.S.Core Eq.Fd. ¥ 10666.00 - 192.00 -
Crèdit Andorrà Asset Management (LUX)
Algebris Investments (IRL)
Income Fund - Share Class D Dis $ 995.11 - -0.31 1.22 www.creditandorra.com Invesco Asian Equity A $ 6.27 - 0.10 0.51 All Roads (GBP) PA £ 11.37 - 0.01 0.00
(LF) Absolute Return € 1.33 - 0.00 0.00 Blend.Research Gb.Eq.Fd. $ 100.94 - 1.15 -
Regulated FCA Recognised Haussmann
Other International Funds Invesco ASEAN Equity A $ 88.64 - 0.67 0.44 All Roads (EUR) PA € 11.28 - 0.01 0.00
Algebris Financial Credit Fund - Class I EUR € 132.95 - 0.06 0.00 Income Fund - Share Class G Acc £ 1077.49 - -0.29 0.00 Crediinvest SICAV Money Market Eur I € 11.20 - 0.00 0.00 (LF) Eq Emerging Europe € 0.78 - 0.01 0.00 Em.Mk.Eq.Fund Euro € 116.83 - 0.63 0.00
Haussmann Cls A $ 2684.67 - -11.68 0.00 Invesco Bond A $ 26.81 - 0.05 2.20
Algebris Financial Income Fund - Class I EUR € 120.86 - 0.53 0.00 Income Fund - Share Class M Acc € 1011.00 - -0.33 0.00 (LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00 Alpha Japan (EUR) PA F € 11.95 - -0.02 0.00
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Em.Mk.Eq.Fund Sterling £ 96.16 - 0.52 0.00
Haussmann Cls C € 2349.99 - -9.81 0.00 Invesco Continental Eurp Small Cap Eqty A $ 196.29 - 2.41 0.00
Algebris Financial Equity Fund - Class B EUR € 99.77 - 0.01 - Income Fund - Share Class W DisA$ 1032.72 - -0.15 - (LF) Eq Mena Fund € 13.36 - 0.02 0.00 Alpha Japan (CHF) PA F SFr 14.92 - -0.02 0.00
Crediinvest SICAV Fixed Income Eur € 10.76 - 0.01 0.00 Em.Mk.Eq.Fd.US Dollar $ 95.00 - 0.48 0.00
Haussmann Cls D SFr 1244.25 - -5.57 0.00 Invesco Emerging Markets Equity A $ 36.21 - 0.48 0.00
Algebris Asset Allocation Fund - Class B EUR € 101.55 - -0.05 - Gl Sukuk Fund - Share Class A Acc $ 1226.28 - -1.39 0.00 (LF) Greek Government Bond € 19.72 - -0.17 - Alpha Japan (JPY) PA F ¥ 1421.00 - -2.00 0.00
Crediinvest SICAV Fixed Income Usd $ 10.44 - 0.00 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 8215.00 - -140.00 5.79
Invesco Emerging Markets Bond A $ 21.17 - 0.08 4.76 Alpha Japan (USD) PA F $ 17.12 - -0.03 0.00
Gl Sukuk Fund - Share class B Acc £ 1094.73 1094.73 -1.19 0.00 Crediinvest SICAV Spanish Value € 255.83 - 2.34 0.00 (LF) Greek Corporate Bond € 12.22 - 0.00 - Em.Mk.Loc.Ccy Debt Fd.FD ¥ 9948.00 - -185.00 6.22
Heartwood Wealth Management Limited (IRL)
Alken Asset Management (LUX)
Regulated Invesco Continental European Equity A € 9.18 - 0.10 0.19 Alternative Beta PA F SFr 115.81 - 0.32 0.00
61 Conduit Street, London, W1S 2GB Crediinvest SICAV International Value € 226.98 - 1.96 0.00 (LF) FOF Dynamic Fixed Inc € 11.95 - 0.00 0.00 Gb.Conc.Eq.Fd.Euro € 297.40 - 2.99 0.00
www.alken-am.com Bank of America Cap Mgmt (Ireland) Ltd (IRL) Heartwood Caut Multi Asset B Acc 138.73 - 0.07 0.00 Invesco Gilt A £ 14.89 - 0.00 1.42
(LF) FOF Real Estate € 16.88 - 0.04 0.00 Alternative Beta PA F € 78.25 - 0.22 0.00
Regulated Regulated Crediinvest SICAV Big Cap Value € 16.24 - 0.13 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 174.11 - 1.77 0.00
Invesco Global Small Cap Equity A NAV $ 121.15 - 1.53 0.00 Alternative Beta PA F $ 117.10 - 0.34 0.00
Alken European Opportunities € 217.95 - 0.29 0.00 Global Liquidity USD $ 1.00 - 0.00 0.26 Crediinvest SICAV US American Value $ 18.29 - 0.27 0.00 Gb.Conc.Eq.Fd.Sterling £ 263.61 - 2.68 0.00
FIL Fund Management (LUX) Invesco Global High Income A NAV $ 12.42 - 0.02 5.43 Commodities (CHF) PA SFr 4.98 - -0.02 0.00
Alken European Opportunities £ 121.96 - 0.17 0.00 Crediinvest SICAV Sustainability € 15.74 - 0.12 0.00 Gb.Conc.Eq.Fd.US $ 200.49 - 1.96 0.00
2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Barclays Investment Funds (CI) Ltd (JER) Phone: 800 22 089, 800 22 088 Invesco Gbl R/Est Secs A GBP F F £ 7.69 - 0.05 0.89 Commodities (EUR) PA € 5.04 - -0.03 0.00
Alken Absolute Return € 144.49 - -0.38 0.00 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Gb.Eq.Hdg Fd.Euro IRE T € 189.05 - 1.82 0.00
Regulated
FCA Recognised Invesco Global Health Care A $ 130.34 - 2.71 0.00
Alken Absolute Return £ 117.26 - -0.31 0.00 Daiwa SB Investments (UK) Ltd (LUX) China Consumer A-GBP £ 14.51 - -0.06 0.00 Commodities (USD) PA $ 5.22 - -0.03 0.00
Bond Funds Gb.Eq.Euro Hdg Fd. € 267.93 - 2.58 0.00
5 King William Street, London EC4N 7DA
www.daiwasbi.co.uk 0207 597 7000 Hermes Investment Funds Plc (IRL) Invesco Global Select Equity A $ 13.41 - 0.21 0.00
Alken Small Cap € 192.07 - -0.60 0.00 Sterling Bond F £ 0.45 - 0.00 3.34 China Focus A-GBP £ 4.25 - 0.00 0.71 Convertible Bd P A € 17.69 - 0.00 0.00
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 Gb.Eq.Fund Euro € 297.71 - 2.80 0.00
Regulated
FCA Recognised Invesco Jap Eqty Core A $ 1.85 - 0.03 0.00
Global Financial Services A-GBP £ 0.44 - 0.00 0.11 Convertible Bd Asia PA F SFr 13.59 - 0.01 0.00
DSBI Japan Equity Fundamental Active I JPY ¥ 12859.13 12859.13 99.62 0.00 Gb.Eq. Fd Euro IRE T € 188.34 - 1.77 0.00
Hermes Abs Return Credit Fund Class F Acc £ £ 1.00 1.00 0.00 -
Baring International Fd Mgrs (Ireland) (IRL)
Global Health Care A-GBP £ 0.55 - 0.00 0.00
Invesco Japanese Equity A $ 19.19 - 0.21 0.00 Convertible Bd Asia PA F € 14.51 - 0.02 0.00
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 DSBI Japan Equity Fundamental Active I GBP £ 127.72 127.72 0.98 0.00 Gb.Eq.Fd.Sterling UK T £ 210.74 - 2.00 0.00
Hermes Abs Return Credit Fund Class R Acc € € 2.05 2.05 0.00 -
FCA Recognised Invesco Korean Equity A $ 31.72 - 0.77 0.00
Global Industrials A-GBP £ 0.64 - 0.00 0.00 Convertible Bd Asia PA F $ 14.62 - 0.02 0.00
DSBI Japan Equity Fundamental Active A EUR € 122.61 128.74 0.96 0.00 Gb.Eq.Fd.US Dollar $ 316.83 - 2.87 0.00
ASEAN Frontiers A GBP Inc £ 106.72 - 0.59 0.60 Hermes Active UK Inflation Fund Class F Acc £ 1.27 1.27 -0.01 0.00
Invesco PRC Equity A $ 52.76 - 0.85 0.00 Emerg. Consumer (CHF) PA SFr 11.65 - 0.01 0.00
Global Inflation-Linked Bd A-GBP-Hdg £ 1.16 - 0.00 0.56 Gb.Eq.Fund Sterling £ 208.37 - 1.97 0.00
Asia Growth A GBP Inc H £ 43.35 - 0.23 0.00 Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.55 1.55 0.03 0.00
DAVIS Funds SICAV (LUX) Invesco Pacific Equity A $ 47.77 - 0.88 0.18 Emerg. Consumer (EUR) PA € 11.80 - 0.01 0.00
Allianz Global Investors GmbH(1200) F (LUX) Global Real Asset Securities £ 1.38 - 0.00 0.00 Gb.Val.Ex-Jap.Fd.USD $ 119.05 - 1.22 0.00
FCA Recognised Australia A GBP Inc £ 66.72 - 1.12 2.04 Regulated Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.50 3.50 0.06 0.00
Invesco Global Technology A $ 16.36 - 0.33 0.00 Emerg. Consumer (USD) PA $ 11.79 - 0.01 0.00
Davis Value A $ 41.35 - 0.62 0.00 Global Technology A-GBP £ 0.26 - 0.00 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 14467.00 - 163.00 0.00
Allianz Best Styles Global Equity £ 106.70 106.70 1.68 - Hermes Global Emerging Markets Fund Class F Acc £ 1.15 1.15 0.01 0.00
Baring China Bond Fund $ 10.01 - 0.01 0.00
Invesco UK Eqty A £ 8.02 - 0.10 1.37 Emerg.Eq. Risk Par.(EUR) PA € 7.98 - 0.00 0.00
Davis Global A $ 28.81 - 0.23 0.00 Global Telecomms A-GBP £ 0.28 - 0.00 1.18 Gb.Val.Fd. Euro € 138.01 - 1.44 0.00
Allianz Global Fundamental Strategy £ 106.64 106.64 0.61 - Hermes Global Emerging Markets Fund Class R Acc € 3.04 3.04 0.02 0.00
Baring Emerging Markets Corporate Debt Fund $ 9.37 - -0.02 0.00
India Focus A-GBP £ 4.21 - -0.03 0.00 Emerg. Eq. Risk Par.(USD) PA $ 5.94 - 0.00 0.00
Allianz Global Small Cap Equity £ 109.91 109.91 1.28 - Gb.Val.Fd.Sterling £ 117.66 - 1.24 0.00
Hermes Global Equity Fund Class F Acc £ 1.52 1.52 0.02 0.00
Asset Management
Baring European Opportunities Fund Class A EUR Acc € 14.04 - 0.09 0.00

Asset Management
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.88 - 0.00 0.00
Asset Management
Latin America A-GBP £ 1.36 - 0.00 0.65 Gb.Val.Fd.USD $ 105.92 - 1.08 0.00
Baring Global Mining Fund - Class A GBP Inc £ 3.60 - 0.09 0.60 Hermes Global Equity Fund Class R Acc € 4.15 4.15 0.05 0.00
Amundi Funds (LUX) Emerg.Loc.Cur.Bd.Fdt PA SFr 8.59 - 0.03 0.00
Low Volatility Gb.Eq.Fd.Euro € 107.10 - 0.80 -
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Dynamic Emerging Markets A GBP Acc F £ 8.77 - 0.06 0.00 Hermes Global ESG Equity Fund Class F Acc £ 1.16 1.16 0.01 0.00
Findlay Park Funds Plc (IRL)
Emerg.Loc.Cur.Bd.Fdt PA € 11.41 - 0.01 0.00
www.amundi-funds.com Low Volatility Gb.Eq.Fd.Sterl £ 100.72 - 0.76 -
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
FCA Recognised Eastern Europe A GBP Inc £ 43.46 - 0.51 1.78 Hermes Global High Yield Bond Fund Class F Acc £ 1.03 1.03 0.00 0.00
FCA Recognised Invest AD Emerg.Loc.Cur.Bd.Fdt PA $ 8.44 - 0.00 0.00
Bd. Euro Corporate AE Class - R - EUR € 18.57 - 0.01 0.00 Dodge & Cox Worldwide Funds (IRL) Client services: +971 2 692 6101 [email protected] Low Volatility Gb.Eq.Fd.USD $ 100.66 - 0.72 -
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.30 - 0.03 6.50 American Fund USD Class $ 82.50 - 0.96 0.00 Hermes Global High Yield Bond Fund Class R Acc € 2.79 2.79 0.00 0.00
6 Duke Street,St.James,London SW1Y 6BN
Other International Funds Euro BBB-BB Fdt PA SFr 15.52 - 0.01 0.00
Bd. Global AU Class - R - USD $ 25.45 - 0.04 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 Low Volatility Gb.Eq.Fd.Yen ¥ 9702.00 - 79.00 -
Emerging Opportunities A GBP Inc H £ 18.33 - 0.19 0.00 American Fund GBP Hedged £ 44.96 - 0.52 0.00 Hermes Global Small Cap Fund Class F Acc £ £ 0.99 0.99 0.01 -
FCA Recognised Invest AD - Iraq Opportunity Fund $ 60.55 - -1.30 0.00
Euro BBB-BB Fdt PA € 12.34 - 0.01 0.00
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 Dodge & Cox Worldwide Funds plc - Global Bond Fund
Glb Emerging Markets A GBP Inc H £ 18.94 - 0.15 0.00 American Fund GBP Unhedged £ 54.03 - 0.45 - Hermes Global Small Cap Fund Class R Acc € € 2.04 2.04 0.02 -
Invest AD - Emerging Africa Fund $ 912.25 - 5.32 0.00
EUR Accumulating Class € 12.10 - -0.01 0.00 Euro BBB-BB Fdt PA £ 10.90 - 0.01 0.00 MFS Meridian Funds SICAV (LUX)
Eq. Emerging World AU Class - R - USD $ 82.33 - 0.02 0.00 Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.00 1.00 0.01 - Regulated
Glb Resources A GBP Inc H £ 10.83 - 0.15 0.37 Latin American Fund USD Class $ 12.04 - 0.10 0.00 Invest AD - GCC Focus Fund $ 1401.68 - 1.77 0.00
EUR Accumulating Class (H) € 9.23 - 0.00 0.00 Euro BBB-BB Fdt PA $ 17.52 - 0.01 0.00
Eq. Greater China AU Class - R - USD $ 558.37 - -2.18 0.00 Absolute Return A1 € 20.52 - -0.09 0.00
High Yield Bond A GBP Hedged Inc H £ 6.25 - 0.00 7.01 Latin American Fund GBP Unhedged £ 7.89 - 0.04 - Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.03 1.03 0.00 0.00
EUR Distributing Class € 11.61 - 0.00 3.21 Euro Credit Bd PA F € 12.92 - 0.00 0.00
Eq. Latin America AU Class - R - USD $ 334.08 - 2.88 0.00 Asia ex-Japan A1 $ 22.81 - 0.15 0.00
Hong Kong China A GBP Inc £ 587.55 - 5.85 0.60 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.31 1.31 0.02 0.00
EUR Distributing Class (H) € 8.84 - -0.01 3.36 Euro Government Fdt PA € 12.61 - 0.03 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.79 - 0.00 0.00 Bond A1 $ 10.36 - -0.01 0.00
India Fund - Class A GBP Inc £ 13.75 - 0.18 0.00 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.27 1.27 0.01 1.32
GBP Distributing Class £ 9.88 - -0.01 3.33 Euro Inflation-Lk Fdt PA € 12.10 - 0.02 0.00
China Equity Fd A1 $ 9.39 - 0.11 0.00
Latin America A USD Inc H $ 27.53 - 0.39 0.22 Hermes Sourcecap EU Alpha Fund Class R Acc € 3.31 3.31 0.04 0.00
The Antares European Fund Limited GBP Distributing Class (H) £ 8.92 - 0.00 3.33 Euro Resp.Corp. Fdt PA € 18.22 - 0.01 0.00
Continental European Eqty A1 € 17.97 - 0.01 0.00
Other International MENA A GBP Inc F * £ 12.00 - 0.04 0.65 Hermes Sourcecap EX UK Fund Class F Acc £ 1.36 1.36 0.02 0.00

Asset Management
GAM
USD Accumulating Class $ 9.30 - 0.00 0.00 Europe High Conviction PA € 12.07 - -0.01 0.00

Asset Management
[email protected], www.jbfundnet.com Emer Mkts Debt Lo Curr Fd A1 $ 11.01 - 0.02 0.00
AEF Ltd Usd $ 654.57 - -7.40 - Fleming Financial Trust Investment Fund Limited (NZ) Hermes Sourcecap EX UK Fund Class R Acc € 3.32 3.32 0.04 0.00
Dodge & Cox Worldwide Funds plc-Global Stock Fund Regulated
Incorporated in New Zealand, Reg No 5141841 Eurozone Small&Mid Caps PA € 54.36 - -0.11 0.00
Baring International Fd Mgrs (Ireland) (IRL) Emerging Markets Debt A1 $ 33.06 - 0.04 0.00
AEF Ltd Eur € 656.97 - -7.67 0.00 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand Hermes UK Small & Mid Cap Fund Class F Acc £ 1.67 1.67 0.02 0.00 JB BF ABS-EUR B € 104.76 - 0.00 0.00
USD Accumulating Share Class $ 16.19 - 0.19 0.00
Regulated
www.fftinvestmentfund.com Fdmt.Eq.L/S SH Sd EUR PA € 10.62 - 0.06 0.00
Emerging Markets Eq.A1 $ 10.53 - 0.06 0.00
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 [email protected] Hermes UK Small & Mid Cap Fund Class R Acc € 5.21 5.21 0.03 0.00 JB BF Abs Ret Def-EUR B € 109.83 - -0.11 0.00
GBP Accumulating Share Class £ 17.49 - 0.19 0.00
Other International Funds Fdmt.Eq.L/S SH Sd USD PA $ 10.65 - 0.05 0.00
Arisaig Partners European Concentrated A1 € 18.07 - 0.04 0.00
Fleming FT Investment Fund Hermes US All Cap Equity Class F Stg £ Acc £ 0.99 0.99 0.01 - JB BF Abs Ret EM-USD B $ 114.84 - 0.02 0.00
Other International Funds GBP Distributing Share class £ 12.75 - 0.13 0.83
Gbl.Gvt.Fdmt PA € 10.67 - 0.00 0.00
Barings (Luxembourg) (LUX) Fleming Fund £ 4.69 4.69 -0.01 - European Core Eq A1 € 32.56 - 0.02 0.00
Arisaig Africa Consumer Fund Limited $ 13.94 - -0.01 0.00 Hermes US All Cap Equity Class R € Acc € 2.03 2.03 0.02 - JB BF Abs Ret-EUR B € 128.67 - -0.12 0.00
FCA Recognised EUR Accumulating Share Class € 22.83 - 0.26 0.00
Gbl.Gvt.Fdmt.(CHF) PA SFr 23.22 - 0.10 0.00
European Res.A1 € 33.72 - 0.11 0.00
Arisaig Asia Consumer Fund Limited $ 62.97 - -0.45 0.00 Russia A GBP Inc F £ 26.60 - 0.37 0.00 Dodge & Cox Worldwide Funds plc-International Stock Fund Hermes US SMID Equity Fund Class F Acc £ 1.63 1.63 0.02 0.00 JB BF Abs Ret Pl-EUR B € 127.55 - -0.13 0.00

USD Accumulating Share Class $ 13.96 - 0.12 0.00 Foord Asset Mgt (Guernsey) Ltd (GSY) Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.56 - 0.01 0.00
European Smaller Companies A1 € 52.80 - 0.16 0.00
Arisaig Global Emerging Markets Consumer UCITS € 12.38 - -0.03 0.00 Regulated Hermes US SMID Equity Fund Class R Acc € 3.64 3.64 0.05 0.00 JB BF EM Corporate-USD B $ 107.73 - 0.07 0.00
Gbl.5B Fdmt (EUR) PA € 12.04 - 0.01 0.00
BlackRock (JER) EUR Accumulating Share Class € 15.43 - 0.13 0.00 Foord International Trust $ 34.89 - 0.07 0.00 European Value A1 € 37.21 - 0.09 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.07 - -0.03 0.00 JB BF EM Infl Link-USD B $ 82.17 - 0.26 0.00
Regulated
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Gbl.5B Fdmt (CHF) PA SFr 10.69 - 0.05 0.00
Impax Asset Management (IRL)
JB BF EM Inv Grade-USD B $ 98.52 - 0.01 0.00
Global Conc.A1 $ 37.43 - 0.38 0.00
Arisaig Latin America Consumer Fund $ 21.36 - 0.06 0.00 BlackRock UK Property £ 41.04 - 0.05 3.41
USD Accumulating Share Class $ 18.39 - 0.27 0.00 Norfolk House, 31 St James's Square, London, SW1Y 4JR
Franklin Templeton International Services Sarl (IRL) FCA Recognised
Gbl.5B Fdmt SH (USD) PA $ 10.93 - 0.00 0.00
Global Credit Fund $ 10.25 - 0.00 0.00
Blackrock UK Long Lease £ 1070.55 - -0.01 0.00 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland JB Emerging (EUR)-EUR B € 333.75 - 0.60 0.00
GBP Accumulating Share Class £ 18.78 - 0.25 0.00 Env Mkts (Ire) Stl A £ 2.20 - 0.02 0.00
Other International Funds Generation Global (CHF) PA F SFr 14.18 - 0.10 0.00
Artisan Partners Global Funds PLC (IRL)
JB Emerging (USD)-USD B $ 407.82 - 0.67 0.00
Global Energy Fund A1 $ 12.88 - 0.17 0.00
BLK Intl Gold & General $ 3.81 4.03 0.09 0.00 Franklin Emerging Market Debt Opportunities Fund Plc
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland GBP Distributing Share Class £ 11.96 - 0.16 0.58 Env Mkts (Ire) Euro A € 2.15 - 0.02 0.00 Generation Global (EUR) PA F € 21.52 - 0.07 0.00
Tel: 44 (0) 207 766 7130 Franklin Emg Mkts Debt Opp CHFSFr 16.93 - -0.14 8.25 Global Equity A1 $ 45.90 - 0.43 0.00
JB BF Local EM-USD B $ 250.74 - 0.35 0.00
FCA Recognised EUR Accumulating Share Class € 22.39 - 0.32 0.00 Env Mkts (Ire) USD A $ 1.75 - 0.02 0.00 Generation Global (USD) PA F $ 15.63 - 0.05 0.00
Artisan Partners Global Funds plc BONHOTE Franklin Emg Mkts Debt Opp EUR € 11.91 - -0.08 7.35 JB BF Total Ret-EUR B € 97.64 - 0.04 0.00
Global Equity A1 € 27.25 - 0.16 0.00
Other International Funds
Artisan Emerging Markets I USD Acc $ 6.96 - 0.01 0.00 Global Energy (USD) PA F $ 6.92 - 0.14 0.00
Franklin Emg Mkts Debt Opp GBP £ 9.93 - -0.13 7.14 Global High Yield Fund $ 24.48 - 0.00 0.00
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6725.00 - -45.00 2.25 JB EF Abs Ret Eur-EUR B € 120.16 - -0.11 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
Artisan Global Equity Fund Class I USD Acc $ 14.71 - 0.18 0.00 www.invil.mu Golden Age (CHF) PA F SFr 21.46 - 0.18 0.00
Franklin Emg Mkts Debt Opp SGD S$ 21.92 - -0.27 6.31 Global High Yield Fund € 16.70 - -0.05 0.00
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9652.00 - -153.00 0.94 JB EF Euro Value-EUR B € 181.96 - 1.24 0.00
Other International Funds
Artisan Global Opportunities I USD Acc $ 12.43 - 0.11 0.00 Golden Age (EUR) PA € 14.60 - 0.12 0.00
Franklin Emg Mkts Debt Opp USD $ 16.83 - -0.15 7.14 Global Multi-Asset A1 $ 15.24 - 0.06 0.00
NAV £ 7.57 - 0.05 0.00 JB EF Japan-JPY B ¥ 18180.00 - 196.00 0.00
Artisan Global Value Fund Class I USD Acc $ 16.04 - 0.12 0.00 Golden Age (USD) PA F $ 20.26 - 0.17 0.00
Braemar Group PCC Limited (GSY) Global Res.A1 $ 25.95 - 0.34 0.00
JB EF Luxury B-EUR B € 225.81 - 0.85 0.00
Artisan US Value Equity Fund Class I USD Acc $ 11.09 - 0.16 0.00
Regulated Dragon Capital Group Sh.T- Money Mkt EUR PA € 112.29 - 0.00 0.00
c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Frontier Capital (Bermuda) Limited Intrinsic Value Investors (IVI) LLP (IRL) Global Total Return A1 € 18.25 - 0.06 0.00
UK Agricultural Class A £ 1.26 - 0.00 0.00 JB Ms EF Special Val. EUR/A € 140.38 - 1.16 0.77
Fund information, dealing and administration: [email protected] Other International 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Sh.T- Money Mkt CHF PA SFr 128.62 - 0.00 0.00
Other International Funds FCA Recognised Inflation-Adjusted Bond A1 $ 13.81 - 0.02 0.00
UK Agricultural Class B £ 1.41 - 0.02 0.00 Commercial Property-GBP Class £ 71.42 - -0.53 - JB Strategy Balanced-CHF/B SFr 151.71 - 0.72 0.00
Ashmore Sicav (LUX)
IVI European Fund EUR € 18.17 - -0.02 0.00
Vietnam Enterprise Inv. (VEIL) NAV $ 3.73 - -0.05 0.00 Sh.T- Money Mkt GBP PA £ 10.27 - 0.00 0.00
2 rue Albert Borschette L-1246 Luxembourg Japan Equity A1 $ 10.48 - 0.06 0.00
Student Accom Class B £ 0.55 - -0.17 0.00 Global Real Estate-GBP C Class £ 45.26 - -0.50 - JB Strategy Balanced-EUR € 157.08 - 0.53 0.00
FCA Recognised
Vietnam Growth Fund (VGF) NAV $ 24.04 - -0.23 0.00 IVI European Fund GBP £ 17.25 - -0.02 1.02 Sh.T- Money Mkt USD PA $ 10.31 - 0.00 0.00
Latin American Equity Fd A1 $ 12.07 - 0.16 0.00
Ashmore SICAV Emerging Market Debt Fund $ 94.08 - 0.26 8.28 JB Strategy Balanced-USD/B $ 130.23 - 0.55 0.00
Vietnam Property Fund (VPF) NAV $ 0.81 - 0.01 0.00 GAM Limited (IRL) Sw.Fr.Bd(For) PA SFr 23.82 - 0.02 0.00
CG Asset Management Limited (IRL) Limited Maturity A1 $ 14.01 - -0.01 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 146.67 - 0.14 0.93 JB Strategy Growth-CHF/B SFr 93.78 - 0.64 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland FCA Recognised
GAM Fund Management Ltd Sw.Fr.Credit Bd(For) PA SFr 13.65 - 0.00 0.00
00 353 1 434 5098 Prudent Wealth Fd A1 $ 14.69 - 0.04 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 80.46 - 0.17 5.86 JB Strategy Growth-EUR € 118.07 - 0.59 0.00
FCA Recognised DSM Capital Partners Funds (LUX) Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Tactical Alpha (CHF) PA SFr 10.11 - -0.02 0.00
www.dsmsicav.com GAM Star Fund Plc Research Bond A1 $ 16.51 - 0.00 0.00
Ashmore SICAV Global Small Cap Equity Fund $ 125.42 - 0.85 0.00 Capital Gearing Portfolio Fund Plc £ 26720.11 26720.11 -10.84 0.62 JB Strategy Inc-CHF/B SFr 120.37 - 0.34 0.00
Regulated
GAM Star Asia-Pacific Eqty USD Acc F $ 12.19 - 0.15 0.00 Tactical Alpha (EUR) PA € 10.41 - -0.02 0.00
CG Portfolio Fund Plc UK Equity A1 £ 8.03 - 0.05 0.00
Ashmore SICAV Local Currency Fund $ 81.47 - 0.06 0.31 Global Growth I2 Acc € 140.82 - 1.67 0.00 JB Strategy Inc-EUR/B € 161.20 - 0.29 0.00
Real Return Cls A £ 164.54 164.54 -1.00 2.40 GAM Star Asian Eqty USD Ord Acc F $ 13.61 - 0.16 0.00 Invesco (LUX) Tactical Alpha (USD) PA $ 14.98 - -0.03 0.00
US Conc.Growth A1 $ 15.67 - 0.21 0.00
EM Mkts Corp.Debt USD F $ 91.17 - 0.14 8.26 Global Growth I1 Eur € 105.32 - 1.24 - Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 JB Strategy Inc-USD/B $ 146.57 - 0.34 0.00
Dollar Fund Cls D £ 128.06 128.06 -0.85 1.63 FCA Recognised Technology PA € 13.41 - 0.17 0.00
GAM Star Balanced GBP Acc £ 10.34 - 0.02 0.00 US Government Bond A1 $ 17.02 - 0.00 0.00
EM Mkts Loc.Ccy Bd USD F $ 76.26 - 0.07 4.34 Invesco Management SA
Capital Value Fund Cls V £ 129.54 129.54 -0.15 0.27 GAM Star Cap.Appr.US Eqty USD Inc F $ 17.19 - 0.36 0.00 Technology PA $ 20.32 - 0.25 0.00
Edinburgh Partners Limited (IRL) Invesco Active Multi-Sector Credit Fund A € 2.90 - 0.00 0.00 Value A1 $ 22.29 - 0.33 0.00
27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
GAM Star Cat Bond USD Acc $ 12.71 - 0.01 0.00 Wld Gold Expertise PAF SFr 8.52 - 0.20 0.00
Dealing - Fax only - +353 1 434 5230 Invesco Asia Balanced A dist $ 14.18 - 0.13 3.66
Cedar Rock Capital Limited (IRL) FCA Recognised
Wld Gold Expertise PA € 6.80 - 0.16 0.00 MMIP Investment Management Limited (GSY)
Regulated Edinburgh Partners Opportunities Fund PLC GAM Star Cautious GBP Acc £ 10.38 - 0.04 0.00 Invesco Asia Consumer Demand Fund A income $ 12.56 - 0.23 0.24 Regulated
Cedar Rock Capital Fd Plc $ 358.82 - -14.23 0.00 European Opportunities I EUR € 2.59 - 0.02 2.26 Wld Gold Expertise PA $ 9.06 - 0.21 0.00 Multi-Manager Investment Programmes PCC Limited
GAM Star China Equity USD Acc F $ 23.27 - -0.04 0.00 Invesco Asia Infrastructure (A) $ 12.59 - 0.17 0.75
Kames Capital VCIC (IRL)
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 LO Selection European Equity Fd Cl A Initial Ser € 2579.25 2589.39 212.70 0.00
Cedar Rock Capital Fd Plc £ 370.83 - -8.40 0.00 European Opportunities I GBP £ 1.81 - 0.01 2.48 GAM Star Cont European Eqty GBP Acc F £ 3.53 - -0.01 0.00 Invesco Asia Opportunities Equity A $ 102.48 - 2.12 0.00 FCA Recognised
Aspect Capital Ltd (UK) Balanced (CHF) PA F SFr 109.48 - 0.37 0.00 Japanese Equity Fd Cl A Initial Ser ¥ 361904.00 363123.00 28252.00 0.00
Other International Funds Cedar Rock Capital Fd Plc € 348.08 - -3.48 0.00 European Opportunities I USD $ 2.77 - 0.01 2.01 GAM Star Cred Opportunities GBP Acc £ 12.32 - 0.01 4.60 Absolute Return Bond B GBP Acc 1079.36 - 0.17 -
Invesco Balanced Risk Allocation Fund A € 14.68 - 0.07 0.00
Balanced (EUR) PA F € 127.92 - 0.23 0.00 MMIP - US EQUITY CLASS A 01 June 07 Series $ 1135.99 1139.27 -48.31 0.00
Aspect Diversified USD $ 418.24 - 5.95 0.00
European Opportunities A EUR € 2.53 - 0.02 1.57 GAM Star Discretionary FX USD Acc F $ 13.03 - 0.00 0.00 Invesco Emerging Europe Equity Fund A $ 8.38 - 0.12 0.00 Eq Market Neutral B Acc 1010.40 - -0.42 -
Conservative (CHF) PA F SFr 104.67 - 0.19 0.00
Aspect Diversified EUR € 251.56 - 3.58 - Charles Schwab Worldwide Funds Plc (IRL) Pacific Basin Fd Cl A Initial Ser $ 2142.33 2154.57 139.28 0.00
Regulated Global Opportunities I USD $ 1.66 - 0.01 2.05 GAM Star Dynamic Gbl Bd USD Acc H $ 9.77 - 0.01 0.00 Invesco Emerging Local Currencies Debt A Inc $ 6.93 - 0.03 6.87 Eq Market Neutral Plus B Acc 1009.34 - -0.49 -
Conservative (EUR) PA F € 115.30 - 0.13 0.00 UK Equity Fd Cl A Series 01 £ 2356.72 2380.35 78.79 0.00
Aspect Diversified GBP £ 128.75 - 1.85 0.00
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 Global Opportunities I GBP £ 1.09 - 0.00 1.95 GAM Star Emerg. Market Rates USD Acc F $ 11.49 - 0.02 0.00 High Yield Global Bond A GBP Inc 521.30 - -0.05 3.64
Invesco Emerging Mkt Quant.Eq. A $ 9.29 - 0.14 0.00
Global Allocation (GBP) PA F £ 9.99 - 0.01 0.00 Diversified Absolute Rtn Fd USD Cl AF2 $ 1591.09 - 14.69 0.00
Aspect Diversified CHF SFr 120.28 - 1.71 0.00
Global Opportunities I EUR € 1.52 - -0.01 1.98 GAM Star European Eqty USD Acc F $ 23.20 - -0.08 0.00 Invesco Energy A $ 19.26 - 0.32 0.00 High Yield Global Bond B GBP Inc 1082.67 - -0.09 4.14
Chartered Asset Management Pte Ltd Growth (CHF) PA F SFr 115.34 - 0.53 0.00 Diversified Absolute Return Stlg Cell AF2 £ 1611.67 - 15.03 0.00
Aspect Diversified Trends USD $ 126.57 - 1.10 0.00
Global Opportunities A GBP £ 1.02 - 0.00 1.47 GAM Star Flexible Gbl Port GBP Ac £ 12.66 - 0.03 0.00 Invesco Euro Corporate Bond Fund (A) € 17.07 - 0.02 0.00 Investment Grade Global Bd A GBP Inc 554.22 - 0.19 2.36
Other International Funds
Growth (EUR) PA F € 139.57 - 0.32 0.00
Aspect Diversified Trends EUR € 126.68 - 1.10 0.00
CAM-GTF Limited $ 279984.63 279984.63 -8357.62 0.00 Pan European Opportunities I EUR € 1.57 - 0.01 - GAM Star GAMCO US Equity Acc F $ 13.35 - 0.20 0.00 Kames Global Equity Income B GBP Acc 1173.20 - 7.85 -
Invesco Euro Inflation Linked Bond A € 15.71 - 0.01 0.00
Vantage 1500 (EUR) MA € 10.21 - 0.00 0.00 LNG Capital (CYM)
Aspect Diversified Trends GBP £ 131.48 - 1.14 0.00
CAM GTi Limited $ 649.70 - 30.41 0.00 GAM Star Global Rates USD Acc F $ 12.46 - -0.05 0.00 Kames Global Equity Income B GBP Inc 1118.32 - 7.48 - Kingsbury House, 15-17 King St, London SW1Y 6QU
Invesco Euro Reserve A € 322.73 - 0.00 0.00
Vantage 3000 (EUR) MA € 10.35 - 0.01 0.00 www.lngcapital.com, Tel: 0207 839 3456
Raffles-Asia Investment Company $ 1.66 1.66 0.11 7.80 GAM Star Global Selector USD Acc F $ 12.78 - 0.04 0.00 Strategic Global Bond A GBP Inc 1092.92 - 0.27 0.71 Regulated
Invesco Euro Bond A € 7.17 - 0.01 0.00 PrivilEdge
Atlantas Sicav (LUX)
LNG Europa Credit Fund EUR (Est) € 1196.70 - 65.31 -
Regulated GAM Star Japan Eqty USD Acc F $ 13.58 - 0.19 0.00 Strategic Global Bond B GBP Inc 619.83 - 0.16 1.21
Invesco European Growth Equity A € 25.59 - 0.23 0.00 Inc.Pt.RMB Dt.CNH PA CNH 102.95 - -0.03 0.00
American Dynamic $ 3457.93 - -90.79 0.00 LNG Europa Credit Fund GBP (Est) £ 1196.70 - 56.94 -
GAM Star Keynes Quant Strat USD Acc F $ 12.09 - 0.05 0.00 Invesco Global Absolute Return Fund A Class € 11.77 - 0.01 0.00 Inc.Pt.RMB Dt.SH CHF PA SFr 9.85 - -0.01 0.00
American One $ 3190.90 - -52.74 0.00 Lloyds Investment Fund Managers Limited (1000)F (JER) LNG Europa Credit Fund USD $ 1199.05 - -12.58 -
EFG Hermes GAM Star Local EM Rates and FX USD Acc $ 10.63 - -0.07 0.00 Invesco Global Bond A Inc $ 5.51 - 0.01 0.75 Inc.Pt.RMB Dt.SH EUR PA € 9.93 - -0.02 0.00
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Bond Global € 1426.24 - 8.75 0.00 Other International Funds
Contact: Telephone + 971 4 363 4029 Email [email protected] GAM Star North of South EM Equity Acc F $ 10.15 - -0.02 0.00 Inc.Pt.RMB Dt.USD PA $ 10.01 - -0.01 0.00
Invesco Global Conservative Fund 90 (EUR) A € 11.95 - 0.03 0.00
Eurocroissance € 898.03 - -5.50 0.00 Other International Funds Lloydstrust Gilt £ 12.1200xd - 0.0300 2.42 Marlborough International Management Limited (GSY)
Cheyne Capital Management (UK) LLP (IRL) GAM Star Technology USD Acc F $ 15.58 - 0.23 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Invesco Global Equity Income Fund A $ 60.29 - 0.86 0.00 Jenn. US Eq.Opp. USD PA $ 9.78 - 0.15 0.00
Regulated The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Lloyds Investment Funds Limited FCA Recognised
Far East $ 685.43 - -5.00 0.00
GAM Star US All Cap Eqty USD Acc F $ 13.65 - 0.19 0.00 Invesco Global Inc Real Estate Sec A dist $ 9.14 - 0.07 2.19 Euro High Income € 1.6240xd - 0.0020 2.89 Neubrg.Berman US Core PA $ 13.97 - 0.21 0.00 Marlborough North American Fund Ltd £ 31.18 31.49 -0.05 0.00
Cheyne Convertibles Absolute Return Fund € 1369.28 - 1.09 0.00 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00

Cheyne Global Credit Fund € 118.76 - 0.01 0.00 GAM Star Worldwide Eqty USD Acc F $ 3160.49 - 5.51 0.00 Invesco Global Inv Grd Corp Bond A Dist $ 11.79 - 0.01 3.04 European £ 7.5210xd - 0.1000 1.12 Sands US Growth PA € 14.63 - 0.26 0.00 Marlborough Tiger Fund Ltd F £ 25.56 25.82 -1.12 0.00
Atlantis Investment Management Ltd (IRL) Saudi Arabia Equity Fund SR 12.66 - -0.19 0.00
2nd Floor, 13 St Swithin's Lane, London EC4N 8AL
Cheyne European Mid Cap Fund € 1150.92 - 10.51 0.00 Invesco Global Leisure A $ 37.18 - 0.63 0.00 High Income £ 0.8603xd - 0.0024 4.97 Sands US Growth PA $ 17.68 - 0.31 0.00
www.atlantis-investmenet.com, Tel: 0207 877 3377
Regulated GYS Investment Management Ltd (GSY)
Invesco Global Smaller Comp Eq Fd A $ 57.48 - 0.76 0.00 International £ 4.0170xd - 0.0520 1.03 Will.Blair Gbl. Ldrs PA € 16.66 - 0.18 0.00
Regulated
Atlantis China Fund $ 6.44 - 0.00 0.00
Taurus Emerging Fund Ltd $ 190.92 194.82 -1.17 0.00 North American £ 15.6500xd - 0.1900 0.06 Will.Blair Gbl. Ldrs PA $ 13.23 - 0.13 0.00
Friday 20 November 2015 ★ FINANCIAL TIMES 21

MANAGED FUNDS SERVICE

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

Asia Pac Eq USD Inst Acc $ 96.10 - -0.15 0.00 Optima Partners Global Fd $ 14.28 - 0.04 0.00 PCG C 167.09 - 0.34 0.00 Renminbi Bond Fund AUD Cls A A$ 121.44 - -0.07 3.78 Value Partners Classic Equity Fund USD Z Unhedged $ 11.26 - 0.09 0.00

Marwyn Asset Management Limited (CYM) Pimco Fds: Global Investors Series Plc (IRL)
Asia Pac Eq USD Inst Inc $ 101.19 - -0.16 3.82 Optima Partners Focus Fund A $ 15.86 - 0.16 0.00 Renminbi Bond Fund AUD Cls B A$ 123.23 - -0.07 3.52 Value Partners Classic Equity Fund CHF HedgedSFr 11.81 - 0.09 0.00
Regulated PIMCO Europe Ltd,11 Baker Street,London W1U 3AH

Marwyn Value Investors £ 463.87 - -14.48 0.00

http://gisnav.pimco-funds.com/ Putnam Investments (Ireland) Ltd (IRL)
Dyn Europ Eq EUR Ord Inc € 180.62 - -0.04 1.34 Renminbi Bond Fund CHF Cls A SFr 118.39 - -0.07 3.83 Value Partners Classic Equity Fund EUR Hedged € 11.93 - 0.09 0.00
Dealing: +44 20 3640 1000 Regulated
Oryx International Growth Fund Ltd PIMCO Funds: +44 (0)20 3640 1407
Dyn Europ Eq GBP Ord Inc £ 191.83 - -0.03 1.71 Putnam New Flag Euro High Yield Plc - E € 1017.37 - 0.38 4.30 Renminbi Bond Fund CHF Cls B SFr 118.12 - -0.07 3.59 Value Partners Classic Equity Fund GBP Hedged £ 12.20 - 0.10 0.00
Other International Funds FCA Recognised
Meridian Fund Managers Ltd
Dyn Europ Eq USD Ord Inc $ 180.17 - -0.03 1.26 NAV (Fully Diluted) £ 6.69 - 0.06 0.00 Capital Securities Inst Acc $ 15.10 - 0.02 0.00 Renminbi Bond Fund CNH Cls A CNH 126.63 - 0.09 3.34 Value Partners Classic Equity Fund GBP Unhedged £ 12.47 - -0.01 0.00
Guide to Data
Other International Funds

Global Gold & Resources Fund $ 179.68 - 10.63 - China Equity EUR Ord Acc € 138.09 - -1.66 0.00 Commodity Real Return Fund Inst Acc $ 5.94 - -0.01 0.00 Renminbi Bond Fund CNH Cls B CNH 126.30 - 0.08 3.11 Value Partners Classic Equity USD Hedged $ 13.86 - 0.11 0.00
The fund prices quoted on these pages are supplied by
Global Energy & Resources Fund $ 33.88 - 1.76 - China Equity GBP Ord Acc £ 144.39 - -1.68 0.00 OTP Asset Management Romania SAI SA ((ROM)) Credit Absolute Return Fund Inst Acc $ 11.10 - -0.02 0.00 Renminbi Bond Fund Euro Cls B € 119.82 - -0.07 3.59 Value Partners Greater China Equity Fund $ 8.75 - -0.03 - the operator of the relevant fund. Details of funds
www.otpfonduri.ro published on these pages, including prices, are for the
Other International Funds Diversified Income - Inst Acc $ 19.36 - 0.00 0.00
purpose of information only and should only be used as
China Equity USD Ord Acc $ 140.56 - -1.63 0.00 Renminbi Bond Fund GBP Cls B £ 121.87 - -0.07 3.38 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 9.70 - -0.08 - a guide. The Financial Times Limited makes no
OTP Comodisro $ 16.84 - 0.00 - representation as to their accuracy or completeness and
Mirabaud Asset Management (LUX)
China Equity USD Inst Acc $ 144.44 - -1.66 0.00 Diversified Income Durat Hdg Fund Inst Acc $ 11.31 - -0.01 0.00 Robeco Asset Management (LUX) Renminbi Bond Fund SGD Cls B S$ 121.00 - -0.08 3.34 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 9.28 - -0.09 - they should not be relied upon when making an
www.mirabaud.com, [email protected] investment decision.
OTP Obligatiuni $ 14.25 - 0.00 - Coolsingel 120, 3011 AG Rotterdam, The Netherlands.
Regulated Emerging Asia Bond Fund Inst Acc $ 9.63 - 0.01 0.00
Global Val.Cr.Fd GBP Ord Inc £ 111.54 - 0.02 3.60 www.robeco.com/contact Renminbi Bond Fund USD Cls B $ 121.25 - -0.07 3.15 Value Partners Health Care Fund USD Class A Unhedged $ 9.32 - -0.09 -
The sale of interests in the funds listed on these pages
Mir. Conv. Bds Eur A EUR € 140.05 - -0.12 0.00 OTP Avantisro $ 8.55 - -0.01 - FCA Recognised may, in certain jurisdictions, be restricted by law and
Global Val.Cr.Fd USD Inst Acc $ 123.18 - 0.02 0.00 Emerging Local Bond - Inst Acc $ 10.85 - 0.01 0.00 Renminbi Bond Fund YEN Cls B ¥ 13350.69 - -4.64 0.00 the funds will not necessarily be available to persons in
Asia-Pacific Equities (EUR) € 137.91 - 1.08 0.00 all jurisdictions in which the publication circulates.
Mir. Conv. Bds Glb A USD $ 117.50 - -0.04 0.00 OTP Euro Bond $ 12.40 - 0.00 -
Emerging Markets Bond - Inst Acc $ 38.32 - 0.05 0.00 Veritas Asset Management LLP (IRL) Persons in any doubt should take appropriate
Global Val.Cr.Fd GBP Ord Acc £ 177.62 - 0.04 0.00 Renminbi Bond Fund USD Cls A $ 167.25 - -0.09 3.38
Chinese Equities (EUR) € 78.41 - 0.49 0.00 HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland professional advice. Data collated by Morningstar. For
Mir. - Eq Asia ex Jap A $ 175.02 - 2.95 0.00 OTP Dollar Bond $ 10.58 - 0.00 - other queries contact [email protected] +44
Veritas Funds Plc
Global Val.Cr.Fd USD Ord Acc $ 166.70 - 0.02 0.00 Emerging Markets Corp.Bd Fund Inst Acc F $ 12.85 - 0.01 0.00 Renminbi Bond Fund GBP Cls A £ 162.51 - -0.08 3.62 (0)207 873 4211.
Em Stars Equities (EUR) € 179.59 - 3.01 0.00 www.veritas-asset.com
Mir. - Eq Glb Emrg Mkt A USD $ 89.87 - 1.45 0.00 OTP Premium Return $ 1072.23 - 0.26 - +353 1 635 6799
Global Val.Cr.Fd EUR Ord Acc € 155.36 - 0.03 0.00 Emerging Markets Short-Term Local Currency Fund $ 11.78 - 0.00 0.00 Renminbi Bond Fund SGD Cls A S$ 160.34 - -0.10 3.58
The fund prices published in this edition along with
Emerging Markets Equities (EUR) € 148.93 - 0.59 0.00 FCA Recognised additional information are also available on the
Mir. - Eq Global Focus A USD $ 102.54 - 1.22 0.00 Financial Times website, www.ft.com/funds. The
Institutional
Swiss Select Equity Inst Acc SFr 114.44 - 0.31 0.00 Euro Bond - Inst Acc € 22.82 - 0.04 0.00 Renminbi Bond Fund YEN Cls A ¥ 19767.64 - -6.93 0.00 funds published on these pages are grouped together by
Flex-o-Rente (EUR) € 109.41 - 0.05 0.00
Mir. -Eq Spain A € 26.72 - -0.12 0.00 Veritas Asian Fund A USD H $ 314.47 - 4.76 0.43 fund management company.
Swiss Select Equity Ord Acc SFr 113.19 - 0.30 0.00 Euro Credit - Inst Acc € 14.81 - 0.02 0.00 Renminbi Bond Fund EUR Cls A € 110.24 - -0.07 3.83
Glob.Consumer Trends Equities (EUR) € 161.74 - 1.90 0.00 Prices are in pence unless otherwise indicated. The
Mir. - Eq Swiss Sm/Mid A SFr 329.04 - 1.70 0.00 Veritas Asian Fund A GBP H £ 381.47 - 5.03 0.25
change, if shown, is the change on the previously
US Growth USD Ord Acc $ 214.44 - 4.11 0.00 Euro Income Bond - Inst Acc F € 13.02 - 0.01 0.00 quoted figure (not all funds update prices daily). Those
High Yield Bonds (EUR) € 124.75 - -0.02 0.00
Mir. - Glb High Yield Bds A $ 108.64 - -0.07 - Veritas Asian Fund A EUR H € 333.33 - 3.96 0.22 designated $ with no prefix refer to US dollars. Yield
US Growth EUR Ord Acc € 205.34 - 4.08 0.00 Euro Long Average Duration - Inst Acc € 21.79 - 0.16 0.00 percentage figures (in Tuesday to Saturday papers)
Lux -O- Rente (EUR) € 140.15 - 0.18 0.00 allow for buying expenses. Prices of certain older
Mir. - Glb Eq High Income A USD $ 100.44 - 0.69 0.00 Permal Investment Mgmt Svcs Ltd Veritas China Fund A USD $ 142.09 - 1.47 0.35 insurance linked plans might be subject to capital gains
US Growth GBP Ord Acc £ 215.73 - 4.17 0.00 www.permal.com Euro Low Duration Fund Inst Acc € 11.30 - 0.00 0.00 tax on sales.
New World Financials (EUR) € 55.73 - 0.46 0.00
Mir. - Glb Inv Grade Bds A € 101.04 - 0.13 - Other International Funds Veritas China Fund A GBP £ 147.12 - 1.51 0.37
US Growth USD Inst Acc $ 197.96 - 3.79 0.00 Offshore Fund Class A US $ Shares Euro Real Return - Inst Acc € 13.57 - 0.03 0.00 Guide to pricing of Authorised Investment Funds
US Premium Equities (EUR) € 184.57 - 2.68 0.00 (compiled with the assistance of the IMA. The
Mir. - Glb Strat. Bd A USD $ 104.84 - 0.01 0.00 Veritas China Fund A EUR € 140.73 - 1.46 0.37
Investment Holdings N.V. $ 5437.88 - 160.86 0.00 Investment Management Association, 65 Kingsway,
Wealthy Nat Bd EUR Inst Inc € 109.24 - 0.09 3.75 Euro Short-Term Inst Acc € 12.28 - 0.00 0.00 E.I. Sturdza Strategic Management Limited (GSY) London WC2B 6TD. Tel: +44 (0)20 7831 0898.)
US Premium Equities (USD) $ 206.34 - 3.00 0.00
Regulated Veritas Global Equity Income Fund D USD $ 116.69 - 2.67 4.14
Wealthy Nat Bd GBP Inst Inc £ 113.40 - 0.09 3.59 Macro Holdings Ltd $ 4125.71 - -83.51 0.00 Euro Ultra Long Duration - Inst Acc € 28.48 - 0.24 0.00 OEIC: Open-Ended Investment Company. Similar to a
MW Japan Fund Plc (IRL) Nippon Growth Fund Limited ¥ 106273.37 - 3516.59 0.00 unit trust but using a company rather than a trust
Veritas Global Equity Income Fund D EUR € 211.03 - 3.87 4.10
FCA Recognised Fixed Income Holdings N.V. $ 366.06 - 2.19 - structure.
Wealthy Nat Bd EUR Ord Inc € 108.43 - 0.09 3.51 Global Advantage - Inst Acc $ 11.97 - 0.00 0.00
Strat Evarich Japan Fd Ltd JPY ¥ 96739.00 - 569.00 0.00
MW Japan Fund PLC A $ 25.63 - 0.33 - Veritas Global Equity Income Fund D GBP £ 148.48 - 2.89 4.21
Permal Absolute Return Fund $ 163.11 - 0.59 0.00 Different share classes are issued to reflect a different
Wealthy Nat Bd GBP Ord Inc £ 114.00 - 0.10 3.33 Global Advantage Real Return Fund Inst Acc $ 8.48 - 0.02 0.00
Strat Evarich Japan Fd Ltd USD $ 958.08 - 5.71 0.00 currency, charging structure or type of holder.
MW Japan Fund PLC B $ 25.85 - 0.34 - Veritas Global Focus Fund D USD $ 25.95 - 0.30 0.64
Wealthy Nat Bd USD Ord Inc $ 110.94 - 0.09 3.31 Global Bond - Inst Acc $ 27.89 - 0.02 0.00 Selling price:Also called bid price. The price at which
MW Japan Fund PLC C $ 100.88 - 1.10 - Veritas Global Focus Fund D EUR € 24.39 - 0.18 0.64 units in a unit trust are sold by investors.
New Capital Alternative Strategies Global Bond Ex-US - Inst Acc $ 19.53 - 0.03 0.00
S W Mitchell Capital LLP (CYM)
E.I. Sturdza Funds PLC (IRL)
Regulated Veritas Global Focus Fund D GBP £ 28.85 - 0.24 0.64 Buying price: Also called offer price. The price at
All Weather Fd USD Cls $ 117.51 - -1.87 0.00 Regulated which units in a unit trust are bought by investors.
Global High Yield Bond - Inst Acc $ 19.93 - -0.01 0.00
Morant Wright Funds (Ireland) PLC (IRL)
S W Mitchell European Fund Class A EUR € 334.37 - 23.63 -
Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1143.21 - -1.50 0.00 Includes manager’s initial charge.
All Weather Fd EUR Cls € 105.60 - -1.73 0.00 Veritas Global Focus Fund A GBP £ 27.87 - 0.23 0.37
FCA Recognised
Global Investment Grade Credit - Inst Income $ 12.14 - 0.00 3.65 Single price: Based on a mid-market valuation of the
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1345.78 - -1.68 0.00
Morant Wright Fuji Yield EUR Acc Hedged € 11.68 - 0.07 - S W Mitchell Small Cap European Fund Class A EUR € 233.97 - 4.05 - Veritas Global Focus Fund A EUR € 14.22 - 0.10 0.36 underlying investments. The buying and selling price
All Weather Fd GBP Cls £ 113.71 - -2.13 0.00
Pictet Asset Management (Europe) SA (LUX) Global Investment Grade Credit Fund Inst Acc € € 11.98 - 0.01 0.00 for shares of an OEIC and units of a single priced unit
15, Avenue J.F. Kennedy L-1855 Luxembourg Nippon Growth (UCITS) Fund JPY Class A shares ¥ 105605.00 - -137.00 0.00 trust are the same.
Morant Wright Fuji Yield EUR Dist Hedged € 11.50 - 0.07 - The Charlemagne Fund EUR € 323.41 - -9.82 - Veritas Global Focus Fund A USD $ 25.05 - 0.29 0.37
Tactical Opps USD Cls $ 141.99 - -8.87 0.00

Asset Management
Tel: 0041 58 323 3000 Global Investment Grade Credit Fund Inst Acc $ $ 16.60 - 0.00 0.00
Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 88553.00 - -115.00 0.00
Asset Management
FCA Recognised Treatment of manager’s periodic capital charge:
Morant Wright Fuji Yield GBP Acc Hedged £ 11.93 - 0.08 - Tactical Opps EUR Cls € 118.97 - -7.43 0.00 Veritas Global Focus Fund C GBP £ 30.25 - 0.25 0.00 The letter C denotes that the trust deducts all or part of
Pictet-Absl Rtn Fix Inc-HI EUR € 106.12 - 0.02 0.00 Global Multi-Asset - Inst Acc $ 14.60 - 0.07 0.00 the manager’s/operator’s periodic charge from capital,
S W Mitchell Capital LLP (IRL) Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82212.00 - 968.00 0.00 contact the manager/operator for full details of the
Morant Wright Fuji Yield GBP Dist Hedged £ 11.60 - 0.08 - Tactical Opps GBP Cls £ 133.63 - -8.30 0.00 Veritas Global Focus Fund C EUR € 25.69 - 0.19 0.00
Regulated effect of this course of action.
Pictet-Absl Rtn Glo Div-I EUR F € 123.44 - 0.23 0.00 Global Real Return - Inst Acc $ 17.88 - 0.04 0.00
Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 57313.00 - -74.00 0.00
Morant Wright Fuji Yield USD Acc Hedged $ 11.60 - 0.08 - SWMC European Fund B EUR € 15544.08 - -104.80 0.00 Veritas Global Focus Fund C USD $ 27.27 - 0.33 0.00 Exit Charges: The letter E denotes that an exit charge
Pictet-Agriculture-I EUR F € 191.00 - 2.49 0.00 Income Fund Inst Acc $ 12.40 - 0.02 0.00 may be made when you sell units, contact the
Strategic China Panda Fund USD $ 2229.48 - 15.90 0.00
Morant Wright Fuji Yield USD Dist Hedged $ 11.63 - 0.08 - SWMC UK Fund B £ 11544.90 - 4.27 0.00 Veritas Global Equity Income Fund A GBP £ 142.32 - 2.76 4.21 manager/operator for full details.
Pictet-Asian Equities Ex Japan-I USD F $ 205.91 - 3.38 0.00 Inflation Strategy Fund Inst Acc $ 8.78 - 0.01 0.00
Strategic China Panda Fund Hedged EURO € 2172.60 - 16.61 0.00
Morant Wright Fuji Yield YEN Acc ¥ 1196.10 - 7.82 - SWMC Small Cap European Fund B EUR € 13528.31 - -44.72 0.00 Veritas Global Equity Income Fund A EUR € 205.05 - 3.76 4.11 Time: Some funds give information about the timing of
Low Average Duration - Inst Acc $ 14.80 - 0.00 0.00 price quotes. The time shown alongside the fund
Pictet-Asian Local Currency Debt-I USD F $ 151.03 - 0.75 0.00 Strategic China Panda Fund Hedged Sterling £ 2201.36 - 16.36 0.00 manager’s/operator’s name is the valuation point for
Morant Wright Fuji Yield B YEN Acc ¥ 1056.98 - 6.92 - SWMC Emerging European Fund B EUR € 9455.79 - 7.97 0.00 Veritas Global Equity Income Fund A USD $ 112.31 - 2.57 4.14 their unit trusts/OEICs, unless another time is indicated
Pictet-Biotech-I USD F $ 858.80 - 23.46 0.00 PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $ 8.52 - 0.04 0.00 by the symbol alongside the individual unit trust/OEIC
Strategic Euro Bond Accumulating Class CHFSFr 985.98 - -0.48 0.00 name.
Morant Wright Fuji Yield YEN Dist ¥ 1171.29 - 7.66 - Northwest Investment Management (HK) Ltd Veritas Global Equity Income Fund C GBP £ 171.02 - 3.32 -
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373 Pictet-Brazil Index I USD $ 39.07 - 0.41 0.00 PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 11.00 - 0.11 0.00
Strategic Euro Bond Institutional Class EUR € 1011.84 - -0.41 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Morant Wright Sakura Fund Sterling Acc Hedged £ 14.53 - 0.15 0.00 Other International Funds Veritas Global Equity Income Fund C EUR € 246.28 - 4.52 - 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Pictet-CHF Bonds I CHF SFr 509.17 - 0.07 0.00 PIMCO RAE Fundam.PLUS US Inst Acc $ 12.33 - 0.20 0.00 midnight. Daily dealing prices are set on the basis of
Northwest $ class $ 2382.42 - 14.15 0.00 Strategic Euro Bond Fund Accumulating Class Shares € 1134.71 - -0.47 0.00 the valuation point, a short period of time may elapse
Morant Wright Sakura Fund Euro Acc Hedged € 14.50 - 0.15 0.00 Veritas Global Equity Income Fund C USD $ 134.10 - 3.07 -
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.73 - 0.00 0.00 before prices become available.Historic pricing: The
Pictet-China Index I USD $ 107.96 - -0.04 0.00 Strategic Euro Bond Fund Distributing Class Shares € 1024.03 - -0.42 1.33 letter H denotes that the managers/operators will
Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1480.23 - 15.03 0.00 Northwest Warrant $ class $ 1969.35 - -444.40 0.00
Veritas Global Real Return Fund A USD $ 20.04 - 0.05 0.30 normally deal on the price set at the most recent
Pictet-Clean Energy-I USD F $ 79.45 - 0.83 0.00 StocksPLUS{TM} - Inst Acc $ 23.44 - 0.34 0.00 valuation. The prices shown are the latest available
Strategic European Smaller Companies Fund EUR Class € 956.34 - -18.53 -
Morant Wright Sakura Fund Dollar Acc Hedged $ 14.45 - 0.15 0.00 RobecoSAM (LUX) Veritas Global Real Return Fund A GBP £ 11.22 - 0.03 0.33
before publication and may not be the current dealing
levels because of an intervening portfolio revaluation or
Total Return Bond - Inst Acc $ 27.05 - 0.01 0.00 Tel. +41 44 653 10 10 http://www.robecosam.com/
Pictet-Digital Communication-I USD F $ 263.10 - 3.01 0.00 Strategic Global Bond RMB Acc $ 1063.46 - -0.91 0.00 a switch to a forward pricing basis. The
Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 14.38 - 0.15 0.00 Regulated Veritas Global Real Return Fund A EUR € 11.83 - 0.03 0.12 managers/operators must deal at a forward price on
UK Corporate Bond - Inst Acc £ 17.18 - 0.06 0.00 request, and may move to forward pricing at any time.
Pictet-Eastern Europe-I EUR F € 290.07 - 1.73 0.00 RobecoSAM Sm.Energy/A £ 10.90 - 0.16 1.32 Strategic Global Bond USD Acc $ 1040.20 - 0.15 0.00 Forward pricing: The letter F denotes that that
Retail
managers/operators deal at the price to be set at the
Pictet-Em Lcl Ccy Dbt-I USD F $ 154.97 - 0.05 0.00 UK Long Term Corp. Bnd Inst-Inst Acc £ 18.98 - 0.11 0.00 next valuation.
RobecoSAM Sm.Energy/N € 11.79 - 0.18 0.00 Strategic US Momentum and Value Fund $ 788.25 - 16.10 0.00 Veritas Asian Fund B USD $ 219.30 - 3.32 0.00

Pictet-Emerging Markets-I USD F $ 479.99 - 6.59 0.00 UK Low Duration - Inst Acc £ 14.05 - 0.01 0.00 Investors can be given no definite price in advance of
RobecoSAM Sm.Materials/A £ 120.94 - 0.66 2.05 Strategic US Momentum & Value Fund USD I Class $ 523.27 - 10.68 0.00 Veritas Asian Fund B GBP £ 281.36 - 3.71 0.00
Oasis Crescent Management Company Ltd the purchase or sale being carried out. The prices
appearing in the newspaper are the most recent
Other International Funds UK Real Return - Inst Acc £ 22.52 - 0.07 0.00
Pictet-Emerging Markets Index-I USD F $ 213.71 - -0.33 0.00 RobecoSAM Sm.Materials/N € 148.73 - 0.80 0.00 Strategic US Momentum and Value EUR Hedged Class EUR € 550.33 - 11.23 0.00 Veritas Asian Fund B EUR € 245.71 - 2.86 0.00 provided by the managers/operators. Scheme
particulars, prospectus, key features and reports: The
Oasis Crescent Equity Fund R 9.32 - 0.06 0.00 most recent particulars and documents may be obtained
Pictet-Emerging Corporate Bonds I USD $ 106.69 - 0.11 0.00 UK Sterling Long Average Duration - Inst Acc £ 21.33 - 0.15 0.00
RobecoSAM Sm.Materials/Na € 102.63 - 0.55 - Strategic US Momentum and Value CHF Hedged Class CHFSFr 547.59 - 11.23 0.00 Veritas China Fund B GBP £ 142.64 - 1.45 0.00 free of charge from fund managers/operators. *
Morgan Stanley Investment Funds (LUX) Indicates funds which do not price on Fridays.
6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Pictet-Emerging Markets High Dividend I USD $ 94.80 - 1.31 0.00 Unconstrained Bond - Inst Acc $ 11.92 - 0.01 0.00
RobecoSAM Gl.Small Cap Eq/A £ 76.16 - 0.77 1.77 Veritas China Fund B EUR € 163.91 - 1.09 0.00
www.morganstanleyinvestmentfunds.com Oasis Global Mgmt Co (Ireland) Ltd (IRL) Charges for this advertising service are based on the
FCA Recognised Regulated Pictet-Emerging Markets Sust Eq I USD $ 83.70 - -0.28 0.00 US High Yield Bond Fund Inst Acc $ 27.46 - -0.02 0.00 The Hartford International Funds (IRL) number of lines published and the classification of the
RobecoSAM Gl.Small Cap Eq/N € 162.20 - 1.62 0.00 Veritas Global Focus Fund B USD $ 18.10 - 0.21 0.00
Oasis Global Investment (Ireland) Plc Regulated fund. Please contact [email protected] or call
US Advantage A F $ 59.50 - 0.91 0.00 +44 (0)20 7873 3132 for further information.
Oasis Crescent Global Short Term Income Fund $ 0.99 - 0.00 0.71 Pictet-Environmental Megatrend Sel I EUR € 166.49 - 1.70 0.00 RobecoSAM Sustainable Gl.Eq/B € 187.71 - 1.65 0.00 Gbl Govt Bond (Ex Japan) Index (GBP) £ 1564.64 - 2.02 0.00 Veritas Global Focus Fund B GBP £ 21.31 - 0.18 0.00
Asian Equity A F $ 41.36 - 0.48 0.00
Oasis Global Equity $ 27.04 - 0.20 0.22 Pictet-EUR Bonds-I F € 557.75 - 1.91 0.00 RobecoSAM Sustainable Gl.Eq/N € 161.91 - 1.42 0.00 UK Corporate Bond £ 1566.78 - 3.64 0.00 Veritas Global Focus Fund B EUR € 16.95 - 0.12 0.00
Asian Property A F $ 17.70 - 0.13 0.00
Oasis Crescent Global Investment Fund (Ireland) plc Pictet-EUR Corporate Bonds Ex Fin i EUR € 143.45 - 0.13 0.00 RobecoSAM S.HealthyLiv/B € 177.99 - 2.12 0.00 Gilt £ 1572.30 - 0.79 0.00 Veritas Global Equity Income Fund B GBP £ 130.94 - 2.53 4.23
Asian Property AX F £ 10.68 - 0.03 0.52 Oasis Crescent Global Equity Fund $ 27.55 - 0.20 0.00
Pictet-EUR Corporate Bonds-I F € 199.80 - 0.67 0.00 RobecoSAM S.HealthyLiv/N € 165.77 - 1.98 0.00 Global Eq (Ex Japan) Index Fund ¥ 1.40 - 0.02 0.00 Veritas Global Equity Income Fund B EUR € 188.20 - 3.45 4.12
Diversified Alpha Plus A F € 29.89 - 0.05 0.00 Oasis Crescent Variable Balanced Fund £ 10.30 - 0.00 0.58
Pictet-EUR Government Bonds I EUR € 158.85 - 0.47 0.00 Platinum Capital Management Ltd RobecoSAM S.HealthyLiv/Na £ 101.23 - 1.21 - Veritas Global Equity Income Fund B USD $ 111.36 - 2.54 4.16
Global Eq (ex Japan) Class HJ4 ¥ 1.45 - 0.01 0.00
Other International Funds
Emerg Europ, Mid-East & Africa Eq A F € 71.19 - 0.66 0.00 OasisCresGl Income Class A $ 10.87 - 0.00 2.35
Pictet-EUR High Yield-I F € 242.98 - 0.26 0.00 RobecoSAM S.Water/A £ 165.64 - 1.20 2.27 Global Eq (ex Japan) Class JP5 ¥ 1.60 - 0.02 0.00 Veritas Global Real Return Fund B USD $ 19.46 - 0.06 0.00
Platinum All Star Fund - A (Est) $ 117.96 - - -
Emerging Markets Debt A F $ 75.68 - 0.03 0.00 OasisCresGl LowBal D ($) Dist $ 11.74 - 0.04 0.00
Pictet-EUR Short Mid-Term Bonds-I F € 136.96 - 0.01 0.00 RobecoSAM S.Water/N € 170.21 - 1.22 0.00 Global Eq Ex Japan Index Fund (Hedge) ¥ 1.46 - 0.01 0.00 Veritas Global Real Return Fund B GBP £ 11.02 - 0.03 0.00
Platinum Global Dividend Fund - A (Est) $ 57.18 - - -
Emerging Markets Domestic Debt AX F £ 10.29 - 0.04 5.41 OasisCresGl Med Eq Bal A ($) Dist $ 11.94 - 0.05 0.32
Pictet-EUR Short Term HY I EUR € 119.91 - 0.08 0.00 Gbl Govt Bond (Ex Japan) Index ¥ 1.35 - 0.01 0.00 Veritas Global Real Return Fund B EUR € 12.65 - 0.03 0.00
Platinum Global Dividend UCITS Fund $ 68.16 - 0.67 5.13
Emerging Markets Equity A F $ 33.69 - 0.39 0.00 Oasis Crescent Gbl Property Eqty $ 9.36 - 0.03 2.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 102.99 - 0.00 0.00 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.32 - 0.00 0.00
Platinum Essential Resources UCITs Fund $ 5.27 - -0.01 0.00
Euro Bond A F € 15.79 - 0.04 0.00
Pictet-Euroland Index IS EUR € 136.90 - -0.53 0.00
Veritas Asset Management LLP
Platinum Maverick Enhanced Fund Limited (Est) $ 95.79 - - 0.00 Japan Equity Index Fund ¥ 1.10 - 0.01 0.00 www.veritas-asset.com
Euro Corporate Bond AX F £ 20.92 - 0.01 1.53
Other International Funds
Pictet-Europe Index-I EUR F € 176.36 - -0.20 0.00 Japan Equity Class JP3 ¥ 1.34 - 0.01 0.00
Euro Strategic Bond A F € 43.63 - 0.11 0.00 Real Return Asian Fund USD (Est) € 281.21 - -1.94 0.00
Pictet-European Equity Selection-I EUR F € 651.65 - 3.57 0.00 Schroder Property Managers (Jersey) Ltd
European Currencies High Yield Bd A F € 21.80 - 0.03 0.00 Other International Funds Real Return Asian Fund GBP (Est) £ 300.43 - -1.99 0.00
Pictet-European Sust Eq-I EUR F € 251.03 - -1.09 0.00 The National Investor (TNI)
Indirect Real Estate SIRE £ 133.22 139.31 0.83 2.34 www.tni.ae
European Equity Alpha A F € 44.85 - 0.39 0.00 Real Return Asian Fund EUR (Est) $ 296.71 - -1.93 0.00
Odey Asset Management LLP (CYM)
Pictet-Global Bds Fundamental I USD $ 115.24 - -0.04 0.00 Other International Funds
Regulated
European Property A F € 36.99 - 0.34 0.00 TNI Blue Chip UAE Fund * AED 9.72 - -0.03 0.00
OEI Mac Inc GBP A £ 362.17 - 14.98 0.00 Pictet-Global Bonds-I EUR € 165.60 - 0.00 0.00 SIA (SIA Funds AG) (LUX)
Polar Capital Funds Plc (IRL)
Waverton Investment Funds Plc (1600)F (IRL)
Eurozone Equity Alpha A F € 12.02 - 0.14 0.00 Regulated TNI Funds Ltd (BMU)
Regulated [email protected]
OEI Mac Inc GBP B £ 197.72 - 8.75 0.00 Pictet-Global Emerging Currencies-I USD F $ 96.30 - -0.13 0.00
Asian Financials I USD $ 279.70 279.70 2.64 0.00 LTIF Classic € 344.67 - 2.43 0.00 MENA Hedge Fund $ 945.66 - 2.84 0.00 FCA Recognised
Global Bond A F $ 38.19 - 0.15 0.00
OEI MAC Inc USD $ 1933.42 - 78.16 0.00 Pictet-Global Emerging Debt-I USD F $ 357.62 - 0.42 0.00 TNI Funds Plc (Ireland) Waverton Asia Pacific A USD $ 17.40 - 0.22 5.08
Biotechnology I USD $ 18.34 18.34 0.39 0.00 LTIF Natural Resources € 73.01 - 0.95 0.00
Global Brands A F $ 100.66 - 1.45 0.00
Odey European Inc EUR € 842.77 - 31.53 0.00 Pictet-Global Megatrend Selection-I USD F $ 224.18 - 2.55 0.00 MENA UCITS Fund * $ 1094.98 - -3.73 0.00
Waverton Global Bond Fund Cls A $ 8.78 - 0.01 5.47
European Income Acc EUR € 11.94 11.94 0.01 0.00 LTIF Stability A ACCU € 167.32 - -0.13 -
Global Convertible Bond A F $ 43.02 - 0.17 0.00
Odey European Inc GBP A £ 323.71 - 12.01 0.00 Pictet-Greater China-I USD F $ 452.57 - 6.53 0.00 Waverton Global Equity Fund A GBP £ 13.66 - 0.14 0.59
Global Property A F $ 27.86 - 0.28 0.00 European Ex UK Inc EUR Acc € 10.15 10.15 0.00 -
Odey European Inc GBP B £ 183.69 - 6.82 0.00 Pictet-Health-I USD $ 276.21 - 5.12 0.00 SIA (SIA Funds AG) (CH) Waverton UK Fund A GBP £ 13.39 - 0.11 1.88
Indian Equity A F $ 34.38 - 0.43 0.00 Financial Opps I USD $ 12.49 - 0.04 2.11
Other International Fds
Odey European Inc USD $ 388.19 - 14.14 0.00 Pictet-High Dividend Sel I EUR F € 160.69 - 0.80 0.00 Waverton Equity Fund A GBP £ 14.62 - 0.07 0.19
Latin American Equity A F $ 39.61 - 0.48 0.00 GEM Growth I USD $ 8.53 - -0.01 0.00 LTIF Stability Growth SFr 196.40 - -1.30 -
Giano Capital EUR Inc € 4453.26 - 0.00 0.00 Pictet-India Index I USD $ 92.58 - -1.53 0.00 Waverton Sterling Bond Fund A GBP £ 9.45 - 0.01 5.36
Short Maturity Euro Bond A F € 20.38 - 0.00 0.00 GEM Income I USD $ 9.46 - 0.00 0.00 LTIF Stability Inc Plus SFr 174.50 - -1.20 5.86
Pictet-Indian Equities-I USD F $ 439.15 - 6.03 0.00 Toscafund Asset Management LLP (UK)
Global Alpha I USD $ 12.88 12.88 0.11 0.00 www.toscafund.com
US Dollar Liquidity A F $ 13.03 - 0.00 0.00 Odey Asset Management LLP (IRL)
Pictet-Japan Index-I JPY F ¥ 16944.41 - 147.48 0.00 Authorised Funds WA Fixed Income Fund Plc (IRL)
FCA Recognised Standard Life Wealth (JER) Regulated
US Growth A F $ 69.35 - 1.40 0.00 Global Convertible I USD $ 11.43 11.43 0.01 0.00 Aptus Global Financials B Acc £ 3.15 - 0.00 4.59
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
Odey Pan European EUR R € 354.87 - -0.15 0.00 Pictet-Japanese Equities Opp-I JPY F ¥ 10168.14 - 96.99 0.00 European Multi-Sector € 117.93 - 0.34 0.00
FCA Recognised
US Growth AH F € 48.08 - 0.97 0.00 Global Insurance I GBP £ 4.14 - 0.05 0.00 Aptus Global Financials B Inc £ 2.79 - 0.00 4.59
Standard Life Offshore Strategy Fund Limited
Odey Allegra European EUR O € 265.36 - -1.01 0.00 Pictet-Japanese Equity Selection-I JPY F ¥ 15206.15 - 131.76 0.00
US Growth AX F £ 45.36 - 0.71 0.00 Global Technology I USD $ 23.84 - 0.39 0.00 Bridge Fund £ 1.6321 - 0.0153 1.97
Odey Allegra International EUR O € 182.63 - -0.01 0.00 Pictet-LATAM Index I USD $ 51.72 - 0.49 0.00
Healthcare Blue Chip Fund I USD Acc $ 10.68 10.68 0.16 0.00 Diversified Assets Fund £ 1.1810 - 0.0052 3.01 Toscafund Asset Management LLP (CYM)
US Property A F $ 67.56 - 0.70 0.00
Odey Allegra Developed Markets USD I $ 133.32 - 0.79 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 109.12 - 0.26 0.00 www.toscafund.com
Healthcare Opps I USD $ 38.59 - 0.51 0.00 Global Equity Fund £ 1.9028 - 0.0232 1.03 Regulated
Odey European Focus Fund € 18.07 - -0.05 0.49 Pictet-Pacific Ex Japan Index-I USD F $ 318.16 - -1.46 0.00 Tosca A USD (Est) $ 302.50 - 5.17 0.00
Morgens Waterfall Vintiadis.co Inc Income Opportunities B2 I GBP Acc £ 1.72 1.72 0.00 0.00 Global Balanced Fund - Income Units £ 1.3523 - 0.0101 1.86
Other International Funds Odey Atlas Fund GBP I S £ 1.15 - 0.00 0.00 Pictet-Premium Brands-I EUR F € 158.95 - 0.78 0.00 Tosca Mid Cap GBP £ 259.26 - 0.54 0.00 Yuki International Limited (IRL)
Japan Alpha I JPY ¥ 220.36 220.36 2.28 0.00 Global Balanced Fund - Accumulations Units £ 1.5695 - 0.0116 1.83 Tel +44-20-7269-0207 www.yukifunds.com
Phaeton Intl (BVI) Ltd (Est) $ 404.39 - -6.80 0.00
Odey Giano European Fund EUR R € 117.26 - -0.10 0.00 Pictet-Quality Global Equities I USD $ 135.11 - 1.63 0.00 Tosca Opportunity B USD $ 357.47 - 5.56 0.00 Regulated
Japan I JPY ¥ 2197.99 - 16.62 0.00 Global Fixed Interest Fund £ 0.9941 - -0.0001 4.89 Yuki Mizuho Umbrella Fund
Odey Naver Fund EUR I € 128.17 - -0.14 0.00 Pictet-Russia Index I USD $ 52.79 - 0.90 0.00
North American I USD $ 17.92 17.92 0.28 0.00 Sterling Fixed Interest Fund £ 0.8414 - 0.0013 4.18 Yuki Mizuho Japan Dynamic Growth ¥ 7157.00 - 47.00 0.00
Odey Odyssey USD I $ 151.97 - -0.08 0.00 Pictet-Russian Equities-I USD F $ 45.40 - 0.64 0.00
UK Absolute Equity I GBP £ 12.68 12.68 0.00 0.00 UK Equity Fund £ 1.9401 - 0.0232 2.68 Yuki Mizuho Japan Large Cap ¥ 3911.00 - -3229.00 0.00
Odey Orion Fund EUR I € 123.06 - 0.41 0.00 Pictet-Security-I USD F $ 201.29 - 1.55 0.00
Yuki Japan Low Price ¥ 26781.00 - 109.00 0.00
Odey Swan Fund EUR I € 92.89 - -0.91 0.00 Pictet-Select-Callisto I EUR € 106.08 - -0.42 0.00
Polar Capital LLP (CYM)
Yuki Japan Value Select ¥ 12653.00 - 24.00 0.00
Natixis International Funds (Lux) I SICAV (LUX) Regulated
Odey European Absolute Return GBP S £ 97.67 - -0.55 0.00 Pictet-Small Cap Europe-I EUR F € 1148.79 - -3.97 0.00
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 YMR Umbrella Fund
ALVA Convertible A USD $ 128.85 - 0.86 0.00
FCA Recognised
Pictet-ST.MoneyMkt-I € 140.48 - 0.01 0.00 YMR N Growth ¥ 17589.00 - 116.00 0.00
Harris Global Equity R/A (USD) $ 263.06 263.06 2.71 0.00 European Conviction A EUR € 139.75 - -3.36 0.00
Odey Wealth Management (CI) Ltd (IRL) TreeTop Asset Management S.A. (LUX) Yuki Asia Umbrella Fund
Pictet-ST.MoneyMkt JPY I USD ¥ 101517.48 - -5.50 0.00
www.odey.com/prices Regulated
Harris US Equity Fund R/A (USD) $ 214.01 214.01 3.67 0.00 European Forager A EUR € 174.69 - -3.67 0.00 Stenham Asset Management Inc Yuki Japan Rebounding Growth Fund JPY Class ¥ 23764.00 - 154.00 0.00
FCA Recognised
Pictet-ST.MoneyMkt-ICHF SFr 124.34 - 0.00 0.00 www.stenhamassetmanagement.com TreeTop Convertible Sicav
Harris Concentrated US Equity R/A (USD) $ 162.74 162.74 3.33 0.00 Odey Opportunity EUR I € 227.59 - 1.75 0.00 Other International Funds Yuki Japan Rebounding Growth Fund USD Hedged Class $ 947.09 - 6.09 -
International A € 307.24 - 2.05 0.00
Pictet-ST.MoneyMkt-IUSD $ 135.18 - 0.00 0.00
Polunin Capital Partners Ltd Stenham Asia USD $ 130.04 - 6.40 -
Loomis Sayles Strategic Alpha R/A (USD) $ 110.59 110.59 -0.03 -
Other International Funds International B $ 393.15 - 2.61 0.00
Pictet-Timber-I USD F $ 152.27 - 2.54 0.00
Omnia Fund Ltd Stenham Credit Opportunities A Class USD $ 102.06 - -0.68 0.00 Zadig Gestion (Memnon Fund) (LUX)
Emerging Markets Active $ 40.93 - -0.92 -
Other International Funds International C £ 132.33 - 0.89 0.00 FCA Recognised
Natixis International Funds (Dublin) I plc (IRL) Pictet Total Ret-Agora I EUR € 115.67 - -0.12 0.00
Luxcellence Em Mkts Tech $ 892.96 - -23.26 0.00 Stenham Equity UCITS USD $ 143.33 - 0.49 0.00
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Estimated NAV $ 838.81 - 21.56 0.00 International D € 285.16 - 1.90 2.96 Memnon European Fund I GBP £ 111.22 - 0.29 0.00
Regulated Pictet Total Ret-Corto Europe I EUR € 136.41 - -0.24 0.00
Polunin Developing Countries $ 728.64 734.83 -1.92 0.00 Stenham Growth USD $ 214.90 - 3.75 - TreeTop Global Sicav
Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.26 12.26 0.00 1.19 Pictet Total Ret-Divers Alpha I EUR € 104.80 - 0.12 0.00
Polunin Discovery - Frontier Markets $ 1386.75 - -14.50 0.00 Stenham Healthcare USD $ 180.64 - 0.66 0.00 Global Opp.A € 144.66 - 2.10 0.00 Zebedee Capital Partners LLP (CYM)
Loomis Sayles High Income R/D (USD) $ 8.45 8.45 0.01 14.41 Regulated
Pictet Total Ret-Kosmos I EUR € 109.07 - 0.04 0.00
Stenham Managed Fund USD $ 113.66 - 1.13 - Global Opp.B $ 141.39 - 1.96 0.00
Polunin Small Cap $ 1363.81 1380.86 -27.34 0.00 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Loomis Sayles Multisector Income R/D (GBP) $ 12.21 12.21 0.01 5.68 Pictet Total Ret-Mandarin I USD $ 113.92 - -0.50 0.00
Stenham Macro UCITS USD $ 102.37 - 0.20 - Global Opp.C £ 178.13 - 2.54 0.00
Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Pictet-US Equity Selection-I USD $ 192.81 - 3.63 0.00
Private Fund Mgrs (Guernsey) Ltd (GSY) Stenham Multi Strategy USD $ 116.22 - -0.84 - Sequoia Equity A € 147.65 - 2.26 0.00
Optima Fund Management Regulated
Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Other International Funds Pictet-US High Yield-I USD F $ 145.71 - -0.02 0.00
Stenham Quadrant USD A $ 394.26 - -1.46 - Sequoia Equity B $ 150.09 - 2.14 0.00
Monument Growth 17/11/2015 £ 489.47 494.98 -1.03 1.00
Cuttyhunk Fund II Limited $ 1549.16 - -5.02 0.00 Pictet-USA Index-I USD F $ 183.92 - 2.93 0.00
Stenham Trading Inc USD $ 114.29 - -0.38 - Sequoia Equity C £ 169.16 - 2.49 0.00
JENOP Global Healthcare Fund Ltd $ 14.71 - 0.01 0.00 Pictet-USD Government Bonds-I F $ 632.00 - -0.23 0.00
Prusik Investment Management LLP (IRL)
Data Provided by
Stenham Universal USD $ 431.83 - -0.28 -
Enquiries - 0207 493 1331
New Capital Fund Management Ltd (IRL) OPTIKA Fund Limited - Cl A $ 104.52 - -0.84 - Pictet-USD Short Mid-Term Bonds-I F $ 129.56 - -0.04 0.00 Unicapital Investments (LUX)
Regulated Stenham Universal II USD $ 160.04 - -0.18 0.00
Leconfield House, Curzon Street, London, W1J 5JB Regulated
FCA Recognised Optima Fd NAV $ 90.37 - 0.16 0.00 Pictet-USD Sov.ST.Mon.Mkt-I $ 102.60 - 0.00 0.00 Prusik Asian Equity Income B Dist $ 159.68 - 1.54 3.75
New Capital UCITS Funds Investments III € 5.03 - -22.38 -
Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00 Pictet-Water-I EUR F € 291.33 - 2.52 0.00 Prusik Asia A $ 197.11 - 2.85 0.00
Asia Pac Bd USD Inst Inc $ 92.45 - 0.03 3.25 Stratton Street Capital (CI) Limited (GSY)
Investments IV - European Private Eq. € 247.75 260.13 -44.58 -
Regulated
The Dorset Energy Fd Ltd NAV (Est) $ 28.41 - -2.05 0.00 Prusik Asian Smaller Cos A $ 141.70 - 1.21 0.00
Asia Pac Bd USD Ord Inc $ 94.26 - 0.04 2.52 Investments IV - Global Private Eq. € 366.42 384.74 -49.81 -
Platinum Fd Ltd $ 87.75 - 0.60 0.00
Japan Synthetic Warrant Yen Class ¥ 1906.06 - 117.12 0.00
www.morningstar.co.uk
Asia Pac Eq EUR Ord Inc € 86.77 - -0.15 3.28 Japan Synthetic Warrant GBP Hedged Class £ 198.78 - 36.88 0.00 Data as shown is for information purposes only. No
Platinum Fd Ltd EUR € 17.06 - 0.12 0.00 Purisima Investment Fds (CI) Ltd (JER)
offer is made by Morningstar or this publication.
Asia Pac Eq GBP Ord Inc £ 90.02 - -0.15 3.72 Regulated Value Partners Hong Kong Limited (IRL)
Japan Synthetic Warrant USD Class $ 20.20 - 1.13 0.00 www.valuepartners.net, [email protected]
Platinum Japan Fd Ltd $ 53.47 - -0.18 0.00 PCG B 169.43 - 0.34 0.00 Regulated
Asia Pac Eq USD Ord Inc $ 90.56 - -0.14 3.11 Japan Synthetic Warrant USD Hedged Class $ 197.94 - 36.59 0.00
Value Partners Asia ex-Japan Equity Fund $ 8.81 - -0.03 -
22 ★ FINANCIAL TIMES Friday 20 November 2015

MARKETS & INVESTING

Commodities
Capital markets

Credit spreads a less reliable

gauge on risk in age of QE
Goldman sees more raw materials pain
The yield premium on US ratings ladder a bond falls. Bank issues bearish But unless demand picked up, Gold- 2016 global outlook, Barclays said com-
16% US crude dipped below $40 a barrel
high-yield bonds has been Government bonds are man said, cuts would not be enough to modities would “bump along the bot- for a second day, taking prices to a fresh
moving up steadily this often given the safest AAA outlook amid lows for oil, balance commodity markets. Prices tom” until there was a pick-up in global This year’s fall for three-month low. “Between now and
the Bloomberg
year ahead of a possible rating, followed by big coal, copper and zinc needed to remain “lower for longer” to economic growth. Commodity index; the end of 2016, there is a growing risk
Federal Reserve interest blue-chip companies. force more production offline. “Given structural negatives . . . [and] it has shed 40% that oil inventories could swell to full
rate rise, and as falling Highly indebted private “Supply adjustments to date are still large overhangs of excess production since 2009 capacity,” said the Goldman analysts.
commodity prices put equity companies and NEIL HUME AND DAVID SHEPPARD insufficient, and demand has done too and inventory, especially in oil, it is rea- They thought the market would avert
pressure on miners and small shale gas drillers Natural resources prices have not bot- little to offset this slow adjustment,” its sonable to expect that the price trough $39.89 a storage crisis, but if demand weakened
oil companies, writes tend to have ratings tomed and could fall further unless analysts said in a report. “This sustains may last for some time yet,” it said. Price of WTI crude or supply remained strong “the only
Gavin Jackson. among the lowest. Junk is demand improves or more supply is the need for lower prices for even In previous cycles, oil, copper, and per barrel for way to clear the excess . . . is with sharp
Investors use credit the riskiest bond class. curtailed, according to Goldman Sachs, longer, keeping us underweight com- gold have spent much longer trading at December; the price declines”.
spreads — the percentage- And, over the past year, one of the most influential banks in modities for the next 12 months.” depressed levels than so far this cycle, January contract US benchmark West Texas Interme-
fell 1% to near $41
point difference in yields the average US junk bond commodity markets. The Bloomberg Commodity index, a according to research by the bank. diate fell to a low of $39.89 a barrel, los-
between junk bonds and spread — over equivalent With oil, copper, coal and zinc trading basket of 22 commodity futures fol- The cost of transporting commodities ing as much as 2 per cent in the Decem-
investment-grade maturity US Treasury around their lowest levels since the lowed by institutional investors, has as measured by the Baltic Dry index fell ber contract, which expires today.
corporate or Treasury yields — has risen from financial crisis, some investors have said fallen 16 per cent to its lowest since 2009 yesterday to its lowest in 30 years. The January contract fell 1 per cent to
bonds — to indicate the 441bp to 590bp, having prices may have troughed and could and is on course for third year of losses. Iron ore fell to $45.10 a tonne, just a $1 near $41 a barrel. North Sea Brent, the
overall creditworthiness peaked at 650bp in recover in the next 12 months. Over that period it has fallen almost above the record low it hit in June. international benchmark, lost 0.5 per
of the private sector. October, according to Production cuts from miners such as 40 per cent. Copper, seen as barometer of global cent to a low of $43.70.
A deterioration in Barclays. Glencore, which plans to reduce annual Abundant supplies have been behind growth, traded as low $4,573 a tonne, a Both WTI and Brent have averaged
companies’ ability to production of zinc by a third, have given this year’s sell-off. A strengthening US fresh six-year low, while zinc fell a fur- less than $55 a barrel this year, the low-
service their debt is likely What sorts of risk do further grounds for optimism. dollar has been another headwind. In its ther $1,502. est level in at least 10 years.
to be felt first among investors face?
junk-rated businesses. The first is default risk,
when the company goes
What are credit spreads?
A credit spread is a risk
bust and lenders end up
negotiating how much of Analysis. Equities
premium that can be used their money they get back.
as a barometer of the
health of an underlying
corporate balance sheet.
The higher the risk of
Credit spread risk comes
in when there is a change
in a company’s perceived
credit risk. For example, it
Caution reigns as EM valuations hit new low
default by a company, as could take on too much
judged by rating agencies, debt in an acquisition
the more it has to pay spree or be downgraded.
lenders when it sells debt. A macroeconomic shock Analysts are wary of calling a Equity market valuations
On corporate debt the such as lower oil prices market bottom as economic Price-to-10-year average earnings
yield, which varies with the might affect a range of (cycle-adjusted valuations)
price in the secondary companies negatively. In headwinds chill sentiment Emerging markets (MSCI EM)
market, is set partly in these cases spreads are US (S&P 500)
relation to the yield on said to “widen”, with yields Europe (MSCI Europe)
government bonds — rising and prices falling.
STEVE JOHNSON 50
often described as the Finally there could be a The sell-off in emerging market equities
“risk-free rate”. change in the market. has pushed valuations to an all-time 40
It is also set partly on Because credit spreads low, by one measure at least, reflecting
the premium, or spread, reflect an assessment of the marked underperformance of the
investors demand based risk, a change in the asset class since the immediate after- 30
on company-specific risk. broader attitude to risk math of the global financial crisis.
To calculate the credit taking can be damaging. EM equities have delivered a total 20
spread an investor earns return of minus 2.1 per cent since the
for taking the risk of losing What about when start of 2010, compared with a 69.1 per
money if a company goes interest rates go up? cent return for developed markets. 10
bust, compare the yield In the past investors in Despite this potential buy signal, ana- 1979 87 91 95 2003 11 15
on a corporate bond with junk bonds were better off lysts are not queueing up to argue that
Cyclically adjusted price-to-earnings multiple uses
a government bond. than those holding EM equities are wildly undervalued. 10-year average earnings per share.
For example, Vodafone investment-grade bonds “The latest leg of correction leaves
has a bond maturing in when rates rose. The size emerging markets as the unambigu- MSCI Emerging Markets
2020 that pays investors a of the credit spread ously cheap segment of global equity on Price-to-book ratio
fixed 1 per cent coupon. provides a bigger cushion a fundamental basis [but], with the 3.5
The bond trades at 101 to absorb changes in rates. exception of Russia, valuations simply
cents on the dollar and Central banks generally haven’t become cheap enough,” says
3.0
yields 0.72 per cent. raise rates when the George Iwanicki, EM macro strategist at
A German government economy is growing, not at JPMorgan Asset Management.
2.5
bond of similar maturity times when large numbers The MSCI Emerging Markets index
yields minus 0.17 per cent. of companies are likely to fell to a valuation of just 12.8 times
So the Vodafone bond’s struggle to pay lenders. 10-year average earnings at the end of 2.0
spread is 89 basis points. But this year’s rise in September, according to JPMorgan cal-
credit spreads is possibly culations, taking it below the previous 1.5
Where does junk come in? not the most accurate nadir of 13.5 times during the 1997-98
There are two main gauge of corporate credit Asian financial crises. 1.0
categories of corporate risk. Quantitative easing The cyclically adjusted price/earnings 1995 2000 05 10 15
debt: investment-grade has pushed yields on multiple is barely half its long-term Sources: JPMorgan Asset Management
and high-yield, or junk. government debt to low average of 25 times average 10-year Thomson Reuters Datastream
Gradations in the levels, and into negative earnings.
categories denote the territory in Europe. In contrast, the US S&P 500 index is
likelihood of default, as The response has been a trading at 23.4 times cyclically adjusted Analysts are not boom and bust of the commodity super- Some are more upbeat. Dominic Mr Iwanicki is most optimistic
judged by rating agencies. search for yield, pushing earnings, within a whisker of its queuing up to cycle, aggregate earnings have possibly Rossi, global chief investment officer for about the Russian stock market, one
Any bond rated below down borrowing costs for long-term average of 23.6. The MSCI suggest that not been so high that they are not repli- equities at Fidelity International, says of the few where he says valuations have
BB by Standard & Poor’s all sorts of bond issuers. If Europe index is at 15.1, against an aver- EM equities cable in the next 10 years. that while the outlook for EM econo- fallen far enough to be unambiguously
or Ba by Moody’s falls into this represents an excess age of 20.6. are wildly Balancing this, Mr Iwanicki says that mies continues to look “precarious”, attractive.
the junk category. of risk taking then the Alex Wolf, EM economist at Standard undervalued EM equities have been cheaper before thanks to slowing growth, a likely rise in He is also upbeat on Hong Kong, Tai-
Credit spreads tend to uptick this year may not Life Investments, says: “EM equities Martin O’Neill
when measured by other metrics. US interest rates and depressed com- wan and, to a lesser degree, South
widen the further down the tell the whole story. have underperformed developed mar- The asset class is trading on a multiple modity prices, EM equities “have likely Korea, but is avoiding most Latin Amer-
kets for some time. The late 1990s was of 1.43 times book value (the value discounted much of the bad news”. ican markets.
US junk bond credit spreads the last time they underperformed by as at which assets are carried on the bal- He adds: “Many investors appear to Nevertheless, EM equities will remain
Per cent much. However, that does not mean we ance sheet). While this is below the have thrown in the towel — in other rangebound, he says, given a triumvi-
20 will see a sharp rebound.” long-run average of 1.8 times, it is above words, given up on EMs — which is the rate of economic headwinds in the
The lowly valuation of EM stocks sug- the cyclical low of 1.28, recorded in late point at which careful investors might shape of slow growth, dollar strength
15 gests investors believe corporate earn- August, and the all-time low of 0.94 start looking for opportunities.” and retreating commodity prices.
ings over the coming decade will be in August 1998. Mr Wolf sees scope for EM corporate Mr Wolf, too, is positive on Russia,
10 lower than in the past 10 years. Historically, buying EM equities at earnings to rise a little from this year’s given signs of economic stabilisation, as
Mr Wolf says this is a “pretty safe this valuation has often led to double- depressed levels, but even if this does well as India, Indonesia and Mexico.
5 assumption”, with EM earnings having digit gains in the subsequent 12-month unfold he suggests it will present only a Mr Rossi favours EMs that are com-
been elevated for much of the current period, although this is far from univer- short-term tactical buying opportunity, mitted to a reform agenda, such as India
0 millennium by high commodity prices sal, and losses have been recorded in a rather than a long-term strategic one. and Mexico. “These nations will con-
1999 01 03 05 07 09 11 13 15 and rapid growth in both China and glo- handful of cases. “There are structural issues over the tinue to attract investors’ confidence
bal trade. Mr Iwanicki describes a valuation of next couple of years that will keep earn- for tackling their structural problems,”
BofA Merrill Lynch US high yield master II option-adjusted spread However, Mr Iwanicki is not con- 1.4 to 1.5 times book as “the top end ings growth weak,” he says, singling out he says.
Source: FRED vinced this will prove the case. With the of the band that has historically been the corporate sector’s high debt levels “Countries where this is not the
past decade having encompassed the ‘buy’ territory”. as the largest problem. case will not see any investor interest.”

Currencies Equities

Dollar rally loses pace as focus on rates shifts Square surges two-thirds from low IPO price
MICHAEL HUNTER, ROGER BLITZ December meeting. The euro promptly hawkish commentary about lift-off with LESLIE HOOK — SAN FRANCISCO need to execute the plans in front of which Mr Dorsey is also chief and co-
AND KATIE MARTIN
fell 0.5 per cent against the dollar, a dovish tone on the cycle. “If, or when, us,” she said. founder. He splits his time between the
Shares in Jack Dorsey’s Square soared
The attention of the foreign-exchange though it recovered to end the European they lift rates in December, the Fed will Had Square priced at the top of its two groups.
in the payments company’s first day of
market has shifted from an expected session up 0.85 per cent to $1.0750. likely be very aggressive in highlighting pricing range, the offering would have The listing has been a harsh test of
trading, after pricing at an unexpect-
December US rate rise to uncertainty That left the dollar index, which the idea of a very gradual pace,” said raised an additional $108m. investor appetite for lossmaking Silicon
edly low level on Wednesday evening.
about the pace of a tightening cycle, tracks the US currency against a basket Tom Porcelli, chief US economist at RBC The share price jump between pricing Valley tech companies. Even at its high-
creating volatility in dollar trading. of its rivals, still shy of the psychologi- Capital Markets. In early trading yesterday the shares and opening was larger than for most US est levels the share price was below the
cally important 100 mark, last touched According to David Bloom at HSBC, a peaked at $14.80, almost two-thirds flotations. Square opened at $11.20 yes- valuation commanded in the private
Neil Mellor, FX analyst at BNY Mellon, in March. Having reached 99.85 after shift in rates higher than expected higher than its $9 IPO price, which had terday, 24 per cent higher than its offer- markets a year ago.
said: “The interest is not when the Fed the Fed minutes, the index was down would add strength to the dollar. “How- given a market capitalisation of $3.2bn. ing price. The US average this year is Square’s first-day pop will be seen as
moves, but what happens thereafter.” 0.75 per cent to 98.92. ever, if at any time next year the market By late morning, the stock was just 13 per cent, according to Dealogic. vindication of Mr Dorsey’s determina-
After rising to a seven-month high With the index having risen more thinks the Fed may need to loosen in above $13, with a greater volume trad- Mr Dorsey’s mother opened trading at tion to push ahead at a time when other
against the euro in the run-up to min- than 5 per cent since mid-October, the 2017, then the dollar will plummet,” he ing hands than the 27m shares issued. the New York Stock Exchange by tap- tech IPOs have performed poorly.
utes from the Federal Reserve’s October market had priced in monetary diver- said. “The risk-reward in 2016 is for a Square’s advisers — led by Goldman ping her watch to a Square payment The surging price also highlights the
meeting on Wednesday, the dollar was gence, said Mr Mellor. weaker dollar.” Sachs, Morgan Stanley and JPMorgan reader at a flower stall on the street out- increasingly common practice of offer-
sold off in the morning European ses- “The only problem I have with this Nordea warned that investors could Chase — had set a price range of $11 to side, which was connected to the bell ing shares at a low price to generate a
sion yesterday. divergence is everyone is going the same be underestimating the potential speed $13 when they began marketing, against inside the exchange. The stall had been first-day buzz. This benefits investors
A similar pattern emerged after the way. If this divergence gets traction, of US rate rises. Martin Enlund, analyst, $15.46 in the most recent private fund- one of Square’s earliest customers and who participate in the public offering
publication of dovish minutes from the that’s fine. But with this absolutely dom- said the Fed was “trying to signal a hik- ing round, in October 2014. its name — Lilybelle — was used as the directly, because they see their shares
European Central Bank’s October meet- inant view, there is a significant possibil- ing path in line with half the pace” of the Sarah Friar, chief financial officer, code name for the IPO project. soar immediately, but it comes at a cost
ing, which, according to FX strategists, ity of a market shock.” cycle in 2004-06. “The market is pric- denied that the company had sold The proceedings were broadcast on for the company, which raises less
point to looser monetary policy at the Analysts expect the Fed to blend ing in half of half.” itself short. “We have the capital we Periscope, the video feed of Twitter, of money as a result.
Friday 20 November 2015 ★ FINANCIAL TIMES 23

MARKETS & INVESTING

Global overview
TRADING POST Markets update

Jamie
Chisholm
Stocks unfazed by Fed ‘lift-off’ S&P 500 index
Change on day 0.15%

chatter as the dollar eases back

2100
2080
2060
The general consensus among 2040
analysts and investors after the latest
2020
Federal Reserve minutes is that a Oct 2015 Nov
rate rise on December 16 is, all things
remaining equal, even more likely. Wall Street holds gains, potential November weakness, empha- US equities Healthcare stocks ran into
Yet the federal funds futures market sising the cumulative improvement profit-taking after a recent run of gains
appears reluctant to reflect European bourses rise over the course of the year as justifica- while the broader market appeared
this growing certainty. At mid-session and euro firms on tion for lift-off,” he said. comfortable with expectations that US
yesterday it was still pricing in just a However, interest rate futures stub- interest rates would rise next month
66 per cent probability of a hike. prospects of December bornly kept the probability of a move
Anthony Karydakis, chief economic Fed and ECB moves next month priced at 66 per cent, while FTSE 100 index
strategist at Miller Tabak, says this the yield on the two-year Treasury note Change on day 0.81%
presents a trading opportunity. He DAVE SHELLOCK held steady at 0.88 per cent. 6500
places the odds of a pre-Christmas In contrast to the Fed minutes, those 6400
rate rise in the 85 to 90 per cent range. European stocks rose and Wall Street from the ECB’s latest policy gathering 6300
“Irrespective though of whether our held the bulk of the previous session’s “strongly echo the message of numerous 6200
call is validated or the federal funds strong gains even as expectations grew recent speeches by governing council
6100
futures market’s more cautious that the Federal Reserve would raise members signalling further monetary Oct 2015 Nov
approach turns out to be the prudent interest rates next month for the first stimulus at the next meeting on Decem-
approach, we believe that this market time in nearly a decade. ber 3”, said Capital Economics. UK equities Hefty gains for Johnson
is set up for a potentially sizeable However, the dollar gave back some of Nevertheless, the euro was up 0.8 per Matthey, CRH and Royal Mail helped
move over the next three weeks.” its advance as participants took profits cent against the dollar at $1.0744, and push the FTSE 100 to its highest in a
This is because there are two after the Fed’s Open Market Committee 0.1 per cent higher versus the yen at week, although the index was down
important events in the first week of said that a December move made it Y131.84, even as the yield on the 3.6 per cent for the year so far
December that may “settle [in either more likely that the policy trajectory German 10-year government bond fell
direction] the outcome of the after lift-off would be shallow. 3 basis points to 0.48 per cent. Eurofirst 300 index
upcoming meeting”, he says. The euro firmed even though the The dollar was 0.7 per cent weaker
Change on day 0.43%
On December 3 Fed chair Janet minutes of the European Central Bank’s against the yen at Y122.72, leaving the 1500
Yellen will deliver testimony on the latest policy meeting signalled that fur- dollar index, a measure of the US cur- 1490
economy in Congress, and the next ther policy easing was a strong possibil- rency against a basket of peers, down 0.8 1480
— Andrew Harrer/Bloomberg
day the jobs report will be published. ity next month. per cent. That helped gold rally $12 to
Fed signals dovish rate rise: FT.com/video 1470
Those wanting to bet on a rate rise After the Bank of Japan maintained its $1,082 an ounce.
1460
next month could go short the pace of asset purchases, the yen also John Authers says markets remain calm as expectations of a The BoJ kept policy unchanged, main-
Oct 2015 Nov
December fed funds future contract gained ground versus the US currency. December rate rise were bolstered by the latest Fed minutes taining its purchases of government
against the August 2016 contract. The softer dollar helped gold snap its bonds at Y80tn a year. Its statement European equities Sodexo shares
The spread — currently about 40 downward trend but industrial com- highlighted the fact that some indica- jumped 9.9 per cent after the catering
basis points — should tighten as the modity prices stayed under pressure to rein in Japanese equities, and the rise in market expectations of a Decem- tors of inflation expectations had been group gave an encouraging trading
December contract falls much more from persistent concerns about over- Nikkei 225 rose 1.1 per cent to a three- ber “lift-off”, he added. “relatively weak”, although Haruhiko update, helping the Eurofirst 300 hit a
sharply than the August one, with the supply and weakening demand. month high. “That suggests a belief in the market Kuroda, governor, said that there was no three-month intraday high
latter’s pullback tempered by the Fed By midday in New York, the S&P 500 Wednesday’s hefty rally for US stocks that the Fed is going to be able to change to the view that longer-term
having stressed that the tightening is equity index was down less than 0.1 per came after the minutes of the Fed’s start hiking rates in December without price expectations were rising.
likely to be shallow and slow. cent at 2,082.6 after climbing 1.6 per October meeting offered further signals much negative impact on the US econ- Mansoor Mohi-uddin, senior market Nikkei 225 index
cent on Wednesday. that the US central bank was preparing omy, as well as — crucially — without strategist at RBS, noted that Mr Kuroda Change on day (’000) 1.07%
20.0
[email protected] That left the US equity benchmark to raise official borrowing costs at its crushing commodities, oil and the had been similarly dismissive of Octo- 19.5
about 2.4 per cent short of the record meeting on December 15-16, barring global economy.” ber’s weak trade data. “The BoJ thus
19.0
Fed funds future spread intraday high of 2,134.72 reached in “unanticipated shocks”. Joe LaVorgna, chief US economist at seems unlikely to consider more easing
18.5
Dec 2015 minus Aug 2016 May, after a near-10 per cent rally from Hans Mikkelsen, credit strategist at Deutsche Bank, said that the bar for a until at least April,” he said.
the end of September. BofA-Merrill Lynch, said: “The market December rise was fairly low with Industrial commodities looked shaky. 18.0
(percentage points) Oct 2015 Nov
0.8 Across the Atlantic, the FTSE has spoken — the Fed is free to start respect to incoming economic data. Copper touched $4,573 a tonne in
0.6 Eurofirst 300 rose 0.4 per cent to hiking rates in December.” “Even though we expect a soft London, the lowest since May 2009, Japanese equities The Nikkei ended
0.4
0.2 1,502.33, more than recovering the pre- Energy, materials and financial stocks November non-farm payroll report — before ending 0.4 per cent up at $4,630. at a three-month high as participants
Nov 2015 Nov vious day’s slip but ending well short of had been the best performers since the partially the result of payback from Zinc and nickel also struck multiyear took heart from a strong overnight
2014 an earlier three-month peak of 1,513.65. day before the conclusion of the October unexpected strength in October — the lows, while Brent oil was down 0.3 per advance for Wall Street
Source: Bloomberg
The firmer tone of the yen failed policy meeting that triggered the sharp Fed appears likely to look through any cent at $44.03 a barrel.

Best Buy Green Mountain shares zoomed into the

Share price ($) green. The maker of single-serve coffee Trading Directory
36 pods and brewers revealed stronger-
34 than-expected adjusted quarterly
32 profits after the closing bell on
30 Wednesday. Sales also narrowly topped
28 Wall Street expectations.
Wall Street Oct 2015
Source: Thomson Reuters Datastream
Nov The Vermont-based company has had
a rough year as concerns have swirled
Best Buy suffers as Day's about the performance of its cold-
electronics interest Indices
S & P 500
Close
2079.71
change
-3.87
beverage machine, called Kold. The
hope has been that the new device will
powers down DJ Industrials 17719.19 -17.97 help sustain the company as it struggles
Nasdaq Comp 5074.28 -0.92 with lukewarm sales of its hot brewers.
Russell 2000 1204.70 -8.35 The shares shot up 25.7 per cent
VIX 17.02 0.17
yesterday, but were still down more
US 10 yr Treas Bd 2.26 -0.01
than 60 per cent for the year.
Adam Samson US 2 yr Treas Bd 0.82 0.00
Also in the black was Valeant, the
struggling speciality pharmaceutical
company. Its debt was initiated at
Best Buy shares fell after the electronics midday trading to $30.44, widening its “overweight” by Citigroup. Valeant has
retailer offered a cautious outlook for year-to-date loss to 20.9 per cent. come under scrutiny over increases in
the holiday-shopping season. Elsewhere, UnitedHealth cut its full- the price of some of its drugs and its
The company said it expects fiscal year profit outlook as its involvement in relationship with a speciality pharmacy.
fourth-quarter revenue growth to be US public insurance exchanges weighs The stock rallied 8.1 per cent to $78.55
nearly flat, reflecting weakness in the on its business. The biggest US health yesterday, helping narrow the year-to-
consumer electronics retailing industry. insurer added that it may abandon the date loss to 45.1 per cent.
Indeed, sales in the fiscal third marketplaces, a key component of US Meanwhile, Match Group and Square
quarter, which ended on October 31, fell President Barack Obama’s signature both made their public-market debuts.
2.4 per cent from the year before to healthcare law. Match, the parent of dating app Tinder,
$8.82bn. That missed Wall Street UnitedHealth’s shares skidded 4.3 per popped 13.3 per cent to $13.59, after
expectations of $8.83bn. cent to $112.17, knocking its 2015 gain to pricing at the lower end of its expected
The news is yet another sign of the 10.9 per cent. The concerns about the range. Square, a mobile payment
uneven performance of retailers. Macy’s exchanges also rippled across the company run by Twitter chief Jack
and Nordstrom, both department store healthcare sector, with many insurers Dorsey, climbed 44.6 per cent to $13.01,
chains, issued gloomy outlooks last and other players in the area sliding. after pricing below its projected range.
week. However, Home Depot, the Anthem, another insurer, dropped 6.7 In midday trading, the S&P 500 fell
biggest US home improvement retailer, per cent to $128.04. Meanwhile, HCA 0.1 per cent to 2,082.6, the Dow Jones
on Tuesday revealed better than Holdings, an operator of hospitals, Industrial Average dipped 0.1 per cent
expected quarterly results. dropped 5.2 per cent to $66.53. to 17,720.66 and the Nasdaq Composite
Best Buy’s shares fell 2.8 per cent in On the other side of the ledger, Keurig was a touch firmer at 5,079.84.

The BoE’s next financial stability August, JPMorgan said. “Management

review on December 1 was likely to expects growth at the 4 per cent level for
introduce underwriting caps and might the year,” it told clients. “At the time of
include more draconian measures. the first-half results, management had
One option, it said, would be to insist thought that second-half growth could
that banks put higher risk weightings on trend towards 5 per cent but emerging
consumer debt such as by treating buy- markets (circa 40 per cent of revenue)
to-let mortgages as commercial rather have slowed a bit.”
London than residential lending. Housebuilders drifted after Bovis
Virgin Money slips on Virgin Money, down 5.6 per cent to
353p, faces the sector’s biggest hit to its
Homes warned on profit margins,
blaming cost inflation and planning
clampdown worries capital buffers, said Merrill. delays on its high margin sites.
It advised selling Aldermore, down Bovis fell 8.6 per cent to 904p,
5.3 per cent to 262.3p, and landlord Berkeley lost 1.5 per cent to £30.93
mortgage specialist Paragon, which and Persimmon was down 1.3 per cent
slipped 4.5 per cent to 402.5p. to £18.40.
Bryce Elder A wider rally lifted the FTSE 100 by Poundland tumbled 20.1 per cent to
0.8 per cent, or 50.96 points, to 6,329.93. 222.7p on a profit warning, caused in
Leading the gainers, Johnson part by the acquisition of 99p Stores.
Fears of a clampdown on risky lending Matthey rallied 9.6 per cent to £26.94 Stretched finances at the lossmaking
put challenger banks such as Virgin after the auto catalyst maker’s interim chain had led to a withdrawal of credit
Money under pressure yesterday. results came with a special dividend. insurance, which compounded
Merrill Lynch turned cautious on the G4S dropped 2.9 per cent to 225.8p, a “volatile” trading conditions,
fledgling lenders in a sector review. two-year low. JPMorgan Cazenove said Poundland said.
With the Bank of England likely to put it was cutting earnings forecasts for G4S Ophir Energy fell 6.6 per cent to 90.6p
off its first interest rate increase until having hosted a “fireside chat” with the after it said an exploration well in the
mid-2017, it needed to tame buy-to-let security group’s chief finance officer. Gulf of Thailand was below commercial
mortgage lending and unsecured credit Emerging market growth had quality, so had been plugged and
by other measures, Merrill said. weakened since G4S interim results in abandoned.
24 ★ Friday 20 November 2015

INSIGHT Analysis. Capital markets

Jennifer
Hughes
Reverse Yankees settle into Europe’s bond scene
Rates divergence favours the Here to stay?
trend for foreign companies
Adding renminbi to being the biggest euro issuers
Reverse Yankees: euro-denominated corporate bonds
Europe US Rest of world

IMF currency basket 2014

GAVIN JACKSON Total €318.45bn 2015 (Year-to-date)
is more than symbolic Among fearsome warriors and cute ani-
2013 Total €297.85bn
mals — the Japanese samurai, the Chi-
Total €282.12bn
nese panda and the Australian kangaroo €258.8bn
— is the reverse Yankee, the European
€229.1bn €201.7bn

B
ack in 2009 the west was desperately seeking market for foreign issuers, which has
green shoots of recovery and paid little atten- stood out this year despite its prosaic
tion when Zhou Xiaochuan called for nothing name.
less than a new world financial order. The reason US companies are selling
China’s central bank governor proposed so many euro-denominated bonds
replacing the US dollar as the international reserve cur- relates to diverging monetary policy on
rency with a global system controlled by the International either side of the Atlantic.
Monetary Fund. If, as expected, the IMF this month The European Central Bank’s quanti-
approves the inclusion of the renminbi as a reserve cur- tative easing programme has pulled
rency, it will mark a small step for Mr Zhou’s 2009 vision eurozone bond yields down to historic
but a big move for the renminbi. lows, while the US Federal Reserve may
The prospect of China’s currency joining the dollar, euro, finally shift borrowing costs higher as
yen and sterling in backing the IMF’s Special Drawing soon as next month.
Rights — its unit of account, restricted to member govern- With US yields well above those in the €63.2bn
€633.2bn
€63.22bn €33bn
ments — has been described as everything from a symbolic
ego trip on the part of Beijing to the dawning of a new era.
eurozone, a range of blue-chip compa-
nies have sold reverse Yankees to lock in
€32.5bn
€32.5bn
€32.5bn
n €20.5bn €38.6bn
€38.6b
€3
38.6bn
n €21bn
In all probability it will be like many Chinese financial lower borrowing costs. FT graphic Source: Dealogic
reforms: significant in hindsight, but hard to get excited Not only does the outlook for the debt
about in the short term. sales remain robust because of growing
Market enthusiasm for early-stage reforms such as divergence between US and eurozone ‘US issuers, kees of €38bn, according to Dealogic. “The euro market is nowhere near as Investment. “Maybe the knowledge
de-pegging the renminbi 10 years ago has given way to interest rates, but a new driver looms in Bond sales have come not just from competitive for US issuers doing a euro base or research base or mandate makes
ennui as the changes get smaller and China gets bigger. The the form of mergers and acquisitions. even the US companies. The total raised by Chi- deal as it was at the start of the year,” them more difficult to find a home.”
result is often disappointment in the numbers as China “The estimated M&A refinancing lesser-known nese borrowers has climbed to €9bn says Frazer Ross of the global risk syndi- Many European funds have to invest
maintains an antipathy to the sweeping changes, accom- pipeline is sizeable, and you could argue names, have from nothing last year. Companies that cate desk at Deutsche Bank. in European companies, he adds.
panied by headline-grabbing figures, beloved of newly that not all of those deals can be done in are neither European nor US account Many issuers next year are likely to be Worries over market liquidity may
installed western executives and politicians. the dollar market,” says Marco Baldini, experienced for 11 per cent of sales, compared with 7 global companies seeking a natural off- also result in eurozone investors seeking
Even the Shanghai-Hong Kong Stock Connect, a year old head of the European corporate syndi- earnings per cent for all of 2014. set of their euro revenues. to be compensated for the added diffi-
this week, was shrugged aside by many, because the abso- cate at Barclays. “It is fair to expect this volatility Much of this flow reflects an arbitrage “In 2015 all US issuers, even the culty of selling the bonds if they need to
lute numbers involved are rel- trend to continue.” opportunity, with companies locking in lesser-known names, have experienced get out, he says. They will demand a “lit-
atively small. However, its Cheaper financing in euros can make due to the a low European rate and swapping euro earnings volatility due to the stronger tle bit more premium”.
real significance lies in the fact
Ramifications of the return on US-based M&A work, as strong dollar’ proceeds back into dollars. Currency US dollar,” says Mr Ross. “Many issuers But other investors welcome the
that it was the first scheme SDR inclusion can the sheer size of deals — including swaps allow businesses, for a fee, to with operations in Europe want to build diversification and say the only problem
under which foreign investors the AB InBev-SABMiller megamerger — transfer coupon and principal pay- a presence in the European debt mar- comes if borrowers favour one currency
had been allowed in “blind”
come from that need refinancing. Other foreign ments into their own currency, limiting kets commensurate with their presence too much, creating indigestion as fund
— without requiring individ- its effect on companies buying European assets will the risk of adverse moves. on the ground to offset this volatility.” managers struggle to get enough capital.
ual approval. also need to tap the debt market. But this has changed. The cost of One note of caution on the reverse The trend is unlikely to go away soon.
SDR inclusion risks being
financial reform This year foreign groups have been swapping liabilities from euros to dol- Yankee boom extending into 2016 So long as the economic cycles of the US
categorised the same way. the biggest issuers of euro-denominated lars has climbed to 46 basis points — the relates to the eurozone investor base. and the eurozone are out of sync and
That would miss the point. It is not about boosting short- corporate bonds, with a 21.3 per cent highest for three years — as expecta- “Sometimes there isn’t a natural buyer interest rates plot divergent paths, com-
term demand from central banks for renminbi. Rather it is share. They have issued €63bn, easily tions that the Fed will tighten policy in for reverse Yankees,” says Mitch panies will have an incentive to come to
about embedding the currency in the international system eclipsing the 2014 total for reverse Yan- December increased. Reznick, co-head of credit at Hermes the European market.
and committing Beijing to financial reform.
If China were to constitute up to 10 per cent of the
SDR basket, reserve managers would need to buy just
$28bn of its currency — not a particularly meaningful Commodities
number compared with the $20bn traded daily in the
onshore spot market.
Reserve figures are thus another source of headline
number dismay. If China were to make up 3 per cent of the
Saudi Arabia seeks to
$11.5tn of reserves held globally by the end of 2016, as fore-
cast by DBS economist Nathan Chow, that $340bn would
quell oil supply fears
vault the renminbi into the top league alongside sterling
and the yen. Yet the dollar makes up almost two-thirds of
reserves, and the euro 20 per cent. ANJLI RAVAL — BAHRAIN A conference poll showed
Numbers aside, the big ramifications of SDR inclusion more than 90 per cent of
come from its effect on financial reform. Xiangrong Yu, Saudi Arabia and its Gulf attendees do not expect oil
economist at CICC, likens it to the impact of China joining Opec allies have lined up to prices to rise significantly
the World Trade Organisation in 2002. “Even if the ren- try to quell fears of a pro- next year, with a quarter
minbi fails to be added this time around, it will be impossi- longed supply glut in the oil expecting them to stay at
ble to reverse these reform measures,” he adds. market, warning of short- current levels or lower.
Changes so far include the scrapping in July of the need ages in the sector if invest- Just 7 per cent saw the
for central banks and other sovereign-linked players to ments fall further. prices trading back above
gain approval to invest in onshore bond markets. After all, A year after the de facto lead- $70 a barrel, the level many
reserve managers that want to add renminbi, however ers of Opec opened the taps major oil-producing coun-
slowly they do so, will need assets to buy. And China likes to squeeze high-cost rivals, tries need to get closer to bal-
and needs long-term, steady investors. they are struggling to reas- ancing their budgets.
There are also the efforts to allow the currency to trade sure cash-strapped members “Nobody expected the oil
more in line with market movements — a goal of the mis- of the cartel that the strategy price to go this low and it can-
handled August devaluation. The gap between onshore is working. not stay here,” said Ahmed
and offshore renminbi rates has risen recently, suggesting Prices are languishing near Ali Al Sharyan, secretary-
less response by the People’s Bank of China to what the $40 a barrel and showing lit- general at Bahrain’s National
market, via the offshore rate, is implying. tle sign of recovering, despite Oil and Gas Authority.
This, however, could be a function of the SDR campaign major oil companies slashing Saudi Arabia has said it
itself. After acceptance has been gained, pressure for billions of dollars in invest- will not cut production when
a stronger currency should fade, paving the way for a ment already this year. Opec members such as Iraq
drift lower. At a conference in Bahrain and Iran are raising or pre-
For short-term investors the main outcome of inclusion yesterday, Ali al-Naimi, paring to raise output.
could be greater uncertainty. For longer-term thinkers, it Saudi Arabia’s oil minister, The view is that in the
is possibly worth returning to Deng Xiaoping’s maxim told oil executives the world long-run Opec will win back
describing China’s method of progress as “crossing the must continue ploughing customers, with US shale oil
river by feeling the stones”. Investors sometimes need to money into projects to guar- expected to decline next year
count the stones felt and passed so far. There are more antee the “stability” of the after more than half a decade
of them than the numbers involved suggest. market in the long run. of robust growth. Prices may
“Demand for oil is continu- even shoot higher eventually
[email protected] ing to rise,” he said, predict- if investment is cut too far.
ing growth would rise at 1m United Arab Emirates
barrels a day, a faster pace energy ministry undersecre-
than earlier this decade. tary Matar Hamed Al Neyadi
Mr al-Naimi said $700bn said yesterday that he still
in investment would be believed Opec’s policy was
More comment and data on ft.com needed in the next decade “the right one”.
to “provide a surplus to He added: “Yes there is
guarantee the security of some pain. But we believe
Y Fast FT Our global economies, headed the market”. from next year the market
team gives you market- by Brazil, Russia, India But his remarks show he is will change itself and we
moving news and views, and China. still trying to win over a scep- could see some improve-
24 hours a day, five days ft.com/beyondbrics tical market that adopted the ment in the price.”
a week. ft.com/fastft mantra of “lower for longer”. In the meantime, the mar-
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a On December 4 Opec ket is increasingly saturated.
irreverent financial blog. look at what is driving meets in Vienna, and Vene- The International Energy
Join Paul Murphy and the global currency zuela and other economi- Agency said last week oil
Bryce Elder for the daily market. ft.com/podcasts cally weak Opec members inventories have hit record
Markets Live session at are expected to lobby for levels, approaching 3bn bar-
Y Lex Video Analysis a return to production rels in developed countries —
11am. ft.com/alphaville
and opinion from the cuts to bolster the price, the equivalent of a month’s
Y beyondbrics News and team on the hot issues which is on course this year global demand.
comment from more affecting companies and to average its lowest since Additional reporting by
than 40 emerging markets. ft.com/lexvideo 2005. Few are confident of a David Sheppard and Neil Hume
speedy recovery. in London
 FT SPECIAL REPORT

Doing Business in China

Friday November 20 2015 www.ft.com/reports | @ftreports

Inside

Beijing’s Legacy of economic

stimulus is mixed
Heavy debt burden

economic weighs on balance

sheets
Page 2

‘One Belt, One Road’

competence An investment initiative

that has been greeted
with confusion and
caution
Page 3

questioned ‘Dawn raid’ drills may

be needed
Foreign companies are
confronting a broader
array of regulatory risks
Page 3

Expatriates
Leadership under pressure as growth continues to The number of
grind down and debt piles up, says Jamil Anderlini Seeking change: Xi Jinping, China’s president, visits an advanced technology factory in the Fujian province — Xinhua/Alamy foreigners arriving
on lavish corporate

F
or more than two decades the But a stock market crash and a series this year as the Communist Party strug- the negative feedback loop in weak real decision to devalue the renminbi on
Chinese Communist party of policy mis-steps over the summer gles to achieve its full-year target of activity, worsening deflationary pres- August 11, according to people familiar packages is declining
has offered the masses an have left many investors questioning “around 7 per cent” growth in GDP. sures and increasing debt burdens; all with the matter. But the shocked reac- Page 4
unwritten social contract — we their faith in the infallibility of the man- According to official statistics, the econ- against a backdrop of higher capital out- tion of global markets and the abrupt
will manage the country and darins in Beijing. omy expanded 6.9 per cent in the third flows and financial market volatility.” volte-face that followed that decision
allow you to get rich, as long as you stay Meanwhile, the relentless slowdown quarter from a year earlier, after grow- Investors are unlikely to see any relief probably did more to harm Chinese
out of politics. in the broader Chinese economy that ing by 7 per cent in the first half. from China’s enormous export sector, leaders’ reputation for economic com-
Rapidly rising living standards and a has been under way for the last few Tao Wang, the chief China economist which is struggling with weak global petence than anything else.
bureaucracy that was remarkably suc- years appears to be worsening, and at UBS, predicts growth will slow to 6.2 demand, rising environmental and “The devaluation was clearly a policy
cessful at achieving high rates of growth deep-seated problems in the real estate, per cent next year and 5.8 per cent in labour costs and a strengthening ren- mis-step,” says Derek Scissors, a resi-
left most ordinary citizens convinced manufacturing and financial sectors are 2017. minbi. dent scholar at the American Enterprise
this was a pretty good deal. becoming more acute. “Downside risks [to these forecasts] At the start of 2015, the government Institute in Washington DC. “It seems
Most foreign investors in the country As recently as two years ago, many will probably come mainly from a set a target of 6 per cent expansion in they were completely oblivious to the
have been similarly impressed by the Chinese officials were still confidently deeper and more prolonged property total trade, but in the first 10 months downside risk and how the rest of the
competence of Chinese technocrats and predicting that the economy would con- destocking process and a greater of the year China’s trade with the world would react.” Corporate reinvention
their ability to manage an increasingly tinue to expand at a steady rate of 8 per knock-on effect on the industrial sector, rest of the world shrank 8 per cent from In fact, global investors had already
complex economy that is now the cent for at least two more decades. and to a lesser extent, from insufficient the same period a year earlier. been losing confidence in the Chinese A company in business
world’s largest, at least in purchasing But China will grow at its slowest policy support to temper the down- Woes in the export sector were one authorities for some time. for more than 100 years
power terms. annual pace in a quarter of a century turn,” she says. “Either could aggravate reason for the Chinese government’s Continued on page 2 Page 4

Ecommerce offers a cheaper

and faster way to market
Chinese middle class buyers who are
Online looking to buy imported goods abroad
due to concerns about home-made
Charles Clover discovers counterfeit goods.
companies so powerful that Alibaba offers a number of options for
sellers, including the free eBay-like plat-
for all intents and purposes form Taobao, which is basically an
they have become the online flea market. Most big brands set
‘ministry of the internet’ up on Tmall, which resembles an Ama-
zon market place, a platform where big
brands can set up stores and have more
On November 11, Todd Fryhover, presi- control over their sales and supply
dent of the Washington Apple Commis- chains. Tmall’s first store from a fortune
sion, joined China’s Singles Day celebra- 500 company was Procter & Gamble,
tion for the first time, hoping to sell 1.2m launched in 2008, which has grown 100
apples from Washington State in 24 times since then, according to P&G vice-
hours. president Jasmine Xu.
To help him out was the marketing This year on Singles Day Ms Xu says
juggernaut of Alibaba, the Chinese that P&G made its first Rmb100m
ecommerce company, where Washing- ($16m) in six minutes, compared with
ton apples are sold through branded eight hours last year. “[Tmall] is a key
website Tmall, one of a number of for- platform to drive brand building in
eign food brands that are finding a ready addition to sales,” she says.
market in China amid health scares over Some merchants have been loath to
domestic produce. list on Alibaba, however. It gets vast
Singles Day, which began as a student online traffic, but the pressure to dis-
celebration of singledom in the early count and the prevalence of fakes
1990s, was reinvented by Alibaba in Core customers: Jack Ma of Alibaba means it is “hard to protect a brand on
2009 as a mass festival of conspicuous Tmall,” says one consultant.
consumption, and more and more for- erates has been able to monopolise But there are plenty of alternatives.
eign companies are joining, hoping to every aspect of daily life that could con- JD.com, Alibaba’s rival, which is increas-
use the holiday as a marketing exercise ceivably be put on the web and sold to ing its market share, has attracted a
to get their brands out to the Chinese the public. “They all want to own the number of brands to its online store.
public. customer, they want to be with them Meanwhile, waiting in the wings is
Mr Fryhover wants everyone in China every second of the day, when they Tencent’s social media app WeChat,
to have “a repeatable, wonderful experi- watch a video, chat to their friends, buy which has more than 500m users and is
ence on Washington apples”. China is groceries, or go to a restaurant” says growing rapidly. Fearful of flooding the
number six on the list of 60 countries Chris DeAngelis from the Beijing-based app with advertising and products, Ten-
that import apples from Washington’s Alliance Development Group. cent has been holding back on “mone-
450 growers, but he thinks it will be China’s internet giants are becoming tising” WeChat.
number one by next year. what analyst Anne Stevenson-Yang of But advertising on WeChat is just one
He may be right. By midnight, as a J Capital Research calls “tech Keiretsu”, way of getting attention, and many com-
video billboard in Alibaba’s Beijing referring to the national champions that panies have found they can win huge
auditorium showed, $14.3bn of mer- marketing success simply by using
chandise had been bought via Alibaba’s WeChat for word-of-mouth marketing.
platforms in 24 hours. Fans of English country living, for
Western companies are increasingly ‘China in many ways is more example, can join a WeChat group
turning to online commerce, a cheaper switched on to the internet devoted to Aga cookers, the iconic Eng-
and faster way to get to market than set- lish oven brand, watch videos about
ting up store chains or penetrating the than other countries which cooking on an Aga, swap messages
opaque retail market in China. have had it for longer’ about it, and, thanks to the software
To do this they are learning to love which embeds the store in the chat-
China’s internet conglomerates, infor- dominated the Japanese economy in the room, even buy one on impulse.
mally known as BAT — Baidu, the search 20th century with interests in multiple “WeChat is unusually versatile; its
company, Alibaba and Tencent, the industries. “When companies are this better than Facebook, better than
social media and gaming company. The big in China, the difference between WhatsApp for marketing,” says Jim
three have begun to dominate economic public and private is not that impor- James, head of EastWest Public Rela-
life in China with amazing speed, doing tant,” she says. “For all intents and pur- tions in Beijing, which designed the Aga
everything from retail to finance to poses these companies have become the WeChat group.
transportation, and moving into health- ministry of the internet.” “China in many ways is more
care and even agriculture. But fierce competition means foreign switched on to the internet than other
In just a few years, the BAT conglom- sellers have many options for courting countries which have had it for longer.”
2 ★ FINANCIAL TIMES Friday 20 November 2015

Doing Business in China

‘It is just like

the left hand
borrowing from
the right hand’
Debt Gabriel Wildau says the legacy of the
government’s economic stimulus plan is mixed

W
hen China's cabinet by state-owned enterprises (SOEs) and
announced a Rmb4tn local governments to state-owned
economic stimulus at banks. In other words, they are more
the height of the global like the left hand of the government bor-
financial crisis in rowing from the right hand of the gov-
November 2008, the plan was widely ernment,” Larry Hu, China economist at
praised as a vital contribution to sup- Macquarie Securities, wrote in October.
porting the world economy. “What concerns us most is not an immi-
Seven years later, the legacy of that nent debt crisis but lower long-term
programme is decidedly mixed. The growth.”
burst of spending on infrastructure and China's leadership has taken a series
new manufacturing capacity propelled of steps over the past year to bring debt
the economy to 9.8 per cent average under control. The most important has
annual GDP growth in 2009-2011 and been the creation of a municipal bond
also buoyed the economies of resource market. Troubled times: debts as companies struggle to repay unproductive factories because it default, including by SOEs, will increase
exporters such as Australia and Brazil During the stimulus period, local gov- the People’s debts fixed in nominal terms even as involves both the laying off of workers in the coming years, but only modestly.
by boosting demand for industrial com- ernments borrowed heavily through Bank of China in their revenues decrease. and sacrificing tax revenue. “The agency expects defaults by SOEs
modities. special-purpose investment vehicles to Beijing “Debt-deflation trap is a big macro Reducing the flow of new debt, lower- to become less uncommon in China's
But the stimulus also led to a vast circumvent a legal ban on local borrow- AFP
risk,” Tao Wang, China economist at ing debt service costs and boosting infla- corporate bond market, but still spo-
increase in debt. McKinsey, the business ing. Last year, in an effort to “close the UBS, wrote in early November. “Declin- tion are all necessary to address China's radic and isolated, as controlling sys-
consultancy, estimates that total debt — back door and open the front door”, the ing prices, a heavy debt burden and still- debt challenge, but they are not suffi- ‘Declining temic risk remains a top priority for the
including the household, corporate, government eliminated this ban and high interest rates will likely weigh on cient, analysts say. The final piece of the prices, a Chinese government while the economy
financial and government sectors — allowed provinces to issue bonds corporate balance sheets, undermining puzzle is accepting that some debt can- remains soft,” Fitch said in a report.
quadrupled from $7.4tn at the end of directly. The finance ministry sets debt their debt servicing capacity and invest- not be repaid. That means greater toler- heavy debt The rise in defaults is also leading to
2007 to $28.2tn by mid-2014. As a share quotas for each province, limiting the ment demand and worsening banks' ance of defaults and write-offs. burden and opportunities for distressed debt inves-
of GDP, Chinese debt rose from 158 per total amount of new debt. asset quality.” For years, China’s government — fear- tors. Foreign debt investors played a
cent to 282 per cent in the same period. The ministry is also allowing prov- To deal with this problem, economists ing the impact of default on financial still-high modest role in China’s last round of
Most analysts do not believe China inces to refinance bank loans to special expect China’s central bank to continue stability and economic confidence — has interest large-scale debt restructuring in the late
will suffer an acute debt crisis. Instead, purpose investment vehicles (SPVs) loosening monetary policy, which used bailouts and debt rollovers to pre- 1990s and early 2000s, when state-
the fear is of a Japan-style scenario in with municipal bonds. Lower interest should boost inflation and lower debt vent this scenario, especially for state- rates will owned banks offloaded trillions of ren-
which state-owned banks roll over rates on bonds compared with loans will servicing costs. owned enterprises where debt problems likely minbi in bad loans from their balance
unpaid debts to unprofitable “zombie” reduce the burden of servicing debt for Ms Wang also believes that corporate are most severe. sheets in preparation for stock market
companies in a strategy of “extend and local governments. restructuring — including liquidation of Yet even the government’s considera- weigh on listings.
pretend”. As corporate cash flows are In addition to the run-up in borrow- excess manufacturing capacity — as well ble fiscal resources are not sufficient to corporate So far, there is little evidence that for-
increasingly used to service old debts, ing, China’s debt problems are com- as monetary easing is necessary to bail out all the debt that is expected to eign investors will be welcome this
growth will suffer as less money is avail- pounded by falling prices, particularly reverse deflationary trends. But that is sour in the coming years as China’s balance time round, given the political sensitiv-
able to finance new investment. in the manufacturing sector. Deflation politically difficult. Local governments economy slows. Rating agency Fitch sheets’ ity of selling off state-owned assets to
“The majority of debt in China is owed increases the real burden of servicing have traditionally resisted the closure of believes the government’s tolerance for foreigners.

Economic competence questioned

Continued from page 1 sible policy option and did not expect nese leadership. “But once it feels it has
Around the middle of 2014 it became the central leadership to adopt it so sufficiently stabilised the market then
clear that the government had decided promptly. At first glance the announce- we will see some more devaluation.”
to encourage speculation in the coun- ment appeared to be a master stroke. If this prediction is correct it will have
try’s vast, but poorly regulated, equity In addition to a small “one-off” deval- a vast impact on global companies and
market. By attaching its imprimatur to uation of less than 1 per cent against the investors operating in or coming to
a bubble the government believed it US dollar, the PBOC also said it would China.
could engineer a giant debt-for-equity now allow the market to play a much For years, the ever-rising value of the
swap as companies sold shares to pay off bigger role in setting the exchange rate renminbi was as certain and stable as
some of the crushing debt that was — a reform the IMF and many other the Communist Party’s social contract
harder to service as growth slowed. institutions had been urging for years. with its citizens and that meant a one-
As the benchmark Shanghai index That meant Beijing could devalue the way bet and an extra attraction for for-
soared in early 2015 the People’s Daily, currency to help struggling exporters eign investors pouring into renminbi
the official mouthpiece of the Commu- while also appearing to be complying assets.
nist Party, crowed in a front page with IMF demands. Theoretically, this Investors looking for a bright spot in
editorial that this was only the start of a would not lead to competitive devalua- China have pointed to resilience in con-
multiyear bull market. But barely two tions from other countries and China sumption and service sectors, which
months later the bubble burst and would not be accused of following a have held up even as growth in invest-
prices of equities, that had been driven mercantilist policy. Over the next few ment, construction, manufacturing and
upwards by a flood of newly sanctioned days investors pushed the value of the heavy industries has plummeted. The
margin trading, started to plummet. renminbi down by close to 5 per cent, as government has encouraged this opti-
Beijing’s knee jerk reaction was a Beijing had hoped. mism by pledging to shift the Chinese
massive state-sponsored rescue effort to But outside China’s borders global growth model from investment and
buy stocks and stop the price falls. markets and regional Asian currencies construction to consumption and serv-
When that did not work the government were collapsing as investors worried ices.
banned large shareholders from selling about a currency war amid fears the But in unpublished recent remarks to
any stocks. The market kept falling and visiting foreign dignitaries, even China’s
eventually the “national team” of state- outspoken finance minister, Lou Jiwei,
backed stock-buying funds abandoned forecast four or five years of much lower
their attempts to prop up prices — but ‘As investment and GDP growth as the economy digests massive
not before they had spent more than growth continue to slow, industrial overcapacity, as well as exces-
$200bn trying to support the market. sive debt levels that are still rising. He
“This was a huge hit to the govern- employment and wage also warned that he expects “labour
ment’s credibility and it just got worse growth may soften further’ pains” as unemployment rises.
with the failed devaluation attempt,” “Although employment and con-
said one market participant with close Chinese economy was in much worse sumption have stayed resilient so far, we
ties to top financial regulators. trouble than anyone had thought. expect both to face increasing head-
On August 11, the day the People’s Within days the PBOC reversed itself winds in 2016 and 2017,” says Ms Wang.
Bank of China — China’s central bank — and announced it was heavily interven- “Going forward, as investment and GDP
announced its devaluation, several of ing in the market, essentially to re-peg growth continue to slow, employment
the PBOC’s most senior officials were on the renminbi to the dollar to try to calm and wage growth may soften further.”
holiday and had to be recalled, accord- panicky markets and trading partners. As growth slows and debt piles up the
ing to several people with knowledge of “The government was very surprised by government’s unwritten contract with
the matter. These people said the PBOC the strength of the international reac- the masses — and with global investors
had proposed the move as just one pos- tion,” said one senior adviser to the Chi- — is looking increasingly strained.

Contributors
Jamil Anderlini Erick Robinson Andy Mears
Beijing bureau chief Beijing-based partner at Rouse, an Picture editor
international law firm
Charles Clover For advertising details, contact
Tom Mitchell Chris Campbell Olivia Hu on 00 86 21 6375 9222 ext. 121
Lucy Hornby Graphic artist or [email protected],
Beijing correspondents or your usual FT representative.
Valentina Romei
Ben Bland Statistics journalist All editorial content in this report is
South China correspondent produced by the FT.
Aban Contractor Our advertisers have no influence over or
Gabriel Wildau Commissioning editor prior sight of the articles.
Patti Waldmeir
Shanghai correspondents Steven Bird All FT Reports are available at:
Designer ft.com/reports
Follow us on Twitter @ftreports
Friday 20 November 2015 ★ FINANCIAL TIMES 3

Doing Business in China

‘One Belt One Road’ plan greeted with caution

Investment So far there is little indication of where the money from the country’s development initiative might flow, or how to tap into it, reports Lucy Hornby

N
o Chinese initiative has
been lapped up so eagerly China in numbers
since Chairman Mao’s Little
Red Book inspired millions Chinese GDP per capita is However, bureaucracy continues China’s debt rises fast, higher than The student population is now
across the globe in the approaching that of the US ... to be among the most problematic in some advanced countries 12% smaller than in 2003
1960s. This time the proponents of the GDP per capita at purchasing power parity $, % of US factors for business ... Debt to GDP ratio Million of enrolled students
“One Belt, One Road” slogan are not Forecast Survey of executives, 2015 Postgraduate
300
young idealists but suit-clad and nor- 30 Rank (0 = least problematic) Higher Institution
mally more sobersided politicians, bank 0 2 4 6 8 10 12 250
analysts and economists. China
20 Insufficient capacity to innovate 200 200
One Belt, One Road is a Chinese for-
eign policy initiative promoted by presi- Indonesia Access to financing 150
10 Inefficient government bureaucracy
dent Xi Jinping and sometimes known Inadequate supply of infrastructure 100
as China’s answer to the Marshall Plan Tax rates
(although Beijing rejects that analogy). India 50 Secondary School
0 Corruption 150
The numbers are impressive: $40bn Policy instability 0
from the new Silk Road Fund, to sup- 1980 90 2000 10 15 20 Tax regulation complexity 2000 2007 2014 (Q2)
port private investment; not to mention
the lion’s share of the expected $100bn ... and it’s becoming more ... with China’s perceived as more
Household Government Financial Non-financial
to be dispersed from the new China-led business-friendly Starting a business corrupt than other Asia countries institutions corporate 100
Asian Infrastructure Investment Bank Days to do each task Registering property Global corruption perception index, 2014
Debt to GDP ratio, Q2 2014
(AIIB). 800 1 (least corrupt) 174 (most corrupt)
So far there is little indication of 300
Paying taxes Primary School
where the money might flow, or how to 600 Hong 250
tap it. Kong China 50
Securing 17 100 200
The confusion starts with the name construction 400 150
itself. One Belt refers to what was histor- permits
ically called the Silk Road, stretching 200 100
from China through central Asia. One 50
India, Philippines 0
Road refers to a “maritime road” which 0 Thailand, Sri Lanka 0
more or less draws inspiration from the 2003 05 10 15 85 China US Germany 1980 85 90 95 2000 05 10 14
voyages through Southeast Asia to the FT graphic Sources: IMF; World Bank Ease of Doing Business; World Economic Forum; Transparency International; McKinsey; CEIC
east coast of Africa by Zheng He, the
eunuch admiral of the Ming Dynasty.
Rather than being limited to China’s While there, he announced £60m of World Bank in Beijing, also views the were signed during an April visit by projects, when they are finally detailed,
near neighbours in central and South- investment into real estate projects in potential whole as greater than the sum President Xi, and a steel mill that state- would have to be profitable at lower
east Asia, One Belt, One Road is geo- Manchester and Sheffield by the Hual- of its parts, writing: “The benefits only owned Hebei Iron and Steel proposes to prices, or heavily subsidised by the Chi-
graphically elastic. ing Group, known for developing whole- accrue if each part of the belt and road build in South Africa. nese state. Potential host nations are
“Some people say there are only 65 sale markets in Xinjiang. gets built, or at least a significant part”. One consultant, who advises Chinese already pulling back on investment to
countries involved but that’s a misun- Others see a spurt of investment into Within China, regional promoters are businesses in Africa, says that would-be ride out the anticipated trough so they
derstanding,” says Zhao Changhui, chief regions that are already close trading rushing to tie their projects to the One Chinese investors always ask whether a cannot be counted on for the funds.
risk analyst at China Export-Import partners with China. Singapore, the Belt, One Road initiative with the same proposed project would be eligible for ‘The time is The AIIB could fill in the gaps once it is
Bank and an enthusiastic proponent of trading hub for Southeast Asia, could enthusiasm and lack of geographic dis- earmarked One Belt loans from Chinese up and running, but details of how it will
the concept. “It’s a new method of devel- capture some of the flow. tinction as China’s earlier “Develop the banks, before taking talks further. not ripe. It’s operate are still to be finalised.
opment for China and the world.” “The country’s role as a major busi- West” slogan, which ultimately grew to Mr Zhao says the lack of projects so not that Another concern for Chinese compa-
In the absence of concrete plans, ness, financial and trade hub for the include much of the nation. far is simply because the concept is new. nies is the security of any investment.
international enthusiasts are left to fill Asia Pacific region will only be But when it comes to committing “The time is not ripe. It’s not that there there aren’t After the fall of the Soviet Union, Euro-
in the blanks. enhanced,” says Stuart Fuller of law their money overseas, Chinese business aren’t projects, it’s just that they aren’t projects, it’s pean companies led by oil investors had
George Osborne, the UK chancellor firm King & Wood Mallesons. people have so far been more cautious developed yet.” to develop investment protocols to
believes One Belt, One Road invest- Mr Zhao believes that investors from than international politicians. There are Others believe the lack of specific just that bridge central Asian countries’ Soviet-
ments will dovetail nicely with his third countries would also benefit, if the very few identifiable One Belt, One projects reflects a lack of clear business they aren’t based legal and corporate structures
promise to develop the north of Eng- investment from the Chinese side Road projects outside China’s borders. rationale. Chinese state-owned and pri- with western corporate norms.
land. In September he visited ethnically improves infrastructure such as roads, The exceptions are a slew of Chinese vate businesses have already rushed developed China is now developing similar pro-
divided Xinjiang on China’s borders ports or airports in the host country. investments announced for Pakistan, into any promising projects during the yet’ tocols to support an expected influx of
with central Asia to evoke the Silk Road. Bert Hofman, country director for the where 51 memoranda of understanding oil and commodities boom. New Chinese investment to the region.

‘Dawn raid’ drills may become

de rigueur as authorities swoop
“It’s a good time for lawyers.” “it is a damage limitation process”.
Office raids Many lawyers are advising their cor- As a result, adds Erick Robinson at
porate clients in China to implement — Rouse, the international law firm, it is
Foreign companies are and practice — a kind of “dawn raid essential that companies or their law-
confronting a broader array drill” in anticipation of uninvited regu- yers have close connections with regula-
of regulatory risks than ever latory visits. Companies, they say, tors, which could enable them to nip
should have designated employees problems in the bud before they turn
before, reports Tom Mitchell tasked with raising the alarm to senior into a full-blown scandal (Foreign com-
executives, who in turn manage the panies must learn trust and respect, see
response. page 4).
In the summer of 2014 the National Mr Beckett says many companies “try The opacity and presumption of guilt
Development and Reform Commission to control the flow of information” to that often surrounds regulatory investi-
(NDRC) raided a number of foreign investigators but advises that they do so gations in China can trigger a defensive
companies suspected of violating Bei- in a helpful manner. reaction from western companies more
jing’s Anti Monopoly Law (AML). At the Susan Ning, a competition lawyer familiar with adversarial judicial sys-
same time, senior executives at the with King & Wood Mallesons in Beijing, tems, in which it is expected that firms
Chinese operations of a large multi- adds that it is especially important to and individuals will fight for their rights.
national were meeting to deliberate a make a record of the information pro- That can give rise to corporate reac-
demand from the authorities that they vided. That can at least help companies tions ranging from “it’s not fair” to “how
change their pricing policies. better understand the thrust of the can they think this?”, which often only
The company’s chief financial officer investigation. further antagonises investigators.
and legal counsel argued that there was Companies should not expect to be Chinese criminal and even political
no legal basis for the instruction, and presented with a warrant that has been “show trial” cases offer foreign investors
recommended rejecting it. According to issued after careful deliberation by a an important insight into the workings
one person familiar with the delibera- judge. They may well receive only an of the country’s judicial system.
tions, they were overruled by a more “investigation notice”. In a tradition dating back not just to
senior colleague who said: “Don’t talk to A company contending with a raid the early years of rule by the Chinese
me about rule of law, this is China.” has, in a large sense, already lost at least Communist party, but also to imperial
The company’s China pricing policies half the battle. Once the NDRC or other times, remorse and confessions are
were duly adjusted and the company’s regulatory officials confirm that they rewarded with leniency. Hence the pat-
operations — unlike those of many of are investigating a company, it is tern of frequent state news broadcasts of
their competitors — were never raided extremely unlikely for them not to fol- suspects “confessing” to police accusa-
or fined. low through with a finding of fault. tions about various crimes long before
Such fraught exchanges have become A raid, especially if news of it leaks via any official hearing dates, in what to
increasingly common at the offices of the official Xinhua news agency or other western eyes appears a gross violation of
multinationals in China since 2013, state media outlets, only makes it that judicial due process.
when the NDRC handed down a land- much more difficult for regulators to In their desire to avoid any entangle-
mark series of fines on infant formula back down. After that, Mr Beckett says, ment with China’s regulatory appara-
manufacturers accused of violating the tuses, some foreign companies have
2008 AML. begun to make proactive “applications
Coupled with similar investigations for leniency”.
by the State Administration of Industry The best example of this was the
and Commerce, which also governs NDRC’s finding last year against 12 Japa-
aspects of the AML, and even police nese auto parts companies for alleged
investigations into allegedly crimi- price collusion. In a repeat of Japanese
nal behaviour such as bribery, for- cartel cases previously prosecuted in
eign companies are confronting a the US and the European Union, the
broader array of regulatory risks parts suppliers admitted to conspiring
than ever before in the world’s sec- to fix prices to their automaker
ond-largest economy. customers.
Some attribute the sea change to a According to people familiar with the
natural evolution of China’s regula- investigation, the case came about after
tory environment. “It’s such a young one of the Japanese companies reported
system that every day you’re coming the behaviour to the NDRC in return for
across a new area where the rules leniency.
haven’t been written,” says Nick Beck- For the supplier in question, it turned
ett, a Beijing-based lawyer with CMS out to be a very effective way of avoiding
Cameron McKenna. much more severe sanctions, while
other companies that were not as proac-
Keep good records: tive and co-operative
Susan Ning of King & ended up paying
Wood Mallesons, Beijing stiff financial
penalties.
4 ★ FINANCIAL TIMES Friday 20 November 2015

Doing Business in China

Cash-strapped Family ties prove

companies see indispensable
the appeal of Strategic revamp
Ben Bland looks at a
profit point in the industry. But unfortu-
nately they reached this perception at
the lip of the great recession.”
As the world’s biggest sourcing com-

returning locals company reinventing itself

after more than 100 years
in the sourcing business
pany, Li & Fung was hit hard. Profit has
dropped by 21 per cent since 2011 to
$539m last year, while turnover has
stagnated at about $19bn. Shares in the
company which is listed in Hong Kong
Over the past 109 turbulent years of Chi- have lost more than 70 per cent of their
Expatriates The number arriving on lavish nese history, the leaders of Hong Kong
sourcing and trading company Li &
value since peaking in 2011, giving the
business a market capitalisation of
corporate packages is falling, writes Patti Waldmeir Fung have had front-row seats for dra- $6.2bn.
matic twists and turns of fortune. But Mr Fung, whose family still owns

L
iving in Shanghai is like living foreign countries. A remarkably low 3 Like many Chinese family-run busi- about 30 per cent of the company,
in China — only less so. In per cent of expats surveyed in China nesses, the venture has found ways to believes that investors will need to show
many ways, it is the least Chi- said they regarded the state of the local reinvent itself through war, the rise to more patience in a venture just midway
nese of cities: English is economy negatively — compared with power of the Communist party, global through a strategic revamp. The com-
widely (if often badly) spoken an average of 21 per cent who hold that recessions and capital market routs. pany has already spun off its branded
in many shops, restaurants and residen- view in other countries, InterNations But, while Asia is at peace and thriv- goods business, now called Global
tial areas patronised by expatriates. said in its 2015 rankings released last ing, the company — which helps global Brands Group that is listed in Hong
But Shanghai taxi drivers famously do month. But when it comes to “feeling retailers such as Walmart and Marks Kong with a market capitalisation of
not speak English (or understand the welcome”, China sits at 61 out of 64 and Spencer source clothing, home- about $1.8bn. Li & Fung is continuing to
English names of even the most famous countries. wares and other products — is facing the streamline, while expanding into new
city hotels) and finding an English Still, there is no shortage of expats toughest challenge of its modern era. growth areas such as ecommerce and
speaker outside expat areas can be coming to Shanghai for work, local After 20 years of rapid growth as logistics.
tough. Overall, Shanghai packs a mean headhunters say, and figures for the China emerged as the world’s factory
punch in terms of culture shock for any- number of residence permits issued to floor, the company came up against
one who is not Chinese — but less so than foreigners in Shanghai fell only slightly what Spencer Fung, chief executive, Spencer Fung,
Li & Fung chief
anywhere else on the mainland. between 2013 and 2014 and remain 70 calls “almost a perfect storm” from 2010 executive, says:
Exotic but not completely alien, mod- per cent up on a decade ago, at about onwards. ‘The global
ern but with a taste of the ancient, 170,000. “The global financial crisis was the financial crisis
Shanghai attracts people from around But local relocation companies, inter- Population overload: the commercial heartland on West Nanjing Road — Dreamstime first hit,” says Mr Fung, who is the great- was the first hit’
the world who want to cash in on China’s national schools and long-time expat grandson of the company’s co-founder
economic boom — but without stepping business people say they see a marked guage support to preschoolers for the who were previously in the country ille- and took the helm of Li & Fung in March Like other sourcing companies, Li &
too far outside their comfort zone. And change in the kind of expatriates who first time. gally, but regularised their status after a last year. Fung is increasingly buying goods in
that remains true today, despite the Chi- are moving to Shanghai. Fewer are com- At a recent meeting sponsored by the recent crackdown. The worldwide demand shock came markets outside China, such as Vietnam
nese economic slowdown that has given ing on lavish corporate packages (as American Chamber of Commerce in Still, Shanghai’s reputation as a place just as factory wages in China, where Li and Bangladesh where factory wages
stock markets around the world jitters. companies save money by localising Shanghai, several managers of multina- to live is far from stellar. Shanghai did & Fung procures most of its goods, were can be 50 per cent lower. Mr Fung says
Despite Beijing’s recent announce- senior positions) and more are coming tional corporations said that most exec- not even make it into the top 100 of the rising rapidly and the company was that 70-80 per cent of the company’s
ment that GDP growth could fall as low on their own. utive positions in their corporations had world’s most liveable cities, according to struggling to digest the latest of 100 durable goods, such as furniture, still
as 6.5 per cent next year, down from Overall, foreign resident numbers fell been switched to local terms in recent 2015 rankings from Mercer, the employ- acquisitions during the previous two come from China, but only 35-40 per
double digits as recently as 2010, there is 3 per cent last year, but relocation years. ment consultants. decades. cent of its clothing.
little sign of a big exodus of expatriates company numbers and international “The number of expatriates hasn’t Many expats complain about traffic Since then, the dizzying growth of At the same time, it is trying to boost
from the mainland. In truth, China’s school enrolment suggest a much fallen, but the composition of the expat and pollution, food safety and internet ecommerce and the expansion of low- its sales into China. While its Asian busi-
economy has been slowing steadily for steeper decline in executives heading to population has changed. Many more speed. The stampede at the 2014 New cost, fast fashion brands such as H&M ness is growing, it still only accounts for
several years as it matures, but for Shanghai on full expat packages. The expats are actually returning Chinese, Year’s Eve celebrations in which 36 peo- and Zara has shaken up the traditional 12 per cent of sales, compared with 63
ambitious expatriate managers, it headmaster of one of the leading Shang- and the western expat on a two-three- ple were trampled to death on the sourcing business still further. per cent in the US and 17 per cent in
remains an important place to build a hai international schools says he sees a year contract is much scarcer than Shanghai Bund was a sombre reminder “Li & Fung is facing terrific chal- Europe. Mr Fung insists that the com-
career. marked change in the racial composi- before,” says one expat service provider. of the city’s crowds and chaos — and a lenges,” says Robert Ross, a professor of pany remains focused on the long term.
InterNations, the global expat com- tion of the school’s students, with many Lawyers, who work on visa matters, lack of public civility that is extreme sociology at Clark University in Massa- “Our horizon is 10-20 years,” he says.
munity, says China ranks third behind more Asian children and fewer Europe- say that although overall residence per- even by global megacity standards. chusetts, who studies global apparel “We don’t want to do things that are only
only the US and Malta, in its “job and ans, to the point where the school has mit numbers have not fallen sharply, supply chains. “They realised that being good for the next quarter, we want to do
career” rankings of expatriate life in 64 had to offer English as a second lan- the statistics could be inflated by expats With additional reporting by Jackie Cai the middleman is no longer the best things that are good for the company.”

Foreign companies must learn that

trust and respect are paramount
the NDRC began investigating to the ground. This is not to encourage
OPINION InterDigital, a US wireless technology any type of corruption, but rather
company, after complaints by Chinese facilitate a free flow of information.
Erick companies. InterDigital subsequently In China, trust and respect are
reached settlement agreements with the paramount and cannot be developed
Robinson Chinese complainants and, in an overnight.
undertaking with the NDRC, said it The challenge to Qualcomm
would scale back the royalty rates it might have been avoided or minimised
charges. if the US company had had better
China’s economic and industrial The NDRC also probed US technology Chinese government contacts who
transformation is occurring so rapidly giant Qualcomm on similar grounds could have advised it that problems
that foreign companies often fail to and, earlier this year, imposed a record were brewing and explained the need
appreciate the risks of doing business in penalty of Rmb6.1bn. Qualcomm for action.
the country. This is particularly true in agreed to stop some of its “patent It is at this sort of early stage that
the sphere of intellectual property (IP), bundling” practices and lowered certain having knowledge of the problem and
where companies now enjoy much royalty rates by one-third. the ability to communicate a defence is
greater protections but have AML penalties and fines in China paramount. Once the investigation was
simultaneously been tripped up by can be extreme. But in the case of announced publicly in February 2014,
competition regulators’ increased Qualcomm, perhaps the worst there was no path for the NDRC to
scrutiny of their patent and licensing consequence of its run-in with the impose either a minimal penalty or no
practices. NDRC was the separate antitrust penalty without losing face.
China’s ability to protect patents has inquiries that followed in South Korea, Had Qualcomm and NDRC instead
grown after decades of non-existence the European Union and US. been able to negotiate a mutually
and non-enforcement. In 10 years, the acceptable solution earlier — and with
number of patent litigations filed has less publicity — the result may well have
more than quadrupled, with close to been a lesser penalty that did not trigger
10,000 cases submitted last year. The better road is one of follow-up investigations in other
The Chinese government’s new calm and thoughtfulness jurisdictions.
specialised IP courts now provide Second, all foreign companies and
companies with an enforcement rather than agitation and their executives, lawyers and other
mechanism comparable to, if not better hostility agents must act with great respect in
than, those in Europe and the US. dealing with Chinese officials. US
Litigation in China also offers many There are a number of steps that companies in particular have a well-
advantages to patent owners, including companies can take to minimise the deserved reputation for lacking
win rates above 75 per cent (and even risks posed by regulatory investigations. deference and humility.
higher for foreign patentees), First, companies must have friends in Had InterDigital and Qualcomm
injunction rates above 95 per cent, short China. In a country where everything is originally approached their situations
time to trial, scant discovery and low based on relationships, every company with greater meekness, things might
costs (less than one-tenth of those must have multiple levels of have evolved quite differently. Often it is
incurred in the US). Most importantly, relationships with both government the lawyers that get in the way, because
because so many supply chains pass officials and influential Chinese when you are a hammer everything
through China, a single litigation can industry leaders who have their ear looks like a nail. The better road is one
effectively impose a global ban on sales of calm and thoughtfulness rather than
of a disputed product. agitation and hostility.
But not all patent owners should Third, any company that licenses
rejoice. Along with a strengthening of patents or technology in China should
the patent system has come increased always have in its back pocket a specific
enforcement of China’s 2008 Anti- minimum acceptable royalty rate. That
Monopoly Law (AML). Over the past way any dispute can be nipped in the
three years, China’s National bud with a public announcement that
Development and Reform Commission the company is lowering its licensing
(NDRC) has beefed up staffing levels rate to an “even fairer level”, with
and raised its price-related examples to support this claim. This is
investigations fourfold. not ideal but far better than the
In 2013, the NDRC imposed price- alternative of having to face a formal
fixing fines of Rmb353m on six AML investigation.
Korean and Taiwanese LCD panel
manufacturers. Last year The writer is chief patent
counsel for Rouse, an
Erick Robinson of international law firm
Rouse: ‘When you specialising in
are a hammer intellectual
everything looks property, and a former
like a nail’ Qualcomm lawyer