TUESDAY 15 SEPTEMBER 2015 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.

00

Oh Lucky Man YouTube starlets Royal reticence

Cameron now has no serious The online video site takes on Hollywood The advantages of saying
competition —JANAN GANESH, PAGE 13 COMPANIES, PAGE 19 nothing — BUSINESS LIFE, PAGE 14

Corbyn fights Labour turmoil Briefing

i EU fails to settle on migrant plan

amid dismay over McDonnell

EU efforts to agree a binding plan to ease the
migrant crisis by sharing out 120,000 refugees fell
apart after a minority of countries led by the Czech
Republic and Hungary objected to a heavily
watered down proposal. — PAGE 6

i Taxman takes toll on Yahoo spin-off

3 Leader seeks to pacify MPs after ‘nightmare’ move 3 Cracks appear over policy on EU vote Yahoo’s plan to spin off its $24bn stake in Alibaba
suffered another setback after the US taxman said it
had serious concerns about deals similar to the one
GEORGE PARKER AND JIM PICKARD proposed by the Silicon Valley company. — PAGE 17

Jeremy Corbyn last night tried to pacify
anxious Labour MPs over his appoint-
ment of hardline socialist John McDon-
nell as shadow chancellor as rifts
opened up over party policy on Europe.
The new Labour leader ended a day of
confusion and acrimony in the opposi-
tion by promising his MPs — 90 per cent
of whom backed his rivals for the lead-
ership — that he would not sanction a
purge of moderates.
The appointment of Mr McDonnell,
64, a man who lists his hobby as plotting
“the overthrow of capitalism”, sparked
anxiety among Labour MPs as Mr Cor-
byn, a veteran Labour rebel, put his
stamp on the party.
Mr McDonnell says he wants to bal-
ance the books but he advocates nation-
alisation, a big increase in public spend-
ing, a 60p top rate of tax and ending the
independence of the Bank of England;
he said in July he would “swim through
vomit” to oppose welfare cuts.
Mr Corbyn’s allies admitted he felt
isolated at Westminster and wanted
Mr McDonnell, an old friend, at his side.
But one shadow cabinet member called
the move “an absolute nightmare”.
Unite, Britain’s biggest union, had
implored Mr Corbyn not to appoint his
campaign chief to the shadow Treasury
brief, as had some of the new leader’s
closest allies at Westminster. Two
Labour sources said Unite had favoured
the moderate Angela Eagle. “McDonnell
is just too hard line,” said a union offi-
cial. Charles Clarke, former Labour
home secretary, said he was “aghast”.
Sajid Javid, business secretary, said
Mr Corbyn and Mr McDonnell posed “a
real threat” to the country’s financial
stability. Asked if business should fear a
Corbyn government, Mr Javid said:
“Yes. They should fear it a lot.”
The party turmoil came amid confu-
sion at Mr Corbyn’s policy over Europe
after Hilary Benn, the shadow foreign
i Minimum wage rise judged affordable
A higher minimum wage that takes effect in April
will increase the country’s total pay bill by 0.6 per
cent by 2020, according to analysis from the
Resolution Foundation think-tank. — PAGE 4
i Trading firm to fight ‘spoofing’ charge
A proprietary trading firm in Chicago set
to be charged by a US regulator over
“spoofing” — trades designed to dupe
the market — has vowed to fight the
allegations, saying they are the result
of a “broken process”. — PAGE 17
i Cameron likely to push for Isis strikes
David Cameron is likely to ignore opposition from
the new Labour leader and push for parliamentary
assent next month for British military strikes
against Isis targets in Syria. — PAGE 3
i Former party leader ousts Australia PM
One-time Goldman Sachs banker Malcolm
Turnbull will become Australia’s fourth prime
minister in two years after leading a coup against
his longstanding party foe, Tony Abbott. — PAGE 9
i Call for NHS emergency infusion
An extra £8bn of funding promised to the NHS by
2020 will not be enough, according to the King’s
Fund, a leading think-tank, which has called for an
emergency infusion of £1bn. — PAGE 4
Comrades in to stay in the EU “in all circumstances” liamentary party last night, saying he first time in history that had happened. Datawatch
arms: Jeremy in the Brexit referendum. Mr McDon- would not give Mr Cameron a “free The new leader was also asked about
Corbyn, right, nell had said hours earlier there were pass” over EU membership if workers’ Trident and whether he would wear just
hugs shadow circumstances in which the party could rights were watered down. a red poppy at Remembrance Day: in Growth in
chancellor John still argue against staying in the EU. The Labour leader’s decision to over- the past he has also worn a white one, a
China activity indicators investment in
Annual % change China’s fixed
McDonnell — Ben Mr Corbyn repeated the point when look Ms Eagle, a former Treasury minis- pacifist emblem. Mr Corbyn’s aides later
Cawthra/LNP
he addressed a tense meeting of the par- ter, left him with no women in the said he would wear only a red poppy. 20 assets dropped
Fixed asset to 10.9 per cent
party’s four most senior posts. Ms Eagle He assured MPs that he would not year on year in
was given the business portfolio and change party rules to require manda- investment
15 August, lagging
Labour ‘One of the tenets of Blair’s made “shadow first secretary of state” in tory reselection in the face of Tory plans behind
Leadership a nod to criticisms that Mr Corbyn’s sen- for a sweeping boundary review that
page 2 election-winning machines ior team was too male — a discussion on could leave many moderate Labour
Retail sales
10 analysts’
expectations
was total message discipline. the face-saving move was overheard by MPs facing selection battles for redrawn Industrial
That is not the case under a a Sky News reporter. seats, with local parties packed with a production 5
Mr Corbyn was challenged on the new army of Corbyn supporters. 2013 14 15
leadership that believes it issue at the PLP meeting and said more Directors react with caution page 4 Source: Thomson Reuters Datastream

secretary, said Labour would campaign can rewrite the rules’ than half his cabinet were women, the Letters page 12

Tycoon’s $113m Mumbai mansion lays

EE mea culpa over failures
of its broadband service
EE has admitted failing to provide a
good enough broadband service,
forcing the telecoms group to pledge
to improve customer operations with
the creation of 500 jobs. EE’s
broadband services generated the
most complaints across the industry in
the first quarter. It has reviewed its
customer operations in response and is
overhauling its broadband services.
Analysis i PAGE 17.
Lombard i PAGE 24
bare gap with city’s slumdog millions
JAMES CRABTREE — MUMBAI
A sprawling seaside mansion in Mum-
bai, whose former owners include the
US government and an Indian Maha-
raja, has been sold for Rs7.5bn ($113m)
in the most expensive residential prop-
erty deal in India’s history.
Lincoln House, a 50,000 sq ft heritage
mansion located in the heart of the
country’s financial capital, was bought
by pharmaceuticals mogul Cyrus Poon-
awalla, who plans to use it as a family
residence.
The purchase is likely to exacerbate a
sense of yawning inequalities in Mum-
bai, a city where a handful of prominent
plutocrats own homes with price tags to
rival London or New York, while
roughly half of its 21m population still
live in slums.
It also marks the latest foray into
super prime property for the Poona-
walla family, which attempted to
acquire London’s Grosvenor House
hotel last year.
Its plush new residence, named after
the 16th American president, until
recently housed Mumbai’s US Consu-
late. It was previously known as
Wankaner House, after the Maharaja of
Wankaner, a minor aristocrat, who sold
it in 1957.
Adar Poonawalla, Mr Poonawalla’s
eldest son, who led negotiations over the
purchase, told the Financial Times that
it was “by far the most expensive” deal
for a single residential building in India.
“You might see a lot of these types of
properties in London, but in India there
has been nothing like it for years. It has
location, it has history, it has size, so it
was worth the money,” he said
Cyrus Poonawalla, who is ranked as
India’s 13th richest person by Forbes,
and whose business interests range
from medical vaccines to horseracing,
will not be able to claim the mantle as
the owner of the country’s most expen-
sive home. That title is held by his fellow
billionaire and neighbour Mukesh
Ambani, India’s wealthiest tycoon.
In 2010, Mr Ambani completed
Antilia, a 27-storey residential sky-
scraper about a kilometre from Lincoln
House, estimated to cost at least $500m.
Even so, Mr Poonawalla’s deal is
nearly double the size of any earlier
home sale in India, and also follows a
string of eye-catching purchases by
other prominent industrialists.
Anuj Puri, chairman of property
group JLL India, said it easily surpassed
the previous record: last month’s $64m
purchase of another heritage mansion
in Mumbai by billionaire Kumar Birla.

Subscribe In print and online World Markets

www.ft.com/subscribenow
STOCK MARKETS CURRENCIES INTEREST RATES
Tel: 0800 298 4708
Sep 14 prev %chg Sep 14 prev Sep 14 prev price yield chg
S&P 500 1953.03 1961.05 -0.41 $ per € 1.129 1.129 € per $ 0.886 0.886 US Gov 10 yr 98.46 2.17 -0.03
Nasdaq Composite 4805.76 4822.34 -0.34 $ per £ 1.539 1.541 £ per $ 0.650 0.649 UK Gov 10 yr 101.36 1.86 0.02
© THE FINANCIAL TIMES LTD 2015 Dow Jones Ind 16370.96 16433.09 -0.38 £ per € 0.734 0.733 € per £ 1.363 1.365 Ger Gov 10 yr 103.30 0.66 0.00
No: 38,959 ★★★ FTSEurofirst 300 1393.71 1401.07 -0.53 ¥ per $ 120.065 120.595 ¥ per € 135.590 136.115 Jpn Gov 10 yr 100.41 0.36 0.01
Euro Stoxx 50 3175.62 3187.94 -0.39 ¥ per £ 184.775 185.814 £ index 92.126 92.586 US Gov 30 yr 98.72 2.94 -0.02
Printed in London, Liverpool, Glasgow, Dublin,
FTSE 100 6084.59 6117.76 -0.54 € index 87.587 87.143 $ index 103.468 103.618 Ger Gov 2 yr 101.22 -0.21 0.00
Frankfurt, Brussels, Milan, Madrid, New York,
Chicago, San Francisco, Washington DC, Tokyo, FTSE All-Share 3356.57 3372.85 -0.48 SFr per € 1.096 1.101 SFr per £ 1.493 1.503 price prev chg
Hong Kong, Singapore, Seoul, Dubai CAC 40 4518.15 4548.72 -0.67 COMMODITIES Fed Funds Eff 0.12 0.11 0.01
Xetra Dax 10131.74 10123.56 0.08 Sep 14 prev %chg US 3m Bills 0.02 0.03 -0.01
Nikkei 17965.70 18264.22 -1.63 Oil WTI $ 44.11 44.63 -1.17 Euro Libor 3m -0.04 -0.04 0.00
3 8
Hang Seng 21561.90 21504.37 0.27 Oil Brent $ 47.46 49.04 -3.22 UK 3m 0.59 0.59 0.00
FTSE All World $ 257.87 258.64 -0.30 Gold $ 1104.80 1100.25 0.41 Prices are latest for edition Data provided by Morningstar

9 770307 176623
2 ★ FINANCIAL TIMES Tuesday 15 September 2015

LABOUR LEADERSHIP

Veteran longs McDonnell

speaks
‘Because of the

for ‘overthrow bravery of the

IRA and
people like
Bobby Sands

of capitalism’ we now have a

peace process’
2003

‘[I would like

to] go back to
Shadow chancellor distrusts banks the 1980s and
and the established economic order assassinate
[Margaret]
GEORGE PARKER, VANESSA HOULDER investment in council houses, schools Thatcher’
AND JIM PICKARD
and hospitals paid for in a way that has 2010
The views of John McDonnell, Labour’s left some economists scratching their
shadow chancellor, on big business and heads. Mr Corbyn and Mr McDonnell ‘I would swim
the banks are hardly a secret: he listed believe there is £120bn of uncollected
his hobby in Who’s Who as “generally taxes which can be redistributed for through vomit
fomenting the overthrow of capitalism”. social purposes, while they want to cut to vote against
The 64-year-old is charged by party back on tax breaks for business, and this bill’
leader Jeremy Corbyn with taking on impose a national maximum pay rate.
ON THE WELFARE
George Osborne and shaping thinking They have also proposed “people’s REFORM BILL, 2015
on the economy, rejecting austerity. His quantitative easing” — printing money
appointment shows Mr Corbyn’s deter- — to pay for infrastructure, although Mr ‘The Bank of
mination not to compromise on his Corbyn said last week that simple gov-
hard-left views; the two are friends. ernment borrowing might be more England’s
The shadow chancellor’s stated poli- appropriate in good times. supposed
cies suggest his comment about over- Mr McDonnell has previously argued independence
throwing capitalism was not made for a 60p rate of income tax on earnings
entirely in jest: in a Guardian article last of more than £100,000 and wants to simply meant
month, Mr McDonnell called for “a fun- take back rail and energy companies democratic
damental reform of our economic sys- into state ownership. government
tem”. This included, he said, “legislation Mr Osborne has argued Labour poses
to replace short-term shareholder value a threat to the “security” of the economy decisions being
with long-term sustainable economic and household families, claiming Mr replaced by
and social responsibilities as the prime Corbyn and Mr McDonnell would take the influence
objective of companies”. Britain down a road of uncontrolled
Other key ideas included the separa- spending and debt. ‘Ken and I may remain of shortsighted
tion of investment and retail banking, a Mr McDonnell has an answer to such friends but I will never trust bankers’
financial transactions tax to fund the criticism. “Politicians have patronised
rebalancing of the economy towards him again . . . we are selling 2012

manufacturing, “radical reform” of Video: FT view the people out because those John McDonnell,
auditing and promoting public, co-oper- What does Jeremy Corbyn right foreground,
ative and stakeholder ownership of
becoming leader of the Labour like Ken . . . are clinging to with Ken
companies. These views reflect the vet-
party mean? FT editors give
power’ Livingstone, left,
their views in London in 1982
eran leftwinger’s longstanding distrust www.ft.com/corbyn-win ON KEN LIVINGSTONE, 1985 Ford/Daily Mail/Rex
of the established economic order; in
2012 Mr McDonnell declared “the finan-
cial system has failed us” and called for and talked down to us all when it comes
the state to take control of all national- to our economy but ordinary working Party discipline. EU referendum
ised and subsidised banks. people have to manage on incomes sig-

Shadow ministers at odds on Europe message

The incoming shadow chancellor has nificantly lower than the likes of George
also said Labour should end the inde- Osborne and his friends in the City,” he
pendence of the Bank of England, whose wrote in his Guardian article. “They
role meant that “democratic govern- could teach the bankers and many com-
ment decisions are being replaced by mentators a thing or two about manag-
the influence of short-sighted bankers”. ing a budget responsibly.”
In place of further cuts in government A former mineworkers union official,
spending, Mr McDonnell wants state the shadow chancellor made his name
as a tough operator in the 1980s as dep-
uty to Ken Livingstone at the Greater
Shadow cabinet posts* London Council. Mr Livingstone had to
sack him after he defied Margaret
Thatcher and refused to set a rate.
Leader Jeremy Corbyn Mr McDonnell went on to work for
Deputy leader Tom Watson councils before winning his local seat of
Business Angela Eagle Hayes and Harlington in 1997, establish-
Chancellor John McDonnell ing a reputation as a rebel who twice
Foreign Hilary Benn tried to contest the Labour leadership in
Home Andy Burnham 2007 and 2010: he failed to win suffi-
Justice Lord Falconer cient nominations from Labour MPs. An
Health Heidi Alexander MP for 18 years, he has never served as a
Work and pensions Owen Smith minister or shadow minister.
Education Lucy Powell Mr McDonnell has previously “joked”
Defence Maria Eagle that if had a chance to relive the 1980s
Local government Jon Trickett he would have assassinated Thatcher.
Energy Lisa Nandy He has called for IRA bombers to be
Commons leader Chris Bryant “honoured” for their part in securing a
Transport Lillian Greenwood settlement in Northern Ireland.
Northern Ireland Vernon Coaker His ability to stir controversy could
International devel Diane Abbott become a liability to the Labour leader:
Environment Kerry McCarthy he caused outrage when he said last year
Culture Michael Dugher he would like to “lynch” former Tory
Chief secretary to the Treasury cabinet minister Esther McVey.
Seema Malhotra Hilary Benn, appointed shadow for-
Commons chief whip eign secretary, declined to enthusiasti-
Rosie Winterton cally support Mr McDonnell’s appoint-
* This is an edited list. For the full ment, saying only that he “respected”
list go to www.ft.com/uk Mr Corbyn’s choice.
Janan Ganesh page 13
Benn and McDonnell’s stances
illustrate new world that
leaves stalwarts incredulous
JIM PICKARD
CHIEF POLITICAL CORRESPONDENT
Labour will fight for Britain to stay in
the EU “in all circumstances”, according
to Hilary Benn, the newly appointed
shadow foreign secretary. But the prom-
ise is at odds with John McDonnell, the
shadow chancellor, who said on Sunday
that Labour would reserve the right not
to back the pro-Europe campaign in the
looming membership referendum.
The opposing messages illustrate a
new world that has left New Labour stal-
warts incredulous: one of the tenets of
Tony Blair’s election-winning machines
was total message discipline. That is no
longer the case, under a leadership that
believes it can rewrite the old rules.
Mr Benn told the BBC that the leader-
ship would be campaigning for Britain
to remain part of the bloc “in all circum-
stances”. Jeremy Corbyn, the party’s
leader, “has made it very clear we will
stay to fight for a better EU”, Mr Benn
said. An ally of the shadow foreign sec-
retary said he was simply repeating
Labour’s existing policy, which had not
changed. His declaration is also in line
with the views of most Labour MPs and
trade unions, which regard the EU as a
bulwark against the free market
instincts of the Conservatives.
Mr Corbyn has repeatedly refused to
give unequivocal support to the EU —
suggesting he could campaign for Brit-
ain to leave if David Cameron watered
down workers’ rights in his renegotia-
tion of the UK’s terms of membership.
Lord Mandelson, former Labour min-
ister, warned Mr Corbyn’s ambiguous
stance could undermine the campaign
for Britain to stay in Europe. But while
Mr Corbyn has remained silent on the
issue since his election as leader on Sat-
urday, his senior colleagues seem to be
at odds.Mr McDonnell said just hours
earlier that there were circumstances in
which the party could still argue against
staying in the EU. The party would not
give a “free pass” to Mr Cameron over
membership, he said: “Whatever Cam-
eron comes back with, we will have to
assess what that is. Jeremy has not sup-
ported withdrawal but has not given
Cameron a free pass on it.”
Likewise Chuka Umunna, the previ-
ous shadow business secretary, does not
believe the leader has made an ironclad
commitment to UK membership. Mr
Umunna resigned on Sunday citing Mr
Corbyn’s refusal to commit wholeheart-
edly to the pro-Europe campaign. Mr
Corbyn seems perplexed at the idea that
these divergences in opinion are a big
deal. “We are open to discussion, we are
open to debate,” he said. “Obviously pol-
icy debates will develop. Is there any-
thing wrong in that?”
Splits are appearing in key areas. The
leader is opposed to the Trident nuclear
deterrent. But his deputy, Tom Watson,
made clear on Sunday that he wanted to
keep it. John Healey, who has joined the
shadow cabinet, tried to explain the rea-
soning by saying that the days of looking
to the leader for “the line” were over.
Hilary Benn, the
shadow foreign
secretary, says he
will campaign for
the UK to stay in
Europe
It had always been a fiction that politi-
cians had to pretend to agree with the
leader, he said in an article. “This is one
of the ways in which leading political fig-
ures in all parties become diminished,
distrusted and dismissed by the public.”
Mr Corbyn promised a consensual
style when he talked to potential mem-
bers of his first shadow cabinet.
“His general response was that there
was no bar for anyone being in the cabi-
net, and we could discuss the issues
when we came to them,” said one new
recruit. “He accepted that there would
be disagreements along the way.”
By lunchtime yesterday the shadow
cabinet was complete: despite having no
women in the biggest offices of state,
there were 16 women to 15 men.
The line-up includes one token Blair-
ite, Lord Falconer, one former leader-
ship contender, Andy Burnham, and
one diehard leftwinger, Mr McDonnell.
The problem for many Labour MPs is
that Mr McDonnell is a divisive veteran:
to the extent that some union leaders
begged Mr Corbyn not to give him that
job. Unite, Labour’s biggest donor, advo-
cated Angela Eagle instead. “Everyone
has reassured me that Jeremy is actually
a consensual guy, but I don’t think John
McDonnell is,” said one senior MP.
Some negotiations over the shadow
cabinet collapsed because of unease
over the new leadership’s views.
At least a dozen “moderate” figures in
the upper echelons of the party have
resigned or refused to serve. Others
hope to use their influence from the
inside. “No one five years ago would
have predicted the SNP success in Scot-
land,” said one. “Our job is to hold the
Tories’ feet to the fire over things like
the 8m people who will lose working tax
credits next April. That’s what matters.”

Commons
A private bank unlike
any other. Corbyn opts for sound of silence during frontbench debut
ELIZABETH RIGBY today’s workplace”. “This bill is not a have seen in this country in the last 30 ment was introducing such a system for
DEPUTY POLITICAL EDITOR
declaration of war on the trade union years,” she said. unions while simultaneously automati-
After more than three decades sitting movement,” said Mr Javid. Labour MPs also vented their fury cally taking pension contributions from
on the back benches, Jeremy Corbyn “It is simply the latest stage in the long over the government’s attempts to force wage packets.
made his first appearance in the Com- journey of modernisation and reform. union members to opt in on paying Ms Eagle was more direct as she
30 global locations • www.efginternational.com
mons as the new Labour leader, sitting “It will put power in the hands of the political funds, rather than opting out, accused Mr Javid of trying to dismantle
on the front bench in silence as MPs mass membership; bring much-needed amid concerns that the move will hit the Labour movement.
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014)
traded blows over the trade union bill. sunlight to dark corners of the move- Labour party funding. “They see the trade unions and the
FINANCIAL TIMES newspaper in any manner is not permitted without ment; and protect the rights of everyone Alan Johnson, Labour’s former home Labour party as the enemy and the
Number One Southwark Bridge, London SE1 9HL the publisher’s prior consent.
‘Financial Times’ and ‘FT’ are registered trade marks Studiously thumbing through notes and in this country — those who are union secretary, questioned why the govern- question then is how do you weaken
Published by: The Financial Times Limited, of The Financial Times Limited. with head bowed, Mr Corbyn sat silently members and those who are not, and them, and this is the prism through
Number One Southwark Bridge, The Financial Times adheres to a self-regulation as his newly anointed shadow business those hard-working men and women which we have to see the proposals set
London SE1 9 HL, United Kingdom. regime under the FT Editorial Code of Practice:
Tel: 020 7873 3000; Fax: 020 7407 5700 www.ft.com/editorialcode
secretary, Angela Eagle, challenged the who are hit hardest by industrial out today.”
Editor: Lionel Barber Conservatives over their “blood lust” action.” Some of her colleagues warned that
Reprints for the union movement. Mr Javid calculated that he had the the bill would serve only to enrage
Subscriptions and Customer service: Are available of any FT article with your company Alongside Mr Corbyn were his loyalist public on his side, but the mood in the workers as Geraint Davies, MP for
Tel 0800 028 1407; subscriptions@ft.com; logo or contact details inserted if required (minimum
www.ft.com/subscribenow order 100 copies). lieutenants: John McDonnell, shadow House was tense and angry as opposi- Swansea West, sketched a vision of
One-off copyright licences for reproduction of FT chancellor, and Diane Abbott, shadow tion backbenchers bombarded Mr Javid industrial strife on Britain’s streets.
Advertising: articles are also available. international development secretary. with interventions and angry shouts. “This bill will get people on the
Tel: 020 7873 4000; ukads@ft.com For both services phone 020 7873 4816, or
Letters to the editor: alternatively, email syndication@ft.com
Sajid Javid, business secretary, was Ms Eagle delivered an acerbic speech streets, that’s what it’ll do, it will force
Fax: 020 7873 5938; letters.editor@ft.com resolute that laws to lift the turnout as she accused the Tories of pushing conflict rather than collaboration to
Executive appointments: FT Cityline thresholds for strike ballots were neces- through a “highly ideological” attack increase productivity.”
Tel: 020 7873 4909; www.exec-appointments.com For real time share prices call 0905 817 1690 or go to
http://www.ft.com/servicetools/ftmobile/cityline. Calls
sary. on the unions despite days lost to Through it all, Mr Corbyn sat in
Printed by: cost 75p/min. Praising the union movement for strikes falling 90 per cent in two thoughtful repose, as he let his new lead-
St Clements Press (1988) Ltd, London, Newsprinters helping his immigrant father when he decades. ership team present his administra-
(Knowsley) Limited, Merseyside, Newsprinters Newspapers support recycling worked in the cotton mills and fought a “It saddens me beyond words that tion’s agenda rather than set it himself.
(Eurocentral) Glasgow, and Smurfit Kappa News The recycled paper content of UK newspapers in
Press Ld, Kells, Ireland 2014 was 78.5% “whites-only policy that threatened to we’re here today dealing with the most He returns to more familiar ground
block him from becoming a bus driver”, significant, sustained and partisan today in addressing union activists at
©Copyright The Financial Times Limited 2015. All Mr Javid also said it was time to make attack on 6m trade union members and Angela Eagle and Jeremy Corbyn in the annual Trades Union Congress.
rights reserved. Reproduction of the contents of this
strike laws “modern and right and fit for their workplace organisations that we the House of Commons yesterday Editorial Comment page 12
Tuesday 15 September 2015
Parliamentary vote
Cameron set to
push for RAF
strikes against
Isis in Syria
Government looks to
build cross-party consent
to ratify military action
JOHN MCDERMOTT — AMMAN
GEORGE PARKER — LONDON
David Cameron is likely to ignore oppo-
sition from new Labour leader Jeremy
Corbyn and push for parliamentary
assent next month for British military
strikes against Isis targets in Syria.
Speaking on a visit to Jordan and Leb-
anon, Mr Cameron indicated that the
election of the anti-war Mr Corbyn was
not an insuperable barrier to winning
cross-party support for RAF action in
Syria. While Mr Cameron wants broad
support, he said: “That would depend
on parliament; it does not necessarily
depend on the views of one person.”
Mr Corbyn, the chair of the Stop the
War coalition, rejects UK military action
in Syria. A life-long opponent of nuclear
weapons, he once proposed that taxpay-
ers should have a “right of conscience”
to opt out of funding defence spending.
The prime minister was defeated in
the Commons in 2013 when he sought
permission to bomb the Assad regime in
Syria, but now he wants the consent of
MPs to hit Isis targets there instead.
Although Mr Cameron insisted that
Bashar al-Assad “can’t be part of Syria’s
future”, Tory officials indicated that the
prime minister was unlikely to make a
second attempt to win MPs’ consent to
target his regime with air strikes.
Michael Fallon, the defence secretary,
yesterday held a session with MPs out-
lining the threat posed by Isis as the gov-
ernment pressed the case for military
action in Syria. He described the effect
of RAF bombing against Isis in Iraq over
the past year and explained why it was
essential to extend them to Isis in Syria.
British Tornados and armed Reaper
drones have flown hundreds of missions
in Iraq to support Baghdad’s efforts to
fight Isis.
Last week Mr Cameron revealed an
RAF Reaper had killed two Britons
fighting for Isis in a strike in Syria in
August. Mr Cameron is considering tak-
ing the issue of air strikes on Isis in Syria
to the Commons in October after the
party conference season, but needs to be
assured that he will win.
Mr Fallon has met about 75 MPs from
Tory, Labour and the Scottish National
party to make the case, but the arithme-
tic is fragile. Tory officials estimate that
around 20-30 Conservative MPs would
not back bombing in Syria because of
concern that the UK could be caught in
another Middle East war without a clear
end point.
So Mr Cameron would have to peel off
Labour moderates prepared to ignore
Mr Corbyn’s opposition. There have
been estimates that about 30 Labour
MPs are willing to back action, but that
is more likely to be for extending the
2014 Iraq mission against Isis, not about
bombing the Assad regime.
Asked about whether the refugee cri-
sis had changed his policy towards Mr
Assad, the prime minister insisted:
“What we need is a transition in Syria
from Assad, who can’t be part of Syria’s
future and is unacceptable to his people,
Britain is ready to help on that but we
need the Russians to help us too.”
★ FINANCIAL TIMES
NATIONAL
Syria visit
Needs assessment: David Cameron meets Syrian refugees at a camp in the Bekaa Valley, Lebanon, near the Syrian border — Stefan Rousseau/AFP
Prime minister urges EU to step up refugee aid
JOHN MCDERMOTT — AMMAN
David Cameron yesterday denounced
other European countries for their
responses to the Syrian refugee crisis,
further distancing his approach from
that of fellow EU leaders faced with the
biggest movement of people across the
continent since the end of the second
world war.
On a visit to Lebanon and Jordan,
together home to 2.1m Syrian refugees,
the prime minister said there was a
“moral imperative” for nations to
increase aid spending, brushing off criti-
cism that Britain’s offer to accept 20,000
refugees over five years is paltry.
Speaking in Amman, Jordan’s capital,
ahead of a trip to the Al Za’atri camp
that houses 80,000 refugees near the
border with Syria, Mr Cameron said:
“Britain has given more than 10 times
some of the countries in our region, and
I would encourage others to step up to
the plate and spend and invest in the
way that Britain has done.”
The UK has spent £1bn on aid to
Syria, more than any other EU country,
but less than the US. Critics of Mr Cam-
eron at home and abroad say cash is not
enough: Britain should take more refu-
gees than it has pledged, including those
already within the European bloc.
The prime minister’s comments
underline how he has adopted a differ-
ent stance towards the refugee crisis,
emphasising that Syrians should be
resettled directly from camps.
His censure of European allies’ aid
spending, however, may further sour
relations with other countries, whose
support Mr Cameron will require as he
tries to renegotiate the terms of UK
membership of the EU ahead of a refer-
endum by the end of 2017.
The prime minister added: “Britain
will resettle 20,000 refugees but we will
take them from these camps, we will
take the most vulnerable, we will take
disabled children, we will take women
who have been raped, we will take men
who have suffered torture.
“Other countries should be spending
what we’ve been spending supporting
refugees in this region.” The prime min-
ister also met his Lebanese counterpart
and the king of Jordan.
Labour’s former foreign secretary
David Miliband, who heads the aid
agency International Rescue Commit-
tee, had earlier criticised the UK over the
number of refugees it had taken. “The
UK’s decision to annually resettle 4,000
Syria refugees over the next five years is
the equivalent of accepting the number
arriving on a single day on the beaches of
theGreekislandofLesbos,”hesaid.
“Each country needs to shoulder the
burden and agree to both relocate refu-
3
gees who have reached the continent
and resettle the most vulnerable from
the Middle East.”
This is a suggestion Mr Cameron,
mindful of the electoral challenge posed
by the UK Independence party’s opposi-
tion to migration and pressure from his
own right wing, is unlikely to agree to.
Although the prime minister spent
much of the day in front of refugee chil-
dren in camps and schools in Lebanon
and Jordan, his key audiences were else-
where: public opinion in Britain and the
leaders of other developed countries.
He began his day in Lebanon, meeting
refugees at an unofficial camp in the
Bekaa Valley — less than a mile from the
border with Syria. At the camp, Mr
Cameron said: “I wanted to come here to
see for myself and to hear for myself sto-
ries of refugees and what they need.”
Migrant crisis page 6
Gideon Rachman page 13
4 ★
Think-tank analysis
Minimum wage rise is affordable, study says
Business told higher floor
‘will allow lowest-paid to
share in the recovery’
EMILY CADMAN
A higher minimum wage that takes
effect in April will increase the country’s
total pay bill by 0.6 per cent by 2020,
according to new analysis from the
Resolution Foundation think-tank.
Their study also confirms assump-
tions that the impact will vary consider-
ably between sectors. Of the 6m workers
it expects will gain, nearly half — 2.7m —
work in three sectors: retail, hospitality
and support services.
Teresa Burga’s ‘Cubes’, right
Sergio Lombardo’s ‘John F.
Kennedy’ and ‘Nikita Krusciov’
Unveiled
Tate displays
little-known
pop artists
Healthcare
NHS needs emergency £1bn infusion to maintain standards, says King’s Fund
SARAH NEVILLE
PUBLIC POLICY EDITOR
An extra £8bn of funding promised to
the NHS by 2020 will not be enough,
according to a leading health think-
tank, which has called for an emer-
gency infusion of £1bn to stop services
deteriorating.
The government increased funding by
£2bn in 2015-16 and has agreed to
expand the health budget by a further
£8bn above inflation by the end of the
parliament.
Jeremy Hunt, the health secretary,
has emphasised that no further cash will
Business lobby groups have become
increasingly vocal about the damage
they predict from the chancellor’s deci-
sion to raise the minimum wage for
over-25s to £7.20 an hour.
Paul Drechsler, the new president of
the CBI business lobby, said ministers
had underestimated the “dramatic
impact” of the increase on companies’
profitability and James Hick, managing
director of recruitment company
ManpowerGroup Solutions UK, said it
was “sending shockwaves” though the
labour market.
Report author Conor D’Arcy said that
while “pay rises don’t come for
free . . . with the economy getting
stronger, the vast majority of employers
Pop artworks never before seen in the
UK have gone on display at Tate
Modern in an exhibition revealing the
global range of the 1960s and 1970s
movement.
The genre has been associated with
US and British artists such as Andy
Warhol, Richard Hamilton and Roy
Lichtenstein, whose paintings, silk
screens and sculptures subverted the
commercial imagery of advertising
and consumer design.
Yet without recourse to Warhol’s
cans of Campbell’s soup or
Lichtenstein’s comic-book imagery,
the Tate curators have assembled 160
be made available, noting the promised
£8bn is the sum Simon Stevens, the
head of England’s NHS, identified as
sufficient to maintain services at
current levels.
The King’s Fund said this funding
would not pay for commitments made
since Mr Stevens delivered that assess-
ment, such as a Conservative manifesto
promise of seven-day services.
Chris Ham, chief executive of the
King’s Fund, said as plans were finalised
for November’s review of government
department spending, the Treasury was
“running the show as far as health policy
is concerned”. Its determination to
FINANCIAL TIMES
NATIONAL
should be able to afford the new higher
wage floor, which will allow their lowest-
paid staff to share in the recovery”.
Based on analysis of official wage
data, it estimates that by 2020, the UK’s
total wage bill will rise by 0.6 per cent.
According to the Resolution Founda-
tion’s calculations, businesses with
fewer than 10 employees will see a 1.5
per cent rise in their bill, compared with
0.6 per cent for large employers.
The biggest impact will come in the
accommodation and food sector, which
will face a 3.4 per cent increase, it
estimates. By contrast, there will be no
impact on wages in the finance and
insurance sector, it suggests.
Mr D’Arcy said that while the size of
works by 64 artists from Latin
America to the Middle East, many
hitherto unrecorded in the
movement’s canon.
“The few white male artists working
in America have come to be seen as
emblematic of pop art and this show
explodes that narrative,” said Judy
Chicago, a US artist whose work is
included in the show.
Pop Art has been associated with
consumerism, but was often used
outside the US to highlight themes of
political conflict or protest such as
Israeli artist Joav BarEl’s “Kennedy
Assassination” (1968), or Spanish
secure balanced budgets was in conflict
with the health department’s focus on
quality and standards, said Prof Ham.
In its submission to the spending
review, the fund said emergency fund-
ing of about £1bn would be needed if
standards of care, and access to services,
are not to deteriorate.
Prof Ham warned: “If the Treasury is
Jeremy Hunt, the
health secretary,
has stated that
no further cash
will be made
available
Lobby groups
Directors react with caution to Labour’s new leadership
VANESSA HOULDER
Business has reacted warily to Labour’s
radical new leadership and its propos-
als to “reshape the economy” and
increase taxes on the wealthy and big
corporations.
Lobby groups were hoping for a period
of reflection and information gathering
before policies were drawn up. Stephen
Herring, head of tax policy at the
Institute of Directors, said: “What we
the increase will be challenging for some
sectors, “past experience tells us that
most [employers] absorb the pressures
via some combination of small increases
in prices, a dip in profits and productiv-
ity gains”.
JD Wetherspoon, which runs a chain
of pubs, is one of many in the hospitality
sector to have warned it faces problems
from the higher wage, arguing that pubs
in less prosperous areas may be forced
to close.
The think-tank points out that despite
the controversy over the introduction of
the first national minimum wage in
1999, there had been broad political
agreement that the Low Pay Commis-
sion, which advises the government on
artist Joan Rabascall’s “Atomic Kiss”,
which merges bright red lips with an
atomic mushroom cloud. “Dieu de
Guerre” (1967-8) by Ulrike Ottinger, a
German film-maker and pop artist,
depicts the Vietnam war and the
protests of May 1968 as part of a
brightly coloured pinball machine.
“This is a story we haven’t told
before,” said Jessica Morgan, director
of the Dia Art Foundation in the US,
and until January a curator at Tate
Modern, who began researching for
the exhibition five years ago.
The show also exposes the unsung
role of women in the pop art
running the show as far as health policy
is concerned, and their overriding
agenda is getting budgets back into bal-
ance, the only way, sensibly, you can do
that is to start cutting back on staff.”
Mr Hunt has announced a cap on the
sums paid to temporary agency staff.
However, Prof Ham argued: “At some
point you’ve got to go into staff on the
payroll.”
Arguing for emergency deficit fund-
ing to sustain the service, the fund’s sub-
mission said even the most prestigious
and well-run hospitals were forecasting
deficits and the NHS was on course to
overspend in the current financial year.
are trying to do is focus on official
announcements rather than focus too
much on what people have said in the
past.” Another said: “It’s hard to know
what is for real. We are still trying to
work it out.”
Officially, the CBI employers’ group
said it looked forward to working with
Jeremy Corbyn, the new leader, adding
that businesses would want him to
support “a pro-enterprise agenda that
will spur growth and create jobs”.
the national minimum wage, had man-
aged to navigate the challenge of setting
a wage that helps low-paid workers
without damaging their employment
prospects.
It calls for the commission — which
was sidelined for the most recent
announcement — to be given additional
powers and resources “to ensure this
move into uncharted territory has the
best possible navigation”.
John Cridland, CBI director-general,
said that the impact of “artificially
increasing pay packets” would go
beyond those paid just the minimum
wage because many business would
need to raise wages for other skilled staff
to maintain pay differentials.
Judy Chicago with ‘Flight
Hood’ and ‘Birth Hood’
Boris Bucán’s ‘Bucán Art’
All pictures: Anna Gordon
movement, with works from Slovak
artist Jana Želibská, Brazilian Anna
María Maiolino and Argentina’s Delia
Cancela among others.
Ms Morgan said women artists had
often been unable to continue their
careers because of the pressures of
domestic life and the disruption this
caused to relations with gallerists.
“Because the histories were not
written at the time the work was
produced, we simply forget about
them,” she said.
The EY Exhibition: The World Goes
Pop, runs from Thursday to
January 24, 2016. James Pickford
Amid speculation that the Treasury
will seek to delay most of the £8bn
already pledged until the second half of
the parliament, the fund added that it
was “essential” the money was paid
from 2016-17 “to avoid an accelerating
decline in performance and quality”.
In addition, it said, a “transformation
fund” was essential to bring productiv-
ity improvements and support the
development of new ways of working in
health and social care.
Working with the Health Foundation,
another think-tank, it found that £1.5bn
to £2.1bn a year was required from
2016-17 to 2020-21.
The business lobby group briefly
congratulated John McDonnell on his
appointment as shadow chancellor
but reserved its politest words for
Angela Eagle, the newly-appointed
shadow business secretary. John
Cridland, CBI director-general said
business had “worked positively” with
her in the past.
Other business groups stressed their
eagerness to engage with Labour’s new
team, while expressing reservations
Tuesday 15 September 2015
Internet of things
5G centre
aims to be
world beater
in mobile
technology
DANIEL THOMAS
TELECOMS CORRESPONDENT
Britain is trying to get a head start in
the development of 5G mobile technol-
ogy, which will enable self-driving cars,
with the launch of Europe’s largest aca-
demic research centre.
Today, the UK 5G Innovation Centre will
open at the University of Surrey with
more than 170 researchers, making it
the largest European centre dedicated
to the development of the next genera-
tion of mobile services.
The centre is funded by £12m from
the Higher Education Funding Council
for England, and more than £68m from
a number of groups including EE, Hua-
wei, Telefónica, Vodafone, the BBC, BT,
Fujitsu and Samsung.
These companies are hoping to
achieve an advantage in a global race to
develop the standards that will under-
pin 5G, which experts expect will be cru-
cial to the development of the so-called
“internet of things”.
Even though many mobile users are
only just adjusting to the introduction of
faster 4G smartphones, the telecoms
industry is working on plans for the next
significant development to link more
services. Professor Rahim Tafazolli,
director of the centre, said that 5G
would be crucial in connecting the bil-
lions of devices that are expected to be
in use.
Experts forecast a 1,000-fold increase
in the demand for wireless capacity dur-
ing the next decade, with Ericsson, the
Swedish telecoms group, expecting up
to 50bn connected devices globally by
2022.
Ofcom, Britain’s telecoms regulator,
says that 5G will be able to deliver data
speeds up to 50 Gbit/s, or more than
Experts forecast a 1,000-
fold rise in the demand for
wireless capacity during
the next decade
3,000 times faster than 4G in the UK.
The volume of data that can be carried
in the networks will be between 100 and
1,000 times higher.
In reality, no one could use such
speeds on existing devices or feel much
of a difference from the sorts of speeds
that modern versions of 4G will be capa-
ble. So far, the generations of mobile
from 2G to 4G have largely been about
making the internet faster or speaking
clearer. However, 5G is designed to be
used to make connections with things
that people rarely think about, such as a
sensor on their alarm clock, a traffic light
that changes automatically depending
on demand, or a public rubbish bin that
alertsthetruckswhenithasbeenfilled.
Prof Tafazolli said the technology
would create the appearance of unlim-
ited internet access, with sufficient
speeds for every use, no matter how big
or small.
He added that the key could be
“latency”, the amount of time it takes
for data to pass through the system and
reach a device. Services using 5G will
need to respond in a millisecond, about
50 times faster than 4G, to make real-
time applications such as self-driving
cars possible.
Companies are working on similar
technology, which will become the
industry standards. There is money at
stake in owning the patents for the next
generation of mobile services.
The University of Surrey is not the
only UK institution to be working on 5G,
with a recent collaboration agreed
between Ericsson and King’s College
London, and with multiple streams of
research being done in company labs
and college campuses around the world.
Some countries are also seeking to
take a lead, with Ofcom in the UK con-
sulting on using the spectrum above
6 GHz for 5G use. This is mainly used by
the government or public bodies.
Editorial Comment page 12
about its policies. Simon Walker, direc-
tor general at the IoD, said: “It is no
secret that business has not always seen
eye-to-eye with the new leader of the
opposition.
“From renationalising the railways, to
raising taxes on businesses and increas-
ing government spending, Mr Corbyn
has proposed some policies in the lead-
ership campaign that we believe would
undermine our open and competitive
economy.”
Tuesday 15 September 2015 ★ FINANCIAL TIMES 5
6 ★★★ FINANCIAL TIMES Tuesday 15 September 2015

MIGRANT CRISIS

Berlin retreat Relocation scheme

Merkel counts cost of refugees welcome Hungary

Mixed messages over
border controls dent
confidence in chancellor
STEFAN WAGSTYL — BERLIN
Chancellor Angela Merkel knew her
decision earlier this month to relax the
rules on Syrian refugees flooding into
Germany involved risks.
But she cannot have expected to run
into trouble quite so soon. A week after
she announced that Europe’s biggest
economy was in a position to welcome
far more asylum seekers than previ-
ously thought possible, Ms Merkel has
gone into retreat and imposed emer-
gency border controls.
Before that, the German chancellor
was hailed as a saviour, not least by the
asylum seekers, with some bearing
banners saying “Merkel is our mother”.
Germans spoke of a new chapter in their
history, taking the country further away
from associations with its Nazi past.
While the reimposition of border
controls, in line with EU law, is partial
and temporary, the mixed messages it
sends reveal the pressures facing Ms
Merkel at home, in the EU and in the
Middle East.
“I would not say there is panic [in Ber-
lin],” says Carsten Nickel, an analyst
with Teneo Intelligence, a political
research company. “But they are feeling
a little overwhelmed.”
In spite of government denials that its
decision to relax the rules was a mis-
take, it is clear that confidence in Ms
Merkel’s judgment has been dented.
The liberal Süddeutsche newspaper
said: “Borders open, borders closed.
Nobody dares to forecast what will
happen . . . However, many ask
whether the chancellor has a plan at all.”
Asylum. Lack of resources
The immediate reason for Ms Mer-
kel’s shift is the shortage of beds in refu-
gee reception centres, notably in the
southern region of Bavaria, where the
bulk of the migrants have been arriving.
Officials argue that a temporary
reprieve will give regional administra-
‘I would not say there is
panic [in Berlin]. But
they are feeling a little
overwhelmed’
tions time to organise new arrival
centres, for example in sports halls.
Also, Ms Merkel is faced with growing
complaints from political leaders in
Bavaria, which is ruled by the conserva-
tive CSU, regional sister party to her own
CDU. CSU chief Horst Seehofer con-
demned her “open-doors” decision as a
mistake and his colleagues complained
other German regions were failing to
pull their weight by taking refugees
away from Bavaria in line with a long-
standing countrywide pact. Mr Seehofer
yesterday welcomed the decision to
impose controls as “an opportunity to
bring order into the whole system”.
Meanwhile, Berlin wants to apply the
maximum pressure to fellow EU states
which have mostly left it to Germany,
Sweden and Austria to accept the wave
of asylum seekers. Germany is particu-
larly incensed that eastern European
states are dragging their feet even after
benefiting from western Europe aid,
with Germany paying the biggest share.
Last week, German foreign minister
Frank-Walter Steinmeier failed to win
significant concessions at a Prague
meeting with his Czech, Slovak, Hun-
garian and Polish counterparts. With
EU interior ministers meeting yester-
day — and a possible national leaders
summit being touted — Berlin sent what
a senior CDU official said was “a clear
signal” to its reluctant EU partners.
“It is clear that our decisions [to reim-
pose border controls] are influenced by
action in Europe and by simply looking
at the situation in Munich station and
other places in Germany,” said Steffen
Seibert, a government spokesman.
With Austria following Germany in
bringing back border controls, pres-
sures will increase in Hungary, where
refugees arrive after crossing the Bal-
kans. With exit routes to Austria
restricted, these arrivals might force
Budapest to compromise with Berlin.
However, the real test of Sunday’s
decision will be how it influences the
refugees after Ms Merkel’s earlier wel-
coming statements generated a wave of
euphoria about Germany.
Gideon Rachman page 13
and Czech
Republic lead
objections to
sharing plan
DUNCAN ROBINSON AND JIM BRUNSDEN
BRUSSELS
EU efforts to agree a binding plan to
share out 120,000 refugees fell apart
after a minority of countries led by
Czech Republic and Hungary objected
to a heavily watered down proposal.
After six hours of argument, member
states failed to reach unanimous
agreement on the plan, although a
majority — including France and
Germany — supported the scheme.
Countries in favour of the plan will
instead try to force through a deal at
another meeting in October with a
qualified majority, setting the stage for a
bitter diplomatic fight in the interven-
ing period.
Although qualified majority votes
are used under EU laws, they are rarely

German system creaks under weight of arrivals
Authorities are struggling
to cope with the sheer
numbers of desperate people
JEEVAN VASAGAR — BERLIN
The wait is not counted in minutes or
hours but days. Each morning, hun-
dreds of refugees queue outside a
shabby 10-storey concrete block in
western Berlin waiting for their number
to flash up on an electronic display.
The building is Berlin’s Office for
Health and Social Care, where refugees
register for housing and healthcare. So
many people must wait for so long that
the authorities have set up a marquee to
provide a daily breakfast and lunch.
“Germany is a very good country, but
I don’t know what’s happened here,”
said Mahmoud Aslan, 27, a Palestinian,
waiting his turn outside the office block.
“I have been here for 20 days, and some
people for 25. I come at 7 o’clock, but
some people are already here at 5
o’clock.”
The speed and scale at which
migrants have been arriving in Ger-
many is straining its asylum system to
the limit, contributing to the govern-
ment’s extraordinary decision on Sun-
day to reimpose border controls.
When tens of thousands of refugees
rolled into Munich’s main train station
in recent weeks they were met, at first,
with warmth and efficiency. After being
given water and fruit at the station, they
were spirited to reception centres
within an hour of their arrival.
But German authorities soon strug-
gled. Across the country, municipalities
hunted for emergency accommodation;
the hangars at Berlin’s disused Tempel-
hof airport will be pressed into service,
along with disused army barracks and
office blocks.
Bavaria, the focal point of the crisis,
appealed for aid from other federal
states. But these too say they are now
overwhelmed. Having planned for
450,000 arrivals this year, Germany’s
regional authorities must scale up to
find space for 1m.
Officials in Saxony, for example, say
this means they must increase the
number of spaces in their state’s recep-
Official welcome: tion centres from about 4,000 in August
a migrant is to 13,500.
registered by North Rhine-Westphalia, Germany’s
police in the most populous state, accepted 10,000
south German refugees on specially commissioned
border town of trains from Bavaria in the past week.
Freilassing Officials there doubt this scale of arriv-
yesterday als can be sustained for much longer.
Philipp Guelland/Getty Images
Regional authorities estimate the
costs of providing for a single asylum
seeker at €10,000 a year.
Even before the most recent influx the
system was already creaking. Germany
had a backlog of about 305,000 pending
asylum applications at the end of June,
more than every other EU nation com-
bined, according to Eurostat data.
Speeding up the asylum process is
critical to freeing up the system. Ger-
man authorities take around five
months to process applications, com-
pared with an official target of less than
three months.
The delay is partly due to the sheer
weight of applications, which have been
rising dramatically since 2013, but also
the legal demands on German officials.
The EU’s so-called Dublin regulation
requires refugees to claim asylum in the
member state in which they first arrive.
About a fifth of Germany’s initial asy-
lum claims last year were Dublin cases
— some 35,000 in total. Scrutinising the
claim to determine to which EU country
migrants should be returned is time-
consuming. It is also frequently point-
less, since the decisions can be chal-
lenged under human rights legislation.
“In many cases asylum seekers take
legal action against a Dublin transfer,”
according to Dietrich Thränhardt, a
migration expert at the University of
Münster. “The court decisions mean
that returns to Greece, Italy, Bulgaria or
Hungary don’t happen.”
Berlin said last month that it was
relaxing the Dublin regulation for Syr-
ian refugees, partly to reduce the
administrative burden. But doing so
appears to have raised expectations
‘I have been among other refugees, and may have
encouraged thousands more to make
here for the journey. Yet another reason for Ger-
20 days many’s snarled asylum system is a lack
of staff at the Federal Office for Migra-
and some tion and Refugees, where operations
people were wound down after the Balkan wars
of the 1990s.
for 25’ Outside Berlin’s Office for Health and
Social Care, the crowd is orderly and
Mahmoud good-natured. Hundreds of refugees,
Aslan
some of them young mothers holding
babies, patiently wait their turn. The air
in Berlin is acquiring an autumnal chill,
and many are wrapped in blankets.
Berlin’s city government said the scale
of the arrivals had overwhelmed staff.
The slow pace takes a toll on refugees
too. Mr Aslan said: “I don’t have any
papers and that means I don’t have
money for the bus. I borrow from my
friend to come here. I lost my bags in the
sea between Turkey and Greece, lost all
my money, and I’m not the only one. So
many of the people [here] are like me.”
used to force through decisions on
politically sensitive topics against vocal
opposition.
Hungary was supposed to be one of
the beneficiaries of the scheme, but has
opposed it, arguing that it is not a front-
line country and that it has only suffered
a huge influx of migrants because
Greece has failed to manage its borders.
Officials also say it would risk turning
the country into a holding pen for
migrants who do not want to stay there.
French interior minister Bernard
Cazeneuve criticised those countries
opposed to the measures. “Europe is not
Europe à la carte. If Europe wants to
surmount this humanitarian challenge,
it is necessary that all countries live up
to their responsibilities.”
Alongside Hungary, the Czech Repub-
lic also refused to sign up to the
proposals, saying it would oppose
efforts to introduce an automatic relo-
cation scheme. Romania and Slovakia
were also against the scheme.
Hungary has pushed for a summit of
EU leaders, where any decision has to be
taken by consensus — which requires a
unanimous decision — according to two
diplomats familiar with the situation.
Although migration policies can be
introduced on a qualified majority
basis, EU officials had hoped to reach a
deal with unanimous backing.
This means that the target of 120,000
refugees is likely to be introduced
in some form, even if it amounts to
little more than a pledge to volunteer
places.
The failure to reach a deal comes as
national capitals reintroduced border
controls across routes used by migrants
and asylum seekers trying to reach
western Europe.
“To say, let’s shut all the borders and
keep everyone out . . . is impossible,”
said Frans Timmermans, first vice-
president of the European Commission.
“To say, let’s open all the borders and let
everyone in is equally unrealistic.”
Britain, which has an opt-out, out-
lined its opposition to the plan originally
put forward by Jean-Claude Juncker, the
European Commission’s president.
European ministers did sign off on a
scheme to share out a maximum of
40,000 refugees, but this had already
been agreed over the summer.
Plans to allow countries to duck out of
the scheme in exchange for a fee worth
0.002 per cent of gross domestic
product were discussed for less than one
minute, according to one diplomat.

Mareb offensive

Saudi-led coalition signals intent to retake Yemen capital

PETER SALISBURY — NEW YORK
SIMEON KERR — DUBAI
The Saudi-led coalition in Yemen has
launched what it says is a major offen-
sive against Houthi forces in the oil-
rich central Mareb province, in the lat-
est sign that it is planning to retake
Sana’a, the Yemen capital, from rebel
control.
The assault began on Sunday with heavy
aerial bombardment of positions held
by the Houthis and military units loyal
to former president Ali Abdullah Saleh.
Tribal militias backed by coalition
forces and supported by helicopter gun-
ships moved on Mareb city, 200km east
of the capital Sana’a, and Sirwah.
The offensive came shortly after
Yemen’s president in exile, Abd Rabbu
Mansour Hadi, announced that his gov-
ernment would not take part in UN-me-
diated peace talks with the Houthis and
loyalists to Mr Saleh in the Omani port
city of Muscat.
The United Arab Emirates official
news agency said Emirati troops had
launched a “successful” ground offen-
sive against Houthi rebel militias in
Mareb as part of the Saudi-led coalition.
The news agency said one Emirati serv-
iceman had died in the operation, bring-
ing to 58 the announced UAE death toll
during the conflict.
The renewed offensive came after a
third failed attempt by the UN envoy to
Yemen, Ismail Ould Cheikh Ahmed, at
convincing the Hadi government,
Houthis and Saleh loyalists to agree to
take part in peace talks aimed at bring-
ing the fighting in Yemen to an end.
The UN has become more concerned
about the situation in Yemen, which has
become one of the worst humanitarian
Under attack: a Saudi-led air strike targets Sana’a yesterday — Hani Mohammed/AP
crises in the world, claiming the lives of
more than 2,000 civilians since the
ousting of Mr Hadi by Houthi forces ear-
lier this year.
The Mareb assault illustrates the
determination of the Saudi-led coalition
to push into Sana’a rather than broker-
ing a deal to end the war.
At least 60 coalition soldiers, mostly
Emiratis, were killed earlier this month
in a Houthi missile attack on a Mareb
base that blew up an ammunitions
dump.
UAE leaders have vowed to redouble
their efforts to push the Houthis and
Saleh forces out of the capital.
The conflict is an increasingly bloody
aspect of the proxy cold war between
the mainly Sunni Gulf states and Shia
Iran.
Riyadh and Abu Dhabi say Iran is
backing the Shia Houthis — an accusa-
tion denied by the Yemeni group —
in what they regard as the latest
example of Tehran’s interference in the
Arab world, including Syria, Iraq and
Lebanon.
An assault on the capital has been
mooted since Yemeni fighters, trained
in Saudi Arabia, helped push the
Houthis and Saleh loyalists out of the
southern port city of Aden in July with
the backing of Emirati troops.
Since August, Yemeni fighters trained
in Saudi Arabia and troops from the
10-country, Saudi-led coalition have
been arriving in Mareb in preparation
for an assault, but until the most recent
bout of fighting had not joined local
tribes in fighting the Houthis.
The assault follows weeks of intense
negotiations between the coalition and
key tribal leaders, people in close con-
tact with the Mareb tribes say.
Tuesday 15 September 2015 ★ FINANCIAL TIMES 7

INTERNATIONAL

Fed assesses Weighing the numbers

US real GDP growth

financial market
Change on previous quarter (SAAR*, %)
5

turmoil ahead of 3

rates decision 0
1

-1
Those urging the central bank to hold 2013 14 15
fire have recent history on their side US non-farm payrolls
Change on previous month (’000)

SAM FLEMING — WASHINGTON
When Federal Reserve policymakers
gather this week to decide whether to
tighten monetary policy, they will be
well aware that recent movements in
financial markets have already done a
lot of work for them.
The combination of a higher dollar,
wider credit spreads and lower share
prices has prompted some forecasters to
pare back their growth forecasts, and
will give ballast to arguments by officials
on the Federal Open Market Committee
who want the central bank to stand pat
on Thursday.
Those calling for the central bank to
hold fire have recent history on their
side. Minutes to the Fed’s meeting in
September 2013 showed officials argu-
ing against “tapering” asset purchases
because financial conditions had “tight-
ened notably” following the market tan-
trum triggered by then chairman Ben
Bernanke a few months earlier.
Angel Ubide, a senior fellow at the
Peterson Institute for International Eco-
nomics, said that recent movements in
financial markets and commodity
prices could lead to weaker forecasts
than in June. “If in June you didn’t have
the conditions to hike rates, why should
you now?” he said.
“If they don’t think tightening finan-
cial conditions at this point is a good
idea, they should hold and signal that
when the economy and market look
better they can hike.”
Tomorrow and Thursday, officials
will review a mixed picture. Recent eco-
nomic data tracking the domestic econ-
omy have been solid, with gross domes-
tic product rising at a 3.7 per cent annual
pace in the second quarter and the
third-quarter numbers on track for 2.2
per cent expansion, according to Macr-
oeconomic Advisers.
Jobs growth in August was strong
enough to drive unemployment down to
5.1 per cent, putting it in line with the
Fed’s current estimate of full employ-
ment. If that were the only yardstick,
Fed officials could argue that it is time to
start tightening policy, given models
that suggest higher wages and inflation
should follow. Weighed against this,
however, is depressed core inflation of
just 1.2 per cent, and lower inflation
expectations.
In addition, policymakers do not yet
know how the ruckus in financial mar-
kets will affect the economy this
autumn, and some will want to wait and
see. Calculations from Goldman Sachs
suggest that there has been a 50 basis
point tightening in financial conditions
since early August, about 20 per cent of
which was driven by the higher dollar.
The disadvantage of waiting, accord-
ing to Lou Crandall, chief economist at
Wrightson ICAP, is that having spent
months priming investors for a rise, the
Fed would be perpetuating the market
uncertainty over when it will finally pull
the trigger: “The incentive to go now
rather than wait is to resolve uncer-
tainty, and for the Fed to remove itself as
a source of volatility in the market.”
On Target: one Fed officials face a number of policy
of the top US options on Thursday, and just as impor-
retailers seeks tant as the decision on rates is the mes-
new workers saging that accompanies it. If the Fed
in Miami this opts not to increase rates, it could either
month. The couple that with language that suggests
national jobless a move remains imminent this year, or it
rate is 5.1% could open the door to lift-off happening
Joe Raedle/Getty Images
in 2016 instead.
Staying on hold in September would
leave the Fed with two more meetings in
2015, in October and December.
The disadvantage of a rise at the Octo-
ber meeting is that it comes less than six
weeks after this week’s gathering, and
Janet Yellen, who chairs the Fed, has no
scheduled press conference that day,
meaning an impromptu one might have
to be called. That would be a messy way
of explaining a seminal moment for US
monetary policy.
Muddy messaging from the Fed over
policy in recent weeks has left it open to
criticism. Roberto Perli, a former Fed
official now at Cornerstone Macro, said
that Fed communications had left inves-
tors confused, and that the central bank
had not done enough to set out the argu-
ments for a change in policy.
“One reason the Fed has not commu-
nicated as clearly as you might hope is
there may well be conflicting views on
the committee itself, and they are look-
ing at conflicting information,” he said.
“But normally when the Fed approaches
an important decision you would expect
it to lay out the case clearly. They have
not laid out the case clearly and effec-
tively for or against a hike.”
He said that it was “notable” that
nothing had been heard from Ms Yellen
since her July testimony to Congress.
Among the areas that investors were
struggling to understand, was why the
400
300
200
100
0
2013 14 15
* Seasonally adjusted annual rate
Source: Haver Analytics
Fed saw an argument for increases when
inflation remained dormant. He added
that there were signs of declines in mar-
ket inflation expectations when lift-off
signals got stronger, which was a sign
that people think a rise would be a “pol-
icy mistake”.
Some economists add that the Fed’s
claim to be “data dependent” in consid-
ering policy has exacerbated recent
market swings by focusing investor
attention on volatile individual eco-
FT series: nomic releases.
When rates rise The Fed has pushed this “data
For in-depth dependency” as it tried to wean the
analysis of what
a Fed rate rise markets off forward guidance, where it
will mean, plus gives clear assurances in advance about
video and what policy will do. At the same time,
podcast however, the Fed wants to avoid unex-
explainers pected jolts to the markets, and as a
ft.com/raterise result it has signalled that any increases,
when they come, will be “gradual”.
8 ★
Business reform
Beijing’s overhaul of state
groups faces compromise
Efficiency drive planned
but some managers keen
to preserve status quo
GABRIEL WILDAU — SHANGHAI
China’s release of a long-awaited plan to
overhaul the country’s bloated state-
owned enterprises has proved another
triumph for entrenched interests over
the broader economy.
Reform of the SOEs, which control
everything from telecoms to banking
but produce returns far inferior to their
private peers, is widely regarded as the
key element of the broad economic
reform plan released by top Communist
party leaders at a plenary meeting in
November 2013. The slowing economy
makes it more vital still.
The nub, as ever, is that the status quo
works for some: SOE management and
their political patrons have grown rich
over the past decade because of prefer-
ential access to loans from state banks
and protection from competition.
“Any reform plan is a compromise of
different constituencies, and SOE
reform is no different — in fact, it’s par-
ticularly so. It cannot fully satisfy the
market,” said Tao Wang, chief China
economist at UBS.
The latest plan aims to improve SOE
efficiency and competitiveness without
relying on outright privatisation. Its
approach reflects contradictions inher-
ent in the 2013 reform blueprint, which
urged giving markets a “decisive role” in
resource allocation while preserving a
“dominant role” for the state sector.
The question is whether incremental
changes, including minority stake sales,
stock market listings and changes to
how directors and executives are
appointed will be sufficient to funda-
mentally reshape the state sector.
The influence of conservative ele-
ments keen to protect SOE privileges is
clear. The call to promote “mixed own-
ership” of SOEs — a euphemism for par-
tial privatisation — is followed by cau-
tion to protect against the “leeching
away of state assets”, a reference to wor-
ries about national wealth being sold off
on the cheap. The plan wants to increase
financial returns but also calls for
strengthening party control.
On the positive side, the emphasis on
stock market listings was stronger than
expected. Most large SOEs completed
listings on Hong Kong and mainland
bourses in the past decade, but the free
float is typically less than 20 per cent.
The current plan says any assets that
can be listed should be. The hope is that
governments will be forced to improve
the performance of previously unlisted
assets or dispose of them.
“A lot of SOEs are really happy being
SOEs and a number of them are trying to
come to terms with having to think
about return on capital,” said Jonathan
Slone, chief executive of CLSA, the Asia-
focused brokerage owned by Citic Secu-
rities, China’s largest brokerage.
Average return on assets for state
companies was at about 4.6 per cent in
2014, compared with 9.1 per cent for pri-
Ivory Coast paves way for peaceful poll
President poised to win next
month’s election on record
of raising living standards
MAGGIE FICK — ABIDJAN
Strong growth in francophone Africa’s
largest economy will ease tensions that
have in the past boiled over into war and
have already boosted the chances of a
peaceful election next month, said Alas-
sane Ouattara, the internationally
backed president of Ivory Coast.
“If people are in better living condi-
tions, there is less stress and less prob-
lems,” Mr Ouattara told the Financial
Times last week. He is widely expected
to win the October 25 election.
Ensuring that the “fruits of growth”
reached the poor was his priority, he
said, suggesting better living standards
for all reduced the chances that disen-
franchised citizens would be “manipu-
lated” into fighting again.
After the 2010 presidential election in
Ivory Coast, 3,000 people were killed
duringfightingwhenincumbentLaurent
Gbagbo refused to leave office. Since
then, Mr Ouattara says he has applied
“the basic lessons of good economic poli-
cies” to lift the world’stopcocoaproducer
out of the stagnation it suffered during
the decade of conflict that preceded his
installation as president, with French
help,aftertheturbulentvote.
INTERNATIONAL
Joint venture: Dongfeng Peugeot-Citroën’s plant in Wuhan, Hubei — Darley Shen/Reuters
Oil company
Anti-corruption drive
forces CNPC sell-off
China National Petroleum Corp,
China’s largest oil company, is
shedding several non-core
businesses, including a chain of
hotels and a taxi business, as state-
owned companies come under
pressure from the government to
dispose of lucrative but often
corrupt enterprises.
China’s two-year, anti-corruption
drive has targeted the perks of
office of government and state-
owned enterprise employees,
ranging from annual new year
banquets and gifts of mooncakes to
the privileges that allow people
employed by the state to enjoy a
quality of life well above their
official salary levels.
The result has been a slowdown
in demand for Swiss watches,
foreign wines and other high-end
products in China, previously one of
the fastest-growing markets for
luxury goods in the world.
Beijing’s anti-corruption drive
has disproportionately affected
CNPC, a former power base for
Zhou Yongkang, the now disgraced
energy and security tsar. Lucy
Hornby in Beijing. Additional
reporting by Owen Guo in Beijing
Interview. Alassane Ouattara
The economy grew at an average of 9
per cent annually in the last three years,
helped by the return of foreign investors.
While growth is forecast to be lower this
year, investor interest is strong, in con-
trast to other African states hit by the
fallout of the crash in commodities
prices. Ivory Coast, not a big exporter,
has been largely protected from the oil
price crash, Mr Ouattara said. Prices for
cocoa, the main export, remain competi-
tive, helped by weak output in Ghana,
the second-largest producer. The Ivorian
currency, the west African CFA franc
President Alassane
Ouattara remains a
divisive figure in
the Ivory Coast
used by seven other nations in the
region, is pegged to the euro, an advan-
tage at a time of relative euro weakness,
Mr Ouattara says, as key commodity
exports are priced indollars.
One of his core achievements, he says,
is reform that brought a greater share of
the value of cocoa and cashew crops to
farmers. “An important element [of
achieving] reconciliation is to improve
the living conditions of people and this
has happened,” he said, citing invest-
ment in potable water as an example.
But he remains a divisive figure, evi-
denced by the support that remains for
FINANCIAL TIMES
vate businesses, according to estimates
by Gavekal Dragonomics, a Beijing-
based economic research company.
“There are conversations with invest-
ment banks, asking, ‘If we do this, how
will the market react’,” adds Mr Slone.
An issue largely unaddressed in the
plan is whether SOEs will be allowed to
fail. In the previous round of Chinese
SOE reform, led by then-premier Zhu
Rongji in the late 1990s, tens of thou-
sands of SOEs were privatised or liqui-
dated, resulting in more than 25m
employees being laid off. The current
plan refers in passing to SOE “exits” but
does not dwell on it. The emphasis is on
strengthening the state sector rather
than shrinking it.
Yet some analysts fear without more
aggressive sell-offs, the weaker parts of
the state sector will turn into zombies,
kept alive on bailouts and cheap credit.
With the plan itself a grab bag of initi-
atives meant to satisfy various interests
and ideological camps, much depends
on implementation. While acknowledg-
ing limitations, Ms Wang sees it as a
modest step in the right direction.
“People from the financial markets
and media tend to look for things like
major privatisation,” she said. “That’s
out of the question. But developing
mixed ownership and IPOs . . . that’s
state divestment. It’s significant.”
Additional reporting by Ma Nan and Jen-
nifer Hughes in Hong Kong
FT Big Read page 11
Shanghai Notebook page 12
Lex page 16
Mr Gbagbo, who won 46 per cent of the
vote in the 2010 run-off that sparked a
brief war. Mr Gbagbo awaits trial in The
Hague on charges linked to the violence.
Pascal Affi N’Guessan, from Mr Gbagbo’s
Ivorian Patriotic Front, is an opposition
candidate, but Gbagbo loyalists accuse
him of betrayal for contesting the elec-
tion and plan to boycott it. The lack of a
united opposition means the polls are
unlikelytobehotlycontested.
Diplomats and analysts say apathy
was evident from low participation in
voter registration. Given the split in Mr
Gbagbo’s party, many opposition voters
may not go to the polls. The president
says: “One has to have an opposition in a
democratic system. Some people are
not happy with my government, that’s
normal. They should be in a democratic
process to work for an alternative.”
Scott Straus, a political-science profes-
sor at the University of Wisconsin —
Madison in the US, says Mr Ouattara
“wants to normalise the political proc-
ess” as getting parties to contest the elec-
tion would legitimise the current sys-
tem. Maintaining stability while still
holding credible elections is not just
about showing investors that their
expanding business is safe, he said. It is
also about laying the groundwork for a
vote in 2020, when Mr Ouattara’s term
ends. One challenge is managing the suc-
cession, says Mr Straus. “If Ouattara
steps down the question of his succes-
sion . . . could potentially be very nasty.”
Tuesday 15 September 2015 Tuesday 15 September 2015
★ FINANCIAL TIMES
Political enemies
Australia premier ousted
by former party leader
Liberal vote ends months
of speculation as Turnbull
leads coup against Abbott
JAMIE SMYTH — SYDNEY
Former Goldman Sachs banker Mal-
colm Turnbull will become Australia’s
fourth prime minister in just over two
years after leading a coup against
incumbent and his longstanding foe
Tony Abbott.
In a day of political drama in Can-
berra, members of the ruling centre-
right Liberal party voted in favour of Mr
Turnbull by 54 to 44, putting an end to
months of leadership speculation that
unsettled business confidence.
After winning the vote, Mr Turnbull,
himself deposed as party leader by Mr
Abbott in 2009, signalled a change in
style from Mr Abbott’s strident leader-
ship. “The prime minister of Australia is
not a president. The prime minister is
the first among equals,” he said, as he
insisted he would lead a consultative
and traditional cabinet government.
“This will be a thoroughly liberal gov-
ernment committed to freedom, the
individual and the market.”
Mr Abbott took over as premier in
2013 with the promise of bringing stable
government after the previous Labor
administration deposed two prime min-
isters, Kevin Rudd and Julia Gillard, in
three years. But he quickly became a
divisive figure, oiled by policy missteps,
numerous gaffes and a weak economy.
Victor: Malcolm Turnbull, in Canberra yesterday, is the public’s most popular choice as prime minister — Lukas Coch/AP
White House race. Campaign strategy
Trump drowns out Republican rivals
in crowded echo chamber of social media
Candidate’s experience of
reality TV has shaped tactics
for spreading his message
SHANNON BOND — NEW YORK
Donald Trump is dominating US televi-
sion airwaves, from phone-in interviews
on CNN, Fox News and ABC’s morning
chat show The View to Friday’s in-person
appearance on The Tonight Show.
One place you will not see the bom-
bastic businessman turned reality TV
star turned Republican presidential
candidate, however, is on the commer-
cial breaks during these programmes.
Mr Trump has shaken up the Republi-
can field, seizing the lead in polls —
CNN’s latest survey showed 32 per cent
of Republicans supporting him — and
steering the political debate, all the
while issuing a steady stream of insults
towards immigrants, women, veterans,
journalists, media companies and his
fellow candidates.
As other candidates launch pricey TV
advertising campaigns in early-voting
states, Mr Trump is conducting his
efforts from the pulpit of social media.
He counts 4.1m Twitter followers, 3.7m
fans on Facebook and 372,000 followers
on Instagram, and he uses the platforms
to spout his opinions, promote his TV
appearances and lash out at his rivals.
“I’m self-funding my campaign but
lobbyists & special interests for Jeb &
others are starting to do big ads — des-
perate! Don’t believe them,” Mr Trump
wrote on Twitter last week after news
that Jeb Bush has just bought $500,000
of ad time in New Hampshire, the home
of the first presidential primary.
In Iowa, a super-political action com-
mittee backing Scott Walker, Wisconsin
governor, is spending $7m on TV com-
INTERNATIONAL
Public support for the Liberal-
National coalition government has been
haemorrhaging for months, with Labor
consistently leading in the opinion polls
ahead of a general election expected to
be held next year.
But analysts warned the narrow mar-
gin of victory for Mr Turnbull and deep
divisions within the Liberal party meant
political instability could continue for
some time. “The Liberal party right
wing really hates Turnbull, which
means this contest won’t end political
instability,” said Peter Chen, a lecturer
‘If he performs well then it
may calm things down but
the party will remain split’
Peter Chen, University of Sydney
at the University of Sydney. “If he per-
forms well then it may calm things down
but the party will remain split.”
A cabinet reshuffle is expected to take
place under Mr Turnbull’s leadership,
with analysts speculating that Scott
Morrison, social services minister, could
replace Joe Hockey as treasurer. Mr
Turnbull also said he “assumed” that
parliament would serve a full term — a
response to media speculation that he
may call a snap election.
Mr Turnbull, who resigned as com-
munications minister to attempt the
political coup d’état, is the public’s most
popular choice as prime minister,
according to opinion polls.
mercials. Mr Bush’s first 30-second
TV ad shows him shaking hands
with regular Americans and touring fac-
tories, while dismissing other candi-
dates as “DC politicians” and “self-
promoters”.
Mr Trump is taking a different tack,
publishing a series of 15-second videos
on Instagram attacking Mr Bush.
Mr Bush hit back with a YouTube
video using Mr Trump’s own words to
characterise him as a liberal, highlight-
ing his previous statements supporting
universal healthcare, abortion rights
and Hillary Clinton.
But in the crowded echo chamber of
social media, Mr Trump’s voice is
drowning out the competition.
In social media discussions that refer
to Mr Bush, the most frequently men-
tioned Twitter account is not Mr Bush’s
own but Mr Trump’s, according to
Brandwatch, a social media analytics
company. In the last two weeks,
Mr Trump has been mentioned 3.5m
times on Twitter, compared with
250,000 mentions of Mr Bush, accord-
ing to Twitter.
Mr Trump and his staff “understand
promoting a presidential campaign in
the same way you’d promote The
Apprentice”, the reality show he
appeared on for a decade, said Phil
Eye on ‘flair and catchiness’: Donald
Trump with TV host Jimmy Fallon
9
But until now the socially progressive
MP has struggled to win the support of
conservative Liberal backbenchers who
in 2009 voted to oust him as Liberal
leader in favour of Mr Abbott.
The 60-year-old was one of Australia’s
most powerful lawyers, acting for entre-
preneur Kerry Packer and successfully
defending Peter Wright, the former MI5
agent who wrote the book Spycatcher,
against the British government, attract-
ing the ire of Margaret Thatcher, then
prime minister.
He set up an investment bank before
becoming managing director of Gold-
man Sachs Australia from 1997 and
2001. He was elected in 2004 to the fed-
eral parliament for a seat in Sydney.
Mr Abbott faced criticism for a series
of so-called captain’s calls while prime
minister without consulting his cabinet
colleagues, including making Prince
Philip a knight of the Order of Australia.
He narrowly survived a confidence
vote put forward by backbench Liberal
MPs in February in the wake of a bad
state election result in Queensland. At
the time, Mr Turnbull signalled he
might contest the Liberal leadership.
The decision to ditch him comes
ahead of Saturday’s by-election in the
Western Australian seat of Canning,
which could see the Liberal party’s lead
in the traditionally safe seat cut signifi-
cantly, should they manage to retain it.
The Liberal party’s candidate leads the
Labor party’s challenger by 52 per cent
to 48 per cent, according to the most
recent Fairfax Media/Ipsos poll.
Musser, a Republican consultant and
chairman of digital media agency IMGE.
Mr Musser added: “He does it with an
eye towards flair and a catchiness that’s
bred from a deep understanding of real-
ity TV and a message that speaks
directly to people’s sourest fears. That’s
a pretty good recipe for virality in this
context.”
The only candidate nearing Mr
Trump’s level of support is Ben Carson,
the retired paediatric neurosurgeon,
who has been steadily climbing in the
polls. He has spent minimally on televi-
sion ads and has gained ground without
capturing nearly the share of media
attention devoted to Mr Trump.
While Mr Trump commands the large
audience you would expect from an
entertainer, it is not yet clear that the
millions of people who see, like and
share his online antics will solidify into a
force in the election “ground war” criti-
cal to ensuring voter turnout.
“Long term, the way I see it is a suc-
cessful social media strategy is all about
translating those likes and those shares
into votes,” said Marie Danzig, global
head of creative delivery for Blue State
Digital, who worked on digital strategy
for Barack Obama’s 2008 and 2012 cam-
paigns.
In 2012, the president’s team devel-
oped a Facebook app that allowed it to
reach millions of young people without
listed phone numbers by tapping into
their online networks of friends. The
campaign used the app to get people to
remind their friends to register to vote
and to vote early if possible, helping
boost turnout among Mr Obama’s sup-
porters. “It is that desire to get as many
people involved in the political process
at a grassroots level that you can that
drives social media innovation, not just
using it as a loudspeaker for your ideas,”
Ms Danzig said.
10 ★★★ FINANCIAL TIMES Tuesday 15 September 2015

INTERNATIONAL
GLOBAL INSIGHT
Greek election
PARIS

Broken promises dog Tsipras campaign Anne-Sylvaine

Many of the premier’s
young supporters have
been left disillusioned
HENRY FOY AND KERIN HOPE — ATHENS
When Alexis Tsipras last month called a
snap election, the Greek prime minister
enjoyed a comfortable lead over his
political rivals. But there was one enemy
he may have overlooked: disillusion-
porter who voted No in a July referen-
dum, backing Mr Tsipras’s call to reject
an EU bailout that would have imposed
more austerity measures on Greece’s
broken economy.
Weeks later, Mr Tsipras reneged on
his promise and swallowed the most
intrusive EU reform programme in his-
tory. Ms Farou said she would probably
abstain in Sunday’s election.
“We are tired, and we are unim-
pressed,” she said. “[Syriza] are still try-
Chassany
racy running neck and neck, each with ‘Of course according to party officials. Aris Hatzis,
about 26 per cent of the vote. an Athens university law professor and
[Alexis
“The weekend polls showed Syriza
tied or just ahead . . . but if you factor
out people who say they don’t intend to
Tsipras]
political commentator, believes that
Syriza is gradually consolidating its vote
as polling day nears, amid a swirl of
Hollande cements
vote, then it’s reversed and New Democ-
racy is marginally ahead,” said one poll-
betrayed us.
I was very
competing political currents.
“I think many of the abstainers will
shift to centre with
ster, who declined to be identified.
Mr Tsipras, pictured, used a speech on
Sunday to appeal “particu-
angry. And
reconsider,” Mr Hatzis said, citing Syr-
iza’s deep reserve of loyal voters and a
decline in support for Popular Unity, a
labour rules rethink
larly to young people
I still am’ far-left splinter group formed by anti-
who are considering Maria Farou, bailout defectors.
19-year-old

ment within his own voting machine.
Many of the young supporters who
propelled the leftwing Syriza party to
power nine months ago feel betrayed by
Mr Tsipras’s compromises and broken
promises. He came to office as a fire-
breathing, anti-austerity campaigner
but stood down as a subdued pragma-
tist.
Their disillusionment before Sun-
day’s ballot is undermining his re-elec-
tion bid and threatening a return to
power of the centre-right New Democ-
racy.
“Of course he betrayed us,” said Maria
Farou, a 19-year old-student in Athens.
“I was very angry. And I still am.”
Like an overwhelming number of
young Greeks, Ms Farou is a Syriza sup-
ing to convince us to vote for them but I abstaining or wasting
just don’t know. their vote on anti-polit-
Mr Tsipras’s struggle may be a cau- ical opinions”.
tionary tale for leftwing politicians else- The key event that
where in Europe, such as Spain’s surging fractured the party’s youth
Podemos party and Jeremy Corbyn, who wing was Mr Tsipras’s deci-
claimed a stunning victory in the UK sion in July to accept strin-
Labour party’s leadership contest. Like gent bailout terms from Brus-
Mr Tsipras, they have tapped young vot- sels. His capitulation — after
ers’ frustrations, but may now be hos- months of bruising negotiations
tage to their unrealistic expectations. with the country’s international
“They thought Syriza stood for them creditors and an all-night summit of
but now they feel let down,” Nassos Ili- EU leaders — may have spared
opoulos, a member of the party’s politi- Greece a chaotic exit from the euro.
cal secretariat, said of its young support- Yet in the aftermath, at least a
ers. third of Syriza’s membership
“This is the last chance. The party is defected to other parties, including
asking them to give us one last chance.” those to its left, with others leaving
Polls show Syriza and New Democ- political campaigning altogether,
Italy. Property
C
“Perhaps the overriding fac-
student tor that will draw Syriza
abstainers back by Sunday is
that it was Greece’s first govern-
ment of the left and deserves the
loyalty of committed leftwingers,”
he added.
Petros Markopoulos resigned from
his post on Syriza Youth’s management
committee after Mr Tsipras agreed to
the bailout, but has decided to continue
supporting the party. For now.
“If Syriza loses this election, then we
will see a total collapse of the left,” he
said. “This is the argument I tell myself.
Sure, Syriza has not achieved the revo-
lution we hoped. But we have to do all
we can to ensure they win now. Then the
debate on our future can restart.”
ould François Hollande become the French
leader who fixed France’s dysfunctional labour
market? The chances are not as slim as one
might think. The socialist president gave the
go-ahead to draft a bill by the end of the year to
simplify the country’s exhaustive labour rules and foster
company-level negotiations between employers and
unions on pay, working hours and conditions.
It is expected to be Mr Hollande’s last big piece of legisla-
tion before the presidential elections in May 2017, coming
right in time to muffle criticism of a lack of progress in
tackling France’s 10 per cent unemployment. The bill
would also complete the president’s shift to the political
centre following a series of other pro-business initiatives.
To appear impartial — and test the waters on a sensitive
subject for the left — the government asked a former
employment ministry veteran, Jean-Denis de Combrex-
elle, and a group of experts to make recommendations.
Mr Combrexelle proposed rewriting and thinning out
France’s 3,000-page long labour code, which has grown so
thick and complex that it petrifies employers. It is a project
that would take four years.
For the shorter term, he listed ways to encourage com-
panies to negotiate with employees’ representatives on a

Renzi’s latest tax cut dubbed a political ploy

range of issues, including the sacrosanct 35-hour weekly
threshold after which employers must pay overtime.
It says a lot about France’s Jacobin tradition and its
nationwide pay structures that collective bargaining —
negotiations between employers and unions at the
regional or company level — is seen as liberalising.
PM’s plan to scrap homes levy Mr Combrexelle called
for a cultural revolution:
aims to jolt economy but is “Because we’re a central-
‘There’s an effort to
seen as wooing centrist voters ised country, we tend to change the French
think that collective bar-
gaining is a form of disor-
mindset, which has
der, that the right rule is built its sovereignty
JAMES POLITI — COMO

Giovanni Severini, a 58-year-old prop- the state’s rule,” he said.

erty agent in the wealthy, lakeside Ital-
ian city of Como, should be cheering the
next big economic policy bet by Matteo
Renzi, Italy’s reformist centre-left
prime minister: scrapping a much-
dreaded housing tax.
But Mr Severini is wary. “It could help
things a little, but in the past these
stunts have created a lot of problems,
after the initial benefit,” he says.
Mr Renzi, the 40-year-old former
mayor of Florence, announced his plans
to slash the tax on primary homes in
July, as part of a €50bn tax cut plan run-
ning from when he took office in Febru-
ary last year to 2018.
The imu/tasi, as the property tax is
known, represents a small share of that
effort. It is worth about €3.5bn a year, or
about €17 per month for the average
taxpayer, according to Nomisma, a
Bologna economic research group.
Even so, Mr Renzi hopes that the
move, in a country with a high rate of
home ownership, will deliver a jolt of
confidence to households and boost
domestic demand in the eurozone’s
third-largest economy.
The trouble for Mr Renzi is that his
latest gambit is attracting criticism that
it is less a stimulus for the economy and
more a political ploy to attract centrist
voters. It does not help that the policy
has in the past been associated with Sil-
vio Berlusconi. The scandal-ridden,
centre-right former prime minister,
who resigned at the height of the euro-
zone debt crisis in 2011, was a staunch
advocate of scrapping the housing tax.
“Renzi has had problems on several
fronts, so this is a way for him to get out
of that corner,” says Federico Santi, an
Italy analyst at the Eurasia Group. “The
economic returns are small but it may
help him strengthen his political power
and press ahead with reforms.”
Lavish villas on Many economists say it is right for Mr
Lake Como in Renzi to pursue tax cuts given the heavy
Italy. Matteo fiscal burden in Italy. But they, and
Renzi’s tax cuts European Commission officials, say the
have been priority should be making those reduc-
criticised as tions on productive factors, such as
benefiting labour and capital instead of housing.
wealthier “Cutting taxes is always a good idea. If
families the alternative was doing nothing, then
this is good,” says Paolo Mameli, a senior
economist at Intesa Sanpaolo, the Ital-
ian bank. “But we agree that it would
have been better to act in different
areas.”
Another objection is that the cut is
poorly targeted, disproportionately
benefiting wealthier families, since on
average homeowners have higher
incomes than renters.
“Politically, the goal is very clear: to
reach a vast audience at a low cost,” says
Luca Dondi, Nomisma’s managing
director. “But it is unlikely to be a driv-
ing force for the economy, and it does
not help redistribute the tax burden
more evenly, either.”
Government officials believe sceptics
are too dismissive of the psychological
boost that could arise from the elimina-
tion of a tax that is one of Italy’s most
visible levies since it is not withheld
from wages. “It removes a big burden,
and proves to Italians that you really are
cutting taxes,” said one senior official.
In addition, they say that this tax pro-
vision should be considered as just one
element of Mr Renzi’s much broader
five-year tax cut plan, which is in fact
more weighted towards slashing levies
on productive factors compared to
property and consumption. This could
help defuse possible tensions with the
EU, which has declined to comment on
the plan.
But another concern is how Mr Renzi
intends to cover the cost of his tax cut
plan. He is expected to do so mainly
through spending reductions, and by
making use of flexibility on EU budget
rules to be eked out of Brussels, he
hopes. An upward revision to economic
growth expected this week from the
government will also help.
In Como, Mr Severini — who deals in
lavish villas as much as modest apart-
ments — worries that in the end the gov-
ernment will have to raise taxes else-
where to make up for the lost revenue.
Mr Berlusconi was basically forced to do
just that after scrapping the housing
levy in 2008, and eventually, it was rein-
stated. “Renzi should not make the
same mistake,” he says.
“We need to accept that
through the law’
regimes can be different
for employees in companies operating in the same field.”
“In essence, the idea is ‘we’re not going to change the law,
but we’ll give you ways to circumvent it’,” Jean-Hervé
Lorenzi, economist at Le Cercle des économistes, says.
The increased focus on collective bargaining would
bring the French model closer to the German and UK ones.
The idea is not new: Nicolas Sarkozy’s centre-right govern-
ment introduced limited measures in the same vein on the
eve of the financial crisis. But for fear of legal disputes, lack
of practice or lack of trust, companies often choose to
apply the law rather than negotiate with their unions.
The report addresses this issue. “There’s an effort to
change the mindset in France, which has built its sover-
eignty through the law, as opposed to Anglo-Saxon coun-
tries, where the ‘contract’ prevails,” says Alain Trannoy, an
economist at the EHESS university in Marseille.
Some say the overhaul is not radical enough. After all,
Mr Hollande indicated the 35-hour weekly threshold
would remain untouched — as well as the minimum wage
and the employment contract itself. Laurent Bigorgne,
head of centre-right think-tank Institut Montaigne, said it
was a missed opportunity because “the majority of the
French back a softening of the 35-hour-week”.
After the economy minister Emmanuel Macron sug-
gested last month that the 35-hour week had been a bad
measure, his approval ratings soared. He is now the sec-
ond-most popular politician behind Alain Juppé, the
former centre-right prime minister.
But Mr Hollande’s strategy is politically astute. He has
no parliamentary majority. Two years before the presiden-
tial elections, he cannot afford to split his own party.
Beside, economists point out, the 35-hour week is not as
big an obstacle to hiring as the high cost of labour — an
issue the French president has tried to tackle with €41bn
worth of tax breaks for companies over three years. Com-
panies are already allowed to negotiate the rate at which
overtime is paid. The problem is few do.
The Combrexelle reforms are also gathering political
consensus. “There’s momentum for a bold reform,” Mr
Bigorgne says. “Drafting the actual bill will be difficult, but
we have enough time for a bipartisan debate before the
next presidential elections spoils it.”
anne.chassany@ft.com

Credit downgrades Military error

Brazil budget to fend off further rating cuts
JOE LEAHY — SÃO PAULO
Brazil has announced an emergency
R$65bn package of budget cuts and tax
increases aimed at warding off further
credit rating downgrades after Stand-
ard & Poor’s slashed Latin America’s
biggest economy to junk last week.
The proposals, which include spending
cuts and the reintroduction of a finan-
cial transaction tax, pushed Brazil’s
currency up 1.43 per cent against the
dollar to R$3.8154 while the benchmark
stock index, the Ibovespa, rose 1.81 per
cent to 47,238 points.
“A lot of these measures require the
co-operation of congress to be put into
practice and all of them demand com-
mitment from society,” said Joaquim
Levy, finance minister, announcing the
budget cuts.
The proposals, which analysts said
would be difficult to deliver, represent
the third time President Dilma Rouss-
eff’s government has changed its targets
for the 2016 primary fiscal surplus,
considered a key indicator of the health
of Brazilian public finances.
They represent a reversal from two
weeks ago, when the government
announced targets for the 2016 budget
which prompted the S&P to downgrade
Brazil’s investment grade rating.
Ms Rousseff needs to restore confi-
dence in the economy amid a deepening
recession and growing talk of her
impeachment only eight months into
her second four-year term.
Mr Levy yesterday sought to present a
united front with Nelson Barbosa,
planning minister, after S&P cited
differences in Brazil’s economic team
over the need for fiscal austerity as one
reason for the downgrade.
The ministers said the new package, if
implemented, would deliver a primary
fiscal surplus — the balance before inter-
est payments — of 0.7 per cent of gross
domestic product in 2016, instead of the
primary deficit signalled in the budget
presented two weeks ago.
“I find it very unlikely that we are
going to have the conditions for this to
be met,” said Bruno Rovai, a Barclays
economist.
He said the proposed budget for this
year and next represented a contraction
in spending of 4.2 per cent in real terms
— more than any other government has
achieved, even during Brazil’s boom
years between 2003 and 2011.
Mr Levy said the proposed financial
transactions tax would be likely to stay
in place for four years.
Previous efforts to reintroduce the tax
known as the CPMF — which was origi-
nally structured as a 0.38 per cent levy
on nearly every transaction — have
failed since it was withdrawn in 2008.
“Past form suggests there is good rea-
son to expect actual budget savings to
fall well short of projections,” said Neil
Shearing, of Capital Economics.
He said this was partly political, with
congress diluting many of Ms Rousseff’s
proposals, but it was also because the
recession was sapping the government’s
ability to generate a surplus.
Egypt security forces kill 12 tourists in desert
HEBA SALEH — CAIRO
Egyptian security forces killed 12
people, including a number of Mexican
tourists, and injured 10 others when
they opened fire by mistake on a
convoy in the Western desert.
A joint police and military force was
pursuing militants in the desert when
they mistook the tourist convoy made
up of four vehicles for their target, said a
statement issued by the Egyptian
interior ministry.
It gave no details of how the incident
happened, or its exact location. But
Claudia Ruiz Massieu, Mexico’s foreign
minister, said the tourists had been hit
by an air strike.
Mexico has confirmed some of its
nationals were killed and that several
others were injured. It said it was still
identifying the deceased. The Mexican
ambassador in Egypt said five wounded
tourists were stable in a hospital near
Cairo.
Enrique Peña Nieto, Mexico’s presi-
dent, tweeted: “Mexico condemns these
acts against our citizens and has
demanded a full investigation of what
happened from the Egyptian govern-
ment.”
Ms Ruiz Massieu said she met Egypt’s
ambassador yesterday and handed him
a diplomatic note expressing Mexico’s
“profound consternation for these
deplorable events”.
Egyptian tourism officials have been
quoted by the state news agency as
saying the tourists were in an off-limits
Egypt tourism minister Khaled Rami
after visiting the injured in hospital
area and that the vehicles they were
using were unlicensed and their desert
safari “unapproved”.
The interior ministry said it has
formed a team to investigate the
incident.
Militant Islamist groups, some affili-
ated to the Islamic State in Iraq and the
Levant, also known as Isis, have been
waging a fierce insurgency against the
military and the police, mainly in the
northern Sinai peninsula near the bor-
der with Gaza. But sporadic attacks have
also taken place in the vast Western
desert which borders Libya.
With its historic oases and spectacu-
lar scenery, the Western desert is a pop-
ular destination for tourists but it also
lies on smuggling routes from Libya —
believed to be the source of many of the
arms which end up in Sinai.
Last month, five Egyptian troops died
when their helicopter crashed while
chasing militants in the area south of
Siwa Oasis close to the border with
Libya.
Tuesday 15 September 2015
A new generation of low-paid workers is fuelling the ecommerce boom that has transformed companies
such as Alibaba into global forces and allowed Beijing to accelerate moves to rebalance the economy.
Delivering the Jack Ma economy
End of the
migrant
miracle
ft.com/chinamigrant


H
e Pengyuan, manager of a
Beijing depot for courier
group ZTO Express, strolls
around his warehouse at
7.30am, checking pack-
ages, looking at his watch and absent
mindedly introducing each of his about
30 couriers by referring to their home
regions. “Hebei”, “Guizhou”, “Guizhou”,
“Sichuan”, he says, going down the line.
Not one of them is from the capital.
“We had two people from Beijing last
year but they quit; they couldn’t handle
the workload,” he says. “People from the
city are too soft and spoiled.”
Mr He hails from China’s southern
region of Guizhou, with the lowest per
capita income in the country, and says
he would not be in business without fel-
low migrants. “China’s rural labour
force is a huge army that keeps advanc-
ing. They come to the cities and keep the
cost of labour relatively low,” he says.
The irrepressibly cheerful Mr He is
one of the millions of rural workers who
have contributed to the transformation
of the Chinese economy over the past 30
years. But that era is coming to an end as
labour shortages increasingly drive up
wages in top-tier cities and the supply of
workers begins to dry up.
55%
China’surban
populationasa
percentageofthe
total, in2014. In1980
theequivalentfigure
was19percent
To residents of the capital, the couri-
ers are largely invisible: an army of
messengers scurrying between their
scooters and buildings, delivering enve-
lopes and goods ordered online across
Beijing. “I am Santa Claus,” jokes one, “I
literally say ‘your courier is here’ 300
times a day.”
Each generation of China’s migrants
has provided the labour to fuel a leap in
the country’s economy. Mr He’s grand-
parents tilled rice fields, his father
worked in a factory assembling televi-
sions for export. Now members of his
generation are the foot soldiers in a new
era, as China seeks to move from an
investment and export-driven economy
to a consumption and services model.
These workers are the low-tech fuel of
the high-tech internet boom, or Kuaidi
as they are known in Chinese. They
cater to a rising consumer class that
they hope to join one day.
Making sense of logistics
Despite recent slowing growth in the
economy China’s ecommerce boom has
spawned thousands of courier firms, of
which a handful have built a national
presence. ZTO, one of the top 10, told
Bloomberg in April that it delivers to
almost half of China’s counties and
hopes to launch an initial public offering
in 2017.
Mr He estimates that 70 per cent of
the parcels the company delivers are
packages ordered mainly via Taobao
and Tmall, two websites owned by
China’s ecommerce juggernaut Ali-
baba. The third-largest internet
company in the world by market
capitalisation, Alibaba — founded
by the flamboyant Jack Ma — and
other ecommerce companies
like JD.com have made billions
from listings on Wall Street.
But much of the value comes
from the work of the couriers,
whose cheap labour fuels these business
models in China.
“Low logistics prices were not just
vital for the early development of ecom-
merce, they were a matter of life and
death,” says Zhang Yi, head of Imedia, a
Guangzhou-based consultancy. “Nowa-
days, even though the two rely on each
other, in reality, ecommerce depends on
logistics more than vice versa.”
Mr Zhang makes the analogy to Fox-
conn factory workers who build Apple’s
iPhones. “China’s logistics companies
are not just cheap. They are also effi-
cient and fast,” he says.
Andrew Ng, chief scientist at the Chi-
nese search engine Baidu, who was
lured last year from Google to run its
artificial intelligence operations, says:
“The efficiency of this logistics network
in China is phenomenal compared to
other countries. I have to explain to a
★ FINANCIAL TIMES 11
FT SERIES. CHINA MIGRATION
By Charles Clover
Doing the non-Chinese audience what the possi- well — Rmb5,000 a month including be a Kuaidi courier when you grow up.’”
rounds: A bilities are here. They don’t believe me.” bonuses — but it is back-breaking. “Dur- Bigger companies like ZTO have built
courier Ecommerce relies on these super- ing peak time, work starts at 7am, and good reputations in the industry for pro-
navigates his cheap delivery services. Delivering a doesn’t end until midnight” says Mr He. viding decent work conditions, but
way through package overnight in most locations “It’s very stressful, they have to deliver there are thousands of courier compa-
Beijing. The costs Rmb10-13 ($1.50-$2), about a 300 to 400 [packages], and have to pick nies in China and most do not even
low-cost tenth of the cost in the US, thanks to the up between 100 and 200, in some neigh- bother to sign contracts with couriers Heavy workload Couriers can earn
logistics sector 12-hour days worked by Mr He’s couri- bourhoods 700 or 800 items. The entire and are only lightly regulated. Rmb5,000 a month but work long
has fuelled ers. The main beneficiaries are the ris- day they are on the move, climbing Yang Zhanlu, a courier who asked for hours delivering and picking up
China’s ing middle class, which consumes the stairs, when they get back they are too his company name to be withheld, says hundreds of packages every day
ecommerce trappings of a much richer society at a exhausted to move. of his Rmb4,000 monthly salary that 25
boom enjoyed fraction of the cost. “Most people can’t handle this type of per cent is often deducted in fines. He Online to offline model Groups such as
by Alibaba Companies such as Alibaba, which work,” he adds. Only one in three people has been punished for knocking too Taobao and Tmall depend on couriers’
founder Jack Ma controls about 70 per cent of China’s hired lasts more than two months. loudly, or delivering too early, and has low costs, with some overnight
(below) — Wang retail ecommerce — and accounts for no recourse. packages delivered for just $1.50
Zhao/AFP/Getty Images
around 8 per cent of total retail sales in The main tool of the trade — the elec-
the country — rely on couriers like ZTO
to handle shipping and delivery for the
$354bn
ValueofChinese
tric tricycles used by the couriers — are
often a target for vandals and thieves
Turning point The working-age
population in China is projected to
vast majority of their business. ecommercesalesin when left unattended. They are also ille- shrink as the supply of cheap rural
Unlike ecommerce in the west, which theyeartoAugust, gal in some Chinese cities, though labour begins to run out
is economically viable only for expen- 11.4percentoftotal enforcement is lax. But this leaves the
sive items worth the delivery cost, the retailsales courier at the mercy of arbitrary, and Mark Natkin, of Marbridge Consult-
cheap service means that Mr He’s couri- Source:ChinaNational frequently corrupt, police enforcement. ing, a Beijing firm, says a lot of people
ers transport everything from a single
BureauofStatistics
For decades, China has grown by outside the country look at China’s
box of Kleenex to a pair of shoelaces. For most couriers the schedule is manufacturing things more cheaply online-to-offline model and wonder
The jobs come with a frightening something they chase in vain. A low than US and European rivals and it has why it works so well.
human toll. Most couriers say they are hum of panic accompanies them done so in part due to low labour costs. “It is more executable here,” he says.
grateful for a job in the city, but they throughout their days. That labour is now being deployed to “What is the cost of sending someone to
describe long hours, months away from One courier in the coastal city of deliver services. Manicures, freshly another person’s home to do their nails
their families and hard labour in a city Qingdao became an object of national ironed shirts and food have always been in China, versus the cost of sending
to which they will never properly ridicule last November when he jumped available, but now — thanks to smart- someone across Manhattan? Everything
belong. Legally they are vulnerable from a second storey window in an phone technology — it is even more con- is cheap so it’s economical to provide
because they do not have a city hukou or effort to make up lost time, and broke venient to have them delivered. that service here, whereas in the US it
registration in Beijing, which strips his leg. A camera phone video of him In addition to courier jobs, many would not be.”
them of access to state medical care and being tended to by paramedics — while migrants are now employed by online
school places for their children. he continued talking on his phone to car hire apps Uber and Didi Kuaidi, or Running out of workers
“I hope my son remembers who I am,” customers, explaining he would be late food delivery from websites such as While cheap labour is crucial — many
says Chen Bing, a ZTO courier who hails — went viral. Meituan or Elema. Low-paid, hard- economists now argue that the coun-
from neighbouring Hebei prov- working migrants fuel this emerging try’s seemingly infinite supply of work-
ince. He says he is only able to Back-breaking work business model for “online to offline” ers will dry up, as the working-age popu-
return home to his wife and The low-status job and their country services, which allows smartphone lation is projected to shrink and labour
child once every three months roots put them at the bottom of Beijing’s users to order on-demand with an effi- Video shortages appear in cities. China is at
due to the workload. Wu cosmopolitan status ladder. ciency and a low cost that would not be Charles Clover last hitting the fabled Lewis turning
Zhangcai, a wiry 23-year-old, “Oh it’s the Kuaidi, you can wait” is a possible in higher wage countries. hitches a ride point — a theory developed by Nobel
with an
who like Mr He hails from phrase Mr Wu hears at least three or Baidu’s Mr Ng says the speed of such ecommerce Prize-winning economist Sir Arthur
Guizhou at the southern end four times a day, he says, when people services is impressive. He recently delivery man Lewis — that measures the moment
of China, is more typical — hear his accent over the telephone. “I ordered a car wash for a friend via his ft.com/china-
when the supply of cheap rural labour to
he returns home only at new year. once heard someone scold their child: ‘If smartphone. Only 30 minutes after he ecommerce an industrialised economy runs out.
By Chinese standards the jobs pay you don’t behave and work hard, you’ll ordered it, the car was clean. Mr He came to Beijing first in 2002,
and started a branch of ZTO’s courier
business in 2009.
Speedy returns Deloitte, more than 8,000 express services, which work independently of Other ecommerce groups such as “We did everything ourselves,” he
Ecommerce drives enterprises with more than 20 major Alibaba but partner with its 48 per cent- JD.com, own their own delivery services says, “we picked up the packages from
brand names were operating in China. owned logistics affiliate Cainiao. along the same lines as Amazon, and the general office, we did the packaging,
market growth The growth — in excess of an annual According to statistics released in claim it gives them an edge in the we delivered, we were completely self
50 per cent from 2010 to 2014 March, the number of parcels received business to be vertically integrated sufficient.” He adds that they made only
China’s express delivery business got its according to the State Post Bureau — by express delivery in China last year from warehouses to the “last mile” a dozen deliveries a day.
start in the early 1990s in the Yangtze has been fuelled by the advent of reached 14bn. The sector’s market value delivery. “Since 2009, salaries have gone up
and Pearl river delta areas — the hubs ecommerce. In the middle of the last — though it was unclear how this was The largest of the independents, SF four times, but delivery prices have not
of private enterprise that grew decade Alibaba launched Taobao, an measured — hit Rmb204bn ($33bn) last Express, has grown rapidly due to its risen,” he adds. In fact the prices today
alongside economic reforms. eBay-like virtual flea market for year, up 42 per cent from the previous early dominance and its franchise are lower than in 2009.
STO Express and SF Express, both merchants to sell, and drive customer year, according to the SPB, which model. “No company dares to raise its price
launched in 1993 to challenge the state traffic to their stores. Then it launched licenses delivery services. A long-term partner of Alibaba, due to the competition, or else custom-
postal monopoly. They were quickly Tmall, a similar site focusing on The dominance of Alibaba in the analysts say it may yet decide to ers will use another company,” he says.
followed by a stream of other courier branded, larger sellers. Kuaidi market is difficult to exaggerate compete with Cainiao which operates “We have higher volumes, so we make
companies offering to deliver parcels The connecting tissue between — the company accounts for about 70 next-day delivery in 41 major cities up the costs, but the model will not be
more cheaply and conveniently than the sellers and buyers is provided by per cent of all the deliveries by its across the country, including Beijing, profitable forever,” he warns.
state. By 2013, according to research by around a dozen of the largest delivery independent logistics partners. Shanghai and Shenzhen.
Additional reporting by Ma Fangjing
12
TUESDAY 15 SEPTEMBER 2015
UK government crosses
the road to pick a fight
Overregulating unions risks fomenting more workplace disruption
Britain does not have a problem with
strikes. A right to lay down tools may
be enshrined in law, but it is one seldom
exercised. For example, manufactur-
ing, which employs 2.5m workers, suf-
fered 12 stoppages last year, and 7,600
working days lost. This amounts to the
loss of roughly 0.001 per cent of the
labour usually available.
At the level of the whole economy,
the loss of 788,000 days to strikes
barely registers when set against the
3m to 6m typical in the 1980s, or 130m
days typically lost to illness. Yet
according to the government, the time
is ripe for a serious crackdown on
unions’ ability to strike. Among other
measures, its Trade Union Bill raises
voting thresholds for approving action
and makes it easier to hire agency
workers to replace those on strike.
These are tough suggestions, and
arguably out of proportion to the prob-
lem in hand. More alarming are pro-
posals that threaten basic rights of
assembly and free expression. Work-
place pickets would be allowed only if
supervised by named, authorised indi-
viduals, who specify in advance where
and when they intend to picket, with
how many people, and even whether
loudspeakers or banners will be used.
Picket supervisors would be expected
to wear an armband or badge for ready
identification.
The outward justification is concern
about the intimidation of non-striking
workers. This issue rose to the fore in
2013 during a brief and bitter strike at
the Grangemouth chemical works,
which allegedly featured union mobs
barracking the homes of management.
Yet Bruce Carr, the lawyer subse-
quently charged with conducting a
review into union militancy, refused to
give any recommendations, saying that
any he produced might appear to be
“making a political rather than an evi-
dence-based judgment”.
A welcome redial for
European telecoms
Commissioner is right to take a tougher line on mobile mergers
In the past two years, Europe’s mobile
operators have raced to consolidate
their industry. Encouraged by the
indulgent attitude of the regulator in
Brussels, they have launched a wave of
deals across the continent. As a conse-
quence, country after country has seen
the number of networks in its market
contract from four to three.
Germany, Austria and Ireland have
all crossed this threshold, generally
seen as the point at which competition
ceases reliably to operate. They have
done so in the teeth of opposition from
national regulators. Because the deals
involved supranational competitors
they ended up with the European Com-
mission, which approved them subject
to undertakings. For all the advantages
dangled by the purchasers, the result
has been as simple as it was expected:
prices have gone up.
Now, under a new commission, Brus-
sels is thinking again. Last week, Mar-
grethe Vestager, the Danish competi-
tion commissioner, halted plans that
would have put together the Danish
networks of the Scandinavian opera-
tors, TeliaSonera and Telenor.
Significantly, she said the deal could
only have passed muster if the pur-
chasers had shed sufficient assets to
create a new mobile operator in the
country. That, of course, would have
rendered the whole exercise largely
redundant. Her decision puts a host of
similar mergers still lodged in the pipe-
line — including CK Hutchison’s pur-
chase of O2 in Britain — firmly at risk.
Ms Vestager is right to toughen the
rules on undertakings. Not only has
Brussels been too liberal about those it
has sought, it has neglected implemen-
tation. For instance, Hutchison
pledged that it would bring in a new
operator to piggyback on its spectrum
after buying Orange Austria in 2013.
More than two years have passed and
the undertaking remains unfulfilled.
In other words, evidence of a prob-
lem is too scanty to justify rules that
Tory backbencher David Davis has
compared to those in place under
Spain’s military junta. Their purpose is
less to “strengthen democratic
accountability and provide reputa-
tional protection” than to make organ-
ising a strike even riskier. Failure to
navigate these bureaucratic tripwires
would leave the union at risk of finan-
cial penalties or legal action.
The more pressing challenge for Brit-
ain’s unions is not a surfeit of power but
dwindling relevance. They squander
too much effort on political manoeu-
vres within the Labour party (recently
to disastrous effect) and too little on
broadening their reach. Large indus-
trial workplaces like Grangemouth are
becoming ever less typical. The union
movement has been too slow to reflect
a service-based economy of flexible
contracts and fluid working lives.
Like Jeremy Corbyn, Labour’s new
leader, the government appears deter-
mined to see all around it echoes of
1970s Britain, an era of mass strikes
and wage-price spirals. Record num-
bers in work suggest that its economy is
not suffering from an overly rigid
labour market. If anything, more
worker bargaining power would
restore some overdue wage growth,
something the government appeared
to recognise when it ordered an
increase in the minimum wage.
In any field of activity, pushing regu-
lation too far just leads to more unregu-
lated behaviour. Squeezing the unions
as hard as this could end up producing
greater levels of disruption. Nothing
better epitomises this overreach than a
suggestion that unions be forced to say
how they would use Facebook or Twit-
ter — the regulatory equivalent of nail-
ing smoke to the wall. In a bill ostensi-
bly about lessening conflict, the gov-
ernment is too eager to pick a fight.
Part of the problem is that markets
with a triumvirate of networks look
unappealing to new entrants, who
often come in as minnow-sized virtual
operators, unable to drive pricing or
service quality. Had the Danish merger
gone through, for instance, it would
have created a forbidding structure,
with the two largest players holding
almost 80 per cent.
Ms Vestager’s scepticism is also wel-
come when it comes to the operators’
argument that mergers are necessary
to finance new networks and services.
In the past, both Jean-Claude Juncker,
the commission president, and Angela
Merkel, the German chancellor, have
peddled this claim. But there is no evi-
dence to support it. True, returns on
capital employed have fallen in Euro-
pean mobile from a very high 20 per
cent to 10 per cent in the past five years.
But this still exceeds operators’ cost of
capital — at least for those that are sen-
sibly capitalised.
Ms Vestager should now turn her
stringent eye to Britain. CK Hutchison’s
planned merger of its Three network
with that of Telefónica’s O2 demands
serious scrutiny. Three is an excellent
example of how competition can both
spur and reward fresh thinking. Cre-
ated explicitly as an additional opera-
tor in 2000 to hold prices down, it has
built a profitable business. It has done
so by innovating. Three was among the
first operators to spot the importance
of the smartphone and to design prod-
ucts and tariffs to support its expan-
sion. It is alone in offering customers an
upgrade to 4G without charge.
Regulation needs to preserve these
incentives, not smother them by pur-
suing a nebulous policy of promoting
European champions. If Ms Vestager’s
policy genuinely resets EU regulation
in a more open direction, European
consumers will have reason to offer her
their thanks.
★ FINANCIAL TIMES
Today’s large-scale migrant crisis defies historical comparison
Sir, Guntram Wolff (“Berlin should
seize its second Huguenot moment”,
Comment, September 11) rightly
claims that the Huguenots, who found
shelter in 17th-century Germany,
“brought with them skills, knowledge
and technology”, which the native
Germans lacked.
These refugees came from France,
arguably one of the most advanced
civilisations of that time, to German
states that were devastated and
depopulated by a long and cruel
“religious” war, the Thirty Years War.
Labour must now avoid
dogmas of right and left
Sir, Soul-searching should be the order
of the day for Labour moderates
(FT.com, September 14). Why did New
Labour — having won the centre
ground and gained power — feel
obliged to go along with the latest
neoliberal notions, however daft?
It was, for instance, happy with tax-
privileged individual pension pots of
up to an absurdly high £1.8m. It
danced to the bankers’ tune by
indulging in costly private finance
initiatives for hospitals and schools. It
didn’t bother during its 13 years of
power to lessen the highly regressive
nature of council tax by adding more
bands. It helped employers keep down
unskilled wages by opening the door to
eastern European migrants. No wonder
the cost of its working tax credit
scheme ballooned.
More shameful still, it was left to the
subsequent Tory-led coalition to start
reining in non-domicile status. To cap
it all off, New Labour unashamedly
outsourced foreign policy to
Washington yet embraced our so-called
independent nuclear deterrent even
though its delivery system has “Made
in the USA” stamped all over it.
Labour can succeed and retain its
moral compass but it needs to avoid
the dogmas of right as well as left.
Yugo Kovach
Winterborne Houghton, Dorset, UK
Give Corbyn a chance
to act on his mandate
Sir, The Financial Times got May’s UK
general election wrong. Throughout
the summer, it hammered Greece’s
Alexis Tsipras, personally as well as
politically. Now it writes off Jeremy
Corbyn before he’s even started as
leader of Her Majesty’s Loyal
Opposition (“Labour’s disastrous
choice”, FT View, September 12).
Mr Corbyn is a shrewd and seasoned
politician who brings a refreshing
independence of mind to the top of
British politics. He also offers a
series of practical policy initiatives,
such as freezing business rates for
small businesses. Let’s see what he does
with the mandate he has won,
deservedly and democratically.
Anthony Simpson
Nottingham, Notts, UK
Alzheimer’s transmission
requires further study
Sir, It is important to note that no
comment can be made on whether the
“clinical features” of Alzheimer’s
disease (AD) can be passed between
humans (September 10). The report
published in the Nature journal makes
Craft beers
blossom with
infusions of
Chinese medicine
Shanghai
Notebook
by Patti Waldmeir
Letters
No welfare state nor government-
sponsored “welcome culture”
cushioned their arrival.
Today’s large-scale immigration to
Germany defies comparison with past
ages: only a small minority of asylum-
seekers is skilled and educated enough
to be employable — and their home
countries will sorely feel the brain
drain their departure has caused.
The share of illiterates among the
migrants is high, making their
integration into the regular labour
market unlikely if not impossible.
‘Norman got replaced by a robot’
no reference to the clinical features
present in the patients while they were
still alive. The study is based on
histopathology — examining brain
tissue under the microscope. This is
important as Creutzfeldt-Jakob disease
(CJD) and AD, while both dementing
illnesses, are clinically and
histopathologically very different.
In addition the assertion that this
study represents evidence of human
transmission is an overstatement. AD
is not the new CJD. AD is characterised
by the presence of beta-amyloid and
tau proteins, both of which are toxic to
nerve cells. Deposition of beta-amyloid
was found in 50 per cent (or four of
eight) of the brains. Tau was not found.
The extraction methods used may also
lead to false positives, overestimating
the presence of beta-amyloid. The
accumulation of beta-amyloid and tau
protein is multifactorial. Beta-amyloid
may well “share mechanistic features
with CJD” but further, more robust,
basic science and epidemiological work
is required to determine whether it is
really transmissible between humans,
the nature of this interaction and its
clinical relevance.
In the meantime the science needs to
be carefully communicated, by
scientists and journalists, to avoid
confusion and misrepresentation.
KD Jethwa
Queen’s Medical Centre, Nottingham
University Hospitals
Nottingham, Notts, UK
Children will pay severe
price for market missteps
Sir, David Cameron’s view that
children’s care can be transformed by
“insurgent companies” (September 12)
is a profound misunderstanding of the
sector. Competitive markets are not
new to children’s care, they have in fact
operated ruthlessly for decades.
Market forces are part of the problem,
with private providers dominating a
Chinese nationalism comes in many
flavours. There’s the tanks-in-the-
street, I-hate-the-Japanese variety
that was on display earlier this
month when Beijing closed many of
its streets and factories to parade
killing machines through Tiananmen
Square.
But there is also the altogether more
palatable Sichuan-peppercorn-beer
kind of nationalism, which involves
brewing beer from local ingredients,
for local palates, and seasoning it with
a bit of Chinese philosophy, a dash of
middle kingdom history — everything
short of an actual Chinese flag. It sure
beats that watered down, German-
inspired brew that they sell for almost
nothing, down at my local
convenience store.
These days, there’s more and more
“palate patriotism” around in the
country — foods, drinks, even coffees
made by Chinese people, with Chinese
ingredients for Chinese taste buds. I’m
betting on that second kind of
nationalism to power the mainland
through to a “new normal” of growth
based on something other than just
copycatting what everyone else
already does better.
And yes, I have noticed that the rest
of the world is worried that the
country’s economy is imploding. But
the middle class doesn’t seem to have
got that memo. So they’re still happy
to spend 10, 20 or even 40 times as
much on a craft beer with Chinese
characteristics as on a bottle of
Snow or Tsingtao. And it’s not just so
they can drown their economic
Let’s face facts: lacking the necessary
skills for the requirements of a modern
economy, most migrants are unlikely
to ease the labour shortage plaguing
Germany’s ageing society.
But most of those who have come are
healthy young men who have shown
their resolve to brave the impossible.
They travelled deathtrap routes across
deserts and seas, and could neither be
stopped by borders nor police nor law.
They are exactly the kind of people
needed to liberate their own countries
from the forces of destruction and to
fragmented service landscape, and
creating a race to the bottom on wages
and contract value. Markets have
rendered the care of our most
vulnerable children a low-wage
economy in which small businesses
really struggle.
Even market advocates must
understand that ongoing cuts to
council and non-schools education
budgets are creating a crisis in
children’s services that “new
providers” will be unable to solve.
Savage cuts to local authority
budgets are the quickest and surest
way of collapsing the markets in which
new providers might compete. Instead
of private or social entrepreneurs
flourishing in the “vacuums” left by
public sector service reductions,
providers are being forced to downsize
and withdraw.
For many of our members, and for
professionals right across the children’s
sector, the big concern is that children
are paying a severe price for other
people’s economic mistakes. Children
England and the TUC share a joint
sense of urgency and moral alarm at
this failure to protect our most
vulnerable children from the impacts
of austerity.
Kathy Evans
Chief Executive, Children England
London EC1, UK
Frances O’Grady
General Secretary, TUC
London WC1, UK
Education watchdog
must support teachers
Sir, In making the warning about a
recruitment crisis (September 11)
Ofsted rightly draws attention to the
very serious truth of teacher shortage.
However, what is not stated is that the
operation and approach of Ofsted
inspectors is a significant factor in
discouraging good young graduates
from considering a career in teaching.
All schools should be checked for
regulatory compliance on a routine
basis and in exactly the same way in all
kinds of schools: maintained, free,
academies, independent.
However, the manner of that
checking and the inspection of the
quality of education needs serious
review. In a court of law one is innocent
until proven guilty. Many headteachers
across the education sector are
demoralised by what often seems the
reverse approach. Accountability
checks should be rigorous, but hard
working professionals should feel
supported in that process, not under
attack. I predict that this alone would
have an impact on recruitment.
Alice Phillips
Headmistress, St Catherine’s School
Bramley, Surrey, UK
sorrows either: they still feel pretty
flush. Sales of iPhones are booming —
rising 75 per cent on the mainland
year on year, Apple’s Tim Cook said
last week.
“Demand is slowing, but there’s an
underlying shift from mainstream to
more specialised and niche
consumption,” says Torsten Stocker,
greater China retail partner at AT
Kearney.
Case in point: traditional beers had
a bad year in 2014, with domestic
production falling for the first time in
two decades. This was partly due to
competition from wine and other
drinks, and partly due to the
slowdown. But craft brewers can
sell as much as they can make in
China — which admittedly is not a
huge amount yet, since the
government treats craft breweries as
basically illegal.
Most of the beer that is drunk in
China today was not originally
Chinese. Even Tsingtao, which the
west thinks of as that most Chinese of
beers, was set up by Germans in
Qingdao, which was then a German
colony: think alcoholic imperialism.
Wikipedia says that China has been
drinking beer, in one form or another,
for 9,000 years — and since nobody
really knows what the Chinese were
doing 9,000 years ago, Wikipedia
is as likely to be right about that as
anyone else.
Fermentation was — and still is —
used in many primitive societies to
help purify water. My first Financial
Times job, back in 1980, involved
Tuesday 15 September 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
work there for a better future.
Encouraging them to abandon their
countries means condemning these
countries to disaster.
Mr Wolff concedes that “integrating
large numbers of migrants is a huge
challenge for any society and will need
careful managing to ensure social
cohesion”. Rightly so. But given the way
other European challenges of the past
years were handled, the doubts seem
more than justified.
Wolfgang Ungefehr
Hong Kong
Don’t dismiss Cape Town
for South Africa’s failings
Sir, I know nothing of Rio de Janeiro,
but John Kay (“Why ‘happy’ is boring”,
House & Home, September 12) is too
dismissive of Cape Town.
Why does South Africa “have to sort
[itself] out first”? What have the
perceived failings of the country got to
do with the vibrancy and excitement
generated by any particular city? Spain
has been in a terrible economic mess,
but Barcelona is in his list.
Yes, crime can intrude, but, as with
any big city, it’s a question of being
streetwise: you can suffer anywhere
if you are not.
Here in Edinburgh there are reports
every day in the press of muggings,
attacks and rapes: yet Edinburgh is on
his list. Under the Democratic
Alliance’s administration of both
Western Cape province and the city
itself, Cape Town is a far safer place
than it was 10 years ago, and life
after dark on the streets in the centre
proves it.
ADH Leishman
Edinburgh, UK
Exciting Dutch city should
be on the ‘happy’ list
Sir, With regard to John Kay’s piece
(House & Home, September 12)
Amsterdam should be on his list. It
fulfils all the conditions: liveable with
safety, good public transport, a
moderate climate and it is exciting,
with good architecture, beautiful
canals, excellent music, creative
clusters and so on. I have never met
anyone who did not enjoy being there.
As a bonus it is English speaking (less
than half the population speak Dutch)
and rents are moderate. It is also easy
to visit other great cities from there.
Marianne Pitts
Leamington Spa, Warks, UK
Enforce existing laws on
cyclists and motorists
Sir, Jenny Jones calls for the Met to
enforce the laws we have (Letters,
September 10) in respect of motorists.
Would she agree that the same
approach should be applied to cyclists
who, for example, ignore red lights and
one-way signs, ride on pavements and
have a general disregard for the
Highway Code?
Brian Reed
London N14, UK
COMMENT ON FT.COM
Larry Summers’ blog
Despite huge challenges as the country
embarks on economic reform, the debt deal is
important for Kiev and the west
www.ft.com/larrysummers
drinking home-brewed sorghum beer
in northern Ghana, which at the time
had no reliable source of clean water.
It was drunk all day long, like coffee
or Diet Coke in other cultures —
except that it got stronger as the day
progressed. The same was once true in
China. But what’s drunk in here today,
in the main, is not at all indigenous.
But now that’s changing. The
country has a new generation of
indigenous brewmasters (or
foreigners who are well integrated into
the society), and most of their
customers are Chinese. Gao Yan —
who prefers to be known as Master
Gao, because of his US masters degree
in chemistry — brews craft beers
infused with the know-how of
traditional Chinese medicine, in the
second-tier Chinese city of Nanjing.
He says his best seller is jasmine tea
lager, but his sweet potato beer — his
first made from Chinese-inspired
ingredients — did darned well too. He
has brewed with purple rice, chilli
peppers and sweet osmanthus flowers,
while rival brewers use Sichuan
peppercorns and Iron Buddha tea.
Master Gao, whose first brewery was
shut down by the government, says
that most of his ingredients are
western, “but the way we brew it, we
build beer according to Chinese
culture and customs”.
And he’s happy to admit that that
patriotic backstory has helped him
sell four times as much beer this year
as last. Sure beats missiles.
patti.waldmeir@ft.com
Tuesday 15 September 2015
Cameron need not choose between posterity and power
POLITICS
Janan
Ganesh
I
f David Cameron showed up to par-
liament in his Bullingdon Club tail-
coat to announce the sale of Great
Ormond Street children’s hospital
to a consortium led by ExxonMobil,
his Conservatives would still be compet-
itive against Jeremy Corbyn’s Labour at
Britain’s next election.
An immutable law of politics is often
mangled in the telling: elections are not
won “on the centre ground”, but by
whomever is nearest to it. What matters
is a party’s relative, not absolute, posi-
tion on the continuum of ideas. There is
no need to navigate by compass and
slide rule to the exact geometric middle.
Margaret Thatcher did not govern to
please the median Briton. It was enough
that she was more mindful of that voter
than her principal opponents were.
The crises that
threaten to
unravel the EU
FOREIGN AFFAIRS
Gideon
Rachman
T
here is a comforting cliché
in Brussels that the EU
needs crises in order to
progress. But the current
cocktail of problems facing
Europe — refugees, the euro and the
danger that Britain might leave the
union — look far more likely to over-
whelm the EU than to strengthen it.
For the first time in decades, some of
the fundamental achievements and ten-
ets of the EU are under threat. These
include the single currency, open bor-
ders, free movement of labour and the
notion that membership is forever.
Rather than rising to these challenges,
the EU is creaking under the strain. Its
28 members are arguing bitterly and
seem incapable of framing effective
responses to their common problems.
These arguments are also taking place
against an ominous backdrop. Large
parts of the EU remain sunk in a semi-
depression with high unemployment
and unsustainable public finances. The
problems of an imploding Middle East
are crowding in on Europe, in the form
of hundreds of thousands of refugees.
And the political fringes are on the
rise — with the latest evidence being
the election of a far-left eurosceptic
OPINION
Richard
Barrett
O
utside the circle of his
friends and family there
will be few tears shed at the
death of Reyaad Khan, a
21-year-old from Wales,
targeted and killed in Syria by the RAF.
Once a bright and engaged youth activ-
ist in Cardiff, he joined Islamic State of
Iraq and the Levant (Isis) and in 2014
appeared in a recruitment video for the
group. On social media, his graphically
illustrated boasts suggested direct
involvement in many killings.
But it was not in retaliation for these
actions that Khan was assassinated last
month by an RAF drone. It was, as David
Cameron, prime minister, told parlia-
ment on September 7, a counter-terror-
ist measure taken because there was no
other available way to prevent an immi-
nent attack on people in Britain. The
killing brings into focus several aspects
Once you understand this law prop-
erly, it dawns that a universe of opportu-
nity opened up for the Conservatives on
Saturday, when the Labour party
elected the oddest leader in its history.
Jeremy Corbyn, and the stain of
extremism that will stick to the Labour
name long after he has gone, presents
the Tories with the opposite of a
dilemma: a choice of two attractive
courses of action, both of which assure
at least one more victory in 2020. They
can hold the middle ground that Labour
has evacuated, or they can govern some
way to the right. The first would restore
their old purpose as the default party of
government, when they lost the occa-
sional election as if to give themselves a
breather. The second would change the
country — curbing the state, opening up
public services — at the cost of provok-
ing voters a bit more.
A virtual monopoly on power for a
generation or an exciting rupture in pol-
icy. In normal times, this choice is no
choice at all, for any aggressive reform
would risk electoral defeat to more
moderate opponents. But Mr Cameron’s
opponents have no pretensions to mod-
candidate to lead Britain’s Labour party.
With a sense of crisis mounting and
the EU unable to respond, countries will
be increasingly inclined to act unilater-
ally or even — in the case of Britain —
leave the bloc altogether.
The refugee crisis is already threaten-
ing cherished ideas about open borders.
In the past couple of days, Germany has
reimposed frontier controls with Aus-
tria — which, in turn, has imposed con-
trols at its border with Hungary, which
itself is working feverishly to complete a
barbed-wire fence to protect its frontier
with non-EU Serbia. Controls have been
tightened on the French-Italian borders,
while migrants camp miserably in Cal-
ais, hoping to cross to England.
If the EU somehow gets a grip on the
migrant crisis, these measures might be
no more than temporary expedients.
But if the pressure of would-be refugees
heading for Europe remains intense,
then temporary measures could harden
into permanent controls.
Question marks over open borders
will easily shade into wider issues about
access to welfare systems and labour
markets. That is because EU countries
are realising that — in a border-free sin-
gle market — a unilateral change of asy-
lum rules by Germany had implications
for the immigration policies of all mem-
ber states. Once migrants get citizenship
in one EU country, they have the right to
move to any other, to work there and to
claim benefits. But if free movement of
people and labour come into question,
so does the EU’s single market — its cen-
tral achievement.
Planes without pilots are fighting a battle without a plan
of Britain’s response to terrorist threats
and the challenges presented by Isis.
Perhaps the first question is why
Khan joined the jihadi group — along
with 700 or so other UK citizens, accord-
ing to the most recent official estimate.
That is not a huge number compared to
the many thousands who have made the
journey from Arab states. But it is none-
theless significant when considering the
opportunities that exist in the UK, and
the lack of them in the Arab world.
Khan did not appear to be someone
easily duped. Yet he seems to have
thought Isis offered him a better chance
of a good life than his own community in
Wales. That should give the prime min-
ister pause for thought.
The killing raises further issues. The
UK is not at war in Syria, either on the
side of President Bashar al-Assad or in
partnership with his opponents. Mr
Cameron assured parliament that the
act was legal, and that the UK’s National
Security Council had agreed that it was a
necessary act of self-defence. Khan was
accused of plotting to attack public cere-
monies in Britain over the summer, but
he was killed on August 21, by which
★ FINANCIAL TIMES
Comment
eration. Almost whatever he does, he
will be nearer the centre ground than a
Corbynite Labour party, with its mid-
20th century economics and willingness
to see the positive side of paramilitaries
from Northern Ireland to the Levant.
Those of us who tend to counsel politi-
cians to the middle ground can continue
to make the principled case but we can-
not pretend it is electorally essential too.
The Tories can hold the
middle ground Labour has
evacuated or they can
move some way to the right
Not in these circumstances. The Con-
servatives can govern fairly stridently
and still win. Now, if not very often, the
Tory right is right.
To judge by the opening months of his
second term, Mr Cameron would rather
build a Conservative imperium than
make his name with a blast of rightwing
reform. George Osborne, his chancellor,
has taken the edge off the fiscal consoli-
The refugee issue has, for the
moment, overshadowed the euro. But
the problems of the single currency
have not gone away. On the contrary,
Greece’s decision this summer to
knuckle under and accept yet another
austerity package has made the euro-
zone look increasingly like a trap.
Even Greece, which is profoundly
unhappy with life in the eurozone, can-
not risk leaving for fear of provoking a
financial and economic crisis. Creditor
countries such as Germany and the
Netherlands are not much happier, as
they fear they are being dragged into a
system of permanent fiscal transfers
towards the nations of southern Europe.
Meanwhile, efforts to make the euro
work better, by pressing ahead with a
banking union, are stuck in Brussels.
Questions over borders will
easily shade into wider
issues about welfare and
labour market access
time the events in question had passed
without incident.
By then six attacks had been
thwarted, according to Mr Cameron —
but either Khan was not involved, or
they were stopped without the need for
his death. Doubtless there is much more
to the story than has been made public
— or will be.
Beyond the legality and necessity of
It is easy to think that
the rules must change
when we are dealing
with terrorists
the action, there is the question of
whether it was the right thing to do. It is
easy to think that the rules must change
when we are dealing with terrorists; that
what we are fighting against is more
important than what we are fighting for.
This plays to the terrorists’ narrative.
No doubt the evidence of Khan’s intent
was compelling, though we cannot now
know if it would have held up in court.
dation and instituted a Labourish living
wage. Both men are temperamentally
geared for power first and legacy sec-
ond, even if the gap between the two
ambitions has narrowed in Mr
Osborne’s soul. There is no disgrace in
their caution: steady government is last-
ing government and Britain is not a
country that needs to start again from
first principles.
But what might a sharper discontinu-
ity look like? Freed from any serious
political competition, the Conservatives
could allow for-profit bodies to set up
free schools, which are state-funded but
independently run. This would tempt
large companies to establish national
chains of schools, each offering a brand
and a consistency of performance that
parents can trust.
Mr Cameron could also wean the BBC
off its licence fee, authorise a third run-
way for Heathrow airport, vary public
sector pay according to region and tilt
the weight of taxation from earned
income to assets. None of these projects
is volcanically unpopular but they are
all provocative enough to be ducked by
most governments most of the time. If
This does not look like a sustainable sit-
uation and the risk of euro break-up will
surely return.
The refugee and euro crises bear on
whether Britain will vote to stay in the
EU, when it holds a referendum in 2016
or 2017. Until recently, the opinion polls
looked promising for the pro-EU camp.
But the migrant crisis plays directly into
the most potent issue deployed by those
campaigning for Britain to leave —
which is that membership of the EU
means that the UK cannot control
immigration. More broadly, the British
are less likely to stay inside an organisa-
tion that seems to be failing. If they vote
to leave, the sense of crisis within the EU
would then mount — raising the possi-
bility of further defections.
A partial unravelling and marginali-
sation of the EU still looks more likely
than a full-scale collapse. But even if an
organisation called the European Union
continues to exist — running buildings
and paying salaries — it risks becoming
increasingly irrelevant.
The best way to avoid these sorry
fates would be for the bloc to demon-
But if the government is right that
Khan was directing a major attack in the
UK, this signals a new departure for Isis.
Until now, the group has encouraged its
supporters to join it in the Middle East,
telling them to mount attacks in their
home countries only if they are unable
to travel. Its modus operandi is different
from that of al-Qaeda, which trained
western recruits in Afghanistan or
Yemen and then dispatched them to
attack targets in their home countries.
So far Isis-inspired attacks on western
targets have been conducted on the ini-
tiative of the perpetrators — not
planned in Syria or Iraq.
Western governments have long
sought to understand and counter the
drivers of terrorism and the UK is
widely regarded as being at the forefront
of these efforts. Yet western politicians
have shown a muddled and inconsistent
approach to international terrorism.
Neither the UK nor the US has a policy
for dealing with the mess of Syria. And it
seems unlikely that it will be a British
initiative that finds a way of restoring
some measure of stability in the Middle
East. (Just this month, Damascus pre-
Mr Cameron does not do them now,
with Labour lost in its own distemper, it
is hard to picture who ever will.
The prime minister’s enemies tend to
dwell on his privilege. If anything, they
understate the case. Eton, loving par-
ents, a village rectory for a childhood
home: this was only the start of his mad-
dening good fortune.
The real luck took hold in his career,
during which Labour has pioneered new
ways to make his life easy. They cash-
iered their only viable leader of the past
40 years, Tony Blair, and tried three
replacements — Gordon Brown, Ed Mili-
band and now Mr Corbyn — who were
each not only unelectable but progres-
sively worse than the previous one.
How Mr Cameron and his chancellor
use this luck will decide the size of the
imprint they leave on history. They can
establish their party as the reflex choice
for working Britons or fashion a state in
their own image. Each way probably
brings victory in five years’ time. Only
one brings a legacy that will resonate in
50 years’ time.
janan.ganesh@ft.com
Daniel Pudles
strate its relevance and effectiveness —
by showing EU citizens that collective
action and co-operation are the only
ways of dealing with issues like the
migrant crisis.
The trouble is that the EU’s complex
and unwieldy decision-making proc-
esses make it extremely hard to respond
quickly and coherently to a crisis — as
the migrant issue illustrates.
For people of my generation, one of
the central political themes of the past
40 years has been the steady advance of
the European project. It is hard (and
alarming) to imagine all that going into
reverse. But Europe’s turbulent history
is littered with examples of empires,
monarchies and alliances that rose to
greatness and then collapsed. The
organisation that the EU sometimes
reminds me of at the moment is the
League of Nations — a high-minded
body, committed to international co-op-
eration and the rule of law — that was
eventually swept aside by international
events that it could not cope with.
gideon.rachman@ft.com
dictably dismissed without ceremony a
British proposal that Mr Assad lead a
transitional government.) Despite the
vast amounts of aid delivered, the UK’s
diplomatic skills languish unencour-
aged by a government that seems more
interested in short-term solutions.
It also appears more interested in
symbolism than substance. Set against
the much larger US effort to counter Isis,
a few manned and unmanned RAF air-
craft are neither here nor there. To the
rest of the world, the British contribu-
tion has more to do with domestic poli-
tics and the transatlantic alliance than
effective counter terrorism.
The prime minister’s announcement
of Khan’s death was met by a bray of
parliamentary support. Yet a British cit-
izen — albeit one suspected of plotting
harm to his country — has been killed by
the British state, outside British juris-
diction. This is a moment for deep
reflection, not unthinking applause.
The writer, an adviser at The Soufan Group,
has worked for the UK Secret Intelligence
Service and the UN al-Qaeda and Taliban
Monitoring Team
13
Free markets are
a flawed way to
plan and fund
infrastructure
OPINION
Keith
Burnett
O
ne night in 1942, a man sat
on the roof of King’s Col-
lege, Cambridge, scanning
the skies for German
bombers. This lookout was
well acquainted with the totalitarianism
the Nazis wanted to impose. Having
served on the Italian front during the
first world war, the economist Friedrich
Hayek had returned to Vienna to find it
devastated by out of control price rises.
His conclusion was that centrally
planned economies like Vienna’s were
prone to hyperinflation and tyranny. It
formed the heart of his 1944 book, The
Road to Serfdom. For leaders who
embrace his ideas, such as Britain’s Mar-
garet Thatcher, a centrally planned
economy is not just inefficient but a
blight on freedom.
Today, under Hayek’s heirs, Britain’s
infrastructure funding lies in an
unhappy state of halfway-house mar-
ketisation. Long-range planning has
been replaced by the short-termism
that typifies the markets.
Meanwhile, lobby groups have the
power to halt essential schemes. The
result is a tendency to delay procure-
ment of desperately needed infrastruc-
ture projects.
Take the HS2 railway between Lon-
don and the Midlands. According to the
government, it is vital to rebalance the
economy away from the south east. But
HS2 is battled by environmentalists,
residents and taxpayers. It will be 2026
before the first 250mph trains can run.
In China, by contrast, there is no fear
of big projects and no problem finding
long-term investment. Its Shanghai-
For leaders who embrace
Hayek’s ideas, a centrally
planned economy is a
blight on freedom
Beijing high-speed railway covers
1,300km in less than five hours. The job
was completed within four years.
Similarly, the UK seems unable to set-
tle on the best way to generate its power.
A steady supply of nuclear energy, insu-
lated from the volatility of the oil and
gas market, would benefit consumers,
companies and the economy. While the
government threw the Hinkley Point C
nuclear power station project open to
the markets, it then had to guarantee
above-market prices for 35 years in
order to convince the French state-
owned EDF to invest for the long term.
Even so, EDF will not bring the plant
into operation in 2023 as scheduled.
The question now is whether we
choose instead to reach an explicit pub-
lic consensus on the industrial and
infrastructural needs of the nation. If we
do that, would we be taking steps down
the low “road to serfdom”? Or would
that consensus promote conditions in
which markets can provide consumers
with what they need at a fair cost?
Our democratic process has pre-
vented a completely free market for the
National Health Service, schools and
universities as well as in defence. British
governments have been forced by pub-
lic opinion to distance themselves from
a wholesale embrace of the free market,
and disingenuously speak of “consumer
choice” mixed with regulation — the lat-
ter is state intervention by another
name.
Hayek’s supposed disciples miss the
fact that he acknowledged there are cir-
cumstances in which the market cannot
work. National security and infrastruc-
ture may require government-decreed
objectives: “There are common needs
that can be satisfied only by collective
action and which can be provided for
without restricting individual liberty.”
Hayek was right about this. What we
learn from China is that economic
growth and civil prosperity cannot be
delivered without giving governments
responsibility for essential schemes.
Back on that chapel roof, it is possible
that Hayek kept watch there alongside
John Maynard Keynes, a fellow at the
same college. Both were committed to
the nation’s liberty. Keynes, an advocate
of state intervention in infrastructure
planning, later wrote to Hayek, asking:
why and when do you need to inter-
vene? Seven decades later, as our coun-
try struggles to update its transport
infrastructure or replace ageing power
stations, the need is as urgent as ever.
The writer is vice-chancellor of the Univer-
sity of Sheffield
14 ★ FINANCIAL TIMES Tuesday 15 September 2015

BUSINESS LIFE

The pitfalls of
If you were surprised when a senior
Microsoft executive took the stage at
Microsoft and Apple’s latest product launch last week,
you need to brace yourself for more of
the same. The spread of digital
Apple’s new platforms, the ease with which
collaborative networks can form, and
‘frenemy’ pact the willingness of employees to work
across newly porous corporate borders
‘
hedge need to be set aside to allow for a of apps, for instance — and compete
decorous mealtime discussion about with each other. It is in Apple’s Art of persuasion
the shared path to the two companies’
separate front doors. On the other
hand, Samsung, which supplies
interests to cultivate this network just
as an old-style manufacturer would its
competing suppliers. But Apple and The Queen and the world of
components to Apple while competing
head-on in devices, is the guest who
Microsoft’s banter could look like a
snub to companies that do not just
communication within silence
brings a nice bottle of wine, but brags
publicly about his own superiority as
Feuds can
be double-
want a seat at the same table but aim to
throw their own, better party. Their
SAM LEITH

mean there will be more pacts between
old rivals — and they will bring
problems as well as benefits.
“Frenemy” is the term of art for such
relationships. Jessica Mitford wrote in
1977 that one of her socialite sisters
had minted the inelegant term for
“those fringy folks whose proximity,
either territorial or work-related,
soon as he has said goodbye.
Frenmity is spreading. Earlier this
year, despite having its own Chinese
website, Amazon set up a store on
Tmall, the business-to-consumer site
operated by Alibaba, recognising that
while the shoppers might be the same,
the two sites’ business models were
different (unlike Amazon, Alibaba
enemy’s frenemy is almost certainly
edged tools not their friend.
but they Finally, while feuds can be double-
edged management tools, encouraging
can also be dark arts and dirty tricks, they can be
effective at effective, too. Motivating a team that
can see a target on its rival’s back is far
motivating easier than geeing up staff who must
a team now be “comfortable working with, or

demands the frequent dinner
invitation and acceptance of their
return hospitality”. Sir Martin Sorrell
gave it wider corporate currency in
’
serves other retailers and does not
source or move products). Ron Adner
of Dartmouth College’s Tuck School of
Business and co-authors have pointed
even in, a frenemy company”, in the
words of Henrich Greve, professor of
entrepreneurship at Insead. Microsoft’s
more open strategy under Mr Nadella AFP/Getty Images

Andrew Hill
Onmanagement
Toymakers such as Mattel
are generating their own
content to reach kids on
tablets and smartphones,
writes Shannon Bond
2006, when he used it to describe
Google, a company that was both
useful and threatening to WPP, the
advertising group he heads.
In corporate, as in personal
relationships, the ratio of friendship to
enmity varies. Microsoft’s promotion of
its Office software applications at an
event where Apple was pushing its
shiny new hardware points to their
respective corporate priorities,
particularly following the shift from
devices to cloud computing pursued by
Microsoft’s chief executive Satya
Nadella since he took over from the
more bellicose Steve Ballmer in 2014.
Mitford’s dinner analogy is useful.
Microsoft is like the annoying
neighbour, whose past attempts to
obscure Apple’s view with an ugly
out that carmakers are already having looks right. But still I wonder what it In a recent article for a
to decide whether to let software apps must be like for those at the company British newspaper, the
developed by century-old antagonists who were Ballmerised by his journalist Simon Heffer
into their vehicles. predecessor into mostly bashing rather attributed the Queen of
But let us not go completely soft. Old than embracing competitors. England’s longevity and
rivalries are dormant not extinct. The Big companies ought to be able to popularity as a monarch,
new iPad Pro so resembles the Surface, overcome these challenges, while start- in large part, to her silence.
Microsoft’s convertible tablet, that ups are developing with co-operation She makes few public
Steven Sinofsky, the former Microsoft as their default way of working. Better pronouncements, and her
executive who worked on it, sent a ways of measuring collaborative political views remain almost
sarcastic tweet welcoming the new success, and encouraging staff to attain impregnably private. She is,
device. And of course the acrimonious
history of what Bill Gates borrowed
it, will evolve. But it is still worth
bearing in mind one last truth from
to use the cliché, above
politics; and that makes her
from Steve Jobs, and vice versa, goes Jessica Mitford’s article: “Life-long less vulnerable to it.
back a long way. enemies are, I think, as hard to make Few of us are in the
What is more, friendliness between and as important to one’s wellbeing as position of a constitutional
big competitors is often only an email life-long friends.” monarch — where keeping
away from being a barrier to entry. our mouths shut is part of
Plenty of companies are just happy to andrew.hill@ft.com the job. But it is well worth
collaborate with Apple — as providers Twitter: @andrewtghill recognising the importance
of silence as a persuasive
tactic. “Fast-talking” is one
way of persuading; “not
talking” is another.
Any speech writer, any
actor and any CEO who has
done media training, will
know the importance of
the pause in one-way
communication. It signals
confidence and command in
a speaker. It is analogous, in
some ways, to the way white
space is used in ordinary
type and in graphic design:
it lets language breathe. It
punctuates and frames units
of speech; it adds emphasis
to a statement just made,
and silvers the statement
example showed, the great
advantage of saying nothing
is that silence is infinitely
interpretable (and those
interpretations infinitely
deniable). Your interlocutors
or auditors will pour into the
silence something of their
own: apprehension about
what you might think, if
you’re in a position of power;
your imagined approval, if
they are in a position of
power. Silence can threaten
without threatening, and
flatter without flattering.
Silence can do you good
at networking events:
everybody likes a “good
listener”. It can do you good
when interviewing someone
for a job: they will tell you
more about themselves if
you provide a space into
which they can babble. And
as that interviewee will note
with regret: you can go back
on something not said much
more easily than you can go
back on something said.
To Margaret Thatcher’s
husband, Denis, is attributed
one of the great bons mots
on this subject: “Better keep
your mouth shut and be
thought a fool than open it
and remove all doubt.”
So for a column on
persuasive speech to give a
passing salutation to the

T
he newest addition to forthcoming with an persuasive powers of not
American Girl’s line-up of audience’s anticipation. speaking is by no means a
historic dolls is Maryellen But there are other useful contradiction. Her Majesty is
Larkin, supposedly a nine- sorts of silence. The late not being evasive when she
year-old living in Florida in London literary agent Pat is being silent: she is being
1954. But the toy company is using Kavanagh was a virtuoso of persuasive.
decidedly modern tools to promote her, the negotiating or tactical Ludwig Wittgenstein’s
creating a short live action film about silence. You’d call Pat to buy slightly clumsy formulation
the character developed through a an article from one of her makes silence a matter,
“crowdsourcing” platform. clients. She’d ask you the more or less, of compulsion:
The finished movie will be showcased fee. You’d name a figure, “Whereof one cannot speak,
on American Girl’s website and social rather higher than you’d thereof one must be silent.” I
media channels, including YouTube. intended. She’d say nothing. prefer to think of reticence
There, it will run alongside videos pro- You’d wait. She’d say as being most interesting
moting other American Girl toys, tutori- nothing. You’d panic and when it is voluntary, so I side
als on braiding dolls’ hair and craft ses- double the fee. She’d say instead with Boyzone’s
sions demonstrating how to make gar- nothing. Ice crystals would Ronan Keating: “You say it
lands of stars and doll-sized suitcases. form on the handset of your best — when you say

Lines blur between adverts

American Girl, an arm of the US toy- phone. You’d double it again. nothing at all.”
maker Mattel, is not alone in its Eventually, she would crisply
approach to content marketing, the assent to a figure from atop artofpersuasion@ft.com
increasingly common practice of com- which you got a dizzying
panies creating their own videos, news- aerial view of your original The writer is the author of

and children’s entertainment

style articles, graphics and other snip-
pets to attract and engage customers.
US businesses will spend $50bn this
year on such “content marketing”,
according to Contently, a venture
capital-backed start-up that connects
companies with freelance writers. In
some cases they partner with news
organisations to create “native advertis-
ing”, sponsored spots that look like and
run alongside editorial content.
Other companies are hiring writers
and editors to create content that the
brands promote on their own social
media channels and websites.
The ultimate goal is to reach audi-
ences in a fragmented media world,
where consumers — and particularly
young people — have more choices in
what, where and how they partake in
entertainment.
“You have to fill the pipeline of social
and traditional media with enough con-
tent that brings people back to you,”
says Chuck McBride, founder and chief
creative officer of Cutwater, an advertis-
ing agency. “And it has to be more than
just your TV spot. Kids are on mobile
devices, sharing stuff — that’s how an ad
gets seen these days.”
Companies are moving beyond the
traditional world of television adverts to
reach a generation of kids who have
access to smartphones, tablets and on-
demand media from the start.
Lego’s YouTube channel is stocked
with episodes of cartoons tied to its vari-
ous lines, including Bionicle and the
girl-targeted Lego Friends as well as pro-
motions for the Lego Star Wars: Droid
Tales mini-series, which airs on pay-TV.
The Danish toymaker was behind one
of the most successful examples of a
consumer brand being integrated into
kids’ entertainment: The Lego Movie,
one of 2014’s biggest box office hits.
In many ways the intersection of
entertainment and marketing to kids is
not new; companies like Walt Disney
have long excelled in merchandising
their most successful brands. Disney
and Viacom’s Nickelodeon this year
both launched divisions that work with
advertisers to create content and pro-
Not how toys mote it to their wide audiences on social
were promoted media.
in the 1950s: But the blurring of lines between con-
Mattel’s tent and advertising online raises new
Maryellen challenges for parents, says Caroline
Larkin doll Knorr, parenting editor at Common
Sense Media, a non-profit organisation
that advises families on media and tech-
nology. “Ads should really be separate
from the content,” she says. “We think
it’s really important to protect kids from
deceptive advertising.”
In the US, concerns that children are
less able to differentiate between ads
and content have led to Federal Com-
munications Commission restrictions
on TV advertising during children’s pro-
gramming. There are limits on the
number of commercials that can be
aired and prohibitions on advertising
products within shows or using charac-
ters to sell items.
Consumer groups have appealed to
the Federal Trade Commission, which
regulates deceptive advertising prac-
tices, to examine online ads aimed at
kids.
In the meantime, the marketing
industry is preparing itself for a future
Two-thirds of US children under five use
Tablets tablets and one-third own one, according
to a 2014 survey by Communicus, an
advertising research group.
“With the younger generation, what
Born sets them apart in this changing of the
swiping media landscape is their very, very early
adoption of mobile devices compared to
adults,” said Fiona Su, a director at
Eleven Inc, a marketing agency.
“Television is changing in format from
a very traditional scheduled programme
to on-demand delivery right on tablets
and mobile devices,” she says.
Marketers need to be aware that this
new distribution system is no longer
where traditional 30-second television
commercials are no longer the corner-
stone of their advertising strategies.
“We’re starting to see clients move
percentages of media budgets — in some
cases large ones — out of broadcast and
into online and social video,” said Tom
Pettus, executive vice-president at
advertising agency Deutsch LA.
As competition heats up in the
streaming video market, children’s pro-
gramming is emerging as a key area of
investment for new players like Netflix,
Hulu and Amazon, as well as estab-
lished brands like Disney, Nickelodeon
and the Cartoon Network.
Indeed, many of the new companies
pushing into children’s programming
tout that they offer advertising-free
environments.
HBO, the premium cable network
best known for dark and often violent
dramas such as Game of Thrones and
True Detective, announced in August it
would be the new home of Sesame Street,
the classic children’s TV programme.
Netflix licenses movies and shows
from Disney and DreamWorks Anima-
tion but is also making large invest-
entirely supported by ads, she adds. A
recent study from PwC, the consultancy,
found more than half of eight- to 18-
year-olds said streaming television was
their favourite media content, ahead of
cable and network TV shows, games
and short videos.
Kids still watch more TV than any
other media, however. Those surveyed
spend an average 7.8 hours a week
watching traditional network TV,
compared with 7.2 hours watching
YouTube videos, 6.2 hours watching
cable TV and 6.1 hours streaming
shows and movies on a laptop,
smartphone or tablet.
ments in creating its own kids’ pro-
grammes as part of its broader empha-
sis on original content. Amazon, which
carries Nickelodeon’s pre-school shows,
this year launched six original pilots, all
aimed at kids.
A notable exception to the trend
towards ad-free online destinations for
kids’ programming is Google’s YouTube.
Its YouTube Kids app carries pro-
grammes aimed at young kids with
advertising from family-friendly
brands, under extensive rules that pro-
hibit advertising food or beverages and
including material not suitable for chil-
dren under the age of 13.
But advocacy groups including the
Campaign for a Commercial-Free Child-
hood, the Consumer Federation of
America and the American Academy of
Child and Adolescent Psychiatry have
raised concerns with the FTC that it is
the videos, not just the ads, that high-
light the eroding boundaries between
marketing and content online.
On the channel for Pocoyo, a popular
Spanish TV programme aimed at pre-
schoolers, interspersed with short epi-
sodes showing the adventures of the
title character and his friends are live-
action videos showing Pocoyo toys being
unwrapped and played with. They are
the toddler version of the “unboxing”
videos popular among adult tech fans
keen to visualise a new gadget.
YouTube declined to comment on the
advocacy groups’ letter to the FTC. But
such clashes are only likely to become
more common as the trend evolves.
“It’s this rabid consumption of the
content,” says Deutsch LA’s Mr Pettus.
“That’s where if you got kids hooked on
a show or character, the ability to weave
into that content companion experi-
ences, whether standalone mobile apps
or products like colouring books,
becomes incredibly effective.”
budget and a deal was done.
In general, as Pat’s
Great place to meet
Café Slavia, Prague
Where Smetanovo nábřeží 1012/2
Plug sockets Yes
Open 8am-midnight; Sat-Sun from 9am
Such was their propensity
for coffee that many of
Prague’s cafés proudly claim
to have served espressos to
the likes of Franz Kafka and
Václav Havel. But few still
look and feel like they did
when Prague’s most famous
sons huddled around their
wooden tables.
Café Slavia is no hidden
gem, as the queues of
tourists eyeing one of its
300 seats on a Saturday
afternoon are testament to.
But arrive when the doors
open on a sunny morning
and there is no better spot
to take in one of Europe’s
most majestic cities than the
window tables at the art
deco café on the Vltava
river. Opened in 1884, Slavia
quickly became a haunt of
Prague’s bohemian arts
scene, including playwrights
and actors from the adjacent
‘You Talkin’ to Me?’ Rhetoric
from Aristotle to Obama
WiFi Yes
Espresso Kc39 ($1.60)
Privacy AAEEE
National Theatre, whose
imposing neo-Renaissance
walls are reflected in the
mirrors that line the interior.
Kafka and his students
followed, before the café
became a meeting place for
anti-communist dissidents
after the invasion of Prague
by Soviet troops in 1968.
Havel used steadfastly to
ignore the menu and
order a bespoke beef and
dumplings in tomato sauce,
but today’s guests can
choose from a decent array
of Czech and international
dishes. The teak walls, grand
piano, chandeliers and
marble staircase nod to its
colourful history, and leave
you with little doubt why
Prague’s great thinkers
found it a fitting place to
meet.
Henry Foy
Tuesday 15 September 2015 ★ FINANCIAL TIMES 15

ARTS

Banners, bonhomie and musical bonbons

T H E AT R E

CLAS SICAL MUSIC
BBC Proms
Royal Albert Hall, London
Richard Fairman
The flag-waving jamboree of the Last
Night of the Proms is over for another
year. All manner of countries and
causes, from gay pride to migrants, were
represented in the heterogeneous ban-
ners around the hall, though there was
one the organisers did not want the tele-
vision audience to see. Anybody trying
to come in with an orange flag proclaim-
ing “Protect our BBC!” had it confis-
cated at the entrance.
That aside, it was a colourful display,
with German flags even more numerous
than usual. Jonas Kaufmann, star
German tenor and heart-throb of the
middle classes, was the main attraction
of the evening. He sang some splendid
Puccini and Lehár, though we could
have done with more, and set a prece-
dent as the first non-English-speaker to
take on the annual ritual of “Rule,
Britannia!”. The vocal part did not suit
him very well, but Kaufmann carried off
his historic assignment with a generous
dose of bonhomie. He was rewarded
with a pair of black lace knickers thrown
up from the arena.
Overall, this was a Last Night that
made up in pizzazz what it lacked in
coherence. Marin Alsop was back as
conductor and master of ceremonies, a
good choice after her success in 2013.
Some people felt last time that she
should have made more of being the first
woman to conduct the Last Night, so this
year she threw in a call for “a more just
and equal playing-field for women”. As a
speechmaker, Alsop could easily
trounce most of her male predecessors.
The gradual decline of the programme
i n t o a l u c ky d i p o f m u s i c a l
bonbons continued apace. Benjamin
Grosvenor made the biggest impression
in a glintingly precise performance of
Shostakovich’sPianoConcertoNo. 2,but
why did he have to play his piano solos in
Audience the second half buried at the back of the
participation: orchestra? With all the traditional fare in
Danielle de place, there was no need for even more
Niese at the Last audience participation in The Sound of
Night of the Music, even with Danielle de Niese’s help.
Proms. Right: Alsop’s Strauss, Till Eulenspiegels lustige
Rob Brydon Streiche, could have done with more of
in ‘Future the personality that makes her such a
Conditional’ livewire presenter. She has surely earned
Chris Christodoulou/BBC,
Manuel Harlan
a third visit to what she called this
“wacky”celebration. AAAEE
The main programme of the 2015
Proms culminated in a pair of concerts
by the Vienna Philharmonic on the
previous two nights. The first, con-
ducted by Semyon Bychkov, featured
symphonies by Brahms and his late-
romantic Austrian counterpart, Franz
Schmidt. Brahms’s Symphony No. 3 was
on the receiving end of a miserably
soggy performance, but Schmidt’s
Symphony No. 2 made up for it in
orchestral luxuriance — kaleidoscopic,
grandiloquent, like Richard Strauss
without the tunes. AAAEE
The penultimate concert was given
over to a performance of Elgar’s The
Dream of Gerontius, conducted in a
deeply emotional style by Simon Rattle.
This was one of the highlights of the
season, not least because of the remark-
ably disciplined singing of the large
BBC Proms Youth Choir. The soloists —
Toby Spence, articulate but lightweight,
ARTS ON FT.COM
Venice Film
Festival
‘We had all got
it wrong’: for
Nigel Andrews’
reaction to the
surprise Golden
Lion winner
‘Desde Allá’, visit
ft.com/arts
Magdalena Kožená and Roderick
Williams — were less imposing, and so it
was left to the glorious playing of the
Viennese orchestra to seal the evening’s
success. AAAAE
In sum, this was a decent, not out-
standing Proms season. Attendance
of 89 per cent, impressive anywhere
else, ranks as average these days on
the Proms’ success-ometer. If there is
one memory that encapsulates
the season, it would be the
late-night recitals of solo
Bach, so still and intense,
and accompanied by the
overpowering smell of pop-
corn (a new line on sale in the
bars) wafting through the
hall. What other music festi-
val in the world could offer a
juxtaposition like that?
bbc.co.uk/proms
Future Conditional
Old Vic, London
aaaee
Sarah Hemming
Whether or not you get the grammar ref-
erence in the title of Tamsin Oglesby’s
new play very likely depends on when
and where you went to school. And that
is partly the point of this bold drama,
which grapples with the contentious
issue of education and equality in mod-
ern Britain. It’s quite an opening state-
mentfromnewartisticdirectorMatthew
Warchus, who emphasises the urgency
ofthesubjectwithavibrant staging,pep-
pered with live music. Two dozen young
actors hop in and out of roles and hover
at the edges of the stage, in school uni-
form,towatchonasothersslugitout.
And slug it out they do. Oglesby
switches between two spheres of action
— a group of primary school parents
fretting over their children’s move to
secondary school and a commission of
educationalists — and a narrative thread
following a bright Pakistani girl and her
teacher. At the playground gates, nice
middle-class mothers display cunning
duplicity in their determination to
squeeze their child into a good school
and end up literally tearing each other’s
hair out. In the committee room, educa-
tional psychologists begin by debating
league tables and wind up slinging
insults and flapjacks at one another.
All this is to the good: Oglesby tackles
education in-the-round, from those toil-
ing in the thick of it to questions about
what education is for. Rob Brydon’s
delectably played wise teacher gives les-
sons on confirmation bias and Nikki
Patel’s excellent Alia brings an out-
sider’s clear-sighted perspective.
The downside of this broad-brush
approach is that nothing gets discussed
in depth. The characters too often feel
like mouthpieces. Some of the best
moments come with Brydon’s exasper-
ated teacher, but he rarely appears and
the neat ending seems at odds with the
theme that the system needs rebooting.
It’s frustrating. But it’s also provoca-
tive and performed with zest. It suggests
that the new term under Warchus is
likelytobelively,engagedandfulloffun.
To October 3, oldvictheatre.com

THIS EVENING’S TELEVISION

Pick of the day

Those who, like me, dislike
the sight of animals
performing can be
reassured: there is less
equine choreography in Lucy
Worsley’s Reins of Power:
the Art of Horse Dancing
(BBC4 9pm) than history,
armour and nuggets of
unexpected information. We
visit Vienna’s Spanish Riding
School; Worsley (pictured)
learns about a horse’s
“power-house — its bum”
and realises the art of
manège had a military,
besides balletic, value. She
also takes to the saddle
herself. You need not be an
equestrian to enjoy the sight
of a thoroughbred capering,
drilling and showing off its
power-house bum.
Based on the 1970
explosion on a moon-bound
spacecraft, Apollo 13
recounts the rescue story to
end them all. With Tom
Hanks and Kevin Bacon, this
is probably Ron Howard’s
best directorial effort
(Syfy 8pm). — MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News.
6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 EastEnders.
8.00 Holby City. In the
aftermath of the explosion,
Arthur struggles to keep
on top of his anxiety
disorder, while Zosia is
forced to make a choice
between Ollie and Seb.
9.00 New Tricks. UCOS looks
into the murder of a
private investigator who
was stabbed in a
suspected robbery gone
wrong, and Steve has
problems when he rents
out his flat.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.35 Bomber Boys. Actor Ewan
McGregor and his pilot
brother Colin explore the
role RAF Bomber
Command played during
the second world war. R
6.00 Eggheads.
6.30 Terry and Mason’s Great
Food Trip.
7.00 This Wild Life. Saba
Douglas-Hamilton seeks
newborn lion cubs, and
Frank Pope races to rescue
a lioness.
7.30 Great British Menu. North
West chefs Eve Townson,
Matt Worswick and Mark
Ellis produce fish-based
dishes.
8.00 The Hairy Bikers’
Northern Exposure. As the
travellers head for Russia,
they swap vehicles for
Dave’s old motorbike and
sidecar.
9.00 The Gamechangers. Drama
about the conflict between
the designers of video
game Grand Theft Auto and
the crusaders worried about
its influence on children.
10.30 Newsnight.
11.10 Weather.
11.15 Special Forces — Ultimate
Hell Week. R
6.00 ITV News London.
6.30 ITV News and Weather.
7.00 Emmerdale. Ross pretends
to be Pete’s friend while
secretly planning to kill him.
8.00 Parking Wars. New series.
In this series about traffic
enforcement, cameras
follow parking wardens
attempting to uphold the
law, and the man leading a
campaign for free parking.
9.00 Britain’s Biggest
Adventures with Bear
Grylls. New series. The
adventurer explores the
UK’s natural history,
beginning with a journey
around Snowdonia, where
he discovers how this
region of North Wales was
10.00 The Changing Room.
created.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 Through the Keyhole. R
11.40 Benidorm. R
11.05 Bodyshockers: Nips, Tucks
Regional variations apply
6.00 The Simpsons. R
6.30 Hollyoaks.
7.00 Channel 4 News.
8.00 Battle of Britain: Return of
the Spitfires. Documentary
charting the build-up to
the 75th anniversary of
Battle of Britain Day, when
planes from across the UK,
USA and Europe take part
in a fly-past over the South
of England.
9.00 Educating Cardiff. At
Willows High School in
Cardiff, the focus is on
relationships in Year 8,
from siblings at the same
school to two boys
competing for title of
Rugby Captain.
New series. In the first
episode of this
documentary about high
street shoppers, Brooke
searches for a killer dress
to win back her ex.
and Tattoos. R

BBC3
7.00 Top Gear. 8.00 Don’t
Tell the Bride. 9.00, 9.30
Live at the Apollo. 10.00
EastEnders. 10.30 Fried. 11.00,
11.25 Family Guy. 11.45 American
Dad!
BBC4
7.00 World News Today.
7.30 Great Continental
Railway Journeys. 8.00
Canals — The Making of
a Nation. 8.30 Hive Minds.
9.00 Lucy Worsley’s Reins
of Power: The Art of Horse
Dancing. 10.00 The Most
Dangerous Man in Tudor
England. 11.00 Natural
Other channels
World: Meet the Monkeys.
Channel 5
6.00 Home and Away. 6.30 5
News Tonight. 7.00 Ultimate
Police Interceptors. 8.00 The
Yorkshire Vet. 9.00 Celebrity Big
Brother: Live Eviction. 10.00 The
Hotel Inspector Returns. 11.00
Celebrity Big Brother’s Bit on the
Side.
More4
6.50 A Place in the Sun: Summer
Sun. 7.55 Grand Designs. 9.00
Penelope Keith’s Hidden Villages.
10.00 The World’s Most
Expensive Food. 11.05
Embarrassing Fat Bodies.
Film4
6.30 Percy Jackson & the
Lightning Thief. 9.00 Man
on a Ledge. 11.05 Inglourious
Basterds.
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods. 9.00
Aquarius. 10.00, 10.35 Ballers.
11.10 The Pacific.
Sky Sports 1
6.00 MLS Round-Up Show.
6.30 Barclays Premier League
Review. 7.30, 7.45 Legends of
Darts. 8.00 One Hundred and
Eighty. 9.00 Boxing Gold. 11.00
La Liga World. 11.30 Barclays
Premier League Review.
Sky 1
6.00 Modern Family. 6.30, 7.00,
7.30 The Simpsons. 8.00 One
Hundred and Eighty. 9.00 50
Ways to Kill Your Mummy. 10.00
Stop, Search, Seize. 11.00 NCIS:
Los Angeles.
Sky Arts
6.00 James Rhodes: Piano Man.
6.30 Dolly Parton: Song by Song.
7.00 Portrait Artist of the Year
2014 — Painting Alan Cumming.
8.00 Painting — Mick Hucknall.
9.00 Simply Red: Live in
Montreux. 11.00 UB40: Live at
Montreux Jazz Festival 2002.
16 ★ FINANCIAL TIMES Tuesday 15 September 2015

Off track
Shares in the big US railroads have fallen, and, relative to earnings, they are starting to look cheap. The companies’
cash generation lags far behind earnings, though – a mismatch that becomes more painful as growth slows

Kansas City Southern ($m) Union Pacific Corporation ($m)

Twitter: @FTLex Email: lex@ft.com 600 6000
Net income Free cash flow
400
4000
Russia: a US rate rise could cause renewed 200
LBOs:
turmoil in emerging markets. To 2000
enigma variations paraphrase Churchill, for many 0 nickel and dimed
companies it is not the beginning of the
Winston Churchill memorably end of Russia’s funk — more likely just -200 0 For private equity firms, the internal
described Russia as “a riddle wrapped the end of the beginning. 2010 11 12 13 14 15* 2010 11 12 13 14 15* rate of return is the sine qua non of any
in a mystery inside an enigma”. But transaction. For that calculation, every
there is no mystery about the country’s CSX ($m) Norfolk Southern Corporation ($m) nickel counts. That is why the deal
2000 2000
recent travails: a sharp fall in Chinese SOEs: price announced yesterday for
hydrocarbon prices and limited access 1500 1500 software company Solera Holdings —
to international capital markets have hope and experience $55.85 a share, for a total transaction
prompted a collapse in the rouble. That 1000 1000 value of $6.5bn — should not be
has made imports more expensive, Last month, reports that the Chinese perceived as peculiar. Rounding up to
pushing domestic inflation to almost government would reform state-owned 500 500 $56 a share just would not allow the
16 per cent in August. The economy is enterprises gave shares of listed SOEs a buying group, which includes tech fund
in a nasty recession; lending has big one-day boost. Over the weekend, 0 0 Vista Equity Partners, affiliates of
shrunk and real wages are falling. guidelines for the reforms were 2010 11 12 13 14 15* 2010 11 12 13 14 15* Goldman Sachs and the Koch brothers,
Unsurprisingly, Russian shares are released and, yesterday, stocks fell — FT graphic Sources: S&P Capital IQ; Bloomberg * Estimate to hit their sacred IRR target.
shunned by international investors. and rightly so. That private equity is willing to even
They are also very cheap, even by The impact of substantive reform The US has, arguably, the healthiest capex, cash generation lags behind expanding. But as growth investors bother taking out a public company is
emerging market standards: the MSCI would be huge. SOEs account for two- major economy in the world. reported earnings (because capex is a and momentum-chasers look notable. Record-setting M&A volume
Russia index is on a price-to-book ratio fifths of GDP, according to Goldman Railways are a crucial part of its cash expense and depreciation is not). elsewhere, and value investors start in 2015 has been driven mostly by
of less than 0.5. Before the financial Sachs, and they employ one-tenth of circulatory system. Yet shares in the For the railways, the gap is assessing the stocks, the question is corporate buyers, not financial ones.
crisis, it was close to 2. China’s workforce. Neither capital nor biggest rail companies — Union longstanding but has widened notably going to be: when is capex going to Companies have tried to justify putting
Corporate governance was never a workers are particularly productive, Pacific, CSX, Norfolk Southern and over the past decade. This makes a come down? Because at 30 or more premiums on toppy equity valuations
strong point at Russian companies and though. Reliant on state support and Kansas City Southern — are down by certain amount of sense, given the times free cash flow, value investors by using cheap debt and making grand
there are signs of mounting political artificially cheap capital, SOEs tend to about a quarter this year. Relative to industry’s solid growth: capex rises first are not going to consider these stocks promises about cost savings.
interference in corporate matters. This have far lower returns on equity than expected earnings, the shares are the when companies expand. But, in cheap. And, with the exception of Juicy stock market valuations
month, state-controlled (but publicly private enterprises. SOEs (excluding cheapest they have been in two years. general, depreciation and capex should Kansas City Southern, capex has combined with a regulatory crackdown
traded) airline Aeroflot took over its banks) have delivered virtually no Surely, then, the value train is pulling converge as growth normalises. risen in the first half of this year. on junk loans have forced financial
nearest rival Transaero in a transaction earnings growth over the past five into the station? And growth is normalising, to put it Last year, all four companies spent sponsors to turn away from public
that will push Aeroflot’s leverage years, Macquarie points out. Over the No. The problem is an industry- kindly. Coal shipments have fallen more on dividends and share markets for targets. Take-private deals
towards six times earnings before same period the private sector profit wide gap between depreciation (the badly, agricultural volumes are soft and buybacks than they generated in free in the US totalled $76bn in 2013,
interest, taxation, depreciation and growth was in the double digits. item on the income statement a strong dollar does not help shipments cash. So they are adding leverage, according to Dealogic. That figure looks
amortisation. Reform will not be easy to achieve. reflecting consumption of fixed to the country’s ports and borders. too. Their debt loads are not too set to be less than $50bn this year.
Russian exporters are at least getting Vested interests are hard to unseat and capital) and capital expenditure (the Sales at the big four are expected to fall heavy but adding debt to please But could the recent market swoon
a tailwind from the weak currency. allowing large employers to go under, cash the companies spend on fixed this year, earnings will be flat to down. investors can only go on for so long. suddenly present an opportunity for
Take steel producer Severstal, one of or even deliver big cost savings, is capital). The market took lagging cash in its Increasing cash flow then becomes private equity? It is more likely that
two stocks in the MSCI Russia index to politically difficult. Details of the new When depreciation is less than stride while the industry was even more crucial. Solera represents an anomaly. Since its
have posted gains (in dollar terms) proposals are scant. Share sales will be shares reached $70 in late 2013, they
over the past year. True, steel prices encouraged, but the SOEs that trade have steadily drifted down, to half that
are falling as excess Chinese already prove that a public listing level by late July. Growth in its core
production finds its way on to export hardly guarantees productivity. and SOEs on equal footing. Short of that price was closer to $80 in early to be pulled out of the ground in short business — providing software for
markets. But a weak rouble and a high This is not the first time SOE reform substantive steps such as these, talk of spring. The decline means the order. As the oil flows from these motor insurance claims — has slowed
degree of vertical integration meant has been on the agenda, and efforts to reform is that and nothing more. likelihood of producing from lower reserves, the collateral base shrinks. to low single-digits. It is trying to
Severstal’s operating margins almost date have hardly been radical. Last quality — or “probable” — reserves will But replenishing these reserves reinvent itself as a broader risk
doubled to 29 per cent in the first half year, state refiner Sinopec sold a stake have fallen, triggering writedowns. requires spending on development management company and that
— a level about which rivals such as in its retail arm to domestic private Financing E&Ps: Retained profits must fall in turn, and projects or acquisitions, another drain transition may be better achieved
ArcelorMittal can only dream. Strong investors. This year, China’s two big shareholders’ equity follows. on the balance sheet. Banks in the US under private ownership.
cash flow and asset sales have halved railway equipment manufacturers, Catch-22 So cheaper oil makes E&Ps less tend to recalculate the value of these The deal price values the company at
net debt over the past 18 months. Hong Kong and mainland-listed CSR attractive credits for banks, and the borrowing bases twice each year. At the 14 times trailing earnings (before
Domestic-facing companies, Corp and China CNR, merged to Oil and gas exploration companies face E&Ps have few other sources of next update, in October, much lower interest, tax, depreciation and
especially those with limited pricing become CRRC. The impact of these a conundrum worthy of Joseph Heller: liquidity. Equity markets do not offer oil prices will apply. amortisation) so it is no bargain. And
power, are among the index’s worst steps has so far been limited. Asset how to grow reserves enough to keep an affordable alternative. Energy is the All of this puts oil and gas explorers with debt already at an LBO-like
performers and relief is unlikely in the reshuffling has yet to render significant their banks happy while not going out biggest underweight in the average in a paradoxical position. Taking 5.4 times ebitda, the financial
short term. improvements in performance or of business. Falling hydrocarbon prices equity portfolio, says Bank of America. evasive action on investment could engineering angle is not obvious.
Russia’s central bank held its key meaningful capacity shrinkage. have created this dilemma. Banks, in fact, have reason to want shrink their reserve collateral. Yet big Hence, the penny-pinching must begin
interest rate unchanged at 11 per cent What would real reform look like? After a second year of energy price their clients to keep growing. The growth plans are unlikely too. Expect with the purchase price.
in September. It will want to see Allowing SOEs to go bust or at least weakness, executives (and banks) can prospect of E&Ps shrinking their the market to continue pricing in
inflation begin falling before cutting shut unproductive businesses outright no longer assume high future oil prices reserves will have lenders worried, as differences between E&Ps in terms of
further — and that is unlikely to would be a start. So would changes in in determining which assets can be these provide loan collateral. Most leverage and portfolio quality over the Lex on the web
For notes on today’s breaking
happen until at least December. There the lending policies of the state-owned converted to production. Brent futures banks prefer to lend against “proved coming year. Heller’s anti-hero Captain stories go to www.ft.com/lex
is no sign of a recovery in oil prices and banks, which put private enterprise prices for December 2020 are just $65; developed” reserves — resources ready Yossarian might just chuckle.

1010 Forecasts by

13 18 HIGH
15 LOW 14
14 16
1010
16
5 11 LO
1020 Luxembourg Shower 17 63
15
Lyon Cloudy 22 72
15 15 Madrid Fair 21 70
16 14 23 20 Manchester Drizzle 15 59
20
18 18 Miami Thunder 32 90
14 15
15 1000 17 18 Milan Fair 25 77
15 Montreal Sun 25 77
18 28
15 20 Moscow Fair 16 61
17 L W 26
17 Mumbai Thunder 31 88
16 21 28 Munich Cloudy 19 66
17 24 29
18 New York Sun 28 82
21 28 Nice Sun 24 75
16 22 21 28 Paris Fair 18 64
28 32
37 Prague Cloudy 18 64
26 Reykjavik Fair 14 57
31 37 32 32
15 Rio Fair 28 82
Wind speed in MPH at 12 BST 28 Rome Fair 28 82
Temperatures max for day˚C Wind speeds in KPH 29 San Francisco Fair 20 68
Stockholm Thunder 18 64
Today’s temperatures Strasbourg Cloudy 20 68
Abu Dhabi Sun 40 104 Belgrade Sun 32 90 Copenhagen Shower 16 61 Hamburg Shower 15 59 Sydney Sun 30 86
Amsterdam Shower 14 57 Berlin Fair 20 68 Delhi Sun 38 100 Helsinki Rain 18 64 Tokyo Fair 25 77
Athens Sun 32 90 Brussels Cloudy 16 61 Dubai Sun 38 100 Hong Kong Fair 30 86 Toronto Sun 26 79
B’ham Shower 17 63 Budapest Fair 28 82 Dublin Fair 15 59 Istanbul Fair 26 79 Vancouver Shower 17 63
Bangkok Thunder 32 90 Buenos Aires Sun 24 75 Edinburgh Cloudy 15 59 Jersey Rain 17 63 Vienna Fair 24 75
Barcelona Fair 27 81 Cardiff Shower 17 63 Frankfurt Fair 19 66 Lisbon Cloudy 22 72 Warsaw Thunder 23 73
Beijing Sun 25 77 Chicago Sun 28 82 Geneva Fair 22 72 London Rain 18 64 Washington Sun 28 82
Belfast Fair 14 57 Cologne Fair 19 66 Glasgow Cloudy 15 59 Los Angeles Rain 27 81 Zurich Cloudy 20 68

CROSSWORD
No. 15,036 Set by NEO
        ACROSS 28 Period in pub with alumnus
1 An awful cost 19 21 23 dominating thought (9)
paradoxically settles? (4,2,3)
 
6 Arrangement has TV in higher
place (3,2) DOWN
9 Port or schnapps essentially 1 Core planet where the last shall
brought round by twit (7) be first (5)
  
10 Musical rook, on piano, in basket 2 Female monkey in meadow (7)
(7) 3 Worm wants red meat to
11 Swimmer takes part in elite become rotten (9)
   training (5) 4 Journal with influence that
12 Supporter free European’s held keeps work down (5-6)
back for example (9) 5 Old solvers start to panic –
  
14 Drink from nipple endlessly (3) that’s right (3)
15 Having too much on bad for an 6 Playboy playwright to tell in
evil god sacrificing female (11) verse that’s heard (5)
17 Scots town’s bustling estate 7 Flow easily shifting oil produces
    to incorporate good little capital (7)
entrances (6-5) 8 Shark pair snatches old dog (9)
19, 21, 23 Whose feasting may lead 13 Cancel FT to save capital?
   to death? (3,5,2,3) That’s destructive (11)
20 Something blessed new hero 14 Time at private hotel and river
staying fifty years by temple residence (9)
 
(4,5) 16 25 fools in society make killers
22 Small over-supply in machine (9)
controller (5) 18 California Tales about one
24 Stuff the Tories? That’s morally measure of heat (7)
correct (7) 19 Ice-cream – there’s a lot put into
JOTTER PAD 26 Sinister order in America banks doughnuts (7)
one blood type (7) 21 See 19 across
27 They’re filled from river sheep 23 See 19 across
must guard (5) 25 Couple from Brentwood (3)
Solution to Saturday’s prize puzzle on Saturday September 26
Solution to yesterday’s prize puzzle on Monday September 28
Winners’ names will be printed in Weekend FT
Tuesday 15 September 2015 ★★★ 17

Arm Holdings Wm Morrison Glencore FTSE 100 €/$ Copper (LME) Nikkei 225 US two-year
Data wars Traders seek Treasury
the edge over algos 1.50% 4.48% 4.41% 0.5% 0.2% 1.1% 1.6% 2bp
HENNY SENDER, PAGE 32
948.00 157.80 127.90 6084.59 $1.1314 $5,310 17965 0.73%

Blow for Yahoo’s Alibaba spin-off Short

View
3 US taxman expresses doubts about similar deals 3 Company in limbo over $24bn stake
denied by the tax services, leaving it in terday said that it and the Treasury were board members”. The circumstances
James
JAMES FONTANELLA-KHAN — NEW YORK
HANNAH KUCHLER — SAN FRANCISCO limbo on what to do with its 15 per cent “most concerned” about the balance Lawyers surrounding the spin-off plan had Mackintosh
stake in the Chinese ecommerce group. between investment assets and operat- interviewed substantially changed in the wake of the
Yahoo’s plan to spin off its $24bn stake In January, Yahoo announced its ing businesses in spin-off corporations. document.
in Alibaba suffered another significant intention to spin off the shares into a “The Treasury department and the by the FT The ruling will be bad news for The Federal Reserve has never been so open about its
setback yesterday after the US taxman new entity to be named Aabaco, along- Service are also concerned about said the IRS Marissa Mayer, Yahoo’s chief executive, plans. In the past five years the US central bank has intro-
said it had serious concerns about deals side a minor operating business formed transactions in which the distributing after a week in which she also lost duced press conferences and forward guidance, as well as
similar to the one proposed by the from Yahoo Small Business, which corporation or the controlled corpora- comments important staff, including chief market- the notorious “dot plot” of forecasts from each of its policy-
Silicon Valley company. provides domain hosting services and tion owns a small amount of Qualifying were very ing officer Kathy Savitt and Dawn Airey, makers. Janet Yellen, Fed chair, has painstakingly spelt out
The Internal Revenue Service said it website design for small business own- Business Assets compared to its other head of the Europe, Middle East and the Fed’s “data dependence” and the economic variables it
was concerned about spin-offs in which ers. At the time, Yahoo appeared confi- assets,” said the document. negative Africa. considers.
a new company had a minimal operat- dent it could obtain a private letter that “[They] have concluded that, under for Yahoo Shares in Alibaba have fallen signifi- What a waste of time. The professional economists paid
ing business combined with a substan- would allow it to conduct the arrange- current law, distributions involving cantly since Ms Mayer first announced to interpret Ms Yellen’s pronouncements could not be
tially larger investment vehicle. ment and minimise its tax burden. small qualifying businesses may have the spin-off — down 40 per cent this more evenly divided. Of the 75 who submit their forecasts
The IRS did not mention Yahoo, but Lawyers interviewed by the Financial become less justifiable.” year. Yahoo stock has lost almost the to Bloomberg, 37 expect rates on Thursday to stay flat,
its comments come a week after the Times said the new comments by the A lawyer at one of the largest firms in same amount. Yahoo owns 384m shares 37 expect rates to rise. The remaining one splits the differ-
company said that its request for a so- IRS were extremely negative for Yahoo. New York said the IRS comments would in Alibaba, valued at $24bn at yester- ence by predicting the Fed will raise rates by only half as
called private letter ruling had been An official IRS document issued yes- send a “chill down the spine of Yahoo’s day’s closing price. much as usual.
The Fed’s decision is less momentous than many think.
Higher rates do not automatically mean a stronger dollar,
rising long-term bond yields and deeper problems for
emerging markets (though the IMF and World Bank both
warn of this danger). In both the 1994 and 2004 rate rise
Rosy for Apple cycles the dollar weakened (see chart), while long Treas-
High sales forecast ury yields fell after the 2004 increases.
Recent history offers a mixed guide. Part of the reason is
for latest iPhone 6 that what really matters is not where rates are, but where
they are expected to go. Rates 25bp higher make little
difference to anyone outside the short-dated fixed income
Apple expects first-weekend sales of its markets. But if rates were expected to rise at every meet-
new iPhone 6S will exceed last year’s ing, the price of money in a year’s time would be sharply
debut of 10m units, after seeing “very higher, with big implications for all asset prices.
strong” pre-orders since Saturday, Investor hopes for the economy and inflation are pretty
writes Tim Bradshaw in San Francisco. subdued, with expected inflation for the five years starting
The company said the larger iPhone in five years’ time — which strips out near-term effects of
6S Plus had already sold out online, with oil price swings — close to post-Lehman levels.
demand particularly strong in China. As a result many think that even if rates go up, it will be a
Apple shares tumbled nearly 22 per “dovish hike”, or “one and done”. Ms Yellen could raise
cent over the summer on concerns about rates and then talk down the chance of further rises any
the iPhone’s growth outlook amid time soon. There is good reason to expect such talk, with
economic uncertainty in China. But they low inflation already helping doves justify their position
opened 2.3 per cent higher yesterday as before the markets’ summer swoon.
investors cheered the sales forecast. As with so much from the Fed recently, what policymak-
“Customer response to iPhone 6S and ers say about the path of future rates on Thursday will be
iPhone 6S Plus has been extremely more important to markets than what it actually does.
positive and pre-orders this weekend
were very strong around the world,” When doves cry
Apple said. “We are on pace to beat last Dollar, trade-weighted Fed policy rate (%)
year’s 10m unit first-weekend record Rising rates
when the new iPhones go on sale 120 8
September 25.”
Apple declined to put a figure on how 6
100
many of the latest iPhones had been
ordered ahead of their release. 4
Last year, Apple said it had received 80
4m pre-orders for the iPhone 6 and 6 2
Plus, which had larger screens than their
60 0
predecessors. Analysts had predicted
5m pre-orders for the 6S, in part because 1993 2000 05 10 15
it went on early sale in 12 countries, Source: Thomson Reuters Datastream
compared with 10 last year.
james.mackintosh@ft.com

EE owns up on broadband complaints

and vows to improve with 500 jobs
DANIEL THOMAS service officer. “I promise all of our cus- Ofcom for generating higher than aver-
TELECOMS CORRESPONDENT
tomers that service is our top priority age complaints for broadband. Virgin
EE has delivered a frank mea culpa and . . . we will fix this.” Media and Sky were the best performing
about the poor standard of its broad- Problems at EE related to a range of providers in the first quarter of the year,
band service, with the telecoms group faults in service, billing, pricing and when Ofcom last reviewed the sector.
pledging to improve customer opera- complaints handling, according to EE will today unveil a “broadband
tions via the creation of 500 jobs. Ofcom. In July, the regulator fined the service first” promise as part of a wider
Record fine for Toshiba company £1m for failing to comply with commitment to be number one for serv-
over profits scandal Its broadband services generated the rules on handling customer complaints. ice in the telecoms sector.
most complaints across the industry in The group has pledged to invest in the Up to 500 permanent broadband cus-
Japan’s stock exchange ordered the first quarter of the year, according to broadband business, even though the tomer service roles will be created at the
Toshiba to pay a Y91.2m ($750,000) Ofcom, the telecoms regulator. It mainly mobile operator is poised to be company, which is developing a single
penalty after a $2bn accounting reviewed all its customer service opera- swallowed by BT in a £12.5bn takeover. mobile and broadband services system.
scandal, another blow to the group’s tions in response and has now launched EE admitted that it had an unaccepta- Digital and social media services, and
reputation. Toshiba will also have to an overhaul of broadband services. bly high volume of complaints com- a dedicated hotline, will be rolled out for
report in a year on improvements to “I’m not going to offer any excuses pared with industry standards — a rare broadband customers.
internal controls or face delisting. because broadband customer service admission in an industry that attracts EE had almost 1m broadband cus-
Analysis iPAGE 18 has simply not been good enough,” said a high level of complaints. BT and tomers at the end of June.
Francoise Clemes, EE’s chief customer TalkTalk have also been criticised by Lombard page 24

Companies / Sectors / People

Companies
AO.com..........................................................24
Aeroflot..........................................................16
Alibaba.........................................11,14,20,33
Amazon....................................................14,14
Antofagasta................................................33
Apple..................................14,17,19,20,32,33
ArcelorMittal...............................................16
Arm Holdings............................................33
Ashley Madison.......................................25
Autonomy....................................................25
Azimo.............................................................25
BHP Billiton................................................33
BNP Paribas...............................................18
BP.....................................................................32
BT..................................................................4,17
Baidu.........................................................11,20
Bank of America.....................................20
Boden.............................................................24
CME Group............................................17,32
CRRC...............................................................16
CSX...................................................................16
Chevron.........................................................32
China National Petroleum Corp.......8
Citic Limited...............................................16
Citigroup................................................20,22
Collegium Pharmaceutical.................33
Commerzbank...........................................18
Currys............................................................24
DE Shaw.......................................................32
Daily Mail and General Trust..........24
DeNA..............................................................18
Deloitte.........................................................25
Deutsche Bank..........................................18
Didi Kuaidi....................................................11
Dixons Carphone....................................25
DreamWorks Animation......................19
EE............................................................4,17,24
EY.....................................................................25
ExxonMobil.................................................32
Facebook.....................................................20
Fiat Chrysler..............................................25
FireEye...........................................................25
Foschini.........................................................25
Foxconn..........................................................11
GE.....................................................................32
Glencore........................................................33
Goldman Sachs..................................16,20
Google......................................11,14,18,19,20
HSBC...............................................................18
Henderson...................................................33
Hess................................................................32
Huawei.............................................................4
Hyundai.........................................................18
IBM............................................................20,24
Iceland...........................................................25
Intercontinental Exchange.................17
Iqiyi.................................................................20
JD.com ...........................................................11
JPMorgan....................................................20
John Lewis..................................................24
KDDI...............................................................20
KKR..................................................................32
KPMG.............................................................25
Kansas City Southern...........................16
Kaz Minerals..............................................33
Lehman Brothers....................................20
Lloyds Banking Group.........................22
Lonmin...........................................................33
Mattel.............................................................14
Microsoft.......................................................14
NBCUniversal.............................................18
NTT DoCoMo...........................................20
Netflix.............................................................14
New Look....................................................25
Nintendo.......................................................18
Norfolk Southern.....................................16
Northrop Grumman...............................25
Ola....................................................................18
Palo Alto Networks...............................25
Panther Energy Trading.....................17
Poundworld................................................24
PwC.................................................................25
Raptor Pharmaceutical........................33
Raytheon......................................................25
Renaissance Technologies................32
Roush..............................................................18
Royal Bank of Scotland......................25
Royal Dutch Shell.............................25,32
Santander.....................................................18
Severstal.......................................................16
Shire Pharmaceuticals.........................33
Sinopec..........................................................16
Sky....................................................................17
SoftBank......................................................20
Solera Holdings..................................16,33
Sophos...........................................................25
Summit Partners.....................................25
TPG.................................................................24
TalkTalk.........................................................17
Taobao............................................................11
Tencent.........................................................20
Thomas Cook............................................24
Tmall................................................................11
Toshiba.....................................................17,18
Trinity Mirror.............................................24
Truecar...........................................................18
Truworths....................................................25
Twitter............................................................19
Uber............................................................11,18
Union Pacific..............................................16
Viacom...........................................................14
Virgin Active..............................................25
Virgin Media...............................................17
Vodafone........................................................4
Walt Disney...........................................14,19
West Coast Capital................................25
William Morris...........................................18
Woolworths.................................................25
Yahoo.............................................................33
YouTube........................................................19
Sectors
Banks.......................................................22,25
Financial Services...................................32
Industrials....................................................18
Media..............................................................18
Oil & Gas......................................................32
Retail........................................................24,25
Technology............................................18,32
People
Abdullah Saleh, Ali...................................6
Barnsley, Julie...........................................24
Barton, Joe..................................................32
Berriman, John.........................................25
Blatter, Sepp..............................................10
Boden, Johnnie........................................24
Bovender, Jack.........................................20
Buffett, Warren........................................20
Bush, Jeb........................................................9
Carlier, Paul................................................22
Carson, Ben...................................................9
Clemes, Francoise..............................17,24
Clinton, Hillary............................................9
de Combrexelle, Jean-Denis.............10
Corbat, Mike..............................................20
Coscia, Michael..........................................17
Cryan, John.................................................18
Drogen, Leigh...........................................32
Duffy, Terry................................................32
Fox, Simon..................................................24
Gbagbo, Laurent........................................8
Green, Harriet...........................................24
Haldane, Andrew....................................20
Hayes, Tom................................................24
Hollande, François..................................10
Hoodless, Robert....................................22
Iwata, Satoru..............................................18
Juppé, Alain................................................10
Kalanick, Travis.........................................18
Kelly, John...................................................24
Kimishima, Tatsumi................................18
Knox, Ricky.................................................25
Krafcik, John..............................................18
Kyncl, Robert.............................................19
Lauber, Michael........................................10
Lynch, Loretta...........................................10
Macron, Emmanuel................................10
Madaras, David........................................22
Maroli, Rahul..............................................18
McWilliams, Carly....................................22
Montgomery, David...............................24
Moynihan, Brian......................................20
Ng, Andrew................................................20
Obama, Barack............................................9
Ouattara, Alassane...................................8
Oystacher, Igor..........................................17
O’Neill, Mike...............................................20
Paterson, Alastair...................................25
Peña Nieto, Enrique..............................10
Rabbu Mansour Hadi, Abd.................6
Rami, Khaled..............................................10
Roberts, John............................................24
Ruiz Massieu, Claudia..........................10
Sarkozy, Nicolas.......................................10
Singh Sarao, Navinder..........................17
Stimpson, Perry.......................................22
Strohmer, Steve........................................17
Takeda, Genyo..........................................18
Tanaka, Hisao............................................18
Trump, Donald.......................................9,18
Urmson, Chris............................................18
Warner, Jack...............................................10
Weinberger, Mark...................................25
Yellen, Janet.................................................7

© The Financial Times Limited 2015 Week 38

18
Technology
Uber and Ola accelerate Indian growth
Ride-hailing rivals to lease
cars in bid to add drivers
in expanding market
JAMES CRABTREE — MUMBAI
The battle for India’s ride-hailing app
market is set to accelerate this week
with US-based Uber and local rival Ola
launching vehicle leasing schemes, as
both companies race to add hundreds of
thousands of new drivers.
Yesterday, Bangalore-based Ola, the
larger of the two companies by market
share, announced plans to create a
$750m leasing subsidiary which it
claims will provide 100,000 cars to new
drivers by the end of 2016.
Ola, backed by Russian billionaire
Yuri Milner and Japanese telecoms
group SoftBank, is also in negotiations
Automobiles
Google hires
experienced
hand to steer
driverless car
MURAD AHMED AND ANDY SHARMAN
Google has hired John Krafcik, the
automotive industry veteran who ran
Hyundai’s US division, to head its driv-
erless car project as the Silicon Valley
group signals its intent to turn the con-
cept into a significant business.
Mr Krafcik, the former president and
chief executive of Hyundai Motors
America and current president of vehi-
cle pricing terminal Truecar, will
become head of Google’s autonomous
car project this month.
Chris Urmson, who has headed the
self-driving vehicle division since 2009,
will continue to oversee operations as its
technical lead.
Analysts said the appointment of Mr
Krafcik takes the project a step closer to
being included as an official company
within Google’s new Alphabet corporate
structure and marks a further indica-
tion of how serious the company is
about the venture.
Google does not plan to manufacture
the cars itself and has held talks with
carmakers about potential collabora-
tions.
It works with Detroit-area supplier
Roush, which helps to build the proto-
type “pods”.
As such, Google argues that tradi-
tional carmakers have nothing to fear
from its incursion into the car industry.
Carmakers are reluctant to be rele-
gated to the role of contract manufac-
turer for the Silicon Valley company,
which would produce the bulk of the
value of the car — the operating system
— while potentially taking advantage of
media services piped into the vehicle.
Companies including Toyota and
Audi are developing their own self-driv-
ing technology, while taxi app group
Uber is spending millions funding
autonomous car research at Carnegie
Mellon University.
“This is a great opportunity to help
Google develop the enormous potential
of self-driving cars,” said Mr Krafcik.
“This technology can save thousands
of lives, give millions of people greater
mobility and free us from a lot of the
things we find frustrating about driving
today.”
The project is part of the experimen-
tal Google X labs, which is working on
futuristic technologies including robot-
ics and artificial intelligence.
Other projects include Loon, which
aims to use hot-air balloons to provide
internet access to remote areas.
Technology
Nintendo appoints fifth president since 1889
KANA INAGAKI — TOKYO
Nintendo picked Tatsumi Kimishima,
former head of the Japanese gaming
company’s North American opera-
tions, as its new president, selecting a
low-profile successor two months after
the death of its previous chief.
Mr Kimishima, the 65-year-old former
banker now in charge of human
resources and accounting, will have the
job of steering the company through a
difficult transition as it tries to cater for
the growing mobile gaming market.
The appointment is effective from
tomorrow and comes after 55-year-old
former chief Satoru Iwata died from
cancer in July, following a 13-year presi-
dency in which he redefined video gam-
ing with the Wii console a decade ago.
with Maruti Suzuki and Mahindra &
Mahindra, two of India’s largest auto-
mobile groups, over supplying cars for
the new subsidiary.
Uber is understood to be finalising an
even larger car leasing and insurance
agreement linked to its recent $100m
investment deal with India’s Tata con-
glomerate. People familiar with the situ-
ation said the deal was likely to be
announced this week.
The deal is the latest phase of Uber’s
attempts to overtake Ola in India’s fast-
growing ride-hailing market, following
the US group’s announcement that it
would plough $1bn into the country.
Uber is investing heavily in China and
India, which chief executive Travis
Kalanick describes as the company’s
most important global growth markets,
as part of a push to expand in Asia.
However, the company has struggled
Industrials
Record fine for Toshiba over profits scandal
KANA INAGAKI — TOKYO
PETER WELLS — HONG KONG
Japan’s stock exchange has ordered
Toshiba to pay a record fine of Y91.2m
($750,000) after a $2bn accounting
scandal, marking another reputational
blow to the lossmaking nuclear-to-
semiconductor conglomerate.
In a widely anticipated decision, the
Tokyo Stock Exchange will, starting
from today, also place the stock “on
alert”, which would oblige Toshiba to
file a report in a year on improvements
to internal controls. If the company fails
to enhance its governance, shares will
be delisted.
The penalties came as Toshiba
released its long-delayed first-quarter
results where it swung to a net loss on a
decline in sales to their lowest level in
two and a half years.
After the close of the Japanese market
yesterday, the company reported a net
loss of Y12.27bn in the three months
ended June 30, from a profit of Y16.7bn a
year earlier. Sales of PCs and TVs were
weak, leading to a disappointing reve-
nue figure of Y1.35tn, the lowest since
the December quarter of 2012. This was
less than the Y1.45tn analysts were look-
“It will be a challenge for the new
president to regain momentum in the
legacy console businesses while trying
to make an impression in the app
world,” said CLSA analyst Jay
Defibaugh.
Most analysts had expected Genyo
Takeda, currently in charge of research
and development, to be the new presi-
dent.
Since Mr Iwata’s death, Mr Takeda
has jointly run the company alongside
games guru Shigeru Miyamoto. In the
Game on
Tatsumi Kimishima
has job of steering
Nintendo through
difficult transition
to mobile gaming
★ FINANCIAL TIMES
COMPANIES
to come to grips with less expensive
local rivals and regulatory conditions.
Yesterday, it accused the Indonesian
government of harassment, after its
drivers were detained and questioned
by police in the capital Jakarta.
Ola claims it has 250,000 drivers in
India but plans to increase that to 1m by
March 2018. Uber says it has 150,000
drivers, with analysts predicting a simi-
larly rapid ramp-up.
In western markets such as the US,
Uber has persuaded existing car owners
to become part-time cabbies. But in
India, where car ownership levels are
among the lowest in the world, new
drivers tend to need to buy or be pro-
vided with a new car.
Rahul Maroli, Ola’s vice-president of
strategic supply initiatives, said his
group would invest Rs5bn ($75m)
directly into its new leasing body. It is
ing for, and down 4.2 per cent from
Y1.41tn a year ago.
The company did not release its
annual forecast for the current fiscal
year to March 2016.
After missing two previous deadlines,
Toshiba last week reported annual
results for fiscal 2014 and revised down
its pre-tax profit figures by Y225bn over
a seven-year period dating back to
2008.
The amendments came after Toshiba
Toshiba performance
Net income (¥bn)
50
0 internal control structure”.
-50
-100
-150
2014 15 16
Source: Bloomberg
latest management reshuffle, Mr
Takeda will become a technology fellow
and Mr Miyamoto will be appointed cre-
ative fellow. The position of “fellow” is a
newly created post similar to a consult-
ing role, providing advice in particular
areas of expertise, the company said
yesterday.
Mr Kimishima will become the fifth
president to lead Nintendo since it was
founded in 1889 as a maker of Japanese
playing cards, and the second after Mr
Iwata, who was not a member of the
founding Yamauchi family.
“There will be no change to the basic
policy and strategy pursued by former
president Iwata,” Mr Kimishima said at
a news conference in Osaka. “Develop-
ment of new talent will be a challenge”
for management, he added.
Tuesday 15 September 2015
INSIDE BUSINESS
EUROPE
Patrick
Jenkins
also planning to raise a further Rs45bn
($678m) for the subsidiary, potentially
by striking investment deals with car
suppliers or financial institutions.
“The biggest challenge for Ola today is
European banks set
getting adequate, quality supply,” he
said. “Unfortunately the types of vehicle
their sights on
leasing businesses you find in the west
haven’t yet developed in India, so we
decide that to expand rapidly we had to
German expansion
do it ourselves.”
$750 m Analysts expect Uber’s deal with Tata
T
Amount Ola is
to involve a larger and more compre- here has been much talk of a Generation Mer-
spending on leasing hensive partnership with various com- kel over the past week or two — a popular
subsidiary to sign panies that are part of the Indian group. movement of support that has swung behind
100,000 drivers These are likely to include Tata Motors, the German chancellor and the leading role
the carmaking arm, and Tata Capital, she is taking in accepting refugees. One mil-
$1 bn the financial services division. lion migrants from Syria and beyond are expected to
One person familiar with the situation arrive in Europe’s biggest economy this year.
US group Uber’s
planned investment said the deal would involve “well over” There is a similar mentality in the business world, where
in India, including 100,000 vehicles. even amid a weak outlook for the broader eurozone, Ger-
tie-up with Tata Uber and Tata declined to comment. many is still expected to grow by close to 2 per cent this
year. Banks keen to fund that growth are coming from else-
where in Europe. BNP Paribas, Société Générale,
Santander and HSBC have all set their sights on expansion
in Germany.
Aside from the decent growth outlook, foreign banks are
circling because they have spotted a chance to profit from
the difficulties that homegrown rivals find themselves in.
That applies particularly to Deutsche Bank, whose co-
chief executives recently announced their resignation, fol-
lowing a string of scandals and controversy over the bank’s
capital strength. Germany’s biggest lender is now in a
period of stasis, as new boss John Cryan wrestles with the
old strategic plan. Caught between the chance to remain
Europe’s biggest investment bank or retreat to Germany,
some kind of compromise seems inevitable.
Even German business looks tougher than it should be.
In its most recent quarterly filing, Deutsche reported that
domestic corporate lending had weakened.
Commerzbank, the market number two, was more
explicit, saying that companies’ “increased use of internal
and alternative external funding sources” had “impeded”
efforts to boost lending. German banks, in other words,
were finding it tough to compete.
Part of that competition is, of course, coming from the
French, Spanish and British banks that are upping the
ante. But can they really succeed where the locals have
long struggled?
The timing is not helpful. Perennially low interest rates
are keeping profit margins tighter than usual — and how-
ever likely an early rate rise is in the US, the European Cen-
tral Bank won’t be in a position to follow suit for years.
A more stubborn problem
stems from the structure of
the market, where lenders
Landesbanks are
not focused primarily on in chaos after
profit, such as state-backed
Landesbanks, savings banks
overextending
and mutuals control more themselves
than half the market. These
“pillars” were part of Ger-
before the crisis
many’s post-second world
war financial architecture, designed to allow its industrial
heartland to flourish again. A structurally low-profit bank-
ing system was the price Germany decided to pay for its
industrial revival.
Those who are optimistic about the current outlook for
the German banks would say the efficacy of that experi-
ment is fading. Landesbanks are in chaos after overex-
tending themselves before the financial crisis. And savings
Senior Toshiba wrote down the value of a nuclear banks are under pressure to raise prices in order to gener-
executives had project in Texas and its semiconductor ate profits for their cash-strapped regional owners.
played a role in business. But other challenges remain for German banking and
inflating profits A significant portion of the inflated the broader economy it serves.
over seven figures was also because of its lossmak- Upbeat economic growth expectations could yet be
years, leading to ing laptop and TV businesses. derailed if the woes of China and the broader emerging
a major board The industrial group had been unable markets persist. China is one of Germany’s biggest trading
shake-up and to close its books after it flagged partners.
the resignation accounting irregularities in April. An Domestically, there are concerns, too. Some business
of its former investigation later found that senior leaders worry that Chancellor Merkel’s big-picture politi-
chief executive executives had played a role in inflating cal work — in Greece, and now on migration — has dis-
— Toru Hanai/Reuters
profits over seven years, leading to a tracted her government from necessary structural
major board shake-up and the resigna- reforms at home. Infrastructure investment in bridges,
tion of Hisao Tanaka, its former chief tunnels and sewerage is overdue but stalled — along with
executive. the financing needed to back it.
In a statement, the TSE said the If all of that does not make the challenge tough enough
accounting scandal “eroded the confi- for any bank in Germany, do not forget the promised revo-
dence of shareholders and investors” lution in the way European companies fund themselves.
and exposed “serious problems with its Companies’ historic reliance on bank loans is at odds
with policymakers’ desire to migrate to a US-style system
The fine against Toshiba exceeded the that relies more on bond funding, which is seen as better
previous record of Y24m, which the TSE insulated from the kind of bank collapses that followed the
slapped against Japanese energy 2008 crisis.
start-up Eneres in January following the Tougher bank capital rules, and a more benign frame-
discovery of accounting problems. work for capital markets, are designed to underpin the
Toshiba is expected to face a much shift. But if it happens, European investment banks — all of
larger fine by Japan’s financial regula- them in shrinkage mode — are likely to lose out to expan-
tors for its accounting malpractices. The sionist US rivals. Banking in Germany has long been a
company has already set aside Y8.4bn in bleak business. That is not about to change.
reserves in expectation of the regula-
tory penalty. patrick.jenkins@ft.com
Media
Trump sells Miss Universe after NBC split
SHANNON BOND — NEW YORK ing his “derogatory statements” about Sydney and music festival Lollapalooza.
immigrants. On Friday, Mr Trump Univision, the US’s largest Spanish-
Donald Trump has sold the Miss Uni-
announced on Twitter that he had language TV network, dropped its plans
verse Organization to William Morris
bought NBC’s 51 per cent stake in Miss to televise the pageants this year follow-
Endeavor-IMG, the Hollywood talent
Universe. ing Mr Trump’s remarks. Mr Trump is
and marketing agency, just days after
“When I purchased the pageants suing the company for $500m for
buying his former partner NBCUniver-
many years ago, they were in serious breach of contract.
sal out of the beauty pageant business.
trouble. It has been a great honour mak- Other companies have also severed
Mr Trump, who is leading polls among ing them so successful and I have really their relationships with Mr Trump this
Republican presidential candidates, enjoyed watching the pageants grow year, including Macy’s, Serta and the
had co-owned the business, which also throughout the USA and worldwide,” PVH Corporation, which all had deals to
includes the Miss USA and Miss Teen Mr Trump said yesterday. produce or sell merchandise with the
USA events, for 13 years. The purchase price was not disclosed. billionaire’s name on them.
But their relationship fell apart earlier In financial disclosures related to his According to his financial disclosures,
this year over Mr Trump’s outspoken political campaign, Mr Trump said Miss Mr Trump has earned at least $9.5m
comments on the presidential campaign Universe was worth between $5m and from licensing out his name, which
trail. $25m and had $3.4m in revenue. adorns buildings and resorts from New
In June, the Comcast-owned broad- At WME-IMG, the pageants join a York and Hawaii to Dubai and Istanbul,
caster cut ties with the outspoken busi- growing portfolio of events including as well as cologne, home furnishings and
nessman and reality television star, cit- fashion weeks in New York, Berlin and bottled water.
Tuesday 15 September 2015
Online stars take YouTube ride to success
A new generation of digital creatives is using social media platforms to take on and win against the might of Hollywood
HANNAH KUCHLER — SAN FRANCISCO
SHANNON BOND — NEW YORK
Embarrassing singing, schoolboy
pranks and unrequited love. Smosh: the
Movie could have been made for any
generation of teenagers since the start of
the Hollywood film industry. But Smosh
features a YouTube comedy duo better
known for free daily snippets delivered
directly to camera than pay-to-view fea-
ture-length films.
The production was released early
this summer, shooting straight to the
number one comedy movie slot on
Apple iTunes after a premiere in Los
Angeles. It even won creators Anthony
Padilla and Ian Hecox a place as the first
digital celebrities to become wax figures
at Madame Tussauds.
YouTube creators are looking to use
their large internet audiences to take on
Hollywood by making their own mov-
ies, even working alongside big name
actors such as Sir Patrick Stewart and
Bella Thorne.
The Google-owned online video site,
which is growing rapidly as more people
watch videos on their smartphones,
announced its first film last week. It is
working with AwesomenessTV, a mul-
tichannel network that signs deals to
promote YouTube stars, to create Dance
Camp. The film features digital stars Meg
DeAngelis, who has 3.7m YouTube fol-
lowers, and Jake Paul, who has 4.3m fol-
lowers on Twitter’s six-second video site
Vine.
Robert Kyncl, Google vice-president
and global head of business at YouTube,
says the company wants its new slate of
feature films to replace the traditional
cinematic release process for smaller-
budget projects.
The films will debut on the site, where
they can be watched for free, funded by
advertising or sponsorship, for a set
period of time. The creators will then be
able to sell access through Apple’s
iTunes, Vimeo and other video on-
demand platforms.
“Big tentpole movies like Transform-
ers make money in theatres, but for
indie movies a theatrical [release] is
about creating awareness. We’re aiming
for indie movies, not Transformers,” he
★ FINANCIAL TIMES 19
COMPANIES
In the picture movies online on platforms such as
iTunes or Vimeo.
Kerry Trainor, chief executive of
YouTuber movies and their stars Trailing millennials spend Vimeo, a platform on which 150m peo-
nearly 60% of their time ple watch videos every month, says it
‘Expelled’ Number of followers has 750,000 paying viewers. He adds
watching movies on either a that for younger people, these creators
Cameron Dallas 3.9m smartphone, tablet or have just as much star power.
desktop/laptop “They are both stars because they
% who said have audiences and fan bases, regard-
less of whether they are traditional Hol-
Andrea Russett 2.2m Smartphone Desktop/laptop lywood or from the internet. PewDiePie
Tablet TV has 40m followers and Tom Cruise can
draw millions at the Box Office,” he says,
Lia Marie Johnson 1.7m 0 20 40 60 80 100 referring to the most followed YouTube
Trailing millennials (aged 14-25) star. “It is more of a generational thing.”
By communicating with their fans
everyday and using YouTube’s exten-
Teala Dunn 1.0m sive analytics tools, creators have also
Leading millennials (aged 26-31) developed a deep understanding of
what their audience likes and dislikes.
‘Smosh: Breaking Through, due for release in
the movie’ October, and Dance Camp both focus on
Anthony dance. This capitalises on the popularity
Padilla 21.0m Generation X (aged 32-48)
of dance videos on YouTube, which are
and Ian watched twice as often as the average
Hecox video, according to data from research
Baby Boomers (aged 49-67) company Tubular Labs.
Kathleen Grace, chief creative officer
‘Dance Camp’ at New Form Digital, a digital studio
Jake Paul 4.3m* backed by Discovery Communications,
Hollywood director Ron Howard and
Matures (aged 68+)
producer Brian Grazer, worked on a
long-form series due out this week.
Meg DeAngelis 3.7m Oscar’s Hotel for Fantastical Creatures
* On Vine was directed by PJ Liguori, a British
FT graphic Sources: FT research; Deloitte Photo: Dreamstime YouTube star, and features dozens of
other creators including PewDiePie,
Grace Helbig and Hannah Hart. It also
says. “YouTube is a very effective way to tweaking them,” he says, adding that teenagers honouring the memory of a part of this — why wouldn’t you want to features Sir Patrick Stewart and puppets
create global awareness.” YouTube had seen “great interest” from recently deceased friend. take advantage?” made by the Jim Henson company. It
Mr Kyncl compares the strategy to “a advertisers to sponsor longer content. YouTube stars are social media natu- Expelled, an AwesomenessTV teen will be sold on Vimeo for $9.99. “In 2016
TV movie of the week” which is first YouTuber-led features are unlikely to rals with a more loyal fan base than movie featuring four YouTube and Vine you’ll see more YouTuber-led features
broadcast for free, with advertising sup- challenge the dominance of big-budget many groomed Hollywood actors. The stars, beat the blockbuster film about come out,” she says. “How successful or
port or sponsorship, before being sold Hollywood fare anytime soon, but big site and other video companies hope teenage cancer patients, The Fault in Our not those are is the question.”
on video-on-demand and other chan- entertainment groups are not being left they can exploit their stars’ followings to Stars, to become the most talked about Reza Izad, chief executive of Collec-
nels. out of the picture. They are major inves- create movies that need little marketing movie on social media last year, accord- tive Digital Studio, a US multichannel
“We’re taking existing models and tors in the multichannel networks that budget. ing to measurement service Rentrack. network acquired by Germany’s ProSie-
represent YouTube’s biggest stars, with “This is YouTube talent realising they Brian Robbins, chief executive of benSat. 1, says the current experiments
DreamWorks Animation backing Awe- have built a brand and leveraging that AwesomenessTV, who has dozens of tel- with different formats for YouTube
40m 150m somenessTV and Walt Disney buying fandom beyond the platform of evision and movie credits as an actor, stars were “scratching the surface”.
Number of Viewers who Maker Studios for $500m last year. YouTube,” says Rich Greenfield, analyst producer and director, says it spent “Whoever captures that first mega-
followers of the watch videos on AwesomenessTV was behind Smosh at BTIG Research. “zero” on advertising. “That is a game- hit is going to transform their business
YouTube vlogger Vimeo every and is also working with YouTube stars “There’s so many ways to monetise changer,” he says. There are also limited and transform the opportunity for all of
PewDiePie month on Shovel Buddies, a movie about four influence. It’s natural that YouTube is a distribution costs as fans can buy the us in the business,” he says.
20 ★★★ FINANCIAL TIMES Tuesday 15 September 2015

COMPANIES

Banks Technology

Bears target BofA amid governance row 3Red vows

Doubts over Moynihan
continuing in dual role
of chairman and CEO
BEN MCLANNAHAN — NEW YORK
Bets on a fall in the share price of Bank of
America last week rose to their highest
level in more than two years, ahead of a
crucial vote on whether to allow Brian
Moynihan, chairman and chief execu-
tive, to continue in both roles.
At an extraordinary meeting next
week, shareholders will decide whether
to endorse a decision the board took last
October, when it gave Mr Moynihan,
then chief executive, the additional role
to fight legal
of chairman, while promoting board
member Jack Bovender to a new role of
data. That was the highest level of “short
interest” in BofA, the second-biggest US
BofA’s part,” said Brian Foran, of Auton-
omous Research. “There is no reason for
But critics argue that the structure is
not the best fit for BofA, which has
charges over
lead independent director.
That decision flew in the face of a
bank by assets, since February 2013.
While that level is a long way adrift of
them to be in this situation to begin
with.”
posted consistently subpar returns
since the crisis.
‘spoofing’
binding shareholder vote to split the the peak of the crisis, when 5.6 per cent Warren Buffett has put up a spirited Mike Mayo, an analyst at CLSA in New
roles of CEO and chair in 2009, prompt- of shares were sold short, the short defence of BofA’s board, but several York, noted in a recent report that Mr
ing enough complaints from big inves- interest in BofA is the biggest among the institutions and proxy groups have Bovender, a 40-year veteran of the GREGORY MEYER — NEW YORK
tors that the board granted them a vote US universal banks and brokers, Mac- come out against it recently, raising the healthcare industry, gave just one “pat”
3Red Trading, a proprietary trading
on the matter, to be held next Tuesday. quarie said. At the same point last week chance of an embarrassing defeat. answer running to about 500 words at
firm, is preparing to fight imminent US
Since the decision over Mr Moyni- 0.51 per cent of Goldman Sachs shares Meanwhile, senior managers at BofA BofA’s annual meeting in May. That was
charges over “spoofing” — duping oth-
han’s role BofA shares have lagged and 0.45 per cent of JPMorgan shares have been visiting big shareholders, try- one-tenth of the contribution of Citi-
ers in the market by quickly entering
behind the sector by 5 percentage were being shorted. ing to drum up support for the board’s group chairman, Mike O’Neill, who as a
andcancellingorders.
points. They were trading at $15.96 this The bet against BofA suggests caution position. In a presentation filed with the former chief of Bank of Hawaii is seen as
week, against $16.74 a year ago. towards the stock, say analysts, who Securities and Exchange Commission, a more effective check on the power of The Chicago firm, which is active on
Last week 0.93 per cent of shares out- also note that bearishness reflects fad- the bank argued that its lead independ- chief executive Mike Corbat. futures exchanges, expects to be
standing had been borrowed then sold ing hopes of an interest rate rise this ent director role has “authority, duties Citigroup is the only bank among the charged by the Commodity Futures
by investors who were hoping to buy week from the Federal Reserve. and responsibilities that . . . exceed big six in the US to split the roles of Trading Commission but is set to ques-
them back for less, according to Markit “People feel like it’s an own goal on industry norms”. chairman and chief executive. tion the market expertise of the deriva-
tives regulator, according to an internal
note seen by the Financial Times.
3Red’s defiant stance will test new
rules against disruptive trading as
Interview. Andrew Ng exchanges and regulators begin to crack
down.

The race to get the smartphone to think like us
Baidu expert in deep learning
wants to replace one-finger
typing with voice recognition
CHARLES CLOVER — BEIJING
Andrew Ng is hunched over his smart-
phone, in a pantomime of key-pecking,
squinting, typo-ridden discomfort.
“This is how we do it today,” he says.
“And this is how we should be doing
it,” adds the chief scientist for Baidu,
China’s largest search engine. He sits
back in his chair, speaking to no one in
particular with his phone placed on the
table. The one-finger typing agony of
millions of smartphone users should
one day become a thing of the past, he
says. All it would take is the creation of a
reasonably accurate, pocket-sized elec-
tronic version of a human brain.
Mr Ng is an expert in deep learning, a
branch of artificial intelligence that
focuses on teaching computers how to
talk, listen, read and think like us. The
area is fast becoming a priority for the
world’s biggest technology companies,
‘Soon you’ll be able to
order food and just say:
can I have some food
delivered to my house?’
including Baidu, as it tackles the era of
the mobile internet.
“The whole world is switching to
mobile devices but no one has created a
usable interface to input into the
devices,” he says. With the development
of artificial intelligence, “soon you’ll be
able to order food and just say ‘Can I
have some food delivered to my house
before I get home?’ out loud.
“It won’t even feel like technology, it
will just be in the background.”
In addition to better voice recogni-
tion, AI is being talked about for any
number of uses, from predicting adver-
tising clicks to recognising faces.
Since joining Baidu last year, Mr Ng
has been steadily working to implement
this vision. A UK native with Chinese
roots, in 2011 he founded Google Brain,
the US technology group’s deep learning
project, and led it until he joined the
Chinese company last year.
Poaching him was regarded as a coup
The note blasted exchange rules as
“vague” and the investigation process as
“one-sided”.
“Because we have decided to fight, the
charges that will be listed against us will
attempt to cast us in the worst light pos-
sible,” Steve Strohmer, 3Red’s chief
operating officer, wrote in the note
emailed to employees last Friday.
If charged, 3Red would join an
expanding group of traders accused of
disrupting bona fide deals in futures,
where values of things from stock indi-
ces to oil are negotiated in millions of
daily transactions. 3Red and the CFTC
declined to comment.
Spoofing involves the rapid placement
and cancellation of orders to trick others
‘The charges that will be
listed against us will
attempt to cast us in the
worst light possible’
into trading. London-based Navinder
Singh Sarao is contesting an indictment
alleging that his spoofing contributed to
the2010“flashcrash”ofUSstocks. Inthe
US, Michael Coscia of Panther Energy
Tradingisfightingcriminalspoofingalle-
gations brought after he had already set-
tledacivilcasebroughtbyCFTC.
3Red’s co-founder and head trader,
Igor Oystacher, settled disciplinary
cases from CME Group-operated
futures exchanges in 2014 and Intercon-
tinental Exchange in June, paying a total
of $275,000 in penalties and agreeing to
a one-month ban at CME. He neither
admitted nor denied the rule violations.
The note from Mr Strohmer said set-
Andrew Ng, in the technology world. He calls the accuracy of his project, but insists it is gence is an oligopoly,” says Yang Jing, tlements, media attention and “pres-
right, is working advanced computers at Baidu’s Sunny- vital. founder of AI Era, an association for the sure from Washington to attain results”
to make mobile vale, California, lab “rocket engines” “A lot of people underestimate the dif- artificial intelligence industry in China. had made CFTC charges “inevitable”.
technology whose software can be taught to mimic ference between 95 per cent and 99 per “It’s a game for the titans.” “In some ways I empathise with the
simpler to use the functioning of the human mind. cent accuracy. It’s not an ‘incremental’ Baidu already saves Rmb17m ($2.7m) CFTC,” he wrote. “They are a group of
and far smarter Their “fuel” is data, which he gets improvement of 4 per cent; it’s the dif- per day at its data centres by using deep- ambitious lawyers trying to do the right
Jason Lee/Reuters
from Baidu’s trove of online video and ference between using it occasionally learning algorithms to predict hard- thing with inadequate resources and
audio output as he works to teach the versus using it all the time,” he says. drive malfunctions, and it is also using limited to no experience in trading. It’s a
electronic brain to listen and speak. Thanks to the strides made in Chinese AI to optimise the use of advertisements broken process. As we all know, trading
The company has an advantage in language voice recognition — a particu- and photos to improve clickthrough is complicated and without experience
deep-learning algorithms for speech lar challenge because of the number of rates. It would not reveal how much it is in market dynamics you end up with
recognition in that most video and homonyms and the importance of con- spending on AI development overall. oversimplified analysis.”
audio in China is accompanied by text — text — Baidu will soon roll out Deep- But in spite of lofty long-term ambi- Mr Oystacher co-founded 3Red in
nearly all news clips, television shows speech, a voice recognition software tions, translating deep learning into 2011, initially occupying a conference
and films are close-captioned and similar to Apple’s Siri. moneymaking projects is still largely on room in an office of MF Global, the
almost all are available to Baidu and Other Chinese companies, including the horizon. futures broker that failed later that year.
Iqiyi, its video affiliate. Alibaba and Tencent, are also making Mr Ng is undaunted. “There’s no The company’s roughly 35 employees
While a typical academic project uses advances in AI but thanks largely to Mr question that [AI] is creating huge eco- in Chicago and New York make bets in
2,000 hours of audio data to train voice Ng’s reputation, Baidu is now judged by nomic value; there’s no question that futures linked to commodities, bonds
recognition, says Mr Ng, the troves of industry experts to be ahead of its this will continue to create huge and stock indices, people familiar with
data available to China’s version of domestic peers, ranking up advances,” he says. “There is still its operations said.
Google mean he can use 100,000 hours. alongside US rivals Face- a huge gap between the way Mr Oystacher trades manually, while
He declines to specify just how much book, Google and IBM. machines learn and the way some colleagues run automated sys-
the extra 98,000 hours improves the “Artificial intelli- humans learn.” tems.

Legal Notices Business For Sale

Financials

Lehman’s psychological scars fuel investor jitters

DAVID OAKLEY
Psychological scars left by the Lehman
Brothers crisis might be playing a part
in unsettling markets as investors con-
template the first possible rate rise by
the US Federal Reserve in a decade.
With the seventh anniversary of the col-
lapse of Lehman today — one of the larg-
est bankruptcies in history — investors
have warned that memories of the near
implosion of the financial system in
2008 still linger. They suggest that this
has been responsible for some of the
market volatility in recent weeks.
Andrew Haldane, the Bank of Eng-
land’s chief economist, articulated the
problem, calling it “dread risk”, in a
speech in June. This is caused by cata-
strophic events that generate an exag-
gerated sense of fear and insecurity,
Businesses For Sale people then tend to overreact to subse-
quent events or news.
John Roe, head of multi-asset funds at
Business for Sale, Business Opportunities, Business Services, Legal & General Investment Manage-
Business Wanted, Franchises
Runs Daily
ment, said: “The equity fall at the end of
......................................................................................................................................................................................................................................................................... August was exacerbated by some nerv-
Classified Business Advertising ous, overly cautious investors, who were
UK: +44 20 7873 4000 | Email: acs.emea@ft.com selling because of fear over what hap-
pened in the past rather than funda-
mentals.” Mike Amey, senior portfolio
manager at Pimco, said: “Psychology
does influence market behaviour. Part
of the reason for nervousness over
increasing rates is the fear of the fear it
might cause in the markets.”
Mr Haldane also referred to disaster
myopia, where fears of the past ease
over time. He stressed that the global
crisis was the most damaging financial
event since the Great Depression, which
left its mark on markets and economies
for years. “While the psychological scars
from dread events fade, they do so only
gradually and never fully disappear.”
In recent weeks, the Vix Index, Wall
Lehman’s collapse was one of the
largest bankruptcies in history
Street’s so-called fear gauge that meas-
ures volatility on the S&P 500, has
jumped sharply, at one point hitting lev-
els not seen since October 2011 as inves-
tors scrambled for the exits because of
worries of a hard landing in China.
Although some investors and strate-
gists insist that China and worries over
possible US rate rises on Thursday are
the main factors driving markets, they
say that persisting memories of the
financial crisis may help to spark fur-
ther volatility, which could then have a
damaging knock-on effect on economic
recovery.
John Wraith, head of UK rates strat-
egy at UBS, said: “There is a danger that
the fear of fear itself will drive markets
lower. This could hold back recovery
and lead to higher levels of volatility in
markets.”
Some investors think the Fed will hold
fire on rate rises, partly because of fears
that markets will overreact to any hint
of bad news. Mr Amey said: “While a
close call, we expect the Fed will wait
until December to raise rates to give the
market time to settle down. Policymak-
ers do not want to go too soon and make
the so-called ‘hawkish mistake’.”
Tuesday 15 September 2015 ★ FINANCIAL TIMES 21
22
Ex-Citi trader’s dismissal case key to other claims
Former employee argues that
rules over confidentiality
were not applied equally
KATIE MARTIN AND JANE CROFT
“Dude, get yourself on chat.”
Former Citigroup currencies trader
Perry Stimpson gave evidence to an
employment tribunal that he received
that nugget of advice from a senior man-
ager in 2009, as he sought last week to
back up his claim that he was unfairly
dismissed in 2014.
The US bank alleges that Mr Stimpson
then used electronic chat to discuss the
bank’s clients with outside traders — a
big no-no in a world where confidential-
ity counts — at least 12 times.
But Mr Stimpson is due back in court
today to press his case that Citi acted
unfairly, firing him first and asking
questions later in a fraught environ-
ment where bank executives were
scrambling to protect their reputations.
Lawyers say the outcome could affect
‘If you see your senior
management do
something, it implies to
you that’s OK’
the course of a string of other tribunals
lodged by former forex traders, who
were let go when the currencies scandal
erupted in 2013.
In the coming weeks, a series of unfair
dismissal cases involving Citi are
expected, including one from former
trader Carly McWilliams, who was sus-
pended while on maternity leave, as
well as David Madaras and Robert
Hoodless.
Nor is the US bank the only target.
Paul Carlier, a former trader at Lloyds
Banking Group, is scheduled to start his
own tribunal case this month. He says
he was fired for blowing the whistle on
alleged malpractice, a claim the bank
★ FINANCIAL TIMES
Banks. Forex scandal
Citi says that rejects. Global regulatory probes into
cases brought by foreign exchange snowballed in 2013, at
some sacked a time when banks were still nursing
employees are their bruises from the embarrassment
an attempt to of the Libor scandal.
deflect criticism With regulators and the media nip-
from themselves ping at their heels, banks were keen to
Patrick T Fallon/Bloomberg
show a tough and genuine effort to clean
up, and sought to cauterise the problem
fast by suspending and then firing doz-
ens of traders. Some of them, including
Mr Stimpson, are now claiming that
zero-tolerance policy was unfair.
The actions of a handful of traders
ended up being central to the fines that
regulators around the world dished out
to Citi and other banks in 2014 and
Tuesday 15 September 2015
COMPANIES
not dismissed, he says. He claims he was
also, on occasion, directed by a manager
to talk to traders at other banks about
what clients were up to. The bank rou-
tinely dished out information about
currency buying and selling by central
banks and other clients, he claims.
In addition, Mr Stimpson told the tri-
bunal some senior managers, including
one-time boss Jeff Feig, who has since left
the bank of his own accord, placed trades
to the detriment of their clients. “If you
see your senior management do some-
thing, it implies to you that’s OK,” he said
inreplytoquestionsinhistribunal.
Mr Feig told the Financial Times he
rejected Mr Stimpson’s allegations and
that they appeared to have been made
to distract from the activities that got
him fired.
One transaction identified by Mr
Stimpson as questionable has already
been investigated and found to have
been above board, Citi’s barrister told
the tribunal.
One former Citi employee, Lee Oliver,
who was summoned as a witness for Mr
Stimpson, told the tribunal that the
bank had exaggerated the nature of Mr
Stimpson’s troubling electronic mes-
sages. The content seemed to him to be
light-hearted “banter”, he said at the
hearing on Friday.
Mr Oliver added at the tribunal that
on one occasion, he raised concerns
with managers about possible breaches
of confidentiality on a transaction in the
Australian dollar, but that “nothing
2015. Banks paid billions of dollars for allegations about management and happened” in response. Mr Oliver will
failing to stop their staff from sharing about other current and former Citi per- be cross examined on his evidence by
information and seeking to make undue sonnel in an effort to deflect attention Citi’s barrister this week.
profits around benchmarks by working from their own misconduct,” the bank Ronnie Fox, principal at the Fox Law-
as a pack. Citi took one of the biggest saidinastatement. yers firm, said that for former bank
hits, at a total of $2.29bn. Mr Stimpson does not deny he dis- employees, claiming to have followed
It says it fired Mr Stimpson fairly after cussed client information, but he says instructions from more senior staff is a
a 25-year career and the bank’s barrister that chatter about customers was a “defence that has not worked since
insisted at the tribunal on Friday that he standard part of the job of a currencies Nuremberg” although “goalposts have
was not singled out. As in all unfair dis- trader at the time. moved” in terms of what is seen as
missal cases, the onus is on Citi to dem- Some other staff engaged in acceptable behaviour by bankers.
onstrate that its action was fair. the same behaviour but were An equal application of the rules is
“As part of Citi’s FX investigation, Citi seen as key, however. Fellow
terminated employees who engaged in employment lawyer Jo Keddie, of
misconduct. Some of these former Perry Stimpson argues that Winckworth Sherwood, said it was
employees have brought lawsuits against he was unfairly singled out “very important for employers to
Citi and have made unsubstantiated by the bank for dismissal act consistently”.
Contracts & Tenders
Businesses For Sale
Business for Sale, Business Opportunities, Business Services,
Business Wanted, Franchises
Runs Daily
.....................................................................................................................................................................................................................................................................................................................................................................................................................
Classified Business Advertising
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
Tuesday 15 September 2015 ★ FINANCIAL TIMES 23
24
EE avoids a Ratner moment as broadband’s utility acts as a duel fuel
EE says its broadband customer service
has not been good enough. No kidding.
A staff member recently swore
violently at a customer in an email.
The Sun reports that the automated
sign-off was “Kind Regards, EE”, which
did not quite undo the damage.
Francoise Clemes, chief customer
service officer, has apologised for
general laxity rather than C-bombing a
customer from Bexleyheath. EE “has
simply not been good enough”, she
says. It is unusual for any big company
to admit that its product is below par. It
is particularly uncommon in telecoms,
where incumbents are at daggers
drawn and Ofcom hovers over all like
an avenging angel.
Ms Clemes’ admission falls short of
“doing a Ratner”. To qualify, Ms Clemes
would have needed to imply that EE
was cynically shoddy, as Gerald Ratner
Technology
Green takes IBM
on ‘internet of
things’ journey
Former tour group chief
to head business units
amid new focus at group
MURAD AHMED — LONDON
ERIC PLATT — NEW YORK
Harriet Green, who quit as chief execu-
tive of Thomas Cook last November, has
been appointed as head of two new
business units at IBM.
Ms Green has joined the US technol-
ogy group as vice-president and general
manager of two new divisions related to
the “internet of things” and education.
The launch of the two divisions
follows 13 consecutive quarters of fall-
ing revenues at IBM, as the company
hives off lower-margin hardware
businesses to focus on faster-growing
ventures, including in cloud computing
and data analysis.
IBM said its new education unit was
expected to launch this year, while
Ms Green would lead a staff of 2,000 at
its internet of things division, which was
created in March.
Welcoming Ms Green, John Kelly, a
senior vice-president at IBM, said she
brought “a strong, proven track record
as a transformative leader” and “has
consistently shown a deep
understanding of the needs
of her customers and cli-
ents, and how to help
them achieve their goals
and aspirations”.
Ms Green said she was
Harriet Green:
‘track record as
transformative
leader’
Travel
did of his jewellery shops in 1991 when
he described a cheap product as “crap”.
Instead, she has echoed the Blairite
belief that Things Can Only Get Better.
EE will create 500 customer service
jobs for its small broadband division.
These sound distinctly temporary,
because BT is buying EE for £12.5bn as
a way of expanding into mobile
telecoms, where EE is bigger. BT has a
patchy reputation for broadband
service itself, and may be responsible
for some technical hitches at EE, whose
broadband network it supplies.
Even so, the penny is slowly
dropping among telecoms groups that
making it difficult and expensive for
customers to complain is no substitute
for improving the service. Broadband,
once a technological novelty, has
become a utility and will be judged by
the same yardsticks as energy and
water supply.
We should have some sympathy for
EE’s cussing customer service guy, who
got fired. He had merely retaliated
against abuse, a temptation for anyone
who deals with rude members of the
public. Lombard has so far controlled
the urge to reply to flamers with the
“honoured” to join the company, add-
ing: “The internet of things will help
enterprises and governments at every
level unlock entirely new areas of
opportunity and growth . . . likewise,
education is being transformed by tech-
nology and IBM is incredibly well posi-
tioned to help leaders in the field enable
this change.”
Before Thomas Cook, Ms Green was
chief executive of Premier Farnell, an
electronic components distributor, and
worked at Arrow Electronics, a US
supplier to computing companies.
In June, it emerged that Ms Green —
who has described herself as a “landa”
(part lion part panda, with a manage-
ment style combining roars and hugs) —
would receive a bonus of £5.6m from
Thomas Cook.
Since her abrupt departure last
November, the tour operator has
struggled amid a public outcry over the
deaths of two children — Bobby and
Christi Shepherd, aged six and seven —
who died from carbon monoxide
poisoning on a Thomas Cook holiday in
Corfu nine years ago.
Ms Green was chief executive when
the company tried to block an inquest
into their deaths on the grounds that
there was an ongoing trial in Greece.
In response to the backlash over
its handling of the tragedy, the
company announced at the end
of May that it would make a
substantial donation to chari-
ties nominated by the chil-
dren’s families.
Ms Green also donated
a third of her bonus to
charities nominated by
Bobby and Christi’s
parents.
★ FINANCIAL TIMES
UK COMPANIES
message: “Sir, you are no gentleman. I
demand satisfaction at six of the clock
in Hyde Park. Pistols supplied.”
E-John v Johnnie
John, and its variants, is a powerful
name in retailing, writes Kate Burgess.
But toughnut northerner John Roberts
of AO.com, emerchant of dishwashers
and microwaves, is a world apart from
Old Etonian Johnnie Boden who kits
out Sloanes by mail order.
The gulf is widening, too. Boden,
after 20 years hawking images of posh
people at leisure with kids cute enough
to model professionally, is expanding
into bricks ‘n’ mortar outlets to draw
more customers to the brand and
persuade them to part with more dosh.
John, in contrast to Johnnie, thinks
paying rents and wages to showcase
products is pointless. The money is
better spent on instruction manuals on
the website and ensuring prompt
delivery. It is not as if customers can
turn on ovens in shops or take freezers
home in the car.
He has a point. Half of the UK’s sales
Opening up
Boden aims to
fashion more
physical stores
of TVs and toasters are made online
and AO’s orders rose by more than 25
per cent last year, giving it almost a
third of the emarket. That contrasts
with rivals such as Argos, whose sales
have slowed.
However, AO’s challenge is to win
brand recognition against Currys with
its rejuvenated store-in-store format,
which holds a quarter of the market, or
John Lewis, that other go-to John for
household goods. They offer something
that John Roberts can’t and Johnnie
hopes to — a way of getting the whole
family out of the house on rainy
Sunday afternoons.
Local hero
Newspaper hacks are “banged out”
when they retire by colleagues
thumping their desks. Regional
newspapers face that valediction as
circulation and advertising revenues
slump. Yet Trinity Mirror, owner of the
Daily Mirror, is in talks to buy another
100 local rags at a valuation of around
£200m. What’s going on?
Trinity, led by Simon Fox, already
Boden plans to open more UK stores
and its first US outlet as hipper styles
helped the online and catalogue
retailer beloved of “yummy mummies”
lift its profits almost a third last year.
The privately owned company,
founded and controlled by Old Etonian
Johnnie Boden, reported pre-tax profit
of £32m in the year to December 31
2014, up 31 per cent from the period a
year earlier.
Boden has only one store, in the
Hangar Green area of west London, but
Julian Granville, the new deputy
chairman, told the Financial Times it
would look to open more retail outlets
in key markets over the next few years,
including a store in a retail centre in or
Media
Local World takeover talks lift Trinity Mirror
HENRY MANCE
MEDIA CORRESPONDENT
Trinity Mirror has confirmed talks to
take over rival publisher Local World,
as newspaper groups seek to acquire
greater scale in response to falling
advertising revenues.
Shares in Trinity Mirror rose 7 per cent
to a one-month high before closing up
nearly 6 per cent at 147.25p. The com-
pany said, however, that there was “no
certainty that any agreement will be
reached”.
Discussions were first reported in
March. A tie-up would create by far the
UK’s largest regional newspaper group,
with the hope of being better able to
reduce costs and offer advertisers a
greater spread of outlets. Local World,
owns 20 per cent of Local World. The
group was created through
consolidation in 2012 by David
Montgomery, who was ousted as chief
executive of Mirror Group, Trinity’s
predecessor, in 1999.
Mr Fox has form in managing
decline: he was chief executive of HMV,
the music group that went into
administration in 2013. Peel Hunt’s
Alex DeGroote estimates that Local
World would sell for less than five
times earnings before nasties at £200m
debt-free, which looks cheap.
The forward earnings ratio of
Trinity’s depressed shares is around
four times. That implies that the
company will be terminally lossmaking
in around four years, which is a
questionable conclusion .
A mournful banging out ceremony
for local papers and Trinity Mirror
would be premature. Despite a large
pensions deficit and compensation
liabilities for the variety of hackery
involving mobile phone snooping, the
shares look decent value.
jonathan.guthrie@ft.com
kate.burgess@ft.com
close to London. The aim is “to give
customers an option to come to our
brand, and for the customers who
buy only limited parts of the range,
the opportunity to buy more of it”,
Mr Granville said.
The move underlines the need for
purely online retailers to have a
physical presence as customers
demand the ability to buy online but
pick up in a physical store.
Sales rose slightly in 2014, from
£278.7m to £280.7m. Boden
generates more than 50 per cent of
its sales from outside its home
market. French sales have risen 34
per cent year on year. Andrea Felsted
See Lombard
which operates about 100 newspapers,
mainly in the south-west, south-east
and the Midlands, had also considered
an initial public offering this year.
However, investor appetite is likely to
have waned following poor trading
results from listed newspaper groups
this year.
Revenues at Trinity Mirror, which
already owns 20 per cent of Local
World, fell 9 per cent year on year in the
first six months of 2015. It promised to
offset that with £10m in extra cost cuts.
A deal would continue Daily Mail and
General Trust’s shift away from print
media. The publisher of the Daily Mail
owns a 38.7 per cent stake in Local
World, and would stand to receive as
much as £100m from any transaction.
David Montgomery, Local World’s
Tuesday 15 September 2015
Briefs
Libor-rigging sentence
Ex-trader to appeal
Tom Hayes, the former trader
convicted of Libor rigging, is
seeking to appeal his 14-year prison
sentence — the longest handed
down in Britain for financial fraud.
Hayes, a 35-year-old former yen
derivatives trader, has applied for
permission to appeal after he was
handed the sentence in August. A
jury at Southwark Crown Court
found him guilty of eight counts of
conspiring to rig Libor.
If permission is granted, the case
will be heard by judges at the
Criminal Court of Appeal.
Hayes was the first person to be
convicted in the global scandal over
the manipulation of benchmark
interest rates, and his sentence was
seen as indicative of the judiciary’s
tougher stance on financial crime.
Prosecutors said Hayes acted as
the ringleader in manipulating yen
Libor, making requests of traders
and brokers almost daily in order to
benefit his own trades. Hayes
testified he was trying to do his job
well and did everything with the
knowledge of his superiors at UBS.
Jane Croft
Poundworld
Retailer’s record profits
Poundworld, the discount retailer
controlled by buyout group TPG,
has reported record profits as it
confirmed it was on track to double
the number of stores in the next
five years.
The UK’s second-largest, single-
price discount retailer announced a
174 per cent rise in pre-tax profits
to £13.7m for the 12 months to the
end of March, up from £5m a year
earlier. Gross profit margin rose by
90 basis points to 38 per cent.
Turnover jumped 22 per cent to
£422.3m boosted by 38 new store
openings during the year. Like-for-
like sales rose 5.6 per cent. At the
operating level, profits rose 130 per
cent to £14.6m.
Poundworld has opened 15 new
stores since its year-end, bringing
the size of the total network to 295
stores, as part of its aim to double
the size of its network by the end of
the decade. The expansion is
funded by an undisclosed cash
injection by TPG, since the US
private equity group took control of
the business earlier this year.
Mark Odell
Metro Bank
Private banking chief
Metro Bank, one of the so-called
“challengers” trying to take on the
established lenders on the UK high
street, has picked a new head of
private banking as it targets more
wealthy customers.
Metro, which opened in 2010, has
appointed Julie Barnsley to lead its
private banking division. She has
been at Metro from 2010, when it
became the first new UK high street
bank in 100 years. She is currently
commercial banking director — a
role she will continue in addition to
her new duties. She was previously
at Barclays and Bank of Scotland.
Metro says private banking now
accounts for around a fifth of its
total operations. FastFT
chief executive, who helped create the
group from various assets in 2012, holds
a 5 per cent stake in the company, plac-
ing him in line for a multimillion-pound
payday should the deal be completed.
The group’s adjusted operating profits
increased 22 per cent last year to
£22.5m, while revenues fell 4 per cent to
£221m. About 11 per cent of its revenues
are digital.
Ian Whittaker, an analyst at Liberum
Capital, said synergies with Trinity Mir-
ror would be quite limited, as Local
World “does not own any plant or equip-
ment and leases its offices”.
However, an acquisition would help
Trinity Mirror’s negotiating power with
advertisers and its ability to finance its
pension deficit.
See Lombard
Tuesday 15 September 2015 ★ FINANCIAL TIMES 25

UK COMPANIES

Support services

EY’s global revenues rise at fastest rate since 2008

Professional services firm ‘The real
helped by boost in cyber reason we
security consultancy work feel so good
HARRIET AGNEW
Professional services firm EY’s global
revenues grew last year at the fastest
rate since 2008, driven by growth across
all of its four service lines and geo-
graphic areas.
Global revenues grew 11.6 per cent to
$28.7bn in the 12 months to June 30, EY
announced today.
Mark Weinberger, global chairman
and chief executive officer, said: “The
real reason we feel so good about it is it’s
very balanced growth.”
about it is it’s All of EY’s four main service lines sur-
passed the previous year’s growth. Advi-
very sory was up 17.6 per cent, boosted by
balanced cyber security; assurance grew 8.1 per
growth’ cent; transaction advisory services was
up 15.5 per cent — helped by an increase
Mark in mergers and acquisitions activity;
Weinberger and tax grew 10.3 per cent.
Mr Weinberger said the nature of tax
advice had changed and new rules —
such as the Paris-based OECD country-
by-country reporting plan — will funda-
mentally change the global tax land-
scape.
“There’s increasing rules on transpar-
ency around the world,” he said, adding:
“The focus is on tax compliance, trans-
parency and making sure the structures
will withstand not just legal scrutiny but
public scrutiny.”
EY has been investing in its audit
practice in the hope of winning market
share as new European regulations
demanding that companies put their
audit out to tender every decade and
change auditors every 20 years start to
bite. In the past year EY has picked up nue will come from emerging markets
FTSE 100 audit mandates including by 2020.
Royal Bank of Scotland and Royal Dutch EY has been trying to improve the
Shell. diversity of its partnership pool and this
Performance in the developed mar- year’s new partner class included a third
kets was led by the US, which grew 12.5 $28.7 bn from emerging markets and just under a
per cent to $11.2bn — its largest increase Global revenues third were women.
in a decade. EY’s emerging market prac- at EY grew 11.6
per cent in the 12 Recovering global economies in the
tice was up by 12.3 per cent overall, led months to June 30 past year have been a boon for the pro-
by India’s 19.7 per cent growth. fessional services firms.
“The type of services in emerging 12 %
PwC said yesterday that UK revenue
markets continue to be inbound invest- The biggest grew 10 per cent from £2.8bn to £3.1bn
performance in the
ment and increasingly outward going developed markets in the 12 months to June 30, while profits
investment,” said Mr Weinberger. was led by the increased 6 per cent to £818m during
EY expects that 30 per cent of its reve- US at $11.2bn the period.

Analysis. Cyber security Retail

Boutiques vie with Big Four for piece of the action
UK groups seek to embrace
moneymaking opportunities
advising companies at risk
HARRIET AGNEW
This summer, companies ranging from
adultery website Ashley Madison to car-
maker Fiat Chrysler and retailer Dixons
Carphone have been hit by cyber
attacks.
The cyber security industry is domi-
nated by technology companies such as
FireEye and Palo Alto Networks —
which sell products and services to
detect and protect against threats — and
defence contractors, such as Raytheon
and Northrop Grumman. The main cen-
tres for the industry are in Silicon Valley,
the Washington DC area and Israel.
But UK companies are also looking to
embrace the moneymaking opportuni-
ties in advising companies on how to
detect, prevent and respond to such
incidents.
The UK market is fragmented,
encompassing specialist boutiques that
offer a single service at one end of the
spectrum and PwC, KPMG, Deloitte and
EY, the “Big Four” professional services
firms, which present themselves as a
“one-stop shop” to clients at the other
end.
The days are past when you could
build a security wall and prevent attack-
ers getting in,” says Phill Everson, head
‘There’s an extreme skills
shortage at the moment
in the sector’
Alastair Paterson, Digital Shadows
of cyber security at Deloitte UK. “It’s not
if you’ll be attacked, but how quickly
you’ll detect it when it happens.”
An information security breaches
survey published by PwC and the
Department for Business, Innovation
and Skills in June found that 90 per cent
of large organisations and 74 per cent of
small and medium-sized businesses had
suffered an information security
breach.
The report found that the average cost
of the most severe online security
breaches for big business more than
doubled from an average cost of
£600,000 in the 2014 survey to £1.46m
this year. Meanwhile, three-quarters of
large businesses and roughly a third of
small businesses said they had suffered
staff-related breaches.
Regulators are also cranking up the
pressure on companies to safeguard
their data. The introduction of new
European regulations surrounding data
privacy means that a data protection
breach — once a reputational problem —
could now qualify for a hefty financial
£1.46m penalty too. Fines of up to €100m — or 5
The average cost of per cent of global revenue — are being
the most severe debated. For the Big Four professional
online security services firms that have their roots in
breaches faced by audit, cyber security is the next frontier
big business in 2015
of growth and diversification.
Deloitte’s cyber practice has
€100m increased revenues more than 20 per
Amount companies cent over the past 12 months. PwC’s UK
could be fined for cyber practice has grown from 35 people
breaches of data two years ago to about 150 people. Reve-
protection under
European laws
nues have increased threefold in the
same period and the company expects
cyber revenues to increase 250 per cent
over the next three years.
In the past year, KPMG has snapped
up a handful of cyber security bou-
tiques. Meanwhile, EY is projecting that
its cyber revenues will grow fivefold
between 2014 and 2020 and it is looking
at acquisitions, says Ken Allan, global
information security leader at EY.
John Berriman, chairman of PwC’s UK
cyber security practice, says: “There are
huge numbers of niche players who can
provide certain areas. We believe our
unique selling point is being able to pull
it all together.” However, boutique firms
argue that it is at their end of the market
where the innovation is happening.
“If you step back and look at the
whole range of actors, vulnerabilities
and tools, you can see why there’s an
awful lot of specialist areas,” says Albert
Plattner, commercial director at Pana-
seer, a security platform that is designed
to help companies determine how vul-
nerable they are to attack.
Mr Plattner adds: “For any single
cyber security provider to say that they
can solve all of these problems is just not
going to happen. And it wouldn’t make
sense for an enterprise to rely on one
solution provider.”
Some investors share his views and
are pouring money into UK specialist
cyber security firms. In July, Darktrace,
the cyber defence technology company
backed by Autonomy founder Mike
Lynch, raised $22.5m in funding from
investment firm Summit Partners. That
same month Sophos, which sells antivi-
rus software to mid-market enterprises,
launched the biggest initial public offer-
Companies ing for a UK software company, with a
ranging market capitalisation of £1.1bn.
from Dixons This has resulted in an arms race for
Carphone, the talent, as businesses compete for staff
adultery website with universities and government
Ashley Madison organisations such as GCHQ, the UK’s
to carmaker Fiat electronic eavesdropping agency.
Chrysler have “There’s an extreme skills shortage at
been hit by the moment in the sector,” says Alastair
cyber attacks Paterson, founder and chief executive of
Ben Stansall/AFP/Getty
Digital Shadows, which advises compa-
Images/Chris Wattie/Reuters
nies on their digital footprint and the
profile of their attackers. “The Big Four
have the resources to pay pretty well but
innovation is only really happening in
the smaller companies.”
The one thing all of these organisa-
tions have in common is that they are
trying to fight a threat that is constantly
evolving and impossible to quantify,
according to George Quigley, a partner
in cyber security at KPMG UK. “The
economics of cyber are really interest-
ing because we don’t have perfect infor-
mation as to what everyone is getting hit
with. The fundamental issue is the
threat is ever changing,” he says.
South African
group eyes
UK shoe
chain Office
ANDREA FELSTED
SENIOR RETAIL CORRESPONDENT
Shoe chain Office could be the next UK
high street name to fall into South Afri-
can hands, after Truworths said it was
in talks to acquire the retailer.
The Johannesburg-listed investment
company said yesterday that it was in
negotiations to buy the 150-store group,
which is owned by Silverfleet Capital.
In a statement Truworths, which did
not disclose a price for the potential
transaction, said it had not yet made a
binding offer.
US buyout group Silverfleet bought
Office from Scottish entrepreneur Tom
Hunter five years ago for £150m. His
West Coast Capital vehicle had acquired
it from a family business in 2003, for
about £16m.
South African retailers have been
increasingly looking to expand beyond
their own borders as they struggle to
increase sales in their home market and
try to diversify revenues beyond the
rand, which has fallen 15 per cent
against the dollar in the year to date.
One of the most active acquirers of
overseas assets has been retail billion-
aire Christo Wiese.
In May, Brait, the investment vehicle
of which he owns 35 per cent, acquired a
majority stake in clothing retailer New
Look for £780m.
At the time, Brait said it had bought
New Look for its 600 stores in the UK
and its growth prospects in markets
such as China and continental Europe.
The deal followed Brait’s £628m
acquisition in April of a near 80 per cent
stake in fitness chain Virgin Active.
Mr Wiese also has an interest in the
British high street through Pep & Co, a
discount family fashion chain that is
expanding rapidly across the UK, led by
Andy Bond, former chief executive of
Asda.
He is also an investor in frozen food
chain Iceland, and said recently he
could be interested in the British super-
market sector as it has parallels with
South Africa’s highly competitive food
retail market, where he owns the Sho-
prite chain.
Last year, Cape Town-based Wool-
worths announced plans to acquire
David Jones, the Australian department
store, in a deal valued at A$2.14bn
(US$1.52bn).
Meanwhile, at the start of this year,
Phase Eight was snapped up by South
African retailer Foschini Group in a deal
valuing the upmarket women’s fashion
retailer at £300m.
Office is chaired by former Asda chief
executive Allan Leighton and has about
99 standalone stores and 48 concessions
in Selfridges, Topshop, House of Fraser
and Harvey Nichols.

Banks

New digital lender targets mobile-using customers

EMMA DUNKLEY
A new digital retail bank is launching in
the UK in an attempt to capture the
soaring number of people managing
their accounts using mobile devices.
Ricky Knox, a technology investor and
co-founder of money transfer service
Azimo, is set next week to unveil Tan-
dem, the latest bank to try to challenge
the big high street lenders.
The launch of Tandem, which is
expected to receive its licence from the
regulator before the end of the year,
comes months after Atom was approved
by the Bank of England as the UK’s first
mobile app-focused bank.
Mobile apps are now the most popular
way to bank, having overtaken
branches and desktop access to the
internet, with customers set to check
their current account on mobile devices
895m times this year, surpassing the
705m branch interactions, according to
research firm Caci.
However, the challenger banks that
have launched in recent years have had
mixed success, with some struggling to
build market share and increase profits.
A number of smaller lenders have criti-
cised a proposed new bank tax that they
say will disproportionately hit the sec-
tor.
Tandem, which will offer consumer
products including current accounts
and mortgages, is understood to have
raised nearly £100m in capital, backed
by a group of 10 institutional investors.
Mr Knox said that it would aim to
work with people to manage their
money, rather than focusing on product
sales.
The lender plans to mine “big data” to
better tailor products to customers’
requirements.
Mr Knox, who founded Tandem with
Matt Cooper, a former director of Capi-
tal One Bank, claimed the team had an
Some challenger banks
that have launched
in recent years have
struggled to build
market share
advanced credit rating and scoring
process to underpin efficient lending
decisions.
He said the business wanted to “pro-
vide this service for everyday people
over the smartphone”.
Unlike Atom, Mr Knox said Tandem
would not be digital-only, as it would
also provide a call-centre.
“We expect people will use mobile as
the primary banking channel, and the
call-centre for large transactions,” he
said.
But he added that the lender was
“never going to be for customers who
need a branch. We have a lot of cost
advantages as a result and can offer
cheaper products, with no legacy issues
or old IT systems”.
26 ★★★ FINANCIAL TIMES Tuesday 15 September 2015

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $

-0.41% -0.34% -0.38% -0.54% -0.53% -1.63% -0.30% -0.130% -0.439% -1.52%
No change
0.27% 0.136% 0.41%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Aug 15 - Sep 14 Index All World Aug 15 - Sep 14 Index All World Aug 15 - Sep 14 Index All World Aug 15 - Sep 14 Index All World Aug 15 - Sep 14 Index All World Aug 15 - Sep 14 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
14,238.40 6,568.33 10,985.14 20,519.45 1,983.46
2,083.39 1,931.46
1,953.03 13,353.34 6,084.59 10,131.74
17,965.70
Day -0.41% Month -6.26% Year -1.95% Day -0.80% Month -6.48% Year -14.02% Day -0.54% Month -6.90% Year -10.41% Day 0.08% Month -7.77% Year 4.98% Day -1.63% Month -12.77% Year 12.65% Day -0.51% Month -2.62% Year -5.41%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,033.56 43,746.72 1,528.15 10,879.30 24,018.80 3,091.78
4,805.76 42,827.35
1,393.71 21,561.90 2,871.47
9,696.40
Day -0.34% Month -4.53% Year 5.21% Day 0.11% Month -2.10% Year -6.49% Day -0.53% Month -8.56% Year 1.04% Day -0.43% Month -11.43% Year -10.95% Day 0.27% Month -10.23% Year -12.33% Day -0.57% Month -7.13% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
23,248.52 3,965.33 28,067.31
17,408.25 47,508.41 47,281.52 4,956.47
16,370.96 21,553.80 25,856.70
4,518.15 3,114.80
Day -0.38% Month -5.96% Year -3.63% Day 1.90% Month -0.48% Year -16.94% Day -0.67% Month -9.40% Year 1.72% Day -0.96% Month -7.29% Year 2.29% Day -2.67% Month -21.24% Year 33.57% Day 0.58% Month -6.14% Year -4.45%

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 10701.36 10887.94 Cyprus
CSE M&P Gen 77.08 77.39 Italy FTSE Italia All-Share 23169.25 23389.55 Philippines Manila Comp 7069.18 6911.38 Taiwan Weighted Pr 8307.29 8305.82 Cross-Border DJ Global Titans ($) 221.30 221.97
Australia All Ordinaries 5120.50 5096.30 PX Czech Republic 1000.90 1001.18 FTSE Italia Mid Cap 32481.58 32742.51 Poland Wig 51484.62 51519.45 Thailand Bangkok SET 1377.15 1381.72 Euro Stoxx 50 (Eur) 3175.62 3187.94
S&P/ASX 200 5096.50 5071.10 OMXC Copenahgen 20
Denmark 941.87 952.16 FTSE MIB 21553.80 21762.63 Portugal PSI 20 4992.22 5021.95 Turkey BIST 100 71350.87 71846.52 Euronext 100 ID 870.70 876.22
S&P/ASX 200 Res 2812.20 2809.20 Egypt
EGX 30 7082.00 7039.33 Japan 2nd Section 4563.63 4567.02 PSI General 2293.67 2308.78 UAE Abu Dhabi General Index 4485.99 4552.22 FTSE 4Good Global ($) 5249.95 5266.83
Austria ATX 2261.37 2266.04 Estonia
OMX Tallinn 883.58 882.67 Nikkei 225 17965.70 18264.22 Romania BET Index 7156.55 7120.36 UK FT 30 2741.50 2755.90 FTSE All World 257.87 258.64
Belgium BEL 20 3413.06 3434.17 Finland
OMX Helsinki General 7922.98 8002.04 S&P Topix 150 1217.11 1233.24 Russia Micex Index 1729.75 1718.06 FTSE 100 6084.59 6117.76 FTSE E300 1393.71 1401.07
BEL Mid 5624.95 5664.22 France
CAC 40 4518.15 4548.72 Topix 1462.41 1480.23 RTX 808.61 799.10 FTSE 4Good UK 5565.04 5593.24 FTSE Eurotop 100 2766.83 2779.97
Brazil Bovespa 47281.52 46400.51 SBF 120 3548.98 3573.05 Jordan Amman SE 2052.80 2064.51 Saudi-Arabia TADAWUL All Share Index 7549.86 7668.22 FTSE All Share 3356.57 3372.85 FTSE Global 100 ($) 1242.14 1247.17
Canada S&P/TSX 60 787.19 Germany
793.20 M-DAX 19446.96 19560.00 Kenya NSE 20 4217.78 4219.89 Singapore FTSE Straits Times 2871.47 2888.03 FTSE techMARK 100 3759.73 3771.44 FTSE Gold Min ($) 817.73 814.32
S&P/TSX Comp 13353.34 13461.47 TecDAX 1719.00 1714.60 Kuwait KSX Market Index 5769.79 5758.33 Slovakia SAX 266.27 265.82 USA DJ Composite 5836.99 5853.98 FTSE Latibex Top (Eur) 2469.30 2478.80
S&P/TSX Met & Min 440.07 457.23 XETRA Dax 10131.74 10123.56 Latvia OMX Riga 527.19 496.74 Slovenia SBI TOP 685.47 680.40 DJ Industrial 16370.96 16433.09 FTSE Multinationals ($) 1436.65 1435.22
Chile IGPA Gen 18366.30 18315.16
Greece Athens Gen 673.00 673.84 Lithuania OMX Vilnius 485.91 487.41 South Africa FTSE/JSE All Share 49366.60 48930.64 DJ Transport 8015.66 8051.62 FTSE World ($) 457.04 458.58
China FTSE A200 8608.77 8701.42 FTSE/ASE 20 196.05 196.76 Luxembourg LuxX 1436.12 1452.60 FTSE/JSE Res 20 35313.71 35300.11 DJ Utilities 551.21 549.46 FTSEurofirst 100 (Eur) 3917.30 3935.76
FTSE B35 8917.37 9419.24
Hong Kong Hang Seng 21561.90 21504.37 Malaysia FTSE Bursa KLCI 1639.63 1603.60 FTSE/JSE Top 40 43813.06 43450.42 Nasdaq 100 4308.76 4323.23 FTSEurofirst 80 (Eur) 4247.06 4264.85
Shanghai A 3263.37 3352.35 HS China Enterprise 9728.72 9718.28 Mexico IPC 42827.35 42780.73 South Korea Kospi 1931.46 1941.37 Nasdaq Cmp 4805.76 4822.34 MSCI ACWI Fr ($) 391.96 391.69
Shanghai B 289.88 310.79 HSCC Red Chip 4020.15 4020.17 Morocco MASI 9301.77 9326.39 Kospi 200 233.06 233.74 NYSE Comp 9988.59 10040.22 MSCI All World ($) 1626.99 1625.40
Shanghai Comp 3114.80 3200.23
Hungary Bux 21219.23 21083.05 Netherlands AEX 427.88 430.23 Spain IBEX 35 9696.40 9737.90 S&P 500 1953.03 1961.05 MSCI Europe (Eur) 1369.66 1378.22
Shenzhen A 1738.91 1863.04
India BSE Sensex 25856.70 25707.10 AEX All Share 658.72 662.72 Sri Lanka CSE All Share 7162.44 7153.49 Wilshire 5000 20606.20 20691.66 MSCI Pacific ($) 2210.59 2213.88
Shenzhen B 1027.07 1072.49 S&P CNX 500 6582.70 6511.55 New Zealand NZX 50 5665.87 5648.22 Sweden OMX Stockholm 30 1467.73 1488.41 Venezuela IBC 14181.14 14209.98 S&P Euro (Eur) 1409.67 1416.01
Colombia COLCAP 1249.58 1255.39
Indonesia Jakarta Comp 4390.37 4360.47 Nigeria SE All Share 29689.08 29403.12 OMX Stockholm AS 488.61 495.21 Vietnam VNI 562.17 566.74 S&P Europe 350 (Eur) 1430.85 1437.26
Croatia CROBEX 1736.77 1745.42
Ireland ISEQ Overall 6405.94 6447.56 Norway Oslo All Share 614.48 618.79 Switzerland SMI Index 8686.17 8772.44 S&P Global 1200 ($) 1787.40 1795.51
Israel Tel Aviv 100 13.95 13.99 Pakistan KSE 100 33384.73 33672.72 Stoxx 50 (Eur) 3019.30 3034.45
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Sep 14 %Chg %Chg Sep 14 %Chg %Chg Sep 14 %Chg %Chg Sep 14 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 67.1 115.31 1.10 Rio Tinto 166.4 2397.50 14.50 Nestle N 371.3 65.30 -0.23 Softbank . 820.3 6154.00 -359.00 Hargreaves Lansdown 1180.00 8.4 16.6 Amlin 656.00 33.2 37.2 Mcbride 151.75 27.0 89.7 Nonlife Insurance 2402.87 5.9 24.3
Facebook Class A 18.6 92.31 0.26 Bhp Billiton 124.3 1068.50 11.00 Santander 325.2 5.01 -0.02 Toyota Motor 702.8 7007.00 -65.00 Rio Tinto 2397.50 6.5 -20.1 Polymetal Int 529.50 13.5 -8.1 Infinis Energy 144.00 12.1 -34.5 Industrial Metals 697.78 4.3 -53.9
Amazon.com 16.3 521.38 -8.06 Hsbc Holdings 103.8 500.80 -3.50 Novartis N 315.8 85.42 0.00 Nippon Telegraph And Telephone 470.5 4264.50 -294.00 Anglo American 716.90 5.8 -40.3 Ao World 150.70 10.0 -24.7 Tyman 300.75 8.1 -4.6 Mining 9780.66 2.6 -31.2
Netflix 14.8 95.69 -1.82 Lloyds Banking 94.0 74.49 -1.29 Eni 303.7 14.49 -0.06 Tokyo Electric Power ,orporated 465.1 820.00 -11.00 Int Consolidated Airlines S.a. 590.50 4.6 21.5 Premier Farnell 137.00 8.9 -22.2 Cambian 281.25 7.8 38.2 General Financial 9049.06 2.5 6.3
Hospira 11.8 89.95 -0.01 Bp 88.2 332.00 -1.50 Intesa Sanpaolo 266.9 3.11 -0.06 Mitsubishi Ufj Fin,. 404.6 753.40 -18.40 Coca-cola Hbc Ag 1342.00 4.3 9.3 Henderson 264.30 8.5 23.5 Darty 79.00 7.5 15.3 Automobiles & Parts 6420.33 2.0 -20.1
Google Class C Capital Stock 10.6 623.24 -2.53 Bg 87.6 994.80 4.80 Roche Gs 254.9 237.84 0.00 Ntt Docomo,. 396.3 2202.50 -240.00 Schroders 2875.00 3.9 7.0 Thomas Cook 114.10 7.7 -10.8 Novae 890.00 7.3 49.3 Tobacco 41785.03 1.6 3.0
Microsoft 10.2 43.04 -0.44 Astrazeneca 83.8 4284.50 -1.00 Telefonica 252.8 11.43 -0.12 Mizuho Fin,. 365.4 235.70 -3.40 Bg 994.80 3.6 15.0 Wizz Air Holdings 1910.00 7.5 - Photo-me Int 154.00 7.1 9.3 Life Insurance 7291.05 1.3 -3.1
Google Class A 9.8 652.47 -2.83 Royal Dutch Shell 79.8 1607.50 -4.50 Daimler Ag Na O.n. 244.3 73.56 0.00 Kddi 335.3 2760.50 -259.00 Barratt Developments 656.50 3.5 39.4 Lancashire Holdings 699.00 7.0 24.8 Trinity Mirror 147.25 6.9 -9.5 Software & Computer Services 1458.97 1.1 16.9
Wells Fargo & Co. 8.5 52.77 0.15 Vodafone 79.2 221.25 -2.70 Bayer Ag Na 243.2 118.90 0.00 Fast Retailing Co., 311.8 46365.00 -1255.00 Tui Ag 1215.00 3.4 13.6 Telecom Plus 1113.00 6.4 -11.8 Blackrock Frontiers Investment Trust 107.50 6.7 -3.3 Travel & Leisure 8402.24 1.0 4.4
Gilead Sciences 8.2 109.35 -0.28 Glaxosmithkline 76.4 1285.00 -10.00 Bbva 238.7 7.77 -0.04 Fanuc 254.9 19045.00 -825.00 Carnival 3420.00 2.8 17.2 Crest Nicholson Holdings 586.00 6.2 50.9 Assura 57.50 6.5 12.7 Aerospace & Defense 4316.68 1.0 -9.0
Imperial Tobacco 3254.00 2.8 14.7 Nostrum Oil & Gas 520.00 6.0 23.8 Hilton Food 446.25 6.3 15.9 Household Goods 15644.33 1.0 22.5
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Inmarsat 1029.00 2.8 28.7 Beazley 345.00 5.2 19.8 Sthree 370.00 6.0 25.4 Beverages 12947.76 0.8 -8.3
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Chesapeake Energy 7.92 0.35 4.62 Euromoney Institutional Investor 1039.00 37.00 3.69 Alcatel-lucent 3.16 0.06 2.04 Pioneer 267.00 10.00 3.89 Morrison (wm) Supermarkets 157.80 -6.0 -14.3 Lonmin 21.00 -16.7 -88.2 Oxford Instruments 590.00 -26.3 -36.4 Oil Equipment & Services 15652.85 -5.7 -4.6
Baxalta orporated 37.35 1.54 4.30 Acacia Mining 243.60 7.20 3.05 Red Ele. 72.64 1.06 1.48 Ntt Data 5810.00 200.00 3.57 Tesco 178.45 -4.0 -5.6 Hunting 403.50 -12.4 -24.1 Speedy Hire 36.00 -20.0 -54.4 Food & Drug Retailers 2703.79 -3.1 -4.5
Transocean 14.62 0.38 2.67 Evraz 70.85 2.05 2.98 Galp Energia-nom 8.76 0.11 1.28 Nippon Electric Glass Co., 630.00 19.00 3.11 Sports Direct Int 754.50 -3.3 6.1 Home Retail 132.80 -10.8 -36.0 Lamprell 120.50 -13.9 -0.4 Electronic & Electrical Equip. 4059.88 -1.4 0.7
Analog Devices 57.56 1.21 2.15 Betfair 3112.00 88.00 2.91 Veolia Environ. 20.03 0.19 0.93 Tokyo Dome 522.00 11.00 2.15 Weir 1238.00 -3.1 -33.1 Supergroup 1319.00 -9.2 48.2 Liontrust Asset Management 285.00 -9.8 4.8 Mobile Telecommunications 5074.33 -1.4 1.3
Xilinx 42.83 0.90 2.15 Investec 527.00 10.50 2.03 Aegon 5.31 0.04 0.78 Kawasaki Kisen Kaisha, 281.00 5.00 1.81 Glencore 127.90 -3.0 -57.2 Premier Oil 82.80 -8.8 -50.5 Goodwin 2188.00 -9.8 -12.1 Personal Goods 23523.94 -1.0 -4.3
Randgold Resources Ld 3625.00 -2.7 -17.2 Entertainment One 272.00 -8.0 -15.6 Enquest 28.25 -9.6 -20.4 Food Producers 7967.95 -1.0 -2.0
Downs Downs Downs Downs
Shire 4743.00 -2.6 4.6 Jimmy Choo 145.30 -7.8 -17.0 Game Digital 226.00 -9.6 -5.8 Electricity 8404.28 -1.0 -14.2
Liberty Global Lilac Class C Ordinary Shares 36.77 -2.85 -7.19 Lonmin 21.00 -1.34 -6.00 Telecom Italia R 0.90 -0.03 -3.47 Ntt Docomo,. 2202.50 -240.00 -9.83
Sainsbury (j) 229.60 -2.5 -6.9 Petrofac 791.00 -6.9 12.5 Tt Electronics 144.00 -8.1 39.1 Industrial Engineering 7636.47 -0.8 -13.6
Liberty Global Lilac Class A Ordinary Shares 36.60 -2.17 -5.60 Kaz Minerals 152.70 -9.10 -5.62 Casino Guichard 48.30 -1.72 -3.44 Kddi 2760.50 -259.00 -8.58
Marks And Spencer 492.80 -2.4 2.9 Virgin Money Holdings (uk) 394.00 -6.2 36.8 Exillon Energy 110.00 -7.9 -26.7 Gas Water & Multiutilities 5517.12 -0.8 -9.9
First Solar 46.20 -2.59 -5.31 Morrison (wm) Supermarkets 157.80 -7.40 -4.48 Telecom Italia 1.05 -0.04 -3.40 Nippon Telegraph And Telephone 4264.50 -294.00 -6.45
Antofagasta 592.50 -2.4 -21.3 Wood (john) 587.00 -5.9 -1.6 Morgan Sindall 725.00 -7.6 16.9 Health Care Equip.& Services 6591.58 -0.7 -2.1
Cabot Oil & Gas 22.26 -0.89 -3.84 Glencore 127.90 -5.90 -4.41 Dnb 12.19 -0.39 -3.09 Softbank . 6154.00 -359.00 -5.51
Experian 1035.00 -2.4 -4.9 Just Eat 385.00 -5.9 24.3 Topps Tiles 148.50 -6.9 30.8 Pharmaceuticals & Biotech. 12247.91 -0.7 -3.6
Cf Industries Holding 53.85 -2.03 -3.63 Vectura 175.10 -6.40 -3.53 Nordea Bank Ab 10.40 -0.32 -2.99 Minebea Co., 1356.00 -72.00 -5.04
Centrica 227.90 -2.4 -18.3 Aldermore 278.00 -5.8 - Tribal 125.75 -6.9 -21.8 Chemicals 10418.03 -0.4 -7.6
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Sep 14 Currency Mid Change Mid Change Mid Change Sep 14 Currency Mid Change Mid Change Mid Change Sep 14 Currency Mid Change Mid Change Mid Change Sep 14 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.3569 0.0049 10.5668 0.0112 14.3999 -0.0098 Indonesia Indonesian Rupiah 14347.5000 15.0000 16202.7285 25.7132 22080.2219 -3.4133 Poland Polish Zloty 3.7274 0.0010 4.2093 0.0034 5.7362 -0.0054 ..Three Month 0.6497 0.0008 0.7337 0.0013 - -
Australia Australian Dollar 1.3988 -0.0177 1.5797 -0.0192 2.1527 -0.0299 Israel Israeli Shekel 3.8861 0.0159 4.3886 0.0203 5.9805 0.0173 Romania Romanian Leu 3.9118 -0.0037 4.4177 -0.0018 6.0202 -0.0129 ..One Year 0.6496 0.0008 0.7331 0.0013 - -
Bahrain Bahrainin Dinar 0.3774 0.0001 0.4261 0.0003 0.5807 -0.0005 Japan Japanese Yen 120.0650 -0.5300 135.5901 -0.5247 184.7751 -1.0387 Russia Russian Ruble 67.3418 -0.8429 76.0494 -0.9102 103.6362 -1.4233 United States United States Dollar - - 1.1293 0.0006 1.5390 -0.0018
Bolivia Bolivian Boliviano 6.9000 -0.0100 7.7922 -0.0071 10.6188 -0.0282 ..One Month 120.0649 -0.5302 135.5900 -0.5248 184.7749 -1.0390 Saudi Arabia Saudi Riyal 3.7505 -0.0002 4.2354 0.0020 5.7718 -0.0073 ..One Month - - 1.1292 -0.4115 1.5389 -0.0018
Brazil Brazilian Real 3.8667 -0.0223 4.3666 -0.0229 5.9506 -0.0416 ..Three Month 120.0648 -0.5304 135.5901 -0.5247 184.7747 -1.0395 Singapore Singapore Dollar 1.4060 -0.0095 1.5878 -0.0099 2.1638 -0.0172 ..Three Month - - 1.1291 -0.4115 1.5389 -0.0018
Canada Canadian Dollar 1.3259 -0.0045 1.4973 -0.0042 2.0405 -0.0093 ..One Year 120.0639 -0.5323 135.5899 -0.5250 184.7749 -1.0408 South Africa South African Rand 13.5472 -0.0734 15.2989 -0.0745 20.8485 -0.1381 ..One Year - - 1.1283 -0.4115 1.5388 -0.0018
Chile Chilean Peso 687.6550 2.6700 776.5726 3.4343 1058.2727 2.8421 Kenya Kenyan Shilling 105.4000 0.1500 119.0288 0.2338 162.2063 0.0362 South Korea South Korean Won 1183.0500 -1.5500 1336.0250 -1.0255 1820.6652 -4.5766 Venezuela Venezuelan Bolivar Fuerte 6.3003 0.0103 7.1149 0.0154 9.6958 0.0041
China Chinese Yuan 6.3679 -0.0071 7.1913 -0.0041 9.7999 -0.0227 Kuwait Kuwaiti Dinar 0.3020 -0.0001 0.3411 0.0001 0.4648 -0.0006 Sweden Swedish Krona 8.2767 -0.0073 9.3469 -0.0032 12.7374 -0.0266 Vietnam Vietnamese Dong 22487.5000 16.5000 25395.2775 32.3981 34607.3451 -16.1761
Colombia Colombian Peso 3026.5000 11.5000 3417.8441 14.8318 4657.6597 12.1212 Malaysia Malaysian Ringgit 4.3100 -0.0065 4.8673 -0.0047 6.6329 -0.0180 Switzerland Swiss Franc 0.9702 -0.0055 1.0957 -0.0056 1.4932 -0.0103 European Union Euro 0.8855 -0.0005 - - 1.3627 -0.0024
Costa Rica Costa Rican Colon 533.1500 -1.7000 602.0892 -1.5926 820.4959 -3.6055 Mexico Mexican Peson 16.8097 -0.0334 18.9832 -0.0274 25.8694 -0.0825 Taiwan New Taiwan Dollar 32.5290 - 36.7352 0.0199 50.0608 -0.0602 ..One Month 0.8854 -0.0005 - - 1.3627 -0.0024
Czech Republic Czech Koruna 23.9502 -0.0455 27.0471 -0.0368 36.8584 -0.1145 New Zealand New Zealand Dollar 1.5783 -0.0108 1.7824 -0.0112 2.4289 -0.0195 Thailand Thai Baht 36.0400 -0.0700 40.7002 -0.0570 55.4641 -0.1745 ..Three Month 0.8853 -0.0005 - - 1.3626 -0.0024
Denmark Danish Krone 6.6065 -0.0032 7.4608 0.0005 10.1671 -0.0171 Nigeria Nigerian Naira 199.2500 0.2000 225.0141 0.3476 306.6375 -0.0604 Tunisia Tunisian Dinar 1.9547 0.0015 2.2074 0.0029 3.0081 -0.0012 ..One Year 0.8845 -0.0005 - - 1.3620 -0.0024
Egypt Egyptian Pound 7.8255 0.0249 8.8374 0.0329 12.0431 0.0239 Norway Norwegian Krone 8.2101 0.0071 9.2717 0.0130 12.6349 -0.0042 Turkey Turkish Lira 3.0551 0.0014 3.4501 0.0034 4.7016 -0.0035
Hong Kong Hong Kong Dollar 7.7500 0.0000 8.7522 0.0047 11.9270 -0.0144 Pakistan Pakistani Rupee 104.3350 -0.0500 117.8261 0.0074 160.5673 -0.2700 United Arab Emirates UAE Dirham 3.6729 0.0002 4.1478 0.0024 5.6524 -0.0066
Hungary Hungarian Forint 277.3223 -0.6524 313.1815 -0.5667 426.7875 -1.5182 Peru Peruvian Nuevo Sol 3.2095 -0.0015 3.6245 0.0003 4.9393 -0.0082 United Kingdom Pound Sterling 0.6498 0.0008 0.7338 0.0013 - -
India Indian Rupee 66.3325 -0.2350 74.9097 -0.2247 102.0830 -0.4848 Philippines Philippine Peso 46.7500 -0.1400 52.7950 -0.1294 71.9463 -0.3022 ..One Month 0.6498 0.0008 0.7338 0.0013 - -
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 Sep 14 Sep 11 Sep 10 Sep 09 Sep 08 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 2741.50 2755.90 2779.10 2803.60 2771.20 0.00 3110.40 2575.90 Forestry & Paper 39.71 Telecommunications 3.33 Personal Goods -4.25 FTSE 100 Price Change FTSE 100 Price Change
Sep 14 chge% Index Sep 11 Sep 10 ago yield% Cover ratio adj Return FT 30 Div Yield 1.82 1.81 1.80 1.79 1.81 0.00 3.93 2.74 Nonlife Insurance 24.55 Electronic & Elec Eq 3.14 FTSE All{HY-}Share Index -4.53 3I Group PLC 469.50 -5.30 Land Securities Group PLC 1211 -9.00
FTSE 100 (100) 6084.59 -0.54 6462.58 6117.76 6155.81 6804.21 3.98 1.44 17.48 203.77 4733.33 P/E Ratio net 24.46 24.59 24.74 24.95 24.66 0.00 19.44 14.26 Construct & Material 23.85 Support Services 2.71 NON FINANCIALS Index -5.19 Aberdeen Asset Management PLC 312.40 -4.40 Legal & General Group PLC 251.70 -1.30
FTSE 250 (250) 16925.69 -0.25 17977.16 16968.40 17020.06 15649.23 2.55 2.14 18.35 338.45 11706.52 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Household Goods & Ho 22.89 Tobacco 2.66 Chemicals -6.78 Admiral Group PLC 1530 -4.00 Lloyds Banking Group PLC 74.49 -1.29
FTSE 250 ex Inv Co (212) 18457.49 -0.27 19604.12 18506.84 18567.10 16891.52 2.56 2.23 17.50 373.40 13018.44 FT 30 hourly changes Software & Comp Serv 19.40 Mobile Telecomms 2.10 FTSE 100 Index -6.83 Anglo American PLC 716.90 -1.50 London Stock Exchange Group PLC 2480 -18.00
FTSE 350 (350) 3403.95 -0.49 3615.41 3420.72 3440.06 3689.38 3.73 1.52 17.63 105.85 5338.06 8 9 10 11 12 13 14 15 16 High Low Real Est Invest & Se 18.69 Consumer Goods 1.82 Beverages -8.48 Antofagasta PLC 592.50 -15.00 Marks And Spencer Group PLC 492.80 -12.20
FTSE 350 ex Investment Trusts (312) 3381.92 -0.50 3592.01 3398.85 3418.38 3672.43 3.75 1.52 17.49 106.13 2730.75 2755.9 2778.5 2771.8 2774 2762.6 2749.3 2743.2 2740.1 2748.3 2790 2736.4 Leisure Goods 12.32 Industrials 1.53 Aerospace & Defense -8.63 Arm Holdings PLC 948.00 14.00 Meggitt PLC 480.00 -5.90
FTSE 350 Higher Yield (108) 3118.11 -0.45 3311.81 3132.27 3146.18 3693.41 5.52 1.18 15.41 140.01 4998.91 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Real Est Invest & Tr 7.71 Industrial Transport 0.71 Gas Water & Multi -9.54 Ashtead Group PLC 993.00 -16.00 Merlin Entertainments PLC 382.30 -2.30
FTSE 350 Lower Yield (242) 3365.77 -0.53 3574.86 3383.69 3407.05 3323.98 1.87 2.58 20.72 60.21 3549.36 Financial Services 6.49 Health Care Eq & Srv -0.21 Banks -10.43 Associated British Foods PLC 3050 -36.00 Mondi PLC 1478 11.00
FTSE SmallCap (291) 4569.05 -0.28 4852.90 4581.95 4579.27 4442.50 2.75 1.72 21.14 92.23 6213.75 Media 6.36 Food Producers -1.34 Utilities -10.63
FTSE SmallCap ex Inv Co (154) 4191.10 -0.50 4451.46 4212.32 4209.65 3936.77 2.61 2.54 15.08 82.84 5988.57 FX: EFFECTIVE INDICES Technology 6.09 Equity Invest Instr -1.37 Industrial Eng -11.55
Astrazeneca PLC 4284.5 -1.00 Morrison (Wm) Supermarkets PLC 157.80 -7.40
Aviva PLC 462.20 -3.50 National Grid PLC 845.30 -5.00
FTSE All-Share (641) 3356.57 -0.48 3565.09 3372.85 3391.14 3624.14 3.69 1.53 17.74 103.02 5324.62
Sep 11 Sep 10 Mnth Ago Sep 14 Sep 11 Mnth Ago Fixed Line Telecomms 5.50 Financials -2.60 Electricity -14.45 Babcock International Group PLC 940.50 -8.50 Next PLC 7645 -95.00
FTSE All-Share ex Inv Co (466) 3320.38 -0.50 3526.65 3337.00 3355.73 3595.30 3.73 1.54 17.43 103.38 2725.41 FTSE 250 Index 5.49 Tech Hardware & Eq -2.62 Automobiles & Parts -19.27 Bae Systems PLC 450.50 -1.20 Old Mutual PLC 189.50 0.30
FTSE All-Share ex Multinationals (577) 1176.11 -0.58 1035.33 1183.03 1190.88 1104.67 2.73 2.05 17.91 25.66 1990.87 Australia 88.93 89.08 94.19 Sweden 79.13 78.49 76.59 General Retailers 5.05 Life Insurance -2.65 Oil & Gas -19.34 Barclays PLC 254.50 -3.95 Pearson PLC 1129 -8.00
FTSE Fledgling (108) 7781.45 -0.44 8264.86 7815.86 7818.88 6990.11 2.33 0.79 54.56 126.99 13931.22 Canada 88.07 88.46 89.99 Switzerland 157.65 158.36 159.40 FTSE SmallCap Index 4.95 Health Care -2.67 Oil & Gas Producers -19.91 Barratt Developments PLC 656.50 2.50 Persimmon PLC 2100 -11.00
FTSE Fledgling ex Inv Co (56) 11021.38 -0.87 11706.06 11118.64 11097.60 8675.87 2.19 0.53 86.55 155.07 19172.85 Denmark 106.32 106.18 105.82 UK 92.13 92.59 93.78 Consumer Services 4.28 Pharmace & Biotech -2.92 Basic Materials -26.95 Bg Group PLC 994.80 4.80 Prudential PLC 1384.5 -13.50
FTSE All-Small (399) 3170.99 -0.29 3367.98 3180.22 3178.52 3071.65 2.73 1.68 21.86 63.42 5537.55 Japan 126.01 125.98 122.90 USA 103.47 103.62 104.86 Travel & Leisure 4.22 Oil Equipment & Serv -2.94 Mining -31.20 Bhp Billiton PLC 1068.5 11.00 Randgold Resources LD 3625 -18.00
FTSE All-Small ex Inv Co Index (210) 3132.38 -0.52 3326.97 3148.79 3146.61 2919.55 2.59 2.46 15.67 61.07 5670.94 New Zealand 106.33 106.19 112.08 Euro 87.59 87.14 85.90 Food & Drug Retailer -3.12 Industrial Metals & -49.69 BP PLC 332.00 -1.50 Reckitt Benckiser Group PLC 5668 -38.00
FTSE AIM All-Share Index (822) 731.93 -0.25 777.40 733.80 734.14 772.68 1.47 0.94 72.19 5.99 783.86 Norway 86.92 87.55 88.84
British American Tobacco PLC 3423 -1.00 RELX PLC 1054 -
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 804.00 -8.00 Rio Tinto PLC 2397.5 14.50
Oil & Gas (18) 6074.56 -0.21 6451.93 6087.33 6109.48 8822.96 6.24 1.16 13.80 282.88 5019.01 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 423.50 0.85 Rolls-Royce Holdings PLC 717.00 -4.00
Oil & Gas Producers (11) 5739.87 -0.16 6096.44 5749.19 5767.16 8347.09 6.30 1.15 13.75 270.00 4903.68 Bunzl PLC 1738 -17.00 Royal Bank Of Scotland Group PLC 325.40 -3.30
Oil Equipment Services & Distribution (7)16264.89 -1.33 17275.31 16484.13 16743.75 23017.77 4.70 1.40 15.14 571.69 11810.06 FTSE GLOBAL EQUITY INDEX SERIES Burberry Group PLC 1374 -2.00 Royal Dutch Shell PLC 1613.5 -1.50
Basic Materials (31) 3448.09 -0.33 3662.30 3459.50 3460.82 5463.65 5.87 1.34 12.66 197.65 3380.19 Capita PLC 1198 -20.00 Royal Dutch Shell PLC 1607.5 -4.50
Chemicals (8) 11157.60 -0.80 11850.74 11247.05 11351.97 10947.24 2.44 2.43 16.85 230.16 9586.45 Sep 14 No of US $ Day Mth YTD Total
YTD Gr Div Sep 14 No of US $ Day Mth YTD Total YTD Gr Div Carnival PLC 3420 35.00 Royal Mail PLC 465.70 -5.10
Forestry & Paper (1) 17371.72 0.75 18450.90 17242.43 17453.99 12599.78 2.08 3.37 14.28 360.52 18045.27 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Centrica PLC 227.90 -1.10 Rsa Insurance Group PLC 509.50 3.50
Industrial Metals & Mining (2) 806.40 2.92 856.49 783.49 800.69 1452.47 1.43 -18.64 -3.76 11.18 703.73 FTSE Global All Cap 7593 442.11 -0.3 -6.9 -5.9 601.29
-4.2 2.6 Oil & Gas 164 313.79 -0.5 -0.5 -21.2 474.73 -19.1 4.4 Coca-Cola Hbc AG 1342 -2.00 Sabmiller PLC 2933.5 -21.50
Mining (20) 9373.89 -0.34 9956.22 9405.67 9387.93 16234.47 6.68 1.26 11.86 614.93 4811.84 FTSE Global All Cap 6959 453.89 -0.3 -6.9 -6.3 606.35
-4.6 2.5 Oil & Gas Producers 115 285.47 -0.4 -0.4 -21.2 439.52 -19.1 4.5 Compass Group PLC 1011 -7.00 Sage Group PLC 506.00 1.00
FTSE Global Large Cap 1362 389.01 -0.3 -7.2 -6.7 541.02
-4.9 2.8 Oil Equipment & Services 40 326.79 -0.7 -0.7 -21.2 450.83 -19.4 4.1 Crh PLC 1885 -25.00 Sainsbury (J) PLC 229.60 -3.80
Industrials (117) 4336.87 -0.74 4606.29 4369.21 4377.27 4372.70 2.55 1.20 32.83 82.68 4277.72
Construction & Materials (13) 5249.64 -1.30 5575.76 5318.70 5336.82 4155.96 2.41 -0.82 -50.73 109.46 5351.71 FTSE Global Mid Cap 1661 594.52 -0.3 -6.4 -3.7 772.72
-2.3 2.1 Basic Materials 273 364.97 -0.4 -0.4 -16.2 531.92 -14.2 3.3 Diageo PLC 1724 8.00 Schroders PLC 2875 -1.00
Aerospace & Defense (9) 4491.36 -0.45 4770.38 4511.87 4492.56 5105.45 2.51 0.96 41.50 77.52 4605.88 FTSE Global Small Cap 4570 627.06 -0.4 -5.9 -3.9 791.15
-2.6 2.0 Chemicals 124 578.54 -0.4 -0.4 -7.2 845.50 -5.5 2.6 Direct Line Insurance Group PLC 361.10 -1.20 Severn Trent PLC 2068 -14.00
General Industrials (6) 3538.84 -0.44 3758.69 3554.48 3547.53 3405.70 3.18 1.66 19.00 68.53 3799.11 FTSE All-World 3023 257.87 -0.3 -7.1 -6.2 369.98
-4.4 2.6 Forestry & Paper 17 202.96 -0.6 -0.6 -2.5 323.48 -0.3 3.0 Dixons Carphone PLC 420.50 -0.40 Shire PLC 4743 -72.00
Electronic & Electrical Equipment (11) 5229.88 -0.85 5554.78 5274.86 5301.76 4914.97 2.20 2.04 22.33 79.10 4592.95 FTSE World 2527 457.04 -0.3 -7.0 -5.9 880.30
-4.2 2.6 Industrial Metals & Mining 71 289.94 -1.0 -1.0 -29.7 422.68 -28.3 3.2 Easyjet PLC 1758 -2.00 Sky PLC 1011 -9.00
Industrial Engineering (14) 8106.27 -0.70 8609.86 8163.70 8183.82 10549.79 2.99 1.62 20.71 207.02 9447.89 FTSE Global All Cap ex UNITED KINGDOM In 7266 453.14 -0.3 -6.8 -5.8 607.79
-4.2 2.5 Mining 61 394.25 0.1 0.1 -30.8 576.63 -27.8 5.9 Experian PLC 1035 -10.00 Smith & Nephew PLC 1149 -12.00
Industrial Transportation (8) 4136.21 -1.07 4393.16 4180.90 4172.89 4084.82 3.94 1.14 22.16 119.81 3438.36 FTSE Global All Cap ex USA 5630 415.25 -0.2 -7.4 -7.2 599.09
-5.0 3.1 Industrials 532 292.25 -0.5 -0.5 -7.1 403.65 -5.7 2.3 Fresnillo PLC 591.50 -4.00 Smiths Group PLC 1088 -15.00
Support Services (56) 6459.11 -0.74 6860.36 6507.49 6535.63 6292.38 2.37 1.52 27.85 116.46 6435.46 FTSE Global All Cap ex JAPAN 6338 451.39 -0.3 -6.7 -6.7 619.47
-4.9 2.6 Construction & Materials 110 428.73 -0.4 -0.4 -0.6 621.38 1.2 2.2 G4S PLC 242.60 -0.70 Sports Direct International PLC 754.50 -5.00
FTSE Developed 2088 415.50 -0.4 -7.0 -5.2 569.16
-3.5 2.6 Aerospace & Defense 29 488.06 -0.6 -0.6 -1.8 668.74 -0.3 2.2 Gkn PLC 274.60 -3.10 Sse PLC 1446 -1.00
Consumer Goods (40) 16448.98 -0.13 17470.84 16470.16 16575.24 16298.87 3.09 1.88 17.19 464.40 11550.02
FTSE Developed All Cap 5644 437.11 -0.4 -6.9 -4.9 592.36
-3.3 2.5 General Industrials 56 201.21 -0.4 -0.4 -7.5 297.90 -5.8 2.8 Glaxosmithkline PLC 1285 -10.00 St. James's Place PLC 869.00 -4.50
Automobiles & Parts (1) 6453.23 -1.12 6854.12 6526.08 6575.43 8001.91 3.10 1.59 20.29 199.75 5934.65
FTSE Developed Large Cap 885 383.49 -0.4 -7.2 -5.8 532.31
-3.9 2.7 Electronic & Electrical Equipment 69 303.47 -0.3 -0.3 -6.7 387.41 -5.3 2.0 Glencore PLC 127.90 -5.90 Standard Chartered PLC 703.30 -12.50
Beverages (6) 12985.86 -0.02 13792.57 12988.53 13077.24 14899.20 2.71 1.78 20.73 345.28 8823.94
FTSE Developed Europe Large Cap 205 333.80 -0.5 -7.5 -5.6 523.54
-2.9 3.7 Industrial Engineering 102 537.19 -0.8 -0.8 -13.1 728.90 -11.8 2.5 Hammerson PLC 610.50 -1.50 Standard Life PLC 404.90 -3.60
Food Producers (10) 8052.83 -0.57 8553.09 8099.18 8217.09 7732.49 2.00 1.55 32.11 93.32 6686.64
FTSE Developed Europe Mid Cap 310 506.29 -0.5 -5.6 1.2 722.79
3.3 2.6 Industrial Transportation 95 510.66 -0.1 -0.1 -14.5 703.83 -13.2 2.4 Hargreaves Lansdown PLC 1180 12.00 Taylor Wimpey PLC 200.70 0.30
Household Goods & Home Construction (13)13080.27 -0.34 13892.85 13125.13 13192.07 10208.72 2.10 2.65 17.92 217.78 8851.08
FTSE Dev Europe Small Cap 717 722.01 -0.6 -4.2 4.9 1003.72
6.9 2.4 Support Services 71 267.38 -0.7 -0.7 -1.9 355.03 -0.6 2.0 Hikma Pharmaceuticals PLC 2401 -8.00 Tesco PLC 178.45 -2.90
Leisure Goods (2) 5575.44 -1.04 5921.80 5634.27 5547.98 5104.87 4.06 1.26 19.52 182.47 4674.05
FTSE North America Large Cap 319 418.94 -0.4 -6.7 -5.8 547.94
-4.3 2.3 Consumer Goods 406 391.29 -0.2 -0.2 -3.4 552.81 -1.6 2.5 HSBC Holdings PLC 500.80 -3.50 Travis Perkins PLC 2028 -
Personal Goods (6) 20481.26 -0.27 21753.62 20537.14 20635.19 21345.89 3.18 3.01 10.46 484.64 13116.78
FTSE North America Mid Cap 397 637.87 -0.4 -6.4 -6.0 783.47
-4.9 1.7 Automobiles & Parts 98 362.34 -0.2 -0.2 -7.0 491.17 -5.5 2.5 Imperial Tobacco Group PLC 3254 15.00 Tui AG 1215 5.00
Tobacco (2) 41785.11 0.13 44380.91 41729.83 41987.85 41435.55 4.28 1.35 17.29 1786.68 25350.48
FTSE North America Small Cap 1480 653.70 -0.4 -5.9 -5.1 780.84
-4.1 1.7 Beverages 48 510.65 -0.2 -0.2 -5.1 732.13 -3.2 2.7 Inmarsat PLC 1029 7.00 Unilever PLC 2549 -7.00
Health Care (20) 8981.70 -0.66 9539.67 9041.05 9066.51 9520.56 3.85 0.65 40.27 292.31 6508.74
FTSE North America 716 281.43 -0.4 -6.7 -5.8 377.31
-4.4 2.2 Food Producers 102 537.09 -0.2 -0.2 -2.7 782.88 -0.9 2.3 Intercontinental Hotels Group PLC 2392 -20.00 United Utilities Group PLC 856.00 -2.50
Health Care Equipment & Services (8) 6748.80 -0.73 7168.05 6798.34 6835.12 6108.80 1.45 2.43 28.27 62.30 5687.27
FTSE Developed ex North America 1372 223.46 -0.4 -7.5 -4.2 345.77
-2.1 3.1 Household Goods & Home Construction 44 375.57 -0.4 -0.4 -5.2 527.89 -3.5 2.5 International Consolidated Airlines Group S.A. 590.50 7.00 Vodafone Group PLC 221.25 -2.70
Pharmaceuticals & Biotechnology (12)12160.07 -0.65 12915.48 12239.54 12270.89 13075.22 4.08 0.58 42.02 423.56 7827.85
FTSE Japan Large Cap 174 311.78 -0.9 -9.3 2.2 386.31
3.3 1.9 Leisure Goods 26 126.02 0.1 0.1 0.0 160.80 0.7 1.4 Intertek Group PLC 2473 -20.00 Weir Group PLC 1238 -6.00
Consumer Services (98) 4740.81 -0.54 5035.32 4766.75 4802.48 4321.81 2.33 1.73 24.83 86.96 4254.18 FTSE Japan Mid Cap 305 460.51 0.1 -8.6 8.3 552.46
9.3 1.5 Personal Goods 76 572.96 -0.3 -0.3 -1.8 772.31 -0.4 2.1
Food & Drug Retailers (7) 2820.13 -1.56 2995.32 2864.93 2929.96 3191.13 2.51 -0.94 -42.55 42.92 3213.15 Intu Properties PLC 314.80 -1.00 Whitbread PLC 4628 3.00
FTSE Global wi JAPAN Small Cap 776 490.14 -0.3 -7.5 4.5 606.72
5.6 1.7 Tobacco 12 1118.99 -0.1 -0.1 4.2 2159.67 7.4 4.2 Itv PLC 245.40 -2.20 Wolseley PLC 4156 -41.00
General Retailers (33) 3003.80 -0.93 3190.40 3031.95 3042.97 2675.57 2.20 2.35 19.31 49.10 3265.45
FTSE Japan 479 129.30 -0.7 -9.2 1.9 Health Care
3.4 180.11
4.5 158 453.27 -0.4 -0.4 4.3 628.93 5.9 1.9 Johnson Matthey PLC 2604 -29.00 Wpp PLC 1336 -11.00
Media (23) 7015.51 -0.56 7451.33 7055.12 7138.02 6434.50 2.80 1.68 21.28 159.32 4113.83
FTSE Asia Pacific Large Cap ex Japan 490 527.46 0.7 -7.0 -14.3 784.44
-12.1 3.4 Health Care Equipment & Services 58 627.47 -0.4 -0.4 6.2 717.30 7.0 1.0 Kingfisher PLC 360.30 -5.00
Travel & Leisure (35) 8211.69 0.02 8721.82 8209.75 8224.96 7010.29 1.96 2.36 21.66 138.20 7452.10
FTSE Asia Pacific Mid Cap ex Japan 441 718.28 0.2 -6.3 -10.9 1030.22
-9.0 2.9 Pharmaceuticals & Biotechnology 100 346.64 -0.4 -0.4 3.8 499.61 5.6 2.1
Telecommunications (7) 3831.15 -0.60 4069.15 3854.13 3918.29 3464.35 4.22 1.89 12.57 108.88 3960.70 FTSE Asia Pacific Small Cap ex Japan 1371 475.30 -0.1 -7.4 -11.1 672.76
-9.1 2.9 Consumer Services 384 377.93 -0.4 -0.4 1.0 489.05 2.3 1.7
Fixed Line Telecommunications (5) 4902.69 0.17 5207.25 4894.46 4989.89 4501.06 3.10 1.82 17.71 101.81 4211.52
Mobile Telecommunications (2) 5066.65 -1.07 5381.41 5121.48 5197.68 4535.39 4.92 1.91 10.63 168.70 4662.06
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
931
1949
417.92
581.10
0.7
0.8
-6.9
-7.3
-13.9 660.61
-11.7 3.3 Food & Drug Retailers
-15.7 825.55
-13.6 3.3 General Retailers
53 302.76
120 504.65
-0.4
-0.6
-0.4
-0.6
0.7 407.68
5.5 637.69
2.0
6.8
1.9
1.6
UK STOCK MARKET TRADING DATA
Utilities (8) 7844.44 -0.43 8331.76 7878.02 7978.29 8778.33 5.27 1.35 14.06 305.26 8253.25 FTSE Emerging Large Cap 477 551.86 0.8 -7.6 -15.6 788.74
-13.4 3.4 Media 90 286.74 -0.4 -0.4 -4.7 371.62 -3.4 1.9 Sep 14 Sep 11 Sep 10 Sep 09 Sep 08 Yr Ago
Electricity (3) 8365.10 0.03 8884.77 8362.82 8478.30 9455.36 6.06 1.43 11.54 493.70 11113.07 FTSE Emerging Mid Cap 458 724.61 0.7 -6.1 -15.9 1024.70
-13.9 3.0 Travel & Leisure 121 364.73 -0.1 -0.1 1.3 476.29 2.6 1.7 SEAQ Bargains 5236.00 5000.00 5000.00 4512.00 4675.00 4281.00
Gas Water & Multiutilities (5) 7291.44 -0.55 7744.41 7331.68 7422.86 8136.53 5.05 1.32 14.95 243.90 7680.74 FTSE Emerging Small Cap 1014 592.72 0.2 -7.0 -16.2 812.08
-14.1 3.1 Telecommunication 94 158.68 -0.9 -0.9 -5.0 276.30 -2.1 4.2 Order Book Turnover (m) 29.43 - - 40.57 55.43 27.15
Financials (283) 4489.99 -0.69 4768.92 4521.35 4541.33 4625.53 3.42 1.97 14.85 136.55 3897.96 FTSE Emerging Europe 97 288.74 1.0 -4.9 -7.4 420.46
-4.3 4.4 Fixed Line Telecommuniations 44 130.64 -0.5 -0.5 -4.6 248.24 -1.4 4.7 Order Book Bargains 663551.00 239.00 239.00 777032.00 823861.00 694437.00
Banks (9) 3824.01 -1.17 4061.57 3869.13 3878.25 4520.42 4.04 1.31 18.97 145.16 2618.54 FTSE Latin America All Cap 243 648.02 1.3 -8.0 -28.1 949.13
-26.6 3.7 Mobile Telecommunications 50 171.08 -1.4 -1.4 -5.4 270.91 -2.9 3.6 Order Book Shares Traded (m) 1036.00 2.00 2.00 1407.00 1564.00 1131.00
Nonlife Insurance (10) 2769.98 0.06 2942.06 2768.34 2775.21 2133.00 2.73 2.06 17.79 75.75 4655.25 FTSE Middle East and Africa All Cap 213 686.52 1.3 -8.6 -10.8 1016.37
-8.9 2.9 Utilities 163 232.80 0.3 0.3 -12.9 422.47 -10.4 4.1 Total Equity Turnover (£m) 1498.63 1521.08 1521.08 1755.66 1794.90 1947.07
Life Insurance/Assurance (11) 7401.80 -0.70 7861.62 7453.86 7532.88 7443.27 3.69 1.77 15.29 260.50 6765.96 FTSE Global wi UNITED KINGDOM All Cap In 327 334.78 -0.6 -8.0 3.8 Electricity
-6.8 525.36
-4.1 113 254.23 0.5 0.5 -10.4 457.00 -7.9 3.9 Total Mkt Bargains 748931.00 734534.00 734534.00 872246.00 930596.00 776519.00
Index- Real Estate Investment & Services (24) 3152.66 -0.49 3348.51 3168.07 3164.19 2600.19 1.85 6.32 8.54 46.64 8065.43 FTSE Global wi USA All Cap 1963 484.79 -0.4 -6.5 -4.7 617.59
-3.4 2.1 Gas Water & Multiutilities 50 246.79 0.0 0.0 -17.1 458.31 -14.6 4.6 Total Shares Traded (m) 3404.00 3283.00 3283.00 3388.00 3747.00 4117.00
Real Estate Investment Trusts (23) 2946.33 -0.58 3129.36 2963.55 2998.41 2560.14 2.79 6.79 5.27 67.06 3457.85 FTSE Europe All Cap 1384 383.88 -0.5 -6.8 -3.6 583.99
-1.0 3.4 Financials 667 198.57 -0.2 -0.2 -8.0 306.47 -5.9 3.0 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (31) 7747.71 -0.17 8229.02 7761.20 7787.45 6622.14 2.98 2.22 15.10 163.43 8351.16 FTSE Eurobloc All Cap 634 358.12 -0.4 -6.7 -2.8 551.34
-0.4 3.2 Banks 241 181.32 -0.1 -0.1 -9.8 297.94 -7.6 3.5 (c) Market closed.
Equity Investment Instruments (175) 7407.38 -0.09 7867.55 7413.84 7418.30 7413.40 2.64 1.16 32.62 143.59 3865.78 FTSE RAFI All World 3000 3014 5389.36 -0.3 -7.5 -8.5 6740.15
-6.5 3.3 Nonlife Insurance 69 205.06 -0.3 -0.3 -4.2 284.48 -2.4 2.5
Non Financials (358) 3871.30 -0.41 4111.79 3887.11 3909.59 4247.39 3.78 1.39 19.08 119.22 5381.32 FTSE RAFI US 1000 1004 8556.89 -0.4 -6.9 -7.9 10738.61
-6.3 2.6 Life Insurance 49 193.56 0.0 0.0 -8.3 292.48 -6.2 2.9
Technology (19) 1317.91 0.67 1399.78 1309.16 1321.17 1154.29 1.49 2.06 32.45 17.96 1645.97 FTSE EDHEC-Risk Efficient All-World 3023 309.36 -0.3 -6.3 -3.2 413.48
-1.6 2.3 Financial Services 137 218.19 -0.4 -0.4 -5.8 289.12 -4.4 2.0 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (12) 1633.79 0.17 1735.29 1631.09 1636.06 1257.81 2.04 1.69 28.95 31.62 2137.83 FTSE EDHEC-Risk Efficient Developed Europe 515 276.57 -0.5 -5.4 -0.7 402.11
1.5 2.8 Technology 182 163.75 -0.1 -0.1 -4.9 194.55 -3.6 1.8 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) 1497.11 1.10 1590.12 1480.82 1502.19 1437.06 1.02 2.70 36.17 13.22 1717.35 Software & Computer Services 79 275.07 -0.4 -0.4 1.3 314.83 2.2 1.2 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 103 125.97 0.3 0.3 -10.0 153.73 -8.5 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 6148.10 6161.49 6154.83 6161.97 6137.01 6105.54 6088.61 6080.93 6104.74 6190.91 6065.46 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 16989.36 17014.56 16993.30 17002.55 16981.95 16942.98 16925.59 16916.89 16942.20 17072.73 16902.40 (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 4581.46 4586.29 4583.23 4581.72 4578.00 4576.06 4572.90 4570.48 4568.77 4587.86 4565.88
FTSE All-Share 3386.79 3393.62 3389.91 3393.29 3381.60 3366.49 3358.43 3354.74 3365.92 3408.05 3348.35 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:07:26:15 Day's Low13:50:45 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5898.87(24/08/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:07:26:00 Day's Low13:51:00 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.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Abcam Pre 144.033 127.954 46.099 43.551 18.69 17.12 5.92 5.62 Dec 4 8.21 7.75 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Central Asia Metals Int 29.035 32.244 10.078 52.337 0.053 0.519 7.076 8.516 Oct 30 18.7 16.8 08/11 120.00 AIM GLOO Gloo Networks PLC 126.00 0.00 127.00 120.00 3225.6
There are currently no rights offers by any companies listed on the LSE. Christie Group Int 31.738 29.406 1.411 0.638 4.18 1.74 1 0.75 Oct 16 2.5 1.75
City of London Investment Group Pre 25.356 24.215 8.932 7.416 26.4 21.1 16 16 Oct 30 24 24
DDD Group Int 0.438 1.179 1.433L 1.222L 0.009L 0.011L - - - - -
Empiric Student Property Pre 8.303 - 14.219 - 9.67 - 1 - Aug 4 1.5 -
Invesco Perpetual UK Smaller Companies Inv Tst Int 27.32 3.607L 5.8 3.6 3.4 1.6 Sep 11 15.55 6.5
Kalibrate Technologies Pre 32.549 28.802 2.337 0.195 0.06 0.006 - - - - -
Lighthouse Group Int 23.943 23.363 0.359 0.088 0.28 0.07 0.08 0.06 Oct 23 0.2 0.06
Midatech Pharma Int 0.324 - 5.25L - 18L - - - - - -
Plant Health Care Int 3.198 3.295 3.003L 3.637L 0.04L 0.05L - - - - -
Sprue Aegis Int 56.49 23.836 8.821 2.147 16.9 4.9 2.5 2 Oct 30 8.5 8
Water Intelligence Int 4.398 3.514 0.91 0.612 0.055 0.032 - - - - -

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.
Tuesday 15 September 2015 ★★★ FINANCIAL TIMES 27

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) BakerHu♦ 53.18 0.10 70.45 44.11 1.25 91.20 23180.22 Lyondell 82.39 -1.38 115.40 70.06 3.42 9.66 38383.42
ANZ 27.78 0.26 37.25 26.41 10.14 9.59 57105.89 Nokia 6.19 -0.11 7.87 5.65 2.27 15.24 24906.95 AstellasPh 1666 -20.00 2047 1482 1.73 26.41 30829.62 AtlasCpcoB 191.20 -3.70 270.00 165.20 1.53 18.23 9014.5 BankAm♦ 15.96 -0.08 18.48 14.60 1.23 17.39 166597.18 Marathon Ptl 46.52 -1.35 60.38 37.32 2.10 8.29 24942.01
BHPBilltn♦ 23.74 0.03 36.19 22.41 9.96 9.52 54507.83 SampoA 43.69 -0.80 49.40 34.77 4.31 15.05 27570.83 Bridgestne 4064 -62.00 5182 3328 2.84 10.94 27522.16 Ericsson 80.90 -0.85 120.00 77.45 4.10 26.41 32304.69 Baxter♦ 35.97 -0.05 43.44 34.50 5.66 11.64 19623.04 Marsh&M 53.96 -0.13 59.99 48.66 2.03 20.56 28598.4
CmwBkAu♦ 74.55 -0.58 96.69 71.26 8.34 13.40 88283.76 France (€) Canon 3630 -3.50 4539 3172 4.23 18.16 40324.5 H&M 316.70 -0.20 368.50 269.60 3.01 24.86 63330.12 BB & T 36.56 0.12 41.90 34.50 2.65 13.50 26816.05 MasterCard 90.94 -0.41 99.18 69.64 0.63 28.51 100841.92
CSL♦ 90.07 1.14 102.43 71.04 1.63 22.50 29931.77 Airbus Grpe 54.51 -1.06 67.88 39.64 2.13 16.22 48489.93 CntJpRwy 19160 5.00 24800 13320 0.60 14.12 32873.53 Investor 301.20 -2.80 363.40 219.30 2.92 4.49 27918.68 BectonDick♦ 136.26 0.28 154.98 112.15 1.68 34.60 28649.26 McDonald's♦ 96.97 -0.44 101.88 87.50 3.39 22.99 92947.19
NatAusBk 30.54 0.35 39.71 29.15 10.12 11.62 57328.11 AirLiquide 104.60 -0.30 123.95 87.17 2.34 20.46 40641.33 Denso 5399 -75.00 6548 4500.5 1.96 16.66 39754.19 Nordea Bk 97.20 -3.00 115.50 82.40 5.76 11.24 47346.63 BerkshHat 197598 -731.00 229374 190007 - 18.48 160401.16 McGraw Hill 92.79 -1.78 109.13 73.96 1.33-156.49 25285.28
Telstra♦ 5.54 -0.01 6.74 5.23 8.14 15.35 48420.2 AXA 22.01 -0.23 25.24 16.43 4.17 10.92 60772.79 EastJpRwy 10265 -60.00 12815 7623 1.12 21.74 33556.93 SEB 94.75 -2.10 111.50 82.30 4.89 10.82 24842.1 Biogen 316.23 0.86 480.18 265.00 - 21.87 74367.56 McKesson♦ 196.61 -1.03 243.61 160.10 0.48 24.21 45692.8
Wesfarmers♦ 39.28 0.09 46.95 38.45 7.88 17.31 31556.33 BNP Parib 54.57 -0.67 61.00 43.14 2.65 10.13 76797.72 Fanuc 19045 -825.00 28575 17635 3.21 18.21 32667.05 SvnskaHn 123.50 -3.00 426.00 114.10 3.29 16.31 27929.93 BkNYMeln 39.56 - 45.45 35.06 1.68 16.12 43773.84 Medtronic 68.73 -1.17 79.50 55.54 1.86 32.32 97157.74
Westpc 30.99 0.49 40.07 29.20 9.29 12.00 70538.52 ChristianDior 161.90 0.20 195.35 126.10 2.02 11.77 33225.98 FastRetail 46365-1255.00 61970 33505 0.68 40.51 40962.02 Swedbank 192.90 -1.60 223.90 166.20 5.74 13.47 25763.12 BlackRock♦ 301.06 -2.25 382.84 275.00 2.67 15.52 49264.39 Merck♦ 52.34 0.25 63.62 45.69 3.35 15.63 147422.68
Woolworths♦ 24.79 0.05 36.00 24.51 7.21 13.84 22447.37 Cred Agr 11.19 -0.34 14.49 9.82 3.02 9.24 33345.62 Fuji Hvy Ind 4233.5 -3.00 4827.5 3050 1.54 11.71 27603.91 TeliaSonera 46.55 -0.21 55.85 44.37 6.29 14.77 24353.52 Boeing 134.43 -0.24 158.83 115.14 2.39 18.66 91344.53 Metlife 48.19 -0.34 58.23 44.49 2.89 8.33 53822.5
Belgium (€) Danone 53.10 -0.22 67.74 49.84 2.73 36.31 39274.88 Hitachi 620.60 -7.80 939.90 620.00 1.71 11.20 24983.54 Volvo 88.95 -0.40 120.50 71.00 3.29 23.31 17440.26 BrisMySq 59.17 -0.05 70.54 47.55 2.43 56.57 98666.14 Microsoft 43.04 -0.44 50.05 39.72 2.75 29.77 344233.1
AnBshInBv 94.19 -0.28 119.65 78.75 3.19 18.83 171067.56 EDF 17.59 -0.12 26.12 17.51 7.52 8.35 36937.61 HondaMtr 3655 -64.50 4499 3239 2.31 12.71 55143.21 Switzerland (SFr) Broadcom 53.24 0.16 57.70 34.50 0.96 30.72 29761.16 Mnstr Bvrg 132.16 -0.61 155.83 88.93 - 49.58 27158.68
KBC Grp 58.23 -0.70 66.00 36.53 - 11.60 27473.03 Essilor Intl 106.15 -1.15 121.10 76.65 0.93 38.39 25909.09 JapanTob 4026 -34.50 4848 3101 2.58 17.18 67063.68 ABB 18.03 -0.19 22.31 16.75 - 16.95 43014.5 CapOne 75.76 0.11 92.10 67.73 1.68 10.94 41094.42 MondelezInt 42.28 -0.40 48.58 31.83 1.39 34.04 68126.07
Esslr Intl 106.15 -1.15 121.10 76.65 0.93 38.39 25909.09 KDDI 2760.5 -259.00 3375 2041 1.97 46.92 61868.18 CredSuisse 25.56 -0.42 28.94 18.57 2.78 11.07 43161.44 CardinalHlth 84.31 -0.70 91.91 71.72 1.64 23.87 27599.68 Monsanto 90.14 -2.35 126.00 89.34 2.13 16.64 42170.61
Brazil (R$)
GDF Suez 17.56 0.67 20.57 16.08 5.77 46.56 46717.29 Keyence 51930 -430.00 70100 42660 0.40 25.06 26297.79 Nestle 71.55 -0.25 77.00 64.15 2.90 16.41 235124.99 Carnival 51.38 - 54.05 33.11 1.96 27.77 30452.32 MorganStly 33.81 -0.18 41.04 30.40 1.30 17.50 66043.96
Ambev♦ 18.86 - 20.29 14.99 10.72 19.35 76664.4
Hermes Intl 313.30 0.40 365.55 229.00 0.91 36.69 37351.66 MitsbCp 2140.5 -50.00 2837 1942.5 2.69 9.90 28347.64 Novartis 92.30 -1.30 103.20 78.60 2.81 24.20 254662.67 Caterpillar 72.77 0.14 107.12 70.23 3.77 12.72 43853.57 MylanNV 49.06 0.41 76.69 44.80 - 24.22 24115.34
Bradesco♦ 25.83 1.28 33.29 23.03 4.61 7.08 16863.26
LOreal 143.95 -1.35 181.30 117.05 1.81 28.42 90989.22 MitsubEst 2500.5 -17.00 2975 2151.5 0.54 50.81 28956.72 Richemont 70.60 -0.40 92.25 66.40 1.77 27.70 37983.2 CBS♦ 43.28 -0.65 63.95 40.75 1.36 19.02 19233.99 Netflix 95.69 -1.82 129.29 45.08 - 220.14 40764.4
Cielo♦ 37.54 0.54 46.27 30.18 3.16 14.96 18317.11
LVMH 147.70 -0.45 176.60 121.40 2.26 12.46 84743.93 MitsubishiEle 1148.5 -2.00 1718 1103 2.44 10.12 20539.38 Roche 257.80 -2.80 295.80 238.80 3.15 24.45 186674.23 Celgene 122.21 -1.76 140.72 83.16 - 47.28 96611.91 News Corp A♦ 26.32 -0.13 39.27 22.81 1.02 6.84 32135.14
ItauHldFin 25.70 0.92 32.66 23.83 2.18 5.37 20252.4
Nmrcble-SFR 43.58 0.03 60.01 21.87 - -53.36 21565.83 MitsuiFud 3279 -12.00 3879 2854.5 0.73 28.12 27076.02 Swiss Re 84.10 -0.15 96.95 69.25 5.10 36.11 32132.39 CharlesSch 30.23 -0.26 35.72 23.35 0.78 32.35 39771.31 NextEraE♦ 96.13 0.28 112.64 90.33 3.04 15.02 43460.73
Petrobras 8.83 0.02 21.25 7.88 - -3.93 16995.81
Orange 13.79 -0.01 16.45 10.20 4.20 37.57 41236.47 MitUFJFin 753.40 -18.40 936.80 546.20 2.29 7.09 88908.57 Swisscom 497.20 -5.80 587.50 486.50 4.50 15.10 26545.66 ChevrnTx 75.77 -0.02 125.70 69.58 5.53 11.95 142579.03 Nike♦ 111.89 0.07 117.72 79.27 0.97 29.98 75853.16
Vale 19.15 -0.30 29.57 14.77 12.14 -9.76 15933.48
PernodRic 88.71 -0.93 117.75 82.23 1.96 22.86 26590.12 Mizuho Fin 235.70 -3.40 280.40 178.10 3.30 7.22 48669.31 Syngent 333.20 -4.40 435.20 273.20 3.25 19.77 31919.08 Cigna 139.34 -0.28 170.68 85.75 0.03 17.64 35879.41 NorfolkS 78.69 -0.48 117.64 72.10 2.89 13.80 23716.13
Canada (C$) Murata Mfg 16655 205.00 22220 10730 1.12 20.26 31247.78 Cisco 25.70 -0.32 30.31 22.49 3.07 14.93 130075.24 Northrop♦ 167.83 -0.69 176.83 118.24 1.69 17.36 31450.09
Renault 73.17 -0.86 100.25 49.50 2.51 8.19 24435.91 UBS 19.67 -0.38 22.57 13.58 3.87 15.26 78032.11
BCE♦ 53.00 -0.25 60.20 46.43 4.97 17.35 33928.08 NipponTT 4264.5 -294.00 5066 3001.5 2.03 16.87 80747.02 Citigroup 50.98 -0.12 60.95 46.60 0.15 12.49 153441.91 NXP 90.26 1.85 114.00 53.81 - 48.64 22723.09
Safran 66.85 -0.03 71.35 43.66 1.73 -21.02 31483.26 Zurich Fin 263.00 -1.10 334.60 255.00 - 10.86 40768.28
BkMontrl 69.23 0.31 85.71 64.01 4.65 10.60 33537.71 Nissan Mt 1107.5 -3.00 1350 917.40 2.86 9.71 41699.84 CME Grp♦ 94.44 -0.04 100.87 75.94 2.01 27.29 31897.68 Occid Pet♦ 66.19 -0.71 95.21 64.83 4.30 -21.15 50565.93
Sanofi 87.63 -0.39 101.10 69.58 3.14 24.78 129888.08 Taiwan (NT$)
BkNvaS 58.20 0.08 73.33 52.60 5.80 10.98 53016.46 Nomura 743.70 -16.20 909.20 576.20 1.68 10.53 23677.49 Coca-Cola♦ 38.10 -0.03 44.87 36.56 3.26 22.84 165735.14 Oracle 37.56 -0.36 46.71 35.14 1.37 16.87 162863.05
Sant Gbn 40.39 -0.43 44.84 29.51 1.48 28.06 26175.41 Chunghwa Telecom 98.00 - 99.80 90.00 4.76 19.59 23370.86
Brookfield♦ 40.50 -0.37 48.64 32.21 1.43 9.50 29984.64 Nppn Stl 244.90 -0.60 350.50 227.10 2.16 9.75 19383.99 Cognizant 62.08 -0.71 69.35 42.94 - 25.57 37839.58 Pepsico♦ 91.20 -0.42 100.76 76.48 2.86 21.55 133972.17
Schneider 54.84 -0.46 75.29 52.03 3.38 19.65 36390.72 HonHaiPrc♦ 85.10 0.40 103.00 77.90 1.86 8.81 41840.52
CanadPcR 189.73 -0.53 247.56 172.01 0.77 19.77 22863.74 NTTDCMo 2202.5 -240.00 2873.5 1612.5 2.83 20.59 74950.34 ColgtPlm 62.11 0.19 71.56 50.84 2.30 25.48 55907.17 Perrigo♦ 181.26 1.59 215.73 135.00 0.25 202.31 26514.61
SocGen 41.64 -0.72 48.77 31.85 2.78 10.56 37906.28 TaiwanSem 127.50 - 155.00 112.50 6.07 10.50 101636.2
CanImp 93.57 -0.19 107.32 83.10 4.49 10.42 28038.05 Panasonic 1271.5 -13.00 1853.5 1130 1.09 54.52 25978.08 Comcast 56.25 -0.16 64.99 49.33 1.65 16.99 119876.5 Pfizer 32.71 -0.26 36.46 27.51 3.23 23.73 201733.95
Total 39.77 0.08 51.74 36.92 6.23 30.86 108421.09
CanNatRs♦ 26.09 -0.42 46.18 25.01 3.62 17.40 21533.33 Seven & I 4974.5 -43.50 5998 3794.5 1.43 25.65 36726.82 Thailand (THB) ConocPhil 46.77 -0.59 81.28 41.10 6.11 35.46 57688.86 Phillips66 78.21 -2.39 86.68 57.33 2.58 10.28 42050.36
UnibailR 221.75 -1.10 262.00 180.70 4.24 13.04 24699.2
CanNatRy♦ 73.07 -0.16 88.89 68.81 1.60 17.43 43852.34 ShnEtsuCh 6329 50.00 8529 6059 1.52 21.05 22777.69 PTT Explor♦ 246.00 -5.00 398.00 240.00 3.71 15.41 19496.39 Corning♦ 17.62 -0.05 25.16 15.42 2.44 8.97 21600.98 PhilMorris 79.35 -0.12 90.25 75.27 4.93 16.97 122927.88
Vinci 57.32 -0.68 60.35 39.65 3.27 12.24 38752.76
Enbridge 50.67 -1.22 66.14 47.43 3.34 205.65 32739.76 Softbank 6154 -359.00 8760 6074 0.62 9.28 61540.53 United Arab Emirates (Dhs) Costco 141.15 0.10 156.85 117.03 1.05 26.85 62033.68 PNCFin 90.66 0.31 100.52 76.69 2.10 12.67 46562.96
Vivendi 21.00 -0.03 24.83 17.32 9.20 85.61 32427.26
GtWesLif 32.36 -0.24 37.70 29.30 4.07 11.51 24341.45 Sony 3116.5 -63.00 3970 1782 0.77 -52.86 32761.66 Emirtestele 14.25 -0.50 15.85 9.41 4.59 15.19 33741.23 CrownCstl 78.71 0.08 89.44 74.45 3.49 53.07 26270.4 PPG Inds 94.16 -2.56 118.95 85.78 1.42 23.76 25491.12
ImpOil♦ 41.37 -0.74 57.25 41.05 1.25 15.76 26446.32 Germany (€)
SumitomoF 4722.5 -60.00 5770 3823 2.85 10.33 55618.85 United Kingdom (p) CSX♦ 28.39 -0.11 37.99 24.47 2.27 14.46 28048.79 Praxair♦ 104.41 -0.36 134.06 100.99 2.56 20.78 29910.5
Manulife 20.25 -0.10 24.20 18.91 3.26 12.76 30105.32 Allianz 140.60 -0.25 170.15 115.05 4.70 9.92 72562.62
Takeda Ph 5730 -14.00 6657 4337.5 3.02 -30.33 37706.39 AscBrFd 3050 -36.00 3293 2407 1.11 42.74 37159.79 CVS 100.16 -1.36 113.65 77.40 1.22 24.61 111626.94 Prec Cast♦ 229.28 -0.52 249.12 186.17 0.05 22.76 31525.45
Potash 32.62 -0.44 47.10 31.74 5.69 13.92 20541.42 BASF 69.68 -0.02 97.22 63.00 3.82 13.34 72275.1
TokioMarine 4558.5 -70.50 5504 3102 2.00 14.53 28760.87 AstraZen 4284.5 -1.00 4931.68 3746 4.17 72.24 83329.95 Danaher 86.77 -0.07 92.92 70.12 0.53 24.42 59306.26 Priceline 1286.83 -3.58 1395 990.69 - 29.28 65244.33
RylBkC 72.60 0.20 83.87 68.05 4.21 11.03 79022.34 Bayer 118.85 -0.05 146.45 96.83 1.83 29.08 110991.25
Toyota 7007 -65.00 8783 5710 2.74 10.31 199474.5 Aviva 462.20 -3.50 578.68 449.86 3.92 12.09 28778.07 Deere 79.68 0.43 98.23 76.76 2.97 12.40 26148.29 ProctGmbl 68.06 -0.36 93.89 65.02 3.73 22.73 184616.95
Suncor En 33.59 -0.49 43.79 30.89 3.47 33.74 36626.63 BMW 85.34 -0.19 123.75 74.59 3.28 10.83 58017.24
Mexico (Mex$) Barclays 254.50 -3.95 289.90 204.05 2.55 117.99 65731.12 Delphi 76.33 -0.07 90.57 58.23 1.28 17.37 21704.33 Prudntl♦ 78.51 -0.48 94.30 74.05 2.83 14.08 35408.01
ThmReut♦ 52.72 -0.11 54.47 39.45 3.27 16.69 31078.34 Continental 191.50 -0.70 234.25 136.85 1.64 15.75 43253.69
AmerMvl 15.06 0.30 17.64 13.48 1.82 - 38085.65 BG 994.80 4.80 1420 780.55 1.84 -50.17 52323.15 Delta 46.89 -0.03 51.06 30.12 0.75 21.16 37296.23 PublStor♦ 201.68 -0.51 217.99 162.34 2.86 36.00 34884.05
TntoDom 51.68 -0.14 57.95 47.75 3.81 12.34 72261.16 Daimler 74.14 0.58 96.07 55.10 3.19 10.19 89573.97
FEMSA UBD 142.92 -2.13 154.14 116.20 0.81 26.96 30423.01 BP♦ 332.00 -1.50 499.25 252.55 7.78 -15.07 93443.17 DirectTV 93.55 1.36 95.51 82.04 - 16.82 47176.52 Qualcomm♦ 54.31 -0.35 78.53 52.59 3.14 15.20 85331.99
TrnCan 43.22 0.51 63.86 41.95 4.92 16.47 23109.15 Deut Bank 25.76 0.13 33.42 22.66 2.81 22.45 40124.31
WalMrtMex 39.50 0.09 41.04 28.26 1.41 30.00 41081.36 BrAmTob♦ 3423 -1.00 3894 3231.5 4.33 15.89 98203.38 DiscFinServ 52.39 -0.22 66.75 50.92 1.87 11.07 22805.72 Raytheon 105.46 -1.08 113.36 92.96 2.37 15.51 32012.17
ValeantPh 295.34 -3.58 347.84 125.50 - 94.33 75999.2 Deut Tlkm 15.65 0.09 17.63 10.07 3.08 38.64 81416.26
BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52 Disney 103.82 -0.66 122.08 78.54 1.71 22.05 175233.41 Regen Pharm 531.40 -1.90 605.93 320.06 - 136.74 54062.79
DeutsPost 23.91 0.07 31.19 21.55 - 16.22 32697.08 Netherlands (€)
China (HK$) BT 423.50 0.85 481.75 351.90 2.69 16.25 54553.53 DominRes♦ 68.11 0.35 80.89 65.53 3.58 23.80 40479.27 ReynoldsAm♦ 41.98 -0.21 44.14 28.14 3.12 15.87 29996.84
E.ON 8.57 0.03 15.46 8.37 1.58 -6.59 19361.46 Altice 22.70 -0.30 143.20 20.61 - -131.44 19213
AgricBkCh 3.05 0.01 4.55 2.87 7.41 4.53 12097.26 Compass 1011 -7.00 1223.36 924.41 2.68 19.63 25636.89 DowChem 43.08 -0.70 54.58 35.11 3.70 12.95 49891.03 Salesforce 69.89 -0.16 78.46 51.04 - -450.62 46127.4
Fresenius Med 70.59 0.33 82.32 50.75 1.05 23.45 24800.51 ASML Hld 80.29 -0.10 104.85 68.29 0.84 26.79 39291.09
Bk China 3.57 - 5.68 3.25 6.61 5.03 38519.77 Diageo♦ 1724 8.00 2055 1592.5 3.10 18.22 66739.64 DukeEner♦ 68.31 -0.03 89.97 67.27 4.56 20.77 47019.85 Schlmbrg♦ 72.84 -0.86 105.85 68.01 2.42 22.09 92175.31
Fresenius SE 63.52 0.32 66.56 36.00 0.67 30.56 31293.29 Heineken 68.66 -0.03 77.77 54.03 1.37 24.67 44662.15
BkofComm 5.54 - 8.61 5.20 6.05 5.09 25027.53 GlaxoSmh♦ 1285 -10.00 1645 1247.5 6.23 6.46 96240.73 DuPont 47.98 -0.46 76.61 47.90 3.88 14.64 43414.13 Shrwin-Will 251.95 -3.71 294.35 202.01 0.95 26.13 23484.42
HenkelKgaA 79.60 0.55 99.44 66.70 1.56 20.71 23353.76 ING 13.09 -0.17 16.00 9.68 - 28.77 57178.41
BOE Tech 1.76 - 4.78 1.12 2.22 24.35 45.18 Glencore♦ 127.90 -5.90 362.00 121.80 8.95-297.44 25759.43 Eaton 54.68 -1.04 73.82 49.21 3.72 12.08 25562.9 SimonProp 178.94 -0.20 206.31 162.43 3.01 38.09 55697
Linde 148.50 -0.10 195.55 141.80 2.05 27.11 31147.8 Unilever 34.24 -0.17 42.75 28.75 3.26 20.94 66304.1
Ch Coms Cons 9.66 0.17 17.00 5.45 2.52 8.52 5518.61 HSBC♦ 500.80 -3.50 674.57 482.55 6.48 11.29 150764.81 eBay 25.75 -0.57 29.35 19.50 - 10.99 31369.37 SouthCpr 27.71 -0.48 33.31 23.41 1.55 18.41 22085.26
MuenchRkv 165.00 -0.70 206.50 141.10 4.33 9.47 32225.33 Norway (Kr)
Ch Evrbrght 3.43 - 5.65 3.22 12.87 4.45 3039.97 ImpTob♦ 3254 15.00 3413 2482.72 3.94 16.29 47928.93 Ecolab♦ 108.92 -1.07 118.46 97.78 1.14 27.39 32141.45 Starbucks 56.29 -0.24 59.32 35.39 1.06 32.42 83545.62
SAP 58.16 0.22 70.81 50.08 1.83 23.49 80688.66 DNB 113.00 -3.60 143.00 100.90 3.43 8.15 22418.17
Ch Rail Cons 10.98 0.18 17.70 6.92 3.14 9.66 2941.63 LlydsBkg♦ 74.49 -1.29 89.35 70.90 1.01 40.48 81913.47 EMC 24.35 -0.25 30.92 22.66 1.85 20.22 46867.09 StateSt 71.30 -0.22 81.26 64.21 1.70 17.24 29098.46
Siemens 85.06 -0.41 106.35 80.17 3.82 12.33 84627.73 Statoil 116.80 -0.50 182.30 113.90 6.29 -9.28 45363.19
Ch Rail Gp 7.15 -0.19 12.30 4.03 2.49 11.60 3881.61 Natl Grid 845.30 -5.00 965.00 806.40 5.00 15.84 48698.23 Emerson 45.52 -0.52 65.94 44.03 3.96 12.93 29913.02 Stryker 98.76 -0.89 105.34 77.87 1.33 41.38 37188.89
Volkswgn 165.50 -0.75 254.50 147.35 2.80 7.80 55152.3 Telenor 162.20 0.70 186.10 128.90 2.39 22.76 29663.21
ChConstBk 5.42 0.01 7.98 5.02 6.90 4.82 168135.85 Prudential♦ 1384.5 -13.50 1761.5 1287 2.67 14.09 54781.53 EOG Res 76.43 -0.72 106.09 68.15 0.80 30.88 41973.18 Sychrony Fin 31.17 -0.16 36.40 23.76 - 12.23 25988.45
China Vanke - - - - - - - Hong Kong (HK$) Qatar (QR) EquityResTP 70.58 -0.32 82.53 60.44 2.92 30.36 25696.93 Target 77.15 -0.73 85.81 58.72 2.66 17.27 48483.39
RBS 325.40 -3.30 414.00 300.30 - -22.69 32418.43
ChinaCitic 4.69 0.01 7.40 4.36 - 4.36 9006.09 AIA 43.00 0.60 58.20 39.10 1.02 19.65 66844.95 QatarNtBk 188.00 -3.20 237.00 159.90 3.90 12.25 36130.45 Exelon 30.16 0.46 38.93 29.55 4.02 11.39 25986.39 TE Connect 60.73 -0.03 73.73 51.03 1.93 13.59 24436.81
ReckittB♦ 5668 -38.00 6300 4895 2.45 24.08 62015.24
ChinaLife 26.70 0.50 41.00 21.00 1.83 13.62 25635.89 BOC Hold 24.45 0.15 33.70 23.15 4.48 10.21 33355.22 ExpScripts 84.14 -0.35 94.61 68.06 - 28.27 56856.01 Telsa Mtrs 253.19 2.95 286.65 181.40 - -62.49 32191.12
Russia (RUB) RELX 1054 - 1199 921.50 2.37 99.18 33513.26
ChinaMBank 18.90 0.06 26.85 13.12 4.40 6.66 11195.78 Ch OSLnd&Inv♦ 22.75 0.25 34.05 19.80 2.36 6.41 28945.34 ExxonMb 72.49 -0.20 98.05 66.55 3.78 13.18 302243.34 TexasInstr 47.83 0.26 59.99 41.47 2.70 17.29 49092.03
Gzprm neft 143.58 1.18 166.94 113.73 5.93 7.26 50474.53 RioTinto 2397.5 14.50 3280 2107.78 5.69 23.85 51340.46
ChinaMob♦ 91.30 -0.25 118.00 85.00 3.40 13.83 241207.54 ChngKng 59.30 0.80 77.55 50.10 - - 29532.57 Facebook 92.31 0.26 99.24 70.32 - 96.40 208596.28 TheTrvelers♦ 99.28 -0.21 110.49 90.83 2.23 9.23 30896.49
Lukoil 2524.5 36.90 3297.7 1913 2.82 12.81 31885.82 RollsRoyce 717.00 -4.00 1061 685.50 3.22 -52.73 20288.25
ChinaPcIns 28.70 -0.10 47.10 24.80 1.81 15.70 10277.49 Citic Ltd 14.36 0.06 16.40 11.64 1.46 6.93 53901.06 Fedex♦ 150.23 -0.85 185.19 130.01 0.54 40.72 42440.11 ThrmoFshr♦ 122.16 -0.74 141.25 107.33 0.48 25.51 48679.25
MmcNrlskNckl 10924 54.00 12247 6766 12.82 12.98 25670.16 RylDShlA♦ 1607.5 -4.50 2420.5 1542.5 7.55 11.91 96926.83
ChMinsheng 7.41 0.11 11.88 6.70 3.10 4.77 6629.33 Citic Secs 15.52 -0.60 40.50 14.28 2.26 7.09 4562.51 FordMtr 13.78 0.07 16.77 10.44 3.91 15.25 53700.47 TimeWrnr♦ 69.63 -0.38 91.34 66.82 1.88 16.88 56788.93
Novatek 634.10 4.10 646.30 390.12 9.70 30.44 28590.31 SABMill 2933.5 -21.50 3857 2773 2.41 21.40 73033.05
ChMrchSecs RMB 16.97 0.13 40.00 10.74 2.48 10.02 12799.93 CK Hutchison 105.10 0.20 174.90 97.50 3.32 4.58 52341.88 Franklin 39.17 -0.25 59.43 38.25 1.42 10.75 24043.25 TimeWrnrC 187.06 -0.39 194.22 128.78 1.96 27.57 52933.17
Rosneft 246.00 0.10 294.20 183.95 6.27 6.83 38715.25 Shire♦ 4743 -72.00 5870 3448.28 0.30 14.36 43213.64
Chna Utd Coms RMB 6.28 0.07 10.74 3.36 1.08 33.29 20904.08 CNOOC♦ 8.58 0.01 14.58 7.60 6.47 7.59 49428.75 GenDyn 140.65 -1.23 153.76 114.73 1.82 16.62 45391.58 TJX Cos 71.21 -0.59 76.93 58.58 1.02 22.08 48021.95
Sberbank 74.88 0.78 80.98 47.21 - 5.03 24003.39 StandCh♦ 703.30 -12.50 1250.18 696.10 7.85 15.65 27566.81
ChShenEgy 12.78 0.10 24.40 12.20 7.08 7.70 5604.33 HangSeng 145.60 0.10 162.10 123.20 3.76 10.65 35917.75 GenElectric 24.77 -0.18 28.68 19.37 3.59 49.17 250088.55 T-MobileUS 39.95 0.13 42.56 24.26 - 120.75 32554.24
Surgutneftegas 35.47 0.23 39.80 21.82 2.00 1.30 18817.6 Tesco 178.45 -2.90 252.52 155.40 6.33 -2.54 22346.17
ChShpbldng RMB 10.74 -0.09 20.19 5.62 - 164.06 30287.36 HK Exc&Clr♦ 184.80 -1.50 311.40 162.00 2.11 32.35 28552.87 GenMills 56.09 -0.38 59.87 47.43 3.00 28.18 33637.55 UnionPac♦ 85.73 -0.39 124.52 79.31 2.40 15.06 74387.2
Saudi Arabia (SR) Vodafone 221.25 -2.70 258.00 179.10 5.00 10.32 90392.89
ChStConEng RMB 6.13 0.15 12.52 3.18 2.82 7.80 28782.67 MTR♦ 35.20 0.15 40.00 29.95 2.92 13.21 26565.66 GenMotors♦ 30.72 0.57 39.00 24.62 4.01 11.58 48600.99 UPS B 97.01 -0.17 114.40 93.64 2.82 23.12 67756.46
AlRajhiBnk 55.40 -0.48 74.50 48.40 3.43 13.82 24003.79 WPP 1336 -11.00 1616 1091 2.86 13.81 26602.37
ChUncHK 10.42 0.08 16.00 9.68 2.38 16.73 32197.09 SandsCh 25.85 -0.80 49.30 25.10 7.53 14.39 26914.28 GileadSci♦ 109.35 -0.28 123.37 85.95 0.38 11.80 160482.66 USBancorp 40.92 -0.14 46.26 38.10 2.37 13.37 72060.29
SHK Props 103.80 0.70 137.60 93.25 3.18 9.63 38529.03 Natnlcombnk 54.79 -0.92 72.75 48.80 - 12.90 29139.42 United States of America ($)
CNNC Intl RMB 8.43 -0.89 14.38 4.07 - - - GoldmSchs♦ 183.94 -1.33 218.77 171.26 1.28 11.13 79622.29 UtdHlthcre♦ 117.80 -0.90 126.21 80.72 1.35 19.16 112329.67
Tencent 128.00 0.60 171.00 104.50 0.28 37.69 155265.82 SaudiBasic 78.34 -1.70 136.50 70.25 6.66 9.80 62664.48 3M 140.81 -0.45 170.50 130.60 2.61 18.79 87970.4
CSR 9.59 -0.12 20.70 6.80 - 20.26 5408.8 Google 652.47 -2.83 713.33 490.91 - 33.15 189142.1 UtdTech 91.83 -0.50 124.45 87.17 2.62 13.46 81783.59
SaudiTelec 60.75 -0.50 76.50 52.75 6.04 11.47 32396.12 AbbottLb 43.17 -0.24 51.74 39.28 2.09 28.03 64342.36
Daqin RMB 9.68 0.38 15.15 7.33 4.98 10.03 22599.31 India (Rs) Halliburton♦ 36.88 -0.32 67.89 30.93 1.83 22.07 31523.15 ValeroEngy 60.73 -2.18 71.50 42.53 2.18 7.11 30189.6
Singapore (S$) Abbvie 58.94 -0.41 71.60 52.06 3.05 46.72 97561.99
Gree Elec Apl 0.21 0.00 0.45 0.13 - -2.31 308.15 Bhartiartl 354.15 5.45 452.45 332.50 1.00 27.89 21342.16 HCA Hold 84.98 0.29 95.49 43.91 - 17.79 35283.02 Verizon 45.65 -0.08 51.73 38.06 4.72 19.46 185598.82
DBS♦ 17.62 -0.10 21.50 17.23 3.36 19.25 31367.71 Accenture 96.51 -0.84 105.37 73.98 2.13 21.62 76974.53
GuosenSec - - - - - - - HDFC Bk 1019.7 9.20 1128 842.10 0.80 25.55 38693.55 Hew-Pack♦ 27.04 -0.11 41.10 24.85 2.39 11.17 48624 VertexPharm 134.85 0.79 143.45 91.04 - -44.82 32991.8
JardnMt US$♦ 47.25 -1.45 67.88 46.20 2.95 10.39 33012.24 Ace 100.21 -0.65 117.89 96.00 3.19 11.52 32448.5
HaitongSecs 11.54 -0.46 27.90 10.00 2.69 6.18 5076.92 Hind Unilevr 794.75 -0.50 981.00 707.15 1.48 42.51 25925.8 HiltonWwde♦ 25.47 -0.12 31.60 20.72 - 39.44 25150.38 VF Cp♦ 70.46 -0.56 77.83 61.75 1.70 29.80 29990.73
JardnStr US$♦ 27.39 -0.25 37.10 27.06 0.96 9.92 30679.61 Actavis 298.98 -2.94 317.72 201.91 - -34.92 117333.1
Hngzh HikVDT - - - - - - - HsngDevFin 1184.7 8.35 1402.3 975.00 1.23 21.11 28162.52 HomeDep♦ 114.73 -0.71 123.80 86.35 1.82 22.69 147325.17 Viacom♦ 43.81 -0.47 81.23 36.32 3.10 10.44 15222.23
OCBC♦ 8.99 -0.03 10.92 8.63 4.09 8.61 25899.75 Adobe 78.46 -0.73 87.25 58.51 - 108.19 39045.26
Hunng Pwr - - - - - - - ICICI Bk 272.40 4.85 393.40 247.70 3.71 11.83 23842.32 Honywell 99.22 -0.40 107.41 82.89 1.97 18.17 77566.47 Visa Inc 70.01 -0.75 76.92 48.80 0.64 30.02 136616.62
SingTel 3.72 - 4.57 3.58 4.61 14.95 42183.52 AEP 53.68 -0.10 65.38 51.58 3.81 15.42 26333.24
IM Baotou Stl RMB 3.76 -0.35 7.50 2.52 0.33-276.03 9295.04 Infosys 1099.75 9.00 2336 932.65 3.45 19.30 37893.93 HumanaInc 187.00 -0.32 219.79 121.04 0.59 22.61 27716.17 Walgreen 90.17 -0.23 97.30 58.39 1.51 22.96 98491.13
UOB 19.48 0.01 25.05 18.51 3.67 9.70 22199.44 Aetna 116.39 -1.50 134.40 71.81 0.80 18.03 40583.81
In&CmBkCh 4.72 0.02 7.10 4.30 6.73 4.95 52860.18 ITC 313.65 -0.10 409.95 294.00 1.72 27.58 37938.33 IBM 145.65 -1.72 195.00 140.62 3.09 9.91 142668.52 WalMartSto 64.28 -0.37 90.97 61.50 2.99 13.63 206077.94
Aflac 57.80 -0.34 65.10 51.41 2.61 9.92 24894.12
IndstrlBk RMB 14.84 0.25 21.42 9.99 6.97 5.72 37705.63 L&T 1605.95 3.00 1893.8 1401 0.92 26.00 22531.89 South Africa (R) IllinoisTool 82.63 -0.95 100.14 78.79 2.30 16.98 30249.9 Wellpoint♦ 128.71 0.94 129.96 81.84 1.64 12.65 34744.16
AirProd 135.48 -0.94 158.20 118.20 2.28 28.99 29125.82
Kweichow RMB 202.53 9.62 290.00 145.50 - 15.09 39953.16 OilNatGas♦ 229.65 1.30 429.00 221.25 4.35 7.23 29619.96 Firstrand 51.70 1.29 58.47 40.27 3.89 12.40 21407.49 Illumina 206.02 -0.39 242.37 145.12 - 64.35 29811.09 WellsFargo 52.77 0.15 58.77 46.44 2.64 13.13 270887.37
Alexion 168.80 -3.13 208.88 150.06 - 58.92 38174.9
Midea 1.91 - 2.68 1.65 5.16 9.33 53.00 RelianceIn 863.85 2.90 1067.85 796.45 1.14 10.62 42174.14 MTN Grp 172.68 0.20 258.49 161.10 7.87 9.49 23523.75 Intcntl Exch♦ 233.55 -2.68 246.39 189.37 0.86 24.47 25804.6 Williams Cos 42.27 -0.70 61.38 40.07 5.32 15.82 31690.3
Allstate♦ 58.24 0.10 72.87 54.12 1.95 10.01 23318.71
New Ch Life Ins 31.45 -0.10 56.55 26.20 0.83 8.54 4196.45 SBI NewA 235.25 5.15 336.00 220.15 1.30 10.69 26833.82 Naspers N♦ 1684.64 44.34 2029.97 1130.01 0.29 41.99 52159.6 Intel 29.39 -0.08 37.90 24.87 3.10 12.74 139720.06 Yahoo 30.32 -1.11 52.62 29.00 - 4.29 28542.97
Altria♦ 52.45 -0.14 56.70 42.96 3.88 20.74 102838.45
PetroChina♦ 5.72 -0.03 11.04 5.61 5.65 13.15 15572.25 SunPhrmInds 857.05 11.00 1200.8 748.00 0.18 28.92 31092.38 South Korea (KRW) Intuit 88.82 -0.49 109.21 77.96 1.11 62.11 24484.91 Yum!Brnds 80.95 -0.48 95.90 65.81 1.93 40.50 34906.09
Amazon 521.38 -8.06 580.57 284.00 - -1317.88 243854.75
PingAnIns♦ 38.25 0.15 62.90 28.53 0.40 5.49 36757.14 Tata Cons 2551.65 -0.35 2839.7 2345 1.56 24.55 75347.51 HyundMobis 214500 - 282000 185500 1.45 10.37 17321.96 John&John 93.32 0.39 109.49 81.79 2.99 16.80 258412.99 Venezuela ()
AmerAir 42.29 0.14 56.20 28.10 0.93 7.46 28411.29
PngAnBnk RMB 10.87 -0.09 17.50 8.32 1.61 6.97 20149.52 Indonesia (Rp) KoreaElePwr 48650 600.00 53100 38750 1.0798966.67 26399.18 JohnsonCn♦ 40.18 -0.10 54.52 38.48 2.44 15.11 26280.51 Bco de Vnzla 118.00 5.00 143.95 27.00 - - 31878.65
AmerExpr 75.14 -0.36 94.89 71.71 1.73 13.38 75236.43
Pwr Cons Corp RMB 8.07 0.09 20.00 2.92 1.24 15.97 4182.06 Bk Cent Asia 12100 175.00 15600 11000 1.29 16.50 20792.8 SK Hynix 34600 -400.00 51700 30300 0.90 5.20 21291.46 JPMrgnCh 62.38 -0.18 70.61 50.07 2.57 11.50 230685.44 Bco Provncl 4000 - 4400 840.00 - - 31948.88
AmerIntGrp♦ 58.00 -0.33 64.93 48.56 0.84 11.65 75045.44
SaicMtr RMB 17.59 0.43 29.18 14.00 6.86 6.76 30455.81 SmsungEl 1124000 9000 1510000 1033000 1.89 8.29 122858.22 Kimb-Clark♦ 103.78 -0.27 119.01 99.57 3.24 59.96 37804.46 Mrcntl Srvcs - - - - - - -
Israel (ILS) AmerTower 88.83 -0.43 105.20 87.95 1.76 54.57 37599.87
ShenwanHong 0.19 -0.01 0.49 0.17 - -2.51 61.48 Spain (€) KinderM 29.86 -0.24 44.71 28.50 5.90 42.81 65451.24
TevaPha 241.00 -6.60 275.90 182.70 2.10 21.27 59390.58 Amgen 151.00 -2.21 181.81 127.67 1.81 20.45 114495.8
ShgPdgBk RMB 15.93 0.37 19.17 9.40 4.78 6.13 37330.97 Kraft 88.19 -0.11 91.32 53.33 2.45 45.49 52233.16 Closing prices and highs & lows are in traded currency (with variations for that
Italy (€) BBVA 7.77 -0.04 9.91 7.21 0.99 12.12 55291.01 Anadarko♦ 65.00 -0.65 108.14 58.10 1.63 -13.40 33020.79
Sinopec Corp♦ 5.11 -0.04 7.79 4.72 4.82 12.62 16822.29 Kroger 37.42 0.13 39.43 25.42 0.94 19.97 18175.33 country indicated by stock), market capitalisation is in USD. Highs & lows are
Enel 3.99 -0.01 4.50 3.36 3.22 80.87 42328.37 BcoSantdr 5.01 -0.02 7.91 4.98 11.53 10.80 80952.4 Aon Cp 90.80 -0.52 107.08 78.26 1.13 21.18 25427.9
Sinopec Oil RMB 6.27 -0.70 14.23 2.92 - 179.22 443.08 L Brands 92.15 -0.17 95.78 64.47 1.80 24.25 26758.4 based on intraday trading over a rolling 52 week period.
ENI 14.49 -0.06 19.34 12.98 7.46-684.67 59468.5 CaixaBnk♦ 3.55 -0.02 5.00 3.52 1.09 22.95 23105.74 Apple 115.31 1.10 134.54 92.00 1.64 13.62 657580.87
Denmark (kr) Iberdrola 5.79 0.00 6.49 5.11 2.58 15.32 41434.77 LasVegasSd 46.72 -0.16 65.83 40.00 4.82 16.10 37256.92 ♦ ex-dividend
Generali 16.23 -0.10 19.21 14.40 3.57 12.85 28535.35 ArcherDan 42.93 0.11 53.91 41.63 2.37 12.10 26141.77
DanskeBk 212.10 -2.30 218.00 139.20 2.50 34.31 32381.49 Inditex 28.43 -0.09 32.54 19.29 1.41 34.05 100046.12 LibertyGbl 46.84 -0.49 58.66 39.95 - -29.65 11827.48 ■ ex-capital redistribution
IntSPaolo 3.11 -0.06 3.65 2.00 1.59 27.70 55615.92 AT&T 32.55 -0.17 36.45 30.97 5.62 32.93 200215.05
MollerMrsk 10810 -110.00 16450 10730 2.60 8.56 35113.6 Repsol 11.10 -0.07 19.39 11.03 - 15.64 17232.19 Lilly (E) 81.89 0.09 90.18 60.58 2.37 43.45 90778.38 # price at time of suspension
Luxottica 59.25 -0.80 67.80 34.74 1.17 39.06 32346.08 AutomData♦ 77.76 -0.55 90.23 64.29 2.45 27.50 36221.4
NovoB 367.30 -5.60 415.00 244.50 1.31 31.71 114671.88 Telefonica 11.43 -0.12 14.31 10.76 3.38 18.24 62788.72 Lockheed♦ 206.00 -0.81 213.34 166.28 2.77 18.70 63970.11
Unicred 5.70 - 6.61 4.82 2.03 15.72 38410.96 Avago Tech 131.19 0.11 150.50 68.75 1.09 35.27 36124.64
Lowes 68.15 -0.48 76.25 49.85 1.40 23.35 63562.53

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
Citic Ltd 14.36 14.30 0.06 0.42 1.62 12.7 2.43 DirectTV 93.55 92.19 1.36 1.48 - - 0.42 Sep 14 date Coupon S* M* F* price yield yield yield US Sep 14 date Coupon S* M* F* price yield yield yield US
Ch Coms Cons 9.66 9.49 0.17 1.79 1.05 12.2 -11.21 IM Baotou Stl 3.76 4.11 -0.35 -8.52 -0.55 -12.8 -25.10 High Yield US$ US$
HaitongSecs 11.54 12.00 -0.46 -3.83 1.24 12.0 -17.69 Petrobras 8.81 8.81 0.00 0.00 -1.09 -11.0 -14.69 Windstream Services, LLC 11/17 7.88 BB- B2 BB 105.13 5.36 -0.01 -0.85 4.67 Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 115.80 4.44 0.00 -0.04 2.27
CSR 9.59 9.71 -0.12 -1.24 1.01 11.8 -4.86 E.ON 8.54 8.54 0.00 0.00 -1.01 -10.5 -10.26 High Yield Euro Halliburton Company 02/27 6.75 A A2 A- 120.98 4.43 0.00 -0.02 -
New Ch Life Ins 31.45 31.55 -0.10 -0.32 3.15 11.1 -6.54 NTTDCMo 2202.50 2442.50 -240.00 -9.83 -253.00 -10.3 -21.10 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Korea Electric Power Corporation 08/27 6.75 A+ Aa3 AA- 98.60 7.04 0.00 -0.14 -
Ch Rail Cons 10.98 10.80 0.18 1.67 1.07 10.8 -8.80 Williams Cos 42.27 42.97 -0.70 -1.63 -4.15 -8.9 -19.11 Archer Daniels Midland Company 12/27 6.75 A A2 A 120.56 4.59 0.00 0.24 -
ChngKng 59.30 58.50 0.80 1.37 5.35 9.9 -0.59 PngAnBnk 10.87 10.96 -0.09 -0.82 -0.97 -8.2 -13.52 Emerging US$ SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 119.41 4.54 0.00 0.07 -
Kroger 37.42 37.29 0.13 0.35 3.35 9.8 -2.48 BOE Tech 1.76 1.76 0.00 0.00 -0.12 -6.4 -38.03 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.54 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 119.44 4.83 0.00 0.04 -
SHK Props 103.80 103.10 0.70 0.68 9.15 9.7 -7.24 Monsanto 90.14 92.49 -2.35 -2.54 -5.61 -5.9 -12.57 Mexico 09/16 11.40 BBB+ A3 BBB+ 110.33 0.92 0.01 0.43 0.23
Brazil 01/18 8.00 BB+ Baa3 BBB 107.47 4.56 -0.02 0.28 3.88 Euro
ICICI Bk 272.40 267.55 4.85 1.81 23.30 9.4 -6.68 ChShpbldng 10.74 10.83 -0.09 -0.83 -0.64 -5.6 -35.61 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- A3 A 105.12 2.33 0.00 0.19 0.15
ChMinsheng 7.41 7.30 0.11 1.51 0.58 8.5 -15.02 PTT Explor 246.00 251.00 -5.00 -1.99 -14.00 -5.4 -18.00 Russia 07/18 11.00 BB+ Ba1 BBB- 119.63 3.72 -0.01 0.20 3.04
Peru 03/19 7.13 BBB+ A3 BBB+ 116.49 2.26 -0.01 -0.06 0.76 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 94.10 3.25 0.00 0.12 -
Avago Tech 131.19 131.08 0.11 0.08 10.04 8.3 7.57 Repsol 11.10 11.17 -0.07 -0.58 -0.61 -5.2 -25.00 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 109.34 2.31 0.00 0.18 -
Bk China 3.57 3.57 0.00 0.00 0.25 7.5 -12.93 KoreaElePwr 48650.00 48050.00 600.00 1.25 -2650.00 -5.2 -1.92 Brazil 01/21 7.88 BB+ Baa3 BBB 99.51 5.04 -0.01 0.72 3.54
Turkey 03/21 5.63 - Baa3 BBB- 104.56 4.73 -0.01 0.31 3.23 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 106.64 2.30 0.00 0.14 -
PingAnIns 38.25 38.10 0.15 0.39 2.60 7.3 -11.87 KDDI 2760.50 3019.50 -259.00 -8.58 -145.00 -5.0 -16.15
Poland 04/21 5.13 A- A2 A- 112.12 2.79 0.00 0.02 1.29 Yen
In&CmBkCh 4.72 4.70 0.02 0.43 0.32 7.3 -10.10 Ambev 18.86 18.86 0.00 0.00 -0.99 -5.0 1.34
Colombia 07/21 4.38 BBB Baa2 BBB 102.45 3.94 -0.01 0.16 2.44 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
Denso 5399.00 5474.00 -75.00 -1.37 366.00 7.3 -9.85 NipponTT 4264.50 4558.50 -294.00 -6.45 -223.50 -5.0 -14.42
GileadSci 109.35 109.63 -0.28 -0.26 7.29 7.1 -5.41 Occid Pet 66.19 66.90 -0.71 -1.06 -3.46 -5.0 -9.82 Turkey 04/26 4.25 - Baa3 BBB- 90.94 5.46 0.00 0.29 3.28 £ Sterling
ShgPdgBk 15.93 15.56 0.37 2.38 1.04 7.0 3.11 Anadarko 65.00 65.65 -0.65 -0.99 -3.34 -4.9 -14.75 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 124.55 3.97 0.00 0.34 1.79
NXP 90.26 88.41 1.85 2.09 5.83 6.9 -1.48 SK Hynix 34600.00 35000.00 -400.00 -1.14 -1700.00 -4.7 -6.23 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- 106.80 3.25 -0.03 -0.06 1.08
Illumina 206.02 206.41 -0.39 -0.19 12.86 6.7 -0.99 Cred Agr 11.19 11.53 -0.34 -2.95 -0.51 -4.4 -11.30 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.81 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+ 109.10 3.25 0.00 0.13 1.75 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- 114.51 4.02 0.00 0.24 1.85
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
Sep 14 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Sep 14 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.14 16-12-2008 0.14 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 24.25 1.05 23.20 53.29 10.88 Sep 14 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 23.50 0.50 23.00 56.32 7.04 Tr 2pc '16 100.53 0.48 2.13 0.00 -2.04 -28.36 101.97 100.53 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 169.58 0.09 -0.42 -4.88 -1.35 -5.67 VXN 25.44 0.42 25.02 46.72 11.15 Tr 1.75pc '17 101.70 0.49 4.26 4.26 -10.91 -51.49 102.68 101.59 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 294.38 -0.15 0.64 0.30 -0.18 5.24 VDAX 27.18 -0.24 27.42 29.94 - Tr 5pc '18 110.71 0.64 3.23 3.23 -11.11 -54.29 113.65 110.64 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 250.04 0.21 0.44 -0.18 0.44 -0.18 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.35 0.89 3.49 2.30 -12.75 -46.39 115.07 111.71 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 210.69 -0.04 0.20 -0.94 -0.57 0.72 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.84 1.11 1.83 0.91 -11.20 -40.96 119.04 114.45 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 222.76 -0.01 0.63 0.49 -0.31 4.19 Tr 1.5pc '21 100.60 1.38 1.47 1.47 -4.83 -32.68 142.92 100.44 0.04
Gilts( £) 289.29 -0.23 0.74 1.28 0.76 9.23 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.96 1.41 1.44 1.44 -8.44 -34.72 119.85 112.16 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 247.80 0.37 0.88 -1.21 -0.52 -1.57 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 128.57 1.72 1.78 2.38 -6.01 -32.02 134.70 122.10 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 294.99 -0.13 0.62 0.51 -0.01 5.56 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 124.76 1.96 1.55 2.08 -4.39 -28.47 131.90 116.13 0.31
Sep 14 (Libor: Sep 11) night Day Week Month month month month year Overall ($) 225.53 0.22 0.24 0.61 0.24 0.61 Australia 10/18 3.25 104.09 1.88 -0.02 0.09 -0.07 -1.14 Tr 4.25pc '32 127.45 2.27 1.34 2.71 -1.73 -23.31 136.85 117.16 0.35
US$ Libor 0.13550 0.000 0.000 0.000 0.20655 0.33720 0.54070 0.85555 Overall( £) 288.30 -0.20 0.70 1.05 0.52 8.06 04/26 4.25 113.47 2.77 -0.03 0.02 -0.06 -1.02 Tr 4.25pc '36 129.63 2.41 1.26 2.55 -0.41 -21.75 140.37 117.65 0.28
Euro Libor -0.18071 0.000 -0.001 0.000 -0.11357 -0.04286 0.03129 0.14386 Overall(€) 219.00 -0.01 0.50 0.23 -0.28 3.17 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 139.83 2.48 1.22 2.90 0.81 -21.02 153.16 124.52 0.26
£ Libor 0.48125 0.000 0.000 0.000 0.50663 0.58625 0.75313 1.05438 Treasuries ($) 217.29 0.25 0.17 1.03 0.17 1.03 10/25 1.20 102.47 0.94 0.00 -0.04 0.04 0.00 Tr 3.75pc '52 131.72 2.44 1.24 2.95 0.41 -23.03 145.21 112.07 0.22
Swiss Fr Libor 0.000 -0.79400 -0.73100 -0.66900 -0.56000 FTSE Belgium 06/18 0.75 101.75 0.10 0.00 -0.01 -0.02 -0.33 Tr 4pc '60 143.31 2.41 1.26 3.43 1.26 -23.25 159.23 119.83 0.21
Yen Libor 0.000 0.05300 0.08714 0.12586 0.23829 Sterling Corporate (£) 111.19 0.01 - - -0.26 1.06 06/25 0.80 98.20 0.99 0.01 -0.03 0.02 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.001 -0.10400 -0.03800 0.03700 0.15700 Euro Corporate (€) 106.51 0.00 - - -0.83 -1.85 Canada 11/17 0.25 99.57 0.45 -0.03 0.00 0.02 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 777.04 2.88 - - -12.91 -17.88 06/26 1.50 99.06 1.60 -0.03 0.00 0.07 0.00
US$ CDs
Euro CDs
0.000
0.000
0.18000
-0.13500
0.29000
-0.06500
0.47000
-0.00500
Eurozone Govt Bond 113.01 0.10 - - -0.60 1.46 Denmark 11/16 2.50 103.24 -0.27 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 1.75 108.09 0.91 -0.01 0.01 0.10 0.00
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 99.76 1.09 0.00 0.01 -0.06 0.00
Fixed Coupon Sep 14 chg % Return 1 month 1 year Yield
Sep 14 term notice month month month year Markit iTraxx 09/25 0.88 99.56 0.92 0.00 -0.04 0.00 0.00
1 Up to 5 Years 98.33 -0.05 2361.66 0.38 2.57 0.96
Euro -0.20 -0.10 -0.20 -0.10 -0.21 -0.06 -0.15 0.00 -0.08 0.07 0.07 0.22 Crossover 5Y 331.78 3.30 -5.46 18.50 371.85 242.25 France 11/16 0.25 100.51 -0.17 0.00 0.00 0.00 0.00
2 5 - 10 Years 179.33 -0.18 3233.92 1.06 6.60 1.58
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.03 1.18 Europe 5Y 72.09 0.98 -0.57 4.31 81.85 52.94 11/19 0.50 101.70 0.09 0.00 -0.01 0.04 0.00
3 10 - 15 Years 208.14 -0.27 3805.82 1.40 10.15 1.96
Swiss Franc - - - - - - - - - - - - Japan 5Y 63.68 -0.18 -0.85 5.66 69.98 48.09 11/25 1.00 99.36 1.07 0.00 -0.06 0.00 0.00
4 5 - 15 Years 185.92 -0.20 3371.57 1.14 7.59 1.69
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 82.49 0.51 -0.66 6.13 100.19 62.28 05/45 3.25 127.98 1.99 0.00 -0.02 0.12 0.00
5 Over 15 Years 300.09 -0.48 4319.28 0.67 15.78 2.42
US Dollar 0.12 0.22 0.12 0.22 0.15 0.25 0.25 0.35 0.50 0.60 0.80 0.90 Germany 04/18 0.25 101.20 -0.21 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 172.89 -0.26 3223.63 0.69 8.82 2.16
Japanese Yen -0.10 0.00 -0.15 -0.05 -0.35 -0.10 -0.20 0.00 -0.15 0.05 -0.05 0.15 10/20 0.25 101.16 0.02 0.00 -0.03 0.00 0.00
Emerging Markets 5Y 352.30 0.41 2.14 10.13 396.59 278.35 08/25 1.00 103.26 0.66 0.00 -0.01 0.03 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 387.97 -5.20 -12.68 6.32 426.92 337.73 08/46 2.50 126.91 1.42 -0.01 0.00 0.12 0.00
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Sep 14 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 79.78 -1.16 -2.18 3.24 87.98 60.22 Greece 07/17 3.38 87.27 11.45 0.19 1.09 1.44 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 310.11 -0.08 0.19 -2.30 2357.99 0.19 -0.95
02/26 3.00 66.38 8.54 0.06 -0.28 -0.47 2.52 2 Over 5 years 581.63 -1.10 -0.83 15.26 4286.11 -0.78 16.19
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 111.79 -0.13 0.00 0.00 0.00 0.00 3 5-15 years 432.01 -0.54 -0.04 2.34 3274.96 -0.02 3.69
03/25 5.40 136.69 1.27 0.00 -0.13 0.04 0.00 4 Over 15 years 720.71 -1.33 -1.15 21.92 5214.77 -1.08 22.65
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/18 0.25 99.81 0.32 0.02 0.03 0.05 0.00 5 All stocks 537.33 -0.95 -0.68 13.33 4008.72 -0.64 14.33
05/20 0.70 99.49 0.81 0.02 -0.02 0.04 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 100.72 1.93 0.02 -0.05 0.00 0.00 Yield Indices Sep 14 Sep 11 Yr ago Sep 14 Sep 11 Yr ago
Crude Oil† Sep 44.08 -0.68 Corn♦ Dec 393.00 6.00 Oct 09 Oct 09 Prev return stock Market stocks
09/46 3.25 105.43 3.00 0.02 0.00 0.26 0.00 5 Yrs 1.19 1.16 1.78 20 Yrs 2.43 2.41 3.07
Brent Crude Oil‡ 47.44 -0.66 Wheat♦ Dec 501.00 16.50 Can 4.25%' 21 129.02 -0.359 -0.380 0.09 5.18 69752.21 7
Japan 09/17 0.10 100.17 0.02 0.00 0.00 0.00 0.00 10 Yrs 1.86 1.83 2.53 45 Yrs 2.42 2.39 3.15
RBOB Gasoline† Sep 1.30 -0.07 Soybeans♦ Nov 883.00 8.50 Fr 2.25%' 20 113.43 -0.471 -0.488 0.26 20.31 205653.52 14
09/20 0.10 100.15 0.07 0.01 0.00 0.00 0.00 15 Yrs 2.25 2.23 2.90
Heating Oil† Sep 1.51 -0.04 Soybeans Meal♦ Oct 314.00 3.50 Swe 0.25%' 22 107.56 -0.739 -0.720 0.12 30.88 217259.36 6
09/25 0.40 100.37 0.36 0.01 -0.01 0.00 0.00
Natural Gas† Sep 2.77 0.07 Cocoa (ICE Liffe)X Dec 2206.00 19.00 UK 2.5%' 16 - - - - - - -
09/45 1.40 99.56 1.42 0.00 0.00 0.00 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Dec 3284.00 29.00 UK 2.5%' 24 341.46 -0.858 -0.838 0.87 6.82 487030.87 25
Netherlands 04/17 0.50 101.14 -0.22 0.00 0.00 0.00 0.00 Real yield Sep 14 Dur yrs Previous Yr ago Sep 14 Dur yrs Previous Yr ago
Uranium Sep 36.75 0.00 Coffee(Robusta)X Sep 1582.00 39.00 UK 2%' 35 235.79 -0.875 -0.867 1.77 9.08 487030.87 25
07/25 0.25 94.48 0.84 0.00 -0.03 0.03 0.00 Up to 5 yrs -0.85 2.64 -0.88 -1.23 -1.50 2.66 -1.53 -1.92
Carbon Emissions - - Coffee (Arabica)♥ Dec 119.70 3.15 US 0.625%' 21 101.13 0.430 0.441 -0.46 35.84 1078986.57 36
Diesel Sep 121.25 0.00 White SugarX 353.20 -1.30 New Zealand - - - - - - - Over 5 yrs -0.88 23.55 -0.92 -0.21 -0.90 23.63 -0.95 -0.25
US 3.625%' 28 132.95 0.859 0.441 -0.64 16.78 1078986.57 36
Unleaded Oct - - Sugar 11♥ 11.48 -0.21 12/17 6.00 107.72 2.44 -0.02 -0.11 -0.16 -1.52 5-15 yrs -0.77 9.86 -0.83 -0.44 -0.87 9.87 -0.92 -0.54
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 105.99 0.64 0.00 0.03 0.05 0.00 Over 15 yrs -0.89 29.14 -0.94 -0.18 -0.90 29.17 -0.95 -0.20
Base Metals (♠ LME 3 Months) Cotton♥ Oct 63.51 -1.13 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 1.75 101.82 1.54 -0.02 0.04 0.12 0.00 All stocks -0.88 20.46 -0.92 -0.23 -0.91 20.59 -0.96 -0.27
Aluminium 1616.00 -28.00 Orange Juice♥ Nov 123.50 -0.10 amount.
Aluminium Alloy 1710.00 30.00 Palm Oil♣ Oct 519.00 13.75 Portugal 02/16 6.40 102.71 -0.13 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 5288.00 -94.50 Live Cattle♣ Oct 141.18 0.65 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 101.96 2.65 0.11 0.08 0.28 0.00
Lead 1674.00 -30.00 Spain 04/18 0.25 99.58 0.41 0.01 0.04 0.05 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Sep 200.03 -0.43
Nickel 9905.00 -385.00 Lean Hogs♣ Oct 66.93 -0.60 Spread Spread Spread Spread 10/25 2.15 100.33 2.11 0.01 -0.02 0.18 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 15545.00 65.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.70 1.01 0.00 0.00 -0.06 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1752.50 -66.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 117.22 0.65 0.01 0.03 0.00 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Sep 11 Month Year Australia 2.77 2.12 0.60 Italy 1.93 1.27 -0.24 Switzerland 10/16 2.00 102.89 -0.68 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1104.80 4.55 S&P GSCI Spt 359.61 -1.31 - Austria 0.94 0.28 -1.23 Japan 0.36 -0.30 -1.81 05/26 1.25 113.55 -0.02 0.00 0.00 0.00 0.00
Silver (US cents) 1443.00 -15.00 DJ UBS Spot 88.57 0.09 - Belgium 0.99 0.34 -1.18 Netherlands 0.84 0.18 -1.34 United Kingdom 07/18 1.25 101.18 0.83 0.01 0.02 -0.09 0.00 Data provided by Morningstar | www.morningstar.co.uk
Platinum 952.00 -19.00 R/J CRB TR 196.33 -1.02 -30.52 Canada 1.60 0.94 -0.58 Norway 1.54 0.88 -0.63 01/21 1.50 100.55 1.39 0.02 0.03 0.00 0.00
Palladium 589.00 2.00 Rogers RICIX TR 2315.15 - - Denmark 0.91 0.25 -1.26 Portugal 2.65 1.99 0.48 09/25 2.00 101.32 1.86 0.02 0.05 -0.08 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 266.90 -2.28 -35.75 Finland 0.92 0.26 -1.25 Spain 2.11 1.45 -0.06 01/45 3.50 120.26 2.52 0.02 0.07 0.01 0.00
Iron Ore (Platts) 58.00 -1.25 UBS Bberg CMCI TR 13.46 -2.18 -31.71 France 1.07 0.41 -1.11 Switzerland -0.02 -0.67 -2.19 United States 07/17 0.63 99.88 0.69 0.00 0.00 -0.02 0.00
Iron Ore (The Steel Index) 57.50 -1.00 LEBA EUA Carbon 7.51 -0.27 30.84 Germany 0.66 0.00 -1.52 United Kingdom 1.86 1.20 -0.32 08/20 1.38 99.39 1.50 -0.02 0.03 0.00 0.00
GlobalCOAL RB Index 51.25 0.00 LEBA CER Carbon 0.50 2.04 316.67 Greece 8.54 7.88 6.36 United States 2.17 1.52 0.00 08/25 2.00 98.45 2.17 -0.03 0.02 0.00 0.00
Baltic Dry Index 805.00 -13.00 LEBA UK Power 1934.00 32.92 -55.42 Ireland 1.27 0.61 -0.90 08/45 2.88 98.70 2.94 -0.02 0.03 0.12 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.
28 ★★★ FINANCIAL TIMES Tuesday 15 September 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence CloseBrs 1508 -11.00 1857.39 1298.48 3.25 13.82 415.6 Rotork♦ 209.50 -1.80 289.00 188.10 2.39 18.25 1770.9 Barrick C$ 8.26 -0.17 18.77 7.94 2.36 -2.77 3285.6 SEGRO♦ 411.30 -1.70 466.70 330.90 3.67 3.84 1040.6 Latchways 1085 - 1094 705.01 3.65 28.65 25.9
AvonRub 934.50 -2.50 954.50 610.73 0.60 21.21 10.2 DBAG € 29.03 0.28 34.50 20.20 1.33 11.30 13.7 Severfd 62.00 -2.50 73.00 57.00 - 1291.67 406.9 BHP Bltn♦ 1068.5 11.00 1865 955.60 7.31 9.22 11629.0 Shaftbry 885.00 -10.00 975.50 648.00 1.48 4.92 324.4 Lavendon♦ 165.00 2.50 211.50 155.50 2.79 17.40 237.6
BAE Sys 450.50 -1.20 549.00 419.30 4.55 20.35 7550.0 El Oro 55.00 - 78.00 40.00 6.73 -4.71 106.2 SKF SKr 162.10 -4.50 231.70 134.80 3.31 15.16 2522.9 BisichMg 89.50 - 100.00 60.15 4.47 6.89 0.1 Town Ctr 299.75 3.75 324.65 230.00 3.48 5.61 1.0 MngCnslt 15.75 -0.50 26.50 13.25 5.24 -76.83 30.9
Chemring♦ 228.50 12.75 248.00 197.48 1.79 -26.14 252.5 Hargr Lans 1180 12.00 1299 827.00 1.90 34.65 1138.2 Spirax-S 3016 -21.00 3767.56 2698.37 2.22 23.14 80.5 EVRAZ 70.85 2.05 209.90 65.05 - -1.37 2310.1 Wkspace 925.00 -9.00 988.00 592.00 1.19 4.07 82.0 MearsGp 391.25 -4.00 475.00 354.75 2.56 15.13 28.8
Cobham 285.90 -2.90 349.10 250.50 3.73 -166.03 1366.9 HBM Hlth SFr 95.50 -0.10 113.50 80.50 - - 1.9 Tex♦ 108.00 - 117.00 86.30 5.56 7.68 2.0 Fresnillo 591.50 -4.00 939.50 584.50 0.33 125.05 1351.2 Real Estate Inv & Services MenziesJ 404.50 -4.25 525.00 306.25 4.00 35.97 45.0
Meggitt♦ 480.00 -5.90 593.50 421.70 2.86 19.98 1362.2 HenderGp♦ 264.30 5.00 303.30 180.10 3.41 18.44 2948.9 Trifast 117.00 2.50 134.00 88.63 1.37 16.56 23.1 GemDmnd 130.50 5.50 215.00 121.00 2.44 10.69 39.3 Cap&Count♦ 434.30 -0.60 475.10 313.00 0.34 6.38 951.1 MichaelPge♦■ 487.30 -2.90 568.00 358.70 2.26 23.58 400.7
RollsRoyceX 717.00 -4.00 1061 685.50 3.22 -52.73 4017.4 ICAP 461.00 -0.50 573.00 354.40 4.77 36.17 598.1 Vitec 591.00 -21.50 670.85 540.00 4.06 23.39 69.0 Harmony R 10.00 1.01 38.50 8.80 - -1.32 2365.7 Cardiff 1045 - 1085.5 950.00 1.24 4.53 0.0 MITIE 293.80 -1.80 329.90 263.90 3.85 31.03 523.8
Senior 278.20 -1.70 361.70 248.90 2.02 18.71 389.4 Indvardn SKr 151.60 -2.20 183.50 111.40 4.02 7.08 393.3 Weir 1238 -6.00 2736 1230 3.55 - 729.2 Hochschild 69.25 1.75 168.40 60.97 - -4.26 530.6 CLS 1840 -40.00 2037 1270 - 3.92 4.6 PayPoint 1018 -1.00 1112.15 779.82 3.57 17.75 39.0
UltraElc♦ 1686 -7.00 1914 1646 2.63 -147.91 172.7 ICG 537.00 -7.00 712.83 421.98 4.63 9.15 322.2 Kenmr 2.44 0.09 11.93 2.18 - -1.10 1830.1 Daejan 6090 45.00 6614.2 4700 1.35 4.45 0.8 PremFarn 137.00 1.50 204.60 116.50 7.59 10.64 625.6
IPF♦ 387.90 -2.10 522.50 348.00 3.09 11.28 216.9
Industrial General Lonmin 21.00 -1.34 217.40 20.58 - -2.76 5311.6 Rentokil♦ 149.40 -0.30 154.20 110.90 1.73 20.92 1340.9
DvlptSec 256.50 -8.50 293.00 179.00 2.18 9.58 33.3
Automobiles & Parts Investec 527.00 10.50 649.50 477.20 3.70 19.55 1353.1 BritPoly 753.50 5.50 754.15 571.35 2.12 12.11 18.8 Petra 112.70 -0.40 210.80 111.40 - 13.63 679.9 Grainger 237.20 -1.80 256.00 167.80 1.05 27.50 972.9 Ricardo 885.00 -14.00 967.50 605.50 1.72 24.09 44.7
FordMtr $X 13.78 0.07 16.77 10.44 3.91 15.25 26090.6 Jupiter 447.50 -2.80 478.20 313.70 2.95 13.38 1184.0 CoatsGrp 25.50 - 31.50 19.00 - -380.60 203.5 Petropvlsk 5.75 0.36 40.50 4.21 - -0.84 5345.6 RbrtWlts♦ 405.00 -20.00 478.00 270.00 1.48 23.62 47.5
JardnMt $X♦ 47.25 -1.45 67.88 46.20 2.95 10.39 343.7 HelclBar 421.00 -7.25 460.00 320.00 1.63 6.92 133.9
GKN♦ 274.60 -3.10 389.00 268.24 3.06 30.56 6510.8 Liontrust 285.00 -10.25 393.50 210.00 1.40 20.98 9.9 PolymtIntl♦ 529.50 9.00 634.00 424.20 2.56 -16.33 383.7 HK Land $♦ 6.74 - 8.80 6.40 2.76 12.68 2165.5 RPS 226.50 -2.50 286.30 181.50 3.74 16.02 150.7
Man 164.00 2.60 217.80 108.30 3.89 11.11 4419.8 Jard Str $X♦ 27.39 -0.25 37.10 27.06 0.96 9.92 138.5 RndgldRs 3625 -18.00 5752.1 3567.5 1.03 25.27 596.7 Shanks 91.00 -1.00 113.50 84.50 3.79 -19.78 265.0
Banks Macfrlne 52.00 0.25 53.00 34.00 3.17 12.61 243.1 Lon&Assc 35.00 -0.50 45.90 34.00 0.45 -4.94 10.7
NB GFRIF 94.90 -0.10 99.75 93.90 3.92 24.29 910.7 RioTintoX 2397.5 14.50 3280 2107.78 5.69 23.85 6939.5 MacauPrp 160.25 0.25 253.00 159.00 - 8.43 20.3 SIG 183.40 -0.80 212.20 143.40 2.40 32.86 491.8
ANZ A$X 27.78 0.26 37.25 26.41 10.14 9.59 6450.7 REXAM♦ 543.50 2.00 592.50 424.60 3.26 19.22 681.8
Paragon 423.40 -1.90 461.50 313.70 2.13 13.03 218.1 Troy Res A$ 0.28 - 0.88 0.27 - -0.57 102.3 Mntview 12072.5 72.50 12900 7481.95 2.07 14.79 0.3 SpeedyHr 36.00 0.25 80.50 34.00 1.81 923.08 1103.9
BcoSant 370.00 -1.50 758.00 365.00 11.47 10.88 6459.1 RPC 658.00 -4.00 696.24 488.20 2.16 31.63 426.4
Providnt 3044 -6.00 3268 1942 3.22 22.72 155.7 VedantaRs 519.50 8.50 1081 353.21 8.03 -1.18 413.9 Q'tainEst 130.00 -0.50 134.44 75.00 - 18.06 176.9 St Ives 182.50 0.50 208.13 156.68 3.92 52.40 46.1
BankAm $X♦ 15.96 -0.08 18.48 14.60 1.23 17.39 50339.5 Smith DS 397.10 2.20 423.70 231.82 2.64 24.21 999.3
RathbnBr♦ 2197 -18.00 2348 1774 2.37 28.30 32.4 RavenRuss 42.75 -0.25 70.00 37.25 - -3.02 80.3 TribalGrp 125.75 -0.25 188.00 125.75 1.43 -21.39 213.2
BnkGeorgia 1801 -35.00 2601.83 1609 2.54 9.03 33.2
Record 37.00 -0.13 41.00 29.00 4.05 13.97 82.7 Smiths 1088 -15.00 1363 1006 3.70 19.30 641.3 Oil & Gas Vp 730.00 - 816.00 539.00 2.11 15.53 2.8
BankIre € 0.35 -0.01 0.39 0.07 - 16.35 7024.4 SmurfKap € 27.08 0.21 30.31 14.92 1.97 24.86 308.5 Afren 1.79 -0.05 114.22 1.28 - - 9090.3 RavenR Prf♦ 126.75 0.25 146.00 101.50 9.47 - 46.6
S&U 2450 50.00 2520 1815 2.33 15.88 0.5 RavenR Wrt 28.00 -0.38 47.50 25.00 - - 10.0 Watermn 72.00 - 76.00 50.00 1.39 54.96 2.5
BkNvaS C$X 58.20 0.08 73.33 52.60 5.80 10.98 1402.2 Vesuvius♦ 382.30 -11.80 530.00 374.50 4.22 10.76 100.9 Aminex 2.05 0.03 3.17 1.32 - -24.12 2136.4
Schroder♦ 2875 -1.00 3441 2086 2.71 17.65 225.9 Safestre 294.00 -5.25 323.25 185.25 2.53 6.04 81.5 Wolseley 4156 -41.00 4398 2990 1.99 37.53 376.6
BarclaysX 254.50 -3.95 289.90 204.05 2.55 117.99 26097.9 BGX 994.80 4.80 1420 780.55 1.84 -50.17 8804.9
..N/V♦ 2252 -29.00 2629 1692 3.46 13.82 21.3 Industrial Transportation Savills♦ 897.50 -11.00 991.46 577.00 1.23 20.98 346.9
CanImp C$X 93.57 -0.19 107.32 83.10 4.49 10.42 924.3
SVG Cap 478.00 -2.20 535.00 226.00 - 11.93 287.4 BPX♦ 332.00 -1.50 499.25 252.55 7.78 -15.07 26567.3 Tech - Hardware
HSBCX♦ 500.80 -3.50 674.57 482.55 6.48 11.29 20718.2 BBA Aviat 300.40 -3.50 362.10 267.60 3.45 17.84 1185.4 Cadogan 12.13 0.75 13.25 8.25 - -0.73 62.0 SchroderRE 58.50 -0.25 63.00 54.25 4.24 5.19 272.5 ARM Hldgs♦ 948.00 14.00 1233 778.50 0.74 45.00 4654.0
TullettPre 385.00 -4.60 415.90 242.60 4.38 8.22 296.1 Braemar 475.00 15.00 515.00 390.00 5.47 51.79 2.4 Smart(J) 101.50 - 112.40 86.00 2.92 42.17 0.3
LlydsBkgX♦ 74.49 -1.29 89.35 70.90 1.01 40.48 126163.9
Tungsten 70.25 0.25 391.21 52.49 - -2.67 328.4 CairnEng 137.10 -0.90 210.00 136.00 - -2.24 634.3 CSR 899.50 0.50 900.00 550.00 1.02 25.43 2323.5
RylBkC C$X 72.60 0.20 83.87 68.05 4.21 11.03 1932.3 Clarkson♦ 2181 -19.00 2855 1835 2.75 44.96 51.4 Cape♦ 234.00 -3.00 293.00 177.00 5.98 12.88 32.8 StModwen 450.70 -2.50 499.40 324.59 1.02 4.25 157.0 Laird 372.60 0.10 413.30 281.50 3.35 18.13 636.7
WlkrCrip 44.50 - 55.00 37.50 3.57 65.15 7.5 Eurotunnl € 12.10 -0.13 14.57 8.62 1.44 61.73 742.0 UNITE Gp 658.50 -6.00 706.00 395.60 1.70 5.31 252.4
RBSX 325.40 -3.30 414.00 300.30 - -22.69 9230.8 Endeav Int' $ - - 0.47 0.02 - - - Pace 359.50 4.40 520.80 316.34 1.21 10.29 196.6
StandChX♦ 703.30 -12.50 1250.18 696.10 7.85 15.65 5878.2 Food & Beverages Fisher J 1097 -2.00 1442 958.50 2.01 14.21 130.9 EnQuest 28.25 -1.00 114.50 21.50 - -2.47 1394.2 Urban&C 262.00 3.75 278.00 215.00 0.57 8.53 30.3 SpirentCM 76.75 -1.25 98.87 65.95 3.21 84.99 383.8
..7.375%Pf 118.75 - 128.00 108.50 6.21 - 36.8 AngloEst 550.00 4.50 690.00 521.00 0.55 -42.94 0.4 Flybe Grp 81.50 -2.25 135.75 52.00 - -7.41 233.8 Exillon 110.00 -5.75 175.57 90.00 - 6.76 23.9
Goldenpt 116.00 -8.50 370.00 113.80 - -0.42 12.6
Retailers Tech - Software & Services
..8.25%Pf 128.00 - 141.00 119.50 6.45 - 4.6 AscBrFdX 3050 -36.00 3293 2407 1.11 42.74 679.2 ExxonMb $X 72.49 -0.20 98.05 66.55 3.78 13.18 10731.5 AA 334.70 -1.60 434.50 287.00 - -145.08 428.1
TntoDom C$X 51.68 -0.14 57.95 47.75 3.81 12.34 2034.1 Barr(AG) 577.50 -2.50 699.36 515.97 1.96 22.33 18.7 OceanWil♦ 815.00 - 1176 790.00 4.91 74.92 0.3 GenelEgy 325.00 -2.00 912.50 276.25 - -3.99 634.8 Anite 125.75 - 129.75 69.25 1.51 39.36 4191.0
RoyalMail 465.70 -5.10 532.50 388.00 4.29 14.33 2058.0 AO World 150.70 -2.30 240.00 106.86 - -252.01 143.6 AVEVA 2118 -2.00 2344 1183.9 1.30 32.63 94.0
VirginMoney♦ 394.00 -6.30 472.90 278.00 - -985.00 378.6 Britvic 654.50 -2.50 788.00 600.72 3.19 16.26 315.6 GeoPark $ 3.76 -0.23 10.69 2.70 - -3.54 11.3 AshleyL 28.25 0.25 36.00 24.94 7.08 10.99 365.4
Westpc A$X 30.99 0.49 40.07 29.20 9.29 12.00 6122.7 C&C € 3.44 0.05 4.42 3.16 2.93 -14.23 24.4 UK Mail 380.75 -6.75 585.00 370.00 5.65 13.17 3.1 GrnDnGas 267.50 - 548.50 260.00 - 21.74 6.4 Computcnt 768.50 -3.00 802.40 651.67 2.57 8.36 58.1
Brown N 294.00 2.60 399.00 247.19 4.84 13.89 143.3 DRS Data 12.00 - 16.37 11.25 - -5.06 3.8
CarrsGroup 161.00 0.25 178.50 136.00 2.11 12.37 11.0 Insurance GulfKeyst 28.75 -1.25 85.00 20.25 - -1.36 1567.2 Caffyns 590.00 - 665.00 480.00 3.18 1.78 0.3
Basic Resource (Ex Mining) Elecdata 65.50 - 79.00 63.10 3.05 21.79 0.8
Coca-Cola H 1342 -2.00 1497 1051 3.77 21.32 405.8 Admiral♦■ 1530 -4.00 1640 1175.33 3.02 14.58 567.7 HellenPet € 5.17 0.07 5.53 3.35 - -10.28 132.0 Card Factor 367.60 -8.20 389.90 209.50 - 34.61 115.9
Ferrexpo♦ 57.25 1.50 133.20 47.60 7.33 5.88 500.1 MicroFoc♦ 1234 9.00 1442 838.00 2.48 33.54 183.3
Cranswk 1668 18.00 1730 1213.14 1.95 19.90 18.5 Amlin♦ 656.00 1.00 660.00 418.20 1.23 14.30 2315.5 Hunting 403.50 -11.50 902.50 376.20 4.90 -25.37 532.2 Dairy Fm $♦ 6.18 0.03 10.19 6.01 3.64 18.30 212.9
IntFerMet# 0.90 0.06 8.35 0.76 - -0.55 562.4 NCC Grp♦ 257.50 1.50 265.00 169.80 1.42 32.83 56.4
Dairy Cr 600.00 0.50 618.00 367.39 3.57 40.27 297.4 AvivaX 462.20 -3.50 578.68 449.86 3.92 12.09 7458.1 ImpOil C$X♦ 41.37 -0.74 57.25 41.05 1.25 15.76 802.4 Debenhm 75.70 0.25 96.80 56.85 4.49 10.30 1399.3
Mondi♦ 1478 11.00 1614.36 919.00 2.01 19.16 1147.4
Devro♦ 299.50 5.75 328.00 230.00 2.94 53.51 138.6 JKX 15.50 -0.25 51.13 10.23 - -0.41 9.0 RM 170.00 - 185.00 120.00 2.35 10.70 15.7
Vale BRLX 19.15 -0.30 29.57 14.77 12.14 -9.76 5681.7 Beazley 345.00 1.00 348.60 248.50 2.73 12.00 591.8 Dignity 2428 -1.00 2643 1406 0.83 -27.91 95.4 Sage 506.00 1.00 584.00 346.70 2.40 27.70 1691.5
Glanbia €♦ 17.30 -0.26 19.59 10.75 0.61 32.99 20.0 Chesnar♦ 343.50 -2.50 367.81 309.25 5.36 13.47 34.3 Lamprell 120.50 -2.25 172.00 93.50 - 9.62 270.0 DixonsCar♦ 420.50 -0.40 490.80 351.20 - 19.83 1889.0 SDL 360.00 -8.50 472.00 306.00 0.69 34.19 69.5
Chemicals Grncore♦ 299.00 1.90 359.40 228.50 1.82 20.19 837.2 DirectLine 361.10 -1.20 388.70 283.96 3.99 11.32 4242.9 Nostrum 520.00 4.50 783.50 370.00 3.26 21.62 57.7 Dunelm 880.00 -7.50 970.00 767.00 2.27 18.74 52.0
HiltonFd 446.25 -2.50 500.00 342.25 2.98 17.80 0.1 OphirEgy 86.45 -0.60 256.40 80.80 - -2.00 1401.4 Telecity♦ 1127 - 1250 815.63 1.20 89.54 194.2
Alent 488.40 0.40 494.40 294.56 1.87 22.70 146.8 Eccles prf 131.75 - 146.00 124.50 6.55 - 28.1 Findel 172.00 4.00 265.44 162.00 - -23.89 2273.0
Kerry € 62.92 -0.64 71.88 49.30 0.90 21.94 77.9 Petrofac 791.00 -15.50 1203 594.00 5.37 -21.39 1179.1 TriadGp 36.00 1.75 43.00 9.25 - 15.50 42.5
Bayer €X 118.85 -0.05 146.45 96.83 1.83 29.08 2045.1 Hansard 110.00 2.50 116.39 80.00 7.64 18.21 37.4 Halfords 452.30 0.80 563.51 417.10 3.23 13.57 586.1
Carclo♦ 150.00 -0.25 169.75 80.00 1.77 -4.52 7.9 Nestle SFrX 71.55 -0.25 77.00 64.15 2.90 16.41 5685.9 Hiscox♦ 926.00 -1.00 959.00 622.00 2.54 11.37 219.3 Lukoil RUBX 2524.5 36.90 3297.7 1913 2.82 12.81 899.8 Inchcape 711.00 8.50 906.65 589.50 2.83 19.14 1388.2 Telecommunications
Croda♦ 2788 -31.00 3150 1965 2.35 21.71 151.1 PremFds 33.50 -1.00 47.79 26.13 - -1.32 231.9 JardineL♦ 1028 -8.00 1112 815.00 2.81 20.09 29.4 PremOil 82.80 0.50 348.10 80.99 - -0.88 3073.3 JDSportsF 880.00 - 887.13 392.00 0.77 25.02 332.8 BTX 423.50 0.85 481.75 351.90 2.69 16.25 11608.5
Elemntis♦ 232.50 -0.80 324.10 224.00 2.28 10.11 594.3 REA 270.00 0.50 430.00 250.80 2.85 56.57 4.3 Lancashire♦ 699.00 1.50 712.50 506.00 1.26 10.01 262.4 RylDShlAX♦ 1607.5 -4.50 2420.5 1542.5 7.55 11.91 4964.2 Lookers 180.80 0.20 185.30 117.50 1.57 14.75 775.3 Inmarsat 1029 7.00 1056 653.00 3.02 22.94 656.5
Syngent SFrX 333.20 -4.40 435.20 273.20 3.25 19.77 253.1 SABMillX 2933.5 -21.50 3857 2773 2.41 21.40 1360.6 Leg&Gen♦ 251.70 -1.30 296.02 209.20 4.47 14.66 8910.9 ..B♦ 1613.5 -1.50 2525 1550 7.52 11.96 4097.4 Marks&Sp 492.80 -12.20 600.00 380.80 3.49 16.68 5042.1 KCOM Gp 91.75 -1.00 101.00 78.50 5.49 37.59 102.5
Synthomer 345.90 -1.00 364.10 176.64 2.25 23.33 235.1 StckSpirit♦ 187.00 -1.00 316.00 172.00 0.95 27.99 45.3 NovaeGp♦ 890.00 10.50 914.39 516.50 2.79 11.67 512.4 Schlmbrg $X♦ 72.84 -0.86 105.85 68.01 2.42 22.09 5979.9 MossBros 91.00 2.25 112.00 77.50 7.03 23.93 106.3 TalkTalk 310.10 1.10 415.10 261.00 4.06 40.36 854.7
Victrex 1725 -4.00 2202.55 1542 2.62 17.43 67.5 Tate&Lyl 533.00 1.50 744.50 492.20 5.25 82.00 845.3 Old Mut 189.50 0.30 241.60 163.80 4.59 13.16 10383.3 SEPLAT 80.00 1.13 240.00 67.25 11.75 5.36 1230.7 Next 7645 -95.00 8055 6130 1.96 18.01 411.0 TelePlus 1113 -6.00 1460 725.50 3.41 27.69 82.1
TongtHu R 114.50 -0.58 174.50 110.00 3.85 11.43 789.1 PermTSB 0.06 - 0.10 0.05 - -0.08 0.0 Soco Int 148.00 0.25 436.30 117.00 6.58 -12.78 276.3 Ocado 315.90 3.30 478.50 216.80 - 276.86 1504.7
Construction & Materials Unilever 2549 -7.00 3087 2397 3.23 21.24 1886.3 TrnCan C$X 43.22 0.51 63.86 41.95 4.92 16.47 1178.0 Pendragn 45.50 -0.25 46.17 28.25 1.98 7.97 1083.2 Tobacco
PhoenixGrp♦ 856.50 -5.50 935.00 693.00 6.23 18.01 513.5
Alumasc 178.50 4.00 180.80 113.60 2.80 15.42 179.3 ..NV € 34.29 -0.09 42.98 28.81 3.26 20.97 21.0 Tullow 192.80 1.40 710.50 177.00 2.19 -1.78 4118.8 Photo-Me 154.00 -1.75 159.50 107.85 2.79 20.74 1962.0 BrAmTobX♦ 3423 -1.00 3894 3231.5 4.33 15.89 1822.3
PrudntlX♦ 1384.5 -13.50 1761.5 1287 2.67 14.09 3160.3
BalfourB 256.50 -4.40 272.50 145.59 2.18 -4.29 731.0 Saga 202.30 -0.80 225.10 143.75 - 23.80 151.9 ImpTobX♦ 3254 15.00 3413 2482.72 3.94 16.29 1581.5
Health Care Equip & Services RSA Ins♦ 509.50 3.50 528.00 391.70 0.39 78.48 3431.5 Pharmaceuticals & Biotech
..CvPf 119.00 0.25 124.50 101.00 8.13 - 46.8 SignetJwl 8982 63.00 9499 6371 0.57 27.54 11.8
Bioquell 142.00 - 155.50 80.00 2.32 141.72 3.3 SagicFin 54.00 - 68.00 53.00 4.71 5.21 1.0 BTG 651.00 -9.50 835.87 556.00 - 72.33 632.7 Travel & Leisure
Boot(H) 232.75 0.25 245.00 170.00 2.41 14.24 19.7 SuperGroup 1319 -17.00 1579 750.00 - 23.64 113.1
ConstMed 960.50 0.50 1045 650.00 1.89 63.61 50.7 StJmsPl♦ 869.00 -4.50 1008 637.00 2.68 25.86 1543.8 CathayIn 19.50 -0.50 35.00 16.00 - -20.29 99.9 888 Hldg♦ 168.00 - 185.75 118.75 3.03 22.36 198.6
ClarkeT♦ 78.00 -1.38 84.01 37.50 3.97 - 63.1 TescoX 178.45 -2.90 252.52 155.40 6.33 -2.54 20889.4
GNStre kr 115.20 0.10 158.50 113.70 0.75 27.36 523.2 Stan Life♦ 404.90 -3.60 505.68 362.30 4.51 29.89 2898.9 Dechra 981.50 8.50 1068 702.50 1.61 44.63 97.2 AirPrtnr 416.75 5.38 470.31 245.00 4.96 15.15 24.1
Costain 374.25 -14.00 404.88 263.50 2.54 15.83 88.4 VertuMotor 70.50 0.75 71.40 50.50 1.21 14.76 755.1
CRH♦ 1885 -25.00 2478.5 1220 2.35 7.05 1440.6 UDGHlthC 491.50 -3.10 551.50 315.20 1.49 13.90 127.8 Media Genus 1367 -4.00 1535 1058.35 1.29 26.18 105.6 bwin.party♦ 104.70 1.00 128.00 70.40 3.41 289.23 983.4
GalfrdT 1800 -7.00 1824 1085 2.94 18.34 219.0 4imprint 1203 -5.00 1350 651.00 1.71 27.59 1.2 GlaxoSmhX♦ 1285 -10.00 1645 1247.5 6.23 6.46 5945.6 Support Services Cineworld♦ 563.00 -2.50 599.00 298.40 2.40 18.86 276.8
House, Leisure & Pers Goods HikmaPhm♦ 2401 -8.00 2617 1580 0.58 31.08 452.8 CompassX 1011 -7.00 1223.36 924.41 2.68 19.63 3053.8
Keller 941.00 -32.00 1105 742.00 2.68 29.71 68.0 Blmsbury♦ 169.75 3.25 185.00 140.50 3.45 14.26 6.6 Acal 285.00 -2.00 334.75 180.00 2.52 59.38 1.8
AGARmst 184.50 -25.50 213.00 78.44 - -39.95 2315.7 Oxfd Bio 8.45 -0.25 13.38 3.60 - -21.61 2426.2 EntInns 115.70 -0.40 139.60 96.85 - 19.37 134.5
KierGp 1513 1.00 1779 1260 3.80 39.14 130.3 Centaur♦ 83.00 - 87.09 56.20 3.13 12.29 6.3 Aggreko♦ 1039 3.00 1724.15 991.00 2.61 13.75 670.1
BarrttDev 656.50 2.50 666.00 360.90 1.57 17.38 4717.1 RichterG $ 15.22 0.13 17.28 12.20 0.76 20.87 0.0 FirstGrp 102.50 -1.80 129.90 88.65 - 16.46 1195.1
Kingsp €♦ 22.40 0.26 24.00 11.03 0.70 29.52 27.8 ChimeCm♦ 364.00 1.50 366.00 239.00 2.31 128.08 47.9 APR Engy 115.00 -3.75 599.50 49.98 2.96 -0.20 307.2
Bellway 2591 3.00 2619 1445 2.01 13.39 114.4 ShireX♦ 4743 -72.00 5870 3448.28 0.30 14.36 866.2 Fuller A 1142 -21.00 1235 900.00 1.37 22.65 12.1
LowBonr♦ 67.00 - 76.00 44.25 4.03 17.25 27.8 Creston 153.00 -1.00 157.85 108.00 2.65 12.29 58.9 AshtdGp 993.00 -16.00 1231 838.00 1.23 15.15 1338.7
Berkeley♦ 3495 25.00 3570 2033 5.15 11.17 465.0 VecturGp 175.10 -6.40 187.50 113.25 - 194.77 506.8 Go-Ahead 2392 -8.00 2745 2264 3.58 20.01 48.7
Marshlls 367.90 -0.10 379.80 184.00 1.63 29.99 296.2 DlyMailA 784.50 3.00 989.50 699.00 2.60 10.67 395.5 AtknsWS 1476 -13.00 1580.34 1225 2.32 17.28 101.8
BovisHme 1080 -18.00 1206 723.00 3.24 13.25 380.0 GreeneKg 838.00 -1.50 891.00 712.00 3.43 20.64 626.0
MorgSdl 725.00 -40.00 865.00 570.00 3.72 -21.21 37.3 HaynesPb 114.00 -8.50 192.00 110.00 6.58 13.16 4.6 Real Estate Babcock 940.50 -8.50 1207 908.50 2.33 17.86 561.1
CrestNic 586.00 -1.00 598.50 291.98 2.44 13.11 400.2 IrishCtl € 4.36 -0.07 4.70 2.63 2.32 12.41 5.1
Norcros 20.00 - 22.76 14.69 2.63 15.38 4275.5 ITE Grp 143.75 -4.25 207.40 125.00 5.15 11.49 142.5 Berendsen♦ 998.00 -12.00 1161 895.50 3.01 19.60 157.9
GamesWk 593.50 -5.50 624.50 487.25 8.76 15.51 9.3 Harworth Gr 12.00 - 14.00 5.35 - 2.90 186.6 Ladbrokes 95.05 -1.60 147.00 93.50 9.36 -36.39 1196.6
StGobn €X 40.39 -0.43 44.84 29.51 1.48 28.06 1760.5 ITV 245.40 -2.20 281.90 192.10 1.92 18.75 6436.8 Brammer 302.25 -3.00 420.50 265.00 3.54 42.18 773.2
Gleeson 427.50 -2.50 465.00 324.66 1.40 13.36 114.0 REITs MandarO $♦ 1.53 0.06 1.84 1.44 4.42 19.67 52.0
Tyman 300.75 1.00 342.00 228.25 2.66 43.62 30.7 JohnstnP 96.75 0.75 7830 93.00 - -201.98 334.4 Bunzl 1738 -17.00 1969 1517 2.04 25.46 650.6
Headlam 494.75 4.75 512.00 390.00 3.54 16.45 54.6 Assura 57.50 0.25 62.25 43.50 3.22 12.23 347.7 Marstons 151.10 -0.30 174.40 134.50 4.43 -31.99 688.0
News Corp A $♦ 12.81 -0.24 17.55 12.67 - -51.04 2884.1 Capita 1198 -20.00 1336 1000.5 2.44 32.48 2557.4
Electronic & Electrical Equip McBride 151.75 3.75 153.00 74.00 - -16.26 3064.5 BigYellw 677.50 -6.00 720.00 479.40 2.77 9.43 99.6 Carillion♦ 317.40 -1.80 371.40 294.03 5.59 25.37 1153.9 Natl Exp♦ 292.00 -2.00 324.80 213.40 3.53 18.09 231.2
Persimn 2100 -11.00 2156 1247.08 - 14.58 741.5 NewsCpB $♦ 12.90 -0.25 17.11 12.62 - -51.40 1234.2
Dialight 635.00 15.00 940.00 398.00 2.36 33.98 44.4 BritLand 804.00 -8.00 891.50 649.00 3.42 5.08 3845.0 Comnsis♦ 49.25 -0.50 63.00 44.65 4.06 -6.76 72.5 PPHE Htl♦ 675.00 -10.00 685.00 420.58 2.62 10.29 5.8
Philips € 22.57 -0.18 28.00 20.69 - 94.40 3415.9 Pearson 1129 -8.00 1517.42 1010 4.52 48.36 2077.9
e2v Tech 245.00 -1.25 268.00 145.44 1.84 22.61 55.9 Cap&Reg 67.00 - 70.05 46.25 1.42 4.08 5347.6 ConnectGp 154.50 0.50 191.45 128.02 6.08 12.11 286.6 Rank Gp♦ 261.70 - 268.08 151.90 1.72 21.66 105.0
PZCusns♦ 290.10 -2.20 392.10 283.00 2.70 23.32 215.7 Quarto 202.50 - 239.00 136.66 4.09 7.87 0.5
Halma 738.00 -2.50 786.50 557.50 1.55 26.86 453.1 Countrywd♦ 502.50 1.50 608.00 404.30 2.99 25.03 398.3 DCC 4805 -15.00 5320 3050 1.65 31.59 57.8 Restaurt♦ 671.00 2.50 748.70 607.00 2.30 23.96 744.5
ReckittBX♦ 5668 -38.00 6300 4895 2.45 24.08 659.6 RELX NV € 14.36 0.18 24.17 13.85 - - 3278.3
MorganAd 317.00 -3.90 375.84 258.10 3.44 54.84 115.4 DrwntLdn 3587 -19.00 3818 2615 1.11 4.97 107.7 DeLaRue 469.50 -3.00 774.50 445.03 7.77 14.03 509.6 Sportech 64.50 2.00 78.33 47.00 - -1.54 2.0
Redrow 495.00 -4.20 504.50 248.64 0.81 11.15 591.0 RELX PLCX 1054 - 1199 921.50 2.37 99.18 3258.6
OxfordIn 590.00 -40.00 1114 581.68 2.16 -53.48 117.2 Gt Portld 839.00 -1.00 883.50 600.04 1.06 5.69 1156.8 Diploma 649.50 -5.50 916.50 631.00 2.62 19.83 466.4 Stagech♦ 354.80 -2.20 437.90 331.60 2.76 14.69 313.6
TaylorWm♦ 200.70 0.30 207.40 104.60 0.78 15.80 9973.2 STV Grp♦ 440.25 -14.75 494.00 322.00 1.82 13.45 6.3
Renishaw 2028 -36.00 2672.9 1520 2.09 12.11 25.5 Green Reit € 1.48 0.03 1.70 1.21 - - 38.9 Elctrcmp 188.90 -0.80 263.10 170.50 6.22 11.84 412.1 ThomasCook 114.10 -0.20 162.20 99.05 - -29.45 3858.6
TedBaker 3019 9.00 3438 1798.52 1.18 37.26 13.4 ThmReut C$X♦ 52.72 -0.11 54.47 39.45 3.27 16.69 694.7
Spectris 1744 3.00 2420 1606 2.67 16.15 197.7 Hammersn♦ 610.50 -1.50 708.00 537.00 3.34 7.05 3267.7 EnergyAst 527.50 1.50 640.00 375.00 - 19.83 4.1 TUI 1215 5.00 1294.78 996.74 - 67.92 771.5
UTV Med♦ 172.00 2.13 222.00 137.00 4.22 30.75 127.9
TT Elect 144.00 -12.75 164.00 96.00 3.82 -73.73 326.4 Industrial Engineering Hansteen 117.10 -0.20 128.95 98.70 4.27 5.78 730.3 Essentra 812.50 -11.00 1069 624.50 2.25 29.08 178.0 Whitbrd 4628 3.00 5475 3767 1.56 22.82 804.9
WPPX 1336 -11.00 1616 1091 2.86 13.81 3106.4
XP Power♦ 1575 -10.00 1750 1340 3.94 15.65 0.4 HIBERNIA 1.32 -0.01 1.39 1.03 - - 731.0 Experian 1035 -10.00 1264 909.95 2.50 20.22 2310.1 Willim H 349.30 -1.50 432.10 333.40 3.49 17.44 1709.2
Bodycote 612.00 -18.00 797.59 542.50 2.35 19.59 179.3
Mining Highcrft 1010 - 1090 795.00 3.56 18.51 0.6 Grafton♦ 700.00 -3.00 868.00 570.00 1.54 18.14 283.7
Financial General Castings 418.00 - 470.00 360.00 3.12 13.14 34.5
INTU 314.80 -1.00 376.50 305.50 4.35 16.46 1832.9 Utilities
Fenner 170.25 -1.25 366.40 156.00 7.05 826.46 214.4 Acacia♦ 243.60 7.20 318.90 191.70 1.10 24.37 531.3 HarvyNah 97.75 - 109.57 66.32 3.41 13.57 26.5
3i 469.50 -5.30 571.50 343.61 3.41 6.44 1182.0 LandSecs♦ 1211 -9.00 1363 988.50 2.61 3.97 2430.2 Centrica 227.90 -1.10 325.00 226.60 5.92 -22.93 11479.1
Goodwin♦ 2188 17.00 3672.3 2063.5 1.94 12.66 1.4 AngloAmer♦ 716.90 -1.50 1519 649.30 7.61 -2.07 6919.2 Hays 157.70 -1.60 173.70 108.15 1.67 23.44 997.8
AberAsM 312.40 -4.40 509.64 291.90 5.76 13.76 3601.4 LondonMtrc 167.50 1.50 173.20 132.30 4.18 6.56 2202.3 DeeVally 1405 - 1450 1135 4.45 18.65 0.1
Hill&Sm 700.00 4.50 734.00 520.00 2.57 27.17 86.2 AngloPacif 83.75 -2.75 162.93 74.75 10.09 -3.36 109.0 Homesve 412.00 -3.70 447.84 312.10 2.95 22.76 75.5
Ashmore 254.20 -2.70 335.00 240.90 6.47 12.16 756.6 McKaySec 260.00 -1.00 275.00 215.00 3.31 7.33 5.6 Drax 262.20 2.50 664.00 246.00 4.54 6.14 1289.7
IMI♦ 1030 1.00 1454.55 965.50 3.65 15.92 640.9 AnGoldA R 101.12 4.37 158.81 71.59 - -162.11 2381.3 HowdenJny 488.50 2.40 532.00 309.00 1.72 20.80 1304.3
BrewDlph 278.80 -1.20 361.00 236.80 3.55 42.37 88.4 MucklGp 476.50 -16.50 510.00 421.00 4.25 5.55 59.1 Natl GridX 845.30 -5.00 965.00 806.40 5.00 15.84 7002.3
MelroseInd 264.60 -1.80 314.78 242.70 3.14 41.40 2572.0 Antofagasta 592.50 -15.00 811.50 519.50 2.31 38.49 2607.1 Intserve 600.50 4.00 878.50 487.20 3.83 16.32 128.5
Canaccord 272.50 - 695.00 265.05 3.74 -14.97 0.1 PrimyHth 427.25 -0.50 431.00 324.00 4.62 11.98 75.5 Pennon♦ 721.50 -5.00 925.00 714.50 4.16 23.05 669.9
Renold 70.25 -1.50 86.00 49.00 - 28.49 76.1 ..5%Pf 0.60 - 0.60 0.60833.33 - - Intertek 2473 -20.00 2797 2141 1.99 21.00 335.1
CtyLonInv 339.13 -0.88 380.37 251.25 7.08 13.03 19.8 Redefine 54.40 -0.50 59.90 48.00 5.88 5.37 1260.6 UtdUtils 856.00 -2.50 1045 784.00 4.27 21.56 1203.4
AquarsPl 8.34 0.07 24.13 5.53 - -3.55 1722.9

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence PolarCap 403.25 0.25 500.00 351.00 6.57 15.88 13.0 Insurance Enegi Oil 0.53 -0.10 3.94 0.55 - -0.20 995.9 NewRiver 350.00 6.50 350.00 271.00 2.43 18.93 362.9 Tech - Hardware
Cohort♦ 375.00 -1.50 390.00 197.50 1.17 27.30 45.9 Share 30.50 - 41.68 26.75 2.03 324.47 10.6 Gable 22.00 - 75.38 16.75 - -3.20 65.5 EuropaOil 4.13 -0.25 10.75 4.15 - -5.86 539.0 Palace Cap 387.50 5.00 405.00 295.00 2.19 4.84 14.0 AminoTech♦ 160.00 - 171.00 75.24 3.13 14.25 22.1
ShoreCap 407.50 - 431.50 400.00 2.21 19.60 0.2 Helios 187.50 -5.00 200.00 120.00 0.80 15.33 20.0 FalkldO&G 25.25 1.50 45.00 16.75 - -54.42 2495.5 PnthrSec 352.50 - 375.00 300.00 3.40 13.51 4.2 IQE 25.50 - 26.50 12.08 - 105.81 843.2
Banks STM Group 59.75 - 65.00 16.50 - 32.16 65.7 GETECH 53.75 -0.75 65.00 32.00 4.09 8.15 85.3 PSPI 32.00 1.00 32.00 23.50 - -6.67 37.8
BCB Hldgs 7.00 -0.50 13.50 5.00 - -1.19 21.3 WH Ireland 108.50 - 130.00 79.00 1.84 41.75 10.0 Media Infrastrata 1.38 - 8.88 1.32 - -1.20 423.2 SiriusRE € 0.51 0.00 0.53 0.28 2.05 11.16 289.4 Tech - Software & Services
STB♦ 2926 1.50 3024 2270 2.32 21.26 0.8 Avesco♦ 207.50 - 233.00 95.00 2.89 14.46 21.3 Iofina 15.75 -0.75 58.30 15.00 - -4.70 187.7 SumGermny € 0.91 - 0.99 0.50 3.31 15.68 17.9 Blinkx 23.25 -1.00 44.00 14.75 - -6.65 1106.9
Food & Beverages Cello Gp 93.00 - 106.70 81.00 2.59 35.32 11.8 Ithaca Engy 31.38 -1.63 134.75 26.25 - -5.86 614.9 TaliesinPr 2325 - 2545 1750 - 8.42 0.0 BondInt 123.50 - 148.25 83.00 1.78 23.91 2.9
Basic Resource (Ex Mining) FinsbryFd 107.00 1.00 110.00 56.00 0.93 14.35 312.0 M&Csaatc 336.75 -3.00 395.00 260.25 1.86 -46.10 16.4 Brady 90.50 -1.50 110.13 64.00 2.04 -71.09 328.4
KBC Adv 111.00 -4.50 130.31 77.00 0.90 20.06 56.0 Winkworth 147.50 - 180.00 115.00 4.27 13.38 0.9
CropperJ 515.00 2.50 570.00 355.00 1.53 25.60 0.7 Nichols 1465 3.00 1496.81 834.56 1.53 25.37 15.9 MissionMk 44.00 - 50.95 37.00 2.27 8.70 2.9 Datatec 355.00 - 369.66 261.25 3.10 14.87 41.4
Max# 0.16 - 1.35 0.08 - -0.08 634.1
PureCircle 397.50 - 635.00 352.24 - 309.58 5.3 Next15Cm 178.50 - 198.00 117.00 1.55 115.46 14.2 Retailers DDD 2.75 0.13 5.00 1.25 - -2.84 236.7
Chemicals PetrelRes 2.50 - 7.19 2.00 - -1.09 282.0
RealGdFd 53.50 -0.50 59.40 23.00 - 62.94 46.5 YouGov 117.50 - 133.00 98.50 0.68 211.33 10.0 Petroceltic 57.25 3.75 224.00 42.75 - -0.62 222.8 ASOS 2526 -31.00 4259 1742 - 58.07 1044.0 Eckoh 40.50 - 48.00 33.00 0.77 47.87 31.9
Scapa 188.00 -2.75 225.25 120.00 0.53 30.30 328.3
Wynnstay 580.00 - 607.25 474.52 1.76 16.34 3.6 PetroNeft 4.43 - 6.65 3.60 - -5.45 563.5 Koovs 68.50 - 171.00 60.00 - - 2.1 EgSoltns 65.00 - 84.00 62.00 - 18.46 0.4
Construction & Materials Mining Majestic 405.00 -12.25 480.00 280.00 3.95 19.89 335.5 Iomart 266.50 -6.50 280.00 159.93 0.66 32.33 127.8
Health Care Equip & Services Plexus 205.25 -10.50 267.00 165.00 0.54 33.04 23.4
Abbey 1027.5 - 1069.15 800.00 0.78 7.66 0.1 AMC 14.00 -0.50 44.58 3.30 - -69.31 1595.4 StanlGib 190.50 -11.00 322.00 190.60 3.81 47.91 146.5 K3BusTc 277.50 - 280.00 205.00 0.45 30.80 2.5
Advnc Med 152.75 -0.50 161.00 111.00 0.46 23.85 162.8 PresidentEn 9.80 0.55 39.48 9.00 - 4.37 285.6
AccsysTch 71.75 -0.75 81.50 56.00 - -7.07 24.0 BotswanaD 0.90 - 4.15 0.72 - -1.93 21.1 OMG 41.75 - 49.00 26.00 1.20 120.32 22.6
AVO 7.13 - 16.90 3.58 - -9.50 880.4 Rockhop 43.50 -0.50 93.75 40.00 - -8.51 960.6 Support Services
Aukett 6.13 -0.25 9.50 5.50 3.43 8.04 327.0 CentAsiaM 166.00 1.00 198.00 135.16 7.46 17.07 21.2 Progility 3.00 - 9.75 2.75 - 3.18 0.1
CareTech 249.00 - 262.15 190.00 3.21 11.74 19.0 Sound Oil 15.00 -0.38 26.73 8.75 - -10.97 570.0 AndSyks 340.00 - 385.00 260.00 7.00 15.43 0.4
Connema 1.63 0.05 3.17 0.25 - -2.82 349.9 Pub Tech 147.00 3.00 240.00 120.00 - -4.53 2.0
TowerRes 0.17 - 0.88 0.09 - -0.16 2665.5
Electronic & Electrical Equip ImmunDiag 305.00 -15.00 475.00 264.40 2.79 38.16 12.5 C'royG&NR 0.65 - 1.60 0.50 - -7.07 175.0 Augean 56.75 -0.75 62.00 37.65 0.62 12.58 128.5
SciSys 69.00 0.50 96.75 38.50 2.17 9.50 8.2
SphereMed 14.25 - 31.00 12.00 - -1.61 71.7 TrinityE 6.70 -0.55 90.00 2.92 - -0.07 736.9 Begbies 42.75 0.38 54.76 38.50 5.30 16.71 27.3
CeresPow 8.30 -0.08 10.75 6.50 - -6.04 91.3 GrekaDrill 5.58 0.08 16.80 5.32 - -6.01 217.0 WANdisco 181.00 -2.00 545.00 166.00 - -1.77 6.3
Tristel 96.50 1.00 107.99 65.00 1.68 24.05 46.6 UnJackOil 0.16 -0.01 0.48 0.14 - -4.00 2000.0 Christie 134.50 1.00 162.00 115.00 1.67 11.74 13.7
Densitrn 8.50 - 9.75 3.50 - 293.10 14.0 Herencia 0.10 - 0.49 0.08 - -1.22 7456.6
VictorOil 47.25 -2.25 89.05 1.21 - -1.37 347.7
ElektronT 6.50 0.25 8.70 4.00 - 9.82 159.4 House, Leisure & Pers Goods HighldGld 50.50 1.00 71.50 17.73 10.50 -10.27 185.4 Empres 80.00 - 91.50 38.13 0.88 9.65 92.5 Telecommunications
VolgaGas 55.50 - 121.00 54.00 4.33 5.46 1.4 Hargreaves 375.00 -5.00 710.00 280.00 6.80 3.98 38.5
FlowGp 11.25 -0.13 50.00 10.35 - -2.85 553.6 KarelianDd 0.93 - 2.08 0.80 - -13.21 530.0 AltNetwks 511.50 -3.00 545.00 415.00 2.83 27.61 5.4
Airea 22.00 - 23.00 10.25 2.73 14.34 19.3 Hydrogen 53.00 - 90.25 48.25 8.68 -126.19 52.8
LPA♦ 66.00 - 112.00 58.00 2.35 58.30 1.5
Churchll♦ 635.00 22.50 634.50 502.00 2.54 19.70 5.9
OracleC 1.43 -0.05 2.00 0.25 - -6.92 202.9 Pharmaceuticals & Biotech AvantiCom 219.00 8.50 325.00 170.25 - -3.91 104.6
ThorpeFW 181.50 0.50 196.00 120.00 1.79 20.08 10.7 RamblMtls 7.50 - 27.40 7.00 - -26.13 17.3 Abcam 596.50 4.50 614.50 355.25 1.30 33.95 334.7 Impellam 800.00 - 859.60 455.00 0.78 13.07 0.5 Peoples Op 125.00 - 147.60 120.00 - -55.19 0.5
gamingrealm 24.00 -0.25 41.00 20.00 - -5.13 5.0 ISG 209.00 18.50 356.00 140.00 4.52 -7.63 223.7
Zytronic 304.50 -1.00 319.00 228.00 3.29 14.89 6.8 ShantaGold 4.13 - 12.50 4.00 - -8.51 882.1 AllcePharm 53.38 -0.88 63.00 31.65 1.87 17.10 119.0
Mulberry 900.00 - 969.00 562.50 0.56 -383.47 28.4
SierraRut 20.63 - 38.00 17.00 - -17.76 8.2 JhnsnSrv 88.50 -0.75 95.41 56.00 1.92 60.37 37.0 Travel & Leisure
Epistem 187.50 -5.00 339.00 175.00 - -6.27 16.3
Financial General Portmern♦ 907.50 - 960.00 840.00 2.92 14.85 4.5
Sirius Min 17.75 0.50 29.50 6.40 - -35.29 3455.3 JourneyGp 169.00 - 180.47 113.00 1.70 14.64 1.9 CastleStIn 30.25 -0.50 41.25 17.00 9.92 - 58.2
TelfordHms 399.25 -17.50 495.00 320.00 2.55 12.25 155.0 e-Thera 32.25 - 49.40 24.25 - -10.95 7.0
Ambrian 6.00 - 12.15 5.13 - 18.18 1.0 SolGold 1.75 -0.08 6.35 1.75 - -3.32 1315.6 LonSec 2100 - 2400 1800 2.95 21.95 1.3 Celtic 73.50 - 79.00 70.75 - -19.13 14.7
WalkerGb 221.00 -3.00 244.85 151.05 0.87 26.71 6.9 GW Phrms 561.50 -6.00 708.55 299.11 - -36.87 149.6
Arbuthnot♦ 1465 - 1650 1000.00 1.84 20.12 2.3 Stratex 2.05 -0.20 3.00 1.00 - -4.24 3399.1 Matchtech 552.50 - 587.80 495.00 3.62 17.23 5.9 ..6%CvPf 65.00 - 80.00 35.00 4.98 - 0.2
HtchChMd 1825 - 2020 1040 - 1629.46 2.7
Aurora 9.38 - 12.88 8.00 - -0.96 3.8 Industrial Engineering Xtract Res 0.26 0.01 0.49 0.06 - -2.89 106260.7 NewmkSec 3.40 - 4.93 1.66 2.21 7.23 3.1 ..Cv Pf 135.00 - 150.00 120.00 - - 1.2
ImmuPhar 40.00 -0.25 67.00 37.00 - -11.64 74.1
BP Marsh 146.00 - 156.75 121.00 1.88 8.64 12.8 ZincOx 10.75 - 18.00 6.00 - -0.79 41.4 NWF 163.00 -0.50 170.08 120.00 3.13 12.80 39.3 Dalata 320.00 10.00 316.97 111.15 - 172.51 4.5
600 Grp 17.00 - 20.89 14.60 - 6.60 3.7 ReNeuron 4.88 - 6.50 2.80 - -9.79 2490.4
BrooksMac 1809 23.00 1900 1300 1.44 28.89 2.3 Optimal Pay 296.25 -6.75 575.00 215.00 - 45.31 2480.0 Dart♦ 477.00 -5.75 505.00 200.00 0.61 21.48 106.8
Molins 76.00 - 141.00 68.01 7.24 -18.53 8.3 Sareum 0.25 - 0.68 0.19 - -4.22 15936.3
Camellia♦ 9629 -46.00 10000 8450 1.31 326.73 0.1 Oil & Gas PennaCns 217.50 - 230.00 116.00 1.61 14.41 13.9 GoalsSocc 162.50 - 242.00 149.55 1.23 11.39 49.6
MS Intl 171.50 - 197.68 116.00 4.66 20.92 0.7 SinclairIS 35.00 -1.25 48.00 23.30 - -13.42 368.0
CaptlMgt 113.50 -1.50 175.00 103.00 - -1.45 0.1 AlkneEng 25.00 - 40.35 19.50 1.20 -15.67 74.8 Petards 12.75 -0.13 15.08 9.75 - 10.14 39.3 MinoanGp 7.63 - 15.73 6.55 - -12.08 12.0
Pres Tech 192.00 -5.50 750.00 180.00 4.38 11.64 30.7 Vernalis 84.63 -1.38 88.29 42.00 - -127.26 1494.6
Fairpoint 180.00 8.00 185.00 105.66 3.56 25.90 141.8 AmeriRes 23.00 -0.75 62.25 19.10 - 14.08 1207.1 RedhallGp 6.00 -0.25 16.50 5.56 - -0.24 2227.7 PeelHtls 104.00 - 110.00 75.00 - 19.84 2.3
TP Group 3.63 - 6.75 3.00 - -4.10 257.6
Leeds 34.75 0.75 43.79 30.00 - 9.10 3.1 AndesEnrg 24.75 0.50 46.23 16.50 - -18.27 0.4 Real Estate Renew 325.00 - 348.00 237.00 1.54 18.84 42.3
MattioliWds 625.00 - 630.00 414.00 1.46 27.99 0.0 Industrial General BahamasP 1.71 -0.16 4.70 1.50 - -7.31 1835.9
Utilities
Conygar 170.00 -1.00 195.00 160.00 1.03 8.62 248.0 Restore 253.50 -9.00 289.00 211.00 0.83 42.29 67.0
Miton 25.75 - 38.00 18.50 2.10 -7.88 53.0 BorSthnPet 3.48 0.02 12.98 2.07 - -6.75 570.6 ModernWtr 9.88 - 28.88 9.00 - -0.44 1.5
Powerflte 88.00 1.50 90.00 35.00 1.21 28.33 300.2 FltchKng♦ 50.50 -3.00 65.00 38.00 5.94 7.03 58.0 SafeCharge 272.50 -2.50 297.00 224.00 0.68 40.96 49.2
MAB 277.13 -4.13 309.26 160.00 - 28.90 7.5 Circle Oil 4.88 -0.25 25.05 4.63 - -0.80 2358.2 RenEnGen 45.50 - 68.00 44.50 4.84 -31.80 5.4
RM2 63.00 -0.50 74.75 46.00 - -6.62 17.0 InlandHms 70.88 0.25 74.00 45.00 0.85 22.41 180.6 Servoca 22.50 - 26.03 11.00 - 16.74 30.3
Numis 235.75 7.25 280.00 196.09 4.45 17.90 131.8 ClontarfEn 0.23 -0.10 1.40 0.20 - -2.45 1563.4 Rurelec 1.75 - 6.48 1.32 - -3.33 283.6
Symphny 7.13 - 11.22 6.50 - -30.45 25.0 Lok'nStor 290.00 - 300.30 199.17 2.41 123.25 1.7 Utilityws 181.00 -3.00 311.05 142.00 2.21 12.62 377.4
Park Grp♦ 75.00 -1.00 77.50 47.00 3.40 16.30 10.8 Egdon Res 10.75 -0.25 22.70 6.24 - -6.89 285.0 SeaEnergy 7.75 - 37.50 7.00 - -1.72 2.2
LXB Retail 83.50 -1.00 149.00 77.00 - - 112.7

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 104.25 - 107.89 102.00 - - - JPMGIConv 93.25 -0.88 112.00 90.00 6.03 98.3 -5.1 ScotAmer♦ 244.25 -0.50 276.50 221.99 4.32 231.3 5.6 Albion Ent 90.50 - 91.75 85.00 5.52 99.6 -9.1 Marwyn Val 214.50 -0.50 251.93 196.00 - - -
Price +/-Chg High Low Yld NAV or Pm Edin Inv 690.50 0.50 706.00 565.20 3.42 674.2 2.4 JPM GEI♦ 91.25 0.75 126.50 86.11 5.37 93.5 -2.4 Scottish In 584.50 -0.50 670.00 536.00 2.05 649.0 -9.9 AlbionTech 76.00 - 78.49 71.25 6.58 79.7 -4.6 TerraCat 106.00 - 112.00 90.00 - - -
3i Infra 167.10 -0.20 189.56 151.00 4.48 - - Edin WWd 440.00 -1.00 502.44 332.25 0.45 464.4 -5.3 JPM I&C Uni 358.50 - 370.00 330.06 - 350.2 2.4 ScottMort 246.90 -0.80 283.40 204.00 1.17 238.7 3.4 AlbionVCT 66.00 - 68.65 63.00 7.58 67.1 -1.6
AbnAsianIn 159.25 -3.25 213.25 142.50 5.15 165.6 -3.8 EP Global 224.50 -0.50 262.10 207.04 1.47 226.3 -0.8 JPM Inc&Gr♦ 105.00 - 115.85 98.50 2.10 109.0 -3.7 ScottOrtll 705.00 - 900.00 660.00 1.63 806.5 -12.6 ArtemisVCT 63.50 - 70.52 59.23 6.30 71.2 -10.8 ISDX
AbnAsian 710.00 4.00 1014 653.77 1.41 816.0 -13.0 Estabmt 153.50 -2.00 188.00 138.00 3.06 197.8 -22.4 JPM Ind 487.75 4.88 605.50 430.00 - 548.2 -11.0 SecTstScot♦ 127.50 0.63 148.00 123.00 3.76 132.7 -3.9 Baronsmd♦ 72.88 - 75.60 69.50 4.80 76.4 -4.6
Euro Ast 1067.5 5.00 1160 800.00 4.90 1045.6 2.1 JPM JpSm 231.25 -0.50 261.75 184.00 - 261.7 -11.6 Seneca I&G♦ 142.00 - 150.00 131.00 3.94 143.8 -1.3 ..VCT 2♦ 95.38 - 99.00 91.00 4.72 99.6 -4.2 52 Week Vol
AbnJapInv 464.00 -3.50 571.00 357.50 0.97 472.3 -1.8
EuroInvT 744.00 -3.00 849.00 659.33 1.88 772.0 -3.6 JPM Jap 260.00 - 307.95 195.00 1.08 286.1 -9.1 Shires Inc 226.50 -3.75 261.00 214.00 5.30 234.2 -3.3 ..VCT 3♦ 100.13 - 101.50 94.00 7.49 104.4 -4.1 Price +/-Chg High Low Yld P/E 000s
AbnLatAmIn 47.88 -0.13 83.00 44.25 8.88 52.3 -8.5
F&C Cp&I♦ 259.75 1.25 277.00 231.75 3.81 252.2 3.0 JPM Mid 985.00 -2.00 998.10 669.10 1.83 1016.9 -3.1 StdLf Eqt♦ 452.00 1.00 471.46 362.50 3.10 446.7 1.2 ..VCT 4♦ 92.63 - 95.19 86.75 3.24 96.8 -4.3 ArsenalFC 1567000 - 1600000 1400000 - 67.14 0.0
..Sub 0.20 -0.05 2.63 0.10 - - -
F&CGblSmlr 968.00 - 1028.92 781.00 0.84 944.0 2.5 JPM O'seas 980.00 -16.00 1159 890.95 1.53 1069.3 -8.4 StdLf Sml 328.00 2.00 340.00 256.00 1.37 356.8 -8.1 ..VCT 5♦ 76.63 - 78.88 72.00 5.22 80.4 -4.7 ShephdNm 1170 -20.00 1260 1000.00 2.21 25.96 11.9
AbnNewDn 150.00 1.88 205.23 136.00 2.40 169.7 -11.6
F&CMgdG 149.00 - 158.00 130.00 - 146.3 1.8 JPMRussian 304.50 6.00 436.00 223.25 4.27 348.1 -12.5 StrategicEq 230.25 0.50 241.50 156.25 0.34 215.1 7.0 BSC VCT 88.00 - 91.00 82.00 6.25 97.0 -9.3 Thwaites 108.50 - 132.00 102.00 4.11 9.77 0.0
AbnNewThai 354.00 -2.50 489.88 324.00 2.26 428.5 -17.4
AbnSmlCo 219.50 1.00 229.00 174.00 2.96 249.8 -12.1 F&CMgdI 118.00 - 130.00 110.00 4.19 115.6 2.1 JPMSnrSec 89.63 0.13 101.00 88.54 - 94.1 -4.8 Temp Bar♦ 1057 -2.00 1252 1040 4.43 1091.4 -3.2 ..VCT2♦ 55.00 - 59.00 51.98 8.18 60.5 -9.1
Abn UK 294.25 -1.50 334.75 281.83 3.47 306.7 -4.1 FidAsian 213.50 -0.75 285.50 195.50 0.52 244.7 -12.8 JPM Smlr 886.00 0.50 893.00 527.00 1.08 1036.0 -14.5 TempEmerg 409.20 3.70 614.89 370.00 1.77 464.8 -12.0 Crown Place 29.00 - 30.50 27.75 8.62 28.2 2.8
Abf Gd Inc 205.50 0.25 212.00 138.25 3.58 219.6 -6.4 FidChiSpS 115.50 -0.80 179.78 105.06 1.00 138.7 -16.7 JPM US Sml 170.25 0.25 193.75 135.77 - 178.7 -4.7 TRIG♦ 100.25 0.25 109.00 99.00 6.06 - - FrsightSol 103.50 - 106.00 95.00 5.80 108.7 -4.8 Guide to FT Share Service
Abf Sml 1202 3.00 1235 966.00 2.06 1272.4 -5.5 Fid Euro 168.80 0.20 187.50 137.40 1.84 175.4 -3.8 JupUSSmCo 605.00 -2.50 704.03 574.28 - 681.6 -11.2 ThreadUKSel♦ 162.00 -1.50 180.00 158.00 2.69 182.1 -11.0 Inc&GthVCT 93.50 - 104.00 88.25 19.25 103.9 -10.0
AcenciADbt $♦ 1.58 0.00 114.00 1.51 3.91 1.7 -7.1 Fid Jap 77.25 -0.88 88.25 64.00 - 88.5 -12.7 KeystoneInv 1795 -6.50 1900 1651.76 2.81 1860.1 -3.5 TREurGth 600.50 -3.00 661.00 438.00 1.08 660.6 -9.1 KingsAYVCT 18.00 - 19.50 17.25 5.56 19.9 -9.5
AdvDvpMk 382.00 3.13 483.00 350.00 - 424.0 -9.9 Fid Spec 198.75 - 217.00 159.37 1.66 - - Law Deb 498.75 1.00 545.50 452.50 3.15 458.6 8.8 TroyInc&G 69.50 0.63 74.71 60.00 3.27 67.9 2.4 Maven I&G 70.50 4.00 75.00 59.50 6.38 65.0 8.5
Alliance♦ 460.80 1.80 531.50 420.20 2.15 525.4 -12.3 FinsG&I 557.50 -2.00 609.36 464.25 2.10 551.8 1.0 LinTrain £ 504.50 - 537.00 365.00 1.34 407.5 23.8 UtilicoEmg 165.50 -0.50 206.09 142.94 3.69 178.3 -7.2 MavenVCT2 53.00 -0.50 56.75 49.00 7.26 63.1 -16.0 For queries about the London Share Service pages e-mail
AllianzTech 575.25 6.25 640.43 463.07 - 590.9 -2.6 FstPacfic H HK$♦ 4.76 -0.05 9.02 4.67 4.35 - - Ln&StLaw♦ 359.00 -1.00 384.00 330.80 3.84 359.2 -0.1 UtilicoInv♦ 111.00 -0.50 127.00 103.00 6.76 150.4 -26.2 MavenVCT3 73.75 - 79.00 70.00 2.71 89.2 -17.3 ft.reader.enquiries@morningstar.com.
AltAstsOps 38.50 - 47.00 37.25 - 44.1 -12.7 For & Col 419.50 -1.50 467.90 365.00 2.24 451.8 -7.1 Lowland 1372 -4.00 1440 1219 2.77 1359.8 0.9 ValAndInc 237.00 2.00 274.00 228.50 3.67 293.8 -19.3 MavenVCT4♦ 84.00 - 88.39 80.00 5.95 96.2 -12.7 All data is as of close of the previous business day. Company classifications
Art Alpha 264.50 0.13 306.50 249.50 1.23 321.0 -17.6 Geiger 13.63 0.13 26.50 11.50 - 16.0 -14.8 M&GHighInc 154.00 - 179.95 146.00 2.99 166.1 -7.3 Witan 741.50 -6.00 850.00 642.00 2.11 740.6 0.1 MavenVCT5 35.75 - 37.00 32.00 2.80 41.8 -14.5 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 19.00 - 42.50 18.00 6.32 - - GenEmer 433.20 1.00 583.00 391.70 - 492.4 -12.0 Majedie 260.75 3.75 283.00 206.41 2.88 254.4 2.5 WitanPac 225.00 -1.38 274.75 203.03 2.00 251.3 -10.5 Nthn 2 VCT 69.25 - 88.00 67.25 2.89 74.4 -6.9 100 constituent stocks are shown in bold.
AsianToRt 181.50 -3.25 224.00 163.25 1.79 199.4 -9.0 GFIS 16.50 - 26.50 15.00 - 43.8 -62.3 Man&Lon 235.00 -2.50 260.49 219.00 3.18 276.5 -15.0 WorldTst♦ 240.00 -1.00 285.25 212.00 0.22 273.0 -12.1 Nthn 3 VCT 90.00 - 104.00 88.00 6.11 95.6 -5.9 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 151.00 - 166.58 144.00 2.52 166.3 -9.2 GRIT 8.50 - 35.00 7.00 - - - MCGlobPort 170.00 - 195.00 155.00 2.35 168.8 0.7 WwideHlth 1861 2.00 2108.5 1355 0.75 1925.3 -3.3 NthnVent 76.00 - 85.36 74.50 7.89 80.0 -5.0 are based on intra-day trading over a rolling 52 week period. Price/earnings
BG Japan 414.00 -2.00 493.25 316.50 - 400.6 3.3 GoldenPros 19.50 - 37.40 18.00 - 21.9 -11.0 MCurPac 252.00 -2.00 336.00 236.73 2.98 291.1 -13.4 ProVenGI 79.00 - 81.25 76.00 5.06 87.4 -9.6 ratios (PER) are based on latest annual reports and accounts and are updated
Conventional - Private Equity 52 Week Dis(-)
BG Shin 370.25 0.25 424.00 282.50 - 366.9 0.9 Hansa 800.00 -7.50 988.00 795.00 2.38 1109.3 -27.9 MercantIT 1700 -14.00 1762.96 1316.55 2.35 1891.4 -10.1 ProVenVCT 94.38 - 97.89 89.50 4.77 105.2 -10.3 with interim figures. PER is calculated using the company’s diluted earnings
Price +/-Chg High Low Yld NAV or Pm
BSRT 22.50 - 39.50 18.00 - 40.3 -44.2 ..A 805.00 - 938.70 795.00 - 1109.3 -27.4 MrchTst 425.25 -2.75 501.33 413.00 5.57 443.2 -4.1 UnicornAIM 137.00 1.00 136.75 122.00 4.38 154.2 -11.2 from continuing operations. Yields are based on closing price and on dividends
Hend Alt 219.88 -0.38 254.00 215.00 1.36 277.6 -20.8 Mid Wynd 319.00 - 352.50 260.07 1.21 320.2 -0.4 AbnPvtEq♦ 86.00 0.25 96.00 81.04 2.60 121.3 -29.1
Bankers 589.50 1.50 674.50 506.00 2.56 599.3 -1.6 Ordinary Income Shares 52 Week HR paid in the last financial year and updated with interim figures. Yields are
Hen Div♦ 90.00 0.75 95.50 87.50 5.67 88.4 1.8 MitonUKMic 54.75 - 56.25 50.00 - - - Altamir € 10.46 0.11 11.82 9.43 4.61 16.1 -35.0
BrngEmEu 465.00 - 669.50 432.00 4.09 531.4 -12.5 Price +/-Chg High Low Yld WO GRY 0% shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuroF 1042 -3.00 1148.5 816.47 2.25 1003.0 3.9 MitonWw 158.25 0.50 164.65 149.00 - 171.6 -7.8 Dun Ent 325.00 2.00 405.00 305.00 1.45 507.3 -35.9
BH Global 1300 - 1343.6 1185 - 1376.0 -5.5 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenEuro 869.00 - 957.00 678.25 2.01 845.4 2.8 MMP 3.25 - 5.00 3.00 - - - Electra 3200 - 3349.01 2338 - 3679.2 -13.0 JPM I&C 91.00 - 106.00 86.00 7.14 -14.4 -5.0
..EUR € 12.00 - 14.00 11.80 - - - capital changes where appropriate.
HenFarEs 274.00 -0.50 362.00 238.25 6.75 271.2 1.0 Monks 386.50 -5.60 458.90 348.40 1.02 435.8 -11.3 ElectraPrf 151.50 - 152.05 144.25 - 146.2 3.6 JupiterDv&G 3.88 - 5.50 3.00 19.10 7.6 -25.2
..USD $ 12.85 -0.05 13.35 11.70 - 13.5 -4.8 Trading volumes are end of day aggregated totals, rounded to the nearest
HendGlob♦ 355.50 -0.50 416.81 336.20 2.81 406.4 -12.5 MontanSm 525.00 8.00 544.00 390.50 1.33 568.0 -7.6 F&C PvtEq 227.50 0.88 230.00 197.00 4.76 283.8 -19.8 M&GHI&Gt 57.75 0.50 67.00 55.00 - -15.8 -11.5
BH Macro 2068 - 2191 1970 - 2177.0 -5.0 1,000 shares.
HenHigh 179.50 -1.00 195.25 156.50 4.85 174.0 3.2 Mur Inc 665.50 -11.50 796.60 646.50 4.93 717.9 -7.3 GraphEnt 568.00 -2.50 605.00 536.10 1.32 691.1 -17.8 Rghts&Icp 4820 5.00 4900 3800 - -81.0 -3.3
..EUR € 20.00 - 21.10 19.20 - 21.1 -5.2
HenInt Inc 115.75 0.75 137.69 103.00 3.71 114.4 1.2 Mur Int 791.00 -9.00 1123 787.96 5.69 829.4 -4.6 HVPE 847.50 -3.00 899.46 783.86 - 1061.2 -20.1 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.75 -0.10 21.10 18.80 - 20.9 -5.5 Income Shares 52 Week HR
Hen Opp♦ 1009 - 1059.1 755.00 1.24 1043.9 -3.3 ..B 750.00 - 1445.47 650.00 - 829.4 -9.6 HgCapital 1075 - 1169 1006 2.98 1301.4 -17.4 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 750.50 -8.50 898.92 492.52 - 802.1 -6.4 Price +/-Chg High Low Yld WO GRY 0%
HenSmlr 679.00 -3.00 696.00 468.13 1.69 731.3 -7.2 NB DDIF $ 1.16 0.00 1.24 1.00 - - - JPM Pvt Eq $ 0.97 0.00 1.07 0.78 - 1.3 -25.4 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom 62.75 -0.75 117.00 55.25 9.58 61.7 1.7 JPM In&Gr♦ 97.38 -0.63 100.50 90.15 4.52 -70.2 9.0
Herald 701.50 2.50 742.50 594.00 - 853.1 -17.8 NewCtyEgy 12.75 - 35.08 10.50 - 17.5 -27.1 JZ Capital 407.25 -3.25 480.00 390.00 - 685.3 -40.6 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 181.25 1.25 243.58 164.58 1.28 211.8 -14.4 M&GHghIc 55.75 -2.50 63.00 51.00 - -15.4 -15.6
HICL Infra♦ 152.30 0.10 161.40 140.10 5.93 136.5 11.6 ..Sub 0.13 - 0.15 0.06 - - - Mithras 133.00 - 151.91 128.00 0.75 163.0 -18.4 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 107.50 2.25 133.28 95.25 3.87 109.2 -1.6 Rghts&I♦ 1085 - 1245 895.00 3.32 - 46.5
Impax Env. 145.75 0.50 167.75 136.00 0.96 163.4 -10.8 NewCityHY 56.75 - 66.50 52.00 7.45 56.6 0.3 NB PE Ptnr $ 11.40 - 12.20 10.80 - - - in pence.
BlckRGtEur 237.25 -2.25 264.50 201.75 1.98 248.3 -4.5
Ind IT 362.50 - 368.00 268.50 1.38 366.2 -1.0 NewIndia 305.75 1.63 371.30 263.00 - 335.9 -9.0 Nthn Invs 587.50 - 665.00 385.25 1.70 526.7 11.5 Capital Shares 52 Week HR
..Sub 13.50 - 25.63 8.75 - - -
Intl PP 134.40 - 140.59 130.34 4.69 128.6 4.5 New Star IT 72.50 - 77.91 65.45 - 109.0 -33.5 Pantheon 1278.5 3.50 1355 1140 - 1562.0 -18.1 Price +/-Chg High Low SP WO TAV 0% X FT Global 500 company
BlckR I&G 177.50 -1.00 193.00 158.01 3.21 179.7 -1.2
InvAsTr 166.00 0.63 213.58 147.00 2.08 185.0 -10.3 NorthAmer 758.50 5.00 906.45 729.50 3.76 835.7 -9.2 PantheonR 1235 - 1300 1058 - 1562.0 -20.9 JPM Inc&Gr 10.13 -0.25 15.19 9.00 5.4 -0.7 1.4 ♦ trading ex-dividend
BlckRIncStr♦ 129.75 0.25 140.50 119.25 4.97 130.4 -0.5
Inv Inc 281.00 -0.50 305.00 255.00 3.56 292.9 -4.1 NthAtSml 2060 13.00 2069.61 1625.86 - 2513.0 -18.0 PrincssPE € 7.50 -0.09 8.12 6.50 6.95 9.0 -16.7 M&GHghIc 2.88 0.13 5.30 2.00 14.9 13.8 - ■ trading ex-capital distribution
BlckRckLat♦ 280.38 2.38 493.99 267.02 6.85 318.7 -12.0
InvPerp 70.25 - 79.00 69.00 7.12 70.6 -0.5 Oryx Int 592.50 - 598.50 375.00 - 636.3 -6.9 Riverstone 945.00 - 1114 822.00 - 1062.7 -11.1 # price at time of suspension from trading
BlckRckNrAm♦ 106.00 0.13 124.50 98.75 3.77 115.0 -7.8 Zero Dividend Preference Shares 52 Week HR
IPST BalR 116.00 -0.50 123.00 114.00 - 115.7 0.3 PacAsset 183.00 -0.50 226.15 156.25 1.42 183.1 -0.1 StdLfEuPv 202.75 -0.75 236.42 198.00 2.47 262.0 -22.6
BlckRSmlr 964.00 -2.25 983.00 697.00 1.34 1034.1 -6.8 Price +/-Chg High Low SP WO TAV 0% The prices listed are indicative and believed accurate at the time of publication.
BlckRThrmt 335.00 -3.00 352.00 238.00 1.31 385.0 -13.0 IPST Gbl Eq 155.00 - 172.00 138.00 2.97 149.6 3.6 PacHorzn 155.75 1.38 223.77 142.50 0.90 174.5 -10.7 Conventional - Property ICs 52 Week Dis(-) Abf Gd Inc 151.25 - 153.25 143.25 -46.1 - 159.7 No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRWld♦ 215.00 -3.25 481.00 202.00 9.77 239.0 -10.0 IPST Mngd 102.75 0.25 104.00 100.75 - 103.2 -0.4 Perp I&G♦ 406.10 -2.90 431.00 350.81 2.98 397.4 2.2 Price +/-Chg High Low Yld NAV or Pm EcofinWatr 154.38 - 155.10 150.10 -69.6 -87.7 160.7 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 188.40 - 194.60 183.20 - 200.8 -6.2 IPST UK Eq 165.25 0.50 174.39 143.00 3.72 162.4 1.8 PerAsset♦ 33186 -269.00 36313.1 33153 1.69 33361. -0.5 Direct Property JPM I&C 174.00 - 175.00 165.50 -18.7 - 192.1 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp 455.30 -6.70 557.08 444.40 2.31 521.9 -12.8 InvPpUK 380.00 0.75 390.46 281.00 4.51 400.4 -5.1 9 JupiterDv&G 110.50 - 114.00 99.50 -6.2 -98.5 127.7
AseanaPr $ 0.55 - 0.58 0.43 - 0.6 -8.3 or use of the information.
Brunner♦ 527.00 -0.25 584.12 486.00 2.28 582.7 -9.6 Invs Cap A 91.50 - 102.00 87.00 4.90 95.0 -3.7 PolarFins 106.00 0.13 112.84 92.00 2.92 108.1 -1.9 JZ Capital 359.25 - 360.00 343.11 -87.6 -98.2 369.8
AXA Propty 49.88 0.13 50.48 39.45 - - -
Calednia 2250 -30.00 2517.66 2104 2.20 2700.2 -16.7 Invs Cap B 91.50 - 103.00 87.03 1.26 95.0 -3.7 ..Sub 6.50 - 13.00 5.00 - - - M&GHghIc 114.75 - 115.29 110.01 -19.1 -95.5 122.8 The London Share Service is a paid-for-print listing service and may not be
CustdnREIT♦ 108.75 - 110.50 104.00 3.45 - -
CanGen C$♦ 18.17 -0.53 22.00 17.08 2.97 25.1 -27.6 Invs CapU 366.00 - 404.95 347.00 - 380.1 -3.7 PolarHealth 170.00 1.50 187.50 142.50 2.09 178.4 -4.7 UtilicoFn16 185.00 0.38 186.00 178.06 -69.2 - 192.8 fully representative of all LSE-listed companies. This service is available to all
F&CComPrp♦ 142.50 0.30 149.00 123.00 4.21 129.3 10.2
Cap Gear 3268 28.00 3575 3125 0.49 3208.6 1.9 JLaingInf♦ 114.90 0.10 128.60 114.00 5.77 104.2 10.3 PolarTech 554.50 8.00 614.00 458.80 - 562.8 -1.5 UtilicoFn18 138.63 0.13 146.50 129.00 -20.8 -33.8 160.5 listed companies, subject to the Editor’s discretion. For new sales enquiries
F&CUKRealE 104.25 0.25 105.50 87.00 4.80 97.0 7.5
City Merch 182.75 -0.25 194.00 180.50 5.47 179.6 1.8 JPM Amer♦ 262.90 1.70 296.14 236.05 1.24 269.1 -2.3 ProspJap $ 0.97 - 1.13 0.90 - 1.2 -19.2 UtilicoFn20 118.25 0.50 123.75 103.75 -9.4 -12.1 154.9 please email stella.sorrentino@ft.com or call 020 7873 4012.
InvistaERET# 0.30 0.05 2.91 0.03 - 1.9 -84.2
CityNatRs 86.38 0.88 146.00 75.00 6.48 103.6 -16.6 JPM Asn 198.25 -1.13 268.92 182.00 1.11 226.6 -12.5 QatarInvF $ 1.25 -0.01 1.49 1.09 2.74 1.4 -10.7
Longbow 106.25 - 106.75 101.25 5.41 - -
City Lon 377.90 -1.10 418.35 345.00 3.94 368.8 2.5 JPM Brazil♦ 37.50 -0.25 71.81 36.00 2.27 39.9 -6.0 RIT Cap 1510 2.00 1615 1265.55 1.97 1540.6 -2.0
PictonProp 71.75 -0.25 74.75 60.50 4.18 69.7 2.9 Investment Companies - AIM
DexionAb 186.00 - 191.00 167.00 - 193.8 -4.0 JPM China 149.50 0.75 233.96 136.30 1.07 183.9 -18.7 RobecoNV € 30.38 - - - - - -
SLIPropInc 85.75 - 90.25 74.75 5.42 78.0 9.9 Data provided by Morningstar
..EUR € 2.54 - 2.65 2.40 - 2.7 -5.9 JPMElct MC♦ 100.00 - 101.99 97.01 - 101.3 -1.3 RolincoNV € 28.32 - - - - - - 52 Week Dis(-)
UKComPrp 86.05 0.05 94.00 80.65 4.28 84.3 2.1
..USD $ 3.85 - 3.89 3.60 - 4.1 -6.1 ..MG♦ 588.75 - 635.00 507.66 1.21 597.8 -1.5 Ruffer Inv 218.00 1.50 226.00 193.50 - 212.6 2.5 Price +/-Chg High Low Yld NAV or Pm
DiverseInc 91.00 0.25 93.00 73.02 2.58 90.1 1.0 ..MI♦ 99.00 - 110.00 92.00 1.72 101.2 -2.2 SchdrAsiaP 252.25 0.75 321.50 226.25 1.09 280.7 -10.1 Property Securities AdFrntMkt 51.63 -0.25 65.50 49.00 - 56.1 -8.0
JPM Emrg 519.00 2.50 674.65 486.00 1.06 590.6 -12.1 Schdr Inc 262.25 -4.50 348.25 235.50 3.85 268.7 -2.4 SchdrGlbRe♦ 113.38 0.13 132.98 98.88 1.92 122.4 -7.4 CrysAmber 170.25 10.25 172.00 129.81 0.3 167.7 1.5
Dun Inc 227.00 -2.25 273.00 221.50 4.89 243.6 -6.8
JPM EurGth 240.25 4.25 263.00 193.00 2.79 252.9 -5.0 SchdrJap 143.75 -3.50 165.00 115.25 1.25 151.8 -5.3 TR Prop 299.30 -1.20 325.00 232.40 2.52 304.6 -1.7 GLI Finance♦ 52.50 0.13 65.00 51.00 9.5 - -
Dun Sml 207.75 -0.50 229.00 171.30 2.53 242.1 -14.2
EcofinWatr 118.25 0.25 176.75 114.75 5.92 150.2 -21.3 JPM EurInc 128.25 1.88 147.50 104.75 1.99 131.4 -2.4 SchdrOrient 175.50 - 215.25 154.00 4.36 174.4 0.6 VCTs 52 Week Dis(-) IndiaCap 59.50 0.50 69.40 46.00 - 70.4 -15.5
JPM EuSm 247.00 -1.50 256.00 164.00 1.17 270.4 -8.7 SchdrUK 153.75 - 174.00 145.25 3.09 168.7 -8.9
..CULS
EdinDragn
102.75
232.00
0.50 111.50 102.00
2.00 311.00 212.50
-
0.95
-
263.0
-
-11.8 JPM Clavr 590.00 -2.50 645.18 534.51 3.47 607.4 -2.9 SchdrUKMd 475.50 -2.38 504.50 402.49 1.79 522.2 -8.9
Price +/-Chg High Low Yld NAV or Pm Infra India
MMP
20.00
3.25
-
-
21.99 10.50
5.00 3.00
-
-
51.0
- -
-60.8
www.morningstar.co.uk
AlbionDev♦ 69.00 - 70.89 66.00 7.25 71.2 -3.1
Tuesday 15 September 2015 FINANCIAL TIMES 29

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield

Artemis Strategic Bond R Q Acc 83.78 88.97 0.00 4.04 HighIncomeLoan H-EUR € 194.64 - 0.21 0.00 Cavendish Opportunities Fund A Class 1080.00 - -5.00 0.61 Emerging Asia £ 1.08 - 0.01 0.16 Global Telecomms A-GBP £ 0.27 - 0.00 1.19

Artemis Strategic Bond R Q Inc 54.52 57.90 0.00 4.12 Cavendish Opportunities Fund C Acc 1122.00 - -5.00 1.20 Emerg Eur, Mid East & Africa H £ 1.32 - 0.01 1.00 India Focus A-GBP £ 4.11 - 0.02 0.00
ACPI Global UCITS Funds Plc (IRL) Hamon Investment Group
www.acpishard.com Artemis UK Growth R Acc 456.36 483.36 1.32 0.55 Cavendish Worldwide Fund B Class 290.50 - 0.60 0.84 Enhanced Income - Acc £ 1.85 - 0.01 7.14 Latin America A-GBP £ 1.28 - 0.00 0.65 Other International Funds
BONHOTE
Regulated Asian Market Leaders - USD $ 23.77 - -0.02 0.00
Artemis UK Smaller Cos R Acc 1128.20 1215.04 -0.99 0.50 Other International Funds Cavendish Worldwide Fund A Class 289.60 - 0.60 0.07 Enhanced Income - Inc £ 1.19 - 0.01 7.48
ACPI Emerging Mkts FI UCITS Fund USD A $ 106.81 - 0.02 0.00
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6806.00 - 4.00 2.22 Asian Market Leaders - GBP £ 12.02 - -0.02 0.00
Artemis UK Special Sits R Acc 506.39 538.16 -0.48 1.68 Cavendish Worldwide Fund C Acc 297.00 - 0.50 0.80 European - Inc £ 1.39 - 0.01 1.56
ACPI Global Credit UCITS Funds USD A $ 13.90 - 0.00 0.00 Findlay Park Funds Plc (IRL)
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10147.00 - -123.00 0.90 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Greater China - USD $ 10.05 - -0.10 0.00
Artemis US Abs Ret I Acc 104.98 - 0.08 - Cavendish AIM Fund B Class 162.60 - -0.20 0.38 European £ 15.84 - 0.10 1.18
ACPI Global Fixed Income UCITS Fund USD A $ 151.12 - 0.19 0.00 FCA Recognised
Artemis US Equity I Acc 108.19 - 0.56 - Cavendish AIM Fund A Class 157.70 - -0.20 0.00 Dragon Capital Group European Opportunities £ 3.71 - 0.03 0.25
Greater China - GBP £ 4.10 - -0.05 0.00
Q ACPI India Fixed Income UCITS Fund USD A $ 9.81 - -0.01 - c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam American Fund USD Class $ 79.04 - 0.17 0.00
Selected Asian P'folio $ 43.71 43.72 -0.16 0.00
Artemis US Select I Acc 110.99 - 0.72 - Braemar Group PCC Limited (GSY) Cavendish Asia Pacific Fund B Class 149.70 - 0.30 1.64 Fund information, dealing and administration: funds@dragoncapital.com Extra Income £ 0.26 - 0.00 3.30
ACPI India Fixed Income UCITS Fund USD A3 $ 83.67 - -0.10 0.00 Regulated American Fund GBP Hedged £ 43.08 - 0.09 0.00
Artemis US Select I Inc 99.13 - 0.64 - Cavendish Asia Pacific Fund A Class 148.70 - 0.30 0.75 Other International Funds Extra Income - Gross £ 0.26 - 0.00 3.30
ACPI International Bond UCITS Fund USD A $ 17.93 - 0.04 0.00 UK Agricultural Class A £ 1.26 - 0.00 0.00 Vietnam Enterprise Inv. (VEIL) NAV $ 3.37 - -0.06 0.00 American Fund GBP Unhedged £ 51.12 - 0.03 -
Artemis US Smlr Cos I Acc 118.57 - 0.65 - Cavendish Asia Pacific Fund C Acc 153.90 - 0.30 1.62 Global Dividend - Acc £ 1.49 - 0.01 3.31 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
UK Agricultural Class B £ 1.38 - 0.00 0.00 Vietnam Growth Fund (VGF) NAV $ 21.81 - -0.32 0.00 Latin American Fund USD Class $ 11.35 - -0.04 0.00 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Artemis US Ex Alpha I Acc 113.17 - 0.51 - Cavendish European Fund B Class 137.80 - 0.80 1.28 Global Dividend - Inc £ 1.33 - 0.02 3.46
Student Accom Class B £ 0.55 - -0.17 0.00 Latin American Fund GBP Unhedged £ 7.34 - -0.04 - Enquiries 0117 90090000
ACPI Select UCITS Funds PLC (IRL) Vietnam Property Fund (VPF) NAV $ 0.81 - -0.01 0.00
Cavendish European Fund A Class 136.00 - 0.90 0.37 Global Focus £ 12.68 - 0.08 0.00 www.hl.co.uk
Regulated
Authorised Inv Funds
ACPI Balanced UCITS Fund USD Retail $ 13.68 - -0.04 0.00 Cavendish Japan Fund B Class 147.30 - -1.00 0.80 Global High Yield Fund - A Gross Acc £ 11.96 - 0.00 4.89
Artisan Partners Global Funds PLC (IRL) Hargreaves Lansdown Funds
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland CAF Financial Solutions (UK)
Cavendish Japan Fund A Class 145.80 - -1.10 0.00 DSM Capital Partners Funds (LUX) Global High Yield Fund - A Gross Inc £ 10.02 - 0.00 5.54
ACPI Balanced UCITS Fund EUR Retail € 10.33 - -0.03 0.00 Unit Trust
Tel: 44 (0) 207 766 7130 Kings Hill, West Malling, Kent 03000 123 222 www.dsmsicav.com
ACPI Balanced UCITS Fund GBP Retail £ 10.44 - -0.03 0.00 Property & Other UK Unit Trusts Cavendish North American Fund B Class 183.10 - 0.80 0.61 Regulated Global High Yield Fund - A Net Acc £ 11.54 - 0.00 4.94 HL Multi-Manager Special Situations Trust A Acc 262.19 275.98 -0.58 0.40
FCA Recognised
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artisan Partners Global Funds plc CAF UK Equitrack Inc Fd 68.51 68.51 0.08 3.40 Cavendish North American Fund A Class 177.40 - 0.70 0.00 Global Growth I2 Acc € 125.44 - -0.59 0.00 Global High Yield Fund - A Net Inc £ 10.02 - 0.00 5.54 HL Multi-Manager Special Situations Trust M Acc 262.20 276.00 -0.59 0.00
Artisan Emerging Markets I USD Acc $ 6.38 - -0.02 0.00 CAF UK Equitrack Acc Fd 95.42 95.42 0.11 3.40 Cavendish Technology Fund B Class 265.80 - 0.80 0.09 Global Property - Acc £ 1.39 - 0.02 1.34
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Global Growth I1 Eur € 93.85 - -0.43 - HL Multi-Manager Income & Growth Trust A Acc 163.10 171.60 -0.91 3.67
Artisan Global Equity Fund Class I USD Acc $ 14.71 - 0.04 0.00 FP CAF Alternative Strategies A Class Acc 111.03 - -0.08 0.49 Cavendish Technology Fund A Class 252.90 - 0.80 0.00 Global Property W Inc £ 1.13 - 0.01 3.02
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Fleming Financial Trust Investment Fund Limited (NZ) HL Multi-Manager Income & Growth Trust M Acc 163.10 171.59 -0.91 0.30
Artisan Global Opportunities I USD Acc $ 11.82 - 0.05 0.00 FP CAF Alternative Strategies A Class Inc 110.19 - -0.09 0.52 Cavendish UK Balanced Income Fund B Class 138.00 - 0.20 5.34 Global Special Sits £ 24.29 - 0.17 0.00 Incorporated in New Zealand, Reg No 5141841
ACPI Horizon UCITS Fund $ 12.98 - -0.03 0.00 HL Multi-Manager Income & Growth Trust A Inc 98.99 104.15 -0.56 3.77
Eclectica Asset Management (UK) Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
Artisan Global Value Fund Class I USD Acc $ 15.34 - -0.03 0.00 FP CAF Fixed Interest A class Acc 113.77 - -0.02 2.91 Cavendish UK Balanced Income A Class 131.30 - 0.30 5.61 40 Dukes Place, London EC3A 7NH Index Emerging Markets P-Acc £ 0.93 - 0.00 2.79 www.fftinvestmentfund.com HL Multi-Manager Income & Growth Trust M Inc 99.00 104.16 -0.55 0.30
Artisan US Value Equity Fund Class I USD Acc $ 10.40 - 0.00 0.00 Order Desk and Enquiries: 0345 608 0941
FP CAF Fixed Interest A class Inc 100.09 - -0.01 2.96 Cavendish UK Select Fund B Class 151.10 - -0.70 1.86 Index Europe ex UK P-Acc £ 1.00 - 0.01 2.50 info@fftinvestmentfund.com HL Multi-Manager Balanced Managed Trust A Acc 179.62 188.93 -0.52 0.95
Abbey Life Assurance Company Limited (UK) Authorised Corporate Director - Capita Financial Managers
Other International Funds
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 FP CAF Fixed Interest B class Acc 114.28 - -0.02 2.91 Cavendish UK Select Fund A Class 150.60 - -0.70 1.01 Authorised Inv Funds Index Japan P-Acc £ 1.06 - 0.00 1.59 HL Multi-Manager Balanced Managed Trust M Acc 179.61 188.92 -0.53 0.00
Fleming FT Investment Fund
additional fund prices can be found @ www.abbeylife.co.uk FP CAF Fixed Interest B class Inc 100.40 - -0.02 2.96 CF Eclectica Agriculture A EUR Acc ♦ € 1.39 - -0.01 0.00
Ashmore Sicav (LUX) Index Pacific ex Japan P-Acc £ 0.96 - 0.01 4.10 Fleming Fund £ 5.12 5.12 0.00 - HL Multi-Manager Equity & Bond Trust A Inc 107.97 113.48 -0.37 2.06
Insurances
2 rue Albert Borschette L-1246 Luxembourg CF Eclectica Agriculture A GBP Acc ♦ 102.07 - -0.04 0.00
Life Funds FP CAF International Equity A Class Acc 134.26 - 0.09 0.66 Index UK A-Acc £ 0.82 - 0.01 2.97 HL Multi-Manager Equity & Bond Trust M Inc 107.96 113.47 -0.37 0.18
FCA Recognised Cedar Rock Capital Limited (IRL)
FP CAF International Equity A Class Inc 130.54 - 0.10 0.66 Regulated CF Eclectica Agriculture A USD Acc ♦ $ 1.57 - 0.00 0.00 Index UK P-Acc £ 0.99 - 0.00 3.22 HL Multi-Manager Equity & Bond Trust A Acc 145.42 152.84 -0.49 2.03
Prop. Acc. Ser 2 1547.10 1628.50 -0.60 - Ashmore SICAV Emerging Market Debt Fund $ 93.47 - -0.06 8.00 Foord Asset Mgt (Guernsey) Ltd (GSY)
FP CAF UK Equity A Class Acc 146.71 - -0.55 2.12 Cedar Rock Capital Fd Plc $ 345.12 - -20.17 0.00 CF Eclectica Agriculture C EUR Acc ♦ € 1.44 - -0.01 0.34 Regulated
Selective Acc. Ser 2 1571.10 1653.80 -5.60 - Ashmore SICAV Emerging Market Frontier Equity Fund $ 142.02 - -0.25 0.94 Index US A-Acc £ 1.54 - 0.02 1.53 HL Multi-Manager Equity & Bond Trust M Acc 145.44 152.85 -0.49 0.17
FP CAF UK Equity A Class Inc 134.17 - -0.50 2.15 Cedar Rock Capital Fd Plc £ 352.30 - -15.11 0.00 CF Eclectica Agriculture C GBP Acc ♦ 105.82 - -0.04 0.39 Foord International Trust $ 33.76 - -0.10 0.00
American Ser. 4 1586.40 1669.90 3.50 - Ashmore SICAV Emerging Market Total Return Fund $ 80.29 - 0.03 5.63 Index US P-Acc £ 1.19 - 0.02 1.75 HL Multi-Manager Strategic Bond Trust A Acc 167.01 172.17 -0.14 1.49
FP CAF UK Equity B Class Acc 146.71 - -0.55 2.12 Cedar Rock Capital Fd Plc € 320.63 - -21.61 0.00 CF Eclectica Agriculture C USD Acc ♦ $ 1.62 - 0.00 0.40
Custodian Ser. 4 484.40 509.90 -1.60 - Ashmore SICAV Global Small Cap Equity Fund $ 114.10 - 0.90 0.00 Index World A-Acc £ 1.36 - 0.01 1.89 HL Multi-Manager Strategic Bond Trust M Acc 167.01 172.17 -0.14 0.13

Equity Ser. 4 545.80 574.50 -3.70 - FP CAF UK Equity B Class Inc 134.15 - -0.50 2.15 Index World P-Acc £ 1.11 - 0.01 2.01 Franklin Templeton International Services Sarl (IRL) HL Multi-Manager Strategic Bond Trust A Inc 139.69 144.01 -0.11 1.51
Ashmore SICAV Local Currency Fund $ 81.21 - 0.10 0.32
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
European Ser 4 556.10 585.30 -4.60 - EM Mkts Corp.Debt USD F $ 92.12 - -0.24 7.80 Charles Schwab Worldwide Funds Plc (IRL) Japan £ 2.60 - 0.02 0.00 HL Multi-Manager Strategic Bond Trust M Inc 139.70 144.01 -0.11 0.13
Other International Funds
Regulated
Fixed Int. Ser. 4 891.90 938.90 -1.70 - EM Mkts Loc.Ccy Bd USD F $ 75.82 - 0.25 4.46 Japan Smaller Companies £ 1.87 - 0.02 0.00 Franklin Emerging Market Debt Opportunities Fund Plc HL Multi Manager Emerging Markets A Acc 82.19 84.71 -0.17 0.00
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Intl Ser. 4 419.50 441.60 -0.90 - MoneyBuilder Asset Allocator £ 1.17 - 0.01 0.53 Franklin Emg Mkts Debt Opp CHFSFr 17.49 - -0.36 6.60 HL Multi-Manager European A Acc 98.19 101.21 -0.67 0.14

Japan Ser 4 355.70 374.40 1.00 - MoneyBuilder Balanced £ 0.49 - 0.00 4.15 Franklin Emg Mkts Debt Opp EUR € 12.32 - -0.30 6.67 HL Multi-Manager UK Growth A Acc 102.39 105.55 -0.52 0.17
Chartered Asset Management Pte Ltd Money Builder Dividend £ 2.52 - 0.02 4.49 Franklin Emg Mkts Debt Opp GBP £ 10.28 - 0.00 6.52
Man. Ser. 4 1612.90 1697.80 -6.30 -
Other International Funds EdenTree Investment Management Ltd (UK)
Money Ser. 4 524.30 551.90 0.00 - MoneyBuilder Growth £ 0.73 - 0.00 2.29 Franklin Emg Mkts Debt Opp SGD S$ 22.71 - -0.27 6.36
CAM-GTF Limited $ 267696.60 267696.60 -3290.15 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Haussmann
CCLA Investment Management Ltd (UK) Authorised Inv Funds MoneyBuilder Growth ISA £ 0.74 - 0.01 2.45 Franklin Emg Mkts Debt Opp USD $ 17.43 - -0.32 6.43 Other International Funds
Prop. Ser. 4 1100.30 1158.30 -0.40 - CAM GTi Limited $ 647.80 - -62.67 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET
Amity UK Cls A Inc 211.70 - 0.00 1.48 MoneyBuilder Income £ 0.35 - 0.00 3.23 Haussmann Cls A $ 2859.39 - -18.19 0.00
Custodian Ser 5 465.40 489.90 -1.50 - Authorised Inv Funds Raffles-Asia Investment Company $ 1.59 1.59 -0.13 8.14
The Public Sector Deposit Fund Amity UK Cls B Inc 211.80 - 0.10 2.29 Haussmann Cls C € 2504.82 - -16.57 0.00
International Ser 5 403.00 424.20 -0.90 - Aspect Capital Ltd (UK) MoneyBuilder Income -Gross £ 0.35 - 0.00 3.23 Frontier Capital (Bermuda) Limited
Other International Funds The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.50 Higher Income Cls A Inc 121.50 - 0.10 5.00 Haussmann Cls D SFr 1328.55 - -9.32 0.00
Managed Ser 5 1549.60 1631.20 -6.10 - Multi Asset Adventurous A-Acc £ 1.29 - 0.01 0.48 Other International
Aspect Diversified USD (Est) $ 413.75 - 3.28 0.00 The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.30 Commercial Property-GBP Class £ 71.42 - -0.53 -
Higher Income Cls B Inc 125.00 - 0.10 4.93 Multi Asset Alloc Adventurous A-Acc £ 3.72 - 0.00 2.39
Money Ser 5 513.40 540.40 0.00 -
Aspect Diversified EUR (Est) € 248.88 - 1.95 - The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.36 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
UK Equity Growth Cls A Inc 237.80 - 0.10 0.61
Property Ser 5 1057.20 1112.80 -0.30 - Multi Asset Alloc Strategic A-Acc £ 1.16 - 0.01 0.28 Heartwood Wealth Management Limited (IRL)
Aspect Diversified GBP (Est) £ 127.15 - 1.01 0.00 The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.40 Regulated
Pension Funds UK Equity Growth Cls B Inc 243.30 - 0.20 1.23 Multi Asset Alloc Def - Gross A £ 1.11 - 0.01 0.28
Aspect Diversified CHF (Est) SFr 119.13 - 0.93 0.00 The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.31 Heartwood Caut Multi Asset B Acc 138.60 - -0.01 0.00
American 1811.70 1907.10 4.30 - Amity Balanced For Charities A Inc 107.10 - 0.10 6.05 Multi Asset Alloc Def - Net A £ 1.11 - 0.01 0.25
Aspect Diversified Trends USD $ 122.59 - 0.01 0.00
Equity 4783.30 5035.00 -40.70 - Amity European Fund Cls A Inc 196.20 - 1.50 1.27
Cheyne Capital Management (UK) LLP (IRL) Multi Asset Alloc Growth A £ 1.17 - 0.00 0.00
Aspect Diversified Trends EUR € 122.77 - 0.02 0.00 Regulated
European 1115.40 1174.10 -11.40 - CCLA Investment Management Ltd (UK) Amity European Fund Cls B Inc 198.50 - 1.50 2.15 Multi Asset Defensive £ 1.21 - 0.00 0.36 Henderson Global Investors (UK)
Aspect Diversified Trends GBP £ 127.18 - 0.01 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Cheyne Convertibles Absolute Return Fund € 1339.52 - -1.42 0.00 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Fixed Int. 1636.90 1723.00 -3.00 - Amity Global Equity Inc for Charities A Inc 98.75 - 0.16 4.07 Multi Asset Defensive - Gross £ 1.22 - 0.01 0.35
Property & Other UK Unit Trusts www.henderson.com
Cheyne Global Credit Fund € 119.37 - -0.13 0.00
International 884.60 931.20 -2.90 - CBF Church of England Funds Amity International Cls A Inc 191.30 - 0.10 1.45 Multi Asset Growth £ 1.34 - 0.01 0.36 Authorised Inv Funds
Atlantas Sicav (LUX) Investment Inc 1296.88 1311.22 -14.67 3.78 Cheyne European Mid Cap Fund € 1138.04 - 7.40 0.00 Fundsmith LLP (1200)F (UK) Asia Pacific Capital Growth A Acc 657.40 - 3.30 0.98
Japan 371.00 390.50 -0.30 - Amity International Cls B Inc 193.10 - 0.10 2.36 MultiManager Balanced £ 1.09 - 0.00 0.56 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Regulated Asian Dividend Income Inc 80.16 84.59 0.30 6.93
Managed 4155.20 4373.90 -18.90 - Investment Acc 2641.98 2671.20 -29.90 - Amity Sterling Bond Fund A Inc 106.70 - -0.20 5.18 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
American Dynamic $ 3335.64 - -62.65 0.00 Multi Asset Open Growth A-Acc £ 0.45 - 0.00 0.82
Global Equity Inc 147.15 148.78 -2.87 4.31 Authorised Inv Funds Cautious Managed A Acc 236.20 - 0.10 3.26
Property 2849.70 2999.70 -1.00 - Cheyne Capital Management (UK) LLP Amity Sterling Bond Fund B Inc 115.20 - -0.10 5.16 Multi Asset Open Strategic A-Acc £ 1.21 - 0.00 1.25
American One $ 3055.56 - -70.11 0.00 Other International Funds Fundsmith Equity T Acc 203.37 - 1.14 1.26
Security 1476.50 1554.20 0.00 - Global Equity Acc 215.10 217.48 -4.20 - Cautious Managed A Inc 147.30 - 0.10 3.32
Bond Global € 1371.35 - 7.39 0.00 Multi Asset Open Strategic A-Inc £ 0.29 - 0.00 2.52
Cheyne European Event Driven Fund € 137.14 - 0.99 0.00 Fundsmith Equity T Inc 192.07 - 1.08 1.28
Selective 2008.40 2114.10 -7.50 - UK Equity Inc 142.32 143.75 -2.45 4.05 China Opportunities A Acc 749.80 - 1.20 0.44
Eurocroissance € 829.76 - -13.64 0.00 Cheyne European High Yield Fund € 133.92 - -2.80 0.00 Edinburgh Partners Limited (IRL) Multi Asset Strategic £ 1.51 - 0.00 0.53
Formerly Hill Samuel Life Assurance Ltd UK Equity Acc 211.05 213.17 -3.64 - 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Emerging Markets Opportunities A Acc 134.50 - 0.30 0.81
Far East $ 629.17 - -4.39 0.00 Open World A-Acc £ 1.15 - 0.00 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Cheyne Malacca Asia Equity Fund Class A $ 1386.92 - -50.24 0.00 Dealing - Fax only - +353 1 434 5230
Fixed Interest Inc 163.48 164.14 1.59 3.96 GAM Limited (2300)F (UK) European Growth A Acc 162.70 - 0.80 0.81
Managed Ser A (Life) 1532.20 1621.40 -15.20 - FCA Recognised Multi Asset Income A Gross Acc £ 1.55 - 0.00 3.72 GAM Sterling Management Limited
Cheyne Multi Strategy Liquid Fund $ 127.99 - 0.31 -
Fixed Interest Acc 495.89 497.87 4.83 - Edinburgh Partners Opportunities Fund PLC European Selected Opportunities A Acc 1257.00 - 11.00 0.69
Multi Asset Income A Gross Inc £ 1.09 - 0.00 5.20 12 St James's Place London SW1A 1NX. 0800 919 927
Managed Ser A (Pensions) 1017.80 1071.30 -12.40 - Cheyne Real Estate Credit Holdings Fund £ 152.99 - 1.01 0.00
BLME Asset Management (LUX) Property Fund Inc 131.03 135.42 0.21 6.51 European Opportunities I EUR € 2.51 - -0.04 2.26 Internet: gam.com European Special Situations A Acc 94.66 - -0.29 1.05
Formerly Target Life Assurance Ltd BLME Sharia'a Umbrella Fund SICAV SIF Multi Asset Income A Net Acc £ 1.47 - 0.00 3.74 Authorised Inv Funds
Cheyne Real Estate Debt Fund Class A1 £ 131.64 - -0.05 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Property Fund Acc 234.22 242.07 2.73 - European Opportunities I GBP £ 1.83 - -0.02 2.44 Fixed Interest Monthly Income A Inc 21.92 22.99 -0.03 5.47
Regulated Multi Asset Income A Net Inc £ 1.09 - 0.00 5.21 GAM Funds OEIC
Cheyne Total Return Credit Fund - December 2017 Class $ 186.98 - -10.55 0.00
Managed (Life) 1552.70 1634.40 -15.20 - Income Fund - Share Class A Acc $ 1138.46 - 0.23 0.00 European Opportunities I USD $ 2.85 - -0.02 1.98 GAM Global Diversified Acc 3814.66 - 12.70 0.00 Global Care Growth A Inc 191.40 - 0.10 0.12
South East Asia £ 7.40 - 0.03 0.13
Cheyne Total Return Credit Fund December 2019 $ 136.64 - -6.86 -
Managed Growth (Life) 487.60 513.30 -6.50 - Income Fund - Share Class B Acc $ 1158.71 - 0.24 0.00 European Opportunities A EUR € 2.45 - -0.04 1.57 GAM North American Gwth Acc 3152.79 - 9.58 - Global Equity Income A Inc 47.13 - 0.18 3.91
CCLA Fund Managers Ltd (UK) Special Situations £ 30.00 - 0.09 0.80
Managed (Pensions) 6108.30 6429.80 -74.00 - Senator House 85 Queen Victoria Street London EC4V 4ET Global Opportunities I USD $ 1.62 - 0.00 2.10
Asset Management
Income Fund - Share Class C Acc $ 1006.54 - 0.17 0.00 GAM UK Diversified Acc 1827.75 - -6.51 - Global Growth Fund 1959.17 2047.90 7.84 0.00
Property & Other UK Unit Trusts Strategic Bond £ 0.31 - 0.00 2.96
Managed Growth (Pensions) 592.50 623.70 -9.70
additional fund prices can be found on our website
- Income Fund - Share Class D Dis $ 996.55

Income Fund - Share Class G Acc £ 1078.52

-

-
0.19 1.22

0.20 0.00
COIF Charity Funds (UK)
Investment Inc 1209.55 1222.92 17.13 3.62
Cohen & Steers SICAV
Regulated
(LUX) Global Opportunities I GBP

Global Opportunities I EUR

£

€
1.05

1.43
-

-
0.00 1.99

-0.01 2.06
Strategic Bond Gross £ 0.31 - 0.00 2.96
Global Technology A Acc

Multi-Manager Absolute Return A Acc

Asset Manageme 885.00

134.80
-

-
3.20 0.00

0.00 0.31
European Real Estate Securities € 22.4731 - -0.3060 1.68 Target 2015 £ 0.50 - 0.00 0.27 GAM Limited (IRL)
Income Fund - Share Class M Acc € 1013.48 - 0.21 0.00 Investment Acc 11527.18 11654.68 163.26 - Global Opportunities A GBP £ 0.99 - 0.00 1.50 FCA Recognised Multi-Manager Active A Acc ▲ 168.90 - 0.20 0.00
Europ.RealEstate Sec. IX € 30.0860 - -0.4097 0.00 Target 2015 - Gross £ 0.50 - 0.00 0.30
Pan European Opportunities I EUR € 1.53 - -0.02 - GAM Fund Management Ltd
Income Fund - Share Class W DisA$ 1034.80 - 0.26 - Ethical Invest Inc 186.54 188.60 2.54 3.73 Multi-Manager Distribution A Inc 125.30 - -0.40 3.18
Gbl RealEstate Sec. I $ 10.1864 - 0.1138 1.49 Target 2020 £ 0.55 - 0.00 0.51 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Gl Sukuk Fund - Share Class A Acc $ 1230.52 - 0.31 0.00 Ethical Invest Acc 237.80 240.43 3.23 - GAM Star Fund Plc Multi-Manager Diversified A Acc 77.60 - -0.18 2.70
Gbl RealEstate Sec. IX $ 12.0472 - 0.1345 0.00 Target 2025 £ 1.28 - 0.00 0.29
Gl Sukuk Fund - Share class B Acc £ 1097.80 1097.80 0.28 0.00 Global Equity Inc 142.17 143.75 1.93 4.41 GAM Star Asia-Pacific Eqty USD Acc F $ 11.52 - -0.02 0.00 Multi-Manager Global Select Acc 173.30 - 0.00 0.00
Target 2030 £ 1.36 - 0.00 0.26
Global Equity Acc 208.78 211.09 2.84 - GAM Star Asian Eqty USD Ord Acc F $ 12.53 - 0.02 0.00 Multi-Manager Income & Growth A Acc 149.90 - -0.30 2.10
UK Select £ 2.40 - 0.01 0.89
Fixed Interest Inc 134.47 135.01 0.67 4.14 GAM Star Balanced GBP Acc £ 10.14 - -0.05 0.00 Multi-Manager Income & Growth A Inc 138.60 - -0.40 2.12
Alceda Fund Management S.A. Bank of America Cap Mgmt (Ireland) Ltd (IRL) UK Growth £ 3.50 - 0.00 0.00
www.alceda.lu Regulated Fixed Interest Acc 763.17 766.23 3.80 - GAM Star Cap.Appr.US Eqty USD Inc F $ 16.93 - 0.12 0.00 Multi-Manager Managed A Acc 222.70 - 0.20 0.43
UK Smaller Companies £ 2.08 - 0.00 0.19
FCA Recognised Global Liquidity USD $ 1.00 - 0.00 0.27
Property Inc 112.63 116.40 0.11 5.79 GAM Star Cat Bond USD Acc $ 12.55 - 0.02 0.00 Multi-Manager Managed A Inc 218.70 - 0.20 0.42
AC Opp - Aremus Fund EUR A € 114.15 - 0.35 0.00 WealthBuilder A Acc £ 0.98 - 0.00 0.64
EFG Hermes Sterling Bond Acc 195.06 203.82 -0.34 2.80
Property Acc 248.62 256.95 2.77 - Fidelity PathFinder GAM Star Cautious GBP Acc £ 10.27 - 0.01 0.00
AC Risk Parity 7 Fund EUR A € 118.41 - -0.04 0.00 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Barclays Investment Funds (CI) Ltd (JER) Local Authorities Property Fd (LAMIT) (UK) Comgest SA (FRA) Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.08 - 0.00 - GAM Star China Equity USD Acc F $ 21.20 - 0.11 0.00 Sterling Bond Inc 60.82 63.55 -0.11 2.84
AC Risk Parity 12 Fund EUR A € 140.88 - -0.10 0.00 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Other International Funds
Property 274.76 295.14 2.73 4.81 17 square Edouard VII - 75009 Paris Strategic Bond A Inc 127.00 - 0.00 5.34
Fidelity PathFinder Foundation 1 Acc (clean) £ 1.08 - 0.00 - GAM Star Cont European Eqty GBP Acc F £ 3.42 - -0.01 0.00
AC Risk Parity 17 Fund EUR A € 86.16 - -0.09 0.00 FCA Recognised FCA Recognised The EFG-Hermes Egypt Fund $ 29.93 - - 0.00
Bond Funds Fidelity PathFinder Foundation 2 Acc (clean) £ 1.07 - 0.00 - GAM Star Cred Opportunities GBP Acc £ 12.31 - 0.01 4.60 UK & Irish Smaller Companies A Acc 570.20 - 0.50 0.00
ACQ Risk Parity Bond Fund EUR A € 95.49 95.49 -0.04 0.00 Comgest Magellan € 18.11 - -0.20 0.00 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00
Sterling Bond F £ 0.46 - 0.01 3.35 CG Asset Management Limited (IRL) Fidelity PathFinder Foundation 3 Acc (clean) £ 1.05 - 0.01 - GAM Star Defensive GBP Acc £ 10.75 - -0.03 0.00 UK Absolute Return A Acc 147.40 - 0.20 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Saudi Arabia Equity Fund SR 13.65 - 0.16 0.00
Fidelity PathFinder Foundation 4 Acc (clean) £ 1.06 - 0.01 - GAM Star Discretionary FX USD Acc F $ 12.62 - -0.09 0.00 UK Alpha A Acc ♦ 112.40 - 0.10 1.00
00 353 1 434 5098 Comgest AM International Ltd (IRL)
Baring Fund Managers Ltd (1200)F (UK) FCA Recognised 46 St Stephen's Green, Dublin 2, Ireland Fidelity PathFinder Foundation 5 Acc (clean) £ 1.12 - 0.01 - GAM Star Dynamic Gbl Bd USD Acc H $ 10.03 - 0.03 0.00 UK Equity Income & Growth A Inc 608.50 - -0.10 3.82
Dealing and Enquiries 020 7214 1004 Capital Gearing Portfolio Fund Plc £ 26361.63 26361.63 -96.42 0.63 FCA Recognised Electric & General (1000)F (UK)
Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.10 - 0.00 - GAM Star Emerg. Market Rates USD Acc F $ 11.40 - -0.02 0.00 UK Index A Acc 479.20 - 0.50 2.63
Fund Information: www.barings.com Stuart House St.John's Street Peterborough PE1 5DD
CG Portfolio Fund Plc Comgest Gth Asia Pac ex Jap DIS F $ 7.41 - -0.06 0.13 UK Property A Acc 193.08 203.24 0.05 4.04
Authorised Inv Funds Orders & Enquiries: 0845 850 0255 Fidelity PathFinder Focussed 1 Acc (clean) £ 1.09 - 0.00 - GAM Star European Eqty USD Acc F $ 23.11 - -0.07 0.00
Multi Asset A Acc ... C 152.60 - 0.00 1.24 Real Return Cls A £ 167.49 167.49 -2.06 2.38 Comgest Gth Emerging Mkt DIS F $ 28.60 - -0.16 0.46 Authorised Inv Funds
Fidelity PathFinder Focused 2 Acc (Clean) £ 1.10 - 0.00 - GAM Star Flexible Gbl Port GBP Ac £ 12.38 - 0.00 0.00 UK Property A Inc 97.68 102.81 0.03 4.16
Authorised Corporate Director - Carvetian Capital Management
Multi Asset A Inc ... C 146.00 - 0.00 1.25 Dollar Fund Cls D £ 129.28 129.28 -1.86 1.62 Comgest Gth Europe DIS F € 19.38 - -0.14 0.00
Fidelity PathFinder Focussed 3 Acc (clean) £ 1.09 - 0.00 - GAM Star GAMCO US Equity Acc F $ 12.71 - 0.05 0.00 UK Tracker A Acc 213.80 - 0.30 2.36
Algebris Investments (IRL) Electric&General Net Income A 135.20 - 0.40 2.12
Regulated Charity Fund Capital Value Fund Cls V £ 128.41 128.41 -0.52 0.27 Comgest Gth GEM PC DIS F € 11.55 - -0.10 0.16
Fidelity PathFinder Focussed 4 Acc (clean) £ 1.10 - 0.01 - GAM Star Global Rates USD Acc F $ 12.53 - -0.02 0.00 US Growth A Acc 754.70 - 6.00 0.00
Enquiries 020 7214 1763
Algebris Financial Credit Fund - Class I EUR € 131.41 - 0.61 0.00
Fidelity PathFinder Focussed 5 Acc (clean) £ 1.11 - 0.01 - GAM Star Global Selector USD Acc F $ 12.88 - -0.03 0.00
Targeted Return Fund Acc 141.20 142.00 -0.30 3.23
Algebris Financial Income Fund - Class I EUR € 120.05 - -0.05 0.00 Ennismore Smaller Cos Plc (IRL)
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
5 Kensington Church St, London W8 4LD 020 7368 4220 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.06 - 0.00 - GAM Star Japan Eqty USD Acc F $ 12.53 - 0.08 0.00

Asset Management
Targeted Return Fund Inc 109.80 110.30 -0.10 3.30
Algebris Financial Equity Fund - Class B EUR € 99.06 - -0.14 - PO BOX 10117, Chelmsford, Essex, CM1 9JB
FCA Recognised
Asset Management Asset Management
Fidelity PathFinder Freedom 2 Acc (clean) £ 1.05 - 0.00 - GAM Star Keynes Quant Strat USD Acc F $ 12.24 - 0.01 0.00
Dealing & Client Services 0845 0264281
Algebris Asset Allocation Fund - Class B EUR € 99.30 - -0.13 - Ennismore European Smlr Cos NAV £ 97.49 - 0.25 0.00
Authorised Inv Funds Fidelity PathFinder Freedom 1 Acc (clean) £ 1.06 - 0.00 - GAM Star Local EM Rates and FX USD Acc $ 10.60 - 0.02 0.00
Baring International Fd Mgrs (Ireland) (IRL)
Consistent UT Inc 53.58 54.22 0.03 4.83 Ennismore European Smlr Cos NAV € 133.08 - -0.63 0.00
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.03 - 0.00 - GAM Star North of South EM Equity Acc F $ 9.68 - 0.01 0.00
FCA Recognised Consistent UT Acc 124.88 126.37 0.06 4.68 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.02 - 0.00 - GAM Star Technology USD Acc F $ 14.81 - -0.01 0.00
ASEAN Frontiers A GBP Inc £ 100.02 - 0.56 0.62 Canada Life Investments (UK)
Practical Investment Inc 205.76 210.69 -0.26 3.80 Hermes Investment Funds Plc (IRL)
1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 Ennismore European Smlr Cos Hedge Fd Fidelity PathFinder Freedom 5 Acc (clean) £ 1.07 - 0.00 - GAM Star US All Cap Eqty USD Acc F $ 13.05 - 0.03 0.00
Other International Funds Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Asia Growth A GBP Inc H £ 39.99 - 0.11 0.00 Authorised Inv Funds Practical Investment Acc 980.10 1003.57 -1.20 3.70 Fidelity PathFinder Income 1 Income (clean) £ 1.02 - 0.00 3.96 GAM Star Worldwide Eqty USD Acc F $ 3168.52 - -15.52 0.00 FCA Recognised
Australia A GBP Inc £ 62.62 - 1.05 2.10 Asia Pacific B Acc 759.00 - 1.02 1.14 NAV € 482.14 - 6.07 0.00
Fidelity PathFinder Income 1 Gross Income (clean) £ 1.03 - 0.01 4.84 Hermes Abs Return Credit Fund Class F Acc £ £ 0.99 0.99 0.00 -
Baring China Bond Fund $ 9.89 - 0.03 0.00 Balanced B Acc 142.93 - 0.34 1.53 Hermes Abs Return Credit Fund Class R Acc € € 1.94 1.94 -0.01 -
Fidelity PathFinder Income 2 Income (clean) £ 1.03 - 0.01 3.71
Allianz Global Investors GmbH(1200) F (LUX) GYS Investment Management Ltd (GSY)
Baring Emerging Markets Corporate Debt Fund $ 9.27 - -0.01 0.00 Corporate Bond B Inc 204.78 - 0.06 4.07 Equinox Fund Mgmt (Guernsey) Limited (GSY) Regulated Hermes Active UK Inflation Fund Class F Acc £ 1.31 1.31 -0.01 0.00
FCA Recognised Fidelity PathFinder Income 2 gross £ 1.03 - 0.00 4.68
Regulated
Baring European Opportunities Fund Class A EUR Acc € 13.18 - 0.01 0.00 European B Acc 245.17 - 1.86 1.64 Taurus Emerging Fund Ltd $ 169.37 172.83 -4.11 0.00 Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.40 1.40 0.00 0.00
Allianz Best Styles Global Equity £ 101.34 101.34 0.67 - Equinox Russian Opportunities Fund Limited $ 110.69 - -2.88 0.00 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.03 - 0.00 4.62
Baring Global Mining Fund - Class A GBP Inc £ 3.88 - -0.03 0.58 Global Bond B Inc 91.09 - 0.06 2.96 Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.04 3.04 -0.02 0.00
Allianz Global Fundamental Strategy £ 102.21 102.21 0.08 - Fidelity PathFinder Income 3 Income (clean) £ 1.03 - 0.00 4.30
Dynamic Emerging Markets A GBP Acc F £ 8.50 - -0.01 0.00 Global Equity B Acc 567.24 - 2.61 1.14 Institutional OEIC Funds Hermes Global Emerging Markets Fund Class F Acc £ 1.07 1.07 0.00 0.00
Allianz Global Small Cap Equity £ 106.62 106.62 0.83 - Generali International Limited
Eastern Europe A GBP Inc £ 38.40 - 0.18 1.87 Global Equity Income B Inc 118.61 - 0.11 4.02 Crèdit Andorrà Asset Management (LUX) Euronova Asset Management UK LLP (CYM)
America £ 3.78 - 0.05 0.56 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Regulated Hermes Global Emerging Markets Fund Class R Acc € 2.71 2.71 0.00 0.00
www.creditandorra.com International Insurances
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.24 - 0.01 6.82 Global High Yield Bond B Inc 96.20 - -0.01 4.92 Emerging Markets £ 2.89 - 0.01 0.87
FCA Recognised Smaller Cos Cls One Shares (Est) € 33.48 - -0.46 0.00 Hermes Global Equity Fund Class F Acc £ 1.43 1.43 0.01 0.00
Amundi Funds (LUX) Global Multi-Strategy Managed $ 4.74 5.11 0.08 0.00
Emerging Opportunities A GBP Inc H £ 16.54 - 0.02 0.00 Global Infrastructure B Acc 106.01 - -0.33 0.95 Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 Europe £ 4.01 - 0.04 1.59 Hermes Global Equity Fund Class R Acc € 3.74 3.74 0.00 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Smaller Cos Cls Two Shares (Est) € 23.55 - -0.29 0.00
UK Multi-Strategy Managed £ 4.85 5.22 0.09 0.00
www.amundi-funds.com Glb Emerging Markets A GBP Inc H £ 16.93 - 0.03 0.00 Global Resource B Acc 73.64 - -0.94 1.32 Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Fidelity Pre-Retirement Bond Fund £ 117.40 - 0.00 3.05
Smaller Cos Cls Three Shares (Est) € 11.86 - -0.14 0.00 Hermes Global ESG Equity Fund Class F Acc £ 1.10 1.10 0.00 0.00
FCA Recognised EU Multi-Strategy Managed € 3.02 3.25 0.07 0.00
Glb Resources A GBP Inc H £ 10.45 - -0.03 0.38 Japan B Acc 47.96 - -0.45 0.94 Crediinvest SICAV Fixed Income Eur € 10.75 - -0.01 0.00 Global Focus £ 2.70 - 0.02 1.70
Asset Management
Bd. Euro Corporate AE Class - R - EUR € 18.46 - 0.00 0.00 Smaller Cos Cls Four Shares (Est) € 15.19 - -0.23 0.00 Hermes Global High Yield Bond Fund Class F Acc £ 1.09 1.09 0.01 0.00
Global Bond USD $ 3.47 3.74 0.00 0.00
High Yield Bond A GBP Hedged Inc H £ 6.47 - 0.01 7.00 Portfolio III B Acc 106.42 - 0.04 2.04 Crediinvest SICAV Fixed Income Usd $ 10.51 - 0.00 0.00 Index Linked Bond £ 2.67 - -0.02 0.71 Hermes Global High Yield Bond Fund Class R Acc € 2.83 2.83 0.00 0.00
Bd. Global AU Class - R - USD $ 25.74 - 0.04 0.00
Hong Kong China A GBP Inc £ 533.52 - -0.46 0.64 Portfolio IV B Acc 107.61 - 0.07 2.24 Crediinvest SICAV Spanish Value € 249.26 - -3.04 0.00 Index Linked Bond Gross £ 3.23 - -0.02 0.71 Hermes Global Small Cap Fund Class F Acc £ £ 0.95 0.95 0.00 -
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00
India Fund - Class A GBP Inc £ 13.80 - 0.18 0.00 Portfolio V B Acc 106.26 - 0.16 1.39 Index-Linked Bond Fund Gross Inc £ 12.61 - -0.07 0.71
Genesis Asset Managers LLP
Crediinvest SICAV International Value € 217.42 - -1.47 0.00 Hermes Global Small Cap Fund Class R Acc € € 1.87 1.87 0.00 -
Eq. Emerging World AU Class - R - USD $ 79.01 - -0.08 0.00 Other International Funds
Latin America A USD Inc H $ 26.59 - -0.01 0.21 Portfolio VI B Acc 104.83 - 0.18 1.50 Crediinvest SICAV Big Cap Value € 16.41 - -0.24 0.00 Japan £ 1.93 - 0.01 0.81 Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.99 0.99 0.00 -
Eq. Greater China AU Class - R - USD $ 538.55 - -0.32 0.00 Emerging Mkts NAV £ 4.91 - 0.00 0.00
MENA A GBP Inc F * £ 12.05 - -0.15 0.64 Portfolio VII B Acc 101.15 - 0.22 1.22 Crediinvest SICAV US American Value $ 17.63 - 0.07 0.00 Long Bond £ 0.50 - 0.00 2.85 Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.03 1.03 0.00 0.00
Eq. Latin America AU Class - R - USD $ 328.32 - -0.42 0.00
North American B Acc 774.29 - 3.91 0.79 Crediinvest SICAV Sustainability € 14.80 - -0.07 0.00 Long Bond Gross £ 0.82 - 0.00 2.79 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.25 1.25 0.01 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.84 - -0.05 0.00 Guardian (UK)
Baring International Fd Mgrs (Ireland) (IRL)
Strategic Return B Acc 98.19 - 0.38 0.00 Eurobank Fund Management Company (Luxembourg) S.A. Long Bond Fund Gross Inc £ 11.27 - -0.01 2.85 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.21 1.21 0.01 1.36
Regulated Regulated Insurances
Total Return B Acc 101.52 - 0.00 2.98 Pacific (Ex Japan) £ 3.28 - 0.02 2.02 Hermes Sourcecap EU Alpha Fund Class R Acc € 3.01 3.01 0.01 0.00
DAVIS Funds SICAV (LUX)
(LF) Absolute Return € 1.30 - 0.00 0.00
The Antares European Fund Limited China A-Share A GBP Inc £ 5.70 - 0.14 0.00 UK Equity B Acc 107.32 - 0.27 1.76 Regulated
Guardian Assurance
Pan European £ 2.59 - 0.02 2.10 Hermes Sourcecap EX UK Fund Class F Acc £ 1.29 1.29 0.01 0.00
Other International (LF) Balanced - Active Fund (RON)RON 16.37 - -0.04 0.00 Equity S-GH Class B £ 11.76 - 0.01 -
UK Equity & Bond Income B Inc 229.21 - 0.44 5.31 Davis Value A $ 39.44 - 0.12 0.00 Reduced Duration UK Corporate Bond £ 10.49 - 0.01 3.36
AEF Ltd Usd $ 640.14 - -2.47 - Hermes Sourcecap EX UK Fund Class R Acc € 3.03 3.03 0.00 0.00
(LF) Cash Fund € € 1.23 - 0.00 - Managed Fund Bond £ 22.60 23.54 -0.06 -
Barings (Luxembourg) (LUX) UK Equity Income B Inc 407.08 - 1.04 5.32 Davis Global A $ 27.58 - 0.07 0.00 Reduced Duration UK Corporate Bond Gross £ 10.66 - 0.01 3.36
AEF Ltd Eur € 643.12 - -2.51 0.00 Hermes UK Small & Mid Cap Fund Class F Acc £ 1.63 1.63 0.00 0.00
FCA Recognised (LF) Cash Fund (RON) RON 15.61 - 0.00 0.00 Choices Wth-Pfts Lg-tm 319.80 336.60 0.00 -
UK Government Bond B Inc 47.24 - -0.03 1.97 Reduced Duration UK Corporate Bond Inc £ 9.93 - 0.01 3.36 Hermes UK Small & Mid Cap Fund Class R Acc € 4.89 4.89 -0.01 0.00
Russia A GBP Inc F £ 23.13 - 0.03 0.00 (LF) Eq Emerging Europe € 0.71 - 0.00 0.00 Choices Wth-Pfts St-tm 270.90 285.20 0.00 -
Discretionary Unit Fund Mngrs (1000)F (UK) Reduced Duration UK Corp Bond Gross Inc £ 9.95 - 0.02 3.36 Hermes US All Cap Equity Class F Stg £ Acc £ 0.94 0.94 0.00 -
Arisaig Partners 1 Poultry, London EC2R 8JR 020 7 415 4130 (LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00 Choices Managed 592.85 624.05 -2.07 -
Other International Funds Capita Asset Services (UK) Select Emerging Markets Equities £ 1.08 - 0.00 1.71 Hermes US All Cap Equity Class R € Acc € 1.84 1.84 0.00 -
Authorised Inv Funds (LF) Global Bond Fd € 12.08 - -0.03 0.00 Choices Equity 663.04 697.93 -5.09 -
Arisaig Africa Consumer Fund Limited $ 14.57 - -0.03 0.00 Barmac Asset Management Ltd (UK) 40 Dukes Place, London EC3A 7NH Select European Eqts £ 1.73 - 0.01 1.88
40 Dukes Place, London, EC3A 7NH Disc Inc 1587.60 1636.70 9.70 0.00 Hermes US SMID Equity Fund Class F Acc £ 1.55 1.55 0.00 0.00
Order Desk and Enquiries: 0345 922 0044 (LF) Global Equities € 1.10 - -0.01 0.00 Freedom With Pfts Long-Tm 219.40 231.00 0.00 -
Arisaig Asia Consumer Fund Limited $ 60.55 - 0.10 0.00 Authorised Corporate Director - Capita Financial Managers Select Global Equities £ 2.87 - 0.02 1.17
Authorised Inv Funds Do Accum 5956.70 6140.90 36.50 0.00 Hermes US SMID Equity Fund Class R Acc € 3.31 3.31 -0.01 0.00
Order Desk and Enquiries: 0345 922 0044 (LF) Eq Mena Fund € 13.72 - -0.19 0.00 Freedom With Pfts Short-Tm 197.30 207.70 0.00 -
Arisaig Global Emerging Markets Consumer Fund $ 9.65 - -0.02 0.00 CF Heartwood Cautious B Acc X 126.76 - 0.14 0.11 South East Asia £ 3.30 - 0.03 2.17
Authorised Inv Funds (LF) Greek Government Bond € 17.47 - -0.09 - Freedom Managed 347.44 365.72 -0.96 -
Arisaig Global Emerging Markets Consumer UCITS € 11.08 - -0.08 0.00 CF Heartwood Cautious Income B Inc X 110.21 - 0.02 2.06 Sterling Core Plus Bond Gr Accum £ 2.05 - 0.00 3.46
The Castleton Growth Fund Ret Acc 2 114.33 - 0.00 0.00 Hermes Property Unit Trust (UK)
(LF) Income Plus $ $ 1.22 - 0.00 0.00 Freedom Equity 389.59 410.10 -2.40 -
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.29 - -0.06 0.00 CF Heartwood Growth B Acc X 140.03 - 0.21 0.68 Sterling Core Plus Bond Inc £ 1.34 - 0.00 5.18 Property & Other UK Unit Trusts
The Castleton Growth Fund Ret Inc 2 112.97 - 0.00 0.00
(LF) Greek Corporate Bond € 10.69 - 0.00 - Corp Pens Mananged 209.29 209.29 -0.73 -
Arisaig Latin America Consumer Fund $ 19.81 - -0.04 0.00 CF Heartwood Balanced Income B Inc X 111.70 - 0.05 2.50 UK £ 3.51 - 0.02 2.32 Property £ 5.64 6.00 0.06 4.08
The Castleton Growth Fund Ret Acc X F 110.65 - 0.00 0.00
(LF) FOF Balanced Blend € 1.39 - 0.00 0.00 Corp Pens Equity 216.47 216.47 -1.66 -
The Castleton Growth Fund Ret Inc X F 111.10 - 0.00 0.00 CF Heartwood Balanced B Acc X 122.74 - 0.21 0.35 UK Aggreg Bond Gr Accum £ 1.81 - 0.00 4.62
(LF) FOF Equity Blend € 1.27 - 0.00 0.00 Corp Pens Fixed Interest 297.28 297.28 0.29 -
CF Heartwood Defensive Multi Asset Fund B Accumulation 109.08 - 0.06 0.01 UK Aggregate Bond Inc £ 1.22 - 0.00 4.73 Hermes UK Residential Real Estate (UK)
(LF) FOF Glob. Emerging Mkts € 0.81 - 0.00 0.00 Corp Pens Index Linked 334.16 334.16 -2.94 -
CF Richmond Core X 179.10 - 1.23 0.00 Dodge & Cox Worldwide Funds (IRL) UK Corporate Bond £ 1.22 - 0.00 3.98 Property & Other UK Unit Trusts
BlackRock (JER) 6 Duke Street,St.James,London SW1Y 6BN (LF) FOF Dynamic Fixed Inc € 11.54 - -0.08 0.00 Corp Pens Deposit 190.81 190.81 0.01 - VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Regulated CF Seneca Diversified Growth A ACC 211.43 - -0.21 1.36 UK Corporate Bond - Gross £ 2.25 - 0.00 3.85
www.dodgeandcox.worldwide.com 020 3713 7664 (LF) FOF Real Estate € 15.26 - -0.02 0.00 Corp Pens Protector 362.19 362.19 0.71 -
BlackRock UK Property £ 40.42 - 0.08 3.52 CF Seneca Diversified Growth B ACC 124.93 - -0.12 1.42 FCA Recognised UK Corporate Bond Fund Gross Inc £ 11.06 - 0.01 3.97
Dodge & Cox Worldwide Funds plc - Global Bond Fund Corp Pens UK Index Tracker £ 1.87 1.87 -0.02 -
Blackrock UK Long Lease £ 1063.18 - 5.39 0.00 CF Seneca Diversified Growth N ACC 123.76 - -0.12 1.22 UK Gilt Bond £ 1.28 - 0.00 1.96 Impax Asset Management (IRL)
EUR Accumulating Class € 11.35 - -0.08 0.00 Guardian Linked Life Assurance Ltd Norfolk House, 31 St James's Square, London, SW1Y 4JR
Artemis Fund Managers Ltd (1200)F (UK)
BLK Intl Gold & General $ 3.79 4.00 0.02 0.00 CF Seneca Diversified Income A INC 87.66 - -0.13 5.57 UK Gilt Gross £ 2.03 - 0.00 1.93
57 St. James's Street, London SW1A 1LD 0800 092 2051 EUR Accumulating Class (H) € 9.23 - -0.01 0.00 Managed Acc £ 17.20 18.11 -0.08 - FCA Recognised
Authorised Inv Funds CF Seneca Diversified Income B INC 103.89 - -0.14 5.69 UK Long Corp Bond £ 1.37 - 0.01 4.40 Env Mkts (Ire) Stl A £ 2.11 - 0.00 0.00
EUR Distributing Class € 10.99 - -0.07 2.86 Equity Acc £ 31.56 33.22 -0.22 -
Artemis Capital R ACC 1253.17 1324.52 7.85 1.29 CF Seneca Diversified Income N INC 102.93 - -0.14 5.69 UK Long Corp Bond - Gross £ 2.46 - 0.00 4.25
Fixed Interest Acc £ 17.05 17.94 0.02 - Env Mkts (Ire) Euro A € 1.98 - -0.01 0.00
EUR Distributing Class (H) € 8.93 - -0.01 3.07
Artemis European Growth R Acc 241.39 254.98 1.62 1.21 Investment Adviser - DSM Capital Partners UK Long Corporate Bond Fund - Gross Income £ 10.95 - 0.02 4.39
International Acc £ 12.39 13.05 -0.04 - Env Mkts (Ire) USD A $ 1.70 - 0.00 0.00
The Westchester X $ 26.79 - 0.13 0.00 GBP Distributing Class £ 9.83 - 0.00 2.96
Artemis European Opps R Acc 72.29 76.29 0.38 0.85 UK Specialist £ 1.83 - 0.01 3.32
GBP Distributing Class (H) £ 9.00 - -0.01 3.02 FIL Investment Services (UK) Limited (1200)F (UK) International S-NA Acc £ 6.37 6.70 -0.02 -
Artemis Global Emg Mkts I GBP Acc 78.93 - -0.05 - The Westchester Class 1 GBP Acc £ 18.78 - 0.06 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ Retail Share Classes
USD Accumulating Class $ 9.29 - -0.01 0.00 Callfree: Private Clients 0800 414161
International S-PA Acc £ 3.85 4.05 -0.01 - INDIA VALUE INVESTMENTS LIMITED (INVIL)
Artemis Global Emg Mkts I GBP Dist 78.93 - -0.05 - The Westchester Class 2 GBP Acc £ 18.82 - 0.06 0.00 Emerging Markets - retail £ 1.15 - 0.00 0.08
www.invil.mu
Dodge & Cox Worldwide Funds plc-Global Stock Fund Broker Dealings: 0800 414 181 International S-EU Acc £ 3.10 3.26 -0.01 -
BlueBay Asset Management LLP (LUX) Investment Adviser - Morant Wright Management Limited Europe Long Term Growth £ 1.54 - 0.00 1.84 Other International Funds
Artemis Global Energy R Acc 21.33 22.61 -0.27 0.00 Authorised Inv Funds
Regulated CF Morant Wright Japan A X 254.96 - -1.83 0.00 USD Accumulating Share Class $ 15.59 - 0.00 0.00 Managed S-PR Acc £ 6.54 6.88 -0.02 -
Unit Trust {*}CAR - Net income reinvested NAV £ 7.58 - -0.02 0.00
Artemis Global Growth R Acc 176.06 185.75 0.75 0.84
BlueBay EmMkt B-USD $ 286.94 - 0.28 0.00 CF Morant Wright Japan A Inc X 251.19 - -1.80 0.00 GBP Accumulating Share Class £ 16.62 - 0.02 0.00 Fixed Interest S-IL Acc £ 6.44 6.78 0.00 -
Cash Accum Units 186.36 186.36 0.00 0.00
Artemis Global Income R Acc 91.92 97.11 0.30 4.28
BlueBay EmMktCrp B-USD $ 160.53 - -0.75 0.00 CF Morant Wright Japan B X 270.98 - -1.94 0.55 GBP Distributing Share class £ 12.15 - 0.02 0.76 Deposit Accum £ 4.44 4.68 0.00 -
Cash Fund £ 1.00 1.00 0.00 0.14 FIL Fund Management (LUX)
Artemis Global Income R Inc 74.02 78.20 0.25 4.47 Intrinsic Value Investors (IVI) LLP (IRL)
BlueBay EmMktSel B-USD $ 142.59 - 0.28 0.00 CF Morant Wright Japan B Inc X 255.54 - -1.82 0.57 EUR Accumulating Share Class € 20.64 - -0.11 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg Guardian Pensions Management Ltd
Gross Accum Cash £ 1.28 1.28 0.00 0.00 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Artemis Global select R Acc 68.20 71.97 0.16 0.00 Dodge & Cox Worldwide Funds plc-International Stock Fund Phone: 800 22 089, 800 22 088
BlueBay EmMkLocCy B-USD $ 129.94 - 0.37 0.00 Pens. Managed Acc. £ 22.39 23.57 -0.08 - FCA Recognised
CF Morant Wright Nippon Yield ACC A X 262.47 - -1.55 2.19 MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.14 Regulated
Artemis High Income R Inc 78.44 83.52 0.05 5.84 USD Accumulating Share Class $ 13.70 - -0.03 0.00 IVI European Fund EUR € 17.32 - -0.13 0.00
BlueBay GlblConv I-USD $ 186.71 - 0.45 0.00 Pens. Equity Acc. £ 33.39 35.15 -0.26 -
CF Morant Wright Nippon Yield ACC B X 271.88 - -1.59 2.19 MoneyBuilder Global £ 2.51 2.51 0.00 0.20 China Consumer A-GBP £ 13.34 - -0.03 0.00
Artemis Income R Inc 202.14 214.22 0.37 4.44 EUR Accumulating Share Class € 14.22 - -0.11 0.00 IVI European Fund GBP £ 17.21 - -0.01 1.03
BlueBay GlblHgYd B-USD $ 132.35 - 0.00 0.00 CF Morant Wright Nippon Yield Fund A Inc X 230.41 - -1.36 2.24 OEIC Funds China Focus A-GBP £ 3.97 - 0.00 0.75
Artemis Income R Acc 338.74 358.98 0.62 4.32 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
BlueBay HgYield B-EUR € 336.18 - 0.40 0.00 CF Morant Wright Nippon Yield Fund B Inc X 238.74 - -1.40 2.23 American £ 26.68 - 0.36 0.00 HPB Assurance Ltd
USD Accumulating Share Class $ 17.49 - 0.02 0.00 Global Financial Services A-GBP £ 0.42 - 0.00 0.12
Artemis Monthly Dist R Inc 61.47 65.21 0.06 4.85 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
BlueBay HgYieldCp B-EUR € 142.40 - 0.16 0.00 American Special Sits £ 10.96 - 0.13 0.00
GBP Accumulating Share Class £ 17.64 - 0.05 0.00 Global Health Care A-GBP £ 0.55 - 0.01 0.00
Artemis Pan-Euro Abs Ret GBP 110.30 - 0.09 - International Insurances
BlueBay InvGr B-EUR € 170.92 - -0.03 0.00 Asia Pacific Ops W-Acc £ 0.99 - 0.01 -

Asset Management
Cavendish Asset Management Limited (1200)F (UK) GBP Distributing Share Class £ 11.25 - 0.03 0.53 Global Industrials A-GBP £ 0.60 - 0.00 0.00 Holiday Property Bond Ser 1 £ 0.49 - 0.00 0.00
Artemis Strategic Assets R Acc 73.24 77.64 -0.13 0.00

Asset Management Asset Management

BlueBay InvGEurGv B-EUR € 147.66 - 0.03 0.00 Chelsea House, Westgate, London W5 1DR Fidelity Asian Dividend Fund A-Accumulation £ 1.02 - 0.01 1.51
EUR Accumulating Share Class € 20.02 - -0.08 0.00 Global Inflation-Linked Bd A-GBP-Hdg £ 1.16 - 0.00 0.56 Holiday Property Bond Ser 2 £ 0.59 - 0.00 0.00
Artemis Strategic Bond R M Acc 83.69 88.88 -0.01 4.05 IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
BlueBay InvGEurAg I-EUR € 147.96 - -0.01 0.00 Fidelity Asian Dividend Fund A-Income £ 0.96 - 0.01 2.84
Authorised Inv Funds Global Real Asset Securities £ 1.32 - 0.00 0.00
Artemis Strategic Bond R M Inc 54.27 57.63 0.00 4.12
BlueBay InvGLibor B-EUR € 124.97 - -0.07 0.00 China Consumer £ 1.35 - -0.01 0.08
Cavendish Opportunities Fund B Class 1088.00 - -5.00 1.40 Global Technology A-GBP £ 0.23 - 0.00 0.00
 30
Fund Bid Offer +/- Yield
Invesco Fund Managers Ltd (UK)
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds
Asian Acc ♦ F 397.41 - 0.01 0.97
Asian Inc ♦ F
356.94 - 0.01 0.98
Asian Equity Income Acc ♦ F
54.22 - 0.20 4.77
Asian Equity Income Inc ♦ F 46.20 - 0.17 4.90
Balanced Risk 6 Acc 51.63 - 0.04 0.00
Balanced Risk 8 Acc 52.88 - 0.06 0.00
Balanced Risk 10 Acc 54.03 - 0.08 0.13
Childrens Acc ♦ F 391.94 - 0.96 1.82
set Management
Corporate Bd Acc (Gross) ♦ F 205.91 - 0.12 3.62
Corporate Bd Inc (Gross) ♦ F 89.08 - 0.05 3.72
Corporate Bond Acc ♦ F 183.51 - 0.10 3.64
Corporate Bond Inc ♦ F 88.80 - 0.04 3.73
Distribution Acc ♦ F 107.82 - 0.07 4.32
Distribution Acc (Gross) ♦ F 123.25 - 0.08 4.30
Distribution Inc ♦ F 63.17 - 0.04 4.40
Distribution Inc (Gross) ♦ F 63.18 - 0.04 4.40
Emerging European Acc ♦ F 33.67 - 0.37 3.00
Emerging European Inc ♦ F 30.69 - 0.34 3.08
European Equity Acc ♦ F 815.73 - 4.02 2.27
European Equity Inc ♦ F 690.17 - 3.41 2.32
European Equity Income Acc ♦ F 71.12 - 0.31 3.51
European Equity Income Inc ♦ F 55.05 - 0.24 3.60
European High Income Acc ♦ F 79.17 - 0.20 3.40
European High Income Inc ♦ F 57.76 - 0.14 3.45
European Opportunities Inc ♦ F 85.55 - 0.07 0.16
European Opportunities Acc ♦ F 87.60 - 0.07 0.16
European Smlr Cos Acc ♦ F 190.87 - -0.16 0.23
Global Bd Acc (Gross) ♦ F 129.04 - 0.00 1.17
Global Bd Inc (Gross) ♦ F 79.93 - 0.00 1.18
Global Bond Acc ♦ F 121.30 - 0.00 1.17
Global Bond Inc ♦ F 79.84 - 0.00 1.18
Glbl Distribution Acc 52.29 - 0.03 4.45
Glbl Distribution Acc (Gross) 52.89 - 0.03 4.45
Glbl Distribution Inc 49.96 - 0.03 4.47
Glbl Distribution Inc (Gross) 49.96 - 0.03 4.47
Global Emerging Markets Acc ♦ F 222.94 - 0.13 1.04
Global Emerging Markets Inc ♦ F 201.04 - 0.12 1.05
Global Equity (acc) ♦ F 451.34 - 1.28 0.51
Global Equity (inc) ♦ F 409.16 - 1.16 0.51
Global Equity Income Acc ♦ F 115.34 - 0.41 3.34
Global Equity Income Inc ♦ F 93.68 - 0.34 3.43
Gbl Financial Capital Acc 87.99 - 0.02 4.34
Gbl Financial Capital Inc 75.56 - 0.02 4.47
Gbl Financial Cap Acc Gross 91.85 - 0.03 4.84
Gbl Financial Cap Inc Gross 75.92 - 0.02 5.03
Global Opportunities Acc ♦ F 90.63 - 0.22 0.49
Global Smaller Cos Acc ♦ F 1626.67 - 0.30 0.21
Global Smaller Cos Inc ♦ F 1553.26 - 0.28 0.21
Global Targeted Rets Acc 56.42 - -0.09 0.29
High Income Acc ♦ F 807.02 - -0.34 3.45
High Income Inc ♦ F 445.18 - -0.18 3.53
High Yield Fund Acc 107.31 - 0.33 4.86
High Yield Fund Acc (Gross) 124.99 - 0.40 4.83
High Yield Fund Inc 42.94 - 0.13 4.98
High Yield Fund Inc (Gross) 43.02 - 0.14 4.98
Hong Kong & China Acc ♦ F 431.27 - -1.32 0.80
Income & Growth Acc ♦ F 927.74 - 0.03 4.19
Income & Growth Inc ♦ F 402.50 - 0.01 4.31
Income Acc ♦ F 3120.35 - 12.50 3.29
Income Inc ♦ F 1762.37 - 7.06 3.36
Japan Acc ♦ F 299.82 - -2.71 0.31
Japanese Smlr Cos Acc ♦ F 62.73 - 0.22 0.00
Latin America Acc ♦ F 98.24 - -0.56 1.53
Latin America Inc ♦ F 81.78 - -0.46 1.54
Managed Growth Acc ♦ F 155.16 - 0.13 0.73
Managed Growth Inc ♦ F 129.17 - 0.11 0.73
Managed Income Acc ♦ F 155.21 - 0.19 3.21
Managed Income Inc ♦ F 95.65 - 0.13 3.27
Money Acc ♦ F 90.13 - 0.00 0.22
Money Acc (Gross) ♦ F 95.25 - 0.01 0.22
Monthly Income Plus Acc ♦ F 295.23 - 0.23 4.76
Monthly Income Plus Acc (Gross) ♦ F 346.56 - 0.29 4.73
Monthly Income Plus Inc ♦ F 109.50 - 0.08 4.85
Monthly Income Plus Inc (Gross) ♦ F 109.66 - 0.10 4.85
Pacific Acc ♦ F 904.92 - -3.10 0.40
Pacific Inc ♦ F 831.15 - -2.85 0.40
Tactical Bond Acc ♦ F 68.30 - 0.01 0.97
Tactical Bond Inc ♦ F 59.44 - 0.01 0.97
Tactical Bond Acc (Gross) ♦ F 70.82 - 0.01 0.97
Tactical Bond Inc (Gross) ♦ F 59.52 - 0.01 0.98
UK Aggressive Acc ♦ F 196.11 - 0.53 1.87
UK Aggressive Inc ♦ F 163.32 - 0.44 1.90
UK Growth Acc ♦ F 536.43 - 1.18 1.90
UK Growth Inc ♦ F 340.33 - 0.75 1.93
UK Smaller Cos Equity Acc ♦ F 860.23 - -2.08 0.80
UK Smaller Cos Equity Inc ♦ F 658.74 - -1.60 0.80
UK Strategic Income Acc ♦ F 182.27 - 0.53 3.48
UK Strategic Income Inc ♦ F 136.63 - 0.39 3.57
US Equity Acc ♦ F 514.08 - 0.31 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 166.41 - 0.02 1.56
Asian (No Trail) Inc ♦ F 151.31 - 0.01 1.57
Asian Equity Income (No Trail) Acc ♦ F 110.90 - 0.41 4.76
Asian Equity Income (No Trail) Inc 94.50 - 0.35 4.89
Balanced Risk 6 No Trail Acc 105.10 - 0.09 0.16
Balanced Risk 8 No Trail Acc 107.62 - 0.12 0.44
Balanced Risk 10 No Trail Acc 109.95 - 0.16 0.59
Corporate Bond (No Trail) Acc ♦ F 163.26 - 0.09 3.89
Corporate Bond (No Trail) Inc ♦ F 117.44 - 0.06 3.98
Distribution (No Trail) Acc ♦ F 165.28 - 0.11 4.31
Distribution (No Trail) Inc ♦ F 110.24 - 0.07 4.39
Emerging European (No Trail) Acc ♦ F 69.98 - 0.77 3.60
Emerging European (No Trail) Inc ♦ F 61.84 - 0.69 3.71
European Equity (No Trail) Acc ♦ F 143.91 - 0.71 2.78
European Equity (No Trail) Inc ♦ F 121.55 - 0.60 2.86
European Equity Income (No Trail) Acc ♦ F 146.39 - 0.64 3.50
European Equity Income (No Trail) Inc ♦ F 113.35 - 0.50 3.59
European High Income (No Trail) Acc ♦ F 163.00 - 0.41 3.39
European High Income (No Trail) Inc ♦ F 118.93 - 0.30 3.44
European Opportunities (No Trail) Acc ♦ F 183.25 - 0.16 0.66
European Opportunities (No Trail) Inc ♦ F 173.90 - 0.15 0.67
Asset Management
European Smaller Companies (No Trail) Acc ♦ F 234.22 - -0.18 0.73
Global Balanced Index (No Trail) Acc ♦ F 153.38 - 0.23 1.81
Global Bond (No Trail) Acc ♦ F 136.27 - 0.00 1.42
Global Bond (No Trail) Inc ♦ F 123.91 - 0.00 1.43
Glbl Distribution Acc (No Trail) 105.26 - 0.06 3.86
Glbl Distribution Inc (No Trail) 100.58 - 0.06 3.93
Gbl Emerging Markets (No Trail) Acc ♦ F 146.00 - 0.09 1.67
Gbl Emerging Markets (No Trail) Inc ♦ F 135.66 - 0.08 1.69
Global Equity (No Trail) acc ♦ F 199.07 - 0.57 1.04
Global Equity (No Trail) inc ♦ F 184.19 - 0.53 1.05
Global Equity Income (No Trail ) Acc ♦ F 238.39 - 0.85 3.33
Global Equity Income (No Trail) Inc ♦ F 193.62 - 0.70 3.41
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 162.80 - 0.53 1.36
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 190.38 - 0.57 1.79
Gbl Fin Cap No Trail Acc 179.17 - 0.04 4.32
Gbl Fin Cap No Trail Inc 153.88 - 0.04 4.45
Global Opportunities (No Trail) Acc ♦ F 233.04 - 0.58 1.02
Global Smaller Companies (No Trail) Acc ♦ F 237.46 - 0.05 0.77
Global Smaller Companies (No Trail) Inc ♦ F 226.89 - 0.05 0.77
Global Targeted Rets (No Trail) Acc 113.93 - -0.17 0.84
High Income (No Trail) Acc ♦ F 172.42 - -0.07 3.44
High Income (No Trail) Inc ♦ F 126.77 - -0.05 3.53
High Yield Fund (No Trail) Acc 222.20 - 0.70 4.84
High Yield Fund (No Trail) Inc 165.64 - 0.52 4.96
Hong Kong & China (No Trail) Acc ♦ F 170.90 - -0.51 1.34
Fund Bid Offer +/- Yield
Income & Growth (No Trail) Acc ♦ F 218.23 - 0.02 4.18
Income & Growth (No Trail) Inc ♦ F 172.75 - 0.01 4.30
Income (No Trail) Acc ♦ F 171.32 - 0.69 3.27
Income (No Trail) Inc ♦ F 127.38 - 0.51 3.35
Japan (No Trail) Acc ♦ F 142.34 - -1.29 0.78
Japanese Smaller Companies (No Trail) Acc ♦ F 159.67 - 0.56 0.00
Latin American (No Trail) Acc ♦ F 94.91 - -0.54 2.33
Latin American (No Trail) Inc ♦ F 85.24 - -0.48 2.35
Managed Growth (No Trail) Acc ♦ F 187.99 - 0.17 1.27
Managed Growth (No Trail) Inc ♦ F 172.88 - 0.15 1.28
Managed Income (No Trail) Acc ♦ F 185.90 - 0.25 3.20
Managed Income (No Trail) Inc ♦ F 153.63 - 0.20 3.26
Monthly Income Plus (No Trail) Acc ♦ F 170.14 - 0.14 4.74
Monthly Income Plus (No Trail) Inc ♦ F 107.84 - 0.09 4.84
Pacific (No Trail) Acc ♦ F 167.74 - -0.57 0.91
Pacific (No Trail) Inc ♦ F 159.21 - -0.54 0.99
Tactical Bond (No Trail) Acc ♦ F 139.69 - 0.02 1.46
Tactical Bond (No Trail) Inc ♦ F 119.11 - 0.02 1.48
UK Aggressive (No Trail) Acc ♦ F 161.21 - 0.44 2.43
Asset Management
UK Aggressive (No Trail) Inc ♦ F 135.65 - 0.38 2.48
UK Enhanced Index (No Trail) Acc ♦ F 387.63 - 0.88 3.63
UK Enhanced Index (No Trail) Inc ♦ F 246.27 - 0.55 3.71
UK Growth (No Trail) Acc ♦ F 141.76 - 0.32 2.44
UK Growth (No Trail) Inc ♦ F 116.00 - 0.26 2.49
UK Smaller Companies Equity (No Trail) Acc ♦ F 279.84 - -0.66 1.30
UK Smaller Companies Equity (No Trail) Inc ♦ F 258.15 - -0.62 1.32
UK Strategic Income (No Trail) Acc ♦ F 723.41 - 2.12 3.47
UK Strategic Income (No Trail) Inc ♦ F 542.33 - 1.59 3.55
US Equity (No Trail) Acc ♦ F 213.90 - 0.14 0.04
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Active Multi-Sector Credit Fund A € 2.92 - 0.00 0.00
Invesco Asia Balanced A dist $ 13.90 - 0.03 3.79
Invesco Asia Consumer Demand Fund A income $ 12.22 - -0.03 0.20
Invesco Asia Infrastructure (A) $ 12.34 - 0.08 1.55
Invesco Asia Opportunities Equity A $ 99.07 - 0.02 0.00
Invesco Balanced Risk Allocation Fund A € 14.61 - 0.02 0.00
Invesco Emerging Europe Equity Fund A $ 8.00 - 0.09 0.00
Invesco Emerging Local Currencies Debt A Inc $ 6.83 - 0.00 7.07
Invesco Emerging Mkt Quant.Eq. A $ 9.12 - 0.02 0.00
Invesco Energy A $ 17.51 - -0.29 0.00
Invesco Euro Corporate Bond Fund (A) € 17.11 - -0.01 0.00
Invesco Euro Inflation Linked Bond A € 15.33 - 0.00 0.00
Invesco Euro Reserve A € 322.80 - -0.01 0.00
Invesco Euro Bond A € 7.06 - 0.00 0.00
Invesco European Growth Equity A € 23.45 - -0.03 0.00
Invesco Global Absolute Return Fund A Class € 11.39 - 0.02 0.00
Invesco Global Bond A Inc $ 5.53 - 0.01 0.97
Invesco Global Conservative Fund 90 (EUR) A € 11.91 - -0.01 0.00
Invesco Global Equity Income Fund A $ 58.07 - 0.26 0.00
Invesco Global Inc Real Estate Sec A dist $ 8.98 - 0.05 2.19
Invesco Global Inv Grd Corp Bond A Dist $ 11.69 - 0.00 3.07
Invesco Global Leisure A $ 35.68 - 0.04 0.00
Invesco Global Smaller Comp Eq Fd A $ 55.97 - 0.02 0.00
Invesco Global Structured Equity A $ 45.17 - 0.12 0.76
Invesco Global Total Ret.(EUR) Bond Fund A € 13.27 - 0.01 0.00
Invesco Gold & Precious Metals A $ 3.52 - 0.02 0.00
Invesco Greater China Equity A $ 41.93 - -0.09 0.00
Invesco India Equity A $ 51.74 - 0.64 0.00
Invesco Japanese Equity Adv Fd A ¥ 3552.00 - -29.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1175.00 - -6.00 0.00
Invesco Latin American Equity A $ 5.80 - -0.02 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 974.00 - -2.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 18.85 - -0.01 0.00
Invesco Pan European High Income Fd A € 13.85 - 0.01 2.20
Invesco Pan European Small Cap Equity A € 22.65 - -0.08 0.00
Invesco Pan European Structured Equity A € 16.56 - 0.06 0.00
Invesco UK Eqty Income A £ 31.20 - 0.12 0.00
Invesco UK Investment Grade Bond A £ 0.99 - 0.00 2.93
Invesco US Structured Equity A $ 20.53 - 0.09 0.00
Invesco US Value Eq Fd A $ 30.16 - -0.02 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F £ 2.60 - 0.01 3.37
Invesco Asian Equity A $ 5.93 - 0.01 0.55
Invesco ASEAN Equity A $ 88.09 - 0.66 0.44
Invesco Bond A $ 27.14 - 0.06 2.20
Invesco Continental Eurp Small Cap Eqty A $ 198.49 - 0.58 0.00
Invesco Emerging Markets Equity A $ 34.22 - 0.04 0.00
Invesco Emerging Markets Bond A $ 20.73 - 0.02 4.87
Invesco Continental European Equity A € 8.61 - 0.01 0.20
Invesco Gilt A £ 15.02 - -0.01 1.46
Invesco Global Small Cap Equity A NAV $ 119.29 - 0.10 0.00
Invesco Global High Income A NAV $ 12.44 - 0.01 5.46
Invesco Gbl R/Est Secs A GBP F F £ 7.33 - 0.08 0.94
Invesco Global Health Care A $ 136.60 - 1.06 0.00
Invesco Global Select Equity A $ 12.87 - 0.04 0.00
Invesco Jap Eqty Core A $ 1.78 - -0.02 0.00
Invesco Japanese Equity A $ 17.55 - -0.03 0.00
Invesco Korean Equity A $ 32.11 - -0.44 0.00
Invesco PRC Equity A $ 49.05 - 0.09 0.00
Invesco Pacific Equity A $ 44.97 - -0.13 0.19
Invesco Global Technology A $ 15.35 - 0.11 0.00
Invesco UK Eqty A £ 7.97 - 0.02 1.37
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 64.04 - -1.33 0.00
Invest AD - Emerging Africa Fund $ 964.31 - 3.76 0.00
Invest AD - GCC Focus Fund $ 1526.15 - -0.10 0.00
JPMorgan Asset Mgmt (1200)F (UK)
60 Victoria Embankment, London EC4Y 0JP
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
America Equity Acc 59.10 - 0.24 0.00
America Equity Inc 59.10 - 0.24 0.00
Asia Acc 110.30 - 0.00 0.35
Asset Management
Asia Inc 61.24 - 0.04 0.34
Cautious Managed Rt Acc 67.69xd - -0.10 0.18
Cautious Managed Rt Inc 59.56xd - -0.08 0.18
Diversified Real Ret Acc 50.72xd - 0.06 1.06
Diversified Real Ret Inc 49.26xd - 0.05 1.08
Emerging Mkts Acc 127.20 - 0.40 0.81
Emerging Mkts Inc 54.71 - 0.18 0.82
Emrg Mkts Inc Acc... C 47.36xd - 0.00 5.60
Emrg Mkts Inc Inc... C 41.65xd - 0.00 5.79
Europe Acc 1031.00 - 8.00 1.51
Europe Inc 59.32 - 0.41 1.51
Eur Dynamic exUK Acc 160.30 - 0.80 0.82
Eur Dynamic exUK £ hdg Acc 183.00 - 0.10 0.72
Eur Dynamic exUK Inc 73.60 - 0.40 0.81
Eur Smaller Cos Acc 466.90 - 1.20 0.00
Eur Smaller Cos Inc 60.72 - 0.16 0.00
Fusion Balanced Acc 53.64 - -0.10 0.48
Fusion Balanced Inc 53.63 - -0.10 0.48
Fusion Conservative Acc 53.26 - -0.09 0.67
Fusion Conservative Inc 53.15 - -0.09 0.69
FINANCIAL TIMES Tuesday 15 September 2015
MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield
Fusion Growth Acc 54.91 - -0.08 0.49 Pacific Basin Fd Cl A Initial Ser $ 2267.99 2281.49 -101.36 0.00 Dyn Europ Eq GBP Ord Inc £ 178.63 - -1.83 1.77
Fusion Growth Inc 54.90 - -0.09 0.49 UK Equity Fd Cl A Series 01 £ 2405.27 2429.26 50.96 0.00 Dyn Europ Eq USD Ord Inc $ 167.79 - -1.71 1.31
Kames Capital VCIC (IRL) Lothbury Property Trust (UK)
Fusion Growth + Acc 56.28 - -0.08 0.49 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Diversified Absolute Rtn Fd USD Cl AF2 $ 1647.35 - 7.55 0.00 China Equity EUR Ord Acc € 133.93 - 0.35 0.00
FCA Recognised Property & Other UK Unit Trusts
Fusion Growth + Inc 56.28 - -0.08 0.49 Diversified Absolute Return Stlg Cell AF2 £ 1667.95 - 7.74 0.00 China Equity GBP Ord Acc £ 139.53 - 0.35 0.00
Absolute Return Bond B GBP Acc 1077.78 - 0.50 - Lothbury Property Trust GBP £ 1752.68 1880.36 20.87 3.30
Fusion Income Acc...C 53.15 - -0.07 2.45 China Equity USD Ord Acc $ 135.86 - 0.34 0.00
Eq Market Neutral B Acc 1021.37 - 1.75 -
Fusion Income Inc...C 50.83 - -0.07 2.47 China Equity USD Inst Acc $ 139.40 - 0.36 0.00
Eq Market Neutral Plus B Acc 1038.02 - 3.67 - Manek Investment Mgmt Ltd (1000)F (UK)
Global Allocation Acc 52.95 - 0.04 0.66 P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Montello Real Estate Opportunity Fund (LUX) Global Val.Cr.Fd GBP Ord Inc £ 111.32 - -0.02 3.62
High Yield Global Bond A GBP Inc 532.17 - 0.13 3.76 Authorised Inv Funds 101 New Cavendish Street,London W1W 6XH
Global Allocation Inc 52.61 - 0.05 0.67 Regulated Global Val.Cr.Fd USD Inst Acc $ 122.88 - -0.02 0.00
High Yield Global Bond B GBP Inc 1105.60 - 0.33 4.27 Growth Fd Acc 57.33 60.67 -0.50 0.00
Global Bond exUK Acc 249.60xd - 0.20 0.76 Montello Real Estate Opportunity Fund II £ 1134.60 - 8.02 0.00 Global Val.Cr.Fd GBP Ord Acc £ 177.29 - -0.03 0.00
Investment Grade Global Bd A GBP Inc 556.41 - 0.79 2.56
Global Bond exUK Inc 196.30xd - 0.10 0.76 Global Val.Cr.Fd USD Ord Acc $ 166.42 - -0.03 0.00
Kames Global Equity Income B GBP Acc 1095.21 - 3.56 -
Manulife Global Fund (LUX)
Global Bond Opport. Acc 49.29xd - -0.01 2.86 M & G Securities (1200)F (UK) MW Japan Fund Plc (IRL) Global Val.Cr.Fd EUR Ord Acc € 155.29 - -0.03 0.00
Kames Global Equity Income B GBP Inc 1047.91 - 3.42 - 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
PO Box 9039, Chelmsford, CM99 2XG FCA Recognised
Global Bond Opport. Inc 48.56xd - 0.00 2.90 www.manulife.com.hk Swiss Select Equity Inst Acc SFr 112.73 - 0.66 0.00
Strategic Global Bond A GBP Inc 1101.11 - 0.17 0.58 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
FCA Recognised MW Japan Fund PLC A $ 23.85 - -0.17 -
Global Eq Income £ hdg Acc... C 65.72xd - 0.13 3.63 Authorised Inv Funds Swiss Select Equity Ord Acc SFr 111.64 - 0.66 0.00
Strategic Global Bond B GBP Inc 624.66 - 0.12 1.08 American Growth Fund Class A F $ 28.9530 - 0.1137 0.00
MW Japan Fund PLC B $ 24.07 - -0.18 -
Global Eq Income £ hdg Inc ... C 47.33xd - 0.09 3.71 Charifund Inc 1414.14 - 1.53 4.82 US Growth USD Ord Acc $ 206.32 - 1.99 0.00
American Growth Fund Class AA F $ 1.6439 - 0.0064 0.00 MW Japan Fund PLC C $ 91.74 - -0.93 -
Global Eq Income Acc... C 68.49xd - 0.21 3.64 Charifund Acc 19190.54 - 20.76 4.68 US Growth EUR Ord Acc € 197.79 - 1.90 0.00
Kleinwort Benson Bank (UK) American Growth Fund Class AA (HKD) FHK$ 10.3817 - 0.0407 0.00
Global Eq Income Inc ... C 59.68xd - 0.18 3.72 M&G Corporate Bond A Acc 62.37 - -0.03 3.08 US Growth GBP Ord Acc £ 207.57 - 2.02 0.00
14 St. George Street, Mayfair, London W1S1FE Asian Equity Fund Class A F $ 2.7822 - 0.0050 0.46
Global Equity Acc 954.70 - 1.50 0.16 Dealing and enquiries: 0800 024 2400 M&G Corporate Bond A Inc 39.42 - -0.02 3.08 Morant Wright Funds (Ireland) PLC (IRL) US Growth USD Inst Acc $ 190.21 - 1.84 0.00
Authorised Inv Funds Asian Equity Fund Class AA F $ 0.8948 - 0.0016 0.00 FCA Recognised
Global Equity Inc 70.96 - 0.11 0.15 M&G Dividend A Inc 58.81 - 0.04 4.63 Wealthy Nat Bd EUR Inst Inc € 108.20 - 0.12 3.82
Unit Trust Manager/ACD - Host Capital
Asset Management
Asian Small Cap Equity Fund Class AA F $ 1.9320 - -0.0008 0.00 Morant Wright Fuji Yield EUR Acc Hedged € 10.81 - -0.09 -
Asset Management
Global Financials Acc 702.40 - 0.80 0.89 Wealthy Nat Bd GBP Inst Inc £ 112.16 - 0.13 3.66
Asset Management
HC KB Capital Growth A Acc 160.06 - 0.35 1.36 M&G Dividend A Acc 589.11 - 0.41 4.47
Asian Small Cap Equity Fund Class AA (HKD)HK$ 7.8149 - -0.0031 0.00 Morant Wright Fuji Yield EUR Dist Hedged € 10.75 - -0.10 -
Asset Management Asset Manageme
Global Financials Inc 39.95 - 0.05 0.90 HC KB Capital Growth A Inc 149.88 - 0.33 1.38 M&G Episode Growth X Inc 50.26xd - 0.07 1.86 Wealthy Nat Bd EUR Ord Inc € 107.45 - 0.12 3.58
China Value Fund Class A F $ 7.7910 - -0.0368 0.78 Morant Wright Fuji Yield GBP Acc Hedged £ 11.04 - -0.09 -
Global High Yield Bd Mth Inc C 37.86xd - -0.17 6.48 HC KB Enterprise Equity Income A Inc 107.86 - -0.56 3.78 M&G Episode Income A Acc 134.16xd - -0.01 3.67 Wealthy Nat Bd GBP Ord Inc £ 112.80 - 0.13 3.39
China Value Fund Class AA F $ 2.4389 - -0.0115 0.53 Morant Wright Fuji Yield GBP Dist Hedged £ 10.81 - -0.09 -
Global High Yield Bd Acc C 99.27xd - -0.45 6.40 HC KB Enterprise Equity Income A Acc 158.78 - -0.83 3.69 M&G Episode Income A Inc 112.53xd - -0.01 3.75 Wealthy Nat Bd USD Ord Inc $ 109.77 - 0.13 3.37
Dragon Growth Fund Class A F $ 1.8064 - -0.0003 0.69 Morant Wright Fuji Yield USD Acc Hedged $ 10.74 - -0.09 -
Global High Yield Bd Inc C 37.99xd - -0.17 6.48 M&G Extra Income A Inc 707.26xd - 0.50 4.59 New Capital Alternative Strategies
HC KB Endeavour Multi Asset Balanced A Acc 128.47 - 0.08 0.81 Morant Wright Fuji Yield USD Dist Hedged $ 10.87 - -0.09 -
Dragon Growth Fund Class AA HKDHK$ 8.7337 - -0.0015 0.66 All Weather Fd USD Cls $ 121.26 - 0.57 0.00
Global Property Secs Acc 54.90xd - 0.64 0.62 HC KB Endeavour Multi Asset Balanced A Inc 122.10 - 0.08 0.81 M&G Extra Income A Acc 5787.43xd - 4.09 4.46
Emerging Eastern Europe Fund Class AA F $ 1.2486 - 0.0062 0.54 Morant Wright Fuji Yield YEN Acc ¥ 1107.14 - -9.41 -
All Weather Fd EUR Cls € 109.06 - 0.45 0.00
Global Property Secs Inc 47.38xd - 0.55 0.61 HC KB Enterprise Fixed Income A Acc 122.52 - 0.26 3.44 M&G Global Basics A Inc 582.11xd - 0.35 0.62
Emerging Eastern Europe Fund Class A F $ 2.9078 - 0.0147 0.96 Morant Wright Fuji Yield B YEN Acc ¥ 974.52 - -8.78 -
All Weather Fd GBP Cls £ 117.69 - 0.54 0.00
Income Acc ... C 49.91xd - 0.05 6.62 HC KB Enterprise Fixed Income A Inc 109.38 - 0.23 3.44 M&G Global Basics A Acc 884.20xd - 0.52 0.57
European Growth Fund Class A F $ 10.3570 - -0.0600 1.23 Morant Wright Fuji Yield YEN Dist ¥ 1094.95 - -9.31 -
Tactical Opps USD Cls $ 134.38 - -7.49 0.00
Income Inc ... C 46.97xd - 0.05 6.65 M&G Global Dividend Fund A Acc 179.71 - -0.52 3.51
European Growth Fund Class AA F $ 0.7488 - -0.0044 0.60 Morant Wright Sakura Fund Sterling Acc Hedged £ 13.20 - -0.14 0.00
Tactical Opps EUR Cls € 112.76 - -6.36 0.00
Japan Acc 269.50 - -2.20 0.00 M&G Global Dividend Fund A Inc 142.85 - -0.42 3.58
Lloyds Investment Fund Managers Limited (1000)F (JER) Global Contrarian Fund Class AA F $ 0.8796 - 0.0009 0.00 Morant Wright Sakura Fund Euro Acc Hedged € 13.17 - -0.13 0.00
Tactical Opps GBP Cls £ 126.53 - -7.12 0.00
Japan Inc 64.88 - -0.51 0.00 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 M&G Glbl Emrgng Mkts A Acc 176.39 - 0.09 0.96
Global Property Fund Class AA F $ 0.9497 - 0.0103 0.80 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1345.75 - -13.38 0.00
Multi-Asset Inc Mth Inc ... C 63.26xd - 0.05 4.21 Other International Funds
M&G Glbl Emrgng Mkts A Inc 170.41 - 0.08 0.97
Lloydstrust Gilt £ 12.3300 - 0.0400 2.43 Global Property Fund Class AA (HKD)HK$ 8.9230 - 0.0973 - Morant Wright Sakura Fund Dollar Acc Hedged $ 13.14 - -0.13 0.00
Multi-Asset Inc Acc... C 83.86xd - 0.07 3.81 M&G Global Macro Bond Fund A Acc 105.21xd - -0.41 0.87
Lloyds Investment Funds Limited Global Resources Fund Class AA F $ 0.6232 - -0.0022 0.00 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.08 - -0.13 0.00
Multi-Asset Inc Inc... C 63.46xd - 0.06 3.90 M&G Global Macro Bond Fund A Inc 73.00xd - -0.28 0.87
Euro High Income € 1.6260 - 0.0000 2.93 Greater China Opportunities Class AA $ 0.9102 - 0.0029 0.00
Multi-Asset Macro Acc 67.54 - -0.37 0.00 M&G Global High Yield Bond X Inc 49.70xd - 0.02 4.30
European £ 7.2280 - 0.0230 1.40 Healthcare Fund Class AA F $ 1.8956 - 0.0114 0.00
Multi-Asset Macro Inc 67.54 - -0.38 0.00 M&G Global High Yield Bond X Acc 116.55xd - 0.05 4.28
High Income £ 0.8666xd - 0.0016 5.01 India Equity Fund Class AA F $ 1.2989 - 0.0150 0.00
Multi-Manager Growth Acc 699.80 - 0.10 0.48 M&G Managed Growth X Inc 72.84 - 0.25 0.71
International £ 3.8500 - 0.0060 1.14 International Growth Fund Class A F $ 4.4498 - 0.0078 0.14 Northwest Investment Management (HK) Ltd
Multi-Manager Growth Inc 653.10 - 0.10 0.48 M&G Optimal Income A Inc 142.85 - -0.04 1.94 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
North American £ 14.9700 - 0.0300 0.21 International Growth Fund Class AA F $ 1.0211 - 0.0018 0.00
Other International Funds
Natural Resources Acc 341.80 - -1.00 0.12 M&G Optimal Income A Acc 187.28 - -0.06 1.94
Sterling Bond £ 1.4740 - 0.0030 3.62 Japanese Growth Fund Class A F $ 3.2371 - -0.0309 0.61
Northwest $ class $ 2338.93 - 7.42 0.00
Natural Resources Inc 24.21 - -0.07 0.12 M&G Recovery GBP A Inc 117.94 - -0.05 0.74 Morgan Stanley Investment Funds (LUX)
UK £ 6.5640 - 0.0240 1.30 Japanese Growth Fund Class AA F $ 0.8321 - -0.0080 0.00
6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Northwest Warrant $ class $ 1969.35 - -444.40 0.00
New Europe Acc 129.10 - 0.60 2.81 Lloyds Gilt Fund Limited M&G Recovery GBP A Acc 264.83 - -0.12 0.74
Latin America Equity Fund Class AA F $ 0.6875 - -0.0007 1.85 www.morganstanleyinvestmentfunds.com
New Europe Inc 30.68 - 0.14 2.77 Lloyds Gilt Fund Quarterly Share £ 1.2820 - 0.0040 1.93 M&G Strategic Corp Bond A Inc 72.84xd - -0.03 2.74 FCA Recognised
Russia Equity Fund Class AA F $ 0.4023 - 0.0058 0.00
Portfolio Acc 194.00 - 0.10 0.70 Monthly Share £ 1.2310xd - 0.0040 1.93 M&G Strategic Corp Bond A Acc 104.59xd - -0.04 2.73 US Advantage A F $ 55.52 - 0.29 0.00
Taiwan Equity Fund Class AA F $ 1.5080 - -0.0042 0.23
Sterling Corporate Bond Acc 82.41xd - -0.02 2.55 Lloyds Money Fund Limited M&G Global Leaders GBP A Inc 181.36xd - 0.11 1.40 Asian Equity A F $ 39.83 - 0.25 0.00
Sterling Class £ 52.5940 - 0.0000 0.16 Turkey Equity Fund Class AA F $ 0.6001 - -0.0088 0.00
Sterling Corporate Bond Inc 51.79xd - -0.01 2.56 M&G Global Leaders GBP A Acc 427.13xd - 0.25 1.38 Asian Property A F $ 17.34 - 0.23 0.00
Lloyds Multi Strategy Fund Limited US Bond Fund Class AA F $ 1.2097 - 0.0004 3.94
Strategic Bond Acc 68.69xd - -0.02 2.69 M&G UK Inflation Lnkd Corp Bnd A Acc 112.09 - -0.14 0.09 Asian Property AX F £ 10.39 - 0.15 0.54
Conservative Strategy £ 1.0890 - 0.0010 1.97 U.S. Bond Fund Class AA Inc F $ 0.9777 - 0.0004 3.14
Strategic Bond Inc 57.33xd - -0.02 2.70 M&G UK Inflation Lnkd Corp Bnd A Inc 110.48 - -0.14 0.09 Diversified Alpha Plus A F € 30.87 - -0.11 0.00
Growth Strategy £ 1.4480 - 0.0000 1.32 US Bond Fund Class AA (HKD) HK$ 9.9135 - 0.0037 - Oasis Crescent Management Company Ltd
UK Active Index + E Acc 272.20 - 0.40 3.15 Emerg Europ, Mid-East & Africa Eq A F € 64.75 - 0.21 0.00 Other International Funds
Aggressive Strategy £ 1.7590 - 0.0070 0.00 U.S. Bond Fund Class AA (HKD) IncHK$ 9.7444 - 0.0036 3.05
UK Active Index + E Inc 51.34 - 0.09 3.15 Emerging Markets Debt A F $ 74.96 - 0.00 0.00 Oasis Crescent Equity Fund R 9.31 - -0.04 0.00
Global USD Growth Strategy $ 1.3670 - 0.0090 0.00 M & G Securities Ltd (UK) U.S. Special Opportunities Fund Class AA F $ 0.9003 - 0.0001 7.27
UK Dynamic Acc 158.30xd - 0.50 1.49 Property & Other UK Unit Trusts Emerging Markets Domestic Debt AX F £ 10.15 - 0.01 5.78
Dealing Daily
U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 -
UK Dynamic Inc 129.40xd - 0.30 1.50 Charibond 123.84 - 0.00 5.22
Emerging Markets Equity A F $ 32.73 - 0.17 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
U.S. Special Opportunities Fund Class AA Inc $ 0.8852 - 0.0001 4.66
UK Eq & Bond Inc Acc ... C 137.90xd - 0.20 3.32 (Accum Units) 3617.74 - -0.11 5.22 Regulated
Euro Bond A F € 15.63 - 0.02 0.00
US Small Cap Equity Fund Class AA F $ 1.0824 - 0.0080 0.00 Oasis Global Investment (Ireland) Plc
UK Eq & Bond Inc Inc ... C 81.05xd - 0.15 3.38 NAACIF 73.47 - 0.01 4.70
Euro Corporate Bond AX F £ 21.92 - 0.10 1.71
US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2684 - 0.0005 0.06 Oasis Crescent Global Short Term Income Fund $ 1.00 - 0.00 0.49
(Accum Units) 6497.67 - 0.75 4.57
UK Higher Inc Acc ... C 888.40xd - 1.80 4.22 Euro Strategic Bond A F € 43.16 - 0.01 0.00
Oasis Global Equity $ 26.42 - 0.04 0.24
M&G Property Portfolio A Acc 132.22 139.17 0.03 3.61
UK Higher Inc Inc ... C 516.30xd - 1.00 4.35 European Currencies High Yield Bd A F € 21.56 - -0.01 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Property Portfolio A 122.12 128.54 0.03 3.70 Manulife Global Fund
UK Managed Equity Acc 63.47xd - 0.14 2.10 European Equity Alpha A F € 42.68 - -0.35 0.00 Oasis Crescent Global Equity Fund $ 26.80 - 0.01 0.00
Other International Funds
Lombard Odier Funds (Europe) S.A (LUX) Property Portfolio X 122.12 122.12 0.03 3.68
UK Managed Equity Inc 53.53xd - 0.12 2.13 European Property A F € 34.12 - -0.34 0.00 Oasis Crescent Variable Balanced Fund £ 10.33 - 0.02 -
www.loim.com Asia Total Return Fund Class AA $ 0.9580 - 0.0009 -
UK Smaller Cos Acc 387.60 - 0.20 0.00 Regulated Eurozone Equity Alpha A F € 11.21 - -0.08 0.00 OasisCresGl Income Class A $ 10.96 - 0.01 2.31
Asia Total Return Fund Class AA (HKD) Inc FHK$ 9.4603 - 0.0089 -
Lombard Odier Funds
UK Smaller Cos Inc 75.26 - 0.04 0.00 M & G (Guernsey) Ltd (GSY) Asia Total Return Fund Class AA Inc $ 0.9053 - 0.0009 3.24 Global Bond A F $ 38.80 - 0.07 0.00 OasisCresGl LowBal D ($) Dist $ 11.61 - 0.01 0.00
Absolute Ret Bond (EUR) PA € 12.01 - -0.01 0.00 Regulated
UK Strategic Eq Inc Acc ... C 148.90xd - 0.30 3.63 Global Brands A F $ 91.71 - 0.14 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 11.76 - 0.02 0.33
The M&G Offshore Fund Range Asia Value Dividend Equity Fund Class AA F $ 1.5428 - -0.0018 0.00
Absolute Ret Bond (USD) PA $ 17.64 - -0.02 0.00
UK Strategic Eq Inc Inc ... C 97.43xd - 0.23 3.72 Corporate Bond 1312.43 1353.02 -0.67 3.08 Global Convertible Bond A F $ 42.26 - 0.00 0.00 Oasis Crescent Gbl Property Eqty $ 9.28 - 0.05 1.91
Asia Value Dividend Equity Fund Class AA Inc $ 0.9328 - -0.0011 -
All Roads (CHF) PA SFr 17.44 - 0.00 0.00
UK Strategic Gth Acc 110.50 - 0.40 1.19 Global Basics 2156.22 2222.91 1.22 0.30 Global Property A F $ 26.94 - 0.24 0.00
Strategic Income Fund Class AA F $ 1.0794 - -0.0001 4.46
All Roads (USD) PA $ 11.09 - 0.00 0.00
UK Strategic Gth Inc 103.10 - 0.40 1.21 Global Leaders 3153.14 3284.52 1.85 1.17 Indian Equity A F $ 34.63 - 0.28 0.00
All Roads (GBP) PA £ 11.32 - 0.00 0.00
US Acc 680.90 - 3.60 0.00 Global High Yield Bond 977.12 1007.34 0.39 4.29 Latin American Equity A F $ 38.08 - -0.14 0.00
All Roads (EUR) PA € 11.25 - 0.01 0.00 Marlborough Fd Managers Ltd (1200)F (UK)
US Inc 94.24 - 0.49 0.00 Global Macro Bond Fund 10941.40 11279.80 -41.93 0.87 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Short Maturity Euro Bond A F € 20.38 - 0.00 0.00
Alpha Japan (EUR) PA F € 11.11 - 0.07 0.00 www.marlboroughfunds.com
US Equity Income Acc ... C 112.90xd - 0.20 2.23 North American Dividend Fund 148.50 154.68 -0.24 2.24 US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Alpha Japan (CHF) PA F SFr 13.88 - 0.09 0.00 Authorised Inv Funds
US Equity Income £ hdg Inc ... C 94.53xd - 0.28 2.28 Optimal Income Fund 141.55 145.93 -0.04 1.94 US Growth A F $ 65.89 - 0.37 0.00
Balanced 150.27 158.85 -0.26 0.05
Alpha Japan (JPY) PA F ¥ 1320.00 - 9.00 0.00 Odey Asset Management LLP (UK)
US Equity Income Inc ... C 96.33xd - 0.20 2.25 Recovery Fund Limited 'A' Participating Shares 10214.26 10639.85 -4.11 0.43 US Growth AH F € 45.69 - 0.26 0.00
Bond Income 49.96 52.87 -0.06 4.89 40 Dukes Place, London, EC3A 7NH
Alpha Japan (USD) PA F $ 15.91 - 0.11 0.00
US Select Acc 105.90 - 0.40 0.00 Recovery Fund Limited 'I' Participating Shares 10222.42 10325.68 -4.44 1.25 US Growth AX F £ 42.80 - 0.32 0.00 Order Desk and Enquiries: 0345 300 2106
Cash 50.00 - 0.00 0.32
Alternative Beta PA F SFr 115.05 - -0.01 0.00 Authorised Corporate Director - Capita Financial Managers
US Select Inc 104.50 - 0.30 0.00 Strategic Corporate Bond Fund 132.26 137.77 -0.05 2.74 US Property A F $ 63.56 - 1.31 0.00
Cautious Inc 81.56 85.84 -0.08 1.33 Authorised Inv Funds
Alternative Beta PA F € 77.62 - -0.01 0.00
US Smaller Cos Acc 377.20 - 3.10 0.00 UK Growth 1488.88 1550.91 -0.19 1.20 Defensive A Inc 115.89 - -0.06 0.98 CF Odey Continental European GBP R Acc 708.00 - 4.30 0.19
Alternative Beta PA F $ 116.09 - 0.00 0.00
US Smaller Cos Inc 98.85 - 0.81 0.00
Emerging Markets 211.77 - 0.31 1.80 Morgens Waterfall Vintiadis.co Inc CF Odey Opus GBP R Inc 3651.55 - 6.22 0.00
Commodities (CHF) PA SFr 5.34 - -0.04 0.00
Other International Funds
ETF Global Growth A 150.95 - -0.46 0.00 CF Odey Absolute Return GBP R 315.70 - 0.78 0.00
Commodities (EUR) PA € 5.41 - -0.03 0.00 Phaeton Intl (BVI) Ltd (Est) $ 403.54 - -8.62 0.00
JPMorgan Charity Funds (UK) ETF Commodity A 70.16 - -0.13 0.00 CF Odey Portfolio Fund GBP R Inc 140.85 - 0.19 0.07
Commodities (USD) PA $ 5.59 - -0.03 0.00
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175
European Multi-Cap 266.30 - 0.56 0.20
Property & Other UK Unit Trusts Convertible Bd P A € 17.23 - -0.01 0.00
UK Equity Fund for Charities I...C £ 2.733460 2.744230 0.006630 3.49 Extra Income 78.75 83.33 0.05 4.50
Convertible Bd Asia PA F SFr 13.38 - 0.00 0.00 Odey Asset Management LLP (CYM)
Bond Fund for Charities £ 1.351800 1.358190 -0.000380 3.73 Far East Growth A Inc 150.12 - 0.56 1.99 Regulated
Convertible Bd Asia PA F € 14.26 - 0.00 0.00
MFS Investment Funds (LUX) OEI Mac Inc GBP A £ 382.25 - 0.00 0.00
Global 171.40 180.42 -0.32 0.00
Convertible Bd Asia PA F $ 14.36 - 0.01 0.00 FCA Recognised
Global Bond Inc 135.01 142.87 0.07 3.23 OEI Mac Inc GBP B £ 208.85 - 0.00 0.00
Emerg. Consumer (CHF) PA SFr 11.27 - -0.02 0.00 Blend.Research Gb.Eq.Fd. € 98.26 - -0.44 -
High Yield Fixed Interest 73.71 78.21 -0.15 5.63 OEI MAC Inc USD $ 2047.59 - 0.00 0.00
Emerg. Consumer (EUR) PA € 11.41 - -0.01 0.00 Blend.Research Gb.Eq.Fd. £ 96.71 - 0.27 - Natixis International Funds (Lux) I SICAV (LUX)
Multi Cap Income A Inc 157.98 - 0.36 4.26 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Odey European Inc EUR € 885.97 - 0.00 0.00
Emerg. Consumer (USD) PA $ 11.38 - -0.02 0.00 Blend.Research U.S.Core Eq.Fd. ¥ 9915.00 - 24.00 -
FCA Recognised Odey European Inc GBP A £ 340.08 - 0.00 0.00
Blend.Research Gb.Eq.Fd. $ 97.91 - 0.12 - Nano-Cap Growth A Acc 104.2513 114.5600 0.1815 -
Emerg.Eq. Risk Par.(EUR) PA € 7.47 - -0.05 0.00 Harris Global Equity R/A (USD) $ 253.09 253.09 0.35 0.00
Special Situations A Acc 1159.76 1227.26 -1.30 0.38 Odey European Inc GBP B £ 192.98 - 0.00 0.00
Emerg. Eq. Risk Par.(USD) PA $ 5.89 - -0.01 0.00 Em.Mk.Eq.Fund Euro € 103.18 - -0.26 0.00
Harris Concentrated US Equity H-N/A (GBP) £ 134.12 134.12 0.15 0.00
GAM UK Multi-Cap Growth A Inc 231.54 245.02 0.48 0.40 Odey European Inc USD $ 408.92 - 0.00 0.00
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.81 - 0.00 0.00 Em.Mk.Eq.Fund Sterling £ 88.88 - 0.42 0.00
funds@gam.com, www.jbfundnet.com Harris Concentrated US Equity R/D (GBP) £ 94.33 94.33 0.24 36.41
Giano Capital EUR Inc € 4466.83 - 42.95 0.00
Regulated Em.Mk.Eq.Fd.US Dollar $ 88.94 - 0.27 0.00 UK Micro Cap Growth A 477.92 505.74 -0.77 0.00
Emerg.Loc.Cur.Bd.Fdt PA SFr 8.05 - 0.01 0.00 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 98.97 98.97 0.08 0.90
JB BF ABS-EUR B € 105.09 - 0.13 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 7754.00 - 26.00 6.15 US Multi-Cap Income 299.30 - 1.13 0.18
Emerg.Loc.Cur.Bd.Fdt PA € 10.53 - -0.05 0.00
MFM - Third Party Funds
JB BF Abs Ret Def-EUR B € 110.42 - -0.07 0.00 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 9368.00 - 14.00 6.45 Odey Asset Management LLP (IRL)
Emerg.Loc.Cur.Bd.Fdt PA $ 8.26 - 0.01 0.00
Junior Oils 71.22 75.37 -0.84 0.00 Natixis International Funds (Dublin) I plc (IRL) FCA Recognised
JB BF Abs Ret EM-USD B $ 115.54 - -0.22 0.00 Gb.Conc.Eq.Fd.Euro € 260.86 - -0.91 0.00
Euro BBB-BB Fdt PA SFr 15.50 - -0.01 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Odey Pan European EUR R € 335.35 - -3.98 0.00
Junior Gold C Acc 20.63 - 0.27 0.00
JB BF Abs Ret-EUR B € 129.42 - -0.18 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 159.77 - 0.61 0.00 Regulated
Euro BBB-BB Fdt PA € 12.31 - 0.00 0.00 Odey Allegra European EUR O € 259.63 - -2.62 0.00
MFM Artorius Fund 148.85 - 2.49 0.19 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.44 13.44 0.04 1.13
JB BF Abs Ret Pl-EUR B € 128.18 - -0.19 0.00 Gb.Conc.Eq.Fd.Sterling £ 241.96 - 0.91 0.00
Euro BBB-BB Fdt PA £ 10.87 - -0.01 0.00 Odey Allegra International EUR O € 171.17 - -1.56 0.00
MFM Bowland 154.96 167.52 1.38 0.00 Loomis Sayles High Income R/D (USD) $ 8.88 8.88 0.00 13.86
JB BF EM Corporate-USD B $ 107.02 - 0.00 0.00 Gb.Conc.Eq.Fd.US $ 186.35 - 0.41 0.00
Euro BBB-BB Fdt PA $ 17.47 - 0.00 0.00 Odey Allegra Developed Markets USD I $ 129.98 - -0.03 0.00
MFM Hathaway Inc 103.50 108.38 0.52 1.57 Loomis Sayles Multisector Income R/D (GBP) £ 12.99 12.99 0.03 4.60
JB BF EM Infl Link-USD B $ 79.36 - 0.09 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 175.53 - -0.08 0.00
Euro Credit Bd PA F € 12.88 - 0.01 0.00 Odey European Focus Fund € 17.32 - -0.18 0.53
MFM SGWM Managed A Acc 120.57 - -0.22 0.16
JB BF EM Inv Grade-USD B $ 98.50 - -0.01 0.00 Gb.Eq.Euro Hdg Fd. € 248.81 - -0.12 0.00
Euro Government Fdt PA € 12.44 - 0.01 0.00 Odey Atlas Fund GBP I S £ 1.16 - 0.00 0.00
MFM Techinvest Special Situations Acc 133.51 - 3.39 0.01
JB Emerging (EUR)-EUR B € 329.63 - -0.13 0.00
Euro Inflation-Lk Fdt PA € 11.88 - -0.01 0.00 Gb.Eq.Fund Euro € 268.04 - -1.07 0.00 Natixis International Funds (UK)
MFM Techinvest Technology Acc 357.56 - 1.67 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Odey Giano European Fund EUR R € 117.06 - -0.35 0.00
JB Emerging (USD)-USD B $ 402.56 - -0.16 0.00 Gb.Eq. Fd Euro IRE T € 169.54 - -0.68 0.00
Euro Resp.Corp. Fdt PA € 18.13 - 0.01 0.00 Authorised Funds Odey Naver Fund EUR I € 124.33 - -0.48 0.00
MFM UK Primary Opportunities A Inc 309.79 - 0.02 1.42
JB BF Local EM-USD B $ 249.42 - 0.28 0.00 Gb.Eq.Fd.Sterling UK T £ 198.49 - 0.64 0.00 H2O MultiReturns Fund N/A (GBP) $ 12.57 12.57 0.03 1.77
Europe High Conviction PA € 11.08 - -0.10 0.00 Slater Investments Ltd - Investment Adviser Odey Odyssey USD I $ 150.45 - -0.79 0.00
JB BF Total Ret-EUR B € 98.15 - -0.09 0.00 Gb.Eq.Fd.US Dollar $ 302.40 - 0.52 0.00 H2O MultiReturns Fund I/A (GBP) £ 1.35 - -0.01 1.67
Eurozone Small&Mid Caps PA € 50.34 - -0.35 0.00 MFM Slater Growth 394.48 418.55 0.08 0.11 Odey Orion Fund EUR I € 120.03 - -0.82 0.00
JB EF Abs Ret Eur-EUR B € 120.48 - 0.01 0.00 Gb.Eq.Fund Sterling £ 196.32 - 0.63 0.00 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.00 - 0.01 0.00
Fdmt.Eq.L/S SH Sd EUR PA € 11.08 - 0.02 0.00 MFM Slater Income A Inc 163.97 - 0.23 3.77 Odey Swan Fund EUR I € 102.07 - -0.16 0.00
JB EF Euro Value-EUR B € 177.34 - -1.88 0.00 Gb.Val.Ex-Jap.Fd.USD $ 112.65 - 0.16 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.00 - 0.00 0.00
Fdmt.Eq.L/S SH Sd USD PA $ 11.09 - 0.01 0.00 MFM Slater Recovery 170.27 180.66 0.52 0.24 Odey European Absolute Return GBP S £ 101.30 - 0.19 0.00
JB EF Japan-JPY B ¥ 16473.00 - -202.00 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 13358.00 - -6.00 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.94 - 0.01 4.47
Gbl.Gvt.Fdmt PA € 10.30 - -0.02 0.00
JB EF Luxury B-EUR B € 211.07 - -1.48 0.00 Gb.Val.Fd. Euro € 122.26 - -0.41 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.02 - 0.00 4.35
Gbl.Gvt.Fdmt.(CHF) PA SFr 22.74 - 0.10 0.00
Marlborough International Management Limited (GSY) Odey Wealth Management (CI) Ltd (IRL)
JB Ms EF Special Val. EUR/A € 134.16 - -0.57 0.80 Gb.Val.Fd.Sterling £ 109.07 - 0.42 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.35 - 0.01 0.28
Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.56 - 0.02 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 www.odey.com/prices
JB Strategy Balanced-CHF/B SFr 147.29 - -0.04 0.00 Gb.Val.Fd.USD $ 99.47 - 0.24 0.00 FCA Recognised FCA Recognised
Gbl.5B Fdmt (EUR) PA € 11.67 - -0.04 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.33 - 0.01 0.49
Marlborough North American Fund Ltd £ 28.99 29.28 -0.30 0.00 Odey Opportunity EUR I € 214.78 - -0.23 0.00
JB Strategy Balanced-EUR € 151.36 - -0.29 0.00 Low Volatility Gb.Eq.Fd. € 96.92 - -0.12 -
Gbl.5B Fdmt (CHF) PA SFr 10.51 - 0.02 0.00
Marlborough Tiger Fund Ltd F £ 24.51 24.76 0.67 0.00
JB Strategy Balanced-USD/B $ 127.21 - 0.05 0.00 Low Volatility Gb.Eq.Fd. £ 95.39 - 0.58 -
Gbl.5B Fdmt SH (USD) PA $ 10.94 - 0.00 0.00 NatWest (2230)F (UK)
JB Strategy Growth-CHF/B SFr 89.71 - 0.01 0.00 Low Volatility Gb.Eq.Fd. $ 96.57 - 0.44 - PO Box 23873, Edinburgh EH7 5WJ** Omnia Fund Ltd
Generation Global (CHF) PA F SFr 12.76 - 0.01 0.00
JB Strategy Growth-EUR € 111.96 - -0.26 0.00 Marwyn Asset Management Limited (CYM) Enquiries: 0800 085 5588 Other International Funds
Generation Global (EUR) PA F € 19.08 - -0.09 0.00 Authorised Inv Funds
Regulated Estimated NAV $ 834.23 - -144.87 0.00
JB Strategy Inc-CHF/B SFr 118.55 - 0.02 0.00 Series 1(Minimum initial investment 16375,000)
Generation Global (USD) PA F $ 14.68 - 0.02 0.00 MFS Meridian Funds SICAV (LUX) Marwyn Value Investors £ 517.78 - -17.91 0.00
JB Strategy Inc-EUR/B € 157.84 - -0.15 0.00 Regulated United Kingdom Equity Index Fund £ 12.19 - -0.07 2.81
Global Energy (USD) PA F $ 6.57 - -0.12 0.00
JB Strategy Inc-USD/B $ 145.13 - 0.10 0.00 Absolute Return A1 € 19.45 - -0.11 0.00 UK Specialist Equity Inc £ 18.97 - -0.12 0.41
Golden Age (CHF) PA F SFr 21.47 - 0.10 0.00
Asia ex-Japan A1 $ 21.73 - 0.03 0.00 McInroy & Wood Portfolios Limited (UK)
Contl Europe Spec Equity £ 15.47 - -0.13 0.00
Golden Age (EUR) PA € 14.59 - 0.07 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867
Bond A1 $ 10.38 - 0.02 0.00 Authorised Inv Funds US Spec Equity Fund £ 12.99 - 0.05 0.00
Golden Age (USD) PA F $ 20.22 - 0.08 0.00
China Equity Fd A1 $ 8.93 - 0.00 0.00 Balanced Fund Personal Class Units 3785.50 - 8.10 1.96 Japan Specialist Fund X £ 9.16 - -0.02 0.00
Sh.T- Money Mkt EUR PA € 112.32 - 0.00 0.00
Continental European Eqty A1 € 16.88 - -0.03 0.00
Income Fund Personal Class Units 2327.10 - 2.30 2.95 Pacific Basin Specialist Equity Fund £ 20.57 - 0.06 0.70
Sh.T- Money Mkt CHF PA SFr 128.82 - 0.00 0.00 Optima Fund Management
Emer Mkts Debt Lo Curr Fd A1 $ 10.92 - 0.01 0.00
Emerging Markets Fund Personal Class Units 1524.20 - 7.10 2.56 UK Sovereign Bd Index Fund £ 10.99 - 0.04 2.60 Other International Funds
Sh.T- Money Mkt GBP PA £ 10.27 - 0.00 0.00
Emerging Markets Debt A1 $ 32.86 - 0.00 0.00
Smaller Companies Fund Personal Class Units 3498.40xd - -1.10 1.77 UK Specialist Equity Income Fund £ 9.66 - -0.04 3.82 Cuttyhunk Fund II Limited $ 1574.49 - 48.86 0.00
Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00
Kames Capital ICVC (UK) Emerging Markets Eq.A1 $ 9.89 - 0.00 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.01 - 0.02 3.21 JENOP Global Healthcare Fund Ltd $ 16.71 - -0.41 0.00
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Sw.Fr.Bd(For) PA SFr 23.75 - -0.01 0.00
European Concentrated A1 € 16.97 - -0.06 0.00 Inflation Lkd Sov Bd Fund £ 12.80 - 0.05 0.67 OPTIKA Fund Limited - Cl A $ 116.35 - 0.61 -
0800 45 44 22 www.kamescapital.com Sw.Fr.Credit Bd(For) PA SFr 13.64 - -0.01 0.00 Meridian Fund Managers Ltd
Authorised Funds European Core Eq A1 € 30.21 - -0.17 0.00 Other International Funds Global Emerg Mkts Equity Fund X £ 10.34 - 0.00 0.58 Optima Fd NAV (Est) $ 92.29 - -0.78 0.00
Tactical Alpha (CHF) PA SFr 10.09 - -0.03 0.00
Diversified Income B Acc 110.27 - 0.10 5.49 Global Gold & Resources Fund $ 180.02 - -1.51 - Series 2 (Investment Management customers only)
European Res.A1 € 31.45 - -0.09 0.00 Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Tactical Alpha (EUR) PA € 10.40 - -0.02 0.00
Diversified Income B Inc 101.66 - 0.09 5.70 Global Energy & Resources Fund $ 37.95 - -6.10 - United Kingdom Equity Index Fund £ 12.20 - -0.07 3.30
European Smaller Companies A1 € 49.37 - -0.29 0.00 The Dorset Energy Fd Ltd NAV $ 29.68 - -1.82 0.00
Tactical Alpha (USD) PA $ 14.95 - -0.03 0.00
Diversified Growth A Acc 130.50 - -0.26 2.83 UK Specialist Equity Inc £ 19.18 - -0.13 1.75
European Value A1 € 34.27 - -0.17 0.00 Platinum Fd Ltd $ 83.19 - -0.37 0.00
Technology PA € 13.14 - 0.04 0.00
Ethical Cautious Managed A Acc 164.62 - 0.21 1.67 Contl Europe Spec Equity £ 16.28 - -0.13 0.63
Metage Capital
Asset Management
Global Conc.A1 $ 34.87 - 0.08 0.00 Platinum Fd Ltd EUR € 16.17 - -0.09 0.00
Technology PA $ 19.90 - 0.06 0.00
Other International Funds
Ethical Cautious Managed A Inc 136.19 - 0.17 1.68 US Spec Equity Fund £ 13.56 - 0.05 0.17
Global Credit Fund $ 10.42 - 0.02 0.00 Platinum Japan Fd Ltd $ 53.00 - -0.86 0.00
Asset Management Asset Management
Wld Gold Expertise PAF SFr 8.73 - 0.02 0.00 MGS -Master Series (Est) $ 240.66 - -2.89 -
Ethical Corporate Bond A Acc 195.52 - 0.16 3.32 Japan Specialist Fund X £ 9.74 - -0.01 0.55
Global Energy Fund A1 $ 12.27 - -0.07 0.00 Optima Partners Global Fd (Est) $ 14.36 - -0.14 0.00
Wld Gold Expertise PA € 6.95 - 0.01 0.00 MEMO - Master Series $ 501.03 - -3.56 0.00
Ethical Corporate Bond A Inc 110.95 - 0.09 3.32 Pacific Basin Specialist Equity Fund £ 20.52 - 0.06 1.39
Global Equity A1 $ 43.93 - 0.08 0.00 Optima Partners Focus Fund A $ 16.52 - -0.35 0.00
Wld Gold Expertise PA $ 9.23 - 0.02 0.00 MEMO - MEMV Series $ 117.28 - -0.07 0.00
Ethical Equity A Acc 172.50 - 0.30 1.28 UK Sovereign Bd Index Fund £ 11.16 - 0.04 2.60
Global Equity A1 € 24.62 - -0.07 0.00
LO Selection
High Yield Bond A Acc 115.71 - 0.03 4.07 UK Specialist Equity Income Fund £ 10.42 - -0.04 3.77
Balanced (CHF) PA F SFr 106.50 - -0.09 0.00 Global High Yield Fund $ 24.87 - 0.00 0.00
Oryx International Growth Fund Ltd
High Yield Bond A Inc 53.03 - 0.01 4.07
Global High Yield Fund € 16.01 - -0.08 0.00 Ministry of Justice Common Investment Funds (UK) Global Spec Inv Grade Bd Fund GBP £ 10.16 - 0.02 3.21 Other International Funds Asset Management
Managemen
Balanced (EUR) PA F € 123.33 - -0.38 0.00
Property & Other UK Unit Trusts
Asset Management
Investment Grade Bond A Acc 159.00 - 0.13 3.04
Asset Management Global Multi-Asset A1 $ 15.32 - 0.01 0.00 Inflation Lkd Sov Bd Fund £ 12.92 - 0.05 0.67 NAV (Fully Diluted) £ 6.45 - 0.27 0.00
Conservative (CHF) PA F SFr 103.44 - -0.04 0.00 The Equity Idx Tracker Fd Inc 1265.00 1265.00 1.00 2.85
Investment Grade Bond A Inc 116.50 - 0.10 3.04 Global Emerg Mkts Equity Fund X £ 9.99 - -0.01 0.80
Conservative (EUR) PA F € 113.49 - -0.13 0.00 Global Res.A1 $ 25.28 - 0.07 0.00 Distribution Units
Sterling Corporate Bond A Acc 69.56 - 0.07 2.95 The initial charge you will pay will depend on the amount you invest
Global Allocation (GBP) PA F £ 9.85 - 0.00 0.00 Global Total Return A1 € 16.88 - -0.05 0.00
**Address and Telephone number for series 1 only
Sterling Corporate Bond A Inc 31.07 - 0.03 2.95
Growth (CHF) PA F SFr 110.82 - -0.11 0.00 Inflation-Adjusted Bond A1 $ 13.95 - 0.04 0.00
Mirabaud Asset Management (LUX)
Strategic Bond A Acc 179.72 - 0.15 1.85 www.mirabaud.com, marketing@mirabaud.com
Growth (EUR) PA F € 132.28 - -0.60 0.00 Japan Equity A1 $ 9.66 - 0.03 0.00
Strategic Bond A Inc 119.37 - 0.10 1.85 Regulated
Vantage 1500 (EUR) MA € 10.21 - 0.00 0.00 Latin American Equity Fd A1 $ 11.60 - -0.11 0.00
Mir. Conv. Bds Eur A EUR € 135.04 - -0.44 0.00
UK Equity Absolute Return A Acc 119.11 - 0.19 0.00
Vantage 3000 (EUR) MA € 10.34 - 0.00 0.00 Limited Maturity A1 $ 14.03 - 0.00 0.00
Mir. Conv. Bds Glb A USD $ 114.19 - 0.11 0.00 Permal Investment Mgmt Svcs Ltd
UK Equity A Acc 225.10 - 0.52 1.50
PrivilEdge Prudent Wealth Fd A1 $ 14.42 - 0.04 0.00 www.permal.com
Mir. - Eq Asia ex Jap A $ 163.58 - 0.76 0.00
UK Equity Income A Acc 199.02 - 0.51 4.48 Inc.Pt.RMB Dt.CNH PA CNH 101.26 - 0.20 0.00 Other International Funds
Research Bond A1 $ 16.56 - 0.03 0.00
Mir. - Eq Glb Emrg Mkt A USD $ 84.89 - -0.06 0.00 Offshore Fund Class A US $ Shares
UK Equity Income A Inc 155.54 - 0.40 4.61 Inc.Pt.RMB Dt.SH CHF PA SFr 9.72 - 0.00 0.00 New Capital Fund Management Ltd (IRL)
UK Equity A1 £ 7.81 - -0.01 0.00
Mir. - Eq Global Focus A USD $ 99.70 - 0.46 0.00 Leconfield House, Curzon Street, London, W1J 5JB Investment Holdings N.V. $ 5501.67 - -210.54 0.00
UK Opportunities A Acc 160.91 - 0.23 1.42 Inc.Pt.RMB Dt.SH EUR PA € 9.79 - 0.00 0.00
US Conc.Growth A1 $ 14.72 - 0.07 0.00
Mir. -Eq Spain A € 25.51 - -0.35 0.00 FCA Recognised Macro Holdings Ltd $ 4245.42 - 47.63 0.00
UK Smaller Companies A Acc 275.82 - -0.10 0.66 Inc.Pt.RMB Dt.USD PA $ 9.85 - 0.00 0.00 New Capital UCITS Funds
US Government Bond A1 $ 17.06 - 0.02 0.00
Mir. - Eq Swiss Sm/Mid A SFr 312.69 - -0.17 0.00 Fixed Income Holdings N.V. $ 378.88 - -8.07 -
Jenn. US Eq.Opp. USD PA $ 9.39 - 0.02 0.00 Value A1 $ 20.95 - 0.05 0.00 Asia Pac Bd USD Inst Inc $ 90.57 - -0.03 3.32
Mir. - Glb High Yield Bds A $ 109.52 - -0.03 - Permal Absolute Return Fund $ 169.53 - 2.94 0.00
Kames Capital Investment Portfolios ICVC (UK) Neubrg.Berman US Core PA $ 13.42 - 0.06 0.00 Asia Pac Bd USD Ord Inc $ 92.45 - -0.03 2.57
Mir. - Glb Eq High Income A USD $ 97.56 - -0.14 0.00
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Sands US Growth PA € 13.48 - 0.04 0.00 Asia Pac Eq EUR Ord Inc € 85.37 - 0.18 3.44
MMIP Investment Management Limited (GSY)
0800 45 44 22 www.kamescapital.com Mir. - Glb Strat. Bd A USD $ 105.58 - -0.07 0.00
Authorised Funds Sands US Growth PA $ 16.28 - 0.05 0.00 Regulated Asia Pac Eq GBP Ord Inc £ 88.35 - 0.18 3.90
Multi-Manager Investment Programmes PCC Limited Asia Pac Eq USD Ord Inc $ 88.87 - 0.18 3.27
Property Income B Acc 116.88 - 0.02 - Will.Blair Gbl. Ldrs PA € 14.85 - -0.05 0.00
European Equity Fd Cl A Initial Ser € 2630.39 2630.39 115.75 0.00
Property Income B Inc 109.68 - 0.02 - Will.Blair Gbl. Ldrs PA $ 12.50 - 0.02 0.00 Asia Pac Eq USD Inst Acc $ 94.20 - 0.19 0.00
Japanese Equity Fd Cl A Initial Ser ¥ 374586.00 374586.00 2750.00 0.00
Asia Pac Eq USD Inst Inc $ 99.19 - 0.20 4.01
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1343.33 1343.33 -11.03 0.00
Dyn Europ Eq EUR Ord Inc € 168.13 - -1.71 1.40
Tuesday 15 September 2015 FINANCIAL TIMES 31

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield

UK Long Term Corp. Bnd Inst-Inst Acc £ 19.09 - 0.07 0.00 US Premium Equities (USD) $ 196.08 - 0.44 0.00 Investments Inc Inc Ret 102.60 - 0.00 - Charity Value and Income Fund Inc 92.31 92.86 0.08 4.86 Data Provided by
UK Real Return - Inst Acc £ 23.41 - 0.09 0.00 Equity Inc Inc Inst 239.40 - 1.10 -
The National Investor (TNI) Veritas Asset Management LLP (IRL)
UK Sterling Long Average Duration - Inst Acc £ 21.80 - 0.10 0.00 Equity Inc Inc Ret 205.60 - 0.90 - www.tni.ae HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Royal Bank of Scotland (2230)F (UK) Standard Life Wealth (JER)
Other International Funds Veritas Funds Plc
UK Sterling Low Average Duration - Inst Acc £ 14.02 - 0.00 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Equity Inc Acc Inst 144.50 - 0.60 - PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
TNI Blue Chip UAE Fund * AED 10.66 - -0.06 0.00 www.veritas-asset.com
Authorised Inv Funds FCA Recognised
Unconstrained Bond - Inst Acc $ 11.94 - -0.01 0.00 N&P UK Gwth Inc Ret 161.60 - 0.70 - +353 1 635 6799
Series 5 (Minumum Initial Investment £75,000) Standard Life Offshore Strategy Fund Limited TNI Funds Ltd (BMU)
FCA Recognised
US Fundam.Index StocksPLUS Inst Inc $ 11.71 - 0.04 0.00 United Kingdom Equity Index Fund £ 15.25 - -0.08 2.80 Stckmkt 100 Track Gwth Acc Inst 88.93 - 0.16 - Bridge Fund £ 1.5616 - 0.0055 2.12 MENA Hedge Fund $ 924.60 - -70.43 0.00 Institutional
Pictet Asset Management (Europe) SA (LUX) TNI Funds Plc (Ireland)
15, Avenue J.F. Kennedy L-1855 Luxembourg
US High Yield Bond Fund Inst Acc $ 27.99 - 0.01 0.00 UK Specialist Equity Inc £ 18.97 - -0.13 0.41 Stckmkt 100 Track Gwth Acc Ret 164.70 - 0.30 - Diversified Assets Fund £ 1.1679 - 0.0017 3.01
MENA UCITS Fund * $ 1186.12 - 1.97 0.00
Veritas Asian Fund A USD H $ 297.28 - 1.97 0.69
www.morningstar.co.uk
Tel: 0041 58 323 3000 Contl Europe Specialist Fund £ 22.85 - -0.19 0.00 UK Growth Acc Inst 282.40 - 1.20 - Global Equity Fund £ 1.7868 - 0.0078 1.14 Veritas Asian Fund A GBP H £ 356.88 - 2.06 0.51
FCA Recognised
Data as shown is for information purposes only. No
Japan Specialist Fund X £ 13.87 - -0.02 0.00 UK Growth Acc Ret 327.60 - 1.30 - Global Balanced Fund - Income Units £ 1.3071 - 0.0050 1.97 Veritas Asian Fund A EUR H € 298.66 - 0.36 0.44 offer is made by Morningstar or this publication.
Pictet-Absl Rtn Fix Inc-HI EUR € 106.04 - -0.16 0.00
US Spec Equity Fund £ 17.56 - 0.07 0.00 UK Growth Inc Ret 218.00 - 0.90 - Global Balanced Fund - Accumulations Units £ 1.5171 - 0.0058 1.94 Thesis Unit Trust Management Limited (UK) Veritas China Fund A USD $ 140.88 - -0.96 0.00
Pictet-Absl Rtn Glo Div-I EUR F € 123.90 - -0.16 0.00 Managed OEIC Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Pacific Basin Specialist Equity Fund £ 36.26 - 0.10 0.72 Global Fixed Interest Fund £ 1.0092 - 0.0004 3.46 Veritas China Fund A GBP £ 145.78 - -0.99 0.00
Pictet-Agriculture-I EUR F € 183.02 - -1.62 0.00 Authorised Funds
Glob Em Shs Port Acc Ret 146.40 - -0.10 -
UK Sovereign Bd Index Fund £ 10.77 - 0.04 2.60 Sterling Fixed Interest Fund £ 0.8483 - -0.0001 3.09 TM New Court Fund A 2011 Inc £ 12.82 - -0.01 0.00 Veritas China Fund A EUR € 139.78 - -1.01 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 190.69 - 0.72 0.00 Max 70% Shs Port Acc Ret 250.50 - -0.20 -
Inflation Lkd Sov Bd Fund £ 13.04 - 0.05 0.67 UK Equity Fund £ 1.9058 - 0.0024 2.75 TM New Court Fund - A 2014 Acc £ 12.85 - -0.01 0.00 Veritas Global Equity Income Fund D USD $ 114.63 - 0.71 4.86
Pictet-Asian Local Currency Debt-I USD F $ 147.49 - -0.91 0.00 Platinum Capital Management Ltd Max 70% Shs Port Acc X 179.80 - -0.20 -
Pictet-Biotech-I USD F $ 907.62 - 15.29 0.00 Other International Funds
UK Specialist Equity Income Fund £ 9.63 - -0.05 3.83
Max 70% Shs Port Acc S 145.40 - -0.10 -
TM New Court Equity Growth Fund - Inc £ 12.90 - -0.01 0.00 Veritas Global Equity Income Fund D EUR € 196.66 - 0.28 4.12
Guide to Data
Platinum All Star Fund - A (Est) $ 117.72 - - - Global Emerg Mkts Equity Fund X £ 9.99 - 0.00 0.54 Veritas Global Equity Income Fund D GBP £ 144.32 - 0.78 4.75
Pictet-Brazil Index I USD $ 37.05 - -0.31 0.00 Investment Port Acc Ret 231.60 - 0.00 -
Platinum Global Dividend Fund - A (Est) $ 56.90 - - - Global Spec Inv Grade Bd Fund GBP £ 9.86 - 0.02 3.21 Veritas Global Focus Fund D USD $ 25.28 - 0.13 2.78 The fund prices quoted on these pages are supplied by
Pictet-CHF Bonds I CHF SFr 504.70 - 1.27 0.00 Investment Port Acc X 164.20 - 0.10 -
Series 6 (Investment Management Customers Only) Veritas Global Focus Fund D EUR € 22.48 - 0.01 2.60 the operator of the relevant fund. Details of funds
Platinum Global Dividend UCITS Fund $ 67.08 - -0.15 5.36 published on these pages, including prices, are for the
Pictet-China Index I USD $ 102.93 - -0.37 0.00 United Kingdom Equity Index Fund £ 15.07 - -0.08 3.30 Max 50% Shs Port Acc Ret 241.30 - -0.20 -
Platinum Essential Resources UCITs Fund $ 5.54 - -0.03 0.00 Veritas Global Focus Fund D GBP £ 27.80 - 0.12 2.42 purpose of information only and should only be used
Pictet-Clean Energy-I USD F $ 78.88 - 0.03 0.00 UK Specialist Equity £ 19.19 - -0.12 1.75 Max 50% Shs Port Inc Ret 215.90 - -0.20 - as a guide. The Financial Times Limited makes no
Platinum Maverick Enhanced Fund Limited (Est) $ 98.29 - - 0.00 Veritas Global Focus Fund A GBP £ 26.79 - 0.12 2.21 representation as to their accuracy or completeness
Pictet-Digital Communication-I USD F $ 238.73 - 0.06 0.00 Contl Europe Specialist Fund £ 23.83 - -0.19 0.63 Max 50% Shs Port Acc X 174.70 - -0.10 - Stenham Asset Management Inc Veritas Global Focus Fund A EUR € 13.08 - 0.01 2.06
and they should not be relied upon when making an
Pictet-Eastern Europe-I EUR F € 259.67 - -1.78 0.00 www.stenhamassetmanagement.com investment decision.
Japan Specialist Fund X £ 14.63 - -0.02 0.54 Max 50% Shs Port Acc S 146.20 - -0.10 -
Other International Funds Toscafund (CYM) Veritas Global Focus Fund A USD $ 24.34 - 0.12 2.34
Pictet-Em Lcl Ccy Dbt-I USD F $ 152.23 - 0.42 0.00 US Spec Equity Fund £ 18.37 - 0.08 0.16 Max 100% Shs Port Acc Ret 266.80 - -0.30 - Regulated The sale of interests in the funds listed on these pages
Stenham Asia USD $ 135.37 - -2.06 - Veritas Global Focus Fund C GBP £ 28.95 - 0.13 0.00 may, in certain jurisdictions, be restricted by law and
Pictet-Emerging Markets-I USD F $ 462.44 - 0.38 0.00 Max 100% Shs Port Acc X 191.50 - -0.20 - Tosca $ 301.78 - -0.43 0.00 the funds will not necessarily be available to persons
Pacific Basin Specialist Equity Fund £ 36.19 - 0.10 1.39
Stenham Credit Opportunities A Class USD $ 104.62 - -0.76 0.00 Veritas Global Focus Fund C EUR € 23.52 - 0.01 0.00
Tosca Mid Cap GBP £ 267.76 - 6.83 0.00 in all jurisdictions in which the publication circulates.
Pictet-Emerging Markets Index-I USD F $ 208.20 - -0.38 0.00 UK Sovereign Bd Index Fund £ 10.88 - 0.03 2.60 Max 100% Shs Port Acc S 139.60 - -0.10 -
Stenham Emerging Markets USD B1 $ 105.21 - -2.06 0.00 Veritas Global Focus Fund C USD $ 26.38 - 0.14 0.00 Persons in any doubt should take appropriate
Pictet-Emerging Corporate Bonds I USD $ 105.36 - 0.06 0.00 Enhanced Inc Inc Ins 209.50 - 0.70 - Tosca Opportunity B USD $ 313.41 - 20.23 0.00 professional advice. Data collated by Morningstar. For
Inflation Lkd Sov Bd Fund £ 12.91 - 0.05 0.67
Stenham Gold USD $ 143.57 - -11.96 0.00 Veritas Global Equity Income Fund A GBP £ 138.39 - 0.74 4.78 other queries contact reader.enquiries@ft.com +44
Pictet-Emerging Markets High Dividend I USD $ 93.38 - -0.05 0.00 UK Specialist Equity Income Fund £ 10.42 - -0.04 3.77 Enhanced Inc Inc Ret 198.20 - 0.70 - (0)207 873 4211.
Polar Capital Funds Plc (IRL) Stenham Growth USD $ 228.02 - 2.78 - Veritas Global Equity Income Fund A EUR € 191.16 - 0.26 4.15
Pictet-Emerging Markets Sust Eq I USD $ 83.90 - 0.14 0.00 Regulated Global Spec Inv Grade Bd Fund GBP £ 10.14 - 0.02 3.21 Enhanced Inc Inc X 168.40 - 0.60 - The fund prices published in this edition along with
Stenham Healthcare USD $ 200.89 - 7.01 0.00 Veritas Global Equity Income Fund A USD $ 110.38 - 0.69 4.89
Pictet-Environmental Megatrend Sel I EUR € 149.53 - -0.31 0.00 Asian Financials I USD $ 273.56 273.56 2.86 0.00 additional information are also available on the
Global Emerg Mkts Equity Fund X £ 9.99 - -0.01 0.77 Enhanced Inc Acc Inst 153.80 - 0.60 -
Stenham Helix USD $ 31.00 - -73.66 - Veritas Global Equity Income Fund C GBP £ 161.49 - 0.87 - Financial Times website, www.ft.com/funds. The
Pictet-EUR Bonds-I F € 548.65 - 0.06 0.00 Biotechnology I USD $ 19.18 19.18 0.10 0.00 Address and telephone number for Series 5 only Managed Investments OEIC funds published on these pages are grouped together
Stenham Managed Fund USD $ 120.10 - 1.29 - Veritas Global Equity Income Fund C EUR € 222.43 - 0.30 - by fund management company.
Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.55 - -0.03 0.00 European Income Acc EUR € 11.20 11.20 -0.09 - Max 30% Shs Port Acc Ret 154.20 - 0.10 -
Stenham Multi Strategy USD $ 123.16 - 0.52 - Veritas Global Equity Income Fund C USD $ 128.00 - 0.80 -
European Ex UK Inc EUR Acc € 9.47 9.47 -0.07 - Max 30% Shs Port Acc X 153.90 - 0.00 - Prices are in pence unless otherwise indicated. The
Pictet-EUR Corporate Bonds-I F € 198.25 - 0.02 0.00 Royal London Unit Managers Ltd. (1200) F (UK)
Stenham Quadrant USD A $ 402.92 - 6.77 - Veritas Global Real Return Fund A USD $ 19.71 - 0.03 2.09 change, if shown, is the change on the previously
Financial Opps I USD $ 12.35 - 0.01 2.11 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Max 30% Shs Port Acc S 147.80 - 0.10 - TreeTop Asset Management S.A. (LUX) quoted figure (not all funds update prices daily). Those
Pictet-EUR Government Bonds I EUR € 156.07 - 0.14 0.00
Authorised Inv Funds Stenham Trading Inc USD $ 116.54 - 1.77 - Regulated Veritas Global Real Return Fund A GBP £ 11.02 - 0.02 2.07 designated $ with no prefix refer to US dollars. Yield
Pictet-EUR High Yield-I F € 242.91 - -1.27 0.00 GEM Growth I USD $ 8.27 - -0.03 0.00 Max 30% Shs Inc Port Inc Ret 153.20 - 0.10 - TreeTop Convertible Sicav
Royal London Sustainable Diversified A Inc £ 1.52 - 0.00 2.02 percentage figures (in Tuesday to Saturday papers)
Stenham Universal USD $ 458.70 - 2.19 - Veritas Global Real Return Fund A EUR € 11.62 - 0.02 0.17 allow for buying expenses. Prices of certain older
Pictet-EUR Short Mid-Term Bonds-I F € 136.66 - -0.01 0.00 GEM Income I USD $ 9.37 - -0.01 0.00 Max 30% Shs Inc Port Inc X 153.40 - 0.00 - International A € 293.60 - -0.05 0.00
Royal London Sustainable World A Inc 165.50 - 0.90 0.70 Stenham Universal II USD $ 170.21 - 0.74 0.00 Retail insurance linked plans might be subject to capital
Pictet-EUR Short Term HY I EUR € 119.24 - 0.03 0.00 Global Alpha I USD $ 12.55 12.55 -0.01 0.00 Max 30% Shs Inc Port Inc S 147.10 - 0.00 - International B $ 377.37 - 0.20 0.00 gains tax on sales.
Royal London Corporate Bond Mth Income 88.56 93.22 0.04 4.20 Veritas Asian Fund B USD $ 206.54 - 1.35 0.50
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.04 - -0.01 0.00 Global Convertible I USD $ 11.52 11.52 0.00 0.00 Max 60% Shs Port Acc Ret 264.90 - -0.20 - International C £ 126.86 - 0.04 0.00 Guide to pricing of Authorised Investment Funds:
Royal London European Growth Trust 106.60 112.20 0.50 0.95 Veritas Asian Fund B GBP £ 262.59 - 1.50 0.04
Max 60% Shs Port Inc Ret 211.40 - -0.10 - Stratton Street Capital (CI) Limited (GSY) (compiled with the assistance of the IMA. The
Pictet-Euroland Index IS EUR € 127.05 - -1.32 0.00 Global Insurance I GBP £ 3.93 - 0.02 0.00 International D € 272.51 - -0.06 3.11
Royal London Sustainable Leaders A Inc 445.90 - 1.40 0.86 Regulated Veritas Asian Fund B EUR € 219.46 - 0.27 0.00 Investment Management Association, 65 Kingsway,
Max 60% Shs Port Inc X 163.70 - -0.10 - Pacific A € 263.23 - 0.13 0.00 London WC2B 6TD.
Pictet-Europe Index-I EUR F € 165.05 - -1.69 0.00 Global Technology I USD $ 21.85 - 0.08 0.00
Royal London UK Growth Trust 467.40 492.00 0.90 1.51 Japan Synthetic Warrant Yen Class ¥ 1338.29 - -272.99 0.00 Veritas China Fund B GBP £ 140.93 - -0.91 0.00 Tel: +44 (0)20 7831 0898.)
Pictet-European Equity Selection-I EUR F € 611.12 - -5.06 0.00 Healthcare Blue Chip Fund I USD Acc $ 10.95 10.95 0.05 - Max 60% Shs Port Inc S 144.50 - -0.10 - Pacific B $ 331.46 - -0.02 0.00
Royal London UK Income With Growth Trust 219.30 230.80 0.30 4.57 Japan Synthetic Warrant GBP Hedged Class £ 181.05 - -15.63 0.00 Veritas China Fund B EUR € 162.82 - -0.75 0.00
Managed Investments OEIC 2 OEIC: Open-Ended Investment Company. Similar to a
Healthcare Opps I USD $ 41.14 - 0.28 0.00 TreeTop Global Sicav
Pictet-European Sust Eq-I EUR F € 232.68 - -2.05 0.00 Japan Synthetic Warrant USD Class $ 14.60 - -2.67 0.00 Veritas Global Focus Fund B USD $ 17.53 - 0.09 1.70 unit trust but using a company rather than a trust
Royal London US Growth Trust 148.20 155.80 0.60 0.00 Investments Inc Port Inc Ret 163.50 - -0.10 - Global Opp.A € 137.83 - -0.30 0.00 structure.
Pictet-Global Bds Fundamental I USD $ 117.07 - 0.36 0.00 Income Opportunities B2 I GBP Acc £ 1.72 1.72 0.00 0.00 Additional Funds Available Japan Synthetic Warrant USD Hedged Class $ 179.37 - -16.46 0.00 Veritas Global Focus Fund B GBP £ 20.42 - 0.09 1.75
Investments Inc Port Inc X 148.10 - -0.10 - Global Opp.B $ 137.08 - -0.05 0.00
Pictet-Global Bonds-I EUR € 159.87 - 0.04 0.00 Japan Alpha I JPY ¥ 195.83 195.83 -2.39 0.00 Please see www.royallondon.com for details Different share classes are issued to reflect a different
Renminbi Bond Fund AUD Cls A A$ 118.06 - 1.41 4.00 Veritas Global Focus Fund B EUR € 15.53 - 0.00 1.65 currency, charging structure or type of holder.
£ Gov Bond Inc Inst (gross) 178.40 - -0.10 - Global Opp.C £ 170.56 - 0.18 0.00
Pictet-Global Emerging Currencies-I USD F $ 95.50 - -0.06 0.00 Japan I JPY ¥ 1989.61 - -19.57 0.00
Renminbi Bond Fund AUD Cls B A$ 119.85 - 1.42 3.73 Veritas Global Equity Income Fund B GBP £ 127.45 - 0.68 4.84
£ Gov Bond Inc Inst 146.30 - -0.10 - Sequoia Equity A € 145.54 - 0.71 0.00 Selling price: Also called bid price. The price at which
Pictet-Global Emerging Debt-I USD F $ 354.63 - 1.56 0.00 North American I USD $ 17.06 17.06 0.07 0.00 Ruffer LLP (1000)F (UK)
units in a unit trust are sold by investors.
Renminbi Bond Fund CHF Cls A SFr 115.73 - 1.33 4.04 Veritas Global Equity Income Fund B EUR € 175.60 - 0.24 4.20
40 Dukes Place, London EC3A 7NH £ Gov Bond Acc Inst 147.10 - -0.10 - Sequoia Equity B $ 150.25 - 1.03 0.00
Pictet-Global Megatrend Selection-I USD F $ 218.97 - 0.49 0.00 UK Absolute Equity I GBP £ 12.41 12.41 0.05 -
Order Desk and Enquiries: 0345 601 9610 Renminbi Bond Fund CHF Cls B SFr 115.52 - 1.33 3.79 Veritas Global Equity Income Fund B USD $ 109.53 - 0.68 4.95 Buying price: Also called offer price. The price at
Strat Bond Inc Inst (gross) 182.90 - 0.00 - Sequoia Equity C £ 167.16 - 1.40 0.00
Pictet-Greater China-I USD F $ 439.13 - -0.23 0.00 Authorised Inv Funds which units in a unit trust are bought by investors.
Renminbi Bond Fund CNH Cls A CNH 123.23 - 0.04 3.46 Veritas Global Real Return Fund B USD $ 19.09 - 0.04 1.64
Authorised Corporate Director - Capita Financial Managers Strat Bond Inc Inst 150.50 - 0.00 - Includes manager’s initial charge.
Pictet-Health-I USD $ 285.80 - 2.07 0.00 Polar Capital LLP (CYM) Renminbi Bond Fund CNH Cls B CNH 122.97 - 0.04 3.22 Veritas Global Real Return Fund B GBP £ 10.79 - 0.02 1.65
CF Ruffer Investment Funds Strat Bond Acc Inst 150.50 - 0.00 -
Regulated Single price: Based on a mid-market valuation of the
Pictet-High Dividend Sel I EUR F € 147.24 - -1.54 0.00 CF Ruffer Gold Fund C Acc 75.82 - 0.15 0.00 Renminbi Bond Fund Euro Cls B € 117.02 - 1.35 3.79 Veritas Global Real Return Fund B EUR € 12.42 - 0.02 1.46 underlying investments. The buying and selling price
Managed Investments OEIC 3
ALVA Convertible A USD $ 128.50 - -0.55 0.00 for shares of an OEIC and units of a single priced unit
Pictet-India Index I USD $ 94.47 - -0.03 0.00 CF Ruffer Gold Fund O Acc 75.11 - 0.14 0.00 Div Inc Port Inc Ret 170.60 - 0.70 - Renminbi Bond Fund GBP Cls B £ 118.86 - 1.39 3.57 trust are the same.
European Conviction A EUR € 151.30 - 0.23 0.00
Pictet-Indian Equities-I USD F $ 429.64 - 5.07 0.00 Equity & General C Acc 379.87 - 1.39 0.25 Corp Bond Acc Inst (gross) 211.50 - -0.10 - Renminbi Bond Fund SGD Cls B S$ 117.84 - 1.38 3.54
European Forager A EUR € 182.26 - 1.53 0.00 Veritas Asset Management LLP Treatment of manager’s periodic capital charge:
Pictet-Japan Index-I JPY F ¥ 15374.33 - -192.85 0.00 Equity & General C Inc 350.57 - 1.28 0.25 Corp Bond Inc Inst 142.40 - -0.10 - Renminbi Bond Fund USD Cls B $ 118.26 - 1.38 3.33 www.veritas-asset.com The letter C denotes that the trust deducts all or part
Other International Funds of the manager’s/operator’s periodic charge from
Pictet-Japanese Equities Opp-I JPY F ¥ 9058.82 - -88.72 0.00 Equity & General O Inc 349.22 - 1.25 0.00 Corp Bond Acc Inst 143.90 - -0.10 - Renminbi Bond Fund YEN Cls B ¥ 13053.92 - 151.43 0.00 Troy Asset Mgt Ltd (UK) capital, contact the manager/operator for full details
Real Return Asian Fund USD (Est) € 283.25 - -1.29 0.00
Pictet-Japanese Equity Selection-I JPY F ¥ 13619.45 - -128.34 0.00 Polunin Capital Partners Ltd Equity & General O Acc 376.36 - 1.35 0.00 Multi-Manager OEIC Renminbi Bond Fund USD Cls A $ 163.05 - 1.90 3.58 40 Dukes Place, London EC3A 7NH of the effect of this course of action.
Other International Funds Order Desk and Enquiries: 0345 608 0950 Real Return Asian Fund GBP (Est) £ 302.23 - -1.47 0.00
Pictet-LATAM Index I USD $ 50.13 - -0.20 0.00 Bal Intl Track Acc Ret 255.50 - 0.00 - Exit Charges: The letter E denotes that an exit charge
European C Acc 512.37 - 6.27 0.21 Renminbi Bond Fund GBP Cls A £ 158.42 - 1.85 3.82 Authorised Inv Funds
Emerging Markets Active $ 42.54 - -2.14 - Real Return Asian Fund EUR (Est) $ 298.46 - -1.30 0.00 may be made when you sell units, contact the
Pictet-LATAM Lc Ccy Dbt-I USD F $ 106.09 - -0.25 0.00 Bond Mthly Inc Acc Ret 143.10 - 0.00 - ACD Capita Financial Mgrs
European O Acc 507.68 - 6.18 0.00 Renminbi Bond Fund SGD Cls A S$ 156.08 - 1.82 3.79 manager/operator for full details.
Luxcellence Em Mkts Tech $ 801.48 - -11.13 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 313.53 - -6.38 0.00 Bond Mthly Inc Inc Ret 92.22 - 0.03 - Trojan Investment Funds
Japanese Fund C Acc 175.51 - 2.72 0.01 Renminbi Bond Fund YEN Cls A ¥ 19322.59 - 224.11 0.00 Time: Some funds give information about the timing of
Polunin Developing Countries $ 715.20 716.20 1.40 0.00 Spectrum Fund 'O' Acc ♦ 155.82 - -0.19 0.29
Pictet-Premium Brands-I EUR F € 151.89 - -0.51 0.00 Waverton Investment Funds Plc (1600)F (IRL) price quotes. The time shown alongside the fund
Japanese Fund O Acc X 173.68 - 2.68 0.00 Renminbi Bond Fund EUR Cls A € 107.61 - 1.24 4.04
Polunin Discovery - Frontier Markets $ 1405.62 - 6.81 0.00 Spectrum Fund 'O' Inc ♦ 151.89 - -0.18 0.29 waverton.investments@citi.com manager’s/operator’s name is the valuation point for
Pictet-Quality Global Equities I USD $ 127.87 - -0.59 0.00 Pacific C Acc 288.88 - 7.09 0.49 Santander Asset Management UK Limited (1200)F (UK) Poland Geared Growth £ 0.46 - -0.04 0.00 FCA Recognised their unit trusts/OEICs, unless another time is
Polunin Small Cap $ 1240.10 1255.60 -42.81 0.00 Spectrum Income Fund 'O' Acc 94.80 - -0.33 -
287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 indicated by the symbol alongside the individual unit
Pictet-Russia Index I USD $ 48.03 - -0.30 0.00 Pacific O Acc 285.95 - 7.00 0.18 Waverton Asia Pacific A USD $ 17.57 - -0.05 1.16
Authorised Inv Funds trust/OEIC name.
Spectrum Income Fund 'O' Inc 94.80 - -0.33 -
Pictet-Russian Equities-I USD F $ 40.13 - -0.17 0.00 Total Return C Acc 394.56 - 1.50 1.41 Santander Premium Fund (OEIC) Waverton Global Bond Fund Cls A $ 8.78 - 0.00 5.51
Private Fund Mgrs (Guernsey) Ltd (GSY) Trojan Fund O Acc ♦ 249.04 - 0.24 0.45 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Pictet-Security-I USD F $ 194.78 - 0.90 0.00 A Shares Waverton Global Equity Fund A GBP £ 13.42 - 0.02 0.39 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Regulated Total Return C Inc 275.88 - 1.05 1.43
Europe (ex-UK) 271.10 - 1.40 - Trojan Fund O Inc ♦ 206.60 - 0.20 0.45 midnight. Daily dealing prices are set on the basis of
Pictet-Select-Callisto I EUR € 105.71 - -0.51 0.00 Monument Growth 08/09/2015 £ 469.15 474.40 8.21 1.08 Total Return O Inc 273.20 - 1.02 1.43 Waverton UK Fund A GBP £ 12.91 - 0.02 1.90 the valuation point, a short period of time may elapse
Japan Equities 145.00 - -1.30 - Trojan Global Equity O Acc 203.07 - 0.82 0.96 before prices become available. Historic pricing: The
Pictet-Small Cap Europe-I EUR F € 1085.92 - -6.29 0.00 Total Return O Acc 390.89 - 1.46 1.41 Waverton Equity Fund A GBP £ 14.19 - 0.00 0.00
letter H denotes that the managers/operators will
Pacific Bas (ex-Japan) 475.40 - 1.80 - Trojan Global Equity O Inc 172.98 - 0.70 0.96
Pictet-ST.MoneyMkt-I € 140.50 - 0.00 0.00 Waverton Sterling Bond Fund A GBP £ 9.49 - 0.00 5.48 normally deal on the price set at the most recent
Prusik Investment Management LLP (IRL)
Trojan Income O Acc ♦ 262.48 - 0.69 3.84 valuation. The prices shown are the latest available
Pictet-ST.MoneyMkt JPY I USD ¥ 101536.04 - 1.31 0.00 Sterling Bonds 263.50 - -0.20 - E.I. Sturdza Strategic Management Limited (GSY)
Enquiries - 0207 493 1331 before publication and may not be the current dealing
Regulated UK Equities 260.60 - 0.70 - Regulated Trojan Income O Inc ♦ 166.27 - 0.44 3.97 levels because of an intervening portfolio revaluation
Pictet-ST.MoneyMkt-ICHF SFr 124.48 - -0.01 0.00
Nippon Growth Fund Limited ¥ 100017.00 - 918.06 0.00 WA Fixed Income Fund Plc (IRL) or a switch to a forward pricing basis. The
Prusik Asian Equity Income B Dist $ 152.88 - 0.92 3.99 US Equities 251.20 - 1.30 -
Pictet-ST.MoneyMkt-IUSD $ 135.11 - 0.00 0.00 Regulated managers/operators must deal at a forward price on
Prusik Asia A $ 185.90 - 0.75 0.00 B Shares Strat Evarich Japan Fd Ltd JPY ¥ 88708.00 - -3931.00 0.00 request, and may move to forward pricing at any time.
Pictet-Timber-I USD F $ 146.34 - 0.71 0.00 UBS Global Asset Mgmt Fds Ltd (UK) European Multi-Sector € 116.00 - 0.13 0.00
Forward pricing: The letter F denotes that that
Prusik Asian Smaller Cos A $ 138.74 - -1.19 0.00 Pacific Bas (ex-Japan) 474.70 - 1.80 - Strat Evarich Japan Fd Ltd USD $ 878.35 - -38.85 0.00 21 Lombard Street, London, EC3V 9AH managers/operators deal at the price to be set at the
Pictet Total Ret-Agora I EUR € 113.34 - -0.24 0.00 next valuation.
Client Services 0800 587 2113, Client Dealing 0800 587 2112
Pictet Total Ret-Corto Europe I EUR € 135.22 - -0.45 0.00 S W Mitchell Capital LLP (CYM) www.ubs.com/retailfunds
Authorised Inv Funds Investors can be given no definite price in advance of
Pictet Total Ret-Divers Alpha I EUR € 104.21 - -0.11 0.00 Purisima Investment Fds (UK) (1200)F (UK) Regulated Saracen Fund Managers Ltd (1000)F (UK) E.I. Sturdza Funds PLC (IRL)
the purchase or sale being carried out. The prices
40 Dukes Place, London EC3A 7NH S W Mitchell European Fund Class A EUR € 339.72 - -15.96 - 19 Rutland Square, Edinburgh EH1 2BB Regulated OEIC
appearing in the newspaper are the most recent
Pictet Total Ret-Kosmos I EUR € 108.91 - -0.05 0.00 Order Desk and Enquiries: 0345 922 0044 Dealing: 00 353 1 603 9921 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1082.43 - 4.62 0.00 Global Emerg Mkts Eqty B Acc £ 1.21 - 0.01 1.83 provided by the managers/operators. Scheme
S W Mitchell Small Cap European Fund Class A EUR € 235.00 - 0.00 - particulars, prospectus, key features and reports: The
Pictet Total Ret-Mandarin I USD $ 113.46 - 0.30 0.00 Authorised Inv Funds Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1273.01 - 5.44 0.00 Global Optimal B Acc £ 0.93 - 0.00 0.68 most recent particulars and documents may be
Authorised Corporate Director - Capita Financial Managers The Charlemagne Fund EUR € 333.23 - 0.00 - Authorised Inv Funds
Pictet-US Equity Selection-I USD $ 182.64 - 0.71 0.00 UBS UK Opportunities Fund B Acc £ 0.85 - -0.01 3.08 obtained free of charge from fund
Global Total Fd PCG A 155.70 - 0.94 0.37 Saracen Growth Fd Alpha Acc £ 3.64 - 0.00 0.99 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 99803.00 - 425.00 0.00
Yuki International Limited (IRL) managers/operators. * Indicates funds which do not
Pictet-US High Yield-I USD F $ 147.18 - -0.06 0.00 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 83633.00 - 341.00 0.00 US Equity B Acc £ 1.43 - 0.01 0.30 Tel +44-20-7269-0207 www.yukifunds.com price on Fridays.
Global Total Fd PCG B 154.39 - 0.94 0.14 Saracen Growth Fd Beta Acc £ 5.80 - 0.00 1.48
Pictet-USA Index-I USD F $ 172.72 - 0.81 0.00
S W Mitchell Capital LLP (IRL) Regulated
Global Total Fd PCG INT 152.45 - 0.92 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.11 - 0.00 3.05 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 81320.00 - 347.00 0.00 UBS S&P 500 Index C Acc £ 0.50 - 0.00 - Charges for this advertising service are based on the
Regulated Yuki Mizuho Umbrella Fund
Pictet-USD Government Bonds-I F $ 634.34 - 1.73 0.00 number of lines published and the classification of the

Asset Management
SWMC European Fund B EUR € 15455.26 - -168.46 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.04 - 0.01 2.79 Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 54134.00 - 230.00 0.00 UBS Targeted Return B Acc £ 1.23 - 0.00 1.25
Yuki Mizuho Japan Dynamic Growth ¥ 6536.00 - -47.00 0.00 fund. Please contact data@ft.com or
Pictet-USD Short Mid-Term Bonds-I F $ 129.46

Pictet-USD Sov.ST.Mon.Mkt-I $ 102.58

-

-
0.07 0.00

0.00 0.00
Purisima Investment Fds (CI) Ltd (JER)
SWMC UK Fund B

SWMC Small Cap European Fund B EUR € 13679.93

£ 12081.49 -

-
116.01 0.00

2.45 0.00
Saracen Global Income and Growth Fund -Acc # £ 1.38 - 0.00 3.43 Strategic China Panda Fund USD $ 2071.18

Strategic China Panda Fund Hedged EURO € 2017.12

-

-
1.48 0.00

1.86 0.00 UBS Multi Asset Income B Inc (net) £

Asset Management
UBS Sterling Corporate Bond Indexed Fund 50.83

0.49
-

-
-0.45 3.33

0.00 3.66
Yuki Mizuho Japan Large Cap ¥ 6481.00 - -40.00 0.00 Asset Management
call +44 (0)20 7873 3132 for further information.

Regulated Saracen Global Income and Growth Fund -Dist # £ 1.22 - 0.01 2.82 Yuki Japan Low Price ¥ 26062.00 - -75.00 0.00
Pictet-Water-I EUR F € 256.63 - -1.27 0.00 PCG B X 157.81 - 0.48 0.00 SWMC Emerging European Fund B EUR € 8598.72 - -29.92 0.00 Strategic China Panda Fund Hedged Sterling £ 2042.33 - 1.94 0.00 UBS UK Equity Income B Inc Net £ 0.38 - 0.00 4.91
Saracen UK Income Fund - Acc £ 1.02 - 0.00 - Yuki Japan Value Select ¥ 12424.00 - -25.00 0.00
PCG C X 155.68 - 0.47 0.00 Strategic Euro Bond Accumulating Class CHFSFr 988.77 - -2.33 0.00 Corporate Bond UK Plus B Inc Net £ 0.52 - 0.00 4.00 YMR Umbrella Fund
Saracen UK Income Fund - Dist £ 1.01 - 0.00 -
Pimco Fds: Global Investors Series Plc (IRL) . Strategic Euro Bond Institutional Class EUR € 1012.07 - -2.29 0.00 UBS Global Allocation (UK) B Acc £ 1.05 - 0.00 1.87 YMR N Growth ¥ 16021.00 - -114.00 0.00
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH For Save & Prosper please see Countrywide Assured Yuki Asia Umbrella Fund
Strategic Euro Bond Fund Accumulating Class Shares € 1135.61 - -2.58 0.00 UBS Global Enhanced Equity Income C Inc £ 0.44 - 0.00 -
http://gisnav.pimco-funds.com/ Putnam Investments (Ireland) Ltd (IRL)
Regulated Yuki Japan Rebounding Growth Fund JPY Class ¥ 22523.00 - -27.00 0.00
Dealing: +44 20 3640 1000 Strategic Euro Bond Fund Distributing Class Shares € 1024.89 - -2.33 2.91 UBS US Growth Fund B Acc £ 1.43 - 0.01 0.00
PIMCO Funds: +44 (0)20 3640 1407 Putnam New Flag Euro High Yield Plc - E € 1016.93 - -0.45 4.30 Schroder Property Managers (Jersey) Ltd Yuki Japan Rebounding Growth Fund USD Hedged Class $ 904.63 - -1.46 -
Strategic Global Bond RMB Acc $ 1061.17 - 10.40 0.00 UBS Emerging Markets Equity Income B Inc £ 0.37 - 0.00 6.05
FCA Recognised Other International Funds
Asia Local Bond Fund - Inst Acc $ 9.30 - -0.01 0.00 Strategic Global Bond USD Acc $ 1042.99 - 0.77 0.00
Indirect Real Estate SIRE £ 130.67 136.64 0.17 3.09
Rathbone Unit Trust Mgmt (1200)F (UK) RobecoSAM (LUX) Strategic US Momentum and Value Fund $ 818.71 - 2.62 0.00 Zadig Gestion (Memnon Fund) (LUX)
Capital Securities Inst Acc $ 14.96 - 0.00 0.00 Tel. +41 44 653 10 10 http://www.robecosam.com/
Unicapital Investments (LUX)
PO Box 9948, Chelmsford, CM99 2AG FCA Recognised
Strategic US Momentum & Value Fund USD I Class $ 543.06 - 1.73 0.00 Regulated
Commodity Real Return Fund Inst Acc $ 6.48 - -0.01 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Regulated Memnon European Fund I GBP £ 109.51 - -0.37 0.00
Scottish Friendly Asset Managers Ltd (UK) Investments III € 27.41 - 0.58 0.00
Authorised Inv Funds RobecoSAM Sm.Energy/A £ 10.56 - 0.00 1.37 Strategic US Momentum and Value EUR Hedged Class EUR € 572.18 - 1.79 0.00
Credit Absolute Return Fund Inst Acc $ 11.29 - -0.01 0.00 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Blue Chip Income Inc 146.89 151.66 0.83 4.49 Authorised Inv Funds Investments IV - European Private Eq. € 292.33 306.94 2.23 -
RobecoSAM Sm.Materials/A £ 116.05 - 0.25 2.10 Strategic US Momentum and Value CHF Hedged Class CHFSFr 570.50 - 1.82 0.00
Diversified Income - Inst Acc $ 19.39 - -0.01 0.00
Blue Chip Income Acc 218.98 225.87 1.23 4.36 Managed Growth ♦ 232.60 - 0.40 0.00 Investments IV - Global Private Eq. € 416.23 437.04 -20.82 - Zebedee Capital Partners LLP (CYM)
RobecoSAM Gl.Small Cap Eq/A £ 75.79 - 0.26 1.78
Diversified Income Durat Hdg Fund Inst Acc $ 11.35 - -0.03 0.00 Regulated
Ethical Bond Inc 90.60 92.60 0.03 5.04 UK Growth ♦ 253.80 - 0.60 0.00
RobecoSAM Sustainable Gl.Eq/B € 172.15 - -0.60 0.00 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 8.42 - -0.03 0.00 Taube Hodson Stonex Ptnrs UT (1200)F (UK)
Ethical Bond Acc 171.66 175.13 0.04 4.93 RobecoSAM S.HealthyLiv/B € 172.12 - -0.26 0.00 50 Bank Street, Canary Wharf, London E14 5NT Unicorn Asset Management Ltd (UK)
Emerging Asia Bond Fund Inst Acc $ 9.43 - 0.01 0.00 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Global Opportunities Acc 133.32 137.50 0.86 0.12 Admin: 50 Bank Street, Canary Wharf, London E14 5NT PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
RobecoSAM S.Water/A £ 157.20 - 0.52 2.37 SIA (SIA Funds AG) (LUX) Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Emerging Local Bond - Inst Acc $ 10.71 - 0.04 0.00 Dealing & Enquiries: 0870 870 8433 Authorised Inv Funds
Income Inc 850.48 879.93 3.43 4.06 Regulated
Authorised Inv Funds UK Growth A Inc 408.69 - 0.17 0.00
Emerging Markets Bond - Inst Acc $ 37.80 - -0.04 0.00 LTIF Classic € 319.04 - -1.95 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.77 - 0.00 0.00
Income Acc 1292.50 1335.81 5.22 3.88
LTIF Natural Resources € 70.12 - -0.78 0.00
THS Growth & Value Funds
International
Mastertrust A Inc X F 354.79 - -0.30 0.00 Money Market
Multi Asset Enhanced Growth Acc 117.00 - -0.21 0.00
UK Growth B Inc 411.40 - 0.20 0.23
Emerging Markets Curr.Fd- Inst Acc $ 11.67

Euro Bond - Inst Acc € 22.47

-

-
0.01 0.00

0.03 0.00
Multi Asset Strategic Growth inc 145.07 - -0.08 1.41
LTIF Stability A ACCU € 161.85 - -1.45 - IGV - Inc A

IGV - Inc B
321.70

321.30
-

-
0.20 2.41

0.20 1.59 Mastertrust B Inc X F 319.91 - -0.24 0.40

Trusts and
Multi Asset Strategic Growth acc 153.31 - -0.08 1.40
Euro Credit - Inst Acc € 14.67 - 0.02 0.00
Multi Asset Total Return inc 125.64 - -0.10 1.88 SIA (SIA Funds AG) (CH)
IGV - Acc X 393.10 - 0.30 1.88 Outstanding British Cos A Acc X F 244.29 - -0.05 0.45
Bank Accounts Gross
Euro Income Bond - Inst Acc F € 12.94 - 0.00 0.00 IGV - Acc Y 421.30 - 0.30 2.37 Outstanding British Cos B Acc X F 254.80 - -0.04 1.16
Other International Fds Gross Net AER Int Cr
Multi Asset Total Return acc 137.67 - -0.10 1.86
Euro Long Average Duration - Inst Acc € 21.24 - 0.05 0.00 LTIF Stability Growth SFr 193.90 - 3.90 - IGV - Acc Z 390.70 - 0.30 1.60 UK Smaller Cos A Inc X F 448.10 - 0.52 0.08
Recovery Inc 423.16 438.87 0.41 2.35
Euro Low Duration Fund Inst Acc € 11.25 - 0.00 0.00 LTIF Stability Inc Plus SFr 172.20 - 3.40 6.13 European UK Smaller Cos B Inc X F 440.66 - 0.53 0.77 CCLA Investment Management Ltd
Recovery Acc 502.36 520.55 0.49 2.32 Senator House 85 Queen Victoria Street, London EC4V 4ET
Euro Real Return - Inst Acc € 13.18 - 0.01 0.00 Santander Asset Management UK Limited (1200)F (UK) EGV - Acc S 266.90 - 0.40 - UK Income A Acc X F 265.50 - 0.30 5.93
Strategic Bond Ret Acc £ 1.18 1.20 0.00 4.24 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 EGV - Acc Z 266.90 - 0.40 0.83 UK Income A Inc X F 240.58 - 0.28 6.17
Euro Short-Term Inst Acc € 12.27 - 0.00 0.00 Smith & Williamson Investment Management (1200)F (UK)
Strategic Bond Ret Inc £ 1.04 1.06 0.00 4.29 Authorised Funds
Euro Ultra Long Duration - Inst Acc € 28.18 - 0.20 0.00 Santander Atlas Range 25 Moorgate, London, EC2R 6AY 020 7131 8100 Continental UK Income B Acc X F 281.50 - 0.34 5.89 CCLA Fund Managers Ltd
www.sandwfunds.com CGV Acc S 109.40 - 0.20 - Senator House 85 Queen Victoria Street, London EC4V 4ET
Global Advantage - Inst Acc $ 12.09 - 0.03 0.00 Santander Atlas Inc Port Acc Inst 286.20 - -0.10 - UK Income B Inc X F 255.20 - 0.31 6.13
Authorised Inv Funds COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Santander Atlas Inc Port Inc Inst 223.30 - -0.10 - CGV Acc X 108.70 - 0.30 -
Global Advantage Real Return Fund Inst Acc $ 8.46 - 0.02 0.00 European Growth Trust A Class 503.30 - 2.80 0.74
Santander Atlas Port 3 Acc Ret 147.00 - 0.00 - CGV Inc A £ 1.09 - 0.00 -
Global Bond - Inst Acc $ 27.71 - 0.03 0.00 Far Eastern Income and Growth Trust A Class 389.70 - -0.20 3.32 Value Partners Hong Kong Limited (IRL)
Santander Atlas Port 3 Inc Ret 101.80 - -0.10 - CGV Inc B £ 1.09 - 0.00 - www.valuepartners.net, fis@vp.com.hk
Global Bond Ex-US - Inst Acc $ 19.31 - 0.02 0.00 Fixed Interest Trust A Class 121.70xd - 0.00 3.39
Regulated
Global Fundam.Index StocksPLUSInst Acc $ 10.66 - -0.01 0.00 Santander Atlas Port 3 Acc Inst 161.50 - 0.00 - Global Gold and Resource Trust A Class 125.10 - 1.00 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 10.80 - -0.01 0.00
Global High Yield Bond - Inst Acc $ 20.21 - 0.00 0.00 Santander Atlas Port 4 Acc Ret 177.80 - 0.00 - MM Endurance Balanced Fund A Class 209.10 - -0.30 1.21 The Hartford International Funds (IRL)
Robeco Asset Management (LUX)
Regulated
Value Partners Classic Equity Fund CHF HedgedSFr 11.32 - -0.01 0.00
Global Investment Grade Credit - Inst Income $ 12.25 - 0.02 3.61 Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Santander Atlas Port 4 Inc Ret 127.70 - -0.10 - MM Global Investment Fund A Class 2099.00 - -3.00 1.84
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1579.92 - 8.73 0.00 Value Partners Classic Equity Fund EUR Hedged € 11.43 - 0.00 0.00
www.robeco.com/contact Santander Atlas Port 4 Acc Inst 161.30 - -0.10 -
Global Investment Grade Credit Fund Inst Acc € € 11.45 - -0.03 0.00 North American Trust A Class 1633.00 - 4.00 0.00
FCA Recognised UK Corporate Bond £ 1560.09 - -0.07 0.00 Value Partners Classic Equity Fund GBP Hedged £ 11.68 - 0.00 0.00
Global Investment Grade Credit Fund Inst Acc $ $ 16.58 - 0.03 0.00 Santander Atlas Port 5 Acc Ret 186.90 - -0.20 - Oriental Growth Fund A Class 137.30 - 0.10 1.09
Asia-Pacific Equities (EUR) € 123.95 - -1.91 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 11.92 - -0.10 0.00
Gilt £ 1584.49 - 1.13 0.00
Global Multi-Asset - Inst Acc $ 14.26 - 0.03 0.00 Santander Atlas Port 5 Acc Inst 158.50 - -0.20 - UK Equity Growth Trust A Class 417.50 - 0.90 0.66
Chinese Equities (EUR) € 69.28 - -1.47 0.00 Value Partners Classic Equity USD Hedged $ 13.25 - -0.01 0.00
Global Eq (Ex Japan) Index Fund ¥ 1.33 - 0.00 0.00
Global Real Return - Inst Acc $ 18.06 - 0.04 0.00 Santander Atlas Port 6 Acc Ret 253.10 - -0.50 - UK Equity Income Trust A Class 220.60 - 0.30 6.20
Em Stars Equities (EUR) € 159.96 - -0.90 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 9.20 - -0.02 -
Global Eq (ex Japan) Class HJ4 ¥ 1.38 - 0.00 0.00
Income Fund Inst Acc $ 12.24 - 0.01 0.00 Santander Atlas Port 6 Acc X 180.70 - -0.40 -
Emerging Markets Equities (EUR) € 133.02 - -1.83 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 8.81 - -0.06 -
Global Eq (ex Japan) Class JP5 ¥ 1.50 - 0.00 0.00
Inflation Strategy Fund Inst Acc $ 8.76 - 0.02 0.00 Santander Atlas Port 6 Acc Inst 155.60 - -0.20 -
Flex-o-Rente (EUR) € 109.38 - 0.12 0.00 Smith & Williamson Fd Admin Ltd (1200)F (UK) Value Partners Health Care Fund USD Class A Unhedged $ 8.85 - -0.05 -
Global Eq Ex Japan Index Fund (Hedge) ¥ 1.37 - 0.00 0.00
Low Average Duration - Inst Acc $ 14.76 - 0.00 0.00 Santander Atlas Port 7 Acc Ret 195.40 - -0.50 - 25 Moorgate, London, EC2R 6AY 0141 222 1150
Glob.Consumer Trends Equities (EUR) € 144.49 - -0.71 0.00
Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index ¥ 1.34 - 0.00 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.67 - 0.00 0.00 Santander Atlas Port 7 Acc Inst 154.90 - -0.40 -
High Yield Bonds (EUR) € 126.00 - 0.66 0.00
S&W Deucalion Fd (OEIC) 2092.00 - 32.00 0.24 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.32 - 0.01 0.00
Authorised Inv Funds
StocksPLUS{TM} - Inst Acc $ 22.13 - 0.13 0.00 Lux -O- Rente (EUR) € 139.71 - 0.37 0.00
Max 70% Shs Acc Ret 162.90 - 0.20 - S & W Magnum 365.90 387.00 0.70 1.94 Japan Equity Index Fund ¥ 1.00 - -0.01 0.00
Total Return Bond - Inst Acc $ 27.04 - 0.04 0.00 New World Financials (EUR) € 50.45 - -0.45 0.00
Max 70% Shs Inc Ret 138.00 - 0.20 - S & W Marathon Trust 184.40 195.10 0.20 1.92 Japan Equity Class JP3 ¥ 1.21 - -0.02 0.00
UK Corporate Bond - Inst Acc £ 17.23 - 0.04 0.00 US Premium Equities (EUR) € 175.52 - 0.37 0.00
Investments Inc Acc Ret 154.40 - -0.10 - Charity Value and Income Fund Acc 135.50 136.30 0.10 4.72
32 ★ FINANCIAL TIMES Tuesday 15 September 2015

MARKETS & INVESTING

SMART MONEY Equities

Henny
Sender Shanghai and Shenzhen indices tumble
Disappointment over
long-awaited SOE reform
Crowdsourced data adds to economic concern
give human traders GABRIEL WILDAU — SHANGHAI
PATRICK MCGEE — HONG KONG
ROBIN WIGGLESWORTH — NEW YORK
shed 2.7 per cent and the small-cap
Shenzhen Composite fell 6.7 per cent.
For both indices it was the worst session
since August 25.
Meanwhile a long-awaited plan to
overhaul China’s bloated state-owned
enterprises was met with disappoint-
ment by investors. Shares in many of
. . . to dispel concerns about [a] spillo-
6.7% ting it will keep its benchmark rate near
ver on the global economy,” Deutsche zero until 2016.
Bank analysts wrote in a report. Fall for small-cap Shares in bigger Chinese listed com-
Shenzhen
There was more bad news over the
weekend, as data released on Sunday
showed fixed-asset investment for the
Composite, against
2.7% for Shanghai
benchmark
panies staged a late rally in the final 40
minutes of the trading day. That
matched a pattern in recent weeks,
year till the end of August posting the
slowest growth for 15 years. Factory out- 4.2 %
when the so-called “national team” of
state financial institutions has stepped

an edge over the algos Chinese equities tumbled again as con-

cerns over the health of the country’s
economy continued to unnerve interna-
tional investors and officials.
the SOEs that were expected to benefit
had risen over the past year, and when
the plan turned out to be less far-reach-
ing than many hoped investors seized
the moment to lock in profits.
put growth also remained near its weak-
est level in a decade.
Simmering concerns over China also
Late rally for the
top 50 large-caps in
Shanghai, amid
in during the final hour to curb losses
and support the market.
Reflecting the authorities’ focus on
weighed on western financial markets, buying by ‘national large-caps, the top 50 stocks in Shanghai
with the FTSE Eurofirst 300 index slip- team’ institutions finished the day with a 1.5 per cent gain,

F
ew individuals understand the shifting dynamic
between humans, computers and the algorithms
that govern share trading better than Leigh
Drogen. Having spent years as a quant trader, he
has taken advantage of his knowledge of technol-
ogy, and the power of the computer and the internet, to
establish a fintech company, one of several that are trans-
forming how the stock market and Wall Street function.
Dissatisfied with research by sell-side analysts, Mr
Drogen decided he needed better data. That led him to
establish Estimize, a crowdsourced website that has a far
better record for predicting earnings than analysts work-
ing for the big securities firms (according to academic
studies and research from Deutsche Bank). “We are reduc-
ing the relevance of the sell side,” Mr Drogen says.
Today, with so much attention focused on high-
frequency trading and quant strategies whose computer
programs search ceaselessly for the smallest discrepancy
between prices to arbitrage, such data may appear almost
irrelevant. Who does bottom-up research any more? Yet
both individual investors and the most sophisticated
quant traders are using the data provided by Estimize, and
many other fintech start-ups, to gain an edge.
In the process they are implicitly making the point that
there is room for humans to pick off computer trading pro-
grams. That is especially the case when the market is at its
most volatile; the combination of access to better data and
paralysis from many other participants can create lucra-
tive opportunities.
And that is why computers are being called the new
“dumb money” by traders and investors who are most
familiar with them, according to Josh Brown of Ritholtz
Wealth Management. At certain times humans have the
advantage, he says on his blog, The Reformed Broker.
“The new game for traders is not running away from rapa-
cious algos. Instead it’s going
to become about exploiting
their failure to reason.”
That Monday
Monday August 24 was a ‘it paid to ask
good day to do so. Nasdaq
opened limit down. Traders
questions first —
were spooked by a plunge in a function that
Chinese shares the night
before. There was hardly any
isn’t in the code’
The falls came with many economists
and investors expecting the Federal
Reserve to shelve plans to tighten mone-
tary policy at its pivotal interest rate-
setting meeting this week, largely
because of mounting concerns over
China and the financial turbulence this
has caused in recent weeks.
The benchmark Shanghai Composite
Why volatility is becoming more intense
Policy and trading strategies
are among factors that have
led to wild swings for indices
GAVIN JACKSON
Markets may need a new metaphor. A
rollercoaster goes up and down, but the
thrills are reasonably even and you hope
to step off exhilarated. Over recent
weeks the ride might have left your
spine shattered.
Take the Japanese Topix index, which
started August at 1,100, dropped almost
200 points in the space of two weeks,
and has spent the time since bouncing
up to 1,000 and back. A recent 6 per cent
one-day gain is just one of the sharper
whipsaws, with indices in the US and
Europe swinging wildly day to day.
There are good reasons for uncer-
Yesterday’s share price falls also came
amid growing disquiet among foreign
investors that China’s slowdown is
worse than previously thought, and
worries that measures taken by Beijing
to stabilise the stock market and revive
the broader economy are failing.
“It is still unclear whether the policy
response in China will be sufficient
Analysis. Equities
More than a bumpy ride
Daily change in equity indices (%)
S&P 500
ping for a third consecutive day and the swinging up 4.2 per cent in late trading.
S&P 500 in the US also losing ground. The small-cap CSI 500 finished the day
Some economists and investors have down 6.6 per cent.
argued that the Fed, faced with signs of On Friday the China Securities Regu-
weakness in the global economy, should latory Commission announced punish-
keep rates on hold on Thursday. Interest ments for two investors for manipulat-
rate futures indicate there is only a ing 13 stocks using fake buy orders to
28 per cent chance the US central bank boost prices — sending a chill through
will lift rates, and some traders are bet- short-term speculators yesterday.
Vix index
Per cent
Topix
40
35
30
6
4
4
25
2

volume, and shares plunged
with no news to account for the fall. KKR had fallen more
than 60 per cent; the mighty GE was down 20 per cent.
As volatility rose beyond the ranges for which they had
been programmed, the high-frequency traders — the so-
called robo traders and the stat arbs — did what they were
supposed to do, they unplugged and stopped trading.
“Volatility-shy trading programs have been pro-
grammed to de-risk when prices get wild, period,” notes
Mr Brown. That Monday “it paid to ask questions first.
Unfortunately, that function isn’t in the code.”
Those who did ask questions would have seen that it was
impossible for GE to be down 20 per cent when some index
products were down far less, and they could have made a
killing exploiting that discrepancy. Similarly, by using bet-
ter data it is still possible for humans to make money.
Earnings estimates have become an important element
in predicting how stocks will perform, whether for individ-
ual value investors or the big quant firms such as DE Shaw
and Renaissance Technologies. Those contributing to the
Estimize website come from both worlds.
When Apple reported first-quarter earnings, the
Estimize estimate was far higher than those of Wall Street
analysts (who tend to lowball their numbers to make it
easier to report a “beat”) and far closer to the actual figure.
The same was true for Facebook.
Those estimates came from fund managers, proprietary
desk traders, individual investors and Wall Street analysts.
The Apple consensus number (which garners the largest
number of contributors) included answers from more
than 600.
Mr Drogen describes what a poor job Wall Street ana-
lysts did covering BlackBerry, when he was still a trader,
failing to estimate how quickly its earnings would fall
short. “The analysts were not honest,” he recalls. “Black-
Berry went straight up on high revenues and the growth
rate of earnings per share. But then it missed earnings and
like many momentum-driven shares, it went down like an
elevator. It got destroyed.”
At some point this may change. But, for now, he says,
there will always be data sets to be arbitraged.
henny.sender@ft.com
tainty. Investors are unsure whether the
Federal Reserve will raise rates this
week, and are assessing how long the
slowdown in China will last and what a
falling oil price means for the global
economy. The market prompts its own
question, however: are rapid swings in
asset prices normal and temporary, or
has there been a fundamental change in
the nature and cause of volatility?
“We do seem to be having more fre-
quent episodes of more intense volatil-
ity,” says David Riley, head of credit
strategy for BlueBay, the asset manager.
“The intensity of volatility episodes
overall indicates that market function-
ing does seem to be deteriorating.”
Movement on the CBOE’s Vix index,
derived from prices for out-of-the-
money options for the S&P 500, appears
to support the view. The level of the Vix
can be used as a proxy for market fore-
casts of volatility, and in August there
was “a huge upward explosion in volatil-
ity from what were historically low lev-
els, with the likes of [the Vix] seeing its
biggest 10-day percentage increase
ever”, says Andrew Lapthorne, strate-
gist for Société Générale.
The Vix has since remained above its
long-term average of 20, a sign that mar-
kets have yet to calm. Currency and
interest-rate volatility also remain ele-
vated after the market turmoil of
August.
One culprit may be the lack of depth
of markets. In a deep market, one with
plenty of buyers and sellers prepared to
make big trades, individual transactions
are absorbed without a splash. How-
ever, that requires the presence of inter-
mediaries that can hold inventories of
shares and bonds when market turmoil
0 0
-2
-4
Jan 2015 Sep Jan
Source: Thomson Reuters Datastream
‘All it takes is erupts. And regulatory changes have
made it more expensive for banks to
one signal . . . play such a role, draining liquidity from
You have a the system.
system that is Another culprit could be six years of
loose monetary policy that have accom-
built to be panied tougher capital regulations.
unstable When interest rates are low and central
in a crisis’ bank bond-buying programmes are
under way, market participants have
had good reason to think asset prices
will continue to rise, even in times of
turbulence.
Now, as the US Fed looks to shift into a
tightening gear, nerves are fraying. Jeff
Mueller, who manages high-yield bonds
for Eaton Vance, says: “We have been in
a period of historically cheap money
overall, and what we know is we’re on
the brink of the end of it. Everyone is
on edge.”
At the same time there is common
behaviour among financial market par-
ticipants that may exacerbate swings in
prices. “All it takes is one signal,” says
2
-2
-4
-6
2015 Sep
Ramin Nakisa, a strategist at UBS who
has written a book on volatility trading.
“When vol spikes you have a system
that is built to be unstable in a crisis.”
As investors buy put options, a com-
mon form of market insurance that con-
fers the right to sell assets at an agreed
price by a particular date, it leaves those
who sell such options exposed to rapid
moves in the price of the underlying
assets. To hedge this position they must
sell when prices fall and buy when
prices rise, which adds to any market
movement.
Such feedback is also present in risk
parity funds, which target a constant
level of volatility, and in the models used
by many investment banks to assess the
risk of day-to-day losses. When volatil-
ity rises, both must decrease exposure
to more volatile assets, again with the
potential to exacerbate market moves.
Finally there is the role of herding. Is
the market composed of many offset-
ting viewpoints, or does one view pre-
20
15
10
Jan 2015 Sep
dominate? “What is more important
than simply the decline of risk asset
prices is how they declined: largely in
unison, and that’s very bad news,” says
Nicholas Colas, chief market strategist
at Convergex, a broker.
The average correlation of the 10 big
industry groups in the S&P 500 was
about 92 per cent during the past
month, according to Mr Colas, the high-
est reading since 2011 and up from
81 per cent for the year to August. Other
asset classes and stock markets outside
the US have also been tracking one
another more closely.
Dubbed “unidirectional trading”, the
trend in effect amplifies any large
moves — markets go up or down as a
whole, rather than the case formerly
when smaller moves among individual
names tended to cancel one another
out. This could be another unforeseen
consequence of markets driven by mon-
etary policy, or of the increasing popu-
larity of new trading strategies.

Capital markets Commodities

Covered bonds outperform eurozone debt
JOEL LEWIN
Covered bonds have outperformed
other eurozone fixed income assets this
year as sentiment holds up for the
mortgage-backed securities, which are
issued by banks.
In the eurozone covered bonds have
returned 0.3 per cent, while standard
non-financial corporate bonds have
returned minus 1.5 per cent in the same
period, government bonds have
returned minus 0.1 per cent and Ger-
man Bunds have returned minus 0.5 per
cent, according to Markit data.
Covered bonds, an idiosyncrasy of
European debt markets for centuries,
are backed by mortgage assets on banks’
balance sheets. They are typically
viewed as low-risk investments. The
investor has recourse to both the issuing
bank and the underlying assets in the
event of a default. The upside of the rela-
tively low yield is that covered bonds
tend to outperform in times of volatility
and risk aversion thanks to their resil-
ience and ultra-low risk.
“Investor demand to gain exposure to
the relatively safer asset class has accel-
erated in the wake of the recent market
volatility,” said Simon Colvin at Markit.
The level of protection on covered
bonds means yields are much lower
than on other types of debt. Yields fell to
0.21 per cent on average in April,
according to Bank of America Merrill
Lynch indices, after the European Cen-
tral Bank began buying bonds under its
quantitative easing programme.
Yields on non-financial investment-
grade bonds reached a low of 0.85 per
cent in April, while government bond
yields fell to 0.4 per cent.
Covered bonds have also received a
boost from ECB buying, which
amounted to €98bn by early July,
although some investors have com-
plained that the central bank is distort-
ing the market by reducing supply.
Eurozone bonds as a whole had a
strong start to the year as investors
looked ahead to the March launch of the
ECB’s QE programme. But since Ger-
man Bunds sold off heavily in May and
June, bond yields have risen sharply and
prices have tumbled.
Covered bonds yield 0.4 per cent on
average, while investment-grade yields
have reached 1.4 per cent and govern-
ment bonds offer 0.8 per cent.
The rise in yields has dragged all cate-
gories of investment-grade corporate
bonds into negative return territory for
the year except covered bonds. Euro-
zone high-yield returns are also still pos-
itive for the year.
CME turns its lobby guns on US oil export ban
GREGORY MEYER
CME Group, the biggest exchange oper-
ator, has deployed its powerful Wash-
ington lobbying operation to help
energy companies that are fighting
curbs on exports of crude.
The move is a rare foray outside deriva-
tives and tax policy for the CME’s lobby-
ists, and highlights how high the stakes
are over energy trading rules for some
companies in the financial sector.
Surging shale production has driven
down US net oil imports and fuelled
debate about a four-decade-old ban on
most exports of domestic crude. A bill to
repeal the ban advanced through a
House of Representatives’ subcommit-
tee last week.
Lifting the ban is a priority for oil
producers struggling with low prices.
Freer trade could narrow the gap
between US and international crude
benchmarks and buoy production, the
groups argue.
CME’s economic interest in the
issue is less direct: its flagship West
Texas Intermediate crude oil futures
contract could attract more volume
if the oil blend were better tied to world
markets.
The $460,000 that the group spent on
federal lobbying in the second quarter
included work on the House bill, spon-
sored by Joe Barton, a Republican con-
gressman from Texas, a filing shows.
Other companies registered to lobby
on the bill include BP, Chevron, Exxon-
Mobil, Hess and Royal Dutch Shell,
according to the Center for Responsive
Politics, a research group that tracks
money in US politics.
In May CME ran newspaper adver-
tisements saying North America was
on track to export more oil than it
imported. This summer Terry Duffy,
the group’s executive chairman, testi-
fied in support of repealing the ban on
Capitol Hill.
“We care about the issues that are
most important to the users of our
markets, who operate in the world’s
most important industries including
agriculture, energy and finance,” said
Mr Duffy.
“Removing the oil ban is also about
free markets, of which we are avid
proponents.”
CME spends more than $2m a year
on lobbying, according to the CRP.
Its political action committee contrib-
uted $826,750 to federal candidates in
the 2014 US election cycle, ranking it
fourth among such committees run by
securities and investment groups, CRP
data show.
Tuesday 15 September 2015
TRADING POST
Jamie
Chisholm
If the Fed does raise rates this week,
how might the dollar react? Analysts
on the currency team at Crédit
Agricole have had a look at what they
consider — from a market perspective
— were the last four Fed lift-offs,
starting in April 1994, March 1997, June
1999 and June 2004.
Naturally, market conditions
differed. “The 1994 and 2004 lift-offs
came after long periods of low or
falling rates, and against the backdrop
of low asset market volatility and
resilient US fundamentals, especially in
2004,” says the bank.
“The lift-offs in 1997 and 1999
extended a period of high interest
rates, and came against the backdrop
of weak risk sentiment and some
uncertainty about US economy
(especially in 1997).”
Today’s macroeconomic and market
conditions are similar to 1997 and 1999,
Crédit Agricole reckons. Looking at
short-term and long-term yield
spreads between US bonds and the
remaining G9, the bank notes that the
US had “little or no rate advantage” in
1994 and 2004, meaning the buck was
used as a funding currency, a trend
that may have put pressure on it.
In contrast the dollar was one of the
highest-yielding currencies when the
Fed was tightening in 1997 and 1999.
“At present the dollar has regained
some rate advantage, especially at the
long end of the curve,” the bank says.
US 10-year yields are 2.18 per cent and
Bunds are 0.65 per cent.
Crédit Agricole thinks the Fed will
hold this week, but any dollar
weakness will be shortlived.
jamie.chisholm@ft.com
Treasury-Bund spread
10-year maturity (% points)
2 Aug
1 forecasts for 2015 to 6.6 per cent from
0
-1
1995 2000 05 10 15
Source: Thomson Reuters Datastream
London
Arm strengthened
V
by strong sales of
latest iPhone
Bryce Elder
Arm Holdings was yesterday’s biggest
FTSE 100 gainer on hopes of improved
cash returns from the chip designer.
A day before its annual investor
seminar, Arm added 1.5 per cent to
948p. The shares were helped by news
of strong first-weekend iPhone sales
from key customer Apple, and by
recommendations from brokers
including Morgan Stanley.
While Arm’s investor day is rarely
a share-price catalyst, Morgan Stanley
expected the focus this time around to
be on new chief financial officer Chris
Kennedy, who oversaw a series of capital
returns while at easyJet.
Arm offered a dividend yield of just
1 per cent, in spite of having £904m
of cash on its balance sheet, said the
broker.
It forecast Arm to generate a 3.5 per
Wall Street
Baxalta buoyed by talk
of higher takeover bid
Kadhim Shubber
Drug groups offered excitement in a
cautious start to trading as investors
await the Federal Reserve meeting.
Baxalta jumped to the top of the S&P
500 leader’s board in early trading after
Shire Pharmaceuticals was reported to
be mulling over ways to sweeten its
$30bn hostile takeover bid. It rejected
Shire’s initial approach last month,
saying the $45.23 a share all-paper offer
Global overview
Concerns about China slowdown
add to caution before Fed decision
Shanghai Composite has
worst session for three
weeks after mixed data
releases, fuelling weakness
for crude oil and metals
DAVE SHELLOCK
Global markets started the week on a
cautious note as lingering uncertainty
about this week’s Federal Reserve meet-
ing and worries about China’s economic
outlook dominated sentiment.
The S&P 500 equity index fell 0.4 per
cent to 1,953 points, leaving it about
4.6 per cent up from the low reached at
the height of August’s savage bout of
volatility, but 8.5 per cent below the
record high it struck last May.
The CBOE Vix volatility index was
up 4.5 per cent in late trade at 24.3 and
still at a level pointing to elevated stock
market stress.
Across the Atlantic, the FTSE
Eurofirst 300 gave back an early
advance to finish 0.5 per cent lower
while the Nikkei 225 in Tokyo fell 1.6 per
cent.
China continued to attract plenty of
attention as soft data releases for
August, put out over the weekend,
rekindled worries about slowing
growth.
Industrial production growth fell
slightly short of forecasts while retail
sales just beat expectations. The bigger
worry for economists was a further
slowdown in fixed-asset investment,
which grew at an annualised pace of
0.9 per cent year to date.
The August figures prompted Bar-
clays to downgrade its China growth
6.8 per cent, and for 2016 to 6.0 per cent
from 6.6 per cent.
“We believe accelerating capital out-
flows and weak economic data will push
the People’s Bank of China to continue
Glencore
Share price (pence)
400
300
200
100
Sep 2014 2015 Sep
Source: Thomson Reuters Datastream
'D\
,QGLFHV
)76(
&ORVH

FKDQJH

)76(  
)76(  
)76($OO6KDUH  
)76($OO6KDUH<LHOG   after Jefferies downgraded to “hold” on
)76()XWXUHV  
\U*LOW<LHOG   Awaiting the launch of its share issue
\U*LOW$OO6KDUH5DWLR   to raise $2.5bn, Glencore faded 4.4 per
cent cash flow yield next year, rising to
6 per cent by 2020.
“It may be too early for the new CFO
to announce a less cautious capital
return plan, but we expect the subject to
be raised,” Morgan Stanley said.
Shareholder returns could also play
a part if Arm management saw its
independence under threat.
While Arm tends to be viewed as a
difficult takeover target because its
licensing model depends on customer
neutrality, investors have speculated
that its dominant market share might
make it a strategic asset to China,
which has been looking at acquisitions
to help establish its own manufacturing
base for chips.
A mixed, trendless wider market
meant the FTSE 100 closed 0.5 per cent
lower, down 33.17 points at 6,084.59.
was a “lowball valuation”. Baxalta
shares, which have fallen from a high of
$40.35 in August, jumped 4.3 per cent
on news Shire may be examining ways
to return cash to Baxalta shareholders
more quickly than in its initial proposal.
Shire’s shares have fallen 12 per cent
since the bid was first announced and
fell 1.5 per cent to £47.43 yesterday.
Drug development news underlined
the risky nature of investing in
biotechnology stocks, with Collegium
Pharmaceutical rising sharply on
approvals from Food and Drug
Administration panels and Raptor
Pharmaceutical plunging in value after
its liver drug failed to meet all its goals in
second-stage studies.
Collegium, down 3 per cent since its
July peak of $20.03, jumped as much as
48.6 per cent and was trading 39.5 per
cent higher at $18.76 after two FDA
panels approved its treatment for severe
pain. Raptor shares slumped 37.5 per
cent to $7.52 after it indicated it would
stop developing its liver disease
treatment after poor trial results.
The S&P 500 was down 0.4 per cent to
1,953.03, with gains for utilities
★★★ FINANCIAL TIMES 33
MARKETS & INVESTING
Markets update
S&P 500 index
Change on day 0.41%
2100
2000
1900
1800
Aug 2015 Sep
the size of debt, particularly in dollars.” US equities Basic materials and
Hans Redeker, head of global FX energy stocks led the S&P 500 lower
strategy at Morgan Stanley, said all eyes as participants awaited the Federal
remained on cross-border flows and Reserve’s rate decision on Thursday,
their impact on global liquidity and risk. with utilities the only sector to rise
“Asian deleveraging has come into
play as local return expectations had FTSE 100 index
fallen below funding costs,” he said. Change on day 0.54%
“Should the Fed increase rates on 6600
Thursday then the outflow of emerging 6400
market capital may intensify further
6200
from here.
6000
“And should the European Central
Bank and the Bank of Japan not increase 5800
Aug 2015 Sep
the pace of their balance sheet expan-
sions, then global liquidity conditions UK equities The FTSE 100 took its cue
would tighten further, not boding well from losses in global markets although
for risk appetite.” Arm Holdings, whose designs are used
But the day brought no fresh clues as in Apple products, was lifted by bullish
to whether or not the Fed would act this press comment on the iPhone maker
week, with many participants taking
the view that the decision was simply Eurofirst 300 index
too close to call.
Change on day 0.53%
That uncertainty was reflected in the 1550
day’s action in the foreign exchange and 1500
fixed-income markets. 1450
— Petras Malukas/AFP/Getty Images
The dollar index, a measure of the US
Shiller on Cape and corrections: FT.com/video 1400
currency against a basket of peers, was
The FT’s John Authers asks economist Robert Shiller about up less than 0.1 per cent. The euro was 1350
Aug 2015 Sep
investors’ growing fear that stocks are too expensive down 0.2 per cent at $1.1316, but the dol-
lar was 0.4 per cent softer versus the yen European equities The Eurofirst 300
at Y120.13. index gave back an early advance as
to ease policy,” said Angela Hsieh, an impact from the preparation for the The yield on the policy-sensitive two- stock markets across the globe saw
economist at Barclays in Singapore. September military parade, and that on year US government bond, meanwhile, heightened uncertainty ahead of
“We look for one benchmark rate cut balance, they suggested a consolidation was up 2bp at 0.73 per cent after trading Thursday’s US interest rate decision
of 25 basis points and two 50bp reserve in growth and a better outlook for the in a tight range.
ratio requirement cuts in the fourth fourth quarter. The 10-year yield was 1bp lower at
quarter of 2015. However, this is “Current expectations would suggest 2.18 per cent while the equivalent matu- Nikkei 225 index
unlikely to change the economy’s struc- that a rebound in China would catch rity German Bund ended flat at 0.66 per (’000) Change on day 1.63%
21.0
tural softening trend.” many fixed-income participants off cent.
20.0
For once the possibility of further guard,” Deutsche Bank said. Gold was up less than $1 at $1,108 an
stimulus measures from Beijing failed to “Equity investors are far more opti- ounce. 19.0
18.0
support the stock market and the mistic about the prospects for global Industrial commodity prices were
Shanghai Composite index fell 2.7 per growth and would relish the implica- unsettled by the Chinese data releases. 17.0
2015 Sep
cent, its biggest drop in three weeks. tions of a rebound in Asia. Copper fell as much as 1.5 per cent in
But there were some optimistic com- “China is, however, far more a symp- London before partially recovering to Japanese equities NTT DoCoMo fell
ments about China’s prospects. tom than a cause of the global growth end 1.1 per cent weaker at $5,310 a 9.8 per cent and KDDI 8.6 per cent
Zhiwei Zhang, Deutsche Bank’s China dynamic — ie it is less about the growth tonne. after Shinzo Abe, prime minister, urged
economist, argued that the August data outlook for China per se, and far more Brent oil settled 3.7 per cent lower at mobile companies to cut call rates
may have suffered a one-off negative about the availability of liquidity and $46.37 a barrel.
BHP Billiton, up 1 per cent to £10.69,
outperformed an otherwise weak Trading Directory
mining sector after Jefferies turned
positive.
In a note forecasting that industry
production cuts would put a floor under
the copper price, the broker argued that
BHP had low operational and
geopolitical risk as well as offering a
7.7 per cent dividend yield covered by
strong free cashflow generation from
low-cost assets.
Lower copper and nickel prices
weighed against the rest of the miners.
Antofagasta lost 2.5 per cent to 592.5p
valuation grounds.
cent to 127.9p. Nickel’s weakness meant
the commodities group might have to
suspend production at the Murrin
Murrin mine in Western Australia,
bought in 2011 at
a $1bn valuation, said analysts.
Kaz Minerals lost 5.6 per cent to
152.7p on a downgrade from RBC to
“underperform”. Weaker copper price
forecasts meant Kaz would not turn
cashflow positive before the second half
of 2017, said RBC.
“With net debt expected to remain
over the $2bn level for two to three
years, there remains little room for
error,” the broker said.
Lonmin faded 6 per cent to 21p after
platinum hit a one-month low.
Fund manager Henderson rose
1.9 per cent to 264.3p after it was named
Exane BNP Paribas’s preferred pick in
the sector.
cancelled out by falls in all other sectors.
Yahoo led the index down for much of
the morning, off 3.5 per cent to $30.32
after its chief marketing officer quit.
The Dow Jones Industrial Average fell
0.4 per cent to 16,370.96, while the
technology-heavy Nasdaq Composite
Index slid 0.3 per cent to 4,805.76.
Share trading volumes on the S&P
were 30 per cent below their 30-day
average, while the CBOE’s Vix index, a
measure of implied volatility and a
barometer of investor sentiment,
climbed from 23.2 to 24.4.
Apple shares perked up after the
company said it expected sales of the
new iPhone 6S would top 10m in its first
weekend. Apple said the larger iPhone
6S Plus had already sold out, pushing
shares up 1 per cent to $115.31. Shares
have shed 11 per cent since peaking in
February, but have recovered 9 per cent
Trading Directory
since their year-low last month.
Alibaba slid after a scathing weekend FT BUSINESS
report in Barrons that argued that its Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
share price could fall a further 50 per Business Wanted, Franchises
.....................................................................................................................................................................................................................................................................................................................................................................................................................
cent. Despite posting a point-by-point Classified Business Advertising
rebuttal, Alibaba’s shares fell 3.2 per UK: +44 20 7873 4000 | Email: acs.emea@ft.com
cent to $62.59.
34 ★ Tuesday 15 September 2015

INSIGHT Analysis. Capital markets

Scott
Minerd
Calm prevails ahead of Fed rate decision
Economic case for delay is Treasury market largely
pricing in Fed hike...
persuasive but complacency
Chances of regret high raises the stakes for any rise
US two-year Treasury yield (%)
0.8
as US policymakers ROBIN WIGGLESWORTH
0.6
face familiar dilemma Financial markets have been remarka-
bly placid this month, given August’s 0.4
turmoil and the Federal Reserve meet-
ing this week, when officials could
0.2

T
wice in the past 30 years the US Federal tighten monetary policy for the first
Reserve has faced the prospect of prematurely time in almost a decade. But investors 2012 13 14 15
abandoning tightening during market tur- are mostly sanguine at the possibility. ...but interest rate futures
moil. Today global currency devaluations, Many simply do not think the Fed will markets less convinced
market volatility and plunging commodity act, given the recent financial turbu- Fed funds future (%)
prices have trapped the Fed in a similar policy dilemma. lence, the patchiness of the US econ-
In 1987 the central bank aborted rate rises and reversed omy, the strong dollar, subdued infla- 0.5
course after a stock market crash. Again in 1998, after the tion and rising concerns over develop-
failure of Long-Term Capital Management, a highly lever- ing economies — especially China. Jan 0.4
aged hedge fund, the Fed abandoned planned rate Hatzius of Goldman Sachs estimates
increases to stabilise markets and avoid a global crisis. In that the resulting tightening is roughly 0.3
both cases the unintended result of delaying was inflated equal to three rate increases.
asset prices, which ultimately destabilised the economy “Recent events have largely sealed the 0.2
and led to severe financial consequences and recession. case against a rate hike,” he wrote in a
In 1986 inflation slowed as oil prices collapsed, raising note, repeating his forecast for a Decem- 0.1
serious concerns about US economic expansion following ber rise but also raising the possibility of Dec 2015 Sep
2014
the worst postwar recession up to that time. Policymakers staying on hold until 2016. Policymak-
Source: Bloomberg
were slow to raise rates, allowing for a surge in equity ers might not agree, but “the economic
prices in early 1987 as energy prices rebounded. case for a lengthier delay looks strong”.
After it had thus fallen behind the curve, aggressive Fed Markets appear to be leaning the Analysts who He reckons there is about a 40 per cent rate hike in almost a decade, so the com- Some money managers argue that the
actions to address inflation pricked the speculative stock same way. Interest rate futures indicate expect the chance of the Fed tightening this week; a munication is very challenging.” removal of a big source of uncertainty
bubble. In October 1987 US equities plummeted more than just a 28 per cent chance that the central central bank to 15 per cent chance of it waiting until While the interest rate futures market could even trigger a relief rally. “Mar-
30 per cent. The Fed reversed course and cut rates. bank will lift its benchmark interest rate make a move October; a 25 per cent chance of a indicates that most traders are betting kets are now more set up and prepared
By mid-1988 markets stabilised and rates were raised to by a quarter-point on Thursday. Money this week do not December move; and 20 per cent for that the Fed will hold, bond investors for normalisation than they are for
head off inflation. More than four years of accommodative market derivatives suggest an almost expect ructions holding until next year. But if markets appear more prepared for a rate rise, more uncertainty,” Mr Rieder says.
monetary policy had led to a commercial real estate boom even chance that the Fed stays on hold to follow, given remain tranquil this week, the odds of a says Douglas Peebles, head of fixed A minority of investors and analysts
with a glut of new properties. As recession neared in 1990, until next year, and traders are pricing how long rate rise on Thursday will approach income at AllianceBernstein. are concerned that an unexpected rise
a fall in property values caused defaults and the failure in only a handful of rate rises in 2016. markets have evens, Mr Rieder says. The yield of the two-year note — the will trigger turbulence in financial mar-
of financial institutions. The Ralph Segall, chief investment officer been preparing In the financial markets the chatter most sensitive to rate changes — hit a kets, given the current complacence.
government-sponsored Reso- of Segall Bryant & Hamill, says he has for a rise has been of a “dovish hike”, where the four-year high of 0.76 per cent last week. Bank of America Merrill Lynch ana-
lution Trust Corporation was
While prices and become less convinced the Fed should Andrew Harrer/Bloomberg
Fed lifts once this month, then signals It dipped slightly on Friday but remains lysts say the idea of a market-pleasing
set up to resolve troubled wages remain and will lift interest rates this week. that it will pause — “one and done” as well above the low of 0.41 per cent dovish rise is a “myth”, given the diffi-
banking assets. “Looking at the guts of the market, I industry wags have dubbed it. The press touched in mid-January, when the US culty of delivering a message and fore-
After the ensuing recession
tame, the risk of wouldn’t raise,” he says. conference and accompanying forecasts economy suffered a bad cold. casts that are more muted than what
and another period of accom- an asset bubble Investors and analysts who expect the would be used to reinforce the Fed’s “The two-year note tells me the Fed is investors have priced in.
modation, the Fed raised rates US economy and employment picture dovishness, ameliorating any fallout. going to hike soon,” Mr Peebles says. Mr Segall frets that some participants
in the mid-1990s. During this
is increasing to be strong enough to force the Fed’s “It will be a case of watching Janet “Markets are uncertain of exactly when, could be badly wrongfooted if the Fed
time, many Asian nations had hand do not expect ructions to follow. Yellen’s lips very carefully,” says Nicho- but it’s clearly coming . . . Markets have tightens. “What scares me are the unin-
pegged currencies to the US dollar. By 1997 the pressure to “Markets were prepared for this a year las Gartside, head of international fixed actually been acting like the Fed started tended consequences,” he says. “It could
maintain these pegs amid rising US rates became too ago,” says Rick Rieder, chief investment income at JPMorgan Asset Manage- tightening since July 2014, when they really bite some people if they’re leaning
much. Thailand was first to break its peg, allowing the baht officer for fixed income at BlackRock. ment. “We are about to have the first stopped growing their balance sheet.” the wrong way.”
to collapse and increasing pressure on neighbouring econ-
omies in a dramatic round of competitive devaluation.
By 1998 contagion from emerging markets reached the
US, putting pressure on domestic markets. A collection of Commodities
14 large financial institutions convened by the Fed inter-
vened to stem the collapse of the LTCM hedge fund, which
threatened the solvency of the global financial system.
Once again the Fed aborted plans to raise rates, allowing
Opec expects demand
equity prices to skyrocket. When it finally tightened,
stocks began a long, deep slide. Numerous companies that
fillip as price fall bites
had flourished amid the speculative wave failed.
Today policymakers are caught in this familiar
dilemma. Labour markets are moving towards full ANJLI RAVAL it said would grow at close to
employment, and declining energy prices and a stronger 1.5m b/d this year, an upward
dollar have resulted in languishing inflation. Still ques- Opec expects stronger revision of about 84,000 b/d,
tions remain about the viability of sustained economic demand than previously to 92.8m b/d.
expansion in the US and around the world, and volatility is forecast for its oil next year “Despite moderate eco-
rising. At the same time currency devaluation, particu- as low prices curb output nomic growth, recent data
larly in Japan and the eurozone, is putting pressure on from high-cost producers show better than expected
countries to devalue to improve export competitiveness. such as US shale companies. oil demand in the main
Countries that are slow to devalue, as China has, are feeling The cartel expects demand consuming countries,” Opec
economic pressure at home, driving down asset prices and for its crude to top 30m bar- said. “This is mainly driven
increasing deflationary pressures, escalating the risk of rels a day, about 1m b/d more by lower oil prices.”
financial contagion abroad. than this year, as its strategy The cartel expected
The Fed is hard pressed to justify a rate increase based of keeping the taps open demand for its crude to aver-
on rising inflation and an improved employment situation shows signs of working. age 30.3m b/d next year — up
with clearly rising wages. At best policymakers can argue Its revisions came after almost 200,000 b/d from last
that the prospects for wage growth and inflation are the International Energy month’s estimates as output
improving, but clear evidence is lacking. Agency, which advises west- outside of the cartel abates.
A pre-emptive rate increase seems risky and opens the ern governments on energy This suggests the cartel will
Fed to potential criticism given the fragility in financial policy, said Opec’s “no cut” stand by its policy.
markets and the prospect that rising US rates could exac- policy was gaining traction. According to analysts and
erbate foreign economic turbulence. But while prices and But Opec did not go as far consultants, total Opec pro-
wages remain tame, the risk of another asset bubble is as the IEA, which claimed duction averaged 31.54m b/d
increasing. If policy remains highly accommodative, the the collapse in oil prices had in August, up from 31.53m
likelihood grows that asset classes including commercial slammed the brakes on the b/d in July and well above its
real estate, equities and certain categories of bonds could US shale industry. 30m b/d output “ceiling”.
become dangerously overvalued. “US oil production has Saudi Arabia has told Opec
Regardless of the path the Fed chooses, after seven years shown signs of slowing,” the it produced 10.3m b/d in
of accommodation, and now facing volatile global mar- Vienna-based producers’ August, a drop of almost
kets, the likelihood of regret is high. group said in its monthly 100,000 b/d from July.
report. “This could contrib- Opec’s de facto leader has
Scott Minerd is global chief investment officer and chairman of ute to a reduction in the pumped more than 10m b/d
investments at Guggenheim Partners imbalance of oil market fun- for the past six months.
damentals. However, it A “lower for longer” narra-
remains to be seen to what tive has prevailed as prices
extent this can be achieved in dropped to a six-and-a-half
the months to come.” year low last month of almost
Opec expected US shale $42 a barrel for Brent, the
More comment and data on ft.com production to grow by international benchmark.
only 50,000 b/d next year, Prices have rebounded to
down from 450,000 b/d in about $47 and net long posi-
Y Fast FT Our global economies, headed 2015. Overall US supply tions held by investors rose
team gives you market- by Brazil, Russia, India was forecast to average by 27,798 to 168,458 con-
moving news and views, and China. 13.8m b/d this year and 14m tracts in the week to Septem-
24 hours a day, five days ft.com/beyondbrics b/d next year, revised down ber 8, the most in a month,
a week. ft.com/fastft 100,000 b/d and 200,000 b/d according to Interconti-
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a respectively. nental Exchange.
irreverent financial blog. look at what is driving The group expected total Traders are starting to fac-
Join Paul Murphy and the global currency non-Opec supply to increase tor in stronger prices. The
Bryce Elder for the daily market. ft.com/podcasts by 160,000 b/d to 57.6m b/d, premium for Brent contracts
Markets Live session at a marked slowdown from the for delivery a year from now
Y Lex Video Analysis growth of 880,000 b/d it has has increased to more than
11am. ft.com/alphaville
and opinion from the pencilled in for 2015, taking $8.50 a barrel from less than
Y beyondbrics News and team on the hot issues supply to 57.4m b/d. $4 in July. That may encour-
comment from more affecting companies and On the demand side, Opec age more traders to move oil
than 40 emerging markets. ft.com/lexvideo said lower prices had into storage until prices
boosted consumption, which recover.

Tuesday September 15 2015
The west finds itself outshone
Global trends Russia
is less macho than its
reputation suggests,
reports Tim Smedley
T
he EU likes to think of itself
as socially progressive.
Women in senior manage-
ment positions in member
states now total 26 per cent,
compared with just 17 per cent in 2004.
However, the EU ranks relatively low
in a global context. Europe’s economic
engine, Germany, is one of the laggards,
with just 14 per cent female senior man-
agers and no female chief executives in
its top listed companies.
The highest proportions can actually
be found outside the west and beyond
the world’s richest countries. Russia,
traditionally viewed as a “macho” cul-
ture, boasts 40 per cent — the world’s
best for a large economy. Neighbouring
former soviet states also boast high
numbers.
“It’s not always the obvious coun-
tries,” says Francesca Lagerberg, global
leader of tax services at accountant
Grant Thornton and co-author of
Women in Business, part of an interna-
tional business report tracking women
in leadership roles since 2004 and from
which the data above are taken. She
says: “When the Soviet Union was in full
flow it had a lot of initiatives to encour-
age equality and it seems to have had a
lasting impact.”
Philip Gudgeon, head of the Moscow
office for management consultancy
Oliver Wyman, has conducted research
into Russia’s approach to gender in busi-
ness. He says: “The aftermath of 1917
saw laws passed to enable women into
the workplace . . . It then settled into a
society where all adults worked, irre-
spective of gender . . . Now, there is
nothing unusual about women gaining
advancement and being promoted.”
Accountancy, for example, “was a
clerical profession in the Soviet Union
and a large proportion of chief account-
ants today in Russia are women”.
In Asia-Pacific, Grant Thornton also
finds high numbers of women in senior
roles, especially in the Philippines and
Thailand, at 37 per cent and 36 per cent
respectively.
Ms Lagerberg says: “Women have
taken over family businesses, run them
incredibly successfully and . . . opened
the doors for other women to come
through. A chief executive of a large
organisation told me that if a woman
becomes chief executive, it’s nothing
unusual now.”
Georgette Tan is group head of com-
munications for Asia-Pacific at Master-
Card, based in Singapore. She says that
in emerging markets, “women start
their own businesses by neces-
sity . . . They become the sole earners,
entrepreneurs and business owners as a
result.” The major economies in the
region, by contrast, fare less well. China,
India and Japan saw numbers of 25 per
cent, 15 per cent and 8 per cent this year.
Caroline Lim is a partner and head of
legal in Asia-Pacific for Pedersen & Part-
ners in Hong Kong.
She explains that childcare plays a big
part: “Women in middle-income coun-
tries automatically have extended fam-
ily support for their childcare, allowing
[them] to go out and work.”
Women in Business
In her stride: the gender balance
at the top of layers of business is
changing, but at a glacial pace
Alamy
The male feminist
Men play a crucial yet often
overlooked role in helping women
achieve their full career potential.
As the focus shifts from
encouraging women to enter the
workforce to creating an
environment that allows them to
thrive there, the part men play has
grown both in importance and
prominence. The HeForShe
campaign, fronted by actress
Emma Watson, puts it simply: “One
half of humanity in support of the
other half.” (See page 5)
Cultural change requires buy-in
from the very top, and that layer is
still predominantly male.
Leaders such as Virgin’s Sir
Richard Branson
and Sigmundur
Davíð
Gunnlaugsson,
prime minister of
Iceland, (left)
have set the agenda through their
female-friendly corporate and
national policies. They are part of
the FT’s top male champions list on
page 4 of this report. This list
encompasses everyone from
journalists to fund managers and
highlights those who have made
a big impact in helping women’s
careers. One of the quirkier
entrants is Matt Groening, the
creator of The Simpsons. For more
than two decades, Lisa Simpson,
the diminutive yellow feminist icon,
has influenced how both sexes,
young and old, see women, thus
helping break down one of the
biggest hurdles to women’s
success: unconscious bias. (See
page 3). The list is far from
exhaustive. Readers can add their
own male champions.
ft.com/women-in-business
FT SPECIAL REPORT
www.ft.com/recruit | @FTreports
Inside
Guardians of finance
and world economics
Banking is dominated by
men, but the regulators
are largely female
Page 2
Unconscious bias
The power — and
danger — of cultural
stereotypes and how to
combat them
Page 3
Supporting roles
We champion the men
who champion equal
opportunity policies
Page 4
Makeover for the
beautiful game
Uefa’s leadership scheme
looks to feminise
football’s laddish world
Page 5
Africa, North America and Latin sat very well . . . mandating is not the presence of women in the boardroom
America remain low, at 23 per cent, 21 preferred way to go. It really should be makes the decision-making process Campaign: breaking
per cent and 18 per cent, albeit with the more about market forces.” manageable — it helps to achieve a sen- the bonds that kill
odd exception: the Dominican Republic The outstanding question is whether sible way forward and compromise.”
and Panama hit 55.8 per cent and 48.7 having higher numbers of women in However, with no leading economy at
The Pakistani
per cent in 2012 (albeit these figures senior roles improves lives and makes an equal 50 per cent of men and women women and
from the International Labour Organi- for more an equal society. at executive level, and nowhere near children
zation also include middle managers), After 15 years consulting in a variety that figure for chief executives, a re-
while South Africa’s current 27 per cent of sectors in Russia, Mr Gudgeon says he inforced glass ceiling remains.
being
is higher than the global average. has “never seen any evidence of a male- And progress is glacial. According to rescued
Michelle Daisley, partner at Oliver female pay gap . . . I also believe the Grant Thornton, female senior manage- from
Wyman and lead author of its Women in social support is superior to that in the ment has crept up from 19 per cent glo- slavery
Financial Services report, believes that west: kindergartens and nurseries are bally in 2004 to 22 per cent today.
women’s progress in business varies typically open from 8 in the morning to “The dial has barely moved,” says Ms and
according to structural, cultural and 7 at night, and available to all ordinary, Lagerberg. “There is a sense of ‘Haven’t death
historic factors. working people.” we done well!’ when it should be ‘We Page 6
She says: “Structural considerations He adds: “People feel that the have a lot further to go’.”
include childcare provision and shared
parental leave in the Nordic countries
and Canada, or quotas. Cultural factors
include whether society accepts women
in senior roles. And there are historic
factors such as Russia’s Soviet past. It’s
difficult to disentangle those three.”
For countries proposing legal quotas
for women in senior positions, the hope
is that by mandating the structural ele-
ment, the other two will follow. Ger-
many is the latest to turn to legislation,
requiring 30 per cent of non-executive
posts to be filled by women in the top
listed companies from 2016.
Quotas “certainly force the issue”,
says Ms Lagerberg. In France and Spain,
legal quotas mandating women in sen-
ior roles have seen numbers rise from 21
per cent to 33 per cent and 14 per cent to
26 per cent. Norway, the first to intro-
duce a quota, now has 42 per cent
female non-executive direc-
tors of listed companies.
Russia’s success could
also bolster the quota
argument, given that
the Soviet era pushed
women into work and
changed cultural norms
as a result. “It was cer-
tainly a question of politics
intervening in daily life,”
says Mr Gudgeon, “and
thatisstillwithus.”
Despite Malaysia having
also passed the 30 per cent
target, Ms Tan does not
expect to see quotas catch
on across Asia. “I
don’t think it’s
something that has
2 ★
The secret of success is to be
sponsored, not over-mentored
Formal programmes
can make it easier for
men to support their
female colleagues,
writes Emily Cadman
T
he first rule of sponsorship
and mentoring is: never
confuse the two. This is the
conclusion of many indus-
try experts who worry that
woolly thinking about the distinction is
hampering women from being able to
advance up the corporate ladder.
While the proportion of women on
UK boards has improved, KPMG
research found men were still 4.5 times
more likely than women to hold jobs
that report directly to the board, signal-
ling that Britain’s rank of executive
women remains worryingly thin.
Many remedies have been suggested,
but there is a growing consensus that
part of the problem is that programmes
purporting to help women break the
glass ceiling have put too much empha-
sis on advice rather than advocacy.
An influential 2010 study found that,
although women reported having more
mentors, men were far more likely to be
mentored by a senior executive.
Men were also more likely to report
that their mentors actively tried to fur-
ther their careers — for example by
introducing them to their networks or
pushing for them to win high-profile
projects — and that this was a significant
reason why men were still being pro-
moted more often than women. Or in
pithy summary: women are over-
mentored and under-sponsored.
Five years on, Allyson Zimmermann,
executive director of Catalyst Europe, a
non-profit group focused on expanding
opportunities for women and one of the
organisations behind the report, says
that, when she speaks to executives
Balance of Power
Women in senior
management
2015
21% US
Brazil
Women in government
2015 (lower or
single house) 10%
Women 92.9
Literacy rate
2015 estimate (%) Men 92.2
School life Women 15 years
expectancy Men 14 years
2012 (years) 2005
Tips on gaining
sponsors
c Make sure you are a top
performer
c Take risks and don’t hold back
from projects that will give you
visibility
c Take networks and their power
seriously: they are an investment in
your career. It is not ”inauthentic”
to get to know colleagues better
c The first stage can simply be an
invitation to coffee
c Be clear about what you want to
achieve in your career. Do not
assume that others know
c Remember the relationships are
a two-way street. Always think of
what you can do to help your
sponsor
there is still far too much confusion
about the difference between the two.
“It is not semantics, it about under-
standing the intention”, she says.
Ms Zimmermann quotes Gordon
Nixon, the well-respected former chief
executive of Royal Bank of Canada, as
nailing the contrast: “We’ve all had
mentors who have offered advice, but
sponsors are the people inside our com-
pany who have helped us get to senior
levels. Sponsors are what you really
need to succeed.”
So why, historically, are men more
likely than women to build those spon-
sor arrangements? One reason, Ms Zim-
mermann notes is a feeling among
22%
UK
15% Brazil
China France
24% 26%
94.5
98.2
13 years 16 years
13 years 16 years
2002
FINANCIAL TIMES
Women in Business
women that their work should speak for
itself and that they do not want to be
seen seeking a leg up. Her response: “We
know the workplace is not a meritoc-
racy — yet. It is not about you needing
help and support, it is about levelling
the playing field.”
Brenda Trenowden, the global chair-
man of the 30% Club and a senior execu-
tive at ANZ bank, also points out that
many people in powerful positions that
would make excellent sponsors are
men. When women seek them out as
champions, that gender difference can
mean a mutual sense of awkwardness
about the prospect of office gossip on
the nature of the relationship.
Sheryl Sandberg in her influential
book Lean In memorably captures the
dilemma when she describes helping
Larry Summers, her mentor since her
days as a student at Harvard University,
write a key speech in a hotel room,
before realising it was 3am and worry-
ing about how to exit without creating
scurrilous gossip.
Awareness of these dynamics is one
reason why companies should be in-
volved, Ms Trenowden says. But she
warns that sponsorship cannot be
forced. “You can mentor someone who
may not be a fantastic candidate
because you are just giving advice and
coaching them. If you are sponsoring
someone, you are really sticking your
neck out and publicly supporting them
and putting your name behind them.”
Sponsorship relationships — which
often exist over many years and even
involve people switching companies to
follow their sponsor — should be two-
way. “It is really rewarding,” Ms Tre-
nowden says of the younger individuals
she sponsors, “I get a very different per-
spective and a better sense of what is
going on in the organisation”.
But there seems to be no consensus on
whether companies need to establish
formal programmes — which Ms Zim-
mermann notes have the benefit of
33%
France
15% India
27%
South
Africa
India South Africa
42%
12%
99* 60.6 93.1
99* 81.3 95.5
11 years 14 years
12 years 13 years
2011
FT graphic Source: Graduate Management Admission Council *2003 estimate
transparency — or rely on informal
internal directives.
Sky, a UK media group, is one of those
that has chosen to go down the formal
route. It is rolling out a company-wide
women in leadership programme to
boost the proportion of women in its top
500 jobs — broadly those within three
levels of the chief executive — from one-
third to half.
For its sponsorship programme, exec-
utive teams will select women from
their area to be paired with a senior fig-
ure, with the clear understanding that
once they have mapped out strengths
and ambitions, it is then their job to go
out and advocate for the individual.
Importantly, to ensure internal
buy-in, the initiative has been driven by
Jeremy Darroch, Sky’s chief executive,
who says he sees the programme as part
of removing “any barriers that might
prevent [women] from succeeding”.
One of those key barriers was flexibil-
ity. Sky figured this out after seeking
feedback from its staff and has since cre-
ated an increasingly flexible workplace
where employees are judged on their
output far more so than the hours they
spend sitting at their desks.
In the past employees would have
anxiously sneaked out of the office to
juggle work and childcare, says one Sky
mother; now it is far easier to leave
knowing that opening one’s laptop at
home after nursery bedtime would be
seen as no less effective than being at
ones desk at dusk.
Bella Vuillermoz, director of women
in leadership at Sky, says early signs of
the company’s effort on behalf of
women are promising, with more of
their names coming up in talent review
sessions. It has also shifted more general
views on how to manage employee
development, she says, recalling one
sponsor who said: “Imagine if we knew
all of our talent in the way we know our
‘sponsees’. Imagine how much more we
could get out of our people.”
25%
China
UK US
23%
19%
99*
99*
17 years 17 years
16 years 16 years
In charge: Janet Yellen, US Federal Reserve, and Christine Lagarde, IMF — Bloomberg
Women regulate
banks run by men
Fiduciary duties
Financial regulators cannot
compete with the private
sector on pay, but do so
through caring management,
writes Brooke Masters
Would-be women bankers do not have a
lot of chief executives to look up to.
With the notable exception of Ana
Botin, executive chairman of Santander,
the global European and US banking
groups are run by men. The same is true
for most of the big private equity and
asset management firms, again with a
few exceptions, such as Abigail Johnson
at Fidelity.
However, there is a bright spot for
women interested in finance and mar-
kets: regulation and central banking.
Bank of England governor Mark Carney
underscored the diversity in a speech
last year to a group of teenage girls,
saying: “In my job, the three most
important people I deal with outside of
the UK are all women”. He was referring
to the US Federal Reserve chair, Janet
Yellen, German chancellor Angela Mer-
kel and Christine Lagarde, head of the
IMF.
There are plenty more top women to
choose from: the most recent two chairs
of the US Securities and Exchange Com-
mission (SEC), the last but one head of
the Federal Deposit Insurance Corpora-
tion (FDIC) and three executive com-
mittee members of the UK Financial
Conduct Authority.
Mary Schapiro, who has chaired both
the SEC and the Commodity Futures
Trading Commission, says: “Many
times in the private sector, I would be
the only woman in the room. That never
happens in the public sector.”
The reasons for this contrast are not
entirely clear. But researchers and
female policymakers identify several
key factors. On the public sector side,
organisations tend to be more willing to
accommodate flexible work patterns
and put more emphasis on diversity of
both background and experience. Many
public sector job searches, particularly
in Europe, now explicitly require at least
one female candidate on the short list.
Private financial groups, meanwhile,
still have a reputation as a bit of an old
boys club. They have improved their
recruiting of entry level women, but
they continue to haemorrhage mid-
career employees because of long hours,
an inhospitable culture and a gender-
pay gap that remains stubbornly large.
Many current and former regulators
say the public sector does a much better
job of attracting and retaining women,
partly because it has to. Government
99*
agencies cannot compete with private
sector pay, so they emphasise flexibility
99* and rewarding work.
Verena Ross, the executive director of
the Paris-based European Securities
and Markets Authority, says: “Gener-
ally, public sector policies accommo-
date people going on extended personal
Tuesday 15 September 2015
leave, including maternity leave. You
can’t [retain people] through pay and
bonuses; you have to do it through car-
ing management.”
Private sector banking, by contrast,
has a reputation for requiring night and
weekend work in exchange for lucrative
salaries. “The banking world hasn’t
always made it easy for women in terms
of macho culture and work hours,” says
Margaret Cole, who headed enforce-
ment at the UK Financial Services
Authority before it was broken up. “In
the banking sector, the premium was
put on more typically male attributes —
aggression, pushiness.”
It is not clear that women benefit as
much as men from high pay. The UK
Equality and Human Rights Commis-
sion recently found that women work-
ing full-time in finance earned up to 55
per cent less than their male colleagues,
nearly twice the 28 per cent gap in the
broader economy.
Ms Schapiro says: “The pay gap is
greater in financial services. There may
‘In the private sector,
I would be the only
woman in the room.
That never happens in the
public sector’
be women who wonder: ‘Is it really
worth it?’”
Part of the gap may stem from early
career and education choices. Many
leading bankers got their start in jobs
that require technical skills, particu-
larly science and maths, where women
remain under-represented. Policy jobs,
meanwhile, tend to draw from a wider
range of backgrounds and reward can-
didates who can synthesise different
points of view.
The 2008 financial crisis also took its
toll — some banks lost much of their top
leadership, including a number of sen-
ior women who had been tipped as pos-
sible chief executives.
Sheila Bair, former head of the FDIC,
says: “When a bank becomes troubled,
the leadership tends to circle the wagons
and if you are in the club you are fine,
but if you aren’t, you aren’t. In financial
services, I think it is absolutely cultural.
Women are still viewed with a lot more
suspicion than men.”
Women with experience on both sides
of the aisle say regulators genuinely gain
from their more diverse leadership.
Ms Bair comments: “Women tend to
look more at the personal impact and see
how Main Street is affected [by banking
decisions] and that is a good thing.” She
also held regulatory posts and jobs at the
New York Stock Exchange and
Santander before becoming president of
Washington College in Maryland.
Ms Schapiro agrees: “Everywhere I
have been, the most successful teams
have had a breadth of experience and
perspectives. Diversity helps fight that
feeling of being in an echo chamber.”
Tuesday 15 September 2015 ★ FINANCIAL TIMES 3

Women in Business

Stereotyping is hard to
spot, but can be fixed
nies use in job advertisements are laced
Decisions based on with unconscious bias.
gender bias can have How to overcome For example, using the phrase
“develop leadership skills and learn
a lasting and costly unconscious bias business principles” is more likely to
impact, finds Sara Calian turn women off than “you will develop
interpersonal skills and understanding
c Create a strong diversity policy of business”.

T
he term “working mother”
is common, while “working
father” is hardly ever used.
This is an example of
unconscious bias, a snap
judgment — unwittingly made — often
based on cultural and life experiences.
Unconscious bias is triggered in 30 to
100 milliseconds, while conscious
thinking takes three to 10 times as long.
But the consequences of unconscious
bias affect entire careers. This is because
it prompts many employers to pick peo-
ple like themselves, both in recruiting
and promoting staff.
However, there are ways to minimise
unconscious bias, and an increasing
number of employers are making the
effort. The first is to develop a clear cor-
porate vision and compelling business
case for creating equality in the work-
place, says Alison Esse, co-founder and
joint managing director at The Story-
tellers, a culture change consultancy.
Mark Houlihan, business develop-
ment manager at WCN, the online
recruiter, says there are many
clear competitive advantages to
having a more diverse workforce,
including “improving the company’s
performance, increasing creativity in
problem-solving and adding flexibility”.
But, he says, unconscious bias needs
c Introduce unconscious bias
training. Find out the strongest
biases then start eliminating them
c Review recruitment and
promotion programmes; include
new people
c Use training and formal
structures for interviews to stop
gut decisions
c Set specific departmental targets
Sources: WCN, CIPD
to be eliminated from the start of the
process by, for example, “anonymising”
any personal information when a candi-
date applies for a job. “A much shorter
online application process that doesn’t
report names or schools would keep the
hiring manager focused on the skills of
the applicant and the skills of the job,
and will help eliminate unconscious bias
in the early stages of hiring.”
Jonny Gifford, research adviser for
the Chartered Institute of Personnel and
Development, the professional body for
human resources, goes one step further
by warning that even the words compa-
Unconscious bias also holds back
women after they have been hired. Dee
Symons, managing director at Russell
Reynolds Associates, the executive
search firm, says women tend to be eval-
uated on experience and men on poten-
tial, an area of unconscious bias that has
held women back from being promoted
to key senior positions.
“With women candidates, there are
such phrases as ‘she didn’t have the
gravitas’,” Ms Symons says. “Situations
like that clearly demonstrate uncon-
scious biases.”
Managers need to be aware that
women — and some men — speak differ-
ently and lead in different ways, she
says, and women need to be aware of
how they are being judged.
Parenting and work is another area
rife with unconscious bias. To counter it,
Accenture, the management consulting
company, has made it compulsory for
all US and Canadian employees who
return from either paternity or mater-
nity leave to forgo travel for one year.
The policy deliberately does not
assume that only a mother wants to par-
ent and saves both mothers and fathers,
who often travel every weekday for
their clients, the anxiety of having to ask
for a reduction in their business travel.
Brenda Trenowden, global chairman
Minority report: the dominant culture of the working environment remains masculine — Alamy
at the 30% Club, which campaigns for
more female board directors, warns
that a lot of “benevolent” unconscious
bias exists.
“Men who have wives who are not
working or had mothers who did not
work think they are being kind when
they do not offer high-profile overseas
assignments or important business trips
to women with children,” she says.
“They are not intentionally dis-
criminating. But missing such profile-
building opportunities could be detri-
mental to a woman’s career prospects.”
Often, bias emerges for women at cli-
ent events. Ms Trenowden recently
attended a work-related golf outing and
discovered that the country club had
enough golf clubs for all the men, but
only two sets of clubs for seven women
to share because they were unaccus-
tomed to women attending, let alone
participating in a round of golf.
She also recalls hearing the story of a
senior broker hosting a dinner at the
Chelsea Flower Show. He seated women
at one table and men at another, possi-
bly assuming that most of his clients’
wives were homemakers uninterested
in the work-related conversation
around the men’s table.
“These are old-fashioned cultures and
as there are not as many women at the
top, the dominant culture is usually
masculine,” Ms Trenowden says.
“Changing a culture like that, especially
when some individuals don’t recognise
their own unconscious bias, doesn’t
happen overnight.”
But instituting diversity initiatives
and making those policies global can
have a revolutionary impact even in the
most male-dominated cultures.
Accenture decided to put female
employees working in Saudi Arabia in
front-line roles serving clients. Ellyn
Shook, the company’s chief human
resources officer, says this made sense,
as Accenture’s female applicants in
Saudi Arabia were often the best edu-
cated.
“More than 20 per cent of Accenture’s
workforce in Saudi Arabia are Saudi
women,” she says. “You can go into one
of the seemingly toughest cultural situa-
tions and you can take our core values of
respect for the individual and you can
really deal with anything on a global
level.” There seems little excuse, then,
for the rest of the world.

Everyone loses when life ends at 40 for half the workforce

COMMENT
Justine
Roberts
As many people reading this can
probably attest, turning 40 often
prompts some reflection about how you
want to live the rest of your life.
Alongside vitally important internal
debates about age-appropriate bikinis
(or, indeed, internal debates on what
‘age appropriate’ even means), the
evidence suggests that quite a few
working women decide at this point that
they don’t want to spend another 20 or
30 years on a hamster wheel of tiredness
and guilt, with a constant nagging
feeling that they are not doing quite
enough in any aspect of their
lives.
This can be particularly
acute for those caring for
both teenage children and
older parents with escalating
care needs.
If work involves long,
inflexible hours, or lots of
responsibility, but doesn’t
provide compensation in
the form of sympathetic
management or an
enormous salary, women
who are under pressure from
other fronts can be forgiven
for chucking it all in and
going off to start an Etsy shop,
selling handmade goods from
their front rooms.
Figures from the UK
government on the gender pay gap show
that, while female workers can expect to
earn as much if not more than their
male counterparts up to age 39, when
they hit their 40s, women fall 14 per
cent behind male colleagues for hourly
wages, a trend that continues until they
retire.
Women in their 40s, 50s and 60s are
simply absenting themselves from the
workforce, or radically downgrading
their working responsibilities. Research
from the Institute for Public Policy
Research, a UK think-tank, in 2013
showed an “employment gap”(a
difference between employment rates)
of 10 percentage points between men
and women aged 55 and over, and cited
figures from the Equality and Human
Rights Commission suggesting that 17
per cent of unemployed women had left
their last job to care for someone,
compared with 1 per cent of
unemployed men. These
are often women in the
prime of their working
Justine Roberts,
founder of
Mumsnet and
Gransnet
lives — mature, experienced and As a response, that does not quite cut school or visit their elderly parents, and
perhaps in senior positions — and their it. With just a few changes, it could all be make up the hours in the evening?
absence is not good for anyone. so different. The one thing our users Rather than losing a valuable member
The media make an interesting case want from their employers is a little bit of staff because she needs to care for an
study here. If the senior ranks of media of flexibility. acutely ill relative, why not organise
organisations were replete with older Instead of thinking of job shares as some extended leave?
women, you can be sure they would be ‘The one thing our tiresome administrative drains, why not The solutions are there. Perhaps what
making some different commissioning users want from their think of them as getting two excellent we really need is a generation of senior
decisions. They would probably also brains for the price of one? Instead of female managers to implement them.
refrain from letting older women employers is a little requiring constant in-office attendance
presenters go purely on the basis of age, bit of flexibility’ for desk jobs, why not allow people to Justine Roberts is the founder of Mumsnet
or setting up multiway discussions of work from home, pick up the kids from and Gransnet
women’s health issues that do not
include a single woman. Film industry
marketers were astonished by the
success of The Best Exotic Marigold
Hotel, which was rejected by several
studios; perhaps, with a few more 50-
plus women on their project
development teams, they could be
turning out successful films for this age
group with a profitable regularity.
It is not as though older women do not
watch television or films, and
surprisingly enough, they are rather
keen to see themselves represented.
Mumsnet’s sister site, Gransnet has
set up an Everyday Ageism campaign
based on its users’ irritation about how
their age group is routinely treated.
Ultimately, any company thrives
when it understands its “audience”.
Broadly, demographically
representative senior management is a
pretty effective (though not
comprehensive) fix.
It is also desirable in a bigger sense:
representation matters, full stop.
It is tempting for policymakers and
employers to write off women
professionals’ disappearing act as a
matter of personal choice, albeit on that
large numbers of middle-aged women
happen to be making.
4 ★ FINANCIAL TIMES Tuesday 15 September 2015

Women in Business

‘Stop blaming and shaming’ Your mother-in-law

Manpower Women
could hold the key
need to encourage their
male colleagues who are
trying to help them,
to your career
writes Rhymer Rigby
Modern marriage who takes that step.
Companies and policymakers are
The single most important

R
ecently, Aongus Hegarty,
president of Dell Emea, was
asked to speak at a confer-
ence about women at work.
Despite having long been an
advocate of women in his company, he
says he found it nerve-racking.
“When you stand up in front of a
largely female audience and speak, it
gives you a feel for what it’s like being a
woman in an organisation,” he says.
Gender equality in the workplace has
made enormous progress since the days
depicted in Mad Men, the US television
drama set in the 1960s, and even since
the 1980s and 1990s.
In terms of both public opinion and
the business case, the argument has
largely been won and chief executives as
varied as Antony Jenkins, the former
chief executive of Barclays, and Mark
Zuckerberg, co-founder and chief exec-
utive of Facebook, have been outspoken
advocates of women at work.
However, while many organisations
now have healthy gender balances and
sincerely believe in equality, the fact
remains that the higher up the tree you
go, the more male-dominated business
becomes.
The 500 US biggest listed companies
rarely registers more than 25 female
chief executives, while in the UK the
FTSE 100 currently has six. In the case
of the FTSE, this is an all-time high, yet
women are outnumbered by men
named John by around 3:1 and by men
called Dave by 2:1.
Thus, the issue has moved on from
being one of female participation in the
workforce to one of ensuring that
women have the same opportunities as
men. This, says Allyson Zimmermann,
of Catalyst, which works to expand
opportunities for women in business,
has meant a change in emphasis.
Where once it was about getting
women into work, now it is about fixing
organisations and involving both sexes:
“For a long time, the burden of gender
equality has fallen on women,” she says.
The idea of men working to champion
women is sometimes called the “male
feminist” movement. Its most public
face is currently the HeForShe cam-
paign, whose stated goal is to “bring
together one half of humanity in sup-
port of the other half of humanity” (see
page 5).
In terms of the workplace, says Elisa-
beth Kelan, professor of leadership at
Cranfield University, getting men
involved is a must: “70 per cent of man-
agers and leaders are men. They are the
people who can make change happen.”
Andy Woodfield, a partner at PwC,
says: “Fundamentally, men need to
understand that progression for women
is not a problem for women, it’s an
opportunity for business. In the past,
organisations tried to teach women to
be more like men. HeForShe is about
teaching everyone to be themselves and
get the most out of their differences.”
So, what do men need to do? Prof
Kelan suggests four main things.
Men need to celebrate and encourage
women. This means everything from
ensuring women receive credit for con-
tributions to having career conversa-
tions where they offer support and say:
“Yes, you are ready for this role.”
They need to call out biases and make
people aware of them. They need to
champion gender initiatives. And they
need to challenge working practices.
An example of the last might be a
long-hours culture that makes dropping
off children difficult. “If a man starts to
arrive at 9:30am because he has
Parental support: a father and primary carer in New York City walks his young children home after school — Peter Titmus /Alamy
Ten male feminists
Sir Win Bischoff Member 30% Club
Sir Richard Branson Virgin Group founder
Sigmundur Davíð Gunnlaugsson Prime
minister, Iceland
Matt Groening Creator of The Simpsons
Antony Jenkins Barclays’ former chief
executive
Joe Keefe Chief executive, Pax World
Funds
Josh Levs CNN journalist
Jean-Pascal Tricoire Schneider Electric
chief executive
James Turley Former EY chief executive
Vivek Wadhwa Tech sector critic
dropped off the kids, that’s very power-
ful,” says Prof Kelan.
Having a champion can be very
important too. “An active sponsor can
help adjust the system, smooth the jour-
ney, to make sure women are recognised
for the powerful skills they bring,” says
Mr Woodfield. In fact, one of the very
best forms of support is having a spon-
sor who is in it for the long run.
It is a common observation that when
men help women, they often do it as a
one-off, rather than providing continual
support and encouragement. Sheryl
beginning to realise this, and are creat-
ing gender-neutral rules to reduce the
work decision you make is crippling bias that assumes women are
often your choice of life the happy homemakers.
partner, writes Carola Hoyos Policies such as shared parental leave
benefit men who want to play a more
active role at home, as well as women
The proverb “A good husband makes a who want to keep their careers going
good wife” has long been interpreted as after having children.
advice to husbands that if they treat But such changes have yet to make
their spouses well, they will reap the much of a dent. In a recent survey by the
rewards. community website Mumsnet, two-
However, for millions of working thirds of women questioned said their
women it has a second meaning, espe- careers had suffered when they became
cially when children enter the equation. mothers, while almost three-quarters of
A good husband is one who takes on the them said that their life partner’s career
types of qualities and tasks long associ- had not been affected at all.
ated with the wife, such as parenting, Until the cultural bias about tradi-
cleaning, entertaining and lending a tional women’s roles falls away and the
sympathetic ear. gender pay gap narrows, even well-
When asked the inevitable work/life thought-out government and company
balance question, successful women policies will struggle to be catalyst of
often refer to their partners as the most rapid change, recruiters say.
important enablers of their success. At home, despite anecdotal evidence
The single biggest career decision of a new generation of enlightened men,
Sheryl Sandberg, chief operating officer research suggests that women are still
of Facebook, says she ever made was not saddled with the significant majority of
her choice to attend Harvard University housework, even when they are the
or to become one of Silicon Valley’s most main breadwinner.
powerful technology executives by And working mothers are not making
moving away from the east coast and life easier for themselves by spending as
then jumping to Facebook. much time parenting as their own stay-
Instead, she told a conference in 2011: at-homemothersdid.
“The most important career choice But the importance of a supportive
you’ll make is who you marry. I have an partner encompasses far more than
awesome husband, and we’re 50-50.” housework and parenting. They are
When her husband David Goldberg often a woman’s most loyal adviser and
died in an accident this year, many obit- the one who, for example, will nudge her
uaries described his support of women into reaching for a promotion she may
in technology, and Ms Sandberg in par- feel is beyond her experience, but he
ticular, alongside his own achievements knows is well within her capabilities.
in the sector. Olivia Garfield, chief executive of
Ian Gooden, director at HR consul- water company Severn Trent and the
tancy Chiumento, says that the support youngest female chief executive of a
you receive from home may be the sin- FTSE 100 company, says that she can
gle biggest enabler of your career suc- usually tell which of her female execu-
cess, especially if you have children. tives will return to work after having a
“Once you have a family, you often baby. Two equally important influenc-
reach a point where it is quite difficult to ers of this are whether the woman grew
have it all — something has to give. You up with a working mother, and whether
might accept that you’re not going to be her partner did.
so hands-on with the kids or that one of If you are looking for a husband who
you is going to have a less high-flying will be good for your career, look no fur-
job.” Increasingly, he says, it is the man ther than your future mother-in-law.
Trying to compile a list of great male feminists is a group will engage and embolden other champions. Opportunity Commission and went on to write a
bit like to trying to come up with a list of the 10 One of the best known male feminists on the list book, All In, about it.
best songs ever. You draw up a longlist, send it to is Virgin Group founder Richard Branson. He has Others fight for equality more conventionally, but
well-informed people, take their suggestions on long been an active supporter of equality in the still make an impact. The chair of the Financial
board, draw up another longlist and fillet it down. workplace and has championed initiatives such as Reporting Council, Sir Win Bischoff, lobbied hard for
Inevitably, it is subjective and will not please the company’s recent paternity leave programme, women on boards. Similarly, the former chief
everyone. Some will be shocked by omissions, as well as working on external campaigns. His executive of Barclays, Antony Jenkins, and the
others by inclusions. Rather than taking this as a celebrity might make some people cringe, but it former chief executive of EY, James Turley, have
definitive 10 Best list, think of it as a non- gives him a bigger audience. both worked tirelessly to advance equality inside
exhaustive starting point to which you can add by While Sir Richard is well-known, others have and outside their organisations, regardless of how
going to ft.com/women-in-business. become famous for doing the right thing. Josh successful their overall tenure was.
Some feel it is wrong to focus on the work that Levs, a journalist with CNN, has put family-
men — rather than women — do to help women unfriendly policies in corporate America in the Carola Hoyos and Rhymer Rigby
fulfil their potential at work. (Vivek Wadhwa on our spotlight. When he was denied equitable parental
list has been on the sharp end of such criticism). We leave in 2013, he filed a complaint of gender For more on the champions and to contribute your
disagree, and hope that recognising this varied discrimination with the Equal Employment own, go to ft.com/women-in-business
Sandberg, Facebook’s chief operating stop shaming and blaming men,” says tended to be aware of the need to pro-
officer, has managed to buck that trend, Ms Zimmermann. Men need to learn mote gender equality. However middle
having several key male sponsors, about inequality and injustice but they managers, who play a key role in the
including Larry Summers, the former need to be encouraged to do so. career progression of many women,
US Treasury secretary, Mark Zucker- “I’d rather men said the wrong thing were less well acquainted with the
berg, and David Fischer, who has con- and learned from it, than stayed silent,” issues. Again, it was not that they did not
sistently been her number two at Face- she adds. Women, she explains, need to want to support women, more that they
book. Most important, however, was support the men who are trying to sup- did not know how to, and that the com-
her husband, fellow technology execu- port them, rather than chastise them pany did not see them as a priority in
‘I’d rather men said the tive David Goldberg, who died in an about every misstep. terms of awareness.
wrong thing and learned accident this year. It is also worth remembering the right But for many women — especially
Getting men on board can be tough. culture needs to percolate down. Prof mothers — her most important man is at
from it, than stayed silent’ Many are terrified about saying the Kelan says that when she spoke to chief home. If he works as well, chances are
wrong thing. “As women, we need to executives and senior leaders they he will also be a better man in the office.

Gender inequality in the workplace is men’s work too

COMMENT
Andrew
Edgecliffe-Johnson
If you are a man in the workplace in
2015, you are probably disturbed by
what you read about the second-class
status of women in many businesses,
and even more troubled by what you
see around you in your own office.
You may champion female
colleagues all day and spend your
evenings and weekends happily
working the second shift, but your
company’s upper echelons are still
embarrassingly male-dominated.
You see too many bright talents
leaving too soon, and your (probably
female) head of HR tells you that the
female peers whose work you admire
are earning markedly less than you are.
You know that addressing the disparity
is more than just a matter of justice: it
makes obvious business sense.
But what, as a man, can you do? You
see the research on why women don’t
speak up in meetings; how they get
corralled into lower-status “pink
collar” roles such as marketing and
HR, and how full-time female workers
in the US earn 77 cents for every dollar
their male counterparts make.
Female CEOs run just six FTSE 100
companies and only 4.6 per cent of the
S&P 500’s constituents. Women held
just 21 per cent of Google’s leadership
positions and 23 per cent of Facebook’s
senior roles last year. The World
Economic Forum’s Global Gender Gap
Report suggests that at current rates of
progress, we will have to wait 81 years
for gender parity in the global
workplace.
The facts are daunting, and it is
tempting to think that the gender
divide is too deeply rooted for you to
make a difference. If even the Silicon
Valley companies we idolise are failing
to change the ratio, what hope is there
for your humdrum bank, law firm or
widget manufacturer? Besides, you
are conscious of the perils of straying
into a subject on which you know the
women around you are formidably
better informed.
But that last point is part of the
answer. You live in an age of “big data”
— so find out the facts about your
own team. Inform yourself about what
proportion of the people joining the
business, getting promotions and
leaving are female. Find out how bad
the pay gap is, and focus on erasing it
the next time bonuses are being
discussed.
Better still, push your company to
implement formal hiring, evaluation
and remuneration policies that limit
the scope for bias.
As you would with any other business
priority, measure, set targets and hold
people accountable if they fall short.
‘The facts are daunting
and it is tempting to think
that the gender divide is
too deeply rooted for you
to make any difference’
Secondly, make the effort to widen
your reading list beyond the (mostly
white) male “influencers” you follow
on LinkedIn, so that you are soaking up
the diverse perspectives of female
managers on everything from
sponsoring talented women to
improving the work-life balance.
And, most importantly of all, ask
the women you work with what they
think is holding them back. You are
surrounded by experts in this subject.
Tap their expertise. (I am indebted to
several well-informed women for
steering me to the data underpinning
this article.)
What is more, you have to speak up.
It may sound contradictory, given the
well-documented problems of
“mansplaining”, “manterruptions” and
“bropropriating”, but the most
important speaking up you do may
simply be interrupting a male
colleague to allow a female one to
finish making her point.
In recruitment discussions, ask why
your fellow interviewers are leaning
towards the male candidate. When
salary negotiations are taking place,
ask to see the pay data broken down by
gender. When you are invited to speak
on an all-male panel, tell the
conference organisers to find an equal
number of women first.
And when you witness a male
colleague commenting on a woman’s
appearance, calling her “darling”,
instructing her to fetch coffee or
approving a sexist ad campaign, take
him aside and remind him that it is
2015.
You already know you are part of the
problem, but you can be part of the
solution too. Oh, and when you get
home, do the dishes.
Andrew Edgecliffe-Johnson is the FT’s US
news editor
Tuesday 15 September 2015
Macho world of football tackles the issue of leadership
Management
Shielded by its profitability
and popularity, the sport is
only slowly changing its
approach, writes Claire Jones
A youth spent between the goalposts of
her local team marked the start of Klara
Bjartmarz’s football career both on and
off the pitch. While her shot-stopping
skills left something to be desired — “I
wasn’t a very good goalkeeper,” Ms
Bjartmarz admits — her off-the-pitch
talents have proven more substantial. In
August, she became the general secre-
tary of Iceland’s Football Association.
Ms Bjartmarz is one of only a handful
of women at the top of a sport whose
upper echelons remain dominated by
men, despite the increasing number of
female fans and the growing popularity
of the women’s game.
To rectify that, Ms Bjartmarz and
about 20 other women working in Euro-
pean football attended a week-long
leadership scheme set up by Uefa, the
continent’s governing body for football.
The scheme, hosted at Uefa’s Nyon
Achieving longevity may be
hard for HeForShe and Lean In
Celebrity causes
Even women’s groups
with well known
backers find it hard to
prompt lasting change,
writes Rhymer Rigby
L
ean In by Facebook’s chief
operating officer Sheryl Sand-
berg was published in 2013.
Inevitably, there was a back-
lash against it — many critics
described it as a rich, entitled woman
telling those less fortunate what to do.
After that, most people moved on to
the next thing. Actress Emma Watson,
best known for her role as Hermione
Granger in the Harry Potter films,
recently became that next thing.
Using the UN as her soapbox and
social media as her microphone, she
has urged men to support women in
a widely covered campaign called
HeForShe.
Effecting lasting change, however, is
likely to prove more difficult than mak-
ing an entrance. Ms Sandberg has
worked hard to ensure that Lean In has a
lasting impact. She has set up a founda-
tion — also called Lean In — which is
funded by the proceeds from the book
and her personal contributions.
This organisation has an education
arm, but its best known initiative has
been its Lean In circles, where
women (and some men)
“meet regularly to learn and
grow together”.
By the end of 2013, there
were 12,000 circles, a
number that has since
growntomorethan22,500,
with 500,000 women and
menmembers.
The numbers might
seem very impressive,
but the efficacy of each
circle varies widely.
Some of the circles have
headquarters in Switzerland, is aimed at
equipping women with the skills and
connections they need to reach the top
level of the game.
It was a comment from Androulla
Vassiliou, who as European Commis-
sioner was lamenting the dearth of
women on the top-ranking executive
committees, that helped persuade Uefa
to set up a leadership programme aimed
at nudging women towards football’s
highest level.
“Ms Vassiliou’s remarks were a cata-
lyst for change and they highlighted the
topic of women’s involvement within
Uefa,” says Pedro Pinto, the football gov-
erning body’s communications chief.
“Her views chimed with those of our
president, Michel Platini, who in his
eight years of mandate has tripled the
number of women on decision-making
boards.”
There is now one woman, Karen Espe-
lund, on the executive committee,
which Mr Pinto calls “an important first
step.” But he adds: “We’re still looking at
how we can increase the number of
women on the board.”
Thomas Junod, education and univer-
sities manager at Uefa, says the idea
behind the course is to give a boost to the
development of women. “You actively
done very well indeed, others less so.
Sarah Kwan, the co-founder of Lean
In Canada, says that, since its founda-
tion in 2013, her circle has grown “into a
chapter with 2,000 members in
Toronto”. Meetings take place monthly
and their attendance ranges from 70 to
180 people.
Other circles, such as that in Los
Angeles, report numbers between 60
and 100. In San Francisco, Lean In cir-
cles have helped women put each other
forward for jobs in the technology sector
and beyond.
But as with many widespread organi-
sations, there are questions about what
some of the statistics that the group
publicises really mean.
For example, on its site Lean In lists
528 “partners” ranging from Fortune
500 companies to charities. But
becoming a partner is a simple matter
of filling out a form. A number of
partners were contacted for comment
for this piece but, of these, only
★ FINANCIAL TIMES
Women in Business
Team effort: there are encouraging moves afoot to kick sexism off the field
Xerox responded to say it had “no
direct involvement in the project.”
Similarly, it is not always apparent
which circles are active. Some of the
links to circles on the site are dead, while
other circles are not what you might
imagine.
Lezlie Wolff of Lean In Seattle says
that she does not actually have a circle —
it is simply a Facebook page, with just
one member who regularly posts inter-
esting articles.
Enthusiasm for the initiative, she
adds, has been very muted: “My goal
would be to make this community more
active, but, so far, no one has taken the
initiative to assist in making it happen.”
To be fair, to Lean In, an initial explo-
sion of publicity, followed by a loss of
public interest is a problem that many
movements encounter.
“Lean In did raise issues in a new and
fresh way,” says Elisabeth Kelan, profes-
sor of leadership at Cranfield University,
even though the lasting message may be
rather fuzzy to many.
HeForShe is currently enjoying its
moment in the sun. But will its message
last? Perhaps.
It, too, has had its critics, but they
have been less tightly focused than
those against Lean In. This may be
because HeForShe has a number of
powerful and diverse backers.
The two obvious backers are Ms
Watson and the UN, but there are
other “champions” including the pres-
ident of Finland, university chiefs and
the heads of McKinsey and Unilever.
Thus, although Ms Watson is a figure-
head for HeForShe, it is less closely asso-
ciated with a single, perhaps polarising
individual.
Meanwhile, HeForShe has a far
greater potential audience, not only
because of Ms Watson’s fame. It engages
both sexes, and potentially targets
everyone on the planet, rather than just
ambitious, careerist women.
Finally, it has a very simple, unambig-
Actor Emma Watson spoke up
for the campaign at the UN
uous message: “One half of humanity in
support of the other half.” What is more,
this is implicit in its name; people may
ask what HeForShe does, but they’re
unlikely to ask what it means.
Of course, none of these factors guar-
antee success, but taken together, they
give it a very good chance of accom-
plishing at least some of its goals.
Additional reporting by Krissy Dietrich
Gallagher in the US
need to encourage national associations
to take on women in more senior roles.
Then it becomes more natural,” he
notes. “The solution comes when you
don’t need to have a scheme like this at
all.”
But football is still a significant way
from that goal. For now it is clear that a
scheme like Uefa’s is still necessary.
High profile instances of sexism, such
as the abuse hurled by Premier League
fans at Chelsea doctor Eva Carneiro, or
Helena Costa’s experience during the
brief spell in which she managed French
Ligue 2 side Clermont Foot 63, have
played into the image of the football
world as macho and old-fashioned.
Ginka Toegel, professor of leadership
at the IMD business school in Switzer-
land, who is involved in the design and
teaching of the programme, says: “Foot-
ball is not so different from the finance
industry. Banking is also male domi-
nated.”
But unlike finance, football is yet to
suffer the sort of crisis that often forces
change. Ms Toegel says: “If you take
football, it’s hugely profitable — there’s
very little pressure from other sports.
It’s so popular that there’s no pressure
from outside.”
The effort is still in its early days, and
Contributors
Brooke Masters
Companies editor
Andrew Edgecliffe-Johnson
US news editor
Claire Jones
Eurozone economy correspondent
Emily Cadman
Economics reporter
Sara Calian, Sharmila Devi,
Sarah Murray, Rhymer Rigby,
Tim Smedley, Amy Yee
Writers
Carola Hoyos
Editor of Executive Appointments and its
reports
5
much of its success will depend on
whether it is sustainable, with women
not only being mentored, but also
receiving the kind of sponsorship — or
support — they need, so that they have
the chance to be promoted through the
ranks. Buy-in from men will be espe-
cially important.
So far, Uefa has run three schemes for
69 women from associations around
Europe. Certificates are presented at the
end of the week by Mr Platini, a former
French international footballer who
many view as one of the best to have
played the game.
‘The course was very
helpful, Uefa is not perfect,
but it is doing a good thing’
The next is in spring 2016. Women are
each given a mentor, who they can keep
in touch with after the course has fin-
ished. The hope is that they will not only
mentor, but sponsor them.
“The course was excellent and very
helpful,” says Ms Bjartmarz. “Uefa is not
perfect, but it is doing a very good thing
here.”
Steven Bird
Designer
Andy Mears
Picture editor
Christina Madden, Linda Anderson,
Aban Contractor, Lily Rae, Peter
Hobson
Sub editors and fact checkers
For advertising details, contact:
Peres Kagbala +44 (0)20 7873 4909 or
peres.kagbala@ft.com,
or speak to your usual FT representative.
All editorial content is produced by the
FT. Our advertisers have no influence
over, or prior sight of, the articles.
Executive Appointments reports can be
found at ft.com/recruit
6 ★
A variety of
barriers thwart
entrepreneurs
in poor nations
Discrimination Rules against property ownership
make it difficult to raise funds, says Sarah Murray
I
t was seeing a five-year-old girl die
in a fire caused by a kerosene lamp
that prompted US-raised Ajaita
Shah to start Frontier Markets,
which sells solar lanterns, street
lights and home lighting kits in Raja-
sthan, India.
Not all women entrepreneurs in
developing countries are driven by a
social mission. But whether the motiva-
tion is compassion or money, the chal-
lenges they face all require confidence,
commitment and staying power.
Gender aside, starting a business in a
developing country is hard enough.
Often, entrepreneurs must navigate sys-
tems where corruption is endemic and
deliver goods and services amid failing
infrastructure, poor IT communica-
tions and burdensome bureaucracy.
“This is hard for everyone,” says Mary
Ellen Iskenderian, president and chief
executive of Women’s World Banking, a
New York-based network of microfi-
nance providers.
“Men and women in the developing
world are tremendously challenged
when making that leap.”
However, when starting a business in
a developing country, women face addi-
tional hurdles. Some are technical and
regulatory. In some places, legislation
barring women from owning property
leaves them without the collateral
needed as security for a loan. In others,
laws require a woman to obtain her
husband’s signature to receive the loan.
“There’s a lingering gender bias in all
the regulations pertaining to formalis-
ing a business,” says Ms Iskenderian.
Lack of support services, such as
childcare, creates additional pressures
for women. While in mature economies,
women spend twice as much time on
unpaid work as men, in India, they do
seven times as much, according to a
report from the Clinton Foundation’s No
Ceilings: The Full Participation Project.
However, while structural obstacles
are one thing, cultural barriers are not
to be underestimated, particularly in
countries where women’s freedoms are
restricted. In the Middle East and north
Africa, for example, women make up
less than one-third of early-stage entre-
preneurs, according to Babson College’s
Global Entrepreneurship Monitor.
And while in some African and Latin
American countries, the percentage of
women entrepreneurs is relatively high
— 41 per cent in Nigeria and 33 per cent
in Ecuador — in Iran it is just 7 per cent,
according to the No Ceilings research.
Some governments are actually
putting female participation in the
economy into reverse. And the motiva-
tion may be economic, rather than cul-
tural or religious, says Elmira Bayrasli,
whose new book, From the Other Side of
the World, examines high-growth entre-
preneurs, both male and female, in
emerging markets.
FINANCIAL TIMES
Women in Business
Presidential approval: Barack Obama speaking at a conference of young Kenyan entrepreneurs — Tony Karumba / AFP
She says comments by Recep Tayyip
Erdogan, the Turkish president, that
women are not suited to some work and
should have at least three children are
partly driven by the government’s in-
ability to invest in social services.
“There’s a backlash against women
from the AKP [Turkey’s ruling Justice
and Development Party],” she says.
“But I don’t believe it’s driven by their
‘The biggest barriers to
entrepreneurship are
psychological’
religious beliefs — it’s being driven by
their failure to reform social policies.”
Despite the obstacles, women in
emerging markets do have some
advantages over men. “More women
build businesses through organic
growth,” says Linda Rottenberg, co-
founder and chief executive of
Endeavor, an organisation that supports
entrepreneurship. “That can be an
advantage in a developing country
where there’s not much capital.”
And, while not all women may con-
sider entering technology-focused sec-
tors such as energy, in emerging mar-
kets, their ability to devise business
models that meet consumers’ incomes
is as important as technical or engineer-
ing skills.
For Frontier Markets, for example,
the challenge has been making lighting
products affordable to its customers,
most of whom live on less than $2.50 a
day.
“Technology is a piece of it,” says Yas-
mina Zaidman, director of communica-
tions and strategic partnerships at Acu-
men, a social impact investment fund
and an investor in Frontier Markets.
“But it’s often the business model that’s
important, and women can bring a
diversity of perspectives on how to get a
product to market.”
In recent years, a range of support sys-
tems has emerged, from investors who
seek out female-led projects to capacity
building and mentoring services and
philanthropic funds such as the Clinton
Death threats and attacks fail to
stop mission to save labourers
Profile
Syeda Ghulam Fatima has
advised and rehabilitated
thousands of Pakistan
workers, writes Amy Yee
In the middle of the night, Syeda
Ghulam Fatima drove to a brick
kiln near Lahore and ushered a family
of bonded labourers into her waiting
van.
They fled quickly to evade the kiln
owners and did not have time to take
their belongings — the children did not
even have shoes. Yet once they were
safe, the family cheered Ms Fatima.
“Thanks to you, we got out of that
hell,” said the father, in a rescue
featured in a Vice documentary on the
US television channel HBO last year.
Ms Fatima, 47, is general secretary of
the Bonded Labour Liberation Front
Pakistan (BLLF), a non-profit in
Lahore that has helped 80,000 bonded
labourers across Pakistan since 1988.
In spite of its impact, BLLF is a
shoestring operation run by Ms Fatima,
her husband, one staff member and
many volunteers. Its financial
resources were dwindling and Ms
Fatima worried she could not even pay
her own medical bills.
That changed in August when Ms
Fatima and BLLF’s work were featured
on Humans of New York, a photo blog
with 14.9m Facebook followers.
The blog’s founder, a 31-year-old
American named Brandon Stanton,
posted a series of photos from Pakistan
this summer. Seven images showed
heartbreaking stories of bonded labour
in Pakistan.
Mr Stanton set a goal of raising
$100,000 for BLLF. In less than 12
hours, the fundraising campaign
reached more than $1m. Ultimately,
$2.3m was raised through nearly
76,000 donations.
Ms Fatima was shocked. She treated
Mr Stanton as a “routine guest” when
she took him to brick kilns to meet
bonded labourers.
“I didn’t know about him and his
background before,” she says. Mr
Stanton’s interest in her was piqued
when he saw the Vice documentary
featuring BLLF’s work.
The funds will help establish
“Freedom Centers” to counsel,
Fellowships run by the American India
Foundation.
Frontier Markets’ Ms Shah, for exam-
ple, has been a Clinton Fellow and, in
2012, was one of the Global Fellows of
Echoing Green, a New York-based incu-
bator, which provides support such as a
stipend and access to networks and
technical assistance.
As support for women entrepreneurs
grows, Ms Zaidman sees a rise in the
number of younger women starting
enterprises. “It’s maybe a generational
change, a greater sense of the opportu-
nities and a more enabling environment
in terms of access to networks and capi-
tal,” she says. “Those are the things that
reduce the risk.”
And if more women become success-
ful entrepreneurs, it will fill another gap
— a supply of female role models. This,
says Ms Rottenberg, is critical in giving
women the belief in their abilities
needed to take the plunge.
“They have to have unique confi-
dence,” she says. “Because the biggest
barriers to entrepreneurship are
psychological.”
Threatened: Syeda Ghulam Fatima
rehabilitate and advocate for bonded
labourers.
“Our responsibility now is to honour
what you have trusted us with, and we
will,” says Ms Fatima in a message
posted on the Humans of New York
site. But tells the FT: “If donors from
around the world can support, this is
also the obligation of our nation, our
government, society. I want to see my
beloved country Pakistan free of
bonded labour. I gave my blood; I give
my life to this struggle.”
Ms Fatima’s father was a railway
employee and union activist who
inspired her to become an activist.
When she was in the eighth grade, Ms
Fatima started working with brick kiln
workers near Lahore to educate them
about their rights.
“Not all my family was in favour of
that,” recalls Ms Fatima. “Even my
mother was not supporting me. But my
father always supported me. God bless
him.”
Over the years, she has been
threatened, beaten and shot because of
her work: freeing and counselling
bonded labourers, campaigning for
labour laws and pressuring brick kiln
owners, police and politicians.
Ms Fatima has managed to escape
Tuesday 15 September 2015
Essay contest
In her winning essay, Laerke Norn
of Royal Dutch Shell scorns the
cliché of the tough, “masculine”
female leader.
“I don’t appreciate the
stereotypes of a real women versus
a female leader, because I refuse to
accept that in order to succeed you
have to choose.”
But she says that corporate
environments are still better suited
to men, with the big inequities of
inflexible working hours and the
small inequities of “gallant but
sexist remarks”.
Ms Norn’s entry for the FT’s
Women in Business essay contest,
run in conjunction with Henley
Business School and the 30% Club,
answers the question: “Can you be
a real woman, or do women have to
disguise themselves in the
workplace?”
She argues that corporate
cultures must change and that
companies must nurture “authentic
female leaders”.
But enabling change is also the
responsibility of young women like
herself, she says. “I want to be a
female leader, but I don’t just want
to lead, I want to lead by example.”
Here is her winning advice to
women at the start of their careers:
c Be yourself. Find role models
and learn from them. Develop
yourself, but do not lose yourself.
c Be brave. Do not put up with
sexism. If lines are being crossed,
stand up for yourself and your
fellow women. To accept is to
condone.
c Be ambitious. Take on big
projects and suggest creative
solutions. Being afraid to fail will
hinder your performance.
c Be clear on priorities. Other
people have agendas, but it’s your
life and career. You have to be in
the driving seat.
c Be generous. When peers ask
for help or advice, give it. Build your
brand as someone who is good for
the team.
Ms Norn’s full entry and details of
the next contest are on
ft.com/women-in-business
several murder attempts. “They put a
pistol to my head. I have been beaten
many times. I was sent to jail,” she says
in the Vice documentary.
“But when I see the state of the kiln
workers and the brutalities committed
against those women — after seeing
those I don’t fear death.”
She was shot in the knee on her way
to a court hearing against a kiln owner.
Local politicians forbade the public
hospital from treating her.
“I had to sell my house to afford
treatment at a private hospital,” Ms
Fatima told Humans of New York.
“But the brick kiln workers came
together to try to help me pay for my
treatment. Despite their poverty, they
gave 5 to 10 rupees at a time. And they
lined up to donate their blood.”
BLLF was founded by trade union
activists and took on its current name
in 1988. That year, a ruling by
Pakistan’s Supreme Court prohibited
bonded labour. But laws against
bonded labour are largely unenforced
and the practice is still widespread.
There are more than 20m people
trapped in bonded labour around the
world, with more than half of them in
Asia, according to the International
Labour Organization. But Ms Fatima
estimates there are 4.5m bonded
labourers in Pakistan alone, working in
brick kilns, agriculture and carpet-
making workshops.
Poor, vulnerable people fall into
bonded labour when they need a loan
or “advance payment” to pay for
medical bills or other emergencies.
Bonded labour can extend to entire
families and debts can pass from
generation to generation.
A bonded labourer featured in
Humans of New York, started working
at a brick kiln after his sister’s kidneys
failed.
“We tried to raise the money to save
her. We sold our cattle. We sold our
property. We sold everything we had,”
he told Humans of New York. Without
other options, he took 5,000 rupees
($50) from a brick kiln, believing he
could pay it back by working 15 to 20
days. However, his debt ballooned to
350,000 rupees ($3,400) and he still
worked at the kiln.
“My sister died a long time ago.
There’s no way out. Soon my debt will
pass on to the next generation,” the
labourer said. In the photo he holds a
toddler against a backdrop of red
bricks.
Tuesday 15 September 2015
Helicopter parenting robs girls of the confidence they need
COMMENT
Heather
Hanbury
Successful business people
demonstrate confidence and have the
grit, determination and perseverance
to keep on trying, even when things do
not work the first time around.
But I worry that, in their
determination to get their children
admitted to top universities, parents
are robbing their sons, and especially
their daughters, of the chance to take
the risks that are crucial to developing
these traits.
Parents play a more active role in
their children’s lives today than they
have at any time in the past, especially
at academically selective private
schools.
As head of Lady Eleanor Holles, an
all-girls school which routinely sends
more than 20 per cent of its leavers to
Oxbridge, achieves more than 80 per
cent A* and A grades at A level, and has
numerous national and international
athletes on its roll, this is a statement I
feel confident making on purely
Universities learn to
embrace diversity
Transgender students
After much debate, US
female-only colleges are
having to rewrite their
admissions rules,
writes Sharmila Devi
W
omen-only universities
are facing challenges
that are changing the
make-up of their stu-
dent intake and in some
cases threatening their very existence.
Women’s colleges in the US claim that
their graduates are more likely to excel
in traditional male subjects such as sci-
ence and engineering. However, since
their 19th century heyday, when efforts
were made in the US and UK to expand
education for women, many of these
female-only institutions have become
coeducational. In the US, fewer than 50
women’s colleges remain and the all-
female model has not caught on in many
other regions of the non-Muslim world.
France, for example, did not share
this “philosophy”, says Bernard
Garrette, dean of HEC Paris business
school. “We had a course for women in
the 1970s, when the school only
accepted men, but no one would want to
go back to this.”
This year has seen more change. In
August, dwindling enrolment forced
Simmons College, a women’s college in
Boston, to close the only all-female MBA
programme in the US, turning it into a
coed, online programme instead.
Isabel Fernandez-Mateo, associate
professor of strategy and entrepreneur-
ship at London Business School, is not
anecdotal evidence. Even parents who
do not want to be “helicopter parents”
are afraid not to be.
I understand the temptation of
becoming overinvolved: the current
UK education system does not always
allow for second chances. But we need
to find a balance between encouraging
teenagers to achieve their potential and
not pushing so hard that they become
unhappy or even ill.
I have much empathy for anxious
parents. We live in a world where more
is expected of my students than was
ever expected of their mothers and
where there is growing global
competition for a shrinking number of
jobs.
To make matters worse, we do not
even know what those jobs will be,
given the “warp speed” of technological
change. But nonetheless, we need to
resist sorting out all our children’s
problems for them — it does them no
favours.
You will not be there when your
daughter has her first university or job
interview. She needs the confidence to
act independently, knowing she can
cope. She needs chances now to learn
how to think on her feet, take
calculated risks and overcome hurdles.
It is tempting, especially when the
girls are young, for parents effectively
hugely surprised, saying that in gradu-
ate education diversity, including gen-
der and nationality, works better. “The
people you meet go on to become con-
nections, so the more diverse they are,
the better it is.”
Even in undergraduate education, US
universities in particular have had to
embrace diversity and break down gen-
der barriers. After much debate, many
women’s colleges are rewriting their
admissions rules to allow transgender
students to matriculate.
“We will admit anyone who has cho-
sen to be female or is becoming a
woman,” said Lynn Pasquerella, presi-
dent of the women-only Mount Holyoke
College in Massachusetts.
The college announced last year it
would admit all academically qualified
students, regardless of their anatomy or
self-proclaimed gender, except those
biologically male at birth who still iden-
tify as male.
‘We will admit anyone who
has chosen to be female or
is becoming a woman’
Wellesley, Simmons and Barnard are
other all-female colleges that have said
they will welcome transgender stu-
dents, although they differ as to whether
they will consider students who were
born male and now identify as female.
Women and transgender students
have shared issues of oppression and
marginalisation says Ms Pasquerella;
“gender is fluid, not static”.
“It’s a paternalistic argument to say
women’s colleges are supposed to
★ FINANCIAL TIMES
Women in Business
Trial and error: pupils need to learn to handle the vicissitudes of life
to do their homework for them — a
poor grade can upset a child and we
want to avoid this. But why does she
get upset? Is it because she knows you
will be upset?
Language at highly academic schools
has become so inflated that we now see
excellence as the norm, a “hygiene
factor”. A teenager will be casual about
gaining full marks, but distraught at
receiving an A instead of an A*.
Seeking perfection all the time
provide a safe haven rather than to
empower them and to provide opportu-
nities for leadership and engagement
with the world.”
In the UK, Dame Barbara Stocking,
president of Murray Edwards College at
Cambridge university, says the women-
only college will look at each case when
it comes to transgender students. If a
student decides to change gender from
female to male, the college will work
with them to decide whether they wish
to stay. “We take all women who are
legally women, but we try to be
extremely sensitive,” she says.
Prof Stocking has launched an alumni
mentoring programme at Murray
Edwards, after conducting research that
highlighted the challenging environ-
ment her graduates say they face when
moving into the workforce (see right).
Although some US colleges have simi-
lar programmes, Sunaina Sinha chose to
study at coeducational universities,
gaining an engineering degree from
Stanford University and an MBA from
Harvard Business School.
She says women have to take on the
responsibility of learning vital skills,
such as networking, themselves. “One
of the best pieces of advice came from
one of my professors at Stanford, Tom
Kosnik, who advised us to form our own
personal board of directors.
“Ever since, I’ve tried to have at least
three to five people, including industry
leaders and outsiders, whom I can call
when the going gets tough,” says Ms
Sinha.
Women’s universities will need to
keep up with the preferences of success-
ful young women such as Ms Sinha if the
want to have a shot at educating the next
generation.
wastes time better spent on other
things. Confidence and the ability to
play to our strengths are what help us
to get on in life, rather than struggling
to be perfect at everything.
Deep down, many parents know this:
a recent article I wrote arguing that
pupils should be allowed to get the odd
C prompted much positive comment.
Research indicates the overdrive for
perfection is particularly a girl’s
problem. From a young age, girls are
Post graduation Scheme aimed at Murray Edwards alumnae
Dame Barbara Stocking, a former head
of Oxfam and now president of Murray
Edwards, a women-only college at
Cambridge university, had thought the
younger generations of women passing
through her halls would not have to
experience the same sexist obstacles
she encountered at work in the 1970s.
But reading the results of a survey
conducted among alumnae was like
watching “parts of my life unfold,” she
says. Some 38 per cent of women
polled by the college said their biggest
challenge was a non-supportive
workplace culture.
praised and rewarded for pleasing their
parents while boys are praised for
being lively, even disruptive. To avoid
getting things wrong, girls tend not to
take as many risks, and this can detract
from their learning and later success.
At LEH we work hard to try to
reverse this. One big advantage we
have in an all-girls school is, of course,
that in this environment, only girls can
lead. They therefore take it for granted
that women are leaders — they see it all
around them and they experience it
personally.
Parents need to let their girls lead at
home too. Instead of sorting out her
problems, try living with the tears
while helping her see that setbacks are
not the end of the world. Help her
discover how she can do better next
time, so the poor grade becomes a
learning tool.
It is not the end of the world if you
don’t achieve your goals on the first
attempt, but it might be if, when faced
with this situation, you simply give up.
If your daughter flunks a test, but
goes through it to understand why and
therefore does better next time, her
confidence grows and with it, her
willingness to “have a go” even when
there is no guarantee of success.
We learn to handle the vicissitudes
of life by starting small and then
“I was shocked at the high figure,”
says Dame Barbara. “But it was also not
a shock, because I’ve experienced many
obstacles.”
The findings prompted her to launch
a mentoring scheme, which is being
rolled out this autumn following a pilot
last year. The mentoring will be
available to alumnae, particularly those
who graduated from Murray Edwards
five to 15 years ago. Until 2008, the
college was called New Hall.
“Such alumnae schemes are more
usual in the US, where universities say
clearly they are there to help their
7
working upwards. Perfect marks may
get your child into your first choice of
university, but will not necessarily help
her thrive in a work environment,
where success is measured, achieved
and acknowledged in a totally
different way.
The big advantage of a western
education has always been that we are
taught to think creatively and for
ourselves. In a global job market, your
child will need something to mark her
out from a crowd filled with A* grades.
Perhaps this something special is a
well-developed sense of autonomy,
perseverance and grit?
And most importantly, remember:
The moment you eventually have to let
go of your child’s hand will also be the
time of her biggest life decisions:
choosing the pursuits to which she will
devote her precious time and the
partner to whom she will entrust her
emotional wellbeing.
No A* will help her make those
decisions and if the A* came at the
expense of becoming a well-rounded,
confident grown up, it may even have
very unhappy consequences.
This may well be the best reason for
you to dispense with your helicopter.
Heather Hanbury is headteacher of The
Lady Eleanor Holles school
alumnae for life,” says Dame Barbara,
who graduated from New Hall with a
degree in pharmacology. “We’re trying
to be more American in the sense of
helping women through all the different
stages of life.”
Sylvie Watts, a New Hall graduate, is
a corporate lawyer with 28 years’
experience. She took part in the pilot
mentoring scheme and finds that while
younger women are more aware than
her own generation of the challenges
facing them, they still need extra help.
Sharmila Devi
8 FINANCIAL TIMES Tuesday 15 September 2015