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Coalition Warned That Jihadis Can Bankroll War Machine For Years
Coalition Warned That Jihadis Can Bankroll War Machine For Years
Isis
strike the jihadi group and its leadership as the probe into corruption at state-owned oil
“harder than ever”. company Petrobras takes a new twist.— PAGE 2
But in a Financial Times investigation
into Isis finances, several senior intelli- i New Rolls-Royce chief launches shake-up
gence officials and diplomats have said Warren East has tightened his grip on the UK’s
that without a ground campaign it will premier engineering group by announcing the axing
be hard to stop Isis from financing its of senior jobs in a management shake-up.— PAGE 13;
core operations — and paying the more
than 30,000 fighters who make up the
backbone of its military force.
One coalition intelligence official said
that Isis was estimated to possess suffi-
Inc. EDITORIAL COMMENT, PAGE 8; ANALYSIS, PAGE 14
thinly veiled in religious rhetoric — and $15m-$20m is spent on local fighters include its internal security apparatus, China economists are
forecasting that
taxation as it has from oil, its primary and auxiliaries. Estimates from coali- comprising the morality police, the Germany
funding resource, the investigation tion intelligence officials vary, but most
‘They are a very rich hisba, and the secret police, the amniyat. UK
consumer price
inflation next year
found. Before the coalition started agree that the core force is at least terrorist organisation. But The FT investigation indicates that Isis France will hit the 2 per
targeting Isis oil wells last month, the 30,000-strong, with 50,000-70,000 spends as much as $15m a month on Italy cent level deemed
group was estimated to earn as much as more split between local members, they are a very [bad] state’ internal security. Japan consistent with
$450m a year from oil. auxiliary and part-time forces. Senior coalition diplomat Other areas of government, such as the Fed’s mandate
Source: Consensus Economics
page 3
In total, Isis makes close to $900m a Via looting and confiscations of the healthcare and education, receive less of price stability
year, the FT’s analysis indicates, with towns they have overrun in Iraq and than $10m a month between them.
9 770174 736135
2 ★ FINANCIAL TIMES Wednesday 16 December 2015
INTERNATIONAL
Dilemma for economy in thrall to Uncle Sam oil group Petrobras, come amid height-
ened tension in the capital Brasília as
congress embarks on an impeachment
process against Ms Rousseff.
Mr Cunha, a maverick politician from
the PMDB, the largest coalition ally of
Central bank expected to Ms Rousseff’s Workers’ party, or PT,
follow Fed’s upward move broke with the government and
launched the impeachment proceed-
despite record low inflation ings early this month. This followed a
move by the PT to support efforts to
remove him as Speaker over allegations
JUDE WEBBER — MEXICO CITY
that he violated the house’s ethical
Economic theory would suggest that standards by lying about whether he
you do not raise interest rates when kept secret accounts in Switzerland.
inflation is at a record low. But that is Mr Cunha is one of many politicians
precisely what Mexico is poised to do under investigation in the Petrobras
this week. scandal, in which former company
The Bank of Mexico, known as Banx- directors are accused of conspiring with
ico, faces the prospect of having to raise their political masters and contractors
its historically low 3 per cent bench- to extract bribes from the oil group. Mr
mark rate at a time when inflation has Cunha’s office said that he did not yet
been setting record lows for each of the wish to comment. He has previously
past seven months and when gross denied wrongdoing in the Petrobras
domestic product growth, while the case.
envy of many at 2.6 per cent, remains The presidential palace said in a state-
far below expectations. ment following the raids that it hoped
For months now, Banxico has been the probe would “strengthen Brazil’s
priming the market to expect a rate rise institutions”.
when the Fed goes; indeed, it even “The federal government hopes that
altered its rate meeting calendar in July the facts under investigation . . . are
to be able to synchronise moves. But cleared up as soon as possible,” it said.
now that the time finally appears to The police did not provide details on
have come for a US rate rise, the timing the raids yesterday except to say that
for Mexico may be less than ideal. they were in relation to Lava Jato, or Car
Many economists believe Banxico has Wash, the name of the Petrobras investi-
little choice, because consumer prices gation. It has become a custom for
are not the only indicator posting police to give each phase of the Petro-
records in Mexico. The peso currency, bras investigation a colourful name.
which has slid more than 15 per cent They dubbed yesterday’s phase Oper-
against the dollar this year, hit another ation Catilinárias, which they said was
historic low last week, touching 17.44 Hot topic: ent flagging growth. Third-quarter GDP stability compared with many emerging City, believes that those other factors in reference to a series of famous
per greenback. dried peppers growth of 2.6 per cent, which for once peers, notably Brazil, where recession deserve to outweigh any Fed move. speeches given by the consul Cicero
Failure to follow US rates up could pile are wrapped at a outperformed expectations, prompted and political turmoil are deepening by “Short-term inflation expectations against senator Catiline during a power
more pressure on a currency pum- market in official cheers but the government’s goal the day, and Argentina, where a bitter have declined . . . Unemployment has struggle in the ancient Roman republic.
melled by tumbling oil prices by encour- Tepeyanco, of 5 per cent growth by 2018 still looks devaluation looks imminently on the stalled and the economic recovery has “The measures . . . have as their
aging bondholders to pile out of local south-east hopelessly out of reach. cards. Boring, by comparison, is the new not yet consolidated,” he noted. “Manu- prime objective avoiding the destruc-
assets to chase higher US yields. Mexico. As the Indeed, despite robust domestic con- beautiful — and many economists see facturing is facing headwinds and public tion of important evidence by those
“The bank will be playing with fire if peso hit another sumption, job growth and increased Mexico as one of the brightest emerging investment will likely not be a source of being investigated,” the police said.
they hold,” said Alonso Cervera at Credit historic low last bank lending that have pushed growth market stories in 2016. growth in the near term.” It said that the investigations were
Suisse in Mexico City. “The peso could week, failure to to its fastest pace in two years, things are Agustín Carstens, Banxico’s astute If the Fed signals that tightening will into suspected corruption, money laun-
tank and leave people wondering raise rates could not all rosy. Data published last week president, has acknowledged Mexico’s be gradual and markets take that in dering and organised crime.
‘where’s the bank’s commitment to the pile pressure on showed industrial production grew by rate dilemma, telling Reuters in an their stride, he believes Banxico might The presidential impeachment proc-
peso’,” he added. the currency 0.5 per cent in October, its slowest pace interview earlier this month that “we have a breather not to raise. But a sharp ess has been delayed awaiting an appeal
He, like most in the market, expects a Juan Carlos/Bloomberg
for five months, with manufacturing are facing opposing forces”. Banxico — reaction would mean Banxico would against the composition of a congres-
quarter-point rise from Banxico tomor- exports sluggish despite the cheaper which has intervened to support the Fed news probably have to follow suit. sional commission that will conduct the
row — its first increase since mid-2008. peso. currency in recent months — had to be For the latest Whatever happens, Mexico’s econ- initial hearings into the matter.
Mexico’s benchmark rate has been at While runaway enthusiasm about ready to “take care” of the peso, he said, news on the omy is intimately intertwined with that But analysts fear that the impeach-
US Fed rate
a historic low of 3 per cent since June Mexico’s prospects may have subsided while noting the Fed was not the only decision, go to of the US, the destination for the bulk of ment could significantly alter the eco-
2014, when Banxico made a shock half- into a boring holding pattern of gradual, factor for Mexican monetary policy. its exports. A firmer US economy, as nomic agenda next year as Ms Rousseff
ft.com/
point cut, its fourth surprise cut in just if unexciting, improvement, Mexico Despite the peso pressure, Marco whenratesrise
indicated by a Fed rates increase, can is forced to depend on her party’s far-
over a year, to try to kick-start persist- enjoys enviable economic and political Oviedo, economist at Barclays in Mexico only bode well for Mexico. left factions for support.
Monarchy. Lèse-majesté
A private bank unlike
any other. Royal dog has its day as Thai insult law bites
charged over online remarks about monarchs. Mr Siriwat has been charged cycle ride held on Friday in honour of
Military junta tightens grip Tongdaeng, or Copper, a former stray with sedition and also under the compu- the king’s birthday has filed a lèse-
with renewed crackdown on rescued by the king. The monarch (pic- ter crimes act, another law that officials majesté complaint against officials
tured with his dog) even wrote a best- have embraced. whom he claims gave him a fake version
30 global locations • www.efginternational.com
perceived critics of the king selling book about Tongdaeng and her The statue project is particularly sen- of one of the event’s yellow T-shirts.
good behaviour, in what was widely seen sitive because it is a display of the gener- According to media reports, Banjong
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014) as a symbol of the obedience expected in als’ royalist credentials and was inaugu- Lueadthahan alleged authorities in
FINANCIAL TIMES Spain; Fabripress, C/ Zeus 12, Polígono Industrial Meco-
R2, 28880 Meco, Madrid. Legal Deposit Number
MICHAEL PEEL — BANGKOK
Thai society. Mr Thanakorn is also rated by Maha Vajiralongkorn, the Nakhon Sawan province had dishon-
1 Southwark Bridge,
London SE1 9HL (Deposito Legal) M-32596-1995; Publishing Director, Investigations into people who have accused of liking a social media post that crown prince and heir to the throne. oured the king by handing out a knock-
Lionel Barber; Publishing Company, The Financial Times
Limited, registered office as above. Local Representative allegedly insulted Thailand’s monarchy insulted the king. off top that lacked the back pocket of the
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Executive appointments: 1148-2753. per offence. handed down in lèse-majesté cases. fessor at Japan’s Kyoto University, was
Tel: +44 20 7873 4909 Turkey; Dunya Super Veb Ofset A.S. 100. Yil Mahallesi
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©Copyright The Financial Times 2015.
the succession to the ailing 88-year-old immunity, the case highlights how lecture he gave about the Thai monar-
Published by: The Financial Times Limited, 1 Southwark
Bridge, London SE1 9HL, United Kingdom. Tel: +44 20 Reproduction of the contents of this newspaper in any King Bhumibol Adulyadej, the ruler of authorities feel obliged to follow up on chy at Yale University this month,
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Walldorf. Responsible Editor, Lionel Barber. Responsible under the FT Editorial Code of Practice: Activists are lobbying for the release of have tried to impose their creed outside
for advertising content, Dominic Good. www.ft.com/editorialcode The dog Siriwat Serithiwat, an anti-junta cam- Thailand. A Thai restaurant worker
Italy; Poligrafica Europa, S.r.l, Villasanta (MB), Via Enrico
Mattei 2, Ecocity - Building No.8. Milan. Reprints are available of any FT article with your The royal insult law has been used in the paigner arrested for sharing an online received a suspended jail sentence in the
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Abb.Post.DL. 353/2003 (conv. L. 27/02/2004-n.46) art. 1 For both services phone +44 20 7873 4816, or email changed this week when Thanakorn versial army-supervised project to erect lica gun as he drove to the home of an
.comma 1, DCB Milano. syndication@ft.com
Siripaiboon, a factory worker, was giant bronze statues of seven former online critic of the monarchy.
Wednesday 16 December 2015 ★ FINANCIAL TIMES 3
INTERNATIONAL
Modi accused of instigating raid on Delhi chief Australia downgrades growth forecast again
VICTOR MALLET — NEW DELHI appear in person to answer accusations Mr Kejriwal wrote on Twitter: “My JAMIE SMYTH — SYDNEY “We need to take a safe and careful May budget. It said this largely reflected
of cheating and misappropriation of own office files are being looked into to route and one that does not put at risk revisions to nominal growth, with
Arvind Kejriwal, chief minister of Australia’s government has down-
funds. get some evidence against me. Rajender the very important objectives we have declining commodity prices resulting in
Delhi, yesterday lambasted Narendra graded its growth forecasts for the sec-
Yesterday, the Central Bureau of [Kumar] is an excuse.” on growth and jobs,” said Mr Morrison. lowercompanytaxreceiptsandaweaker
Modi as “a coward and a psychopath” ond time this year, warning yesterday
Investigation raided the office of Mr As opposition parties from the Com- “We continue patiently and responsibly outlook for wages and population growth
in a tweet, accusing India’s prime min- that its budget deficit will grow because
Kejriwal and 13 other locations in an munist Party of India (Marxist) to the on the path to budget surplus,” he said. reducingincometaxreceipts.
ister of instigating a police raid in of a sharp drop in the value of com-
unrelated corruption probe into Trinamool Congress of Mamata Baner- The Liberal-National coalition was The Treasury has reduced its forecast
which his office was searched as part of modity exports.
Rajender Kumar, principal secretary in jee in West Bengal announced their sup- elected in September 2013 on a platform of iron ore prices from US$48 per tonne
an anti-corruption investigation.
the Delhi state government. port for Mr Kejriwal, it became clear the The economy is now expected to grow to tackle what former prime minister in May to US$39 per tonne, which is
For the second time in a week, opposi- “When Modi [could not] handle me parliamentary agenda was again being by 2.5 per cent in the year to the end of Tony Abbott called Australia’s “debt and expected to carve out A$7bn in tax
tion leaders outraged by the proceed- politically, he resorts to this cowardice,” held hostage to demands unrelated to June, compared with a 2.75 per cent deficit disaster” and restore the budget receipts over the following four years.
ings of a graft case disrupted parliament tweeted Mr Kejriwal, who leads the Aam the legislation to be debated. forecast in the budget in May. The to surplus. But failure to gain political Citi warned in a note that while Aus-
with protests, further reducing the Aadmi or Common Man party (AAP) Mr Modi and Mr Jaitley are struggling budget deficit is forecast at A$37.4bn support for swingeing cuts outlined in tralia’s triple A credit rating was not
chances that the current session will and is a vigorous campaigner against to pass several economic laws before the ($27.1bn) in 2015-16, an increase of the 2014 budget and steep falls in the under any immediate threat, continued
pass long-awaited reforms such as the corruption. The AAP complained of a end of the parliamentary session next A$2.3bn on the previous projection. value of iron ore — the country’s biggest budgetslippagecouldtestratingagencies
introduction of a goods and services tax witch-hunt and said: “Narendra Modi is week, including one on the GST and Scott Morrison, Australia’s treasurer, export — have hamstrung the govern- unlessfiscalreformsweredelivered.
(GST). following the footsteps of Adolf Hitler”. another on bankruptcy procedures. said the new forecasts represented a ment in its drive for fiscal consolidation. The opposition Labor party said the
Sonia Gandhi, leader of the opposition Arun Jaitley, finance minister in Mr Although the BJP won a clear majority “more realistic outlook” for the economy The government’s midyear economic Abbott-Turnbull government had prom-
Congress party, and her son Rahul com- Modi’s Bharatiya Janata party govern- in the lower house in last year’s election, and signalled that a government pledge and fiscal outlook forecasts tax receipts isedtoturbochargetheeconomybutthat
plained last week of a “political ven- ment, denied that the raid had anything opposition parties led by Congress can to return the budget to surplus would be over the next four years to be A$33.8bn debtandthedeficithadinfactgotworse.
detta” after a court ordered them to to do with Mr Kejriwal. block most laws in the upper house. pushed back another year to 2020-21. lower than predicted at the time of the Additional reporting by Peter Wells
4 ★ FINANCIAL TIMES Wednesday 16 December 2015
INTERNATIONAL
GLOBAL INSIGHT
Migration
EUROPE
A
the nationalgovernmentobjected. vice-president who has led Brussels’ of “humanitarian admission”, which override Greek objections and send in curiosity of British public opinion is that a
The plan for an EU border guard is the response to the refugee crisis, defended would see tens of thousands of migrants ‘I see this as assistance, even if Athens voted against prime minister can return from Brussels in
latest in a series of German-backed pro- the plan to give the agency the ability to plucked from camps in Turkey and a safety net, the plan in Brussels. failure and still enjoy the popularity typically
posals to try to contain Europe’s mount- trump national objections, saying such resettled across willing EU members. Officials admitted that giving powers reserved for a diplomatic triumph.
ing refugee crisis by centralising power powers were unlikelytobe used. Officials made clear the admission as the to an EU agency to send in guards, some So it was four years ago when a sullen David
in Brussels. “I see this as a safety net, as the programme would be cut if Ankara does ultimate of whom could be armed and able to Cameron sat in an EU summit at 2am. Mr Cameron was
The new agency, dubbed the Euro- ultimate measure that might be possi- not work to halt the uncontrolled flow. force migrants into registration centres, seeking “safeguards” to protect the City of London from
pean Border and Coast Guard, would ble, theoretically,” he said. “My imp- The number making the trip from measure over the objections of a national govern- EU regulation as his price for backing a new EU treaty on
have 1,000 permanent staff and be able ression is most members who get into Turkey to Greece dropped sharply last that might ment, could lead to tensions. But they fiscal rectitude.
to call on a pool of 1,500 additional per- difficulty would gladly accept help.” month, probably due to the colder insisted EU law would allow them to He was sent away empty-handed by French president
sonnel, who could be sent to shore up The agency was proposed as part of weather. Still, more than 108,000 were be possible’ impose such a decision by a weighted Nicolas Sarkozy, who declared: “David, we will not pay you
porous borders in a crisis. The agency new legislation that represents Brussels’ detected entering the EU via this route Frans majority vote of other EU countries, and to save the euro!” Yet in Britain, Mr Cameron’s bravado
would have an annual budget of €322m, latest effort to stem the influx of refugees — an all-time high for November. Timmermans thatthecountrywould havetocomply. was called “the veto” and it earned him a 6-point poll
jump. That seeming failure confirmed the notion that the
British public respects leaders who stick to their demands
in Brussels, even in defeat.
White House race. Republican caucuses But as Mr Cameron prepares to face EU leaders tomor-
row night at another Brussels summit, his advisers fear a
worthy failure may not be enough.
Texan senator Cruz gains momentum in Iowa This time Mr Cameron is the demandeur — asking his
counterparts to undergo the agony of changing the bloc’s
treaties in order to improve the terms of the UK’s member-
ship. With Britain’s EU referendum nigh, Mr Cameron
needs more than public acclaim for fighting the good fight.
antidote to Washington, he has amassed He needs substance too.
Cuban-American with strong Standing tall: a big following that has given him impe- The “new settlement” Mr Cameron is seeking will
ground operation has won Ted Cruz at a tus six weeks before the Iowa caucus. launch his campaign to keep Britain in the EU. Among
‘town hall’ event “He is just uniting conservatives other contentious issues, tomorrow’s dinner must break
many conservative admirers this month across the board like I have never seen the political impasse over migration curbs that the UK has
Erik Lesser/EPA the like of,” said Mr Vander Plaats, who been seeking and put the prime minister on course for a
further called Mr Cruz a “full spectrum final deal in February.
DEMETRI SEVASTOPULO — WASHINGTON
conservative” whose views on the econ- The theatre is crucial. Mr Cameron must appear to be
Just after Ted Cruz arrived in Washing- omy, social issues, foreign policy, overcoming resistance, forcing change and not “bobbing
ton as a senator in 2012, he received a the constitution, and the need for small about in the back of a dinghy being towed along by a Chan-
visit from Bob Vander Plaats, an influ- government are in tune with evangeli- nel ferry”, as the eurosceptic former cabinet minister
ential evangelical leader in Iowa, at his cals in Iowa. Owen Paterson witheringly described him.
basement office. The president of The Mr Cruz has also built a ground opera- On this occasion other leaders around the table will be
Family Leader, a group that opposes tion in Iowa and beyond, that his critics the ones with the luxury of wielding vetoes that win plau-
abortion and same-sex marriage, was concede is impressive. Rick Tyler, his dits at home — be it the Poles over migration curbs, the
courting the Texas freshman who had spokesman, said he had chairmen in French over protections for the City of London or the
come to power propelled by the anti- each of Iowa’s 99 counties, pastors oper- Spanish on anything that
establishment Tea Party. ating as supplementary chairs in 76 of might annoy the British.
Over the past two years, however, the those districts, and 3,700 volunteers in It is revealing that
Not since Cameron
tables were turned as Mr Cruz sought an the state who will help bring voters to when Mr Cameron’s team let Sepp Blatter
endorsement from the Christian leader the caucuses on the night of February 1. mapped out its EU
for a potential presidential run. Those He also has 170,000 volunteers across reform negotiation strat-
cradle his baby
efforts — from attending events and the country who are being overseen by egy, the 2011 episode was has he swallowed
office and breakfast meetings to email 1,300 vetted leaders. no longer seen as a suc-
chats — paid off last week when Mr “We have knit together the evangeli- cess but as a tactical mas-
so much pride
Vander Plaats lent his name, and vast cals, the Tea Party conservatives and the terclass in “what not to
network of evangelical supporters, to libertarian vote,” said Mr Tyler. “Those do”. One senior British official said: “Any sane person
the politician. three together make up a significant would realise it did not work.”
“When you put your head on the pil- portion of the people who go to the cau- So whereas four years ago, Downing Street treated Ger-
low at night, you know you can trust cuses.” man Chancellor Angela Merkel as “the G1 in the eurozone”,
him,” Mr Vander Plaats said. “It was not His rise has created a conundrum for this time Number 10 is spreading the diplomatic love to
an easy decision . . . I wanted to make establishment Republicans who are des- other leaders (in part at her request).
him earn it and he did.” perate for someone to dethrone Mr Mr Cameron has gladhanded the nobles of euroland,
The coveted seal of approval came Trump but see Mr Cruz as too rightwing with improbable overnight stays in Bulgaria and cosy chats
three days before a poll showed that Mr to win the general election. While the with MEPs he once ignored. Not since Mr Cameron allowed
Cruz had surged past Donald Trump, Texan is now a Washington politician, Sepp Blatter, president of Fifa, football’s world governing
the property mogul, in Iowa, a heavily his willingness to oppose his own party body, to cradle his baby daughter during England’s World
evangelical state that sets the stage for has helped him ride an “outsider” wave Cup bid has he swallowed so much pride in the cause of
the election as the first in the nation to that has catapulted contenders such as British diplomacy.
vote in the process that chooses the Mr Trump to centre stage. His demands have been softly trailed for months, rather
party’s presidential nominees. Mr Cruz is disliked by some of his than brandished in the middle of the night like the 2011
While a later poll showed Mr Trump Republican peers who see the 44-year- City protocol. That list of half-a-dozen UK vetoes on finan-
just ahead of Mr Cruz, the senator is old as an arrogant narcissist who cial services has been succeeded by “principles” on how
clearly gaining momentum in Iowa and opposes his party for personal gain euro members and non-members should coexist. Similar
the other early voting states. This has rather than principle. His critics say his goals, just more palatable language.
prompted a growing number of analysts only achievement in the Senate was Most significantly perhaps, that 2011 defeat has also
to argue that, assuming Mr Trump is helping shut down the government in reinforced Mr Cameron’s distrust of the “Sherpas” and
knocked off his perch, the race will be a 2013 and a 21-hour filibuster that legal ayatollahs who police the EU treaties.
fight between the conservative Mr Cruz included reading Dr Seuss’s Green Eggs Back then, Mr Cameron believed that the law was on his
and Marco Rubio, the Florida senator and Ham on the Senate floor. side: an EU fiscal treaty was impossible without UK con-
who is emerging as the moderate candi- But his fans compare his conserva- sent, he was told. Yet on the night Hubert Legal, the
date preferred by the establishment tism to Ronald Reagan, who was initially respected legal adviser to EU leaders, offered a more
with the fall of Jeb Bush. opposed by traditional Republicans. nuanced view that allowed them to agree a side-pact,
“It is a spectacular surge. It is unprec- ‘When you put your head on 10 ‘We have knit together the Along with Mr Cruz, they reject the bypassing Mr Cameron.
edented,” said Ann Selzer, who ran the party establishment view that he is too One furious British official used ice-skating terminology
Bloomberg/Des Moines poll that the pillow at night, you Percentage point evangelicals, the Tea Party rightwing to win the White House, argu- to describe Mr Legal’s opinion as “a couple of triple somer-
lead for Ted Cruz
showed 31 per cent of likely Republican know you can trust [Ted over Donald Trump conservatives and the ing that only when the Republicans have saults and a double Salchow”. A more restrained Mr Cam-
caucus-goers backed Mr Cruz, com- Cruz] . . . He is just uniting into Iowa, according libertarian vote. Those three nominated conservatives such as Rich- eron remarked to the Financial Times that EU legal advice
pared with 21 per cent for Mr Trump. a Bloomberg/Des ard Nixon, Reagan or George W Bush was “a strange beast”.
The Canadian-born son of a Cuban conservatives across the Moines poll together make up a significant have they beaten the Democrats. Mr Cameron is betting he can convince fellow leaders
immigrant and American mother who board like I have never seen portion of the people who go “Hillary Clinton is the greatest moti- when they gather around the table tomorrow night. If he is
became a champion debater at Prince- the like of.’ 3,700 to the caucuses.’’ vating force that we have for conserva- right, then they might prod Mr Legal to perform another
ton and Harvard, Mr Cruz was the first Volunteers Mr Cruz tives of all stripes to coalesce,” said Mr late-night legal pirouette — this time in Britain’s favour.
Republican to enter the presidential BOB VANDER PLAATS, EVANGELIST has in the state RICK TYLER, CRUZ SPOKESMAN Vander Plaats. “Ted Cruz will unite all
race in March. Pitching himself as the conservatives.” alex.barker@ft.com
ANC stands by Zuma despite finance debacle weakening South Africa’s credibility
try’s capital markets and plunged South 2009 to 2014, only after his decision to noon. The announcement that Mr Gord- impact”, adding: “What we didn’t antici- The appointment of Mr Gordhan
Ruling party praises ‘bold Africa into one of the worst economic remove Mr Nene sparked an angry han was replacing Mr van Rooyen was pate is the enormity of that impact.” eased investor concerns while the rand
leadership’ after key economy crises of the post-apartheid era. backlash from within his party, power- released just before 10pm that night. The damaging saga has led to calls for — which hit all-time lows against major
After a meeting of the ANC’s senior ful unions and the business community. Jessie Duarte, the ANC’s deputy secre- the ANC to ditch Mr Zuma, who is in his currencies last week — and markets
post changed twice in a week leadership, officials said there had been On Friday night Mr Zuma held four tary-general, said the president second and final term as head of state. recovered some ground. But South
no discussions to remove Mr Zuma from hours of talks with the Congress of accepted that “a change was needed and Ben Turok, a veteran of the former Africa’s credibility has been severely
his post. South African Trade Unions, the power- the president himself offered to make a liberation movement, said it was a damaged at a time when the economy
ANDREW ENGLAND — JOHANNESBURG
Instead, the ANC said Mr Zuma had ful trade union federation — which change because of the impact” of the “moment of truth for the ANC”. was already under severe stress.
South Africa’s ruling African National demonstrated “bold leadership” with spoke out against Mr Van Rooyen’s appointment. “We have a leader of the ANC and the “It is very odd that the ANC has kind
Congress rallied round President Jacob the dramatic U-turn of replacing Mr van appointment — and the Communist Ms Duarte said that when Mr Van country whose judgment is faulty and of made out that van Rooyen’s appoint-
Zuma yesterday in the wake of a debacle Rooyen with Pravin Gordhan, a former party. Both groups are part of the ANC- Rooyen’s name was mentioned as who if he continues to behave the way ment was a well thought-out choice,”
that saw three MPs take charge of the finance minister, late on Sunday. led governing alliance. finance minister before his appoint- he has, if he’s not either reined in or sent said Peter Attard Montalto, an analyst at
finance ministry in less than a week. But the sombre tone of the media On Sunday, senior ANC officials met ment “we thought there would be an packing, then we are in very serous Nomura.
Mr Zuma has come under intense briefing illustrated the pressure the cri- with banking and business executives, trouble as a country and the ANC,” he “It makes no sense that they would
pressure following his shock decision to sis has piled on the ANC, which faces including the chief executives of Bar- said. “Everybody is grumbling.” think the market would react only in a
replace Nhlanhla Nene, the respected tough battles at local elections next clays Africa, Investec and Goldman After a meeting of Demonstrations against Mr Zuma’s minor way to someone totally unquali-
the ANC’s senior
finance minister, with David van year, and Mr Zuma, whose leadership Sachs’s South Africa office. Top ANC leadership, officials leadership, organised over social media, fied taking the job. This doesn’t add up
Rooyen, a little known parliamentarian, has been weakened by the scandal. officials, including Cyril Ramaphosa, said there was no are planned for today, which is a public and shows the lack of understanding of
on Wednesday last week. The move The president appointed Mr Gord- deputy president, then met Mr Zuma talk of removing holiday in South Africa. Mr Zuma has markets and investors.”
wiped billions of dollars off the coun- han, who was finance minister from for just over an hour on Sunday after- Jacob Zuma yet to speak publicly on the saga. High price page 9
Wednesday 16 December 2015 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Wednesday 16 December 2015
The hard-won pact in Paris will not be enough to solve global warming. But many predict it will spur
further investment in renewable energy while dealing a long-term blow to the fossil fuel industry.
By Pilita Clark
Carbon dated?
I
f there was one sound that captured
the frantic nature of the talks that Emission control The gap between ‘business as usual’ and keeping global warming below 2C
led to the Paris climate change deal
last weekend, it was the ping of an
incoming WhatsApp message. CO2 emissions,
The instant messaging smartphone billion tonnes
app was used by dozens of delegations a year
from the 195 countries involved in the
two-week negotiations. Among them
were the representatives from Saudi
Arabia, the world’s largest oil exporter
and one of the countries with most to
lose from a robust accord. As haggling
over the agreement spilled into a series
of private meetings, delegates from
more than 20 Arab nations received a Historical emissions
stream of WhatsApp messages advising Business as usual
them on what to say in each session.
“A lot of it was intended to marshall INDC scenario*
the troops to make sure the Saudi posi-
tion was backed up by at least one other 2C limit scenario
country in the room at all times,” says
one delegate who saw the messages. 50
“Otherwise their arguments could have
been viewed as those of an isolated
country.” Dec 2015
The Saudis were deeply opposed to 45
something that many other countries Countries sign
insisted should be in the pact: a goal to Dec 2009 Paris accord
Nov 1988
stop global temperatures rising more Copenhagen 40
than 1.5C above pre-industrial revolu- International 2005
talks fail
tion levels. Panel on China overtakes
Riyadh’s unease was understandable. Climate Change US as largest
Temperatures have already risen by established carbon emitter 35
nearly 1C and meeting the 1.5C target Dec 1997
would require heat-trapping carbon
dioxide emissions from burning fossil Kyoto protocol
Jun 1992 adopted 30
fuels, a lifeblood of the Saudi economy,
to come down much faster than if gov-
Rio earth
ernments stuck to a 2C warming target Summit
agreed at UN climate talks in 2010. 25
Reaching the 2C goal means energy-
related emissions would need to be cut
Jan 2005
Any targets in those climate EU emissions 20
trading starts
plans are not legally
binding, but the plans 15
themselves are mandatory, 1990 95 2000 05 10 15 20 25 30
as is a stronger UN system FT graphic. Source: Moody’s Shanghai photo: Reuters * INDC = Individual country commitments
to zero by around 2060 or 2070, accord- such as the US goal to cut emissions by at tion targets. This was a legally problem- The relief in the convention hall was
ing to Niklas Höhne, an author of the
latest report from the UN’s Intergovern-
mental Panel on Climate Change. “For
2C
Target above which global
least a quarter from what they were in
2005 by 2025, or China’s aim to get its
emissions to peak by 2030, are not
atic change for the Obama administra-
tion, which wants to sign up to the new
deal by executive agreement rather
profound. The most important immedi-
ate outcome of the Paris agreement is
that it was not another flop like Copen-
1.5C, you have to be at zero at around temperatures should not rise, legally binding for signatories to the than submitting it to a hostile Senate for hagen. In the aftermath of that failure
2050,” he says. agreement. But the plans themselves consent. governments continued to launch cli-
In the end, the Paris agreement said agreed at UN talks in 2010 are mandatory, as is a stronger UN sys- Mr Kerry took one look and said: “We mate policies, but opponents were bol- Grand bargain The UN has been trying
countries should aim to keep tempera- tem for monitoring countries’ emissions cannot do this and we will not do this, stered by the absence of a global agree- to orchestrate an agreement to limit
tures “well below 2C” and “pursue
efforts” to limit warming to 1.5C. It was
one of a series of compromises made in
1.5C-2C
The target range agreed in
and assessing how they are being
curbed.
We have already seen what happens
and either it changes or President
[Barack] Obama and the United States
will not be able to support this agree-
ment committing all countries to take
similar action.
The paradox of UN climate negotia-
emissions for more than 20 years
Letters
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
Comment
The high price of Zuma’s politicking There is
no money
OPINION
appointed three finance ministers
inside four days.
which will in turn limit Mr Zuma’s
power. Mr Gordhan, meanwhile, has
has lost the support of the ANC middle
classes and the cities. To what extent
problems by building nuclear power
stations, probably with Russian help, behind the
Peter
Bruce
Investors may have welcomed the
move — the rand recovered slightly —
but the political damage Mr Zuma has
returned to the Treasury like an aveng-
ing angel, warning: “It is high time indi-
viduals stop playing with state enti-
will become clear in local elections next
year. If the ANC does badly his position
may become untenable.
and the introduction of a national
health system.
Critics say he does not grasp the com-
fiscal tree
brought upon himself is hard to over- ties . . . as if they were a personal toy.” Mr Zuma has been plagued by per- plexities of running a modern economy.
state. It has weakened his presidency The finance minister is more power- sonal and financial scandal almost his An hour after firing Mr Nene, Mr Zuma
T
oday should end better for and threatens to undermine further the ful than in his first term in 2009-14. Mr entire public life. He became president attended a gathering of business leaders
Jacob Zuma than last international standing of a country and Zuma cannot afford to remove him. But in 2009 only after charges of fraud where, having praised President Robert BUSINESS
Wednesday. Then, hours economy that has long been looked to as against him were dropped following the Mugabe of Zimbabwe, he challenged the
after a cabinet meeting a regional leader. removal of the head of the national pros- idea that supply and demand determine John
dominated by his country’s
economic difficulties, the South African
Criticism of the president has centred
on the way he dispenses patronage
All told, the president ecution service. Those charges could be
reinstated by a new administration. In
the value of a commodity, arguing that
“the labour time taken in [the] produc-
Kay
president fired Nhlanhla Nene, his through a network of business cronies, fired and appointed order to protect himself, for when his tion” was more decisive.
respected finance minister, replacing
him with an unknown and inexperi-
selected provincial power brokers in the
ruling African National Congress, tradi-
three finance ministers term ends in 2019, Mr Zuma has sig-
nalled that he could try to ensure that
His domestic audience are used to
such claims. International investors are
inside four days
R
enced MP, David van Rooyen. tional rural leaders and friends over- Nkosazana Dlamini-Zuma, his former less impressed. The president has long ussell Long, the southern
Market reaction was pitiless: the rand promoted into senior jobs. They are all wife, becomes the ANC nominee for displayed a thick skin, making him Democrat who was long-
plummeted and there was a sell-off of called on to advise on cabinet appoint- the job is also much tougher. The end of president while he remains party blithely indifferent to his part in the eco- serving chair of the US Sen-
government bonds. So savage was the ments, and the cronies secure contracts the commodity supercycle, high wage leader. But he will face opposition on nomic destruction around him. But, as ate finance committee, com-
onslaught that by Sunday Mr Zuma had from government-controlled compa- costs and souring investor sentiment this as party practice is for the same per- the latest market shock should have posed the ditty “Don’t Tax
buckled. The president recalled Pravin nies. South Africans call it “state cap- towards emerging markets have con- son to do both jobs in order to avoid taught him, the cost of such an attitude You, Don’t Tax Me, Tax the Fellow
Gordhan, Mr Nene’s predecessor, whom ture”. Mr Nene was fired for crossing a tributed to an economy blighted by competing centres of power. could be ruinous for South Africa. Behind that Tree”. His point was that,
he had banished 18 months ago to the Zuma favourite, Dudu Myeni, head of unemployment and low growth. Mr Zuma still has a long list of prom- when politicians explain that public
obscurity of the ministry of local gov- South African Airways. The president will no doubt quickly ises to keep. He has undertaken to end The writer is editor-in-chief of Business Day budgets will be balanced without pain
ernment. All told, Mr Zuma fired and This network has been dealt a blow, move to shore up his power base. But he South Africa’s chronic energy supply and Financial Mail through the elimination of waste or an
assault on tax avoidance, you know they
are not serious. There is plenty of waste
and avoidance — but if eliminating them
were painless, it would have happened.
forward for
ply laughable. Christian Aid, a charity,
has claimed the import of 66m refriger-
ators to Spain from China in 2007 at an
average cost of 38 cents represents a
shift of €8bn out of China (through
humankind
trade mispricing). According to the
Christian Aid report: “The money lost
could be used to provide schools, hospi-
tals and better living conditions world-
wide.” I have always tried to teach stu-
dents that the most likely explanation of
a startling statistic is that it is wrong:
but, it seems, to no avail. There are only
be imposed on emissions from aviation 18m households in all Spain.
ECONOMICS or shipping. No mechanism is to be Winnie Byanyima, executive director
established for setting a global carbon of the Oxfam International charity, has
Martin price. Countries are above all commit- asserted that the UN’s Millennium
Wolf ted only to communicate and maintain
plans — described, in slippery language,
Development Goals could be achieved
“twice over” using the proceeds of an
as “nationally determined contribu- attack on multinational corporations
tions”. No sanctions will fall on any avoiding tax in developing countries.
country that fails to live up to these This is barely more plausible than the 38
I
s the Paris agreement a break- intentions. Worse, the intentions them- cent fridge. Most tax avoidance by mul-
through in the struggle to limit the selves, even if implemented (on which tinational companies reduces revenue
risks of climate change, as weary much doubt must be expressed) fall far Global emissions Improved efficiency Emerging industrialisation in developed countries, not developing
negotiators claim? Or is it just short of what is needed to deliver the 2C Total Per capita Tonnes of CO2 per million $ real GDP* Share of global CO2 emissions (%) ones — the biggest victim of these strate-
another way station on the road to goal, let alone a lower one. Average glo- (bn tonnes (tonnes of CO2 Global India US China US gies is the US. The main impact of such
calamity, as critics insist. At this stage it bal temperatures have already risen by of CO2) per person) China UK Other non-OECD Other OECD avoidance on lower income economies
40 5.0 1500 100
is neither. It is far more than the world nearly 1C since the industrial revolution is felt, not by the poorest countries, the
could have reasonably expected a year and limiting warming to 1.5C would 80 sub-Saharan Africa states where global
or two ago. But it is also far less than the require another revolution. 30 4.5 1000 60
world needs. So why should an agreement that is
As it stands, it will at best slow the not only toothless, but falls far short of 40
20 4.0 500 If eliminating waste and
pace at which the world reaches a possi- what is needed to reduce the risks to 20
ble disaster. Whether it averts disaster manageable proportions, be taken seri- 10 3.5 0 0
avoidance of tax were
depends partly on how the climate sys- ously? One answer is that it forces each painless, it would have
tem works, on which much uncertainty country into a process of peer review. 1980 85 90 95 2000 05 10 14 1980 85 90 95 2000 05 10 14 1990 2014
remains. But it also depends on what Every country will need to resubmit Sources: CDIAC; Conference Board *Converted using PPPs happened already
happens in the near future. Is the agree- their plans every five years. Moreover,
ment the beginning of revolutions in the reporting and monitoring system is even emissions per head have been ris- new sources of finance, backed by it comes to creating national plans and poverty is concentrated; but in the large
policy, as well as the energy system? Or to be more transparent and comprehen- ing. The task now is far bigger than it changed incentives. One way or the setting priorities, they remain in an emerging economies active in global
is it yet another piece of paper that sive than ever before. In particular, would have been if action could have other, a global carbon price will be excellent position to see off any ambi- trade — Brazil, China, South Africa.
promises far more than it delivers? The emerging and developing countries that been taken sooner. But growth of the needed. So will increasing technological tious commitments, particularly ones George Osborne, the UK chancellor of
answer depends on what happens now. now dominate emissions (China, above world economy has overwhelmed the innovation. The announcement in Paris instigated by so undemanding a process. the exchequer, is right to attack both
The achievements of the negotiators, all) will be part of that system. In the fall in emissions per unit of output. If of “mission innovation” to accelerate In some countries, notably the US, the artificial avoidance schemes and out-
ably chaired by the French government, end, it was decided, monitored aspira- growth is not to be sacrificed (which advances in clean energy — based on the opposition will be open and fierce. Else- right evasion, although his fine words
are far from nothing. They showed it is tions would be more effective than any humanity will not tolerate), this rate of idea of “a global Apollo programme”, where it will be more genteel. But the are undermined by less publicised
possible to get countries to agree to binding commitments that could (or, decline must accelerate hugely. That is a launched in June — could be a game results might not be so different. measures to beggar our neighbours by
action in response to a shared danger, more probably, could not) be achieved. daunting challenge. (See charts.) changer. But it will turn out to be one I sympathise with the enthusiasm of encouraging multinationals to report
even one that seems remote and uncer- Above all, with everybody committed What really matters is not the Paris only if enough financial and human many of those in Paris. This agreement profits in Britain rather than elsewhere.
tain to many now living. These agreed to producing a plan (because everybody agreement, but what follows. The resources are devoted to the task. was hard won. But it is only a small step, But the fantasy of Jeremy Corbyn,
that all countries must participate in the agrees the challenge is important), it national plans must be ambitious and Not surprisingly, the reaction of many even if one in the right direction. It is far leader of the opposition Labour party,
effort. They agreed that the rich should will be far more difficult for any country become more so, swiftly. The world also in the fossil fuel industry shows that it too early to feel confident that the curve that austerity could be avoided by
help the poor meet their decarbonisa- to argue that failure to meet its promises needs a new pattern of investment and does not, as yet, feel threatened. Politi- of emissions will now bend decisively money currently behind the tree is
tion objectives. They also agreed on the does not matter. Or so it should, pro- cal leaders have huffed and puffed downwards. Laozi, the ancient Chinese indeed a fantasy. Calculations of the
goal of keeping global temperature rises vided the next US president is not a before, but demonstrably failed to blow sage, said: “The journey of a thousand scale of tax avoidance and evasion — like
well below 2C and even to “pursue
efforts” to keep them below 1.5C
Republican.
Nevertheless, the case for scepticism
The accord goes further their house down. The immediate
threat for them is low prices of the fuels
miles must begin with a single step.”
The question is whether humanity
estimates of “tax expenditures” from
reliefs and allowances — assume that, in
Yet these are, on the face of it, largely is strong. Recall that over the past quar- than the world could have they produce and sell, not a high price has the will or even the time to finish a all other respects, behaviour would
hollow achievements. The provision of
needed finance is an aspiration, not a
ter of a century of climate negotiations,
emissions of carbon dioxide, stocks of
expected a year ago but not on carbon dioxide emissions. Both the
industry and the big users are politically
journey that it has started so late. remain unchanged if tax that is cur-
rently avoided or evaded were collected.
bankable commitment. No limits are to carbon dioxide in the atmosphere and as far as the world needs powerful. They may well feel that when martin.wolf@ft.com It would not. Many relevant transac-
tions would not occur at all. It is an open
question how much additional com-
pany tax could actually be collected by
poor countries without discouraging the
Messy complexity that separates ‘Serial’ from crime fiction external investment essential to their
development.
But one need not believe in pots of
gold behind the tree to be concerned
about tax avoidance. More thoughtful
tax campaigners — and the UK’s HM
observed, which involved a boy accused peared. (They did: Syed was given a life Serial refused to tie up the tale with a African-American — an important fact Revenue & Customs — have defined
OPINION of stabbing another teen he said had sto- sentence in 2000 and is still in prison.) neat little bow. in the highly unequal city of Baltimore. avoidance as a situation where most rea-
len his phone. My driver could tell the Serial’s initial attraction was the same This is much closer to a real criminal We also do not see the characters’ fea- sonable people would agree that, if the
Helen accused was a “good lad”, the driver as television cold-case dramas: here is a case than anything you see on a TV show tures, clothes or demeanour, which are facts are as described, tax should paya-
Lewis said, because he studied hard and had shocking crime nobody has solved — such as CSI: Crime Scene Investigation. As known to influence juries. Deprived of ble whether or not it is legally payable.
character witnesses. The phone thief, by let’s find out what really happened. David Simon, creator of The Wire — the the ability to draw on stereotypes and Tax is thus a moral issue. Not because
contrast, was clearly a “no good”. Except we did not. The podcast ended series about Baltimore gangs — wrote in superficial details, fans had to deal with we should take pleasure in paying tax
B
y chance, I caught a cab the Those themes — the complexity of his book, Homicide: “In Baltimore, at the evidence, and only the evidence. but because the behaviour of well off
day last week it was an- evidence and our tendency to make least, the average juror doesn’t want to The second series does not revisit people, and large companies, should
nounced that Serial, the snap character judgments — were what The podcast refused to tie up spend time contemplating inconsisten- Syed’s case but focuses instead on Bowe conform to the expectations of most
American true-crime pod- made Serial such a success. Over 12 epi- cies in a defendant’s statement . . .[they Bergdahl, a US soldier who walked off reasonable people. It is not just the rule
cast, was returning for a sec- sodes released last year, the first season the tale with a neat little bow. want] three upstanding citizens to say his base in Afghanistan in 2009 and was of law but also a sense of shared values
ond series — to demand so great that the explored the case of Adnan Syed, a Balti- In real life, legal process is they were eyeball witnesses to the crime captured by the Taliban. That might feel that makes economic and social life pos-
website crashed in the first few hours. more teen accused of killing his former and another two who can assure them of disappointing at first but it is part of sible in the modern state. That is why
I was returning from interviewing a girlfriend, Hae Min Lee, in 1999. The never that clear the killer’s motivation.” In real life, legal what the podcast was trying to teach us. multinational businesses should not
woman who often serves as an expert podcast was downloaded 100m times. process is never so clear. Trials are not about certainty. They are engage in transactions without com-
witness in murder cases. She told me The evidence was patchy and some- without a clear resolution; Sarah Just as importantly, Serial’s listeners about doubt, reasonable or otherwise. mercial substance; and why celebrities
juries did not understand forensic sci- times contradictory; ultimately the case Koenig, its host, was unwilling to state heard the evidence without seeing those And it is good to be reminded that real faced with large tax bills as a result of
ence and could not deliver an infallible hinged on whether the jurors believed definitively whether she believed Syed involved, depriving them of the kind of life is always messier than a story. failed avoidance schemes deserve what
judgment. Even with DNA, there is a one the testimony of Jay Wilds, who claimed was innocent. He is appealing against information we all use to make snap they get.
in 1bn chance of a false match. My cab Syed had shown him Lee’s body in the his conviction but it will be months or judgments. We do not learn for several The writer is deputy editor of the New
driver told me about a court case he had boot of his car on the day she disap- years before we know the outcome. episodes, for example, that Wilds is Statesman johnkay@johnkay.com
10 ★ FINANCIAL TIMES Wednesday 16 December 2015
BUSINESS LIFE
The start-up
‘
In early 2006, I happened to go into a Raider, who had applied an innovative in the eight-year-old boy bracket, a
US drugstore the day Gillette released model to the spectacle business to brilliant promotional video with 21m Let’s launch in . . .
challengers the first five-blade razor, the now
ubiquitous Fusion. Ever the mug, or so
I felt, I bought one, rather liked it and
build a $1.2bn company, Warby Parker.
Mr Raider’s approach to innovation
essentially involves the application of
hits on YouTube and a six-blade (yes,
really) Executive model. In the UK,
there’s Cornerstone, a start-up that Brighton, UK
on the cutting wrote an article for the UK, where it
had yet to launch, about this
extreme intelligence to a status quo.
He takes a product, makes a
seems modelled on Harry’s, and in
Australia there’s Oscar, which bears
edge of a shave nonetheless amusing escalation in the
arms race around shaving.
competing version the same or better,
has it look more stylish and grown-up,
Jeff Raider’s
approach to
striking similarities.
I find most fascinating, though, the
It had started in 1971 with Gillette’s avoids gimmickry and complication — Harry’s idea of making the premium
twin-blade Trac II, followed by its then sells it a great deal cheaper than innovation product in a category also among the
three-blade Mach3. In 2003, Gillette’s the market leader, promoting it by involves cheapest, so I went to meet Mr Raider
rival Schick (Wilkinson Sword in social media. at his HQ in SoHo, New York.
Britain) had countered with the four- So two years ago, the young blades applying “Guys today are not upset about the
blade Quattro. launched Harry’s, an upmarket men’s extreme price of razor blades in the abstract,”
Gillette’s five-blade debutante was razor line that cuts the cost of shaving he explains. “Our customers tend to be
greeted with scepticism by the by half or more. They designed a five- intelligence reasonably affluent. But they know big Simon Dack/Alamy Live News
“shaving professionals” I spoke to at blade cartridge (Mr Raider says five to a status brands are deliberately trying to take Rise in digital companies started (2010-2013) 91%
the time, such as Roger Hamby, really is best), bought an established advantage of them and they do not like
’
managing director of the Cutlery and German factory and began selling quo that in life.” Harry’s will not stick, for
Student population 30,000
Employees in digital companies 7,458
Allied Trades Research Association in online in North America only; visitors simplicity’s sake, with one design, he
Sheffield, England, who was can, however, buy Harry’s in selected says. The razors will improve. “But we
“unexcited”. trendy US stores. will not increase the price. That’s how Brighton goes by many response, Wired Sussex and
I used the Fusion, but eventually got Along with, I’m told, a million other we think about innovation.” labels: the hippest town in local broadband providers
irritated by the price and by Gillette’s men, I am now a Harry’s customer. I Even challengers such as Harry’s the UK and the happiest have formed a co-operative
transparent attempts to over-innovate may have been unduly influenced by need to be aware, however, that town in the UK. It elected solution, called Brighton
with gimmicks, ever-higher prices and the design and feel of the product and shaving may soon be changing a the country’s first Green Digital Exchange.
flashy, plasticky products stylistically its cleverly judged marketing noise, but whisker more. There’s already a seven- MP, Caroline Lucas, and also “Workspace is at a
aimed, it seemed, at eight-year-old I’d still say their razors are the best I’ve blade (really) instrument available in has one of the highest premium because you
boys. So I changed to the equally ugly, used. My wife, who maddeningly the US from a Korean maker, Dorco. densities of digital start-ups cannot move south into the
but cheaper, Schick five-blade entrant, borrows my razors for her own More ominously — well maybe, if it of any British region. sea or north into the South
the Hydro 5. appalling purposes, agrees. can be developed successfully — is Downs,” says Mr Jones.
Yet I found Schick’s similar adoption There are similar competitive Skarp, a product mooted from The case for: Brighton and Talent is not scarce but is
of the confusion pricing model, loved tremors coming from other youthful California. Skarp has no blades at all. its sister town Hove fuse snapped up fast.
by mobile phone providers, equally newcomers in men’s shaving, which by It cuts facial hair by laser. It looks tech know-how with a
insulting. I also loathe asking shop rights should be earthquakes, but quite startling, like something out of leaning towards the arts and Support for start-ups:
Jonathan Margolis assistants to unlock blade packs just probably aren’t yet registering on the a UFO, manned by unexpectedly media. “One of the strengths Brighton boasts The Skiff,
because they are regularly shoplifted. seismograph at Gillette, with its 70 per hirsute aliens. I’m just not quite sure is the integration of which claims to be the
Oninnovation The same irritation lately struck a
young American, Andy Katz-Mayfield,
cent global share of the 1.3bn men who
wet-shave. In California, there’s Dollar
I’d like to be a prototype tester for the
earthling version.
business and creativity,”
says Phil Jones, managing
biggest co-working space
south of London, plus other
as a business opportunity. He called a Shave Club, with an unabashed director of Wired Sussex, a spaces to rent at The Werks,
friend from his college days, Jeff downmarket appeal, a style definitely Twitter: @TheFutureCritic business support Hove Media Centre and the
organisation. Local Dock Hub. The Farm is a
enterprises tend to focus on network of digital and
digital, creative, marketing technical freelancers who
and advertising. work for many of the tech
Start-up. Sphero Helped by the short
journey time from the
start-ups and larger digital
companies in the area.
capital, just under an hour Brighton has a Digital
F
or nearly 40 years, Star Wars
merchandise has been big bus- Brighton start-ups talk of
iness. But as the latest instal- a sense of community and Local heroes: When search
ment arrives in cinemas this mutual support, and 84 per engine specialist
week, a droid made by a five- cent say they feel part of a Spannerworks was bought
year-old start-up is challenging the likes digital cluster, according to for £10m in 2007, it brought
of Hasbro and Lego for the title of most- the Tech Nation Powering the Hearst-owned digital
sought after toy. the Digital Economy report, marketing agency iCrossing
Sphero’s BB-8 droid is just 4in tall but, by TechCity UK. to Brighton. Brandwatch, a
head bobbling atop its spherical body, it social media company, is one
has an outsized personality. The device The case against: “Brighton of the standout successes. It
is controlled by a smartphone or tablet is a victim of its own success has raised $64m and
or can be left to roam a room by itself, in three areas: workspace, recently acquired London-
poking into corners and finding its way connectivity and skills,” says based PeerIndex for £10m.
out from under chairs. Next to the lunch Mr Jones. Crunch is an online
boxes, plastic figures and chewing gum, The growth in digital accountancy service.
BB-8 stands out among the thousands of business has put a strain on
licensed products accompanying the broadband connectivity. In Richard Newton
release of Star Wars: The Force Awakens.
“We are a very different product for
Lucasfilm and Star Wars,” says Paul Ber- Innovation to watch
berian, Sphero’s chief executive. At
$150, Sphero is much more expensive
than most film merchandise. Yet in Amy, the virtual scheduler
terms of overall sales value, Mr Berbe-
rian says, “we are selling better than LESLIE HOOK
any other product out there” in the
Star Wars universe. The company’s sales ‘Story matters’: for BB-8, which is made in China, helped sometimes pushes creativity beyond the companies enrolling in Disney’s
are on track to be more than five times BB-8 caught up win suppliers’ attention. “Now we are what you could have done otherwise.” accelerator, it was that TechStars con-
its original revenue targets for the year, in the plot of getting the A-team because they see we Working with a Hollywood studio in nection that helped Mr Berberian to be
he adds. ‘Star Wars: The can shop in volume,” Mr Berberian says. its Silicon Valley incubator was a big accepted. Licensing seemed a good way
“If you gave me a billion dollars to sell Force Awakens’, It was not just manufacturing that change for a start-up based in Boulder. to supercharge growth and “Disney is
as many Spheros as possible, I’d create a above. Below, had to ramp up to Star Wars scale. Cus- Sphero’s two original co-founders, Ian the ultimate entertainment company”.
sci-fi movie that had a main character as Sphero’s Paul tomer service had been dealing with Bernstein and Adam Wilson, are Sphero has always tried to imbue its
a robot ball,” Mr Berberian says, speak- Berberian hundreds of thousands of people described by investor Brad Feld of the products with personality. But through
ing by phone from Sphero’s HQ in Boul- Lucasfilm
visiting its website daily. Sphero’s head- Foundry Group as “mad geniuses”. But the Disney association, Mr Berberian
der, Colorado — a start-up galaxy far, far count has doubled to more than 100 the two engineers — Mr Bernstein had says: “What we have learnt is story mat-
away from Hollywood or Silicon Valley. since work began on BB-8 and Mr Ber- worked in robotics while Mr Wilson pro- ters. People identify with characters,
Founded as Gearbox in 2010, Sphero’s berian plans to double staff again in the vides the software and wireless net- not technology.” Dreamstime
first toy was a baseball-sized, app-ena- next year. working expertise — had little experi- He sees the company as set apart from Everyone knows how up with the idea when
bled robot. Released in December 2011, Adding to the challenge was the ence running a company before they the rest of the toy industry. Alongside tedious it is to set up a working at a previous
updated in 2013 and joined by the two- secrecy and quality control applied by joined the TechStars incubator in 2010. other smartphone-powered robotics meeting — the email ping- company after scheduling
wheeled Ollie last year, Sphero’s prod- Disney, which Mr Berberian likens to “a Mr Berberian, who had led six compa- start-ups focusing on children, such as pong, the quest for a venue more than 1,000 meetings
ucts seem with hindsight to have led classified government programme”. nies as co-founder or CEO, had been a Anki’s racing cars and Wonder Work- and the inevitable one year and having to
inevitably towards BB-8. Yet the Star Neither Sphero staff nor many Dis- mentor at TechStars since the boot shop’s Dash and Dot toys for teaching rescheduling. reschedule nearly 700.
Wars tie-up was happenstance, thanks ney employees they worked with camp-style scheme began in 2007. In coding, Sphero is pioneering a new kind But what if there was a Using Amy sounds
to Sphero joining Walt Disney’s Acceler- were allowed to know the film’s 2010, he threw himself into mentoring of “connected play”. piece of computer software slightly better in theory than
ator scheme last year. Disney acquired plot, or BB-8’s role. Yet every full-time and wound up being asked to The time children spend glued to that could send those it works in practice — there
Lucasfilm in 2012. detail, from how BB-8’s head join Sphero as CEO. their parents’ phones and tablets is a emails, find a venue and add was some occasional
Disney CEO Bob Iger was visiting the moves to the design of its app “We all worked very hard to make cause of concern for some, but Mr Ber- items to your calendar awkwardness. For example,
10 companies in the programme — run icon, had to be checked with Dis- sure it was a mutual partnership, so I berian argues that rather than fight the instead? That is the when I was setting up a
in association with TechStars, a start-up ney. It is not easy, says Mr Berbe- wasn’t above them and they weren’t pullofthescreen,devicessuchasSphero’s proposition behind Amy phone interview with Mr
accelerator — and showed the Sphero rian. “But having constraints above me — we all had separate roles to can “co-opt it in the realm of play”. Ingram, a virtual personal Mortensen, Amy’s invitation
team pictures of the set for The Force play in the organisation,” Mr Berberian One key difference between Sphero assistant created by New email confusingly said I
Awakens on his iPhone. “He said, ‘That’s says. “They possess the DNA of our cus- and offline toys is that new functions York start-up x.ai. would be speaking with the
the new droid, the new R2-D2, and it At the base of the Rocky Mountains, tomer — it’s important to have that at can be unlocked with software updates. When I first met Amy I head of PR; the call was with
looks a lot like what you are making’,” Colorado Boulder is an outdoorsy place with an the founder level.” Dozens have already been issued for thought she was real. I was both Mr Mortensen and the
says Mr Berberian. “In the course of 60 entrepreneurial spirit that runs through Despite a generational divide, the Sphero’s earlier products and its BB-8 emailing the founder of a PR head.
seconds, you process that this could be health foods and sporting goods partnership seems to be working. Even droid will receive new content after The small start-up, and he Despite the foibles, there
huge. We even knew how to do the head, companies, as well as a tech community before BB-8 came out, more than half a Force Awakens has been released. copied Amy in, instructing is still something a bit
we already had the technology.” A mountain that has included large telecoms and million Sphero robots had been sold and This week, the Sphero team will final- her to find a time for us to magical about a virtual
But even with that head start, getting view of the disk-drive businesses. the company made $20m in revenue ly find out what happens to their little meet. But something about assistant who can take
a finished product to market within 10 Valley “It’s very collaborative,” says Paul last year. After raising a total of $45m in droid in the movie. The company has Amy’s rigid language was scheduling off your hands.
months was a challenge. Many hard- Berberian, Sphero CEO. “I have never venture capital funding, Sphero is now rented two screens at the local movie unusual, and her email The deeper challenge for
ware start-ups struggle to ship their run a business in the [San Francisco] profitable, too. theatre, before taking all its employ- signature, “x.ai — artificial Amy will be the same as for
products on time but with the release of Bay Area but from what I hear, it’s cut- “I’ve delivered the money and ees for a “giant brainstorming ses- intelligence that schedules any personal assistant —
the movie already scheduled, Sphero throat and mercenary.” they delivered the product,” he sion” to work out how to develop meetings”, gave it away. knowing which meetings can
had a deadline it could not miss. The downside is that investors with laughs. “I can’t say there haven’t BB-8. Amy (and her brother be cancelled or rescheduled,
As a product whose first prototype Valley venture capital firms are more been tense moments and harsh “If you want to be an ever- Andrew) work through and which cannot.
was built out of a smartphone’s spare reluctant to invest outside their local feedback in both directions. But green product, you have to email, corresponding with Scheduling is ultimately
parts, Sphero is competing for elec- area. “We didn’t get money from the like any relationship, you grow keep supporting it and keep you and your guest. Dennis about priorities, and there is
tronic components and manufacturing west coast because it was more of a from that.” the content fresh,” Mr Berbe- Mortensen, founder and no algorithm that can help
capacity with some of the biggest tech burden for a partner to sit in a board Despite becoming much bigger rian says. “The challenge is not chief executive of x.ai, came with that.
companies in the world. But scaling up meeting, etc,” Mr Berberian says. and more established than most of to be a one trick pony.”
Wednesday 16 December 2015 ★ FINANCIAL TIMES 11
ARTS
2011. And it is simply amazing music. lesbian subplots, while we lose the gay
OPERA Kassel’s production, the first German tension between Artaserse and Arbace.
staging, has cast all the castrato parts Good countertenors have come a long
Artaserse with women except for the title role, and way towards recreating the ambivalent
Staatstheater Kassel, Germany Sonja Trebes has updated the action to a erotic charisma of the castrato voice.
aaeee futuristic political thriller. She leaves the That was the thrill of Cencic’s revival.
women as women and changes the gen- Kassel’s female cast, most of them
Shirley Apthorp der of the surtitles, so that there are new clearly not baroque specialists, lose
much of this. Lin Lin Fan gives a brave
The gender-bending in baroque operas and impressive performance as Arbace.
is confusing at the best of times. Pieces Ani Yorentz sings with beguiling sweet-
written for Rome during the 18th- ness as Semira, while lone countertenor
century ban on having women onstage Yuriy Mynenko is restrained from dis-
add to the muddle, since female roles playing any real heroics by a concept
had to be taken by men in drag. that shows him as weak.
Leonardo Vinci’s 1730 Artaserse was It is music director Jörg Halubek,
an enormous hit at the time, with a lively conducting instrumentalists in two plat-
libretto by Pietro Metastasio, rollicking forms on the stage, who makes the most
tunes and toe-tapping rhythms, and convincing case for Vinci’s blockbuster,
extravagant roles for no fewer than drawing his players into a plausible
five castrati. We would probably still approximation of baroque style. In
not know about Artaserse if Max all, though, it is hard to walk away
Emanuel Cencic had not realised the from this attempt without the convic-
opera’s potential as a vehicle for tion that Vinci’s music is best left in the
glory. Along with Philippe Jaroussky, hands of specialists.
Franco Fagioli and Concerto Köln, he
recorded the opera for Virgin Classics in Restrained: Yuriy Mynenko staatstheater-kassel.de
12 ★ FINANCIAL TIMES Wednesday 16 December 2015
Today’s temperatures
1000
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LOW Ankara Fair 6 Miami Cloudy 29
1 Athens Sun 14 Milan Fair 11
1 0
1 0 2 0 Bahrain Sun 20 Montreal Fair 3
Barcelona Fair 18 Moscow Snow 0
1 1030 Beijing Sun 2 Mumbai Sun 31
Belfast Cloudy 13 Munich Rain 9
14 OW Belgrade Fog 3 Naples Sun 15
3 0 HIGH Berlin Cloudy 8 New York Fair 11
1 8 Brussels Rain 14 Nice Sun 17
16 Budapest Cloudy 4 Nicosia Fair 18
Cairo Fair 19 Oslo Cloudy 1
8 Cardiff Rain 14 Paris Cloudy 15
1020 15 4 Chicago Shower 11 Prague Cloudy 6
10 Cologne Rain 12 Reykjavik Cloudy 4
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4 Delhi Sun 20 Rio Thunder 30
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7 6 Dubai Sun 24 Rome Fair 15
Dublin Cloudy 14 San Francisco Sun 14
GH Edinburgh Drizzle 11 Singapore Thunder 31
17 5 40
0 Frankfurt Shower 11 Stockholm Cloudy 2
21 Geneva Cloudy 12 Strasbourg Rain 13
1030 18
1020 Hamburg Cloudy 9 Sydney Thunder 25
LOW Helsinki Cloudy 2 Tokyo Fair 16
18
Hong Kong Sun 17 Toronto Cloudy 7
HIGH Istanbul Cloudy 10 Vancouver Fair 6
4
Lisbon Sun 20 Vienna Fog 4
Wind speeds in PH 18
London Cloudy 16 Warsaw Cloudy 3
Forecasts by Los Angeles Sun 18 Washington Sun 15
Wind speed Luxembourg Rain 12 Zagreb Fog 5
in KPH Madrid Sun 17 Zurich Rain 10
2 ( , $ $ 1 ( $
angry (3,5) ) , 5 6 7 & 2 5 . 6 & 5 ( :
JOTTER PAD 31 Obsessive drip separates doctor ) ) ( 7 3 /
and nurse (6) 3 $ 6 6 2 1 6 & 2 8 5 * (
0 & / 5 ( 5
DOWN 2 3 ( 1 $ , 5 2 1 7 $ 3 (
1 Country being covered by top- / 8 $ 3 5 +
class Irish broadcaster (8) $ 5 5 2 * $ 1 & ( / 2 2 6 (
2 Water source I fled in chaos (11) 6 2 + 7 5 ( ' $
for India’s internet economy 1% 5.34% 2.82% 0.6% 2.5% 5bp 7.7% 3%
INSIDE ASIA, PAGE 14
A$27.66 €78.72 209.5p 98.18 6,017.79 2.27% 20.98 $39.06
COMPANIES
INSIDE BUSINESS
Mining
ASIA
F
limit global warming. Anglo said it was also likely to support private asset managers and the Local resolutions at BP Glencore said it would support such a ew readers could pick my nominee for Indian
Rio Tinto, Anglo American and Glen- a resolution, while Rio said it had had Authority Pension Fund Forum. They and Shell boards resolution while Anglo said it expected business person of 2015 out of a line-up. He made
core could face shareholder votes next “constructive” talks with the group. say they want to make sure their long- it would. Rio said disclosure on climate no public appearances, gave no interviews, and
year on whether they should reveal The Paris deal on climate change term investments are protected against change risk “is under constant review to was seldom mentioned in the press. Yet, almost
more about how their businesses might underlines the growing expectation that the impact of climate change.
$4tn ensure we are in line with best practice single-handedly, he began — and now appears to
Amount of funds
perform in a low-carbon world. companies depending substantially on Helen Wildsmith, of CCLA, a special- under management
and are disclosing information that is have ended — a fierce battle for the future of India’s inter-
The targeting of the mining compa- fossil fuels — including coal miners, oil ist investment manager involved with held by investors beneficial to our shareholders and other net economy. Step forward Lee Fixel of New York-based
nies, which are among the largest UK- producers and power generators — will the Aiming for A group, said the inves- backing resolutions stakeholders”. asset manager Tiger Global: the man most directly respon-
sible for pumping up and then deflating the country’s
start-up funding bubble.
Mr Fixel runs Tiger’s private equity arm, giving him con-
Telecoms Interview. Warren East trol of more than half of the publicity-shy fund’s $20bn in
assets. Still only in his mid-30s, he built his reputation by
up battle to Rolls-Royce sets course for change and LinkedIn in the US. China’s internet boom proved
especially lucrative for Tiger, as the fund earned block-
buster returns from the likes of JD.com, an online retailer.
In a bid to repeat those successes in Asia’s other big
bolster role at emerging economy, Mr Fixel began to turn his full atten-
tion to India a few years back.
Tiger dabbled in Bangalore’s tech scene by picking up a
Telecom Italia stake in Flipkart, the Indian online retailer, in 2009. From
there, the fund’s bets grew gradually larger, reaching a
peak earlier this year, as Mr Fixel poured in cash. There
was more for Flipkart, as well as Ola, the main local rival to
RACHEL SANDERSON — MILAN US ride-hailing service Uber.
Numerous smaller deals tar-
A fight for influence at Telecom Italia
geted start-ups ranging from
Mr Fixel’s
escalated after its largest investor,
online classifieds to grocer- aggression
French group Vivendi, won four board
ies and pushed Tiger’s total
seats and blocked the conversion of
investments to roughly
shocked
savings shares into ordinary shares
which would have diluted its stake.
$2bn. established
India had never seen any-
Vivendi is seeking greater sway over thing quite like it. Mr Fixel’s
venture groups
strategy at Italy’s top phone company, aggression shocked estab-
over the objection of some minority lished venture groups, who began spraying money around
investors. in response. Some tacitly clubbed together with other big
Nearly 53 per cent of shares present at late-stage investors, including Japan’s SoftBank, to fund
a special meeting were voted in favour rivals to companies backed by Tiger. Global internet com-
of Vivendi’s proposals, while 42 per cent panies, including Alibaba of China, also got in on the act.
were voted against. About 56 per cent of This funding splurge often led crowded sectors, like online
the phone company’s shares were repre- property or groceries, with three or four lavishly-funded
sented at the meeting. groups happily burning through cash.
ISS, the voting proxy advisory, had Then, in the second half of the year, sense suddenly pre-
encouraged minority investors to vote vailed. “The war is over; Lee called it off,” says Kashyap
against Vivendi’s request. The French Deorah, a veteran tech entrepreneur and author of The
group controls a quarter of the board, Golden Tap, a book on India’s start-up boom.
while it only holds a fifth of the shares. Tiger declined to comment, but people familiar with its
Vivendi-proposed board members strategy say the group has become choosier, leaving some
include Vivendi chief executive Arnaud of its start-ups to find new financing elsewhere. “There is a
de Puyfontaine, its chief operating truce,” Mr Deorah says. “The big guys realised they weren’t
officer Stéphane Roussel and chief going to make returns by throwing money around.”
financial officer Hervé Philippe. Investors began to reconsider their assumptions about
In the share conversion vote, share- India, too — much as they had become more sceptical
holders with 62.25 per cent of the capital the Financial Times. “What we want to Turbo-charged 2013, is also taking retirement earlier about the lofty valuations of $1bn or more given to US
voted in favour of the conversion but a Chief outlines plan to please do is change the processes.” scheme: Warren than planned. Both men will stay on for “unicorn” tech firms. More fundamentally, India’s truce
two-thirds majority was needed to win Mr East is seeking to strip out East, below, part of next year to help with the transi- stemmed from a rethink about how big the country’s
the motion. Vivendi, which had 35.9 per
investors by ending divisional bureaucracy that has bloated Rolls- plans a shake-up tion. ecommerce market could become, and how quickly its
cent of the votes at the meeting, structure and cutting red tape Royce’s costs, and people inside the of engine maker Mr East is now gathering a team start-ups would take to come good.
abstained from the vote, effectively company expect the changes on the Rolls-Royce’s around him to push through what he “I think it dawned on them that India isn’t going to
blocking the move. executive board to be followed in 2016 culture in the calls a reworking of the “organisational be another China, that the
PEGGY HOLLINGER — INDUSTRY EDITOR
The conversion would have saved Tel- with a shake-up lower down the com- wake of five software” of Rolls-Royce. Eric Shulz, scale of the thing was just
ecom Italia money as ordinary shares do Since Warren East became chief execu- pany’s famously hierarchical structure. profit warnings previously head of large civil engines, going to be different and take
Far better
not pay dividends. Telecom Italia chair- tive of Rolls-Royce in July, he says not a The revamp should not only cut out becomes president of civil aerospace. longer,” says Praveen that India’s
man Giuseppe Recchi said: “We are day passes without someone in the UK one layer of management at the top, but This will include smaller jet engines and Chakravarty, a Mumbai-
sorry. We have missed an opportunity engineering group coming up to him also eliminate the company’s divisional involve the group’s plans to one day based angel investor.
bubble deflates
for the company” with an anecdote about waste. structure, which Mr East believes return to the narrow-body market. To take one example, gradually than
Vincent Bolloré, billionaire chairman “Nothing surprises me any more,” he merely duplicated much of what was Harry Holt, strategy director, Tiger invested in Flipkart
of Vivendi, has ratcheted up his share- says when confronted with new stories being done at the operating level. becomes head of nuclear, which is facing and JD.com at roughly the
bursts in a mess
holding in Telecom Italia to about 20.5 of Rolls-Royce’s slow and bureaucratic The split of executive management its biggest challenge in the project to same time. JD went public on
per cent. According to insiders he could decision-making. responsibilities into two broad areas — renew Britain’s Trident submarines. Nasdaq last year, but most observers think that Flipkart
raise this to 25 per cent. His decision just before Christmas to aerospace, and land and sea — will dis- Chris Cholerton continues as presi- remains a few years away from listing. Smaller Indian
While Mr Bolloré has been guarded revamp his executive board — marking appear, to be replaced by civil engines, dent of defence, Mikael Makinen as start-ups in areas such as hyper-local food delivery will
about his intentions, people close to him the highest-profile departures since his defence, marine, power systems and head of the struggling marine business, take even longer.
said he wants to gain influence at board arrival — is the first, highly symbolic nuclear. The heads of these operating and Ulrich Dohle as chief executive of Mr Fixel has not stopped spending — one of his funds last
level to force divestments and steer Tel- attempt to make Britain’s 109-year-old units will now report directly to the the power systems unit. A new chief week took part in a $25m round for BlackBuck, a Banga-
ecom Italia’s role in European telecoms flagship engineering company a leaner, chief executive. operating officer, likely to be from out- lore-based online freight-booking group. Tiger has
consolidation. fitter organisation. “Typically you would have informa- side Rolls-Royce, will be named as soon invested in about 40 Indian companies, and will give many
“We need to work together with Rolls-Royce is reeling after five profit tion reviewed by the business, then by as possible in 2016, says Mr East. of them fresh funds. But other investors have copied his
shared objectives” because Telecom Ita- warnings in the past two years, and the division and then the executive Chris Blakely, engineering director more cautious stance. Funding rounds have slowed. Valua-
lia needs “a stable shareholder”, Mr De Mr East has promised investors he will team,” says Mr East. “We are taking a for the large civil engines, will step up to tions have corrected. Some high-flying start-ups are strug-
Puyfontaine said at the shareholder restore confidence. week out of every month of decisions.” become group engineering and tech- gling to raise capital. Others are laying off staff.
meeting. He says the new management struc- Mr East is sympathetic but unrepent- nology director. He replaces Colin All this is to be welcomed. Far better that India’s bubble
Italian government officials have ture being unveiled yesterday will “clar- ant about the fact that his shake-up will Smith, the bluff engineer who has been deflates gradually than bursts in a big mess. And its long-
watched Vivendi’s growing stake in Tel- ify executive accountabilities and inten- mean the departure of the 15-year vet- at Rolls-Royce for 42 years. term ecommerce potential, aided by its vast population
ecom Italia with alarm. They worry that sify leadership focus on operational per- eran Tony Wood, president of aero- Mr East says he does not want to lose and growing smartphone use, remains undimmed.
Mr Bolloré is seeking to control the Tele- formance”. It will also help towards his space. “It is disappointing to lose all that Mr Smith’s expertise, so he will remain Nevertheless, one of the big tech stories of 2016 will now
com Italia board without paying a pre- promised gross cost savings of £150m to experience when he walks out on the executive board, but as group be how big funds such as Tiger and SoftBank unwind the
mium for a full takeover. £200m a year from 2017. the door,” he says. “But we were president. exuberance they showed in 2015, by brokering mergers of
They are also concerned about a For Mr East, this is the beginning of a unable to come up with a job The Rolls-Royce chief acknowl- weaker start-ups and folding others into larger players
creeping French-led takeover at a time much-needed cultural change at the jet that satisfied his career aspira- edges that even with this new struc- such as Flipkart, or its rival Snapdeal. If the worst of India’s
when prime minister Matteo Renzi engine maker. “We are not in the busi- tions.” ture and a new team, the task of funding war is over, Mr Fixel must now win the peace.
wants to boost investment in Italy’s lag- ness of getting rid of vast numbers of Lawrie Haynes, the presi- shifting the group’s systems and
gard ultrafast broadband network. managers,” he says in an interview with dent of land and sea since culture will take four to five years. james.crabtree@ft.com
Technology Banks
Qualcomm sees off investor calls for break-up Jefferies raises Wall Street fears with sales fall
TIM BRADSHAW — SAN FRANCISCO market and Samsung’s decision to use At the heart of the issue has been LAURA NOONAN — NEW YORK longed lead in to the Federal Reserve’s banks followed with average falls of
RICHARD BLACKDEN — NEW YORK
its own chips in its Galaxy devices. whether Qualcomm would be better off anticipated interest rate rise and the about 25 per cent in a torrid quarter.
Jefferies cast a shadow over Wall Street
US chipmaker Qualcomm has resisted Steve Mollenkopf, chief executive, separating its chipmaking business, “collapse” in global energy markets. Rich Handler, chairman and chief
results yesterday as the boutique New
pressure from an activist investor to said: “The strategic benefits of the cur- which generates the bulk of its reve- Still, the comparison is not perfect; executive of Jefferies, said fixed income
York investment bank reported an 83
break up, arguing its structure is the rent structure will best fuel Qualcomm’s nues, from its patent licensing arm Jefferies’ annual revenues of $2.5bn had been a “solid to excellent” business
per cent fall in revenues from fixed
best way to grow. growth as we move through the upcom- which accounts for more overall profits. make it less than a tenth of Wall Street in previous years but “did not perform
income, currencies and commodities
ing technology transitions and extend Jana Partners, an activist investor, rivals such as JPMorgan. well in 2015”.
trading in the three months to Novem-
The California-based company, which our technologies into new user experi- took a $2bn stake in Qualcomm in April. “It’s tiny,” said one Wall Street banker “There were a number of periods of
ber 30, and a 36 per cent fall in overall
has a market value of $70bn and ences, services and industries.” Two new directors appointed as part of at a larger firm, adding that while all extreme volatility, which were followed
trading revenues.
employs about 31,000 people, has been Mr Mollenkopf said keeping the two an agreement with Jana were part of the banks were operating in the same mar- by periods of low trading volume,” he
examining options including a separa- units together fuelled R&D and returns committee that undertook the review. It is the first company to report quar- ket conditions, Jefferies’ scale meant it said. The bank expects fixed income to
tion of its licensing and chip set busi- to shareholders, as well as being “mean- Boston Consulting Group analysed terly earnings, so its results are watched was more likely to be hit by one-off return to “normal profitability” in 2016.
nesses since July, as slowing chip ingfully more cost and tax efficient”. potential alternatives, while Goldman for signs of how bigger rivals could have events or single trades going bad. Jefferies overall revenues were down
demand brought investor scrutiny. Qualcomm shares, which have Sachs, Evercore and Centerview Part- fared. Jefferies blamed the performance Jefferies reported a 50 per cent fall in just 2 per cent as a better performance
It has suffered this year from a slumped 37 per cent this year, rose 3 per ners also advised Qualcomm. on external factors other banks are FICC trading revenues in the second from investment banking cushioned the
broader pullback in the smartphone cent by midday in New York. See Lex grappling with too — chiefly the pro- quarter of 2015, while the big six US trading losses.
Wednesday 16 December 2015 ★ FINANCIAL TIMES 15
COMPANIES
COMPANIES
Industrials Technology
AS Watson sees the beauty in expansion plans Aveva shares dropped 35 per cent in
morning trading to £14.75. Schneider
shares were virtually unchanged.
Schneider said in a statement: “The
two parties have decided to stop their
discussions by mutual consent as no
Chain eyes new stores surge agreement could be reached on the
as it taps into spending power terms of transaction.”
Speaking to the Financial Times,
of lower and middle classes Aveva chief executive Richard Longdon
said: “The sad thing is the industrial
logic was always good, and still is. But
JENNIFER HUGHES — HONG KONG
COMPANIES
Automobiles
Uber drivers
Tesla in stand-off over lithium supply for factory on road to
Electric carmaker needs to
unionising
secure raw material for the with Seattle
world’s biggest battery plant
law approval
HENRY SANDERSON
On the edge of the Nevada desert, Tesla, TIM BRADSHAW AND LESLIE HOOK
SAN FRANCISCO
the electric carmaker, is building the
world’s largest battery plant. Drivers for ride-hailing apps such
The mile-long, so-called Gigafactory as Uber and Lyft may soon be able to
is expected to boost demand for lith- unionise in Seattle, a first in the US that
ium, the raw material used in the batter- will fuel a growing debate about work-
ies that power most electric cars. ers’ rights in the on-demand economy.
But the company has yet to announce
any lithium supply deals with big pro- Seattle City Council has unanimously
ducers, leaving it unclear where it will approved a law, titled “Giving Drivers a
source the lightweight material that it Voice”, aimed at “levelling the bargain-
and its partner Panasonic will need to ing power” between drivers and the
start producing batteries by 2017. operators of app-enabled transport
The Gigafactory is set to supply bat- services, as well as traditional taxis
teries for the 500,000 cars ayear Tesla and limos.
hopes to make by the end of the decade, Seattle council member Mike O’Brien
as well as to power homes. It hopes that hailed the city’s legislation as “ground-
by supplying its own batteries the costs breaking”.
per kilowatt hour can be cut by more “We’ve heard from Seattle drivers
than 30 per cent, crucial for the mass- making [a] sub-minimum wage, and
market uptake of electric vehicles. companies like Uber have turned a deaf
But that will require secure, long- ear to their concerns,” he said. “This bill
term supplies of lithium, more than was only introduced out of necessity
70 per cent of which is found in Chile, after witnessing how little power drivers
Argentina and Bolivia. Due to growth in themselves had in working for a living
demand for batteries, the global lithium wage.”
market is approaching a shortage, with However, Seattle Mayor Ed Murray
no new supply coming on stream next said that even though he supported
year, say analysts. At the same time, bat- workers’ rights to organise, he had con-
tery factories being built in China are set cerns about the costs and administra-
to increase demand for lithium. Tesla hopes to cut the cost of the material it needs when its factory is developing the Sonora project, a lith- tive burden of implementing the bill
“Raw material availability is probably producing electric vehicles by Hard cell starts operating — or trying to sign sup- ium plant in Mexico, said it had a condi- and would not sign it. While the ordi-
the biggest challenge facing the Gigafac- making its own batteries — Emile Clean energy set to drive ply agreements when the price of lith- tional agreement with Tesla to supply nance will become law without the
tory outside of the need for basic Wamsteker/Bloomberg
ium hydroxide is higher. lithium hydroxide. That sent Bacanora’s mayor’s signature, implementation
demand,” says Benchmark Mineral need for reactive metal Tesla will need about 24,000 tonnes shares up by about a quarter on the day. may require “additional clarifying legis-
Intelligence, a consultancy in London. annually of the material, according to Last month the Toronto-listed com- lation” next year.
“It is also the only area of the electric Lithium is mostly used in glass, Benchmark Mineral Intelligence, out of pany raised £8.8m through issuing new Services such as Uber had seen “tre-
vehicle supply chain where Tesla does ceramics and lubricants — about a market last year of 50,000 tonnes. shares for the project, which is not
not have ownership and control.” 30 per cent of lithium supplies are Elon Musk, Tesla’s founder, has said expected to start its first phase of pro-
The company tried to buy Simbol currently used in batteries. Lithium the company will seek to use lithium duction until the first half of 2018.
The vote will bolster
Materials, a California-based lithium salts are also used to treat from Nevada. The US’s only operation In September Mr Musk said on Twit- nascent efforts by Uber
start-up, in June 2014 but the company depression and mood disorders. producing the metal — Albemarle’s Sil- ter that the Bacanora deal “is not exclu-
has since gone into receivership, said a Lithium is a highly reactive metal ver Peak mine — is based there. sive and has many contingencies”.
drivers to organise in
person familiar with the matter. that rarely occurs in its natural Analysts say Albemarle of Baton The same month, Pure Energy Miner- other US cities
Joe Lowry, founder of Global Lithium, state; it needs to be chemically Rouge, FMC Lithium of Philadelphia als said it had entered into an agreement
a consultancy, says: “The current strat- Lithium carbonate prices extracted from compounds in hard and SQM of Chile, the big producers of with Tesla for the “potential” supply of
egy seems to be no direct investment Annual average battery-grade price rock, or from ionic solutions such as lithium, have not been willing to supply lithium hydroxide. It plans to produce mendous growth” in Seattle, Mr Murray
but leveraging the Tesla name by sign- ($ ’000 per tonne) brine. About 70 per cent of the at the prices Tesla has demanded. this from Nevada, in the same basin as noted, adding that “these companies are
ing ‘contingent’ contracts at unachieva- world’s supply lies in the salt flats “Tesla is not the biggest piece of the Albemarle, about three and a half hours’ providing valuable new tools for city
bly low prices with junior mining com- 8 of Chile, Bolivia, and Argentina. pie,” one smaller producer says. “It’s the drive from the Gigafactory. residents and innovating at a tremen-
panies who have never produced lith- Analysts say lithium demand is dog that barks that doesn’t bite.” The company said the agreement sets dous pace”.
ium chemicals. 6 set to increase over the next five to Tesla says none of the announced sup- a “predetermined price that is below Nonetheless, the vote will bolster nas-
“The most likely outcome is Tesla will 10 years as battery costs come ply agreements is exclusive and not all its current market rates and is aligned with cent efforts by Uber drivers to organise
pay high market prices for lithium 4 down and electric vehicles and lithiumwillcomefromthesesuppliers. Tesla’s goal to continuously reduce the in other US cities. In October, several
through at least the end of the decade,” storage for grid power become FMC Lithium says it is in continuous cost of its lithium ion batteries”. hundred drivers in Los Angeles, Chicago
adds Mr Lowry, who used to work for more widespread. sourcing discussions with many of the As the Gigafactory comes into produc- and Houston pledged to strike over fare
FMC Lithium, one of the big producers. 2 Prices for lithium in China have leading electric vehicle manufacturers, tionthatis likely to spur other small pro- pricing and tips. However, such move-
So far two companies have risen 60 per cent over the past two including Tesla. Albemarle says it can- ducersintheUS,accordingtoanalysts. ments represent a small minority of the
announced supply deals with Tesla, and 0 months on increased demand in not discuss any information related to “You’re going to see a lot more people hundreds of thousands of independent
neither is expected to produce substan- 2010 11 12 13 14 consumer goods and electric its supply agreements. SQM did not digging for lithium brine in Nevada,” contractors involved with Uber.
tial amounts of lithium until after 2020. vehicles. respond to a request for comment. one producer adds. “For just its close- The issue of how independent con-
Source: USGS
That could leave the company short of In August, Bacanora Minerals, which ness to the factory.” tractors are treated by operators of on-
demand apps has emerged as a regula-
tory challenge for tech start-ups in
recent months.
Pharmaceuticals Financials Last week a judge in California
expanded the number of Uber drivers
FDA in U-turn over Pacira pain drug Distressed-debt manager exits who can participate in a class-action
lawsuit over whether they are entitled
to benefits and expenses.
“This law is the first in what is likely to
MARY CHILDS — NEW YORK firm has expanded assets under man- be a rising wave of innovative
DAVID CROW — NEW YORK decision and agreed the drug’s label decision yesterday Pacira agreed to agement this year by a third to $7.6bn. approaches to updating a legal frame-
Credit trader Jeffrey Teach, who moved
could be revised to make clear that it drop all litigation against the agency The Beacon fund has gained 2.6 per work that ensures all workers in the on-
US regulators have taken the rare step from UBS to Sound Point Capital Man-
could be used by patients recovering without seeking a court ruling on the cent this year to the end of October. An demand and subcontracted economies
of reversing a decision aimed at curb- agement two years ago, has stepped
from a wider range of procedures. free speech issue. HFRI index of hedge funds focused on have access to the basic rights they
ing the use of a pain medicine after the down from running a distressed-debt
The about-turn comes just three James Beck, an attorney at Reed distressed situations and restructuring deserve,” said Nikki Fortunato Bas,
company that makes the drug sued the portfolio.
months after Pacira sued the US govern- Smith, called the FDA’s U-turn “remark- has returned a loss of 6.4 per cent this director of advocacy group Partnership
government for violating its right to
ment, alleging the FDA had infringed on able” and said he could not recall a pre- Mr Teach departed in the past month, year to the end of November. Since 2013, for Working Families.
free speech.
its right under the First Amendment to vious rescinding of a warning letter. about two years after joining the credit- the Beacon fund has returned more Uber and Lyft criticised the legisla-
The Food and Drug Administration’s “speak in a truthful and non-misleading A spokesperson for the FDA said it focused alternative asset manager. In than 29 per cent. tion, saying it threatened the flexibility
U-turn sent shares in drugmaker Pacira fashion” about its product. After the had done so in the past but that “such 2013, Sound Point bought a portion of Mr Teach started at UBS in 2001, and their drivers currently enjoy. Oppo-
up 16 per cent, as lawyers said the move action is rare”. UBS’s distressed credit and loan asset before that traded loans and bonds at nents have questioned to what extent
represented a victory for drugmakers Pacira’s fight against the FDA was and brought Mr Teach and five others JPMorgan, according to Sound Point’s city authorities can overrule federal
that engage in “off-label” promotion — backed by 11 of the biggest names in the on board. website. His departure comes amid tur- laws on collective bargaining, as con-
the marketing of medicines to treat ill- pharmaceuticals industry — such as The firm said in an internal note last moil in the bond market, including ris- tractors are excluded from the National
nesses for which they are not approved. Pfizer, Johnson & Johnson, GlaxoSmith- week that after 20 years, Mr Teach ing indebtedness, depressed commod- Labor Relations Act.
In September last year, the FDA Kline, Novartis and Sanofi — which filed wanted to “step away from his day-to- ity prices and falling revenues. Uber said it created “new opportuni-
issued a warning letter that effectively a so-called amicus brief in support. day portfolio management,” and will Hedge fund Lucidus Capital Partners ties for many people to earn a better liv-
banned Pacira, a New Jersey drug- The decision could open the door for continue to be involved with the fund. was the latest specialist credit fund to ing on their own time and their own
maker, from marketing Exparel as a drug companies to promote their medi- He remains the largest individual inves- liquidate its assets in the wake of inves- terms”, with half driving fewer than 10
pain reliever suitable for a broad swath cines as treatments for a variety of ill- tor in The Sound Point Beacon Offshore tor withdrawals, following US asset hours a week and a majority using the
of patients recovering from surgery. nesses without having to do as many Fund, the firm said. manager Third Avenue, which said last service to supplement income from
The agency said the drug should only costly clinical trials to prove they work. Stephen Ketchum, who founded week it would shut its $788m “Focused other jobs.
be used after surgery to remove haem- Instead, companies could seek to Sound Point in 2008, continues to man- Credit Fund” after a wave of losses and “Unfortunately, the ordinance passed
orrhoids or bunions — two operations market their drugs for a wide range of age the fund. Last month, he hired Marc investor redemptions. Stone Lion Capi- today threatens the privacy of drivers,
where the drug was proved to be effec- illnesses, pointing to evidence with a Sole, formerly of Hudson Bay Credit, as tal Partners, a hedge fund, said on Fri- imposes substantial costs on passengers
tive during large clinical trials. Exparel can now be marketed to much lower bar, such as the anecdotal head of hedge fund research, according day that it was barring redemptions and the city, and conflicts with long-
Yesterday the FDA overturned its more people than previously experiences of patients and doctors. to a person familiar with the matter. The from a $400m credit fund. standing federal law,” Lyft said.
Wednesday 16 December 2015 ★ FINANCIAL TIMES
20 ★ FINANCIAL TIMES Wednesday 16 December 2015
MARKET DATA
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,542.04 47,435.58 4,804.31
4,614.40 21,811.36 3,606.96
17,245.24 21,272.68 3,510.35 25,610.53
45,086.43 25,320.44
Day 1.00% Month 1.67% Year 1.47% Day 0.76% Month -3.16% Year -4.20% Day 3.16% Month -4.03% Year 12.30% Day 3.74% Month -2.61% Year 17.67% Day -0.29% Month -1.97% Year 19.47% Day 0.68% Month -1.13% Year -7.42%
Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 12360.20 12337.32 Cyprus CSE M&P Gen 67.04 67.78 Italy FTSE Italia All-Share 23009.62 22228.85 Philippines Manila Comp 6701.35 6745.99 Taiwan Weighted Pr 8073.35 8040.16 Cross-Border DJ Global Titans ($) 234.05 231.31
Australia All Ordinaries 4963.90 4981.90 Czech Republic
PX 928.99 919.73 FTSE Italia Mid Cap 33955.11 33274.76 Poland Wig 44275.41 43887.16 Thailand Bangkok SET 1300.51 1267.61 Euro Stoxx 50 (Eur) 3241.59 3139.24
S&P/ASX 200 4909.60 4928.60 Denmark OMXC Copenahgen 20 981.57 962.79 FTSE MIB 21272.68 20506.56 Portugal PSI 20 5150.10 5022.98 Turkey BIST 100 69308.74 70280.34 Euronext 100 ID 895.06 869.24
S&P/ASX 200 Res 2211.60 2238.60 Egypt EGX 30 6408.12 6395.20 Japan 2nd Section 4643.29 4709.52 PSI General 2397.26 2342.99 UAE Abu Dhabi General Index 4014.92 4026.23 FTSE 4Good Global ($) 5380.86 5313.30
Austria ATX 2352.43 2292.32 Estonia OMX Tallinn 887.50 890.25 Nikkei 225 18565.90 18883.42 Romania BET Index 6873.40 6881.48 UK FT 30 2777.80 2716.60 FTSE All World 261.13 258.56
Belgium BEL 20 3582.18 3492.90 Finland OMX Helsinki General 8404.16 8200.25 S&P Topix 150 1241.64 1264.09 Russia Micex Index 1742.46 1708.70 FTSE 100 6017.79 5874.06 FTSE E300 1411.68 1371.76
BEL Mid 5787.32 5730.99 France CAC 40 4614.40 4473.07 Topix 1502.55 1527.88 RTX 783.65 761.08 FTSE 4Good UK 5502.17 5376.82 FTSE Eurotop 100 2797.60 2716.43
Brazil Bovespa 45086.43 44747.31 SBF 120 3637.25 3531.97 Jordan Amman SE 2087.06 2080.13 Saudi-Arabia TADAWUL All Share Index 6771.53 6686.27 FTSE All Share 3327.71 3256.53 FTSE Global 100 ($) 1308.63 1291.83
Canada S&P/TSX 60 763.38 749.53Germany M-DAX 20484.65 19962.31 Kenya NSE 20 3987.57 3968.20 Singapore FTSE Straits Times 2815.52 2815.04 FTSE techMARK 100 3877.71 3851.47 FTSE Gold Min ($) 869.50 908.79
S&P/TSX Comp 12911.96 12695.49 TecDAX 1789.16 1741.56 Kuwait KSX Market Index 5616.18 5602.38 Slovakia SAX 295.10 295.10 USA DJ Composite 5976.64 5923.63 FTSE Latibex Top (Eur) 2339.80 2290.40
S&P/TSX Met & Min 305.98 303.25 XETRA Dax 10450.38 10139.34 Latvia OMX Riga 592.35 591.88 Slovenia SBI TOP 676.70 682.93 DJ Industrial 17542.04 17368.50 FTSE Multinationals ($) 1464.34 1468.92
Chile IGPA Gen 17629.39 17492.93Greece Athens Gen 583.18 590.26 Lithuania OMX Vilnius 483.82 484.51 South Africa FTSE/JSE All Share 48428.77 48081.71 DJ Transport 7526.92 7489.64 FTSE World ($) 463.53 458.92
China FTSE A200 9397.79 9451.24 FTSE/ASE 20 170.82 172.11 Luxembourg LuxX 1343.13 1324.18 FTSE/JSE Res 20 23275.90 23599.54 DJ Utilities 560.56 553.88 FTSEurofirst 100 (Eur) 3964.11 3845.32
FTSE B35 11292.52 11237.48Hong Kong Hang Seng 21274.37 21309.85 Malaysia FTSE Bursa KLCI 1622.84 1629.96 FTSE/JSE Top 40 43701.61 43415.47 Nasdaq 100 4607.48 4570.16 FTSEurofirst 80 (Eur) 4356.53 4222.87
Shanghai A 3674.97 3685.93 HS China Enterprise 9344.07 9315.91 Mexico IPC 42526.07 41901.96 South Korea Kospi 1932.97 1927.82 Nasdaq Cmp 4995.42 4952.23 MSCI ACWI Fr ($) 391.63 392.95
Shanghai B 400.11 396.70 HSCC Red Chip 3967.60 3944.77 Morocco MASI 8865.63 9108.93 Kospi 200 238.80 238.17 NYSE Comp 10098.81 9986.76 MSCI All World ($) 1632.28 1637.83
Shanghai Comp 3510.35 3520.67Hungary Bux 23073.63 23005.73 Netherlands AEX 433.63 420.66 Spain IBEX 35 9711.60 9428.50 S&P 500 2042.96 2021.94 MSCI Europe (Eur) 1344.96 1365.81
Shenzhen A 2369.22 2342.93India BSE Sensex 25320.44 25150.35 AEX All Share 665.38 646.97 Sri Lanka CSE All Share 6820.77 6803.08 Wilshire 5000 21082.31 20871.03 MSCI Pacific ($) 2250.18 2279.10
Shenzhen B 1292.12 1289.52 S&P CNX 500 6501.75 6457.60 New Zealand NZX 50 6040.55 6035.25 Sweden OMX Stockholm 30 1425.25 1389.26 Venezuela IBC 14478.96 15005.31 S&P Euro (Eur) 1448.18 1405.10
Colombia COLCAP 1074.26 1074.88Indonesia Jakarta Comp 4409.17 4374.19 Nigeria SE All Share 27179.28 27269.71 OMX Stockholm AS 494.58 483.56 Vietnam VNI 568.00 562.22 S&P Europe 350 (Eur) 1449.03 1407.79
Croatia CROBEX 1653.09 1659.99Ireland ISEQ Overall 6656.32 6589.96 Norway Oslo All Share 640.81 622.72 Switzerland SMI Index 8581.56 8375.31 S&P Global 1200 ($) 1817.46 1800.53
Israel Tel Aviv 100 12.83 12.90 Pakistan KSE 100 32467.04 32467.04 Stoxx 50 (Eur) 3052.05 2960.70
(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.
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
Dec 15 Currency Mid Change Mid Change Mid Change Dec 15 Currency Mid Change Mid Change Mid Change Dec 15 Currency Mid Change Mid Change Mid Change Dec 15 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.7716 -0.0132 10.6715 -0.1186 14.7034 -0.0910 Indonesia Indonesian Rupiah 14056.5000 -21.0000 15351.0556 -172.9896 21150.9948 -134.0696 Poland Polish Zloty 3.9681 0.0115 4.3335 -0.0296 5.9708 -0.0115 ..Three Month 0.6646 0.0032 0.7256 -0.0036 - -
Australia Australian Dollar 1.3948 0.0135 1.5233 0.0000 2.0988 0.0102 Israel Israeli Shekel 3.8692 0.0117 4.2255 -0.0283 5.8219 -0.0105 Romania Romanian Leu 4.1180 0.0296 4.4973 -0.0113 6.1964 0.0147 ..One Year 0.6648 0.0032 0.7250 -0.0036 - -
Bahrain Bahrainin Dinar 0.3773 -0.0001 0.4120 -0.0041 0.5677 -0.0029 Japan Japanese Yen 121.7250 1.0050 132.9354 -0.1891 183.1608 0.6334 Russia Russian Ruble 70.0469 -0.6481 76.4980 -1.4613 105.4003 -1.4899 United States United States Dollar - - 1.0921 -0.0107 1.5047 -0.0073
Bolivia Bolivian Boliviano 6.9100 0.0100 7.5464 -0.0626 10.3975 -0.0352 ..One Month 121.7248 1.0047 132.9354 -0.1892 183.1606 0.6329 Saudi Arabia Saudi Riyal 3.7520 0.0000 4.0975 -0.0399 5.6457 -0.0272 ..One Month - - 1.0920 -0.4199 1.5047 -0.0073
Brazil Brazilian Real 3.8909 0.0033 4.2492 -0.0379 5.8546 -0.0234 ..Three Month 121.7247 1.0044 132.9355 -0.1891 183.1604 0.6325 Singapore Singapore Dollar 1.4086 -0.0004 1.5383 -0.0155 2.1195 -0.0109 ..Three Month - - 1.0918 -0.4199 1.5047 -0.0073
Canada Canadian Dollar 1.3756 0.0007 1.5023 -0.0139 2.0699 -0.0090 ..One Year 121.7235 1.0019 132.9354 -0.1892 183.1606 0.6310 South Africa South African Rand 14.9859 -0.2898 16.3660 -0.4794 22.5494 -0.5474 ..One Year - - 1.0907 -0.4199 1.5049 -0.0073
Chile Chilean Peso 710.1900 -2.1350 775.5960 -9.9237 1068.6299 -8.3986 Kenya Kenyan Shilling 102.2500 - 111.6669 -1.0898 153.8566 -0.7444 South Korea South Korean Won 1183.5000 -1.2000 1292.4963 -13.9372 1780.8240 -10.4307 Venezuela Venezuelan Bolivar Fuerte 6.3053 0.0203 6.8859 -0.0449 9.4876 -0.0153
China Chinese Yuan 6.4610 0.0019 7.0560 -0.0668 9.7219 -0.0442 Kuwait Kuwaiti Dinar 0.3033 0.0002 0.3312 -0.0030 0.4564 -0.0019 Sweden Swedish Krona 8.4990 0.0206 9.2817 -0.0679 12.7885 -0.0308 Vietnam Vietnamese Dong 22538.5000 -7.5000 24614.2334 -248.5242 33913.9400 -175.4971
Colombia Colombian Peso 3323.2500 -30.6000 3629.3109 -69.1629 5000.5276 -70.4612 Malaysia Malaysian Ringgit 4.3050 -0.0205 4.7015 -0.0685 6.4778 -0.0623 Switzerland Swiss Franc 0.9905 0.0092 1.0817 -0.0004 1.4903 0.0067 European Union Euro 0.9157 0.0089 - - 1.3778 0.0067
Costa Rica Costa Rican Colon 531.2500 - 580.1763 -5.6622 799.3771 -3.8677 Mexico Mexican Peson 17.1683 -0.2217 18.7494 -0.4274 25.8332 -0.4601 Taiwan New Taiwan Dollar 32.8025 -0.0760 35.8235 -0.4334 49.3582 -0.3537 ..One Month 0.9155 0.0088 - - 1.3777 0.0067
Czech Republic Czech Koruna 24.7455 0.2417 27.0244 0.0028 37.2347 0.1853 New Zealand New Zealand Dollar 1.4823 0.0049 1.6188 -0.0104 2.2304 -0.0033 Thailand Thai Baht 35.9700 -0.1700 39.2827 -0.5708 54.1244 -0.5189 ..Three Month 0.9154 0.0088 - - 1.3776 0.0067
Denmark Danish Krone 6.8321 0.0658 7.4614 -0.0002 10.2804 0.0498 Nigeria Nigerian Naira 199.2200 -0.0300 217.5675 -2.1564 299.7683 -1.4957 Tunisia Tunisian Dinar 2.0253 0.0149 2.2118 -0.0052 3.0475 0.0078 ..One Year 0.9143 0.0088 - - 1.3770 0.0067
Egypt Egyptian Pound 7.8351 0.0263 8.5566 -0.0546 11.7895 -0.0174 Norway Norwegian Krone 8.6962 0.0194 9.4970 -0.0712 13.0852 -0.0339 Turkey Turkish Lira 2.9648 -0.0293 3.2378 -0.0639 4.4611 -0.0658
Hong Kong Hong Kong Dollar 7.7504 -0.0003 8.4642 -0.0829 11.6621 -0.0568 Pakistan Pakistani Rupee 104.7500 0.0500 114.3971 -1.0613 157.6183 -0.6870 United Arab Emirates UAE Dirham 3.6729 0.0000 4.0112 -0.0392 5.5266 -0.0268
Hungary Hungarian Forint 289.5523 2.1344 316.2190 -0.7324 435.6921 1.1192 Peru Peruvian Nuevo Sol 3.3740 -0.0032 3.6847 -0.0394 5.0769 -0.0293 United Kingdom Pound Sterling 0.6646 0.0032 0.7258 -0.0036 - -
India Indian Rupee 66.9550 -0.1525 73.1213 -0.8818 100.7478 -0.7180 Philippines Philippine Peso 47.3525 0.0150 51.7135 -0.4882 71.2518 -0.3221 ..One Month 0.6646 0.0032 0.7257 -0.0036 - -
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 Dec 15 Dec 14 Dec 11 Dec 10 Dec 09 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 2777.80 2716.60 2750.70 2806.70 2828.50 0.00 3110.40 2575.90 Software & Comp Serv 34.38 FTSE 250 Index 4.92 FTSE All{HY-}Share Index -6.73 FTSE 100 Price Change FTSE 100 Price Change
Dec 15 chge% Index Dec 14 Dec 11 ago yield% Cover ratio adj Return FT 30 Div Yield 1.78 1.81 1.79 1.76 1.75 0.00 3.93 2.74 Nonlife Insurance 25.20 Financial Services 4.83 NON FINANCIALS Index -6.92 3I Group PLC 463.90 12.50 Kingfisher PLC 325.50 5.70
FTSE 100 (100) 6017.79 2.45 6460.71 5874.06 5952.78 6331.83 4.15 1.44 16.68 246.09 4712.86 P/E Ratio net 25.11 24.64 24.92 25.38 25.55 0.00 19.44 14.26 Household Goods & Ho 24.29 Consumer Services 2.94 Chemicals -7.02 Aberdeen Asset Management PLC 291.10 10.70 Land Securities Group PLC 1160 20.00
FTSE 250 (250) 16999.56 1.35 18250.77 16772.57 16877.29 15426.80 2.54 2.10 18.70 436.62 11825.46 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Forestry & Paper 21.43 Support Services 2.87 Industrial Transport -7.73 Admiral Group PLC 1653 42.00 Legal & General Group PLC 260.20 7.00
FTSE 250 ex Inv Co (211) 18477.45 1.32 19837.43 18237.36 18353.16 16624.90 2.57 2.22 17.56 478.25 13106.32 FT 30 hourly changes Construct & Material 19.91 FTSE SmallCap Index 2.81 Utilities -8.47 Anglo American PLC 271.10 -9.70 Lloyds Banking Group PLC 70.34 1.66
FTSE 350 (350) 3375.84 2.25 3624.31 3301.62 3341.57 3464.01 3.86 1.52 17.01 128.82 5328.74 8 9 10 11 12 13 14 15 16 High Low Technology 18.34 Telecommunications 2.63 FTSE 100 Index -9.34 Antofagasta PLC 412.90 0.60 London Stock Exchange Group PLC 2603 117.00
FTSE 350 ex Investment Trusts (311) 3351.24 2.26 3597.90 3277.06 3317.23 3443.85 3.89 1.53 16.82 128.96 2723.74 2716.6 2744.3 2751 2751.3 2756.5 2756.1 2761.4 2775.7 2783.6 2786.1 2716.6 Fixed Line Telecomms 13.83 Electronic & Elec Eq 2.53 Aerospace & Defense -14.40 Arm Holdings PLC 1052 11.00 Marks And Spencer Group PLC 462.60 6.90
FTSE 350 Higher Yield (107) 3030.40 2.50 3253.44 2956.38 2998.10 3375.53 5.74 1.28 13.60 171.99 4906.86 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Real Est Invest & Se 13.69 General Retailers 0.55 Food & Drug Retailer -15.60 Ashtead Group PLC 1100 23.00 Meggitt PLC 362.00 8.70
FTSE 350 Lower Yield (243) 3407.14 2.00 3657.92 3340.46 3374.26 3214.18 2.00 2.21 22.66 70.78 3603.96 Leisure Goods 11.00 Equity Invest Instr -0.66 Electricity -15.94 Associated British Foods PLC 3398 50.00 Merlin Entertainments PLC 437.00 1.70
FTSE SmallCap (288) 4491.58 0.55 4822.17 4467.10 4488.48 4223.97 2.98 1.31 25.63 123.82 6150.72 Consumer Goods 8.91 Personal Goods -0.99 Automobiles & Parts -17.35
FTSE SmallCap ex Inv Co (152) 4060.39 0.28 4359.25 4048.97 4065.02 3683.08 2.90 1.75 19.72 110.11 5839.99 FX: EFFECTIVE INDICES Food Producers 8.13 Industrials -1.11 Banks -18.09
Astrazeneca PLC 4391 105.50 Mondi PLC 1326 51.00
Aviva PLC 496.40 14.40 Morrison (Wm) Supermarkets PLC 147.10 6.90
FTSE All-Share (638) 3327.71 2.19 3572.64 3256.53 3295.07 3404.22 3.83 1.52 17.22 125.70 5313.57 Tobacco 7.90 Life Insurance -1.36 Industrial Eng -19.04
Dec 14 Dec 11 Mnth Ago Dec 15 Dec 14 Mnth Ago Babcock International Group PLC 987.00 11.50 National Grid PLC 909.20 15.00
FTSE All-Share ex Inv Co (463) 3288.65 2.22 3530.71 3217.13 3256.02 3371.42 3.87 1.53 16.87 125.79 2717.10 Tech Hardware & Eq 7.81 Health Care Eq & Srv -1.36 Oil Equipment & Serv -24.22 Bae Systems PLC 490.00 6.60 Next PLC 7505 180.00
FTSE All-Share ex Multinationals (573) 1163.02 2.01 1034.88 1140.10 1149.90 1095.24 2.88 1.57 22.06 32.77 1980.56 Australia 91.37 91.09 91.02 Sweden 78.87 78.97 78.18 Media 7.59 Mobile Telecomms -4.03 Oil & Gas -24.66 Barclays PLC 214.80 5.70 Old Mutual PLC 166.20 8.40
FTSE Fledgling (100) 7647.12 0.02 8209.96 7645.55 7680.33 6678.41 2.58 1.16 33.53 174.55 13774.93 Canada 85.47 85.75 88.34 Switzerland 159.75 159.69 158.80 Travel & Leisure 6.40 Health Care -4.61 Oil & Gas Producers -24.67 Barratt Developments PLC 614.00 19.00 Pearson PLC 707.00 12.00
FTSE Fledgling ex Inv Co (50) 10492.81 -0.01 11265.10 10494.13 10552.34 8291.50 2.82 1.37 25.83 237.62 18394.26 Denmark 106.11 105.95 105.34 UK 91.87 92.60 93.48 Beverages 6.31 Pharmace & Biotech -4.96 Basic Materials -45.10 Berkeley Group Holdings (The) PLC 3725 204.00 Persimmon PLC 1970 67.00
FTSE All-Small (388) 3117.16 0.52 3346.59 3100.99 3115.80 2921.25 2.96 1.30 25.93 85.21 5481.05 Japan 127.02 126.80 125.94 USA 105.29 105.31 106.00 Real Est Invest & Tr 5.14 Financials -6.14 Mining -51.41 Bg Group PLC 956.00 36.50 Prudential PLC 1482 42.50
FTSE All-Small ex Inv Co Index (202) 3032.56 0.27 3255.76 3024.38 3036.55 2733.74 2.90 1.73 19.90 81.56 5526.56 New Zealand 114.71 113.91 111.90 Euro 86.57 86.23 84.82 Gas Water & Multi -6.34 Industrial Metals & -55.51 Bhp Billiton PLC 686.90 17.60 Randgold Resources LD 4024 -18.00
FTSE AIM All-Share Index (819) 719.52 0.31 772.48 717.31 725.40 679.83 1.47 0.79 85.73 9.14 773.87 Norway 83.72 83.65 85.14
BP PLC 337.70 8.40 Reckitt Benckiser Group PLC 6166 78.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3686 96.00 RELX PLC 1164 27.00
Oil & Gas (18) 5737.10 3.09 6159.36 5564.98 5685.50 7103.05 6.56 0.20 76.03 371.71 4805.19 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 778.00 16.00 Rio Tinto PLC 1879.5 31.50
Oil & Gas Producers (11) 5454.71 3.11 5856.19 5290.36 5407.07 6749.45 6.59 0.16 93.42 354.65 4724.08 Bt Group PLC 469.50 12.65 Rolls-Royce Holdings PLC 540.00 2.50
Oil Equipment Services & Distribution (7)13084.94 2.71 14048.02 12740.20 12871.09 16446.97 5.82 1.41 12.18 761.22 9623.43 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1845 40.00 Royal Bank Of Scotland Group PLC 288.80 6.20
Basic Materials (29) 2574.12 1.72 2763.59 2530.52 2600.15 4458.15 7.93 1.88 6.71 198.46 2524.01 Burberry Group PLC 1157 38.00 Royal Dutch Shell PLC 1473.5 45.50
Chemicals (7) 11299.89 1.80 12131.59 11100.33 11218.18 11699.70 2.46 2.28 17.81 237.16 9714.81 Dec 15 No of US $ Day Mth YTD
YTD Gr Div Dec 15Total No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1146 1.00 Royal Dutch Shell PLC 1463.5 45.00
Forestry & Paper (1) 15585.18 4.00 16732.28 14985.75 14985.75 12188.41 2.31 3.37 12.81 360.52 16189.46 Regions & countries stocks indices % % %
% Yield Sectorsretn stocks indices % % % retn % Yield Carnival PLC 3544 109.00 Royal Mail PLC 444.00 6.30
Industrial Metals & Mining (2) 618.89 3.80 664.44 596.21 692.86 1211.94 1.86 -18.64 -2.88 11.18 540.10 FTSE Global All Cap 7743 441.88 -0.4 -1.8-3.8 -6.0 603.96
2.6 Oil & Gas 165 300.26 -0.4 -0.4 -24.6 458.28 -21.9 4.4 Centrica PLC 209.30 1.20 Rsa Insurance Group PLC 421.00 8.50
Mining (19) 6531.37 1.52 7012.09 6433.62 6642.85 12819.64 9.56 1.85 5.65 616.70 3353.31 FTSE Global All Cap 7113 454.92 -0.3 -1.7-3.9 -6.0 610.87
2.5 Oil & Gas Producers 117 280.26 -0.5 -0.5 -22.7 435.28 -19.9 4.4 Coca-Cola Hbc AG 1490 76.00 Sabmiller PLC 4030 25.00
FTSE Global Large Cap 1420 391.04 -0.3 -1.8-3.9 -6.2 546.72
2.7 Oil Equipment & Services 39 277.48 -0.6 -0.6 -33.1 386.56 -30.9 4.7 Compass Group PLC 1137 28.00 Sage Group PLC 589.50 10.00
Industrials (117) 4245.67 1.05 4558.16 4201.62 4255.47 4149.55 2.64 1.21 31.38 111.53 4216.06
Construction & Materials (13) 5161.70 0.55 5541.61 5133.58 5149.66 4087.40 2.32 -0.83 -52.25 121.45 5274.47 FTSE Global Mid Cap 1646 588.84 -0.6 -1.7-2.8 -4.6 768.39
2.1 Basic Materials 262 341.35 -1.7 -1.7 -21.6 499.61 -19.4 3.5 Crh PLC 1885 10.00 Sainsbury (J) PLC 249.30 12.40
Aerospace & Defense (9) 4185.16 1.00 4493.20 4143.71 4227.01 4723.81 2.73 0.96 38.19 113.27 4326.60 FTSE Global Small Cap 4677 611.69 -0.8 -2.2-4.6 -6.2 774.96
2.1 Chemicals 123 579.73 -1.3 -1.3 -7.0 851.04 -4.9 2.6 Diageo PLC 1820.5 24.50 Schroders PLC 2832 154.00
General Industrials (6) 3500.81 1.90 3758.48 3435.38 3456.57 3088.91 3.29 1.68 18.12 112.80 3807.90 FTSE All-World 3066 258.56 -0.3 -1.8-3.7 -5.9 372.84
2.6 Forestry & Paper 16 192.20 -0.8 -0.8 -7.7 308.64 -4.9 3.6 Direct Line Insurance Group PLC 410.00 9.60 Severn Trent PLC 2143 34.00
Electronic & Electrical Equipment (11) 5282.37 1.82 5671.17 5188.00 5243.75 4889.66 2.22 2.04 22.13 110.13 4666.99 FTSE World 2551 458.92 -0.3 -1.6-3.3 -5.6 888.54
2.6 Industrial Metals & Mining 67 245.28 -2.2 -2.2 -40.5 359.58 -39.0 3.6 Dixons Carphone PLC 476.70 12.20 Shire PLC 4182 93.00
Industrial Engineering (14) 7411.38 0.42 7956.87 7380.12 7472.23 8777.94 3.30 1.58 19.19 243.31 8677.13 FTSE Global All Cap ex UNITED KINGDOM In 7418 454.56 -0.3 -1.7-3.4 -5.6 612.65
2.5 Mining 56 307.27 -3.0 -3.0 -46.1 450.21 -43.7 7.1 Easyjet PLC 1696 47.00 Sky PLC 1088 19.00
Industrial Transportation (8) 3829.80 1.40 4111.69 3777.04 3830.25 3931.84 3.96 0.94 26.90 168.06 3221.90 FTSE Global All Cap ex USA 5737 405.13 -1.2 -3.3-6.9 -9.4 587.27
3.1 Industrials 537 295.39 -0.5 -0.5 -6.1 410.05 -4.2 2.3 Experian PLC 1154 33.00 Smith & Nephew PLC 1086 26.00
Support Services (56) 6498.18 1.04 6976.46 6431.27 6517.61 6162.30 2.43 1.54 26.78 156.78 6514.50 FTSE Global All Cap ex JAPAN 6482 449.52 -0.3 -1.8-4.9 -7.1 619.82
2.6 Construction & Materials 109 409.59 -0.5 -0.5 -5.0 595.39 -3.1 2.2 Fresnillo PLC 659.50 -5.50 Smiths Group PLC 927.00 7.50
FTSE Developed 2116 418.86 -0.4 -1.4-2.2 -4.4 576.78
2.6 Aerospace & Defense 28 501.32 -0.6 -0.6 0.9 690.23 2.9 2.1 G4S PLC 213.90 2.50 Sports Direct International PLC 579.50 5.50
Consumer Goods (40) 17899.37 2.09 19216.81 17533.70 17617.12 15692.08 3.07 1.72 18.94 539.35 12620.33
FTSE Developed All Cap 5734 438.89 -0.4 -1.4-2.4 -4.5 597.83
2.5 General Industrials 56 213.03 0.0 0.0 -2.1 317.18 0.3 2.7 Gkn PLC 293.00 12.60 Sse PLC 1450 43.00
Automobiles & Parts (1) 6885.64 4.49 7392.43 6589.53 6681.18 7802.15 2.90 1.53 22.52 199.75 6332.31
FTSE Developed Large Cap 923 387.72 -0.3 -1.4-2.4 -4.7 541.13
2.7 Electronic & Electrical Equipment 69 316.01 -1.3 -1.3 -2.9 404.87 -1.1 1.9 Glaxosmithkline PLC 1308.5 28.50 St. James's Place PLC 970.00 43.00
Beverages (6) 15209.05 1.19 16328.47 15030.06 15087.18 13892.32 2.51 1.65 24.16 382.69 10359.25
FTSE Developed Europe Large Cap 218 319.61 -1.6 -3.6-6.6 -9.6 503.36
3.7 Industrial Engineering 105 532.14 -0.9 -0.9 -13.9 726.44 -12.1 2.7 Glencore PLC 82.37 2.37 Standard Chartered PLC 482.00 5.80
Food Producers (10) 8896.81 1.14 9551.63 8796.45 8876.72 7952.52 1.84 1.40 38.91 163.26 7444.75
FTSE Developed Europe Mid Cap 302 499.50 -1.0 -0.5 2.2 -0.1 714.99
2.7 Industrial Transportation 97 487.80 -0.4 -0.4 -18.3 675.73 -16.7 2.5 Hammerson PLC 598.50 16.00 Standard Life PLC 371.10 5.20
Household Goods & Home Construction (13)13499.23 2.16 14492.80 13213.22 13274.72 10121.99 2.14 2.56 18.27 265.76 9166.98
FTSE Dev Europe Small Cap 713 711.96 -1.1 0.2 5.7 3.4 992.73
2.4 Support Services 73 272.41 -0.2 -0.2 0.0 363.82 1.9 1.9 Hargreaves Lansdown PLC 1455 34.00 Taylor Wimpey PLC 198.70 5.30
Leisure Goods (2) 5568.16 -1.42 5977.99 5648.45 5568.07 4979.97 4.30 1.32 17.61 238.83 4715.89
FTSE North America Large Cap 323 431.99 0.5 -0.2-0.8 -2.9 568.19
2.3 Consumer Goods 424 408.82 -0.4 -0.4 1.0 580.32 3.3 2.5 Hikma Pharmaceuticals PLC 2112 64.00 Tesco PLC 149.30 6.25
Personal Goods (6) 21575.29 2.72 23163.28 21004.24 21236.42 20951.20 3.02 3.02 10.98 629.27 13904.84
FTSE North America Mid Cap 399 629.39 -0.4 -1.7-5.8 -7.2 776.39
1.8 Automobiles & Parts 101 373.06 -1.3 -1.3 -4.3 508.57 -2.1 2.6 HSBC Holdings PLC 511.60 17.45 Travis Perkins PLC 1940 14.00
Tobacco (2) 44927.83 2.65 48234.62 43769.74 43856.10 39565.54 4.44 1.16 19.43 1994.40 27380.04
FTSE North America Small Cap 1513 628.91 -0.8 -2.8-7.3 -8.7 754.52
1.8 Beverages 48 565.19 -0.3 -0.3 5.1 814.94 7.8 2.5 Imperial Tobacco Group PLC 3488 88.00 Tui AG 1189 24.00
Health Care (19) 8913.69 2.34 9569.76 8710.00 8860.51 9077.77 3.92 3.53 7.22 348.00 6499.34
FTSE North America 722 288.09 0.4 -0.5-1.6 -3.6 388.33
2.2 Food Producers 107 545.48 -0.2 -0.2 -1.2 797.47 0.9 2.3 Inmarsat PLC 1093 8.00 Unilever PLC 2799 79.00
Health Care Equipment & Services (7) 6778.44 2.01 7277.35 6645.03 6720.25 6167.03 1.67 2.15 27.83 104.41 5747.20
FTSE Developed ex North America 1394 220.20 -1.4 -2.7-3.0 -5.6 342.42
3.1 Household Goods & Home Construction 48 393.79 -0.2 -0.2 -0.6 556.51 1.7 2.4 Intercontinental Hotels Group PLC 2566 55.00 United Utilities Group PLC 938.00 14.50
Pharmaceuticals & Biotechnology (12)12051.10 2.37 12938.09 11772.22 11982.07 12406.49 4.13 3.58 6.77 498.46 7805.17
FTSE Japan Large Cap 177 322.62 -1.4 -2.6 7.7 5.8 403.06
2.0 Leisure Goods 28 131.01 -0.9 -0.9 4.0 167.51 5.0 1.4 International Consolidated Airlines Group S.A. 583.50 18.00 Vodafone Group PLC 209.50 5.75
Consumer Services (97) 4797.30 2.28 5150.39 4690.15 4705.53 4353.26 2.35 1.58 27.03 113.20 4328.15 FTSE Japan Mid Cap 303 485.23 -0.8 -0.6
15.9 14.1 585.61
1.5 Personal Goods 80 585.82 -0.3 -0.3 0.5 793.55 2.4 2.0
Food & Drug Retailers (7) 2589.47 4.09 2780.06 2487.76 2495.81 2667.18 2.06 -1.50 -32.21 53.33 2961.07 Intertek Group PLC 2684 23.00 Whitbread PLC 4469 107.00
FTSE Global wi JAPAN Small Cap 781 515.72 -0.7 0.1
11.8 10.0 642.32
1.7 Tobacco 12 1196.12 0.6 0.6 11.4 2320.99 15.5 4.1 Intu Properties PLC 309.80 8.30 Wolseley PLC 3679 26.00
General Retailers (33) 2932.40 1.80 3148.23 2880.58 2902.28 2748.64 2.39 2.24 18.67 71.50 3211.39
FTSE Japan 480 134.29 -1.3 -2.2 9.3 1.9 Health Care
7.4 188.53 172 444.80 0.0 0.0 2.4 619.38 4.3 1.9 Itv PLC 266.00 4.60 Wpp PLC 1513 46.00
Media (22) 7282.19 2.30 7818.18 7118.48 7137.14 6411.66 2.81 1.62 21.94 208.30 4299.00
FTSE Asia Pacific Large Cap ex Japan 531 519.20 -0.9 -3.6
-13.2 -15.7 774.80
3.4 Health Care Equipment & Services 61 633.02 0.0 0.0 7.2 725.36 8.2 1.0 Johnson Matthey PLC 2595 74.00
Travel & Leisure (35) 8546.89 2.10 9175.96 8370.90 8381.59 7541.90 2.01 1.88 26.51 168.22 7783.91
FTSE Asia Pacific Mid Cap ex Japan 434 707.93 -1.0 -4.0
-10.0 -12.2 1019.04
3.0 Pharmaceuticals & Biotechnology 111 337.21 0.0 0.0 1.0 487.94 3.1 2.2
Telecommunications (7) 3870.06 2.68 4154.90 3769.06 3827.89 3704.18 4.18 0.19 129.15 148.84 4040.82 FTSE Asia Pacific Small Cap ex Japan 1430 474.95 -0.9 -3.1-8.9 -11.1 674.58
2.9 Consumer Services 390 384.40 0.2 0.2 2.7 499.19 4.4 1.7
Fixed Line Telecommunications (5) 5380.69 2.72 5776.72 5238.20 5281.13 4675.29 2.78 1.80 19.96 106.86 4626.31
Mobile Telecommunications (2) 4840.06 2.65 5196.29 4715.09 4813.89 4937.92 5.20 -0.44 -43.80 251.48 4526.76
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
965
2009
411.44
551.54
-0.9
-0.2
-3.7
-12.8
-6.1
-17.7
-15.2 652.61
3.4 Food & Drug Retailers
-20.0 786.02
3.3 General Retailers
54 292.80
121 529.54
0.4
0.8
0.4
0.8
-2.6 395.53
10.7 671.15
-1.0
12.4
1.8
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8117.55 1.70 8715.02 7982.19 8068.52 8581.21 5.00 1.36 14.70 396.42 8634.96 FTSE Emerging Large Cap 497 521.38 -0.1 -6.3
-18.0 -20.3 747.55
3.4 Media 91 286.84 -0.5 -0.5 -4.6 373.33 -3.0 1.9 Dec 15 Dec 14 Dec 11 Dec 10 Dec 09 Yr Ago
Electricity (3) 8294.05 2.87 8904.51 8062.71 8217.10 9788.20 6.12 1.33 12.29 504.89 11033.46 FTSE Emerging Mid Cap 453 680.12 0.0 -6.8
-18.9 -21.0 964.54
3.1 Travel & Leisure 124 371.45 -0.2 -0.2 3.1 486.96 4.9 1.8 SEAQ Bargains 5277.00 4796.00 4796.00 4796.00 4971.00 4820.00
Gas Water & Multiutilities (5) 7630.94 1.40 8192.60 7525.67 7591.19 7825.92 4.71 1.37 15.48 348.95 8147.04 FTSE Emerging Small Cap 1059 589.17 -0.4 -3.8
-14.4 -16.7 809.76
3.1 Telecommunication 91 153.15 -0.5 -0.5 -8.3 269.19 -4.6 4.3 Order Book Turnover (m) 32.10 34.11 34.11 34.11 28.13 39.16
Financials (283) 4416.08 2.46 4741.11 4310.06 4357.18 4509.03 3.72 1.87 14.36 163.46 3856.45 FTSE Emerging Europe 99 260.94 -1.6 -10.0
-13.0 -16.3 381.89
4.6 Fixed Line Telecommuniations 44 129.22 0.1 0.1 -5.7 248.38 -1.4 4.8 Order Book Bargains 870654.00 928786.00 928786.00 928786.00 800728.00 882812.00
Banks (9) 3594.75 2.90 3859.33 3493.60 3538.30 4233.96 4.60 1.37 15.93 170.78 2477.97 FTSE Latin America All Cap 240 600.62 -1.0 -7.2
-31.6 -33.4 884.95
3.8 Mobile Telecommunications 47 159.70 -1.2 -1.2 -11.7 254.55 -8.8 3.7 Order Book Shares Traded (m) 1463.00 1454.00 1454.00 1454.00 1435.00 1465.00
Nonlife Insurance (10) 2818.99 1.72 3026.47 2771.36 2782.99 2114.70 2.69 2.06 18.01 75.75 4737.62 FTSE Middle East and Africa All Cap 220 592.19 4.0 -8.8
-20.9 3.1 Utilities
-23.1 882.45 163 228.76 -0.5 -0.5 -14.4 418.45 -11.3 4.2 Total Equity Turnover (£m) 3511.99 2507.88 2507.88 2507.88 0.01 2541.60
Life Insurance/Assurance (11) 7647.05 3.02 8209.89 7422.98 7552.69 7420.32 3.96 1.59 15.88 293.04 7020.08 FTSE Global wi UNITED KINGDOM All Cap In 325 318.60 -1.8 -3.8-8.1 4.0 Electricity
-11.3 503.26 112 249.25 -0.3 -0.3 -12.1 451.09 -9.1 4.0 Total Mkt Bargains 999618.00 1039586.00 1039586.00 1039586.00 8.00 992827.00
Index- Real Estate Investment & Services (21) 3029.81 0.96 3252.81 3001.02 3034.52 2580.80 2.09 5.70 8.41 59.82 7784.35 FTSE Global wi USA All Cap 2006 495.09 0.3 -0.5-0.9 2.1 Gas Water & Multiutilities
-2.7 633.96 51 243.50 -0.7 -0.7 -18.2 456.77 -14.9 4.6 Total Shares Traded (m) 4549.00 4027.00 4027.00 4027.00 0.00 4702.00
Real Estate Investment Trusts (25) 2920.19 1.92 3135.13 2865.18 2892.86 2671.63 3.01 6.00 5.54 87.57 3450.32 FTSE Europe All Cap 1392 369.91 -1.5 -2.9-4.3 3.4 Financials
-7.1 564.88 676 195.41 -0.5 -0.5 -9.4 303.24 -6.9 3.1 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (32) 7816.06 2.73 8391.34 7608.10 7640.48 6907.09 2.96 2.22 15.22 217.93 8483.23 FTSE Eurobloc All Cap 630 349.09 -1.5 -2.7-2.6 3.1 Banks
-5.3 539.10 243 173.15 -0.8 -0.8 -13.9 286.32 -11.2 3.6 (c) Market closed.
Equity Investment Instruments (175) 7520.63 1.28 8074.16 7425.82 7467.49 7291.90 2.68 1.05 35.62 195.18 3951.83 FTSE RAFI All World 3000 3010 5307.71 -0.7 -2.8-7.3 3.2 Nonlife Insurance
-9.9 6677.66 71 210.39 -0.3 -0.3 -1.8 292.69 0.5 2.4
Non Financials (355) 3848.87 2.09 4132.15 3770.17 3815.99 3939.75 3.87 1.39 18.56 146.45 5386.62 FTSE RAFI US 1000 1003 8715.54 0.2 -1.1-4.0 2.6 Life Insurance
-6.2 11006.31 51 193.06 -1.0 -1.0 -8.6 292.81 -6.1 3.0
Technology (20) 1426.99 -0.17 1532.02 1429.38 1460.36 1173.38 1.35 2.13 34.77 18.79 1783.26 FTSE EDHEC-Risk Efficient All-World 3066 308.68 -0.4 -1.2-1.4 2.3 Financial Services
-3.4 414.44 140 217.53 -0.2 -0.2 -6.1 289.44 -4.3 2.0 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1789.58 -1.29 1921.30 1813.01 1835.69 1312.38 1.83 1.74 31.34 32.44 2342.82 FTSE EDHEC-Risk Efficient Developed Europe 520 271.63 -1.2 -1.5 0.0 2.8 Technology
-2.5 396.34 186 173.90 0.2 0.2 1.0 207.35 2.7 1.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (7) 1605.19 0.84 1723.33 1591.85 1639.38 1435.37 0.93 2.79 38.44 14.34 1842.60 Software & Computer Services 85 306.54 1.0 1.0 12.9 351.74 14.2 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 101 127.44 -0.7 -0.7 -9.0 156.24 -7.0 2.4 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 5922.08 5954.89 5971.33 5969.04 5980.13 5972.83 5982.21 6013.22 6028.58 6036.19 5922.08 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE 250 16848.87 16837.72 16863.31 16875.40 16942.59 16962.85 16948.73 17002.46 17028.30 17028.30 16820.33 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4475.86 4477.29 4482.51 4483.88 4487.93 4489.72 4489.69 4492.31 4494.08 4495.65 4470.57
FTSE All-Share 3280.35 3294.35 3302.53 3301.98 3309.42 3306.76 3310.39 3325.83 3333.47 3336.70 3280.35 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:15:55:15 Day's Low08:03:00 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5874.06(14/12/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:15:55:00 Day's Low08:03:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.
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 16 December 2015 ★ FINANCIAL TIMES 21
MARKET DATA
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
China Vanke 21.08 20.08 1.00 4.98 3.06 17.0 51.65 Firstrand 42.00 40.20 1.80 4.48 -4512.00 -99.1 -11.62 Dec 15 date Coupon S* M* F* price yield yield yield US Dec 15 date Coupon S* M* F* price yield yield yield US
TrnCan 46.37 46.37 0.00 0.00 5.35 13.0 13.06 MTN Grp 130.00 126.41 3.59 2.84 -13447.00 -99.0 -10.34 High Yield US$ US$
ChMrchSecs 22.84 23.50 -0.66 -2.81 1.54 7.2 -1.51 Naspers N 2020.00 1966.47 53.53 2.72 -194980.00 -99.0 -1.56 Windstream Services, LLC 11/17 7.88 B+ B2 BB 103.24 6.11 0.00 0.89 5.15 Burlington Resources, Inc. 02/26 6.88 A A2 A 117.73 4.72 0.00 0.07 2.48
Vale 12.46 12.46 0.00 0.00 0.81 7.0 -15.42 Altice 10.83 10.00 0.83 8.25 -1.55 -12.5 -29.13 High Yield Euro Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 114.41 4.56 0.00 0.04 2.33
ChevrnTx 92.31 89.33 2.98 3.34 5.87 6.8 4.04 Ch Rail Gp 5.73 5.82 -0.09 -1.55 -0.70 -10.9 -14.48 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Cummins Inc. 02/27 6.75 A+ A2 A 119.37 4.57 0.00 -0.11 -
ExxonMb 79.09 76.03 3.06 4.02 4.46 6.0 1.17 Panasonic 1236.50 1261.50 -25.00 -1.98 -140.50 -10.2 -12.28 Korea Electric Power Corporation 08/27 6.75 AA- Aa3 AA- 99.14 6.97 0.00 -0.08 -
MylanNV 54.29 53.37 0.92 1.72 3.03 5.9 11.13 AtlasCpcoB 191.60 191.60 0.00 0.00 -21.70 -10.2 -5.28 Emerging US$ FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 119.22 4.82 0.00 -0.06 -
ConocPhil 50.80 49.53 1.27 2.57 2.50 5.2 -2.08 BHPBilltn 16.27 16.60 -0.33 -1.99 -1.72 -9.6 -19.57 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.27 SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 109.43 5.01 0.00 -0.07 -
NorfolkS 90.51 89.35 1.16 1.30 4.19 4.9 1.72 Volvo 76.10 76.10 0.00 0.00 -8.00 -9.5 -14.08 Mexico 09/16 11.40 BBB+ A3 BBB+ 107.21 1.59 0.00 0.57 0.64
Brazil 01/18 8.00 BB+ Baa3 BBB- 104.32 5.75 0.00 0.00 4.79 Euro
Halliburton 38.02 36.55 1.47 4.02 1.75 4.8 1.60 Franklin 35.70 35.12 0.58 1.65 -3.62 -9.2 -10.02 Danske Bank AS 05/26 2.75 BBB NR A- 102.73 2.21 0.07 0.12 -0.03
GuosenSec 19.74 20.30 -0.56 -2.76 0.80 4.2 -9.95 Ch Rail Cons 9.57 9.82 -0.25 -2.55 -0.95 -9.0 -12.36 Russia 07/18 11.00 BB+ Ba1 BBB- 118.89 3.38 0.00 0.07 2.42
Peru 03/19 7.13 BBB+ A3 BBB+ 114.28 2.59 0.00 0.18 0.92 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 95.37 3.12 0.00 0.03 -
Glencore 82.37 80.00 2.37 2.96 2.92 3.7 -11.53 MitsubishiEle 1252.50 1282.00 -29.50 -2.30 -123.50 -9.0 -3.10 BHP Billiton Fin Ltd 09/27 3.25 A+ A1 A+ 108.18 2.44 0.00 0.36 -
CSX 25.88 25.29 0.59 2.33 0.89 3.6 -4.05 DNB 103.60 103.60 0.00 0.00 -9.90 -8.7 -0.92 Brazil 01/21 7.88 BB+ Baa3 BBB- 94.23 6.31 0.00 0.92 4.65
Turkey 03/21 5.63 - Baa3 BBB- 105.23 4.55 0.00 0.29 2.89 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 108.98 2.33 0.00 0.22 -
HumanaInc 176.07 174.89 1.18 0.67 6.03 3.5 5.07 JardnMt US$ 46.02 46.40 -0.38 -0.82 -4.38 -8.7 -8.24
Poland 04/21 5.13 A- A2 A- 111.58 2.80 0.00 0.00 1.14 Yen
Adobe 94.88 93.26 1.62 1.74 3.16 3.4 6.54 Nokia 6.24 6.24 0.00 0.00 -0.59 -8.6 -4.57
Colombia 07/21 4.38 BBB Baa2 BBB 99.78 4.47 0.00 0.47 2.81 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
HyundMobis 246500.00 243000.00 3500.00 1.44 8000.00 3.4 -0.40 RollsRoyce 540.00 537.50 2.50 0.47 -50.00 -8.5 4.28
Hind Unilevr 858.60 858.60 0.00 0.00 25.10 3.0 7.77 Fanuc 20455.00 20875.00 -420.00 -2.01 -1820.00 -8.2 -5.53 Turkey 04/26 4.25 - Baa3 BBB- 92.51 5.26 0.00 0.40 3.03 £ Sterling
ITC 322.95 322.95 0.00 0.00 9.40 3.0 -2.08 Viacom 41.06 40.74 0.32 0.79 -3.65 -8.2 -17.96 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 123.53 4.02 0.01 -0.04 1.79
Infosys 1077.55 1077.55 0.00 0.00 31.30 3.0 -2.11 CNOOC 7.90 7.82 0.08 1.02 -0.70 -8.1 -5.05 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 B.A.T. Intl Fin plc (Re - British American Tobacco) 09/26 4.00 A- A3 A- 106.07 3.32 0.03 0.01 1.08
Aetna 106.94 105.80 1.14 1.08 3.01 2.9 4.63 MollerMrsk 9150.00 9150.00 0.00 0.00 -790.00 -7.9 -6.23 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.54 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 109.77 2.97 0.00 -0.03 1.31 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 114.25 4.02 0.00 0.07 1.78
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Dec 15 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Dec 15 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 21.46 -1.27 22.73 53.29 10.88 Dec 15 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 19.73 -1.16 20.89 56.32 7.04 Tr 2pc '16 100.16 0.40 14.29 -2.44 -13.04 -4.76 101.73 100.16 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 171.89 -0.33 -0.83 -3.58 0.03 -3.44 VXN 21.99 -1.12 23.11 46.72 11.15 Tr 1.75pc '17 101.40 0.47 9.30 9.30 -11.32 -16.07 102.68 101.38 0.29
Euro Repo 0.05 10-09-2014 0.05 0.05 0.25 Corporates( £) 297.90 -0.23 -0.09 1.49 1.53 2.04 VDAX 24.40 -2.09 26.49 29.94 - Tr 5pc '18 109.62 0.64 12.28 12.28 -4.48 -23.81 113.54 109.62 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 251.57 0.35 0.08 0.44 0.08 0.44 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 111.40 0.91 10.98 10.98 -1.09 -15.74 115.07 111.40 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 211.48 -0.22 -0.76 -0.57 -0.19 -0.19 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 114.91 1.13 9.71 9.71 -4.24 -11.72 119.04 114.67 0.33
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 0-0.25 Eurozone Sov(€) 226.04 -0.31 -0.70 1.97 0.10 2.73 Tr 1.5pc '21 100.40 1.42 8.40 8.40 -1.39 0.71 142.92 99.91 0.12
Gilts( £) 291.21 -0.14 0.35 1.95 1.86 2.50 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.11 1.45 8.21 8.21 -3.33 -4.61 119.85 113.65 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 243.75 0.45 0.43 -2.83 1.28 -3.90 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 126.84 1.83 7.65 7.65 -1.61 1.67 134.70 124.47 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 297.73 -0.18 0.03 1.45 1.47 1.98 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 122.96 2.07 6.15 6.15 -1.43 2.48 131.90 119.79 0.31
Dec 15 (Libor: Dec 14) night Day Week Month month month month year Overall ($) 226.75 0.48 0.39 1.15 0.39 1.15 Australia 10/18 3.25 103.11 2.12 -0.03 -0.02 -0.03 -0.21 Tr 4.25pc '32 125.42 2.38 5.78 6.73 -1.24 4.39 136.85 121.93 0.35
US$ Libor 0.13500 0.002 0.005 0.014 0.34450 0.51775 0.74850 1.06425 Overall( £) 290.45 -0.15 0.26 1.80 1.74 2.35 04/26 4.25 112.09 2.89 -0.02 -0.03 -0.09 -0.12 Tr 4.25pc '36 126.95 2.54 5.39 5.83 -1.55 4.96 140.37 123.52 0.28
Euro Libor -0.27643 -0.001 -0.086 -0.001 -0.19571 -0.12357 -0.02929 0.06000 Overall(€) 221.34 -0.25 -0.64 1.30 0.04 1.89 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 136.62 2.60 4.84 5.69 -1.52 4.00 153.16 132.20 0.26
£ Libor 0.48063 0.000 0.000 -0.004 0.50288 0.58463 0.74438 1.05513 Treasuries ($) 218.56 0.60 0.65 1.63 0.65 1.63 10/25 1.20 102.80 0.90 0.04 0.08 0.11 0.00 Tr 3.75pc '52 129.33 2.52 5.00 5.88 -2.33 -0.40 145.21 121.95 0.22
Swiss Fr Libor 0.000 -0.80400 -0.77100 -0.71660 -0.62560 FTSE Belgium 06/18 0.75 101.82 0.01 0.00 0.00 0.00 -0.32 Tr 4pc '60 140.98 2.47 5.11 6.01 -2.76 -1.20 159.23 131.72 0.21
Yen Libor -0.002 0.03357 0.07500 0.11714 0.22214 Sterling Corporate (£) 110.07 -0.88 - - 0.24 -3.46 06/25 0.80 98.61 0.95 0.07 0.10 0.12 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.002 -0.19100 -0.12900 -0.03900 0.06000 Euro Corporate (€) 105.44 -0.36 - - -0.78 -3.81 Canada 11/17 0.25 99.50 0.52 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.79500 Euro Emerging Mkts (€) 847.98 28.74 - - -10.98 -6.99 06/26 1.50 99.04 1.60 0.00 0.00 0.00 0.00
US$ CDs
Euro CDs
0.000
0.000
0.26000
-0.22500
0.48000
-0.16500
0.69000
-0.05500
Eurozone Govt Bond 113.25 -0.56 - - -0.64 -0.65 Denmark 11/18 0.25 101.48 -0.25 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 108.31 0.87 0.06 0.06 0.07 -0.05
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 05/18 1.00 99.41 1.25 0.00 -0.02 0.04 0.00
Fixed Coupon Dec 15 chg % Return 1 month 1 year Yield
Dec 15 term notice month month month year Markit iTraxx 09/25 0.88 99.62 0.92 0.06 0.09 0.15 0.00
1 Up to 5 Years 98.40 -0.21 2365.65 0.05 1.17 0.99
Euro -0.35 -0.25 -0.35 -0.25 -0.30 -0.15 -0.24 -0.09 -0.15 0.00 -0.04 0.11 Crossover 5Y 332.81 -26.45 30.92 20.21 389.82 280.05 France 05/18 1.00 102.97 -0.21 0.00 0.00 0.00 0.00
2 5 - 10 Years 178.54 -0.75 3230.97 0.13 1.74 1.67
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.72 0.87 1.02 1.17 Europe 5Y 80.14 -5.57 6.85 6.01 95.40 68.39 11/20 0.25 100.71 0.11 0.05 0.04 0.08 0.00
3 10 - 15 Years 202.71 -1.30 3775.62 -0.04 1.44 2.17
Swiss Franc - - - - - - - - - - - - Japan 5Y 76.55 -1.47 2.41 3.78 83.13 65.01 11/25 1.00 100.13 0.99 0.08 0.11 0.13 0.00
4 5 - 15 Years 184.20 -0.91 3362.05 0.04 1.63 1.87
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 77.26 -4.85 6.31 1.80 99.56 65.28 05/45 3.25 128.71 1.96 0.07 0.10 0.08 0.04
5 Over 15 Years 293.81 -2.14 4265.61 0.52 1.46 2.53
US Dollar 0.13 0.23 0.30 0.40 0.35 0.45 0.55 0.65 0.75 0.85 1.05 1.15 Germany 04/18 0.25 101.30 -0.31 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 171.10 -1.16 3207.95 0.28 1.32 2.27
Japanese Yen -0.03 0.07 -0.30 0.00 -0.40 -0.10 -0.15 0.15 -0.15 0.15 -0.10 0.20 10/20 0.25 101.45 -0.05 0.00 0.00 0.00 0.00
Emerging Markets 5Y 365.13 -10.94 20.42 39.75 376.07 299.17 08/25 1.00 103.41 0.63 0.06 0.06 0.11 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 514.35 -8.18 65.84 55.69 522.53 416.39 08/46 2.50 126.77 1.42 0.05 0.05 0.03 -0.03
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Dec 15 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 92.79 -3.53 9.52 9.73 96.32 75.52 Greece 07/17 3.38 92.10 8.92 0.02 0.52 3.12 -1.18
Nth AmerHiVol 5Y 283.44 55.44 55.44 55.44 283.44 100.00 1 Up to 5 Years 308.53 0.03 -0.18 -2.42 2357.18 -0.18 -0.83
02/26 3.00 66.80 8.58 0.04 0.38 1.64 -0.57 2 Over 5 years 562.94 -1.29 -0.47 -1.60 4154.99 -0.47 -0.86
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 110.40 -0.15 0.00 0.00 0.00 0.00 3 5-15 years 425.42 -0.56 -0.56 -3.11 3232.84 -0.56 -2.00
03/25 5.40 137.22 1.13 0.07 0.04 0.05 -0.29 4 Over 15 years 692.75 -1.58 -0.43 -0.80 5018.76 -0.43 -0.21
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 10/18 0.30 100.26 0.21 0.02 0.06 0.05 0.00 5 All stocks 522.18 -1.09 -0.43 -1.53 3903.70 -0.43 -0.68
11/20 0.65 99.79 0.69 0.03 0.11 0.15 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 103.09 1.67 0.05 0.12 0.10 0.00 Yield Indices Dec 15 Dec 14 Yr ago Dec 15 Dec 14 Yr ago
Crude Oil† Dec 36.25 0.02 Corn♦ Mar 377.75 -1.50 Dec 14 Dec 14 Prev return stock Market stocks
09/46 3.25 111.61 2.71 0.03 0.12 0.01 0.00 5 Yrs 1.26 1.15 1.22 20 Yrs 2.57 2.45 2.42
Brent Crude Oil‡ 39.25 1.49 Wheat♦ Mar 489.00 -3.00 Can 4.25%' 21 127.25 -0.279 -0.321 0.20 5.18 69096.05 7
Japan 11/17 0.10 100.25 -0.03 0.00 0.00 0.00 0.00 10 Yrs 1.98 1.86 1.86 45 Yrs 2.49 2.37 2.53
RBOB Gasoline† Dec 1.23 -0.01 Soybeans♦ Jan 871.75 -3.25 Fr 2.25%' 20 114.71 -0.864 -0.917 -1.03 20.31 214785.50 14
12/20 0.05 99.91 0.07 0.00 -0.01 0.00 0.00 15 Yrs 2.39 2.27 2.23
Heating Oil† Dec 1.28 -0.07 Soybeans Meal♦ Jan 275.40 -0.60 Swe 0.25%' 22 107.98 -0.800 -0.830 -1.36 32.00 224263.61 7
09/25 0.40 101.19 0.28 -0.01 -0.02 -0.02 0.00
Natural Gas† Dec 1.85 -0.05 Cocoa (ICE Liffe)X Mar 2286.00 -14.00 UK 2.5%' 16 - - - - - - -
09/45 1.40 100.94 1.36 -0.01 -0.03 -0.04 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Mar 3367.00 -15.00 UK 2.5%' 24 336.19 -0.706 -0.730 -1.08 6.82 482133.28 25
Netherlands 04/17 0.50 101.07 -0.30 0.00 0.00 0.00 0.00 Real yield Dec 15 Dur yrs Previous Yr ago Dec 15 Dur yrs Previous Yr ago
Uranium Dec 36.75 0.00 Coffee(Robusta)X Jan 1480.00 5.00 UK 2%' 35 230.02 -0.738 -0.746 -0.82 9.08 482133.28 25
07/25 0.25 95.00 0.79 0.07 0.07 0.09 0.00 Up to 5 yrs -0.74 2.40 -0.77 -1.05 -1.61 2.42 -1.48 -1.58
Carbon Emissions - - Coffee (Arabica)♥ Mar 120.85 0.25 US 0.625%' 21 100.64 0.508 0.406 -0.88 35.84 1098113.19 36
Diesel Dec - - White SugarX 402.10 0.70 New Zealand - - - - - - - Over 5 yrs -0.74 23.41 -0.79 -0.76 -0.77 23.52 -0.82 -0.79
US 3.625%' 28 130.95 0.958 0.406 -1.32 16.78 1098113.19 36
Unleaded (95R) - - Sugar 11♥ 14.78 0.18 12/17 6.00 106.49 2.64 0.02 0.08 0.05 -0.91 5-15 yrs -0.61 9.62 -0.68 -0.84 -0.75 9.64 -0.78 -0.95
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 105.16 0.59 0.01 -0.01 -0.05 -0.37 Over 15 yrs -0.75 29.09 -0.81 -0.75 -0.78 29.14 -0.82 -0.77
Base Metals (♠ LME 3 Months) Cotton♥ Mar 63.54 0.19 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 102.22 1.49 0.03 -0.02 -0.09 0.00 All stocks -0.74 20.31 -0.79 -0.77 -0.79 20.48 -0.83 -0.80
Aluminium 1481.50 -3.00 Orange Juice♥ Jan 149.15 -0.20 amount.
Aluminium Alloy 1600.00 -10.00 Palm Oil♣ Jan 562.00 5.75 Portugal 06/18 4.45 110.24 0.32 0.02 0.02 -0.08 -1.05 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 4586.00 -94.50 Live Cattle♣ Dec 118.55 -0.38 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 102.84 2.54 0.02 0.11 -0.01 0.00
Lead 1716.50 -13.50 Spain 04/18 0.25 100.07 0.22 0.01 0.07 0.03 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Jan 147.63 -3.88
Nickel 8680.00 -95.00 Lean Hogs♣ Feb 59.65 0.30 Spread Spread Spread Spread 10/25 2.15 103.63 1.75 0.03 0.14 -0.03 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 14680.00 70.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.41 1.16 0.00 -0.04 0.01 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1515.50 -31.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 114.15 0.92 0.06 0.02 0.07 -0.04 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Dec 14 Month Year Australia 2.89 2.25 0.65 Italy 1.67 1.03 -0.57 Switzerland 01/18 3.00 108.25 -0.95 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1061.50 -6.75 S&P GSCI Spt 314.46 -7.28 -29.69 Austria 0.90 0.27 -1.33 Japan 0.28 -0.36 -1.96 05/26 1.25 114.43 -0.12 0.00 0.00 0.00 0.00
Silver (US cents) 1374.00 3.00 DJ UBS Spot 77.60 -5.79 -29.89 Belgium 0.95 0.32 -1.28 Netherlands 0.79 0.16 -1.44 United Kingdom 07/18 1.25 101.07 0.84 0.04 0.05 -0.03 -0.16 Data provided by Morningstar | www.morningstar.co.uk
Platinum 852.00 -2.00 R/J CRB TR 174.91 -5.53 -28.37 Canada 1.60 0.97 -0.63 Norway 1.49 0.86 -0.74 01/21 1.50 100.60 1.38 0.04 0.06 -0.06 0.00
Palladium 558.00 11.00 Rogers RICIX TR 2029.05 - - Denmark 0.87 0.24 -1.36 Portugal 2.54 1.91 0.31 09/25 2.00 100.92 1.90 0.05 0.07 -0.08 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland 0.92 0.29 -1.31 Spain 1.75 1.11 -0.49 01/45 3.50 119.02 2.57 0.04 0.08 -0.11 0.03
Iron Ore (Platts) 38.50 -0.55 UBS Bberg CMCI TR 12.04 -5.25 -29.53 France 0.99 0.35 -1.25 Switzerland -0.12 -0.76 -2.36 United States 11/17 0.88 99.84 0.96 0.01 0.02 0.00 0.00
Iron Ore (The Steel Index) 37.50 0.00 LEBA EUA Carbon 8.02 -5.87 18.64 Germany 0.63 0.00 -1.60 United Kingdom 1.90 1.26 -0.34 11/20 1.63 99.83 1.66 0.01 -0.01 0.00 0.00
GlobalCOAL RB Index 48.25 0.25 LEBA CER Carbon 0.51 -21.54 1600.00 Greece 8.58 7.95 6.35 United States 2.23 1.60 0.00 11/25 2.25 100.13 2.23 0.02 0.01 -0.04 0.00
Baltic Dry Index 484.00 -24.00 LEBA UK Power 2150.00 58.09 57.74 Ireland 1.13 0.50 -1.10 11/45 3.00 100.59 2.97 0.03 0.01 -0.09 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
22 ★ FINANCIAL TIMES Wednesday 16 December 2015
Invesco Latin American Equity A $ 5.53 - -0.03 0.00 Monthly Share £ 1.2190xd - -0.0070 1.89 Global Basics 2181.06 2248.52 -0.97 0.31
ACPI Global UCITS Funds Plc (IRL) Cohen & Steers SICAV (LUX) Euronova Asset Management UK LLP (CYM) Genesis Asset Managers LLP Lloyds Money Fund Limited
AXIOM
Invesco Nippon Small/Mid Cap Equity A ¥ 998.00 - -18.00 0.00 Global Leaders 3233.37 3368.09 -1.93 1.10
www.acpishard.com Regulated Regulated Other International Funds
Regulated Sterling Class £ 52.6150 - 0.0000 0.11
European Real Estate Securities € 22.9529 - -0.3146 1.54 Smaller Cos Cls One Shares (Est) € 36.08 - -0.02 0.00 Emerging Mkts NAV £ 4.87 - 0.00 0.00 Invesco Pan European Equity A EUR Cap NAV € 18.73 - 0.21 0.00 Global High Yield Bond 925.66 954.29 -6.28 4.64
ALTERNATIVE INVESTMENTS
ACPI Emerging Mkts FI UCITS Fund USD A $ 105.94 - -0.62 0.00 Lloyds Multi Strategy Fund Limited
Europ.RealEstate Sec. IX € 30.7283 - -0.4212 0.00 Smaller Cos Cls Two Shares (Est) € 25.15 - -0.02 0.00 Invesco Pan European High Income Fd A € 13.63 - -0.04 2.38 Global Macro Bond Fund 10841.87 11177.19 -37.44 1.31
Conservative Strategy £ 1.0890 - -0.0040 1.97
ACPI Global Credit UCITS Funds USD A $ 13.91 - -0.05 0.00
Axiom Alternative Investments (FRA) Gbl Listed Infrastructure I $ 9.5582 - -0.0201 - Smaller Cos Cls Three Shares (Est) € 12.67 - -0.01 0.00 HPB Assurance Ltd Invesco Pan European Small Cap Equity A € 22.57 - 0.00 0.00 North American Dividend Fund 150.59 156.86 -0.77 2.19
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Growth Strategy £ 1.4430 - -0.0060 1.32
ACPI Global Fixed Income UCITS Fund USD A $ 151.79 - -0.58 0.00 1 Conduit Street - 4th floor - London W1S 2XA
www.axiom-ai.com Tel: +44 330 822 0374 Gbl Listed Infrastructure IX $ 9.5582 - -0.0201 - Smaller Cos Cls Four Shares (Est) € 16.28 - -0.01 0.00 International Insurances Invesco Pan European Structured Equity A € 17.04 - 0.10 0.00 Optimal Income Fund 139.37 143.69 -0.31 2.64
Aggressive Strategy £ 1.7460 - -0.0060 0.00
Q ACPI India Fixed Income UCITS Fund USD A $ 9.83 - -0.05 - Regulated
Holiday Property Bond Ser 1 £ 0.50 - 0.01 0.00
Gbl RealEstate Sec. I $ 10.6270 - 0.0059 1.42 Invesco UK Eqty Income A £ 30.99 - 0.15 0.00 Recovery Fund Limited 'A' Participating Shares 9539.71 9937.19 -7.78 0.48
Axiom Contingent Capital € 1016.19 - -8.54 - Global USD Growth Strategy $ 1.3560 - -0.0070 0.00
ACPI India Fixed Income UCITS Fund USD A3 $ 84.00 - -0.46 0.00
Holiday Property Bond Ser 2 £ 0.60 - 0.01 0.00
Gbl RealEstate Sec. IX $ 12.5683 - 0.0069 0.00 Invesco UK Investment Grade Bond A £ 0.98 - 0.00 2.90 Dealing Daily Recovery Fund Limited 'I' Participating Shares 9561.14 9657.71 -6.98 1.33
Axiom Contingent Capital £ 1020.32 - -8.64 -
ACPI International Bond UCITS Fund USD A $ 17.78 - -0.11 0.00
Invesco US Structured Equity A $ 20.59 - 0.04 0.00 Strategic Corporate Bond Fund 131.49 136.97 -0.71 3.01
Axiom Equity $ 834.57 - -15.85 -
Hamon Investment Group
Other International Funds Invesco US Value Eq Fd A $ 30.15 - -0.05 0.00 UK Select 1437.79 1497.70 7.49 1.02
ACPI Select UCITS Funds PLC (IRL) Axiom Equity € 875.96 - -16.50 0.00
Regulated Asian Market Leaders - USD $ 23.76 - 0.08 0.00
Axiom Obligataire $ 1775.69 - -7.83 0.00
Eurobank Fund Management Company (Luxembourg) S.A. Invesco USD Reserve A $ 87.02 - 0.00 0.00
ACPI Balanced UCITS Fund USD Retail $ 13.72 - -0.08 0.00 Regulated
Asian Market Leaders - GBP £ 12.25 - 0.05 0.00
Axiom Obligataire € 1773.07 - -7.70 0.00 (LF) Absolute Return € 1.32 - 0.00 0.00
ACPI Balanced UCITS Fund EUR Retail € 10.35 - -0.06 0.00
Greater China - USD $ 10.24 - 0.03 0.00 Invesco Global Asset Management Ltd (IRL) Lombard Odier Funds (Europe) S.A (LUX)
Axiom Obligataire £ 1784.74 - -7.82 0.00
Crèdit Andorrà Asset Management (LUX)
(LF) Eq Emerging Europe € 0.66 - -0.01 0.00 www.loim.com
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
ACPI Balanced UCITS Fund GBP Retail £ 10.47 - -0.07 0.00 www.creditandorra.com
Greater China - GBP £ 4.27 - 0.02 0.00 FCA Recognised Regulated
FCA Recognised
(LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00 Lombard Odier Funds
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Invesco Stlg Bd A QD F £ 2.59 - 0.00 3.30
Crediinvest SICAV Money Market Eur I € 11.20 - 0.00 0.00 Selected Asian P'folio $ 44.01 44.02 -0.17 0.00
BLME Asset Management (LUX) Absolute Ret Bond (EUR) PA € 11.99 - 0.00 0.00 MFS Investment Funds (LUX)
(LF) Eq Mena Fund € 12.31 - -0.05 0.00
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - BLME Sharia'a Umbrella Fund SICAV SIF Invesco Asian Equity A $ 6.03 - 0.02 0.53 FCA Recognised
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00
Regulated Absolute Ret Bond (USD) PA $ 17.63 - 0.00 0.00
(LF) Greek Government Bond € 17.72 - 0.03 - Blend.Research Gb.Eq.Fd. € 100.21 - -0.14 -
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - -
Income Fund - Share Class A Acc $ 1135.26 - -0.51 0.00 Crediinvest SICAV Fixed Income Eur € 10.53 - -0.04 0.00
Haussmann Invesco ASEAN Equity A $ 86.01 - 0.70 0.45
Other International Funds All Roads (CHF) PA SFr 17.16 - -0.10 0.00
(LF) Greek Corporate Bond € 11.92 - -0.08 - Blend.Research Gb.Eq.Fd. £ 98.19 - 0.74 -
ACPI Horizon UCITS Fund $ 12.75 - -0.06 0.00 Invesco Bond A $ 26.72 - -0.08 2.22
Income Fund - Share Class G Acc £ 1076.07 - -0.49 0.00 Crediinvest SICAV Fixed Income Usd $ 10.35 - -0.03 0.00 Haussmann Cls A $ 2707.71 - 23.04 0.00
All Roads (USD) PA $ 10.95 - -0.06 0.00
(LF) FOF Dynamic Fixed Inc € 11.64 - -0.05 0.00 Blend.Research U.S.Core Eq.Fd. ¥ 10116.00 - 22.00 -
Invesco Continental Eurp Small Cap Eqty A $ 195.94 - 1.69 0.00
Gl Sukuk Fund - Share Class A Acc $ 1222.66 - -3.16 0.00 Crediinvest SICAV Spanish Value € 238.40 - -3.16 0.00 Haussmann Cls C € 2370.05 - 20.06 0.00
All Roads (GBP) PA £ 11.18 - -0.07 0.00
(LF) FOF Real Estate € 16.20 - -0.06 0.00 Blend.Research Gb.Eq.Fd. $ 97.55 - 0.13 -
Invesco Emerging Markets Equity A $ 33.99 - 0.22 0.00
Gl Sukuk Fund - Share class B Acc £ 1091.38 1091.38 -2.80 0.00 Crediinvest SICAV International Value € 203.64 - -3.91 0.00 Haussmann Cls D SFr 1254.52 - 10.27 0.00
All Roads (EUR) PA € 11.09 - -0.06 0.00
Em.Mk.Eq.Fund Euro € 105.63 - 0.35 0.00
Invesco Emerging Markets Bond A $ 20.34 - -0.12 4.73
Crediinvest SICAV Big Cap Value € 15.02 - -0.27 0.00
FIL Fund Management (LUX) Alpha Japan (EUR) PA F € 11.57 - -0.15 0.00
Em.Mk.Eq.Fund Sterling £ 90.59 - 1.11 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL) 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg Heartwood Wealth Management Limited (IRL) Invesco Continental European Equity A € 8.59 - 0.09 0.19
Crediinvest SICAV US American Value $ 17.70 - 0.02 0.00
Regulated Phone: 800 22 089, 800 22 088 Regulated Alpha Japan (CHF) PA F SFr 14.43 - -0.18 0.00
Em.Mk.Eq.Fd.US Dollar $ 88.97 - 0.55 0.00
Algebris Investments (IRL)
Global Liquidity USD $ 1.00 - 0.00 0.29
Regulated Invesco Gilt A £ 14.91 - -0.16 1.40
Crediinvest SICAV Sustainability € 15.09 - -0.21 0.00 Heartwood Caut Multi Asset B Acc 136.85 - -0.42 0.00
Regulated Alpha Japan (JPY) PA F ¥ 1376.00 - -17.00 0.00
China Consumer A-GBP £ 13.97 - 0.02 0.00 Gb.Conc.Eq.Fd.Euro € 273.19 - -0.01 0.00
Invesco Global Small Cap Equity A NAV $ 116.34 - -0.18 0.00
Algebris Financial Credit Fund - Class I EUR € 131.85 - -0.83 0.00
China Focus A-GBP £ 4.06 - 0.01 0.71 Alpha Japan (USD) PA F $ 16.58 - -0.21 0.00
Barclays Investment Funds (CI) Ltd (JER) Gb.Conc.Eq.Fd.Sterl.UK T £ 166.69 - 1.49 0.00
Algebris Financial Income Fund - Class I EUR € 115.98 - -1.40 0.00
Daiwa SB Investments (UK) Ltd (LUX) Invesco Global High Income A NAV $ 11.74 - -0.12 5.46
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 5 King William Street, London EC4N 7DA Alternative Beta PA F SFr 113.13 - -0.59 0.00
Global Financial Services A-GBP £ 0.43 - 0.00 0.11 Gb.Conc.Eq.Fd.Sterling £ 252.28 - 2.24 0.00
FCA Recognised www.daiwasbi.co.uk 0207 597 7000 Invesco Gbl R/Est Secs A GBP F F £ 7.60 - -0.01 0.89
Algebris Financial Equity Fund - Class B EUR € 95.09 - -2.00 -
Bond Funds Regulated Alternative Beta PA F € 76.48 - -0.40 0.00
Global Health Care A-GBP £ 0.54 - -0.01 0.00 Gb.Conc.Eq.Fd.US $ 190.74 - 0.51 0.00
Invesco Global Health Care A $ 124.61 - -0.04 0.00
Algebris Asset Allocation Fund - Class B EUR € 98.67 - -0.91 - Sterling Bond F £ 0.45 - -0.01 3.30 DSBI Japan Equity Fundamental Active I JPY ¥ 12114.44 12114.44 -189.94 0.00
Global Industrials A-GBP £ 0.61 - 0.00 0.00 Alternative Beta PA F $ 114.45 - -0.61 0.00
Gb.Eq.Hdg Fd.Euro IRE T € 177.89 - -0.15 0.00
Invesco Global Select Equity A $ 12.72 - 0.08 0.00
DSBI Japan Equity Fundamental Active I GBP £ 120.24 120.24 -1.94 0.00 Hermes Investment Funds Plc (IRL)
Commodities (CHF) PA SFr 4.88 - -0.03 0.00
Global Inflation-Linked Bd A-GBP-Hdg £ 1.15 - 0.00 0.56 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 Gb.Eq.Euro Hdg Fd. € 252.09 - -0.20 0.00
Alken Asset Management (LUX) Baring International Fd Mgrs (Ireland) (IRL) Invesco Jap Eqty Core A $ 1.76 - -0.03 0.00
61 Conduit Street, London, W1S 2GB Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 DSBI Japan Equity Fundamental Active A EUR € 115.53 121.31 -1.78 0.00 FCA Recognised
Global Real Asset Securities £ 1.31 - -0.01 0.00 Commodities (EUR) PA € 4.95 - -0.03 0.00
www.alken-am.com FCA Recognised Gb.Eq.Fund Euro € 275.08 - -0.77 0.00
Hermes Abs Return Credit Fund Class F Acc £ £ 1.00 1.00 0.00 - Invesco Japanese Equity A $ 18.47 - -0.34 0.00
Regulated Commodities (USD) PA $ 5.13 - -0.03 0.00
ASEAN Frontiers A GBP Inc £ 103.86 - 0.68 0.59 Global Technology A-GBP £ 0.26 - 0.00 0.00 Gb.Eq. Fd Euro IRE T € 174.05 - -0.49 0.00
Alken European Opportunities € 202.93 - -3.94 0.00
DAVIS Funds SICAV (LUX) Hermes Abs Return Credit Fund Class R Acc € € 1.97 1.97 -0.01 - Invesco Korean Equity A $ 30.00 - 0.40 0.00
Asia Growth A GBP Inc H £ 43.09 - -0.04 0.00 Regulated Convertible Bd P A € 17.28 - -0.07 0.00
Global Telecomms A-GBP £ 0.27 - 0.00 1.17 Gb.Eq.Fd.Sterling UK T £ 202.95 - 1.26 0.00
Hermes Active UK Inflation Fund Class F Acc £ 1.28 1.28 -0.01 0.00 Invesco PRC Equity A $ 50.66 - 0.38 0.00
Alken European Opportunities £ 118.37 - -1.21 0.00 Davis Value A $ 39.45 - 0.05 0.00
Australia A GBP Inc £ 65.36 - -0.11 1.95 India Focus A-GBP £ 4.11 - 0.04 0.00 Convertible Bd Asia PA F SFr 13.52 - -0.03 0.00
Gb.Eq.Fd.US Dollar $ 303.22 - 0.00 0.00
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.48 1.48 -0.01 0.00 Invesco Pacific Equity A $ 45.61 - -0.27 0.19
Alken Absolute Return € 141.88 - -1.00 0.00 Davis Global A $ 27.88 - -0.08 0.00
Baring China Bond Fund $ 9.82 - 0.02 0.00 Latin America A-GBP £ 1.27 - -0.01 0.65 Convertible Bd Asia PA F € 14.43 - -0.04 0.00
Gb.Eq.Fund Sterling £ 200.60 - 1.24 0.00
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.24 3.24 -0.01 0.00 Invesco Global Technology A $ 15.98 - 0.09 0.00
Alken Absolute Return £ 115.20 - -0.80 0.00
Baring Emerging Markets Corporate Debt Fund $ 9.12 - -0.04 0.00 Convertible Bd Asia PA F $ 14.55 - -0.04 0.00
Gb.Val.Ex-Jap.Fd.USD $ 115.06 - 0.08 0.00
Hermes Global Emerging Markets Fund Class F Acc £ 1.11 1.11 0.00 0.00 Invesco UK Eqty A £ 7.68 - 0.07 1.37
Alken Small Cap € 182.88 - -2.43 0.00
Findlay Park Funds Plc (IRL) Emerg. Consumer (CHF) PA SFr 11.08 - -0.04 0.00
Baring European Opportunities Fund Class A EUR Acc € 13.61 - 0.10 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 13659.00 - -20.00 0.00
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Hermes Global Emerging Markets Fund Class R Acc € 2.83 2.83 0.01 0.00
FCA Recognised Emerg. Consumer (EUR) PA € 11.23 - -0.04 0.00
Baring Global Mining Fund - Class A GBP Inc £ 3.23 - -0.02 0.65 Gb.Val.Fd. Euro € 128.99 - 0.02 0.00
Amundi Funds (LUX) Hermes Global Equity Fund Class F Acc £ 1.47 1.47 0.00 0.00
Asset Management
American Fund USD Class $ 79.47 - 0.12 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Emerg. Consumer (USD) PA $ 11.21 - -0.05 0.00
www.amundi-funds.com
FCA Recognised
Dynamic Emerging Markets A GBP Acc F £ 8.34 - -0.02 0.00
Dodge & Cox Worldwide Funds (IRL) American Fund GBP Hedged £ 43.33 - 0.07 0.00 Hermes Global Equity Fund Class R Acc € 3.90 3.90 0.00 0.00 Asset Management Emerg.Eq. Risk Par.(EUR) PA € 7.13 - -0.05 0.00
Gb.Val.Fd.Sterling
Asset Management £ 114.58 - 1.05 0.00
Eastern Europe A GBP Inc £ 38.63 - 0.50 1.72 6 Duke Street,St.James,London SW1Y 6BN Gb.Val.Fd.USD $ 102.53 - 0.30 0.00
Bd. Euro Corporate AE Class - R - EUR € 18.46 - -0.07 0.00 American Fund GBP Unhedged £ 52.48 - 0.11 - Hermes Global ESG Equity Fund Class F Acc £ 1.14 1.14 0.00 0.00
www.dodgeandcox.worldwide.com 020 3713 7664
Emerging Mkt Debt LC A GBP Hedged Inc £ 6.90 - -0.01 6.56 Emerg. Eq. Risk Par.(USD) PA $ 5.49 - -0.03 0.00
FCA Recognised Low Volatility Gb.Eq.Fd.Euro € 102.10 - 0.30 -
Bd. Global AU Class - R - USD $ 25.47 - -0.08 0.00 Latin American Fund USD Class $ 10.98 - -0.07 0.00 Hermes Global High Yield Bond Fund Class F Acc £ 1.03 1.03 0.00 0.00 Invest AD
Dodge & Cox Worldwide Funds plc - Global Bond Fund
Client services: +971 2 692 6101 clientservices@InvestAD.com Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.77 - -0.02 0.00
Emerging Opportunities A GBP Inc H £ 17.83 - -0.15 0.00 Low Volatility Gb.Eq.Fd.Sterl £ 100.04 - 1.18 -
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 EUR Accumulating Class € 11.54 - -0.04 0.00 Latin American Fund GBP Unhedged £ 7.25 - -0.05 - Hermes Global High Yield Bond Fund Class R Acc € 2.72 2.72 -0.02 0.00 Other International Funds
Glb Emerging Markets A GBP Inc H £ 18.13 - 0.15 0.00 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.02 - -0.04 0.00
Invest AD - Iraq Opportunity Fund $ 61.02 - 0.43 0.00 Low Volatility Gb.Eq.Fd.USD $ 99.39 - 0.57 -
Eq. Emerging World AU Class - R - USD $ 77.66 - -0.27 0.00 EUR Accumulating Class (H) € 9.08 - -0.03 0.00 Hermes Global Small Cap Fund Class F Acc £ £ 0.96 0.96 -0.01 -
Glb Resources A GBP Inc H £ 10.21 - 0.03 0.37 Emerg.Loc.Cur.Bd.Fdt PA € 10.67 - -0.06 0.00
Invest AD - Emerging Africa Fund $ 897.24 - -9.32 0.00 Low Volatility Gb.Eq.Fd.Yen ¥ 9358.00 - 33.00 -
Eq. Greater China AU Class - R - USD $ 537.91 - -4.82 0.00 EUR Distributing Class € 11.07 - -0.03 3.09 Hermes Global Small Cap Fund Class R Acc € € 1.91 1.91 -0.01 -
High Yield Bond A GBP Hedged Inc H £ 6.09 - -0.05 7.10 Emerg.Loc.Cur.Bd.Fdt PA $ 8.17 - -0.03 0.00
Invest AD - GCC Focus Fund $ 1355.51 - -29.46 0.00
Eq. Latin America AU Class - R - USD $ 306.49 - -3.26 0.00 EUR Distributing Class (H) € 8.70 - -0.03 3.37 Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.97 0.97 -0.01 0.00
Hong Kong China A GBP Inc £ 565.34 - 0.28 0.59 Euro BBB-BB Fdt PA SFr 15.34 - -0.06 0.00 MFS Meridian Funds SICAV (LUX)
GBP Distributing Class £ 9.78 - 0.03 3.26 Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.01 1.01 0.00 0.00 Regulated
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.65 - -0.03 0.00
India Fund - Class A GBP Inc £ 13.64 - 0.11 0.00 Euro BBB-BB Fdt PA € 12.20 - -0.05 0.00
Absolute Return A1 € 19.63 - -0.14 0.00
GBP Distributing Class (H) £ 8.78 - -0.03 3.34 Fleming Financial Trust Investment Fund Limited (NZ) Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.26 1.26 0.00 0.00
Latin America A USD Inc H $ 25.34 - 0.55 0.23 Incorporated in New Zealand, Reg No 5141841 Euro BBB-BB Fdt PA £ 10.78 - -0.05 0.00
Asia ex-Japan A1 $ 21.80 - 0.09 0.00
The Antares European Fund Limited USD Accumulating Class $ 9.14 - -0.04 0.00 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.23 1.23 0.01 1.29
Other International www.fftinvestmentfund.com Euro BBB-BB Fdt PA $ 17.33 - -0.07 0.00
MENA A GBP Inc F * £ 11.39 - 0.04 0.66 Dodge & Cox Worldwide Funds plc-Global Stock Fund Bond A1 $ 10.27 - -0.09 0.00
info@fftinvestmentfund.com Hermes Sourcecap EU Alpha Fund Class R Acc € 3.08 3.08 0.01 0.00
AEF Ltd Usd $ 673.40 - 3.50 -
USD Accumulating Share Class $ 15.27 - -0.03 0.00 Other International Funds Euro Credit Bd PA F € 12.87 - -0.02 0.00
China Equity Fd A1 $ 9.28 - -0.01 0.00
Asset Management
Hermes Sourcecap EX UK Fund Class F Acc £ 1.34 1.34 0.01 0.00
GAM
Fleming FT Investment Fund
Asset Management
AEF Ltd Eur € 676.17 - 3.34 0.00 Baring International Fd Mgrs (Ireland) (IRL) funds@gam.com, www.jbfundnet.com
GBP Accumulating Share Class £ 16.59 - 0.06 0.00 Euro Government Fdt PA € 12.56 - -0.04 0.00
Regulated Fleming Fund £ 4.68 4.68 -0.01 - Regulated Continental European Eqty A1 € 16.81 - -0.11 0.00
Hermes Sourcecap EX UK Fund Class R Acc € 3.17 3.17 0.02 0.00
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 GBP Distributing Share class £ 12.10 - 0.04 0.83 JB BF ABS-EUR B € 104.85 - -0.01 0.00 Euro Inflation-Lk Fdt PA € 11.97 - -0.03 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 10.54 - 0.01 0.00
Arisaig Partners Hermes UK Small & Mid Cap Fund Class F Acc £ 1.66 1.66 0.01 0.00
Other International Funds EUR Accumulating Share Class € 20.87 - -0.04 0.00 Foord Asset Management JB BF Abs Ret Def-EUR B € 108.92 - -0.12 0.00 Euro Resp.Corp. Fdt PA € 18.09 - -0.05 0.00
Emerging Markets Debt A1 $ 32.42 - -0.20 0.00
Other International Funds Hermes UK Small & Mid Cap Fund Class R Acc € 5.02 5.02 0.03 0.00
Arisaig Africa Consumer Fund Limited $ 13.31 - 0.06 0.00 Barings (Luxembourg) (LUX) Dodge & Cox Worldwide Funds plc-International Stock Fund JB BF Abs Ret EM-USD B $ 112.93 - -0.04 0.00 Europe High Conviction PA € 11.47 - -0.14 0.00
FCA Recognised Emerging Markets Eq.A1 $ 9.85 - 0.06 0.00
Foord International Trust $ 34.31 - -0.32 0.00 Hermes US All Cap Equity Class F Stg £ Acc £ 0.98 0.98 0.00 -
Arisaig Asia Consumer Fund Limited $ 61.90 - -0.42 0.00 USD Accumulating Share Class $ 12.99 - -0.05 0.00
Russia A GBP Inc F £ 24.19 - -0.09 0.00 JB BF Abs Ret-EUR B € 127.42 - -0.11 0.00 Eurozone Small&Mid Caps PA € 53.07 - -0.39 0.00
European Concentrated A1 € 16.76 - -0.10 0.00
Foord Global Equity Fund_Class B $ 12.11 - -0.11 0.00 Hermes US All Cap Equity Class R € Acc € 1.93 1.93 0.00 -
Arisaig Global Emerging Markets Consumer UCITS € 11.56 - -0.08 0.00 EUR Accumulating Share Class € 13.92 - -0.05 0.00
JB BF Abs Ret Pl-EUR B € 126.00 - -0.08 0.00 Fdmt.Eq.L/S SH Sd EUR PA € 10.65 - 0.00 0.00
European Core Eq A1 € 30.55 - -0.17 0.00
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Hermes US SMID Equity Fund Class F Acc £ 1.57 1.57 -0.01 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.77 - 0.03 0.00 BlackRock (JER)
JB BF EM Corporate-USD B $ 105.99 - -0.41 0.00 Fdmt.Eq.L/S SH Sd USD PA $ 10.69 - 0.00 0.00
Regulated USD Accumulating Share Class $ 17.58 - 0.00 0.00 Franklin Templeton International Services Sarl (IRL) European Res.A1 € 31.38 - -0.19 0.00
Hermes US SMID Equity Fund Class R Acc € 3.37 3.37 -0.02 0.00
Arisaig Latin America Consumer Fund $ 20.18 - -0.09 0.00 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
BlackRock UK Property £ 41.21 - 0.17 3.37 Other International Funds JB BF EM Infl Link-USD B $ 78.00 - 0.35 0.00 Gbl.Gvt.Fdmt PA € 10.41 - -0.04 0.00
GBP Accumulating Share Class £ 18.07 - 0.11 0.00 European Smaller Companies A1 € 50.82 - -0.26 0.00
Franklin Emerging Market Debt Opportunities Fund Plc
Blackrock UK Long Lease £ 1071.52 - 0.97 0.00 JB BF EM Inv Grade-USD B $ 96.55 - -0.23 0.00 Gbl.Gvt.Fdmt.(CHF) PA SFr 22.57 - -0.09 0.00
GBP Distributing Share Class £ 11.50 - 0.06 0.57 Impax Asset Management (IRL) European Value A1 € 35.40 - -0.23 0.00
Artisan Partners Global Funds PLC (IRL) Franklin Emg Mkts Debt Opp CHFSFr 17.44 - 0.51 8.01
Norfolk House, 31 St James's Square, London, SW1Y 4JR
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland BLK Intl Gold & General $ 3.78 3.99 -0.13 0.00 JB Emerging (EUR)-EUR B € 328.03 - -2.65 0.00 Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.44 - -0.06 0.00
EUR Accumulating Share Class € 20.75 - 0.00 0.00 FCA Recognised Global Conc.A1 $ 35.52 - 0.06 0.00
Tel: 44 (0) 207 766 7130 Franklin Emg Mkts Debt Opp EUR € 12.27 - 0.36 7.13
FCA Recognised Env Mkts (Ire) Stl A £ 2.16 - 0.01 0.00 JB Emerging (USD)-USD B $ 399.04 - -1.63 0.00 Gbl.5B Fdmt (EUR) PA € 11.65 - -0.09 0.00
Global Credit Fund $ 10.24 - -0.08 0.00
Artisan Partners Global Funds plc Franklin Emg Mkts Debt Opp GBP £ 10.18 - 0.25 6.96
BONHOTE Env Mkts (Ire) Euro A € 2.03 - -0.01 0.00 JB BF Local EM-USD B $ 239.70 - -0.85 0.00 Gbl.5B Fdmt (CHF) PA SFr 10.31 - -0.08 0.00
Artisan Emerging Markets I USD Acc $ 6.53 - -0.02 0.00 Other International Funds Global Energy Fund A1 $ 11.64 - -0.02 0.00
Franklin Emg Mkts Debt Opp SGD S$ 22.43 - 0.51 6.17
Env Mkts (Ire) USD A $ 1.71 - -0.01 0.00 JB BF Total Ret-EUR B € 96.79 - -0.03 0.00 Gbl.5B Fdmt SH (USD) PA $ 10.81 - -0.06 0.00
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6695.00 - -30.00 2.26 Global Equity A1 $ 43.84 - -0.05 0.00
Artisan Global Equity Fund Class I USD Acc $ 14.12 - -0.06 0.00 Franklin Emg Mkts Debt Opp USD $ 17.18 - 0.35 6.99
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9791.00 - 139.00 0.93 JB EF Abs Ret Eur-EUR B € 120.58 - -0.05 0.00 Generation Global (CHF) PA F SFr 13.43 - -0.03 0.00
Artisan Global Opportunities I USD Acc $ 12.15 - 0.02 0.00 Global Equity A1 € 25.26 - -0.20 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
JB EF Euro Value-EUR B € 164.78 - -4.19 0.00 Generation Global (EUR) PA F € 20.45 - -0.04 0.00
Artisan Global Value Fund Class I USD Acc $ 15.47 - -0.03 0.00 Dragon Capital Group Frontier Capital (Bermuda) Limited www.invil.mu Global High Yield Fund $ 23.52 - -0.27 0.00
c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Other International Other International Funds
Braemar Group PCC Limited (GSY) JB EF Japan-JPY B ¥ 16983.00 - -284.00 0.00 Generation Global (USD) PA F $ 15.37 - 0.01 0.00
Artisan US Value Equity Fund Class I USD Acc $ 10.26 - -0.12 0.00 Regulated Fund information, dealing and administration: funds@dragoncapital.com Global High Yield Fund € 15.57 - -0.28 0.00
Commercial Property-GBP Class £ 71.42 - -0.53 - NAV £ 7.59 - -0.06 0.00
Other International Funds Global Energy (USD) PA F $ 5.82 - -0.09 0.00
UK Agricultural Class A £ 1.27 - 0.01 0.00 JB EF Luxury B-EUR B € 209.81 - -2.25 0.00
Global Multi-Asset A1 $ 14.70 - -0.04 0.00
Vietnam Enterprise Inv. (VEIL) NAV $ 3.56 - 0.01 0.00 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Ashmore Sicav (LUX) UK Agricultural Class B £ 1.39 - -0.02 0.00 JB Ms EF Special Val. EUR/A € 131.64 - -1.30 1.10 Golden Age (CHF) PA F SFr 20.95 - -0.10 0.00
Intrinsic Value Investors (IVI) LLP (IRL) Global Res.A1 $ 24.94 - 0.04 0.00
2 rue Albert Borschette L-1246 Luxembourg Vietnam Growth Fund (VGF) NAV $ 23.09 - 0.08 0.00 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised Student Accom Class B £ 0.55 - -0.17 0.00 JB Strategy Balanced-CHF/B SFr 146.22 - -0.67 0.00 Golden Age (EUR) PA € 14.26 - -0.07 0.00
GAM Limited (IRL) FCA Recognised Global Total Return A1 € 17.37 - -0.14 0.00
Vietnam Property Fund (VPF) NAV $ 0.81 - 0.00 0.00
Ashmore SICAV Emerging Market Debt Fund $ 90.19 - -0.68 8.42 FCA Recognised IVI European Fund EUR € 17.26 - -0.26 0.00 JB Strategy Balanced-EUR € 151.35 - -0.74 0.00 Golden Age (USD) PA F $ 19.78 - -0.10 0.00
GAM Fund Management Ltd Inflation-Adjusted Bond A1 $ 13.72 - -0.11 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 138.42 - -1.33 0.97 CG Asset Management Limited (IRL) Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927 IVI European Fund GBP £ 17.07 - -0.11 1.02 JB Strategy Balanced-USD/B $ 126.73 - -0.42 0.00 Sh.T- Money Mkt EUR PA € 112.28 - 0.00 0.00
Japan Equity A1 $ 10.21 - 0.12 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland DSM Capital Partners Funds (LUX) GAM Star Fund Plc
Ashmore SICAV Emerging Market Total Return Fund $ 76.76 - -0.37 6.05 00 353 1 434 5098 www.dsmsicav.com JB Strategy Growth-CHF/B SFr 89.30 - -0.38 0.00 Sh.T- Money Mkt CHF PA SFr 128.53 - -0.01 0.00
FCA Recognised Regulated GAM Star Asia-Pacific Eqty USD Acc F $ 11.50 - -0.12 0.00 Latin American Equity Fd A1 $ 10.96 - -0.07 0.00
Ashmore SICAV Global Small Cap Equity Fund $ 119.87 - -0.08 0.00
Capital Gearing Portfolio Fund Plc £ 26782.12 26782.12 -148.02 0.62 Global Growth I2 Acc € 134.17 - -0.08 0.00 JB Strategy Growth-EUR € 112.36 - -0.55 0.00 Sh.T- Money Mkt GBP PA £ 10.28 - 0.00 0.00
GAM Star Asian Eqty USD Ord Acc F $ 12.89 - 0.06 0.00 Limited Maturity A1 $ 13.99 - -0.01 0.00
Ashmore SICAV Local Currency Fund $ 79.99 - -0.04 0.32 CG Portfolio Fund Plc
Global Growth I1 Eur € 100.34 - -0.06 - JB Strategy Inc-CHF/B SFr 117.46 - -0.49 0.00 Sh.T- Money Mkt USD PA $ 10.31 - 0.00 0.00
GAM Star Balanced GBP Acc £ 10.18 - -0.09 0.00 Prudent Wealth Fd A1 $ 14.75 - 0.02 0.00
EM Mkts Corp.Debt USD F $ 85.80 - -0.57 8.49 Real Return Cls A £ 165.05 165.05 -1.11 1.76
JB Strategy Inc-EUR/B € 157.38 - -0.69 0.00 Sw.Fr.Bd(For) PA SFr 23.62 - -0.05 0.00
GAM Star Cap.Appr.US Eqty USD Inc F $ 16.62 - 0.01 0.00 Research Bond A1 $ 16.45 - -0.09 0.00
Dollar Fund Cls D £ 128.13 128.13 -0.96 1.65
EM Mkts Loc.Ccy Bd USD F $ 72.71 - -0.02 4.38 Edinburgh Partners Limited (IRL)
Invesco (LUX) JB Strategy Inc-USD/B $ 144.37 - -0.49 0.00 Sw.Fr.Credit Bd(For) PA SFr 13.55 - -0.03 0.00
27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 GAM Star Cat Bond USD Acc $ 12.70 - 0.00 0.00 UK Equity A1 £ 7.69 - 0.00 0.00
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
Capital Value Fund Cls V £ 129.77 129.77 -0.82 0.27 Dealing - Fax only - +353 1 434 5230 FCA Recognised Tactical Alpha (CHF) PA SFr 10.11 - -0.03 0.00
FCA Recognised GAM Star Cautious GBP Acc £ 10.26 - -0.07 0.00 US Conc.Growth A1 $ 15.17 - 0.07 0.00
Invesco Management SA
Edinburgh Partners Opportunities Fund PLC
Tactical Alpha (EUR) PA € 10.41 - -0.03 0.00
GAM Star China Equity USD Acc F $ 22.34 - -0.01 0.00 Invesco Active Multi-Sector Credit Fund A € 2.87 - -0.01 0.00 US Government Bond A1 $ 17.03 - -0.06 0.00
Cedar Rock Capital Limited (IRL)
European Opportunities I EUR € 2.37 - -0.05 2.20
Regulated Tactical Alpha (USD) PA $ 14.98 - -0.05 0.00
GAM Star Cont European Eqty GBP Acc F £ 3.53 - -0.01 0.00 Invesco Asia Balanced A dist $ 13.70 - 0.11 3.72 Value A1 $ 21.40 - 0.06 0.00
Cedar Rock Capital Fd Plc $ 368.06 - 9.24 0.00 European Opportunities I GBP £ 1.72 - -0.02 2.47
Technology PA € 13.11 - -0.06 0.00
GAM Star Cred Opportunities GBP Acc £ 12.35 - -0.02 4.57 Invesco Asia Consumer Demand Fund A income $ 12.11 - 0.10 0.24
Cedar Rock Capital Fd Plc £ 383.87 - 13.04 0.00 European Opportunities I USD $ 2.62 - -0.05 2.05
Aspect Capital Ltd (UK) Kames Capital VCIC (IRL) Technology PA $ 19.86 - -0.09 0.00 MMIP Investment Management Limited (GSY)
Other International Funds GAM Star Discretionary FX USD Acc F $ 12.70 - -0.04 0.00 Invesco Asia Infrastructure (A) $ 11.94 - 0.09 0.78 Regulated
Cedar Rock Capital Fd Plc € 362.78 - 14.70 0.00 European Opportunities A EUR € 2.31 - -0.05 1.53 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FCA Recognised Wld Gold Expertise PAF SFr 8.52 - -0.36 0.00 Multi-Manager Investment Programmes PCC Limited
Aspect Diversified USD $ 439.48 - 5.55 0.00 Invesco Asia Opportunities Equity A $ 98.27 - 0.55 0.00
GAM Star Dynamic Gbl Bd USD Acc H $ 9.66 - 0.00 0.00
Global Opportunities I USD $ 1.57 - -0.02 2.09 Absolute Return Bond B GBP Acc 1081.50 - 0.52 - European Equity Fd Cl A Initial Ser € 2579.25 2589.39 212.70 0.00
Aspect Diversified EUR € 264.16 - 3.33 - Wld Gold Expertise PA € 6.79 - -0.29 0.00
Charles Schwab Worldwide Funds Plc (IRL) GAM Star Emerg. Market Rates USD Acc F $ 11.32 - 0.02 0.00 Invesco Balanced Risk Allocation Fund A € 14.35 - -0.08 0.00
Global Opportunities I GBP £ 1.04 - 0.00 1.94 Eq Market Neutral B Acc 1021.73 - 1.76 - Japanese Equity Fd Cl A Initial Ser ¥ 361904.00 363123.00 28252.00 0.00
Regulated Wld Gold Expertise PA $ 9.07 - -0.39 0.00
Aspect Diversified GBP £ 135.11 - 1.71 0.00 Invesco Emerging Europe Equity Fund A $ 7.44 - 0.13 0.00
GAM Star European Eqty USD Acc F $ 23.02 - -0.20 0.00
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 Global Opportunities I EUR € 1.52 - -0.01 1.98 Eq Market Neutral Plus B Acc 1034.39 - 4.32 - LO Selection MMIP - US EQUITY CLASS A 01 June 07 Series $ 1135.99 1139.27 -48.31 0.00
Aspect Diversified CHF SFr 126.44 - 1.59 0.00 Invesco Emerging Local Currencies Debt A Inc $ 6.56 - 0.01 6.93
GAM Star Flexible Gbl Port GBP Ac £ 12.37 - -0.06 0.00
Global Opportunities A GBP £ 0.97 - -0.01 1.47 High Yield Global Bond A GBP Inc 507.50 - -4.70 5.26 Balanced (CHF) PA F SFr 105.18 - -0.69 0.00
Pacific Basin Fd Cl A Initial Ser $ 2142.33 2154.57 139.28 0.00
Aspect Diversified Trends USD $ 129.92 - 1.39 0.00
Chartered Asset Management Pte Ltd GAM Star GAMCO US Equity Acc F $ 12.60 - -0.28 0.00 Invesco Emerging Mkt Quant.Eq. A $ 8.61 - 0.05 0.00
Pan European Opportunities I EUR € 1.43 - -0.03 - High Yield Global Bond B GBP Inc 1054.42 - -9.76 5.26 Balanced (EUR) PA F € 122.88 - -0.90 0.00
Other International Funds UK Equity Fd Cl A Series 01 £ 2356.72 2380.35 78.79 0.00
Aspect Diversified Trends EUR € 130.19 - 1.37 0.00 Invesco Energy A $ 16.24 - -0.11 0.00
GAM Star Global Rates USD Acc F $ 12.26 - -0.08 0.00
CAM-GTF Limited $ 272314.26 272314.26 -8841.06 0.00 Investment Grade Global Bd A GBP Inc 552.05 - -3.59 2.34 Conservative (CHF) PA F SFr 102.51 - -0.42 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1591.09 - 14.69 0.00
Aspect Diversified Trends GBP £ 134.90 - 1.43 0.00 Invesco Euro Corporate Bond Fund (A) € 16.99 - -0.03 0.00
GAM Star Global Selector USD Acc F $ 12.62 - -0.13 0.00
CAM GTi Limited $ 612.98 - -36.72 0.00 Kames Global Equity Income B GBP Acc 1155.24 - 2.14 - Conservative (EUR) PA F € 113.00 - -0.54 0.00
Diversified Absolute Return Stlg Cell AF2 £ 1611.67 - 15.03 0.00
GAM Star Japan Eqty USD Acc F $ 13.13 - -0.18 0.00 Invesco Euro Inflation Linked Bond A € 15.52 - -0.07 0.00
Raffles-Asia Investment Company $ 1.55 1.55 -0.11 5.55 Kames Global Equity Income B GBP Inc 1101.21 - 2.04 - Global Allocation (GBP) PA F £ 9.93 - -0.04 0.00
Atlantas Sicav (LUX)
Regulated GAM Star Keynes Quant Strat USD Acc F $ 11.73 - -0.04 0.00 Invesco Euro Reserve A € 322.70 - -0.01 0.00
Strategic Global Bond A GBP Inc 1090.59 - -0.74 0.71 Growth (CHF) PA F SFr 109.05 - -0.94 0.00 LNG Capital (CYM)
American Dynamic $ 3387.75 - -124.20 0.00 Kingsbury House, 15-17 King St, London SW1Y 6QU
GAM Star Local EM Rates and FX USD Acc $ 10.63 - 0.00 0.00 Invesco Euro Bond A € 7.09 - -0.03 0.00
EFG Hermes Growth (EUR) PA F € 132.01 - -1.23 0.00 www.lngcapital.com, Tel: 0207 839 3456
Strategic Global Bond B GBP Inc 615.53 - -3.22 1.21
American One $ 3166.90 - -79.95 0.00 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Regulated
GAM Star North of South EM Equity Acc F $ 9.44 - -0.13 0.00 Invesco European Growth Equity A € 24.19 - 0.11 0.00
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com Vantage 1500 (EUR) MA € 10.16 - -0.01 0.00
LNG Europa Credit Fund EUR (Est) € 1196.70 - 65.31 -
Bond Global € 1382.32 - -24.18 0.00 Other International Funds Invesco Global Absolute Return Fund A Class € 11.65 - 0.02 0.00
GAM Star Technology USD Acc F $ 15.26 - 0.03 0.00 Lloyds Investment Fund Managers Limited (1000)F (JER) Vantage 3000 (EUR) MA € 10.25 - -0.02 0.00
The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 LNG Europa Credit Fund GBP (Est) £ 1196.70 - 56.94 -
Eurocroissance € 866.91 - -49.28 0.00 Invesco Global Bond A Inc $ 5.51 - 0.00 0.75
GAM Star US All Cap Eqty USD Acc F $ 13.10 - 0.00 0.00 Other International Funds PrivilEdge
Cheyne Capital Management (UK) LLP (IRL) LNG Europa Credit Fund USD $ 1183.45 - -15.60 -
Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00
Far East $ 685.08 - -10.35 0.00 Regulated Invesco Global Conservative Fund 90 (EUR) A € 11.84 - -0.03 0.00 Lloydstrust Gilt £ 12.1900 - -0.0700 2.41 Inc.Pt.RMB Dt.CNH PA CNH 102.67 - -0.07 0.00
GAM Star Worldwide Eqty USD Acc F $ 2987.16 - -35.91 0.00
Cheyne Convertibles Absolute Return Fund € 1346.36 - -6.90 0.00 Saudi Arabia Equity Fund SR 12.64 - -0.54 0.00 Lloyds Investment Funds Limited
Invesco Global Equity Income Fund A $ 57.69 - 0.46 0.00 Inc.Pt.RMB Dt.SH CHF PA SFr 9.61 - -0.03 0.00
Euro High Income € 1.6090 - -0.0060 2.92
Marlborough International Management Limited (GSY)
Atlantis Investment Management Ltd (IRL) Cheyne Global Credit Fund € 117.05 - -0.51 0.00
GYS Investment Management Ltd (GSY) Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
2nd Floor, 13 St Swithin's Lane, London EC4N 8AL Invesco Global Inc Real Estate Sec A dist $ 8.95 - -0.01 2.23 Inc.Pt.RMB Dt.SH EUR PA € 9.70 - -0.03 0.00
Ennismore Smaller Cos Plc (IRL) Regulated FCA Recognised
www.atlantis-investmenet.com, Tel: 0207 877 3377 Cheyne European Mid Cap Fund € 1129.42 - -17.77 0.00 European £ 7.2770 - 0.0140 1.32
5 Kensington Church St, London W8 4LD 020 7368 4220 Taurus Emerging Fund Ltd $ 178.98 182.64 4.40 0.00 Invesco Global Inv Grd Corp Bond A Dist $ 11.74 - -0.07 3.03 Inc.Pt.RMB Dt.USD PA $ 9.77 - -0.03 0.00 Marlborough North American Fund Ltd £ 30.92 32.95 -0.92 0.00
Regulated
FCA Recognised High Income £ 0.8580xd - -0.0038 5.02
Atlantis China Fund $ 6.44 - 0.00 0.00 Invesco Global Leisure A $ 36.12 - 0.09 0.00 Jenn. US Eq.Opp. USD PA $ 9.19 - -0.03 0.00 Marlborough Tiger Fund Ltd F £ 25.14 26.79 -0.95 0.00
Ennismore European Smlr Cos NAV £ 100.97 - 0.29 0.00
Cheyne Capital Management (UK) LLP International £ 3.8100 - 0.0040 1.21
Atlantis China Healthcare Fund $ 2.02 - 0.01 0.00 Other International Funds Generali International Limited Neubrg.Berman US Core PA $ 13.59 - 0.00 0.00
Ennismore European Smlr Cos NAV € 138.45 - -0.84 0.00 Invesco Global Smaller Comp Eq Fd A $ 55.94 - -0.05 0.00
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
North American £ 15.1300 - 0.1000 0.15
Atlantis Japan Opportunities Fund $ 2.48 - -0.03 0.00
Cheyne European Event Driven Fund € 137.91 - 0.00 0.00 International Insurances Sands US Growth PA € 14.25 - 0.09 0.00 Marwyn Asset Management Limited (CYM)
Invesco Global Structured Equity A $ 45.79 - 0.05 0.73
Regulated
Global Multi-Strategy Managed $ 4.74 5.10 -0.08 0.00 Sterling Bond £ 1.4600 - -0.0080 3.62
Cheyne Real Estate Credit Holdings Fund £ 160.92 - 7.23 0.00 Ennismore European Smlr Cos Hedge Fd
Atlantis Asian Fund $ 6.18 - 0.02 0.00 Invesco Global Total Ret.(EUR) Bond Fund A € 13.11 - -0.03 0.00 Sands US Growth PA $ 17.22 - 0.12 0.00 Marwyn Value Investors £ 458.79 - -5.08 0.00
Other International Funds UK £ 6.1300 - -0.0860 1.81
Cheyne Real Estate Credit Holdings Fund III £ 111.98 - 0.56 0.00 UK Multi-Strategy Managed £ 4.81 5.18 -0.11 0.00
Invesco Gold & Precious Metals A $ 3.43 - -0.16 0.00 Will.Blair Gbl. Ldrs PA € 15.57 - -0.11 0.00
NAV € 496.00 - 10.70 0.00 Lloyds Gilt Fund Limited
Cheyne Real Estate Debt Fund Class A1 £ 131.65 - 0.83 0.00 EU Multi-Strategy Managed € 3.03 3.27 -0.07 0.00 Meridian Fund Managers Ltd
Invesco Greater China Equity A $ 42.94 - 0.12 0.00 Will.Blair Gbl. Ldrs PA $ 12.80 - -0.06 0.00
Lloyds Gilt Fund Quarterly Share £ 1.2690 - -0.0070 1.89 Other International Funds
Cheyne Total Return Credit Fund - December 2017 Class $ 182.18 - 10.16 0.00 Global Bond USD $ 3.46 3.73 0.01 0.00
Equinox Fund Mgmt (Guernsey) Limited (GSY) Invesco India Equity A $ 49.87 - 0.59 0.00 Global Gold & Resources Fund $ 179.68 - 10.63 -
Regulated
Cheyne Total Return Credit Fund 2020 $ 103.39 - 0.01 - M & G (Guernsey) Ltd (GSY)
Equinox Russian Opportunities Fund Limited $ 118.76 - -1.14 0.00 Invesco Japanese Equity Adv Fd A ¥ 3734.00 - -55.00 0.00 Regulated Global Energy & Resources Fund $ 33.88 - 1.76 -
The M&G Offshore Fund Range
Invesco Japanese Value Eq Fd A ¥ 1247.00 - -20.00 0.00
Corporate Bond 1303.72 1344.04 -8.99 3.16
Wednesday 16 December 2015 ★ FINANCIAL TIMES 23
China Equity USD Ord Acc $ 131.28 - 0.45 0.00 Emerging Asia Bond Fund Inst Acc $ 9.43 - -0.01 0.00 Chinese Equities (EUR) € 72.59 - 0.93 0.00 Renminbi Bond Fund USD Cls A $ 164.81 - -0.45 3.43
Mirabaud Asset Management (LUX) OTP Asset Management Romania SAI SA ((ROM)) Veritas Asset Management LLP (IRL)
China Equity USD Inst Acc $ 134.99 - 0.48 0.00 Emerging Local Bond - Inst Acc $ 10.38 - 0.01 0.00 Em Stars Equities (EUR) € 161.97 - 0.04 0.00 Renminbi Bond Fund GBP Cls A £ 160.22 - -0.44 3.66
www.mirabaud.com, marketing@mirabaud.com www.otpfonduri.ro HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Regulated Other International Funds Veritas Funds Plc
Global Val.Cr.Fd GBP Ord Inc £ 110.39 - -0.39 3.61 Emerging Markets Bond - Inst Acc $ 37.01 - -0.25 0.00 Emerging Markets Equities (EUR) € 136.67 - 1.10 0.00 Renminbi Bond Fund SGD Cls A S$ 158.20 - -0.43 3.62
www.veritas-asset.com
Mir. Conv. Bds Eur A EUR € 135.67 - -0.75 0.00 OTP Comodisro RON 16.86 - 0.00 -
+353 1 635 6799
Global Val.Cr.Fd USD Inst Acc $ 121.94 - -0.42 0.00 Emerging Markets Corp.Bd Fund Inst Acc F $ 12.45 - -0.09 0.00 Flex-o-Rente (EUR) € 109.53 - -0.19 0.00 Renminbi Bond Fund YEN Cls A ¥ 19478.62 - -53.04 0.00 FCA Recognised
Mir. Conv. Bds Glb A USD $ 113.78 - -0.76 0.00 OTP Obligatiuni RON 14.25 - 0.00 -
Global Val.Cr.Fd GBP Ord Acc £ 175.79 - -0.62 0.00 Emerging Markets Short-Term Local Currency Fund $ 11.54 - 0.01 0.00 Glob.Consumer Trends Equities (EUR) € 153.11 - 0.05 0.00 Renminbi Bond Fund EUR Cls A € 108.64 - -0.29 3.88
Institutional Guide to Data
Mir. - Eq Asia ex Jap A $ 168.20 - 0.39 0.00 OTP Avantisro RON 8.33 - -0.05 - Veritas Asian Fund A USD H $ 306.01 - 1.48 0.43
Global Val.Cr.Fd USD Ord Acc $ 164.98 - -0.58 0.00 Euro Bond - Inst Acc € 22.70 - -0.11 0.00 High Yield Bonds (EUR) € 120.39 - -1.27 0.00
Mir. - Eq Glb Emrg Mkt A USD $ 84.96 - 0.61 0.00 OTP Euro Bond € 12.40 - 0.00 - Veritas Asian Fund A GBP H £ 373.34 - 1.66 0.24 The fund prices quoted on these pages are supplied by
Global Val.Cr.Fd EUR Ord Acc € 153.66 - -0.51 0.00 Euro Credit - Inst Acc € 14.70 - -0.06 0.00 Lux -O- Rente (EUR) € 140.67 - -0.75 0.00 the operator of the relevant fund. Details of funds
Mir. - Eq Global Focus A USD $ 100.72 - 0.05 0.00 OTP Dollar Bond $ 10.57 - -0.01 - Veritas Asian Fund A EUR H € 315.04 - 0.85 0.21 published on these pages, including prices, are for the
purpose of information only and should only be used as
Swiss Select Equity Inst Acc SFr 111.59 - -0.10 0.00 Euro Income Bond - Inst Acc F € 12.85 - -0.08 0.00 New World Financials (EUR) € 50.24 - -0.48 0.00 a guide. The Financial Times Limited makes no
Mir. -Eq Spain A € 24.89 - -0.40 0.00 OTP Premium Return RON 1065.18 - -2.68 - Veritas China Fund A USD $ 142.16 - 2.01 0.36 representation as to their accuracy or completeness and
Swiss Select Equity Ord Acc SFr 110.32 - -0.11 0.00 Euro Long Average Duration - Inst Acc € 21.66 - -0.14 0.00 US Premium Equities (EUR) € 178.14 - 0.13 0.00 they should not be relied upon when making an
investment decision.
Mir. - Eq Swiss Sm/Mid A SFr 321.52 - -1.78 0.00 Veritas China Fund A GBP £ 147.23 - 2.05 0.37
US Growth USD Ord Acc $ 207.02 - 0.13 0.00 Euro Low Duration Fund Inst Acc € 11.27 - -0.01 0.00 US Premium Equities (USD) $ 199.17 - 0.22 0.00 E.I. Sturdza Strategic Management Limited (GSY) The sale of interests in the funds listed on these pages
Mir. - Glb High Yield Bds A $ 106.08 - -1.05 - Regulated Veritas China Fund A EUR € 140.76 - 1.98 0.37 may, in certain jurisdictions, be restricted by law and
US Growth EUR Ord Acc € 198.10 - 0.12 0.00 Euro Real Return - Inst Acc € 13.44 - -0.08 0.00 the funds will not necessarily be available to persons in
Nippon Growth Fund Limited ¥ 101857.00 - -4296.00 0.00 all jurisdictions in which the publication circulates.
Mir. - Glb Eq High Income A USD $ 97.08 - -0.35 0.00 Veritas Global Equity Income Fund D USD $ 110.63 - 0.00 4.11
Persons in any doubt should take appropriate
US Growth GBP Ord Acc £ 208.28 - 0.13 0.00 Euro Short-Term Inst Acc € 12.26 - -0.01 0.00 professional advice. Data collated by Morningstar. For
Strat Evarich Japan Fd Ltd JPY ¥ 93700.00 - -1641.00 0.00
Mir. - Glb Inv Grade Bds A € 100.41 - -0.23 - Veritas Global Equity Income Fund D EUR € 194.69 - -0.60 3.91 other queries contact reader.enquiries@ft.com +44
US Growth USD Inst Acc $ 191.22 - 0.14 0.00 Euro Ultra Long Duration - Inst Acc € 28.52 - -0.21 0.00 (0)207 873 4211.
Strat Evarich Japan Fd Ltd USD $ 927.88 - -15.71 0.00
Mir. - Glb Strat. Bd A USD $ 103.45 - -0.58 0.00 Permal Investment Mgmt Svcs Ltd Veritas Global Equity Income Fund D GBP £ 141.78 - -0.35 4.08
Wealthy Nat Bd EUR Inst Inc € 108.00 - -0.53 3.77 www.permal.com Global Advantage - Inst Acc $ 11.94 - -0.03 0.00
The fund prices published in this edition along with
additional information are also available on the
Other International Funds Veritas Global Focus Fund D USD $ 25.22 - -0.02 0.64 Financial Times website, www.ft.com/funds. The
Wealthy Nat Bd GBP Inst Inc £ 112.19 - -0.57 3.61 Offshore Fund Class A US $ Shares Global Advantage Real Return Fund Inst Acc $ 8.32 - -0.03 0.00 S W Mitchell Capital LLP (CYM) E.I. Sturdza Funds PLC (IRL) funds published on these pages are grouped together by
MW Japan Fund Plc (IRL) fund management company.
Regulated Regulated Veritas Global Focus Fund D EUR € 23.06 - -0.09 0.61
FCA Recognised Investment Holdings N.V. $ 5487.68 - 49.80 0.00
Wealthy Nat Bd EUR Ord Inc € 107.23 - -0.53 3.53 Global Bond - Inst Acc $ 27.76 - -0.11 0.00
S W Mitchell European Fund Class A EUR € 334.37 - 23.63 - Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1085.49 - -17.12 0.00 Prices are in pence unless otherwise indicated. The
MW Japan Fund PLC A $ 24.79 - -0.47 - Veritas Global Focus Fund D GBP £ 28.23 - -0.10 0.63
Macro Holdings Ltd $ 4192.02 - 66.31 0.00 change, if shown, is the change on the previously
Wealthy Nat Bd GBP Ord Inc £ 112.74 - -0.57 3.34 Global Bond Ex-US - Inst Acc $ 19.48 - -0.08 0.00 quoted figure (not all funds update prices daily). Those
S W Mitchell Small Cap European Fund Class A EUR € 233.97 - 4.05 - Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1278.57 - -20.11 0.00
MW Japan Fund PLC B $ 24.99 - -0.48 - Veritas Global Focus Fund A GBP £ 27.27 - -0.09 0.36 designated $ with no prefix refer to US dollars. Yield
Fixed Income Holdings N.V. $ 364.13 - -1.93 - percentage figures (in Tuesday to Saturday papers)
Wealthy Nat Bd USD Ord Inc $ 109.73 - -0.56 3.32 Global High Yield Bond - Inst Acc $ 19.29 - -0.23 0.00
The Charlemagne Fund EUR € 323.41 - -9.82 - Nippon Growth (UCITS) Fund JPY Class A shares ¥ 100403.00 - -1581.00 0.00 allow for buying expenses. Prices of certain older
MW Japan Fund PLC C $ 96.06 - -1.65 - Veritas Global Focus Fund A EUR € 13.44 - -0.06 0.35 insurance linked plans might be subject to capital gains
Asset Management
New Capital Alternative Strategies Permal Absolute Return Fund $ 163.59 - 0.48 0.00
Global Investment Grade Credit - Inst Income $ 12.05 - -0.08 3.65 tax on sales.
Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 84191.00 - -1326.00 0.00
Pictet Total Ret-Kosmos I EUR € 109.18 - -0.02 0.00 Enquiries - 0207 493 1331
Stenham Universal II USD (Est) $ 159.79 - -0.26 0.00 Unicapital Investments (LUX) Data Provided by
Regulated
Regulated
Pictet Total Ret-Mandarin I USD $ 114.12 - 0.25 0.00 Prusik Asian Equity Income B Dist $ 153.57 - 0.45 3.83
Investments III € 5.03 - -22.38 -
Optima Fund Management
Other International Funds Pictet-US Equity Selection-I USD $ 186.71 - 0.58 0.00 Prusik Asia A $ 189.42 - 0.94 0.00 Stratton Street Capital (CI) Limited (GSY)
Regulated Investments IV - European Private Eq. € 247.75 260.13 -44.58 -
Cuttyhunk Fund II Limited $ 1489.07 - -4.76 0.00 Pictet-US High Yield-I USD F $ 140.93 - -1.41 0.00 Prusik Asian Smaller Cos A $ 136.35 - 1.57 0.00 Japan Synthetic Warrant Yen Class ¥ 1772.84 - -37.12 0.00 Investments IV - Global Private Eq. € 366.42 384.74 -49.81 -
New Capital Fund Management Ltd (IRL) JENOP Global Healthcare Fund Ltd $ 14.98 - 0.33 0.00 Pictet-USA Index-I USD F $ 178.64 - 0.85 0.00
Japan Synthetic Warrant GBP Hedged Class £ 199.88 - 1.10 0.00
Leconfield House, Curzon Street, London, W1J 5JB
FCA Recognised OPTIKA Fund Limited - Cl A $ 101.47 - -0.10 - Purisima Investment Fds (CI) Ltd (JER)
www.morningstar.co.uk
Pictet-USD Government Bonds-I F $ 635.06 - -3.21 0.00 Value Partners Hong Kong Limited (IRL)
Regulated Japan Synthetic Warrant USD Class $ 18.75 - -0.43 0.00
New Capital UCITS Funds www.valuepartners.net, fis@vp.com.hk Data as shown is for information purposes only. No
Optima Fd NAV $ 90.17 - 0.01 0.00 Pictet-USD Short Mid-Term Bonds-I F $ 129.49 - -0.17 0.00 PCG B 163.87 - -3.16 0.00 Regulated offer is made by Morningstar or this publication.
Asia Pac Bd USD Inst Inc $ 92.18 - -0.20 3.25 Japan Synthetic Warrant USD Hedged Class $ 198.97 - 1.03 0.00
Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00 Value Partners Asia ex-Japan Equity Fund $ 8.44 - -0.08 -
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.62 - 0.00 0.00 PCG C 161.59 - -3.12 0.00
Asia Pac Bd USD Ord Inc $ 93.92 - -0.21 2.52 Renminbi Bond Fund AUD Cls A A$ 119.84 - -0.34 3.82
The Dorset Energy Fd Ltd NAV $ 27.90 - 0.17 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 11.03 - -0.02 0.00
Pictet-Water-I EUR F € 274.79 - -1.33 0.00
Asia Pac Eq EUR Ord Inc € 82.42 - -0.86 3.37 Renminbi Bond Fund AUD Cls B A$ 121.58 - -0.35 3.57
Platinum Fd Ltd $ 86.27 - 0.07 0.00 Putnam Investments (Ireland) Ltd (IRL) Value Partners Classic Equity Fund CHF HedgedSFr 11.55 - -0.02 0.00
Asia Pac Eq GBP Ord Inc £ 85.42 - -0.93 3.81 Regulated Renminbi Bond Fund CHF Cls A SFr 116.58 - -0.32 3.88
Platinum Fd Ltd EUR € 16.75 - 0.01 0.00 Pimco Fds: Global Investors Series Plc (IRL) Value Partners Classic Equity Fund EUR Hedged € 11.68 - -0.02 0.00
Asia Pac Eq USD Ord Inc $ 85.88 - -0.94 3.19 Putnam New Flag Euro High Yield Plc - E € 1007.62 - -6.48 4.27 Renminbi Bond Fund CHF Cls B SFr 116.29 - -0.32 3.64
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH
http://gisnav.pimco-funds.com/ Value Partners Classic Equity Fund GBP Hedged £ 11.95 - -0.02 0.00
Platinum Japan Fd Ltd $ 53.74 - -0.25 0.00
Asia Pac Eq USD Inst Acc $ 91.18 - -0.99 0.00 Dealing: +44 20 3640 1000 Renminbi Bond Fund CNH Cls A CNH 127.25 - -0.15 3.33
PIMCO Funds: +44 (0)20 3640 1407 Value Partners Classic Equity Fund GBP Unhedged £ 12.40 - 0.04 0.00
Optima Partners Global Fd $ 14.25 - 0.01 0.00
Asia Pac Eq USD Inst Inc $ 96.01 - -1.04 3.91 FCA Recognised Renminbi Bond Fund CNH Cls B CNH 126.91 - -0.14 3.10
Optima Partners Focus Fund A $ 15.88 - 0.03 0.00 Capital Securities Inst Acc $ 14.88 - -0.09 0.00 Value Partners Classic Equity USD Hedged $ 13.57 - -0.03 0.00
Dyn Europ Eq EUR Ord Inc € 171.22 - -2.47 1.29 Renminbi Bond Fund Euro Cls B € 118.06 - -0.32 3.64
Commodity Real Return Fund Inst Acc $ 5.65 - -0.05 0.00 Value Partners Greater China Equity Fund $ 8.30 - -0.05 -
Dyn Europ Eq GBP Ord Inc £ 181.70 - -2.74 1.64 Renminbi Bond Fund GBP Cls B £ 120.14 - -0.33 3.42
Oryx International Growth Fund Ltd Value Partners Health Care Fund RMB Class Z UnhedgedCNH 9.78 - -0.04 -
Credit Absolute Return Fund Inst Acc $ 10.91 - -0.06 0.00 Robeco Asset Management (LUX)
Dyn Europ Eq USD Ord Inc $ 170.56 - -2.58 1.21 Other International Funds Renminbi Bond Fund SGD Cls B S$ 119.36 - -0.33 3.38
Coolsingel 120, 3011 AG Rotterdam, The Netherlands.
Diversified Income - Inst Acc $ 18.92 - -0.18 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 9.16 - -0.07 -
NAV (Fully Diluted) £ 6.57 - -0.06 0.00 www.robeco.com/contact
China Equity EUR Ord Acc € 129.13 - 0.44 0.00 Renminbi Bond Fund USD Cls B $ 119.47 - -0.32 3.19
FCA Recognised
Diversified Income Durat Hdg Fund Inst Acc $ 11.05 - -0.08 0.00 Value Partners Health Care Fund USD Class A Unhedged $ 9.20 - -0.07 -
China Equity GBP Ord Acc £ 134.97 - 0.46 0.00 Asia-Pacific Equities (EUR) € 127.57 - -0.46 0.00 Renminbi Bond Fund YEN Cls B ¥ 13154.48 - -35.77 0.00
24 ★ FINANCIAL TIMES Wednesday 16 December 2015
Capital markets
Capital markets
Sugar jumps ahead of forecast supply shortfall Sovereign ‘panda’ bond five times subscribed
EMIKO TERAZONO for India and Thailand, and lower pro- The sharp fall in the real has also JENNIFER HUGHES — HONG KONG year have sold a total of Rmb7bn in pan- tant benchmark for Korea and for fur-
duction than forecast for Brazil. boosted returns on sugar, sold in US dol- das — more than the Rmb6bn sold dur- ther issuance.”
Sugar rose more than 3 per cent yester- The first sovereign “panda” bond
For 2016-17 the consultancy said its lars, for Brazilian producers, encourag- ing the previous decade. The deal was in large part designed to
day as bulls were encouraged by supply attracted bids for five times the paper
previous demand forecasts in south- ing active selling. Duncan Phillips, head of Asia debt pave the way for Korean companies to
and demand estimates for the next on offer in a deal that marked another
east Africa had been “too low”. Rabobank says sugar’s fundamentals syndicate for Citigroup, a bookrunner tap the panda market by setting a
two years. step in Beijing’s efforts to internation-
Despite years of low prices, the mar- are “more bullish” than most other agri- on the deal, said the demand showed benchmark. Some people involved in
alise the renminbi and broaden the
ICE March sugar rallied to 14.95 cents a ket has been in oversupply. A supply cultural commodities going into 2016. Chinese investors’ growing interest in the deal said investors had appeared
pool of investment products.
pound as fresh forecasts from Platts shortfall is expected for the 2015-16 Heightened weather risks — mainly foreign borrowers. interested in the prospect for further
Kingsman, a sugar consultancy, spurred crop year for the first time in six years. dry conditions in producing countries — South Korea sold Rmb3bn ($464m) in “We expect to see further issuance panda issuance from South Korea, and
buying for the commodity. The last time sugar was in “deficit”, are expected to support prices, but for- three-year notes at 3 per cent, the tight across several sectors, including sover- this balanced any concerns about the
The price has struggled to remain where demand outstrips production, eign-exchange swings and government end of its estimated 3-3.5 per cent range. eign, bank and corporate issuers, as the country’s risk profile.
above 15 cents after jumping at the end was in 2009-10. “After so many years of support are likely to lead to volatility, Panda bonds are renminbi-denomi- market develops further,” he added. Won-denominated three-year South
of September on expectations of a pro- surpluses, we are finally getting into def- say analysts. nated debt sold by foreigners into Korea’s test of sovereign demand is a Korean debt yields 1.73 per cent. China’s
duction decline in Brazil, the world’s icit,” said Claudiu Covrig, senior analyst Rabobank forecasts an average sugar China’s onshore bond markets, the third milestone for the market. This year sovereign paper, having fallen sharply in
largest producer. at Kingsman. price of 14.5 cents a pound in the final largest, after the US and Japan, with HSBC became the first foreign bank to recent months, offers 2.74 per cent.
Kingsman increased its global supply Although a price fall — and hence three months of the year, rising to 15.5 more than $6tn of debt outstanding. sell pandas and Daimler, the German Both countries are rated double A
shortfall estimate for 2015-16 to 5.26m lower profits for producers — normally cents in the fourth quarter of next year. International borrowers have largely carmaker, was the first non-financial minus by Standard & Poor’s.
tonnes, up from 3.31m tonnes, while the leads to a decline in output, government But its analysts warned that “height- been limited to selling renminbi- company to do so, in 2014. The move to increase panda bond
2016-17 estimates were raised from subsidies in some Asian countries and ened price volatility can be expected, as denominated bonds in the far smaller South Korea was “honoured” to have activity is another sign of China’s will-
6.44m tonnes to 7.81m. the need to repay debt among many the world supply-demand balance tran- offshore “dim sum” market. been the first sovereign to sell panda ingness to gradually open its capital
The changes for the current year Brazilian mills have kept global produc- sitions into the first production deficit in But the panda market is increasingly debt, said Choi Hee-nam, finance vice- markets to more international partici-
reflect higher consumption estimates tion growing. six seasons”. seen as an alternative. Companies this minister. “This new issue sets an impor- pation.
Wednesday 16 December 2015 ★ FINANCIAL TIMES 25
Global overview
TRADING POST Markets update
Jamie
Chisholm
US and European stocks rebound S&P 500 index
Change on day 1.23%
2050
Traders of the euro/dollar pair know
what it is like to be caught out by 2000
confounded expectations. This Nov 2015 Dec
month’s lurch higher for the common
currency came after the European Brent bounces 1.7% and to European equities. The pan- US equities Gains for the financial and
Central Bank eased policy less than European Euro Stoxx 600 rallied 2.9 per energy sectors lifted the S&P 500 for a
the market and his dog had predicted. junk bond sell-off halts cent after falling more than 6 per cent second day as Wall Street braced itself
Heavy euro-bearish positioning with further rise in over the previous five sessions to its low- for an expected interest rate rise from
exacerbated the snapback as shorts est since early October. the Federal Reserve today
were squeezed. Treasury yields and data US stocks built on Monday’s late rally,
Are investors in danger of repeating supporting dollar with the S&P 500 rising 1.2 per cent to FTSE 100 index
the mistake for the Federal Reserve’s 2,047 by midday in New York — Change on day 2.45%
decision today? DAVE SHELLOCK although that still left the index about 6400
Pretty much all participants think 0.5 per cent down from where it started
the Fed will raise interest rates by 25 Rallying oil prices and easing concerns the year. 6200
basis points — but that Janet Yellen, about the high-yield credit market In Tokyo, however, the Nikkei 225 6000
its chair, will stress the tightening helped European and US stocks push Average fell 1.7 per cent to its lowest for
5800
trajectory will be unusually shallow. A higher as participants awaited today’s more than seven weeks. Nov 2015 Dec
dovish rise, as the saying goes. interest rate decision from the Federal In currencies the dollar recovered
But RBC Capital Markets reckons Ms Reserve. from an early bout of weakness after US UK equities The FTSE 100 had its best
Yellen will oversee “a somewhat less The dollar and US Treasury yields inflation data helped reinforce expecta- day in more than two months as an
dovish statement” than many forecast rose as the futures market moved to tions for a Fed rate rise today. eight-day run of declines — during
— a potential boost for the dollar price in a 79 per cent probability of the The euro was down 0.7 per cent at which the index slid 8.5 per cent —
versus the Japanese yen. US central bank increasing official bor- $1.0915, having hit $1.1059, while the US finally came to a halt
“Friday’s sell-off in risky assets drove rowing costs for the first time in nearly currency was 0.5 per cent higher versus
our risk-aversion thermometer into a decade. the yen at Y121.61. The dollar index, Eurofirst 300 index
outright risk-averse territory for the US inflation data appeared to increase which measures the unit against a
Change on day 2.91%
first time since October, which we see the likelihood of such of a scenario, ana- weighted basket of its peers, was up 0.6 1550
as the sole cause of dollar/yen slipping lysts said. per cent at 98.19, well within sight of a 1500
below 121,” says the bank. But the main focus remained on oil as recent 12-year of 100.51. 1450
Indeed the rate hit a six-week trough Brent, the international crude bench- Andrew Gombert/EPA
Meanwhile the year-on-year pace of
Markets uncertain before Fed decision: FT.com/video 1400
of Y120.32 at the start of this week. mark, bounced 1.7 per cent to $38.58 a core consumer price inflation, which
1350
“We think buying the dollar/yen dip barrel — a day after persistent worries The FT’s Dan McCrum discusses market uncertainty with excludes food and energy, edged up
Nov 2015 Dec
is the right strategy into the Federal about a supply glut drove it to a fresh currencies reporter Roger Blitz after a poor trading year from 1.9 per cent to 2 per cent in Novem-
Open Market Committee meeting,” seven-year low of $36.33. US West Texas ber. “The timing is simply impeccable,” European equities The region’s stock
RBC continues. Intermediate rose 2.2 per cent to $37.12. said Harm Bandholz, chief US econo- markets rallied sharply after several
“To the extent that higher US rates Michael Stanes, investment director lighted that oil prices were trading 8 per 1 per cent on the day respectively, mist at UniCredit. days of hefty losses as a rebound for
reflect the Fed’s confidence in US and at Heartwood Investment Manage- cent below fair value, while gross short although both were still down more “To be sure, this is ‘only’ the CPI ex- oil prices lifted energy stocks and
global growth, risk appetite should ment, said there should be an improve- positions were near a record high. than 10 per cent this year. food & energy, and not the PCE deflator helped boost broader sentiment
recover (the mirror image of the sell- ment in the oil supply/demand balance “A short squeeze from similar levels in “While outflows may continue in ex-food & energy, which is the Fed’s pre-
off in risk after the [Fed’s] unchanged through 2016, although oversupply March saw oil prices rally over 30 per the short term, longer term the world is ferred inflation gauge,” he said. “Never-
decision in September).” would persist in the short term. cent,” they noted. still faced with a tremendous income theless, the message from the CPI must Nikkei 225 index
“Market forecasts predict that oil will “Oil shorts are also in disconnect from shortage, which will eventually push not and cannot simply be dismissed out (’000) Change on day 1.68%
20.0
jamie.chisholm@ft.com actually be in deficit by early to mid- falling dollar longs, likely driven by investors back into higher-yielding of hand.”
2017,” said Mr Stanes. “Demand, mean- forecasts of warmer weather and parts of the market,” said Bill Eigen, A further rise in Treasury yields sup- 19.5
Yen while, should gradually improve, partic- disappointment over Opec inaction on fund manager of JPMorgan Income ported the dollar. The 10-year yield was 19.0
Against the dollar (¥ per $) ularly as we see signs of stabilisation in supply.” Opportunities. up 4 basis points at 2.27 per cent while
118 China’s industrial sector. Broad sentiment improved as a sharp “This is not 2008 and the global finan- that on the two-year was 1bp higher at 18.5
120 “We would expect the oil price to sell-off in the energy-dominated US cial system is not on the verge of col- 0.96 per cent. Nov 2015 Dec
122 trade around current levels with volatil- high-yield corporate bond market came lapse. The froth that existed in the sys- The 10-year German Bund yield Japanese equities Risk aversion ahead
124 ity in the near term, before moving to a halt. tem back then is simply not here to con- jumped 7bp to 0.63 per cent. of an expected rise in US interest rates
126
modestly higher as next year The two biggest high-yield exchange tinue fuelling selling pressure.” Gold paid little heed to the rally in the today helped drive the Nikkei to its
Jun 2015 Dec
Source: Thomson Reuters Datastream
progresses.” traded funds — known by the tickers An apparent improvement in risk dollar and rose $3 to $1,065 an ounce lowest close since October 22
But analysts at Deutsche Bank high- HYG and JNK — were up 1.5 per cent and appetite yesterday gave a strong boost ahead of the Fed’s decision.
INSIGHT
T
he Japanese stock market is virtually the companies in the junk bond sector, a
5
only market in the developed world that wave of redemptions for three funds —
2010 11 12 13 14 15
has performed solidly this year, up about forcing two to close in the past week —
7 per cent in dollar terms. The performance has triggered an unpleasant frisson Credit metrics weaken as
partly reflects improved corporate earnings; across the US fixed income market. energy takes its toll
never mind that translation gains from a weak yen With the US Federal Reserve Debt burden to trailing
support the result. expected to nudge overnight borrowing 12-month earnings
A large part of the rise in share prices stems from inves- costs up from near zero today, the $1.3tn US high 7
tors’ belief that Japan Inc is moving to a new template junk bond market is counting the cost of US high yield
involving more loving treatment of shareholders. the easy money era. yield index, index 6
excluding
Companies have been buying back stock, raising divi- Much of the pain reflects heavily energy 5
dends, emphasising profitability over market share, con- indebted gas drillers and miners, hit
solidating to improve efficiency and generally paying hard by a collapse in commodity-based 4
more attention to western-style corporate governance. revenues. But the suffering has spread
Progress is not always clear, and such improvements to other sectors, suggesting that years of 3
may not be enough to keep the stock market rolling higher booming debt sales are catching up with 1998 05 10 14
into next year. When Nippon Life — one of the two largest companies and investors. Sources: Bloomberg; Bank of America
life assurers — said this year it would buy the far smaller Bonnie Baha, head of global devel- Merrill Lynch
Mitsui Life, the language used was oblique. Mergers oped credit at DoubleLine Capital, says
remain a sensitive topic in Japan. the closure of funds managed by Third Prices of bonds course for its first negative year of per- likely to be manageable, we expect com- mately ends,” says Matthew Mish, a
The proposed merger is a vast improvement on past Avenue and Lucidius, and the decision issued by groups formance since 2008, while bonds rated panies’ credit quality to take more hits strategist with UBS.
practice. All too often combinations have involved a to bar redemptions from a Stone Lion in the telecoms, triple C, the most speculative area of in the year ahead,” he says. Some strategists and investors have
strong company buying a weaker one, often at the behest credit fund have sparked a reassess- media, junk, are yielding above 17 per cent. Investment managers worry they will begun to question how much further
of regulators, and weakening itself in the process. By con- ment of risk. semiconductor Years of low interest rates spurred be unable to sell lower-rated and less bond prices could fall before finding a
trast, this is a case of consolidation in an industry that des- “It brings back bad memories of 2008 and retail investors to seek returns beyond invest- liquid bonds if there is a rise in mutual bottom.
perately needs it. all over again and that’s what really has industries have ment-grade corporate debt, with triple fund outflows. Last week high-yield Indeed, some see value in the market.
In early November Nippon Life launched a tender offer been fuelling this [sell-off],” she says. slid in the final C yields falling below 8 per cent at the bond funds were hit with $3.5bn of with- Sir Michael Hintze, founder of CQS, a
for Mitsui shares. Both companies are private. But the ten- “Defaults are ticking up. Energy is lead- months of the height of the credit boom. drawals, the most for 70 weeks, accord- London-based credit-focused asset
der offer valued the potential ing the way but it’s starting to spread to year That spurred a rise in leverage as US ing to Lipper. manager with about $12.5bn of assets
target at far less than standard other sectors. It’s not just an energy or Stefan Wermuth/Reuters
companies locked in low borrowing The fear thus remains of a widespread under management, says “recent
practice outside Japan.
Advisers on metals and mining issue.” costs — a metric that has attracted the withdrawal from credit markets by liquidity-related credit market disloca-
Nippon Life is offering to an insurance Indeed prices of bonds, which move attention of investors. Excluding the retail investors who have piled into tions create opportunity for long-term
buy Mitsui Life shares at inversely to their yields, issued by com- energy sector, leverage has reached lev- mutual funds offering attractive investors”, provided they can weather
0.4 times embedded value,
merger may gain panies in the pharmaceuticals, media, els last touched in 2001. income, either in response to losses or as volatility in prices day to day.
which is well below the 1.1 to in the long term telecoms, semiconductor and retail David Tesher, analyst at Standard & a reaction to restrictions on withdrawals But not everyone is ready to step in. “I
1.4 times that is the norm else- industries have slid in the final months Poor’s, says the lowest-rated groups may by other funds. would want this to settle down,” Ms
where.
if they ‘go along‘ of the year. That has intensified the be finding it increasingly “challenging” “Recent weakness in higher-quality Baha says. “Buying on the dips has
Foreign insurers that pressure on bond portfolios and to tap new buyers for their debt, which junk names in parallel with mutual fund rewarded investors in the cycle this far,
expressed an interest were quietly rebuffed, according exchange traded funds that track the can be problematic as maturities outflows and illiquidity is also discon- but things are different now.”
to people familiar with the transaction. To some sector, such as HYG and JNK. mount. “Credit risk is rising, in our view, certing, because this may be a preview Additional reporting by Miles Johnson and
extent this reflects the fact that corporate practice in The broad high-yield market is on and although any deterioration is still to investors of how the credit cycle ulti- Dan McCrum
Japan still values longstanding relationships more highly
than shareholder value.
An arm of Argyle Street Management, a Hong Kong
hedge fund that has a 3.56 per cent stake in Mitsui Life, is Capital markets
fighting the offer price as inadequate.
Nomura Securities and Daiwa Securities were brought in
as independent advisers on the transaction. Both said the
tender offer price fell “within their valuation ranges”,
Money funds applaud
according to materials sent to investors.
This may not be a totally objective assessment. Both
end of near-zero rates
Nomura and Daiwa have units that are shareholders of
Mitsui Life, with the former holding almost 10 per cent of
the stock and the latter almost 13 per cent. JOE RENNISON — NEW YORK Times this week expect the
Those opposed to the terms of the proposed deal say that Fed will undertake two to
rather than press for a better price, the two securities com- Rising yields on Treasury four rate increases next year.
panies are thinking of longer-term benefits of supporting bills and other short-term “Money market funds are
the offer. “If they go along, they will have the option to get debt securities mean good absolutely ecstatic. For the
the mandate for corporate finance business and fees from news for savers and money first time in a decade they are
a possible IPO one day,” says one person involved. “If they market funds as the era of going to be in a rate-rising
reject the terms of the deal, they will lose that option.” near-zero returns draws to a environment,” said Joseph
It could also be that the price is fair and actually reflects close. Abate, a rates strategist at
future prospects that are not particularly bright and bal- A widely expected shift in Barclays.
ance sheets that may be more troubled than they look policy by the US Federal To cope with years of low
(though Argyle does not believe this to be the case). Reserve on Wednesday will returns, a number of money
Policy origination and the asset management side are formally end seven years of market funds have waived
both grim, though not always visibly so. For example ultra-low returns for inves- fees for investors. And an
insurers have sold investment products to clients with tors who maintain holdings increase in interest rates is
embedded guarantees on returns that are impossible to of cash or own money mar- likely to be accompanied by a
achieve in a zero-interest world. ket funds. rise in fees.
Given Japan’s ageing population, fewer younger people Prolonged low interest Money market funds have
are looking to buy life assurance. That is putting pressure rates have stunted returns also been reducing the matu-
on the industry’s future cash flows and returns to share- for money market mutual rity of their portfolios to take
holders, as illustrated by a demographic chart released by funds that invest in assets full advantage of higher rates
the groups promoting their deal. with a maturity of 12 months as soon as the Federal Open
Japan has made many improvements in the way its com- or less. The yield on Van- Market Committee meeting
panies are run. But the fundamentals facing many indus- guard’s prime money market concludes today. The
tries are as challenging as those facing insurers. Moreover, fund, one of the largest avail- weighted average maturity
without further yen devaluation, profits generally will able, doubled from 8 basis of prime institutional money
probably slide back, as Diana Choyleva, chief economist at points in October to 16bp on market funds stood at 28
Lombard Street Research, notes. Monday. days last week from 32 days
Against that backdrop, investors eyeing Japanese equi- “It will be great news for at the beginning of October,
ties should be careful lest they be left in the dust. money market funds,” said accoroding to Crane data.
Debbie Cunningham, chief “We have shortened our
henny.sender@ft.com investment officer at Feder- weighted average maturity
ated Investors. “It means the over the last three to six
return from our portfolio months and more than likely
composition back to the end we will lengthen it after the
shareholders is improving meeting depending on what
and that hasn’t happened the outcome is,” added Ms
More comment and data on ft.com since 2008.” Cunningham.
The yield on three-month That has spurred a flow of
Treasury bills has doubled to cash into even shorter-dated,
Y Fast FT Our global economies, headed 24bp over the past month, sometimes overnight invest-
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24 hours a day, five days ft.com/beyondbrics The three-month London cash is exchanged for securi-
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Y Podcast The Hard
Y Alphaville Our Currency podcast takes a risen to above 0.5 per cent, its of interest, to be returned at
irreverent financial blog. look at what is driving highest level this year. a predetermined time.
Join Paul Murphy and the global currency Short-term market rates Usually a flood of cash
Bryce Elder for the daily market. ft.com/podcasts are expected to continue ris- would push down the inter-
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Y Lex Video Analysis shifts its overnight Fed funds repo markets but it has actu-
11am. ft.com/alphaville
and opinion from the rate higher, with the market ally been climbing.
Y beyondbrics News and team on the hot issues anticipating a new corridor BNY Mellon’s tri-party
comment from more affecting companies and set between 0.25 per cent and repo rate rose to a high of
than 40 emerging markets. ft.com/lexvideo 0.5 per cent. Economists 10bp points last week, from
polled by the Financial 5bp in November.