THURSDAY 26 AUGUST 2021 WORLD BUSINESS NEWSPAPER EUROPE

Tech Britannia Pot of gold Asimov power Cambridge hub provides template Niche lenders reap high profits from Sci-fi vision for solar panels in space for success — BROOKE MASTERS, PAGE 19 cannabis growers — BIG READ, PAGE 17 shows promise — INSIDE BUSINESS, PAGE 6

Tour of duty Briefing Harris tests i Nato chief flags terror threat to airlift Jens Stoltenberg has warned that the risk of an attack on troops running evacuations from Kabul mood in Asia airport is rising every day as the August 31 deadline approaches.— PAGE 2; MALEEHA LODHI, PAGE 19 Kamala Harris pays her respects at the memorial in Hanoi to former US senator i EY fined £2.2m over Stagecoach audit John McCain on the third anniversary of A London watchdog has penalised the firm over its his death. The site marks the spot where audit of the UK-listed transport group. It fined Mark his navy aircraft was shot down by the Harvey, the partner concerned, and ordered him North Vietnamese in 1967. and EY to pay £600,000 costs.— PAGE 6; LEX, PAGE 20 The US vice-president is on a tour of south-east Asia aimed at bolstering i Big step for Biden’s economy legislation Washington’s influence in the face of The US House of Representatives has approved the increasing Chinese assertiveness, and to framework for the president’s $3.5tn spending plan, see first-hand the region’s recovery from after days of talks among Democrats. The detailed the Covid-19 pandemic. bill can now be debated later in the year.— PAGE 4 South Korea, a leading US ally in the region, called on Washington yesterday i Race to succeed Merkel blown open to encourage drugmakers to share the The chancellor’s Christian mRNA technology that would allow it to Democrats have lost their poll boost domestic vaccine output to tackle lead, piling heat on candidate the risk from the Delta variant. Armin Laschet. It also raises Vaccine deadlock page 4 the prospect of a centre-left Evelyn Hockstein/Reuters government in Berlin.— PAGE 2 i OnlyFans makes U-turn on porn ban The social media platform has reversed its decision to ban explicit content after founder Tim Stokely’s criticism in the FT of “unfair” banks sparked fresh UK watchdog’s Binance warning talks with “larger institutions”.— PAGE 8; LEX, PAGE 20 i German business outlook darkens The widely watched business climate index from the Ifo institute has shown supply chain disruptions and concerns about a resurgence in Covid infections raises alarm over crypto-platforms taking a toll on business expectations.— PAGE 2 i J&J says booster jab shows strong results 3 3 3 The healthcare group has said initial data shows a FCA sees risks to consumers Exchange fails to answer queries Group has no fixed HQ strong antibody response to coronavirus. Booster shots are hotly debated as the WHO urges a focus ADAM SAMSON, PHILIP STAFFORD tial risks to consumers buying frequen- ment company, had supplied insuffi- ates in different jurisdictions to access instead on vaccinating poorer nations.— PAGE 4 AND EVA SZALAY — LONDON tly unregulated products through crypto - cient information on the wider group’s the conventional banking system. One of the leading financial regulators currency businesses, which can often products offered in the UK, as well as Changpeng Zhao, its chief executive, has said it is “not capable” of properly circumvent national bans by giving other business details. That meant Cay- has vowed to boost compliance, while Datawatch supervising Binance despite the “signifi- users access to facilities based overseas. man Islands-incorporated Binance “was watchdogs question the rigour of its pol- cant risk” posed by the cryptocurrency The London watchdog censured not capable of being effectively super- icies to stop money laundering and the exchange’s products, which allow con- Binance two months ago, saying that the vised”, it said. Binance said financing of terrorism on its platform. President under pressure Joe Biden’s sumers to take supercharged bets. company was unauthorised to offer con- Binance said it continued to “engage it continued to The exchange had indicated to the Biden’s approval ratings (%) approval ratings Binance is among the biggest crypto ventional financial services or offer a with the FCA to resolve any outstanding ‘engage with the FCA that its UK operations were sepa- are now net exchanges, facilitating hundreds of bil- crypto exchange within the UK. Regula- issues that may exist”. It added that it FCA to resolve rate from other parts of the group. But Approve 55 negative for the first time since lions of dollars of transactions each tors in other major financial hubs have had complied with requirements the any outstanding internal Binance documents seen by the 50 the inauguration, month. also expressed concern but the com- FCA put in place in June, including post- issues that Financial Times say “Binance is operat- as his presidency But the Financial Conduct Authority pany has continued to offer crypto trad- ing of notices to its website. may exist’ ing an FCA regulated business” and 45 is besieged by said Binance’s UK affiliate had failed to ing to consumers around the world. The FCA kicked off a string of warn- notes “consumers will be subject to the a coronavirus respond to basic queries, making it The FCA said yesterday that Binance’s ings by global regulators by banning FCA regulatory guidelines”. Disapprove 40 resurgence at impossible to oversee the sprawling “complex and high-risk financial prod- Binance’s UK affiliate from offering reg- Binance said: “The information pro- home and fallout group, which has no fixed headquarters ucts” posed “a significant risk to con- ulated products in the country. But Brit- vided to the FCA is correct and we con- 35 from the US Jan 2021 and offers services around the world. sumers”. It added that one of Binance’s ish consumers can still trade derivatives tinue to have good faith discussions with Aug withdrawal from The admission underscores the chal- London-based affiliates, which is regis- and other regulated products on the UK regulator.” Source: RealClearPolitics Afghanistan lenge authorities face in tackling poten- tered with the watchdog as an invest- Binance.com. The exchange uses affili- Lex page 20 Delta makes unvaccinated staff pay up as Biden pushes business to get tough

STEFF CHAVEZ — CHICAGO impose a financial penalty, although it Three-quarters of Delta employees stopped short of introducing a vaccine are vaccinated. Bastian said he wanted Delta Air Lines has said it will levy a mandate, a step taken by United Air- that number to rise to “as close to 100 $200 a month surcharge on unvacci- lines and Amtrak. per cent as possible”. nated employees enrolled in its health- Ed Bastian, Delta chief executive, said Following the FDA’s full approval of care plan in the latest example of US Sex appeal sells extremism the airline had decided to impose the the BioNTech/Pfizer jab, “we can be companies raising pressure on workers $200 surcharge from November to insu- confident that the . . . vaccine is safe in France’s ‘fascist-sphere’ to have the Covid-19 jab. late its healthcare plan against the and effective”, Bastian told staff. “The Analysis i PAGE 3 The first fully fledged approval of a vac- “financial risk” of paying for employees time for you to get vaccinated is now.” cine this week by the US Food and Drug sick with Covid-19. The chief executive added that from Administration, which gave a green In a memo to staff, seen by the Finan- September 30, only fully vaccinated Austria €3.90Malta€3.70 Bahrain Din1.8 MoroccoDh50 light to the BioNTech/Pfizer jab, has cial Times, Bastian said the average cost Delta employees with a breakthrough Belgium €3.90Netherlands €3.90 Bulgaria Lev7.50 Norway NKr40 prompted a string of companies to of an employee’s Covid-related hospital infection would be eligible for Covid-19 Croatia Kn29 Oman OR1.60 introduce tougher rules on inoculations. treatment was $40,000, and that all its pay protection while quarantining. Cyprus €3.70PakistanRupee350 Czech RepKc105 Poland Zl 20 Joe Biden has urged business leaders infected workers in recent weeks had Bastian said the moves were a Denmark DKr38Portugal €3.70 EgyptE£59Qatar QR15 to “require vaccinations” for employ- not been fully vaccinated. response to the fast-spreading Delta Finland €4.70 Romania Ron17 ees, and several have complied with the In addition, a mask mandate will variant. “Over the past few weeks, the France €3.90Russia €5.00 Germany€3.90 Serbia NewD420 US president’s request, including the come into effect immediately for fight has changed with the rise of the Gibraltar £2.90Slovak Rep€3.70 Greece €3.70Slovenia €3.70 investment bank Goldman Sachs, the unvaccinated Delta workers and, B.1.617.2 variant,” he said, pointing to Hungary Ft1200 Spain €3.70 accountancy firm Deloitte and phar- beginning on September 12, employees the increase in US hospital admissions India Rup220 Sweden SKr39 Italy €3.70Switzerland SFr6.20 macy operator CVS Health. who are not fully vaccinated must and deaths. Lithuania €4.30 Tunisia Din7.50 Luxembourg€3.90 Turkey TL23 Delta is the first big US company to submit to a weekly Covid-19 test. Goldman calls shots on vaccine page 8 North Macedonia Den220 UAEDh20.00

Subscribe In print and online World Markets www.ft.com/subscribetoday STOCK MARKETS CURRENCIES INTEREST RATES email: [email protected] Aug 25 prev %chg Aug 25 prev Aug 25 prev price yield chg Tel: +44 20 7775 6000 S&P 500 4498.20 4486.23 0.27 $ per €1.175 1.176 £ per $0.728 0.728 US Gov 10 yr 148.95 1.32 0.05 Fax: +44 20 7873 3428 Nasdaq Composite 15036.52 15019.80 0.11 $ per £1.373 1.373 € per £1.169 1.168 UK Gov 10 yr 0.60 0.06 Dow Jones Ind 35474.78 35366.26 0.31 £ per €0.856 0.857 ¥ per €129.383 129.007 Ger Gov 10 yr -0.42 0.06 © THE FINANCIAL TIMES LTD 2021 FTSEurofirst 300 1818.50 1819.44 -0.05 ¥ per $110.100 109.695 £ index 81.633 81.694 Jpn Gov 10 yr 117.26 0.02 0.00 No: 40,796 ★ Euro Stoxx 50 4180.97 4178.08 0.07 ¥ per £151.184 150.612 SFr per £1.256 1.252 US Gov 30 yr 115.67 1.95 0.05 FTSE 100 7150.12 7125.78 0.34 SFr per €1.075 1.072 Ger Gov 2 yr 105.58 -0.74 0.01 Printed in London, Liverpool, Glasgow, Dublin, FTSE All-Share 4119.44 4104.84 0.36 € per $0.851 0.850 Frankfurt, Milan, Madrid, New York, Chicago, San Francisco, Tokyo, Hong Kong, Singapore, Seoul, CAC 40 6676.48 6664.31 0.18 Dubai Xetra Dax 15860.66 15905.85 -0.28 COMMODITIES price prev chg Nikkei 27724.80 27732.10 -0.03 Fed Funds Eff 0.10 0.08 0.02 Hang Seng 25693.95 25727.92 -0.13 Aug 25 prev %chg US 3m Bills 0.05 0.05 0.00 MSCI World $3122.00 3112.57 0.30 Oil WTI $68.02 67.54 0.71 Euro Libor 3m -0.56 -0.56 0.00 MSCI EM $1270.01 1237.53 2.62 Oil Brent $71.81 71.05 1.07 UK 3m 0.07 0.07 0.00 MSCI ACWI $734.64 730.48 0.57 Gold $1808.45 1802.00 0.36 Prices are latest for edition Data provided by Morningstar 2 ★ FINANCIAL TIMES Thursday 26 August 2021

INTERNATIONAL

Kabul evacuation Recovery Supply chain Nato warns of Afghan airlift attack threat issues and

Stoltenberg fears growing airport was not theoretical but “a real faced was getting people into the air- main danger in Kabul, remained “very renewed questions over the future of the Delta variant danger”. In an interview, he said: “On port, rather than operating the flights, high”, a UK military official said, adding Nato alliance and its heavy reliance on risk of terror, especially if the one hand we would like to have as he said. “Even if we decided to extend, that the group’s tactics typically the US. But Stoltenberg insisted the August 31 deadline missed much time as possible to get as many then we will still need to get people into included suicide bombers, vehicle “transatlantic bond” remained critical dent German people out as possible. At the same the airport, and the area around the air- bombs and small arms fire attacks. for a credible defence of Europe. The EU SAM FLEMING — BRUSSELS time . . . if we stay beyond [the] August port, Kabul and the rest of the country is More than 82,300 people have been alone could never defend Europe, he confidence HELEN WARRELL — LONDON 31 [deadline], especially if we don’t have controlled by the Taliban.” evacuated since August 14 from Afghan- said, pointing to the large share of Nato at least a kind of tacit consent of the Tali- Brigadier Dan Blanchford, who is istan, according to the White House, all defence spending from outside Europe The risk of a terrorist attack at Kabul ban, the danger increases [of] attacks.” leading the UK evacuation effort at facilitated by the continued US troop and the importance of non-EU coun- VALENTINA ROMEI — LONDON airport is increasing every day, the head Stoltenberg described the effort as Kabul airport, told the FT British sol- presence. Of those, the UK has evacu- tries in defending the region. German business expectations fell of Nato has warned, as he described the one of the biggest evacuation attempts diers were “redoubling” their efforts to ated 10,291 people, including 6,308 “Whatever happens in Afghanistan, sharply in August as supply chain dis- “dilemma” countries faced in deciding in history, adding that roughly 20,000 identify those most at risk and bring Afghan partners, 341 embassy staff, and North America and Europe have to ruptions and concerns about a resur- when to halt efforts by foreign troops to people a day were being airlifted out, them to the airport as the deadline 2,570 British nationals and their fami- stand together . . . We face a shifting gence in Covid-19 infections weighed airlift people out of Afghanistan. including a growing number of Afghans. loomed. Evacuees were “subjected to lies. About 2,000 Afghans who are eligi- global balance of power, a more aggres- on the recovery from the pandemic in Speaking a day after US president Joe When the military process was over, he some pretty harrowing and extreme ble for resettlement in the UK, including sive Russia and the rise of China. As long the eurozone’s largest economy, Biden opted to stick to his plan to with- said, Nato would continue to work on conditions” on the way to the airport. translators, drivers and others who as North America and Europe stand according to data published yesterday. draw US troops by the end of the month getting people out via commercial British troops have reinforced barri- worked alongside British forces, still together, we are able to tackle all these despite European opposition, Jens flights, and would press the Taliban to ers around the evacuation handling cen- hoped to get out, a military official said. challenges. This is important for Europe A widely-watched business climate Stoltenberg, Nato secretary-general, open up land routes as well. tre, but the threat of an attack by Isis-K, The US decision to withdraw com- but it is also important for the US.” index produced by the Ifo Institute in said the terrorist threat faced at the The main challenge Nato members an Afghan Isis affiliate considered the pletely from Afghanistan has sparked See Opinion Munich fell to 99.4 in August, from 100.8 in the previous month. It was the second consecutive monthly decline after steady improvement since the start of this year. Dangerous journey. Rescue mission It was dragged down in particular by businesses’ expectations for the next six months; that index dropped to a six- month low of 97.5, from 101.2 in July. Woman relives terror of escape from Kabul Economists polled by Reuters had expected only a marginal dip to 100. “Supply bottlenecks for intermediate products in manufacturing and worries US citizen puts safety in hands about rising infection numbers are of brave friends who help putting a strain on the economy,” said Clemens Fuest, president of the Ifo her cross border to safety Institute. Because of the fears about the possi- bility of new lockdowns, “concerns are KATRINA MANSON — WASHINGTON growing in the hospitality and tourism The call came at 11pm on Thursday sectors”, he added. night. Shaqaiq Birashk received a mes- Taken in conjunction with a recent sage telling her to be ready. Twenty min- softening in Germany’s Zew sentiment utes later, an Afghan driver arrived at index and surveys of purchasing man- her home in downtown Kabul and she agers, the data suggest “a loss of climbed into the vehicle. The under- momentum for Germany in the second cover rescue mission had started. half of the year”, said Carsten Brzeski, Ever since the fall of Kabul to the Tali- global head of macro at ING bank. ban, the 37-year-old US citizen, a former “If hard data follows the levelling-off Afghan refugee who was an adviser on a of soft indicators, the economy’s return US-funded Afghan government project, to pre-crisis levels will be delayed,” he had been trying to find a way out of the warned. country. In contrast, companies reported a She watched with panic as the Taliban strong improvement in current condi- walked into the presidential palace on tions, with the corresponding index ris- Sunday August 15 and the following day ing to its highest level since May 2019. as the huge national flag that usually Andrew Kenningham, chief Europe flew over a hilltop was taken down. economist at Capital Economics, said “That was the moment that actually this suggested the German economy confirmed everything,” she said, recall- was “still buoyant” and forecast “very ing how she collapsed into tears. “My strong” growth in gross domestic prod- heart was in my throat. The effort of the uct in the third quarter of about 3 per last 20 years all gone — the lives lost, on cent from the previous three months. all sides, the sacrifices of the mothers The German economy grew 1.6 per cent and the wives on all sides, and the in the second quarter. dreams . . . just being flushed.” Happier times: and family. Determined to avoid death Afghan security forces, who handed her together, the helicopters took the short However, “supply chain difficulties The Taliban’s victory came after the Shaqaiq Birashk by stampede, she began to mentally pre- over to US special operators. ‘My heart ride to Kabul’s airport. A second US citi- will continue to hamper the manufac- Biden administration followed through looks out from pare herself for life under Taliban rule. On Friday, President Joe Biden was in my zen, who took the same helicopter flight turing sector and the Delta variant will on a 2020 deal that then-president Don- one of the But by Thursday, one of her Afghan acknowledged rescue operations in as Birashk after his two earlier attempts dampen prospects for the hospitality ald Trump struck with the Taliban to Buddhas of friends who had links to the US was try- public remarks just moments after throat. The to reach the airport failed, corroborated sector”, he said. Although he previously withdraw all US troops in Afghanistan Bamyan, which ing to get her and others out. She aides said he was briefed on them. The effort of the her account of the ride. The FT delayed forecast 4 per cent GDP growth over the and bring an to end America’s longest- the Taliban received a text message and then a call US had airlifted 169 US citizens from the publication of this article at the request course of 2021, he has revised that down running war. The US had first deposed destroyed from a man who said he was a friend of Baron hotel into the airport. The com- last 20 of the Biden administration. to 3 per cent in light of the deterioration the Taliban in 2001. Now, the Islamist before the 2001 her friend, and a representative of the mander had “made a call on the spot” in years all “It was a very difficult ride. I didn’t in recent sentiment data. group was back in power. US-led invasion US government. that instance, Pentagon spokesman know if that was going to be my last Sentiment declined particularly Their victory sparked chaos at But she wavered, upset at the thought John Kirby later told reporters. gone’ observation of the country,” Birashk sharply in the manufacturing sector. Kabul’s airport as people tried to leave. of others being left behind, and declined On Monday, Kirby said the US had said tearfully. “After 20 years of Afghans Although companies reported some- With the Taliban controlling key routes the offer of help. The friend rang back made “at least one” additional airlift being told to dream, taught how to what weaker demand, they were largely to the US-controlled Hamid Karzai and insisted there wasn’t time to wait: since then and was “going out as needed dream, the promises that they’ll never positive about current circumstances. International Airport, Birashk watched the security situation was changing rap- and helping Americans get into the be left behind — all of those broken.” But their outlook for the coming months in horror as a scrum unfolded outside. idly and she had to go. That Thursday [air]field”. Birashk and the others were checked fell sharply; the corresponding index hit On Tuesday, Birashk received an night, she climbed into the car. An inter- He said commanders on the ground in by the US military and handed over to its lowest level since last November. email from the US embassy telling her to national Afghan couple, each carrying a had the authority to conduct local mis- the Hungarian military to be brought to Businesses in the services sector head towards the airport. But the cha- European passport and visa, were sions on a case-by-case basis. Biden said Uzbekistan, where officials looked after reported better conditions than in pre- otic scenes made her change her mind. already inside the vehicle. on Tuesday that the US had evacuated the shaken group. vious months, but their optimism about By Thursday morning, she had received They passed a few Taliban check- and facilitated the evacuation of about Birashk then flew to Budapest from the future “has faded”, Fuest said. three evacuation emails from the US points on their way to an undisclosed 70,700 people since August 14. where she was due to fly on to the US. Construction bucked the trend. Com- government. But going to the airport location. Birashk noticed how young “The military is really trying to come Birashk, who is deeply appreciative of panies reported both better current was “equivalent to going through the some of the Taliban were, some in their up with creative ways to cover the mess her US rescuers, called Biden’s with- business and improved expectations. death valley”, she wrote in a message to teens, too young even to have grown of the administration’s departure,” drawal “irresponsible and inhumane”. Like many other advanced economies, the Financial Times. beards yet. Not all of them looked Birashk said. She added: “I have vowed that I’ll Germany is experiencing strong hous- “I wanted to leave with respect,” she Afghan to her. Eventually, they arrived Birashk lined up and got into one of never be voting for this administration ing demand and fast house price would later say in a message to friends at the location. Birashk was greeted by three Chinook helicopters. Flying close . . . again.” growth.

CDU woes MAKE A SMART INVESTMENT Subscribe to the FT today at FT.com/subscription German election thrown wide open after SPD takes poll lead

ERIKA SOLOMON — BERLIN FRIDAY 31 MARCH 2017 WORLDBUSINESSNEWSPAPER UK £2.70 Channel Islands£3.00; Republic of Ireland €3.00 weakness of the CDU, rather than the The SPD is being helped by a surge of party’s change of fortune. “We will work Trump vs theValley AFiveStarplan? Dear Don... Tech titans need to minimise Italy’s populistsare trying to woo May’s first stab at thebreak-up relative success of the SPD,” said Peter support for its candidate, Olaf Scholz, every day for a good result, and we are political risk —GILLIAN TETT,PAGE 13 the poor —BIG READ,PAGE 11 letter —ROBERTSHRIMSLEY,PAGE 12 With only a month until voters deter-

Lloyd’s of Brussels Insurance market UK £3.80;ChannelIslands £3.80; Republic of Ireland €3.80 SATURDAY1APRIL / SUNDAY2 APRIL 2017 HMRCwarns Briefing Matuschek, chief political analyst at with a 35 per cent rating in polls. not looking at polls every day,” she said. to tap newtalent poolwith EU base i US bargain-hunters fuel EuropeM&A Europe has become the big target for cross-border dealmakingTHE,asUScompanies ride aTErump-fuelledND HOW DRIVERLESS equity marketrally to huntfor bargains across the Atlantic.—PAGE15; CHINA CURBS HIT DEALS, PAGE 17 mine Chancellor Angela Merkel’s suc- customs risks TECHNOLOGY IS iRepoOFrt outlines longe THErNHS waiting times Areport on how thehealthservice cansurvive CHANGING AN being swamped more austerity has saidpatientswillwait longer for polling group Forsa, noting a roughly 10 As Merkel’s finance minister, he Laschet’s campaign has been lacklus- non-urgentoperationsand for A&Etreatment while AMERICAN WAY OF LIFE some surgicaROlproceduresAD will be scrapped.—PAGE4 Censors and sensitivity iEmerging nations in record debtsales Warning: this article may be FT WEEKEND MAGAZINE 17 cessor, her party has lost what had Developingcountries have soldrecord levels of upsetting — LIFE & ARTS 20 by Brexit surge government debt in the first quarter of this year, taking advantage of asurgeinoptimism toward emerging markets as trade booms.—PAGE15 percentage point drop in CDU ratings steered the economy through the pan- tre and he stumbled in the wake of July 3 Confidence in IT plans ‘has collapsed’ iLondon towerplans break records FEBRUARY 4 Asurvey hasrevealed that a Art of persuasion Mysterydeepens 3 Fivefold rise in declarationsexpected record 455 tall buildings are How To Spend It plannedCredit or under construction Suisse overdisputedpainting of Jane Austen JAMES BLITZ —WHITEHALL EDITOR seemed a near certain path to victory, adjust its negotiation position with the in London. Work began on EU,aWhitehall official said. “If running almost onetoweraweek Acomputer system acquired to collect our own customs system is proving during2016.—PAGE4 duties and clear imports into the UK much harder than we anticipated,that maynot be able to handle the huge ought to have an impactonhow we iTillersonengul fails to ease Turfekeytensionsdin since the last Bundestag election. demic and has more government expe- floods that killed more than 180 people surge inworkloadexpectedonce Britain press forcertainoptions in Brussels.” TheUSsecretary of state has failed to reconcile leavesthe EU,customs authorities have In alettertoAndrew Tyrie,chairman tensions aftertalks in Ankarawith President Recep admittedtoMPs. of the Commons treasury select com- Tayyip Erdogan on issues includingSyria andthe Chic new lodgings breaking open the German election fresh tax probe “When you look at the numbers, 23 per rience than either Laschet, governor of when he was caught on television laugh- and raising the chances of a govern- cent for SPD would not have been a great Germany’s largest state, who has an ing while the German president gave a ment led by the centre-left Social FINANCIAL TIMES 28821, Coslada, Madrid. Legal Deposit Number result in previous elections.” 11 per cent rating in polls, or the Greens’ sombre speech to flood victims. Bracken House, 1 Friday Street, London EC4M 9BT. (Deposito Legal) M-32596-1995; Democrats. Publishing Director, Roula Khalaf; The SPD’s poll rating is only 3 points candidate Annalena Baerbock, with Bitter divisions that have resurfaced Subscriptions & Customer service Publishing Company, The Financial Times Limited, Subscription offers: www.ft.com/subscription registered office as above. Local Representative office; Armin Laschet, candidate for Merkel’s higher than its historically poor result in 15 per cent. within the centre-right have also not Contact: +44 207 775 6000, [email protected] C/ Infanta Maria Teresa 4, bajo 2, 28016, Madrid. ISSN centre-right Christian Democrats, is the last federal election, when it became However, the most popular candidate helped. Söder had originally sought the Manage your personal account: mma.ft.com 1135-8262. 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The latest Forsa survey has the “I admit that a few weeks ago, I would Other CDU leaders say such attacks Italy: Monza Stampa S.r.l., Via Michelangelo Buonarroti, Practice: www.ft.com/editorialcode 153, Monza, 20900, Milan. Tel. +39 039 28288201 SPD at 23 per cent compared with the have had higher goals,” said Markus are not enough to explain to voters what Owner, The Financial Times Limited; Rappresentante e Reprints are available of any FT article with your CDU’s 22 per cent. In betting markets, Söder, head of the CDU’s Bavarian sister the party will stand for after Merkel. Direttore Responsabile in Italia: I.M.D.Srl-Marco Provasi - company logo or contact details inserted if required Via G. Puecher, 2 20037 Paderno Dugnano (MI), Italy. (minimum order 100 copies). the SPD-led government has a 50-50 party, the Christian Social Union, said “We need to hit the . . . reset button,” Milano n. 296 del 08/05/08 - Poste Italiane SpA-Sped. in One-off copyright licences for reproduction of FT articles Abb.Post.DL. 353/2003 (conv. L. 27/02/2004-n.46) art. 1 are also available. chance of leading the next government on Tuesday. “That’s becoming more and said the CDU’s Michael Kretschmer, .comma 1, DCB Milano. For both services phone +44 20 7873 4816, or email after the September 26 vote. more difficult and, one has to admit, not Armin Laschet, left, visits a nature premier of Saxony. “This election cam- Spain: Bermont Impresion, Avenida de Alemania 12, CTC, [email protected] “What’s most striking here is the entirely realistic.” reserve in Priwall, north Germany paign in Germany is bumbling along.” Thursday 26 August 2021 ★ FINANCIAL TIMES 3

INTERNATIONAL France’s online fascist-sphere brings hope and risks for far right Influencers do Le Pen’s ‘dirty work’ but there is a danger they will split her vote

ANNA GROSS — TOULOUSE April’s election. According to Ipsos and Ifop polls, the RN is now the most popu- Wearing a tight-fitting leopard print lar party among those aged 25-34, while dress, 25-year-old Estelle “Redpill” says President Emmanuel Macron leads her sex appeal is helping to awaken citi- among the 18 to 24s. But many in these zens to the dangerous political reality cohorts often do not vote. In the 2017 facing France at next year’s presidential presidential election, 63 per cent of election, especially when it comes to those under 34 abstained in the first immigration. round. Self-named after a truth-revealing red One aim of the fachosphere is to sway pill in the 1999 film The Matrix, she is potential voters and make them more one of a number of rightwing social politically engaged. media influencers who have exploded No one has leaned more heavily on on to France’s so-called fachosphere, or jokes to mask often sinister content Mocking the formerly the Front National, was the central message boils down to migration chance of winning”. Zemmour was fascist-sphere, over the past six years. than the YouTube and Instagram influ- left: a videograb first party to build a website in the and what they claim is foreigners’ fail- ‘There are more “genuine” and would get her vote. While having varied ideas, they share encer “Papacito”, whose real name is of far-right 1990s. In the 2000s, far-right theorists ure to integrate into society. plenty of If Zemmour runs next year, as he has a nativist, anti-immigration worldview Ugo Gil Jimenez. influencer created successful propaganda sites to “We are Europeans and we wish to indicated, these internet influencers and seem to have a general desire for He sparked outrage in June with a ‘Papacito’, right. espouse anti-immigration views. remain a majority on our ancestors’ young could split the extreme right vote, more authoritarian government. Ana- video entitled “Is Leftism Bulletproof?” Below, Estelle Then, as the social media wave continent and in the cities that they people who thereby weakening Le Pen. Polls suggest lysts say they tacitly provide an impor- in which he staged a mock execution of Redpill — YouTube swelled, new voices deployed fresh built. Is that so hard to understand?” she is the most likely politician to face tant canvassing role for the established someone voting for the leftwing France forms across YouTube, Twitter, Insta- said Daniel Conversano, an ideological have never Macron in a second round run-off. far-right Rassemblement National Unbowed party led by socialist Jean-Luc gram, TikTok and Telegram. Their participant in France’s alt-right social read a Some analysts believe the influence of party by airing extremist views that Mélenchon. Jimenez defended himself, media orbit. the far-right online counter culture is party members then do not have to. saying the video was “humoristic”. His followers tended to be young peo- foreign exaggerated. Despite their efforts, many Marine Le Pen, leader of the RN, has Macron has made his own social ple, he told the Financial Times over political of the people making and consuming sought to “detoxify” the party’s extrem- media content to try to counter extrem- WhatsApp, who “feel desperate about their content will probably not vote. ist image without alienating its tradi- ists. In May, he challenged two famous their future, whether it’s about unem- book and Still, the influencers’ nativist stance tional voters. With the fachosphere, Le YouTubers to make a video about social ployment, lack of safety in public places, who come was an “ideological bridge” between the Pen “doesn’t need to get her hands dirty distancing rules which, if it received or the disastrous relationship between RN and fringe online groups, said Cater- because these internet influencers do more than 10m views, would be men and women in the western world”. to political ina Froio, assistant professor of political the dirty work for her”, said David rewarded by a trip to the Elysée Palace Le Pen’s detoxification strategy, which ideas by science at Sciences Po. Le Pen might Doucet, a French journalist and author and a video with the president in which aims to make the RN more electable, want to distance herself from them but of a book on the fachosphere. they would compete to guess if anec- has not played well with a lot of these watching relied on them to plug the RN’s “serious These influencers use sex appeal, dotes about his life were true or false. influencers. Many are backing radical, these kinds shortfall in personnel”, Froio said. shock jokes, cartoons and memes to Their video with Macron received an fringe politicians such as Eric Zem- “There are plenty of young people entice viewers to their often extreme impressive 15m views, plus a good dose mour, a TV polemicist who has been of videos’ who have never read a foreign political views. (When TikTok barred Redpill for of derision. Leftwing influencers also convicted for provoking racial hatred. book and who come to political ideas by what it deemed discriminatory content, deploy satire and popular culture to Redpill said she had a problem with watching these kinds of videos,” added she opened a new account.) Their main spread their message among the young. what she sees as Le Pen’s “hypocrisy”, Doucet. “To campaign nowadays is to audience is unpoliticised young voters But France’s extreme right has always becoming “softer to please immi- click, to post messages, so the RN needs — an important battleground in next shown more internet savvy. The RN, grants . . . so that she has a better these people.” 4 ★ FINANCIAL TIMES Thursday 26 August 2021

INTERNATIONAL

Intellectual property House of Representatives Democrats Seoul urges Biden to end vaccine deadlock reach deal

Drug companies resist pharmaceutical companies and the attempts to waive intellectual property are struggling to secure IP licensing over five years. Some of the hurdles fac- to push on views of some international medical on Covid vaccines, arguing that it would deals with US pharma groups Pfizer and ing South Korea include US concerns South Korea call to share experts over jab supply shortages. not boost production given the restraints Moderna, despite a broad vaccine part- that China might steal technology as production technology “We have asked Washington to trans- on supplies of raw materials and the nership agreed in May by President Joe well as the negative impact that a waiver with $3.5tn fer technology for vaccine production, time it would take to teach other compa- Biden and Moon Jae-in, his South would have on vaccine developers, SONG JUNG-A AND EDWARD WHITE but US officials said it is something that nies how to manufacture the shots. Korean counterpart. Such deals would according to Park Jin, a lawmaker who spending plan SEOUL should be decided by the private sector,” South Korea’s biotech sector, which enable Korean groups to produce jabs had tried to broker a deal in Washing- KIRAN STACEY — WASHINGTON said a senior official in Seoul. enjoys heavy state backing, is poised to under contract for US companies. ton. “But I believe the US can waive IP Seoul is calling on the Biden administra- The Biden administration has urged plough billions of dollars to expand fac- “We are still in talks with the US on protection for Covid vaccines for its JAMES POLITI — WASHINGTON tion to help Korean companies access vaccine makers to share their technol- tories to produce 1bn vaccines annually. possible co-operation in the research allies such as South Korea and Taiwan The US House of Representatives has intellectual property for producing ogy and backed a proposal at the World Korean companies have signed deals and development process. But the through licensing deals,” he said. approved the framework for President Covid-19 jabs, as the highly infectious Trade Organization to suspend interna- to manufacture vaccines for Astra- chances of signing any licensing deals Moderna and Pfizer declined to com- Joe Biden’s $3.5tn domestic spending Delta variant prompts a reassessment of tional patent rights. It added that a net- Zeneca, Novavax and Russia’s Sputnik soon seem low at this stage,” the official ment. The US is funding vaccine manu- package after Democrats reached a global vaccine requirements. work of low-cost factories overseas jabs. Samsung BioLogics, one of the in Seoul said. facturing projects in other countries to deal to advance the legislation follow- South Korea’s failed attempts to gain could boost global supplies by several world’s biggest pharmaceutical contract Seoul has touted South Korea as a glo- create regional supply “hubs”, but these ing days of tense talks within the party. access to US companies’ mRNA vaccine billion doses a year. The proposals have manufacturers, will start late-stage “fill bal vaccine manufacturing hub and do not yet include South Korea. technology strikes at the heart of the ris- yet to make headway at the WTO. and finish” vials for Moderna this promised Won2.2tn ($1.9bn) of state Additional reporting by Hannah Kuchler in The 220-212 vote on the so-called ing divergence between the interests of Drug companies have resisted month. But South Korean companies investment for vaccine development London budget resolution marked a crucial step towards enacting Biden’s economic agenda, which calls for huge invest- ments in the social safety net including education, childcare and green energy. Global support. Special drawing rights The framework will allow the House to proceed with a more detailed version of the legislation later in the year. A group of moderate Democrats, led Rich nations pressed to pass on IMF stimulus by Josh Gottheimer from New Jersey, had threatened to hold up the package unless there were firm guarantees that a separate, $1tn bipartisan infrastructure Fund’s allocation of reserve package would be swiftly approved. assets to members has meant After days of negotiations with Nancy Pelosi, House Speaker, an agreement poorer countries receive less was reached that allowed the $3.5tn spending plan to move forward, with the infrastructure bill set to be consid- JONATHAN WHEATLEY — LONDON ered at the end of September. Wealthy countries are under mounting The House passage of the $3.5tn budg- pressure to hand over their share of a etary framework was a milestone on the historic IMF support package to the slow but steady march of Biden’s ambi- world’s poorest economies, which are tious first-term economic agenda. In struggling with the impact of the coro- March he signed a $1.9tn stimulus pack- navirus pandemic. age into law, which included direct pay- On Monday, the fund distributed ments to millions of households, as well $650bn of special drawing rights (SDRs) as an extension of jobless benefits and — a form of reserve asset that in effect aid to state and local governments. constitutes newly minted money — to its Biden has also promised to revamp member nations to help shore up their the economy more broadly with invest- finances. SDRs supplement countries’ ments worth trillions of dollars to other reserve assets such as bonds, for- redress longstanding structural defi- eign exchange and gold. They were last ciencies and make the recovery from handed out in 2009 after the financial the coronavirus pandemic more even. crisis created a need for liquidity. While some Republicans have backed This week’s allocation is a flagship Biden’s $1tn plan for investments in part of policymakers’ efforts to address infrastructure such as roads and the consequences of the widespread bridges, they oppose the rest of his eco- recession triggered by Covid-19. But the nomic agenda, leaving Democrats to funds were allocated to the IMF’s 190 pass the $3.5tn package alone with their member countries roughly in propor- slim majorities in Congress. tion to their share of the global econ- This has in effect given veto rights on omy. As a consequence, low-income the plan to each faction of the Demo- nations received just $21bn, according Low income: channel $100bn to the most vulnerable a mandate to give its reserves away. fiscal pressures, this will add to low-in- cratic party, leading to spats that party to the fund. Overall, emerging and a customer buys countries, either in the form of SDRs or If a country disposes of its SDRS, leav- ‘We need come countries’ debts. “Poor countries leaders and White House officials have developing countries got $275bn. greens at Utako loans, but no action has yet resulted. ing it with fewer than it was allocated by swift need grants,” said Mark Sobel, US chair been trying to patch up. The remaining $375bn went to about Ultra Modern Kristalina Georgieva, IMF managing the IMF, it pays interest on the differ- of the Official Monetary and Financial Biden hailed the vote on Tuesday, say- 40 of the world’s richest countries — market in director, this week called on wealthy ence. If a country acquires SDRs and movement Institutions Forum, a think-tank. But a ing the House had taken a “significant despite many already being well on the Abuja, Nigeria recipients of the new SDRs to reallocate holds more than its allocation, it earns [from rich G7 reallocation of SDRs “would be step toward making historic invest- way to economic recovery, benefiting KC Nwakalor/Bloomberg them to countries that need them more. interest. Because SDRs do not have an loans”. Although in principle “that ments” that are “going to transform from the widespread availability of vac- But countries are unlikely simply to expiry date, this would commit donors countries] sounds like a good idea”, it would be “a America, cut taxes for working families cines and abundant liquidity provided donate their SDRs to other countries. to paying interest for ever. to channel much tougher issue to deal with” for and position the American economy for by their central banks. SDRs are not cash but a reserve asset The interest rate today is just 0.05 per those implementing it, he warned. long-term, long-term growth”. Critics said those countries were mov- that can be sold for cash. Reserve assets cent a year, but it could go up, perhaps their SDRs There is a clear drawback for recipi- The economy is feeling the effects of ing too slowly to find ways of using their are typically held at a country’s quickly, as it is based on market rates. in ways that ent nations: governments can cash in supply chain issues and labour short- SDRs to help those in greater need. central bank, which is unlikely to have Consequently, plans under considera- SDRs and spend as they wish, but almost ages on manufacturing. A gauge of US Nadia Daar, head of the Washington tion involve lending the newly allocated are going to all IMF lending comes with strings business investment was flat last month office of Oxfam International, said that Rich countries benefit most from IMF SDRs, not donating them. be as attached. “The IMF’s idea is that recy- following months of gains. although the $21bn for low-income liquidity boost One option is to use the IMF’s poverty cled SDRs will be used to fund conces- Non-defence capital spending exclud- nations was “badly needed and will be reduction and growth trust, designed to helpful as sional lending . . . But that strips SDRs ing aircraft, considered a proxy for busi- very helpful”, it was “nowhere near Biggest recipients of SDRs, by type of economy help the world’s poorest countries. Gov- possible to of policy unconditionality, and they are ness investment, was flat in July com- enough”. She added: “There is a massive (% of total allocation) ernments could lend their SDRs to the meant to be unconditional liquidity pared with the previous month, the gulf between what the rich and poor 0 5 10 15 20 trust, which could then use them as the low- and support,” said Stephanie Blankenburg, Census Bureau said yesterday. countries are getting . . . We need swift US basis for fresh lending. middle- head of debt and development finance That missed expectations for a 0.5 per Japan movement and significant commit- Germany Since last year, rich countries have at the United Nations Conference on cent increase, although it followed an ments [from rich countries] to channel France pledged $24bn, including $15bn from income Trade and Development. upwardly revised 1 per cent increase in UK their SDRs in ways that are going to be as existing SDRs, to support it. The IMF countries’ Oxfam’s Daar warned that rich coun- June (previously 0.7 per cent). China helpful as possible to low- and middle- India hopes more will come from the new SDR tries were not engaging in “serious dis- Overall orders for durable goods, income countries.” Russia allocation. The fund is also considering cussion” on how best to support low-in- items meant to last at least three years Brazil Advanced economies The IMF estimates that low-income Saudi Arabia a new resilience and sustainability trust come economies without imposing including household appliances and Developing economies countries will need $450bn over the Nigeria to provide longer-term support to poor onerous conditions. “There is not cars, fell 0.1 per cent in July and missed Vietnam Low-income countries next five years to fund their recovery Bangladesh and vulnerable countries, possibly enough creativity and we are very disap- expectations for a 0.3 per cent rise. The from the coronavirus crisis. DR Congo including those not eligible for the pov- pointed that the IMF and the G20 are figures were hit by a drop in net orders In June, the G7 group of the world’s Zambia erty reduction and growth trust. not taking the lead on how to improve for Boeing aircraft and partly offset by a richest nations agreed in principle to Source: IMF Critics say that rather than relieving the options on the table,” she said. rebound in orders for cars and parts.

Latin America. Presidential election Brazil ‘third way’ candidates gear up to challenge Bolsonaro and Lula

BRYAN HARRIS AND CAROLINA PULICE leader Jair Bolsonaro and former of the 2018 elections, he refused to back popular public figure in the country. As Bolsonaro, he has been lauded for his Pacheco, a member of the centre- SAO PAULO leftwing president Luiz Inácio Lula da the leftwing candidate challenging Bol- a federal judge in the long-running Lava skilful diplomacy in dealing with both right Democrats party, could face a Silva. sonaro in the runoff and instead flew to Jato, or Car Wash, anti-corruption inves- Congress and the executive. He has also tough primary race from Luiz Henrique With just over a year until presidential The stark choice has prompted a push Europe. Estimated support in first tigation, he was feted as a hero by many pushed back against some of the presi- Mandetta, the popular former health polls, Brazil’s political landscape is by moderates to establish a “third way” round: 11 per cent. on the centre-right in Brazil and dent’s excesses. minister who tried to bring scientific increasingly dominated by two polaris- candidate — a centrist who can appeal to depicted at rallies as a barrel-chested When Bolsonaro recently threatened rigour to the early stages of Brazil’s Cov- ing figures: incumbent hard-right voters disillusioned with the radicalism João Doria, São Paulo governor superman. to cancel next year’s elections, Pacheco id-19 response. Estimated support in of the far right and the history of corrup- João Doria is closely associated with the His reputation took a hit after he warned him of becoming an “enemy of first round: 1 per cent. tion under Lula’s Workers’ party. economic elite of São Paulo. joined the Bolsonaro administration in the nation”. Here are the key figures positioning The wealthy businessman, who was 2019 less than two years after putting José Luiz Datena, TV presenter Legal Notices themselves to become the “neither Lula mayor of Latin America’s largest city Lula in prison for graft. Moro left the José Luiz Datena is the political outsider. nor Bolsonaro” candidate ahead of before moving on to governorship of the government after a year, but his image Thanks to his TV show, Brasil Urgente, party primaries early next year. state, has a reputation as an efficient was further damaged when the where he reports on grisly and sensa- manager. He spearheaded the rollout of Supreme Court earlier this year ruled tional crimes and police operations, the Ciro Gomes, lawmaker with Covid-19 vaccinations when the federal that he had shown bias in Lula’s 2017 journalist and presenter is well known Democratic Labour party government was dragging its feet. Doria, trial. across the country. A pugnacious stalwart of Brazil’s centre- however, is viewed as a careerist and has Moro is currently working in the pri- His campaign has the support of the left, Ciro Gomes boasts national name little name recognition or support out- vate sector, but his name has been rightwing Social Liberal party, the same recognition, having already contested — side Brazil’s top earners. floated as a potential presidential con- party Bolsonaro used to contest the and lost — three presidential elections. He will face a tough primary from tender for the centre-right Podemos 2018 election before severing ties with Gomes, known simply as Ciro, is a other members of the centre-right Bra- party. Estimated support in first round: them shortly after. lawyer who hails from a powerful politi- zilian Social Democratic party and crit- 9 per cent. Datena, who has little political experi- cal family in Ceará, north-east Brazil. ics will remind him of his backing of Bol- ence, believes he can attract rightwing His longevity in the public eye, however, sonaro in 2018. Estimated support in Rodrigo Pacheco, Senate president voters away from the president. Esti- means he is associated with the “old pol- first round: 5 per cent. As president of the Senate, Rodrigo mated support in first round: 5 per cent. itics” of horse-trading and backroom Pacheco has one of the most visible deals. Ciro also has a reputation for hav- Sergio Moro, anti-graft judge posts in Brazilian politics. Jair Bolsonaro: his main rival is All estimated support figures are from poll- ing an ego. After failing in the first round At one point, Sergio Moro was the most Despite his perceived proximity to likely to be Luiz Inácio Lula da Silva sters XP/Ipespe. Thursday 26 August 2021 ★ FINANCIAL TIMES 5 6 ★ FINANCIAL TIMES Thursday 26 August 2021

Distress windfall Hedge funds that seek to profit from stricken groups enjoy best year since financial crisis aftermath y MARKETS

Stock check Regulators decline to pursue J&J reports EY’s botched probe into Aston and Daimler trading strong and fast response Stagecoach to booster

NIKOU ASGARI — NEW YORK audit prompts A booster shot of Johnson & Johnson’s Covid-19 vaccine produced a strong and rapid antibody response against the virus, the company said yesterday. £2.2m penalty Preliminary data from the world’s larg- est healthcare company come as public health officials and rival vaccine makers say a booster shot programme is needed 3 to protect against waning immunity. Watchdog issues severe reprimand J&J said a second shot elicited a nine- 3 fold increase in antibodies compared Latest in long line of Big Four fines with levels recorded 28 days after a sin- gle dose. “Significant increases” in anti- MICHAEL O’DWYER provisions for insurance claims relating body responses were found in the 18-55 to accidents, and an onerous contract age group, and the over-65s, who were EY has been fined £2.2m and issued provision on one of Stagecoach’s rail given a lower dose. with a severe reprimand for failings in franchises. Unlike the BioNTech/Pfizer and Mod- its audit of Stagecoach, the London- The regulator imposed a fine of erna two-dose mRNA shots, J&J’s pri- listed transport company. £3.5m, discounted to just over £2.2m mary vaccine series only requires one The UK’s Financial Reporting Council because EY had addressed the failings jab. J&J previously said its single shot also imposed a £70,000 fine on, and and its co-operation had led to an early vaccine provided broad immunity severely reprimanded, Mark Harvey, resolution. Harvey’s fine of £70,000 was against Covid for eight months. former head of EY’s Scottish business, cut from £100,000. EY was also issued The rollout of booster shots has been who was the partner responsible for with a severe reprimand and will be hotly debated, with the World Health the review of Stagecoach’s financial required to report to the FRC for one Organization urging rich countries to statements. year in relation to audit work per- pause their programmes until at least EY and Harvey must also pay almost formed on large contract provisions. 10 per cent of the population in all coun- £600,000 in costs. Harvey, who did not respond to a tries have been vaccinated. The sanction relates to the financial request for comment, had left the firm The US Centers for Disease Control year ended April 2017, the first year in last year, EY said. and Prevention has recommended that which EY audited Stagecoach, which “Audit underpins trust and confi- people with weakened immune systems dence in the economy, and delivering receive a booster dose of an mRNA jab, high-quality audits is an absolute prior- but has held back from recommending The accounting firm ‘failed ity for us,” EY said. “Regrettably, on this anything for those who have received to . . . apply sufficient occasion, we fell short of the standards Toto Wolff, Mercedes’ Formula One boss, bought Aston Martin shares in April last year — Xavier Bonilla/NurPhoto/Getty Images the J&J vaccine. we set for ourselves, and the standards The agency announced last week a professional scepticism’ in expected of us by the FRC and society. SAMUEL AGINI — LONDON the Mercedes team, which has financial authorities at the appropri- plan to begin offering booster shots several material aspects “We have co-operated with the FRC JOE MILLER — FRANKFURT won the F1 motor racing champion- ate time”. Wolff did not acquire or from September 20 to all Americans throughout their investigation, take Regulators have looked into suspi- ships for seven consecutive seasons, trade any Daimler shares or securities who were originally vaccinated with the was then included in the London Stock their findings very seriously and have cions of insider trading in Daimler bought shares in Aston Martin in last year, Mercedes said. Moderna or BioNTech/Pfizer jabs, start- Exchange’s mid-cap FTSE 250 index. worked hard to rectify the issues identi- and Aston Martin shares, including April 2020. Aston Martin shares have increased ing with those who were inoculated It is the latest in a long line of fines of fied. No findings were raised in the the purchase of a stake in the UK lux- Daimler, the Frankfurt-listed parent more than two-thirds to £19.62 each eight months ago. It said that a plan for the Big Four audit firms and their part- FRC’s review of our most recent audit of ury carmaker by Toto Wolff, Mer- company of Mercedes-Benz, also owns since April 17 last year, giving it J&J vaccine recipients would be made ners and follows a government consul- the company, for the 2020 year-end.” cedes’ Formula One boss. a minority stake in Aston Martin. a market capitalisation of more than when more data was available. tation on how to reform the sector. The case was passed to the FRC’s Wolff purchased a 0.95 per cent £2.2bn. Wolff’s stake is worth Pfizer submitted preliminary data EY is facing separate probes by the UK enforcement division following the reg- BaFin, the German markets watch- stake in Aston Martin from a vehicle £13.9m, according to S&P Global earlier this month for a booster to the US regulator into its audits of collapsed ulator’s annual quality checks on a sam- dog, said it had looked into trading at controlled by Lawrence Stroll, the UK Intelligence. drugs regulator. companies NMC Health, Thomas Cook ple of large company audits. Daimler and also passed information carmaker’s executive chair. Aston Martin, the carmaker, is sep- Studies showing that vaccine efficacy and London Capital & Finance. The regulator said the fine imposed to counterparts at the UK’s Financial The following month, Aston Martin arate to the F1 team that bears its wanes over time have fuelled the debate The watchdog did not allege that on EY was the largest it had issued in a Conduct Authority regarding trading appointed Tobias Moers, former head name. Canadian billionaire Stroll around additional doses, especially as Stagecoach’s accounts had been mis- case referred directly by its quality in Aston Martin shares. of Mercedes’ high-performance AMG owns Aston Martin F1 and led a con- cases begin rising once again in some stated, but found that EY “failed to checking team to its investigators. BaFin said it had not found evi- business, as chief executive. sortium that rescued the carmaker countries. obtain sufficient appropriate audit evi- The FRC’s quality checks have faced dence to proceed with a probe. In late October, Daimler said it last year. Mercedes supplies engines A CDC study on Tuesday showed that dence and to apply sufficient profes- criticism by auditors, who believe they The FCA declined to comment. A would increase its stake in Aston Mar- and gearboxes to the Aston Martin F1 mRNA vaccine efficacy against infec- sional scepticism” in several material have become a box-ticking exercise. person familiar with the matter said tin to 20 per cent from less than 5 per team. tion from the highly transmissible Delta aspects. It failed to challenge some Stagecoach said: “The decision is that the FCA had not pursued an cent. Daimler has owned Aston Mar- Daimler is set to reduce its share- variant decreased from 91 per cent to assumptions made by the management not a review of the company’s account- investigation. tin shares since 2013. holding in the Mercedes F1 team to a 66 per cent. An Oxford university study of the bus, train and tram operator. ing. It is related to the audit process con- Some of the regulatory actions were Mercedes F1 said Wolff had not third later this year, following a deal published last week showed that effi- The firm admitted failings in three ducted by EY. As a result, this is a matter first reported by Canadian newspaper been aware of either plan when he under which Ineos, Jim Ratcliffe’s pet- cacy of the BioNTech/Pfizer vaccine areas of the audit: obligations to the for EY.” Le Journal de Montréal. acquired the shares and “all relevant rochemicals company, will acquire a against symptomatic infection almost group’s defined benefit pension scheme, See Lex Wolff, who owns about a third of disclosures were made to the UK third of the racing outfit. halved after four months.

Asimov’s vision of space-based solar power is more than sci-fi

Then again, if the private sector is to The size of the satellite presents the INSIDE BUSINESS help foot the bill, nation states will have biggest challenge, which in Frazer- to revise the legal regime that governs Nash’s scenario stretches to an TECHNOLOGY the use of space. unprecedented 1.7km wide. Such scale The outer space treaty of 1967 is woe- ensures efficient transmission of power fully inadequate for the commercial to earth. Peggy opportunities that are fast emerging. This may seem impossible. But John Individual nations fill the vacuum with Mankins, a former Nasa physicist, has Hollinger their own rules on commercial rights devised the SPS-Alpha concept using and responsibilities. the system of systems approach. One That could be a recipe for chaos, satellite could comprise thousands of warns Rachael O’Grady, space partner small solar power units, assembled in n his short story Reason, published at law firm Mayer Brown. space by robots, for which tech is also in 1941, Isaac Asimov described a Such an endeavour would be difficult rapidly evolving. universe in which humans harvest for most countries to undertake alone. No doubt questions will arise over the I solar power in space to sustain life Given that the tech could be game- system’s vulnerability, its maintenance on earth. Eighty years on, and at the changing for the climate crisis, this and its contribution to the growing crisis crux of a climate emergency, the idea of project offers a strong case for develop- of space debris. These and other issues capturing the sun’s energy with vast ment in an international partnership. will require further study. solar panels in space and transmitting it It is cheaper to build solar farms on No guarantee exists that space-based back to earth via microwaves could earth. But space-based solar power, solar power will be economically viable. become reality. unlike its intermit- However, even should costs spiral, any China, the US, Europe and Japan are tent terrestrial Questions will arise over innovations in areas such as power developing projects. Beijing plans to counterpart, can beaming and robotics could pay off, if have a working system by the 2030s, be delivered round the system’s vulnerability, solar satellites do not. according to reports from China media. the clock to any its maintenance and In November, the UK hosts the cli- In September, the UK will signal point on the planet. mate summit, COP26, in Glasgow. The that it wants to explore the technology’s It can provide its contribution to the topic of collaboration deserves discus- potential. It will publish findings of a a baseload of gen- growing debris crisis sion. The energy and space industries study examining how space solar might eration capacity will also have to participate. Companies help Britain achieve a net zero economy where reliable green options are such as BP, Shell and EDF apparently by 2050. limited. have expressed interest. The report, prepared by consultants It has been far too expensive to put Space-based solar power need not Frazer-Nash with input from European such infrastructure in space. But Elon remain science fiction any more than companies such as Airbus and Thales Musk’s partly reusable Falcon rocket commercial space travel once was. Yes, Alenia Space, concludes that space- and smaller satellites have changed the the risk exists that promising technolo- based solar power is not only technolog- equation. A 2018 Nasa study estimated gies such as space-based solar power ically possible, the lifetime cost per that the typical cost of launch had might not work. Failure to reach inter- megawatt hour could be half that of fallen by a factor of 20 over the previous national agreement on an effective legal nuclear power. decade. framework could render space hostile With a single power station in Britain Other enabling technologies have not just to human life, but to human (Hinkley Point C) set to rack up costs of advanced. A New Zealand firm is trial- prosperity. £23bn, the report’s estimate of £16bn to ling the wireless transfer of electricity But with the right encouragement and develop the tech and launch an opera- over several kilometres. Orbits above planning, this source of renewable tional 2GW solar satellite seems a bar- earth are farther away, admits Martin energy can work in our lifetime. gain. Subsequent ones at £3.6bn make Soltau, head of space at Frazer-Nash. the proposition even more attractive. But the physics is well understood. [email protected] Thursday 26 August 2021 ★ FINANCIAL TIMES 7 8 ★ FINANCIAL TIMES Thursday 26 August 2021

COMPANIES & MARKETS

Technology Property Blackstone OnlyFans scraps ban on explicit content lends $258m

Platform’s U-turn follows Stokely told the Financial Times on shunning adult performers who had company claims to now pay more than oration was a “reputational risk”. It has for bet on Tuesday that the ban on porn had come helped to attract its roughly 130m users. 1m creators in excess of $300m each also struggled to secure corporate ‘assurances’ of support in response to increased resistance from There was also scepticism over whether month. This increasingly requires large accounts with banks in the UK. from financial institutions banks, which would “cite reputational it could prosper under new rules that financial institutions to act as interme- Savannah Solo, an OnlyFans creator, Manhattan risk and refuse our business”. blocked its most prominent user base. diary banks, helping with transfers said she would reluctantly stay with the PATRICIA NILSSON — LONDON A person close to the company said The site, where sex workers, celebri- between OnlyFans’ bank and the bank platform but added: “I’ve learned my apartments OnlyFans reversed course after ties and influencers charge fans for pic- accounts of its creators. lesson, so I’m now diversifying with OnlyFans has reversed its contentious Stokely’s comments prompted “larger tures, videos and customised content, “If you’re dealing with large sums you other websites.” decision to ban sexually explicit content financial institutions” to come to the increased transactions by 615 per cent need big banks, and they’re the ones But she did recognise Stokely’s com- MARK VANDEVELDE AND ERIC PLATT after founder Tim Stokely’s criticism of table “and they are now willing to talk”. to £1.7bn last year and had been expect- [who fear working with porn compa- ments regarding banks’ attitude to adult NEW YORK “unfair” banks led to fresh conversa- Stokely had said he would “abso- ing pre-tax profits of £300m this year. nies],” said one person close to the exec- performers. “I’ve absolutely encoun- US real estate developer Related Com- tions with financial institutions. lutely” backpedal on the ban were the The UK company has tried to attract utives, adding that the company was tered problems from banks, if they get a panies has borrowed $258m from pri- The company announced yesterday banking environment to change, which more mainstream influencers and now “better off [although] not every whiff of you being a sex worker they’ll vate equity group Blackstone to refur- that it had “secured assurances neces- had happened “much faster than antici- brands, but has faced scepticism over institution has come to the table”. shut down your accounts,” she said. bish a Manhattan apartment building sary to support our diverse creator com- pated” due to the “wider pressure and whether it can pivot to non-porn crea- OnlyFans said it had lost three OnlyFans said further guidance on in a deal that signals confidence in New munity and [had] suspended the criticism” of banks, the person added. tors while maintaining its growth rate. accounts with payment merchants in yesterday’s decision would be commu- York’s luxury housing market despite planned October 1 policy change”. After announcing the policy change OnlyFans’ rapid growth has com- the past year, two because “very top nicated to the site’s nearly 2m creators. the pandemic. The sudden U-turn came after last week, OnlyFans faced criticism for pounded its issues with banks, as the management level” decided that collab- See Lex The onset of coronavirus was tough on high-end New York property owners as some residents fled to the perceived safety of second homes in the Hamptons Financials. Return to office on Long Island, New England or Florida. Trends in luxury rentals and sales are improving in America’s most populous city, data show. Related, the developer Goldman Sachs calls the shots on vaccines behind Manhattan’s sprawling Hudson Yards project, plans to use the funds to renovate a rental building in the Tribeca Wall Street banks lead way in neighbourhood and sell the apartments to wealthy residents and investors. requiring proof of jabs as FDA “New York City has shown incredible resiliency over the past year and a half, approves use of Pfizer version and we’re currently experiencing the strongest condo market in recent his- ANDREW EDGECLIFFE-JOHNSON tory,” Related’s chief executive Jeff Blau IMANI MOISE, SARA GERMANO AND told the Financial Times. PETER WELLS — NEW YORK Known as Truffles Tribeca, the build- Goldman Sachs is to require proof of ing comprises two towers linked by a vaccination from all staff and clients skybridge near the Hudson River. entering the bank’s offices as vaccine Related bought the complex for $260m mandates proliferate across the US after in 2019, seeking to capitalise on the the BioNTech/Pfizer Covid-19 jab transformation of Tribeca from a faded received full regulatory approval. commercial district into an expensive The company said the requirement neighbourhood. would apply to any individual coming to The company, founded by the billion- its offices from September 7 and that aire developer Stephen Ross, has emp- any employees who were not fully vacci- tied the decade-old building in prepara- nated would be expected to work from tion for a gut renovation that will home. From the same date, Goldman will also include fully vaccinated staff in its ‘New York City has shown mandatory weekly Covid testing pro- incredible resiliency over gramme, which currently applies to unvaccinated or partially vaccinated the past year and a half’ staff. It is also requiring masks to be Jeff Blau, Related Companies worn in its buildings’ common areas, whether or not people are vaccinated. involve changing the interior and Goldman Sachs and JPMorgan Chase replacing the facade, according to peo- were among the most aggressive Wall ple familiar with the Related’s plans. Street companies in urging staff to “Lenders [were] clambering over return to the office. The US banks made themselves to participate in this oppor- working from the office at least part- tunity,” said Jordan Roeschlaub, co- time compulsory for most employees head of the structured finance group at this summer. Morgan Stanley told Newmark, a real estate advisory firm employees and clients in July that they that brokered the deal. could not enter its New York offices Those renovations will be financed by without being vaccinated. a construction loan from Blackstone. Goldman’s decision to require the vac- One of the world’s biggest real estate cine came after the Food and Drug investors, the private equity group has a Administration announced on Monday large presence in New York, capped by that it had granted full approval to the Opening doors: cists to be vaccinated by late November. being overwhelmed by the Delta variant a model New Jersey said this week that Stuyvesant Town and Peter Cooper Vil- Pfizer jab, for which many employers from next The Service Trades Council Union, surge. Gerald Harmon, AMA president, ‘Now is the it would adopt. New York City went a lage, an 11,250-unit apartment complex hesitant about insisting on vaccinations month, all staff which represents Disney World “cast said in a statement: “The way to regain time for the step further on Monday, with Mayor Bill that it bought in 2015. had been waiting. and clients members”, also said that it had reached the upper hand in this fight is requiring de Blasio announcing that all public A recent upturn in New York’s real Rich Lesser, chief executive of Boston entering a deal that all employees should show vaccinations — specifically vaccine public and school staff would need to be vaccinated estate market could vindicate Black- Consulting Group, wrote to clients on Goldman Sachs’s proof of vaccination by October 22. mandates.” private unless they had a medical or religious stone’s decision to strengthen its focus Tuesday that he expected the FDA’s premises will The Washington-based Business The US has averaged about 141,100 exemption. on urban property during the pan- endorsement to prompt more public have to show Roundtable, which represents the largest infections a day in the week ended sectors to A poll from The Associated Press- demic. “People right now are fleeing cit- and private organisations to introduce proof of US companies, applauded enterprises August 23, according to data from the come NORC Center for Public Affairs ies,” Blackstone’s chief operating officer vaccine mandates. vaccination that had already decided to require vac- Centers for Disease Control and Preven- Research found that about six in 10 Jon Gray said in October last year. “We While few of the companies imposing Michael Nagle/Bloomberg cines for some or all employees. tion. That was around the highest level together, Americans supported vaccine require- think that will come back, but there’s an vaccination requirements said the FDA’s In a sign of business leaders’ impa- since late January and represented an listen to the ments for teachers and eligible students. opportunity to invest in them at what approval had been the decisive factor, tience with officials who have threat- increase of 1,110 per cent from the Pressure for more widespread vacci- could be attractive prices.” the regulator’s move was quickly fol- ened reprisals against requiring proof of seven-day average in mid-June, which science and nation was also building in sports, with Residential condominium and co-op- lowed by announcements from compa- vaccination, including Ron DeSantis was the lowest point for 2021. mandate executives and league directors moving erative unit sales in the city rebounded nies including Deloitte and CVS Health. and Greg Abbott, the Republican gover- Ohio State University said that the away from allowing games to be in the second quarter, with 3,417 closing Deloitte, the professional services nors of Florida and Texas respectively, FDA approval had prompted it to vaccination’ rescheduled to accommodate Covid in Manhattan, more than double the firm, said it would require proof of vac- the BRT urged state and local policymak- require that all students, faculty and outbreaks. number a year before. Estate agency cination for staff accessing its US facili- ers “to support — not impede — compa- staff have at least a first dose of a Covid Several of the most powerful US col- Douglas Elliman said it marked the bus- ties from October 11, which it noted was nies’ ability to make such a decision”. vaccine by October 15. Currently, 73 per lege sports leagues, including the Big iest three-month period since 2015. “seven weeks after full FDA approval of The American Medical Association cent of the university’s community met Ten, Southeastern and Atlantic Coast Luxury rentals have also drawn new a major vaccine”. also lent its weight to mandates, saying: that requirement. conferences, were instituting policies inhabitants. Architect Frank Gehry’s CVS Health, which owns a health “Now is the time for the public and pri- Several US cities and states also that would force teams to forfeit games undulating downtown apartment tower insurer and pharmacy benefits man- vate sectors to come together, listen to planned to require frontline healthcare should they experience too many cases. was almost a third vacant during the ager as well as its namesake pharmacy the science and mandate vaccination.” workers and other public employees to The terms could have a drastic impact depths of the pandemic, according to chain, said it would require corporate Incentives such as lotteries, in which be vaccinated or face regular testing. on the lucrative college football season, the building’s owner, Brookfield Asset staff and employees who interact with some states have offered cash prizes or California became the first state to where playoff spots are determined in Management. This month, the com- patients to be fully vaccinated by the scholarships to people who get vacci- require all school staff show proof of part by the number of games played and pany said, the New York by Gehry build- end of October, and in-store pharma- nated, have not stopped hospitals from vaccination or be tested at least weekly, wins against ranked teams. ing is 96 per cent occupied.

Financials Technology TPG assigns bankers to work on flotation Klarna’s losses soar in rapid push for growth

JAMES FONTANELLA-KHAN such as Blackstone, KKR and Apollo more than three times higher than their RICHARD MILNE increased 311 per cent in the first half as the same point of time that we’re grow- AND MARK VANDEVELDE — NEW YORK Global Management. March 2020 low of $80bn. NORDIC AND BALTIC CORRESPONDENT Klarna attracted 20m customers to its ing this bank at a fast pace, then you’re TPG has appointed Goldman Sachs and Those firms, founded by Bonder- The rise reflected a nascent economic Klarna’s losses rose significantly in the services for payments at retailers such going to have more losses as you’re going JPMorgan Chase to work on an initial man’s peers before he set up TPG, once recovery, rising stock markets that second quarter as the highly valued as Nike, H&M and Macy’s. to have more revenues and volume.” public offering, inching closer to a collaborated on buyouts of huge targets, erased paper losses sustained early in Swedish “buy now, pay later” company The fintech said credit losses tended Klarna has been accused in some stock market listing that the private a strategy that led to high-profile fail- the coronavirus pandemic and buoyant continued its breakneck pace of to rise when it entered new markets countries of encouraging younger peo- equity firm has contemplated for much ures including the bankruptcies of fee income as pension funds and other growth ahead of a possible listing. such as recent launches in New Zealand, ple to spend money they do not have of the past decade. energy group TXU and casino operator asset allocators increase their invest- France and Spain. It added Poland last and then pay back in instalments. Caesars Entertainment. ments in private capital. The fintech, most recently valued at week. For the first half as a whole, its More than 98 per cent of transactions The group could file IPO documents But more than a decade after the end TPG’s top executive concluded that $46bn in an investment round led by credit losses grew 55 per cent, and gross did not incur interest, said Siemi- with US regulators as early as Septem- of the “club deal” craze, TPG has fallen investors would take a traditional IPO SoftBank, increased the volume of pur- merchandise volumes 77 per cent. Its atkowski, reiterating his positioning of ber, according to people familiar with its far behind its former collaborators. The more seriously than listing through a chases it processed on behalf of retailers operating loss in the second quarter of Klarna as an alternative to credit cards, plans. firm today counts $96bn in assets under Spac. Listed blank cheque companies, by two-thirds in the quarter to $20bn. 2020 was far lower than in the first, but which “drive economic inequalities”. Executives at the buyout firm had management, compared with $684bn which boomed at the height of the pan- But operating losses soared from Klarna could not immediately explain He said: “Those who can afford to pay been evaluating a merger with a special for industry leader Blackstone. demic, have recently been engulfed in a SKr89m ($10m) a year earlier to why that was the case. off their balances each month reap purpose acquisition company for sev- The gap means that TPG is unlikely to series of scandals and controversy that SKr965m ($111m) as credit losses more Sebastian Siemiatkowski, chief exec- rewards through loyalty schemes while eral months, but ultimately opted for attain a valuation matching the biggest has dented investor appetite. than doubled in the quarter. utive, said he was “happy with the loss those who can’t afford to simply get into the traditional route of a stock market listed private capital groups, although it JPMorgan and Goldman Sachs Klarna was one of the rare fintechs to development” as in the first half credit more debt.” listing, the people said. could benefit from a surge in share declined to comment on their appoint- be consistently profitable in its first 14 defaults had gone down as a proportion Klarna previously said it was working If the transaction goes ahead, it would prices in the sector. Blackstone, KKR, ment. TPG said: “We continue to evalu- years but has been lossmaking since of volumes. “If you’re a small bank you’ll towards a stock market listing but that set David Bonderman’s firm on a path Carlyle, Apollo and Ares together com- ate strategic alternatives and have noth- 2019 as it had expanded rapidly, partic- have small losses, if you’re a big bank nothing was imminent. blazed more than a decade ago by rivals mand a market value of about $252bn, ing to announce at this time.” ularly in the US. Volumes in the US you can have bigger losses,” he said. “At See Lex Thursday 26 August 2021 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS Shopee starts filling Latin American baskets

tina in 1999, and its share price has Singapore app dubs nearly tripled since the start of 2020. Its net revenues grew almost three-quar- opportunity a ‘blue ters last year to just shy of $4bn. “Brazil is the most competitive ecom- ocean’ but confronts merce market in the world,” said Fern- ando Yunes, the head of MercadoLibre’s intense opposition Brazilian ecommerce operation. “It’s hard for international companies to win from MercadoLibre, in this market.” Walmart sold the majority of its Brazil which commands unit in 2018 while Glovo, a Spanish com- pany, exited a year later. a 26% regional share Shopee will have to contend with challenges specific to doing business in MERCEDES RUEHL — SINGAPORE Brazil. The country suffers from red MICHAEL POOLER — SÃO PAULO tape, a complex tax system and poor As part of a TV advertising blitz in Bra- transport infrastructure. zil, Shopee, the south-east Asian “Dealing with the logistics to deliver ecommerce app, replaced the words to goods is a significant obstacle in a coun- the “Baby Shark” tune with its own try with continental size, heavy traffic name. and a need for infrastructure improve- The company, owned by Singapore- ments including upgrades to basic mail- headquartered Sea, is hoping the ear- ing services that no longer address the worm will keep the platform top of needs of a fast-paced ecommerce mar- mind for customers as it seeks to ket,” said Patrick Hruby, chief executive expand in Latin America’s $105bn of Movile, the Brazilian tech group online shopping market. behind iFood, a meal delivery app. Sea, which counts Tencent, the MercadoLibre has built a logistics net- Chinese technology group, as its biggest shareholder, is backed by hefty firepower. ‘Dealing with the logistics Though lossmaking, its New York- to deliver goods is a listed shares have risen 680 per cent since the start of 2020 to give Sea a mar- significant obstacle’ ket value of almost $170bn, close to that Patrick Hruby, Movile of Shopify, as Covid-19 fuelled an ecom- merce boom in south-east Asia. Dash for growth: Shopee, owned by the Sea conglomerate, raced past Alibaba-owned Lazada to become south-east Asia’s top ecommerce platform — Edgar Su/Reuters But Sea’s attempts to replicate in Latin work that includes warehouses and cov- America the dominance it enjoys in its Shopee leads app downloads in Brazil Price points ers about 90 per cent of its deliveries in home region will face intense opposition Number of downloads per year (m) Average price per item (Brazilian real) Brazil. in the form of MercadoLibre, the Nas- Shopee, which was shipping 300,000 daq-listed group and market leader. 0 10 20 30 40 50 500 to 400,000 parcels daily as of May, The potential prize for Sea, which was Shopee according to one person familiar with founded by Forrest Li, a Chinese billion- MercadoLibre 400 the business, does not have delivery aire, is large. Before the pandemic, Brazilian market (including MercadoLibre) capabilities. The app relies on Brazil’s Americanas adoption of online shopping was in its 300 postal service, which has suffered a early days in Latin America. Magazine Luiza number of strikes over the past decade But ecommerce sales rose 63 per cent AliExpress and where service can be slower. 200 Casas Bahia But Sea’s Wang said low ecommerce Submarino 2019 penetration in Latin America meant the ‘These markets [still have] 100 group views the market as a “blue Shoptime 2020 a very low level of 2021 year to date ocean”. ecommerce penetration’ Pontofrio 0 She said: “We see large opportunities Sou Barato Shopee MercadoLibreBrazilian market and a very long runway for these Yanjun Wang, Sea (excluding MercadoLibre) markets.” Sources: Sensor Tower; Goldman Sachs Investment Research; Ebit; Global Investment Research Additional reporting by Carolina Pulice in 2020, according to eMarketer data from Insider Intelligence, making it the region is succeeding. Shopee is the most users are able to win rewards such as fastest-growing region. downloaded ecommerce app in Brazil discounts. “If Sea can pull Latin America off and this year, with more than double the Lower fees are a lure. Despite recently prove itself against MercadoLibre, this number for MercadoLibre, according to raising rates, Shopee charges sellers will have a far greater impact on their Sensor Tower data. among the lowest commissions com- market cap and share price than any- Sea declined to comment on its Latin pared with other leading platforms in thing else they are working on,” said America strategy but at its quarterly Brazil for certain items, according to a Jianggan Li, chief executive of Momen- update last week, Yanjun Wang, chief recent Goldman Sachs report. tum Works, a consultancy in Singapore. corporate officer, said the Brazil expan- Luiz Claudio Dias de Melo of 360 Var- Shopee, launched in 2015, has been sion was in its infancy. ejo, a consultancy, says importing some the underdog before. As a late entrant to “[Latin America] is still a very early of the features that have made Shopee online shopping in south-east Asia, it popular in Asia, such as livestream-sell- overtook Alibaba-owned Lazada in ing, could help it in countries such as 2019 to become the region’s top ecom- $105bn 63% Brazil. merce platform, dethroning champions Scale of Increase in “Livestreaming [in ecommerce] has in various countries along the way. Latin America’s the region’s barely started in Brazil,” he said. “If you Sea entered Latin America in 2017 online shopping ecommerce manage to reproduce it here, it could be with Free Fire, its battle royale video market sales in 2020 a path to success.” game that is the highest-grossing mobile As well as rewards, Shopee’s platform title in Latin America and south-east stage for us as we continue to adapt to drives engagement through video Asia. The company’s gaming division, local market practices and . . . focus on reviews and a chat feature where buyers which is profitable, is used to subsidise growth,” she said. “We’re not looking at and sellers interact. the unprofitable ecommerce unit. the competition per se because these But all of that may not be enough to It launched Shopee Brazil in 2019, ini- markets [still have] a very low level of conquer Latin America and topple Mer- tially allowing people to buy items only ecommerce penetration.” cadoLibre, which has a market capitali- from merchants outside the country. It Shopee’s strategy is centred around sation of $92bn and controlled 26 per offers access to local sellers and this year low-priced products on a platform that cent of the region’s ecommerce market launched services in Mexico, Chile and analysts have described as a “gamified” at the end of 2020, according to Morgan Colombia. shopping experience. Simple games can Stanley. There are signs its push into the be played within the app, through which MercadoLibre was founded in Argen-

Healthcare Bain sheds control of S Korean Botox maker

SONG JUNG-A — SEOUL price tag seems expensive, considering sales of Won211bn. Botox and facial fill- such concerns.” ers accounted for more than 90 per cent Private equity group Bain Capital has For Bain, the sale marked a robust of the company’s sales, with the group sold its controlling stake in South return on its 2017 investment of $816m. enjoying a beefy 37 per cent operating Korea’s leading Botox maker to a con- The deal came as Seoul has cemented profit margin. sortium of investors for $1.5bn as the its reputation as an Asian hub for plastic Hugel sells its Botox products in 28 Covid-19 pandemic fuels a surge in surgery. One in three South Korean countries in south-east Asia and Latin demand for cosmetic surgery in the women in their 20s say they have had America. country. cosmetic surgery. Last October, it became the first Seoul-based Hugel, founded in 2001, is The coronavirus pandemic has fur- South Korean company to receive Chi- South Korea’s biggest producer of botu- ther boosted the popularity of plastic nese approval to sell Botox products in linum toxin. It also makes dermal facial surgery in the country, as homeworking the world’s second-biggest economy. It fillers, which are used to reduce wrin- and fewer social interactions made peo- is one of four foreign companies selling kles. The company has tapped into ple less self-conscious about post-sur- Botox in China. booming local demand and rising popu- gery bandages, industry watchers said. Hugel set up a Chinese subsidiary in larity globally for beauty-focused medi- Hugel reported record earnings last Shanghai in March to boost its expan- cal products. year, with its operating profit increasing sion in the country, where analysts esti- The consortium that bought Bain’s 15 per cent to Won78.2bn ($670m) on mated the Botox market was worth 46.9 per cent equity interest was led by about $857m. Hugel is aiming to grab 30 Singapore’s CBC Group. per cent of the fast-growing Chinese It also included Abu Dhabi sovereign market. wealth fund Mubadala, the Korean fam- It is also seeking approval from health ily-controlled conglomerate GS Hold- authorities in Europe and the US to ings and local private equity fund IMM enter both markets, which combined Investment. account for about 70 per cent of global Shares in Hugel closed down 6.5 per Botox sales. cent in Seoul yesterday, but were still up Seo Mi-hwa, analyst at brokerage more than 10 per cent this year. Yuanta Securities, expected Botox sales “Bain’s exit has fuelled concerns in China and other markets to increase about Hugel’s expansion abroad, in the second half of the year as lock- including the US market,” said Albert downs eased. She forecast that Hugel Yong, managing director at Petra Capi- would earn EU approval for its Botox tal Management, a Seoul-based hedge Hugel sells its Botox products in 28 products this year and get the green fund that is invested in Hugel. “The countries in Asia and Latin America light from the US in 2022. 10 ★ FINANCIAL TIMES Thursday 26 August 2021

COMPANIES & MARKETS

Fixed income. Stimulus-driven rally Equities Pinduoduo Distressed debt funds shares soar on $1.5bn charity shine in Covid recovery donation plan

HUDSON LOCKETT — HONG KONG Shares in Pinduoduo rose more than one-fifth after the Chinese ecommerce group announced on Tuesday that it would donate $1.5bn in future earnings to charity as it posted its first quarterly profit since its initial public offering three years ago. Pinduoduo, which pledged to contrib- ute towards the development of agricul- ture until its donations reached Rmb10bn ($1.54bn), became the latest Chinese tech group to make a high-pro- file foray into philanthropy amid a regu- latory assault on the sector. Tencent announced last week that it would set aside Rmb50bn for a “com- mon prosperity programme”, a declara- tion that followed calls by President Xi Jinping to foster “common prosperity” in the face of growing social inequality. “Agriculture has long been at the core of Pinduoduo’s corporate mission and strategy and the [initiative] we announced today is a way for us to deepen our support for agricultural modernisation and rural vitalisation,” said Chen Lei, Pinduoduo’s chair and chief executive. “Investing in agricul- ture pays off for everyone because agri- culture is the nexus of food security and quality, public health and environmen- tal sustainability.” Pinduoduo’s American depositary

Rapid return to form for Hedge fund 2021 returns by strategy The market financial crisis low was about 7 per cent. ‘Agriculture is the nexus rebound has The average yield of corporate bonds Per cent stricken borrowers makes boosted the graded triple C or lower by the big rating of food security and 0 2 4 6 8 10 12 price of debt agencies — extremely risky debt already quality, public health specialist buyers stand out Arbitrage that was in on the cusp of default — has fallen from a Trend-following danger of March 2020 high of almost 20 per cent and . . . sustainability’ ROBIN WIGGLESWORTH Distressed debt default — Spencer to near a record low of about 7 per cent Event-driven Platt/Getty Images this summer. Oleg Melentyev, head of receipts rose 22 per cent and closed just Hedge funds that seek to profit from Fixed income high-yield bond strategy at Bank of shy of $100 but the company cautioned stricken companies are enjoying their Long/short equities America, said the current environment that its first quarterly profit, of best year since the aftermath of the Macro was “credit nirvana”. Rmb2.41bn, did not point to sustainable financial crisis as the stimulus-driven Multi-strategy However, the credit market rally has future earnings. market rally boosts the price of debt Relative-value helped many companies that might oth- Analysts were also sceptical that the that had been skirting with default. Average hedge fund erwise have fallen into the clutches of latest results represented a turning Distressed debt funds, specialists in distressed debt funds, limiting the range point. Citi lowered its target price for the picking up bonds and loans issued by Source: Eurekahedge of further opportunities. Some investors company’s shares from $168 to $140, companies in trouble, made their tenth are also looking elsewhere for returns, while analysts cited expectations of consecutive month of gains in July, tend to dive in when economies are in so it was assumed to be temporary.” thinking that the best days for the dis- slowing user growth “amid large base extending returns for the year to the end recession and markets are turbulent, HFR, a data provider, pins the average tressed debt strategy may be over. and intensified competition”. of July to 11.45 per cent. and then hope to ride the recovery — a distressed debt returns at 13.9 per cent UBS’s hedge fund investment unit Others were more sanguine, with John The run is the strongest over the same lucrative if risky bet. in the year to the end of July, compared said in its third-quarter strategy outlook Choi, an analyst at Daiwa, saying high period since 2009 and marks the best The strategy has played out rapidly with the average hedge fund returns of that it planned to trim its exposure to user engagement and the Rmb10bn performance of any major hedge fund over the past 18 months thanks to the 9.5 per cent. Last year distressed debt distressed debt, “given the material subsidy programme “pave the way for strategy of 2021, according to data pro- dramatic market recovery engineered players returned 11.8 per cent. rally across corporate credit and more further profitability improvement for vider Eurekahedge. by aggressive central bank action and Among the winners are Jason attractive long-biased opportunities in the group”. The outperformance underlines the government spending sprees. Mudrick’s Mudrick Capital Manage- other segments of the credit market”. Chinese tech stocks have been hit by a speed of the recovery from the worst of In addition, private equity groups ment and Victor Khosla’s Strategic Preqin, a data provider on private crackdown in recent months, wiping the pandemic, aided by stimulus from have used their money to buttress com- Value Partners, whose distressed debt markets, also noted in its latest outlook hundreds of billions of dollars off the central banks allied with rapid vaccina- panies they are invested in, indirectly hedge funds had notched up returns of that “investors have cooled their inter- stock market capitalisation of some of tion programmes in the rich world. helping distressed debt funds along the 26.2 per cent and 15.5 per cent in the est in distressed debt and special situa- the country’s biggest companies. Debt funds typically place short-term way, Naglieri said. year to the end of May, according to tions compared to last year as opportu- Chinese tech shares fell in Hong Kong punts on near-default or defaulted Buyout groups tend to load compa- investor documents. nities proved harder to come by than yesterday after two days of strong gains. bonds, make emergency loans, or even nies with debt to increase their returns, Returns have been buoyed by a expected”. The Hang Seng Tech index, which take control of stricken borrowers but that can lead to problems when remarkable rally across corporate debt However, many distressed debt spe- tracks some of China’s largest offshore- through the courts. recessions strike. Sometimes they walk markets, which has lowered borrowing ‘This cialists stress that they raise and deploy listed groups including Alibaba, Ten- “We had the start of a distressed cycle away from an investment rather than costs across the board and even helped corporate money steadily in good times and bad, cent and Meituan, fell 0.1 per cent after when Covid hit, with a big increase in pour more money in, but that has even companies such as cruise lines, air and remain confident that there will be rising 2.5 per cent on Monday and gain- default rates, but this corporate cycle is changed recently, said Naglieri. carriers and hotel groups raise billions cycle is plenty of opportunities from the after- ing more than 7 per cent on Tuesday. playing out very differently from the “The big difference is in the provision of dollars to tide them over. playing out shocks of the coronavirus pandemic. Our global Shares in Alibaba, whose Hong Kong- past,” said Giuseppe Naglieri, deputy of liquidity, and not just in terms of cen- The average yield of US junk bonds very “There is more to do than meets the team gives you listed shares were down 2 per cent yes- chief investment officer at Värde Part- tral banks and governments,” he said. has plunged from a peak of more than eye,” Naglieri said. “When you look at market-moving terday, have dropped 30 per cent this ners, a $15bn distressed debt fund. “The willingness of shareholders to sup- 11 per cent at the height of the coronavi- differently the average of the market, it doesn’t news and views, year, while Tencent stock has fallen Companies in this space, including port their companies has been greater rus ructions last year to under 4 per cent from the look very interesting. But when you dig 24 hours a day about 16 per cent. Shares in Pinduoduo Oaktree Capital, Strategic Value Part- than in past cycles — perhaps driven by for the first time on record this summer, deeper into individual companies and ft.com/markets have dropped 44 per cent in 2021. ners, Apollo and Elliott Management, the fact that it was caused by a virus, according to ICE data. Even the pre- past’ sectors, there is quite a lot going on.” See Lex

Crypto Asset management High-speed traders bet launch of Pyth Capital Group joins rivals in rush to will ‘revolutionise’ deals data provision launch active exchange traded funds

PHILIP STAFFORD alternative system, its backers say, other crypto trading projects. Pyth EMMA BOYDE range of American Funds products, she proven it likes the [active ETF] struc- because a blockchain guarantees the anonymises the data and publishes the added. ture and trusts the structure and now is A crypto project built by some of the US investment house Capital Group provenance of an asset and its owner. symbol of the asset, such as Apple Analysts had expected the group to the time to move.” world’s largest high-speed traders plans to launch its first exchange The traders and exchanges’ develop- or Bitcoin, an aggregate value and a opt for a semi-transparent model, Ark is not universally admired across launched yesterday — the first step in a traded funds, a suite of six that will be ers have built Pyth to be a bridge confidence level, which reflects how far where funds make frequent adjust- the industry. Other funds have cranked process its backers see as a “potential actively managed and disclose their between traditional markets and the Pyth believes the broader market price ments to portfolios but typically reveal up bets against Wood’s strategies, which game changer” for trading stocks and holdings daily in the mould of Cathie crypto world, known in industry jargon is from its own prices. exact holdings only quarterly. concentrate on tech innovation. Tuttle other assets on blockchain technology. Wood’s highly successful Ark products. as an “oracle”. Pyth is built on the Solana blockchain Its choice of a fully transparent frame- Capital Management has even laid out The Pyth Network has persuaded Pyth collects and distributes data on because it can handle 50,000 trades per Capital Group, which had more than work, like the high-profile Ark funds, plans for an ETF that would seek to pro- companies such as Jump Trading, Virtu stock, conventional currency, crypto second, a scale that puts it on a par with $2.6tn in assets under management at suggests market participants are keen vide the inverse of the Ark Innovation Financial, GTS, Hudson River Trading and commodity deals supplied by the Visa, the payments company, and the end of June and ranks in the top 10 ETF’s performance. Still, the Ark model and DRW Cumberland to put aside their high-frequency traders and exchanges exchanges such as Nasdaq. Most block- for size globally, filed applications for has proven to be a hit. traditional rivalry and join forces to and puts it on a blockchain, or distrib- chains can only handle a handful of the launches with US regulators on ‘Our entry will help Many of Capital Group’s rivals have explore the potential of decentralised uted ledger. That data can be used in deals per second. Monday. It hopes to start offering the transform the market’s already decided to enter the ETF mar- finance, or DeFi. “[Current blockchains] aren’t for trad- products in the first quarter of 2022. ket. JPMorgan Asset Management said The project, which only began in April, ing on but they’re very valuable for valu- The filings reveal plans for one bond perception of the earlier this month that it would convert has also drawn in US stock exchanges ation purposes. Pyth has the best chance ETF and five in equities, including one power of ETFs’ four actively managed mutual funds IEX and MIAX Pearl, currency venue of becoming the capital markets oracle,” with a specific international focus. with $10bn of assets into active ETFs LMAX and crypto derivatives exchange Mercer told the Financial Times. “Still, “ETFs have been synonymous with to emulate the success of Wood, who and Dimensional Fund Advisors said it FTX as its momentum grows. we have to be prepared for it to fail.” either passive investments or higher- had nearly $44bn in assets under man- would switch $29bn worth of mutual Pyth seeks to change how market data Solana is backed by venture capital- octane thematic-type investing,” said agement at the end of July after attract- funds into more easily tradeable ETFs. is distributed. Banks and traders have ists Andreessen Horowitz and Polychain Holly Framsted, head of ETFs at Capital ing net new assets of more than $20bn in Passive ETFs, which simply track long complained about the data fees Capital, and Alameda Research, the Group. “Our entry will help transform 2020. This has helped Ark to become indices such as the S&P 500, dominate charged by exchanges and the legal cryptocurrency market maker co- the market’s perception of the power of the largest active ETF provider in the the market. Active products, with more restrictions they face to redistribute or founded by FTX chief Sam Bankman- ETFs and demonstrate that the ETF is a US, according to data from ETFGI. discretion for fund managers, represent own data they helped create. Fried. At present there is no digital vehicle that can deliver strong active “Cathie Wood has blazed a trail,” said 2 per cent of US equity ETF assets, but David Mercer, chief executive of token connected with Pyth and the management at the core of a client’s Kenneth Lamont, senior analyst for pas- have captured 9 per cent of the inflows LMAX, said Pyth could “revolutionise developers are finalising the governance portfolio.” sive fund research at Morningstar this year, according to CFRA research. and democratise market data provision”. The Pyth Network crypto project is structure that will mean users decide The new funds would “not be clones” Europe. “The real reason why this is Additional reporting by Patrick Temple- DeFi offers a chance to build an built on the Solana blockchain how it will develop in the future. of the company’s already established happening now is that the market has West and Chris Flood Thursday 26 August 2021 ★ FINANCIAL TIMES 11

COMPANIES & MARKETS

The day in the markets Investors probe central banks for What you need to know profound shifts 3 Wall Street’s blue-chip and tech UK mid-cap stocks rally to another record high benchmarks hit new records 250 3 UK’s mid-cap index rallies to fresh FTSE index peak, outperforming bigger peer 24,000 3 Sharp sell-off for UK and German Karen Ward government bonds 22,000 Stocks on Wall Street hit fresh highs and European government debt sold off Markets Insight yesterday ahead of the keenly watched 20,000 Jackson Hole meeting of central bankers that begins today. t’s nearly that time of year when the balance sheet reduction, instead want- markets. But the point still stands. How Both the blue-chip S&P 500 and tech- 18,000 biggest names in the US central ing its Bank Rate to reach 1.5 per cent does the Fed feel about its $8tn balance focused Nasdaq Composite indices hit banking community gather for before it considered unwinding its asset sheet? Will it set out an overarching fresh peaks by lunchtime in New York, I the Federal Reserve’s annual purchases. ambition to slim it down in the years 16,000 settling at around 0.3 per cent and 0.1 per conference in Jackson Hole. And This shift looks like a deeper strategic ahead? cent higher in the afternoon. while this year’s conference will now be rethink. Reading between the carefully Any indication that central banks The S&P 500 has set a record high 50 14,000 virtual, it should nevertheless carry crafted lines of the policy statement, the have shifted the relative importance of times this year, according to Howard more weight and significance for the BoE seems less concerned about short-term interest rates versus balance Silverblatt at S&P Dow Jones Indices. global investor community than usual. reducing the balance sheet, so long as it sheet policy should steepen govern- Across the Atlantic, the region-wide 12,000 The need to compare notes, to spot is conducted in periods of market calm. ment bond curves, as longer maturity Stoxx Europe 600 closed flat, Frankfurt’s any potential shift in thinking, is more Bailey may well believe that central bonds sell off. This change may also Xetra Dax fell 0.3 per cent and the CAC 2017 18 19 20 21 pressing than ever. Central banks need banks should “go big and go fast” with reduce demand for riskier corporate 40 in Paris rose 0.2 per cent. Source: Refinitiv to be formulating and communicating a asset purchases in crises. credit if investors no longer need to London’s FTSE 100 benchmark rose 0.3 clear and coherent plan for how they But, to do so, they would need the search so hard for yield. per cent but lagged behind the UK’s mid- intend to exit the extraordinary policies capacity to buy assets and, therefore, But this matters not just to cap FTSE 250 index, which climbed 0.4 when the US Federal Reserve, the world’s Fisher Investments, said Powell faced too put in place during the crisis. must reduce their stock of holdings bondholders. Longer-term interest per cent to a new all-time high. most influential central bank, will begin many question marks to suggest policy Perhaps because Andrew Bailey, Bank rates have been the tail wagging the Trading activity was well below reducing the scale of its $120bn per changes were imminent. of England governor, did not plan to equity market dog, so to speak, over the average levels across national bourses, month asset purchase programme. “Economic data has been mixed, the attend in person, the BoE chose to Longer-term interest rates course of this year. according to Bloomberg data. While investors will be paying close Delta variant looms, and President communicate its exit strategy earlier in have been the tail wagging Consider what we saw in the first Elsewhere on the continent, the attention to Jackson Hole, a speech on Biden’s decision on his reappointment the month. Global investors — of both quarter of this year. When the 10-year region’s governments bonds sold off Friday by Fed chair Jay Powell may not could be days away,” he said. stocks and bonds — should take a care- the equity market dog Treasury yield rose by more than 80 taking the yield on the 10-year German provide the clarity markets are seeking, Key to the decision on when central ful look at this blueprint. If mirrored by over the course of this year basis points, reaching 1.74 per cent on Bund and the equivalent UK gilt up 6 said Jorge Garayo, global head of banks will begin tapering their support is other central banks, it will have signifi- March 31, that coincided with a signifi- basis points to minus 0.42 per cent and inflation strategy at Société Générale. “It’s their outlook on how long-term inflation cant implications for global markets. cant style rotation in equity markets. 0.6 per cent, respectively. more likely we get anything exciting at will be. “My view is that we are in a The plan is as follows. The BoE’s main during periods of recovery. The BoE is The MSCI World Value index rose Investors have been cautious about the next FOMC [Federal Open Market transitory high inflation period,” said interest rate that is currently 0.1 per not alone in reconsidering the relative nearly 9 per cent during that period making big bets ahead of this week’s Committee] meeting,” in September. Garayo, “but I don’t rule out high inflation cent — known as Bank Rate — will rise merits of raising policy rates versus while MSCI World Growth hardly virtual Jackson Hole meeting of central Aaron Anderson, senior vice-president for a bit longer than we thought”. first. But when it reaches 0.5 per cent, balance sheet reduction. moved. bankers. Traders are looking for clues on of research at money management firm Siddharth Venkataramakrishnan the BoE will switch its focus and start to Recent comments from the Reserve This, in turn, led to cheaper equity reduce its balance sheet by not Bank of New Zealand suggest a similar markets, such as in Europe, outper- reinvesting the funds that it receives as view there. These smaller institutions forming the US. However, when the Markets update its holdings of government and by themselves are unlikely to have a big 10-year Treasury yield later plunged to corporate bonds mature. impact on global markets. Much 1.17 per cent by early August, growth If that proceeds smoothly, the central depends on what the Fed thinks. stocks outperformed once again. bank might start raising rates above 0.5 The Fed has some catching up to do. It Expectations of future central bank US Eurozone Japan UK China Brazil per cent. When this main rate reaches first needs to stop expanding its balance actions can always move markets but Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa 1 per cent, it will consider actively sheet before considering shifting into never more so than today. Investors Level 4498.20 1818.50 27724.80 7150.12 3540.38 119674.02 selling some of its bonds, leading to a reverse gear. need to watch for any potential shift in % change on day 0.27 -0.05 -0.03 0.34 0.74 -0.45 quicker reduction in the balance sheet. It still buys $80bn of Treasuries and thinking. If balance sheet reduction Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ Note that this exit strategy prioritises $40bn of mortgage-backed securities a becomes a priority, then the implica- Level 93.071 1.175 110.100 1.373 6.474 5.246 reducing the BoE’s balance sheet, a very month — the same rate of purchases at tions for global markets are profound. % change on day 0.192 -0.085 0.369 0.000 -0.047 -0.555 different plan to the one that it put in the height of the pandemic. How the Fed Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond place after the financial crisis. might slow, or taper, its purchases Karen Ward is chief market strategist for Yield 1.323 -0.424 0.016 0.595 2.851 10.217 Back then, it did not emphasise rather than sell them matters to Emea at JPMorgan Asset Management Basis point change on day 4.790 5.500 0.070 5.900 0.200 -13.400 World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX) Level 485.00 71.81 68.02 1808.45 23.76 4208.70 % change on day 0.22 0.81 0.52 0.36 1.41 1.07 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 4560 1840 7360

4480 1800 7200

4400 1760 7040

4320 1720 6880

| | |||||||||||||||||| 4240 | | |||||||||||||||||| 1680 | | |||||||||||||||||| 6720 Jun 2021 Aug Jun 2021 Aug Jun 2021 Aug Biggest movers %USEurozone UK Albemarle 4.59 B. Sabadell 4.04 Flutter Entertainment 3.51 American Express 3.38 Bbva 3.76 Standard Chartered 3.10 Alliance Data Systems 3.01 Unicredit 3.14 Weir 2.98 Ups State Street 3.00 Cnp Assurances 2.80 Ocado 2.86 Quanta Services 2.94 Santander 2.76 Melrose Industries 2.57 % Nordstrom -16.32 Terna -3.85 Rolls-royce Holdings -1.52 Gap (the) -4.24 Snam -3.36 Severn Trent -1.48 Digital Realty Trust -2.49 Fresenius -2.02 Croda Int -1.42

Downs Campbell Soup -2.38 Ucb -1.86 United Utilities -1.40 Pfizer -1.98 Inditex -1.72 National Grid -1.36 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 Europe London

Record second-quarter sales and Sweden’s Elekta slid after its chief Waste management group Augean hit an earnings sent retailer Dick’s Sporting executive warned of “temporary all-time high after agreeing to be bought Goods up sharply. headwinds to our gross margin due to by Eleia, a special purpose vehicle, for Net sales rose 21 per cent year on year increased supply-chain, logistics and £3.25 in cash — a 14 per cent premium on to $3.28bn, significantly beating the mean service costs”. Tuesday’s closing price. estimate of $2.85bn from analysts polled Quarterly results also fell short of The offer, which valued Augean at by Refinitiv. expectations for the healthcare group, £341.2m, outbid the £2.80-per-share The group, which specialises in outdoor which specialises in products for cancer proposal from Morgan Stanley gear, also announced a special dividend and brain disorders. Infrastructure Partners submitted in July. of $5.50 per share and said it would Earnings before interest and tax came In further mergers and acquisitions increase its share repurchases to a in at SKr201m ($23m), below the mean news, natural resource group Contango minimum of $400m. estimate of SKr330m from analysts polled surged following its reply to press For the full year, Dick’s upgraded its by Refinitiv. speculation over a potential deal with earnings per share target to between $11 Top and bottom-line beats pushed Afrochine, the Zimbabwean subsidiary of and $11.45, up from the $7.05 to $7.68 Dutch insurer ASR Nederland higher. stainless steel group Tsingshan. ranged stated in May. Ebit for the group jumped more than Contango said non-disclosure Biopharma group Cassava Sciences, 20 per cent year on year to hit €536m for agreements limited its ability to comment which focuses on Alzheimer’s disease, slid the first half of 2021, above the consensus on talks but confirmed that it was “in after replying to a citizen petition, which forecast of €482m, said KBC Securities. discussions with two of the largest is a US Food and Drug Administration The interim dividend was raised from stainless-steel producers in the world, as process that allows for requests to €0.76 a share to €0.82. well as several other interested parties”. change health policy. ASR was on track for a “healthy beat of LendInvest rallied after Berenberg Cassava said the allegations “made in year-end targets” said KBC, which started coverage of the property finance this post regarding scientific integrity are upgraded the group. platform with a “buy” recommendation. false and misleading”. The completion of a medical procedure The broker said an addressable market, In a statement that went on to rebut lifted Carmat, which announced its which was worth £150bn, was “ripe for the claims, Remi Barbier, chief executive, second artificial heart implant in the US. disruption” by a group that had spent said it was “important for stakeholders to The operation was performed at the £50m developing its cloud-based tech. separate fact from fiction”. Jewish Hospital, part of University of With its automated loan applications, Biopharma group Achilles Louisville Health, in Kentucky. The French LendInvest should be able to take Therapeutics jumped on news that it had bioprosthetic group said three more US advantage of the “highly profitable” UK been granted US and European patents centres were fully trained and screening property sector that was still “dominated covering its method of identifying cancer patients as part of an early feasibility by legacy paper-based processes”, said in patients. Ray Douglas study for its heart device. Ray Douglas Berenberg. Ray Douglas 12 ★ FINANCIAL TIMES Thursday 26 August 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 $ -0.05% -0.03% -0.13% -0.085% -0.117% No change 0.27% 0.11% 0.31% 0.34% 0.22% 0.369% 0.73% 0.36% Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison AMERICAS EUROPE ASIA Jul 26 - - Index All World Jul 26 - Aug 25 Index All World Jul 26 - Aug 25 Index All World Jul 26 - Aug 25 Index All World Jul 26 - Aug 25 Index All World Jul 26 - Aug 25 Index All World S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul 20,594.28 4,498.20 15,860.66 7,150.12 27,833.29 27,724.80 3,232.53 20,164.96 4,401.46 15,519.13 3,146.81 6,996.08 Day 0.27% Month 1.98% Year 30.65% Day 0.23% Month 2.03% Year 23.95% Day 0.34% Month 1.72% Year 18.41% Day -0.28% Month -0.38% Year NaN% Day -0.03% Month 0.68% Year 20.66% Day 0.27% Month -3.31% Year 35.07%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore 15,036.52 52,194.44 1,818.50 8,977.40 25,693.95 14,660.58 25,086.43 3,138.97 50,910.53 1,766.85 8,699.20 3,107.49 Day 0.11% Month 1.36% Year 31.16% Day 0.40% Month 3.83% Year 36.46% Day -0.05% Month 2.24% Year 26.73% Day 0.32% Month 2.98% Year 26.28% Day -0.13% Month -6.04% Year 0.47% Day 0.00% Month -1.37% Year 22.65%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai 3,540.38 55,944.21 35,474.78 124,612.03 26,060.27 35,058.52 119,674.02 6,676.48 52,852.27 6,531.92 25,086.55 3,381.18 Day 0.31% Month 1.19% Year 25.60% Day -0.45% Month -4.31% Year 17.18% Day 0.18% Month 1.64% Year 33.32% Day 0.12% Month 3.64% Year 29.47% Day 0.74% Month -0.28% Year 4.57% Day -0.03% Month 5.60% Year 44.12%

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 71739.09 71353.80 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 28652.32 28603.42 Philippines Manila Comp 6822.15 6678.82 Taiwan Weighted Pr 17045.86 16818.73 Cross-Border DJ Global Titans ($) 518.40 518.25 Australia All Ordinaries 7809.60 7773.70 Czech Republic PX 1290.02 1286.18 FTSE Italia Mid Cap 50155.55 49866.26 Poland Wig 69671.13 69093.64 Thailand Bangkok SET 1600.49 1586.98 Euro Stoxx 50 (Eur) 4181.12 4178.08 S&P/ASX 200 7531.90 7503.00 Denmark OMXC Copenahgen 20 1825.06 1837.55 FTSE MIB 26060.27 26027.91 Portugal PSI 20 5350.61 5361.77 Turkey BIST 100 1453.30 1465.89 Euronext 100 ID 1303.41 1301.83 S&P/ASX 200 Res 5248.10 5172.20 Egypt EGX 30 10950.24 10884.29 Japan 2nd Section 7541.95 7519.74 PSI General 4024.76 4045.74 UAE Abu Dhabi General Index 7681.52 7683.97 FTSE 4Good Global ($) 11110.34 11099.37 Austria ATX 3618.23 3596.37 Estonia OMX Tallinn 1927.81 1885.23 Nikkei 225 27724.80 27732.10 Romania BET Index 12274.70 12199.46 UK FT 30 2775.10 2758.50 FTSE All World ($) 485.00 483.92 Belgium BEL 20 4323.96 4328.31 Finland OMX Helsinki General 13183.78 13131.28 S&P Topix 150 1644.02 1642.45 Russia Micex Index 3877.05 3888.87 FTSE 100 7150.12 7125.78 FTSE E300 1818.50 1819.44 BEL Mid 10016.38 10049.66 France CAC 40 6676.48 6664.31 Topix 1935.66 1934.20 RTX 1649.46 1660.90 FTSE 4Good UK 6741.24 6717.70 FTSE Eurotop 100 3390.01 3393.37 Brazil IBovespa 119674.02 120210.75 SBF 120 5228.08 5218.57 Jordan Amman SE 2006.83 2011.58 Saudi-Arabia TADAWUL All Share Index 11141.03 11062.99 FTSE All Share 4119.44 4104.84 FTSE Global 100 ($) 2919.44 2918.95 Canada S&P/TSX 60 1236.47 1233.60 Germany M-DAX 36115.59 36139.85 Kenya NSE 20 2020.37 2015.77 Singapore FTSE Straits Times 3107.49 3107.62 FTSE techMARK 100 7572.59 7532.02 FTSE Gold Min ($) 2032.83 2019.68 S&P/TSX Comp 20594.28 20547.76 TecDAX 3909.45 3929.71 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 388.76 363.19 USA DJ Composite 11671.16 11630.36 FTSE Latibex Top (Eur) 4440.00 4432.20 S&P/TSX Div Met & Min 793.36 788.61 XETRA Dax 15860.66 15905.85 Latvia OMX Riga 1264.21 1270.69 Slovenia SBI TOP -- DJ Industrial 35474.78 35366.26 FTSE Multinationals ($) 3160.35 3149.81 Chile S&P/CLX IGPA Gen 21898.46 21833.19 Greece Athens Gen 914.43 907.56 Lithuania OMX Vilnius 985.57 978.92 South Africa FTSE/JSE All Share 67452.86 67451.54 DJ Transport 14826.32 14724.02 FTSE World ($) 872.80 870.78 China FTSE A200 13090.19 13069.54 FTSE/ASE 20 2189.32 2171.16 Luxembourg LuxX 1679.46 1669.97 FTSE/JSE Res 20 66976.29 67130.29 DJ Utilities 932.12 933.25 FTSEurofirst 100 (Eur) 4601.37 4595.09 FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 25693.95 25727.92 Malaysia FTSE Bursa KLCI 1569.80 1553.37 FTSE/JSE Top 40 61212.12 61180.29 Nasdaq 100 15358.99 15357.68 FTSEurofirst 80 (Eur) 5781.59 5776.82 Shanghai A3710.64 3683.45 HS China Enterprise 9076.03 9098.68 Mexico IPC 52194.44 51985.00 South Korea Kospi 3146.81 3138.30 Nasdaq Cmp 15036.52 15019.80 MSCI ACWI Fr ($) 734.64 730.48 Shanghai B265.03 264.40 HSCC Red Chip 3809.05 3810.85 Morocco MASI 12713.40 12607.27 Kospi 200 413.95 412.48 NYSE Comp 16828.29 16741.16 MSCI All World ($) 3122.00 3112.57 Shanghai Comp 3540.38 3514.47 Hungary Bux 51093.80 51633.85 Netherlands AEX 781.93 783.15 Spain IBEX 35 8977.40 8948.60 S&P 500 4498.20 4486.23 MSCI Europe (Eur) 1882.84 1882.94 Shenzhen A2589.85 2578.11 India BSE Sensex 55944.21 55958.98 AEX All Share 1095.83 1094.85 Sri Lanka CSE All Share 8756.63 8667.95 Wilshire 5000 46717.83 46563.46 MSCI Pacific ($) 3178.28 3148.60 Shenzhen B1217.29 1205.70 Nifty 500 14093.60 14063.25 New Zealand NZX 50 13173.48 13071.86 Sweden OMX Stockholm 30 2376.16 2367.05 Venezuela IBC 6781.05 6779.69 S&P Euro (Eur) 1956.09 1954.66 Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 6113.24 6089.50 Nigeria SE All Share 39434.69 39483.08 OMX Stockholm AS 989.16 987.81 Vietnam VNI 1309.55 1298.74 S&P Europe 350 (Eur) 1872.34 1872.96 Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 8814.67 8702.52 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 12364.57 12436.66 S&P Global 1200 ($) 3424.00 3417.88 Israel Tel Aviv 125 1797.74 1783.03 Pakistan KSE 100 47635.90 47828.71 Stoxx 50 (Eur) 3620.99 3625.98 (c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive. STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS AMERICA LONDON EURO MARKETS TOKYO Aug 25 %Chg %Chg Aug 25 %Chg %Chg Aug 25 %Chg %Chg Aug 25 %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 Nvidia 46.9 223.28 5.35 Bhp 182.0 2266.50 30.50 Asml Holding 316.8 688.40 5.00 Softbank .1054.0 6213.00 34.00 Sainsbury (j) 323.10 11.1 40.2 Marks And Spencer 179.45 23.8 29.8 Luceco 485.50 13.6 91.9 Health Care Equip.& Services 7702.98 25.2 6.0 Apple 41.6 148.25 -1.37 Rio Tinto 144.2 5422.00 12.00 Lvmh 256.3 622.10 -2.20 Toyota Motor 587.9 9484.00 212.00 Ocado 2049.00 9.0 - Genuit 780.00 15.4 17.3 Sig 54.40 10.8 68.7 Industrial Transportation 4350.69 23.8 -1.8 Advanced Micro Devices 32.2 107.81 0.16 Astrazeneca 137.6 8553.00 23.00 Unicredit 178.5 10.78 0.33 Nippon Yusen Kabushiki Kaisha 574.9 7850.00 30.00 Whitbread 3203.00 5.4 1.4 Auction Technology 1550.00 12.2 - Funding Circle Holdings 150.60 10.2 67.7 Real Estate & Investment Servic 3021.68 23.1 6.1 Amazon.com 28.1 3293.68 -12.10 Anglo American 121.6 3035.00 43.50 Novo Nordisk B A/s 153.6 87.92 -0.69 Shionogi & Co., 458.8 7106.00 316.00 Jd Sports Fashion 1023.50 5.4 19.6 Syncona 211.00 9.3 - Ted Baker 158.00 8.9 37.8 Chemicals 17556.42 22.9 7.5 Microsoft 25.3 301.34 -1.28 Prudential 116.3 1542.00 21.50 Airbus 148.3 115.92 2.46 Sony 353.8 11465.00 80.00 Evraz 589.20 5.3 24.4 Energean 679.00 9.2 -6.2 Riverstone Energy 431.00 8.6 42.4 Pharmaceuticals & Biotech. 18178.73 21.4 4.3 Facebook 18.0 368.76 3.25 British American Tobacco 115.9 2702.00 14.00 Royal Dutch Shella 143.0 16.84 -0.01 Mitsui O.s.k.lines, 310.6 7150.00 0.00 Flutter Entertainment 14435.00 4.6 -6.3 Babcock Int 372.60 8.6 28.6 On The Beach 379.00 8.3 -1.9 Electronic & Electrical Equip. 11975.67 21.4 4.8 Pfizer 13.8 47.42 -0.96 Glencore 90.2 328.95 3.25 Ing Groep N.v. 134.6 11.66 0.16 Daiichi Sankyo ,273.0 2580.00 34.50 Just Eat Takeaway.com N.v. 6932.00 4.4 - Harbour Energy 363.20 7.1 - Up Global Sourcing Holdings 226.00 8.1 89.6 Industrial Engineering 18711.10 20.1 2.7 Bank Of America 10.8 42.37 0.89 Hsbc Holdings 88.9 398.80 8.40 Daimler Ag Na O.n. 131.3 71.12 0.38 Jfe Holdings,. 256.6 1617.00 78.00 Prudential 1542.00 4.2 12.6 Carnival 1591.60 6.8 14.6 Vitec (the) 1600.00 8.1 76.3 Real Estate Investment Trusts 3332.34 19.9 5.1 Alphabet 9.3 2833.21 7.98 Unilever 74.4 4040.00 -42.50 Bnp Paribas Act.a 125.0 54.15 1.08 Fast Retailing Co., 219.3 73220.00 -240.00 B&m Eur Value Retail S.a. 578.60 3.8 11.1 Dr. Martens 415.60 6.6 - Biotech Growth Trust (the) 1255.00 7.4 - Software & Computer Services 2313.28 19.4 6.7 Analog Devices 8.8 163.40 -2.45 Rolls-royce Holdings 61.5 116.48 -1.80 Unilever 122.8 55.08 -0.60 Nippon Steel & Sumitomo Metal 218.2 2027.50 55.00 Weir 1694.50 3.7 - Premier Foods 119.80 6.4 17.5 Enquest 26.05 7.0 - Aerospace & Defense 4350.59 18.7 15.1 Glencore 328.95 3.4 39.0 Moonpig 401.00 6.3 - Batm Advanced Communications Ld 89.70 6.7 -3.3 Electricity 9694.17 18.2 7.1 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 Entain 1915.00 3.1 16.2 Coats 73.40 5.9 7.6 Aptitude Software 661.00 5.6 48.9 Beverages 27547.37 16.6 1.5 price change chng% price change chng% price change chng% price change chng% Ups Ups Ups Ups Losers Losers Losers Losers Albemarle 239.73 10.53 4.59 Wood (john) 250.00 16.90 7.25 B. Sabadell 0.61 0.02 4.04 Jfe Holdings,. 1617.00 78.00 5.07 Anglo American 3035.00 -6.2 24.8 Civitas Social Housing 107.00 -7.4 1.6 Pharos Energy 20.00 -10.8 11.1 Mining 21898.43 -10.6 0.9 American Express 166.65 5.45 3.38 Marks And Spencer 179.45 8.75 5.13 Bbva 5.71 0.21 3.76 Shionogi & Co., 7106.00 316.00 4.65 M&g 209.90 -5.3 5.1 Tyman 397.00 -7.4 11.8 Esken 14.70 -6.7 - Travel & Leisure 8626.27 -8.6 5.3 Alliance Data Systems 96.54 2.82 3.01 Reach 412.00 19.00 4.83 Unicredit 10.78 0.33 3.14 Rakuten .1122.00 43.00 3.99 Phoenix Holdings 633.20 -5.2 - C&c 241.80 -6.9 12.1 Mcbride 79.60 -6.1 -1.7 Oil & Gas Producers 5112.70 -8.0 2.9 State Street 92.26 2.69 3.00 Rank 180.00 7.40 4.29 Cnp Assurances 14.71 0.40 2.80 Nippon Steel & Sumitomo Metal 2027.50 55.00 2.79 Burberry 1845.50 -4.9 1.9 Vietnam Enterprise Investments 658.00 -6.3 18.3 Superdry 356.00 -6.1 39.2 Food Producers 6935.79 -7.9 -1.2 Quanta Services 101.96 2.91 2.94 Virgin Money Uk 211.80 8.50 4.18 Santander 3.20 0.09 2.76 Dowa Holdings Co., 4595.00 120.00 2.68 Imperial Brands 1525.00 -4.0 -2.0 Discoverie 990.00 -6.3 45.6 Sabre Insurance 215.00 -5.3 - Personal Goods 33354.84 -2.3 -8.8 Pershing Square Holdings Ltd 2515.00 -3.6 -0.8 Network Int Holdings 371.00 -5.4 14.9 S & U2800.00 -5.1 25.6 Banks 2833.28 -1.3 1.1 Downs Downs Downs Downs Itv 116.45 -3.4 7.3 Balfour Beatty 280.60 -5.4 2.8 De La Rue 175.00 -4.9 4.5 Life Insurance 8152.14 -0.7 8.0 Nordstrom 31.64 -6.17 -16.32 Capita 47.29 -2.50 -5.02 Terna 6.84 -0.27 -3.85 Dic 3050.00 -85.00 -2.71 Hikma Pharmaceuticals 2507.00 -3.1 -1.1 4imprint 2880.00 -5.1 8.7 Triple Point Social Housing Reit 107.60 -4.6 -3.5 Mobile Telecommunications 3018.82 -0.2 1.0 Gap (the) 27.79 -1.23 -4.24 Tyman 397.00 -10.00 -2.46 Snam 5.06 -0.18 -3.36 Seven & I Holdings Co., 4908.00 -125.00 -2.48 Coca-cola Hbc Ag 2618.00 -3.0 9.6 Capita 47.29 -5.1 18.9 Headlam 510.00 -4.5 40.9 General Retailers 2646.31 -0.2 1.2 Digital Realty Trust 157.56 -4.02 -2.49 Puretech Health 329.50 -8.00 -2.37 Fresenius Se+co.kgaa O.n. 45.45 -0.94 -2.02 Ebara 5340.00 -100.00 -1.84 Diageo 3519.50 -2.9 17.7 Avon Protection 1881.00 -4.8 - Xaar 224.50 -4.5 27.2 Automobiles & Parts 4821.21 1.4 2.1 Campbell Soup 41.02 -1.00 -2.38 Petropavlovsk 20.26 -0.48 -2.31 Ucb 97.94 -1.86 -1.86 Kao 6712.00 -118.00 -1.73 Glaxosmithkline 1482.80 -2.8 9.2 Cls Holdings 241.00 -4.7 8.6 Carr's 160.25 -4.3 23.8 Food & Drug Retailers 4300.18 2.5 0.0 Pfizer 47.42 -0.96 -1.98 Chemring 330.00 -7.00 -2.08 Svenska Cellulosa Ab Sca Ser. B 15.59 -0.27 -1.73 Toto 6030.00 -100.00 -1.63 Severn Trent 2790.00 -2.7 20.5 Ultra Electronics Holdings 3228.00 -4.0 53.3 Barr (a.g.) 550.00 -4.2 5.2 Tobacco 28692.66 3.4 -2.5 Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index Based on last week's performance. †Price at suspension. CURRENCIES DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Aug 25 Currency Mid Change Mid Change Mid Change Aug 25 Currency Mid Change Mid Change Mid Change Aug 25 Currency Mid Change Mid Change Mid Change Aug 25 Currency Mid Change Mid Change Mid Change Argentina Argentine Peso 97.4805 0.0445 114.5536 -0.0366 133.8558 0.0758 Indonesia Indonesian Rupiah 14397.5000 5.0000 16919.1283 -7.2741 19770.0350 9.0637 Poland Polish Zloty 3.8916 0.0045 4.5731 0.0017 5.3437 0.0068 ..Three Month 0.7283 -0.0001 0.8557 -0.0008 -- Australia Australian Dollar 1.3766 0.0008 1.6177 -0.0004 1.8902 0.0013 Israel Israeli Shekel 3.2295 0.0115 3.7951 0.0105 4.4346 0.0162 Romania Romanian Leu 4.1937 0.0018 4.9281 -0.0018 5.7585 0.0030 ..One Year 0.7283 -0.0001 0.8551 -0.0008 -- Bahrain Bahrainin Dinar 0.3770 -0.4430 -0.0003 0.5177 0.0001 Japan Japanese Yen 110.1000 0.4050 129.3833 0.3759 151.1843 0.5727 Russia Russian Ruble 74.0557 0.3119 87.0260 0.2993 101.6899 0.4394 United States United States Dollar --1.1751 -0.0009 1.3732 0.0002 Bolivia Bolivian Boliviano 6.9100 -8.1202 -0.0063 9.4885 0.0010 ..One Month 110.1000 0.4050 129.3833 0.3760 151.1843 0.5726 Saudi Arabia Saudi Riyal 3.7504 0.0001 4.4073 -0.0033 5.1499 0.0007 ..One Month --1.1751 -0.1979 1.3732 0.0002 Brazil Brazilian Real 5.2460 -0.0293 6.1648 -0.0392 7.2036 -0.0394 ..Three Month 110.0999 0.4048 129.3834 0.3762 151.1843 0.5725 Singapore Singapore Dollar 1.3538 -0.0002 1.5909 -0.0015 1.8590 -0.0001 ..Three Month --1.1749 -0.1979 1.3732 0.0002 Canada Canadian Dollar 1.2629 0.0042 1.4840 0.0037 1.7341 0.0059 ..One Year 110.0996 0.4041 129.3838 0.3769 151.1843 0.5721 South Africa South African Rand 14.9613 -0.0225 17.5816 -0.0401 20.5441 -0.0286 ..One Year --1.1742 -0.1979 1.3732 0.0001 Chile Chilean Peso 782.2350 1.0450 919.2383 0.5154 1074.1298 1.5528 Kenya Kenyan Shilling 109.7500 0.1000 128.9720 0.0175 150.7037 0.1539 South Korea South Korean Won 1168.0500 2.3000 1372.6263 1.6395 1603.9135 3.3340 Vietnam Vietnamese Dong 22792.5000 -28.5000 26784.5185 -54.2742 31297.7290 -35.5980 China Chinese Yuan 6.4744 -0.0031 7.6083 -0.0095 8.8904 -0.0032 Kuwait Kuwaiti Dinar 0.3010 0.0001 0.3537 -0.0002 0.4133 0.0002 Sweden Swedish Krona 8.7025 0.0201 10.2267 0.0158 11.9499 0.0290 European Union Euro 0.8510 0.0007 --1.1685 0.0010 Colombia Colombian Peso 3861.0000 6.9500 4537.2298 4.6519 5301.7519 10.1250 Malaysia Malaysian Ringgit 4.2035 -0.0140 4.9397 -0.0203 5.7721 -0.0186 Switzerland Swiss Franc 0.9146 0.0027 1.0747 0.0023 1.2558 0.0038 ..One Month 0.8509 0.0007 --1.1685 0.0010 Costa Rica Costa Rican Colon 621.9000 1.6600 730.8217 1.3850 853.9650 2.3730 Mexico Mexican Peso 20.3155 0.0315 23.8736 0.0185 27.8963 0.0463 Taiwan New Taiwan Dollar 27.9090 -0.0175 32.7971 -0.0460 38.3234 -0.0198 ..Three Month 0.8507 0.0007 --1.1684 0.0010 Czech Republic Czech Koruna 21.7292 0.0400 25.5349 0.0272 29.8375 0.0582 New Zealand New Zealand Dollar 1.4367 -0.0003 1.6883 -0.0017 1.9728 -0.0002 Thailand Thai Baht 32.7075 -0.2175 38.4360 -0.2856 44.9125 -0.2937 ..One Year 0.8500 0.0007 --1.1678 0.0010 Denmark Danish Krone 6.3282 0.0046 7.4365 -0.0004 8.6896 0.0073 Nigeria Nigerian Naira 411.7500 -483.8653 -0.3756 565.3965 0.0621 Tunisia Tunisian Dinar 2.7972 -0.0005 3.2871 -0.0031 3.8410 -0.0003 Egypt Egyptian Pound 15.7004 0.0291 18.4502 0.0199 21.5591 0.0423 Norway Norwegian Krone 8.8382 0.0127 10.3862 0.0068 12.1362 0.0187 Turkey Turkish Lira 8.3860 -0.0293 9.8548 -0.0420 11.5153 -0.0389 Hong Kong Hong Kong Dollar 7.7837 -0.0045 9.1469 -0.0124 10.6882 -0.0050 Pakistan Pakistani Rupee 166.3250 1.1000 195.4557 1.1419 228.3900 1.5354 United Arab Emirates UAE Dirham 3.6732 -4.3165 -0.0034 5.0438 0.0006 Hungary Hungarian Forint 296.0218 0.0820 347.8681 -0.1736 406.4838 0.1572 Peru Peruvian Nuevo Sol 4.0995 0.0072 4.8175 0.0047 5.6292 0.0104 United Kingdom Pound Sterling 0.7282 -0.0001 0.8558 -0.0008 -- India Indian Rupee 74.2413 0.0481 87.2441 -0.0112 101.9447 0.0772 Philippines Philippine Peso 49.8500 -0.2650 58.5809 -0.3571 68.4518 -0.3563 ..One Month 0.7283 -0.0001 0.8558 -0.0008 -- Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata UK SERIES FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY Produced in conjunction with the Institute and Faculty of Actuaries Aug 25 Aug 24 Aug 23 Aug 20 Aug 19 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 2775.10 2758.50 2750.30 2748.10 2736.10 0.00 2870.10 2450.90 Industrial Metals &31.52 Industrial Transport 18.36 FTSE 100 Index 10.67 FTSE 100 Price Change FTSE 100 Price Change Aug 25 chge% Index Aug 24 Aug 23 ago yield% Cover ratio adj Return FT 30 Div Yield -----0.00 3.93 2.74 Chemicals 29.13 FTSE 250 Index 17.07 Nonlife Insurance 9.49 3I Group PLC 1322.5 0.50 Just Eat Takeaway.Com N.V. 6932 -7.00 FTSE 100 (101) 7150.12 0.34 6506.46 7125.78 7109.02 6037.01 3.27 2.02 15.16 184.33 7018.02 P/E Ratio net -----0.00 19.44 14.26 Software & Comp Serv 25.47 Basic Materials 17.04 Electricity 9.43 Abrdn PLC 267.70 3.00 Kingfisher PLC 357.30 1.80 FTSE 250 (250) 23986.37 0.42 21827.11 23886.01 23740.49 17577.89 1.76 2.73 20.78 293.98 19292.98 FT 30 hourly changes Technology 24.91 Pharmace & Biotech 15.24 Travel & Leisure 9.26 Admiral Group PLC 3649 -39.00 Land Securities Group PLC 720.00 4.20 FTSE 250 ex Inv Co (185) 25213.74 0.50 22943.99 25088.06 24947.90 17785.28 1.67 0.49 121.01 255.07 20680.69 8910 11 12 13 14 15 16 High Low Fixed Line Telecomms 24.31 Mining 15.12 Equity Invest Instr 8.54 Anglo American PLC 3035 43.50 Legal & General Group PLC 272.10 3.50 FTSE 350 (351) 4134.18 0.36 3762.02 4119.52 4107.01 3403.39 2.99 2.10 15.95 96.14 8067.10 2758.5 2762.5 2766.2 2769.8 2771.9 2774.6 2778.3 2778.3 2774.8 2781.8 2758.5 Construct & Material 24.20 Food & Drug Retailer 14.74 Telecommunications 8.33 Antofagasta PLC 1467.5 -3.50 Lloyds Banking Group PLC 44.52 0.76 FTSE 350 ex Investment Trusts (284) 4029.59 0.36 3666.85 4015.15 4003.73 3321.88 3.06 1.74 18.82 66.88 4060.52 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Industrial Eng 23.47 General Retailers 14.21 Financial Services 7.33 Ashtead Group PLC 5576 34.00 London Stock Exchange Group PLC 8054 -84.00 FTSE 350 Higher Yield (116) 3222.96 0.18 2932.83 3217.17 3218.07 2573.81 4.59 1.43 15.23 107.35 6982.57 Electronic & Elec Eq 23.01 Health Care 14.11 Leisure Goods 7.29 Associated British Foods PLC 1997 -5.00 M&G PLC 209.90 0.30 FTSE 350 Lower Yield (235) 4824.60 0.54 4390.29 4798.58 4767.16 4085.72 1.30 4.57 16.78 64.51 5791.48 Support Services 22.06 Consumer Services 13.77 Automobiles & Parts 4.57 Astrazeneca PLC 8553 23.00 Melrose Industries PLC 171.65 4.30 FTSE SmallCap (252) 7581.96 0.35 6899.43 7555.80 7518.58 5085.16 2.26 3.24 13.65 108.72 12245.08 FX: EFFECTIVE INDICES FTSE SmallCap Index 21.98 Gas Water & Multi 13.65 Health Care Eq & Srv 3.33 Auto Trader Group PLC 632.00 -1.20 Mondi PLC 2041 -11.00 FTSE SmallCap ex Inv Co (131) 6521.84 0.45 5934.74 6492.70 6458.89 3842.97 1.68 0.04 1376.73 60.83 10980.19 Aug 24 Aug 23 Mnth Ago Aug 25 Aug 24 Mnth Ago Beverages 21.48 Banks 13.40 Mobile Telecomms 2.45 Avast PLC 605.00 7.00 National Grid PLC 950.50 -13.10 FTSE All-Share (603) 4119.44 0.36 3748.61 4104.84 4092.12 3367.92 2.97 2.13 15.86 94.52 8117.83 Aerospace & Defense 21.28 Oil & Gas Producers 13.36 Consumer Goods 1.57 Aveva Group PLC 4140 -3.00 Natwest Group PLC 215.80 2.60 FTSE All-Share ex Inv Co (415) 3974.70 0.36 3616.89 3960.39 3948.95 3256.27 3.04 1.72 19.17 65.43 4066.94 UK 81.63 81.69 81.81 Real Est Invest & Tr 21.00 Life Insurance 13.10 Industrial Metals &40.74 Aviva PLC 420.90 1.50 Next PLC 8076 114.00 FTSE All-Share ex Multinationals (534) 1364.46 0.48 1030.99 1357.95 1351.17 1040.08 2.35 3.09 13.77 23.41 2784.47 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Industrials 20.61 NON FINANCIALS Index 12.84 Food Producers -0.23 B&M European Value Retail S.A. 578.60 8.80 Ocado Group PLC 2049 57.00 FTSE Fledgling (86) 13167.14 0.04 11981.82 13161.78 13143.07 8587.19 2.04 4.16 11.77 156.14 27457.95 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Tech Hardware & Eq 20.27 Oil & Gas 12.75 Tobacco -0.31 Bae Systems PLC 568.00 -3.60 Pearson PLC 776.20 -2.00 FTSE Fledgling ex Inv Co (37) 18115.81 -0.24 16485.01 18159.87 18129.12 89.21 1.43 -9.59 -7.28 161.48 36849.75 Media 19.51 Utilities 12.56 Household Goods & Ho -2.81 Barclays PLC 185.14 3.32 Pershing Square Holdings LTD 2515 30.00 FTSE All-Small (338) 5267.47 0.33 4793.29 5250.16 5225.28 3527.03 2.25 3.29 13.53 74.81 10912.57 Real Est Invest & Se 18.40 FTSE All{HY-}Share Index 12.14 Personal Goods -6.55 Barratt Developments PLC 731.00 2.00 Persimmon PLC 2868 -6.00 FTSE All-Small ex Inv Co (168) 4891.73 0.42 4451.38 4871.11 4846.37 86.35 1.67 -0.26 -231.45 45.65 10431.86 Financials 11.48 Oil Equipment & Serv -20.54 Berkeley Group Holdings (The) PLC 4827 -15.00 Phoenix Group Holdings PLC 633.20 9.20 FTSE AIM All-Share (727) 1279.75 0.58 1164.54 1272.34 1265.93 961.49 0.77 0.44 294.90 6.58 1477.58 Bhp Group PLC 2266.5 30.50 Polymetal International PLC 1523.5 -2.50 FTSE All-Share Technology (21) 2491.52 0.20 2354.22 2486.55 2472.90 2186.66 1.02 0.79 123.80 14.33 3527.02 BP PLC 298.35 -0.50 Prudential PLC 1542 21.50 FTSE All-Share Telecommunications (7) 1956.16 0.69 1848.36 1942.73 1942.36 1661.97 4.28 0.72 32.43 40.79 2758.57 FTSE GLOBAL EQUITY INDEX SERIES British American Tobacco PLC 2702 14.00 Reckitt Benckiser Group PLC 5550 -9.00 FTSE All-Share Health Care (14) 12879.59 0.15 12169.87 12860.78 13000.37 12671.92 3.16 0.69 45.65 178.45 11554.33 Aug 25 No of US $Day Mth YTD Total YTD Gr Div Aug 25 No of US $Day Mth YTD Total YTD Gr Div British Land Company PLC 528.80 8.40 Relx PLC 2165 -13.00 FTSE All-Share Financials (252) 4881.08 0.89 4612.11 4837.82 4825.25 3817.56 2.66 5.19 7.26 78.71 5215.59 Regions & countries stocks indices %%%retn %Yield Sectors stocks indices %%%retn %Yield Bt Group PLC 170.05 1.85 Rentokil Initial PLC 575.40 -2.80 FTSE All-Share Real Estate (56) 1193.93 0.16 1180.17 1191.97 1195.42 914.24 2.32 0.25 171.10 13.20 1207.62 FTSE Global All Cap 9129 826.49 0.6 1.0 13.6 1289.96 15.0 1.7 Oil Equipment & Services 27 226.39 1.4 1.4 19.6 397.31 23.7 4.9 Bunzl PLC 2668 -7.00 Rightmove PLC 703.00 0.80 FTSE All-Share Consumer Discretionary (90) 5607.40 0.73 5298.41 5566.98 5500.24 4080.19 1.21 -0.85 -96.39 48.87 5788.77 FTSE Global All Cap 9129 826.49 0.6 1.0 13.6 1289.96 15.0 1.7 Basic Materials 365 678.94 1.4 1.4 11.3 1180.63 13.9 3.1 Burberry Group PLC 1845.5 -9.00 Rio Tinto PLC 5422 12.00 FTSE All-Share Consumer Staples (27)18921.10 -0.21 17878.45 18961.16 19058.89 18382.12 3.94 1.17 21.72 356.29 16498.77 FTSE Global Large Cap 1738 738.13 0.5 0.9 13.3 1187.17 14.8 1.7 Chemicals 170 957.95 0.7 0.7 10.1 1636.17 11.8 2.1 Coca-Cola Hbc AG 2618 -30.00 Rolls-Royce Holdings PLC 116.48 -1.80 FTSE All-Share Industrials (87) 7209.26 0.19 6812.00 7195.66 7188.26 5317.93 1.70 2.33 25.26 63.00 8118.51 FTSE Global Mid Cap 2291 1053.70 0.8 1.4 14.9 1546.50 16.3 1.7 Forestry & Paper 21 334.17 1.3 1.3 5.7 649.38 7.9 2.4 Compass Group PLC 1508.5 11.50 Royal Dutch Shell PLC 1426 0.20 FTSE All-Share Basic Materials (25) 8404.40 0.70 7941.28 8346.13 8171.46 6038.76 5.16 2.79 6.95 223.91 10577.56 FTSE Global Small Cap 5100 1135.26 1.0 1.1 12.8 1598.13 13.9 1.4 Industrial Metals & Mining 94 588.55 2.8 2.8 25.6 1039.06 29.1 3.8 Crh PLC 3773 18.00 Royal Dutch Shell PLC 1432.4 -2.20 FTSE All-Share Energy (14) 5301.88 -0.03 5009.72 5303.25 5248.47 4382.34 4.00 0.78 32.05 110.95 6146.10 FTSE All-World 4029 483.92 0.6 1.0 13.6 799.61 15.1 1.7 Mining 80 931.69 1.7 1.7 5.8 1673.91 9.5 4.4 Croda International PLC 9140 -132.00 Royal Mail PLC 490.20 -0.80 FTSE All-Share Utilities (10) 8030.96 -0.99 7588.42 8111.65 8107.75 6835.82 4.44 1.68 13.43 233.72 11617.11 FTSE World 2626 870.78 0.4 1.3 15.1 1930.95 16.6 1.7 Industrials 747 603.22 0.6 0.6 15.2 939.40 16.4 1.4 Dcc PLC 6124 8.00 Sage Group PLC 741.60 4.20 FTSE All-Share Software and Computer Services (19) 2676.92 0.22 2529.41 2671.09 2656.16 2369.54 1.01 0.78 127.28 14.98 4009.29 FTSE Global All Cap ex UNITED KINGDOM In 8843 874.55 0.6 1.0 13.6 1339.70 15.0 1.6 Construction & Materials 147 735.32 0.5 0.5 19.4 1207.15 21.1 1.8 Diageo PLC 3519.5 -7.50 Sainsbury (J) PLC 323.10 -0.40 FTSE All-Share Technology Hardware and Equipment (2) 6924.39 -0.46 6542.83 6956.30 6943.04 4236.53 1.25 1.28 62.34 72.63 8764.30 FTSE Global All Cap ex USA 7363 605.31 1.1 0.4 7.4 1036.41 9.3 2.3 Aerospace & Defense 34 817.93 0.8 0.8 11.5 1252.00 12.5 1.4 Entain PLC 1915 43.50 Schroders PLC 3750 45.00 FTSE All-Share Telecommunications Equipment (2) 694.93 0.40 656.63 692.16 695.19 698.16 1.30 2.69 28.71 5.80 972.64 FTSE Global All Cap ex JAPAN 7738 860.39 0.6 1.0 14.5 1355.54 16.0 1.6 General Industrials 72 286.53 0.7 0.7 13.2 491.35 14.9 2.0 Evraz PLC 589.20 11.20 Scottish Mortgage Investment Trust PLC 1365.5 10.50 FTSE All-Share Telecommunications Service Providers (5) 3014.25 0.70 2848.15 2993.21 2992.08 2540.34 4.40 0.70 32.60 64.75 3864.79 FTSE Global All Cap ex Eurozone 8477 869.94 0.6 0.9 13.5 1329.08 14.9 1.6 Electronic & Electrical Equipment 142 779.22 0.7 0.7 16.5 1098.98 17.5 1.1 Experian PLC 3200 -7.00 Segro PLC 1266 -8.00 FTSE All-Share Health Care Providers (3) 8056.18 -0.30 7612.24 8080.61 7979.50 5281.25 0.13 49.03 16.11 3.06 7434.12 FTSE Developed 2176 799.36 0.4 1.5 15.5 1257.67 16.9 1.6 Industrial Engineering 143 1163.28 1.0 1.0 13.5 1805.35 14.8 1.5 Ferguson PLC 10210 50.00 Severn Trent PLC 2790 -42.00 FTSE All-Share Medical Equipment and Services (2) 6627.63 0.39 6262.41 6601.98 6621.19 6840.53 1.95 1.06 48.67 79.79 6191.92 FTSE Developed All Cap 5697 836.83 0.4 1.5 15.3 1297.58 16.6 1.6 Industrial Transportation 124 1053.73 0.0 0.0 14.9 1652.55 16.2 1.5 Flutter Entertainment PLC 14435 490.00 Smith & Nephew PLC 1413.5 6.50 FTSE All-Share Pharmaceuticals and Biotechnology (9)18114.40 0.13 17116.21 18090.35 18300.77 17900.51 3.28 0.66 46.20 255.46 14629.71 FTSE Developed Large Cap 864 748.94 0.3 1.4 15.5 1199.47 17.0 1.6 Support Services 85 744.90 0.4 0.4 15.8 1089.72 16.6 0.9 Fresnillo PLC 836.00 -9.40 Smith (Ds) PLC 441.30 -0.20 FTSE All-Share Banks (11) 2798.99 2.00 2644.75 2744.01 2757.69 2030.63 2.81 5.43 6.55 43.85 2376.21 FTSE Developed Europe Large Cap 232 445.76 0.1 2.3 13.5 852.14 16.0 2.4 Consumer Goods 533 644.08 0.3 0.3 5.4 1054.07 6.7 1.9 Glaxosmithkline PLC 1482.8 -1.00 Smiths Group PLC 1432 12.50 FTSE All-Share Finance and Credit Services (8)11277.38 -0.69 10655.94 11355.72 11295.07 8376.84 1.06 1.68 56.16 117.20 14854.41 FTSE Developed Europe Mid Cap 343 794.96 0.4 1.7 13.8 1324.13 15.9 2.0 Automobiles & Parts 125 654.60 1.0 1.0 6.9 1037.92 7.7 1.1 Glencore PLC 328.95 3.25 Smurfit Kappa Group PLC 4220 33.00 FTSE All-Share Investment Banking and Brokerage Services (32)10945.96 0.57 10342.78 10884.18 10861.22 8889.74 3.68 2.26 12.05 222.84 14561.74 FTSE Dev Europe Small Cap 707 1133.93 0.4 3.3 17.6 1813.92 19.4 1.7 Beverages 67 758.93 -0.1 -0.1 2.7 1251.80 3.9 2.2 Halma PLC 2990 -18.00 Spirax-Sarco Engineering PLC 15970 -90.00 FTSE All-Share Closed End Investments (188)14005.17 0.28 13233.42 13966.55 13882.78 11137.59 2.02 10.53 4.71 125.77 8499.07 FTSE North America Large Cap 240 989.99 0.1 1.5 19.2 1459.08 20.4 1.3 Food Producers 133 750.00 0.0 0.0 4.5 1258.21 6.4 2.2 Hargreaves Lansdown PLC 1509.5 5.50 Sse PLC 1645.5 -5.50 FTSE All-Share Life Insurance (6) 8285.91 1.15 7829.31 8191.72 8097.62 6431.25 3.22 2.29 13.54 235.82 9688.91 FTSE North America Mid Cap 421 1251.01 0.8 1.7 18.0 1700.06 19.0 1.4 Household Goods & Home Construction 60 606.83 0.1 0.1 5.3 991.14 7.2 2.3 Hikma Pharmaceuticals PLC 2507 -23.00 St. James's Place PLC 1612.5 16.50 FTSE All-Share Nonlife Insurance (7) 4016.55 -0.33 3795.21 4029.90 4021.06 3228.33 3.19 1.86 16.86 91.33 8161.24 FTSE North America Small Cap 1284 1300.12 1.0 1.5 13.6 1700.40 14.4 1.2 Leisure Goods 45 317.46 1.9 1.9 -3.8 441.36 -3.1 1.2 HSBC Holdings PLC 398.80 8.40 Standard Chartered PLC 461.90 13.90 FTSE All-Share Real Estate Investment and Services (15) 2957.37 -0.08 2794.41 2959.85 2965.67 2265.82 1.39 2.87 24.98 26.21 8616.06 FTSE North America 661 644.10 0.2 1.5 19.0 969.98 20.1 1.3 Personal Goods 88 1151.54 -0.4 -0.4 9.2 1734.81 10.3 1.3 Imperial Brands PLC 1525 0.50 Taylor Wimpey PLC 180.35 1.60 FTSE All-Share Real Estate Investment Trusts (41) 2972.96 0.22 2809.13 2966.41 2975.61 2268.23 2.53 -0.07 -530.24 33.20 4320.44 FTSE Developed ex North America 1515 318.50 0.6 1.4 8.7 587.66 10.7 2.3 Tobacco 15 990.04 -0.4 -0.4 9.0 2598.56 12.5 6.0 Informa PLC 539.00 -2.20 Tesco PLC 251.55 0.50 FTSE All-Share Automobiles and Parts (2) 4845.92 -1.31 4578.88 4910.12 4856.65 3060.39 0.98 -7.85 -12.95 10.66 5004.76 FTSE Japan Large Cap 174 457.64 1.0 2.4 0.9 649.85 2.0 2.0 Health Care 324 786.22 -0.2 -0.2 14.6 1227.49 16.1 1.6 Intercontinental Hotels Group PLC 4604 3.00 Unilever PLC 4040 -42.50 FTSE All-Share Consumer Services (3) 2515.70 0.78 2377.07 2496.26 2457.30 2063.16 0.01 -73.22 -99.09 0.13 3148.72 FTSE Japan Mid Cap 333 657.52 0.9 1.8 2.0 885.98 3.2 2.1 Health Care Equipment & Services 123 1608.66 0.4 0.4 15.6 1949.85 16.2 0.8 Intermediate Capital Group PLC 2192 41.00 United Utilities Group PLC 1057 -15.00 FTSE All-Share Household Goods and Home Construction (12)15405.91 0.15 14556.97 15382.91 15031.13 11266.09 3.56 1.72 16.30 245.01 12684.57 FTSE Global wi JAPAN Small Cap 884 723.59 1.3 1.5 1.4 1010.93 2.7 2.1 Pharmaceuticals & Biotechnology 201 506.11 -0.6 -0.6 13.8 844.32 15.9 2.1 International Consolidated Airlines Group S.A. 163.42 -1.32 Vodafone Group PLC 122.98 0.58 FTSE All-Share Leisure Goods (2) 30167.94 0.16 28505.55 30119.33 30167.94 22393.04 1.57 2.12 29.98 328.09 32088.22 FTSE Japan 507 189.13 1.0 2.3 1.1 300.67 2.2 2.0 Consumer Services 451 716.47 1.3 1.3 3.9 1009.32 4.4 0.8 Intertek Group PLC 5240 -18.00 Weir Group PLC 1694.5 49.00 FTSE All-Share Personal Goods (5) 29170.15 -0.15 27562.74 29214.95 29315.60 19835.41 1.44 1.34 51.72 419.78 22353.01 FTSE Asia Pacific Large Cap ex Japan 913 858.15 2.4 -3.3 -1.9 1508.75 -0.4 2.1 Food & Drug Retailers 72 339.03 -0.3 -0.3 13.5 523.22 15.4 2.2 Itv PLC 116.45 1.30 Whitbread PLC 3203 20.00 FTSE All-Share Media (11) 9596.99 -0.19 9068.15 9615.52 9573.10 6932.76 1.75 1.06 54.02 158.39 6582.94 FTSE Asia Pacific Mid Cap ex Japan 930 1106.51 1.5 -2.0 7.7 1871.32 9.5 2.4 General Retailers 152 1282.27 1.7 1.7 1.3 1733.60 1.7 0.7 Jd Sports Fashion PLC 1023.5 18.50 Wpp PLC 985.00 3.00 FTSE All-Share Retailers (22) 2793.82 1.36 2639.86 2756.41 2758.05 1923.79 0.92 4.41 24.79 22.49 3526.04 FTSE Asia Pacific Small Cap ex Japan 1933 704.07 1.4 -3.3 8.3 1161.55 9.9 2.1 Media 83 502.27 0.3 0.3 7.0 712.24 7.7 0.8 Johnson Matthey PLC 3034 4.00 FTSE All-Share Travel and Leisure (33) 8521.23 1.63 8051.67 8384.63 8191.71 6192.02 0.13 -80.23 -9.38 9.68 8754.85 FTSE Asia Pacific Ex Japan 1843 676.67 2.3 -3.2 -0.9 1264.09 0.6 2.1 Travel & Leisure 144 523.89 1.9 1.9 5.2 754.30 5.7 0.8 FTSE All-Share Beverages (6) 27686.60 -0.30 26160.94 27769.98 27796.20 20561.17 2.00 1.56 32.08 40.35 21488.89 FTSE Emerging All Cap 3432 893.57 2.4 -2.8 0.4 1496.34 2.2 2.3 Telecommunication 88 157.77 0.0 0.0 2.5 353.43 5.3 4.0 FTSE All-Share Food Producers (10) 7108.45 -0.04 6716.74 7111.39 7081.55 6883.25 1.62 3.01 20.43 86.31 6688.30 FTSE Emerging Large Cap 874 842.01 2.7 -2.9 -1.8 1418.48 -0.1 2.2 Fixed Line Telecommuniations 36 118.19 0.0 0.0 1.6 300.33 5.6 5.5 UK STOCK MARKET TRADING DATA FTSE All-Share Tobacco (2) 28692.71 0.43 27111.60 28570.35 28846.23 26679.54 8.10 1.45 8.53 1078.50 24581.74 FTSE Emerging Mid Cap 979 1147.87 1.4 -0.8 9.6 1926.68 11.9 2.7 Mobile Telecommunications 52 190.73 0.0 0.0 3.6 370.67 5.5 3.2 FTSE All-Share Construction and Materials (15) 8976.67 0.47 8482.02 8934.65 8919.33 6569.56 1.93 0.35 147.87 28.50 10557.12 Aug 25 Aug 24 Aug 23 Aug 20 Aug 19 Yr Ago FTSE Emerging Small Cap 1579 937.54 1.3 -4.0 10.0 1505.31 12.0 2.3 Utilities 197 334.66 -0.4 -0.4 4.3 752.77 6.9 3.3 FTSE All-Share Aerospace and Defense (9) 4628.48 -0.63 4373.43 4657.90 4613.39 3628.29 2.13 7.86 5.97 58.84 5486.30 Order Book Turnover (m) 62.81 52.63 30.52 30.52 30.52 105.13 FTSE Emerging Europe 85 428.77 0.5 6.2 15.8 846.79 20.5 4.5 Electricity 137 375.39 -0.2 -0.2 4.0 831.98 6.5 3.2 FTSE All-Share Electronic and Electrical Equipment (10)14182.36 -0.08 13400.84 14194.27 14110.13 10210.37 1.09 2.21 41.38 123.48 13763.88 Order Book Bargains 729006.00 700636.00 774509.00 774509.00 774509.00 982004.00 FTSE Latin America All Cap 250 824.34 2.9 -4.2 0.3 1452.83 3.1 3.8 Gas Water & Multiutilities 60 337.54 -0.8 -0.8 5.3 784.76 8.1 3.3 FTSE All-Share General Industrials (9) 5879.55 0.54 5555.56 5847.95 5843.69 4317.08 2.82 0.72 49.25 74.82 7466.12 Order Book Shares Traded (m) 972.00 934.00 1025.00 1025.00 1025.00 1129.00 FTSE Middle East and Africa All Cap 328 761.31 1.2 2.8 16.6 1342.27 18.9 2.4 Financials 862 296.14 0.5 0.5 17.4 548.34 19.6 2.4 FTSE All-Share Industrial Engineering (5)20435.65 0.50 19309.55 20334.96 20330.84 13868.70 0.73 3.26 42.31 121.74 26901.41 Total Equity Turnover (£m) 4144.86 3507.60 4421.96 4421.96 4421.96 4882.59 FTSE Global wi UNITED KINGDOM All Cap In 286 355.76 0.4 1.8 12.2 696.95 15.1 3.1 Banks 266 221.89 0.8 0.8 20.3 452.70 23.1 2.8 FTSE All-Share Industrial Support Services (31)11318.74 0.18 10695.02 11298.07 11316.98 9156.90 1.44 1.57 44.22 93.78 12716.09 Total Mkt Bargains 954269.00 946660.00 1018625.00 1018625.00 1018625.00 1279879.00 FTSE Global wi USA All Cap 1766 1111.69 0.3 1.5 18.3 1580.10 19.4 1.3 Nonlife Insurance 71 343.16 0.3 0.3 14.7 552.99 17.6 2.9 FTSE All-Share Industrial Transportation (8) 6552.02 0.45 6190.97 6522.98 6556.02 3278.99 1.06 2.67 35.50 54.20 6713.24 Total Shares Traded (m) 5035.00 5858.00 5228.00 5228.00 5228.00 5525.00 FTSE Europe All Cap 1439 536.76 0.2 2.4 13.9 985.67 16.4 2.3 Life Insurance 53 251.82 0.8 0.8 8.3 464.14 11.2 3.3 FTSE All-Share Industrial Materials (1)22254.15 0.23 798.85 22204.14 22204.14 16669.05 1.42 2.67 26.50 213.54 27399.28 Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable. FTSE Eurozone All Cap 652 527.27 0.3 2.2 13.8 961.92 15.9 1.9 Financial Services 212 498.41 0.5 0.5 18.7 741.45 19.9 1.4 † ‡ FTSE All-Share Industrial Metals and Mining (12) 6930.29 0.94 6548.40 6865.44 6703.38 4785.39 5.61 2.86 6.24 198.51 9756.25 (c) Market closed. FTSE EDHEC-Risk Efficient All-World 4029 538.99 0.6 1.4 14.2 823.50 15.7 1.9 Technology 330 633.83 0.7 0.7 21.8 817.68 22.5 0.7 FTSE All-Share Precious Metals and Mining (5)20965.72 -0.72 19810.41 21117.75 20963.01 30165.52 5.12 1.79 10.94 689.56 14036.56 FTSE EDHEC-Risk Efficient Developed Europe 575 423.42 0.2 2.0 13.4 719.54 15.5 2.1 Software & Computer Services 175 1064.28 0.9 0.9 26.6 1278.90 27.1 0.4 FTSE All-Share Chemicals (7) 19479.83 -0.71 18406.40 19618.37 19517.68 13246.07 1.56 2.10 30.51 182.25 18962.03 Oil & Gas 132 297.32 1.4 0.6 15.2 573.45 18.9 4.2 Technology Hardware & Equipment 155 494.85 0.4 0.4 16.0 683.06 17.0 1.1 FTSE All-Share Oil. Gas and Coal (14) 5145.42 -0.03 4861.88 5146.75 5093.58 4253.01 4.00 0.78 32.05 107.69 6185.91 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed Oil & Gas Producers 90 280.92 1.4 0.4 16.3 554.14 20.1 4.3 Alternative Energy 15 223.90 1.4 1.4 -16.7 319.95 -16.2 0.5 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor FTSE Sector Indices Real Estate Investment & Services 161 354.58 0.7 0.7 -1.2 666.75 0.8 2.7 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be Non Financials (351) 4945.03 0.20 4499.88 4935.18 4919.17 84.82 3.06 1.35 24.22 78.43 8567.82 Real Estate Investment Trusts 99 551.61 -0.4 -0.4 21.3 1238.27 23.5 2.8 FTSE Global Large Cap 1738 738.13 0.5 0.5 13.3 1187.17 14.8 1.7 liable for any loss arising from the reliance on or use of the listed information. For all queries e-mail [email protected] Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC¤cy=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index® FTSE 100 7126.07 7134.87 7135.60 7139.94 7140.80 7141.39 7149.59 7145.84 7142.60 7151.59 7126.07 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. FTSE 250 23925.92 23954.52 24010.05 24014.37 24039.43 24054.55 24041.76 24030.58 24002.86 24058.65 23925.92 Data provided by Morningstar | www.morningstar.co.uk Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC ” is a trade mark FTSE SmallCap 7562.76 7566.42 7569.18 7571.83 7575.07 7582.03 7581.65 7578.43 7576.38 7582.89 7561.60 ™ FTSE All-Share 4106.31 4111.25 4113.32 4115.47 4116.68 4117.54 4120.87 4118.77 4116.42 4122.05 4106.31 of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see 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. Time of FTSE 100 Day's high:13:01:45 Day's Low07:03:00 FTSE 100 2010/11 High: 7220.14(11/08/2021) Low: 6407.46(29/01/2021) Time of FTSE All-Share Day's high:13:02:00 Day's Low07:03:00 FTSE 100 2010/11 High: 4144.47(13/08/2021) Low: 3641.93(29/01/2021) 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 Amigo Holdings Pre 170.900 294.200 283.600L 37.900L 60.800L 5.700L 0.00000 0.00000 - 0.000 3.100 date price(p) Sector code Stock price(p) +/- High Low Cap (£m) price up date High Low Stock Price p+or- Anglo Pacific Group Int 22.222 22.407 11.817 19.494L 3.830 7.840L 1.75000 1.75000 Dec 22 5.500 5.853 08/18 25.00 AIM LIKE Likewise Group PLC 32.00 1.00 33.00 25.00 6156.0 There are currently no rights offers by any companies listed on the LSE. Clipper Logistics Pre 696.201 500.671 26.731 20.107 21.300 15.900 7.10000 6.20000 Oct 15 11.100 9.700 08/11 20.00 AIM BVX BiVictriX Therapeutics PLC 20.00 0.75 29.25 19.00 1322.3 Costain Group Int 556.800 459.900 9.100 92.300L 3.500 49.900L 0.00000 0.00000 - 0.000 0.000 07/28 200.00 AIM BIG Big Technologies PLC 352.75 -2.75 385.00 250.00 101759.6 Jaywing Pre 25.957 29.723 0.360L 9.392L 0.340L 9.950L 0.00000 0.00000 - 0.000 0.000 07/27 180.00 AIM CODE Northcoders Group PLC 180.50 0.00 187.02 178.03 1253.5 Oriole Resources Int 0.000 0.000 0.871L 0.167 0.050L 0.040 0.00000 0.00000 - 0.000 0.000 07/20 95.00 AIM LORD Lords Group Trading PLC 121.50 2.50 123.00 95.83 19136.7 Sopheon Int 16.531 13.868 0.518 0.479 0.036 0.032 0.00000 0.00000 - 4.400 4.200 07/19 100.00 AC8 Acceler8 Ventures PLC 235.00 21.20 298.00 108.00 176.3 07/19 5.50 AIM BHL Bradda Head Holdings Ltd 8.75 -0.05 10.56 5.05 2564.3 07/19 100.00 AIM FWD Forward Partners Group PLC 101.50 1.47 114.00 90.50 13663.2 07/19 160.00 AIM REVB Revolution Beauty Group PLC 162.00 2.00 173.00 148.50 50118.8 07/15 40.00 AIM ORCA Orcadian Energy PLC 33.50 -0.50 43.75 33.00 2135.8

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. Thursday 26 August 2021 ★ FINANCIAL TIMES 13

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Australia (A$) Finland (€) CntJpRwy 16105 -105.00 18455 0.00 0.80 -15.84 30132.88 Nordea Bk 102.84 0.14 104.88 64.57 0.69 16.04 47859.46 BlackRock 944.35 15.16 944.50 531.39 1.58 27.53 143726.1 MondelezInt 61.84 -0.42 65.60 52.51 1.98 23.53 86434.04 ANZ 28.47 0.08 29.64 16.40 2.20 16.49 58878.98 Nokia 5.20 0.06 5.38 2.70 --13.75 34681.32 Denso 7488 165.00 7970 0.00 1.85 46.79 53588.85 SEB 117.50 1.15 119.95 75.56 3.53 11.26 29299.32 Boeing 221.77 0.34 278.57 141.58 --10.77 129990.91 Monsanto 9.64 -0.01 10.00 9.51 -- 241.00 BHPBilltn 45.48 0.56 54.55 33.73 3.65 23.92 97473 SampoA 44.11 0.01 44.30 31.73 3.38 70.34 28724.78 EastJpRwy 7401 2.00 8626 0.00 1.34 -4.87 25404.88 SvnskaHn 98.38 0.30 102.00 71.70 4.22 11.47 21985.32 Booking Holdings 2267.75 34.64 2516 1589 -133.17 93113.25 MorganStly 104.85 1.76 104.93 45.86 1.33 13.78 191305.23 CmwBkAu 100.32 0.41 109.03 62.64 3.17 25.58 129291.39 France (€) Fanuc 23810 275.00 29700 0.00 0.86 59.06 43664.51 Swedbank 169.34 0.90 171.72 136.26 4.33 9.26 22027.45 BrisMySq 67.65 -0.87 69.75 56.75 2.77 -24.63 150319.76 Netflix 547.82 -5.59 593.29 458.60 -66.64 242462.88 CSL 312.51 3.96 320.42 242.00 0.87 38.66 103324.38 Airbus Grpe 115.92 2.46 121.00 57.87 - -306.47 107073.81 FastRetail 73220 -240.00 110500 0.00 0.64 51.00 70542.35 Telia Co 37.77 -0.30 39.97 33.31 2.37 -6.78 17749.53 CapOne 173.91 3.86 177.95 65.74 0.58 33.36 77583.65 NextEraE 84.46 0.32 87.69 66.79 1.69 40.22 165653.84 NatAusBk 27.68 0.28 27.84 16.56 2.26 17.39 66287.43 AirLiquide 149.98 -0.32 152.24 123.60 1.84 27.33 83497.23 Fuji Hvy Ind 2033 14.50 2329 1898.5 2.73 20.55 14202.86 Volvo 196.60 0.64 240.80 162.00 3.03 17.13 35885.33 CardinalHlth 51.81 0.04 62.96 44.65 3.76 11.09 15046.32 Nike 170.33 0.35 174.38 110.21 0.60 81.42 217696.52 Telstra 3.83 -0.10 4.03 2.66 2.79 24.09 33090.72 AXA 24.14 -0.04 24.45 13.34 5.94 10.37 68612.35 Hitachi 6189 59.00 6853 0.00 1.68 12.02 54426.93 Switzerland (SFr) Carnival 24.24 0.40 31.52 12.11 --2.64 23600.64 NorfolkS 260.23 0.80 295.14 196.15 1.46 28.96 64269.58 Wesfarmers 63.22 -1.43 67.20 43.50 2.57 35.58 52072.84 BNP Parib 54.15 1.08 57.92 28.79 -9.75 79529.69 HondaMtr 3282 1.00 3677 0.00 2.27 8.69 53997.34 ABB 34.11 -0.51 34.79 21.85 2.27 149.90 76576.33 Caterpillar 215.18 2.59 246.69 139.81 1.91 34.59 117804.91 Northrop 363.10 0.33 379.03 282.88 1.59 13.36 58135.62 Westpc 26.15 0.24 27.12 16.00 1.24 21.44 69690.88 ChristianDior 642.00 -6.00 728.00 345.40 0.75 57.37 136182.46 JapanTob 2119 -16.50 2227.5 0.00 7.21 11.23 38492.28 CredSuisse 9.83 0.30 13.50 8.50 2.73 23.10 27411.02 CharlesSch 75.22 1.07 76.37 33.79 0.95 33.29 135926.5 NXP 217.20 2.68 218.84 117.25 0.77 144.53 57587.3 Woolworths 40.82 -0.56 42.66 30.48 2.46 34.13 37590.51 Cred Agr 12.20 0.17 13.49 6.51 -13.26 44344.04 KDDI 3394 -10.00 3767 2604 3.79 11.07 71029.84 Nestle 115.04 -0.92 117.44 95.00 2.44 25.80 362397.07 Charter Comms 795.76 3.12 802.32 572.46 -45.30 146278.36 Occid Pet 24.60 0.22 33.50 8.52 3.35 -1.56 22969.97 Belgium (€) Danone 62.35 -0.75 65.30 46.03 3.52 19.94 50383.51 Keyence 65620 -140.00 66080 42610 0.30 81.35 144952.66 Novartis 83.82 -0.70 86.92 70.42 3.60 26.46 226110.15 Chevron Corp 98.11 0.27 113.11 65.16 5.28 -33.00 189736.1 Oracle 88.43 -0.13 91.78 54.87 1.14 20.12 246882.6 AnBshInBv 51.57 -0.10 65.86 43.87 0.93-182.82 102614.1 EDF 11.51 -0.01 13.58 8.06 -110.00 42693.95 MitsbCp 3241 9.00 3324 0.00 4.10 28.04 43735.06 Richemont 103.50 -0.10 119.00 56.20 0.96 42.14 59074.95 Chubb 187.17 1.83 187.90 111.93 1.66 15.28 82118.97 Pepsico 154.89 -1.01 159.63 128.32 2.66 26.32 214068.87 KBC Grp 72.52 1.06 72.66 40.88 -15.54 35511.29 Engie SA 12.21 -0.16 13.87 10.10 --16.44 34948.41 MitsubEst 1701.5 -4.50 2047.5 0.00 1.46 16.93 21504.09 Roche 362.15 -4.25 374.70 290.55 2.58 21.09 278205.77 Cigna 212.90 1.01 272.81 158.84 0.47 9.26 72408.9 Perrigo 41.04 0.14 52.90 38.20 2.22 -25.93 5487.65 MitsubishiEle 1474.5 3.00 1817 0.00 2.62 17.38 28756.12 Cisco 60.17 0.85 60.19 35.28 2.39 25.07 253568.69 Pfizer♦ 47.42 -0.96 51.86 32.78 3.21 28.70 265869.16 Brazil (R$) EssilorLuxottica 161.86 0.34 167.80 103.05 0.74 814.49 84027.66 Swiss Re 86.34 -0.32 94.96 62.22 6.45 -30.91 29974 MitsuiFud 2478 8.00 2816.5 1720.5 1.76 18.60 21729.92 Citigroup 73.77 1.73 80.29 40.49 2.75 10.17 149515.94 Phillips66♦ 72.00 1.07 94.34 43.27 4.98 -14.79 31535.24 Ambev 17.50 -0.09 19.86 12.04 2.59 23.25 52511.45 Hermes Intl 1251.5 1.50 1354.5 704.80 0.38 90.58 155260.08 Swisscom 538.80 -2.80 562.40 456.30 7.90 16.28 30518.71 MitUFJFin 590.70 -0.70 660.30 404.80 4.69 14.72 72869.03 CME Grp 201.14 0.57 221.82 146.89 1.70 34.11 72236.44 PhilMorris 101.42 0.79 103.00 68.93 4.68 18.39 158070.1 Bradesco 19.96 -0.19 24.57 16.11 2.68 12.66 18531.58 LOreal 393.05 -0.15 406.25 269.30 1.02 59.27 257583.06 UBS 15.53 0.18 15.81 9.65 4.30 8.33 62870.96 Mizuho Fin 1543 1.00 1732.5 1256 2.65 6.79 35586.39 Coca-Cola 55.97 -0.05 57.56 47.30 2.93 33.67 241303.21 PNCFin 192.73 4.25 203.88 101.58 2.38 21.83 81882.95 Cielo 2.93 -5.08 2.81 1.94 15.25 1517.4 LVMH 622.10 -2.20 716.60 390.70 0.97 33.04 369006.23 Zurich Fin 404.60 -2.20 411.30 297.80 4.73 17.23 66564.08 Murata Mfg 8956 -156.00 10835 0.00 1.26 34.85 54971.68 Cognizant 77.41 -0.60 82.73 65.04 1.14 29.98 40686.48 PPG Inds♦ 163.63 0.75 182.97 116.95 1.30 32.88 38794.04 ItauHldFin 28.30 -0.02 30.15 21.10 2.17 15.85 26747.94 Orange 9.76 0.00 10.87 8.63 7.19 29.49 30512.37 Taiwan (NT$) Nippon T&T 2901.5 -3018 2127 3.42 11.79 102798.74 ColgtPlm 77.22 -0.46 86.41 74.14 2.27 24.95 65131.89 ProctGmbl 142.72 -0.46 146.92 121.54 2.21 26.36 349402.97 Petrobras 28.18 -0.20 32.34 17.74 0.86 6.43 39978.71 PernodRic 177.35 0.05 190.60 131.65 1.57 161.11 54578.13 Chunghwa Telecom 110.00 -0.50 118.50 106.50 3.74 25.92 30575.05 NipponTT 2901.5 -3018 2127 3.42 11.79 102798.74 Comcast 59.57 0.04 60.12 40.97 1.57 23.66 272848.05 Prudntl 107.59 2.07 109.17 60.16 4.11-107.10 41529.78 Vale 99.25 -0.46 120.45 57.06 6.30 9.60 99977.93 Renault 31.38 0.07 41.42 20.37 --1.02 10903.32 Formosa PetChem 94.60 -0.60 117.50 78.00 3.06 121.54 32289.1 Safran 107.04 1.70 127.74 80.64 -127.93 53741.21 Nissan Mt 568.30 8.50 664.50 359.70 --1.93 21785.94 ConocPhil♦ 56.02 0.61 63.57 27.53 3.03 -22.22 75015.38 PublStor 316.68 -1.15 326.44 204.20 2.51 47.49 55491.28 Canada (C$) HonHaiPrc 108.50 -1.00 134.50 74.10 3.77 12.18 53894.18 Sanofi 88.04 -0.54 91.14 74.92 3.65 19.07 130714.3 Nomura 531.80 1.80 721.00 463.30 5.04 5.59 15618.59 Corning 40.69 0.20 46.82 30.16 2.20 29.84 34746.47 Qualcomm 144.37 -0.09 167.94 108.30 1.79 20.81 162849.36 Bausch Hlth 36.18 0.07 43.97 19.88 --10.06 10267.85 MediaTek 911.00 -5.00 1185 552.00 1.12 24.46 51911.95 Sant Gbn 62.37 0.23 64.93 31.23 -70.15 39033.16 Nppn Stl 2027.5 55.00 2354.5 0.00 0.49 -58.05 17500.24 Costco 450.84 -0.95 460.62 307.00 0.62 43.86 199302.43 Raytheon♦ 86.24 0.81 89.98 51.92 2.19 -37.84 130039.41 BCE 64.86 0.11 65.16 52.52 5.20 26.15 46528.88 TaiwanSem 585.00 6.00 679.00 421.00 1.66 29.20 543526.19 Schneider 151.68 -0.90 155.38 100.65 1.76 38.03 101427.79 Panasonic 1271 17.00 1520 856.60 1.56 18.12 28327.56 CrownCstl 190.74 -1.79 204.62 146.15 2.64 85.18 82437.13 Regen Pharm 665.00 -4.95 674.07 441.00 -18.99 69895.76 BkMontrl 132.03 1.16 132.35 75.92 3.17 16.27 67734.55 Thailand (THB) SocGen 26.85 0.64 27.72 10.77 2.05 7.60 26926.09 Seven & I4908 -125.00 5340 3138 1.95 21.39 39515.51 CSX 33.41 0.04 34.96 24.71 3.16 9.51 75322.71 S&P Global♦ 437.22 0.39 446.29 303.50 0.63 43.24 105370.02 BkNvaS 80.66 1.06 82.35 53.54 4.54 12.78 77601.74 PTT Explor 37.25 0.25 45.00 30.50 2.80 14.19 32529.83 Total 39.69 0.87 42.19 24.51 6.62 -28.09 127408.73 ShnEtsuCh 17910 -130.00 20060 12605 1.38 25.57 67778.66 CVS 83.98 0.17 90.61 55.36 2.39 15.28 110817.89 Salesforce 259.30 -0.36 284.50 201.51 -54.81 240111.8 Brookfield 70.95 0.72 72.52 38.77 0.87 66.41 92079.59 UnibailR 73.51 0.70 85.65 29.08 7.68 -1.35 11972.45 Softbank 6213 34.00 10695 5432 0.76 14.36 97227.17 United Arab Emirates (Dhs) Danaher 319.64 -1.01 323.42 192.51 0.23 50.42 228190.86 Schlmbrg 28.61 0.39 36.87 13.70 1.74 -14.09 40009.17 CanadPcR 89.27 -0.07 100.00 74.66 0.82 22.90 47138.84 Vinci 91.27 0.49 96.95 64.86 1.43 39.66 64100.38 Sony 11465 80.00 12545 0.00 0.48 12.34 131317.34 Emirtestele 24.14 -0.16 25.40 16.50 3.30 22.88 57155.24 Deere 376.47 8.49 400.34 204.76 0.84 26.16 117436.84 Sempra Energy 130.70 -0.27 144.93 112.33 3.21 19.77 41736.21 CanImp 151.27 1.54 151.40 96.42 3.93 12.53 53872.2 Vivendi 31.40 0.15 32.35 23.06 2.00 23.83 40898.01 SumitomoF 3761 -6.00 4354 2852.5 5.55 188.96 46948 United Kingdom (p) Delta 41.35 0.82 52.28 27.92 --3.97 26457.28 Shrwin-Will 302.55 -0.57 309.98 218.06 0.62 39.38 79660.84 CanNatRs 41.14 0.20 46.36 19.77 4.11-111.66 38646.06 Takeda Ph 3698 -26.00 4365 3239 5.21 30.08 53144.14 Devon Energy 29.19 0.66 31.99 7.73 1.50 -14.81 19761.63 SimonProp 134.06 1.50 136.70 59.35 4.50 37.17 44053.61 Germany (€) AscBrFd 1997 -5.00 2528 1618 -39.47 21709.21 CanNatRy 136.53 0.27 149.44 125.00 1.77 23.88 76648.33 TokioMarine 5372 -38.00 5746 4580 3.69 23.35 34032.43 DiscFinServ 132.48 3.17 135.69 51.26 1.33 36.63 39673.58 SouthCpr 63.05 -0.01 83.29 43.26 2.68 23.12 48742.77 Allianz 200.85 0.10 223.50 148.60 4.76 10.52 97312.54 AstraZen 8553 23.00 8848 6499.8 2.41 38.95 148739.26 Enbridge 49.37 0.19 50.41 35.80 6.61 15.77 79194.15 Toyota 9484 212.00 10330 0.00 2.48 13.68 281074.18 Disney 177.87 -0.60 203.02 117.23 --71.77 323209.22 Starbucks♦ 115.55 0.47 126.32 79.79 1.48 136.59 136248.19 BASF 66.42 -0.16 72.88 45.92 4.95-101.10 71690.04 Aviva 420.90 1.50 429.60 247.40 3.09 8.81 23194.96 GtWesLif 39.48 0.02 39.73 25.17 4.42 12.50 29063.11 DominRes 78.30 -0.25 86.95 67.85 3.99 21.97 63300.52 StateSt 92.26 2.69 92.63 56.63 2.24 15.27 31691.6 Bayer 47.77 -0.28 59.55 39.91 6.13 -2.88 55149.95 Mexico (Mex$) Barclays 185.14 3.32 217.63 88.90 0.54 9.38 43380.52 ImpOil 32.97 0.08 42.36 14.86 2.66 -13.09 18316.82 DukeEner♦ 105.30 0.15 108.38 78.95 3.64 61.30 81011.25 Stryker 272.04 0.94 275.15 186.82 0.88 74.07 102585.27 BMW 78.00 -0.42 96.39 57.25 3.35 13.02 55179.59 AmerMvl 18.76 0.04 18.99 12.71 2.06 12.11 41660.28 BP 298.35 -0.50 361.71 188.52 6.34 -7.36 81652.11 Manulife 25.27 0.31 27.68 17.58 4.41 8.66 38862.55 DuPont♦ 75.12 0.37 87.27 53.49 1.59 -32.67 39292.02 Sychrony Fin 51.40 1.19 51.98 24.20 1.70 14.55 29284.98 Continental 114.16 -0.22 132.68 84.34 2.75 -22.69 26831.68 FEMSA UBD 174.29 -178.00 112.72 1.61-125.96 18541.09 BrAmTob 2702 14.00 2961.5 207.50 7.79 9.69 69176.03 Nutrien 77.20 0.58 80.82 47.72 2.96 75.13 34885.04 Eaton 170.97 1.58 171.27 96.24 1.72 48.25 68149.36 T-MobileUS 140.43 -2.07 150.20 107.56 -70.20 175251.91 Daimler 71.12 0.38 80.41 41.77 3.15 9.77 89412.95 WalMrtMex 72.93 0.31 73.43 49.81 1.18 38.34 62684.17 BT 170.05 1.85 206.70 95.40 -11.65 23168.13 RylBkC 134.02 1.97 134.10 90.75 3.28 13.38 151225.06 eBay 74.39 1.55 76.55 45.36 0.88 19.72 48357.65 Target♦ 251.52 0.87 267.06 143.38 1.06 20.70 124432.94 Deut Bank 10.82 0.17 12.56 6.75 -17.25 26274.27 Netherlands (€) Compass 1508.5 11.50 1721.63 18.06 --65.30 34066.1 Suncor En 23.60 0.05 31.38 14.28 3.561180.35 27862.49 Ecolab 224.03 1.70 230.00 181.25 0.84 74.04 64092.12 TE Connect 151.20 0.05 153.48 90.88 1.26 48.38 49591.49 Deut Tlkm 18.58 -0.03 18.92 12.59 6.43 20.97 103962.45 ASML Hld 688.40 5.00 693.20 289.20 0.37 64.33 339360.33 Diageo 3519.5 -7.50 3641 2253 1.99 72.57 121663.55 ThmReut 143.71 0.01 146.95 98.68 1.35 9.49 56416.43 Emerson 104.32 0.90 104.56 63.16 1.93 30.10 62362.5 Tesla Mtrs 709.86 1.37 900.40 329.88 -706.18 702772.16 DeutsPost 59.30 -0.24 60.15 37.27 2.03 24.02 86345.09 Heineken 92.56 -0.72 103.80 74.26 1.18-245.82 62652.54 GlaxoSmh 1482.8 -1.00 1548.08 1190.8 5.40 14.23 100133.15 TntoDom 86.28 0.51 89.12 57.44 3.73 10.91 124434.77 EOG Res 68.71 0.26 87.99 31.22 2.07 -65.77 40117.03 TexasInstr 187.97 0.15 197.58 134.12 2.03 28.62 173535.78 E.ON 11.15 -0.02 11.43 8.27 4.32 26.00 34602.6 ING 11.66 0.16 11.80 5.65 1.03 9.09 53502.84 Glencore 328.95 3.25 341.95 3.40 --32.12 65156.41 TrnCan 59.56 0.46 65.44 50.61 5.54 24.71 46182.12 EquityResTP 82.28 0.51 85.83 45.43 2.92 49.18 30810.35 TheTrvelers 162.46 1.82 162.71 105.67 2.10 11.00 40532.62 Fresenius Med 67.32 -1.16 75.08 55.18 1.86 16.25 23169.66 Unilever 47.14 -0.52 53.66 43.00 0.79 24.84 168147.9 HSBC 398.80 8.40 462.55 281.50 2.70 18.97 109797.33 China (HK$) Exelon 48.95 0.04 49.45 33.97 3.14 24.24 47864.91 ThrmoFshr 547.64 -2.85 560.70 401.07 0.17 27.69 215451.93 Fresenius SE 45.45 -0.94 47.60 31.03 1.93 14.20 24154.91 Imperial Brands 1525 0.50 1686 1142 12.18 9.65 19971.83 AgricBkCh 2.60 -3.30 2.38 8.28 3.73 10267.69 Norway (Kr) ExxonMb 55.63 0.27 64.93 31.11 6.28 -10.55 235491.94 TJX Cos♦ 75.78 0.47 76.16 50.06 0.34 61.13 91427.6 HenkelKgaA 77.15 -0.10 86.50 73.35 2.48 22.84 23553.69 LlydsBkg 44.52 0.76 50.56 23.59 -17.81 44053.63 Bk China 2.70 -3.17 2.33 8.38 3.69 29006.9 DNB 188.75 1.10 198.45 125.30 -13.20 33109.84 Facebook 368.76 3.25 377.55 244.13 -31.72 879054.61 Truist Financial Corp 57.81 1.10 62.69 34.86 3.10 17.44 77745.5 Linde 265.95 0.10 270.90 183.15 1.26 57.20 161393.71 Natl Grid 950.50 -13.10 983.70 805.40 5.16 20.53 43809.39 BkofComm 4.39 0.01 5.26 3.66 8.50 3.57 19746.69 Equinor♦ 185.54 -0.36 193.40 116.30 2.69 -23.18 68388.51 Fedex 269.95 2.14 319.90 213.22 0.93 14.37 71858.24 UnionPac 221.51 0.26 231.26 171.50 1.74 28.79 144451.75 MuenchRkv 253.45 -3.30 269.30 194.10 3.85 22.53 41727.08 Natwest Group 215.80 2.60 222.30 90.54 1.39 -61.66 35458.46 BOE Tech 0.96 -0.04 1.13 0.55 --9.82 24.54 Telenor 156.35 -0.70 161.45 139.00 5.77 13.83 24756.76 FordMtr 13.23 0.15 16.46 6.41 -13.43 51913.36 UPS B193.65 0.38 219.59 154.63 2.08 32.98 141029.64 SAP 125.20 -1.18 143.32 89.93 1.26 27.64 180747.31 Prudential 1542 21.50 1598.5 861.00 1.49 25.83 54783.28 Ch Coms Cons 3.84 0.05 4.72 3.21 7.17 3.19 2179.81 Qatar (QR) Franklin 32.74 0.67 35.94 17.97 3.34 20.89 16460.93 USBancorp 58.08 1.27 62.47 34.17 2.88 15.40 86110.73 Siemens 138.94 -1.20 145.96 98.50 2.94 25.69 138783.26 ReckittB 5550 -9.00 8020 5050 3.15 34.84 53667.52 Ch Evrbrght 2.73 0.01 3.54 2.40 9.24 3.79 4446.94 QatarNtBk 19.10 -0.03 19.60 16.35 2.34 15.62 48452.55 GenDyn 199.61 0.69 201.15 129.17 2.19 18.15 55799.26 UtdHlthcre 422.30 -1.11 431.36 289.64 1.15 26.23 398194 Volkswgn 283.60 1.00 357.40 131.80 1.77 16.33 98344.78 RELX 2165 -13.00 2190 1484.9 2.11 34.26 57489.26 Ch Rail Cons 4.87 0.08 6.58 4.07 5.05 2.63 1299.08 Russia (RUB) RioTinto 5422 12.00 6876.26 4252.5 5.19 12.36 99856.91 GenElectric 104.70 1.43 115.32 47.44 0.04-976.53 115170 ValeroEngy♦ 66.09 0.86 84.95 35.44 5.90 -96.24 27019.14 Hong Kong (HK$) Ch Rail Gp 3.71 0.09 4.33 3.33 5.33 2.94 2005.41 Gzprm neft 275.28 -21.2113230.22 2.25 --87999.18 RollsRoyce 116.48 -1.80 137.45 34.59 --2.20 2974.72 GenMills 58.14 -0.29 65.52 53.96 3.36 15.92 35245.93 Verizon 54.99 -0.02 61.95 53.83 4.52 12.09 227684.85 AIA 95.40 -0.20 109.30 73.05 1.36 25.42 148261.95 ChConstBk 5.61 -0.05 6.74 4.93 6.74 4.44 173278.38 Lukoil 6260 -212.21 6983.62 3718.45 --58568.65 RylDShlA 1432.4 -2.20 1718.36 878.10 3.29 -9.61 90421.39 GenMotors 49.75 0.18 64.30 28.24 0.77 11.44 72216 VertexPharm 201.30 1.57 283.45 185.33 -19.28 52221.64 BOC Hold 24.35 -0.20 29.55 20.05 5.96 9.64 33075.36 China Vanke 22.90 -0.35 35.00 19.20 5.22 5.35 5570.9 MmcNrlskNckl 23050-1089.0528011.97 343.80 --49254.29 StandCh 461.90 13.90 533.20 334.25 1.41 23.09 20910.17 GileadSci 71.55 -0.71 73.34 56.56 3.82 712.17 89703.8 VF Cp 77.17 0.19 90.79 63.62 2.50 85.20 30276.17 Ch OSLnd&Inv 17.82 -0.12 23.30 14.92 6.16 3.74 25057.17 ChinaCitic 3.56 0.01 4.29 2.93 7.99 3.42 6806.65 Novatek 1738.05 -13307.81 953.54 --71260.71 Tesco 251.55 0.50 317.55 2.74 4.88 33.36 28281.77 GoldmSchs 416.00 7.44 418.62 185.52 1.20 10.39 140232.56 ViacomCBS 40.63 -0.07 101.97 26.99 2.37 10.84 24614.2 ChngKng 50.95 0.45 56.05 35.65 3.80 11.43 23850.06 ChinaLife♦ 12.98 -19.60 12.56 6.74 6.13 12408.9 Rosneft 540.90 -2.3639143.78 133.30 --77408.77 Vodafone 122.98 0.58 157.52 1.56 6.23 379.57 45044.32 Halliburton 20.18 0.13 25.00 10.60 0.89 -10.19 17970.28 Visa Inc 232.93 -1.31 252.67 179.23 0.53 48.36 394072.4 Citic Ltd 8.59 0.28 9.32 5.20 4.52 4.37 32104.01 ChinaMBank 68.30 0.80 72.45 35.60 2.08 14.59 40284.24 Sberbank 332.47 5.01 568.52 2.82 --96914.17 WPP 985.00 3.00 1024.46 11.00 1.02 -4.05 17124.89 HCA Hold 255.01 5.53 255.13 114.38 0.19 19.15 81639.87 Walgreen♦ 48.73 0.39 57.05 33.36 3.71 19.48 42150.83 ChinaMob 48.75 -0.37 59.50 39.00 7.22 7.74 128240.61 Citic Secs♦ 19.90 0.04 22.00 15.22 2.97 13.58 5824.86 Hew-Pack 29.47 0.57 36.00 17.25 2.49 10.54 35394.99 WalMartSto 148.85 -0.06 153.66 126.28 1.45 34.74 417085.41 Surgutneftegas 32.53 -1.19 43.50 29.80 -- 15693 United States of America ($) ChinaPcIns 22.05 -0.40 42.75 20.85 6.49 7.20 7862.04 CK Hutchison 57.50 0.45 65.80 45.80 5.11 7.54 28428.42 HiltonWwde 127.14 0.28 136.89 81.48 0.12 -49.06 35432.14 WellsFargo 49.49 1.13 51.41 20.76 1.63 34.29 203205.72 Saudi Arabia (SR) 21stC Fox A36.81 -0.26 44.80 24.94 1.26 14.37 11904.5 ChMinsheng 3.31 0.03 5.01 3.14 13.23 4.18 3538.21 CNOOC 7.81 -0.02 10.60 6.50 9.06 11.67 44798.81 HomeDep 325.21 0.31 345.69 246.59 1.88 23.90 345782.28 Williams Cos 24.73 0.09 28.35 18.26 6.48 26.15 30039.86 AlRajhiBnk 121.80 0.60 123.00 62.70 0.82 26.49 81193.5 3M 194.27 -0.49 208.95 156.13 3.02 19.98 112409.16 ChMrchSecs 18.45 0.03 28.18 16.01 1.78 16.46 21150.34 HangSeng 141.30 -1.30 166.70 110.00 4.78 16.76 34706.52 Honywell 231.83 1.39 236.86 156.85 1.57 35.62 160055.26 Yum!Brnds 134.37 0.83 135.77 88.08 1.41 45.50 39726.03 Natnlcombnk 59.20 -0.10 60.60 36.60 -15.41 47356.2 AbbottLb 124.95 -0.55 128.54 100.34 1.22 39.36 221513.53 Chna Utd Coms 4.15 -5.29 4.01 1.43 22.45 19714.06 HK Exc&Clr 491.00 0.80 587.00 353.60 1.38 53.57 79976.36 HumanaInc 409.98 -2.36 475.44 370.22 0.63 14.64 52684.34 SaudiBasic 120.80 0.60 128.20 86.90 3.086015.40 96632.28 Abbvie 121.14 1.46 121.40 79.11 3.98 45.25 214075.64 Venezuela (VEF) ChShenEgy♦ 15.94 0.40 18.32 12.42 9.42 6.54 6916.68 MTR 44.25 -0.40 49.00 37.65 2.80 -56.26 35151.86 IBM 140.50 0.66 152.84 105.92 4.62 24.01 125932.97 SaudiTelec 130.60 2.00 139.80 95.40 3.05 23.78 69647.76 Accenture 333.19 2.28 334.88 210.42 1.00 38.54 222048.37 Bco de Vnzla 499000-50000.00 572000 13000 185.17 -442.11 ChShpbldng 4.24 0.19 4.97 3.78 - -269.45 11973.95 SandsCh 24.35 0.25 40.55 21.70 4.09 -16.55 25318.33 IllinoisTool 231.82 1.26 242.07 188.14 1.93 33.42 73015.84 Adobe 653.54 -3.70 661.06 420.78 -58.68 311346.46 Bco Provncl 7250000-70000.00 7499000 700100 --17.26 189.91 ChStConEng 4.64 0.03 5.61 4.38 3.92 4.07 29128.75 SHK Props 110.70 -1.80 126.00 96.30 4.51 14.66 41212.57 Singapore (S$) Illumina 479.61 -0.06 555.77 260.42 -112.59 70358.79 AEP♦ 88.74 -0.49 94.21 74.80 3.23 19.51 44392.3 Mrcntl Srvcs 83900001390000 8390000 750000 0.02 2.94 123.84 ChUncHK 4.33 -0.05 6.42 3.95 4.07 8.48 17021.43 Tencent 474.60 2.60 775.50 412.20 0.28 24.02 585352.27 DBS 30.16 0.04 31.74 19.62 3.99 14.03 57213.68 Intcntl Exch 117.42 0.02 122.42 92.41 1.04 31.55 66125.68 Aetna ------CNNC Intl 5.31 0.06 5.77 4.35 2.26 13.54 13949.32 India (Rs) JardnMt US$ 56.03 -0.58 68.88 38.28 3.08 -52.13 40434.51 Intel♦ 53.94 0.13 68.49 43.61 2.47 12.18 218834.58 Aflac 57.39 0.68 57.64 33.37 2.03 7.43 38490.49 Closing prices and highs & lows are in traded currency (with variations for that CSR 3.35 0.05 4.22 2.53 5.30 6.91 1881.26 Bhartiartl 612.45 -7.65 644.00 394.00 0.33 -11.03 45306.26 OCBC 11.65 -0.03 12.77 8.36 3.78 11.89 38802.39 Intuit 553.57 -0.45 582.96 295.37 0.41 70.83 151268.13 AirProd 269.05 -1.47 327.89 245.75 2.04 32.03 59558.16 country indicated by stock), market capitalisation is in USD. Highs & lows are Daqin 5.95 0.03 7.11 5.80 7.93 8.07 13662.66 HDFC Bk 1557.4 -1.45 1641 1025 -28.63 116050.37 SingTel 2.38 -0.01 2.63 2.00 4.45 70.23 29030.79 John&John♦ 174.42 -0.97 179.92 133.65 2.31 30.96 459157.53 Alexion 182.50 3.05 187.45 99.91 -59.43 40336.01 based on intraday trading over a rolling 52 week period. GuosenSec 12.07 0.26 15.00 10.32 1.63 17.05 16456.13 Hind Unilevr 2645 12.00 2672.85 2000.05 1.43 76.91 83709.01 UOB 25.99 -0.05 27.01 18.85 3.72 15.03 32192.62 JohnsonCn 75.60 0.98 75.67 39.80 1.38 59.34 53844.15 Allstate 139.21 2.26 140.00 86.51 1.56 8.01 41161.81 ♦ ex-dividend HaitongSecs 7.05 -0.04 7.93 6.31 4.68 6.09 3088.18 HsngDevFin 2699.25 8.00 2896 1623 0.79 26.66 65672.45 South Africa (R) JPMrgnCh 161.44 3.77 167.44 91.38 2.22 12.87 482407.8 Alphabet 2833.21 7.98 2843.79 1402.15 -37.94 853035.98 ■ ex-capital redistribution Hngzh HikVDT 55.71 0.71 70.48 35.25 1.24 37.43 70067.05 ICICI Bk 691.05 -3.40 717.40 333.75 -31.06 64502.99 Firstrand 59.82 0.22 60.60 35.52 2.50 23.14 22428.58 Kimb-Clark 135.55 -0.26 157.91 128.02 3.19 20.42 45646.42 Altria 48.85 0.64 52.59 35.83 6.97 20.97 90073.98 # price at time of suspension Hunng Pwr♦ 4.04 0.09 4.20 2.44 4.08 84.56 2439.69 Infosys 1735.55 14.70 1757 912.10 1.57 36.18 99616.47 MTN Grp 133.13 0.44 136.10 52.65 2.73 13.90 16766.84 KinderM 16.53 0.05 19.29 11.45 6.32 20.50 37465.59 Amazon 3293.68 -12.10 3773.08 2871 -62.901668053.01 IM Baotou Stl 3.06 0.07 3.14 1.12 -117.87 14971.6 ITC 206.40 0.65 239.20 163.35 5.02 18.74 34222.46 Naspers N2441.98 68.98 3888 1262.66 0.23 13.62 71084.25 Kraft Heinz 36.62 0.07 44.95 28.56 4.35 83.62 44800.44 AmerAir 20.14 0.31 26.09 10.63 --1.34 13039.8 In&CmBkCh 4.34 -0.01 5.75 3.96 7.16 4.27 48394.62 L&T 1593.8 -12.00 1677.05 843.00 0.51 66.26 30152.79 Kroger♦ 46.16 0.41 47.18 30.35 1.47 14.12 34492.73 South Korea (KRW) AmerExpr 166.65 5.45 179.67 89.11 1.03 27.45 132392.27 IndstrlBk 18.37 -0.22 28.07 15.60 4.08 5.80 55654.94 OilNatGas 115.65 2.45 128.50 64.10 1.53 8.86 19597.06 L Brands 79.92 -0.15 ---- - HyundMobis 263000 500.00 405000 214000 1.56 13.37 21343.76 AmerIntGrp 55.31 0.95 55.37 25.57 2.32 -8.00 47301.25 Kweichow 1665.02 39.84 2627.88 1525.5 1.01 44.74 323056.16 RelianceIn 2202.6 18.90 2369.35 1830 0.30 28.98 200619.11 LasVegasSd 43.04 0.32 66.77 36.42 --17.72 32878.3 KoreaElePwr 24150 -30050 19700 5.17 7.35 13272.92 AmerTower 282.30 -2.30 291.82 197.50 1.60 65.81 128486.38 Midea 0.55 -0.02 0.85 0.52 --3.47 21.27 SBI NewA 416.25 -1.35 467.45 175.50 -16.40 50037.8 LibertyGbl 28.10 0.29 29.44 18.73 --10.36 4961.67 SK Hynix 103500-1500.00 150500 74900 1.16 13.49 64507.72 Amgen 222.75 -1.63 276.69 210.28 2.93 18.54 126489.11 New Ch Life Ins 22.20 0.05 35.35 20.55 7.43 3.68 2949.41 SunPhrmInds 769.05 -2.30 804.35 452.25 0.53 74.97 24854.24 Lilly (E)♦ 263.17 0.40 275.87 129.21 1.16 39.58 252386.73 SmsungEl 75700 100.00 96800 54000 4.07 17.69 386894.86 Anthem 376.82 0.07 406.00 244.10 1.05 20.19 91874.55 PetroChina 3.14 0.04 3.96 2.16 4.98 25.61 8511.51 Tata Cons 3659 45.80 3697.75 2216.45 0.90 39.90 182308.75 Linde 313.55 1.07 314.37 214.14 1.25 57.38 161920.77 Spain (€) Aon Cp 281.24 1.75 282.29 179.52 0.64 30.85 63489.13 PingAnIns 63.50 -0.70 103.60 62.80 3.91 6.63 60758.3 Lockheed 359.20 0.20 402.38 319.81 2.77 14.45 99468.43 Israel (ILS) BBVA 5.71 0.21 5.93 2.13 -11.70 44718.45 Apple 148.25 -1.37 151.68 103.10 0.55 33.322450597.11 PngAnBnk 19.16 -0.20 25.31 14.11 -13.73 57428.42 Lowes 206.30 2.91 215.22 146.72 1.13 22.61 145831.44 TevaPha 29.94 0.02 43.90 27.38 --2.57 10222.36 BcoSantdr 3.20 0.09 3.51 1.44 --6.87 65208.79 Aptiv 158.11 0.47 170.47 82.12 0.14 23.63 42769.95 Pwr Cons Corp 5.97 0.04 6.40 3.57 0.66 11.94 10276.14 Lyondell 102.71 0.20 118.02 64.21 4.07 14.70 34358.07 Italy (€) CaixaBnk 2.66 0.05 2.90 1.52 2.62 2.68 25187.18 ArcherDan 60.32 0.71 69.30 44.02 2.39 16.47 33698.12 SaicMtr 18.56 -0.03 28.80 18.03 4.66 8.40 33492.63 Marathon Ptl 58.86 0.90 64.84 26.56 3.92 -19.85 37564.58 Enel 7.76 -0.03 9.05 6.73 4.40 29.99 92723.07 Iberdrola 10.53 -0.05 12.57 10.01 3.78 20.74 78775.63 AT&T 27.44 -0.01 33.88 26.35 7.54 -81.09 195921.6 ShenwanHong 0.05 0.00 0.10 0.04 --5.66 58.51 Marsh&M 155.50 0.23 157.53 102.11 1.19 35.75 78777.8 ENI 10.33 0.01 10.83 5.73 5.57 -4.08 43769.15 Inditex 29.20 -0.51 32.85 20.86 1.24 79.56 106945.39 AutomData 209.03 0.84 217.15 127.31 1.75 36.46 88436.53 ShgPdgBk 9.19 -0.02 11.24 8.97 6.42 5.28 41663.63 MasterCard 361.23 -0.55 401.50 281.20 0.45 55.67 353582.33 Generali 17.13 0.01 17.92 11.18 3.05 13.54 31827.26 Repsol 9.72 -0.01 11.55 5.04 7.99 -6.92 17437.55 Avago Tech 484.14 2.71 495.14 333.00 2.81 45.37 198621.5 Sinopec Corp 3.54 0.03 4.69 2.95 6.39 5.15 11603.51 McDonald's 238.77 0.34 247.05 202.73 2.12 37.67 178313.17 IntSPaolo 2.39 0.01 2.49 1.38 -18.66 54572.2 Telefonica 4.31 0.05 4.32 2.71 9.40 17.15 28522.86 BakerHu 22.38 0.19 26.57 12.13 3.20 70.27 18541.54 Sinopec Oil 2.10 0.01 2.37 1.74 -89.14 4401.23 McKesson 200.33 -0.08 210.00 141.32 0.83 -7.12 30985.96 Unicred 10.78 0.33 11.04 6.09 -39.11 28341.74 BankAm 42.37 0.89 43.49 22.95 1.69 18.27 356497.4 Sweden (SKr) Medtronic 134.41 1.84 135.20 98.94 1.71 50.95 180634.16 Denmark (kr) Baxter 73.94 -0.59 88.32 73.54 1.32 35.89 36963.36 Japan (¥) AtlasCpcoB 504.60 -1.60 518.00 336.00 1.43 36.87 22626.2 Merck 76.96 -0.76 83.72 68.38 3.24 27.56 194812.07 DanskeBk 110.20 0.75 125.60 80.28 1.81 10.48 15014.18 BectonDick 247.13 -0.75 267.37 219.50 1.30 44.42 70971.87 AstellasPh 1840 -21.00 2025 0.00 2.26 28.59 31114.33 Ericsson 102.76 1.06 121.80 93.42 1.72 17.13 36279.16 Metlife♦ 62.93 1.24 67.68 35.19 2.91 50.21 53924.56 MollerMrsk 17590 -35.00 19320 9130 0.80 19.08 24760.31 BerkshHat 433117.5 2417.5 445000 297817 -6.70 270034.04 Bridgestne 4970 -6.00 5270 3295 2.19 175.30 32216.89 H & M175.94 -1.24 229.50 134.25 -47.81 29530.67 Microsoft♦ 301.34 -1.28 305.84 196.25 0.71 41.252264544.09 NovoB 653.80 -5.10 684.50 405.30 1.37 34.74 183133.02 Biogen 344.69 -4.71 468.55 223.25 -17.84 51370.34 Canon 2578 -6.50 2742 0.00 3.08 25.70 31230.18 Investor 204.80 -2.10 221.60 132.35 1.23 1.97 42876.49 Mnstr Bvrg 96.96 0.33 99.89 75.45 -36.56 51280.77 BkNYMeln 55.90 1.37 55.95 32.65 2.23 14.53 48251.41 FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread price price change change %change change %change % price price change change %change change %change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs Hunng Pwr 4.04 3.95 0.09 2.28 1.08 36.5 48.16 BHPBilltn 45.48 44.92 0.56 1.25 -5.85 -11.4 -11.29 Aug 25 date Coupon S* M* F* price yield yield yield US Aug 25 date Coupon S* M* F* price yield yield yield US IM Baotou Stl 3.06 2.99 0.07 2.34 0.42 15.9 13.75 BOE Tech 0.96 1.00 -0.04 -4.00 -0.09 -8.6 -6.48 High Yield US$ US$ LasVegasSd 43.04 42.72 0.32 0.74 4.72 12.3 -6.00 Gzprm neft 275.28 296.49 -21.21 -7.15 -23.06 -7.7 -1.62 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 - Devon Energy 29.19 28.53 0.66 2.31 3.05 11.7 14.05 MollerMrsk 17590.00 17625.00 -35.00 -0.20 -1210.00 -6.4 1.21 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A117.21 2.47 0.00 0.32 - Tencent 474.60 472.00 2.60 0.55 39.60 9.1 -10.92 Chunghwa Telecom 110.00 110.50 -0.50 -0.45 -7.50 -6.4 -4.35 Aldesa Financial Services S.A. 04/21 7.25 --B71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 - Cisco 60.17 59.32 0.85 1.43 5.02 9.1 8.94 Illumina 479.61 479.67 -0.06 -0.01 -31.00 -6.1 -3.12 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -

Booking Holdings 2267.75 2233.11 34.64 1.55 181.44 8.7 2.97 HondaMtr 3282.00 3281.00 1.00 0.03 -211.00 -6.0 -3.98 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 - Carnival 24.24 23.84 0.40 1.66 1.76 7.8 10.37 PingAnIns 63.50 64.20 -0.70 -1.09 -3.75 -5.6 -11.08 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 --0.34 Barclays Bank plc 01/29 4.50 AA1A+96.46 5.02 0.00 0.02 - Colombia 01/26 4.50 -Baa2 BBB- 109.50 2.33 0.16 0.52 1.28 Citic Secs 19.90 19.86 0.04 0.20 1.38 7.5 9.85 ShenwanHong 0.05 0.05 0.00 -3.70 0.00 -5.5 -23.53 Euro GuosenSec 12.07 11.81 0.26 2.20 0.81 7.2 8.25 Ch OSLnd&Inv 17.82 17.94 -0.12 -0.67 -1.02 -5.4 -3.37 Brazil 04/26 6.00 -Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Poland 04/26 3.25 -A2A-111.22 0.98 0.03 0.16 -0.07 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 - Delta 41.35 40.53 0.82 2.01 2.70 7.0 2.28 LVMH 622.10 624.30 -2.20 -0.35 -32.80 -5.0 -7.70 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A124.42 0.68 0.00 -0.11 - Sony 11465.00 11385.00 80.00 0.70 745.00 6.9 5.14 ChinaMob 48.75 49.12 -0.37 -0.75 -2.45 -4.8 -2.79 Mexico 05/26 11.50 -Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 Turkey 03/27 6.00 -Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A121.70 0.93 0.00 0.02 - ChinaMBank 68.30 67.50 0.80 1.19 4.40 6.9 8.68 ChristianDior 642.00 648.00 -6.00 -0.93 -32.00 -4.7 -8.15 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87 HiltonWwde 127.14 126.86 0.28 0.22 8.14 6.8 1.51 Nppn Stl 2027.50 1972.50 55.00 2.79 -99.00 -4.7 16.02 Turkey 03/27 6.00 -B2BB- 102.88 5.43 0.14 0.83 4.38 Yen Halliburton 20.18 20.05 0.13 0.65 1.28 6.8 0.27 BkofComm 4.39 4.38 0.01 0.23 -0.21 -4.6 -3.74 Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Mexico 06/26 1.09 -Baa1 BBB- 98.73 1.34 -0.02 -0.14 0.27 Schlmbrg 28.61 28.22 0.39 1.38 1.80 6.7 0.69 Surgutneftegas 32.53 33.72 -1.19 -3.51 -1.49 -4.4 -0.34 Russia 06/28 12.75 -Baa3 BBB 168.12 2.48 0.07 0.05 - NXP 217.20 214.52 2.68 1.25 13.38 6.6 10.66 Fuji Hvy Ind 2033.00 2018.50 14.50 0.72 -91.50 -4.3 -2.00 Brazil 02/47 5.63 -Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling CNNC Intl 5.31 5.25 0.06 1.14 0.32 6.4 9.94 Fresenius SE 45.45 46.39 -0.94 -2.02 -1.99 -4.2 -3.11 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 - Hind Unilevr 2645.00 2633.00 12.00 0.46 158.95 6.4 12.17 Imperial Brands 1525.00 1524.50 0.50 0.03 -64.00 -4.0 -2.80 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40 Ambev 17.50 17.59 -0.09 -0.51 1.03 6.3 4.42 Vale 99.25 99.71 -0.46 -0.46 -4.16 -4.0 -12.94 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch. Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency Mexico 04/23 2.75 -Baa1 BBB- 106.48 -0.26 ---0.36 Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch. INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET Aug 25 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Aug 25 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 16.64 -0.58 17.22 41.16 14.10 Aug 25 Price £Yield Day Week Month Year High Low £m US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 15.77 -0.35 16.12 47.53 2.67 Tr 3.75pc '21 100.12 0.04 0.00 300.00 -33.33 -233.33 102.75 100.00 29.00 US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 220.35 0.37 -0.44 -3.09 -0.06 2.40 VXN 19.59 -0.27 19.86 47.63 18.41 Tr 4pc '22 102.11 0.04 33.33 100.00 100.00 -500.00 106.18 102.11 38.77 Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 406.12 0.05 0.47 -0.66 0.63 3.10 VDAX 17.36 -0.23 17.59 93.30 - Tr 0.125pc '23 99.98 0.14 16.67 0.00 75.00 -450.00 100.57 99.96 33.82 UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 341.69 0.12 -0.14 0.05 -0.14 0.05 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 0.125pc '24 99.77 0.22 10.00 4.76 22.22 -540.00 104.23 99.69 34.12 Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 245.76 -0.02 -0.03 0.66 0.21 2.60 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.25pc '25 99.97 0.26 13.04 4.00 8.33 -1400.00 123.21 99.78 4.23 Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 261.14 0.01 0.31 -0.90 0.46 0.83 BONDS: BENCHMARK GOVERNMENT Tr 0.125pc '26 99.22 0.30 11.11 3.45 7.14 500.00 101.04 98.61 33.89 INTEREST RATES: MARKET Gilts( £) 369.62 0.05 0.51 -2.53 0.74 -1.80 Tr 1.25pc '27 105.09 0.38 15.15 5.56 2.70 322.22 108.78 104.13 39.34 Global Inflation-Lkd 325.45 0.63 0.04 3.48 1.07 8.33 Red Bid Bid Day chg Wk chg Month Year Tr 0.875pc '29 102.67 0.54 12.50 5.88 1.89 145.45 106.90 100.42 41.87 Over Change One Three Six One Markit iBoxx £ Non-Gilts 392.28 0.05 0.42 -0.67 0.58 2.43 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 136.80 0.70 9.38 4.48 1.45 75.00 145.77 133.57 38.71 Aug 25 (Libor: Aug 24) night Day Week Month month month month year Overall ($) 282.61 0.06 0.00 -0.72 0.00 -0.72 Australia 11/22 2.25 102.77 0.01 0.00 -0.01 0.00 -0.27 Tr 4.25pc '36 146.31 0.85 7.59 4.94 2.41 39.34 156.30 140.76 30.41 US$ Libor 0.07763 0.000 -0.001 0.005 0.08888 0.12175 0.15800 0.23688 Overall( £) 371.89 0.05 0.49 -2.02 0.69 -0.64 05/32 1.25 100.56 1.19 0.06 0.01 -0.04 0.21 Tr 4.5pc '42 167.24 0.99 7.61 5.32 2.06 23.75 179.39 157.72 27.21 Euro Libor -0.59300 0.000 -0.003 0.001 -0.57971 -0.56143 -0.54771 -0.50200 Overall(€) 252.58 0.01 0.24 -0.55 0.41 1.04 Austria 05/34 2.40 131.71 -0.08 -0.01 -0.02 -0.06 0.04 Tr 3.75pc '52 172.98 1.00 7.53 6.38 1.01 20.48 187.66 158.62 24.10 £ Libor 0.04100 0.000 0.000 0.001 0.05100 0.06800 0.10200 0.21525 Treasuries ($) 259.01 0.03 0.07 -1.27 0.07 -1.27 02/47 1.50 130.12 0.27 0.00 -0.01 -0.07 0.11 Tr 4pc '60 199.19 0.93 8.14 8.14 1.09 16.25 216.08 179.62 24.12 Swiss Fr Libor 0.001 -0.79520 -0.77480 -0.72740 -0.60120 FTSE Belgium 10/23 0.20 102.04 -0.74 0.00 -0.01 -0.02 -0.11 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock. Yen Libor 0.000 -0.07950 -0.09617 -0.07917 0.05617 Sterling Corporate (£) ------Canada ------

Euro Euribor 0.000 -0.55700 -0.54900 -0.52700 -0.49500 Euro Corporate (€) 104.47 -0.05 --0.54 -1.73 11/22 2.00 102.30 0.11 -0.05 -0.03 -0.04 -0.12 GILTS: UK FTSE ACTUARIES INDICES Sterling CDs 0.000 0.50000 0.63000 0.78500 Euro Emerging Mkts (€) 738.66 1.46 --4.96 24.10 Denmark 11/22 0.25 101.00 -0.56 0.00 -0.01 0.01 0.03 US$ CDs 0.000 0.14000 0.19000 0.21000 Eurozone Govt Bond 110.04 -0.19 ---0.34 -0.64 11/30 0.10 117.74 -1.66 0.00 -0.01 -0.21 -0.35 Price Indices Day's Total Return Return Aug 25 chg %Return 1 month 1 year Yield Euro CDs 0.000 -0.52000 -0.49000 -0.52000 Finland 04/23 1.50 103.72 -0.75 0.01 0.00 -0.04 -0.13 Fixed Coupon CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 87.93 -0.07 2474.75 -0.07 -0.52 0.22 Short 7 Days One Three Six One 04/31 0.75 110.38 -0.31 0.00 -0.02 -0.07 -0.06 Index change change change high low 2 5 - 10 Years 180.97 -0.37 3741.81 -0.11 -1.77 0.52 Aug 25 term notice month month month year France 05/23 1.75 104.34 -0.71 0.00 -0.02 -0.02 -0.08 Markit iTraxx 3 10 - 15 Years 216.54 -0.67 4779.04 -0.26 -2.29 0.81 05/27 1.00 108.96 -0.53 0.00 -0.01 -0.03 -0.09 Euro -0.74 -0.44 -0.71 -0.41 -0.67 -0.37 -0.64 -0.34 -0.67 -0.37 -0.66 -0.36 Crossover 5Y 231.55 -0.48 -3.38 -2.90 273.86 224.88 4 5 - 15 Years 189.11 -0.47 4000.35 -0.16 -1.79 0.65 Germany ------Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 Europe 5Y 45.62 -0.19 -0.87 -0.92 55.28 45.58 5 Over 15 Years 377.80 -1.43 6303.51 -0.43 -2.26 0.96 08/23 2.00 105.56 -0.79 0.00 -0.01 -0.02 -0.06 US Dollar 0.11 0.31 0.01 0.21 0.04 0.24 0.09 0.29 0.11 0.31 0.18 0.38 Japan 5Y 44.84 -0.48 -0.76 -0.47 49.50 44.56 7 All stocks 185.99 -0.77 4037.43 -0.25 -1.72 0.86 Japanese Yen -0.10 0.00 -0.10 0.00 -0.10 0.10 -0.10 0.10 -0.15 0.15 -0.15 0.15 Senior Financials 5Y 52.73 -0.13 -0.73 -1.06 64.29 52.73 08/27 0.50 107.47 -0.72 0.00 -0.01 -0.05 -0.06 Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/50 0.00 100.81 -0.03 0.00 -0.01 -0.10 0.04 Markit CDX Day's Month Year's Total Return Return Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Greece 02/27 4.30 122.40 0.20 0.00 0.00 -0.14 -1.10 Emerging Markets 5Y 159.95 -3.68 -2.66 -7.14 191.34 148.48 Index Linked Aug 25 chg %chg %chg %Return 1 month 1 year Ireland ------Nth Amer High Yld 5Y 284.09 -1.06 -8.75 -5.02 316.77 269.30 1 Up to 5 Years 308.33 0.05 0.71 1.12 2570.61 0.71 2.38 ------Nth Amer Inv Grade 5Y 48.48 -0.06 -1.23 -1.10 58.09 46.88 2 Over 5 years 893.61 -1.04 1.88 9.05 6772.82 1.88 9.45 10/22 0.00 100.70 -0.61 -0.01 -0.01 0.00 -0.04 Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 525.65 -0.28 0.75 1.22 4211.73 0.76 2.00 Italy 08/22 0.90 101.33 -0.52 0.00 0.00 -0.03 -0.40 4 Over 15 years 1198.65 -1.28 2.25 11.84 8834.52 2.25 12.08 11/25 2.50 111.35 -0.18 -0.01 -0.01 -0.06 -0.63 5 All stocks 788.75 -0.93 1.76 8.11 6092.38 1.76 8.60 05/31 6.00 152.07 0.49 -0.01 0.00 -0.06 -0.56 COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 142.31 1.51 -0.01 0.00 -0.04 -0.34 Yield Indices Aug 25 Aug 24 Yr ago Aug 25 Aug 24 Yr ago Japan 04/23 0.05 99.96 0.07 0.01 0.01 0.00 0.01 Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of 5 Yrs 0.31 0.27 -0.04 20 Yrs 1.03 0.96 0.82 06/27 0.10 101.30 -0.12 0.00 0.00 0.01 -0.03 Crude Oil† Sep 68.06 0.49 Corn♦ Sep 542.75 -1.25 Aug 24 Aug 24 Prev return stock Market stocks 10 Yrs 0.68 0.62 0.32 45 Yrs 0.87 0.80 0.78 06/34 1.50 117.26 0.14 0.00 0.01 0.01 -0.09 15 Yrs 0.93 0.86 0.65 Brent Crude Oil‡ 71.81 0.58 Wheat♦ Sep 706.50 -11.75 Can 4.25%' 26 129.30 -1.136 -1.141 0.16 5.25 81163.30 7 12/49 0.40 94.32 0.62 0.00 0.01 0.00 0.03 RBOB Gasoline† Aug 2.22 0.04 Soybeans♦ Sep 1334.50 -2.50 Fr 2.10%' 23 107.60 -1.764 -1.745 0.18 18.05 254866.75 16 Netherlands 07/23 1.75 104.83 -0.78 0.00 -0.01 -0.02 -0.13 inflation 0% inflation 5% Heating Oil† --Soybeans Meal♦ Sep 353.10 -1.00 Swe 1.00%' 25 120.55 -1.794 -1.784 0.16 33.01 199030.46 6 07/27 0.75 108.40 -0.65 0.00 -0.01 -0.05 -0.12 Real yield Aug 25 Dur yrs Previous Yr ago Aug 25 Dur yrs Previous Yr ago Natural Gas† Aug 3.87 -0.02 Cocoa (ICE Liffe)X Sep 1739.00 14.00 UK 1.875%' 22 107.84 -4.204 -4.161 0.35 15.74 884491.91 31 New Zealand 04/27 4.50 117.03 1.35 0.04 -0.02 0.14 1.04 Up to 5 yrs -3.02 2.67 -2.99 -2.53 -3.42 2.68 -3.40 -2.93 Ethanol♦ --Cocoa (ICE US)♥ Sep 2593.00 0.00 UK 2.50%' 24 360.32 -3.194 -3.155 0.27 6.82 884491.91 31 05/31 1.50 98.81 1.63 0.04 0.00 0.11 1.04 Over 5 yrs -2.48 24.11 -2.52 -2.18 -2.51 24.17 -2.55 -2.20 Uranium† --Coffee(Robusta)X Sep 1969.00 15.00 UK 2.00%' 35 307.06 -2.761 -2.731 1.01 9.08 884491.91 31 05/31 1.50 98.81 1.63 0.04 0.00 0.11 1.04 5-15 yrs -2.82 9.28 -2.85 -2.74 -2.93 9.28 -2.96 -2.85 Carbon Emissions‡ --Coffee (Arabica)♥ Sep 185.35 1.20 US 0.625%' 23 104.85 -2.264 -2.227 -0.17 47.03 1710878.41 44 Over 15 yrs -2.45 28.68 -2.49 -2.11 -2.46 28.69 -2.51 -2.12 Diesel† --White SugarX 479.30 2.00 US 3.625%' 28 135.58 -1.459 -1.458 -0.55 16.78 1710878.41 44 Norway 08/30 1.38 101.83 1.16 0.02 -0.07 -0.02 0.47 08/30 1.38 101.83 1.16 0.02 -0.07 -0.02 0.47 All stocks -2.49 21.97 -2.53 -2.18 -2.52 22.05 -2.56 -2.21 Base Metals (♠ LME 3 Months) Sugar 11♥ 19.71 0.11 Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market See FTSE website for more details www.ftse.com/products/indices/gilts Aluminium 2618.00 14.00 Cotton♥ Oct 95.94 0.23 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par Portugal 10/22 2.20 103.33 -0.69 0.01 0.01 -0.06 -0.21 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE Aluminium Alloy 2060.00 160.00 Orange Juice♥ Sep 139.95 -0.80 amount. 04/27 4.13 126.19 -0.45 0.01 0.02 -0.06 -0.44 Copper 9364.50 7.00 Palm Oil♣ -- Spain 10/22 0.45 101.30 -0.65 0.00 -0.01 -0.04 -0.21 Gilt Closing Prices information contained herein is proprietary to Lead 2312.00 20.00 Live Cattle♣ Oct 131.60 5.15 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 123.17 -1.33 0.00 0.01 -0.14 -0.76 Tradeweb; may not be copied or re-distributed; is not warranted to be Nickel 19180.00 125.00 Feeder Cattle♣ May 134.88 - Sweden 11/23 1.50 104.02 -0.31 0.00 -0.01 0.01 0.03 accurate, complete or timely; and does not constitute investment advice. Tin 33000.00 280.00 Lean Hogs♣ Oct 86.93 -0.68 Spread Spread Spread Spread 06/26 0.13 119.46 -1.83 -0.02 -0.06 -0.12 -0.52 Tradeweb is not responsible for any loss or damage that might result from the use of this information. Zinc 3018.00 9.00 Bid vs vs Bid vs vs 06/30 0.13 120.13 -1.80 -0.02 -0.05 -0.13 -0.41 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate Precious Metals (PM London Fix) % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland ------at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor Gold 1808.45 6.45 Aug 24 Month Year Australia 1.19 --Netherlands -0.65 -- 02/23 4.00 107.00 -0.76 0.00 -0.01 0.02 0.03 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor Silver (US cents) 2376.00 33.00 S&P GSCI Spt 522.61 -1.84 45.17 Austria -0.08 --New Zealand 1.63 --United Kingdom ------Platinum 1006.00 -3.00 DJ UBS Spot 94.72 -1.02 31.52 Canada ---Norway 1.16 -- 07/23 0.75 101.21 0.12 0.01 -0.03 0.04 0.21 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the Palladium 2456.00 117.00 TR/CC CRB TR 229.79 -0.16 41.75 Denmark -1.66 --Portugal -0.45 -- 07/27 1.25 105.35 0.33 0.00 -0.03 -0.03 0.29 use of the listed information. For all queries e-mail [email protected] Bulk Commodities LEBA EUA Carbon 53.32 -1.90 86.37 Finland -0.31 --Spain -1.33 -- 07/47 1.50 112.42 0.96 0.00 0.00 -0.06 0.17 Iron Ore 149.45 0.85 LEBA UK Power 1056.00 -71.87 15.41 Germany ---Sweden -1.80 --United States 03/23 0.50 100.51 0.17 0.00 0.01 0.01 0.01 Data provided by Morningstar | www.morningstar.co.uk GlobalCOAL RB Index 141.00 0.50 Ireland ---Switzerland --- 03/27 0.63 98.59 0.88 0.02 0.03 0.05 0.44 Baltic Dry Index 4193.00 -8.00 Italy 0.49 --United Kingdom --- 04/32 3.38 148.95 ----- Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Japan 0.14 --United States --- 02/50 0.25 115.67 ----- unless otherwise stated. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. 14 ★ FINANCIAL TIMES Thursday 26 August 2021

MANAGED FUNDS SERVICE

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Franklin Emg Mkts Debt Opp SGD S$ 20.82 -0.03 4.33 North American I USD $37.33 37.33 0.31 0.00 Data Provided by Franklin Emg Mkts Debt Opp USD $17.16 -0.04 5.64 UK Val Opp I GBP Acc £14.74 14.74 0.18 0.00

Aberdeen Standard Capital (JER) PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 FCA Recognised GAM Polar Capital LLP (CYM) www.morningstar.co.uk Aberdeen Standard Capital Offshore Strategy Fund Limited [email protected], www.funds.gam.com Regulated Data as shown is for information purposes only. No offer Bridge Fund £ 2.4545 - 0.0031 1.30 Regulated European Forager A EUR € 219.50 -7.33 0.00 is made by Morningstar or this publication. Global Equity Fund £ 3.6262 - 0.0018 0.77 LAPIS GBL TOP 50 DIV.YLD-Na-D £ 112.06 --0.33 2.94 Global Fixed Interest Fund £ 0.9735 - 0.0007 4.51 LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 115.46 --0.20 0.88 Income Fund £ 0.7057 - -0.0002 2.41 Sterling Fixed Interest Fund £ 0.9075 - -0.0021 2.78 UK Equity Fund £ 2.2212 - 0.0151 2.38 Ashmore Investment Management Limited (LUX) Dragon Capital New Capital UCITS Fund PLC (IRL) Stonehage Fleming Investment Management Ltd (IRL) Guide to Data 2 rue Albert Borschette L-1246 Luxembourg www.dragoncapital.com Leconfield House, Curzon Street, London, W1J 5JB www.stonehagefleming.com/gbi FCA Recognised Fund information:[email protected] www.newcapitalfunds.com Private Fund Mgrs (Guernsey) Ltd (GSY) [email protected] The fund prices quoted on these pages are Ashmore SICAV Emerging Market Debt Fund $90.48 -0.34 4.79 Other International Funds FCA Recognised Regulated Regulated supplied by the operator of the relevant fund. Ashmore SICAV Emerging Market Frontier Equity Fund $ 198.71 -1.21 0.43 Vietnam Equity (UCITS) Fund A USD $35.20 -0.24 0.00 Genesis Investment Management LLP New Capital UCITS Funds Monument Growth 17/08/2021 £ 559.61 565.43 -0.68 0.80 SF Global Best Ideas Eq B USD ACC $ 286.82 -0.34 0.00 Details of funds published on these pages, Ashmore SICAV Emerging Market Total Return Fund $78.71 -0.46 4.20 Other International Funds New Capital China Equity Fund $ 285.70 -7.12 0.00 SF Global Best Ideas Eq D GBP INC £ 316.93 -0.12 0.00 including prices, are for the purpose of Ashmore SICAV Global Small Cap Equity Fund $ 243.80 -3.98 0.00 Emerging Mkts NAV £7.21 --0.16 1.40 New Capital Dynamic European Equity Fund € 154.61 --0.08 0.00 information only and should only be used as a Aegon Asset Management UK ICVC (UK) EM Active Equity Fund Acc USD $ 158.60 -5.04 0.00 New Capital Dynamic UK Equity Fund £ 128.61 -0.38 0.00 guide. The Financial Times Limited makes no 3 Lochside Crescent, Edinburgh, EH12 9SA EM Equity Fund Acc USD $ 161.72 -3.23 0.00 New Capital Global Alpha Fund £ 122.39 -0.25 0.00 representation as to their accuracy or 0800 358 3009 www.aegonam.com EM Mkts Corp.Debt USD F$90.72 -0.11 4.91 New Capital Global Equity Conviction Fund $ 242.28 -1.35 0.00 Authorised Funds completeness and they should not be relied EM Mkts Loc.Ccy Bd USD F$73.77 -0.64 - New Capital Global Value Credit Fund $ 164.32 -0.06 0.00 Global Equity GBP B Acc £3.58 -0.03 - upon when making an investment decision. EM Short Duration Fund Acc USD $ 116.84 -0.35 0.00 New Capital Japan Equity Fund ¥ 1762.59 - 23.58 0.00 Prusik Investment Management LLP (IRL) New Capital US Growth Fund $ 526.14 -2.78 0.00 The sale of interests in the funds listed on Enquiries - 0207 493 1331 Superfund Asset Management GmbH New Capital US Small Cap Growth Fund $ 244.40 -2.93 0.00 these pages may, in certain jurisdictions, be Regulated www.superfund.com, +43 (1) 247 00 HPB Assurance Ltd New Capital Wealthy Nations Bond Fund $ 156.65 -0.05 0.00 restricted by law and the funds will not Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Prusik Asian Equity Income B Dist $ 183.10 -1.04 4.55 Other International Funds Prusik Asia Emerging Opportunities Fund A Acc $ 213.07 -0.48 - necessarily be available to persons in all International Insurances Superfund Green Gold $ 1508.47 -7.65 0.00 Prusik Asia Fund U Dist. £ 250.00 -0.29 0.00 jurisdictions in which the publication Holiday Property Bond Ser 1£0.47 --0.01 0.00 Superfund Green Silver $ 1407.91 - 19.53 0.00 circulates. Persons in any doubt should take Holiday Property Bond Ser 2£0.62 --0.01 0.00 Superfund Green US$ $ 1150.39 -4.44 0.00 appropriate professional advice. Data collated Atlantas Sicav (LUX) by Morningstar. For other queries contact Regulated [email protected] +44 (0)207 873 American Dynamic $ 7689.15 7689.15 -0.56 0.00 4211. American One $ 7648.25 7648.25 32.09 0.00 EdenTree Investment Management Ltd (UK) Bond Global € 1540.80 1540.80 -1.76 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 The fund prices published in this edition along Eurocroissance € 1548.28 -6.23 - Authorised Inv Funds with additional information are also available Purisima Investment Fds (CI) Ltd (JER) Far East $ 1325.64 -7.91 0.00 EdenTree Responsible and Sust S Dtd Bd B 100.30 -0.00 0.98 on the Financial Times website, www.ft.com/ Regulated Janus Henderson Investors (UK) funds. The funds published on these pages PCG B 349.74 -3.68 0.00 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 are grouped together by fund management PCG C 341.19 -3.59 0.00 www.janushenderson.com company. Aegon Asset Management Investment Company (Ireland) (IRL) Authorised Inv Funds 1 North Wall Quay Dublin 1, Ireland +35 3162 24493 Janus Henderson Instl UK Idx Opps A Acc £1.10 -0.02 1.86 Prices are in pence unless otherwise FCA Recognised indicated. The change, if shown, is the change Absolute Return Bond B GBP Acc 1167.04 -0.27 1.61 (UK) on the previously quoted figure (not all funds High Yield Global Bond A GBP Inc 513.35 -0.40 4.49 OGM Oasis Crescent Global Investment Funds (UK) ICVC Ennismore Smaller Cos Plc (IRL) Regulated update prices daily). Those designated $ with High Yield Global Bond B GBP Inc 1104.74 -0.88 5.23 5 Kensington Church St, London W8 4LD 020 7368 4220 OGM Oasis Crescent Global Short Term Income Fund USD Class A Shares (Dist) $0.99 -0.00 1.62 no prefix refer to US dollars. Yield percentage Global Equity Income B GBP Acc 2357.18 --2.00 0.00 FCA Recognised OGM Oasis Crescent Global Equity Fund USD Class A Shares (Dist) $39.24 -0.12 0.11 figures (in Tuesday to Saturday papers) allow Global Equity Income B GBP Inc 1455.44 --8.32 3.19 Ennismore European Smlr Cos NAV £ 155.96 --0.71 0.00 OGM Oasis Crescent Variable Fund GBP Class A Shares (Dist) £10.43 -0.04 0.01 Toscafund Asset Management LLP (UK) for buying expenses. Prices of certain older lobal Equity Market Neutral Fund - B Acc GBP £12.96 -0.00 0.00 Ennismore European Smlr Cos NAV € 182.08 --1.00 0.00 OGM Oasis Crescent Global Income Fund USD Class A Shares (Dist) $11.14 -0.00 2.44 www.toscafund.com insurance linked plans might be subject to Global Sustainable Equity B Acc GBP £31.72 -0.27 - M & G Securities (1200)F (UK) Authorised Funds capital gains tax on sales. PO Box 9038, Chelmsford, CM99 2XF OGM Oasis Crescent Global Low Equity Fund USD Class D Shares (Dist) $13.56 -0.01 0.21 Global Sustainable Equity C Acc GBP £32.25 -0.28 - Aptus Global Financials B Acc £4.80 -0.05 3.51 www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 OGM Oasis Crescent Global Medium Equity Fund USD Class A Shares (Dist) $14.94 -0.03 0.04 Inv Grd Gbl Bond A Inc GBH 620.82 --0.53 1.81 Aptus Global Financials B Inc £3.24 -0.03 6.32 Guide to pricing of Authorised Authorised Inv Funds OGM Oasis Crescent Global Property Equity Fund USD Class A Shares (Dist) $9.84 --0.02 0.54 Short Dated High Yld Bd B Acc GBP £11.36 -0.00 0.00 Investment Funds: (compiled with the M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £1.23 -0.00 2.27 Short Dated High Yld Bd C Acc GBP (Hdg) £11.49 -0.00 0.00 assistance of the IMA. The Investment M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £42.79 --0.03 1.93 Strategic Global Bond A GBP Inc 1336.00 --0.83 2.70 Association, Camomile Court 23 Camomile Brooks Macdonald International Fund Managers Limited (JER) M&G Charity Multi Asset Fund Inc £0.91 -0.01 3.91 Strategic Global Bond B GBP Inc 757.92 --0.46 3.45 Street, London EC3A 7LL. Tel: +44 (0)20 7831 5 Anley Street, St Helier, Jersey, JE2 3QE M&G Charity Multi Asset Fund Acc £ 103.06 -0.45 3.36 +44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Ennismore European Smlr Cos Hedge Fd 0898.) Brooks Macdonald International Investment Funds Limited Other International Funds Ram Active Investments SA www.ram-ai.com OEIC: Open-Ended Investment Company. Euro High Income € 1.5258 - -0.0010 2.50 NAV € 650.75 --6.51 0.00 Other International Funds Similar to a unit trust but using a company High Income £ 0.8569 - -0.0012 3.77 Toscafund Asset Management LLP Omnia Fund Ltd RAM Systematic Emerg Markets Eq $ 242.82 242.82 3.61 - www.toscafund.com rather than a trust structure. Sterling Bond £ 1.5912 - -0.0022 2.06 Other International Funds RAM Systematic European Eq € 593.71 593.71 -1.90 - Tosca A USD $ 399.34 -3.12 0.00 Brooks Macdonald International Multi Strategy Fund Limited Estimated NAV $ 645.47 --7.01 0.00 RAM Systematic Funds Global Sustainable Income Eq $ 157.92 157.92 -0.05 0.00 Tosca Mid Cap GBP £ 267.39 --2.04 0.00 Different share classes are issued to reflect a Brooks Macdonald Intl Multi Strat Bal A £ 1.0041 - 0.0028 - RAM Systematic Global Eq Sustainable Alpha $ 111.30 111.30 -0.14 - Tosca Opportunity B USD $ 407.60 --3.94 0.00 different currency, charging structure or type Brooks Macdonald Intl Multi Strat Bal £ 1.0000 - 0.0000 - MMIP Investment Management Limited (GSY) RAM Systematic Long/Short European Eq € 148.95 148.95 -0.79 - Pegasus Fund Ltd A-1 GBP £63.42 --0.48 0.00 of holder. Brooks Macdonald Intl Multi StratCauBalA £ 1.0134 - 0.0021 - Regulated RAM Systematic US Sustainable Eq $ 428.28 428.28 -0.87 - Brooks Macdonald Intl Multi Strat Gr A £ 1.0231 - 0.0045 - Multi-Manager Investment Programmes PCC Limited Selling price: Also called bid price. The price Euronova Asset Management UK LLP (CYM) RAM Tactical Global Bond Total Return € 155.45 155.45 0.04 - Brooks Macdonald Intl Multi Strat Hi GrA £ 1.0258 - 0.0052 - UK Equity Fd Cl A Series 01 £ 3083.02 3119.01 -77.42 0.00 Regulated RAM Tactical II Asia Bond Total Return $ 157.74 157.74 0.04 - at which units in a unit trust are sold by Cautious Balanced Strategy £ 1.4220 - 0.0028 0.00 Diversified Absolute Rtn Fd USD Cl AF2 $ 1746.01 - -10.59 0.00 Smaller Cos Cls One Shares €64.79 -0.72 0.00 investors. Growth Strategy £ 2.1438 - 0.0095 0.00 Diversified Absolute Return Stlg Cell AF2 £ 1634.74 - -10.01 0.00 Smaller Cos Cls Two Shares €41.51 -0.42 0.00 High Growth Strategy £ 3.0236 - 0.0151 0.00 Global Equity Fund A Lead Series £ 1832.07 1838.13 -11.55 0.00 Oryx International Growth Fund Ltd Buying price: Also called offer price. The Smaller Cos Cls Three Shares €20.87 -0.20 0.00 US$ Growth Strategy $ 2.1731 - 0.0155 0.00 Other International Funds price at which units in a unit trust are bought Smaller Cos Cls Four Shares €26.88 -0.26 0.00 Dealing Daily. Initial charge up to 2% NAV (Fully Diluted) £9.10 --0.52 0.00 by investors. Includes manager’s initial Troy Asset Mgt (1200) (UK) charge. Algebris Investments (IRL) 65 Gresham Street, London, EC2V 7NQ Regulated Order Desk and Enquiries: 0345 608 0950 Authorised Inv Funds Single price: Based on a mid-market Algebris Financial Credit I EUR € 194.01 -0.07 0.00 Ruffer LLP (1000)F (UK) 65 Gresham Street, London, EC2V 7NQ Authorised Corporate Director - Link Fund Solutions valuation of the underlying investments. The Algebris Financial Credit R EUR € 168.30 -0.06 0.00 Order Desk and Enquiries: 0345 601 9610 buying and selling price for shares of an OEIC Algebris Financial Credit Rd EUR € 109.77 -0.04 4.41 Trojan Investment Funds Marwyn Asset Management Limited (CYM) Authorised Inv Funds and units of a single priced unit trust are the Algebris Financial Income I EUR € 178.65 -1.30 0.00 Trojan Ethical O Acc 128.56 -0.10 0.00 Regulated Authorised Corporate Director - Link Fund Solutions same. Algebris Financial Income R EUR € 164.45 -1.20 0.00 FIL Investment Services (UK) Limited (1200)F (UK) Trojan Ethical O Inc 128.31 -0.10 0.00 CG Asset Management Limited (IRL) Marwyn Value Investors £ 329.72 --6.14 0.00 Orbis Investments (U.K.) Limited (GBR) LF Ruffer European C Acc 964.39 -4.24 0.04 Algebris Financial Income Rd EUR € 105.90 -0.77 3.24 Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP 25 Moorgate, London, EC2R 6AY Treatment of manager’s periodic capital Callfree: Private Clients 0800 414161 28 Dorset Square, London, NW1 6QG LF Ruffer European C Inc 175.99 -0.77 0.08 Algebris Financial Equity B EUR € 139.52 -1.04 0.00 Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 charge: The letter C denotes that the trust Broker Dealings: 0800 414 181 www.orbis.com 0800 358 2030 LF Ruffer European O Acc 938.55 -4.07 0.00 Algebris Financial Equity R EUR € 119.31 -0.97 0.00 FCA Recognised Regulated deducts all or part of the manager’s/ OEIC Funds LF Ruffer Equity & General C Acc 577.44 -1.03 0.15 Algebris IG Financial Credit I EUR € 112.50 -0.00 0.00 CG Portfolio Fund Plc Orbis OEIC Global Cautious Standard £10.75 -0.06 0.02 operator’s periodic charge from capital, Fidelity American Fund W-ACC-GBP £62.53 -0.32 0.00 LF Ruffer Equity & General C Inc 528.10 -0.95 0.16 Algebris IG Financial Credit R EUR € 111.48 -0.00 0.00 Absolute Return Cls M Inc £ 141.55 141.55 0.05 1.26 Orbis OEIC Global Balanced Standard £16.52 -0.20 2.44 contact the manager/operator for full details Fidelity Cash Fund Y-ACC-GBP £1.02 -0.00 0.09 LF Ruffer Equity & General O Acc 562.01 -0.98 0.00 Algebris Global Credit Opportunities I EUR € 130.20 -0.50 0.00 Capital Gearing Portfolio GBP P£39402.36 39402.36 3.23 0.78 Orbis OEIC Global Equity Standard £21.23 -0.32 1.95 of the effect of this course of action. FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £3.03 -0.02 1.61 LF Ruffer Equity & General O Inc 520.33 -0.90 0.00 Algebris Global Credit Opportunities R EUR € 128.04 -0.49 0.00 Capital Gearing Portfolio GBP V£191.63 191.63 0.02 0.78 Orbis OEIC UK Equity Standard £10.32 -0.02 2.42 Fidelity Global Enhanced Income Fund W-ACC-GBP £2.22 -0.00 3.60 LF Ruffer Gold C Acc 247.17 -2.74 0.00 Algebris Global Credit Opportunities Rd EUR € 128.04 -0.49 0.00 Dollar Fund Cls D Inc £ 171.93 171.93 -0.24 1.42 WA Fixed Income Fund Plc (IRL) Exit Charges: The letter E denotes that an Fidelity Global Focus Fund W-ACC-GBP £36.19 -0.25 - LF Ruffer Gold C Inc 149.59 -1.65 0.00 Regulated Algebris Core Italy I EUR € 161.31 -0.23 0.00 Dollar Hedged GBP Inc £ 110.67 110.67 -0.07 1.25 exit charge may be made when you sell units, Fidelity Global High Yield Fund Y-ACC-GBP £16.20 -0.06 - LF Ruffer Gold O Acc 240.47 -2.65 0.00 European Multi-Sector € 124.21 -0.12 2.85 Algebris Core Italy R EUR € 153.93 -0.31 0.00 Real Return Cls A Inc £ 208.64 208.64 -0.10 1.61 contact the manager/operator for full details. Fidelity Japan Fund W-ACC-GBP £5.43 -0.00 0.86 LF Ruffer Japanese C Inc 178.63 -4.31 0.06 Fidelity Japan Smaller Companies Fund W-ACC-GBP £4.12 -0.00 - LF Ruffer Japanese C Acc 383.84 -9.24 0.06 Time: Some funds give information about the Fidelity Select 50 Balanced Fund PI-ACC-GBP £1.23 -0.00 - LF Ruffer Pacific & Emerging Markets C Acc 385.42 - -11.40 0.86 timing of price quotes. The time shown Fidelity Special Situations Fund W-ACC-GBP £42.64 -0.41 1.49 LF Ruffer Pacific & Emerging Markets C Inc 104.97 --3.11 0.82 alongside the fund manager’s/operator’s Short Dated Corporate Bond Fund Y ACC GBP £11.23 --0.01 4.00 LF Ruffer Pacific & Emerging Markets O Acc 374.84 - -11.11 0.52 name is the valuation point for their unit Fidelity Sustainable Water & Waste W Acc £1.31 -0.01 0.55 LF Ruffer Total Return C Acc 542.81 -2.62 0.61 trusts/OEICs, unless another time is indicated Fidelity Sustainable Water & Waste W Inc £1.30 -0.01 0.55 LF Ruffer Total Return C Inc 350.19 -1.68 0.62 by the symbol alongside the individual unit Fidelity UK Growth Fund W-ACC-GBP £3.34 --0.05 - LF Ruffer Total Return O Acc 528.24 -2.51 0.62 Zadig Gestion (Memnon Fund) (LUX) trust/OEIC name. The Antares European Fund Limited Chartered Asset Management Pte Ltd Milltrust International Managed Investments ICAV (IRL) Fidelity UK Select Fund W-ACC-GBP £3.71 -0.02 0.76 LF Ruffer Total Return O Inc 340.61 -1.63 0.62 FCA Recognised Other International Other International Funds [email protected], +44(0)20 8123 8316 www.milltrust.com Institutional OEIC Funds Memnon European Fund - Class U2 GBP £ 229.14 -0.28 0.00 AEF Ltd Usd $ 563.64 --5.97 0.00 CAM-GTF Limited $ 315773.46 315773.46 -4407.74 - Regulated The symbols are as follows: ✠ 0001 to Europe (ex-UK) Fund ACC-GBP £8.04 -0.01 0.57 AEF Ltd Eur € 527.60 --5.65 0.00 CAM GTi VCC $ 780.49 - -32.39 - British Innovation Fund £ 121.92 -2.89 0.00 1100 hours; ♦ 1101 to 1400 hours; ▲ 1401 RAIC VCC $1.64 1.64 0.03 2.06 MAI - Buy & Lease (Australia) A$ 103.45 -0.50 0.00 to 1700 hours; # 1701 to midnight. Daily MAI - Buy & Lease (New Zealand)NZ$ 91.20 --6.06 0.00 dealing prices are set on the basis of the Milltrust Global Emerging Markets Fund - Class A $ 122.15 -2.20 0.00 valuation point, a short period of time may Platinum Capital Management Ltd elapse before prices become available. Other International Funds Rubrics Global UCITS Funds Plc (IRL) Historic pricing: The letter H denotes that the Platinum All Star Fund - A$155.37 --- www.rubricsam.com managers/operators will normally deal on the Platinum Global Growth UCITS Fund $14.43 -0.25 0.00 Regulated price set at the most recent valuation. The Findlay Park Funds Plc (IRL) Arisaig Partners Platinum Essential Resources UCITS Fund SICAV USD Class E $7.92 -0.32 0.00 Rubrics Emerging Markets Fixed Income UCITS Fund $ 140.51 -0.13 - prices shown are the latest available before 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Other International Funds Dodge & Cox Worldwide Funds (IRL) Platinum Global Dividend UCITS Fund $59.28 -0.45 0.00 publication and may not be the current FCA Recognised Rubrics Global Credit UCITS Fund $18.20 --0.01 0.00 Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 123.51 -2.81 0.00 48-49 Pall Mall, London SW1Y 5JG. dealing levels because of an intervening American EUR Unhedged Class € 162.48 -0.07 - Rubrics Global Fixed Income UCITS Fund $ 180.55 --0.01 0.00 Arisaig Asia Consumer Fund Limited $ 121.70 -3.06 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 Milltrust International Managed Investments SPC portfolio revaluation or a switch to a forward American Fund USD Class $ 191.08 -0.42 0.00 Arisaig Global Emerging Markets Consumer Fund $16.83 -0.34 0.00 FCA Recognised [email protected], +44(0)20 8123 8316, www.milltrust.com pricing basis. The managers/operators must American Fund GBP Hedged £96.03 -0.21 0.00 Arisaig Global Emerging Markets Consumer UCITS €12.85 --0.01 - Dodge & Cox Worldwide Funds plc - Global Bond Fund Regulated deal at a forward price on request, and may American Fund GBP Unhedged £ 139.16 -0.20 0.00 Arisaig Global Emerging Markets Consumer UCITS STG £14.50 --0.10 - EUR Accumulating Class €15.61 -0.01 0.00 Milltrust Alaska Brazil SP A$78.27 -3.68 0.00 move to forward pricing at any time. Forward Arisaig Latin America Consumer Fund $27.11 --0.02 - EUR Accumulating Class (H) €11.70 -0.02 - Milltrust Laurium Africa SP A$103.30 -1.83 0.00 pricing: The letter F denotes that that EUR Distributing Class €11.98 -0.01 3.17 Milltrust Marcellus India Fund $ 141.79 -0.79 - managers/operators deal at the price to be EUR Distributing Class (H) €8.93 -0.01 - Milltrust Singular ASEAN SP Founders $ 156.41 -1.63 0.00 Slater set at the next valuation. GBP Distributing Class £12.55 -0.02 2.91 Milltrust SPARX Korea Equity SP A $ 166.64 -3.54 0.00 GBP Distributing Class (H) £9.45 -0.01 - Milltrust VTB Russia Fund SP $ 148.68 -0.61 - Investments Investors can be given no definite price in USD Accumulating Class $13.24 -0.02 0.00 Milltrust Xingtai China SP A$155.44 -4.58 0.00 advance of the purchase or sale being carried Dodge & Cox Worldwide Funds plc-Global Stock Fund The Climate Impact Asia Fund SP (Class A) $ 101.22 -0.44 - out. The prices appearing in the newspaper Foord Asset Management USD Accumulating Share Class $29.87 -0.31 - The Climate Impact Asia Fund (Class B) $ 101.06 -0.44 - are the most recent provided by the managers/ Website: www.foord.com - Email: [email protected] (UK) GBP Accumulating Share Class £35.78 -0.36 - operators. Scheme particulars, prospectus, Artemis Fund Managers Ltd (1200)F FCA Recognised - Luxembourg UCITS 57 St. James's Street, London SW1A 1LD 0800 092 2051 GBP Distributing Share class £24.52 -0.25 - key features and reports: The most recent Foord International Fund | R$47.80 -0.39 - Authorised Inv Funds EUR Accumulating Share Class €38.15 -0.36 - particulars and documents may be obtained Foord Global Equity Fund (Lux) | R $18.03 -0.37 - Artemis Corporate Bond I Acc 116.19 -0.10 - GBP Distributing Class (H) £14.39 -0.15 0.58 free of charge from fund managers/operators. Artemis Positive Future Fund 103.17 -1.58 - Regulated * Indicates funds which do not price on Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Polar Capital Funds Plc (IRL) Artemis Target Return Bond I Acc 109.64 --0.04 2.16 Foord Global Equity Fund (Sing) | B $22.18 -0.47 0.00 Fridays. USD Accumulating Share Class $39.75 -0.32 0.00 Regulated (UK) Foord International Trust (Gsy) $47.69 -0.39 0.00 Slater Investments Ltd GBP Accumulating Share Class £45.04 -0.36 0.00 Automation & Artificial Intelligence CL I USD Acc $19.78 19.78 0.13 0.00 www.slaterinvestments.com; Tel: 0207 220 9460 (LUX) Charges for this advertising service are based GBP Distributing Share Class £27.27 -0.22 0.89 Mirabaud Asset Management Asian Financials I USD $ 488.25 488.25 0.08 - FCA Recognised www.mirabaud.com, [email protected] on the number of lines published and the EUR Accumulating Share Class €43.85 -0.32 0.00 Biotechnology I USD $42.84 42.84 0.39 0.00 Slater Growth A Acc 860.40 860.40 4.67 0.00 Conviction based investment vehicles details available here www.mirabaud-am.com classification of the fund. Please contact GBP Distributing Class (H) £16.28 -0.13 0.65 Emerging Market Stars I USD Acc $15.24 -0.43 0.00 Slater Income A Inc 150.05 150.05 0.00 5.22 Regulated [email protected] or call +44 (0)20 7873 3132 Slater Recovery A Acc 402.76 402.76 2.63 0.00 Mir. - Glb Strat. Bd I USD $ 124.65 -0.07 0.00 European Ex UK Inc EUR Acc €13.40 13.40 -0.03 0.00 for further information. Slater Artorius 383.72 383.72 2.25 - Mir. - DiscEur D Cap GBP £ 213.27 -1.13 0.00 Financial Opps I USD $16.06 -0.13 1.53

Mirabaud - UK Equity High Alpha £ 173.29 -1.46 - GEM Income I USD $14.73 --0.02 - Global Convertible I USD $16.58 16.58 0.10 0.00 Franklin Templeton International Services Sarl (IRL) JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Global Insurance I GBP £8.09 -0.00 0.00 Other International Funds Global Technology I USD $95.90 -0.72 0.00 Franklin Emerging Market Debt Opportunities Fund Plc Healthcare Blue Chip Fund I USD Acc $18.96 18.96 0.03 0.00 Franklin Emg Mkts Debt Opp CHFSFr 15.02 -0.04 6.89 Healthcare Opps I USD $70.75 -0.21 0.00 Franklin Emg Mkts Debt Opp GBP £9.75 -0.02 5.24 Income Opportunities B2 I GBP Acc £2.75 2.75 0.00 0.00 Japan Value I JPY ¥ 127.74 127.74 -0.10 - Thursday 26 August 2021 ★ 15 16 ★ FINANCIAL TIMES Thursday 26 August 2021

ARTS Jude Law flirts with finance and ruin The Nest FILM Sean Durkin AAAAE Danny Candyman Leigh Nia DaCosta AAAAE

Our Ladies hen the whole economy Michael Caton-Jones goes belly up, everyone AAAEE looks bad. To walk W through the City of Lon- Souad don in late 2008, for Ayten Amin instance, was to see nothing but ashen AAAAE faces, no one with the will to keep up appearances. When the meltdown is confined to one individual, their mask can take longer to slip. Witness The Given the time and place, you wonder if Nest, a teasing character study about a an encounter might be digitally engi- roguish trader it would be easy to file neered with the characters of Trainspot- alongside Margin Call, The Big Short and ting, another bunch of young miscreants other cautionary tales of the market. whose careering through the Scottish Yes and no. Finance isn’t the problem capital was released that same year. here. It just attracts risky personalities No. It remains a rare period detail — the same way some marriages do. missing amid the nods to the Spice Girls. One half of this marriage is Rory (Jude Who needs Trainspotting would be the Law) — British, a talker, in commodi- movie’s answer. All the mayhem can be ties. The other is Allison (Carrie Coon), supplied by the young women of the a practical-minded trainer of horses. title, foul-mouthed, sex-positive mem- The story unfolds in the mid-1980s, the bers of a school choir down for the day starting point upstate New York. from sleepy Fort William. Perhaps. But It is literal morning in Reagan’s Amer- the reality of Edinburgh proves some ica, two new cars in the garage, the kids way from the craggy Gomorrah the in great schools, a picture so perfect we Above: Carrie Coon and Durkin has different chills in mind. nuns warn them about. realise it must be about to be trashed. Jude Law in ‘The Nest’. Those eerie creaks are faultlines in the Then again, the girls are not quite the Cue Rory, casually mentioning he wants Right: Yahya Abdul- marriage, the nag of overheads, Allison’s hellions they affect to be either — they to move the family to England. London Mateen II in ‘Candyman’ isolation once Rory starts work. In the ate just ordinary bright sparks for is about to boom, he says. Big money Universal Pictures and MGM Pictures Square Mile too, Britain and America whom Fort William offers only calls. What the film asks is what it is he uneasily align. On the brink of the UK’s pregnancy and a satellite dish. That thinks this call promises him. 1986 Financial Services Act, Rory has much is refreshing — and the ensemble So to the Home Counties. A spot trad- the future mapped out, casting himself are excellent. But something cloying is ing job awaits. The spending has already as a one-man shot of transatlantic at work too, the girls’ sex talk presented begun. “How about this?” Law beams adrenalin. as if they were performing seals, all a lit- outside the vast 18th-century pile he But the movie keeps to a strict slow- tle too obviously the product of an all- rents for the brood, grin from here to burn. Such is the pace of disaster, after male writer-director team. Caution, Guildford. Led Zeppelin stayed once, he all — gradually then suddenly, as Hem- men at work. announces, and the place would have ingway had it. It lets us feel Rory’s impa- suited their liking for the occult. tience. He wants the frenzy of Oliver The first time we catch sight of Souad — Between the hidden doorways and non- Stone’s Wall Street; he ends up with the title character of Ayten Amin’s pin- specific dread, the sense is that director canned lager on a commuter train. The point drama — her face glimmers from a Sean Durkin is hatching a horror movie. film lets him stew, building the mood, phone. That much is only fitting for a Yes and no once more. The super - accreting killer period detail. (George young Egyptian woman whose truest natural is not the problem. The film is Graham’s Arsenal, Anthony Hopkins self is saved for Instagram. If we all play keen to wrongfoot you. Careful you in King Lear at the National.) He brags many roles in the digital age, Souad don’t turn an ankle. to strangers about his non-existent (Bassant Ahmed) contains multitudes Mayfair pied à terre. At lunch with his favourite, the man-child dealer or airily and more. bosses, he picks up the tab. Of course. condescending critic. “The hood, gentri- Not all of that is down to social Phone bills can wait. fication et cetera,” she sighs. (If this is media. Take into account too the If Durkin also moves too slowly for DaCosta cutting sniffy reviews off at the demands of Egyptian society on a 19- you, the cast will still make this jagged pass, kudos.) year-old marooned in the provincial film irresistible. Despite his ninnyish How does it work as horror movie? city of Zagazig, appearing devout when image, Law can be a fine actor. Here, his Nicely. A macabre wit kicks in (check necessary as if applying a filter on a character flawed and cocksure, he the likeness between Antony’s brush- selfie. But IRL is now less real to Souad proves exactly that. Coon is every bit as strokes and the blood left on a floor-to- than life online, expressed most clearly good, uprooted, deserted, finally raging. ceiling window). There are dreams in a virtual affair with an older influ- A scene-steal at a romantic dinner is within dreams, peekaboo terrors in the encer in distant Alexandria. worth the price of admission alone. Or corner of the frame. DaCosta is a high- Amin’s quietly bristling film has a you could let Rory pay — watching his grade visual stylist, gifted with frescoes whole world going on under the surface. smile freeze while he reaches for his of faded graffiti and woozy Kubrickian The camera has the look of simple social cheque book. interiors. Storywise we get too many realism — following Souad window subplots. The final minutes are rushed, shopping, hanging out with her friends, Don’t say what five times in the mirror? the lines for once garbled. But every- watching her take care of her 13-year- Nia DaCosta’s admirable horror film thing the film says before that is bold old sister Rabab (Basmala Elghaiesh). Candyman doubles as a history lesson, and unmistakable, like a name whis- But the film always has two things in its carefully restating the story rules laid pered into a waiting mirror. head: a verité snapshot of an everyday out in the 1992 chiller of the same name. young woman and a troubling study of Some of that is down to simple self- The cheerfully knockabout Our Ladies fractured identity, a portrait of modern interest, as a sequel to a near-30-year- — a tale of Catholic schoolgirls on the Egypt and the digital blur of human old movie whose target audience may rampage in Edinburgh — is set in 1996, a experience everywhere beyond. Just have never heard of the original. But fact it shares in the opening line. Nostal- when you get comfortable, expectations some, you suspect, may be reverence for gia waits for no one in British cinema. upend. Keep scrolling. a first film with unusually big ideas, a prescient approach to race and a fool- Left: schoolgirls proof way with a scare. about to hit the That much would be in keeping for a town in ‘Our new film much concerned with the Ladies’. Below: value of the past. With the very premise Bassant Ahmed of the past, in fact — who gets to record as Souad it, retell it. The central conceit is bril- Jaap Buitendijk liantly nifty. In 1992, Chicago’s Cabrini- Green was an infamous knot of housing projects, its residents disproportion- ately black. (All this is true, by the way.) In 2021, the same area is now gentrified, ruinous towers replaced by luxury apartments. On screen, the new Cabrini is home to Anthony and Brianna (Yahya Abdul-Mateen II and Teyonah Parris), members of the black middle class, she a prominent curator, he a rising artist. The art-scene setting is a master- stroke. If gentrification lays claim to space, art — here at least — appropriates memories. Archive film of urban pov- erty adorns the walls of private views. (DaCosta is too self-aware not to join the dots with her own movie.) “You would never know,” a character says on learning of the guignol havoc that took place in the first film, gazing over the skyline. But as horror writers from MR James onwards will tell you, modernity is no match for a curse. Anthony is soon inspired by the grim history he starts to research. DaCosta is just as attentive to the set-up of the first Candyman — the vengeful spirit sum- moned by his name being said five times to your reflection. Co-scripting with the talismanic Jordan Peele, she expands, updates, enriches. The film weaves the real into itself without cheapening a thing. “Say My Name”, Anthony calls his next piece, a title that combines the mythos of the original movie with the #saytheirname hashtag that commemorates black vic- tims of police violence. If Candyman was old tragedy made flesh in 1992, the pain has kept coming since. The comic relief is the tart art-world satire. Pick your Thursday 26 August 2021 ★ FINANCIAL TIMES 17

FT BIG READ. AMERICAN BUSINESS

Still illegal at the federal level, marijuana vendors have to pay high fees for financial services from less well-known firms. But a new network of lenders is sprouting up to cater to the semi-legal industry. By Joshua Franklin Banking on cannabis

hen Scot Garrambone and his partners in California started W selling weed in 2018, they had hoped to make a lot of money. They just did not expect to spend so much time counting it. Their company, Dreamfields, based in the small town of Desert Hot Springs, pulled in more than $2m in revenue that year, all of it in cash, according to Gar- rambone. The group could not take electronic payments and there was no bank willing to hold their deposits. This left Garrambone and his colleagues, who had self-funded their business in the absence of any bank loans, to deal with the money — and the risk of theft — themselves. “We would spend the entire day just counting and paying people in cash. We did that for about a year,” says Garram- bone, its chief financial officer. Cannabis companies such as Dream- fields are caught in a gap between state and federal law. Despite California mak- ing weed legal for recreational use in 2016, the federal government still classi- fies marijuana as an illegal substance. With top banks such as JPMorgan Chase and Wells Fargo and payments compa- nies including Visa and Mastercard adhering to federal law, they have opted out of serving cannabis companies. ‘US cannabis companies have been starved of capital. [But now] there are financing sources that have popped up’

But now three years later, Garram- bone says Dreamfields is doing almost companies have smoother access to companies and investors in the canna- spread more proportionally throughout writing off routine business expenses all of its transactions electronically, financial services. The early hype bis industry. different societal groups, including Afri- such as salaries and rent, driving tax taking out loans and making deposits. around many stocks faded, however, With interest rates at record lows, the can Americans. Illinois, for instance, has bills higher. This is despite the lack of meaningful when growth underperformed expect- rates lenders can charge cannabis com- expunged thousands of prior cannabis- The higher costs can stunt growth for progress at the federal level to bridge ations. panies is proving compelling to inves- related arrests which can make an new entrants, while for existing busi- the gap with state law. Instead, relief Between 2016 and 2019, 73 cannabis tors. “Considering the prevailing rates applicant ineligible for a dispensary nesses they can elevate prices in a has largely come from a small group companies went public in Canada of the market, if you can get 10 per cent, licence, and raised a “social equity” loan market where the chief competition is of financial services companies that through initial public offerings and 13 per cent yields you look like a hero,” fund worth up to $34m. from illicit sellers, which do not need to has sprouted up to cater to the cannabis reverse takeovers, but there have only says Scott Greiper, president and Seke Ballard, chief executive of Good budget for compliance costs, banking industry. been four new listings since 2020, founder of Viridian Capital Advisors. Tree Capital which is one of the admin- fees and tax bills. “I say now we probably do about according to Viridian Capital Advisors, a Companies that went public in Can- istrators for the Illinois loan pro- The illicit cannabis market was worth 98 per cent of our payments electroni- cannabis-focused financial and strate- ada and have access to the country’s gramme, estimates that the average $66bn in 2020, more than three times cally and we bring everything into the gic advisory group. public debt markets have also seen loan made through the fund will be the size of the legal market, New Fron- bank,” Garrambone says. “The vast majority were not perform- borrowing costs come down. They have above $150,000 and that interest rates tier Data estimates. This was chiefly Since 2012, 18 states and Washington ing and that sucked a lot of enthusiasm been boosted by the sector’s improving will not exceed 8 per cent, giving it one from states that have not yet fully DC have legalised cannabis for recrea- from the industry,” says Ariella Morrow creditworthiness as it matures, as of the industry’s lowest borrowing costs. decriminalised cannabis but illicit sell- tional use and 36 permit smoking it for Tolkin, managing director at Jefferies well as investors’ search for yield, ers are also competitive in states where medical reasons, according to the and head of the bank’s cannabis prac- according to Steve Winokur, global Growth prospects consumers can make legal purchases. In National Conference of State Legisla- 18 tice. head of cannabis investment banking Despite the progress, there is still “a lot California, legal cannabis sales for recre- tures. Industry tracker New Frontier States and Washington DC Around the same time as the market at Canaccord Genuity. of ground to cover for these companies ational use totalled $4.5bn, dwarfed by Data estimates the market for legal have legalised cannabis for for Canadian listings waned, direct Ayr Wellness, a US multi-state canna- to bank in a regular way” and “in a way the estimated $8bn in illicit sales. cannabis was worth about $20bn in recreational use; 36 permit lenders, which raise money from inves- bis operator that went public on Can- that’s not overly burdensome to them For the companies themselves, legali- sales in 2020 and predicts it will more smoking it for medical reasons tors with the aim of making loans, began ada’s NEO exchange in 2019, borrowed sation would be a boon. But for these than double by 2025 to $41.5bn. to emerge to provide debt financing to $110m in bonds last year, paying inter- ‘People reach for riskier financial service providers, there are With numbers such as that, cannabis $41.5bn cannabis companies. est above 13 per cent. The bonds have questions about what will happen to can make a credible claim of being the Forecast sales in the legal They have been tapping into a seller’s rallied to trade at a yield of 8.8 per cent, assets to find yield. The their models once mainstream banks largest underbanked industry in the US. cannabis market by 2025. In market. “For the most part, US cannabis a sign of increased investor demand. It is get the green light to enter the industry, This is not for lack of trying by some 2020, sales volume was about companies have been starved of capital. a long way off the roughly 4 per cent best players [in the and whether this period of higher lend- lawmakers. The House of Represent- $20bn, according to New There are financing sources that have yield on a widely watched high-yield sector] have become very ing rates will eventually vanish. atives passed the Secure And Fair Frontier Data popped up over the last 12-18 months,” bond index, or even the 7.2 per cent One hope for these performers is that Enforcement, or SAFE, Banking Act in Tolkin says. “They have higher headline yield on an index of lowly rated, triple attractive to invest in’ banks will be reluctant to dive into 2019 but it floundered in the Senate. $8bn lending rates compared with financing C bonds. cannabis banking even if it becomes The bill would make it explicit that fed- Estimated sales of illegal rates of companies with similar profiles “When yields are this low, people in terms of fee structure”, says Matthew federally legal. erally regulated banks are allowed to cannabis in California in 2020, operating in other sectors but they are reach for riskier assets to find yield,” Kittay, a partner at law firm Fox Roth- “For maybe some of the largest play- work with cannabis companies in states dwarfing the state’s $4.5bn in the way for this industry to get capital says Jonathan Sandelman, Ayr’s chair schild who works with and advises ers who’ve gone public on Canadian legal sales for recreational use where marijuana is legal. (above: weed for sale at the right now.” and chief executive. “We as an industry, cannabis companies. exchanges with public financials, those The bill passed the House again in Harborside Dispensary in AFC Gamma, a commercial real at least the best players, have become The limited pool of lenders means are the ones that are low-hanging fruit April with bipartisan support. It has Oakland) estate finance company or Reit, this very attractive to invest in.” borrowing costs remain considerably for banks,” says Wadhera from Casa been sent back to the Senate where its year raised $119m through an IPO to The inability to make deposits made higher than other industries. The “tax Verde, whose investments include prospects are unclear. Chuck Schumer, lend to cannabis companies in the first cannabis businesses a target for burgla- on cannabis” companies for borrowing Bespoke. “But for the most part it will the Senate majority leader, added some deal of its kind on the Nasdaq stock ries. But now more local banks and is still up to 600 basis points higher than not be overnight. That’s normal for any momentum to normalise federal treat- exchange. credit unions are stepping in to take for a comparable non-marijuana busi- industry that’s been under the sort of ment of cannabis in August when he Another is Bespoke Financial, which deposits and give cash management ness, says AFC Gamma’s chief executive scrutiny that cannabis has been under.” published a separate draft bill to legalise since 2019 has originated more than services. Leonard Tannenbaum. A rough proxy could be the industry marijuana. $140m in loans across seven states, Dime Community Bank takes depos- Tannenbaum believes the companies for hemp, a strain of the cannabis plant Given the size of the cannabis indus- including to Dreamfields. “It’s really its and offers cash management services his firm lends to would get a lift of at which was decriminalised at the end try, someone was bound to try and fill been drinking from a fire hose for the to cannabis companies, primarily in the least 10 per cent in revenue if Visa or of 2018. Since then, the industry’s access the vacuum. In the absence of federal last two years,” says George Mancheril, New York metropolitan trade area Mastercard would process their pay- to banking services has improved — for action, a new network of companies has Bespoke Financial’s co-founder and including New Jersey, Connecticut and ments. example, hemp health supplement sprung up to service the industry, often chief executive. Pennsylvania, but does not yet lend A burdensome tax rate is another maker Charlotte’s Web has been charging lucrative fees they would be Cannabis in the US is still a highly money to the industry. hurdle. Given that cannabis is still illegal granted a $20m credit line by JPMorgan. hard-pressed to receive elsewhere. fragmented industry with an estimated Sarah Limones, a compliance officer at the federal level, the Internal Reve- However, some big companies are still “The cannabis industry desperately 27,000 companies which handle mari- at Dime, says the business requires nue Service forbids businesses traffick- selective about what they will do in the needs access to financial services,” says juana, according to Jefferies. Borrowing more frequent compliance checks, with ing in controlled substances from area. Wells Fargo says the legality of Karan Wadhera, managing partner at costs vary widely, with industry partic- regular reviews as often as once a month cannabidiol (CBD) production and dis- Casa Verde, a fund that invests in com- Cannabis stock market ipants and lenders saying rates can be compared with annually for businesses tribution is “extremely complex” and so panies in the cannabis industry. “We listings in Canada as low as 8 per cent per year, but more operating in industries with more clear- the bank considers banking relation- think companies targeting this problem typically range between 12 per cent and cut regulations. ships “on a case-by-case basis” and con- are among the most compelling Cannabis companies going public 20 per cent, depending on the bor- San Francisco-based Dama Financial ducts “comprehensive due diligence” businesses in the industry from an through an IPO or reverse takeover rower’s size and what they are able to does compliance work for smaller before entering into them. investment standpoint.” 40 offer as collateral. banks that want to serve cannabis com- American Express says the payments In the weeds This is well in excess of what compa- panies but have limited capacity to company does allow for the sale of hemp 30 rable non-cannabis companies would carry out due diligence. This allows or CBD products but only if they are sold When the first states voted to legalise expect to pay. However, greater compe- cannabis businesses to take out loans at stores that carry other products and is recreational marijuana in 2012, the tition among lenders has reduced as well as make deposits, process elec- not a CBD-based store. industry was by and large self-funded, 20 rates from the high levels seen just a tronic payments and arrange for For Garrambone, though, the direc- or used cash from friends and family or few years ago. armoured car cash pick-ups. tion of travel is clear and the cannabis niche groups of private investors. Loans 10 “Rates have come down significantly. “It’s not safe to have seven figures industry’s growth will continue to force were scarce. When I first started talking to lenders I sitting in your back office,” says Eric progress. “Everyone is going to wake The industry got a fresh injection of knew in this space, they were quoting Kaufman, Dama’s chief revenue officer. up,” he says. “They are going to realise equity funding starting in 2016 with 0 between 18 and 26 per cent,” says Some state governments have also Dreamfields is now doing 98 per cent all the money that’s in it. Cannabis is a 2016 2017 2018 2019 2020 2021 a string of public listings on stock Michael Schwamm, a partner at law introduced programmes to ensure the of its transactions electronically, gold mine.” exchanges in Canada, where cannabis Source: Viridian Capital Advisors firm Duane Morris who advises gains from the cannabis industry are says its CFO Scot Garrambone, above Additional reporting by Joe Rennison 18 ★ FINANCIAL TIMES Thursday 26 August 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] Retaining UK ownership is vital to future defence investment

The latest run of defence company been under way since the 1980s. In aerospace companies. Combined with solid British-owned core of UK defence sales (“PM reaches ‘tipping point’ on 1995, Rolls-Royce acquired the other overseas assets, the aerospace companies. Successive governments sale of vital defence assets”, Report, American company Allison Engines and defence interests UK companies have argued that location not August 23) has hollowed out a core of and in 1998 British Aerospace held abroad were roughly equivalent to ownership should determine policy. second-tier, high-technology assets in abandoned a merger with Dasa, the size of the Italian defence sector in But this fails fully to appreciate the link the UK. Daimler’s aerospace arm, instead terms of turnover. between ownership and the direction Rolls-Royce and BAE Systems might buying GEC Marconi to head off a On the other side of the equation, of future investment and strategy. THURSDAY 26 AUGUST 2021 be protected by their “golden” shares, possible American penetration of its Italy’s Agusta expanded its Westland Dilution of domestic ownership will but in seeing Cobham, and possibly European market. In doing so, it aircraft holding and BAE Systems leave the UK dangerously exposed to Meggitt, slipping into foreign hands we inherited a presence in the US. BAE sold its Airbus interests to the the actions and interests of offshore are indeed reaching a tipping point in Systems, as it was renamed, has today European EADS consortium. Over decision makers. We could live with the security of the defence industrial become one of the top five US defence the years, the UK also saw Lucas this situation, but we would be an base of the UK as a whole. contractors. Aerospace and Smiths Avionics outlier in world aerospace and defence. Of course, the globalisation of the By the early 2000s, other British become American-owned. Professor Keith Hayward Jackson Hole offers Fed a UK’s defence and aerospace sectors has firms had invested in US defence and Yet until now, there has remained a London SW20, UK chance to provide clarity Banks should fight fraud Progressive taxation can An expat’s recollections Delta variant’s spread will overshadow the central banking jamboree with artificial intelligence fix education inequalities of an office culture clash Regarding your article “Watchdogs step Robin Harding (“East Asia’s education I much enjoyed Janina Conboye’s Even before the annual Jackson Hole been jabbed, the Delta variant may up money laundering fight” (August arms race has to end”, Opinion, August column (“We are not ready for the central banking symposium begins, the now chill consumer spending. Many 23) the Kroll report that anti-money 25) identifies many of the issues which asynchronous future”, Business Life, economic effect of the Delta variant of Americans are likely to stay away once laundering fines skyrocketed to nearly surround education. But since parents August 23). The “need to adjust” coronavirus spreading throughout the again from crowded restaurants, shops $1bn during the first half of 2021 just are said to live for their children, East recalled my own experience in the late US has already made itself felt. Health and even workplaces — just as the Jack- reveals what those of us in the Asia is not alone in having this 1990s — an expatriate posting in Paris officials in the Wyoming county that is son Hole conference has moved online. regulation space already know: problem. as the senior member, and only home to the resort switched the Recent data from the US, as well as else- transaction monitoring cannot cope in The core of the problem is inequality. American, in the in-house legal team of method for assessing the risk from the where, suggests the pace of recovery its current state. Better off parents know the benefits a large international company. virus, placing Jackson Hole into the has already moderated: consumer con- The financial services industry is that a top tier education will provide My younger colleagues were from the highest category and making an in-per- fidence has collapsed and, last week, in the middle of a great digital and they have the means to pay for it. EU — fluently multilingual, trained and son meeting against the guidance. The the volume of retail sales for July came transformation journey. From online During the admissions process that licensed in their respective countries, conference, which begins today, will in unexpectedly low. banking to embedded finance, digital my son recently went through for law and with the expected and fascinating now be a solely virtual affair for the sec- The variant should therefore change solutions have been brought to the school, I casually mentioned that there variety of cultures and backgrounds. ond year in a row. the content of the keynote speeches, fore, spurred on by the effects of the must be some special quality to the The timetable of my own work Another wave of the virus will com- not just their method of delivery. Last pandemic and increased regulation. water in our neighbourhood since so schedule tracked my family origins in plicate what was already a challenging week, markets fell after minutes from Still, all of this is futile if financial many of its young people have been the agricultural Midwest — typically at economic outlook facing the Federal the Fed’s July meeting indicated a institutions don’t have compliance accepted into highly regarded my desk an hour or more ahead of the Reserve. Total spending has strongly majority of the officials on the Fed’s under control. As technology gets more university programmes. My son’s reply: staff, which meant quiet time before recovered from last year’s pandemic- monetary policy committee backed advanced, so do criminal tactics. We “It’s called money.” the daily rush, and out of the office induced collapse, thanks to a combina- tapering its asset purchase programme need emerging technologies like approval, an expensive and lengthy And he’s right. The children of the early enough for family dinner before tion of vaccines and the extraordinary this year. That small shift in the Fed’s artificial intelligence to help combat procedure. After pressure from better off families start life a step ahead our youngster’s bedtime. fiscal and monetary stimulus. At the ultra-loose monetary policy was this human problem. industry, they finally accepted that this and, at least in America, tend to stay That practice clashed acutely with same time, supply constraints ranging enough to send markets down and lead AI can alleviate admin-heavy could be reduced to a “paperwork ahead. one lawyer in particular — not only from labour shortages in hospitality to to a sell-off in bonds. The Delta variant processes while enhancing fraud exercise”. And having only in the past The “fix” to the education problem is Spanish through-and-through from a global shortage of semiconductor may now lead some officials to temper detection far beyond human few weeks realised the enormity of to have a progressive taxation system Madrid, but proudly Basque — willing chips for automakers have contributed their enthusiasm for cutting back on capabilities. Put simply, AI in AML even this “cut-down” procedure, BEIS which raises taxes to fund enhanced to work like a demon, into the small to a rise in inflation. stimulus and instead adopt a more increases rules precision, highlighting have had to postpone its introduction public educational opportunities. But hours as our demanding work The greatest question facing the Fed, wait-and-see approach. Jay Powell’s patterns and red flags the naked by a year. who among the better off is going to required, but deeply insulted if asked and investors who must anticipate its speech tomorrow will be the most human eye could never spot. It also It is not manufacturers that need a want their child to face the harsh winds to be functional before about 11am, decisions, is whether the increase in closely watched for any clarity on both cuts down on “false positive” alerts — breathing space, it is government that of greater competition since this could and unable to conceive an acceptable inflation is transitory or not. In the the pace of the tightening and which of which it’s well known the industry needs a breath of fresh air to flush out result in their child sliding “down” the dinner hour before about 10pm. dovish argument, rising inflation data in particular the central bank’s can see rates of a staggering 99 per what it has been inhaling. economic ladder instead of remaining Our approach was to negotiate a reflects the difficulties of an economy officials will be keeping an eye on to cent. Richard Herbert at the station of their birth. sometimes uneasy truce — scheduling emerging from deep freeze: labour measure the strength, or not, of the Technology is the key to enabling Chairman, Herbert Group Guy Wroble our needs for face-to-face updating and shortages will ease as workers and jobs recovery. banks to clamp down on fraud. Once Haverhill, Suffolk, UK Denver, CO, US co-ordination between about 1 and 3 in are gradually matched and supply con- Powell’s speech last year unveiled a embraced on a global scale, these the afternoon, when I was typically straints will disappear as production dramatic shift in the Federal Reserve’s innovative approaches can change the Audit quality is an issue for Don’t ignore crypto’s back from a mid-day snack and she catches up with the rebound in spend- approach to monetary policy — the Fed AML landscape forever. would have had her second mid- ing. For hawks, however, the inflation chair said the central bank would now Livia Benisty a number of stakeholders environmental impact morning coffee. spike reflects just the first signs of a sus- aim to limit shortfalls from full Head of AML, Banking Circle Peter Parry (Letters, August 24) takes Your commentary on the wild west of Even as work life in the Zoom era tained increase thanks to a complacent employment rather than seeing excess London EC3, UK too narrow a view on the appointment cryptos (FT View, August 14) now means scheduling with three or central bank, pursuing a monetary pol- employment as a problem to be solved. of external auditors and their role. somewhat baffled me. In the same four time zones, I miss deeply the icy that is too loose, even as price pres- It would tolerate more inflation, too. Product certification External audit appointments are week as the highly alarming diversity and stimulus of that office. sures return. Powell’s speech this year may not be recommended to shareholders by the Intergovernmental Panel on Climate Jim Peterson Another wave, however, adds a new able to deliver such fireworks, but that remains a minefield board of directors typically following Change report was published, you Chicago, IL, US element to the debate. With the pace of does not make it less challenging. The The headline on your article “Makers robust processes led by the audit failed to mention the enormous impact vaccinations stalling in the US at a Fed faces a very uncertain outlook but given breathing space for shift to post- committee. Management provides cryptos have on the environment. In no At least in the retreat of lower level than other countries and it can, at least, provide markets with a Brexit safety and quality mark” input to the process which is important time we have created an fewer of the most vulnerable having little more clarity. (Report, August 24) has unfortunately from a relationship and relevance unprecedented new source of carbon 1842 Britain had a plan followed the government briefing line. perspective, but independence and emissions. Were bitcoin (non-existent The British army retreat from Kabul in Manufacturers have not been professional scepticism are key a few years ago) a country, it would be 1842 was chaotic and ignominious, “granted a big concession” after considerations for the audit the 29th biggest carbon emitter! resulting in the deaths of 16,000 troops warning “they would not be ready”. committee. You say crypto has enjoyed “rapid and support staff (Big Read, FT The problem actually lies with the Audit quality is of interest to a much growth and flourishing innovation”. If Weekend, August 21). However, Britain inability of the government regulatory broader stakeholder group than purely mankind is not willing to make choices still had a plan: imperial expansion. departments, such as the National the shareholders — eg, analysts, between the impact such innovation This plan meant the retreat was a The dangers lurking Measurement Office in our case, to consumers, debt holders, employees has on the planet versus its alleged minor sideshow. Britain’s retreat from handle the volume of UK Conformity and suppliers to name but a few. positive effects, we will not be able to Kabul today is existentially significant Assessed (UKCA) certifications that And last but not least professional stop climate change. because Britain has no plan. in HMRC’s data grab are required. service firms rely on quality to support The least you should do is take the Having been abandoned by the US This is another example of the their brand, reputation and climate aspect into consideration and having rejected the possibility of Digital push to reduce tax evasion raises questions on confidentiality complexity of decoupling from the EU sustainability. Their independence and when backing a development which achieving national fulfilment as a that was overlooked and ignored. The integrity is very visible to management has already driven crimefighters leader of the EU, Britain, unlike in Completing a tax return is a necessary to cracking down on evaders, a House UK business department (BEIS) and the board. and cyber security experts alike to 1842, stands in self-inflicted desolation. evil that around 11m people in the UK of Lords subcommittee labelled the originally indicated that products with Clive Bellingham despair. Professor John Martin must wrestle with every year. Making move a disproportionate use of powers the European CE mark would need Retired Partner, PwC Henk Rottinghuis University College London that process simpler seems a positive without sufficient safeguards. complete retesting to gain UKCA Zurich, Switzerland Amsterdam, The Netherlands London SE11, UK move. Making it harder to evade tax Honest errors and failing to take and minimising room for error should “reasonable care” account for around also be welcome. But new powers £8.6bn of the UK’s £31bn so-called tax granted to HM Revenue & Customs, gap — the difference between what Some foreign visitors may have no feminism — and that has a sometimes the age of 15, straddled entertainment and a push to digitise data-gathering, HMRC calculates should be collected Josephine Baker idea who she was, but there is already awkward relationship with its old ally and politics and had a romantic rags- leave uncomfortable questions around versus what is owed. It is then perfectly a Josephine Baker Square and a the US: “J’ai deux amours/ Mon pays et to-glamour life story: a vaudeville confidentiality and accountability. legitimate for HMRC — whose remit is Josephine Baker swimming pool in Paris” (I have two loves, my homeland dancer and singer who went on to A longstanding policy to “make tax to increase revenue to the exchequer — makes history Paris, and Josephine Baker streets in and Paris) is her most famous campaign for civil rights in the US digital” is already a reality for many to try to minimise scope for mistakes. towns across France. For Ernest song. France, which welcomed Baker with Martin Luther King and was who keep digital records of VAT But UK tax law is fiendishly complex. once more Hemingway, she was the “most with open arms from a segregationist decorated by her adopted country for returns. It is due to be rolled out more It is little wonder that tax returns har- sensational woman anybody ever saw. America in the 1920s, also wants to her work in spying for the French widely in 2023. The Office of Tax Sim- bour inaccuracies. More pressure could Or ever will”. Charles de Gaulle reassert its role as the “land of resistance during the war. plification, a statutory body, has rec- be better exerted on trying to simplify attended her first concert in the asylum”, this time for Afghans fleeing Her big break was in La Revue Nègre ommended that HMRC gather more tax law and reducing loopholes that the French capital after the city was the Taliban. Even Marine Le Pen, in Paris in 1925, and while she played information from a wider range of well resourced can exploit. Moreover, liberated from the Nazis. leader of the anti-immigration to the racist tropes of the era — in third parties that would “pre-popu- the policy does little to address outright Now the US-born showgirl-singer Rassemblement National party, felt Danse Sauvage she wore little more late” tax returns, or automatically fill evasion and hardened criminal behav- turned resistance agent and civil obliged to welcome the entry of “a than a string around her waist them with information that would iour. All told, evasion, criminal attacks rights campaigner, who died in 1975, great artist, inspired by love of France threaded with artificial bananas — she then be checked by the taxpayer. and the hidden economy account for has received the ultimate accolade of and of the liberty for which she came to love Paris and France, Having charity donations or tax from nearly £12bn of the tax gap. the French state: President Emmanuel fought”. Only occasional grumbling married two Frenchmen while share sales already calculated on a tax HMRC’s policy would be more palat- Macron announced this week that she was heard from Macron’s opponents reputed to be bisexual, and bought a return may seem attractive. But there able if there were an equal push to tar- would be commemorated in the on the left. Priscillia Ludosky an château in the Dordogne, adopting 12 are questions as to who is responsible get more pernicious evasion. While a Pantheon in Paris alongside giants activist who helped launch the gilets children from different countries. if a mistake — not unknown in HMRC dedicated unit was set up in 2016, and such as Victor Hugo, Alexandre jaunes protests in 2018, wondered if “Yes she danced with bananas but reporting — creeps in from data gar- the tax authority claims that it has 400 Dumas and Marie Curie. She will Macron was choosing to make this she didn’t give a damn — thanks to nered from external sources, embed- investigations into “sophisticated become the first black woman to be statement about racial inclusiveness that she emerged from anonymity and ding itself in technology that will then offenders”, that effort is yet to translate thus “panthéonisée”. with Baker because it was the one that ended up in the resistance,” said Lova be hard to rectify. into more prosecutions. The number of Paris Eight months before the next involved “the least commitment” on Rinel, vice-president of the Campaigners and professionals are people charged with tax evasion halved presidential election, Macron’s the government’s part. Representative Council of Black rightly concerned about a repeat of the between 2016 and 2020. Of the 548 fac- Notebook announcement that a woman who Roland Lescure, a member of Associations in France. “So in France Post Office scandal, where dozens were ing charges, just 32 were deemed to be “embodied the spirit of France” and parliament for Macron’s party who it started badly but finished well.” wrongly convicted due to a faulty com- wealthy individuals, despite a pledge by Victor Mallet “was engaged in all the struggles that represents voters overseas, Rinel, “very happy and very proud” puter system. Hacks are also a worry if by HMRC to target around 100 prose- unite citizens of goodwill in France emphasised the importance of the to have Baker in the Pantheon, said data is centralised, particularly if on a cutions a year of high-net worth and and throughout the world” was Pantheon as France’s non-religious she embodied the best of democracy creaking government system. corporate evaders. welcomed and judged a politically temple where people could commune and the fight for civil rights in the US Meanwhile, new powers taking effect The UK’s pandemic-battered econ- savvy move that ticks the right boxes with the great spirits of the past. “We and France. “Democracy is about this year will enable the tax authorities omy has forced the Treasury to of race and gender. His predecessor, are secular but we have rituals,” he diversity, and the honouring of to demand information on individuals increase HMRC’s resources to tackle the Socialist François Hollande, said, adding that Baker’s arrival on Josephine Baker at the Pantheon is directly from banks and financial insti- coronavirus-related fraud. That should turned down the same petition to November 30 (her remains will stay in really about that idea.” Or, as Brian tutions without the need for permis- help tackle wider evasion. But when it honour a woman celebrated by the Monaco) was “a very good symbol of Bouillon-Baker, one of her adopted sion from either the individual tax- comes to modernising returns for hon- French left. Baker’s elevation to the inclusiveness, of unity and of sons, told Le Parisien: “She loved payer or a tribunal, as is currently the est taxpayers, it is important for HMRC Pantheon is aimed at healing the openness to the world”. France, and France loved her back.” case. While there are understandable to spell out how it will balance simplifi- wounds of a nation divided in itself — Baker, born in poverty in St Louis, benefits to boosting HMRC’s inform- cation with accountability in order to especially over race, immigration and Missouri in 1906 and twice married by [email protected] ation-gathering powers when it comes make tax less taxing. Thursday 26 August 2021 ★ FINANCIAL TIMES 19 Opinion

Cambridge’s pandemic-fuelled tech success has broader lessons Protecting EU funds against decades in the making. A 1970 decision That allowed small companies to start-ups. And investors take heart from in European technology companies. BUSINESS to set up the first UK science park proliferate, and professional services the fact that many new groups have co- The region is also particularly strong fraud is a vital helped spark a wave of entrepreneur- grew up. “It’s all about a critical mass of founders, advisers and board members in areas that are hot right now: health- Brooke ship dubbed “the Cambridge phenome- human talent, not just in science and who have succeeded before. care and deep tech, IP-heavy companies non” but the broad growth took engineering, but manufacturing, The Cambridge cluster is now home that take years to come to fruition. The priority Masters much longer. human resources, finance,” says Mike to more than 5,000 knowledge-inten- university’s emphasis on cross-discipli- Second, a flexible approach to owner- Alvarez Cohen of the University of Cali- sive companies with £18bn in turnover. nary research also throws up links ship. When early tech standouts such as fornia, Berkeley. He cites Cambridge as Their nearly 70,000 employees account between them. Cambridge Antibody Technology and a classic “vortex university” that keeps for three in 10 jobs in the area, according Still, decades of growth are starting to EUROPE ambridge is having a Solexa were sold to overseas groups, to Cambridge Ahead, which brings strain Cambridge’s transport infrastruc- moment. Money is flooding there was much hand-wringing. But together academics and business. ture and housing stock, and Brexit is Tony into the tech scene in and there have been substantial benefits. The UK needs to act These positive factors positioned complicating the recruitment of techni- Barber C around the university town, Often, the founders stuck around and Cambridge to profit from rising interest cal specialists from Europe. There have with a record £1bn raised in started new companies or they advised now or risk strangling in European tech generally, and the UK been efforts to address this, including the past 12 months. Local robotics group and invested in other entrepreneurs. ‘Silicon Fen’ just as it specifically. European and UK start-ups the new neighbourhood of Eddington CMR Surgical received the largest ever And some purchasers stayed engaged. raised a record €47bn in the first half of and plans for growth between Oxford private financing for a medical technol- CAT’s ultimate owner AstraZeneca is comes into its own 2021, and the UK alone is now up to and Cambridge. n the three months since it opened, ogy company, and equity investment now headquartered at the Cambridge €18bn, according to PitchBook. Given the complexity of planning the European Public Prosecutor’s flowed into a UK-leading 62 university Biomedical Campus, and Amazon, entrepreneurial professors and gradu- Big backers of American tech are now rules, the UK needs to act now or risk Office has processed more than spinouts last year. Google and Apple all bought companies ates in its orbit for decades. casting their nets more widely. That’s strangling Silicon Fen just as it comes I 1,000 reports of possible fraud In life sciences, the money pouring and expanded in the region. In short, Cambridge is “a safe place to partly because European groups are on into its own. David Cleevely, an early involving EU funds and projects. It into the region’s companies has already The attitude of Cambridge Enter- do risky things”, in a phrase coined by average cheaper than their US peers, founder still actively involved in the is a speedy start to an audacious experi- more than doubled last year’s total, prise, which began to commercialise the serial entrepreneur Andy Richards. As and partly because the shift to virtual Cambridge tech sector, explains the ment in extending the EU’s system of according to analysis by the BioIndustry university’s intellectual property in in much larger Silicon Valley, entrepre- meetings during the pandemic reduced danger: “If we get to the beginning of the supranational governance deep into the Association of PitchBook data. Oxford’s 2006, was also key. While many univer- neurs feel comfortable striking out on the advantage of local companies and 2030s and we haven’t sorted out these judicial sphere. But a start is all it is. The region, by comparison, is up 54 per cent. sities promote spinouts, entrepreneurs their own because they know they can made investors more comfortable with issues, you will see growth rates slowing hardest work lies ahead. This success has lessons for others and investors say that Cambridge is get a job somewhere larger if the effort far-flung targets. “It’s revolutionised the and even going into decline.” Economic crime and corruption who would emulate Silicon Valley, First especially easy to deal with, even the fails. The bigger companies also provide process,” says Amelia Armour of Ama- turned into a pressing issue for EU lead- off, patience. “Silicon Fen” has been five most “founder-friendly” in Europe. a natural customer base for the deus Capital Partners, which invests [email protected] ers in the 1990s and 2000s. Under the twin pressures of the bloc’s expanding membership and its evolving single market, EU budgets allocated ever Ellie Foreman-Peck larger sums to regional aid schemes and agricultural subsidies. But with the launch of the EU’s post-pandemic recov- ery fund, the need to protect the EU’s financial interests against crime has Citizens must never been a higher priority. The initiative, financed by common EU debt issuance, will make available up to €800bn in grants and loans to member states. Particularly in the be heard on wealthier countries of northern Europe, politicians and voters can be expected to react angrily to evidence of abuse of recovery fund money in other EU states. A guiding principle of EU policy — that richer societies lend a hand to the less assisted dying well-off — would come under strain. Beyond that, EU integrationists’ cher- ished dream of turning the eurozone into a genuine fiscal and even political which would allow those without hope union might suffer irreparable damage. BRITAIN of recovery to choose the moment to put Against this backdrop, the EU prose- a peaceful end to their pain. Meanwhile, cutor’s office faces a daunting task. It is Robert families must watch helplessly as their Shrimsley loved ones suffer. It seems that the one figure not permitted a fair choice on Stretched resources create the way life ends is the person doing the dying. the risk prosecutors will be Now, however, the issue of assisted better at catching small fry n my mother-in-law’s final days, dying is flaring up with growing fre- hospital staff ushered my wife into quency in UK politics and with the than bigger criminals a small room off the ward and degree of insistence which often pre- I offered the chance to speed her cedes a significant social reform. Opin- final days. Were we more willing to con- do not share those beliefs. Doctors can better to aim for best-of-class -palliative empowered to investigate and prose- mum’s exit by denying her food or ion polls suggest the public is running front that unhappy subject, we might be be offered a conscience clause exempt- care for all. This is a good idea, but the cute offences such as fraud relating to water. Of course, it wasn’t explained far ahead of politicians on the question. less tolerant of leaving so many to face ing them from participation. expense makes it a distant goal. In any EU expenditures and revenues, bribes, that way. Instead, she was urged to place Westminster and Holyrood again have bad deaths. According to the campaign The concerns of the elderly and disa- case, it is hard to see why one should misappropriation of EU funds by public her mother on the “kinder” and now cross-party bills promoting reform. On group Dignity in Dying, at least 300 ter- bled are harder to argue with. The Jersey preclude the other. This is about choice. officials, value added tax fraud and abandoned Liverpool Care Pathway. Jersey, the matter was put to a citizens’ minally ill people a year commit suicide citizens’ jury heard powerful testimony But whatever the arguments, the path certain types of money laundering. Yet Only when she probed further did it jury and the interim report showed 78 in England, sometimes traumatically. from Tanni Grey-Thompson, the former to progress seems blocked. This is why its annual budget is a paltry €44.9m, become clear this entailed the with- per cent support change. The full Some end their lives prematurely, rush- Paralympian who fears assisted dying the citizens’ juries seen in Jersey and nowhere near enough to pay for all the drawal of fluid and nutrition. report, due in days, will be turned into a ing to a clinic in Zurich before they lose would increase pressure on the old and promised in Scotland are signifi- financial investigators and analysts it In fairness, the LCP was designed to proposition for the island’s parliament. the capacity to travel. disabled to stop “being a burden” on cant. The value of these juries, as shown needs. Small wonder that Laura Cod- bring hospice-style palliative care into The Scottish government has promised Aside from the vocal theological their families. The right to die would, in in Ireland over abortion, is that if they ruta Kovesi, who leads the prosecutor’s NHS hospitals. But too often those good a citizens’ assembly on the issue before objections, the main arguments against her words, become a “duty to die”. Safe- support reform they allow politicians office, asks: “Do we want a kitten or do intentions were distorted by a lack of the next election. reform are that doctors should not be guards can be built in, but these fears the cover of the public will. Emotive, we want a tiger?” transparency and overly literal inter- While other nations — including Bel- forced to take life; concern that vulnera- cannot be brushed aside. This is why non-partisan and narrowly defined No one should doubt that Kovesi, pretation by harassed and junior staff in gium, Luxembourg, the Netherlands ble people might feel pressured into many campaigners for assisted dying social issues like these are the perfect once an anti-corruption prosecutor in geriatric wards. Some hospitals were and Switzerland — and some US and ending their lives; and that the focus now argue that any change would have use of such bodies. They hear all sides, her native Romania, is the right woman even offered financial incentives for Australian states permit assisted dying, should be on better palliative care. to exclude non-fatal degenerative dis- slowly weighing the case. A striking fea- for the job. But her agency’s thinly patients placed on the LCP (and each it remains illegal in the UK and so also The first two arguments are easily dis- eases (and, for obvious reasons, mental ture of the Jersey jury is that the major- stretched resources create the risk that bed freed up), though I do not know if illicit. Families are afraid of helping missed. There is no reason to impose the illness) and could apply only to terminal ity for change rose once the potential she and fellow prosecutors will be better this was true in our case. their relatives for fear of criminal prose- religious views of some on others who conditions. scope for reform was more tightly at building cases against small fry rather What is notable about the LCP, the Do cution for assisting suicide. This would be harsh on those with defined and safeguards added, in than sophisticated criminals operating Not Resuscitate signs and the unac- Obstacles to reform include nervous dreadful illnesses, but the best cannot response to the arguments. across national borders. In July her office knowledged illicit agreements to politicians and the power of organised Opinion polls suggest be the enemy of the good. Restricting Politicians still have to make the laws, drew attention to a corruption probe it increase morphine doses is that medical religion. But perhaps most important is assisted dying to those with a terminal but too many are afraid of the fight. has begun into four citizens of Croatia, professionals have long engaged in our own reluctance to think about the the public is running diagnosis, as agreed by doctors, will still Perhaps the moment has come to give including the mayor of Nova Gradiska, a assisted dying. Yet policymakers prefer issue. When we do consider our death, it far ahead of politicians allow thousands a better death, ideally citizens a voice. town of 14,000 inhabitants. The sums to turn a blind eye while refusing to is more likely to be in terms of financial at home with their families. involved in the alleged offences are esti- countenance a lawful, regulated option arrangements than the reality of our on this question The final argument is that it would be [email protected] mated at €70,000 — a drop in the ocean compared with €461m in EU budget-re- lated fraud the European Commission reported for 2019. The prosecutor’s office is not fighting an entirely lonely battle. It can draw on Pakistan has much to fear if Afghanistan descends into chaos the support of the EU’s anti-fraud agency, known as Olaf, and national law enforcement authorities. However, the work of Kovesi and her colleagues is not A June report of the UN’s sanctions statement of August 16 that called on in persuading the Taliban to talk to including those of women, and ensure made easier by the fact that five of the Maleeha monitoring team found that a signifi- Afghanistan to combat terrorism. other Afghan groups and establish an that terrorist groups are not allowed to EU’s 27 countries — Denmark, Hungary, cant part of the al-Qaeda leadership is Afghanistan’s forever wars have inclusive government. The interna- flourish on Afghan soil. Ireland, Poland and Sweden — have not Lodhi based along the Afghanistan-Pakistan exposed Pakistan to security threats tional community has also urged Paki- International recognition is an impor- joined the prosecutor’s office. border and that Isis-K, or Daesh, that have exacted a heavy cost in lives, stan to use its influence. There are limits tant inducement to push the Taliban to The absence of Denmark and Ireland, “remains active and dangerous”. Other as well as social and economic conse- to that leverage now that the Taliban make good on these promises — not which have opt-outs on EU judicial co- groups include the East Turkestan quences. It has had to contend with a controls the country. Collective action least because the country’s economic operation, and of Sweden, which prom- ike the rest of Afghanistan’s Islamic Movement (ETIM), the Islamic witches’ brew of problems from the con- may be more effective. The Extended survival depends on it. Pakistan for its ises to sign up soon, is not too worrying. neighbours, Pakistan’s reac- Movement of Uzbekistan (IMU) and flict and foreign interventions next door Troika, comprising the US, China, Rus- part is in no rush to recognise Kabul’s A bigger concern is Hungary and tion to the Taliban takeover Tehrik-e-Taliban Pakistan (TTP). The sia and Pakistan, remains a useful vehi- new rulers. Having faced isolation in the Poland, which are locked in quarrels of L has been a mix of relief and latter is of greatest concern to Islama- cle to exert joint pressure. 1990s when it was one of only three their own with the EU over the rule of anxiety. Relief that the widely bad after its leaders declared “war International recognition is Given Afghanistan’s ethnic divide, countries to recognise the Taliban gov- law. Another problem is the refusal of feared spectre of a bloody civil war did against Pakistan’s security forces” and only a broad-based government can ernment, it now makes political sense to Janez Jansa, Slovenia’s rightwing popu- not materialise, but concern over how said it would seize control of the border an important inducement assure peace and stability. While co-ordinate with key countries. list premier, to approve the prosecutors the Taliban will govern. regions to “make them independent”. to push the Taliban to attempts continue to nudge the Taliban But if diplomatic incentives prove that his country is supposed to delegate Islamabad was as stunned as the rest For China, the danger is from ETIM. towards political accommodation, insufficient to press the Taliban to to Kovesi’s agency. of the world by the Taliban’s swift and For central Asia, it is IMU. Russia is con- make good on its promises Islamabad remains apprehensive. If translate promises into action, a grim Tensions are foreseeable between the relatively bloodless seizure of the coun- cerned with Daesh. Iran is concerned continuing talks between Taliban lead- and uncertain future looms, not just for pan-European remit of the prosecutor’s try. Despite the close relationship it has about Afghanistan’s Shia population, — militancy, extremist violence, narcot- ers and their former political foes fail, Afghanistan but for the region as a office and the conception of national maintained with the Taliban over the which previously suffered atrocities ics, a “Kalashnikov culture” and playing the country could plunge further into whole. That possibility has impelled sovereignty dear to certain EU govern- years, Pakistan, and the wider region, is under Taliban rule. For India, the Tali- host to more than 3m refugees. Having crisis, leading to serious security ramifi- Pakistan to fence the border and estab- ments. One day an investigation may now confronted with a new set of chal- ban’s return is a strategic setback. All borne the brunt of four decades of vio- cations across the region. lish refugee camps in case the worst- even unearth evidence of abuse of lenges. Although countries includ- regional states are keen to engage the lence in Afghanistan, Pakistan has the International engagement with the case scenario unfolds. In this volatile recovery fund money by politicians and ing China, Russia, Iran, the central Taliban and secure commitments that most to gain from peace and the most to Taliban has, so far, had a moderating region, history sadly often repeats itself their associates. Should that happen, it Asian republics and Pakistan hold dif- terrorist groups based in Afghanistan fear if the uncertain situation descends impact. Their desire for legitimacy has as tragedy. will be vital for the EU’s credibility that ferent stakes in their relations with will be prevented from using the coun- into disorder. obliged their leaders to offer assurances no political interference obstructs the Afghanistan, they share common secu- try to attack others. This is also the This risk of regional contagion has of no retribution against former ene- The writer is a former permanent prosecutors’ work. rity concerns about cross-border terror- international community’s priority and been a compelling reason for Pakistan mies and promises to establish an inclu- representative of Pakistan to the UN and ist activities. reflected in the UN Security Council to play an active behind-the-scenes role sive government, respect human rights, ambassador to the US and UK [email protected] 20 ★ FINANCIAL TIMES Thursday 26 August 2021

Klarna: invest now, profit later Specialist lenders see huge potential for buy-now-pay-later services and shoppers appear to agree. Instalment payments are growing much faster than debit and credit cards, albeit from a far lower base. Sweden’s Klarna, among those leading the pack, is outpacing broader ecommerce growth.

Klarna’s market share is small The payments market offers Klarna is growing fast Twitter: @FTLex Value of payments big opportunity for BNPL firms Gross merchandise value (SKr bn) Spending by payment type Total cashless Quarterly index of consumption, transactions 2019 100=2019 Q1 Buy now, OnlyFans: on their sites. Creators of mainstream $7.1tn pay later Pinduoduo: content would quit OnlyFans once the sin win audience lured there by adult content protection money dispersed. The business needs porn It is surprising what you can justify more than it needs banks with strict When a company says it will donate all with reference to inclusion and ESG compliance. its profits to charity, the normal diversity. Porn, for example. +337% 328 reaction of investors is to run. If the OnlyFans has reversed plans for a $29bn company is Chinese, they pour more ban on sexually explicit content. The EY/audit quality: money into the stock. platform distributes this on Shares of Pinduoduo rose 22 per cent commission, alongside innocuous sharpen up Klarna 2018 Debit 215 after the ecommerce group pledged to material. An alleged boycott by Credit donate all its earnings until the total payment processors such as Bank of Watchdogs have achieved a record of $39bn 116 149 reaches $1.5bn. It has started by giving New York Mellon has evidently been sorts by issuing a £2.2m fine to E-commerce away its second-quarter net profits. circumvented. This is more obviously a accountancy firm EY over its botched 2019 The donation looks like a pre- Klarna H1 1 1 1 1 1 1 1 victory for the business model of the audit of the London-listed transport $3.4tn Q Q Q H H H H emptive attempt to reduce or fend off a UK-based group than the “inclusion” company Stagecoach. It is the highest 2021 2019 2020 2021 2018 2019 2020 2021 fine for anti-competitive behaviour. and “diverse community” hailed in a penalty from an investigation sparked FT graphic Source: Klarna Bank Sources: Accenture; Afterpay Source: Klarna Bank Regulators hit rival Alibaba with a triumphant tweet. by the regulator’s own checks rather $2.8bn antitrust fine after a probe in Porn businesses are typically than from a mistake or scandal coming Klarna and the rest of the buy now, on regulation. Watchdogs across the Afterpay reported a merchant margin April. Pinduoduo is exposed to attacks excluded from ethical portfolios. to light. On the bright side, this was a pay later (BNPL) brigade offer globe are scrutinising the industry, (income as a percentage of underlying because of its size. It has the biggest Finding companies to exclude can be sign that little damage was done. shoppers instant gratification. But concerned that it will lead shoppers to sales) of 3.9 per cent last year. user base in Chinese ecommerce. tricky. A typical screening removes The Financial Reporting Council, the investors must be a little more spend more than they can afford. The Use has expanded from young China’s big businesses are scrambling zero companies from the MSCI World accounting watchdog, did not allege patient. A pair of Australian rivals, industry’s advantage is that their real ecommerce site buyers spreading out to placate officials that are stepping up style index, according to a 2017 report that Stagecoach’s accounts had been Afterpay and Zip, lost nearly $600m clients are merchants, not shoppers. the cost of $20 jeans over a few a drive for “common prosperity” with by Schroders. misstated. That makes the incident less on the bottom line last year. Sweden’s These have swooped on BNPL months. John Lewis, middle aggressive policies. Tencent has Expanding the screening tends to reputationally damaging than messier Klarna, also reporting yesterday, providers in droves. Klarna boasts a England’s favourite department pledged to double its spending on capture industries only tangentially cases. EY’s audits of collapsed UK made an interim net loss of $162m at quarter of a million retail partners store, offers interest free credit on social responsibility programmes. linked to porn. But this is not the first companies NMC Health, Thomas Cook the halfway stage. Booming revenues globally; Afterpay more than 100,000. electrical goods up to £25,000. The difference is that Tencent has time payment processors have stopped and London Capital & Finance are far were virtually all swallowed up in For merchants, the proposition is a Watchdogs remain a threat. But long been profitable. Second-quarter working with sites involved in adult more eye-catching. These are being costs. Net credit losses were roughly boost to the top line, improved cash Klarna and its ilk have succeeded in net income of $372m was Pinduoduo’s entertainment. In 2019, PayPal cut separately investigated by the the same as interest income. flow and removal of credit risk. Klarna stitching themselves into ecommerce first ever quarterly profit. It has made services to Pornhub. Visa and regulator. It has also faced scrutiny No matter. Top-line growth still claims shoppers spend an average of up and retail ecosystems, supplementing losses since it was founded in 2015. Mastercard followed suit. Platforms following an accounting scandal at informs the sector’s sky-high to 68 per cent more with its BNPL their services with marketing and Those losses were thanks to another including Stripe and Square already Chinese café chain Luckin Coffee and valuations: $45.6bn for privately product. It then plays a factoring style other merchant tools — much like type of donation: steep discounts to ban payments connected to adult its failure to spot fraud at German owned Klarna and A$39.3bn role, paying the merchant upfront China’s Alibaba platform. Credit card customers. Coupons and marketing entertainment. payments company Wirecard. ($28.5bn), or 42.5 times revenues, for while it collects monthly instalments purveyors such as Visa and expenses were a large chunk of its costs Worries about illegal and exploitative Even so, the fine is a sign that Afterpay, which is being acquired by from the end customer. Merchants are Mastercard will be watching their of revenues that more than tripled to content are valid. But the same fears Stagecoach’s audit was very weak. Square. The case against BNPLs rests very willing to give a cut in return. progress as nervously as regulators. $3bn last year, leading to a $1.4bn have not prompted boycotts against There were basic flaws in its treatment operating loss. Expenses are set to rise larger, more mainstream platforms. of pension obligations and provisions: further, and smaller entrants are eating Pornography remains popular on the poor documentation, a failure to gather into market share. internet. Data from Similarweb, a data enough audit evidence and to apply how to improve matters. Fines and attention at the time. Or, to put it less The FCA demanded that the website Shares are priced at an enterprise business, show that adult websites such sufficient professional scepticism. reprimands add to the pressure on elliptically, the FCA admitted it had no should state prominently that Binance value-to-forward sales multiple of 5.5. as XVideos and Pornhub receive more A questioning mindset is at the heart firms to raise their game. ability to oversee or discipline Binance. cannot undertake regulated business in That is a premium of more than 40 per monthly visitors than Netflix. of audit, yet a lack of professional Shadowy parallel financial systems the UK. The company placed a modest cent to Alibaba and Amazon, reflecting OnlyFans is one of the few sites to scepticism is a recurring criticism. It are nothing new but cryptocurrencies link on its homepage. hopes about the group’s large user have become a household name. featured in more than two-fifths of the FCA/Binance: have the guardians of fair dealing and The US Department of Justice is base. In the short term, local investors Creators say it has put more power into FRC’s enforcement cases last year. sound money particularly rattled. The rather more weightily scrutinising are combining patriotism with survival their hands. Founded in 2016, its Identifying the problem is easier flunked and incapable technology, according to libertarian Binance’s safeguards against money instincts by expressing approval for a popularity ballooned in the pandemic. than fixing it, though investments in promoters, should allow users to opt laundering and tax evasion. But official move that will please Beijing. Pre-coronavirus it had 20m users. technology and training should help. What makes financial regulators and out of the regulated financial system suspicion has failed to curb investors’ Foreign investors could justifiably Founder Tim Stokely now says the site Moves to make auditors more central bankers wake up in bed entirely. This would make it far harder enthusiasm. The value of Binance Coin, take this opportunity to bail out of the reaches 130m. In recent years, independent will make it easier to screaming? This might: a business they for officialdom to spot illegal or created as a token for discounted stock. Unpredictable political currents OnlyFans has attempted to broaden its challenge managers. That is a goal of cannot oversee which trades up to systemically risky transactions. trading fees on the platform, is up are now setting the level of shares in appeal. Its creators include singer Cardi the new UK Audit Board set up by EY $38bn daily across 316 separate assets. Binance shows few signs of wanting 2,000 per cent in the past year. Chinese tech giants. Outsiders need to B and reality TV star Sonja Morgan. last month. The regulator is insisting The company is Binance, supposedly to play ball with the FCA. Chief In fairness to the regulators, their increase heavily the risk weighting they Without porn, OnlyFans would no on operational separation of the audit the world’s largest cryptocurrency executive Changpeng Zhao has powers over cryptocurrency exchanges apply to Chinese companies. longer stand out and its business model practice to limit cross-subsidies from exchange. promised to increase compliance. are circumscribed. But the problem would unravel. It takes a 20 per cent the rest of the firm. Other audit UK’s Financial Conduct Authority But the FCA says the business, which here is not just that regulation needs to Lex on the web cut from payments made by fans. reforms, under discussion for years, are announced Binance’s UK arm “is not is incorporated in the Cayman Islands catch up with new technology. It is that For notes on today’s stories Instagram and Twitter exact no such proceeding at a snail’s pace. That is a capable of being effectively supervised” and based nowhere in particular, would new technology may be able to go to www.ft.com/lex commissions from tips sent to creators measure of the lack of agreement on in a June notice that attracted little not explain how it is organised. circumvent regulation altogether.

CROSSWORD No 16,874 Set by MOO

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