THURSDAY 7 JANUARY 2021 WORLD BUSINESS NEWSPAPER USA $2.50 Canada C$3.00
Race reset V for vaccine On thin ice Police battle to regain trust among States must adopt a war footing to Rosneft’s Arctic oil clouds BP’s black Britons — BIG READ, PAGE 13 ramp up jab output — OPINION, PAGE 15 green vision — INSIDE BUSINESS, PAGE 5
Briefing Trump fury as Pence refuses to i US group acquires Alliance Healthcare US drug wholesaler AmerisourceBergen has agreed to buy the distribution division of Walgreens Boots Alliance for about $6.5bn as the group pushes tamper with US election result further into Europe.— PAGE 5 i China bars Wuhan-bound WHO team Beijing has barred the entry of a 10-member team of virologists from the World Health Organization who 3 VP stands firm on vote 3 Angry rally in Washington 3 Democrats close in on Georgia win were to probe the origins of the Covid-19 pandemic after their visas were not approved.— PAGE 4 Lauren Fedor, James Politi And courtney weaver — Washington i Grammy Awards canned amid virus rise Donald Trump’s effort to extend his A “dangerous surge” of virus presidency beyond January 20 was dealt cases in Los Angeles has forced a fatal blow yesterday when Mike Pence authorities to enforce extreme refused to overturn the result of the lockdown measures and led to election. the postponement of the As angry Trump supporters gathered Grammy Awards.— PAGE 6 in Washington to protest against the election result, Mr Trump’s formerly i Russia blamed for US cyber campaign loyal vice-president dismissed sugges- US security agencies including the FBI have said that tions that he tamper with the electoral Russia was probably behind a huge cyber espionage vote count when presiding over a joint campaign uncovered late last year, contradicting session of Congress. statements from President Donald Trump.— PAGE 2 The outgoing president had put pres- sure on Mr Pence to reverse Joe Biden’s i Police hold 53 HK democracy protesters win. But Mr Pence refused, writing in a Police have arrested 53 pro-democracy politicians in letter: “My oath to support and defend Hong Kong, one of the biggest purges of the city’s the constitution constrains me from opposition since Beijing imposed a national security claiming unilateral authority to deter- law on the city last year.— PAGE 4 mine which electoral votes should be counted and which should not.” In a i EU ends de facto recognition of Guaidó later statement, he added: “I want to The EU’s de facto recognition of Juan Guaidó as assure the American people that I will Venezuela’s interim president has been dropped, a keep the oath I made to them.” serious diplomatic setback to the opposition leader’s In a further blow to Mr Trump, Mitch efforts to force out Nicolás Maduro.— PAGE 2 McConnell, the Republican Senate majority leader, condemned the effort i Trump seeks China payment apps ban to overturn the election, saying the vote Donald Trump moved to outlaw transactions with was “not actually particularly close” Chinese payment apps including Alipay, WeChat Pay and that if Congress were to overrule the and QQ Wallet, stoking Sino tensions with just days result then “democracy would enter a Pro-Trump gress for the first time in a decade, Kelly Loeffler. In the other Georgia Sen- States” and berated his former attorney- of his presidency left.— PAGE 4; LEX, PAGE 16 death spiral”. crowds gather boosting Mr Biden’s chances of imple- ate race, Mr Ossoff led Republican general Bill Barr because he did not Republican senator Mitt Romney said in Washington menting his agenda as president when incumbent David Perdue by slightly want to serve as his “personal attorney”. Mr Trump’s election challenge had “dis- yesterday he takes office later this month. more than 17,000 votes. Many of the He described the three conservative graced the office of the presidency”. Michael Reynolds/EPA/EFE Mr Warnock was declared the victor remaining ballots are expected to come justices he appointed to the Supreme Datawatch Mr Trump lashed out at Republicans by the Associated Press in the early from areas that favour Democrats. Court as ungrateful, after the court who have refused to back his last-gasp hours of yesterday morning. With 98 The two run-off elections were trig- declined to hear his challenges to the United we rise The S&P 500 has effort to cling to power. “They’re weak per cent of votes counted, he had 50.6 gered after no candidate earned more election. “They couldn’t give a damn,” S&P performance in periods of performed better Republicans. They’re pathetic Republi- per cent of the vote with a lead of about than 50 per cent of the vote in the he said. united* and divided US govt when the same cans,” he said. 53,000 over Republican incumbent November 3 general election. US stocks and Treasury yields rose on (compound annual growth, ) party has held the He was speaking as Democrats moved The AP, which the Financial Times the prospect of a bigger fiscal stimulus - White House and within touching distance of control of relies upon to call elections, has yet to that could feed through to inflation. US - both houses of - Congress. Average Congress after Raphael Warnock Inside Georgia set to give Biden a clearer declare victory for Mr Ossoff, a 33-year- 10-year Treasury yields hit 1 per cent for - path to deliver on party’s priorities - annual growth has became the first African-American in old documentary film producer. the first time in more than nine months, - been 12 per cent Georgia to win a Senate seat and fellow ANALYSIS, PAGE 3 Mr Pence was one of several Republi- rising 0.06 percentage points to 1.02 per - with unified - Democrat Jon Ossoff led his Republican cans who Mr Trump lambasted in what cent in Asia trading, reflecting expecta- - governments but opponent in run-off elections. The US Senate run-offs have shown is likely to be one of his last speeches tions of higher government spending. - - 10 per cent amid The rising prospect of a Democratic the electoral cost of Trumpism before leaving office. He called Georgia’s Yields rise when bond prices fall. *Single party holds presidency and both houses splits, excluding of Congress Source: FT research the 2007-09 fall. sweep in the two pivotal races would EDITORIAL COMMENT, PAGE 14 Republican governor Brian Kemp “one Markets pages 8 & 9 hand the party unified control in Con- of the dumbest governors in the United Lex page 16 UK watchdog to probe industry fears over Nvidia’s $40bn Arm takeover
Tim Bradshaw — London reduce competition. The agency has which would be “good for the market” proven itself one of the world’s most as it “brings more competition”. The UK’s competition regulator is aggressive antitrust enforcers, blocking “[Arm’s] definition of neutrality is preparing to investigate Nvidia’s $40bn a higher percentage of deals in recent that they are willing to sell to anybody acquisition of Arm, after rivals raised years than regulators in other countries. who wants to buy their technology,” he concerns about the deal. Merz brushes off criticism The CMA inquiry will be separate to told the Financial Times. “Of course we The Competition and Markets Author- any examination by the UK government will do that and be neutral in that way.” in race to succeed Merkel ity yesterday invited interested parties of the deal’s impact on national security However, some rival chipmakers Millionaire lawyer Friedrich Merz, one to share their views on the US tech or industrial policy. remain concerned. Nigel Toon, chief of the three candidates bidding to group’s purchase from SoftBank of the Arm’s designs are used across the executive of Graphcore, which com- become the next leader of Germany’s British chip designer, with the agency smartphone industry and in data cen- petes with Nvidia in chips for artificial Christian Democrats, ignores criticisms set to begin its formal investigation later tres, laptops and the emerging “internet intelligence applications, has warned that he is an anachronism from the in the year. of things”. The company licenses its that the deal is “bad for the market 1990s who wants to drag the party “We will work closely with other com- technology to many technology groups, . . . let alone that it is bad for Britain”. back to its conservative past. The race petition authorities around the world to including Apple, Samsung and Micro- He added: “I think it smacks of anti- will have far-reaching consequences; carefully consider the impact of the deal soft, as well as rival chipmakers, such as competitiveness. It’s market power whoever wins as CDU leader is likely to and ensure that it doesn’t ultimately Qualcomm, Broadcom and NXP. coming into the hands of a big player succeed Angela Merkel when she steps result in consumers facing more expen- Jensen Huang, Nvidia chief executive, that is going to reduce competition.” down after 16 years as chancellor. sive or lower-quality products,” said has said both that Arm will retain its Mr Huang said he had expected close Rival sells modern vision i PAGE 2 Andrea Coscelli, CMA chief executive. “neutral” status under his company’s regulatory scrutiny of the deal. “I’m Constanze Stelzenmüller i PAGE 15 The CMA has the power to block the ownership and that he hopes to sell fully expecting a lot of back and forth.” deal if it decides that the tie-up could more of Nvidia’s tech to Arm licensees, Additional reporting by Kate Beioley
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JANUARY 7 2021 Section:FrontBack Time: 6/1/2021 - 19:15 User: nick.miller Page Name: 1FRONT USA, Part,Page,Edition: USA, 1, 1 2 ★ FINANCIAL TIMES Thursday 7 January 2021
INTERNATIONAL
Cyber attack Diplomatic setback Brussels stops US security chiefs blame Russia for hack calling Guaidó FBI and other agencies intelligence gathering effort”, rather said it was “working to identify and The statement marks the first official of the House of Representatives intelli- Venezuela’s than for the purpose of data manipula- notify the non-government entities who attribution of the hack to a nation state, gence committee, said: “Congress will contradict Trump over tion or other more destructive efforts. also may be impacted”. although the intelligence community need to conduct a comprehensive massive spying effort “This is a serious compromise that Only the US commerce, energy and and several politicians have said the review of the circumstances leading to interim will require a sustained and dedicated Treasury departments have acknowl- attack bears the hallmarks of the SVR, this compromise, assess the deficiencies effort to remediate,” they said, adding edged publicly they were breached, Russia’s foreign intelligence service. in our defences, take stock of the suffi- Hannah Murphy — San Francisco president that the perpetrators were “likely Rus- Mr Trump has previously claimed the ciency of our response in order to US security agencies have said that Rus- sian in origin”. Trump has previously hack was being overhyped “in the fake prevent this from happening again, sia was probably behind a massive cyber The hackers gained access to systems news media”, adding in a tweet: “Russia, and ensure that we respond appropri- Michael Stott espionage campaign uncovered late last by hijacking software in March from claimed the hack was Russia, Russia is the priority chant when ately.” Latin America editor year, contradicting earlier statements SolarWinds, a Texas-based information being overhyped ‘in anything happens because Lamestream The agencies described the hack as The EU has dropped its de facto recog- from President Donald Trump, who technology company, which has said is, for mostly financial reasons, petrified “ongoing”, as investigators try to nition of Juan Guaidó as Venezuela’s played down the possibility of Moscow’s that some 18,000 of its government and the fake news media’ of discussing the possibility that it may identify victims and eject the hackers interim president, a serious diplomatic involvement. private sector clients globally may have be China (it may!).” from their systems once detected, setback to the opposition leader’s fal- In a joint statement on Tuesday, the been exposed. along with a handful of companies, Russia has denied any involvement. which experts say could take months or tering campaign to oust Nicolás FBI, the National Security Agency, the The agencies said “a much smaller including Microsoft and FireEye. It will probably fall to the Biden years. Maduro from power. Cybersecurity and Infrastructure Secu- number have been compromised by fol- The NSA has previously said the hack- administration to decide what, if any, “We are taking all necessary steps to rity Agency and the Office of the Direc- low-on activity on their systems”. It ers sometimes posed as employees to response the US government should understand the full scope of this cam- EU foreign policy chief Josep Borrell said tor of National Intelligence described identified “fewer than 10” US federal move around undetected and tap sensi- take against the hackers. paign and respond accordingly,” the the bloc deeply regretted the new the motivation for the attacks as “an agencies falling into this category and tive information stored in the cloud. On Tuesday, Adam Schiff, chairman agencies said. government-controlled National Assembly had assumed its mandate on Tuesday after recent elections that “failed to comply with the international standards for a credible process”. Interview. Friedrich Merz But his statement referred to Mr Guaidó as one of “the political and civil society actors striving to bring back democracy to Venezuela” rather than Merkel’s old party rival sells modern vision interim president or assembly head. A senior EU diplomat confirmed the declaration amounted to dropping rec- for the CDU as it was 20 years ago,” he ognition for Mr Guaidó as interim presi- Millionaire lawyer says he has ‘All the said. “That’s just going backwards.” dent of Venezuela, though he empha- what it takes to tackle the issues The reference to 20 years ago is sised that Europe still saw him as a pointed. Mr Merz was a leading light in “primus inter pares” — first among equals issues confronting Germany Germany the CDU in the 1990s and early 2000s, — among the Venezuelan opposition. will face in carving out a reputation as a pro-mar- Mr Guaidó’s claim to be Venezuela’s ket reformer who said every citizen interim president was based on his posi- Guy Chazan — Berlin the next should be able to work out their income tion as president of the 2015 National As soon as Friedrich Merz launched his decade, tax on a beer mat. Assembly, chosen in elections widely campaign to lead Germany’s Christian But in 2002, Ms Merkel shoved him regarded as Venezuela’s last truly demo- Democrats, critics said he was an anach- I’ve been aside to become leader of the CDU par- cratic contest. The opposition leader ronism, a man from the 1990s who dealing liamentary group. For a few years, Mr declared himself interim president at wanted to drag the party back to its con- Merz sulked on the sidelines, and then the start of 2019, saying Mr Maduro’s servative past. with for in 2009 quit the Bundestag to pursue a 2018 re-election was fraudulent. Mr Merz brushes the criticism aside. years’ career in business, rising to the post of About 60 western and Latin Ameri- “There’s nothing retro about me,” he chairman of BlackRock Germany. can countries, led by the US, recognised said. “In fact, I would say I’m the most Mr Merz dismisses as “nonsense” sug- Mr Guaidó as president and some even modern of the three candidates, even gestions he has a score to settle with the allowed him to appoint ambassadors to though I’m the oldest. chancellor. “Ms Merkel and I had an their nations and occupy Venezuelan “How come? Because all the issues ‘We can’t arrangement and she didn’t stick to it,” diplomatic premises. But Mr Guaidó Germany will be facing in the next dec- keep saying he said. “But that’s OK. It’s 20 years ago. never got his hands on the levers of ade” — an ascendant China, the new I got over it long ago.” power at home, which remained tightly great-power rivalry, profound techno- let’s have Mr Merz is leading in polls of CDU controlled by Mr Maduro and his allies. logical change — “I’ve been dealing with both x members. Yet they are not an accurate The EU never formally recognised Mr them for years,” he said. gauge of his chances. The 1,001 dele- Guaidó as interim president because of It is a bold claim for a man seen by and y. We gates who will elect a leader might find it objections from Italy and Cyprus but many, even in his own party, as out of can’t keep too risky to back a candidate who is treated him as such de facto, a position step with the times: a millionaire corpo- adored by the rank-and-file but could supported by most member states. rate lawyer who defends traditional val- saying yes struggle to connect with the type of mid- In a further blow, the Lima Group of ues and thinks the CDU has drifted too and no at dle-of-the-road voters who, for the past 12 mainly Latin American nations far to the left under Angela Merkel, his 16 years, have elected Ms Merkel. issued a statement that did not mention old rival. the same Delegates may also worry about his Mr Guaidó as interim president, though Many Merkelites consider Mr Merz time’ ability to forge a coalition with the it did say it recognised a “delegate com- too abrasive and rightwing to lead their Greens — widely expected to enter gov- mission” set up by the outgoing National party. “I’ve nothing against him person- ernment after this year’s Bundestag Assembly under Mr Guaidó. ally, but I don’t see how he can appeal to, election. Mr Merz admitted that he was “My reading is that this is an oblique say, workers in eastern Germany,” said “not [the Greens’] preferred opponent”. way of recognising Guaidó’s leadership one senior MP. “He’s not the right per- “That would be Armin Laschet. He [of the opposition] but not his interim son for our age.” would leave them in peace and let them presidency,” said one Latin American Mr Merz, 65, is standing in an election do their own thing and bring the CDU diplomat. that will have far-reaching conse- along,” he said. Mr Guaidó’s office said the Lima quences for Germany and the EU. Who- Mr Merz’s gaffes may also give the del- Group “continued to keep their support ever is chosen as CDU leader on January egates reason to pause. He recently got for President Guaidó” and pointed to its 16 is likely to succeed Ms Merkel, 66, into trouble for appearing to suggest support for the delegate commission. when she steps down this year after 16 that some gay people were a danger to The US continues to recognise Mr years as chancellor. Centre stage: Friedrich Merz leaves our postwar history, we will have an core conservative values. That way, Mr children (he blames his opponents for Guaidó as Venezuela’s legitimate leader, The contest is in effect a choice after delivering a speech at the Ash election where the incumbent chancel- Merz said, the CDU could win back “aggressively misunderstanding” him). though it remains unclear whether the between Armin Laschet, the Merkel loy- Wednesday meeting of the CDU in lor isn’t running as a candidate,” he said. those who “couldn’t figure out what [it] And in an outburst in October, he incoming Biden administration will alist and prime minister of North Rhine- Apolda, east Germany, in February That held risks but also opportunities: actually stands for any more”. Some accused “parts of the party establish- maintain this Trump-era policy. Westphalia, and Mr Merz, an unapolo- Jens Schlueter/AFP/Getty the chance to “readjust our policies”. defected to the populist Alternative for ment” of plotting to thwart his leader- “President Guaidó and the National getic rightwinger. For the first time in years, the main cen- Germany; some, he said, no longer vote. ship hopes by delaying the election. Assembly are the only democratic rep- Norbert Röttgen, the third candidate tre-right party had the chance to over- But many in the party disagree. “The “That went down really badly,” said resentatives of the Venezuelan people as and a foreign policy expert, is seen as a haul its offer to voters and “to be a bit Merkel wing in the CDU says you would the senior CDU MP. “It’s not the kind of recognised by the international com- long shot even though he has been surg- freer in the decisions we make”. win back fewer conservative voters than tone the party executive likes.” munity”, Mike Pompeo, US secretary of ing in recent polls with a clever, digital- The CDU needed to sharpen its profile you would lose by veering away from Mr Merz is unrepentant. “I’m some- state, said. ly-savvy campaign that has impressed after the consensual, ideologically fuzzy the centrist Merkel line,” said Andreas one who is not backward at coming for- But the European decision will come younger CDU members and MPs. Merkel years. “We can’t keep saying let’s Rödder, a historian at Mainz University. ward,” he said. “My view is that some- as a big blow to Mr Guaidó, who is Mr Merz has been reaching out with a have x and y,” he said. “We can’t keep “There’s a real conflict over strategy.” times you have to speak plainly. And the already struggling with falling opinion simple message: Ms Merkel’s departure saying yes and no at the same time.” Mr Laschet is typical of the establish- problem is that people just aren’t used poll ratings, a fresh government clamp- offers Germany a chance to break out in The idea is a return to a pro-business ment CDU voices who dismiss Mr Merz’s to that any more.” down and disagreements over strategy a new direction. “For the first time in economic agenda and a sharper focus on offer. “There are a lot of people who pine See Opinion within his opposition alliance.
Political alliance MAKE A SMART INVESTMENT Subscribe to the FT today at FT.com/subscription Energy deals point to thawing of Belarus-Russia tensions
Henry Foy — Moscow F WORLD BUSINESS NEWSPAPER ha e s a ds e ub ic o re a d Moscow was already losing patience imposed sanctions against Minsk and impact of sustained police violence
Trump vs the Valley A Five Star plan? Dear Don... Tech tita s eedto i i ise ta y s o u istsaretryi to oo ay s irststabatthebrea u with Mr Lukashenko early last year for have been some of the fiercest critics of against protesters has lowered the o itica ris T TT the oor etter T S S Asked whether he and Russian presi-
Lloyd’s of BrusselsInsurance market K . ;Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY1APRIL / SUNDAY 2 APRIL 2017 HMRC warns Briefing dragging his heels on integration Mr Lukashenko. The countries are also number of participants. From a precari- 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 dent Vladimir Putin were “on the same 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 more austerity has said patients will wait longer for projects, and relations hit a nadir in July discussing whether to restart some ous position a few months ago, Mr 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 017 political team”, Belarus’s Alexander Developing countries have sold record levels of upsetting — LIFE & ARTS 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 after the arrest of 33 Russian mercenar- cross-border travel suspended due to Lukashenko now looks more stable, 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 Lukashenko was unequivocal. 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 ies in July, who were accused of being the coronavirus pandemic. even if he is more reliant on Moscow 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 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 “They pushed us tightly into one team, part of a plot to destabilise the country The oil and gas deals end months of than ever before. 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 increase in declarations expected at been relegated to “amber/red,” which titles Nsuc ANh as R “MxINS”,in N a—BRUSSdditionEL toS 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- for the rest of our life,” he told Russia’s ahead of the poll. uncertainty for Minsk, which relies on Mr Putin offered Mr Lukashenko 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 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 “concerningclienttaxmatters”. Anders BreivikD inutch prosecutors, who initiated the FINANCIAL TIMEStohit300m. HMRC’s letters to the select commit- of foreign flora — HOUSE & HOME Norway,Goodthe Friday, Independence Day, Thanksgiving, the 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 state television channel, in a comment But a series of agreements struck in Russian gas for its energy needs and both moral and financial support in a 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 tooverhaulbusinessmodelsandensure taxauthorities. 330 Hudson Street, to agriculture and fisheries — by the Sc m to import E s a e rightsafterBrexit. The Belgian capital had not and “extremely good regula- fatalitiesday from after Thanksgiving, Christmas Day and the day 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 broadcast on Tuesday that underscored recent days suggest a change in attitude props up its budget by importing cheap crisis meeting in September, as the pro- The probes risk sparking an interna- demandedawritten explanation from tional dispute after the Swiss attorney- Dutchauthorities. New York, NY 10013 general’s office expressed “astonish-afterIn 2014, Credit Suisse plead edChristmasguilty Day. 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 his desire to portray both the strength of from Russia, whose leverage over Bela- Russian oil and selling on petroleum tests were reaching their peak. 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 S ut o nris sbor r 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 Subscriptions and Customer ServiceMr Niehaus had turned over his device saging apps as the same as everything US subscription rates, 1 year $406. Periodicals bi o s o r t top nications over Facebook’s popular their relations and the role that the rest rus has only grown as western countries products to Europe. However, the Russian president’s atti- 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 o the S e ico border 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 Tel: +1 800 628 8088 sto a s e di a s They ear postage paid at New York, NY and at additional 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”. of the world had played in cementing turned their back on Minsk, amid con- The agreements also come as the anti- tude towards Mr Lukashenko still 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 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 [email protected], www.ft.com/subsusai today’s increase in the national living mailingTusk’s first draft of the guidelines, to woroffices;k with in coming months. Prime believe meansPost-Master.simultaneous talks are Send address changes Trump tt c o r t bi PAGE 8 user. Deutsche Bank last year banned Bankers at two institutions said staff AdditionalreportingbyChloeCornish 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 them. tinued efforts from Mr Putin’s adminis- Lukashenko rallies in Minsk and other appears to be a little strained: Mr 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 Advertising t co subscribe o new living wage and the increase is toThe decisio F.T.n to add the clause gi vingPublicationsBritishofficialsadmittedthattheEU’s afterBrexitwithatradedeal. Inc., PO Box 469, Newburgh, NY 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 ★ Tel: +1 917 551 5040 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 12551; USPS number, 190640; ISSN# 09159460. Yet Mr Lukashenko has work to do to tration to closely bind the country with cities show signs of fatigue and the Lukashenko held a telephone call this 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 [email protected] FTSE All World $ 297.99 297.73 0.09 Gold $ 1248.80 1251.10 -0.18 Prices are latest for edition Data provided by Morningstar 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 ★ restore relations between Moscow and Russia. week not with the president but with 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 Letters to the editor Tokyo, Hong Kong, Singapore, Seoul,Dubai ©Xetra Dax Copyright12312.87 12256.43 0.46 Mar 31 prev %chgTheUS 3m Bills 0.78 Financial 0.78 0.00 Times Limited 2021. 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 [email protected] AllFTSE All World $ rights297.38 298.11 -0.24 Gold $ 1244.85reserved. 1248.80 -0.32 Prices are latest for edition Data provided by Morningstar Minsk. Mr Lukashenko, who has ruled Kremlin-controlled gas producer Dmitry Medvedev, Mr Putin’s predeces- Executive appointments Reproduction of the contents of this newspaper in Belarus since 1994, has faced massive Gazprom announced on December 24 it sor and current deputy on the country’s www.exec-appointments.com any manner is not permitted without the publisher’s street protests and unprecedented had agreed a new gas supply contract security council. prior consent. ‘Financial Times’ and ‘FT’ are public anger since he claimed victory in with the Belarusian government. And Mr Lukashenko has hinted he could Published by registered trade marks of The Financial Times F.T. Publications Inc. Limited. The Financial Times and its journalism are last August’s presidential election, a five days later, Minsk said it had struck a step down if Belarus agrees on a new 330 Hudson St, New York, subject to a self-regulation regime under the FT vote that western countries said was deal for oil supplies, ending a stand-off constitution, but has not laid out a time- NY 10013, USA; Editorial Code of Practice: falsified. that predated Mr Lukashenko’s alleged table for such a step. Tel: +1 917-551-5000; www.ft.com/editorialcode Editor: Roula Khalaf His regime’s brutal crackdown on fraudulent election and the ongoing cri- And while the scale has decreased Reprints are available of any FT article with your protesters and political opponents sis. since the autumn, protests against him Printed by company logo or contact details inserted if required prompted the US, EU and UK to impose This week, Russia’s deputy prime continue. On Tuesday, while visiting the Blue Island Newspaper Printing, Harvey, IL (minimum order 100 copies). One-off copyright sanctions against Minsk and even minister, Alexander Novak, said Russia headquarters of a white goods manufac- Evergreen Printing Company, Bellmawr, NJ licences for reproduction of FT articles are also Bay Area Production Services, Fremont, CA available. sparked anger in the Kremlin, which was exploring ways to help Belarus turer, he said: “I am not an enemy to my For both services phone +44 20 7873 4816, or blamed its longtime ally for misjudging export oil products, and circumvent An Alexander Lukashenko placard is own people.” Published daily except Sundays, New Year’s Day, alternatively, email [email protected] the country’s febrile mood. ports in the Baltic states that have held up at a Minsk protest in October Inside Business see Companies
JANUARY 7 2021 Section:World Time: 6/1/2021 - 18:26 User: john.conlon Page Name: WORLD1 USA, Part,Page,Edition: USA, 2, 1 Thursday 7 January 2021 ★ FINANCIAL TIMES 3
INTERNATIONAL
Pivotal race Democratic ambitions reinforced as Warnock becomes first control of Senate inches within reach black senator to be elected Georgia election result shaping up to give Biden clearer path for delivery of party’s policy priorities in Georgia
James Politi and Lauren Fedor Lauren Fedor and James Politi Washington Washington After Joe Biden won the US presidency Democrats closed in on control of the in the November election, his victory US Congress after Raphael Warnock was tempered by concern that he would became the first African-American in have a Republican Senate majority Georgia to win a Senate seat and fellow blocking his agenda at every turn. Democrat Jon Ossoff led his Republican But Mr Biden is now probably heading opponent in a second contest in the to the White House with many of his state. ambitions intact. His Democratic party is poised to claim control of the Senate The prospect of a Democratic sweep in for the first time in six years, after Rap- the two pivotal races would hand the hael Warnock won one US Senate run- party unified control in Congress for the off in Georgia, while fellow Democrat first time in a decade, boosting Joe Jon Ossoff held a lead over his Republi- Biden’s chances of implementing his can challenger in the other. agenda as president when he takes “Georgia's voters delivered a resound- office later this month. ing message yesterday: they want action It is also likely to trigger a bitter round on the crises we face and they want it of recriminations among Republicans, right now,” Mr Biden said yesterday after they failed to secure Donald morning. “On Covid-19, on economic Trump’s re-election as president or pre- relief, on climate, on racial justice, on serve control of the Senate as a last- voting rights and so much more.” ditch opportunity to thwart Mr Biden. The political feat of clinching the Sen- Mr Warnock was declared the victor ate with dual wins in the traditionally by the Associated Press in the early conservative southern state, where hours of yesterday morning. With 98 Democrats have not held a Senate seat per cent of votes counted, he had 50.6 since the early 2000s, would be reassur- per cent of the vote with a lead of about ing in itself for Mr Biden. 53,000 over Republican incumbent Mr Warnock, the Atlanta pastor from Kelly Loeffler. Martin Luther King Jr’s Ebenezer Bap- In the other Georgia Senate race, Mr tist Church, and Mr Ossoff, a 33-year- Ossoff led Republican incumbent David old documentary film producer, Perdue by slightly more than 17,000 received strong support from black and votes. Many of the remaining ballots are suburban voters — the same coalition expected to come from areas that favour that made Mr Biden the first Demo- Democrats. cratic presidential candidate to win US stocks and Treasury yields rose on Georgia in almost three decades. the prospect of a bigger fiscal stimulus The vote also suggested Donald Voters’ verdict: thing from infrastructure to clean would try aggressively to advance their from his own party. Among them are that could feed through to inflation. Trump was becoming a weaker political Republicans at energy and education, which would be plans under unified control of Congress, ‘Expect the likely to be Ron Wyden of Oregon, The two run-off elections were trig- force, after his conspiracy-fuelled an election night partially paid for by higher corporate which last occurred in the first two years Democratic expected to take over as chair of the Sen- gered after no candidate earned more tirades against the integrity of the vote, party in Atlanta taxes and higher taxes on the wealthy. of Barack Obama’s presidency. ate finance committee, which oversees than 50 per cent of the vote in the and chaotic leadership on economic react to results “Government becomes a whole lot “Expect the Democratic leaders to go leaders to taxes and trade. Sherrod Brown of Ohio, November 3 general election, and took stimulus failed to pay off for Kelly Loef- from the Senate more manageable for the incoming as big as they can, as Pelosi and Biden go as big as a Wall Street critic and champion of place in the shadow of Mr Trump’s fler and David Perdue, the two Republi- contest in which president. Democrats controlling com- eye the next two years as the legacy financial regulation, could take the repeated refusal to accept his loss to Mr can incumbents. Raphael mittee chairmanships and the legisla- markers of their careers and see a chal- they can, as helm of the Senate banking committee. Biden. For the Democratic party, the ramifi- Warnock, below, tive calendars in the House and Senate is lenging 2022 midterm map on the hori- Pelosi and Mr Biden’s administration will also be The Associated Press, which the cations of Tuesday’s vote will reach far was declared extremely significant,” said Izzy Klein, a zon,” Beacon Policy Advisors wrote in a poised to avoid more scrutiny from con- Financial Times relies upon to call elec- beyond Georgia if it reclaims control of winner Democratic strategist and lobbyist in note yesterday. Biden eye gressional probes such as the one Senate tions, has yet to declare Mr Ossoff, a 33- the Senate: Chuck Schumer, the New Dustin Chambers/Bloomberg Washington. Meanwhile, Democrats turned atten- the next Republicans launched this year into year-old documentary film producer, York senator, will take over leadership “First, he’ll get his nominees con- tion to other possibilities that could be Hunter Biden, the president-elect’s son, the victor against Mr Perdue, 71, the of the upper chamber from Republican firmed more quickly by the Senate. Sec- unlocked with two Senate victories in two years as for business dealings in Ukraine. former chief executive of Dollar Mitch McConnell, and Kamala Harris, ond, it is much more likely that another Georgia. Some of Mr Biden’s more chal- the legacy Yesterday morning, Mr Schumer and General. the future vice-president, will cast any meaningful economic and Covid relief lenging cabinet picks, such as Neera Ms Pelosi celebrated the early results, But Mr Ossoff, who would be the tiebreaking votes. With that, Mr Biden package, an infrastructure bill and Tanden for budget director and Lloyd markers despite the potential difficulties and youngest senator since Mr Biden was has a better chance of implementing the some other bills can be enacted,” Mr Austin for defence secretary, will proba- of their internecine battles ahead. sworn in at the age of 30 in 1973, claimed more sweeping agenda he campaigned Klein said. bly face fewer roadblocks to Senate con- “For too long, much-needed help has a win yesterday in a video posted to on, particularly on economic policy to Passing legislation through Congress firmation, which could mean his top careers’ been stalled or diluted by a Republican- social media. tackle the pandemic fallout. will nevertheless be challenging for Mr team could be in place more rapidly. led Senate and President Trump. That “It is with humility that I thank the Near term, there could be a Biden, given Democrats’ slender edge With Mr Biden yet to select his choice will change with a Democratic Senate, people of Georgia for electing me to new round of economic in both the House and the Senate — for attorney-general, CNN reported that Democratic House, and a Democratic serve you in the United States Senate. stimulus, including more where conservative Democrats the prospects for Sally Yates, the Atlan- president,” Mr Schumer said. Thank you for the confidence and trust direct cheques to Ameri- such as Joe Manchin of West Vir- ta-born former senior justice official Ms Pelosi vowed to deliver “extraordi- that you have placed in me.” cans, an extension of ginia and Kyrsten Sinema of Ari- who clashed with Mr Trump in the early nary progress” for Americans. “We will Mr Perdue’s campaign said the emergency jobless zona will have huge sway. That days of his administration, and Merrick pursue a science- and values-based plan “exceptionally close election . . . will benefits beyond could give the centrists power to Garland, Mr Obama’s stymied to crush the virus and deliver relief to require time and transparency to be cer- their current expi- water down the new president’s appointee to the Supreme Court, were struggling families, safeguard the right tain the results are fair and accurate”. ration in March and plans, triggering disappoint- suddenly boosted. The Biden campaign to quality affordable healthcare and “We will mobilise every available aid to state and local ment from the progressive left. declined to comment. launch a plan to ‘Build Back Better’ pow- resource and exhaust every legal governments. Yet political analysts in Wash- In Congress, Mr Biden would be able ered by fair economic growth,” she said. recourse to ensure all legally cast ballots In the longer term, it could ington said Democrats, including to press ahead with his legislative priori- See Editorial Comment are properly counted. We believe in the deliver more spending on every- Nancy Pelosi, the House speaker, ties with a new slate of committee chairs and Markets Insight end, Senator Perdue will be victorious.”
Pandemic Republicans. Power transition California healthcare buckles in Covid crisis US business turns on president’s backers
Dave Lee — San Francisco In Los Angeles county, which has 10m they’re there for a heart attack or a gun- residents, officials have taken drastic shot wound or Covid, there’s no Sowing further distrust in the political said companies should warn lobbyists California health officials are resorting steps to grapple with the massive strain. resources,” said Dr Eckstein, stressing Companies reconsider support system “threatens the economic recov- they would no longer fund politicians to drastic measures to reduce the crip- A January 4 memo from county offi- that with ambulances kept waiting at ery . . . our country desperately needs”, denying the election results. pling strain on hospitals, as the surge in for politicians who favour cials told paramedic agencies to no hospitals, response time for all emer- said the Business Roundtable, which is “These business leaders are certainly coronavirus admissions illustrates the longer bring to hospital patients who gencies was increasing. “We were very led by Doug McMillon, Walmart chief not going to be investing in the divisive high cost of the state’s failure to flatten reversing election result had an extremely slim chance of sur- low on ambulances today,” he said on executive. fringe,” Prof Sonnenfeld told the FT. the pandemic’s curve. vival. For example, under the guide- Tuesday. “We moved firefighters from Richard Edelman, head of the epony- Senators who should know better Andrew Edgecliffe-Johnson At Christmas, officials pleaded with Cal- lines, a person severely injured in a car fire engines and trucks to back-up New York mous public relations group, said: were “playing with fire”, added Tom ifornians not to gather — with family, accident, and who cannot be resusci- reserve ambulances.” James Politi and Courtney Weaver “CEOs are scared. They don’t like the Glocer, the Morgan Stanley director and friends or strangers — in a desperate tated after at least 10 minutes, should Of his 3,500-strong team, 170 were Washington idea America is a banana republic.” former chief executive of Thomson attempt to fend off an increase in cases. not be taken in. currently suffering from Covid-19, Dr Republicans supporting President Don- A Financial Times analysis found that Reuters. “If people are going to think New restrictions were imposed on much “Hopefully this serves as a wake-up Eckstein said, including three who were ald Trump’s efforts to overturn the elec- the 13 senators supporting Mr Trump’s twice before this political opportunism, of the state last month to keep a lid on call,” said Dr Marc Eckstein, medical “fighting for their lives”. tion are on a collision course with busi- last-gasp effort to cling to power have we have to hit the only thing they care the upward trajectory. director and commander of the Los State officials on Tuesday evening ness leaders, as companies reconsider about” — campaign contributions. The crisis, however, has not been Angeles Fire Department’s ambulance ordered hospitals, in areas where there support and funding for politicians they But some lobbyists in Washington averted: hospital admissions in the state service. “We’re approaching the peak in is no ICU availability, to start delaying deem to be a threat to national stability. ‘CEOs are scared. They cautioned that they did not expect a big have increased 17 per cent in the past the next few weeks, I suspect.” some surgeries and procedures — trans- The decision by 13 Republican sena- don’t like the idea America shift away from corporate donations to two weeks, the health department said, He said ambulance operators had ferring those patients to lesser-affected tors to join most House Republicans in Republican lawmakers who have with intensive care unit (ICU) usage up seen hours-long waits to get critically ill regions to free up capacity. “Serious can- refusing to certify Joe Biden’s victory is a banana republic’ embraced Mr Trump’s defiance of an 21 per cent as capacity dwindles. patients — of any nature — into hospi- cer removal and necessary heart surger- yesterday was quickly denounced by Richard Edelman orderly transition. “The anticipated surge from the win- tals, where emergency beds and holding ies” could still take place, officials said. business groups, whose leaders voiced They pointed out that corporate sup- ter holiday gatherings has begun,” said pens had been set up in almost any con- Averaged over the past two weeks, the alarm at the threat it posed to a democ- been bankrolled by some of corporate port was based on other issues impor- Dr Barbara Ferrer, Los Angeles county ceivable space, including parking lots. state is recording 38,000 positive cases racy that most had taken for granted. America’s biggest names. Together they tant to them, and predicted companies public health director. “We’re likely to “It doesn’t matter who they are, or per day, with almost 300 deaths. Their action “undermines our received nearly $2m over the 2019-20 would wait to see how the furore played experience the worst conditions in Janu- their level of insurance, or whether According to state-provided demo- democracy and the rule of law”, warned election cycle from the political action out. They added that the controversial ary that we’ve faced the entire pan- graphic analysis, Latinos have been dis- the US Chamber of Commerce, as a committees of companies including senators supporting Mr Trump’s efforts demic. And that’s hard to imagine.” proportionately represented among the small business coalition blasted the Koch Industries, Berkshire Hathaway, could be preferable to potential primary California, the most populous US dead, accounting for almost half. “shameful complicity” of elected offi- UPS and AT&T. challengers from the right. state, has been hammered by the sus- The large number of sick has also cre- cials trying to help Mr Trump “under- Jeffrey Sonnenfeld, a Yale School of Still, companies may face external tained surge in Covid infections and ated an oxygen shortage. Paramedics mine the will of the voters”. Management professor who convened a pressure over their financial support for hospital admissions sweeping the coun- have been told to strictly ration any sup- Attempts to thwart the orderly trans- call of 33 top executives on Tuesday to politicians who are pushing election try. The US has registered more than plemental oxygen given to patients, fer of power to Mr Biden ran “counter to discuss how business should respond, fraud claims that have been rejected by 20m infections and nearly 350,000 with exceptions made only for patients the essential tenets of our democracy”, said there was “universal outrage” courts and state officials. deaths, while admissions are hovering in “severe respiratory distress”. added more than 180 New York execu- among a group that usually spanned the Steve Schmidt, a founder of The Lin- at a record high — 131,195, according to The state has faced criticism for being tives. Several of the statements argued political spectrum. coln Project, warned that the political data from the Covid Tracking Project. too slow to roll out vaccines. So far, while that indulging baseless conspiracy theo- In a straw poll taken during the call, action committee led by Bush-era California’s health department on 1.6m doses of the Moderna vaccine had ries — including that Mr Biden only won 88 per cent said officials supporting Mr Republicans would turn its fire on cor- Tuesday attributed a further 368 deaths been distributed to healthcare facilities thanks to mass voter fraud — was bad Trump’s stance were “aiding and abet- porate donors who professed support to coronavirus, among the biggest one- across California, just 459,564 had been for business at a time when executives ting sedition”; just over half said they for racial equality while funding politi- day increases in the state’s death toll, Emergency: California has seen administered, according to the most wanted Washington to tackle the eco- would consider cutting investment in cians seeking to “throw out millions of and 31,440 new infections. record Covid hospital admissions recent figures. nomic fallout from Covid-19. the senators’ states; and 100 per cent black votes”.
JANUARY 7 2021 Section:World Time: 6/1/2021 - 19:00 User: john.conlon Page Name: WORLD2 USA, Part,Page,Edition: USA, 3, 1 4 ★ FINANCIAL TIMES Thursday 7 January 2021
INTERNATIONAL
Covid-19 Beijing crackdown Hong Kong China blocks WHO team on way to Wuhan police round Beijing claims health were not able to travel at the last agency after accusing it of “mismanag- focused on identifying when, where and A leading theory, which suggested up opposition minute,” Mr Tedros said. ing” the pandemic. how the Sars-Cov-2 virus that causes that the first human infections came experts must follow He added that the WHO had been in Huang Yanzhong, a senior fellow for Covid-19 made the jump from animals from a market in Wuhan where multi- ‘necessary procedures’ contact with Chinese officials who said global health at the Council on Foreign to humans. ple species of wildlife were on sale, has politicians they would expedite the visa approval Relations in New York, said: “This is cer- “Tracing the source [of the virus] is a been drawn into question after several procedure. More than 86m people have tainly a bad omen for the upcoming complicated issue. To ensure that the early cases were discovered without an Christian Shepherd — Beijing and activists been infected worldwide by coronavi- WHO investigation in China. It’s not like international team’s work progresses obvious link to the location. Beijing has barred the entry of a 10- rus, which has claimed more than 1.8m the arrival was unexpected.” smoothly, they must go through the nec- Despite uncertainty over the exact member World Health Organization lives. He added that the WHO’s rare public essary procedures, ” Hua Chunying, a transmission route, WHO experts have Primrose Riordan and Nicolle Liu team investigating the origins of the The slow progress of the WHO probe criticism of China might help bolster the Chinese foreign ministry spokesperson, maintained that the investigation must Hong Kong coronavirus pandemic after their visas and its lack of access into the suspected organisation’s international credibility said yesterday in response to questions begin in Wuhan and follow the evidence Hong Kong police have arrested 53 pro- were not approved. origins of the pandemic have drawn and its leverage over Beijing when about the delay. from studies conducted in the central democracy politicians in one of the big- Tedros Adhanom Ghebreyesus, WHO criticism from the US and calls for negotiating for access, as happened dur- Many scientists believe the disease Chinese city. gest purges of the city’s opposition director-general, said that he was “very greater transparency from some west- ing a 2003 probe into the origins of the originated in bats, which have been Chinese officials, however, have con- since Beijing imposed a tough national disappointed” after China blocked the ern governments. severe acute respiratory syndrome out- found to carry genetically similar virus sistently suggested that the origin of the security law on the city last year. arrival of the virologists. President Donald Trump has threat- break. strains. But many stages in the virus’s virus is outside the country. “Two members [of the team] had ened to suspend US funding to the WHO China maintains that it welcomes the transmission to humans remain Additional reporting by Xinning Liu in Among those detained were moderate already begun their journeys and others and withdraw from the global health investigation, which will be primarily uncharted. Beijing former democratic lawmakers and human rights lawyer John Clancey, a US citizen who is believed to be one of the first expatriates arrested under the law. Police also for the first time accused Health crisis. Mutation the city’s most prominent pro-democ- racy activist, Joshua Wong, of violating the national security law. Crimes under the law are punishable with up to life South Africa strain of virus stirs vaccine concern imprisonment. The arrests targeted activists and pol- iticians who were involved in a primary run-off last year to determine which Scientists worry inoculation opposition candidates would run in against new variant will elections for the Legislative Council, Hong Kong’s de facto parliament. The prove to be less effective city’s government subsequently post- poned the election, which was sched- uled for last September, citing the coro- Clive Cookson — London Joseph Cotterill — Johannesburg navirus pandemic. The sweeping action yesterday marks The new coronavirus variant linked to a a severe escalation of a crackdown fol- surge in Covid-19 cases in South Africa is lowing the imposition of the national not only more infectious than previous security law in June, which critics say forms of the virus but could make some threatens freedoms promised to the vaccines less effective. semi-autonomous territory under its Scientists racing to understand the handover to China by the UK in 1997. new strain said they still expected the Beijing introduced the law in the wake current crop of approved vaccines to of last year’s anti-government protests. work but were worried that a specific Senior superintendent Steve Li, of the mutation, also identified in a new vari- Hong Kong police national security ant in Brazil, could impact the way the department, said 1,000 officers were virus responds to a vaccine. deployed to arrest people for “subver- “At this moment, we think that a vac- sion under the national security law”. cine could be a little less effective,” Tulio Police also froze about HK$1.6m de Oliveira of the University of KwaZu- (US$206,378) in funds, raided 72 loca- lu-Natal, who is leading South Africa’s tions and demanded documents related scientific effort to understand the to the case from four media organisa- 501Y.V2 strain, told the Financial tions. News groups including pro-de- Times. “[But] between all the varieties mocracy tabloid Apple Daily, In-Media of vaccines that are coming to the mar- and Stand News said they received ket, we still have strong belief that some police document requests. of them will be very effective.” In Beijing, Hua Chunying, a Chinese The mutation in question, E484K, foreign ministry spokesperson, said the changes the “receptor binding domain” “police action was necessary”, adding — a key part of the spike protein that the that the “SAR [Special Administrative virus uses to enter human cells. This is Region] government cannot tolerate also an important site at which neutral- crimes of subverting the state power”. ising antibodies induced by infection or Mobile checks: The 501Y.V2 variant emerged in Coronavirus variants are emerging attention from the UK, as “very unfor- Yesterday, police searched the home vaccination bind to the virus. people queue to August in South Africa’s Nelson Man- globally as Sars-Cov-2 passes between tunate”, adding: “We are trying our best of Mr Wong, who is in prison for other A team at Fred Hutchinson Cancer be tested for dela Bay in the Eastern Cape, before tens of millions of people. On average to see if that politicisation can decrease. offences, and accused him of contraven- Research Center in Seattle has assessed coronavirus by spreading to other provinces as the the virus accumulates about two muta- We are working very closely with British ing the security law, according to the the ability of antibodies taken from peo- medical staff in country’s second wave of Covid-19 infec- tions a month but can change more scientists. We have been exchanging activist’s official social media pages. ple previously infected with Sars-Cov-2 Johannesburg tions accelerated in recent weeks. Out of quickly under some circumstances, for data and knowledge on an almost daily Former lawmakers James To, Andrew to neutralise various new strains of Guillem Sartorio/Bloomberg South Africa’s 1.1m total confirmed example within an individual who has a basis on the scientific front.” Wan, Lam Cheuk-ting, Wu Chi-wai and coronavirus. cases to date, around 100,000 have been suppressed immune system and The UK and South Africa — unlike Roy Kwong were also among those Their study, released on Tuesday but in the past seven days. remains infected for many weeks. most other countries — have conducted arrested. not peer-reviewed, found that “emerg- The South African and Brazilian extensive genomic sequencing through- The pro-democracy lawmakers had ing lineages in South Africa and Brazil New confirmed cases strains share several mutations with the out the pandemic, enabling health offi- resigned from the Legislative Council carrying the E484K mutation will have of Covid- fast-spreading B.1.1.7 variant in the UK, cials to track mutations quickly. This last year as part of a mass boycott of the greatly reduced susceptibility to neu- Seven-day rolling average of which made its first known appearance could mean other, more infectious vari- body by opposition politicians after the tralisation by the . . . serum antibodies new cases (per k) in Kent in late September. But B.1.1.7 ants are already spreading in other government disqualified four of their of some individuals”. However, the does not have the E484K mutation. countries undetected. colleagues. UK effect was much stronger in some peo- For this reason, “most scientists with ‘We should No new Sars-Cov-2 variant is known The resignations left the de facto rub- ple than others, the paper said. a view on these variants are more con- not be to cause more severe disease than the ber-stamp parliament effectively Prof de Oliveira’s team in South Africa cerned about the South African one playing original virus that emerged in China at devoid of opposition. has reached similar conclusions. “This than the Kent one”, said François Bal- the end of 2019, but more rapid rates of Hong Kong’s opposition Democratic finding about antibody neutralisation loux, director of the University College with this transmission have piled more pressure party said police had linked the arrests was highlighted very strongly in our South London Genetics Institute. on hospitals and health systems. to the primary run-offs and accused its paper,” he said. “There is a reason to be Africa Matt Hancock, UK health secretary, virus by “The main take-home message is that members of violating the national secu- concerned.” has expressed concern about the South letting it we should not be playing with this virus rity law, according to the party’s Face- Prof de Oliveira added that his team Sep Oct Nov Dec Jan African variant on several occasions, by letting it transmit for so long,” said book page. transmit had spent “the last 15 days, working day Sources: Financial Times analysis of data from the saying he is “incredibly worried”. Prof de Oliveira. “More than ever, this is The round-up also followed fears that and night, with the top laboratories in World Health Organization; the Johns Hopkins CSSE; Prof de Oliveira described Mr Han- for so long’ a global problem and we should be look- political pressure from Beijing is threat- South Africa” and would release “strong the UK government coronavirus dashboard cock’s comments, perceived by some in ing for a global coalition to respond.” ening the independence of Hong Kong’s Data updated January am GM preliminary results” soon. South Africa as an attempt to deflect See Opinion globally respected judicial system.
Cricket US-Sino tensions Sydney Test match raises super-spread fears Trump seeks ban on Chinese payment apps
Jamie Smyth — Sydney than a quarter of the Sydney Cricket “To simply say, put off the Test, or to James Politi — Washington apply to Alipay, CamScanner, QQ Wal- has deals with merchants in the US such Ground’s capacity. Two city Covid-19 can the Test in New South Wales, it Eric Platt — New York let, SHAREit, Tencent QQ, VMate, as Walgreens and claims to work with Australia has imposed some of the Yuan Yang — Beijing clusters have alarmed the Australian wouldn’t be productive,” said Brad Haz- WeChat Pay and WPS Office. more than 250 overseas partners, pri- world’s toughest Covid-19 social Medical Association, which called yes- zard, NSW health minister. Donald Trump moved to ban transac- WeChat had been targeted in a previ- marily to support cross-border pay- restrictions, but the cricket-mad terday for crowds to be banned to avoid “You have to think about people’s tions with Chinese payment applica- ous executive order, which has yet to ments for Chinese tourists. However, nation has balked at cancelling the tra- unnecessary risks. “We watched the mental health, the desire to get out there tions including Alipay, WeChat Pay and take effect because of court challenges. the bulk of its roughly 1bn users are in ditional new year’s Test match, New Year’s Eve fireworks on TV and we and have aspects of a normal life.” Tencent’s QQ Wallet, stoking tensions In August, Mr Trump issued sanctions China. Hong Kong-listed shares in Ali- prompting fears from health experts can do the same with the Test. The risk Cricket occupies an important posi- with China with just days remaining in against We Chat and TikTok, but a Cali- baba were up 3.2 per cent yesterday that it risked becoming a “super of gathering thousands of people tion in Australia, where the national his presidency. afternoon while Tencent was up 1.9 per spreading” event. together surely outweighs the benefit,” team captain’s job is considered by cent. Tencent and Ant yesterday The game between Australia and India said Danielle McMullen, AMA New many to be more important than the The executive order is the latest in a Trump claimed the apps declined to comment on the ban. was set to begin today with the number South Wales president. prime minister’s. series of moves by the Trump adminis- ‘continue to threaten [US] In response to the order, the New York of spectators reduced to 10,000, less Some epidemiologists have called for Scott Morrison, the prime minister, tration to crack down on Beijing before Stock Exchange initially said it would the match to be cancelled altogether, has backed the NSW government, not- Joe Biden’s inauguration on January 20. national security, foreign delist China Mobile, China Telecom and warning a stadium setting creates the ing that holding the match was a way of Mr Trump said on Tuesday in a mes- policy and economy’ China Unicom, China’s three largest potential for “super emission”. demonstrating how life could continue sage to Congress explaining the order state-run telecom groups, from the Legal Notices The controversy deepened yesterday while managing the crisis. that the “pace and pervasiveness” of the fornia judge subsequently blocked the exchange, but abruptly reversed course when authorities revealed a man who The decision to allow crowds was wel- spread of Chinese software apps “con- WeChat order while judges in Washing- this week, sowing confusion in Washing- attended the second Test in the four- comed by Cricket Australia, which faces tinue to threaten the national security, ton DC and Pennsylvania halted the Tik- ton and on Wall Street. match series on December 27 in Mel- a Covid-19 cash crisis that forced it to lay foreign policy and economy” of the US. Tok ban. The confusion over the delistings also bourne had tested positive for Covid-19. off 100 staff last year. The hard-fought “By accessing personal electronic Mr Trump said the commerce secre- came amid heightened focus on the Health officials have asked several thou- Test series is delicately poised at 1-1. devices such as smartphones, tablets, tary should evaluate Chinese software Trump administration’s ties to the sand fans to get tested and self-isolate. Dr McMullen said families in NSW and computers Chinese connected soft- apps that “may pose an unacceptable NYSE. On Monday night, Mr Trump The NSW state government has had sacrificed time with family over ware applications can access and cap- risk” to the US and work with intelli- praised Jeffrey Sprecher, chairman of played down the concerns, although it Christmas because the government ture vast swaths of information from gence officials on “recommendations to the NYSE and husband of Kelly Loeffler, has mandated mask-wearing in all parts imposed social-distancing measures to users, including sensitive personally prevent the sale or transfer of United Republican senator, at a campaign rally of the venue during the match, with quash outbreaks. identifiable information and private States user data to, or access of such data for her re-election in Georgia. potential fines of A$1,000 (US$775) for “We hope those sacrifices weren’t information,” he said. by, foreign adversaries”. The NYSE declined to comment. non-compliance. made in vain,” she said. The US president said the ban would Alipay, Ant Financial’s payments app, See Lex
JANUARY 7 2021 Section:World Time: 6/1/2021 - 18:25 User: john.conlon Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1 Thursday 7 January 2021 ★ FINANCIAL TIMES 5
Unliked in Asia Barred from China, Facebook meets resistance from other regimes such as Vietnam and Thailand y ANALYSIS, PAGE 7
Bald truth Michelin to slash 2,300 French Moderna US drug group jobs to stay competitive against cheaper rivals vaccine gains approval buys Alliance in Europe
Donato Paolo Mancini — Rome Michael Peel — Brussels Healthcare and Hannah Kuchler — New York The EU has approved US drugmaker Moderna’s Covid-19 vaccine, paving the way for its rollout on a continent in for $6.5bn urgent need of more supply. The decision follows a recommendation yesterday by the European Medicines 3 AmerisourceBergen in Europe push Agency that the vaccine developed by Moderna should be authorised for use in 3 Proceeds boost Walgreens’ war chest the 27-member bloc. Moderna’s vaccine is the second to be approved by the Amsterdam-based reg- Ortenca Aliaj, Hannah Kuchler and Walgreens to focus on its pharmacy ulator after BioNTech/Pfizer’s jab late James Fontanella-Khan — NEW YORK business — which includes more than last year. Jonathan Eley — London 9,000 drugstores across the US. The EU has ordered 80m doses of the US drug wholesaler AmerisourceBergen Mr Pessina defended retail stores Moderna vaccine, with an option to has agreed to buy the distribution busi- amid a rise in online shopping and phar- double the amount. Moderna, based in ness of Walgreens Boots Alliance for macy delivery services. Using the Massachusetts, expects to be able to about $6.5bn as it pushes further into coronavirus vaccine as an example, he make up to 1bn doses this year. Europe. said some things could not be distrib- The EU has also ordered 300m doses The offer for Alliance Healthcare, uted digitally. “Pharmacies will con- of the BioNTech/Pfizer vaccine. comprising $6.275bn in cash and 2m tinue to be the backbone of healthcare “This vaccine provides us with AmerisourceBergen shares, comes in any country,” he added. another tool to overcome the current three years after a potential deal for Despite concerns about a sluggish emergency,” said Emer Cooke, head of Walgreens to acquire the pharmaceuti- start, Mr Pessina said that Walgreens the EMA. “It is a testament to the efforts cals distributor fell through. would finish the first phase of its US vac- and commitment of all involved that we The two companies already have a cination programme five days ahead of have this second positive vaccine rec- strategic partnership in place but as part schedule, inoculating residents and staff ommendation just short of a year since of the transaction, Walgreens and at nursing homes across the country by the pandemic was declared by the AmerisourceBergen have agreed to January 25. World Health Organisation.” extend a US distribution agreement by Shares in AmerisourceBergen Progress in inoculating the EU’s popu- climbed almost 8 per cent to $105.50 by lation has been slow, intensifying the ‘Pharmacies will continue early afternoon in New York. pressure on governments to deliver Walgreens stock, which has fallen Michelin said the job cuts will come through voluntary redundancies and lay-off plans — Jean Sebastien Evrard/AFP more supply and eliminate bottlenecks. to be the backbone of 30 per cent in the past year as the pan- The EU allocates doses to member demic put pressure on its bricks-and- David Keohane — Paris delayed the announcement of the new to lower-cost sites, despite desperate countries based on the size of their pop- healthcare in any country’ mortar stores, also gained — up 4 per plan. The “simplification” of Miche- interventions by French politicians. ulations. Ursula von der Leyen, Euro- French tyremaker Michelin plans to Stefano Pessina, Walgreens CEO cent to $43.04. lin’s French operations will aim to In Germany, car parts supplier Con- pean Commission president, said: “we cut up to 2,300 jobs in France over In late-2019 Walgreens explored a boost efficiency by 5 per cent a year tinental plans to cut up to 30,000 jobs will have more than enough safe and the next three years as lower-cost three years to 2029. Alliance Healthcare $70bn management buyout with US pri- and is not based on factories closing. worldwide and tens of thousands effective vaccines for protecting all competitors ratchet up pressure on will also remain a distribution partner vate equity giant KKR that would have The job cuts will come through volun- more are at risk throughout the coun- Europeans.” European manufactures in the wake for Boots, the UK drugstore group, for a delisted the retailer. The sale of Alliance tary retirement and lay-off plans. try’s network of smaller suppliers. The approval comes as infection rates of the pandemic. decade. Walgreens is the largest share- Healthcare is likely to reignite specula- Europe’s car parts suppliers are The flip side of the job cuts for across Europe have picked up in recent holder in AmerisourceBergen with an tion about a fresh attempt to take the Michelin, one of the world’s biggest caught between the pandemic and Michelin is a push to “reinforce” its weeks, forcing countries such as Ger- almost 30 per cent stake. drugstore group private. tyre manufacturers, is facing what it structural changes that were already premium tyre offering and an many to extend their lockdowns. The deal is designed to expand Ameri- Mr Pessina, the deal-hungry chief calls “profound structural shifts” in under way as budget tyre producers attempt to press further into higher- The Moderna jab uses a novel type of sourceBergen’s presence in Europe, as who assembled Walgreens through a the market with waves of cheap flood the market. value areas such as new materials and technology known as mRNA that is Alliance is one of the largest wholesalers series of mergers over the years, could imports threatening European indus- Mr Menegaux estimates that recycling, as well as developing its delivered in fatty particles, which are in on the continent. Stefano Pessina, chief take advantage of Walgreens’ smaller try, prompting the company to cut demand will only come back to 2019 hydrogen battery joint venture, Sym- short supply at the moment. The vac- executive of Walgreens Boots Alliance, business and market valuation to costs in its home market and bet on levels, before the coronavirus crisis, bio. Mr Menegaux says the strategy is cine is Moderna’s first approved prod- told the Financial Times that he would explore a buyout. higher value products. by the second half of next year. And he crucial for the future of Michelin and uct, which it is selling at a higher price use proceeds from the sale to pay down Mr Pessina announced last year that “We don’t have a choice. If we don't says that stress is increasing in the French industry. than rivals. debt and to help fund acquisitions, add- he planned to step down from the role work every day on our competitive premium part of the market too. “It’s like when you are in flight and In a statement, the EU Commission ing that the company had identified a and become executive chairman but did position, we will be wiped out,” Michelin did not have a budget offer- when you are changing from an area said Moderna would deliver the 160m number of targets. not give a timeline. Michelin chief executive Florent Men- ing in place until 2016 and about 80 of depression to a new area, you have doses by the third quarter of the year. Steven Collis, chief executive of Walgreens and AmerisourceBergen egaux told the Financial Times. per cent of its business remains in pre- some turbulence,” he said. The price agreed with the EU is about AmerisourceBergen, said he has “inher- expect synergies in four years’ time to While Covid-19 has crushed mium tyres. “We are balancing realities. We are €20 a dose, according to people familiar ited an intact and very good business” be at an annual run rate of at least demand across the car industry and Japan’s Bridgestone also said it not abandoning France.” with the matter, higher than others that will allow the company to pursue $150m, which will be split equally heaped pain on Michelin, Mr Men- would close its Béthune plant in the Additional reporting by Joe Miller agreed in forward-order deals negoti- European expansion. It will also allow between the companies. egaux said the pandemic had only north of France and shift production in Frankfurt ated by the bloc.
Rosneft’s massive Arctic oil push undermines BP’s green turn
Rosneft’s board in June, one of two seats But continuing to make that assertion inside business the British company holds thanks to its while also preaching a business model 19.75 per cent shareholding — the largest that its partner clearly disagrees with europe stake after that of Mr Putin’s govern- could get tricky. ment. By then, the details of the project Indeed, Didier Casimiro, Rosneft’s were at a rubber-stamping stage, having first vice-president, said in September Henry that month been initially approved as that BP’s new green turn was creating “ambitious and promising” by Mr Putin. “an existential crisis” for the oil market, Foy But the dichotomy between Mr and that state-backed giants such as Looney’s vision of the future and the one Rosneft would benefit from the move. on which Mr Sechin is staking the BP declined to respond to questions investment of BP and every other Ros- regarding Vostok Oil but told the FT that P’s chief executive Bernard neft shareholder must have been clear. the shareholding “is an important part Looney has staked his leader- Less than a month before Mr Looney of our broader portfolio, providing us ship on the oil company pro- joined Rosneft’s board, he told the with a strong position in Russia which ducing less oil. Rosneft’s chief Financial Times that the slump in oil has some of the most resilient hydrocar- Contracts & Tenders executive Igor Sechin is tak- demand caused by the coronavirus pan- bon resources in the world”. Bing the opposite side of that bet, with a demic may have meant that “peak oil” Rosneft did not respond to questions planned Rbs10tn ($134bn) wager on a demand had already passed. Mr Sechin from the FT. Last month, it unveiled its vast new project in the Arctic. appeared not to be listening: around the own “climate goals”, which are far from That BP owns nearly 20 per cent of the same time, in another meeting with Mr BP’s ambitions: a plan to lower green- Russian oil producer appears to make Putin, he was house gas emissions by 20m tonnes of no difference to the pugnacious Mr requesting tax BP has said the Russian carbon dioxide equivalent over the next Sechin’s faith in crude. But perhaps it breaks for explora- 15 years is a slower rate of reduction should to Mr Looney. tory drilling. group is exempt from its than the 3.1m tonnes the company man- Mr Sechin officially announced Ros- BP has said that emissions pledge, so it can aged to shed in 2018-19. neft’s Vostok Oil project was under way it needs to continue Handily, BP has said Rosneft is in November during a tête-à-tête with participating in share in the profits but exempt from its emissions pledge. In his old friend President Vladimir Putin. some lucrative ignore its carbon dioxide other words, the company will bank its It is in many ways the antithesis of Mr hydrocarbon dividends and share in its profits but Looney’s commitments to make BP a projects to fund its investments in overlook its carbon dioxide. net zero company by 2050, and reduce cleaner energy. And Rosneft certainly That stance may become unsustaina- its reliance on fossil fuel revenues. provides Mr Looney with strong reasons ble, in all senses of the word. Mr Looney The scale of the project is huge. Seek- to ignore the gulf between the two com- may struggle to rebrand BP as a sustain- ing to tap an estimated 6bn tonnes of panies’ outlook on their industry. able energy group while a company over crude, Rosneft will create 15 new towns BP earned $785m in dividends from which it claims “significant influence” is to house the 400,000 people required to its Rosneft stake in 2019 and booked digging up the Arctic. both build the wells and infrastructure $2.3bn of pre-tax profit arising from Turning a blind eye to Mr Sechin’s and operate them. that investment. Rosneft’s wells account quest to keep pumping, selling and When fully operational, Rosneft for about a third of BP’s entire annual burning more hydrocarbons is one hopes to export 100m tonnes of oil a hydrocarbon production. thing. But condoning a massive new year. Trafigura, the trading house, has In its annual report, BP justifies incor- project in the Arctic, where rapidly ris- purchased a 10 per cent stake in the porating Rosneft’s business and its vast ing temperatures and retreating ice project, which is also being pitched to reserves on an equity basis by arguing have made it ground zero in the war on potential Chinese and Indian investors. that it exerts “significant influence” climate change, is quite another. Mr Looney, who became chief execu- over the Russian company, “including tive of BP in February 2020, joined BP’s participation in decision-making”. [email protected]
JANUARY 7 2021 Section:Companies Time: 6/1/2021 - 18:44 User: alistair.fraser Page Name: COMP&MKTS1, Part,Page,Edition: USA, 5, 1 6 ★ FINANCIAL TIMES Thursday 7 January 2021
COMPANIES & MARKETS
Financials Health French tech London unlikely to regain lost trading start-ups gain ground with Banks say UK ‘own goal’ in overnight change for investors and yesterday, Andrew Bailey, governor of Financial Conduct Authority. “I can’t because the UK would change its rules banks that had used UK membership of the Bank of England, said: “We are see the EU giving equivalence in this when it needed to and would be trans- devices that euro-denominated equity the EU to trade freely across borders. already seeing a certain amount of busi- space anytime soon. As the market parent at the time, but could not say dealing looks irreversible Gianluca Minieri, deputy global head ness having to migrate to the EU.” How- adapts, the need for equivalence wanes. what it would do now. “I strongly recom- of trading at Amundi, said it was “a stun- ever, he noted that the number of jobs Its value is diminishing with every mend we do not become a rule taker.” imitate heart ning own goal for the UK. And this is lost in the City was lower than once month that goes by.” The exodus is unlikely to seriously Philip Stafford, Camilla Hodgson and Chris Giles — London only the beginning”. More volume feared, at between 5,000 and 7,000. The UK and EU are looking to agree an dent UK finances. The majority of taxes would move to where investors could The abrupt shift had been necessary MoU on future co-operation in financial in the share trading industry are paid on Leila Abboud — Paris The EU share trading that flooded out of get better prices and liquidity. because the EU refused to recognise services by the end of March, though the revenues the trading venues report, Michael Peel — Brussels the City of London after the end of the About €6bn of shares that typically most of the UK’s regulatory systems as hopes are dwindling that it will be an rather than the trades. Banks and fund Two French medical technology com- Brexit transition is unlikely to return, change hands in the City were traded in “equivalent” to its own. Brussels is keen extensive agreement. managers said it was unlikely thousands panies working to help people suffering banks and asset managers have warned. the EU on Monday, and a similar value to assert its sovereignty in financial Mr Bailey said he was not optimistic of trading jobs would immediately fol- from terminal or advanced heart fail- The first day of dealings for the City on Tuesday, as investors became accus- services and not leave regulation of euro about a swift decision from Brussels on low assets out of London. The head of ure announced progress in their sepa- outside the EU’s single market triggered tomed to the new regime. The figures assets to overseas regulators. equivalence. “The situation we find our- trading at a big UK-based asset manager rate efforts to commercialise their a large shift in euro-denominated equate to almost half the amount of “I don’t see this changing quickly. It’s selves in is that the EU has said that it said it was unlikely to make a difference products. shares from London, where they are business that London banks and bro- happened, it’s done,” said Nick Bayley, wants more information from the UK on to the physical location of teams. typically traded, to new venues in kers would normally handle. managing director at consultancy Duff what its future intentions are on regula- Additional reporting by Stephen Morris CorWave, a start-up developing an Amsterdam and Paris. It marked an Speaking to the Treasury Committee & Phelps and a former official at the tion.” The requests were “problematic” and Attracta Mooney implantable heart pump, has raised €35m in its third fundraising round, with €15m coming from a new EU fund aimed at supporting innovative compa- nies. Automobiles. Race for dominance Separately, Carmat announced that it would begin selling its artificial heart under the brand name Aeson in Ger- many and France in the second quarter, GM ‘steps up game’ with plan to topple Tesla having obtained European regulatory approval in late December. The device serves as a bridge to a heart transplant for patients with irreversible end-stage Detroit carmaker hopes flood heart failure. Carmat’s shares were up almost 10 of new models will undermine per cent in Paris yesterday, valuing it at €409m. rival’s technological advantage Their progress is a sign that scientific research under way for the past decade Claire Bushey — Chicago on how to improve treatments for heart As chief executive Mary Barra failure may finally be bearing fruit. announced the acceleration of General Some 60m people suffer from the condi- Motors’ rollout of 30 vehicle models in tion, according to the Global Burden of November, she said the carmaker was Disease study, meaning that their hearts “committed to fighting for EV market share until we are number one in North America”. Existing approaches often She did not mention Tesla by name — lead to complications and and she did not have to. A decade ago, GM was the company to CorWave and Carmat both beat in the US in electric vehicles. In aim to provide alternatives 2012, the year Tesla debuted the Model S, GM sold more than 23,000 do not pump or fill with blood as a Chevrolet Volts, nearly double that of its healthy heart does. nearest competitor, the Toyota Prius, Currently available treatments for and representing 18 per cent of the total those with advanced disease include US electric vehicle market. heart transplants or installing a heart But since Tesla began selling the pump known as a left ventricular assist Model 3 two years ago, it has smashed device (LVAD). But transplants are lim- US sales records for electric vehicles — ited by the supply of donor organs, and still just a sliver of the US vehicle market existing LVAD technologies marketed overall — and turned 112-year-old GM by Abbott Laboratories and Medtronic into an underdog. Tesla dominated the often lead to complications. US EV market in 2019 with 58 per cent CorWave and Carmat both aim to pro- share, and some estimates have sug- vide alternative options for patients. gested its share rose to as much as 80 per Mary Barra, and European emissions fines set to an electric vehicle “won’t have to go that could hamper GM, Mr Jonas said. “Heart surgeons today will tell you cent in the first half of 2020. General Motors kick in this year. with the 15-year-old start-up that has ‘Once you All its capital expenditures went that the devices need to imitate the nat- Ms Barra has said that GM would chief, says the GM’s target of 1m vehicles and flood of quality issues”, Mr Gear said. get into towards electric vehicles, and it might ural functioning of the heart,” said Cor- increase the amount it invested in elec- carmaker will new models is “stepping up the game”, For now, Tesla is still better at making have an advantage in attracting engi- Wave chief executive Louis de Lillers. tric vehicle development to $27bn and fight until it Mr Gear said. GM’s Ultium battery its batteries cheaper than competitors, cheaper EV neering talent. “That is what both CorWave and Carmat sell 1m electric vehicles in 2025. At that takes the EV allows for new models to be developed Mr Gear said. Cheaper batteries mean spots, you GM also could face future costs if the are trying to achieve in different ways by rate, analysts said the Detroit carmaker crown in North faster, and the company’s planned bat- cheaper vehicles, making them an public and government begin to see the replicating the physiology of the heart.” was unlikely soon to overtake its Cali- America. Below, tery factory in Lordstown, Ohio — a joint option for more potential customers. can’t rely on pollution emitted by internal combus- The EU’s investment in CorWave also fornia competitor, which joined GM in Tesla’s Model 3 venture with LG Chem — should make it In 2019, the best-selling electric vehi- Tesla tion engines as a long-term liability, the marks a turning point in the region’s the blue-chip S&P 500 last month. has smashed US possible to crank out enough batteries cle in the US was Tesla’s Model 3, which kind that sparks regulation, legislation approach to supporting innovation: it is “Right now, on pure electric in the US, sales records to meet Ms Barra’s production goals. started at $38,000. The group sold fanatics to and litigation. That makes some inves- the first time it is directly funding prom- Tesla is dominant,” said David Whiston, Carlos Osorio/AP More vehicle models mean more nearly 155,000. By contrast, the second get you into tors think the automaker might still ising start-ups. Traditionally it has a Morningstar analyst. choices for consumers, hastening wider bestseller was Tesla’s Model X, a sport spin off its EV business, despite GM’s instead acted indirectly by backing ven- GM also must manage its traditional EV adoption. Tesla has had some high- utility vehicle starting at $80,000, which the number statements to the contrary. “We are ture and private equity funds that then car and truck business, where it holds profile quality problems, such as a roof sold 19,000. one share hearing investors starting to look at deploy the money. the largest share of the US market, to that flew off a Model Y in California in Emmanuel Rosner, a Deutsche Bank [internal combustion engine] cars like The European Innovation Council ensure it underwrites rather than October, the same day a new owner analyst, estimated in a note that GM position’ tobacco and asbestos,” Mr Jonas said. (EIC) fund aims to address Europe’s undermines its electric vehicle push. picked it up from the dealership. GM’s would reduce the cost of battery cells to Analysts said GM was unlikely to beat lack of success relative to the US and “It’s like you’re operating on your- play means customers who want to buy roughly $100 per kilowatt hour in three Tesla this decade, if at all. The group had China in transforming start-ups with self,” said Adam Jonas, a Morgan Stanley years, and to about $75 per kWh by “a long way to go” if it wanted to pass promising ideas into big international analyst, who is bullish on Tesla. “It’s 2025. Yet it would still trail Tesla’s mid- Tesla in the US electric vehicle market, companies. possible. It’s just the added challenge.” decade target of $50 per kWh. Mr Whiston said. Yet Tesla has domi- On Wednesday it announced that it Industry experts agree that at some “Price is going to be what determines nated in recent years partly because it had invested an initial €178m in equity point, the market for electric vehicles who is the market leader, and Tesla has lacked competition. financing in 42 companies, in areas will become the entire vehicle market — looks set to win on price for the foresee- “Once you get into cheaper EV spots, including health and advanced manu- the question is when. able future,” Mr Gear said. you can’t rely on Tesla fanatics to get you facturing. Another 117 companies are Market research firm IDTechEx esti- Tesla’s head start on electric vehicles into the number one share position,” Mr going through the investment evalua- mated EVs would constitute 20 per cent is compounded by the huge difference Whiston said. Even if GM never controls tion process. of the worldwide market by 2030, and between the two companies’ value. At a larger portion of the North American CorWave plans to use the new funds to up to 80 per cent by 2040. But Luke $600bn, Tesla’s market capitalisation is market than its upstart rival, if “they make improvements to its implantable Gear, the firm’s senior technology ana- 10 times that of GM, giving it an advan- keep putting out tons of great prod- heart pump ahead of clinical trials in lyst, said the estimates were sure to be tage in raising capital, Mr Jonas said. ucts . . . and they take a ton of share humans, as well as set up a small manu- revised upwards, with Democrat Joe Moreover, as a pure-play electric from Tesla, are their EV efforts a failure facturing facility and hire more staff. Biden set to take over the White House vehicle group, Tesla is free of conflicts then? I would say no”. See Lex
Media Media Grammys postponed as LA virus cases surge Neil Young swept up in music rights gold rush
Peter Wells and Anna Nicolaou live performances, as the nominees take reached capacity, and new guidance Nic Fildes — London funds roll up older catalogues. It follows details. Music Business Worldwide, the New York the stage to lure audiences. Artists from state and local governments have Universal Music’s acquisition of Bob analysis company, estimated that the Counter-cultural icon Neil Young has Beyoncé, Dua Lipa and Taylor Swift all led us to conclude that postponing Dylan’s catalogue for a nine-figure sum deal could be worth $150m based on the Los Angeles authorities have warned sold a 50 per cent share of his back cat- were leading in nominations for awards our show was the right thing to do,” the in December and two Hipgnosis deals Bob Dylan sale, but the company that the US entertainment capital is in alogue to Hipgnosis, the UK music pub- this year. Recording Academy said in a statement. this week to buy out Lindsey Bucking- declined to comment. the middle of an “unprecedented and lishing company, in the latest high- The Recording Academy, the group Los Angeles county health authorities ham of Fleetwood Mac and Jimmy Merck Mercuriadis, founder of Hip- dangerous surge” in coronavirus cases, profile rights deal triggered by the that runs the Grammys, in November have pleaded in recent weeks with the Iovine’s catalogue rights. gnosis, said he had long worked to strike forcing the city into extreme lockdown soaring valuation of music in the had declared that the show would be region’s entertainment industry to post- Hipgnosis provided no financial a deal with Young, having worked measures and the postponement of the streaming age. annual Grammy Awards. pone television and movie productions closely with his former manager Elliot because of the surge in infections. The deal covers the writing and publish- Roberts in the past. “This is a deal that The decision to postpone the music ‘We’re likely to experience Hollywood’s most powerful labour ing rights to almost 1,200 songs com- changes Hipgnosis forever,” he said. industry’s biggest night, originally the worst conditions in unions, including the Screen Actors posed by the singer ranging from his The singer has released 50 studio scheduled for the end of the month, Guild and Producers Guild of America, 1960s groups Buffalo Springfield and albums and 20 live albums over his came after local ambulances were January that we’ve faced this week recommended a halt to pro- Crosby, Stills, Nash & Young, to his 50- career including forays into rock, Amer- ordered not to transport patients with the entire pandemic’ ductions in Los Angeles until the out- year long solo career including the 1972 icana, grunge, rockabilly and even elec- little chance of survival and to conserve break dissipates. hit album Harvest and up to the 2020 tronica. Mr Mercuriadis said that back oxygen because emergency rooms were “happening, rain or shine, Covid-19 vac- “Southern California hospitals are release Colorado. It gives the UK-listed catalogue had been under exploited. being overwhelmed. cine or not” on January 31. But Los facing a crisis the likes of which we have company partial control over songs “People haven’t been able to keep up. “We’re likely to experience the worst Angeles authorities said they have seen never seen before. Patients are dying in including “Heart of Gold”, “Rockin’ in Every album has a classic on it,” he said. conditions in January that we’ve faced a post-Christmas spike in cases and ambulances waiting for treatment the Free World”, “Only Love Can Break The acquisition is one of the largest the entire pandemic — and that’s hard to already-full hospitals were becoming because hospital emergency rooms are Your Heart”, and “Cinnamon Girl”. deals landed by Hipgnosis, which has imagine,” said Barbara Ferrer, the Los overwhelmed with the sick and dying. overwhelmed,” said Gabrielle Carteris, The agreement is the latest sign that spent £1.2bn buying the back cata- Angeles county public health director. “The deteriorating Covid situation in president of SAG-AFTRA. “This is not a established artists are looking to take logues of well-known artists and song- The Grammys, more than any other Los Angeles, with hospital services safe environment for in-person produc- advantage of the soaring valuation of The Hipgnosis deal covers almost writers, and now owns some of the Hollywood awards show, are centred on being overwhelmed, ICUs having tion right now.” established hits as Hipgnosis and rival 1,200 songs from the 1960s to 2020 rights to about 60,000 songs.
JANUARY 7 2021 Section:Companies Time: 6/1/2021 - 18:23 User: alistair.fraser Page Name: CONEWS1, Part,Page,Edition: USA, 6, 1 Thursday 7 January 2021 ★ FINANCIAL TIMES 7
COMPANIES & MARKETS
Financials Winton left Facebook runs short of friends in Asia nursing huge Political wrangles threaten expansion while accusations fly of censorship and tolerating state trolls losses after wild year Hannah Murphy — San Francisco John Reed — Bangkok in markets Facebook is pushing hard into develop- ing Asian markets as the pace of its growth in the west slows, but a growing Laurence Fletcher — London array of political stand-offs is threaten- Winton Group, once one of the world’s ing its relentless global expansion. most successful hedge fund firms, has Five years ago, Mark Zuckerberg suffered a near-80 per cent drop in the embarked on a charm offensive in value of its assets in the past five years China, learning some mandarin and with poor returns and client withdraw- dining with Xi Jinping as he sought to als accelerating in a tough 2020. expand his empire. But having ultimately refused to kow- Investor assets at the London-based tow, the company has been locked out firm, founded in 1997 by billionaire sci- of the country since, the chief executive entist and quantitative investing pio- has said publicly. neer David Harding, tumbled from Now Facebook is ramping up expan- $33.7bn at the end of 2015 to $7.3bn by sion in other Asia markets in an attempt late 2020, according to an investor letter to capitalise on millions of untapped seen by the Financial Times. mobile users, investing in broadband Much of the decline came in last year’s infrastructure and trialling payments market turmoil, when assets fell by initiatives. about $12.5bn. The firm has been one of The number of users in the region has the highest-profile hedge fund casual- grown more than 50 per cent over the ties of a coronavirus crisis that has pro- past three years to 1.2bn, compared duced a huge divergence between win- with a rise of about 7 per cent in the US ning and losing managers. and Canada to 255m. Its main Winton fund, which fre- But Asia-Pacific markets present quently made double-digit gains in the Facebook with regulatory dilemmas decade before the financial crisis, lost that are almost impossible to square about 20.5 per cent last year — by far its with its internal ethics and guidelines, worst year on record. particularly Mr Zuckerberg’s commit- “To investors, it must have seemed in ment to free speech. recent months that everything that Already, Facebook has quietly bent to could go wrong has,” wrote Mr Harding the will of some of the most autocratic Facebook in an investor update late last year. regimes, for instance censoring content Its Diversified Futures fund fell 16 per from dissidents in Vietnam and Thai- Monthly active users (bn) Average revenue per user () Share price () cent, although its $650m China fund land at the behest of their governments. Other Europe gained 25 per cent and its $300m Trend “Facebook is and has been Asia-Pacific US & Canada fund rose 7.4 per cent. playing with fire in these very fragile US & Canada democracies,” said Coby Goldberg, ‘To investors, it must researcher with the Asia-Pacific Secu- rity Program at the Center for a New have seemed in recent American Security. months that everything The largest social media platform has long had ambitions in Asia, establishing that could go wrong has’ Europe itself as a primary portal for millions seeking news and communication. Asia-Pacific In the letter, Mr Harding described Regulatory filings show India, Indo- investment performance as “disap- nesia and the Philippines represented pointing” and the drop in assets as the top three sources of Facebook user “substantial” but said the scale and growth year on year in September 2020. Sources: Facebook; Refinitiv manner of the losses were in proportion By contrast, the US and Canada lost a to the risks it had been running. million monthly users in its latest quar- The platform, take action against some pieces of politi- incredibly important in that country. It Still, experts complain that public Many computer-driven hedge funds, ter. Still, average revenue per user in the led by Mark cal speech where we would really prefer wasn’t an easy decision. It was kind of Amnesty attention — and therefore Facebook’s which often base their investment deci- Asia-Pacific market in its latest quarter Zuckerberg, not to,” Mr Milner said. hard fought. But we are still protecting has cited own action — has tended to focus on sions on historical scenarios, were was only about a tenth of that in the US below, is barred While Facebook went on to push back enormous amounts of political speech addressing content moderation on caught out in a wild year for markets and Canada, at $3.67 versus $39.63. from China and against the order, causing Thai authori- in Vietnam.” what it calls home turf. when the coronavirus pandemic hit. Facebook has attempted to boost so has focused on ties to drop the threat of criminal prose- Elsewhere, some caution that strong- ‘industrial- “Each of our markets alone will not Human traders were often able to internet access in the region, thereby growth elsewhere cution, Mr Milner said the situation in men leaders are silencing dissidents get the same attention that the United react quickly to the brutal sell-off in locking in users to its services. This in the region, Thailand was “precarious”, with the under the guise of cracking down on scale States got, because we don’t have risky assets in February and March last has included helping to deliver fibre-op- bending to the group “constantly, constantly calibrat- fake news. In Singapore, where its Asia repression of enough economic clout,” said Maria year and the subsequent huge rebound tic networks in countries such as Indo- will of regimes ing” to protect free speech and its staff. operations are headquartered, Face- Ressa, a Philippine journalist. following central bank and government nesia and investing in submarine com- such as those of In Vietnam, Facebook’s situation is book has agreed to append “correction free speech’ Against this backdrop, critics are call- stimulus. Many quants were instead munications cables linking much of Vietnam and even more tenuous. Hanoi is increas- notices” to news stories deemed false by ing for more clarity from Facebook cutting their exposure to stocks just as south-east Asia. Thailand over ingly cracking down on the platform, the government, which human rights around the considerations it makes markets were soaring. The group is using parts of the region, dissidents which is the third most-visited website groups argue could easily be abused. before caving to government takedown Winton’s recent losses stand in sharp such as India and Indonesia, as a testing Aly Song in the country, and other social media Facebook is also facing accusations requests. contrast to its fortunes in the wake of ground for introducing new payments groups by inundating them with take- that it has sometimes overlooked hate “Where does Facebook draw the the financial crisis. Its main fund made a services to users of its WhatsApp mes- down requests. speech in order to cosy up to govern- line? We know that [it] does push back, return of about 21 per cent in 2008 as saging app, seeking out additional reve- In April, authorities slowed Face- ments of developing nations. but it clearly does not push back in many investors were suffering big losses nue where the digital advertising mar- book’s local traffic sharply in an effort to According to the Wall Street enough cases,” said Sarvjeet Singh, and in 2011 sucked in $1 of every $8 ket is still relatively immature. pressure it to take down content critical Journal, the company failed to ban director of the Centre for Communica- invested into hedge funds globally. Satish Meena, senior analyst at For- of the government. It worked: according a politician from Narendra Modi’s tion Governance at the National Law The following year, Mr Harding was rester, said: “The focus was social and to Facebook’s own data, Vietnamese ruling party despite his breaking the University Delhi. estimated by the Sunday Times Rich sharing. Now they want to move from content takedowns soared. platform’s rules. Mr Milner said the company had a List to be Britain’s highest-paid person. sharing to transactions. The upside is Amnesty International last month “Absent a good system of content formal system for governments to At the start of 2016, the firm was massive and they want to take a lead.” accused Facebook and YouTube of moderation, it becomes much easier for request takedowns, considering human ranked by HFM’s Global Billion Dollar But critics warn that the platform is complicity with “industrial-scale countries to put in really bad authoritar- ‘It becomes rights values and whether the political Club as the world’s seventh-biggest being increasingly manipulated in Asia repression” of free speech by allow- ian systems of content moderation,” much easier speech was “peaceful or not”, but it hedge fund, ahead of Renaissance Tech- by some governments, and prioritising ing their platforms to become “hunt- said Mr Goldberg, arguing that the plat- “can’t ride roughshod over national nologies, DE Shaw and Elliott. profits over free speech. ing grounds for censors, military form had not done enough to tackle hate for countries laws” without risking being blocked. Winton’s losses in the first nine In Thailand, which has close to 70m cyber-troops and state-spon- speech and fake news in places such as to put in As Facebook nears saturation in months of 2020 came from areas such people and 61m monthly active Face- sored trolls”. Myanmar and Indonesia. developed markets, any wrong move in as equities and currencies, according to book users, authorities last year threat- Mr Milner acknowledged Facebook is not alone in struggling really bad the region runs the risk of spooking another investor update seen by the FT. ened to prosecute the company’s the increased number of with politics overseas. Google is banned authoritarian investors. Winton has suffered from a bold but employees if it would not censor critics takedowns, which he said in China and has faced similar criticisms “There are going to be a whole lot of controversial call by Mr Harding several of the monarchy, according to Simon were made “in order to for curbing free expression in Vietnam, systems of flashpoints,” said Youssef Squali of Tru- years ago to turn away from so-called Milner, the group’s executive responsi- protect the ability of Viet- while China short-video app TikTok has content ist Securities. “[But] the prize is trend-following, a style of quant invest- ble for public policy in Asia-Pacific. namese people to be able to been banned in India amid rising anti- immense; Facebook is going to try to ing he helped develop in the 1980s when “That gave us pause and did lead us to use our services, which are Beijing sentiment. moderation’ thread that needle really carefully.” he co-founded rival fund manager AHL.
Aerospace & defence Lawyer accused of embezzling funds meant for 737 Max crash victims
Claire Bushey — Chicago Mr Girardi was unable to account for Edelson’s original lawsuit, filed in The lawsuit noted that Ms Jayne Keese . . . presently owe tens of millions here a little bit . . . We had three differ- $2m in funds that had been set aside by December, describes a scheme by Mr reportedly spends $40,000 a month on of dollars,” the lawsuit said. “As a result, ent air crashes, and they got a little A lawyer married to a reality TV star Boeing to settle claims from some fam- Girardi and his wife to maintain their her “look” — she performs a song titled and most egregiously, Tom has resorted screwed up . . . I’m so sorry, this has been accused of bankrolling a glitzy ily of people killed in 2018 when Lion celebrity status by projecting a “public “Exxpen$ive” with the lyric, “it’s expen- to embezzling the proceeds of settle- never happened before.” lifestyle by wrongfully withholding Air flight 610 plummeted into the Java image of obscene wealth at all times”, sive to be me” — while Mr Girardi flies ments that should have been directed to But Edelson argues in Tuesday’s filing money from clients in cases dating Sea off Indonesia, the first of two fatal spending tens of thousands of dollars a on private jets, owns many homes and his clients — including, as the basis for that the misuse of client funds was long- back more than a decade, most crashes involving the Max. month funded in part by money alleg- has a standing daily reservation at Mor- this [lawsuit], the widows and orphans standing practice at Girardi Keese, recently from victims of the first Boe- As a result, Judge Thomas Durkin edly embezzled from his law firm, ton’s Steakhouse in Los Angeles. who lost loved ones in the tragic crash of therefore Judge Durkin should hold two ing 737 Max crash, according to court issued a civil contempt order for Mr Gir- including client settlements. “Tom Girardi and his law firm Girardi Lion Air flight 610 — in order to con- longtime attorneys there, David Lira documents filed on Tuesday. ardi and referred the case to federal tinue funding his and Erika’s lavish Bev- and Keith Griffin, in civil contempt of The filing is the latest accusation of mis- prosecutors. Tom Girardi, erly Hills lifestyles.” court as well as Mr Girardi. conduct to be levelled at the law firm of He froze Mr Girardi’s assets and those who is married Boeing and some of the Lion Air They “covered up Girardi’s wrongdo- Tom Girardi, a member of the plaintiffs’ of his California firm, Girardi Keese. to ‘Real families reached settlement agreements ing for months” on the Lion Air case. bar who served as inspiration for the Mr Girardi, who is married to Real Housewives of last March. Lawyers at Girardi Keese Mr Lira declined to comment through lawyer in the 2000 film Erin Brockovich. Housewives of Beverly Hills celebrity Beverly Hills’ told the Chicago attorneys that Boeing his attorney. Mr Griffin declined to com- Mr Girardi, whose Los Angeles- Erika Jayne, and his firm filed for Chap- celebrity Erika would not dispense the funds until ment through his lawyer. based firm’s website advertised “We ter 7 bankruptcy on December 18. Jayne, and his all claims were settled, according to The men have argued that they were treat our clients like family”, withheld He was sued by Edelson, the Chicago- firm filed for Edelson’s lawsuit. unaware of how Mr Girardi treated the money from sickened Lockheed based law firm, which partnered with Chapter 7 Lawyers from Edelson began contact- Lion Air settlements. Martin workers, elderly cancer patients, Mr Girardi’s firm to represent the Lion bankruptcy ing the California firm in April about Mr Girardi and Ms Jayne are seeking a earthquake victims and homeowners Air victims’ families. Edelson made its last month the delay, the lawsuit said, yet never divorce after more than two decades of who successfully sued Shell for oil reputation suing tech groups including Irfan Khan/Reuters received a satisfying answer about marriage, a move that the Edelson law- pollution, according to the document Facebook. why the funds had not been paid to suit claimed was “a sham attempt to filed by law firm Edelson in federal Mr Girardi declined to comment the clients. fraudulently protect Tom’s and Erika’s court in Chicago. through his attorney, Michael Monico, a In November Mr Girardi left Edelson money from those that seek to collect on Last month, during a court hearing, Chicago criminal defence lawyer. a voicemail saying, “We screwed up debts owed by Tom and his law firm”.
JANUARY 7 2021 Section:Companies Time: 6/1/2021 - 18:17 User: alistair.fraser Page Name: CONEWS2, Part,Page,Edition: USA, 7, 1 8 ★ FINANCIAL TIMES Thursday 7 January 2021
COMPANIES & MARKETS
Commodities. Producer politics Fixed income Georgia Saudis pledge to cut oil output reflation bets take toll on despite allowing Russian rises Treasuries
Colby Smith and Eric Platt New York Tommy Stubbington — London US government bond prices dropped to their lowest point since the start of the coronavirus crisis yesterday as inves- tors bet that Democrats were poised to capture the Senate and clear the way for a larger stimulus package that could fuel economic growth and inflation. Government bond prices in the US and around the world fell as Raphael Warnock won one of two US Senate run- off elections in Georgia and his Demo- cratic colleague Jon Ossoff led in the other, pushing the 10-year benchmark yield above 1 per cent — its highest level in more than nine months. Victories in both Georgia Senate races would give Democrats and senators who vote alongside the party 50 seats in the upper chamber, which along with the tiebreaking vote held by the vice-presi- dent would put them in control of both houses of Congress and the White House. Control of the Senate could allow president-elect Joe Biden to push a big- ger fiscal stimulus through Congress than the $900bn programme already passed in December. “We’ve already had a short-term fis- cal package to shore up the recovery, now the market is expecting something much larger and longer lasting,” said Antoine Bouvet, a senior rates strategist ‘We’ve had a short-term Kingdom hopes move will Oil at February high after Saudi Arabia agrees output cut Russian oil wells market but also a full set of blankets, will increase bed covers and most likely the bed fiscal package; now the keep fragile Opec+ alliance per barrel production in itself,” Mr Tonhaugen said. “But it is both February market is expecting intact in face of Covid strains quite difficult to swallow the added and March as a curtailment size. It’s just too good to be something much larger’ result of the true.” Anjli Raval and David Sheppard latest Opec deal Saudi Arabia’s cut could also signal at ING. “You’re likely to see more money Oil prices have recovered to their Andrey Rudakov/Bloomberg persistent concerns about the for infrastructure, more money for highest point since the beginning of the precarious nature of the oil market’s households. It’s unambiguously positive coronavirus crisis after Saudi Arabia rebound. for growth.” Brent crude moved to keep the Opec+ group’s fragile - Although parts of the world are The yield on the 10-year Treasury West Texas Intermediate alliance intact in the face of the corona- - opening up again, other countries are note fell below 1 per cent for the first virus pandemic. facing the pressures of a new variant of time in history last March when the Jan Jan The kingdom pledged this week to the coronavirus that is forcing them to coronavirus pandemic induced a rush to slash an extra 1m barrels a day of oil reimpose restrictions. safety and it has largely stayed there output in February and March even as Source: Refinitiv Opec said in a statement that since in anticipation of long-running its fellow Opec+ member Russia moves “growing uncertainties have resulted in drab growth. But by morning trading in to increase production. continued to rise yesterday as the to raise output as oil prices recover. a more fragile economic recovery”. the US yesterday, it had pushed 0.09 At the end of an extended two-day market digested the deal. Saudi Arabia’s unexpected supply cuts Prince Abdulaziz said he hoped Saudi percentage points higher at 1.05 per meeting on Tuesday, Saudi Arabia’s oil Brent crude reached an intraday high are likely to be cheered by rival Arabia’s gesture of “goodwill”, as the cent, dragging yields higher in other minister, Prince Abdulaziz bin Salman, above $54 a barrel, a level not touched producers with Russia’s Opec+ repre- global oil industry’s “guardian”, would government bond markets. Yields rise announced the “voluntary” reduction since February 2020, and the US bench- sentative, deputy prime minister Alex- not only show the kingdom’s energy as prices fall. after convincing most countries in the mark West Texas Intermediate crept ander Novak, describing it as a “great prowess but it would also ensure others The possibility of additional stimulus 23-member alliance to hold output briefly above $50 in London trading. new year present” to the oil industry. complied with their share of cuts. under a Biden administration and Dem- steady — and avoid unleashing more The virtual gathering on Monday had The share prices of international oil One person familiar with the Saudi ocrat-controlled Congress — a so-called barrels on to a market still roiled by adjourned with no agreement after a companies — from ExxonMobil to BP — decision said the kingdom wished to blue wave — has buoyed investor senti- coronavirus restrictions. deadlock. But analysts questioned the rose as much as 7 per cent after the make a hefty cut to production in a bid ment even as the US confronts a wave of Prince Abdulaziz said the unilateral motivation behind Saudi Arabia’s move, announcement. to boost the market while taking a “pre- coronavirus cases and continuing eco- cut was a “sovereign political decision” which would only help rival producers “This ‘surprise’ cut by Saudi Arabia is emptive” approach given the sheer level nomic malaise before a vaccine is availa- by his half-brother, Crown Prince in the US shale patch while giving pure MBS,” said Greg Priddy, an of uncertainty about the trajectory of ble to most Americans. Mohammed bin Salman, the kingdom’s Russia an allowance to raise its own independent consultant in the oil the virus. One market measure of inflation de facto ruler. production. industry, using the colloquial name for It was also about “maintaining expectations over the next decade has It was taken with the purpose of Since agreeing a record 9.7m b/d Prince Mohammed. “It’s a bold move solidarity” within the wider group of risen accordingly. The 10-year break- “supporting our economy, the production cut in April that curbed that will let him claim a short-term win ‘The Saudi Opec+ nations, the person said. even rate, which is derived from economies of our colleagues in Opec+ almost 10 per cent of global supplies to on price but it makes little strategic move is Countries had already started adding prices of US inflation-protected govern- countries, to support the industry”, the counter a slump in oil demand, Saudi sense in terms of their long-term oil back into the market before Opec+ ment securities, breached 2 per cent Saudi oil minister said. Arabia and Russia — the alliance’s position with Russia.” not only agreed last month to increase produc- this week, a level last reached in 2018. The announcement came as Saudi largest producers — had shared equal Bjornar Tonhaugen at Rystad Energy offering a tion by a further 500,000 b/d in January. Our global Low bond yields have helped support Arabia hosted a summit for its Gulf output targets that had helped to end said it was “difficult to see how a beast of soft pillow This week, Moscow had called for team gives you rising valuations in the $42tn US equity neighbours with Riyadh and its Arab last year’s shortlived price war. a 1m b/d cut is justified” at a time when increasing production collectively by market-moving market and a reversal could weigh on allies agreeing to restore ties with Qatar But from next month, Russia and the group was originally supposed to be but also a another 500,000 b/d in February while news and views, share prices. Futures trading pointed to after more than three years of disunity. Kazakhstan will increase production by slowly adding oil back to the market. full set of Riyadh and its Opec peers pushed for 24 hours a day a slide in the value of tech stocks when Oil prices jumped as much as 5 per a combined 75,000 b/d in both February “The Saudi move, if realised, is not maintaining January’s levels for longer, ft.com/markets markets opened yesterday. cent following the announcement, and and March. Both countries have asked only offering a soft pillow to the oil blankets’ before the late reveal of new cuts. See Markets Insight and Lex
Fixed income Equities Alibaba plans to raise up to $8bn in NYSE reverses decision on three Chinese dollar bonds amid regulatory pressure telecoms groups after Treasury pressure
Hudson Lockett, Ryan McMorrow have dropped almost a quarter since month, probing suspected abuse of its Eric Platt — New York line Republicans, including several Tencent’s QQ Wallet, inflaming tension and Mercedes Ruehl November when Chinese authorities market dominance. within the Trump administration. with Beijing. The New York Stock Exchange is to go suspended the $37bn stock market China’s regulators conducted inter- Steven Mnuchin, the Treasury secre- “There are a lot of political appointees Alibaba will tap international debt ahead with its plan to delist three listing of sister company Ant, which was views and collected evidence at Ali- tary, phoned NYSE president Stacey who believe it is their job to push as markets for as much as $8bn this Chinese telecommunications compa- also founded by Mr Ma. baba’s base in Hangzhou and lawyers Cunningham on Tuesday objecting to much anti-China action out before they month in what could be one of China’s nies next week after drawing criticism He has stepped out of the public spot- say the potential fine could run as high the group’s decision. leave the building, in part to box in the biggest ever dollar bonds at a time from the US Treasury secretary over its light since the dramatic cancellation of as 10 per cent of its previous year’s sales. Shortly after NYSE’s latest reversal next administration,” Mr Flicker said. when the company is being squeezed earlier decision to keep the businesses what was expected to be the world’s The company announced last month yesterday, the Treasury moved to “As a practical matter, that won’t by regulators and rivals. trading on the Big Board. biggest initial public offering in 2020. that it would increase the size of its broaden the number of Chinese-linked necessarily happen.” The Chinese ecommerce group plans to Regulators also announced an anti- share buyback programme from $6bn NYSE said it would drop shares of China entities covered by the executive order, New guidance from Treasury depart- raise at least $5bn in its issue, according trust investigation into Alibaba last to $10bn, covering the period until the Telecom, China Mobile and China Uni- ment officials charged with enforcing to people familiar with the plans, build- end of 2022. The programme began in com from the exchange on January 11 to economic and trade sanctions may add ing on a list of major tech groups includ- the fourth quarter of last year. comply with an executive order ‘A lot of political appointees to the chaos that brokers, exchanges ing Tencent and Google, which took Beyond regulatory issues, Alibaba signed by President Donald Trump last believe it is their job to push and index providers are confronting as advantage of record-low interest rates faces growing competition from year, which prohibits Americans from they work to adhere to Mr Trump’s last year to gather billions of dollars. Pinduoduo in its core ecommerce investing in businesses with ties to the as much anti-China action mandate, Mr Flicker added. If demand is strong, the total could be business with the upstart online shop- Chinese military. out before they leave’ Exchanges will be left to themselves raised to $8bn, the people said. ping platform amassing 731m annual The decision was based on “new spe- to decide which subsidiaries have names Alibaba had $44bn in cash on its customers, behind Alibaba’s 757m. cific guidance” the NYSE received from warning that Americans could not that are “close” enough to the compa- balance sheet at the end of September, Rival Meituan is also carving out a the Treasury on Tuesday that forbade purchase shares of subsidiaries with nies named on the executive order. much of it held onshore in Chinese larger share of China’s vast food delivery certain trading in the three Chinese names that closely match companies Mr Trump’s initial executive order renminbi. market as it seeks to push out Alibaba- groups, the exchange operator said. listed in the January 11 order. was hastily written and contained The dollar raise will provide more owned Ele.me. NYSE, owned by Intercontinental The Trump administration in recent ambiguous language, leaving exchanges flexibility to invest outside of China Rising inflation expectations, which Exchange, on New Year’s Eve had weeks has taken a “scorched earth” and indices to largely interpret the and develop its overseas operations, could push up interest rates and make announced its intention to delist the approach to China, said Scott Flicker, a order themselves, lawyers and execu- according to one of the people familiar bond sales less attractive for issuers, three groups. Days later, it reversed partner at law firm Paul Hastings. tives at index providers have said. It was with the plans. have been stoked by the victory in the course, given ambiguity in advice that it Mr Trump this week signed an execu- unclear from that initial order if subsidi- The deal comes at a delicate time for US of President-elect Joe Biden and had received from the Treasury, accord- tive order that would ban transactions aries of the named Chinese groups were the company founded by billionaire Alibaba faces an investigation into Senate gains by Democrats. ing to a person briefed on the decision. with Chinese payment applications among the prohibited businesses that Jack Ma. Its Hong Kong-listed shares suspected market dominance See Lex The about-face from NYSE riled hard- including Alipay, WeChat Pay and US investors were barred from owning.
JANUARY 7 2021 Section:Markets Time: 6/1/2021 - 18:16 User: stephen.smith Page Name: MARKETS1, Part,Page,Edition: USA, 8, 1 Thursday 7 January 2021 ★ FINANCIAL TIMES 9
COMPANIES & MARKETS
The day in the markets Georgia results boost the blue What you need to know wave trade 3 US small-cap stocks heading for Copper nears -year high on green stimulus hopes biggest daily rise in seven months 3 Oil prices at February 2020 highs after per tonne Saudi Arabia vows to cut output 3 Copper climbs to strongest level since Michael Mackenzie 2013 on hopes of green stimulus
Small-cap stocks climbed while tech shares underperformed after a Markets Insight Democratic party win in a key Senate race raised the prospect of a bigger fiscal stimulus that could feed through to uddenly the reflation trade sensitive sectors,” said Mr Chiavarone. above their 2 per cent target for a yet to economic growth and higher inflation. in global markets has been The potentially inflationary conse- be determined period. The S&P 500 was up 1.1 per cent at given a big kicker. With the quences of greater government spend- But the Fed is also attuned to the prob- lunchtime in New York while the Nasdaq US Senate run-off elections in ing have not been ignored by the bond lems created by a long period of slum- 100, which tracks the largest stocks on Georgia close to delivering and currency markets in recent months. bering inflation and rock bottom inter- the tech-focused index, slid 0.1 per cent. Scontrol of the chamber to Democrats, Expectations of US inflation over the est rates. Institutional investors have Banks, materials and energy shares led investors are betting the result will next decade implied by bond trading been compelled to pay a premium for gains on the S&P 500 as investors deliver increased spending under Presi- had risen beyond 2 per cent this week, a faster growing companies — and switched into-unloved “value” sectors. dent-elect Joe Biden to boost the ailing level last visited in 2018. aggressive retail investors have further US government debt sold off sharply, US and global economies and raise In turn, the dollar weakness of late fuelled the rally in recent months. with the yield on the 10-year Treasury inflation. has gained momentum. The dollar Allowing 10-year yields to rise sharply climbing 9 basis points to 1.05 per cent, That had been the consensus expecta- index was approaching its lowest level would run the risk of triggering a big tion before November’s election but in nearly three years yesterday. retreat from bonds and tech shares and its highest level since March. Source: Refinitiv The small-cap Russell 2000 index, uncertainty over the Senate outcome But the big market development is sparking broader market turmoil. which has a high weighting of stocks in led investors to rein in stimulus hopes that, for the first time since March, the The likelihood of stronger corporate economically sensitive industries such as His fellow Democratic candidate Jon Candriam. “The fear is of higher taxes on even as economic clouds grew darker 10-year Treasury yield, a crucial bench- earnings from improving underlying manufacturing, rose 4.3 per cent, its Ossoff clung to a narrow lead, with the the most successful companies of 2020, with the new Covid-19 variant. Now the economic growth will support the prices biggest daily rise in seven months. New York Times forecasting a more than which are the tech giants.” blue wave bets are back on. of equities in general. But that must be “The market consensus is that 95 per cent chance of victory. Oil prices rose, with global benchmark “A sweep for the Democrats will ‘A sweep for the weighed against the negative impact Democrat control of both houses means The Nasdaq 100 gained almost 48 per Brent crude up 1.6 per cent to $54.50 a probably lead to additional stimulus Democrats will probably of higher rates on expensive tech and stimulus and infrastructure spending, so cent in 2020, as the pandemic boosted barrel, its highest since February 2020. measures that would likely boost short- growth stocks — the valuation of such in the near term that means more the prospects of tech groups. But tech Prices were boosted after Saudi Arabia term economic growth,” Steve Chiavar- lead to additional stocks can suffer when their future cash economic growth,” said Ben Laidler of investors have been wary of a so-called pledged to cut output in a deal with one, portfolio manager at Federated stimulus measures’ flows are discounted by higher rates. Tower Hudson Research. “The stocks that blue sweep because president-elect Joe fellow producers in the Opec+ group. Hermes, said in a note. To some extent, this was playing out are most driven by this are companies in Biden has campaigned for tougher Copper climbed to its highest level The US economy had already been during early trading in New York cyclical industries and small-caps, where antitrust rules and taxation for the sector. since 2013, above $8,000 a tonne, expected to rebound in 2021 with the mark for financial assets, has risen yesterday with the Russell 2000 index earnings have been more depressed.” “The market is taking a view that we boosted by hopes that Mr Biden’s plans World Bank forecasting a 3.5 per cent above 1 per cent. The bond market now of small-caps up 4.4 per cent while the In a crucial Senate race in Georgia, the will see more stimulus and this will have for a green stimulus would increase its expansion after 3.6 per cent contraction expects more sales of debt to fund a tech-heavy Nasdaq was flat. Associated Press declared a win for to be paid for,” said Stefan Keller, asset use in electric vehicles and wind turbines. last year. hefty fiscal Biden spending package in Ian Lyngen, head of US rates strategy Democratic challenger Raphael Warnock. allocation specialist at investment house Naomi Rovnick and Henry Sanderson The Georgia results further bolster the coming months that goes well at BMO Capital Markets, said signals the case for owning companies in sec- beyond the $900bn package of support from the Fed on how comfortable it is tors that can benefit from such growth measures passed in December. with higher Treasury yields would be Markets update such as banking, energy and industrials. Economists at Goldman Sachs say a critical to the market outlook. Higher demand also is expected to Democratic Senate majority will seek “It’s the implied willingness to allow boost commodities and emerging “additional fiscal stimulus in the near rates to drift higher that will be in markets. The latter would additionally term” in the region of $600bn or 2.7 per question,” he said. US Eurozone Japan UK China Brazil benefit from a weaker dollar if higher cent of gross domestic product, to be For now, both the Fed and investors Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa inflation erodes the value of the global followed by a limited amount of tax have some time on their side. But later Level 3767.43 1567.83 27055.94 6841.86 3550.88 120265.17 reserve currency. And higher inflation increases and spending increases later this year, a stronger economy buoyed % change on day 1.09 1.44 -0.38 3.47 0.63 0.74 might also drive down investor demand in the year. by Covid-19 vaccines and hefty Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ for US Treasuries. This sets a challenge for the US government spending will require Level 89.315 1.228 103.390 1.355 6.462 5.336 “Higher growth could also push Federal Reserve. Central bank officials higher interest rates and indications of % change on day -0.135 0.000 0.584 -0.368 -0.029 0.443 longer term interest rates higher — welcome the prospect of higher infla- far less monetary support from the Fed. Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond something that is good for financials but tion and have said they are prepared to Yield 1.044 -0.555 0.015 0.243 3.183 6.723 bad for bonds as well as interest rate- tolerate a period of core prices running [email protected] Basis point change on day 8.820 2.300 0.490 3.300 -2.200 9.900 World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX) Level 430.26 54.50 50.70 1940.35 27.51 3528.60 % change on day 0.92 1.79 1.60 -0.15 0.88 1.38 Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon. Main equity markets
S&P 500 index Eurofirst 300 index FTSE 100 index 3840 1600 7040 6720 3680 1520 6400
3520 1440 6080
| | | |||||| | | | | | | | | | | | 3360 | | | |||||| | | | | | | | | | | | 1360 | | | |||||| | | | | | | | | | | | 5760 Nov 2021 Jan Nov 2021 Jan Nov 2021 Jan Biggest movers % US Eurozone UK Zions Ban Na 11.33 Casino Guichard 7.60 Hsbc Holdings 9.92 United Rentals 10.10 Aegon 7.39 Standard Chartered 9.38 Alliance Data Systems 9.75 Ing 7.23 Barclays 8.27 Ups Huntington Bancshares 9.16 Santander 6.87 Wpp 7.98 People's United Fin 9.08 Societe Generale 6.83 Crh 7.88 % Alexandria Real Estate Equities -4.63 Iliad -2.74 Aveva -3.68 Idexx Laboratories -3.35 Carlsberg -2.57 Just Eat Takeaway.com N.v. -1.76 Verisign -3.11 Kone -2.07 Bunzl -0.83
Downs Cadence Design Systems -2.95 Dassault Systemes -1.98 Polymetal Int -0.79 Equifax -2.85 Novozymes -1.67 B&m Eur Value Retail S.a. -0.67 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
News of an impending watchdog inquiry French bioprosthetic group Carmat Greggs rallied after announcing plans to sent Nvidia lower. The UK’s Competition rallied after outlining commercial and open more stores this year despite and Markets Authority yesterday invited development plans for its artificial heart. reporting a pre-tax loss of up to £15m. companies and organisations to share The device, which will be marketed Nevertheless, the bakery chain said it their views on the Californian group’s under the Aeson brand name, had “a strong pipeline of new shop $40bn acquisition of UK chip designer represented “a very significant market opportunities” and expected to open Arm from SoftBank. opportunity with a minimum of 2,000 about 100 new stores in 2021. “We will work closely with other patients currently on waiting lists for a The Newcastle-based group ended the competition authorities around the world heart transplant in five major European 2020 financial year with a net cash to carefully consider the impact of the countries”, said the company. position of £37m, “having repaid monies deal and ensure that it doesn’t ultimately Carmat plans to initially focus on due to the Bank of England under our result in consumers facing more German and French sectors, which Covid Corporate Financing Facility”. expensive or lower quality products,” account for 55 per cent of the mechanical UBS, which reiterated its “buy” rating, said Andrea Coscelli, chief executive of circulatory support market in the EU. said Greggs’ cash position suggested the the watchdog. A raised target price from RBC Capital group remained “well positioned for a The CMA plans to begin its formal Markets helped to send Siemens higher. recovery, whilst trends in delivery and the investigation later this year. It argued that the German store rollout are supportive of the future Moderna, the biotech group, rallied multinational remained “an attractive growth opportunity”. after the European Medicines Agency transformation story . . . meaning the Marks and Spencer climbed following granted approval for its Covid-19 vaccine, shares can begin to close their 15 per cent reports it was close to buying Jaeger, the paving the way for its rollout across the discount to the sector”. upmarket clothing brand that went into continent. The EU has ordered 80m Another price upgrade helped to lift administration last November. doses of the vaccine, with an option to Munich Re after Deutsche Bank raised its Clipper Logistics, the returns double that amount. target for the German reinsurance group management business, rose after Drug wholesaler AmerisourceBergen while maintaining its “hold” rating. reporting “unprecedented levels of climbed after striking a deal to buy the Bayer climbed after its impact activity in its logistics operations in both majority of Walgreens Boots Alliance’s investment arm, Leaps, announced a the UK and continental Europe over the Alliance Healthcare businesses for about $105m Series B financing round to Black Friday and Christmas periods”. $6.5bn, comprising $6.275bn in cash and support Senti Biosciences. During November and December, 2m AmerisourceBergen shares. They also Proceeds will be used to fund revenues in Clipper’s logistics business agreed to extend their US distribution experimental cell and gene therapies to were 50 per cent higher than in the same agreement by three years until 2029. treat difficult-to-cure cancers, including period last year, with strong growth in Walgreens Boots Alliance also rose. acute myeloid leukaemia and ecommerce-related activities. Ray Douglas hepatocellular carcinoma Ray Douglas Ray Douglas
JANUARY 7 2021 Section:Markets Time: 6/1/2021 - 18:53 User: stephen.smith Page Name: MARKETS2, Part,Page,Edition: USA, 9, 1 10 ★ FINANCIAL TIMES Thursday 7 January 2021
MARKET DATA
WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA
Change during previous day’s trading (%) S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $ -0.38% -0.368% -0.15% No change 1.09% 0.32% 1.55% 3.47% 1.44% 0.15% 0.92% 0.584% 0.332% 0.04% Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison AMERICAS EUROPE ASIA Dec 07 - - Index All World Dec 07 - Jan 06 Index All World Dec 07 - Jan 06 Index All World Dec 07 - Jan 06 Index All World Dec 07 - Jan 06 Index All World Dec 07 - Jan 06 Index All World S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul 6,841.86 13,891.97 17,877.78 2,968.21 3,767.43 27,055.94 17,520.97 13,313.24 26,751.24 3,691.96 6,490.27 2,700.93 Day 1.09% Month 1.87% Year 16.08% Day 1.10% Month 2.04% Year 4.52% Day 3.47% Month 4.63% Year -9.53% Day 1.76% Month 1.26% Year NaN% Day -0.38% Month 1.14% Year 14.37% Day -0.75% Month 8.67% Year 36.38%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore 46,009.07 12,860.56 1,567.83 27,692.30 8,322.90 8,350.30 43,646.03 1,522.62 2,863.01 12,464.23 26,304.56 2,839.89 Day 0.32% Month 3.20% Year 41.79% Day 2.45% Month 5.46% Year 3.44% Day 1.44% Month 3.13% Year -3.64% Day 3.20% Month 0.33% Year -13.03% Day 0.15% Month 3.21% Year -2.65% Day 0.12% Month 0.69% Year -11.71%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai 120,265.17 22,734.32 3,550.88 48,174.06 30,861.69 5,630.60 5,609.15 21,972.20 3,416.60 30,218.26 113,793.06 45,426.97 Day 1.55% Month 2.21% Year 7.61% Day 0.74% Month 5.70% Year 2.87% Day 1.19% Month 0.38% Year -6.37% Day 2.40% Month 2.68% Year -3.43% Day 0.63% Month 3.09% Year 15.15% Day -0.54% Month 6.86% Year 16.18%
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 51782.52 51594.73 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 24759.56 24193.22 Philippines Manila Comp 7047.85 7134.18 Taiwan Weighted Pr 14983.13 15000.03 Cross-Border DJ Global Titans ($) 440.99 440.48 Australia All Ordinaries 6881.40 6955.70 Czech Republic PX 1037.52 1027.67 FTSE Italia Mid Cap 38353.94 38157.41 Poland Wig 58027.01 57954.68 Thailand Bangkok SET 1492.36 1506.65 Euro Stoxx 50 (Eur) 3619.53 3547.85 S&P/ASX 200 6607.10 6681.90 Denmark OMXC Copenahgen 20 1457.48 1466.02 FTSE MIB 22734.32 22200.60 Portugal PSI 20 5168.32 5008.53 Turkey BIST 100 1505.42 1489.56 Euronext 100 ID 1120.23 1109.56 S&P/ASX 200 Res 5304.80 5327.30 Egypt EGX 30 10952.14 10829.96 Japan 2nd Section 6665.64 6590.70 PSI General 4004.64 3888.50 UAE Abu Dhabi General Index 5128.79 5143.51 FTSE 4Good Global ($) 9315.21 9254.32 Austria ATX 2873.12 2799.70 Estonia OMX Tallinn 1409.46 1398.98 Nikkei 225 27055.94 27158.63 Romania BET Index 9925.01 9826.75 UK FT 30 2617.40 2536.00 FTSE All World ($) 430.26 426.32 Belgium BEL 20 3719.01 3647.21 Finland OMX Helsinki General 10941.22 10937.92 S&P Topix 150 1519.39 1516.39 Russia Micex Index 3371.03 3359.15 FTSE 100 6841.86 6612.25 FTSE E300 1567.83 1545.56 BEL Mid 8418.45 8356.02 France CAC 40 5630.60 5564.60 Topix 1796.18 1791.22 RTX 1436.71 1426.11 FTSE 4Good UK 6402.78 6191.96 FTSE Eurotop 100 2946.92 2896.59 Brazil IBovespa 120265.17 119376.21 SBF 120 4460.08 4409.35 Jordan Amman SE 1677.43 1673.45 Saudi-Arabia TADAWUL All Share Index 8670.80 8682.11 FTSE All Share 3861.77 3749.27 FTSE Global 100 ($) 2486.37 2478.00 Canada S&P/TSX 60 1060.79 1048.78 Germany M-DAX 31121.01 31059.88 Kenya NSE 20 1877.89 1868.39 Singapore FTSE Straits Times 2863.01 2859.68 FTSE techMARK 100 6446.23 6412.85 FTSE Gold Min ($) 2525.16 2529.86 S&P/TSX Comp 17877.78 17682.51 TecDAX 3241.29 3253.79 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 349.65 348.74 USA DJ Composite 10184.98 9997.64 FTSE Latibex Top (Eur) 4440.00 4432.20 S&P/TSX Div Met & Min 733.99 718.00 XETRA Dax 13891.97 13651.22 Latvia OMX Riga 1153.54 1148.84 Slovenia SBI TOP - - DJ Industrial 30861.69 30391.60 FTSE Multinationals ($) 2711.93 2694.67 Chile S&P/CLX IGPA Gen 22171.40 21877.67 Greece Athens Gen 813.62 822.22 Lithuania OMX Vilnius 844.53 829.92 South Africa FTSE/JSE All Share 61857.42 60921.37 DJ Transport 12691.17 12359.23 FTSE World ($) 763.27 755.85 China FTSE A200 14363.37 14200.02 FTSE/ASE 20 1942.74 1965.00 Luxembourg LuxX 1377.23 1358.88 FTSE/JSE Res 20 63718.39 61289.85 DJ Utilities 856.96 842.21 FTSEurofirst 100 (Eur) 4028.48 3936.63 FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 27692.30 27649.86 Malaysia FTSE Bursa KLCI 1591.97 1608.35 FTSE/JSE Top 40 56877.60 55976.32 Nasdaq 100 12762.14 12802.38 FTSEurofirst 80 (Eur) 4933.09 4855.89 Shanghai A 3722.08 3698.76 HS China Enterprise 10899.83 10774.15 Mexico IPC 46009.07 44908.12 South Korea Kospi 2968.21 2990.57 Nasdaq Cmp 12860.56 12818.96 MSCI ACWI Fr ($) 646.96 642.98 Shanghai B 246.62 247.17 HSCC Red Chip 3882.21 3824.85 Morocco MASI 11253.70 11340.86 Kospi 200 402.08 406.03 NYSE Comp 14811.95 14536.53 MSCI All World ($) 2684.18 2670.04 Shanghai Comp 3550.88 3528.68 Hungary Bux 43085.06 42434.30 Netherlands AEX 639.16 633.62 Spain IBEX 35 8350.30 8091.50 S&P 500 3767.43 3726.86 MSCI Europe (Eur) 1624.62 1627.80 Shenzhen A 2534.08 2534.93 India BSE Sensex 48174.06 48437.78 AEX All Share 920.34 915.61 Sri Lanka CSE All Share 7036.76 6978.86 Wilshire 5000 39710.23 39217.97 MSCI Pacific ($) 3117.91 3106.64 Shenzhen B 1106.59 1112.83 Nifty 500 11737.90 11767.00 New Zealand NZX 50 13333.93 13367.65 Sweden OMX Stockholm 30 1892.35 1895.49 Venezuela IBC 1381986.75 1448283.60 S&P Euro (Eur) 1676.70 1653.46 Colombia COLCAP 1368.49 1383.59 Indonesia Jakarta Comp 6065.68 6137.34 Nigeria SE All Share 40396.14 40270.72 OMX Stockholm AS 773.97 775.29 Vietnam VNI 1143.21 1132.55 S&P Europe 350 (Eur) 1617.48 1593.32 Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7713.54 7384.14 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10747.08 10694.09 S&P Global 1200 ($) 2999.85 2971.21 Israel Tel Aviv 125 1558.08 1568.18 Pakistan KSE 100 45153.42 44650.43 Stoxx 50 (Eur) 3173.19 3118.44 (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 Jan 06 %Chg %Chg Jan 06 %Chg %Chg Jan 06 %Chg %Chg Jan 06 %Chg %Chg ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners Apple 89.1 130.10 -0.91 Bp 243.9 289.80 17.30 Royal Dutch Shella 509.0 16.47 0.85 Softbank . 1121.0 8120.00 100.00 Entain 1460.00 26.8 - Ferrexpo 334.00 18.6 18.6 Kenmare Resources 360.00 15.0 - Oil Equipment & Services 6456.22 12.2 15.4 Amazon.com 64.2 3178.16 -40.35 Unilever 220.8 4467.00 31.00 Total 488.5 37.06 1.56 Fast Retailing Co., 549.8 86960.00 -2210.00 Glencore 273.95 15.8 14.1 Ip 111.00 12.5 12.5 Reach 159.00 12.9 - Oil & Gas Producers 5134.02 12.0 13.6 Microsoft 33.0 215.51 -2.39 Hsbc Holdings 207.6 416.15 37.55 Allianz Se Na O.n. 410.4 206.80 10.22 Sony 438.9 10330.00 -240.00 Anglo American 2756.50 12.9 - Wood (john) 356.90 12.3 - Hunting 236.20 9.5 - Mining 24525.05 11.7 13.2 Facebook 31.1 266.21 -4.76 Astrazeneca 184.8 7512.00 73.00 Enel 397.8 8.93 0.53 Mitsubishi Ufj Fin,. 429.0 463.90 13.20 Royal Dutch Shell 1430.60 12.5 - Petrofac 162.40 11.9 - Enquest 12.42 9.3 9.3 Industrial Metals 5336.96 7.8 8.0 Nvidia 27.0 522.88 -13.31 Rio Tinto 173.2 6115.00 347.00 Asml Holding 352.8 402.85 -4.05 Sumitomo Mitsui Fin,. 365.4 3295.00 128.00 Royal Dutch Shell 1473.60 11.9 - Softcat 1533.00 11.5 - Tullow Oil 32.35 8.6 - Mobile Telecommunications 2956.94 6.1 7.2 Advanced Micro Devices 23.8 91.79 -0.98 Royal Dutch Shell 169.9 1430.60 93.00 Intesa Sanpaolo 352.2 1.95 0.06 Toyota Motor 343.9 7818.00 6.00 Bp 289.80 11.7 - Energean 804.00 10.9 - Equiniti 118.80 7.6 - Banks 2678.11 5.9 7.0 Bank Of America 16.6 32.30 2.04 Glencore 162.9 273.95 19.85 Basf Se Na O.n. 349.5 67.37 2.97 M3,. 332.3 9851.00 -234.00 Bhp 2179.50 11.2 - Centrica 50.78 10.8 - Luceco 272.00 7.5 6.7 Construction & Materials 7481.46 5.9 8.5 Boeing 15.3 213.15 1.52 Bhp 154.7 2179.50 116.00 Unicredit 345.7 7.96 0.46 Tokyo Electron 331.9 38270.00 -610.00 Rio Tinto 6115.00 10.3 - Cmc Markets 437.00 9.7 - Headlam 389.00 7.5 - Life Insurance 7638.45 4.9 6.3 Jpmorgan Chase & Co 15.0 131.32 5.67 National Grid 147.9 882.40 13.60 Sap Se O.n. 318.4 105.48 0.44 Z Holdings 279.1 690.00 30.90 Fresnillo 1247.00 9.8 - Blackrock World Mining Trust 571.00 9.4 6.0 Mcbride 87.00 7.4 - Electricity 9395.97 4.4 6.2 Alphabet 13.9 1725.51 -14.54 Lloyds Banking 145.5 37.16 1.95 Linde Eo 0,001 292.8 219.70 8.50 Nippon Telegraph And Telephone 230.3 2743.00 66.50 Antofagasta 1584.00 9.1 - Petropavlovsk 33.20 8.5 - Pharos Energy 19.26 7.0 7.0 Fixed Line Telecommunication 1707.77 4.4 6.5 Hsbc Holdings 416.15 8.7 - 888 Holdings 315.00 8.4 8.4 Renewi 43.50 6.9 - Health Care Equip.& Services 6963.42 4.3 6.9 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 Evraz 515.60 8.6 - Centamin 133.85 8.2 - Jpmorgan China Growth & ome 722.00 6.8 6.2 Food & Drug Retailers 4543.67 3.8 5.3 price change chng% price change chng% price change chng% price change chng% Ups Ups Ups Ups Losers Losers Losers Losers Zions Ban Na 48.55 4.94 11.33 Hsbc Holdings 416.15 37.55 9.92 Casino Guichard 27.89 1.97 7.60 Nikon 709.00 44.00 6.62 Int Consolidated Airlines S.a. 158.10 -5.5 - Hammerson 23.79 -10.0 - Superdry 231.20 -9.6 -9.6 Automobiles & Parts 4365.96 -4.7 -5.4 United Rentals 259.36 23.79 10.10 Standard Chartered 509.80 43.70 9.38 Aegon 3.47 0.24 7.39 Inpex 585.00 34.00 6.17 British Land 488.80 -2.5 - Aston Martin Lagonda Global Holdings 1860.00 -7.2 - Lsl Property Services 258.00 -8.8 -8.8 Index - Technology Hardware & Equipment 2050.67 -1.7 -1.3 Alliance Data Systems 79.35 7.05 9.75 Petrofac 162.40 13.45 9.03 Ing Groep N.v. 8.20 0.55 7.23 Jgc 1014.00 58.00 6.07 Sage 580.00 -1.7 - Easyjet 799.40 -6.2 - Sig 30.00 -6.9 -6.9 Beverages 23203.35 -1.0 2.6 Huntington Bancshares 14.02 1.18 9.16 Barclays 155.04 11.84 8.27 Santander 2.75 0.18 6.87 Kawasaki Kisen Kaisha, 2266.00 118.00 5.49 Associated British Foods 2262.00 -1.7 - Kainos 1170.00 -6.1 -6.1 Manchester & London Investment Trust 606.00 -5.6 -9.3 Food Producers 7095.63 -0.7 0.7 People's United Fin 14.05 1.17 9.08 Wpp 839.00 62.00 7.98 Societe Generale 17.96 1.15 6.83 Mitsui Eng & Shipbuilding Co., 375.00 19.00 5.34 Rightmove 644.80 -1.5 - Crest Nicholson Holdings 307.80 -6.0 - Ediston Property Investment 66.10 -5.6 -3.9 Real Estate & Investment Servic 2594.79 -0.3 0.6 Diageo 2946.50 -1.5 - Network Int Holdings 303.60 -5.9 - Kkv Secured Loan Fund 17.55 -5.4 -5.4 Personal Goods 37876.75 -0.2 1.7 Downs Downs Downs Downs Berkeley Holdings (the) 4774.00 -1.4 - Greencore 111.40 -5.6 - Electra Private Equity 265.00 -5.2 -4.1 Real Estate Investment Trusts 2772.86 0.4 1.4 Alexandria Real Estate Equities 162.70 -7.89 -4.63 Puretech Health 390.00 -19.00 -4.65 Iliad 166.60 -4.70 -2.74 Nissan Chemical Industries, 6010.00 -200.00 -3.22 Persimmon 2792.00 -1.4 - Watches Of Switzerland 550.00 -5.5 - Harworth 102.50 -5.1 -5.1 Household Goods 17888.88 0.5 2.0 Idexx Laboratories 480.61 -16.65 -3.35 Aveva 3377.00 -129.00 -3.68 Carlsberg B A/s 127.32 -3.36 -2.57 Cyberagent,. 7140.00 -230.00 -3.12 Barratt Developments 673.40 -1.0 - Aj Bell 438.00 -5.3 - Invesco Perpetual Uk Smaller Companies Investment Trust 492.50 -4.9 -5.0 Equity Investment Instruments 12978.03 0.9 1.1 Verisign 200.07 -6.43 -3.11 Tr Property Investment Trust 400.00 -13.00 -3.15 Kone 66.24 -1.40 -2.07 Japan Exchange 2532.00 -75.50 -2.90 Rolls-royce Holdings 111.05 -0.9 - Jtc 540.00 -5.3 - Standard Life Private Equity Trust 375.00 -4.6 -4.6 Aerospace & Defense 3685.66 1.0 2.2 Cadence Design Systems 132.12 -4.02 -2.95 Coats 67.10 -1.90 -2.75 Dassault Systemes 163.75 -3.30 -1.98 Kirin Holdings , 2300.00 -60.50 -2.56 Taylor Wimpey 164.60 -0.7 - Icg Enterprise Trust 908.00 -5.0 -5.0 Dignity 609.00 -4.4 -4.4 Nonlife Insurance 3352.41 1.4 2.4 Equifax 184.47 -5.41 -2.85 Hochschild Mining 226.00 -6.20 -2.67 Novozymes B A/s 45.98 -0.78 -1.67 Fast Retailing Co., 86960.00 -2210.00 -2.48 Whitbread 3142.00 -0.5 - Firstgroup 70.45 -4.8 -5.4 On The Beach 370.00 -4.3 - Software & Computer Services 1956.83 1.7 2.4 Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index Based on last week's performance. †Price at suspension. CURRENCIES DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Jan 6 Currency Mid Change Mid Change Mid Change Jan 6 Currency Mid Change Mid Change Mid Change Jan 6 Currency Mid Change Mid Change Mid Change Jan 6 Currency Mid Change Mid Change Mid Change Argentina Argentine Peso 84.9057 0.1117 104.2722 0.1742 115.0562 -0.2221 Indonesia Indonesian Rupiah 13895.0000 -20.0000 17064.3805 -18.4816 18829.2003 -88.3739 Poland Polish Zloty 3.6805 -0.0116 4.5200 -0.0126 4.9875 -0.0319 ..Three Month 0.7380 0.0024 0.9061 0.0033 - - Australia Australian Dollar 1.2868 -0.0071 1.5802 -0.0081 1.7437 -0.0153 Israel Israeli Shekel 3.1871 -0.0169 3.9141 -0.0193 4.3189 -0.0369 Romania Romanian Leu 3.9663 -0.0010 4.8710 0.0005 5.3748 -0.0188 ..One Year 0.7383 0.0024 0.9057 0.0033 - - Bahrain Bahrainin Dinar 0.3770 - 0.4630 0.0002 0.5109 -0.0017 Japan Japanese Yen 103.3900 0.6000 126.9726 0.7818 140.1043 0.3605 Russia Russian Ruble 73.9075 -0.2225 90.7653 -0.2408 100.1525 -0.6279 United States United States Dollar - - 1.2281 0.0004 1.3551 -0.0044 Bolivia Bolivian Boliviano 6.9100 - 8.4861 0.0030 9.3638 -0.0304 ..One Month 103.3900 0.5999 126.9727 0.7819 140.1043 0.3604 Saudi Arabia Saudi Riyal 3.7513 -0.0002 4.6069 0.0014 5.0834 -0.0168 ..One Month - - 1.2280 -0.1314 1.3551 -0.0044 Brazil Brazilian Real 5.3357 0.0235 6.5527 0.0312 7.2304 0.0085 ..Three Month 103.3899 0.5998 126.9728 0.7820 140.1043 0.3603 Singapore Singapore Dollar 1.3203 0.0020 1.6215 0.0030 1.7891 -0.0032 ..Three Month - - 1.2279 -0.1314 1.3552 -0.0044 Canada Canadian Dollar 1.2699 -0.0037 1.5596 -0.0040 1.7208 -0.0106 ..One Year 103.3895 0.5990 126.9731 0.7827 140.1043 0.3601 South Africa South African Rand 15.0950 0.0925 18.5381 0.1202 20.4553 0.0593 ..One Year - - 1.2270 -0.1314 1.3554 -0.0044 Chile Chilean Peso 698.3050 -1.3450 857.5841 -1.3459 946.2769 -4.9032 Kenya Kenyan Shilling 109.5000 0.1000 134.4763 0.1706 148.3840 -0.3462 South Korea South Korean Won 1085.7000 -1.9500 1333.3417 -1.9192 1471.2380 -7.4314 Venezuela Venezuelan Bolivar Fuerte ------China Chinese Yuan 6.4615 -0.0019 7.9353 0.0005 8.7560 -0.0310 Kuwait Kuwaiti Dinar 0.3034 -0.0002 0.3726 -0.0001 0.4111 -0.0016 Sweden Swedish Krona 8.2060 -0.0017 10.0777 0.0014 11.1200 -0.0385 Vietnam Vietnamese Dong 23092.0000 -5.5000 28359.2206 3.3774 31292.1466 -109.1685 Colombia Colombian Peso 3436.6900 4.0500 4220.5793 6.4759 4657.0784 -9.6256 Malaysia Malaysian Ringgit 4.0105 -0.0065 4.9253 -0.0062 5.4347 -0.0265 Switzerland Swiss Franc 0.8814 0.0021 1.0825 0.0030 1.1945 -0.0010 European Union Euro 0.8143 -0.0003 - - 1.1034 -0.0040 Costa Rica Costa Rican Colon 612.6500 -0.1050 752.3917 0.1390 830.2053 -2.8403 Mexico Mexican Peso 19.7585 -0.1590 24.2653 -0.1866 26.7748 -0.3032 Taiwan New Taiwan Dollar 27.9765 -0.0015 34.3578 0.0104 37.9111 -0.1252 ..One Month 0.8142 -0.0003 - - 1.1034 -0.0040 Czech Republic Czech Koruna 21.3143 0.0130 26.1759 0.0252 28.8831 -0.0762 New Zealand New Zealand Dollar 1.3765 -0.0084 1.6904 -0.0097 1.8652 -0.0175 Thailand Thai Baht 29.8825 -0.0575 36.6985 -0.0575 40.4939 -0.2097 ..Three Month 0.8140 -0.0003 - - 1.1033 -0.0040 Denmark Danish Krone 6.0577 -0.0019 7.4395 0.0003 8.2089 -0.0293 Nigeria Nigerian Naira 395.5000 0.7500 485.7111 1.0937 535.9442 -0.7218 Tunisia Tunisian Dinar 2.6824 -0.0012 3.2942 -0.0003 3.6349 -0.0134 ..One Year 0.8132 -0.0003 - - 1.1029 -0.0040 Egypt Egyptian Pound 15.7013 0.0307 19.2827 0.0446 21.2769 -0.0274 Norway Norwegian Krone 8.4419 -0.0730 10.3674 -0.0859 11.4397 -0.1363 Turkey Turkish Lira 7.2904 -0.1011 8.9533 -0.1209 9.8793 -0.1695 Hong Kong Hong Kong Dollar 7.7534 0.0001 9.5219 0.0035 10.5067 -0.0340 Pakistan Pakistani Rupee 160.2500 - 196.8020 0.0701 217.1556 -0.7056 United Arab Emirates UAE Dirham 3.6732 - 4.5110 0.0016 4.9775 -0.0162 Hungary Hungarian Forint 292.2035 -0.3882 358.8533 -0.3488 395.9665 -1.8143 Peru Peruvian Nuevo Sol 3.6276 0.0015 4.4550 0.0035 4.9158 -0.0139 United Kingdom Pound Sterling 0.7379 0.0024 0.9063 0.0033 - - India Indian Rupee 73.1113 -0.0662 89.7875 -0.0494 99.0734 -0.4120 Philippines Philippine Peso 48.0350 -0.0450 58.9915 -0.0342 65.0925 -0.2727 ..One Month 0.7380 0.0024 0.9062 0.0033 - - 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 Jan 06 Jan 05 Jan 04 Jan 01 Dec 31 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 2617.40 2536.00 2529.60 2522.40 2560.80 0.00 3314.70 1337.80 Leisure Goods 70.45 General Retailers -1.10 Financials -12.95 FTSE 100 Price Change FTSE 100 Price Change Jan 06 chge% Index Jan 05 Jan 04 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Industrial Metals & 32.28 Household Goods & Ho -1.58 Health Care -13.06 3I Group PLC 1202 37.00 Land Securities Group PLC 693.10 26.30 FTSE 100 (100) 6841.86 3.47 5897.74 6612.25 6571.88 7573.85 3.47 1.55 18.56 0.00 6539.25 P/E Ratio net - - - - - 0.00 19.44 14.26 Tech Hardware & Eq 17.31 Personal Goods -4.44 FTSE 100 Index -13.79 Admiral Group PLC 3019 -10.00 Legal & General Group PLC 273.80 15.50 FTSE 250 (250) 20973.16 1.23 18079.05 20717.37 20537.89 21832.68 2.20 1.37 33.15 0.00 16647.73 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Mining 15.76 Financial Services -4.91 Real Est Invest & Se -15.10 Anglo American PLC 2756.5 169.50 Lloyds Banking Group PLC 37.16 1.95 FTSE 250 ex Inv Co (183) 21558.88 1.49 18583.94 21242.26 21019.47 23223.30 2.17 1.28 36.14 0.00 17454.77 FT 30 hourly changes Electronic & Elec Eq 14.68 FTSE 250 Index -6.11 Mobile Telecomms -15.77 Antofagasta PLC 1584 78.00 London Stock Exchange Group PLC 9134 98.00 FTSE 350 (350) 3892.36 3.07 3355.25 3776.33 3751.55 4262.43 3.24 1.53 20.12 0.00 7413.94 8 9 10 11 12 13 14 15 16 High Low Basic Materials 14.22 Utilities -8.09 Tobacco -15.90 Ashtead Group PLC 3651 114.00 M&G PLC 203.40 7.65 FTSE 350 ex Investment Trusts (281) 3794.70 3.21 3271.06 3676.65 3651.60 4207.83 3.32 1.41 21.37 0.00 3730.00 2536 2546.1 2564.1 2493.1 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Equity Invest Instr 13.07 Consumer Goods -8.99 Real Est Invest & Tr -18.14 Associated British Foods PLC 2262 60.00 Melrose Industries PLC 181.90 4.80 FTSE 350 Higher Yield (145) 3105.44 4.41 2676.92 2974.34 2935.19 3692.90 4.62 1.44 14.97 0.00 6505.13 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Industrial Transport 10.46 Beverages -9.33 Telecommunications -19.17 Astrazeneca PLC 7512 73.00 Mondi PLC 1824.5 84.50 FTSE 350 Lower Yield (205) 4432.83 1.78 3821.13 4355.18 4354.36 4490.26 1.88 1.75 30.50 0.00 5245.30 Industrial Eng 10.01 Technology -9.77 Health Care Eq & Srv -20.25 Auto Trader Group PLC 609.80 9.20 Morrison (Wm) Supermarkets PLC 185.50 5.65 FTSE SmallCap (256) 6280.36 0.91 5413.73 6223.52 6174.62 5975.53 2.83 -0.74 -47.82 0.00 9986.71 Electricity 6.58 Life Insurance -10.29 Travel & Leisure -20.59 Avast PLC 539.00 4.00 National Grid PLC 882.40 13.60 FTSE SmallCap ex Inv Co (140) 4931.88 1.20 4251.33 4873.40 4818.26 4928.94 2.66 -0.50 -75.04 0.00 8198.76 FX: EFFECTIVE INDICES Chemicals 5.23 Consumer Services -10.79 Automobiles & Parts -21.31 Aveva Group PLC 3377 -129.00 Natwest Group PLC 167.30 11.25 FTSE All-Share (606) 3861.77 3.00 3328.88 3749.27 3724.50 4209.34 3.23 1.47 21.09 0.00 7430.60 Support Services 4.24 Food Producers -10.84 Aerospace & Defense -24.88 Aviva PLC 347.60 19.40 Next PLC 7682 214.00 FTSE All-Share ex Inv Co (421) 3727.69 3.17 3213.30 3613.00 3588.09 4125.94 3.30 1.38 21.87 0.00 3721.46 Jan 05 Jan 04 Mnth Ago Jan 06 Jan 05 Mnth Ago FTSE SmallCap Index 3.32 NON FINANCIALS Index -11.64 Fixed Line Telecomms -26.50 B&M European Value Retail S.A. 530.00 -3.60 Ocado Group PLC 2396 - FTSE All-Share ex Multinationals (537) 1228.11 2.17 877.42 1202.05 1195.30 1279.94 2.63 1.43 26.64 0.00 2461.32 Australia --- Sweden --- Food & Drug Retailer 2.76 Software & Comp Serv -11.75 Banks -31.87 Bae Systems PLC 505.00 4.20 Pearson PLC 698.20 26.40 FTSE Fledgling (90) 10732.76 0.46 9251.73 10684.04 10653.65 9829.21 2.21 0.67 67.51 0.00 22099.21 Canada --- Switzerland --- Nonlife Insurance 0.69 FTSE All{HY-}Share Index -12.00 Oil Equipment & Serv -33.35 Barclays PLC 155.04 11.84 Pennon Group PLC 956.20 15.20 FTSE Fledgling ex Inv Co (43) 12923.70 0.01 11140.34 12922.34 12936.84 11771.03 1.86 5.82 9.24 0.00 25984.32 Denmark --- UK 78.39 78.35 78.48 Industrials 0.46 Media -12.01 Oil & Gas -42.31 Barratt Developments PLC 673.40 15.40 Pershing Square Holdings LTD 2615 40.00 FTSE All-Small (346) 4358.99 0.89 3757.48 4320.61 4287.86 4139.02 2.79 -0.68 -52.77 0.00 8892.74 Japan --- USA --- Construct & Material -0.15 Pharmace & Biotech -12.14 Oil & Gas Producers -42.44 Berkeley Group Holdings (The) PLC 4774 56.00 Persimmon PLC 2792 67.00 FTSE All-Small ex Inv Co (183) 3689.97 1.15 3180.78 3647.98 3608.57 3673.60 2.63 -0.32 -119.53 0.00 7770.26 New Zealand --- Euro --- Gas Water & Multi -12.50 Oil & Gas Producers -40.36 Bhp Group PLC 2179.5 116.00 Phoenix Group Holdings PLC 725.00 18.00 FTSE AIM All-Share (723) 1172.47 0.35 1010.68 1168.37 1161.37 957.93 0.74 0.33 407.72 0.00 1346.50 Norway --- BP PLC 289.80 17.30 Polymetal International PLC 1823.5 -14.50 FTSE 100 (100) 6841.86 3.47 5897.74 6612.25 6571.88 7573.85 3.47 1.55 18.56 0.00 6539.25 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2813 24.50 Prudential PLC 1449.5 70.00 FTSE Sector Indices Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 488.80 20.10 Reckitt Benckiser Group PLC 6736 28.00 Oil & Gas (12) 5334.23 6.28 4598.15 5019.26 4704.81 8655.20 5.80 1.19 14.45 0.00 6000.84 Bt Group PLC 141.05 5.65 Relx PLC 1901 84.00
Oil & Gas Producers (9) 5157.03 6.28 4445.40 4852.22 4548.56 8390.77 5.90 1.19 14.30 0.00 6015.70 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2501 -21.00 Rentokil Initial PLC 538.60 13.40 Oil Equipment Services & Distribution (3) 6413.21 5.91 5528.24 6055.12 5653.60 8800.70 0.18 17.16 33.17 0.00 5528.58 Burberry Group PLC 1834.5 39.50 Rightmove PLC 644.80 4.60 Jan 6 No of US $ Day Mth YTD Total YTD Gr Div Jan 6 No of US $ Day Mth YTD Total YTD Gr Div Basic Materials (23) 8029.54 5.39 6921.53 7618.83 7541.64 6317.61 3.14 2.68 11.87 0.00 9646.02 Coca-Cola Hbc AG 2417 25.00 Rio Tinto PLC 6115 347.00 Chemicals (8) 15645.83 1.91 13486.84 15353.29 15263.66 14083.23 1.47 2.03 33.51 0.00 15041.23 Regions & countries stocks indices % % % retn % Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1406.5 12.50 Rolls-Royce Holdings PLC 111.05 3.30 Industrial Metals & Mining (4) 5748.75 3.54 4955.48 5552.47 5505.14 3977.89 5.04 2.19 9.06 0.00 7733.84 FTSE Global All Cap 8964 728.81 0.6 2.3 0.1 1123.56 0.2 1.9 Oil Equipment & Services 25 196.08 3.4 3.4 3.6 332.66 3.6 5.6 Crh PLC 3382 247.00 Royal Dutch Shell PLC 1430.6 93.00 Mining (11) 23475.82 5.83 20236.36 22181.77 21945.48 18119.99 3.24 2.74 11.25 0.00 14892.01 FTSE Global All Cap 8964 728.81 0.6 2.3 0.1 1123.56 0.2 1.9 Basic Materials 353 626.77 0.9 0.9 2.7 1064.96 2.7 2.6 Croda International PLC 6622 -12.00 Royal Dutch Shell PLC 1473.6 82.00 FTSE Global Large Cap 1731 652.19 0.6 2.2 0.1 1035.48 0.1 1.9 Chemicals 163 879.31 0.9 0.9 1.0 1479.30 1.0 2.3 Industrials (97) 6233.31 2.54 5373.16 6078.82 6088.66 5984.65 1.65 0.84 72.11 0.00 6934.89 Dcc PLC 5600 214.00 Rsa Insurance Group PLC 679.40 1.20 Construction & Materials (16) 7820.46 6.24 6741.30 7361.40 7411.59 7348.75 1.71 0.14 425.48 0.00 9035.01 FTSE Global Mid Cap 2230 916.65 0.7 1.7 0.0 1329.78 0.0 1.9 Forestry & Paper 20 315.55 -0.2 -0.2 -0.2 600.47 -0.2 2.5 Diageo PLC 2946.5 1.00 Sage Group PLC 580.00 -2.40 Aerospace & Defense (9) 3893.89 1.72 3356.57 3827.86 3742.23 5308.04 2.97 -2.01 -16.73 0.00 4543.98 FTSE Global Small Cap 5003 1010.63 1.1 4.1 0.4 1409.16 0.4 1.6 Industrial Metals & Mining 92 488.90 1.4 1.4 4.3 839.53 4.3 2.7 Entain PLC 1460 57.00 Sainsbury (J) PLC 232.50 6.90 General Industrials (9) 5556.84 2.74 4790.04 5408.59 5458.49 5173.05 1.90 1.32 39.93 0.00 6960.82 FTSE All-World 3961 426.32 0.6 2.1 0.1 695.56 0.1 1.9 Mining 78 926.73 0.7 0.7 5.2 1608.35 5.2 2.9 Evraz PLC 515.60 23.00 Schroders PLC 3526 113.00 Electronic & Electrical Equipment (8) 12244.21 1.47 10554.61 12067.11 12128.37 10166.37 0.95 2.21 47.70 0.00 11763.35 FTSE World 2567 755.85 0.5 1.9 -0.1 1655.29 -0.1 1.9 Industrials 737 524.11 0.6 0.6 0.1 807.64 0.1 1.6 Experian PLC 2879 29.00 Scottish Mortgage Investment Trust PLC 1240 19.00 Industrial Engineering (9) 16976.31 2.37 14633.72 16583.66 16730.93 14728.66 1.14 2.58 34.03 0.00 22195.57 FTSE Global All Cap ex UNITED KINGDOM In 8673 770.32 0.6 2.4 0.1 1166.18 0.1 1.8 Construction & Materials 142 618.55 -0.2 -0.2 0.4 1000.74 0.4 1.8 Ferguson PLC 8914 140.00 Segro PLC 976.80 0.20 Industrial Transportation (7) 4524.23 1.59 3899.92 4453.54 4344.81 3888.62 3.20 0.49 64.35 0.00 4595.78 FTSE Global All Cap ex USA 7213 570.39 0.4 3.7 1.2 959.75 1.2 2.3 Aerospace & Defense 36 724.75 1.6 1.6 -1.2 1099.64 -1.2 2.1 Flutter Entertainment PLC 16030 530.00 Severn Trent PLC 2379 63.00 Support Services (39) 9817.69 1.93 8462.93 9632.26 9670.10 9052.06 1.25 2.37 33.71 0.00 10913.48 FTSE Global All Cap ex JAPAN 7571 752.56 0.7 2.3 0.2 1171.04 0.2 1.8 General Industrials 71 252.45 0.7 0.7 -0.2 426.62 -0.2 2.2 Fresnillo PLC 1247 7.00 Smith & Nephew PLC 1624.5 52.00 FTSE Global All Cap ex Eurozone 8325 766.92 0.7 2.4 0.1 1157.97 0.1 1.8 Electronic & Electrical Equipment 139 683.24 1.5 1.5 2.1 954.99 2.1 1.3 Consumer Goods (42) 18749.42 0.80 16162.16 18600.57 18591.50 20394.20 3.86 1.49 17.41 0.00 15933.73 Glaxosmithkline PLC 1408.4 33.00 Smith (Ds) PLC 397.50 13.80 FTSE Developed 2136 691.18 0.5 1.8 -0.1 1074.40 -0.1 1.9 Industrial Engineering 145 1033.50 0.6 0.6 0.8 1585.28 0.8 1.5 Automobiles & Parts (2) 4388.34 -0.99 3782.78 4432.21 4304.27 5217.91 0.38 -7.08 -36.97 0.00 4490.22 Glencore PLC 273.95 19.85 Smiths Group PLC 1584.5 42.50 FTSE Developed All Cap 5616 725.41 0.6 2.0 -0.1 1111.71 -0.1 1.8 Industrial Transportation 122 909.25 0.2 0.2 -0.8 1410.17 -0.8 1.7 Beverages (6) 23288.02 0.10 20074.47 23264.04 23277.70 25299.87 2.42 1.62 25.45 0.00 17893.71 Halma PLC 2570 49.00 Smurfit Kappa Group PLC 3614 152.00 FTSE Developed Large Cap 831 647.43 0.5 1.9 -0.1 1024.16 -0.1 1.9 Support Services 82 637.28 0.2 0.2 -0.9 926.18 -0.9 1.1 Food Producers (10) 7183.43 1.66 6192.18 7066.46 7062.69 8137.68 2.54 1.79 21.90 0.00 6681.49 Hargreaves Lansdown PLC 1542 41.00 Spirax-Sarco Engineering PLC 11640 155.00 FTSE Developed Europe Large Cap 225 396.25 -0.1 2.4 0.9 740.98 0.9 2.6 Consumer Goods 533 613.41 0.2 0.2 0.4 991.19 0.4 2.0 Household Goods & Home Construction (14)15000.27 1.10 12930.36 14837.54 14849.19 15158.92 2.69 2.01 18.49 0.00 12087.89 Hikma Pharmaceuticals PLC 2670 51.00 Sse PLC 1594 76.50 FTSE Developed Europe Mid Cap 344 703.45 -0.1 4.2 0.7 1150.85 0.7 2.1 Automobiles & Parts 130 623.22 0.1 0.1 1.8 980.59 1.8 1.4 Leisure Goods (2) 29457.06 0.85 25392.24 29209.75 28814.74 16986.90 1.53 1.20 54.67 0.00 30961.61 HSBC Holdings PLC 416.15 37.55 St. James's Place PLC 1190 35.00 FTSE Dev Europe Small Cap 690 974.24 0.6 5.0 1.1 1535.14 1.1 1.8 Beverages 67 731.00 0.1 0.1 -1.1 1191.81 -1.1 2.3 Personal Goods (6) 32784.74 0.77 28260.73 32533.79 32734.03 32637.52 3.17 1.38 22.84 0.00 24557.01 Imperial Brands PLC 1595.5 31.00 Standard Chartered PLC 509.80 43.70 FTSE North America Large Cap 224 824.51 0.7 1.1 -0.7 1203.90 -0.7 1.6 Food Producers 132 720.84 0.2 0.2 0.4 1187.60 0.4 2.4 Tobacco (2) 29899.33 1.09 25773.48 29578.12 29226.91 36266.02 7.98 1.32 9.49 0.00 24549.32 Informa PLC 571.60 34.60 Standard Life Aberdeen PLC 303.70 16.50 FTSE North America Mid Cap 413 1055.89 1.0 0.6 -0.4 1422.29 -0.4 1.7 Household Goods & Home Construction 61 574.64 0.1 0.1 -0.3 922.04 -0.3 2.1 Health Care (15) 11712.75 1.51 10096.50 11538.91 11510.30 12835.05 3.59 1.12 24.82 0.00 10194.24 Intercontinental Hotels Group PLC 4814 82.00 Taylor Wimpey PLC 164.60 3.35 FTSE North America Small Cap 1295 1145.06 1.5 3.9 0.1 1487.49 0.1 1.3 Leisure Goods 44 334.12 1.3 1.3 1.2 461.12 1.2 1.0 Health Care Equipment & Services (6) 7085.99 2.16 6108.18 6936.09 6874.93 8365.72 1.86 0.99 54.71 0.00 6529.36 Intermediate Capital Group PLC 1781 58.00 Tesco PLC 245.20 7.00 FTSE North America 637 537.78 0.7 1.0 -0.7 802.42 -0.6 1.6 Personal Goods 85 1050.09 -0.3 -0.3 -0.4 1566.63 -0.4 1.4 Pharmaceuticals & Biotechnology (9) 16263.59 1.43 14019.36 16034.23 16006.29 17661.26 3.80 1.13 23.32 0.00 12718.38 International Consolidated Airlines Group S.A. 158.10 8.65 Unilever PLC 4467 31.00 FTSE Developed ex North America 1499 295.64 0.1 3.4 0.9 535.85 0.9 2.4 Tobacco 14 913.40 0.7 0.7 0.6 2322.73 0.6 6.7 Intertek Group PLC 5874 72.00 United Utilities Group PLC 932.40 32.40 Consumer Services (79) 5283.95 2.66 4554.81 5147.09 5109.57 5655.59 1.75 1.43 40.10 0.00 5406.36 FTSE Japan Large Cap 178 452.22 0.1 2.8 -0.3 635.22 -0.3 2.1 Health Care 309 686.93 0.3 0.3 0.1 1058.74 0.1 1.7 Food & Drug Retailers (5) 4719.98 2.39 4068.66 4609.81 4582.06 4379.44 2.79 1.33 26.81 0.00 6007.35 Jd Sports Fashion PLC 854.80 26.20 Vodafone Group PLC 129.54 5.12 FTSE Japan Mid Cap 335 641.51 0.4 0.7 -0.5 854.25 -0.5 2.1 Health Care Equipment & Services 113 1394.42 0.3 0.3 0.2 1681.16 0.2 0.7 General Retailers (26) 2487.41 0.85 2144.17 2466.55 2397.16 2418.64 1.09 2.05 44.70 0.00 3112.33 Johnson Matthey PLC 2697 139.00 Whitbread PLC 3142 94.00 FTSE Global wi JAPAN Small Cap 880 710.39 0.4 1.7 -0.4 979.90 -0.4 2.1 Pharmaceuticals & Biotechnology 196 444.82 0.2 0.2 0.0 728.77 0.0 2.4 Media (13) 8531.25 4.75 7354.01 8144.24 8244.55 9236.90 1.62 2.94 20.96 0.00 5749.82 Just Eat Takeaway.Com N.V. 8580 -154.00 Wpp PLC 839.00 62.00 FTSE Japan 513 186.51 0.1 2.4 -0.3 293.25 -0.3 2.1 Consumer Services 440 687.32 0.9 0.9 -0.4 963.14 -0.4 1.0 Travel & Leisure (35) 8320.62 2.36 7172.44 8128.59 8051.38 10007.13 1.75 0.28 205.92 0.00 8539.44 Kingfisher PLC 285.10 0.70 FTSE Asia Pacific Large Cap ex Japan 928 896.66 1.3 5.8 2.5 1553.13 2.5 2.0 Food & Drug Retailers 69 302.83 0.3 0.3 1.4 459.50 1.4 2.5 Telecommunications (6) 1914.80 3.90 1650.58 1843.00 1834.52 2271.10 7.14 0.57 24.44 0.00 2648.53 FTSE Asia Pacific Mid Cap ex Japan 893 1053.06 1.0 5.7 2.5 1751.77 2.5 2.5 General Retailers 148 1269.36 1.4 1.4 0.2 1709.38 0.2 0.6 Fixed Line Telecommunications (3) 1770.43 3.79 1526.12 1705.79 1709.71 2362.77 10.04 1.04 9.58 0.00 1942.66 FTSE Asia Pacific Small Cap ex Japan 1843 664.23 0.6 5.6 2.2 1079.90 2.2 2.2 Media 84 460.21 -0.1 -0.1 -1.9 649.37 -1.8 1.0 UK STOCK MARKET TRADING DATA Mobile Telecommunications (3) 2952.47 3.94 2545.05 2840.64 2820.11 3330.68 6.04 0.28 59.63 0.00 3711.53 FTSE Asia Pacific Ex Japan 1821 700.37 1.3 5.8 2.5 1288.79 2.5 2.1 Travel & Leisure 139 490.55 0.6 0.6 -1.5 702.83 -1.5 1.7 Utilities (8) 7380.63 2.89 6362.17 7173.58 7257.32 7651.52 4.90 1.15 17.78 0.00 10315.58 FTSE Emerging All Cap 3348 906.40 1.0 4.8 1.9 1491.29 1.9 2.2 Telecommunication 95 155.53 0.0 0.0 1.0 339.05 1.0 4.6 Jan 06 Jan 05 Jan 04 Dec 31 Dec 30 Yr Ago Electricity (3) 9374.64 4.72 8081.02 8952.18 9048.50 8273.61 4.96 1.04 19.41 0.00 17196.91 FTSE Emerging Large Cap 900 874.77 1.2 4.7 2.0 1448.40 2.0 2.1 Fixed Line Telecommuniations 41 117.54 -0.2 -0.2 1.1 287.58 1.1 5.8 ------Gas Water & Multiutilities (5) 6470.78 2.22 5577.87 6330.06 6406.05 7077.98 4.87 1.19 17.24 0.00 8948.89 FTSE Emerging Mid Cap 925 1058.79 0.0 5.0 1.1 1741.85 1.1 2.8 Mobile Telecommunications 54 185.85 0.3 0.3 0.9 354.55 0.9 3.2 Order Book Turnover (m) 190.18 167.17 14.43 14.43 14.43 14.27 Financials (307) 4615.77 3.64 3978.83 4453.77 4453.63 5119.80 2.98 1.74 19.25 0.00 4817.70 FTSE Emerging Small Cap 1523 867.84 0.3 5.1 1.8 1369.11 1.8 2.4 Utilities 190 318.37 -0.2 -0.2 -0.7 699.00 -0.7 3.2 Order Book Bargains 1309273.00 1165794.00 421456.00 421456.00 421456.00 421441.00 Banks (11) 2642.86 8.54 2278.17 2434.91 2437.79 3718.77 3.55 2.22 12.71 0.00 2178.32 FTSE Emerging Europe 76 376.42 0.1 6.9 1.6 713.96 1.6 4.8 Electricity 130 357.71 0.0 0.0 -0.9 774.45 -0.9 3.3 Order Book Shares Traded (m) 2002.00 1760.00 637.00 637.00 637.00 622.00 Nonlife Insurance (7) 3837.49 0.66 3307.95 3812.46 3788.34 3678.57 2.87 1.86 18.72 0.00 7611.06 FTSE Latin America All Cap 244 817.72 -0.8 2.9 -0.5 1402.25 -0.5 2.5 Gas Water & Multiutilities 60 319.60 -0.6 -0.6 -0.3 723.85 -0.3 3.1 Total Equity Turnover (£m) 9090.52 5754.69 2023.96 2023.96 2023.96 1984.85 Life Insurance/Assurance (6) 7767.00 5.23 6695.22 7380.82 7399.66 8215.65 3.46 1.98 14.61 0.00 8829.72 FTSE Middle East and Africa All Cap 321 652.33 -0.7 2.5 -0.1 1127.52 -0.1 3.1 Financials 866 250.49 0.1 0.1 -0.7 455.30 -0.7 2.8 Total Mkt Bargains 1615096.00 1487106.00 537706.00 537706.00 537706.00 536224.00 Real Estate Investment & Services (18) 2504.11 0.52 2158.56 2491.16 2498.79 2951.05 0.99 3.24 31.08 0.00 7215.08 FTSE Global wi UNITED KINGDOM All Cap In 291 322.34 0.8 2.0 1.7 615.93 1.7 3.4 Banks 271 184.01 0.3 0.3 -0.2 367.26 -0.1 3.4 Total Shares Traded (m) 10420.00 9471.00 3995.00 3995.00 3995.00 5074.00 Real Estate Investment Trusts (40) 2480.85 0.75 2138.52 2462.43 2450.94 2982.02 3.09 -2.23 -14.51 0.00 3530.90 FTSE Global wi USA All Cap 1751 933.21 0.8 1.3 -0.7 1315.11 -0.6 1.5 Nonlife Insurance 74 293.89 -0.3 -0.3 -1.8 461.82 -1.8 2.2 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable. General Financial (40) 10625.37 2.39 9159.16 10377.35 10419.33 10731.30 3.13 1.10 29.11 0.00 13758.19 FTSE Europe All Cap 1410 475.33 -0.1 3.1 0.9 854.60 0.9 2.5 Life Insurance 53 233.38 0.1 0.1 0.4 418.91 0.4 3.3 (c) Market closed. Equity Investment Instruments (185) 13052.90 0.65 11251.71 12968.74 12933.60 11263.46 2.21 3.21 14.10 0.00 7814.94 FTSE Eurozone All Cap 639 466.34 -0.3 2.3 0.6 835.14 0.7 2.1 Financial Services 209 417.81 -0.2 -0.2 -0.5 615.33 -0.5 1.7 Non Financials (299) 4628.01 2.78 3989.38 4502.73 4462.82 5013.14 3.32 1.38 21.81 0.00 7828.24 FTSE EDHEC-Risk Efficient All-World 3961 472.46 0.6 2.1 0.1 712.29 0.1 2.1 Technology 310 520.07 0.9 0.9 -0.1 667.30 0.0 0.9 Technology (17) 2076.76 -0.59 1790.19 2089.19 2056.43 2267.44 1.81 0.09 607.35 0.00 2898.12 FTSE EDHEC-Risk Efficient Developed Europe 569 376.90 -0.1 4.2 0.9 628.95 0.9 2.1 Software & Computer Services 166 834.37 0.5 0.5 -0.7 999.03 -0.7 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed Software & Computer Services (14) 2229.67 -0.67 1921.99 2244.72 2202.62 2496.58 1.88 -0.15 -361.76 0.00 3292.03 Oil & Gas 128 267.37 3.2 1.3 3.6 500.41 3.7 4.9 Technology Hardware & Equipment 144 429.45 1.4 1.4 0.7 588.25 0.7 1.3 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor Technology Hardware & Equipment (3) 5073.99 0.08 4373.82 5070.18 5128.46 3985.22 1.16 3.47 24.80 0.00 6298.53 Oil & Gas Producers 92 250.56 3.4 0.9 3.7 479.21 3.8 5.0 Alternative Energy 11 274.83 -0.5 -0.5 2.3 390.61 2.3 0.6 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be Real Estate Investment & Services 162 356.06 0.3 0.3 -0.7 656.88 -0.7 2.8 liable for any loss arising from the reliance on or use of the listed information. Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 97 443.70 0.1 0.1 -2.4 978.32 -2.4 3.7 For all queries e-mail [email protected] FTSE 100 6666.87 6657.20 6699.06 6767.14 6772.56 6798.68 6827.21 6841.67 6847.36 6858.97 6641.48 FTSE Global Large Cap 1731 652.19 0.6 0.6 0.1 1035.48 0.1 1.9 FTSE 250 20819.91 20652.43 20746.91 20928.26 20905.32 20916.24 20896.87 20914.53 20924.27 20973.16 20644.52 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/ Data provided by Morningstar | www.morningstar.co.uk FTSE SmallCap 6235.08 6235.44 6236.38 6245.28 6247.09 6254.72 6259.27 6264.77 6280.18 6287.85 6229.67 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC FTSE All-Share 3777.30 3767.71 3789.53 3826.03 3827.78 3840.04 3852.37 3859.54 3862.72 3868.23 3763.92 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, Time of FTSE 100 Day's high:15:52:45 Day's Low08:44:45 FTSE 100 2010/11 High: 6841.86(06/01/2021) Low: 6571.88(04/01/2021) WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see Time of FTSE All-Share Day's high:15:52:00 Day's Low08:45:00 FTSE 100 2010/11 High: 3749.27(05/01/2021) Low: 3724.50(04/01/2021) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown. For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative. UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt Issue paid renun. closing Egdon Resources Pre 0.964 2.197 4.748L 1.717L 1.530L 0.640L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m) price up date High Low Stock Price p +or- 12/30 0.10 WCAT Wildcat Petroleum PLC 0.68 0.28 0.75 0.20 1620.0 There are currently no rights offers by any companies listed on the LSE. 12/29 38.00 AIM VCAP Vector Capital PLC 39.50 -0.50 41.95 38.50 1661.1 12/24 3.00 PNPL Pineapple Power Corp PLC 5.55 0.25 6.15 3.35 318.4 12/23 10.00 OHG One Heritage Group PLC 12.25 0.00 12.90 11.43 367.5 12/22 1.00 RNEW Ecofin US Renewables Infrastructure Trust PLC 1.02 0.00 1.03 1.00 126.9 12/22 100.00 SBSI Schroder BSC Social Impact Trust PLC 103.50 0.00 105.00 100.00 7762.5 12/15 96.00 AIM ABDX Abingdon Health PLC 95.00 2.50 109.93 91.00 9091.4 12/14 20.00 AIM IIG Intuitive Investments Group PLC 23.70 1.20 23.70 21.70 957.9 12/04 2.84 AIM HE1 Helium One Global Ltd 8.10 0.58 8.90 3.75 4024.8 12/01 100.00 SBO Schroder British Opportunities Trust PLC 101.30 -0.30 103.00 97.50 7597.5
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.
JANUARY 7 2021 Section:Stats Time: 6/1/2021 - 18:25 User: keith.allen Page Name: MARKET DATA 1, Part,Page,Edition: USA, 10, 1 Thursday 7 January 2021 ★ FINANCIAL TIMES 11
MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES
:HHN :HHN :HHN :HHN :HHN :HHN 6WRFN 3ULFH 'D\&KJ +LJK /RZ FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE &ORVH 3UHY 'D\ :HHN 0RQWK &ORVH 3UHY 'D\ :HHN 0RQWK 'D\ V 0WK V 6SUHDG 'D\ V 0WK V 6SUHDG SULFH SULFH FKDQJH FKDQJH FKDQJH FKDQJH FKDQJH SULFH SULFH FKDQJH FKDQJH FKDQJH FKDQJH FKDQJH 5HG 5DWLQJV %LG %LG FKJH FKJH YV 5HG 5DWLQJV %LG %LG FKJH FKJH YV &65 &K26/QG ,QY -DQ GDWH &RXSRQ 6 0 ) SULFH \LHOG \LHOG \LHOG 86 -DQ GDWH &RXSRQ 6 0 ) SULFH \LHOG \LHOG \LHOG 86 +QJ]K+LN9'7 &RFD&ROD +LJK arts Boxing history yields heavyweight drama film Danny Leigh he 1964 title fight in which Cassius Clay defeated Sonny Liston was the kind boxing lives for — a hotshot young pretender, the odds Tspun upside down, a new era in six rounds. Yet in One Night in Miami, this is just the prelude. A different heavy- weight drama awaits. The date is Febru- ary 25; the new champ will soon change his name to Muhammad Ali. Tonight, however, as played by Eli Goree, he arrives alone at his victory party, thrown in a motel room by spiritual adviser Malcolm X (Kingsley Ben-Adir). The celebration will also include soul grandee Sam Cooke (Leslie Odom Jr) and American football star Jim Brown (Aldis Hodge). “You mean no one else is coming?” Brown asks, nonplussed. He assumed there might be women guests. Such is the risk when your real host is a screenwriter, laying claim to your evening half a century later. Between then and now, in 1985, film- maker Nicolas Roeg adapted the stage play Insignificance, bringing together Marilyn Monroe, Joe DiMaggio, Albert One Night in Miami Here in 2021, the film speaks to Above: Kingsley received a diagnosis while alive — so his Einstein and Joseph McCarthy in a New Regina King progress in the film industry at least. Ben-Adir (with decline seemed to him an unknowable York hotel suite. It was a cinematic par- AAAAE Even in the recent past, it is easy to camera) as curse. The symptoms were many and lour game, a whimsical “what if”. Now, imagine King being invited by produc- Malcolm X; bleak, but for a man whose trademark director Regina King riffs again on imag- Pieces of a Woman ers (if they hired a black woman direc- at the bar, from had been synaptic firework displays of ined conversations between historical Kornel Mundruczo tor at all) to discreetly take aim at an right, Aldis free association, the blank spaces he giants, directing a script reworked by AAAEE audience unfamiliar with the land- Hodge (Sam met even memorising lines were espe- playwright Kemp Powers from his own marks of the civil rights era. Cooke), Eli cially horrifying. Director Tylor Nor- source material. But this counterfactual Robin’s Wish Now, when these black American Goree (Cassius wood’s film is modestly scaled, a loving is not so contrary to the facts. The prin- Tylor Norwood icons talk among themselves, they do Clay) and Leslie correction of the record rather than cipals were actual friends; Clay really AAAEE not have to spend their night explaining Odom Jr (Jim attempted biography. did join Malcolm at Miami’s Hampton to each other that segregation is an evil. Brown). Left: Yet it tells us more about Williams House Motel to celebrate his triumph. Ham on Rye Instead, the film gets to the nub of what Vanessa Kirby than the anguished fact of his illness. The record even extends to the cham- Tyler Taormina it feels like to succeed in a system rigged in ‘Pieces of a Clear too is that for all the decline of his pion’s taste in post-fight indulgence, ref- AAAAE against you. The four-sided back-and- Woman’ — Patti Perret career, he had been content before his erenced here when Malcolm insists his forths simmer with admissions of inner body betrayed him, idyllically married, faith won’t stop him showing his guests a conflict. Outer conflict too. King draws doing improv nights in his everyday good time. He duly produces two tubs of out the friction between Cooke and Mal- hometown. The message is gently ice cream. (Both vanilla.) colm, the seemingly apolitical Mr Soul repeated. Look beyond the headline. On digital platforms now and the minister from the streets. The Holocaust. Most confused of all is a legal We have seen it all before in the skewed action bristles. The cast are on point. case against the couple’s midwife, teen movie Ham on Rye. That much is The script doesn’t always make life wheeled in and out of the story like a the point, director Tyler Taormina’s easy for King. The focus on Cooke and hostess trolley. The effect is maddening. witty debut a wilful scramble of nostal- Malcolm is understandable. (Each The film ends up the wrong way round gia trips. A million high school misad- would be dead inside a year.) Yet by — as if the mournful energy created by ventures are grist for a stylised romp comparison Brown and — more glar- Mundruczo and writer Kata Weber were that plays like an installation or immer- ingly — Clay/Ali are left as sketches. Still, just a pretext for the overboiled spa- sive theatre, American suburbia beyond King deftly navigates another pitfall, a ghetti of a plot. Finally, even the acting familiar, pared back to the symbolic. A set-up of four men in a single room that feels hokey by association. Bad news for bunch of nerdish fellows tramp the side- might have been designed to read as a film involving this much of it. Should walks, earnestly discussing the merits of filmed theatre. A virtue is made of the we be moved? Or merely impressed? “porking”. The girls they pine for pass confined space, the result a masterclass On Netflix now through nearby woodland in floaty of group dynamics, mirroring a time white dresses like tribute acts to The Vir- when even the most famous black The more irresistible the cliché, the less gin Suicides. Hard rock dudes cruise by American might move freely in here but we should trust it. Such turns out to be in a battered station wagon. For now the not over there. The result is a celebration the lesson left by Robin Williams, so sin- nature of the rites of passage they are all with jagged edges, history alive with gularly gifted, such a tireless presence in en route to remains obscure. Prom? contemporary echoes. “A Change Is the movies of the 1980s, ’90s and Graduation? Child sacrifice? Whatever Gonna Come”, Cooke sings. This bright, beyond. After he had committed suicide it is, it means the world to their parents. insightful film lets us decide for our- at his northern California home in 2014, Don’t mess it up, a previously affable selves how much is unarrived. coverage of his death wrote itself. Here father screams at his son. On Amazon Prime from January 15 had stood a unique comic actor, once The weirdness only heightens when world-conquering but lately not so they get there, in a film that resembles Vanessa Kirby and Shia LaBeouf star in much, prone to depression and addic- the American Pie franchise as reimag- the hectic melodrama Pieces of a tion with — the media dutifully reported ined by conceptual artist Matthew Bar- Woman, a film so filled with their per- — money problems too. Tragic but self- ney. Later, the dreamlike sunshine will formances as to reduce all else to second explanatory. The snag, as set out in the darken. Enter another set of archetypes billing. Prepare for mixed feelings. As a sad, compassionate documentary — older kids now, skulking outside all- study of the black hole of loss — specifi- Robin’s Wish, is that this barely night pharmacies. Better to be coming cally, the loss of a baby — the movie has explained his death at all. of age than to get there, Taormina sug- moments that are almost overwhelm- Instead, Williams was felled by the gests, here in a town where the tropes ing. The trouble is, there are other cruelly degenerative Lewy body demen- took over. moments. Many other moments. tia. Crueller yet was that he never On Mubi in the UK from January 11 Kirby is Martha, one half of a blissed- out young Boston couple. We meet her Left: Robin as she departs her job (generic high- Williams with flyer) on maternity leave. Her bump is his wife, Susan; huge; a plastic baby adorns the cake. Williams is the Her partner is Sean, a garrulous con- subject of the struction worker played by LaBeouf. documentary “Martha’s fine,” he tells a co-worker. ‘Robin’s Wish’. “She’s always fine.” The pair head home Below: teen- in their pristine new people carrier. movie tropes are Sean unwraps the picture frame bought central to for baby photographs. Never introduce ‘Ham on Rye’ a gun in your first act, Chekhov said, unless it is to be fired later. For now you can barely hear over director Kornel Mundruczo loading bullets. Yet the leads are good enough to distract you, LaBeouf and Kirby each abuzz with optimism. (Although the presence of LaBeouf onscreen brings its own com- plications, the actor now formally accused of abusive behaviour towards an ex-partner, singer FKA Twigs.) Kirby is better yet in the raw, extraor- dinary centrepiece of the film, a near verité home birth played out over 24 traumatic minutes. You may soon recall the medical truism that new mothers are hard-wired to forget the experience of labour, or else they would never do it again. By the end, everyone on set must have been left emotionally tattered, the actress most of all. The scene climbs to the highest diving board. It demands the rest of the film is equal to it. It is not. Martha is soon a portrait of disconnection, frozen in place — but the movie careers down one soapy tangent after another. There is family intrigue, adultery, dementia, memories of the JANUARY 7 2021 Section:Features Time: 6/1/2021 - 18:00 User: david.cheal Page Name: ARTS LON, Part,Page,Edition: USA, 12, 1 Thursday 7 January 2021 ★ FINANCIAL TIMES 13 FT BIG READ. UK SOCIETY Anger among black Britons over discriminatory tactics and the use of excessive force has risen in the past year. Some police forces are aware of the need to change tactics to regain the trust of communities. By Robert Wright eomi Bennett is one of black Britain’s success stories. For almost three decades a nurse in the UK’s NHS, Ms Bennett is also an entrepre- Nneur, having established a successful company to market a surgical stocking she invented. In 2018, she was awarded the British Empire Medal — reserved for those who make a substantial contribu- tion to civil or military service. Yet for Ms Bennett an incident in April 2019 near her south London home has, she says, overshadowed her suc- cess. When a police officer, without warning, tried to pull open the door of her parked car to search it, Ms Bennett says she panicked, thinking she was being robbed, and refused to move. She was dragged from the car, handcuffed and held overnight before being charged and convicted of obstructing a police officer. The search had been insti- gated, Ms Bennett was told, because the tint on her car windows was too dark. The conviction was overturned in May last year when the prosecution declined to offer any evidence at her appeal. The incident is one of a number alleg- edly involving excessive force that has renewed attention on police tactics towards the country’s black population — the almost 2m people who for the last census in 2011 described themselves as being of African or African-Caribbean heritage. Neomi Bennett, Growing tensions: a Metropolitan stopped in her car Police officer comes face to face in 2019, says she with a Black Lives Matter had ‘no idea of the protester at a demonstration in extent of the racism London in June — Getty Images within the police’ The police watchdog for England and Wales — the Independent Office for Police Conduct — in July began looking more closely at the disproportionate use of force and stop-and-search towards The need to reset race relations minority communities. The organisa- tion has published a number of reports critical of the handling of individual stop and searches by officers, mainly Holmes-Lewis’s version of events. Of and legal academic specialising in police ‘[It’s the] this year that his officers understood involving London’s Metropolitan Police. African-Caribbean heritage and a life- abuse cases, the roots of the current dis- relatively little about the communities The rise in reported incidents has long resident of south-east London, the trust are linked to the “pushback” from same they were meant to be policing. Around been linked to the first national corona- 38-year-old says he has been stopped by police forces, triggered by the 1999 questions, 24 per cent of the borough’s population virus lockdown between March and July police more than 30 times. MacPherson Report which found that is black. “We were out policing on the last year. The Metropolitan Police con- “Every time I’ve been stopped, I’ve the Metropolitan Police was “institu- [the] same streets and there’s a whole community ducted 43,000 stop and search opera- felt that underlying disdain,” Mr Holm- tionally racist”. issues. That there that we don’t understand as well tions in London in May alone, double es-Lewis says of officers’ attitudes. The report followed a critical inquiry as we would like to,” he says. the number just 12 months earlier. Yet Mr Holmes-Lewis, who in 2016 co- into the Metropolitan Police’s bungled leads me to The most severe consequence of that Black people were disproportionately founded Mentivity, an organisation that investigation into the racially motivated believe that incomprehension is the tendency to use targeted. According to the force’s own provides mentoring to young people, murder of Stephen Lawrence, a black the problem excessive force when restraining black published data, black people were 3.7 says the peculiar dynamics of the lock- teenager, in south-east London in 1993. people, especially men. times more likely than their white coun- down increased tensions. He attributes “It was seen as political correctness has to be Prof Thomas says that over 30 years terparts to be stopped and searched in the disproportionate stopping of black and so it got to the stage where suggest- one of he has appeared in multiple court cases the year to the end of November 2020. people in the period to the fact they tend ing something was ‘institutionally rac- and inquests involving black men who For May, the figure rose to 4.25 times. ‘Every time Caribbean community and the extent to to be over-represented in areas such as ist’ was just political correctness talk,” institutions’ were restrained by police in ways that “I had no idea of the extent of the rac- I’ve been which wider society becomes aware that healthcare or transport — jobs that Prof Thomas says. Leslie Thomas stopped them breathing. Most recently ism within the police service until that there’s an issue,” Mr Jasper says. required them to leave their homes. He expresses particular indignation QC he represented the family of Kevin happened to me,” says Ms Bennett, who stopped, I’ve Simon Rotherham, a superintendent “We were more present on the street,” that, when asked by MPs in July, if her Clarke, 35, who died in 2018. An inquest had previously supported the police. in the Metropolitan Police specialising he says. “[It] made it easier for them to force was still institutionally racist, in October concluded that the Metro- Ms Bennett, who says she plans to felt that in stop and search policy, says he does target us.” Cressida Dick, commissioner of the politan Police’s use of inappropriate seek either compensation or a formal underlying not know what is driving the falls in Supt Rotherham justifies the Met’s Metropolitan Police, said it was not a force in restraining Mr Clarke, who had apology from the police but has not yet public confidence. But he acknowledges practices, insisting that the “positive “massive systemic issue”. schizophrenia and was suffering a psy- lodged a formal claim, says she is partic- disdain . . . there is “obviously anger out there from outcome rate” — the proportion of stop “To have the head of an organisation chotic episode, contributed to his death. ularly worried about her two adult sons. It’s that bias the black community”. and searches that result in an arrest or take a position like that given the statis- “[It’s the] same questions, [the] same “If they get stopped by the wrong police that we’re “There’s a real feeling that the police other enforcement action — is broadly tics and given the difference in the treat- issues,” Prof Thomas says of the similar- officer, it’s potentially not going to go aren’t listening,” he says. similar for different ethnic groups. ities between the multiple cases where down very well,” she adds. facing every Supt Rotherham nevertheless insists That, he says, suggests officers are tar- he has been involved. “That leads me to The issues are longstanding and well day in all the right to carry out searches remains a geting searches according to evidence of believe that the problem has to be one of known. It is 21 years since an official “vital power”. The police frequently cite crime, rather than ethnicity. institutions.” report found the Metropolitan Police walks of the importance of stop-and-search in Yet, the positive outcome rate for Mr Thompson says use of force ques- “institutionally racist”. For senior police society’ detecting weapons used in street kill- searches of black people is consistently tions are a “bigger issue” than stop-and- officers in the UK faced with a growing ings, of which black men are dispropor- slightly lower than for white counter- search in his region. He believes mutual lack of trust, the question is whether Sayce Holmes- tionately victims. Black people parts — it was 22.1 per cent in Novem- misunderstanding and mistrust lead the they can do anything now to restore it. Lewis, founder, accounted for 45 per cent of the 93 ber, against 23.7 per cent for white peo- police and black communities to react Dave Thompson, chief constable of Mentivity victims of murder and manslaughter in ple. Excluding the effects of searches for in unhelpful ways. “I think there’s a case West Midlands Police, England’s third- London in 2020. The link is dismissed drugs and psychoactive substances, just to ask, ‘Do the community expect trou- largest force, says his officers had a by campaigners, however, who say such 14.6 per cent of searches of black people ble and respond in a way that’s tricky “rude awakening” last summer when levels have fallen despite recent years’ led to a positive outcome in May, against and do the police go in expecting trouble confronted by large Black Lives Matter reduction in the levels of stop-and- 19.3 per cent for white people. in that space?’”he asks. protests sparked by the police killing of search activity. Mr Holmes-Lewis, who argues that ‘They’re learning’ George Floyd, a black man, in the US “We absolutely believe it does protect many police attitudes towards black ment of people of colour and in particu- ‘We were out city of Minneapolis. Londoners,” Supt Rotherham says. “It people are consciously, rather than just lar young black people, I think is shock- Insp Weston in May this year held an There were BLM demonstrations takes weapons off the street and pro- unconsciously, biased, was stopped in ing and shameful,” says Prof Thomas. policing on informal meeting with leaders of Croy- across the UK, and among the griev- tects London from violent crime and his car on May 5 as he distributed meals The challenge, according to many the streets don’s black community. It has now ances raised was heavy-handed policing acquisitive crime.” to people during lockdown. The stop led police officers and campaigners, is for become a weekly event, attended by up along with the Windrush scandal which to no further action. forces to find ways to restore the trust of and there’s a to 50, mainly black people from a range had stripped some Commonwealth citi- Stop and search in lockdown “I told the officers, ‘You understand I black communities. A “community whole of organisations. Mr Holmes-Lewis — zens of their right to remain in the UK. Sayce Holmes-Lewis was just 14 when do a lot of work in the community?’” Mr policing” approach — as opposed to an who has started offering training for “I think we have to keep working with an officer assaulted him as he went Holmes-Lewis says. “But that was disre- inflexible, centralised approach — was community police officers based on his experience communities as to what is the right solu- home from school with his friends, an garded. I heard them speaking to each first recommended as a way to relieve there that — regularly attends. tion,” Mr Thompson says of the use of incident that led his family first to seek other: ‘Look at his car — what does he tensions between black communities we don’t Standing outside the community stop-and-search and other discretion- action against the police and then expect? Look at what he’s wearing.’ It’s and the police in the 1981 Scarman group offices that host the meeting, Insp ary powers. “We have to be careful how prompted an effort by the police to that bias that we’re facing every day in report into riots — in cities such as Lon- understand Weston says his officers have learnt to we use our discretions.” charge him. That charge was thrown out all walks of society.” don, Birmingham and Liverpool — as well as we start conversations with groups of after CCTV evidence supported Mr For Leslie Thomas, a black barrister sparked by harsh police tactics over the youths rather than immediately start Growing confidence gap previous two years. would like to’ assuming they need to search them for In London — home to more than half the Black Londoners are still Public perceptions of the police in Mr Thompson, in the West Midlands James Weston, knives. “We’re not immediately putting UK’s black population — the number of disproportionately targeted by o icers the UK capital force, blames the erosion of trust partly Met Police a tension in there,” he adds. black people saying the police were Number of stop and searches by ethnic group months ending September , who think on the sharp declines in police staffing commander in Anthony King, a comedian and doing a good job fell 9 percentage points the Metropolitan Police ... and funding during the last decade of Croydon speaker who regularly attends the meet- in the year to September to 49 per cent, Mixed ethnicity Black White British “austerity” spending cuts. He contrasts ings, guardedly endorses the idea that according to the Public Attitudes Survey Asian White Other the conditions he faces today with his 20 the borough shows the potential for a by the Mayor’s Office for Policing and years with Greater Manchester Police to new effort to end mutual suspicion. But Crime. For Londoners as a whole, the Black Understands 2010, when he was able to spare officers substantial distrust remains. He reports local issues figure fell 1 percentage point to 57 per to explain police tactics and listen to that one black man, seeing him walking cent in the same period. Listens to concerns community concerns in return. with two police officers, asked him bit- Lee Jasper, who from 2004 to 2008 White of local people “I couldn’t find the time to take that terly, “So, you’re one of them now?” offered policing advice to then London Treats everyone many officers offline,” he says. “We’ve Yet he believes that the borough’s mayor Ken Livingstone calls the drop in Asian fairly had to go back to some stuff that I think experience shows the potential for a black communities’ confidence in the Other got squeezed out.” wider reset of relations between police police “catastrophic” and says the effects Does a good job James Weston, the Metropolitan forces and the UK’s black communities. are likely to become more obvious. Police commander for the violence sup- “I think they’re learning,” Mr King says. “There’s a lag issue between the pression unit for the south London bor- “I think there’s a lot of work to be done experience and beliefs of the African- Source: Metropolitan Police FT graphic ough of Croydon, says he realised earlier but everybody is doing their part.” JANUARY 7 2021 Section:Features Time: 6/1/2021 - 18:00 User: alistair.hayes Page Name: BIGPAGE, Part,Page,Edition: USA, 13, 1 14 ★ FINANCIAL TIMES Thursday 7 January 2021 Email: [email protected] Include daytime telephone number and full address Corrections: [email protected] Letters If you are not satisfied with the FT’s response to your complaint, you can appeal to the FT Editorial Complaints Commissioner: [email protected] Be wary of banks Crisis in US democracy is a long-term malaise bearing ‘green’ gifts I read with interest Nicholas Megaw’s Your leader (“A moment of danger for party has veto-proof majorities on both nation together, it is not only public piece on the banking industry’s US democracy”, FT View, January 5) ends of Pennsylvania Avenue — in the health that is at grave risk. attempts to introduce “green” products was wrongly titled. White House and Congress. Donald Trump was not the cause of (“Lenders to launch wave of green The danger is not momentary. It is Second, a crisis such as Pearl Harbor the current state of failed government. products”, Report, January 4). long-term. And the crucial question is rallies the nation and closes seemingly But the president and his followers While there are a number of whether a system of government intractable political divides, in that were surely accelerants. financial service providers, such as created by the best minds of the 18th case between war and peace. The challenge for President-elect Joe credit unions and some building THURSDAY 7 JANUARY 2021 century can withstand the rigours and And third, sufficient civility and Biden is to lead a nation never so far societies, whose models are tied to demands of the 21st. compromise are present to resolve apart as since 1860. And that is not a supporting community enterprises, Checks and balances, the deeply held differences. momentary matter. attempts by the banking industry as a constitutional foundation for this None of these conditions exist. And if Harlan Ullman whole to go green should be welcomed, republic, only work when at least one a pandemic is not a sufficiently Senior Adviser, The Atlantic Council but treated with a huge pinch of of three conditions exist. First, one powerful enough crisis to bring a Washington, DC, US scepticism. The UK government’s “Investing in a Georgia’s harsh lesson for Better World” report highlighted that Biden needs to reset EU ties Hong Kong’s pandemic almost 70 per cent of people want to save and invest in products that help the Republican party to avoid ‘Thucydides trap’ response defies stereotype the environment and support the UN’s The arguments made by Gideon In Frank Boll’s letter (“Taiwan has Sustainable Development Goals. The US Senate run-offs have shown the electoral cost of Trumpism Rachman in his article “Europe has shown the way in the fight against However, there is a very limited handed China a strategic win”, Covid-19”, January 5) he is right to pipeline of green mortgages or savings The US Democrats are likely to control Mr Trump’s “actions since November (Opinion, January 5) are logical but praise Taiwan’s experience but he bonds. both Capitol Hill and the White House 3”. These have encompassed sham incomplete. Every great economic mischaracterises the common strand The enterprises that are helping our for the first time in a decade. It is a litigation in several states, an improper power “demonstrates its willingness to of these “Asian capitalistic and free communities to decarbonise with solar measure of the importance of Tues- phone call to a Georgian official, and use its economic power as a strategic market democracies” as being their technology or electric vehicle charging day’s Senate elections in Georgia that the pro-Trump march that took place weapon”, and a dominant power does collectivist spirit that “stands for group points require patient capital to scale this is only the second most historic in Washington yesterday. As hard as it so absolutely. loyalty and obedience to superiors”. and grow. That’s not a short-term loan, fact about them. A former Jim Crow is to assign cause and effect, this quest Under Donald Trump, the US has Hong Kong is not a democracy and it’s community shares and longer term state, a founding member of the Con- to stop a non-existent “steal” failed to been falling into the Thucydides trap Hongkongers certainly have not bonds that can often take 10 to 20 federacy, has returned its first black mobilise enough Republicans in at by trying to counteract the economic distinguished themselves by their years to repay — but critically enable senator and, if the remaining votes least one race on Tuesday. emergence of China through “obedience to superiors” in 2019-2020. these pioneering organisations to grow match expectations, its first Jewish one Ideally, the GOP would renounce the inconsistent trade unilateralism, Yet, they have displayed an ability to in a much more sustainable way. too. The hoary trope about a New president’s behaviour in principle. without consultation with its European take collective action that should be Is there genuine expertise or a South has never rung truer. After a year With honourable exceptions, though, allies. While Brexit has weakened it the envy of the world. It was Hong willingness to support these of racial strife, the results are no less this is a party whose moral epiphany economically, Britian’s departure has Kong’s society that acted early and businesses? Are they willing to change momentous for the wider US. never seems to come. Kelly Loeffler, already provided a fillip for deeper EU decisively to combat the virus, at times their model to provide stakeholder Raphael Warnock and — pending who lost to Mr Warnock, was among integration. in defiance of public authorities. value over shareholder value. confirmation — Jon Ossoff only bring the senators who planned to challenge If Joe Biden wants to reverse his Already in January 2020, for Banks offering green retail products the Democrats level with the Republi- the certification yesterday of Mr predecessor’s unfriendly approach to has stabilised the global fiscal and example, Hongkongers were masking should be treated with caution and cans in the Senate. It is with the clinch- Biden’s win. Such reckless game- the EU, the US must reset its policy monetary system for their generation up in all public places, while the checked to see if the claims are purely ing vote of Kamala Harris, the vice- playing will be no great loss to an with a new spirit, where unilateral and beyond. wearing of face coverings in public was superficial. president-elect, that Joe Biden can now august legislature. economic and political initiatives are Furthermore, Mr Dowding can still banned by law. I, like many others, genuinely hope expect to steer at least some of his And so, failing the moral entreaties, co-ordinated with the EU, and the remain employed as a debt investor. The mask ban had been decreed by there is willingness from the industry planned reforms through Congress. He it is left to appeal to Republican self- other way round, because it takes two Stephen Butcher the government in response to the to succeed. Such willingness could will have to prioritise measures against interest. As well as a contest between to tango. Hambleton, Rutland, UK 2019 protest movement — it is actually transform bank lending, local the pandemic and its economic effects individual politicians, the Georgia run- Corrado Pirzio-Biroli still in place, now alongside a economies and the saving culture. when he is sworn in as president this offs were the first tangible public reac- Brussels, Belgium Bezos, Apple and Beijing regulation that makes mask wearing Yet, it comes with tough choices and month. Unified government, for the tion to Mr Trump’s post-defeat behav- compulsory. A strike by healthcare “building back better” should indeed Democrats at any rate, has tended to be iour. The findings hardly suggest an How to save the know what’s necessary workers in February 2020 also helped focus on the better. fleeting since the 1960s. appetite for more. The president Thank you for ending the year with an to put pressure on the government to Lisa Ashford How to husband a slim advantage is appears to be leaving his party with less monetary system editorial that is aspirational (“A better restrict travel from mainland China, Chief Executive, Ethex at least a pleasant problem to have. For institutional power than it wielded Mark Dowding in his article “We need form of capitalism is possible”, FT which was then the centre of the Oxford, Oxfordshire, UK Republicans, these election results are before him. Throw in Mr Biden’s win in to think about debt cancellation” View, December 31). outbreak. unambiguously dismal. Georgia has Arizona, and there are cracks in the (Opinion, January 5) adopts the same Perhaps the main handicap in our Stefan Auer and Nicole Scicluna Another argument been “their” state for a generation. sunbelt that is, or was, a conservative logic that the French Treasury did economy is short-termism. University of Hong Kong, Hong Kong Both of their Senate candidates were dominion. Georgia is confirming what when issuing achats or currency backed Corporations are weakened as sources for a wealth tax incumbents. Since Mr Biden’s win, they the presidential election and the previ- by church estates in a “one-off for real growth, productivity and Taiwan calling I ran Björn Brown’s thought have had two months to warn against a ous midterms implied: as much as the emergency response” that was a failed employment. As a result, our citizens experiment about the divergent Democratic trifecta in Washington. outgoing president rouses his base, it is precursor to the gold standard. The could be left in a precariat. Planet Earth lifestyles of the two investment To lose in these conditions says much not a plurality of the electorate. logic then was broadly “because they The short-termism leads to Greetings earthlings! Planet Taiwan banker brothers (“A thought about the other side’s vaunted turnout Assuming that Mr Ossoff wins, Mr could, and it sounded like a good idea disinvestment, liquidation of needed calling (Letters, January 5). experiment for the wealth tax machine. It says even more about the Biden can now command the federal at the time”. After three attempts at assets and financialisation. It leaves Your current attempts to control the enthusiasts”, Letters, January 4) and recent comportment of the Republican government. He can certainly expect to this there ensued the French behind debt and little more than a virus will not work, while your hopes the result seemed to me not as clear cut party itself. President Donald Trump’s get most of his nominations to the exec- Revolution. The populace sensed marketing shell, vulnerable to the next for the vaccine are too great. When so as he might believe. anti-democratic chicanery will not utive approved. The president-elect’s desperation, and public confidence in downturn. By contrast, Jeff Bezos at many people are being excluded from Brother One “spends profligately” overturn his defeat to Mr Biden. But it horizons will have expanded over- the monetary system was lost. Amazon, Apple management or the the vaccination effort, when there are thereby supporting the economy — eg, seems to be sinister enough on its own night, and his opponents will have Fast forward to a globalised copycat Chinese know that what we need is real several different varieties being offered the craft of building luxury cars, and terms to put off swing voters. Gabriel themselves to blame. Georgia is admin- world and there is far too much at long-term investment. Stakeholder in parallel, and the guidelines for their presumably adding to the vibrancy of Sterling, a senior Georgia Republican, istering a lesson to Republicans, if they stake to risk losing such confidence. capitalism has been proposed. The administration are not always being urban life. pinned the results in his state on would only heed it. Edward Luce’s QE-F = P or quantitative problem is that, like making taxes properly followed, when no one knows The more retiring Brother Two also easing minus fiscal action equals voluntary, it could lead to chaos. what protection they provide, or supports the economy through populism is a clue to the solution A corporation can have large whether or not those vaccinated will providing equity capital. So far so good. (“A dangerous reliance on the Fed”, impacts, but our nation’s founders still be able to carry and transmit the And he does give (tax relieved) sums to Opinion, January 4). knew that a territory can have only one virus, and many will refuse it, the charity — at his discretion. The solution is, as Mr Dowding sovereign power. They established programme looks badly conceived. However, he benefits from unearned points out, not austerity in the form of corporate law as a way to create At best, it will only provide a partial property appreciation and has an annual wealth tax, but forcing corporations. Production follows from and temporary respite from the half- arguably contributed to social division The worrying case future generations to repay the debt. many inputs: investors, employees, life you currently live. by using private schooling and by The repayment solution is by a one- suppliers and infrastructure from the So what to do? Unfortunately you leaving an (un)healthy inheritance to off inheritance tax. QE’s financial asset community. What we need is producer need to lock down properly, not in the his lucky grandchildren. of China and Jack Ma inflation side effects have capitalism. Corporate boards should halfhearted way you’re doing it now. Both brothers pay income tax and get disproportionately skewed the include a block representing investors, We know that you Earthlings love state pensions but perhaps Brother Beijing must continue to let private enterprise and innovation thrive distribution of wealth. This can be an equal block elected by employees, your personal freedoms more than Two, the thrifty one who retires as a rectified on “exit”, addressing someone from the community, and a collective wellbeing. But what sort of multimillionaire, should pay some Big technology companies have been memberment of Mikhail Khodorko- inequality and debt burdens. forensic accountant who specialises in freedom do you have now? further tax to compensate for those among the few winners from the coro- vsky’s Yukos oil company. That assault Those who miss out on these corporate management. Be bold, and we can meet again! negative externalities? navirus pandemic. A collective reliance destroyed not just a political opponent disproportionate windfalls can find Harry Thorn Graeme Maxton Mark Simmons on their services has helped entrench in Mr Khodorkovsky but also enabled solace in the knowledge their sacrifice Philadelphia, PA, US Taipei, Taiwan Cognac, France their dominance, and competition reg- the state to seize control of his business, ulators around the world are beginning then Russia’s largest oil company, as to increase their scrutiny. Financial part of a wider move to bring private watchdogs too are taking note, fearful businesses to heel. Similarly, Mr Ma The notion that the UK’s Brexit vote voting public seems to feel the UK “elite” is probably a greater indicator that Big Tech could surreptitiously and his empire posed a threat to Bei- Jibes about was driven by some kind of dangerous should continue to be a major global of feeling this way than how you voted enter their domain and pose a new type jing’s desire for centralised control in a and delusional “imperial nostalgia” player too. In a September 2020 Ipsos in 2016. of threat to financial stability. Recent critical sector. has been repeated so many times Mori poll, 41 per cent of Remain “You will still see from elites on actions by Beijing to bring the opera- Beijing’s approach is not without Brexiter since 2016 as to become a cliché. voters agreed that the UK “should try both sides different ways to make the tions of Ant Group, the country’s tech- risk. By being too heavy-handed But it is interesting to note that the to punch above its weight in world argument that Britain is big enough to nology services giant, more closely towards Ant, regulators risk being seen ‘imperial same people making this argument affairs”, with just 29 per cent of matter, but there’s then disagreement under its control appear to spring from to be targeting the private sector as a often seem to be bemoaning the Remainers saying they disagreed. about whether the EU is a vehicle or similar concerns. whole, as well as the sanctity of private extent to which the UK’s global “One of the legacies of the imperial an obstacle to that,” he says. Chinese authorities have long been property rights — both of which have nostalgia’ are influence is set to decline after Brexit. past is the assumption that Britain About 17.4m people voted to leave alert to the increasing role in the coun- played a central role in the transforma- They are upset not because they fear should punch above its weight in the the EU, which, Dr Saunders points try’s state-led financial system of Ant tion of China’s economy. The abrupt Brexit will achieve some kind of land- world, that it should be a global player out, constitutes the “largest electoral and its counterparts, such as Tencent’s pulling of Ant’s IPO last year has disingenuous grab that will return the nation to an and an influencer and a leader,” says alliance ever constructed in Britain”. WeChat. It is easy to see why. From its already hurt the reputation of its capi- abhorrent imperial past, but rather Robert Saunders, a historian and To try to explain their motives — or beginnings as a mobile payments serv- tal markets. These latest moves — because they fear Britain will lose its author of Yes to Europe! “But that idea even those of the politicians who led ice, Ant has evolved rapidly into a dig- including a demand that Ant focus on “seat at the table”. has been just as present in pro- them — as the product of “imperial ital supermarket powerhouse, ena- its core payments business and Former British prime ministers European thought as it has been in nostalgia” seems just as reductive and bling millions of users to invest, pur- improve the compliance of its securi- Tony Blair and John Major, both anti-European thought.” unhelpful as claiming they only voted chase insurance and secure loans. Ant’s ties activities, issued as part of a rare ardent Remainers, have issued And punching above one’s weight, for Brexit because they were “sold a lending business has been a key driver public rebuke by China’s central bank warnings about the UK’s reduced after all, is not just about political, lie”. (It’s never the gullible Leave of recent growth, with some 500m — could undermine business confi- influence on the world stage after economic, or military prowess; it’s voters who complain about being lied customers taking out loans through dence more generally. Many wealthy Brexit, as have other prominent about cultural, ethical and even to, but those on the opposite team.) Alipay, its payments app, in the 12 Chinese are already concerned about Remain-supporters. “We are no longer spiritual leadership too. It also feels disingenuous for months to August last year. Regulators the increasing encroachment of the ‘Great’ Britain,” tweeted former Remain-supporting shadow foreign Remainers to dismiss Brexiters’ are right to be concerned about the state on the private sector. More than Conservative MP Anna Soubry on secretary Lisa Nandy recently tweeted motives thus, when many of them risks to the wider economy of rising any other recent successful Chinese Notebook Christmas Eve after the trade deal was that Britain must be a “force for good seem anxious for the UK to retain or household debt. businessman, Jack Ma personified pri- announced. Leaving the EU, she in the world” — a view shared by 45 increase its global clout. Then again, But Beijing’s crackdown on Ant, not vate enterprise. by Jemima Kelly added, “diminishes our country, will per cent of Remainers in the Ipsos dismissing those we disagree with as least the recent disappearance from Authorities should also bear in mind make us all a little poorer & narrow Mori poll. This brings to mind an irrational, stuck in the past, or public view of Jack Ma, its limelight- that Ant, and its sister company Ali- our horizons”. image of a benevolent Britain which “deplorable”, is often easier than seeking founder, is also a stark baba, as well as Tencent, are big inves- If it really is the Brexiters who are so should steer the rest of the world in really listening to and engaging with reminder that in China, no one individ- tors not just in China but in the wider hung up on restoring the country to its the right direction, an idea that is just what the other side is saying. This is a ual or company is more important than region. There is potentially more at former imperial glory, why do so as steeped in “imperial nostalgia” — risky path to go down. As Dr Saunders the Communist party. Mr Ma has not stake than their domestic operations. many Remainers express concern that perhaps even amnesia — as any says, “the incapacity of the warring been seen in public since he criticised There are good reasons for regulators the UK should hold on to its influence Brexiter fantasy of gunboats and tribes of British politics to talk to one China’s regulators and its state-owned in China and elsewhere to beware of the abroad — an outsize influence that military glory. another is actually more dangerous, in banks in a speech in October, triggering growing fintech sector and the need for most of them would surely agree was None of this is to say that a longing the long term, than the trade the suspension of Ant’s $37bn initial tighter regulation. But it would be a set- largely achieved by virtue of its for neo-imperial splendour is absent problems or the economic problems public offering. Though he may yet re- back for China’s economic develop- erstwhile imperial ambitions? among Brexiters. But according to that Brexit might bring with it.” emerge, the episode evokes memories ment in the longer-term if the private It’s not just pro-EU politicians and Sunder Katwala, director of the think- of Vladimir Putin’s assault on Russia’s sector were to fall victim to a political commentators. The wider Remain- tank British Future, being part of the [email protected] oligarchs in the 2000s, notably the dis- drive to entrench the state. JANUARY 7 2021 Section:Features Time: 6/1/2021 - 18:55 User: alistair.hayes Page Name: LEADER USA, Part,Page,Edition: USA, 14, 1 Thursday 7 January 2021 ★ FINANCIAL TIMES 15 Opinion Biden must take a global lead on climate risk disclosure Germany is struggling to sion highlighted the powers available. It a “virtuous cycle” in which capital As a first step, the SEC should urge US joined four other providers of sustaina- Laura noted that financial regulators have markets become a powerful vehicle companies to adopt these measures. To bility disclosure standards to publish a see its future “broad authority” to require disclosure driving improved climate outcomes. be clear, this SEC response would be vision for a comprehensive reporting Tyson of material information to investors, However, a report from the US Gov- motivated not by a political agenda but system, as the starting point for a global customers, and counterparties — ernment Accountability Office reveals by genuine investor demand for trans- agreement on disclosures. without Merkel including that on climate risks. that climate risk disclosures still lack parency on financial performance. The US — home to the world’s largest, It is, of course, easy to dismiss disclo- consistency, comparability and reliabil- Already, 55 leading asset owners and deepest, and most liquid capital market s US president-elect Joe sure as a negligible rather than a trans- ity — impeding the ability of markets to asset managers — representing $41tn of — can and should be an active Biden prepares to take formational solution. But that is to allocate resources effectively. assets under management — have asked participant in this effort. europe office, many see the chal- ignore history. With the 1933 Securities To address these shortcomings, the companies to use SASB standards As part of a “whole government lenges he faces as similar to Act and the 1934 Securities Exchange because they “improve understanding approach” to addressing climate Constanze those confronted by Frank- Act, Roosevelt helped create the market of company performance on ESG issues change, Mr Biden should use the exist- Stelzenmüller Alin Roosevelt in 1933. Just as Roosevelt’s infrastructure that is still used today to As incoming president, most relevant to long-term value crea- ing regulatory powers to strengthen cor- ambitious proposals were essential to price risks and opportunities efficiently tion”. At the same time, financial insti- porate disclosure of climate and other pulling America out of the Depression, — guiding capital towards the highest he can use existing tutions responsible for $150tn of assets ESG risks. He should also rally US an equally ambitious agenda from Mr risk-adjusted returns. regulatory powers to have expressed support for the climate participation in multinational efforts to Biden is essential to rescue the country The same principle of transparency as task force recommendations. establish global standards. s Germany ready for life after chan- from the Covid-19 pandemic and an engine of change can now be applied unlock sustainable growth Public organisations — including the Consistent, comparable and reliable cellor Angela Merkel, who has ruled combat climate change. to climate and other environmental, European Commission, the Interna- information on how companies manage out a fifth term after national Ideally, Mr Biden would be able to win social and governance issues. Securities and Exchange Commission tional Financial Reporting Standards these risks will not only improve capital elections this year? bipartisan support for his policies. But, As Larry Fink, head of the fund man- should follow the lead of the UK’s Finan- Foundation and the International market efficiency, and unlock sustaina- Until recently, Germany was even with a sharply divided US Con- ager BlackRock, told chief executives cial Reporting Council. In November, Organization of Securities Commissions ble, inclusive economic growth. It can IEurope’s rock of stability, and Germans gress, the Biden administration can last year: “climate risk is investment the latter urged companies to report — have now joined the conversation. help avert a climate catastrophe. looked towards 2021 with confidence. make significant progress on issues such risk”. Standardised disclosure of climate climate information in line with the rec- The IFRS Foundation has offered to Ms Merkel was enjoying sky-high as climate risk by using executive orders risk would mean investors can allocate ommendations of the Task Force on Cli- bring together and build upon the initia- The writer is a distinguished professor at approval ratings for her steady and existing regulatory powers. capital to the best performers, and com- mate-related Financial Disclosures, and tives of the climate task force and the the University of California Berkeley. Co- management of the pandemic. Her A few months ago, a report from the panies can benchmark their climate the independent non-profit Sustainabil- sustainability standards board, and author Robert Herz, formerly chaired the leadership of the six-month EU council Commodity Futures Trading Commis- performance against peers. The result is ity Accounting Standards Board. other organisations. The SASB has also Financial Accounting Standards Board. presidency — which included throwing German economic power behind a debt-financed EU rescue package and preventing a no-deal Brexit — got (mostly) good marks. National polls have for months shown a majority for Merkel’s centre-right Christian Democratic Union (CDU) and the Green party coalition. Based on Rightwing current numbers, this potential pairing is the only two-party alternative to the now exhausted grand coalition of the CDU and centre-left Social Democrats (SPD). Tested at state level but not yet in sceptics made Berlin, it enjoys some national popular- ity. And its prospect is seen with even greater optimism in western capitals, notably among the US’s incoming Biden administration which hopes for a the crisis deeper firmer, more forward-leaning German security policy. But with the pandemic now skyrock- eting, Ms Merkel has had to extend Germany’s lockdown. Her coalition is is ruinous for someone. Mr Johnson was fighting over slow vaccination rates and britain not wrong to try to contain the virus inadequate supplies. The national mood while keeping schools open, though this has shifted from self-congratulatory to Robert depended on disastrously over-optimis- Shrimsley tic assessments of contact tracing and then mass testing capacity. The mistake The political landscape was failing to act swiftly when it became clear this strategy was not working. ahead of September’s Yet, there has been one other signifi- election looks fragmented iruses do not respect ideol- cant factor. Mr Johnson’s decisions have ogy. You cannot persuade a been overly deferential to and fearful of and volatile pandemic to seek a middle libertarian conservatives and their way. And yet when judg- media outriders. the Covid Recovery Group, are now rightwing MPs who used his status to sector has probably made things worse. glum, and the political landscape ahead ment into the UK’s corona- A vocal core of MPs and pundits focused on the speed of the vaccination increase pressure on Mr Johnson. It is An excessive focus on the price of of September’s election looks more frag- Vvirus response is finally passed it will be driven by ideology or contrarianism campaign and a more justified assault also hard to not to conclude that he has furlough and other support led to deci- mented and volatile. hard to escape the conclusion that have argued for fewer restrictions, dis- on the failings of education secretary been at the wrong end of some big calls, sions which probably increased the ulti- Start with Ms Merkel’s CDU, which excessive attention to Tory dogma has puted data and denounced a sinister Gavin Williamson. But the damage not because he spoke for the economy mate cost. elects a new party leader (and presump- cost both lives and livelihoods. health establishment. They disdained has been done. The UK’s death rate but because he reached the wrong Fighting restrictions has extended the tive candidate for chancellor) this The story of Britain’s crisis has been face masks and argued, with varying and economic prospects are among verdict on how best to serve it. misery. Around the world the econo- month. Competition among the three one of delaying the inevitable until it degrees of honesty, that higher deaths the worst in Europe. At the height of Tory dissatisfaction mies which are coping best are those official candidates — businessman Frie- is unavoidable, a vicious cycle of slow among the old and infirm are a price For most of this crisis these back- with Mr Johnson, when MPs were talk- which best controlled the epidemic. drich Merz, state leader Armin Laschet response followed by sharp correction worth paying to keep society open. Even bench MPs and pundits have had a ing up Mr Sunak as an imminent succes- There is no reason to question Mr and the federal legislature’s foreign pol- which lasts longer for starting later. after figures showed 1 in 50 have the champion to cheer at the top of cabinet. sor, the chancellor talked the prime Sunak’s motives but his status as an icy chair Norbert Röttgen — has become This pattern reached a peak on Mon- virus, the Lockdown Sceptics website Rishi Sunak, the chancellor, played a minister out of a mid-September circuit “oven ready” successor spooked the a circular firing squad. Unreassuringly, day in a juddering reverse which saw a yesterday had a section headed key role in fighting for fewer restrictions breaker. One adviser, who pushed prime minister and made him nervous “none of the above” regularly gets full lockdown. Schools were told to close “Where’s the pandemic?” which and challenging scientific advice at deci- for urgent action then, observes “too of facing down sceptics in his party, even second place in surveys seeking to on the day they reopened, hours after declared “cases are just positive tests”. sive moments. much airtime” was given to contrarians though voters support his stance. His ascertain a winner among the three. Prime Minister Boris Johnson suggested That the sceptics knew Mr Johnson’s Mr Sunak should not be lumped in whose arguments were not supported insecurity and the ferocious assaults by Bavaria’s leader Markus Söder keeps such a response was not necessary. own instincts were against severe with the other agitators. He has never by data. erstwhile allies led him to pay too much being touted as an alternative, mostly Allies point to new data, but much of the restrictions made no difference. While denied the seriousness of the pandemic. Between early September and early heed to his right flank over his health on the basis of his vigorous non-denials information was already in plain sight. some Tory MPs were questioning cer- It was important that someone speaks October, the number of reported daily secretary or advisers. and his limitless self-confidence in his The UK has been unlucky in the tain measures or government failures, for public finances and the economy. cases rose from 1,200 to 12,000, necessi- None of this absolves Mr Johnson. It is own pandemic management. But he has arrival of a more transmissible variant others rubbished the scientific advice, But his words have been seized on by tating the stricter and more long lasting his job to make the tough calls. But when little support in the party outside of his but, in the words of one member of the made him sweat over every vote and restrictions that have proved more this crisis is past, the UK would do well state; and Bavaria now has one of the government’s scientific group for emer- talked up leadership challenges. They costly to business. to take a hard look at those rightwing country’s highest covid case rates. gencies, “you make your own bad luck”. were fortified by increasingly hysterical Contrarian Conservatives In fairness to the chancellor, his pundits and MPs who spent 2020 pres- Then there is the SPD. It has an Scientific advisers are clear that letting pundits in the Tory press. These hard- stance might have been more justified suring him out of decisive action, and uncanny knack for making the CDU an RNA virus expand into the commu- line ideologists have inhibited an preyed on Johnson’s had the contact tracing worked better, to ask if these are people whose views look good, despite having real talents. nity at the end of 2020 increased the already indecisive premier. insecurities and slowed or mass testing been widely available. we should still heed in the future. Finance minister Olaf Scholz, the SPD’s chance being hit by a virulent mutation. Finally there are signs of a reckoning But he was aware of the problems. chancellor candidate, is a popular prag- There are no easy choices; each policy with reality. Tory sceptics, meeting as the UK’s response An honest desire to save the hospitality [email protected] matist. The party’s foreign policy speaker Nils Schmid has made a mark with forceful views on China. Alas, the SPD leadership has other political ideas: a Eurosceptic and anti- Nato coalition with the Greens and post- Governments need to intervene to ramp up vaccine production communist Die Linke. Most recently, it blocked a defence ministry plan to acquire weaponised drones to protect German troops deployed abroad. This also relatively cheap and easy to distrib- this one task. Instead, there is a gulf because there is an overriding health would manage such complex produc- did nothing for the party’s ratings, Gustav ute. This joint venture plans to ramp up between the rhetoric and reality of and economic interest in rapid produc- tion tasks. Also, what about the next putting a hard left three-way coalition production to 3bn jabs through 2021. vaccine production. tion expansion. Quicker vaccination pandemic when it eventually comes? out of reach. The party’s three most Oertzen But so far they have only produced There are good reasons to rely on would provide a public good that, in the There is no doubt researchers would senior defence experts have also left. about 4m. Moreover, the vaccine’s two commercial producers, so long as the jargon, is a valuable “externality” that race to develop new vaccines. Whether All of this goes some way to explain shots have an average efficacy of 70 per incentives are right. But they are not. private companies do not internalise. financiers would fund them is another why the Greens are Germany’s second cent while problems with the trial Vaccine manufacturers have little inter- There are two models to increase matter. It would depend on the final set- most popular party. Founded as an anti- he coronavirus vaccines are design could delay US and EU approval. est in expanding production massively. capacity more quickly. The first is for tlement reached between governments establishment movement, they have coming too slowly, and the Even if AstraZeneca’s production In fact, they would be financially worse governments to give additional subsi- and companies this time. become experienced in governance. cost of waiting is enormous. comes fully on stream, and other vac- dies for production, or premiums for A mix of carrots and sticks may be Their youngish leaders Robert Habeck Current production and cines from companies such as Johnson & faster deliveries. That would enable pro- needed. Financial incentives to expand and Annalena Baerbock are centrist and procurement plans mean it Johnson or Novavax are approved and ducers to pay suppliers for the costs of production could come first. These polished. But the Green base remains in Twill take up to two years before the produced, the world will lack sufficient Manufacturers have little speeding up their production, too. After could be followed by direct interven- a state of yeasty ferment — a source of world gets close to having enough doses doses for a long time. Yet every month in all, they also have to work overtime to tions, such as government patent use or unpredictability in any coalition. for everyone. This may be optimal for lockdown costs economies billions of interest in expanding create new capacity. Clearly, this forced licensing of production, if the As for the far-right Alternative for manufacturers, but it is not for society. dollars. It also increases the risk that capacity. They would be approach would be expensive. Yet it financial incentives by themselves are Germany, it has failed in its strategy of There needs to be a plan B. more virulent strains emerge, as with would be far cheaper than the ongoing not enough. co-opting parts of the CDU, and is The world needs 10bn doses of the the UK and South Africa variants. This worse off if they did cost of lockdowns. Either way, the cost of suboptimal plateauing in the polls. But it looks set to BioNTech/Pfizer or the Moderna jabs, danger will only subside when people Even so, there is no guarantee that vaccine production cannot be justified stay as a political receptacle for protest which are over 94 per cent effective, to everywhere are vaccinated. off if they did. If they ramped up pro- companies would expand production to from either a public health or an eco- votes and it continues to probe for give two shots to 5bn people, enough to Given the huge costs, the best eco- duction capacity so that the whole world the social optimum. In the second nomic point of view. Sooner or later, the weaknesses in the armour of democ- curb the disease globally. But their nomic policy would be to mobilise and was supplied within six months, the model, governments would switch to a political cost will also become unaccept- racy. As such, its existence contributes targeted annual production in 2021 is co-ordinate global resources to ramp up newly built facilities would stand empty “Covid war economy” and order mass able. There is an urgent need for a plan B to making stable two-party coalitions about 2bn units, combined. The Chi- vaccine production as fast as possible. immediately afterwards. Profits would production. Compensation payments to to produce sufficient vaccines quickly so even less likely in the future — precisely nese, Russian and Indian vaccines are Capacity needs to be expanded, subcon- then be much lower compared with cur- companies whose patents have been as to protect us all. at a time when Europe and the US most hard to judge, given doubts about their tracting to more companies if needed or rent scenarios, where existing plants used could be sorted out later, when the need a strong, reliable German partner. efficacy and safety. even setting up new factories. If we were produce at capacity for years to come. virus has been defeated. The writer is a lecturer at Leuphana Most countries’ hopes therefore rest really “at war” with the virus, govern- In short, the current plan is subopti- Here, too, there are risks. For one, it is University. Moritz Schularick contributed The writer is Fritz Stern Chair at the on the Oxford/AstraZeneca jab, which is ments would focus all their resources on mal for society. This must change, unclear how efficiently governments to this article Brookings Institution JANUARY 7 2021 Section:Features Time: 6/1/2021 - 18:35 User: alistair.hayes Page Name: COMMENT USA, Part,Page,Edition: USA, 15, 1 16 ★ FINANCIAL TIMES Thursday 7 January 2021 Informa/business events: yesterday’s schmooze The pandemic has punished the world’s largest events group, which relies on trade shows. Without revenues in physical events resuming, earnings are likely to remain subdued for years. Cost cuts will support profits but growth in operating margins will be elusive. Informa sales and profit margins Earnings per share estimates Twitter: @FTLex Pence Sales (bn) Ebit (bn) Ebit margin () counter argument is that companies US bonds/blue wave: US/China app bans: got low-cost lifelines, avoiding the king is dead expensive bankruptcies. Jobs were purple haze saved. Those bankers earned their When an investment banker wants you bonuses even if buyside investors are Interference and unreliable signals to do a deal, he or she wants you to do nursing modest paper losses today. Source: Refinitiv were once restricted to mobile phone it right away — their annual bonus may black spots. They are now features of Divisonal revenues depend on it. The timing reflexively bn Chinese tech too. Donald Trump’s promoted by Wall Street junk bond Informa Markets Informa Tech Taylor & Francis parting gifts to the sectors include a underwriters last year happened to Artificial hearts/Carmat: Informa Connect Informa Intelligence move to ban Chinese finance apps. be perfect, though. High-yield bond Among them is Alipay, a payment beating the odds sales hit record levels with global service app from Ant Group, whose issuance topping $500bn. Yields and The Tin Man’s replacement heart was parent Alibaba is already under spreads plumbed lows thanks to made of velvet and sawdust. Many estimate political assault. implicit and explicit support from early devices offered to real-life Mr Trump’s last-minute executive estimate the Federal Reserve. patients were almost as impractical. (Actual) (Estimate) Forecasts orders lack traction as the red of a Yesterday, however, the 10-year But a handful of companies have Republican presidency bleeds into US Treasury jumped back above 1 per persevered with the dream of FT graphic Source: Refinitiv Source: Numis Democrat blue. Joe Biden could revoke cent, a threshold last reached in March. developing an artificial heart. Carmat, the decrees or implement them With Democrats poised to control based near Paris, is one of them. China has largely reopened for hustle, bustle and, more importantly, that calculation is a boost to short- differently. The uncertainty is reflected Washington, expansive fiscal policy Yesterday its stock jumped by a tenth, business. Informa, a UK-listed events the deals of a physical trade show are term sales from taking part. in dithering by the New York Stock has reignited inflation concerns. on news it expected to make its first organiser and publisher, is betting the hard to replicate digitally. An expected Digital events sometimes work as Exchange over whether to delist phone The second half of 2020 may enter sales in Europe in the second quarter. rest of the world will follow suit this two-fifths decline in Informa’s well as the physical kind. But video giants China Mobile, China Telecom the record books as the peak of a Growing numbers of people succumb summer. That prediction of revenues last year testifies to that. conferencing is, for now, an awkward and China Unicom. decades-long bull market for bonds. to heart disease each year, far normality is optimistic. Physical Cost cuts of £600m should leave the compromise. Technology is cranky — It is evident in share price swings too, At the end of 2020, the spread on outstripping the supply of donor hearts events may have resumed in parts of company well placed when a recovery witness the speakers who vanish though the main listings of China’s the ICE BofA corporate bond index available for transplantation. Artificial Asia. They remain rare elsewhere. eventually comes. The savings target mid-sentence because of dodgy WiFi three largest telecom operators are in had fallen to just 1 per cent. This when hearts are an obvious, but technically That is a problem for Informa. has raised hopes that margin growth — chance interactions with clients are Hong Kong. Shares of China Telecom unemployment remained historically challenging, solution. Two-thirds of its revenues once came can outpace revenues in coming years. sparse and trust harder to establish. are down a fifth since Mr Trump first elevated and the pandemic continued Carmat’s device uses electronic from gatherings such as the Fort Informa expects adjusted operating Analysts do not expect group drafted a blacklist banning US unabated. Even low-rated unsecured sensors to regulate heart rate and Lauderdale International Boat Show. profits in 2020 to be £270m — less than revenues to return to 2019 levels investment in companies with links to junk bonds were selling on yields of blood flow. EU regulators have Bringing together thousands of half the previous year. until 2025, according to Refinitiv. China’s military. The state-run telecom just 5 per cent. approved it as a “bridge” for patients people is tough in a pandemic. Even Shares trading at 2016 levels are Operating profits are expected to operator has negligible business in the For companies, particularly those in waiting for a donor heart, of which where physical events are permitted, priced for disappointment. Investors surpass last year’s as early as 2022. US. Similarly, the ban on Chinese apps the troubled travel and hospitality there are at least 2,000 in five big people are reluctant to attend. are sceptical on the outlook for The latter forecast depends on is targeted at services such as Alipay sectors that loaded up on cheap cash, European countries. If the heart can There has been a surge in online business events. Conference physical events returning in full force and Tencent’s QQ Wallet that are little 2020 and 2021 may have provided the win approval for long-term use, its events, fuelled by unspent corporate participants are willing to pay high fees this year, which is unlikely. If only used by Americans. best possible scenario for a terrible potential market could be much bigger. marketing budgets. Informa has only if they foresee a decent return on there was a trade show Informa could Ant and Alibaba would suffer little pandemic. As the economic and health A hefty price tag — probably about joined in the scramble. But the the investment. The main input into attend in search of a solution. immediate top-line damage. US crisis eases later this year, profits €160,000 per device — will limit businesses face disruption to cross- will pick up, enabling them to avoid uptake. Carmat will also need to border payments if they can no longer distress. And with inflation finally persuade surgeons it is better than connect with payment systems apparent, they will repay obligations in alternatives. SynCardia of the US — succeeds commercially, it would bring to steward within Italy’s robust family management, which last year produced ubiquitous in China. The Chinese dollars that have become less valuable. now owned by private equity group new hope to heart patients and a business sector. Delfin, Mr Del about 10 per cent of its operating businesses would, however, miss out Rock-bottom interest rates powered Versa Capital Management — secured similar deal would be possible. Vecchio’s investment vehicle, has income. He believes Italian families on possible US growth. by a central bank backstop drove up approval for its own totally artificial almost tripled its money on eyewear have more than €4tn in savings and Mr Biden is unlikely to seek a full valuations of all risk assets in 2020. heart as long ago as 2004. over 10 years. The Italian bourse has are weary of low-yielding bonds. rapprochement with China. What he What next? Will higher interest rates Mechanically assisted pumps, known returned just half. He probably wants Mediobanca to can do is clarify whether he will roll coupled with a strong economy keep as ventricular assist devices, also help Del Vecchio/Mediobanca: Mr Del Vecchio has approval to make an acquisition. Banca Generali, back executive orders targeted at equities afloat? Or will inflation hedges heart failure patients in a market his glass menagerie increase his Mediobanca stake to just Generali’s majority-held wealth Chinese business, and if not, how he such as gold and bitcoin be the main worth about $2bn globally. under 20 per cent, the bid threshold. manager, is often mooted. A share will implement them. beneficiaries? Either way, brave Carmat only has funds to get through Italian finance has always had its fixers, Through Mediobanca, his reach may swap between Mediobanca and This would reassure bewildered investors have a hedge in leveraged to the third quarter. But the business from Cosimo de Medici to Enrico extend to insurer Generali, in which Generali might do the trick. Asset investors, who are best served by clear, loans which pay floating interest rates. should secure fresh financing. A risk- Cuccia. The latest contender is eyewear the bank owns a stake, as does Delfin gatherer Fineco has a strong online principles-based regulation. It would Of course, a 10-year Treasury at 1 per adjusted net present value calculation tycoon Leonardo Del Vecchio. The separately. Mr Del Vecchio has also presence and may be another target. show the US is no longer ruled with a cent, 1.5 per cent or even 2 per cent is would justify a share price two-thirds octogenarian is raising his stake in long owned just under 2 per cent of Otherwise, Mr Del Vecchio could wait whim of iron by a would-be strongman. still historically low. This underscores higher than now, says Edison, a Mediobanca, a powerful homegrown UniCredit, which is under government for a bank such as BPER to merge with The contrast with China, as it cracks the conditions in the debt markets in research firm that works for Carmat. investment bank, to almost 12 per cent. pressure to take over weaker lender, a peer and divest its wealth arm Arca, down on Alibaba, would be obvious. 2020 that may never recur. Some Thoratec, a market leader in Having made billions from Luxottica, Monte dei Paschi di Siena. which has about €30bn of client assets. believe propping up zombie companies ventricular devices, was acquired by the business he founded, Mr Del A combination of UniCredit with Mr Del Vecchio can afford to watch Lex on the web — those whose operating profits cannot St. Jude Medical, now a subsidiary Vecchio can be expected to tilt Mediobanca would have fewer messy and wait. He may not be a prince like For notes on today’s stories service debts — is a perversely of Abbott Labs, for a 40 per cent institutions he touches towards wealth overlaps. But Mr del Vecchio would Cosimo, but he has potential as a go to www.ft.com/lex inefficient allocation of capital. The premium in 2015. If Carmat’s device management. There is plenty of lucre prefer Mediobanca to expand in wealth kingmaker. CROSSWORD No 16,677 Set by REDSHANK ACROSS 1 Opening lines in court (8) 5 A team’s more popular numbers (6) 10 Stomach’s wind spasm overcomes resistance (7) 11 Like a new fiddle that’s free? (7) 12 Wants current reversed between poles (5) 13 Two blokes reportedly wasted cast (5,4) 14 Deborah and Tracy misused source of energy (12) 18 Pricey French article to engrave for obstacle race (12) 21 Sudden low pressure stopping top-class missile (3,6) 23 Bypass English Channel on return trip (5) 24 Theatre worker and caviar supplier short of time (7) 25 Head office put on The Prisoner for money (7) 26 Record husband visiting latest relative (6) 27 Member of CID’s in nick with Yankee regularly (8) DOWN 1 Persuasive businessman (6) 2 Arab accepts all the main headings in reply (6) 3 Pack instrument for trickster (4,5) 4 Film burglary by leader of gang raising JOTTER PAD the bar (6-8) 6 Forecaster is over beside lake (5) 7 Transfer county charge (8) 8 Got down old Scandi books by new editor (8) 9 Stop fighting, polish up still, hiding Solution 16,676 where the drink goes (4,3,7) 15 Spent days downing cola for wind 37(52'$&7 JANUARY 7 2021 Section:FrontBack Time: 6/1/2021 - 18:40 User: alistair.fraser Page Name: 1BACK, Part,Page,Edition: USA, 16, 1