TUESDAY 1 SEPTEMBER 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.

00

Emperor’s clothes Migrants and morals Carry on camping

Central bankers in danger of losing Could the Kindertransport happen now? China embraces the caravan
credibility — MARKET INSIGHT, PAGE 30 — MARTIN SANDBU, PAGE 13 holiday — NOTEBOOK, PAGE 12

Merkel calls Briefing

for unity over i Sturgeon brands Osborne ‘arrogant’
Chancellor George Osborne was labelled “arrogant”
refugee crisis by Scottish first minister Nicola Sturgeon after he
unveiled a £500m investment at Faslane during a
visit to the submarine base, a bet that Scotland will
Long-simmering tensions between stay in the UK.— PAGE 2; EDITORIAL COMMENT, PAGE 12
Europe’s east and west over the
handling of a massive influx of migrants i Warnings on apprenticeship ‘fixation’
burst back into the open when German Employers fear the government’s “fixation” with
chancellor Angela Merkel warned her creating 3m apprenticeships in the next five years
eastern neighbours that the bloc’s will mean quality is sacrificed to try to boost
passport-free zone was at risk unless numbers, doing little to fix skills shortages.— PAGE 3
they shouldered more of the burden.
Meanwhile, France has decided to i Stakes raised in Catalonia ‘referendum’
build a permanent refugee camp in The wider interests of Spain’s main
Calais 13 years after closing a similar political parties are providing a
centre in the nearby town of Sangatte, as backdrop to regional elections in
the port in the north of the country Catalonia, which pro-independence
struggles to cope with a surging number parties have sought to turn into a
of migrants trying to cross the English referendum on a split.— PAGE 7
Channel to reach the UK.
France to build camp page 2 i Price of oil surges by 25%
Tensions erupt page 6 Oil prices have rocketed more than 25 per cent in
Martin Sandbu page 13 Angela Merkel at a Berlin news briefing: the chancellor has rebuked eastern states reluctant to accept asylum seekers — Axel Schmidt/Reuters three trading sessions after data on US production
and vague hints of a change of thinking inside the
Opec producers’ cartel.— PAGE 17

Cameron drops demand for full

i New Delhi says Google abused dominance
Indian competition authorities have concluded that
Google has abused its dominant position in online
search advertising, adding to the lengthening list of
regulatory issues facing the US group.— PAGE 17

immunity from EU labour rules i Push for Northern Ireland solution

Dublin and London are set intervene to try to stop
the collapse of the province’s devolved institutions,
as a bitter dispute emerged among unionist parties
over how to respond to the latest crisis.— PAGE 3

3 Bid to keep unions and Corbyn with ‘in’ camp 3 Retreat follows warning from Brussels i China shift on role of Kuomintang
Beijing is taking small steps to recognise the role of
Chinese nationalists in fighting the Japanese in the
GEORGE PARKER AND JIM PICKARD British employers from EU labour rules. down workers’ rights. The RMT is British opt-out was abandoned by Labour’s second world war as a means to woo self-ruled
Mr Cameron’s softly-softly approach understood to be preparing to unveil a Tony Blair in 1998. Taiwan.— PAGE 8; GIDEON RACHMAN, PAGE 13
David Cameron has scrapped demands will irritate some Tory eurosceptics. new bloc of unions in favour of the UK negotiators’ Mr Cameron wants a more flexible EU
for full British exclusion from EU Steve Baker, the Tory MP and leader of leaving the EU. The GMB, one of the focus is on economy, but his allies say he is not try- Datawatch
employment laws ahead of his planned the Conservatives for Britain group, said largest unions, will go further and plans ing to turn back the clock. “We aren’t
“Brexit” referendum, in a move that it was “increasingly clear that EU mem- to recommend a No vote in the referen- ensuring trying to get the full opt-out back,” said
could help keep trade unions and Jer- bership is not compatible with either dum if the government undermines EU working one member of the premier’s team. Premier League transfer
window spending
The English premier
emy Corbyn, the leftwing Labour lead- parliamentary control of domestic law workers’ rights in its renegotiation. Downing Street declined to comment. football league’s
ership candidate, in the “in” camp. or our borders”. Mr Corbyn, the frontrunner in the time British negotiators are focusing on Spending in summer and winter windows summer transfer
He was reported in July to be fighting But Mr Cameron’s stance may help Labour leadership contest, said in July directive ensuring that the EU working time (£bn)
1.0
window closes
today with £680m
to exclude Britain from the full range of maintain a broad cross-party coalition he did not exclude campaigning for directive — the most vexatious law for Summer window only
EU employment and social laws, but for a Yes vote in his referendum on EU “Brexit”, because Mr Cameron favoured does not some British employers — does not 0.8 already spent by
clubs. That is close
instead he is pushing for more limited membership, including keeping on “trading away workers’ rights” and harm the inflict harm on the economy. 0.6
to the record £835m
protection for the flexible UK labour board the organisational muscle of weaker environmental protection. He The directive, which sets a 48-hour 0.4
market. trade unions. subsequently said he would fight to economy maximum working week, is not part of 0.2
spent in summer
2014. Total transfer
The prime minister, who will travel The Trades Union Congress in reform the EU from within. the social chapter because it is officially 0 spending last
to Spain and Portugal this week for talks Brighton next month will become the Former Conservative prime minister a “health and safety” measure. In Brit- 2004- 06- 08- 10- 12- 15- season was £700m
on his renegotiation, was advised that focus for a row on the left over Britain’s John Major secured an “opt-out” from ain workers can individually opt out. 05 07 09 11 13 16 higher than 10
France and the European parliament place in Europe with several unions the EU social chapter in 1993 — covering Cameron treads tightrope page 2 Sources: BBC; FA Premier League years earlier
would strongly oppose exempting arguing for Brexit if Mr Cameron waters employment and social laws — but that Iain Martin page 13

Emerging market currency battles

threaten to undermine global trade
STEVE JOHNSON rency overshoots and volatility that go in export volumes. However, it did lead
with that,” said Mohamed El-Erian, to a fall in import volumes of about
Weakness in emerging market curren-
chief economic adviser to Allianz and 0.5 per cent for every 1 per cent a cur-
cies is hurting global trade by reducing
chairman of US President Barack rency depreciated against the dollar. A
imports without any benefit to export
Obama’s Global Development Council. fall in the value of a country’s currency
volumes, according to Financial Times
Since June 2014, the currencies of pushes up the price of imports, leading
Clashes in Kiev after vote research on more than 100 countries.
Russia, Colombia, Brazil, Turkey, Mex- to lower demand for imported goods.
to give separatists power The findings suggest that any currency ico and Chile have fallen between 20 per Brazilian imports for the past three
war between developing nations is cent and 50 per cent against the dollar, months fell 13 per cent year on year,
A grenade exploded outside Ukraine’s likely to be even more damaging than while the Malaysian ringgit and Indone- according to Capital Economics, after a
parliament yesterday killing a police previously thought, leading to a reduc- sian rupiah are at their weakest points 37 per cent fall in the real in the past 12
officer during a nationalist protest tion in global trade and possibly eco- since the Asian financial crisis of 1998. months. Russia, South Africa and Vene-
against a vote giving greater powers to nomic growth, rather than just reappor- China, which had held the renminbi zuela have also seen imports fall in the
separatist regions in the war-torn tioning a fixed level of trade between firm against the dollar until this month, wake of plummeting currencies.
country’s east. At least 100 Ukrainian “winners” and “losers”. has since allowed it to fall 4.5 per cent, This suggests emerging countries can
policemen and National Guard The analysis coincides with concerns triggering a further wave of currency improve their current account balances
servicemen were also injured in violent that some countries are engaging in weakness across emerging markets. by letting their currencies weaken — but
clashes that began after Kiev competitive devaluations to undercut The FT compared changes in the only as a result of importing less, not
approved the changes granting more neighbours and steal market share. value of 107 emerging market countries’ exporting more, leading to a vicious
authority to regional governments. “We risk slipping into a beggar-thy- currencies with their trade volumes the cycle of falling trade and an army of los-
Report i PAGE 8 neighbour, competitive spiral of cur- following year. It found that having a ers, but no winners.
rency devaluations, with all the cur- weaker currency did not lead to any rise Big Read page 10

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2 ★ FINANCIAL TIMES Tuesday 1 September 2015

NATIONAL

Britain in Europe Spending review

Cameron treads a tightrope over EU talks Councils warn

of £10bn extra
PM confident of a deal but ping short of the kind of radical reforms
demanded by Conservative euroscep-
in the renegotiation, people will vote to
come out.” Angela Merkel, German
objective now is getting a deal, not add-
ing new or unachievable demands:
in the Lisbon treaty, but which has to
date been largely toothless.
costs on top of
rejects calls to end UK
opt-out from social affairs
tics, could cause problems for Mr Cam-
eron at his party conferenceinOctober.
chancellor,hasalreadyvetoedthatidea.
Steve Baker, an MP and head of the
“We’re trying to get this thing wrapped
up — not make it more complicated.”
Meanwhile, Mr Osborne’s focus has
been on securing a deal, especially vital
expected cuts
The prime minister has rejected Tory newly formed Conservatives for Britain Mr Cameron and Mr Osborne accept for the City of London, to ensure euro-
GEORGE PARKER — POLITICAL EDITOR demands that he restore the British “opt group, said: “It is increasingly clear EU that whatever deal they bring back from zone countries do not rig the rules of the
out” from all EU social and employment membership is not compatible with Brussels it is unlikely to win the support single market against non-euro mem- JIM PICKARD
CHIEF POLITICAL CORRESPONDENT
David Cameron and George Osborne are laws, a move which would have been either parliamentary control of domes- of a sizeable part of the party, and are bers such as Britain.
entering what aides call the “delivery heavily resisted by France, the Euro- aimingforthestrongestdealpossible. Other parts of the reform package Local authorities have warned they
phase” of their EU renegotiation: a new pean parliament and others. Although the proposed restrictions on relating to liberalising markets and face nearly £10bn of extra cost pres-
Delivery phase:
political season begins with a sense of Downing Street also moved quickly to Brussels is
welfare for migrants remains a thorny striking more trade deals go with the sures in the coming years, mostly as a
urgency and talk of a referendum in the douse passions caused by Theresa May, studying the issue for the negotiations, British offi- grain of thinking in Brussels, but turn- result of government policies — even
first half of 2016. the home secretary, who indicated in technicalities of cials are increasingly confident that ing declarations and good intentions before likely budget cuts in the
While officials in Brussels start to The Sunday Times that EU migrants a solution to the other aspects of the package can be into reality could be more tricky. autumn.
examine the technicalities of a solution should only be allowed to come to Brit- ‘British question’ secured. A sign of the realism entering both
to the “British question”, Mr Cameron ain if they already had work. Mr Cameron is expected to make big sides of the talks came last week after In its submission to the Treasury’s com-
and Mr Osborne are trying to generate One aide to Mr Cameron said Ms May tic law or our borders.” Mr Baker play of his demand that the EU’s com- Mr Osborne went fishing off Helsinki prehensive spending review, the Local
political momentum for a deal by had never suggested “a ban” on jobseek- expects his group to have the backing of mitment to “ever closer union” does not with Alex Stubb, the Finnish finance Government Association says it has cal-
December or by next spring at the latest. ers, rather that she was echoing the 100 Tory MPs. apply to Britain; he will claim this repre- minister and a former eurocrat. culated a plethora of new financial costs
The chancellor’s three-capital Nordic prime minister’s promise to curb access Others including Iain Duncan Smith, sents a fundamental shift, not simply a Mr Stubb may be an Anglophile, but even without further cuts to councils’
tour last week and Mr Cameron’s trip to for migrants to British benefits when work and pensions secretary, and some linguistic tweak. his verdict was intriguing: “I think it’s all spending.
Spain and Portugal this week are aimed they arrived. Treasury officials have also argued for The prime minister will also tout an very constructive,” he said. “The British This week will see lobbying by inter-
to send the message that Britain is mak- This will not be enough to satisfy Mr Cameron to play his negotiation long expected agreement to give national approach is result-orientated, problem- est groups keen to head off the worst of
ing reasonable and achievable demands. many Tory MPs, such as Peter Bone, who to try to secure more ambitious reforms. parliaments a bigger say in vetting EU solving. It’s all very do-able.” the cuts expected in chancellor George
But their search for an early deal, stop- said: “Unless we can end free movement But as one Tory insider said, the legislation — an idea which was included Iain Martin page 13 Osborne’s spending review, expected in
November.
The Tory government has promised
to exempt the health service and
schools, meaning deeper public spend-
Future of the union. Defence ing reductions in “non-ringfenced”
departments such as environment,

Osborne rocks boat at Faslane submarine base transport, energy and the Home Office.
Local government took a heavier
share of the “austerity” programme
during the last parliament under the
coalition. Officials were surprised by
councils’ ability to weather a tighter set-
Chancellor is dismissed as tlement amounting to £20bn of cuts.
Further cuts are almost inevitable in
‘arrogant’ following £500m November, with the LGA braced for a
investment in home of Trident reduction in councils’ main Whitehall
grant of more than £3bn for 2016/17
alone.
GEORGE PARKER, MURE DICKIE AND
CHRISTOPHER ADAMS But the LGA will warn today that
members have already been cut close to
George Osborne eschewed traditional the bone and are facing an array of
Bank Holiday pastimes on Monday to other, unconnected spending pressures.
conduct a provocative tour of Scotland, Some have been imposed by central
claiming that new defence and gas government while others are the result
investments were proof Scots benefited of “business as usual” efforts to main-
from being part of the UK. tain services at their current level amid
Mr Osborne was denounced as “arro- higher demand and inflation threats.
gant” by Nicola Sturgeon, Scotland’s These include £3bn as a result of
first minister, after he announced plans exempting housebuilders from “Section
to spend £500m at the Royal Navy’s 106” payments, used to fund infrastruc-
submarine base at Faslane, home to the ture to support new developments, on
Trident nuclear deterrent. 200,000 “starter homes”.
The work at the base amounts to a bet Mr Osborne’s plans to reduce rents
that Scotland will remain part of the UK, paid by social housing tenants by 1 per
or at least willing to host the Trident cent a year will cost councils a further
nuclear missiles and their Vanguard- £2.6bn, the equivalent cost of building
class submarines, until the late 2060s. about 19,000 homes.
All 56 SNP MPs back unilateral Councils will also need to set aside
nuclear disarmament and the House of £1.75bn to cover large numbers of busi-
Commons does not vote until next year ness rate appeals expected when rates
on whether to renew Trident, but Mr are revalued in 2017, the LGA says.
Osborne revelled in Ms Sturgeon’s con- George Osborne is ferried to the The group says that councils will have
sternation. Faslane base yesterday to pay staff close to £1bn more every
Russell Cheyne/Reuters
“This is a huge investment in jobs,” Mr year by 2020 as a result of Mr Osborne’s
Osborne told BBC Scotland. “It will new annual “living wage”. The chancel-
secure the 6,500 jobs already here and Mr Osborne’s Faslane visit was fur- Mr Osborne then departed for Aber- “Culzean is an important develop- lor’s policy — effectively a higher mini-
actually increase the number of jobs to ther intended to sow mischief in the deen to promote another big invest- ment for the UK and also for Maersk Oil mum wage — will cost at least £340m a
around 8,000 — a massive boost for Clyde Labour leadership contest: frontrunner ment in Scotland. Maersk, the Danish and our co-venturers,” said Jakob Tho- year from its introduction in 2016, ris-
Scotland and the UK’s defence.” shipyard Jeremy Corbyn supports unilateral dis- energy group, has announced that it will masen, chief executive of Maersk Oil. ing to £834m by the end of the decade.
He added: “In an uncertain world are armament while many Labour MPs lead a £3bn project to develop the larg- The news is a rare boost for the UK Another £797m will be imposed in
we really content to throw away Brit- favour the renewal of Trident. Mr Cor- est gasfield discovered in the North Sea North Sea, a high-cost region that is in national insurance contributions fol-
ain’s ultimate insurance policy? These
Ferguson looks set to win byn declined to comment on Mr for a decade. long-term production decline and has lowing the end of state pension con-
new Trident subs when they come are £97m ferry contract Osborne’s announcement, although the The Culzean field, the first big invest- been hit hard by the collapse in oil prices tracted-out arrangements by 2016. On
going to be with us for decades.” chancellor claimed that Labour and the ment to benefit from tax breaks since last summer from more than $115 top of that will be the £630m needed for
Polls suggest widespread oppo- The last commercial shipyard on the SNP now posed a joint threat to Britain’s announced by Mr Osborne in the a barrel to just $50. extra provision by county councils for
sition in Scotland to a new gen- Clyde looks set for a major boost in the national security. Budget, is in the central region of the Mr Osborne announced a sharp cut, care homes, the LGA says today.
eration of ballistic nuclear form of a £97m ferry contract, a year The visit was also a sign the chancellor North Sea and is expected to produce worth £1.3bn, in taxes in March, a res- The body will warn that vital services
missiles, but the balance of after being saved by Scottish wants to take credit for his recent enough gas to meet 5 per cent of UK cue package that included a cut in the such as caring for the elderly, collecting
public opinion that surveys entrepreneur Jim McColl. Budget announcement that Britain demand when it reaches peak output in headline supplementary rate of profits bins, filling potholes and maintaining
report varies widely depend- The Scottish government would maintain defence spending at the 2020-21. and a simplified investment allowance parks will be pared back if councils take
ing on how the question is announced yesterday that Ferguson Nato target of 2 per cent of GDP. Maersk, JX Nippon and BP discovered that enables companies to claim back the brunt of fresh cuts. Local authorities
phrased. Marine Engineering was preferred The Faslane investment will include the gas condensate field, which holds an the costs of new spending. have scrapped access to vital services
bidder to build two vessels for the ship lifts, sea walls and jetties and will estimated 250m-300m barrels of oil Culzean is expected to support an for 150,000 pensioners and cut child
Unimpressed: state-owned Caledonian Maritime help to service all Royal Navy subma- equivalent (boe) in resources, in 2008. estimated 6,000 jobs and create more protection spending by 8 per cent since
Scotland’s first Assets fleet. The deal is expected rines — not just the Vanguard class — Production is due to start in 2019 and than 400 jobs directly, according to 2010, although some councils have also
minister Nicola to be finalised in September. after it becomes the Navy’s “submarine continue for at least 13 years, peaking at Maersk. become more efficient through devices
Sturgeon Mure Dickie centre of specialisation” from 2020. 60,000-90,000 boe per day. Editorial Comment page 12 such as sharing services.

Migrant crisis
A private bank unlike
any other. France to build permanent camp for 1,500 refugees at Calais
ANNE-SYLVAINE CHASSANY — PARIS to come to the area to try to cross the the failure to deliver a pan-European than 200,000 are expected to cross the
Channel. response to the migration challenge. Mediterranean this year.
France is to build a permanent refugee
The UK’s Home Office said it sup- Paris has deployed additional anti-riot Speaking from the city of Menton,
camp in Calais 13 years after closing a
ported moves to reduce the pressure on police to guard the Eurotunnel site at where police fend off a constant flow of
similar centre in the nearby town of
Calais posed by asylum-seekers but that Calais, while London has injected £7m migrants seeking to transit France from
30 global locations • www.efginternational.com Sangatte, as the port in the north of the
it would not provide funding for the new to erect a fence. Italy, the French prime minister warned
country struggles to cope with a surg-
facility. Faced with a dynamic far-right in May against the notion of European
ing number of migrants trying to cross
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014) The camp is expected to open in early National Front party at home, Mr Valls “quotas” of migrants.
FINANCIAL TIMES the English Channel to reach the UK.
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Editor: Lionel Barber dismantle makeshift camps in the so- The move comes as thousands of qualify as political refugees — an asser-
Reprints called “Jungle” — 18 hectares of land migrants from war-torn countries in tion disputed by some non-governmen-
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Press Ld, Kells, Ireland 2014 was 78.5% Nicolas Sarkozy to close a Red Cross driven by security rather than humani- ers this year, more than the entire EU
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©Copyright The Financial Times Limited 2015. All The centre, opened only three years ear- cal pressure exerted by anti-immigra- Refugees at the Red Cross centre in Merkel Schengen zone warning page 6
rights reserved. Reproduction of the contents of this
lier, was seen as encouraging migrants tion parties in the UK and France and Sangatte, which closed in 2002 Martin Sandbu page 13
Tuesday 1 September 2015 ★ FINANCIAL TIMES 3

NATIONAL

Employers fear 3m apprenticeships

Wages

Oliver Bonas
first on high
target will lead to loss of quality street to pay
living wage
Government levy and pledge to create so many places will not produce a highly skilled workforce, say businesses
SCHEHERAZADE DANESHKHU
SARAH O’CONNOR CONSUMER INDUSTRIES EDITOR
EMPLOYMENT CORRESPONDENT
Oliver Bonas, the quirky homeware
Employers fear the government’s “fixa- retailer, aims to live up to its motto of
tion” with creating 3m apprenticeships “Work Hard, Play Hard and Be Kind”
in the next five years will mean quality is by promising to pay staff the living
sacrificed to try to boost numbers, wage with a rate higher than the ver-
which would do little to fix Britain’s sion proposed by chancellor George
skills shortages. Osborne in his summer Budget.
Businesses have long complained that
apprenticeships are not of high enough The London-focused chain of 43 stores
quality in the UK, but the issue has come is the first high street retailer to make
into sharper relief now they are on the the pledge after Ikea, the out-of-town
hook for the bill. George Osborne furniture maker became the first big
announced in June that he would force retailer to sign up to the voluntary
all large employers to pay a levy, or per- scheme, by saying it would raise its min-
centage tax on their payroll, to fund imum payment to £7.85 from 2016.
Britain’s apprenticeship system. Entrepreneur Oliver Tress, who
The chancellor said the levy would founded Oliver Bonas in 1993 with one
dissuade companies from “taking a free store in Fulham, said he hoped the
ride on the system” by leaving the costs group’s new pay rates would encourage
of training to others. But some employ- recruits to join the business.
ers say privately that the policy allows Oliver Bonas will pay a minimum
Mr Osborne to square a circle: fulfilling Daniel Zaporowski, an apprentice aircraft fitter, works in the engine bay of a Eurofighter at BAE’s plant in Warton, outside Preston — Chris Ratcliffe/Bloomber hourly rate of £7.85 outside London and
his pre-election promise to create a fur- £9.15 within the capital to those aged 18
ther 3m apprenticeships in the next five and above. Two-thirds of its 500 staff
years (30 per cent more than in the past Work in process are entitled to the new rates, it said.
five) while imposing deep spending cuts The move could put pressure on the
on the business, innovation and skills Apprenticeships rose under the coalition ... mostly among the over-25 ... and predominantly in service rest of the high street to raise wages
department, which funds many appren- government ... age group ... industries above Mr Osborne’s proposed £7.20
ticeships. Under 19 hourly “national living wage” for over-
The government will not announce Apprenticeship starts in England by academic year Starts by age (%) Starts by sector (%) 25s and reignites the debate about the
(Aug to Jul*, ’000) 19-24 Business, administration & law
the size of the levy until the November 25 and over
level of pay that best reflects the cost of
spending review (or its definition of 600 100 Health, public services living.
“large” employers) but as an indication, Retail & commercial enterprise Rhys Moore, director of the Living
0.5 per cent on payrolls would raise Engineering & manufacturing Wage Foundation, said: “People deserve
80 Construction
about £2.5bn a year. a wage they can live on, not simply sur-
The government says it shares the 400 Information & communications technology vive. Major players in the retail sector
business community’s desire to see 60 30 have for a long time claimed that the liv-
higher quality apprenticeships and has ing wage is too expensive to implement
come up with a voucher system to put 40 20 on the high street. This move by Oliver
companies in charge of the training they 200 Bonas demonstrates that, while it’s not
buy, which should make the system always an easy choice, it is the right
more responsive to their needs. 20 10 choice for businesses to make.”
But companies fear the desire for Aimed at tackling low pay, Mr
quality will clash with the government’s 0 0 0 Osborne’s NLW will become mandatory
determination to meet its 3m target. in April.
“Government policy has just been fix- 2009- 10- 11- 12- 13- 14- 2009- 10- 11- 12- 13- 14- 2009- 10- 11- 12- 13- 14- Sainsbury’s announced last week that
ated on this target,” said Marcus Mason, 2010 11 12 13 14 15 2010 11 12 13 14 15 2010 11 12 13 14 15 it would raise staff wages after the bank
head of business and education at the * 2014-15 = Aug to Apr Source: House of Commons Library holiday by 4 per cent to a base rate of
British Chambers of Commerce. “It’s £7.36 an hour, above the NLW but below
good to be ambitious, but we don’t want the rate supported by campaigners.
to lose focus on quality.” ‘It feels like wrote in a recent report: “The modal the levy on other policies. “A levy £2.5bn into it, which leaves open the question of Grocers Asda and Wm Morrison are
Tim Thomas, head of employment apprenticeunderourcurrentsystemhas implies creating a model where, to bor- Amount raised per who will fund apprenticeships for among those that pay less than the NLW.
and skills policy at EEF, the manufac- policy is too been a supermarket employee in a row a Father Ted analogy, the money is year if the smaller employers. Yet employers with Those that already pay above it include
turers’ organisation, agreed. “Moving focused pretty low-skill job, not the lucky 18- just resting in the government’s apprenticeship levy fewer than 250 workers account for Tesco — the largest chain — and Marks
back to a time when some on-the-job year-olds at Siemens or Rolls-Royce account,” Mr Carberry said. “So we puts 0.5% on about60percentoftheUK’semployees. and Spencer.
training was being badged as an appren- on large whose apprenticeships are super-com- would be very cagey about the risk of it
payrolls
“The real growth in apprenticeships Morrison, which is in the midst of a
ticeship to boost numbers will simply employers’ petitiveexceptionstothe . . . norm.” being raised as a payroll tax for skills, can be found from small businesses, turnround after a poor financial per-
fail to deliver the skills manufacturers The CBI employers’ group is lobbying then bleeding off to fund other things.” 10,000 [but] it feels like government policy is formance that cost its former chief exec-
desperately need,” he said. Marcus Mason, government to set up a national body, Under the new system, if a company Number of too focused on large employers,” the utive his job, pays a minimum of
Experts say the problem with the 2.3m British possibly modelled on the Low Pay Com- pays £100,000 to the government in a apprenticeships in BCC’s Mr Mason said. between £6.83 and £7.79 an hour,
apprenticeships created in the previous Chambers of mission, which would include employer levy, it will receive at least £100,000- 2013-14 that were in A business department spokesman depending on location.
parliamentwasthattoomanywerebasic Commerce representatives and set standards for worth of vouchers in return, which it the IT and telecoms
said: “Last parliament we supported the “We haven’t as yet conducted this
sector — out of a
on-the-job training “rebadged” as “levy-fundable” apprenticeships. “If can use to pay apprenticeship training total of 440,000 creation of over 2.3m apprenticeships. year’s annual pay negotiations, so these
apprenticeships, and too few were in sec- businesses are paying for it, businesses providers, who then exchange the starts This year we will go further and support will change. We do pay staff for their
tors with acute skills shortages. In should control it,” said Neil Carberry of vouchers for cash from the government. the creation of 3m by 2020. Our reforms breaks,” the group said last week.
2013-14, only 10,000 of the 440,000 the CBI. “Without that, the risk of the But it is unclear how the system will including the levy and changing public Asda said its hourly rate would rise by
starts were in IT and telecoms, while just money not providing what companies work for smaller companies, who do not procurement policy will help drive up 2 per cent to £7 an hour from October
16,000 were in engineering. As Baroness andemployeesneedisquitehigh.” have to pay the levy. A business depart- investment in skills, lift productivity and and pointed to a range of staff benefits.
Wolf, author of the government-com- The CBI is also worried the govern- ment source said the levy pot would only drive up the quality and quantity of Moody’s rating agency has said the
missionedreviewonvocationaltraining, ment could be tempted to spend some of be available for companies that had paid apprenticeships.” first increase in the NLW in 2016 would
have little financial impact on retailers.
But Sven Reinke, Moody’s senior ana-
lyst, said the chancellor’s planned rises,
Northern Ireland. Murder fallout culminating in £9 an hour in 2020, “has
the potential to erode retailers’ profits, if

London and Dublin to intervene as unionist parties divide over security

they are unable to adapt their operating
systems and cost structures”.
He said grocers were more vulnerable
than other retailers to wage-cost infla-
tion, as their low profit margins gener-
and DUP leader, launched a stinging wing of the IRA, over its continued links exclude Sinn Féin from the executive the political parties in the Republic, of ated relatively little profit per
UUP withdrawal puts extra attack on Mike Nesbitt, head of the to the banned organisation. unless and until it declares that the IRA creating a “fake crisis” over the status of employee. Large grocers have been rela-
pressure on DUP for harder more moderate Ulster Unionist party, The crisis began last month when the no longer exists. “The Sinn Féin leader- the IRA and insists that the organisation tively relaxed about the NLW but the
over the UUP’s move to pull out of the PSNI said it suspected that the Provi- ship indulges in hand-wringing and has “gone away”. It announced its cam- Association of Convenience Stores, rep-
stance towards Sinn Féin executive and become an opposition sional IRA was involved in the murder lives in utter denial,” Mr Robinson paign was over in 2005. resenting small retailers, described Mr
party. That sparked an extraordinary of Kevin McGuigan, a former IRA gun- wrote. Any attempt to exclude republi- The disarray among the parties in Bel- Osborne’s NLW last month as a “reck-
public spat between the two men, who man. His death was in apparent retalia- cans, however, would almost certainly fast contrast with the relatively muted less” measure that would impose “a
VINCENT BOLAND — DUBLIN
are fighting for the ear of unionist voters tion for the murder of another IRA fig- be opposed by the Social Democratic response in both Dublin and London to massive burden on small businesses”.
The Irish and British governments are ahead of assembly elections next year. ure, Jock Davison, in May, in what and Labour party, the voice of moderate the crisis. The two governments are The British Retail Consortium said:
set to intervene to try to prevent the col- Mr Robinson is expected to meet appears to be an internal feud among nationalists, ensuring that the DUP understood to believe, more strongly “The real key to raising more people out
lapse of Northern Ireland’s devolved David Cameron, UK prime minister, to the rump of republican paramilitaries. would not succeed. than the parties at Stormont, that the of low pay will rest in increasing produc-
institutions, as a bitter dispute emerged discuss developments that have reo- The DUP has threatened to try to Sinn Féin has accused unionists, and crisis is not as dire as the latter suggest. tivity.”
among the unionist hierarchy over how pened Northern Ireland’s political and
to respond to the latest security and sectarian divisions since the Police Serv-
political crisis to cripple the province. ice of Northern Ireland shocked the
Amid appeals for calm, officials and political establishment by saying the
leaders in Dublin and London will meet IRA continued to exist on the ground in
their Belfast counterparts this week to Belfast. Theresa Villiers, the Northern
determine how and whether the Demo- Ireland secretary of state, is due to meet
cratic Unionists and Sinn Féin, the two Charlie Flanagan, the Irish foreign min-
main parties in the Northern Ireland ister, in Dublin.
executive — the all-party coalition that The split at the top of the unionist
administers the province — can find a hierarchy threatens to complicate any
way to end weeks of rancour sparked by attempt to restore public confidence in
the murder of a former IRA gunman. the devolved institutions — the execu-
The initiatives come as Peter Robin- tive and the Northern Ireland assembly
son, Northern Ireland’s first minister — that were created by the 1998 Good
Friday Agreement.
Mr Robinson said the UUP move to
pull out of the executive, approved by
the party at the weekend, had more to
do with political expediency than with
principle. “One would have more
respect for the decision if there were
even a degree of honesty about the moti-
vation behind it,” he wrote in the Belfast
Telegraph yesterday.
The UUP’s withdrawal has under-
mined the stability of the power-sharing
administration, in which it had one
minister. It has also heaped pressure on
Mourners carry the coffin of Kevin Mr Robinson to take a tougher stance
McGuigan at his funeral last month towards Sinn Féin, the former political
4 ★ FINANCIAL TIMES Tuesday 1 September 2015

INTERNATIONAL
GLOBAL INSIGHT
Challenge to Modi
NEW DELHI

India firebrand warns of youth uprising Amy

Kazmin
Patel rallies higher castes erence system for lower-caste Indians. its (the outcastes once known as One solution favoured by liberals
In an interview in New Delhi yesterday untouchables), tribal people and the so- would be to abolish caste preferences
to demand changes to
preference system
before heading to the central state of
Madhya Pradesh, Mr Patel said he was
seeking support from similar higher
called “other backward castes”, young
Indians from higher castes often com-
plain that they are denied the opportu-
altogether and introduce positive dis-
crimination based on economic need.
In an editorial yesterday, the business
Numbers crunch the
VICTOR MALLET — NEW DELHI caste groups across the nation of 1.3bn.
“We are 270m in the entire country —
nities they deserve on the basis of edu-
cation and skills.
newspaper Mint referred back to B.R.
Ambedkar, the Dalit lawyer who cam-
demographic myths
Hardik Patel, the 22-year-old leader of a
growing mass protest by middle and
upper-caste Indians over job and college
Kurmis, Gujjars and Patels,” he said. “It
is good if upper castes are given reserva-
tion because they are the ones who
The resurgence of upper-caste pro-
tests by young but socially conservative
activists such as Mr Patel in the middle
paigned against caste discrimination
and drafted India’s first constitution
after independence in 1947. “It is time to
of Hindu nationalists
preferences for lower-caste citizens, has really work hard. Here even people with of India’s caste hierarchy is a worry for go back to the Ambedkarite quest to
spoken of a coming “youth revolution” good degrees end up as salesmen — I Mr Modi and his attempt to modernise annihilate caste,” the paper said. Such a

S
to force the government to listen. have to change that.” India. The prime minister was swept to change, however, would probably take ince India’s anti-colonial struggle, Hindu ideo-
At least 10 people were killed amid Asked what would happen next, he power at the head of the Hindu national- Video years to implement in the face of strong logues have depicted Islam and Christianity as
Hardik Patel
widespread rioting and arson in the replied: “A youth revolution — for the ist Bharatiya Janata party in last year’s talks to the FT resistance from lower castes that have “alien faiths” whose adherents are more loyal to
western state of Gujarat last week after development of youth and to make the election in part because he seemed to about his aims been enriched and empowered by the distant holy lands than to India, revered by
Mr Patel was briefly arrested, a crisis government listen to the right thing.” represent the economic aspirations and for the protest existing system. Hindu nationalists as the sacred motherland.
that has posed an unexpected political On Sunday, Mr Patel called for sup- ambitions of India’s youth. movement Mr Patel did not deny that the And few were surprised that the return to power of
challenge to Narendra Modi, Indian port from a crowd of Gujjars and Kurmis Asked whether Mr Modi and his boast ft.com/video removal of reservation — rather than Narendra Modi’s Bharatiya Janata party, which is rooted in
prime minister, in his home state. in Delhi. After being garlanded with of the “Gujarat model” of industrial the inclusion of Patels in the system — the Hindu nationalist movement, was accompanied by an
Mr Patel had addressed a rally of hun- flowers by his fans, he brandished a development and decisive government would meet his demands. “Either initial resurgence in noisy rhetoric about the threat to
dreds of thousands of fellow Patels — an sword above his head and said: “Forget had succeeded, Mr Patel said: “The rich remove reservation or give it to every- India’s Hindu majority from a Muslim “population explo-
influential and relatively prosperous flowers. Bring out the swords. Here, remained rich and the poor remained one,” he said. “Because of the reserva- sion” and Christian missionaries converting hordes of Hin-
group making up about 15 per cent of that’s the only language that works.” poor . . . I don’t want to comment on tion policy the country has been set dus. But last week, demographic myths were confronted by
the state’s 63m population — at which he With up to 50 per cent of government political leaders, Modi or [the opposi- back 60 years.” hardnumbers.
demanded they be included in the pref- jobs and college places reserved for Dal- tion] Congress.” Additional reporting by Jyotsna Singh On August 23, Mr Modi’s government released one of
India’s most politically-sensitive data sets: the breakdown
of the country’s 1.2bn people by religious faith. Collected in
the 2011 census, the figures were suppressed by the previ-
Fringe benefits ous Congress-led administration, which feared the data
would fuel communal tensions — and disadvantage them

New Delhi advised to beware gloating over China turmoil politically—aheadoflastyear’sparliamentaryelections.

Critics of the ruling party see an attempt to advantage the
BJP in important, forthcoming state assembly elections in
Bihar. But how the census data have been interpreted has
dependedonthepredilectionsoftheinterpreter.
VICTOR MALLET — NEW DELHI From 2001 to 2011, Hindus did fall slightly as a propor-
Competing motors of growth tion of the population, dropping to 79.8 per cent, down 0.7
Indian leaders have struggled to con-
percentage points from 80.5 per cent in 2001. Muslims rose
tain a surge of hope and national pride
to14.2percentofthepopulationin2011,up0.8pointsfrom
as they contemplate the meltdown of
13.4 per cent a decade earlier. That shift was driven by the
China’s markets and calculate the
fastergrowthoftheMuslimpopulation,whichrose24.6per
opportunities for the relatively small
cent, against Hindu num-
but fast-growing Indian economy.
bers, which rose 16.8 per
Adi Godrej, patriarch of the Godrej con- centoverthedecade.
The Muslim
glomerate, called it “a great time for Rightwing Hindus have population’s
India, especially in manufacturing, to seized on the headline fig-
shine”, and noted the rupee had fallen ures as proof of the Hindu
growth rate is
less than the currencies of most devel- majority eroding. “Hindu falling faster than
oping economies after the China crisis population going below
hit world markets. 80 per cent is an alarm
any other group
Arun Jaitley, India’s finance minister, bell. If you don’t want to
portrayed his country as a new engine to listen, no matter, but bell is ringing,” Rakesh Sinha, honor-
power the world economy as China ary director of New Delhi’s India Policy Foundation,
slowed, while Arvind Panagariya, who tweeted to 44,000 followers.
heads the new Niti Aayog state planning Surendra Jain, of the Vishwa Hindu Parishad, or World
body, said the scope for India to capture Hindu Council, told journalists that Islamists “are provok-
export markets from China was “poten- ing Muslims to make India a Muslim nation”. Yogi Adity-
tially huge”. anath,aBJPparliamentarian,calledita“dangeroustrend”.
New Delhi said yesterday that India’s Demographers see a different story, that the Muslim
economy in the June quarter grew 7 per population’s growth rate is declining rapidly, indeed,
cent year on year, the same as in China. China India faster than any other Indian religious group. Decade by
That suggests India is overtaking China decade, the percentage increase in the Muslim population
in terms of growth and is poised to GDP growth (average 2004-2014) has dropped from 32.8 in 1991 to 29.5 in 2001 to 24.6 in
become the world’s fastest expanding 2011. Hindus’ decadal population growth increase has also
large economy. 10% 7.7% fallen, but more slowly, from 22.7 per cent in 1991 to 19.9
Only a week after China’s “Black Mon- per cent in 2001 and 16.7 per cent in 2011.
day”, however, some economists are 2015 growth forecast* In other words, Hindus embraced smaller families and
already warning of the dangers of Indian had secured the necessary family planning services to con-
Schadenfreude and complacency. 6.9% 7.7% trol their fertility earlier, but Muslims are catching up. The
As a big oil importer, India benefits in population growth rates of India’s two largest faiths are
the short term from the global collapse *Consensus Economics poisedtoconvergeandpopulationmake-upwillstabilise.
Brent Lewin/Bloomberg; Tim Graham/Getty Images
of commodity prices, and is also likely to “If the same trend continues, the population growth rate
receive further inflows of portfolio and ‘India can’t The economist Ashoka Mody, in a are worried by the bad loans burdening gress party in the upper house of parlia- of Muslims will be about the same as the growth rate of
direct investment from funds and blog for Bruegel, a European think-tank, the state-dominated banking system, ment from introducing a nationwide Hindus within the next two census periods,” says demog-
industrial groups wary of more vulnera- be the jewel is more scathing, condemning India’s concerned about persistent inflation goods and services tax. rapher Abusaleh Shariff, a scholar at the US-India Policy
ble emerging markets. But that does not in the official statisticians for data that have and high interest rates, and disen- “China is constrained by demand,” Institute in Washington DC.
mean India can take full advantage of “created the dangerous illusion that chanted by the recent failures of the says Mr Malik. “India is a supply-con- Amir Ullah Khan, analyst with the Bill and Melinda Gates
China’s woes — India’s transport infra- crown Indian GDP is growing rapidly when all Bharatiya Janata party government of strained economy.” Foundation, says convergence is already occurring in
structure is undeveloped and the coun- simply indicators point to the contrary”. Narendra Modi to pursue urgently India, in short, does indeed enjoy southern states such as Kerala, Tamil Nadu and Karnataka,
try remains a hard place to do business Corporate profitability in India is needed economic reforms. Executive opportunities arising from China’s prob- which have strong public education. “The most correlated
— let alone become a vibrant new motor because abysmal and businesses have virtually recruiters who profited from the eupho- lems and the external economic envi- variable with fertility decline is . . . primary education,” Mr
for the world economy. China is stopped investing, Mr Mody adds. “The ria when Mr Modi became prime minis- ronment, but will not be able to take Khan said. “You get these kids educated for three to five
“India can’t be the jewel in the crown illusion that India actually benefits from ter say their Indian business in the advantage of them unless it quickly years,theywilldeliverfewerchildren.”
simply because China is doing poorly,” doing the recent turmoil — because, for exam- industrial and infrastructure sectors tackles its own domestic challenges. Right-wing Hindus have resumed their call for more
says Rajeev Malik, a senior economist at poorly’ ple, oil prices are low — ignores the fact has all but ground to a halt. “The opportunity’s there in that India Hindubabiesandnewlawsagainstreligiousconversion.
the broker CLSA. “Given the huge differ- that prices are low because the global Mr Modi has abandoned his drive for will attract money as foreign investors More relevant is that more Muslim girls are attending
ences in per capita GDP, India will be economy is so weak. The pervasive glo- fundamental changes to the national reallocate funds to more promising school than ever. As for Christians, they are likely to remain
growing faster than China. But that bal weakness ultimately does the law on land acquisition, which would markets,” says Jyotinder Kaur of HDFC 2.3 per cent of the population, unchanged from where they
should not be confused to mean India’s greater harm, especially because India have made it easier to buy land for Bank. “But nothing is a given. What can havebeenforthepast30years.
clout all of sudden is going to be greater is not competitive.” industry, housing and roads. He has also we do with all this if we can’t get things
than China’s.” Indian and foreign investors say they been blocked by the opposition Con- rolling on the ground?” [email protected]

Market fall

Journalist confesses on TV as Beijing clampdown tightens

PATTI WALDMEIR — SHANGHAI was detained for allegedly fabricating David Bandurski of the China Media China’s leaders believe they erred on
and spreading false information about Project at the University of Hong Kong the side of being too transparent in han-
A journalist at one of China’s financial
the stock market, according to Xinhua. said he was concerned by the detention. dling the slide in Chinese equities.
publications has admitted causing
State TV channels in China frequently “This isn’t about the factual nature of When the market turmoil
“panic and disorder” in the stock mar-
broadcast public confessions in high- his reporting, it’s about the political began in June, Beijing imposed restric-
ket in a public confession carried on
profile cases. impact.” tions on media reporting of the stock
state television.
CCTV yesterday also aired a confes- Mr Bandurski said that “this looks market.
The detention of Wang Xiaolu, a sion by Liu Shufan, an official of the like a vendetta”, noting that it was much The independent China Digital
reporter for Caijing magazine, comes China Securities Regulatory Commis- more worrying than previous cases of Times, which monitors internet censor-
amid a crackdown on the role of the sion, and reported that four executives journalist detentions that had involved ship in the country, said in June that
media in the slump in China’s stock of investment bank Citic Securities had allegations of revealing state secrets or media had been told to avoid stoking
market, which is down about 40 per confessed to insider trading. media corruption. panic. “Do not conduct in-depth analy-
cent from its June 12 peak. The state broadcaster showed Mr Liu sis, and do not speculate on or assess the
Nearly 200 people have been pun- confessing to market-related crimes direction of the market,” it reported an
ished for online rumourmongering, including insider trading. official directive as saying.
Xinhua reported at the weekend. The clampdown has also targeted “Do not exaggerate panic or sadness.
“I acquired the news from private those spreading online rumours about Do not use emotionally charged words
conversations, which is an abnormal the fatal explosions in Tianjin and such as ‘slump’, ‘spike’ or ‘collapse’.”
way, and added my personal judgment “other key events”. State media have barely touched the
and subjective views to finish this story,” According to Xinhua’s report, crimes subject since the latest rout began last
said Mr Wang in a confession aired on punished include claiming a man had week.
China Central Television. jumped to his death in Beijing because As China’s “Black Monday” triggered
“I shouldn’t have released a report of the stock market slump. a global sell-off, state media honed in on
with a major negative impact on the Mr Wang’s arrest last Tuesday was Premier Li Keqiang’s calls for develop-
market at such a sensitive time. condemned by the Committee to Pro- ment of the 3D printing industry.
“I shouldn’t do that just to catch atten- tect Journalists, a US campaign group. The state-owned Shanghai Daily’s top
tion, which has caused the country and “Chinese authorities’ hypersensitivity story the following day was on increased
its investors such a big loss. I regret [it, to fluctuations in the financial markets legal penalties for paedophiles.
and am] willing to confess my crime.” is no reason to intimidate and jail a jour- Wang Xiaolu: said he added his Additional reporting by Jackie Cai
Mr Wang’s confession came after he nalist for covering the news,” it said. ‘personal judgment’ into a report Notebook page 12
Tuesday 1 September 2015 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Tuesday 1 September 2015

INTERNATIONAL

Russia law reform sparks

Border controls

EU east-west tensions
internet surveillance fears erupt over migrant crisis
JEEVAN VASAGAR — BERLIN causing long tailbacks, part of its
ANDREW BYRNE — BUDAPEST
response to the deaths of 71 migrants
Regulator rules data on its citizens must be kept on servers inside its territory ALEX BARKER — BRUSSELS
who suffocated in a lorry on the Vienna-
Simmering tensions between Europe’s Budapest highway.
east and west over how to handle a Hundreds of migrants also boarded
huge influx of migrants burst back into overcrowded trains bound for Vienna
the open after Chancellor Angela Mer- and Munich at Budapest rail stations
kel yesterday warned Germany’s east- yesterday, as frustration among thou-
ern neighbours that the bloc’s prized sands camped in the city appeared to
passport-free zone was at risk unless prompt an easing of controls by Hungar-
they shouldered more of the burden. ian authorities. Budapest Keleti station
has become a makeshift refugee camp
Hundreds of thousands of migrants, for thousands of migrants in effect
including many fleeing the war-torn trapped in Hungary by stringent pass-
Middle East, have crossed the Mediter- port checks on western-bound trains.
ranean and Aegean seas this year to seek Many seek covert means of reaching
refuge in the EU, with their ultimate Austria, by car or truck.
destination often the economically Police guarding the trains yesterday
prosperous north. allowed hundreds of migrants, many of
But the mass movement has strained them without passports or visas, to
Europe’s existing arrangements on board the carriages. By early afternoon,
migration, inflamed the politics of Austrian authorities had issued orders
immigration, raised doubts over main- to halt two trains at Hegyeshalom, a
taining open borders, and prompted Hungarian town near the Austrian bor-
fraught debate over creating a system der, citing reports of “overcrowding”.
for routinely sharing refugees. Hungary has struggled to deal with
Ms Merkel rebuked eastern European more than 140,000 migrants who have
states reluctant to accept Muslim asy- entered the country this year despite a
lum seekers and cast the refugee crisis contentious 175km razor-wire fence
as a test of the union’s founding values. built to seal the southern border.
“I believe that our values in Europe Laurent Fabius, France’s foreign min-
are based on the dignity of every indi- ister, singled Budapest out for criticism
vidual, without starting to say ‘we don’t on Sunday, blasting as “scandalous” the
want Muslims, we are a Christian land’,” response of central and eastern Euro-
she said. Warning that the passport-free pean countries to the migrant crisis.
Schengen Area was at risk if the EU Hungarian officials dismissed Mr
could not agree a fair distribution of ref- Fabius’s “ignoble” comments.
ugees, Ms Merkel called on Europe to Germany expects to receive 800,000
collectively accept responsibility for asylum seekers this year, equivalent to
hosting refugees. around 1 per cent of its population.
Yet with a special summit of interior Additional reporting by Henry Foy in
Online: commuters read their electronic devices on a train in Moscow. Russia says 2.6m companies process personal data on its citizens — Dmitry Serebryakov/AFP/Getty Images ministers just a fortnight away, the EU Warsaw
appeared increasingly at odds. Robert Martin Sandbu page 13
Fico, Slovakia prime minister, yesterday
KATHRIN HILLE — MOSCOW lack of clarity over how to comply, Rus- such as the option of payment in rou- ulators over internet content, which it rejected criticism from western EU cap-
RICHARD WATERS — SAN FRANCISCO
sian and foreign executives as well as bles. But lawyers warned that this was had long resisted. itals, accusing other European leaders of
The Russian government has thrown internet analysts fear the new rules only unofficial guidance and no protec- Of the largest foreign online media not “telling the truth” about the back-
hundreds of thousands of companies could become a tool of political pres- tion against legal action. companies, only Google has an office in ground of the majority of migrants.
into legal uncertainty over new privacy sure. Already, several big tech compa- Instead of a public debate, regulators Russia. Executives at state-controlled “Ninety-five per cent of these people
rules seen as a tool to help Moscow nies have started negotiations with reg- have engaged in private talks with some Rostelecom said Google became a cus- are economic migrants . . . We will not
expand surveillance of its citizens and ulators over compliance. large companies. So far, Roskomnadzor tomer at one of its data centres this year. assist this foolish idea of accepting any-
control of the internet. “Nobody knows yet how the law will has named Ebay and its affiliate PayPal, With regard to Twitter, Alexander body regardless of whether or not they
The changes, which take effect today, be used — if it will be politically used to Chinese competitor AliExpress, IT Zharov, the head of Roskomnadzor, said are economic migrants,” he said.
in theory require companies from all punish companies who refuse to do cer- gadget vendors Lenovo and Samsung, in July that the user information col- Strains from the crisis were evident
over the world that collect or process tain things,” said Edgars Puzo of the online travel site Booking.com and cab- lected by the US company was not yesterday along Hungary’s border with
personal data of Russian citizens to Association of European Businesses in regarded as personal data under the Austria, a thoroughfare for thousands of
store these data on Russian territory. Russia. new law. migrants. Claiming the controls were
Russia is by no means alone in step- The potential reach of the law is vast.
‘Nobody knows yet how Facebook held talks with Mr Zharov consistent with passport-free travel, Angela Merkel: called for EU states
ping up personal data regulations. “This affects absolutely every business the law will be used — if it last week. Two people familiar with the Austria introduced traffic spot-checks to show collective responsibility
Following leaks by the former US because all companies process personal discussions said Facebook had argued it
security contractor Edward Snowden, data, be it that of employees, users or
will be politically used to should not be forced to move Russian
many regulators including the EU tight- customers,” said Natalia Gulyaeva, a punish companies’ user information onshore because that
ened rules on the collection and partner at Hogan Lovells, a law firm, in would require separating out data that Israel
processing of personal data. But corpo- Moscow. The IT, telecom and media reg- hailing service Uber as having agreed to was spread across servers organised by
rate executives and analysts have
decried Moscow’s push as an attempt to
help its security services monitor elec-
ulator Roskomnadzor has put the
number of companies processing per-
sonal data at 2.6m.
move data to servers in the country.
The government says about half of all
companies polled consider themselves
categories other than geography.
This problem applies beyond Face-
book. “In any large social network com-
Spy technology exports raise
tronic communication.
“It has nothing to do with personal
Government officials have offered
some explanations as to how the law
ready to implement the law. But execu-
tives said the vast majority were unsure
pany, the servers for your pictures may
be in one country, for your tweets in
questions over human rights
data protection. They want foreign could be interpreted but have always what to do. another country and so on, and you
companies to put their servers on Rus- been quick to stress that these repre- “In fact the new rules have forced need to rebuild the whole structure,”
sian territory because they need access,” sented only their “opinion”, according Google, Twitter and Facebook into con- said Mr Puzo. “And then it’s just a ques- JOHN REED — JERUSALEM civilians, and Amnesty International
said Andrei Soldatov, author of the to lawyers and company executives. ducting the kind of regular direct com- tion: does it make sense to have the Rus- has accused both sides of human rights
Two Israeli companies have sold mass
upcoming book The Red Web, a history “The message from Roskomnadzor munication with Roskomnadzor which sian market or not? It’s pure calcula- and international law violations.
surveillance technology to Colombia,
of internet controls in Russia. “They is that it’s OK to transfer data out of the Russian government has long tion.” During the May 2014 election, a scan-
according to a report that will raise
have tried on many different levels.” Russia, but the primary database has sought,” said Mr Soldatov. Additional reporting by Hannah Kuchler dal erupted in Colombia involving the
questions over the export and prolifer-
The law is vague and broad — some to be inside the country,” Ms Guly- “The Russian bureaucracy is based on in San Francisco wiretapping of peace talks between the
ation of snooping systems to countries
companies based outside Russia may aeva said. The regulator must also be a system of secret talks. This forces government and Farc rebels by ele-
with patchy rights records.
not have to comply, but it is not sure notified about the actual location of other companies to become more co- ments in the security forces.
which ones — and allows the govern- the data. operative because nobody knows what’s Podcast The report by Privacy International, a “This investigation finds that the
ment to block or fine internet services A Q&A on the website of the ministry going on.” Kathrin Hille speaks to some of London group, names the Israeli arm of national police, intelligence and secu-
the companies thrown into
that are seen as violators. of communications suggests that for- A Russian internet industry executive confusion by the new data
Verint Systems, the Nasdaq-listed secu- rity services were and are capable of car-
Last week, regulators fired a warning eign internet services will only be said that Yandex, the local search privacy laws rity and surveillance firm, as having rying out interception on a massive
shot when they briefly blacklisted the affected if they offer Russian-language engine company, had become “deeply provided technology to Colombia. Scan- scale outside of the existing Colombian
ft.com/podcasts
Russian version of Wikipedia. Given the websites or apps and additional features involved” in consultations with the reg- dals have hit the South American nation legal framework,” the Privacy Interna-
in recent years over illegal spying on tional report says.
journalists, activists and officials. According to the group, Verint sup-
Privacy International adds that Nice plied Colombia with technology for its
La Rochelle meeting. ‘Act together’ Systems, in Ra’anana, Israel, is helping Puma surveillance system and an “inte-
to build technology that will allow police grated recording system” used by its

Socialists cast aside differences to dine on unity

to intercept private communications. police force. Puma intercepts and stores
The report will spark fresh scrutiny of communications transmitted along the
sales of equipment able to eavesdrop on
private citizens’ telephone, email and
other communications to countries
‘It’s another example
Behind in the polls and dogged by
Emmanuel Macron, a former banker divided this year than in the past. omy so that life is easier for companies is accusedofrightsabuses. of the technology and
and now economy minister, is reviled by “There are some debates that we have, not the road that we should take.” Export controls and other regulations
some party members, who see him as a and we have them every year.” At the Socialist’s memorabilia and in countries that produce such equip-
surveillance outstripping
the far right, the faithful prefer traitor to their traditional values. Above all, La Rochelle was an oppor- trinkets stand, Marie, a recently retired ment, including Israel, have not caught the legal safeguards’
to forget at a grande bouffe His recent comments on reforming tunity to discuss issues. “It is a time nurse with three decades of party mem- up with similar checks on the sale of con-
the work code to give companies greater when we are in touch with the militant bership under her belt, says business ventionalweapons,campaignerssay. country’s telecoms network.
hiring flexibility has touched a nerve base, when you explain to the militants has been “calmer” than in previous “Clearly, there is not enough oversight Nice Systems, with the Colombian
ADAM THOMSON — LA ROCHELLE
with some party members. Many of what we are doing; the meaning of our years. Like many militants at La or human rights criteria put into the company Eagle Comercial, supplied
For one fleeting moment at the week- them think Mr Macron’s ultimate goal is actions,” she says. “I think they are Rochelle, she argues that many of assessment process in Israel,” said Edin police with the technology to build
end, members of France’s Socialist party to strike down France’s 35-hour week, a proud to see that these actions are faith- today’s problems stem from the legacy Omanovic, a researcher with Privacy another system called Super-Puma,
seemed to put aside their differences totem of Socialist party policy. ful to our principles.” of Nicolas Sarkozy’s previous centre- International. “It’s just another example allowing police to intercept communi-
during their annual get together at the Polls suggest the Socialists have little Not everyone sees it that way. Cyril right government. “They left us in a of the technology and surveillance prac- cations transmitted on “targeted
port of La Rochelle. chance of success in regional elections in Guinet, a 24-year-old Young Socialist deep financial tomb,” she says. tices far outstripping the legal frame- devices or lines”, the report says.
Boisterous chanting rang out Satur- December. An Ifop poll in Paris Match from La Rochelle, says that he feels the She also points out that the party has work and any safeguards.” Privacy International says Colombia’s
day night over the 10th century turreted last week painted an even bleaker pic- survived worse moments, such as when Israeli companies last year sold more police have been building a “shadow
Bay of Biscay city as Manuel Valls, prime ture of what might happen in the 2017 candidate Lionel Jospin was beaten into than $6bn worth of cyber security prod- interception architecture without clear
minister, greeted 2,000 party faithful presidential contest: none of the party’s Bleak prospects: third place by the National Front’s Jean- ucts, surpassing exports of conventional lawfulauthorityorpublicscrutiny”.
Manuel Valls,
dining on fish terrine and wine in a hall most likely presidential candidates, prime minister, is Marie Le Pen in 2002 — thus failing to military hardware for the first time. Elbit Systems, the Israeli defence
filled with white tables. The two and-a- including Mr Hollande and Mr Valls, polling badly for make it to the second-round run-off. While many were commercial prod- group, bought Nice’s cyber and intelli-
half day meeting, organised under the would make it to a second round. the presidential “That was a low point,” she said. “But ucts such as anti-hacking software for gence division in May for $158m. Elbit
slogan “Act Together”, was probably a Flashing smiles and shaking hands election in 2017 here we are, we didn’t die.” banks, Israeli companies are also among declined to comment on the report, and
welcome respite to what has otherwise around the white-topped tents of the Patrick Prigent, a veteran party mili- the leading suppliers of surveillance Verint did not respond to requests for
been a period most Socialist party mem- conference area in La Rochelle, Fleur internal strains testing the party’s fab- tant with a grey beard, pink shirt and technology that can be used by police, comment.
bers would rather forget. Pellerin, the government’s culture min- ric. Mr Macron’s vision is causing some cream blazer, is also taking the long security forces and other state actors. Nice said on Sunday it had sold its
With unemployment still at near- ister, appears relaxed about the situa- of the greatest tension. view. The activist from Cherbourg still Israel’s military intelligence units have intelligence division, and was “no longer
record highs, an economy that refuses tion. On the international front, she “The Socialist party has always had thinks there is time to turn things provided the sector with large numbers in this area of business in Colombia or
to reawaken and a resurgent far-right admits the government has its work cut groups within it, with significant differ- around before the presidential election of “graduates” with espionage skills. anywhere else”.
National Front, president François Hol- out. “It is definitely a critical moment,” ences,” he acknowledges. “But there are in 2017. In Colombia, evidence of illegal inter- It added: “In line with company pol-
lande’s government and party have she says. “We have the migrants’ crisis, extreme divisions now between those But even he has to concede that the ception of communications pervades icy, Nice is not in a position to comment
been on the defensive since winning we have Greece . . . it is definitely a who are in government and those who immediate future does not look promis- accounts of extrajudicial disappear- on its relationships with actual or possi-
power in 2012. moment when the Socialist party that is are in the party but have a more historic ing. Asked to sum up the Socialist ances and killings, says Privacy Interna- ble customers, current or past. In the
Mr Hollande’s swing to more busi- governing now needs to find solutions.” vision.” party’s prospects in the regional elec- tional. Colombia’s long-running conflict past, such solutions were sold in accord-
ness-friendly policies to try to kick-start But she also plays down internal rifts, To the nodding approval of several tions, he shakes his head and says: “It is with left-wing rebels has killed more ance with applicable laws and appropri-
the economy has divided the left. insisting that the party is no more friends, he adds: “Reforming the econ- going to be very tough.” than 200,000 since 1958, most of them ate government oversight.”
Tuesday 1 September 2015 ★ FINANCIAL TIMES 7

INTERNATIONAL

Push to turn
Catalan poll into
independence
referendum
Separatists to run on unified list as they
seek mandate for break with Spain
TOBIAS BUCK — MADRID and leader of the centre-right Con-
vergència Democràtica de Catalunya
For politicians in Spain, the month of party, September 27 marks the high
September means the return of a pecu- point of a protracted political battle.
liar seasonal phenomenon: a surge in Support for independence has risen
tensions with Catalonia. markedly in recent years, fuelled by
As in previous years, the region’s pow- frustration with the region’s current sta-
erful independence movement will tus in Spain.
mark Catalan national day on Septem- Many Catalans say they want greater
ber 11 with a mass rally calling for the autonomy, and to keep more of the
creation of an independent state. This taxes that are raised within the prosper-
time around organisers hope hundreds ous region. Recent polls show that
of thousands of supporters will fill one between 30-40 per cent of Catalans say
of the main avenues into Barcelona all they want to live in an independent
the way to the doors of the regional par- state.
liament in Ciutadella Park. Mr Mas and his allies have repeatedly
The flag-waving crowds will look sim- demanded a formal in/out referendum Split decision: the region’s grievances as part of a challengeforMrMasistoholdtogethera ence camp is aiming for will most likely
ilar to those that crammed the city’s along the lines of last year’s plebiscite in Catalans broader constitutional overhaul after disparate alliance that stretches from prove elusive.
streets last year, and that formed a Scotland, where voters narrowly demonstrate in the elections. Their proposal, however, the far-left to the centre-right, and “That would mean winning an abso-
480km human chain across the region rejected independence. support of has found favour neither among Catalan includes grassroots activists along with lute majority of seats and an absolute
in 2013. However, the political backdrop But his appeals have been rejected by independence in separatists, who demand a right to self- prominent supporters such as Pep Guar- majority of the vote. I do not think that
this year is different. Just two weeks Madrid, which argues that Spain’s con- Barcelona last determination, nor with Mr Rajoy’s Pop- diola, the former Barcelona footballer will be possible. And that means the
after the rally, Catalans go to the polls to stitution allows neither secession nor a year. Below ular party, which is trying to paint the and now coach of Bayern Munich. Most result will always be open to interpreta-
elect a new regional government. regional right to self-determination. right: former Socialists as a party ready to gamble importantly, Mr Mas has to secure a vic- tion,” he says.
Crucially, and for the first time ever, Mariano Rajoy, Spain’s prime minister, Barcelona with Spanish unity. torynextmonth —whatever thatmeans. Among officials and analysts, there
the main pro-independence parties insists the September 27 election will be football Back in Barcelona, the immediate He has suggested winning an absolute has long been near consensus that the
have agreed to run in the election on a held to pick a Catalan government — but manager Pep majority of seats in the regional parlia- stand-off can only be resolved through
single unified list. The idea is to turn the will have no significance beyond that. Guardiola is ment — meaning 68 out of 135 seats — talks between Madrid and Barcelona.
vote into a referendum on independ- Analysts point out that Mr Rajoy him- flanked by would count as a win for the independ- The prime But with elections looming on either
ence and to secure a popular mandate self faces a tight general election this Catalan ence campaign. Yet some argue that minister side of the Spanish-Catalan divide, any
for a break with Spain. year, and so has a strong incentive to parliament puts the threshold too low. attempt at forging a new accord will
“The elections are supposed to send a take a hard line against the next Catalan Speaker Núria “You cannot say that September 27 is faces a tight have to wait.
signal to Catalans, to Spaniards and to government. de Gispert and a referendum but then count the seats election and As Mr Bassets of El País points out, the
the international community that there “Rajoy wants to present himself as the president Artur rather than votes. If you want this to be underlying paradox of the conflict
is unequivocal support for independ- only person who can hold Spain Mas — Juanjo Perez seen as a referendum, you must accept has a strong remains unresolved. “Catalonia does
Monclus/Bloomberg; Lluis
ence,” says Lluis Orriols, a politics pro- together,” says Lluis Bassets, a Barcelo- Gene/AFP/Getty Images
the rules of a referendum,” says Prof incentive not have the strength to break with
fessor at Carlos III University in Madrid. na-based columnist for the El País daily. Orriols. Spain. And Spain does not have the
“From the perspective of the independ- Spain’s opposition Socialists, too, have Antonio Barroso, a political analyst at to take a strength to put an end to the Catalan
ence camp, now is the moment.” made the issue of Catalonia into a cam- Teneo, a risk consultancy, argues the hard line challenge,” he says.
For Artur Mas, the Catalan president paign theme by promising to address “unequivocal” victory the independ- Podemos falls short page 13
8 ★ FINANCIAL TIMES Tuesday 1 September 2015 Tuesday 1 September 2015 ★ FINANCIAL TIMES 9

INTERNATIONAL INTERNATIONAL

Constitutional changes Mexico. Leader’s credibility

Police officer killed as Marathon man tries to

Ukraine nationalists riot regain lost momentum
Clashes greet parliament’s of Oleh Lyashko’s Radical party. Local that 122 people were treated at hospital
television footage showed what — most were officers, but the number
approval of greater appeared to be grenades being thrown also includes Ukrainian journalists and President reshuffles cabinet
powers for separatists in front of the parliament building as two French reporters. and apologises for scandal
clouds of thick smoke billowed over the The violence illustrates the sharp
COURTNEY WEAVER — MOSCOW square and short explosions were heard divide in Kiev over the planned decen- as economy fails to take off
in the background. tralisation legislation, a key part of the
A grenade exploded outside Ukraine’s Newswire Interfax said an estimated Minsk peace agreement that was signed
JUDE WEBBER — MEXICO CITY
parliament yesterday killing a police 1,500 protesters had gathered at the in the Belarusian capital in February.
officer during a nationalist protest square and tried to storm the parlia- On one side are Mr Poroshenko and When Enrique Peña Nieto posted a pic-
against a vote to give greater powers to ment after the so-called decentralisa- his allies, who say the legislation is nec- ture of his socks on Twitter last month,
separatist regions in the east of the war- tion bill was passed inside. essary to end the fighting between Kiev scorn and sarcasm rained down from
torn country. Arsen Avakov, interior minister, and pro-Russia rebels in Ukraine’s east. social media.
At least 100 Ukrainian policemen and wrote on Facebook that authorities had On the other side are Ukraine’s The Mexican president’s light-
National Guard servicemen were also detained 30 people in connection with nationalist political parties, which com- hearted attempt to clarify that he had
injured in violent clashes, according to the violence, including one man who mand strong support in the west of the not, in fact, run a 10km race with his
Ukraine’s interior ministry. was carrying a grenade. Many of the country, as well as Yulia Tymoshenko, socks on the wrong way backfired:
The riots began after Ukraine’s parlia- rioters were wearing T-shirts bearing the former prime minister, who claim scores of tweets thanked him for
ment gave initial approval to constitu- the Svoboda party logo. that Moscow will use decentralisation to enlightening the nation on sockgate
tional changes that would grant greater Mr Avakov said the officer who was further weaken Kiev’s authority. while alleged human rights abuses, ris-
authority to regional governments killed was a 24-year-old conscript and “This is not the road to peace but to ing poverty and why his wife’s house had
throughout the country and envision decentralisation. This is a diametrically been paid for by a favoured government
temporary self-rule for breakaway opposed process which forces us to lose contractor remained unresolved.
regions in Ukraine’s east. territory,” Ms Tymoshenko said. It has been a marathon year that has
Parliament passed the bill with 265 The foreign ministers of Russia, seen the keen athlete stumble from cri-
votes approving the measure — or 39 Ukraine, Germany and France are sis to crisis, seeming to spot problems
votes more than the required mini- scheduled to meet by the middle of Sep- only after they had engulfed him.
mum. However, President Petro Porosh- tember to discuss the conflict, Kremlin While his matinee idol looks remain
enko is expected to face more difficul- adviser Yuri Ushakov said. intact, the promise of prosperity and
ties getting the legislation approved in Volodymyr Hroysman, Ukraine’s par- sense of hope Mr Peña Nieto embodied
its final reading later this year. liamentary speaker, said that despite has vanished. Instead, Mexicans have
The protests were led by the Ukrain- the violence he believed he would still watched corruption scandals spiral, the
ian nationalist group Svoboda (Free- secure the necessary 300 votes to pass economy stall and the country’s top
dom), one of the most vocal opponents Nationalists clash with police the decentralisation bill in its final read- drug lord tunnel out of jail.
of the legislation, along with members outside the country’s parliament ing. “It will happen this year.” Luis Rubio, a political analyst,
believes the government has been oper-
ating “in a siege mentality; that they are
right, and everyone else is wrong”.
Indeed, Mr Peña Nieto’s popularity
War legacy. Reconciliation drive has sunk, making him the least-loved
president in 20 years. A survey pub-
lished by the Pew Research Center
shows his overall positive rating has
fallen to 44 per cent, from 51 per cent
last year, with sliding approval ratings The president is Mexico’s most unpopular for 20 years — Ronaldo Schemidt/Getty Images
for his handling of education, crime and
drugs, the economy and corruption.
But finally, the penny appears to have widespread impunity in the state of year, which the national human rights
dropped. Last month Mr Peña Nieto Guerrero, where 43 students were commission flagged as “serious viola-
offered an unprecedented apology for believed kidnapped by police and mur- tions of human rights”.
the house scandal, which he admitted dered by a drug gang last year, is likely to Mr Peña Nieto’s state of the nation
fuelled “incredulity and distrust”, and make for difficult reading. speech is expected to stress success in
reshuffled his cabinet to try to regain And as the anniversary of their disap- securing reforms, including in energy
lost momentum. pearance looms on September 26, inde- and telecoms, and the creation of an
The biggest reshuffling change was pendent experts will also publish the anti-corruption system.
the designation of chief of staff and pres- findings of a six-month investigation But the president has acknowledged
idential confidant, Aurelio Nuño, as into the killings next weekend. things have not been going entirely to
education minister, highlighting the Additionally, an official investigation plan. While defending his ambitious
tricky reform of Mexico’s public school is examining whether extrajudicial kill- structural reforms, in one TV advert he
system as a top priority. But the cabi- ings were carried out by security forces then admitted: “Mexico is not yet mov-
net’s two heavyweights, the interior and ing at the speed we all want. There are
finance ministers, kept their jobs. three brakes stopping this: corruption,
“We are entering this new stage with
‘Mexico is not yet inequality and a complicated world eco-
much enthusiasm and more strength,” moving at the speed nomic situation that is reflected in falls
the president said, echoing the newly in the oil price.”
minted slogan he intones, fist-clenched,
we all want.’ Many Mexicans are sceptical about
Kuomintang soldiers in an engagement with Japanese troops in March 1932 — Topical Press Agency/Getty Images in a series of television adverts designed Enrique Peña Nieto, president his commitment to rooting out the cor-
to showcase the government’s successes ruption he once glossed over as “cul-
ahead of tomrrow’s state of the nation of 42 alleged members of the Jalisco tural”. Further, the economy, highly

Beijing eases stance on Kuomintang speech marking halfway in his term.

Despite successes in reducing extor-
tion and kidnappings in the first seven
New Generation cartel. They were
killed in a shootout in May that was
hailed by the government at the time as
integrated with the US, and its first
energy auction have failed to take off.
Viridiana Ríos, head of the think-tank

veterans who fought Japanese months of 2015 by 18 per cent and 30

per cent respectively compared with the
same period last year, the number of
a big blow to the gang.
The investigation comes hot on the
heels of the first conviction of a soldier
México ¿Cómo vamos?, who wants the
government to focus on poverty reduc-
tion, exports and investment, believes
homicides shot up 25 per cent in July in Mexico for the disappearance of a Mr Peña Nieto missed an opportunity
compared with July 2014. civilian, and the trial of one officer and for real change with a bolder cabinet
as a means to woo self-ruled Taiwan In the purges of the early 1950s, an A report this week by the Open Soci- eight soldiers over the killing of 22 peo- revamp. But she remains hopeful. “We
Moves seen as part of effort towards unification with the mainland. estimated 1m KMT loyalists, landlords ety think-tank and rights groups on ple in the town of Tlatlaya in June last still have three years,” she says.
to edge Taiwan towards “There has been real progress over and secret society members were exe-
the past two years,” says Sun Chunlong, cuted. They became targets again dur-
unification with the mainland a former journalist whose Shenzhen ing the Great Leap Forward and the Cul-
Longyue Charity Foundation organises tural Revolution. Many survivors live in Treasurer’s forecast
LUCY HORNBY — TENGCHONG, donations and volunteer visits for about poverty, in part because their political
SOUTHERN CHINA

Li Huiying leaps to his feet, ramrod

7,200 KMT veterans still living in China.
“If we hope to reconcile, we need to take
a more objective view of history.”
status prevented them from marrying
and thus deprived them of children to
support them as they aged.
World’s longest growth streak in Australia’s grasp
straight as he raises his cane. For seven decades, the Chinese Com- The exception is in the Yunnan city of
“Lift your gun, hold it steady, get your munist party has portrayed itself as the Tengchong, where a quiet cemetery on a JAMIE SMYTH — SYDNEY economy shrank 0.1 per cent in the sec- ing resources, agricultural produce and
target in the sights,” he recites, squeez- main victor in the war, minimising the pine-clad hillside is mainland China’s ond quarter, when compared with the services to the region.
Australia is on track to surpass 26 con-
ing shut first his right eye then the left — KMT’s role. In 2006, a newspaper’s sup- only memorial to the KMT troops. Rec- previous three months, due to a “Our services industry, which is
secutive years of growth, according to
as he was taught when bullets were few plement was closed after publishing the onciliation is easier here because the weather-related drag on exports, weak 70 per cent of our economy, provides
its treasurer, swiping the modern-era
and precious. The 91-year-old pushes first acknowledgment in mainstream area was barely touched by the civil war, business investment and domestic everything that the emerging middle
record from the Netherlands despite a
the cane up against his shoulder, mainland media that tens of thousands and KMT veterans such as Mr Li are demand. class wants in healthcare, education,
slowdown in China, its biggest trading
squeezes his trigger finger and mimes of KMT soldiers died in battles against honoured as “old soldiers”. Authorities will publish the second- tourism and financial services,” he said.
partner.
the kickback. the Japanese. This summer, posters for Visitors raised on the exploits of the quarter growth figure tomorrow. But in “It is starting to lift quite significantly.”
Mr Li last saw action in 1944, fighting the film Cairo Declaration about the 1943 Communist army “come here and are In a bullish forecast, Joe Hockey said the an interview with the Financial Times, He said Australia was experiencing a
with the Chinese Expeditionary Force to meeting between Franklin Roosevelt, very surprised”, said Bai Shaoqin. His economy was benefiting from capital Mr Hockey said commentators warning surge in foreign investment into prop-
retake the mountainous border local history association is racing inflows from China in response to recent of a possible economic bust in Australia erty and this would continue while
between China and Burma that turned against time to record the names and stock market volatility and dismissed were “dead wrong” and the economy China’s stock market remained volatile.
the tide of the Second World War in con-
‘If we hope to reconcile, memories of local veterans. concerns that Australia was now too was much more diversified than many For the first time in 2013-14, China
tinental Asia. we need to take a more Tengchong’s memorial hall details the reliant on trade with Beijing. foreign observers understood. became the largest source of foreign
The defeat of Japanese troops there by vicious fighting Mr Li saw along the Sal- “Cassandras are loud, whereas opti- “If our economy was deteriorating investment in Australia, leapfrogging
land forces commanded by the Chinese
objective view of history’ ween River, between Japanese troops mists are getting on with the job. We are then why is there overwhelming con- the US. Investment in real estate was
Nationalists, or Kuomintang, who Sun Chunlong, charity worker occupying the farthest reaches of main- going to break the record and go beyond sensus that unemployment has peaked? $74.6bn, up from $51.9bn a year earlier.
fought with overseas Chinese volun- land China and KMT units battling to the Dutch,” he said. “Our growth is I see positive signs and I can see where “There is a Chinese middle class look-
teers and US Flying Tiger airmen Winston Churchill and KMT generalis- keepthemoutofnorthernMyanmar. somewhere between 2 and 2.5 per cent our growth is going to come from.” ing for stability and certainty in returns
allowed the Burma Road to reopen and simo Chiang Kai-shek featured Mao It recognises the comfort women who and that is with the biggest fall in the Mr Hockey said Australia was and the more volatile the Chinese stock
goods to flow overland to China. Zedong’s face in the place of Chiang’s. serviced Japanese soldiers, local guer- terms of trade in our history.” uniquely placed to benefit from China market, the more likely they will go
Seventy years after Japan surren- “The Communist regime is trying to rilla militias and the China labourers The Netherlands enjoyed 26 years of and Asia’s long-term growth by export- searching around the world for invest-
dered, China is taking steps to recognise claim discursive power by declaring who hacked down jungles and crushed economic growth between 1982 and ments they understand, in countries
the contributions of “old soldiers” such itself the main force against the Japa- boulderstobuildtheBurmaRoad. 2008 on the back of the discovery of they understand.”
as Mr Li, after decades of discrimination nese, which is not true,” says George One of those was Xu Benzhen, now 94, North Sea oil. In comparison, Australia Mr Hockey said the boom in property
against the KMT troops who later lost Tsai, a political scientist in Taiwan. who was tasked at 16 with spreading has enjoyed 24 years of uninterrupted investment was helping the economy’s
the Chinese civil war. In some ways the Communist party gravel along the muddy jungle road. growth driven, in part, by reforms put in transition from a decade-long mining
Beijing’s plans for a military parade owes its rule today to the Japanese occu- Mr Xu joined a battalion that place after the last recession in 1991, and investment boom.
on Thursday to mark the anniversary of pation of China that ended in 1945. retrieved parts from US planes that China’s rapacious appetite for its Analysts agree that despite Australia’s
the Japanese surrender do not include Mao’s anti-Japanese broadsides from his crashed over “the Hump” between resources over the past decade. mining recession, there is room for
any representative from Taiwan, where Yan’an base far from the front gained India and the KMT capital, Chungking. But a slump in iron ore prices, falling cheer on the broader economy.
the defeated KMT set up a rival govern- the CCP legitimacy with the population, He displays photos of US defence mining investment and slower than “It is important to remember that the
ment after 1949. and Communist control of the industrial attachés who have visited to thank him expected growth in China are prompt- non-mining economy is much bigger
But small steps to recognise the KMT north-east after the Japanese with- for his role in saving a Flying Tiger pilot. ing some economists to warn the good 24 2-2.5% than the mining economy in Australia.
contribution — two years ago, for drawal helped him win the civil war. “We need to find the things that unify times may be over Down Under where Number of years The country’s A weaker Australian dollar is helping to
instance, KMT veterans won the right to KMT officers and soldiers left behind us,” Mr Xu says, referring to Taiwan. the unemployment rate rose to 6.3 per of uninterrupted GDP growth, support the transition of the economy
old soldiers’ pensions and to participate in mainland China “felt the brunt of his- “Honouring us is a way to honour all the cent in July, from 6.1 per cent in June. growth enjoyed according to from mining,” said Ivan Colhoun, an
in anniversary celebrations — are seen toric movements”, Mr Sun says. ones who died.” Morgan Stanley forecasts Australia’s by Australia Joe Hockey economist at National Australia Bank.
10 ★ FINANCIAL TIMES Tuesday 1 September 2015

FT BIG READ. EMERGING MARKETS

Exports have collapsed, a credit-fuelled consumer boom is running out of steam and debt levels have
surged. With foreign capital also taking flight, developing countries must plot a new course to avert a crisis.
By James Kynge and Jonathan Wheatley

Fixing a broken model

J
ust under six years ago, Brazil’s mostly to be found in South America,
economy was in such robust Africa and Indonesia,” says Michael
shape that The Economist pub- Power, a strategist at Investec. “It could
lished a cover illustration get worse before it improves. Hefty cuts
showing the statue of Christ the in commodity production capacity are
Redeemer in Rio de Janeiro blasting off needed before a degree of equilibrium
like a rocket. Not only were wealthy Bra- will return.”
zilians enjoying the boom; stores selling The differential between those coun-
white goods were springing up in the tries that rely on manufacturing and
favelas, while budget airlines found new those that depend on commodity
customers among the former poor. The exports can be seen in the average
“country of the future”, it seemed, was return on equity by companies included
finally attaining its destiny. in the MSCI Emerging Markets Index.
But the rocket has now crashed to RoE measures how much profit a com-
earth. Brazil’s economy, which pany makes as a percentage of share-
expanded at 7.6 per cent in 2010, is on holder equity. Overall, the RoE of com-
course to shrink by at least 2 per cent panies included in the MSCI EM Index
this year. A trade surplus of $20bn in has declined from 18.36 per cent in
2010 has become a deficit of $40bn in October 2008 to around 11 per cent,
the 12 months to July. Job creation — 2m according to research conducted by
in 2010 — has turned to job destruction Ecstrat, an asset allocation consultancy.
running at 150,000 a month. In commodity exporting countries,
Although several of Brazil’s problems the decline is much more pronounced.
are self-inflicted, they are also sympto- For Brazilian companies, the RoE is
matic of a broader malaise afflicting down to 4.2 per cent from 21.9 per cent
almost all emerging markets. Export- in late 2008, for Peruvian companies it
driven growth has collapsed. A credit- is down to 12.3 per cent from 31 per cent
fuelled consumer boom has run its and for Russian companies it is down to
course, while corporate and sovereign Helping hand needed: Brazilian and Russian leaders Dilma Rousseff and Vladimir Putin at a July meeting of the Brics nations in July — Alexander Nemenov/AFP/Getty Images 7.1 per cent from 23.2 per cent.
debt levels have surged. Foreign capital, By contrast, the RoE in manufactur-
which so recently flooded in, is cascad- ing oriented Taiwan and Sri Lanka has
ing out as emerging market currencies Emerging market GDP slows toward developed market levels … … and EMs are now a net drag on global trade growth risen since late 2008, while in South
tumble along with commodity prices. Korea it has moderated only slightly.
So serious are these frailties that a Real GDP growth EMs’ input to trade growth turns negative Underpinning such weaknesses is a
growing number of economists and Contribution to growth in goods trade (% points) cascade of capital gushing out of emerg-
Annual % change
investors see a fundamental reversal of ing economies as currencies slump in
fortune for emerging market countries. 8
10 Brics total Non-Bric EMs
The dynamic economic models that
allowed developing nations to haul the
8 6 ‘Hefty cuts in
4
world back to growth after the 2008-09
EMs 6
4 2 commodity production
financial crisis are breaking down — and
threatening to drag the world back 2 0 capacity are needed
towards recession.
“The growth models are challenged
0
-2
-2
-4
before a degree of
overall and exhausted in some coun- DMs -4 -6 equilibrium will return’
tries,” says Mohamed El-Erian, chief -6 -8
economic adviser to Allianz, and chair value against the dollar and the expecta-
of US President Barack Obama’s Global 1995 2000 05 10 15 1991 95 2000 05 10 15 tion of a tightening in the Fed’s mone-
Development Council. “It is not just that tary policy, which is expected to make
emerging market growth has slowed US dollar-denominated investments
. . . the weakness in emerging markets Capital is cascading out of emerging markets … … and commodity-producing EMs are really suffering attractive relative to those in emerging
disrupts the economies of the west and markets. Total net capital outflows from
makes its challenges harder to face.” Net capital flows into % change in EM Real GDP growth the 19 largest emerging market econo-
Neil Shearing, chief emerging market emerging markets ($bn) currency index Annual % change mies reached $940bn in the 13 months
economist at Capital Economics, sees a to the end of July, almost double the net
similar problem. “The models of growth 300 15 10 $480bn that flowed out over three quar-
that served the largest emerging mar- 200 10
Manufacturing EMs 8 ters during the 2008-09 financial crisis,
kets so well over the past decade have 6 according to NN Investment Partners,
broken,” he says, naming the powerful 100 5
4 an investment bank.
Bric (Brazil, Russia, India and China) 0 0 2 Other analysts, adjusting for fluctua-
countries as examples. tions in exchange rates, estimate capital
-100 -5 0
China has become too reliant on outflows at much less than $940bn, but
investment and exports, he says, while -2 the picture is obscured by a lack of clar-
-200 -10 Commodity EMs
failing to give sufficient support to con- DMs -4 ity in national data on the composition
sumer spending. Brazil has had almost -300 -15 -6 of foreign exchange reserves. Neverthe-
the opposite experience, becoming too 1995 2000 05 10 15 less, says Maarten-Jan Bakkum, senior
2000 02 04 06 08 10 12 15
reliant on consumer spending at the emerging market strategist at NN
expense of savings and investment. Investment Partners, “these outflows
Russia is over-reliant on oil, while in Commodity-producing EMs’ exports have slumped … … and their currencies have plummeted against the US dollar have much further to go”.
India red tape and bureaucracy weigh Mr Lele identifies a dynamic under
heavily on investment and productivity. which capital outflows and declining
Export index average
Such shortcomings did not appear so Foreign exchange index against the $ exports create downward pressure on
critical when supplies of capital were $, rebased 2009-10=100 (three-month moving average) Rebased, Jan 2010=100 currencies, which then depreciate
abundant; generous inflows of funds off- 160 90 against the US dollar, increasing the cost
set a multitude of sins in debt-laden Commodity EMs of servicing foreign currency debts for
emerging markets. But following the US 140 100 emerging market companies. “The next
Federal Reserve’s cessation of its “quan- 120 110 shoe to drop will be defaults on emerg-
titative easing” monetary programme Manufacturing EMs 120 ing market corporate debt,” he says.
100
last year, the growth in dollar liquidity 130
has slowed. The Fed’s preoccupation
Manufacturing EMs 80
140
Can crisis be averted?
with when to raise interest rates is add- 60 150 But although the distress in emerging
ing to the turbulence. Depreciation markets is intensifying, it would be rash
Commodity EMs 40 160
“The emerging market model is pred- 20
to assume that a crisis is inevitable.
170
icated on capital inflows but the cycle is Some emerging markets have the
now turning because US dollar liquidity 2003 04 05 06 07 08 09 10 11 12 13 14 15 2005 06 07 08 09 10 11 12 13 14 15 option to push through urgent struc-
growth is slowing,” says Atul Lele, chief FT graphic Sources: Emerging Advisors Group; Oxford Economics; JPMorgan; NN Investment Partners
tural reforms to cut bureaucracy, boost
investment officer at Deltec Interna- the private sectors’ role in the economy
tional Group, an asset management and provide incentives for employers.
company. “This is pretty close to a crisis Other relatively strong economies —
and it is going to get worse.” forecasting, estimates that GDP growth Oxford Economics. Mr Slater says that if emerging market currencies with their including China, India, Mexico, the Phil-
this year in emerging markets will fall to a 4 per cent rate for China is assumed trade volumes the following year. ippines, South Korea, Taiwan and oth-
A real economy problem 3.6 per cent, the lowest level since 2001, and GDP growth continues to subside in The analysis found that while the ers — have some latitude to boost fiscal
The deepening malaise afflicting emerg- excluding the crisis year of 2009. some developing nations this year, then sharp depreciations in most emerging spending to drive growth.
ing markets — which account for 38 per However, Oxford Economics esti- “it is quite possible the number could market currencies have done nothing to The need for new infrastructure,
cent of global gross domestic product in mates that if “real” growth in China is end up below 2 per cent”. This, he says, boost exports, they have crimped especially in India, China, most of sub-
nominal terms and 52 per cent when assumed to be 4 per cent this year — would represent a lower level of global imports because a depreciating cur- Saharan Africa and much of Latin
calculated by purchasing power parity rather than the official 7 per cent — then growth than in 2001-02, when the US rency makes imports more expensive. America, is clear. Multilateral organisa-
— derives primarily from real economic overall emerging market growth for was in mild recession. For every 1 per cent a currency depreci- tions including the new Chinese-led
deficiencies rather than financial mar- 2015 would fall to 2.7 per cent, the slow- ated against the US dollar, import vol- Asia Infrastructure Investment Bank
ket stresses. For example, China’s wan- est since the 1997-98 Asian financial cri- Trade blow umes fell 0.5 per cent on average, the FT are able to step up their programmes.
ing growth trajectory, which has sapped sis (excluding 2009). Oxford Economics One of the main dynamics behind the study found. Mr El-Erian identifies four potential
global demand for commodities, is the is one of several research groups that downdraught is world trade. In the Brazilian import volumes for the past growth drivers: a return to pro-growth
product of Beijing’s ongoing transition estimates current Chinese growth at aftermath of the financial crisis, emerg- three months are falling at a pace of 13 reforms; dealing with pockets of finan-
from an outworn growth model that around 4 per cent. ing market vigour added more than per cent year on year, according to esti- cial excess, such as in China; improving
relied on investment in factories, prop- “This slowdown means an important 8 percentage points to the growth in mates from Capital Economics, follow- the composition of the demand side of
erty and infrastructure. prop for world growth has been trade. However, in the first two quarters ing a 37 per cent collapse in the value of Cruel dynamic Capital outflows and the economy; and bolstering the global
“Chinese policymakers accept that knocked away, especially as emerging of this year emerging markets became a the real over the past 12 months. Russia, declining exports hit currencies, which financial architecture. But, he says, it is
slower growth is a necessary conse- markets comprise a bigger share of the net detractor to global trade growth for South Africa and Venezuela have also then depreciate against the dollar. important for the west to realise that
quence of their effort to rebalance the world economy than they did 15 years the first time since the crisis, according seen imports fall in the wake of plum- Costs to service foreign debt also rise emerging market distress is not merely
economy,” says David Lubin, head of ago,” says Adam Slater, economist at to Oxford Economics. meting currencies. This phenomenon a developing world problem. Developed
emerging markets economics at Citi. At least part of the reason behind the has deprived emerging market govern- Cuts ahead Commodity exporters are and developing world fortunes are so
“But that creates a problem for other
developing countries, who had bene-
‘The cycle is turning waning trade performance is a vicious
circle of cause and effect. Usually, the
ments of the ability to export their way
out of trouble, leaving commodity-ex-
suffering more than EMs who rely on
manufacturing, with companies’ return
interlinked that the demise of one is
sure to bring down the other.
fited from rapid, investment-led growth because dollar liquidity is depreciation of a country’s currency porting countries in particular at the on equity falling in the former group Western policymakers, Mr El-Erian
in China. Chinese growth now is neither helps to boost its exports by making mercy of currency tailwinds and plung- says, are like worried housebuyers. “It
rapid nor investment-led,” he added. slowing. This is pretty them cheaper, but this relationship ing export revenues. New approach Further reform, tackling used to be that (they) worried only
The result of these shocks is seen in
dwindling growth. Oxford Economics,
close to a crisis and it is appears to have broken down this year,
according to FT research, which com-
“The current environment is a per-
fect storm for those commodity export-
financial excess and lifting domestic
demand could all lift emerging markets,
about the house, while the neighbour-
hood was fine. Now they have to worry
an advisory firm focused on economic going to get worse’ pared the changes in value of 107 ing, current account deficit runners says Allianz’s Mohamed El-Erian about both.”
Tuesday 1 September 2015 ★ FINANCIAL TIMES 11
12 ★ FINANCIAL TIMES Tuesday 1 September 2015

Letters
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Include daytime telephone number and full address
Corrections: [email protected]

No harm in leaving Fed rate where it is for now Europe — do the right
thing by the refugees
and what is practical also
Sir, There is excessive coverage in the Federal Reserve has no clue yet about What comes to mind here was the
news media by market commentators whether to raise and when. They are embarrassing reversal of rates by the Sir, “Europe is better than this,”
as well as participants about what the waiting for the latest monthly data; ECB, which raised rates in the middle says François Heisbourg in his
Federal Reserve will do/should do in they are “data dependent”, in Fed lingo. of 2011 only to backtrack shortly after stinging indictment of Europe for the
September/October/December with That in itself is disconcerting as it that. absence of vision, creativity and
respect to the all-mighty federal funds places too much faith on the latest As regards the suggestions for decency in its responses to one of
rate. The percentages on the month’s figures to swing the tide. But it further quantitative easing, I am history’s most alarming refugee crises
TUESDAY 1 SEPTEMBER 2015 probabilities of hiking the rate or not also points to the lack of conviction by wondering whether the US economy (“France cannot indulge the
for these months keep shifting the FOMC on what should be done. has reached the point of diminishing xenophobes on immigration”, August
according to the latest official’s There are even outright suggestions by returns on liquidity in the investment 28). Indeed, but perhaps the embattled
pronouncements. The unintended Lawrence Summers and Ray Dalio that sector, with any additional money Kantian peace project needs some
consequence is that Fed opacity they should embark on QE4. Such “pushing on a string”, with monetary nudging from the outside to do not

The SNP’s incompetence confuses the markets, creates

uncertainty and unnecessary volatility.
William Dudley, head of the New York
suggestions only complicate the picture
further.
A sensible approach, as you probably
policy being unable to entice
consumers into spending more money,
or investing in the economy. Both
only the right thing but what is
practical as well.
It is clear that Europeans need to

as a party of government Fed, sought to calm markets on August

26 by saying that the case for a
September hike was “less compelling”,
rightly advocate in your editorial
“Watching and waiting at the Federal
Reserve” (August 29), would be to
monetarists and Keynesians might
agree here that the US economy may
have reached that point where
shift their narrative on the migrants
risking their lives to reach asylum-
granting countries such as Germany,
while Fed vice-chair Stanley Fischer leave rates where they are for now, additional increases in asset prices may from a drain on resources, competition
Scots should be asking hard questions about the nationalists’ record said on August 28 that a September given the recent stock market volatility not produce new supply, with for limited jobs, and sources of
hike was still a possibility. Should Fed and global uncertainties. A 25 basis investment demand outrunning potential extremism and social
Next May, the people of Scotland will bled. The share of accident and emer- officials be banned from making any point rise whether it comes or not will potential investment supply, which instability, to sources of enhanced tax
vote in elections for the Holyrood par- gency patients treated within four statements before Federal Open not make any difference on whether a would produce asset inflation, revenue and social revitalisation for the
liament. If the polls are anything to go hours has trended downwards since Market Committee meetings if they businessman undertakes a new otherwise referred to as a “bubble”. diminishing and ageing populations of
by, the Scottish National party is set to 2011. This worsening of health out- cannot speak with one mouth? investment, and it does not necessarily Michael G Mimicopoulos Old Europe.
return to power with a bigger majority comes coincides with a total rejection It should be obvious by now that the foretell the direction of future rates. Manhattan, NY, US Germany and other countries
than it currently enjoys. The SNP by the SNP of all choice and competi- willing to embrace the migrants,
gained 56 out of 59 Scottish seats in the tion by NHS providers. therefore, should not passively wait
UK election this year and is now backed In education, Scotland is seeing a real Sometimes, the lost network of their own — for the best until the fittest and luckiest of them
by 60 per cent of Scots. The level of sup- terms cut in spending on schools that is contacts, opening doors to money and make it to migrant-friendly borders.
port is puzzling, however, given how worrying. The most recent numeracy causes come good support — is a more important reason Germany in particular should
poorly the SNP has performed in gov- and literacy statistics show that a Sir, Thanks to Andrew Jack for his for their success, he claims. establish processing centres in Turkish
ernment since 2011. declining share of Scottish pupils was detailed recounting of what will truly Elsewhere in Business Life (August refugee camps to determine asylum
Despite losing last year’s independ- assessed as performing “well” or “very be the beginning of the end of a “Long 26), Stephan Chambers, in “The eligibility of the thousands of Syrian
ence referendum, the SNP has kept a well”. The SNP’s totemic policy of abol- journey home” for the Chagossians backer’s wishlist: young, female and refugees in the country and then airlift
relentless focus on constitutional ishing university tuition fees, levied at (The Big Read, August 31) if the ex-Google”, explodes many myths those successfully vetted to Germany
issues and the demand for extra devo- up to £9,000 south of the border, is also Supreme Court rules in their favour about entrepreneurial success, and other European countries willing
lution. In recent days it has been beat- flawed. The policy ends up supporting shortly. concluding “it really isn’t who you to take in these desperate souls —
ing the nationalist drum by calling for a all students, including the affluent. Yet For years, many of us have thought know”. actual or potential university
radically devolved BBC and the promo- the cost is being met, in part, by cutting that, like the open sores of Western I think the openness of the system is professors, lawyers, physicians,
tion of the Scots language. Chancellor maintenance support for students who Sahara and quasi-stateless Palestinians, the single most important factor. Fresh entrepreneurs and CEOs among them
George Osborne made an attempt dur- are less well off. As a result, access to Chagos (or the British Indian Ocean off the boat in 1988, I had just started — and deal with local populist, anti-
ing a visit yesterday to put the SNP on universities has barely increased for Territory) was to remain one of the working for a small software services immigrant sentiments and rage as
the spot, challenging its opposition to poorer Scots since fees were scrapped. great international injustices, unsettled company. I cold-called the CEO of a necessary.
Britain’s Scotland-based nuclear deter- The SNP’s tendency for statism is despite the ending of the cold war a leading semiconductor company and How many more discoveries of
rent by promising more investment alarming. A bill going through Holy- quarter of a century ago. Ranged within days signed my first contract for decomposing bodies will it take before
and jobs at the Faslane nuclear subma- rood would reduce the autonomy of against authorities who described the $60,000 to fix problems in one of their Europe is shamed into doing the right
rine port and hailing a £3bn North Sea Scotland’s university leaders. Of partic- Chagossians in print as Man Fridays software products. That has been my and practical thing?
gas project spurred by UK-level tax ular concern, however, is the centrali- were only we stout defenders of “lost experience again and again, over the banks in order to have sufficient Dennis JD Sandole
breaks. But the SNP needs to be held to sation of the eight regional police forces causes”, plus maybe the late Robin following 22 years, including the last 18 “ammunition” when tightening from a Professor of Conflict Resolution and
account for how it has performed in the to form Police Scotland. This has Cook in his last days as foreign of those as founder CEO of a “lower band” is as vacuous a International Relations,
major areas under its control — health, imposed Glasgow-style policing across secretary. But people become wiser technology services company. statement, although often heard, as School for Conflict Analysis and
education, universities and the police. the country with high rates of street over time, and sometimes those who Over the past 30 years, many Indians one can imagine. Resolution,
Here, its competence has been ques- searches and the use of armed police to espouse apparently hopeless causes in the US have earned significant Three: “unlike electronic money, George Mason University,
tionable to say the least. respond to routine incidents. Growing find themselves on the right side of experience, and exhibited both cash cannot be tracked” — to which I Arlington, VA, US
When the Scottish parliament was public disquiet on this led to the resig- history in the end. I know this in the technical and managerial competence. answer “So what?” and “Thank God for
created in 1999, Scotland spent a higher nation last week of Police Scotland’s person of Denis Greenhill (the late Their credibility is now fairly well that!” Four: Kenneth Rogoff, former Let’s trust the Turkish
share of its budget on health and edu- chief constable. Lord Greenhill of Harrow) who wrote established. It is the openness of the chief economist of the International
cation than England. In government, The SNP’s success is much due to its of the Tarzan/Man Friday memo, later culture that gave many of us our first Monetary Fund, thinks eliminating electorate to frustrate
the SNP has allowed spending in these prowess as a political machine. First becoming head of the Foreign and chance. That there are so many more cash is a wonderful idea. Let’s set the Erdogan’s ambitions
areas to decline as a proportion of over- Minister Nicola Sturgeon and her pred- Commonwealth Office, but who ended successful Indian entrepreneurs today record straight. The IMF gets its money
all expenditure while increasing the ecessor Alex Salmond are among the his public career as the chairman of an is simply a matter of numbers. from sovereign states, which tax their Sir, David Gardner, in “Erdogan takes
money that goes on culture, transport, UK’s most capable politicians. But lead- all-party parliamentary group I set up R Vijayaraghavan people against their will in order to give a second shot at one-man rule”
economic development and free per- ers must ultimately be judged by how in parliament, on overseas San Jose, CA, US the money to the IMF to squander and (August 28), makes many valid points
sonal care for the elderly. This shift is they govern. Many Scots remain development. give bad advice around the world. Any but does not seem to be up to date on
something Scots can ill-afford. entranced by the SNP. But as next But let me offer a more topical Your case against cash self-respecting economist would try to one key issue. Trying to push the
On health, waiting times for outpa- year’s elections approach, the Scots encouragement for joining apparently hide the fact that he had anything to do pro-Kurdish Peoples’ Democratic
tients have shot up in the past two should look beneath the fog and flag hopeless political campaigns. The simply does not stand up with such an institution; therefore, I party (HDP) below the 10 per cent
years. The number waiting more than and start asking themselves what pre- article mentions the secretary of Sir, I was appalled at your supposed find little comfort in Professor Rogoff’s threshold for entry into parliament was
12 weeks to be seen has more than dou- cisely the SNP has achieved in office. another all-party parliamentary group, “case” for eliminating cash, which you endorsement of the cash-confiscation President Recep Tayyip Erdogan’s
on the Chagos Islands, but not the yourselves describe as the people’s “go- scheme. strategy in the previous election. It
name of its chairman. It is my local MP. to safe asset” (“The case for retiring Five: the state can more easily levy a appears he is trying to do the same this
Someone called Jeremy Corbyn. another ‘barbarous relic’”, editorial, value added tax in order to make tax time to the right-wing Nationalist
Adrian P Hewitt August 24). And what is your case? collection easy. How nice! Here — let Action party (MHP), which also
London N5, UK One: “cash . . . limits the central me put my cash in the bank in order to potentially represents some 80 seats to

Why the commodities Openness of system is

most important factor
banks’ ability to stimulate a depressed
economy”. Really? Although I am not
in favour of debasing money as a path
make it easier for government to tax it
away. Then you conclude your support
of the cashless society with the caveat
be grasped in the 550-strong
parliament.
If he succeeds, Mr Gardner’s gloomy

super cycle was a myth Sir, The notion that Silicon Valley is
“the ultimate open economic
to prosperity, I see no limit to the
central banks’ ability to hit the “Enter”
key on their computer screens in order
that we minions might, just might, be
allowed to carry some cash . . . but at a
cost. Our cash could carry an
conclusion may prove to be valid. But
some of us wish to believe in the
Turkish electorate’s capacity to
system . . . technological to manufacture out of thin air as much expiration date, for example. frustrate arrogant rulers as they have
Falling prices show the world is not running out of resources meritocracy . . . outsiders are welcome, money as they dare. Two: banks As you state: “The benefits of cash been able to do on a few occasions
good ideas rise to the top” is “at best cannot impose a negative interest rate are significant — but they need not be since the country’s first free elections
In 1980, the economist Julian Simon resource-heavy investment spending half-fiction”, says James Crabtree in — what we common folk call stealing — offered for free.” A more Orwellian in 1950, the last time around being in
challenged doom-mongering biologist towards consumption, the assump- “Indians relied on each other to on the cash in one’s pocket. Your statement would be hard to find. June 2015.
Paul Ehrlich to a bet that the prices of tions of strong long-term demand prosper in Silicon Valley” (Business preposterous assertion that a negative Patrick Barron Deniz Eröcal
any five metals would be lower in 10 growth have been called into question. Life, August 27). Creating a social interest rate is required by central West Chester, PA, US Paris, France
years’ time. He won, and made his On the supply side, the constraints
point: over the long run, technological have turned out to be much weaker
progress means commodity prices are than many people supposed. Oil was
likely to fall in real terms.
From the early 2000s, many inves-
widely considered to be the commodity
for which it would be hardest to Of class and The Chinese economy is collapsing.
We all know that right? All of us
exportable widgets but by persuading
its citizens to spend more on things
the other hand, one of the joys of
stationary RV camping — not a
tors forgot that lesson. The idea that
there are decades-long “super-cycles”
increase production. But high prices
created an incentive for US drillers to caravan parks except about a billion Chinese, many
of whom are out enjoying themselves
such as tourism and relaxation,
hoping that will take up the economic
pastime that’s much of a hit in the
west, where RV campers usually
in commodity prices has some respect- apply their ingenuity to previously like there’s no dire tomorrow. slack, in the new, less manufacturing- prefer self-drive — is that you don’t
ability: a 2012 paper by Bilge Erten of uncommercial shales, and they At just about the time that the west dependent China. So, in good old have to worry about where to dump
the UN and José Antonio Ocampo of achieved technical breakthroughs that recently awakened from its summer authoritarian style, the mandarins the contents of the loo.
Columbia University found evidence unleashed a surge in production. market torpor to get into a right panic have decreed that the country needs As an RV fanatic myself, the first
for four such cycles during the period For a shaky-looking world economy, about Chinese growth, Liang Lulu and more caravan parks, ski resorts, cruise question I asked at Chongming was:
1865-2009. But in the bastardised form the commodity crash is a worrying her friends were taking a passel of terminals — and 57,000 new or where is the park’s “dump station”.
that became popular in the 2000s, the sign. The hangover from misinvest- kids out for a night at a Chinese renovated toilets at tourist attractions. The reception staff looked blank: no
concept gained less honourable cur- ment by natural resources companies caravan park — just for the sheer fun In fact, toilets are a bit of a focus one had ever asked that before. RV
rency, as a story that commodities were in terms of cuts to jobs, capital spend- of being a member of the nouveau here, too: April Pan, 12, even manages enthusiast Zhou Yaming explains
a one-way bet upwards. ing and possibly dividends will be an middle class in China. to tear herself away from afternoon why: “I use the RV bathroom only
With oil down about 57 per cent from unwelcome drag on growth. It does, The kids — for whom the gruelling TV just to wax lyrical about the loo when I have no other choice, or dump
its peak last June, and copper and iron however, have a positive side. Ehrlich’s school year starts on Tuesday — were and its adjacent compact bath. April the waste in a petrol station toilet.” A
ore down about 50 and 70 per cent expectation of rising prices was rooted darting in and out of the caravans at has come to Chongming for her first salesman at the Centech RVing Club,
respectively from their peaks in early in expectations of scarcity and his the Chongming Dongping Forest Park, recreational-vehicle experience, with Wang Zhiqiang, said most clients just
2011, it has become clear that story was belief that global population growth about an hour outside Shanghai. And her father and five-year brother — dump it any old where.
profoundly misleading. Whether or not would have devastating consequences. the mums were having a blast taking with whom she will share the mini I did that recently in New Zealand
the supercycle exists, the regular old
cycle definitely does, and there is noth-
Simon’s more sanguine view was that
natural resources were for practical Shanghai selfies of all the merriment. It’s
enough to make one wonder why they
bunk beds. Chen Lina is at the park
with husband, daughter and granny (a
and a national park warden (quite
rightly) made me feel like a sociopath.
ing very super about it at all.
Timing is everything. Using different
purposes inexhaustible. Given market
signals when shortages emerged, he Notebook were not inside watching grim
prognostications about the Chinese
classic combination in China’s RV
world). Like everyone else we met at
But in China, it seems, that simply is
not an issue. Doubtless, the State
periods and different metals, Ehrlich said, people would always be able to economy, on the caravan’s flatscreen the park, they are RV newbies: “I Council will see fit to publish a decree
could have won his bet against Simon. increase supply and curb demand. by Patti Waldmeir television. Instead, they were doing never knew there was a bathroom about that too — hopefully before too
Anyone confident in oil’s ability to It has been a long-running debate what China’s State Council, or cabinet, inside,” says April, who says the loo is much RV waste finds its way into
meet rising demand looked pretty fool- between economists and environmen- recently decreed they should do lots her “favourite room”. China’s already too-fragrant rivers.
ish as prices rose from about $10 per tal alarmists. So far the economists more of: taking time off to spend RVs don’t come cheap, though. Mr Wang says China’s recent stock
barrel in 1999 to over $140 in 2008. Oil, have been proved right every time. money and boost the domestic Buying one can easily cost half a market misfortunes could mean some
iron ore and copper are still well above That does not mean commodity mar- economy. million renminbi ($78,000) or more, clients might not have the liquidity
their levels in 2002-03. kets will never tighten again. The mis- On August 11, for example, the State and even one night’s rental at right now to fork out Rmb500,000 in
The past five years have nevertheless take the super-cyclists made was to Council announced that it wanted Chongming on a weekend — the park’s cash for a custom-made RV. But
dealt a fatal blow to the popularised believe that a shortlived set of market employers to give Chinese workers 90 stationary caravans are mostly full nobody thinks this market is going
version of the supercycle story: that conditions would last indefinitely. half a day off every Friday in the on summer weekends — can cost anywhere but way, way up in the
inexorably rising demand in emerging Nothing is permanent in commodity summertime, so that they could do Rmb900 or more, as much as a luxury near term. It seems somebody forgot
economies and constrained supplies of markets. That is as true on the way things like caravanning. That’s hardly hotel room (without the joys of a to tell the RV enthusiasts that there’s
many commodities would inevitably down as on the way up. But falling com- a classic Chinese response to chemical toilet). And they don’t even an economic collapse around the
put prices on a rising trend. With China modity prices are a cheering reminder impending destitution: work less. But have the facilities much beloved of corner.
apparently facing a future of slower that, in a phrase Simon used as the title that’s the point. China aims to boost overseas caravan fanatics: there was
growth than in the past two decades, of his 1981 book, human inspiration is its economy not by making more no cooker in the ones we visited. On [email protected]
and probably a shift away from “the ultimate resource”.
Tuesday 1 September 2015 ★ FINANCIAL TIMES 13

Comment
The refugee crisis reveals what we have become Podemos falls
the children (they had to leave their par- Twentieth-century history gives pos- One would expect people with a history happy to moralise in favour of their cho-
short of heaven
ECONOMY

Martin
ents, most of whom would soon perish)
if the rescue organisers promised to find
sible explanations for why these two
countries stand out. Germany was
of being under attack or living memory
of fleeing persecution to be more eager
sen policies on this issue go out of their
way to display migrants as a cost and a but leaves its
Sandbu
housing and guarantee funds for repat-
riating the children later.
There is no comparison today with
responsible for the second world war
and much of the country’s current open-
ness to refugees can be attributed to a
to help those in such situations today.
Second, it is cheaper to extend a given
amount of assistance today than 70-80
threat.
Could part of the reason be the way
the welfare state severs the link between
mark on Spain
the Holocaust. But last week’s mass sense of historic responsibility. Sweden years ago. All of Europe is much richer private acts and effective help? If we
deaths in capsized boats and an aban- was one of very few European countries and more productive. And, since the think empathy need not trigger individ-
doned lorry show the risks hundreds of to pass through the war relatively war, European states have built exten- ual action because it is the state’s job to
OPINION

W
hen Sir Nicholas Win- thousands of families are prepared to unscathed. (Switzerland, too, accepted sive welfare states. These are, of course, discharge our duties on our behalf, then
ton died in July, he was take for a journey they find preferable to domestically targeted. But their main we easily drop the pressure on the state
widely celebrated for a the desperation they flee. Children are sociological function is more general. to do just that. And if anyone doubts José Ignacio
few days. Obituarists in large numbers among them: more Consider how shocking it The welfare state substitutes collec- that our culture has changed, consider Torreblanca
eulogised his work in than a quarter of those applying for asy- tive action for individual responsibility how shocking it would seem were a
rescuing Jewish children from Germany lum in Europe last year were minors, would be today if a banker for the needy. That should have a practi- banker today to pay to fly 10,000 chil-
flew 10,000 children from

L
and central Europe just before the sec- and almost one-fifth less than 14 years cal effect and a psychological effect. dren from camps in Lebanon to the UK, ess than a year ago, the leader
ond world war. Then everyone went old. The practical effect is one of effi- lobby the government to let them stay of Spain’s leftwing insurgent
back to their everyday business. There The two most welcoming countries in Lebanese camps to the UK ciency. It is a lot more convenient for the and advertise in the papers for private party announced its ambition
is nothing wrong with that. What is Europe are Germany and Sweden. Ber- state to provide for people in need out of citizens to house them. “to storm the heavens”. The
striking is how few noted the contrast lin is preparing for some 800,000 asy- a disproportionate share of refugees last taxes on those who are not than it is for Yet something like it is happening in wind was then at the back of
between Winton’s initiative and our lum applications this year, 1 per cent of year, though at only half Sweden’s rate.) the better-off to help the worse-off indi- Germany, where politicians and young Pablo Iglesias, who co-founded the
own attitudes to the refugee crisis lap- its population and four times more than Most of the other countries, however, vidually. Psychologically, the welfare professionals have literally opened their upstart Podemos party with fellow uni-
ping Europe’s shores. last year. Even in 2014, Germany are twisting themselves into contortions state transforms assistance from an homes. It is surely no coincidence that versity professors in January 2014.
Winton was a banker who, in 1938-39, received and granted more than 25 per to avoid letting people in. It is hard to arbitrary act of individual charity into when private citizens show kindness to In European elections in May last
bankrolled and managed part of what cent of all asylum applications in the EU, banish the thought that guilt motivates the predictable impersonality of public strangers, so does the government. year, the party racked up 1.2m votes,
became known as the Kindertransport, far above its population share. determined action, and empathy does provision. In this sense, the refugee crisis tells us capitalising on widespread anger at job
by which some 10,000 mostly Jewish Sweden, with just 2 per cent of the not. Yet these changes, which should have at least as much about our own cultures losses, austerity measures, corruption
children were moved and admitted to EU’s population, last year accounted for This is strange. What we know about made it easier to rescue the needy on as about the disasters the refugees flee. and inequality. According to the polls,
the UK. The government was persuaded 13 per cent of all applications and 18 per moral psychology suggests that empa- our doorsteps, seem to have had the the pony-tailed Mr Iglesias seemed set
to waive immigration restrictions for cent of all successful ones. thy should be a very strong motivator. opposite effect. Politicians who are [email protected] to annihilate the country’s once formi-
dable Socialist party and perhaps even
snatch power from the ruling conserva-
tive Popular party. Mr Iglesias’s celestial
slogan — lifted from Karl Marx’s writ-

Militarism is a
ings on the 1871 Paris Commune —
encapsulated not just Podemos’s take-
no-prisoners approach to politics but
also its hubris.
To understand Podemos one has to

risky temptation
recall that it never aspired to become
just another party. Mr Iglesias always
wanted to leave the comfort zone of
Europe’s far left and a discourse typi-
cally dominated by ideology rather than
policy, and win the hearts of a majority

for Beijing of Spaniards so as to overturn what he

described as the “1978 regime”— the lib-
eral democratic system that put an end
to the Franco period.
But Podemos’ standing in the polls has
all but halved from its peak, to not much
more than 15 per cent. The party per-
formed disappointingly in regional and
Ever since the late 1970s, successive Chi- municipal elections this year. Having
FOREIGN AFFAIRS nese leaders have realised that the eco- lost the fuel to storm the heavens,
nomic transformation of their country Podemos now seems heading back to
Gideon depended on globalisation and peaceful
Rachman relations with their major trading part-
ners. To get the message across, Chinese
leaders parroted slogans such as “peace-
Iglesias always wanted to
ful rise” and “harmonious world”. leave the comfort zone of
Under President Xi Jinping, however, EU’s far left and a discourse

T
he gigantic military parade China seems inclined to take a more
that will pass through Bei- assertive approach in territorial dis- dominated by ideology
jing on Thursday is meant putes that it regards as part of its “core
to be all about the past. But, national interests”. This is a reflection of Under the circumstances, a patriotic the government of Shinzo Abe is going involve China, the US and Japan — the earth, its support dimmed by the Span-
inevitably, many in the both strength and weakness. military parade may seem like just the through the controversial process of three largest economies in the world. ish economic recovery, an attempted
Asia-Pacific region will see it as a dis- On the one hand, China is now — by thing to rally popular support behind revising the country’s pacifist constitu- Mr Xi and his colleagues surely know comeback by the Socialists and the
turbing message about the future. some measures — the world’s largest the Communist party and its leadership. tion, to allow Japan to dispatch its mili- that a serious military conflict would be emergence of another new party, Ciu-
The Chinese government has called economy. Mr Xi and his government The march will pass through Tianan- tary to fight abroad. The US Navy has a tragic mistake for China. The real risk dadanos, a serious challenger in repre-
the parade to mark the 70th anniver- may feel their country is now strong men Square, scene of the notorious just announced that it plans to send is not that China will choose war, but senting anger at corruption and the par-
sary of “victory in the war of Japanese enough to use its power more directly. repression of the student movement in more ships to the Asia-Pacific region, that its leadership might miscalculate ties of the establishment. At present it
aggression”. But, in the 21st century, it is There are strategic thinkers in China 1989. Ever since that date, the Commu- with Pentagon officials pointedly stress- the reactions of its neighbours or the US seems that every passing day makes
potential Chinese aggression that is who will say openly that they no longer nist party has based its legitimacy on ing that the vessels chosen are “ideally — and that a territorial dispute or an Podemos’ struggle a little more uphill.
worrying many Asian countries. China believe that the US is willing to risk a two pillars. The first is strong economic suited for a role in the South China Sea”. unplanned military clash at sea then The halt to the party’s blitzkrieg, how-
has unresolved territorial disputes with clash with China over Taiwan or the growth. The second is nationalism, or Australia announced this week that it is escalates into a major international inci- ever, does not spell the end of the war.
several of its neighbours. Vietnam, South China Sea. what Mr Xi calls the “great rejuvenation increasing its defence spending and dent. Even if such a crisis were swiftly Polls anticipate that neither the Popular
India, Japan and the Philippines have all However, the temptation of milita- of the Chinese people”. With growth fal- strengthening military co-operation defused, the political fallout could party nor the Socialists are likely to have
complained about Chinese incursions, rism may also be strengthened by the tering, there is clearly a strong tempta- with the US. India is already the world’s inflict lasting damage on both China and a comfortable majority after general
backed by military force, into these dis- difficult economic transition that China tion to rely even further on nationalism. second-largest arms importer and is the global economy. elections at the end of the year. What-
puted areas. This year China has also now faces. A year-long surge in the stock However, playing the nationalism also drawing closer to the US. And ear- For all the current talk of a crisis in the ever the final outcome, both Podemos
engaged in “land reclamation” projects market came to a crashing halt this card creates new risks. The evidence can lier this summer Benigno Aquino, presi- Chinese growth model, the likelihood is and Ciudadanos will be important in the
in the South China Sea — creating entire summer and the economy is slowing. be seen in a palpable rise in tensions dent of the Philippines, compared the that China still has many years of aftermath, given their ability either to
islands that are likely to be equipped Mr Xi’s anti-corruption campaign is across the Asia-Pacific region. In Japan, world’s reaction to Beijing’s behaviour increasing prosperity ahead of it. The sustain minority governments or block
with airstrips and military facilities, to causing discontent at the top levels of in the South China Sea to the appease- biggest threat to that prospect is not a their access to power. Post-election poli-
reinforce Beijing’s claims to territorial the Communist party. ment of Nazi Germany. stock market crash or a credit bubble. It tics is likely to resemble a war of attri-
waters thousands of miles from the Chi- The recent deadly industrial accident Of course, compared with the violent is the danger that China’s “peaceful rise” tion, so it makes sense to dig deep
nese mainland.
Such overt militarism is a risky
and explosion in Tianjin highlighted
two of the biggest causes of popular dis-
If it goes wrong, it could chaos across the Middle East, or even
the warfare in Ukraine, the situation in
is disrupted by a conflict with its neigh-
bours. China’s leaders should not lose
trenches and prepare for a tumultuous
legislature, even for a snap 2016 elec-
course. If it goes wrong, it could destroy content in modern China — a dreadful destroy the international the Asia-Pacific region remains enviably sight of that danger, as they take the tion, if instability is not contained.
the international order that has pro-
vided the basis for China’s stunning eco-
environmental record and a sense that
regulations are flouted by the rich and
order that brought China calm. But while the tensions in Asia are
lower than in the Middle East, the stakes
salute on Thursday. The window of opportunity to over-
throw the 1978 regime is now closed but
nomic success over the past 40 years. powerful. stunning economic success are higher. The military tensions there [email protected] there remains ample political space to
exploit the weakness of the country’s
old left. Spain is just one of many Euro-
pean countries where social democratic
parties have agonised, suffered and split

Labour is no longer Cameron’s biggest problem over their failure to connect with the
people in the post-crisis years. The elec-
toral miseries of Germany’s Social Dem-
ocrats, the Socialist party in France, the
Labour party in Britain and Pasok in
TV. These interviews are already com- smugness in good times is reasserting David Cameron and his team have a ten- omy will persist in perpetuity. Eco- Greece attest as much.
POLITICS ing back to haunt Mr Corbyn. itself. This tends to happen when the dency to make unforced errors that nomic history suggests that is unlikely. Frustration with such parties has
British tabloids reported over the opposition is in a mess and when the stem either from a disregard for advice Other sources of mainstream opposi- fuelled the rise of figures such as Jeremy
Iain weekend that it was on Press TV in 2011 leadership gets the idea that it can do or from poor party management. tion exist too, even if the Labour party Corbyn, the hard left politician tipped to
Martin that Mr Corbyn described the American whatever it likes. Indeed, Mr Cameron already faces a decides to choose Mr Corbyn. The UK become Labour’s next leader, and of
operation to kill Osama bin Laden as The list of peers announced by potential defeat, with a group of Tory media will be fractious and alert to Tory parties such as Podemos and Greece’s
“yet another tragedy”, equating it with Number 10 last week no doubt featured backbenchers planning their first rebel- mistakes. Syriza. And even if Podemos and Syriza
the deaths of those murdered by his al- some worthy appointments, but they lion of the new term. They are prepared It also remains possible that anti-Cor- are seeing their popularity slide as the

I
t must count as one of the easiest Qaeda terrorist organisation in the 9/11 were difficult to spot among the crowd to vote with Labour to insist that the bynite Labour MPs (the majority of normal rules of politics resume, they are
assignments ever given to the attacks. of former party hacks and one-time normal rules of purdah — which pro- them) could try to remove him within a in no danger of leaving the scene.
attack unit of any political party. There is certainly a case for saying hibit government propaganda during year or two. In extreme circumstances, Leftwing voters will still look for parties
Tory staffers in the Conservative that it would have been preferable if Bin the few weeks before polling day — there are more than enough wealthy that seem to share their thirst for equal-
Research Department, at the
party’s headquarters in London, are
Laden had been arrested and put on
trial, and there are many words one can
The prime minister makes should apply in the referendum on Brit-
ish membership of the EU.
centre-left donors who dislike the
Tories, to say nothing of millions of vot-
ity and social justice.
The irony is that the insurgents’ cur-
tasked with unearthing embarrassing use to describe Mr Obama’s decision and unforced errors that stem This is surely sensible, as the referen- ers in a country in which there is not a rent role will effectively sabotage the
examples of Jeremy Corbyn’s hard-left
views, in the expectation that they will
the outcome. “Tragedy”, however, is not
one of them.
from a disregard for advice dum will have to be seen to be fair if the
eventual result is to be respected by
Tory majority in the popular vote, to
organise the formation of a new, main-
chances of power of the left as a whole.
With Podemos on the scene, the Social-
alienate mainstream voters if he For now the Tories are showing or poor party management both sides, but the government wants to stream alternative party. ists’ hopes for stable government are
becomes leader of Britain’s largest restraint, holding back material for fear relax the rules. As many as 40 Tory MPs While Mr Cameron’s impressive elec- much reduced. Both insurgent and clas-
opposition party. of jinxing Mr Corbyn’s election. But MPs who will pack the benches in the are demanding a retreat. With a Tory tion victory has elevated him to the pan- sic social democratic parties remain
The stuff is not hard to find; there is so Tory excitement should not obscure the UK’s second chamber. Even inside the majority of only 12, they can bloody Mr theon of proper leaders, and the Labour trapped in the muddy waters of liberal
much choice. Mr Corbyn became an MP reality that the Conservatives will have party there was disquiet — but by the Cameron’s nose. party is giving him the temporary bonus democracy as their struggles for
in 1983 and he has been burbling on ever some problems of their own when the time it could be voiced, news of the The EU referendum itself, due before of an unelectable opponent, it certainly authenticity weaken their chances of
since on television and radio and at Commons returns next week from the appointments had already leaked, leav- the end of 2017, will not be straightfor- will not be a breeze. The Tories have a power. The heavens remain unstormed
meetings of the hard left, about Amer- summer recess. ing no line of retreat. ward either. Meanwhile, much Tory small majority. Tricky times lie ahead. but Podemos has changed the political
ica, the monarchy, taxation, the IRA, The honeymoon glow that the party That clumsy episode was a reminder confidence about the party’s prospects weather.
Israel and much else besides. Much of it acquired following its election victory in that for all their considerable achieve- beyond the referendum rests on the The writer is author of ‘Making it Happen:
has been recorded, including his May has already started to fade and ments on the economic front and in notion that the seemingly benign condi- Fred Goodwin, RBS and the Men Who Blew The writer is head of the Madrid office of the
appearances on the Tehran-based Press there are indications that its tendency to public service reform, Prime Minister tions pertaining in the domestic econ- Up the British Economy’ European Council on Foreign Relations
14 ★ FINANCIAL TIMES Tuesday 1 September 2015

BUSINESS LIFE

Friendships
‘
In a recent Financial Times column, of “second-generation bias”, the name gatherings such as golf games and
Sarah Gordon was right to take the often used to describe that intangible private dinners. Art of persuasion
forged outside Garrick Club to task, not just on its
second vote to refuse women members
but on the most disingenuous of
“something in the water” that
continues to produce unequal gender
outcomes despite no outward intent to
The academics also studied the
personal pursuits and extracurricular
activities of the same board directors. Patek Philippe’s ‘Switcheroo’
work can hold explanations about why some
members think such an exclusion is
discriminate against women.
Here’s how it works. Years ago I
Not surprisingly, the results broke by
gender: a greater percentage of women
tactic — and how to copy it
women back harmless. Work is never discussed or
business conducted at the club, they
conducted a study to look at gender
differences in workplace networks. Men are
than men named arts and culture,
philanthropy and community service
SAM LEITH

told her; it is verboten. When I compared men and women in more likely as outside interests, whereas a greater
It’s a lame justification because, as similar jobs, many of the expected percentage of men than women named
Ms Gordon points out, there is no differences washed out. But one was to socialise “sports and fitness” as an interest.
interdiction on making friends — highly significant and consequential. with the And among those interested in
forging the social bonds that increase Men were much more likely than sports, the percentage of male directors
trust and create comfort when it comes women to turn to the same people for people who who played golf (40 per cent) was
to hiring, promoting and dealmaking. work-related advice and conversation give them twice that of female directors who did
And through the magic of “six degrees as they did for socialising outside of (20 per cent).
of separation” (or four degrees, as work. advice at Whatever their origin, what is
Facebook now reports), those bonds By contrast, women were statistically the office important about these personal

’
reverberate across social distance and more likely to have what I called interests is that they are most often Michael Nagle/Bloomberg

pay off at work, whether the boss is a “functionally differentiated” networks: cultivated in organisations such as non- “You never actually own a free is to salute an
member of the Garrick or not. they turned to different people for profit boards, civic groups and sports Patek Philippe,” runs the aspiration. You’re selling the
Any single organisation can strive to work and play. Sometimes this was by clubs. In such groups, one’s private tagline. “You merely look customer a version of him-
operate as a meritocracy but no conscious choice. Rarely was it thoughts are more likely to be shared after it for the next or herself.
business is an island. We all live and harmless. People with overlapping job- with a member of the same sex than generation.” This long- I’ve spoken before in this
work in a vast network of relationships related and social networks tended to would be the case at work, sociologists serving piece of advertising space about ethos — the
that criss-crosses companies, be more central in the organisation’s have demonstrated. copy for a luxury wristwatch persona that the persuader
industries, for-profit and non-profit informal webs of information exchange Business is and always has been is a slice of genius. But why presents to his or her
sectors, and leisure pursuits. and influence. They had more clout. based on trust, and trust requires both does it work so well? audience: an audience trusts
People whose ties reach and connect Similar scenarios continue to play common ground and a setting in which It is an example of a a speaker whose motives
across these various interstices profit — out, with real consequences for it can be nurtured. Shared membership particular persuasive they feel are honestly
they get jobs, promotions, higher pay women. in an elite club is one form of common technique that — having declared and understood. A
and, often, better ideas as they can When Harvard Business School’s ground, certainly not the only form, struggled to find a suitably sort of reverse-ethos also
Herminia Ibarra cross-pollinate. Boris Groysberg and Deborah Bell but a powerful force in forging arcane Greco-Roman jargon applies: a persuader can
Much of the global business and teamed up with executive search firm friendships, shaping opinion and term in the lexicon of seek to project a motivation
Onmanagement professional elite remains visibly male-
dominated, with the senior women
Heidrick & Struggles to study the
gender dynamics of corporate boards,
creating shared understanding. classical rhetoric — I shall
term “The Old Switcheroo”.
on the audience. Wash your
hair with this shampoo
executives disproportionately they found that token women often fail Twitter: @HerminiaIbarra On the face of it, splashing because you’re worth it;
concentrated in support functions like to be influential because they are the price of a car on drink this cider because
HR. This we know. Gender-segregation consistently excluded from an informal The writer is a professor of organisational something that sits on your you’ve earned it.
in our extracurricular activities, network that discusses issues of import behaviour at Insead business school. wrist and tells you whether Crude and often mocked
however, remains the dirty little secret outside the board meetings, in Andrew Hill’s column returns next week it’s lunchtime yet is a versions of this abound in
perfectly absurd thing to do. business and politics: You’re
Yet in 16 words, Patek not sacking the staff —
Philippe has taken an you’re streamlining the
essentially egoistic act of business. You’re not putting
conspicuous consumption — people on zero-hours
the purchase of a status- contracts — you’re giving
symbol — and recast it into them the freedom to take
something like an act of charge of their own
altruism. And, what’s more, destinies. You’re not
an act of altruism that reducing oversight — you’re
honours home, hearth, cutting red tape. You’re not
ancestors and generations punishing the feckless;
One Tokyo company has yet unborn. you’re helping people out of
particularly benefited Buying one of these
watches is not acquisitive; it
the welfare trap.
But “reverse-ethos” in its
from having ‘Made in is curatorial. The tag lines purest, most effective form
Japan’ on its products, you up with antiquarians,
rather than a crowd of
is when you transform, in
the audience’s mind, one
writes Leo Lewis vulgar high net worths desire into another.
flashing their bling. Everyone likes to feel good

O
kamoto Industries’ head- It comes down to the about themselves — so if
quarters are in a words shaping a motivation you can persuade people
disheveled grey building (sharing something valuable that what they want is
on a Tokyo backstreet. A with someone dear to you) actually something they
poster from a long-forgot- rather than a product (an want on behalf of others,
ten public health campaign hangs in the expensive watch). All you’ve got it made.
front window. Display cases show-off a persuaders, and advertisers It matters how your
selection of shoes, a fake frozen fish and especially, know that their audience feels about you.
a roll of clingfilm. A bronze bust of the challenge often lies not in But it matters, perhaps, even
founder looms near an unstaffed recep- making people want more, how you make them
tion desk. something but in giving feel about themselves. And
In short, there is little to suggest them permission to want it. Patek Philippe’s advertising
Okamoto is the heart of a $1bn company And here’s where The Old slogan recognises that truth
by market capitalisation with world- Switcheroo comes in. magnificently — which is
class materials technology, shares at a Motivation is inscrutable: why the slogan has lasted so
22-year high, a transformational mar- and in that inscrutability is a long.
keting push in the works, and a brand space for the persuader’s It’s almost, in fact, as if it’s
name synonymous throughout Asia art. being held in trust for future

An object of desire for

with better sex. It gives you room to generations.
But over the past eight weeks, and in interpret your audience’s
defiance of the ructions on global mar- motivation back to them in a [email protected]
kets, Okamoto has become one of the favourable light. To say a
hottest names for investors. product is 10 per cent fat is The writer is the author of

Chinese tourists in Japan

Shares in the Tokyo-based company, to issue a warning; to say a ‘You Talkin’ to Me?’ Rhetoric
Japan’s market-dominant producer of product is 90 per cent fat- from Aristotle to Obama
condoms, have broken out of a trading
band they occupied for more than a dec-
ade and risen by more than 120 per cent. Great place to meet
Few companies have benefited so spec-
tacularly, it acknowledges, from having
‘Made in Japan’ stamped on products. Chinese visitors ing condom perfection at the molecular area that we expect to expand because cat-and-mouse that has been going on Whitney museum, New York
“It was totally unexpected,” says arriving in level are simply too high. Plans outlined people are not embarrassed buying over for 10 years and we just cannot seem to
Yoshiyuki Okamoto, president of the Japan: a new by the president to follow the lead of the internet.” win. Other companies in this situation
company and son of the industrialist term — bakugai Durex and attempt to “capture the sen- Most see the sales effect of such cam- eventually just gave up and agreed to
commemorated in bronze. “The best I or ‘buying ior market for sex” have yet to material- paigns as some way off; meanwhile, it buy the Chinese brand or make the
can say is that we are looking at the situ- explosion’ — ise as a practical strategy for Okamoto. seems as though Mr Okamoto almost company an affiliate. We have abso-
ation calmly.” describes how For a decade, drug stores across Japan cannot believe his luck in Chinese visi- lutely no plans to do that.”
The Okamoto share price spike has tour groups have been reducing the shelf-space tors putting his brand on their shopping China has also produced a high-pro-
been driven by China: specifically the shop for trusted devoted to condoms at a rate of 5 per lists. file challenge to Okamoto’s supremacy
2.8m Chinese that have visited Japan so brands in bulk cent every year. as a producer of condoms of “record-
far in 2015 and overtaken South Kore-
ans and Taiwanese as the biggest contin-
Bloomberg
Effecting any kind of turnround will
be tough. Through its single-minded
‘Other companies in breaking thinness”. Last year, it faced a
legal challenge from Guangzhou Dam-
gent of inbound tourists. Chinese trust
in domestic condom brands is low, and
pursuit of technical improvement
Okamoto has at various times held the
this situation eventually ing United Rubber Products in a battle
over the right to make that claim on
foreign brands, of which Okamoto is world record for producing the world’s just gave up . . . We have packets of condoms sold in China.
Where 99 Gansevoort Street, NY 10014
Plug sockets No
WiFi No
Double espresso $5
among the most famous, are faked on an thinnest condom. But social conserva- “The argument started over whose
immense scale. Buying the famous tism and strict television broadcasting absolutely no plans to condom was thinner and they said they Open 11am-5pm; Thu-Sat until 9pm; Tue shut Privacy AAEEE
Okamoto 0.03 condoms (named for rules in Japan mean it cannot be remote- needed compensation from us. Do you
their thickness in millimetres) in Japan, ly suggestive about any benefits that do that’ know how much compensation they
say the Chinese shoppers who throng thinness might confer on the user. wanted? One yuan. It’s such a primitive Few Manhattan museum exhibition spaces are ideal
Tokyo’s drug stores, guarantees they are “Marketing has always been Until now, China has brought him a type of battle you can’t even laugh about openings have been more for relaxed conversation and
getting the real thing. very difficult here. The Japa- string of headaches. As well as the huge, it. It was just a way of promoting their anticipated than the people-watching, and for
Chinese spending in Japan has nese people are simply not used brand-damaging fakes market, name. Eventually the matter was Whitney Museum of viewing the museum’s 20th
been so lavish that a new term — to sexy campaigns for condoms”, Okamoto has been engaged for more dropped,” says Mr Okamoto. American Art, which century and contemporary
bakugai or “buying explosion” — says Mr Okamoto. “That is some- than a decade in a legal dispute with a On the strategic front too, China reopened downtown in May, American art. Once visitors
has emerged to describe the way thing we may be able to change as we Chinese company that registered the presents Mr Okamoto with challenges. six months after closing its have had their fill of de
Chinese tour groups descend on particu- start to use social media and it could be Okamoto name in China before the Jap- Whatever his ambitions for a revival Upper East Side doors. Koonings and Basquiats,
lar retailers and buy in bulk. Many, says something that makes a big difference anese company could do so: “It’s just a within Japan, it is clear that growth will The postmodern hulk of a they can take a Richard
Mr Okamoto, are basing their choices on to this market. Online sales are another continuous battle. A constant game of come from Asia generally and China in building, designed by Renzo Artschwager-designed
widely circulated online lists of ideal particular. Some 15 years ago, Okamoto Piano, is squeezed in elevator to the Studio Cafe
items to buy in Japan, of which Okamoto bought a Thai condom maker to use as a between the Hudson River, on the eighth floor.
condoms are at or near the top. In common with hundreds of other or fourth generation at the top will have hub for regional sales. It has now com- Meatpacking district and the This light-filled space, run
Until July, Okamoto’s stock was Succession second-generation leaders across Japan, to fight harder to convince investors in pleted a factory in China’s Guangdong High Line, remnants of the by New York restaurateur
lumped in with hundreds of other Japa- Yoshiyuki Okamoto, pictured, is an environment where shareholder province that will start producing city’s industrial past that Danny Meyer, is the
nese companies battling for sustainabil- agonising over whether his successor activism is no longer a dirty term. Okamoto branded condoms next year. have been reimagined in building’s proverbial crow’s
ity in a shrinking domestic market. In should come from the founding family. “We have to make a choice between The intention, says Mr Okamoto, is to recent years. It is no nest, where visitors can
the case of condoms, the headwinds Question of The problem is not new, but has the best way of ensuring continuity [of meet the rising demand from the Chi- coincidence that the new enjoy coffee and avocado
seemed especially fierce. The Japanese continuity become infinitely more complicated the business] or family succession,” he nese market with a high quality product Whitney is also close to toast while taking in
population is the fastest ageing in the since July when Japan adopted its new says. “Of course, continuity must be the that is competitive on price because it is Chelsea, home to the city’s panoramic views of New
world and, according to some surveys, corporate governance code, a set of priority.” produced in China. The big, unknowa- thriving art scene. The York no matter what
among the least sexually active. guidelines introduced as part of the Mr Okamoto’s son and daughter do ble problem, he says, is whether the museum has quickly become extremes of weather. On fine
Okamoto has spent decades making “third arrow” of Prime Minister Shinzo not work for the company but sitting “Made in China” stamp on condoms a hub for gallerists, days, an outdoor terrace
its name by challenging domestic and Abe’s plan to revitalise the economy. alongside him as he makes these leaving the factory will kill their appeal. entrepreneurs, fashion and provides further opportunity
global rivals with ever thinner condoms. The code imposes huge financial and comments is Masaru Okamoto, his “I am quite worried about that,” says media folk, as well as visitors for sky-gazing.
Now, however, it is contemplating other pressures on companies such as nephew and a former lawyer who Mr Okamoto. “But I’m also not sure how from all over the world.
whether a technological wall has been Okamoto, says its president. In particular, recently became manager of Okamoto’s long this Chinese tourism spending Inside, its light, airy Rachel Garrahan
reached and whether the costs of seek- companies that want to install the third business administration department. boom is going to last.”
Tuesday 1 September 2015 ★ FINANCIAL TIMES 15

ARTS

suffering than leaping tall buildings. A

When Superman penitential procession takes us through

a gallery hung with tattered banners
depicting the Passion of the Superhero.
Rendered in confident strokes, a black-

meets the sublime

and-white Superman slumps and
writhes against brooding cityscapes.
I couldn’t help but think of Yeats’s
lines about heroes: “Come let us mock at
the great” who never “thought of the
levelling wind.”
But if you’re in the mood for truly
Ariella Budick visits Mass MOCA, where an abundance of brow-furrowing contemplation of exis-
tential questions, then step outside,
galleries and art projects infiltrates a giant post-industrial space cross a bridge, and enter the Hall Art
Foundation, which contains three huge
installations by Anselm Kiefer.
In the waning days of summer, the deep, wooden panels, Ross has turned a choc- In the first, an undulating ruin of
consoling green of the Berkshire Hills olate-box view of Mount Sopris, a per- concrete and exposed rebar presents
acquires a yellowish tinge. Inside the fectly isosceles peak in Colorado with a violence as a timeless force of nature. In
Massachusetts Museum of Contempo- lake fringed by bowing aspens, into a the next, a ward of beds, each draped
rary Art (Mass MOCA), though, the strange, enveloping dreamscape. The with a rumpled sheet of lead, pays trib-
galleries are filled with wild, springlike shapes are sharply defined but the ute to the female heroes of the French
excess. Nearly two dozen different exhi- black-and-tan palette spreads shadows Revolution. Finally, a separate pavilion
bitions, a few practically perennial, and murk throughout the scene, is stocked with 30 three-dimensional
others more fleeting, twine through the giving it the expressive mystery of a sea paintings, exploding with waves and
museum’s vast factory floors, darkened Chinese scroll. rust and ruined craft. The surface
nooks, rusting machine rooms and Ross’s magnificent “Hurricane” fills of each canvas is a chipped and cracked
no-frills sheds. the stifling attic of another building. topography, encrusted with thick
If the shows share any common To shoot this series, he donned a wetsuit white spray and ochre light. The oceans
aesthetic, it’s a taste for multitudinous and a flotation device, and waded look bruised.
pleasures, for the sheer copiousness of out into ferocious surf during tropical Kiefer’s roiling series evokes the rav-
the imagination. Liz Deschenes’ austere storms on the east end of Long Island. ishing rage of J. M. W. Turner’s sea-
rectangles of translucent blue, Jim He returned with large-format scapes and also echoes Ross’s hurricane
Shaw’s rococo pop cathedrals, Susannah photos. That’s the wonder of Mass
Sayler and Edward Morris’s animated MOCA: in the more or less random colli-
video eulogy for the extinct passenger
The whole dizzying sion of shows that fill this voracious
pigeon, Anselm Kiefer’s waves of collection offers a range museum, artists who ostensibly have lit-
shattered concrete, Mark Dion’s octago- tle in common communicate across the
nal sanctum crammed with private, of experiences from Clockwise from left: ‘Bowl of Woe’ (2014) by Jim Shaw; asphalt courtyard, harmonising with
cryptic mementoes, Stephen Vitiello’s
clanking, humming boiler room —
reverence to disgust installation view of Liz Deschenes’ ‘Gallery 4.1.1’ (2015);
‘Sopris Wall 1’ (2015) by Clifford Ross; Anselm Kiefer’s
the brick walls and brittle steel.

the whole dizzying collection offers ‘Velimir Khlebnikov’ (2004, detail) — David Dashiell, Arthur Evans massmoca.org, hallartfoundation.org
a range of experiences from reverence photographs that capture not just the
to disgust. impassive violence of ocean water,
The complex in the industrious town but the architectural variety it takes. Bush in her First Lady days orates from
of North Adams, Mass., once churned Some waves curl to form seductive inside a pulpit of fire, which burns
out printed fabrics for the Union Army, caves, others look smooth and dense as before a borrowed mountain meadow.
bomb parts and capacitors for house- polished oak, still others dissipate in Walk through the door of a cob-
hold radios. Those businesses are long cottony clouds of surf. All of them bear webbed gas station and inside, a trio of
gone and art has infiltrated every terrifyingly down on the lens. plastic dwarfs huddles over a baby-sized
corner, like a creeping jungle taking After Ross’s essay on the sublime, Jim hunk of glowing green crystal — kryp-
over an abandoned city. Shaw’s Entertaining Doubts comes as a tonite, perhaps, merging fairy tale and
It would be hard to explore this super- sceptical tonic. Shaw plies viewers with comic-book legend in a pseudo-
abundance without confronting Clifford theatre, humour and a tender apprecia- religious tableau.
Ross: Landscape Seen & Imagined — or, at tion of kitsch, shaping his world out of Shaw expresses deep ambivalence
any rate, it would be a mistake. “Sopris recycled imagery and salvaged back- about faith: he invented the content-
Wall I” is an immersive photograph drops. Vaguely familiar cardboard cut- free religion of Oism, essentially so he
three stories tall and as long as a ball- outs (from a Caspar David Friedrich could supply it with imagery and ritual.
room — so big that I can only see it in seg- painting, for example) stand in front of But he’s less sardonic about Superman:
ments. But size is the least of the pic- hazy landscapes and tacky medieval the Man of Steel pops up all over this
ture’s virtues. By printing in negative on churches painted on cloth. Barbara show, though he spends more of it

THIS EVENING’S TELEVISION Trading Directory

Pick of the day

Tonight: home and abroad, There are awed “wows” in
from businessmen India: Nature’s Wonderland
hammering out new trade (BBC2 9pm). Wild elephants
routes within England, to follow their traditional paths
singing gibbons in India. through tea plants, the last
In Canals: the Making of a Asiatic lions sunbathe and we
Nation (BBC4 8pm), Liz visit Meghalaya, which can
McIvor recounts the have more rain in a month
engineering feats sparked than Britain has in a year.
by the challenge of crossing Peeping Tom (Horror
the Pennines, the spine of Channel 10.55pm) has its
England, when it was passionate champions,
cheaper to transport goods though on its 1960 release
by ship from Portugal than a many critics mauled Michael
few hundred miles across Powell’s film for prurience
English roads. and sadism. — MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News. 6.00 Eggheads. 6.00 ITV News London. 6.00 The Simpsons. R
6.30 BBC Regional News 6.30 Terry and Mason’s Great 6.30 ITV News and Weather. 6.30 Hollyoaks.
Programmes. Food Trip. 7.00 Emmerdale. The tension 7.00 Channel 4 News.
7.00 The One Show. 7.00 This Wild Life. between Pollard and Diane 8.00 Obsessive Compulsive
7.30 EastEnders. 7.30 Great British Menu. continues on the day of Cleaners. New series. A
8.00 Holby City. Clifford is 8.00 The Hairy Bikers’ Val’s funeral and a data manager attempts to
admitted to hospital, and Northern Exposure. mysterious stranger arrives help a zoo keeper with her
Fletch realises his illegal New series. Si King at Home Farm seeking untidy house, while a
activities have escalated. and Dave Myers work. college lecturer assists a
9.00 New Tricks. With Sasha circumnavigate the Baltic 8.00 Dinosaur Britain. Part two widow and her son.
back on fighting form, Sea in search of the most of two. Ellie Harrison and 9.00 Educating Cardiff. Cameras
UCOS investigates the exciting food in Europe, Dean Lomax investigate follow two new starters at
death of a talented cricket beginning with Poland, the lives of the dinosaurs Cardiff’s Willows High
prodigy, who was the apple where they create that once roamed the School, and teachers are
of his father’s eye, yet sausages. nation, revealing how they worried that nervous new
loathed by his on-field 9.00 India: Nature’s hunted, what they ate and boy Aaron is finding it
team-mates. Wonderland. Part one of how they died. hard to make friends.
10.00 BBC News. two. Liz Bonnin, Freida 9.00 Cash in Hand! Payday
10.00 How the Rich Get Hitched.
10.25 BBC Regional News and Pinto and Jon Gupta Loans. Documentary
Cameras follow Caroline
Weather. explore the hidden following a month in the
Castigliano, one of the UK’s
wonders of the natural life of a loan business and
10.35 Me & My New Brain. Four most sought-after wedding
world in India, including the staff who have to cope
years after suffering a brain dress designers, as she
the Hoolock gibbon, which with the demands of an
injury in a snowboarding sources the most expensive
greets the morning by often tricky job.
accident, Charlie Elmore materials and designs
singing. 10.00 ITV News at Ten and bespoke dresses.
retraces her dramatic
10.00 The Perfect Morecambe & Weather.
recovery, and meets other 11.00 Christian Louboutin: The
young people with a similar Wise. R 10.30 ITV News London.
World’s Most Luxurious
condition. Previously shown 10.30 Newsnight. 10.40 Through the Keyhole. R
Shoes. Cameras spend a
on BBC Three. 11.10 Weather. 11.40 Benidorm. R year in the life of one of
11.35 Who Do You Think You 11.15 Special Forces — Ultimate the world’s most famous
Are? R Hell Week. R Regional variations apply shoe designers. R

Other channels
BBC3 11.20 The Secret Life of Waves. 10.00 The Naked Village. Simpsons. 7.00 The Simpsons.
7.00 Top Gear. 8.00 Don’t Tell 11.05 Embarrassing Bodies. 7.30 The Simpsons. 8.00 A
the Bride. 9.00 Secrets of China. Channel 5 League of Their Own.
10.00 EastEnders. 10.30 Fried. 6.00 Home and Away. 6.30 5 Film4 9.00 50 Ways to Kill Your

Trading Directory
11.00 Family Guy. 11.25 Family News Tonight. 7.00 Police 6.35 Big Fish. 9.00 Bram Stoker’s Mammy. 10.00 Stop, Search,
Guy. 11.45 American Dad! Interceptors. 8.00 I Want That Dracula. 11.30 Let the Right One Seize. 11.00 Hawaii Five-0.
Wedding! 9.00 Celebrity Big In.
BBC4 Brother: Live Eviction. 10.00 The Sky Arts
7.00 World News Today. Hotel Inspector Returns. 11.00 Sky Atlantic 6.00 James Rhodes: Piano Man.
7.30 Great Continental Celebrity Big Brother’s Bit on the 6.00 House. 7.00 Without a 6.30 Dolly Parton: Song by Song.
Railway Journeys. 8.00 Side. Trace. 8.00 Blue Bloods. 9.00 7.00 Abba: When Four Became FT BUSINESS
Canals — The Making of a Aquarius. 10.00 Hello Ladies: The One. 8.00 The British Invasion. Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
Nation. 8.30 Hive Minds. More4 Movie. 11.40 The Pacific. 9.00 Close to You: Business Wanted, Franchises
9.00 Hidden Killers of the 6.50 George Clarke’s Amazing Remembering the Carpenters. .....................................................................................................................................................................................................................................................................................................................................................................................................................
Victorian Home. 10.00 The Spaces. 7.55 Grand Designs. 9.00 Sky 1 10.20 The Fantastic World Classified Business Advertising
Titfield Thunderbolt. Penelope Keith’s Hidden Villages. 6.00 Modern Family. 6.30 The of Michael Crawford. UK: +44 20 7873 4000 | Email: [email protected]
16 ★ FINANCIAL TIMES Tuesday 1 September 2015

Spreading the love

Brazilian banks should benefit from better spreads between their funding costs and lending rates. As long as these
banks control their other operating costs, and their credit quality, it is possible to see the sector as having some
defensive qualities. Private sector banks, such as Itaú Unibanco with its low cost-to-income ratio, look the safer bets
Twitter: @FTLex Email: [email protected]
Market share by bank ownership Selected private Brazilian banks
Per cent
60 Net Cost-to-
Netflix: unusual frankness, Mr Hastings seems interest income Colombia:
to agree. He has previously described a Public
Bank margin (%) ratio* (%) Valuation**
Burden of Empire 2013 stock market valuation as a “hype Private
50 peace dividend
fest”. Today, with the stock 148 per Foreign
Netflix is coming to Spain. cent higher, he sees a “mystery”. His Itaú In a world of $45 oil, an oil exporting
Unibanco
4.6 50 7.4
“Bienvenidos!” was the tweet from a words deserve more attention. 40 nation seems an unlikely place to
rival digital television provider, Wuaki invest. Petroleum is over half of
TV, although it spiked the greeting with Colombia’s exports — the next largest
an image of a belligerent looking man 30 are coal and coffee (10 per cent and
and the words: “We’re waiting for you.”
Glencore: Banco
5.1 51.5 6.9 4 per cent respectively). Low oil prices
Bradesco
If Netflix’s history of foreign the chips are down 20
and a strong US dollar have hurt. Its
invasions is a guide, it is Wuaki, owned peso has halved to the US dollar since
by Japanese internet group Rakuten, Fine in theory. Less so in practice. The Banco November 2014 and its current
that has more to fear when its US idea behind Glencore’s combination of 10 Santander 5.5 57.1 10.0 account deficit rose to 7 per cent.
challenger arrives in October. Even commodity trading and mining is that Brasil But Colombia has its attractions. It is
where there is an established strength in the former would offset 2002 04 06 08 10 12 15 a stable democracy, with a reasonable
incumbent, such as Lovefilm in the UK, cyclical weakness in the latter. fiscal policy, a high grade rating, 3 per
Netflix has triumphed with keen prices But Ivan Glasenberg’s creation has FT graphic. Sources: UBS; Bloomberg; Credit Suisse * Efficiency ratio ** Price-to-forward earnings ratio cent growth in GDP and an enviable
and keenly-awaited content such as proved to have little of that 2.3 per cent structural budget deficit
House of Cards. Arriving later means a defensiveness. Just look at the group’s Brazil’s national flag champions the such as Itaú Unibanco. Public bank The bad news is that non- regulated by a fiscal rule. The impact of
tougher battle but also permits lessons $676m loss in the half year to June — principles of order and progress. In loans, up in July on the month (unlike performing loans as a proportion of the regional economic slowdown is
from the missteps of predecessors. both its trading arm and mining recent years the latter has gone for private banks), have driven credit the total are climbing from their limited by a large domestic market.
In Japan, where Netflix is launching businesses were hammered. Yes, it has missing. The economy, hurt by lower expansion. The share held by these recent lows, up to 5 per cent in July. Most exports go to China and America
this week, it is promising cheaper cut debt, capital outlay and costs. But commodity prices for exports, has public banks has leapt nearly a third Given that public banks accounted (9 per cent and 32 per cent,
prices and more Japanese content than its shares have lost more than half their slowed sharply. That usually means from four years ago to 55 per cent. for much of the loan growth in recent respectively). A potential peace deal
the entry offering from Hulu, which value in the past year despite big problems for any financial sector. Other banks’ market shares declined. years, private banks may have fewer with the Farc rebels could add between
struggled at launch. Netflix spans more buybacks. Its bonds have fallen, too. In Brazil, though, banks have a lot of Having said this, the entire sector problems ahead. They also have 1-3 per cent of GDP annually, on official
than 50 countries and 65m subscribers, Glencore’s big bets on coal and experience in dealing with economic should be benefiting from the growing lower cost to income ratios. Itaú estimates, by opening new areas to oil,
of which 23m are outside the US. copper when it bought Xstrata have crises. Some could do well even if the spread between what banks in Brazil Unibanco’s is just 50 per cent. mining and agriculture (although bears
But that comes at a cost. Netflix not yet paid off. But a bigger issue is the macro situation deteriorates. charge for loans and what they pay Compare that with 55 per cent for argue that narco-crime, not Farc, is the
makes big operating losses in its non- company’s elevated net debt, already Brazil has both state-owned and depositors as a funding cost. As Brazil’s Banco do Brasil. As a result, return main security issue.
US business — last quarter $92m on three-fifths of its enterprise value. In private banks; both are stock market real has fallen against the dollar, on equity, as well as its price to Despite its attractions, Colombia’s
revenues of $455m — and has warned these markets, that must fall (and listed. The former, such as Banco do inflation has increased to more than 9 earnings multiple, are higher for Itaú. Colcap index lost 52 per cent in total
that they should worsen before peaking earnings must rise) if it is to retain the Brasil, have considerable market per cent. Interest rates have risen, too. If the latter can keep its NPLs return in the past five years (against a
next year when launches are scheduled investment grade credit ratings from share. This is partly because they The lending versus funding spread (about 4 per cent) under control, 4 per cent drop for the MSCI emerging
to include China and India. With a Moody’s and Standard & Poor’s that offer subsidised loans at lower has increased markedly, to more than higher loan spreads should boost markets index). Bargain hunters could
never-ending battle for content, reassure counterparties in its trading interest rates. The popularity of these 30 per cent (yes), up 10 percentage earnings. Its tier one capital is 13 per take a look at state-run oil producer
Netflix’s free cash flow has been business. Moody’s has confirmed its loans, understandably, exceeds points from two years ago. Most banks cent while the valuation sits not too Ecopetrol. Its shares are down 70 per
negative for the past four quarters, rating. But at the half-year, Glencore’s higher cost ones from private banks in the world would love those margins. far from decade lows. Bank on it. cent since 2013 and trade at a slight
$229.3m for the three months to June. net debt was $47bn, or 4.3 times discount to those of oil majors. Peace
Founder and chief executive Reed trailing earnings before interest, tax, would add output lost in pipeline
Hastings has been proved right in depreciation and amortisation, attacks. Free float is 10 per cent; the
fending off shareholder calls to sell the ignoring $18bn of inventory it says it critical than ever that Glencore proves orders totals something like $500bn, generate peak annual cash flow of $6bn state owns 88 per cent. Another option
company and aggressively pursuing can convert quickly to cash. that it really does have the ability to and the orders for jets, both narrow by the end of the decade, or a majority is Isagen, the nation’s third largest
growth in digital streaming. The inventory consists mostly of shrink debt quickly. and wide-bodied, keeps humming. of its $9bn annual cash flow target. power producer. The state owns 57 per
His overseas expansion has captured base metals and a big slug of oil that is But its earnings always come down to Meanwhile, challenges have emerged cent of the shares. It wants to divest but
the imagination of subscribers and fully hedged. Even if all that inventory a single set of numbers: cash flow for Boeing in its smaller defence unit. there is opposition to the move.
investors alike. Last quarter it is included, Glencore’s net debt falls to Boeing: generated and a related balance sheet In July, it announced cost overruns in a The bond markets offer alternatives.
predicted 2.5m new subscribers, but a still high 2.7 times ebitda. entry for “deferred production costs” military tanker programme and the Thirty-year US dollar sovereign bonds
ended up with 3.3m. The company Perhaps tellingly, Glencore has not buckle up attributable to the 787 Dreamliner jet. fight over US government-subsidised have a yield of 5.9 per cent; Colombia
predicts that it will break even next liquidated those inventories so far. The The 787 was to be the primary profit export credit has led to lay-offs in its has never defaulted. Infrastructure
year before recording “material global real worry is how to reduce that debt Those safety demonstration videos on engine of Boeing. But production satellite business. bonds are another option. The bonds
profits” in 2017. given that ebitda tumbled 29 per cent aircraft are full of soaring bromides challenges have pushed its cash flow But for Boeing, commercial jets will fund much needed roads. They
Yet after surging this year, Netflix’s from a year ago. Glencore could reduce about the platonic promise of air break-even date to late 2015. The remain at the heart of the business. were discussed in 2010 but progress
market capitalisation is now $50bn, working capital, capital spending or travel. These would be inspiring except cumulative cash losses on the This year, Boeing appointed veteran has been slow. Still, Goldman Sachs’
about 265 times 2016 earnings. It is even sell non-core assets to cut its debt that the only purpose of the exercise is programme have mushroomed to employee Dennis Muilenburg as chief announcement in May that it would
hard to see where the moats are around further. And while dividends have so to get passengers to fasten their seat $30bn from initial targets of $20bn. executive, replacing long-time boss underwrite $0.5bn of bonds for three of
the business that would allow Netflix to far been covered by free cash flow, it belts on an overcrowded flight. In its second quarter, Boeing’s overall James McNerney. In his short time at the projects is welcome progress.
ever charge enough subscribers enough could cut its payout. Investors who Boeing’s prospects sometimes have cash flow from operations was a the helm, he has indicated that he will
money to justify that valuation. rightly value financial flexibility just that same flavour. According to its healthy $3.3bn and it reiterated that continue the approach of trying to turn
Nor is there any sign that content, now have, not surprisingly, lost their most recent annual forecast, something the 787 should flip to cash profits by a big order book into cash without any Lex on the web
For notes on today’s breaking
whose suppliers are increasingly also confidence in a model that is not as like 38,000 planes will be delivered in the fourth quarter. JPMorgan estimates radical change of course. That still stories go to www.ft.com/lex
competitors, is going to cost less. With unique as Glencore claims. So it is more the next 20 years. Its pipeline of plane that if all goes well, the jet could requires seat belts to be fastened.

1010 Forecasts by

13 1020
19 HIGH
14 15
14 17
1010
14
6 Luxembourg Rain 18 64
16 OW
16 Lyon Thunder 21 70
16 15
21
Madrid Sun 29 84
17 1 34 34 Manchester Shower 16 61
28
19 Miami Shower 32 90
14 17
14 18 Milan Fair 29 84
16 Montreal Sun 29 84
21 35
15 24 Moscow Cloudy 17 63
17 18 35 Mumbai Cloudy 31 88
16 36
32 Munich Thunder 30 86
19 29 31
19 14 1010 New York Sun 32 90
31 Nice Fair 27 81
17 26 29 31 Paris Fair 21 70
30 33
40 Prague Sun 33 91
13 Reykjavik Cloudy 12 54
32 36 29 33 Rio Rain 29 84
Wind speed in MPH at 12 BST 33 Rome Sun 31 88
Temperatures max for day˚C Wind speeds in KPH 31 San Francisco Fair 22 72
Stockholm Shower 16 61
Today’s temperatures Strasbourg Thunder 24 75
Abu Dhabi Sun 43 109 Belgrade Sun 37 99 Copenhagen Cloudy 21 70 Hamburg Cloudy 20 68 Sydney Sun 18 64
Amsterdam Cloudy 18 64 Berlin Thunder 28 82 Delhi Sun 38 100 Helsinki Cloudy 19 66 Tokyo Cloudy 27 81
Athens Sun 33 91 Brussels Cloudy 18 64 Dubai Sun 42 108 Hong Kong Thunder 29 84 Toronto Sun 30 86
B’ham Shower 17 63 Budapest Sun 35 95 Dublin Shower 15 59 Istanbul Sun 32 90 Vancouver Cloudy 19 66
Bangkok Thunder 34 93 Buenos Aires Fair 13 55 Edinburgh Shower 15 59 Jersey Sun 17 63 Vienna Sun 33 91
Barcelona Fair 29 84 Cardiff Sun 19 66 Frankfurt Thunder 21 70 Lisbon Sun 26 79 Warsaw Sun 34 93
Beijing Shower 24 75 Chicago Fair 31 88 Geneva Thunder 22 72 London Cloudy 19 66 Washington Fair 35 95
Belfast Cloudy 14 57 Cologne Rain 18 64 Glasgow Cloudy 16 61 Los Angeles Fair 26 79 Zurich Rain 24 75

CROSSWORD
No. 15,024 Set by PHSSTHPOK
        ACROSS 3 Annoyed by experiment on
1 Is it true? Trivially, a fantasy chromosome (5)

world generated by compter 4 Worth, perhaps, gold in two
 
(7,7) islands or even more so (1,8)
10 Gather a crowd (5) 5 Inflicts noise and offensive
11 Wild balls receive an audible odours (5)
sigh (9) 6 Injured by dagger I’ve forged (9)
 
12 Crack to produce tears in branch 7 Foul shot home and away (2-3)
(7) 8 Root out no old-fashioned
13 Cold, small river submerged two uprising of rebellious ex-
     fish-heads (7) colonists (7)
14 South African support for Israeli 9 It is home for a doctor who
(5) travels backwards (6)
  
16 Blind and bald Roman, 51, 15 Down below, a bat is dissected
arrested (9) (2,1,3,3)
19 Understands a supplement may 17 The French soldiers, at the last
show fluctuation (9) minute, are put in force (9)
     20 Loud animal kept in stall (5) 18 Issue from corrupt source (9)
22 Suspects play with conkers (7) 19 Squeal from loose stones on
25 What paparazzi did to saint got church (7)
  dropped off (7) 21 Mostly raw part of meal? (6)
27 A small coterie reinterpreted 23 Religious singers lowered one in
obscure knowledge (9) divine fluid (5)

28 They react when detectives are 24 For example Frankenstein’s
kidnapped (5) Shelley could improvise
29 Callous urges could appear at feverishly imaginative openings
breakfast-time (4-6,4) (3-2)
26 Helicopter dodges hospital at
JOTTER PAD DOWN high speed (5)
2 Trigger-happy terrorists sick
in belief only odd characters
allowed (9)
Solution to Saturday’s prize puzzle on Saturday September 12
Solution to yesterday’s prize puzzle on Monday September 14
Winners’ names will be printed in Weekend FT
Tuesday 1 September 2015 ★★★ 17

Aegon Smith & Boeing Brent crude Dollar / yen German Euro Stoxx 50 Shanghai
Say it again Lipsync app Wesson 10-year Bund Composite
Dubsmash goes viral 0.83% 1.16% 1.92% 8.2% 0.3% 6bp 0.52% 0.82%
ANALYSIS, PAGE 20
€5.49 $18.24 $130.68 $54.15 Y121.23 0.8% 3,269.63 3,205.99

Google accused Wrong numbers Macau’s GDP falls 26% in second

quarter as corruption crackdown hits casinos
Short
View
of breaching Robin
Wigglesworth
competition Last week, it looked like markets had bullied the US
Federal Reserve into delaying interest rate increases, but

law in India
over the weekend one of the central bank’s most senior and
respected policymakers fought back.
Stanley Fischer, Fed vice-chairman and the only board
member aside from Janet Yellen who has actually run a
central bank before (the Bank of Israel) did not overtly
insist that a September rate rise was still on the table, but
his message was clear.
Group gave its own services preference Weak wage growth went unmentioned, and China
warranted only a cursory sentence in Mr Fischer’s speech
in online ads search, claims report at Jackson Hole, the annual central banker jamboree. In
contrast, the garlanded economist said that he expected
inflation to head higher as temporary headwinds dissi-
JAMES CRABTREE — MUMBAI relevant results. This also adversely pated, and stressed that monetary policy should be tight-
affects the competitive landscape in the ened well before inflation returns to the 2 per cent target.
Investigators for India’s competition markets for online general web search His words helped push the probability of a rate increase
authorities have concluded that Google and search advertising, as well as adja- next month, as measured by interest rate futures, up from
has abused its dominant position in cent markets such as travel, maps, a low of just 22 per cent last week to 36 per cent yesterday.
online search advertising, adding to the social networking [and] e-commerce.” Admittedly, Mr Fischer only kept the possibility alive, and
lengthening list of global regulatory The report also finds faults with other policymakers take a less sanguine view of the recent
problems facing the US technology Google’s AdWords system, including bout of turmoil.
group. that it gives preference to Google’s in- Last week, New York Fed head William Dudley said he
Jerome Favre/Bloomberg
The Competition Commission of house adverts and unfairly allows users felt that the turbulence had made the case for near-term
India began investigating Google in to buy online ads based on trademarked Macau GDP growth rate increases “less compelling”, and a wide variety of
2012, focusing in particular on terms, such as company names. Year-on-year (%) economists and bond market veterans agree.
AdWords, its online advertisement Google said it was reviewing the Fed funds futures are still well below their August peak
service. report but disputed many of its findings, and the US Treasury market rallied yesterday, despite the
As part of that process, the CCI’s arguing that it complied “fully” with 30 Fed vice-chairman’s relatively hawkish tone.
investigative arm has completed a pre- Indian competition law. 20
However, if markets continue to simmer down and eco-
liminary report, a copy of which has “Regulators and courts around the nomic data continue to be robust then it remains emi-
been seen by the Financial Times. It sug- world, including in the US, Germany, 10 nently possible that the Fed could lift interest rates in
gests a variety of breaches of competi- Taiwan, Egypt and Brazil, have looked September. US jobs data due out on Friday will be even
tion law. into and found no concerns on many of 0 more crucial than normal. Indeed, Mr Fischer made a
The Indian investigation comes as the issues raised in this report,” the -10 point of highlighting the upcoming report, elevating its
Google prepares for a protracted legal company said. importance even further.
dispute with the European Commission, Dhanendra Kumar, the CCI’s first -20 Deutsche Bank points out that the August reading often
which this year accused the group of chairman when it was established in tends to miss, only to be revised up later. The current
unfairly promoting its shopping serv- 2009, warned that the investigation -30 median economist estimate is for 216,000 new jobs. If it
ices in search results. remained in its early stages and that 2010 11 12 13 14 15 proves that strong, then September lift-off will look much
It also follows other global antitrust accusations in draft investigative Source: Bloomberg
more likely.
investigations, including a 2013 ruling reports did not reflect the full commis-
in the US that cleared the company of sion’s thinking. “These preliminary Fed funds futures
giving unfair search prominence to its reports are fact-finding exercises. The Oct 2015 yield (%)
own products. commission itself will then take its own BEN BLAND — HONG KONG by 26 per cent in the second officer of Galaxy Entertain-
India’s government is investigating independent view.” quarter, the fourth consecutive ment, one of the largest casino
Macau’s economy has suffered
four complaints against Google, two of Google is preparing a response to the quarter of negative growth. operators, warned that it was
the sharpest contraction in
which are dealt with in the report. These report, details of which were first Corporate filings in August “too early to call the bottom”.
more than a decade as the
were filed by Bharat Matrimony, revealed in India’s Economic Times showed that profits at Macau’s The Macau economy is heav-
corruption crackdown in
an online matrimonial site; and newspaper yesterday, which must be six biggest casino companies ily reliant on the casino indus-
mainland China extends the
Consumer Unity & Trust Society, a con- submitted next week. The CCI’s investi- slumped by 40 per cent in the try, which expanded at break- Fed funds futures
unlucky streak for its Hong
sumer protection group. gative arm will then hold a hearing with first half of the year. Pressure neck pace over the past decade. are still well below
Kong-listed casino operators.
The 714-page report concluded that those involved in mid-September. on the gaming groups is set to Analysts at Morgan Stanley their August peak
Google gave its own services preferen- If found guilty, the CCI can levy a fine The former Portuguese colony, grow as they are scheduled to expect gross gaming revenue in and the US
tial treatment in search results. “Google of up to 10 per cent of average global rev- which is the only part of China open more than $20bn worth of Macau to fall 24 per cent this Mar Aug Treasury market
steers users to its own products and enues over the past three years. where casinos are allowed, said casinos and entertainment year to $33bn, which is still Source: Bloomberg rallied yesterday
services, and produces biased results,” it In Google’s case, this implies a theo- yesterday that annualised gross facilities this year and next. about five times the size of Las
said. “Users may not receive the most retical maximum penalty of $5.6bn. domestic product had shrunk Robert Drake, chief financial Vegas’ casino revenues. [email protected]

Oil prices soar on US output data and

hint at change of thinking from Opec
GREGORY MEYER — NEW YORK they digested a commentary in Opec be ready to reconsider supply policy.
Bulletin, a magazine of the Vienna- “What really ignited the market today is
Oil prices have soared more than 25 per
based group. Opec’s decision last that Opec headline,” said Raymond
cent in three trading sessions, with the
November to keep oil taps open in the Carbone, a broker with Paramount
latest boost coming from data on US
face of surging global output was a criti- Options in New York. “It’s the first
production and vague hints of a change
cal chapter in oil’s plunge from more moment of, ‘We can’t take it any more’.”
of thinking inside the Opec cartel.
than $100 a barrel. “Opec, as always, Meanwhile, the US released data
Co-Op Bank share price to The rise has been brutal for bearish will continue to do all in its power to cre- showing that producers in its shale for-
be determined by auction traders, who just a week ago had pushed ate the right enabling environment for mations had begun cutting supplies at a
crude to the lowest levels in six-and-a- the oil market to achieve equilibrium quicker pace than previously reported.
A seven-day auction of Co-Operative half years. Yesterday, Nymex October with fair and reasonable prices,” said an US oil output in June fell to 9.3m
Bank shares will be held via an online West Texas Intermediate, the US oil article headlined “Co-operation holds barrels per day, from 9.6m b/d in April,
platform for equities in unlisted benchmark, rose $3.98, or 8.8 per cent, the key to oil’s future”. the Energy Information Administration
companies, providing the first visible to settle at $49.20 a barrel. London- Some analysts dismissed the article as said. Output in the first six months of
market since its near-collapse in 2013 listed ICE October Brent, the interna- unimportant without a change of direc- 2015 averaged 9.4m b/d, revised from
and an exit route for investors whose tional marker, climbed $4.10, or 8.2 per tion from Saudi Arabia, Opec’s largest 9.5m b/d, as the EIA released its first
bonds were converted to equity. cent, to settle at $54.15 a barrel in thin producer. But the market interpreted it monthly report of crude output using a
Report i PAGE 22 UK bank holiday trading. as a sign that the cartel, which produces new survey method.
Brokers and traders bought futures as four in 10 barrels of the world’s oil, may Markets page 30

Companies / Sectors / People

Companies China General Nuclear Power.........19 General Electric.......................................30 King Digital................................................20 STMicroelectronics................................20 Gen Retailers................................................3
Aegon.............................................................19 China National Nuclear.......................19 Glencore........................................................16 LG Display...................................................18 Samsung Electronics.............................18 Industrial Goods......................................18
Alcoa...............................................................19 Co-operative Bank.................................22 Goldman Sachs ......................................30 Lenovo...........................................................18 Siemens........................................................20 Industrials....................................................19
Allianz.............................................................19 Comerica.......................................................18 Google......................................................17,20 Mercedes-Benz........................................20 State Power Investment Corp.........19 Insurance......................................................19
Altera.............................................................20 Cullen/Frost Bankers.............................18 Hancock Holding.....................................18 Murata Manufacturing.........................18 Tesla...............................................................20 Oil & Gas...............................................18,20
Aluminum Corp of China...................19 Delek..............................................................20 NBCUniversal............................................20
Hannover Re..............................................19 Texas Capital Bancshares..................18 Technology..................................................18
Apple.................................................18,20,30 Deloitte..........................................................18 NXP.................................................................20
Hon Hai Precision Industry..............18 Toshiba..........................................................18 People
Audi................................................................20 Delta Lloyd..................................................19 Nice Systems...............................................6
Index Ventures........................................20 Twitter...........................................................20 Baillie, Ian....................................................22
Aviva...............................................................19 Disney............................................................20 Novatek.........................................................18
Infineon Technologies.........................20 Uber................................................................20 Collins, Simon...........................................20
Avner Oil Exploration..........................20 EY.....................................................................18 Okamoto.......................................................14
Instagram....................................................20 Verint Systems............................................6 Davies, Howard........................................22
BMW...............................................................20 Ecopetrol......................................................16 Paramount Pictures..............................20
Intel.................................................................20 Volkswagen................................................20 Drake, Robert.............................................17
BOK Financial............................................18 Elbit Systems...............................................6 Pegatron.......................................................18
International Rectifier..........................20 YouTube.......................................................20 Hampton, Philip.......................................22
BYD..................................................................18 Eni....................................................................20 Phoenix Group.........................................22
Isagen.............................................................16 Zynga.............................................................20 Muilenburg, Dennis................................16
Banco do Brasil........................................16 ExxonMobil ...............................................30 PwC..................................................................18
Boeing............................................................16 Facebook.....................................................20 Itaú Unibanco............................................16 Renesas........................................................20 Sectors Ploss, Reinhard........................................20

Broadcom....................................................20 Freescale......................................................20 Japan Display............................................18 Royal Bank of Scotland......................22 Banks..............................................................22 Tanaka, Hisao............................................18
Chalco.............................................................19 Galaxy Entertainment...........................17 KPMG.......................................................18,20 Rusal................................................................19 Gen Financial.............................................19 White, Bill.....................................................18

© The Financial Times Limited 2015 Week 36

18 ★ FINANCIAL TIMES Tuesday 1 September 2015

COMPANIES
INSIDE BUSINESS
Oil & gas
FINANCE

Banks under pressure on energy loans Sujeet

Indap
Moves by regulators to between regulators that want lenders to term goal of recovering as many cents as ‘What this would be that people are forced to
take a conservative view of crude prices possible on the loan dollar, he added. sell assets in a market which many of us
class assets as troubled worries me is
risks causing fire sales
— which hit their lowest levels since
2009 in the past week — and bankers
hoping for a partial recovery.
The US oil boom of the past six years
has been fuelled by a surge in borrowing
by small and medium sized companies.
when things
— including me — believe is at the bot-
tom of the commodity price cycle.”
The OCC has rules on how banks
Big Four’s push beyond
are moved
BARNEY JOPSON — WASHINGTON
BEN MCLANNAHAN AND
Mr White said that because no regula-
tor wanted to take the blame for a bank
A prolonged slump in the crude price
would pose a big risk to banks with a too quickly should classify loans and make provi-
sions for potential loan losses.
tax and auditing marks
into the
ED CROOKS — NEW YORK
The low crude price is putting US banks
under pressure from regulators to move
failure, the Office of the Comptroller of
the Currency (OCC), which supervises
national banks, was pushing lenders to
high proportion of loans to oil and gas
companies, including BOK Financial,
Hancock Holding, Comerica, Texas
[troubled
The regulator said: “[The] OCC does
not make individual credit decisions for
national banks and federal savings asso-
an intriguing gambit
quickly in classifying oil and gas loans as act expeditiously in moving loans at risk Capital Bancshares and Cullen/Frost asset group]’ ciations.” But added: “Early identifica-
troubled assets when borrowers slide of or in default to their troubled asset or Bankers, according to credit rating tion of troubled loans and mitigation of

F
into difficulty, says a top financier. “workout” groups. agency Moody’s. associated risk is fundamental to the or professional services firms, the boardroom is
Bill White, chairman of the Houston “What worries me is when things are “Workout’s job is to achieve the maxi- safe and sound operation of national the final frontier, the sanctum where the shiniest
office of investment bank Lazard and a moved too quickly into the workout,” he mum recovery on the loan,” Mr White banks and federal savings associations.” glory and biggest fees are paid. The “Big Four” —
former US Deputy Secretary of Energy, said. “This is going to happen and it’s not said. “The banking relationship with the A former OCC official said that Deloitte, EY, KPMG and PwC — have usually
said the trend was worrying because it particularly good news.” borrower is not part of the agenda of the although the regulator did not make been relegated to a windowless annex to toil
could cut off the prospect of loan exten- Once loans are in the hands of trou- workout group, whereas the relation- individual credit decisions, its inspec- away preparing financial statements and sorting out
sions and force fire sales of assets. bled asset specialists, sustaining the ship banker will appreciate the fact this tors had a variety of tools to send banks arcane tax issues.
His comments point to tension borrower takes a back seat to the short- is a cyclical period. One consequence of signals about what they should do. But for years, the Big Four have quietly enjoyed a pres-
ence in less gilded boardrooms through their investment
banking advisory practices. Their bread-and-butter audit
and tax practices have always worked with the biggest
publicly traded companies in the world. But their invest-
Technology. Sales challenge ment banking units had a “middle market” bent, typically
working with private companies perhaps worth a few hun-

China turbulence alarms smartphone makers dred million dollars, owned by financial sponsors who
needed a banker to manage a sale process.
As new opportunities in traditional audit and tax work
have reached a plateau, the Big Four have turned to man-
agement consulting and mergers and acquisitions for
growth. Given the deals boom, they are aggressively
Fall in shares raises prospect luring bankers. In July, Deloitte hired a senior managing
of customers cutting back in director from BNP Paribas, and KPMG and PwC recently
recruited executives from Deutsche Bank and Rothschild
an already saturated market respectively.
Historically, such prominent bankers would have
migrated to other large banks or decamped to elite bou-
FT REPORTERS
tiques. The fact that they are joining firms better known
This summer’s slump in China’s stock for bean-counting is an intriguing gambit both for the indi-
market has come at an awkward vidual executives and those professional services groups.
moment for smartphone companies For the latter, the move to expand the deals business
already facing doubts about their pros- could be seen as an obvious evolution of their commercial
pects in the country. practices. With vast operations around the world — PwC,
Smartphone sales fell 4 per cent in the for example, has nearly 200,000 employees scattered
second quarter — the first year-on-year across 157 countries — there is a natural base of client rela-
decline for six years — research group tionships to mine and industry expertise to share.
IDC estimated. And while China is the “The ability to have reach into the large buyers in South
world’s biggest smartphone market, it America and Southeast Asia, not to mention Europe and
has a dwindling number of first-time North America, is becoming ever more important,” said
buyers, with nine in 10 inhabitants of its Kevan Flanigan, the US lead for Deloitte Corporate
major cities already owning one, Finance.
according to analysts at Nielsen. “Suddenly, it’s table stakes
“The Chinese smartphone market to not only know the sector
was already slowing earlier this year,” and have deep speciality for
The move to
says Jeff Pu, an analyst at Yuanta, a a $300m private company expand the deals
trend “driven more by high penetration deal but also to have deep
than by weaker economic growth”. and current relationships
business could
But the sharp fall in Chinese share with the potential foreign be seen as an
prices has raised the threat of lower buyers for the business and
spending from suffering retail investors that plays to our strength.”
obvious evolution
While multibillion-dollar
transactions grab headlines, the bulk of all M&A is smaller
‘It feels awkward that only assignments that occur at a steadier pace than blockbuster
the Japanese companies deals. KPMG, the firm that finished highest in the world-
wide league tables of accountancy firms that worked on
are bullish . . . there will M&As in 2014, advised on 377 transactions, according to
be an impact from a Dealogic. That deal count was ahead of every institution
except for Goldman Sachs.
Chinese slowdown’ Revenue outside of tax and audit is already a big chunk
of the Big Four’s results, representing 20-30 per cent of
as well as fears over the broader impact China is still the them could delay purchases or opt for companies are bullish . . . there will be sector on a healthier footing, he argues, group revenue. Apart from Deloitte, all of the firms jetti-
on the economy. largest cheaper Chinese devices with similar an impact from a Chinese slowdown by addressing “oversupply” created by soned their consulting practices in the wake of the Enron-
China’s stock market is down 37 per smartphone technical specifications. going forward,” says Hiroharu Watan- Chinese state support. era accounting scandals and regulatory reform. But they
cent since its mid-June peak, with market, but Others disagree with this downbeat abe, analyst at SMBC Nikko Securities. The main victim of China’s burgeon- have steadily rebuilt their consulting practices, gradually
smartphone makers and their suppliers first-time prognosis for Apple — including its chief More trouble could come from China’s ing smartphone industry has been Sam- moving from technology, operations and due diligence
among the more severe casualties. buyers are executive Tim Cook, who told CNBC last sudden devaluation of its currency this sung Electronics. IDC says the South projects to the more rarefied strategy mandates that pre-
Shares in Lenovo, one of China’s big- dwindling as week that its sales in China were still month, which will force Apple to choose Korean group was still the top smart- occupy chief executives.
gest handset producers, have fallen by nine in 10 growing strongly in July and August. to either raise prices in the country or phone producer worldwide in the sec- Questions remain. First, is the deal volume among mid-
nearly half over that period, while cas- inhabitants of While his disclosure triggered a accept tighter margins, says Jan Dawson ond quarter. But in China Samsung tied dle market companies high enough to justify the expan-
ing maker BYD and camera module big cities already bounce in Apple’s shares, they are still at Jackdaw Research. for fifth place alongside local brand sionary push? While middle market advisers may be more
manufacturer Q Technology have lost own a device down 13 per cent since the start of June Yet the devaluation has been helpful Oppo with a 7.6 per cent slice — having obscure, there are already plenty of them including the
more than 60 per cent. The alarm has — twice as much as the S&P 500 index. for Apple suppliers such as Taiwan- led the Chinese market just two years recently listed Houlihan Lokey as well Harris Williams
followed the supply chain into Taiwan, The gloom has hit some companies in based Hon Hai Precision Industry and ago with 18 per cent. and Lincoln International. Larger banks will also take on
wiping more than one-third from the Apple’s supply chain harder: shares in Pegatron, which receive payment from This slide in market share means smaller mandates as a hedge against the erratic flow of
market valuation of Novatek, which screen suppliers LG Display of South Apple in US dollars while paying wages Samsung’s fortunes are now much less blockbuster transactions.
designs chips used in many Chinese Korea and Japan Display, for example, in renminbi to the tens of thousands of tightly tied to China, says Peter Yu, an But the greater temptation for the Big Four may be to
smartphones. have both declined by more than a fifth. Chinese workers who assemble iPhones. analyst at BNP Paribas. And with IDC chase the blockbuster companies, a market that is just as
The fallout reflects a darkening pic- Some Apple suppliers are putting on a For China’s smartphone companies, predicting China’s smartphone sales cut-throat. Large companies are particularly status con-
ture for Chinese smartphone makers, brave face. Murata Manufacturing, the renminbi depreciation could bolster growth of just 1 per cent this year — scious and because of legal scrutiny from being listed, may
which have proliferated and come to whose biggest customer is Apple, the efforts of big players such as Huawei down from 20 per cent last year — the hesitate to stray towards businesses whose identity —
dominate their home market while expects sales of components for smart- to expand abroad, while pushing up dol- country is no longer a source of growth fairly or not — lies in bookkeeping.
struggling to turn a profit in many cases, phones sold in China to rise by half this lar-denominated input costs for smaller for the global market, which is forecast The one-stop shop that cross-sells loans, derivatives,
according to industry analysts. year. “We are not seeing any overall neg- companies that focus on the home to grow at 10 per cent. securities trading, underwriting, advice and wealth man-
The stock market slump could weigh ative impact,” the Japanese electronics market. “China is saturated already — from agement has long been the holy grail for global banks. That
heaviest on Apple, which relies on China maker says. Those smaller companies face a more here on it’s a replacement-driven mar- quest, either in the short or long term, often flopped. Yet
for more than a third of its revenue, says Japanese suppliers such as Murata serious threat if China’s slowdown ket,” Mr Yu says. “The remaining should accounting firms trip themselves up in their jug-
Jane Zhang, an analyst at Gartner. She share Mr Cook’s hope that an expansion prompts the government to cut back growth will have to come from other gling act, that their partners will feel the pain — rather
notes that the demographic segment of of fast 4G networks in China will fuel generous financial support for the elec- emerging markets.” than public shareholders — should be of some comfort to
Chinese who invest in the stock market demand for high-end phones — but that tronics industry, says Marcello Ahn, a Simon Mundy in Seoul, Kana Inagaki in the rest of us.
overlaps substantially with those who view contrasts with anxiety elsewhere. fund manager at Quad Investment Man- Tokyo, Tim Bradshaw in London and
buy upmarket mobile phones. Many of “It feels awkward that only the Japanese agement — though that could put the Charles Clover in Beijing [email protected]

Travel Industrials

Toshiba delays annual earnings release again

KANA INAGAKI — TOKYO investigation later found that senior as pre-tax profit. In July, the company
executives had played a role in inflating sold its 4.6 per cent stake in Finnish
Toshiba has delayed the release of its
more than $1bn in profits over seven elevator maker Kone for €865m.
annual earnings for a second time, as
years, leading to a major board In order to further strengthen its
the Japanese industrial group offloads
shake-up and the resignation of Hisao finances, analysts say Toshiba needs to
its non-core assets to repair a balance
Tanaka, the former chief executive. implement deeper restructuring of its
sheet tarnished by a $1.2bn accounting
The company said it had taken longer lossmaking television and personal
scandal.
than expected to recalculate its group computer businesses.
Toshiba, a nuclear-to-semiconductor pre-tax profit figure after an investiga- Toshiba has already warned investors
conglomerate that also makes laptops, tion found improper accounting prac- that it would fall into the red on the net
said it now expected to submit its earn- tices in multiple domestic and overseas profit level for the 2014-15 fiscal year. It
ings for the fiscal year that ended in subsidiaries. Toshiba said it was only anticipates Y127bn in writedowns of the
March on September 7. The submission able to submit its financial documents value of its nuclear, semiconductor and
deadline to Japanese financial authori- to its auditing firm on Sunday. consumer electronics units, in addition
ties had been yesterday, after Toshiba The delay came as Toshiba revealed to Y48bn in restructuring and legal
had delayed the release from its original its second asset sale in a month. It out- costs. For the full year, the company
June 30 deadline. lined plans to sell its 30 per cent stake in expects an operating profit of Y170bn
The company had been unable to optical equipment maker Topcon for versus its original forecast of Y330bn.
close its books after it alerted investors Y50bn-Y60bn ($412m-$495m), of Revenues of Y6.66tn are expected, a rise
to accounting irregularities in April. An which Y30bn-Y40bn would be booked of 2.6 per cent from a year earlier.
Tuesday 1 September 2015 ★ FINANCIAL TIMES 19

COMPANIES

Insurers face crunch over new capital rules

As European regulators finalise details of Solvency II regime, investors are still struggling to assess the impact
ALISTAIR GRAY
INSURANCE CORRESPONDENT Shake-up looms
Policyholder protection
It is crunch time for Europe’s insurers. A Reforms aim to bolster
long-awaited overhaul of financial
safety standards is within sight, with resilience against shocks
far-reaching implications for the €8.4tn
industry.
Investors would be forgiven for The EU’s Solvency II reforms aim to
assuming that only minor details improve protection for
needed to be finalised before the new policyholders by bolstering
regime takes effect in four months. insurers’ resilience against shocks
After all, regulators have spent more — the kind of catastrophe or
than a decade planning it. financial market crisis forecast to
No such luck. Shares in Delta Lloyd happen once every 200 years — by
have plunged 43 per cent since the standardising a piecemeal
Amsterdam-listed insurer said last approach to insurance regulation in
month that its financial headroom different European markets.
under the new rules would be tighter Similar in some respects to the
than previously disclosed. Basel III rules for banks, the regime
Its larger rival Aegon, which owns the introduces a more sophisticated
US insurer Transamerica, also said its way of determining capital
capital surplus would be lower than requirements for insurers. Under
expected. Aegon’s shares lost 23 per cent Solvency II, regulators consider the
last month. risks of all parts of insurance
The warnings have investors in other balance sheets. The highly complex
European insurers wondering whether exercise involves estimating each
they too are in for nasty surprises before company’s potential liabilities and
the reforms, known as Solvency II, kick the value of their financial assets in
in at the start of January. times of stress.
Igotz Aubin, head of prudential regu- The regime also shakes up
lation at the trade body Insurance corporate governance and
Europe, says many executives “are disclosure standards.
extremely concerned about the pres- Insurers have said they broadly
sure which insurers face due to addi- San Francisco’s Transamerica Pyramid. The US group is owned by Amsterdam-listed Aegon, shares in which have fallen amid capital concerns — Steve Proehl/Corbis support the principles but are
tional last minute requirements”. concerned about how the system
Allianz, Axa and Aviva are among will work in practice.
hundreds of companies that need to Subject to change: reported solvency ratio Share prices European insurers’ capital raising After intense industry lobbying,
comply with the shake-up. Capital held above minimum requirement (%) Euros Following-on deals ($bn) policymakers in Brussels made
Executives at several big insurers 0 1 2 3 several concessions to address
Aegon Delta Lloyd
have said that the new rules, designed in 100 150 200 250 insurers’ biggest fears.
the wake of the financial crisis to ensure Munich Re (Germany) 8 16 Mar 2014 Parts of the industry have been
companies have strong financial buffers given 16 years to fully comply.
Prudential (UK)
so they can meet claims, should be man- 14 Jun 2014 This is particularly important for
ageable. Yet behind the scenes, the Axa (France) 7 life assurers in Germany, some of
industry is on tenterhooks. “They’re all Allianz (Germany) Sep 2014 which would become insolvent if
absolutely petrified,” says a Solvency II 12 they had to comply with all of the
Generali (Italy)
consultant at a big four firm. Sampo (Finland) 6 Dec 2014 rules immediately because of the
Brussels policymakers agreed the 10 nature of the policies they provide.
basis of the regulations months ago. But Aviva (UK) Mar 2015 However, European insurers are
they set a tight implementation timeta- Aegon (Netherlands)* 5 8 concerned that it will put their
ble. National supervisors still need to Delta Lloyd (Netherlands)** Jun 2015 businesses in overseas markets at a
specify the capital requirements for 3 Aug 2015 31 disadvantage to local rivals.
FT graphic Sources: BNP Paribas; Thomson Reuters Datastream; Dealogic; FT research * Between 140% and 170% ** Less than 140%
each big insurer by taking into account
the particular risks they run.
Regulators need to approve each com-
pany’s “internal model”, which mula” to cover such risks. Aegon, which ity,” warns Niccolò Dalla Palma at Exane
amounts to sifting through gigabytes of had previously estimated its capital sur- BNP Paribas of the next few weeks.
arcane detail about their risk exposures. plus under Solvency II to be 50-100 per Share prices across the sector are vul-
Without being able to use the bespoke cent above the minimum, warned that nerable, says Gordon Aitken, analyst at
version, companies must fall back on this had deteriorated to 40-70 per cent. RBC Capital Markets. “We see risk
the cruder “standard formula” laid Analysts say this is because regulators skewed to the downside from Solvency
down by regulators, which may oblige have made more conservative assump- II,” he says. “Even in the best-case sce-
them to hold more capital. tions about Aegon’s operations in the nario of a benign result, we do not
Watchdogs also need to grant insurers US, the UK and the Netherlands. expect share prices to react positively.”
permission to use other crucial mecha- Aegon’s difficulties are not as acute as The secret nature of the talks between
nisms that give them further relief from Delta Lloyd’s. Still, says Ashik Musaddi, insurers and regulators — supervisors
the most onerous regulatory demands. analyst at JPMorgan Cazenove, the have forbidden executives from discuss-
Executives are holding crunch talks group’s ability to return capital to share- ing the approval process publicly — has
with their regulators to get the green holders could be undermined. made it difficult for investors to deter-
light. But so far, only Germany’s Hanno- There are reasons to suspect the Neth- mine which companies are at most risk.
ver Re has secured model approval. Yet there remain concerns about the
The disclosures by Delta Lloyd and UK, even though Sam Woods, the Pru-
Aegon underline the risks.
‘Whatever happens, dential Regulation Authority’s director
In particular, the warning from Delta Solvency II has been, of insurance supervision, has said the
Lloyd, which wrote almost €4bn of poli- watchdog does not plan to use the rules
cies last year, has sparked concerns that
and continues to be, a to force the industry to raise capital.
the insurer may need to tap sharehold- huge distraction’ Mr Aitken says annuity writers in the
ers for more cash even though it raised UK are most at risk from unfavourable
€340m in an equity issue in March. regulatory rulings. Last week, advisers
Soon after the fundraising, the com- erlands is a special case. Although Sol- at PwC said prices of “bulk annuities”
pany said it held at least 70 per cent vency II is supposed to harmonise rules were set to jump because of Solvency II.
more capital than the minimum across the EU, the framework gives con- The PRA, which is scrutinising the
required under Solvency II. But this siderable power to national authorities. models of about 20 insurers, does not
month it warned the ratio had dropped Executives regard the Dutch regula- plan to say which have been approved
to less than 40 per cent. tor as particularly tough — partly a leg- until December.
Investors get nervous about low acy of the financial crisis. As recently as “This is a very important time for the
ratios, and most companies target sur- 2013, the Dutch government had to companies,” says Hugh Savill, director
pluses of at least 60 per cent. Reduced nationalise SNS Reaal to safeguard the of regulation at the Association of Brit-
headroom means regulators are more financial system. ish Insurers. “It’s heads-down time to
likely to question insurer business mod- Despite the uncertainty surrounding get the approvals through.”
els — potentially constraining expan- the outcome of Solvency II, analysts do Jim Bichard, partner at PwC, says:
sion and dividend payouts. not expect many insurers to have to “Whatever happens, Solvency II has
Delta Lloyd blamed a more cautious raise additional capital solely because of been, and continues to be, a huge dis-
stance by the Dutch regulator on its the new regime. Even so, not all are con- traction. Regardless of the outcome,
“operational risks”. The watchdog is vinced the risks are confined to the people have expended a huge amount of
requiring it to use the “standard for- Netherlands. “Be prepared for volatil- resources, effort and time on this.”

Industrials

China poised to form biggest aluminium group

LUCY HORNBY — BEIJING The value of the deal has not been dis- nationally owned assets to strengthen
closed, as is typical for asset swaps national champions,” said Michael
Beijing is lining up a shuffle of state
among China’s state-owned enterprises. Komesaroff of Urandaline Investments,
assets that will create the world’s big-
Beijing is reallocating assets among as the elimination of lossmaking assets
gest aluminium producer and allow a
national and provincial SOEs in an effort will strengthen State Power and enable
third nuclear group to challenge the
to create more streamlined and compet- it to focus on power generation.
country’s duopoly, say people in the
itive industrial champions. For Chinalco, the asset transfer could
industry familiar with the plans.
China has 28 nuclear power plants add to its burden in the short term.
Under the deal, newly formed State under construction and plans to build Stock in Chalco, its Hong Kong-listed
Power Investment Corp will hive off its dozens more at an estimated cost of arm, has fallen nearly a third this year
struggling aluminium smelters, leaving $150bn — stretching the financing abil- amid overcapacity in the aluminium
it to channel its money and energy into ity of its nuclear giants, China National industry.
developing a Chinese-designed nuclear Nuclear Corp (CNNC) and China Gen- Adding smelters to its stable at this
reactor, a national priority. eral Nuclear Power Corp (CGN). point would “put more deadweight on to
The move will vault world number Opening the sector to other operators Chinalco”, said Terence Bell of advisory
three Aluminum Corp of China, or Chi- should help finance the nuclear build- Strategic Metal Report. “The company
nalco, above Russia’s Rusal and number out. Both CGN and CNNC have listed is already suffering from persistent
two Alcoa of the US to become the shares and agreed reactor partnerships issue of overcapacity . . . and more
world’s largest aluminium producer by with thermal power developers to money-losing assets is not going to
capacity. Taking on the divested smelt- broaden funding sources, but remain help.” However, “in the longer term, it
ers, Chinalco will add 2.7m tonnes of too cash strapped to carry the burden on may benefit the industry as a whole if
annual smelting capacity to its present their own. less competition allows China to cut
3.8m tonnes. “I see it as an attempt to consolidate back some outdated capacity”.
20 ★★★ FINANCIAL TIMES Tuesday 1 September 2015

COMPANIES

Oil & gas Financials

Israel’s Leviathan hit by Egypt discovery KPMG shifts

from dockland
Investors in long-delayed project already delayed by years of
political wrangling now faced a larger
prices and rising political opposition in
Israel. Leviathan’s shareholders have
ber, when it ruled the consortium devel-
oping it must be broken up.
Leviathan that sets gas prices too high
and gives investors in the field too many
to clubland
project squeezed by Eni’s
find of ‘supergiant’ field
economic threat.
Italy’s Eni said on Sunday it had found
also agreed in principle to supply neigh-
bouring Jordan with gas from the field.
However, Prime Minister Benjamin
Netanyahu called off the vote after Mr
concessions. He in turn has accused
them of populism and warned that Levi-
with ‘space’
JOHN REED — JERUSALEM
what it described as the largest ever
Mediterranean gasfield 190km (120
miles) from the coast, which it said
The development was dealt a further
blow yesterday after economy minister
Aryeh Deri said he would not back a
Deri signalled his opposition. Mr Netan-
yahu, whose coalition holds a one-seat
majority in the Knesset, has been
athan risks going undeveloped because
of delays in agreeing the ground rules.
Leviathan, when it was discovered off
in Mayfair
Shares in Israeli gas companies plunged could “transform the energy scenario” cabinet decision to allow development accused by opposition legislators of hav- Haifa in 2010, was one of the world’s big-
yesterday as the discovery of a “super- in Egypt, which has suffered from to go ahead despite an antitrust chal- ing agreed a blueprint for developing gest offshore gas finds, containing an HARRIET AGNEW
CITY CORRESPONDENT
giant” natural gasfield in the waters off domestic shortages. lenge, even if the Knesset voted to estimated 22tn cubic feet of gas. Eni’s
Egypt raised new questions over the Investors in the Leviathan develop- endorse the move. find holds a potential 30tn cubic feet. Its
development of Israel’s own long- ment last year reached a preliminary The Knesset had been due to vote
Eni said the gasfield shares rose 3.75 per cent yesterday.
Accountancy firm KPMG is launching a
private members’ club in Mayfair next
delayed gas projects. agreement to send supplies from the tomorrow on an outline for developing 190km from the coast Leviathan has suffered from a souring month — but the only way of getting on
Delek, one of the main investors in field to BG Group’s idled liquefied natu- Leviathan that would allow Israel’s public mood toward big business and
Israel’s Leviathan gas development, fell ral gas terminal at Idku in Egypt. The right-wing government to move the
could ‘transform the growing pressure on politicians to lower
the guest list is by being a client or a
partner of the firm.
as much 14 per cent, while Avner Oil proposed contract is a key part of the project forward for national security energy scenario’ in Egypt Israel’s high cost of living. Mr Deri’s Shas
Exploration fell by more than 16 per business plan for the $6.5bn Leviathan reasons, despite a challenge laid down party represents Israel’s largely poor Branded in KPMG marketing material
cent, with investors concerned that a project, which has been hit by falling gas by Israel’s antitrust authority in Decem- ultra-Orthodox Jewish community. as No.20, the five-storey converted
townhouse in Grosvenor Street will pro-
vide a club-like atmosphere for well-
heeled clients who feel more at home in
W1 than the glass and steel of its Canary
Technology. Growth test Wharf docklands headquarters.
The townhouse — “five floors in which

Dubsmash looks to tap app’s viral appeal to enhance your conversations and
deepen your business relationships”,
says KPMG — boasts a restaurant,
presentation suite, business lounge,
meeting rooms and bar with terrace.
Grosvenor Estates has redeveloped
Social media sensation has the property, which retains its Bath
sights set on evolving into a stone façade and other period features,
and the interior is being fitted out by
communications platform Russell Sage Studio, the designers
tasked with refurbishing the RAC Club
in nearby Pall Mall.
MURAD AHMED — EUROPEAN
TECHNOLOGY CORRESPONDENT “We thought we’d create a West End
space for people to meet, mingle and
It is the latest viral sensation since the touch down,” said Simon Collins, UK
last viral sensation, popularised by chairman of KPMG. “Non-execs who
celebrities and millennials to create the have lots of meetings can often find it
perfect package for the selfie age. pretty lonely if they don’t have a base.
Dubsmash is a free app that allows “So this is somewhere they can go,
people to use their smartphone to take drop a bag, get something typed, call a
short videos of themselves lip-syncing cab, have a shower, a coffee and a sand-
lyrics from songs or miming lines from a wich, and meet other people.”
movie, and then post these clips online One of more than 50 private mem-
instantly. bers’ clubs in Mayfair, the area’s luxury
Since launching in November 2014, shops, Michelin-starred restaurants,
it has been downloaded more than hedge fund offices and sky-high
75m times, and topped the app charts
in 78 countries, making it one of the Thirsty clients need to be
fastest growing new social media plat-
forms yet. chaperoned by somebody
Millions have viewed online clips by from KPMG, or run the risk
teenagers and celebrities on YouTube, of getting on the wrong side
Twitter and Instagram. Actresses Reese
Witherspoon and Sofia Vergara can be of the taxman
seen lip-syncing to Taylor Swift’s hit
song I Knew You Were Trouble. Model property prices have proved a magnet
Cara Delevingne has used it to recreate a for the super rich, so it follows that
scene from the animated film Chicken advisers should tweak their marketing,
Run. and location, accordingly.
The clips are usually funny, but can “Mayfair has absolute appeal for the
international financial set,” said Jace
Tyrrell, deputy chief executive of the
‘If you look at the size New West End Company, which repre-
of the funding round, sents businesses in the Bond Street area.
“This is the first time I’ve heard of a
they’re not claiming professional services firm moving into
“we are Snapchat”’ the private membership space.
“But luxury is all about a bespoke
Dubsmash stars, clockwise from top left: Allison Williams, Hugh Jackman, Lena Dunham, Olivia Wilde, Reese Witherspoon and Cara Delevingne service experience — and that applies to
the customers of commercial firms in
Dubsmash become more than a good exactly the same way that it applies to
laugh? individuals who want to reach large fan “If you look at the size of the funding the customers of Bond Street retailers.”
On Monday, the company raised Sticking point mobile’s home screen and repeatedly bases; and parents who use it to engage round, they’re not claiming ‘we are The townhouse is a five-minute walk
$5.5m from a group leading tech inves- return to it. with their kids. Snapchat’ or ‘we are Twitter’ . . . The from Bond Street station, 22 minutes on
tors. The funding round was led by Start-up admits doubts This stickiness problem has Dubsmash hopes to draw revenues financial side becomes worthy if the the Jubilee line to KPMG’s Canary Wharf
Index Ventures, the venture capital hang over user retention befallen many apps that achieved from marketers that want to reach audi- team can demonstrate long-term usage headquarters. Crossrail, due to begin
firm, and included Chris Sacca, the viral success. Examples include Yo, an ences that are abandoning magazines of the platform,” he says. services in 2018, will make the journey
prominent US venture capitalist who app that allowed users to contact and television sets for smartphones and But Mr Grenke says he and his part- between the two even quicker.
previously backed Facebook, Instagram Dubsmash could be on its way to other people with just the single word tablets. ners are trying to create a multibillion- Free access could appeal to high net
and Uber, Riccardo Zacconi, chief exec- hitting 100m downloads in record “yo”, and Draw Something, a popular The company has agreements with dollar business. worths and hedge funds who must cur-
utive of King Digital, makers of game time. It has been downloaded 75m drawing game created by games media companies, including NBCUni- “I think we’ve found something in rently stump up £1,875 a year for mem-
Candy Crush Saga, and Sunstone Capital, times in the 316 days since it was studio OMGPOP which was acquired versal, Disney and Paramount Pictures, nine months that is working in different bership of Mark Birley’s 5 Hertford
the Copenhagen-based venture capital launched. by Zynga for $183m. Both apps have which have used the app to promote parts of the world, in different regions Street round the corner, but entry
firm. According to App Annie, a mobile seen their usage fall following their upcoming shows and movies. It declines and cultures, so I think there is a large comes at the price of having to talk to an
The Berlin-based Dubsmash believes data research group, the median time initial popularity. to disclose financial terms behind those market for this type of communication,” accountant. Thirsty clients need to be
it can become the next “communica- it took the top seven gaming apps to The German start-up has begun deals. he says. chaperoned by somebody from KPMG,
tions platform”. reach the milestone on the Apple app exploring media partnerships, but In March, pop star Rihanna used Dub- Another challenge may lie ahead: or run the risk of getting on the wrong
“We found something that people store is 827 days. adds that it is too early to “monetise” smash to debut her latest single B**** Dubsmash users have uploaded about side of the taxman.
love and we’re unleashing something Facebook took 1,647 days to reach the platform. First, it has to prove that Better Have My Money, uploading audio 10m audio clips, including unlicensed “Without a KPMG host, clients can
they haven’t done before,” says Roland 100m users, Snapchat required 1152 Dubsmash taps into a new clips from the track and encouraging tracks from television shows, songs and have only coffee, water, soft drinks,
Grenke, co-founder. days and Instagram 874 days. behavioural trait that will not go fans to lip-sync along to them. films opening up the possibility of biscuits,” Mr Collins said. “With a KPMG
Mr Grenke, 27, co-founded Dubsmash However, these figures relate to away. Snapchat’s ephemeral Danny Rimer, a partner at Index Ven- future legal battles over copyright. host they can have what they like — if
with Daniel Taschik, 27, and Jonas Drüp- “active” users, repeat customers who messaging appealed to a more tures, admits that Dubsmash has yet to The company has begun working with they could just walk in and get subsi-
pel, 25. The group has 15 employees and use the sites and apps on a daily or privacy-conscious youth, while prove that it can become a social media media companies to resolve rights dised or free drinks it would be seen by
expects to double its staff in the next six monthly basis. Instagram enjoyed a selfie-fuelled phenomenon in the manner of Whats- issues, with plans to create a “take- HMRC as a tax benefit.”
months. Dubsmash admits that it has not yet boom. Dubsmash’s new investors are App or Snapchat, saying that the com- down notice” model, similar to that cre- Which goes to prove that you can take
The company says its app has become cracked user retention, which happens betting that online lip-sync videos pany must show the capacity to draw ated by YouTube, whereby the com- a tax accountant out of Canary Wharf,
popular with three types of people: when people keep the app on their may also be around to stay. users back so that people regularly use pany removes clips when asked to by but there’s no such thing as a free lunch.
children and teenagers; high-profile the app. licence holders. Business Life page 14

Technology

Infineon’s chips for new generation of cars mark it out as bid target, says chief
CHRIS BRYANT — FRANKFURT ing Apple and Google, as well as auto- ter off now than a year ago,” said Mr municate with each other, and cars tandem with other semiconductor
mobile makers, push to develop self- Ploss, an engineer by background, add- refuel at electric charger stations and stocks, it has fallen 20 per cent since
Infineon Technologies, the German
driving cars, Infineon has become an ing that for the time being Infineon was then drive away autonomously. May because of worries about China’s
chipmaker, could attract takeover
important supplier of components for interested only in smaller acquisitions. Infineon made large losses during the slowdown.
interest because of its foothold in
vehicles being sold that have computer The International Rectifier deal was 2008-09 financial crisis, but after a The group’s revenues jumped 12 per
growth sectors, including semiconduc-
controlled features, such as automatic the harbinger of dealmaking in the sem- restructuring and divestments, its per- cent to €4.3bn last year, putting it
tors for automated driving and electric
braking. It is also supplying products for iconductor sector, including Intel’s formance has improved. Having fallen among Europe’s top three chipmakers,
vehicles, Reinhard Ploss, its chief exec-
the small but expanding electric car $16.7bn takeover of Altera, Avago Tech- to a low of €0.35 in 2009, a fraction of alongside STMicroelectronics and NXP.
utive believes.
market. nologies’ $37bn purchase of Broadcom the €35 price when former owner Sie- It aims to lift sales by 8 per cent a year on
But after multibillion dollar takeovers The company has been partly and Netherlands-based NXP’s $11.8bn mens floated the business in 2000, Infi- average over the cycle, and achieve a
in the chip industry, he said he considers expanding its competences through agreement to acquire Freescale. neon’s stock trades above €9.50, giving 15 per cent operating profit margin. Last
the company to be “more the consolida- dealmaking. Last year Infineon agreed Consolidation has been sparked by a it a €10.7bn market capitalisation. In year the margin was 14.4 per cent.
tor”, as opposed to the one being bought. to pay $3bn to acquire California-based maturing mobile and PC chip industry, Cars account for 40 per cent of Infin-
“There is one risk: we are busy in International Rectifier, to increase its rising development costs and the desire eon’s revenues. Its power semiconduc-
highly attractive markets. That is a US footprint and its range of compound to profit from the next wave of innova- Infineon’s power tors help improve energy efficiency in
semiconductors
strength but maybe we should be aware semiconductors that enable mobile tion in the internet of things and energy help improve the BMW i3 and Tesla Model-S electric
that people might be interested in Infin- devices to use less bulky battery charg- — a future in which smart electricity efficiency in the vehicles, and its micro-controller assists
eon because of that market position.” ers, among other things. “Because of the grids connect decentralised renewable Tesla Model-S in managing the central “brain” of
While technology companies includ- step we took last year we are much bet- energy sources, consumer devices com- electric vehicles Audi’s driverless test vehicle.
Tuesday 1 September 2015 ★ FINANCIAL TIMES 21
22 ★★★ FINANCIAL TIMES Tuesday 1 September 2015

UK COMPANIES

Banks. Chairman takes reins Banks

Co-op shares
Top RBS role puts Davies’ skills to test to be traded in
online auction
Sharp wit and political nous
JUDITH EVANS
should help the former FSA
official in his tough new job ‘He may Shareholders in the Co-operative Bank
can trade their holdings in an online
have a bit of auction this month, offering a visible
MARTIN ARNOLD AND EMMA DUNKLEY
a challenge market in the shares for the first time
since the bank’s near-collapse in 2013.
Sir Howard Davies started his career in
the diplomatic service, which helps to given his Asset Match, a platform for shares in
explain his cool, analytical approach
under pressure.
role as the unlisted companies, will hold a seven-
day auction from September 10. This
As the 64-year-old takes over as first chair will determine the price at which the
chairman of Royal Bank of Scotland shares will be traded, including those
today, former colleagues say his deep of the failed held by hedge funds that had their
experience, sharp wit and political nous
will serve him well in one of the toughest
regulator, so bonds converted into equity as part of
the bank’s rescue.
jobs in British banking. that may “The idea originally came from share-
“He is an incredibly impressive indi- holders who contacted us,” said Ian Bail-
vidual with a very strong intellect,” says haunt him’ lie, co-chief executive of Asset Match,
Paul Sharma, a former director at the adding that owners of between £5,000
Financial Services Authority when Sir and £250,000 in bank shares had been
Howard was the financial watchdog’s in touch.
first chairman more than a decade ago. Shareholdings in the bank date from
Mr Sharma, now a consultant at Alva- 2013 after it was rescued in a recapitali-
rez & Marsal, remembers finding a long sation led by hedge funds, cutting the
handwritten note from Sir Howard on stake owned by the Co-operative Group
his desk apologising for an uncharacter- from 100 per cent to 30 per cent. As part
istic loss of temper a few hours earlier. of that deal, tranches of junior bond-
“He was able to command the respect of holders accepted conversions to shares.
nearly everyone he came across,” says Direct retail bondholders largely
Mr Sharma. escaped that conversion after a cam-
Fresh from a three-year review of paign to keep them in income-generat-
British airport capacity that controver- ing investments. But hedge funds were
sially recommended an expansion of not the only creditors to undergo a
Heathrow, Sir Howard brings a wealth Sir Howard Davies: to retain roles including advising China’s government, teaching at Sciences Po and a non-executive post at insurer Prudential switch to shares, with 80 per cent of the
of experience in the worlds of regula- bank’s current share capital held by
tion, academia and business. nominee accounts, including wealth
A quintessential member of Britain’s approach and replaced by the Financial His main banking experience comes But last month’s sale of £2.1bn in ply with an EU state aid ruling. The spin- managers and direct-to-consumer
public service establishment, Sir Conduct Authority in 2013. from chairing Morgan Stanley’s risk shares at a loss to the taxpayer was off has already been delayed by IT prob- investment platforms, according to
Howard worked as a McKinsey consult- “He’s clearly an accomplished indi- committee for more than a decade until widely criticised and Jeremy Corbyn, lems and any further setbacks could Asset Match.
ant, director-general of the UK vidual so it seems he is fully qualified for stepping down this year. When he takes the favourite to lead the opposition mean the bank needs to ask the govern- Institutions have traded Co-op Bank
employer’s group CBI, and a deputy gov- the job,” says Mr Garnier. “[But] he may over from Sir Philip Hampton at RBS, he Labour party, has said he would keep a ment to seek a waiver from Brussels at a Shares privately, leading to a last indica-
ernor of the Bank of England — all by his have a bit of a challenge given his role as will also resign as chairman of insurer stake in RBS permanently. delicate time heading into a referendum tive price of 200p, implying a market
mid-40s. More recently, he has been the first chair of the failed regulator, so Phoenix Group. Sir Howard’s familiarity with the cor- on EU membership. capitalisation of about £900m. But Mr
teaching at Sciences Po in Paris and that may haunt him.” But the cricket-playing grandee ridors of power should help the bank to Baillie said his company believed there
advising the Chinese government on intends to keep roles including advising navigate the potential minefields of pri- 3) Restructuring was “a large number of investors who
banking and securities. the Chinese government, teaching at vatisation. The bank has launched a drastic five- don’t have access to that market”, with
One of his few black clouds dates from Sciences Po and non-executive positions year programme of shedding billions of more than 450m shares outstanding.
his time as director of the London at US hedge fund Millennium Manage- 2) Regulation pounds in assets and thousands of jobs Under Asset Match’s system,
School of Economics, which he quit in ment, UK insurer Prudential, the Royal RBS is expected to be slapped with the to exit much of its overseas operations would-be buyers and sellers register
2011 over criticism of the LSE for National Theatre and an upcoming biggest fine yet imposed on a UK bank and investment banking activities, limits on the prices at which they are
accepting funding from a foundation chairmanship of the London Library. by US regulators for alleged mis-selling designed to return it to profit after eight prepared to buy and sell. This leads to
linked to the former Libyan dictator On top of this, he will face at least of subprime mortgages before the crisis. years of losses and refocus on the UK. an indicative sale price that is visible
Muammer Gaddafi. three big challenges at RBS. The bill could be as high as $13bn, A leading investor in RBS says Sir throughout the auction, enabling trad-
Mark Garnier, a Conservative MP and according to a US government agency in Howard must ensure it is not distracted ers to adjust bids and offers if they wish.
member of the Treasury select commit- 1) The government a recent court filing, posing a difficult by the restructuring. “It is crystal clear An algorithm determines the final
tee, says Sir Howard could also be 80% £2.1bn George Osborne, UK chancellor, has question of whether to pay up or fight it what the end state of the bank is now,” price and number of shares to be trans-
blamed for the failings at the FSA that Size of the UK Price achieved by started the long process of unwinding in the courts. says the investor. “He must ensure it can acted. Buyers with bids at or higher than
were exposed by the financial crisis, taxpayers’ the government the taxpayers’ 80 per cent stake in RBS Another potential hiccup is Williams maintain and increase market share the final price, and sellers with offers
even though he left in 2003. The body holding in RBS for a stake sold stemming from its record £45bn bailout & Glyn, the small business lender that and margins in areas where it wants to lower than or equal to that price, are
was criticised for its “light touch” after its bailout last month during the financial crisis. RBS must carve out by next year to com- continue to be in the future.” able to complete their trades.

Businesses For Sale

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Tuesday 1 September 2015 ★ FINANCIAL TIMES 23
24 ★★★ FINANCIAL TIMES Tuesday 1 September 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 $

-0.84% -1.07% -0.69% -0.20% -1.28% -0.69% -0.089% -0.274%

0.90% 0.27% 0.195% 0.149% 6.20% 1.43%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Aug 01 - Aug 31 Index All World Aug 01 - Aug 31 Index All World Jul 30 - Aug 29 Index All World Aug 01 - Aug 31 Index All World Aug 01 - Aug 31 Index All World Aug 01 - Aug 31 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,103.84 14,382.76 20,585.24 2,030.16
13,859.12 6,668.87 11,308.99 1,941.49
1,972.18 6,247.94 18,890.48
10,259.46

Day -0.84% Month -6.47% Year -1.56% Day -0.04% Month -4.21% Year -11.31% Day 0.90% Month -5.08% Year -8.58% Day -0.38% Month -9.28% Year 8.33% Day -1.28% Month -7.95% Year 22.47% Day 0.20% Month -3.84% Year -6.14%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,128.28 44,752.93 11,180.70 24,636.28 3,281.09
43,721.96 1,572.26
4,776.51 1,432.23 10,259.00 2,921.44
21,670.58
Day -1.07% Month -6.87% Year 4.28% Day 1.00% Month -2.30% Year -4.18% Day -0.20% Month -9.04% Year 4.10% Day -0.91% Month -8.14% Year -4.38% Day 0.27% Month -11.54% Year -12.41% Day -1.17% Month -10.10% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,689.86 50,138.05 23,538.03 28,114.56
5,082.61 3,663.73
16,528.03 46,625.52 21,941.92
4,652.95 3,205.99 26,283.09

Day -0.69% Month -6.86% Year -3.34% Day -1.12% Month -8.33% Year -23.92% Day -0.47% Month -7.80% Year 6.21% Day -0.24% Month -6.78% Year 7.29% Day -0.82% Month -13.49% Year 44.60% Day -0.70% Month -5.13% Year -1.33%

Country Index Aug 31 Aug 28 Country Index Aug 31 Aug 28 Country Index Aug 31 Aug 28 Country Index Aug 31 Aug 28 Country Index Aug 31 Aug 28 Country Index Aug 31 Aug 28
Argentina Merval 11032.87 10961.50 Cyprus CSE M&P Gen 78.53 78.49 Italy FTSE Italia All-Share 23584.70 23631.01 Philippines Manila Comp 7098.81 7022.09 Taiwan Weighted Pr 8174.92 8019.18 Cross-Border DJ Global Titans ($) 224.10 225.59
Australia All Ordinaries 5222.10 5274.70 Czech RepublicPX 1024.05 1012.59 FTSE Italia Mid Cap 33052.41 33017.94 Poland Wig 51280.38 50972.44 Thailand Bangkok SET 1382.41 1365.94 Euro Stoxx 50 (Eur) 3269.63 3286.59
S&P/ASX 200 5207.00 5263.60 Denmark OMXC Copenahgen 20 944.21 944.02 FTSE MIB 21941.92 21993.74 Portugal PSI 20 5261.15 5286.23 Turkey BIST 100 74641.60 74813.48 Euronext 100 ID 900.52 904.33
S&P/ASX 200 Res 2937.70 2970.70 Egypt EGX 30 7055.28 7078.83 Japan 2nd Section 4759.07 4745.40 PSI General 2408.10 2421.51 UAE Abu Dhabi General Index 4493.93 4453.62 FTSE 4Good Global ($) 5322.65 5361.34
Austria ATX 2325.11 2335.89 Estonia OMX Tallinn 876.12 879.55 Nikkei 225 18890.48 19136.32 Romania BET Index 6997.79 7019.45 UK FT 30 2789.90 2771.40 FTSE All World 261.89 263.72
Belgium BEL 20 3463.12 3461.33 Finland OMX Helsinki General 7942.81 8013.79 S&P Topix 150 1279.02 1293.05 Russia Micex Index 1733.17 1719.16 FTSE 100 6247.94 6192.03 FTSE E300 1432.23 1435.13
BEL Mid 5734.74 5673.89 France CAC 40 4652.95 4675.13 Topix 1537.05 1549.80 RTX 833.60 829.95 FTSE 4Good UK 5693.00 5645.34 FTSE Eurotop 100 2849.85 2855.84
Brazil Bovespa 46625.52 47153.87 SBF 120 3655.27 3672.84 Jordan Amman SE 2097.59 2109.19 Saudi-Arabia TADAWUL All Share Index 7522.47 7690.40 FTSE All Share 3434.66 3403.05 FTSE Global 100 ($) 1260.08 1269.93
Canada S&P/TSX 60 815.45 817.04 Germany M-DAX 19678.46 19657.69 Kenya NSE 20 4176.59 4101.67 Singapore FTSE Straits Times 2921.44 2955.94 FTSE techMARK 100 3800.73 3742.58 FTSE Gold Min ($) 880.77 850.71
S&P/TSX Comp 13859.12 13865.07 TecDAX 1706.98 1695.59 Kuwait KSX Market Index 5820.56 5904.12 Slovakia SAX 254.57 258.09 USA DJ Composite 5848.87 5901.85 FTSE Latibex Top (Eur) 2557.60 2604.40
S&P/TSX Met & Min 458.86 457.55 XETRA Dax 10259.46 10298.53 Latvia OMX Riga 437.99 435.48 Slovenia SBI TOP 692.44 709.36 DJ Industrial 16528.03 16643.01 FTSE Multinationals ($) 1461.65 1453.67
Chile IGPA Gen 18756.37 18546.02 Greece Athens Gen 624.20 633.81 Lithuania OMX Vilnius 490.92 490.61 South Africa FTSE/JSE All Share 49972.33 49966.80 DJ Transport 7845.15 7908.66 FTSE World ($) 464.26 467.60
China FTSE A200 8751.40 8664.44 FTSE/ASE 20 182.72 186.67 Luxembourg LuxX 1494.47 1485.14 FTSE/JSE Res 20 35833.34 36075.25 DJ Utilities 562.02 572.21 FTSEurofirst 100 (Eur) 4048.37 4057.37
FTSE B35 9216.83 9408.00 Hong Kong Hang Seng 21670.58 21612.39 Malaysia FTSE Bursa KLCI 1612.74 1601.70 FTSE/JSE Top 40 44350.11 44383.74 Nasdaq 100 4274.58 4329.12 FTSEurofirst 80 (Eur) 4368.40 4388.77
Shanghai A 3358.81 3386.18 HS China Enterprise 9741.41 9750.73 Mexico IPC 43721.96 43290.86 South Korea Kospi 1941.49 1937.67 Nasdaq Cmp 4776.51 4828.32 MSCI ACWI Fr ($) 399.56 397.58
Shanghai B 300.60 309.25 HSCC Red Chip 4042.55 4057.83 Morocco MASI 9307.37 9325.59 Kospi 200 232.80 232.35 NYSE Comp 10176.50 10242.06 MSCI All World ($) 1658.07 1650.53
Shanghai Comp 3205.99 3232.35 Hungary Bux 21395.95 21333.90 Netherlands AEX 445.03 445.96 Spain IBEX 35 10259.00 10352.90 S&P 500 1972.18 1988.87 MSCI Europe (Eur) 1403.47 1405.48
Shenzhen A 1872.50 1931.75 India BSE Sensex 26283.09 26469.42 AEX All Share 685.53 686.48 Sri Lanka CSE All Share 7306.94 7350.52 Wilshire 5000 20802.96 20968.31 MSCI Pacific ($) 2275.82 2306.04
Shenzhen B 1068.06 1086.82 S&P CNX 500 6669.35 6694.45 New Zealand NZX 50 5656.24 5670.48 Sweden OMX Stockholm 30 1501.07 1509.71 Venezuela IBC 14835.12 14895.14 S&P Euro (Eur) 1447.75 1453.67
Colombia COLCAP 1217.95 1198.78 Indonesia Jakarta Comp 4509.61 4446.20 Nigeria SE All Share 28814.62 28221.75 OMX Stockholm AS 497.82 499.26 Vietnam VNI 564.75 570.87 S&P Europe 350 (Eur) 1470.73 1476.03
Croatia CROBEX 1738.18 1750.70 Ireland ISEQ Overall 6405.97 6309.18 Norway Oslo All Share 634.48 635.03 Switzerland SMI Index 8824.56 8785.10 S&P Global 1200 ($) 1815.17 1826.60
Israel Tel Aviv 100 14.08 13.98 Pakistan KSE 100 34726.51 34447.47 Stoxx 50 (Eur) 3110.31 3114.84
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Aug 31 %Chg %Chg Aug 31 %Chg %Chg Aug 31 %Chg %Chg Aug 31 %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 63.1 112.76 -0.53 St. James's Place 220.3 915.50 -16.50 Eni 527.3 14.63 0.22 Toyota Motor 769.4 7192.00 -154.00 Antofagasta 609.00 8.2 -19.1 Hunting 518.00 23.3 -2.5 Enquest 33.75 31.1 -4.9 Oil Equipment & Services 17344.77 10.4 5.2
Facebook Class A 28.6 89.43 -1.58 Hsbc Holdings 208.4 518.70 -1.00 Novartis N 390.6 86.93 0.00 Mitsubishi Ufj Fin,. 624.6 800.10 -20.00 Arm Holdings 933.50 8.0 -6.2 Betfair 3240.00 22.9 106.1 Skyepharma 325.25 27.3 -2.9 Technology Hardware & Equip. 1151.29 6.6 -3.8
Netflix 19.4 115.03 -2.60 Bp 169.9 360.50 9.30 Nestle N 311.8 65.80 0.37 Alps Electric Co., 530.9 3805.00 -65.00 Crh 1922.00 6.4 24.5 Vedanta Resources 547.50 19.0 -4.7 Soco Int 154.00 17.6 -49.2 Construction & Materials 5134.81 5.2 24.1
Amazon.com 15.3 512.89 -5.12 Royal Dutch Shell 155.7 1695.00 41.50 Santander 274.4 5.46 -0.10 Mizuho Fin,. 500.5 248.70 -3.70 Bhp Billiton 1132.00 6.2 -18.5 Onesavings Bank 348.00 14.9 62.2 Cape 257.50 17.0 7.1 Industrial Engineering 7954.03 3.0 -10.4
Microsoft 14.9 43.52 -0.41 Glencore 151.9 148.30 2.95 Roche Gs 247.3 242.90 0.00 Tokyo Electric Power ,orporated 411.4 830.00 -12.00 Weir 1404.00 6.0 -24.1 Petrofac 892.00 13.1 26.9 Dialight 631.50 14.2 -22.0 Food Producers 8243.26 2.6 0.7
Exxon Mobil 14.7 75.24 0.17 Rio Tinto 149.6 2388.00 39.00 Total 233.5 40.81 -0.37 Softbank . 402.5 7063.00 -62.00 Ashtead 945.50 6.0 -17.9 Regus 285.80 13.0 37.1 Mccoll's Retail 160.00 13.5 -11.1 General Financial 9018.12 2.2 5.3
Chevron 13.7 80.99 0.56 Royal Dutch Shell 142.7 1706.50 47.00 Novo Nordisk B A/s 229.8 49.47 -0.04 Sumitomo Mitsui Fin,. 356.0 4964.00 -71.00 Int Consolidated Airlines S.a. 539.00 5.2 10.9 Wood (john) 638.50 10.5 7.0 Lamprell 132.75 11.6 9.7 Health Care Equip.& Services 6694.00 1.9 -1.0
Google Class C Capital Stock 13.4 618.25 -12.13 Bhp Billiton 137.5 1132.00 29.50 Sanofi 214.3 88.17 -0.27 Ntt Docomo,. 346.2 2538.50 26.00 Barratt Developments 639.50 4.7 35.8 Grafton 749.00 10.4 17.4 Innovation 38.75 11.5 29.2 Software & Computer Services 1482.15 1.7 18.4
Equinix Common Stock Reit 13.2 269.77 0.99 Bg 125.0 994.60 32.80 Telefonica 199.9 12.59 -0.14 Fast Retailing Co., 344.9 49265.00 -1565.00 Rsa Insurance 514.00 4.6 18.2 Tullow Oil 223.20 10.1 -46.1 Xaar 510.00 11.0 32.3 Forestry & Paper 15920.07 1.7 39.9
Schlumberger 13.1 77.37 1.31 Standard Chartered 119.1 765.00 8.00 Daimler Ag Na O.n. 199.6 72.45 0.00 Sony 321.2 3162.00 -7.50 Shire 5025.00 4.5 10.9 Aldermore 303.20 8.9 - Utv Media 172.50 9.9 -1.4 Nonlife Insurance 2307.46 1.5 19.0
Royal Bank Of Scotland 336.80 4.2 -14.6 Ophir Energy 96.85 8.7 -31.6 Kenmare Resources 2.81 8.5 -13.3 Automobiles & Parts 6820.14 1.5 -15.6
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
Taylor Wimpey 201.30 4.0 46.1 Dunelm 931.50 8.6 -0.1 Biotech Growth Trust (the) 790.00 8.2 16.5 Pharmaceuticals & Biotech. 12410.15 1.4 -2.9
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Consol Energy 15.23 0.84 5.84 Tullow Oil 223.20 18.80 9.20 Ems-chemie N 402.37 15.00 3.87 Unitika 67.00 2.00 3.08 Fresnillo 620.50 -9.0 -19.0 Petra Diamonds 125.00 -19.3 -35.6 Hss Hire 67.00 -49.8 - Industrial Metals 777.56 -7.1 -49.2
Chesapeake Energy 7.81 0.42 5.68 Lonmin 35.10 2.07 6.27 Altice B 27.98 1.02 3.78 Eisai Co., 8274.00 229.00 2.85 Randgold Resources Ld 3959.00 -6.7 -9.6 Acacia Mining 239.30 -9.7 -6.3 Raven Russia Ltd 43.00 -13.6 -9.5 Real Estate Investment Trusts 3307.32 -2.8 8.1
Newfield Exploration 33.31 1.71 5.41 Allied Minds 486.30 28.60 6.25 Safran 69.62 2.47 3.68 Fujitsu 602.10 13.90 2.36 Glencore 148.30 -6.5 -50.4 Lonmin 35.10 -8.8 -80.3 Hochschild Mining 67.75 -12.9 -23.0 Real Estate & Investment Servic 3187.48 -2.4 18.8
Conocophillips 49.15 2.33 4.98 Marshalls 335.00 18.50 5.85 Randstad 56.35 1.02 1.84 Hokuetsu Kishu Paper Co., 722.00 16.00 2.27 Centrica 243.20 -5.4 -12.8 Daejan Holdings 5870.00 -6.8 5.7 4imprint 1101.00 -10.8 36.8 Industrial Transportation 2753.49 -1.8 -3.1
Transocean 14.23 0.64 4.71 Amec Foster Wheeler 806.50 43.00 5.63 Ageas 36.50 0.63 1.74 Asahi Holdings, 4002.50 80.00 2.04 British Land 820.00 -3.0 5.5 Debenhams 75.70 -6.7 0.6 Charles Taylor 230.00 -9.4 -8.0 Gas Water & Multiutilities 5665.84 -1.4 -7.9
Royal Mail 464.00 -3.0 7.9 Evraz 78.95 -6.5 -48.9 Cambian 266.00 -9.1 30.7 Electricity 8607.09 -1.3 -12.4
Downs Downs Downs Downs
Intu Properties 323.00 -2.7 -3.3 Jimmy Choo 159.60 -6.1 -8.8 Findel 178.75 -8.9 -20.3 Life Insurance 7505.37 -0.4 -0.8
Vertex Pharmaceuticals 127.52 -6.53 -4.87 Debenhams 75.70 -5.80 -7.12 Iliad 201.30 -9.20 -4.37 Oki Electric Industry , 212.00 -14.00 -6.19
Standard Life 416.10 -2.7 4.0 Riverstone Energy 855.50 -5.7 -0.5 Tribal 134.00 -8.8 -16.6 Tobacco 41841.50 -0.4 2.3
Celgene 118.08 -5.96 -4.80 Jimmy Choo 159.60 -7.00 -4.20 Arcelormittal 6.94 -0.31 -4.32 Okuma 961.00 -52.00 -5.13
Bunzl 1739.00 -2.6 -1.4 Stagecoach 362.90 -5.5 -2.1 Carr's 155.00 -8.8 - Personal Goods 24253.77 -0.4 -2.0
Regeneron Pharmaceuticals 513.50 -23.20 -4.32 Daejan Holdings 5870.00 -180.00 -2.98 Repsol 12.75 -0.46 -3.44 Advantest 975.00 -46.00 -4.51
Hammerson 628.00 -2.5 3.8 Centamin 60.05 -5.0 2.0 Assura 51.00 -8.5 0.0 Media 7014.15 0.0 6.9
Mallkrodt 86.24 -3.69 -4.10 Tui Ag 1156.00 -33.00 -2.78 Statoil 13.19 -0.31 -2.29 Mitsubishi Chemical Holdings 690.70 -31.30 -4.34
Severn Trent 2077.00 -2.4 3.5 Nostrum Oil & Gas 489.90 -4.9 16.6 Huntsworth 37.00 -7.5 -24.5 Fixed Line Telecommunication 4975.28 0.1 8.4
Wynn Resorts Ltd 75.05 -3.15 -4.03 Wizz Air Holdings 1805.00 -40.00 -2.17 Renault 74.09 -1.73 -2.28 Showa Denko K.k. 139.00 -6.00 -4.14
Land Securities 1252.00 -2.2 8.2 Grainger 235.50 -4.7 25.3 Ite 150.50 -7.0 -5.9 Oil & Gas Producers 6030.26 0.2 -15.9
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
Aug 31 Currency Mid Change Mid Change Mid Change Aug 31 Currency Mid Change Mid Change Mid Change Aug 31 Currency Mid Change Mid Change Mid Change Aug 31 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.2874 -0.0025 10.4065 -0.0182 14.2839 0.0206 Indonesia Indonesian Rupiah 14050.0000 67.5000 15743.0235 52.6141 21608.7732 140.7927 Poland Polish Zloty 3.7727 0.0044 4.2272 -0.0013 5.8023 0.0167 ..Three Month 0.6501 -0.0011 0.7284 -0.0023 - -
Australia Australian Dollar 1.4105 0.0123 1.5805 0.0115 2.1694 0.0227 Israel Israeli Shekel 3.9342 0.0028 4.4083 -0.0033 6.0508 0.0148 Romania Romanian Leu 3.9533 0.0095 4.4297 0.0042 6.0801 0.0251 ..One Year 0.6500 -0.0011 0.7279 -0.0023 - -
Bahrain Bahrainin Dinar 0.3774 0.0002 0.4228 -0.0004 0.5804 0.0013 Japan Japanese Yen 121.1850 0.1800 135.7876 0.0024 186.3811 0.5969 Russia Russian Ruble 66.7200 1.0128 74.7597 1.0266 102.6146 1.7314 United States United States Dollar - - 1.1205 -0.0016 1.5380 0.0026
Bolivia Bolivian Boliviano 6.9100 0.0100 7.7426 -0.0002 10.6275 0.0336 ..One Month 121.1849 0.1799 135.7876 0.0024 186.3810 0.5966 Saudi Arabia Saudi Riyal 3.7506 -0.0005 4.2025 -0.0067 5.7683 0.0092 ..One Month - - 1.1205 -0.4148 1.5380 0.0026
Brazil Brazilian Real 3.6423 0.0676 4.0811 0.0699 5.6017 0.1134 ..Three Month 121.1848 0.1797 135.7876 0.0024 186.3808 0.5962 Singapore Singapore Dollar 1.4103 0.0042 1.5802 0.0023 2.1690 0.0101 ..Three Month - - 1.1203 -0.4148 1.5379 0.0026
Canada Canadian Dollar 1.3305 0.0080 1.4908 0.0067 2.0463 0.0157 ..One Year 121.1839 0.1779 135.7875 0.0022 186.3810 0.5949 South Africa South African Rand 13.2643 0.0287 14.8626 0.0104 20.4003 0.0792 ..One Year - - 1.1196 -0.4149 1.5378 0.0027
Chile Chilean Peso 692.6800 4.5100 776.1468 3.9199 1065.3338 8.7563 Kenya Kenyan Shilling 103.8500 - 116.3638 -0.1711 159.7201 0.2747 South Korea South Korean Won 1182.7500 9.1500 1325.2695 8.3194 1819.0560 17.1766 Venezuela Venezuelan Bolivar Fuerte 6.3050 0.0100 7.0647 0.0008 9.6970 0.0320
China Chinese Yuan 6.3763 -0.0122 7.1446 -0.0242 9.8067 -0.0019 Kuwait Kuwaiti Dinar 0.3022 -0.0001 0.3386 -0.0006 0.4647 0.0006 Sweden Swedish Krona 8.4852 0.0298 9.5077 0.0195 13.0502 0.0682 Vietnam Vietnamese Dong 22481.5000 19.0000 25190.5032 -15.7470 34576.3532 88.5998
Colombia Colombian Peso 3093.5000 3.2750 3466.2622 -1.4208 4757.7678 13.2100 Malaysia Malaysian Ringgit 4.2000 - 4.7061 -0.0069 6.4596 0.0111 Switzerland Swiss Franc 0.9671 0.0065 1.0836 0.0057 1.4873 0.0125 European Union Euro 0.8925 0.0013 - - 1.3726 0.0044
Costa Rica Costa Rican Colon 534.0500 1.6300 598.4022 0.9494 821.3627 3.9151 Mexico Mexican Peson 16.7800 0.0420 18.8020 0.0195 25.8074 0.1089 Taiwan New Taiwan Dollar 32.5360 0.2365 36.4565 0.2118 50.0400 0.4492 ..One Month 0.8924 0.0013 - - 1.3725 0.0044
Czech Republic Czech Koruna 24.1325 0.0109 27.0404 -0.0275 37.1155 0.0806 New Zealand New Zealand Dollar 1.5792 0.0329 1.7694 0.0343 2.4287 0.0546 Thailand Thai Baht 35.8450 -0.0300 40.1643 -0.0927 55.1292 0.0487 ..Three Month 0.8923 0.0013 - - 1.3724 0.0044
Denmark Danish Krone 6.6611 0.0098 7.4637 0.0000 10.2446 0.0327 Nigeria Nigerian Naira 199.2500 0.2000 223.2593 -0.1038 306.4442 0.8340 Tunisia Tunisian Dinar 1.9549 -0.0012 2.1904 -0.0046 3.0065 0.0033 ..One Year 0.8915 0.0013 - - 1.3719 0.0044
Egypt Egyptian Pound 7.8316 0.0313 8.7753 0.0222 12.0449 0.0688 Norway Norwegian Krone 8.3854 0.1186 9.3959 0.1193 12.8967 0.2043 Turkey Turkish Lira 2.9110 -0.0031 3.2618 -0.0083 4.4771 0.0029
Hong Kong Hong Kong Dollar 7.7500 - 8.6839 -0.0128 11.9195 0.0205 Pakistan Pakistani Rupee 104.1250 0.2200 116.6719 0.0754 160.1430 0.6132 United Arab Emirates UAE Dirham 3.6731 0.0001 4.1156 -0.0059 5.6491 0.0099
Hungary Hungarian Forint 279.8260 0.1263 313.5446 -0.3192 430.3691 0.9340 Peru Peruvian Nuevo Sol 3.2345 -0.0135 3.6243 -0.0205 4.9746 -0.0122 United Kingdom Pound Sterling 0.6502 -0.0011 0.7285 -0.0023 - -
India Indian Rupee 66.4750 0.3600 74.4851 0.2945 102.2378 0.7285 Philippines Philippine Peso 46.7400 - 52.3721 -0.0770 71.8856 0.1236 ..One Month 0.6502 -0.0011 0.7285 -0.0023 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Aug 31 Aug 28 Aug 27 Aug 26 Aug 25 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 2789.90 2771.40 2690.50 2724.70 2640.60 0.00 3110.40 2575.90 Forestry & Paper 40.76 Telecommunications 5.11 FTSE All{HY-}Share Index -2.78 FTSE 100 Price Change FTSE 100 Price Change
Aug 31 chge% Index Aug 28 Aug 27 ago yield% Cover ratio adj Return FT 30 Div Yield 1.79 1.81 1.86 1.83 1.88 0.00 3.93 2.74 Construct & Material 24.39 Leisure Goods 5.00 Tech Hardware & Eq -3.02 3I Group PLC 491.80 -4.20 Land Securities Group PLC 1252 -9.00
FTSE 100 (100) 6247.94 0.90 6665.58 6192.03 5979.20 6819.75 3.87 1.45 17.81 196.53 4854.74 P/E Ratio net 24.93 24.72 24.01 24.41 23.69 0.00 19.44 14.26 Household Goods & Ho 22.38 Support Services 4.06 NON FINANCIALS Index -3.31 Aberdeen Asset Management PLC 318.90 3.60 Legal & General Group PLC 252.70 -1.50
FTSE 250 (250) 17106.36 1.09 18249.81 16921.95 16601.31 15885.72 2.51 2.14 18.59 317.03 11816.56 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Software & Comp Serv 20.85 Travel & Leisure 3.99 FTSE 100 Index -4.85 Admiral Group PLC 1550 8.00 Lloyds Banking Group PLC 77.38 -0.30
FTSE 250 ex Inv Co (212) 18648.96 1.18 19895.53 18431.34 18090.68 17193.18 2.53 2.23 17.73 349.27 13136.35 FT 30 hourly changes Nonlife Insurance 19.65 Mobile Telecomms 2.97 Chemicals -4.90 Anglo American PLC 741.00 14.70 London Stock Exchange Group PLC 2520 8.00
FTSE 350 (350) 3485.50 0.94 3718.48 3453.18 3343.86 3704.91 3.63 1.54 17.94 101.75 5459.49 8 9 10 11 12 13 14 15 16 High Low Real Est Invest & Se 18.82 Tobacco 2.94 Beverages -6.91 Antofagasta PLC 609.00 -2.50 Marks And Spencer Group PLC 521.50 -2.00
FTSE 350 ex Investment Trusts (312) 3463.78 0.95 3695.32 3431.29 3321.96 3688.41 3.66 1.54 17.80 102.04 2793.52 2771.4 2760.5 2764.5 2769.9 2760.7 2755.8 2762.4 2774.2 2770.1 2789.9 2753.6 Fixed Line Telecomms 8.78 Consumer Goods 2.83 Gas Water & Multi -7.61 Arm Holdings PLC 933.50 15.50 Meggitt PLC 477.40 7.80
FTSE 350 Higher Yield (108) 3207.09 1.05 3421.46 3173.65 3056.55 3719.11 5.36 1.20 15.60 134.67 5132.94 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Real Est Invest & Tr 8.43 Industrials 2.75 Aerospace & Defense -7.83 Ashtead Group PLC 945.50 8.00 Merlin Entertainments PLC 388.50 4.30
FTSE 350 Lower Yield (242) 3430.51 0.81 3659.82 3402.82 3313.62 3327.65 1.83 2.57 21.26 57.93 3615.21 Media 7.13 Food Producers 1.15 Banks -8.08 Associated British Foods PLC 3202 21.00 Mondi PLC 1478 14.00
FTSE SmallCap (291) 4593.37 0.75 4900.41 4559.36 4488.46 4467.16 2.73 1.72 21.30 87.09 6239.84 General Retailers 7.10 Food & Drug Retailer 0.44 Utilities -8.69
FTSE SmallCap ex Inv Co (154) 4208.32 1.06 4489.62 4164.27 4129.82 3987.88 2.60 2.54 15.16 77.71 6005.87 FX: EFFECTIVE INDICES Electronic & Elec Eq 6.65 Health Care Eq & Srv 0.39 Industrial Eng -8.71
Astrazeneca PLC 4120 36.00 Morrison (Wm) Supermarkets PLC 168.50 0.40
Aviva PLC 483.80 -3.00 National Grid PLC 860.10 8.50
FTSE All-Share (641) 3434.66 0.93 3664.24 3403.05 3297.33 3639.54 3.60 1.54 18.05 98.99 5442.06 Technology 6.44 Equity Invest Instr -0.46 Electricity -12.46
Aug 28 Aug 27 Mnth Ago Aug 31 Aug 28 Mnth Ago Babcock International Group PLC 969.00 16.00 Next PLC 7945 15.00
FTSE All-Share ex Inv Co (466) 3399.35 0.95 3626.57 3367.39 3261.72 3611.46 3.64 1.55 17.73 99.37 2786.91 FTSE 250 Index 6.35 Life Insurance -0.48 Oil & Gas -14.77 Bae Systems PLC 452.20 6.30 Old Mutual PLC 200.20 1.40
FTSE All-Share ex Multinationals (577) 1198.48 0.51 1059.72 1192.37 1165.19 1119.10 2.67 2.08 17.99 24.55 2026.85 Australia 89.98 88.77 92.53 Sweden 77.47 76.99 77.57 Financial Services 5.95 Industrial Transport -0.98 Automobiles & Parts -15.20 Barclays PLC 261.45 -1.15 Pearson PLC 1133 27.00
FTSE Fledgling (108) 7679.24 0.10 8192.55 7671.20 7571.24 6926.04 2.40 0.76 54.49 124.18 13743.28 Canada 88.54 87.97 90.04 Switzerland 160.66 161.20 164.01 Oil Equipment & Serv 5.84 Financials -1.22 Oil & Gas Producers -15.49 Barratt Developments PLC 639.50 8.50 Persimmon PLC 2103 43.00
FTSE Fledgling ex Inv Co (56) 10651.08 0.15 11363.04 10634.97 10503.81 8549.84 2.32 0.49 87.18 147.43 18515.85 Denmark 106.41 106.88 105.49 UK 92.10 92.30 93.32 Consumer Services 5.31 Personal Goods -1.55 Basic Materials -23.94 Bg Group PLC 994.60 32.80 Prudential PLC 1418 0.50
FTSE All-Small (399) 3184.73 0.71 3397.60 3162.21 3113.46 3086.27 2.71 1.68 22.01 59.98 5555.54 Japan 126.07 126.96 123.69 USA 103.58 102.59 104.60 FTSE SmallCap Index 5.21 Health Care -2.05 Mining -28.02 Bhp Billiton PLC 1132 29.50 Randgold Resources LD 3959 33.00
FTSE All-Small ex Inv Co Index (210) 3139.82 1.02 3349.70 3108.21 3081.93 2953.88 2.59 2.46 15.73 57.31 5677.65 New Zealand 109.07 107.86 111.83 Euro 87.19 87.96 85.40 Pharmace & Biotech -2.29 Industrial Metals & -42.65 BP PLC 360.50 9.30 Reckitt Benckiser Group PLC 5757 24.00
FTSE AIM All-Share Index (824) 734.85 1.13 783.98 726.64 716.56 780.50 1.45 1.04 65.99 5.65 786.63 Norway 86.50 85.11 89.07
British American Tobacco PLC 3479 14.00 RELX PLC 1045 10.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 820.00 -4.00 Rio Tinto PLC 2388 39.00
Oil & Gas (18) 6432.19 2.91 6862.15 6250.45 5942.62 9073.87 5.89 1.16 14.61 282.70 5314.34 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 437.35 3.70 Rolls-Royce Holdings PLC 743.50 13.00
Oil & Gas Producers (11) 6066.65 2.83 6472.17 5899.87 5609.95 8577.94 5.96 1.15 14.53 270.00 5182.86 Bunzl PLC 1739 26.00 Royal Bank Of Scotland Group PLC 336.80 3.00
Oil Equipment Services & Distribution (7)17976.23 4.79 19177.83 17154.72 16266.42 24165.77 4.25 1.40 16.74 560.17 13044.08 FTSE GLOBAL EQUITY INDEX SERIES Burberry Group PLC 1411 9.00 Royal Dutch Shell PLC 1706.5 47.00
Basic Materials (31) 3602.07 1.85 3842.85 3536.62 3332.58 5565.57 5.54 1.36 13.23 155.53 3489.41 Capita PLC 1236 3.00 Royal Dutch Shell PLC 1695 41.50
Chemicals (8) 11473.10 1.59 12240.00 11293.93 11017.97 11052.73 2.37 2.44 17.32 223.16 9851.49 Aug 31 No of US $ Day Mth YTD Total
YTD Gr Div Aug 31 No of US $ Day Mth YTD Total YTD Gr Div Carnival PLC 3320 2.00 Royal Mail PLC 464.00 -3.00
Forestry & Paper (1) 17371.72 0.96 18532.91 17207.17 16513.71 12141.40 2.08 3.37 14.28 360.52 18045.27 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Centrica PLC 243.20 1.80 Rsa Insurance Group PLC 514.00 -1.00
Industrial Metals & Mining (2) 893.05 0.94 952.74 884.69 846.35 1374.20 1.29 -18.64 -4.16 11.18 779.35 FTSE Global All Cap 7597 448.75 -0.7 -6.9 -4.5 609.71
-2.9 2.5 Oil & Gas 164 332.19 0.6 0.6 -16.6 501.74 -14.5 4.1 Coca-Cola Hbc AG 1337 8.00 Sabmiller PLC 3054 36.00
Mining (20) 9840.33 1.95 10498.09 9652.03 9034.18 16580.75 6.27 1.28 12.45 475.41 4978.81 FTSE Global All Cap 6963 460.58 -0.7 -6.9 -4.9 614.61
-3.3 2.5 Oil & Gas Producers 115 301.31 0.6 0.6 -16.8 463.01 -14.7 4.3 Compass Group PLC 1035 12.00 Sage Group PLC 515.50 2.00
FTSE Global Large Cap 1362 395.26 -0.7 -7.3 -5.2 549.14
-3.4 2.7 Oil Equipment & Services 40 351.49 0.7 0.7 -15.2 484.66 -13.3 3.8 Crh PLC 1922 29.00 Sainsbury (J) PLC 242.70 2.20
Industrials (117) 4421.86 1.32 4717.44 4364.46 4266.15 4410.65 2.50 1.18 33.74 75.86 4354.77
Construction & Materials (13) 5341.91 1.59 5698.98 5258.14 5048.93 4131.06 2.42 -0.81 -51.16 83.54 5419.57 FTSE Global Mid Cap 1664 602.56 -0.6 -5.5 -2.4 782.48
-1.1 2.0 Basic Materials 273 374.19 -0.6 -0.6 -14.1 543.81 -12.3 3.2 Diageo PLC 1730 35.00 Schroders PLC 2838 19.00
Aerospace & Defense (9) 4551.21 1.65 4855.43 4477.25 4379.85 5067.52 2.47 0.96 42.06 72.80 4662.37 FTSE Global Small Cap 4571 633.74 -0.4 -6.0 -2.9 798.90
-1.6 2.0 Chemicals 124 591.95 -0.5 -0.5 -5.1 864.62 -3.4 2.5 Direct Line Insurance Group PLC 353.10 1.90 Severn Trent PLC 2077 4.00
General Industrials (6) 3570.68 1.52 3809.36 3517.29 3435.61 3394.78 3.15 1.66 19.17 68.53 3833.29 FTSE All-World 3026 261.89 -0.7 -7.0 -4.7 375.37
-3.0 2.6 Forestry & Paper 17 206.54 -0.6 -0.6 -0.8 329.15 1.4 2.9 Dixons Carphone PLC 431.40 1.20 Shire PLC 5025 10.00
Electronic & Electrical Equipment (11) 5454.56 1.28 5819.16 5385.85 5280.37 4822.05 2.12 2.02 23.29 74.00 4785.71 FTSE World 2530 464.26 -0.7 -6.8 -4.5 893.35
-2.8 2.6 Industrial Metals & Mining 71 292.08 -1.1 -1.1 -29.1 425.73 -27.8 3.2 Easyjet PLC 1683 -22.00 Sky PLC 1043 4.00
Industrial Engineering (14) 8425.76 1.90 8988.97 8268.31 8145.39 10724.65 2.87 1.62 21.49 206.38 9819.49 FTSE Global All Cap ex UNITED KINGDOM In 7270 459.63 -0.7 -6.8 -4.5 615.89
-2.9 2.4 Mining 61 412.31 -0.8 -0.8 -27.6 595.49 -25.5 5.6 Experian PLC 1109 18.00 Smith & Nephew PLC 1163 29.00
Industrial Transportation (8) 4110.71 0.10 4385.48 4106.79 4044.66 4233.35 3.97 1.15 22.02 116.47 3414.42 FTSE Global All Cap ex USA 5632 423.93 -0.5 -7.6 -5.2 610.98
-3.2 3.0 Industrials 533 295.54 -0.8 -0.8 -6.1 407.81 -4.7 2.3 Fresnillo PLC 620.50 8.00 Smiths Group PLC 1129 27.00
Support Services (56) 6592.44 1.09 7033.10 6521.56 6385.77 6419.38 2.32 1.49 28.80 106.18 6557.97 FTSE Global All Cap ex JAPAN 6342 457.11 -0.6 -7.0 -5.5 626.65
-3.8 2.6 Construction & Materials 110 430.26 -0.2 -0.2 -0.2 622.82 1.4 2.1 G4S PLC 256.50 -0.50 Sports Direct International PLC 794.00 6.50
FTSE Developed 2090 421.92 -0.8 -6.7 -3.7 577.43
-2.1 2.5 Aerospace & Defense 29 485.42 -1.0 -1.0 -2.3 665.04 -0.9 2.2 Gkn PLC 291.70 -0.40 Sse PLC 1471 11.00
Consumer Goods (40) 16634.27 0.92 17746.17 16483.32 16093.35 15759.51 3.06 1.87 17.46 464.40 11680.12
FTSE Developed All Cap 5646 443.70 -0.7 -6.6 -3.5 600.76
-1.9 2.5 General Industrials 56 203.48 -0.9 -0.9 -6.5 301.07 -4.8 2.8 Glaxosmithkline PLC 1340.5 9.50 St. James's Place PLC 915.50 -16.50
Automobiles & Parts (1) 6855.09 -0.14 7313.31 6864.49 6589.53 8246.31 2.91 1.59 21.56 199.75 6304.21
FTSE Developed Large Cap 885 389.50 -0.8 -7.1 -4.3 540.16
-2.5 2.7 Electronic & Electrical Equipment 69 312.18 -0.6 -0.6 -4.0 397.19 -3.0 1.7 Glencore PLC 148.30 2.95 Standard Chartered PLC 765.00 8.00
Beverages (6) 13210.65 1.65 14093.70 12996.27 12695.03 13916.39 2.66 1.78 21.09 345.28 8976.69
FTSE Developed Europe Large Cap 205 340.82 -0.3 -7.7 -3.6 534.35
-0.8 3.6 Industrial Engineering 103 553.35 -0.9 -0.9 -10.5 750.69 -9.1 2.4 Hammerson PLC 628.00 -1.50 Standard Life PLC 416.10 -1.30
Food Producers (10) 8303.38 0.72 8858.41 8244.20 8018.52 7797.77 1.94 1.55 33.12 93.32 6894.68
FTSE Developed Europe Mid Cap 310 511.80 -0.2 -5.7 2.3 730.35
4.4 2.5 Industrial Transportation 95 511.49 -0.9 -0.9 -14.3 704.45 -13.1 2.4 Hargreaves Lansdown PLC 1125 26.00 Taylor Wimpey PLC 201.30 4.20
Household Goods & Home Construction (13)13070.72 1.05 13944.42 12935.13 12528.98 9953.26 2.10 2.60 18.26 217.78 8844.62
FTSE Dev Europe Small Cap 717 727.82 0.1 -4.4 5.7 1010.96
7.7 2.3 Support Services 71 269.68 -0.7 -0.7 -1.0 357.74 0.2 1.9 Hikma Pharmaceuticals PLC 2275 -2.00 Tesco PLC 191.35 -0.10
Leisure Goods (2) 5267.10 -0.49 5619.17 5293.18 5339.28 5129.50 4.29 1.26 18.44 182.47 4415.56
FTSE North America Large Cap 319 423.50 -0.9 -6.5 -4.8 553.34
-3.4 2.3 Consumer Goods 406 397.14 -0.5 -0.5 -1.9 560.31 -0.3 2.5 HSBC Holdings PLC 518.70 -1.00 Travis Perkins PLC 2048 28.00
Personal Goods (6) 21116.70 0.46 22528.22 21020.06 20442.33 19998.91 3.08 3.01 10.79 484.64 13523.73
FTSE North America Mid Cap 399 646.27 -0.7 -5.0 -4.7 792.90
-3.8 1.7 Automobiles & Parts 98 362.30 -1.0 -1.0 -7.0 490.69 -5.6 2.5 Imperial Tobacco Group PLC 3159 24.00 Tui AG 1156 -33.00
Tobacco (2) 41841.58 0.52 44638.43 41625.45 40981.88 40204.25 4.27 1.35 17.31 1786.68 25384.74
FTSE North America Small Cap 1480 660.19 -0.5 -6.1 -4.2 788.01
-3.2 1.7 Beverages 48 525.80 -0.2 -0.2 -2.3 750.97 -0.7 2.6 Inmarsat PLC 981.00 45.50 Unilever PLC 2623 10.00
Health Care (20) 9098.84 0.82 9707.04 9024.91 8651.42 9516.60 3.79 0.64 41.25 291.31 6592.89
FTSE North America 718 284.60 -0.8 -6.2 -4.8 381.17
-3.5 2.2 Food Producers 102 546.67 -0.4 -0.4 -1.0 796.60 0.8 2.3 Intercontinental Hotels Group PLC 2456 29.00 United Utilities Group PLC 855.00 4.00
Health Care Equipment & Services (8) 6839.63 1.98 7296.82 6707.11 6489.31 5960.33 1.43 2.44 28.67 60.90 5762.61
FTSE Developed ex North America 1372 228.29 -0.6 -7.4 -2.2 352.97
0.0 3.0 Household Goods & Home Construction 44 380.48 -0.3 -0.3 -4.0 534.62 -2.3 2.5 International Consolidated Airlines Group S.A. 539.00 -7.00 Vodafone Group PLC 226.70 1.35
Pharmaceuticals & Biotechnology (12)12318.16 0.71 13141.55 12231.67 11714.91 13093.82 4.03 0.58 43.10 422.32 7928.81
FTSE Japan Large Cap 174 325.06 -1.2 -6.0 6.6 402.76
7.7 1.8 Leisure Goods 26 125.74 -0.3 -0.3 -0.2 160.44 0.5 1.4 Intertek Group PLC 2536 3.00 Weir Group PLC 1404 11.00
Consumer Services (98) 4813.70 0.37 5135.47 4795.79 4694.75 4322.20 2.28 1.88 23.26 84.67 4317.53 FTSE Japan Mid Cap 305 476.05 -0.7 -4.3 12.0 571.10
13.0 1.5 Personal Goods 76 588.21 -0.5 -0.5 0.9 792.03 2.2 2.0
Food & Drug Retailers (7) 2970.08 0.07 3168.62 2968.01 2895.85 3254.13 2.37 0.50 84.85 42.13 3383.07 Intu Properties PLC 323.00 -1.50 Whitbread PLC 4797 21.00
FTSE Global wi JAPAN Small Cap 776 509.10 0.2 -2.5 8.6 630.16
9.7 1.7 Tobacco 12 1133.92 -0.4 -0.4 5.6 2181.97 8.5 4.1 Itv PLC 250.20 0.20 Wolseley PLC 4207 58.00
General Retailers (33) 3091.11 0.32 3297.73 3081.36 2994.85 2678.46 2.14 2.25 20.75 49.10 3360.37
FTSE Japan 479 134.58 -1.1 -5.7 7.6 187.45
8.7 1.8 Health Care 159 457.16 -1.3 -1.3 5.2 633.78 6.7 1.9 Johnson Matthey PLC 2705 30.00 Wpp PLC 1351 14.00
Media (23) 7106.31 0.94 7581.32 7040.07 6902.27 6366.89 2.76 1.68 21.55 156.56 4165.47
FTSE Asia Pacific Large Cap ex Japan 490 530.17 -0.5 -10.5 -13.9 786.00
-11.9 3.4 Health Care Equipment & Services 58 632.31 -1.0 -1.0 7.0 721.93 7.7 1.1 Kingfisher PLC 356.20 2.60
Travel & Leisure (35) 8191.20 0.03 8738.73 8188.77 8051.89 7018.41 1.95 2.39 21.54 130.63 7426.66
FTSE Asia Pacific Mid Cap ex Japan 441 719.03 -0.8 -9.1 -10.8 1028.83
-9.1 2.9 Pharmaceuticals & Biotechnology 101 349.70 -1.3 -1.3 4.7 503.66 6.4 2.1
Telecommunications (7) 3920.34 0.89 4182.39 3885.61 3774.48 3520.01 4.12 1.89 12.86 108.88 4052.91 FTSE Asia Pacific Small Cap ex Japan 1372 475.97 -0.7 -9.8 -10.9 672.46
-9.2 2.9 Consumer Services 385 380.49 -0.8 -0.8 1.7 491.95 2.9 1.7
Fixed Line Telecommunications (5) 5046.73 0.92 5384.07 5000.76 4923.97 4516.95 3.01 1.82 18.23 101.81 4335.26
Mobile Telecommunications (2) 5165.20 0.88 5510.46 5120.24 4930.80 4643.48 4.83 1.91 10.84 168.70 4752.74
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
931
1951
419.86
589.44
-0.5
0.0
-10.4
-9.8
-13.5 661.65
-11.6 3.3 Food & Drug Retailers
-14.5 835.61
-12.5 3.3 General Retailers
53 304.33
120 513.18
-1.0
-0.7
-1.0
-0.7
1.2 409.25
7.3 647.83
2.4
8.5
1.8
1.6
UK STOCK MARKET TRADING DATA
Utilities (8) 8049.24 1.01 8587.29 7968.54 7763.97 8829.99 5.14 1.35 14.42 305.26 8468.72 FTSE Emerging Large Cap 477 562.84 0.0 -9.7 -13.9 802.54
-11.9 3.3 Media 91 288.31 -0.7 -0.7 -4.1 373.37 -2.9 1.9 Aug 31 Aug 28 Aug 27 Aug 26 Aug 25 Yr Ago
Electricity (3) 8557.43 0.85 9129.44 8485.17 8251.16 9586.15 5.93 1.43 11.80 493.70 11368.58 FTSE Emerging Mid Cap 459 725.66 -0.2 -9.3 -15.7 1024.61
-13.9 3.0 Travel & Leisure 121 362.17 -1.1 -1.1 0.6 472.79 1.8 1.7 SEAQ Bargains 4996.00 4985.00 4985.00 4930.00 6.00 1.00
Gas Water & Multiutilities (5) 7487.98 1.06 7988.51 7409.70 7223.31 8166.73 4.92 1.32 15.35 243.90 7887.77 FTSE Emerging Small Cap 1015 586.07 -0.5 -11.4 -17.2 801.96
-15.2 3.2 Telecommunication 94 163.30 -0.2 -0.2 -2.2 283.94 0.6 4.1 Order Book Turnover (m) 23.95 24.02 24.02 42.89 37.11 56.35
Financials (283) 4585.62 0.05 4892.14 4583.46 4453.45 4647.03 3.34 1.97 15.17 132.04 3977.04 FTSE Emerging Europe 98 296.49 0.1 -5.7 -4.9 431.73
-1.7 4.4 Fixed Line Telecommuniations 44 134.04 -0.3 -0.3 -2.2 254.46 1.0 4.6 Order Book Bargains 888016.00 885881.00 885881.00 1059331.00 1165235.00 1345385.00
Banks (9) 3970.44 -0.12 4235.84 3975.26 3817.38 4508.50 3.89 1.31 19.70 145.16 2718.82 FTSE Latin America All Cap 243 671.96 -1.2 -10.9 -25.4 983.38
-24.0 3.7 Mobile Telecommunications 50 176.76 -0.1 -0.1 -2.3 279.33 0.1 3.5 Order Book Shares Traded (m) 1418.00 1411.00 1411.00 1565.00 1548.00 2019.00
Nonlife Insurance (10) 2659.61 0.81 2837.39 2638.25 2611.61 2173.34 2.67 2.19 17.11 58.61 4441.63 FTSE Middle East and Africa All Cap 213 711.26 0.3 -7.9 2.8 Utilities
-7.6 1050.50
-5.8 163 237.75 -1.2 -1.2 -11.0 431.02 -8.6 4.0 Total Equity Turnover (£m) 2548.13 - - - - 0.00
Life Insurance/Assurance (11) 7619.78 -0.18 8129.12 7633.38 7478.81 7505.98 3.59 1.77 15.74 246.20 6952.00 FTSE Global wi UNITED KINGDOM All Cap In 327 342.91 0.2 -7.5 3.7 Electricity
-4.5 537.47
-1.9 113 257.87 -1.2 -1.2 -9.1 462.94 -6.7 3.8 Total Mkt Bargains 1024963.00 - - - 1308672.00 2.00
Index- Real Estate Investment & Services (24) 3171.69 0.16 3383.70 3166.49 3127.70 2654.31 1.84 6.32 8.59 41.99 8102.21 FTSE Global wi USA All Cap 1965 489.49 -0.8 -6.2 -3.8 622.98
-2.6 2.1 Gas Water & Multiutilities 50 255.11 -1.1 -1.1 -14.3 473.56 -11.8 4.4 Total Shares Traded (m) 4610.00 - - - 4081.00 0.00
Real Estate Investment Trusts (23) 2983.18 -0.46 3182.59 2997.05 2936.86 2600.95 2.75 6.80 5.34 62.70 3496.01 FTSE Europe All Cap 1385 390.86 -0.2 -7.0 -1.9 594.36
0.7 3.3 Financials 667 202.23 -0.8 -0.8 -6.3 311.87 -4.3 3.0 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (31) 7722.02 0.68 8238.19 7669.59 7484.17 6794.02 2.98 2.23 15.02 160.16 8319.92 FTSE Eurobloc All Cap 634 364.42 -0.5 -7.0 -1.1 560.98
1.4 3.1 Banks 241 185.36 -0.7 -0.7 -7.8 304.46 -5.5 3.4 (c) Market closed.
Equity Investment Instruments (175) 7482.27 0.41 7982.41 7451.38 7279.43 7394.20 2.60 1.17 33.01 136.30 3901.05 FTSE RAFI All World 3000 3017 5506.07 -0.6 -7.1 -6.5 6878.43
-4.6 3.2 Nonlife Insurance 69 208.02 -0.8 -0.8 -2.9 288.26 -1.1 2.4
Non Financials (358) 3964.09 1.25 4229.06 3915.22 3789.77 4264.89 3.69 1.40 19.36 114.30 5503.41 FTSE RAFI US 1000 1006 8689.23 -0.5 -5.9 -6.5 10892.27
-5.0 2.6 Life Insurance 49 198.36 -0.3 -0.3 -6.0 299.25 -4.0 2.8
Technology (19) 1313.56 1.62 1401.36 1292.57 1251.31 1192.50 1.45 2.13 32.34 14.63 1636.31 FTSE EDHEC-Risk Efficient All-World 3026 313.18 -0.6 -5.8 -2.0 418.14
-0.5 2.3 Financial Services 137 221.33 -1.1 -1.1 -4.4 293.08 -3.1 2.0 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (12) 1650.86 1.60 1761.21 1624.85 1588.82 1296.32 1.98 1.72 29.25 27.68 2154.91 FTSE EDHEC-Risk Efficient Developed Europe 515 279.31 -0.2 -5.8 0.3 405.93
2.4 2.7 Technology 182 163.17 -0.7 -0.7 -5.2 193.81 -4.0 1.8 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) 1474.66 1.64 1573.24 1450.83 1392.18 1486.96 0.99 2.85 35.63 9.30 1687.04 Software & Computer Services 79 275.54 -1.0 -1.0 1.5 315.34 2.4 1.2 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 103 124.90 -0.3 -0.3 -10.8 152.36 -9.3 2.5 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 6214.55 6175.33 6189.47 6201.08 6173.39 6159.66 6170.61 6211.02 6200.55 6247.94 6152.52 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 16974.63 16934.69 16921.46 16949.22 16897.49 16901.84 16942.66 16998.62 17006.34 17106.36 16881.08 (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 4568.58 4573.35 4572.41 4573.63 4576.91 4572.88 4575.20 4578.98 4584.11 4593.37 4568.58
FTSE All-Share 3414.92 3396.56 3402.27 3408.32 3394.59 3388.61 3394.84 3414.48 3410.32 3434.66 3385.63 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:15:35:29 Day's Low12:10:15 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:15:35:29 Day's Low12:10:00 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 Smaller Companies High Income Trust Int 7.821 1.242L 4.51 3.99 1.65 1.6 Jul 31 3.3 3.378 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Anglo-Eastern Plantations Int 103.952 130.006 5.026 66.269 0.059 1.037 - - - - - 08/11 120.00 AIM GLOO Gloo Networks PLC 126.00 0.00 127.00 120.00 3225.6
There are currently no rights offers by any companies listed on the LSE. Beowulf Mining Int - - 0.331L 1.317L 0.09L 0.47L - - - - - 07/31 100.00 MHN Menhaden Capital PLC 102.25 0.00 103.50 101.00 8180.0
Bisichi Mining Int 13.879 12.313 0.407 0.288L 2.56 0.26L 1 1 Feb 5 4 4
Boot (Henry) Int 79.242 65.795 13.968 13.407 7.8 7.4 2.3 2.1 Oct 23 5.8 5.25
British & American Investment Trust Int 2.93 2.74L 2.06 8.86 2.7 2.7 Nov 12 8 7.8
British Polythene Industries Int 265.8 281.1 15.7 14.8 43.29 39.21 6 5 Nov 13 17 15
Cadogan Petroleum Int 40.603 1.573 4.473L 3.742L 0.019L 0.016L - - - - -
Candover Investments Int 36.7L 1.4 5 39 - - - - -
Charles Taylor Int 69.142 56.813 5.292 4.131 7.84 6.78 3 2.84853 Nov 27 10.5 8.765
Computacenter Int 1441.404 1458.284 70.677 18.034 49.6 7.4 6.4 6.68667 Oct 16 19.5 20.627
Jimmy Choo Int 158.533 150.201 20.156 1.323 4 1.9L - - - - -
Marshalls Int 199.067 179.955 20.822 14.029 8.5 6.11 2.25 2 Dec 4 6.25 5.5
Restaurant Group (The) Int 333.78 307.91 36.947 40.57 14.29 16.23 6.8 6.1 Oct 8 16.1 14.85

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.
Tuesday 1 September 2015 ★★★ FINANCIAL TIMES 25

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♦ 56.00 1.28 70.51 44.11 1.19 96.10 24409.41 Lyondell♦ 85.38 -0.05 115.40 70.06 3.30 10.01 39776.38
ANZ 27.93 -0.60 37.25 26.41 10.16 9.57 56936.38 Nokia 6.19 -0.11 7.87 5.65 2.27 15.24 24906.95 AstellasPh 1800 -4.00 2047 1476 1.61 28.29 33001.45 AtlasCpcoB 193.20 -0.30 270.00 165.20 1.55 17.98 8884.87 BankAm 16.34 -0.02 18.48 14.60 1.20 17.82 170563.78 Marathon Ptl♦ 47.31 0.09 60.38 37.32 2.07 8.43 25365.58
BHPBilltn 25.18 -0.31 36.99 22.41 9.46 10.02 57332.93 SampoA 43.03 -0.04 49.40 34.77 4.41 14.72 26942.57 Bridgestne 4067.5 -78.00 5182 3328 2.86 10.86 27291.28 Ericsson 82.55 -1.00 120.00 77.45 4.12 26.30 32153.19 Baxter 38.45 -0.30 43.44 34.50 5.29 12.45 20975.97 Marsh&M 53.73 -0.40 59.99 48.66 2.04 20.48 28476.5
CmwBkAu♦ 75.08 -1.28 96.69 71.42 8.35 13.39 88171.38 France (€) Canon 3707 -66.50 4539 3172 4.18 18.39 40799.28 H&M 325.80 -2.40 368.50 269.60 3.00 24.96 63548.21 BB & T♦ 36.92 -0.18 41.90 34.50 2.62 13.64 27080.1 MasterCard 92.37 -1.71 99.18 69.64 0.62 28.97 102427.62
CSL 91.87 -0.75 102.43 71.04 1.61 22.77 30275.83 Airbus Grpe 58.09 -0.19 67.88 39.64 2.01 17.16 51264.05 CntJpRwy 19885 -75.00 24800 13320 0.58 14.53 33802.12 Investor 304.90 -0.10 363.40 219.30 2.95 4.43 27566.85 BectonDick 141.02 -1.81 154.98 112.15 1.63 35.83 29650.07 McDonald's♦ 95.02 -1.23 101.88 87.50 3.46 22.55 91078.08
NatAusBk 31.17 -0.41 39.71 29.40 9.99 11.76 58021.06 AirLiquide 106.85 -0.80 123.95 87.17 2.31 20.75 41188.41 Denso 5429 -66.00 6548 4500.5 1.96 16.61 39605.63 Nordea Bk 100.20 -0.60 115.50 82.40 5.72 11.31 47608.08 BerkshHat 202531-2813.00 229374 190007 - 18.96 164405.55 McGraw Hill♦ 96.99 -2.46 109.13 73.96 1.27-163.68 26429.78
Telstra♦ 5.77 -0.05 6.74 5.23 7.87 15.87 50010.63 AXA 22.48 -0.02 25.24 16.43 4.11 11.07 61559.81 EastJpRwy 11205 -60.00 12815 7623 1.04 23.52 36291.31 SEB 98.55 -0.35 111.50 82.30 4.82 10.98 25203.19 Biogen 297.30 -6.39 480.18 265.00 - 20.57 69915.81 McKesson♦ 197.58 -3.22 243.61 160.10 0.48 24.35 45918.23
Wesfarmers♦ 40.66 -0.79 46.95 38.45 7.67 17.78 32393.11 BNP Parib 56.27 -0.38 61.00 43.14 2.59 10.37 78572.59 Fanuc 19715 -655.00 28575 17335 3.13 18.68 33503.74 SvnskaHn 126.50 -1.10 426.00 114.10 3.29 16.31 27905.07 BkNYMeln 39.80 -0.87 45.45 35.06 1.67 16.22 44039.4 Medtronic 72.29 -1.27 79.50 55.54 1.69 29.95 102231.7
Westpc 31.10 -0.48 40.07 29.20 9.33 11.95 70199.72 ChristianDior 165.40 -1.70 195.35 126.10 2.00 11.94 33679.55 FastRetail 49265-1565.00 61970 32460 0.65 42.67 43121.83 Swedbank 193.40 -0.90 223.90 166.20 5.87 13.18 25194.89 BlackRock♦ 302.47 -8.76 382.84 275.00 2.66 15.60 49495.12 Merck 53.85 -1.52 63.62 45.69 3.25 16.09 151675.8
Woolworths 26.40 -1.00 36.72 25.12 6.82 14.58 23706.27 Cred Agr 12.09 -0.13 14.49 9.82 2.82 9.91 35731.81 Fuji Hvy Ind 4270.5 -23.50 4827.5 2941.5 1.54 11.71 27587.81 TeliaSonera 47.78 -0.23 55.85 44.37 6.28 14.79 24382.49 Boeing♦ 130.68 -2.56 158.83 115.14 2.45 18.15 88796.42 Metlife♦ 50.10 -0.22 58.23 44.49 2.78 8.67 55955.74
Belgium (€) Danone 55.39 0.14 67.74 49.84 2.63 37.61 40649.16 Hitachi 681.80 -15.80 939.90 639.10 1.57 12.19 27193.6 Volvo 92.10 0.05 120.50 71.00 3.26 23.56 17613.95 BrisMySq 59.47 -1.14 70.54 47.55 2.42 56.89 99166.39 Microsoft♦ 43.52 -0.41 50.05 39.72 2.72 30.13 348072.13
AnBshInBv 97.46 -0.33 119.65 78.75 3.11 19.34 175626.11 EDF 19.29 -0.16 26.12 18.42 6.90 9.09 40202.99 HondaMtr 3824 -35.00 4499 3239 2.23 13.18 57159.73 Switzerland (SFr) Broadcom♦ 51.67 -0.12 57.70 34.50 0.98 29.83 28883.53 Mnstr Bvrg 138.46 -1.97 155.83 87.70 - 51.98 28453.32
KBC Grp 59.17 0.16 66.00 36.53 - 11.70 27698.81 Essilor Intl 106.40 -0.45 121.10 76.65 0.93 38.21 25767.58 JapanTob 4329.5 29.50 4848 3101 2.42 18.31 71452.74 ABB 18.67 0.11 22.31 16.75 - 17.62 44688.76 CapOne 77.75 0.43 92.10 67.73 1.64 11.24 42173.85 MondelezInt 42.36 -0.44 48.58 31.83 1.39 34.13 68254.97
Esslr Intl 106.40 -0.45 121.10 76.65 0.93 38.21 25767.58 KDDI 3018 -7.00 3375 1982.67 1.82 50.85 67014.13 CredSuisse 25.95 -0.04 28.94 18.57 2.73 11.28 43965.01 CardinalHlth 82.27 -1.12 91.91 71.72 1.68 23.30 26931.87 Monsanto 97.65 -0.73 126.00 89.34 1.96 18.04 45684.05
Brazil (R$)
GDF Suez 17.56 0.67 20.57 16.08 5.77 46.56 46717.29 Keyence 56390-1870.00 70100 42660 0.37 26.98 28292.45 Nestle 71.30 0.40 77.00 64.15 2.89 16.42 235078.76 Carnival♦ 49.23 -0.27 54.05 33.11 2.05 26.63 29178.04 MorganStly 34.45 0.40 41.04 30.40 1.28 17.85 67294.13
Ambev 19.09 -0.11 20.29 14.99 9.97 20.81 82380.27
Hermes Intl 316.65 -0.85 365.55 229.00 0.91 36.28 37456.64 MitsbCp 2255 -41.00 2837 1942.5 2.58 10.34 30219.93 Novartis 94.70 0.50 103.20 78.60 2.72 24.92 262149.04 Caterpillar 76.44 0.49 109.73 70.23 3.58 13.38 46065.23 MylanNV 49.59 -0.78 76.69 44.80 - 24.50 24300.75
Bradesco 25.17 -1.24 34.42 23.03 4.45 7.33 17444.77
LOreal 152.70 -0.10 181.30 117.05 1.72 29.93 95767.27 MitsubEst 2609 -42.50 2975 2151.5 0.52 52.56 29933.96 Richemont 72.35 -0.65 92.25 66.40 1.73 28.50 39053.51 CBS 45.24 -0.55 63.95 40.75 1.30 19.89 20105.03 Netflix 115.03 -2.60 129.29 45.08 - 264.80 49003.34
Cielo 38.35 -0.82 46.27 30.18 2.92 16.23 19865.22
LVMH 148.65 -2.30 176.60 121.40 2.26 12.45 84615.63 MitsubishiEle 1211 -23.00 1718 1122 1.06 21.07 21456.96 Roche 264.00 0.80 295.80 238.80 3.07 25.13 191796.24 Celgene 118.08 -5.96 140.72 83.16 - 45.71 93346.98 News Corp A 27.39 -0.53 39.27 22.81 0.98 7.13 33441.55
ItauHldFin 25.09 -1.16 35.22 23.83 2.10 5.57 20989.84
Nmrcble-SFR 45.85 -0.63 60.01 26.38 - -55.74 22512.33 MitsuiFud 3360 -72.00 3879 2854.5 0.72 28.56 27488.44 Swiss Re 83.05 0.45 96.95 69.25 5.14 35.80 31836.21 CharlesSch 30.38 -0.32 35.72 23.35 0.77 32.53 39968.66 NextEraE♦ 98.41 -3.41 112.64 90.33 2.97 15.39 44491.52
Petrobras 10.62 0.34 23.50 7.88 - -5.02 21700.56
Orange 14.09 -0.06 16.45 10.20 4.14 38.13 41820.13 MitUFJFin 800.10 -20.00 936.80 546.20 2.18 7.47 93547.02 Swisscom 522.50 3.50 587.50 486.50 4.26 15.93 27988.74 ChevrnTx♦ 80.99 0.56 129.53 69.58 5.17 12.78 152401.69 Nike 111.75 -0.75 117.72 78.27 0.97 29.97 75758.25
Vale 17.92 0.61 29.57 14.77 12.21 -9.70 15828.7
PernodRic 93.52 0.69 117.75 82.23 1.87 23.92 27813.27 Mizuho Fin 248.70 -3.70 280.40 178.10 3.16 7.55 50879.03 Syngent 335.00 11.30 435.20 273.20 3.22 19.96 32197.71 Cigna 140.79 2.92 170.68 85.75 0.03 17.83 36252.77 NorfolkS♦ 77.91 -1.29 117.64 72.10 2.91 13.67 23481.05
Canada (C$) Murata Mfg 17550 -45.00 22220 9960 0.80 33.63 32622.65 Cisco 25.88 -0.12 30.31 22.49 3.02 14.99 131622.8 Northrop♦ 163.74 -1.80 176.83 118.24 1.73 16.95 30683.65
Renault 74.09 -1.73 100.25 49.50 2.49 8.23 24550.19 UBS 20.03 0.08 22.57 13.58 3.79 15.60 77875.33
BCE 53.20 -0.13 60.20 46.43 4.97 17.36 33938.37 NipponTT 4629.5 -14.50 5066 3001.5 1.88 18.16 86848.03 Citigroup 53.48 0.20 60.95 46.60 0.15 13.11 160966.53 NXP 84.65 -2.08 114.00 53.81 - 45.64 21310.76
Safran 69.62 2.47 71.35 43.66 1.68 -21.73 32532.1 Zurich Fin 265.70 -0.80 334.60 255.00 - 11.02 41322.11
BkMontrl 71.00 -0.10 85.71 64.01 4.54 10.84 34276.25 Nissan Mt 1097 -14.00 1350 917.40 2.91 9.53 40922.78 CME Grp 94.44 -0.18 100.87 75.30 2.01 27.30 31897.68 Occid Pet 73.01 1.17 99.87 64.83 3.90 -23.34 55776.07
Sanofi 88.17 -0.27 101.10 69.58 3.14 24.75 129641.13 Taiwan (NT$)
BkNvaS 60.22 0.62 73.33 52.60 5.62 11.33 54666.89 Nomura 766.10 -11.00 909.20 576.20 1.64 10.76 24165.25 Coca-Cola 39.32 -0.13 44.87 36.56 3.16 23.58 171042.14 Oracle 37.09 -0.37 46.71 35.14 1.39 16.67 160825.1
Sant Gbn 40.97 0.22 44.84 29.51 1.47 28.26 26327.89 Chunghwa Telecom 98.80 2.70 99.80 90.00 4.72 19.75 23556.57
Brookfield♦ 41.41 -0.93 48.64 32.21 1.40 9.69 30520.42 Nppn Stl 249.70 -8.10 350.50 227.10 2.13 9.86 19581.28 Cognizant 62.94 -0.78 69.35 42.94 - 25.94 38363.77 Pepsico 92.93 -0.60 100.76 76.48 2.81 21.97 136513.53
Schneider 56.33 -0.13 75.29 52.03 3.31 20.03 37087.94 HonHaiPrc 92.50 3.90 103.50 77.90 1.79 9.58 43066.92
CanadPcR 191.09 -2.09 247.56 172.01 0.76 19.85 22948.01 NTTDCMo 2538.5 26.00 2873.5 1612.5 2.48 23.53 85585.93 ColgtPlm 62.81 -0.54 71.56 50.84 2.27 25.79 56537.26 Perrigo♦ 182.97 -2.45 215.73 135.00 0.25 204.35 26764.75
SocGen 43.46 -0.22 48.77 31.85 2.69 10.94 39250.03 TaiwanSem 129.00 4.00 155.00 112.50 6.00 10.63 102809.81
CanImp 96.69 0.35 107.37 83.10 4.36 10.74 28872.78 Panasonic 1337.5 4.50 1853.5 1130 1.05 56.85 27073.96 Comcast 56.33 -0.45 64.99 49.33 1.65 17.02 120047 Pfizer♦ 32.22 -0.44 36.46 27.51 3.28 23.38 198711.94
Total 40.81 -0.38 52.09 36.92 6.12 31.44 110389.06
CanNatRs 29.65 0.84 47.42 25.01 3.20 19.71 24386.97 Seven & I 5290 -82.00 5998 3794.5 1.36 27.05 38695.2 Thailand (THB) ConocPhil♦ 49.15 2.33 81.37 41.10 5.81 37.29 60624.49 Phillips66♦ 79.07 1.84 87.98 57.33 2.55 10.40 42512.74
UnibailR 231.25 0.50 262.00 180.70 4.10 13.50 25556.47
CanNatRy 73.21 -0.33 88.89 68.81 1.60 17.42 43876.13 ShnEtsuCh 6673 -119.00 8529 6360 1.45 22.01 23793.77 PTT Explor 268.00 -1.00 398.00 240.00 3.39 16.89 21355.52 Corning♦ 17.21 0.03 25.16 15.42 2.50 8.77 21098.34 PhilMorris 79.80 -0.55 90.25 75.27 4.90 17.08 123625.02
Vinci 57.41 0.07 60.35 39.65 3.28 12.17 38472.62
Enbridge♦ 54.37 0.73 66.14 47.43 3.12 220.04 35009.01 Softbank 7063 -62.00 8760 6600 0.55 10.56 69977.84 United Arab Emirates (Dhs) Costco 140.05 0.10 156.85 117.03 1.05 26.65 61550.25 PNCFin 91.12 -0.11 100.52 76.69 2.09 12.74 46799.22
Vivendi 22.05 -0.26 24.83 17.32 4.50 -85.81 33783.47
GtWesLif 33.63 -0.51 37.70 29.30 3.93 11.93 25209.3 Sony 3162 -7.50 3970 1782 0.77 -53.17 32932.77 Emirtestele 12.85 -0.20 15.85 9.41 5.09 13.70 30425.01 CrownCstl 83.39 -0.36 89.44 74.45 3.30 56.26 27832.36 PPG Inds♦ 95.29 -0.82 118.95 85.78 1.40 24.06 25797.04
ImpOil 46.45 0.85 57.96 42.12 1.12 17.65 29591.11 Germany (€)
SumitomoF 4964 -71.00 5770 3823 2.73 10.77 57922.79 United Kingdom (p) CSX♦ 27.38 -0.42 37.99 24.47 2.36 13.96 27050.93 Praxair 105.75 -0.44 134.06 101.01 2.52 21.06 30294.37
Manulife 21.38 -0.07 24.20 18.91 3.10 13.43 31675.39 Allianz 142.25 0.35 170.15 115.05 4.68 9.97 72841.64
Takeda Ph 5962 -4.00 6657 4337.5 2.92 -31.29 38870.48 AscBrFd 3202 21.00 3293 2407 1.06 44.87 38920.05 CVS 102.40 -1.78 113.65 77.40 1.19 25.17 114123.39 Prec Cast 230.25 0.27 249.12 186.17 0.05 22.87 31658.83
Potash 34.26 -0.05 47.10 31.74 5.43 14.58 21499.57 BASF 71.82 -0.06 97.22 63.00 3.73 13.65 73913.83
TokioMarine 4876 -20.00 5504 3102 1.89 15.41 30479.75 AstraZen♦ 4120 36.00 4931.68 3746 4.33 69.46 79934.61 Danaher 87.02 -1.04 92.92 70.12 0.53 24.50 59477.13 Priceline 1248.64 -10.75 1395 990.69 - 28.43 63308.04
RylBkC 73.34 -0.36 83.87 68.05 4.18 11.11 79551.8 Bayer 120.95 -0.55 146.45 96.83 1.81 29.38 112071.51
Toyota 7192 -154.00 8783 5710 2.69 10.49 202848.85 Aviva 483.80 -3.00 578.68 449.86 3.74 12.66 30052.17 Deere 81.78 -0.69 98.23 76.76 2.89 12.73 26837.44 ProctGmbl 70.67 -0.54 93.89 65.02 3.59 23.62 191696.74
Suncor En 37.26 0.45 44.71 30.89 3.13 37.32 40487.93 BMW 82.22 -0.72 123.75 74.59 3.43 10.36 55460.24
Mexico (Mex$) Barclays♦ 261.45 -1.15 289.90 204.05 2.49 117.08 67346.48 Delphi 75.52 0.17 90.57 58.23 1.29 17.20 21474.01 Prudntl♦ 80.70 -0.50 94.30 74.05 2.75 14.48 36395.7
ThmReut♦ 51.18 -0.46 54.47 39.45 3.38 16.16 30066.2 Continental 189.45 -2.30 234.25 136.85 1.67 15.47 42456.95
AmerMvl 15.27 -0.14 17.64 13.48 1.79 - 38685.05 BG♦ 994.60 32.80 1420 780.55 1.84 -50.16 52157.76 Delta 43.78 -0.16 51.06 30.12 0.80 19.77 34822.54 PublStor 201.27 -4.89 217.99 162.34 2.87 35.95 34813.14
TntoDom 52.48 -0.43 57.97 47.75 3.76 12.50 73126.06 Daimler 71.66 -0.79 96.07 55.10 3.32 9.78 85902.51
FEMSA UBD 149.35 2.76 154.14 116.20 0.77 28.24 31847.93 BP♦ 360.50 9.30 499.25 326.25 7.17 -16.37 101181.11 DirectTV 93.55 1.36 95.51 82.04 - 16.82 47176.52 Qualcomm♦ 56.58 -0.87 78.53 52.59 3.01 15.84 88898.62
TrnCan 45.90 0.40 63.86 41.95 4.65 17.44 24457.26 Deut Bank 26.28 -0.10 33.42 22.66 2.78 22.74 40607.32
WalMrtMex 40.13 0.33 41.00 28.26 1.38 30.55 41810.39 BrAmTob♦ 3479 14.00 3894 3231.5 4.26 16.15 99575.27 DiscFinServ 53.73 -0.22 66.75 50.92 1.82 11.36 23389.03 Raytheon 102.56 -1.69 113.36 92.96 2.43 15.10 31131.88
ValeantPh 304.99 -7.06 347.84 125.13 - 97.13 78211.08 Deut Tlkm 15.25 0.03 17.63 10.07 3.19 37.37 78690.83
BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52 Disney 101.88 -0.60 122.08 78.54 1.74 21.65 171958.97 Regen Pharm 513.50 -23.20 605.93 320.06 - 132.21 52241.71
DeutsPost 24.56 -0.18 31.19 21.55 - 16.54 33324.22 Netherlands (€)
China (HK$) BT♦ 437.35 3.70 481.75 351.90 2.61 16.78 56205.33 DominRes♦ 69.75 -1.28 80.89 65.53 3.50 24.39 41453.95 ReynoldsAm 83.75 -0.92 88.28 56.27 1.56 31.68 59843.62
E.ON 10.11 -0.18 15.46 9.56 1.35 -7.72 22656.6 Altice 25.43 0.01 143.20 20.61 - -146.16 21351.59
AgricBkCh 3.13 0.05 4.55 3.07 7.22 4.66 12414.49 Compass 1035 12.00 1223.36 924.41 2.61 20.09 26182.42 DowChem 43.76 -0.24 54.97 35.11 3.64 13.16 50678.54 Salesforce 69.36 -0.89 78.46 51.04 - -447.49 45777.6
Fresenius Med 68.21 0.06 82.32 50.75 1.09 22.49 23777.45 ASML Hld 81.68 -0.93 104.85 68.29 0.83 27.06 39659.58
Bk China 3.54 -0.01 5.68 3.42 7.17 4.71 38196.15 Diageo♦ 1730 35.00 2055 1592.5 3.09 18.29 66807.92 DukeEner♦ 70.91 -1.48 89.97 70.15 4.39 21.58 48809.51 Schlmbrg 77.37 1.31 110.38 68.01 2.28 23.48 97907.79
Fresenius SE 63.05 0.46 66.56 36.00 0.68 30.12 30819.5 Heineken 70.50 0.30 77.77 54.03 1.34 25.15 45501.41
BkofComm 5.84 0.20 8.61 5.29 5.74 5.36 26382.84 GlaxoSmh♦ 1340.5 9.50 1645 1247.5 5.97 6.74 100158.96 DuPont♦ 51.50 -0.34 76.61 48.01 3.61 15.72 46599.16 Shrwin-Will♦ 255.81 -2.30 294.35 202.01 0.93 26.55 23844.22
HenkelKgaA 81.82 1.22 99.44 66.70 1.53 21.13 23817.87 ING 13.65 -0.02 16.00 9.68 - 29.79 59160.49
BOE Tech 1.90 -0.08 4.78 1.12 2.06 26.30 48.78 Glencore 148.30 2.95 373.70 137.25 7.72-344.88 30233.73 Eaton 57.06 0.01 73.82 49.21 3.56 12.62 26675.55 SimonProp 179.32 -5.00 206.31 162.43 3.00 38.19 55815.28
Linde 154.90 0.10 195.55 141.80 1.98 28.08 32236.82 Unilever♦ 35.74 -0.07 42.75 28.75 3.15 21.70 68659.43
Ch Coms Cons 9.22 -0.38 17.00 5.45 2.64 8.14 5267.26 HSBC♦ 518.70 -1.00 674.57 482.55 6.26 11.70 155786.71 eBay 27.11 -0.14 29.35 19.50 - 11.58 33026.16 SouthCpr 26.66 -0.69 33.31 23.41 1.61 17.72 21248.4
MuenchRkv 163.80 -0.25 206.50 141.10 4.40 9.34 31741.48 Norway (Kr)
Ch Evrbrght 3.54 0.04 5.65 3.32 6.29 4.40 3137.43 ImpTob♦ 3159 24.00 3413 2482.72 4.06 15.82 46420.34 Ecolab 109.14 -1.32 118.46 97.78 1.13 27.46 32206.37 Starbucks 54.71 -0.92 59.32 35.39 1.09 31.53 81200.58
SAP 59.99 -0.18 70.81 50.08 1.78 24.05 82578.46 DNB 118.40 0.60 143.00 100.90 3.35 8.36 22998.15
Ch Rail Cons 10.16 -0.50 17.70 6.92 1.66 8.33 2721.94 LlydsBkg♦ 77.38 -0.30 89.35 70.90 0.97 42.05 84891.7 EMC 24.87 -0.09 30.92 22.66 1.81 20.66 47867.94 StateSt 71.92 -1.19 81.26 64.21 1.69 17.40 29351.49
Siemens 88.46 -0.26 106.35 80.17 3.63 13.38 87324.09 Statoil 123.90 -2.90 182.50 113.90 6.06 -9.64 47114.14
Ch Rail Gp 6.95 -0.30 12.30 3.98 1.23 10.93 3773.06 Natl Grid 860.10 8.50 965.00 806.40 4.91 16.12 49454.07 Emerson♦ 47.72 -0.33 65.94 44.03 3.77 13.56 31358.73 Stryker 98.65 -1.04 105.34 77.87 1.33 41.36 37147.47
Volkswgn 166.70 -3.80 254.50 147.35 2.80 7.80 55118.97 Telenor 165.10 0.80 186.10 128.90 2.40 22.69 29562.01
ChConstBk 5.45 0.08 7.98 5.34 7.13 4.58 169066.27 Prudential♦ 1418 0.50 1761.5 1287 2.60 14.43 55975.22 EOG Res 78.31 1.00 109.98 68.15 0.78 31.66 43005.62 Sychrony Fin 32.95 0.30 36.40 23.76 - 12.93 27472.56
China Vanke - - - - - - - Hong Kong (HK$) Qatar (QR) EquityResTP 71.25 -1.69 82.53 60.44 2.89 30.67 25940.86 Target♦ 77.71 -0.32 85.81 58.72 2.64 17.41 48835.31
RBS 336.80 3.00 414.00 300.30 - -23.49 33475.38
ChinaCitic 4.75 0.03 7.40 4.63 - 4.42 9121.28 AIA 42.85 -0.20 58.20 39.10 1.02 19.60 66610.07 QatarNtBk 179.00 - 237.00 159.90 4.10 11.67 34399.38 Exelon♦ 30.76 -0.64 38.93 30.31 3.94 11.62 26503.36 TE Connect♦ 59.29 0.05 73.73 51.03 1.98 13.27 23857.38
ReckittB♦ 5757 24.00 6300 4895 2.41 24.46 62839.69
ChinaLife 26.80 -0.25 41.00 21.00 1.82 13.68 25731.88 BOC Hold 26.20 -0.25 33.70 23.85 4.18 10.95 35742.55 ExpScripts 83.60 -0.86 94.61 68.06 - 28.11 56491.11 Telsa Mtrs 249.06 0.58 291.42 181.40 - -61.51 31666.02
Russia (RUB) RELX 1045 10.00 1199 921.50 2.39 98.33 33247.88
ChinaMBank 18.46 0.22 26.85 13.12 4.51 6.51 10935.16 Ch OSLnd&Inv 22.70 -0.45 34.05 19.80 2.13 6.80 28881.74 ExxonMb♦ 75.24 0.17 99.67 66.55 3.64 13.69 313709.32 TexasInstr 47.84 -0.15 59.99 41.47 2.70 17.31 49102.3
Gzprm neft 148.19 1.59 166.94 113.73 5.78 9.01 52580.53 RioTinto♦ 2388 39.00 3283.5 2107.78 5.71 23.76 51091.14
ChinaMob 93.90 2.10 118.00 85.00 3.31 14.23 248076.46 ChngKng 54.30 1.70 77.55 50.10 - - 27042.49 Facebook 89.43 -1.58 99.24 70.32 - 93.45 202088.24 TheTrvelers 99.55 -0.88 110.49 90.83 2.22 9.27 30980.52
Lukoil 2531 11.00 3297.7 1913 2.78 12.97 32265.82 RollsRoyce 743.50 13.00 1061 685.50 3.11 -54.68 20988.61
ChinaPcIns 28.20 0.15 47.10 24.80 1.84 15.44 10098.46 Citic Ltd 14.20 -0.32 16.40 11.64 1.84 8.76 53300.63 Fedex 150.61 -1.89 185.19 130.01 0.54 40.84 42547.46 ThrmoFshr 125.37 -1.15 141.25 107.33 0.47 26.20 49958.4
MmcNrlskNckl 10569 139.00 12247 6766 13.12 12.69 25067.39 RylDShlA♦ 1695 41.50 2475.5 1542.5 7.16 12.56 101962.7
ChMinsheng 7.51 -0.01 11.88 6.97 3.06 4.60 6718.85 Citic Secs 15.54 -0.82 40.50 15.38 2.25 7.10 4568.39 FordMtr♦ 13.87 0.13 17.87 10.44 3.88 15.36 54051.19 TimeWrnr♦ 71.10 -1.28 91.34 66.82 1.84 17.24 57987.84
Novatek 633.00 19.10 633.00 364.50 9.62 30.69 28806.68 SABMill 3054 36.00 3857 2773 2.32 22.28 75854.43
ChMrchSecs RMB 15.96 -0.21 40.00 10.69 2.63 9.41 12022.26 CK Hutchison 103.30 -1.30 174.90 97.50 3.38 4.51 51445.47 Franklin 40.58 -0.66 59.43 38.25 1.37 11.14 24908.74 TimeWrnrC 186.02 -1.41 194.22 128.78 1.97 27.43 52638.87
Rosneft 245.10 -1.25 294.20 183.95 6.23 6.87 38933.04 Shire 5025 10.00 5870 3448.28 0.28 15.21 45671.07
Chna Utd Coms RMB 6.55 0.11 10.74 3.36 1.03 34.70 21773.99 CNOOC 9.61 0.37 15.80 7.60 5.78 8.51 55362.4 GenDyn 142.03 -2.50 153.76 114.73 1.80 16.79 45836.94 TJX Cos♦ 70.32 -0.40 76.93 58.58 1.03 21.82 47844.67
Sberbank 74.50 -0.32 81.30 47.21 - 5.05 24104.2 StandCh♦ 765.00 8.00 1250.18 707.30 7.22 17.02 29913.08
ChShenEgy 13.44 -0.14 24.40 12.34 6.73 8.10 5893.75 HangSeng♦ 137.90 -0.20 162.10 123.20 3.97 10.10 34018.24 GenElectric 24.82 -0.34 28.68 19.37 3.59 49.30 250593.37 T-MobileUS 39.61 -0.39 42.56 24.26 - 119.79 32277.18
Surgutneftegas 34.30 -0.53 39.80 21.82 2.05 1.27 18363.52 Tesco 191.35 -0.10 252.52 155.40 5.90 -2.72 23905.07
ChShpbldng RMB 12.40 0.39 20.19 5.06 - 189.29 34922.64 HK Exc&Clr♦ 182.20 -1.70 311.40 162.00 2.14 31.92 28151.16 GenMills 56.76 -0.37 59.87 47.43 2.97 28.53 34039.35 UnionPac♦ 85.74 -1.15 124.52 79.31 2.40 15.07 74395.88
Saudi Arabia (SR) Vodafone 226.70 1.35 258.00 179.10 4.88 10.58 92400.18
ChStConEng RMB 6.13 0.26 12.52 3.13 2.49 7.27 28744.7 MTR♦ 34.55 -0.35 40.00 29.95 2.62 13.05 26072.76 GenMotors 29.44 0.44 39.00 24.62 4.19 11.11 46575.95 UPS B♦ 97.65 -0.99 114.40 93.64 2.80 23.29 68203.47
AlRajhiBnk 53.64 -1.47 79.50 48.40 3.54 13.39 23240.59 WPP 1351 14.00 1616 1091 2.83 13.96 26882.44
ChUncHK 10.18 -0.16 16.00 9.68 2.44 16.36 31455.45 SandsCh 26.90 -0.45 50.05 25.90 7.23 14.99 28006.96 GileadSci 105.07 -2.71 123.37 85.95 0.40 11.35 154201.31 USBancorp 42.35 -0.24 46.26 38.10 2.29 13.84 74578.53
SHK Props 98.20 0.15 137.60 94.20 3.36 9.11 36449.78 Natnlcombnk 55.03 -2.00 72.75 48.80 - 12.97 29266.28 United States of America ($)
CNNC Intl RMB 9.08 -0.39 14.38 4.07 - - - GoldmSchs♦ 188.60 0.85 218.77 171.26 1.24 11.42 81639.47 UtdHlthcre 115.70 -1.58 126.21 80.72 1.37 18.83 110327.19
Tencent 131.80 1.10 171.00 104.50 0.27 38.59 159858.12 SaudiBasic♦ 80.78 -2.00 136.50 70.25 6.46 10.11 64614.51 3M♦ 142.14 -2.07 170.50 130.60 2.59 18.97 88801.31
CSR 9.06 -0.57 20.70 6.80 1.29 17.62 5109.86 Google 647.82 -11.87 713.33 490.91 - 32.93 187794.13 UtdTech♦ 91.61 -1.63 124.45 87.17 2.63 13.44 81587.66
SaudiTelec 59.99 -0.81 76.50 52.75 6.11 11.34 31989.98 AbbottLb 45.29 -0.73 51.74 39.28 1.99 29.42 67502.09
Daqin RMB 10.07 0.65 15.15 7.33 4.79 10.43 23478.97 India (Rs) Halliburton♦ 39.35 0.76 68.18 30.93 1.71 23.57 33634.38 ValeroEngy♦ 59.34 0.34 71.50 42.53 2.22 6.95 29498.61
Singapore (S$) Abbvie 62.41 -1.57 71.60 52.06 2.88 49.50 103305.8
Gree Elec Apl 0.24 0.02 0.45 0.13 - -2.05 344.20 Bhartiartl 354.30 -8.20 452.45 332.50 1.01 27.86 21305.42 HCA Hold 86.62 -2.20 95.49 43.91 - 18.14 35963.93 Verizon 46.01 -0.06 51.73 38.06 4.68 19.62 187062.46
DBS♦ 17.76 -0.25 21.50 17.57 3.35 19.36 31527.85 Accenture 94.27 -1.58 105.37 73.98 2.18 21.13 75187.95
GuosenSec - - - - - - - HDFC Bk 1027.45 -0.50 1128 838.60 0.79 25.71 38854.84 Hew-Pack 28.06 0.03 41.10 24.85 2.28 11.20 50688.01 VertexPharm 127.52 -6.53 143.45 90.99 - -42.41 31198.47
JardnMt US$♦ 49.94 -0.80 67.88 46.20 2.78 10.98 34888.42 Ace 102.16 -0.55 117.89 96.00 3.13 11.75 33079.92
HaitongSecs 11.18 -0.24 27.90 10.32 2.77 5.99 4918.54 Hind Unilevr 860.90 6.40 981.00 707.15 1.37 45.98 28023.49 HiltonWwde♦ 24.83 -0.21 31.60 20.72 - 38.47 24518.41 VF Cp 72.43 -0.65 77.83 61.75 1.65 30.66 30829.25
JardnStr US$♦ 28.53 -0.39 37.84 27.06 0.93 10.34 31956.52 Actavis 298.98 -2.94 317.72 201.91 - -34.92 117333.1
Hngzh HikVDT - - - - - - - HsngDevFin 1186.15 -15.75 1402.3 975.00 1.23 21.10 28128.34 HomeDep 116.46 -1.06 123.80 86.35 1.79 23.05 149546.67 Viacom 40.77 -0.14 81.99 36.32 3.33 9.72 14165.95
OCBC♦ 8.93 -0.17 10.92 8.63 4.13 8.40 25649.86 Adobe 78.57 -0.83 87.25 58.51 - 108.41 39100
Hunng Pwr - - - - - - - ICICI Bk 277.90 -5.80 393.40 267.15 3.64 12.05 24270.12 Honywell♦ 99.27 -0.75 107.41 82.89 1.97 18.20 77605.55 Visa Inc♦ 71.30 -1.16 76.92 48.80 0.63 30.59 139133.91
SingTel 3.74 -0.06 4.57 3.63 4.60 15.00 42281.09 AEP♦ 54.29 -0.61 65.38 51.58 3.76 15.60 26632.48
IM Baotou Stl RMB 3.96 0.34 7.50 2.43 0.32-290.51 9776.58 Infosys 1094.4 -16.65 2336 932.65 3.47 19.17 37628.76 HumanaInc 182.79 -1.22 219.79 121.04 0.60 22.11 27079.18 Walgreen♦ 86.55 -0.87 97.30 58.39 1.57 22.05 94537.07
UOB 19.38 -0.37 25.05 18.51 3.70 9.63 22018.09 Aetna 114.52 -2.34 134.40 71.81 0.81 17.75 39921.67
In&CmBkCh 4.58 0.06 7.10 4.50 6.93 4.80 51291.81 ITC 325.15 -1.85 409.95 294.00 1.66 28.55 39245.02 IBM♦ 147.89 -0.09 195.00 140.62 3.04 10.07 144862.67 WalMartSto 64.73 -0.21 90.97 61.50 3.00 13.24 208466.11
Aflac♦ 58.60 -0.07 65.10 51.41 2.57 10.06 25238.67
IndstrlBk RMB 14.58 0.46 21.42 9.99 3.36 5.37 36996.15 L&T♦ 1602.9 -13.55 1893.8 1401 0.92 25.91 22438 South Africa (R) IllinoisTool 84.53 -0.53 100.14 78.79 2.24 17.39 30945.47 Wellpoint 128.71 0.94 129.96 81.84 1.64 12.65 34744.16
AirProd 139.53 -1.14 158.20 118.20 2.21 29.88 29996.5
Kweichow RMB 195.37 2.72 290.00 145.50 - 15.24 38489.94 OilNatGas 239.30 -4.35 457.95 223.00 4.18 7.52 30798.48 Firstrand 52.91 0.02 58.47 40.27 3.72 12.97 22375.8 Illumina 197.61 -4.09 242.37 145.12 - 61.77 28594.17 WellsFargo♦ 53.33 -0.21 58.77 46.44 2.61 13.28 273762.05
Alexion 172.19 -6.67 208.88 150.06 - 60.14 38941.57
Midea 1.95 0.02 2.68 1.65 5.06 9.53 54.11 RelianceIn 855.90 -16.50 1067.85 796.45 1.15 10.50 41692.83 MTN Grp 176.97 -0.86 263.44 161.10 7.52 9.93 24622.35 Intcntl Exch 228.41 -4.00 246.39 184.27 0.88 23.95 25236.69 Williams Cos 48.20 -0.72 61.38 40.07 4.67 18.05 36136.08
Allstate♦ 58.28 -0.35 72.87 54.12 1.95 10.02 23334.72
New Ch Life Ins 30.30 -0.15 56.55 26.20 0.86 8.24 4043 SBI NewA 247.35 -1.60 336.00 234.61 1.24 11.23 28153.52 Naspers N 1719 -9.25 2029.97 1130.01 0.28 43.79 54358.6 Intel♦ 28.54 0.12 37.90 24.87 3.19 12.38 135679.16 Yahoo 32.24 -0.90 52.62 29.00 - 4.56 30350.44
Altria 53.58 -0.59 56.70 42.92 3.80 21.20 105054.04
PetroChina 6.44 -0.05 11.70 5.90 5.02 14.82 17532.34 SunPhrmInds 898.95 12.50 1200.8 748.00 0.17 30.28 32542.55 South Korea (KRW) Intuit 85.75 -0.46 109.21 77.96 1.10 76.83 23638.6 Yum!Brnds 79.77 -2.05 95.90 65.81 1.96 39.94 34397.27
Amazon 512.89 -5.12 580.57 284.00 - -1297.24 239883.89
PingAnIns 37.95 0.35 62.90 28.53 0.40 10.84 36468.85 Tata Cons 2564.05 -6.80 2839.7 2345 1.55 24.64 75551.35 HyundMobis 206500 5000 295000 185500 1.51 9.99 16680.15 John&John♦ 93.98 -1.19 109.49 81.79 2.97 16.93 260240.6 Venezuela ()
AmerAir 38.98 0.36 56.20 28.10 1.00 6.88 26187.57
PngAnBnk RMB 11.07 0.24 17.50 8.32 1.58 7.09 20493.26 Indonesia (Rp) KoreaElePwr 48000-1200.00 53100 38750 1.15 8.18 26053.08 JohnsonCn 41.14 -0.35 54.52 38.48 2.38 15.48 26908.42 Bco de Vnzla 115.00 - 143.95 27.00 - - 32767.24
AmerExpr 76.72 0.07 94.89 71.71 1.70 13.67 76818.46
Pwr Cons Corp RMB 7.79 0.09 20.00 2.92 1.29 15.40 4031.64 Bk Cent Asia 12900 50.00 15600 11000 1.18 17.97 22637 SK Hynix 35800-1100.00 51700 30300 0.87 5.38 22035.48 JPMrgnCh 64.10 -0.03 70.61 50.07 2.50 11.83 237046.12 Bco Provncl 3950 -40.00 4400 839.99 - - 33274.88
AmerIntGrp 60.34 -0.66 64.93 48.56 0.81 12.13 78073.14
SaicMtr RMB 17.30 0.35 29.18 14.00 6.98 6.64 29914.24 SmsungEl 1089000 8000 1510000 1033000 2.03 6.40 119062.76 Kimb-Clark 106.53 -0.68 119.01 99.57 3.16 61.59 38806.22 Mrcntl Srvcs - - - - - - -
Israel (ILS) AmerTower 92.19 -1.26 105.20 89.39 1.70 56.67 39022.09
ShenwanHong 0.19 -0.01 0.49 0.17 - -2.54 62.10 Spain (€) KinderM 32.41 -0.22 44.71 28.50 5.43 46.50 71040.68
TevaPha♦ 256.60 2.90 275.90 182.70 1.98 22.57 62681.64 Amgen♦ 151.78 -4.11 181.81 127.67 1.80 20.57 115087.24
ShgPdgBk RMB 14.96 0.72 19.17 9.40 5.09 5.75 35011.67 Kraft 88.19 -0.11 91.32 53.33 2.45 45.49 52233.16 Closing prices and highs & lows are in traded currency (with variations for that
Italy (€) BBVA 8.26 -0.10 9.91 7.21 0.94 12.81 58378.18 Anadarko 71.58 0.64 112.99 58.10 1.48 -14.76 36363.51
Sinopec Corp 5.16 -0.02 8.23 4.80 6.07 13.54 16986.85 Kroger♦ 34.50 -0.44 39.43 25.40 1.02 18.42 16757.05 country indicated by stock), market capitalisation is in USD. Highs & lows are
Enel 4.02 -0.03 4.50 3.36 3.21 80.89 42314.36 BcoSantdr 5.46 -0.10 7.96 5.09 10.65 11.70 87588.01 Aon Cp 93.44 -0.10 107.08 78.26 1.10 21.81 26167.21
Sinopec Oil RMB 7.40 0.11 14.23 2.92 - 211.37 522.25 L Brands♦ 83.90 0.26 95.78 63.51 1.81 22.05 24495.82 based on intraday trading over a rolling 52 week period.
ENI 14.63 0.22 19.64 12.98 7.44-686.33 59574.8 CaixaBnk 3.86 -0.02 5.00 3.54 1.01 24.79 24948.54 Apple 112.76 -0.53 134.54 92.00 1.67 13.33 643038.93
Denmark (kr) Iberdrola 6.06 -0.01 6.49 5.11 2.49 15.91 42336.03 LasVegasSd 46.23 -1.13 67.65 40.00 4.87 15.94 36866.17 ♦ ex-dividend
Generali 16.33 -0.03 19.21 14.40 3.57 12.84 28487.26 ArcherDan♦ 44.99 0.34 53.91 41.63 2.26 12.69 27396.19
DanskeBk 206.00 -1.30 218.00 139.20 2.60 33.07 31192.64 Inditex 29.74 -0.13 32.54 19.29 1.35 35.37 103858.13 LibertyGbl 48.12 -1.20 58.66 39.95 - -30.48 12150.69 ■ ex-capital redistribution
IntSPaolo 3.25 0.01 3.65 2.00 1.53 28.81 57811.62 AT&T 33.20 -0.09 36.45 30.97 5.51 33.61 204213.2
MollerMrsk 11330 -20.00 16450 10860 2.50 8.91 36501.3 Repsol 12.76 -0.46 19.50 12.24 - 17.85 19647.07 Lilly (E)♦ 82.35 -0.84 90.18 60.58 2.35 43.72 91288.31 # price at time of suspension
Luxottica 60.40 -0.20 67.80 34.74 1.16 39.53 32709.73 AutomData 77.32 -1.09 90.23 64.29 2.47 27.36 36016.44
NovoB 369.20 -0.30 415.00 244.50 1.32 31.63 114321.12 Telefonica 12.59 -0.14 14.31 10.76 3.09 19.95 69666.6 Lockheed♦ 201.18 -2.72 213.34 166.28 2.83 18.27 62473.34
Unicred 5.83 -0.02 6.61 4.82 2.00 15.96 38980.65 Avago Tech 125.97 -1.65 150.50 68.75 1.06 50.69 32718.15
Lowes 69.17 0.72 76.25 49.85 1.33 24.49 64513.87

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
BakerHu 56.00 54.72 1.28 2.34 10.24 22.4 -3.70 DirectTV 93.55 92.19 1.36 1.48 - - 0.42 Aug 31 date Coupon S* M* F* price yield yield yield US Aug 31 date Coupon S* M* F* price yield yield yield US
Netflix 115.03 117.63 -2.60 -2.21 18.15 18.7 0.63 MTN Grp 176.97 177.83 -0.86 -0.48 -16597.03 -98.9 -16.13 High Yield US$ US$
Petrobras 10.28 10.28 0.00 0.00 1.58 18.2 -8.29 Firstrand 52.91 52.89 0.02 0.04 -4940.09 -98.9 -3.34 Windstream Services, LLC 11/17 7.88 BB- B2 BB 103.86 6.03 -0.01 -1.18 5.33 Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 115.23 4.51 0.00 -0.12 2.32
Halliburton 39.35 38.59 0.76 1.97 5.79 17.3 -5.85 Naspers N 1719.00 1728.25 -9.25 -0.54 -158940.00 -98.9 -2.88 High Yield Euro Citigroup Inc. 11/26 4.30 BBB+ Baa3 A- 99.21 4.44 0.00 0.02 2.25
Avago Tech 125.97 127.62 -1.65 -1.29 16.03 14.6 0.66 BOE Tech 1.90 1.98 -0.08 -4.04 -0.45 -19.1 -30.91 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Halliburton Company 02/27 6.75 A A2 A- 121.00 4.44 0.00 0.01 -
ConocPhil 49.15 46.82 2.33 4.98 6.22 14.5 -2.36 Citic Secs 15.54 16.36 -0.82 -5.01 -3.30 -17.5 -25.82 Korea Electric Power Corporation 08/27 6.75 A+ Aa3 AA- 97.98 7.12 0.00 -0.01 -
Telsa Mtrs 249.06 248.48 0.58 0.23 30.19 13.8 -6.42 ChMrchSecs 15.96 16.17 -0.21 -1.30 -1.86 -10.4 -25.49 Emerging US$ SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 119.54 4.53 0.00 -0.03 -
EOG Res 78.31 77.31 1.00 1.29 9.05 13.1 1.45 HaitongSecs 11.18 11.42 -0.24 -2.10 -1.24 -10.0 -20.71 Peru 05/16 8.38 BBB+ A3 BBB+ 104.58 1.48 0.00 0.16 0.78 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 120.17 4.76 0.00 -0.12 -
Vale 17.31 17.31 0.00 0.00 1.91 12.4 0.28 Syngent 323.70 323.70 0.00 0.00 -33.90 -9.5 -18.20 Mexico 09/16 11.40 BBB+ A3 BBB+ 110.80 0.89 0.04 0.16 0.18
Brazil 01/18 8.00 BBB- Baa3 BBB 108.56 4.15 -0.21 -0.37 3.44 Euro
ChevrnTx 80.99 80.43 0.56 0.70 8.87 12.3 -8.47 ChShpbldng 12.40 12.01 0.39 3.25 -1.21 -8.9 -14.48 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- A3 A 105.29 2.31 0.00 0.09 0.13
CanImp 96.34 96.34 0.00 0.00 10.34 12.0 3.46 SandsCh 26.90 27.35 -0.45 -1.65 -2.60 -8.8 -18.24 Russia 07/18 11.00 BB+ Ba1 BBB- 118.96 4.04 -0.01 0.52 3.33
Peru 03/19 7.13 BBB+ A3 BBB+ 116.36 2.34 0.00 0.04 0.82 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 93.76 3.28 0.00 0.19 -
SK Hynix 35800.00 36900.00 -1100.00 -2.98 3800.00 11.9 3.77 Bk China 3.54 3.55 -0.01 -0.28 -0.33 -8.5 -16.11 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 109.86 2.27 0.00 0.12 -
Suncor En 36.81 36.81 0.00 0.00 3.88 11.8 1.14 In&CmBkCh 4.58 4.52 0.06 1.33 -0.35 -7.1 -14.55 Brazil 01/21 7.88 BBB- Baa3 BBB 101.79 4.49 0.06 0.11 2.97
Turkey 03/21 5.63 - Baa3 BBB- 106.27 4.39 -0.01 0.17 2.87 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 106.80 2.29 0.00 0.15 -
Novatek 633.00 613.90 19.10 3.11 65.80 11.6 7.11 MitsuiFud 3360.00 3432.00 -72.00 -2.10 -256.00 -7.1 -4.33
Poland 04/21 5.13 A- A2 A- 112.12 2.81 0.00 -0.02 1.28 Yen
ENI 14.63 14.41 0.22 1.53 1.49 11.3 -8.33 MitsubEst 2609.00 2651.50 -42.50 -1.60 -181.50 -6.5 -3.02
Colombia 07/21 4.38 BBB Baa2 BBB 102.33 3.96 -0.01 0.31 2.44 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
Occid Pet 73.01 71.84 1.17 1.63 7.28 11.1 4.00 ChinaCitic 4.75 4.72 0.03 0.64 -0.33 -6.5 -14.57
CanNatRs 28.81 28.81 0.00 0.00 2.80 10.8 -7.11 Glencore 148.30 145.35 2.95 2.03 -10.25 -6.5 -30.23 Turkey 04/26 4.25 - Baa3 BBB- 93.74 5.08 0.00 0.12 2.90 £ Sterling
Amazon 512.89 518.01 -5.12 -0.99 49.52 10.7 -4.34 EastJpRwy 11205.00 11265.00 -60.00 -0.53 -765.00 -6.4 -7.37 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 125.67 3.86 0.00 0.17 1.68
Lyondell 85.38 85.43 -0.05 -0.06 8.13 10.5 -9.01 ChinaMob 93.90 91.80 2.10 2.29 -6.40 -6.4 -6.01 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 B.A.T. Intl Fin plc (Re - British American Tobacco) 09/26 4.00 A- A3 A- 105.40 3.40 -0.01 0.08 1.22
Phillips66 79.07 77.23 1.84 2.38 7.41 10.3 -0.54 ChStConEng 6.13 5.87 0.26 4.43 -0.41 -6.3 -11.54 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.79 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+ 109.08 3.27 0.00 0.10 1.75 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- 115.13 3.96 0.00 0.18 1.77
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
Aug 31 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Aug 31 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.14 16-12-2008 0.14 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 28.43 2.38 26.05 53.29 10.88 Aug 31 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 27.01 1.70 25.31 56.32 7.04 Tr 2pc '16 100.59 0.48 2.13 6.67 -7.69 -28.36 101.97 100.59 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 170.29 0.05 -2.75 -4.49 -3.10 -6.06 VXN 29.92 1.17 28.75 46.72 11.15 Tr 1.75pc '17 101.67 0.54 0.00 8.00 -12.90 -46.00 102.68 101.59 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 292.18 -0.08 -1.27 -0.45 -1.00 3.42 VDAX 27.93 0.00 27.93 27.93 - Tr 5pc '18 110.69 0.71 1.43 16.39 -15.48 -47.01 113.65 110.64 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 248.40 -0.32 -0.92 -0.83 -0.92 -0.83 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.14 0.98 0.00 10.11 -13.27 -37.58 115.07 111.71 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 210.54 -0.06 -0.65 -1.02 -0.48 0.59 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.45 1.22 -0.81 8.93 -10.95 -31.07 119.04 114.45 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 221.81 -0.09 -0.86 0.06 -0.42 2.74 Tr 8pc '21 136.14 1.44 -0.69 9.09 -8.28 -24.61 142.92 135.31 0.24
Gilts( £) 286.94 -0.18 0.25 0.45 0.73 6.61 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.25 1.53 -1.29 10.07 -7.83 -24.26 119.85 112.16 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 245.69 -1.41 -1.26 -2.06 -0.26 -4.51 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.68 1.82 -1.09 8.98 -7.61 -22.88 134.70 122.10 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 292.87 -0.12 -0.90 -0.21 -0.64 3.75 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 123.60 2.06 -0.96 8.42 -5.50 -19.22 131.90 116.13 0.31
Aug 31 (Libor: Aug 28) night Day Week Month month month month year Overall ($) 225.07 -0.25 -0.19 0.40 -0.19 0.40 Australia 10/18 3.25 104.45 1.78 -0.03 0.03 -0.08 -1.01 Tr 4.25pc '32 126.28 2.34 -0.43 7.34 -3.70 -14.91 136.85 117.16 0.35
US$ Libor 0.13350 0.000 0.001 0.000 0.19855 0.32900 0.53425 0.84330 Overall( £) 286.04 -0.16 -0.10 0.25 0.31 5.71 04/26 4.25 113.73 2.75 -0.05 0.10 -0.02 -0.68 Tr 4.25pc '36 128.42 2.48 0.00 7.83 -2.75 -13.59 140.37 117.65 0.28
Euro Libor -0.18071 0.000 -0.001 0.000 -0.10500 -0.03000 0.04500 0.15671 Overall(€) 218.29 -0.09 -0.68 -0.10 -0.35 2.19 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 138.60 2.53 0.00 7.20 -2.32 -13.06 153.16 124.52 0.26
£ Libor 0.48125 0.000 0.000 0.000 0.50600 0.58688 0.74813 1.04900 Treasuries ($) 217.27 -0.22 0.22 1.03 0.22 1.03 10/25 1.20 100.79 1.12 0.06 0.17 0.22 0.00 Tr 3.75pc '52 130.33 2.49 0.00 6.87 -2.73 -15.02 145.21 112.07 0.22
Swiss Fr Libor 0.000 -0.78100 -0.72400 -0.67600 -0.56100 FTSE Belgium 06/18 0.75 101.74 0.12 0.00 0.01 0.01 -0.31 Tr 4pc '60 142.04 2.44 0.00 6.55 -2.79 -15.86 159.23 119.83 0.21
Yen Libor 0.000 0.05300 0.08929 0.13086 0.23971 Sterling Corporate (£) 109.05 0.15 - - -0.64 -0.57 06/25 0.80 97.43 1.08 -0.01 0.11 0.13 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor 0.001 -0.09800 -0.03300 0.04000 0.16100 Euro Corporate (€) 106.53 -0.08 - - -0.92 -2.24 Canada 11/17 0.25 99.54 0.47 0.02 0.13 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 836.18 -3.20 - - -5.74 -11.48 06/26 1.50 99.06 1.60 0.00 0.18 0.00 0.00
US$ CDs
Euro CDs
0.000
0.000
0.18000
-0.10500
0.29000
-0.06500
0.47000
-0.00500
Eurozone Govt Bond 112.63 -0.13 - - -1.03 0.08 Denmark 11/16 2.50 103.40 -0.32 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 1.75 107.73 0.95 0.02 0.17 0.17 0.00
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 99.75 1.10 0.00 0.06 0.02 0.00
Fixed Coupon Aug 31 chg % Return 1 month 1 year Yield
Aug 31 term notice month month month year Markit iTraxx 09/25 0.88 98.34 1.05 0.06 0.00 0.00 0.00
1 Up to 5 Years 98.09 0.02 2356.02 0.32 2.26 1.01
Euro -0.20 -0.10 -0.20 -0.10 -0.20 -0.05 -0.15 0.00 -0.08 0.07 0.07 0.22 Crossover 5Y 323.07 -17.94 -8.61 30.04 371.85 242.25 France 11/16 0.25 100.52 -0.17 0.00 0.00 0.00 0.00
2 5 - 10 Years 178.04 0.13 3210.61 0.84 5.03 1.65
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.03 1.18 Europe 5Y 70.61 -3.33 0.09 6.64 81.85 52.94 11/19 0.50 101.36 0.18 0.00 0.08 0.10 0.00
3 10 - 15 Years 205.96 0.19 3766.01 1.17 7.25 2.04
Swiss Franc - - - - - - - - - - - - Japan 5Y 62.60 -2.55 1.91 3.80 69.98 48.09 05/25 0.50 94.56 1.09 0.01 0.13 0.15 0.00
4 5 - 15 Years 184.44 0.14 3344.67 0.91 5.64 1.77
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 79.20 -4.66 -1.12 5.01 100.19 62.28 05/45 3.25 127.27 2.02 0.01 0.16 0.16 0.00
5 Over 15 Years 296.95 0.04 4274.14 1.34 10.62 2.47
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 0.25 101.09 -0.17 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 171.68 0.06 3200.98 0.88 6.32 2.23
Japanese Yen -0.20 0.10 -0.07 0.03 -0.30 0.00 -0.15 0.05 -0.10 0.10 -0.05 0.15 10/20 0.25 100.79 0.09 -0.01 0.09 0.06 0.00
Emerging Markets 5Y 365.22 -23.70 6.44 53.96 396.59 278.35 08/25 1.00 102.53 0.74 -0.01 0.14 0.11 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 396.79 -26.45 4.90 43.48 426.92 337.73 08/46 2.50 126.65 1.43 -0.01 0.19 0.12 0.00
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Aug 31 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 82.67 -4.41 3.56 12.48 87.98 60.22 Greece 07/17 3.38 86.05 12.13 1.14 -1.48 -8.94 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 309.19 0.23 -0.22 -2.63 2350.96 -0.22 -1.29
02/26 3.00 63.71 9.03 0.01 -0.70 -2.58 2.82 2 Over 5 years 576.69 0.06 0.79 10.72 4247.41 0.79 11.62
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 111.76 -0.03 0.00 0.00 0.00 0.00 3 5-15 years 429.28 0.70 -0.10 0.42 3253.67 -0.10 1.74
03/25 5.40 135.55 1.39 0.01 0.09 0.21 0.00 4 Over 15 years 713.96 -0.19 1.16 15.86 5162.40 1.16 16.57
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/18 0.25 99.64 0.38 0.01 -0.01 0.10 0.00 5 All stocks 533.21 0.09 0.64 9.30 3976.10 0.64 10.27
05/20 0.70 99.06 0.91 -0.01 0.00 0.12 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 99.65 2.05 0.04 0.00 0.00 0.00 Yield Indices Aug 31 Aug 28 Yr ago Aug 31 Aug 28 Yr ago
Crude Oil† Sep 48.10 2.81 Corn♦ Sep 363.75 1.00 Aug 28 Aug 28 Prev return stock Market stocks
09/46 3.25 107.01 2.93 0.00 0.06 0.10 0.00 5 Yrs 1.29 1.30 1.66 20 Yrs 2.49 2.50 2.87
Brent Crude Oil‡ 53.39 3.50 Wheat♦ Sep 484.00 6.25 Can 4.25%' 21 128.91 -0.321 -0.284 -0.97 5.18 69761.17 7
Japan 08/17 0.10 100.17 0.01 0.00 0.00 0.00 0.00 10 Yrs 1.96 1.97 2.36 45 Yrs 2.46 2.46 2.93
RBOB Gasoline† Sep 1.47 -0.05 Soybeans♦ Sep 896.50 2.00 Fr 2.25%' 20 112.95 -0.362 -0.275 -1.63 20.31 205690.65 14
09/20 0.05 99.70 0.11 -0.01 0.00 0.00 0.00 15 Yrs 2.33 2.34 2.71
Heating Oil† Sep 1.68 0.09 Soybeans Meal♦ Sep 320.50 -0.40 Swe 0.25%' 22 107.33 -0.701 -0.661 -0.99 30.88 217919.82 6
06/25 0.40 100.18 0.38 0.00 0.03 -0.03 0.00
Natural Gas† Sep 2.69 -0.03 Cocoa (ICE Liffe)X Sep 2086.00 0.00 UK 2.5%' 16 - - - - - - -
06/45 1.60 104.21 1.40 0.00 0.03 -0.02 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Sep 3117.00 38.00 UK 2.5%' 24 338.69 -0.759 -0.671 -0.56 6.82 478852.16 25
Netherlands 04/17 0.50 101.12 -0.19 0.00 0.00 0.00 0.00 Real yield Aug 31 Dur yrs Previous Yr ago Aug 31 Dur yrs Previous Yr ago
Uranium Sep 36.75 0.00 Coffee(Robusta)X Sep 1581.00 0.00 UK 2%' 35 231.77 -0.775 -0.773 -0.72 9.08 478852.16 25
07/25 0.25 93.61 0.93 0.01 0.13 0.12 0.00 Up to 5 yrs -0.73 2.68 -0.64 -1.22 -1.43 2.70 -1.36 -2.00
Carbon Emissions - - Coffee (Arabica)♥ Sep 121.00 0.40 US 0.625%' 21 101.54 0.361 0.350 -0.59 35.84 1070150.02 36
Diesel Sep 121.25 0.00 White SugarX 341.40 0.00 New Zealand - - - - - - - Over 5 yrs -0.84 23.50 -0.83 -0.36 -0.87 23.59 -0.87 -0.40
US 3.625%' 28 134.10 0.783 0.350 -1.05 16.78 1070150.02 36
Unleaded Sep - - Sugar 11♥ 10.64 -0.29 12/17 6.00 107.69 2.51 -0.03 0.00 -0.05 -1.35 5-15 yrs -0.71 9.89 -0.63 -0.57 -0.82 9.90 -0.75 -0.70
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.28 0.55 -0.01 0.02 -0.09 0.00 Over 15 yrs -0.85 29.11 -0.86 -0.32 -0.87 29.15 -0.88 -0.35
Base Metals (♠ LME 3 Months) Cotton♥ Oct 64.10 0.36 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 1.75 102.36 1.48 0.02 0.19 -0.03 0.00 All stocks -0.83 20.40 -0.83 -0.37 -0.88 20.56 -0.88 -0.42
Aluminium 1605.00 48.00 Orange Juice♥ Sep 129.55 0.05 amount.
Aluminium Alloy 1703.00 43.00 Palm Oil♣ Sep 472.75 0.00 Portugal 02/16 6.40 102.96 -0.13 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 5143.50 19.50 Live Cattle♣ Oct 142.98 -1.03 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 102.48 2.59 -0.02 -0.09 0.20 0.00
Lead 1731.00 53.50 Spain 04/18 0.25 99.49 0.44 0.01 0.02 0.11 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Sep 202.85 0.00
Nickel 10060.00 30.00 Lean Hogs♣ Oct 68.48 1.83 Spread Spread Spread Spread 10/25 2.15 100.83 2.06 0.00 0.01 0.12 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 14050.00 150.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.67 1.02 0.00 0.08 0.02 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1812.00 62.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 116.81 0.70 0.04 0.21 -0.05 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Aug 28 Month Year Australia 2.75 2.02 0.57 Italy 2.05 1.31 -0.14 Switzerland 10/16 2.00 103.01 -0.69 0.00 0.00 0.00 0.00 [email protected]
Gold 1135.00 16.00 S&P GSCI Spt 380.85 8.85 - Austria 1.12 0.38 -1.07 Japan 0.38 -0.35 -1.80 05/26 1.25 114.19 -0.07 0.00 0.00 0.00 0.00
Silver (US cents) 1444.00 17.00 DJ UBS Spot 90.93 3.56 - Belgium 1.08 0.34 -1.11 Netherlands 0.93 0.20 -1.25 United Kingdom 07/18 1.25 100.96 0.91 0.00 0.00 0.00 0.00 Data provided by Morningstar | www.morningstar.co.uk
Platinum 1003.00 13.00 R/J CRB TR 202.63 -1.28 -30.95 Canada 1.60 0.86 -0.59 Norway 1.48 0.75 -0.70 01/21 1.50 100.10 1.49 0.00 0.00 0.00 0.00
Palladium 573.00 25.00 Rogers RICIX TR 2331.22 - - Denmark 0.95 0.22 -1.23 Portugal 2.59 1.86 0.41 09/25 2.00 100.36 1.96 0.00 0.00 0.00 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 269.88 -5.37 -37.66 Finland 1.05 0.31 -1.13 Spain 2.06 1.32 -0.13 01/45 3.50 118.97 2.58 0.00 0.00 0.00 0.00
Iron Ore (Platts) 56.25 0.00 UBS Bberg CMCI TR 13.99 -1.76 -31.79 France 1.09 0.36 -1.09 Switzerland -0.07 -0.80 -2.25 United States 07/17 0.63 99.85 0.70 0.01 0.11 0.04 0.00
Iron Ore (The Steel Index) 55.70 0.20 LEBA EUA Carbon 7.51 -0.27 30.84 Germany 0.74 0.00 -1.45 United Kingdom 1.96 1.22 -0.22 08/20 1.38 99.29 1.52 -0.02 0.00 0.00 0.00
GlobalCOAL RB Index 53.10 0.85 LEBA CER Carbon 0.50 8.70 316.67 Greece 9.03 8.30 6.85 United States 2.18 1.45 0.00 08/25 2.00 98.37 2.18 -0.01 0.17 0.00 0.00
Baltic Dry Index 903.00 -2.00 LEBA UK Power 2271.00 77.42 -10.34 Ireland 1.39 0.65 -0.79 08/45 2.88 99.32 2.91 0.00 0.17 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.
26 ★★★ FINANCIAL TIMES Tuesday 1 September 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 CloseBrs 1491 17.00 1857.39 1298.48 3.29 13.66 404.1 Severfd♦ 66.75 - 73.00 57.00 - 1390.63 7.0 BHP Bltn 1132 29.50 1938 955.60 6.90 9.77 12142.5 SEGRO♦ 419.60 -6.60 466.70 330.90 3.60 3.92 3132.4 Lavendon 176.00 10.00 214.25 155.50 2.61 18.56 1190.2
AvonRub♦ 865.00 14.50 900.00 610.73 0.65 19.63 8.5 DBAG € 27.45 -0.09 34.50 20.20 1.46 7.33 8.4 SKF SKr 161.90 -1.10 231.70 134.80 3.40 14.78 2444.8 BisichMg 89.50 - 104.00 60.15 4.47 6.89 78.0 Shaftbry 900.00 2.50 975.50 648.00 1.46 5.00 514.4 MngCnslt 16.00 - 26.50 13.25 5.16 -78.05 75.0
BAE Sys 452.20 6.30 549.00 419.30 4.53 20.43 6100.8 El Oro 55.00 - 78.00 40.00 6.73 -4.71 0.7 Spirax-S 3154 56.00 3767.56 2698.37 2.12 24.20 101.5 EVRAZ 78.95 -0.05 209.90 72.60 - -1.53 2855.7 Town Ctr 301.00 6.00 324.65 230.00 3.47 5.64 13.8 MearsGp 398.00 2.25 475.00 354.75 2.51 15.39 86.0
Chemring 225.00 6.00 248.00 197.48 1.82 -25.73 114.4 Hargr Lans 1125 26.00 1299 827.00 1.99 33.03 964.2 Tex 111.50 4.50 117.00 86.30 5.38 7.93 13.2 Fresnillo♦ 620.50 8.00 978.00 593.00 0.31 131.18 2117.2 Wkspace 897.50 2.50 988.00 592.00 1.22 3.95 410.7 MenziesJ 452.00 12.00 525.00 306.25 3.58 40.19 69.3
Cobham 281.60 6.80 349.10 250.50 3.78 -163.53 2727.1 HBM Hlth SFr 96.00 - 113.50 80.50 - - 3.5 Trifast 112.00 -2.00 134.00 88.63 1.43 15.85 9.2 GemDmnd 130.00 8.25 217.00 121.00 2.45 10.65 235.1 Real Estate Inv & Services MichaelPge 507.00 9.00 568.00 358.70 2.17 24.54 883.3
Meggitt 477.40 7.80 593.50 421.70 2.88 19.87 3492.6 HenderGp♦ 259.40 5.20 303.30 180.10 3.47 18.10 2372.1 Vitec 615.00 - 670.85 540.00 3.90 24.34 0.1 Harmony R 11.28 -0.32 38.50 10.81 - -1.52 1334.2 Cap&Count 443.50 -1.00 475.10 313.00 0.34 6.51 1043.0 MITIE 296.70 1.10 329.90 263.90 3.81 31.34 855.1
RollsRoyceX 743.50 13.00 1061 685.50 3.11 -54.68 6992.0 ICAP 454.10 1.70 573.00 354.40 4.84 35.62 899.5 Weir 1404 11.00 2786 1230 3.13 - 1384.3 Hochschild 67.75 -0.75 177.00 60.97 - -4.17 838.3 Cardiff 1045 - 1085.5 950.00 1.24 4.53 0.5 PayPoint 1020 15.00 1112.15 779.82 3.56 17.78 160.2
Senior 285.80 4.90 361.70 248.90 1.97 19.22 570.1 Indvardn SKr 154.20 0.30 183.50 111.40 4.05 7.03 422.6 Kenmr 2.81 0.06 12.50 2.18 - -1.27 790.9 CLS 1820 -11.00 2037 1270 - 3.88 4.1 PremFarn 130.60 -0.30 204.60 116.50 7.96 10.15 1384.6
ICG 534.00 4.00 712.83 421.98 4.65 9.10 697.5
Industrial General Lonmin 35.10 2.07 236.70 26.50 - -4.61 5158.8 Rentokil♦ 148.30 1.70 154.20 110.90 1.75 20.77 2077.8
UltraElc♦ 1757 17.00 1914 1646 2.52 -154.14 106.0 Daejan 5870 -180.00 6614.2 4700 1.40 4.29 7.8
IPF 397.60 -1.40 542.50 348.00 3.02 11.56 693.4 BritPoly 705.00 - 730.00 571.35 2.27 11.33 9.3 Petra 125.00 - 210.80 122.50 - 15.12 1192.9 Ricardo 855.00 4.00 967.50 605.50 1.78 23.27 7.7
DvlptSec 255.00 -2.50 293.00 179.00 2.20 9.53 52.6
Automobiles & Parts Investec 534.50 3.50 649.50 477.20 3.65 19.82 1245.8 CoatsGrp 25.25 - 31.86 19.00 - -376.87 248.4 Petropvlsk 5.93 0.23 45.00 4.21 - -0.86 4116.8 Grainger 235.50 0.40 256.00 167.80 1.06 27.31 799.4 RbrtWlts 448.00 6.00 478.00 270.00 1.34 26.12 7.4
FordMtr $X♦ 13.87 0.13 17.87 10.44 3.88 15.36 37910.7 Jupiter 446.30 7.10 478.20 313.70 2.96 13.35 658.9 JardnMt $X♦ 49.94 -0.80 67.88 46.20 2.78 10.98 312.7 PolymtIntl 482.50 8.20 634.00 315.18 2.81 -14.88 408.6 RPS 233.75 5.00 293.70 181.50 3.62 16.53 266.2
Jard Str $X♦ 28.53 -0.39 37.84 27.06 0.93 10.34 259.7 HelclBar 425.00 -5.00 460.00 320.00 1.61 6.99 57.0
GKN♦ 291.70 -0.40 389.00 272.30 2.88 32.47 3410.6 Liontrust 326.00 -1.50 393.50 210.00 1.23 24.00 0.1 RndgldRs 3959 33.00 5752.1 3638 0.94 27.59 865.9 HK Land $♦ 6.92 -0.05 8.80 6.47 2.69 13.03 1867.6 Shanks 93.50 1.00 113.50 84.50 3.69 -20.33 138.8
Man♦ 161.10 -0.40 217.80 108.30 3.96 10.92 8337.2 Macfrlne 49.25 0.75 50.00 34.00 3.35 11.95 129.3 RioTintoX♦ 2388 39.00 3283.5 2107.78 5.71 23.76 6266.4 SIG 187.80 0.10 212.20 143.40 2.34 33.64 986.5
Banks REXAM♦ 538.50 4.00 592.50 424.60 3.29 19.05 1835.3 Lon&Assc 36.25 0.25 50.00 34.50 0.43 -5.12 65.0
NB GFRIF 94.65 -0.25 99.75 93.90 3.93 24.23 820.6 Troy Res A$ 0.28 -0.01 0.88 0.28 - -0.55 596.6 MacauPrp 174.00 1.00 255.25 167.00 - 9.16 136.9 SpeedyHr 47.75 1.00 80.50 45.75 1.36 1224.36 361.3
ANZ A$X 27.93 -0.60 37.25 26.41 10.16 9.57 9091.4 RPC♦ 656.50 10.00 696.24 488.20 2.16 31.56 601.3
Paragon 411.80 3.30 461.50 313.70 2.19 12.67 747.9 VedantaRs 547.50 16.00 1105.22 353.21 7.62 -1.24 1010.8 Mntview 11862.5 25.00 12900 7481.95 2.11 14.54 0.2 St Ives 180.00 - 219.25 156.68 3.97 51.68 224.0
BcoSant 406.13 3.88 758.00 369.65 10.45 11.94 979.7 Smith DS 394.70 3.30 423.70 231.82 2.66 24.07 1834.2
Providnt 2950 39.00 3268 1942 3.32 22.01 271.6 Q'tainEst 130.00 0.50 134.44 75.00 - 18.06 2260.9 TribalGrp 134.00 -3.75 188.00 131.75 1.34 -22.80 0.3
BankAm $X 16.34 -0.02 18.48 14.60 1.20 17.82 65649.6
RathbnBr 2175 -13.00 2348 1774 2.39 28.02 9.6 Smiths 1129 27.00 1363 1006 3.57 20.03 1620.0 Oil & Gas Vp 750.00 5.00 816.00 539.00 2.05 15.96 7.1
BnkGeorgia 1743 41.00 2604 1609 2.63 8.74 195.9 SmurfKap € 26.14 0.28 30.31 14.92 2.05 23.90 179.0 Afren 1.79 -0.05 114.22 1.28 - - 9090.3 RavenRuss 43.00 0.25 74.75 37.25 - -3.04 179.6
Record 35.50 -0.25 41.00 29.00 4.23 13.41 93.0 RavenR Prf♦ 127.38 - 146.00 101.50 9.42 - 21.6 Watermn 71.25 - 76.00 50.00 1.40 54.39 9.0
BankIre € 0.35 0.00 0.39 0.07 - 16.41 14644.7 Vesuvius♦ 398.80 11.60 530.00 374.50 4.04 11.22 352.9 Aminex 2.13 -0.03 3.17 0.83 - -25.00 5469.1
S&U 2427.5 -22.50 2520 1775 2.35 15.74 6.3 RavenR Wrt 29.50 -1.50 49.64 25.00 - - 10.0 Wolseley 4207 58.00 4398 2990 1.96 37.99 537.7
BkNvaS C$X 60.22 0.62 73.33 52.60 5.62 11.33 3408.2 BGX♦ 994.60 32.80 1420 780.55 1.84 -50.16 12567.9
Schroder♦ 2838 19.00 3441 2086 2.75 17.42 393.7 Industrial Transportation Safestre 292.50 -2.25 323.25 185.25 2.55 6.01 434.4
BarclaysX♦ 261.45 -1.15 289.90 204.05 2.49 117.08 43554.8
..N/V♦ 2229 22.00 2629 1692 3.50 13.68 32.1 BPX♦ 360.50 9.30 499.25 326.25 7.17 -16.37 47119.3 Tech - Hardware
CanImp C$X 96.69 0.35 107.37 83.10 4.36 10.74 1769.6 BBA Aviat 291.40 2.50 362.10 267.60 3.55 17.30 972.7 Cadogan 10.13 - 13.25 8.25 - -0.61 9.8 Savills 903.00 5.50 991.46 577.00 1.22 21.11 189.8 ARM Hldgs 933.50 15.50 1233 778.50 0.75 44.31 6724.8
SVG Cap 465.40 2.40 535.00 226.00 - 11.61 552.4 Braemar 451.00 1.00 515.00 390.00 5.76 49.18 4.1 SchroderRE 59.25 0.50 63.00 53.25 4.19 5.25 651.7
HSBCX♦ 518.70 -1.00 674.57 482.55 6.26 11.70 40168.6 CairnEng 151.60 2.70 210.00 137.28 - -2.48 1952.0 CSR 899.50 0.50 900.00 550.00 1.02 25.43 2323.5
TullettPre 377.30 2.30 415.90 242.60 4.47 8.06 378.8 Clarkson 2300 20.00 2855 1835 2.61 47.41 23.0 Smart(J) 101.50 1.00 112.40 86.00 2.92 42.17 0.4
LlydsBkgX♦ 77.38 -0.30 89.35 70.90 0.97 42.05 131473.5
Tungsten 72.00 5.00 409.75 52.49 - -2.73 1138.5 Cape 257.50 15.75 327.25 177.00 5.44 14.17 281.2 Laird 381.20 -0.50 413.30 281.50 3.28 18.55 277.0
RylBkC C$X 73.34 -0.36 83.87 68.05 4.18 11.11 3225.0 Eurotunnl € 12.07 -0.02 14.57 8.62 1.45 61.13 648.9 DragnOil 800.50 0.50 803.50 447.50 2.85 12.37 72.8 StModwen♦ 446.60 -5.20 499.40 324.59 1.03 4.21 403.4 Pace 341.00 7.50 520.80 316.34 1.28 9.76 446.8
WlkrCrip 44.50 - 55.00 37.50 3.57 65.15 58.7 Fisher J 1045 12.00 1442 958.50 2.11 13.54 26.7 UNITE Gp 649.00 4.50 706.00 395.60 1.73 5.23 670.7
RBSX 336.80 3.00 414.00 300.30 - -23.49 17096.2 Endeav Int' $ - - 0.60 0.02 - - - SpirentCM♦ 78.25 0.50 98.87 65.95 3.15 86.66 460.6
StandChX♦ 765.00 8.00 1250.18 707.30 7.22 17.02 15567.0 Food & Beverages Flybe Grp 88.00 2.50 135.75 52.00 - -8.00 299.6 EnQuest 33.75 -0.25 122.20 21.50 - -2.95 4677.9 Urban&C 252.25 -2.25 278.00 215.00 0.59 8.22 178.5
..7.375%Pf 115.00 -1.75 128.00 108.50 6.41 - 76.5 AngloEst 558.00 17.00 690.00 521.00 0.54 -43.57 1.8 Goldenpt 131.00 - 370.00 113.80 - -0.70 2.8 Exillon 100.25 -1.50 175.57 90.00 - 6.16 110.1
Tech - Software & Services
OceanWil♦ 810.00 - 1185 790.00 4.94 74.46 45.3
Retailers Anite 125.75 - 129.75 69.25 1.51 39.36 4191.0
..8.25%Pf 127.00 -0.25 141.00 119.50 6.50 - 23.0 AscBrFdX 3202 21.00 3293 2407 1.06 44.87 655.8 ExxonMb $X♦ 75.24 0.17 99.67 66.55 3.64 13.69 19553.5 AA 332.60 -1.70 434.50 273.90 - -144.17 1083.2
TntoDom C$X 52.48 -0.43 57.97 47.75 3.76 12.50 4023.4 Barr(AG) 561.00 -6.50 699.36 515.97 2.01 21.69 30.1 RoyalMail 464.00 -3.00 532.50 388.00 4.31 14.28 3628.7 GenelEgy 355.75 24.25 912.50 276.25 - -4.36 2268.0 AVEVA 2165 102.00 2344 1183.9 1.27 33.35 82.8
UK Mail 386.00 0.25 606.53 370.00 5.57 13.36 6.9 AO World 129.40 2.70 240.00 106.86 - -216.39 437.3 Computcnt 772.00 31.50 802.40 651.67 2.56 8.40 32.5
VirginMoney♦ 424.60 7.60 472.90 278.00 - -1061.50 393.2 Britvic 669.50 8.50 788.00 600.72 3.12 16.63 462.9 GeoPark $ 3.27 -0.24 11.00 2.70 - -3.08 7.2 AshleyL 28.00 0.75 36.00 24.94 7.14 11.13 80.0
Westpc A$X 31.10 -0.48 40.07 29.20 9.33 11.95 5633.6 C&C € 3.55 0.05 4.42 3.16 2.86 -14.60 45.2 GrnDnGas 272.50 3.50 548.50 265.00 - 22.14 39.6 DRS Data 12.50 -0.50 16.50 11.25 - -5.27 1.5
Insurance Brown N 300.30 0.10 400.66 247.19 4.74 14.19 209.6 Elecdata 65.50 - 79.00 64.00 3.05 21.79 5.0
CarrsGroup 155.00 - 178.50 136.00 2.19 11.90 0.3 Admiral GulfKeyst 30.50 0.50 85.00 20.25 - -1.45 3877.7 Caffyns 580.00 5.00 665.00 480.00 3.23 1.75 3.0
Basic Resource (Ex Mining) 1550 8.00 1640 1175.33 2.98 14.77 1025.8 MicroFoc 1305 16.00 1442 836.50 2.34 35.47 361.0
Coca-Cola H 1337 8.00 1497 1051 3.78 21.24 513.7 Amlin 516.00 7.00 533.08 418.20 1.57 11.25 716.8 HellenPet € 4.33 0.03 5.80 3.35 - -5.22 37.2 Card Factor 389.00 15.00 389.90 209.50 - 36.63 359.6
Ferrexpo♦ 61.75 3.25 135.90 47.60 6.80 6.34 321.4 NCC Grp♦ 230.50 1.25 250.00 169.80 1.59 29.39 105.7
Cranswk♦ 1681 -10.00 1730 1181.6 1.94 20.06 12.3 AvivaX 483.80 -3.00 578.68 449.86 3.74 12.66 10660.1 Hunting 518.00 27.60 907.00 376.20 3.81 -32.57 1320.1 Dairy Fm $♦ 6.50 -0.15 10.54 6.42 3.46 19.26 1018.8
IntFerMet# 0.90 0.06 8.35 0.76 - -0.55 562.4 RM♦ 177.00 0.63 185.00 120.00 2.26 11.14 6.5
Dairy Cr 586.00 4.50 618.00 367.39 3.65 39.33 340.5 Beazley♦ 334.70 4.20 346.45 248.50 2.81 11.65 479.8 ImpOil C$X 46.45 0.85 57.96 42.12 1.12 17.65 1292.8 Debenhm 75.70 -5.80 96.80 56.85 4.49 10.30 5236.8
Mondi♦ 1478 14.00 1614.36 919.00 2.01 19.16 1705.0
Devro♦ 289.00 3.00 328.00 230.00 3.04 51.63 152.5 JKX 15.75 - 51.13 10.23 - -0.42 14.9 Sage 515.50 2.00 584.00 346.70 2.35 28.22 5122.0
Vale BRLX 17.92 0.61 29.57 14.77 12.21 -9.70 7681.6 Chesnar 359.75 12.75 364.75 309.25 5.11 14.11 147.8 Dignity 2422 -42.00 2643 1406 0.83 -27.84 77.6 SDL 382.75 3.75 472.00 306.00 0.65 36.35 29.8
Glanbia € 17.61 -0.03 19.59 10.75 0.61 33.44 9.0 DirectLine♦ 353.10 1.90 388.70 283.96 4.08 11.07 4445.5 Lamprell 132.75 -0.75 178.00 93.50 - 10.60 129.3 DixonsCar♦ 431.40 1.20 490.80 339.50 1.22 50.75 6239.7 Telecity♦ 1087 17.00 1250 815.63 1.24 86.37 200.1
Chemicals Grncore♦ 297.30 4.90 359.40 228.50 1.83 20.08 625.9 Eccles prf 129.50 -1.00 146.00 123.00 6.66 - 79.2 Nostrum 489.90 4.60 798.50 370.00 3.46 20.37 218.7 Dunelm 931.50 36.50 970.00 767.00 2.15 19.83 162.2
HiltonFd 432.75 -1.25 500.00 342.25 2.98 17.33 0.5 OphirEgy 96.85 2.85 256.40 80.80 - -2.24 3880.8 TriadGp 36.00 - 42.00 9.25 - 15.50 4.0
Alent 477.00 14.00 493.96 294.56 1.92 22.17 704.4 Hansard 112.50 1.00 116.39 80.00 7.47 18.62 13.6 Findel 178.75 -0.63 265.44 178.00 - -24.83 0.6
Bayer €X 120.95 -0.55 146.45 96.83 1.81 29.38 1557.5 Kerry € 65.40 0.20 71.88 49.30 0.87 22.71 42.1 Hiscox♦ 900.00 8.00 959.00 615.50 2.61 11.05 384.4 Petrofac 892.00 38.50 1203 594.00 4.76 -24.12 2543.5 Halfords 521.00 0.50 563.51 417.10 2.80 15.63 333.9 Telecommunications
Carclo♦ 141.00 - 169.75 80.00 1.88 -4.25 83.2 Nestle SFrX 71.30 0.40 77.00 64.15 2.89 16.42 4738.5 JardineL 1054 19.00 1112 815.00 2.74 20.60 40.2 Lukoil RUBX 2531 11.00 3297.7 1913 2.78 12.97 1038.5 Inchcape♦ 730.50 5.50 906.65 589.50 2.75 19.66 744.1 BTX♦ 437.35 3.70 481.75 351.90 2.61 16.78 15533.6
Croda♦ 2892 42.00 3150 1965 2.26 22.52 377.1 PremFds 34.75 0.75 47.79 26.13 - -1.37 1296.1 Lancashire♦ 652.00 18.00 703.45 506.00 1.35 9.34 1066.6 PremOil 105.30 3.90 354.00 87.00 - -1.12 9647.6 JDSportsF 876.00 - 887.13 392.00 0.78 24.91 121.9 Colt Grp 189.50 - 194.00 113.10 - -13.69 106.2
Elemntis 237.40 5.60 324.10 224.00 2.23 10.32 725.0 REA 265.13 -12.38 444.50 260.00 2.91 55.55 202.5 Leg&Gen♦ 252.70 -1.50 296.02 209.20 4.45 14.72 18570.6 RylDShlAX♦ 1695 41.50 2475.5 1542.5 7.16 12.56 9183.0 Lookers 162.00 -1.20 172.00 117.50 1.75 13.22 556.6 Inmarsat 981.00 45.50 1041.24 653.00 3.17 21.87 2315.9
Syngent SFrX 335.00 11.30 435.20 273.20 3.22 19.96 359.4 SABMillX 3054 36.00 3857 2773 2.32 22.28 2666.5 NovaeGp 849.00 15.00 862.50 516.50 2.92 11.14 54.5 ..B♦ 1706.5 47.00 2580.54 1550 7.11 12.65 8365.0 Marks&Sp 521.50 -2.00 600.00 380.80 3.30 17.65 4059.5 KCOM Gp 94.00 1.50 101.00 78.50 5.36 38.51 461.4
Synthomer 343.80 0.20 364.10 176.64 2.27 23.19 385.5 StckSpirit♦ 196.00 3.00 316.00 172.00 0.90 29.34 338.7 Old Mut 200.20 1.40 241.60 163.80 4.35 13.90 9867.5 Schlmbrg $X 77.37 1.31 110.38 68.01 2.28 23.48 16916.0 MossBros 93.50 -0.50 112.00 77.50 6.84 24.59 6.9 TalkTalk 300.90 2.20 415.10 261.00 4.19 39.16 884.6
Victrex 1796 51.00 2202.55 1542 2.51 18.15 227.4 Tate&Lyl 542.00 4.00 744.50 492.20 5.17 83.38 2447.1 PermTSB 0.06 - 0.10 0.05 - -0.08 0.0 SEPLAT 73.75 2.50 240.25 67.25 12.75 4.94 262.1 Next 7945 15.00 8055 6130 1.80 19.40 625.6 TelePlus 1114 28.00 1507 725.50 3.41 27.72 108.6
TongtHu R 114.98 -1.44 174.93 110.50 3.75 11.73 115.5 PhoenixGrp♦ 843.50 13.50 935.00 693.00 6.33 17.74 638.4 Soco Int 154.00 17.00 436.30 117.00 6.32 -13.30 1028.3 Ocado 342.80 -1.70 478.50 216.80 - 300.44 1310.5
Construction & Materials Unilever♦ 2623 10.00 3087 2397 3.14 21.86 2711.4 TrnCan C$X 45.90 0.40 63.86 41.95 4.65 17.44 2306.4 Pendragn 45.75 0.50 46.17 28.25 1.97 8.01 554.0 Tobacco
PrudntlX♦ 1418 0.50 1761.5 1287 2.60 14.43 5274.0
Alumasc 152.50 2.00 166.73 113.60 3.28 13.18 142.3 ..NV €♦ 35.59 0.03 42.98 28.81 3.16 21.61 15.3 Tullow 223.20 18.80 739.50 177.00 1.89 -2.06 9710.0 Photo-Me 146.25 3.25 159.50 107.85 2.93 19.69 55.6 BrAmTobX♦ 3479 14.00 3894 3231.5 4.26 16.15 2740.4
RSA Ins 514.00 -1.00 528.00 391.70 0.39 79.17 5871.2
BalfourB 272.50 5.70 272.50 145.59 2.06 -4.56 2220.4 Saga 203.20 2.60 225.10 143.75 - 23.91 366.5 ImpTobX♦ 3159 24.00 3413 2482.72 4.06 15.82 1957.6
Health Care Equip & Services SagicFin 61.00 -1.50 68.00 55.00 4.17 5.88 2.0 Pharmaceuticals & Biotech
..CvPf 118.75 - 124.50 101.00 8.15 - 33.3 SignetJwl 9208 515.00 9499 6371 0.54 28.12 34.1
Bioquell 141.50 -0.50 155.50 80.00 2.33 141.22 25.0 StJmsPl 915.50 -16.50 1008 637.00 2.55 27.25 24063.9 BTG 631.00 8.50 835.87 556.00 - 70.10 841.6 Travel & Leisure
Boot(H) 240.00 8.25 245.00 170.00 2.33 14.68 88.4 SuperGroup 1467 25.00 1579 750.00 - 26.29 82.0
ConstMed 948.50 6.00 1045 650.00 1.91 62.81 88.3 Stan Life 416.10 -1.30 505.68 362.30 4.39 30.72 5317.8 CathayIn 20.00 -2.25 36.50 16.00 - -20.81 96.3 888 Hldg 162.75 1.25 185.75 118.75 3.13 21.67 733.0
ClarkeT 73.50 -0.50 84.01 37.50 4.22 - 6.2 TescoX 191.35 -0.10 252.52 155.40 5.90 -2.72 25776.0
Costain 388.00 9.75 390.00 263.50 2.45 16.41 101.7 GNStre kr 118.80 -0.10 158.50 113.70 0.74 28.00 482.9 Media Dechra 950.50 12.00 1068 702.50 1.62 37.75 32.7 AirPrtnr 416.75 5.38 470.31 245.00 4.96 15.15 24.1
UDGHlthC 504.50 1.50 551.50 315.20 1.45 14.27 553.6 Genus 1377 25.00 1535 1058.35 1.29 26.37 32.2 VertuMotor 65.25 0.25 67.00 50.50 1.30 13.66 703.9 bwin.party 116.40 1.10 128.00 70.40 3.07 321.55 2549.5
CRH 1922 29.00 2478.5 1220 2.30 7.19 1725.4 4imprint♦ 1101 -39.00 1350 651.00 1.86 25.25 1.4
GalfrdT 1741 20.00 1824 1085 3.04 17.74 215.1 Blmsbury♦ 169.00 -1.75 185.00 140.50 3.47 14.20 22.3 GlaxoSmhX♦ 1340.5 9.50 1645 1247.5 5.97 6.74 8801.0 Support Services Cineworld 590.00 -0.50 599.00 298.40 2.29 19.76 610.3
House, Leisure & Pers Goods HikmaPhm♦ 2275 -2.00 2617 1580 0.61 29.45 402.7 CompassX 1035 12.00 1223.36 924.41 2.61 20.09 4852.6
Keller♦ 982.50 -0.50 1105 742.00 2.56 31.02 76.2 Centaur 85.50 0.25 87.09 56.20 3.04 12.66 64.2 Acal 295.00 -5.00 334.75 180.00 2.43 61.46 26.3
AGARmst 183.25 0.25 185.00 78.44 - -39.68 104.4 Oxfd Bio 8.15 0.15 13.38 3.33 - -20.84 1641.4 EntInns 119.80 1.70 139.60 96.85 - 20.06 292.3
KierGp 1499 44.00 1779 1260 3.84 38.78 176.0 ChimeCm 361.75 -0.25 365.00 239.00 2.32 127.29 228.5 Aggreko 1067 5.00 1726.32 991.00 2.54 14.13 678.6
BarrttDev 639.50 8.50 660.00 357.20 1.61 16.93 3489.8 RichterG $ 15.18 0.07 17.28 12.20 0.77 20.83 0.0 FirstGrp 109.00 2.10 129.90 88.65 - 17.50 1899.1
Kingsp € 21.82 0.12 24.00 11.03 0.72 28.64 17.9 Creston♦ 148.00 1.50 157.85 108.00 2.74 11.89 26.8 APR Engy 76.00 - 599.50 73.43 4.48 -0.13 338.5
Bellway 2489 51.00 2560 1445 2.09 12.86 347.8 ShireX 5025 10.00 5870 3448.28 0.28 15.21 1364.4 Fuller A 1061 -38.00 1235 890.00 1.48 21.04 7.2
LowBonr♦ 67.00 - 83.00 44.25 4.03 17.25 474.1 DlyMailA 821.00 30.50 989.50 699.00 2.48 11.17 744.0 AshtdGp♦ 945.50 8.00 1231 838.00 1.30 15.73 2864.5
Berkeley♦ 3372 48.00 3570 2033 5.34 10.77 460.4 VecturGp 172.00 1.80 183.75 113.25 - 191.32 528.2 Go-Ahead 2531 -48.00 2745 2184 3.34 16.34 91.2
Marshlls 335.00 18.50 338.73 184.00 1.79 27.31 1590.5 HaynesPb 122.50 - 192.00 110.00 6.12 14.14 2.1 AtknsWS 1468 5.00 1580.34 1225 2.33 17.19 129.4
BovisHme 1103 10.00 1206 723.00 3.17 13.53 308.9 GreeneKg♦ 821.00 - 891.00 712.00 3.50 20.22 468.8
MorgSdl 821.00 7.00 865.00 570.00 3.29 -24.02 19.2 ITE Grp 150.50 1.00 211.90 125.00 4.92 12.03 766.8 Real Estate Babcock 969.00 16.00 1207 908.50 2.26 18.41 864.8
CrestNic 553.00 13.50 587.92 291.98 2.59 12.37 326.1 IrishCtl € 4.39 -0.12 4.70 2.63 2.32 12.44 4.8
Norcros 20.25 -0.50 22.76 14.69 2.59 15.58 310.1 ITV 250.20 0.20 281.90 192.10 1.88 19.22 9076.4 Berendsen 998.00 12.50 1161 895.50 3.01 19.60 297.3
GamesWk♦ 556.00 -27.00 624.50 487.25 9.35 14.53 35.6 Harworth Gr 11.25 0.13 14.00 5.35 - 2.72 1540.7 Ladbrokes 100.00 -0.20 147.00 95.70 8.90 -38.28 5716.0
StGobn €X 40.97 0.22 44.84 29.51 1.47 28.26 1467.2 JohnstnP 100.75 -1.50 7830 94.69 - -210.33 13.7 Brammer 304.25 6.50 432.75 265.00 3.52 42.46 240.4
Gleeson 437.00 0.38 465.00 324.66 1.37 13.66 3.7 REITs MandarO $♦ 1.50 - 1.84 1.45 4.49 19.36 47.8
Tyman♦ 285.00 4.00 342.00 228.25 2.81 41.33 176.7 News Corp A $ 13.63 -0.17 17.80 12.67 - -54.35 3662.6 Bunzl 1739 26.00 1969 1517 2.04 25.48 815.7
Headlam 478.00 5.75 512.00 390.00 3.66 15.89 26.6 Assura 51.00 -2.00 62.25 43.50 3.63 10.85 1403.1 Marstons 151.80 -1.40 174.40 134.50 4.41 -32.14 1199.8
NewsCpB $ 13.83 -0.19 17.44 12.62 - -55.14 1245.0 Capita 1236 3.00 1336 1000.5 2.36 33.51 1186.2
Electronic & Electrical Equip McBride 118.00 - 125.00 74.00 - -12.65 2086.6 BigYellw 674.00 -3.00 720.00 479.40 2.79 9.38 164.0 Carillion 341.30 3.00 371.40 294.03 5.20 27.28 2892.1 Natl Exp 296.00 1.00 324.80 213.40 3.48 18.34 694.1
Persimn 2103 43.00 2156 1247.08 - 14.60 1339.7 Pearson♦ 1133 27.00 1517.42 1051 4.50 48.53 2621.7
Dialight 631.50 83.50 960.00 398.00 2.38 33.79 80.3 BritLand 820.00 -4.00 891.50 649.00 3.35 5.18 2869.5 Comnsis 47.75 0.75 68.25 44.65 4.19 -6.56 61.2 PPHE Htl 660.00 9.00 665.00 420.58 2.68 10.06 31.0
Philips € 22.92 -0.19 28.00 20.69 - 95.17 3079.9 Quarto 204.00 6.50 239.00 136.66 4.06 7.93 1.8
e2v Tech 230.50 -1.25 268.00 145.44 1.95 21.27 4016.9 Cap&Reg 66.50 -0.50 70.05 46.25 1.43 4.04 409.6 ConnectGp 154.25 -5.50 191.45 128.02 6.09 12.09 173.4 Rank Gp 252.40 3.70 268.00 151.90 1.78 20.89 107.3
PZCusns♦ 316.90 1.90 392.10 288.50 2.47 25.48 328.0 RELX NV € 14.36 0.18 24.17 13.85 - - 3278.3
Halma 755.00 5.00 786.50 557.50 1.52 27.48 531.4 Countrywd 522.50 17.50 608.00 404.30 2.87 26.02 348.0 DCC 4859 74.00 5320 3050 1.64 31.95 227.5 Restaurt 666.50 -12.00 748.70 607.00 2.31 23.80 1050.2
ReckittBX♦ 5757 24.00 6300 4895 2.41 24.46 1199.6 RELX PLCX 1045 10.00 1199 921.50 2.39 98.33 4004.9
MorganAd 335.00 3.10 375.84 258.10 3.25 57.96 352.6 DrwntLdn 3609 -10.00 3818 2615 1.10 5.00 186.9 DeLaRue 489.75 8.25 779.00 445.03 7.45 14.64 143.1 Sportech 63.00 0.50 79.50 47.00 - -1.50 8.1
Redrow 481.90 11.00 497.00 248.64 0.62 12.57 351.2 STV Grp 450.00 5.00 494.00 322.00 1.78 13.75 12.2
OxfordIn 840.00 0.50 1114 671.58 1.52 -76.14 149.1 Gt Portld 828.50 - 883.50 600.04 1.07 5.62 496.5 Diploma 726.00 17.00 916.50 631.00 2.34 22.17 94.6 Stagech♦ 362.90 3.20 437.90 331.60 2.70 15.03 829.0
TaylorWm♦ 201.30 4.20 207.40 104.60 0.77 15.84 22762.8 ThmReut C$X♦ 51.18 -0.46 54.47 39.45 3.38 16.16 1239.8
Renishaw 2165 23.00 2672.9 1520 1.96 12.93 46.5 Green Reit € 1.50 0.01 1.70 1.21 - - 26.2 Elctrcmp 183.50 2.70 263.10 170.50 6.40 11.51 593.9 ThomasCook 107.20 0.50 162.20 99.05 - -27.67 3651.7
TedBaker 3066 68.00 3438 1768 1.16 37.84 33.1 UTV Med 172.50 4.50 222.00 137.00 4.20 30.84 57.4
Spectris 1824 34.00 2420 1606 2.55 16.89 153.1 Hammersn♦ 628.00 -1.50 708.00 537.00 3.25 7.25 2556.3 EnergyAst 526.00 -23.50 640.00 375.00 - 19.77 5.4 TUI 1156 -33.00 1294.78 996.74 - 64.62 3184.3
WPPX 1351 14.00 1616 1091 2.83 13.96 4314.2
TT Elect 159.00 -3.75 164.00 96.00 3.46 -81.41 579.5 Industrial Engineering Hansteen 115.00 0.50 128.95 98.70 4.35 5.67 3180.8 Essentra 852.50 5.50 1069 624.50 2.15 30.51 473.0 Whitbrd 4797 21.00 5475 3767 1.51 23.65 765.7
XP Power 1600.5 -24.50 1750 1340 3.87 15.90 91.6
Bodycote 641.00 13.50 797.59 542.50 2.25 20.52 430.3
Mining HIBERNIA 1.33 0.01 1.39 1.03 - - 1533.7 Experian 1109 18.00 1264 909.95 2.33 21.66 2598.8 Willim H 360.00 0.30 432.10 333.40 3.39 17.98 3664.0
Acacia♦ 239.30 -4.40 318.90 191.70 1.12 23.94 832.8 Highcrft 1025 - 1090 795.00 3.51 18.78 0.0 Grafton 749.00 31.00 868.00 570.00 1.44 19.41 1178.1
Financial General Castings 430.00 4.50 480.00 360.00 3.03 13.52 10.0
INTU 323.00 -1.50 376.50 305.50 4.24 16.89 3094.8 Utilities
Fenner♦ 170.75 1.75 367.50 156.00 7.03 828.88 608.8 AngloAmer♦ 741.00 14.70 1603 649.30 7.36 -2.14 10219.7 HarvyNah 97.75 -2.75 112.00 66.32 3.41 13.57 0.3
3i 491.80 -4.20 571.50 343.61 3.25 6.74 1523.9 LandSecs 1252 -9.00 1363 988.50 2.52 4.11 1687.4 Centrica 243.20 1.80 327.00 234.40 5.55 -24.47 16771.0
Goodwin 2379.5 59.50 3698 2120 1.78 11.40 0.5 AngloPacif 85.75 0.75 165.25 74.75 11.90 -2.04 401.2 Hays 159.70 1.60 173.70 108.15 1.65 23.73 4831.6
AberAsM 318.90 3.60 509.64 291.90 5.64 14.05 4531.9 LondonMtrc 162.30 0.10 173.20 132.30 4.31 6.36 886.7 DeeVally 1405 5.00 1450 1135 4.45 18.65 0.5
Hill&Sm 717.00 7.00 734.00 520.00 2.51 27.83 15.5 AnGoldA R 106.79 1.56 183.95 71.59 - -174.96 1980.3
Homesve 420.90 3.40 447.84 312.00 2.89 23.26 190.5
Ashmore 262.70 3.00 355.90 249.00 6.26 12.57 931.0 McKaySec 265.88 2.25 275.00 215.00 3.23 7.49 5.4 Drax 292.60 4.40 664.00 246.00 4.07 6.85 1589.1
IMI♦ 1038 23.00 1454.55 965.50 3.62 16.04 877.9 Antofagasta 609.00 -2.50 811.50 519.50 2.24 39.56 5723.6 HowdenJny 481.60 -0.40 532.00 309.00 1.74 20.50 1832.5
BrewDlph 283.40 2.60 361.00 236.80 3.49 43.07 157.0 MucklGp 498.50 3.50 510.00 421.00 4.06 5.80 13.1 Natl GridX 860.10 8.50 965.00 806.40 4.91 16.12 6910.8
MelroseInd♦ 267.00 5.50 314.78 242.70 3.11 41.78 3329.7 ..5%Pf 0.60 - 0.60 0.60833.33 - - Intserve 584.50 8.00 878.50 487.20 3.93 15.89 271.5
Canaccord♦ 270.00 - 695.00 270.00 3.77 -14.83 0.7 PrimyHth 411.25 - 421.25 324.00 4.80 11.53 212.4 Pennon♦ 770.50 40.00 925.00 714.50 3.89 24.61 1679.1
Renold 71.75 0.13 86.00 49.00 - 29.10 1382.8 AquarsPl 8.35 0.16 24.25 5.53 - -3.55 3344.8 Intertek 2536 3.00 2844 2141 1.94 21.53 512.7
CtyLonInv 325.75 -4.50 380.37 251.25 7.91 15.28 21.6 Redefine 52.75 -1.05 59.90 48.00 6.07 5.21 898.3 UtdUtils 855.00 4.00 1045 784.00 4.28 21.54 1573.5
Rotork♦ 209.10 8.70 289.00 188.10 2.40 18.22 3676.9 Barrick C$ 9.15 -0.29 20.03 8.60 2.13 -3.06 4738.4 Latchways♦ 720.00 - 1040 705.01 5.50 19.01 2.9

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 404.00 15.00 500.00 351.00 6.56 15.91 82.9 Insurance Egdon Res 12.38 0.13 25.93 6.24 - -7.93 55.1 LXB Retail 80.25 -0.25 149.00 77.00 - - 781.9 Tech - Hardware
Cohort♦ 382.50 9.50 390.00 195.40 1.15 27.84 38.3 Share 28.75 1.25 41.68 26.75 2.16 305.85 93.4 Gable 26.00 1.00 84.00 16.75 - -7.28 196.3 Enegi Oil 0.63 - 4.14 0.58 - -0.24 32.5 NewRiver 339.25 9.75 342.00 271.00 2.51 18.35 442.7 AminoTech 159.50 - 171.00 75.24 3.13 14.20 42.8
ShoreCap 407.50 -7.50 431.50 400.00 2.21 19.60 0.5 Helios 192.50 2.50 200.00 120.00 0.78 15.74 5.5 EuropaOil 4.88 - 10.75 4.50 - -6.92 167.0 Palace Cap 380.00 17.50 405.00 295.00 2.24 4.74 167.0 IQE 23.50 0.50 26.50 12.08 - 97.51 480.5
Banks STM Group 49.50 - 55.90 16.50 - 29.78 14.6 FalkldO&G 23.75 0.75 45.00 16.75 - -51.19 1241.1 PnthrSec 352.50 -5.00 375.00 300.00 3.40 13.51 2.7
BCB Hldgs 7.50 - 13.50 6.00 - -1.27 13.9 WH Ireland 108.50 - 130.00 79.00 1.84 41.75 3.9 Media GETECH 56.00 - 71.70 32.00 3.93 8.49 37.0 PSPI 31.00 0.50 31.00 23.00 - -5.74 1.2 Tech - Software & Services
STB♦ 2905.5 52.50 3024 2257 2.34 21.11 0.5 Avesco 220.00 14.50 233.00 95.00 2.73 15.33 97.3 Infrastrata 1.38 - 8.88 1.38 - -1.20 767.6 SiriusRE € 0.49 - 0.53 0.28 2.18 10.50 1593.7 Blinkx 23.75 0.50 45.00 14.75 - -6.80 2351.5
Food & Beverages Cello Gp 94.00 - 106.70 81.00 2.56 35.70 3.6 Iofina 18.50 1.25 65.56 15.00 - -5.52 284.5 SumGermny € 0.91 - 0.99 0.50 2.06 3.62 4.9 BondInt 123.50 - 148.25 83.00 1.78 23.91 21.3
Basic Resource (Ex Mining) FinsbryFd 99.00 - 101.98 56.00 1.01 13.27 163.6 M&Csaatc 330.50 1.00 395.00 249.75 1.71 -1394.51 23.2 Brady 99.25 0.75 110.13 64.00 1.71 177.87 252.5
Ithaca Engy 35.25 0.50 137.50 26.25 - -6.58 4071.8 TaliesinPr 2335 22.50 2545 1750 - 8.46 0.0
CropperJ 515.00 11.00 570.00 355.00 1.53 25.60 1.9 Nichols 1395 -10.00 1459 834.56 1.61 24.16 23.0 MissionMk 44.50 -0.50 51.00 37.00 2.25 8.80 28.9 Datatec 355.00 5.00 369.66 261.25 3.10 14.87 0.6
KBC Adv 114.00 - 130.31 77.00 0.88 20.60 76.7 Winkworth♦ 155.00 - 180.00 115.00 3.81 13.14 6.7
PureCircle 400.00 - 635.00 352.24 - 311.53 77.1 Next15Cm 184.50 - 198.00 117.00 1.50 119.34 16.7 DDD 2.63 -0.13 5.00 1.25 - -2.73 114.6
Chemicals Max# 0.16 - 1.35 0.08 - -0.08 634.1
Retailers
RealGdFd 50.50 -0.50 59.40 23.00 - 59.41 26.8 YouGov 117.50 - 133.00 98.50 0.68 211.33 4.0 PetrelRes 2.50 - 7.45 2.00 - -1.09 20.0 Eckoh 39.25 - 48.50 33.00 0.79 46.39 5.5
Scapa 194.00 - 225.25 120.00 0.52 31.27 374.1
Wynnstay 577.50 2.50 607.25 474.52 1.77 16.27 10.5 Petroceltic 53.50 7.25 224.00 42.75 - -0.58 221.3 ASOS 2994 -6.00 4259 1742 - 68.83 665.7 EgSoltns 63.50 - 84.00 62.00 - 18.03 3.2
Construction & Materials Mining Koovs 67.50 - 171.00 60.00 - - 1.3 Iomart♦ 244.25 3.75 284.25 159.93 0.72 29.63 154.6
Health Care Equip & Services PetroNeft 4.15 - 6.65 3.60 - -5.11 55.0
Abbey 1012.5 - 1050 800.00 0.79 7.55 0.1 AMC 14.00 - 44.58 2.85 - -69.31 1414.4 Majestic 439.75 17.75 480.00 280.00 3.64 21.59 445.2 K3BusTc 271.00 3.50 275.00 205.00 0.46 30.07 1.3
Advnc Med 150.00 2.00 161.00 111.00 0.42 24.66 210.5 Plexus 197.38 0.38 267.32 165.00 0.56 31.77 24.3
AccsysTch 70.50 -0.50 81.50 0.93 - -6.95 4.2 BotswanaD 0.80 - 4.15 0.72 - -1.71 48.7 StanlGib 214.00 1.50 322.00 206.00 3.39 53.82 56.8 OMG 41.00 - 49.00 26.00 1.22 118.16 1.2
AVO 8.00 0.63 16.90 3.50 - -10.67 1942.0 PresidentEn 10.38 0.13 39.48 9.00 - 4.62 52.1
Aukett 6.63 - 9.50 5.76 3.17 8.69 25.4 CentAsiaM 156.00 5.00 198.00 135.16 6.73 4.41 10.0 Progility 3.13 - 10.10 2.75 - 3.31 10.0
CareTech 247.50 - 263.25 190.00 3.23 11.67 7.8 Rockhop 55.25 3.75 95.50 40.00 - -10.80 922.8 Support Services
Connema 1.38 -0.13 3.81 0.25 - -2.39 490.0 Pub Tech 138.00 - 240.00 120.00 - -4.25 5.0
Sound Oil 16.75 0.63 26.73 8.75 - -12.25 1204.4
Electronic & Electrical Equip ImmunDiag 306.00 - 478.00 264.40 2.78 38.29 3.0 C'royG&NR 0.65 - 1.60 0.50 - -7.07 509.9 AndSyks 340.00 - 385.00 260.00 7.00 15.43 0.2
SciSys 64.00 - 96.75 38.50 2.34 8.82 39.1
SphereMed 13.25 - 31.00 12.00 - -1.49 11.9 TowerRes 0.17 - 0.88 0.09 - -0.16 4997.6 Augean 57.50 0.50 62.00 37.65 0.61 12.75 66.8
CeresPow 8.63 0.05 10.93 6.50 - -6.27 68.2 GrekaDrill 5.73 0.08 16.80 5.32 - -6.18 20.0 WANdisco 176.00 - 545.00 170.30 - -1.72 68.9
Tristel 94.00 - 107.99 65.00 1.72 23.43 42.7 TrinityE 3.60 - 93.57 2.92 - -0.04 211.5 Begbies 42.75 -0.13 54.76 38.50 5.30 16.71 18.1
Densitrn 8.50 - 9.75 3.50 - 293.10 3.8 Herencia 0.14 - 0.49 0.12 - -1.73 1536.0
UnJackOil 0.17 - 0.48 0.14 - -4.25 1990.2
ElektronT 6.75 -0.38 8.70 3.25 - 67.50 201.0 House, Leisure & Pers Goods HighldGld 49.00 - 71.50 17.73 10.82 -9.96 252.8 Christie 131.00 - 162.00 115.00 1.34 14.57 22.3 Telecommunications
VictorOil 50.75 - 89.05 1.21 - -1.47 279.3 Empres 71.00 -0.50 91.50 38.13 0.49 9.43 63.8
FlowGp 13.13 -0.13 50.00 12.20 - -3.33 318.9 KarelianDd 1.05 0.13 2.08 0.80 - -15.00 2591.5 AltNetwks 485.50 -4.00 545.00 415.00 2.99 26.21 7.1
Airea 20.00 0.50 20.80 10.25 3.00 13.04 51.0 VolgaGas 55.50 - 121.00 54.00 4.33 5.46 57.5 Hargreaves 336.00 -2.25 794.00 280.00 7.59 3.57 68.3
LPA♦ 63.50 0.50 112.00 60.00 2.44 56.10 3.0 KEFI Min 0.75 - 1.80 0.67 - -1.86 1091.6 AvantiCom 241.75 33.75 325.00 170.25 - -4.31 264.8
Churchll 552.50 12.50 630.00 460.00 2.91 17.14 2.1 Hydrogen 53.00 - 90.25 48.25 8.68 -126.19 8.1
ThorpeFW 181.50 - 196.00 120.00 1.79 20.08 1.8
gamingrealm 24.00 1.25 41.00 20.00 - -5.13 19.0
OracleC 1.50 - 2.00 0.25 - -7.28 450.0 Pharmaceuticals & Biotech Peoples Op 125.00 - 147.60 120.00 - -55.19 0.5
Zytronic 305.00 2.50 319.00 219.00 3.28 14.91 71.5 RamblMtls 8.75 - 27.40 8.50 - -30.49 46.3 Abcam 578.50 -3.50 614.50 355.25 1.34 32.93 1041.6 Impellam 785.00 10.00 859.60 455.00 0.80 12.82 12.3
Mulberry 900.00 - 969.00 562.50 0.56 -383.47 4.0
ShantaGold 4.63 -0.13 13.00 4.25 - 3.82 115.6 ISG 164.50 - 356.00 140.00 5.74 -6.01 51.4 Travel & Leisure
AllcePharm 57.50 1.75 63.00 31.65 1.63 18.21 180.6
Financial General Portmern 910.00 5.00 960.00 840.00 2.91 14.89 8.3
SierraRut 22.38 0.88 38.00 17.00 - -19.27 222.7 JhnsnSrv 88.00 -1.00 91.00 56.00 1.49 30.34 232.4 CastleStIn 35.25 -0.75 41.25 17.00 8.51 - 5.0
TelfordHms 397.75 1.75 495.00 317.50 2.56 12.20 160.2 Epistem 192.50 - 339.00 175.00 - -6.43 0.4
Ambrian 6.00 -0.13 12.50 5.13 - 18.18 408.2 Sirius Min 16.50 0.25 29.50 6.40 - -32.80 1962.9 JourneyGp 176.50 - 180.47 113.00 1.63 15.29 1.3 Celtic 73.50 - 79.00 72.18 - -19.13 4.1
WalkerGb 223.00 0.50 244.85 151.05 0.86 26.95 70.2 e-Thera 32.38 -0.25 49.40 24.25 - -11.00 7.6
Arbuthnot 1473 1.50 1650 1000.00 1.83 20.23 2.8 SolGold 2.00 0.13 6.65 1.77 - -3.80 1304.1 LonSec 2100 -45.00 2400 1900 2.95 20.31 0.0 ..6%CvPf♦ 65.00 - 80.00 35.00 4.98 - 0.5
GW Phrms 596.00 13.50 708.55 299.11 - -39.13 702.6
Aurora 9.38 0.25 12.88 8.00 - -0.96 1.1 Industrial Engineering Stratex 1.88 -0.10 3.00 1.00 - -3.88 1629.5 Matchtech 562.50 2.50 587.80 495.00 3.56 17.54 5.1 ..Cv Pf 135.00 - 150.00 120.00 - - 16.0
HtchChMd 1795 - 2020 1040 - 1602.68 34.6
BP Marsh 137.50 - 156.75 121.00 2.00 8.14 9.7 Xtract Res 0.25 -0.01 0.49 0.06 - -2.72 44469.8 NewmkSec 3.15 - 4.93 1.66 2.38 6.70 30.0 Dalata 289.00 - 299.00 111.15 - 102.45 0.4
600 Grp 16.75 - 20.89 14.60 - 6.50 5.0 ImmuPhar 41.00 - 67.00 37.00 - -11.94 26.5
BrooksMac 1762.5 -25.50 1900 1300 1.48 28.15 2.5 ZincOx 11.25 - 18.00 6.00 - -0.83 237.9 NormanBr 14.00 - 23.00 8.50 - -1.52 43.3 Dart 453.00 -1.25 500.00 200.00 0.64 20.40 153.5
Molins 76.50 - 141.00 68.01 7.19 -18.65 76.9 ReNeuron 5.38 - 6.50 2.80 - -10.79 2505.7
Camellia 9600 -25.00 10000 8450 1.31 325.74 2.4 NWF 158.00 3.00 165.00 120.00 3.23 12.40 16.1 GoalsSocc 196.50 -1.00 242.00 195.00 0.94 22.10 3.7
MS Intl 171.50 -2.00 201.80 116.00 4.66 20.92 4.7 Sareum 0.22 - 0.68 0.19 - -3.71 3948.5
CaptlMgt 117.00 - 190.00 103.00 - -1.50 0.0 Oil & Gas Optimal Pay 318.00 18.00 575.00 215.00 - 48.64 9704.7 MinoanGp 7.00 0.38 15.73 6.57 - -11.09 356.8
Pres Tech 201.50 -2.50 750.00 180.00 4.17 12.22 14.2 SinclairIS 38.75 -0.25 48.00 23.30 - -14.86 194.9
Fairpoint 158.50 - 170.00 105.66 3.88 24.27 1.6 AlkneEng 22.00 - 40.35 19.50 0.91 9.84 63.4 PennaCns 217.50 - 230.00 116.00 1.61 14.41 2.8 PeelHtls 103.50 - 110.00 75.00 - 22.16 5.1
TP Group 3.75 - 7.40 3.00 - -4.24 31.3 Vernalis 78.25 3.00 85.00 42.00 - -117.67 192.0
Leeds 34.00 - 43.79 30.00 - 8.91 25.0 AmeriRes 26.25 0.75 64.51 19.10 - 16.06 5612.3 Petards 11.63 0.13 15.99 9.75 - 10.48 25.0
MattioliWds 589.50 9.00 594.00 414.00 1.54 26.40 134.7 Industrial General AndesEnrg 22.50 - 49.42 16.50 - -16.61 10.0 Real Estate Utilities
RedhallGp 11.00 - 18.50 8.50 - -0.38 20.0
Miton 24.75 0.25 38.50 18.50 2.18 -7.57 46.2 BahamasP 1.91 -0.13 4.70 1.50 - -8.16 1397.4 ModernWtr 10.50 -0.63 28.98 10.00 - -0.47 16.5
Powerflte 74.25 -0.75 80.00 35.00 1.41 46.18 55.3 Conygar 171.25 -1.75 195.00 160.00 1.02 8.68 16.8 Renew 324.50 - 348.00 237.00 1.54 18.81 61.3
MAB 300.00 -2.50 309.26 160.00 - 31.29 0.6 BorSthnPet 3.48 0.75 13.90 2.07 - -6.75 3236.1 RenEnGen 46.50 - 68.00 46.00 4.73 -32.49 2.1
RM2 65.00 - 77.00 46.00 - -6.83 27.1 FltchKng♦ 45.00 -0.50 65.00 38.00 6.67 6.26 0.3 Restore 242.50 0.50 289.00 211.00 0.87 40.45 128.5
Numis 243.50 -2.25 280.00 196.09 4.31 18.49 6.1 Circle Oil 5.13 0.13 28.70 4.75 - -0.84 1159.6 Rurelec 1.48 - 6.48 1.32 - -2.81 263.5
Symphny 7.50 - 11.22 6.50 - -32.05 75.9 InlandHms 68.88 0.13 74.00 45.00 0.87 21.78 265.8 SafeCharge 260.00 2.50 297.00 205.00 0.71 39.08 49.6
Park Grp♦ 71.00 4.00 77.50 47.00 3.59 15.43 168.0 ClontarfEn 0.35 - 1.40 0.26 - -3.80 88.1 SeaEnergy 7.25 - 39.50 7.00 - -1.61 12.4
Lok'nStor 284.00 2.50 300.30 199.17 2.46 120.70 1.5 Servoca 23.00 1.50 26.03 11.00 - 17.11 55.4
Utilityws 164.00 8.50 311.05 142.00 2.44 11.44 304.7

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 103.25 0.50 107.89 102.00 - - - JPMGIConv 95.63 1.63 112.00 90.00 5.88 99.0 -3.4 ScotAmer♦ 244.75 -0.50 276.50 221.99 4.31 237.5 3.1 Albion Ent 90.50 - 91.75 85.00 5.52 98.0 -7.7 Marwyn Val 223.25 - 251.93 196.00 - - -
Price +/-Chg High Low Yld NAV or Pm Edin Inv 681.00 2.50 706.00 565.20 3.47 674.7 0.9 JPM GEI♦ 94.50 - 130.00 86.11 5.19 96.0 -1.6 Scottish In 599.00 6.00 670.00 536.00 2.00 667.0 -10.2 AlbionTech 76.00 -0.50 78.49 71.25 6.58 79.2 -4.0 TerraCat 106.00 0.50 112.00 90.00 - - -
3i Infra 164.60 0.30 189.56 151.00 4.54 - - Edin WWd 439.00 3.00 502.44 332.25 0.46 470.7 -6.7 JPM I&C Uni 361.50 - 370.00 330.06 - 356.5 1.4 ScottMort 248.50 -0.70 283.40 204.00 1.17 243.9 1.9 AlbionVCT 66.00 - 68.65 63.00 7.58 67.1 -1.6
AbnAsianIn 161.25 0.25 213.80 142.50 5.09 168.3 -4.2 EP Global 224.00 0.50 262.10 207.04 1.47 233.8 -4.2 JPM Inc&Gr 104.00 -1.50 115.85 98.50 2.12 110.5 -5.9 ScottOrtll 722.00 6.00 900.00 660.00 1.59 817.7 -11.7 ArtemisVCT 63.50 - 70.52 59.23 6.30 70.9 -10.4 ISDX
AbnAsian 739.50 -9.00 1014 653.77 1.35 829.4 -10.8 Estabmt 145.50 - 188.00 140.00 3.23 198.7 -26.8 JPM Ind 506.50 3.00 605.50 430.00 - 555.8 -8.9 SecTstScot 132.38 0.88 148.00 123.00 3.63 137.6 -3.8 Baronsmd 76.13 - 75.60 69.50 4.60 79.7 -4.5
Euro Ast 1067.5 -5.00 1160 800.00 4.90 1061.4 0.6 JPM JpSm 230.00 1.63 261.75 184.00 - 275.2 -16.4 Seneca I&G♦ 141.00 - 150.00 131.00 3.97 142.8 -1.3 ..VCT 2 98.63 - 99.00 91.00 4.56 103.4 -4.6 52 Week Vol
AbnJapInv 506.00 8.50 571.00 357.50 0.89 506.6 -0.1
EuroInvT 748.00 -10.50 849.00 659.33 1.87 793.4 -5.7 JPM Jap 270.25 2.00 307.95 195.00 1.04 307.0 -12.0 Shires Inc 230.50 - 261.00 214.00 5.21 238.6 -3.4 ..VCT 3 102.25 - 104.69 94.00 7.33 106.6 -4.1 Price +/-Chg High Low Yld P/E 000s
AbnLatAmIn 52.50 1.25 85.68 44.25 8.10 55.8 -5.9
F&C Cp&I 259.50 - 277.00 231.75 3.82 257.7 0.7 JPM Mid 982.00 5.50 992.00 669.10 1.83 1014.8 -3.2 StdLf Eqt 468.00 -1.00 471.46 362.50 2.99 453.3 3.2 ..VCT 4 94.88 - 94.35 86.75 3.16 99.1 -4.3 ArsenalFC 1587500 - 1590000 1400000 - 68.02 0.0
..Sub 0.25 0.05 2.63 0.10 - - -
F&CGblSmlr 960.00 5.00 1028.92 781.00 0.85 948.6 1.2 JPM O'seas 997.00 10.75 1159 890.95 1.50 1090.4 -8.6 StdLf Sml 327.00 -2.00 340.00 256.00 1.38 354.6 -7.8 ..VCT 5 78.13 - 78.88 72.00 5.12 81.2 -3.8 ShephdNm 1145 5.00 1260 1000.00 2.26 25.40 1.5
AbnNewDn♦ 153.00 2.00 205.23 136.00 2.35 173.4 -11.8
F&CMgdG 149.25 2.25 158.00 130.00 - 148.0 0.8 JPMRussian 292.75 3.75 446.00 223.25 4.44 354.8 -17.5 StrategicEq 231.75 -1.25 241.50 155.90 0.34 214.1 8.2 BSC VCT 88.00 - 91.80 82.00 6.25 96.2 -8.5 Thwaites 109.00 - 132.00 108.00 4.09 9.82 9.7
AbnNewThai 357.63 2.25 489.88 324.00 2.24 424.1 -15.7
AbnSmlCo 215.50 - 229.00 174.00 3.02 251.9 -14.5 F&CMgdI 116.75 1.75 130.00 110.00 4.24 116.9 -0.1 JPMSnrSec 90.00 - 101.00 89.22 - 93.9 -4.2 Temp Bar 1118 9.00 1274 1040 4.19 1150.0 -2.8 ..VCT2♦ 55.00 -2.00 60.50 51.98 8.18 60.5 -9.1
Abn UK 300.00 -0.50 334.75 281.83 3.40 313.4 -4.3 FidAsian 214.75 2.63 285.50 195.50 0.51 243.3 -11.7 JPM Smlr 859.25 1.75 868.00 527.00 1.12 1019.8 -15.7 TempEmerg 416.00 1.60 626.64 370.00 1.74 479.8 -13.3 Crown Place 29.00 - 30.50 27.75 8.62 28.1 3.2
Abf Gd Inc 201.75 -0.25 212.00 138.25 3.64 220.9 -8.7 FidChiSpS 121.00 0.40 179.78 105.06 0.95 145.3 -16.7 JPM US Sml 169.00 0.50 193.75 135.77 - 178.8 -5.5 TRIG♦ 100.00 -0.25 109.00 99.00 6.08 - - FrsightSol 103.50 - 106.00 95.00 5.80 108.5 -4.6 Guide to FT Share Service
Abf Sml 1182 2.00 1235 966.00 2.09 1293.1 -8.6 Fid Euro 171.40 0.20 187.50 137.40 1.81 178.1 -3.8 JupUSSmCo 604.25 3.00 704.03 574.28 - 686.3 -12.0 ThreadUKSel♦ 168.50 - 181.78 160.00 2.58 184.4 -8.6 Inc&GthVCT 93.50 - 104.00 88.25 19.25 103.7 -9.8
AcenciADbt $ 1.56 0.02 114.00 1.53 3.96 1.7 -8.2 Fid Jap 81.38 0.38 88.25 64.00 - 94.5 -13.9 KeystoneInv 1805 9.50 1900 1651.76 2.80 1857.5 -2.8 TREurGth 616.00 2.50 661.00 438.00 1.06 674.6 -8.7 KingsAYVCT 18.00 - 19.50 17.25 5.56 19.9 -9.5
AdvDvpMk 375.88 3.75 483.00 350.00 - 433.6 -13.3 Fid Spec 197.50 -3.25 217.00 159.37 1.67 - - Law Deb♦ 482.25 -5.00 545.50 452.50 3.26 457.3 5.5 TroyInc&G 68.50 0.50 74.71 60.00 3.32 68.1 0.6 Maven I&G 66.50 0.50 68.00 59.50 6.77 64.9 2.5
Alliance 466.40 5.40 531.50 420.20 2.12 533.6 -12.6 FinsG&I 558.50 4.00 609.36 464.25 2.09 555.4 0.6 LinTrain £♦■ 499.00 1.50 537.00 364.40 1.35 411.2 21.4 UtilicoEmg♦ 161.50 - 206.09 142.94 3.78 178.1 -9.3 MavenVCT2 52.25 - 56.75 49.00 7.37 59.4 -12.0 For queries about the London Share Service pages e-mail
AllianzTech 590.00 1.00 640.43 463.07 - 604.6 -2.4 FstPacfic H HK$ 5.05 -0.11 9.48 4.95 4.10 - - Ln&StLaw 359.00 -1.00 384.00 330.80 3.84 365.8 -1.9 UtilicoInv♦ 111.50 - 128.25 103.00 6.73 157.9 -29.4 MavenVCT3 73.75 - 79.00 70.00 2.71 86.8 -15.0 [email protected].
AltAstsOps 38.25 - 47.00 36.80 - 44.2 -13.5 For & Col 430.00 4.50 467.90 365.00 2.19 460.4 -6.6 Lowland 1382 -7.00 1440 1219 2.75 1360.1 1.6 ValAndInc 240.50 -0.50 274.00 228.50 3.62 304.5 -21.0 MavenVCT4♦ 83.75 -0.75 88.39 80.00 5.97 96.3 -13.0 All data is as of close of the previous business day. Company classifications
Art Alpha 258.13 0.63 306.50 249.50 1.26 318.5 -19.0 Geiger 13.75 - 27.63 12.50 - 16.3 -15.6 M&GHighInc 157.50 -2.50 179.95 148.00 2.92 165.5 -4.8 Witan 759.00 8.00 850.00 642.00 2.06 754.2 0.6 MavenVCT5 35.00 0.25 37.00 32.00 2.86 42.6 -17.8 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 19.00 - 44.73 18.00 6.32 - - GenEmer 448.20 -1.80 583.00 391.70 - 504.2 -11.1 Majedie 256.75 1.25 283.00 206.41 2.92 258.6 -0.7 WitanPac 219.00 3.50 274.75 203.03 2.05 260.3 -15.9 Nthn 2 VCT 69.75 - 88.00 67.25 2.87 74.2 -6.0 100 constituent stocks are shown in bold.
AsianToRt 179.63 -0.25 224.00 163.25 1.81 198.8 -9.6 GFIS 16.50 - 28.39 15.00 - 43.8 -62.3 Man&Lon 236.75 3.75 260.49 219.00 3.16 283.9 -16.6 WorldTst♦ 244.00 7.00 285.25 212.00 0.21 277.0 -11.9 Nthn 3 VCT 90.00 - 104.00 88.00 6.11 95.4 -5.7 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 151.50 - 166.79 144.00 2.51 162.7 -6.9 GRIT 11.13 - 35.00 9.79 - - - MCGlobPort 170.75 1.75 195.00 155.00 2.34 172.9 -1.2 WwideHlth 1909 26.00 2108.5 1355 0.73 1960.0 -2.6 NthnVent 76.00 - 85.36 74.50 7.89 79.8 -4.8 are based on intra-day trading over a rolling 52 week period. Price/earnings
BG Japan 444.75 11.25 493.25 316.50 - 430.5 3.3 GoldenPros 19.75 - 41.04 18.00 - 23.3 -15.2 MCurPac 251.13 2.00 336.00 236.73 2.99 293.5 -14.4 ProVenGI 79.00 - 81.25 76.00 5.06 83.6 -5.5 ratios (PER) are based on latest annual reports and accounts and are updated
Conventional - Private Equity 52 Week Dis(-)
BG Shin 394.75 3.25 424.00 282.50 - 384.9 2.6 Hansa 843.00 6.75 988.00 814.65 2.25 1105.8 -23.8 MercantIT 1722 3.00 1762.96 1316.55 2.32 1897.2 -9.2 ProVenVCT 94.38 -0.13 97.89 89.50 4.77 100.5 -6.1 with interim figures. PER is calculated using the company’s diluted earnings
Price +/-Chg High Low Yld NAV or Pm
BSRT 21.00 -0.50 39.80 19.00 - 39.6 -47.0 ..A 812.50 6.00 940.00 795.00 - 1105.8 -26.5 MrchTst 452.00 -3.00 505.58 413.00 5.24 454.4 -0.5 UnicornAIM 133.00 - 135.79 122.00 4.51 153.5 -13.4 from continuing operations. Yields are based on closing price and on dividends
Hend Alt 219.50 0.13 254.00 215.00 1.37 279.8 -21.6 Mid Wynd 318.00 - 352.50 260.07 1.19 319.4 -0.4 AbnPvtEq♦ 83.00 -0.63 96.00 80.88 2.69 121.4 -31.6
Bankers 594.50 2.50 674.50 506.00 2.54 614.5 -3.3 Ordinary Income Shares 52 Week HR paid in the last financial year and updated with interim figures. Yields are
Hen Div 89.88 0.50 95.50 87.50 5.67 89.0 1.0 MitonUKMic 54.25 - 56.25 50.00 - - - Altamir € 10.67 - 11.82 9.43 - 16.1 -33.7
BrngEmEu 481.00 8.00 679.00 432.00 3.95 546.1 -11.9 Price +/-Chg High Low Yld WO GRY 0% shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuroF 1040 5.00 1148.5 816.47 2.25 1014.3 2.5 MitonWw 158.75 -0.25 164.65 149.00 - 172.1 -7.8 Dun Ent 320.00 1.00 408.25 305.00 1.47 507.2 -36.9
BH Global 1303 3.00 1343.6 1178 - 1372.0 -5.0 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenEuro 847.50 2.00 957.00 678.25 2.06 854.7 -0.8 MMP 3.25 0.13 5.00 3.00 - - - Electra 3250 -10.00 3349.01 2338 - 3626.8 -10.4 JPM I&C 96.25 -0.13 106.00 86.00 6.75 -14.8 -6.5
..EUR € 12.00 - 14.00 11.80 - - - capital changes where appropriate.
HenFarEs 275.00 - 362.00 238.25 6.73 279.3 -1.5 Monks 390.50 -1.10 458.90 348.40 1.01 443.0 -11.9 ElectraPrf 151.00 - 152.05 144.25 - 145.7 3.6 JupiterDv&G 4.25 - 5.50 3.50 17.41 7.4 -31.8
..USD $ 12.80 - 13.35 11.70 - 13.5 -5.2 Trading volumes are end of day aggregated totals, rounded to the nearest
HendGlob 370.38 3.38 416.81 336.20 2.70 414.9 -10.7 MontanSm 508.00 5.50 544.00 390.50 1.38 562.2 -9.6 F&C PvtEq 219.50 1.50 230.00 197.00 4.94 283.8 -22.7 M&GHI&Gt 59.00 - 67.00 55.00 - -15.2 -18.0
BH Macro 2065 5.00 2191 1946 - 2174.0 -5.0 1,000 shares.
HenHigh 180.50 1.13 195.25 156.50 4.82 175.4 2.9 Mur Inc 695.00 5.00 796.60 646.50 4.72 730.1 -4.8 GraphEnt 589.50 -0.50 605.00 536.10 1.27 689.2 -14.5 Rghts&Icp 4800 32.50 4900 3800 - -79.4 0.2
..EUR € 19.96 0.09 21.10 18.88 - 21.0 -5.0
HenInt Inc 118.75 1.38 137.69 103.00 3.62 116.4 2.0 Mur Int 845.50 12.50 1123 787.96 5.32 854.0 -1.0 HVPE $ 13.35 - 13.85 12.04 - 16.3 -18.1 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.80 0.09 21.10 18.80 - 20.9 -5.3 Income Shares 52 Week HR
Hen Opp♦ 1010.5 4.50 1059.1 755.00 1.24 1054.7 -4.2 ..B 750.00 - 1445.47 650.00 - 853.2 -12.1 HgCapital 1085 3.00 1169 1006 2.95 1300.1 -16.5 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 790.00 20.50 898.92 492.52 - 802.3 -1.5 Price +/-Chg High Low Yld WO GRY 0%
HenSmlr 664.50 2.50 696.00 468.13 1.73 733.0 -9.3 NB DDIF $ 1.16 - 1.25 1.00 - - - JPM Pvt Eq $ 1.00 0.00 1.07 0.76 - 1.3 -23.1 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom 62.50 - 119.88 55.25 9.62 61.9 1.0 JPM In&Gr♦ 95.25 - 100.50 90.15 4.62 -70.0 11.2
Herald 689.00 -7.00 742.50 594.00 - 851.9 -19.1 NewCtyEgy 12.75 - 37.00 10.50 - 18.3 -30.3 JZ Capital 434.00 -1.50 480.00 390.00 - 686.1 -36.7 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 183.13 3.88 247.00 164.58 1.27 215.7 -15.1 M&GHghIc 58.00 0.25 63.00 51.00 - -15.2 -14.7
HICL Infra♦ 151.40 0.20 161.40 140.10 5.96 136.3 11.1 ..Sub 0.13 - 0.15 0.06 - - - Mithras 134.00 - 151.91 130.00 0.75 162.6 -17.6 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 102.63 -1.25 133.28 95.25 4.05 107.5 -4.5 Rghts&I♦ 1075 - 1245 895.00 3.35 - 45.6
Impax Env. 142.13 1.25 167.75 136.00 0.99 164.1 -13.4 NewCityHY 59.00 2.00 66.50 52.00 7.17 56.5 4.4 NB PE Ptnr $ 11.53 0.10 12.20 10.80 - - - in pence.
BlckRGtEur 244.00 2.00 264.50 201.75 1.93 251.5 -3.0
Ind IT 349.00 - 364.00 268.50 1.43 362.0 -3.6 NewIndia 311.63 7.63 371.30 263.00 - 344.6 -9.6 Nthn Invs 556.50 10.00 665.00 385.25 1.80 526.7 5.7 Capital Shares 52 Week HR
..Sub 12.63 0.75 25.63 8.75 - - -
Intl PP 135.80 0.40 140.59 130.34 4.64 128.6 5.6 New Star IT 72.50 -1.00 77.91 65.45 - 107.8 -32.7 Pantheon 1270 5.00 1355 1140 - 1562.6 -18.7 Price +/-Chg High Low SP WO TAV 0% X FT Global 500 company
BlckR I&G♦ 177.50 0.50 193.00 158.01 3.21 182.1 -2.5
InvAsTr 166.50 1.50 213.58 147.00 2.07 186.9 -10.9 NorthAmer 782.50 8.25 906.45 729.50 3.64 858.8 -8.9 PantheonR 1235 - 1300 1058 - 1562.6 -21.0 JPM Inc&Gr 10.75 0.25 15.19 9.00 4.3 -2.1 3.6 ♦ trading ex-dividend
BlckRIncStr 134.75 0.75 140.50 119.25 4.79 134.4 0.3
Inv Inc 292.00 3.00 305.00 255.00 3.42 298.9 -2.3 NthAtSml 2020 11.00 2050 1625.86 - 2546.0 -20.7 PrincssPE € 7.57 0.07 8.12 6.50 6.91 9.1 -16.8 M&GHghIc 2.98 - 5.39 2.00 13.6 12.5 - ■ trading ex-capital distribution
BlckRckLat 298.25 5.50 508.45 267.02 6.44 348.5 -14.4
InvPerp 71.75 0.13 79.00 70.00 6.97 69.5 3.2 Oryx Int 547.50 - 565.00 375.00 - 638.9 -14.3 Riverstone 855.50 -13.50 1114 822.00 - 1064.7 -19.6 # price at time of suspension from trading
BlckRckNrAm♦ 109.50 1.50 124.50 98.75 3.65 117.2 -6.6 Zero Dividend Preference Shares 52 Week HR
IPST BalR 118.00 -0.75 123.00 114.00 - 114.9 2.7 PacAsset 185.25 1.25 226.15 156.25 1.40 184.7 0.3 StdLfEuPv 205.25 - 236.42 198.00 2.44 262.0 -21.7
BlckRSmlr 925.50 - 969.39 697.00 1.39 1028.8 -10.0 Price +/-Chg High Low SP WO TAV 0% The prices listed are indicative and believed accurate at the time of publication.
BlckRThrmt 334.25 -3.25 351.79 238.00 1.32 383.8 -12.9 IPST Gbl Eq 156.50 1.00 172.00 138.00 2.94 152.6 2.6 PacHorzn 156.50 5.25 223.77 142.50 0.89 179.4 -12.8 Conventional - Property ICs 52 Week Dis(-) Abf Gd Inc 150.75 -0.38 153.25 143.25 -45.5 - 159.7 No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRWld♦ 220.00 10.50 483.85 202.00 9.55 243.8 -9.8 IPST Mngd 102.25 -0.25 104.00 100.75 - 103.2 -0.9 Perp I&G 411.50 6.50 431.00 350.81 2.94 401.5 2.5 Price +/-Chg High Low Yld NAV or Pm EcofinWatr 154.13 - 155.10 149.75 -69.1 -87.0 160.7 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 189.40 -0.10 194.60 183.20 - 201.2 -5.9 IPST UK Eq 162.50 2.00 174.39 143.00 3.78 162.6 -0.1 PerAsset 33850 -147.00 36313.1 33436 1.65 33861. 0.0 Direct Property JPM I&C 174.00 - 175.00 165.50 -19.2 - 192.1 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp 470.50 4.50 557.08 444.40 2.23 537.3 -12.4 InvPpUK♦ 377.50 1.75 390.46 281.00 1.72 400.2 -5.7 2 JupiterDv&G 111.00 - 114.00 99.50 -6.0 -98.5 127.8
AseanaPr $ 0.55 - 0.58 0.43 - 0.6 -8.3 or use of the information.
Brunner♦ 517.50 0.50 584.12 486.00 2.32 599.1 -13.6 Invs Cap A 92.50 - 102.00 87.00 4.84 96.9 -4.5 PolarFins 106.25 3.00 112.84 92.00 2.92 109.9 -3.3 JZ Capital 357.50 - 358.90 342.50 -86.1 -97.6 369.8
AXA Propty 48.88 4.13 49.01 39.45 - - -
Calednia 2314 -7.00 2517.66 2104 2.14 2710.0 -14.6 Invs Cap B 93.50 - 103.00 87.03 1.23 96.9 -3.5 ..Sub 7.25 -0.25 13.00 5.00 - - - M&GHghIc 114.38 - 115.29 110.01 -19.3 -95.1 122.8 The London Share Service is a paid-for-print listing service and may not be
CustdnREIT♦ 107.88 0.25 111.50 104.00 3.48 - -
CanGen C$♦ 18.80 -0.10 22.00 17.08 2.88 25.3 -25.7 Invs CapU 373.00 - 404.95 347.00 - 387.6 -3.8 PolarHealth 173.50 - 187.50 142.50 2.05 182.6 -5.0 UtilicoFn16 184.63 - 186.00 177.51 -68.3 - 192.8 fully representative of all LSE-listed companies. This service is available to all
F&CComPrp 144.00 -1.50 149.00 123.00 4.17 127.1 13.3
Cap Gear 3235 22.50 3575 3125 0.49 3228.8 0.2 JLaingInf 117.30 0.10 128.60 116.00 5.65 107.6 9.0 PolarTech 564.50 0.50 614.00 458.80 - 566.6 -0.4 UtilicoFn18 139.25 - 146.50 129.00 -20.9 -33.8 160.5 listed companies, subject to the Editor’s discretion. For new sales enquiries
F&CUKRealE 100.75 -0.50 104.50 86.75 4.96 97.0 3.9
City Merch 181.50 0.25 194.00 180.50 5.51 178.7 1.6 JPM Amer 267.20 4.50 296.14 236.05 1.22 272.8 -2.1 ProspJap $ 0.98 0.01 1.15 0.91 - 1.2 -18.3 UtilicoFn20 120.25 - 123.75 103.50 -9.6 -12.4 154.9 please email [email protected] or call 020 7873 4012.
InvistaERET 0.10 - 3.56 0.03 - 4.6 -97.8
CityNatRs 82.00 -1.75 146.00 75.00 6.83 105.7 -22.4 JPM Asn 199.38 3.13 268.92 182.00 1.10 230.1 -13.4 QatarInvF $ 1.24 - 1.49 1.09 - 1.4 -11.4
Longbow 106.13 0.38 106.75 101.25 5.42 - -
City Lon 384.30 3.30 418.35 345.00 3.87 374.9 2.5 JPM Brazil♦ 39.50 0.25 76.49 36.00 2.15 44.5 -11.2 RIT Cap 1547 14.00 1615 1265.55 1.92 1564.1 -1.1
PictonProp 72.50 -0.25 74.75 60.50 4.14 69.7 4.0 Investment Companies - AIM
DexionAb 187.00 - 191.00 167.00 - 195.4 -4.3 JPM China 155.50 -0.75 233.96 136.30 1.03 182.8 -14.9 RobecoNV € 30.38 - - - - - -
SLIPropInc 83.75 -0.50 90.25 74.75 5.55 78.0 7.4 Data provided by Morningstar
..EUR € 2.55 0.03 2.65 2.40 - 2.7 -5.6 JPMElct MC♦ 100.00 - 101.99 97.01 - 101.5 -1.5 RolincoNV € 28.32 - - - - - - 52 Week Dis(-)
UKComPrp 86.75 -0.70 94.00 80.50 4.24 84.3 2.9
..USD $ 3.85 - 3.89 3.60 - 4.1 -6.1 ..MG♦ 590.50 7.50 635.00 507.66 1.20 603.1 -2.1 Ruffer Inv 219.75 1.25 226.00 193.50 - 213.4 3.0 Price +/-Chg High Low Yld NAV or Pm
DiverseInc 91.50 1.00 93.00 73.02 2.57 88.5 3.4 ..MI♦ 99.25 2.75 110.00 92.00 1.71 102.4 -3.1 SchdrAsiaP 253.00 3.00 321.50 226.25 1.09 282.6 -10.5 Property Securities AdFrntMkt 51.75 0.13 65.50 49.00 - 56.9 -9.1
JPM Emrg 533.00 - 674.65 486.00 1.03 611.5 -12.8 Schdr Inc 269.75 2.25 348.25 235.50 3.74 273.7 -1.4 SchdrGlbRe♦ 115.50 -0.50 132.98 98.88 1.88 125.0 -7.6 CrysAmber 155.00 -0.50 170.00 129.81 0.3 161.4 -4.0
Dun Inc 239.00 0.50 275.00 221.50 4.64 250.1 -4.4
JPM EurGth 237.13 0.88 263.00 193.00 2.83 256.4 -7.5 SchdrJap 147.00 2.75 165.00 115.25 1.22 161.3 -8.9 TR Prop 306.50 -1.20 325.00 232.40 2.46 307.2 -0.2 GLI Finance♦ 55.25 -1.38 65.00 51.00 9.0 - -
Dun Sml 209.88 -0.13 229.00 171.30 2.50 245.3 -14.4
EcofinWatr 121.00 0.75 176.75 114.75 5.79 144.8 -16.4 JPM EurInc 126.38 0.63 147.50 104.75 2.02 133.8 -5.5 SchdrOrient 176.50 2.50 215.25 154.00 4.33 176.8 -0.2 VCTs 52 Week Dis(-) IndiaCap 58.75 1.50 69.40 46.00 - 71.0 -17.3
JPM EuSm 247.75 0.75 256.00 164.00 1.17 270.2 -8.3 SchdrUK 157.25 1.75 174.00 145.25 3.02 172.1 -8.6
..CULS
EdinDragn
102.00
235.75
-0.25 111.70 102.00
1.75 311.00 212.50
-
0.93
-
268.4
-
-12.2 JPM Clavr♦ 600.50 0.50 645.18 534.51 3.41 621.6 -3.4 SchdrUKMd 483.75 -2.75 504.50 402.49 1.76 525.5 -7.9
Price +/-Chg High Low Yld NAV or Pm Infra India
MMP
20.00
3.25
-
0.13
21.99 10.00
5.00 3.00
-
-
51.4
- -
-61.1
www.morningstar.co.uk
AlbionDev 69.00 - 70.89 66.00 7.25 73.7 -6.4
Tuesday 1 September 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

Artemis Strategic Bond R Q Acc 83.72 88.95 0.15 4.01 CF Seneca Diversified Income B INC 103.96 - 0.66 5.08 EUR Accumulating Class (H) € 9.26 - 0.02 0.00 UK Gilt Bond £ 1.27 - 0.00 1.98 Corp Pens UK Index Tracker £ 1.88 1.88 0.02 -

Artemis Strategic Bond R Q Inc 54.48 57.88 0.09 4.09 CF Seneca Diversified Income N INC 103.00 - 0.65 5.08 EUR Distributing Class € 11.18 - 0.08 2.74 UK Gilt Gross £ 2.02 - 0.01 1.95 Guardian Linked Life Assurance Ltd
ACPI Global UCITS Funds Plc (IRL)
www.acpishard.com Artemis UK Growth R Acc 454.64 481.87 1.75 0.54 Investment Adviser - DSM Capital Partners EUR Distributing Class (H) € 8.96 - 0.02 3.02 UK Long Corp Bond £ 1.36 - 0.01 4.39 Managed Acc £ 17.39 18.30 0.06 -
Regulated The Westchester X $ 27.35 - 0.59 0.00
Artemis UK Smaller Cos R Acc 1109.79 1198.56 4.14 0.49 GBP Distributing Class £ 9.88 - 0.03 2.95 UK Long Corp Bond - Gross £ 2.45 - 0.01 4.23 Equity Acc £ 31.71 33.38 0.25 -
ACPI Emerging Mkts FI UCITS Fund USD A $ 108.43 - 0.26 0.00
The Westchester Class 1 GBP Acc £ 19.24 - 0.52 0.00 Fixed Interest Acc £ 17.00 17.90 0.03 -
Artemis UK Special Sits R Acc 505.17 537.24 2.59 1.62 GBP Distributing Class (H) £ 9.02 - 0.02 2.96 UK Long Corporate Bond Fund - Gross Income £ 10.88 - 0.04 4.37
ACPI Global Credit UCITS Funds USD A $ 13.88 - 0.01 0.00
The Westchester Class 2 GBP Acc £ 19.28 - 0.53 0.00 International Acc £ 12.63 13.30 0.04 -
Artemis US Abs Ret I Acc 104.80 - 0.03 - USD Accumulating Class $ 9.32 - 0.03 0.00 UK Specialist £ 1.82 - 0.01 1.57
ACPI Global Fixed Income UCITS Fund USD A $ 151.07 - 0.07 0.00 Investment Adviser - Morant Wright Management Limited
Artemis US Equity I Acc 108.46 - 0.93 - BlueBay Asset Management LLP (LUX) Dodge & Cox Worldwide Funds plc-Global Stock Fund FIL Investment Services (UK) Limited (1200)F (UK) Retail Share Classes International S-NA Acc £ 6.49 6.83 0.02 -
Q ACPI India Fixed Income UCITS Fund USD A $ 9.85 - -0.01 - Regulated CF Morant Wright Japan A X 264.30 - 8.00 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ
USD Accumulating Share Class $ 15.90 - 0.00 0.00 Emerging Markets - retail £ 1.17 - 0.01 0.07 International S-PA Acc £ 3.92 4.13 0.02 -
Artemis US Select I Acc 110.75 - 0.75 - Callfree: Private Clients 0800 414161
ACPI India Fixed Income UCITS Fund USD A3 $ 84.09 - -0.14 0.00 BlueBay EmMkt B-USD $ 285.98 - 4.14 0.00 CF Morant Wright Japan A Inc X 260.39 - 7.88 0.00
GBP Accumulating Share Class £ 16.98 - 0.01 0.00 Broker Dealings: 0800 414 181 Europe Long Term Growth £ 1.54 - 0.00 1.84 International S-EU Acc £ 3.16 3.33 0.01 -
Artemis US Select I Inc 98.92 - 0.67 -
ACPI International Bond UCITS Fund USD A $ 17.97 - -0.01 0.00 BlueBay EmMktCrp B-USD $ 160.78 - -1.98 0.00 CF Morant Wright Japan B X 280.84 - 8.50 0.53 Authorised Inv Funds
GBP Distributing Share class £ 12.41 - 0.00 0.71 {*}CAR - Net income reinvested
Artemis US Smlr Cos I Acc 117.38 - 1.40 - Managed S-PR Acc £ 6.61 6.95 0.02 -
BlueBay EmMktSel B-USD $ 144.68 - 1.83 0.00 Unit Trust
CF Morant Wright Japan B Inc X 264.83 - 8.01 0.55
EUR Accumulating Share Class € 21.34 - 0.10 0.00 Fixed Interest S-IL Acc £ 6.42 6.76 0.01 -
Artemis US Ex Alpha I Acc 113.23 - 0.91 - Cash Accum Units 186.35 186.35 0.00 0.00
BlueBay EmMkLocCy B-USD $ 134.14 - 1.68 0.00 CF Morant Wright Nippon Yield ACC A X 271.59 - 8.98 2.12
ACPI Select UCITS Funds PLC (IRL) Dodge & Cox Worldwide Funds plc-International Stock Fund FIL Fund Management (LUX) Deposit Accum £ 4.45 4.68 0.00 -
Cash Fund £ 1.00 1.00 0.00 0.13
Regulated BlueBay GlblConv I-USD $ 185.35 - 1.07 0.00 CF Morant Wright Nippon Yield ACC B X 281.27 - 9.31 2.11 USD Accumulating Share Class $ 14.02 - -0.01 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Phone: 800 22 089, 800 22 088 Guardian Pensions Management Ltd
ACPI Balanced UCITS Fund USD Retail $ 13.79 - 0.09 0.00 Gross Accum Cash £ 1.28 1.28 0.00 0.00
Artisan Partners Global Funds PLC (IRL) BlueBay GlblHgYd B-USD $ 131.68 - 0.42 0.00 CF Morant Wright Nippon Yield Fund A Inc X 238.42 - 7.89 2.16 EUR Accumulating Share Class € 14.76 - 0.07 0.00 Regulated Pens. Managed Acc. £ 22.60 23.79 0.18 -
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.13
ACPI Balanced UCITS Fund EUR Retail € 10.41 - 0.06 0.00 BlueBay HgYield B-EUR € 334.61 - -3.24 0.00 CF Morant Wright Nippon Yield Fund B Inc X 246.98 - 8.18 2.15 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
Tel: 44 (0) 207 766 7130 China Consumer A-GBP £ 13.57 - 0.03 0.00 Pens. Equity Acc. £ 33.56 35.33 0.32 -
ACPI Balanced UCITS Fund GBP Retail £ 10.52 - 0.07 0.00 USD Accumulating Share Class $ 17.78 - 0.02 0.00 MoneyBuilder Global £ 2.55 2.55 0.07 0.19
FCA Recognised BlueBay HgYieldCp B-EUR € 141.86 - -1.24 0.00 China Focus A-GBP £ 4.03 - 0.00 0.24
Artisan Partners Global Funds plc OEIC Funds
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - BlueBay InvGr B-EUR € 170.53 - 0.14 0.00 GBP Accumulating Share Class £ 17.96 - 0.04 0.00
Cavendish Asset Management Limited (1200)F (UK) American £ 26.52 - 0.16 0.00 Global Financial Services A-GBP £ 0.43 - 0.00 0.00
Artisan Emerging Markets I USD Acc $ 6.46 - 0.04 0.00 HPB Assurance Ltd
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - BlueBay InvGEurGv B-EUR € 147.21 - 0.02 0.00 Chelsea House, Westgate, London W5 1DR GBP Distributing Share Class £ 11.45 - 0.02 0.51
American Special Sits £ 10.95 - 0.08 0.00 Global Health Care A-GBP £ 0.56 - 0.00 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Artisan Global Equity Fund Class I USD Acc $ 14.80 - 0.04 0.00 IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - BlueBay InvGEurAg I-EUR € 147.58 - 0.06 0.00 EUR Accumulating Share Class € 20.62 - 0.12 0.00 International Insurances
Authorised Inv Funds Asia Pacific Ops W-Acc £ 1.00 - 0.01 - Global Industrials A-GBP £ 0.62 - 0.01 0.00
Artisan Global Opportunities I USD Acc $ 11.97 - 0.02 0.00
Asset Management
ACPI Horizon UCITS Fund $ 13.08 - 0.00 0.00 BlueBay InvGLibor B-EUR € 124.96 - 0.08 0.00 Holiday Property Bond Ser 1 £ 0.49 - -0.01 0.00
Cavendish Opportunities Fund B Class 1084.00 - 7.00 1.37 Global Inflation-Linked Bd A-GBP-Hdg £ 1.16 - 0.01 0.52

Asset Management
Artisan Global Value Fund Class I USD Acc $ 15.60 - 0.01 0.00 Fidelity Asian Dividend Fund A-Accumulation £ 1.02 - 0.00 1.40
HighIncomeLoan H-EUR € 194.59 - -0.40 0.00 Holiday Property Bond Ser 2 £ 0.59 - -0.01 0.00
Cavendish Opportunities Fund A Class 1076.00 - 7.00 0.60 Fidelity Asian Dividend Fund A-Income £ 0.98 - 0.00 2.63 Global Real Asset Securities £ 1.36 - 0.02 0.00
Artisan US Value Equity Fund Class I USD Acc $ 10.77 - 0.10 0.00
Abbey Life Assurance Company Limited (UK) Cavendish Opportunities Fund C Acc 1118.00 - 7.00 1.20 China Consumer £ 1.37 - 0.01 0.07 Global Technology A-GBP £ 0.24 - 0.01 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
BONHOTE Cavendish Worldwide Fund B Class 293.20 - 4.40 0.79 Global Telecomms A-GBP £ 0.28 - 0.00 1.00 Hamon Investment Group
additional fund prices can be found @ www.abbeylife.co.uk Emerging Asia £ 1.09 - 0.01 0.14
Ashmore Sicav (LUX) Other International Funds Other International Funds
Insurances Cavendish Worldwide Fund A Class 292.40 - 4.40 0.07 India Focus A-GBP £ 4.26 - -0.02 0.00
2 rue Albert Borschette L-1246 Luxembourg Emerg Eur, Mid East & Africa H £ 1.33 - 0.01 0.97 Asian Market Leaders - USD $ 23.36 - -0.24 0.00
Life Funds Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6806.00 - 4.00 2.22
FCA Recognised Cavendish Worldwide Fund C Acc 299.80 - 4.50 0.80 Latin America A-GBP £ 1.36 - 0.01 0.21
Dragon Capital Group Enhanced Income - Acc £ 1.83 - 0.01 6.80 Asian Market Leaders - GBP £ 11.84 - -0.12 0.00
Prop. Acc. Ser 2 1539.70 1620.80 0.90 - Ashmore SICAV Emerging Market Debt Fund $ 93.94 - 0.64 7.51 Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10147.00 - -123.00 0.90
Cavendish AIM Fund B Class 160.00 - 1.10 0.36 c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Enhanced Income - Inc £ 1.19 - 0.00 7.12
Selective Acc. Ser 2 1570.10 1652.80 11.20 - Greater China - USD $ 10.07 - -0.13 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 146.01 - 1.25 0.89 Fund information, dealing and administration: [email protected]
Cavendish AIM Fund A Class 155.20 - 1.10 0.00 European - Inc £ 1.41 - 0.00 1.48 Findlay Park Funds Plc (IRL)
American Ser. 4 1612.60 1697.40 38.40 - Other International Funds Greater China - GBP £ 4.12 - -0.05 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 81.17 - 0.38 5.43 Braemar Group PCC Limited (GSY) Cavendish Asia Pacific Fund B Class 151.80 - 1.90 1.53 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Vietnam Enterprise Inv. (VEIL) NAV $ 3.51 - -0.18 0.00 European £ 15.97 - 0.04 1.12 Selected Asian P'folio $ 43.69 43.70 0.29 0.00
Custodian Ser. 4 486.00 511.60 2.30 - Regulated FCA Recognised
Ashmore SICAV Global Small Cap Equity Fund $ 112.28 - 3.26 0.00
Cavendish Asia Pacific Fund A Class 150.90 - 1.90 0.70 Vietnam Growth Fund (VGF) NAV $ 22.70 - -0.85 0.00 European Opportunities £ 3.69 - 0.00 0.23
UK Agricultural Class A £ 1.26 - 0.00 0.00 American Fund USD Class $ 79.96 - 1.78 0.00
Equity Ser. 4 548.60 577.50 3.10 - Ashmore SICAV Local Currency Fund $ 82.01 - 0.11 0.31
Cavendish Asia Pacific Fund C Acc 156.10 - 1.90 1.51 Vietnam Property Fund (VPF) NAV $ 0.82 - 0.04 0.00 Extra Income £ 0.26 - 0.00 3.35
UK Agricultural Class B £ 1.38 - 0.00 0.00 American Fund GBP Hedged £ 43.58 - 0.98 0.00
European Ser 4 564.50 594.20 -1.20 - EM Mkts Corp.Debt USD F $ 93.46 - 0.30 7.30 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Cavendish European Fund B Class 137.90 - 0.10 1.24 Extra Income - Gross £ 0.26 - 0.00 3.35
Student Accom Class B £ 0.55 - -0.17 0.00 American Fund GBP Unhedged £ 51.85 - 1.35 - PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Fixed Int. Ser. 4 891.30 938.20 4.10 - EM Mkts Loc.Ccy Bd USD F $ 78.01 - 0.27 4.39
Cavendish European Fund A Class 136.10 - 0.10 0.36 Enquiries 0117 90090000
Global Dividend - Acc £ 1.50 - 0.00 3.18 Latin American Fund USD Class $ 11.81 - 0.45 0.00
Intl Ser. 4 426.70 449.20 5.90 - DSM Capital Partners Funds (LUX) www.hl.co.uk
Cavendish Japan Fund B Class 154.70 - 5.00 0.77 www.dsmsicav.com Global Dividend - Inc £ 1.35 - 0.00 3.32 Latin American Fund GBP Unhedged £ 7.66 - 0.32 - Authorised Inv Funds
Japan Ser 4 370.60 390.10 12.20 - CAF Financial Solutions (UK)
Regulated
Kings Hill, West Malling, Kent 03000 123 222 Cavendish Japan Fund A Class 153.20 - 5.00 0.00 Global Focus £ 12.80 - 0.11 0.00 Hargreaves Lansdown Funds
Man. Ser. 4 1626.90 1712.50 11.40 - Global Growth I2 Acc € 128.45 - -0.11 0.00 Unit Trust
Property & Other UK Unit Trusts Cavendish North American Fund B Class 184.10 - 5.30 0.58 Global High Yield Fund - A Gross Acc £ 11.94 - 0.05 4.78
Money Ser. 4 524.30 551.90 0.00 - CAF UK Equitrack Inc Fd 68.82 68.82 0.62 3.40 Global Growth I1 Eur € 96.10 - -0.08 - HL Multi-Manager Special Situations Trust A Acc 260.55 274.26 4.24 0.38
Cavendish North American Fund A Class 178.50 - 5.20 0.00 Global High Yield Fund - A Gross Inc £ 10.05 - 0.04 5.35
Prop. Ser. 4 1096.20 1153.90 0.50 - CAF UK Equitrack Acc Fd 95.85 95.85 0.85 3.40 HL Multi-Manager Special Situations Trust M Acc 260.55 274.26 4.24 0.00
Cavendish Technology Fund B Class 265.70 - 6.50 0.09 Global High Yield Fund - A Net Acc £ 11.53 - 0.05 4.83
Custodian Ser 5 467.00 491.60 2.30 - FP CAF Alternative Strategies A Class Acc 111.14 - 0.23 0.49 HL Multi-Manager Income & Growth Trust A Acc 161.47 169.89 2.15 3.53
Cavendish Technology Fund A Class 252.90 - 6.20 0.00 Eclectica Asset Management (UK)
Global High Yield Fund - A Net Inc £ 10.04 - 0.04 5.36
International Ser 5 410.00 431.60 5.60 - Aspect Capital Ltd (UK) FP CAF Alternative Strategies A Class Inc 110.30 - 0.23 0.52 40 Dukes Place, London EC3A 7NH HL Multi-Manager Income & Growth Trust M Acc 161.46 169.87 2.16 0.29
Other International Funds Cavendish UK Balanced Income Fund B Class 138.20 - 0.70 5.03 Order desk: 0845 6080941 Switchboard 0870 6072555 Global Property - Acc £ 1.41 - 0.00 1.28
Managed Ser 5 1563.20 1645.50 10.90 - FP CAF Fixed Interest A class Acc 113.48 - -0.03 2.92 HL Multi-Manager Income & Growth Trust A Inc 98.30 103.43 1.31 3.62
Aspect Diversified USD $ 435.74 - 11.68 0.00 Cavendish UK Balanced Income A Class 131.50 - 0.70 5.29 Authorised Corporate Director - Capita Financial Managers
Global Property W Inc £ 1.17 - 0.00 2.90 Fleming Financial Trust Investment Fund Limited (NZ)
Money Ser 5 513.30 540.40 0.00 - FP CAF Fixed Interest A class Inc 99.83 - -0.03 2.97 Authorised Inv Funds HL Multi-Manager Income & Growth Trust M Inc 98.28 103.41 1.31 0.29
Aspect Diversified EUR € 262.10 - 6.41 - Cavendish UK Select Fund B Class 153.30 - 0.70 1.80 Incorporated in New Zealand, Reg No 5141841
CF Eclectica Agriculture A EUR Acc ♦ € 1.42 - 0.02 0.00 Global Special Sits £ 24.50 - 0.16 0.00
Property Ser 5 1053.30 1108.70 0.50 - FP CAF Fixed Interest B class Acc 113.98 - -0.03 2.91 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand HL Multi-Manager Balanced Managed Trust A Acc 179.22 188.52 2.44 0.93
Aspect Diversified GBP £ 133.80 - 3.48 0.00 Cavendish UK Select Fund A Class 152.90 - 0.70 0.98 Index Emerging Markets P-Acc £ 0.94 - 0.01 2.58 www.fftinvestmentfund.com
Pension Funds CF Eclectica Agriculture A GBP Acc ♦ 104.29 - 1.99 0.00 HL Multi-Manager Balanced Managed Trust M Acc 179.22 188.51 2.44 0.00
FP CAF Fixed Interest B class Inc 100.14 - -0.03 2.97 [email protected]
Aspect Diversified CHF SFr 125.61 - 3.21 0.00 Index Europe ex UK P-Acc £ 1.01 - 0.00 2.38
American 1847.10 1944.30 53.70 - CF Eclectica Agriculture A USD Acc ♦ $ 1.60 - 0.02 0.00 Other International Funds
FP CAF International Equity A Class Acc 135.01 - 3.46 0.65 HL Multi-Manager Equity & Bond Trust A Inc 107.75 113.25 0.93 2.01
Aspect Diversified Trends USD $ 129.12 - 0.82 0.00
Equity 4807.50 5060.50 51.80 - Cedar Rock Capital Limited (IRL) CF Eclectica Agriculture C EUR Acc ♦ € 1.47 - 0.02 0.33 Index Japan P-Acc £ 1.11 - 0.01 1.53 Fleming FT Investment Fund
FP CAF International Equity A Class Inc 131.26 - 3.36 0.66 HL Multi-Manager Equity & Bond Trust M Inc 107.73 113.23 0.92 0.17
Aspect Diversified Trends EUR € 129.33 - 0.81 0.00 Regulated Fleming Fund $ 3.83 3.93 0.01 -
European 1134.70 1194.40 2.90 - CF Eclectica Agriculture C GBP Acc ♦ 108.11 - 2.07 0.38 Index Pacific ex Japan P-Acc £ 0.98 - 0.00 3.73
FP CAF UK Equity A Class Acc 145.81 - 1.79 2.14 Cedar Rock Capital Fd Plc $ 365.29 - -3.41 0.00 HL Multi-Manager Equity & Bond Trust A Acc 144.87 152.26 1.25 1.99
Aspect Diversified Trends GBP £ 133.84 - 0.88 0.00 Index UK A-Acc £ 0.82 - 0.01 2.79
Fixed Int. 1633.60 1719.60 6.60 - CF Eclectica Agriculture C USD Acc ♦ $ 1.65 - 0.03 0.39
FP CAF UK Equity A Class Inc 133.34 - 1.64 2.17 Cedar Rock Capital Fd Plc £ 367.41 - -3.53 0.00 HL Multi-Manager Equity & Bond Trust M Acc 144.87 152.26 1.24 0.17
International 901.50 948.90 16.50 - Index UK P-Acc £ 1.00 - 0.01 3.03 Foord Asset Mgt (Guernsey) Ltd (GSY)
FP CAF UK Equity B Class Acc 145.81 - 1.79 2.14 Cedar Rock Capital Fd Plc € 342.24 - -5.15 0.00 HL Multi-Manager Strategic Bond Trust A Acc 166.40 171.54 -0.12 1.48
Regulated
Japan 387.30 407.70 13.40 - Atlantas Sicav (LUX) Index US A-Acc £ 1.54 - 0.01 1.45
FP CAF UK Equity B Class Inc 133.33 - 1.64 2.16 Foord International Trust $ 34.22 - 0.61 0.00 HL Multi-Manager Strategic Bond Trust M Acc 166.41 171.55 -0.11 0.13
Regulated
Managed 4196.10 4416.90 46.00 - Index US P-Acc £ 1.19 - 0.01 1.66
American Dynamic $ 3273.97 - -328.49 0.00 HL Multi-Manager Strategic Bond Trust A Inc 139.36 143.67 -0.10 1.50
Property 2835.70 2985.00 1.60 -
Charles Schwab Worldwide Funds Plc (IRL) Index World A-Acc £ 1.37 - 0.01 1.78
American One $ 3006.66 - -326.74 0.00 Regulated HL Multi-Manager Strategic Bond Trust M Inc 139.36 143.67 -0.10 0.13
Security 1476.40 1554.10 0.00 - Index World P-Acc £ 1.11 - 0.00 1.90 Franklin Templeton International Services Sarl (IRL)
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland HL Multi Manager Emerging Markets A Acc 82.62 85.15 2.23 0.00
Bond Global € 1340.79 - -44.68 0.00
Selective 2006.10 2111.70 15.20 - Japan £ 2.72 - 0.03 0.00 Other International Funds
Eurocroissance € 801.72 - -92.32 0.00 HL Multi-Manager European A Acc 98.69 101.72 1.63 0.14
Formerly Hill Samuel Life Assurance Ltd EdenTree Investment Management Ltd (UK) Japan Smaller Companies £ 1.95 - 0.02 0.00 Franklin Emerging Market Debt Opportunities Fund Plc
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Far East $ 620.54 - -63.79 0.00 Chartered Asset Management Pte Ltd PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 HL Multi-Manager UK Growth A Acc 101.74 104.88 1.25 0.16
Franklin Emg Mkts Debt Opp CHFSFr 17.85 - -0.03 6.46
Other International Funds MoneyBuilder Asset Allocator £ 1.17 - 0.01 0.51
Managed Ser A (Life) 1529.00 1618.00 2.90 - Authorised Inv Funds
Franklin Emg Mkts Debt Opp EUR € 12.62 - -0.07 6.52
CAM-GTF Limited $ 271270.16 271270.16 -5157.63 0.00 Amity UK Cls A Inc 211.50 - 1.00 1.43 MoneyBuilder Balanced £ 0.49 - 0.00 4.02
Managed Ser A (Pensions) 1015.30 1068.70 2.30 - CCLA Investment Management Ltd (UK)
BLME Asset Management (LUX) Senator House 85 Queen Victoria Street London EC4V 4ET
Franklin Emg Mkts Debt Opp GBP £ 10.43 - -0.08 6.43 Haussmann
CAM GTi Limited $ 647.80 - -62.67 0.00 Amity UK Cls B Inc 211.50 - 1.10 2.21 Money Builder Dividend £ 2.51 - 0.02 4.28
Formerly Target Life Assurance Ltd BLME Sharia'a Umbrella Fund SICAV SIF Other International Funds
Authorised Inv Funds Franklin Emg Mkts Debt Opp SGD S$ 22.98 - -0.11 6.28
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Regulated Raffles-Asia Investment Company $ 1.72 1.72 -0.10 7.53 Higher Income Cls A Inc 122.70 - 0.80 4.83 MoneyBuilder Growth £ 0.74 - 0.00 2.17 Haussmann Cls A $ 2859.39 - -18.19 0.00
The Public Sector Deposit Fund
Managed (Life) 1549.50 1631.00 2.50 - Franklin Emg Mkts Debt Opp USD $ 17.75 - -0.17 6.31
Income Fund - Share Class A Acc $ 1138.31 - 0.38 0.00 The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.51 Higher Income Cls B Inc 126.20 - 0.80 4.76 MoneyBuilder Growth ISA £ 0.75 - 0.01 2.31 Haussmann Cls C € 2504.82 - -16.57 0.00
Managed Growth (Life) 486.60 512.20 0.90 - Income Fund - Share Class B Acc $ 1158.50 - 0.39 0.00 MoneyBuilder Income £ 0.35 - 0.00 3.24
The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.30 UK Equity Growth Cls A Inc 235.50 - 0.70 0.59 Haussmann Cls D SFr 1328.55 - -9.32 0.00
Managed (Pensions) 6092.20 6412.80 11.50 - Income Fund - Share Class C Acc $ 1006.53 - 0.33 0.00 MoneyBuilder Income -Gross £ 0.35 - 0.00 3.24 Frontier Capital (Bermuda) Limited
The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.36 UK Equity Growth Cls B Inc 240.90 - 0.80 1.19
Managed Growth (Pensions) 590.90 622.00 1.40 - Other International
Income Fund - Share Class D Dis $ 996.43 - 0.34 1.22 The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.41 Amity Balanced For Charities A Inc 107.30 - 0.40 5.94 Multi Asset Adventurous A-Acc £ 1.29 - 0.02 0.46
additional fund prices can be found on our website Commercial Property-GBP Class £ 71.42 - -0.53 - Heartwood Wealth Management Limited (IRL)
Income Fund - Share Class G Acc £ 1078.32 - 0.33 0.00 The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.31 Amity European Fund Cls A Inc 196.20 - 0.30 1.23 Multi Asset Alloc Adventurous A-Acc £ 3.68 - 0.02 2.31 Regulated
Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Income Fund - Share Class M Acc € 1013.48 - 0.26 0.00 Amity European Fund Cls B Inc 198.50 - 0.40 2.08 Multi Asset Alloc Strategic A-Acc £ 1.16 - 0.01 0.28 Heartwood Caut Multi Asset B Acc 138.84 - 1.47 0.00

Income Fund - Share Class W DisA$ 1033.81 - 0.37 - Cheyne Capital Management (UK) LLP (IRL) Multi Asset Alloc Def - Gross A £ 1.11 - 0.01 0.28
Amity Global Equity Inc for Charities A Inc 99.41 - 0.95 3.88
CCLA Investment Management Ltd (UK) Regulated
Gl Sukuk Fund - Share Class A Acc $ 1229.39 - 2.59 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Amity International Cls A Inc 194.00 - 2.40 1.35 Multi Asset Alloc Def - Net A £ 1.11 - 0.01 0.24 Henderson Global Investors (UK)
Cheyne Convertibles Absolute Return Fund € 1342.03 - 12.59 0.00
Gl Sukuk Fund - Share class B Acc £ 1096.65 1096.65 2.26 0.00 Property & Other UK Unit Trusts PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Amity International Cls B Inc 195.80 - 2.40 2.21 Multi Asset Alloc Growth A £ 1.18 - 0.01 0.00
CBF Church of England Funds Cheyne European Real Estate Bond Fund € 110.50 - -0.54 0.00 www.henderson.com
Amity Sterling Bond Fund A Inc 106.90 - 0.20 5.16 Multi Asset Defensive £ 1.21 - 0.00 0.35 Authorised Inv Funds
Investment Inc 1274.36 1288.46 -88.91 3.78 Cheyne Global Credit Fund € 118.97 - 0.42 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Amity Sterling Bond Fund B Inc 115.30 - 0.20 5.14 Multi Asset Defensive - Gross £ 1.22 - 0.01 0.35 Asia Pacific Capital Growth A Acc 659.10 - 10.00 0.91
Alceda Fund Management S.A. Investment Acc 2570.49 2598.92 -179.32 -
www.alceda.lu Regulated Multi Asset Growth £ 1.34 - 0.02 0.34 Asian Dividend Income Inc 81.29 85.79 0.87 6.32
Global Equity Inc 144.11 145.70 -12.76 4.31 Fundsmith LLP (1200)F (UK)
FCA Recognised Global Liquidity USD $ 1.00 - 0.00 0.22 Cheyne Capital Management (UK) LLP
MultiManager Balanced £ 1.09 - 0.00 0.56 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Cautious Managed A Acc 235.50 - 1.20 3.17
AC Opp - Aremus Fund EUR A € 112.74 - 0.04 0.00 Global Equity Acc 208.42 210.72 -18.46 - Other International Funds Edinburgh Partners Limited (IRL) www.fundsmith.co.uk, [email protected]
Cheyne European Event Driven Fund € 137.14 - 0.99 0.00 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Multi Asset Open Growth A-Acc £ 0.45 - 0.00 0.78 Authorised Inv Funds Cautious Managed A Inc 146.80 - 0.70 3.23
AC Risk Parity 7 Fund EUR A € 118.77 - 0.17 0.00 UK Equity Inc 139.09 140.49 -12.25 4.05
Barclays Investment Funds (CI) Ltd (JER) Dealing - Fax only - +353 1 434 5230
Cheyne European High Yield Fund € 136.72 - -3.22 0.00 Multi Asset Open Strategic A-Acc £ 1.21 - 0.01 1.33 Fundsmith Equity T Acc 205.78 - 3.16 1.22 China Opportunities A Acc 756.30 - 11.90 0.40
AC Risk Parity 12 Fund EUR A € 141.63 - 0.43 0.00 UK Equity Acc 203.52 205.57 -17.91 - FCA Recognised
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
Cheyne Malacca Asia Equity Fund Class A $ 1437.16 - 19.75 0.00 Edinburgh Partners Opportunities Fund PLC Multi Asset Open Strategic A-Inc £ 0.29 - 0.00 2.31 Fundsmith Equity T Inc 194.34 - 2.98 1.23 Emerging Markets Opportunities A Acc 137.30 - 2.00 0.77
AC Risk Parity 17 Fund EUR A € 87.14 - 0.32 0.00 FCA Recognised Fixed Interest Inc 165.61 166.27 1.17 3.96
Bond Funds Cheyne Multi Strategy Liquid Fund $ 127.99 - 0.31 - European Opportunities I EUR € 2.58 - 0.00 2.04 Multi Asset Strategic £ 1.51 - 0.01 0.52 European Growth A Acc 162.80 - 0.20 0.78
ACQ Risk Parity Bond Fund EUR A € 96.00 96.00 -0.02 0.00 Fixed Interest Acc 497.29 499.29 3.51 -
Sterling Bond F £ 0.46 - 0.00 3.36 European Opportunities I GBP £ 1.88 - 0.00 2.27 Open World A-Acc £ 1.15 - 0.03 0.00 European Selected Opportunities A Acc 1255.00 - -1.00 0.65
Cheyne Real Estate Credit Holdings Fund £ 151.98 - 0.89 0.00
Property Fund Inc 130.82 135.21 1.52 6.51 GAM Limited (2300)F (UK)
Cheyne Real Estate Debt Fund Class A1 £ 131.69 - 0.43 0.00 European Opportunities I USD $ 2.91 - 0.00 1.82 Multi Asset Income A Gross Acc £ 1.55 - 0.01 3.66 GAM Sterling Management Limited European Special Situations A Acc 94.66 - -0.29 1.05
Property Fund Acc 234.22 242.07 2.73 -
12 St James's Place London SW1A 1NX. 0800 919 927
Baring Fund Managers Ltd (1200)F (UK) Cheyne Total Return Credit Fund - December 2017 Class $ 197.53 - -6.47 0.00 European Opportunities A EUR € 2.52 - 0.00 1.42 Multi Asset Income A Gross Inc £ 1.10 - 0.01 5.13 Fixed Interest Monthly Income A Inc 21.96 23.03 0.09 5.48
Internet: gam.com
Dealing and Enquiries 020 7214 1004
Cheyne Total Return Credit Fund December 2019 $ 143.50 - 2.25 - Global Opportunities I USD $ 1.66 - 0.02 1.93 Multi Asset Income A Net Acc £ 1.47 - 0.01 3.68 Authorised Inv Funds Global Care Growth A Inc 195.40 - 3.90 0.11
Fund Information: www.barings.com CCLA Fund Managers Ltd (UK) GAM Funds OEIC
Authorised Inv Funds Senator House 85 Queen Victoria Street London EC4V 4ET Global Opportunities I GBP £ 1.08 - 0.01 1.85 Multi Asset Income A Net Inc £ 1.10 - 0.01 5.14 Global Equity Income A Inc 47.84 - 0.66 3.71
GAM Global Diversified Acc 3903.37 - 53.25 0.00
Dynamic Capital Growth Acc 641.70 677.10 5.30 1.24 Property & Other UK Unit Trusts Global Opportunities I EUR € 1.47 - 0.01 1.87 South East Asia £ 7.46 - 0.04 0.12 Global Growth Fund 1990.71 2081.10 35.39 0.00
COIF Charity Funds (UK) Cohen & Steers SICAV (LUX) GAM North American Gwth Acc 3215.49 - 25.15 0.00
Dynamic Capital Growth Inc 256.80 270.90 2.10 1.25 Regulated Global Opportunities A GBP £ 1.01 - 0.01 1.40 Special Situations £ 29.89 - 0.08 0.76 Global Technology A Acc 891.90 - 23.10 0.00
Algebris Investments (IRL) Investment Inc 1179.80 1192.84 -49.83 3.62
Asset Management
GAM UK Diversified Acc 1857.11 - 17.87 1.04
Regulated Eastern Acc GBP 604.00 - 3.10 0.00 European Real Estate Securities € 22.3859 - -0.1261 2.74 Pan European Opportunities I EUR € 1.57 - 0.00 - Strategic Bond £ 0.31 - 0.00 3.03 Multi-Manager Absolute Return A Acc 134.90 - 0.50 0.31
Algebris Financial Credit Fund - Class I EUR € 130.42 - 0.21 0.00 Eastern Inc GBP 592.70 - 3.00 0.00
Investment Acc

Ethical Invest Inc

11243.65 11368.01 -474.94

182.07 184.08 -7.93 3.73

-
Europ.RealEstate Sec. IX € 29.9693 - -0.1688 0.00 Strategic Bond Gross £ 0.31 - 0.00 3.02 Multi-Manager Active A Acc ▲ Asset Manageme 170.30 - 2.00 0.00
Algebris Financial Income Fund - Class I EUR € 121.67 - 0.13 0.00 Europe Select Inc GBP 2540.00 - 2.00 0.66 Gbl RealEstate Sec. I $ 10.3862 - -0.0050 2.18 Target 2015 £ 0.50 - 0.00 0.27 GAM Limited (IRL)
Multi-Manager Distribution A Inc 125.30 - 1.20 3.28
Ethical Invest Acc 232.10 234.67 -10.11 - FCA Recognised
Algebris Financial Equity Fund - Class B EUR € 99.06 - -0.14 - European Growth Inc 1028.00 1083.00 0.00 1.36 Gbl RealEstate Sec. IX $ 12.2835 - -0.0059 0.00 Target 2015 - Gross £ 0.50 - 0.00 0.30 GAM Fund Management Ltd Multi-Manager Diversified A Acc 77.53 - 0.49 2.66
Global Equity Inc 138.21 139.74 -7.08 4.41
Algebris Asset Allocation Fund - Class B EUR € 99.91 - 0.29 - German Growth Acc GBP 577.10 - -0.60 0.29 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Target 2020 £ 0.56 - 0.01 0.50 Multi-Manager Global Select Acc 174.60 - 2.70 0.00
Global Equity Acc 202.96 205.20 -10.40 - GAM Star Fund Plc
German Growth Inc GBP 531.40 - -0.50 0.28 Target 2025 £ 1.29 - 0.02 0.27 Multi-Manager Income & Growth A Acc 149.70 - 1.50 2.15
Fixed Interest Inc 133.90 134.44 -0.27 4.14 GAM Star Asia-Pacific Eqty USD Acc F $ 11.85 - 0.22 0.00
Strategic Bond Inc 116.20 122.10 0.00 1.07 Target 2030 £ 1.38 - 0.03 0.24 Multi-Manager Income & Growth A Inc 138.50 - 1.40 2.18
Fixed Interest Acc 759.94 762.99 -1.54 - GAM Star Asian Eqty USD Ord Acc F $ 12.38 - 0.03 0.00
Global Growth Inc 371.60 391.50 8.00 0.00 EFG Hermes UK Select £ 2.39 - 0.01 0.85 Multi-Manager Managed A Acc 224.10 - 2.30 0.41
Property Inc 112.52 116.29 0.07 5.79 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE GAM Star Balanced GBP Acc £ 10.14 - 0.20 0.00
Japan Growth Acc 135.10 142.30 1.90 0.26 Contact: Telephone + 971 4 363 4029 Email [email protected] UK Growth £ 3.52 - 0.03 0.00 Multi-Manager Managed A Inc 220.00 - 2.20 0.40
Property Acc 248.62 256.95 2.77 - GAM Star Cap.Appr.US Eqty USD Inc F $ 16.96 - 0.08 0.00
Korea Acc 269.70 285.70 4.10 0.00 Other International Funds
Local Authorities Property Fd (LAMIT) (UK) UK Smaller Companies £ 2.07 - 0.01 0.18 Sterling Bond Acc 194.34 203.06 0.58 2.78
Comgest SA (FRA) The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 GAM Star Cat Bond USD Acc $ 12.50 - 0.02 0.00
Multi Asset A Acc ... C 153.80 - 1.20 1.46 Property 274.76 295.14 2.73 4.81 WealthBuilder A Acc £ 0.99 - 0.02 0.61 Sterling Bond Inc 60.60 63.31 0.18 2.82
17 square Edouard VII - 75009 Paris
Allianz Global Investors GmbH(1200) F (LUX) Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 GAM Star Cautious GBP Acc £ 10.22 - 0.15 0.00
Multi Asset A Inc ... C 147.10 - 1.10 1.48 FCA Recognised Fidelity PathFinder Strategic Bond A Inc 126.60 - 0.20 5.31
FCA Recognised
Saudi Arabia Equity Fund SR 13.81 - 0.14 0.00 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.08 - 0.00 - GAM Star China Equity USD Acc F $ 21.27 - -0.09 0.00
UK Growth Inc 236.80 250.40 2.00 1.46 Comgest Magellan € 18.98 - 0.12 0.00
Allianz Best Styles Global Equity £ 101.96 101.96 -0.62 - UK & Irish Smaller Companies A Acc 560.20 - 6.30 0.00
CG Asset Management Limited (IRL) GAM Star Cont European Eqty GBP Acc F £ 3.47 - 0.00 0.00
Charity Fund Fidelity PathFinder Foundation 1 Acc (clean) £ 1.08 - 0.00 -
Allianz Global Fundamental Strategy £ 102.67 102.67 0.17 - Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland UK Absolute Return A Acc 147.10 - 0.10 0.00
0800 032 6347 (charity enquiries) 00 353 1 434 5098 GAM Star Cred Opportunities GBP Acc £ 12.28 - 0.00 4.58
Electric & General (1000)F (UK) Fidelity PathFinder Foundation 2 Acc (clean) £ 1.07 - 0.01 -
Allianz Global Small Cap Equity £ 106.86 106.86 -0.12 -
Targeted Return Fund Acc 142.20 142.90 1.30 3.11 FCA Recognised
Comgest AM International Ltd (IRL) UK Alpha A Acc ♦ 112.00 - 0.50 0.96
46 St Stephen's Green, Dublin 2, Ireland Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Foundation 3 Acc (clean) £ 1.05 - 0.01 - GAM Star Defensive GBP Acc £ 10.64 - 0.03 0.00
Capital Gearing Portfolio Fund Plc £ 26334.91 26334.91 -85.58 0.63 Orders & Enquiries: 0845 850 0255 UK Equity Income & Growth A Inc 605.30 - 5.40 3.70
Targeted Return Fund Inc 110.50 111.00 1.00 3.18 FCA Recognised GAM Star Discretionary FX USD Acc F $ 12.73 - 0.06 0.00
Authorised Inv Funds Fidelity PathFinder Foundation 4 Acc (clean) £ 1.06 - 0.01 -
CG Portfolio Fund Plc UK Index A Acc 480.70 - 4.30 2.47
Amundi Funds (LUX) Comgest Gth Asia Pac ex Jap DIS F $ 7.46 - 0.06 0.12
Authorised Corporate Director - Carvetian Capital Management GAM Star Dynamic Gbl Bd USD Acc H $ 10.07 - -0.02 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.13 - 0.01 -
Real Return Cls A £ 165.16 165.16 0.03 2.41 Comgest Gth Emerging Mkt DIS F $ 29.70 - 0.21 0.41 UK Property A Acc 193.08 203.24 0.05 4.04
www.amundi-funds.com Baring International Fd Mgrs (Ireland) (IRL) Electric&General Net Income A 137.80 - 2.10 2.01 GAM Star Emerg. Market Rates USD Acc F $ 11.45 - -0.01 0.00
Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.10 - 0.01 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Dollar Fund Cls D £ 127.48 127.48 -0.19 1.63 Comgest Gth Europe DIS F € 19.70 - 0.00 0.00 UK Property A Inc 97.68 102.81 0.03 4.16
FCA Recognised GAM Star European Eqty USD Acc F $ 23.23 - -0.04 0.00
FCA Recognised Fidelity PathFinder Focussed 1 Acc (clean) £ 1.09 - 0.00 -
Bd. Euro Corporate AE Class - R - EUR € 18.44 - 0.00 0.00 Capital Value Fund Cls V £ 128.26 128.26 -0.55 0.27 Comgest Gth GEM PC DIS F € 11.81 - 0.08 0.14 UK Tracker A Acc 214.80 - 2.10 2.20
ASEAN Frontiers A GBP Inc £ 102.67 - -0.57 0.57 Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Focused 2 Acc (Clean) £ 1.10 - 0.01 - GAM Star Flexible Gbl Port GBP Ac £ 12.40 - 0.18 0.00
Bd. Global AU Class - R - USD $ 25.68 - 0.02 0.00 US Growth A Acc 758.80 - 20.90 0.00
5 Kensington Church St, London W8 4LD 020 7368 4220 GAM Star GAMCO US Equity Acc F $ 12.75 - 0.31 0.00
Asia Growth A GBP Inc H £ 40.87 - 0.19 0.00 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.10 - 0.02 -
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 FCA Recognised
Australia A GBP Inc £ 63.46 - -0.51 1.94
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Fidelity PathFinder Focussed 4 Acc (clean) £ 1.10 - 0.01 - GAM Star Global Rates USD Acc F $ 12.49 - -0.25 0.00

Asset Management
Ennismore European Smlr Cos NAV £ 96.75 - -0.18 0.00
Eq. Emerging World AU Class - R - USD $ 80.30 - 0.37 0.00 PO BOX 10117, Chelmsford, Essex, CM1 9JB

Asset Management Asset Management

Baring China Bond Fund $ 9.79 - 0.01 0.00 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.12 - 0.03 - GAM Star Global Selector USD Acc F $ 12.94 - 0.25 0.00
Dealing & Client Services 0845 0264281 Ennismore European Smlr Cos NAV € 132.64 - 0.63 0.00
Eq. Greater China AU Class - R - USD $ 531.38 - 4.15 0.00
Authorised Inv Funds GAM Star Japan Eqty USD Acc F $ 13.12 - 0.32 0.00
Baring Emerging Markets Corporate Debt Fund $ 9.33 - 0.05 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.07 - 0.01 -
Eq. Latin America AU Class - R - USD $ 345.22 - -2.25 0.00 Consistent UT Inc 53.57 54.21 0.53 4.47
Baring European Opportunities Fund Class A EUR Acc € 13.17 - -0.01 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.05 - 0.01 - GAM Star Keynes Quant Strat USD Acc F $ 12.28 - 0.02 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.93 - 0.03 0.00 Consistent UT Acc 124.86 126.34 1.25 4.33 Ennismore European Smlr Cos Hedge Fd
GAM Star Local EM Rates and FX USD Acc $ 10.87 - 0.03 0.00
Baring Global Mining Fund - Class A GBP Inc £ 3.92 - 0.13 0.55 Canada Life Investments (UK) Other International Funds Fidelity PathFinder Freedom 1 Acc (clean) £ 1.06 - 0.01 -
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Practical Investment Inc 206.71 211.54 1.55 3.72 GAM Star North of South EM Equity Acc F $ 9.72 - 0.16 0.00
Dynamic Emerging Markets A GBP Acc F £ 8.78 - 0.07 0.00 NAV € 482.14 - 6.07 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.03 - 0.02 -
Authorised Inv Funds
Hermes Investment Funds Plc (IRL)
The Antares European Fund Limited Practical Investment Acc 984.62 1007.62 7.41 3.63 GAM Star Technology USD Acc F $ 14.91 - 0.07 0.00 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Eastern Europe A GBP Inc £ 39.05 - 0.57 1.77 Asia Pacific B Acc 779.69 - 8.60 0.93 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.02 - 0.02 -
Other International FCA Recognised
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.44 - 0.02 6.62 GAM Star US All Cap Eqty USD Acc F $ 13.28 - 0.06 0.00
AEF Ltd Usd $ 630.92 - -19.03 - Balanced B Acc 142.94 - 1.10 0.92 Equinox Fund Mgmt (Guernsey) Limited (GSY) Fidelity PathFinder Freedom 5 Acc (clean) £ 1.08 - 0.04 -
Hermes Abs Return Credit Fund Class F Acc £ £ 0.99 0.99 0.00 -
Regulated GAM Star Worldwide Eqty USD Acc F $ 3248.21 - 18.74 0.00
AEF Ltd Eur € 633.71 - -18.64 0.00 Emerging Opportunities A GBP Inc H £ 17.05 - 0.20 0.00 Corporate Bond B Inc 204.00 - 0.41 4.08 Fidelity PathFinder Income 1 Income (clean) £ 1.03 - 0.01 3.95
Hermes Abs Return Credit Fund Class R Acc € € 1.95 1.95 0.00 -
Equinox Russian Opportunities Fund Limited $ 113.57 - 2.96 0.00
Glb Emerging Markets A GBP Inc H £ 17.37 - 0.19 0.00 European B Acc 245.29 - 0.18 0.00 Fidelity PathFinder Income 1 Gross Income (clean) £ 1.03 - 0.01 4.83
Hermes Active UK Inflation Fund Class F Acc £ 1.31 1.31 0.01 0.00
Glb Resources A GBP Inc H £ 10.60 - 0.34 0.35 Global Bond B Inc 91.11 - 0.45 2.78 Fidelity PathFinder Income 2 Income (clean) £ 1.03 - 0.01 3.70 GYS Investment Management Ltd (GSY)
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.41 1.41 0.03 0.00
Arisaig Partners Regulated
Other International Funds High Yield Bond A GBP Hedged Inc H £ 6.44 - 0.04 6.79 Euronova Asset Management UK LLP (CYM) Fidelity PathFinder Income 2 gross £ 1.04 - 0.01 4.67
Global Equity B Acc 574.63 - 8.05 1.67 Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.07 3.07 0.06 0.00
Regulated Taurus Emerging Fund Ltd $ 171.11 174.60 -15.93 0.00
Arisaig Africa Consumer Fund Limited $ 14.68 - 0.12 0.00 Hong Kong China A GBP Inc £ 537.37 - -5.05 0.57 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.03 - 0.01 4.61
Global Equity Income B Inc 119.22 - 1.69 4.13 Crèdit Andorrà Asset Management (LUX) Smaller Cos Cls One Shares (Est) € 33.47 - -1.57 0.00 Hermes Global Emerging Markets Fund Class F Acc £ 1.11 1.11 0.02 0.00
Arisaig Asia Consumer Fund Limited $ 61.62 - 0.56 0.00 India Fund - Class A GBP Inc £ 14.17 - 0.08 0.00 www.creditandorra.com Fidelity PathFinder Income 3 Income (clean) £ 1.03 - 0.00 4.28
Global High Yield Bond B Inc 95.42 - 0.40 4.71 Smaller Cos Cls Two Shares (Est) € 23.54 - -1.00 0.00 Hermes Global Emerging Markets Fund Class R Acc € 2.80 2.80 0.04 0.00
Arisaig Global Emerging Markets Consumer Fund $ 9.93 - 0.06 0.00 FCA Recognised Institutional OEIC Funds Generali International Limited
Latin America A USD Inc H $ 28.39 - 0.54 0.20 Global Infrastructure B Acc 108.47 - 2.30 1.32 Smaller Cos Cls Three Shares (Est) € 11.86 - -0.49 0.00 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 Hermes Global Equity Fund Class F Acc £ 1.45 1.45 0.03 0.00
Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 America £ 3.78 - 0.03 0.53
Arisaig Global Emerging Markets Consumer UCITS € 11.42 - 0.07 0.00 MENA A GBP Inc F * £ 12.36 - 0.55 0.57 International Insurances
Global Resource B Acc 74.48 - 3.36 0.13 Smaller Cos Cls Four Shares (Est) € 15.19 - -0.68 0.00 Hermes Global Equity Fund Class R Acc € 3.81 3.81 0.07 0.00
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Emerging Markets £ 2.94 - 0.03 0.81
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.64 - 0.08 0.00 Global Multi-Strategy Managed $ 4.62 4.98 -0.29 0.00
Japan B Acc 51.55 - 1.43 0.62 Hermes Global ESG Equity Fund Class F Acc £ 1.12 1.12 0.02 0.00
Crediinvest SICAV Fixed Income Eur € 10.76 - 0.01 0.00 Europe £ 4.02 - 0.01 1.53
Arisaig Latin America Consumer Fund $ 20.34 - 0.09 0.00 UK Multi-Strategy Managed £ 4.72 5.09 -0.21 0.00
Baring International Fd Mgrs (Ireland) (IRL) Portfolio III B Acc 106.28 - 0.59 2.02
Asset Management
Hermes Global High Yield Bond Fund Class F Acc £ 1.08 1.08 0.00 0.00
Crediinvest SICAV Fixed Income Usd $ 10.49 - 0.01 0.00 Fidelity Pre-Retirement Bond Fund £ 116.80 - 0.40 3.07
Regulated EU Multi-Strategy Managed € 2.94 3.17 -0.14 0.00
Portfolio IV B Acc 107.72 - 0.69 2.20 Hermes Global High Yield Bond Fund Class R Acc € 2.82 2.82 0.00 0.00
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Crediinvest SICAV Spanish Value € 263.02 - 1.17 0.00 Global Focus £ 2.72 - 0.02 0.80 Global Bond USD $ 3.47 3.75 -0.02 0.00
Portfolio V B Acc 106.55 - 0.83 1.34 Hermes Global Small Cap Fund Class F Acc £ £ 0.96 0.96 0.02 -
Crediinvest SICAV International Value € 222.17 - 1.84 0.00 Index Linked Bond £ 2.67 - 0.03 0.72
Portfolio VI B Acc 105.36 - 0.89 1.44 Hermes Global Small Cap Fund Class R Acc € € 1.89 1.89 0.03 -
Crediinvest SICAV Big Cap Value € 17.31 - 0.13 0.00 Index Linked Bond Gross £ 3.23 - 0.04 0.72
Barings (Luxembourg) (LUX)
Portfolio VII B Acc 101.72 - 0.89 1.16 Genesis Asset Managers LLP Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.99 0.99 0.01 -
FCA Recognised Crediinvest SICAV US American Value $ 17.95 - 0.00 0.00 Index-Linked Bond Fund Gross Inc £ 12.60 - 0.13 0.72 Other International Funds
North American B Acc 782.54 - 18.02 1.05 Eurobank Fund Management Company (Luxembourg) S.A. Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.03 1.03 0.00 0.00
Russia A GBP Inc F £ 23.85 - 0.50 0.00 Crediinvest SICAV Sustainability € 14.67 - 0.21 0.00 Japan £ 2.02 - 0.02 0.78 Emerging Mkts NAV £ 4.98 - 0.19 0.00
Regulated
Strategic Return B Acc 98.65 - 1.23 0.00 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.25 1.25 0.00 0.00
Artemis Fund Managers Ltd (1200)F (UK) (LF) Absolute Return € 1.30 - 0.01 0.00 Long Bond £ 0.50 - 0.00 2.90
57 St. James's Street, London SW1A 1LD 0800 092 2051 Total Return B Acc 101.54 - 1.45 2.88 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.22 1.22 0.00 1.29
Barmac Asset Management Ltd (UK) DAVIS Funds SICAV (LUX) (LF) Balanced - Active Fund (RON)RON 16.28 - -0.05 0.00 Long Bond Gross £ 0.82 - 0.01 2.84
Authorised Inv Funds UK Equity B Inc 106.29 - 0.35 1.45
Guardian (UK)
40 Dukes Place, London, EC3A 7NH Regulated Hermes Sourcecap EU Alpha Fund Class R Acc € 3.04 3.04 0.00 0.00
(LF) Cash Fund € € 1.18 - 0.02 - Long Bond Fund Gross Inc £ 11.23 - 0.06 2.90 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Artemis Capital R ACC 1235.77 1306.53 3.82 1.24 Authorised Corporate Director - Capita Financial Managers UK Equity & Bond Income B Inc 225.85 - 0.86 4.37 Davis Value A $ 40.06 - 0.02 0.00 Insurances Hermes Sourcecap EX UK Fund Class F Acc £ 1.31 1.31 0.00 0.00
Dealing: 0845 922 0044 (LF) Cash Fund (RON) RON 15.61 - 0.00 0.00 Pacific (Ex Japan) £ 3.32 - 0.01 1.86
Artemis European Growth R Acc 240.87 254.53 0.58 1.17 Guardian Assurance
Authorised Inv Funds UK Equity Income B Inc 399.58 - 1.73 4.17 Davis Global A $ 28.11 - -0.02 0.00 Hermes Sourcecap EX UK Fund Class R Acc € 3.07 3.07 -0.01 0.00
(LF) Eq Emerging Europe € 0.73 - 0.02 0.00 Pan European £ 2.60 - 0.01 2.00
Artemis European Opps R Acc 72.87 76.93 0.09 0.81 Equity S-GH Class B £ 12.09 - 0.11 -
The Castleton Growth Fund Ret Acc 2 114.03 - 0.27 0.00 UK Government Bond B Inc 47.14 - 0.16 1.30 Hermes UK Small & Mid Cap Fund Class F Acc £ 1.61 1.61 0.01 0.00
(LF) Eq Flexi Style Greece € 0.94 - -0.05 - Reduced Duration UK Corporate Bond £ 10.48 - -0.02 3.16
Artemis Global Emg Mkts I GBP Acc 80.13 - 1.02 - Managed Fund Bond £ 22.76 23.71 0.14 -
The Castleton Growth Fund Ret Inc 2 112.67 - 0.26 0.00 Hermes UK Small & Mid Cap Fund Class R Acc € 4.83 4.83 0.01 0.00
Discretionary Unit Fund Mngrs (1000)F (UK) (LF) Global Bond Fd € 12.06 - 0.01 0.00 Reduced Duration UK Corporate Bond Gross £ 10.65 - -0.01 3.15
Artemis Global Emg Mkts I GBP Dist 80.12 - 1.01 - Choices Wth-Pfts Lg-tm 319.60 336.40 0.00 -
The Castleton Growth Fund Ret Acc X F 110.39 - 0.26 0.00 1 Poultry, London EC2R 8JR 020 7 415 4130 Hermes US All Cap Equity Class F Stg £ Acc £ 0.95 0.95 0.02 -
Capita Asset Services (UK) (LF) Global Equities € 1.13 - 0.00 0.00 Reduced Duration UK Corporate Bond Inc £ 9.92 - -0.02 3.15
Artemis Global Energy R Acc 21.89 23.27 1.01 0.00 Authorised Inv Funds Choices Wth-Pfts St-tm 270.80 285.10 0.00 -
The Castleton Growth Fund Ret Inc X F 110.84 - 0.25 0.00 40 Dukes Place, London EC3A 7NH Hermes US All Cap Equity Class R € Acc € 1.86 1.86 0.04 -
Order Desk 08459 220044 Switchboard 0870 607 2555 Disc Inc 1571.80 1620.40 -11.70 0.00 (LF) Eq Mena Fund € 13.86 - 0.13 0.00 Reduced Duration UK Corp Bond Gross Inc £ 9.93 - -0.02 3.15
Artemis Global Growth R Acc 177.35 187.20 1.36 0.80 Choices Managed 598.35 629.84 4.79 -
Authorised Inv Funds Hermes US SMID Equity Fund Class F Acc £ 1.56 1.56 0.04 0.00
Do Accum 5897.30 6079.70 -43.90 0.00 (LF) Greek Government Bond € 16.81 - 0.28 - Select Emerging Markets Equities £ 1.11 - 0.01 1.58
Artemis Global Income R Acc 92.36 97.61 0.94 3.79 Choices Equity 666.41 701.48 6.34 -
BlackRock (JER) CF Heartwood Cautious B Acc X 126.77 - 0.68 0.11 Hermes US SMID Equity Fund Class R Acc € 3.34 3.34 0.08 0.00
(LF) Income Plus $ $ 1.22 - 0.00 0.00 Select European Eqts £ 1.73 - 0.01 1.88
Artemis Global Income R Inc 74.37 78.60 0.76 3.91 Freedom With Pfts Long-Tm 219.30 230.90 0.00 -
Regulated CF Heartwood Cautious Income B Inc X 110.35 - 0.61 2.08
(LF) Greek Corporate Bond € 10.26 - 0.13 - Select Global Equities £ 2.89 - 0.02 1.10
Artemis Global select R Acc 69.03 72.85 0.77 0.00 BlackRock UK Property £ 40.42 - 0.08 3.57 Freedom With Pfts Short-Tm 197.20 207.60 0.00 -
CF Heartwood Growth B Acc X 140.80 - 1.98 0.68 Hermes Property Unit Trust (UK)
(LF) FOF Balanced Blend € 1.40 - 0.01 0.00 South East Asia £ 3.32 - 0.01 2.00
Artemis High Income R Inc 78.45 83.58 0.11 5.71 Blackrock UK Long Lease £ 1063.18 - 5.39 0.00 Freedom Managed 350.00 368.42 2.19 -
CF Heartwood Balanced Income B Inc X 111.90 - 0.84 2.58 Property & Other UK Unit Trusts
(LF) FOF Equity Blend € 1.29 - 0.01 0.00 Sterling Core Plus Bond Gr Accum £ 2.04 - 0.01 3.48
Artemis Income R Inc 201.52 213.61 1.37 4.22 BLK Intl Gold & General $ 3.89 4.10 0.10 0.00 Freedom Equity 391.16 411.75 3.01 - Property £ 5.58 5.95 0.03 3.15
CF Heartwood Balanced B Acc X 123.29 - 1.24 0.34
(LF) FOF Glob. Emerging Mkts € 0.83 - 0.01 0.00 Sterling Core Plus Bond Inc £ 1.33 - 0.01 3.59
Artemis Income R Acc 337.69 357.95 2.29 4.10 Corp Pens Mananged 211.23 211.23 1.69 -
CF Heartwood Defensive Multi Asset Fund B Accumulation 109.19 - 0.35 0.01
(LF) FOF Dynamic Fixed Inc € 11.53 - 0.05 0.00 UK £ 3.49 - 0.03 2.21
Artemis Monthly Dist R Inc 61.65 65.48 0.22 4.71 Corp Pens Equity 217.57 217.57 2.07 -
CF Richmond Core X 180.74 - 3.55 0.00 Dodge & Cox Worldwide Funds (IRL) Hermes UK Residential Real Estate (UK)
(LF) FOF Real Estate € 15.70 - 0.07 0.00 UK Aggreg Bond Gr Accum £ 1.80 - 0.00 3.11
Artemis Pan-Euro Abs Ret GBP 109.95 - -0.10 - 6 Duke Street,St.James,London SW1Y 6BN Corp Pens Fixed Interest 296.29 296.29 0.80 - Property & Other UK Unit Trusts
CF Seneca Diversified Growth A ACC 213.08 - 2.13 1.35
Artemis Strategic Assets R Acc 74.55 79.07 0.53 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 UK Aggregate Bond Inc £ 1.21 - 0.00 3.19 VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Corp Pens Index Linked 334.16 334.16 -2.94 -
CF Seneca Diversified Growth B ACC 125.87 - 1.27 1.36 FCA Recognised
Artemis Strategic Bond R M Acc 83.64 88.86 0.15 4.01 UK Corporate Bond £ 1.21 - 0.00 3.97
Dodge & Cox Worldwide Funds plc - Global Bond Fund Corp Pens Deposit 190.77 190.77 0.00 -
CF Seneca Diversified Growth N ACC 124.70 - 1.25 1.18
Artemis Strategic Bond R M Inc 54.38 57.78 0.10 4.08 UK Corporate Bond - Gross £ 2.24 - 0.00 3.84
EUR Accumulating Class € 11.55 - 0.09 0.00 Corp Pens Protector 361.02 361.02 2.03 -
CF Seneca Diversified Income A INC 87.74 - 0.56 5.13
UK Corporate Bond Fund Gross Inc £ 11.01 - 0.02 3.96
 28 ★ FINANCIAL TIMES Tuesday 1 September 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 Equity (No Trail) inc ♦ F 188.92 - 2.43 0.99 Diversified Real Ret Inc 49.42xd - 0.49 1.07 Strategic Bond A Acc 179.07 - 0.35 1.85 Vantage 1500 (EUR) MA € 10.21 - 0.00 0.00 US Conc.Growth A1 $ 14.94 - -0.01 0.00 Mir. -Eq Spain A € 26.74 - 0.12 0.00 Asia Pac Eq GBP Ord Inc £ 88.17 - 0.33 3.47

Global Equity Income (No Trail ) Acc ♦ F 241.95 - 2.65 3.15 Emerging Mkts Acc 131.80 - 2.00 0.79 Strategic Bond A Inc 118.94 - 0.23 1.85 Vantage 3000 (EUR) MA € 10.34 - 0.01 0.00 US Government Bond A1 $ 17.06 - -0.01 0.00 Mir. - Eq Swiss Sm/Mid A SFr 309.05 - -1.18 0.00 Asia Pac Eq USD Ord Inc $ 88.68 - 0.33 2.90
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR Global Equity Income (No Trail) Inc ♦ F 201.69 - 2.21 3.22 Emerging Mkts Inc 56.70 - 0.90 0.79 UK Equity Absolute Return A Acc 118.91 - -0.12 0.00 PrivilEdge Value A1 $ 21.29 - -0.01 0.00 Mir. - Glb High Yield Bds A $ 109.25 - 0.23 - Asia Pac Eq USD Inst Acc $ 93.98 - 0.35 0.00
FCA Recognised Inc.Pt.RMB Dt.CNH PA CNH 101.22 - -0.06 0.00
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 164.59 - 2.32 1.31 Emrg Mkts Inc Acc... C 48.29xd - 0.69 5.49 UK Equity A Acc 225.94 - 1.04 1.42 Mir. - Glb Eq High Income A USD $ 99.44 - 0.67 0.00 Asia Pac Eq USD Inst Inc $ 98.59 - 2.53 3.57
Env Mkts (Ire) Stl A £ 2.14 - 0.02 0.00
Inc.Pt.RMB Dt.SH CHF PA SFr 9.64 - 0.03 0.00
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 193.12 - 2.96 1.71 Emrg Mkts Inc Inc... C 42.47xd - 0.61 5.68 UK Equity Income A Acc 198.12 - 1.13 4.24 Mir. - Glb Strat. Bd A USD $ 105.42 - 0.15 0.00 Dyn Europ Eq EUR Ord Inc € 169.69 - 4.55 1.30
Env Mkts (Ire) Euro A € 2.00 - 0.01 0.00 MMIP Investment Management Limited (GSY)
Inc.Pt.RMB Dt.SH EUR PA € 9.71 - 0.03 0.00 Regulated
Gbl Fin Cap No Trail Acc 179.55 - 1.55 4.26 Europe Acc 1029.00 - -1.00 1.51 UK Equity Income A Inc 154.84 - 0.89 4.36 Dyn Europ Eq GBP Ord Inc £ 180.37 - 5.05 1.64
Env Mkts (Ire) USD A $ 1.72 - 0.02 0.00 Multi-Manager Investment Programmes PCC Limited
Inc.Pt.RMB Dt.USD PA $ 9.77 - 0.03 0.00
Gbl Fin Cap No Trail Inc 154.21 - 1.34 4.39 Europe Inc 59.23 - -0.06 1.51 UK Opportunities A Acc 161.62 - 0.37 1.33 Dyn Europ Eq USD Ord Inc $ 169.45 - 4.72 1.22
European Equity Fd Cl A Initial Ser € 2630.39 2630.39 115.75 0.00
Jenn. US Eq.Opp. USD PA $ 9.53 - 0.03 0.00
Global Opportunities (No Trail) Acc ♦ F 236.57 - 3.70 0.95 Eur Dynamic exUK Acc 160.20 - -0.20 0.82 UK Smaller Companies A Acc 273.57 - 0.70 0.65 China Equity EUR Ord Acc € 132.98 - 8.17 0.00
Japanese Equity Fd Cl A Initial Ser ¥ 374586.00 374586.00 2750.00 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL) Neubrg.Berman US Core PA $ 13.56 - 0.02 0.00
Global Smaller Companies (No Trail) Acc ♦ F 240.31 - 3.82 0.39 Eur Dynamic exUK £ hdg Acc 183.00 - -0.90 0.72 China Equity GBP Ord Acc £ 138.98 - 8.91 0.00
www.invil.mu MMIP - US EQUITY CLASS A 01 June 07 Series $ 1343.33 1343.33 -11.03 0.00
Sands US Growth PA € 13.62 - 0.03 0.00
Other International Funds Global Smaller Companies (No Trail) Inc ♦ F 229.62 - 3.66 0.39 Eur Dynamic exUK Inc 73.56 - -0.09 0.81 China Equity USD Ord Acc $ 135.28 - 8.57 0.00
Kames Capital Investment Portfolios ICVC (UK) Pacific Basin Fd Cl A Initial Ser $ 2267.99 2281.49 -101.36 0.00
NAV £ 7.87 - 0.05 0.00 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Sands US Growth PA $ 16.46 - 0.04 0.00
Global Targeted Rets (No Trail) Acc 113.17 - -0.34 0.84 Eur Smaller Cos Acc 463.20 - 2.00 0.00 China Equity USD Inst Acc $ 138.75 - 8.79 0.00
0800 45 44 22 www.kamescapital.com UK Equity Fd Cl A Series 01 £ 2405.27 2429.26 50.96 0.00
Will.Blair Gbl. Ldrs PA € 15.14 - 0.06 0.00 Montello Real Estate Opportunity Fund (LUX)
High Income (No Trail) Acc ♦ F 171.44 - 1.83 3.35 Eur Smaller Cos Inc 60.24 - 0.26 0.00 Global Val.Cr.Fd GBP Ord Inc £ 111.27 - 0.26 3.57
Authorised Funds Diversified Absolute Rtn Fd USD Cl AF2 $ 1647.35 - 7.55 0.00 101 New Cavendish Street,London W1W 6XH
Will.Blair Gbl. Ldrs PA $ 12.67 - 0.05 0.00
Intrinsic Value Investors (IVI) LLP (IRL) High Income (No Trail) Inc ♦ F 126.05 - 1.35 3.43 Fusion Balanced Acc 53.82 - 0.51 0.48 Property Income B Acc 116.39 - 0.01 - Regulated Global Val.Cr.Fd USD Inst Acc $ 122.54 - 0.30 0.00
Diversified Absolute Return Stlg Cell AF2 £ 1667.95 - 7.74 0.00
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Montello Real Estate Opportunity Fund II £ 1134.60 - 8.02 0.00
High Yield Fund (No Trail) Acc 223.13 - 0.66 4.60 Fusion Balanced Inc 53.81 - 0.51 0.48 Property Income B Inc 109.62 - -0.01 - Global Val.Cr.Fd GBP Ord Acc £ 176.80 - 0.44 0.00
FCA Recognised
High Yield Fund (No Trail) Inc 166.33 - 0.49 4.71 Fusion Conservative Acc 53.41 - 0.44 0.66 Lothbury Property Trust (UK) Global Val.Cr.Fd USD Ord Acc $ 166.38 - 0.39 0.00
IVI European Fund EUR € 17.69 - 0.06 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Manek Investment Mgmt Ltd (1000)F (UK)
Hong Kong & China (No Trail) Acc ♦ F 173.39 - 1.09 1.23 Fusion Conservative Inc 53.30 - 0.44 0.68 MW Japan Fund Plc (IRL) Global Val.Cr.Fd EUR Ord Acc € 154.93 - 0.36 0.00
IVI European Fund GBP £ 17.40 - -0.04 0.99 Kames Capital VCIC (IRL) Property & Other UK Unit Trusts P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Income & Growth (No Trail) Acc ♦ F 219.06 - 1.39 3.99 Fusion Growth Acc 55.13 - 0.70 0.48 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Authorised Inv Funds FCA Recognised Swiss Select Equity Inst Acc SFr 112.76 - 2.05 0.00
Lothbury Property Trust GBP £ 1732.06 1858.39 27.09 3.34
FCA Recognised Growth Fd Acc 57.35 60.72 1.30 0.00 MW Japan Fund PLC A $ 24.68 - 0.64 -
Income & Growth (No Trail) Inc ♦ F 173.42 - 1.10 4.10 Fusion Growth Inc 55.13 - 0.71 0.48 Swiss Select Equity Ord Acc SFr 111.70 - 2.03 0.00
Absolute Return Bond B GBP Acc 1077.67 - -0.03 - MW Japan Fund PLC B $ 24.92 - 0.65 -
Income (No Trail) Acc ♦ F 169.77 - 1.14 3.17 Fusion Growth + Acc 56.59 - 1.00 0.49 US Growth USD Ord Acc $ 206.62 - 0.16 0.00
Eq Market Neutral B Acc 1019.29 - -1.00 - MW Japan Fund PLC C $ 95.44 - 2.91 -
Income (No Trail) Inc ♦ F 126.23 - 0.85 3.25 Fusion Growth + Inc 56.60 - 1.01 0.49 Manulife Global Fund (LUX) US Growth EUR Ord Acc € 197.96 - 0.14 0.00
Eq Market Neutral Plus B Acc 1033.39 - -2.24 - 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
Japan (No Trail) Acc ♦ F 149.26 - 4.40 0.76 Fusion Income Acc...C 53.19 - 0.35 2.45 US Growth GBP Ord Acc £ 207.84 - 0.18 0.00
High Yield Global Bond A GBP Inc 528.66 - 1.94 3.76 www.manulife.com.hk
Japanese Smaller Companies (No Trail) Acc ♦ F 165.54 - 3.32 0.00 Fusion Income Inc...C 50.87 - 0.34 2.47 FCA Recognised Morant Wright Funds (Ireland) PLC (IRL) US Growth USD Inst Acc $ 190.28 - 4.69 0.00
High Yield Global Bond B GBP Inc 1098.04 - 4.03 4.27 FCA Recognised
Invesco Fund Managers Ltd (UK) Latin American (No Trail) Acc ♦ F 100.54 - 3.98 2.16 Global Allocation Acc 53.35 - 0.49 0.66 American Growth Fund Class A F $ 29.1810 - -0.1518 0.00 Wealthy Nat Bd EUR Inst Inc € 108.07 - 0.25 3.76
Investment Grade Global Bd A GBP Inc 555.02 - 1.60 2.56 Morant Wright Fuji Yield EUR Acc Hedged € 11.22 - 0.36 -
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH M & G Securities (1200)F (UK)
Asset Management
Latin American (No Trail) Inc ♦ F 91.82 - 3.64 2.19 Global Allocation Inc 53.00 - 0.48 0.66 American Growth Fund Class AA F $ 1.6570 - -0.0087 0.00 Wealthy Nat Bd GBP Inst Inc £ 111.99 - 0.27 3.61
Dealing: 0800 085 8571 Kames Global Equity Income B GBP Acc 1100.45 - 14.64 - PO Box 9039, Chelmsford, CM99 2XG Morant Wright Fuji Yield EUR Dist Hedged € 11.16 - 0.36 -
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Managed Growth (No Trail) Acc ♦ F

Managed Growth (No Trail) Inc ♦ F

190.49

175.18
-

-
2.97 1.21

2.73 1.22
Global Bond exUK Acc

Global Bond exUK Inc

249.20xd

196.00xd
-

-
0.40 0.76

0.40 0.76
Kames Global Equity Income B GBP Inc 1052.90 - 14.01 -
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds
American Growth Fund Class AA (HKD) FHK$ 10.4650

Asian Equity Fund Class A F $ 2.7764

-

-
0.1433 0.00

-0.0110 0.40
Morant Wright Fuji Yield GBP Acc Hedged £ 11.45 - 0.37 -
Wealthy Nat Bd EUR Ord Inc

Wealthy Nat Bd GBP Ord Inc

Asset Manageme
€ 107.09

£ 112.64
-

-
0.42 3.52

0.27 3.34
Authorised Inv Funds Strategic Global Bond A GBP Inc 1098.31 - 1.93 0.58 Morant Wright Fuji Yield GBP Dist Hedged £ 11.21 - 0.36 -
Charifund Inc 1408.76 - 11.05 4.84 Asian Equity Fund Class AA F $ 0.8930 - -0.0036 0.00
INVESCO PERPETUAL Funds Managed Income (No Trail) Acc ♦ F 187.39 - 2.17 3.09 Global Bond Opport. Acc 49.19 - 0.16 2.87 Wealthy Nat Bd USD Ord Inc $ 109.37 - 0.45 3.32
Strategic Global Bond B GBP Inc 622.92 - 1.12 1.08 Morant Wright Fuji Yield USD Acc Hedged $ 11.13 - 0.35 -
Asian Acc ♦ F 403.48 - 9.41 0.89 Charifund Acc 19117.46 - 149.85 4.70 Asian Small Cap Equity Fund Class AA F $ 1.9355 - -0.0186 0.00 New Capital Alternative Strategies
Managed Income (No Trail) Inc ♦ F 155.19 - 1.79 3.15 Global Bond Opport. Inc 48.78 - 0.16 2.89
Morant Wright Fuji Yield USD Dist Hedged $ 11.27 - 0.36 -
Asian Inc ♦ F 362.39 - 8.45 0.89 M&G Corporate Bond A Acc 62.12 - 0.20 3.09 Asian Small Cap Equity Fund Class AA (HKD)HK$ 7.8295 - -0.0748 0.00 All Weather Fd USD Cls $ 121.26 - 0.57 0.00
Monthly Income Plus (No Trail) Acc ♦ F 170.47 - 0.43 4.67 Global Eq Income £ hdg Acc... C 66.19xd - 0.60 3.61
Morant Wright Fuji Yield YEN Acc ¥ 1148.24 - 37.27 -
Asian Equity Income Acc ♦ F 54.75 - 0.72 4.38 Monthly Income Plus (No Trail) Inc ♦ F 108.44 - 0.27 4.77 Global Eq Income £ hdg Inc ... C 47.68xd - 0.43 3.69 Kleinwort Benson Bank (UK) M&G Corporate Bond A Inc 39.26 - 0.12 3.09 China Value Fund Class A F $ 7.8134 - -0.0144 0.69 All Weather Fd EUR Cls € 109.06 - 0.45 0.00
14 St. George Street, Mayfair, London W1S1FE Morant Wright Fuji Yield B YEN Acc ¥ 1013.84 - 32.81 -
Asian Equity Income Inc ♦ F 46.65 - 0.62 4.50 M&G Dividend A Inc 58.93 - 0.41 4.65 China Value Fund Class AA F $ 2.4461 - -0.0046 0.47 All Weather Fd GBP Cls £ 117.69 - 0.54 0.00
Pacific (No Trail) Acc ♦ F 172.63 - 4.67 0.85 Global Eq Income Acc... C 69.07xd - 0.77 3.61 Dealing and enquiries: 0800 024 2400
Morant Wright Fuji Yield YEN Dist ¥ 1135.60 - 36.86 -
Balanced Risk 6 Acc 51.68 - 0.41 0.00 Authorised Inv Funds M&G Dividend A Acc 590.29 - 4.14 4.49 Dragon Growth Fund Class A F $ 1.8021 - -0.0079 0.61 Tactical Opps USD Cls $ 137.12 - -15.77 0.00
Pacific (No Trail) Inc ♦ F 163.85 - 4.44 0.94 Global Eq Income Inc ... C 60.19xd - 0.68 3.69
Unit Trust Manager/ACD - Host Capital Morant Wright Sakura Fund Sterling Acc Hedged £ 13.75 - 0.42 0.00
Balanced Risk 8 Acc 52.97 - 0.53 0.00 M&G Episode Growth X Inc 50.97xd - 0.44 1.83 Dragon Growth Fund Class AA HKDHK$ 8.7146 - -0.0376 0.58 Tactical Opps EUR Cls € 115.03 - -12.99 0.00
Tactical Bond (No Trail) Acc ♦ F 139.84 - 0.09 1.45 Global Equity Acc 972.90 - 23.30 0.16
HC KB Capital Growth A Acc 160.00 - 1.13 1.36 Morant Wright Sakura Fund Euro Acc Hedged € 13.73 - 0.42 0.00
Balanced Risk 10 Acc 54.13 - 0.69 0.12 M&G Episode Income A Acc 135.62 - 2.18 3.65 Emerging Eastern Europe Fund Class AA F $ 1.2790 - -0.0007 0.50 Tactical Opps GBP Cls £ 129.22 - -14.80 0.00
Tactical Bond (No Trail) Inc ♦ F 119.24 - 0.08 1.46 Global Equity Inc 72.31 - 1.74 0.15
HC KB Capital Growth A Inc 149.82 - 1.06 1.38 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1401.05 - 42.69 0.00
Childrens Acc ♦ F 391.49 - 2.99 1.71 UK Aggressive (No Trail) Acc ♦ F 160.89 - 1.24 2.28 Global Financials Acc 720.10 - 10.40 0.87
M&G Episode Income A Inc 114.09 - 1.83 3.72
Asset Management
Emerging Eastern Europe Fund Class A F $ 2.9782 - -0.0016 0.90

set Management
HC KB Enterprise Equity Income A Inc 105.69 - -0.35 3.78 Morant Wright Sakura Fund Dollar Acc Hedged $ 13.68 - 0.41 0.00
M&G Extra Income A Inc 710.82 - 4.99 4.55

Asset Management Asset Management

Corporate Bd Acc (Gross) ♦ F 205.19 - 0.43 3.61 UK Aggressive (No Trail) Inc ♦ F 135.37 - 1.03 2.33 Global Financials Inc 40.95 - 0.59 0.88 European Growth Fund Class A F $ 10.5616 - 0.0141 1.15
HC KB Enterprise Equity Income A Acc 155.60 - -0.51 3.69 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.64 - 0.42 0.00
Corporate Bd Inc (Gross) ♦ F 88.77 - 0.18 3.71 M&G Extra Income A Acc 5767.24 - 40.48 4.42 European Growth Fund Class AA F $ 0.7637 - 0.0010 0.56
UK Enhanced Index (No Trail) Acc ♦ F 388.65 - 3.68 3.43 Global High Yield Bd Mth Inc C 37.66xd - 0.21 6.51
HC KB Endeavour Multi Asset Balanced A Acc 128.88 - 1.26 0.81
Corporate Bond Acc ♦ F 182.92 - 0.38 3.63 M&G Global Basics A Inc 601.27 - 10.49 0.30 Global Contrarian Fund Class AA F $ 0.8899 - -0.0052 0.00
UK Enhanced Index (No Trail) Inc ♦ F 246.92 - 2.33 3.51 Global High Yield Bd Acc C 98.32xd - 0.54 6.46
HC KB Endeavour Multi Asset Balanced A Inc 122.48 - 1.19 0.81
Corporate Bond Inc ♦ F 88.52 - 0.18 3.71 M&G Global Basics A Acc 907.69 - 15.83 0.31 Global Property Fund Class AA F $ 0.9586 - -0.0043 0.75
UK Growth (No Trail) Acc ♦ F 141.60 - 1.22 2.29 Global High Yield Bd Inc C 37.63xd - 0.21 6.55
HC KB Enterprise Fixed Income A Acc 121.77 - -0.20 3.44
Distribution Acc ♦ F 108.03 - 0.39 4.20 M&G Global Dividend Fund A Acc 183.27 - 3.98 3.44 Global Property Fund Class AA (HKD)HK$ 9.0067 - -0.0397 -
UK Growth (No Trail) Inc ♦ F 115.87 - 1.00 2.34 Global Property Secs Acc 56.27xd - 0.81 0.60
HC KB Enterprise Fixed Income A Inc 108.71 - -0.18 3.44 Northwest Investment Management (HK) Ltd
Distribution Acc (Gross) ♦ F 123.45 - 0.45 4.18 M&G Global Dividend Fund A Inc 145.68 - 3.16 3.51 Global Resources Fund Class AA F $ 0.6395 - -0.0130 0.00
UK Smaller Companies Equity (No Trail) Acc ♦ F 276.97 - 1.47 1.00 Global Property Secs Inc 48.57xd - 0.70 0.59 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Distribution Inc ♦ F 63.55 - 0.23 4.28 M&G Glbl Emrgng Mkts A Acc 178.05 - 3.53 0.97 Greater China Opportunities Class AA $ 0.9044 - -0.0004 0.00 Other International Funds
UK Smaller Companies Equity (No Trail) Inc ♦ F 255.51 - 1.35 1.01 Income Acc ... C 49.73 - 0.19 6.65
Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Glbl Emrgng Mkts A Inc 172.01 - 3.40 0.98 Northwest $ class $ 2331.51 - -97.83 0.00
Distribution Inc (Gross) ♦ F 63.59 - 0.22 4.28 UK Strategic Income (No Trail) Acc ♦ F 713.01 - 3.72 3.35 Income Inc ... C 46.99 - 0.18 6.68 Healthcare Fund Class AA F $ 1.9226 - -0.0132 0.00
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Morgan Stanley Investment Funds (LUX)
Other International Funds M&G Global Macro Bond Fund A Acc 105.70xd - 0.45 0.87 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Northwest Warrant $ class $ 2413.75 - -188.47 0.00
Emerging European Acc ♦ F 33.34 - 0.44 2.90 UK Strategic Income (No Trail) Inc ♦ F 534.53 - 2.78 3.43 Japan Acc 287.60 - 6.20 0.00 India Equity Fund Class AA F $ 1.3198 - -0.0110 0.00
Lloydstrust Gilt £ 12.2700 - 0.0600 2.42 M&G Global Macro Bond Fund A Inc 73.34xd - 0.32 0.87 www.morganstanleyinvestmentfunds.com
Emerging European Inc ♦ F 30.40 - 0.41 2.97 US Equity (No Trail) Acc ♦ F 217.79 - 6.39 0.04 Japan Inc 69.23 - 1.48 0.00 International Growth Fund Class A F $ 4.4890 - -0.0294 0.13
FCA Recognised
Lloyds Investment Funds Limited M&G Global High Yield Bond X Inc 49.59 - 0.24 4.30
European Equity Acc ♦ F 836.97 - 0.33 2.17 Multi-Asset Inc Mth Inc ... C 63.70xd - 0.36 3.82 International Growth Fund Class AA F $ 1.0302 - -0.0067 0.00 US Advantage A F $ 55.99 - 0.49 0.00
Euro High Income € 1.6260 - 0.0010 2.96
European Equity Inc ♦ F 708.13 - 0.28 2.22 M&G Global High Yield Bond X Acc 115.94 - 0.56 4.30 Japanese Growth Fund Class A F $ 3.3475 - -0.0406 0.58
Multi-Asset Inc Acc... C 84.18xd - 0.47 3.74 Asian Equity A F $ 40.19 - 0.06 0.00
European £ 7.2720 - 0.0340 1.37
European Equity Income Acc ♦ F 72.81 - -0.07 3.36 M&G Managed Growth X Inc 73.60 - 1.09 0.70 Japanese Growth Fund Class AA F $ 0.8605 - -0.0105 0.00
Multi-Asset Inc Inc... C 63.70xd - 0.36 3.83 Asian Property A F $ 17.65 - 0.01 0.00
High Income £ 0.8656 - 0.0027 5.02
European Equity Income Inc ♦ F 56.36 - -0.05 3.44 M&G Optimal Income A Inc 142.47 - 0.35 1.94 Latin America Equity Fund Class AA F $ 0.7057 - -0.0189 1.63
Multi-Asset Macro Acc 67.63 - 0.40 0.00 Asian Property AX F £ 10.59 - 0.03 0.49
International £ 3.9300 - 0.0910 1.22
European High Income Acc ♦ F 79.57 - 0.14 3.37 M&G Optimal Income A Acc 186.79 - 0.47 1.94 Russia Equity Fund Class AA F $ 0.4037 - -0.0017 0.00
Multi-Asset Macro Inc 67.64 - 0.41 0.00 Diversified Alpha Plus A F € 31.33 - -0.01 0.00
North American £ 15.2600 - 0.4300 0.14 Oasis Crescent Management Company Ltd
European High Income Inc ♦ F 58.20 - 0.10 3.43 M&G Recovery GBP A Inc 118.16 - 1.15 0.74 Taiwan Equity Fund Class AA F $ 1.4888 - 0.0190 0.21
Multi-Manager Growth Acc 701.30 - 4.10 0.47 Emerg Europ, Mid-East & Africa Eq A F € 65.87 - 0.60 0.00 Other International Funds
Sterling Bond £ 1.4660 - 0.0050 3.66
European Opportunities Inc ♦ F 85.07 - -0.29 0.16 Invesco (LUX) Multi-Manager Growth Inc 654.50 - 3.90 0.47
M&G Recovery GBP A Acc 265.32 - 2.59 0.74 Turkey Equity Fund Class AA F $ 0.6660 - 0.0055 0.00 Emerging Markets Debt A F $ 74.95 - 0.75 0.00 Oasis Crescent Equity Fund R 9.26 - 0.02 0.00
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 UK £ 6.6030 - 0.0690 1.59
European Opportunities Acc ♦ F 87.11 - -0.30 0.16 M&G Strategic Corp Bond A Inc 72.98 - 0.19 2.74 US Bond Fund Class AA F $ 1.2089 - 0.0001 3.93
FCA Recognised Natural Resources Acc 345.10 - 16.00 0.12 Emerging Markets Domestic Debt AX F £ 10.42 - 0.07 5.46
Lloyds Gilt Fund Limited
European Smlr Cos Acc ♦ F 191.21 - 0.10 0.00 Invesco Management SA M&G Strategic Corp Bond A Acc 104.19 - 0.27 2.74 U.S. Bond Fund Class AA Inc F $ 0.9790 - 0.0001 2.53
Natural Resources Inc 24.44 - 1.13 0.12 Lloyds Gilt Fund Quarterly Share £ 1.2750 - 0.0050 1.96 Emerging Markets Equity A F $ 33.26 - 0.16 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Invesco Active Multi-Sector Credit Fund A € 2.92 - 0.00 0.00 M&G Global Leaders GBP A Inc 185.77 - 3.72 1.47 Regulated
Global Bd Acc (Gross) ♦ F 129.08 - 0.50 1.18 New Europe Acc 130.10 - 1.00 2.79 Monthly Share £ 1.2270 - 0.0050 1.96 US Bond Fund Class AA (HKD) HK$ 9.9075 - 0.0186 - Euro Bond A F € 15.60 - 0.01 0.00
Invesco Asia Balanced A dist $ 14.13 - 0.06 3.63 M&G Global Leaders GBP A Acc 433.40 - 8.68 1.45 Oasis Global Investment (Ireland) Plc
Global Bd Inc (Gross) ♦ F 79.95 - 0.30 1.19 New Europe Inc 30.91 - 0.24 2.75 Lloyds Money Fund Limited U.S. Bond Fund Class AA (HKD) IncHK$ 9.7586 - 0.0018 2.63 Euro Corporate Bond AX F £ 21.83 - 0.09 1.69
Oasis Crescent Global Short Term Income Fund $ 1.00 - 0.00 0.45
Invesco Asia Consumer Demand Fund A income $ 12.53 - 0.09 0.19 Sterling Class £ 52.5910 - 0.0000 0.16 M&G UK Inflation Lnkd Corp Bnd A Acc 112.30 - 0.47 0.09
Global Bond Acc ♦ F 121.34 - 0.47 1.19 Portfolio Acc 195.40 - 1.90 0.70 U.S. Special Opportunities Fund Class AA F $ 0.8964 - 0.0008 7.15 Euro Strategic Bond A F € 43.22 - 0.15 0.00
Oasis Global Equity $ 26.55 - -0.03 0.22
Invesco Asia Infrastructure (A) $ 12.64 - 0.04 1.42 Lloyds Multi Strategy Fund Limited M&G UK Inflation Lnkd Corp Bnd A Inc 110.69 - 0.46 0.09
Global Bond Inc ♦ F 79.86 - 0.31 1.20 Sterling Corporate Bond Acc 82.08xd - 0.30 2.56 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 - European Currencies High Yield Bd A F € 21.65 - 0.04 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Invesco Asia Opportunities Equity A $ 100.30 - -0.07 0.00 Conservative Strategy £ 1.0870 - 0.0060 1.97
Glbl Distribution Acc 52.54 - 0.27 4.13 Sterling Corporate Bond Inc 51.58xd - 0.19 2.57 U.S. Special Opportunities Fund Class AA Inc $ 0.8847 - 0.0007 - European Equity Alpha A F € 43.73 - 0.10 0.00 Oasis Crescent Global Equity Fund $ 26.94 - -0.01 0.00
Invesco Balanced Risk Allocation Fund A € 14.65 - 0.09 0.00 Growth Strategy £ 1.4540 - 0.0280 1.32
Glbl Distribution Acc (Gross) 53.13 - 0.28 4.13 Strategic Bond Acc 68.57xd - 0.12 2.69 M & G Securities Ltd (UK) US Small Cap Equity Fund Class AA F $ 1.0873 - 0.0029 0.00 European Property A F € 34.68 - -0.13 0.00 Oasis Crescent Variable Balanced Fund £ 10.38 - -0.03 -
Invesco Emerging Europe Equity Fund A $ 8.02 - 0.12 0.00 Aggressive Strategy £ 1.7690 - 0.0520 0.00 Property & Other UK Unit Trusts
Glbl Distribution Inc 50.38 - 0.26 4.14 Strategic Bond Inc 57.23xd - 0.10 2.70 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2741 - -0.0012 0.06 Eurozone Equity Alpha A F € 11.47 - 0.02 0.00 OasisCresGl Income Class A $ 10.98 - 0.00 2.28
Invesco Emerging Local Currencies Debt A Inc $ 7.02 - 0.00 6.72 Global USD Growth Strategy $ 1.3730 - 0.0270 0.00 Charibond 123.36 - 0.34 5.24
Glbl Distribution Inc (Gross) 50.41 - 0.26 4.14 UK Active Index + E Acc 272.80 - 2.20 3.14 Global Bond A F $ 38.73 - 0.10 0.00 OasisCresGl LowBal D ($) Dist $ 11.66 - -0.03 0.00
Dealing Daily (Accum Units) 3603.75 - 9.92 5.24
Invesco Emerging Mkt Quant.Eq. A $ 9.23 - 0.11 0.00
Global Emerging Markets Acc ♦ F 225.78 - 4.26 0.53 UK Active Index + E Inc 51.43 - 0.40 3.14 Global Brands A F $ 93.13 - 0.38 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 11.80 - -0.02 0.31
Manulife Global Fund
Invesco Energy A $ 18.21 - 0.95 0.00 NAACIF 73.53 - 0.71 4.69
Global Emerging Markets Inc ♦ F 203.60 - 3.84 0.53 UK Dynamic Acc 157.30xd - 0.40 1.50 Other International Funds Global Convertible Bond A F $ 42.26 - 0.35 0.00 Oasis Crescent Gbl Property Eqty $ 9.39 - -0.07 1.83
Invesco Euro Corporate Bond Fund (A) € 17.15 - 0.00 0.00 (Accum Units) 6503.31 - 63.03 4.57 Asia Total Return Fund Class AA $ 0.9619 - -0.0009 -
Global Equity (acc) ♦ F 457.80 - 5.90 0.48 UK Dynamic Inc 128.60xd - 0.30 1.51 Global Property A F $ 27.40 - 0.06 0.00
Invesco Euro Inflation Linked Bond A € 15.39 - 0.09 0.00 M&G Property Portfolio A Acc 132.09 139.04 0.00 3.62 Asia Total Return Fund Class AA (HKD) Inc FHK$ 9.5208 - -0.0083 -
Global Equity (inc) ♦ F 417.55 - 5.37 0.48 UK Eq & Bond Inc Acc ... C 137.60xd - 0.60 3.32 Indian Equity A F $ 35.49 - 0.21 0.00
Invesco Euro Reserve A € 322.82 - 0.00 0.00 Property Portfolio A 122.01 128.43 0.01 3.71 Asia Total Return Fund Class AA Inc $ 0.9110 - -0.0008 3.23
Global Equity Income Acc ♦ F 117.09 - 1.28 3.16 UK Eq & Bond Inc Inc ... C 80.87xd - 0.38 3.39 Latin American Equity A F $ 40.41 - 0.73 0.00
Invesco Euro Bond A € 7.05 - 0.00 0.00 Property Portfolio X 122.01 122.01 0.01 3.69 Asia Value Dividend Equity Fund Class AA F $ 1.5369 - 0.0006 0.00
Global Equity Income Inc ♦ F 97.60 - 1.06 3.24 UK Higher Inc Acc ... C 880.50xd - 3.30 4.26 Short Maturity Euro Bond A F € 20.39 - 0.00 0.00
Invesco European Growth Equity A € 23.76 - 0.29 0.00 Asia Value Dividend Equity Fund Class AA Inc $ 0.9327 - 0.0003 -
Gbl Financial Capital Acc 88.20 - 0.76 4.27 UK Higher Inc Inc ... C 511.80xd - 2.00 4.39 Lombard Odier Funds (Europe) S.A (LUX) US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Invesco Global Absolute Return Fund A Class € 11.22 - -0.01 0.00 www.loim.com M & G (Guernsey) Ltd (GSY) Strategic Income Fund Class AA F $ 1.0794 - 0.0001 4.44
Gbl Financial Capital Inc 75.74 - 0.66 4.41 UK Managed Equity Acc 63.70xd - 0.45 2.09 US Growth A F $ 66.57 - 0.78 0.00
Regulated Regulated
Invesco Global Bond A Inc $ 5.53 - -0.01 0.97 Odey Asset Management LLP (UK)
Gbl Financial Cap Acc Gross 92.02 - 0.80 4.77 UK Managed Equity Inc 53.72xd - 0.38 2.12 Lombard Odier Funds The M&G Offshore Fund Range US Growth AH F € 46.17 - 0.54 0.00
Invesco Global Conservative Fund 90 (EUR) A € 11.91 - 0.01 0.00 40 Dukes Place, London, EC3A 7NH
Gbl Financial Cap Inc Gross 76.07 - 0.66 4.96 UK Smaller Cos Acc 378.40 - 2.20 0.00 Absolute Ret Bond (EUR) PA € 12.02 - 0.00 0.00 Corporate Bond 1307.11 1347.54 3.99 3.07 Marlborough Fd Managers Ltd (1200)F (UK) US Growth AX F £ 43.28 - 0.60 0.00 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Invesco Global Equity Income Fund A $ 58.65 - 0.24 0.00 Absolute Ret Bond (USD) PA $ 17.66 - 0.01 0.00 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
Global Opportunities Acc ♦ F 92.03 - 1.44 0.46 UK Smaller Cos Inc 73.48 - 0.43 0.00 Global Basics 2213.44 2281.89 38.44 0.00 US Property A F $ 64.84 - 0.72 0.00 Authorised Corporate Director - Capita Financial Managers
www.marlboroughfunds.com
Invesco Global Inc Real Estate Sec A dist $ 9.17 - 0.04 2.14 Authorised Inv Funds
Global Smaller Cos Acc ♦ F 1646.59 - 26.17 0.00 UK Strategic Eq Inc Acc ... C 148.00xd - 0.70 3.66 All Roads (CHF) PA SFr 17.49 - 0.03 0.00 Global Leaders 3226.29 3360.72 64.53 1.26 Authorised Inv Funds
CF Odey Continental European GBP R Acc 706.79 - -0.98 0.19
Invesco Global Inv Grd Corp Bond A Dist $ 11.68 - 0.03 3.05 All Roads (USD) PA $ 11.12 - 0.02 0.00 Balanced 149.49 158.00 1.27 0.05
Global Smaller Cos Inc ♦ F 1572.29 - 24.99 0.00 UK Strategic Eq Inc Inc ... C 96.83xd - 0.45 3.74 Global High Yield Bond 975.02 1005.18 4.71 4.30
Morgens Waterfall Vintiadis.co Inc CF Odey Opus GBP R Inc 3684.42 - 34.88 0.00
Invesco Global Leisure A $ 36.14 - 0.00 0.00 All Roads (GBP) PA £ 11.35 - 0.02 0.00 Bond Income 50.27 53.20 0.02 4.86
Global Targeted Rets Acc 56.06 - -0.16 0.29 UK Strategic Gth Acc 109.50 - 0.20 1.20 Global Macro Bond Fund 10992.32 11332.29 47.92 0.89 Other International Funds
CF Odey Absolute Return GBP R 310.41 - 0.39 0.00
Invesco Global Smaller Comp Eq Fd A $ 56.36 - 0.41 0.00 All Roads (EUR) PA € 11.27 - 0.01 0.00 Cash 50.17 - 0.00 0.32 Phaeton Intl (BVI) Ltd (Est) $ 412.16 - 9.41 0.00
High Income Acc ♦ F 802.60 - 8.57 3.36 UK Strategic Gth Inc 102.10 - 0.20 1.22 North American Dividend Fund 151.01 157.30 3.89 0.63
CF Odey Portfolio Fund GBP R Inc 143.30 - 1.36 0.07
Invesco Global Structured Equity A $ 45.57 - 0.08 0.73 Alpha Japan (EUR) PA F € 11.32 - 0.21 0.00 Cautious Inc 81.43 85.70 0.62 1.33
High Income Inc ♦ F 442.74 - 4.73 3.44 US Acc 686.00 - 17.30 0.00 Optimal Income Fund 141.18 145.54 0.35 1.94
Invesco Global Total Ret.(EUR) Bond Fund A € 13.26 - 0.04 0.00 Alpha Japan (CHF) PA F SFr 14.15 - 0.26 0.00 Defensive A Inc 115.68 - 0.22 0.98
High Yield Fund Acc 107.78 - 0.31 4.62 US Inc 94.95 - 2.40 0.00 Recovery Fund Limited 'A' Participating Shares 10234.82 10661.27 98.52 0.43
Invesco Gold & Precious Metals A $ 3.65 - 0.13 0.00 Alpha Japan (JPY) PA F ¥ 1344.00 - 25.00 0.00 Emerging Markets 210.87 - 2.94 1.81 Odey Asset Management LLP (CYM)
High Yield Fund Acc (Gross) 125.48 - 0.37 4.59 US Equity Income Acc ... C 115.30xd - 3.00 2.18 Recovery Fund Limited 'I' Participating Shares 10239.48 10342.91 99.05 1.23
Regulated
Invesco Greater China Equity A $ 42.09 - 0.08 0.00 Alpha Japan (USD) PA F $ 16.20 - 0.28 0.00 ETF Global Growth A 150.58 - -0.78 0.00
High Yield Fund Inc 43.13 - 0.12 4.73 US Equity Income £ hdg Inc ... C 96.21xd - 2.08 2.24 Strategic Corporate Bond Fund 132.51 138.03 0.35 2.72 OEI Mac Inc GBP A £ 363.01 - 4.91 0.00
Invesco India Equity A $ 52.54 - -0.66 0.00 Alternative Beta PA F SFr 115.96 - 0.17 0.00 ETF Commodity A 69.50 - 1.46 0.00
High Yield Fund Inc (Gross) 43.19 - 0.13 4.72 US Equity Income Inc ... C 98.34xd - 2.51 2.21 UK Growth 1491.47 1553.61 14.84 1.19 OEI Mac Inc GBP B £ 196.98 - 2.63 0.00
Invesco Japanese Equity Adv Fd A ¥ 3788.00 - 134.00 0.00 Alternative Beta PA F € 78.22 - 0.12 0.00 European Multi-Cap 266.84 - 0.96 0.20
Hong Kong & China Acc ♦ F 437.68 - 2.75 0.73 US Select Acc 107.10 - 3.30 0.00 OEI MAC Inc USD $ 1943.43 - 26.13 0.00
Invesco Japanese Value Eq Fd A ¥ 1241.00 - 38.00 0.00 Alternative Beta PA F $ 116.95 - 0.18 0.00 Extra Income 78.07 82.61 0.37 4.54 Natixis International Funds (Lux) I SICAV (LUX)
Income & Growth Acc ♦ F 931.51 - 5.90 3.99 US Select Inc 105.70 - 3.20 0.00 Odey European Inc EUR € 846.63 - 15.90 0.00
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Invesco Latin American Equity A $ 6.08 - 0.19 0.00 Commodities (CHF) PA SFr 5.34 - 0.07 0.00 Far East Growth A Inc 148.01 - 1.53 2.01
Income & Growth Inc ♦ F 404.14 - 2.56 4.11 US Smaller Cos Acc 374.20 - 9.50 0.00 FCA Recognised Odey European Inc GBP A £ 324.51 - 6.17 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 1030.00 - 13.00 0.00 Commodities (EUR) PA € 5.40 - 0.07 0.00 Global 171.00 179.97 4.05 0.00 Harris Global Equity R/A (USD) $ 256.62 256.62 1.62 0.00
Income Acc ♦ F 3092.77 - 20.71 3.19 US Smaller Cos Inc 98.06 - 2.51 0.00 Odey European Inc GBP B £ 184.16 - 3.50 0.00
Invesco Pan European Equity A EUR Cap NAV € 19.36 - 0.17 0.00 Commodities (USD) PA $ 5.58 - 0.07 0.00 Global Bond Inc 135.09 142.95 0.39 3.22 Harris Concentrated US Equity H-N/A (GBP) £ 136.56 136.56 0.58 0.00
Income Inc ♦ F 1746.79 - 11.70 3.26 Odey European Inc USD $ 390.05 - 7.39 0.00
Invesco Pan European High Income Fd A € 13.97 - 0.01 2.14 Convertible Bd P A € 17.27 - 0.06 0.00 High Yield Fixed Interest 73.64 78.13 0.27 5.64 Harris Concentrated US Equity R/D (GBP) £ 96.41 96.41 0.54 33.93
Japan Acc ♦ F 314.45 - 9.26 0.30 Giano Capital EUR Inc € 4423.88 - -73.35 0.00
JPMorgan Charity Funds (UK)
Japanese Smlr Cos Acc ♦ F 65.05 - 1.30 0.00
Invesco Pan European Small Cap Equity A € 22.70 - 0.16 0.00
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 Convertible Bd Asia PA F SFr 13.44 - 0.04 0.00 MFS Investment Funds (LUX) Multi Cap Income A Inc 156.04 - 0.29 4.31 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 98.52 98.52 0.22 0.90
Property & Other UK Unit Trusts FCA Recognised
Invesco Pan European Structured Equity A € 16.67 - 0.17 0.00 Convertible Bd Asia PA F € 14.32 - 0.05 0.00 Nano-Cap Growth A Acc 102.0162 112.4100 0.6020 -
Latin America Acc ♦ F 104.09 - 4.12 1.42
UK Equity Fund for Charities I...C £ 2.737670 2.748350 0.015230 3.48 Blend.Research Gb.Eq.Fd. € 100.31 - 3.47 - Odey Asset Management LLP (IRL)
Invesco UK Eqty Income A £ 30.93 - 0.21 0.00 Convertible Bd Asia PA F $ 14.42 - 0.05 0.00 Special Situations A Acc 1144.58 1211.20 2.66 0.39
Latin America Inc ♦ F 87.54 - 3.46 1.43 Natixis International Funds (Dublin) I plc (IRL) FCA Recognised
Bond Fund for Charities £ 1.347820 1.354200 0.004470 3.74 Blend.Research Gb.Eq.Fd. £ 98.31 - 2.78 -
Invesco UK Investment Grade Bond A £ 0.99 - 0.00 2.93 Emerg. Consumer (CHF) PA SFr 11.52 - 0.05 0.00 UK Multi-Cap Growth A Inc 231.87 245.36 0.57 0.40 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Odey Pan European EUR R € 339.08 - 8.52 0.00
Managed Growth Acc ♦ F 157.25 - 2.45 0.70
Blend.Research U.S.Core Eq.Fd. ¥ 10030.00 - 352.00 - Regulated
Invesco US Structured Equity A $ 20.83 - 0.06 0.00 Emerg. Consumer (EUR) PA € 11.65 - 0.05 0.00 UK Micro Cap Growth A 471.43 498.87 2.56 0.00 Odey Allegra European EUR O € 262.09 - 7.05 0.00
Managed Growth Inc ♦ F 130.91 - 2.04 0.70
Blend.Research Gb.Eq.Fd. $ 99.32 - 1.83 - Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.45 13.45 0.03 1.14
Invesco US Value Eq Fd A $ 30.65 - 0.56 0.00 Emerg. Consumer (USD) PA $ 11.63 - 0.06 0.00 US Multi-Cap Income 305.29 - 7.14 0.18 Odey Allegra International EUR O € 173.04 - 4.40 0.00
Managed Income Acc ♦ F 156.49 - 1.81 3.09
Em.Mk.Eq.Fund Euro € 104.77 - -0.12 0.00 Loomis Sayles High Income R/D (USD) $ 8.88 8.88 0.03 13.40
Invesco USD Reserve A $ 87.02 - 0.00 0.00 Emerg.Eq. Risk Par.(EUR) PA € 7.65 - 0.07 0.00 MFM - Third Party Funds Odey Allegra Developed Markets USD I $ 128.24 - 1.47 0.00
Managed Income Inc ♦ F 96.64 - 1.12 3.15
Em.Mk.Eq.Fund Sterling £ 90.04 - 0.07 0.00 Loomis Sayles Multisector Income R/D (GBP) £ 13.04 13.04 0.05 4.56
Junior Oils 68.42 72.40 0.41 0.00
Money Acc ♦ F 90.12 - 0.00 0.22 Emerg. Eq. Risk Par.(USD) PA $ 6.00 - 0.06 0.00 Odey European Focus Fund € 17.59 - 0.40 0.49
Em.Mk.Eq.Fd.US Dollar $ 89.79 - -0.05 0.00
Junior Gold C Acc 20.73 - 0.42 0.00
Money Acc (Gross) ♦ F 95.23 - -0.01 0.22 Invesco Global Asset Management Ltd (IRL) Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.88 - 0.00 0.00 Odey Atlas Fund GBP I S £ 1.17 - 0.02 0.00
Em.Mk.Loc.Ccy Debt Fd.FC ¥ 8027.00 - 20.00 5.93 Natixis International Funds (UK)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 MFM Artorius Fund 144.28 - -7.41 0.18
Monthly Income Plus Acc ♦ F 295.87 - 0.75 4.68 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.08 - 0.00 0.00 Odey Giano European Fund EUR R € 117.53 - 0.78 0.00
FCA Recognised GAM Em.Mk.Loc.Ccy Debt Fd.FD ¥ 9734.00 - 47.00 5.94 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
MFM Bowland 148.99 161.07 -7.47 0.00
Monthly Income Plus Acc (Gross) ♦ F 347.17 - 0.89 4.66 [email protected], www.jbfundnet.com Emerg.Loc.Cur.Bd.Fdt PA € 10.80 - 0.03 0.00 Authorised Funds Odey Naver Fund EUR I € 123.87 - -0.10 0.00
Invesco Stlg Bd A QD F £ 2.61 - 0.00 3.36 Gb.Conc.Eq.Fd.Euro € 265.49 - 0.01 0.00
Regulated MFM Hathaway Inc 101.87 106.67 -2.02 1.60 H2O MultiReturns Fund N/A (GBP) $ 12.53 12.53 0.01 1.76
Monthly Income Plus Inc ♦ F 110.14 - 0.28 4.78 Emerg.Loc.Cur.Bd.Fdt PA $ 8.42 - 0.03 0.00 Odey Odyssey USD I $ 156.63 - 3.08 0.00
Invesco Asian Equity A $ 5.96 - -0.01 0.50 Gb.Conc.Eq.Fd.Sterl.UK T £ 162.21 - 0.32 0.00
JB BF ABS-EUR B € 105.01 - -0.01 0.00 MFM SGWM Managed A Acc 120.23 - 2.25 0.16 H2O MultiReturns Fund I/A (GBP) £ 1.35 - 0.00 1.68
Monthly Income Plus Inc (Gross) ♦ F 110.35 - 0.28 4.78 Euro BBB-BB Fdt PA SFr 15.50 - 0.01 0.00 Odey Orion Fund EUR I € 122.82 - 1.34 0.00
Invesco ASEAN Equity A $ 89.45 - 0.12 0.40 Gb.Conc.Eq.Fd.Sterling £ 245.69 - 0.48 0.00
JB BF Abs Ret Def-EUR B € 110.80 - 0.09 0.00 MFM Techinvest Special Situations Acc 127.29 - -4.10 0.01 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.01 - 0.01 0.00
Pacific Acc ♦ F 931.55 - 25.22 0.38 Euro BBB-BB Fdt PA € 12.30 - 0.00 0.00 Odey Swan Fund EUR I € 101.27 - -2.26 0.00
Invesco Bond A $ 27.03 - -0.06 2.22 Gb.Conc.Eq.Fd.US $ 188.56 - 0.11 0.00
JB BF Abs Ret EM-USD B $ 116.78 - -0.11 0.00 MFM Techinvest Technology Acc 337.06 - -28.75 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.01 - 0.00 0.00
Pacific Inc ♦ F 855.61 - 23.16 0.38 Euro BBB-BB Fdt PA £ 10.87 - 0.01 0.00 Odey European Absolute Return GBP S £ 100.35 - -0.54 0.00
Invesco Continental Eurp Small Cap Eqty A $ 199.43 - -0.68 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 178.32 - 0.17 0.00
JB BF Abs Ret-EUR B € 130.11 - 0.19 0.00 MFM UK Primary Opportunities A Inc 309.95 - 2.06 1.42 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.93 - 0.00 4.49
Tactical Bond Acc ♦ F 68.38 - 0.04 0.96 Euro BBB-BB Fdt PA $ 17.46 - 0.01 0.00
Invesco Emerging Markets Equity A $ 34.60 - 0.03 0.00 Gb.Eq.Euro Hdg Fd. € 252.78 - 0.24 0.00
JB BF Abs Ret Pl-EUR B € 128.94 - 0.24 0.00 Slater Investments Ltd - Investment Adviser
Euro Credit Bd PA F € 12.86 - 0.00 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.01 - 0.00 4.38
Tactical Bond Inc ♦ F 59.51 - 0.03 0.96 Invesco Emerging Markets Bond A $ 20.64 - 0.09 4.82 MFM Slater Growth 385.90 409.44 1.30 0.12 Odey Wealth Management (CI) Ltd (IRL)
JB BF EM Corporate-USD B $ 107.33 - 0.15 0.00 Gb.Eq.Fund Euro € 273.45 - 0.18 0.00
Euro Government Fdt PA € 12.39 - 0.00 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.36 - 0.01 0.27 www.odey.com/prices
Tactical Bond Acc (Gross) ♦ F 70.90 - 0.04 0.96 Invesco Continental European Equity A € 8.82 - 0.03 0.18 MFM Slater Income A Inc 160.37 - 0.66 3.85
JB BF EM Infl Link-USD B $ 82.61 - -0.05 0.00 Gb.Eq. Fd Euro IRE T € 172.84 - 5.30 0.00 FCA Recognised
Euro Inflation-Lk Fdt PA € 11.86 - 0.04 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.34 - 0.02 0.46
Tactical Bond Inc (Gross) ♦ F 59.59 - 0.04 0.96 Invesco Gilt A £ 14.97 - -0.06 1.48 MFM Slater Recovery 166.14 176.28 0.58 0.25
JB BF EM Inv Grade-USD B $ 99.01 - 0.15 0.00 Gb.Eq.Fd.Sterling UK T £ 202.02 - 0.53 0.00 Odey Opportunity EUR I € 217.92 - 4.57 0.00
UK Aggressive Acc ♦ F 195.76 - 1.49 1.75 Euro Resp.Corp. Fdt PA € 18.11 - 0.01 0.00
Invesco Global Small Cap Equity A NAV $ 120.29 - -0.13 0.00 Gb.Eq.Fd.US Dollar $ 306.72 - 0.37 0.00
JB Emerging (EUR)-EUR B € 332.10 - 0.74 0.00
UK Aggressive Inc ♦ F 163.03 - 1.25 1.78 Invesco Global High Income A NAV $ 12.35 - 0.07 5.35
Europe High Conviction PA € 11.32 - 0.03 0.00 NatWest (2230)F (UK)
JB Emerging (USD)-USD B $ 404.39 - 1.24 0.00 Gb.Eq.Fund Sterling £ 199.83 - 0.52 0.00 Marlborough International Management Limited (GSY)
Eurozone Small&Mid Caps PA € 50.52 - -0.17 0.00
PO Box 23873, Edinburgh EH7 5WJ** Omnia Fund Ltd
UK Growth Acc ♦ F 535.96 - 4.61 1.78 Invesco Gbl R/Est Secs A GBP F F £ 7.46 - -0.03 0.91 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
JB BF Local EM-USD B $ 255.90 - 0.53 0.00 Gb.Val.Ex-Jap.Fd.USD $ 114.29 - 0.00 0.00 Enquiries: 0800 085 5588 Other International Funds
UK Growth Inc ♦ F 340.04 - 2.93 1.81 Fdmt.Eq.L/S SH Sd EUR PA € 10.96 - 0.01 0.00 FCA Recognised Authorised Inv Funds
Invesco Global Health Care A $ 137.72 - 0.58 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 13599.00 - 35.00 0.00 Estimated NAV $ 979.10 - 25.55 0.00
JB BF Total Ret-EUR B € 98.57 - -0.10 0.00 Marlborough North American Fund Ltd £ 28.78 29.07 -1.59 0.00 Series 1(Minimum initial investment 16375,000)
UK Smaller Cos Equity Acc ♦ F 851.62 - 4.50 0.54 Fdmt.Eq.L/S SH Sd USD PA $ 10.99 - 0.02 0.00
Invesco Global Select Equity A $ 13.05 - 0.02 0.00 Low Volatility Gb.Eq.Fd. € 99.45 - 3.26 -
JB EF Abs Ret Eur-EUR B € 119.98 - -0.11 0.00 Marlborough Tiger Fund Ltd F £ 23.08 23.31 -1.67 0.00 United Kingdom Equity Index Fund £ 12.29 - 0.39 2.78
UK Smaller Cos Equity Inc ♦ F 652.16 - 3.45 0.55 Gbl.Gvt.Fdmt PA € 10.35 - 0.01 0.00
Invesco Jap Eqty Core A $ 1.86 - 0.05 0.00 Low Volatility Gb.Eq.Fd. £ 97.47 - 2.58 -
JB EF Euro Value-EUR B € 185.02 - 0.65 0.00 UK Specialist Equity Inc £ 18.94 - 0.33 0.41
UK Strategic Income Acc ♦ F 179.69 - 0.93 3.36 Gbl.Gvt.Fdmt.(CHF) PA SFr 22.36 - -0.01 0.00
Invesco Japanese Equity A $ 18.20 - -0.23 0.00 Low Volatility Gb.Eq.Fd. $ 98.46 - 1.62 -
JB EF Japan-JPY B ¥ 17238.00 - -214.00 0.00 Contl Europe Spec Equity £ 15.68 - 0.35 0.00
UK Strategic Income Inc ♦ F 134.70 - 0.70 3.44 Invesco Korean Equity A $ 33.98 - -0.60 0.00
Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.56 - 0.00 0.00 Marwyn Asset Management Limited (CYM)
JB EF Luxury B-EUR B € 216.88 - -0.48 0.00 Regulated US Spec Equity Fund £ 13.14 - 0.47 0.00
US Equity Acc ♦ F 523.56 - 15.35 0.00 Gbl.5B Fdmt (EUR) PA € 11.68 - 0.00 0.00
Invesco PRC Equity A $ 49.34 - -0.17 0.00
JB Ms EF Special Val. EUR/A € 137.44 - 0.77 0.74 MFS Meridian Funds SICAV (LUX) Marwyn Value Investors £ 535.69 - -21.99 0.00 Japan Specialist Fund X £ 9.38 - 0.23 0.00
Invesco Perpetual Funds (No Trail) Gbl.5B Fdmt (CHF) PA SFr 10.30 - -0.01 0.00
Invesco Pacific Equity A $ 45.89 - -0.29 0.18 Regulated
JB Strategy Balanced-CHF/B SFr 148.20 - 0.02 0.00 Pacific Basin Specialist Equity Fund £ 20.80 - 0.29 0.69
Asian (No Trail) Acc ♦ F 168.91 - 3.94 1.43 Gbl.5B Fdmt SH (USD) PA $ 10.92 - 0.01 0.00 Optima Fund Management
Invesco Global Technology A $ 15.41 - 0.02 0.00 Absolute Return A1 € 19.58 - 0.09 0.00
JB Strategy Balanced-EUR € 153.20 - 0.08 0.00 McInroy & Wood Portfolios Limited (UK) UK Sovereign Bd Index Fund £ 10.88 - -0.02 2.60 Other International Funds
Asian (No Trail) Inc ♦ F 153.58 - 3.58 1.45 Generation Global (CHF) PA F SFr 12.72 - 0.00 0.00
Invesco UK Eqty A £ 8.03 - 0.07 1.31 Asia ex-Japan A1 $ 21.95 - -0.02 0.00
JB Strategy Balanced-USD/B $ 128.48 - 0.12 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867 UK Specialist Equity Income Fund £ 9.58 - 0.13 3.85 Cuttyhunk Fund II Limited $ 1525.63 - -43.67 0.00
Asian Equity Income (No Trail) Acc ♦ F 111.97 - 1.48 4.37 Generation Global (EUR) PA F € 19.44 - 0.04 0.00 Bond A1 $ 10.33 - 0.00 0.00 Authorised Inv Funds
JB Strategy Growth-CHF/B SFr 90.44 - -0.05 0.00 Global Spec Inv Grade Bd Fund GBP £ 9.99 - -0.02 3.21 JENOP Global Healthcare Fund Ltd $ 17.12 - -0.24 0.00
Asian Equity Income (No Trail) Inc 95.41 - 1.26 4.49 Generation Global (USD) PA F $ 14.86 - 0.03 0.00 Balanced Fund Personal Class Units 3831.90 - 48.80 1.94
China Equity Fd A1 $ 8.97 - -0.16 0.00
JB Strategy Growth-EUR € 113.86 - 0.00 0.00 Inflation Lkd Sov Bd Fund £ 12.56 - 0.00 0.67 OPTIKA Fund Limited - Cl A $ 115.74 - -4.14 -
Balanced Risk 6 No Trail Acc 105.19 - 0.83 0.16 Global Energy (USD) PA F $ 6.91 - 0.19 0.00 Income Fund Personal Class Units 2334.90xd - 23.60 2.94
Continental European Eqty A1 € 17.18 - 0.02 0.00
JB Strategy Inc-CHF/B SFr 118.88 - 0.02 0.00 Global Emerg Mkts Equity Fund X £ 10.61 - 0.19 0.56 Optima Fd NAV $ 94.52 - -1.59 0.00
Balanced Risk 8 No Trail Acc 107.78 - 1.09 0.42 Golden Age (CHF) PA F SFr 21.90 - -0.02 0.00 Emerging Markets Fund Personal Class Units 1553.50 - 25.70 2.51
Emer Mkts Debt Lo Curr Fd A1 $ 11.22 - 0.01 0.00
JB Strategy Inc-EUR/B € 158.87 - 0.06 0.00 Series 2 (Investment Management customers only) Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Balanced Risk 10 No Trail Acc 110.15 - 1.41 0.57 Golden Age (EUR) PA € 14.87 - -0.01 0.00 Smaller Companies Fund Personal Class Units 3515.10xd - 32.80 1.76
Emerging Markets Debt A1 $ 32.86 - 0.09 0.00 United Kingdom Equity Index Fund £ 12.31 - 0.40 3.27
JB Strategy Inc-USD/B $ 145.89 - 0.12 0.00 The Dorset Energy Fd Ltd NAV $ 28.91 - -3.23 0.00
Corporate Bond (No Trail) Acc ♦ F 162.72 - 0.34 3.87 Golden Age (USD) PA F $ 20.63 - -0.01 0.00 Emerging Markets Eq.A1 $ 10.09 - -0.01 0.00 UK Specialist Equity Inc £ 19.15 - 0.33 1.75 Platinum Fd Ltd $ 83.56 - -4.56 0.00
Corporate Bond (No Trail) Inc ♦ F 117.06 - 0.24 3.96 Invest AD Sh.T- Money Mkt EUR PA € 112.33 - 0.00 0.00 European Concentrated A1 € 17.25 - 0.10 0.00 Meridian Fund Managers Ltd Contl Europe Spec Equity £ 16.48 - 0.37 0.62
Client services: +971 2 692 6101 [email protected] Platinum Fd Ltd EUR € 16.26 - -0.86 0.00
Distribution (No Trail) Acc ♦ F 165.56 - 0.60 4.19 Sh.T- Money Mkt CHF PA SFr 128.86 - 0.00 0.00 Other International Funds
Other International Funds European Core Eq A1 € 30.47 - 0.16 0.00 US Spec Equity Fund £ 13.71 - 0.49 0.16
Global Gold & Resources Fund $ 180.02 - -1.51 - Platinum Japan Fd Ltd $ 53.86 - -2.22 0.00
Distribution (No Trail) Inc ♦ F 110.86 - 0.39 4.27 Sh.T- Money Mkt GBP PA £ 10.27 - 0.00 0.00
Invest AD - Iraq Opportunity Fund $ 64.61 - -0.70 0.00 European Res.A1 € 32.03 - 0.16 0.00 Japan Specialist Fund X £ 9.96 - 0.24 0.53
Global Energy & Resources Fund $ 37.95 - -6.10 - Optima Partners Global Fd (Est) $ 14.94 - 0.24 0.00
Emerging European (No Trail) Acc ♦ F 69.29 - 0.93 3.53 Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00
Invest AD - Emerging Africa Fund $ 942.68 - 1.60 0.00 European Smaller Companies A1 € 49.93 - 0.34 0.00 Pacific Basin Specialist Equity Fund £ 20.74 - 0.29 1.38 Optima Partners Focus Fund A $ 16.87 - -0.36 0.00
Emerging European (No Trail) Inc ♦ F 61.23 - 0.82 3.63 Sw.Fr.Bd(For) PA SFr 23.76 - 0.01 0.00
Invest AD - GCC Focus Fund $ 1546.96 - -0.37 0.00 European Value A1 € 34.77 - 0.14 0.00 UK Sovereign Bd Index Fund £ 11.05 - -0.02 2.60
European Equity (No Trail) Acc ♦ F 147.62 - 0.06 2.66 Sw.Fr.Credit Bd(For) PA SFr 13.66 - 0.01 0.00 Metage Capital
Kames Capital ICVC (UK) Global Conc.A1 $ 35.25 - 0.00 0.00 UK Specialist Equity Income Fund £ 10.33 - 0.14 3.80
European Equity (No Trail) Inc ♦ F 124.69 - 0.05 2.74 Other International Funds Oryx International Growth Fund Ltd
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Tactical Alpha (CHF) PA SFr 10.08 - 0.00 0.00 Global Credit Fund $ 10.34 - -0.01 0.00
MGS -Master Series (Est) $ 240.66 - -2.89 - Global Spec Inv Grade Bd Fund GBP £ 10.13 - -0.03 3.21 Other International Funds
European Equity Income (No Trail) Acc ♦ F 149.83 - -0.14 3.35 0800 45 44 22 www.kamescapital.com
Tactical Alpha (EUR) PA € 10.39 - 0.00 0.00 Global Energy Fund A1 $ 12.74 - 0.22 0.00
Authorised Funds MEMO - Master Series $ 501.03 - -3.56 0.00 Inflation Lkd Sov Bd Fund £ 12.68 - 0.00 0.67 NAV (Fully Diluted) £ 6.45 - 0.27 0.00
European Equity Income (No Trail) Inc ♦ F 116.01 - -0.11 3.43 Tactical Alpha (USD) PA $ 14.93 - 0.00 0.00
Diversified Income B Acc 109.97 - 0.38 5.29 Global Equity A1 $ 44.49 - 0.01 0.00 Global Emerg Mkts Equity Fund X £ 10.26 - 0.19 0.78
MEMO - MEMV Series $ 117.28 - -0.07 0.00
European High Income (No Trail) Acc ♦ F 163.80 - 0.28 3.37 Technology PA € 13.30 - 0.04 0.00
Diversified Income B Inc 101.74 - 0.35 5.47 Global Equity A1 € 25.16 - 0.17 0.00 The initial charge you will pay will depend on the amount you invest
European High Income (No Trail) Inc ♦ F 119.81 - 0.21 3.42 Technology PA $ 20.15 - 0.07 0.00 **Address and Telephone number for series 1 only
Diversified Growth A Acc 131.30 - 1.27 2.71 Global High Yield Fund $ 24.79 - 0.05 0.00
European Opportunities (No Trail) Acc ♦ F 182.19 - -0.61 0.66 Ministry of Justice Common Investment Funds (UK)
JPMorgan Asset Mgmt (1200)F (UK) Ethical Cautious Managed A Acc 164.16 - 0.42 1.62 Wld Gold Expertise PAF SFr 9.30 - 0.35 0.00 Global High Yield Fund € 16.10 - 0.14 0.00 Property & Other UK Unit Trusts
European Opportunities (No Trail) Inc ♦ F 172.89 - -0.58 0.66 60 Victoria Embankment, London EC4Y 0JP
Wld Gold Expertise PA € 7.41 - 0.29 0.00 Global Multi-Asset A1 $ 15.38 - 0.02 0.00 Asset Management
Asset Management
Brokerline: 0800 727 770, Clients: 0800 20 40 20 Ethical Cautious Managed A Inc 135.81 - 0.35 1.64 The Equity Idx Tracker Fd Inc 1292.00 1292.00 22.00 2.69
European Smaller Companies (No Trail) Acc ♦ F 234.57 - 0.12 0.46

Global Balanced Index (No Trail) Acc ♦ F 153.41 - 1.45 1.75

Authorised Inv Funds
JPM Retail OEIC (A class unless stated) Asset Management
Ethical Corporate Bond A Acc

Ethical Corporate Bond A Inc

194.61

110.43
-

-
0.20 3.32

0.11 3.32
Wld Gold Expertise PA
LO Selection
$ 9.83 - 0.38 0.00 Global Res.A1

Global Total Return A1

Asset Management $ 25.67

€ 17.14
-

-
0.01 0.00

0.10 0.00
Distribution Units

Permal Investment Mgmt Svcs Ltd

America Equity Acc 59.41 - 1.75 0.00 Balanced (CHF) PA F SFr 106.80 - 0.09 0.00 www.permal.com
Global Bond (No Trail) Acc ♦ F 136.30 - 0.52 1.44
Ethical Equity A Acc 172.40 - 0.68 1.22 Inflation-Adjusted Bond A1 $ 14.00 - 0.01 0.00 Mirabaud Asset Management (LUX)
Other International Funds
America Equity Inc 59.41 - 1.75 0.00 Balanced (EUR) PA F € 124.61 - 0.22 0.00 www.mirabaud.com, [email protected]
Global Bond (No Trail) Inc ♦ F 123.94 - 0.48 1.45 Offshore Fund Class A US $ Shares
High Yield Bond A Acc 115.02 - 0.44 4.07 Japan Equity A1 $ 10.18 - 0.00 0.00
Asia Acc 111.30 - 0.90 0.35 Conservative (CHF) PA F SFr 103.52 - 0.12 0.00 Regulated New Capital Fund Management Ltd (IRL)

Asset Management
Glbl Distribution Acc (No Trail) 105.74 - 0.55 3.76
Managemen
Leconfield House, Curzon Street, London, W1J 5JB Investment Holdings N.V. $ 5712.21 - -20.57 0.00
High Yield Bond A Inc 52.89 - 0.20 4.07 Latin American Equity Fd A1 $ 12.16 - -0.06 0.00 Mir. Conv. Bds Eur A EUR € 135.62 - -0.13 0.00

Asset Management
Asia Inc 61.76 - 0.51 0.34 Conservative (EUR) PA F € 113.90 - 0.17 0.00 FCA Recognised
Glbl Distribution Inc (No Trail) 101.40 - 0.53 3.83 Macro Holdings Ltd $ 4197.79 - 38.91 0.00
Limited Maturity A1 $ 14.02 - -0.01 0.00
Asset Management
Investment Grade Bond A Acc 158.29 - 0.26 3.04
Asset Management
Mir. Conv. Bds Glb A USD $ 113.99 - 0.29 0.00 New Capital UCITS Funds
Cautious Managed Rt Acc 68.07xd - 0.34 0.18 Global Allocation (GBP) PA F £ 9.90 - 0.05 0.00
Gbl Emerging Markets (No Trail) Acc ♦ F 147.83 - 2.79 1.07 Fixed Income Holdings N.V. $ 386.95 - -15.12 -
Investment Grade Bond A Inc 115.98 - 0.19 3.04 Prudent Wealth Fd A1 $ 14.46 - -0.03 0.00 Mir. - Eq Asia ex Jap A $ 162.90 - -0.34 0.00 Asia Pac Bd USD Inst Inc $ 90.72 - 0.25 3.23
Cautious Managed Rt Inc 59.90xd - 0.30 0.18 Growth (CHF) PA F SFr 111.17 - 0.09 0.00
Gbl Emerging Markets (No Trail) Inc ♦ F 137.36 - 2.59 1.08 Permal Absolute Return Fund $ 169.53 - 2.94 0.00
Sterling Corporate Bond A Acc 69.21 - 0.08 2.95 Research Bond A1 $ 16.53 - 0.00 0.00 Mir. - Eq Glb Emrg Mkt A USD $ 85.55 - -0.65 0.00 Asia Pac Bd USD Ord Inc $ 92.63 - 0.25 2.50
Diversified Real Ret Acc 50.87xd - 0.50 1.06 Growth (EUR) PA F € 134.39 - 0.31 0.00
Global Equity (No Trail) acc ♦ F 201.87 - 2.60 0.98
Sterling Corporate Bond A Inc 30.91 - 0.03 2.95 UK Equity A1 £ 7.88 - 0.05 0.00 Mir. - Eq Global Focus A USD $ 100.49 - 0.32 0.00 Asia Pac Eq EUR Ord Inc € 85.14 - 0.30 3.07
Tuesday 1 September 2015 ★ FINANCIAL TIMES 29

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

UK Long Term Corp. Bnd Inst-Inst Acc £ 18.89 - 0.05 0.00 LTIF Stability A ACCU € 166.01 - 0.82 -

UK Real Return - Inst Acc £ 23.02 - 0.00 0.00

Taube Hodson Stonex Ptnrs UT (1200)F (UK) Unicorn Asset Management Ltd (UK) Money Market
UK Sterling Long Average Duration - Inst Acc £ 21.56 - 0.02 0.00 50 Bank Street, Canary Wharf, London E14 5NT PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287

UK Sterling Low Average Duration - Inst Acc £ 14.03 - 0.00 0.00

SIA (SIA Funds AG) (CH)
Other International Fds
Admin: 50 Bank Street, Canary Wharf, London E14 5NT
Dealing & Enquiries: 0870 870 8433
Authorised Inv Funds Trusts and
UK Growth A Inc 397.23 - 1.57 0.00
Bank Accounts
Unconstrained Bond - Inst Acc $ 12.08 - 0.02 0.00 LTIF Stability Growth SFr 185.90 - -14.50 - Authorised Inv Funds
THS Growth & Value Funds Mastertrust A Inc X F 355.19 - 2.77 0.00
LTIF Stability Inc Plus SFr 165.20 - -12.90 5.66 Gross
US Fundam.Index StocksPLUS Inst Inc $ 11.94 - 0.05 0.00
International UK Growth B Inc 399.80 - 1.56 0.23 Gross Net AER Int Cr
Pictet Asset Management (Europe) SA (LUX) US High Yield Bond Fund Inst Acc $ 27.82 - 0.04 0.00 Robeco Asset Management (LUX) Santander Asset Management UK Limited (1200)F (UK)
15, Avenue J.F. Kennedy L-1855 Luxembourg Coolsingel 120, 3011 AG Rotterdam, The Netherlands. 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 IGV - Inc A 327.60 - 3.30 2.30 Mastertrust B Inc X F 320.15 - 2.48 0.38
Tel: 0041 58 323 3000 www.robeco.com/contact Authorised Funds Smith & Williamson Investment Management (1200)F (UK) IGV - Inc B 327.30 - 3.30 1.51 CCLA Investment Management Ltd
25 Moorgate, London, EC2R 6AY 020 7131 8100 Outstanding British Cos A Acc X F 241.90 - 0.74 0.44
FCA Recognised FCA Recognised Santander Atlas Range Senator House 85 Queen Victoria Street, London EC4V 4ET
www.sandwfunds.com IGV - Acc X 400.40 - 4.10 1.78 Outstanding British Cos B Acc X F 252.24 - 0.77 1.12 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Pictet-Absl Rtn Fix Inc-HI EUR € 106.63 - 0.04 0.00 Asia-Pacific Equities (EUR) € 127.29 - -1.35 0.00 Santander Atlas Port 3 Acc Ret 147.00 - 0.40 -
Authorised Inv Funds
IGV - Acc Y 429.00 - 4.40 2.26 UK Smaller Cos A Inc X F 437.17 - 1.82 0.08
Pictet-Absl Rtn Glo Div-I EUR F € 123.67 - 0.01 0.00 Chinese Equities (EUR) € 68.58 - -2.03 0.00 Santander Atlas Port 3 Inc Ret 102.30 - 0.30 - European Growth Trust A Class 502.80 - -1.70 0.71
IGV - Acc Z 398.00 - 4.10 1.52 UK Smaller Cos B Inc X F 429.84 - 1.79 0.75
CCLA Fund Managers Ltd
Pictet-Agriculture-I EUR F € 187.84 - 0.26 0.00 Em Stars Equities (EUR) € 161.96 - -1.38 0.00 Santander Atlas Port 3 Acc Inst 161.40 - 0.40 - Far Eastern Income and Growth Trust A Class 400.30 - 4.30 3.17 Senator House 85 Queen Victoria Street, London EC4V 4ET
European UK Income A Acc X F 260.92 - 1.61 5.82
Pictet-Asian Equities Ex Japan-I USD F $ 191.73 - -0.35 0.00 Emerging Markets Equities (EUR) € 135.33 - -1.34 0.00 Santander Atlas Port 4 Acc Ret 178.00 - 1.30 - COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Fixed Interest Trust A Class 121.40xd - 0.40 3.69
EGV - Acc S 271.90 - 0.10 -
Pictet-Asian Local Currency Debt-I USD F $ 148.59 - 0.23 0.00 Flex-o-Rente (EUR) € 109.21 - -0.02 0.00 Santander Atlas Port 4 Inc Ret 128.60 - 1.00 - UK Income A Inc X F 236.43 - 1.46 6.05
Platinum Capital Management Ltd Global Gold and Resource Trust A Class 129.80 - 4.80 0.00
EGV - Acc Z 271.90 - 0.10 0.80
Pictet-Biotech-I USD F $ 895.60 - 7.21 0.00 Other International Funds Glob.Consumer Trends Equities (EUR) € 148.13 - -0.17 0.00 Santander Atlas Port 4 Acc Inst 161.50 - 1.10 - UK Income B Acc X F 276.54 - 1.70 5.78
MM Endurance Balanced Fund A Class 208.80 - 2.80 1.16 Continental
Pictet-Brazil Index I USD $ 41.39 - -0.70 0.00
Platinum All Star Fund - A $ 120.00 - - -
High Yield Bonds (EUR) € 125.35 - 0.88 0.00 Santander Atlas Port 5 Acc Ret 187.60 - 2.30 - MM Global Investment Fund A Class 2105.00 - 12.00 1.75
UK Income B Inc X F 250.70 - 1.54 6.01 Data Provided by
CGV Acc S 111.10 - 0.00 -
Platinum Global Dividend Fund - A $ 59.09 - - -
Pictet-CHF Bonds I CHF SFr 505.37 - 0.05 0.00 Lux -O- Rente (EUR) € 139.13 - -0.06 0.00 Santander Atlas Port 5 Acc Inst 159.10 - 1.90 - North American Trust A Class 1661.00 - 50.00 0.00 CGV Acc X 110.40 - -0.10 -
Platinum Global Dividend UCITS Fund $ 68.18 - 1.70 5.16
Pictet-China Index I USD $ 103.04 - -0.67 0.00 New World Financials (EUR) € 51.97 - -0.36 0.00 Santander Atlas Port 6 Acc Ret 254.30 - 3.80 - Oriental Growth Fund A Class 138.60 - 0.70 1.03 CGV Inc A £ 1.11 - 0.00 -
Value Partners Hong Kong Limited (IRL)
Platinum Essential Resources UCITs Fund $ 5.58 - 0.21 0.00 www.valuepartners.net, [email protected]
Pictet-Clean Energy-I USD F $ 80.79 - 0.33 0.00 US Premium Equities (EUR) € 177.76 - 0.43 0.00 Santander Atlas Port 6 Acc X 181.50 - 2.70 - UK Equity Growth Trust A Class 413.40 - 1.10 0.64 CGV Inc B £ 1.11 - 0.00 - Regulated
Platinum Maverick Enhanced Fund Limited $ 103.46 - - 0.00
Pictet-Digital Communication-I USD F $ 242.41 - 0.51 0.00 US Premium Equities (USD) $ 198.58 - 0.52 0.00 Santander Atlas Port 6 Acc Inst 156.20 - 2.30 - UK Equity Income Trust A Class 222.50 - 2.30 5.95 Value Partners Classic Equity Fund USD Z Unhedged $ 10.72 - -0.09 0.00
Pictet-Eastern Europe-I EUR F € 270.47 - 3.93 0.00 Santander Atlas Port 7 Acc Ret 196.50 - 3.70 - Value Partners Classic Equity Fund CHF HedgedSFr 11.25 - -0.09 0.00
The Hartford International Funds (IRL)
Pictet-Em Lcl Ccy Dbt-I USD F $ 156.36 - 0.96 0.00
Royal Bank of Scotland (2230)F (UK) Santander Atlas Port 7 Acc Inst 155.70 - 2.90 -
Smith & Williamson Fd Admin Ltd (1200)F (UK)
Regulated Value Partners Classic Equity Fund EUR Hedged € 11.35 - -0.09 0.00 www.morningstar.co.uk
Pictet-Emerging Markets-I USD F $ 469.23 - 0.68 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index (GBP) £ 1576.30 - 3.36 0.00
25 Moorgate, London, EC2R 6AY 0141 222 1150 Value Partners Classic Equity Fund GBP Hedged £ 11.59 - -0.10 0.00
Authorised Inv Funds Data as shown is for information purposes only. No
Max 70% Shs Acc Ret 163.10 - 1.30 - Authorised Inv Funds
Pictet-Emerging Markets Index-I USD F $ 212.07 - 1.80 0.00
Series 5 (Minumum Initial Investment £75,000) UK Corporate Bond £ 1551.63 - 4.23 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 11.95 - 0.18 0.00 offer is made by Morningstar or this publication.
Max 70% Shs Inc Ret 138.20 - 1.20 - S&W Deucalion Fd (OEIC) 2102.00 - -89.00 0.18
Pictet-Emerging Corporate Bonds I USD $ 105.65 - 0.31 0.00 United Kingdom Equity Index Fund £ 15.38 - 0.49 2.78 Gilt £ 1578.54 - 3.69 0.00 Value Partners Classic Equity USD Hedged $ 13.15 - -0.11 0.00
Investments Inc Acc Ret 154.00 - 0.50 - S & W Magnum 368.50 389.90 4.00 1.87
Pictet-Emerging Markets High Dividend I USD $ 94.45 - 0.24 0.00 UK Specialist Equity Inc £ 18.95 - 0.33 0.42 Global Eq (Ex Japan) Index Fund ¥ 1.34 - 0.03 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 9.15 - 0.15 -
Polar Capital Funds Plc (IRL)
Investments Inc Inc Ret 102.30 - 0.30 - S & W Marathon Trust 184.50 195.20 1.40 1.85
Pictet-Emerging Markets Sust Eq I USD $ 84.75 - 0.94 0.00 Regulated Contl Europe Specialist Fund £ 23.15 - 0.51 0.00 Global Eq (ex Japan) Class HJ4 ¥ 1.40 - 0.04 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 8.71 - 0.17 -
Equity Inc Inc Inst 236.80 - 1.00 - Charity Value and Income Fund Acc 134.40 135.10 0.60 4.55
Pictet-Environmental Megatrend Sel I EUR € 152.06 - 0.43 0.00 Asian Financials I USD $ 274.86 274.86 0.51 0.00 Japan Specialist Fund X £ 14.20 - 0.34 0.00 Global Eq (ex Japan) Class JP5 ¥ 1.52 - 0.05 0.00 Value Partners Health Care Fund USD Class A Unhedged $ 8.74 - 0.17 -

Guide to Data
Equity Inc Inc Ret 203.50 - 0.90 - Charity Value and Income Fund Inc 91.53 92.02 0.39 4.68
Pictet-EUR Bonds-I F € 548.28 - 0.57 0.00 Biotechnology I USD $ 19.06 19.06 0.07 0.00 US Spec Equity Fund £ 17.76 - 0.64 0.00 Global Eq Ex Japan Index Fund (Hedge) ¥ 1.39 - 0.05 0.00
European Income Acc EUR € 11.35 11.35 0.04 - Equity Inc Acc Inst 143.00 - 0.60 -
Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.53 - 0.04 0.00 Pacific Basin Specialist Equity Fund £ 36.68 - 0.52 0.71 Gbl Govt Bond (Ex Japan) Index ¥ 1.34 - 0.01 0.00
N&P UK Gwth Inc Ret 159.30 - 0.90 - Veritas Asset Management LLP (IRL)
Pictet-EUR Corporate Bonds-I F € 198.21 - 0.10 0.00 European Ex UK Inc EUR Acc € 9.64 9.64 0.01 - UK Sovereign Bd Index Fund £ 10.67 - -0.01 2.60 Standard Life Wealth (JER) Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.31 - 0.01 0.00 HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland The fund prices quoted on these pages are supplied by
Stckmkt 100 Track Gwth Acc Inst 89.39 - 0.92 - PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
Pictet-EUR Government Bonds I EUR € 155.62 - 0.12 0.00 Financial Opps I USD $ 12.55 - 0.03 1.99 Veritas Funds Plc the operator of the relevant fund. Details of funds
Inflation Lkd Sov Bd Fund £ 12.80 - 0.00 0.67 FCA Recognised Japan Equity Index Fund ¥ 1.06 - 0.03 0.00
www.veritas-asset.com published on these pages, including prices, are for the
GEM Growth I USD $ 8.44 - 0.04 0.00 Stckmkt 100 Track Gwth Acc Ret 165.50 - 1.70 - Standard Life Offshore Strategy Fund Limited
Pictet-EUR High Yield-I F € 243.19 - 0.26 0.00 UK Specialist Equity Income Fund £ 9.56 - 0.13 3.86 Japan Equity Class JP3 ¥ 1.29 - 0.04 0.00 +353 1 635 6799 purpose of information only and should only be used
UK Growth Acc Inst 278.50 - 1.60 - Bridge Fund £ 1.5637 - 0.0191 2.12 as a guide. The Financial Times Limited makes no
Pictet-EUR Short Mid-Term Bonds-I F € 136.59 - -0.01 0.00 GEM Income I USD $ 9.50 - 0.05 0.00 FCA Recognised
Global Emerg Mkts Equity Fund X £ 10.25 - 0.18 0.52 representation as to their accuracy or completeness
UK Growth Acc Ret 323.20 - 1.90 - Institutional and they should not be relied upon when making an
Global Alpha I USD $ 12.68 12.68 0.06 0.00 Diversified Assets Fund £ 1.1669 - 0.0075 3.02
Pictet-EUR Short Term HY I EUR € 119.15 - 0.10 0.00 Global Spec Inv Grade Bd Fund GBP £ 9.83 - -0.03 3.21 The National Investor (TNI) Veritas Asian Fund A USD H $ 297.59 - 0.47 0.65 investment decision.
Global Convertible I USD $ 11.57 11.57 0.05 0.00 UK Growth Inc Ret 215.10 - 1.30 - Global Equity Fund £ 1.7965 - 0.0309 1.13 www.tni.ae
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.06 - 0.00 0.00 Series 6 (Investment Management Customers Only)
Managed OEIC Veritas Asian Fund A GBP H £ 358.24 - 2.07 0.49 The sale of interests in the funds listed on these pages
United Kingdom Equity Index Fund £ 15.19 - 0.48 3.27 Global Balanced Fund - Income Units £ 1.3138 - 0.0131 1.96 Other International Funds
Pictet-Euroland Index IS EUR € 130.37 - -0.06 0.00 Global Insurance I GBP £ 3.92 - 0.00 0.00 may, in certain jurisdictions, be restricted by law and
Glob Em Shs Port Acc Ret 148.30 - 4.40 - TNI Blue Chip UAE Fund * AED 10.68 - 0.09 0.00 Veritas Asian Fund A EUR H € 300.88 - 1.63 0.40
UK Specialist Equity £ 19.15 - 0.33 1.75 Global Balanced Fund - Accumulations Units £ 1.5249 - 0.0153 1.93 the funds will not necessarily be available to persons
Pictet-Europe Index-I EUR F € 168.81 - 0.52 0.00 Global Technology I USD $ 21.98 - 0.06 0.00
Max 70% Shs Port Acc Ret 251.10 - 2.60 - TNI Funds Ltd (BMU) Veritas China Fund A USD $ 142.12 - 0.63 0.00 in all jurisdictions in which the publication circulates.
Healthcare Blue Chip Fund I USD Acc $ 11.21 11.21 -0.03 - Contl Europe Specialist Fund £ 24.12 - 0.53 0.62 Global Fixed Interest Fund £ 1.0044 - 0.0038 3.47 Persons in any doubt should take appropriate
Pictet-European Equity Selection-I EUR F € 622.63 - 3.44 0.00 MENA Hedge Fund $ 995.03 - 3.99 0.00
Max 70% Shs Port Acc X 180.30 - 1.80 - Veritas China Fund A GBP £ 147.01 - 0.66 0.00 professional advice. Data collated by Morningstar. For
Healthcare Opps I USD $ 41.89 - 0.12 0.00 Japan Specialist Fund X £ 14.96 - 0.36 0.53 Sterling Fixed Interest Fund £ 0.8454 - 0.0027 3.10 other queries contact [email protected] +44
Pictet-European Sust Eq-I EUR F € 235.99 - 0.88 0.00 TNI Funds Plc (Ireland)
Max 70% Shs Port Acc S 145.80 - 1.50 - Veritas China Fund A EUR € 141.12 - 0.65 0.00 (0)207 873 4211.
Income Opportunities B2 I GBP Acc £ 1.72 1.72 0.00 0.00 US Spec Equity Fund £ 18.57 - 0.66 0.16 UK Equity Fund £ 1.9006 - 0.0103 2.76 MENA UCITS Fund * $ 1181.01 - 25.64 0.00
Pictet-Global Bds Fundamental I USD $ 117.37 - 0.14 0.00
Investment Port Acc Ret 230.90 - 0.20 - Veritas Global Equity Income Fund D USD $ 116.92 - 0.98 4.49
Japan Alpha I JPY ¥ 208.47 208.47 6.89 0.00 Pacific Basin Specialist Equity Fund £ 36.60 - 0.52 1.37 The fund prices published in this edition along with
Pictet-Global Bonds-I EUR € 160.12 - -0.06 0.00
Investment Port Acc X 163.60 - 0.10 - Veritas Global Equity Income Fund D EUR € 201.33 - 1.79 3.70 additional information are also available on the
Pictet-Global Emerging Currencies-I USD F $ 96.59 - 0.20 0.00 Japan I JPY ¥ 2113.56 - 75.43 0.00 UK Sovereign Bd Index Fund £ 10.78 - -0.02 2.60 Financial Times website, www.ft.com/funds. The
Max 50% Shs Port Acc Ret 241.40 - 1.50 -
Thesis Unit Trust Management Limited (UK)
Veritas Global Equity Income Fund D GBP £ 147.60 - 1.85 4.44 funds published on these pages are grouped together
Pictet-Global Emerging Debt-I USD F $ 353.63 - 2.50 0.00 North American I USD $ 17.20 17.20 0.00 0.00 Inflation Lkd Sov Bd Fund £ 12.67 - 0.00 0.67 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
by fund management company.
Max 50% Shs Port Inc Ret 216.00 - 1.30 - Authorised Funds Veritas Global Focus Fund D USD $ 25.66 - 0.31 2.65
Pictet-Global Megatrend Selection-I USD F $ 222.01 - 0.50 0.00 UK Absolute Equity I GBP £ 12.11 12.11 -0.03 - UK Specialist Equity Income Fund £ 10.33 - 0.14 3.80
Max 50% Shs Port Acc X 174.80 - 1.20 - TM New Court Fund A 2011 Inc £ 12.89 - 0.08 0.00 Veritas Global Focus Fund D EUR € 22.91 - 0.29 2.41 Prices are in pence unless otherwise indicated. The
Pictet-Greater China-I USD F $ 436.22 - 2.34 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.11 - -0.03 3.21 change, if shown, is the change on the previously
Max 50% Shs Port Acc S 146.30 - 0.90 - TM New Court Fund - A 2014 Acc £ 12.92 - 0.08 0.00 Veritas Global Focus Fund D GBP £ 28.29 - 0.46 2.33 quoted figure (not all funds update prices daily). Those
Pictet-Health-I USD $ 289.18 - -0.51 0.00 Global Emerg Mkts Equity Fund X £ 10.26 - 0.19 0.75 designated $ with no prefix refer to US dollars. Yield
Polar Capital LLP (CYM) Max 100% Shs Port Acc Ret 269.50 - 6.50 - TM New Court Equity Growth Fund - Inc £ 13.00 - 0.09 0.00 Veritas Global Focus Fund A GBP £ 27.27 - 0.44 2.12
Address and telephone number for Series 5 only Stenham Asset Management Inc percentage figures (in Tuesday to Saturday papers)
Pictet-High Dividend Sel I EUR F € 150.39 - 0.16 0.00 Regulated
www.stenhamassetmanagement.com Veritas Global Focus Fund A EUR € 13.32 - 0.16 1.91 allow for buying expenses. Prices of certain older
Max 100% Shs Port Acc X 193.40 - 4.60 -
ALVA Convertible A USD $ 129.05 - 0.44 0.00 Other International Funds insurance linked plans might be subject to capital
Pictet-India Index I USD $ 97.96 - 0.75 0.00
Max 100% Shs Port Acc S 141.00 - 3.40 - Veritas Global Focus Fund A USD $ 24.71 - 0.30 2.22 gains tax on sales.
Pictet-Indian Equities-I USD F $ 438.19 - -3.58 0.00
European Conviction A EUR € 151.07 - -9.24 0.00 Royal London Unit Managers Ltd. (1200) F (UK) Stenham Asia USD $ 135.37 - -2.06 -
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Enhanced Inc Inc Ins 207.50 - 0.90 - Veritas Global Focus Fund C GBP £ 29.46 - 0.47 0.00 Guide to pricing of Authorised Investment Funds:
European Forager A EUR € 180.73 - -0.07 0.00 Stenham Credit Opportunities A Class USD $ 104.62 - -0.76 0.00
Pictet-Japan Index-I JPY F ¥ 16157.32 - -171.64 0.00 Authorised Inv Funds (compiled with the assistance of the IMA. The
Enhanced Inc Inc Ret 196.40 - 0.80 - Veritas Global Focus Fund C EUR € 23.96 - 0.30 0.00
Stenham Emerging Markets USD B1 $ 105.21 - -2.06 0.00 Investment Management Association, 65 Kingsway,
Pictet-Japanese Equities Opp-I JPY F ¥ 9578.78 - -103.55 0.00 Royal London Sustainable Diversified A Inc £ 1.52 - 0.01 1.89
Enhanced Inc Inc X 166.80 - 0.80 - Veritas Global Focus Fund C USD $ 26.77 - 0.32 0.00 London WC2B 6TD.
Polunin Capital Partners Ltd Royal London Sustainable World A Inc 165.40 - 1.90 0.67 Stenham Gold USD $ 143.57 - -11.96 0.00 Tel: +44 (0)20 7831 0898.)
Pictet-Japanese Equity Selection-I JPY F ¥ 14365.70 - -174.93 0.00
Enhanced Inc Acc Inst 152.30 - 0.70 - Veritas Global Equity Income Fund A GBP £ 141.55 - 1.77 4.47
Other International Funds Stenham Growth USD $ 228.02 - 2.78 -
Pictet-LATAM Index I USD $ 53.18 - -0.18 0.00 Royal London Corporate Bond Mth Income 88.64 93.31 0.19 4.18 Toscafund (CYM) OEIC: Open-Ended Investment Company. Similar to a
Emerging Markets Active $ 42.54 - -2.14 - Managed Investments OEIC Veritas Global Equity Income Fund A EUR € 195.73 - 1.75 3.73
Stenham Healthcare USD $ 200.89 - 7.01 0.00 Regulated unit trust but using a company rather than a trust
Pictet-LATAM Lc Ccy Dbt-I USD F $ 112.46 - 0.71 0.00 Royal London European Growth Trust 105.90 111.50 -0.10 0.91 Max 30% Shs Port Acc Ret 153.90 - 0.50 - structure.
Luxcellence Em Mkts Tech $ 737.12 - -113.65 0.00 Tosca (Est) $ 302.21 - -2.82 0.00 Veritas Global Equity Income Fund A USD $ 112.59 - 0.94 4.51
Royal London Sustainable Leaders A Inc 445.30 - 3.80 0.81 Stenham Helix USD $ 31.00 - -73.66 -
Pictet-Pacific Ex Japan Index-I USD F $ 321.59 - 1.09 0.00 Max 30% Shs Port Acc X 153.60 - 0.50 -
Polunin Developing Countries $ 721.06 722.07 9.49 0.00 Veritas Global Equity Income Fund C GBP £ 165.16 - 2.07 - Different share classes are issued to reflect a different
Stenham Managed Fund USD $ 120.10 - 1.29 - Tosca Mid Cap GBP £ 267.76 - 6.83 0.00
Pictet-Premium Brands-I EUR F € 153.79 - -0.03 0.00 Royal London UK Growth Trust 466.90 491.50 2.10 1.07 Max 30% Shs Port Acc S 147.50 - 0.50 - currency, charging structure or type of holder.
Polunin Discovery - Frontier Markets $ 1429.96 - -23.40 0.00 Tosca Opportunity B USD $ 313.41 - 20.23 0.00 Veritas Global Equity Income Fund C EUR € 227.72 - 2.03 -
Royal London UK Income With Growth Trust 216.10 227.50 1.10 4.40 Stenham Multi Strategy USD $ 123.16 - 0.52 -
Pictet-Quality Global Equities I USD $ 130.46 - 0.44 0.00 Max 30% Shs Inc Port Inc Ret 152.90 - 0.50 - Selling price: Also called bid price. The price at which
Polunin Small Cap $ 1215.96 1231.16 -175.10 0.00 Veritas Global Equity Income Fund C USD $ 130.55 - 1.09 -
Stenham Quadrant USD A $ 402.92 - 6.77 - units in a unit trust are sold by investors.
Pictet-Russia Index I USD $ 50.20 - 1.26 0.00 Royal London US Growth Trust 149.50 157.30 4.80 0.00 Max 30% Shs Inc Port Inc X 153.10 - 0.50 - Veritas Global Real Return Fund A USD $ 20.08 - 0.32 2.07
Additional Funds Available Stenham Trading Inc USD $ 116.54 - 1.77 - Buying price: Also called offer price. The price at
Pictet-Russian Equities-I USD F $ 41.73 - 0.92 0.00 Max 30% Shs Inc Port Inc S 146.80 - 0.40 -
Please see www.royallondon.com for details Veritas Global Real Return Fund A GBP £ 11.22 - 0.18 2.05 which units in a unit trust are bought by investors.
Private Fund Mgrs (Guernsey) Ltd (GSY) Stenham Universal USD $ 458.70 - 2.19 - Includes manager’s initial charge.
Pictet-Security-I USD F $ 196.33 - -0.20 0.00 Max 60% Shs Port Acc Ret 263.60 - 1.10 -
Regulated Veritas Global Real Return Fund A EUR € 11.84 - 0.19 0.17
Stenham Universal II USD $ 170.21 - 0.74 0.00
Pictet-Select-Callisto I EUR € 106.39 - -1.43 0.00 Monument Growth 25/08/2015 £ 455.96 461.05 -26.55 1.04 Max 60% Shs Port Inc Ret 210.40 - 0.90 - Retail Single price: Based on a mid-market valuation of the
Ruffer LLP (1000)F (UK) underlying investments. The buying and selling price
Pictet-Small Cap Europe-I EUR F € 1091.72 - 0.14 0.00 40 Dukes Place, London EC3A 7NH Max 60% Shs Port Inc X 162.90 - 0.70 - Veritas Asian Fund B USD $ 206.81 - 0.32 0.47
for shares of an OEIC and units of a single priced unit
Pictet-ST.MoneyMkt-I € 140.50 - 0.00 0.00 Order Desk and Enquiries: 0845 601 9610 Stratton Street Capital (CI) Limited (GSY) Veritas Asian Fund B GBP £ 263.65 - 1.52 0.04 trust are the same.
Max 60% Shs Port Inc S 143.80 - 0.60 -
Prusik Investment Management LLP (IRL) Authorised Inv Funds Regulated
TreeTop Asset Management S.A. (LUX)
Pictet-ST.MoneyMkt JPY I USD ¥ 101535.60 - 5.48 0.00 Enquiries - 0207 493 1331 Authorised Corporate Director - Capita Financial Managers Eq Inc Port Acc Ret 283.30 - 2.60 - Regulated Veritas Asian Fund B EUR € 221.10 - 1.16 0.00 Treatment of manager’s periodic capital charge:
Japan Synthetic Warrant Yen Class ¥ 1630.64 - -117.68 0.00 TreeTop Convertible Sicav The letter C denotes that the trust deducts all or part
Regulated CF Ruffer Investment Funds
Pictet-ST.MoneyMkt-ICHF SFr 124.52 - 0.00 0.00 Eq Inc Port Inc Ret 221.00 - 2.00 - Veritas China Fund B GBP £ 142.06 - 0.62 0.00 of the manager’s/operator’s periodic charge from
Prusik Asian Equity Income B Dist $ 152.09 - 0.02 3.99 Japan Synthetic Warrant GBP Hedged Class £ 196.68 - 2.04 0.00 International A € 296.02 - 4.07 0.00
Pictet-ST.MoneyMkt-IUSD $ 135.09 - 0.00 0.00 CF Ruffer Gold Fund C Acc 74.93 - 1.31 0.00 Managed Investments OEIC 2 capital, contact the manager/operator for full details
Veritas China Fund B EUR € 166.75 - -2.49 0.00
Prusik Asia A $ 187.18 - -1.10 0.00 Japan Synthetic Warrant USD Class $ 17.29 - -0.99 0.00 International B $ 380.23 - 4.87 0.00 of the effect of this course of action.
Pictet-Timber-I USD F $ 148.64 - 1.53 0.00 CF Ruffer Gold Fund O Acc 74.24 - 1.30 0.00 Investments Inc Port Inc Ret 163.00 - 0.50 - Veritas Global Focus Fund B USD $ 17.80 - 0.21 1.62
Prusik Asian Smaller Cos A $ 141.27 - 0.13 0.00 Japan Synthetic Warrant USD Hedged Class $ 195.83 - 2.73 0.00 International C £ 127.91 - 1.69 0.00 Exit Charges: The letter E denotes that an exit charge
Pictet Total Ret-Agora I EUR € 112.31 - 0.02 0.00 Equity & General C Acc 380.28 - 4.53 0.25 Investments Inc Port Inc X 147.70 - 0.50 - Veritas Global Focus Fund B GBP £ 20.79 - 0.34 1.68 may be made when you sell units, contact the
Renminbi Bond Fund AUD Cls A A$ 116.13 - 0.85 3.83 International D € 274.80 - 3.76 2.96
Equity & General C Inc 350.94 - 4.18 0.25 £ Gov Bond Inc Inst (gross) 178.00 - 0.60 - manager/operator for full details.
Pictet Total Ret-Corto Europe I EUR € 134.19 - -0.40 0.00 Veritas Global Focus Fund B EUR € 15.83 - 0.20 1.53
Renminbi Bond Fund AUD Cls B A$ 117.90 - 0.86 3.57 Pacific A € 266.48 - 1.11 0.00
Pictet Total Ret-Divers Alpha I EUR € 104.37 - -0.04 0.00 Purisima Investment Fds (UK) (1200)F (UK) Equity & General O Inc 349.63 - 4.16 0.00 £ Gov Bond Inc Inst 146.00 - 0.50 - Veritas Global Equity Income Fund B GBP £ 130.38 - 1.62 4.52 Time: Some funds give information about the timing of
40 Dukes Place, London EC3A 7NH Renminbi Bond Fund CHF Cls A SFr 113.89 - 0.79 3.86 Pacific B $ 335.51 - 1.10 0.00 price quotes. The time shown alongside the fund
Pictet Total Ret-Kosmos I EUR € 108.90 - -0.04 0.00 Equity & General O Acc 376.80 - 4.48 0.00 £ Gov Bond Acc Inst 146.80 - 0.50 - Veritas Global Equity Income Fund B EUR € 179.84 - 1.61 3.77 manager’s/operator’s name is the valuation point for
Order Desk 08459 220044, Enquiries: 0870 607 2555 TreeTop Global Sicav
Renminbi Bond Fund CHF Cls B SFr 113.70 - 0.80 3.62 their unit trusts/OEICs, unless another time is
Pictet Total Ret-Mandarin I USD $ 112.97 - 0.02 0.00 Authorised Inv Funds European C Acc 507.30 - 5.89 0.22 Strat Bond Inc Inst (gross) 182.20 - 0.30 - Veritas Global Equity Income Fund B USD $ 111.75 - 0.93 4.57
Global Opp.A € 141.88 - 3.94 0.00 indicated by the symbol alongside the individual unit
Authorised Corporate Director - Capita Financial Managers Renminbi Bond Fund CNH Cls A CNH 122.90 - 0.71 3.43
Pictet-US Equity Selection-I USD $ 186.28 - 0.10 0.00 European O Acc 502.71 - 5.83 0.00 Strat Bond Inc Inst 150.00 - 0.20 - trust/OEIC name.
Global Opp.B $ 140.74 - 3.10 0.00 Veritas Global Real Return Fund B USD $ 19.44 - 0.31 1.62
Global Total Fd PCG A 158.11 - 3.47 0.36 Renminbi Bond Fund CNH Cls B CNH 122.65 - 0.70 3.19
Pictet-US High Yield-I USD F $ 146.61 - 0.31 0.00 Japanese Fund C Acc 181.63 - 8.36 0.01 Strat Bond Acc Inst 150.00 - 0.30 - Veritas Global Real Return Fund B GBP £ 10.99 - 0.18 1.63 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Global Total Fd PCG B 156.79 - 3.44 0.13 Renminbi Bond Fund Euro Cls B € 115.16 - 0.84 3.62 Global Opp.C £ 175.54 - 5.39 0.00
Managed Investments OEIC 3 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Pictet-USA Index-I USD F $ 175.07 - 0.12 0.00 Japanese Fund O Acc X 179.75 - 8.27 0.00 Veritas Global Real Return Fund B EUR € 12.66 - 0.20 1.44
Global Total Fd PCG INT 154.84 - 3.39 0.00 Sequoia Equity A € 148.05 - 3.28 0.00 midnight. Daily dealing prices are set on the basis of
Div Inc Port Inc Ret 169.30 - 0.70 - Renminbi Bond Fund GBP Cls B £ 116.98 - 0.80 3.41
Pacific C Acc 289.71 - 14.64 0.49 the valuation point, a short period of time may elapse
Pictet-USD Government Bonds-I F $ 634.16 - -0.88 0.00 Sequoia Equity B $ 152.64 - 2.44 0.00
Corp Bond Acc Inst (gross) 210.30 - 0.10 - Renminbi Bond Fund SGD Cls B S$ 115.97 - 0.84 3.38 before prices become available. Historic pricing: The
Pictet-USD Short Mid-Term Bonds-I F $ 129.44 - 0.10 0.00 Pacific O Acc 286.80 - 14.48 0.18 letter H denotes that the managers/operators will
Corp Bond Inc Inst 141.60 - 0.00 - Renminbi Bond Fund USD Cls B $ 116.41 - 0.83 3.18 Sequoia Equity C £ 170.19 - 4.43 0.00 Veritas Asset Management LLP normally deal on the price set at the most recent
Purisima Investment Fds (CI) Ltd (JER) Total Return C Acc 397.19 - 6.20 1.40
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.58 - 0.00 0.00 www.veritas-asset.com valuation. The prices shown are the latest available
Regulated Corp Bond Acc Inst 143.10 - 0.10 - Renminbi Bond Fund YEN Cls B ¥ 12848.97 - 88.90 0.00
Total Return C Inc 277.71 - 4.33 1.42 Other International Funds before publication and may not be the current dealing
Pictet-Water-I EUR F € 260.80 - 0.28 0.00 PCG B X 157.18 - 4.58 0.00 levels because of an intervening portfolio revaluation
Multi-Manager OEIC Renminbi Bond Fund USD Cls A $ 160.48 - 1.14 3.42 Real Return Asian Fund USD (Est) € 284.54 - -6.58 0.00
Total Return O Inc 275.05 - 4.29 1.42 or a switch to a forward pricing basis. The
PCG C X 155.07 - 4.52 0.00 Bal Intl Track Acc Ret 257.20 - 3.50 -
Renminbi Bond Fund GBP Cls A £ 155.89 - 1.06 3.65 Real Return Asian Fund GBP (Est) £ 303.70 - -7.13 0.00 managers/operators must deal at a forward price on
Total Return O Acc 393.53 - 6.13 1.40 request, and may move to forward pricing at any time.
Pimco Fds: Global Investors Series Plc (IRL) Bond Mthly Inc Acc Ret 142.60 - 0.00 -
Renminbi Bond Fund SGD Cls A S$ 153.58 - 1.11 3.62 Real Return Asian Fund EUR (Est) $ 299.76 - -7.08 0.00 Forward pricing: The letter F denotes that that
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH
Putnam Investments (Ireland) Ltd (IRL) Bond Mthly Inc Inc Ret 92.08 - -0.04 - managers/operators deal at the price to be set at the
http://gisnav.pimco-funds.com/ Renminbi Bond Fund YEN Cls A ¥ 19018.15 - 131.71 0.00
next valuation.
Dealing: +44 20 3640 1000 Regulated
Renminbi Bond Fund EUR Cls A € 105.89 - 0.77 3.86
PIMCO Funds: +44 (0)20 3640 1407 Putnam New Flag Euro High Yield Plc - E € 1013.59 - 3.70 4.26 Troy Asset Mgt Ltd (UK)
Waverton Investment Funds Plc (1600)F (IRL) Investors can be given no definite price in advance of
FCA Recognised Santander Asset Management UK Limited (1200)F (UK) Poland Geared Growth £ 0.46 - -0.04 0.00 40 Dukes Place, London EC3A 7NH
[email protected] the purchase or sale being carried out. The prices
287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 FCA Recognised appearing in the newspaper are the most recent
Asia Local Bond Fund - Inst Acc $ 9.44 - 0.02 0.00 Order desk: 0845 608 0950, Enquiries 0845 608 0950
Authorised Inv Funds Waverton Asia Pacific A USD $ 17.69 - 0.16 1.03 provided by the managers/operators. Scheme
Authorised Inv Funds particulars, prospectus, key features and reports: The
Capital Securities Inst Acc $ 14.97 - 0.01 0.00 Santander Premium Fund (OEIC) ACD Capita Financial Mgrs Waverton Global Bond Fund Cls A $ 8.79 - 0.01 5.40 most recent particulars and documents may be
Commodity Real Return Fund Inst Acc $ 6.52 - 0.13 0.00 A Shares Trojan Investment Funds obtained free of charge from fund
S W Mitchell Capital LLP (CYM)
Waverton Global Equity Fund A GBP £ 13.56 - 0.34 0.37
Europe (ex-UK) 273.00 - 0.90 - managers/operators. * Indicates funds which do not
Credit Absolute Return Fund Inst Acc $ 11.32 - 0.01 0.00 Regulated Spectrum Fund 'O' Acc ♦ 155.13 - 1.90 0.29 price on Fridays.
S W Mitchell European Fund Class A EUR € 355.68 - 15.96 - Japan Equities 153.30 - 4.80 - Waverton UK Fund A GBP £ 12.90 - 0.06 1.81
Diversified Income - Inst Acc $ 19.41 - 0.04 0.00 Spectrum Fund 'O' Inc ♦ 151.21 - 1.85 0.29
Waverton Equity Fund A GBP £ 14.27 - 0.26 0.00 Charges for this advertising service are based on the
S W Mitchell Small Cap European Fund Class A EUR € 235.00 - -3.60 - Pacific Bas (ex-Japan) 479.00 - 4.70 - Spectrum Income Fund 'O' Acc 94.54 - 0.97 - number of lines published and the classification of the
Diversified Income Durat Hdg Fund Inst Acc $ 11.39 - 0.03 0.00 Ram Active Investments SA
The Charlemagne Fund EUR € 333.23 - -14.24 - Sterling Bonds 262.80 - 0.70 - Waverton Sterling Bond Fund A GBP £ 9.50 - 0.01 5.41 fund. Please contact [email protected] or
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 8.74 - 0.04 0.00 www.ram-ai.com E.I. Sturdza Strategic Management Limited (GSY) Spectrum Income Fund 'O' Inc 94.54 - 0.97 - call +44 (0)20 7873 3132 for further information.
Other International Funds UK Equities 259.00 - 1.80 - Regulated
Emerging Asia Bond Fund Inst Acc $ 9.55 - 0.04 0.00 Trojan Fund O Acc ♦ 251.10 - 2.04 0.45
RAM Systematic Emerg Markets Core Eq $ 79.85 - 0.22 - Nippon Growth Fund Limited ¥ 101567.00 - -8824.00 0.00
S W Mitchell Capital LLP (IRL) US Equities 253.40 - 7.10 - Trojan Fund O Inc ♦ 208.31 - 1.69 0.45 WA Fixed Income Fund Plc (IRL)
Emerging Local Bond - Inst Acc $ 11.05 - 0.03 0.00
RAM Systematic Emerg Markets Eq $ 141.02 - 0.94 - Strat Evarich Japan Fd Ltd JPY ¥ 89457.00 - -13045.00 0.00 Regulated
Regulated B Shares
Emerging Markets Bond - Inst Acc $ 38.06 - 0.13 0.00 Trojan Global Equity O Acc 206.68 - 3.14 0.94
RAM Systematic European Eq € 368.50 - 0.08 - SWMC European Fund B EUR € 15789.15 - 477.83 0.00 Strat Evarich Japan Fd Ltd USD $ 886.54 - -134.82 0.00 European Multi-Sector € 115.70 - 0.20 0.00
Pacific Bas (ex-Japan) 478.30 - 4.70 -
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.87 - 0.04 0.00 Trojan Global Equity O Inc 176.05 - 2.67 0.94
RAM Systematic Global Shareholder Yield Eq $ 97.57 - 0.46 - SWMC UK Fund B £ 11825.09 - 201.91 0.00
Emerging Markets Curr.Fd- Inst Acc $ 11.84 - 0.02 0.00 Trojan Income O Acc ♦ 260.40 - 1.87 3.87
RAM Systematic Long/Short Emerg Markets Eq $ 118.15 - -0.52 - SWMC Small Cap European Fund B EUR € 13736.38 - 351.69 0.00 E.I. Sturdza Funds PLC (IRL)
Euro Bond - Inst Acc € 22.43 - 0.03 0.00 Saracen Fund Managers Ltd (1000)F (UK) Trojan Income O Inc ♦ 164.95 - 1.19 4.00
RAM Systematic Long/Short European Eq € 139.64 - -0.58 - SWMC Emerging European Fund B EUR € 8696.58 - 293.00 0.00 19 Rutland Square, Edinburgh EH1 2BB Regulated
Euro Credit - Inst Acc € 14.62 - 0.01 0.00 Dealing: 00 353 1 603 9921 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1096.16 - 15.99 0.00
RAM Systematic North American Eq $ 224.84 - 1.12 -
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Euro Income Bond - Inst Acc F € 12.92 - 0.02 0.00 Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1288.75 - 18.89 0.00 UBS Global Asset Mgmt Fds Ltd (UK)
RAM Tactical Convertibles Europe € 141.68 - -0.16 - Authorised Inv Funds
Euro Long Average Duration - Inst Acc € 21.14 - 0.06 0.00 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 100903.00 - 1465.00 0.00 21 Lombard Street, London, EC3V 9AH
RAM Tactical Global Bond Total Return € 139.29 - 0.19 - Saracen Growth Fd Alpha Acc £ 3.61 - 0.03 0.96 Client Services 0800 587 2113, Client Dealing 0800 587 2112
Euro Low Duration Fund Inst Acc € 11.25 - 0.00 0.00
Saracen Growth Fd Beta Acc £ 5.76 - 0.06 1.43 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 84566.00 - 1227.00 0.00 www.ubs.com/retailfunds Yuki International Limited (IRL)
RAM Tactical II Asia Bond Total Return $ 123.00 - 0.30 -
Authorised Inv Funds Tel +44-20-7269-0207 www.yukifunds.com
Euro Real Return - Inst Acc € 13.20 - 0.09 0.00 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82216.00 - 1193.00 0.00
Saracen Global Income & Growth Fund A - Acc £ 1.13 - 0.03 2.90 Regulated
OEIC

Asset Management
Euro Short-Term Inst Acc € 12.28 - 0.00 0.00 Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 54721.00 - 795.00 0.00 Yuki Mizuho Umbrella Fund
Saracen Global Income & Growth Fund A - Dist £ 1.05 - 0.03 2.65 Global Emerg Mkts Eqty B Acc £ 1.23 - 0.02 1.70
Rathbone Unit Trust Mgmt (1200)F (UK)
Euro Ultra Long Duration - Inst Acc € 28.25

Global Advantage - Inst Acc $ 12.13

-

-
0.20 0.00

0.01 0.00
PO Box 9948, Chelmsford, CM99 2AG
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
RobecoSAM
Tel. +41 44 653 10 10 http://www.robecosam.com/
(LUX) Saracen Global Income and Growth Fund -Acc # £ 1.40 - 0.04 3.26 Strategic China Panda Fund USD $ 2079.58

Strategic China Panda Fund Hedged EURO € 2025.03

-

-
60.91 0.00

59.61 0.00
Global Optimal B Acc Asset Management
£ 0.95 - 0.02 0.63
Yuki Mizuho Japan Dynamic Growth ¥ 6811.00

Yuki Mizuho Japan Large Cap ¥ 6936.00

-

-
257.00 0.00

209.00 0.00
Asset Management
Saracen Global Income and Growth Fund -Dist # £ 1.23 - 0.03 2.68 UBS UK Opportunities Fund B Acc £ 0.86 - 0.00 2.90
Authorised Inv Funds Regulated
Global Advantage Real Return Fund Inst Acc $ 8.64 - 0.01 0.00 Strategic China Panda Fund Hedged Sterling £ 2050.41 - 59.03 0.00 Yuki Japan Low Price ¥ 27533.00 - 803.00 0.00
Blue Chip Income Inc 143.88 148.64 0.91 4.27 RobecoSAM Sm.Energy/A £ 10.76 - 0.17 1.28 Saracen UK Income Fund - Acc £ 1.01 - 0.02 - US Equity B Acc £ 1.44 - 0.04 0.29
Global Bond - Inst Acc $ 27.68 - 0.01 0.00 Strategic Euro Bond Accumulating Class CHFSFr 990.98 - 2.04 0.00 Yuki Japan Value Select ¥ 12925.00 - 409.00 0.00
Blue Chip Income Acc 214.50 221.36 1.40 4.14 RobecoSAM Sm.Materials/A £ 118.30 - 1.32 2.00 Saracen UK Income Fund - Dist £ 1.00 - 0.02 - UBS S&P 500 Index C Acc £ 0.51 - 0.00 -
YMR Umbrella Fund
Global Bond Ex-US - Inst Acc $ 19.26 - 0.03 0.00 . Strategic Euro Bond Institutional Class EUR € 1013.67 - 1.96 0.00
Ethical Bond Inc 90.34 92.33 0.15 5.13 RobecoSAM Gl.Small Cap Eq/A £ 76.88 - 0.47 1.68 UBS Targeted Return B Acc £ 1.23 - 0.01 1.19 YMR N Growth ¥ 16676.00 - 643.00 0.00
Global Fundam.Index StocksPLUSInst Acc $ 11.01 - 0.07 0.00 For Save & Prosper please see Countrywide Assured
Strategic Euro Bond Fund Accumulating Class Shares € 1137.54 - 2.19 0.00
Ethical Bond Acc 171.18 174.61 0.29 5.00 RobecoSAM Sustainable Gl.Eq/B € 175.65 - 0.28 0.00 UBS Sterling Corporate Bond Indexed Fund 51.12 - 0.60 3.32 Yuki Asia Umbrella Fund
Global High Yield Bond - Inst Acc $ 20.10 - 0.04 0.00 Strategic Euro Bond Fund Distributing Class Shares € 1026.64 - 1.97 2.90 Yuki Japan Rebounding Growth Fund JPY Class ¥ 23413.00 - 770.00 0.00
Global Opportunities Acc 133.56 137.82 1.96 0.11 RobecoSAM S.HealthyLiv/B € 175.41 - -0.62 0.00 UBS Multi Asset Income B Inc (net) £ 0.49 - 0.00 3.56
Global Investment Grade Credit - Inst Income $ 12.25 - 0.01 3.58 Schroder Property Managers (Jersey) Ltd Strategic Global Bond RMB Acc $ 1046.93 - 1.39 0.00
RobecoSAM S.Water/A £ 160.16 - 1.26 2.26 UBS UK Equity Income B Inc Net £ 0.38 - 0.00 4.64 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 943.30 - 30.47 -
Income Inc 842.42 871.77 6.03 3.91 Other International Funds
Global Investment Grade Credit Fund Inst Acc € € 11.51 - 0.00 0.00 Strategic Global Bond USD Acc $ 1043.26 - -0.12 0.00
Income Acc 1280.24 1323.40 9.15 3.74 Indirect Real Estate SIRE £ 130.50 136.46 1.01 2.50 Corporate Bond UK Plus B Inc Net £ 0.52 - 0.00 4.00
Global Investment Grade Credit Fund Inst Acc $ $ 16.59 - 0.01 0.00 Strategic US Momentum and Value Fund $ 827.07 - 20.11 0.00
Multi Asset Enhanced Growth Acc 118.23 - 3.26 0.00 UBS Global Allocation (UK) B Acc £ 1.06 - 0.02 1.79 Zadig Gestion (Memnon Fund) (LUX)
Global Multi-Asset - Inst Acc $ 14.45 - 0.02 0.00 Strategic US Momentum & Value Fund USD I Class $ 548.52 - 13.35 0.00 FCA Recognised
Multi Asset Strategic Growth inc 145.64 - 1.89 1.37 UBS Global Enhanced Equity Income C Inc £ 0.45 - 0.00 -
Scottish Friendly Asset Managers Ltd (UK)
Global Real Return - Inst Acc $ 18.04 - 0.06 0.00 Strategic US Momentum and Value EUR Hedged Class EUR € 578.12 - 14.24 0.00 Memnon European Fund I GBP £ 111.58 - 0.64 0.00
Multi Asset Strategic Growth acc 153.92 - 2.01 1.36 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 UBS US Growth Fund B Acc £ 1.45 - 0.04 0.00
Income Fund Inst Acc $ 12.26 - 0.00 0.00 Authorised Inv Funds Strategic US Momentum and Value CHF Hedged Class CHFSFr 576.75 - 14.62 0.00
Multi Asset Total Return inc 125.71 - 0.56 1.87 UBS Emerging Markets Equity Income B Inc £ 0.37 - 0.01 5.66
Inflation Strategy Fund Inst Acc $ 8.97 - 0.04 0.00 Managed Growth ♦ 231.80 - 0.50 0.00
Multi Asset Total Return acc 137.74 - 0.62 1.84
Zebedee Capital Partners LLP (CYM)
Low Average Duration - Inst Acc $ 14.76 - 0.01 0.00 UK Growth ♦ 252.40 - 0.70 0.00 Regulated
Recovery Inc 420.66 437.01 2.89 2.26 Unicapital Investments (LUX) Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.74 - 0.04 0.00
Recovery Acc 499.38 518.36 3.42 2.23 Regulated
Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
StocksPLUS{TM} - Inst Acc $ 22.49 - 0.01 0.00 SIA (SIA Funds AG) (LUX) Investments III € 27.41 - 0.58 0.00
Strategic Bond Ret Acc £ 1.18 1.19 0.01 4.23 Regulated Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Total Return Bond - Inst Acc $ 27.09 - 0.02 0.00 Investments IV - European Private Eq. € 292.33 306.94 2.23 -
Strategic Bond Ret Inc £ 1.04 1.06 0.00 4.27 LTIF Classic € 326.73 - 1.86 0.00
UK Corporate Bond - Inst Acc £ 17.11 - 0.03 0.00 Investments IV - Global Private Eq. € 416.23 437.04 -20.82 -
LTIF Natural Resources € 71.78 - 1.16 0.00
30 ★★★ Tuesday 1 September 2015

INSIGHT Analysis. Indices

Alberto
Gallo
Dow holds its place in Main Street’s affections
Investors favour broad scope US equities
Indices rebased
of S&P 500 but the older
Monetary anaesthetic index still has a role to play
S&P 500 Composite
Dow Jones Industrials
500

ineffective without NICOLE BULLOCK AND ERIC PLATT

400

structural policies With big swings in the US stock market

of late, headlines have focused on “the
300

200
Dow”, but there are $7.8tn worth of rea-
sons why people should be thinking 100

A
key commandment for every trader on Wall about another index.
1995 2000 05 10 15
Street is “Don’t fight the Fed”. Underlying it is For the general public, the Dow Jones
the assumption that central bankers rule Industrial Average, first calculated in Assets tied to S&P 500
financial markets and can move prices, wip- 1896 and made up of 30 of the largest $tn
ing out anything in their way. The recent Chi- publicly traded companies such as Gen-
nese stock market rout and the global sell-off that followed eral Electric, ExxonMobil and Apple, is
have called this dogma into question. synonymous with the US stock market. 7.8
In an attempt to boost confidence and prop up share More than a century since its inception,
prices, Chinese authorities cut interest rates and bank though, relatively little invested money Benchmarked to S&P 500
reserve rules, eased regulation on broker accounts and tracks it.
bought stocks. But despite the extraordinary effort, they Instead, more mutual and exchange
lost control. Markets have now stabilised, but are central traded funds and institutional money
3.05
bankers running out of ammunition and credibility? tracks the Dow’s broader-based coun- Products indexed to S&P DJIA indices
Several signs suggest loose monetary policy is increas- terpart, the S&P 500, an index that also
Sources: Thomson Reuters Datastream;
ingly proving ineffective, and central banks are failing to reflects the market capitalisation of its S&P Dow Jones
generate enough cyclical upswing to win against the struc- members. In contrast, the Dow is calcu-
tural forces constraining growth and inflation. Monetary lated on the basis of each member’s History pointer: nostalgia plays a role in why the Dow is most commonly referenced — Lucas Jackson/Reuters
stimulus alone cannot fix debt overhangs, low productiv- share price. That means a company
ity, persistent unemployment, stagnant demographics with a high share value, like Goldman
and a lack of reforms and fiscal stimulus. Sachs at $187, exerts a greater influence that directly indexed. By contrast, The average market cap of a Dow tor. Main Street’s indicator is the Dow.”
In the US and UK, where quantitative easing is deemed over the benchmark than lower priced about $37bn is indexed to the Dow, component is $177bn versus $38bn for While the Dow may be the best way to
most successful and interest rates are expected to be lifted constituents such as General Electric. which is not typically used by managers the average component of the S&P 500, track past performance and the S&P
sooner than anywhere else, wage growth remains weak “Because the S&P 500 is a broader as a benchmark. which is less exclusive. The Dow also is 500 current performance, some market
despite rising GDP growth and falling unemployment. reflection of the overall equity market “There’s very little that’s indexed price weighted while the S&P 500 has participants point to the limitations of
Companies and households, which reduced excess debt in place, it is a broader reflection of the directly to the Dow, although a portfolio free float market weighting. The S&P any index in being a proxy for the mar-
the crisis, are starting to borrow again. Nearly a quarter of opportunities for investment. And of the Dow dividends reinvested over 500 started in 1957 while the Dow’s his- ket or investor returns.
mortgage borrowers in Britain are taking on loans of four that’s why you’ve seen the 500 become the years has actually outperformed the tory is about double that. Membership in the Dow and the S&P
times gross income, despite red flags raised by the Bank of the most significant equity benchmark Rise of the index S&P 500. It’s not that it’s a bad invest- Nostalgia plays a role in why the Dow 500 is not permanent. In fact, the only
England. In both countries the out there,” says Jamie Farmer, manag- ment, it just covers about 30 per cent of is still the most commonly referenced company that has been a Dow compo-
recovery appears deeply une- ing director, index investment strategy the market value and obviously is not index, as does its history. “It is the only nent from the start is GE. Apple is the
ven, as financial centres like
A prolonged & data services, at S&P Dow Jones inclusive,” says Jeremy Siegel, professor continuous index that goes back before most recent entrant into the index.
London or New York pull fur- loop of loose Indices. FT Series at the Wharton School at the University the Fed was founded, and the ’29 crash,” Mergers and acquisitions are com-
ther ahead of other areas. “The Dow, while it has outstanding of Pennsylvania. says Nicholas Colas, chief market strate- mon reasons why companies leave the
The eurozone faces com-
policy carries name recognition — more of the time Tomorrow: The two indices differ in a few signifi- gist at Convergex. “If you wanted to look S&P 500, but they can also be removed
plex challenges. The rebound dangerous
Treasury bonds
than not people say what the Dow did cant ways. The Dow is a blue-chip large- at long-term returns in the market, the when they no longer fit the profile for
generated by the QE pro- today. What happened in the market- cap index with a high bar for entry. Dow is the one to choose.” entry. That includes being profitable
gramme is losing momentum
side-effects place, as the basis for investment vehi-
More online:
Read the whole According to its methodology, “a stock Is it possible to shift the cultural affin- with a market capitalisation of at least
and inflation expectations are cles, certainly the 500 is a more appro- series at typically is added to the index only if the ity that Americans have with the Dow? $5.3bn. Companies in the mid-cap index
almost back to where they were before QE was announced. priate benchmark.” www.ft.com/ company has an excellent reputation, “It is a waste of time trying to change can also graduate to the S&P 500 if they
The transmission of credit to small and medium-sized More than $7.8tn was benchmarked rise of the index demonstrates sustained growth and is of minds,” Mr Colas says. grow beyond the constraints of other
companies remains impaired. Banks are still deleveraging, to the S&P 500 in 2014 with $2.2tn of interest to a large number of investors”. “The S&P 500 is Wall Street’s indica- barometers.
and with €1tn of non-performing loans on balance sheets,
or more than 10 per cent of GDP, are hardly able to lend.
The good news is that policymakers are moving in the
right direction by cleaning up banks, harmonising regula- Global overview
tion and deepening capital markets. But this will take
years. Meanwhile, fiscal stimulus remains insufficient and
the Juncker plan for investment is still in its infancy.
China’s situation is perhaps the most alarming. Chinese
Equities worldwide
authorities have implemented the most aggressive multi-
pronged stimulus plan globally. Yet, reform efforts aimed
pulled down by China
at transforming China’s growth model to a more balanced
mix of consumption and production remain unclear.
On the one hand, the government has tightened regula- PETER WELLS — HONG KONG close down 0.8 per cent, the
tion on shadow banks and local governments, both key NEIL DENNIS — LONDON Shenzhen Composite fell
KADHIM SHUBBER
drivers of excess investment in real estate. On the other — NEW YORK 3.1 per cent, taking declines
hand, easy policy is fuelling even larger debt overhangs: for the month to 12.5 per cent
corporate, household and local government debt has dou- US stocks ended a volatile and 15.2 per cent, respec-
bled since 2007 to more than 200 per cent of GDP. month on a sour note, tively, and pulling down
Banks that were cleaned up and recapitalised are seeing following European and global equities.
bad debts rising again, as property prices fall in peripheral Asian bourses lower as However, analysts pointed
cities. While authorities still have dry powder to soften the losses in Chinese equities to the rally in large-cap
landing, a failure to reduce excess industrial capacity and weighed on global equities. stocks, which helped pull the
address debt overhangs may result in deflationary pres- Shanghai Composite up from
sures and larger economic losses down the road. All three major Wall Street a 3.8 per cent intraday low, as
What should central bankers do? Many are calling for equity indices fell, with the a sign of continued govern-
the Fed to delay its planned 2015 interest rate lift-off. The S&P 500 down 0.8 per cent ment share buying.
reality is that the Fed does not have much choice. Raising yesterday and 6.3 per cent “The government’s going
rates this year may safeguard its credibility, but inflation is this month, its worst to remain under pressure to
falling and the chances of a policy mistake are rising. This monthly performance since prop up the market,” said
makes any path to normalisation limited and shortlived. May 2012. Jameel Ahmad, chief market
Monetary stimulus kick-started a recovery in the US and The benchmark index was strategist at FXTM. He added
the UK and bought the eurozone time to implement initially led down by energy that “we wouldn’t have seen
reforms. But it is not sufficient for a durable recovery. The stocks, which later jumped any gains” yesterday after-
solution is a co-ordinated government effort to address the as oil prices spiked on lower noon without government
structural constraints to growth and inflation. Without US output figures and news intervention.
this, policymakers will keep using the same ineffective Opec will speak to producers. The FTSE Eurofirst 300
monetary anaesthetic against future crises. Oil rallied strongly after closed down 0.3 per cent,
A prolonged loop of loose policy carries dangerous side- trading lower yesterday recovering from an earlier
effects: potential asset bubbles, over-allocation of morning. Brent crude, hav- drop of 1 per cent. The pan-
resources to leverage-heavy industries and rising inequal- ing recovered 17 per cent last European index fell 9 per
ity. Central bankers increasingly appear to be parading in week, was up another 6.5 per cent for August, its worst
the emperor’s new clothes. cent, while Nymex WTI was monthly performance in
up 7.2 per cent. Energy was four years.
Alberto Gallo is head of macro credit research at RBS the only S&P group to post a The Xetra Dax in Frank-
gain yesterday. furt closed 0.4 per cent lower
The Dow Jones Industrial and the CAC 40 in Paris was
Average had fallen 0.7 per down 0.5 per cent, paring
cent by the close, putting it back steeper losses.
down 6.6 per cent in August, London’s FTSE 100 was
More comment and data on ft.com its worst performance since closed for a bank holiday,
May 2010. The Nasdaq Com- leaving it down 6.7 per cent
posite Index shed 1.1 per for August, its worst monthly
Y Fast FT Our global economies, headed cent, ending August down showing since May 2012.
team gives you market- by Brazil, Russia, India 6.9 per cent, its steepest On currency markets
moving news and views, and China. monthly fall since May 2012. there was haven buying in
24 hours a day, five days ft.com/beyondbrics Implied volatility as meas- Japan’s yen, which strength-
a week. ft.com/fastft ured by the Vix, a widely- ened 0.4 per cent to the
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a tracked barometer of inves- dollar at Y121.23. The euro
irreverent financial blog. look at what is driving tor fear, rose from 26 to 28.4. rose 0.3 per cent to $1.1212.
Join Paul Murphy and the global currency Falling Chinese shares In Australia, a drop of
Bryce Elder for the daily market. ft.com/podcasts pulled bourses down across 1.1 per cent took declines for
Markets Live session at the US, Europe and Asia the S&P/ASX 200 to 8.6 per
Y Lex Video Analysis after reports that Beijing had cent for the month.
11am. ft.com/alphaville
and opinion from the scrapped large-scale share Hong Kong’s Hang Seng
Y beyondbrics News and team on the hot issues purchases as a method of suffered a monthly fall of
comment from more affecting companies and propping up markets. 12.1 per cent, its worst since
than 40 emerging markets. ft.com/lexvideo Although the Shanghai September 2011, in spite of a
Composite trimmed losses to 0.2 per cent gain yesterday.