Newspaperof theYear
THURSDAY 22 NOVEMBER 2018 WORLDBUSINESSNEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
Stuck on EU FaultsintheValley Taiwan election The European project has not lost Big Tech’s close-knit community is Has China been sharpening its soft its way — TIMOTHY GARTON ASH, PAGE 13 breaking ranks — NOTEBOOK, PAGE 12 powerontheisland? — BIGREAD, PAGE 11
May welcomes Briefing ‘good progress’ i Royal Mail pressed to clarify writedowns Shareholders have lobbied the postal operator for answers after it wrote down 85 per cent of the value on Brexit deal of two recently acquired US parcel delivery groups, adding to doubts over its global expansion.— PAGE 15 Theresa May and Jean-Claude Juncker, president of the European Commission, i West thwarts Russian Interpol candidate in Brussels yesterday before a two-hour South Korea’s Kim Jong Yang has been elected meeting where they made “good president after western nations thwarted Russia’s progress” towards agreeing the final Alexander Prokopchuk, whose standing sparked a elementofaBrexitdeal. row over alleged abuse of the global body.— PAGE 8 The prime minister said last night thatthepairwouldmeetagainonSatur- i FCA looks at wider ban on exit fees day to finalise Britain’s EU exit package Investment industry leaders have warned that the and the outline of its future partnership City watchdog is considering broadening a proposed with the bloc, raising hopes of a smooth ban on exit fees to include the biggest wealth summittoendorsethedealonSunday. managers and pensions companies.— PAGE 20 ThemeetingwithMrJunckermarked oneofthelaststagesinalmosttwoyears i Watchdog says student loans sold cheaply ofgruellingnegotiations. The public accounts committee Labour eyes minority rule page2 has said that the government Bronwen Maddox & received “too little in return for Timothy GartonAsh page13 what it gave up” when it ABNAmroseekslicences page 27 conducted the biggest sell-off John Thys/AFP/Getty Images of student loans.— PAGE 2 i G20 draft dodges protectionism question A draft communiqué being considered by national officials before the Argentina meeting makes no explicit pledge to fight protectionism, raising Goldman accused of bribery in doubts on the G20 free trade commitment.— PAGE 4 i OECD warns of trade war growth threat The club of rich nations has said an escalation in the hostilities between the US and China could take a heavy toll on global growth by 2021 and could lead ‘massive conspiracy’ over 1MDB the Federal Reserve to raise interest rates.— PAGE 8 i Spy case student sentenced to life in UAE Durham university PhD student Matthew Hedges 3 Abu Dhabi wealth fund sues 3 Officials induced to aid fraud 3 Bank to contest claims has been sentenced to life imprisonment in the Gulf state for spying. Foreign secretary Jeremy Hunt has LAURANOONAN— NEWYORK government agreed to repay IPIC in a IPIC’s subsidiary, to induce them to act has not been available for comment. urged the UAE to reconsider the case.— PAGE 2 SIMEONKERR— DUBAI settlement that has since been chal- against its interests as part of “a mas- Goldmanhasinsistedithadnoknowl- An Abu Dhabi sovereign wealth fund lengedbythenewgovernment. sive,internationalconspiracytoembez- edge of a bribery and embezzlement has sued Goldman Sachs over the The long-running 1MDB scandal, in zlebillionsofdollars”from1MDB. scheme that US prosecutors say saw Malaysian 1MDB scandal, accusing the which high-ranking Malaysian officials In exchange for bribes, Mr Qubaisi around $2.7bn plundered from 1MDB Datawatch US bank of bribing its officials during a including former prime minister Najib and Mr Husseiny agreed to manipulate after Goldman helped the state-backed “massiveglobalconspiracy”. Razakhavebeenaccusedofhelpingloot IPIC and Aabar, misusing the compa- Goldman’s role fund raise $6bn in 2012 and 2013. Gold- Trading places About 74 per cent The International Petroleum Invest- $4.5bn from the government fund, has nies’ names and infrastructure to fur- has come under mansaiditwas“intheprocessofassess- UK goods importers and exporters of the 300,000 ment Company,a former partner of the spread beyond the country’s borders to therthescheme,thesuitadded. increasing ing the details” of the IPIC lawsuit and (2017, ’000) UK businesses scandal-hit1MDBfund,filedalawsuitin ensnare officials and executives around IPIC said it had also filed criminal scrutiny since expectedtocontestit“vigorously”. registered as New York yesterday, seeking unspeci- the globe. Mr Najib, who was charged complaintsinAbuDhabiagainstthetwo US prosecutors The Department of Justice has Non-EU only an importer and fied punitive damages from Goldman thisyear,hasdeniedallaccusations. men.MrQubaisi,whodeniestheallega- filed charges chargedtwoformerGoldmanmanaging exporter traded with the EU last and individuals including Tim Leissner, Goldman’s role has come under tions, has been detained in the United against two of its directors—MrLeissnerandRogerNg— EU and non-EU year. Nearly half a former partner at the bank who has increasing scrutiny since US prosecu- ArabEmiratesfor26months,hislawyer former bankers for their alleged role in the scheme and traded only with pleaded guilty to conspiracy charges tors filed charges against two of its Michael O’Kane said. “It is extraordi- this month has claimed one current Goldman part- EU countries overtheaffair. formerbankersthismonth. nary if he has now been charged when nerwasaco-conspirator. EU only and a quarter In 2015, IPIC guaranteed billions of IPIC argued in the suit that Goldman he has never been subject to a proper Shares in Goldman have fallen almost traded with dollars of bonds arranged by Goldman bribed Khadem al-Qubaisi, its former investigation in the UAE into the 1MDB 14 per cent in the past month, as inves- both EU and and issued by 1MDB. After the Malay- managing director, and Mohammed al- matter.” torsfrettedaboutreputational fallout. Source: HM Revenue & Customs non-EU countries sian fund defaulted, the then Malaysian Husseiny, chief executive of Aabar, MrHusseiny,whoisalsoindetention, Counting the cost page17 Bet365 head hits the jackpot as £220m pay puts her in leading executives pack
MURADAHMED £53.5m from a year earlier. Of this, successfully driven the group forward”. £80.1m was paid to four directors, Ms Coates, who is the majority share- Denise Coates, head of UK online gam- including Ms Coates, her brother and holder in Bet365, is credited with trans- blinggroupBet365,receivedmorethan herfather. forming a string of betting shops in £220m last year,making her one of the Her basic pay of nearly a quarter of a Stoke, owned by her father, Peter, and world’shighest-paidexecutives. EDF wants to send nuclear billion pounds means she ranks much turning the organisation into a high- The co-founder and chief executive of higher than other generously remuner- techgamblingbusiness. bills before plant is built Bet365, based in Stoke-on-Trent, has ated corporate leaders, including Elon Bet365’srisehasbeenhelpedbyinter- French state-backed utility EDF wants amassed a net worth of $3.7bn, accord- Musk, the chief executive of electric car netbettingbansinothercountries,such to charge customers for the cost of ingtotheForbeslistofbillionaires. maker Tesla, who received $150m last as the US, China and India, which has building a new nuclear power station Ms Coates’ 10 per cent pay increase year,accordingtoBloomberg. helped make Europe the home of the — before it has been built. It believes sees her leapfrog James Dyson, founder MsCoatesalsogainsmorethanprom- world’sbiggest online gambling compa- that the finance model, based on the of the eponymous private-run technol- inent global executives such as Sundar niesoverthepastdecade. £4.2bn scheme to build a ‘super sewer’ ogy group who was reported to have Pichai, Google’s chief executive, who Bet365revenuesfortheyeartoMarch under the Thames, will help cut power beenpaid£200mlastyear.Accordingto received$144.3mlastyear. rose 25 per cent to £2.86bn. Operating costs to levels competitive with gas regulatory filings published this week, In a statement in Bet365’s accounts, profits rose31percentto£660.3m. and renewables. But since a nuclear Bet365 paid £220m during the year to MsCoatessaidtotalstaffcostsrosefrom Overall profits would have been even plant can take a decade to build, March 2018 to its highest paid director, £490.9m to £646.8m during its finan- higher were it not for a painful failure investor demands for a premium could believedtobeMsCoates. cial year, partly because of “increased for the group: Stoke City’s relegation restrict any savings on the financing. The company, which owns Stoke City remuneration for individuals who have from the Premier League, which led to a Analysis i PAGE 3 football club, also paid dividends of been key to the development of the £22mlossfortheclub. £90m for the period, an increase of overarching corporate strategy that has Lombard page20
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NOVEMBER 22 2018 Section:FrontBack Time: 21/11/2018 - 20:14 User: simon.roberts Page Name: 1FRONT, Part,Page,Edition: LON, 1, 1 2 ★ FINANCIALTIMES Thursday 22 November 2018
NATIONAL
Constitutional move Graduate debt Spending Labour eyes minority rule to fix Brexit crisis watchdog McDonnell offers solution HesaidthatifTheresaMay,theprime Under the act, Labour could only prompted a situation “nearest to chaos Labour held talks on Tuesday with criticises minister, could not command a major- form a minority government if it first inparliamentI’veeverseen”. Nicola Sturgeon, leader of the SNP.“We if May cannot push deal ity on Brexit, constitutionally the mon- managed to defeat Mrs May in a vote of His comments came as Mr Corbyn said there are two things we can agree through parliament arch would “see if someone else can confidence in the House of Commons. claimed in the Commons that Mrs May on: one, the current deal is unaccepta- studentloans form a minority government and test Jeremy Corbyn, the party leader, would had failed to show leadership on Brexit ble, and two, we agreed that no deal is the water about whether it can get a then have 14 days to try to form his own andthatsheshould“makewayforthose notanoption,”MrMcDonnellsaid. GEORGEPARKERANDJIMPICKARD privatisation majorityforitspoliciesinstead”. minority administration, which would whocanandwill”. However, the SNP backs freedom of John McDonnell has claimed the Queen SpeakingtobusinessleadersataReu- then face its own confidence vote. If Mr McDonnell said his party’s Brexit movement, while Labour does not. “We could invite Labour to form a minority terseventyesterday,MrMcDonnellsaid Labourlost,anelectionwouldfollow. plan would include permanent mem- have always said there needs to be THOMASHALE government without the need for an it was “difficult” to envisage that an Mr McDonnell said the minority Tory bership of the EU customs union, a rela- reform of freedom of movement,” he The government received “too little in electionifchaosoverBrexit lefttheCon- early general election would follow if government’s turmoil over Brexit had tionship to the single market and a added. He reminded his City audience returnforwhatitgaveup”whenitcon- servativesunabletogovern. MPs rejectedMrsMay’sBrexitdeal. promise to stay aligned with European that he was “a socialist” and that Marx ducted the biggest privatisation of stu- The shadow chancellor suggested a He said that since Conservative MPs laws on issues such as employment and had provided some “of the best analysis dent loans, parliament’s spending Labour administration would be better were unlikely to vote for an election Labour could only form a theenvironment. ofhowcapitalismworks”. watchdoghasconcluded. able than the Tories to come up with a theymightlose,theywouldbereluctant minority government if But it is unclear whether a minority He said by the time of the next elec- Brexit plan that could bring all parties to short-circuit the Fixed-term Parlia- Labourgovernment—possiblyinarela- tion, Labour’s proposals on economic The sale, in December last year, raised together but he remained evasive on ments Act, which sets down a date for it managed to defeat May tionship with the Scottish National reform would be clear. “There will be £1.7bnofcashforloanswithafacevalue whether the party would hold a second the next election on May 5 2022. “At the in a vote of confidence party and Liberal Democrats — could nothingupoursleeves.” of £3.5bn. It marked the first of a series referendumonanexitdeal. momentthat’sdifficulttosee,”hesaid. forgeaconsensusonBrexit. Opinion page13; Markets page27 of anticipated transactions that stand to create a market for graduate debt in the UK, and raise up to £12bn for the Treas- ury,althoughofficialshavenotsaidhow muchdebtwouldhavetobesoldtoraise that amount. The second sale was Rising wealth announcedlastmonth. The cross-party public accounts com- mittee said in a report that the govern- Smith classic ment could have expected to recoup the £1.7bn in eight years had it held on to set for auction theloantranche. “If you’re going to sell it today and forgo an income stream tomorrow, Adam Smith’s personal first edition you’vegottobeexactlysurewhatyou’re copy of The Wealth of Nations is to be forgoing,” said Meg Hillier, Labour MP sold next month, with an estimated andchairofthecommittee. value of up to £800,000. “Modelling in Whitehall is very The first edition of the Scottish Whitehall-focused,” she added. “We’ve economist’s magnum opus was one of got to make sure government is not two he kept on his shelves, along with going to be ripped off by the private sec- thousands of volumes ranging from tor,whodothiseveryday.” the Enlightenment to classical writers The sale, by bringing in cash, reduced of the ancient and Renaissance eras. public sector net debt, but the report The other copy appeared at auction criticised the Treasury’s focus on this in 1959 but has since been lost. metric, calling it a “short-sighted Julian Wilson, senior books approachwhichfailstoconvinceusthat specialist at Christie’s, which will the deal is the best one for public sector auction the two-volume book in financesinthelongterm”. London on December 12, said The The assessment follows a National Wealth of Nations was among the key Audit Office analysis in July which cal- titles in western thought that had culated that the government took an seen sharp price rises in the rare accounting loss of £900m on the sale, books market, along with those of based on the loans’ value on the Depart- scientific works such as Charles mentforEducationbooks. Darwin’s On the Origin of Species. Thegovernmentusedadifferentapp- James Pickford roach to calculate the so-called “reten- tion value” and, under its method, the Anna Gordon sale was deemed to deliver value for money. However, the NAO also pointed to “limitationsinthewaythatgovernment Middle East. Courtruling assessesvalueformoney”. The DfE said, in response to the com- mittee, it was “confident that we achie- ved value for money for taxpayers from Student accused of spying by UAE jailed for life thefirstsaleofstudentloans”. “Student loans are designed so that borrowers only repay when they can She called on the British government after pleading guilty to the charges. He ing scrutiny of the Gulf’s autocracies Middle East and the 13th biggest glo- afford to. This gives more people the Foreign secretary urges Gulf to take a stand for her husband, who has the right to appeal at the Supreme after the murder of Saudi journalist bally. The UK has issued licences for at chance to go to university and get on in ally to reconsider and says has suffered from depression. He was Court,MrShamsiadded. JamalKhashoggi. least£552mofarmssalestothecountry life but, as the public accounts commit- shaking when he heard the verdict, she Hedges,31, wasdetainedatDubaiair- TheUAEhascrackeddownondissent overthepastthreeyears. tee recognises, this also means many sentence threatens relations said. port as he was leaving the country after and free speech since the popular upris- Peoplefamiliarwiththesituationsug- students will never fully pay back their Jeremy Hunt, foreign secretary, carrying out interviews for his thesis ingsthatrockedtheMiddleEastin2011, gested that the relationship might lead loans,”thedepartmentsaid. warned that the sentence threatened relatingtoUAEmilitarydevelopmentin jailing Emirati members of an Islamist toHedges’earlyreleaseanddeportation The push to privatise student loans SIMEONKERR —DUBAI relations between Britain and the UAE, thepost-Arabuprisingenvironment. groupandotheractivistswhohadcalled viaapardon,perhapsoncompassionate comes at a critical moment for UK British student Matthew Hedges has andurgedtheGulfstatetoreconsider. formoredemocracy. grounds. higher education policymakers, with been sentenced to life imprisonment in “Today’sverdictisnotwhatweexpect Abu Dhabi, alongside Saudi Arabia, Abdulkhaleq Abdulla, a prominent the total amount of outstanding gradu- the United Arab Emirates for allegedly from a friend and trusted partner of the Matthew Hedges: its ally, has led efforts to contain Emirati commentator and former aca- ate debt surpassing £100bn for the first detained after spying on behalf of the UK, complicat- United Kingdom and runs contrary to interviewing the expansion of the Islamist Muslim demic, said the UAE remained a safe time in March. It is expected to rise to ingrelationsbetweenthetwoallies. earlierassurances,”hesaid. people for a thesis BrotherhoodandIranacrosstheMiddle place for research, describing the case £473bnby2049. Hedges’ family said the Durham uni- “Ihaverepeatedlymadeclearthatthe on military East. againstHedgesas“solid”. The committee’s recommendations versity PhD student, who was arrested handlingofthiscasebytheUAEauthor- development The shifting regional environment Stuart Corbridge, vice-chancellor of on future sales include publishing in May, was sentenced during a five- itieswillhaverepercussionsfortherela- has caused some tension with the UK. Durham university, said: “We are com- the identity of the investors who minute hearing yesterday at a court in tionship between our two countries, During the first six weeks of more While the two countries have histori- mitted to doing what we can to get Matt purchasethedebt. the capital, Abu Dhabi, without his law- whichhastobebuiltontrust.” than five months in solitary confine- cally enjoyed close security and intelli- homesafelyandswiftly. The loans were sold through securiti- yerinattendance. TheresaMay,primeminister,saidshe ment, he was interrogated without a gence co-operation in the region, the “Therehasbeennoinformationgiven sation, a process where assets are pack- “I am in complete shock and I don’t was “deeply disappointed and con- lawyer or consular access and signed a UAE has wielded its military might as onwhatbasisMattwashandedthissen- aged together and sold on as bonds to know what to do. Matthew is innocent,” cerned” about the case and would be document in Arabic which has since arms buyer at the vanguard of a more tence and no reason to believe that Matt investors, ranging from pension funds his wife, Daniela Tejada, said. “The For- raising it with the Emirati authorities been disclosed as a confession, accord- muscularforeignpolicy. was conducting anything other than toalternativeassetmanagers. eign Office know this and have made it “atthehighestlevel”. ing to Ms Tejada. He does not speak or The UAE, a former UK protectorate legitimateacademicresearch.” “The public deserves to know who clear to the UAE authorities that Mat- Hamadal-Shamsi,UAEattorney-gen- readArabic. and home to about 100,000 Britons, is Additional reporting by Henry Mance in stands to gain from the sale of public thewisnotaspyforthem.” eral, said Hedges had been sentenced The sentencing comes amid increas- the UK’s largest export market in the London assets,”saidMsHillier.
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Lloyd’s of BrusselsInsurance market K . ;Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY1APRIL / SUNDAY 2 APRIL 2017 HMRC warns Briefing to tap new talent pool with EU base i US bargain-hunters fuel Europe M&A Europe has become the big target for cross-border dealmakiTHEng, as US companies rid e aENTrump-fuelled D HOW DRIVERLESS equity market rally to hunt for bargains across the customs risks Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17 TECHNOLOGY IS i Report outlines longer NHS waiting times A reporOFt on how the healt h servicTe canHEsurvive CHANGING AN GAVINJACKSON JIMPICKARD more austerity has said patients will wait longer for mist at Capital Economics, a consul- training and system changes that some being swamped non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE some surgicaROADl procedures will be scrapped.— PAGE 4 Censors and sensitivity i Emerging nations in record debt sales Warning: this article may be FT WEEKEND MAGAZINE Developing countries have sold record levels of upsetting — LIFE & ARTS 017 by Brexit surge government debt in the first quarter of this year, taking ad vantage of a surge in optimism toward emerging markets as trade booms.— PAGE 15 tancy. “And if there is a no-deal Brexit, businesseswillneed.”Thepeerswarned 3 ConfidenceinITplans‘has collapsed’ i London tower plans break records 4 2 FEBRUARY A survey has revealed that a Art of persuasion Mystery deepens 3 Fivefold riseindeclarations expected record 455 tall buildings are How To Spend It planCned or unrderediconstruction t Suisse over disputed painting of Jane Austen A sharp surge in spending and a slow- Asmanyas400,000companiesarenot AMES IT T T adjust its negotiation position with the in London. Work began on EU,aWhitehall official said. “If running almost one toweraweek A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4 duties and clear imports into the UK much harder than we anticipated, that may not be able to handle the huge ought to have an impact on how we i Tilenlerson faiguls to ease Tulfrkeyed tensions in theresultingeconomicslowdownwould about the potential effect on smaller surgeinworkloadexpectedonceBritain pressforcertainoptionsinBrussels.” The US secretary of state has failed to reconcile leaves the EU, customs authorities have In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep admittedtoMPs. of the Commons treasury select com- Tayyip Erdogan on issues including Syria and the Chic new lodgings HM Revenue&Customs told a parlia- mittee, HMRC said the timetable for extradition of cleric Fethullah Gulen.— PAGE 9 down in the growth of tax receipts aware that they will have to file their mentary inquiry that the new system delivering CDS was “challenging but fresh tax probe needed urgent action to be ready by achievable”. But, it added, CDS was “a i Toshiba investors doubt revival plan in Scotland March 2019, when Brexit is due to be complexprogramme”thatneededtobe In a stormy three-hour meeting, investors accused MAGAZINE completed, and the chair of the probe linked to dozens of other computer sys- managers oaving an entrenched secrecy culture said confidence it would be operational tems to work properly. In November, and3cast doubt on a revival plan after Westinghouse probably cause the public finances to companies, which tend to have “scarce UK, France and Netherlands swoop intime“hascollapsed”. HMRC assigned a “green traffic light” to filed for Chapter 11 bankruptcy protection.— PAGE 16 Setting upadigital customs system CDS, indicating it would be deliveredon 3 BlowforbidtocleanupSwissimage has been at the heart of Whitehall’s time. But last month, it wrote to the i HSBC woos transgender customers Brexit planning because of the fivefold committee saying the programme had TheRAba nk ha ATsKIN unvS —ZUeiledaRICHrange of gender-neutritalfollowed “a strategy offull client tax N AN R INS N —BRUSSELS meant government borrowing in Octo- value added tax returns online from increase in declarations expected at been relegated to “amber/red,” which titles such as “Mx”,in addition to Mr, Mrs, Missco ormpliance” but was still trying to BritishportswhentheUKleavestheEU. means there are “major risks or issues Ms, in a move to embrace diversity and cater togathethe rinformationabouttheprobes. About 53 per cent of British imports apparentinanumbero£eyareas”. neeCdsre ofditrt aSuissnsgenedehasr custobeenmertargets.— PAGEed 20 by HM Revenue&Customs said it had come from the EU, and do not require HMRC said last night: “[CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into checks because they arrive through the track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun- deterioratefurther.” resources”toprepareforthechange. single market and customs union. But and it will be able to support frictionless Dabacktawa Switzerlandtch ’s attempts to clean up dering by “a global financial institution TheresaMayannouncedinJanuarythat international trade once the UK leaves itsimageasataxhaven. and certain ofits employees”. The UK Brexit would include departure from the EU . . . Internal ratings are designed The Swiss bank said yesterday it was tax authority added: “The international both trading blocs. HMRC handles 60m to make sure that each project gets the T rrorco-o tt c sperating inwit st rnh authoriti Europ es afteRecenr itts attacrkseac —h of this investigation sends a clear The lure of the exotic ber was the highest for three years, April next year, a parliamentary com- declarationsayearbut,onceoutsidethe focus and resource it requires for suc- officesinLondon,ParisandAmsterdnotablyam theme 2011ssage that there is no hiding place for customs union, the number is expected cessfuldelivery.” i h i htedwere conta attac cted by thers local officialmassacs re bythoseseekingtoevadetax.” Robin Lane Fox on the flair FINANCIALto TIMEShit300m. HMRC’s letters to the select commit- “concerningclienttaxmatters”. Anders BreivikD inutch prosecutors, who initiated the Norway,Reproductionthe of the contentsof foreign flora — HOUSE &of HOME this newspaper in The revelations about the system, tee, which will be published today, pro- AFP Dutch authorities said their counter- action, said they seized jewellery,paint- russe s attacks in Paris called Customs Declaration Service, are vide no explanation for the rating Lloyd’s of London chose Brus- insurers to follow. Most of the EU, with Dublin and Luxem- parts in Germany were also involved, ings and gold ingots as part of their Government spending increased 7.7 HMRC has a responsibility to support while Australia’s revenue departmenand Nicet , andprobe;the while French officials said their likely to throw a sharper spotlight on change, but some MPs believe it was sels over “five or six” other business written in Brussels bourgthoughttobemorelikely or ay Brussels suicide whether Whitehall can implement a caused by Mrs May’s unexpected deci- cities in its decision to set up an will be reinsured back to the homes for the industry. But saiditwasinve arisstigatingaSw iceissbank. investigation had revealed “several The inquiries threaten to underminbombiengs—thoushave and” bank accounts opened in host of regulatory regimes—in areas siontoleavetheEUcustomsunion. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on bucked the trend efforts by the country’s banking sector Switzerland and not declared to French ranging from customs and immigration Tim t b r t R p i a e expected loss of passporting headquarters,picturedabove. its transport links, talent pool of generally low accordingtoofficialstatistics. mitteehaswarned. Number One Southwark Bridge,Sc m to import E s a e London SE1 9HL tooverhaulbusinessmodelsandenfatsualitirees fromtaxauthorities. to agriculture and fisheries — by the rightsafterBrexit. The Belgian capital had not and “extremely good regula- any manner is not permitted without the publisher’s customers meet international tax The Swiss attorney-general’s office timeBritainleavestheEU. E itori omm nt Not boo a e John Nelson, chairman of the been seen as the first choice for toryreputation”. Sources a e s Terroris a d sur e cy e tre terror incidents in requirements following a US-led clamp- said it was “astonished at the way this ProblemswithCDSandotherprojects i ip St p ns ris i s a e centuries-old insurance mar- London’s specialist insurance a e western Europe down on evaders, which resulted in operation has been organised with the essentialtoBrexitcouldforceLondonto Mor n options a e ket, said he expected other groups after the UK leaves the Insur rs s t to o o a e billionsofdollarsinfines. deliberate exclusion of Switzerland”. It per cent during the month, far higher small companies with implementation The probes risk sparking an interna- demandedawritten explanation from tional dispute after the Swiss attorney- Dutchauthorities. general’s office expressed “astonish-priorIn 2014, Credit Suisse pleaded consent.guilty ment” that it had been left out of the in the US to an “extensive and wide- City watchdog sendsaclear message as actions co-ordinated by Eurojust, the ranging conspiracy” to help clients THE RISE OF ECO-GLAM EU’sjudicialliaisonbody. evadetax.Itagreedtofinesof$2.6bn. Escape the taper trap CreditSuisse,whosesharesfell1.2per AdditionalreportingbyLauraNoonanin How high earners can evade banker loses job over WhatsApp boast cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa subject ofinvestigations in the Nether- Houlder in London, and Michael Stothard a pension headache — FT MONEY The UK borrowed £8.8bn in October, than the 2.6 per cent growth in the fiscal Some 1.2m businesses with taxable but has neglected this duty, the peers Published by: The Financial Times Limited, lands,FranceandtheUK.Thebanksaid inParis Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library A RA N NAN Berrysafterdiscussionswithregulators. media at work, but banks are unable to ENNIFERT M S N Christopher Niehaus,aformer Jeffer- ban people from installing apps on their A boastful WhatsApp message has cost ies banker, passed confidential client privatephones. a London investment banker his job information to a “personal acquaint- Andrew Bodnar,abarrister at Matrix and a £37,000 fine in the first case of ance and a friend” using WhatsApp, Chambers,saidthecaseset“aprecedent Brussels takes tough stance on Brexit Number One SouthwarkS ut o nris sbor r Bridge,regulators cracking down on commu- accordingtotheFCA.Theregulatorsaid in that it shows the FCA sees these mes- 390_Cover_PRESS.indd 1 19/01/2017 13:57 Mr Niehaus had turned over his device saging apps as the same as everything ‘Financial Times’ and ‘FT’ are registered trade marks bi o s o r t top nications over Facebook’s popular £1.6bn more than the same month of year so far. Meanwhile, tax receipts turnover of more than £85,000 will said. “The government and HMRC chatapp. tohisemployervoluntarily. else”. with Spain handed veto over Gibraltar o ressio a e ub ica s see i to The FCA said Mr Niehaus had shared Information shared by Mr Niehaus a erta S o er e t shutdo a ter The fine by the Financial Conduct confidentialinformationonthemessag- included the identity and details of a ri ha e resisted o a d Tru s Authority highlights the increasing ing system “on a number of occasions” client and information aboutarival of A E ARKER —BRUSSELS ambitioustradeandairlineaccessdeals. mise. If Britain wants to prolong its atte t to tac u ds to ay or a a problem new media pose for companies lastyearto“impress”people. Jefferies. In one instance the banker E R E ARKER —LONDON Gibraltar yesterday hit back at the status within the single market after London SE1 9 HL, Unitedo the S e ico border Kingdom. o to that need to monitor and archive their Several banks have banned the use of boasted how he might be able to pay off STEFAN A ST — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would sto a s e di a s They ear of The Financial Times Limited. staff’scommunication. new media from work-issued devices, hismortgageifadealwassuccessful. TheEUyesterdaytookatoughopening fully been singled out for unfavourable require “existing regulatory, budgetary, that his a ed b i crease i Several large investment banks have but the situation has become trickier as Mr Niehaus was suspended from Jef- stance in Brexit negotiations, rejecting treatmentbythecouncilatthebehestof supervisory and enforcement instru- de e ce a d border s e di cou d banned employees from sending client banks move towards a “bring your own feries and resigned before the comple- Britain’s plea for early trade talks and Spain”. Madrid defended the draft mentsandstructurestoapply”. the previous year and far above the wereonly1.2percenthigherthaninthe have to use the new digital filing system . . . must start listening to small busi- orcea edera shutdo or the irst information over messaging services device” policy. Goldman Sachs has tionofadisciplinaryprocess. i in ris to pi explicitly giving Spain a veto over any clause,pointingoutthatitonlyreflected Mr Tusk wants talks on future trade ti e si ce as e ocrats re use including WhatsApp, which uses an clamped down on its staff’s phone bills Jefferies declined to comment while pr ssur on c r s r ic s arrangementsthatapplytoGibraltar. “thetraditionalSpanishposition”. to begin only once “sufficient progress” to acce t the ro osa s encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and Tel: 020 7873 3000 S bu t A n accessed without permission from the issuedBlackBerrys. forcomment. About 2.3m people will benefit from European Council president Donald Mr Tusk’s text left room for negotiators citizen rights, which Whitehall officials Trump tt c o r t bi i PAGE 8 user. Deutsche Bank last year banned Bankers at two institutions said staff AdditionalreportingbyChloeCornish today’s increase in the national living Tusk’s first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are WhatsApp from work-issued Black- are typically trained in how to use new omb r a e wage to £7.50 per hour. But the rise which are an important milestone on minister Theresa May’s allies insisted possibleifcertainconditionsaremet. will pile pressure on English councils, the road to Brexit, sought to damp Brit- that the EU negotiating stance was Boris Johnson, the foreign secretary, which will have to pay care workers a ain’s expectations by setting out a largely“constructive”,withonesayingit reassured European colleagues at a lot more. Some 43 per cent of care “phased approach” to the divorce proc- was “within the parameters of what we Nato summit in Brussels that Mrs May £6.15bnforecastbyCityeconomistsina past October and far below the 4.3 per under plans from HM Revenue & Cus- nesses. Otherwise the burdens may out- Subscrib In print n on in or M r ts sta —amounting to 341,000 people ess that prioritises progress on with- were expecting, perhaps more on the had not intended to “threaten” the EU aged 25 and over — earn less than the drawalterms. upside”. when she linked security co-operation Editor: Lionel Barber t co subscribe o new living wage and the increase is TheThe decision to add the Financialclause giving BritishofficialsadmittedthattheEU’s afterBre Timesxitwithatradedeal. and its journalism are subject to ST K MARKETS RREN IES INTEREST RATES Te expected to cost councils’ care services Spain the right to veto any EU-UK trade insistence on a continuing role for the R ports n sis page 3 Mar 30 prev %chg Mar 30 prev Mar 30 prev price yield chg £360m in the coming financial year. deals covering Gibraltar could make the European Court of Justice in any transi- on t n o Tim r or For t t st n s o to S&P 500 2365.93 2361.13 0.20 $ per € 1.074 1.075 € per $ 0.932 0.930 US Gov 10 yr 98.87 2.38 0.00 An sis i PAGE 4 300-yea r territorial dispute between tiondealcouldbeproblematic. M n in t N s i is page 11 . t.com Nasdaq Composite 5902.74 5897.55 0.09 $ per £ 1.249 1.241 £ per $ 0.801 0.806 UK Gov 10 yr 100.46 1.21 -0.03 Madrid and London an obstacle to Brussels sees little room for compro- nr M nc page 12 Dow Jones Ind 20703.38 20659.32 0.21 £ per € 0.859 0.866 € per £ 1.164 1.155 Ger Gov 10 yr 98.68 0.39 -0.01 © THE FINANCIAL TIMES LTD 2017 FTSEuro rst 300 1500.72 1493.75 0.47 ¥ per $ 111.295 111.035 ¥ per € 119.476 119.363 Jpn Gov 10 yr 100.45 0.06 0.00 No: 39,435 ★ Euro Stoxx 50 3481.67 3475.27 0.18 ¥ per £ 139.035 137.822 £ index 76.705 76.951 US Gov 30 yr 100.14 2.99 0.01 a self-regulation regime under the FT Editorial Code poll by Thomson Reuters, the Office for centgrowthduringtheyearasawhole. toms. But only about 40 per cent have weighanypotentialbenefits.” ri ted i o do i er oo as o ub i FTSE 100 7369.52 7373.72 -0.06 € index 89.046 89.372 $ index 104.636 103.930 Ger Gov 2 yr 102.58 -0.75 0.00 Subscrib In print n on in or M r ts Fra urt russe s i a adrid e or FTSE All-Share 4011.01 4011.80 -0.02 SFr per € 1.069 1.072 SFr per £ 1.244 1.238 price prev chg hica o Sa Fra cisco ashi to r a do MM ITIES www.ft.com/subscribenow CAC 40 5089.64 5069.04 0.41 Fed Funds E 0.66 0.66 0.00 ST K MARKETS RREN IES INTEREST RATES To yo o o Si a ore Seou ubai Xetra Dax 12256.43 12203.00 0.44 Mar 30 prev %chg US 3m Bills 0.78 0.78 0.00 Tel: 0800 298 4708 Mar 31 prev %chg Mar 31 prev Mar 31 prev price yield chg Nikkei 19063.22 19217.48 -0.80 Oil WTI $ 50.22 49.51 1.43 Euro Libor 3m -0.36 -0.36 0.00 For t t st n s o to S&P 500 2367.10 2368.06 -0.04 $ per € 1.070 1.074 € per $ 0.935 0.932 US Gov 10 yr 98.63 2.41 -0.01 Hang Seng 24301.09 24392.05 -0.37 Oil Brent $ 52.98 52.54 0.84 UK 3m 0.34 0.34 0.00 . t.com Nasdaq Composite 5918.69 5914.34 0.07 $ per £ 1.251 1.249 £ per $ 0.800 0.801 UK Gov 10 yr 100.35 1.22 0.02 Subscriptions and CustomerFTSE All World Service $ 297.99 297.73 0.09 Gold $ 1248.80 1251.10 -0.18 Prices are latest for edition Data provided by Morningstar of Practice: www.ft.com/editorialcode Dow Jones Ind 20689.64 20728.49 -0.19 £ per € 0.855 0.859 € per £ 1.169 1.164 Ger Gov 10 yr 99.27 0.33 -0.01 © THE FINANCIAL TIMES LTD 2017 FTSEuro rst 300 1503.03 1500.72 0.15 ¥ per $ 111.430 111.295 ¥ per € 119.180 119.476 Jpn Gov 10 yr 100.36 0.07 0.00 No: 39,436 ★ National Statistics said. It was also the In last month’s Budget the OBR heard of the policy, let alone started to The peers pointed out there was no Euro Stoxx 50 3495.59 3481.58 0.40 ¥ per £ 139.338 139.035 £ index 77.226 76.705 US Gov 30 yr 99.27 3.04 0.01 Printed in London, Liverpool, Glasgow, Dublin, FTSE 100 7322.92 7369.52 -0.63 € index 88.767 89.046 $ index 104.536 104.636 Ger Gov 2 yr 102.57 -0.75 0.00 Frankfurt, Brussels, Milan, Madrid, New York, FTSE All-Share 3990.00 4011.01 -0.52 SFr per € 1.071 1.069 SFr per £ 1.252 1.244 price prev chg Chicago, San Francisco, Washington DC, Orlando, CAC 40 5122.51 5089.64 0.65 MM ITIES Fed Funds E 0.66 0.66 0.00 Tel 0800 028 1407; [email protected]; Tokyo, Hong Kong, Singapore, Seoul,Dubai Xetra Dax 12312.87 12256.43 0.46 Mar 31 prev %chg US 3m Bills 0.78 0.78 0.00 Nikkei 18909.26 19063.22 -0.81 Oil WTI $ 50.46 50.35 0.22 Euro Libor 3m -0.36 -0.36 0.00 Hang Seng 24111.59 24301.09 -0.78 Oil Brent $ 53.35 53.13 0.41 UK 3m 0.34 0.34 0.00 www.ft.com/subscribenow ReprintsFTSE All World $ 297.38 298.11 -0.24 Gold $ 1244.85 1248.80 -0.32 Prices are latest for edition Data provided by Morningstar highestOctoberborrowingsince2015. reviseddownitsforecastsforpublicsec- make changes to their accounting proc- free software option available to busi- Are available of any FT article with your company The jump will raise concerns that bet- torborrowingduringthenextfewyears, esses, according to the House of Lords nesses and suggested the government Advertising logo or contact details inserted if required (minimum terthanexpectedfiguressofarthisyear as it judged that the rapid growth in tax economicaffairscommittee. shouldprovideitsown. Tel: 020 7873 4000; [email protected] order 100 copies). reflect temporary factors that could receiptsin2018wouldcontinue. That figure was based on research by “We question the logic of requiring Letters to the editor [email protected]; Fax: 0207 979 7790 One-off copyright licences for reproduction of FT unwind in the rest of the year, meaning That judgment allowed Philip Ham- the Institute of Chartered Accountants taxpayers to spend additional money to Executive appointments articles are also available. theOfficeforBudgetResponsibility,the mond, chancellor, to increase spending inEnglandandWales,whichcarriedout paytheirtax,”theysaid. Tel: 020 7873 4909; www.exec-appointments.com fiscal watchdog, was too hasty in lower- on the National Health Service without a survey in July. A separate survey in In July the authorities announced a For both services phone 020 7873 4816, or Printed by alternatively, email [email protected] ing its borrowing forecasts at the breakinghisself-imposedfiscalrules. October by the Office of Tax Simplifica- “soft landing” for the system whereby St Clements Press (1988) Ltd, London, Newsprinters Budget. Overall borrowing in the fiscal year so tion found that 30 per cent were not companies would not be penalised if (Knowsley) Limited, Merseyside, Newsprinters Newspapers support recycling “This could be a worrying sign for the far was still £11.6bn lower than the pre- awareoftheprogramme. they did not have “digital links” (Eurocentral) Glasgow, and Smurfit Kappa News The recycled paper content of UK newspapers in chancellor. If this trend continues, the vious year, in line with forecasts pro- “HMRC is alone in its confidence that between systems for the first year of Press Ld, Kells, Ireland 2015 was 71% giveaways in the October Budget could duced by the OBR, and the latest data all 1m businesses will be ready,” the implementation — although they were © Copyright The Financial Times Limited 2018. All see him breach his near-term fiscal tar- may represent a temporary blip in the Lords report said. “They have underes- still required to provide digital record- rights reserved. gets,” said Andrew Wishart, UK econo- otherdirection. timatedthetimeforresearch,planning, keepinganddigitalfiling.
NOVEMBER 22 2018 Section:World Time: 21/11/2018 - 19:25 User: david.owen Page Name: UKNEWS1, Part,Page,Edition: LON, 2, 1 Thursday 22 November 2018 ★ FINANCIALTIMES 3
NATIONAL EDF builds case to revive nuclear industry Utility seeks upfront charges on customers to fund investment and bring prices into line with gas and renewables
JONATHANFORD to the prices required for renewables, This would allow EDF to raise cash nuclear’s main zero carbon competitor. from pension funds which accept lower EDF ispushingaplantofinancenuclear However, renewable costs have since returns on investment. The aim would investment in Britain that it claims fallen sharply, with some deals for off- be to reduce the weighted average cost would cut the cost of power from new shore wind farms being signed for as lit- of capital (WACC) from the 9.2 per cent reactors to levels competitive with gas tle as £55-£60 per MWh with 15-year on Hinkley to close to the 5.5-6 per cent andrenewableenergy. contracts. achievedbyTideway. The French state-backed power util- These are not strictly comparable; Combined with the construction sav- ity wants to use a technique commonly renewables generate intermittent ing, that might deliver prices close to used in utilities such as water, airports power that requires costly back-up, £60 per MWh, equivalent to current and power distribution. This allows whereas nuclear produces consistent wholesale prices of about £62. “If you companiestochargecustomersupfront base-load electricity. But observers canfinanceatTidewaylevels,youcould fornewinfrastructure. agreethepricegappresentsaproblem. get a price which would clearly be value It is being used in the £4.2bn project Concerns about the attractiveness of for money for consumers,” said Mr tobuilda“supersewer”underLondon’s nuclear investment in the UK were Cadoux-Hudson. riverThames. highlighted this month when Toshibafo Observers agree that RAB financing But the mechanism has never been Japan chose to liquidate its investment could potentially secure substantial tried for a project as technically compli- in the Moorside site in Cumbria rather reductionsinnuclearpowercosts. cated and lengthy as a nuclear power than continue, having been unable to “While it should always be cheaper station, which can take a decade to secureabuyerforthescheme. for the state to finance nuclear con- build. This and other challenges mean The government has been forced to struction directly, this would clearly anygainsarenotassured. consider a direct equity injection into lower the prices from the Hinkley With capital-intensive, long-life another project, at Wylfa in Wales, to approach,” said Dieter Helm, a profes- assets such as sewers and power trans- keepthatschemeontrack. sor of energy policy at the University of mission networks, financing represents EDF’s plan aims to breathe new life Oxford. a substantial chunk of the overall cost But it has prompted concerns about thatneedstoberecovered. thefairness ofthestructure.“WhatRAB Charging up front reduces this by Technique likened to financing does is transfer project risks avoidingtheneedtorollupinterestdur- ‘being forced to pay for a to customers, who are least well placed ing the construction phase, thus cutting to bear them,”said Martin Blaiklock, an the amount of compounded debt to be restaurant meal before the infrastructure expert who likens the serviced and paid off during the life of restaurant has been built’ technique to “being forced to pay for a theasset. Under fire: prices agreed in 2016 for EDF’s new Hinkley Point plant have been attacked as excessive — Ben Birchall/PA meal at a restaurant before the restau- “Given that financing alone repre- into nuclear by showing plants can be rant has even been built, let alone sents roughly two-thirds of the lifetime built at much lower prices. Moreover, it servedanyfood”. costsofbuildingandoperatinganuclear EDF’s plan to reduce the cost of nuclear power plants is bolstered by being able to build an Consumers who paid up front for five power station, it is actually a much bet- exact copyof Hinkley for the group’s to 10 years would run the risk that if the terdealforconsumers,”saidHumphrey Cumulative cost during construction period proposed second project at Sizewell in reactor were delayed, over-budget or ( bn) bn Cadoux-Hudson, managing director of Eliminate compounding interest bn reduction Suffolk. EDF believes that certainty ultimately not commissioned, the nuclear development at EDF Energy, about design and safety certification, power savings would not materialise Capital charge down to the group’s UK subsidiary. “They get to Scenario A bn and an established supply chain, could andtheymightsufferatotalloss. buyelectricityatfarcheapercost.” Traditional financing cutconstructioncostsbyaboutafifth. Nuclear has a poor record for deliver- model Interest EDF’s proposal comes at a time when Scenario B Interest The financing scheme itself is mod- ing on time and to cost. EDF’s two Britain’s much touted nuclear renais- Regulated asset base model elled on the Tideway super sewer projects in Europe, at Olkiluoto in Fin- sance isindangerofshortingout. scheme. Superimposed on to Sizewell, landandFlamanvilleinFrance,arerun- The first deal — which will see the this would allow the owners to add ning10andsixyearslaterespectively. French group and its Chinese partners chunks of the value of the partly-built The company said the decision on build a £20bn station at Hinkley Point, Capital Capital station to the regulated asset base Sizewell would only be taken in 2021, Somerset — was agreedin2016ata expenditure expenditure (RAB) in stages during the risky con- when Olkiluoto and Flamanville should guaranteed strike price of £92.50 per structionphase. have been successfully commissioned. megawatt hour (MWh) in 2012 prices, Years Years Theycouldthenchargeanagreedreg- It said it would take a near trebling in indexed for 35 years and worth about This graphic compares the financing costs of two nuclear projects, A and B, up to the end of construction. Both have estimated construction costs of bn over years. ulatory return on that value to all UK construction costs with no delay or a £105incurrentterms. Scenario A has a weighted average cost of capital of per cent, and rolls up interest during the build phase. Scenario B has a WACC of per cent and receives revenue electricity customers — a hypothecated more than doubling of costs with a Heavily criticised for being excessive, during construction period that keeps all interest payments current. amount designed to cover the project’s three-year delay for customers to be it was at least similar in headline terms Graphic: Alan Smith, Jonathan Ford Source: FT research interestcosts. worseoffunderRABfinancing.
NOVEMBER 22 2018 Section:World Time: 21/11/2018 - 19:20 User: david.owen Page Name: UKNEWS2, Part,Page,Edition: LON, 3, 1 4 ★ FINANCIALTIMES Thursday 22 November 2018
INTERNATIONAL
Global forum Deficit rules Brussels G20 opposition to protectionism in doubt warns Italy’s Draft communiqué has no eral trading system” and “work to keep feared that the possible absence of anti- office in early 2017, imposing tariffs on trade ministers will be instructed to budget marketsopenandensurealevelplaying protectionist language from the final strategic allies and plunging the US into “develop proposals to ensure that the explicit commitment to field”.However,thereisnoexplicitcom- declaration was a bad sign for the future acommercialconfrontationwithChina. WTOcontinuestoberelevant”. fighting open trade foes mitment in the draft statement to fight- ofglobalcommerce. This is in stark contrast to efforts by his Thestatementbeingnegotiatedoffers threatens ingprotectionism. predecessors, including George W Bush support to increased funding for the Anti-protectionist language has been and Barack Obama, to corral the world IMF,whichhasembarkedonafundrais- LESLIEHOOK —LONDON Language supporting ‘instability’ JAMESPOLITI —WASHINGTON a staple of G20 pledges since the forum towardsmoreopentrade. ing drive to increase its coffers in the wascreatedadecadeagoattheheightof open markets has been a A White House official said: “We are eventofanotherglobalfinancialcrisis. The G20’s longstanding call to resist thefinancialcrisis. committed to working towards a con- The draft communiqué also includes JIMBRUNSDEN —BRUSSELS tradeprotectionismisindoubtaheadof The omission could help avoid a repe- staple of G20 pledges since sensus for the G20 and do not comment much softer language on climate action MILESJOHNSON —ROME its summit in Argentina, according to a tition of the friction between Donald the forum was created onongoingnegotiations.” thanpreviousG20statements. Brussels has stepped up action on leaked draft of the joint statement Trump, US president, and fellow world The US president has threatened to The document briefly mentions the Italy’srule-busting2019budget,saying under consideration by government leadersat lastyear’sG20summitinGer- “Other countries look to the US as a pull his country out of the World Trade 2015Parisclimateaccordbutonlyinthe it will start disciplinary proceedings officials obtained by the Financial many, and the G7 gathering in Canada role model,”said Chad Bown, senior fel- Organization unless it is reformed. context of “acknowledging the different over spending plans that risk the coun- Times. thisyear,includingtheuseofthattermi- lowatthePetersonInstituteforInterna- Although there is reference to the circumstances, including those of coun- try“sleepwalkingintoinstability”. The communiqué, which is still being nology. The Buenos Aires meeting will tionalEconomics,aUSthink-tank.“And “importance” of the multilateral trad- triesdeterminedtoimplementtheParis negotiated and could change before the be dominated by trade tension anda if this is now the new role model, they ing system in the leaked document, the agreement”. It stops short of calling for The European Commission yesterday summit begins in Buenos Aires on meeting between Mr Trump and Xi Jin- [will]starttoactinthesamefashion.” language is not as firm as it was in last more funding to help developing coun- warned Italy that its plans to stimulate November30,callsforcountriesto“rec- ping,hisChinesecounterpart. Mr Trump has turned Washington’s year’sG20declaration. tries cope with climate change, saying the economy through increased bor- ognise the importance of the multilat- But some officials and trade analysts trade policy on its head since taking According to the draft communiqué, climatefinancewasmerely“discussed”. rowing broke EU rules and would back- fire, by driving up costs for businesses andthestate. The plans were in “particularly seri- Production curbs Khashoggi killing ous non-compliance” with previous commitments the country had made and justified the opening of an “exces- White House sivedeficitprocedure”,Brusselssaid. “We continue to believe that this budget carries risks for Italy’seconomy, praises for its companies, for its savers and its taxpayers,” Pierre Moscovici, EU econ- Riyadh for omycommissioner,said. Thebudgetclashhasbecomeatrialof strength between the commission and oil price fall Italy’spopulist government, which took officethisyearonapromisetoripupthe EU’sfiscalrulebook. ANJLIRAVAL Under the excessive deficit proce- SENIORENERGYCORRESPONDENT dure, expected to be opened within US president Donald Trump praised weeks, Rome would be set deadlines to Saudi Arabia for helping to reduce oil reduceitsbudgetdeficit,withthethreat prices and ramped up pressure on the of fines of up to 0.5 per cent of gross kingdom to maintain the decline, even domesticproductifitdidnotcomply. as talks gather pace among producer Yesterday’s verdict confirms that nationstoenactnewcurbsonoutput. Rome has failed to win over the com- mission, which last month took the “Oil prices getting lower. Great! Like a unprecedented step of rejecting the bigTaxCutforAmericaandtheWorld,” country’s draft budget plans. A revised Mr Trump tweeted yesterday, suggest- version submitted by Giovanni Tria, ingarecentdropincrudewouldhelpbig finance minister, did not address Brus- consumer countries such as the US by sels’mainconcerns. lowering fuel prices. “Thank you to Giuseppe Conte, prime minister, said SaudiArabia,butlet’sgolower!” he remained convinced the budget was Energy analysts speculated whether the right direction for the country and the US support for the kingdom could planned to meet Jean-Claude Juncker, influence Saudi oil policy, at a time commission president, in Brussels on when Riyadh is embroiled in its biggest Saturday to discuss it further. Mr Conte crisis with the west since 9/11 — the kill- said Italy’sdebt related to the policies of ingofjournalistJamalKhashoggi. previousgovernments. ThetweetcameadayafterMrTrump Matteo Salvini, deputy prime minis- reaffirmed his support for Saudi Arabia Allies: President Donald Trump’s motorcade passes a billboard in Riyadh advertising his visit to meet Saudi Arabia’s King Salman last year — Jonathan Ernst/Reuters ter and leader of the far-right League amid the fallout from the Khashoggi party, said Italy would “respond affair, saying in a statement that the US politely” to the commission. “Has the wouldremaina“steadfast”partner. letter arrived? I was also waiting for a Global producers, led by Opec’s de letter from Santa Claus. We will discuss facto leader Saudi Arabia, have been US legislators urge tougher stance on Saudis it again but no one will ever convince discussing renewed production curbs me, for example, that [Italy’s current amid worries about potential oversup- pensionrules]arejust,”hesaid. ply and a decline in oil prices of more when he said the US would remain a thing for this.” In January, Democrats a law called the Global Magnitsky Act to Brussels has argued that Italy has COURTNEYWEAVERANDAIMEWILLIAMS than25percentsincelastmonth. WASHINGTON “steadfast”partnerofSaudiArabia. will gain the subpoena and investigative ordertheWhiteHousetoinvestigatethe exhausted flexibility available under its InternationallytradedBrenthastum- Mr Trump’sstance, and his comment powersthatcomewithHousecontrol. crown prince’s role in the Khashoggi fiscal rules, which are intended to make bled from a four-year high of $86 a bar- US lawmakers are pressing the White that “we may never know” the facts of “I think the president has overplayed case. sure that countries keep their budget rel in October to below $64 a barrel, House to take a harder line against the Khashoggi case, came despite hishandandisprovokingaseriousreac- TheWhiteHousemustrespondtothe deficits in check and that those with almost wiping out all the gains from this Saudi Arabia after Donald Trump said reports that the president’s top intelli- tion on the Hill,” said Bruce Riedel, a committee’s letter within 120 days and highdebtlevelsbringthemdown. year. he would stand by the kingdom’s royal gence agency had determined that the former CIA official who is now head of mayalsobeforcedtoapplysanctions. Valdis Dombrovskis, the commis- “There is a huge case to be made for family following the killing of Jamal crownprincewasbehindthekilling. Senator Lindsey Graham, a Republi- sion’svice-president responsible for the countries to cut production if you look Khashoggi. One senior Democratic aide said can ally of the president, has already euro, warned that the “impact of this at the supply and demand picture,”said House Democrats are preparing their House Democrats would look at investi- ‘I think the president has called for a new round of bipartisan budget on growth is likely to be nega- Amrita Sen at consultancy Energy own moves after Senior Republican and gating why the Trump administration overplayed his hand and sanctions, a sign that there could be tive,inourview”. Aspects.“ButthecomplicatedUS-Saudi Democratic senators ordered the White had not taken a tougher line on Saudi enough support for new punitive meas- Referring to EU forecasts that Italy’s relationship makes it impossible for the House to determine whether Crown Arabia, and cited the president’s unex- is provoking a serious uresinbothchambersinJanuary. national debt will remain at about 130 market to know if Saudi will act on fun- Prince Mohammed bin Salman, day-to- plained reference to $450bn of Saudi reaction on the Hill’ While some in Congress had been per cent of GDP for the next two years, damentalsalone.” dayruler,wasbehindthemurder. investmentintheUS. expecting the White House to extract he said: “I can’t see how perpetuating Earlier this year, the US called on AccordingtoDemocraticaides,whose “There has to be a reason beyond a theIntelligenceProjectattheBrookings concessions from the Saudis in this vulnerability would increase eco- Opec to unleash more barrels on to the party will take control of the House of phantom $450bn deal that will never Institution. exchange for not targeting the crown nomic sovereignty. Instead, I believe market to compensate for any losses in Representatives next year, lawmakers materialise,”theaidesaid. The president’s statement on Tues- prince, Mr Trump’s statement sug- that it could result in more austerity Iran’soiloutputcausedbythereimposi- are considering using their powers to “The president could have handled day, in which he stressed the two coun- gested the White House had chosen not down the road.” Mr Dombrovskis said: tionofsanctionsonTehran. push for tougher sanctions on Riyadh this in a different way that could have tries’ close economic ties, triggered a topursuethatapproach. “With what the Italian government has Producers led by Saudi Arabia and andinitiatenewKhashoggiprobes. avoided this whole thing. I don’t think bipartisanreactionintheSenate. Senators from both parties have been put on the table, we see a risk of the Russia relaxed supply curbs and Lawmakers who are wary of Saudi any member of Congress begrudges a By the end of the day,Bob Corker and advocating an end to US arms sales to countrysleepwalkingintoinstability.” pledged to step up production, only for Arabiahavebeenspurredintoactionby head of state for saying we have to pro- Bob Menendez, the Republican chair Saudi Arabia, but some foreign policy Additional reporting by Mehreen Khan in the US this month to allow big consum- the president’s attempt to close debate tect a human rights violator because of and ranking Democrat on the Senate experts said an arms ban might not TheHague ersofIranianoiltobuyitscrude. on the Khashoggi case on Tuesday, [US interests]. But we have to get some- Foreign Relations Committee, had used inflictenoughpain. Editorial Comment page12
Displaced peoples Judicial reform Australia and Poland snub Warsaw reinstates judges UN global migration pact in climbdown with EU
JAMIESMYTH —SYDNEY Canberra also signalled this week it JAMESSHOTTER —WARSAW supreme court judges to retire, pending would reduce the annual legal immigra- afinalruling. Australia and Poland have refused to Poland’s ruling Law and Justice party tion cap by 30,000 to 160,000. The UN Polish officials had given mixed sig- supportapact toimproveglobalco-op- has agreed to allow about two dozen saidthedecisionwas“regrettable”. nals over whether Warsaw would abide eration on migration, joining populist SupremeCourtjudgesforcedintoearly Warsaw said the pact failed to meet by an ECJ order, but yesterday deputies governments in the US, Hungary and retirement to return to work, its big- demands on its right to determine who from the ruling party rushed through AustriainopposingtheUN’saccord. gest concession yet in a dispute with it accepted and over the distinction measures to allow the ousted judges, Brusselsovertheruleoflaw. ScottMorrison,Australia’sprimeminis- betweenlegalandillegalmigration. includingMsGersdorf,toreturn. ter, said yesterday that the UN agree- Legal experts say both governments’ Warsaw and the European Commission Iustitia, Poland’s judicial association, ment would compromise the govern- concerns about the effects of the pact have been at odds over a series of judi- said the changes were a partial victory. ment’s hardline immigration policy and are misplaced, as it is not legally bind- cialchangespushedthroughbyLawand “The amendment is a success for risked encouraging “illegal entry” and ing. But the growing number of coun- Justice,givingpoliticianssweepingpow- defenders of an independent judiciary. helpingpeoplesmugglers. triesrejectingitisablowtoUNeffortsto ers over the judiciary. One law cut the However,itdoesnotsolveallproblems.” “I would never allow something to co-ordinate a response to a global retirement age for Supreme Court Itcalledonthegovernmenttoreverse compromise our borders, I worked too migration crisis, in which a record judges from 70 to 65, meaning about a other changes that give politicians hard to ensure that we weren’t in that 68.5mweredisplacedlastyear. third of them, including Malgorzata power over the body that chooses position,” said Mr Morrison. “This Glo- “The global compact on migration Gersdorf,theirpresident,hadtoleave. judges, as well as appointments of bal Compact for Migration, it’s not a does not impose new legal obligations Law and Justice says the changes judgesmadeinrecentmonths. Notice to Advertisers gooddeal.We’renotgoingtosignuptoit on states and is not an international modernise an inefficient system that The climbdown by Law and Justice Calls to the Financial Times Advertising Department may be monitored. becauseitwouldcompromiseus.” treaty,”said Guy Goodwin-Gill, law pro- hasnotbeensufficientlyreformedsince comesafterlocalelections lastmonthin Acceptance of any advertisement for publication will be subject to the then current terms and conditions of insertion Australia’s rejection of the pact fol- fessoratUniversityNewSouthWales. Polish democracy was restored nearly which Poland’s centrist, pro-European of advertisements in FT publications. lowsafurtherhardening ofimmigration The pact outlines principles and poli- 30 years ago. But critics say they are a oppositionfaredbetterthanexpected. policy by its conservative government, cies to help governments manage peop- politically motivated assault on judicial The opposition has used the judicial A copy of the terms and conditions of insertion of advertisements in FT publications can be obtained from +44 (0)20 7873 3000, or viewed at www.FT.com/advertising whichoverseesoneoftheworld’stough- le flows and better protect migrants. It independence. Last month, the Euro- changes as evidence to claim that Law est asylum policies by detaining refu- has been negotiated by countries over pean Court of Justice ordered Poland to and Justice could end up taking Poland geesontinyislandsintheSouthPacific. 18monthsforadoptinginDecember. suspend the provisions that forced outoftheEU.
NOVEMBER 22 2018 Section:World Time: 21/11/2018 - 19:16 User: david.owen Page Name: WORLD1, Part,Page,Edition: LON, 4, 1 Thursday 22 November 2018 FINANCIALTIMES 5
NOVEMBER 22 2018 Section:Ad Page Time: 21/11/2018 - 15:19 User: john.lee_mag Page Name: AD FACEBOOK, Part,Page,Edition: LON, 5, 1 6 ★ FINANCIAL TIMES Thursday 22 November 2018
INTERNATIONAL Iran power struggle erupts as US sanctions take toll Moderates and hardliners split over money-laundering rules aimed at saving nuclear agreement
NAJMEH BOZORGMEHR — TEHRAN New wave: women attend US sanctions on Iran are fuelling a dom- aspeechby estic power struggle as Tehran’s top dip- President lomat clashes with regime hardliners Hassan Rouhani over his push for the country to comply in Khoy, with global rules against money laun- northern Iran, dering. this week. Mohammad Javad Zarif, Iran’s foreign Below, minister, has been attacked by conserv- Mohammad atives for saying “money laundering is a Javad Zarif, reality” and accusing people “with foreign minister vested interests” of blocking compli- Reuters ance with global standards. The clash underscores the challenges the Islamic government faces as US pressure on the republic stokes tensions between rival factions in the regime. Mr Zarif, the face of efforts to save the 2015 nuclear accord, is embracing the anti-money-laundering rules to help maintain Iranian business ties with the EU, which backs the atomic deal and helping Tehran counter US sanctions. But his opponents do not want him and Hassan Rouhani, the centrist presi- dent, to secure wins on the global stage that could be politically beneficial at home. A business executive close to hardline forces, which hope to win more power in parliamentary and presiden- tialpollsin2020and2021,describedhis comments as “suicidal”. Hardliners are opposed to the nuclear Action Task Force, a Paris-based body Some hardliners would prefer to see dominated by hardline forces, sent it tors, calling for the impeachment of the deal, saying it brings little benefit to that sets standards on tackling money the nuclear deal fail. However, Ayatol- back to the legislative body demanding ‘Mr Zarif foreignminister,wouldbeginsoon. Iran, and the executive said Mr Zarif laundering and terrorist financing. lah Ali Khamenei, supreme leader, has changes. The financial task force has set deliberately Iranian diplomats have expressed was “once again pushing for a big deci- Mr Zarif and the government say the largely managed to curb them, analysts February as the deadline for Iran to pass frustration over a delay in EU moves to sionbasedonthewrongdata”. treaty is vital to enable European coun- stated. therules. created set up the payments channel, known as US president Donald Trump pulled tries to counter US sanctions, which Ayatollah Khamenei is reported to The business executive close to hard- political a special-purpose vehicle, after member out of the nuclear deal in May but other they want to do by setting up a pay- have stopped hardliners from toppling liners added: “[We] will not let it pass states failed to agree on crucial details signatories — the UK, France, Russia, ments channel to maintain Iran’s con- the government some months ago. unless Europe gives Iran something waves to suchaswhereitwouldbebased. China and Germany — have remained nections to the global financial system. Mr Zarif, who is still believed to have first. Iran does not have anything to lose mobilise Mr Zarif issued a warning to Euro- committedtothelandmarkdeal. One reformist political analyst said Mr Khamenei’s backing, said opponents any more. In a revolutionary country, pean states about the delay on Tuesday, After Mr Trump’s withdrawal, the foreign minister wanted to put a of the anti-money-laundering rules there cannot be flexibility vis à vis west- public saying that if the economic dividends of theUSreimposedsanctionson spotlight on internal enemies were channelling their wealth into the ern countries every day.” support the nuclear accord continued to fade, Iran’s banks and oil industry threatening EU-Iran co-opera- campaign against ratification. Fars news agency, which is close to the the “continuation of the current situa- on November 5, heighten- tion. “Mr Zarif deliberately “Those who embark on thousands of hardline Revolutionary Guard, said on against tionisnotpossible”. ing strains on the econ- created political waves to billions [of rials] of money laundering TuesdaythatthejudiciaryhadurgedMr money Iranian analysts doubt Mr Zarif could omy and creating a series mobilise public support ag- have surely enough financial might to Zarif to submit his evidence over the be removed from office, but they expect ofpoliticalflashpoints. ainst money laundering,” he spend tens and hundreds of billions on next two weeks for the claims he had laundering’ the battle to continue. To avoid isolation, EU added. “This can also help propaganda,”hepointedoutlastweek. made against opponents to money- “Mr Zarif will stay in his job and top states have urged Iran to him send a clear message to Iran’s parliament ratified the contro- launderingrules. leaders would not let him go because ratify a UN treaty in line Europeans that he faces versial move to comply with the UN Hossein-Ali Haji-Deligani, a conserv- he is irreplaceable,” pointed out one with recommendations serious opposition from treaty last month, but the Guardian ative member of parliament, said a university professor of international from the Financial hardliners.” Council, a constitutional watchdog campaign to collect signatures of legisla- relations. Thursday 22 November 2018 FINANCIALTIMES 7
NOVEMBER 22 2018 Section:Ad Page Time: 21/11/2018 - 14:15 User: john.lee_mag Page Name: AD ZEGNA, Part,Page,Edition: LON, 7, 1 8 ★ FINANCIALTIMES Thursday 22 November 2018
INTERNATIONAL
US-China Seoul pressure Trade war poses Strikers angry risk to growth, over economy More than 150,000 workers in South Korea walked out of factories across the country yesterday in protest at OECD warns Seoul’s lack of progress in reforming the nation’s dominant conglomerates as well as its attempts to backtrack Economic decline and rise Chinese imports from January, and on new labour-friendly policies. China retaliates, this would double the The mass demonstration deals a in rates likely if tit-for-tat impact on each country’s output and blow to President Moon Jae-in, who restrictions escalate push US consumer prices 0.6 per cent has seen his efforts to promote a higherthanotherwise. fairer economy come in for criticism However, if US president Donald amid slowing economic growth. DELPHINESTRAUSSANDCHRISGILES LONDON Trump carries out threats to slap a 25 Chinese competition is hollowing per cent tariff on all remaining imports out tracts of the nation’s An escalation in the trade war between from China, and Beijing reciprocates, manufacturing industries. The theUSandChinacouldtakeaheavytoll the short-term costs would be “consid- resulting rise in unemployment has on global growth by 2021, creating price erably higher and broader”, the OECD been used by the opposition to attack pressures that would force the Federal said — especially after factoring in the Mr Moon. The strike opens up a new Reservetostepupmonetarytightening, effects of more uncertainty on business front against the leader. Bryan Harris theOECDwarnedyesterday. investmentplansaroundtheworld. and Song Jung-a, Seoul With global expansion now past its In this worst-case scenario, global peak, there was a risk tit-for-tat trade grossdomesticproductwouldbe0.8per restrictions could turn a soft landing for cent below baseline by 2021, with US Union members at a rally in Seoul the world economy into a hard one, the outputmorethan1percentbelowbase- Jung ui-Chel/EPA-Efe/Rex/Shutterstock Paris-based international organisation line and China’s output hit even harder. saidinitslatesteconomicoutlook. Globaltradewoulddeclineby2percent and business investment across the OECD would decline by around 2.75 per Authoritarian concerns 2% 0.5 centonaverage. Forecast decline Percentage-point US consumers are likely to bear the in global trade if rise of US interest majority of the burden in the form of Interpol elects South Korean as president in blow to Russia US puts tariffs on rates in most higher prices, the OECD said — and if all China imports extreme scenario tariffswereappliedtoabroaderrangeof consumer goods, monetary policymak- MICHAELPEEL —VILNIUS WashingtonandLondonaswesternpol- ertheless, there is no reason to disagree elected head. Ukraine had already “We’re not talking about a plateau [of erswouldbemorelikelytorespond. HENRYFOY —MOSCOW iticians and rights groups expressed with this result,”Dmitry Peskov, Krem- warneditmightdothesame. growth] any more, but a slowdown,” In the most extreme scenario, US Interpol has elected Kim Jong Yang of alarm at the idea of a Russian govern- linspokesman,said. EimutisMisiunas,Lithuania’sinterior said Laurence Boone, the OECD’s chief interest rates would rise about 0.5 per- South Korea as its next president after mentnomineewinningthepresidency. “If we recall the recent statements minister, said Russia could use Interpol economist. The organisation expects centage points above baseline, fuelling a successful late push by western coun- Sajid Javid, UK home secretary,wrote from various capitals, we can say that tocrackdownonLithuanianofficials. global growth to ease from 3.7 per cent the dollar’s strength and adding to the triestothwartRussia’scandidate. on Twitter that Mr Kim’s “clear win the election was held in an atmosphere The presidential vote has laid bare thisyearto3.5percentin2019and2020 financial pressures on emerging econo- comesdespiteRussia’sbestefforts”. ofunprecedentedpressureandinterfer- long-brewing tensions over what critics — a slight downgrade from its last fore- mies. Mr Kim, Interpol’s acting president, Russia had condemned the calls to ence,”headded. say is the increasing misuse of Interpol castbutstillahealthyrateofexpansion. The OECD also flagged the risks of a defeatedAlexanderProkopchuk,avice- oppose Mr Prokopchuk’s candidacy as The Meng case and the emergence of by Russia and other states, from Turkey It highlights rising trade tensions as sharp slowdown in China, volatility in president and a Russian police major- an unjustified campaign to meddle with Mr Prokopchuk as a leading candidate toVenezuela,tohoundopponents. one of the main risks to this benign out- oil prices, Brexit uncertainties and the general, after a battle for the position the Interpol vote and had put pressure had stoked fears that Interpol was Mr Prokopchuk joined Russia’s come. fragilityofsomeeurozonebanks,saying sparked a dispute over alleged authori- onthebody’sothermembers. becoming a tool of autocratic countries National Central Bureau of Interpolni The tariffs already imposed by the US the interaction of these risks could lead tarianabuseoftheglobalpolicebody. Moscow said it was disappointed that that use it to pursue political dissidents 2006 and was made its head five years and China will do limited damage, the to“aharderthanexpectedlanding”. The vote took place at Interpol’s itsbidhadfaileddueto“unprecedented andotherenemiesacrosstheworld. later. OECDsaid,leavingoutputineachcoun- It urged governments to arm them- annual congress in Dubai yesterday pressure and interference” from other Mike Pompeo, US secretary of state, It was during that time, say critics of tryaround0.2to0.3percentlowerthan selves against a downturn by planning afterMengHongwei,thepreviouspresi- countries, but added that Mr Prokop- said on Tuesday that Washington the Kremlin, that Russia began to apply otherwise by 2021, with mild negative projects that could be rolled out rapidly dent, disappeared in his native China chuk would continue in his role as vice- “strongly”endorsedMrKim. for large numbers of Interpol “red short-termeffectsforothercountries. foraco-ordinatedfiscalstimulus. last month over what Beijing has said is presidentofInterpolforEurope. Lithuania’s parliament passed a notices”, a mechanism for countries to If the US acts on plans to impose a Editorial Comment page12 aprobeintosuspectedcorruption. “Elections are elections . . . Weregret motion on Tuesday threatening to quit ask other member states to arrest and 25 per cent tariff on $200bn worth of Markets page27 The election followed pressure from thatourcandidatedidnotwin,but,nev- theorganisationifMrProkopchukwere extraditecrimesuspects.
NOVEMBER 22 2018 Section:World Time: 21/11/2018 - 19:07 User: david.owen Page Name: WORLD3, Part,Page,Edition: LON, 8, 1 Thursday 22 November 2018 FINANCIALTIMES 9
NOVEMBER 22 2018 Section:Ad Page Time: 21/11/2018 - 14:15 User: john.lee_mag Page Name: AD HTSI, Part,Page,Edition: LON, 9, 1 10 ★ FINANCIALTIMES Thursday 22 November 2018
ARTS Shopliftersstealsshowfrombigmovies
Left: Kairi Jo and Miyu Sasaki in FILM ‘Shoplifters’. Below: Claire Foy Danny in ‘The Girl in the Spider’s Web’
Leigh Anderson’s Phantom Thread, pops up as a reporter for whom underwritten wouldbeanoverstatement. Still harder to digest is the tangential ho needs music any- involvement of Lisbeth’s original mis- way?Inthefirstsceneof sion,resistingandavengingmalesexual Shoplifters,theflawless violence. The effect is queasy, reducing new film by Hirokazu that to a bolted-on sub-plot, garishly Kore-eda, the rhythm is mishandled. Álvarez should stick to Wsetandthedancealreadybegun,twofig- blowingthingsup. uresmovinginsilentharmony.Thefirst “I could bore you with the history, is a watchful boy, Shota (Kairi Jo), the butyouwouldn’tlisten,”drawlsanarra- other a lean and kind-eyed older man, tor at the start of the ludicrous new Osamu (Lily Franky). Their stage is a Robin Hood. And no, while students of Tokyo supermarket, a palace of packet medieval English history might howl in noodlesandcling-filmedvegetables;the protest that they would, they would, this act petty thievery, the boy cruising the is not the film for them. In the spirit of aisles preparing to make a sally at the theage,whateverthetruthoncewas,no shelves, the man obscuring him from onecaresnow. view with just-so precision, each infi- Instead, a tone of cartoon unreality is nitely casual, pulling off an everyday struck, hard and often. Events move heist.Therewardisdinner. with giddy speed. “I’m Rob,” twinkles Out into the night they go, back to the the roguish Robin of Loxley (Taron ramshackle bungalow they share in a Egerton), quickly seducing a plucky scuffed part of town. You wouldn’t have Marian (Eve Hewson). Then Cutoat to be familiar with the work of Kore-eda domestic idyll in Loxley Manor, and Cut — bittersweet films about parents and again, to a passage to Arabia and the kids — to assume the pair are father and horrors of the Crusades, given the slick, son, or that the others waiting at home frenetic look of gaming. Christian arch- are the rest of the family. There is ers aim and fire, our hero too heroic for Osamu’s wryly amused wife Nobuyo his own good. “Loxley, leave him, you’ll (Sakura Ando), one younger woman, getusallkilled,”bellowsanofficer. Aki (Mayu Matsuoka), one older, Hat- We are now roughly at the five- sue (Kirin Kiki) — a daughter and minute mark. But in the Haribo frenzy grandmother, surely? Indeed. The fam- Shoplifters cooking pots, invisibly bound together. hereathome.Soonthereisthatstapleof then gets himself relieved of the files. In of the film, long years have apparently ilyare,welearn,calledtheShibatas.But Hirokazu Kore-eda For most film-makers, this sweetly family life, the day trip to the sea. short order, Lisbeth is charged with passed when Robin arrives home. The justaswearegettingourbearings,there AAAAA comic set-up — a clan of small-time Another revelation arrives, still graver finding them before they can be unen- Nottingham he finds shocks him, and is another presence to consider — Yuri crooks with a moppet in their ranks — and more gracefully unveiled. With crypted. Technophobes should not fear. not because of the CGI Tolkeinscape (Miyu Sasaki), an apparently unloved The Girl in the Spider’s Web wouldbethewholeidea.Withgossamer Kore-eda, seasons pass and secrets bob For all its nods to hacking culture, the conjured up by director Otto Bathurst. little girl found by Osamu and Shota Fede Álvarez subtlety, Shoplifters twists again, and into view without warning. If Shoplifters film encourages us to gasp at the ability Loxley Manor has been abandoned, its hungryandill-treated,spiritedtosafety. AAEEE grows darker. Soon we discover that, askshugequestionsaboutwhatafamily to surveille a person’s physical move- ownerdeclareddead,Mariannowinthe Yes, safe, despite the house of Shibata despite appearances, none of the family isandisnot,theanswersarehintedatin ments, Find My iPhone presumably arms of another. The author of this being a lair of ne’er do wells, kept afloat Robin Hood is actually related. The Shibatas, it tran- fleeting gestures — the hallmark of this unavailable in Scandinavia. Swedish skulduggery? The Sheriff, of course — by the light fingers of Osamu and Otto Bathurst spires, are simply five (now six) waifs beautiful,ambiguousfilm. government officials move through the panto villainous in leatherwear, played Shota. Here in the 21st-century Tokyo AAEEE and misfits, drawn together by fate — Could there be a better moment for shadows, prizewinning investigative by Ben Mendelsohn, a gifted actor suburbs we have Fagin and Oliver, a or Osamu. And with that narrative flick the Lisbeth Salander comeback? Seven journalists lack basic life skills, and with what you assume must be signifi- twist on Twist with no menacing of the wrist, the film instantly grows years after hacking her way through director Fede Álvarez is clearly desper- cantoverheads. Bill Sikes, just raucous laughter over even richer and stranger, a family por- David Fincher’s The Girl With the Dragon ate to get back to the large explosions AndsowithMariantobewooedback, dinner. Kore-eda directs domestic trait without a family, or at least the Tattoo, the scowling righter of patriar- and escapes across Baltic ice that make Rob is reinvented as The Hood, cracker chaos as another graceful dance scene, usualvariety. chalwrongsnowreturnstoaStockholm upmuchoftherunningtime. of lukewarm one-liners, his redistribu- his ragtag brood arranging themselves Abruptly, you notice how rarely any of moral rot and expensive kitchens in Glowering at the centre of it all is Foy. tionofwealthdesignedtostriptheSher- around each other, moving between characterisaloneon-screen,atleastnot The Girl in the Spider’s Web. The time It is not the actor’s fault that you some- iff of the means of a grand conspiracy. away has been revelatory — the film timesdriftoffandfindyourselfwonder- The biggest winners by some distance business cracking open to uncover a ing why the Queen looks so irritated. are the wardrobe department, given nest of monstrous men, Hollywood Butyoudo.Thenagain,thewholefilmis licence to recreate 13th-century Eng- exposed, at least some of the guilty stuffedwithgoodactorsinawkwardsit- land by way of a window display at shamed and exiled. You could imagine uations. Merchant’s delivery dangles H&M. The result is, you suspect, wholly Lisbeth watching with the smallest between Sweden and Swindon; Vicky successful on its own terms. Film criti- smileofsatisfaction. Krieps, so mesmeric in Paul Thomas cismhasrarelyfeltsoredundant. So what a time to lose her mojo. The movie is not a sequel — rather, a “soft reboot”—andLisbethherselfhastrans- formed as the heroes of franchises do, predecessors Noomi Rapace and Rooney Mara replaced by Claire Foy, familiar from her role as the young QueenElizabethinTheCrown.Foyoffers abundant energy. The problem is to whatend—aglumlurchintothestuffof the generic action movie, Bourne in Doc Martens,Bondwithpiercings. At first, the focus of her efforts is visionary programmer Frans Balder (Stephen Merchant) — the kind of visionary programmer who writes a script to harvest the security codes of the world’s entire nuclear armoury,
TimelesssongsofloveandHaiti
a street battle on “Jolibwa”; the breathy Lead”,a waltzing lullaby with a medita- MUSIC bicycling sexual metaphorscape of tion on the heavy metal in the drinking “Tolalito” segued sharply into the strut- water of Flint, and in the paint flaking Leyla McCalla and Mélissa Laveaux ting insolence of “Angeli-Ko”. Although offthewallsofundermaintainedhouses Cadogan Hall, London Laveaux was battling a cold, eventually and eaten by children — including, as aaaae resorting to a swig of rum, this was a she revealed before she sang, her own punchyperformance. one-year-old. “She’sfine now,”she reas- David Honigmann McCalla’s first solo album set poems suredtheaudienceafterwards. byLangstonHughesasangularjazz,and Thenewsongswerefine,butthehigh- Thishasbeenagreatyearformusicfrom this was where started: “she lived in sin- lights were an arrangement of Ella Haiti and its diaspora, and this concert ful happiness/and died in pain”, she Jenkins’s “Little Sparrow”, at first brought together two daughters of Hai- sang as cello strummed against bowed pizzicato, then with a melancholy tianactivistswhosettledinNorthAmer- double bass. “Heart of Gold” shuffled undertow of low cello; and “A Day for ica — Leyla McCalla now lives in New alonglikeNickDrake. the Hunter, a Day for the Prey”, which Orleans, after a teenage spell in Ghana; The middle of the show was drawn started as a commemoration of Haitian Mélissa Laveaux spent her formative from her forthcoming third album, Cap- refugees in the 1980s, by its release yearsinOttawabutisnowbasedinParis. italist Blues, and it saw her switch for the remembered Syrians trying to reach Despite shared roots their two exten- most part from cello and banjo to elec- Greece,andnowreadsasacommentary sive sets were very different. Laveaux’s tric guitar. The funereal “Aleppo” on family separation on the US border. new album Radyo Siwel recasts the recalled the last messages sent from the The theme, as McCalla said unhappily, music of resistance made by Haitians besieged city; “Oh My Love” hinted so remainsconstant. under American occupation in the strongly at zydeco that the middle eight 1920sand1930s—delicatelyattimeson cried out for an accordion solo. The London Jazz Festival ends November 25, record, but delivered here by a rough- most striking new song was “Heavy As efglondonjazzfestival.org.uk hewn power trio consisting of Laveaux on guitar, Elise Blanchard impassive on Mélissa bass guitar and Martin Wangermée Laveaux drumming as if cramming three hours’ on stage worth of music into 60 minutes. “We’re Judy Totton/ goingtostartbysingingsongsaboutbad REX/Shutterstock luck,” said Laveaux. “Because that’s where the story starts.” And she launched into “Panama Mwen Tombe”, about the fatal consequences of picking up a fallen hat, rattling through the first versebeforeBlanchardandWangermée lockedinbehindher. Thesour,repetitiveriffsof“Nibo”had echoes of gnawa, Wangermée’s gallop- ingtom-tomspunctuatedbyfirecracker rattles as Laveaux celebrated the spirit of rebellion. There were the rhythms of
NOVEMBER 22 2018 Section:Features Time: 21/11/2018 - 18:19 User: neville.hawcock Page Name: ARTS LON, Part,Page,Edition: LON, 10, 1 Thursday 22 November 2018 ★ FINANCIALTIMES 11
FTBIGREAD. TAIWAN
After decades of bullying, Beijing took a softer approach to Taipei in the late 2000s to win closer ties. But under Xi Jinping policy has changed again, leading the island’s prosecutors to investigate possible meddling in elections. By Kathrin Hille
fficially, Lu Aihua retired from politics eight years Youth vote: a ago. But as the campaign campaign rally for Taiwan’slocal elections for Han Kuo-yu on Saturday reached fever of the opposition Opitch last week, Mr Lu received a visit Kuomintang in from government investigators who Kaohsiung last are probing whether he is helping China Saturday. A poster for interfereintheupcomingpolls. a rival DPP candidate “The investigators are asking if the is visible in the money the Chinese Communists are background paying me comes with instructions to — Hsu Tsun-hsu backaparticularcandidateoraparticu- lar party in the election,”says Mr Lu, an influential former lawmaker in the southerncityofTainan. China claims Taiwan as part of its ter- ritory and threatens to invade if the island insists on keeping its independ- ence indefinitely. Since the pro- independence Democratic Progressive party (DPP) won the presidency and a parliamentary majority in 2016, Beijing has ramped up pressure against Taipei on all fronts: military posturing, poach- ingitsdiplomaticallies,pushingairlines and hotels to refer to Taiwan as part of China, drastically cutting tour groups to the island and reducing agricultural importsfromDPP strongholds. Now, the DPP government charges that Beijing is trying to meddle from within as the island’s voters prepare to pick mayors, regional and local law- makers,aswellasboroughwardensand villageheads.OfficialssayChinaisseek- ing to corrode Taiwan’s body politic through infiltration and disinformation ‘It’s crucial for us to find out whether this patron- client system has been . .. inherited by the Chinese Communist party’
—anaccusationthatechoesthegrowing debateinanumberofwesterncountries over attempts by authoritarian statesot weakendemocraticadversaries. “You have started noticing such tac- China’s‘sharp power’ play ticsinthewestsinceDonaldTrumpwas elected [US president] and since Russia meddled in the US election — you even have a new term for it: ‘sharp power’,” says Chiu Chui-cheng, deputy minister could just call it political warfare, or hollow,itdoesn’tcatchthiskindofthing the messaging app popular in Taiwan. Sense of identity of the Mainland Affairs Council, Tai- UnitedFront work.” goingonatthegrassrootslevel.” Influence peddling? “What they are doing is very similar to wan’s cabinet level agency for relations People in Taiwan were asked how do Taiwan has been the target of United According to political analysts, Tai- what the Russians did in America,”says with China. “Nobody knows better you identify on a scale between Front tactics — the decades-old art of wan’s zhuangjiao are less powerful than ‘No hope’ candidate the senior national security official. “In about sharp power than we do — we are (Chinese) and (Taiwanese)? influencing and manipulating adversar- they were 20 years ago. But they still stirs mayoral contest theUS,thedeprivedwhitepopulationof atthefrontlines!” ies — from Beijing ever since the voiceconcernthattheyofferanopening therustbeltwaseasyprey.Here,it’sour Although Saturday’s election will More Taiwanese Average for all Kuomintang (KMT) fled to Taiwan in forChinesesharppower. When Han Kuo-yu announced Tainanfarmersandfishermen.” focus on local issues, politicians and survey respondents 1949 after losing the Chinese civil war, “Thepopulationisurbanising,andit’s seven months ago that he was Pollssuggestthatsentimentisturning experts say it is likely to predetermine dragging the island, which had until getting ever more difficult to mobilise running for mayor in Kaohsiung, more broadly against the DPP with dis- the future of cross-Strait relations only four years earlier been a Japanese and buy votes through traditional Taiwan’s second-largest appointmentspreadingamongTaiwan’s Equally Chinese and Taiwanese because a DPP defeat could block the colony, into conflict with the Chinese patron-client systems, and this trend municipality, few took notice. His notoriously fickle voters over the gov- roadtore-electionin2020forPresident Communistparty. continued all the way through 2016, political career had been going ernment’srecord on issues from air pol- Tsai Ing-wen, the prime target of Bei- But Beijing’s tactics are changing. Hu with the KMT and the old forces being nowhere since he lost his lution to gay marriage. The Taiwanese jing’swrath. Jintao, President Xi Jinping’s predeces- squeezed out,” says Lin Thung-hong, a legislator’s seat in 2001. His own Public Opinion Foundation, an inde- Foreign diplomats in Taipei say any More Chinese sor, tried to build relations with the researcher who looks at the Chinese party, the opposition KMT, agreed pendent research organisation, last indications of Beijing meddling in this KMT, wooing Taiwanese investors in impact on Taiwanese society at to his candidacy only because it week reported that only 23.5 per cent of week’spolls are noteworthy for western China, and seeking to lure the island’s Academia Sinica, the country’s top aca- believed it was a lost cause to voters identified themselves as DPP democracies grappling with the ques- Source: Academia Sinica populationof23mwithclosereconomic demic research institution. “During this challenge the Democratic supporters while 35.4 per cent said they tion of how to deal with a China that is ties. But the radical rejection of closer election, it’s crucial for us to find out Progressive party, which has identified with the KMT and 36 per cent openly challenging the norms and val- relations with China by Taiwan’s young governed the port city for 20 years. described themselves as independent — uesestablishedbythedemocraticwest. generation in the 2014 Sunflower pro- ‘In the US, the deprived But with two days to go until the aradicalshiftfromtheDPP’sall-outvic- Washington this year accused China tests and the DPP’s subsequent land- election, several Taiwanese media torytwoyearsago. of meddling in US elections. In Aus- slide election victory two years later white population of the polls have Mr Han leading the DPP Analysts caution against interpreting tralia, debate is growing over Chinese markedafailureofMrHu’spolicy. incumbent. The 61-year-old is this swing as a sign that the Taiwanese interference in academic teaching and Chinahassincetweakeditsapproach, rust belt was easy prey. offering a cocktail of populist and are moving to embrace China. Attitudes research.NewZealandhashadscandals replacing macro policies with measures Here, it’s our Tainan sometimes outlandish policies: he towards Beijing have barely shifted over MPs’ alleged links with Chinese to target narrow groups or even individ- promises to transform Kaohsiung’s according to Academia Sinica, with Communistpartyorganisations. uals. A former senior official with over- farmers and fishermen’ ageing industrial economy into an those identifying as Taiwanese or both Against this backdrop, researchers sight of the Investigation Bureau, Tai- innovative powerhouse; help TaiwaneseandChinesestillfaroutnum- from the National Endowment for wan’sFBI equivalent, says the bureau is whether this patron-client system has everyone “make a fortune”; more beringthoseidentifyingasChinese. Democracy coined the term sharp observingashiftinChineseinfiltration. been broughtunderthecontrolofanew than double its population to 5m; Fruitandfishdiplomacy power,whichTaiwanisidentifyingasan “They are no longer betting on Tai- patron, if it has been inherited by the and drill for oil on Taiping, an island exact description of its problem. In a wanese businessmen in the mainland, ChineseCommunistparty.” in the South China Sea claimed by While government investigators are paper published in 2017, they argued and they are no longer relying on the MrLudismissestheideathathecould several countries but controlled by asking questions about Mr Lu’s pineap- that influence wielded by Beijing and KMT. They are actively working on cul- possibly buy votes or finance a cam- Taiwan. ple and fish diplomacy, their probe was Moscow through the media, culture, tivating their own people here,”he says. paign on behalf of a Chinese master,but While Mr Han, below, was treated initially triggered by another incident: think-tanksandacademiashouldnotbe “They are reaching deep down to the he does openly push Beijing’scase. Over like a clown when peddling such InJanuary,heconvincedLiFu-hsiang,a confusedwithsoftpower. grassroots of our society, and into the thepastsevenyears,hehassoldagricul- ideas earlier in the campaign, he borough warden for the DPP in Yong- China and Russia “pierce, penetrate powerbaseoftheDPP.” tural products from Tainan — a DPP has rocketed to stardom over the kang, to bring two dozen borough war- or perforate the political and informa- stronghold — to the government of Zhu- dens to Zhuhai hosted by officials from Grassrootspowerbrokers past three months. His campaign tionenvironmentsinthetargetedcoun- hai,acityinChina’sPearlRiverDelta. rallies have become carnival-like theTaiwanAffairsOfficeandtheUnited tries”,theywrote.“Sharppowerenables ThatiswhereMrLucomesin.Atanned, He admits that Chinese officials have events. His main event on Saturday Front Work department, the Commu- the authoritarians to cut into the fabric wiry man with a 40-year career in the asked him to inform them when he attracted 80,000 people according nist party section in charge of overseas of a society, stoking and amplifying KMT under his belt, Mr Lu is a “pillar”, expected the price of certain Taiwanese to the police, rivalling that of the influenceoperations. existingdivisions.Russiahasbeenespe- or zhuangjiao in Mandarin — a grass- agricultural produce to drop, so they DPP mayor on the same day. The trip sparked an outcry. “From cially adept at exploiting rifts within rootspowerbroker. couldstepinandbuyit. DPP campaign strategists and this you can see how deep China’shands democracies.” For local employers, temple commu- While the government in Taipei says some independent observers see arereachingintoourelections,”saysLin nity leaders, farmers’ and fishermen’s Beijing cut agricultural imports from Yi-chin, a DPP councillor in Tainan who Decadesofconflict the astonishing turnround as a associations’ executives or even organ- southern Taiwan to punish the DPP’s product of Chinese manipulation. In is campaigning for re-election. “But it is Chinahasmadenosecretofitsintention ised crime figures who help parties or voters after the 2016 result, Mr Lu a highly unusual pattern, the sohardtodosomethingaboutit.People to do just that to Taiwan. In an editorial Lu Aihua, a former lawmaker who is individual politicians win elections, the claims the opposite. “China is very will- candidate’s name has been ranking love money — that Li Fu-hsiang sup- in December 2016, months after the a power broker in Tainan zhuangjiao are a remnant of the KMT’s ingtohelpus,thislittlebrotheroftheirs, much higher in internet searches in ports me in the election doesn’t mean DPP’s victory, the Global Times, a more than 40 years of authoritarian but it is Taiwan itself that is rejecting some Chinese provinces — where thathecan’tbecheapandgreedy.” nationalist tabloid owned by the Com- rule, which later became a tool for poli- themforpoliticalreasons,”hesays. ordinary people rarely know Observerssaysuchinternalconflictin munist party’s mouthpiece People’s ticians across the spectrum when Tai- Both farmers and fishermen in rural individual Taiwanese politicians — the DPP may be part of Beijing’s calcu- Daily, wrote in an editorial: “We will wandemocratisedintheearly1990s. Tainan complain about a contracting than in Taiwan in recent weeks. lus. “In a solidly green [DPP] constitu- Lebanonise Taiwan if necessary,” sug- With tactics ranging from friendly market for their produce. “Things are Moreover, Taiwanese TV encylikeTainan,theycan’thopetoturn gesting that China could turn opposing neighbourhood chats, to backroom terrible,” says Tao Langyi, who farms channels, backed by pro- people to the KMT, but they can aim at ethnic,politicalandsocialgroupsinTai- deals, to mobilisation and outright vote milkfish near Tainan. “The Chinese China businessmen, sowing discord within the DPP,” says wan against each other as has happened New approach The pro-independence buying, they are part of the soft under- boughtourfishoncontractforthree have been broadcasting AcademiaSinica’sMrLin. intheMiddleEasterncountry. DPP’s 2016 election victory forced a bellyofTaiwan’sraucouspolitics. years in a row, but that stopped in features and talk shows BothMrLuandMrLidismisstheidea “Many people have been focusing on change in China’s policy on Taiwan DPP officials say these traditional 2016.It’sveryhardforusnow.” with breathless ofimproperconduct.MrLujustifiedthe China boasting that their fighter jets are political structures were an easy target Government officials primetime coverage of Mr trip by saying that it had helped Tainan circling our airspace and that their air- Political shift In a poll, 23.5% of Taiwan for exploitation by China. “I have run accuse Beijing of Han. The candidate’s localofficialsengagewithChinesecoun- craft carrier is sailing through the Tai- voters backed the DPP, 35.4% the KMT election campaigns and I know how it exploiting real eco- victory is far from certain — terpartsandconvincedthemthatChina wan Strait. But that is not what worries and 36% said they were independent works. Money changes hands but peo- nomic problems Taiwanese election polls are could be the solution to local economic me most,” says a senior Taiwanese ple tell you ‘I don’t want a receipt’,”says and creating fake notoriously unreliable. But Mr problems caused, he says, by the DPP. nationalsecurityofficial.“Whatworries Island culture Those identifying as the former senior official with oversight ones with disin- Han has already shaken up Mr Li denies there were any serious me most is infiltration and manipula- Taiwanese or Taiwanese/Chinese far of the Investigation Bureau. “Our formation cam- the country’s politics. talks in Zhuhai, and says: “It was just a tion.Youmaycallitsharppower,oryou outnumber those identifying as Chinese campaign finance accounting system is paigns via Line, funtrip,justtourism.”
NOVEMBER 22 2018 Section:Features Time: 21/11/2018 - 17:06 User: sarah.provan Page Name: BIG PAGE, Part,Page,Edition: LON, 11, 1 12 ★ FINANCIALTIMES Thursday 22 November 2018
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Cheap renewable power can become a disrupter Wewill be placing ourselves in the second tier The decline in nuclear investment rightly raises questions about future While Sir Vince Cable and Lord Brazil, India and South Africa. And their parliamentary flag-bearers have energy priorities (“The UK must Blackwell set out in clear and moderate what of our permanent membership of bullied the government in “an reassess its long-term energy plans”, terms their respective arguments for the Security Council? On what grounds uninterrupted litany of cowardice, editorial, November 14). Across accepting or rejecting prime minister will we preserve our privileged status incompetence and blame shifting”,to Europe, a quiet revolution has taken Theresa May’s Brexit deal (November against justifiable claims by Germany, quote Robert Shrimsley (“Brexit place in electricity markets over the 21), neither pays any attention to the India, Brazil and others when this hardliners show they are all bluster”, past year, which is worth reflecting on. deleterious longer-term strategic thorny issue is revisited? As a second November 20), yet cannot even muster THURSDAY 22 NOVEMBER 2018 Technological improvements and consequences of EU withdrawal that world war power? 48 votes to challenge Mrs May. The real optimised supply chains have driven will result from the UK placing itself in The sad fact is that risks to the UK’s issue is whether we are prepared to down the cost of wind power to levels the second tier of world nations and global influence have been largely fight to preserve the liberal democratic where subsidies are no longer required. becoming a global rule-taker. We will forgotten during the Brexit saga which, order, including EU membership, In the Nordics wind farm projects are not be at the top table, for example, as Jo Johnson reminded us in his frank which has served this country so well now based on market prices or on when new agreements on climate article “Where it all went wrong” for over 70 years. The people should power purchase agreements with a change, terrorism, sustainable (November 17), was unleashed by decide this fundamental question. The ECB must retain its fixed price for 20 years of 3 to 3.5 euro development or cyber security are concerns about Conservative unity and RC Wright cents per kilowatt hour. New mills are negotiated by the US, China, the EU, threats from the populist right. Today London NW8, UK able to produce up to 4,300 full load options to react swiftly hours a year. With these types of costs and availabilities new opportunities The people must have the A business’s priority is Europe’s central bank should be poised to counter any new downturn arise. Today, aluminium smelters and data final say on May’s EU deal to reassure investors Just a few months ago, all seemed set has imposed on China, the US adminis- centres are the new customers in the UK financial services provided £72bn Michael Skapinker is correct that reasonably fair for the eurozone. Five tration has so far targeted only steel Nordic power market, while wind in tax in the last financial year, 11 per business leaders do not intervene years into a recovery, yet with core andaluminiumexportsfromtheEU. project developers increasingly often cent of total government receipts. It effectively in political debate (“Brexit inflation still below the European Cen- If the eurozone does weaken, it will request connection to our grid. The also contributed £119bn to the shows why CEOs cannot be political tral Bank’s target, it seemed that there become even more regrettable that customers lock in a significant part of economy last year. And yet the political leaders”,FT.com, November 20), but was considerable potential for extend- reform inside the single currency zone their long-term power needs at a declaration setting out the framework there is a sixth reason to add to his list ing the expansion before hitting any has been so patchy. The deal between convenient level with no climate risk for our future relationship with the EU of five. seriouscapacityconstraints. Emmanuel Macron and Angela Merkel exposure. The developers are able to which the prime minister has just Once a divisive political question has The ECB, which was later than its this week over a eurozone budget was secure finance for their investments — negotiated carries just 115 words on the been opened up by a referendum US counterpart to start quantitative well short of the ambitious countercy- power purchase agreements have industry. That’s less than one word for process, it quickly becomes clear easing, signalled that it would start to clical instrument the French president taken over the role of subsidies. each billion pounds of gross domestic whether it poses an existential risk for wind down bond purchases later this had mooted. Meanwhile, the European So what is next? Suppliers of next- product. a company. This is rare, especially for year, but only as long as the economy Commission is in a stand-off with Italy generation windmills (2020+) promise The core idea is that our industry international companies with several wasperformingwell. over the government’s projected an availability beyond 5,000 hours and would keep access to the market options for managing the impacts. Since then, although the eurozone budgetdeficit,withlittlesignofagrand further cost reductions. Power provided our rules are deemed Once contingency plans have been recovery has not ended, it is certainly bargain of fiscal space in return for purchase agreements of 2.5 euro cents “equivalent” to the EU’s. Such made and an assessment of likely faltering. The central bank would do structuralreform. per kilowatt hour are within reach, “equivalence” is not equivalent to the damage to the business is complete, well not just to reconsider stopping In this context, whatever the ECB creating a better climate for new passporting arrangement we now provided these can be lived with, the bond purchases under QE next month, does with QE, it is vital that it retain investments that could challenge old enjoy. The EU could deny us access to David Morrison priority is to reassure investors and butalsotomaintainandemphasisethe the capacities developed following the technologies. its market if we diverge from its rules. Prospect Investment Management customers that all will be well. There is variety of weapons for monetary stim- global financial crisis and especially Cheap renewable power So in order to avoid being shut out, we Davide Serra nothing to be gained by exposing the ulusstillatitsdisposal. the eurozone sovereign debt turmoil, accommodated by a carbon price that will be turned into rule-takers. This is Algebris company’s reputation to political risk, Last week it was revealed that Ger- such as the “outright monetary trans- pushes up the costs of old technologies risky for such a strategic industry. Dominic Murphy or talking about the downsides, once many,oneofthefewreliableenginesof actions” programme enabling it to buy and supported by demand for “green” What’s more, there’s no guarantee 8c Capital the political course has been set. That eurozonegrowthsincetheglobalfinan- the sovereign bonds of eurozone coun- products can be become a strong driver that we will even get this second-rate Dominic Taylor is also why trade bodies don’t say much cial crisis, had seen a 0.2 per cent fall in tries in economic distress. The rest of for change. It can create the perfect regime. The government will first have Paypoint — they are paid by their members to GDP in the third quarter after healthy the ECB governing council should storm that disrupts traditional to negotiate a trade deal, which may Guy de Selliers support them, not talk about their expansionof0.5percentinthesecond. ignore the calls from policymakers like industrial processes. take many years. In the meantime, the HCF International Advisers problems. To be sure, part of the rapid slowing Jens Weidmann, president of the Ger- Steel, ammonia, aluminium and UK would probably be stuck in the so- Ian Sellers Owen Kelly reflected specific problems in the man Bundesbank, who last week sug- plastics production are today heavy called “backstop” which involves a GM London Director of Engagement, Germancarindustry,wherechangesin gested that the ECB should return to a carbon polluters (more than 40 per bare-bones customs union that does Joseph Schull Edinburgh University Business School, UK emissions regulation have had a one- pre-crisis toolkit. The Bundesbank has cent of global industry CO2 emissions). nothing for financial services. Corten Capital off impact on production. But even been consistently wrong over the past The carbon footprint of these products It’s hardly surprising that many John Nelson The £39bn is to cover without that, growth would barely decadeandcontinuestobewrongnow. could look dramatically different in an banks and investment firms, including Former Chairman, Lloyd’s of London havebeenpositive. Indeed, far from decommissioning environment with cheap renewable those run by Brexiters, are shifting Justin King our commitments Moreover,indicatorsofbusinesssen- its weapons, the ECB should make it electricity, a carbon price that bites and parts of their operations to other EU Terra Firma Camilla Cavendish has repeated an all timent show that underlying growth clear that they are kept in constant consumers that demand “green” countries. Our industry is suffering Klaus Diederichs too common mistake in saying that momentum has slowed across the repair. It is for the moment unclear products. death by a thousand cuts. What makes KD Capital and Former Chairman of “the £39bn of taxpayers’ money . . . was eurozone. In this context, core con- whethertheblipingrowthwillbecome In a world where electricity is this doubly galling is that the EU is Investment Banking EMEA, JPMorgan supposed to be contingent on getting a sumer price inflation still well below a downturn. But the ECB needs to sig- renewable, available and cheap, where moving full steam ahead with its Kurt Bjorkland good deal” over Brexit (“May must target looks more like an economy nal that it retains the capacity to react governments and citizens require that ambitious Capital Markets Union Pemira change course on her withdrawal deal”, struggling to generate a solid long-run swiftly and decisively if it does. The polluters must pay and where project. This will lead to a huge boost in Sir Mark Boleat November 17). It was not. The £39bn is growth rate than one with plenty of past decade has shown that expect- companies and customers demand capital markets over coming decades. If Former Policy Chairman, City of London for commitments already made: the room to expand. That is even without ations of activism in monetary policy “green” products, the tables might turn the UK was staying a member, our Corporation UK’s contribution to EU annual budgets the potential risks to exports of a hard can have a powerful effect on their again. At a power price of 2.5 euro industry would be well placed to win Lord Davies up to 2020, the payment of outstanding Brexit or a rapid escalation in US pro- own. Monetary policymakers need to cents per kilowatt hour and a carbon the lion’s share of the new business. Corsair Capital commitments (staff pensions, and so tectionism. Despite the frothy rhetoric be prepared to recreate their heroics of price of €50 per ton, natural gas-based Fortunately, it is not too late to Michael Tory on), and the financing of liabilities up and the undoubtedly drastic across- years gone past if the situation fertilisers will lose out. And the cost of change course. We believe the final say Ondra to the end of 2020. the-board tariffs that Donald Trump becomesmoreserious. a meal increases by less than 1 euro over whether to take the prime Nayan Srivastava Indeed, Suella Braverman, the cent. minister’s deal or stay in the EU should Praefinium Partners former junior minister in the Auke Lont be given to the public in a People’s Nicola Horlick Department for Exiting the European CEO and President, Vote. Money & Co Union, admitted in May this year that Statnett, Ajay Singh Lord Myners Britain will be legally bound to pay the Oslo, Norway Praefinium Partners Former member, bill: if we were to renege on it, it would Andreas Utermann Court of the Bank of England signal our lack of trustworthiness in Is AI getting more stupid? Allianz Global Investors Peter Golob any future trade deals with other Superpower rivalry puts Sir Andrew Cahn Anchor Partners countries. Who would willingly sign I have noticed that the autocomplete Lloyd’s of London Roland Rudd anything with a country that was so on my phone has markedly worsened Sir Andrew Large Finsbury ready to rat on its commitments? the squeeze on Asia over the past few years. Perhaps this is Former Deputy Governor, Rolly van Rappard Dr Richard Carter an indication that artificial intelligence Bank of England CVC London SW15, UK Smaller nations should not have to choose between the US and China has its limits. Could it be that, over Bernard Oppetit Ron Kalifa time, stupid human behaviour is Cerberus Capital WorldPay Henry Paulson, former US Treasury niqué at the last minute. Several Papua picked up by the algorithm and its Bernard Taylor Sir Simon Robertson OPINION ON FT.COM David Gardner secretary, warns of an “economic iron New Guinea officials also complained performance suffers? Evercore Former Deputy Chair, HSBC Donald Trump stands by Saudi Arabia’s curtain”descendingasrivalry between thattheywere“bullied”bymembersof Mark Evans David FitzHerbert Stephen Peel crown prince despite the Khashoggi killing the US and China deepens. Lee Hsien theChinesedelegation. London SW1, UK Progression Capital Advisors Novalpina Capital www.ft.com/opinion Loong, Singapore’s prime minister, Just when the US president’s bluster says that, as tensions flare, south-east and belligerence have given Beijing a Asian nations may be forced to choose chancetoofferamoregracefulalterna- which side to be on. The position of tive, Chinese officials seem bent on Last week, I met a strategist from one Sergey Brin and Larry Page at Google for personal user data can result in smaller nations caught in the middle is abandoning their diplomatic skills. In Tech platforms of Silicon Valley’s largest technology and Facebook’s Mark Zuckerberg unexpectedly negative consequences already uncomfortable. It will become doingso,theydamageChina’scase. companies to catch up on a turbulent became folk heroes. — from the manipulation of elections more so if Washington and Beijing per- Beijing has showered much recent are consciously year in the tech world: 2018 has been Even as they became billionaires, to discriminatory goods pricing. sist in imposing their own exclusive largesse on Papua New Guinea. Even pretty rough for Big Tech, we agreed, presiding over bloated, multi-armed Here, Google and Facebook are rules. Yet neither side appears willing the road leading to the Apec meeting uncoupling after what with the erosion of public trust, corporations, their interests remained often clubbed together because of to work towards an accommodation venue was built with Chinese money. employee rebellions and threats of aligned. As a group, they are among their data-driven businesses. Most of thatisintheirowninterests. Butovertheweekend,theUSagreedto a rough year more regulation. the biggest spenders on lobbying in their money is made through targeted The annual heads of government join Australia in expanding a naval But the more subtle breakdown was Washington (four of the best-known online advertising. But Google chief meeting of the Asia-Pacific Economic base in the tiny nation, a move calcu- of the relationships between tech tech firms jointly spent $50m last year executive Sundar Pichai insisted in an Cooperation last weekend showed the lated to counter rising Chinese influ- companies, said the strategist, who alone). They agree on topics such as earnings call that Google’s ad business shapeofthingstocome.Apec isusually ence in the Pacific. As one western dip- joked that there has been a “conscious tax and immigration reform, relies instead on “search”,using only little more than a feel-good photo lomat put it: “China paid for the road uncoupling” — the euphemism used copyright rules and data privacy. So “very limited” user information, opportunity for leaders from a jumble and a lot of the meeting but America by the Hollywood star Gwyneth far, it has made sense for them to “essentially what is in the keywords to of nations that happen to border the gotthenavalbase.” Paltrow to describe the collapse of her present a united front. show a relevant ad or product”. Pacific.ButonSunday,forthefirsttime Theoutcomeofthisevolvingbattleis marriage to musician Chris Martin. But this year, controversy has To demonstrate Twitter’s values, in its 29-year history, the group failed nomorecertaintogoBeijing’swayelse- It was partly a light-hearted dig but rocked the Valley, from news of the chief executive Jack Dorsey pointed to agree on a joint communiqué. The where. Take the Philippines. Xi Jin- the sentiment is revealing. Silicon dissemination of political propaganda out to analysts that Twitter is different reasonforthisdysfunctionwasastand- ping,China’spresident,offeredbillions Valley companies and executives are to accusations of sexual harassment from its competitors as its content is offbetweentheUSandChina afterBei- of dollars in investment and joint oil starting to re-think their PR strategies, and discrimination, and sinister data public (he left out Direct Messages, jing objected to language about “unfair explorationintheSouthChinaSeadur- to differentiate their public image collection practices. The revelations which are private). “All of our data is tradepractices”thatitsawasanAmer- ing a visit to Manila this week. But the from one another. This breaking of have shattered a long-held belief in out in the public, out in the open. And icanattack. desire of Rodrigo Duterte, his Philip- ranks marks a pivotal moment in Big tech’s positive social impact. The our data business just organises that It was just the latest example of a pine counterpart, to tilt towards China Tech’s history, according to Leslie companies no longer want to be public data in real time to make it fraying multilateral institution falling isnotsharedbyallhiscountry’sinstitu- Berlin, the author of Troublemakers: lumped together in the public eye. easier for brands, researchers and victim to great power rivalry. Donald tions or indeed the populace. The Notebook Silicon Valley’s Coming of Age. “Until Each has its own problems. Tim organisations to utilise it,”he said. Trump’s disdain for traditional allies inroads that Beijing makes with such very recently, it was taken as a given Cook, Apple’s chief executive, has This week, after a damning New and multilateral action is well-docu- forayswillbevulnerabletoreversalthe by Madhumita Murgia that tech equalled progress and tech become increasingly disdainful of his York Times investigation shed light on mented. High-handed and clumsy Chi- dayMrDutertegoes. equalled good and tech equalled rivals’ data practices, telling the media Facebook’s public relations tactics, nese diplomacy receives less attention In the short term, superpower economic strength,”she told the New that companies like Facebook should Britain’s Prince William criticised tech but is no less an obstacle to the global rivalry might allow smaller nations in York Times. “This is something new.” be regulated and that their ability to companies for being self-absorbed and co-operationBeijingclaimstoseek. the region to leverage more from both Despite being fierce competitors on track users’ online behaviours clueless about the challenges they During the Apec meeting in Papua the US and China. That will only be the a variety of fronts, Silicon Valley has “shouldn’t exist”.Facebook hit back, face. I mentioned his speech to a New Guinea, accredited journalists case so long as the curtain Mr Paulson always presented itself as a close-knit, posting that it has “long encouraged member of Google’s communications were arbitrarily shut out of some warns of does not actually fall. Few like-minded community of people our employees and executives to use team and asked if they were surprised. events by Chinese security officials. nations in Asia want to pick a side if it trying to change the world. Together, Android”,as it is “the most popular It was quite unusual, they replied. According to widespread reports, con- does.Nor,asidefromahandfulofclient they’ve been branded revolutionaries, operating system in the world”. But, after all, he had been talking firmed by Papua New Guinea’s foreign states, would they necessarily choose ousting incumbents and connecting Tech companies are also seeking to specifically about social networks. minister but denied by Beijing, several thehegemonontheirdoorstepifforced the world. Visionary founders like distance themselves from Big Data as “So I don’t think it was pointed at us.” Chinese diplomats tried to barge their to do so. That is good reason for Beijing Apple’s Steve Jobs and Bill Gates of a business model. It is obvious that way into the foreign minister’soffice in torowbackonthemoreimperioustac- Microsoft, and boy-geniuses such as giving away free services in exchange [email protected] anattempttochangetheApeccommu- ticsithasdeployedoflate.
NOVEMBER 22 2018 Section:Features Time: 21/11/2018 - 18:43 User: sarah.provan Page Name: LEADER, Part,Page,Edition: LON, 12, 1 Thursday 22 November 2018 ★ FINANCIALTIMES 13 Opinion
Sparring for Speaker sets the stage for a more pitched battle May’s Brexit approach heft. If politics is the transmission of Donald Trump, the left wants a more they know more than most how much still the Democrat most tailored to Mr AMERICA ideas into statute, then the woman who generous line on immigration and sherilesnon-liberalvoters. Trump’s core audience, is 76. Bernie leaves civil passed Obamacare in her previous stint healthcare. Its new hope in the House, Complicating the left-versus-right Sanders, a left alternative, is 77. Ms Janan as Speaker must look to the Republican Alexandria Ocasio-Cortez, “currently” tussle is the inescapable subject of iden- Fudgeisstraightoutofthecradleat66. Senate leader Mitch McConnell fora supportsMsPelosiasthe“mostprogres- tity.MovesagainstMsPelosiupsetthose There are advantages to rule by servants exposed Ganesh modernequal. sive candidate” available. Even this liberals who, after the midterm success elders. For a case study in jejune politi- Nor is her unpopularity quite the cor- tepid endorsement took a while. In of female candidates, proclaimed the cians being found out at the highest porate problem for the Democratic other words, Ms Pelosi has lived long “year of the woman”.Others want more level, consider the tragicomedy of Brit- partythatMrsClinton’swas.Americans enough to see herself become a relative leaders from ethnic minorities (Ms ain. Still, an aged cartel sits at odds with Bronwen liberal heroine, born in the do not focus on the speakership when moderate. Fudge is black) as they start to see in an otherwise dynamic US. What unites 1940s,partofaDemocratic casting their Congressional votes. Anti- non-white America the party’selectoral the Democratic right with the left, and Maddox dynasty, runs for high US Pelosi advertisements failed the Repub- future. A strategic as much as philo- the “white guys” with the rainbow- office. Some on her own licans in the recent midterm elections, Contested over ideology, sophic rift is deepening between these coalition builders, is impatience with a side wince at her poll rat- which returned a conclusively Demo- Democrats and those who want to lure generation of leaders they all thought Aings and air of entitlement. Supporters cratic House. Bay Area liberal she may identity and age, this is the aggrievedwhitemenfromMrTrump. hadpassedwithMrsClinton.Evensome n the tortuous months of negotiat- praise her fundraising and toughness in be, daughter and sister of Baltimore first skirmish in a war for Lessraw,butjustasdeep,isthegener- ofMsPelosi’sownsupporterswouldlike ingadealwiththeEU,TheresaMay the face of the enemy. Conservatives mayors she certainly is, but the “Pelosi ational split. More than other western hertoservejustoneterm. has asked civil servants to play too equateherwithsocialisedmedicine. problem” is often an alliterative slogan the Democratic party democracies, the US is still run by those Shared distaste for Mr Trump has central a role. Too central for their NancyPelosi’sbidtobeSpeakerofthe insearchofcontent. who came of age in the 1960s. As well as glazedaveneerofcohesionontheDem- owngood:shehasleftOllyRobbins, HouseofRepresentativesissoevocative In normal times, these considerations Before she smiles too wryly at the his- Mr Trump (72) and Mr McConnell (76), ocrats. The reality is a party marbled Iher chief negotiator, and the civil of Hillary Clinton’s 2016 presidential alone would see her home. That doubt toric twist, some of her biggest internal the two House Democrats who rank withcross-cuttingfaultlinesoverpolicy, service, exposed to the charge of politi- nomination run that major differences remains suggests something larger at foes, as Ms Ocasio-Cortez says, are still below Ms Pelosi are septuagenarians. gender, race and even age. Something cisation. Too much for the good of the get lost in the reverie. The Democrats work. The “fight” for Speaker, if non- “to her right”, or at least represent red ChuckSchumer,theparty’sleaderinthe about Ms Pelosi brings these to the deal:itskeyelementslackpoliticalown- hadcrediblealternativestoMrsClinton. committal sparring can be dignified as states. Among them are Pennsylvania’s Senate, turns 68 tomorrow. Robert surface, but more total exposure will ership — the sustained advocacy by the They have none to Ms Pelosi. The excel- such,isthefirstskirmishinawarforthe Conor Lamb and Ohio’s Tim Ryan, who Mueller, the special counsel probing come with the 2020 presidential nomi- UK prime minister herself over many lently named Marcia Fudge had consid- futureoftheDemocraticparty.Itiscon- contested her for the leadership of Russian interference in the 2016 elec- nation race. The fight for the speaker- months. ered a challenge before demurring. Sev- tested on the terrain of ideology, iden- House Democrats in 2016. They do not tion, is 74. Life tenure allows Supreme shipisbutatrailer. The civil service needs to be defended eral Democrats pledged to vote against tityand—whichislessdiscussed—age. air substantive differences with her, Court justices to make consequential from recent attacks, although that Ms Pelosi but lack a candidate of her Radicalisedinoppositionto President callinginsteadfor“newleadership”.But decisions into their dotage. Joe Biden, [email protected] should not forestall tough questions about whether top officials gave Mrs Maythebestadvice. Gibes at the civil service have mainly Zebedee Helm flowed from the pro-Brexit camp. After he resigned as Brexit secretary, David Davis said: “If you added up all the per- manent secretaries who voted to leave the European Union, I suspect the Modi should answer would be zero.” A month later, Nigel Farage accused the civil service and Mr Robbins’ team of “being out to sabotage Brexit. They are indeed the enemywithin.” trust his central It is true that Mrs May has put great weight on Mr Robbins in the talks — morethanonotherofficials,MrDavisor his successor, Dominic Raab. Mr Raab says that before his resignation last week, he learnt of the details of the pro- bank’s tactics posed “backstop” on the Irish border only after Mrs May had agreed it with theEU. This reflects the prime minister’s BUSINESS and Bangalore when I visited last week, personal style. She has always kept a for it has affected companies from few trusted advisers close. In her first conglomerates to fintech start-ups. The year in Number 10, it was her advisers John significanceoftheaffairextendsbeyond Gapper India:similarfinancialstressescouldhit other emerging markets as interest Her decision to go through rates rise and liquidity tightens. This battle between politicians and central Whitehall was a tactical bankersmayprovecontagious. evasion but may have he emblem of the Reserve India’s current crisis has evoked Bank of India is a tiger comparisons with the collapse of Leh- weakened its impartiality standing under a palm tree. man Brothers in 2008. Northern Rock The central bank has been or Bear Stearns are better analogies — But the central bank is right about For some — particularly housing India’s shadow banks are not nefarious Nick Timothy and Fiona Hill, shutting living up to its image lately, twowarningsignalsofwhatwastocome India’s shadow banking crisis, in two finance companies that lent to property —theyprovideausefulservice. out ministers and officials. Last month, Tbaring its teeth at an attempt by Naren- whendepositorsandbondinvestorslost important respects. First, it wants non- developers — this created a yawning One example is Capital Float, a fin- she appointed Mark Sedwill as cabinet dra Modi’s government to threaten faith in the system and withdrew fund- bank financials and housing finance mismatchbetweenassetsandliabilities. tech company I visited in Bangalore, secretary partly because she had its independence over whether India’s ing from all banks. If handled wisely, groups to help themselves while they They have offered 10-year loans backed which offers loans to businesses and worked so well with him at the Home banksarelendingenough. there is still time to strengthen Indian still can, rather than putting off reforms by commercial paper that needs to be point-of-sale credit to Amazon custom- Office. The tiger sheathed its claws on Mon- shadowbanksandrestoreconfidence. and relying on the central bank to res- rolledovereverycoupleofmonths.This ers. That would be common in many But the style also reflects the political day, reaching a truce with the finance Politicians never want to take away cue them. The economy is still expand- only worked as long as confidence countries but is unusual in India, where task she faced. Mrs May is prime minis- ministry on its policies towards state the punch bowl. Votes are jeopardised if ing robustly and lending is growing, so remained high, and some are now most lending is done within families. In ter precisely because she offered to pick banks and how much of its reserves to credit is tight and there was tension theyhavetimetoadjust. scramblingtofindfunding. 2017,only8percentofIndianshadused her way between positions that paytothegovernment.Butthisdoesnot before the shadow banking crisis — the The problem is less loan quality than The central bank wants them to shift a credit card or borrowed from a finan- appeared irreconcilable in search of a resolve the battle that has broken out RBI has limited lending by 11 state liquidity and the risk of losing access to funding to long-term (more expensive) cialinstitutioninthepastyear. middle ground that might not actually over the rapid growth of India’s shadow banks until they clean up their balance funding. Non-bank financials grew bonds. Many of India’s consumer credit The crisis need not be wasted, if the exist — “Theresa’s unicorns”, as one banking system — its thousands of con- sheets from the previous binge. Growth because bank lending was constrained companies have stable balance sheets, central bank uses it to cajole non-banks formerdiplomatdescribedherquestfor sumer credit, asset finance and prop- wasalsodisruptedbydemonetisationof atthesametimeasdepositspouredinto but some of the shadow banks have ontosoundfooting.Withstrongerover- a deal. Working through civil servants ertylendingcompanies. high-value banknotes in 2016 and the mutual funds from demonetisation. It instead lobbied the finance ministry to sight, India can democratise credit. ratherthanministerswasatacticaleva- It erupted in September when IL&FS, introductionofanewsalestax. had to find an outlet and shadow banks force the RBI to stand behind their If politicians weaken the RBI’s inde- sion that more confident politicians a project finance group, defaultedno Nor has the tiger been tactful. The raised funds through bonds and com- flimsy paper. That would turn the cen- pendence to back imprudent institu- wouldalsohavefoundhardtoresist. part of its $13bn debt despite its invest- upper echelons of the bank are full of mercialpapertofinanceloans. tralbankintoalenderoffirstresortand tions, the shadow of Lehman Brothers The danger for the civil service is that ment grade rating. Since then, other economists who prefer to communicate rewardpoorbehaviour. will rise. It may be good for votes next its reputation for impartiality is weak- non-bank financials have faced intense with long academic lectures. Viral Ach- The second reason the central bank is year,butitwillbebadforIndia’sfuture. ened. You hear disparagement of the scrutiny, both over their asset quality arya, deputy governor, was formerly If handled wisely,there is right is that India needs more consumer The moral is, listen to the tiger’s roar. civil service from Jeremy Corbyn’s top and whether their funding is stable. The a New York University professor and credit and lending to small and medi- The animal may be fierce, rude and team, too, claiming that Labour in crisis could curtail lending and growth riled the government with a speech time to strengthen India’s um-sized enterprises. The expansion of awkward to have around, but it has power would face obstruction by offi- in the run-up to next spring’s elections, warning of the “potentially cata- shadow banking groups non-banks to 20 per cent of this lending stronginstincts. cials “who are captives of neo-liberal upsettingMrModi’sallies. strophic” risks of politicians undermin- market would be healthy if the sector thinking”. The quarrel was the talk of Mumbai ingcentralbankindependence. and restore confidence could be funded in a stable way.Most of [email protected] This is unfair. Not just because of the number of times civil servants have respected a big change of ideology (think of the Thatcher years, the Blair era and Brexit). But also that the better question about the civil service and Europe’s crises conceal opportunities to forge another path Brexitisnotwhetherofficialsquietlytry to block their ministers — the mischie- vous portrait that the television series Yes Minister has lodged in the national tions are being scaled back to the more andtheresultingtwilightofAngelaMer- a more substantial response to Mr dum. For all the risks and difficulties imagination. It is whether civil servants Timothy modesttargetofaparliamentarygroup- kel’schancellorship may also have a sil- Macron. involved, polling suggests a second ref- have been too anxious to please, ing of existing Liberal Democrat and verlining. For the past three years, Poland’sLaw erendum would bring a better than whether because of fear of being side- Garton Ash newMacronisteforces. Since the Social Democrats are likely and Justice party, or PiS, government 50-50 chance of the British people vot- lined,anattempttohelptheprimemin- Pro-European liberals’ prospects are tojumpshipsometimenextyearfroma has been trying to drive the country ing to stay in the EU. What a boost that ister solve a formidable conundrum, or improved by the European People’s grand coalition they should never have down the Hungarian path to hybrid would be to the whole post-1945 project simplythestupendousscaleofthetask. party choice of the Bavarian conserva- rejoined, we have the prospect of a new authoritarianism. But the EU is defend- of co-operation between the nations of If there is an inquiry on Brexit, the f hopes were dupes, fears may be tive Manfred Weber as its Spitzenkandi- Germangovernment. ing the rule of law in Poland in ways it Europe. toughest questions will be about Mrs liars. At the moment, there are dat, or lead candidate, for European The frontrunner for Christian Demo- did not in Hungary. In recent local gov- Underpinning all these individual cri- May’s tactical mistakes: the decision to thunderstorms across Europe, Commissionpresident. crat leader and chancellor-in-waiting, ernment elections, PiS suffered a dis- sis-opportunities is the growing realisa- trigger Article 50 without a deal in from Brexit to Ukraine and from As parliamentary leader of the EPP, Friedrich Merz, is more conservative tinct setback, although not a rout. Next tion that this project is now under exis- mind; the early “red lines” that ren- Polish populism to Italian euro-de- Mr Weber has indefensibly kept the year, Poland will have both European tential threat. After decades of Euro- dered too many options inaccessible; Ifiance. Yet several of these crises con- neo-authoritarian Hungarian leader andnationalparliamentaryelections. pean integration, we now see European her pursuit of bespoke compromises tain their own hidden opportunities. Viktor Orban’s Fidesz party in the In political chaos and Unlike Hungary, Poland still pre- disintegration. Like the prospect of thattheEUneverrecognised. AnotherEuropeispossible. grouping. (True, Mr Weber voted to serves conditions that give opposition death,thatconcentratesminds. Therightquestiontoaskofficialsthen For a start, French president start the EU’s Article 7 proceedings confusion, Britain outstrips parties a chance of winning. It is widely I am no relative of Doctor Pangloss. I will be about the quality of their advice, Emmanuel Macron continues to articu- againstHungary,but,asoneEPPinsider rivals Poland, Germany, thought that European Council presi- do not estimate the probability of any and whether they indulged the prime late an ambitious vision for a stronger explained to me, that was instead of dent Donald Tusk might return to stand oneoftheseindividualturnsforthebet- minister too much in trying to find a EU. Yes, he sometimes looks more like kicking Mr Orban out, not preparatory Hungary and France forthenationalpresidencyin2020. ter to be very high, and the probability “middleway”. the proverbial Dutch boy with his finger toit.) Against tough competition, Brexit of them all happening together is slim. But to blame officials for scripting inaleakingdikethanNapoleonadvanc- Mr Weber has none of the top-level than Ms Merkel, but definitely pro- Britain is currently outstripping all Yet each of these changes is possible, something that almost every politician ing across the Alps, and yes, he has governmental experience that would European. rivals in political chaos and confusion; and each of them will depend on the now dislikes is to miss the point. They major difficulties at home, as French qualify someone to lead the European Annegret Kramp-Karrenbauer, his but here too, the crisis conceals an decisions and actions of individual have been called on to do an almost protesters play out their familiar revo- Commission in testing times. So his leading rival and Ms Merkel’s preferred opportunity. humanbeings. impossible task — to pursue a deal that lutionarytheatre. nomination actually increases the successor, is liberal enough to head a If Theresa May’s half-in, half-out To adapt the words of the Polish might prove as elusive as a unicorn — But the silver lining in those clouds is chances of a different, more impressive, “Jamaica” coalition of Christian Demo- withdrawal deal is voted down in the national anthem: Europe is not yet lost, because the government was too weak that his team are becoming more realis- dynamic and experienced figure crats (black), Free Democrats (yellow) Britishparliamentnextmonth,thenthe solongaswestilllive. tomakehardchoices. tic about what they can achieve. For becoming the new commission and Greens (you guessed). Both these probability is significantly increased of example, dreams of a Europe-wide En president. variants would produce a new Berlin parliament giving the Brexit choice The writer is professor of European studies The writer is director of the Institute for Marche in next May’s European elec- ThefragmentationofGermanpolitics leadership with an interest in offering back to the people in a second referen- attheUniversityofOxford Government,athink-tank
NOVEMBER 22 2018 Section:Features Time: 21/11/2018 - 17:07 User: sarah.provan Page Name: COMMENT, Part,Page,Edition: LON, 13, 1 14 ★ FINANCIALTIMES Thursday 22 November 2018
SSP: Swann song Kate Swann leaves food retailer SSP in fine fettle, with her work to improve the company’s cost efficiency being reflected in its rising operating margin. She has been richly rewarded for her work but can point to the total return delivered for her fellow shareholders since the 2014 float. Swann’s total remuneration SSP operating margins Twitter: @FTLex m Per cent Base, bonus and benefits Other payments zero in a debt-for-equity swap. A Nyrstar/Trafigura: prolonged battle between debtholders Generali: zinc stink lies ahead. For hard-nosed investors towering ambition who are bullish on the zinc and lead No man’s credit is as good as his money, prices, there will be alchemical value in A few months ago, Generali employees noted philosopher John Dewey. Tell Nyrstar’s base metals. moved in to new headquarters in that to Nyrstar, a Belgium-based Milan, a twisted skyscraper designed Total return producer of zinc and lead. by Zaha Hadid. Yesterday, chief The heavily indebted company has Renault/Nissan: Rebased executive Philippe Donnet erected struggled to pay creditors recently. The another towering structure, as part of top investor, with 24 per cent, is Ghosn with the wind SSP Group the Italian insurer’s new midterm plan. commodity trader Trafigura. It has had Are the foundations sound? to give Nyrstar an emergency loan to Conflict erupts in the friendliest of Mr Donnet’s central pledge — keep it in business. Rather than deals. But the furore surrounding FTSE average annual earnings growthfo lightening Nyrstar’s load, Trafigura Carlos Ghosn’s plan to merge Nissan 6-8 per cent over the next three years only piles lead on to it. and Renault has few parallels. The — would be a big improvement on the Nyrstar is an important link in the arrest of the Nissan chairman, and its norm. Generali’s profits see-sawed world’s zinc and lead supply chain. But board’s determination to block the FT graphic Sources: company; S&P Global; Refinitiv wildly during the most intense phase of its market worth has dropped from deal, means the proposal is dead. Now the eurozone crisis, and over the past €1.3bn to less than €100m since April investors are wondering how much has Gliding serenely upstream while convenience store chain, to bring SSP to meet sales patterns. This should five years growth in earnings per share 2015. A pricey takeover, an expensive been lost. The answer is less than paddling strongly below the surface. to the stock market in 2014. She help support the shares’ premium has averaged less than 3 per cent. smelter upgrade and, of late, a weak might first appear. That sums up progress at UK catering deployed her expertise in travel outlets market rating, at 25 times historic According to analysts’ estimates, the zinc price, have taken their toll. Renault shareholders are the most group SSP under chief executive Kate and her own capital alongside that of earnings. The struggle for margin market had been expecting 2021 eps of The company’s ratio of net debt to likely to be aggrieved. Their shares Swann, who is leaving after five private equity group EQT. She received with landlords will be eternal. €1.61 from Europe’s fifth-biggest ebitda has had an average of more than jumped nearly a tenth in March when years. Combativeness is ascribed to cumulative total remuneration of Consensus expectations before the insurer by assets, a long way short of 3 times over the past decade. It is now merger rumours surfaced. Investors both Ms Swann and her avian near £16m between the 2014 and 2017 news were for the operating margin the €1.91 implied by yesterday’s plan. over 5 times. Worse, the metal speculated that a deal would cement its namesake. The result has been a 235 financial years. She owns about £30m to reach 7.9 per cent by 2020. That is The breakdown of the chief’s target producer’s operating profits do not advantages. It has de facto control over per cent return for shareholders and of shares. That could buy a lot of not a stretch: SSP will deploy UK cost reads like the wishlist of every other cover its interest payments of about Nissan even though the French a merited helping of it for Ms Swann. sandwiches, even the kind purveyed in saving methods in Europe and faster- large insurer across the continent: €100m annually. company is a smaller and weaker Above the water line, revenue airports. But yesterday’s screams of growing markets under new boss 4-6 percentage points of profitable Nyrstar has had to ask for cash or at business. A merger would also let it growth has been consistent, in a outrage were instead against the salary Simon Smith, currently chief for UK growth, 1 percentage point of capital least the promise of it. Trafigura, which wring out more savings. sector propelled by soaring air and of £220m received by Denise Coates, and Ireland. optimisation and 1 point of “innovation relies on Nyrstar for its zinc and lead The alliance, which Mitsubishi joined rail travel. It is at the operating level founder of online bookie Bet365. A strategic review at Elior, SSP’s and digital transformation”. marketing, had already put up a last year, has a target to save €10bn a where the real work has been done. Shareholders will focus on possible lame duck French rival, could be a The latter two are plausible. But such $250m credit facility to help Nyrstar year by 2022 through shared SSP’s operating margin has increased damage from losing Ms Swann at the chance for the UK group to pick up strong growth in revenues, ahead of get through 2018. Yesterday, the Swiss procurement and technology. More from 4 per cent in its 2013 financial end of May. This was reflected in an unwanted concessions. City investors costs, will be a stretch. Many insurers trader lifted that to $650m, and made concrete savings might follow a full- year to 7.5 per cent. 8 per cent share price drop. Some gains sometimes eat unwary swans for are trying like Generali to push into the facility senior to all other debt. At blown merger. Assume that such a deal Ms Swann quit as chief of will persist, like those from a new dinner — it’s a tradition. Instead, Asia to boost premium income. And the end of September Nyrstar claimed would squeeze out a tenth of overheads WH Smith, a venerable listed computer system that allocates labour Ms Swann flies on unharmed. others are also doubling down on asset it had more than €600m in liquidity to of the target. Nissan’s running costs management. cover any cash shortfalls. total €10bn for the past 12 months, Generali says it is wedded to a Other debt holders cannot be happy. while Renault’s are about €6bn. Taxed “multi-boutique” strategy, focusing on Nyrstar has appointed restructuring and capitalised, the theoretical cost Japanese tie-up had gone ahead, it nearly a third since early October. pressing Resolute Energy, a small Texas small ventures such as Aperture, a advisers, and no wonder. It has a savings for the Japanese company risked being another example of the Corporate control deals are far harder driller, to do a deal since 2017. low-fee start-up. But it is unclear that €350m high-yield bond due next year. alone could be some €7.5bn. That is a maxim that mergers rarely work. to agree when the price of the Resolute announced this week that it add-ons will significantly boost the Raising equity is not easy. lot — roughly half Renault’s market underlying commodity is up and down was selling to another small rival, company’s outlook, at a time when Trafigura has a lot of debt too. Even capitalisation and just over a quarter of like a nodding donkey. Cimarex Energy, for a modest 15 per giants such as BlackRock and using the group’s preferred net debt Nissan’s. But those paper gains would Texas’s Denbury Resources cent premium. Vanguard are stretching away in size figure of $3.8bn, that is treble its be unlikely to materialise. US oil driller M&A: announced in late October that it was The activist Kimmeridge Energy while squeezing hard on margins. previous 12 months’ ebitda. The Once, drastic cost cuts were not messing with Texas acquiring similarly sized Penn Virginia Management has subsequently said Three-and-a-half-years ago, former commodity trader will not want to put unthinkable. A secret merger blueprint Resources for $1.7bn. that the sale price undervalues chief Mario Greco gave a shorter in more cash, nor allow a rights issue was drawn up for Mr Ghosn in 2013. Donald Trump’s affection for Saudi Since early October, however, Resolute. presentation and set himself more for Nyrstar to dilute its stake below The plans would have meant plant Arabia comes at a time of pain for Denbury’s shares have fallen more than For drillers paying cash, the prospect modest goals based on operating cash 20 per cent. It would lose director closures and job losses. But the political Texas. In various tweets, the US 60 per cent. This is a big problem for of levering up suddenly seems unwise, and dividends, which Generali is on seats. Trafigura controls half the board and cultural barriers were immense. president has attributed falling oil Penn Virginia shareholders: two-thirds given that the oil price is falling. track to meet. Investors left the shares with less than a quarter of its shares. Despite the efforts of Mr Ghosn, the prices to Saudi output. of the original consideration was to be Paying stock is equally tricky, as we flat yesterday. They will need some Nyrstar’s chairman Martyn Konig, in philosophies in the alliance remain Texas is Trump country. Falling oil paid in Denbury stock. have seen. Buyers and sellers are liable convincing that Mr Donnet’s grand theory independent, manages the profoundly different. Nissan is focused prices hurt independent drillers there. For smaller frackers, selling out has to be wrongfooted when the relative plans are deliverable. family office for Trafigura’s partners. on engineering excellence. Renault has These have been feeling the urge to been a decent option. Larger buyers value of their stock fluctuates. This is poor governance. a customer-led approach. The failurefo merge, particularly in the Permian can better afford development As the author of The Art of the Deal, Asset strippers are circling. Nyrstar’s the Daimler-Chrysler merger 20 years Basin section of Texas where drilling is expenses in an era when investors are Mr Trump should perhaps tweet some Lex on the web 2019 euro bonds trade at 46 cents. ago underlined the risk of jamming ill- especially fruitful. obsessed with positive free cash flow. tips on collars and floating exchange For notes on today’s breaking stories go to www.ft.com/lex Expect Nyrstar’s share price to head to fitting cultures together. If the Franco- But the US benchmark, WTI, is off by An activist investor has been ratios in a nod to his Texas friends.
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NOVEMBER 22 2018 Section:FrontBack Time: 21/11/2018 - 18:48 User: timothy.digby Page Name: 1BACK, Part,Page,Edition: LON, 14, 1 Thursday 22 November 2018 ★ 15
Asia divot The 1MDB scandal gouging Lumbering beasts Conglomerates must Goldman’s regional reputation — ANALYSIS, PAGE 17 sometimes attempt a leap — RALPH ATKINS, PAGE 16 Royal Mail pressed on US writedown Market 3 ValueofWestCoastbusinessescutby85% 3 Questions over international expansion Forces Michael MICHAELPOOLERAND Shareholdershaveaskedformeetings The events piled more misery on businesses made an operating loss of ATTRACTAMOONEY with the company to discuss its strategy Royal Mail, which this year has suffered ‘M&A in $8minthefirsthalfoftheyear. Mackenzie as it continues with a North American an investor revolt over boardroom pay the US Shane O’Riordain, director of corpo- Shareholders have demanded answers acquisition spree, paying C$360m and issued a profit warning after failing rate affairs, defended the “sound strate- from Royal Mail after the postal opera- (£213m)forDicomCanada. to meet productivity and cost savings hasn’t gic rationale” for the acquisitions. “For The tech wreck is weighing on global markets. Asia is feel- tor wrote down 85 per cent of the value The non-cash impairment was dis- targetsatitscoreUKoperation. worked out us, an interstate network on the west ing the heat as the region’s chipmakers fear a long-term oftworecentlyacquiredUSparceldeliv- closed as Royal Mail reported that its Royal Mail described the US write- coastoftheUSmakesstrongsense.” slumpindemand. erybusinesses,addingtodoubtsoverits half-year profits had fallen by more down as a “prudent” measure that was well for David Kerstens, analyst at Jefferies, In Europe, the Stoxx tech sector sits at its lowest point internationalexpansion. than half, sparking a sell-off in the stock largely against goodwill — the amount European said the writedown raised questions since early 2017, while in the US, the NYSE Fang+ index Royal Mail paid $103m in total for that led it to close below the 2013 priva- paid for an acquired company in excess over strategy at GLS, which had been an and the Nasdaq Composite broke through the lows of last Golden State Overnight, purchased in tisationpriceforthefirsttime. of the net assets, and in effect an esti- postal “engine of growth”. The unit has monthonTuesday—beforebouncingatouch. October 2016, and Postal Express, Two top-20 shareholders said they mate of future earnings. This was operators’ expanded through overseas takeovers Theworryforinvestorsisthatmorepainloomsbeforeit bought in April 2017. Last week, it wanted more information on strategy because of a change in operating model in mainland Europe and North America is safe to return to market. It may require a test of the lows revealed it was writing down their value following the disappointing results and at the US businesses, which are both andaccountsformorethanone-thirdof in the correction from February to early April before equi- by £68m. Both US businesses were writedown. Another said: “Sharehold- focused on the west coast and are being group revenues. “M&A in the US hasn’t ties find buyers. “What concerns us the most about the acquired through Royal Mail’s interna- ers are not especially happy with the mergedintoasingleoperation. worked out well for many European drop in the tech sector is that the ‘lower-lows’ being made tionalparcelsdivision,GLS. company.” Royal Mail reported that the two US postaloperators,”MrKerstenssaid. by many of the former high-flyers are telling us that the sector is being reweighted for a longer period,” said Matt MaleyfromMillerTabak. Given the very crowded nature of the “long tech trade”, that is certainly a risk. Wall Street’s leading benchmarks Checking the books Watchdog probes Grant Thornton’saudit of café chain areagainflirtingwithnegativeterritoryfortheyear.That’s not good for consumer and business confidence, reinforc- ing the Treasury bond mar- Britain’saccountingwatchdoghas ket’s view that the Federal launchedaninvestigationintotheaudit Reserve will become less Plenty rests on ofcaféchainPatisserieValerie,which aggressive over its 2019 rate bond prices, cameclosetocollapselastmonthafter tighteningintentions. discoveringsubstantialfinancial Equity corrections take which suggest a irregularities. time and, after a big initial pause in the Fed’s TheFinancialReportingCouncilsaid hit, such as last month, mar- yesterdayitwasexaminingGrant kets usually retest their tightening cycle Thornton’sauditofPatisserieHoldings nadirs as we saw earlier this for2015,2016and2017. week. As the dust settles, it is clear the Faangs are now PatisserieHoldingsrevealedlastmonth much more closely aligned with the Nasdaq. From April, thatithaddiscovered“significantand the Faangs led Wall Street’s recovery. In August and Sep- potentiallyfraudulent”accounting tember,the Fang+ index was a laggard versus the Nasdaq, irregularities,beforesuspendingChris a sign that trouble beckoned even as Apple and Amazon Marsh,itschieffinancialofficer.Both enteredthe$1tnmarket-capcluboverthatperiod. MrMarshandPaulMay,thechief Therenewedsellinginglobalchipmakerssuggestsaglut executive,subsequentlyresigned. in capacity, illustrating the challenge posed by a slowing Theinvestigationheapsfreshpressure global economy. “Short term, unexpected weakness in the onGrantThornton,whichwasforcedto tech sector could have a significant impact on the global launchasearch foraleaderlastmonth economy, adding to what already looks like a soggier afterSachaRomanovitchannouncedshe macroenvironment,”saysTSLombard. wouldstepdownaschiefamidmounting Others think the renewed selling is a sign that we are partnerunrest.InAugustthefirm approaching a low and are due a bounce. “Markets are received a£3mfinefromtheFRC. great emotional beasts and they do become very fearful at Relativelylittleinformationhasbeen times.It’sagoodthingasyoudogetareliefrallywheneve- releasedaboutwhatwentwrongat ryone is fearful and worried,” said Chris Watling of PatisserieValerie otherthanthattwo LongviewEconomics. unauthorisedoverdraftfacilitieshad Plentyrestsonbondprices,whichsuggestapauseinthe beenopened.Asaresult,thecompany Fed’stighteningcycle.AcoolingintheChina-UStradewar rackedupnetdebtofabout£10m,rather wouldalsohelp. thanhaving£28mofnetcashasstatedin “We have heard a lot of analysis that says the Fed has itshalf-yearresults. suddenly become much more dovish but that obviously GrantThorntonconfirmedithad hasn’t been enough to give the stock market a boost,”said “receivedaletterfromtheFinancial MrMaley.“We’regoingtohavetohearsomepositivenews ReportingCouncilinformingusofits on the trade front if the stock market is going to be able to decisiontocommenceaninvestigation avoidretestingtheOctoberlows beforetheG20summit.” andwewill,ofcourse,fullyco-operatein thismatter.”CamillaHodgson [email protected] Simon Dawson/Reuters Odey to the fore as hedge fund bears reap rewards from market turmoil
LAURENCEFLETCHER —LONDON ing funds this year, but overly bearish The S&P 500 is down about a tenth LINDSAY FORTADO —NEWYORK positions pushed Mr Odey to a near- from its September high, on the back of Thestockmarketcorrectionofthepast 50percentlossin2016. ariseinUSinterestratesandtechsector two months has bolstered a small Downwardmomentumwas“verydif- concerns. The FTSE 100, wrestling with group of bearish hedge fund managers ficult to halt” when it was coupled with Brexit-related issues, hit its high back in even as it has inflicted pain on other expensivevaluations,hesaid. Mayandhasfallen12percentsince. investors. “The only way it’s been halted has The sell-off has hit many hedge funds Student conscripts drive been lower interest rates, and that’s not hard, with the sector suffering its worst Funds such as Crispin Odey’s Odey anoption.” month in seven years in October, accor- Singles Day sales success Asset Management have been posi- Francesco Filia, founder of London- dingtodatagroupHFR.Manyareinthe China’s Singles Day sales event tioned for a slump and suffered as mar- based Fasanara Capital, said: “I think red for the year, with funds on average provided the usual boon for JD.com, kets rose, but are now making hay and thecliffisnear.” down1.7percenttotheendofOctober. with the ecommerce group shipping seefurthertroubleahead. He said crowded trades, such as buy- Lansdowne Partners lost 5.4 per cent $23bn of goods. But its success seems “There’s a lot [for investors] to get ing exchange-traded funds and selling in its flagship Developed Markets fund to have come at a cost to an army of worriedabout,”MrOdey said. volatility, had made the bull market last month, according to numbers sent students allegedly drafted in for long His fund, which bets on falling stocks, fragile, pushing it closer to a big correc- to investors and seen by the FT. The shifts at less than the minimum wage. has gained more than 50 per cent this tion. His funds saw gains of as much as fund is down 5.6 per cent for the year. Analysis i PAGE 16 year, including gains of about 7 per cent 10 per cent for October and are up 30 Man GLG’sEuropean Long Short fundsi last month. It is one of the top-perform- percentsofarthisyear. down4.2percentfortheyear.
Companies / Sectors / People
Companies Dreams...... 27 JPMorgan Chase...... 18 Share Centre...... 20 Pharmaceuticals...... 20,28 Gabbana, Stefano...... 16 1MDB...... 17 EDF...... 3 Johnson Matthey...... 20,28 Siemens...... 16 Retail...... 14,15,16,20,28 Ghosn, Carlos...... 14,16 ABB...... 16 Ekornes...... 27 Khazanah...... 17 St James’s Place...... 20 Retail & Consumer...... 15,16 Guryev, Andrei...... 18 ABN Amro...... 27 Erinys Iraq...... 27 Kimmeridge Energy Mgmt...... 14 Sun Capital Partners...... 27 Support Services...... 14,15,20 Hare, Steve...... 20 AJ Bell...... 20 Essilor...... 28 Kingfisher...... 20 Sycomore Asset Management...... 18 Technology...... 15,16,18,19,20,28 Konig, Martyn...... 14 Airbus...... 18 Extra Energy...... 20 Lansdowne Partners...... 15 Temasek ...... 17 Telecoms...... 28 Krishnan, Ananda...... 17 All Options...... 27 Facebook...... 18,19 Lebara...... 27 Toshiba...... 3 Transport...... 15 Laury, Véronique...... 20 Allianz...... 18 Flow Traders...... 27 Luxottica...... 28 Trafigura...... 14 Travel & Leisure...... 14,20,28 Leissner, Tim...... 17 Alstom...... 16 Foot Locker...... 28 Man GLG...... 15 Tsingtao Brewery...... 17 Utilities...... 16 Leland, Todd...... 17 Amazon...... 15 Foxconn...... 16 Mannesmann...... 16 Twitter...... 18 Marsh, Chris...... 15 Apple...... 15,16 Frontier Insurance...... 27 Mitsubishi...... 14 Vodafone...... 16 People May, Paul...... 15 Argos...... 20 GIC...... 17 Mitsubishi Motors...... 16 WH Smith...... 20 Agnefjall, Peter...... 16 Milleri, Francesco...... 28 Autodesk...... 28 Genel Energy...... 27 NMC Health...... 28 Wynn Resorts...... 28 Asam, Dominik...... 18 Odey, Crispin...... 15 Axa ...... 18 General Electric...... 16 Nissan...... 14,16 XL Group...... 18 Bellew, Peter...... 18 Oncu, Tolga...... 16 BSH Home Appliances...... 18 Generali...... 14,18 Nyrstar...... 14 Sectors Bethel, Archie...... 20 Paradise, James...... 17 Babcock...... 20,28 Genmab...... 28 Odey Asset Management...... 15 Aerospace & Defence...... 18,20 Blankfein, Lloyd...... 17 Paulson, Henry...... 17 Bank of America...... 19 Getinge...... 28 Optiver ...... 27 Airlines...... 18 Bolloré, Thierry...... 16 Ranque, Denis...... 18 Bet365...... 1,20 Goldman Sachs...... 17 Orange...... 28 Automobiles...... 14,16 Booij, Robbert...... 27 Richard, Stéphane...... 28 BlackRock...... 18 Google...... 18 Oro Negro...... 27 Banks...... 18,19 Brodin, Jesper...... 16 Romanovitch, Sacha...... 15 Cevian Capital...... 16 Grant Thornton...... 15 Patisserie Valerie...... 15,20 Basic Resources...... 14,18 Brégier, Fabrice...... 18 Saikawa, Hiroto...... 16 ChemChina...... 17 Handelsbanken...... 27 Penn Virginia Resources...... 14 Financial Services...... 14,15,19,20 Cadoux-Hudson, Humphrey...... 3 Schollhorn, Michael...... 18 Chrysler ...... 14 Hargreaves Lansdown...... 20 Persimmon...... 20 Financials...... 15,18,19,20,27 Clarke, Stephen...... 20 Smith, Simon...... 14,20 Daimler...... 14 Ikea...... 16 PhosAgro...... 18 Healthcare...... 28 Coates, Denise...... 20 Solomon, David...... 17 Danske Bank...... 19 Iliad...... 28 Postal Savings Bank of China...... 17 Industrial Goods...... 14,16 Del Vecchio, Leonardo...... 28 Spiesshofer, Ulrich...... 16 Deere & Co...... 28 Indivior...... 20,28 Renault...... 14,16 Industrials...... 16,28 Donnet, Philippe...... 14,18 Stone, Richard...... 20 Denbury Resources...... 14 Infineon...... 18 Royal Mail ...... 15 Insurance...... 14,18 Enders, Tom...... 18 Swann, Kate...... 14,20 Deutsche Bank...... 19 Interactive Investor...... 20 Ryanair...... 18 Media...... 16 Fairburn, Jeff...... 20 Vella, Andrea...... 17 Dolce & Gabbana...... 16 JD.com...... 16 SSP...... 14,20 Oil & Gas...... 14 Faury, Guillaume...... 18 Wilhelm, Harald...... 18 Dr Reddy...... 20 JPMorgan...... 19 Sage...... 20 Personal & Household Goods..27,28 Fenglei, Fang...... 17 Williams, Tom...... 18 © The Financial Times Limited 2018 Week 47
NOVEMBER 22 2018 Section:2Front Time: 21/11/2018 - 19:46 User: timothy.digby Page Name: 2FRONT, Part,Page,Edition: LON, 15, 1 16 ★ FINANCIALTIMES Thursday 22 November 2018
COMPANIES
INSIDEBUSINESS Automobiles EUROPE Nissan flexes muscles after Ghosn’sfall Ralph Atkins Japanese carmaker looks dismissal as chairman. With Mr Ghosn which also includes Mitsubishi Motors, Although Under Mr Saikawa, Nissan has and another representative director, hangsinthebalance. attempted to restore its ties with the to reassert its position Greg Kelly, arrested and unable to fulfil Plans for a full merger between the Nissan is the Japanese ministry of economy, trade within Renault alliance their functions on the nine-member groups were put on hold by the arrest of larger andindustrywhichhadbecomeweaker Power unit failure at board, analysts expect the vote to go Mr Ghosn on Monday in Tokyo, who is under Mr Ghosn, who had challenged through. Three of the remaining direc- being investigated over claims he company, its thetraditionalJapanesepractices. PETERCAMPBELLLONDON— ABB shows need to KANAINAGAKIANDLEOLEWIS —TOKYO tors are considered close to Hiroto under-reported his pay. Mr Ghosn French “Overthelast18months,Saikawahas Saikawa,Nissanchiefexecutive. remains chief executive of Renault but partner definitely begun to bring the company Nissan wants to use the removal of its Although Nissan is the larger com- the French carmaker has given his back into the METI fold. That could generate vital spark chairman Carlos Ghosn as an opportu- pany,whoseannualrevenueisnearly60 duties to chief operating officer Thierry exercises position it more strongly if it does end nity to rebalance the alliance with per cent bigger than Renault’s, the Bolloré onatemporarybasis. more upasaJapan-Franceclash,”onegovern- Renault in its favour, according to four French group exercises more control “There were negative aspects to hav- mentofficialsaid. people with links to the Japanese car- within the alliance, including the right ing the concentration of power in one control The current structure of the alliance he strange and cumbersome corporate beast maker’sboard. to make some senior appointments in individual, so with that factor removed favours Renault, which has 43 per cent thatistheindustrialconglomeratemustadapt TheoustingofMrGhosn,whoisbeing itspartner’smanagementteam. both sides can begin negotiations of Nissan’s shares and voting rights, ordie.IntheUS,GeneralElectric’sshareprice held in a Tokyo jail after being arrested “This will put Nissan in a stronger [regarding the structure of the alliance] compared with the Japanese group’s 15 has collapsed since its power equipment divi- on charges of falsifying financial docu- position,” one person familiar with the inacleanslate,”onepersonclosetoNis- per cent non-voting stake in its French sion slumped to a loss and concerns grew ments, is being seen as a chance to start Japanesecarmaker’sstancesaid. san said. “But it won’t be positive for peer. Any proposed merger would have Taboutitsfinancialhealth. with a “clean slate”. Nissan’s board is Nissan’s attempt to reassert itself bothsidestodoawaywiththealliance.” beenstronglyopposedbythecompany. In Switzerland, speculation swirls over Zurich-based expected to vote today on Mr Ghosn’s comes as the future of the alliance, Nissandeclinedtocomment. See Lex ABB, which is in talks with Japan’sHitachi about divesting all or part of its power grids division. In the limelight is Ulrich Spiesshofer, ABB’sGerman-born boss since 2013. A companyveteran,hetransformedABB’sroboticsdivision, whichisitsfastestgrowingunit. Retail. Ecommerce As chief executive he has cut costs and focused the group, which has annual sales of $34bn, around industrial automationandelectrification,roboticsandpowergrids. Yet ABB continues to underwhelm investors. Its share JD.com exploits students for Singles Day sale price has fallen 20 per cent over the past year, compared with 13 per cent at Siemens, its German rival (GE is down 55percent). Two years ago, Mr Spiesshofer resisted calls for a Illegal hours and low pay break-upfromCevianCapital,theEuropeanactivistinves- imposed on Chinese interns tor that holds a 5 per cent stake. More recently, his mind appearstohavechanged. drafted in for promotion Newsaboutapossiblesaleofthepowergriddivisionini- tially lifted ABB’s share price; investors prefer simpler companies doing fewer things. That might appear to be TOMHANCOCK —KUNSHAN YUAN YANG AND NIAN LIU —BEIJING further evidence of the weaknesses of a conglomerate model,butABB’sactionscouldalsobedemonstratingthat More than 100,000 workers helped thespeciescanadaptandbecomefitforthefuture. JD.com sort, pack and ship $23bn of The case against conglomerates is that market efficien- goodsduringChina’sannualSinglesDay ciesaregreaterwhenshareholdersselecttheirownportfo- saleseventthismonth. lio mix. The argument for is, partly, that bringing busi- But among them were hundreds of nesses under one roof creates synergies, such as through vocational school students, drafted into sharing clients or supply chains, and that experienced warehouses in Beijing and the eastern managersarebetteratknowingwhether,whenandhowto city of Kunshan, and told they had to reshuffleportfolios. work12-to16-hourshifts,insomecases Despite their unwieldy reputation, industrial conglom- through the night, at a steep discount to erates can be surprisingly agile. My favourite example is the minimum wage, or face not being Mannesmann, the German steel pipe maker, which in the allowedtograduate. late1990stransformeditselfintoatelecomscompanyand Under Chinese law, the students wasthenboughtbytheUK’sVodafone for£112bn. shouldnothaveworkedanyovertimeor Currently, portfolio man- night shifts. Eight students from five agement is in full swing at training colleges said they were drafted the world’s biggest conglom- Despite their in to fetch items and package them by erates. GE is shedding busi- unwieldy the ecommerce heavyweight, which nesses in a frantic attempt to had revenues of Rmb362bn ($55.7bn) raisecashandrefocus. reputation, last year but did not report a profitable In a more orderly fashion, conglomerates quarteruntilthisMay. Siemens is overhauling its “We worked overtime for Singles ailing power and gas unit can be agile Day,”saidZhangYingjin,astudentfrom while awaiting regulatory the Rizhao City Science and Technology approvalforarailwaymerger withFrance’sAlstom. School in the eastern province of Shan- Action is needed at ABB even though it avoided the pit- dong, who said he was paid Rmb14 ($2) fallsintowhichGEtumbled,quittingthepowergeneration an hour at a JD logistics park in Kun- sector,whichisweighingonGEandSiemens,in2000. shan. The minimum hourly wage in the Unlike GE, ABB has not moved into financial services. city is Rmb18.5, and vocational school Nor has it obviously overpaid significantly for recent interns should be paid at least 80 per acquisitions or fallen victim to management hubris. “GE cent of a “regular worker’s” salary, Vocational the [students] doing overtime are doing logistics parks,” the group said. overtime at its Zhengzhou plant in cen- are great at marketing — they are also great at bullshit- accordingtotheeducationministry. school students itvoluntarily”. The practice of using student interns tral China following a Financial Times ting,”saidoneSwisscompanywatcher. Most of the students said the intern- were sent to “As Singles Day approaches, students to lower labour costs has become wide- report. But Mr Spiesshofer has failed to restore to ABB the sus- ships were of little educational value warehouses in from the business logistics department spread in Chinese manufacturing over “In addition to manufacturing, stu- tainedgrowthneededtosecurehisjobaschiefexecutive. and were mandatory. “Our entire class Beijing and of our school went to the JD.com logis- the past decade, as average wages for dentinternsfromvocationalschoolsare Under him, the Swiss group has earned a reputation for hascomehere.It’saschoolactivity,they Kunshan and tics base for an internship,” the Heze migrant workers have more than dou- also widely recruited in logistics and promising a turning point, only to disappoint. ask us to come here to intern. It is not told to work at a Vocational College in the eastern prov- bled due to a decline in the working age other low-end service work,”said Jenny Revenueshavebeenbroadlyflatoverthepastfouryearsas possible not to do the internship,” Mr steep discount ince of Shandong said on its website this population. Chan,alabourrightsexpertattheHong Mr Spiesshofer has chopped out less profitable bits of the Zhangadded. to the minimum month,addingthatthestudentsshowed JD.com is vulnerable to China’s rising KongPolytechnicUniversity. business. Two students from the Fuzhou Voca- wage or face not a“spiritofhardwork”. wages because of the huge numbers of JD.com has relied on student interns Spinning off the power grid division — or ideas for a tional Technical College in the central being allowed to “If you don’t intern, you won’t get a delivery and warehouse personnel it from vocational schools to fill labour moreradicalABBbreak-upthathavebeenfloatedbysome province of Jiangxi said they were paid graduate — How graduation certificate,” said a student employs, which reached 117,943 at the shortages during Singles Day since at analysts — would not solve that strategic challenge Rmb14 an hour at the Kunshan facility, Hwee Young/EPA-EFE surnamed Liu, from the Heze school, endoflastyear,upfrom26,288in2013. least2015,whenanFTreporterspoketo directly. with shifts extending to 18 hours a day. who was eating noodles outside the Foxconn, Apple’s main iPhone sup- several young workers at a logistics Mr Spiesshofer has previously cited the costs of carving “On Singles Day we were provided with Kunshan warehouse ahead of a 7pm- plier, last year said it had stopped facility in the Beijing suburb of out the power grid unit. Industrial infrastructure compa- food. As soon as we finished eating, we 7am night shift. Working days of 14-16 school-age interns from working illegal Tongzhou who described shifts of up to niesalsoneedglobalcloutinmarkets. got back to work,”said Ouyang Luxiu, a hours were common around Singles 16hoursaday. James Stettler, analyst at Barclays, said: “I worry about studentattheschool. Day, she said, with pay rising to Rmb15 The company persisted in the prac- infrastructure businesses [such as power grids] which are Xu Youtian, the school’s Communist anhourforovertime. JD.com rapidly increases tice after China’s ministry of education exposed to China because China is becoming an increas- party secretary, visited interns at “We are here to help out with Singles logistics sta numbers published regulations in 2016 banning ingly powerful competitor. If a buyer came along, great; if JD.com,wherehesaidtheyhadtoldhim Day because there are more orders,” Warehouse and delivery personnel employers from hiring vocational not,woulditreallybebetteroutsideABB?” workinghourswerelongand“therewas said a computing student from Bengbu employed (’ ) schoolinternstoworkovertime—more Nevertheless, a portfolio reshuffle could see ABB’s quite a lot of pressure”, according to a Automotive Engineer School in eastern thaneighthoursaday—ornightshifts. shares trading nearer the higher multiples of “purer” postontheschool’swebsite. Anhui province. “You are on your feet AstudentfromtheJiamusiVocational industrialcompanies. Mr Xu said he hoped students would forhours,whichistiring.” College in Heilongjiang province said A portfolio shake-up would also be a chance to embrace the difficulties, adding “just JD.com said that “some temporary she worked more than 15 hours on Sin- strengthen ABB in the growth markets of the future — likeeatingsugarcane,ifyougetthrough workers hired to assist with peak time gles Day on an internship with 18 other using the proceeds, for instance, to fund a big push into the pressure, your career will become sales over a two to three-week period students from her school at a Beijing artificialintelligence. moreandmoresweet”. might not have been treated in accord- JD.com facility, close to the company’s ABB watchers have also identified a need to invest more Fuzhou Vocational Technical College ancewithourstandards”. headquarters. in marketing; the group’s conservative approach to sales- said that 42 students were sent to the JD “We are taking immediate action to “Wehaveobservedanoveralltighten- manshipstandsincontrastwithGE’schutzpah. warehouse in Kunshan. It said it found investigate the situation within the rele- ing of the labour market and an emerg- To survive in the jungle, a threatened beast has some- in September that students were work- vant logistics parks, will enhance inter- ing trend of shortage of labour supply,” timestomakealeap. ing overtime and discussed the issue nal standards management and contin- JD.com noted in its most recent annual with JD at the time, but added that “all uously improve management to our Source: company report. [email protected]
Retail Retail & consumer Ikea to cut 7,500 jobs and focus on city stores Dolce & Gabbana accused of racism in China
RICHARDMILNE transformation, opening shops in city on large warehouses often among “the GABRIELWILDAU —SHANGHAI with English subtitles, accusing it of they were mocking Chinese people.” NORDICCORRESPONDENT centres and offering online shopping, potato fields”, as Peter Agnefjall, a trafficking a “tired and false stereotype Actress Zhang Ziyi posted on her Sina Dolce & Gabbana has been accused of homedeliveryandevenassembly. formerchiefexecutive,putit. ofapeoplelackingrefinement tounder- Weibo account that “D&G has brought Ikea, the world’s largest furniture racism in China over an online adver- Ikeawillopen30storesgloballyinthe Ikea wants to avoid the disruption standhowtoeatforeignfoods”. humiliation on itself”, using the poop retailer, is to cut up to 7,500 jobs after tisement in which a Chinese model next three years, including a kitchen that has hit many retailers as shoppers Shaun Rein, of CMR, a Shanghai- emojiinplaceoftheampersand. conceding it had become too slow and attempts to eat an oversized cannolo and bedroom showroom in London. It moveonline. based market research group, said: Overtly racist comments posted on bureaucratic. withchopsticks. aims to improve its digital and logistics Mr Oncu said: “We have 75 years of “This D&G campaign is ill-conceived D&G’s official Instagram account and Ingka Group, the parent company, operations tomakehomedeliverymore history behind Ikea and we see that TheadvertthreatenstodamagetheItal- and stupid at best. At worst, it could that of co-founder Stefano Gabbana which employs 160,000 people, said the efficient. As part of that push, Ingka manyofthosethingswillbepartofusin ianbrand’sreputationinthelargestlux- harm or even destroy the brand [in added to the uproar. The company said cutswouldfallmainlyin30countries. expectstocreate11,500jobs. the future but we need new capabilities ury market. A company fashion show China].” bothaccountshadbeenhacked. Tolga Oncu, retail manager at Ingka, JesperBrodin,Ingka’schiefexecutive, as well. This year is to explore and take scheduled for last night in Shanghai was Mr Rein said his company had “We are very sorry for any distress said: “We have an opportunity to make said: “As customer behaviours change thelearnings.” cancelled after models and celebrities received strongly negative reactions caused by these unauthorised posts. We Ikea a bit more simple and efficient. rapidly,weareinvestinganddeveloping Former executives have complained threatenedaboycott. when testing the ad with Chinese have nothing but respect for China and Theaimistoshortenthedecisionstruc- our business to meet their needs in bet- the company had become too bureau- The advert is the second in a three- consumers. “The best response we got the people of China,” it said, without tures . . . andmakeusmoreagile.” terandnewways.” cratic and had lost the entrepreneurial part series that also features the model was ‘this is a weird campaign. Why addressingthefuroreovertheadvert. The cuts are part of what the Nether- The retailer aims to bring its stores spirit that the late Ingvar Kamprad, its eating spaghetti and pizza. A fashion- would they do it?’ Most people Last year Mr Gabbana named China lands-based group calls its biggest closer to its customers rather than rely founder,hadfostered. focused Instagram account repostedti were unsettled or angry. It seemed like asoneofD&G’sbiggestmarkets.
NOVEMBER 22 2018 Section:Companies Time: 21/11/2018 - 19:09 User: jon.wright Page Name: CONEWS1, Part,Page,Edition: LON, 16, 1 Thursday 22 November 2018 ★ FINANCIAL TIMES 17
COMPANIES Goldman counts cost of scandal in Malaysia
Postal Savings Bank of China’s $7.6bn A business built over Dirty linen public flotation in 2016 and ChemChina’s $44bn acquisition of Syn- decades has been hit genta, the Swiss agro-business group, in the same year. hard by dealings that Its brand is highly coveted, as under- lined when a Shenzhen-based company threaten the bank’s trading under the same Chinese charac- ters was caught offering its services ambitions elsewhere online in 2015. This sweep of lucrative Chinese deals in south-east Asia — was arranged under the watch of And- rea Vella, Goldman’s former co-head of but China beckons investment banking for Asia excluding Japan. However, this month Mr Vella DON WEINLAND — HONG KONG became the latest Goldman casualty in STEFANIA PALMA — SINGAPORE the 1MDB saga, raising questions over JAMIE SMYTH — SYDNEY the direction of the bank’s top leader- The action for one of the biggest scan- ship in the region. dals in Goldman Sachs’ history is cen- The US Department of Justice said tred in the US, where prosecutors have recently that an Italian partner at the charged two of the bank’s former execu- bank was a co-conspirator in the tives with money laundering and brib- scheme to embezzle billions from the ing foreign officials. Malaysian fund. Mr Vella, who is from Back in Asia, the Malaysian corrup- Rome, has not been charged but was tion scandal is still unfolding. The ques- quickly put on leave. tion now is how deep the rot goes and New leadership in Asia how serious the damage will be to Gold- man’s wider business in the region, Attention has now focused on Todd whichthebankhasbuiltoverdecades. Leland, who moved to Hong Kong late Do things the ‘Asianway’ last year as the bank’s co-president in the region alongside James Paradise, The impact of the 1MDB scandal has headofAsia-Pacificsecurities. been swift. Tim Leissner, the former Mr Vella and Kate Richdale, co- Goldman partner who has pleaded investment banking head, were both guilty to crimes in connection to the moved out of management roles in 1MDB scandal, left Goldman in 2016, by Goldman has cut a diminished figure in Malaysia since the scandal surrounding the 1MDB sovereign wealth fund came to light in 2015 — Reuters/Olivia Harris/File Photo October, prompting Mr Leland to be whichtimethebankhadalreadystarted appointed as the bank’s sole leader for to pull back in the region. Goldman slips down SE Asia … and vanishes from investment banking. The posting is Mr In 2013 it ranked number two in … but increases its Leland’s first in Asia, and it is viewed as investment banking for fees in south- investment league table … Malaysian banking scene … business in China a challenge for a banker fresh to the east Asia but only two years later, after Deal fees in the region ($m), market Investment banking fee Investment region. the public eruption of the scandal, it had leader and selected rivals included volume ($m) banking fees ($m) “This is not the job he moved here to 600 fallen to number 24, according to data HSBC JPMorgan Credit Suisse 600 do but he’s been doing it for several Citi DBS CIMB from Refinitiv. 140 500 500 months,”a Goldman colleague said. Alex Turnbull was a trader at Gold- The 1MDB case still threatens to pro- 120 400 400 man’s Singapore office in 2012 and 2013, Total Goldman duce more ugly surprises for Goldman. the time the bank advised 1MDB, the 100 The group’s shares in the US took their 300 300 80 sharpest one-day dive since 2011 earlier ‘The attitude among some 60 200 200 this month after Malaysia’s finance min- 40 istry said that it would seek a refund on Goldman 100 100 guyswas...“Sure,allof 20 the billions lost in the scandal. Goldman The bigger worry for Mr Leland and my clients are crooks”’ 0 0 0 2013 2014 2015 2016 2017 2018* 2008 10 11 12 13 14 15 16 17 18* 2008 10 11 12 13 14 15 16 17 18* his colleagues is that the reputational Alex Turnbull * To Nov 6 damage it suffers could be even more Source: Refinitiv expensive.
Malaysian sovereign wealth fund at the heart of the scandal. Mr Turnbull, son of Mr Leissner is credited with building the region. “The government-linked Malcolm Turnbull, former Australian the bank’s relationships with Malaysian companies haven’t touched them for prime minister, is scathing in his assess- tycoons and the government of Najib ages. The only good client they really ment of the bank’s approach to the Razak, the former prime minister, had apart from 1MDB in Malaysia was region. starting in 2008. Ananda Krishnan, but you haven’t seen He told the Financial Times: “The Government connections in Malaysia him using them either.” Mr Ananda, a attitude among some of the banking — reinforced by meetings between tycoon, could not be reached for guyswas...‘Sure,allofmyclients are Lloyd Blankfein, Goldman’s former comment. crooks, so how the fuck else am I going chief executive, and Mr Najib — initially Goldman’s office in Malaysia has been to deal with them?’ proved lucrative. State-run 1MDB hired slashed in size, with just an asset man- “They kind of took the view that if I Goldman to work on $6.5bn in bond agementteamremaining,accordingtoa want to get things done in Asia, then I deals that brought in about $600m in person familiar with the matter. Yusof will have to do it in the, quote unquote, fees, an uncommonly high rate for the Yaacob, the bank’s former chairman of ‘Asianway’...Maybethat is your opin- services. investment banking in Malaysia, left in ion but that is also a breach of US law.” Between 2008 and 2013, Goldman 2014 to join Deutsche Bank as chief Mr Turnbull has alleged that he was was the only western investment bank country officer. sidelined from his position after raising to rank among Malaysia’s top 10 fee Since the 1MDB scandal came to light questions over the Malaysia dealings. earners. in 2015, Goldman’s name has been Insiders at Goldman have rejected the At its peak in 2013, Malaysia gener- noticeably absent from sizeable deals claims, stating Mr Turnbull had no ated about $82m in investment banking done by large Malaysian investors, such exposure to 1MDB. fees for Goldman, or 70 per cent of its as Khazanah, the sovereign wealth fund. Mr Leissner told a court in August total fees for south-east Asia, according Nor has it won significant business from that it was “very much in line of its cul- to data from Refinitiv. The $600m Temasek and GIC, the largest investors ture of Goldman Sachs to conceal facts earned on work for 1MDB is not cap- in neighbouring Singapore, during that from certain compliance and legal tured in the fees data because it was time, according to a list of large merger employees”, according to a transcript earned on bond spreads. Banks often and acquisition deals on which the bank made public this month. say that third-party fees data fail to give has worked. Goldman has sought to portray the a complete picture of how they generate Instead its clientele in Malaysia has actions as the misdeeds of individuals revenues. included smaller groups such as Aus- rather than the broader cultural prob- Goldman’s brand has shown little sign tralia-listediProperty,andNavisCapital lems identified by Mr Turnbull and of recovery, taking 17th spot in south- Partners, a private equity house. It has MrLeissner. east Asia for fees as of the start of also worked on a few inbound deals, Last week, David Solomon, the chief November, bringing in only $27m. such as Bank of China (Hong Kong)’s executive, sent a voicemail to employ- Malaysia has generated no fees for the investment in Malaysia. ees in which he said he was “personally bank for the past two years, according to The flurry of south-east Asia deals outraged” by the “reprehensible” Refinitiv. Other markets such as Singa- under Mr Leissner stood out in the behaviour of “those individuals”, which poreandIndonesiaarealsodown. bank’s broader Asia business, which has was “inconsistent with the good work Bankers in the region argue that as focusedmostofitsresourcesonChina. and integrity that defines work that long as Malaysia’s ruling coalition, China focus endures 40,000 of you do every day”. which ousted Mr Najib, 1MDB’sfounder, Even if that message prevails, the rep- inMayelections,isinpower,Goldmanis Goldman has brought in about $640m utational damage is serious and Gold- likely to be shut out of the country, even this year in fees from Asia excluding man investors are braced for fines of at ifitreimbursesthebondfees. Japan, putting it behind Bank of China least several hundred million dollars. In “They’ve been persona non grata for and Citic. Business from China accounts Asia,though,theresponseismixed. some time,” said one senior banker in for just over half of that income — a Retreat from Malaysia 40 per cent increase on all of last year andarecordhighforthebank. “If you’re a big corporate and you’re in The bank made early inroads into early stage talks [with Goldman] on China, forging ties with some of the your next derivatives structuring, you country’s most important financiers. It can imagine people on the board saying, underwrote the initial public offering of ‘Do we really have to go with the guys Tsingtao Brewery in 1993, the first flota- involved in 1MDB?’,” said Kevin Kwek, tion of a Chinese company on the Hong an analyst at Sanford C Bernstein in Sin- Kong stock exchange, presaging tens of gapore. “On the other hand, these guys billions of dollars in similar deals. are Teflon and they have very deep rela- In 2004 it struck a deal with Fang Fen- tionships.” glei, the powerful Chinese financier, for In Malaysia, the bank’s alleged one of the first foreign securities joint involvement in a scheme that embez- ventures in the country. This arrange- zled $2.7bn from 1MDB is creating the ment, brokered by Henry Paulson, then toughest challenge for its business since chief executive, was hailed as a break- itexpandedintheregionadecadeago. through in China, ushering in several Mahathir Mohamad, the prime min- similar joint ventures by rivals. ister, has refused to rule out forcing the “The China presence for global banks bank out of the country, saying: “Gold- matters for perception, and because man Sachs has done things which are you’re bringing in global clients and wrong that they shouldn’t have done.” local knowhow,”said George Kuznetsov, When Goldman decided to target ‘[It was] very much in line head of research and analytics at Coali- Malaysia and the rest of south-east Asia of its culture to conceal tion, the financial services data pro- as part of a wider regional expansion 10 vider. years ago, that effort was led by facts from legal employees’ The escalating 1MDB scandal has not Mr Leissner in his position as then Tim Leissner, court transcript dissuaded China’s largest state groups chairman of south-east Asia. from hiring Goldman. It worked on 18 ★ FINANCIALTIMES Thursday 22 November 2018
COMPANIES
Technology Insurance Google to step up ad vetting for EU polls Generali sets aside US group tightens rules As part of Google’s EU election target citizens based on inferred politi- first time they will test these tools out- politicaladvertisingremain.“Facebook, project, every political campaign across cal leanings in the EU, which is different sidetheUS. despite its huge number of users, ulti- to counter propaganda the bloc will be required to verify their fromtheUSwherethatisacceptedprac- Facebook announced similar changes mately has more control over advertis- €4bn for and political interference identity and nationality before being tice,”Googlesaid. in October 2017 that would include dis- ing on its platform because it is a walled allowed to buy advertising on Google “In the US, they can very broadly closing in ads who paid for them. Face- ecosystem,”saidMartinMoore,lecturer platforms. Approved adverts will also target left-leaning and right leaning book said the new identity verification in political communications at King's MADHUMITAMURGIA growth havetodisplaywhopaidforthem. audiences.” would “help prevent abuse” by the “bad CollegeLondon. Googlewilllaunchanewsetoftranspar- “With these EU elections, there is no Google first pledged to make changes actorsthattrytomisuseourplatform”. “Google, on the other hand, is making ency tools in Europe ahead of the 2019 one law governing it. So we are creating to its political ad-buying policies late While experts acknowledged the muchofitsadrevenueontheopenweb. OLIVERRALPH European Parliament election, the lat- a pan-European policy to reflect the last year, after facing global political efforts being made by Google and Face- There are 14m publishers using Google INSURANCECORRESPONDENT est in a series of co-ordinated efforts by spiritoftheselaws,”saidGoogle. pressure regarding election meddling book, concerns about the scale of online AdSense and their whole system is Philippe Donnet, Generali’s chief exec- tech companies to combat the manipu- The search giant will also build a andfalsenewsinfectingtheirplatforms. designed deliberately to be as open and utive, has earmarked up to €4bn for lationofpublicvotes. searchable archive of every political ad After being grilled by US lawmakers ‘There are liable to be frictionless as possible. So there are lia- acquisitions as he pursues an aggres- Voters across the EU will choose hun- in real time, including information alongside tech giants Facebook and bletobemanyadsthatgetaroundthose sive plan to grow much faster than his dreds of new MEPs next May and Brus- about their purchasers, spending and Twitter on how Russian operatives many ads that get around systems,deliberatelyorunconsciously.” Europeanrivals. sels is concerned about online propa- reach. manipulated their ad services, Google Others worry about online election ganda from populist and Eurosceptic It will also show what age group, gen- saiditwouldtrialatransparencysystem those systems, deliberately policies being left to Silicon Valley Mr Donnet promised yesterday to forces and possible interference by der and location each campaign tries to for the first time for the US midterm or unconsciously’ corporations to craft, rather than increaseearnings6percentto8percent Russia. target. “We do not enable advertisers to elections in November. This will be the lawmakers. a year over the next three years — well ahead of the 4 per cent growth the Ital- ianinsurerhaspostedinrecentyears. It is also ahead of the targets set by its Airlines Aerospace & defence European rivals — Axa has promised growth of 3 per cent to 7 per cent, while Allianz is targeting 5 per cent. Both are Ryanair pilots due to update the market on their plans nextweek. Mr Donnet said that he would set angered by aside €3bn-€4bn to invest in growth, either organically or via acquisition, to recruitment help the company meet the ambitious objective. Merger and acquisition targets could for UK arm be in either existing or new markets. “We’ll consider any kind of insurance company that would help us to JOSHSPERO strengthenourmarketpositioninEuro- TRANSPORTCORRESPONDENT pean countries and any insurance com- Ryanair hasfurtherangeredsomeofits panythatwouldgiveusatopthreeposi- pilots by starting to recruit for a UK tion in a new market,”said the Generali unittoprotectagainstano-dealBrexit. chief. The insurer could also add to its asset Pilots say the salaries offered at the sub- sidiary undermine Ryanair’s claims about how much they earn, which the ‘We’ll consider any kind of airline insists would not be lower than insurance company that the parent group and can be up to €200,000(£178,000). would give us a top three Captains will receive basic pay of position in a new market’ £105,000 and first officers £55,000 as part of a “small number” of second- management operation, where it has mentstoRyanairUKfromJanuary. bought a series of specialists to create “There will be a lot of unhappy guys. whatitcallsa“multi-boutique”. Pay is well below what Ryanair keep This year Generali bought a majority banging on about [€200,000],” one stake in Paris-based Sycomore Asset pilotsaid. Management, which specialises in envi- Ryanair says on its corporate recruit- ronmental, social and governance ment website that it offers “industry investments. leading pay of up to €200,000 [a year] In a thinly-veiled dig at rival Axa, Mr as captain” and reiterated that figure Donnet said: “Wedon’t need to go out of in response to a Financial Times ques- our scope of expertise such as into cor- tion. porate business or reinsurance to find Brian Strutton, general secretary of growthopportunities.” the British Airline Pilots’ Association, Axa paid $15bn for XL Group, a spe- said:“ItisunclearwhyRyanairthinksit cialist insurance and reinsurance busi- needs to second existing UK pilots ness, this year, in a deal that sent the into its new UK [subsidiary]. This is Frenchgroup’ssharesdownatenth. potentially confusing, inflexible and Mr Donnet said he would consider bureaucratic.” share buybacks only if there was no bet- In an email to all pilots, Peter Bellew An Airbus A380 in Singapore. The group has appointed a new finance chief and a chief operating officer for its commercial aircraft business — Edgar Su/Reuters ter use of Generali’s capital, and added chief operating officer, invited applica- that he was confident of meeting his tions for a 12-month secondment to growth targets even without acquisi- Ryanair UK. “As part of our prepara- tions. tionsforBrexit,weareestablishingaUK Europe, where Generali generates airline to safeguard our flying rights in Airbus reshuffles leadership in generational shift most of its profits, will be a big source of theUK,”hewrote. expected growth. “People who say that “The process of applying to the UK European markets are fully mature are Civil Aviation Authority is under way,” FEDERICACOCCOANDSYLVIAPFEIFER officer for its commercial aircraft busi- sion before Mr Faury and who was seen Analysts widely expect a German to be wrong,”saidMrDonnet,whopointedto said Ryanair, which has 3,000 pilots at ness, replacing Britain’s Tom Williams by some as a natural heir to Mr Enders, namedasasuccessor. opportunities in central and eastern Airbus has appointed two new execu- 14UKbases. who is due to retire at the end of this wouldleaveinFebruarythisyear. Mr Faury said he was looking forward Europe and in other parts of the conti- tives to its top team as the European The carrier said that it would work year. TheappointmentofGerman-bornMr to working with Mr Asam at improving nent. aerospace group completes a genera- with Balpa and “we do not foresee The new hires complete a top-level Asam restores the national balance at thecompany’sfinancialperformance. “Europe is a wealthy part of the world tional shift in its leadership and seeks any difficulty with extending terms revamp at the group as it continues to thegroup.TheFrenchandGermangov- “Afinance expert with an engineering which is ageing. Old people and wealthy to meet challenging delivery targets by of Ryanair’s recognition agreement to grapplewithproductionissuesaswellas ernments both retain large sharehold- and wide industrial background is a people are a good business opportunity theendoftheyear. RyanairUK”. continuing investigations in Britain and ings in Airbus and previous chief execu- greatchoiceforthismission,”hesaid. forus,”hesaid. Ryanair UK is applying for an operat- The company yesterday said it had France into alleged bribery and corrup- tives have been either German or The appointments come as Airbus Most of the expected growth will inglicencefromtheUKregulatorforthe hired Dominik Asam, chief financial tion, which some think hastened the French. moves to meet end-of-year delivery tar- come from Generali’s operating busi- subsidiary, which has been created for officer at Infineon, the chipmaker, to departure of Tom Enders, Airbus chief At the time of Mr Faury’s appoint- gets. The company warned last month nesses, where Mr Donnet plans to cut flightswithinBritainshouldthecountry replace Harald Wilhelm, its long-serv- executive. ment, Airbus also said that Denis that disruptions following problems €200mofcosts. leavetheEUwithoutanagreement. ingfinancechief. The company in October announced Ranque,itsFrenchchairman,wouldnot with engine suppliers were making its He is also expecting to cut the com- The company is determined that the Mr Wilhelm announced in May plans that Guillaume Faury, the French-born seek extension of his role after 2020. target to deliver 800 aircraft by the end pany’s interest expense by reducing its parent company should remain EU- toleave.MrAsamwilltakeuptherolein head of its commercial aircraft division ofthisyeara“greaterstretch”. debt. ownedandcontrolled,whichwillenable April, after seven years at Infineon. He anddefactonumbertwo,wouldreplace Both Airbus and Boeing, its US rival, AmongtheothertargetsthatGenerali ittocontinuetoflyinthebloc. previously held executive roles at RWE MrEndersnextyear. The new hires complete are enjoying record order backlogs but laidoutfortheperiod2019to2021were The subsidiary will have one aero- andSiemens. Airbus last December announced Mr a revamp at the group as the unprecedented ramp-up in produc- an average return on equity of 11.5 per plane to start with, based at Stansted Airbus also announced that it had Enderswouldnotseekre-electionwhen tion has been frustrated by problems in cent, slightly ahead of what it has man- airportinEssex,buttheairlinesaidthat appointed Michael Schollhorn, cur- his term expires in April 2019. At the it continues to grapple the supply chain, in particular at engine aged in the past, and a dividend payout it expected to increase aircraft numbers rently chief operating officer at BSH same time, it confirmed that Fabrice with production issues manufacturers. Airbus had delivered ratioof55-65percent. inthecomingseasons. Home Appliances, as chief operating Brégier, who ran the civil aircraft divi- 584aircraftattheendofOctober. See Lex
Basic resources Financials Russia’sPhosAgro plans global expansion drive Greek state bank begins push to cut toxic loans
NASTASSIA ASTRASHEUSKAYA PhosAgro said yesterday that third- the next half-decade, Mr Guryev said. KERINHOPEATHENS— Meanwhile, Greece’sfinance ministry for NPLs could be set up with funding ANDHENRYFOY —MOSCOW quarter revenue rose more than a third While Russia, where fertiliser isputtingthefinishingtouchesonarival from the country’s international credi- Greece’s central bank will today unveil on the year to Rbs62.8bn ($955m), and demand has doubled over the past two planoriginallydrawnupbytheHellenic tors were dashed by the reluctance of PhosAgro, one of Russia’sleading ferti- itsplanforslashingthepileofnon-per- earnings before interest, tax, deprecia- years, remains a priority market, Phos- Financial Stability Fund, the body that theEUandIMFtobacksuchaproject. liser producers, plans to invest record forming loans clogging up the balance tion and amortisation increased 72 per Agro is also expanding internationally, manages the Greek state’s stakes in the “The Bank of Greece proposal earnings in a major international sheets of the nation’sbanks in an effort centtoRbs23.4bn. mainlyinEuropeandLatinAmerica. banks,withadvicefromBlackRock. amounts to an alternative solu- expansionpushasitseeksdouble-digit tohelpthemresumenormallending. outputgrowthoverthenextfiveyears. PhosAgro’s third-quarter free cash “We are opening offices around the The finance ministry appointed tion . . . In effect, the SPV would play flow rose fivefold on the year to globe, particularly in markets that are The proposal calls for Greece’sfive larg- JPMorgan Chase its adviser with a brief the role of the bad bank or asset man- PhosAgro plans to divert record free Rbs12.4bn, its highest ever as a public premium markets for us today such as est banks to transfer up to €7.5bn of to complete the second proposal, agementcompanyifitwentahead,”said cash flows to dividends and debt repay- company. Germany, France, Poland, Serbia, in deferred tax assets to a special purpose loosely modelled on last year’srescuefo oneGreekbanker. ment while also hedging potential dol- The company said it would pay a Latin America — in Sao Paulo — and we vehicle, which would then issue bonds Italy’s Banca Monte dei Paschi di Siena. Deferred tax assets were granted to lar-related risks, amid a boom in earn- Rbs9.3bn dividend for the quarter, will open an office in Buenos Aires in and use the profit to acquire about It would involve a state cash injection, the banks to offset losses suffered dur- ings for Russian commodity exporters almostdoubleitsguidancetoinvestors. November,”hesaid. €42bnoftheirnon-performingloans. but would only move €10bn-€15bn of ingarestructuringofGreekgovernment thanks to a weaker rouble and strong Mr Guryev, whose family is the com- Apreliminaryagreement bytheEUto “This transaction would help restore baddebtsoffthebanks’balancesheets. debt in 2012. They make up about 60 globalprices. pany’s largest shareholder, said inves- cap the level of cadmium in fertilisers confidenceintheGreekbankingsystem The country’s banks are under grow- percentofthecapitalinGreece’sbanks. “It looks like it is going to be a very torscouldexpectstrongdividendsanda sold in the bloc favours the company, by cutting the bad debt portfolio in ing pressure from the European Central It was not immediately clear whether good year,” the company’s chief execu- reduction in the company’s debt pile, whose products are cadmium-free, and half,”said Spyros Pantelias, the head of Banktoacceleratethe reductionofnon- the central bank’s plan could win the tive Andrei Guryev told the Financial with capital expenditures kept flat at couldhelpitincreasesalesinEurope. financial stability at the country’s cen- performing exposures. The toxic loans backingofEuropeaninstitutions. Timesinaninterview. about$500mayearin2018-20. That European push has coincided tralbank,whodevisedthescheme. amounted to €88bn in June, about half The EU’s competition directorate has “Thethirdquarterwasarecordonein PhosAgro, which increased fertiliser with PhosAgro replacing a third of its “It would also give the Greek banks the banks’ total loans, despite Greece not yet issued an opinion on whether terms of free cash flow; in the third output 50 per cent in the past five years, previously dollar-based foreign-cur- full access to the capital markets and exiting its third bailout programme and the tax credits could be considered as quarterweearnedmorethanweearned expects to keep up the pace with a 10 rency transactions with euro settle- allow them to channel fresh capital into itseconomy startingtogrowagain. illegal state aid if they were transferred intheentire2017,”hesaid. per cent annual production growth over mentsthisyear. theeconomy,”headded. EarlierGreekhopesthata“badbank” toaseparateunitsellingbonds.
NOVEMBER 22 2018 Section:Companies Time: 21/11/2018 - 19:20 User: jon.wright Page Name: CONEWS3, Part,Page,Edition: LON, 18, 1 Thursday 22 November 2018 ★ FINANCIAL TIMES 19
COMPANIES
Banks Technology Whistleblower lambasts UK over corruption
Former Danske executive through them it was out, clean and into the global financial system,”he said yes- says corporate structures terday. have been abused for years The scandal at Danske is the largest money laundering case yet uncovered and has led to the ousting of the Danish RICHARD MILNE NORDIC CORRESPONDENT lender’s chief executive and chairman as well as criminal investigations by the The UK whistleblower who exposed the US, Denmark and Estonia and the pros- €200bn money laundering scandal at pectofinvestorlawsuits. Danske Bank has hit out at the UK for its The case only became public due to roleinfacilitatingcorporatecorruption. the whistleblowing of Mr Wilkinson, Howard Wilkinson, a former Danske who has in recent weeks spoken to US executive in Estonia who sounded authoritiesinvestigatingDanske. the alarm on the alleged money laun- The revelations by Mr Wilkinson are dering, told a public hearing at the an embarrassing blow to the UK, which European Parliament that the UK was has pledged to crack down on the wave “worstofall”whenitcametocombating of hundreds of billions of pounds offi- Big presence: Facebook and similar technology companies have been the focus of concerns about corporate power in the US — David Paul Morris/Bloomberg corruption. cially estimated to flow through the “The role of the UK is an absolute dis- country annually. Talk about stopping grace. Limited liability partnerships dirty money — particularly from Russia and Scottish liability partnerships have — has stepped up since the March poi- been abused for absolutely years,” he soning of a former Russian spy and his Facebook poaches antitrust enforcer from DoJ added. daughter in the UK. Mr Wilkinson’s emails to Danske Stephen Kohn, Mr Wilkinson’s law- executives in 2013 and 2014 highlighted yer, called for a complete overhaul of KADHIM SHUBBER — WASHINGTON Patchen did not immediately respond to arguing that it fails to account for the The European Commission has inves- how UK entities were “the preferred European laws to protect those who a message sent via LinkedIn. Facebook market power of Silicon Valley giants. tigated US technology companies for Facebook has poached the US Depart- vehicle for non-resident clients” at the uncover financial crime. He said that and tech companies like it have been the Democratic lawmakers have pushed alleged anti-competitive behaviour. ment of Justice’s top antitrust enforcer heart of the scandal. He pointed out how Europe should adopt similar laws to the focus of concerns about corporate to update antitrust laws to allow for Margrethe Vestager, competition com- in Silicon Valley as it faces tougher one UK LLP was alleged to have links to US under which whistleblowers receive power in the US, a conversation that has tougher competition enforcement. Last missioner, has brought cases against scrutiny from lawmakers concerned both the family of Russian president a financial reward if their testimony been supercharged by criticisms of how September, 10 Democratic senators GoogleandislookingintoAmazon. about competition and corporate Vladimir Putin and Russian intelligence leadstofinesagainstcompanies. it dealt with challenges during the 2016 introduced legislation to address “the Facebook’s recruitment of Ms power. services. The Kremlin has denied Mr Bradley Birkenfeld, a former UBS presidentialelection. threatofeconomicconcentration”. Patchen is just one sign that the com- Putin has anything to do with Danske. banker who was represented by Mr Kate Patchen, who previously led the Earlier this month, Donald Trump, Last week, David Cicilline, the Demo- pany is responding to these threats by Mr Wilkinson was also critical of the Kohn, received $104m from the Inter- justice department’s antitrust office in US president, told Axios, in reference to crat who will chair the House antitrust bulking up its in-house antitrust exper- US,estimatingthat80-90percentofthe nal Revenue Service in 2012 for reveal- San Francisco, joined the social media Google, Facebook and Amazon: “I do subcommittee from January, said Face- tise. Ms Patchen was a 16-year veteran €200bn that passed through Danske’s ing a tax evasion scheme that led to the group as an associate general counsel on have a lot of people talking about book “cannot be trusted to regulate of the justice department and was pro- Estonian branch between 2007 and USrecovering$5bninbacktaxes. litigation matters this month, according monopoly when they mention those itself” and added that Congress should moted to chief of the antitrust division’s 2015 ended up in dollars through three He said: “The only issue is whether toherLinkedInprofile. threeinparticular.” enact “new laws to hold concentrated San Francisco office in 2016. correspondent banks. These are known you want to effectively combat fraud Ms Patchen’s appointment comes as For decades, US competition law has economic power to account”. Two weeks ago, Facebook also posted to be Deutsche Bank, JPMorgan and and corruption. If the answer to that is technology companies grapple with the been centred on consumer welfare, a job listing on LinkedIn for a lead Bank of America. yes, it has now been demonstrated that prospect of antitrust enforcement in the often measured by whether prices are counsel in Washington to handle com- On Monday, he claimed that $150bn you absolutely must incentivise and uti- US and Europe, and a steady drumbeat going up or down. The rise of companies Kate Patchen: petition issues. The recruitment effort is joins the social was converted into dollars by a corre- lise whistleblowers. The reason is obvi- of criticism from progressives, who such as Facebook, Amazon and Google, media group as an just one part of a broad attempt by Sili- spondentbank,knowntobeDeutsche. ous, you’ve heard from Mr Wilkinson: argue companies such as Facebook are whose products are typically cheap or associate general con Valley groups to deal with the possi- “[The three banks] were basically the youneedaninsider.” toobigandshouldbebrokenup. free for consumers, has led groups on counsel on bility of competition enforcement and last check — once the money got Additional reporting by Caroline Binham Facebook declined to comment. Ms the left to challenge this orthodoxy, litigation matters tougher regulation. 20 ★ FINANCIALTIMES Thursday 22 November 2018
UKCOMPANIES Briefs
Sage Mum of five beats the odds with £220m leadership prize at Bet365 Sales target dropped Sage, the UK’s largest listed technology company, said short- is not simply staff. She founded the remarkably transparent about Ms early trading. On the face of it, it was That leaves it, according to one of term revenue growth could slow business on family money. As a private Coates’ pay. You can’t take that away easy to see why. those analysts, with numbers that “are after unveiling plans to invest more Kate group, the company has no public from the group, any more than the A £120m exceptional charge, mainly a mess . . . cementing the sector’s toxic in shifting customers to the cloud. market obligations and is not citizens of Bournemouth and Islington relating to an impairment of the reputation”.It may take further margin Newcastle upon Tyne-based Burgess answerable to external shareholders. If can take away her pay. group’s oil rig business, was higher than strength, and alignment of statutory Sage, which develops software used the directors choose to increase Ms the £100m flagged — cutting statutory and reported numbers, to win back by more than half of British Coates’ pay by a tenth to £220m, or pre-tax profit 64 per cent to £65.1m. confidence. Until then, some investors businesses to pay their workers, boost contributions to her charity from Babcock: a pig of a job One analyst noted that the “yawning will want to stay upwind of its shares. has faced a difficult year that saw “Mum of five trousers obscene pile of £50m to £75m, as they did last year, gap between stated and adjusted chief executive Stephen Kelly dosh”,shout the newspapers of choice that is their business. A Pig’s Ear — according to dictionaries numbers does not automatically mean sacked over “execution” issues. in Bournemouth and Islington. They Also, Bet365 operates in an uber- of naval slang — is a piece of on-deck that Babcock is sailing close to the wind are outraged that Denise Coates, Ms Big competitive industry, yet still managed plumbing used by sailors on watch to in terms of its accounting policies . . . PatVal: an inspector calls in the world of online betting and chief to increase its revenue by 26 per cent in answer the call of nature, writes although the year to 2018 did raise A full six weeks after café chain executive of Bet365, was paid £220m the year to March, and its pre-tax Matthew Vincent. This may explain its some question marks”. Patisserie Holdings revealed and took home another £45m in profit by 28 per cent. That was even adoption as a synonym for a terrible A new warning that revenue from “potentially fraudulent” accounting dividends last year. What could anyone after a £21m loss made by the football mess. Naval contractor Babcocksi Babcock’s nuclear decommissioning irregularities, the Financial Reporting want with that all that cash? club it owns: Stoke City. Cash also rose doubtless familiar with both meanings work would be £250m lower, not Council reckons an investigation is in True, £220m is a humungous 28 per cent to £1.8bn, even after the — having been accused of making the £100m as previously guided, came order, writes Matthew Vincent. Initially, number. It is possibly the biggest boss- dividend payout more than doubled latter for some time. And, judging by completely out of the blue. the regulator had said it would only New chief Steve Hare, Sage’s bung this year and way above the pay from £36.5m to £90m. the reaction to its half-year results, it is However, Babcock’s stickier problem consider action “as more facts become former finance chief, said the packages of listed company executives. A century ago, US satirist Ambrose now doing so into the wind. is not insufficient flagging — it is available”.But none would appear to company had dropped a midterm That includes the £75m paid to Jeff Bierce noted how the gambling known Yesterday, Babcock reported scrubbing away the lingering mess on have done so since October 22. That organic revenue growth target of 10 Fairburn, Persimmon chief executive, as business sniffed at the business underlying operating profit ahead of deck. Babcock says it cannot clear up leaves two possibilities: a) the FRC is per cent and would invest £60m which was eventually deemed so known as gambling. That sniffing is expectations, at £279.6m, an improved stories about problems with submarine now in possession of facts not being next year and possibly sell older damaging to the builder’s reputation louder now with politicians seeking to margin of 10.9 per cent — unheard of at refits because of national security disclosed to shareholders; or b) it really parts of the business. Aliya Ram that the board shooed him out. tackle the evils of addiction. It doesn’t other outsourcers — net debt falling to considerations. Nor can it do more is as quick on the uptake as Inspectors However, Bet365 is a private help that Bet 365 won’t provide a 1.4 times earnings, and a dividend up than rebut claims about its relationship Lestrade, Clouseau and Knacker. Indivior company almost entirely owned by Ms geographical breakdown of where and 3.6 per cent on stronger cash flow. But with the Ministry of Defence, because Coates and the two other board how it achieves such sector-beating the market blew all of this back in its its anonymous accuser, Boatman [email protected] Stock slips further members who share her surname. She performance. Still, Bet 365’s filings are face. Babcock shares fell 11 per cent in Capital, is yet to surface. [email protected] Shares in addiction treatment specialist Indivior sustained a second day of severe losses after the loss of a key court battle. Financials The shares closed down 47 per cent on Tuesday after the US federal court of appeals lifted a temporary injunction against Dr Reddy’s Laboratories, which makes FCA looks to a generic rival to its top drug Suboxone Film. The injunction had prevented the sale or import to the US of DRL’s version of the opioid widen proposed addiction treatment. Indivior said yesterday it would challenge the ruling and implement a contingency plan, without revealing details, as its shares fell ban on exit fees 11 per cent. Camilla Hodgson Johnson Matthey Investment platforms say members face reductions in their funds iftheywithdrawmoneyearly. Catalysts in demand any clampdown must The FCA is conducting a review of the Speciality chemicals maker Johnson encompass wider sector with-profitssectorandintroducedacap Matthey surprised investors with on early exit charges for pensions of earnings ahead of expectations in 1percentin2016. KATEBEIOLEY the six months to September, FTSE 100 fund supermarket Har- driven by strong demand in Europe The UK financial regulator is consider- greaves Lansdown, said it had told the for exhaust catalysts. ing broadening a proposed ban on exit FCA that any ban on exit fees should be Sales rose 10 per cent to £7.1bn, fees to include the largest wealth man- applied “across all investment services while underlying operating profit agers and pension companies, following andnotonlyplatforms”. was up 8 per cent to £271m. Shares pressurefromonlinerivals. “Ifyouhaveabaninoneplacebutnot closed 13 per cent higher. TheFinancialConductAuthoritypro- another, it distorts the market and we The company said revenues in its posed banning the fees retail investors are very keen that if this ban happens it clean air division grew by a tenth to are charged when they leave online in- shouldhappenacrosstherangeoffinan- £1.3bn. Tighter emissions vestment platforms such as Hargreaves cial products, whether insurance prod- regulations in Europe also drove Lansdown andAJBell inJuly,aspartofa uctsorwhatever,”itsaid. market share in light duty diesel probeintothesector. “Platformsshouldnotbesingledout,” catalysts to 60 per cent, from 45 However, industry insiders said the itadded. per cent last year. Andrew Whiffin regulator was now looking at a wider Hargreaveschargesitscustomers£25 consultation into banning exit fees for a per asset and a £25 flat fee to move Extra Energy farbroaderrangeoffinancialproviders. moneytoanotherprovider. TheUK’smajorinvestmentplatforms Rival platform AJ Bell, which charges Another goes bust have argued that they should not be £25 per holding to transfer to another UK electricity and gas supplier treated differently to the other financial provider said: “It would be bizarre if the Extra Energy ceased trading, service and pension providers, which FCA banned exit fees outright for plat- Kingfisher said it was to withdraw from what RBC analysts had forecast. becoming the sixth small provider alsochargesignificantexitfees. forms and said nothing about the far Taking flight peripheral markets such as Russia, Chief Véronique Laury said the to go bust in 2018. The scope of such a review has not more egregious penalties that exist in Portugal and Spain as it concentrates company’s action plan for France The company’s 108,000 domestic been defined, but could draw in myriad otherpartsofthemarket. on fixing problems in its French unit. had now been implemented. and 21,000 business customers will companies and providers, such as St “The issue of exit fees goes far wider Kingfisher The home improvement group Ms Laury’s team is midway be transferred to a new supplier by James’sPlace, which charges an upfront than just investment platforms. And we added that trading at Castorama, one through a complex “One Kingfisher” the energy regulator Ofgem, which exitfeeof6percentonthevalueofa would expect the FCA to consider all leaves smaller of its two French brands, remained programme designed to unify yesterday announced proposals to customer’s assets for those who take adjacent markets at the same timeot difficult. Same-store sales there fell 7.3 ranges and processes, modernise IT make it more difficult for new theirmoneyoutinthefirstyear. ensurethereisalevelplayingfield.” per cent in the third quarter, reflecting and cut costs. However, few analysts energy suppliers to get a licence in Industry insiders said the FCA had Platforms are already under pressure markets weak footfall and what it termed believe the programme will ever a bid to tackle the growing number acknowledgedtheissueinprivatemeet- to scrap their own exit fees before any “transformation related activity”. deliver the £500m of additional of failed ventures in the sector. ings and was receptive to the idea of a ban, following the decision by Interac- Kingfisher has been losing market profit that was pledged in 2016. Efforts to increase competition consultationnextyear,whentheregula- tive Investor, the second-largest in the share to rival Leroy Merlin and start-up In the UK, B&Q remains the have prompted a spate of new tor is expected to unveil new rules for UK, to ditch theirs in October.However, Mano Mano. The head of its French market leader; while market entrants in recent years. The the online platform sector. An enlarged companies including the Share Centre operations was replaced earlier this conditions have been difficult, it has number of electricity and gas review could also include exit fees and AJ Bell have argued that such year. The drop in same-store sales at been helped by the troubles at rival suppliers jumped from 14 in 2011 to charged on old-style with-profits funds, charges are necessary to cover the costs Castorama in the third quarter is twice Homebase. Jonathan Eley 73 in June. Myles McCormick collective investment schemes whose ofswitchinginvestors’moneytorivals. Charles Platiau/Reuters
Retail Aerospace & defence Swann bows out from travel food group SSP Babcock shares fall on low investor sentiment
CAMILLAHODGSONANDALICEHANCOCK Caffè Ritazza across 140 airports and and “a culture of constantly driving up SYLVIAPFEIFERANDDAVIDBOND in 2019-20 of about £250m, up from lying performance “is solid”, he added. 280 train stations, the group expanded efficiency gains is now embedded in the previous expectations of about £100m, Analysts at RBC Capital Markets, who SSP chief executive Kate Swann will Babcock International shares fell to win more contracts and delivered business”. while operating profit is expected to be have been critical of the company, said step down next year, the travel food sharply in morning trading as interim margin improvements, said Greg John- Mr Smith’s appointment echoes Ms down about £20m. The contract ends the results “do little to restore confi- retailer said yesterday, as it reported a results from Britain’s second-largest son,analystatShoreCapital. Swann’s last succession plan: she was nextAugust. dence in either the management of this jump in full-year profits driven by con- defence contractor failed to reassure SSP’smarketcapitalisationhasgrown replaced as chief of WH Smith by Thecompanyrevealedithadagreeda businessoritsnear-termoutlook”. tract wins and an expanding global investorsoveritsperformance. from £1bn when it listed to £3.35bn. In Stephen Clarke, whom she had hired newdealwiththeMinistryofDefence. Shares in the company have halved presence. the year to September 30 it reported an from Argos, where she had previously Babcock revealed that pre-tax profits SharesinBabcockdroppedmorethan over the past four years amid concerns The FTSE 250 executive, who spent a 8percentincreaseinrevenueto£2.6bn, been managing director. In 2014, for the six months to September had 10percenttoalowof521pinearlytrad- about its financial performance due to decade at the head of stationery and like-for-like sales up 3 per cent and a 26 shortly after joining SSP, she recruited fallen 64 per cent to £65.1m on the back ing yesterday even as the company reit- poor investor sentiment in the out- books chain WH Smith, will leave at the percentjumpinprofitbeforetax. hernow-successorfromWHSmith. of an exceptional charge of £120m due erated guidance that it expected low sourcing sector and delays in govern- end of May to be succeeded by SSP’sUK Ms Swann pointed to a rise in travel- Before she goes, Ms Swann said she to the restructuring of its oil and gas single-digit underlying organic revenue mentdefencespending. andIrelandCEO,SimonSmith. lers eating on the go and the group’s had some big projects to oversee, business as well as the closure of its growthatconstantexchangerates“with MrBethelconcededthecompanyhad Ms Swann, 53, joined the relatively expanding global footprint as drivers of including SSP’s entry into South Amer- AppledoreshipyardinDevon.Revenues improved margins to last year”. Shares had “a difficult few months”. The most unknown SSP in 2013 enticed by a gen- year-on-year growth, but said it was ica with two contracts in Brazil worth a weredown2.7percentto£2.25bn. recoveredto566pbytheafternoon. damaging accusation, he told analysts, erous annual bonus deal on top of a time to leave the business to someone totalof£70movernineyears. Thegroupalsowarnedthattheendof Archie Bethel, chief executive, had been that its relationship with the £750,000salary,andreceived£1.35min “smarterandyounger”. SSP said the 2019 financial year had its contract to decommission the UK’s expressed frustration at the company’s MoD, its biggest customer, was poor. cash for guiding the company through a The news of her exit stoked investor started in line with expectations and it Magnox nuclear reactors was likely to share price performance. “We are the “That is simply not true,” insisted Mr successfulinitialpublicofferingin2015. nerves and shares in SSP fell 7 per cent. expected full-year like-for-like sales result in a bigger drop in revenues than most undervalued business in the stock Bethel. “Our relationship is strong, During her tenure at SSP,which oper- However, Mr Johnson said the appoint- growthintherangeof2-3percent. expected next year. It said it expected a market at the moment,” he told the robustandproductive,”headded. ates outlets including Upper Crust and ment of Mr Smith provides continuity SeeLex “step down in revenue” for the contract Financial Times. The company’sunder- See Lombard
NOVEMBER 22 2018 Section:Companies Time: 21/11/2018 - 19:27 User: jon.wright Page Name: CONEWS5, Part,Page,Edition: LON, 20, 1 Thursday 22 November 2018 FINANCIAL TIMES 21
www.ft.com/work-careers/recruitment 22 ★ FINANCIALTIMES Thursday 22 November 2018
MARKETDATA
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 $ -0.35% -0.175% -0.312% 0.95% 1.45% 0.62% 1.47% 1.12% 0.51% 0.67% 0.306% 0.225% 2.86% 0.11% Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison AMERICAS EUROPE ASIA Oct 22 - - Index All World Oct 22 - Nov 21 Index All World Oct 22 - Nov 21 Index All World Oct 22 - Nov 21 Index All World Oct 22 - Nov 21 Index All World Oct 22 - Nov 21 Index All World S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
7,050.23 22,010.78 2,106.10 2,740.69 15,285.17 15,181.84 6,955.21 11,274.28 11,244.17 2,076.55 2,667.10 21,507.54 Day 0.95% Month -3.66% Year 3.26% Day 2.05% Month -1.88% Year -5.58% Day 1.47% Month 0.09% Year -4.79% Day 1.61% Month -1.48% Year NaN% Day -0.35% Month -4.55% Year -3.39% Day -0.29% Month -3.70% Year -17.85%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore 47,437.45 7,437.54 25,971.47 1,399.72 8,960.60 3,078.06 3,038.65 1,392.96 8,726.10 25,346.55 7,009.16 41,970.11 Day 1.45% Month -5.92% Year 3.20% Day 0.41% Month -11.49% Year -12.86% Day 1.12% Month -1.90% Year -8.22% Day NaN% Month NaN% Year NaN% Day 0.51% Month 1.60% Year -11.24% Day 0.39% Month -0.78% Year -10.27%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai 35,199.80 86,845.58 2,651.51 25,191.43 84,219.74 4,967.69 4,975.50 18,802.47 18,731.55 2,594.83 34,134.38 24,618.29 Day 0.62% Month -3.28% Year 5.04% Day -1.20% Month 3.14% Year 18.28% Day 1.03% Month -2.15% Year -6.83% Day 1.41% Month -1.83% Year -16.10% Day 0.21% Month 3.96% Year -21.84% Day -0.77% Month 2.58% Year 5.52%
Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Argentina Merval 30667.53 29714.68 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 20528.44 20276.27 Philippines Manila Comp 7265.45 7302.94 Taiwan Weighted Pr 9741.52 9743.99 Cross-Border DJ Global Titans ($) 295.90 293.91 Australia All Ordinaries 5722.10 5759.20 Czech Republic PX 1067.79 1060.02 FTSE Italia Mid Cap 34124.89 34103.73 Poland Wig 56310.45 55205.54 Thailand Bangkok SET 1617.33 1612.03 Euro Stoxx 50 (Eur) 3156.77 3116.07 S&P/ASX 200 5642.80 5671.80 Denmark OMXC Copenahgen 20 900.64 898.25 FTSE MIB 18731.55 18471.38 Portugal PSI 20 4859.96 4829.53 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 968.23 957.82 S&P/ASX 200 Res 3945.30 4060.20 Egypt EGX 30 13731.12 13906.31 Japan 2nd Section 7236.72 7284.05 PSI General 2851.06 2829.90 UAE Abu Dhabi General Index 4970.87 5079.75 FTSE 4Good Global ($) 6434.59 6395.95 Austria ATX 3075.92 3029.49 Estonia OMX Tallinn 1200.57 1188.87 Nikkei 225 21507.54 21583.12 Romania BET Index 8535.50 8499.23 UK FT 30 2919.90 2927.90 FTSE All World ($) 316.44 314.32 Belgium BEL 20 3471.36 3430.46 Finland OMX Helsinki General 9091.84 9045.11 S&P Topix 150 1317.90 1325.19 Russia Micex Index 2357.97 2341.60 FTSE 100 7050.23 6947.92 FTSE E300 1399.72 1384.18 BEL Mid 6630.49 6565.59 France CAC 40 4975.50 4924.89 Topix 1615.89 1625.67 RTX 1127.42 1116.85 FTSE 4Good UK 6419.85 6329.26 FTSE Eurotop 100 2718.22 2688.62 Brazil Bovespa 86845.58 87900.83 SBF 120 3964.54 3923.96 Jordan Amman SE 1952.44 1963.49 Saudi-Arabia TADAWUL All Share Index 7514.36 7504.94 FTSE All Share 3857.89 3805.04 FTSE Global 100 ($) 1622.95 1612.88 Canada S&P/TSX 60 911.06 891.96 Germany M-DAX 23304.69 23003.77 Kenya NSE 20 2796.02 2801.72 Singapore FTSE Straits Times 3038.65 3026.99 FTSE techMARK 100 4454.37 4429.85 FTSE Gold Min ($) 1254.31 1253.64 S&P/TSX Comp 15181.84 14877.00 TecDAX 2525.82 2479.84 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 330.16 329.68 USA DJ Composite 8242.26 8181.95 FTSE Latibex Top (Eur) 4440.00 4432.20 S&P/TSX Div Met & Min 785.79 816.66 XETRA Dax 11244.17 11066.41 Latvia OMX Riga 953.57 940.47 Slovenia SBI TOP 811.39 814.82 DJ Industrial 24618.29 24465.64 FTSE Multinationals ($) 1828.40 1856.91 Chile S&P/CLX IGPA Gen 26054.31 25955.81 Greece Athens Gen 599.95 593.05 Lithuania OMX Vilnius 635.53 634.45 South Africa FTSE/JSE All Share 51318.02 51067.78 DJ Transport 10393.48 10212.94 FTSE World ($) 562.09 558.37 China FTSE A200 8513.22 8494.16 FTSE/ASE 20 1571.00 1548.58 Luxembourg LuxX 1465.71 1425.29 FTSE/JSE Res 20 39066.89 39182.27 DJ Utilities 722.57 727.65 FTSEurofirst 100 (Eur) 3924.65 3880.23 FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 25971.47 25840.34 Malaysia FTSE Bursa KLCI 1695.37 1710.71 FTSE/JSE Top 40 45121.63 44843.58 Nasdaq 100 6615.17 6526.96 FTSEurofirst 80 (Eur) 4410.99 4356.84 Shanghai A 2776.56 2770.67 HS China Enterprise 10486.07 10466.11 Mexico IPC 41970.11 41797.37 South Korea Kospi 2076.55 2082.58 Nasdaq Cmp 7009.16 6908.82 MSCI ACWI Fr ($) 475.87 483.72 Shanghai B 283.43 281.79 HSCC Red Chip 4266.16 4278.60 Morocco MASI 11210.37 11143.56 Kospi 200 268.27 269.58 NYSE Comp 12194.24 12048.66 MSCI All World ($) 1976.91 2009.61 Shanghai Comp 2651.51 2645.85 Hungary Bux 39431.33 39058.30 Netherlands AEX 517.34 510.47 Spain IBEX 35 8960.60 8866.50 S&P 500 2667.10 2641.89 MSCI Europe (Eur) 1460.44 1478.17 Shenzhen A 1449.76 1441.88 India BSE Sensex 35199.80 35474.51 AEX All Share 761.74 752.03 Sri Lanka CSE All Share 5950.19 5947.90 Wilshire 5000 27510.39 27202.93 MSCI Pacific ($) 2549.23 2574.18 Shenzhen B 889.23 889.93 Nifty 500 8940.30 8960.15 New Zealand NZX 50 8672.40 8720.30 Sweden OMX Stockholm 30 1476.48 1456.85 Venezuela IBC 516.41 551.97 S&P Euro (Eur) 1473.27 1454.91 Colombia COLCAP 1389.24 1423.09 Indonesia Jakarta Comp 5948.05 6005.30 Nigeria SE All Share 32222.24 32058.28 OMX Stockholm AS 543.86 537.82 Vietnam VNI 922.56 919.02 S&P Europe 350 (Eur) 1440.12 1423.71 Croatia CROBEX 1733.14 1756.44 Ireland ISEQ Overall 5892.34 5817.30 Norway Oslo All Share 965.40 976.97 Switzerland SMI Index 8841.48 8769.45 S&P Global 1200 ($) 2219.71 2199.91 Israel Tel Aviv 125 1449.55 1473.50 Pakistan KSE 100 41419.24 41352.77 Stoxx 50 (Eur) 2908.58 2877.33 (c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive. STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS AMERICA LONDON EURO MARKETS TOKYO Nov 21 %Chg %Chg Nov 21 %Chg %Chg Nov 21 %Chg %Chg Nov 21 %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 Amazon.com 45.1 1535.12 39.66 Hsbc Holdings 170.7 660.10 17.50 Telefonica 349.4 7.40 0.08 Softbank . 681.2 8865.00 62.00 Fresnillo 912.60 11.6 -36.4 Btg 828.00 25.7 9.7 Debenhams 6.66 26.3 -81.1 Electronic & Electrical Equip. 6264.14 5.3 -4.6 Apple 30.2 177.75 0.77 Bp 166.7 530.70 11.70 Total 313.3 49.41 0.55 Toyota Motor 540.6 6715.00 -2.00 Randgold Resources Ld 6606.00 9.9 -11.3 Centamin 109.10 16.8 -31.4 Lonmin 48.12 20.2 -42.4 Mining 17156.07 3.9 -8.3 Facebook 19.6 136.30 3.87 British American Tobacco 142.5 2723.00 -3.50 Asml Holding 297.1 145.30 4.02 Nissan Motor Co., 489.1 954.10 3.40 Antofagasta 824.20 8.2 -17.7 Spectris 2328.00 11.4 -5.7 Circassia Pharmaceuticals 65.00 14.8 -34.0 Beverages 22406.28 3.2 3.2 Nvidia 19.3 145.49 -3.59 Diageo 137.0 2825.00 15.00 Volkswagen Ag Vzo O.n. 288.2 152.36 6.60 Sony 379.3 5686.00 -23.00 Compass 1697.00 7.6 7.4 Intermediate Capital 1028.00 11.3 -9.8 Acacia Mining 187.65 11.7 -7.5 Personal Goods 36614.33 2.8 1.0 Netflix 13.1 266.39 -0.59 Royal Dutch Shell 137.0 2410.50 53.50 Inditex 269.1 25.55 0.62 Mitsubishi Ufj Fin,. 374.6 635.80 -2.90 Micro Focus Int 1491.00 7.3 -40.0 Pz Cussons 244.00 10.7 -23.8 Findel 215.00 7.5 5.1 Oil & Gas Producers 8893.05 2.5 -1.4 Microsoft 12.5 103.94 2.23 Glaxosmithkline 136.5 1576.20 -6.00 Intesa Sanpaolo 242.2 1.93 0.05 Takeda Pharmaceutical 349.9 4319.00 -157.00 Johnson Matthey 3141.00 7.2 2.4 Plus500 Ltd 1421.00 10.2 61.2 Mitie 156.90 5.3 -17.8 Forestry & Paper 20218.47 2.2 -2.6 Advanced Micro Devices 7.9 18.88 -0.33 Vodafone 135.7 158.04 4.42 Royal Dutch Shella 242.0 27.01 0.50 Fast Retailing Co., 343.0 57450.00 -820.00 Reckitt Benckiser 6703.00 4.1 -1.4 Telecom Plus 1340.00 9.7 10.4 Purecircle 305.00 5.0 -33.8 Chemicals 14211.70 1.6 0.8 Alphabet 7.3 1044.52 18.76 Compass 124.2 1697.00 24.00 Unilever Dr 222.1 48.80 0.00 Tokyo Electron 317.2 15355.00 710.00 Halma 1350.00 3.9 7.7 Kaz Minerals 544.40 9.2 -39.1 Blackrock Frontiers Investment Trust 138.50 4.7 -14.2 Industrial Metals 4876.39 1.1 26.8 Alphabet 7.1 1050.88 20.43 Glencore 116.0 296.05 0.15 Sap Se O.n. 216.8 89.30 1.26 Sumitomo Mitsui Fin,. 248.6 4156.00 -37.00 Carnival 4604.00 3.8 -6.1 Hochschild Mining 162.75 8.1 -38.1 Liontrust Asset Management 640.00 4.2 30.5 Software & Computer Services 1715.94 1.0 - Boeing (the) 4.9 317.50 -0.20 Rio Tinto 109.7 3850.00 42.00 Siemens Ag Na 213.0 100.76 1.84 Fanuc 232.7 18575.00 -20.00 Rio Tinto 3850.00 3.8 -3.5 Polymetal Int 785.00 7.2 -14.9 Wanton 244.00 3.8 3.4 Index - Technology Hardware & Equipment 946.46 0.8 - Bhp Billiton 1602.00 3.7 4.8 Lancashire Holdings 645.00 7.1 -6.7 Rps 147.00 3.8 -46.5 Fixed Line Telecommunication 2976.80 0.6 -4.7 BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's Bp 530.70 3.6 2.6 Ultra Electronics Holdings 1520.00 6.7 8.6 Gulf Marine Services 35.50 3.8 -21.3 Travel & Leisure 9366.94 0.6 -8.1 price change chng% price change chng% price change chng% price change chng% Ups Ups Ups Ups Losers Losers Losers Losers Foot Locker 52.34 6.25 13.56 Johnson Matthey 3141.00 364.00 13.11 Getinge Ab Ser. B 8.69 1.01 13.21 Dainippon Screen Mfg.co., 5650.00 360.00 6.81 Royal Bank Of Scotland 216.50 -12.7 -21.9 Indivior 97.78 -53.9 -75.7 Electra Private Equity 459.00 -45.0 -50.7 Electricity 6907.90 -4.9 - Autodesk 133.73 10.68 8.68 Paragon Banking 445.20 33.80 8.22 Iliad 110.30 5.60 5.35 Tokyo Electron 15355.00 710.00 4.85 Persimmon 2101.00 -10.7 -23.6 Cybg 206.60 -24.3 -37.9 Kcom 59.70 -36.0 -33.9 Life Insurance 7329.14 -4.9 - L Brands 29.74 1.91 6.86 Nmc Health 3678.00 270.00 7.92 Stmicroelectronics 12.55 0.57 4.76 Tokai Carbon Co., 1655.00 76.00 4.81 Barratt Developments 494.40 -9.4 -24.3 Premier Oil 77.85 -16.9 1.9 Allied Minds 44.40 -24.7 -73.1 Industrial Transportation 2420.15 -4.3 - Newfield Exploration 18.78 1.10 6.22 Wizz Air Holdings 2969.00 172.00 6.15 Infineon Tech.ag Na O.n. 17.70 0.80 4.70 Advantest 2248.00 96.00 4.46 Easyjet 1134.50 -9.2 -24.4 Charter Court Fin Services 249.80 -14.9 -10.0 Independent Investment Trust 543.00 -12.4 -17.6 Construction & Materials 5288.39 -3.8 - Wynn Resorts 106.98 6.03 5.97 Melrose Industries 177.10 9.85 5.89 Ses 18.51 0.83 4.66 Minebea Co., 1698.00 65.00 3.98 Royal Mail 316.90 -8.9 -30.4 Capita 109.60 -12.8 -73.3 Pendragon 23.15 -11.0 -18.8 Real Estate Investment Trusts 2875.22 -3.1 -9.1 Taylor Wimpey 148.00 -8.7 -28.9 Thomas Cook 45.00 -11.9 -63.9 Xp Power 2250.00 -10.0 -34.8 Industrial Engineering 10919.65 -3.0 - Downs Downs Downs Downs Legal & General 240.50 -8.5 -11.0 Electrocomponents 550.60 -11.6 -10.9 Oxford Instruments 844.00 -9.7 2.2 General Retailers 2148.22 -2.8 - Johnson & Johnson 142.06 -4.39 -3.00 Indivior 97.78 -12.17 -11.07 Endesa 19.73 -0.54 -2.64 Takashimaya , 1593.00 -302.00 -15.94 Ashtead 1752.50 -7.9 -10.9 Bovis Homes 923.40 -11.3 -21.6 Lsl Property Services 235.00 -9.6 -16.1 Tobacco 32638.50 -2.8 -40.1 Best Buy Co 61.69 -1.84 -2.90 Ssp 627.50 -57.30 -8.37 Edf 14.50 -0.18 -1.23 Olympus 3310.00 -315.00 -8.69 Berkeley Holdings (the) 3409.00 -6.8 -19.2 Onesavings Bank 341.60 -11.2 -16.5 Mears 333.00 -8.8 -17.4 Support Services 7253.40 -2.8 -9.5 Abbvie 85.65 -2.44 -2.77 Babcock Int 566.00 -28.20 -4.75 Luxottica 50.62 -0.54 -1.06 Nippon Light Metal Holdings , 232.00 -10.00 -4.13 St. James's Place 996.00 -6.1 -19.5 Ssp 627.50 -10.5 -11.0 Low & Bonar 27.10 -8.1 -48.9 Oil Equipment & Services 12674.95 -2.0 -1.6 Nvidia 145.49 -3.59 -2.41 Computacenter 1036.00 -34.00 -3.18 Fresenius Se+co.kgaa O.n. 49.39 -0.47 -0.94 Takeda Pharmaceutical 4319.00 -157.00 -3.51 Ferguson 4749.00 -5.9 -15.7 Games Workshop 2825.00 -10.2 11.4 Biffa 217.00 -7.9 -15.4 Food & Drug Retailers 3606.02 -1.7 10.9 Philip Morris Int 84.69 -1.86 -2.15 Kingfisher 238.80 -7.50 -3.05 Terna 4.82 -0.04 -0.88 Dentsu . 4835.00 -175.00 -3.49 Gvc Holdings 775.50 -5.5 -17.9 Kier 790.00 -9.7 -27.7 Kenmare Resources 202.50 -7.7 -27.9 General Industrials 5499.69 -1.6 - Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index Based on last week's performance. †Price at suspension. CURRENCIES DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Nov 21 Currency Mid Change Mid Change Mid Change Nov 21 Currency Mid Change Mid Change Mid Change Nov 21 Currency Mid Change Mid Change Mid Change Nov 21 Currency Mid Change Mid Change Mid Change Argentina Argentine Peso 36.2500 -0.0625 41.3035 -0.1345 46.3200 -0.2471 Indonesia Indonesian Rupiah 14605.0000 20.0000 16641.0395 -2.6312 18662.1828 -41.5722 Poland Polish Zloty 3.7770 -0.0019 4.3035 -0.0087 4.8262 -0.0198 ..Three Month 0.7832 0.0028 0.8914 0.0018 - - Australia Australian Dollar 1.3769 -0.0002 1.5689 -0.0026 1.7594 -0.0066 Israel Israeli Shekel 3.7292 -0.0006 4.2491 -0.0071 4.7651 -0.0179 Romania Romanian Leu 4.0929 0.0040 4.6634 -0.0026 5.2298 -0.0137 ..One Year 0.7850 0.0028 0.8904 0.0018 - - Bahrain Bahrainin Dinar 0.3770 - 0.4296 -0.0007 0.4817 -0.0017 Japan Japanese Yen 112.9750 0.3450 128.7244 0.1969 144.3586 -0.0778 Russia Russian Ruble 65.8663 -0.0925 75.0484 -0.2203 84.1634 -0.4219 United States United States Dollar - - 1.1394 -0.0017 1.2778 -0.0046 Bolivia Bolivian Boliviano 6.9100 - 7.8733 -0.0120 8.8295 -0.0318 ..One Month 112.9748 0.3445 128.7245 0.1969 144.3584 -0.0780 Saudi Arabia Saudi Riyal 3.7520 0.0003 4.2751 -0.0063 4.7943 -0.0170 ..One Month - - 1.1391 -0.1430 1.2780 -0.0046 Brazil Brazilian Real 3.7926 0.0318 4.3213 0.0297 4.8461 0.0233 ..Three Month 112.9741 0.3432 128.7245 0.1969 144.3580 -0.0788 Singapore Singapore Dollar 1.3725 -0.0014 1.5638 -0.0039 1.7537 -0.0081 ..Three Month - - 1.1384 -0.1430 1.2784 -0.0046 Canada Canadian Dollar 1.3295 0.0062 1.5148 0.0048 1.6988 0.0018 ..One Year 112.9714 0.3378 128.7245 0.1971 144.3584 -0.0799 South Africa South African Rand 13.9069 -0.1481 15.8456 -0.1932 17.7701 -0.2540 ..One Year - - 1.1355 -0.1430 1.2802 -0.0046 Chile Chilean Peso 669.3900 -1.4550 762.7073 -2.8266 855.3412 -4.9482 Kenya Kenyan Shilling 102.3000 -0.6000 116.5613 -0.8629 130.7181 -1.2405 South Korea South Korean Won 1131.7000 5.9500 1289.4662 4.8180 1446.0772 2.4192 Venezuela Venezuelan Bolivar Fuerte ------China Chinese Yuan 6.9392 0.0006 7.9066 -0.0114 8.8669 -0.0312 Kuwait Kuwaiti Dinar 0.3042 0.0003 0.3466 -0.0002 0.3886 -0.0011 Sweden Swedish Krona 9.0500 -0.0005 10.3116 -0.0164 11.5640 -0.0424 Vietnam Vietnamese Dong 23353.0000 16.0000 26608.6244 -22.3922 29840.3244 -86.9821 Colombia Colombian Peso 3201.9900 11.7950 3648.3688 7.8814 4091.4772 0.3816 Malaysia Malaysian Ringgit 4.1945 0.0050 4.7792 -0.0016 5.3597 -0.0129 Switzerland Swiss Franc 0.9954 0.0017 1.1342 0.0003 1.2720 -0.0023 European Union Euro 0.8777 0.0013 - - 1.1215 -0.0023 Costa Rica Costa Rican Colon 600.1950 1.1450 683.8660 0.2609 766.9244 -1.2953 Mexico Mexican Peson 20.2163 -0.1999 23.0345 -0.2633 25.8322 -0.3494 Taiwan New Taiwan Dollar 30.8825 -0.0295 35.1877 -0.0875 39.4614 -0.1800 ..One Month 0.8774 0.0013 - - 1.1214 -0.0023 Czech Republic Czech Koruna 22.8283 0.0065 26.0107 -0.0324 29.1698 -0.0968 New Zealand New Zealand Dollar 1.4616 -0.0023 1.6653 -0.0052 1.8676 -0.0097 Thailand Thai Baht 32.9750 0.0050 37.5719 -0.0517 42.1352 -0.1454 ..Three Month 0.8767 0.0013 - - 1.1211 -0.0023 Denmark Danish Krone 6.5487 0.0094 7.4617 -0.0007 8.3679 -0.0181 Nigeria Nigerian Naira 363.5000 - 414.1742 -0.6333 464.4774 -1.6738 Tunisia Tunisian Dinar 2.9141 0.0015 3.3203 -0.0034 3.7235 -0.0115 ..One Year 0.8738 0.0013 - - 1.1201 -0.0023 Egypt Egyptian Pound 17.9090 0.0220 20.4056 -0.0061 22.8840 -0.0543 Norway Norwegian Krone 8.5407 -0.0010 9.7313 -0.0161 10.9132 -0.0407 Turkey Turkish Lira 5.3154 -0.0830 6.0564 -0.1040 6.7920 -0.1309 Hong Kong Hong Kong Dollar 7.8328 0.0027 8.9247 -0.0106 10.0087 -0.0327 Pakistan Pakistani Rupee 133.9750 - 152.6520 -0.2334 171.1922 -0.6169 United Arab Emirates UAE Dirham 3.6731 -0.0001 4.1851 -0.0065 4.6934 -0.0170 Hungary Hungarian Forint 282.3021 0.8886 321.6568 0.5222 360.7234 -0.1603 Peru Peruvian Nuevo Sol 3.3769 -0.0056 3.8477 -0.0123 4.3150 -0.0227 United Kingdom Pound Sterling 0.7826 0.0028 0.8917 0.0018 - - India Indian Rupee 71.4850 - 81.4505 -0.1245 91.3430 -0.3292 Philippines Philippine Peso 52.3600 -0.0400 59.6593 -0.1369 66.9052 -0.2924 ..One Month 0.7828 0.0028 0.8916 0.0018 - - Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata UK SERIES FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY Produced in conjunction with the Institute and Faculty of Actuaries Nov 21 Nov 20 Nov 19 Nov 16 Nov 15 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 2919.90 2927.90 2927.40 2945.90 3001.10 0.00 3384.10 2883.20 Tech Hardware & Eq 34.68 Aerospace & Defense -4.77 Industrials -10.84 FTSE 100 Price Change FTSE 100 Price Change Nov 21 chge% Index Nov 20 Nov 19 ago yield% Cover ratio adj Return FT 30 Div Yield 2.07 2.08 2.07 2.06 2.06 0.00 3.93 2.74 Industrial Metals & 33.07 Health Care Eq & Srv -5.63 Food Producers -12.11 3I Group PLC 849.00 16.40 London Stock Exchange Group PLC 4000 54.00 FTSE 100 (100) 7050.23 1.47 6164.27 6947.92 7000.89 7419.02 4.31 1.97 11.78 289.88 6217.60 P/E Ratio net 21.60 21.49 21.55 21.62 21.64 0.00 19.44 14.26 Pharmace & Biotech 16.72 Gas Water & Multi -5.89 Electricity -12.13 Admiral Group PLC 2003 26.50 Marks And Spencer Group PLC 300.20 2.70 FTSE 250 (250) 18584.94 1.19 16249.48 18366.36 18540.09 20013.86 3.13 2.17 14.72 485.59 13997.44 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Health Care 14.12 Leisure Goods -6.14 Financials -13.32 Anglo American PLC 1698.4 32.60 Melrose Industries PLC 177.10 9.85 FTSE 250 ex Inv Co (196) 19631.86 1.15 17164.84 19408.09 19572.73 21407.58 3.31 1.92 15.75 536.17 15099.37 FT 30 hourly changes Food & Drug Retailer 8.36 Fixed Line Telecomms -6.30 Household Goods & Ho -13.79 Antofagasta PLC 824.20 29.00 Micro Focus International PLC 1491 41.50 FTSE 350 (350) 3908.57 1.43 3417.40 3853.57 3884.08 4127.98 4.12 2.00 12.17 151.06 6901.61 8 9 10 11 12 13 14 15 16 High Low Automobiles & Parts 4.61 Basic Materials -6.70 Real Est Invest & Se -13.81 Ashtead Group PLC 1752.5 44.00 Mondi PLC 1796 45.00 FTSE 350 ex Investment Trusts (295) 3866.81 1.42 3380.89 3812.64 3841.80 4089.36 4.18 1.95 12.26 151.89 3519.92 2927.9 2904.2 2909.2 2907.7 2935.2 2915.2 2915 2912.4 2926.3 2935.2 2901.5 Media 4.10 Utilities -7.34 Financial Services -14.56 Associated British Foods PLC 2505 43.00 Morrison (Wm) Supermarkets PLC 251.15 5.55 FTSE 350 Higher Yield (103) 3573.92 1.44 3124.80 3523.11 3548.41 3796.08 5.63 1.79 9.93 183.73 6734.55 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Beverages 2.15 NON FINANCIALS Index -7.37 General Retailers -16.13 Astrazeneca PLC 6200 -49.00 National Grid PLC 853.30 6.50 FTSE 350 Lower Yield (247) 3878.85 1.41 3391.41 3824.90 3858.38 4071.79 2.40 2.55 16.35 95.17 4389.29 Personal Goods 1.12 FTSE SmallCap Index -8.03 Banks -17.47 Aviva PLC 411.90 6.50 Next PLC 5200 54.00 FTSE SmallCap (284) 5390.87 0.37 4713.43 5371.15 5421.50 5785.19 3.63 1.99 13.82 165.80 8050.31 Oil Equipment & Serv 0.58 Mining -8.16 Consumer Goods -17.47 Bae Systems PLC 516.20 7.00 Nmc Health PLC 3678 270.00 FTSE SmallCap ex Inv Co (158) 4496.34 0.32 3931.31 4481.99 4521.17 5025.45 3.88 1.55 16.69 140.01 7054.83 FX: EFFECTIVE INDICES Chemicals 0.09 Support Services -8.57 Life Insurance -17.70 Barclays PLC 166.64 5.10 Ocado Group PLC 759.00 6.00 FTSE All-Share (634) 3857.89 1.39 3373.09 3805.04 3835.37 4076.76 4.10 2.00 12.22 147.99 6884.68 Oil & Gas -1.75 FTSE 100 Index -8.77 Construct & Material -19.43 Barratt Developments PLC 494.40 9.80 Paddy Power Betfair PLC 7160 60.00 FTSE All-Share ex Inv Co (453) 3791.12 1.40 3314.71 3738.85 3767.53 4014.03 4.18 1.94 12.33 148.31 3506.30 Nov 20 Nov 19 Mnth Ago Nov 21 Nov 20 Mnth Ago Oil & Gas Producers -1.80 Real Est Invest & Tr -8.86 Technology -24.03 Berkeley Group Holdings (The) PLC 3409 58.00 Pearson PLC 953.40 15.80 FTSE All-Share ex Multinationals (564) 1125.00 1.45 815.24 1108.97 1120.68 1225.60 4.02 1.66 14.99 38.90 2108.83 Australia --- Sweden --- Equity Invest Instr -2.15 FTSE All{HY-}Share Index -8.97 Telecommunications -26.35 Bhp Billiton PLC 1602 16.60 Persimmon PLC 2101 28.00 FTSE Fledgling (101) 10313.89 0.08 9017.80 10305.24 10374.13 10706.46 3.21 1.75 17.86 262.27 20062.66 Canada --- Switzerland --- Forestry & Paper -4.31 Travel & Leisure -9.45 Industrial Transport -26.67 BP PLC 530.70 11.70 Prudential PLC 1555.5 32.00 FTSE Fledgling ex Inv Co (51) 15125.40 0.22 13224.68 15092.78 15240.48 15351.06 3.63 -0.64 -43.13 436.63 28863.72 Denmark --- UK 77.68 77.74 78.76 Consumer Services -4.37 Industrial Eng -9.60 Software & Comp Serv -26.70 British American Tobacco PLC 2723 -3.50 Randgold Resources LD 6606 220.00 FTSE All-Small (385) 3763.42 0.35 3290.49 3750.22 3784.83 4031.82 3.60 1.98 13.99 114.69 7212.60 Japan --- USA --- Nonlife Insurance -4.43 Electronic & Elec Eq -9.62 Mobile Telecomms -34.01 British Land Company PLC 592.60 15.60 Reckitt Benckiser Group PLC 6703 123.00 FTSE All-Small ex Inv Co (209) 3393.09 0.32 2966.70 3382.41 3412.12 3777.99 3.87 1.46 17.68 105.35 6745.17 New Zealand --- Euro --- FTSE 250 Index -10.31 Tobacco -39.94 Bt Group PLC 257.50 2.90 Relx PLC 1625 26.00 FTSE AIM All-Share (806) 930.39 0.33 813.47 927.31 946.98 1029.23 1.52 1.40 46.89 12.18 1042.51 Norway --- Bunzl PLC 2325 11.00 Rentokil Initial PLC 319.00 1.20 FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Burberry Group PLC 1754.5 25.50 Rightmove PLC 426.25 1.65 Oil & Gas (15) 9262.39 2.30 8098.44 9054.39 9184.21 8917.54 5.33 1.23 15.31 493.65 9300.40 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Carnival PLC 4604 143.00 Rio Tinto PLC 3850 42.00 Oil & Gas Producers (10) 8924.57 2.29 7803.07 8724.45 8846.09 8573.85 5.36 1.24 15.11 478.77 9284.60 Centrica PLC 145.75 0.15 Rolls-Royce Holdings PLC 814.40 29.40
Oil Equipment Services & Distribution (5)13262.24 2.47 11595.65 12942.95 13371.22 14051.07 3.73 0.61 44.04 487.46 10816.73 FTSE GLOBAL EQUITY INDEX SERIES Coca-Cola Hbc AG 2298 54.00 Royal Bank Of Scotland Group PLC 216.50 5.70 Basic Materials (28) 5879.57 1.58 5140.72 5788.07 5908.89 5903.12 4.77 2.49 8.41 282.83 6401.22 Compass Group PLC 1697 24.00 Royal Dutch Shell PLC 2450 56.00 Chemicals (8) 15147.77 5.11 13244.24 14411.09 14787.42 14901.12 2.07 2.39 20.21 280.88 13928.18 Nov 19 No of US $ Day Mth YTD Total YTD Gr Div Nov 19 No of US $ Day Mth YTD Total YTD Gr Div Crh PLC 2153 24.00 Royal Dutch Shell PLC 2410.5 53.50 Forestry & Paper (1) 22062.06 2.57 19289.65 21509.28 21656.69 20521.66 3.17 3.13 10.06 700.08 24973.71 Regions & countries stocks indices % % % retn % Yield Sectors stocks indices % % % retn % Yield Croda International PLC 4800 80.00 Royal Mail PLC 316.90 3.10 Industrial Metals & Mining (2) 5252.65 1.28 4592.58 5186.11 5467.94 3611.82 6.83 2.81 5.22 531.83 5455.37 FTSE Global All Cap 7875 546.01 -1.0 -2.2 -6.2 801.89 -4.1 2.5 Oil & Gas Producers 108 366.01 -0.2 -0.2 -2.7 634.43 0.5 3.8 Dcc PLC 5745 190.00 Rsa Insurance Group PLC 538.80 7.00 Mining (17) 16388.95 1.12 14329.44 16206.92 16533.08 16660.27 5.13 2.47 7.89 840.82 9379.52 FTSE Global Large Cap 1439 483.99 -0.9 -2.2 -5.4 730.52 -3.2 2.6 Oil Equipment & Services 33 260.05 0.6 0.6 -17.4 394.85 -14.7 4.2 Diageo PLC 2825 15.00 Sage Group PLC 548.20 12.00 FTSE Global Mid Cap 1769 722.07 -0.9 -1.5 -8.0 1001.90 -6.3 2.3 Basic Materials 257 475.72 -0.4 -0.4 -12.7 755.53 -10.2 3.3 Industrials (105) 4857.52 1.21 4247.10 4799.23 4853.08 5423.13 2.83 1.79 19.74 122.66 5181.73 Direct Line Insurance Group PLC 317.70 3.40 Sainsbury (J) PLC 312.10 5.30 Construction & Materials (15) 5567.92 2.03 4868.23 5456.95 5509.45 6690.85 3.02 0.39 85.24 168.59 6125.03 FTSE Global Small Cap 4667 754.98 -1.2 -3.1 -8.7 1011.78 -7.2 2.1 Chemicals 119 710.10 -0.5 -0.5 -11.9 1126.06 -9.8 2.7 Easyjet PLC 1134.5 24.00 Schroders PLC 2496 46.00 Aerospace & Defense (9) 4818.22 1.95 4212.74 4726.29 4793.86 5028.61 2.61 3.46 11.09 110.59 5327.36 FTSE All-World 3208 319.50 -0.9 -2.0 -5.8 496.07 -3.7 2.6 Forestry & Paper 18 277.94 -0.7 -0.7 -9.8 490.55 -7.2 3.2 Evraz PLC 522.40 7.20 Scottish Mortgage Investment Trust PLC 477.60 19.25 General Industrials (8) 4448.22 1.91 3889.24 4364.66 4460.47 5161.31 3.44 1.16 25.04 148.48 5290.10 FTSE World 2618 567.56 -1.0 -2.4 -5.3 1182.92 -3.2 2.6 Industrial Metals & Mining 66 395.49 -1.0 -1.0 -18.9 627.60 -16.4 3.8 Experian PLC 1828 29.00 Segro PLC 605.40 3.60 Electronic & Electrical Equipment (10) 7439.84 0.26 6504.92 7420.51 7169.36 8391.54 1.87 2.23 23.95 122.44 6954.91 FTSE Global All Cap ex UNITED KINGDOM In 7558 569.48 -1.0 -2.2 -5.7 822.52 -3.7 2.4 Mining 54 586.30 0.3 0.3 -10.7 942.26 -6.9 4.3 Ferguson PLC 4749 -39.00 Severn Trent PLC 1914 25.50 Industrial Engineering (11) 12119.46 0.71 10596.48 12033.43 12280.89 13562.49 2.48 1.71 23.63 289.55 15235.85 FTSE Global All Cap ex USA 6008 459.90 0.0 -1.3 -12.8 728.50 -10.4 3.2 Industrials 578 375.00 -1.1 -1.1 -9.7 554.74 -8.0 2.2 Fresnillo PLC 912.60 -1.60 Shire PLC 4584 -46.00 Industrial Transportation (6) 3875.35 1.61 3388.36 3814.04 3834.80 5009.45 5.57 0.79 22.72 170.22 3666.34 FTSE Global All Cap ex JAPAN 6537 559.13 -1.1 -2.1 -5.9 829.04 -3.8 2.6 Construction & Materials 117 461.85 -0.3 -0.3 -17.0 714.10 -15.3 2.5 Glaxosmithkline PLC 1576.2 -6.00 Smith & Nephew PLC 1394 9.00 Support Services (46) 7089.87 0.68 6198.93 7041.80 7128.06 7759.44 2.71 1.96 18.85 163.41 7602.50 FTSE Global All Cap ex Eurozone 7189 569.02 -1.0 -2.2 -5.3 819.22 -3.3 2.4 Aerospace & Defense 29 764.27 -2.2 -2.2 -0.6 1118.19 1.1 2.0 Glencore PLC 296.05 0.15 Smith (Ds) PLC 341.80 2.80 FTSE Developed 2191 517.21 -1.0 -2.5 -4.9 765.83 -2.8 2.5 General Industrials 58 201.76 -0.9 -0.9 -15.9 324.04 -14.1 2.8 Consumer Goods (42) 18532.22 0.75 16203.38 18394.61 18349.89 21872.20 3.92 4.55 5.61 667.45 14409.30 Gvc Holdings PLC 775.50 29.00 Smiths Group PLC 1402.5 18.50 FTSE Developed All Cap 5762 542.46 -1.1 -2.6 -5.2 792.82 -3.2 2.5 Electronic & Electrical Equipment 78 397.68 -0.5 -0.5 -13.8 536.60 -12.5 1.7 Automobiles & Parts (1) 7666.07 0.59 6702.72 7621.36 7645.75 7155.89 2.04 0.00 0.00 291.29 7676.34 Halma PLC 1350 - Smurfit Kappa Group PLC 2290 118.00 FTSE Developed Large Cap 927 479.48 -1.0 -2.6 -4.4 721.66 -2.2 2.6 Industrial Engineering 108 705.30 -0.5 -0.5 -18.4 1030.35 -16.7 2.5 Beverages (5) 22435.87 0.64 19616.49 22292.53 22143.77 20730.68 2.33 1.83 23.45 508.38 16440.84 Hargreaves Lansdown PLC 1824.5 20.00 Sse PLC 1129.5 7.00 FTSE Developed Europe Large Cap 246 337.20 -0.2 -1.8 -12.6 590.16 -9.6 3.8 Industrial Transportation 103 685.90 -0.3 -0.3 -4.4 1016.74 -2.5 2.3 Food Producers (12) 7511.90 1.64 6567.92 7390.59 7399.50 8567.14 2.34 2.16 19.78 100.30 6641.13 HSBC Holdings PLC 660.10 17.50 St. James's Place PLC 996.00 -0.40 FTSE Developed Europe Mid Cap 346 550.02 -0.4 -2.8 -13.8 853.96 -11.5 3.2 Support Services 85 388.95 -2.0 -2.0 1.5 548.66 3.1 1.7 Household Goods & Home Construction (15)13613.39 1.70 11902.67 13386.22 13330.22 14632.73 4.40 2.27 9.99 573.77 10214.05 Imperial Brands PLC 2574.5 14.50 Standard Chartered PLC 595.30 16.90 FTSE Dev Europe Small Cap 738 762.05 -0.4 -4.3 -16.1 1143.23 -14.0 3.1 Consumer Goods 435 448.39 -0.1 -0.1 -12.0 685.79 -10.0 2.8 Leisure Goods (2) 9083.90 1.51 7942.38 8948.48 9176.65 8910.72 5.28 1.34 14.15 407.87 8865.06 Informa PLC 722.80 18.60 Standard Life Aberdeen PLC 259.85 5.30 FTSE North America Large Cap 289 577.31 -1.7 -3.0 0.7 808.16 2.5 2.1 Automobiles & Parts 109 357.54 0.3 0.3 -20.6 530.88 -18.5 3.3 Personal Goods (5) 31919.01 0.44 27907.93 31780.22 31837.45 31885.07 3.03 2.82 11.70 941.32 22540.40 Intercontinental Hotels Group PLC 4223 105.00 Taylor Wimpey PLC 148.00 2.35 FTSE North America Mid Cap 400 809.14 -1.6 -1.4 -3.6 1048.88 -2.2 1.8 Beverages 45 638.80 0.3 0.3 -5.1 986.85 -3.5 2.6 Tobacco (2) 32638.55 0.07 28537.06 32616.77 32579.85 54477.64 5.79 7.81 2.21 1676.42 22455.67 International Consolidated Airlines Group S.A. 641.00 11.20 Tesco PLC 207.20 3.20 FTSE North America Small Cap 1388 824.82 -2.0 -3.7 -4.1 1036.75 -2.8 1.7 Food Producers 107 594.80 -0.1 -0.1 -6.1 932.67 -3.8 2.5 Health Care (21) 10889.69 -0.38 9521.24 10931.49 10851.84 9272.51 3.15 1.08 29.37 339.84 8834.61 Intertek Group PLC 4556 -41.00 Tui AG 1250.5 23.50 FTSE North America 689 382.30 -1.7 -2.7 -0.1 547.25 1.6 2.1 Household Goods & Home Construction 45 413.49 -0.2 -0.2 -12.2 630.47 -9.8 2.9 Health Care Equipment & Services (9) 7253.65 1.87 6342.13 7120.54 7210.90 7583.12 1.80 2.83 19.58 125.36 6433.61 Itv PLC 150.10 3.75 Unilever PLC 4279.5 9.50 FTSE Developed ex North America 1502 242.55 0.0 -2.1 -12.2 413.44 -9.6 3.3 Leisure Goods 31 195.87 0.1 0.1 -18.2 262.88 -17.2 1.2 Pharmaceuticals & Biotechnology (12)14946.02 -0.61 13067.84 15037.95 14897.84 12421.45 3.29 0.98 30.98 488.07 10850.45 Johnson Matthey PLC 3141 364.00 United Utilities Group PLC 778.00 15.40 FTSE Japan Large Cap 197 360.64 0.8 -3.2 -8.8 481.27 -6.9 2.3 Personal Goods 85 736.29 -0.9 -0.9 -2.5 1058.43 -0.7 2.0 Just Eat PLC 574.60 24.20 Vodafone Group PLC 158.04 4.42 Consumer Services (91) 4996.94 1.56 4369.01 4920.06 4944.85 4914.97 2.97 1.97 17.07 131.47 4875.14 FTSE Japan Mid Cap 323 591.16 0.4 -3.2 -10.7 752.60 -9.2 1.9 Tobacco 13 1029.03 0.0 0.0 -26.9 2248.21 -24.2 5.3 Food & Drug Retailers (6) 3754.53 1.65 3282.72 3693.59 3706.14 3162.75 1.98 2.07 24.41 73.06 4510.86 Kingfisher PLC 238.80 -7.50 Whitbread PLC 4613 75.00 FTSE Global wi JAPAN Small Cap 818 644.11 0.8 -3.5 -13.5 848.51 -12.0 1.9 Health Care 203 532.72 -0.8 -0.8 5.9 787.63 7.9 1.9 General Retailers (27) 2094.01 0.74 1830.86 2078.68 2076.50 2408.93 3.84 1.42 18.38 69.79 2513.45 Land Securities Group PLC 859.80 22.20 Wood Group (John) PLC 634.00 14.00 FTSE Japan 520 152.97 0.7 -3.2 -9.2 228.78 -7.3 2.2 Health Care Equipment & Services 79 973.91 -2.3 -2.3 10.7 1150.01 11.7 1.0 Media (19) 7978.12 1.78 6975.56 7838.83 7961.75 7382.23 3.15 2.13 14.91 211.02 5121.14 Legal & General Group PLC 240.50 - Wpp PLC 863.00 16.60 FTSE Asia Pacific Large Cap ex Japan 529 637.39 0.0 1.1 -14.5 1042.54 -12.1 3.2 Pharmaceuticals & Biotechnology 124 366.67 0.0 0.0 3.9 570.24 6.3 2.4 Travel & Leisure (39) 9166.03 1.67 8014.18 9015.39 9014.53 9348.86 2.86 2.09 16.77 238.55 9017.30 Lloyds Banking Group PLC 56.23 0.87 FTSE Asia Pacific Mid Cap ex Japan 478 820.51 0.5 2.8 -15.9 1287.13 -13.5 3.4 Consumer Services 398 471.16 -1.6 -1.6 -0.5 642.35 0.8 1.6 Telecommunications (6) 2543.39 2.17 2223.77 2489.33 2519.80 3254.78 7.38 0.77 17.52 127.55 3099.99 FTSE Asia Pacific Small Cap ex Japan 1470 509.28 0.6 1.1 -17.4 782.49 -15.4 3.1 Food & Drug Retailers 58 289.04 0.0 0.0 -1.2 415.98 1.0 2.3 Fixed Line Telecommunications (4) 3021.86 1.08 2642.12 2989.46 3012.29 2979.77 5.86 1.43 11.90 119.53 2996.71 FTSE Asia Pacific Ex Japan 1007 502.08 0.0 1.3 -14.6 872.32 -12.3 3.2 General Retailers 129 723.36 -2.7 -2.7 4.5 955.51 5.5 1.2 UK STOCK MARKET TRADING DATA Mobile Telecommunications (2) 3504.71 2.76 3064.30 3410.64 3460.86 5030.83 8.19 0.52 23.36 195.75 3841.70 FTSE Emerging All Cap 2113 691.01 0.2 2.4 -14.4 1073.16 -12.0 3.1 Media 79 332.40 -0.5 -0.5 -3.1 454.86 -1.7 1.7 Utilities (8) 7006.06 0.85 6125.65 6946.93 6795.37 7564.64 6.13 1.27 12.85 353.29 8629.80 FTSE Emerging Large Cap 512 661.78 0.1 2.2 -13.6 1034.99 -11.3 3.0 Travel & Leisure 132 452.64 -1.0 -1.0 -5.5 626.10 -4.0 2.0 Nov 21 Nov 20 Nov 19 Nov 16 Nov 15 Yr Ago Electricity (3) 6892.21 0.82 6026.11 6836.20 6728.73 7975.04 7.66 0.38 34.13 532.33 11003.53 FTSE Emerging Mid Cap 505 845.97 0.4 3.4 -14.7 1307.16 -12.1 3.6 Telecommunication 89 150.35 0.7 0.7 -9.5 298.91 -5.7 4.7 ------Gas Water & Multiutilities (5) 6658.52 0.86 5821.79 6601.77 6447.01 7048.41 5.73 1.59 11.02 288.72 8151.69 FTSE Emerging Small Cap 1096 673.13 0.5 2.5 -19.7 1002.17 -17.6 3.3 Fixed Line Telecommuniations 38 125.49 0.4 0.4 -7.1 276.60 -2.6 5.3 Order Book Turnover (m) 183.26 69.58 97.88 97.88 97.88 76.09 Financials (303) 4718.18 1.86 4125.27 4632.12 4700.52 5213.62 4.16 1.79 13.45 187.26 4615.06 FTSE Emerging Europe 86 344.56 0.3 1.5 -11.6 576.14 -7.4 5.7 Mobile Telecommunications 51 158.78 1.2 1.2 -12.8 280.74 -9.8 3.9 Order Book Bargains 1042744.00 876945.00 1018573.00 1018573.00 1018573.00 1221485.00 Banks (10) 3802.37 2.57 3324.55 3707.18 3776.28 4375.77 4.77 1.34 15.61 182.70 2995.84 FTSE Latin America All Cap 240 866.32 -0.6 -1.8 -6.6 1386.57 -4.1 3.1 Utilities 165 274.13 0.4 0.4 -0.7 559.49 2.7 3.6 Order Book Shares Traded (m) 1418.00 1312.00 1541.00 1541.00 1541.00 1793.00 Nonlife Insurance (10) 3597.40 1.21 3145.33 3554.47 3541.99 3512.89 3.49 1.46 19.65 124.49 6652.65 FTSE Middle East and Africa All Cap 258 664.07 1.2 4.7 -15.4 1076.45 -13.1 3.4 Electricity 110 304.89 0.4 0.4 0.8 614.08 4.1 3.5 Total Equity Turnover (£m) 5478.92 4246.59 6042.15 6042.15 6042.15 4865.15 Life Insurance/Assurance (7) 7438.85 1.41 6504.05 7335.15 7520.76 8774.29 4.73 1.47 14.38 345.84 7707.36 FTSE Global wi UNITED KINGDOM All Cap In 317 318.37 0.0 -2.3 -13.9 563.30 -10.7 4.2 Gas Water & Multiutilities 55 280.97 0.6 0.6 -3.4 590.78 0.2 3.8 Total Mkt Bargains 1161827.00 988944.00 1135733.00 1135733.00 1135733.00 1342366.00 Real Estate Investment & Services (18) 2494.66 0.67 2181.17 2478.18 2495.17 2698.65 2.72 2.92 12.55 55.50 6891.57 FTSE Global wi USA All Cap 1867 658.85 -1.8 -2.8 0.1 892.94 1.7 2.0 Financials 729 235.15 -0.2 -0.2 -9.0 400.02 -6.4 3.3 Total Shares Traded (m) 4273.00 3925.00 3999.00 3999.00 3999.00 4694.00 Real Estate Investment Trusts (39) 2613.71 1.41 2285.26 2577.41 2602.35 2660.52 4.32 1.68 13.74 102.71 3454.87 FTSE Europe All Cap 1485 396.21 -0.2 -2.1 -13.2 668.13 -10.4 3.7 Banks 244 200.60 0.0 0.0 -13.5 369.39 -10.5 4.1 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable. General Financial (38) 8215.94 1.72 7183.49 8077.22 8093.12 9134.77 4.14 2.21 10.94 268.48 9853.13 FTSE Eurozone All Cap 686 385.39 -0.3 -2.3 -14.2 651.53 -11.7 3.4 Nonlife Insurance 72 272.16 0.1 0.1 -0.1 406.54 2.1 2.3 (c) Market closed. Equity Investment Instruments (181) 9846.29 1.21 8608.96 9728.71 9863.92 10005.01 2.59 3.71 10.42 229.31 5578.45 FTSE RAFI All World 3000 3164 6538.44 -0.4 -1.8 -7.6 8991.13 -5.0 3.3 Life Insurance 55 218.01 0.2 0.2 -13.6 363.28 -11.0 3.4 Non Financials (331) 4585.48 1.23 4009.25 4529.80 4555.43 4769.36 4.08 2.07 11.85 173.83 7168.18 FTSE RAFI US 1000 1030 11330.05 -0.9 -2.1 -1.8 15347.83 0.3 2.6 Financial Services 164 295.42 -1.5 -1.5 -3.9 417.29 -2.2 2.1 Technology (15) 1733.30 1.57 1515.48 1706.56 1744.26 2348.79 3.07 1.64 19.85 49.73 2308.44 FTSE EDHEC-Risk Efficient All-World 3208 381.76 -0.7 -1.5 -5.9 547.55 -3.9 2.5 Technology 206 262.71 -3.2 -3.2 -2.1 328.34 -0.8 1.6 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed Software & Computer Services (13) 1927.93 1.59 1685.66 1897.71 1941.37 2708.53 3.10 1.67 19.36 57.18 2714.70 FTSE EDHEC-Risk Efficient Developed Europe 592 301.96 -0.4 -2.5 -10.8 476.98 -8.4 3.1 Software & Computer Services 105 454.56 -3.5 -3.5 -1.8 536.89 -1.0 0.9 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor Technology Hardware & Equipment (2) 2559.39 0.97 2237.77 2534.72 2537.16 1934.49 2.22 0.94 47.94 39.43 3069.49 Oil & Gas 148 371.87 -0.1 -5.8 -5.0 630.45 -1.8 3.8 Technology Hardware & Equipment 101 197.11 -2.8 -2.8 -2.3 258.79 -0.4 2.4 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be Alternative Energy 7 94.03 -1.0 -1.0 -2.4 129.85 -0.7 2.0 liable for any loss arising from the reliance on or use of the listed information. Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment & Services 116 324.45 1.2 1.2 -11.9 561.87 -9.4 3.1 For all queries e-mail [email protected] FTSE 100 6963.39 6997.63 7000.48 6991.84 6992.07 7019.53 7029.00 7026.15 7033.36 7058.09 6953.96 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ FTSE 250 18398.86 18374.17 18369.05 18397.47 18368.39 18480.22 18513.59 18487.16 18545.99 18584.94 18318.02 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC Data provided by Morningstar | www.morningstar.co.uk FTSE SmallCap 5356.05 5362.18 5360.42 5361.82 5360.22 5375.62 5378.72 5380.64 5383.59 5390.87 5355.49 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, FTSE All-Share 3812.55 3827.10 3828.15 3825.27 3824.40 3840.54 3845.88 3843.82 3848.98 3860.58 3808.50 WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see Time of FTSE 100 Day's high:16:24:00 Day's Low08:05:45 FTSE 100 2010/11 High: 7877.45(22/05/2018) Low: 6888.69(26/03/2018) 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 All-Share Day's high:16:24:00 Day's Low08:06:00 FTSE 100 2010/11 High: 4324.41(22/05/2018) Low: 3800.41(26/10/2018) Group companies and is used by FTSE International Limited under licence. Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown. For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative. UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt Issue paid renun. closing Aberdeen Standard Equity Income Trust Pre 12.632 31.182 25.590 64.840 5.50000 5.50000 Jan 21 9.900 9.300 date price(p) Sector code Stock price(p) +/- High Low Cap (£m) price up date High Low Stock Price p +or- Alpha Financial Markets Consulting Int 38.957 28.746 6.736 1.104L 4.910 2.400L 0.00000 1.48000 - 3.690 1.480 11/14 100.00 MGCI M&G Credit Income Investment Trust PLC 102.80 0.37 102.92 101.03 10280.0 There are currently no rights offers by any companies listed on the LSE. Babcock International Group Int 2254.800 2316.700 65.100 181.900 11.500 30.500 7.10000 6.85000 Jan 16 29.750 28.500 11/06 121.00 AIM RENX Renalytix AI PLC 120.00 -5.00 122.40 115.00 6457.9 Biffa Int 549.200 534.600 23.700 29.200 7.600 9.500 0.00000 2.17000 - 4.530 4.570 10/23 100.00 AJOT Avi Japan Opportunity Trust PLC 104.50 1.42 105.00 100.53 8360.0 British Smaller Companies VCT Int 3.340 0.520 3.060 0.480 4.00000 5.75000 May 18 4.000 5.750 10/19 10.00 SSON Smithson Investment Trust PLC 1030.40 1.56 1084.00 1010.00 84751.4 Countryside Properties Pre 1018.600 845.800 180.700 148.300 33.100 27.200 6.60000 5.00000 Feb 8 10.800 8.400 10/19 100.00 AIM SWC Summerway Capital PLC 101.00 -0.50 102.50 101.90 619.1 Edinburgh Investment Trust (The) Int 116.589 7.894 59.400 3.800 0.00000 5.80000 - 9.200 14.950 Johnson Matthey Int 7108.000 6478.000 244.000 205.000 106.100 87.900 0.00000 21.75000 - 58.250 76.250 NewRiver REIT Int 59.227 44.533 3.283 29.857 0.900 11.000 5.40000 5.25000 Nov 16 10.650 10.250 Paragon Banking Group Pre 315.600 263.800 181.500 144.800 55.900 43.100 13.90000 11.00000 Feb 18 19.400 15.700 Sage Group (The) Pre 1846.000 1715.000 398.000 342.000 27.210 27.800 10.85000 10.20000 Mar 1 16.500 15.420 SSP Group Pre 2564.900 2379.100 182.900 144.800 24.900 19.500 5.40000 5.06333 Mar 29 10.200 8.370 TalkTalk Telecom Group Int 822.000 827.000 4.000L 95.000L 0.300L 9.200L 0.00000 2.50000 - 1.500 7.500 United Utilities Group Int 916.400 876.000 259.600 242.300 31.200 28.900 0.00000 13.24000 - 26.490 39.160
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.
NOVEMBER 22 2018 Section:Stats Time: 21/11/2018 - 18:34 User: gerry.white Page Name: MARKET DATA 1, Part,Page,Edition: LON, 22, 1 Thursday 22 November 2018 ★ FINANCIAL TIMES 23
MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES
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uesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services, Business Wanted, Franchises ...... Classified Business Advertising UK: +44 20 7873 4000 | Email: [email protected] 24 ★ FINANCIALTIMES Thursday 22 November 2018 FINANCIALTIMESSHARESERVICE 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 Indvardn SKr 180.20 1.75 220.60 168.60 3.04 8.31 413.1 Industrial Engineering AnGoldA R 141.70 0.64 154.20 100.21 0.56 210.56 1628.4 Shaftbry 907.00 10.00 1055 864.50 1.76 8.03 204.6 Kin and Carta 102.00 2.10 106.00 82.00 1.91 -4.62 176.2 Avon Rubber 1340 -55.00 1485 1123 0.92 18.21 44.6 ICG 1028 19.00 1226 899.00 2.92 10.35 985.4 Bodycote 745.00 11.00 1077 719.00 2.34 13.62 367.3 Antofagasta 824.20 29.00 1171.5 713.20 0.92 16.41 2659.7 Town Ctr 243.00 3.00 306.00 238.00 4.73 7.02 2.9 MngCnslt 1.80 -0.03 2.70 0.89 - -0.53 0.1 BAE Sys♦ 516.20 7.00 680.20 503.20 4.22 21.87 7257.3 Investec 493.90 9.70 649.40 451.20 4.86 9.55 1821.7 Castings 395.50 4.00 484.00 366.00 3.67 17.82 5.9 Barrick C$ 17.87 0.52 19.49 12.54 0.87 -24.07 1591.1 TritaxBBOX 138.00 1.90 158.00 135.70 4.69 6.80 3962.1 MearsGp 333.00 12.00 441.25 300.00 3.60 16.10 120.3 Chemring 169.80 -0.40 239.50 165.50 1.77 -56.60 164.3 Jupiter 319.40 6.90 638.80 309.50 5.35 9.31 1920.6 Goodwin 2660 -70.00 2940 1650 1.59 22.52 2.3 BHP Billiton 1602 16.60 1803.6 1314.5 4.63 16.97 6233.0 Wkspace 901.50 5.00 1176 879.50 3.04 10.37 174.0 MenziesJ 500.00 - 718.00 490.00 4.10 17.01 42.8 Meggitt 517.40 4.80 583.80 415.50 3.06 14.14 1670.5 Liontrust 640.00 22.00 694.00 462.25 3.28 26.82 36.8 Hill&Sm 1120 12.00 1538 877.50 2.68 17.58 140.3 BisichMg 90.00 - 125.00 68.25 4.44 3.41 0.5 Real Estate Inv & Services Mitie 156.90 2.60 226.90 134.30 0.85 -20.64 466.1 RollsRoyceX♦ 814.40 29.40 1104.5 750.00 1.44 7.22 5132.0 LSE Gp 4000 54.00 4814 3612 1.29 23.47 716.4 IMI 926.00 10.00 1453 892.50 4.25 17.21 881.7 EVRAZ 522.40 7.20 589.60 276.10 10.56 5.75 2493.0 Cap&Count 263.70 2.20 320.70 234.80 0.57 -175.80 811.9 Renewi 43.20 -0.90 108.80 42.50 7.06 -7.58 667.7 Senior♦ 248.20 -3.80 336.60 241.32 2.80 16.10 987.0 Man 145.85 4.35 219.20 135.95 5.53 11.96 4594.4 MelroseInd 177.10 9.85 248.80 149.55 2.37 -14.64 50990.1 Fresnillo 912.60 -1.60 1461 755.80 3.35 18.42 1544.6 CLS 201.50 6.10 255.00 195.00 3.15 6.92 238.2 Rentokil 319.00 1.20 356.40 257.40 1.22 31.68 3663.8 UltraElc 1520 22.00 1763 1138 3.26 31.28 110.5 NB GFRIF♦ 91.50 0.40 95.55 90.80 3.65 -21.76 2080.9 Renold 33.50 -0.45 55.00 22.00 - -47.86 29.2 GlencoreX 296.05 0.15 416.90 284.40 3.49 9.31 39179.2 Daejan 5850 140.00 6540 5500 1.68 4.70 1.5 Ricardo♦ 708.00 28.00 1085 680.00 2.77 20.17 7.2 Paragon 445.20 33.80 558.50 397.80 3.53 9.89 809.5 RHIM 3466 -66.00 5350 3354 - -86.77 121.4 Harmony R 23.80 -0.75 31.50 19.00 1.41 -2.46 1442.2 Grainger 260.00 1.00 323.20 258.00 1.92 12.44 486.6 RbrtWlts 554.00 -6.00 814.00 532.00 2.18 12.76 130.4 Automobiles & Parts Providnt 582.60 20.60 804.87 413.70 - -6.45 470.6 Rotork 284.00 1.20 363.20 256.00 1.90 41.76 2144.6 KAZ Minerals PLC 544.40 22.00 1102.5 421.50 - 5.94 1349.0 Harworth Grp 116.50 - 133.00 104.00 0.71 9.63 97.8 RPS 147.00 2.00 307.50 125.00 6.72 -21.84 728.5 FordMtr $X♦ 9.19 0.13 13.48 8.17 6.40 6.05 10036.1 RathbnBr 2306 74.00 2810 2210 2.65 19.51 36.3 Severfd 67.00 0.20 89.40 62.00 3.73 11.22 1252.8 Lonmin 48.12 3.62 91.80 36.00 - -0.22 337.3 Helical 318.50 -1.50 399.00 295.25 2.98 7.34 145.6 SIG 108.70 2.60 180.20 104.00 3.45 -26.51 1702.6 Banks Record 30.25 -0.50 53.20 29.10 7.69 10.15 232.6 Tex 102.50 - 140.70 100.00 8.29 13.49 0.3 Petropvlsk 5.88 -0.18 8.75 5.15 - -10.83 1430.0 HK Land $ 6.34 -0.07 7.44 5.89 3.09 4.28 1344.0 Vp 1010 -5.00 1230 680.00 2.26 16.57 5.0 S & U 2145 45.00 2790 1920 4.90 9.80 0.9 PolymtIntl 785.00 25.00 945.00 577.80 4.17 11.14 2179.7 ANZ A$X♦ 25.42 0.12 30.39 24.68 6.14 11.07 5569.1 Trifast 203.00 1.00 277.00 185.00 1.90 19.41 320.7 Lon&Assc 27.00 - 31.00 19.50 0.61 2.63 26.6 Schroder 2496 46.00 3784 2400 4.53 11.39 318.1 RndgldRs 6606 220.00 7470 4607 2.41 33.43 422.3 Tech - Hardware BcoSant 369.00 6.70 534.00 350.75 5.43 10.03 297.0 Vitec 1265 - 1430 1030 2.41 40.68 7.8 MacauPrp 174.00 -2.50 206.00 174.00 - 2.05 1.2 ..N/V 2265 50.00 2730 2070 1.50 10.33 54.6 Rio TintoX 3850 42.00 4541 3399 5.65 9.17 2850.0 SpirentCM 120.00 1.20 139.20 93.00 2.57 30.30 245.4 BnkGeorgia 1589.6 -22.60 3884 1446.6 - 5.25 108.4 Weir 1480.5 17.50 2333 1370 2.97 20.52 935.2 Mntview 10025 -25.00 11600 9650 2.99 13.08 0.2 Strd Life Aber 259.85 5.30 508.57 248.00 9.37 7.84 7965.0 Sirius Min 23.00 0.62 39.78 21.00 - -71.88 10112.1 Palace Cap 308.00 -1.00 366.00 208.00 7.71 8.60 22.1 Tech - Software & Services BankIre Grp € 5.84 0.04 8.25 5.74 1.95 9.96 297.9 Industrial General TP ICAP 311.10 2.50 560.60 245.80 5.42 40.40 1161.3 Troy Res A$ 0.12 -0.01 0.18 0.08 - -5.80 2369.6 Raven Property Group Ltd 44.00 -0.50 51.00 36.50 - 88.00 19.0 Computcnt 1036 -34.00 1632 1010 2.52 14.84 198.7 BkNvaS C$X 70.86 1.19 85.50 69.02 4.52 10.57 885.2 Coats Group 79.70 1.10 90.00 69.00 1.37 20.12 2573.6 WlkrCrip 35.00 -0.50 48.90 31.33 5.34 20.00 8.5 RavenR CNV 119.50 - 125.01 113.00 - - 0.4 MicroFoc 1491 41.50 2749 782.20 4.89 10.71 1128.6 BarclaysX 166.64 5.10 220.10 160.48 2.70 83.32 36092.9 JardnMt $X 63.52 0.19 67.79 55.80 2.42 15.26 170.1 Oil & Gas RavenR Prf 148.00 - 156.00 120.00 - 165.73 47.5 NCC Grp 184.60 -1.60 236.00 175.60 2.52 41.95 172.9 CanImp C$X 114.59 2.34 125.21 110.00 4.57 10.09 559.4 Food & Beverages Jard Str $X 35.89 0.49 43.76 31.55 0.87 12.79 202.6 BPX♦ 530.70 11.70 603.20 452.50 5.80 16.06 31417.0 RavenR Wrt 21.00 - 27.55 19.00 - - 0.6 RM 191.00 1.00 244.00 160.00 3.46 10.73 7.4 HSBCX 660.10 17.50 798.60 596.40 5.88 16.07 25853.0 AngloEst 546.00 6.00 815.00 540.00 0.55 9.46 6.8 Macfrlne 84.00 - 114.00 75.50 2.50 15.27 46.5 CairnEng 180.40 8.30 270.40 171.50 - -4.43 2380.6 Safestre 547.50 11.00 585.00 455.50 2.56 11.06 338.3 Sage 548.20 12.00 825.20 491.30 2.81 23.09 7954.5 LlydsBkgX 56.23 0.87 72.68 54.08 5.55 10.04145171.5 AscBrFdX 2505 43.00 3101 2186 1.65 19.65 694.6 RPC 774.20 -4.80 1032 642.40 3.32 12.63 1004.0 ExxonMb $X♦ 78.23 1.26 89.30 72.16 3.98 14.68 3569.6 Savills 759.50 6.50 1046 707.00 1.99 13.76 138.9 SDL 473.00 -7.00 530.00 333.00 1.31 25.18 257.5 PermTSB € 1.76 -0.05 2.44 1.67 - 16.59 627.4 Barr(AG) 790.00 3.00 798.00 600.00 1.97 25.06 76.4 Smith DS 341.80 2.80 516.20 274.10 4.22 14.81 4424.3 Gazprom PJSC ADR $ 4.66 0.04 6.46 4.10 5.60 4.65 5406.3 RylBkC C$X♦ 96.15 2.53 108.52 93.13 3.83 12.01 1683.7 Britvic 812.50 5.00 844.00 658.00 3.26 20.21 492.3 GeoPark $ 17.32 0.86 21.88 8.40 - 33.35 37.8 SchroderRE 56.20 -0.10 67.30 55.00 4.41 9.86 645.0 TriadGp 61.50 -0.50 80.00 50.40 1.63 6.14 15.1 Smiths 1402.5 18.50 1810 1257 3.10 20.30 1591.4 SiriusRE 59.40 0.20 68.60 51.60 4.70 6.60 751.3 RBSX 216.50 5.70 304.20 208.60 0.92 34.92 16992.5 CarrsGroup 159.75 0.50 168.00 118.00 2.50 15.82 7.6 SmurfKap 2290 118.00 3306 2122 3.38 11.47 353.9 GulfKeyst 178.60 0.20 303.50 89.25 - 13.54 2851.0 Telecommunications Sberbank of Russia PJSC ADR ------Smart(J) 109.50 - 114.70 105.00 2.85 12.47 0.9 Coca-Cola HBC 2298 54.00 2817 2176 2.08 21.13 576.0 Vesuvius 517.00 1.50 663.00 510.00 3.48 22.98 813.0 HellenPet € 6.99 -0.01 8.88 6.60 5.68 4.93 101.4 BTX 257.50 2.90 278.50 201.25 5.98 11.34 27870.2 STB 1432.5 -7.50 2120 1380 5.51 11.53 0.0 StModwen 382.80 8.20 431.20 358.00 1.64 16.29 116.7 Cranswk 2900 -18.00 3502 2724 1.59 21.15 225.7 Hunting 602.00 25.50 934.50 515.00 - 42.96 368.5 Inmarsat 415.60 0.80 646.00 334.30 3.65 19.36 1820.7 StandChX 595.30 16.90122709.4 514.20 1.41 22.91 6047.4 Industrial Transportation U+I♦ 218.50 0.50 253.00 176.00 2.70 6.85 40.4 Dairy Cr 455.60 3.40 605.00 430.80 4.96 16.04 337.6 ImpOil C$X 40.48 0.79 44.91 33.43 1.74 24.64 478.3 KCOM Gp 59.70 -4.80 107.00 54.10 10.05 11.20 1091.1 9 BBA Aviat 236.00 4.00 370.40 227.00 3.11 26.50 2901.4 Unite Gp 834.00 2.50 919.50 708.00 2.72 7.53 498.7 Devro 177.80 2.40 240.25 156.80 4.95 20.92 305.3 OphirEgy 33.75 0.25 76.60 32.25 - -0.78 2132.7 TalkTalk 125.60 3.60 162.70 88.60 3.18 157.00 4423.2 ..7.375%Pf 117.75 - 143.25 116.00 6.26 - 17.0 Braemar♦ 225.00 - 302.00 218.10 6.67 -10.33 0.3 Urban&C 269.00 - 348.00 263.00 1.19 8.76 33.7 DiageoX 2825 15.00 2885 2345.5 2.24 23.67 4848.6 PJSC Lukoil ADR $ 72.61 0.14 78.19 0.96 1.81 6.75 17.8 TelePlus 1340 16.00 1347.01 995.00 3.73 33.92 247.4 ..8.25%Pf 126.50 1.00 158.90 124.50 6.52 - 7.4 Clarkson 2400 50.00 3475 1970 3.04 25.10 9.3 Grncore 193.95 1.95 233.70 120.00 2.82 387.90 1793.4 PremOil 77.85 1.20 146.90 65.05 - -2.09 19358.4 Retailers Vodafone GpX 158.04 4.42 239.65 142.60 8.54 -31.91 85858.4 TntoDom C$X 71.56 1.11 80.05 69.21 3.53 12.30 1432.7 HiltonFd♦ 930.00 14.00 1020 760.36 2.04 27.76 139.1 Eurotunnl € 10.93 -0.01 12.49 10.05 2.72 52.48 1360.7 RylDShlAX♦ 2410.5 53.50 2755 2168.5 5.99 12.18 5681.6 AA 93.30 3.22 179.30 69.92 5.36 8.11 1500.0 Westpc A$X♦ 25.59 0.15 32.00 24.94 7.17 11.39 6506.0 Kerry € 92.90 1.90 99.45 76.80 0.67 28.05 38.4 Fisher J 1740 44.00 1940 1340 1.65 20.16 6.2 ..B♦ 2450 56.00 2844.5 2194 5.90 12.38 3897.8 AO World 130.40 13.40 180.20 101.20 - -40.50 383.2 Tobacco OceanWil 1130 - 1310 1001.5 4.10 6.90 1.9 -103.95 Basic Resource (Ex Mining) Nestle SFrX 84.08 0.58 86.40 72.92 2.71 32.58 5525.9 Schlmbrg $X 47.87 0.97 80.35 46.34 4.09 3736.9 AshleyL 3.68 0.02 8.19 3.65 - -19.37 65.4 BrAmTobX 2723 -3.50 5108 2666.26 7.26 1.49 5232.9 PremFds 37.00 - 46.86 35.30 - 49.73 2151.6 RoyalMail 316.90 3.10 632.60 297.00 7.57 34.45 10139.4 Seplat♦ 120.75 -0.25 160.00 97.50 3.13 2.50 89.1 Imperial BrX 2574.5 14.50 3193.5 2298 6.63 20.08 2153.7 Ferrexpo 214.00 1.70 321.50 138.00 2.28 5.04 1266.7 Caffyns 405.00 - 449.00 371.00 5.56 10.63 1.9 PureCircle 305.00 13.00 493.50 275.50 - 81.36 12.5 Soco Int 75.50 -0.90 129.80 72.30 7.00 -2.18 185.7 Mondi 1796 45.00 2250 1684 3.01 14.62 1450.0 Insurance Dairy Fm $ 8.90 0.15 9.68 7.67 2.28 29.94 268.9 REA 250.00 -14.00 360.00 250.00 - -7.59 1.7 TrnCan C$X 54.02 0.21 65.18 48.92 5.03 14.49 1252.2 Travel & Leisure Admiral 2003 26.50 2138 1794.5 2.64 17.12 610.1 Debenhams 6.66 -0.28 40.00 4.62 51.47 -7.39 4987.6 888 Hldg 172.20 2.80 326.60 165.60 4.35 9.72 748.0 Chemicals StckSpirit 196.40 0.40 320.00 184.00 3.65 34.01 32.3 Tullow Oil PLC 185.30 5.50 279.30 162.20 - 14.14 10820.7 Dignity 1013 -2.00 1943 735.50 2.41 9.68 86.1 AvivaX 411.90 6.50 554.60 403.70 6.65 14.87 11051.5 AirPrtnr♦ 92.60 - 156.00 65.00 5.94 17.81 8.7 Carclo 79.00 0.10 139.00 62.40 - 7.45 25.4 Tate&Lyl 720.60 18.40 720.60 522.60 3.98 15.33 2925.8 Wood Group (John) PLC 634.00 14.00 801.20 515.00 1.33 -51.04 1579.1 Beazley 565.50 15.00 621.50 478.20 2.03 85.81 2513.3 DixonsCar 167.20 1.45 235.70 150.80 - 7.89 3709.3 Carnival 4604 143.00 5090 4121 3.19 13.39 808.8 Croda 4800 80.00 5330 4215 1.69 26.02 379.0 TongtHu R 66.39 0.27 120.43 48.48 4.83 10.05 266.0 ♦ Chesnar 370.00 - 424.50 334.75 5.42 10.41 188.7 Pharmaceuticals & Biotech Dunelm 572.50 9.50 729.50 460.60 4.63 15.81 195.3 Cineworld 271.60 3.40 673.00 96.27 2.10 28.45 2113.2 Elemntis 193.70 1.40 294.50 186.50 3.09 12.26 580.3 Unilever♦ 4279.5 9.50 4503.5 3678.5 3.01 22.30 2417.0 Findel 215.00 11.00 312.00 150.00 - 9.48 33.0 Direct Line 317.70 3.40 397.00 307.80 6.42 11.27 4373.3 AstraZenecaX 6200 -49.00 6432 4544.5 3.40 42.22 1567.2 CompassX 1697 24.00 1722 1396.5 2.00 23.73 7318.7 Johnsn Mtthey 3141 364.00 3873 2737 2.55 18.15 1518.7 ..NV €♦ 48.80 - 50.20 42.10 2.98 22.68 5.9 Eccles prf 143.50 - 160.94 110.00 6.01 - 6.6 BTG 828.00 3.50 832.50 467.40 - 140.84 6394.9 Halfords 296.40 - 391.00 289.00 6.08 12.25 201.6 Dalata Hotel 420.75 - 650.00 410.00 - 12.55 0.4 Victrex 2640 60.00 3434 2368 2.04 19.66 233.9 Health Care Equip & Services Hansard 47.85 - 94.00 46.00 14.84 9.77 1.6 CathayIn 7.75 - 9.30 3.00 - -2.68 9.5 Inchcape 566.50 8.50 826.00 482.20 4.73 9.72 988.0 easyJet 1134.5 24.00 1808.5 1061.5 3.61 10.13 2018.3 JDSportsF 387.60 11.80 539.40 311.60 0.42 15.03 862.2 Construction & Materials Bioquell 430.00 - 573.50 250.00 - 33.33 6.2 Hiscox 1650 2.00 1725 1283 1.75 98.74 516.4 Dechra 2052 38.00 3180 1956 1.10 55.40 215.3 EI Group 186.00 9.00 188.80 114.20 - 11.20 1938.0 ConstMed 1030 -10.00 1294 1020 2.00 31.50 202.6 JardineL 1886 2.00 1902 1186 1.80 36.98 890.5 Genus♦ 2208 42.00 2998 2090 1.10 32.14 104.3 Just Eat PLC 574.60 24.20 906.00 519.20 - -37.80 2685.0 FirstGrp 86.15 3.80 119.60 76.15 - -3.39 1871.7 Alumasc 128.50 - 175.50 118.40 5.64 10.80 19.9 238.80 -7.50 366.00 232.00 4.53 12.98 14549.7 ConvaTec 161.60 2.8041408.93 140.00 2.67 17.78 3924.4 Lancashire■ 645.00 22.00 718.00 505.00 1.79 36.57 647.7 GlaxoSmhX♦ 1576.2 -6.00 1625 1236.4 5.08 41.64 8661.7 Kingfisher Fuller A 934.00 9.00 1010 896.00 2.04 14.48 4.2 Boot(H) 266.50 6.50 350.00 253.00 3.00 7.77 18.8 Marks&Sp♦ 300.20 2.70 328.80 262.10 6.23 166.78 8613.1 CRH 2153 24.00 2891 2067 2.79 11.21 2822.5 GNStre kr 241.70 -3.30 346.60 190.55 0.51 29.11 998.1 Leg&Gen 240.50 - 287.60 236.00 6.38 8.81 19478.3 HikmaPhm 1685 31.00 2089 814.20 1.50 -6.62 620.0 Go-Ahead♦ 1560 -2.00 2004 1310 6.54 7.55 282.7 Mediclinic 340.00 -2.00 712.40 330.70 2.32 -4.11 2383.8 Old Mut 129.94 3.94 176.62 106.16 - 11.48 8471.1 Oxfd Bio 646.10 -1.80 1062.6 425.00 - -422.29 69.4 Morrison (Wm) 251.15 5.55 270.50 203.30 2.42 24.79 10685.0 GreeneKg 503.80 8.00 652.20 454.00 6.59 9.63 752.5 GalfrdT♦ 795.00 -4.00 1323 772.50 10.41 6.59 541.6 ♦ NMC Health 3678 270.00 4376 2661 0.35 46.96 641.7 PhoenixGrp 584.00 2.50 719.50 491.79 7.73 56.96 1292.3 RichterG $ 18.80 0.10 27.00 16.30 1.25 54.22 0.0 MossBros 31.00 -0.75 90.08 29.00 12.90 91.18 25.0 IntCon Htels Gp 4223 105.00 5050 3850 1.83 18.75 406.9 KierGp♦ 790.00 -24.00 1166 790.00 8.61 8.80 326.4 5200 54.00 6224 4187 3.04 12.27 856.7 Smith & Nephew 1394 9.00 1422 1173 1.92 22.47 1839.2 PrudntlX 1555.5 32.00 1992.5 1456 3.02 17.80 3796.2 ShireX 4584 -46.00 4780 2940.5 0.60 11.36 1939.1 Next Intl Cons Air 641.00 11.20 727.00 547.00 3.75 5.17 5877.8 Kingsp € 40.00 1.34 44.28 32.00 0.92 24.64 109.8 Ocado 759.00 6.00 1163 235.80 - -293.05 1632.3 LowBonr 27.10 1.10 69.75 26.00 11.25 -2.28 1683.1 UDGHlthC 592.00 19.50 950.50 567.50 1.60 49.55 806.6 RSA Ins 538.80 7.00 683.40 521.20 3.64 18.33 2447.8 VecturGp 78.50 0.55 127.20 67.20 - -7.48 739.6 IrishCtl € 4.55 - 5.95 4.33 2.65 12.60 45.0 SagicFin 87.50 - 97.75 70.00 4.38 8.15 0.0 Saga♦ 110.10 -0.40 188.40 108.00 8.17 8.41 2504.0 JPJ Grp 604.00 6.00 1048 574.00 - -14.38 550.1 Marshlls♦ 430.60 -7.40 502.00 380.40 2.37 19.09 524.7 House, Leisure & Pers Goods Real Estate Sainsbury (J)♦ 312.10 5.30 341.80 223.60 3.27 26.68 7159.9 MorgSdl 1270 14.00 1554 1078 3.54 10.10 28.7 StJmsPl 996.00 -0.40 1279.5 952.80 4.30 34.70 1721.1 MandarO $ 1.76 -0.03 2.73 1.70 1.63 36.89 96.8 BarrttDev 494.40 9.80 661.60 475.20 5.20 7.50 3971.7 REITs TescoX♦ 207.20 3.20 266.80 186.70 1.45 18.30 33651.1 Norcros 220.00 -1.00 234.00 170.00 3.55 10.84 25.8 Media Marstons 101.00 2.50 121.30 89.20 7.43 14.64 4370.5 Bellway 2854 37.00 3700 2718 4.64 6.77 228.3 Assura 56.50 -0.10 64.20 52.40 4.44 15.27 2216.3 Merlin Ents 338.40 7.80 415.70 304.50 2.19 16.84 963.2 Tyman 253.50 -1.00 387.00 250.95 4.44 15.68 684.3 4imprint 1940 -12.50 2280 1555 2.27 23.58 2.5 Support Services Berkeley 3409 58.00 4338 3225 3.18 6.20 439.7 BigYellw 939.00 1.50 997.50 765.50 3.28 12.78 364.1 Natl Exp 396.80 7.60 426.60 337.20 3.40 14.86 384.7 Auto Trader Group PLC 426.60 9.60 471.40 320.80 1.38 22.73 3137.5 Aggreko 763.00 -9.40 900.00 636.80 3.55 18.00 478.6 Electronic & Electrical Equip BovisHme♦■ 923.40 9.20 1311.5 901.00 5.14 11.82 392.2 BritLand 592.60 15.60 703.00 554.20 5.11 29.05 3498.7 Paddy Pwr Btfr 7160 60.00 9180 6000 2.79 27.89 221.9 Centaur 44.00 -0.40 56.00 35.00 6.82 220.00 7.0 AshtdGp 1752.5 44.00 2461 1670.5 1.61 8.46 2365.4 Dialight 360.00 -1.00 730.00 350.00 - 116.13 15.6 Burberry Gp 1754.5 25.50 2338 1481.5 2.35 22.32 3276.0 Cap&Reg 38.55 -0.85 59.50 37.15 9.44 16.34 58.3 PPHE Htl 1555 - 1650 1060 1.54 17.28 10.3 DlyMailA 682.50 5.00 781.00 500.00 3.33 -26.35 521.3 Babcock 566.00 -28.20 868.00 521.00 5.21 11.92 5507.7 Discoverie PLC 345.00 -5.00 456.00 301.00 2.52 21.84 240.5 Cairn Homes € 1.35 0.01 2.00 1.29 - 85.75 1705.2 Civitas SH♦ 108.00 0.50 114.00 95.60 - - 2039.2 Restaurt 230.80 10.60 334.60 219.40 7.54 14.57 433.8 HaynesPb 176.50 - 247.94 168.24 4.25 18.01 1.0 Bunzl♦ 2325 11.00 2442 1918.5 1.98 23.53 662.5 Halma 1350 - 1507 1136 1.09 30.62 1017.3 CtrySide 282.00 -1.00 387.00 265.60 2.98 10.00 2248.6 Countrywd 9.61 -0.39 63.33 9.50 - -0.10 2250.0 Ryanair Holdings PLC 377.00 7.40 544.00 338.20 5.49 251.33 197.8 Informa 722.80 18.60 869.60 657.40 2.83 21.26 4665.2 Capita 109.60 2.40 499.40 100.70 6.18 -2.49 5337.4 Morgan Ad♦ 274.60 12.60 370.00 257.20 4.01 13.94 880.7 CrestNic 352.20 13.00 565.00 275.00 9.37 5.45 540.4 DrwntLdn 3010 59.00 3241 2673 1.98 11.15 182.5 Stagech 151.30 1.40 188.20 124.30 7.87 12.40 1738.7 ITE Grp 59.90 0.30 93.10 44.09 4.14 -21.97 434.5 Comnsis 70.80 - 73.00 47.00 3.76 13.21 734.1 OxfordIn 844.00 -7.00 1116 676.00 1.58 26.29 56.9 GamesWk 2825 25.00 4060 1857 4.25 15.50 111.5 Great Portland 708.10 19.10 805.04 650.90 1.69 31.21 917.7 ThomasCook 45.00 -0.46 150.00 39.24 1.33 28.13 7623.1 ITV♦ 150.10 3.75 183.05 141.00 5.20 14.43 14165.5 DCC 5745 190.00 7760 5555 2.14 21.32 545.8 Renishaw 3858 100.00 5820 3614 1.39 21.22 61.7 Gleeson♦ 678.00 3.00 830.00 650.00 3.91 12.29 20.1 Green Reit € 1.37 -0.04 1.76 1.36 5.50 6.71 247.3 TUI 1250.5 23.50 1816 1218.5 4.60 10.23 1040.1 Pearson 953.40 15.80 973.20 651.00 1.78 12.53 3774.4 DeLaRue 455.00 9.50 659.50 424.50 5.49 4.90 86.8 Spectris 2328 -37.00 2957 1924.5 2.43 9.56 459.9 Headlam 449.50 -0.50 600.00 408.50 5.52 11.68 17.2 Hammersn 412.60 3.50 578.20 408.10 6.18 20.93 3315.9 Whitbrd♦ 4613 75.00 4800 3507 2.19 19.36 294.0 RELX NV £ 18.23 0.25 19.65 15.86 2.17 22.20 1535.6 Diploma 1308 -34.00 1483 1039 1.76 29.73 140.3 TT Elect 207.00 2.00 282.00 197.00 2.80 18.16 447.9 McBride♦ 125.20 0.20 235.00 108.80 3.51 12.04 192.1 Hansteen 96.25 -0.75 147.90 92.55 6.34 6.55 317.7 Willim H♦ 172.25 1.35 345.00 169.90 7.66 -1.53 9283.6 McCarthy&S 135.80 0.80 172.20 96.05 3.98 11.32 857.3 RELXX 1625 26.00 1784 1399 2.42 19.79 4482.1 Elctrcmp 550.60 -16.40 779.20 546.60 2.41 14.84 1428.1 XP Power 2250 40.00 3780 2210 3.51 13.68 6.2 Hibernia € 1.29 -0.03 1.57 1.29 2.32 8.97 4672.5 Essentra PLC 377.00 7.40 544.00 338.20 5.49 251.33 197.8 Persimn 2101 28.00 2913 2045 11.19 8.15 963.3 Rightmove PLC 426.25 1.65 539.60 396.70 1.36 25.62 3327.8 Intu 195.45 8.50 256.60 147.85 7.16 -6.49 5112.4 Utilities Financial General Experian 1828 29.00 1994 1494.5 1.86 27.46 1839.8 Philips € 32.73 0.68 40.01 29.25 2.42 38.83 3006.5 STV Grp 333.50 -2.00 458.00 300.00 5.10 119.11 21.4 LandSecs 859.80 22.20 1017 802.40 5.31 -27.56 3644.3 Centrica♦ 145.75 0.15 164.50 123.10 8.23 15.51 25720.0 3i 849.00 16.40 1038 785.80 3.53 5.42 2298.0 PZCusns 244.00 9.40 336.20 199.70 3.39 21.38 417.8 ThmReut C$X♦ 63.99 0.37 64.76 46.69 2.81 26.70 244.8 Ferguson♦ 4749 -39.00 6601 4688.5 2.59 18.33 1057.3 Drax 395.40 5.60 432.40 218.00 3.11 -23.26 1349.5 LondonMtrc 185.70 0.6018981.57 173.40 4.12 6.90 1220.4 G4S 185.30 2.75 293.50 173.55 5.23 15.07 3743.3 BrewDlph 321.00 2.00 399.40 306.80 4.17 20.06 449.3 ReckittBX 6703 123.00 7174 5255 2.45 13.74 971.3 WPPX 863.00 16.60 1474 818.00 6.95 5.78 3975.3 McKaySec 260.00 1.00 289.00 227.00 3.85 6.43 3.4 Natl GridX 853.30 6.50 895.10 733.00 5.38 8.68 9358.6 CtyLonInv 390.00 7.00 459.00 350.00 6.67 9.92 6.8 Redrow 516.00 12.00 666.00 493.64 3.88 6.06 1101.0 Hays 154.60 - 213.40 151.90 2.15 13.68 3608.1 Pennon 750.00 7.80 815.50 577.40 4.91 15.69 1201.3 Mining MucklGp 505.00 1.00 574.00 483.00 4.44 4.60 3.8 Homesve 973.00 19.50 1066 700.00 1.96 33.21 659.3 CloseBrs 1498 63.00 1682 1317 4.07 11.08 864.1 Superdry Plc■ 735.00 2.50 2102 704.50 4.01 11.87 285.2 Severn Trent 1914 25.50 2219 1664 4.36 18.78 877.1 AngloAmer 1698.4 32.60 1948 1322.5 4.54 9.50 3540.0 PrimyHth♦ 109.00 1.00 117.60 103.95 4.89 8.13 1052.0 ♦ DBAG € 34.50 0.05 52.30 33.20 3.99 8.05 23.1 TaylorWm 148.00 2.35 211.90 143.20 3.20 7.67 9824.8 HowdenJny 458.80 7.50 541.80 431.10 2.42 15.09 1053.1 SSE 1129.5 7.00 1449.5 1077 8.38 40.63 2788.9 AngloPacif 135.00 -2.00 168.00 123.50 6.39 9.27 31.7 RDI REIT 33.80 -0.20 38.10 31.25 7.69 7.86 1757.9 Intertek 4556 -41.00 6084 4323 1.56 25.67 436.0 Hargr Lans 1824.5 20.00 2280 1571 1.67 36.78 682.5 TedBaker♦ 1808 50.00 3244 1696 3.32 15.34 78.0 SEGRO 605.40 3.60 682.40 538.50 2.74 5.41 2555.8 UtdUtils 778.00 15.40 833.00 648.60 5.11 14.38 3093.9 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 BP Marsh 277.00 -3.00 318.00 222.50 1.72 5.06 11.2 Churchll 1075 -50.00 1320 780.00 2.29 17.15 10.1 CentAsiaM 211.50 - 345.50 200.00 8.05 9.03 229.0 LXB Retail 12.40 0.55 25.50 11.80 - -1.58 20.2 Tech - Hardware Cohort 407.50 -5.00 494.50 310.00 1.83 20.72 10.4 Burford Capital Ltd♦ 1410 30.00 2075 1000.00 0.59 14.03 1552.4 Frontier Developments PLC 780.00 2.00 1880 734.00 - 85.71 117.4 Connema 1.68 - 5.00 1.60 - -0.83 7.0 PnthrSec♦ 345.00 - 400.00 295.00 1.45 2.45 0.3 AminoTech 119.50 -1.00 220.90 110.00 5.76 13.08 126.7 Velocity Composites PLC 26.50 -1.80 139.40 26.00 - -9.14 55.0 Gresham House 507.50 2.50 515.00 383.25 - -41.41 12.5 Mulberry♦ 360.50 1.50 1075 254.11 1.39 -3605.00 7.7 HighldGld 150.40 -0.60 181.00 125.10 7.12 9.46 711.6 SIR 379.00 1.00 403.00 349.00 3.43 8.65 122.4 IQE 61.25 0.50 181.50 55.00 - 47.12 4074.1 Leeds 30.00 - 39.00 26.30 - 15.00 0.4 Portmern 1042.5 -27.50 1320 910.00 3.32 15.30 8.9 SumGermny € 1.12 - 1.29 1.05 2.66 3.13 9.5 Telit Communications PLC 136.00 -3.60 193.75 135.00 - -3.81 278.0 Banks MattioliWds 672.50 -15.00 865.00 667.00 2.22 21.62 10.3 TelfordHms 308.00 -0.50 474.50 297.50 5.36 6.23 134.7 Oil & Gas Caribbean Inv 18.00 - 30.00 12.00 - 1.20 8.0 Miton 56.00 0.70 76.20 35.10 2.50 13.97 245.0 WalkerGb♦ 77.60 - 149.95 59.00 5.63 4.78 214.6 AmeriRes 9.50 - 22.25 9.50 - 5.97 3994.8 Retailers Tech - Software & Services BorSthnPet 3.16 0.30 6.00 1.66 - -16.69 1930.5 ASOS 4853 145.00 7770 4500 - 49.52 708.9 BoBlue Prism Group PLC 1468 132.00 2635 995.50 - -78.50 437.6 Basic Resource (Ex Mining) Numis 285.00 2.50 449.00 265.00 4.21 8.66 57.9 Park Grp 79.00 - 90.00 64.50 3.73 14.11 9.1 Industrial Engineering ClontarfEn 0.26 -0.01 0.67 0.17 - -0.52 4691.7 Boohoo Group PLC 192.00 2.70 247.80 139.85 - 66.67 5411.9 Eckoh 37.50 - 51.50 32.80 1.47 57.69 362.0 CropperJ 1100 -50.00 1850 1050 1.23 33.33 4.0 PolarCap 499.00 -5.00 738.00 444.50 5.11 14.38 92.9 600 Grp 17.50 - 19.50 13.80 2.85 14.82 154.1 Egdon Res 7.60 0.25 12.50 5.42 - -10.00 188.2 CVS Group PLC 783.50 18.50 1407 749.50 0.57 49.28 118.8 Elecosoft 71.00 - 28074.86 68.00 0.85 26.56 28.2 MS Intl 189.00 2.50 238.00 172.00 4.37 9.22 1.6 Hurricane Energy 42.30 2.28 60.75 24.00 - -14.18 6344.0 Chemicals Share 25.25 - 28.00 22.00 1.58 -3156.25 298.2 Support Services IDE Group Holdings 2.65 - 27.06 2.00 - -0.11 5154.4 Pres Tech 94.00 -3.50 207.44 93.00 - -5.53 9.0 PetrelRes 1.65 -0.05 3.75 1.50 - -0.43 82.0 Ingenta 102.50 - 157.00 89.26 1.46 72.18 9.2 Directa Plus PLC 46.00 - 73.00 37.00 - -6.50 0.5 ShoreCap 237.00 2.00 305.00 200.00 4.22 17.56 20.0 Begbies 70.00 0.50 77.00 62.00 3.29 53.85 29.3 Phoenix Global 17.50 -0.50 53.00 16.50 - -1.16 3.7 Iomart 351.00 -6.00 475.00 333.50 2.35 31.31 146.0 Scapa 305.00 -10.00 510.00 295.80 0.79 26.07 2361.5 STM Group 55.00 - 75.04 32.05 3.27 9.60 45.9 IT Christie 104.00 -1.00 164.00 90.02 2.64 7.98 3.8 Rockhop 23.40 0.55 44.95 20.00 - -14.92 2516.2 Oxford Metrics 70.50 - 83.00 57.00 1.70 38.52 1.0 Versarien PLC 121.00 0.50 190.50 30.00 - -121.00 488.9 Keywords Studios 1120 -60.00 2110 1090 0.13 71.72 422.8 Empres 75.50 - 116.00 69.00 1.75 9.81 20.8 Food & Beverages Sound Energy 17.85 -0.59 58.90 15.02 - -12.40 6320.2 RhythmOne 147.50 -0.20 299.50 145.00 - -8.07 31.8 Learning Technologies Group 104.50 6.70 166.50 55.00 0.29 101.16 6597.7 Gattaca 108.50 1.50 315.00 95.80 18.43 -1.27 53.4 Construction & Materials Camellia 10675 - 13700 9100 1.26 31.70 0.7 UnJackOil 0.11 0.00 0.17 0.08 - -5.50 63534.7 SciSys 151.50 -2.00 199.90 112.00 1.43 8.06 43.2 HarvyNah 126.50 -3.75 134.50 76.00 3.40 22.96 0.0 Abbey 1310 - 1429 1230 1.14 6.54 1.0 Fevertree Drinks 2616 -63.00 4120 1866 0.41 57.94 797.2 WANdisco 365.00 -10.00 1268 351.00 - -10.48 37.6 LEISURE Pharmaceuticals & Biotech Impellam 600.00 -20.00 695.00 430.00 3.42 9.80 6.4 AccsysTch 104.50 -1.00 107.50 72.00 - -23.47 45.1 FinsbryFd 111.50 -1.50 132.00 101.00 2.78 69.69 92.0 Codemasters Group Holdings PLC 177.50 -5.00 280.00 130.00 - -24.04 9.7 Abcam♦ 1197 17.00 1588 952.50 0.90 39.64 368.5 JhnsnSrv 123.00 -1.00 147.00 112.20 2.28 17.08 188.6 Travel & Leisure Aukett 1.40 -0.25 3.00 1.00 - -2.19 118.0 Nichols 1477.5 2.50 1650 1230 2.27 23.10 34.2 Sumo Group PLC 135.25 4.25 187.00 93.00 - 0.01 50.9 AllcePharm 66.00 1.20 102.50 58.00 2.02 13.17 526.9 LonSec♦ 1950 -50.00 2200 1800 4.10 16.06 0.5 Celtic 165.50 - 168.00 125.00 - 14.12 3.0 Electronic & Electrical Equip Health Care Equip & Services Media Clinigen Group♦ 893.00 8.00 1116 777.00 0.58 39.69 59.6 NewmkSec 0.83 -0.03 1.47 0.60 - -2.17 223.3 ..6%CvPf 155.00 - 170.00 112.80 - - 0.5 CeresPow 160.50 -0.86 209.95 97.09 - -16.38 63.5 Advnc Med 273.00 - 373.50 267.00 0.40 26.98 172.5 M&Csaatc 320.00 4.00 430.00 300.00 2.98 201.26 16.6 e-Thera 6.75 -0.50 10.40 5.80 - -3.97 29.2 NWF♦ 171.50 -4.00 215.00 85.00 3.50 10.79 13.4 ..Cv Pf 320.00 - 350.00 229.40 - - 0.8 ElektronT 44.00 0.50 49.00 16.63 - 31.91 152.7 AVO 39.50 -1.00 64.80 25.00 - -2.45 12.8 MissionMk♦ 58.50 0.50 60.00 37.00 2.65 9.35 116.4 Mereo Bio 190.00 - 352.00 170.00 - -4.13 0.3 Petards 24.00 - 28.70 17.20 - 10.81 23.0 Dart 813.50 18.00 1052 630.50 0.92 5.77 504.8 LPA 104.50 -1.00 184.00 95.00 2.44 7.79 6.0 CareTech♦ 370.00 -5.00 440.00 340.00 2.68 14.37 87.5 YouGov 432.50 - 510.00 306.00 0.46 59.25 124.1 Reneuron 58.50 -0.50 216.00 1.95 - -1.05 60.5 RedhallGp 4.45 - 10.00 3.74 - -4.60 54.9 gamingrealms 5.18 -0.13 13.50 5.00 - -3.38 361.8 ThorpeFW♦ 287.50 -0.50 365.50 268.11 1.72 20.82 2.0 Cello Hlth 96.50 -6.00 139.88 95.00 3.63 22.87 269.3 Sareum 0.70 - 1.05 0.65 - -14.00 3253.0 Renew 376.50 5.00 460.00 355.00 2.39 27.05 47.2 GoalsSocc 72.00 - 92.00 61.00 - 15.00 3.8 Tristel♦ 230.00 -2.50 393.00 213.77 1.84 31.38 9.7 Mining Restore 410.00 -9.50 601.00 213.00 1.22 32.28 213.3 Zytronic 375.00 -5.00 539.00 369.50 5.07 13.94 14.1 Real Estate MinoanGp 2.75 -0.10 8.74 2.59 - -1.67 534.8 AMC 3.59 -0.04 7.90 3.00 - -6.77 1688.9 SafeCharge 258.50 1.50 355.00 217.00 4.94 21.90 18.9 PeelHtls 72.00 1.00 108.00 60.00 - -9.35 1.6 Financial General House, Leisure & Pers Goods BotswanaD 0.68 - 2.06 0.66 - -5.63 625.0 InlandHms 47.95 -0.25 74.00 47.50 3.86 6.57 277.7 Smart Metering Systems♦ 591.00 -9.00 900.00 520.00 0.88 39.91 442.8 Arbuthnot 1405 5.00 1650 1260 2.35 28.62 0.0 Airea 59.00 - 74.40 28.51 2.54 17.15 5.0 Lok'nStor 430.00 - 449.50 347.00 2.40 33.52 2.2 Investment Companies Conventional (Ex Private Equity) 52 Week Dis(-) CanGen C$ 22.30 0.49 26.25 21.41 3.25 31.3 -28.8 IPST UK Eq 165.00 -0.50 194.00 164.00 3.91 163.9 0.7 PerAsset 39800 50.00 41150 38700 1.41 39478. 0.8 Conventional - Property ICs 52 Week Dis(-) Price +/-Chg High Low Yld NAV or Pm City Merch 184.75 -0.50 200.00 177.00 5.41 180.1 2.6 IP UKSmall♦ 467.50 - 540.00 450.20 4.47 490.6 -4.7 3 Price +/-Chg High Low Yld NAV or Pm Guide to FT Share Service 3i Infra 255.35 4.35 272.33 197.00 3.48 226.4 12.8 CityNatRs♦ 95.10 - 130.00 94.00 5.89 110.5 -13.9 JPM Amer 433.00 6.00 472.50 368.50 1.27 448.2 -3.4 PolarHealth 217.00 1.50 226.00 175.50 1.22 228.3 -4.9 Direct Property City Lon♦ 398.00 5.50 444.50 384.00 4.38 390.7 1.9 JPM Asn 327.00 2.00 381.00 296.00 4.53 367.6 -11.0 PolarFins 129.50 0.50 147.50 123.50 3.01 135.8 -4.6 AbnAsianIn 194.00 3.00 225.00 182.00 4.64 214.2 -9.4 AEW UK REIT♦ 94.80 0.20 101.50 92.50 8.44 98.1 -3.4 DiverseInc■ 95.00 - 111.00 93.20 3.32 95.4 -0.4 JPM Brazil 59.25 0.25 73.41 50.00 1.35 74.8 -20.8 PolarTech 1134 34.00 1396 1014 - 1174.0 -3.4 Abrdn Div I&G 120.75 -0.50 126.00 115.00 3.25 122.9 -1.7 CustdnREIT♦ 116.00 1.00 122.80 111.00 5.54 104.8 10.7 Dun Inc♦ 240.50 2.50 270.00 235.00 5.21 263.2 -8.6 JPM China 242.00 3.50 345.00 213.00 0.66 273.1 -11.4 RIT Cap 1996 14.00 2130 1828 1.63 1828.5 9.2 For queries about the FT Share Service pages e-mail AbnEmgMkts 517.00 8.00 658.00 498.06 2.95 613.9 -15.8 F&CComPrp♦ 138.20 0.80 155.00 133.00 4.34 140.8 -1.8 EcofinGlobal♦ 126.50 0.25 135.50 109.00 5.06 145.0 -12.8 JPMElct MC 101.00 - 103.00 98.00 0.35 102.1 -1.1 Ruffer Inv Pr 225.50 1.00 242.00 219.00 0.80 218.9 3.0 [email protected]. AbnJapInv 542.50 - 680.50 515.00 1.11 606.2 -10.5 F&CUKRealE 88.00 -0.80 109.00 88.00 5.68 107.3 -18.0 EdinDragn 353.00 8.00 394.00 322.50 0.93 392.9 -10.2 ..MG 770.00 -2.50 867.75 755.00 1.70 788.9 -2.4 Schroder ToRt 331.00 3.50 383.00 309.00 1.45 323.9 2.2 All data is as of close of the previous business day. Company classifications AbnLatAmIn 64.10 0.10 75.20 58.59 5.46 74.9 -14.4 GCP Student 153.20 0.60 154.00 136.00 3.85 - - Edin Inv♦ 628.00 9.00 714.00 608.00 4.24 688.0 -8.7 ..MI 102.50 - 120.99 101.00 4.39 104.4 -1.8 SchdrAsiaP 404.00 10.00 486.00 375.00 1.39 453.5 -10.9 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE AbnNewDn 212.00 1.50 248.00 195.00 1.89 246.5 -14.0 Longbow 101.50 0.25 106.00 100.00 5.91 98.6 2.9 Edin WWd 817.00 7.00 1025 680.00 - 780.6 4.7 JPM Emrg♦ 807.00 13.00 935.00 758.00 1.36 916.3 -11.9 Schdr Inc 272.50 5.00 310.00 263.30 4.55 286.9 -5.0 100 constituent stocks are shown in bold. AbnNewIndia 430.50 2.50 497.00 383.00 - 499.0 -13.7 SLIPropInc♦ 89.00 - 97.00 86.80 5.35 90.2 -1.3 EP Global 308.50 1.50 331.00 288.00 1.72 325.0 -5.1 JPM EurGth 270.00 2.00 339.00 262.00 2.54 303.9 -11.2 SchdrJap 201.00 2.25 237.00 197.00 1.74 215.6 -6.8 AbnNewThai♦ 541.00 - 596.50 516.00 2.05 628.7 -13.9 TR Prop 391.00 9.00 435.50 356.50 2.83 400.1 -2.3 Closing prices are shown in pence unless otherwise indicated. Highs & lows Euro Ast 98.75 0.50 136.00 97.10 6.68 - - JPM EurInc 150.75 -3.25 178.00 140.13 3.85 163.6 -7.9 SchdrOrient♦ 235.00 4.00 267.00 224.20 3.96 230.6 1.9 AbnSmlInCo 246.00 - 304.00 243.00 2.17 297.0 -17.2 UKComPrp♦ 84.80 2.40 91.70 79.50 4.34 93.4 -9.2 are based on intra-day trading over a rolling 52 week period. Price/earnings AbnStdAsia 991.00 -5.00 1085 914.00 1.21 1159.9 -14.6 EuroInvT 816.00 14.00 974.00 786.00 2.63 917.3 -11.0 JPM EuSm 353.50 -0.50 448.00 350.90 1.33 404.9 -12.7 SchdrUKMd 483.00 2.00 584.00 477.00 2.71 578.0 -16.4 ratios (PER) are based on latest annual reports and accounts and are updated AStd Eqt Inc 428.50 4.00 514.00 423.57 4.13 434.5 -1.4 F&C Inv Trust 674.00 7.00 689.00 665.00 1.57 665.6 1.3 JPM Clavr♦ 696.00 12.00 790.00 666.00 3.81 679.8 2.4 ScotAmer 364.00 1.00 393.00 341.00 3.08 350.7 3.8 VCTs 52 Week Dis(-) with interim figures. PER is calculated using the company’s diluted earnings Abf Sml 1210 20.00 1444 1170 2.38 1350.6 -10.4 FidAsian♦ 405.00 - 423.00 349.00 1.23 393.7 2.9 JPMGIConv 89.50 -0.50 99.00 87.80 5.03 93.8 -4.6 Scottish Inv 809.00 8.00 902.00 771.00 3.09 888.6 -9.0 Price +/-Chg High Low Yld NAV or Pm from continuing operations. Yields are based on closing price and on dividends Abf Spl Inc 85.40 0.40 106.50 83.00 - 85.9 -0.6 FidChiSpS 195.20 2.60 269.50 181.60 1.28 222.6 -12.3 JPM GEI 115.50 -1.00 143.00 112.80 4.24 124.7 -7.4 ScottMort♦ 477.60 19.25 646.95 414.20 0.64 459.3 4.0 ArtemisVCT♦■ 59.50 - 82.00 59.90 6.72 51.9 14.6 paid in the last financial year and updated with interim figures. Yields are Alliance 720.00 2.00 788.00 686.00 1.84 764.6 -5.8 Fid Euro 216.00 4.50 239.00 199.50 2.01 239.7 -9.9 JPM Gl Gr&Inc 304.00 - 341.00 293.00 4.00 296.0 2.7 ScottOrtll 918.00 2.00 1095 840.00 1.25 1087.5 -15.6 Baronsmead 2nd VT 83.75 - 91.59 83.00 5.37 102.1 -18.0 shown in net terms; dividends on UK companies are net of 10% tax, non-UK AllianzTech 1260 - 1645 1065 - 1265.1 -0.4 Fid Jap 139.00 2.50 167.50 136.50 - 146.6 -5.2 JPM I&C Uni 388.00 - 394.00 347.20 - - - Seneca I&G 163.50 -0.25 179.49 158.50 3.87 163.6 -0.1 BSC VCT 75.50 2.00 76.00 69.00 5.30 77.3 -2.3 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect Art Alpha 289.00 -2.50 358.00 284.00 1.56 345.9 -16.4 Fid Spec 248.00 5.00 281.00 237.00 1.88 244.6 1.4 JPM Ind 652.00 15.00 785.00 562.44 - 757.6 -13.9 StrategicEq 208.00 0.50 242.00 202.00 0.38 245.2 -15.2 ..VCT2 55.50 3.50 57.25 48.50 5.41 57.3 -3.1 capital changes where appropriate. Aurora Inv 202.00 -1.00 224.00 196.00 1.36 197.3 2.4 FinsG&I 769.00 10.00 858.00 715.00 1.90 757.7 1.5 JPM JpSm 379.00 2.00 468.00 365.00 1.29 419.0 -9.5 Temp Bar 1194 24.00 1358 1138 3.59 1254.8 -4.8 Inc&GthVCT 69.00 - 74.00 67.00 8.70 77.7 -11.2 Trading volumes are end of day aggregated totals, rounded to the nearest Axiom♦ 94.00 0.50 109.00 93.11 6.38 93.2 0.9 FstPacfic HK HK$ 3.33 -0.01 5.90 3.21 3.93 - - JPM Jap 403.00 7.00 473.00 394.00 1.24 438.7 -8.1 TempEmerg 688.00 13.00 830.00 639.00 1.20 774.3 -11.1 KingsAYVCT 22.00 - 23.00 19.00 5.00 21.9 0.5 1,000 shares. Geiger 23.15 -0.10 27.00 13.00 - 20.6 12.4 JPM Mid 1027.5 -12.50 1295 981.61 2.24 1080.1 -4.9 Tetragon $♦ 12.15 - 14.02 12.05 5.40 21.6 -43.8 Nthn 2 VCT 61.50 - 66.00 54.00 8.94 64.7 -4.9 BG Japan 768.00 18.00 886.00 745.98 - 720.9 6.5 Net asset value per share (NAV) and split analytics are provided only as a GenEmer 648.00 16.00 751.00 604.00 1.66 731.7 -11.4 JPM Mlti-As 93.50 - 103.56 91.00 - 99.8 -6.3 TRIG♦ 112.00 0.60 115.00 101.00 5.74 106.3 5.4 Nthn 3 VCT 89.50 - 94.25 81.50 6.15 94.2 -5.0 BG Shin 183.34 0.54 998.00 167.00 - - - guide. Discounts and premiums are calculated using the latest cum fair net GRIT 4.46 - 10.75 1.60 - 7.0 -36.3 JPMRussian 511.00 5.00 561.70 446.00 4.11 613.3 -16.7 TREurGth♦ 845.00 7.00 1242 830.00 1.95 950.1 -11.1 NthnVent 66.00 - 74.00 60.00 7.58 70.8 -6.8 Baillie Gifford UK 169.00 - 200.00 157.00 3.37 180.5 -6.4 asset value estimate and closing price. Discounts, premiums, gross redemption ♦ GoldenPros 19.50 - 36.88 18.60 - 25.4 -23.2 JPM Smlr♦ 1010 15.00 1290 984.42 2.28 1158.0 -12.8 TroyInc&G 75.10 0.30 80.80 72.60 3.50 75.7 -0.8 ProVenGI■ 66.00 - 71.50 60.50 3.03 69.8 -5.4 Bankers 824.00 11.00 926.00 810.00 2.31 841.6 -2.1 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO) Gulf Invest $♦ 1.03 0.01 1.09 0.82 2.83 1.2 -14.2 JPM US Sml 302.50 -1.50 347.00 263.00 0.83 299.5 1.0 Utilico Emerging Market 199.28 1.78 233.00 188.00 4.37 234.0 -14.8 ProVenVCT■ 79.00 - 106.48 78.00 3.16 86.5 -8.7 BH Global 1452.5 - 1515 1336 - 1538.0 -5.6 are displayed as a percentage, NAV and terminal asset value per share (TAV) Hansa♦ 1020 - 1160 925.00 1.57 1382.3 -26.2 KeystoneInv 1567.5 20.00 1845 1515 3.51 1772.3 -11.6 UIL Inv 178.00 1.00 185.00 151.00 4.21 - - UnicornAIM 130.00 - 147.00 128.00 5.00 150.9 -13.9 ..USD $ 14.70 - 15.10 13.11 - 15.5 -5.2 in pence. ..A♦ 985.00 - 1080 787.70 1.62 1382.3 -28.7 Law Deb 556.00 6.00 652.00 546.00 3.11 636.8 -12.7 VEIL 450.00 10.00 502.00 390.00 - 498.6 -9.7 BH Macro 2335 17.50 2367.8 1935 - 2413.0 -3.2 Ordinary Income Shares 52 Week HR Hend Alt 276.00 1.00 305.00 265.00 1.72 332.2 -16.9 Lazard WorldTst♦ 341.00 4.00 396.00 329.67 3.21 350.2 -2.6 Witan 1026 8.00 1140 991.00 2.10 1035.2 -0.9 ..EUR € 18.57 -0.10 20.85 18.10 - - - X FT Global 500 company Hen Div Inc Tr 81.00 - 97.40 79.40 6.30 83.2 -2.6 LinTrain £ 1255 10.00 1320 760.00 1.23 817.6 53.5 WitanPac 302.00 4.00 354.00 270.79 1.82 352.2 -14.3 Price +/-Chg High Low Yld WO GRY 0% ..USD $ 24.20 - 24.40 19.20 - 24.6 -1.6 ♦ trading ex-dividend HenEuroF 1132.5 10.00 1405 1100 2.60 1240.4 -8.7 Lowland 1367.5 20.00 1590 1340 3.66 1445.2 -5.4 WwideHlth 2555 5.00 2920 2320 0.88 2533.1 0.9 JPM I&C 99.50 - 103.99 83.50 7.64 - - BiotechGth 682.00 16.00 854.00 650.00 - 724.4 -5.9 ■ trading ex-capital distribution HenEuro 1027.5 12.50 1235 1000.00 2.53 1118.8 -8.2 Majedie 267.00 - 311.00 259.68 3.65 316.3 -15.6 BlckRCom 72.10 1.30 86.00 68.22 5.55 77.4 -6.8 Conventional - Private Equity 52 Week Dis(-) Zero Dividend Preference Shares 52 Week HR # price at time of suspension from trading HenFarEs♦ 337.00 7.00 389.00 316.00 6.35 330.3 2.0 Man&Lon 430.00 6.50 542.00 403.59 0.83 452.6 -5.0 BlckREmEur 318.50 -0.50 396.53 298.48 3.55 334.1 -4.7 Price +/-Chg High Low Yld NAV or Pm Price +/-Chg High Low SP WO TAV 0% BlckRFrnt 138.50 0.50 169.50 131.50 3.47 134.6 2.9 HenHigh 168.25 2.50 193.00 162.50 5.65 172.3 -2.4 Marwyn Val 123.50 -0.50 162.94 118.00 - 199.8 -38.2 Altamir € 15.50 - 17.34 12.70 4.17 21.1 -26.5 Abf Spl Inc 104.50 1.00 110.00 102.10 - - - The prices listed are indicative and believed accurate at the time of publication. BlckRGtEur♦ 321.50 0.50 372.00 308.00 1.70 338.3 -5.0 HenInt Inc♦ 157.75 0.50 172.00 149.00 3.30 155.2 1.6 MercantIT 188.86 3.86 227.00 184.36 2.91 - - BGUSGROWTH 112.60 0.60 135.60 99.60 - 107.3 4.9 JPM I&C 189.50 - 191.00 186.00 - - - No offer is made by Morningstar or the FT. The FT does not warrant nor BlckR I&G 182.00 -2.00 214.00 177.40 3.63 191.3 -4.9 Hen Opp 990.00 -14.50 1142.3 944.00 2.02 1193.0 -17.0 MrchTst 476.00 5.00 542.00 450.00 5.27 471.7 0.9 BMO PvtEq 331.50 -5.50 340.00 328.94 5.31 350.5 -5.4 JZ Capital 431.00 - 438.00 426.00 -20.2 -23.2 483.7 guarantee that the information is reliable or complete. The FT does not accept BlckRckLat 428.00 2.50 499.00 370.00 2.36 506.4 -15.5 HenSmlr 814.00 2.00 986.00 792.00 2.33 872.7 -6.7 Mid Wynd♦ 480.00 -4.00 545.00 466.00 0.45 477.2 0.6 Electra■ 459.00 -11.00 965.00 455.00 - 719.0 -36.2 UIL Limited 2024 ZDP 108.00 0.50 108.70 103.00 -14.5 -19.3 138.4 responsibility and will not be liable for any loss arising from the reliance on BlckRckNrAm 176.25 1.50 183.50 144.00 3.26 172.7 2.1 Herald 1175 35.00 1380 1060 - 1372.2 -14.4 Miton Global 270.50 - 298.00 250.00 - 268.6 0.7 HVPE 1378 -2.00 1450 1174 - 1769.6 -22.1 UILFn18 160.50 - 161.00 157.00 - - - or use of the information. BlckRSmlr♦ 1240 20.00 1600 1205 2.10 1375.6 -9.9 HICL Infra 160.90 1.50 163.90 133.00 4.91 146.1 10.1 Monks 770.00 15.00 874.00 733.00 0.16 739.9 4.1 HgCapital 1860 45.00 2030 1675 2.47 2061.8 -9.8 UILFn20 147.00 1.00 148.58 140.00 -66.3 - 154.9 BlckRThrmt 476.00 -7.00 578.00 452.25 1.89 518.9 -8.3 Highbridge Multi 217.50 -0.50 228.00 216.00 - 219.0 -0.7 MontanSm 865.00 10.00 990.00 760.00 0.95 922.6 -6.2 The FT Share Service is a paid-for-print listing service and may not be fully ICG Ent Tr♦ 815.00 -3.00 896.00 778.00 2.58 1019.3 -20.0 UIL Finance 2022 ZDPs 127.00 1.00 130.16 122.00 -28.9 -40.8 147.0 BlckRWld 347.00 2.50 425.00 326.50 4.50 399.1 -13.1 Impax Env. 268.50 4.50 290.00 240.00 0.93 264.1 1.7 Mur Inc 738.00 6.00 818.00 700.00 4.84 804.4 -8.3 representative of all LSE-listed companies. This service is available to all listed JZ Capital 479.00 - 509.50 432.00 - 758.1 -36.8 BMO Cp&I 303.00 - 350.00 290.00 3.53 300.0 1.0 Ind IT 543.00 -11.00 810.00 513.00 1.10 555.1 -2.2 Mur Int 1088 22.00 1298 1044 4.64 1109.5 -1.9 companies, subject to the Editor’s discretion. For new sales enquiries please NB PE Ptnr 1090 -5.00 1150 934.00 3.49 1374.2 -20.7 Investment Companies - AIM BMOGblSmlr 1345 30.00 1380 1315 0.94 1333.4 0.9 IGC 84.50 0.50 120.00 72.60 - 95.5 -11.5 NewCtyEgy 16.50 - 17.25 9.00 - - - email [email protected] or call +44 (0)20 7873 4571. Nthn Invs 196.00 -4.00 228.60 185.00 - 230.1 -14.8 BMOMgdT 201.00 - 206.00 200.00 - 195.8 2.7 IntBiotech 583.00 9.00 700.00 518.00 4.63 584.9 -0.3 NewCityHY♦ 58.60 -0.60 63.60 54.70 7.54 55.0 6.5 52 Week Dis(-) Pantheon 2070 - 2170 1775 - 2577.8 -19.7 BMOMgdT 128.50 -1.50 133.00 126.25 4.36 127.4 0.9 Intl PP 156.00 0.20 161.00 138.20 4.37 143.2 8.9 New Star IT♦ 105.00 - 119.90 100.00 0.76 152.3 -31.1 Price +/-Chg High Low Yld NAV or Pm PantheonR 1895 - 1911.25 1460 - - - BMO UK HIT A 93.00 -0.50 96.60 92.00 5.25 97.3 -4.4 Inv AsiaTr 259.00 2.00 312.00 238.00 1.66 294.5 -12.1 NorthAmer 1350 20.00 1405 1155 2.93 1436.0 -6.0 AbnFrntrMkts♦ 48.00 0.50 65.50 45.00 4.8 55.4 -13.4 Data provided by Morningstar PrincssPE €♦ 10.00 0.02 10.95 9.36 5.57 - - BMO UK HIT B 93.00 - 95.00 92.00 5.25 97.3 -4.4 Inv IncGro 259.50 1.50 299.00 250.00 4.22 301.1 -13.8 NthAtSml 2765 15.00 3080 2370 - 3634.9 -23.9 CrysAmber 212.00 -1.00 239.12 165.00 2.4 212.8 -0.4 Smithson - - - - - 953.0 - BMO UK HIT UNIT 367.00 - 377.00 364.00 - 389.0 -5.7 IP EnInc 74.70 - 83.20 70.00 6.69 69.8 7.0 Oryx Int 800.00 -5.00 844.50 740.00 - 902.8 -11.4 Gresham House Strategic 922.50 - 1060 800.00 1.6 1243.3 -25.8 StdLfPv 335.50 -1.50 356.00 315.00 4.50 411.9 -18.5 Brit Emp 707.00 5.00 768.00 682.00 1.70 784.5 -9.9 IPST BalR 132.00 -0.50 144.00 131.00 - 132.9 -0.7 PacAsset 267.00 5.00 292.00 233.11 0.97 270.3 -1.2 Infra India 2.10 - 8.35 1.62 - 27.5 -92.4 Brunner♦ 734.00 10.00 818.00 714.00 2.25 820.3 -10.5 IPST Gbl Eq 194.00 - 214.00 192.00 3.45 196.4 -1.2 PacHorzn 307.50 6.50 395.00 256.75 - 296.8 3.6 Caledonia Inv 2840 80.00 2890 2515 1.95 3488.4 -18.6 IPST Mngd 101.50 -0.50 103.00 101.00 - 103.7 -2.1 PerpInc&Gr 327.50 4.00 387.50 321.50 4.27 370.2 -11.5 www.morningstar.co.uk NOVEMBER 22 2018 Section:Stats Time: 21/11/2018 - 19:00 User: gerry.white Page Name: SHARE PRICES, Part,Page,Edition: LON, 24, 1 Thursday 22 November 2018 ★ FINANCIALTIMES 25 MANAGEDFUNDSSERVICE 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 GBP Distributing Class (H) £ 10.74 - -0.25 0.88 China Consumer Fund W-ACC-GBP £ 2.53 - 0.02 0.53 Janus Henderson Fixed Interest Monthly Income Fund Inc 20.70 21.60 -0.13 4.64 Dodge & Cox Worldwide Funds plc-International Stock Fund Emerging Asia Fund W-ACC-GBP £ 1.38 - 0.01 0.59 Janus Henderson Global Sustainable Equity Fund A Inc 276.40 - -2.10 0.02 Abbey Life Assurance Company Limited (UK) Findlay Park Funds Plc (IRL) Lloyds Investment Fund Managers Limited (1000)F (JER) USD Accumulating Share Class $ 15.24 - -0.30 0.00 1 Wythall Green Way, Wythall, Birmingham, B47 6WG Emerging Eur Mid East and Africa W £ 2.01 - -0.01 1.80 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Janus Henderson Global Equity Income Fund A Inc 58.73 - -0.57 3.30 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 additional fund prices can be found @ www.abbeylife.co.uk EUR Accumulating Share Class € 15.78 - -0.20 0.00 FCA Recognised Other International Funds Insurances Enhanced Income Fund W-ACC-GBP £ 1.39 - 0.00 6.59 Janus Henderson Global Equity Fund Acc 3008.01 3137.58 -38.80 0.00 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund American Fund USD Class $ 111.93 - -1.44 0.00 Lloydstrust Gilt £ 12.2040 - 0.0040 0.00 Life Funds Enhanced Income Fund W-INC-GBP £ 0.93 - 0.00 7.15 Janus Henderson Global Technology Fund A Acc 1645.00 - -13.00 0.00 Lloyds Investment Funds Limited USD Accumulating Share Class $ 25.38 - -0.56 0.00 American Fund GBP Hedged £ 58.83 - -0.76 0.00 Prop. Acc. Ser 2 1643.90 1730.50 0.10 - Euro High Income € 1.5090xd - -0.0030 2.80 European Fund W-ACC-GBP £ 15.35 - -0.07 1.55 Janus Henderson Multi-Asset Absolute Return Fund A Acc 140.20 - -0.10 0.83 Aspect Capital Ltd (UK) GBP Accumulating Share Class £ 30.88 - -0.52 0.00 American Fund GBP Unhedged £ 87.27 - -0.86 0.00 Morgan Stanley Investment Funds (LUX) Selective Acc. Ser 2 1846.30 1943.40 1.30 - Other International Funds High Income £ 0.8229xd - -0.0028 4.33 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 GBP Distributing Share Class £ 19.24 - -0.32 0.67 European Fund W-INC-GBP £ 16.85 - -0.07 1.59 Janus Henderson Multi-Manager Active Fund A Acc 217.00 - -1.30 0.00 www.morganstanleyinvestmentfunds.com American Ser. 4 2479.30 2609.80 -27.80 - Aspect Diversified USD $ 357.37 - 2.05 0.00 Sterling Bond £ 1.4600xd - -0.0060 2.53 FCA Recognised EUR Accumulating Share Class € 28.94 - -0.43 0.00 European Opportunities W-ACC-GBP £ 4.23 - -0.02 0.88 Janus Henderson Multi-Manager Distribution Fund A Inc 129.50 - -0.80 3.03 Custodian Ser. 4 554.70 583.90 -0.10 - Aspect Diversified EUR € 202.16 - 1.00 0.00 Foord Asset Management Lloyds Gilt Fund Limited US Advantage A F $ 78.64 - -3.51 0.00 GBP Distributing Class (H) £ 11.28 - -0.25 0.51 Extra Income Fund Y-ACC-GBP £ 1.24 - 0.00 3.54 Website: www.foord.com - Email: [email protected] Janus Henderson Multi-Manager Diversified Fund A Acc 83.56 - -0.33 3.05 Equity Ser. 4 659.70 694.40 1.50 - Aspect Diversified GBP £ 106.74 - 0.57 0.00 Lloyds Gilt Fund Quarterly Share £ 1.2840 - 0.0000 0.00 FCA Recognised - Luxembourg UCITS Asian Equity A F $ 45.19 - 0.61 0.00 Extra Income Fund Y-GACC-GBP £ 1.31 - 0.00 3.73 Janus Henderson Multi-Manager Global Select Fund Acc 235.90 - -2.10 0.00 European Ser 4 717.70 755.50 -0.50 - Aspect Diversified CHF SFr 94.97 - 0.47 0.00 Foord International Fund | R $ 37.75 - -0.43 - Monthly Share £ 1.2370xd - 0.0000 0.00 Asian Property A F $ 20.01 - 0.13 0.00 Extra Income Fund Y-GINC-GBP £ 1.29 - 0.00 3.61 Janus Henderson Multi-Manager Income & Growth Fund A Acc 171.90 - -1.00 2.40 Lloyds Money Fund Limited Fixed Int. Ser. 4 938.20 987.60 -1.10 - Aspect Diversified Trends USD $ 101.71 - 0.09 0.00 Foord Global Equity Fund (Lux) | R $ 11.66 - -0.24 - Emerg Europ, Mid-East & Africa Eq A F € 69.42 - -1.53 0.00 Extra Income Fund Y-INC-GBP £ 1.22 - 0.00 3.53 Janus Henderson Multi-Manager Income & Growth Fund A Inc 148.70 - -0.90 2.44 Sterling Class £ 52.5320 - 0.0000 -0.20 Regulated Intl Ser. 4 589.50 620.50 -3.50 - Aspect Diversified Trends EUR € 96.23 - 0.06 0.00 Emerging Markets Debt A F $ 81.31 - -0.06 0.00 Lloyds Multi Strategy Fund Limited Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 0.99 - -0.01 - Foord Global Equity Fund (Sing) | B $ 14.11 - -0.30 0.00 Janus Henderson Multi-Manager Managed Fund A Acc 268.20 - -1.50 0.03 Japan Ser 4 489.20 514.90 -2.40 - Aspect Diversified Trends GBP £ 102.77 - 0.07 0.00 Conservative Strategy £ 1.1920 - -0.0080 0.43 Emerging Markets Domestic Debt AX F £ 11.16 11.16 -0.07 6.47 Fidelity Short Dated Corporate Bond Fund Y - Gross Inc £ 9.61 - 0.00 3.89 Foord International Trust (Gsy) $ 37.46 - -0.42 0.00 Janus Henderson Multi-Manager Managed Fund A Inc 261.30 - -1.50 0.02 Man. Ser. 4 1988.30 2092.90 -3.80 - Growth Strategy £ 1.7200 - -0.0170 0.23 Emerging Markets Equity A F $ 37.79 37.79 -0.68 0.00 Dragon Capital Group Fidelity Short Dated Corporate Bond Fund Y - Gross Acc £ 10.31 - -0.01 3.95 Janus Henderson Sterling Bond Unit Trust Acc 216.55 225.89 -0.10 2.09 Money Ser. 4 525.90 553.60 0.00 - Aggressive Strategy £ 2.3110 - -0.0290 0.00 Euro Bond A F € 16.07 16.07 0.00 0.00 Atlantas Sicav (LUX) 1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Global Dividend Fund W-ACC-GBP £ 2.10 - 0.00 2.70 Janus Henderson Sterling Bond Unit Trust Inc 63.00 65.71 -0.03 2.11 Regulated Prop. Ser. 4 1163.80 1225.10 0.00 - Fund information, dealing and administration: [email protected] Franklin Templeton International Services Sarl (IRL) Global USD Growth Strategy $ 1.5250 - -0.0200 0.00 Euro Corporate Bond AX F £ 26.68 26.68 -0.19 1.27 American Dynamic $ 4495.68 4495.68 -47.09 0.00 Other International Funds Global Dividend Fund W-INC-GBP £ 1.76 - 0.00 3.00 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Janus Henderson Strategic Bond Fund A Inc 118.70 - -0.10 3.50 Custodian Ser 5 528.70 556.50 -0.10 - Other International Funds Dealing Daily Vietnam Property Fund (VPF) NAV $ 0.80 - 0.03 0.00 Euro Strategic Bond A F € 45.41 45.41 0.06 0.00 American One $ 4227.40 4227.40 -55.10 0.00 Global Enhanced Income W-ACC-GBP £ 1.71 - 0.00 3.66 Franklin Emerging Market Debt Opportunities Fund Plc Janus Henderson UK & Irish Smaller Companies Fund A Acc 560.20 - -7.40 0.69 International Ser 5 561.80 591.40 -3.40 - European Currencies High Yield Bd A F € 23.86 23.86 0.07 0.00 Franklin Emg Mkts Debt Opp CHFSFr 16.24 - -0.56 9.72 Bond Global € 1428.61 1428.61 -23.72 0.00 Global Enhanced Income W-INC-GBP £ 1.35 - 0.00 4.86 Janus Henderson UK Absolute Return Fund A Acc 153.70 - -0.10 0.00 Managed Ser 5 1895.10 1994.80 -3.60 - Lothbury Property Trust (UK) European Equity Alpha A F € 41.65 - 0.37 0.00 Franklin Emg Mkts Debt Opp GBP £ 10.26 - -0.38 7.21 Eurocroissance € 943.12 943.12 -21.80 0.00 DSM Capital Partners Funds (LUX) Global Focus Fund W-ACC-GBP £ 21.62 - -0.06 0.35 Janus Henderson UK Alpha Fund A Acc 136.60 - -1.50 1.60 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Money Ser 5 514.90 542.00 0.00 - www.dsmsicav.com Property & Other UK Unit Trusts European Property A F € 33.86 33.86 0.21 0.00 Franklin Emg Mkts Debt Opp SGD S$ 21.96 - -0.81 5.49 Far East $ 817.52 - 2.23 0.00 Global High Yield Fund Y-ACC-GBP £ 13.83 - -0.05 3.63 Janus Henderson UK Equity Income & Growth Fund A Inc 560.80 - -4.70 4.11 Regulated Lothbury Property Trust GBP £ 1995.26 2150.30 8.36 3.09 Property Ser 5 1109.30 1167.60 0.10 - Eurozone Equity Alpha A F € 11.74 11.74 0.10 0.00 Franklin Emg Mkts Debt Opp USD $ 17.01 - -0.67 7.15 DSM Global Growth I2 € 167.42 - -2.17 0.00 Global High Yield Fund Y-GACC-GBP £ 14.69 - -0.01 3.57 Janus Henderson UK Index Fund A Acc 596.90 - -2.30 2.60 Pension Funds Global Bond A F $ 40.49 40.49 -0.03 0.00 American 3056.20 3217.10 -40.40 - DSM Global Growth I2 A$ 95.77 - -1.04 0.00 Global High Yield Fund Y-GINC-GBP £ 10.70 - -0.03 3.59 Janus Henderson UK Property PAIF A Acc £ 2.32 2.44 0.00 3.19 Barclays Investment Funds (CI) Ltd (JER) Global Brands A F $ 129.98 - -2.61 0.00 Equity 5872.00 6181.00 15.00 - 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 DSM Global Growth I1 € 101.96 - -1.32 - Global High Yield Fund Y-INC-GBP £ 10.28 - -0.03 3.31 Janus Henderson UK Property PAIF A Inc £ 1.03 1.08 0.00 3.25 FCA Recognised Global Convertible Bond A F $ 43.85 - -0.42 0.00 European 1492.60 1571.20 -1.10 - Bond Funds DSM US Large Cap Growth A $ 138.34 - -2.29 0.00 Global Property Fund W-ACC-GBP £ 1.78 - 0.01 1.79 Janus Henderson UK Tracker Fund A Acc 270.30 - -0.60 2.69 Global Property A F $ 29.24 - -0.43 0.00 Fixed Int. 1759.00 1851.60 -2.50 - Sterling Bond F £ 0.46 - 0.00 2.64 DSM US Large Cap Growth I2 € 121.42 - -1.55 0.00 Global Property W Inc £ 1.48 - 0.00 2.61 Janus Henderson US Growth Fund A Acc 1062.00 - -14.00 0.00 Indian Equity A F $ 37.25 - -0.41 0.00 International 1305.40 1374.10 -8.50 - Global Special Sits W-ACC-GBP £ 36.68 - -0.17 0.65 M & G Securities (1200)F (UK) Latin American Equity A F $ 50.38 - -0.50 0.00 Japan 537.70 566.00 -3.20 - Index Emerging Markets P-Acc £ 1.44 - 0.00 2.15 Fundsmith LLP (1200)F (UK) PO Box 9038, Chelmsford, CM99 2XF PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 Short Maturity Euro Bond A F € 20.00 20.00 -0.02 0.00 Managed 5321.90 5602.00 -11.00 - Index Emerging Markets P-Inc-GBP £ 1.19 - 0.00 2.31 www.fundsmith.co.uk, [email protected] Authorised Inv Funds Authorised Inv Funds US Dollar Liquidity A F $ 13.30 - 0.00 0.00 Charifund Inc 1492.73 - -5.50 5.31 Property 3055.00 3215.80 0.20 - Index Europe ex UK Fund P-Inc-GBP £ 1.24 - -0.01 2.49 Fundsmith Equity T Acc 382.34 - -4.21 0.54 US Growth A F $ 101.59 - 3.49 0.00 Charifund Acc 23838.98 - -87.81 5.14 Security 1479.70 1557.60 0.00 - Index Europe ex UK P-Acc £ 1.34 - -0.01 2.24 Fundsmith Equity T Inc 353.32 - -3.89 0.54 US Growth AH F € 66.55 66.55 2.26 0.00 Selective 2357.10 2481.10 0.20 - CCLA Investment Management Ltd (UK) E.I. Sturdza Strategic Management Limited(GSY) Index Japan Fund P-Inc-GBP £ 1.48 - 0.00 1.86 Kames Capital ICVC (UK) Senator House 85 Queen Victoria Street London EC4V 4ET Regulated US Growth AX F £ 76.43 76.43 -4.68 0.00 Formerly Hill Samuel Life Assurance Ltd Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Authorised Inv Funds Index Japan P-Acc £ 1.57 - 0.00 1.69 Strat Evarich Japan Fd Ltd JPY ¥ 77526.00 - -417.00 0.00 0800 358 3009 www.kamescapital.com M & G Securities Ltd (UK) 1 Wythall Green Way, Wythall, Birmingham, B47 6WG US Property A F $ 71.52 - -0.05 0.00 GAM Authorised Funds UK Charity Funds Diversified Income 1 Units GBP Inc £ 1.54 1.54 0.01 3.11 Index Pacific ex Japan P-Acc £ 1.48 - 0.00 3.56 Managed Ser A (Life) 1894.70 2005.00 -14.80 - Strat Evarich Japan Fd Ltd USD $ 778.02 - -3.82 0.00 [email protected], www.funds.gam.com Diversified Monthly Inc B Acc 132.12 - -0.37 5.14 Charibond 121.94xd - -0.05 2.29 Diversified Income 2 Units GBP Inc £ 1.48 1.48 0.00 3.12 Regulated Managed Ser A (Pensions) 1283.10 1350.60 -12.30 - Index Pacific ex Japan P-INC-GBP £ 1.14 - 0.00 3.67 LAPIS TOP 25 DIV.YLD-D £ 104.17 - -1.45 1.87 Diversified Monthly Inc B Inc 103.54 - -0.30 5.26 (Accum Units) 3983.88xd - -1.73 2.29 Formerly Target Life Assurance Ltd Diversified Income 3 Units GBP Inc £ 1.49 1.49 0.00 - Index UK Fund P-INC-GBP £ 1.10 - 0.00 3.39 Morgens Waterfall Vintiadis.co Inc Other International Funds 1 Wythall Green Way, Wythall, Birmingham, B47 6WG The Public Sector Deposit Fund E.I. Sturdza Funds PLC (IRL) Diversified Growth B Acc £ 1.55 - 0.00 2.96 NAACIF 82.87xd - -0.40 4.10 Index UK P-Acc £ 1.26 - -0.01 2.78 Managed (Life) 1908.20 2008.60 -14.80 - Regulated Phaeton Intl (BVI) Ltd (Est) $ 484.89 - -15.09 0.00 The Public Sector Deposit Fund-share class 1 ♦ F * 100.00 - 0.00 0.79 Ethical Cautious Managed B Acc £ 1.26 - 0.00 2.09 (Accum Units) 8413.90xd - -41.10 4.00 Asset Management Nippon Growth (UCITS) Fd - B ¥ 87789.00 - -94.00 0.00 Index US Fund P-Inc-GBP £ 1.81 - 0.00 1.48 GYS Investment Management Ltd (GSY) Managed Growth (Life) 632.70 666.00 -6.90 - Asset Management The Public Sector Deposit Fund-share class 4 ♦ F * 100.00 - 0.00 0.73 Asset ManagementRegulated Ethical Cautious Managed B Inc £ 1.12 - -0.01 2.12 Strategic China Panda Fd - USD $ 2773.59 - -64.82 0.00 Index US P-Acc £ 2.04 - 0.00 1.44 Asset Management Asset Management Managed (Pensions) 7703.20 8108.70 -73.70 - Taurus Emerging Fund Ltd $ 114.65 116.99 -5.52 0.00 Ethical Corporate Bond B Acc £ 1.87 - 0.00 2.99 (GSY) Strategic Euro Bond Fd - Acc € 1093.76 - -2.93 0.00 Index World Fund P-Inc-GBP £ 1.53 - -0.01 1.88 MMIP Investment Management Limited Managed Growth (Pensions) 797.20 839.20 -10.50 - Regulated CCLA Investment Management Ltd (UK) Ethical Corporate Bond B Inc £ 1.00 - 0.00 2.99 Strategic Europe Value Fd - EUR € 214.43 - -1.11 0.00 Index World P-Acc £ 1.73 - -0.01 1.76 Multi-Manager Investment Programmes PCC Limited additional fund prices can be found on our website Senator House 85 Queen Victoria Street London EC4V 4ET Genesis Asset Managers LLP Ethical Equity B Acc £ 1.99 - -0.03 2.22 Property & Other UK Unit Trusts UK Equity Fd Cl A Series 01 £ 2840.49 2867.16 -138.11 0.00 Asset Management Strategic European Smaller Companies Fd - EUR € 1075.53 - -16.67 0.00 Japan Fund W-ACC-GBP £ 3.56 - 0.01 0.47 Other International Funds Asset Management Asset Management CBF Church of England Funds Asset Management Asset ManagementHigh Yield Bond B Acc £ 2.70 - 0.00 4.67 Diversified Absolute Rtn Fd USD Cl AF2 $ 1637.43 - 6.48 0.00 Strategic Global Bond Fd - USD $ 1043.20 - 0.14 0.00 Japan Smaller Cos Fund W-ACC-GBPAsset£ 3.12 Management - 0.01 0.28 Emerging Mkts NAV £ 7.28 - -0.11 0.00 Asset Management Investment Inc 1664.90 1672.94 -5.26 3.23 Asset Management Asset ManagementNatixis International Funds (LUX) I SICAV (LUX) Asset Management High Yield Bond B Inc £ 0.94 - 0.00 4.67 Diversified Absolute Return Stlg Cell AF2 £ 1606.09 - 4.45 0.00 Strategic Global Quality Fd - USD Inst $ 135.91 - -1.21 0.00 FCA Recognised Investment Acc 3769.30 3787.51 -11.92 0.00 MoneyBuilder Balanced Y-ACC-GBP £ 0.54 - 0.00 3.57 Investment Grade Bond B Acc 174.56 - -0.07 2.00 Global Equity Fund A Lead Series £ 1450.91 1456.75 -79.00 0.00 ASG Managed Futures Fund I/A (USD) $ 91.11 91.11 1.09 0.00 Strategic Quality Emerging Bond Fd - USD $ 1032.56 - -1.38 0.00 Global Equity Inc 187.58 187.90 -0.42 3.74 MoneyBuilder Balanced Y-INC-GBP £ 0.56 - 0.00 4.34 Investment Grade Bond B Inc £ 1.19 - 0.00 2.50 Harris Global Equity Fund R/A (USD) $ 280.91 280.91 -6.03 0.00 Strategic US Momentum and Value Fd - USD Class $ 835.25 - -14.18 0.00 Global Equity Acc 309.03 309.57 -0.69 0.00 MoneyBuilder Dividend Y-INC-GBP £ 1.24 - 0.00 4.89 Sterling Corporate Bond B Acc £ 0.81 - 0.00 2.95 Loomis Sayles Global Growth Equity Fund I/A (USD) $ 126.22 126.22 -2.05 0.00 (IRL) Strategic Japan Opportunities Fund ¥ 56523.00 - -1088.00 0.00 Algebris Investments UK Equity Inc 163.97 164.41 -0.24 3.70 MoneyBuilder Growth Fund Y-INC-GBP £ 0.74 - 0.00 2.54 Marlborough Fd Managers Ltd (1200)F (UK) Regulated Sterling Corporate Bond B Inc £ 0.32 - 0.00 2.95 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Loomis Sayles U.S. Growth Equity Fund I/A (USD) $ 133.16 133.16 -1.92 0.00 Strategic Beta Flex Fund € 1010.38 - 3.73 0.00 MoneyBuilder Income Fund Y-ACC-GBP £ 12.61 - -0.01 3.19 Algebris Financial Credit Fund - Class I EUR € 145.86 - -0.88 0.00 UK Equity Acc 271.88 272.61 -0.40 0.00 www.marlboroughfunds.com Strategic Bond B Acc £ 1.21 - 0.00 2.41 Authorised Inv Funds MoneyBuilder Income Fund Y-GACC-GBP £ 14.90 - -0.04 3.24 Global Investment House Algebris Financial Income Fund - Class I EUR € 127.04 - -1.98 0.00 Fixed Interest Inc 161.07 161.68 -0.33 4.09 Balanced 188.04 198.21 -1.61 0.39 Global GCC Islamic Fund $ 106.65 - -1.18 0.00 Strategic Bond B Inc £ 1.18 - 0.00 2.41 MoneyBuilder Income Fund Y-GINC-GBP £ 1.25 - 0.00 3.30 Natixis Investment Funds (UK) Algebris Financial Equity Fund - Class B EUR € 106.61 - -2.86 0.00 Fixed Interest Acc 551.61 553.69 -1.12 0.00 Bond Income 49.69 52.46 -0.09 3.40 Authorised Funds Global GCC Large Cap Fund $ 164.96 - -1.19 0.00 UK Equity B Acc £ 2.85 - -0.03 2.50 MoneyBuilder Income Fund Y-INC-GBP £ 1.18 - 0.00 3.24 Algebris Asset Allocation Fund - Class B EUR € 98.18 - -0.05 0.00 Property Fund Inc 136.90 141.49 0.06 5.43 DNCA European Select Equity Fund £ 0.92 - 0.00 0.91 Cautious Inc 86.91 91.51 -0.91 1.69 Global Saudi Equity Fund SR 249.56 - -1.71 0.00 UK Equity Absolute Return B Acc £ 1.11 - -0.01 0.00 Multi Asset Adventurous N-ACC-GBP £ 1.41 - -0.01 1.07 Algebris Macro Credit B EUR Acc € 97.13 - -1.30 0.00 Harris Global Concentrated Equity Fund £ 1.57 - -0.01 1.37 UK Equity Income B Acc £ 2.42 - -0.02 4.83 Defensive A Inc 112.26 112.26 -0.13 0.08 Multi Asset Alloc Advent N-ACC-GBP £ 1.37 - 0.00 1.23 Algebris Core Italy Fund - Class R EUR € 86.82 - -0.96 - H2O MultiReturns Fund N/A (GBP) £ 1.56 - 0.03 1.22 CCLA Fund Managers Ltd (UK) UK Equity Income B Inc £ 1.64 - -0.01 4.98 Emerging Markets 293.38 293.38 -0.08 1.14 Senator House 85 Queen Victoria Street London EC4V 4ET (UK) Multi Asset Alloc Def N-ACC-GBP £ 1.17 - 0.00 1.02 EdenTree Investment Management Ltd HPB Assurance Ltd Loomis Sayles U.S. Equity Leaders N/A (GBP) £ 2.47 - 0.01 0.12 Property & Other UK Unit Trusts PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 UK Opportunities B Acc £ 1.80 - -0.03 1.67 ETF Global Growth A 176.12 176.12 -1.18 0.15 COIF Charity Funds (UK) Authorised Inv Funds Multi Asset Alloc Def N-GACC-GBP £ 1.18 - 0.00 1.02 International Insurances The Antares European Fund Limited UK Smaller Companies B Acc £ 3.38 - -0.05 1.56 ETF Commodity A 83.97 83.97 -0.89 0.00 Amity UK Cls A Inc 218.20 - -2.60 1.51 Holiday Property Bond Ser 1 £ 0.54 - 0.00 0.00 Other International Investment Inc 1474.91 1482.03 -22.24 2.56 Multi Asset Alloc Growth N-ACC-GBP £ 1.26 - 0.00 1.12 European Multi-Cap 425.00 425.00 -2.88 0.79 AEF Ltd Usd (Est) $ 575.62 - -17.26 - Investment Acc 15756.97 15833.10 -237.59 0.00 Amity UK Cls B Inc 218.60 - -2.70 2.35 Multi Asset Alloc Strat N-ACC-GBP £ 1.23 - 0.00 1.01 Holiday Property Bond Ser 2 £ 0.66 - 0.00 0.00 Extra Income 78.76 83.34 -0.82 3.91 AEF Ltd Eur (Est) € 554.86 - -17.05 0.00 Ethical Invest Inc 225.82 226.92 -3.39 2.62 Higher Income Cls A Inc 131.60 - -0.30 4.66 Multi Asset Balanced Inc N-GINC-GBP £ 1.11 - -0.01 4.08 Kames Capital Investment Portfolios ICVC (UK) Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Far East Growth A Inc 214.75 214.75 -0.15 1.33 Ethical Invest Acc 323.65 325.21 -4.85 0.00 Higher Income Cls B Inc 137.60 - -0.40 4.56 0800 358 3009 www.kamescapital.com Multi Asset Balanced Inc N-INC-GBP £ 1.07 - 0.00 3.85 Haussmann Authorised Funds Global 228.59 240.82 -4.24 0.00 Other International Funds Global Equity Inc 173.97 174.27 -3.84 - UK Equity Growth Cls A Inc 265.90 - -2.20 1.09 Multi Asset Defensive N-ACC-GBP £ 1.20 - -0.01 1.04 Arisaig Partners Property Income B Acc 133.95 133.95 0.01 4.34 New Capital UCITS Fund PLC (IRL) Haussmann Cls A $ 2738.06 - -68.73 0.00 Global Bond Inc 148.55 156.94 -0.17 3.21 Other International Funds Global Equity Acc 289.80 290.30 -6.40 0.00 UK Equity Growth Cls B Inc 272.90 - -2.20 1.88 Multi Asset Defensive N-GACC-GBP £ 1.22 - 0.00 1.02 Leconfield House, Curzon Street, London, W1J 5JB Property Income B Inc 108.61 108.61 0.00 4.44 Arisaig Africa Consumer Fund Limited $ 11.62 - -0.07 0.00 Haussmann Cls C € 2250.93 - -60.16 0.00 High Yield Fixed Interest 70.39 74.68 -0.04 4.66 www.newcapitalfunds.com Fixed Interest Inc 133.23 133.73 -0.09 2.48 Amity Balanced For Charities A Inc 107.20 - 0.10 5.48 Multi Asset Growth Fund N-ACC-GBP £ 1.30 - -0.01 1.08 FCA Recognised Multi Cap Income A Inc 144.04 144.04 -1.19 4.80 Arisaig Asia Consumer Fund Limited $ 83.33 - -0.87 0.00 Haussmann Cls D SFr 1173.66 - -31.59 0.00 Wealthy Nations Bond Fund - USD Inst Inc. $ 109.57 - -0.32 4.55 Fixed Interest Acc 849.49 852.69 -0.57 0.00 Amity European Fund Cls A Inc 246.80 - -0.70 1.55 Multi Asset Inc & Growth N-INC-GBP £ 1.09 - 0.00 3.98 Arisaig Global Emerging Markets Consumer Fund $ 10.22 - -0.16 0.00 Kames Capital VCIC (IRL) Nano-Cap Growth A Acc 160.3519 176.6700 147.3586 0.00 Property Inc 117.27 121.21 0.05 5.46 Amity European Fund Cls B Inc 250.00 - -0.80 2.41 Euro Value Credit Fund - EUR Inst Acc € 97.60 - -0.28 0.00 Multi Asset Income Fund N-GINC-GBP £ 1.08 - 0.00 4.12 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Special Situations A Acc 1524.12 1612.83 -19.27 0.35 Arisaig Global Emerging Markets Consumer UCITS € 11.47 - -0.14 0.00 Local Authorities Property Fd (LAMIT) (UK) FCA Recognised Global Value Credit Fund - USD Ord Acc. $ 181.22 - -0.54 0.00 Amity Global Equity Inc for Charities A Inc 126.30 - -0.80 3.50 Multi Asset Income Fund N-INC-GBP £ 1.04 - 0.00 4.08 Property 298.95 324.15 -0.02 4.81 Absolute Return Bond B GBP Acc 1107.13 - 0.03 1.23 UK Multi-Cap Growth A Inc 301.46 319.01 -2.53 0.28 Arisaig Global Emerging Markets Consumer UCITS STG £ 12.95 - -0.18 0.00 Asia Pacific Equity Income Fund - USD Ord Inc. $ 94.05 - -1.22 3.08 Amity International Cls A Inc 255.70 - -0.90 1.37 Fidelity Asia Fund W-ACC-GBP £ 12.26 - 0.05 0.84 Eq Market Neutral B Acc 938.75 - -0.06 0.00 UK Micro Cap Growth A 677.96 717.42 -8.71 0.00 Arisaig Latin America Consumer Fund $ 23.85 - -0.20 0.00 China Equity Fund - USD Ord Acc. $ 141.90 - -2.07 0.00 Amity International Cls B Inc 258.90 - -0.90 2.13 Multi Asset Open Advent N-ACC-GBP £ 1.34 - -0.01 0.64 High Yield Global Bond A GBP Inc 494.53 - -0.33 3.70 US Multi-Cap Income 472.36 472.36 -6.53 0.52 Dynamic European Equity Fund - EUR Ord Inc. € 170.75 - -1.89 2.98 CG Asset Management Limited (IRL) Amity Sterling Bond Fund A Inc 102.40 - 0.00 4.08 Multi Asset Open Defen N-ACC-GBP £ 1.20 - 0.00 1.06 25 Moorgate, London, EC2R 6AY MFM - Third Party Funds Hermes Investment Funds Plc (IRL) High Yield Global Bond B GBP Inc 1043.70 - -0.68 4.35 Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Amity Sterling Bond Fund B Inc 112.70 - 0.00 4.08 Global Equity Conviction Fund - USD Ord Acc. $ 115.61 - -2.64 0.00 Multi Asset Open Defen N-GACC-GBP £ 1.23 - 0.00 1.03 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 Junior Oils 74.05 78.36 -4.06 0.00 FCA Recognised Investment Grade Global Bd A GBP Inc 542.17 - -1.34 2.15 FCA Recognised Swiss Select Equity Fund - CHF Ord Acc.SFr 137.43 - -1.23 0.00 Multi Asset Open Growth N-ACC-GBP £ 1.29 - -0.01 1.25 Junior Gold C Acc 27.38 27.38 -0.26 0.00 Capital Gearing Portfolio Inc £ 32388.40 32388.40 189.11 0.72 Hermes Abs Return Credit Fund Class F Acc £ 1.26 1.26 0.00 0.00 Kames Emerging Market Bond Fund - B Acc USD $ 11.26 - -0.03 0.00 US Growth Fund - USD Ord Acc. $ 250.37 - -4.70 0.00 Multi Asset Open Strat N-ACC-GBP £ 1.26 - -0.01 1.31 CG Portfolio Fund Plc Edinburgh Partners Limited (IRL) MFM Bowland 249.05 269.24 -1.86 0.94 Hermes Abs Return Credit Fund Class F Acc USD € 1.92 1.92 -0.01 0.00 Kames Global Equity Income B GBP Acc 1633.93 - -11.49 0.00 27-31 Melville Street, Edinburgh EH3 7JF US Small Cap Growth Fund - USD Inst Acc $ 122.68 - -2.88 0.00 Absolute Return Cls M Inc £ 117.28 117.28 -0.47 1.24 Multi Asset Strategic N-ACC-GBP £ 1.28 - -0.01 1.24 MFM Hathaway Inc 134.44 140.78 -1.46 1.29 Tel: +353 1 434 5143 Dealing - Fax +353 1 434 5230 Hermes Asia Ex-Japan Equity Fund Class C Acc GBP £ 2.45 2.45 -0.01 0.00 Kames Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 Artemis Fund Managers Ltd (1200)F (UK) Strategic Portfolio UCITS Fund - USD Inst Acc. $ 112.61 - -1.40 0.00 Capital Value Cls V Inc £ 156.15 156.15 0.90 0.43 FCA Recognised Open World Fund N-ACC-GBP £ 1.59 - -0.02 0.36 57 St. James's Street, London SW1A 1LD 0800 092 2051 MFM Techinvest Special Situations Acc 183.04 183.04 -6.99 0.00 Edinburgh Partners Opportunities Fund PLC Hermes Asia Ex-Japan Equity Fund Class C Acc USD € 4.26 4.26 -0.04 0.00 Kames Global Diversified Growth Fund - B Acc EUR € 10.67 - -0.06 0.00 Authorised Inv Funds All Weather Fund - EUR Inst Acc € 96.56 - -0.43 0.00 Dollar Fund Cls D Inc £ 149.96 149.96 0.32 1.62 Special Situations Fund W-ACC-GBP £ 34.17 - -0.21 1.67 MFM Techinvest Technology Acc 524.31 524.31 -17.78 0.00 Emerging Opportunities I USD $ $ 1.24 - -0.02 1.56 Artemis Capital R ACC 1452.86 1460.85 -12.78 1.69 Hermes Europe Ex-UK Equity Fund Class F Acc £ 1.91 1.91 -0.01 0.00 Kames Global Equity Market Neutral Fund - B Acc GBP £ 9.50 - -0.06 0.00 Dynamic UK Equity Fund - GBP Inst Acc. £ 105.20 - -0.43 0.00 Dollar Hedged GBP Inc £ 92.74 92.74 -0.08 1.78 Sterling Core Plus Bond GMACC £ 11.90 - 0.00 2.24 MFM UK Primary Opportunities A Inc 403.47 403.47 -2.57 1.42 European Opportunities I EUR € 2.41 - -0.02 2.07 Artemis European Growth R Acc 295.07 295.69 -1.85 0.97 Hermes Europe Ex-UK Equity Fund Class F Acc EUR € 3.61 3.61 -0.02 0.00 Global Sustainable Equity B Acc GBP £ 13.20 - -0.07 0.00 Global Alpha Fund - USD Ord Inc $ 101.98 - -0.89 0.93 Real Return Cls A Inc £ 190.41 190.41 0.19 2.16 Sterling Core Plus Red Dur £ 11.11 - -0.01 1.90 European Opportunities I GBP £ 2.14 - -0.02 1.81 Artemis European Opps R Acc 97.64 97.84 -0.41 0.79 Hermes European Alpha Equity Fund Class F Acc £ 1.60 1.60 -0.01 0.00 Global Sustainable Equity C Acc GBP £ 13.29 - -0.07 0.00 Strategic Bond Fund Y-ACC-GBP £ 1.16 - 0.00 2.19 European Opportunities A EUR € 2.36 - -0.03 1.03 Artemis Global Emg Mkts I GBP Acc 130.00 - -0.19 - Hermes European Alpha Equity Fund Class F Dis £ 1.50 1.50 0.00 1.32 Kames Absolute Return Bond Global Fund - B Acc GBP £ 10.25 - 0.00 0.00 Marwyn Asset Management Limited (CYM) Strategic Bond Fund Y-GACC-GBP £ 1.22 - 0.00 3.03 Regulated Charles Schwab Worldwide Funds Plc (IRL) Global Opportunities I USD $ 1.83 - -0.02 1.46 Artemis Global Emg Mkts I GBP Dist 120.18 - -0.17 - Hermes European Alpha Equity Fund Class F Acc EUR € 3.12 3.12 -0.01 0.00 Short Dated High Yld Bd B Acc GBP £ 10.04 - 0.00 0.00 Marwyn Value Investors £ 418.61 - -3.13 0.00 Asset Management Regulated Strategic Bond Fund Y-GINC-GBP £ 1.24 - -0.01 2.70 Global Opportunities I GBP £ 1.43 - -0.01 1.15 Asset Management Artemis Global Energy R Acc 31.01 31.09 -0.94 0.56 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.86 Hermes GEMs SMID Equity Fund Class F GBP Acc £ 1.03 - 0.01 - Short Dated High Yld Bd C Acc AssetGBP (Hdg) £ 10.08 Management - -0.01 0.00 Asset Management Strategic Bond Fund Y-INC-GBP £ 1.17 - 0.00 1.95 Asset Management Pan European Opportunities I EUR € 1.74 - -0.01 - Artemis Global Growth R Acc 254.54 255.02 -2.32 0.93 Hermes Global Emerging Markets Fund Class F Acc £ 1.81 1.81 0.00 0.00 Strategic Global Bond A GBP Inc 1080.18 - -0.83 1.94 Target 2020 A-ACC-GBP £ 0.66 - 0.00 0.45 McInroy & Wood Portfolios Limited (UK) Artemis Global Income R Acc 120.82 121.10 -0.42 3.14 Hermes Global Emerging Markets Fund Class F Acc USD € 3.70 3.70 -0.01 0.00 Strategic Global Bond B GBP Inc 612.87 - -0.47 2.59 Easter Alderston, Haddington, EH41 3SF 01620 825867 Northwest Investment Management (HK) Ltd Chartered Asset Management Pte Ltd Target 2025 A-ACC-GBP £ 1.64 - 0.01 0.50 Authorised Inv Funds Artemis Global Income R Inc 88.05 88.25 -0.30 3.21 Other International Funds Electric & General (1000)F (UK) Hermes Global Equity Fund Class F Acc £ 2.22 2.22 -0.02 0.00 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9331 9220 Target 2030 A-ACC-GBP £ 1.85 - 0.00 0.56 Balanced Fund Personal Class Units 4720.50 - -10.70 1.37 Other International Funds CAM-GTF Limited $ 272428.23 272428.23 1205.58 0.00 Stuart House St.John's Street Peterborough PE1 5DD Artemis Global select R Acc 102.78 102.95 -0.60 0.00 Orders & Enquiries: 0845 850 0255 Hermes Global Equity Fund Class R Acc USD € 4.69 4.69 -0.06 0.00 Northwest China Opps Class T $ $ 2683.83 - -82.37 0.00 UK Invest Grade Long Credit GACC £ 112.40 - -0.10 2.41 Kleinwort Hambros Bank Limited (UK) Income Fund Personal Class Units 2521.50 - -1.90 2.77 CAM GTi Limited $ 593.63 - -6.48 0.00 Authorised Inv Funds 5TH Floor, 8 St James's Square, London, SW1Y 4JU Artemis High Income R Inc 73.37 73.93 -0.11 5.96 Hermes Global ESG Equity Fund Class F Acc £ 1.65 1.65 -0.02 0.00 Northwest Feilong Class T $ $ 1661.87 - -37.77 0.00 Authorised Corporate Director - Carvetian Capital Management UK Opportunities Fund W-ACC-GBP 215.90 - -1.20 1.26 Dealing and enquiries: 033 0024 0785 Emerging Markets Fund Personal Class Units 2008.80 - 8.50 1.69 Raffles-Asia Investment Company $ 1.38 1.38 -0.12 1.43 Authorised Inv Funds Artemis Income R Acc 396.64 399.10 -4.48 4.25 Electric&General Net Income A 197.30 - -1.10 1.24 Hermes Global High Yield Credit Fund Class F Acc £ 1.44 1.44 -0.01 0.00 Northwest Fund Class T $ $ 2444.08 - -58.05 0.00 UK Opportunities Fund W-INC-GBP 119.80 - -0.60 1.31 Unit Trust Manager/ACD - Host Capital Smaller Companies Fund Personal Class Units 5222.40 - -69.20 0.99 Artemis Income R Inc 205.37 206.65 -2.33 4.39 Hermes Global High Yield Credit Fund Class F Acc EUR € 3.03 3.03 -0.02 0.00 Northwest Warrant Class A $ $ 1969.35 - -444.40 0.00 UK Select Fund W-ACC-GBP £ 2.82 - -0.01 1.74 HC Kleinwort Hambros Growth A Acc 198.28 - -1.64 1.36 Artemis Monthly Dist R Inc 66.05 66.44 -0.28 4.43 Cheyne Capital Management (UK) LLP Hermes Global Small Cap Fund Class F Acc £ 1.49 1.49 -0.02 0.00 Ennismore Smaller Cos Plc (IRL) UK Smaller Companies W-ACC-GBP £ 2.36 - -0.02 1.41 HC Kleinwort Hambros Growth A Inc 180.19 - -1.49 1.38 Other International Funds Emerging Markets Managed Accounts PLC (IRL) Artemis Pan-Euro Abs Ret GBP 117.71 - -0.42 - 5 Kensington Church St, London W8 4LD 020 7368 4220 Hermes Global Small Cap Fund Class F Acc USD € 2.17 2.17 -0.01 0.00 [email protected], +44(0)20 8123 8369, www.milltrust.com Cheyne European Event Driven Fund (M) € 144.16 - -0.70 - FCA Recognised WealthBuilder Fund N-ACC-GBP £ 1.54 - -0.02 1.29 HC Kleinwort Hambros Equity Income A Inc 104.19 - -0.76 3.06 Regulated Artemis Strategic Assets R Acc 80.75 81.22 -0.83 0.00 Hermes Impact Opportunities Equity Fund F $ 1.84 - -0.02 - price updated (D) daily, (W) weekly, (M) monthly Ennismore European Smlr Cos NAV £ 132.85 - -0.26 0.00 Institutional OEIC Funds HC Kleinwort Hambros Equity Income A Acc 175.28 - -1.27 4.00 Milltrust ASEAN A $ 102.05 - 1.63 0.00 Artemis Strategic Bond R M Acc 93.34 93.94 -0.06 3.46 America £ 5.92 - -0.04 0.32 Hermes Impact Opportunities Equity Fund F £ 0.97 - -0.01 - Ennismore European Smlr Cos NAV € 149.29 - -0.19 0.00 HC Kleinwort Hambros Multi Asset Balanced A Acc 154.06 - -1.34 0.81 Milltrust India A $ 154.02 - 1.11 0.00 Artemis Strategic Bond R M Inc 54.51 54.86 -0.04 3.53 Emerging Markets £ 4.16 - 0.00 1.03 Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.12 1.12 0.00 0.00 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) HC Kleinwort Hambros Multi Asset Balanced A Inc 145.60 - -1.26 0.81 Milltrust Latin America A $ 104.14 - 3.25 0.00 Artemis Strategic Bond R Q Acc 93.51 94.11 -0.06 3.46 Stuart House, St John's Street, Peterborough, PE1 5DD Europe (ex-UK) Fund ACC-GBP £ 5.06 - -0.02 1.26 Hermes SDG Engagement Equity Fund F $ 2.02 - -0.02 - HC Kleinwort Hambros Fixed Income A Acc 127.78 - -0.38 3.44 Oasis Crescent Management Company Ltd Dealing & Client Services 0345 850 8818 Milltrust Keywise China Fund $ 127.22 - 0.05 0.00 Ennismore European Smlr Cos Hedge Fd Other International Funds Artemis Strategic Bond R Q Inc 54.62 54.97 -0.04 3.54 Authorised Inv Funds Fidelity Pre-Retirement Bond Fund £ 136.40 - -0.10 2.21 Hermes SDG Engagement Equity Fund F £ 1.05 - -0.01 - Other International Funds HC Kleinwort Hambros Fixed Income A Inc 106.85 - -0.32 3.44 Consistent UT Inc 46.26 47.25 -0.40 3.11 Milltrust SEDCO MENA Fund (Class A) * $ 99.35 - -0.96 0.00 Oasis Crescent Equity Fund R 10.15 - -0.14 0.19 Artemis UK Select Fund Class R Acc 472.50 475.34 -4.06 1.27 NAV € 549.62 - 12.03 0.00 Global Focus £ 4.29 - -0.02 0.55 Hermes Unconstrained Credit Fund Class F USD Acc $ 1.98 - -0.01 - Consistent UT Acc 120.60 123.30 -1.10 3.11 Artemis UK Smaller Cos R Acc 1546.78 1585.08 -16.13 1.31 Index Linked Bond £ 3.23 - -0.01 0.32 Hermes US SMID Equity Fund Class F Acc £ 2.44 2.44 -0.03 0.00 Practical Investment Inc 218.50 233.30 -0.80 3.42 Link Asset Services (UK) Artemis UK Special Sits R Acc 533.58 537.91 -1.94 1.66 Index Linked Bond Gross £ 3.94 - -0.02 0.33 Hermes US SMID Equity Fund Class F Acc USD € 4.18 4.18 -0.06 0.00 Milltrust International Managed Investments ICAV (IRL) Oasis Global Mgmt Co (Ireland) Ltd (IRL) (GSY) 65 Gresham Street, London, EC2V 7NQ Equinox Fund Mgmt (Guernsey) Limited [email protected], +44(0)20 8123 8369 www.milltrust.com Regulated Practical Investment Acc 1182.00 1262.00 -5.00 3.42 Regulated Order Desk and Enquiries: 0345 922 0044 Artemis US Abs Ret I Acc 113.61 - -0.16 0.00 Japan £ 2.84 - 0.00 0.38 Regulated Oasis Crescent Global Investment Fund (Ireland) plc Authorised Inv Funds Equinox Russian Opportunities Fund Limited $ 157.98 - -7.54 0.00 MAI - Buy & Lease (Australia) A$ 100.27 - 1.07 0.00 Oasis Crescent Global Short Term Income Fund I - Class A Dist $ 0.98 - 0.00 - Artemis US Equity I Acc 183.28 - -1.11 0.14 Long Bond £ 0.55 - 0.00 1.92 LF Heartwood Balanced MA B Acc X 141.73 - -0.49 0.63 Hermes Property Unit Trust (UK) MAI - Buy & Lease (New Zealand)NZ$ 97.23 - -1.69 0.00 Oasis Crescent Global Equity Fund $ 29.40 - -0.56 0.89 Artemis US Ex Alpha I Acc 199.53 - -2.24 0.00 DAVIS Funds SICAV (LUX) Long Bond Gross £ 0.97 - 0.00 1.90 Property & Other UK Unit Trusts LF Heartwood Cautious MA B Acc X 138.50 - -0.16 0.74 Regulated Property £ 6.71 7.22 0.07 2.75 British Innovation Fund £ 96.84 - -0.82 0.00 Oasis Crescent Variable Balanced Fund £ 9.65 - -0.05 0.15 Artemis US Extended Alpha I Hedged Acc £ 1.34 - -0.02 0.00 Euronova Asset Management UK LLP (CYM) Long Bond Fund Gross Inc £ 12.70 - -0.08 2.16 LF Heartwood Defensive MA B Acc 113.74 - -0.18 0.24 Davis Value A $ 48.50 - -0.86 0.00 Regulated EICM South Asia Hospitality 1 $ 102.20 - 0.22 0.00 OasisCresGl Income Class A $ 10.32 - -0.01 2.91 Artemis US Select I Acc 188.78 - -1.01 0.07 Pacific (Ex Japan) £ 4.71 - -0.01 2.05 LF Heartwood Growth MA B Acc X 169.94 - -0.90 0.35 Davis Global A $ 33.21 - -0.86 0.00 Smaller Cos Cls One Shares € 43.04 - -0.82 0.00 Milltrust Global Emerging Markets Fund - Class A $ 80.50 - 0.45 - OasisCresGl LowBal D ($) Dist $ 11.80 - -0.12 0.27 Artemis US Select I Hedged Acc £ 1.35 - -0.01 0.08 Select Emerging Markets Equities £ 1.72 - 0.01 0.86 INDIA VALUE INVESTMENTS LIMITED (INVIL) Smaller Cos Cls Two Shares € 28.95 - -0.56 0.00 LF Heartwood Income MA B Inc X 107.92 - -0.26 3.35 www.invil.mu OasisCresGl Med Eq Bal A ($) Dist $ 12.50 - -0.15 - Artemis US Select I Inc 167.58 - -0.90 0.07 Select Global Equities £ 4.14 - -0.02 0.99 Smaller Cos Cls Three Shares € 14.69 - -0.25 0.00 Other International Funds LF Heartwood Income Plus MA B Inc X 112.77 - -0.36 4.17 Oasis Crescent Gbl Property Eqty $ 8.87 - -0.13 1.81 Artemis US Smlr Cos I Acc 212.66 - -1.30 0.00 South East Asia £ 5.33 - 0.01 1.64 NAV £ 8.37 - 0.07 0.00 Smaller Cos Cls Four Shares € 18.90 - -0.29 0.00 LF Seneca Diversified Growth A Acc 266.37 - -0.94 2.62 Ministry of Justice Common Investment Funds (UK) Property & Other UK Unit Trusts Sterling Core Plus Bond Gr Accum £ 2.42 - 0.00 2.35 LF Seneca Diversified Growth B Acc 160.66 - -0.57 3.27 The Equity Idx Tracker Fd Inc 1630.00 1630.00 -18.00 2.81 Sterling Core Plus Bond Inc £ 1.46 - 0.00 2.39 Intrinsic Value Investors (IVI) LLP (IRL) LF Seneca Diversified Growth I Acc 97.32 - -0.34 0.00 Distribution Units 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 UK £ 4.03 - -0.01 2.32 LF Seneca Diversified Growth N Acc 157.91 - -0.55 3.02 Dodge & Cox Worldwide Funds (IRL) FCA Recognised 6 Duke Street,St.James,London SW1Y 6BN UK Aggreg Bond Gr Accum £ 2.06 - 0.00 2.05 IVI European Fund EUR € 20.43 - -0.33 0.00 LF Seneca Diversified Income A Inc 89.17 - -0.49 5.17 (LUX) www.dodgeandcox.worldwide.com 020 3713 7664 Mirabaud Asset Management www.mirabaud.com, [email protected] FCA Recognised UK Corporate Bond £ 1.26 - -0.01 2.56 IVI European Fund GBP £ 24.33 - -0.42 0.00 LF Seneca Diversified Income B Inc 107.45 - -0.59 5.15 Conviction based investment vehicles details available here www.mirabaud-am.com Dodge & Cox Worldwide Funds plc - Global Bond Fund (LUX) UK Corporate Bond - Gross £ 2.56 - 0.00 2.51 LF Seneca Diversified Income I Inc 96.97 - -0.53 0.00 Regulated Odey Asset Management LLP (UK) Ashmore Investment Management Limited FIL Investment Services (UK) Limited (1200)F (UK) 2 rue Albert Borschette L-1246 Luxembourg EUR Accumulating Class € 12.74 - 0.05 0.00 65 Gresham Street, London, EC2V 7NQ 130, Tonbridge Rd, Tonbridge TN11 9DZ Mir. - Glb Strat. Bd I USD $ 108.23 - -0.21 0.00 FCA Recognised UK Corporate Bond Fund Gross Inc £ 11.77 - 0.02 2.85 LF Seneca Diversified Income N Inc 105.78 - -0.58 5.16 Order Desk and Enquiries: 0345 300 2106 EUR Accumulating Class (H) € 9.78 - -0.04 0.00 Callfree: Private Clients 0800 414161 Janus Henderson Investors (UK) Authorised Inv Funds Investment Adviser - Morant Wright Management Limited Mir. - EqPanEuropeSm&Mid £ 132.54 - -4.07 0.00 Ashmore SICAV Emerging Market Debt Fund $ 90.39 - -0.98 5.03 Broker Dealings: 0800 414 181 UK Gilt Fund Inc £ 1.35 - 0.00 1.50 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Authorised Corporate Director - Link Fund Solutions EUR Distributing Class € 10.86 - 0.04 3.80 OEIC Funds www.janushenderson.com LF Morant Wright Japan A Acc X 385.71 - -3.73 0.08 Mirabaud - UK Equity High Alpha £ 114.31 - -1.12 0.00 Ashmore SICAV Emerging Market Frontier Equity Fund $ 159.43 - -1.43 0.79 UK Gilt Gross £ 2.25 - 0.00 1.49 Authorised Inv Funds LF Odey Continental European GBP R Acc 1014.94 - -2.53 0.61 Allocator World Fund N-ACC-GBP £ 1.64 - -0.01 0.99 EUR Distributing Class (H) € 8.33 - -0.03 4.05 LF Morant Wright Japan A Inc X 376.41 - -3.63 0.36 Ashmore SICAV Emerging Market Total Return Fund $ 81.26 - -0.65 4.88 UK Long Corp Bond £ 1.46 - 0.00 2.85 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1011.00 - -1.00 0.04 LF Odey Opus GBP R Inc 4349.28 - -50.59 0.00 American Fund W-ACC-GBP £ 41.36 - -0.18 0.35 GBP Distributing Class £ 11.75 - 0.02 3.86 LF Morant Wright Japan B Acc X 416.59 - -4.02 0.88 Ashmore SICAV Global Small Cap Equity Fund $ 129.68 - -2.46 0.78 UK Long Corp Bond - Gross £ 2.91 - -0.01 2.79 Janus Henderson Asian Dividend Income Unit Trust Inc 97.20 102.11 -0.10 6.24 LF Odey Absolute Return GBP R 294.37 - -0.29 0.00 American Special Sits W-ACC-GBP £ 15.84 - -0.13 0.54 GBP Distributing Class (H) £ 8.65 - -0.03 3.65 LF Morant Wright Japan B Inc X 382.74 - -3.69 0.91 EM Active Equity Fund Acc USD $ 115.78 - -3.31 0.00 UK Long Corporate Bond - Gross Inc £ 12.23 - 0.04 2.99 Janus Henderson Cautious Managed Fund A Acc 256.50 - -0.50 3.50 LF Odey Portfolio Fund GBP R Inc 150.32 - -0.37 0.00 Asia Pacific Ops W-Acc £ 1.77 - 0.01 1.18 USD Accumulating Class $ 10.45 - -0.03 0.00 LF Morant Wright Nippon Yield A Acc X 406.38 - -3.35 2.70 EM Equity Fund Acc USD $ 86.63 - -2.01 - Retail Share Classes Janus Henderson Cautious Managed Fund A Inc 143.70 - -0.20 3.57 Dodge & Cox Worldwide Funds plc-Global Stock Fund Cash Fund Y-Acc-GBP £ 1.01 - 0.00 0.20 Emerging Markets - retail £ 1.63 - 0.00 0.33 LF Morant Wright Nippon Yield A Inc X 327.03 - -2.69 2.75 EM Mkts Corp.Debt USD F $ 91.09 - -0.54 5.38 USD Accumulating Share Class $ 20.35 - -0.46 0.00 Janus Henderson China Opportunities Fund A Acc 1245.00 - 2.00 0.56 Cash Fund Y-Inc-GBP £ 1.00 - 0.00 0.39 {*}CAR - Net income reinvested Odey Asset Management LLP (CYM) LF Morant Wright Nippon Yield B Acc X 427.68 - -3.52 2.69 Regulated EM Mkts Loc.Ccy Bd USD F $ 77.08 - -0.28 5.94 GBP Accumulating Share Class £ 26.18 - -0.47 0.00 Janus Henderson Emerging Markets Opportunities Fund A Acc 191.60 - -0.70 0.34 Asian Dividend Fund W-ACC-GBP £ 1.74 - 0.01 2.36 LF Morant Wright Nippon Yield B Inc X 344.28 - -2.83 2.75 OEI Mac Inc GBP A £ 208.00 - -3.97 0.00 EM Short Duration Fund Acc USD $ 136.52 - -0.65 0.00 GBP Distributing Share class £ 18.60 - -0.33 0.96 Janus Henderson European Growth Fund A Acc 212.00 - -1.50 0.82 Asian Dividend Fund W-INC-GBP £ 1.50 - 0.00 3.43 OEI Mac Inc GBP B £ 126.84 - -3.94 0.00 EUR Accumulating Share Class € 26.88 - -0.42 0.00 Janus Henderson European Selected Opportunities Fund A Acc 1554.00 - -6.00 0.36 NOVEMBER 22 2018 Section:Stats Time: 21/11/2018 - 19:00 User: gerry.white Page Name: MANAGED FUNDS 1, Part,Page,Edition: LON, 25, 1 26 ★ FINANCIALTIMES Thursday 22 November 2018 MANAGEDFUNDSSERVICE 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 OEI MAC Inc USD $ 1115.84 - -21.28 0.00 Pictet-EUR Bonds-I F € 572.14 - -0.77 0.00 Global Technology I USD $ 39.49 - -0.50 0.00 BP US Premium Equities (USD) $ 249.99 - -4.77 0.00 Rubrics Global Credit UCITS Fund $ 15.93 - -0.03 0.00 Data Provided by Odey European Inc EUR € 481.69 - -9.24 0.00 Pictet-EUR Corporate Bonds-I F € 206.85 - -0.54 0.00 Healthcare Blue Chip Fund I USD Acc $ 12.74 12.74 -0.05 0.00 Chinese Equities (EUR) € 82.12 - -0.17 0.00 Rubrics Global Fixed Income UCITS Fund $ 163.65 - -0.04 0.00 Value Partners Hong Kong Limited (IRL) Odey European Inc GBP A £ 194.13 - -3.59 0.00 Pictet-EUR Government Bonds I EUR € 160.67 - 0.11 0.00 Healthcare Opps I USD $ 47.49 - -0.56 0.00 Em Stars Equities (EUR) € 198.47 - -1.77 0.00 Q Rubrics India Fixed Income UCITS Fund $ 10.34 - 0.04 0.00 www.valuepartners-group.com, [email protected] Regulated Odey European Inc GBP B £ 110.06 - -2.03 0.00 Pictet-EUR High Yield-I F € 264.82 - -1.00 0.00 Income Opportunities B2 I GBP Acc £ 2.18 2.18 -0.02 0.00 Emerging Markets Equities (EUR) € 171.99 - -1.45 0.00 Rubrics India Fixed Income UCITS Fund $ 89.25 - 0.35 0.00 Value Partners Asia ex-Japan Equity Fund USD V Acc Unhedged $ 9.25 - -0.15 - www.morningstar.co.uk Odey European Inc USD $ 234.08 - -4.31 0.00 Pictet-EUR Short Mid-Term Bonds-I F € 136.21 - 0.03 0.00 Japan Alpha I JPY ¥ 249.54 249.54 -1.06 0.00 Glob.Consumer Trends Equities (EUR) € 197.10 - -1.95 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 13.25 - -0.26 0.00 Data as shown is for information purposes only. No Pictet-EUR Short Term HY I EUR € 125.64 - -0.24 0.00 Japan I JPY ¥ 2331.62 - -14.36 0.00 High Yield Bonds (EUR) € 140.28 - -0.42 0.00 TreeTop Asset Management S.A. (LUX) offer is made by Morningstar or this publication. Scottish Friendly Asset Managers Ltd (UK) Value Partners Classic Equity Fund CHF HedgedSFr 12.59 - -0.24 0.00 Regulated Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 101.15 - 0.00 0.00 North American I USD $ 22.31 22.31 -0.29 0.00 New World Financials (EUR) € 63.75 - -1.00 0.00 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 TreeTop Convertible Sicav Value Partners Classic Equity Fund EUR Hedged € 12.85 - -0.25 0.00 Odey Asset Management LLP (IRL) Authorised Inv Funds FCA Recognised Pictet-Euroland Index IS EUR € 141.72 - -2.20 0.00 UK Absolute Equity I GBP £ 18.88 18.88 -0.26 0.00 International AH € 247.03 - -2.32 0.00 Managed Growth ♦ 261.00 - -0.10 0.00 Value Partners Classic Equity Fund GBP Hedged £ 13.44 - -0.26 0.00 Odey Pan European EUR R € 317.78 - -3.86 0.00 Pictet-Europe Index-I EUR F € 178.48 - -2.04 0.00 UK Val Opp I GBP Acc £ 10.78 10.78 -0.13 0.00 International BH $ 336.76 - -3.07 0.00 RLUM Ltd (UK) UK Growth ♦ 285.90 - -1.50 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 16.81 - -0.34 0.00 Odey Allegra International EUR O € 178.17 - -2.80 0.00 Pictet-European Equity Selection-I EUR F € 688.50 - 8.89 0.00 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 International CH £ 101.34 - -0.95 3.81 Value Partners Classic Equity USD Unhedged $ 16.18 - -0.32 0.00 Authorised Inv Funds Guide to Data Odey Allegra Developed Markets USD I $ 151.99 - -1.82 0.00 Pictet-European Sust Eq-I EUR F € 256.58 - 2.75 0.00 International DH € 210.13 - -1.97 3.68 Polar Capital LLP (CYM) Royal London Sustainable Diversified A Inc £ 1.85 - -0.01 1.10 Value Partners Global Emerging Market Bond Fund USD A Acc Unhedged $ 10.03 - -0.02 0.00 Odey European Focus Fund € 19.68 - -0.18 0.00 Slater TreeTop Global Sicav The fund prices quoted on these pages are supplied by Pictet-Global Bds Fundamental I USD $ 122.89 - -0.32 0.00 Regulated Royal London Sustainable World A Inc 228.10 - -1.20 0.24 Value Partners Global Emerging Market Equity Fund USD V Unhedged $ 9.50 - -0.13 0.00 the operator of the relevant fund. Details of funds Odey Odyssey USD I $ 107.82 - 2.06 0.00 European Forager A EUR € 180.71 - -9.90 0.00 Global Opp.AH € 125.15 - -2.38 0.00 published on these pages, including prices, are for the Pictet-Global Bonds-I EUR € 165.97 - 0.19 0.00 Investments Royal London Corporate Bond Mth Income 88.42 89.77 -0.05 3.87 Value Partners Greater China Equity Fund USD A (Acc) Unhedged $ 10.13 - -0.20 0.00 purpose of information only and should only be used Odey Swan Fund EUR I € 56.95 - 0.39 0.00 Global Opp.B $ 129.91 - -2.59 0.00 as a guide. The Financial Times Limited makes no Pictet-Global Defensive Equities I USD $ 172.16 - 1.33 0.00 Royal London European Growth Trust 145.40 147.60 -0.30 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 11.66 - -0.21 0.00 representation as to their accuracy or completeness Odey Absolute Return Focus Fund $ 102.22 - 2.84 0.00 Global Opp.C £ 185.08 - -3.15 0.00 and they should not be relied upon when making an Pictet-Global Emerging Debt-I USD F $ 384.16 - -3.15 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY) Royal London Sustainable Leaders A Inc 554.20 - -3.40 1.22 Slater Investments Ltd (UK) Value Partners Health Care Fund USD Class A Unhedged $ 11.88 - -0.18 0.00 investment decision. Regulated Sequoia Equity AH € 120.83 - -1.51 0.00 www.slaterinvestments.com; Tel: 0207 220 9460 Pictet-Global Env.Opport-I EUR € 187.71 - 2.11 0.00 The sale of interests in the funds listed on these pages Monument Growth 13/11/2018 £ 491.59 497.05 -0.25 3.33 Royal London UK Growth Trust 527.90 535.90 -5.30 1.64 FCA Recognised Sequoia Equity B $ 130.60 - -1.78 0.00 may, in certain jurisdictions, be restricted by law and (IRL) Pictet-Global Megatrend Selection-I USD F $ 271.12 - -7.82 0.00 Odey Wealth Management (CI) Ltd Royal London UK Income With Growth Trust 209.00 212.20 -0.50 5.07 Slater Growth 468.72 495.67 -1.69 0.00 the funds will not necessarily be available to persons www.odey.com/prices Sequoia Equity C £ 157.99 - -1.69 4.04 WA Fixed Income Fund Plc (IRL) in all jurisdictions in which the publication circulates. Pictet-Global Sust.Credit HI EUR € 146.53 - 0.04 0.00 FCA Recognised Royal London US Growth Trust 217.60 220.90 -2.20 0.00 Slater Income A Inc 142.07 142.07 -0.88 0.00 Regulated Persons in any doubt should take appropriate (IRL) professional advice. Data collated by Morningstar. For Odey Opportunity EUR I € 231.96 - -1.32 0.00 Prusik Investment Management LLP European Multi-Sector € 112.98 - -0.24 3.59 Pictet-Greater China-I USD F $ 556.87 - 12.99 0.00 Enquiries - 0207 493 1331 Additional Funds Available Slater Recovery 222.87 236.47 -0.40 0.00 other queries contact [email protected] +44 (0)207 873 4211. Regulated Please see www.royallondon.com for details Pictet-Health-I USD $ 292.78 - -7.42 0.00 Slater Artorius 189.38 189.38 -5.61 0.25 Prusik Asian Equity Income B Dist $ 182.44 - -1.08 4.27 The fund prices published in this edition along with additional information are also available on the Omnia Fund Ltd Pictet-SmartCity-I EUR € 164.24 - -3.81 0.00 Yapi Kredi Asset Management (TUR) Prusik Asia A $ 242.07 - -1.27 0.00 Financial Times website, www.ft.com/funds. The Other International Funds Ruffer LLP (1000)F (UK) www.yapikrediportfoy.com.tr Tel: + 90 (212) 385 48 48 Pictet-India Index I USD $ 116.28 - -1.13 0.00 funds published on these pages are grouped together 65 Gresham Street, London, EC2V 7NQ Other International Funds Estimated NAV $ 827.11 - -137.04 0.00 Prusik Asian Smaller Cos A $ 137.52 - 0.31 0.00 Standard Life Wealth (JER) by fund management company. Order Desk and Enquiries: 0345 601 9610 Pictet-Indian Equities-I USD F $ 528.39 - -2.52 0.00 PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Eurobond Fund TRY 0.129933 - -0.001700 - Authorised Inv Funds Prices are in pence unless otherwise indicated. The FCA Recognised (UK) Troy Asset Mgt (1200) change, if shown, is the change on the previously Pictet-Japan Index-I JPY F ¥ 17632.97 - -101.64 0.00 Authorised Corporate Director - Link Fund Solutions Koc Affiliate and Equity Fund TRY 0.770326 - 0.638693 - Standard Life Offshore Strategy Fund Limited 65 Gresham Street, London, EC2V 7NQ quoted figure (not all funds update prices daily). Those (UK) LF Ruffer European C Acc 550.19 - -9.18 0.22 Order Desk and Enquiries: 0345 608 0950 designated $ with no prefix refer to US dollars. Yield Pictet-Japanese Equities Opp-I JPY F ¥ 11109.37 - 135.55 0.00 Purisima Investment Fds (UK) (1200)F Bridge Fund £ 1.7642 - -0.0157 2.14 DPM Bonds and Bills Fund (FX) $ 0.981433 - 0.849800 0.00 65 Gresham Street, London, EC2V 7NQ Authorised Inv Funds percentage figures (in Tuesday to Saturday papers) LF Ruffer European C Inc 101.21 - -1.69 0.29 allow for buying expenses. Prices of certain older Pictet-Japanese Equity Selection-I JPY F ¥ 15874.42 - -286.78 0.00 Order Desk and Enquiries: 0345 922 0044 Global Equity Fund £ 2.2751 - -0.0297 1.25 Authorised Corporate Director - Link Fund Solutions insurance linked plans might be subject to capital Authorised Inv Funds Trojan Investment Funds LF Ruffer European O Acc 539.88 - -9.05 0.00 gains tax on sales. Pictet-LATAM Lc Ccy Dbt-I USD F $ 130.66 - 1.37 0.00 Authorised Corporate Director - Link Fund Solutions Global Fixed Interest Fund £ 0.9244 - -0.0037 4.88 Spectrum Fund O Acc 216.72 - -1.25 0.64 LF Ruffer Equity & General C Acc 435.38 - -0.27 0.10 Guide to pricing of Authorised Investment Funds: Pictet-Multi Asset Global Opportunities-I EUR € 120.77 - -0.60 0.00 Global Total Fd PCG A 239.44 - -3.38 0.55 Income Fund £ 0.5482 - -0.0028 3.25 Spectrum Fund O Inc 207.79 - -1.20 0.64 (compiled with the assistance of the IMA. The Optima Fund Management LF Ruffer Equity & General C Inc 400.99 - -0.26 0.10 Investment Management Association, 65 Kingsway, Pictet-Nutrition-I EUR € 219.22 - 2.18 0.00 Global Total Fd PCG B 237.17 - -3.34 0.31 Sterling Fixed Interest Fund £ 0.8299 - -0.0014 3.42 Other International Funds Trojan Ethical Income O Acc 120.07 - -0.52 3.04 London WC2B 6TD. Tel: +44 (0)20 7831 0898.) Global Total Fd PCG INT 233.97 - -3.30 0.07 LF Ruffer Equity & General O Acc 427.26 - -0.29 0.00 Cuttyhunk Fund II Limited $ 1764.02 - -28.53 0.00 Pictet-Pacific Ex Japan Index-I USD F $ 402.09 - -5.22 0.00 UK Equity Fund £ 2.0786 - -0.0048 3.39 Trojan Ethical Income O Inc 111.16 - -0.48 3.17 LF Ruffer Equity & General O Inc 396.42 - -0.27 0.00 OEIC: Open-Ended Investment Company. Similar to a JENOP Global Healthcare Fund Ltd $ 18.03 - 0.41 0.00 Pictet-Premium Brands-I EUR F € 168.97 - 1.57 0.00 unit trust but using a company rather than a trust Trojan Fund O Acc 300.75 - -1.79 0.46 Yuki International Limited (IRL) LF Ruffer Gold C Acc 127.82 - 6.36 0.00 Tel +44-20-7269-0207 www.yukifunds.com structure. OPTIKA Fund Limited - Cl A $ 157.34 - 0.18 0.00 Pictet-Russia Index I USD $ 75.05 - -1.43 0.00 Purisima Investment Fds (CI) Ltd (JER) Regulated Trojan Fund O Inc 246.45 - -1.46 0.46 Different share classes are issued to reflect a different Regulated LF Ruffer Gold C Inc 77.36 - 3.85 0.00 Optima Fd NAV $ 93.71 - 0.00 0.00 Pictet-Russian Equities-I USD F $ 73.04 - 0.83 0.00 Yuki Mizuho Umbrella Fund currency, charging structure or type of holder. Trojan Global Equity O Acc 316.42 - -2.33 0.67 PCG B X 202.73 - -5.34 0.00 LF Ruffer Gold O Acc 125.38 - 6.23 0.00 Yuki Mizuho Japan Dynamic Growth ¥ 7943.00 - -7.00 0.00 Optima Discretionary Macro Fund Limited $ 85.33 - 0.67 0.00 Pictet-Security-I USD F $ 244.88 - 2.16 0.00 Selling price: Also called bid price. The price at which Trojan Global Equity O Inc 263.43 - -1.94 0.67 units in a unit trust are sold by investors. PCG C X 198.87 - -5.24 0.00 LF Ruffer Japanese C Inc 114.25 - -0.99 0.34 Yuki Japan Low Price ¥ 39237.00 - 35.00 - The Dorset Energy Fd Ltd NAV $ 21.41 - 0.00 0.00 Pictet-Select-Callisto I EUR € 98.87 - -0.62 0.00 Trojan Global Income O Acc 113.09 - -1.07 2.88 Buying price: Also called offer price. The price at LF Ruffer Japanese C Acc 243.91 - -2.13 0.34 Yuki Japan Value Select ¥ 15706.00 - 2.00 0.00 Platinum Fd Ltd $ 96.87 - 0.00 0.00 Pictet-Small Cap Europe-I EUR F € 1168.12 - 12.01 0.00 Stenham Asset Management Inc which units in a unit trust are bought by investors. Trojan Global Income O Inc 106.57 - -1.01 2.94 Yuki Asia Umbrella Fund Includes manager’s initial charge. LF Ruffer Japanese O Acc X 239.04 - -2.10 0.04 www.stenhamassetmanagement.com Platinum Fd Ltd EUR € 17.42 - 0.00 0.00 Pictet-ST Emerg Local Currency Debt-I USD F $ 100.95 - -0.42 0.00 Other International Funds Trojan Income O Acc 318.04 - -0.54 4.11 Yuki Japan Rebounding Growth Fund JPY Class ¥ 29395.00 - -55.00 0.00 Single price: Based on a mid-market valuation of the LF Ruffer Pacific & Emerging Markets C Acc 344.35 - 6.60 0.95 Platinum Japan Fd Ltd $ 60.67 - 0.00 0.00 Pictet-ST.MoneyMkt-I € 138.96 - 0.00 0.00 Stenham Credit Opportunities A Class USD $ 117.94 - -0.38 0.00 underlying investments. The buying and selling price Trojan Income O Inc 179.09 - -0.31 4.25 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1167.06 - -2.03 0.00 for shares of an OEIC and units of a single priced unit LF Ruffer Pacific & Emerging Markets C Inc 95.88 - 1.84 1.02 trust are the same. Optima Partners Global Fd $ 15.71 - 0.00 0.00 Pictet-ST.MoneyMkt JPY I USD ¥ 100983.17 - -0.80 0.00 Stenham Equity UCITS USD $ 162.11 - 2.67 0.00 LF Ruffer Pacific & Emerging Markets O Acc 337.59 - 6.44 0.61 Treatment of manager’s periodic capital charge: Optima Partners Focus Fund A $ 16.42 - -0.01 0.00 Pictet-ST.MoneyMkt-ICHF SFr 121.25 - -0.01 0.00 Stenham Growth USD $ 214.48 - -13.77 - The letter C denotes that the trust deducts all or part (LUX) Ram Active Investments SA LF Ruffer Total Return C Acc 424.07 - -3.27 1.45 UBS Asset Management (UK) Zadig Gestion (Memnon Fund) of the manager’s/operator’s periodic charge from Optima STAR Fund (hedged) $ 94.92 - 0.10 0.00 Stenham Healthcare USD $ 211.76 - -11.37 0.00 Pictet-ST.MoneyMkt-IUSD $ 141.07 - 0.01 0.00 www.ram-ai.com 5 Broadgate, London, EC2M 2QS FCA Recognised capital, contact the manager/operator for full details Other International Funds LF Ruffer Total Return C Inc 281.40 - -2.16 1.46 Client Services 0800 358 3012, Client Dealing 0800 358 3012 of the effect of this course of action. Optima STAR Long Fund $ 123.00 - -2.48 0.00 Pictet-Timber-I USD F $ 173.37 - -3.90 0.00 Stenham Managed Fund USD $ 119.35 - -4.60 0.00 Memnon European Fund - Class U2 GBP £ 148.53 - -2.22 0.00 www.ubs.com/retailfunds RAM Systematic Emerg Markets Core Eq $ 94.38 - -1.26 - LF Ruffer Total Return O Acc 416.12 - -3.24 1.45 Exit Charges: The letter E denotes that an exit charge Stenham Quadrant USD A $ 435.40 - -5.43 - Authorised Inv Funds Pictet TR-Agora I EUR € 125.38 - -0.47 0.00 may be made when you sell units, contact the OEIC RAM Systematic Emerg Markets Eq $ 163.81 - -2.10 - LF Ruffer Total Return O Inc 275.97 - -2.14 1.47 manager/operator for full details. Pictet TR-Corto Europe I EUR € 142.43 - -0.33 0.00 Stenham Trading Inc USD $ 125.23 - -1.39 - Oryx International Growth Fund Ltd UBS Global Emerging Markets Equity C Acc £ 0.74 - 0.00 1.27 Money Market RAM Systematic European Eq € 407.66 - -7.32 - Time: Some funds give information about the timing of Other International Funds Pictet TR-Divers Alpha I EUR € 108.02 - -0.39 0.00 Stenham Universal USD $ 448.50 - -15.70 - UBS Global Optimal C Acc £ 0.98 - -0.01 0.89 price quotes. The time shown alongside the fund NAV (Fully Diluted) £ 9.62 - -0.22 0.00 RAM Systematic Global Shareholder Yield Eq $ 121.21 - -2.00 0.00 Trusts and manager’s/operator’s name is the valuation point for Pictet TR-Kosmos I EUR € 108.11 - -0.08 0.00 Stenham Universal II USD $ 163.74 - -5.81 0.00 UBS UK Opportunities C Acc £ 0.84 - 0.00 3.20 their unit trusts/OEICs, unless another time is RAM Systematic Long/Short Emerg Markets Eq $ 119.41 - 0.17 - indicated by the symbol alongside the individual unit Pictet TR-Mandarin I USD $ 157.15 - -0.29 0.00 Bank Accounts trust/OEIC name. UBS US Equity C Acc £ 1.19 - 0.00 0.22 Gross RAM Systematic Long/Short European Eq € 148.27 - -1.22 - Gross Net AER Int Cr Pictet-US Equity Selection-I USD $ 233.98 - -7.18 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; UBS S&P 500 Index C Acc £ 0.86 - -0.01 1.41 ♦ RAM Systematic North American Eq $ 282.02 - -5.92 - 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to Pictet-US High Yield-I USD F $ 162.25 - -0.56 0.00 midnight. Daily dealing prices are set on the basis of UBS Targeted Return C Acc £ 13.45 - -0.08 1.59 CCLA Investment Management Ltd RAM Tactical Convertibles Europe € 140.71 - -0.67 - the valuation point, a short period of time may elapse S W Mitchell Capital LLP (IRL) Senator House 85 Queen Victoria Street, London EC4V 4ET Pictet-USA Index-I USD F $ 241.68 - -4.46 0.00 before prices become available. Historic pricing: The UBS Sterling Corporate Bond Indexed C Acc £ 0.60 - 0.00 2.86 CBF Church of England Deposit Fund 0.65 - 0.65 Qtr RAM Tactical Global Bond Total Return € 140.95 - -0.23 - Regulated letter H denotes that the managers/operators will Pictet-USD Government Bonds-I F $ 641.75 - 0.21 0.00 normally deal on the price set at the most recent SWMC European Fund B EUR € 14811.76 - -362.54 0.00 UBS Multi Asset Income C Inc Net £ 0.49 - 0.00 3.94 RAM Tactical II Asia Bond Total Return $ 135.53 - -0.06 - CCLA Fund Managers Ltd valuation. The prices shown are the latest available Orbis Investments (U.K.) Limited (GBR) before publication and may not be the current dealing Pictet-USD Short Mid-Term Bonds-I F $ 132.41 - -0.16 0.00 SWMC Small Cap European Fund B EUR € 13285.86 - -135.30 0.00 Superfund Asset Management GmbH Senator House 85 Queen Victoria Street, London EC4V 4ET 28 Dorset Square, London, NW1 6QG UBS UK Equity Income C Inc Net £ 0.64 - 0.00 4.78 levels because of an intervening portfolio revaluation www.superfund.com, +43 (1) 247 00 www.orbis.com 0800 358 2030 COIF Charities Deposit Fund 0.55 - 0.55 Qtr or a switch to a forward pricing basis. The Pictet-USD Sov.ST.Mon.Mkt-I $ 106.27 - 0.02 0.00 Regulated Regulated UBS Corporate Bond UK Plus C Inc Net £ 0.53 - 0.00 4.16 managers/operators must deal at a forward price on Rathbone Unit Trust Mgmt (1200)F (UK) Superfund Green EUR SICAV € 737.61 - -15.71 0.00 request, and may move to forward pricing at any time. Orbis OEIC Global Balanced Standard £ 14.46 - -0.11 0.00 Pictet-Water-I EUR F € 330.14 - 0.87 0.00 PO Box 9948, Chelmsford, CM99 2AG UBS Global Allocation (UK) C Acc £ 0.78 - 0.00 1.97 Forward pricing: The letter F denotes that that Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Superfund Red EUR SICAV € 735.90 - -10.20 0.00 managers/operators deal at the price to be set at the Orbis OEIC Global Equity Standard £ 15.66 - -0.25 0.00 UBS Global Enhanced Equity Income C Inc £ 0.42 - 0.00 8.01 next valuation. Authorised Inv Funds Other International Funds Orbis OEIC UK Equity Standard £ 8.36 - -0.05 2.44 Ethical Bond Inc 89.85 91.73 -0.04 4.18 UBS US Growth C Acc £ 1.32 - -0.01 0.00 Investors can be given no definite price in advance of Superfund Green Gold SICAV $ 750.60 - -15.54 0.00 the purchase or sale being carried out. The prices Ethical Bond Acc 193.34 196.79 -0.08 4.07 UBS Emerging Markets Equity Income C Inc £ 0.47 - 0.00 4.22 appearing in the newspaper are the most recent provided by the managers/operators. Scheme Global Opportunities Acc 201.67 207.40 -1.30 0.00 RobecoSAM (LUX) UBS FTSE RAFI Dev 1000 Index J Acc £ 147.18 - 0.88 2.29 particulars, prospectus, key features and reports: The Tel. +41 44 653 10 10 http://www.robecosam.com/ Thesis Unit Trust Management Limited (UK) most recent particulars and documents may be obtained free of charge from fund Income Inc 844.76 872.92 -2.53 4.19 Regulated Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP UBS MSCI World Min Vol Index J Acc £ 157.52 - 0.18 2.06 managers/operators. * Indicates funds which do not RobecoSAM Sm.Energy/A £ 15.47 - -0.16 1.32 Authorised Funds Platinum Capital Management Ltd Income Acc 1476.16 1522.07 -4.42 4.05 price on Fridays. Other International Funds TM New Court Fund A 2011 Inc £ 14.70 - -0.17 0.40 RobecoSAM Sm.Energy/N € 14.09 - -0.13 0.00 Charges for this advertising service are based on the Platinum All Star Fund - A (Est) $ 128.04 --- Multi Asset Enhanced Growth Acc 155.64 - -0.67 0.37 TM New Court Fund - A 2014 Acc £ 14.80 - -0.17 0.46 Unicapital Investments (LUX) number of lines published and the classification of the RobecoSAM Sm.Materials/A £ 185.45 - -3.53 1.38 fund. Please contact [email protected] or Pictet Asset Management (Europe) SA (LUX) Multi Asset Strategic Growth inc 167.43 - -0.60 1.59 Regulated Platinum Global Dividend Fund - A (Est) $ 42.05 - - - call +44 (0)20 7873 3132 for further information. 15, Avenue J.F. Kennedy L-1855 Luxembourg TM New Court Equity Growth Fund - Inc £ 15.40 - -0.21 0.06 RobecoSAM Sm.Materials/N € 191.39 - -3.50 0.00 Investments IV - European Private Eq. € 104.05 - -22.67 0.00 Tel: 0041 58 323 3000 Platinum Global Growth UCITS Fund $ 9.39 - -0.11 0.00 Multi Asset Strategic Growth acc 185.62 - -0.67 1.58 FCA Recognised RobecoSAM Sm.Materials/Na € 126.70 - -2.31 1.37 Investments IV - Global Private Eq. € 164.16 - -6.67 0.00 Multi Asset Total Return inc 127.33 - -0.12 1.45 Pictet-Absl Rtn Fix Inc-HI EUR € 104.91 - -0.32 0.00 RobecoSAM Gl.Small Cap Eq/A £ 106.62 - -1.12 1.13 Multi Asset Total Return acc 146.76 - -0.14 1.44 Pictet-Asian Equities Ex Japan-I USD F $ 259.79 - 3.74 0.00 RobecoSAM Gl.Small Cap Eq/N € 189.41 - -1.86 0.00 Rathbone UK Opportunities Inc 422.00 437.33 -8.42 2.94 Unicorn Asset Management Ltd (UK) Pictet-Asian Local Currency Debt-I USD F $ 162.43 - -0.18 0.00 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 RobecoSAM Sustainable Gl.Eq/B € 213.55 - -2.35 0.00 Rathbone UK Opportunities Acc 548.63 567.51 -10.93 2.83 Authorised Inv Funds Pictet-Biotech-I USD F $ 737.80 - 16.44 0.00 RobecoSAM Sustainable Gl.Eq/N € 188.11 - -2.06 0.00 Strategic Bond I-Class Acc 141.88 142.44 -0.14 3.10 UK Growth A Inc 542.96 - -6.71 0.68 Notice to Advertisers Pictet-CHF Bonds I CHF SFr 501.70 - -0.09 0.00 Toscafund Asset Management LLP (UK) RobecoSAM S.HealthyLiv/B € 196.01 - -1.12 0.00 Mastertrust A Inc X F 491.17 - -1.81 0.00 Strategic Bond I-Class Inc 112.90 113.48 -0.11 3.16 www.toscafund.com Pictet-China Index I USD $ 133.55 - -2.77 0.00 Polar Capital Funds Plc (IRL) Calls to the Financial Times Advertising Department may be Authorised Funds Regulated RobecoSAM S.HealthyLiv/N € 186.72 - -1.06 0.00 UK Growth B Inc 544.52 - -6.71 1.50 monitored. 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Pictet-Emerging Europe-I EUR F € 341.87 - 3.98 0.00 European Income Acc EUR € 11.84 11.84 -0.09 0.00 Toscafund Asset Management LLP UK Smaller Cos A Inc X F 505.77 - -5.34 1.41 www.toscafund.com Pictet-Emerging Markets-I USD F $ 572.56 - 6.76 0.00 European Ex UK Inc EUR Acc € 10.99 10.99 -0.09 0.00 A copy of the terms and conditions of insertion of advertisements in Other International Funds UK Smaller Cos B Inc X F 494.22 - -5.20 2.26 Robeco Asset Management (LUX) Pictet-Emerging Markets Index-I USD F $ 272.20 - 0.55 0.00 FT publications can be obtained from Financial Opps I USD $ 12.48 - -0.26 2.16 Weena 850, 3014 DA Rotterdam, The Netherlands Tosca A USD $ 348.22 - -19.05 - UK Income A Acc X F 277.78 - -1.21 4.47 www.robeco.com/contact Pictet-Emerging Corporate Bonds I USD $ 121.51 - -0.40 0.00 +44 (0)20 7873 3000, or viewed at www.FT.com/advertising GEM Income I USD $ 11.51 - -0.12 0.00 Tosca Mid Cap GBP £ 294.53 - -15.63 - FCA Recognised UK Income A Inc X F 219.70 - -0.95 4.59 Rubrics Global UCITS Funds Plc (IRL) Pictet-Emerging Markets High Dividend I USD $ 113.79 - 1.36 0.00 Global Convertible I USD $ 12.50 12.50 -0.08 0.00 Asia-Pacific Equities (EUR) € 148.86 - -1.15 0.00 Tosca Opportunity B USD $ 431.90 - -28.05 - www.rubricsam.com UK Income B Acc X F 301.67 - -1.30 4.46 Pictet-Emerging Markets Sust Eq I USD $ 100.46 - -1.25 0.00 Regulated Global Insurance I GBP £ 6.34 - -0.08 0.34 BP US Premium Equities (EUR) € 210.10 - -4.04 0.00 Pegasus Fund Ltd A-1 GBP £ 70.24 - -0.67 0.00 UK Income B Inc X F 238.71 - -1.03 4.57 Rubrics Emerging Markets Fixed Income UCITS Fund $ 134.02 - -0.17 0.00 Morningstar Fund Ratings US Fund Mid-Cap Value Name ISIN Currency NAV Total Ret Total Ret Total Ret 12 Month Ongoing Fund Size Morningstar Morningstar Morningstar Morningstar Morningstar Analyst 1Yr 3Yr 5Yr Yield Charge Rating TM Sustainability Rating TM Analyst Rating TM Analyst Rating Date/Time* Principal Small-MidCap Dividend Inc Inst US74255L7385 US Dollar 15.93 -3.92 11.00 8.28 1.50 - 2,455,688,921.00 QQQQ ´ 07/05/2018 02:22 Tony Thomas T. Rowe Price Mid-Cap Value US77957Y1064 US Dollar 29.37 -0.37 9.00 8.48 1.05 - 12,755,891,892.00 QQQQ Œ 04/10/2018 07:54 Katie Rushkewicz Reichart, CFA Virtus Ceredex Mid-Cap Value Equity I US92837F4587 US Dollar 12.37 3.41 9.00 7.58 0.83 - 2,711,882,831.00 QQQQQ Neutral 30/04/2018 08:32 Christopher Davis Transamerica Small/Mid Cap Value A US8939573650 US Dollar 26.13 -1.57 9.00 7.11 0.20 - 809,318,938.00 QQQQ Neutral 23/07/2018 02:38 Christopher Davis Victory Sycamore Established Value R US9264643712 US Dollar 38.79 1.02 9.00 9.67 0.65 - 10,734,604,734.00 QQQQQ „ 25/04/2018 05:47 Christopher Franz, CFA AllianzGI NFJ Mid-Cap Value C US0189186648 US Dollar 23.28 -6.56 8.00 7.28 0.19 - 1,230,980,513.00 QQQQ ´ 15/05/2018 08:27 Kevin McDevitt, CFA American Century Mid Cap Value Inv US0250766542 US Dollar 16.51 -1.01 8.00 8.87 1.10 - 7,618,651,049.00 QQQQ „ 13/12/2017 08:02 Gretchen Rupp Janus Henderson Mid Cap Value L US4710235809 US Dollar 16.38 -3.03 8.00 6.82 0.48 - 3,377,999,465.00 QQQ ´ 21/03/2018 04:07 Christopher Franz, CFA Ariel Fund Investor US0403371075 US Dollar 61.63 -1.76 7.00 7.70 0.67 - 2,015,267,207.00 QQQ ´ 09/04/2018 08:22 Christopher Franz, CFA Artisan Mid Cap Value Investor US04314H7098 US Dollar 18.43 -2.14 7.00 4.09 0.07 - 3,303,937,734.00 QQQ ´ 15/10/2018 04:53 Greg Carlson MSCI Benchmark 4.30 10.37 10.45 Date/Time of ratings is Universal Co-ordinated Time (UTC). Sorted by Annualised 3yr Total Return of NAV (highest to lowest). Morningstar Category Benchmark -1.84 7.07 6.35 For important information about Morningstar Analyst Rating please go to: http://global.morningstar.com/managerdisclosures NOVEMBER 22 2018 Section:Stats Time: 21/11/2018 - 19:00 User: gerry.white Page Name: MANAGED FUNDS 2, Part,Page,Edition: LON, 26, 1 Thursday 22 November 2018 ★ FINANCIALTIMES 27 MARKETS&INVESTING Analysis. Equities Tail Risk Growth rates look ominous for Fed’s Wary investors await China-US tightening cycle JOE RENNISON dialogue on trade impasse Investors are almost certain that the US Federal Reserve will raise rates in December. Regardless of US market weakness markets tumbling, or credit spreads widening, December appears to be a S&P 500 index done deal. But after that, despite the Nov 1 Fed forecasting three more rate rises Trump calls Xi in 2019, the outlook is less sure. One indication of this is the decline in Fed funds futures, which are derivatives that gauge investor expectations for where the Fed’s target rate will be in the future. Nov 2 The yield on the contract expiring in Iran sanctions waivers December next year has fallen 20 basis May Nov points from its peak this month to 2.73 China’s equity market slump per cent, suggesting that investors CSI 300 index expect only one, or maybe two, rate increases next year. The primary reason, say analysts, is a slowdown in global growth stemming in part from the tightening in financial conditions that has already occurred. The Fed’s rate rises were first felt abroad, sending shockwaves through emerging markets. But the prospect of weaker economic conditions has now Dec Nov shown up on American shores. A widely tracked measure of US US tech stocks under pressure inflation expectations fell to a fresh Nasdaq Composite index 2018 low yesterday as fears intensified over a slowdown in global growth. US 10-year inflation break-evens, a measure of inflation expectations derived from inflation-protected government bonds, dropped to 1.97 per cent, dipping below the Fed’s important 2 per cent target. Further pressure came as oil prices continued Dec Nov to decline, with energy an important input into inflation measures. Source: Bloomberg “It is ominous,” said Jonathan Hill, an interest rate strategist at BMO Capital Markets. “It is consistent with the Analysts think a deal between elsewhere, investors are awaiting the investors to invest cash that they have Climate change: meeting and over the next few months, global growth slowing trade. Investors meetingwithadegreeoftrepidation. sitting on the sidelines, fuelling a year- China’s Xi somethinka“pause”inthetradespatis are concerned we may be approaching Trump and Xi unlikely but are The US has this year announced three endrally. Jinping themostlikelyresult. the end of this economic cycle.” roundsoftariffsonChina,amountingto But if the two presidents cannot agree welcomes Analysts at Goldman Sachs forecast While the Fed remains committed to betting on pause in tariff wars levies on about $250bn of goods while or “even deliberately find areas of disa- Donald Trump just a 10 per cent probability of a com- raising interest rates in the near term, China has retaliated with tariffs on greement in order to give messages to to Beijing in prehensive deal and a rollback of tariffs the global growth slowdown, amplified EMMADUNKLEY —HONGKONG $50bn of US products and plans for a their domestic audiences”,then Mr Mil- November 2017 in the next few months, and expect a by the recent turmoil in US markets, further$60bn. ligan said many investors would stick Andy Wong/AP 40 per chance of a “pause” over this may force the central bank to pause ThestageissetinBuenosAiresforaper- Mr Trump’s 10 per cent tariff on with a much more defensive stance, time,toallowforfurtherdiscussions. earlier than it has forecast. formance of warm smiles and hearty $200bn of Chinese products is set to such as holding cash. “Cash levels are Meredith Pickett, a strategist at Mor- With this in mind, next Thursday handshakes between the presidents of jump to 25 per cent in the new year, above average but not very high in fund gan Stanley, and her team said that, investors will examine the minutes the US and China at the G20 meeting unless a deal is struck in the coming managerportfolios,”hesaid. while a “constructive US-China state- from the previous Fed meeting for any nextweek. weeks. Optimism that a resolution could be mentoratariffpausearerisingpossibil- sign that a shift in policy is on the Butinvestorsexpectthattherewillbe “The meeting of the two presidents is struckattheG20meetingwastempered ities”attheG20,shestillexpectsfurther horizon. A day earlier, a speech from a different dynamic playing out behind increasingly seen as an important by the recent Asia Pacific Economic Co- escalation before an endgame becomes Fed chair Jay Powell will also be keenly the scenes, based on months of tension opportunitytobreakanegativespiralin operationsummit. possible. watched. over power and trade between Xi financial markets,” said Andrew Milli- For the first time in its three-decade Ms Pickett said the base case was for “If he gives any sign over the central JinpingandDonaldTrump. gan,headofglobalstrategyatAberdeen history,the Apec meeting failed to issue trade tension to escalate until substan- bank’s willingness to look through During a year in which trade spats StandardInvestments. a joint communiqué while Mr Xi and tial market or economic weakness slowing global growth, that will be an have become increasingly fraught, “Althoughfullagreementorcomplete Mike Pence, the US vice-president, causesChinaortheUStotakeaction. important signal for the market,” Mr investors have suffered from rising resolution is seen as rather unlikely on clashedovertradeandsecurity. “This appears to us to be what’s hap- Hill said. uncertainty and a turbulent ride in all the issues — trade, technology, intel- Tai Hui, chief market strategist for pened over the past few weeks,” she globalmarkets. lectual property, security . . . even a Asia Pacific at JPMorgan Asset Manage- said, noting that the phone call between Chinesestockshaveplungedby27per temporary ceasefire — an agreement to ment, said the Apec meeting revealed Mr Trump and Mr Xi in early Novem- cent since their peak this year in Janu- keep talking and sort out some of the significant differences between Wash- ber, and the move by the US to sign off ary, making China the worst-perform- easier issues — would help calm market ington and Beijing on trade issues, on waivers for Iran oil sanctions, came ingbigequitymarketin2018. nerves.” meaning a “material breakthrough” on after the S&P dropped more than 10 per The largest technology stocks in the Investors are trying to see past the tensionis“highlyunlikely”. ‘Even a centfromitsyear-to-datehighs. US, meanwhile, have tumbled into a steady stream of accusations of preda- The most likely outcome of the G20, temporary But uncertainty caused by the trade bear market with more than $1tn wiped tory trade practices being unleashed by he said, is that China and Washington impasse among other factors has FastFT offtheirvalue. thetwosuper-powers. maintain an open dialogue even if the ceasefire spooked investors, leading them to take Our global All eyes are now on the G20 gathering On Tuesday night, the Trump admin- leaders “agree to disagree”, which the would profits in sectors such as technology team gives you at the end of this month to see whether istration said China had taken “further market would receive as a “mild posi- which have rocketed over the past dec- market-moving the trade tension will be resolved, unreasonableactionsinrecentmonths” tive” in spite of the tariff increase set to help calm ade. Oliver Jones of Capital Economics news and views, pausedorescalated.Combinedwithris- intermsofintellectualproperty. takeeffectnextyear. market said that technology is “among the most 24 hours a day The decline in crude oil prices has ing interest rates, clouds over global Any ceasefire, along with signs of an Although bankers are forecasting a vulnerable” to a further escalation of ft.com/fastft had a damping effect on inflation economic growth and political tension upturn in global activity, could prompt range of potential scenarios at the G20 nerves’ theUS-Chinatradewar. Trading structures Fixed income ABN Amro’sclearing business seeks Dreams turns to Sweden for high-yield London licences to prepare for Brexit deal as UK retailing debt feels strain PHILIPSTAFFORD operating without interruption after access to systemically important UK ROBERTSMITH attended an investor meeting — questions over how much due diligence Brexit. At the same time, many banks clearing houses. London is the home of referring to the steep losses debt inves- it did on Palmarium, the little-known ABN Amro has applied for UK licences With sterling debt investors shaken by thathaveusedBritain’sEUmembership the European trading and clearing mar- tors have seen on UK retailers as trade SwissfamilyofficethatboughtLebara. to guarantee it access to the country’s the growing strain on the UK high to access the single market are looking ket, processing billions of equities, forbricksandmortarshopsslows. While the group has been reluctant to critical market plumbing after it leaves street, British bed seller Dreamssi to secure new licences to operate in the swaps,futuresandrepotrades. Themorethan7percentyieldson publicly disclose its other investments, theEU. turning to an unusual source of bloc. However, the EU’s pledge this month offer might seem more appealing to the two heads of Palmarium have held funding:Sweden. The Dutch bank intends to set up a new ABN’s clearing unit sits between applies only to derivatives sent through Swedish fund managers, who are facing stakes in a number of Middle Eastern London-based unit of its clearing busi- exchanges and clearing houses, and clearing houses and did not specify if it Owner Sun Capital Partners this week deeplynegativebaseratesintheirhome businesses, according to people familiar ness, one of the largest middlemen on handles more than 20m securities and would cover other asset classes, such as began marketing a €175m high-yield country. But Norwegian furniture withthematter,suchasprivatesecurity global markets, according to a senior derivativestradesadayonbehalfofcus- equitiesorrepurchasemarkets. bond under Swedish law to fund a retailer Ekornes pulled a bond sale yes- firm Erinys Iraq and Jordanian insurer executive. tomers such as high-frequency traders Nor is it clear whether EU banks and “dividendrecapitalisation”ofDreams— terday on the back of weak demand. Frontier Insurance. Palmarium did not Robbert Booij, head of ABN Amro and market makers. Many of them are traderswouldhavepermissiontouseall a term for when private equity groups And several investors cautioned that respondtorequestsforcomment. Clearing Europe, based in the Nether- basedintheNetherlands. parts of UK market infrastructure once layer debt on a company to take money the fallout from a bond sale by Lebara Among Pareto’s other Nordic debt lands, told the Financial Times it was in To ward off instability from Brexit, itbecomesa“thirdcountry”,anon-bloc outforthemselves. deals, Oro Negro has twice defaulted on discussions with UK authorities and UK and EU regulators have pledgedot state that has a formal relationship with The Florida-based firm bought the its debt since the broker helped the exchanges about new local licences and supply the licences that will give banks the EU. Dutch laws place restrictions on bed retailer out of administration five ‘High-yield bonds offer Mexican oil driller raise $900m in 2014. exchangememberships.Thebankisnot its banks being members of overseas years ago and unsuccessfully sought to high returns . . . but it is of The company argued last year that a seekingafullUKbankinglicence. exchanges. That has led to concern sellthebusinesslastyear. defaultontheNorwegianlawbondswas ABN’s move underscores concern there could still be a violent reaction While the company’s management course unfortunate when unenforceable in Mexico. The broker amongEuropeanbanksovertheimpact from Brexit. Some Dutch companies, met with potential investors in London our clients suffer losses’ alsosoldaNordicbondforGenelEnergy of Brexit next March, even though both such as Optiver and All Options, are on Monday and Tuesday,Dreams is pri- in April 2015, less than a year before the sides have provisionally agreed a politi- amongthemarket’sbiggesttraders. marily targeting fund managers from earlier this year, managed by Pareto as London-listed oil company admitted calwithdrawaldeal. One ABN customer, Flow Traders, is colderclimes. well, could have also damaged Nordic that its main producing field had about “Intheabsenceofdetails,wewillcon- opening a London office to prepare for To manage the bond sale, it has hired demandforracierforeigncredits. halftheoilpreviouslythought. tinue to prepare for all scenarios to Brexit. ABN activated its plans two Pareto Securities, a Nordic broker that Lebara, which offers migrants across Inge Edvardsen, head of fixed income avoiddisruptiontoourcustomers,”said months ago and will guarantee it can has built a niche in bringing interna- Europecheapinternationalphonecalls, sales at Pareto Securities, said some of Mr Booij. In spite of the EU’s pledges to gain access to clearing houses such as tional companies to the lighter touch tapped the Norwegian bond market last these companies had “experienced ensure that the market is not disrupted, LCHandICEClearEurope. Scandinavian bond markets. Sun Capi- year. This year, its bonds have plum- challenges” but noted that his firm had “it’s not enough to say the problem is The UK ABN Amro subsidiary is taldeclinedtocomment. metedinvaluetotradeataroundhalfof “placed about 200 high-yield bonds solved”,hesaid. expected to begin with just one client, The bed company might face a tricky facevalueasthecompanyhasbeenuna- exceeding €11.5bn” since 2014. “High- This month Handelsbanken, the the Dutch clearing arm of ABN Amro. task.“Dreamstickseverysingleboxyou ble to file audited annual accounts it yieldbondsofferhighreturnswithasso- Swedish lender, received a UK banking Dutch bank ABN is in discussions “Londonwouldbetheexecutingagent,” don’t want to tick,” said one London- originallypromisedinApril. ciated risks but it is of course unfortu- licence to ensure that it can continue with UK authorities and exchanges MrBooijsaid. based portfolio manager, whose firm Pareto ran that bond sale and faced natewhenourclientssufferlosses.” NOVEMBER 22 2018 Section:Markets Time: 21/11/2018 - 18:47 User: stephen.smith Page Name: MARKETS1, Part,Page,Edition: LON, 27, 1 28 ★ Thursday 22 November 2018 The day in the markets China growth and tariffs play bigger role in EM What you need to know fortunes than dollar 3Tech rebound lifts global stock Italian bond prices lifted by hopes for budget compromise markets Two-year government bond yield ( ) 3 Concerns remain over global economy 3 Oil prices rise despite inventories data 3 Italian bonds shrug off budget worries Jonathan Wheatley A rebound for technology stocks following the steep falls of the previous two sessions and a rally for oil prices Markets Insight helped global equity markets recover some poise ahead of the Thanksgiving break in the US. t is widely accepted among emerg- “We are at an inflection point right All this together, he says, explains But analysts warned that mounting ingmarketinvestorsthatthisyear’s now,”hesays.“Ifglobalgrowthand,spe- why EM assets are trending weaker worries over the outlook for global sell-off in EM assets was a product cifically, China start to disappoint, that throughout the cycle. “In the dollar’s growth — particularly given uncertainty ofdollarstrength:therisingUScur- can’tbepositiveforEMcurrencies.” upward cycle EM currencies are getting over the trade dispute between the US rency,inconjunctionwithrisingUS Bhanu Baweja of UBS goes further.“If weaker and in its downward cycle they and China — could lead to increasing Iinterest rates and tighter lending condi- there is one thing that drives the dollar, are not appreciating. With very few bouts of volatility across markets. Sep Nov tions, sucked money out of EM curren- it is the difference between US growth exceptions, EMs have depreciated in a cies, bonds and stocks. As the dollar and growth in the rest of the world,” he straight line. You quickly see that this is The mood in the markets was helped Source: Refinitiv by reports that Peter Navarro, the top soared,EMassetsplunged. says.“Sothereiscorrelationratherthan notadollarstrengthorweaknessstory.” trade adviser to the White House and a But this, some argue, is to put the cart causation, and if you say EM is all about One obvious result is that the cost of prominent China hawk, would not attend before the horse. Dollar strength, they dollar,you are really undervaluing EM’s equity for EM companies has gone up. meetings between Presidents Donald could pause its rate rise cycle as early as temporary factors, has shifted sentiment. say, may be correlated with stress in issues.” WhatisworryingfortheoutlookforEM Trump and Xi Jinping at the G20 meeting next spring — although the dollar edged The growing risks that the UK could leave emerging markets but is not its cause, Whether measured in dollars or in stocks, Mr Baweja argues, is that this in Buenos Aires starting this month. only modestly lower and US Treasury the EU in a disorderly fashion and that whichislocatedclosertohome. local currency, he notes, there has been effecthasbeenreflectedalmostone-for- “That could be interpreted as a more yields rose across the curve. Italy could be headed for a debt crisis are The argument matters because we a significant step down in EM economic oneinequityvaluations. hopeful omen on the trade front,” Paul Ashworth at Capital Economics also weighing on global markets.” may soon enter a world of apparently output and in EM corporate earnings in “If you didn’t know that the issues commented Action Economics. said it was likely that the strength of the Italian government bond yields fell opposing forces, in which declining dol- over tariffs and trade existed, valua- Oil prices rallied strongly, in spite of US economy would persuade the Fed to sharply, even after the European lar strength, notionally good for EM Investors’ attention should tions would not be a million miles from data showing that US crude inventories follow through on its planned rate rise in Commission moved towards disciplining assets, coincides with slowing global where they are now,” he says. “That is had risen for a ninth successive week, the December. “We also still expect two more the country over its 2019 budget. There growth,whichshouldcertainlybebad. be focused less on the Fed the worrying part. If US tariffs are sus- longest such run since 2017. The figures rate hikes in the first half of next year. were widespread hopes that compromise “Saying it is all about the dollar is a and more on the People’s tainedorbecomemoreentrenched,and did, however, show strong demand for “But the global and domestic downside would be found, although deputy prime misrepresentation,” says Bernd Bergfo if we see tit for tat from China, I don’t petrol and diesel. risks to that forecast are mounting. The minister Matteo Salvini ruled out Woodman, a Swiss asset manager. He Bank of China thinkthathasbeenpricedin.” Meanwhile, plenty of attention was weakness in third-quarter GDP in Japan changing the budget deficit target of 2.4 points instead to slowing growth in All this should leave investors’ atten- given to a report that the Federal Reserve and Germany, even if it was partly due to per cent of GDP. Dave Shellock China, a loss of confidence in EM tionfocusedlessontheFedandmoreon sparked by turmoil in Argentina and recent years, because the nature of con- the People’sBank of China. One thing to Turkey,andthegatheringriskofatrade sumptionandinvestmentintheworldis watch there is the gap between the Markets update warbetweentheUSandChina. changing in a way that does not support spreads of triple A rated and double A “The sell-off during the summer was growthinemergingeconomies. minus rated corporate bonds over gov- independent of the move in the dollar,” MuchinvestmentintheUS,forexam- ernmentdebt—anindicationoftheabil- he argues, noting that the DXY dollar ple, is directed towards intellectual ity of smaller businesses to borrow.This US Eurozone Japan UK China Brazil index was moving sideways between property and shale oil and gas, neither gap has doubled this year, suggesting Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa June and September, while EM curren- of which are reliant on EM exports. The that, for now at least, the PBoC remains Level 2667.10 1399.72 21507.54 7050.23 2651.51 86845.58 cies were in decline. Since then, the dol- same is true of China, as it shifts the serious about reining in excess market % change on day 0.95 1.12 -0.35 1.47 0.21 -1.20 lar has risen as EM currencies have focusofitseconomyfrominvestmentto liquidity,especiallyin“shadow”finance. Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ remainedflat. consumption, and as the investment The issue for investors is whether this Level 96.594 1.139 112.975 1.278 6.939 3.793 In Mr Berg’sview, dollar strength and that remains is less in construction, persists, as policymakers conduct their % change on day -0.250 -0.175 0.306 -0.312 0.009 0.846 the direction of US monetary policy which is commodity intense and there- balancing act between cleaning up the Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond matter for EM assets but do not neces- fore good for many EM exporters, and financial system and keeping the econ- Yield 3.081 0.374 0.090 1.248 3.372 9.985 sarily dominate. If markets are correct, moreininfrastructure,particularlysus- omy going. The willingness and ability Basis point change on day 2.820 2.500 -0.840 1.000 -0.900 -10.000 he says, and the US Federal Reserve tainableenergyandenvironmentalpro- of Beijing to support growth though fis- raises rates by less than it has promised tection,whichgenerallyisnot. cal stimulus should have at least as World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX) next year, this should support EM EM’s biggest problem, Mr Baweja much impact on EM assets as any deci- Level 316.44 63.97 55.38 1223.00 14.44 2902.40 assets. But he fears that any such sup- argues, is that in the global economy, sionstakenattheFed. % change on day 0.67 2.48 3.77 0.11 0.56 -0.90 Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon. port will be outweighed by concerns trade is no longer growing much faster aboutgrowth. thanoutput. [email protected] Main equity markets S&P 500 index Eurofirst 300 index FTSE 100 index 3040 1520 7680 2880 7360 1440 2720 7040 | | | |||||| | | | | | | | | | | | 2560 | | | |||||| | | | | | | | | | | | 1360 | | | |||||| | | | | | | | | | | | 6720 Sep 2018 Nov Sep 2018 Nov Sep 2018 Nov Biggest movers % US Eurozone UK Foot Locker 13.56 Iliad 5.35 Johnson Matthey 13.11 Autodesk 8.68 Stmicroelectronics 4.76 Nmc Health 7.92 L Brands 6.86 Infineon Tech 4.70 Melrose Industries 5.89 Ups Newfield Exploration 6.22 Ses 4.66 Smurfit Kappa 5.43 Wynn Resorts 5.97 Volkswagen 4.53 Just Eat 4.40 % Johnson & Johnson -3.00 Endesa -2.64 Kingfisher -3.05 Best Buy Co -2.90 Edf -1.23 Shire -0.99 Abbvie -2.77 Luxottica -1.06 Intertek -0.89 Downs Nvidia -2.41 Fresenius -0.94 Ferguson -0.81 Philip Morris Int -2.15 Terna -0.88 Astrazeneca -0.78 Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone All data provided by Morningstar unless otherwise noted. Wall Street Eurozone London A tentative rally for technology stocks Glasses makers Essilor and Luxottica fell Johnson Matthey led the FTSE 100 helped to steady Wall Street markets by after HSBC downgraded both to “hold”. rebound as fears about weaker demand mid-session with trading lighter than Its move was in response to reports last from carmakers proved misplaced. normal ahead of Thanksgiving. week that Luxottica’s chairman and The exhaust catalyst maker delivered Autodesk, the design software maker, controlling shareholder, Leonardo Del better than expected interim results and was the tech sector’s top performer after Vecchio, would put forward group chief edged full-year sales growth targets posting stronger than expected quarterly executive Francesco Milleri to run the higher, thanks in part to market share results and announcing its first significant soon-to-be merged company. gains. Matthey had fallen about a quarter acquisition since beginning a shift of its Appointing Mr Milleri risks giving the from September highs after warnings business model to subscriptions in 2014. impression of “a creeping takeover of from several car parts makers raised The company agreed to pay $875m for Essilor by Luxottica without paying a concerns of a guidance cut. Plangrid, a start-up construction control premium”, said HSBC. “We still Indivior plunged to another record low blueprint manager. “This could prove to believe the combination makes strategic after Tuesday’s US court decision to allow be a steal for Autodesk,” said Berenberg, sense but we are concerned that rising sales of generic Suboxone, the company’s which saw the businesses as well leadership and governance risks may blockbuster opioid treatment. matched and the combination as overshadow the potential for synergies.” Calling the judgment a “game- “transformational”. Getinge, the Swedish medical changer”, Jefferies argued that Indivior Wynn Resorts, the casino operator, technology group, rallied to its best level would struggle to carve out a market for climbed after Deutsche Bank advised since October after management set out its next-generation treatment Sublocade. buying. Management guidance looked a plan to improve profitability and cash “Seismic changes are required to salvage conservative compared with peers so, generation at a capital markets day. remaining intellectual property and an unless something went very wrong in Danish drugmaker Genmab slipped inability to invest to protect free cash Macau, Wynn should be “a healthy beat after US prescription data showed flow in fear of breaching [debt] covenants and raise story in 2019”, Deutsche said. underlying sales of Darzalex, its severely dampens prospects,” it said. Foot Locker surged after the retailer’s blockbuster blood cancer drug, falling Hospital operator NMC Health jumped third-quarter earnings beat forecasts. 8 per cent month on month in October. after JPMorgan Cazenove and Merrill Deere & Co, the farming equipment Iliad led telecoms stocks higher after Lynch advised buying. bellwether, gained even after its quarterly Orange chief executive Stéphane Richard Babcock retreated on a warning that earnings missed Wall St expectations. said in a newspaper interview that talks winding down its nuclear Upbeat commentary on orders and about market consolidation in France decommissioning joint venture would replacement demand eclipsed the poor were possible in the first half of 2019. dent revenue more than previously headline numbers. Bryce Elder Bryce Elder thought. Bryce Elder NOVEMBER 22 2018 Section:Markets Time: 21/11/2018 - 18:47 User: stephen.smith Page Name: MARKETS2, Part,Page,Edition: LON, 28, 1 FT SPECIAL REPORT Investing in Central & Eastern Europe Thursday November 22 2018 www.ft.com/reports | @ftreports Three Seas Inside Polish politics a brake on investment seeks to turn Uncertainty and labour shortages make an ambitious target elusive tide on east- Page 2 Comment East-west tensions Tony Barber on the west divide dangers to the union from a two-tier Europe Page 3 Red tape and legacy of war hurt Balkans trade Businesses in the former Yugoslavia face high A visionary pact for integrating central European transport costs infrastructure needs clarity, writes James Shotter Page 4 Making waves: Romanian president Klaus Iohannis speaks at the Bucharest Three Seas Forum in September— Vadim Ghirda/AP hen the Three Seas Ini- USinfluenceintheEU. forAndrzejDuda,Poland’spresident. lie between the Baltic, Black and Adri- ground to gain on western Europe, par- Hungarian labour tiative — a forum A year on, western European capitals “Now that we’ve clarified the situa- atic seas — in the areas of energy, trans- ticularlyintermsofinfrastructure. Aversion to immigration dreamt up by Poland have decided engagement is the best tion, and we are working with Brussels port and digital connectivity. This Most of the gas pipelines in the region prompts drive to recruit and Croatia to promote response. In September, the Three Seas and the Germans, the tide is turning. should in turn help foster trade within run east to west, linking Russia and central European inte- countries held their third summit. It ButwehavenotchangedtheThreeSeas. the region and boost convergence with western Europe, rather than among the pensioners and students Wgration—waslaunchedtwoyearsago,it was attended not only by Jean-Claude Rather, it is the way that it is seen from westernEurope. central European nations themselves. Page 4 sparked a mixture of scepticism and Juncker,the head of the European Com- outsidethatischanging.” Proponents hope that the initiative Similarly, transport links between the suspicioninwesternEurope. mission, but also by Heiko Maas, Ger- The declared aim of the initiative is to will also help mitigate the reduction in region’s nations remain under-devel- Romanian rules stymie Created at a time when deep divisions many’sforeignminister,whosaidBerlin boostinfrastructurelinksbetweenits12 EU cohesion funding that central oped. According to the European Com- Black Sea gas project were emerging between eastern and was keen both to join the club and use it members — EU states whose territories EuropewillsufferinthenextEUbudget mission, road and rail journeys in cen- western EU member states, some offi- to build bridges between eastern and as a result of Brexit and a shift in the tral and eastern Europe take on average Tax demand prompts cials wondered whether it was an anti- westernEurope. bloc’s funding priorities. “We need to two to four times longer than compara- pause in German project. Others feared Brussels “At the start, there was a lot of scepti- find new money for central Europe,” blejourneysinwesternEurope. offshore mightbethetarget. cism, which was due to misunderstand- ‘We have not changed the saysMrSzczerski. “AfterjoiningtheEU,wewerelooking When US President Donald Trump ings,and[the]clichéthatifsomethingis There is much that still needs fund- primarily to the west in the process of develop- attended the initiative’ssummit in War- happening in central Europe without Three Seas. Rather, it is the ing. Although central Europe’s econo- integration.Nowwearelookingmoreto ment saw last year, there were suggestions the control of Brussels, Berlin and Paris, way that it is seen from mies have made sweeping advances in each other,”says Ovidiu Dranga, Roma- Page 4 thatWashingtoncouldtrytousetheini- then you have to be dubious about it,” the years since the EU’s 2004 eastern nia’sambassadortoPoland. tiative as a “Trojan horse” for exerting says Krzysztof Szczerski, cabinet chief outside that is changing’ expansion, they still have considerable Continuedonpage3 Hungarian Prague weighs its replacement growth tied to bumper options for nuclear power plants soon start construction on two new involves a number of risks. It Electricity reactorsinHungary. requires significant capital employ- of German Given the huge costs of building new ment. There is a complexity in terms of The Czech decision mirrors reactors, CEZ’s leadership has been construction and there is potential for debates among central reluctant to embark on such a project costoverruns,”saysJoannaFic,fromthe carmakers European neighbours that without state guarantees, while minor- credit rating agency Moody’s. “We have ity shareholders are opposed to the idea seen a number of projects in Europe are considering investing in of CEZ building new nuclear plants on subject to significant delays and costs Automobiles reactors, says James Shotter its own, as they fear it will hit their divi- overruns, she added, pointing out that dendpayments. projects under way in France and Fin- Budapest is seeking to move One option would be for the state to land were both several years behind up the vehicle value chain to For more than three decades, the buy out the minority shareholders, schedule. minimise the risk to its nuclear reactors near Dukovany, a allowing a fully state-owned entity to Againstthisbackdrop,therearegrow- municipality 170km south-east of embark on new nuclear projects, but ingsignsthatthegovernmentmaytryto economy. By Valerie Hopkins The Audi plant in Gyor, Hungary — Akos Stiller/Bloomberg Prague, have formed a key part of the Marta Novakova, the Czech Republic’s buy more time to make a decision. Mr Czechenergysystem. industry and trade minister, said last Babis said in October that the govern- Communist Hungary was the only large those, 35 per cent were for the automo- the western town of Zalaegerszeg. Mr Butastheyslowlyapproachtheendof month that this was the government’s ment could instead seek to extend the eastern bloc country that did not have tiveindustry. Orban said the test track was proof that theirlifespan,thegovernmentofAndrej least favourite option as it would be the lifeoftheplantinDukovanyforanother itsowncarbrand.Thirtyyearssincethe “There are always questions, con- Hungary was not dependent on EU Babis, prime minister, is grappling with mostexpensive. 10 years — an option that would cost a fall of the Soviet-backed regime, the cerns, rumours whether the weight of funds,saying:“Wearenotdependenton howtoreplacethem. Morecomplicatedsolutions—suchas fractionofbuildingnewreactors. country’s role as a hub for German lux- the automotive industry within the crutches,andwestandonourownfeet.” The reactors, which are owned by Mr Martinek said he thought a delay ury car production is a source of entire economy can be taken into con- Mr Szijjarto said the government had CEZ, the state-controlled energy group, mightsuitallinvolved. nationalpride. sideration as a risk,” he added. “My introduced new incentives for compa- areduetoexpirein2035.Giventhelong “I think prolonging the current sta- When Viktor Orban took the reins in answerisno.” nies to upgrade existing plants. Previ- lead-time for nuclear projects, govern- tions won’t be a major problem. All the 2010 for his second term as prime min- Mr Szijjarto said he expected the auto ously,the almost exclusive basis of cash ment and company officials have spent ‘For a few decades nuclear parties tend to agree it is possible. CEZ ister, he inherited a ballooning deficit industry would “be able to maintain the incentives was the number of jobs to be the past year, debating whether — and is going to be an important itself says that it is a viable alternative, and a €20bn International Monetary 4-plus per cent growth rate of the Hun- created,hesaid. how—tofinancetheirreplacement. minorityshareholderswilllikethesolu- Fundbailoutprogramme. garianeconomyinthelongrun”. “As Hungary gets closer to full With another plant run by CEZ in part of the energy mix’ tion because it keeps nuclear basically He adopted a host of unorthodox tax The German car industry remains employment and seeks to evolve from a Temelin, the Dukovany reactors off[thetable]forsometime,”hesaid. policies dubbed “Orbanomics” and healthy for now, but it is vulnerable to manufacturing hub to an R&D hub, we accounted for about two-fifths of Czech “And also for the state, it is a good repaid the debt ahead of schedule, rapid changes in technology and is far are able to finance investments exclu- energy needs last year, making how to splitting CEZ in two by spinning off its optionbecausetheysaythattherewon’t in2013. behind its international competitors in sively targeting technological operating deal with their expiry one of the most renewableenergyanddistributionbusi- be any pressure for selecting a supplier “Instead of looking to the IMF for a electricvehicletechnology. withoutcreatingnewjobs.” important, and potentially one of the nesses, and leaving a state-owned com- anytimesoon.” bailout, the Hungarian government “It is possible this over-specialisation This month, the UK’slargest automo- most expensive, decisions facing Mr pany with coal and nuclear assets — Yet, even if the government delays a decided to look to the German car could cause real problems and vulnera- tive manufacturer, Jaguar Land Rover, Babis’sgovernment. havealsobeensuggested. final decision, the Czech Republic will industry,inparticulareminentcarmak- bility to the economy,” says Magdolna announced it would be opening a tech- Analysts estimate that building new Mr Babis however has said he is still have to decide what to do about its ers,” said Janos Toth, a partner at Wolf Sass, an economist at the Hungarian nical engineering office in Hungary in reactorswouldcostatleast100bnCzech opposed to this, as well as to the idea of nuclearcapabilities. TheisslawfirminBudapest. January with 100 new jobs to “comple- koruna(€3.8bn)each—oraboutathird providing state guarantees to CEZ. “The Ms Novakova has said that nuclear Daimler inaugurated its first plant ment corporate, R&D, engineering and ofCEZ’smarketcapitalisation. development of new nuclear generation capacitywillhavetoremainapartofthe in 2012 in Kecskemet. Audi, which has manufacturing functions headquar- “Thelastnuclearplant[tobebuilt]in Czech Republic’s energy mix if it is to been operating in Hungary since 1994, ‘The government’s focus teredintheUK”. the Czech Republic was Temelin, which meet its targets for reducing carbon began producing electric motors at for its economics policy is The new BMW plant in Debrecen, in was built at €2000 per kilowatt hour. emissions associated with climate its Gyor factory in July. That same Hungary’seast, will be equipped to pro- But the current costs of nuclear energy, change. month, BMW announced a €1bn green- the automotive industry’ duce electric vehicles and create more as can be seen in France or Slovakia, She also argues that new nuclear field investment in Debrecen, the com- than1,000jobs. [are] €6000 or up to €9000 per kilo- capacityhasanimportantroletoplayin pany’s first new investment in a Euro- Academy of Sciences. “However, we But such initiatives still leave Hun- watt hour,” said Ondrej Martinek, an ensuring Czech energy security, since it peancarfactoryinalmosttwodecades. cannot forget that these are the strong- gary very much dependent on the Ger- analyst at Patria Finance in Prague. “If insulatesthecountryfromswingsinthe “The focus of economic policy of the est premium brands and leading inno- mans,saysMsSass. you take the lower range, that would gasprice. Hungarian government is pretty much vative carmakers in Europe and in the “The Hungarian government can’t do bring you to 100bn Czech crowns per “No matter what happens, for quite a on the automotive industry,”Peter Szij- world.” much except for wide policy measures reactor, as a minimum. So it’s very few decades nuclear is going to be an jarto, foreign minister, told an automo- Hungary is trying to hedge this risk — such as improving engineering educa- expensive.” important part of the energy mix,”says tivelogisticsforuminBudapestoverthe and the risk that rising labour costs tion and trying to make the technical The deliberations in Prague Jozef Kotrba, chairman of Deloitte’s summer. could make investors look elsewhere — universities more attractive for stu- mirror debates elsewhere in central Czech office. “The country could re- Last year, more than 500,000 cars by encouraging research and design dents.” Europe, where the Czech republic is not orientate itself to renewables, but there and 2.5m engines were produced in withinitsborderssothatjobstiedtothe At the same time, Hungary is slowly alone in considering another bet on is no sign that there would be willing- Hungary. Auto manufacturers auto industry are not just for low and seeking investors further afield, includ- nuclearenergy ness, and even if there was a massive accounted for 28.8 per cent of the econ- medium-skilledworkers. ing a pivot to Asia. Samsung SDI opened Poland has been debating whether to shift to renewables, it still wouldn’t omy’sindustrialoutput. The government invested Ft40bn an electric car battery plant in May last build a nuclear plant of its own, while replacenuclearveryquickly. “Our number one trading partner is (€124m) in a 250ha track for testing year and SK Innovation broke ground Vladimir Putin, Russian president, said “SoIthinknuclearpowerisstillsome- Germany,” added Mr Szijjarto, with 21 conventional vehicle prototypes as well in March on a new plant producing lith- in September that the Russian state- thing crucial to keep the Czech energy per cent of exports headed there. Of as autonomous and electric vehicles in iumbatteriesforelectriccars. owned nuclear group Rosatom would The central control room at Dukovany marketbalanced.” NOVEMBER 22 2018 Section:Reports Time: 19/11/2018 - 17:41 User: leyla.boulton Page Name: CEE1, Part,Page,Edition: CEE, 1, 1 2 ★ FINANCIALTIMES Thursday 22 November 2018 Investing in Central & Eastern Europe Capital spending Uncertainty has held back the funds to improve productivity, writes James Shotter Polish politics keeps private investors on the sidelines hen Mateusz Moraw- potential of the economy,” says Frank smaller businesses, according to Mr aregoingthroughsomesortofachange, Foreigners look to automation to make up for missing iecki, the deputy prime Gill, Europe, Middle East and Gill. and the outcome of this is not clear to at a noticeboard workers. minister, unveiled his Africa sovereign specialist at rating “Big companies are bidding up wages, everybodyatthispoint,”saysonePolish for work and “Ithinkthereisaslowreactiontime.I plantodevelopPoland’s agencyStandardandPoor’s. andsmallcompaniescan’tcompete,”he privateequityexecutive. residency thinkpeoplewerestillhopingthatthere economy in 2016, he set “If there is a blotch on the macro- said. “The founders of the businesses I permits in is enough room that they could adjust Wanambitioustarget. economicpicture,thisisit.” The problems Polish companies face meet are very pragmatic and don’t have central Warsaw. and maybe get workers from Ukraine to By 2020, he proclaimed, investment AsurveybytheEuropeanInvestment because of labour shortages are com- a strong sense of politics, they want to Many Polish solve the issue,” says the private equity shouldreach25percentofgrossdomes- Bank, published this year, identified a pounded by uncertainty — much of run their businesses. But, clearly, businesses are executive. ticproduct. range of factors that were deterring whichstemsfromPoland’spolitics. Poland is going through a change. We hiring workers “But it hasn’t and I think it has come Two years on, Poland’s economy is Polishbusinessesfrominvestingmore. Since sweeping to power in 2015, don’t know what’s going to be the final from abroad to the point that we can see that it is not booming and Mr Morawiecki has been The most important were labour Poland’s conservative Law and Justice outcome.” —Janek Skarzynski/AFP/ solving the issue. You can’t get enough promoted to prime minister by Poland’s shortages and “uncertainty”, according party has pushed through changes to Economists say the picture may Getty Images Ukrainians and Filipinos to Poland to behind-the-scenes powerbroker, Jaro- toAronGereben,aneconomistcovering business regulations at a pace that has improve slightly on the private invest- deal with that. You have to start to slawKaczynski. Polandforthebank. sometimes bewildered businesses, as ment side as EU cash flows more freely invest.” But his target for investment has been Poland’s labour shortages have been well as adopting an ambivalent stance towards the end of the union’s funding However, easing investors’ concerns delayed and instead of climbing, invest- loomingforawhile,withthepopulation towardsforeigncapital. cycle. over Poland’s political climate and the ment hasdeclined as a share of GDP,hit- ageing and many working-age The party has also rammed through a “Insomecasestheremaybealink: implicationsthishasforinvestmentwill ting 17.7 per cent last year, according to Poles travelling overseas for work in the controversial legal reform accused of for example, if small companies were be more tricky — particularly while the Eurostat. yearsafterthecountryjoinedtheEU. undermining the independence of the waiting for EU subsidies, this might Law and Justice party remains at odds In part, the weakness is due to public With unemployment at a record low judiciary and which has sparked a dam- ‘Poland is have reduced their willingness to withtheEU,saysMrOrlowski. investment, which has been depressed of just 3.4 per cent, according to Euro- aging feud with the EU that could ulti- going invest,”saysWitoldOrlowski,chiefeco- “Now Mr Morawiecki is trying to by a lull in the EU’s seven-year funding stat, labour market pressures are begin- mately weaken Poland’s hand in the nomicadviseratPwCinWarsaw. reverse [these concerns]. But in the cycle. But it is also because of anaemic ningtotakeaserioustolloncompanies. upcomingEUbudgetnegotiations through a Othersareoptimisticthatwhileinthe middle of the political battle there are a investment by private companies — a The labour shortages have now Poland was allocated €100bn in the change. We shorttermthesimplestwaytodealwith lot of strange remarks about the EU source of capital that will be crucial if become so acute that they are fuelling a last seven-year budget, making it the labour shortages may be to make it eas- [that unsettle investors],”he says. “And Poland is to make the productivity ferocious battle for staff. Without work- biggestnetrecipientofEUfunds. don’t know ier for companies to import more if there are any shadows of doubt over gains it needs to become a high-income ers to fulfil new orders, companies have “There are lots of people who are the final migrant workers, over time the labour Poland, then Poland will simply lose country. “This is a bit of a concern and a limited incentive to invest in new [wary of investing because of the politi- shortages could actually force higher [investment] to the Czechs or Hungari- poses questions about the long-term capacity.Thisisaparticularproblemfor cal situation]. They understand that we outcome’ investment levels as companies resort ans.” NOVEMBER 22 2018 Section:Reports Time: 19/11/2018 - 17:41 User: leyla.boulton Page Name: CEE2, Part,Page,Edition: CEE, 2, 1 Thursday 22 November 2018 ★ FINANCIALTIMES 3 Investing in Central & Eastern Europe Talk of a two-tier Europe should worry investors builtupintheEUoverthepastfive combinedwithnorth-southdisputes mightbekeptoutofthecore,atleast OPINION years.WesternEuropeancriticismsof overthemanagementofEurope’s untiltheycleaneduptheiracts. thequalityoftheruleoflawincentral currencyunion,mayleadonedaytothe Alreadytheyarethesubjectof Tony andeasternEuropeareaboutmorethan EU’sradicalreorganisation.Formany disciplinaryprocedureswhich,if civilrights,mediaindependenceand years,sporadicandsomewhat pursuedtothefull,couldresultinthe Barber generalpoliticalconditions. theoreticaldiscussionsofsucha suspensionoftheirEUvotingrights. Theyalsoreflectconcernabout redesignhavetakenplaceinParisand Meanwhile,countriesthataspiretoEU potentialdamagetotheimpartial otherwesternEuropeancapitals. membership,suchasAlbaniaand ithtrade,industrial applicationofEUlaw.Investorsshould However,theyhaveintensifiedunder Serbia,mightstayforeverinan supplychains,business bearthisinmind.Foritisintheir EmmanuelMacron,France’spresident. outermostcircle. regulationand intereststhattheindependenceofthe SincehetookofficeinMay2017,Mr Forsure,itwouldbenosimpletaskto investment,the judiciary,anti-corruptionagenciesand Macronhasscarcelydisguisedhis create,eveninaninformalway,tiersof fortunesofcentraland otherpublicinstitutionsshouldbe impatiencewithwhatheseesasthe EUmembership.Proposalsthat WeasternEuropearenowmoreclosely protectedineveryEUstate.Inthelong misconductandlackofEUspiritofthe smackedofsplittingtheunioninto tiedtowesternEurope,especially run,thisisjustasimportantas conservativenationalistgovernments groupsofprivilegedandlessprivileged Germany,thanatanytimeinthe productivitygrowth,competitiveness, ofHungaryandPoland.InAugust,Mr stateswouldprobablyrunintolegal post-1945era.However,political innovationandothercontributorstoan Macronfloatedtheideaofa“Europeof obstacles.Theywouldcertainly disagreements, anddivergingnational investment-friendlyclimateincentral severalcircles”,eachembodyinga encounterpoliticalopposition. interestsarepullingsomegovernments andeasternEurope. EU’s2021-27budgetwillincorporate A protest against controversial differentdegreeofintegration. Forexample,Denmarkand andsocietiesindifferentdirections. Ifunchecked,theeast-westtensions thisproposal,butthefinancialshortfall judicial reforms in July, in SuchinitiativesimplythattheEU’s Sweden,non-eurozonestates,wouldbe Providedthesefrictionsdonotevolve risklengtheningashadowthatalready createdbythedepartureoftheUK,a Gdansk, Poland- Alarmy reconstructionmightcomeatthe nohappierthanmostcentraland intoathreattotheEU’ssinglemarket existsovertheabilityoftheEU,which largenetcontributortotheEUbudget, expenseofcentralandeasternEurope easternEuropeanswithany andlegalorder,thecaseforinvestingin wouldbereducedafterBrexittoa27- increasesthesensitivityoftheissue. —or,atleast,attheexpenseofcertain arrangementsthatsignifiedthe thedynamiceconomiesofcentraland nationclub,tofunctionasacoherent Meanwhile,thecentralEuropeantrio countriesdeemedunsuitablefor “relegation”ofsomecountriestoanEU easternEuropewillremainstrong.Buta whole.UnresolvedquarrelsovertheEU oftheCzechRepublic,Hungaryand admissionintoaninnerbloc.Estonia, seconddivision. reliablelegalenvironment,and budgetandmigrationpolicyarecasesin Polandhaveledthewayinresistingthe LatviaandLithuania,whichareinthe Yetthefactthatsuchideasareinthe unimpededaccesstotheEUmarket, point. EuropeanCommission’splanforEU The departure of the UK, a eurozoneandnotintheEU’sbadbooks airshouldkeepinvestorsalert.Asecure remainamongtheregion’sbestcardsfor SomewesternEuropean statestoacceptrefugeequotasafter large net contributor to the forallegedabusesoftheruleoflaw, placeintheEU’ssinglemarketandlegal continuingtoattractforeign governmentswanttotieEUregionalaid Europe’s2015migrationcrisis.Forthree mightreceivefavourabletreatment. orderisnotthesoleconditionof investment. fundsforlessprosperouscentraland years,effortstoreformtheEU’sasylum EU budget, increases the Hungary,PolandandRomania,non- prosperityandprofitsincentraland Forthisreason,itwouldbeunwiseto easternEuropetorespectfortheruleof procedureshavemadelittleprogress. sensitivity of the issue eurozonestatesthatare,toagreateror easternEurope.Butitisamighty dismisstheeast-westtensionsthathave law.Itremainstobeseenhowfarthe Theseeast-westdifferences, lesserextent,intheEU’sbadbooks, importantcondition. Countries in ESTONIA the Three Seas Initiative LATVIA Baltic Sea LITHUANIA POLAND CZECH REP. SLOVAKIA AUSTRIA HUNGARY ROMANIA SLOVENIA CROATIA Ad Black Sea ria BULGARIA tic S ea km Three Seas pact seeks to further integration Continuedfrompage1 that needs to be done. Precisely how “TheThreeSeasisaboutcreatingbet- much member states will commit to the ter connectivity in this north-south fund remains to be decided. Investors direction. Until now it was all east- also say that grand projects, such as the west,” he says. “These three areas — Via Carpatia, need to be broken down transport, digitalisation and energy — into manageable pieces that individual are relevant not only for the region, but investorscaninvestin. for Europe in general. What we are aim- One key task, given the multinational ing at is strategic resilience along the nature of the Three Seas pact, will be eastern frontier of Nato and the EU as establishing and co-ordinating points of part of our contribution to Euro-Atlan- contact for investors in search of infor- tic security and a stronger transatlantic mation about projects, says Tony link.” Housh, chairman of the American At the summit in Bucharest in Sep- Chamber of Commerce in Warsaw, tember, the Three Seas states took their which represents some of the biggest firststepstowardsturningtheirpolitical investorsintheregion. visions into a more tangible economic Investors, he adds, will also need to reality. knowwhethersomeofthebig They identified a number of projects cross-border plans envisaged by the to prioritise, including the Via Carpatia, Three Seas will be run via complex mul- a north-south road network that will tinational tenders or broken down into linkKlaipedainLithuaniawithThessal- simpler national chunks, and how pub- oniki in Greece; and a series of gas lic-private partnerships will be struc- projects, such as inter-connectors that tured. allow gas to flow between different “This is the sort of clarity the private national networks and a liquid natural sector is going to need in order for gas terminal in Croatia, which should projects to be actionable,”he says. “The help the region cut its dependence on Three Seas is something that investors Russian gas. They also signed a letter of do want to see happen. But how they intenttosetupafundtohelpattractthe view the project will depend ultimately capitalneededtocarryouttheprojects. on what the structures are: are they via- However, to persuade private inves- bleoristhisjustsomethingwhereinves- tors to stump up cash, there is still a lot torssay‘goodluckwiththis’?” Contributors Tony Barber For advertising details, contact: Europe editor Robert Grange, +44 (0) 20 873 4418 and [email protected], or your usual FT Valerie Hopkins representative. South East Europe correspondent All FT Reports are available on FT.com at James Shotter ft.com/reports Central Europe correspondent Follow us on Twitter: @ftreports Leyla Boulton, Helen Fitzwilliam Commissioning editors Steven Bird Designer All editorial content in this report is produced by the FT. Our advertisers have Lauren Azor no influence over or prior sight of the Picture editor articles. NOVEMBER 22 2018 Section:Reports Time: 19/11/2018 - 17:42 User: leyla.boulton Page Name: CEE3, Part,Page,Edition: CEE, 3, 1 4 ★ FINANCIALTIMES Thursday 22 November 2018 Investing in Central & Eastern Europe Hungary Black Sea gas struggles to developers hold plug its off after Romania labour gap Employment rewrites tax rules An aversion to immigration prompts a drive to recruit ministry’ssecretary of state. The minis- pensioners and students, Energy try estimates there are 250bn cubic metres,or20timesthecountry’sannual reports Valerie Hopkins Offshore find could ensure consumption, below the surface, and energy independence but a explorationcontinues. new tax law is muddying the After months of uncertainty and AttheStJanosHospitalhighintheBuda political showmanship by Liviu Drag- Hills of Budapest, Doctor Gabriella waters, says Valerie Hopkins nea, leader of the country’sruling Social Zsamboki, 65, says she is thrilled to be Democrat party, the Romanian parlia- abletoworkpastretirementage. ment adopted the offshore law at the Offshore development: Petromar Central Platform in the Black Sea “I’m proud and happy to work hard. Since 2012, when the Deepwater Cham- endofOctober. My patients like me, and I like them,” pion drilling ship struck natural gas This largely maintained the existing marketingrestrictionson gas. thatheislikeasheriffwhocandealwith ExxonMobil did not respond to a she says. “I want to work, either until I 1,000metresbelowtheBlackSea’sNep- legal framework for royalties and gross His concerns could be amplified by investorslikeheownsthiscountry.” requestforcommentforthisarticle. die or until I get a serious health prob- tun block, Romanians and investors production thresholds but added a sup- the way the law was passed. “The proc- In August, a version of the draft law “Exploitation of natural gas from the lem,”sheadds,althoughonlyabouthalf have been hoping to guarantee the plementary tax. The law also states that ess was very long with many changes,” was returned to parliament by Roma- Black Sea is essential to balance domes- of her colleagues who reach retirement country’senergy security and to make a half of annual gas output has to be sold says Razvan Nicolescu, a former energy nia’spresidentKlausIohannisbutithad tic production, to expand the natural agefeelthatway. significantprofitintheprocess. inRomania. minister who is now an energy and “no fiscal predictability”, according to gas network for domestic consumers As Hungary has struggled to fill A new offshore oil and gas law is pav- A study by consulting firm resources industry adviser at Deloitte MrEpurescu. and to restart the petrochemical indus- 80,000 jobs standing vacant because of ing the way for exploitation, but it is Deloitte concluded that investments Romania. After the intervention of the ethnic try,”saidMrEpurescu. emigration and declining birth rates, unclear whether the investors — in Black Sea oil and gas could generate The same day that Romania’s chief Hungarian minority party, parliament But such hopes could come to nought the country has looked to its pensioners US major ExxonMobil and Aus- $26bn in cumulative revenues for the anti-corruption prosecutor was ousted found a compromise by adding an ifOMVandExxondecidenottoinvest. andstudents. trian company OMV’s Romanian sub- stateby2040andcreate30,000jobs. fromherjobnai continuingSocialDem- amendment that would allow the inves- “Compared to how much Gazprom A 2017 Labour Force Survey found sidiary, Petrom — will commit to what The industry-commissioned report ocrat-led assault on the judiciary, Mr torstodeduct30percentoftheirinvest- exports to Europe, the quantities in the about 60,000 people were employed they said would be a €1bn investment suggested that the development could Dragnea appeared on national televi- ment from tax, half of the 60 per cent Black Sea are peanuts, but it would be a past retirement age, but Mihaly Varga, on top of the €2bn already spent in also lead to $9bn investment in associ- sioninfrontofaseriesofchartstointro- that the lower house had tried to insert big challenge to Gazprom from the finance minister, said in October that exploration. atedindustriessuchasgastransmission duceanewtaxscheme. intothedraftlaw. countries here in our region,” says Ana many more pensioners could be hired. Oftheregion’seconomies,Romaniais and distribution and petrochemicals, “Mr Dragnea wanted to show himself OMVPetromwantstoseewhatallthis Otilia Nutu, an energy policy analyst As an incentive, from January 1 next already one of the least dependent on with the creation of closer to another like JR from Dallas,” says Vlad means. “Unlocking and developing with the Bucharest-based think-tank year, employers will be excused payroll Russian natural gas, importing less 42,000jobs. Epurescu, an energy analyst and editor Black Sea offshore resources is a great Expert Forum, referring to the Russian taxesfortheretiredpeopletheyemploy. than 10 per cent of its needs. But But after parliament passed the law, at the newspaper Adevarul. “He thinks opportunity for Romania to ensure state-ownedgasgroup. Budapest-based staffing company because of intensive exploitation since Rainer Seele, OMV chief executive, said energy independence, create additional The issue is urgent, says Ms Nutu, euCSOPORT has launched a pro- the start of the last century,reserves are the company would postpone its deci- budget revenues and enable further because many of the countries’ grammetohelppeopleover55findjobs. declining. sion about continuing its investment economic development,” a spokesper- contracts with Gazprom run out after “Companies have realised that hiring Offshore Black Sea gas “can untilnextyear. ‘He thinks he is like a sheriff son for OMV Petrom said. “We are cur- 2019. pensioners and students can help them ensure national energy independence He wants the tax position to be clear rently assessing the offshore law to “So it is really critical for this project fill positions they were previously una- but can also put Romania on the Euro- in the long term since the investment who can deal with investors understand how it will impact our off- to start, and even then it will take two to ble to staff,” says Nikoletta Rumpf, a peanmapofnaturalgasexporters”,says will last for two to three decades. The like he owns this country’ shore operations and investment deci- three years before the gas starts flowing company spokeswoman. She adds that Iulian-Robert Tudorache, the energy company was also concerned about sions.” [at]maxcapacity,”shesaid. 100 people have found jobs through the ‘Companies have realised that hiring pensioners and Borders block path to a reborn Balkans students can help them fill positions they were previously unable to staff’ Trade The legacy of war has made transport programme. Labour markets are tight- expensive and slow, eningnotonlyinHungary,butalsoinall harming development, centralandeasternEuropeancountries, with unemployment at record lows, writes Valerie Hopkins says Zoltan Arokszallasi, head of macro research at Erste Bank. Companies say labour shortages are limiting produc- he western Balkans had a tion,headds. free-trade zone before the These shortages can be alleviated by EU: Yugoslavia. Its collapse migration, common in western Europe led to hundreds of thou- but less so in Hungary because of the sands killed, millions dis- government’s anti-migrant stance, says Tplaced, and borders that have now MateuszSzczurek,asenioreconomistat become a barrier to the region’s eco- the European Bank for Reconstruction nomic development. Time is money: and DevelopmentSt. Also helpful is often trucks wait between seven and 48 investment in automation to help older hours at borders for customs proce- workers,hesays. dures. In Hungary, the retirement age has “Annually, regional trucks spend risen to 65 for both sexes from 55 for 28m-30m hours on the border,” says womenand60formen. RasimLjajic,Serbiantrade,tourismand “Since 1998, the gradual rise in the telecoms minister. He says the costs of employment of people aged 55 and these delays for Balkan businesses are older is the single most important nearlytwicetheEUaverage. source of labour force growth,” says “Howcanyoubecompetitiveasasup- Janos Kollo, a Hungarian labour econo- plier to the EU with these kind of num- mist. bers?” laments Marko Cadez, chairman But even the large number of older of the Serbian chamber of commerce. people may not be around if current “Youneedfivetimesasmanytrucks.” demographic trends continue. Hun- Mr Cadez is leading an effort to inte- gary’s population of 9.7m people could grate the economies of former Yugoslav fall to 6m by 2070, according to the cen- republics that have not joined the EU, tralstatisticaloffice. with the addition of Albania. In a recent The government hopes to alleviate study,the IMF found that if the authori- regionalgrowthwouldbeabout3.84per the labour shortage by spending more CROATIA Population in the Flashpoint: trucks waiting to tiescouldimprovecross-borderco- western Balkans cross from Serbia into centayearfrom2018to2022. than 4 per cent of gross domestic prod- ordination and reach the average EU Croatia in 2015 as Europe’s There is also the hope that, accompa- uct on a family support system, a gov- standard, it would save €800m annu- migrant crisis prompted the niedbyanincreaseinlivingstandards,a ernment spokesman said. The govern- ally, about one per cent of the region’s ROMANIA fully integrated regional economic area ment overhauled vocational training in BOSNIA AND two to tighten border grossdomesticproduct. would help stem the emigration of 2016 to cut the number of hours stu- HERZEGOVINA SERBIA controls The thorniest issues stem from the m Andrej Isakovic/AFP/Getty Images skilledworkerstotheEU. dentsrequirebeforeemployment. unresolved status of Kosovo after the m The idea of a union, around since the MrKolloworriesthatpeoplearebeing 1998-99 war.Serbia refuses to recognise collapse of Yugoslavia, has gained trained quickly for jobs that are cur- Kosovo a decade after the province momentum as EU enlargement fatigue rently on the market, but they will not seceded, but the two countries trade KOSOVO has set in and the influence of other be ready to adapt to positions that do MONTENEGRO BULGARIA with each other. Bosnia and Herze- m m actorsintheregion,suchasRussia,Tur- not yet exist. “If they lack basic compe- govina imposed a visa regime on Kos- keyandChina,hasincreased. tencies for training, they will eventually FYR ovo, which retaliated in kind, compli- ITALY Adriatic Sea Political feuds and lingering resent- windupunemployed,”hesays. catingtradeandtravel. MACEDONIA ments remain the biggest barriers. Ser- While Hashim Thaci, Kosovo presi- m bia retains control of Kosovo’s energy dent, and his Serbian counterpart Ale- ALBANIA infrastructure, preventing it from inte- ksandar Vucic meet sporadically for m grating its energy market with Alba- political dialogue under the auspices of GREECE nia’s. the EU, Mr Cadez and Safet Gerxhaliu, Source: World Bank In retaliation, the Kosovo govern- who formerly led the Kosovo chamber mentthismonthputa10percenttaxon of commerce, began talking in 2013. of GDP, less than the equivalent of EU of poverty and attract crucial foreign goods produced in Serbia and Bosnia, Their meetings have been held under member Slovakia, the population of direct investment. Since 2006, all six with an exemption for the products of the auspices of the European business whichisonlyathirdofthesize. countries have been members of a international brands, ignoring the association, Eurochambres, to agree on Mr Cadez and Mr Gerxhaliu lobbied non-EU Central European Free Trade termsofCefta. joint ventures that could compete with their governments to commit to a plan Agreement (Cefta). Part of the action Mr Cadez said the commitment on EU companies and to hammer out a that would enable the free circulation of planistofullyimplementitsterms. paper needs political will to be trans- plantodeepeneconomicintegration. goods,servicesandpeopleandcreateda Businesses say,however,that in order latedintoreality. The initiative led to the creation of a platform that targets foreign investors to compete with other markets, more “Regional leaders have committed to regional investment forum comprised and treats the region as a single eco- must be done to eliminate administra- the regional plan, but every politician of the countries known as the western nomic area. In Trieste in July 2017, the tive hurdles: harmonising customs pro- takes care to be re-elected in their sepa- Balkans six — Bosnia and Herzegovina, leaders signed an action plan to do cedures, certificates, and investment There is also the hope that ratestates,”MrCadezsays. Serbia, Kosovo, Macedonia, Montene- just that. As a sweetener, Brussels policies.Butthisiscomplicatedbecause “Realistically,economicdevelopment gro and Albania. Together the countries pledged up to €1bn for infrastructure each country is in a different phase of an economic area would couldpavethewayforresolvingthesen- havemorethan17minhabitants,amar- investment. adaptingtoEUstandards. help stem emigration of sitive political problems from the past, ketthesizeoftheNetherlands,buttheir Advocates say the regional economic According to a recent World Bank skilled workers to the EU because in the heads of many people in Hungarian companies are employing economies generate only about €77bn area has the potential to pull the six out study, if trade barriers were removed, theBalkansthewarsarestillnotover.” older workers NOVEMBER 22 2018 Section:Reports Time: 19/11/2018 - 17:42 User: leyla.boulton Page Name: CEE4, Part,Page,Edition: CEE, 4, 1