WEDNESDAY 17 MARCH 2021 WORLD BUSINESS NEWSPAPER EUROPE

Hong Kong fears Martin Wolf Trapped on the farm Executives wary of Beijing’s next Can the global economy survive The poor conditions facing Britain’s steps — INSIDE BUSINESS, PAGE 6 another South Sea bubble? — PAGE 21 migrant workers — BIG READ, PAGE 19

Help at hand Briefing Biden battles i Alibaba browser pulled from app stores Chinese groups have deleted an Alibaba browser border crisis from their app stores — the latest hit to Jack Ma’s business empire — after Beijing warned that its tech crackdown was just starting.— PAGE 6; LEX, PAGE 22 A Border Patrol agent holds the hand of a child whose mother is seeking asylum i Johnson faces heat over nuclear arms at an immigration centre in Browns- UK prime minister has been heavily criticised after ville, Texas, this week. announcing a 40 per cent rise in the country’s Joe Biden is facing one of his first big stockpile of nuclear warheads as part of a plan to political crises over his administration’s define a “Global Britain”.— PAGE 2; FT VIEW, PAGE 20 immigration policy after a surge in the number of children trying to cross the i Volkswagen sets 1m electric cars target US-Mexico border. Some 9,500 unac- The German carmaker plans to companied minors arrived last month, sell 1m electric or hybrid cars the highest level in nearly two years. this year, almost a tenfold rise Smugglers have been spreading the since 2019, as it sets its sights on word in the northern triangle of Hondu- a recovery in profits after the ras, Guatemala and El Salvador that the pandemic.— PAGE 8 Biden administration is allowing Cen- tral Americans into the US. Many are i N Korea warns US against military drills fleeing poverty and violence in their Nuclear-armed North Korea has warned Joe Biden corruption-plagued nations. against conducting military drills with South Korea, Border test for Biden page 4 raising tensions as leading US diplomats arrived in Veronica G Cardenas/Reuters the region for talks.— PAGE 4 i Broker eToro to go public in Spac deal The online broker has agreed to go public at a $10.4bn valuation after merging with a listed blank- cheque company as it seeks to tap into the recent EU to propose Covid certificate digital trading boom.— PAGE 6; LEX, PAGE 22 i Berkshire rejects climate disclosure call Berkshire Hathaway shareholders have been urged to vote down two proposals that would force it to allowing quarantine-free travel disclose its efforts to tackle climate change and boost diversity and inclusion in the workforce.— PAGE 8 i Brazil to appoint new health minister 3 Push by tourism-reliant states 3 Non-bloc countries included 3 Split on which jabs eligible In a week in with Covid-19 deaths in Brazil hit record levels during a second wave, the government is to replace the health minister for the third time since MEHREEN KHAN — BRUSSELS heads over plans for an EU vaccine all vaccines approved by the European for the introduction of common stand- the start of the pandemic.— PAGE 4 PHILIP GEORGIADIS — LONDON “passport”, with countries led by France Medicines Agency should be automati- ards for travel amid concerns that the Brussels is to propose the creation of a arguing that such measures would dis- cally recognised by other member states current system of country-by-country Covid-19 certificate to allow EU citizens criminate against citizens who are last under the certificate. But governments rules is putting people off booking. Datawatch to travel inside the bloc after a push by in line for jabs. Tourism-reliant states would also have the power to recognise Iata, the global airline body, is one of tourism-reliant countries devastated by such as Greece have led the push for a jabs such as Russia’s Sputnik vaccine as several groups to have launched its own the pandemic. common framework to facilitate travel valid if they so wished. Alexandre de travel pass app. Alexandre de Juniac, High rise The Republic The European Commission will today before the lucrative summer season. It means countries that rely on tour- Juniac, head of Iata’s head, told the Financial Times he Ireland’s population (million) of Ireland’s call for a “digital green certificate” to be Brussels officials have stressed the ism would not be prohibited from allow- Iata, is worried was worried that governments would population hit 5m last year, for the created that would allow vaccinated and certificate would not be a “passport” but ing in EU travellers who had received as that European struggle to co-ordinate reopening their 6 non-vaccinated citizens to travel to a common system to help governments yet unauthorised vaccines. But at the states will borders in time for the summer season. first time since the 5 mid-19th century. other member states and not be forced co-ordinate travel measures as vaccina- same time an EU official said: “No mem- struggle to “In Europe some, let’s say, to be polite, 4 Ireland has one to quarantine on arrival. tions are rolled out across the bloc. ber states will be forced to recognise co-ordinate the weaknesses in the EU approach of the 3 of the highest The certificate would be granted to Governments have also been divided non-authorised vaccines.” reopening of vaccination strategy have not strength- population citizens who had either proof of vaccina- over which vaccines should be eligible EU governments would also be able to their borders ened the confidence of states,” he said. 2 growth rates tion, a negative Covid-19 test, or proof of after countries such as Hungary have strike bilateral travel agreements with The EU’s proposal is subject to agree- 1 among developed recovery from the virus for those who allowed the use of Russian and Chinese non-EU countries as long as they were ment from a majority of member states 0 countries, up had contracted it previously, a leaked jabs before they have been formally approved by the commission before- and the European Parliament. 1841 1900 1950 2000 20 33% since the draft seen by the Financial Times says. approved by EU regulators. hand, said the document. Capitals co-ordinate suspension page 4 Sources: CSO; UNDP millennium. EU countries have been at logger- The commission’s draft text says that The tourism sector has been lobbying FT View page 20 Huawei answers Beijing call for tech innovation with surge in new patents

JAMES KYNGE — HONG KONG the end of 2019, representing the com- for or buy the core technologies from pany’s biggest annual increase, Guo elsewhere”. Huawei says it recorded its biggest Fulin, Huawei’s president of interna- Huawei was the leading applicant for annual jump in the number of patents tional media affairs, told the Financial patents at the UN’s World Intellectual it owns last year as the company Times. Property Organization. In 2020, it increased its research and develop- Germany’s traffic-light Huawei, which ranks as China’s top applied for 5,464 patents under Wipo’s ment to answer Beijing’s call for home- patent holder, holds a large proportion patent co-operation treaty, compared coalition senses its chance grown innovation. of its patents in telecoms equipment, with 3,093 for Samsung of South Korea, Analysis i PAGE 2 The Chinese national champion was particularly in 5G technology, where it the second-biggest applicant. Mitsubi- blacklisted by the US in 2019 because of dominates the global standard. It has shi Electric of Japan, LG Electronics of concerns over national security, cutting also filed patent applications for video- South Korea and Qualcomm of the US Austria €3.90Malta€3.70 off its access to many essential compo- surveillance technologies and other also featured among applicants. Bahrain Din1.8 MoroccoDh45 Belgium €3.90Netherlands €3.90 nents and clobbering its sales of smart- forms of artificial intelligence, analysts Francis Gurry, former Wipo director- Bulgaria Lev7.50 Norway NKr40 phones around the world. In the last said. general, told a Huawei conference yes- Croatia Kn29 Oman OR1.60 Cyprus €3.70PakistanRupee350 three months of 2020, its smartphone Huawei’s strategy is in line with terday that some two-thirds of global Czech RepKc105 Poland Zl 20 Denmark DKr38Portugal €3.70 sales were down 41 per cent from the exhortations from Beijing for greater intellectual property patent applica- EgyptE£59Qatar QR15 same period the previous year. technological self-reliance. tions were launched by Asian groups. Finland €4.70 Romania Ron17 France €3.90Russia €5.00 But in spite of the US pressure, Hua- Wang Zhigang, science and technol- “For a long while, there was just North Germany€3.90 Serbia NewD420 wei increased its efforts in innovation. ogy minister, said last year that China America in the world of innovation and Gibraltar £2.90Slovak Rep€3.70 Greece €3.70Slovenia €3.70 By the end of 2020, the company held needed to “improve our ability to make intellectual property, with Japan coming Hungary Ft1200 Spain €3.70 India Rup220 Sweden SKr39 more than 100,000 active patents, up innovations independently and do our in around the 1980s. Now it is a multi - Italy €3.70Switzerland SFr6.20 from just over 85,000 active patents at own things well because we cannot ask polar innovation situation,” Gurry said. Lithuania €4.30 Tunisia Din7.50 Luxembourg€3.90 Turkey TL19 North Macedonia Den220 UAEDh20.00 Subscribe In print and online World Markets www.ft.com/subscribetoday STOCK MARKETS CURRENCIES INTEREST RATES email: [email protected] Mar 16 prev %chg Mar 16 prev Mar 16 prev price yield chg Tel: +44 20 7775 6000 S&P 500 3973.16 3968.94 0.11 $ per €1.190 1.192 £ per $0.720 0.721 US Gov 10 yr 146.32 1.61 0.00 Fax: +44 20 7873 3428 Nasdaq Composite 13583.21 13459.71 0.92 $ per £1.389 1.386 € per £1.168 1.163 UK Gov 10 yr 0.78 -0.01 Dow Jones Ind 32843.41 32953.46 -0.33 £ per €0.856 0.860 ¥ per €129.675 130.039 Ger Gov 10 yr -0.34 0.00 © THE FINANCIAL TIMES LTD 2021 FTSEurofirst 300 1642.61 1629.74 0.79 ¥ per $109.020 109.125 £ index 81.605 81.712 Jpn Gov 10 yr 116.02 0.09 -0.01 No: 40,658 ★ Euro Stoxx 50 3851.13 3829.84 0.56 ¥ per £151.461 151.281 SFr per £1.287 1.287 US Gov 30 yr 102.62 2.39 0.03 FTSE 100 6803.61 6749.70 0.80 SFr per €1.101 1.106 Ger Gov 2 yr 106.65 -0.70 0.00 Printed in London, Liverpool, Glasgow, Dublin, Frankfurt, Milan, Madrid, New York, Chicago, San FTSE All-Share 3879.81 3846.97 0.85 € per $0.841 0.839 Francisco, Tokyo, Hong Kong, Singapore, Seoul, CAC 40 6055.43 6035.97 0.32 Dubai Xetra Dax 14557.58 14461.42 0.66 COMMODITIES price prev chg Nikkei 29921.09 29766.97 0.52 Fed Funds Eff 0.08 0.09 -0.01 Hang Seng 29027.69 28833.76 0.67 Mar 16 prev %chg US 3m Bills 0.04 0.04 0.00 MSCI World $2821.85 2807.21 0.52 Oil WTI $64.76 65.39 -0.96 Euro Libor 3m -0.55 -0.55 0.00 MSCI EM $1340.25 1348.20 -0.59 Oil Brent $68.36 68.88 -0.75 UK 3m 0.08 0.08 0.00 MSCI ACWI $676.99 674.47 0.37 Gold $1723.65 1704.80 1.11 Prices are latest for edition Data provided by Morningstar 2 ★ FINANCIAL TIMES Wednesday 17 March 2021

INTERNATIONAL

Defence Vaccine rollout European UK plans big rise in nuclear arms stockpile capitals

Decision to lift cap on But opposition leader Sir Keir operational warheads. By comparison, “pretty seismic”, adding: “It may seem In the document, Johnson said the UK co-ordinate warheads comes as part Starmer said it broke the goal of succes- the US has about 3,800 warheads, Rus- like a small increase set against Russia would act as “a beacon of democratic sive premiers to cut the nuclear stock- sia about 4,300, France 290 and China and US, but it comes against two dec- sovereignty and one of the most influen- suspension of post-Brexit review pile. “It doesn’t explain when, why or for as many as 320, according to the FAS. ades of nuclear reduction since the UK’s tial countries in the world”. what strategic purpose,” he told MPs. The document said Britain would 1998 defence review.” Although the paper accepts the need of Oxford jab GEORGE PARKER AND HELEN WARRELL The review did not give exact figures maintain the “minimum destructive The paper warned that some states to work with the EU in areas of mutual LONDON on the planned size of the stockpile of were “investing in novel nuclear tech- concern, it confirms a break in almost warheads, which was intended to create ‘It may seem like a small nologies and developing new “warfight- 50 years of foreign policy. At its heart is Boris Johnson, UK prime minister, came “deliberate ambiguity” for foes. All ing nuclear systems”. It also identified an “Indo-Pacific tilt”, an attempt to flesh DONATO PAOLO MANCINI AND MILES under heavy criticism yesterday after nuclear-armed states keep the exact increase but it comes threats from emerging nuclear states out Johnson’s claim that leaving the EU JOHNSON — ROME MICHAEL PEEL — BRUSSELS he announced a 40 per cent increase in size of their arsenals secret. against two decades of and “state-sponsored nuclear terror- would allow Britain to refocus on the DAVID KEOHANE — PARIS UK’s stockpile of nuclear warheads, as Downing Street said the 260 figure ism”, a possible reference to Iran or opportunities and risks of Asia. RICHARD MILNE — OSLO part of a plan to define a post-Brexit was “a cap, not a target”. The cost of the nuclear reduction’ North Korea. But Johnson was criticised by some of The EU drugs regulator reiterated its “Global Britain”. new policy would be announced “in due Anti-nuclear campaigners accused his own MPs for not taking a tougher view that the benefits of the Oxford/ The UK’s defence and foreign policy course”. The move reverses a 2010 deci- power needed”, in a move designed to the UK of starting a new nuclear arms stance against China, which the docu- AstraZeneca vaccine outweighed the review said the decision to raise the cap sion by the UK that committed it to cut underscore its status as a nuclear power race. Kate Hudson, general secretary of ment identified as a “systemic chal- risks, as it emerged that France, Ger- from 180 warheads to 260 was “in recog- its nuclear arsenal to no more than 180 and strong ally of the US. the Campaign for Nuclear Disarma- lenge”, but a country with which Britain many, Italy and Spain had co-ordi- nition of the evolving security environ- warheads by the mid-2020s. Tom Plant, director of proliferation ment, pointed out that just last month wanted “a positive trade and invest- nated their decision to temporarily ment”, identifying Russia as Britain’s The Federation of American Scien- and nuclear policy at the Royal United the US and Russia had extended their ment relationship”. suspend the jab. “most acute threat”. tists estimates the UK last year had 195 Services Institute, said the increase was nuclear arms control treaty. See FT View Agnès Pannier-Runacher, France’s industry minister, said the countries acted in a joint effort to help protect public confidence. But speaking yester- Politics. Power shift day, Emer Cooke, head of the European Medicines Agency, said there was still no evidence of a link between the shot Germany edges towards traffic-light coalition and the reported incidents of blood clots, as she confirmed the EMA was continuing to investigate. “We are worried that there may be an effect on the trust [in] the vaccines, but Waning popularity of CDU our job is to make sure the products that we authorised are safe and can be and CSU leaves open race for trusted by the European citizens,” she chancellery and Reichstag said. The comments came after at least 16 GUY CHAZAN — BERLIN European countries suspended or lim- ited use of the jab because of concerns After a long, grey winter, German politics about possible side-effects. was illuminated this week as a “We are still firmly convinced that the “traffic-light” coalition uniting Social benefits [of the vaccine] . . . outweigh Democrats, Greens and liberals emerged the risk of these side-effects,” Cooke as a realistic scenario for the first time. said. The trigger was two regional elections The drugs regulator was reviewing the in the south-western states of Baden- events on a “case-by-case” basis. “But it Württemberg and Rhineland-Palatinate, needs a scientific evaluation. We need to which proved disastrous for Angela have the facts first,” she added. Merkel’s Christian Democrats. Sweden was the latest European Experts are now predicting that if it country to take action yesterday after fares as badly in Bundestag elections in days of insisting the shot was safe to use. September, the CDU together with its No cases of severe blood clots have been Bavarian sister party, the CSU, could reported in Sweden. But neighbouring find itself out of power for the first time Norway and Denmark have each since 2005. reported one death, with authorities in “It is now clear that there can be a both countries worried about the unu- majority in Germany without the CDU/ sual combination of blood clots and low CSU,” said Olaf Scholz, the finance min- platelet counts in younger, seemingly ister who is also the Social Democrats’ healthy people who had received the candidate for chancellor. vaccine. The watchword of the CDU/CSU, Spain and Germany have also which has governed Germany for 50 of expressed concern over rare adverse the last 70 years, is that it is so big that no events. government can be formed without it. Delight: cal scientist at Berlin’s Free University. a similar contract is now being investi- he added. Christian Lindner, FDP In a statement yesterday, Germany’s Until now, most pundits have agreed — Andreas “They’re constantly asked about who gated for alleged corruption. leader, also rejected the idea. “It’s poli- health ministry said it had recorded for months it seemed a foregone conclu- Schwarz, left, they would govern with, and they need The beneficiaries of this discontent cies that matter,” he said on Monday. three new cases of cerebral venous sion that Germany’s next government Sandra Detzer an answer — otherwise they seem were clear to see on Sunday. In Baden- “That’s why in our view it’s too early thrombosis (CVT) since Friday, bring- will be a coalition between the Christian and Muhterem untrustworthy.” Württemberg, the Greens won with to speculate about colours without tak- ing the total to seven cases, including Democrats and the Greens. Aras of the For years, the “traffic-light” coalition 33 per cent, their best-ever result in an ing a close look at the parties’ pro- three deaths, out of 1.6m AstraZeneca But if Merkel’s party continues to Green party seemed unthinkable. But the pandemic election, while the SPD came out on top grammes.” vaccinations so far. slide in the polls, other options might greet results and Merkel’s imminent departure from in Rhineland-Palatinate with 36 per To underscore that point, some FDP Seven cases of CVT was “above aver- just be possible. One is a “red-red- in Baden- power after 16 years as chancellor have cent. Meanwhile, the Christian Demo- MPs spent Monday tweeting about the age”, the health ministry said, adding green” tie-up between the Greens, the Württemberg. made German politics considerably crats slumped to their worst ever results ideological gulf between their party and that between 1 and 1.4 cases would nor- Social Democrats and Die Linke, a small Below, Angela more volatile. in both states, once CDU strongholds. the SPD and Greens, particularly on tax. mally be expected in that population in hard-left party. Another is the “traffic- Merkel — Thomas Last year, the CDU soared in the polls The results mean Baden-Württem- Robert Habeck, co-leader of the the 14 days after vaccination and that light” coalition, bringing together the Niedermueller/Getty as voters rewarded the government for berg and Rhineland-Palatinate could Greens, also said it was “absurdly early” young people and especially young SPD, Greens and the pro-business Free its competent handling of the pan- both end up being run by traffic-light ‘On the for people to talk about new kinds of women were particularly affected. Democrats, whose traditional colour is demic’s first wave. But now, with frus- coalitions. That coalition already runs coalitions. But he also noted there was “This illness is so serious . . . that it yellow. tration rising at a near-four-month lock- Rhineland-Palatinate, and its SPD gov- national nothing inevitable about a tie-up would not be responsible to continue “We are now seeing that on the down, voters blame the party for the ernor Malu Dreyer on Sunday said the level, both between the CDU and the Greens after vaccinating without an investigation,” it national level, both three-way options slow pace of vaccinations, the botched model could work in Berlin, too. “Why September. said. — a traffic-light and red-red-green — introduction of rapid testing and huge shouldn’t federal politicians take a three-way “Everything is possible this year,” he In a sign of the co-ordination between are not beyond the realms of possibil- delays in handouts to companies hit by look?” she asked. options — a pointed out. “The most diverse constel- European capitals, Italian prime minis- ity,” said Kevin Kühnert, SPD deputy Covid-19 restrictions. Other leaders, however, played that lations, the most diverse dynamics.” ter Mario Draghi and German chancel- leader. The CDU’s electoral prospects were option down. “I doubt that parties will traffic-light He listed the reasons: social tensions lor Angela Merkel spoke on Monday “The number of possible not helped when it emerged ear- go into the election campaign with the and red-red- over coronavirus, a pandemic that could afternoon before Italy announced its and realistic power options lier this month that one of its idea that a traffic-light coalition should stretch deep into the spring, rising pov- own suspension of the vaccine, people has definitely increased, MPs had received a substan- rule Germany,” said Armin Laschet, green — are erty and an incumbent chancellor who familiar with the matter said. and that is very impor- tial commission on a deal to CDU chairman. not beyond is standing down at the next election. Additional reporting by Guy Chazan in Ber- tant for the parties and procure protective face “The SPD might, because it’s their the realms of “The political mood can shift in all lin, Daniel Dombey in Madrid and Leila candidates,” said masks. A CSU MP who only hope right now — but I don’t think directions,” he said. “We shouldn’t rule Abboud in Paris Thorsten Faas, a politi- earned an even bigger fee on it’s the main goal of the Greens or FDP,” possibility’ anything out.” FT View

Monetary policy MAKE A SMART INVESTMENT Subscribe to the FT today at FT.com/subscription Bank of Japan to announce results of largest review in 5 years

ROBIN HARDING — TOKYO But the review could pave the way for ting yields rise to 30 basis points above Instead, the BoJ will probably provide FRIDAY 31 MARCH 2017 WORLDBUSINESSNEWSPAPER UK £2.70 Channel Islands£3.00; Republic of Ireland €3.00 Trump vs theValley AFiveStarplan? Dear Don... more variation in BoJ buying, purchas- zero. However, in the past 10 days it has less detailed schedules for its bond pur- Tech titans need to minimise Italy’s populistsare trying to woo May’s first stab at thebreak-up political risk —GILLIAN TETT,PAGE 13 the poor —BIG READ,PAGE 11 letter —ROBERTSHRIMSLEY,PAGE 12 The Bank of Japan will this week unveil Lloyd’s of Brussels Insurance market BriefingUK £3.80;ChannelIslands £3.80; Republic of Ireland €3.80 SATURDAY1APRIL / SUNDAY2 APRIL 2017 ing fewer bonds and equities when mar- crushed that expectation, as Japan chases, and it could revisit a widening of HMRCwarns 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 the results of its biggest policy review customs risks equity marketrally to huntfor bargains across the Atlantic.—PAGE15; CHINA CURBS HIT DEALS, PAGE 17 TECHNOLOGY IS iRepoOFrt outlines longe THErNHS waiting times kets are tranquil, while intervening struggles to get its vaccination pro- the band this year. Areport on how thehealthservice cansurvive CHANGING AN being swamped more austerity has saidpatientswillwait longer for non-urgentoperationsand for A&Etreatment while AMERICAN WAY OF LIFE some surgicaROlproceduresAD will be scrapped.—PAGE4 Censors and sensitivity since 2016 as the central bank grapples iEmerging nations in record debtsales Warning: this article may be

FT WEEKEND MAGAZINE 17 by Brexit surge Developingcountries have soldrecord levels of upsetting — LIFE & ARTS government debt in the first quarter of this year, taking advantage of asurgeinoptimism toward aggressively during times of turmoil. gramme off the ground and US markets Another objective will be to persuade emerging markets as trade booms.—PAGE15

3 Confidence in IT plans ‘has collapsed’ iLondon towerplans break records FEBRUARY 4 20 Asurvey hasrevealed that a Art of persuasion Mysterydeepens 3 Fivefold rise in declarationsexpected recordCredit455 tall buildings are Suisse How To Spend It with the consequences of a monetary planned or under construction overdisputedpainting of Jane Austen JAMES BLITZ —WHITEHALL EDITOR 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 That would allow more space for prices go through a period of volatility. markets the BoJ could still cut interest duties and clear imports into the UK much harder than we anticipated,that engulfedin maynot be able to handle the huge ought to have an impactonhow we iTillerson fails to ease Turkeytensions 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 stimulus that has gone on for longer fresh tax probe to fluctuate in order to address criticism “My sense is that Amamiya and the rates deeper into negative territory, giv- than anybody imagined. that heavy-handed intervention had BoJ planning staff are still in favour of ing it the ammunition to act in a down- FINANCIAL TIMES 28821, Coslada, Madrid. Legal Deposit Number Officials at the BoJ insist the review is crushed market function. widening the band,” said Takeshi Yama- turn. In reality, however, the hurdle to Bracken House, 1 Friday Street, London EC4M 9BT. (Deposito Legal) M-32596-1995; Publishing Director, Roula Khalaf; not intended to ease or tighten mone- “Although significant fluctuations in guchi, chief economist at Morgan Stan- doing so is high, as it fears a backlash Subscriptions & Customer service Publishing Company, The Financial Times Limited, Subscription offers: www.ft.com/subscription registered office as above. Local Representative office; tary policy — a decision made by its pol- interest rates could lead to undesirable ley in Tokyo. from the public, politicians and the Contact: +44 207 775 6000, [email protected] C/ Infanta Maria Teresa 4, bajo 2, 28016, Madrid. ISSN icy board eight times a year — with gov- consequences, fluctuations within a cer- “But there’s no strong economic rea- financial sector. Manage your personal account: mma.ft.com 1135-8262. Advertising UAE: Masar Printing & Publishing, P.O. Box 485100, ernor Haruhiko Kuroda promising in tain range could have positive effects on son to do it. It would be policy tightening Equity purchases may produce the Tel: +44 20 7873 4000 [email protected], Dubai. Editor in Chief: Roula Khalaf. advance that it will continue to peg 10- the functioning of JGB markets without and I don’t think governor Kuroda and biggest policy shift, reflecting the oddity [email protected] France: Publishing Director, Jonathan Slade, 46 Rue La Letters to the editor Boetie, 75008 Paris, Tel. +33 (0)1 5376 8256; Fax: +33 (01) year bond yields at “around zero”. losing the effects of monetary easing,” the dovish board members will agree.” of large-scale BoJ buying when the Tok - [email protected] 5376 8253; Commission Paritaire N° 0919 C 85347; ISSN Instead, the goal is to make the central Masayoshi Amamiya, the deputy gover- yo market is at 30-year highs. At pre- Executive appointments 1148-2753. Tel: +44 20 7873 4909 Turkey: Dunya Super Veb Ofset A.S. 100. Yil Mahallesi bank more “nimble”. Like a boxer who nor often regarded as the BoJ’s policy sent, the central bank pledges to buy an www.exec-appointments.com 34204, Bagcilar- Istanbul, Tel. +90 212 440 24 24. Sweden: Responsible Publisher - Christer Norlander missed an early knockout, the BoJ finds mastermind, said in a speech last week. average of ¥6tn ($55bn) a year in eq ui- Published by: The Financial Times Limited, itself in a drawn-out struggle to reach On top of an economic analysis exam- ties, with an upper limit of ¥12tn. It may Bracken House, 1 Friday Street, London EC4M 9BT. © Copyright The Financial Times 2021. Tel: +44 20 7873 3000; Fax: +44 20 7407 5700. Reproduction of the contents of this newspaper in any 2 per cent inflation. The purpose of the ining why it has been so hard to raise drop the ¥6tn level, a significant move, Editor: Roula Khalaf. manner is not permitted without the publisher’s prior review is to take a breather, regain a inflation in Japan, the review is as having only an upper limit is com - consent. ‘Financial Times’ and ‘FT’ are registered trade Germany: Demirören Media, Hurriyet AS-Branch marks of The Financial Times Limited. sense of control and devise a plan for expected to look at three main policy patible with buying no equities at all. Germany, An der Brucke 20-22, 64546 Morfelden- Walldorf, +49 6105 327100. Responsible Editor, Roula The Financial Times and its journalism are subject to a final victory. points: the cap on 10-year bond yields at “The BoJ will be more flexible: they’ll Khalaf. Responsible for advertising content, Jon Slade. self-regulation regime under the FT Editorial Code of When it reveals the results on Friday, “around zero”; the prospect of deeper buy less exchange traded funds when Italy: Monza Stampa S.r.l., Via Michelangelo Buonarroti, Practice: www.ft.com/editorialcode 153, Monza, 20900, Milan. Tel. +39 039 28288201 the BoJ intends to maintain the overall negative interest rates below the cur- prices are high,” said Yamaguchi. He Owner, The Financial Times Limited; Rappresentante e Reprints are available of any FT article with your stimulus launched by Kuroda in 2013, rent -0.1 per cent; and the BoJ’s buying added that he would prefer the BoJ to 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). under which its balance sheet has swol- of equity exchange traded funds. remove the ¥12tn upper limit because Milano n. 296 del 08/05/08 - Poste Italiane SpA-Sped. in One-off copyright licences for reproduction of FT articles len to 135 per cent of gross domestic Initially, the BoJ encouraged specula- scrapping the ¥6tn average “gives too Abb.Post.DL. 353/2003 (conv. L. 27/02/2004-n.46) art. 1 are also available. .comma 1, DCB Milano. For both services phone +44 20 7873 4816, or email product, and it has come to own about 7 tion it would widen the band in which Bank of Japan: equity purchases may much discretion to the BoJ operations Spain: Bermont Impresion, Avenida de Alemania 12, CTC, [email protected] per cent of the Japanese equity market. 10-year bonds are allowed to trade, let- produce the largest shift in policy department”. Wednesday 17 March 2021 ★ FINANCIAL TIMES 3

INTERNATIONAL

US pulls away with extra stimulus Fiscal support varies between countries US to leave EU Difference in real GDP from pre-pandemic levels (%) % points of GDP 14 10 US 12 5 Fiscal trailing in race support 10 Japan announced 0 since Dec 8 2020 6 -5 for recovery EU Cumulative 4 fiscal -10 support as 2 Forecast of Dec 2020 after pandemic -15 0 2019 2020 2021 2022 US Euro area Japan US closes the output gap swiftly Europe struggles to rebound fully Wide variations in rescue packages and Real GDP (Q4 2019 = 100) Real GDP (Q4 2019 = 100) speed of vaccinations affect bounceback 110 110 105 105 MARTIN ARNOLD — FRANKFURT vaccination by May 1, as he set the July 4 e-crisis trend Pr Pre-crisis trend JAMES POLITI — WASHINGTON Independence Day holiday as a target 100 100 From the outset, the pandemic inflicted for a return to some normality. But the deeper economic scars on Europe than EU is struggling to meet its target of ino - 95 95 the US. Now, their responses to the crisis culating 70 per cent of adults by Sept - Output gap = 4.3% mean the economies are about to drift ember, hampered by production delays of pre-crisis trend 90 90 further apart. The EU’s “output gap” — and concerns over the AstraZeneca jab. GDP, or $895bn 85 85 the shortfall in what the bloc was pro- States such as Florida and Texas have Forecast ducing compared with its full potential lifted most curbs, yet partial lockdowns Forecast at the start of this year — was double the were tightened in parts of Europe, such 80 80 equivalent in the US, meaning the EU as Italy, after infections rose again. 2015 16 17 18 19 20 21 22 2015 16 17 18 19 20 21 22 was creating fewer jobs, yielding weaker “The vaccination delays and the Sources: OECD; BEA; UniCredit Research; IMF; UniCredit Research demand and generating lower inflation. insufficient fiscal policy will impact The US will pull further ahead this growth in the coming quarters,” said ‘Europe risks having this The OECD last week forecast the US But Reichlin said their eventual “The balance of risks are tilted year, while Europe is held back by less Vítor Constâncio, former vice-president economy would grow 6.5 per cent this reintroduction was a factor holding gov- towards an even greater decoupling ambitious public spending, tighter of the European Central Bank. “Europe year half of the growth rate year and 4 per cent next, outstripping ernments back. “The finance ministers over the coming year thanks to excess restrictions on businesses and a slower risks having this year half of the growth that the US will achieve’ the EU’s predicted 3.9 per cent growth know that sooner or later they are going savings,” said Richard Barwell, head of rate of vaccinations, economists say. rate that the US will achieve.” this year and 3.8 per cent next year. Luc- to get hit by the rules again, which is macro research at BNP Paribas Asset “The US is now likely to catch up with The decoupling is likely to come to Vítor Constâncio, rezia Reichlin, a professor at the London why they are so prudent,” she added. Management. “There is more spare fire- its pre-pandemic forecast path of light this week when the Federal former ECB vice-president Business School, said EU officials were One idea would be to exclude the power sitting on household balance growth next year, while if you look at Reserve upgrades projections for US showing little appetite to match the US €350bn of loans in the EU recovery sheets in the US and more chance that it Europe, there is no realistic chance of growth for this year. In December, the government’s $1.9tn stimulus. Instead, package from national debt calcula- will be spent if animal spirits surge as that happening for several years,” said Fed said it expected median output to officials were focused on finalising the tions, Constâncio suggested. the economy comes roaring back.” Erik Nielsen, chief economist at Italian increase 4.2 per cent, but on the back of EU’s €750bn recovery fund that will Olivier Blanchard, IMF former chief Another rift could emerge in mone- bank UniCredit. Biden’s $1.9tn fiscal stimulus and a provide loans and grants to members economist, also foresees the “need for tary policy. The Fed is unlikely to signal After the US approved a $1.9tn spend- swifter than expected vaccination roll- over five years, even if its disbursements more push” from European fiscal meas- any imminent shift after setting a high ing package last week, Nielsen calcu- out, many predict a faster rebound. will only amount to 1 per cent of the ures: “It will depend on the behaviour of bar for interest rate increases and a lated its economy would benefit from an Christine Lagarde, ECB president, bloc’s GDP this year. private demand, of optimism [and] of tapering of asset purchases. However, if overall cash fiscal stimulus worth 11-12 said last week there was “a time lag” “It cost a lot of political capital to put the end of precautionary saving.” the US economy bounces back sharply per cent of gross domestic product this between the US and European fiscal together the EU recovery plan, so I don’t However, the US can also count on a this year and moves closer to full year, three times the size of its estimated stimulus plans, adding: “Our fiscal see them doing more,” Reichlin said. bigger potential boost when most employment by next year, the central output gap. measures are not kicking in yet. “The discussion is in France and Italy Americans receive a $1,400 cheque as bank is bound to consider an earlier In contrast, fiscal measures planned And we need that.” about whether to discontinue part of the Biden stimulus. US house- removal of support than expected. in the eurozone, plus extra spending on The eurozone shrank 6.6 measures introduced last year, like holds also built up excess savings equal This would put it at odds with the welfare schemes, lost tax income and per cent last year compared furlough schemes.” to more than 14 per cent of nominal pri- ECB, which announced a “significant” payments from the EU’s €750bn recov- with a decline of 3.5 per cent The EU announced this month vate consumption last year, the OECD increase in the pace of its bond-buying ery fund all add up to 6 per cent of GDP, in the US. The bloc is set to slide its fiscal rules requiring coun- said. Meanwhile, French, Spanish, Ital- and predicted inflation would remain 70 per cent of the bloc’s output gap. into a double-dip recession with a tries to meet debt and deficit ian and German households accumu- well below its target even in two years’ US president Joe Biden said last week second consecutive quarter of nega- reduction targets would be sus- lated extra savings equal to between 3 time. that every adult would be eligible for a tive growth in the first quarter of 2021. pended for another year in 2022. per cent and 7 per cent of consumption. See Markets Insight 4 ★ FINANCIAL TIMES Wednesday 17 March 2021

INTERNATIONAL

Regional tensions Latin America Brazil health North Korea warns US over war games minister to

Leader Kim’s sister hits out “If it wants to sleep in peace for [the] starting in mid-February,” said Blinken. among some experts that North Korea ing behaviour towards others in the be replaced after Washington launches coming four years, it had better refrain “To date, we have not received a will now only engage with higher-level region”. from causing a stink at its first step,” she response from Pyongyang.” summitry. In a joint statement, Japan and the US as virus toll joint exercises with Seoul said. “War drills and hostility can never The visit to Asia by the top US diplo- In response to Kim Yo Jong’s state- “underscored the importance of peace go with dialogue and co-operation.” mats comes as Biden’s administration ment, Seoul, which has warned of and stability in the Taiwan Strait” and hits record ROBIN HARDING — TOKYO Her comments came as the US secre- reviews American policy on North a potential humanitarian disaster said they “shared serious concerns EDWARD WHITE — SEOUL taries of state and defence held meet- Korea. unfolding in its northern neighbour regarding the human rights situation in KATRINA MANSON — WASHINGTON ings with their Japanese counterparts in Despite three face-to-face meetings stemming from coronavirus border clo- Hong Kong and Xinjiang”. Nuclear-armed North Korea has Tokyo before heading to Seoul. It is their between the North Korean leader and sures and sanctions, called on Blinken and Lloyd Austin, the US MICHAEL POOLER — SAO PAULO warned Joe Biden against holding mili- first overseas trip since Biden took office Donald Trump, the former president, Pyongyang to “take a flexible stance” secretary of defence, will now move on Brazil is to replace its health minister tary drills with South Korea, raising ten- as US president. Pyongyang continued to develop its and re-engage in talks, according to the to South Korea, where one of their for the third time since the start of the sions as top US diplomats arrived in the Antony Blinken, secretary of state, nuclear arsenal while Washington defence ministry. challenges will be to ease tensions coronavirus crisis as Latin America’s region for talks. told a press conference in Tokyo that insisted that loosening of sanctions was As well as vowing to co-operate on the between Seoul and Tokyo, with the two biggest nation struggles to contain a Kim Yo Jong, the sister of Kim Jong Un Pyongyang was ignoring US efforts to contingent on concrete steps it took to denuclearisation of North Korea, US allies at odds over issues of wartime deepening second wave of Covid-19. and a top aide to the North Korean engage. denuclearise. Blinken and Toshimitsu Motegi, the history. leader, launched a broadside on local “To reduce the risks of escalation we Pyongyang’s refusal to restart lower- Japanese foreign minister, took aim at Trilateral co-operation on North The government will remove Eduardo media against US and South Korean war reached out to the North Korean gov- level diplomatic dialogue with the Biden China, vowing that their governments Korea “will make us stronger”, Blinken Pazuello, an army general, from the role games that started this month. ernment through several channels administration has raised concerns would oppose “coercion and destabilis- added. following a week in which deaths hit record levels, while vaccine supply problems slowed immunisation. President Jair Bolsonaro confirmed on Monday he had invited Marcelo Que- US immigration. Political crisis iroga, a cardiologist, to take up the post at what specialists have described as Brazil’s worst moment during the pan- Surge of minors poses border test for Biden demic. “[Queiroga] has everything to do a good job, continuing what Pazuello has been doing until today,” said Bolsonaro. The decision suggests political pres- Republicans blame wave of sure is building on the rightwing popu- list’s administration. Almost 280,000 unaccompanied children on people in Brazil have died from Cov- removal of Trump-era curbs id-19, the highest absolute death toll after the US, or 20th in the world when adjusted for population size. AIME WILLIAMS — WASHINGTON After daily fatalities breached the Joe Biden campaigned for the presi- 2,000 mark last week, speculation dency with a promise to modernise the mounted that Bolsonaro was facing calls immigration system, offering a pathway from the majority bloc in Congress to to citizenship for millions of undocu- remove Pazuello, who had headed the mented migrants and spending his early ministry since May. weeks in office reversing many of Don- The decision came hours after a hast- ald Trump’s curbs on travel and visas. ily arranged press conference on Mon- But two months into his presidency, day afternoon, in which Pazuello Biden is scrambling to contain an insisted more vaccines were on the way unprecedented surge in the number of and defended his department’s actions. children trying to cross the US-Mexico A sharp increase in cases, linked to a border, sparking a political crisis and more contagious strain of coronavirus drawing criticism of his administra- called P. 1, has resulted in intensive care tion’s immigration policy from both wards in many states close to capacity sides of the political aisle. and sparked warnings about the risk of Republicans say the surge is a direct spillover into other countries. result of Biden’s efforts to liberalise Pazuello’s tenure was marked by a immigration policy and his failure to delayed start to vaccinations and des- secure the border. Democrats, con- perate scenes in the Amazonian city of versely, are enraged by the detention of Manaus, where hospitals were over- high numbers of unaccompanied chil- whelmed and oxygen supplies ran out. dren by US border agents. On his watch, the government contin- US Customs and Border Protection ued to promote medicines such as the said last week nearly 9,500 unaccompa- antimalarial chloroquine as an “early nied children arrived last month at the treatment” against coronavirus, despite south-western US border with Mexico, Desperate: didn’t have to happen. It is a crisis cre- Smugglers have spread the message 9,500 “You can’t release a child on their a lack of proof over its effectiveness. the highest since May 2019, represent- unaccompanied ated by the presidential policies of this among people in the so-called northern Unaccompanied own,” said Aaron Reichlin-Melnick, pol- The two health ministers preceding ing a 62 per cent increase compared minors with new administration.” triangle of Honduras, Guatemala and El children arrived icy counsel at the American Immigra- Pazuello, both of whom had medical with January. other migrants Last week, Mitch McConnell, the top Salvador that the Biden administration last month at the tion Council. “Realistically speaking, backgrounds, left within the space of a Alejandro Mayorkas, homeland secu- who crossed the Republican in the Senate, accused Biden is allowing Central Americans in. Many south-western US finding new physical locations and facil- month after clashing with Bolsonaro rity secretary, said yesterday the US was Rio Grande into of campaigning on “weakening border of those would-be migrants are fleeing border with Mexico ities to hold children with the staff to over his approach to the crisis. “on pace to encounter more individuals the US from security”, and Liz Cheney was among 51 poverty — exacerbated by two hurri- care for them is a process that takes Bolsanaro has repeatedly down- on the south-west border than we have Mexico on other Republicans who wrote to Biden canes that devastated the region within 100,441 weeks or months.” played the seriousness of the virus, spo- in the last 20 years”. Sunday last month demanding a briefing from two weeks of each other in November — People attempted The facilities, which can each hold ken against social distancing and only He defended the administration’s Adrees Latif/Reuters the Department of Homeland Security. as well as violence in their corruption- entry along the hundreds of children, “cannot become recently publicly backed vaccines. response, blaming the Trump adminis- Doug Heye, a strategist and former plagued nations. southern border in the new norm”, said Reichlin-Melnick. As several municipalities impose tration for leaving behind a “completely spokesperson for the Republican Biden has suspended implementation February, up 28% on “Nobody likes that they’ve been reacti- strict measures to curb infections, pro- dismantled” asylum system. National Committee, said immigration of a public health rule activated by the previous month vated and there are a lot of concerns tests against lockdowns took place in Over the weekend, the administra- was usually a “motivator” for the party Trump that allowed the US to immedi- about how they’re run and about over- cities including Brasília, São Paulo and tion sent the Federal Emergency Man- faithful, adding the GOP had “done ately expel children crossing the border sight and accountability and ensuring Rio de Janeiro over the weekend. agement Agency to help with the thou- well” by focusing on it in the past. illegally. The rule is in force for adults. that children are treated safely and Bolsonaro yesterday withdrew his sands of children and teenagers in “When people are seeing the images The border protection agency said humanely.” pick of a retired military man for the detention facilities and shelters. that we’re seeing right now coming from 100,441 people, including the 9,500 Immigration experts say the Biden board of Brazil’s federal health regulator “We recognise this is a big problem,” the border, it gives Republicans an children, attempted entry in February administration has little choice in the Anvisa, which oversees approvals of Jen Psaki, White House press secretary, opportunity to really move to talking — 28 per cent up on January — although short term but to hold children who vaccines against the virus. His original said on Monday. The same day, Kevin about something that hits culturally,” many adults were turned away. That cross the border unaccompanied. choice of Jorge Luiz Kormann drew con- McCarthy, the top Republican in the Heye said. compares with nearly 37,000 for the “That is still better than summarily cern and raised doubts about whether House of Representatives, led a delega- Henry Cuellar, a Democratic Texas same month last year and 76,500 for the returning them to Mexico without he would be confirmed in the post by the tion to El Paso, Texas, where he criti- congressman, said the number of same month of 2019. processing their claims or connecting Senate. Bolsonaro is now proposing cised Biden for halting work on Trump’s migrants entering the US was not hitting The surge in child arrivals combined them with sponsors who can care for Romison Rodrigues Mota, a career civil border wall and urged the president to crisis levels but was “going in that direc- with more complex procedures for vet- them in the US while their claims are servant who is already serving as acting visit the state. “It’s more than a crisis,” tion”. He went on: “What makes it more ting guardians had led to the reopening adjudicated,” said Jennifer Minear, pres- Anvisa director, for the role, according McCarthy said. “This is a human heart- challenging is that we’re in the middle of of temporary shelters at Carrizo Springs ident of the American Immigration to a post in the official gazette yesterday. break and the sad part . . . is that it a pandemic.” and Donna in Texas and elsewhere. Lawyers Association. Additional reporting by Carolina Pulice

Middle East Monthly figures Lebanon PM admits being trapped in top job he does not want Cold snap disrupts output and US shoppers spend less CHLOE CORNISH — BEIRUT exacerbated by coronavirus and the civil war ended in 1990, Lebanon has lot of security messages from different port explosion — threaten to overwhelm shared power between its religious places,” shrugged Diab. “Ninety per cent On a salary worth less than $1,000 after the small Mediterranean nation. The sects, but the horse-trading over posi- of them turn out not to be true.” He says the collapse of the local currency, in World Bank estimates almost half of the tions creates delays. Diab, who wants to he does not have daily briefings with MAMTA BADKAR AND MATTHEW ROCCO US retail sales fell more than antici- charge of a broken economy and population has been plunged into pov- hand over the role, describes himself as security officials. NEW YORK pated in February, cooling after a second housebound due to security concerns, erty. Diab described the situation as an a “hostage of Lebanese politics, of the Despite having previously served a round of stimulus cheques gave spend- it is little surprise that Lebanon’s care- US industrial output unexpectedly fell “acute financial disaster”. way politicians have been running poli- term as education minister, Diab was ing an even bigger jolt at the start of the taker prime minister is keen to quit. for the first time in six months in Feb- The commander of Lebanon’s army tics in this country for decades”. surprised by parliamentary resistance ruary, while retail sales also retreated, year than previously thought. “It is the only job in the world where you last week warned he did not have suffi- Diab is in his comfortable west Beirut to reforms. “Even those that gave us the depressed by a winter blast that hit Figures from the US Census Bureau resign and then you’re stuck,” Hassan cient funds to cover the military’s needs apartment, rather than the prime min- vote of confidence, a good percentage of Texas and the central US last month. showed retail sales declined a seasonally Diab told the Financial Times in an for the coming year. Mohamed Fahmi, ister’s residence, the Grand Serail, them, including the Shia arm, worked adjusted 3 per cent compared with the interview. He stepped down after the caretaker interior minister, said the because he has been advised to mini- against us after we became a cabinet.” The gauge of output from factories, previous month, bigger than the 0.5 per catastrophic explosion at Beirut port political failure was “drain[ing]” Leba- mise his movements — but has not been Iran-backed Shia Islamist movement mines and utilities fell 2.2 per cent in cent dip economists had forecast. devastated the city in August last year, non’s security forces, now unable to per- told what the specific threat is. “I get a Hizbollah — which has a powerful February from the previous month, the The decline reflected fading effects of but political bickering has stymied the form “90 per cent of our duties”. The armed wing — was among the blocs that Federal Reserve said yesterday. That fiscal stimulus in December and severe formation of a fresh cabinet led by government has also warned of future approved his ministers, a fact that had missed economists’ expectations for a weather across parts of the US, said prime minister-elect Saad Hariri. This electricity shortages. intensified Lebanon’s international iso- 0.3 per cent increase and followed a Andrew Hunter at Capital Economics. meant Diab was “still prime minister Recovery hinges on a bailout from the lation, Diab said. “Have I made a trip 1.1 per cent rise at the start of the year. While retail sales had slipped from effectively. You have to handle all the IMF but the caretaker government, anywhere? Has anybody invited me, has “Severe winter weather in the south January, when households spent cash problems and you can see the problems which has been waiting for months for anybody responded to my willingness to central region in mid-February accoun - handed out by Washington, they rem - how they’re compounding,” he said. the formation of a new administration, go to the Arab region?” he asked. ted for the bulk of the declines in output ained higher than pre-pandemic levels, Political dysfunction has pushed the cannot negotiate one. So “waiting an “There’s a clear signal from every- for the month,” the Fed said. “Some up 6.3 per cent year on year. Revised fig- fragile nation towards total economic extra week for [Hariri to form] a cabinet body, not just the region but interna- petroleum refineries, petrochemical ures for the previous month, also out collapse and infuriated Lebanese strug- is like aggravating the economic and tionally, to be careful not to open up facilities, and plastic resin plants suf- yesterday, further allay ed concerns gling to survive as hyperinflation soars financial situation an extra year”, ‘It is the only job in the financially and economically . . . fered damage from the freeze and were about the latest data. The bureau said and unemployment rises. In recent according to Diab. because they consider this cabinet a Hiz- offline for the rest of the month.” sales surged 7.6 per cent in January from weeks, protesters have taken to the A university professor who presents world where you resign bollah cabinet.” He insisted his cabinet Manufacturing and mining output fell an initial estimate of 5.3 per cent. streets and set up roadblocks on main himself as a technocrat without strong and then you’re stuck’ was more independent than most: “We 3.1 per cent and 5.4 per cent respec- Hunter expected a “renewed surge” roads to vent their anger. The country’s affiliation to a party, Diab was appointed are the furthest away from Hizbollah.” tively. This was offset by a 7.4 per cent this month as Americans received stim- problems — a result of decades of prime minister in December 2019, a role Hassan Diab, prime minister Additional reporting by Asmaa al-Omar in jump in utilities output as freezing tem- ulus cheques of up to $1,400 each after mismanagement and corruption, and reserved for a Sunni Muslim. Since the Istanbul peratures boosted heating demand. the $1.9tn spending bill was passed. Wednesday 17 March 2021 ★ FINANCIAL TIMES 5 6 ★ FINANCIAL TIMES Wednesday 17 March 2021

Mohamed El-Erian One way of coping with macro uncertainty is to attend more closely to individual stocks y MARKETS INSIGHT, PAGE 13

Alibaba web Getting on board Ships ready to match Broker eToro planes in delivering vaccines, says Maersk to go public in $10bn Spac browser axed merger deal

JAMES FONTANELLA-KHAN, MADISON from China’s DARBYSHIRE AND ORTENCA ALIAJ Online broker eToro has agreed to go public at a $10.4bn valuation after merging with a listed blank-cheque app stores company, as the investment platform seeks to capitalise on the recent digital trading boom. Etoro, which has more than 20m regis- 3 Move follows ads probe by state TV tered users, will combine with Fintech Acquisition Corp V, the special purpose 3 Beijing steps up curbs on tech sector acquisition company set up by banking tycoon Betsy Cohen, in one of the largest Spac deals of 2021 so far. SUN YU AND RYAN MCMORROW provider Yicai Media Group and Weibo, Under the terms of the deal, eToro will BEIJING the microblogging platform, according receive $250m from the pot raised by Chinese internet companies have pulled to one person familiar with the matter. Cohen’s Spac in December and $650m an Alibaba internet browser from their Alibaba also owns the South China from a group of institutional investors, app stores a day after Xi Jinping warned Morning Post, the Hong Kong-based which includes SoftBank Vision Fund 2 that Beijing’s crackdown on big tech was English-language newspaper. and Fidelity, to help the platform grow. just beginning. China’s market regulator has also The deal comes as Spac fundraising in The decision to remove the popular finalised rules for online transactions the US — the largest market for such UC Browser is the latest hit to the that will prohibit companies from mak- vehicles — is already closing in on the empire of Jack Ma, China’s most famous ing exclusive deals with merchants to all-time high of $78bn reached last year. entrepreneur, after regulators scup- sell on their platforms, a practice that is Spacs are targeting ever-larger busi- pered the record $37bn initial public at the centre of an antitrust investiga- nesses as they strike deals at a fast pace. offering of Ant Group, Alibaba’s finan- tion into Alibaba. The regulations will The Israeli stockbroking and spread cial technology affiliate. Ma has barely come into force from May. betting platform reported more than been seen in public since the listing was “It’s a difficult practice to change. 275 per cent growth in funded accounts pulled last November, as Xi tightens Bei- Merchants are still afraid of the power in 2020, adding more than 5m new users jing’s grip on the economy. platforms hold,” said Li Chengdong, over the year. Amid the GameStop trad- The decision came a day after a Com- head of Haitun, a tech-focused think- ing frenzy in January, the brokerage munist party leadership meeting tank. “If the government levies a huge added more than 1m new customers in fine on Ali, and they admit their mis- the first month of 2021 alone. UC Browser was shown takes, maybe it’ll change.” The platform has boomed in popular- The effort against UC Browser came A Maersk vessel at dock: 87 per cent of medical products by volume travel by sea — Geography Photos/Universal Images Group via Getty ity with young investors — the average allowing private hospitals after a programme on state broadcaster user is 34 — by offering the ability to buy to bid for names of well- CCTV targeted the tech industry on HARRY DEMPSEY Half of all Covid-19 vaccine distri- end of low value,” he said. But he fractions of shares, which allows traders China’s consumer rights day, an annual bution will be achieved locally added that the share of container to get started in markets with small Ships will soon compete with planes known clinics in searches event when the channel investigates through overland and short-haul shipping was likely to be lower than sums of money, as well as cryptocur- to deliver Covid-19 vaccines in a dis- alleged malpractice in a show. flights, said Petkov, but planes and usual because speed is a priority. rency trading. Its users are still over- tribution drive that could take four chaired by the president issued an unu- This year’s programme included a vessels will fight for the remaining AstraZeneca’s use of ocean carriers whelmingly male, at about 85 per cent, years, according to the head of phar- sually blunt warning to the tech sector segment on misleading online medical half, with manufacturers and health has soared in recent years and the low although eToro reported a 360 per cent maceuticals at AP Moller-Maersk, over its growing size and influence. advertising. UC Browser was shown authorities taking account of supply cost of its Covid shot makes it a lead- rise in the number of female users on its the world’s largest container group. “Some platform companies are grow- allowing private hospitals to bid for the chain maturity, infrastructure and ing candidate to be shipped by sea. platform in 2020. ing in an inappropriate manner and names of large well-known clinics in Most vaccines have been transported vaccine production rates. Maersk has an exclusive deal to dis- Retail trading volumes have soared therefore bear risks. It is a considerable keyword searches, leading potential by air and land because manufactur- Over the past decade, ocean liners tribute a vaccine being developed by during the pandemic, and more than problem that the current regulatory patients to their websites. ers are sited mainly in Europe, the US have been steadily taking share from Covaxx, a US biotech group that aims 20 per cent of all volumes in the market regime has failed to adjust,” the minutes Most of China’s Android app stores, and India, close to early recipients. air freight in the transport of medi- to make 1bn doses by the year’s end. are estimated to be retail, according to of the meeting said. including those operated by Huawei, But ships will be used more to reach cines, treatments and vaccines as Advocates say the refrigerated con- UBS Equity Research, more than double Regulators will “step up” efforts to Xiaomi and Tencent, have blocked people in Africa, Asia and South pharmaceutical companies sought to tainers on vessels, known as reefers, pre-pandemic levels. improve the regulation of China’s big downloads or removed the browser. America from midway through this cut costs. Yet quicker, more costly air can function as mobile warehouses on However, the platform has come internet companies, the minutes added. Having an app taken down for a year when, Maersk predicts, supply freight remains dominant for more land, helping countries that lack cold- under fire for positioning itself as a retail Alibaba, which accounts for about period of time is a common punishment will outstrip air freight capacity. expensive pharma goods. chain infrastructure. stock-trading platform in the UK, one-tenth of retail sales in China, has in China for companies deemed to have “By the middle of 2021, then we will Eighty-seven per cent of medical Maersk has joined other logistics despite offering riskier trading products been the prime target of the crackdown. broken the rules. see a surplus of vaccines and see a products by volume are sent by sea, groups and the Serum Institute of such as contracts for difference to cus- The Communist party is concerned UCWeb, the Alibaba unit that oper- logistics network that is not able to versus 13 per cent by air, but that ratio India in warning of long waits for dev- tomers. More than two-thirds of eToro with the group’s media investments and ates the browser, apologised for the ille- handle it in terms of air freight cold- flips in terms of value, estimates Mark eloping nations because production customers who trade CFDs lose money. its ability to influence public opinion. gal adverts and pledged to strengthen chain infrastructure,” said Hristo Edwards, managing director of logis- capacity will not rise quickly enough. Etoro said 85 per cent of assets under Officials have discussed forcing Alibaba oversight. Alibaba did not respond to a Petkov, Maersk’s head of pharmaceu- tics consultancy Modalis and a former “It will take three to maybe four administration by the platform were to divest some of its media stakes, such request for comment. ticals. “Then shipping containers play regional freight lead for AstraZeneca. years to vaccinate the whole world,” real assets. as a minority holding in financial news See Lex a bigger role.” “The Covid vaccine fits at the higher said Petkov at Maersk. See Lex

Legal Notices Hong Kong executives are quietly wary of Beijing’s next step

executive imagines, as recent events Some Hong Kong executives and law- INSIDE BUSINESS have shown that Beijing is determined yers are also concerned about proposed to apply the law very broadly. changes to the immigration law. ASIA Forty-seven people now face long The government says that the amend- prison terms on the grounds they ments will simply give Hong Kong’s wanted to run for seats in Hong Kong’s immigration director the power to ban Tom next Legislative Council elections, individuals from boarding inbound secure a majority of the chamber, and flights and ships, and is only aimed at Mitchell then allegedly use that power to force asylum seekers in accordance with the resignation of Carrie Lam, the terri- international legal conventions. The tory’s deeply unpopular chief executive. local bar association and others counter Under Hong Kong’s national security that the proposed changes remain too or businesses and investors in law, prosecutors now contend such tac- vaguely worded, potentially giving the Hong Kong, how much is too tics are tantamount to subversion, pun- immigration director power to unilater- much? First there was an ishable by up to life in prison. ally prevent people from leaving Hong F extradition bill that, if passed Aside from Jimmy Lai, the self-made Kong as well. as planned in 2019, would billionaire publisher now in prison Exit bans are frequently slapped on have allowed Hong Kong residents to be pending his own national security law business people and others in China extradited to China if they were wanted trial for allegedly “colluding” with for- proper, sometimes trapping them in the on certain charges there, including eign powers, no high-profile business country for years on end. In Hong Kong, offences related to economic and finan- figure has been willing to support Hong however, this would contravene the cial crimes. Kong’s pro-democ- Basic Law’s guarantee that “unless While the controversial changes to racy movement ‘Everything is political restrained by law” — such as court- Businesses For Sale Hong Kong’s Fugitive Offenders Ordi- openly. In private, ordered bail conditions — “holders of nance were ultimately withdrawn in the however, some now. We started valid travel documents shall be free to face of massive street protests, a year think Beijing’s moving assets offshore leave [Hong Kong] without special later the Chinese government unilater- crackdown has authorisation”. ally imposed a national security law on gone too far, and when the extradition David Webb, an investor rights activ- the supposedly autonomous territory. are moderating bill was proposed’ ist and government critic, argues that In the event of any conflict between their business and the government’s assurance about its the national security law and freedoms investment decisions accordingly. intent matters little at a time when the guaranteed by Hong Kong’s mini- “Everything in Hong Kong is political Basic Law “is in tatters really”. constitution, or Basic Law, the former now,” says one executive, adding that “Whenever they feel the need to do Business for Sale, Business Opportunities, Business Services, prevails. “we started moving assets offshore something that the Basic Law appears to Business Wanted, Franchises The national security law’s defenders when the extradition bill was proposed”. deny they say, well, it is subject to excep- Runs Daily argued that it would change little for Such sceptics do not necessarily advo- tions,” he adds...... Classified Business Advertising Hong Kong’s business community. So cate the wholesale liquidation of high- The final wording of the amended UK: +44 20 7873 4000 | Email: [email protected] long as you did not lob Molotov cock- yielding property and other assets in immigration law will provide an early tails at the police, lobby foreign govern- Hong Kong, but some are moving more test of whether Beijing’s crackdown — ments to impose sanctions on China for of the profits generated from them to which has so far mainly affected Basic Notice to Advertisers its alleged repression in Hong Kong and Singapore and other places beyond Bei- Law protections related to civil liberties, Calls to the Financial Times Advertising Department may be monitored. so on, they argued, you had nothing to jing’s reach. local elections and other ostensibly Acceptance of any advertisement for publication will be subject to the then current terms and conditions of insertion fear from it. As one recent pro-Beijing Some have also stopped repatriating “political” issues — is about to spill into of advertisements in FT publications. business figure recently told me: “I’m profits from overseas operations and the economic and financial realm as going to be fine because I’m not going to investments back to the territory. “Eve- well. A copy of the terms and conditions of insertion of advertisements in FT publications can be obtained from +44 (0)20 7873 3000, or viewed at www.FT.com/advertising violate the national security law.” rything we make overseas stays over- That might be more difficult than the seas,” the executive adds. [email protected] Wednesday 17 March 2021 ★ FINANCIAL TIMES 7 8 ★ FINANCIAL TIMES Wednesday 17 March 2021

COMPANIES & MARKETS

Financials Financials ECB offers Berkshire shuns climate disclosure call more leeway to banks over Buffett group says formal not consider a formal annual assess- conglomerate were proposed by three office — which at the end of last year Berkshire also took a $4.1bn stake in oil ment of how it manages climate-related funds that hold Berkshire stock worth numbered just 26 people — and the major Chevron last year. pandemic-hit assessment not ‘necessary’ risks as “necessary”, noting that the just under $2.5bn, according to Bloomb- “unusually decentralised” way in which The board also pushed back against a despite investor concerns board already received regular reports erg data: the California Public Employ- it operates as part of the reason for its second proposal from shareholder balance sheets on the matter, according to proxy mate- ees’ Retirement System, Federated opposition to the proposal. advocacy group As You Sow, working on ERIC PLATT AND MYLES MCCORMICK rials mailed to shareholders. Hermes and Caisse de dépôt et place- “Since many of Berkshire’s subsidiar- behalf of Handlery Hotels, which sought NEW YORK Berkshire’s response comes as inves- ment du Québec. They warned that cli- ies are already making sound climate- data to gauge the success of Berkshire’s tors make a broad push for greater mate change posed a “systemic risk to related decisions, and more importantly diversity and inclusion programmes. MARTIN ARNOLD — FRANKFURT Warren Buffett’s Berkshire Hathaway climate-related disclosures from com- the economy” and many businesses. because the board believes that the “Berkshire’s operating businesses Europe’s top banking supervisor has urged shareholders to vote down two panies operating in every sector of the The group wrote: “We consider the shareholder proposal is inconsistent represent dissimilar industries operat- said lenders could be given more time proposals that would force the nearly economy. company’s current level of disclosure to with Berkshire’s culture, the board rec- ing in multiple locations throughout the to benefit from capital relief if they $600bn industrials-to-insurance con- Many fund managers expect the be insufficient for investors to fully ommends that our shareholders vote world,” the board wrote. “It would be speed up their recognition of loans that glomerate to disclose its efforts to tackle Biden administration will give greater appraise its material climate-related against the shareholder proposal,” the unreasonable to ask for uniform, quan- are likely to turn sour. climate change and increase diversity regulatory support for this drive than its risks and opportunities.” Berkshire board wrote. titative reporting for the purposes of and inclusion in the workforce. predecessor. In response, Berkshire’s board Alongside its ownership of natural comparing such dissimilar operations in Andrea Enria, chair of the European The company told investors that it did The new annual disclosures from the pointed to its notoriously small central gas pipelines and electric utilities, different geographic locations.” Central Bank’s supervisory board, made the comment as he called on eurozone lenders to be bolder in booking provi- sions for an expected rush of bad loans caused by the fallout from the coronavi- Oil & gas. US supply rus pandemic. Speaking at a Morgan Stanley confer- ence yesterday, Enria compared the Rally tests drill discipline in shale patch rapid speed at which US banks increased their loan loss provisions with the slower pace in Europe. “It is crucial that banks recognise credit impair- ments without delay,” he said. Producers face decision on The ECB, which supervises the most important 115 banks in the eurozone, how to spend windfalls if responded to the pandemic last year by prices stay at current levels allowing lenders to eat into several of the extra capital buffers it had previ- ously imposed on the sector. JUSTIN JACOBS — WASHINGTON However, only nine banks did so last DEREK BROWER — LONDON year and others were reluctant to follow The most powerful oilman is betting big suit, worrying about how long the relief against US shale. will last and the risk of stigma among Saudi energy minister Prince investors. The ECB has previously said Abdulaziz bin Salman was clear after the capital relief would last until at least the Opec meeting at which the cartel the end of next year. agreed to keep stoking a rally with cur- tailed production. The US oil sector was ‘We stand ready to no longer in a position to wreck his efforts with a drilling binge. postpone the timeline to Shale’s era of “drill, baby, drill is gone rebuild buffers if doing so forever”, said the prince. The claim raised eyebrows in the would help the sector’ patch, given the sector’s short and dis- ruptive history including its recovery Enria said yesterday: “In the coming from a crash six years ago. months, we will closely watch develop- But Abdulaziz was echoing a Wall ments and stand ready to postpone the Street-enforced mantra where investors timeline to rebuild buffers if doing so are forcing operators to resist instincts would help the sector to quickly process to launch another rally-sapping output the expected increase in [non-perform- surge even as oil prices rise. ing loans].” Since prices slumped last year, execu- The ECB is also trying to stop banks tive after executive has proclaimed a from paying out too much of their capi- shale religion of high returns and share- tal to shareholders and employees by holder payouts predicated on keeping a Pumped up: Last week’s decision by the cartel not to held above $55, free cash flows could ‘A tidal upstream research at Wood Mackenzie. keeping a lid on dividends and bonuses. lid on production. US crude prices ease back on cuts “has not just left the swell this year to about $30bn, accord- “They’ve paid down debt, they don’t It has pushed several lenders, including “I think the worst thing that can hap- have risen 70% door to higher prices open, it has taken ing to IHSMarkit. wave of have much leverage on the balance Deutsche Bank and BNP Paribas, to pen right now is US producers start since November that door off its hinges and chopped it “There’s a general sense that they’re cash is sheet, they already pay a dividend, and reduce their bonus pools. growing rapidly again,” Ryan Lance, to $65 a barrel, up for firewood”, said a Standard Char- winning by letting the price go up and they can drill very profitable wells at $65 Enria said that after the ECB allowed ConocoPhillips chief executive, told a more than tered note. bail them out,” said LeBlanc. coming a barrel.” banks to restart dividends under strict conference this month. enough for most Shale operators might hedge future At $60, shale operators would even through. It Opec may not need to worry yet. conditions in January, “a few banks” The question is whether such disci- producers to production at the higher prices, the generate enough free cash to meet more Clarke said the rig count was rising at submitted plans to pay more out to pline can last as the Saudis increase turn a profit bank’s analysts said. than $170bn of debt obligations over the could be a about half the pace of 2017, when the investors than it recommended. “In prices. A 70 per cent rise in crude since Jennifer Hiller/Reuters If current prices endure, producers next five years, Rystad said. real good sector bounced back from another price these cases, the supervisory dialogue November has US oil trading at about will eventually need to figure out how Some analysts think operators could crash brought about by the cartel. with the banks is ongoing,” he said. $65 a barrel, above pre-pandemic levels to spend their windfall. Many have accomplish something recently financial On Friday, the Baker Hughes count of Last year the ECB warned that in and more than enough for most produc- pledged to reinject just 60-70 per cent unthinkable in the patch: repair balance year for US rigs for the week dropped by one — a “severe but plausible” scenario, ers to turn a profit. of cash flows into production, leaving sheets and keep investors happy while another signal that operators are keep- non-performing loans at eurozone Less than 11 months after a crash that the rest for debt repayments and pushing output higher again. these guys’ ing powder dry. banks could reach €1.4tn, well above saw US prices plunge below zero, put shareholders. “At some point, capital discipline and And decisions to deploy more rigs the levels of the 2008 financial crisis and scores of companies out of business and Fourth-quarter capital expenditure that new religion will do what it always now will not yield new production for the ensuing EU sovereign debt crisis. forced others to slash spending and shut amounted to just 55 per cent of cash does — recede into the background,” months. Since then, Enria has said that scenario wells, US frackers are looking flush. flow, said Rystad — unprecedented pru- said Ian Nieboer, a managing director at US operators also need to believe that looks less likely. There was “a tidal wave of cash com- dence in a notoriously profligate sector. consultancy Enverus. Saudi Arabia will keep stoking the rally. Some European banks are still work- ing through” at current oil prices, said If the discipline stuck and oil prices “There’s nothing that doesn’t work at It is less than 11 months since the king- ing through bad loans incurred after the Raoul LeBlanc, vice-president at IHS- $65 a barrel.” dom’s price war, and the pandemic trig- previous crisis, and non-performing Markit. “It could be a real good financial Shale’s share price recovery So far, private equity-backed drillers, gered the worst crash in the US oil sector loans at the largest eurozone banks fell year for these guys.” which unlike their public rivals are in decades. from €506bn to €485bn in the first nine S&P oil & gas exploration & production ETF US output might even start expanding under no pressure to hold back growth, But a slow and precarious recovery — months of last year. again later this year, according to 200 are leading a recovery in drilling and unthinkable six months ago — is under Analysts at Citigroup said the main some analysts, though a recovery to fracking activity. way. Another showdown may also European banks had marginally the record high of 13m b/d struck was 150 But publicly held shale specialists already be looming. increased their loan loss provisions to distant. such as EOG Resources and Pioneer “They’re trying to creep up, just to a just under €16bn in the fourth quarter, Rystad Energy, a research company, 100 Natural Resources may also bring in point below the threshold where it gets with the biggest rises at Italian lenders. expects US crude output to hit at least enough cash to start increasing again. Opec’s attention,” said Alex Beeker, But that was less than half the level of 11.6m b/d by the end of 2021 from under 50 Supermajor Chevron, meanwhile, this principal analyst for corporate research provisions taken in the second quarter 11.2m in December. A bigger surge is week unveiled an aggressive plan to at Wood Mac, referring to shale opera- of last year when Europe was plunged likely in 2022. increase its Permian output. tors’ steadily rising rig count. into a record postwar recession. Opec’s willingness to push prices 0 “Some of the well-positioned compa- “For now, they seem to be below that. Citi analysts forecast total bad loans higher is persuading many analysts to 2018 19 20 21 nies are justified to try and grow,” But Opec can and will respond if shale in Europe would peak at about €1tn revise up their forecasts for US supply. Source: Refinitiv said Robert Clarke, vice-president of steps out of line.” next year.

Automobiles Financials VW sets 1m electric or hybrid sales target Commerzbank chairman exits at pivotal time

PETER CAMPBELL financial officer of VW in April, said this models this year based on its electric OLAF STORBECK — FRANKFURT from its supervisory board “by the end boardroom battle with private equity MOTOR INDUSTRY CORRESPONDENT year was “not risk free” because of the MEB platform, as well as a full year of of the day due to health reasons”. group Cerberus, which disclosed a stake Commerzbank chairman Hans-Jörg slow recovery from the pandemic, and sales of its ID.3. Deputy chairman Uwe Tschäge, a of more than 5 per cent in Commerz- Volkswagen plans to sell 1m electric or Vetter yesterday resigned with imme- the chip shortage that has crippled the The majority of the battery cars sold union representative, will step in on an bank in mid-2017 and pushed for a man- hybrid cars this year — a near tenfold diate effect after just eight months in industry. this year will be in Europe, where the interim basis until a successor for Vetter agement overhaul. increase since 2019 — as the German the job due to health reasons, dealing a Diess said the group will be unable to carmaker needs to increase sales to has been appointed, the statement Vetter then poached Knof from Deut- carmaker sets its sights on a recovery blow to the struggling lender’s restruc- claw back lost production in the back avoid further fines, Diess added, with added. sche Bank, where he was in charge of its in profits after the pandemic. turing plans. end of the year because its factories are the VW ID.4 expected to be the biggest- Vetter was parachuted in at Com- German retail operations. The new Sales of battery-only cars tripled to due to be full. selling model. Vetter, a 68-year-old former chief exec- merzbank last August after his prede- Commerzbank chief last month 231,000 in 2020, but the company “We expect to be at the limit of our Diess said he had “no concerns at all” utive of public lenders LBBW and cessor Stefan Schmittmann and chief announced that the bank would shelve expects an even faster take-up this year, capacity, so we will not be able to about the launch of the models, after Landesbank Berlin, has been the most executive Martin Zielke announced its dividend for the next two years while boosted by new model launches. recover,” he told the FT. last year’s delays of the ID.3 and Golf important ally of Commerzbank’s new their resignations. This followed a it implemented aggressive cost cuts in Of the 1m electric cars it expects to The German carmaker has not yet because of software problems. chief executive Manfred Knof, who last an effort to return to profitability. sell, about half will be battery-only, with quantified its likely profit impact, but “We learned a lot from the ID.3,” he month announced a radical turnround The decision to suspend payouts the rest plug-in hybrid models, chief said it expects to make 100,000 fewer said. plan. came as Commerzbank slumped to a executive Herbert Diess told the Finan- cars over the first quarter. He added that the group would be The details of the restructuring, 2020 loss of €2.9bn, its worst since the cial Times. Carmakers are ramping up electric open to selling emissions credits to which will involve cutting one in three financial crisis. Knof is targeting clo- VW also expects its profit margins to sales as tightening rules in Europe and rivals if it overshot the EU targets this jobs at Commerzbank’s domestic opera- sures of almost one in two branches in recover to the upper end of the 5-6.5 per China force them to cut carbon emis- year, even though the “price for credits tions, still have to be ironed out with Germany by 2024 as he aims to lower cent guidance window for the year, up sions or face large fines. is declining”. Germany’s powerful service sector the bank’s cost base by a fifth during from 4.8 per cent during 2020. This is VW missed its European CO2 targets The falling price is an intentional trade union, Verdi. that timeframe. lower than the 7.6 per cent it hit in 2019, in 2020 because of delays to the launch move by regulators to wean industry In a brief regulatory statement yester- Shares in Commerzbank have and lower than the long-term target of of its key ID.3 electric car, leaving it fac- laggards off the habit of complying with day that took even insiders by surprise, dropped 90 per cent over the past dec- 7-8 per cent. ing a fine that could reach €200m. the rules by paying money to better- Commerzbank announced that Vetter Hans-Jörg Vetter has stepped down ade. Yesterday, the bank’s share price Arno Antlitz, who takes over as chief But the company plans six new performing rivals. informed Knof that he would resign for health reasons during a revamp barely moved. Wednesday 17 March 2021 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

Industrials Underwriter’s Greensill role in spotlight Gupta empire was granted ‘Master practitioner’ was sacked by Bond & Credit Co after being accused of breaching risk limits financing for invoices from IAN SMITH, ROBERT SMITH AND JIM PICKARD — LONDON JAMIE SMYTH — SYDNEY linked parties The rise of Greensill Capital was fuelled by access to billions of dollars of insur- ance coverage provided by an easy- ROBERT SMITH, MICHAEL POOLER going underwriter who lives in a nonde- AND CYNTHIA O’MURCHU script house in a Sydney suburb, tweets Greensill Capital provided financing to about cricket and hangs out at the local Sanjeev Gupta’s business empire based rugby league club. on invoices from ostensibly independ- Acquaintances of Greg Brereton say ent companies with links to the steel he is an unlikely figure to be at the cen- magnate, raising new questions about tre of an international controversy. the quality of the collateral underpin- Yet court filings and interviews show ning billions of dollars of loans. that the 58-year-old executive had a crucial role until fired by his employer, Gupta’s sprawling GFG Alliance metals The Bond & Credit Co, for allegedly conglomerate, which includes Britain’s breaching risk limits to Greensill, which third-largest steel producer and numer- collapsed last week. ous plants in Europe and Australia, has The insurance policies that Brereton been rocked by the collapse of Greensill, provided Greensill were vital. which had $5bn of exposure to the As a supply chain finance group, industrialist’s businesses. Greensill lent money to corporate cus- Documents seen by the Financial tomers to pay their suppliers. The loans Times show that Greensill — which spe- were packaged into funds run by Credit cialised in arranging corporate funding Suisse and sold to investors. The insur- linked to invoices and fell into adminis- ance covering the underlying credit tration last week — financed several allowed investors to treat the funds as transactions between Gupta’s busi- almost risk-free. nesses and a series of linked companies. Greensill said in a court filing that the Some of the metals magnate’s insurance “allows Greensill to access employees called these entities the sources and levels of funding which it “Friends of Sanjeev”, the FT has previ- would not otherwise be able to access ously reported, because of their ties to and which are critical sources of financ- his business empire. ing for its business”. It is unclear if employees monitoring Yet last year Tokio Marine, the Japa- the transactions were aware of the long- nese insurance group that acquired BCC standing links between the nominally in 2019, said that Brereton had been independent companies and Gupta’s fired after he insured credit to Greensill businesses. Greensill had a strict policy “in excess of his delegated authority”, against financing trades between with the total exceeding A$10bn related parties, according to people ($7.7bn). familiar with the matter. Tokio Marine said “dealings” between The deals, some of which took place Brereton and Greensill were under only last year, provided funding to both investigation and coverage would not be Former UK of BCC to meet Brereton, according to Money was by then pouring into The The financing firm was able to advance Gupta’s industrial and commodities renewed, according to court filings. prime minister two people familiar with the matter. Greensill through funds offered by so much credit to Gupta because it trading arms. Greensill packaged up at Greensill relied on a shrinking pool of David Cameron, The visit was first reported by The Credit Suisse, putting pressure on the Australian funded hypothetical “future” invoices, least one of the transactions into invest- insurers and failed to find an alternative left, was hired Guardian. lender to grow its lending book, and cricket and orders for steel not yet placed but ment products sold to funds at Credit when BCC pulled out. by Greensill as One person familiar with Cameron’s increasing its insurance needs. expected in future, a practice that later Suisse. However, three local contacts of an adviser and visit to the obscure BCC said that it But by the summer of 2020, Tokio rugby drew scrutiny from German regulator Most large financial institutions have Brereton said that it was implausible was said to have bemused many in the Australian insur- Marine was alarmed at its exposure to enthusiast BaFin. policies to prevent them from financing that he could have amassed the Green- had ‘great ance industry. Greensill. One person familiar with Gupta’s invoices between so-called “related par- sill exposure without the knowledge of admiration’ for “David Cameron visiting that office During its investigation, Greensill was was viewed financing told the Financial Times in ties” because they are more prone to management, saying he had been made Lex Greensill, was just comic,” the person said. asked for a range of documents relating as the sort of late 2019 that Brereton was reportedly fraud. There is no evidence that the a “patsy” for the subsequent events. right. He Cameron has not responded to to agreements entered into by Brereton, “frightened” by the amount of exposure transactions in question were illegiti- “In Aussie-speak, he’d be a ‘good reportedly met repeated requests for comment on including those involving companies person ‘you BCC had to the industrialist’s busi- mate, however. bloke’,” said another long-term contact insurance Greensill over the past two weeks. linked to SoftBank’s Vision Fund, a could have a nesses. Greensill Capital and Gupta’s GFG of Brereton, someone “you could have a officer Greg Reached by the Financial Times yes- Greensill investor that was part of a cir- In last-ditch negotiations with Green- Alliance declined to comment. beer with” but also an experienced Brereton at terday, Cameron said: “Do you want to cular financing scheme identified by the beer with’ sill, Tokio Marine demanded $2.5bn in One of the trades Greensill financed underwriter with a good understanding BCC’s offices ring my office?” FT in June 2020. extra collateral, according to evidence was a $1.7m transaction between of risk and credit. in Sydney When told that his office was not The documents cite policies related to Greensill provided to the English High Gupta’s Liberty Commodities and Aar- A former colleague said: “I never con- AFP/Getty/Shutterstock/ answering any questions, he abruptly “Liberty Delta”, which people familiar Court last week. Tee Commodities, a trading business sidered him to be cavalier.” FT montage hung up. with the matter said referred to a series Greensill could not raise the named for the initials of its founder Ravi After a stint at insurer QBE, Brereton At an industry meeting in Europe in of steelworks across Europe that indus- money or find adequate replacement Trehan, who has deep ties to Gupta. was picked in late 2015 as head of trade late 2019, members of BCC’s trade credit trialist Sanjeev Gupta bought from insurance. Trehan was on the board of GFG’s credit for the agency that would become team said they were excited about the ArcelorMittal in 2019. Tokio Marine, BCC, Greensill, Credit charitable foundation and was previ- BCC. growth stemming from the Greensill The acquisition was backed with a Suisse and GFG Alliance declined to ously listed as one of the four members “While Greg believes in, and is a mas- relationship, according to one person €2.2bn receivables financing line from comment. Brereton did not respond to of the GFG Alliance’s strategic board. In ter practitioner in, strong commercial present. Greensill, three times its purchase price. requests for comment. this role, he attended a lobbying dinner acumen and due diligence, it’s his rela- Gupta hosted with members of the Scot- tionship-based philosophy and tish government in 2016. Trehan told approach that helps him facilitate the Warning from Credit Suisse issues are still at an early stage, we “is of course in the first instance multiple divisions to ultra-wealthy the FT last year that his AarTee group all-important critical financial transac- Prospect of hit amid race would note that it is possible that foremost a problem for our supply entrepreneurs. was “independent” from GFG, however. tions,” BCC’s website said. to assess scale of exposure Credit Suisse will incur a charge in chain fund investors” rather than “The Greensill case has The $1.7m trade was packaged into an This relationship-based approach was respect of these matters”. the bank. cost Credit Suisse around SFr3bn francs investment vehicle at Credit Suisse last perfectly attuned to the style of Lex The bank’s chief executive Thomas “I cannot promise a specific result — in market capitalisation,” said Andreas year, one of a $10bn range of funds Greensill, who had pioneered ever more Credit Suisse has warned that it could Gottstein, pictured below, said that my lawyers wouldn’t allow me to do Venditti, an analyst at Vontobel. linked to Greensill that the Swiss bank creative varieties of supply chain face a charge stemming from the the priority was to recover money that — but I can promise I will Investors had “significant concerns and froze earlier this month. finance. Greensill collapse as it attempts to that clients had put into Credit undertake all efforts to reach the best open questions related to the amount Other documents show that Gupta’s In the summer of 2018, Greensill had quantify the hit and contain Suisse’s supply-chain finance funds, possible outcome for our supply chain of potential losses” and, “in a worst- metals plants have engaged in similar hired as an adviser David Cameron, who reputational damage from the scandal. which offered exposure to loans fund investors” that would “ensure case scenario, the bank faces years of trades via Greensill. had “great admiration” for Lex Green- The Swiss bank has been racing to made by Greensill and were marketed equal and fair treatment”. litigation.” Sterling Resources International, for sill, the former UK prime minister’s assess the scale of its exposure to the as safe, highly rated, fully insured Since freezing the funds two weeks Gottstein said that the board example, placed a £4.5m order for steel spokesman said at the time. SoftBank-backed company. investments. ago, Credit Suisse had received an was reviewing whether asset that was financed by Greensill that year. Greensill, a charismatic Australian Lex Greensill was a private-banking The funds, which had a net additional $800m of cash. management should continue to be run Sterling’s owner Sunil Pasi worked at financier, had been awarded a CBE a client of Credit Suisse, while his asset value of $10bn, were This meant that the bank as a subdivision of the wealth Liberty Commodities for 14 years, year earlier for services to the economy. company had relationships with the suspended on March 1 — was in a position to return management unit, a structural according to his LinkedIn account. Cameron was granted stock options lender’s investment bank and asset depriving Greensill of a another $1.25bn to clients arrangement that he “always had some VS International placed an identically worth as much as 1 per cent of the com- management arms. source of funding — and are on top of the $3.1bn doubts about”. sized order that was financed by Green- pany, according to industry figures with In a trading update yesterday, Credit being wound down. distributed, Gottstein said. Credit Suisse said that it had made sill. The company was founded by knowledge of the matter. With Greensill Suisse said $50m of a $140m bridge “I would be lying if I said The loan has highlighted the highest pre-tax profits in a decade Vikrant Sharma, whose LinkedIn seeking to raise funds last year at a $7bn loan it made to Greensill last year had supply chain wasn’t a flaws in Credit Suisse’s in January and February. describes him as president at Gupta’s valuation, the options represented a been repaid. distraction,” Gottstein said “integrated platform” Revenue at the investment bank rose Liberty Steel Holdings USA, who then potential windfall but are now pre- The remaining $90m is securitised yesterday at a Morgan Stanley strategy, which aims to 50 per cent, with a surge in Asian sold the company in 2017. sumed worthless. against a basket of investment-grade conference. boost earnings by activity. Sterling and VS were subsequently Underlining the active nature of the receivables originated by the supply- The chief cross-selling The bank’s shares were flat in Zurich removed from Greensill’s approved cus- work and reflecting the importance of chain finance group. executive said products yesterday. Stephen Morris, Oliver Ralph tomer list because of their links to insurance to Greensill, Cameron made a The bank warned that “while these the scandal from and Owen Walker Gupta, according to a person familiar visit later that year to the Sydney offices with the matter.

Financial services Telecoms Vanguard ‘pauses’ China licence plans Nokia warns of up to 10,000 job losses

THOMAS HALE — HONG KONG BlackRock and JPMorgan Asset Man- was first reported by the Wall Street RICHARD MILNE half of that coming in 2021. Pekka Lund- the initial rollout of 5G networks as it agement, have expanded their presence Journal, highlights the challenges the NORDIC AND BALTIC CORRESPONDENT mark, Nokia’s new chief executive, has was still digesting its €15.6bn takeover Vanguard has halted plans to obtain a NIC FILDES in the country in recent months. company faces in the Chinese market. stressed that the company will do of Alcatel-Lucent. In recent years it has fund management licence in China just TELECOMS CORRESPONDENT “We greatly appreciated the opportu- Vanguard, which managed about “whatever it takes” to win in the 5G era. struggled financially compared with months after moving its main Asia nity to tender an application for an FMC $7.2tn as of January, is best known for Nokia will cut up to 10,000 jobs as the Yesterday he said: “In those areas Sweden’s Ericsson and China’s Huawei. office to Shanghai, as the US group’s licence and are glad to see China wel- its low-cost and passive investment telecoms equipment maker tries to where we choose to compete, we will Nokia is preparing to update investors low-cost model hit speed bumps in a coming international global asset man- products. regain its competitiveness after losing play to win. We are therefore enhancing on its new strategy under Lundmark at a fast-growing market. agers to participate directly in the retail A person familiar with the Chinese out in the early rounds of 5G networks product quality and cost competitive- capital markets day on Thursday. The second-largest asset manager said funds market servicing Chinese inves- fund industry suggested its practice of to Huawei and Ericsson. ness, and investing in the right skills and Dominik Olszewski, an analyst with yesterday that it was “pausing” its appli- tors,” Vanguard said. It would “focus on not paying third parties commissions The Finnish group yesterday said that it capabilities.” Morgan Stanley, said that with Nokia cation. Vanguard added that it would continuing to grow the advisory busi- for reselling its funds was causing distri- would have 80,000-85,000 employees Nokia has winnowed down its having cut 11,000 jobs in two years, instead focus on its investment advisory ness” and remained “committed to bution issues. “There’s a realisation and within two years, down from 90,000 employee base from a peak of 132,000 some investors had been looking for partnership with Ant Group, the Chi- China . . . in the long term”. a recognition here that they would have currently, as part of a “reset” of its in 2010 when it was still the world’s larg- technology-led growth signs from the nese payments business controlled by In August last year, Vanguard difficulty selling their own fund prod- cost position that would allow it to lift est mobile phone maker, despite consol- company rather than more cost-cutting. Jack Ma. announced it was relocating its main ucts in China,” the person said. research and development investment. idating the telecoms equipment market The Espoo-headquartered group has The move comes after a rush of inter- presence in Asia from Hong Kong to Ignites Asia, a sister publication of the Nokia maintained its financial guid- by rolling up rivals including Alcatel- staked its future on greater R&D invest- est in China’s fast-growing mutual fund Shanghai, saying then that its “future FT, reported that Vanguard would lay ance for this year but warned the job Lucent and divisions of Siemens, ment in its core networking business industry from some of the biggest inves- focus in Asia is on mainland China”. off half of its staff in Shanghai. losses would cost it €600m-€700m in Motorola and Panasonic. while cutting spending in services and tors. Vanguard competitors, including But the latest development, which See Lex restructuring charges up to 2023, with The group was caught flat-footed by consulting. 10 ★ FINANCIAL TIMES Wednesday 17 March 2021 Wednesday 17 March 2021 ★ FINANCIAL TIMES 11 12 ★ FINANCIAL TIMES Wednesday 17 March 2021

COMPANIES & MARKETS

Cross asset. Central banks Equities Americans EM investors braced for with stimulus cash set for Fed move towards rate rise $3bn spree

MADISON DARBYSHIRE Americans are expected to pour billions of dollars into the stock market when stimulus payments begin hitting bank accounts later this week, adding fresh fuel to a retail trading frenzy that has swept Wall Street. Retail investors are likely to buy almost $3bn worth of equities when the payments, part of Joe Biden’s $1.9tn spending package, are transferred in coming days, according to Vanda Research. That would be around $1.5bn more than the typical daily inflow over the previous month. “This would represent by far the larg- est single day of buying from retail ever,” said Eric Liu, head of research at Vanda. Individuals with online brokerage accounts plan to place more than a third of their cheques into equities — a total injection of up to $170bn over time, Deutsche Bank said last month. The coming deluge underscores the increasingly large role retail investors — stuck at home with spare cash and spare time and armed with free trading apps — are playing in the world’s biggest equity market. “There is a group that is seemingly taking this stimulus and is not investing it in the economy,” said Andrew Slim- mon, senior portfolio manager at Mor- gan Stanley Investment Management. ‘People have more time on Any talk of curbs on inflation Emerging market government bonds have sold off this year In a jam: spending during the pandemic has Benchmark JPMorgan indices (rebased) Analysts say already taken public debt above 100 per their hands and less to as US recovers will hit the likes Brazil’s central cent of gross domestic product, accord- spend their money on’ 100 bank will have ing to the IIF, and higher interest rates of Brazil, Turkey and Russia to raise rates, will add to borrowing costs. Steve Sosnick, Interactive Brokers 98 despite the high Similarly, Turkey’s central bank “has JONATHAN WHEATLEY — LONDON Covid-19 death essentially no room for error”, says “They are investing it in the markets.” toll — Andressa Anholete/ Phoenix Kalen, an emerging markets Flows into equities from retail inves- 96 Investors in emerging market assets Foreign currency Bloomberg strategist at Société Générale, and will tors, as well as brokerage account open- always watch the pronouncements of Local currency be forced to raise its policy rate by a full ings, rose sharply when the previous the US Federal Reserve carefully. This 94 percentage point tomorrow to 18 per stimulus hit bank accounts. In March week, the focus is particularly sharp. cent. “We previously expected it to keep 2020, when the first government relief No change in policy is expected from 92 the rate unchanged but now we expect arrived, the amount retail investors the Fed today. But the potential for Jan 2021 Mar 100 basis points, given how unstable spent on stocks jumped by $838m above higher inflation as the US economy financial markets are and how vulnera- the average, and it rose by $381m in Source: Bloomberg springs out of its coronavirus slump has ble Turkey is,” she said. December 2020 when the second wave tripped up the country’s government Russia is not expected to raise its pol- of stimulus passed, Vanda said. bond market, dragging emerging mar- that the rise in yields has gotten ahead of in the first week of March for the first icy rate on Friday, but it is forecast to The Biden administration’s stimulus ket bonds lower too. itself,” said Jonathan Fortun, an econo- time since October, according to the IIF. adopt a more hawkish tone and prepare package is the largest direct relief to Now, any sign that the Fed could even mist at the Institute of International The impact has been strongest in the ground for a rate rise as early as next Americans since the start of the pan- consider bringing forward its distant Finance. “If such a signal is sent, it bond markets. The benchmark JPMor- month. demic. Individuals who earned less than plans to raise interest rates could make would help EM tremendously. If instead gan indices for local currency and for- Some investors expect EM assets to $75,000 in 2019 will receive $1,400 in a challenging year for emerging markets there is a message that rising yields are eign currency EM bonds have both withstand the pressure from rising US direct government stimulus, expected even tougher, and potentially bump EM fine and justified by better US growth, fallen sharply in the past month, bring- rates so long as other conditions remain to reach bank accounts today or tomor- central banks into raising rates too. then things get more tricky.” ing losses this year to about 5 per cent. supportive. Benjamin Melman, chief row. “This week is going to be huge,” said US government bonds have weakened All this puts pressure on emerging investment officer at Edmond de Roth- Robinhood, one of the most popular David Hauner, head of emerging mar- sharply this year, as better news on vac- market central banks. Brazil, for exam- schild Asset Management, said global free trading brokerages, has already kets strategy and economics at Bank of cinations and the promise of huge fiscal ple, has cut its policy interest rate liquidity, pumped up with trillions of sought to tap in to fervour, sending a America. “The Fed’s meeting is one of stimulus from the Biden administration aggressively in recent years. But with dollars from the Fed and other central newsletter to customers this week pro- the most important in a very long time.” have raised hopes of a quick US recov- short-term rates now negative after banks during the pandemic, was more claiming that “the stimulus has landed”. Central bankers in Brazil, Turkey and ery. Bondholders fear fast growth will inflation, the currency is under pressure relevant than the US 10-year bond yield. “The market is at the forefront of con- Russia also meet today, tomorrow and lead to rising inflation, eating into the and long-term yields have risen as “There is no discussion about taper- versation, and people have more time Friday respectively. Coronavirus- fixed income streams bonds provide. investors demand greater returns. ing [that liquidity], he said, “so that will on their hands and less to spend their scarred economies mean they would As bond prices have fallen in the sell- Analysts say Brazil’s central bank will be a tailwind for EM assets.” money on,” said Steve Sosnick, chief prefer to keep their stimulus flowing, off, the yield on 10-year US Treasuries have no choice but to raise rates at its ‘The Fed’s Hauner at BofA said that even if short- strategist at investment platform Inter- Hauner said. But any hawkish tilt from has risen from 0.9 per cent at the end of meeting today even though Covid-19 meeting is term volatility receded, there was little active Brokers. the Fed would likely fire up the dollar 2020 to 1.6 per cent this week, returning death rates remain alarmingly high. prospect of avoiding a rise in US interest Younger investors are driving the and hurt EM currencies, exacerbating to levels last seen before the pandemic. Markets are anticipating a half-point one of the rates beyond 2023 based on current Our global stimulus-backed push into markets. the risk of accelerating inflation. “How That eats into the appeal of higher- rise from the current 2 per cent policy most projections. That puts pressure on the team gives you According to a survey by Deutsche much leeway they have depends on how yielding EM assets, which are also seen rate, with further rises expected to take likes of Brazil to bring their debt under market-moving Bank, two-thirds of investors under the strong the dollar is and on what happens as more risky. After the rise in US rates the Selic rate to 4 per cent before the end important control. “As an emerging market you news and views, age of 34 intended to use some portion in Washington,” he said. quickened in February, investors began of the year. in a very definitely need to get your house in 24 hours a day of their stimulus cheques to buy stocks. “What will really matter for EM is to dump EM assets too, with cross- That threatens to add to the fiscal order by then,” he said. “This is the max- ft.com/markets In over 55s this number dropped to less whether there is a signal [from the Fed] border portfolio flows turning negative pressure on the government, as its long time’ imum time you have.” than a quarter.

Commodities Asset management China hog futures climb sharply as US inflation and ‘taper tantrum’ risks fever and illegal vaccines take toll overtake Covid on investor worry list

HUDSON LOCKETT — HONG KONG has been holding clinical tests for a vac- China’s pork production will only grow JOSHUA OLIVER “They want to communicate that they interest payments on bonds. The US 10- EMIKO TERAZONO — LONDON cine since last year. by 8 to 10 per cent this year, compared are going to be patient but the more year Treasury yield has risen past 1.6 Coronavirus has been displaced for the Wayne Johnson, a veterinarian con- with his previous forecast of 10 to 15 per patient they are, the more people will per cent, up from 0.9 per cent in Janu- Hog futures and piglet prices in China first time since the early days of the sultant at Enable AgTech Consulting in cent, due to the new strains. worry about inflation.” ary, as investors sold the debt. Mean- have jumped as authorities struggle to pandemic as the top risk that keeps Beijing, said the widespread use of Enable AgTech’s Johnson said it would Investors in the BofA poll expect that while, the 10-year break-even rate, a control outbreaks of African swine investors up at night, according to a unapproved vaccines by farmers was take at least two years for China’s hog inflation will rise, at least in the near key measure of inflation expectations, is fever, with new virus strains and illegal new poll of fund managers. vaccines prompting supply fears in the partly to blame for mutations that had herd to climb back to levels seen in term, with an all-time high of a net 93 near its highest level since 2014. world’s biggest pork market. led to new virus strains. Mutations “will 2018, before ASF became endemic to Money managers polled by Bank of per cent of managers in the survey Traders have worried about a repeat happen no matter what, but there's a China. “There are signs that ASF is America now see inflation and an anticipating more rapid price increases of the taper tantrum of 2013 when the Scientists say the new strains, which great deal of frustration because of the changing from deadly disease to a unruly rise in borrowing costs like that in the coming year. A majority now see prospect of the Fed withdrawing stimu- have left commodities traders scram- lack of information”, he said. chronic disease,” he said. seen during the 2013 “taper tantrum” as lus following the global financial crisis bling for information, spread more eas- Justin Sherrard, an analyst at invest- Piglet prices — which have been a the key tail risk that could unsettle glo- ‘We believe 2020 likely prompted a severe sell-off in bonds. ily than the dominant variety. ment bank Rabobank, believes that good predictor of future wholesale pork bal markets. “Previous episodes have demon- They have also raised the risk of a prices since ASF reached China — are The survey of investors with $597bn marked a secular low strated that what starts as a benign cor- more protracted disruption to supply soaring. Since concerns over new virus in assets under management highlights point for inflation and rection could evolve into a tantrum with for the planet’s largest producer and strains that causes ASF began accelerat- investors’ concern that the economic wider consequences. Our modelling of a consumer of the meat. ing in December, prices have risen more recovery from Covid-19, backed by interest rates’ severe market scenario finds a signifi- “Obviously the markets know there’s than 15 per cent to Rmb93.2 ($14.3) per unprecedented stimulus, may unleash a cant impact on growth,” said Innes a problem,” said Darin Friedrichs, an kilogramme. That is higher than an surge of price growth that could be diffi- higher economic growth going hand in McFee, chief global economist at Oxford analyst at commodities broker StoneX average of Rmb20 in the months before cult to tame. hand with higher inflation. Previously, Economics. Group in Shanghai. the epidemic, but below the record of Rising inflation expectations and bets investors had been more optimistic A large share of fund managers in the ASF, which does not affect humans, more than Rmb100 last year. that central banks, particularly the US about a “goldilocks scenario” of lower survey said a 2 per cent yield on 10-year has hit China’s pork production since it Dalian-traded hog futures, which Federal Reserve, may have to tighten inflation paired with strong growth. Treasuries would prompt a correction began spreading in 2018. Beijing has were launched in January and allow policy sooner than planned have trig- “We believe 2020 likely marked a sec- of at least 10 per cent in equity markets. predicted a steady recovery in supplies investors to bet on the future direction gered a widespread sell-off in govern- ular low point for inflation and interest Investors reported the biggest cut in this year after they fell to a two-decade of hog prices, have also risen sharply. ment bond markets — which investors rates,” BofA chief investment strategist 15 years to their exposure to tech stocks, low in 2020, but analysts say new strains Wholesale pork prices in China have worry could get worse. Michael Hartnett said last week. which have suffered during the bond of the virus could threaten this. dropped 8 per cent to Rmb47.46 a kilo- “It’s a Catch-22 for the Fed,” said Jim Expectations of rising inflation have market rout. Bets on tech were still There is no treatment or cure cur- With Beijing struggling to control gramme this year, but analysts attribute Caron, portfolio manager at Morgan sent shockwaves through the bond mar- deemed the “most crowded trade”, fol- rently available for ASF, although China outbreaks, piglet prices have jumped this to a temporary increase in supplies. Stanley Investment Management. ket, since inflation eats away at the lowed by bitcoin and ESG. Wednesday 17 March 2021 ★ FINANCIAL TIMES 13

COMPANIES & MARKETS

The day in the markets Bottom-up beats top-down for What you need to know today’s investor 3 Wall St stocks fluctuate as Treasury Wall Street’s stock volatility subsides auction attracts strong demand Cboe Vix volatility index 3 US equity volatility index falls to 12- month low, in return to long-run average 3 Oil slips from one-year peaks reached 80 Mohamed El-Erian earlier this month Technology stocks gave up some early Markets Insight gains and US government bonds steadied 60 yesterday, as investors digested a large influx of new Treasury supply with ease. Investors have been paying keen healthy pause that not in itself shed much light on the argue this could force an unwinding of attention to US Treasury auctions 40 refreshes or a warning sign recent market volatility. If anything, market positions for which the Fed has following a poor sale late last month that of a much more consequen- high, durable growth is needed to vali- no good policy response. prompted hectic price moves. But long- A tial dip down the road? This date elevated asset prices. The underly- Fortunately for markets as a whole, dated Treasuries pared back earlier is the question on investors’ ing driver of this year’s uncomfortable such worries have been tempered for losses in afternoon trading in New York 20 minds as markets recover from an early- market action is concern that the bene- now by stabilising inflows into bond following a $24bn auction of 20-year year dip in which portfolios lost money ficial effects of such an economic regime markets from abroad because US rates bonds that saw strong demand. The debt on both stocks and government bonds change would break the dominant fac- are more attractive than the debt of was offloaded at a yield of 2.29 per cent. that are usually seen as “risk-free”. tor that has ruled markets for a while — many big markets and because inves- The yield on the 30-year bond was only 0 The answer is unusually complex, ample and predictable liquidity. tors are seeking to match future liabili- 0.01 percentage points higher for the day, involving uncertainties over the “top- One of two things would need to mate- ties with predictable interest income. 2016 17 18 19 20 21 at 2.37 per cent, having previously traded down” view of central bank policy and rialise for this concern to become real- Still, it is hard to make confident pre- above 2.39 per cent. The 10-year note market psychology. Fortunately, there is ity. First, that the Fed starts walking dictions on current top-down factors Source: Refinitiv rallied, sending the yield 0.01 percentage greater clarity on “bottom-up” factors back from its extremely stimulative pol- driving markets as they are not deter- points lower to 1.59 per cent. that drive the selection of investments. icies. Yet, while not impossible, top Fed mined by fundamentals, history or mar- Traders were also keeping a close equity at Eaton Vance, said tech stocks UK’s FTSE 100 gained 0.8 per cent. In a volatile start for 2021, the previ- officials are yet to show any inclination ket maths. One needs to predict the watch on the Federal Reserve policy were likely to continue doing well, In commodities, palladium rose more ously high-flying Nasdaq lost more than mindset of Fed officials who currently gathering. Brian O’Reilly, head of market following the congressional approval of than 4 per cent to $2,507 an ounce, its 10 per cent between February 12 and seem stuck in an “active inertia” mode strategy at Mediolanum Asset President Joe Biden’s $1.9tn stimulus highest since February last year. The leap March 8 before bouncing back sharply. It is likely US price — that is, recognising that conditions are Management, said the meeting would be package last week. in price comes after the Russian miner In the process, it underperformed the growth will exceed the changing yet continuing on the same the central focus for investors this week. The Vix — an index that tracks Norilsk Nickel cut its forecast for output Dow Jones Industrial Average by 12 per- path. Additionally, the psychology of “There’s a delicate balancing act between expected volatility in US equities — fell to following flooding at two of its mines. centage points. The prices of govern- current consensus of markets is changing due to technology the recovering US economy and rising a 12-month low, returning to its long-run Oil slipped, bringing it down modestly ment bonds — which move in the oppo- market expectations and the greater involvement of retail inflation,” he added. “But we don’t expect average of about 20. “Volatility is from one-year peaks reached earlier this site direction to those of stocks — also investors. a significant policy change.” continuing to come down,” Dyer said. month. The US marker West Texas fell, adding to investors’ woes. Despite this, I believe it is still possible The S&P 500 was flat in afternoon “This could be an indication of greater Intermediate fell 1 per cent to $64.72 a For many, these moves were due to to contemplate this, let alone embark on for investors to build higher confidence trading, while the tech-heavy Nasdaq confidence, but also complacency.” barrel, while the international benchmark changing US economic prospects. These it. This is not because they are blind to in their portfolios using careful bot- Composite rose 0.4 per cent, having In Europe, the region-wide Stoxx 600 Brent dropped 0.9 per cent to $68.24 a were highlighted by stronger-than- the improving economy and massive tom-up selection on individual securi- climbed more than 1 per cent in the closed up 0.9 per cent and Germany’s barrel. Colby Smith, Leke Oso Alabi and expected data for jobs, personal income fiscal stimulus. It is because they are ties. These securities should be screened morning. Chris Dyer, director of global Xetra Dax added 0.7 per cent. The Henry Sanderson and manufacturing activity — all before worried that a tightening of financial for robustness in four areas: strength of the economy feels the impact of a $1.9tn conditions would destabilise markets balance sheets, positioning in the faster fiscal package involving fast cash dis- and undermine the recovery. growing parts of the global landscape, a Markets update bursements to Americans. No wonder Second, that due to changing market presence in sectors that are not vulnera- the OECD revised up its 2021 growth conditions, even if the Fed were to main- ble to lasting Covid-19 disruptions and projection to 6.5 per cent, an unusual tain its current policy approach, the solid management teams. intra-year rise of 3.3 percentage points. impact on markets goes from being ben- While such a portfolio would not be US Eurozone Japan UK China Brazil Inflation projections are also rising. It eficial to problematic. On several occa- immune from liquidity-related volatil- Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa is likely US price growth will exceed the sions this year, guidance that monetary ity, it would provide investors more pro- Level 3973.16 1642.61 29921.09 6803.61 3446.73 113948.98 current consensus of market expecta- policy will remain extremely loose has tection should this year’s uncomforta- % change on day 0.11 0.79 0.52 0.80 0.78 -0.79 tions and the Federal Reserve’s central tended to push yields on longer-term ble moments turn out to be a harbinger Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ target as the supply of goods and serv- government bonds up rather than down. of something nastier down the road. Level 91.755 1.190 109.020 1.389 6.501 5.579 ices struggles to keep up with soaring Influential voices in markets worry % change on day -0.085 -0.168 -0.096 0.216 -0.038 -1.280 private and public demand. There is that the combination of such ultra-loose Mohamed El-Erian is president of Queens’ Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond already evidence of supply bottlenecks. fiscal and monetary policies will unan- College, Cambridge university, and adviser Yield 1.608 -0.336 0.094 0.783 3.260 8.345 Yet this economic improvement does chor inflationary expectations. They to Allianz and Gramercy Basis point change on day -0.080 -0.200 -1.040 -1.400 -1.000 -5.300 World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX) Level 448.29 68.36 64.76 1723.65 26.10 3876.20 % change on day 0.38 -0.64 -0.77 1.11 2.45 0.95 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 4000 1680 6880

1640 6720 3840 1600 6560 1560

| | |||||||||||||||||| 3680 | | |||||||||||||||||| 1520 | | |||||||||||||||||| 6400 Jan 2021 Mar Jan 2021 Mar Jan 2021 Mar Biggest movers %USEurozone UK Applied Materials 4.78 Volkswagen 11.55 British Land 4.60 Fox 4.69 Hugo Boss 7.22 Rolls-royce Holdings 4.11 Micron Technology 4.56 Porsche 4.91 Land Securities 4.02 Ups Fox 4.36 Iliad 4.49 Astrazeneca 3.64 Western Digital 3.60 Continental 3.52 Ocado 3.55 % Nov -8.59 Thyssenkrupp -3.66 Just Eat Takeaway.com N.v. -2.15 Halliburton -5.01 Carlsberg -2.33 Royal Dutch Shell -1.84 Marathon Oil -4.48 Oci -2.18 Royal Dutch Shell -1.74

Downs Baker Hughes -4.46 Saipem -2.02 Crh -1.63 Freeport-mcmoran -4.03 Galp Energia -1.88 Bp -1.55 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

Fox Corp rallied after a SEC filing An upgrade in its growth target lifted Just Group jumped after the specialist revealed that chairman Rupert Murdoch Zalando. The online fashion retailer said financial services company reported pre- had bought 500,000 class-A shares in the it aimed to capture more than 10 per cent tax operating profit of £239m for 2020, media group last Friday at $42.75 a share. of the €450bn European fashion market up 9 per cent year on year and “well China’s US-listed Pinduoduo climbed over the long term. It was also looking to ahead” of consensus forecasts of £197m, on news that the ARK Next Generation grow gross merchandise volume — a said Barrie Cornes, an analyst at Panmure Internet exchange traded fund had measure of total spending through the Research. Organic capital generation was bought 196,517 shares in the agriculture- network — to more than €30bn by 2025, also positive for the first time last year. focused tech platform. The investment about three times the €10.7bn of GMV hit “We have achieved our goal of capital vehicles run by fund manager Cathie during 2020. self-sufficiency over a year earlier than Wood has attracted much attention of “Zalando’s strong positioning became originally planned,” said David late because of the success of her ETFs evident over the course of 2020, and we Richardson, group chief executive. — the Next Generation Internet fund believe the platform will continue to take Despite Just’s board opting not to soared more than 150 per cent in 2020. market share, particularly as brands step restart dividend payments, owing to the Bioceres Crop Solutions rocketed to an up their digital efforts,” said RBC Europe uncertainty surrounding the pandemic, all-time high after announcing a deal to analyst Sherri Malek, giving the German Panmure raised its target price for the buy a 6 per cent stake in Moolec Science, group an “outperform” recommendation. group to £1.39 a share from £1.26 as the an alternative protein company aimed at Germany’s Varta bolted higher on news broker rolled “forward our valuation amid producing animal-free food solutions. it would be producing battery cells for the easing of wider macro concerns”. The Argentina-based group said the electromobility, particularly for vehicles in Shopping centre owner value of the global market for alternative the premium segment. These would be Hammerson rallied on news it had proteins reached $14.95bn in 2019 and is trialled on a pilot line by the end of this submitted plans to redevelop a former expected to grow considerably over the year. “The development of the new Debenhams store in Leicester into new next four years. lithium-ion cells is going extremely well,” homes for rent. On completion, the Health food group Whole Earth Brands said Herbert Schein, chief executive. “The scheme would provide more than 300 rallied after forecasting net product results exceed our expectations.” residencies, said the group, which posted revenues of $493m-$505m for this year, Tryg climbed after Citi upgraded the its biggest ever loss last week. which was above estimates. “Despite Danish insurer to “buy”, and praised its Unite Group, the student housing certain Covid-19 headwinds that acquisition of RSA Scandinavia. “This provider, climbed after forecasting an impacted our Flavors & Ingredients deal nicely diversifies Tryg’s pan-Nordic occupancy rate of between 95 per cent segment, the business continues to platform through an attractive Swedish and 98 per cent for the forthcoming produce strong operating income driven asset at a fair price,” said Citi. Tryg paid academic year. Its board reinstated its by its diverse end-markets,” said Albert £4.2bn for RSA’s Swedish and Norwegian dividends with a payout of 12.75p Manzone, chief executive. Ray Douglas businesses last year. Ray Douglas scheduled for May. Ray Douglas 14 ★ FINANCIAL TIMES Wednesday 17 March 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 $ -0.33% -0.168% -0.096% -0.465% -1.35% 0.11% 0.92% 0.80% 0.79% 0.52% 0.67% 0.38% 0.216% 1.11% Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison AMERICAS EUROPE ASIA Feb 17 - - Index All World Feb 17 - Mar 16 Index All World Feb 17 - Mar 16 Index All World Feb 17 - Mar 16 Index All World Feb 17 - Mar 16 Index All World Feb 17 - Mar 16 Index All World S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul 3,973.16 18,927.14 6,803.61 14,557.58 3,934.83 6,756.11 29,921.09 3,147.00 18,460.21 14,109.48 29,520.07 3,067.17

Day 0.11% Month 1.02% Year 66.49% Day -0.15% Month 2.32% Year 53.09% Day 0.80% Month 0.79% Year 32.06% Day 0.66% Month 0.83% Year NaN% Day 0.52% Month -0.47% Year 71.78% Day 0.70% Month -2.54% Year 73.15%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore 3,105.51 14,095.47 47,855.28 1,642.61 8,657.70 13,583.21 1,615.64 30,173.57 44,202.52 8,203.50 29,027.69 2,931.52

Day 0.92% Month -3.32% Year 96.69% Day 0.18% Month 7.10% Year 25.70% Day 0.79% Month 1.75% Year 47.37% Day 0.26% Month 6.18% Year 41.76% Day 0.67% Month -3.82% Year 20.75% Day -0.02% Month 5.87% Year 17.82%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai 32,843.41 6,055.43 24,261.12 119,428.72 51,544.30 5,786.25 23,604.31 3,532.45 31,458.40 113,948.98 3,446.73 50,363.96

Day -0.33% Month 4.17% Year 62.65% Day -0.79% Month -4.65% Year 60.01% Day 0.32% Month 4.65% Year 56.01% Day 0.50% Month 3.54% Year 62.01% Day 0.78% Month -5.70% Year 19.37% Day -0.06% Month -3.43% Year 47.68%

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 49984.72 50458.83 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 26423.25 26269.19 Philippines Manila Comp 6559.08 6552.46 Taiwan Weighted Pr 16313.16 16249.33 Cross-Border DJ Global Titans ($) 457.46 454.28 Australia All Ordinaries 7079.00 7019.10 Czech Republic PX 1078.08 1081.51 FTSE Italia Mid Cap 42862.89 42434.83 Poland Wig 59020.88 59528.38 Thailand Bangkok SET 1564.03 1565.73 Euro Stoxx 50 (Eur) 3851.13 3829.84 S&P/ASX 200 6827.10 6773.00 Denmark OMXC Copenahgen 20 1466.29 1448.14 FTSE MIB 24261.12 24139.45 Portugal PSI 20 4835.17 4817.73 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 1184.32 1179.33 S&P/ASX 200 Res 5245.10 5290.60 Egypt EGX 30 11190.80 11222.33 Japan 2nd Section 7521.54 7486.54 PSI General 3592.37 3568.20 UAE Abu Dhabi General Index 5749.07 5707.82 FTSE 4Good Global ($) 9687.24 9619.68 Austria ATX 3176.99 3165.02 Estonia OMX Tallinn 1485.66 1489.79 Nikkei 225 29921.09 29766.97 Romania BET Index 10844.45 10783.89 UK FT 30 2720.20 2688.70 FTSE All World ($) 448.29 446.61 Belgium BEL 20 3859.99 3861.96 Finland OMX Helsinki General 11579.65 11566.46 S&P Topix 150 1670.34 1659.99 Russia Micex Index 3589.83 3584.49 FTSE 100 6803.61 6749.70 FTSE E300 1642.61 1629.74 BEL Mid 8881.20 8858.37 France CAC 40 6055.43 6035.97 Topix 1981.50 1968.73 RTX 1552.81 1543.99 FTSE 4Good UK 6403.85 6345.02 FTSE Eurotop 100 3090.05 3066.82 Brazil IBovespa 113948.98 114850.74 SBF 120 4771.78 4754.33 Jordan Amman SE 1719.70 1738.47 Saudi-Arabia TADAWUL All Share Index 9660.27 9645.74 FTSE All Share 3879.81 3846.97 FTSE Global 100 ($) 2569.93 2549.81 Canada S&P/TSX 60 1127.00 1128.08 Germany M-DAX 32098.29 31813.59 Kenya NSE 20 1923.04 1923.04 Singapore FTSE Straits Times 3105.51 3106.00 FTSE techMARK 100 6581.09 6529.89 FTSE Gold Min ($) 2155.99 2112.75 S&P/TSX Comp 18927.14 18954.75 TecDAX 3386.27 3348.50 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 367.78 367.78 USA DJ Composite 10869.59 10923.90 FTSE Latibex Top (Eur) 4440.00 4432.20 S&P/TSX Div Met & Min 826.65 837.03 XETRA Dax 14557.58 14461.42 Latvia OMX Riga 1119.31 1120.30 Slovenia SBI TOP -- DJ Industrial 32843.41 32953.46 FTSE Multinationals ($) 2816.45 2802.16 Chile S&P/CLX IGPA Gen 24636.01 24723.50 Greece Athens Gen 860.26 849.81 Lithuania OMX Vilnius 856.66 858.70 South Africa FTSE/JSE All Share 67289.37 67566.42 DJ Transport 14080.88 14242.67 FTSE World ($) 796.35 793.57 China FTSE A200 13655.24 13524.14 FTSE/ASE 20 2072.52 2045.11 Luxembourg LuxX 1462.11 1438.27 FTSE/JSE Res 20 68759.24 68995.05 DJ Utilities 857.69 856.77 FTSEurofirst 100 (Eur) 4266.96 4240.76 FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 29027.69 28833.76 Malaysia FTSE Bursa KLCI 1622.17 1620.92 FTSE/JSE Top 40 61623.63 61921.05 Nasdaq 100 13254.29 13082.54 FTSEurofirst 80 (Eur) 5257.29 5231.44 Shanghai A3612.77 3584.66 HS China Enterprise 11329.43 11144.08 Mexico IPC 47855.28 47769.87 South Korea Kospi 3067.17 3045.71 Nasdaq Cmp 13583.21 13459.71 MSCI ACWI Fr ($) 676.99 674.47 Shanghai B245.53 244.82 HSCC Red Chip 4158.19 4103.63 Morocco MASI 11417.87 11415.05 Kospi 200 417.31 414.18 NYSE Comp 15685.04 15775.50 MSCI All World ($) 2821.85 2807.21 Shanghai Comp 3446.73 3419.95 Hungary Bux 44268.77 43711.84 Netherlands AEX 683.65 678.80 Spain IBEX 35 8657.70 8635.40 S&P 500 3973.16 3968.94 MSCI Europe (Eur) 1703.17 1703.71 Shenzhen A2298.25 2273.54 India BSE Sensex 50363.96 50395.08 AEX All Share 981.43 974.37 Sri Lanka CSE All Share 7119.70 7160.41 Wilshire 5000 42190.58 42198.01 MSCI Pacific ($) 3207.50 3190.72 Shenzhen B1110.42 1110.66 Nifty 500 12512.70 12510.15 New Zealand NZX 50 12689.05 12592.26 Sweden OMX Stockholm 30 2180.14 2161.83 Venezuela IBC 2668313.50 2645283.75 S&P Euro (Eur) 1778.19 1767.55 Colombia COLCAP 1356.98 1353.68 Indonesia Jakarta Comp 6309.70 6324.26 Nigeria SE All Share 38561.84 38648.48 OMX Stockholm AS 870.93 862.23 Vietnam VNI 1179.90 1184.56 S&P Europe 350 (Eur) 1699.89 1686.34 Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 8079.89 8068.44 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10944.48 10867.33 S&P Global 1200 ($) 3135.44 3127.81 Israel Tel Aviv 125 1660.65 1659.77 Pakistan KSE 100 44857.06 44766.59 Stoxx 50 (Eur) 3288.37 3261.61 (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 Mar 16 %Chg %Chg Mar 16 %Chg %Chg Mar 16 %Chg %Chg Mar 16 %Chg %Chg ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners Apple 69.5 126.23 2.24 Astrazeneca 278.1 7232.00 254.00 Volkswagen Ag Vzo O.n. 774.0 207.85 13.07 Rakuten .1205.9 1508.00 -37.00 Flutter Entertainment 16770.00 12.9 - Hammerson 41.70 29.6 - Menzies(john) 299.50 24.8 - Index - Technology Hardware & Equipment 1987.57 6.3 -4.2 Boeing 36.0 258.63 -7.00 Rio Tinto 215.3 5610.00 13.00 Asml Holding 384.6 463.40 9.45 Softbank .1204.9 10620.00 250.00 Kingfisher 310.00 8.4 - Cmc Markets 433.50 17.0 - Volution 376.00 22.5 35.8 Electricity 8482.59 6.1 -4.5 Amazon.com 35.3 3101.83 20.15 Bp 158.3 311.25 -4.90 Daimler Ag Na O.n. 317.3 71.26 1.18 Mitsubishi Ufj Fin,. 528.5 614.50 -4.60 Rolls-royce Holdings 122.85 7.9 - Tullow Oil 59.44 14.4 - Dignity 607.00 17.4 - Industrial Transportation 3580.76 5.0 24.8 Facebook 27.0 280.76 7.01 Anglo American 146.7 3008.00 11.00 Total 316.5 40.76 -0.53 Fast Retailing Co., 471.7 95190.00 -200.00 Next 7978.00 6.2 - Gamesys 1628.00 12.9 - Photo-me Int 64.00 16.2 - Mobile Telecommunications 3065.97 4.8 10.8 Microsoft 26.2 239.57 4.76 Unilever 137.4 4014.00 41.00 Intesa Sanpaolo 305.6 2.29 0.03 Toyota Motor 471.3 8269.00 -71.00 Sse 1414.50 5.9 - Drax 419.00 12.3 - Georgia Capital 566.00 15.0 - Fixed Line Telecommunication 1713.73 4.5 6.6 Nvidia 17.1 535.93 8.28 Glaxosmithkline 114.9 1291.00 25.00 Unicredit 295.6 9.31 0.19 Sumitomo Mitsui Fin,. 444.2 4084.00 -54.00 Burberry 2091.00 5.7 - Watches Of Switzerland 688.00 12.1 - Kin And Carta 169.50 14.5 17.7 General Retailers 2689.90 4.4 6.4 Advanced Micro Devices 16.7 84.16 1.66 Bhp 113.7 2124.50 -10.00 Volkswagen Ag St O.n. 255.3 266.60 27.60 Sony 443.0 11585.00 185.00 Scottish Mortgage Investment Trust 1177.00 5.4 - Cineworld 115.55 10.5 - Tullow Oil 59.44 14.4 - Aerospace & Defense 3773.11 3.9 4.7 Alphabet 15.5 2095.46 41.02 Glencore 106.8 286.50 1.40 Royal Dutch Shella 251.3 17.98 -0.25 Tokyo Electron 339.7 42200.00 640.00 Vodafone 134.52 5.4 - Avon Rubber 3135.00 10.4 - Foxtons 66.60 12.9 27.1 Travel & Leisure 9612.48 3.6 18.8 Micron Technology 14.6 92.90 4.05 Barclays 103.9 183.02 2.74 Bnp Paribas Act.a 239.8 51.19 -0.64 Takeda Pharmaceutical 329.1 4150.00 48.00 Sainsbury (j) 242.60 5.1 - Allianz Technology Trust 2880.00 10.1 - Fisher (james) & Sons 1270.00 11.4 - Tobacco 28244.48 3.3 -2.0 Alphabet 13.0 2106.34 39.85 Hsbc Holdings 96.1 422.80 -1.20 Ing Groep N.v. 233.3 10.10 0.05 Softbank 265.7 1492.00 24.50 Spirax-sarco Eng 11575.00 5.0 - Royal Mail 519.00 9.6 - Ncc 293.50 11.4 - Real Estate Investment Trusts 2850.60 3.3 4.0 Just Eat Takeaway.com N.v. 7182.00 4.9 - Edinburgh Worldwide Investment Trust 362.00 9.5 -2.1 Pphe Hotel 1640.00 11.2 19.7 Food & Drug Retailers 4295.18 3.2 -0.6 BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's Bt 143.20 4.6 - Kainos 1378.00 9.4 - Lsl Property Services 290.00 9.4 2.5 Health Care Equip.& Services 6249.28 3.1 -4.6 price change chng% price change chng% price change chng% price change chng% Ups Ups Ups Ups Losers Losers Losers Losers Applied Materials 120.37 5.49 4.78 Hammerson 41.70 4.90 13.32 Volkswagen Ag St O.n. 266.60 27.60 11.55 Ebara 4505.00 265.00 6.25 Hsbc Holdings 422.80 -5.5 - Petrofac 98.72 -25.2 - Amigo Holdings 11.90 -14.4 - Oil Equipment & Services 5218.39 -11.2 -6.8 Fox 41.98 1.88 4.69 Cineworld 115.55 8.55 7.99 Hugo Boss Ag Na O.n. 36.23 2.44 7.22 Cyberagent,. 7020.00 300.00 4.46 London Stock Exchange 7512.00 -4.3 - Provident Fin 191.00 -24.9 - Rps 85.00 -10.9 17.1 Banks 2854.57 -2.2 14.1 Micron Technology 92.90 4.05 4.56 Just 99.90 4.95 5.21 Volkswagen Ag Vzo O.n. 207.85 13.07 6.71 Kawasaki Kisen Kaisha, 2500.00 105.00 4.38 Evraz 561.80 -3.7 - Playtech 414.60 -19.4 - Galliford Try Holdings 130.00 -9.1 - Oil & Gas Producers 5350.56 -1.6 18.3 Fox 44.56 1.86 4.36 Serco 137.40 6.70 5.13 Porsche Autom.hldg Vzo 82.50 3.86 4.91 Nippon Yusen Kabushiki Kaisha 3775.00 130.00 3.57 Rio Tinto 5610.00 -3.6 - Ibstock 218.80 -9.3 4.9 Discoverie 640.00 -8.6 - Chemicals 14300.29 -1.5 5.0 Western Digital 71.07 2.47 3.60 Capital & Counties Properties 181.60 8.20 4.73 Iliad 160.65 6.90 4.49 Mitsui O.s.k.lines, 3910.00 130.00 3.44 Bhp 2124.50 -3.4 - Wood (john) 301.10 -8.9 - Studio Retail 266.50 -7.1 - Mining 24113.81 -1.3 11.0 Johnson Matthey 3120.00 -3.1 - Helios Towers 152.80 -8.8 - Premier Oil 30.06 -7.1 - Nonlife Insurance 3183.73 -1.0 -2.8 Downs Downs Downs Downs Informa 571.40 -2.8 - 4imprint 2470.00 -8.0 - Riverstone Energy 288.75 -6.3 -4.8 Construction & Materials 7503.22 -0.9 9.0 Nov 15.48 -1.46 -8.59 Petrofac 98.72 -10.68 -9.76 Thyssenkrupp Ag O.n. 11.19 -0.43 -3.66 Thb Japan Steel Works, 2561.00 -102.00 -3.83 Standard Life Aberdeen 288.40 -2.6 - Energean 871.80 -7.4 20.4 Aberdeen Standard Eur Logistics ome 106.00 -6.2 -1.9 Automobiles & Parts 4788.89 -0.5 4.1 Halliburton 22.77 -1.20 -5.01 4imprint 2470.00 -220.00 -8.18 Carlsberg B A/s 132.19 -3.16 -2.33 Shionogi & Co., 5908.00 -180.00 -2.96 Melrose Industries 182.00 -2.1 - Cairn Energy 180.10 -6.6 - Kkv Secured Loan Fund 35.40 -5.6 -0.7 Media 8221.43 0.0 3.0 Marathon Oil 11.51 -0.54 -4.48 Wood (john) 301.10 -16.10 -5.08 Oci 18.37 -0.41 -2.18 Ricoh ,1198.00 -32.00 -2.60 Natwest 185.70 -2.0 - Rhi Magnesita N.v. 3956.00 -5.7 9.5 Bmo Real Estate Investments 72.20 -5.5 22.4 Industrial Metals 5944.79 0.3 19.7 Baker Hughes 23.14 -1.08 -4.46 Wizz Air Holdings 5300.00 -205.00 -3.72 Saipem 2.38 -0.05 -2.02 Mitsui Chemicals,. 3625.00 -90.00 -2.42 Royal Dutch Shell 1459.00 -1.9 - Diversified Gas & Oil 112.20 -5.6 - Saga 377.00 -5.4 - General Financial 11937.61 0.4 -1.5 Freeport-mcmoran 35.47 -1.49 -4.03 Energean 871.80 -31.80 -3.52 Galp Energia-nom 10.43 -0.20 -1.88 Rakuten .1508.00 -37.00 -2.39 Royal Dutch Shell 1523.40 -1.8 - Hg Capital Trust 318.00 -5.5 - Metro Bank 120.00 -5.3 -9.1 General Industrials 6708.71 0.4 1.2 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 Mar 16 Currency Mid Change Mid Change Mid Change Mar 16 Currency Mid Change Mid Change Mid Change Mar 16 Currency Mid Change Mid Change Mid Change Mar 16 Currency Mid Change Mid Change Mid Change Argentina Argentine Peso 91.1355 0.0720 108.4017 -0.1144 126.6140 0.3719 Indonesia Indonesian Rupiah 14410.0000 5.0000 17140.0756 -25.7151 20019.7395 49.9338 Poland Polish Zloty 3.8622 0.0103 4.5939 0.0038 5.3657 0.0258 ..Three Month 0.7198 -0.0015 0.8560 -0.0034 -- Australia Australian Dollar 1.2906 -0.0030 1.5351 -0.0064 1.7930 -0.0003 Israel Israeli Shekel 3.2947 -0.0156 3.9188 -0.0259 4.5772 -0.0119 Romania Romanian Leu 4.1079 0.0083 4.8862 0.0009 5.7071 0.0238 ..One Year 0.7200 -0.0015 0.8556 -0.0034 -- Bahrain Bahrainin Dinar 0.3771 -0.4485 -0.0008 0.5238 0.0011 Japan Japanese Yen 109.0200 -0.1050 129.6746 -0.3646 151.4608 0.1799 Russia Russian Ruble 72.7500 -0.2913 86.5330 -0.5069 101.0711 -0.1866 United States United States Dollar --1.1895 -0.0022 1.3893 0.0030 Bolivia Bolivian Boliviano 6.9100 -8.2191 -0.0152 9.6000 0.0206 ..One Month 109.0200 -0.1051 129.6746 -0.3645 151.4608 0.1798 Saudi Arabia Saudi Riyal 3.7504 -0.0001 4.4609 -0.0084 5.2104 0.0110 ..One Month --1.1894 -0.1969 1.3893 0.0030 Brazil Brazilian Real 5.5787 -0.0724 6.6357 -0.0985 7.7505 -0.0836 ..Three Month 109.0199 -0.1052 129.6747 -0.3644 151.4608 0.1797 Singapore Singapore Dollar 1.3456 -0.0007 1.6005 -0.0038 1.8694 0.0030 ..Three Month --1.1892 -0.1969 1.3893 0.0030 Canada Canadian Dollar 1.2450 -0.0039 1.4809 -0.0074 1.7297 -0.0017 ..One Year 109.0195 -0.1061 129.6750 -0.3637 151.4608 0.1793 South Africa South African Rand 14.8663 -0.0700 17.6828 -0.1161 20.6536 -0.0527 ..One Year --1.1885 -0.1969 1.3895 0.0030 Chile Chilean Peso 725.5550 3.3750 863.0163 2.4278 1008.0093 6.8448 Kenya Kenyan Shilling 109.7000 0.0500 130.4834 -0.1814 152.4056 0.3968 South Korea South Korean Won 1129.6500 -6.7500 1343.6697 -10.5256 1569.4162 -5.9853 Venezuela Venezuelan Bolivar Fuerte ------China Chinese Yuan 6.5005 -0.0025 7.7321 -0.0173 9.0311 0.0159 Kuwait Kuwaiti Dinar 0.3019 -0.0002 0.3591 -0.0009 0.4194 0.0006 Sweden Swedish Krona 8.5205 -0.0118 10.1348 -0.0328 11.8375 0.0091 Vietnam Vietnamese Dong 23083.0000 1.0000 27456.2348 -49.5415 32069.1668 70.2931 Colombia Colombian Peso 3556.8500 -22.3900 4230.7198 -34.4947 4941.5123 -20.4198 Malaysia Malaysian Ringgit 4.1140 0.0005 4.8934 -0.0084 5.7156 0.0130 Switzerland Swiss Franc 0.9261 -0.0023 1.1015 -0.0048 1.2866 -0.0004 European Union Euro 0.8407 0.0015 --1.1680 0.0047 Costa Rica Costa Rican Colon 609.3300 -0.3900 724.7717 -1.8035 846.5386 1.2784 Mexico Mexican Peso 20.5880 -0.1590 24.4885 -0.2347 28.6028 -0.1590 Taiwan New Taiwan Dollar 28.2640 0.0310 33.6188 -0.0252 39.2670 0.1274 ..One Month 0.8406 0.0016 --1.1680 0.0047 Czech Republic Czech Koruna 21.9640 -0.0022 26.1252 -0.0509 30.5144 0.0625 New Zealand New Zealand Dollar 1.3906 -0.0017 1.6541 -0.0051 1.9320 0.0017 Thailand Thai Baht 30.7650 0.0350 36.5936 -0.0259 42.7416 0.1404 ..Three Month 0.8405 0.0015 --1.1679 0.0047 Denmark Danish Krone 6.2516 0.0113 7.4360 -0.0003 8.6853 0.0343 Nigeria Nigerian Naira 409.7400 -0.7600 487.3680 -1.8059 569.2494 0.1696 Tunisia Tunisian Dinar 2.7656 0.0119 3.2896 0.0080 3.8422 0.0247 ..One Year 0.8397 0.0015 --1.1674 0.0047 Egypt Egyptian Pound 15.6892 0.0014 18.6616 -0.0327 21.7969 0.0488 Norway Norwegian Krone 8.4809 -0.0107 10.0876 -0.0314 11.7824 0.0104 Turkey Turkish Lira 7.5045 -0.0430 8.9263 -0.0677 10.4260 -0.0372 Hong Kong Hong Kong Dollar 7.7654 -0.0005 9.2366 -0.0176 10.7884 0.0226 Pakistan Pakistani Rupee 156.4900 -0.3600 186.1381 -0.7728 217.4106 -0.0319 United Arab Emirates UAE Dirham 3.6732 -4.3691 -0.0081 5.1031 0.0110 Hungary Hungarian Forint 309.0084 0.8391 367.5521 0.3210 429.3036 2.0857 Peru Peruvian Nuevo Sol 3.7066 -0.0156 4.4088 -0.0267 5.1496 -0.0105 United Kingdom Pound Sterling 0.7198 -0.0016 0.8562 -0.0034 -- India Indian Rupee 72.5575 0.0837 86.3040 -0.0596 100.8037 0.3327 Philippines Philippine Peso 48.6425 0.1025 57.8581 0.0153 67.5787 0.2873 ..One Month 0.7198 -0.0015 0.8561 -0.0034 -- 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 Mar 16 Mar 15 Mar 12 Mar 11 Mar 10 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 2720.20 2688.70 2688.20 2667.30 2661.60 0.00 3314.70 1337.80 Oil & Gas Producers 23.21 General Retailers 5.15 Equity Invest Instr -0.41 FTSE 100 Price Change FTSE 100 Price Change Mar 16 chge% Index Mar 15 Mar 12 ago yield% Cover ratio adj Return FT 30 Div Yield -----0.00 3.93 2.74 Oil & Gas 22.89 FTSE 250 Index 4.97 Gas Water & Multi -1.14 3I Group PLC 1210 34.50 Land Securities Group PLC 705.80 27.30 FTSE 100 (100) 6803.61 0.80 6190.50 6749.70 6761.47 5294.90 3.07 1.35 24.15 54.05 6555.48 P/E Ratio net -----0.00 19.44 14.26 Industrial Transport 22.75 FTSE All{HY-}Share Index 4.83 Electronic & Elec Eq -1.27 Admiral Group PLC 2965 53.00 Legal & General Group PLC 291.30 4.30 FTSE 250 (250) 21764.49 1.13 19803.16 21522.35 21506.47 13924.88 1.88 1.63 32.78 51.67 17318.53 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Industrial Metals &20.00 NON FINANCIALS Index 4.72 Financial Services -1.70 Anglo American PLC 3008 11.00 Lloyds Banking Group PLC 41.48 0.38 FTSE 250 ex Inv Co (183) 22632.40 1.18 20592.86 22368.55 22373.54 14211.36 1.75 1.03 55.67 42.06 18359.72 FT 30 hourly changes Travel & Leisure 16.87 Oil Equipment & Serv 4.70 Consumer Goods -2.20 Antofagasta PLC 1716 -20.50 London Stock Exchange Group PLC 7512 -48.00 FTSE 350 (350) 3900.25 0.86 3548.78 3867.06 3872.05 2934.94 2.85 1.38 25.38 27.01 7481.57 8910 11 12 13 14 15 16 High Low Banks 14.51 FTSE 100 Index 4.66 Food & Drug Retailer -2.71 Ashtead Group PLC 4300 63.00 M&G PLC 223.20 4.10 FTSE 350 ex Investment Trusts (281) 3804.42 0.85 3461.58 3772.42 3778.53 2887.05 2.90 1.19 29.09 27.09 3766.81 2688.7 2707.7 2705.6 2666.2 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Life Insurance 13.83 Industrial Eng 4.10 Utilities -2.76 Associated British Foods PLC 2494 38.00 Melrose Industries PLC 182.00 3.80 FTSE 350 Higher Yield (145) 3154.13 0.46 2869.89 3139.59 3161.57 2448.89 3.95 1.11 22.79 30.78 6673.01 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Mining 12.91 Beverages 4.09 Real Est Invest & Se -2.84 Astrazeneca PLC 7232 254.00 Mondi PLC 1843.5 10.50 FTSE 350 Lower Yield (205) 4382.28 1.26 3987.36 4327.68 4308.05 3208.92 1.73 2.02 28.67 17.76 5207.08 Basic Materials 12.41 Industrials 3.86 Nonlife Insurance -2.97 Auto Trader Group PLC 576.00 13.00 Morrison (Wm) Supermarkets PLC 178.20 4.70 FTSE SmallCap (249) 6807.35 0.73 6193.90 6758.27 6726.48 3943.94 2.17 -0.37 -124.96 28.43 10872.63 FX: EFFECTIVE INDICES Construct & Material 11.74 Automobiles & Parts 3.27 Tech Hardware & Eq -3.45 Avast PLC 462.00 3.00 National Grid PLC 850.40 5.60 FTSE SmallCap ex Inv Co (134) 5673.22 0.67 5161.97 5635.66 5603.90 3014.57 1.52 -1.08 -60.84 14.48 9457.46 Mobile Telecomms 9.52 Support Services 2.99 Tobacco -3.64 Aveva Group PLC 3434 50.00 Natwest Group PLC 185.70 -2.75 FTSE All-Share (599) 3879.81 0.85 3530.18 3846.97 3851.15 2894.45 2.83 1.34 26.44 26.50 7517.49 Mar 15 Mar 12 Mnth Ago Mar 16 Mar 15 Mnth Ago FTSE SmallCap Index 8.22 Media 2.56 Health Care -5.15 Aviva PLC 393.70 2.60 Next PLC 7978 194.00 FTSE All-Share ex Inv Co (415) 3746.80 0.84 3409.15 3715.42 3720.92 2825.20 2.87 1.16 29.93 26.34 3767.48 Consumer Services 7.81 Fixed Line Telecomms 2.30 Pharmace & Biotech -5.15 B&M European Value Retail S.A. 540.60 7.00 Ocado Group PLC 2189 75.00 FTSE All-Share ex Multinationals (530) 1264.89 1.24 953.89 1249.43 1248.79 850.86 2.20 1.57 28.91 3.48 2542.26 Australia ---Sweden --- Telecommunications 7.52 Software & Comp Serv 2.23 Health Care Eq & Srv -5.23 Bae Systems PLC 503.20 -4.00 Pearson PLC 813.20 11.00 FTSE Fledgling (86) 11689.13 0.49 10635.75 11632.42 11606.78 6630.53 2.04 2.20 22.34 33.54 24140.92 Canada ---Switzerland --- Food Producers 7.35 Aerospace & Defense 1.69 Electricity -7.27 Barclays PLC 183.02 2.74 Pennon Group PLC 982.20 21.40 FTSE Fledgling ex Inv Co (40) 15115.53 0.38 13753.38 15058.93 15061.31 7128.57 1.62 6.97 8.86 32.15 30460.20 Denmark ---UK 81.60 81.71 80.35 Chemicals 5.43 Real Est Invest & Tr 1.64 Personal Goods -8.01 Barratt Developments PLC 770.00 21.40 Pershing Square Holdings LTD 2640 20.00 FTSE All-Small (335) 4726.06 0.71 4300.17 4692.59 4671.16 2735.22 2.16 -0.24 -195.35 19.40 9683.53 Japan ---USA --- Financials 5.15 Technology 1.63 Leisure Goods -11.25 Berkeley Group Holdings (The) PLC 4456 109.00 Persimmon PLC 3016 65.00 FTSE All-Small ex Inv Co (174) 4247.60 0.65 3864.82 4219.96 4197.14 2246.12 1.52 -0.75 -88.08 10.76 8969.24 New Zealand ---Euro --- Household Goods & Ho 0.59 Oil & Gas Producers -40.36 Bhp Group PLC 2124.5 -10.00 Phoenix Group Holdings PLC 730.00 8.40 FTSE AIM All-Share (717) 1206.97 0.64 1098.21 1199.34 1191.46 625.74 0.71 0.16 879.24 1.57 1387.95 Norway --- BP PLC 311.25 -4.90 Polymetal International PLC 1509.5 9.50 FTSE 100 (100) 6803.61 0.80 6190.50 6749.70 6761.47 5294.90 3.07 1.35 24.15 54.05 6555.48 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2690 16.50 Prudential PLC 1560.5 15.50 FTSE Sector Indices Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 532.00 23.40 Reckitt Benckiser Group PLC 6332 90.00 Oil & Gas (12) 5556.29 -1.76 5055.58 5656.12 5778.38 4134.87 4.17 -1.95 -12.32 49.13 6310.56 Bt Group PLC 143.20 4.60 Relx PLC 1741 6.50 Oil & Gas Producers (9) 5389.94 -1.71 4904.22 5483.91 5601.91 4010.81 4.23 -1.93 -12.25 48.35 6348.62 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2276 34.00 Rentokil Initial PLC 485.40 10.40 Oil Equipment Services & Distribution (3) 5414.47 -5.18 4926.54 5710.56 5871.96 4048.66 0.21 -23.91 -20.10 0.00 4667.60 Burberry Group PLC 2091 -21.00 Rightmove PLC 573.40 13.80 Basic Materials (23) 7953.50 0.24 7236.76 7934.15 8061.80 4347.62 3.60 2.56 10.86 149.95 9726.98 Mar 15 No of US $Day Mth YTD Total YTD Gr Div Mar 15 No of US $Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2380 7.00 Rio Tinto PLC 5610 13.00 Chemicals (8) 15900.83 0.88 14467.91 15762.31 15875.77 10489.80 1.58 1.86 34.03 31.52 15316.87 Regions & countries stocks indices %%%retn %Yield Sectors stocks indices %%%retn %Yield Compass Group PLC 1595.5 -11.50 Rolls-Royce Holdings PLC 122.85 4.85 Industrial Metals & Mining (4) 6403.49 1.36 5826.43 6317.29 6402.17 2640.16 3.96 2.49 10.12 113.45 8772.20 FTSE Global All Cap 8930 767.77 0.4 -0.8 5.5 1186.97 5.8 1.8 Oil Equipment & Services 26 224.49 0.1 0.1 18.6 384.86 19.8 5.0 Crh PLC 3379 -56.00 Royal Dutch Shell PLC 1459 -27.40 Mining (11) 23086.88 0.13 21006.39 23056.62 23451.91 12280.21 3.80 2.59 10.15 478.22 14932.93 FTSE Global All Cap 8952 740.29 0.0 2.8 1.7 1141.62 1.8 1.8 Basic Materials 352 653.14 -0.3 -0.3 7.1 1118.13 7.9 2.7 Croda International PLC 6298 114.00 Royal Dutch Shell PLC 1523.4 -27.00 Chemicals 163 911.49 -0.3 -0.3 4.7 1536.47 4.9 2.2 Industrials (96) 6285.12 1.08 5718.73 6217.87 6215.21 4120.12 1.49 1.29 51.98 4.92 6998.14 FTSE Global Large Cap 1725 677.64 0.3 -1.6 4.0 1079.24 4.4 1.8 Dcc PLC 6040 36.00 Rsa Insurance Group PLC 678.40 0.20 Construction & Materials (16) 7950.10 -0.87 7233.67 8019.51 8093.33 4669.88 1.69 -0.04-1379.24 0.28 9185.12 FTSE Global Mid Cap 2226 994.85 0.7 1.5 8.5 1446.54 8.8 1.7 Forestry & Paper 20 341.51 -1.5 -1.5 8.0 651.17 8.2 2.5 Diageo PLC 3052.5 43.00 Sage Group PLC 596.20 8.40 Aerospace & Defense (9) 3997.81 1.15 3637.54 3952.31 3880.64 3634.79 2.48 0.55 73.44 1.94 4667.64 FTSE Global Small Cap 4979 1113.11 0.7 0.8 10.6 1554.92 10.8 1.4 Industrial Metals & Mining 92 531.05 -0.1 -0.1 13.3 922.86 14.7 2.9 Entain PLC 1522 26.00 Sainsbury (J) PLC 242.60 6.90 General Industrials (9) 5397.23 1.44 4910.85 5320.45 5364.54 3473.42 1.96 1.08 47.30 0.00 6760.88 FTSE All-World 3951 446.61 0.3 -1.0 4.9 730.81 5.2 1.8 Mining 77 946.50 -0.4 -0.4 7.5 1667.54 9.1 3.3 Evraz PLC 561.80 7.20 Schroders PLC 3472 91.00 Electronic & Electrical Equipment (8) 11776.28 1.47 10715.05 11605.65 11624.01 8432.94 0.86 2.10 55.11 4.63 11318.29 FTSE World 2563 793.57 0.4 -0.4 4.9 1743.32 5.2 1.8 Industrials 737 558.05 0.3 0.3 6.5 861.88 6.8 1.5 Experian PLC 2501 70.00 Scottish Mortgage Investment Trust PLC 1177 19.00 Industrial Engineering (9) 16764.49 0.84 15253.74 16624.99 16887.38 10888.90 1.15 2.51 34.50 0.00 21918.63 FTSE Global All Cap ex UNITED KINGDOM In 8643 811.74 0.4 -0.9 5.5 1232.13 5.7 1.7 Construction & Materials 142 656.41 -0.1 -0.1 6.6 1062.95 6.7 1.7 Ferguson PLC 9066 36.00 Segro PLC 928.80 16.40 Industrial Transportation (7) 5474.68 2.07 4981.32 5363.72 5330.27 2323.40 0.30 1.63 201.88 1.73 5563.38 FTSE Global All Cap ex USA 7190 587.90 -0.1 -2.5 4.3 991.97 4.6 2.2 Aerospace & Defense 36 796.95 0.5 0.5 8.7 1212.54 9.0 1.9 Flutter Entertainment PLC 16770 -105.00 Severn Trent PLC 2298 52.00 Support Services (38) 9939.96 1.42 9044.21 9800.73 9758.67 6200.02 1.21 2.10 39.25 16.08 11067.69 FTSE Global All Cap ex JAPAN 7538 793.88 0.4 -0.7 5.7 1239.06 6.0 1.7 General Industrials 71 275.28 1.0 1.0 8.8 468.10 9.5 2.0 Fresnillo PLC 966.80 15.00 Smith & Nephew PLC 1405 9.50 FTSE Global All Cap ex Eurozone 8294 809.22 0.4 -0.9 5.6 1225.44 5.9 1.7 Electronic & Electrical Equipment 139 694.39 0.2 0.2 3.8 971.23 3.9 1.2 Consumer Goods (41) 18268.51 1.13 16622.23 18064.55 17942.77 15786.10 3.84 1.41 18.51 123.53 15634.99 Glaxosmithkline PLC 1291 25.00 Smith (Ds) PLC 401.10 0.90 FTSE Developed 2132 726.04 0.5 -0.3 4.9 1132.12 5.3 1.8 Industrial Engineering 145 1139.10 0.2 0.2 11.1 1750.62 11.3 1.3 Automobiles & Parts (2) 4813.43 -0.22 4379.66 4824.20 4785.71 2479.97 0.74 -14.18 -9.50 35.65 4960.83 Glencore PLC 286.50 1.40 Smiths Group PLC 1558 34.00 FTSE Developed All Cap 5594 766.60 0.5 -0.1 5.6 1178.35 5.9 1.7 Industrial Transportation 122 956.10 -0.3 -0.3 4.3 1487.03 4.6 1.5 Beverages (6) 24107.37 1.27 21934.91 23804.39 23722.32 18219.41 2.36 0.74 57.01 199.86 18683.86 Halma PLC 2322 33.00 Smurfit Kappa Group PLC 3388 70.00 FTSE Developed Large Cap 831 674.06 0.4 -0.8 4.0 1069.81 4.3 1.8 Support Services 82 670.56 0.6 0.6 4.3 975.92 4.4 1.0 Food Producers (10) 7807.31 1.21 7103.75 7713.64 7648.67 5771.70 1.22 3.54 23.12 0.00 7261.78 Hargreaves Lansdown PLC 1549.5 39.50 Spirax-Sarco Engineering PLC 11575 140.00 FTSE Developed Europe Large Cap 225 405.35 -0.2 -0.9 3.2 761.26 3.7 2.4 Consumer Goods 532 615.84 0.5 0.5 0.8 997.24 1.0 2.0 Household Goods & Home Construction (13)15212.71 1.78 13841.80 14946.43 14844.85 11696.34 2.70 1.80 20.59 78.71 12323.80 Hikma Pharmaceuticals PLC 2244 19.00 Sse PLC 1414.5 24.00 FTSE Developed Europe Mid Cap 343 729.14 -0.3 -0.6 4.4 1194.08 4.5 1.9 Automobiles & Parts 130 654.60 0.8 0.8 6.9 1030.45 6.9 1.2 Leisure Goods (2) 25919.88 2.59 23584.08 25265.23 24953.65 11398.85 1.73 1.60 36.13 0.00 27243.76 HSBC Holdings PLC 422.80 -1.20 St. James's Place PLC 1276 32.50 FTSE Dev Europe Small Cap 684 1020.81 0.0 -0.4 5.9 1610.53 6.0 1.6 Beverages 67 703.33 0.1 0.1 -4.8 1152.07 -4.4 2.4 Personal Goods (6) 30065.83 0.88 27356.42 29804.66 29657.75 28885.84 3.36 1.39 21.41 256.58 22724.44 Imperial Brands PLC 1428 7.50 Standard Chartered PLC 491.30 -1.30 FTSE North America Large Cap 224 867.44 0.6 -0.1 4.4 1270.60 4.8 1.6 Food Producers 132 707.84 0.4 0.4 -1.4 1168.38 -1.2 2.3 Tobacco (2) 28244.53 0.60 25699.24 28075.75 27733.83 28074.78 8.15 1.43 8.56 170.67 23332.39 Informa PLC 571.40 8.00 Standard Life Aberdeen PLC 288.40 4.80 FTSE North America Mid Cap 410 1172.59 1.1 2.8 10.6 1583.93 10.9 1.5 Household Goods & Home Construction 61 573.11 0.6 0.6 -0.5 923.68 -0.1 2.4 Health Care (15) 11038.71 2.63 10043.95 10755.90 10705.43 10791.70 3.73 0.98 27.27 171.87 9760.19 Intercontinental Hotels Group PLC 5218 40.00 Taylor Wimpey PLC 184.70 2.90 FTSE North America Small Cap 1284 1299.74 1.0 1.8 13.6 1691.59 13.8 1.2 Leisure Goods 44 329.84 0.1 0.1 -0.1 455.53 0.0 1.0 Health Care Equipment & Services (6) 6386.23 0.95 5810.73 6325.90 6308.42 5454.75 1.90 1.99 26.51 7.73 5891.00 Intermediate Capital Group PLC 1929 27.00 Tesco PLC 226.30 4.00 FTSE North America 634 572.06 0.7 0.5 5.7 856.23 6.0 1.5 Personal Goods 84 1040.03 0.2 0.2 -1.3 1555.01 -1.1 1.4 Pharmaceuticals & Biotechnology (9) 15406.15 2.82 14017.81 14983.67 14910.09 15272.23 3.94 0.93 27.35 264.52 12260.12 International Consolidated Airlines Group S.A. 215.60 -2.00 Unilever PLC 4014 41.00 FTSE Developed ex North America 1498 303.04 0.0 -1.7 3.4 550.99 3.8 2.2 Tobacco 14 960.92 0.8 0.8 5.8 2449.10 6.0 6.4 Intertek Group PLC 5470 128.00 United Utilities Group PLC 911.40 18.20 Consumer Services (78) 5532.71 0.63 5034.12 5497.83 5445.68 3469.18 1.12 1.01 88.99 0.03 5660.91 FTSE Japan Large Cap 178 463.17 0.6 -3.7 2.2 650.80 2.2 1.9 Health Care 309 678.24 0.6 0.6 -1.2 1049.71 -0.7 1.8 Food & Drug Retailers (5) 4461.85 2.57 4059.77 4350.08 4359.39 3886.87 3.31 1.25 24.16 0.00 5678.81 Jd Sports Fashion PLC 855.40 19.20 Vodafone Group PLC 134.52 1.46 FTSE Japan Mid Cap 335 693.71 1.1 -0.2 7.6 924.63 7.7 1.8 Health Care Equipment & Services 113 1382.56 0.5 0.5 -0.6 1668.97 -0.5 0.8 General Retailers (25) 2546.95 0.83 2317.43 2525.90 2508.79 1448.15 0.37 5.39 50.41 0.00 3186.82 Johnson Matthey PLC 3120 -6.00 Whitbread PLC 3487 24.00 FTSE Global wi JAPAN Small Cap 879 733.56 1.3 -0.9 2.8 1013.17 3.0 1.9 Pharmaceuticals & Biotechnology 196 438.01 0.6 0.6 -1.5 721.94 -0.9 2.4 Media (13) 8426.15 0.92 7666.82 8349.37 8359.54 6199.90 1.52 2.57 25.58 0.18 5679.11 Just Eat Takeaway.Com N.V. 7182 -158.00 Wpp PLC 914.00 9.20 FTSE Japan 513 193.04 0.7 -3.1 3.2 303.64 3.2 1.9 Consumer Services 441 712.87 0.5 0.5 3.3 1000.46 3.5 0.9 Travel & Leisure (35) 9486.97 -0.24 8632.04 9509.63 9310.48 4661.26 0.54 -3.65 -50.41 0.00 9736.46 Kingfisher PLC 310.00 1.70 FTSE Asia Pacific Large Cap ex Japan 922 913.43 -0.6 -6.4 4.4 1586.12 4.7 2.0 Food & Drug Retailers 70 312.89 0.7 0.7 4.7 477.43 5.3 2.5 Telecommunications (5) 1967.24 1.61 1789.96 1936.15 1929.33 1589.31 4.38 0.91 25.03 0.00 2721.07 FTSE Asia Pacific Mid Cap ex Japan 893 1078.96 -0.1 -1.1 5.1 1799.69 5.3 2.4 General Retailers 148 1260.20 0.1 0.1 -0.5 1699.25 -0.3 0.6 Fixed Line Telecommunications (2) 1776.60 3.13 1616.50 1722.70 1706.76 1502.61 0.27 39.71 9.29 0.00 1949.44 FTSE Asia Pacific Small Cap ex Japan 1837 677.95 -0.1 -2.2 4.3 1104.98 4.6 2.2 Media 84 508.08 0.4 0.4 8.3 717.23 8.4 0.7 UK STOCK MARKET TRADING DATA Mobile Telecommunications (3) 3061.33 1.08 2785.45 3028.53 3023.82 2427.88 5.82 0.28 61.58 0.00 3848.38 FTSE Asia Pacific Ex Japan 1815 713.86 -0.5 -5.9 4.5 1316.91 4.8 2.0 Travel & Leisure 139 549.02 1.9 1.9 10.2 787.89 10.4 1.4 Utilities (8) 7075.12 1.40 6437.54 6977.48 6924.67 7200.11 5.07 1.54 12.83 30.41 9929.83 FTSE Emerging All Cap 3336 931.45 -0.5 -5.9 4.7 1535.16 4.9 2.0 Telecommunication 89 160.39 0.3 0.3 4.2 351.69 4.8 4.0 Mar 16 Mar 15 Mar 12 Mar 11 Mar 10 Yr Ago Electricity (3) 8463.33 1.84 7700.65 8310.68 8195.95 7489.83 5.52 0.93 19.52 128.41 15743.55 FTSE Emerging Large Cap 894 896.34 -0.7 -7.1 4.5 1486.75 4.7 2.0 Fixed Line Telecommuniations 38 119.22 0.7 0.7 2.5 294.63 3.6 5.1 ------Gas Water & Multiutilities (5) 6336.83 1.25 5765.78 6258.55 6224.44 6736.18 4.92 1.77 11.48 3.68 8768.63 FTSE Emerging Mid Cap 925 1097.27 0.0 -0.5 4.8 1808.05 5.0 2.6 Mobile Telecommunications 51 195.42 -0.2 -0.2 6.1 373.16 6.2 2.8 Order Book Turnover (m) 134.06 48.56 48.56 48.56 52.63 225.58 Financials (305) 4711.76 1.02 4287.16 4663.97 4678.47 3525.99 2.36 2.69 15.74 29.49 4949.24 FTSE Emerging Small Cap 1517 906.81 -0.2 -1.1 6.4 1432.81 6.6 2.3 Utilities 190 315.94 0.9 0.9 -1.5 698.38 -0.8 3.3 Order Book Bargains 1092051.00 876680.00 876680.00 876680.00 1096651.00 1135701.00 Banks (11) 2815.23 0.25 2561.53 2808.20 2826.37 2620.24 1.60 5.11 12.22 40.68 2353.95 FTSE Emerging Europe 76 405.74 1.3 3.3 9.5 770.68 9.7 4.6 Electricity 130 357.52 0.9 0.9 -1.0 780.00 -0.2 3.4 Order Book Shares Traded (m) 1719.00 1565.00 1565.00 1565.00 1628.00 1704.00 Nonlife Insurance (7) 3644.40 1.09 3315.98 3605.23 3634.17 2870.86 3.02 1.73 19.21 0.00 7228.09 FTSE Latin America All Cap 244 769.03 -0.4 -4.9 -6.4 1326.76 -5.8 2.5 Gas Water & Multiutilities 60 312.30 0.8 0.8 -2.6 710.76 -2.1 3.2 Total Equity Turnover (£m) 5820.58 4666.50 4666.50 4666.50 5665.71 4916.29 Life Insurance/Assurance (6) 8412.46 1.10 7654.36 8320.91 8338.97 4782.94 3.20 2.15 14.53 0.00 9563.50 FTSE Middle East and Africa All Cap 321 709.60 0.2 -0.3 8.7 1232.16 9.2 2.8 Financials 866 278.44 -0.1 -0.1 10.3 507.87 10.8 2.5 Total Mkt Bargains 1399976.00 1151736.00 1151736.00 1151736.00 1375705.00 1436081.00 Real Estate Investment & Services (17) 2469.30 2.25 2246.78 2414.97 2426.87 2015.20 1.08 2.76 33.61 2.71 7122.64 FTSE Global wi UNITED KINGDOM All Cap In 287 337.28 -0.4 0.0 6.4 649.19 7.2 2.9 Banks 271 214.11 -0.2 -0.2 16.1 429.21 16.7 2.8 Total Shares Traded (m) 15065.00 12826.00 12826.00 12826.00 11766.00 13036.00 Real Estate Investment Trusts (40) 2559.45 2.66 2328.80 2493.25 2497.33 2028.85 2.59 -2.49 -15.52 12.98 3661.87 FTSE Global wi USA All Cap 1740 999.73 0.7 0.5 6.4 1412.88 6.7 1.4 Nonlife Insurance 74 320.71 -0.6 -0.6 7.2 505.55 7.5 2.6 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable. General Financial (40) 10162.46 1.34 9246.66 10028.07 10116.19 7104.33 3.20 1.58 19.77 31.38 13197.95 FTSE Europe All Cap 1403 489.10 -0.2 -0.7 3.8 882.32 4.2 2.2 Life Insurance 53 258.88 0.7 0.7 11.4 466.16 11.7 3.0 (c) Market closed. Equity Investment Instruments (184) 13034.17 0.98 11859.58 12907.28 12850.55 8311.24 2.18 4.55 10.08 52.75 7835.24 FTSE Eurozone All Cap 636 482.61 -0.2 -0.2 4.1 865.63 4.3 1.9 Financial Services 209 451.08 -0.3 -0.3 7.4 665.95 7.7 1.5 Non Financials (294) 4623.85 0.79 4207.16 4587.45 4589.16 3445.20 2.99 0.96 34.87 32.52 7877.79 FTSE EDHEC-Risk Efficient All-World 3951 503.76 0.6 1.2 6.7 761.69 7.0 2.0 Technology 308 538.94 0.7 0.7 3.6 692.32 3.7 0.8 Technology (16) 2108.81 1.52 1918.77 2077.29 2073.23 1509.74 1.97 0.89 56.59 15.18 2964.61 FTSE EDHEC-Risk Efficient Developed Europe 568 386.54 -0.1 -0.7 3.5 645.97 3.7 1.9 Software & Computer Services 166 879.24 0.2 0.2 4.6 1053.76 4.7 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed Software & Computer Services (13) 2276.05 1.62 2070.95 2239.85 2234.15 1642.01 2.06 0.76 63.91 18.17 3388.26 Oil & Gas 127 314.03 -0.9 10.0 21.7 592.25 22.7 4.0 Technology Hardware & Equipment 142 436.43 1.4 1.4 2.3 598.66 2.5 1.2 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor Technology Hardware & Equipment (3) 4915.11 0.63 4472.18 4884.43 4901.06 3162.60 1.20 3.00 27.74 0.00 6101.31 Oil & Gas Producers 90 301.21 -1.1 12.0 24.7 580.43 25.8 3.9 Alternative Energy 11 230.77 -1.0 -1.0 -14.1 327.99 -14.1 0.7 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be Real Estate Investment & Services 162 369.85 0.5 0.5 3.1 683.05 3.2 2.6 liable for any loss arising from the reliance on or use of the listed information. Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 97 476.16 1.0 1.0 4.7 1054.74 5.2 3.5 For all queries e-mail [email protected] FTSE 100 6776.62 6784.05 6781.77 6784.35 6811.64 6795.55 6789.68 6780.38 6795.06 6812.56 6773.83 FTSE Global Large Cap 1725 659.57 0.0 0.0 1.3 1047.63 1.3 1.9 FTSE 250 21590.98 21691.54 21711.13 21738.29 21784.87 21782.53 21769.81 21751.86 21752.70 21798.06 21590.98 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ Data provided by Morningstar | www.morningstar.co.uk FTSE SmallCap 6761.37 6779.77 6790.44 6799.87 6805.99 6805.75 6800.82 6797.41 6802.61 6807.35 6761.37 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 All-Share 3861.31 3868.18 3867.97 3870.17 3884.04 3876.72 3873.59 3868.76 3875.50 3884.46 3860.89 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. ™ Time of FTSE 100 Day's high:12:01:00 Day's Low08:03:30 FTSE 100 2010/11 High: 6873.26(08/01/2021) Low: 6407.46(29/01/2021) 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 Time of FTSE All-Share Day's high:12:01:00 Day's Low08:04:00 FTSE 100 2010/11 High: 3880.43(08/01/2021) Low: 3641.93(29/01/2021) 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. 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 4imprint Group Pre 560.040 860.844 3.843 53.993 0.110 1.524 0.00000 0.00000 - 0.000 26.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m) price up date High Low Stock Price p+or- Allianz Technology Trust Pre 491.522 123.853 1267.880 359.580 0.00000 0.00000 - 0.000 0.000 03/12 175.00 AIM AMTE Amte Power PLC 274.00 5.50 290.00 175.00 9498.5 There are currently no rights offers by any companies listed on the LSE. Antofagasta Pre 5129.300 4964.500 1413.100 1349.200 0.513 0.509 48.50000 7.10000 May 14 54.400 18.100 03/08 88.00 AIM TEAM Team PLC 90.00 0.00 91.90 84.00 1490.3 Bakkavor Group Pre 1793.500 1885.900 44.200 43.800 5.900 6.400 0.00000 0.00000 - 0.000 2.000 03/02 197.00 AIM VINO Virgin Wines UK PLC 227.50 -2.50 236.65 200.00 12703.0 Close Brothers Group Int 508.600 450.600 127.000 124.100 63.200 63.000 18.00000 0.00000 Apr 28 57.780 44.000 02/26 5.00 CBX Cellular Goods PLC 11.30 -0.36 30.00 8.55 5703.7 Computacenter Pre 5441.258 5052.779 206.571 140.958 136.200 90.300 0.00000 0.00000 - 12.300 10.100 02/23 600.00 ATG Auction Technology Group PLC 820.00 44.00 839.00 734.63 82000.0 Greggs Pre 811.300 1167.900 13.700L 108.300 12.900L 86.200 0.00000 0.00000 - 0.000 11.900 02/17 118.00 AIM 4BB 4basebio UK Societas 365.00 20.00 744.00 175.00 4495.9 Just Group Pre 4013.500 3162.000 236.700 368.600 16.060 28.370 0.00000 0.00000 - 0.000 0.000 02/16 100.00 CORD Cordiant Digital Infrastructure Ltd 99.10 0.20 101.00 97.40 36667.0 Polypipe Group Pre 398.600 447.600 23.800 60.100 8.500 24.900 4.80000 0.00000 May 26 4.800 4.000 02/16 7.00 AIM CUSN Cornish Metals Inc 8.63 -0.34 13.00 7.70 2304.1 Sabre Insurance Group Pre 167.878 178.743 49.122 56.479 15.980 18.350 0.00000 8.10000 - 4.300 12.800 02/09 1.48 MXC MGC Pharmaceuticals Ltd 4.00 -0.18 9.30 2.00 9068.0 Smithson Investment Trust Pre - 497.884 - 396.990 - 0.00000 --0.000 - TI Fluid Systems Pre 2814.500 3411.100 253.800L 201.700 0.489L 0.272 0.00000 6.08700 - 6.500 9.200 UNITE Group Pre 215.600 156.200 120.100L 101.200L 31.800L 31.500L 12.75000 0.00000 May 21 12.750 10.250 Wood Group (John) Pre 7564.300 9890.400 148.600L 148.700 0.341L 0.107 0.00000 0.00000 - 0.000 11.900

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. Wednesday 17 March 2021 ★ FINANCIAL TIMES 15

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 29.90 -0.03 34.06 26.08 7.48 18.43 213240.44 Lowes 176.34 2.14 180.67 60.00 1.37 23.12 129208.35 ANZ 28.56 0.16 29.55 14.10 3.65 23.70 62971.16 Nokia 3.62 0.00 4.95 2.12 -25.82 24464.59 AstellasPh 1829.5 2.50 1982 0.00 2.41 22.82 31243.24 AtlasCpcoB 426.70 0.10 438.00 223.20 1.59 34.05 19541.86 AutomData♦ 188.64 -0.45 190.50 103.11 1.97 32.17 80724.5 Lyondell 105.91 -1.72 110.97 33.71 4.26 27.76 35387.48 BHPBilltn 46.84 -1.04 50.93 25.69 4.37 20.56 106916.85 SampoA 37.07 -0.25 40.37 21.34 4.29 16.12 24434.31 Bridgestne 4391 -14.00 4498 2861.5 3.29 35.48 28745.63 Ericsson 117.15 1.40 117.65 63.06 1.31 26.38 42242.95 Avago Tech 481.60 10.83 495.14 155.67 2.90 70.81 196638.4 Marathon Ptl 56.40 -1.46 59.93 15.26 4.33 -3.43 36731.9 CmwBkAu♦ 87.18 0.78 89.20 53.44 3.46 24.07 119842.96 France (€) Canon♦ 2378.5 4.00 2517.5 0.00 5.60 36.29 29098.85 H & M223.40 3.60 229.50 98.13 2.23 121.76 38297.53 BakerHu 22.08 0.09 31.26 20.09 3.24 -1.40 11412.93 Marsh&M 118.76 -0.10 120.97 74.34 1.66 27.77 60352.24 CSL 261.81 5.96 332.68 242.00 1.12 38.97 92327.34 Airbus Grpe 101.78 1.78 103.98 48.12 --12.02 94931.38 CntJpRwy 17795 390.00 19165 0.00 0.84 -32.01 33624.75 Investor 685.00 7.60 686.20 375.10 1.94 6.50 36618.35 BankAm♦ 37.44 -0.32 38.18 17.95 2.07 17.25 322961.2 MasterCard 379.92 -1.84 389.50 199.99 0.55 58.68 374277.02 NatAusBk 26.25 0.11 27.10 13.20 4.28 23.93 67093.07 AirLiquide 135.50 2.05 144.45 94.86 2.12 26.76 76346.4 Denso 7373 11.00 7416 0.00 2.04-213.42 53288.55 Nordea Bk 83.05 -0.03 83.93 48.16 -13.81 39475.21 Baxter♦ 78.22 -0.45 95.19 69.10 1.24 36.13 39509.23 McDonald's 218.15 -2.31 231.91 124.23 2.46 30.99 162646.56 Telstra♦■ 3.12 0.02 3.57 2.66 3.24 20.69 28752.52 AXA 22.61 -0.15 23.01 11.84 3.43 18.39 65043.44 EastJpRwy 8492 231.00 8881 0.00 1.67 -8.59 29438.65 SEB 105.60 -0.25 107.30 59.80 -13.65 26894.44 BectonDick♦ 239.45 -1.31 284.97 197.75 1.36 45.39 69574.59 McKesson♦ 186.54 -2.33 189.72 112.60 0.90 -6.88 29691.09 Wesfarmers 50.71 0.63 56.40 29.75 3.01 35.42 44551.67 BNP Parib 51.19 -0.64 53.66 24.51 -8.74 76098.1 Fanuc 27180 60.00 29700 0.00 0.76 67.30 50341.61 SvnskaHn 97.42 -0.02 99.28 71.70 -12.08 22235.8 BerkshHat 380653.88-5746.13 407750 239440 -16.07 243841.54 Medtronic 118.62 -0.53 120.53 72.13 2.03 42.30 159908.4 Westpc 24.73 0.15 25.30 13.47 3.22 39.06 70297.85 ChristianDior 509.50 7.00 511.50 252.40 1.00 47.51 109392.64 FastRetail 95190 -200.00 110500 0.00 0.55 99.63 92617.42 Swedbank 160.54 -0.20 165.90 99.14 -13.72 21328.82 Biogen 261.60 1.47 363.92 223.25 -10.38 39851.03 Merck♦ 76.63 0.40 87.80 65.25 3.42 15.74 193885.44 Woolworths 39.69 0.39 42.05 33.82 2.59 43.09 38914.79 Cred Agr 12.12 -0.05 12.65 5.70 -8.38 42030.27 Fuji Hvy Ind 2186 -5.50 2683.5 1671.5 2.75 13.57 15423.03 Telia Co 36.82 0.25 39.16 30.75 5.78 47.99 17672.69 BkNYMeln 46.24 -0.45 46.90 26.40 2.88 9.48 40550.23 Metlife 59.34 -1.20 62.05 22.85 3.26 8.99 52480.25 Belgium (€) Danone 59.72 -0.08 65.68 46.03 -19.33 48774.29 Hitachi 5389 -15.00 5414 0.00 1.99 14.22 47843.83 Volvo 237.40 1.60 240.80 95.00 -28.13 44246.27 BlackRock♦ 721.20 2.19 788.00 323.98 2.11 22.30 110078.77 Microsoft 239.57 4.76 245.92 132.52 0.89 35.131806888.63 HondaMtr 3337 17.00 3348 0.00 2.86 20.99 55446.12 Boeing 258.63 -7.00 278.57 89.00 0.81 -12.19 150780.48 Mnstr Bvrg 89.69 0.38 95.11 50.06 -37.60 47368.61 AnBshInBv 52.17 -0.12 59.51 29.03 2.50 -37.17 105072.36 EDF 11.10 0.06 13.58 5.98 1.43 19.73 40928.2 Switzerland (SFr) JapanTob 2056 22.00 2234 0.00 8.32 11.33 37717.84 Booking Holdings 2417.57 -21.93 2450.26 1107.29 -67.76 99028.01 MondelezInt 57.80 0.57 60.00 41.19 2.11 23.02 81613.16 KBC Grp 61.38 1.02 64.02 33.44 1.73 15.51 30422.39 Engie SA 12.11 -0.05 13.87 8.63 --25.35 35078.62 ABB 28.64 0.24 29.04 14.11 2.90 125.13 67054.45 KDDI 3564 54.00 3582 2604 3.61 11.60 75326.51 BrisMySq 61.61 0.22 67.16 45.76 3.04 -15.19 138035.67 Monsanto ------Brazil (R$) EssilorLuxottica 136.90 -2.50 142.80 86.76 - -4298.06 71488.22 CredSuisse 11.92 -0.04 13.50 6.18 1.26 7.19 31507.11 Keyence 49760 270.00 59310 28905 0.43 61.56 111007.29 CapOne 129.37 -3.23 134.70 38.00 1.08 58.44 59411.46 MorganStly 82.33 -1.53 85.08 27.20 1.83 12.94 149169.29 Ambev 15.04 -0.26 16.91 10.36 3.47 25.83 42420.93 Hermes Intl 975.00 12.00 1018 516.00 0.50 86.96 122430.98 Nestle 101.16 0.80 112.62 83.37 2.93 19.71 314715.14 MitsbCp 3205 -14.00 3239 0.00 4.52 13.49 43677.71 CardinalHlth 57.70 -0.30 59.46 39.05 3.42 12.21 16944.62 MylanNV 15.86 0.31 23.11 12.75 -29.73 8586.21 Bradesco 21.70 -0.65 25.15 14.05 1.23 6.59 17251.5 LOreal 323.40 1.90 324.80 196.00 1.24 48.79 215366.09 Novartis 79.58 1.13 89.34 65.09 3.60 24.02 212006.58 MitsubEst 1927 29.00 1928 0.00 1.67 16.05 24592.65 Carnival 29.01 -0.78 30.12 7.80 1.79 -2.11 27051.4 Netflix 531.09 10.84 593.29 290.25 -85.95 235217.24 Cielo 3.44 -0.04 5.93 3.15 2.06 17.47 1675.27 LVMH 560.30 2.10 567.50 278.70 0.86 57.50 336396.82 Richemont 90.00 -0.10 92.06 44.64 1.20 195.74 50731.6 MitsubishiEle 1744.5 -2.00 1759.5 0.00 2.21 20.52 34358.77 Caterpillar 226.69 -4.05 231.80 88.50 1.95 34.92 123614.93 NextEraE 75.89 0.37 87.69 43.70 1.87 50.45 148734.89 ItauHldFin 24.06 -0.57 29.38 19.46 3.69 11.97 21384.07 Orange 10.40 0.06 11.88 8.63 5.11 9.99 32890 Roche 312.30 1.50 357.85 265.75 3.07 17.75 236931.41 MitsuiFud 2629.5 68.50 2629.5 1538 1.80 13.17 23282.05 Celgene 108.24 0.11 110.70 58.59 -12.71 77035.98 Nike♦ 144.77 -0.18 147.95 60.00 0.73 78.59 184065.62 Petrobras 23.03 -0.23 32.34 10.50 2.44 -6.00 30723.64 PernodRic 161.90 1.30 166.45 112.25 1.72 147.13 50430.36 Swiss Re 91.46 0.26 92.58 52.68 6.90 -18.89 31357.17 MitUFJFin 614.50 -4.60 621.90 380.00 4.52 15.29 76556 CharlesSch 65.52 -0.83 68.21 28.00 1.16 28.22 118126.82 NorfolkS 256.77 -3.50 264.86 112.62 1.49 32.22 69901.12 Vale 96.40 -0.42 104.00 33.37 4.84 32.16 91314.98 Renault 38.45 -0.55 41.42 12.77 --1.17 13522.98 Swisscom 484.10 1.20 548.00 446.70 4.84 15.39 27079.88 Safran 125.10 3.15 127.45 51.10 -75.53 59607.44 Mizuho Fin 1633.5 -16.50 1657 1091 2.71 38.34 38046.83 Charter Comms 640.17 15.17 681.71 345.67 -40.90 124020.77 Northrop♦ 302.47 -3.27 357.12 263.31 1.91 15.64 50427.31 Canada (C$) Syngent 453.40 0.90 471.20 402.50 -28.99 43035.76 Sanofi 82.73 1.10 95.82 67.65 4.04 8.80 123887.54 Murata Mfg 9250 280.00 10835 0.00 1.22 35.93 57338.7 Chevron Corp 107.57 -2.68 112.70 51.60 5.05 -16.30 207220.35 NXP 203.08 3.17 206.21 58.41 0.79-363.41 56254.83 BCE♦ 55.85 -0.06 60.14 46.03 5.90 22.12 40574.38 UBS 14.30 0.13 14.80 7.00 2.52 9.45 59591.26 Sant Gbn 48.09 -0.28 49.79 16.41 2.74 18.83 30470.04 NipponTT 2879.5 33.50 2913.5 2127 3.63 11.13 103029.9 Chubb 171.23 -2.97 176.40 87.35 1.92 31.61 77092.01 Occid Pet♦ 28.50 -0.80 32.52 8.52 6.03 -1.66 26549.31 BkMontrl 109.42 -0.30 110.79 55.76 3.89 14.45 56868.5 Zurich Fin 391.20 -0.80 399.80 248.70 5.01 16.26 63560.3 Schneider 127.05 1.50 130.70 61.72 2.13 30.29 85695.67 Nissan Mt 605.40 -9.60 664.50 311.20 --2.05 23438.1 Cigna♦ 243.84 -1.65 247.63 118.50 0.02 15.90 85794.03 Oracle 66.89 -0.84 73.62 41.26 1.49 19.54 196922.9 BkNvaS 78.92 0.16 79.96 46.38 4.58 14.84 76872.22 Taiwan (NT$) SFR Group 34.50 -34.56 21.87 --23.02 17905.81 Nomura 671.90 -2.40 680.80 383.40 4.13 8.00 19928.74 Cisco 49.63 0.22 49.64 32.40 2.94 20.52 209506.11 Pepsico♦ 133.38 0.35 148.77 101.42 3.07 25.63 184012.2 Brookfield 54.43 0.19 56.10 31.35 1.15-1109.61 68917.86 Chunghwa Telecom 110.50 -117.00 103.50 4.01 24.73 30328.28 SocGen 21.67 -0.21 22.43 10.77 --24.94 21996.1 Nppn Stl 1841 -37.00 1886.5 0.00 --7.98 16047.9 Citigroup 73.25 -0.97 75.59 32.00 2.99 13.31 152896.04 Perrigo 41.28 -0.52 58.83 38.20 2.30-768.17 5494.21 CanadPcR 466.96 2.32 482.74 252.00 0.74 27.65 49996.2 Formosa PetChem 100.50 0.50 104.00 66.10 3.03 213.46 33872.03 Total 40.77 -0.53 42.19 21.12 6.71 -20.05 127516.19 NTTDCMo 3880 -3928 2678 3.25 19.99 120882.79 CME Grp♦ 207.03 -2.06 216.75 131.80 1.71 32.11 74324.48 Pfizer 35.63 0.22 43.08 26.41 4.52 21.39 198730.94 CanImp 124.43 0.52 125.00 67.52 4.69 15.09 44762.09 HonHaiPrc 123.00 1.50 125.00 65.70 3.58 15.83 60329.38 UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04 Panasonic 1364.5 16.00 1520 691.70 1.97 16.70 30708.92 Coca-Cola 51.16 0.13 54.93 36.27 3.42 24.67 220464.39 Phillips66 85.14 -2.70 90.59 40.04 4.54 -12.80 37199.88 CanNatRs 39.19 -1.24 41.05 9.80 4.22 -79.85 37319.25 MediaTek 919.00 2.00 1010 273.00 1.20 42.70 51706.79 Vinci 91.54 0.34 92.38 54.76 2.37 30.15 64406.42 Seven & I4457 21.00 4461 2937.5 2.40 20.18 36239.88 Cognizant 78.57 -0.70 82.73 40.01 1.14 30.08 41690.36 PhilMorris 87.91 0.23 88.36 56.01 5.48 16.76 136915.59 CanNatRy♦ 146.29 0.94 149.11 92.01 1.56 29.46 83528.78 TaiwanSem 613.00 4.00 679.00 235.50 1.71 30.32 562387.7 Vivendi 27.65 0.08 32.35 16.60 2.30 17.15 39012.54 ShnEtsuCh 18155 -30.00 19710 8751 1.30 25.08 69386.47 ColgtPlm 75.60 -0.08 86.41 58.49 2.47 22.48 64151.34 PNCFin 175.14 -3.39 181.53 79.41 2.82 22.11 74262.95 Enbridge 45.33 -0.29 46.75 33.06 7.10 30.84 73749.35 Softbank 10620 250.00 10695 2609.5 0.44 24.50 203575.75 Thailand (THB) Comcast 58.17 0.64 58.59 31.71 1.61 25.10 265907.39 PPG Inds 142.99 -2.06 153.81 69.77 1.56 29.31 33880.96 Germany (€) GtWesLif♦ 32.76 0.01 33.85 18.88 5.31 10.40 24418.57 Sony 11585 185.00 12545 0.00 0.46 12.51 134006.3 PTT Explor 40.75 -0.50 45.00 24.60 5.58 26.93 37833.4 ConocPhil 56.56 -1.60 61.14 20.84 3.04 -22.17 76623.8 Praxair♦ 164.50 -0.99 169.75 140.00 2.29 39.25 47306.22 Allianz 211.45 -1.90 216.20 117.10 4.82 12.43 103696.1 ImpOil♦ 30.70 -0.80 32.67 10.27 2.87 -51.08 18101.33 SumitomoF 4084 -54.00 4153 2507.5 5.12 152.33 51472.94 Corning♦ 41.03 -0.56 41.62 17.44 2.18 74.76 31526.13 ProctGmbl 129.01 0.45 146.92 94.34 2.46 24.00 317684.03 BASF 70.09 -0.47 72.84 37.36 4.99 -30.77 76572.67 United Arab Emirates (Dhs) Manulife♦ 26.68 -0.20 27.50 12.58 4.17 9.17 41600.61 Takeda Ph 4150 48.00 4216 2894.5 4.65 33.69 60007.43 Costco 327.98 -2.53 393.15 278.42 0.87 32.36 145142.23 Prudntl 91.42 -2.38 94.85 38.62 5.05-283.57 36293.74 Bayer 52.91 -0.08 73.63 39.91 5.61 -3.07 61828.02 Emirtestele 20.94 0.30 20.94 11.04 4.11 18.92 49578.72 Nutrien 72.75 -0.57 73.59 34.80 3.31 319.85 33270.35 TokioMarine 5510 -10.00 5746 4167 3.80 24.56 35479.92 CrownCstl 164.02 2.48 180.00 114.18 3.14 95.39 70743.77 PublStor 243.86 1.38 246.52 155.37 3.53 34.97 42624.22 BMW 80.50 2.70 81.58 36.60 3.29 14.34 57641.8 United Kingdom (p) RylBkC 116.07 0.15 117.22 72.00 3.71 14.79 132791.27 Toyota 8269 -71.00 8497 0.00 2.95 13.55 247493.37 CSX 91.90 -1.58 97.54 46.81 1.15 25.12 70074.21 Qualcomm♦ 134.23 2.59 167.94 58.00 1.95 22.61 152485.28 Continental 117.70 4.00 130.85 51.45 2.70 -15.14 28000.65 AscBrFd 2494 38.00 2523 1554 1.38 43.30 27430.71 Suncor En♦ 28.40 -0.62 29.55 14.02 4.60 -6.75 34790.58 CVS 74.70 -0.27 77.23 52.04 2.72 13.44 97958.21 Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46 Daimler 71.26 1.18 73.06 21.02 1.342242.19 90680.15 Mexico (Mex$) AstraZen♦ 7232 254.00 10120 5871 2.84 40.52 127244.86 ThmReut 109.50 0.18 115.66 75.91 1.83 21.82 43556.6 Danaher 215.03 -1.97 248.86 119.60 0.35 46.75 153145.84 Regen Pharm 489.64 5.70 664.64 424.01 -15.79 51550.73 Deut Bank 10.40 -0.06 11.25 4.45 --13.27 25566.71 AmerMvl 14.17 -16.50 12.33 2.55 13.24 31360.07 Aviva 393.70 2.60 399.00 205.70 2.41 7.17 21951.02 TntoDom 82.39 0.33 82.39 49.01 3.79 12.77 120340.08 Deere 373.21 -1.16 376.57 106.14 0.88 39.97 116978.54 S&P Global 350.61 -0.88 379.87 186.06 0.78 35.71 84391.83 Deut Tlkm 16.49 -0.14 16.76 10.41 3.86 23.58 93363.58 FEMSA UBD 153.82 0.35 162.97 112.72 1.95 298.44 16146.89 Barclays 183.02 2.74 185.81 73.04 -16.21 43387.86 TrnCan 58.73 -0.16 67.89 47.05 5.42 12.40 46135.79 Delphi 17.02 0.31 18.51 5.39 --7.42 1469.67 Salesforce 215.58 2.78 284.50 115.29 -52.66 197255.7 DeutsPost 45.58 0.66 45.60 19.11 2.67 21.40 67037.75 WalMrtMex 65.41 0.22 68.25 47.76 0.84 35.67 55476.45 BP 311.25 -4.90 376.54 188.52 9.03 -3.76 86183.75 ValeantPh 30.80 -1.06 36.02 14.01 --4.20 8158.48 Delta 49.58 -1.41 52.28 17.51 0.83 -2.50 31639.31 Schlmbrg♦ 28.07 -1.05 30.41 11.87 3.17 -3.65 39249.29 E.ON 8.83 -0.01 10.81 7.60 5.52 18.11 27728.93 Netherlands (€) BrAmTob 2690 16.50 3308.5 2362.5 5.73 9.71 69678.26 China (HK$) Devon Energy♦ 23.77 -0.84 26.13 4.70 1.81 -3.37 15999.59 Sempra Energy 130.53 -1.47 137.47 88.00 3.38 18.72 39497.13 Fresenius Med 61.26 0.50 79.96 53.50 2.08 12.88 21340.78 Altice 5.34 0.00 6.86 2.26 --4.03 9137.97 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72 AgricBkCh 3.20 -0.03 3.30 2.38 6.98 4.93 12666.85 DiscFinServ 98.25 -2.47 104.49 23.25 1.93 28.04 30098.39 Shrwin-Will 714.94 -2.03 758.00 325.43 0.77 32.34 64059.96 Fresenius SE 36.27 0.27 46.51 24.25 2.45 10.53 19510.87 ASML Hld 463.40 9.45 502.60 177.52 0.58 52.27 231224.59 BT 143.20 4.60 148.00 94.68 3.23 9.42 19739.32 Bk China 2.89 -0.02 3.19 2.33 8.12 4.29 31120.87 Disney 194.42 -2.34 203.02 79.07 --70.33 352923.61 SimonProp 117.59 -3.42 121.92 42.25 5.03 24.87 38627.54 HenkelKgaA 79.40 0.65 86.10 54.65 2.45 18.37 24535.87 Heineken 90.92 -0.48 94.48 68.82 1.96 53.19 62292.03 Compass 1595.5 -11.50 1626.5 865.80 1.69 199.44 36454.29 BkofComm 4.61 -0.01 5.09 3.66 8.39 4.28 20785.14 DominRes♦ 74.05 -0.49 87.34 57.79 5.42 25.81 59658.24 SouthCpr 74.17 -1.60 83.15 23.43 2.03 41.58 57338.84 Linde 226.60 2.90 227.10 130.45 1.50 60.00 140920.56 ING 10.10 0.05 10.57 4.23 -21.18 46860.72 Diageo♦ 3052.5 43.00 3125.1 2050.6 2.29 62.94 106760.33 BOE Tech 0.75 -1.10 0.47 --4.82 19.22 DowDupont 30.52 -0.65 48.38 30.06 3.63 -8.38 68559.76 Starbucks 112.03 3.13 112.34 50.02 1.52 193.38 131892.92 MuenchRkv 264.70 2.00 267.10 141.10 3.92 28.65 44110.03 Unilever 46.87 0.72 53.66 38.42 -22.91 171188.14 GlaxoSmh♦ 1291 25.00 1772.51 1190.8 6.20 10.21 88205.63 Ch Coms Cons 3.89 0.01 5.56 3.21 7.34 3.34 2213.39 DukeEner 92.75 0.42 98.88 62.13 4.40 31.50 71293.55 StateSt 83.45 -0.22 85.78 42.10 2.68 12.37 29356.57 SAP 103.02 0.36 143.32 82.13 1.62 23.77 150538.23 Glencore 286.50 1.40 310.55 2.44 2.79 -14.16 57415.23 Ch Evrbrght 3.52 0.03 3.97 2.40 7.43 4.95 5747.14 Norway (Kr) Eaton 136.69 -2.86 141.37 56.42 2.28 37.41 54414.42 Stryker 238.43 -2.82 250.02 124.54 1.00 55.86 89697.59 Siemens 135.42 0.62 137.52 53.02 3.01 25.05 136914.79 HSBC 422.80 -1.20 523.00 281.50 1.84 -49.69 117773.28 Ch Rail Cons 5.12 0.10 8.95 4.07 4.98 3.19 1368.96 DNB 186.00 0.75 186.65 94.26 -15.46 34002.23 eBay♦ 57.79 0.12 64.85 26.02 1.13 16.06 39321.74 Sychrony Fin 41.66 -1.17 43.24 12.15 2.15 18.05 24321.6 Volkswgn 266.60 27.60 309.40 99.16 1.91 31.14 93575.68 Imperial Brands♦ 1428 7.50 1758 1142 13.00 9.03 18921.3 Ch Rail Gp 4.18 0.12 4.85 3.33 4.91 3.32 2264.8 Equinor 171.15 -4.05 176.80 95.20 4.69 -18.59 65518.51 Ecolab 212.53 -2.84 231.36 124.60 0.95 48.24 60751.69 T-MobileUS 127.75 2.12 135.54 63.50 -44.86 158768.22 LlydsBkg 41.48 0.38 59.94 23.59 -24.40 41527.57 ChConstBk 6.58 -0.03 6.74 4.93 5.96 5.54 203717.62 Hong Kong (HK$) Telenor 151.05 -0.15 163.80 130.75 5.42 19.91 24925.34 Emerson 89.15 -1.77 93.38 37.75 2.29 25.42 53492.65 Target 178.29 -2.81 199.96 90.17 1.60 22.01 88898.28 Natl Grid 850.40 5.60 998.80 789.13 5.71 20.06 39656.38 China Vanke 33.10 1.55 35.00 21.65 3.74 7.55 8071.2 AIA 97.50 -2.50 109.30 60.05 1.46 24.78 151860.49 Qatar (QR) EOG Res 71.51 -2.85 77.15 27.00 1.99-125.55 41730.62 TE Connect 133.41 -0.97 135.53 48.62 1.45 468.79 44143.37 Natwest Group 185.70 -2.75 193.40 90.54 -29.02 30871.3 ChinaCitic 3.89 0.01 4.05 2.93 7.58 3.92 7455.07 BOC Hold 28.70 -0.20 29.00 20.05 6.03 8.94 39075.73 QatarNtBk 17.50 0.09 19.20 16.35 3.48 14.47 44393.69 EquityResTP 73.57 -1.49 76.13 45.43 3.47 26.85 27416.83 Tesla Mtrs 701.23 -6.72 900.40 70.10 - 1078.03 673073.27 Prudential 1560.5 15.50 1581 682.80 2.38 38.41 56092.13 ChinaLife 16.44 0.04 21.90 11.64 5.49 7.40 15753.56 Ch OSLnd&Inv 20.90 0.90 28.50 14.92 5.49 4.55 29457.2 Exelon 43.34 -0.02 46.02 29.28 3.74 16.60 42314.48 TexasInstr 177.96 3.05 181.80 93.09 2.12 29.33 163765.77 Russia (RUB) ReckittB 6332 90.00 8020 5216.89 2.76 -16.37 61948.98 ChinaMBank 63.60 1.20 69.45 29.80 2.31 14.46 37600.31 ChngKng 46.05 -0.80 50.55 33.40 5.14 7.42 21902.42 ExpScripts 92.33 -3.47 101.73 66.93 -11.10 52061.19 TheTrvelers♦ 155.15 -2.19 159.04 76.99 2.21 14.51 39131.06 Gzprm neft 185.71 -3.02 272.68 158.17 --71.33 58976.64 RELX 1741 6.50 2000 1382.86 2.62 26.54 46742.41 ChinaMob 53.05 1.00 63.75 39.00 6.93 8.33 139880.1 Citic Ltd 6.78 0.03 8.68 5.20 7.73 3.69 25398.71 ExxonMb 59.12 -1.28 62.55 30.11 6.33 70.52 250262.36 ThrmoFshr 448.82 -4.00 532.57 250.21 0.20 34.23 176742.34 Lukoil 4745.5 -157.00 6810 3663 10.47 32.79 44107.51 RioTinto 5610 13.00 6561 2954 5.45 15.73 104533.67 ChinaPcIns 35.45 0.30 42.75 17.90 4.19 10.92 12669.58 Citic Secs 15.54 0.04 21.45 12.60 3.94 11.22 4559.34 Facebook 280.76 7.01 304.67 137.10 -27.38 675353.7 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69 MmcNrlskNckl 20150 -66.00 23656 13352 5.44 13.99 42774.79 RollsRoyce 122.85 4.85 159.43 0.90 1.29 -1.19 3174.28 ChMinsheng 4.91 0.07 6.06 3.85 9.25 4.13 5260.84 CK Hutchison 62.65 -0.70 64.05 45.05 5.70 6.21 31111.54 Fedex♦ 264.18 -2.71 305.66 88.69 0.77 27.62 70025.02 TJX Cos 66.70 -1.32 71.06 32.72 0.74 101.77 80082.1 Novatek 973.20 -3.20 1382.2 682.80 3.05 46.54 39639.58 RylDShlA 1523.4 -27.00 1607.6 878.10 6.33 -9.16 97296.13 ChMrchSecs 19.61 0.26 28.18 13.41 -17.31 22389.89 CNOOC 9.07 -0.05 10.60 6.24 9.72 7.99 52148.23 FordMtr 12.69 -0.52 13.62 3.96 1.20 -39.00 49570.99 Truist Financial Corp 58.03 -1.45 61.26 24.01 3.33 18.68 78174.83 Rosneft 324.00 -11.00 489.90 229.80 9.45-126.68 46063.6 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13 Chna Utd Coms 4.57 0.03 5.72 4.01 1.36 25.31 21468.31 HangSeng 152.00 -156.30 110.00 5.86 12.94 37422.43 Franklin 29.80 -0.13 30.15 14.91 3.72 18.80 15061.03 UnionPac♦ 211.54 -1.13 221.28 105.08 1.86 26.41 141695.7 Sberbank 188.91 -2.03 270.80 172.15 9.07 5.92 54705 StandCh 491.30 -1.30 519.80 334.25 -24.52 22502.51 ChShenEgy 14.98 -0.02 16.32 11.94 10.40 6.13 6515.4 HK Exc&Clr 453.20 7.20 587.00 206.00 1.67 53.93 73992.81 GenDyn 174.50 -2.22 177.02 100.55 2.52 15.61 49951.76 UPS B163.63 0.99 178.01 85.50 2.62 28.89 117732.86 Surgutneftegas 35.13 -0.76 54.89 24.06 1.70 1.55 16833.73 Tesco 226.30 4.00 329.33 217.10 5.12 16.89 25741.94 ChShpbldng 4.11 -0.01 5.44 3.94 - -105.34 11560.18 MTR 45.70 -0.65 49.00 36.20 3.03 40.98 36376.36 GenElectric♦ 13.21 -0.15 14.42 5.48 0.31 22.02 115780.67 USBancorp 53.32 -0.67 54.75 28.36 3.39 16.43 80109.73 Saudi Arabia (SR) Vodafone 134.52 1.46 142.44 92.76 6.07 17.35 49850.14 ChStConEng 5.19 0.01 5.70 4.68 3.66 5.01 32450.64 SandsCh 39.10 0.60 40.00 25.15 2.85 144.91 40740.37 GenMills 59.13 0.11 66.14 46.88 3.48 14.57 36154.25 UtdHlthcre 353.01 -0.87 367.95 187.72 1.42 18.87 333707.2 AlRajhiBnk 96.20 -0.10 99.90 51.00 1.58 22.33 64126.5 WPP 914.00 9.20 936.20 450.00 2.48 -4.91 16077.27 ChUncHK 4.64 -6.70 3.84 3.94 9.40 18282.99 SHK Props 116.80 -0.50 126.00 87.60 4.77 12.77 43585.74 GenMotors 57.61 -0.33 59.62 14.33 0.67 13.09 83010.99 UtdTech♦ 86.01 -5.36 158.44 69.02 2.27 -41.47 74498.84 Natnlcombnk 51.80 0.10 52.80 31.00 2.49 13.10 41435.58 CNNC Intl 5.66 0.02 5.77 4.02 2.21 16.42 13552.85 Tencent 630.50 2.50 775.50 325.20 0.22 47.65 779012.98 United States of America ($) GileadSci♦ 63.92 0.85 85.97 56.56 4.49 60.69 80321.43 ValeroEngy 79.92 -1.91 84.39 31.00 5.16-1239.45 32650.88 SaudiBasic 111.40 0.40 112.00 61.90 3.57-113.93 89110.5 CSR 3.61 -0.03 4.22 2.53 5.10 8.66 2032.02 India (Rs) 21stC Fox A44.56 1.86 44.65 19.81 1.05 17.19 14898.7 GoldmSchs♦ 341.92 -4.13 352.42 130.85 1.57 18.33 118234.01 Verizon 55.57 -0.08 61.95 48.84 4.78 11.70 229936.23 SaudiTelec 119.00 0.20 120.00 80.10 3.61 20.66 63459.9 Daqin 6.96 -0.01 7.30 6.32 7.07 9.56 15917.73 Bhartiartl 529.30 6.45 623.00 361.75 0.38 -9.64 39797.75 3M 186.42 -3.06 189.63 114.04 3.21 19.83 107955.82 Halliburton 22.77 -1.20 24.74 4.25 1.41 -6.71 20234.17 VertexPharm 219.19 -0.46 306.08 197.47 -20.96 56980.65 Gree Elec Apl 0.13 0.00 0.21 0.07 --0.04 6.74 HDFC Bk 1512.15 -16.50 1641 738.75 -28.12 114849.38 Singapore (S$) AbbottLb 118.12 0.02 128.54 61.61 1.27 58.46 209244.19 HCA Hold♦ 187.32 -4.02 194.01 58.38 0.48 17.64 63673.35 VF Cp♦ 76.75 -3.03 89.68 45.07 2.56-164.15 30068.05 GuosenSec 11.92 0.10 16.14 10.39 1.72 15.70 16186.38 Hind Unilevr 2244.05 33.20 2614.3 1757.3 1.69 70.01 72666.79 DBS 27.90 -0.06 29.02 16.65 4.33 13.11 52694.42 Abbvie 110.62 0.36 113.41 62.55 4.48 22.18 195341.83 Hew-Pack♦ 30.63 -0.16 30.98 12.54 2.47 14.25 38183.31 ViacomCBS♦ 98.67 2.34 101.97 10.10 1.05 42.71 55999.15 HaitongSecs 7.13 -9.42 5.79 -6.32 3130.6 HsngDevFin 2510.4 -25.10 2896 1473.45 0.84 25.08 62399.62 JardnMt US$ 64.49 -0.49 66.40 37.37 3.00-110.30 46423.01 Accenture 263.55 -2.71 271.18 137.15 1.30 31.19 174242.16 HiltonWwde 125.01 -2.25 128.92 44.30 0.26-101.15 34703.75 Visa Inc 222.65 -0.63 228.23 133.93 0.56 45.17 377631.21 Hngzh HikVDT 53.30 -0.69 70.48 27.00 1.35 37.33 66924.8 ICICI Bk 594.95 -8.55 679.40 268.30 -27.04 56691.46 JardnStr US$ 33.05 -0.01 37.47 17.81 1.21 -37.21 36632.9 Adobe 455.42 7.83 536.88 255.13 -40.41 218471.22 HomeDep 281.50 2.96 292.95 140.63 2.24 22.64 303063.12 Walgreen 55.40 0.35 56.12 33.36 3.48 -67.39 47866.78 Hunng Pwr 2.63 -0.02 4.12 2.24 6.47 19.38 1591.93 Infosys 1384 10.40 1406 509.25 1.53 31.81 81255.36 OCBC 11.62 -0.07 11.82 7.80 4.00 13.10 38630.31 AEP 82.70 0.42 95.77 65.14 3.64 19.94 41073.94 Honywell 212.76 -3.44 217.00 101.08 1.73 31.15 147974.83 WalMartSto 133.97 0.54 153.66 102.00 1.72 17.99 379039.44 IM Baotou Stl 1.85 -0.06 2.24 1.04 - -173.60 9015.02 ITC 207.85 2.40 239.20 139.00 4.93 19.09 35257.37 SingTel 2.37 -0.01 2.86 2.00 5.47 21.96 28761.53 Aetna ------HumanaInc 402.61 -3.45 474.70 208.25 0.65 12.00 51941.69 WellsFargo 39.10 -0.60 40.23 20.76 4.48 93.29 161643.57 In&CmBkCh 5.53 -0.07 5.75 3.96 5.83 5.71 61808.64 L&T 1461.8 -21.95 1593 661.00 1.24 68.03 28292.82 UOB 25.40 -0.09 25.99 17.28 4.70 10.93 31577.79 Aflac 51.06 -1.08 52.23 23.07 2.34 7.46 35159.26 IBM 127.82 -0.76 135.88 90.56 5.46 13.47 114219.91 Williams Cos♦ 23.35 -0.32 24.69 8.41 7.27 114.36 28342.01 IndstrlBk 24.61 0.52 28.07 14.93 3.18 8.27 74260.59 OilNatGas 115.10 0.75 122.35 57.50 4.59 42.21 19956.47 South Africa (R) AirProd 272.65 -0.31 327.89 167.43 2.00 31.45 60331.14 IllinoisTool 218.33 -1.38 224.69 115.94 2.06 32.40 69136.87 Yum!Brnds 108.31 0.32 110.66 54.95 1.82 29.38 32498.99 Alexion 154.33 2.15 162.60 72.67 -55.83 33929.14 Kweichow 2010.5 35.05 2627.88 960.10 0.87 55.23 388521.82 RelianceIn 2100.6 -8.30 2369.35 867.40 0.31 32.29 195767.47 Firstrand 53.85 -1.00 59.82 31.13 5.32 18.44 20319.25 Illumina 419.83 -0.49 555.77 196.78 -90.64 61253.2 Venezuela (VEF) Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11 Midea 0.61 0.01 0.85 0.52 --1.69 23.65 SBI NewA 378.55 -5.35 427.70 149.45 -14.43 46561.84 MTN Grp 91.21 2.34 91.86 26.25 5.80 10.40 11560.69 Intcntl Exch 115.27 -0.06 119.02 63.51 1.06 30.08 64747.92 Bco de Vnzla 116990 2000 125990 2100 357.67 -231.12 Allstate 115.75 -1.52 117.30 64.13 1.97 7.59 35057.6 New Ch Life Ins 30.60 0.45 37.30 20.45 5.59 6.15 4074.96 SunPhrmInds 602.30 -3.20 654.40 312.00 0.67 59.38 19916.88 Naspers N3420 20.07 3888 1843.8 -31.48 100189.88 Intel 65.55 1.76 65.73 43.61 2.05 13.06 266329.65 Bco Provncl 3300000 -3300000 127000 --17.35 192.73 Alphabet 2095.46 41.02 2145.14 1008.87 -35.18 630182.52 PetroChina 3.03 -0.03 3.19 2.16 5.21 24.49 8232.58 Tata Cons 3110.05 43.90 3339.8 1546.75 1.30 37.02 158553.36 South Korea (KRW) Intuit 398.45 1.61 423.74 187.68 0.59 49.78 109111.5 Mrcntl Srvcs 3999990 49990 4000000 120000 0.02 -3.82 131.90 Altria 49.68 -0.16 49.95 30.95 7.31 118.54 92339.7 PingAnIns 97.85 -0.20 103.60 69.00 2.59 10.08 93845.2 Indonesia (Rp) HyundMobis 303500 1500 405000 126000 1.03 17.55 25467.8 John&John 161.19 0.77 173.65 109.16 2.61 23.58 424361.76 Amazon 3101.83 20.15 3552.25 1626.03 -72.961561971.72 PngAnBnk 21.66 0.06 25.31 11.91 -15.31 64660.95 Bk Cent Asia 22300 200.00 24700 16800 --38879.26 KoreaElePwr 24750 1500 30050 15550 -165.58 14065.07 JohnsonCn 60.31 -1.99 62.40 22.78 1.75 54.94 43393.96 AmerAir 24.86 -0.31 25.94 8.25 0.86 -1.68 15902.34 Closing prices and highs & lows are in traded currency (with variations for that Pwr Cons Corp 4.09 0.02 4.88 3.40 1.00 8.65 7011.83 SK Hynix 140500 4000 150500 65800 0.74 32.27 90545.16 JPMrgnCh 153.10 -2.27 157.63 76.91 2.53 18.60 467185.64 Israel (ILS) AmerExpr 143.48 -3.51 151.46 67.00 1.22 37.45 115585.91 country indicated by stock), market capitalisation is in USD. Highs & lows are SaicMtr 20.31 0.23 28.80 16.90 4.44 10.78 36503.57 SmsungEl 82800 1000.00 96800 42300 1.78 21.78 437567.39 Kimb-Clark♦ 133.72 -0.54 160.16 110.66 3.25 19.15 45196.57 TevaPha 36.52 0.22 46.23 24.30 --2.99 12096.97 AmerIntGrp 47.21 -1.13 48.92 16.07 2.91 -7.55 40826.77 based on intraday trading over a rolling 52 week period. ShenwanHong 0.07 0.00 0.10 0.03 --0.24 82.33 Spain (€) KinderM 15.96 -0.37 17.97 9.42 6.61 314.05 36140.63 ♦ ex-dividend ShgPdgBk 11.11 -0.01 12.69 9.22 5.54 6.65 50165.74 Italy (€) AmerTower 222.64 4.15 272.20 174.32 2.09 48.98 98937.75 ♦ BBVA 4.67 -0.03 4.84 2.13 5.89 -49.02 37070.25 Kraft Heinz 38.63 0.10 39.71 19.99 4.45 -89.87 47251.28 ■ ex-capital redistribution Sinopec Corp 4.47 -4.69 2.95 5.25 11.51 14686.3 Enel 8.24 0.06 9.05 5.15 4.22 18.51 99620.65 Amgen 241.30 5.34 276.69 177.05 2.70 19.29 139366.77 BcoSantdr 2.91 -0.02 3.07 1.44 3.48 -7.02 57609.52 Kroger 35.71 -0.16 42.99 27.33 1.99 8.86 27187.7 # price at time of suspension Sinopec Oil 2.06 -0.03 2.37 1.67 -91.24 4300.14 ENI 10.24 -0.09 10.53 5.73 5.69 -3.55 43916.29 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54 L Brands 60.90 0.16 62.08 8.00 1.06 -74.58 16936.81 Generali 16.89 0.06 17.27 10.20 3.14 13.71 31662.76 CaixaBnk 2.56 0.06 2.56 1.50 2.89 14.25 18227.77 Anthem♦ 340.23 -2.59 344.29 171.03 1.15 16.33 83323.04 Denmark (kr) LasVegasSd 65.34 -0.86 66.77 33.30 1.23 -29.09 49909.5 IntSPaolo 2.29 0.03 2.30 1.31 -6.29 53018.16 Iberdrola 10.91 0.15 12.57 7.76 3.89 18.62 83250.03 Aon Cp 226.55 1.05 235.88 143.93 0.83 27.17 51196.75 DanskeBk 122.35 -0.15 124.95 68.04 -21.79 16873.81 LibertyGbl 26.46 0.48 26.66 15.31 --9.64 4798.66 Unicred 9.31 0.19 9.43 6.01 --7.77 24764.43 Inditex 29.57 -0.54 30.79 18.51 1.25 55.21 109619.6 Apple 126.23 2.24 145.09 53.15 0.65 33.482119161.36 MollerMrsk 14250 150.00 15400 4976 0.99 15.47 21500.7 Repsol 10.75 -0.10 11.14 5.04 9.03 -2.00 20048.08 Lilly (E) 189.25 0.09 218.00 117.06 1.63 28.87 181377.27 ArcherDan 57.85 -0.45 59.12 28.92 2.66 19.09 32304.25 ♦ NovoB 453.15 6.50 467.90 341.95 1.98 24.09 131384.5 Telefonica 4.10 0.03 5.01 2.71 10.16 77.35 26931.4 Lockheed 342.98 -3.43 417.62 266.11 2.90 13.77 96069.87 FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE

Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread price price change change %change change %change % price price change change %change change %change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs Tesla Mtrs 701.23 707.94 -6.72 -0.95 138.23 24.6 -11.87 BOE Tech 0.75 0.75 0.00 0.00 -0.08 -9.6 -23.47 Mar 16 date Coupon S* M* F* price yield yield yield US Mar 16 date Coupon S* M* F* price yield yield yield US Volkswgn 266.60 239.00 27.60 11.55 46.40 21.1 21.07 Lilly (E) 189.25 189.16 0.09 0.04 -17.79 -8.6 -8.04 High Yield US$ US$ MTN Grp 91.21 88.87 2.34 2.63 15.32 20.2 22.02 ChMrchSecs 19.61 19.35 0.26 1.34 -1.79 -8.4 -16.20 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 - NXP 203.08 199.91 3.17 1.59 32.08 18.8 3.91 ChUncHK 4.64 4.64 0.00 0.00 -0.42 -8.3 3.82 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A117.21 2.47 0.00 0.32 - ViacomCBS 98.67 96.33 2.34 2.43 15.01 17.9 66.93 CredSuisse 11.92 11.96 -0.04 -0.29 -1.06 -8.2 -6.73 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 - AmerAir 24.86 25.17 -0.31 -1.23 3.39 15.8 39.39 Oracle 66.89 67.73 -0.84 -1.24 -5.27 -7.3 7.65 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 - Boeing 258.63 265.63 -7.00 -2.64 34.60 15.4 18.95 GenElectric 13.21 13.35 -0.15 -1.09 -0.97 -6.8 10.19 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 - Avago Tech 481.60 470.77 10.83 2.30 60.35 14.3 -1.53 Halliburton 22.77 23.97 -1.20 -5.01 -1.59 -6.5 10.39 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 Walgreen 55.40 55.05 0.35 0.63 6.92 14.3 12.61 Renault 38.45 39.00 -0.55 -1.41 -2.40 -5.9 -3.68 Euro Franklin 29.80 29.93 -0.13 -0.43 3.32 12.5 6.05 VF Cp 76.75 79.77 -3.03 -3.79 -4.76 -5.8 -5.12 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 - AmerTower 222.64 218.49 4.15 1.90 23.98 12.1 -1.16 ChinaMob 53.05 52.05 1.00 1.92 -3.20 -5.7 12.12 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A124.42 0.68 0.00 -0.11 - CrownCstl 164.02 161.54 2.48 1.54 17.25 11.8 1.09 Schlmbrg 28.07 29.12 -1.05 -3.61 -1.64 -5.5 4.61 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 - EDF 11.10 11.04 0.06 0.54 1.15 11.6 5.31 HSBC 422.80 424.00 -1.20 -0.28 -24.55 -5.5 -99.01 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87 Ericsson 117.15 115.75 1.40 1.21 11.55 10.9 5.30 BHPBilltn 46.84 47.88 -1.04 -2.17 -2.54 -5.1 2.38 Turkey 03/27 6.00 -B2BB- 102.88 5.43 0.14 0.83 4.38 Yen Ch OSLnd&Inv 20.90 20.00 0.90 4.50 2.04 10.8 13.69 Hngzh HikVDT 53.30 53.99 -0.69 -1.28 -2.80 -5.0 -19.24 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 L Brands 60.90 60.74 0.16 0.26 5.66 10.2 23.67 IM Baotou Stl 1.85 1.91 -0.06 -3.14 -0.09 -4.6 60.87 Russia 06/28 12.75 -Baa3 BBB 168.12 2.48 0.07 0.05 - Facebook 280.76 273.75 7.01 2.56 25.45 10.0 2.47 CNOOC 9.07 9.12 -0.05 -0.55 -0.43 -4.5 4.59 Brazil 02/47 5.63 -Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling TexasInstr 177.96 174.91 3.05 1.74 15.85 9.8 -1.53 AmerExpr 143.48 146.99 -3.51 -2.39 -6.79 -4.5 9.66 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 - LibertyGbl 26.46 25.98 0.48 1.85 2.31 9.6 0.72 Occid Pet 28.50 29.30 -0.80 -2.73 -1.27 -4.3 7.48 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 Intel 65.55 63.79 1.76 2.76 5.70 9.5 4.84 Panasonic 1364.50 1348.50 16.00 1.19 -59.50 -4.2 -9.18 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

Mar 16 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Mar 16 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 19.64 -0.39 20.03 85.42 19.51 Mar 16 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 18.86 -0.26 19.12 71.05 7.84 ------US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 217.23 -0.23 -2.09 -4.46 -4.00 5.06 VXN 27.91 -0.81 28.72 84.67 24.96 ------Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 392.25 0.16 0.14 -4.06 -1.88 6.78 VDAX 18.98 -1.47 20.45 93.30 ------UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 326.42 -0.69 -1.46 -4.42 -1.46 -4.42 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. ------Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 242.69 0.15 0.32 -0.60 -0.30 4.53 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 8pc '21 101.82 -0.07 0.00 0.00 0.00 -121.21 102.75 100.21 24.59 Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 258.42 0.25 0.55 -1.93 -0.55 2.13 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 103.93 -0.03 0.00 50.00 -40.00 -109.68 107.70 103.93 38.77 INTEREST RATES: MARKET Gilts( £) 353.24 0.35 0.55 -6.85 -2.05 -4.47 Tr 5pc '25 118.88 0.22 0.00 10.00 100.00 -37.14 124.02 118.85 35.84 Global Inflation-Lkd 305.01 -0.95 0.51 -3.02 -1.66 8.90 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 104.67 0.50 0.00 8.70 56.25 31.58 109.23 104.27 39.34 Over Change One Three Six One Markit iBoxx £ Non-Gilts 379.91 0.17 0.17 -3.80 -1.64 4.52 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 135.52 0.91 -1.09 7.06 24.66 54.24 147.41 135.01 38.71 Mar 16 (Libor: Mar 15) night Day Week Month month month month year Overall ($) 272.65 -0.62 -1.09 -4.22 -1.09 -4.22 Australia 11/22 2.25 103.64 0.08 -0.01 -0.03 0.00 -0.46 Tr 4.25pc '36 143.34 1.10 -0.90 7.84 15.79 44.74 158.29 142.70 30.41 US$ Libor 0.07800 0.000 0.000 0.001 0.10750 0.18200 0.19750 0.28100 Overall( £) 356.68 0.30 0.44 -6.03 -1.93 -2.07 05/32 1.25 93.54 1.89 0.09 0.02 0.47 0.80 Tr 4.5pc '42 161.26 1.27 0.00 6.72 11.40 36.56 184.05 159.99 27.21 Euro Libor -0.58043 -0.001 0.007 -0.001 -0.57843 -0.54943 -0.52286 -0.48971 Overall(€) 249.95 0.21 0.42 -1.58 -0.48 2.05 Austria ------Tr 3.75pc '52 163.23 1.29 -0.77 6.61 8.40 43.33 196.84 160.62 24.10 £ Libor 0.03688 -0.003 -0.003 0.000 0.05038 0.08025 0.09713 0.15600 Treasuries ($) 251.03 -0.62 -0.94 -4.32 -0.94 -4.32 02/47 1.50 127.04 0.40 -0.03 -0.03 0.08 0.15 Tr 4pc '60 184.86 1.24 -0.80 7.83 7.83 47.62 230.92 180.90 24.12 Swiss Fr Libor 0.000 -0.80180 -0.75220 -0.70780 -0.58880 FTSE Belgium 09/22 1.00 102.35 -0.59 -0.01 0.00 0.01 0.01 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock. Yen Libor 0.003 -0.06333 -0.08217 -0.05183 0.04650 Sterling Corporate (£) ------Canada 11/22 2.00 103.02 0.18 0.01 0.00 0.05 -0.62 Euro Euribor -0.008 -0.55600 -0.53800 -0.51500 -0.48200 Euro Corporate (€) 104.47 -0.05 --0.54 -1.73 06/30 1.25 98.22 1.46 -0.02 0.03 0.51 0.69 GILTS: UK FTSE ACTUARIES INDICES Sterling CDs ---- Euro Emerging Mkts (€) 688.00 2.39 ---3.65 57.42 Denmark 11/22 0.25 101.20 -0.47 0.00 0.01 0.08 0.43 US$ CDs ---- Eurozone Govt Bond 110.04 -0.19 ---0.34 -0.64 11/30 0.10 117.59 -1.57 -0.03 -0.12 -0.17 -0.09 Price Indices Day's Total Return Return Fixed Coupon Mar 16 chg %Return 1 month 1 year Yield Euro CDs ---- Finland 04/23 1.50 104.58 -0.68 -0.01 -0.01 0.00 -0.09 CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 88.15 0.00 2473.73 -0.27 0.31 0.19 Short 7 Days One Three Six One 04/31 0.75 109.15 -0.15 -0.04 -0.07 0.06 -0.06 Index change change change high low 2 5 - 10 Years 180.25 0.02 3692.67 -1.23 -1.19 0.65 Mar 16 term notice month month month year France 05/23 1.75 105.32 -0.65 -0.02 -0.02 0.01 -0.09 Markit iTraxx 3 10 - 15 Years 211.35 0.09 4641.80 -1.76 -3.11 1.03 11/26 0.25 104.11 -0.46 -0.04 -0.05 0.01 -0.26 Euro -0.74 -0.44 -0.70 -0.40 -0.71 -0.41 -0.64 -0.34 -0.67 -0.37 -0.66 -0.36 Crossover 5Y 241.67 -2.73 -11.47 -0.29 277.03 236.32 4 5 - 15 Years 186.99 0.05 3925.02 -1.39 -1.71 0.81 Germany ------Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 47.02 -0.36 -1.93 -0.19 66.97 45.31 5 Over 15 Years 356.27 0.12 5890.17 -2.08 -6.73 1.26 08/23 2.00 106.65 -0.72 -0.01 -0.02 0.00 0.17 Swiss Franc ------Japan 5Y 45.94 -0.44 -2.13 -2.31 70.43 45.60 7 All stocks 180.91 0.07 3899.60 -1.37 -3.33 1.10 Canadian Dollar ------Senior Financials 5Y 55.46 -0.58 -2.98 -1.11 86.20 54.75 02/27 0.25 105.24 -0.62 -0.04 -0.06 0.01 0.13 US Dollar 0.11 0.31 0.02 0.22 0.05 0.25 0.12 0.32 0.14 0.34 0.20 0.40 08/50 0.00 94.33 0.20 -0.04 -0.02 0.08 0.45 Markit CDX Day's Month Year's Total Return Return Japanese Yen -0.15 0.05 -0.15 0.05 -0.15 0.05 -0.15 0.05 -0.15 0.15 -0.15 0.15 Greece 02/27 4.30 120.62 0.74 0.00 -0.12 0.09 -1.93 Emerging Markets 5Y 189.41 -0.34 -18.53 29.61 245.71 150.45 Index Linked Mar 16 chg %chg %chg %Return 1 month 1 year Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Ireland 10/22 0.00 100.92 -0.58 -0.01 -0.01 0.02 -0.22 Nth Amer High Yld 5Y 296.56 -1.18 -16.98 10.67 421.26 283.37 1 Up to 5 Years 302.98 0.01 0.20 -0.24 2512.56 0.22 1.44 Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 123.46 -0.14 -0.04 -0.06 0.04 -0.34 Nth Amer Inv Grade 5Y 51.58 -1.15 -4.56 1.25 65.62 49.59 2 Over 5 years 794.64 -0.06 1.00 4.92 6014.13 1.04 5.30 05/30 2.40 123.46 -0.14 -0.04 -0.06 0.04 -0.34 Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 501.42 0.03 -0.24 0.80 4003.55 -0.20 1.54 Italy 08/22 0.90 101.81 -0.41 -0.01 -0.05 0.00 -1.50 4 Over 15 years 1040.91 -0.10 1.50 6.51 7666.47 1.53 6.74 11/25 2.50 111.94 -0.06 -0.03 -0.11 0.04 -1.51 5 All stocks 709.02 -0.06 0.93 4.22 5466.38 0.97 4.73 05/30 0.40 109.06 -0.56 -0.04 -0.20 -0.09 -2.03 COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 143.76 1.48 -0.03 -0.13 0.11 -1.07 Yield Indices Mar 16 Mar 15 Yr ago Mar 16 Mar 15 Yr ago Japan 04/23 0.05 99.97 0.06 -0.01 -0.03 -0.01 - Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of 5 Yrs 0.35 0.35 0.23 20 Yrs 1.30 1.30 0.94 04/25 0.05 99.91 0.07 -0.02 -0.02 0.00 - Crude Oil† Mar 64.45 -0.88 Corn♦ May 553.75 5.75 Mar 15 Mar 15 Prev return stock Market stocks 10 Yrs 0.86 0.87 0.50 45 Yrs 1.21 1.21 0.82 03/34 1.50 116.02 0.25 -0.01 0.00 0.02 0.06 Brent Crude Oil‡ 68.36 -0.44 Wheat♦ May 639.75 -4.00 Can 4.25%' 26 130.84 -0.989 -0.989 0.66 5.00 74851.17 7 15 Yrs 1.16 1.17 0.80 12/49 0.40 92.92 0.67 0.00 -0.01 0.00 0.35 RBOB Gasoline† Mar 2.09 -0.02 Soybeans♦ May 1416.50 -2.00 Fr 1.10%' 22 104.80 -2.332 -2.332 0.21 19.85 255892.38 16 Netherlands 07/23 1.75 105.78 -0.70 -0.02 -0.04 -0.01 0.01 inflation 0% inflation 5% Heating Oil† --Soybeans Meal♦ May 408.20 0.70 Swe 0.25%' 22 110.95 -1.349 -1.349 -0.19 28.26 212726.87 7 07/26 0.50 105.87 -0.58 -0.04 -0.06 0.00 -0.08 Real yield Mar 16 Dur yrs Previous Yr ago Mar 16 Dur yrs Previous Yr ago Natural Gas† Mar 2.50 0.00 Cocoa (ICE Liffe)X May 1742.00 -10.00 UK 1.875%' 22 109.35 -3.465 -3.465 0.06 15.74 773240.12 30 New Zealand 04/25 2.75 107.51 0.87 0.06 -0.03 0.30 -0.10 Up to 5 yrs -3.05 2.61 -3.04 -2.13 -3.42 2.60 -3.42 -2.62 Ethanol♦ --Cocoa (ICE US)♥ May 2532.00 2.00 UK 2.50%' 24 356.64 -3.140 -3.140 0.32 6.82 773240.12 30 05/31 1.50 96.80 1.85 0.11 -0.05 0.46 0.46 Over 5 yrs -2.10 23.53 -2.11 -1.86 -2.12 23.57 -2.12 -1.88 Uranium† --Coffee(Robusta)X Mar 1408.00 0.00 UK 2.00%' 35 289.74 -2.425 -2.425 1.20 9.08 773240.12 30 05/31 1.50 96.80 1.85 0.11 -0.05 0.46 0.46 5-15 yrs -2.57 9.25 -2.56 -2.29 -2.64 9.24 -2.64 -2.37 Carbon Emissions‡ --Coffee (Arabica)♥ May 133.30 1.70 US 0.625%' 23 106.47 -2.387 -2.387 0.56 47.03 1621926.14 44 Over 15 yrs -2.05 28.77 -2.05 -1.81 -2.05 28.77 -2.06 -1.81 Diesel† --White SugarX 462.80 4.10 US 3.625%' 28 135.03 -1.114 -1.114 0.44 16.78 1621926.14 44 Norway 08/30 1.38 99.54 1.43 -0.03 -0.07 0.20 0.48 08/30 1.38 99.54 1.43 -0.03 -0.07 0.20 0.48 All stocks -2.11 21.70 -2.12 -1.87 -2.13 21.76 -2.14 -1.89 Base Metals (♠ LME 3 Months) Sugar 11♥ 16.40 0.25 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 2200.00 -20.00 Cotton♥ May 86.93 0.29 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 2.20 104.62 -0.69 -0.02 -0.04 -0.05 -0.64 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE Aluminium Alloy 2224.50 15.00 Orange Juice♥ May 118.40 0.95 amount. 02/26 3.30 117.79 -0.27 -0.02 -0.09 0.00 -0.76 Copper 8952.50 -164.00 Palm Oil♣ --BONDS: TEN YEAR GOVT SPREADS Spain 10/22 0.45 101.61 -0.53 -0.01 -0.04 -0.01 -0.39 Gilt Closing Prices information contained herein is proprietary to Lead 1934.00 -34.50 Live Cattle♣ Apr 119.00 0.08 11/30 1.00 121.07 -1.05 -0.04 -0.16 -0.11 -0.99 Tradeweb; may not be copied or re-distributed; is not warranted to be Nickel 16155.00 -35.00 Feeder Cattle♣ Mar 134.88 - Sweden 06/22 0.25 110.95 -1.36 -0.02 -0.04 0.03 -0.10 accurate, complete or timely; and does not constitute investment advice. Tin 25120.00 -100.00 Lean Hogs♣ Apr 90.48 -0.73 Spread Spread Spread Spread 06/26 0.13 118.86 -1.72 -0.01 -0.08 0.05 -0.21 Tradeweb is not responsible for any loss or damage that might result from the use of this information. Zinc 2802.00 -55.00 Bid vs vs Bid vs vs 06/30 0.13 117.48 -1.55 0.05 -0.05 0.10 -0.03 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 05/22 2.00 103.31 -0.76 0.01 0.03 0.01 0.05 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor Gold 1723.65 18.85 Mar 15 Month Year Australia 1.89 --Netherlands -0.58 -- 05/30 0.50 107.84 -0.34 -0.02 -0.03 0.02 0.12 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor Silver (US cents) 2610.00 62.50 S&P GSCI Spt 489.10 4.00 75.30 Austria ---New Zealand 1.85 --United Kingdom ------Platinum 1213.00 27.00 DJ UBS Spot 85.75 0.82 37.03 Canada 1.46 --Norway 1.43 -- 07/23 0.75 101.54 0.10 -0.01 0.00 0.09 -0.22 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the Palladium 2390.00 32.00 TR/CC CRB TR 205.13 2.85 45.59 Denmark -1.57 --Portugal -0.27 -- 07/26 1.50 105.89 0.39 -0.01 0.02 0.20 0.11 use of the listed information. For all queries e-mail [email protected] Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland -0.15 --Spain -1.05 -- 07/47 1.50 104.11 1.32 -0.04 0.05 0.15 0.46 Iron Ore 166.30 2.65 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany ---Sweden -1.55 --United States 03/22 0.38 100.29 0.10 0.00 -0.01 0.00 - Data provided by Morningstar | www.morningstar.co.uk GlobalCOAL RB Index 92.75 0.75 LEBA EUA Carbon 42.23 6.16 47.61 Ireland -0.14 --Switzerland -0.34 -- 03/27 0.63 97.24 1.10 -0.01 -0.01 0.41 - Baltic Dry Index 2017.00 34.00 LEBA CER Carbon 0.29 0.00 52.63 Italy -0.56 --United Kingdom --- 04/32 3.38 146.32 ----- LEBA UK Power 1149.00 -8.08 -8.08 Japan 0.25 --United States --- 02/50 0.25 102.62 0.16 -0.04 0.03 --0.22 Sources: NYMEX, ECX/ICE, CBOT, ICE Liffe, ICE Futures, CME, LME/London Metal Exchange.* Latest prices, $ † ‡ ♦ X ♥ ♣ ♠ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. unless otherwise stated. 16 ★ FINANCIAL TIMES Wednesday 17 March 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 Rubrics Global Fixed Income UCITS Fund $ 179.90 -0.16 0.00 Data Provided by

Aberdeen Standard Capital (JER) Genesis Investment Management LLP Slater PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Other International Funds FCA Recognised Emerging Mkts NAV £7.21 --0.16 1.34 www.morningstar.co.uk Aberdeen Standard Capital Offshore Strategy Fund Limited Investments Data as shown is for information purposes only. No Bridge Fund £ 2.2397 - 0.0129 1.43 offer is made by Morningstar or this publication. Global Equity Fund £ 3.2105 - 0.0160 0.88 Global Fixed Interest Fund £ 0.9622 - 0.0012 4.26 Income Fund £ 0.6530 - 0.0042 - Sterling Fixed Interest Fund £ 0.8892 - 0.0036 2.94 Guide to Data UK Equity Fund £ 2.0895 - 0.0105 2.08 Ashmore Investment Management Limited (LUX) Dragon Capital HPB Assurance Ltd New Capital UCITS Fund PLC (IRL) Polar Capital Funds Plc (IRL) 2 rue Albert Borschette L-1246 Luxembourg www.dragoncapital.com Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Leconfield House, Curzon Street, London, W1J 5JB Regulated Slater Investments Ltd (UK) The fund prices quoted on these pages are supplied by the operator of the relevant fund. Details of funds FCA Recognised Fund information:[email protected] International Insurances www.newcapitalfunds.com Automation & Artificial Intelligence CL I USD Acc $17.91 17.91 0.03 0.00 www.slaterinvestments.com; Tel: 0207 220 9460 published on these pages, including prices, are for the FCA Recognised Ashmore SICAV Emerging Market Debt Fund $87.46 -0.26 4.44 Other International Funds Holiday Property Bond Ser 1 £0.49 -0.01 0.00 Asian Financials I USD $ 488.25 488.25 0.08 0.00 FCA Recognised purpose of information only and should only be used Ashmore SICAV Emerging Market Frontier Equity Fund $ 173.82 -0.86 0.49 Vietnam Equity (UCITS) Fund A USD $28.53 --0.02 0.00 Holiday Property Bond Ser 2 £0.63 -0.01 0.00 New Capital UCITS Funds Biotechnology I USD $40.80 40.80 0.33 0.00 Slater Growth 730.17 730.17 6.30 0.00 as a guide. The Financial Times Limited makes no Ashmore SICAV Emerging Market Total Return Fund $77.95 -0.11 3.86 New Capital China Equity Fund $ 290.37 --9.56 - Emerging Market Stars I USD Acc $15.60 --0.15 0.00 Slater Income A Inc 138.88 138.88 0.33 5.22 representation as to their accuracy or completeness and they should not be relied upon when making an Ashmore SICAV Global Small Cap Equity Fund $ 235.35 --0.89 0.00 New Capital Dynamic European Equity Fund € 134.14 --0.28 - Slater Recovery 345.90 345.90 2.40 0.00 European Ex UK Inc EUR Acc €12.20 12.20 0.01 0.00 investment decision. Aegon Asset Management UK ICVC (UK) EM Active Equity Fund Acc USD $ 171.17 --0.21 - New Capital Dynamic UK Equity Fund £ 118.74 --0.69 - Financial Opps I USD $15.74 --0.06 1.55 Slater Artorius 308.27 308.27 2.93 - 3 Lochside Crescent, Edinburgh, EH12 9SA EM Equity Fund Acc USD $ 158.80 --0.81 - New Capital Global Alpha Fund £ 117.74 -0.20 0.00 GEM Income I USD $14.11 --0.01 - The sale of interests in the funds listed on these pages 0800 358 3009 www.aegonam.com may, in certain jurisdictions, be restricted by law and EM Mkts Corp.Debt USD F $91.06 -0.05 4.98 New Capital Global Equity Conviction Fund $ 214.63 --1.04 - Global Convertible I USD $17.33 17.33 0.06 0.00 Authorised Funds the funds will not necessarily be available to persons EM Mkts Loc.Ccy Bd USD F $74.77 --0.08 - New Capital Global Value Credit Fund $ 160.49 -0.12 - Global Insurance I GBP £7.50 -0.03 0.00 in all jurisdictions in which the publication circulates. Global Equity GBP B Acc £3.25 -0.05 - EM Short Duration Fund Acc USD $ 120.62 -0.02 0.00 New Capital Japan Equity Fund ¥ 1747.29 -9.53 - Global Technology I USD $87.90 -0.42 0.00 Persons in any doubt should take appropriate professional advice. Data collated by Morningstar. For Ennismore Smaller Cos Plc (IRL) Janus Henderson Investors (UK) New Capital US Growth Fund $ 452.73 -5.52 0.00 Healthcare Blue Chip Fund I USD Acc $16.53 16.53 0.20 0.00 other queries contact [email protected] +44 5 Kensington Church St, London W8 4LD 020 7368 4220 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 New Capital US Small Cap Growth Fund $ 259.14 -1.94 0.00 Healthcare Opps I USD $65.40 -0.68 0.00 (0)207 873 4211. FCA Recognised www.janushenderson.com New Capital Wealthy Nations Bond Fund $ 151.77 -0.16 0.00 Income Opportunities B2 I GBP Acc £2.54 2.54 0.00 0.00 Ennismore European Smlr Cos NAV £ 134.86 -0.14 0.00 Authorised Inv Funds Japan Value I JPY ¥ 129.28 129.28 1.16 0.00 The fund prices published in this edition along with Ennismore European Smlr Cos NAV € 156.89 -0.08 0.00 Janus Henderson Instl UK Idx Opps A Acc £1.01 -0.00 - additional information are also available on the North American I USD $34.64 34.64 0.19 0.00 Financial Times website, www.ft.com/funds. The UK Val Opp I GBP Acc £12.97 12.97 0.12 0.00 funds published on these pages are grouped together by fund management company. Atlantas Sicav (LUX) Regulated Prices are in pence unless otherwise indicated. The change, if shown, is the change on the previously American Dynamic $ 7269.45 7269.45 359.73 - quoted figure (not all funds update prices daily). Those American One $ 6742.85 6742.85 274.17 0.00 designated $ with no prefix refer to US dollars. Yield Bond Global € 1515.25 1515.25 -3.52 - percentage figures (in Tuesday to Saturday papers) allow for buying expenses. Prices of certain older Eurocroissance € 1288.52 1288.52 22.69 - Ennismore European Smlr Cos Hedge Fd M & G Securities (1200)F (UK) PO Box 9038, Chelmsford, CM99 2XF insurance linked plans might be subject to capital Far East $ 1321.18 - 60.83 - Other International Funds (IRL) gains tax on sales. www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 Polar Capital LLP (CYM) Stonehage Fleming Investment Management Ltd NAV € 546.98 -9.77 0.00 Regulated www.stonehagefleming.com/gbi Authorised Inv Funds Guide to pricing of Authorised Investment Funds: European Forager A EUR € 190.85 -0.26 0.00 [email protected] M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £1.24 -0.00 2.27 (compiled with the assistance of the IMA. The Regulated M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £42.59 -0.06 - Investment Management Association, 65 Kingsway, Aegon Asset Management Investment Company (Ireland) (IRL) SF Global Best Ideas Eq B USD ACC $ 248.12 -1.07 0.00 London WC2B 6TD. M&G Charity Multi Asset Fund Inc £0.86 -0.01 - 1 North Wall Quay Dublin 1, Ireland +35 3162 24493 SF Global Best Ideas Eq D GBP INC £ 271.54 -1.79 0.00 Tel: +44 (0)20 7831 0898.) FCA Recognised M&G Charity Multi Asset Fund Acc £95.95 -0.49 - Absolute Return Bond B GBP Acc 1163.18 --0.09 1.61 OEIC: Open-Ended Investment Company. Similar to a unit trust but using a company rather than a trust High Yield Global Bond A GBP Inc 514.08 -0.35 4.49 Oasis Crescent Management Company Ltd Other International Funds structure. High Yield Global Bond B GBP Inc 1102.60 -0.77 5.23 Euronova Asset Management UK LLP (CYM) Oasis Crescent Equity Fund R12.00 --0.04 0.20 Global Equity Income B GBP Acc 2174.03 - 23.69 0.00 Regulated Different share classes are issued to reflect a different Private Fund Mgrs (Guernsey) Ltd (GSY) currency, charging structure or type of holder. Global Equity Income B GBP Inc 1455.44 --8.32 3.19 Smaller Cos Cls One Shares €54.77 --1.67 0.00 Regulated lobal Equity Market Neutral Fund - B Acc GBP £12.33 -0.02 0.00 Smaller Cos Cls Two Shares €35.74 --0.98 0.00 Monument Growth 09/03/2021 £ 508.06 513.54 -4.30 - Selling price: Also called bid price. The price at which Global Sustainable Equity B Acc GBP £28.72 -0.49 - Smaller Cos Cls Three Shares €17.94 --0.57 0.00 units in a unit trust are sold by investors. (GSY) Global Sustainable Equity C Acc GBP £29.15 -0.49 - Smaller Cos Cls Four Shares €23.17 --0.65 0.00 MMIP Investment Management Limited Buying price: Also called offer price. The price at Inv Grd Gbl Bond A Inc GBH 605.76 -0.85 1.81 Regulated which units in a unit trust are bought by investors. Multi-Manager Investment Programmes PCC Limited Short Dated High Yld Bd B Acc GBP £11.16 -0.00 0.00 Includes manager’s initial charge. Short Dated High Yld Bd C Acc GBP (Hdg) £11.28 -0.01 0.00 UK Equity Fd Cl A Series 01 £ 2829.27 2863.47 166.38 0.00 OGM Oasis Crescent Global Investment Funds (UK) ICVC (UK) Single price: Based on a mid-market valuation of the Strategic Global Bond A GBP Inc 1315.55 -0.17 2.70 Diversified Absolute Rtn Fd USD Cl AF2 $ 1759.19 - 88.33 0.00 Brooks Macdonald International Fund Managers Limited (JER) Regulated underlying investments. The buying and selling price Strategic Global Bond B GBP Inc 746.61 -0.11 3.45 Diversified Absolute Return Stlg Cell AF2 £ 1646.89 - 80.30 0.00 5 Anley Street, St Helier, Jersey, JE2 3QE OGM Oasis Crescent Global Short Term Income Fund USD Class A Shares (Dist) $0.99 -0.00 1.74 for shares of an OEIC and units of a single priced unit Global Equity Fund A Lead Series £ 1665.84 1670.94 49.44 0.00 trust are the same. +44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) OGM Oasis Crescent Global Equity Fund USD Class A Shares (Dist) $37.34 -0.10 0.25 Prusik Investment Management LLP (IRL)

Brooks Macdonald International Investment Funds Limited Enquiries - 0207 493 1331 OGM Oasis Crescent Variable Fund GBP Class A Shares (Dist) £9.83 -0.02 0.01 Treatment of manager’s periodic capital charge: FIL Investment Services (UK) Limited (1200)F (UK) Regulated Euro High Income € 1.5351 - 0.0007 2.50 OGM Oasis Crescent Global Income Fund USD Class A Shares (Dist) $11.06 -0.01 2.48 The letter C denotes that the trust deducts all or part Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP Prusik Asian Equity Income B Dist $ 193.70 --0.06 4.15 of the manager’s/operator’s periodic charge from High Income £ 0.8480 - 0.0013 3.77 OGM Oasis Crescent Global Low Equity Fund USD Class D Shares (Dist) $13.02 -0.02 0.68 Toscafund Asset Management LLP (UK) Callfree: Private Clients 0800 414161 capital, contact the manager/operator for full details Sterling Bond £ 1.5691 - 0.0029 2.06 Prusik Asia Emerging Opportunities Fund A Acc $ 200.31 -1.32 - www.toscafund.com OGM Oasis Crescent Global Medium Equity Fund USD Class A Shares (Dist) $14.40 -0.04 0.18 of the effect of this course of action. Broker Dealings: 0800 414 181 Prusik Asia Fund U Dist. £ 237.89 -3.05 0.00 Authorised Funds Brooks Macdonald International Multi Strategy Fund Limited OGM Oasis Crescent Global Property Equity Fund USD Class A Shares (Dist) $8.66 -0.05 1.19 OEIC Funds Aptus Global Financials B Acc £4.31 -0.00 3.86 Cautious Balanced Strategy £ 1.3540 - 0.0030 0.00 Exit Charges: The letter E denotes that an exit charge Fidelity American Fund W-ACC-GBP £54.43 -0.75 - Aptus Global Financials B Inc £2.96 -0.00 5.03 may be made when you sell units, contact the Growth Strategy £ 2.0077 - 0.0047 0.00 Fidelity Cash Fund Y-ACC-GBP £1.02 -0.00 0.66 Marwyn Asset Management Limited (CYM) manager/operator for full details. High Growth Strategy £ 2.7967 - 0.0097 0.00 FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £2.66 -0.02 3.75 Regulated US$ Growth Strategy $ 1.9989 - 0.0062 0.00 Time: Some funds give information about the timing of Fidelity Global Enhanced Income Fund W-ACC-GBP £2.06 -0.02 - Marwyn Value Investors £ 340.40 - -14.66 0.00 Dealing Daily. Initial charge up to 2% price quotes. The time shown alongside the fund Fidelity Global Focus Fund W-ACC-GBP £35.67 -0.57 - manager’s/operator’s name is the valuation point for Fidelity Global High Yield Fund Y-ACC-GBP £15.73 -0.00 3.57 their unit trusts/OEICs, unless another time is indicated by the symbol alongside the individual unit Fidelity Japan Fund W-ACC-GBP £5.42 -0.05 - Purisima Investment Fds (CI) Ltd (JER) Omnia Fund Ltd trust/OEIC name. Fidelity Japan Smaller Companies Fund W-ACC-GBP £4.15 -0.06 0.36 Regulated Other International Funds Fidelity Select 50 Balanced Fund PI-ACC-GBP £1.16 -0.00 - PCG B 303.05 --3.93 0.00 Toscafund Asset Management LLP The symbols are as follows: ✠ 0001 to 1100 hours; ♦ Estimated NAV $ 631.95 --5.25 0.00 Fidelity Special Situations Fund W-ACC-GBP £37.68 -0.42 - PCG C 295.92 --3.85 0.00 www.toscafund.com 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to midnight. Daily dealing prices are set on the basis of Tosca A USD $ 377.23 - 34.90 0.00 Algebris Investments (IRL) Short Dated Corporate Bond Fund Y ACC GBP £11.10 -0.01 3.85 the valuation point, a short period of time may elapse Fidelity Sustainable Water & Waste W Acc £1.13 -0.01 - Tosca Mid Cap GBP £ 244.37 - 36.89 0.00 Regulated CCLA Investment Management Ltd (UK) before prices become available. Historic pricing: The Tosca Opportunity B USD $ 372.43 - 56.30 0.00 letter H denotes that the managers/operators will Algebris Financial Credit I EUR € 190.20 --0.04 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Fidelity Sustainable Water & Waste W Inc £1.12 -0.01 - normally deal on the price set at the most recent Algebris Financial Credit R EUR € 165.29 --0.05 0.00 Fidelity UK Growth Fund W-ACC-GBP £3.34 --0.05 - Pegasus Fund Ltd A-1 GBP £57.89 -8.63 0.00 Authorised Inv Funds valuation. The prices shown are the latest available Algebris Financial Credit Rd EUR € 110.06 --0.03 4.76 Diversified Income 1 Units GBP Inc £1.54 1.54 0.01 - Fidelity UK Select Fund W-ACC-GBP £3.35 -0.03 - before publication and may not be the current dealing Algebris Financial Income I EUR € 171.80 -0.93 - Diversified Income 2 Units GBP Inc £1.49 1.49 0.01 - Institutional OEIC Funds levels because of an intervening portfolio revaluation or a switch to a forward pricing basis. The Algebris Financial Income R EUR € 158.54 --0.25 - Diversified Income 3 Units GBP Inc £1.49 1.49 0.00 - Europe (ex-UK) Fund ACC-GBP £7.10 -0.07 - Oryx International Growth Fund Ltd managers/operators must deal at a forward price on Algebris Financial Income Rd EUR € 104.07 -0.56 - Other International Funds request, and may move to forward pricing at any time. Algebris Financial Equity B EUR € 133.24 --0.28 0.00 Forward pricing: The letter F denotes that that NAV (Fully Diluted) £9.10 --0.52 0.00 Algebris IG Financial Credit B EUR € 110.24 -0.08 0.00 managers/operators deal at the price to be set at the next valuation. Algebris IG Financial Credit R EUR € 109.27 -0.07 0.00 Milltrust International Managed Investments ICAV (IRL) Algebris Global Credit Opportunities I EUR € 132.31 -0.07 0.00 Troy Asset Mgt (1200) (UK) Investors can be given no definite price in advance of [email protected], +44(0)20 8123 8316 www.milltrust.com 65 Gresham Street, London, EC2V 7NQ Algebris Global Credit Opportunities R EUR € 130.14 -0.07 0.00 the purchase or sale being carried out. The prices Regulated Order Desk and Enquiries: 0345 608 0950 appearing in the newspaper are the most recent Algebris Global Credit Opportunities Rd EUR € 130.14 -0.07 0.00 British Innovation Fund £ 121.92 -2.89 0.00 Authorised Inv Funds provided by the managers/operators. Scheme Algebris Core Italy I EUR € 138.85 -0.65 0.00 CG Asset Management Limited (IRL) Findlay Park Funds Plc (IRL) MAI - Buy & Lease (Australia) A$ 102.95 --0.80 0.00 Authorised Corporate Director - Link Fund Solutions particulars, prospectus, key features and reports: The Algebris Core Italy R EUR € 128.99 -0.59 0.00 25 Moorgate, London, EC2R 6AY 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 most recent particulars and documents may be MAI - Buy & Lease (New Zealand)NZ$ 97.26 --0.02 0.00 Trojan Investment Funds Algebris Allocation I EUR € 109.51 -0.08 0.00 Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 FCA Recognised obtained free of charge from fund Milltrust Global Emerging Markets Fund - Class A $ 120.81 -0.11 0.00 FCA Recognised American EUR Unhedged Class € 138.37 -0.65 - Ram Active Investments SA Trojan Ethical O Acc 118.33 -0.31 0.07 managers/operators. * Indicates funds which do not The Climate Impact Asia Fund (Class A) $ 141.00 -2.59 0.00 price on Fridays. CG Portfolio Fund Plc American Fund USD Class $ 164.88 -0.48 0.00 www.ram-ai.com Trojan Ethical O Inc 118.10 -0.31 0.06 Absolute Return Cls M Inc £ 130.95 130.95 0.21 1.36 American Fund GBP Hedged £82.97 -0.24 0.00 Other International Funds Charges for this advertising service are based on the Capital Gearing Portfolio GBP P £ 36083.72 36083.72 64.71 0.85 American Fund GBP Unhedged £ 118.92 -0.62 0.00 RAM Systematic Emerg Markets Eq $ 231.82 231.82 0.38 - number of lines published and the classification of the fund. Please contact [email protected] or Capital Gearing Portfolio GBP V £ 175.49 175.49 0.32 0.85 RAM Systematic European Eq € 506.98 506.98 1.21 - call +44 (0)20 7873 3132 for further information. Dollar Fund Cls D Inc £ 159.68 159.68 0.93 1.53 RAM Systematic Funds Global Sustainable Income Eq $ 144.60 144.60 0.83 0.00 Dollar Hedged GBP Inc £ 103.66 103.66 0.37 1.34 RAM Systematic Global Eq Sustainable Alpha $ 107.99 107.99 0.28 - The Antares European Fund Limited Real Return Cls A Inc £ 196.27 196.27 0.81 1.71 RAM Systematic Long/Short European Eq € 133.59 133.59 0.29 - RAM Systematic US Sustainable Eq $ 371.52 371.52 3.76 - Other International Milltrust International Managed Investments SPC RAM Tactical Global Bond Total Return € 154.26 154.26 0.01 - WA Fixed Income Fund Plc (IRL) AEF Ltd Usd $ 552.67 -7.59 0.00 [email protected], +44(0)20 8123 8316, www.milltrust.com Orbis Investments (U.K.) Limited (GBR) RAM Tactical II Asia Bond Total Return $ 155.48 155.48 0.00 - Regulated AEF Ltd Eur € 515.71 -6.85 0.00 Regulated 28 Dorset Square, London, NW1 6QG European Multi-Sector € 120.31 -0.32 3.23 Foord Asset Management Milltrust Alaska Brazil SP A $71.15 --0.36 0.00 Website: www.foord.com - Email: [email protected] www.orbis.com 0800 358 2030 Milltrust Laurium Africa SP A $ 109.49 --0.04 0.00 Regulated FCA Recognised - Luxembourg UCITS Milltrust Marcellus India Fund $ 120.85 --1.06 - Orbis OEIC Global Cautious Standard £10.59 -0.04 - Foord International Fund | R $47.48 -0.41 - Milltrust Singular ASEAN SP Founders $ 170.07 --1.00 0.00 Orbis OEIC Global Balanced Standard £16.39 -0.07 - Chartered Asset Management Pte Ltd Foord Global Equity Fund (Lux) | R $18.92 -0.15 - Milltrust SPARX Korea Equity SP A $ 161.61 -0.04 0.00 Orbis OEIC Global Equity Standard £20.59 -0.13 - Other International Funds Regulated Milltrust VTB Russia Fund SP $ 135.13 -2.41 - Orbis OEIC UK Equity Standard £9.22 -0.13 2.82 CAM-GTF Limited $ 340220.12 340220.12 2628.62 - Foord Global Equity Fund (Sing) | B $23.19 -0.17 - Milltrust Xingtai China SP A $ 150.50 --0.60 - Arisaig Partners CAM GTi Limited $ 812.88 --9.88 - Foord International Trust (Gsy) $47.29 -0.40 0.00 Ruffer LLP (1000)F (UK) 65 Gresham Street, London, EC2V 7NQ Zadig Gestion (Memnon Fund) (LUX) Other International Funds RAIC VCC $1.64 1.64 0.03 2.06 Order Desk and Enquiries: 0345 601 9610 FCA Recognised Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 125.22 --2.05 0.00 Authorised Inv Funds Memnon European Fund - Class U2 GBP £ 204.32 -0.11 - Arisaig Asia Consumer Fund Limited $ 124.20 --2.23 0.00 Authorised Corporate Director - Link Fund Solutions Arisaig Global Emerging Markets Consumer Fund $16.70 --0.18 0.00 LF Ruffer European C Acc 887.28 --0.77 0.05 Arisaig Global Emerging Markets Consumer UCITS €12.85 --0.01 - LF Ruffer European C Inc 161.92 --0.14 - Arisaig Global Emerging Markets Consumer UCITS STG £14.50 --0.10 - LF Ruffer European O Acc 864.69 --0.80 0.00 Arisaig Latin America Consumer Fund $27.11 --0.02 0.00 (LUX) Mirabaud Asset Management LF Ruffer Equity & General C Acc 521.17 -3.12 0.17 Franklin Templeton International Services Sarl (IRL) www.mirabaud.com, [email protected] LF Ruffer Equity & General C Inc 476.63 -2.85 0.17 Dodge & Cox Worldwide Funds (IRL) JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Conviction based investment vehicles details available here www.mirabaud-am.com LF Ruffer Equity & General O Acc 507.94 -3.01 0.00 48-49 Pall Mall, London SW1Y 5JG. Other International Funds Regulated www.dodgeandcox.worldwide.com 020 3713 7664 Franklin Emerging Market Debt Opportunities Fund Plc Mir. - Glb Strat. Bd I USD $ 122.00 -0.05 0.00 LF Ruffer Equity & General O Inc 470.26 -2.78 0.00 FCA Recognised Franklin Emg Mkts Debt Opp CHFSFr 14.62 -0.02 9.01 Mir. - DiscEur D Cap GBP £ 192.48 -1.25 - LF Ruffer Gold C Acc 265.02 -4.38 0.00 Dodge & Cox Worldwide Funds plc - Global Bond Fund Franklin Emg Mkts Debt Opp GBP £9.37 -0.02 6.04 LF Ruffer Gold C Inc 160.40 -2.65 - EUR Accumulating Class €15.05 -0.04 - Franklin Emg Mkts Debt Opp SGD S$ 20.82 -0.03 4.33 LF Ruffer Gold O Acc 258.20 -4.26 0.00 EUR Accumulating Class (H) €11.49 -0.00 0.00 Franklin Emg Mkts Debt Opp USD $16.56 -0.02 6.17 LF Ruffer Japanese C Inc 169.63 --2.42 - Artemis Fund Managers Ltd (1200)F (UK) EUR Distributing Class €11.72 -0.04 - LF Ruffer Japanese C Acc 364.50 --5.21 0.08 57 St. James's Street, London SW1A 1LD 0800 092 2051 Platinum Capital Management Ltd LF Ruffer Pacific & Emerging Markets C Acc 391.86 --4.80 0.80 Authorised Inv Funds EUR Distributing Class (H) €8.90 -0.00 3.46 Other International Funds Artemis Corporate Bond I Acc £1.11 -0.00 2.14 GBP Distributing Class £12.28 -0.03 - LF Ruffer Pacific & Emerging Markets C Inc 106.79 --1.31 - Platinum All Star Fund - A $ 142.07 --- Artemis Target Return Bond I Acc £1.07 -0.00 1.97 GBP Distributing Class (H) £9.39 -0.00 3.47 LF Ruffer Pacific & Emerging Markets O Acc 381.54 --4.70 0.51 USD Accumulating Class $12.95 -0.00 - Platinum Global Growth UCITS Fund $13.71 -0.08 - LF Ruffer Total Return C Acc 534.45 -8.49 0.79 Dodge & Cox Worldwide Funds plc-Global Stock Fund Platinum Essential Resources UCITS Fund SICAV USD Class E $8.89 --0.08 0.00 LF Ruffer Total Return C Inc 345.86 -5.49 0.79 Platinum Global Dividend UCITS Fund $56.01 -0.11 0.00 USD Accumulating Share Class $28.34 -0.02 - LF Ruffer Total Return O Acc 520.83 -8.25 0.79 GBP Accumulating Share Class £33.54 -0.10 - GAM LF Ruffer Total Return O Inc 336.86 -5.34 0.80 GBP Distributing Share class £23.10 -0.07 - [email protected], www.funds.gam.com EUR Accumulating Share Class €35.67 -0.12 - Regulated LAPIS GBL TOP 50 DIV.YLD-Na-D £ 105.24 -0.75 3.25 GBP Distributing Class (H) £13.74 -0.01 0.44 LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 104.26 -1.51 0.71 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund USD Accumulating Share Class $36.34 -0.07 0.00 GBP Accumulating Share Class £40.68 -0.18 0.00 GBP Distributing Share Class £24.71 -0.10 - (IRL) EUR Accumulating Share Class €39.50 -0.18 0.00 Rubrics Global UCITS Funds Plc www.rubricsam.com GBP Distributing Class (H) £14.98 -0.03 0.87 Regulated Rubrics Emerging Markets Fixed Income UCITS Fund $ 139.65 -0.09 - Rubrics Global Credit UCITS Fund $17.72 -0.00 0.00 Wednesday 17 March 2021 ★ 17 18 ★ FINANCIAL TIMES Wednesday 17 March 2021

ARTS

grey landscape of cold sea and tarmac. Their adherence to making the exist- ing better has been remarkable. Laca- The height ton says, “Transformation is the oppor- tunity of doing more and better with what is already existing. The demolish- ing is a decision of easiness and short term. It is a waste of many things — of invention a waste of energy, a waste of material, and a waste of history. Moreover, it has a very negative social impact. For us, it is an act of violence.” Their principles are a powerful exam- This year’s Pritzker Prize has gone to the radical and humane ple to a profession and a construction industry still too intent on achieving French architects Lacaton & Vassal. Edwin Heathcote reports their own visions with little regard for the existing physical or social fabric. ever demolish” is a brave they were elegant, translucent, almost More surprising still is that Lacaton & motto for an architectural ephemeral presences, while the foot- Vassal have managed to create more practice. It has served print of the apartments was hugely beauty, happiness and elegance through N Lacaton & Vassal so well expanded (often by almost 50 per cent). working with what might seem to be lost that they have been Generous terraces, winter gardens causes. Their humane and radical anointed Pritzker Architecture and social spaces stood in marked con- improvements should be an inspiration Prize Laureates for 2021. trast to the original cramped interi- and a powerful lesson to the UK, where a The French architects have built an ors. Residents were kept in place admirable and formidable body of work throughout, the buildings were made ‘Demolishing is a and are among the rare practices that far more energy-efficient and commu- have combined social purpose with ele- nities were maintained. The expense decision of easiness gant execution. Their recognition with amounted to a third of what it would architecture’s most prestigious interna- have cost to demolish and rebuild, not to and short term. For us, tional prize will be warmly greeted. speak of the environmental advantages it is an act of violence’ The jury’s citation mentions “an in the embodied energy. Social housing architectural approach that renews the was made to appear as elegant as the legacy of modernism” — which is oddly swankiest new development, but with cheap steel sections and plywood. every part, even the broad factory lack of ambition, proper regulation and both absolutely true and mislead- none of the material waste and a com- These were bits of greenhouses, light ramps and rooftop, as spaces for con- an unwillingness to adopt intelligence in ing. What they have done is address and munity already in place. industrial buildings and sheds. It was struction, performance and gathering. design and construction led to the redress the dogma and certainty of Anne Lacaton (born 1955 in Saint- reminiscent of the work of early, hard- Along with João Batista Vilanova Arti- tragedy of the Grenfell Tower fire. modernism with an ad hoc intelligence Pardoux-la-Rivière, France) and Jean- ware store-era Frank Gehry in Los gas’s FAU school in São Paulo, it is the “We went to places where buildings that extracts what is best about existing Philippe Vassal (1954, Casablanca, Angeles, but more restrained, and with most impressive and engaging architec- would have been demolished and we architecture and supplement it with a Morocco) met while studying in Bor- a focus on creating microclimates using ture facility I have seen. met people who were attached to their generosity and intelligence it might deaux. Vassal left France to become a moving panels, opening roofs and slid- The same technique (of expanding housing, even if the situation was not have originally lacked. planner in Niger, where Lacaton would ing doors, exploiting sun and natural and improving housing) was adopted the best,” says Vassal. “They were most The finest illustrations of their visit. There they developed their ventilation. A more extravagant house in their striking design for the FRAC often opposed to demolition because approach are the tower blocks they approach to doing as much as possible followed in Cap Ferret House (1998). Nord-Pas de Calais (Dunkirk, 2013). they wished to stay in their neighbour- reimagined in Paris (Tour Bois-le-Prê- with what was available. “Niger is one of There, rather than felling the dozens of Here, to created a new museum space, a hood. It’s a question of kindness.” tre, 2011) and Bordeaux (Grand Parc, the poorest countries in the world,” says trees on the site, they built the house huge shipbuilding shed was retained “Kindness” is not a word we hear 2017), which were both designed Vassal, “and the people are so incredi- around them, so that the trunks grew and a virtual mirror structure added enough in architecture. Ethical, consid- together with architect Frédéric Druot. ble, so generous, doing nearly every- through the living spaces, their canopies beside it in a similar profile so that erate, sustainable and maximally inven- These were dumb slab blocks of the sort thing with nothing, finding resources all Above: the Grand Parc providing shade, subtly changing light together they appear as a building and tive with minimal resources: Lacaton & that litter the skylines of virtually every the time, but with optimism, full of tower block in Bordeaux and sound. its ghost. At twilight it presents a partic- Vassal’s work sets an example for the big city in the world. They were the poetry and inventiveness. It was really a was transformed by The pair reached a far wider audience ularly elegiac picture of the appropria- profession. If others learnt from them, worn-out remains from an age in which second school of architecture.” Anne Lacaton and with their stunning revamp of the Palais tion and colonisation of the industrial that would be a fine legacy for the prize. architecture had surrendered to the In those conditions, what was already Jean-Philippe Vassal de Tokyo in Paris (2002), an Art Deco by the cultural industry — loss and mass production of housing without there was respected, and that position of Philippe Ruault; Laurent Chalet exhibition hall which they stripped redemption embodied in the bleak, pritzkerprize.com considering the diversity of occupation rethinking the existing stayed with down to its bones, creating one of the or notions of beauty and dignity. them. They established their practice in best-loved and most successful galleries House in Rather than demolish and replace Paris in 1987, and came to broader for contemporary art and for culture Bordeaux by these blocks, displacing residents and attention with their Maison Latapie in and conversation. They revisited the Lacaton & fracturing the delicate ties of communi- Floirac (1993). An unremarkable dwell- project a decade later, excavating its Vassal — Philippe Ruault ties, Lacaton & Vassal replaced services ing was hugely expanded using what cavernous cellars to give multiple layers and lifts and wrapped the slabs in deli- might be regarded as the materials and of atmosphere and scale. cate layers of cheap polycarbonate. The language of horticultural architecture — In the meantime, they built the École result was a total reinvention. Suddenly corrugated metal and polycarbonate, Nationale Supérieure d’Architecture de Nantes (2007). The vast, semi- industrial structure is expansive and robust enough for students to reconfig- ure spaces and knock the building about. It acknowledges architecture’s affinity with the workshop, studio and atelier rather than the classroom, using Puzzle game that proves problematic

(referenced in Maquette’s use of mise en mechanic — drop a marble into the GAMING abyme) and a memorable storyline that maquette and a great boulder thunks introduces one of gaming’s all-time into existence behind you. At first, the Tom greatest villains: the wily, witheringly game’s mechanical imagination is posi- Faber sarcastic robot GLaDOS. tively exhilarating. Perhaps the most inspired puzzle- Maquette’s art style is a sumptuous maker in gaming is auteur designer bath of soft hues and dappled light, Jonathan Blow, whose 2008 title Braid offering the player bejewelled keys, glit- explored themes of memory by allowing tering crystals and golden tickets, items aquette has all the mak- the player to manipulate the flow of that feel freighted with symbolic mean- ings of my favourite kind time, while 2016’s The Witness was more ing. Meanwhile a bold, somewhat senti- of game. It boasts a gor- oblique, suggesting that meaning is mental soundtrack attempts to root M geous pastel-shaded aes- made not from an auxiliary storyline, players in the game’s story, which nar- thetic, the backing of top but in discovering the elemental puzzles rates the slow kindling and eventual dis- indie publisher Annapurna and an that hide in the world around us, waiting solution of a relationship between two ingenious central mechanic that asks to be observed and solved. American hipsters. This is where the players to solve puzzles across nested game falls apart: in contrast to its lyrical dioramas, like a jigsaw made from Rus- ‘Braid’ explored themes visual style, the writing and characteri- sian dolls. All this is framed within a ten- sation are leaden and predictable, voice- der story of young love. Yet when I of memory by allowing acted like a school theatre production. I played the game last week, I was disap- was shocked to learn that the lovers are pointed that it lacked the elegance of the the player to manipulate played by a real-life couple, actors Seth infinity mirrors and Fabergé eggs that it the flow of time Gabel and Bryce Dallas Howard, given evokes. Its clockwork is out of joint. their total lack of chemistry. Dedicated puzzle games such as As the story falls flat, other elements Maquette are an enduringly popular With this impressive lineage to draw come apart. Despite the clever conceit, genre, while elements of puzzles often from, I had high hopes for Maquette. It individual puzzles can be frustratingly nestle within other games, such as has been in development for 10 years, obscure, forcing me to consult online action and role-playing titles. In a sense, and sits in the lineage of first-person guides for help. A good puzzle should a puzzle is when a game is most itself: puzzles (such as Myst, The Witness, not contain extraneous details, and it not imitating the narrative of a novel, and Call of the Sea) and recursive should teach you organically to use its the music of an album or the spectacle of puzzles (such as Manifold Garden and systems — the game fails on both counts. a blockbuster film. Puzzles are games A Fisherman’s Tale). But most of all I wanted Maquette to doing something that only they can do, The central idea is undeniably bril- operate as a poignant metaphor for a asking the player a question and leaving liant: you explore a series of fantastical relationship, to explore how being in them to deduce the answer. castles, gardens and fairgrounds around love shifts our perspective, making us It is in puzzles that the ingenuity of a scarlet dome, at the centre of which is a lose our sense of proportion, leaving us game designers truly shines. These can small scale model of your environment, lost among the fantasy worlds we be brilliantly simple, such as the ever- the titular maquette. When you manip- project on the walls of our minds. green block-stacker Tetris, or as mind- ulate items in the maquette, the bigger Instead, it resolves as a shimmering meltingly devious as Baba Is You, which world around you changes accordingly. backdrop to a bland love story, a puzzle asks players to manipulate the syntax of The puzzles are solved by exploiting this whose pieces never quite fit together. word-blocks to change the rules govern- ing each level. Such games understand the immense pleasure we draw from problem-solving. They do not feel the need to shoehorn in a storyline, just as sudokus don’t rely on cliffhangers to keep players coming back. Some puzzle games do successfully tell stories, however. The influential 1993 PC game Myst was an early hit, inviting players to explore a mysterious island and learn its secrets through a series of interrelated puzzles. Japanese titles such as Ghost Trick and the Profes- sor Layton series set their challenges within compelling storylines with charming characters. Modern classic Portal and its sequel are a masterclass in design, with inventive puzzles Soft hues and dappled light characterise the new game ‘Maquette’ Wednesday 17 March 2021 ★ FINANCIAL TIMES 19

FT BIG READ. BREXIT AND UK EMPLOYMENT

A pilot project for seasonal workers is intended to alleviate labour shortages caused by the end of freedom of movement. But employers are setting demanding targets for the low-paid migrants on the scheme. By Sarah O’Connor and Judith Evans

n September last year, 21-year-old flaws in the UK-wide scheme, particu- engineering student Roman larly the debt burden placed on migrant Kukharchuk prepared to leave workers and poor or false information” I Russia. He was heading to Scotland and that this “resulted in some cases in as part of a UK government pilot ‘Trapped’ on British farms people feeling trapped”. scheme, where he would work on a farm He says NFU Scotland would prefer that supplies strawberries and raspber- farms to be able to recruit directly, offer- ries to British supermarkets like Tesco ing contracts “with an element of guar- and Marks and Spencer. anteed hours which would give the Kukharchuk arrived in a country that workers the assurance that they will was grappling with a difficult question: earn enough to repay their debts”. whether it could ever learn to cope with- The UK Home Office declined to out people like him. answer eight specific questions, but says Since Brexit, the stated aim of the UK it “takes the safety and wellbeing of sea- government has been to wean the econ- sonal workers extremely seriously”. It omy off a dependence on low-paid says the farms used in the scheme are migrants. But employers in some sec- vetted and that workers should only be tors — horticulture is a good example — placed with farms that “pay the national say they simply cannot get enough Brit- minimum wage and provide suitable ons to do the work. A “Pick for Britain’‘ living and working conditions”. campaign last summer, aimed at per- The Scottish government says the suading locals to pick fruit and vegeta- FLEX report’s findings “highlight the bles, demonstrated the problem: of the need for an urgent, comprehensive and people placed on farms by one major effective response.” It says it would do agency, fewer than 4 per cent remained “all it can to address the relevant recom- on assignment by the end of the season. mendations” and would write to the UK The government is also trialling a immigration minister to call on the UK “seasonal workers pilot” to help allevi- government to “implement the recom- ate the labour shortage caused by the mendations urgently [and] engage reg- end of EU free movement for the UK. ularly and meaningfully with the Scot- Two labour providers, Concordia and tish government, FLEX and Scottish Pro-Force, are permitted to recruit peo- agriculture sector going forward”. ple from places such as Russia, Ukraine The GLAA says it is “not the lead and Belarus to work in edible horticul- agency” for farm inspections under the ture on strict six-month visas. The pilot seasonal workers pilot but plays a sup- started in 2019 with an annual quota of porting role to the UK Visas and Immi- 2,500 workers. It was extended to gration service. 10,000 workers in 2020 and to 30,000 Tesco says it takes all allegations of workers in 2021, with an additional two poor working conditions “extremely recruitment agencies set to be added. seriously” and is “urgently investigat- Some commentators have concluded ing”. It adds: “Tesco is committed to that Britons lack the work ethic for ensuring the rights of people working in tough outdoor jobs. “What is it that we our supply chains are respected and are feeding our people wrong? Is there upheld.” An M&S spokesperson something that we are doing in school?” says: “We take the welfare of workers in asked Derek Thomas, a Conservative our supply chain extremely seriously MP, in a recent select committee hear- and we are investigating these claims ing. In another hearing, David Camp, with our suppliers.” chief executive of the Association of Labour Providers, said there was an Growing pressure unrealistic view of what fruit picking The UK is far from alone in turning to was like. “I was calling it the ‘I can come for two hours on a Tuesday afternoon and bring my wicker basket’ mentality.” Priti Patel, home secretary. The Home Kukharchuk, in contrast, had Office says it takes expected hard work and long hours paid ‘the wellbeing of at the UK minimum wage. But he dis- seasonal workers covered that those expectations were extremely seriously’ wrong too. The problem wasn’t too much work, he says, but being deprived A report from an Kukharchuk and Dzmitry were even- workers” but the Financial Times has employees for a full day’s work. There- ‘We came to migrant workers at harvest time, espe- of it as a consequence of not meeting NGO on seasonal tually dismissed for failure to meet tar- seen worker contracts that do not guar- fore, productivity is checked periodi- cially because the season can last demanding productivity targets. farm workers in gets. Kukharchuk could not leave antee any hours, including one titled cally during the day and anyone not work but we between six and eight months. Canada, The workers on the farm that Scotland found because of Covid-related border restric- “Terms and conditions of zero hours meeting the minimum standards must can’t work, we Germany, New Zealand and others have employed him, Castleton Fruit in north- that many were tions, so was allowed to stay and work employment”. Castleton Fruit, which finish work at that point.” can’t save a version of the UK’s scheme. Indeed, east Scotland, were on zero-hour con- being pushed to on the farm until he could go home. employed Kukharchuk, says the gov- Workers are given seven days’ train- the UK operated a similar scheme which tracts, which do not guarantee any do more work Between March 2020 and February ernment statement is incorrect, and ing to learn how to meet the targets and money. began after the second world war and work, and were paid for the amount of than was 2021, Focus on Labour Exploitation, an there are no stipulations against zero- the opportunity to retrain. The farm Sometimes lasted until 2013. Advocates say that, fruit they picked rather than by the possible in the NGO, investigated the experience of hours contracts. The Home Office also says earnings for individual work- when managed well, they can be a “win, hour. Under the law, pickers on this time they had, workers in Scotland on the pilot pro- declined to answer the FT’s question on ers could vary from £200 to over £800 a there is a win, win”: farmers have access to labour, “piece rate” system must be “topped with two-thirds gramme, in a project part-funded by the the issue. week, more than double the minimum feeling that customers enjoy reasonably priced local up” to the minimum wage of £8.72 an reporting Scottish government. FLEX surveyed While the FLEX research focused wage, depending on productivity. we can’t prove produce and migrant workers earn bet- hour if they have not picked enough to receiving 84 farm workers and interviewed 62 on solely on Scotland, some workers on The farm acknowledges that last year ter money than they could at home. earn this amount. Because of this, the threats over loss 12 different farms, of which 39 were on English farms have struggled with simi- some workers “were arriving without anything, that But the experience of some of the supervisors would check everyone’s of work. Below the scheme. lar issues. Florina Tudose, advocacy some of the correct information” and no one will workers on the UK’s pilot scheme high- work every two hours, and those who right: Romanian The researchers found that more than programme manager at the East Euro- that this year it has organised “virtual lights a problem. These jobs have, in had not picked fast enough would be harvest workers half were on piece rates, and three- pean Resource Centre in London, says face-to-face interviews” with applicants help us’ some cases, become so demanding and sent back to the caravans for the rest of heading to the quarters felt like they were always or the organisation helped at least seven before arrival in conjunction with Con- ‘Dzmitry’ from insecure that not only are they off- the day, unable to earn any more money. UK last April usually being pushed to do more work people already in the UK under free cordia to make sure they were fully Belarus putting to locals, who could work in a Some weeks, Kukharchuk says, he Getty Images than was possible in the time they had. movement find roles through Concordia briefed on what to expect. It confirms it café or supermarket for the same was sent to the caravan so often he only Two-thirds reported receiving threats on farms close to the capital last year. inspects caravans and can charge work- money, but even some migrants from earned about £180 to £200, from which They had lost their jobs in the pandemic ers, but only if they do not “respect and poor countries see them as a bad deal. he had to pay the farm £57.40 a week for and were at risk of homelessness. look after the equipment and property ‘We knew the Research suggests that, over the the caravan he shared with three others. “Except for one young guy, all of them we provide”. It says it does not control course of decades, UK farmers have The farm would also inspect the cara- came back to us with the same story . . . the transfer system to other farms, farming intensified these jobs in response to the vans weekly and charge workers £10 if it they were on zero-hours contracts, and which is managed by Concordia. industry rising minimum wage and the pressure found “disorder/a mess”. lots of the days they were sent back to Simon Bowyer, chief executive of Con- could be from powerful supermarkets for flexi- Dzmitry, a 24-year-old from Belarus their trailers because they didn’t meet cordia, which is a registered charity, bility, speed and low prices. For exam- on the seasonal workers pilot who does the targets,” she says. says the workers FLEX surveyed do not exploitative, ple, according to British Summer Fruits, not want to use his real name, describes “We always knew the farming indus- “represent the experiences of the but in the first an industry body, government data sug- each day on his Scottish farm as an try could be very exploitative, but in the majority of workers on UK farms”. He gest that prices paid to farms for straw- endurance race. You might survive for first lockdown we thought that might be says Concordia, which audits all farms lockdown we berries barely rose between 2008 and two hours, or four or even six, he says, a better solution than being homeless,” and only works with ones which thought that 2018. The UK has some of the lowest before finally becoming too exhausted she says. “Once a week they have this “uphold our ethical standards”, allows might be a food prices in western Europe. to sustain the pace required of you and meeting where they tell the ones who workers to transfer to a different farm “Everyone’s looking for someone to being sent back to the caravan. The received three warnings, or something “wherever possible” and that “through better blame for the situation, but that’s not piece rates were always changing. His like that, ‘you need to pack your bags our network of overseas agents, all solution than quite some evil person somewhere, it’s friends were struggling too, unable to 30,000 of loss of work, 60 per cent said the and go because you’re not making your workers are informed of their rights and being more that the system pushes us down match the productivity of those with Migrant workers on information given about earnings targets’.” the responsibilities, as well as their con- this route,” says Alan Manning, an eco- several years of experience. He asked to the UK’s seasonal before travelling proved inaccurate, and ‘Vital asset’ tractual obligations.” He adds that the homeless’ nomics professor at the London School be transferred to a different farm but workers pilot for a similar proportion said they were charity supports workers throughout of Economics and former chair of the was refused. He was particularly wor- edible horticulture refused transfers to other farms. Castleton Fruit, the farm where their placements and investigates all Florina Tudose, independent Migration Advisory Com- ried because he had borrowed about (above). Four Some workers told the researchers Kukharchuk was placed, says it has sup- complaints, but did not respond to ques- East European mittee which advises government. £850 back home to pay for his £244 agencies are they had resorted to buying boxes of plied the UK’s major supermarkets for tions on individual cases. Resource To redesign the jobs so Britons would visa, travel and other costs. “You’re tell- permitted to produce from the fastest pickers, so that more than 20 years and is regularly Iain Brown, chair of National Farmers Centre do them, he believes food prices would provide workers ing me I’m a bad worker but you’re not they could meet the farm’s target and be audited by independent auditors, retail- Union Scotland’s horticulture working have to rise so much that consumers or letting me move farm,” he recalls. allowed to continue working. The work- ers, the Gangmaster Licensing Author- group, says migrant workers are a “vital supermarkets would choose imports Workers from elsewhere in Europe 50% ers could choose to go home early, but ity and the Health and Safety Executive. asset” to Scotland’s farmers and that, instead. Robots might do the work even- who travelled to the UK under free Workers at many had borrowed money back home It says the FT has spoken to “such a with a return rate of about 70 per cent, tually, though most farmers say the movement before the end of 2020 could Castleton Fruit who to pay the visa and travel costs, some- small sample” of its 1,000 strong work- most farms are “attractive and reward- technology is still years away. change jobs freely. But those on the sea- were returnees in times from black market lenders. FLEX force that it “cannot be portrayed as rep- ing”. But he adds that some workers’ Another option would be to keep the sonal workers pilot — from this year the 2020, says the farm. also found that workers struggled to get resentative”. It adds that 70 per cent of experiences are “not acceptable” and seasonal worker scheme but make it main way for migrant farm workers to It employs about assistance from their recruiting agen- workers in 2020 were EU workers with the FLEX report “highlighted many fairer. “It’s totally reasonable, when enter the country — can only change 1,000 workers cies or the Gangmasters and Labour free movement of labour and that more somebody is coming over for a few roles with the help of the same agencies Abuse Authority, the UK regulator than 50 per cent of staff are returnees. months, for the employment contract to that brought them over, and cannot £200-800 which aims to protect exploited work- “If we were not good employers offering guarantee a minimum level of earn- seek work in other industries. Weekly wage range ers. The GLAA has 46 investigators in its good rates of pay, then we would not ings,” says Manning. In September, two months after he Castleton Fruit says enforcement teams, with one investiga- have a workforce.” Dzmitry, now back home, says he arrived, Dzmitry typed a message on his its workers can tor and one inspector based in Scotland. The farm says piece rates are set at a didn’t even earn enough to cover his liv- phone to a charitable group of human earn. Caravan hire FLEX recommended removing the level “to allow everyone to earn at least ing costs and the debt he incurred. rights lawyers. “We have borrowed a lot costs them £57.40 a £244 visa fee for workers, guaranteeing the minimum wage. However, at times “Great Britain was the first foreign coun- of money to come here, we passed long week them a minimum amount of work and some people fall short of this and we try I had been to in all my 24 years,” he distance, left our relatives, not to get income and increasing resources for must make up their wages to the mini- says. He believed Europe stood for this. We came to work but we can’t labour market enforcement. mum wage; we do this without excep- “tolerance, human rights”, but he feels work, earn money, we can’t save money A Home Office minister stated in a tion. As a business model, it is not his rights were ignored. and help our families. Sometimes there written parliamentary answer in 2019 sustainable or fair to the workers who “It’s a very beautiful country,” he says. is a feeling that we can’t prove anything, that “the scheme operators are not per- are earning the minimum wage to make “But all should be equal . . . that’s the that no one will help us.” mitted to offer zero-hours contracts to up the wages of underperforming most important thing.” 20 ★ FINANCIAL TIMES Wednesday 17 March 2021

Email: [email protected] Include daytime telephone number and full address Letters Corrections: [email protected] If you are not satisfied with the FT’s response to your complaint, you can appeal to the FT Editorial Complaints Commissioner: [email protected] UK and EU must rebuild trust by defusing Irish customs row

The decision of the UK government a customs border must either exist current arguments about checks and these means, the EU should be pushed unilaterally to change the Brexit within the island of Ireland, or at the delays can surely be addressed at a to ratify its trade and co-operation protocol concerning food imports from Irish Sea. The British government technical level. Officials on both sides agreement with the UK. But it is likely Great Britain into Northern Ireland has chose the latter option. In doing so, it should be told to find flexibility in the that the commission will slow-pedal attracted the inevitable legal riposte has inadvertently upset the delicate existing arrangements, but the EU will until NI questions are sorted. from the European Commission (“EU balance between community interests, first need to believe that the UK has Only in this way can the EU and the sues over Northern Ireland treaty”, as enshrined by the Good Friday put unilateralism behind it. UK build a new post-Brexit partnership WEDNESDAY 17 MARCH 2021 Report, March 16). In Brussels’ view, Agreement. As a former Northern At a political level, Lord David Frost rooted in shared interests and begin to this further breach of international law Ireland secretary, I am very familiar will need quickly to build a positive manage the divergence constructively. demonstrates that the UK does not with this quandary. working relationship with his EU The alternative of continuing the intend to honour the protocol and may In order to de-escalate the situation counterpart, vice-president Maros present stand-off will not only threaten seek to renegotiate it from scratch. the UK government should reaffirm in Sefcovic. In doing so, he will need to stability in Northern Ireland but the If it was easy to invent a different public and private its determination to address the EU’s fears that his economic and security interests of the Side-effect fears should way of policing the border between two make the NI protocol work, in order to appointment, at the expense of UK and EU as a whole for the different customs areas this surely rebuild trust. If the UK and the EU can Michael Gove, promises an even more foreseeable future. would have been discovered by now. agree on the political objective of combative approach. Peter Mandelson not derail vaccinations The dilemma remains uncomplicated: limiting communal destabilisation, the Having reached a modus operandi by House of Lords, London SW1, UK

Authorities must consider huge benefits of Covid jabs as well as risks The bad faith, insults and Changing diet will help Social media buyer As the fastest inoculation campaign Beyond any effect on vaccine hesi- hostility were predictable to reduce emissions explains Facebook’s role in history gathers pace, with 300m tancy, it seems strange to give more In his opinion piece, Denzil Davidson Martin Wolf’s article “Humanity is a I’d like to suggest that Elaine Moore Covid-19 jabs already administered weight to an unproven — and, biolo- provides an incisive analysis (Opinion, cuckoo in the planetary nest” (Magazine, March 13) considers more globally, reports of side-effects are inev- gists say, unlikely — link between the March 13) as to why the Northern (Opinion, March 10) is correct to carefully her dismissal of targeted ads. itably surging. These range from life- AZ jab and blood clots than to the fact Ireland protocol in particular and the highlight the role of diet in reducing As a professional social media buyer, I threatening events such as thrombosis, that suspending vaccination will kill wider Brexit trade deal in general, are greenhouse gas emissions. would never advise using Facebook’s which has prompted many European people who would otherwise have been proving to be so disruptive of UK-EU From our work with the royal “interest data” for targeting. I know it countries to suspend AstraZeneca jabs, protected from severe Covid-19. trade flows. society of arts, manufactures and is inaccurate. By suggesting that this is to the minor short-term consequences Even if, in a worst-case scenario, fur- But he does not follow through with commerce on “Herefordshire 2030” — what is used to run successful such as flu-like symptoms, nausea and ther investigations prove that the jabs the reasons behind this troublesome a project to make the county greener, marketing campaigns you are muscle pain that accompany all vac- can cause rare, lethal side-effects, that time in these bilateral relations. fairer and more prosperous by 2030 — underestimating us all. And you are cines to a greater or lesser extent. would not necessarily justify an end Certainly there is, as he implies, a lack we have found that widespread diet allowing Facebook to become ever In the global rush to roll out vaccines, to vaccination but an examination of of parity of esteem on both sides; one change to a mixed but plant-rich diet more powerful. health authorities and pharmaceutical risks and benefits. It would be neces- might even talk of a toxic atmosphere. and a 30 per cent reduction in Almost every site on the internet has companies gave too little thought to sary to compare estimated deaths and But it is also quite predictable. domestic food waste could reduce the a Facebook pixel installed, which how to handle all the adverse reaction serious illness resulting from the jabs The UK insisted at all stages over the need for grazing pasture by as much as tracks everything you do and shares it reports that were bound to follow mass with the additional deaths and disease four years of tortuous negotiations, on 35 per cent. with Facebook. The network then immunisation. The issue deserves pri- expected from Covid-19 cases that vac- the absolute priority of the acceptance Replacing that land with woodland aggregates the data and uses it to create ority attention now — to maintain pub- cination would have prevented. of the notion of UK sovereignty. The would reduce the carbon-equivalent an understanding of an individual lic confidence, while avoiding overreac- Far more frequent than any serious European Commission, with the footprint of agriculture in the county which is far more powerful and more tion to apparent side-effects that are not reactions are the minor if still unpleas- unshakeable unity of 27 member states by as much as 57 per cent — which is subtle than their “interests”. really a result of vaccinations. The vac- ant short-term side-effects associated behind it, insisted that the UK, as the housing costs. However, the answer to equivalent to 650,000 tonnes of CO2 or Most advertisers never use interest cine manufacturers — and AstraZeneca with all vaccines as the immune system first member in the 60-year history of New Zealand’s housing price surge is to the annual total carbon footprint of targeting — they use pixel data and in particular — have not helped their responds. Clinical trials of the current the union to leave, must be punished be found in fiscal not monetary policy. 43,000 people. lookalike modelling to find similar own cause. Better public communic- Covid-19 jabs showed that more than for doing so, both as a deterrent to Providing tax breaks for those in the While we agree on the scale of the consumers to those on their site. ations and more transparency would one in 10 people suffer symptoms such others but also because logic dictates income distribution who cannot afford challenge, this shows that, based The Airbnbs and other global help to reassure consumers. as a sore arm or flu-like illness. that a member state must have more housing is a preferable instrument to simply on behavioural change, there is companies may have less discipline in AstraZeneca insists there is no scien- Though vaccination centres usually favourable conditions than a non- deal with inequality; putting housing a way forward for counties like their media buying strategies, but the tific justification for precautionary sus- give out leaflets listing common side- member. prices into the objective function of the Herefordshire without over-reliance on beauty of Facebook advertising is that pensions of its vaccine across Europe effects, these have not generally been Thus, there can be no “parity of central bank is not. as yet uncertain new technology. it allows the smaller companies that because of a possible association with mentioned in public health messages esteem”. The UK cannot accept to Central banks have already seen Andrew Prentis understand the platform to compete dangerous blood clotting. Many exhorting people to be vaccinated. share decision-making with the EU and their remits enlarged during the The 99% Organisation and win. experts also suggest this is coinciden- Many recipients have been surprised to the EU cannot have a former member pandemic, and further additions to London SW8, UK Jennifer Cunningham tal. They deploy statistics to show that feel ill afterwards. Their stories have prospering as a result of leaving the their policy targets are not helpful. London SW6, UK the number of dangerous events soon spread among friends and family, lead- club. The outcome must be a Even worse, it is more likely to confuse The criminal justice bill after vaccination is no higher than ing to unfounded suspicions that relationship which was, is and will be than help them focus on their core A leaver’s logic shows would be expected by chance when the the vaccines have more side-effects fraught with bad faith, mutual goals of price stability and economic infringes basic liberties jabs are given to millions of people. than authorities are letting on. With suspicion, petty insults and hostility activity. I was extremely disappointed by your power of belonging Although health ministries that have younger people’s stronger immune sys- and the scoring of points off each other Danny Leipziger limp coverage of Saturday’s events in Janan Ganesh’s biting take on the paused vaccinations say a suspected tems making them more susceptible to to the detriment of harmonious mutual Professor of International Business Clapham (“UK police chief under complacencies of modern tribalism link must be investigated to maintain side-effects, it might be wise for health trading both in goods and services. George Washington University pressure over handling of vigil”, and our furtively helpless need to confidence, their actions risk the oppo- messaging to prepare them better for a And neither side can say they weren’t Washington, DC, US Report, March 15) belong (Opinion, Life & Arts, FT site effect. The European public has temporary adverse reaction. aware of the consequences, which Above all, I am incredulous that you Weekend March 13) reminded me of already read so much negative public- But the priority now is to sort out threaten the Good Friday peace process It’s little wonder the west play down the criminal justice bill, the Brexit lady buttonholed by a TV ity about the vaccine, beginning with swiftly what may be a damaging over- in Northern Ireland as never before in that, among other things, would allow journalist in 2016 and asked why she misplaced doubts on its effectiveness reaction to extremely rare serious the 23 years since it was signed. is suffering a ‘baby bust’ the police to clamp down on marchers. believed the UK should leave the EU. in older people, that the latest news events — which may or may not be a Donal Denham If young people in the developed world It proposes tough laws against protests “Because”, she said, patiently — as if will seem to confirm their suspicions, consequence of mass Covid-19 vaccin- Dalkey, County Dublin, Ireland are having fewer babies (“The severe and mass gatherings and would allow speaking to a child — “we’re us.” even if the scientific proof is lacking. ation. Many lives will depend on it. cost of the world’s baby bust”, Opinion, the police to block and limit the size of Killian O’Donnell Central banks do not need FT Weekend, March 13), it is because demonstrations and not just in Covid Cashel, County Galway, Ireland governments have made it difficult for times. a house price mandate too them to do otherwise. Although the legislation would only In his creative account of how to Most of the western world has cover England and Wales, this year’s Corrections handle New Zealand’s boom in house adopted tax “reforms” which continue COP26 climate change conference is set prices, Ruchir Sharma (Opinion, to shrink the middle class, economic to be held in Glasgow and of course the c There were five serious adverse events Building ‘Global Britain’ March 15) endorses adding housing policies which hold out only the government would not want protesters identified during the Oxford/Astra- price stability to the remit of central possibility of “gig” employment and or activists to disrupt our “Global Zeneca vaccine trial, not two as wrongly banks. This is a mistake. The target education policies which saddle the Britain” image should, for example, stated in an article on March 16. None of will require hard choices variable is credit expansion, not the young with debt for their higher marches be happening in London at the events were found to have been outcome of higher housing prices. education. Combine these things with the same time. caused by the vaccine. Bubbles are fuelled by easy money as central bank policies which have Together, we must all protect and c The number of unaccompanied Image of UK as mini-superpower does not match funds and capabilities Hyman Minsky observed decades ago. placed home ownership beyond the safeguard our basic civil liberties and children arriving at the south-west US Central banks need to focus on the reach for the young, and it is difficult to these include our freedom of speech border from Mexico and central Three months after its post-Brexit with global interests. Beyond the chal- causes of price surges not the outcomes imagine how a more effective set of and freedom of assembly and American countries in February was the transition period ended, Boris John- lenge from Beijing, most threats the UK in specific markets. disincentives could be devised. association. highest since a peak in May 2019. An son’s government is finally adding flesh faces — Russia, Islamist or far-right ter- There is clearly room to improve Guy Wroble Carola Burns article on March 15 wrongly stated the to its vision of “Global Britain”. Its more rorism, uncontrolled migration, cyber measures of inflation that exclude Denver, CO, US London W8, UK peak was in April 2019. than 100-page review of security, attacks by Iran or North Korea — are defence, development and foreign pol- shared with its European neighbours. icy sets the goal for the UK to be a The starting point should be for Britain “problem-solving and burden-sharing to be a solid European pillar of Nato. The murder of Sarah Everard, a 33- been defined as being against Sadiq.” leadership could help the city recover nation with a global perspective”. Yet US officials have suggested they Brexit has lost year-old marketing executive who was Bailey’s socially conservative after the pandemic. Khan has been a there is a Johnsonian, have-your-cake- would favour the UK focusing on the abducted this month while walking pro-Brexit views are a tough sell competent if uninspiring mayor. His and-eat-it quality to this image of Brit- north Atlantic, European mainland London for the home, has unleashed a tide of anxiety for a liberal city in which 60 per cent most notable achievement was the ain as pocket-sized superpower. and Mediterranean, allowing America among Londoners about women’s backed Remain. But even for those “London is Open” campaign, asserting There is much to commend in the to concentrate more of its own capacity safety, policing and leadership. Yet who might be persuaded to vote the capital’s global status after Brexit. framing of the challenges the UK faces, in Asia. The planned deployment of the Conservatives there is indifference about who should Tory, he has said little of consequence. Yet he struggled to make the city’s and its aims. A commitment to build- Royal Navy’s new, flagship aircraft car- lead Britain’s capital, just 8 weeks Khan is almost certain to gain a case during the debate over the trade ing up technological resilience and sci- rier to east Asia might be a chance to before its mayoral election. second term. deal with Europe. ence policy, notably in countering a ris- signal resolve to China, and cement One candidate has drawn the wrong There is, however, a deeper Tory The problem may be the mayoralty ing China, is welcome. So is the recogni- alliances through joint exercises with kind of attention. While the police malaise that goes beyond Bailey. itself, says Rory Stewart, the former tion, after the pandemic, that security Japan and others. But, with borrowed were still searching for Everard, the According to Tony Travers, director of Tory minister who withdrew from the threats can take unforeseen forms. US aircraft to fill its flight deck, it risks Conservative’s Shaun Bailey took to the London School of Economics’ race last year. “Boris and Sadiq turned The review is right to balance mak- being a symbol, too, of overstretch. social media to say “as a father and London research group, “the party has it into a ceremonial role, where they ing the most of Britain’s soft power — The “Indo-Pacific tilt” also obscures husband it breaks me to think that my almost given up on London” with a often claimed not to have any power or harnessing its creativity in the arts and a sizeable hole at the heart of the docu- wife and daughter have to live in fear decline that started in 1997. “Before money,” he says. “It’s very cunning for science — with bolstering hard power ment — any vision for co-operation in their own city”. One close friend, that, the Tories were always an incumbent, but it’s not true. by funding “next generation” weapons, with the most important partner for who was minded to vote for him, competitive, particularly in the more London’s mayor has more powers than though lifting the cap on nuclear war- Britain’s safety: Europe, and in particu- called the message “despicable”; a affluent suburbs.” [the mayor of] New York and a GDP heads raises eyebrows. The pledge to lar the EU. Brexit opens possibilities for senior Tory party official described it There was an aberration of course: greater than a hundred odd countries.” reverse cuts in foreign aid — one of Brit- independent policy and action, but as “desperate” and “very poor taste”. Boris Johnson. He beat Labour’s Ken Stewart, who may run again, argues ain’s most effective soft power tools — should not mean antagonising or cir- On paper, Bailey’s candidacy has Livingstone in 2008 and 2012. The that City Hall needs a leader more once financial circumstances allow, is cumventing the EU. Johnson’s govern- strong foundations: black, working Conservative party at that moment dexterous in asserting power. “I found one Johnson should stick to. ment seems intent instead on a com- class and raised in an inner city home, chimed with the capital: its as prisons minister, it is remarkable Recognition that Russia is the most bative trade relationship with Brussels; he spent two decades as a youth modernisation project was in the what the system can do if you state ‘I acute threat to UK security reflects the review came just 24 hours after the Notebook worker. The 49-year-old was lauded as ascendancy and Johnson projected the am in charge’. Political roles are not hard realities, though the language EU launched legal action against the by Sebastian Payne the one to beat Labour’s Sadiq Khan persona of a metropolitan liberal. defined by what’s on paper but what around China is ambiguous. A tilt to the UK over implementation of the North- after a Tory drubbing that stirred up Combined with strong campaigns and people with them are able to do.” Indo-Pacific makes sense, even if it is ern Ireland protocol. While there is racial tensions in 2016. Yet, in a a celebrity appeal, he pulled off two Where the Tories might go after mainly a cover for opening markets. merit in working closely in the “E3” recent poll, just 25 per cent of voters victories. Shaun Bailey is unclear. A more liberal Yet there is a mismatch between the with Germany and France, moreover, supported Bailey, half the level Travers reckons it was Johnson’s candidate, such as the former scale of ambition and the resources and this should be a way of enhancing UK of Khan. Brexit that destroyed the party’s education secretary Justine Greening, capabilities available. The vision per- clout within the EU, not engaging with Bailey has struggled to gain traction hopes for London. “Boris was broadly may have a better shot. But to really petuates the flawed assumption, dating capitals to bypass EU institutions. even within his party, which progressive as mayor. But the challenge Labour, the party needs to back decades, that the UK can main- For all its positives, the review considered sacking him as their Conservatives haven’t figured out a find a way of chiming with richer tain a “full-spectrum” military capabil- reflects a government reluctant to con- candidate. “Shaun is not a bad guy but way of winning in London against the liberal voters without losing support ity — from troops to an expeditionary cede that it cannot have everything — he himself doesn’t know why he wants backdrop of a government that is pro- elsewhere in England. Otherwise the force, and an expanded nuclear deter- as in the Brexit negotiations, and much to be mayor,” says one veteran Brexit and the party machine is capital risks descending into a one- rent. The result will be resources con- of its pandemic response. Building activist. “He’s got a great back-story, focused on the north.” party city. tinuing to be spread too thinly. “Global Britain” will require difficult but the campaign has never got to Londoners face an uninspiring More realistic would be to accept the trade-offs between what it can credibly grips with what it’s about. It’s only choice at a moment when strong [email protected] UK’s role as a sizeable European power, achieve, and the resources available. Wednesday 17 March 2021 ★ FINANCIAL TIMES 21 Opinion Progressive revolution has not yet come to the US

It is possible that something similar begun to confront them with the choice. anything of the kind. The principal more than half that of Denmark. Unless “neo-liberalism”. This travesty of the AMERICA is going on with President Joe Biden and This is where the comparisons with components of its vast outlay — direct the plan is to become an extravagant recent past is worth correcting now. The his $1.9tn fiscal relief bill. For anyone Lyndon Johnson and — for heaven’s sake cheques, plus increases in tax credits and eternal debtor, the US has to raise healthcare model for which Biden has Janan willing to see, America’s social dem- — Franklin Roosevelt start to break and unemployment benefit — are all its tax “burden” (how tellingly sour increased subsidies had to be created. Ganesh ocratic turn has been in the works for down. In enlarging the welfare state, meant to expire. a phrase) or trim its dreams of progres- Obama did it. The child tax credit that decades now. The one Republican to win those presidents were playing for keeps. Perhaps the centre-left has been on sive change. Biden has enhanced temporarily had to the popular vote in a White House race Roosevelt’s universal pension scheme the defensive for too long to recall the Even those who deplore the content be introduced in the first place. That since 1988, George W Bush in 2004, is the one that exists today. Johnson nature of its original creed. The progres- must grant the president’s feat of was the work of Bill Clinton, who also had widened Medicare the year before. sive ideal is that citizens pay for a last- lawmaking. The sums are so astronom- passed the last sweeping round of fed- hose who failed to see Quietly, voters have grown to like ing, generous state, in which all can dip ical as to give committed Keynesians eral tax increases in 1993. These alleged a social change coming Barack Obama’s Affordable Care Act. Unless the country plans their beaks. Borrowing for emergency pause. And whereas Roosevelt and sell-outs did a lot for Americans caught are the most liable to Public surveys disclose a culture that measures is not quite the same thing. Johnson enjoyed strapping majorities up in what Johnson’s father called, with T overrate it. And so a is no longer one of masochistic self- to become an eternal Nor, really, is that other Biden plan: a tax in Congress, Biden had to finesse his a flourish not given to his son, the “ten- press that dismissed reliance, if it ever was. debtor, it has to raise its tax increase on the rich alone. The point is bill into law. tacles of circumstance”. Donald Trump’s presidential chances But then nor is today’s progressive universal sacrifice for universal insur- It is just that, of late, the praise has No doubt, they have the scars on their in 2016 (as I did) later invested him moment quite as resounding as cur- burden or trim its dreams ance, in part to ensure viable, broad- elided permanence with transience, and backs to show for it. But then so will with a near-mystical sway over “real” rently billed. The test is not whether based funding, but also as a badge of citi- social reform with ephemeral measures. Biden if he tries to entrench what is for Americans, whoever they are. Embar- voters like cash that is time-limited, cri- legislated for Medicaid, Medicare and zenship in itself. The government is, as There is much burbling about a grand now a fleeting munificence. A proper rassment at being caught unawares sis-enforced and financed by the awe- even National Public Radio: all fixtures Biden said last week, “all of us”. new compact between capital and welfare state must be paid for. Such is led to the equal and opposite folly of some borrowing power of the US gov- of US life in 2021. Perhaps Biden will On this score, the Democrats still have labour, as though the relief bill contains the political Everest that should daunt overcompensation. It took the voters ernment. Of course they do. The test is get around to reforms of similar perm- all their work ahead of them. As a share much in the way of structural change. the Democrats, and the opening that of Michigan and elsewhere to scotch whether they will accept higher taxes to anence, and persuade voters to pay for of national output, US tax revenue Yet weirder is the idea that Biden awaits the Republicans. the legend of Trump as the heartland- make it sustainable in the long term. them. Until then, it is frivolous to ranks 32nd out of the OECD’s 37 coun- has closed an age of craven Democratic whisperer last November. The Biden administration has not even pass off his American Rescue Plan as tries, just ahead of Turkey. It is slightly submission to something called [email protected] Economies can survive a market crash

Martin Wolf Economics If a correction is due to higher rates and stronger growth, that would not matter much — except to investors

he long, long bull market 1920s and late 1990s. Yet, as I noted in Valuations of US stocks are Stock markets sometimes fall dramatically Stock market crashes can lead since 2009 has finally December 2020 and as Shiller had pre- close to an all-time high Real equity returns in the to huge and long-lasting losses matured into a fully- viously, this might be justified by ultra- Cyclically adjusted price/earnings ratio on US stocks* worst episodes since 1900 (%) US stock market, cumulative real total return (%) T fledged epic bubble. Featur- low nominal and real interest rates. US UK World Covid-19, 2020 Oil shock, 40 ing extreme overvaluation, (See charts.) Global financial crisis, 2007−13 1973−83 1914-18, World War I explosive price increases, frenzied issu- So the market must be vulnerable to a Dotcom bust, 2000−07 Wall St crash, 1929−45 ance, and hysterically speculative inves- sharp rise in interest rates. But is such a 30 Average 1929-31, Wall St crash 0.5 5.3 7.5 10.3 15.5 tor behaviour, I believe this event will be rise plausible? Yes: the recent small rise years years years years years recorded as one of the great bubbles of in yields in long-term government 20 1939-48, World War II and after 0 financial history, right along with the bonds could go further. As the OECD -20 South Sea bubble, 1929, and 2000.” states in its Interim Economic Outlook: 10 1973-74, Oil shock and recession Thus did Jeremy Grantham, legen- “Global economic prospects have -40 2000-02, Internet stocks ‘bust’ dary investor and co-founder of GMO improved markedly in recent months, 0 -60 asset management, greet the new year. helped by the gradual deployment of 1920 1940 1960 1980 2000 2020 2008, Global financial crisis Is he right and how much would it mat- effective vaccines, announcements of -80 * Compares current real stock prices with the ter to the world if he were? additional fiscal support in some coun- average of real earnings over the previous 10 years -80-60-40 -20 0 20 40 05Years 10 15 We can indeed, as Grantham told the tries, and signs that economies are cop- Source: Robert J Shiller Sources: Dimson Marsh & Staunton; Credit Suisse Sources: Dimson, Marsh & Staunton; Credit Suisse FT, observe classic symptoms of mania: ing better with measures to suppress the the rise of amateur traders, frenzied virus.” This is good news. But if, as a The first is if it is a big enough shock Covid-19 may prove far stronger, and In brief, a stock market correction is private debt. There are three obvious interest in once obscure companies, result, monetary policy tightened on its own to cause economic meltdown. the consequences for price and wage possible as Covid-19 comes under con- ways to achieve such a reduction in soaring prices of speculative assets such sooner and yields rose more than gener- This is very unlikely: the wealth effects inflation more powerful, than conven- trol, economies normalise and interest fragility: improved incentives for as bitcoin and hot businesses like Tesla, ally expected, that good news might be of falling stock markets on spending are tional wisdom expects. This is a bigger rates rise. But, in itself, this is not some- private investment; high and sustained and the emergence of special purpose bad for markets. real but modest. risk now than in the aftermath of the thing to worry about much, especially as levels of productive public investment; acquisition companies, or Spacs. These Yet, even if a market correction hurt The second is if the crash is part of an 2008 financial crisis. Yet it is still a the effects of a stronger than expected and greater redistribution of income are vehicles for the acquisition of investors, would it matter that much for inflationary surge of the kind seen in the modest one. economy versus higher than expected from high-income savers to low-income unlisted companies and so a way around the economy as a whole? As the late Paul 1970s, or of a financial crisis triggered by Stress tests by central banks and the interest rates should offset each other. spenders. initial public offering rules. They are Samuelson asserted: “The stock market waves of bankruptcy and the failure of IMF on core financial institutions indi- Far more serious would be a debt cri- What we should want is a world econ- modern versions on a vastly bigger scale has forecast nine of the last five reces- financial institutions, as happened in cate that they are robust. But there are sis that damages core institutions, omy in which Grantham can be right of the company allegedly created during sions.” Still less do market corrections the 1930s and threatened to recur in other possible channels for financial dis- freezes markets and creates mass bank- about the prospects for a stock market the early 18th century’s South Sea bub- imply economic depressions. A stock 2008. Neither can be ruled out entirely. array. One is the high levels of indebted- ruptcies. Happily, this looks containa- crash — yet that does not really matter. ble, “for carrying on an undertaking of market crash would only devastate the The economic recovery from ness in non-financial corporate sectors ble, given the tools available to policy- We should also want a world economy great advantage, but nobody to know economy if policymakers let it do so — of high-income countries; another is the makers. Still, unexpectedly high infla- where nominal and real interest rates what it is”. That bubble ended badly. as after the crash of 1929. The results exposure of borrowers outside the US to tion and interest rates could signifi- can rise sharply, as economies Will this time be different? then were so dire only because the poli- The results in 1929 shocks to dollar funding. The combina- cantly destabilise the world economy strengthen and inflation rises, and yet Today’s excesses can be captured in cymakers’ response was so foolish. tion of a huge US fiscal loosening with for a while. all of this turns out quite well. This may the cyclically-adjusted price/earnings There are two ways in which a big were so dire only sharper than expected monetary tight- In the longer run, the world economy even be the world we live in. The next ratio, invented by the Nobel-laureate stock market correction of the kind because policymakers’ ening might destabilise emerging econ- would be less fragile if spending were few years will show us if we do. Robert Shiller. This indicator is now at Grantham expects might be linked to a omies. This happened before, notably in less dependent on aggressive monetary peaks previously seen only in the late significant economic crisis. response was so foolish the 1980s debt crisis. policies and huge accumulations of [email protected]

Women make good crime bosses too

criminal groups. Coverage of her arrest markets of morphine and marijuana. Somalia. They facilitate “relationships” Failing to understand female partici- Drugs and Crime has commissioned a Cecilia Farfán was not about her role in criminal activi- Beyond Mexico and drug trafficking, between women and pirates, provide pation in organised crime has implica- paper aimed at providing an overview of ties, but her marriage to “El Chapo”. Yang Fenglan, known as the “Ivory essential resources, perform care work tions for economic and social develop- gender-related issues that affect the Méndez When law enforcement and the Queen”, was found guilty in 2019 of in hijacked vessels and invest in piracy ment. The OECD estimated in 2016 that implementation of the Organised Crime media treat women’s involvement in smuggling about 800 elephant tusks operations. In line with existing work on global counterfeiting, drug trafficking Convention, an international legal organised crime as exceptional, or the worth more than $2.5m. Tanzanian Japanese organised crime, I have found and human trafficking generated framework for preventing and limiting result of romantic or family ties, they that even when membership is not for- $461bn, $320bn and $150bn respec- organised crime. The paper will be omen perform vital obscure the managerial functions mally recognised, the boss’s wife tively. In Mexico, where Coronel holds published later this year. roles for criminal women perform. This can turn them The relevant question ensures cohesiveness of the group via one of her citizenships (the other is the The goal is to have a holistic under- groups, and have been into ideal criminal partners as law her relationship to subordinates and US), the government estimates that in standing of transnational organised W doing so for over 100 enforcement rarely suspects them. is not if females are female companions. 2019 the consequences of crime cost the crime, and to assess the measures that years — not that you Stereotypes of female participation in involved in organised Why, given clear evidence of women’s country about 1.5 per cent of gross states are taking to limit and stop these would know this from most accounts. organised crime are also perpetuated as roles in criminal groups globally, does domestic product, or $20bn a year. activities. This means analysing differ- Take Emma Coronel Aispuro, who was an exception rather than the norm. illegality, but how the invisibility paradox endure? On the To the extent that female participa- ent gender identities within criminal arrested in the US last month for her The relevant question is not if women one hand, it is linked to gender stereo- tion in organised crime is unrecognised, operations, their varying experiences in alleged involvement with international are involved in organised crime, but authorities accused Yang of running a types that assume “normal” or “real” different genders will continue to the criminal justice system and the roles drug trafficking. Her arrest would have how. Women supplied the US illicit drug supply chain between Africa and China. women are not violent, let alone crimi- experience unequal treatment under of international co-operation and gone unnoticed, except that she was market as early as the 1930s. María In 2013, Naimo Warsame was identified nal offenders. There is a failure to recog- the law and in society. As victims, enforcement. In other words, it means identified as the wife of the world- Dolores Estévez Zuleta, known as Lola as a member of a criminal organisation nise that women may also choose to par- women may lack equal access to justice. transcending the perception that Coro- famous drug trafficker Joaquín “El la Chata, led her own drug-trafficking in Canada involved with firearms ticipate in crime, notwithstanding As perpetrators, women should be held nel is mostly the wife of you-know-who. Chapo” Guzmán Loera. organisation based in Mexico City. She trafficking. Court documents show romantic or family ties. To be sure, accountable for their actions. Such coverage of Coronel’s arrest is a entered the drug trade with her mother, Warsame acted as a courier and safe criminal organisations often victimise More research is needed to under- The author is a scholar at the Center for perfect example of what I have called who moved on from selling coffee and custodian of some firearms. women. But the point is that women can stand how women participate in US-Mexican Studies at the University of the invisibility paradox that benefits pork rinds to the more profitable Women also participate in piracy in be perpetrators as well as victims. criminal groups. The UN Office on California San Diego 22 ★ † FINANCIAL TIMES Wednesday 17 March 2021

American Airlines/high yield: junk bond junkies Junk bonds had a terrific run last year. Yields and spreads against US Treasuries have climbed a bit this year. As yet, though, any worries over post-pandemic inflation have done little this year to shake the optimism. Issuance continues at a good clip.

Twitter: @FTLex Precious junk bonds rally strongly Investors greedy for high yield Yield on ICE BofA High Yield index (%) US junk bond issuance ($bn) 12 Year to Mar 11, up 68.6% NatWest/FCA: suspect transactions routed through from same period in 2020 eToro: London will continue, underpinning laundry list of risks demand for high-end houses, art and 10 dreamy sashimi limousines. It will take more than the On one level it makes no sense. An arm FCA’s case against NatWest to stop it In Spanish, toro means bull. In of the British state is using another arm spinning. 8 Japanese, just as pertinently, it is the of the British state to seek a fine from a fatty part of a tuna. Online trading bank majority-owned by the British 2011 12 13 14 15 16 17 18 19 20 21 platform eToro’s US Spac deal to go state. On another level, it is logical for Vanguard: 6 Largest US junk bond issues 2020 Source: Refinitiv public at a $10.4bn valuation is part of the Financial Conduct Authority to the plump underbelly of a booming $bn bring a criminal case against NatWest. mouse in a China shop Ligado Networks stock market. Ultimately, its success Kraft Heinz Foods Most Britons with any knowledge of 4 will depend on holding the interest of 5.2bn money laundering assume the UK is Vanguard has called time on plans to 8bn 3.5bn newly-minted day traders. rife with it. It is about time regulators sell funds directly in China. Instead, 3.6bn 3bn Dubbed “Israel’s Robinhood”, eToro tried to make an example of someone. the $7.2tn asset manager is relying on has grown rapidly in Europe. The Should investors care that a client its joint venture with hard-pressed 2 Ford Motor Colt Merger Occidental pandemic drove young investors to Jan Apr Jul Oct Jan Mar Petroleum deposited £264m in cash that NatWest fintech platform Ant Financial for any 2020 2021 (Caesars Entertainment) open a record number of new trading systems allegedly failed to “adequately exposure to the nation’s market. FT graphic Source: BloombergSource: Dealogic accounts. At eToro, registered users monitor and scrutinise”? The unhelpful That looks doubly ill-advised. China’s grew by 5m to 17.5m in 2020. This answer is that it depends what comes mutual fund market, with Rmb20.1tn The junk bond party has yet to fade. despite the trend in so-called reflation proceeds to repay its government helped the company generate $605m out in court. But with shares barely ($3tn) of assets under management, For proof, look no further than trades. The yield of the ICE BofA High loans. Even so, it remains heavily in gross revenue, a 147 per cent jump. deflected by the news, all the risks are may not be for the faint-hearted. But American Airlines’ jumbo bond sale Yield index has gone from more than indebted and continues to burn Like rivals, eToro offers zero- on the downside. Vanguard, as a diligent money which hit the dance floor last week. 11 per cent last March to below 4 per $30m a day in the first quarter. The commission stock trading. It also lets The object lesson is Danske Bank. In manager, should be well aware of the The carrier issued $6.5bn worth of cent in February 2021 for the first time company ended 2020 with a debt users trade in cryptocurrencies and 2018, analysts initially anticipated little multiple obstacles when it announced speculative-grade debt. Total US ever, a big spread squeeze relative to balance (including lease obligations) fractional shares. Unlike Robinhood, it damage from allegations the Nordic plans to enter a year ago. These include corporate junk bond sales have hit US Treasuries. of $41bn. Net of cash that is more does not profit from selling order flows. lender had been laundering proceeds paid-for distribution, lack of direct $113bn so far this year. That is a Investors bet on junk bonds on the than eight times its projected ebitda It makes most of its revenue from bid- of Russian corruption. Instead, the sales and investors’ appetite for rockin’ start following a perky 2020. expectation of better earnings growth for 2022, on S&P Global data. ask spreads — the gap between buy and accusations cost the chairman and actively managed funds, which chafe American’s two-tranche offering reducing the risk of default. Even with Equity investors — specifically day sell prices — on trades. chief executive their jobs and may cost with Vanguard’s passive preferences. received an impressive $30bn in the sharp rises of the past few weeks, traders who use Reddit to tout and Competition between blank cheque Danske billions in fines or settlements. Asset management is also fiercely orders. The five- and eight-year notes Treasury yields remain low and well bid up down-on-heel stocks — have companies for deals is inflating the No one is currently accusing NatWest competitive: more than 7,000 funds yielded 5.5 per cent and 5.75 per cent below historic levels. Junk bonds, with also turned up the dance music value of start-ups. It is no different for of links to the notorious Russian jostle for attention, according to respectively, under initial guidance their comparatively shorter maturities volume. American recently found eToro. Its Spac deal values its equity at Laundromat, in which payments worth industry consultancy Z-Ben. Some well over 6 per cent. Last June, the and higher yields, look attractive. itself in the midst of a buying frenzy. 109 times last year’s ebitda. The €200bn were implicated. The focus of houses will launch a couple of funds in airline had to fork out 11.75 per cent In the case of American, it has With the cocktail of this speculation, multiple goes down to a more the FCA’s ire appears to be alleged the space of a week to catch a passing for $2.5bn of junk debt. backed its jumbo bond with its loyalty ample cheap liquidity and the reasonable 15 times based on eToro’s compliance failures over deposits at fad. But that testifies to the market’s The robust demand underscores programme (worth up to $30bn) as extension of more government aid, 2025 forecasts. But this assumes the defunct Bradford gold dealer Fowler size and growth, which will only how high-yield debt issuance has collateral. American’s junk bonds are an company can hit its lofty goal of Oldfield between 2011 and 2016. increase further as retirement planning managed to keep its good rhythm American plans to use the bond unlikely success. increasing ebitda to $700m (from last The regulator has presumably — in its infancy — takes off. year’s $95m) in five years’ time. chosen a case it has a reasonable That explains why rivals, including As long as the retail trading boom chance of winning. This is its first-ever Fidelity, AllianceBernstein and lasts, this will not matter. But the new criminal prosecution under a 2007 Schroders, plan to set up shop. Beijing attract unwelcome attention. But as a Visa and Mastercard. Trustly bypasses But even with growth of more than cohort of day traders, mostly young anti-money laundering law. A big, gave foreign institutions the go-ahead strategy in a market that has doubled that, letting merchants accept 40 per cent last year, Trustly’s and male, are fickle. There are 20m complex matter might not suit. to go it alone last April. BlackRock has in size in four years, it is piecemeal. payments directly from customer bank processed transactions of €20bn are a registered users. But there are just 1.2m Even so, regulatory actions can have already secured approval. accounts. Fewer middlemen means drop in the ocean. Merchants remain funded accounts used for trading. The heavy impacts that are hard to Perhaps Vanguard simply lacks the cheaper transactions for retailers. tethered to the card-based system. owners of these could well cash out and quantify in advance. Number-hugging stomach for the inevitable trials and Trustly: Paying Trustly and its partners costs Do not expect a rapid, mass adoption turn their attention elsewhere. investors can mistakenly discount tribulations. But that makes its reliance them about 1 per cent of the gross of account-to-account payments. Regulators could also restrict some of these altogether. on Ant Financial still more curious. card issuer shortcut value of transactions, about half the “Trustly is chipping away at the edges eToro’s racier features. These include The other conclusion is that a UK The Alibaba affiliate had to pull its cost of rivals. of the system controlled by the card higher-risk strategies like contracts- bank is never more than 6ft from a own $37bn IPO at the eleventh hour Sweden’s Trustly is the latest fintech This also means fatter margins for networks,” thinks Redburn’s Fahed for-difference, use of leverage and the legacy issue. NatWest has drained the last year at the behest of regulators. It hoping to capitalise on bubbling Trustly. It has reported an adjusted Kunwar. copy trade function that allows users deep toxic asset pool created by its is in talks with Beijing to restructure its excitement surrounding payments ebitda margin of 46 per cent; Adyen’s is No doubt Trustly’s low-cost, high- automatically to copy the trades of the noughties overexpansion. It has online empire on payments, loans, infrastructure businesses. The account- less than a quarter of that, says S&P. margin payments should help its site’s top performers. changed its name and shouldered insurance and fund management. The to-account specialist whetted investor Trustly should benefit as merchants flotation. But investors should question Retail money is not dumb money. conduct liabilities of almost $10bn for latter division has already seen a appetites yesterday with financial update their websites with payment whether this niche business deserves a But as we have seen with the GameStop UK payment protection insurance and clampdown on its supersized money disclosures to support an IPO valuing alternatives, such as Klarna’s shop now, mooted valuation multiple — some 50 saga, it can be volatile. US mortgage-backed securities. Yet the market fund, Yu’E Bao, in 2017. the group in excess of €9bn. pay later system. This requires a point times sales — as high as Adyen and past dogs the bank, not least in a 60 per Vanguard essentially advises on a Trustly is but a minnow. Whales of sale credit. Such shifts are customer- double that of Visa. Its métier is in a Lex on the web cent shareholding the government has clutch of portfolios, rather than its own such as Adyen, Worldline and Stripe led; the prospect of greater sales gives small part of a commodity business For notes on today’s stories no immediate prospect of offloading. funds, in this joint venture. That may work within the traditional payment merchants an incentive to add dominated by well-established go to www.ft.com/lex Meanwhile, the money-go-round of place it too far down the food chain to chain dominated by card providers alternative payment options. payment systems.

CROSSWORD No 16,736 Set by JULIUS

•‘ ‰ }y ACROSS 1 He’s investigating every tape I edited (7,3) 7 Scotsman who showed the importance u •¸ of the transfer of power (4) 9 Old mate put on a stone (4) 10 Further improved flat racing enthusiast? (4,6) •• •‘ 11 Little brother taking over first café (6) 12 Setback: sadly erase parts of mosaic (8) 13 Romeo’s friend Julius drunk, into • •‰ • Brazilian port (8) 15 Poles invested in tech this month (4) • 17 Mouth commonly beginning to inflame in desert area (4) •} •y •u ‘¸ 19 Lie dying, unfortunately giving in (8) 22 Qantas man I approached, crossing ‘• part of Australia (8) 23, 4 Miserable, and soon to be spitting ‘‘ ‘ ‘‰ feathers! (4,2,3,5) 25 Cheek! RAF, for example, is something perfunctorily paid (3,7) 26 Lover boy regularly seen in beer ‘ ‘ house (4) 27 Spoil Charlie’s brandy (4) 28 Like the introduction of Rover cars one after the other? (4,2,4) ‘} ‘y DOWN 2 Stormy petrel grabbing head of Indian snake? (7) 3 Man turning up the telly, guzzling beer (5) 4 See 23 JOTTER PAD 5 Mrs A. conceitedly revised part of physics syllabus (15) 6 Rising Middle East manager to do relief work (6) 7, 8 Being inexperienced, reheat mixture to fill “soggy bottoms” (3,6,3,4) 14 Lots of bouncers punch Mike touring Solution 16,735 the States (4,5) 16 Most exciting passion fades away 8Nׂ8æÝãEæÚNÚ inside (8) ‚ ‚ ‚ æ N 7 B K 18 Instrument fitted to Volvo car in Hæ<‚Ý×Ú ÝææÚ×NÝ B N H N 8 Ð ‚ ‚ America (7) ~‚Ú×N 8‚N:Ú×Ýæ8 20 Ian upset former pupil visiting Rhode ‚ B ‚ Ú × N Island capital (7) :‚}ª€BÝ} Eæ׀N} N ‚ ª ~ Ý : 21 Gridiron play doctor introduced to :ÔÚ×ÝN ãÝ B8ÝæÚN English sister (3,3) N Ý ~ ‚ Ð 8 24 Product of farmer’s wife being in HN7N‚:æHª H‚KKN ‚ ‚ ~ Ò K E : Ý season? (5) ×Ý B€Ô×N B Ýæ7B7H N Ý } × Ú Ú N N ‚7‚NÚ×EN× B ÚN}