FT Weekend USA - Feb 20-21 2021

US edition
Usa $3.00 Canada C$3.50 satUrDaY 20 FeBrUarY / sUNDaY 21 FeBrUarY 2021
Bill Gates
My plan to save the planet
LIFE & ARTS
Ft BIg reaD
How to leave
lockdown Hong Kong’s historic traders
safely and The uncertain future of

Jardines and Swire
for good
LIFE & ARTS
‘the challenge is to find

a way to live with it
without huge restrictions’
No time to say ‘buck up’
FT montage/Getty
Lucy Kellaway on how not to
lead in a crisis
Biden declares ‘America is back’ OPINION
in pledge to repair Nato alliance

3 Europe relief at change of tone 3 Covid pledge to poorer nations 3 Paris accord rejoined
KaTRIna manson — WashINgtoN in a meeting of leaders of the G7 nations Europe and the United States have to he saw as the failings of Europeans to Bordeaux buffs
guy Chazan — BerlIN
geoRge paRKeR — loNDoN
hosted by UK prime minister Boris
Johnson at which the US joined a pledge
lead with confidence once more,” he
said. The US and Europe must “prepare
spend on their own defences and spear-
headed a policy of “America First” isola-
Jancis Robinson on wine
Joe Biden has pledged to rekindle trust to increase the funding and supply of together for long-term strategic compe- tionism that undercut the postwar LIFE & ARTS
in US global leadership, using his first Covid-19 vaccines to poorer nations. tition with China”, he added, arguing the transatlantic alliance.
international speech as president to The message that Washington was that world faced a contest between Biden said that he would halt Trump’s
renew America’s commitment to the turning the page after four years of democracy and autocracy. order to withdraw thousands of US
transatlantic alliance after four years of fraught relations with its traditional Angela Merkel, German chancellor, Joe Biden’s troops from Germany. He promised to
Trumpian isolationism. allies under Donald Trump was under- summed up the sense of relief that speech followed abide by Nato’s Article 5, which pledges
“I’m sending a clear message to the scored by the US’s formal re-entry yes- many European leaders feel over the a video meeting collective defence should any member
world. America is back. The transatlan- terday to the Paris climate accord before changing of the guard in Washington. with leaders of country be attacked.
tic alliance is back. And we’re not look- the COP26 climate summit in Glasgow “The prospects for multilateralism the G7 nations The Biden team is also seeking to iron
ing back. We’re looking forward in November. are much better this year than they were out Trump-era divisions with Europe
together,” he told the Munich security The US was determined to “earn back two years ago, and that has a lot to do over Iran by consulting allies about a
conference by video link from the White our position of trusted leadership”, with Joe Biden becoming US president,” return to the nuclear accord with
House yesterday. Biden told the Munich conference. “The she said. Tehran, which the US left in 2018.
His speech followed his participation last four years have been hard, but Trump repeatedly railed against what g7 vaccine boost page 4
Uber suffers UK blow as court rules

drivers are workers, not contractors
sIDDhaRTh VenKaTaRamaKRIshnan The judgment is one of the most An employment tribunal will now
anD Jane CRofT — loNDoN important defeats that Uber has assess how much compensation the
suffered in its global fight over the drivers are entitled to, and the ruling
Uber has lost a landmark battle at the employment status of its drivers, who opens the way for other Uber drivers to
UK’s top court, which ruled that its have come to symbolise the flexibility sue the company. Mick Rix, national
drivers are “workers” entitled to rights and stresses of gig economy work. officer at the GMB labour union, called
such as the minimum wage, in a major
Dogfight for pet tickets as setback for the gig economy model.
Last November, Uber spent heavily on the decision a “historic win”.
airline freight costs soar a campaign to dilute new workers’ Paul Jennings, a partner at law firm
The UK Supreme Court ruled in favour rights laws in California. A public vote in Bates Wells, which represented the
Frustrated globetrotters itching to fly of 35 Uber drivers who first brought the the state allowed the company and its Uber drivers, said: “There are millions
off on holiday should spare a thought case in 2016, arguing that they were not rival Lyft to continue to class drivers as of people in this new sector and there
for pets. tickets for our furry friends self-employed because Uber controlled independent contractors. are clear parallels in terms of how com-
have soared as flights have been much of their work by allocating their UK lawyers predicted that yesterday’s panies in the gig economy operate. For
slashed and cargo space has been customers and dictating their fares. ruling would also affect some rival gig this reason the Uber judgment is hugely
devoted to medical supplies. an airline Lord George Leggatt, one of the jus- economy companies. It grants drivers in significant.”
quoted $6,500 to fly a dog from los tices of the Supreme Court, said it had one of Uber’s biggest markets the right Jamie Heywood, Uber’s regional gen-
angeles to london, three times the unanimously found against Uber. “Driv- to holiday pay as well as the UK mini- eral manager for northern and eastern
usual cost. amid fierce competition, ers are in a position of subordination mum wage and imposes a duty on Uber Europe, said: “We are committed to
one labrador had to wait six weeks for and dependency in relation to Uber to set up a workplace pension scheme. doing more and will consult with every
a flight after being kicked off a plane such that they have little or no ability to It also said drivers should be consid- active driver across the UK to under-
to make way for a saudi prince’s cats. improve their economic position ered to be working for Uber for as long stand the changes they want to see.”
Report i PAGE 12 through professional or entrepreneurial as they were logged on to its app, rather Threat to business model page 10
skill,” he said as he read out the ruling. than just for the time they were on a trip. Lex page 18
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2 ★ FTWeekend 20 February/21 February 2021
INTERNATIONAL
Unseasonable weather
WORLD|
Big freeze leaves Texans without water
WEEK IN REVIEW| Power slowly returns downed power lines and iced trans- football stadiums, churches and com- ‘We are likely to take weeks if not months. He
formers. munity centres. Some residents have said he was also asking for the federal
but burst pipes present The number of households without resorted to trying to melt snow for usa- working government to offer financial assistance
Draghi vows to make Italy fairer and

new crisis for households power has fallen sharply since Thursday ble water. to set up a through the Federal Emergency Man-
morning. Fewer than 200,000 homes Some relief is likely to come over the agement Agency to those not covered by
better as he becomes prime minister JUstiN Jacobs — WashinGTon are currently without power, compared next few days as the Arctic air recedes fund that home insurance.
to a peak of more than 4m earlier in the and temperatures rise. Much of the will assist President Joe Biden told Abbott that
Mario Draghi, former president of the European As the lights come back on for millions week, according to data from Power- state is expected to have daytime highs the federal government would “work
Central Bank, took the reins as Italy’s new prime of Texans after widespread outages Outage.US, which tracks disruptions reach 45F (7C) on Saturday and warm people hand-in-hand with state and local
minister, promising reform, a better and fairer coun- caused by brutal winter weather, across the country. further into next week, which will help without authorities in Texas to bring relief and
try for younger generations and care for those suffer- roughly half the state’s population is Yet the effects of the bitter cold and to thaw pipes, power generating equip- address the critical needs of the families
ing from the pandemic. now contending with unsafe drinking extended loss of power are still being felt ment and clear icy roads. Even so, many insurance’ affected,” according to a White House
Draghi is entering domestic politics for the first water and many face a costly clean-up across the state. residents face an expensive clean-up statement.
time, leading a government of national unity, tasked from burst water pipes. About 13m people are under water after the freezing weather burst water “When the power is restored and
with tackling health and economic emergencies. He “There is enough generation on the boil notices, according to the Texas pipes in their homes, damaging ceilings when we are past the boil water notice,
plans to accelerate the vaccine rollout and outlined electric system to allow us to begin to Commission on Environmental Quality, and leaving extensive damage. we are working to set up a fund that will
how to invest €210bn of EU recovery money, focus- return to more normal operating condi- after hundreds of water systems across Greg Abbott, governor of Texas, said assist people without insurance, sen-
ing on digitalisation, ecological transition, research tions,” Dan Woodfin, a senior official at the state failed during the extreme cold he was easing restrictions for plumbers iors, and others who have suffered a lot
and training and health. the Electric Reliability Council of Texas, and loss of power. from out-of-state or with expired of water-related damage in their home
“Today, unity is not an option, unity is a duty. But it the grid operator, said yesterday. The Officials in cities across the state licenses to assist with the clean-up, in when frozen pipes burst,” said Sylvester
is a duty guided by what I am sure unites us all: the return to service for some remains slow, scrambled to arrange mass distribution anticipation of a severe shortage of Turner, Houston’s mayor, yesterday.
love for Italy,” he said. however, as utility companies repair hubs for bottled water at high-school workers to repair the damage. The job is person in the News see opinion
Myanmar protesters accuse Beijing

of helping junta censor internet covid-19. immunisation
Tanzania shuns vaccines and turns to God

Members of a nationwide civil disobedience move-
ment opposing Myanmar’s coup are venting their
anger at China, which protesters accuse of helping
the generals who overthrew Aung San Suu Kyi.
Anti-coup demonstrators have massed outside the
Chinese embassy in Yangon over the past week, hold-
ing placards attacking Beijing. The junta has ordered President’s refusenik stance patients seeking Covid-19 treatment,
telecoms operators to shut internet service over- raising the fear that any variants circu-
night, stoking speculation it is installing a site-cen- endangers nation’s citizens lating in Tanzania could be imported.
soring “great firewall” with China’s help. Charles Kitima, secretary-general of
“China! Don’t make firewall to block internet in and the world, warn experts the Tanzania Episcopal Conference, a
Myanmar,” one of the signs held up by protesters at a grouping of Catholic bishops, said
recent embassy protest said. The junta denied China daVid pilliNg — London priests had been holding daily funeral
was building a firewall, adding that Myanmar had aNdres schipaNi — nairobi masses in recent weeks — a sharp
enough experts to do so itself. Dorothy Gwajima, Tanzania’s health increase on normal levels.
minister, held a Covid-19 press briefing Although he could not confirm the
this month that looked more like a deaths were from Covid-19, he said: “We
cooking show. Brandishing a blender as see people in hospitals suffering from
Scientists analyse DNA from teeth an aide added ginger, onions, lemon and breathing complications, and due to
of mammoths buried in Siberia pepper to the concoction, she explained that, they end up dying.”
that the vegetable smoothie would ward Magufuli’s pronouncements contrast
Beth Zaiken/Centre for Palaeogenetics
off coronavirus. with the stance of counterparts across
Offering no evidence for the claim as Africa, where most governments have
she downed a glass, Gwajima said the taken Covid-19 seriously.
virus was “ravaging” neighbouring Some countries, including Rwanda,
countries, but not Tanzania. The east began immunisations this week, with
African country of nearly 60m people others expected to start this month and
had no need of vaccines and “no plans to next — although Burundi, Eritrea and
receive them”, she said. Madagascar, where politicians have also
Her pronouncements echoed the
views of John Magufuli, Tanzania’s pres-
ident, who has declared Covid-19 vac-
‘If you have a public health
cines dangerous and unnecessary. A catastrophe in one place, it
devout Catholic, he has said God will
protect his nation from the disease.
will have a domino effect
As rich nations rush to vaccinate their in other countries’
scientists are extracting genetic material from populations and poorer countries,
fossilised teeth of the remains of mammoths found including almost all those in Africa, been sceptical of Covid-19, have not yet
buried in the siberian permafrost, enabling them to press for supplies of the jabs, Tanzania ordered vaccines.
analyse dna from more than a million years ago, the stands out as a Covid-19 denier and vac- The African Union, the World Health
oldest ever discovered. cine refusenik. Its stance not only Organization and the Africa Centres for
endangers its citizens but people else- Disease Control and Prevention have
where, particularly if mutant strains are been reluctant to criticise Tanzania in
allowed to develop in the country public, although they have stressed the
Former skater and cyclist takes unchecked, health experts warn. importance of reporting data.
the helm of Tokyo Olympics Dr Ahmed Kalebi, a pathologist and Matshidiso Moeti, WHO regional
lecturer at the University of Nairobi in director for Africa, said Tanzania was
neighbouring Kenya, said the spread of Heavenly voices: release Covid-19 data since May, when handwashing in an acknowledgment of not co-operating with continent-wide
Seiko Hashimoto, a former speed skater and track the coronavirus from China showed new choir members its official death toll stood at 21. the danger. gene-sequencing needed to detect new
cyclist, is the new president of the Tokyo Olympics. pathogens would quickly ricochet sing during The president has even mocked virus Magufuli has conceded some Tanza- variants. She said two Tanzanian travel-
The 56-year-old government minister replaces around the world. The same could hap- Sunday mass. testing, saying he was able to fool scien- nians favour vaccines, accusing people lers arriving recently in Britain had
Yoshiro Mori, who quit after sexist remarks caused a pen if a virus variant emerged. The president tists at the national laboratory by send- of travelling abroad for immunisation tested positive for the 501.V2 variant
global outcry. Although not referring specifically to has encouraged ing diverse samples — including papaya and bringing Covid-19 back. first detected in South Africa. The UK
Tokyo 2020, postponed from last year, is in crisis. Tanzania, he warned: “Each country is a people to attend juice and diesel oil — labelled as human Just this week, Seif Sharif Hamad, first government has added Tanzania to its
The majority of the Japanese public think the games danger to other countries because places of blood. “We have stayed for more than a vice-president of the country’s semi- “red list” of countries from which entry
should either be cancelled or delayed again because mutant strains can go everywhere. If worship and year without coronavirus, even though autonomous Zanzibar region, died in is barred.
of the pandemic. you have a public health catastrophe in work — AFP/Getty none of us here has put on their face hospital after testing positive for Cov- Tanzania could pay a high economic
Mori had said women talked too much and made one place, it will have a domino effect in mask,” he asserted in a recent speech. id-19. Several Tanzanian parliamentari- price for any long-lasting travel restric-
committee meetings last twice as long. other countries.” However, Tanzanians, many of whom ans have died with Covid-like symp- tions. With Zanzibar and the Serengeti
Hashimoto represented Japan at seven consecu- Although Tanzania’s government wear face masks, have said on social toms and footage online has shown Game Reserve attracting thousands of
tive summer and winter Olympics, winning a bronze closed schools and colleges for part of media they know people who have died funerals conducted at night with pall- international visitors annually before
medal in the 1,500m speed skating in 1992. last year, Magufuli has encouraged peo- after showing coronavirus-like symp- bearers in protective clothing. the pandemic, the country depends
ple to go to work and attend places of toms. Religious authorities and some Doctors in Mombasa, a Kenyan port heavily on tourism, which contributes
worship. The government has refused to government agencies have encouraged city, report an influx of Tanzanian at least 10 per cent to national output.
Winter sports
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Alpine skiing industry faces uphill battle after reopening U-turn
silVia sciorilli borrelli the virus’s arrival in Europe this time adopted a stance more akin to Italy’s of interest in activities that do not
Piani di bobbio
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
Trump vs the Valley

Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
A Five Star plan?
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
Dear Don...
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12 saM JoNes — Zurich
last year, as the pathogen was unknow- and extended closures until at least the require ski lifts.
HMRC warns Lloyd’s of Brussels Insurance market
to tap new talent pool with EU base
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80
Briefing
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Victor Mallet — Paris ingly passed from person to person in end of the month. President Emmanuel Macron has
customs risks THE END
i US bargain-hunters fuel Europe M&A
busy après ski bars and restaurants by The hopes of the French skiing indus- rejected pleas to lift restrictions. Ski
Europe has become the big target for cross-border
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
being swamped i Report outlines longer NHS waiting times

CHANGING AN
As a fresh covering of snow brought

A report on how the health service can survive
ROAD
more austerity has said patients will wait longer for
AMERICAN WAY OF LIFE
revellers who would later spread it try have been repeatedly dashed since resorts were virus cauldrons where
non-urgent operations and for A&E treatment while
by Brexit surge
some surgical procedures will be scrapped.— PAGE 4 Censors and sensitivity
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017
Developing countries have sold record levels of

government debt in the first quarter of this year,
upsetting — LIFE & ARTS
taking advantage of a surge in optimism toward
ideal skiing conditions to the Alpine

emerging markets as trade booms.— PAGE 15
Credit Suisse
3 Confidence in IT plans ‘has collapsed’ Art of persuasion Mystery deepens
across the continent. its resorts were closed midseason last “people find themselves in large groups
i London tower plans break records
3 Fivefold rise in declarations expected
A survey has revealed that a
record 455 tall buildings are
planned or under construction over disputed painting of Jane Austen How To Spend It
engulfed in
JAMES BLITZ — WHITEHALL EDITOR adjust its negotiation position with the in London. Work began on
EU, a Whitehall official said. “If running almost one tower a week
A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4
resort of Piani di Bobbio last weekend,

duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions
fresh tax probe

Reopening resorts would have shown March, and hopes of a restart in the cur- in the places they’ve rented, and we
surge in workload expected once Britain press for certainoptions in Brussels.” The US secretary of state has failed to reconcile
leaves the EU, customs authorities have
admitted toMPs.
HM Revenue & Customs told a parlia-
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
mittee, HMRC said the timetable for
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
Chic new lodgings
mentary inquiry that the new system
needed urgent action to be ready by
delivering CDS was “challenging but
achievable”. But, it added, CDS was “a i Toshiba investors doubt revival plan
in Scotland
March 2019, when Brexit is due to be complex programme” that needed to be In a stormy three-hour meeting, investors accused MAGAZINE
facilities manager Massimo Fossati

completed, and the chair of the probe linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
said confidence it would be operational tems to work properly. In November, 3 UK, France and Netherlands swoop
and cast doubt on a revival plan after Westinghouse
Europe was finally able to move on from rent season are fading fast. know that’s how people get infected”, he
in time “has collapsed”.
Setting up a digital customs system
HMRC assigned a “green traffic light” to
CDS, indicating it would be delivered on 3 Blow for bid to clean up Swiss image
filed for Chapter 11 bankruptcy protection.— PAGE 16
has been at the heart of Whitehall’s time. But last month, it wrote to the i HSBC woos transgender customers
Brexit planning because of the fivefold committee saying the programme had TheRALPH
bank hasATKINSunveiled
— ZURICHa range of gender-neutral it followed “a strategy offull client tax
increase in declarations expected at been relegated to “amber/red,” which DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to
FINANCIAL TIMES
British ports when the UK leaves the EU. means there are “major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.
About 53 per cent of British imports apparent in a number ofkey areas”. Credit
needs Suisse hascustomers.
of transgender been targeted by
— PAGE 20 HM Revenue & Customs said it had
eagerly anticipated the arrival of the

come from the EU, and do not require HMRC said last night: “[CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into
checks because they arrive through the track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-
Good Friday, independence day, Thanksgiving, the the worst of the crisis. That most remain The crisis is such that the National said late last year.
single market and customs union. But and it will be able to support frictionless back Switzerland’s attempts to clean up dering by “a global financial institution
Theresa May announced in January that international trade once the UK leaves
Datawatch
its image as a tax haven. and certain ofits employees”. The UK
Brexit would include departure from the EU . . . Internal ratings are designed The Swiss bank said yesterday it was tax authority added: “The international
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
to make sure that each project gets the Terror attacks inwith
co-operating western Europe after
authorities
offices in London, Paris and Amsterdam
itsattacks
Recent reach
— of this investigation sends a clear
notably the message that there is no hiding place for
The lure of the exotic
focus and resource it requires for suc- 2011
customs union, the number is expected cessful delivery.” were contacted
Highlighted attack byOthers local officials
massacre bythose seeking to evade tax.” Robin Lane Fox on the flair
“concerning client tax matters”. Anders BreivikDutch in prosecutors, who initiated the
to hit 300m. HMRC’s letters to the select commit- of foreign flora — HOUSE & HOM E
330 hudson street, day after Thanksgiving, christmas day and the day first visitors in nearly a year.
The revelations about the system, tee, which will be published today, pro- AFP Dutch authorities said their counter- action, said they seized jewellery, paint-
Norway, the
called Customs Declaration Service, are vide no explanation for the rating Lloyd’s of London chose Brus- insurers to follow. Most of the EU, with Dublin and Luxem- parts in Germany wereBrussels attacks in Paris
also involved, ings and gold ingots as part of their
firmly closed is a stark illustration of the Association of Mayors of Mountain In contrast to France and Italy, most
while Australia’s revenue department and Nice, and the while French officials said their
probe;
likely to throw a sharper spotlight on change, but some MPs believe it was sels over “five or six” other business written in Brussels bourg thought to be more likely Norway Brussels suicide
whether Whitehall can implement a caused by Mrs May’s unexpected deci- cities in its decision to set up an will be reinsured back to the homes for the industry. But said it was investigating
Paris a Swiss
Nice bank. investigation had revealed “several
bombings — have
host of regulatory regimes — in areas sion to leave the EU customs union. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on The inquiries threaten to undermine thousand” bank accounts opened in
bucked the trend
ranging from customs and immigration Timetable & Great Repeal Bill page 2 expected loss of passporting headquarters, pictured above. its transport links, talent pool efforts by the country’s banking sector Switzerland and not declared to French
of generally low
to agriculture and fisheries — by the Scheme to import EU laws page 3 rightsafterBrexit. The Belgian capital had not and “extremely good regula- to overhaul business models and ensure tax authorities.
fatalities from
new York, nY 10013 after christmas day.

time Britainleaves the EU. Editorial Comment & Notebook page 12 John Nelson, chairman of the been seen as the first choice for tory reputation”. customers meet international tax The Swiss attorney-general’s office
Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
requirements following a US-led clamp- western Europesaid it was “astonished at the way this
Problems with CDS and other projects Philip Stephens & Chris Giles page 13 centuries-old insurance mar- London’s specialist insurance Lex page 14
down on evaders, which resulted in operation has been organised with the
essential to Brexit could force London to JPMorgan eye options page 18 ket, said he expected other groups after the UK leaves the Insurers set to follow page 18
billions of dollars in fines. deliberate exclusion of Switzerland”. It
Italy’s government had given the go- difficulties that lie ahead as countries Resorts has warned of the “definitive of Switzerland’s ski infrastructure is
The probes risk sparking an interna- demanded a written explanation from
tional dispute after the Swiss attorney- Dutch authorities.
City watchdog sends a clear message as

general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty
ment” that it had been left out of the in the US to an “extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients THE the
Escape RISE OF
taper ECO-GLAM
trap
banker loses job over WhatsApp boast
EU’s judicial liaison body. evade tax. It agreed to fines of $2.6bn.
Credit Suisse, whose shares fell 1.2 per Additional reporting by Laura Noonan in How high earners can evade
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
subject ofinvestigations in the Nether- Houlder in London, and Michael Stothard a pension headache — FT MONEY
lands, France and the UK. The bank said in Paris Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine
ahead for the skiing industry to reopen seek to quash the virus and reopen their and irreversible destruction” of the eco- open as normal. Lifts and runs are oper-
Bridgeman Art Library
subscriptions and customer service us subscription rates, 1 year $406. Periodicals

LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
JENNIFER THOMPSON — LONDON
Christopher Niehaus, a former Jeffer- ban people from installing apps on their
Brussels takes tough stance on Brexit

A boastful WhatsApp message has cost ies banker, passed confidential client private phones.
a London investment banker his job information to a “personal acquaint- Andrew Bodnar, a barrister at Matrix
and a £37,000 fine in the first case of ance and a friend” using WhatsApp, Chambers, said the case set “a precedent
with Spain handed veto over Gibraltar

Shutdown risk as border regulators cracking down on commu- according to the FCA. The regulator said in that it shows the FCA sees these mes- 390_Cover_PRESS.indd 1 19/01/2017 13:57
wall bid goes over the top Mr Niehaus had turned over his device saging apps as the same as everything
Tel: +1 800 628 8088 postage paid at new York, nY and at additional
nications over Facebook’s popular
chat app. to his employer voluntarily. else”.
on February 15, raising hopes of a return battered economies. nomic model that underpins 70 years of ating with only minor restrictions. The
Congressional Republicans seeking to The FCA said Mr Niehaus had shared Information shared by Mr Niehaus
avert a US government shutdown after The fine by the Financial Conduct confidential information on the messag- included the identity and details of a
April 28 have resisted Donald Trump’s Authority highlights the increasing ing system “on a number of occasions” client and information about a rival of ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
attempt to tack funds to pay for a wall problem new media pose for companies last year to “impress” people. Jefferies. In one instance the banker GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after
on the US-Mexico border on to that need to monitor and archive their Several banks have banned the use of boasted how he might be able to pay off STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would
stopgap spending plans. They fear staff’s communication. new media from work-issued devices,
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his mortgage if a deal was successful.
mailing offices; Post-Master. send address changes

The EU yesterday took a tough opening fully been singled out for unfavourable require “existing regulatory, budgetary,
that his planned $33bn increase in Several large investment banks have but the situation has become trickier as Mr Niehaus was suspended from Jef- stance in Brexit negotiations, rejecting treatment by the council at the behest of supervisory and enforcement instru-
defence and border spending could banned employees from sending client banks move towards a “bring your own feries and resigned before the comple- Britain’s plea for early trade talks and Spain”. Madrid defended the draft ments and structures to apply”.
force a federal shutdown for the first information over messaging services device” policy. Goldman Sachs has tion of a disciplinary process. Living wage rise to pile clause, pointing out that it only reflected Mr Tusk wants talks on future trade
to normality after 11 months scarred by In Italy, the winter sports industry development in the mountains. The Swiss government has insisted skiing
explicitly giving Spain a veto over any
time since 2013, as Democrats refuse including WhatsApp, which uses an clamped down on its staff’s phone bills Jefferies declined to comment while pressure on care services arrangements that apply to Gibraltar. “the traditional Spanishposition”. to begin only once “sufficient progress”
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and
US budget Q&A and accessed without permission from the issued BlackBerrys. forcomment. About 2.3m people will benefit from European Council president Donald Mr Tusk’s text left room for negotiators citizen rights, which Whitehall officials
Tusk’s first draft of the guidelines, to work with in coming months. Prime
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Trump attack over health bill i PAGE 8 user. Deutsche Bank last year banned Bankers at two institutions said staff Additional reporting by Chloe Cornish today’s increase in the national living believe means simultaneous talks are
WhatsApp from work-issued Black- are typically trained in how to use new Lombard page 20 wage to £7.50 per hour. But the rise which are an important milestone on minister Theresa May’s allies insisted possible if certain conditions are met.
will pile pressure on English councils, the road to Brexit, sought to damp Brit- that the EU negotiating stance was Boris Johnson, the foreign secretary,
which will have to pay care workers a ain’s expectations by setting out a largely “constructive”, with one saying it reassured European colleagues at a
lot more. Some 43 per cent of care “phased approach” to the divorce proc- was “within the parameters of what we Nato summit in Brussels that Mrs May
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executive appointments reproduction of the contents of this newspaper in administration, which postponed the Anef, a group for ski facilities operators. jobs, the political and economic pres-
www.exec-appointments.com any manner is not permitted without the publisher’s reopening over fears of emerging virus Yet Fossati said Piani di Bobbio’s lift sures to keep resorts open have been
prior consent. ‘Financial Times’ and ‘FT’ are
published by registered trade marks of The Financial Times
variants and a spike in infections. operators, restaurateurs, bar owners huge. Yet, like others in the EU, its skiing
F.T. Publications inc. Limited. The Financial Times and its journalism are “We’d bought a machine to sanitise and hoteliers — already mourning the industry has suffered. Resorts used to
330 hudson st, new York, subject to a self-regulation regime under the FT the ski lifts after each ride, software to loss of most of the €8m they make annu- accommodating as many as 1m guests in
nY 10013, usa; Editorial code of Practice: manage queues and tens of thousands of ally — would be reluctant to plan for a a season are reporting weekly hotel visi-
Tel: +1 917-551-5000; www.ft.com/editorialcode
Editor: roula Khalaf litres of diesel,” said Fossati. “We were possible reopening next month. “I dare tors in the low hundreds.
reprints are available of any FT article with your devastated and angry when we were anyone to invest more money in this Back in Italy, Rome has pledged to
printed by company logo or contact details inserted if required told on Sunday evening that we couldn’t uncertainty,” he added. support the winter sports industry, rais-
blue island newspaper Printing, harvey, iL (minimum order 100 copies). one-off copyright
Evergreen Printing company, bellmawr, nJ licences for reproduction of FT articles are also reopen on Monday morning. We’d Elsewhere in the Alps, the Swiss and ing the prospect of government finan-
bay area Production services, Fremont, ca available. already sold 9,000 ski passes for the Austrian governments have taken a dif- cial support. “I have filled my backpack
For both services phone +44 20 7873 4816, or week and spent more than €100,000.” ferent approach to safeguarding a vital Drag: a man pulls a child uphill as ski with promises,” Fossati said. “I hope
Published daily except sundays, new Year’s day, alternatively, email syndication@ft.com
Alpine ski resorts became a symbol of economic sector, while France has lifts are shut at Ponte di Legno, Italy they won’t let us down again.”
20 february/21 february 2021 ★ FTWeekend 3
international
Hunt for ancient life on Mars

munich Security Conference
UK summit ‘last, best hope’ of

hitting climate goal, says Kerry
begins after rover lands safely LeSLIe Hook
US climate tsar John Kerry warned that

fail,” Biden said. “We have to rapidly
accelerate our efforts to curb emissions,
and hold one another accountable for
the upcoming UN climate summit in
Initial job will be to launch ultralight helicopter for first powered flight beyond Earth Glasgow was “our last, best hope” to get
the world on track to limit global
meeting our goals, and increasing our
ambitions.”
The US return to the Paris accord, just
warming to 1.5C, as he underscored the
over 100 days after its exit last Novem-
security challenges posed by climate
CLIVe CookSon — London ber, means the US will need to announce
Perseverance Theflight
Plan for first powered planon
foranother
the Red Planet
planet
change.
a new emissions target ahead of the
Nasa’s Perseverance rover is in position “Climate change is a threat multiplier,” COP26 climate summit in Glasgow in
to begin exploring the surface of Mars Ingenuity, an in-built helicopter, he said, in his first speech on the inter- November. The existing US target, set
for signs of ancient life, after US space will be launched from rover’s belly national stage since taking up his role as by the Obama administration, is to cut
scientists successfully landed the most President Joe Biden’s special envoy for emissions by at least 26 per cent by
sophisticated vehicle ever sent from climate. “When tensions are already 2025, relative to 2005 levels.
Earth to another planet. high somewhere . . . the embers of con- The COP26 summit, hosted by the
Joyful but socially distanced celebra- flict just burn brighter. UK, may help to solidify a common tie
tions broke out on Thursday evening at “Climate change is among the most on climate change between the US and
California’s Jet Propulsion Lab, head- complex security issues we have ever the UK.
quarters of the $2.7bn mission, when a 1 faced,” he told Nato leaders at the Boris Johnson, prime minister, said he
5
radio signal from Perseverance con- Munich Security Conference. was “delighted” that the US had rejoined
firmed it touched down at Jezero crater, How it will be launched Kerry said the world had just nine the Paris climate agreement and praised
close to the Martian equator, after a 1 Protective shield dropped and rover years to put in place the policies that Biden’s leadership.
470m km flight. moved forward would help avert the worst conse- “The UK’s aim will be to rally as many
A minute or two later the first picture 2 Ingenuity is swung upright
quences of global warming. “There is no countries as possible behind the target
appeared, a fuzzy black-and-white 3 faking it in this moment,” he added. of net zero emissions by 2050,” said
image of the crater floor. Vivid colour 3 Landing legs unlocked 2 The US formally re-entered the Paris Johnson.
photos are expected soon. 4 Ingenuity dropped to surface climate accord yesterday, 30 days after The Paris climate accord aims to limit
“This is a fantastic day for planetary 5 Rover moves away Biden asked to rejoin by executive fiat global warming to well below 2C, ideally
science, with a new precision landing 4 on the day of his inauguration. “I’m to 1.5C, and has been ratified by 190
system delivering Perseverance to the sending a clear message to the world: countries. The US is the only signatory
right spot,” said Prof Andrew Coates, a American is back,” he told Nato leaders to have ever withdrawn.
University College London space scien- yesterday after a wide-ranging discus- The US, which is the world’s second-
Communications antenna
tist involved in previous Mars missions. sion between G7 leaders. largest emitter after China, pulled out of
“With Perseverance there now and Solar array
“This is a global existential crisis, and the Paris accord last November under
then Europe’s Rosalind Franklin rover we will all suffer the consequences if we then president Donald Trump.
Charges batteries
arriving in 2023, I think we are going to
find out once and for all in the next few
years whether there is or has been life on
Mars.” India ties
Perseverance survived the famous
“seven minutes of terror”, a term coined
for previous Mars landings for the time
Electric
China admits 4 soldiers died
in Himalayas border clash
it takes to decelerate from the entry
speed of 20,000kph, when the craft propulsion
reaches the Martian atmosphere, to a motors
touchdown at slower than walking pace. Carbon-fibre rotor
The landing technology deployed was Blades spin 2,400rpm
an upgraded version of the one on Curi- YuAn YAng — BEIJInG suffered fatalities since 1975 despite
BenjAmIn PARkIn — MuMBAI
osity, the last Nasa rover to land on long-simmering tensions over the bor-
Mars, in 2012. Added features included China has admitted for the first time der. It threatened to undo decades of
a range trigger to guide the opening of that four of its soldiers died during efforts to boost political and economic
the craft’s parachute and maximise the a clash with Indian forces in the ties after China and India fought a war
chance of a gentle touchdown. Insulated fuselage frame Himalayas last year. along the border in 1962.
Perseverance will spend the next After months of facing off, Chinese
month or so going through a thorough Circuit boards The revelation in China’s official mili- and Indian troops this month began
check of all its instruments. Then its Lithium-ion batteries tary newspaper was made as both sides pulling back their forces in an attempt
first job will be to move a short distance began pulling back troops to defuse the to defuse tensions. The PLA Daily article
to launch an ultralight helicopter for the Laser altimeter Dimensions border confrontation in east Ladakh. also alleged Indian forces had moved
first powered flight on an extraterres- The People’s Liberation Army Daily beyond an agreed line of control and
trial planet beyond Earth. Black-and-white navigation camera reported yesterday that four soldiers
The 1.8kg Ingenuity rotorcraft is a had died while fighting with “foreign
technology demonstrator to show Colour imaging camera military” in June. It was the first official
‘In June, China-Indian
whether helicopters can perform use-
Carbon composite landing legs
1.2m
narrative given by Beijing about what relations were intense.
fully in the Martian atmosphere, which took place in the border skirmish.
is just 1 per cent as dense as Earth’s.
0.49m
Immediately after the clash, India said
But now the border
If it works well, Ingenuity will make 21 of its troops had been killed. conflict has eased’
five flights, providing an aerial view of Graphic: Ian Bott Sources: Nasa; JPL
Weight 1.8kg (0.68kg on Mars due to weaker gravity) Beijing waited eight months before
the crater where Perseverance will reporting the deaths because “China were the first to attack, with Chinese sol-
spend the next two years, searching for does not want to overheat the issue”, diers hit with steel tubes and stones.
signs of ancient microbes that might said Wang Dehua from the Shanghai China foreign ministry spokesperson
have flourished when water flowed on Institutes for International Studies. Hua Chunying said yesterday: “The
Mars about 3bn years ago. “China keeps a low profile when deal- Indian side played up the incident to dis-
The rover will journey around the ing with India. Back in June, China-In- tort the truth and mislead international
ancient and desiccated terrain of Jezero dian relations were intense. But now the public opinion. The report will help peo-
crater, which once contained a lake, China-India border conflict has eased.” ple to know the truth and also pay trib-
armed with instruments to probe the Military honours were awarded to the ute to our heroes.”
rocks and soil for physical and chemical four dead soldiers, named as Chen India claims China encroached on its
signatures of biological processes. Sci- Hongjun, Chen Xiangrong, Xiao Siyuan territory. “The agreements and proto-
entists do not expect to find living and Wang Zhuoran. The first three were cols between India and China were uni-
organisms. killed in the fight while Wang died try- laterally violated by China,” Lt Gen YK
Another technology experiment is ing to cross a river to help his comrades. Joshi, India’s northern army com-
Moxie, the Mars Oxygen In-Situ The vicious clash between the troops mander, said this week.
Resource Utilization Experiment, marked the first time either side had Additional reporting by Xinning Liu
which will make oxygen out of the thin
air on Mars by electrochemically break-
ing down carbon dioxide. If astronauts
are to land and live on the red planet, Two-speed economy
they would need locally generated oxy- Fuzzy: the first images arrive just after Perseverance Celebrations: socially distanced cheering at Nasa’s Jet
gen to breathe and to burn fuel. successfully touches down on Mars — Nasa TV/Reuters Propulsion Lab in Pasadena, California — Nasa /Bill Ingalls/Reuters
Eurozone manufacturing data
democracy. Penal code
help offset services downturn
Rapper’s jailing fuels anger among Spain’s young mARTIn ARnoLd — frAnkfurt
VALenTInA RomeI — London
highlight the effect of the current health
situation in the eurozone, where persist-
A strong manufacturing recovery ently high infection rates are forcing
partly offset a downturn in services governments to extend and tighten con-
Imprisonment for defaming to Hasél for social media posts glorifying need to continue the transition to the monarchy’s legitimacy and led the across the eurozone this month, tainment measures”.
terrorists and accusing Spanish police of democracy that began with the 1975 architects of Spain’s constitution to add according to a widely watched survey The pan-eurozone manufacturing
monarchy at odds with free murder, as well as a biting rap about death of dictator Francisco Franco. special protections for royalty “in the of businesses. PMI rose to 57.7, up from 54.8, while the
former king Juan Carlos I that suggested Such questions are especially pointed face of a possible lack of public support”, equivalent services measure fell to 44.7
speech ethos, say protesters half the country wanted him dead. in Catalonia, home to Hasél and where said Gómez Bravo. It suggested the bloc’s two-speed eco- from 45.4, the lowest reading in three
Hasél had previously received a sus- separatist politicians use Spain’s sup- Mercedes Cabrera Calvo-Sotelo, a nomic performance was intensifying. months. The composite PMI, an average
IAn mounT — MAdrId pended sentence related to violent lyr- posed lack of democracy as a justifica- Complutense professor and former edu- The IHS Markit flash German pur- of both sectors, was 48.1.
The crowd of several hundred gathered ics that called for the deaths of a number tion for secession. cation minister, said such constitutional chasing managers’ index for manufac- Chris Williamson, chief business
at Puerta del Sol square to protest at the of politicians. “[The penal code] has to be modern- protection did not have the justification turing surged to a three-year high of economist at IHS Markit, said: “Cov-
jailing of rap artist Pablo Hasél took The treatment of Hasél, whose real ised with a basis in current societal con- that it might have had at the time. “Criti- 60.6, up from 57.1 in January, data pub- id-19 lockdown measures dealt a further
inspiration from an earlier era, chanting name is Pablo Rivadulla Duró, has cising the monarchy forms part of the lished yesterday showed. France’s cor- blow to the eurozone’s service sector in
the civil war slogan “Madrid will be the fuelled anger among the generation of freedom of expression. The institutions responding index rose 3.4 points to 55. February, adding to the likelihood of
tomb of fascism” as police watched on. young Spaniards, who are already weary Pablo Hasél: jailed of the Spanish democracy are strong A figure above the 50 mark indicates a [gross domestic product] falling again
for posts accusing
“The younger generations are pushing from high unemployment, low pay, cor- the police of enough to withstand critical opinions.” majority of businesses reported growth in the first quarter.”
hard and this protest is to say, ‘There’s ruption and restrictions on movement murder and a rap Similarly, Spain’s terrorism speech in activity from the previous month. However, “factory output grew at one
been enough of this repression, this cor- meant to end one of Europe’s worst about former king laws were drawn up at a time when In contrast, the German services PMI of the strongest rates seen over the past
ruption, this system that doesn’t provide coronavirus outbreaks. Juan Carlos i police and soldiers were regularly tar- fell 0.8 points to a nine-month low of three years, thanks to another impres-
a space for us’,” said Rubén Lázaro, 28, a He is not the first person in Spain to be geted and killed by Eta, the Basque sep- 45.9, while the equivalent measure for sive performance by German producers
set builder who was one of those in the charged with defaming either the mon- sensus. It’s impossible to contain opin- aratist group. France hit a three-month low of 43.6, and signs of strengthening production
Madrid square on Wednesday evening, archy or the police, or glorifying terror- ion these days,” said Gutmaro Gómez “[That law] could have made some down from 47.3. trends across the rest of the region”.
as similar demonstrations took place in ism, under penal code articles. An actor Bravo, professor of contemporary Span- sense in the hardest days of Eta. But Restrictions to control the spread of The eurozone figures suggest manu-
Barcelona and other Spanish cities. stood trial for insulting religion in a 2017 ish history at Madrid’s Complutense right now, it makes no sense,” said Juan coronavirus have kept many services facturing strength may not prevent the
Smoke hung over Barcelona, the Cata- Facebook post (he was acquitted in University. The existence of laws against Alberto Díaz López, a criminal law pro- businesses closed across the eurozone in bloc from falling into a second pandem-
lan capital, this week as the protesters 2020) and two puppeteers spent five defaming the monarchy have their ori- fessor at Madrid’s Autonomous Univer- the early weeks of this year. But the ic-fuelled recession — two consecutive
set fire to rubbish bins in three nights of days in jail over the content of a mario- gins in the era of Franco, who came to sity. He believes eliminating defama- bloc’s manufacturing sector is experi- quarters of negative growth — in the
clashes with police. Dozens of people nette show in 2016. power in a coup and led the country tory speech protections for the monar- encing a strong uptick in activity, first three months of 2021, after output
were detained in Madrid and Catalonia Some say the calls to violence in from 1939 until his death. chy would go some way to tackling ine- boosted in part by demand from Asian contracted in last year’s final quarter.
and a Barcelona teenager lost an eye in Hasél’s lyrics make him a poor poster He re-established the monarchy in qualities that anger young protesters. economies including China. But businesses grew more optimistic
the clashes. child for free speech. But his internment 1947, with himself in charge, and named “Is the honour of the crown and [reign- Maddalena Martini, an economist at in February, with sentiment regarding
Their anger was directed at what they has sparked soul-searching over Spain’s Juan Carlos I his successor in 1969. But in ing monarch] Felipe VI higher than oth- Oxford Economics, said the data output in the year ahead rising to the
considered the harsh sentence handed commitment to free expression and the the eyes of some, this “original sin” hurt ers’?” he asked. “underline the sectoral divergence and highest since March 2018.
4 ★ FTWeekend 20 february/21 february 2021
international
Virtual meeting Stability data
G7 leaders pledge world vaccine boost Ultra-cold

storage not
‘Warm glow’ surrounds
needed for
BioNTech jab
tive to $7.5bn. The countries agreed dur- Canadian PM Justin Trudeau, “Our current focus is on vaccinating Cornwall in June, also urged leaders to
ing the call to share surplus vaccines described as “dishonest” and “weak” by Americans, getting shots in arms here,” step up efforts to vaccinate the develop-
summit as Biden promises with the developing world and Joe Donald Trump at a bitter 2018 G7 sum- said one US official before the meeting. ing world against Covid-19 and to back a
extra $4bn for Covax pot Biden, speaking at his first big interna- mit, summed up the relaxed mood, tak- Another official said Biden had asked new 100-day target for the development
tional meeting as US president, prom- ing a selfie during the video call. staff to explore options for donating of vaccines for emerging diseases.
geoRge PARKeR — loNDoN ised an extra $4bn for the Covax Ahead of the meeting, French presi- “surplus” vaccines “once there is a suffi- He said there was “no point” in the HAnnAH KuCHleR — New YorK
Joe MilleR — fraNKfurt
AiMe WilliAMS — wasHiNgtoN scheme, with $2bn to be paid now. dent Emmanuel Macron told the Finan- cient supply” to meet US demand. west vaccinating its citizens if large
MiCHAel Peel — brussels Biden also reaffirmed his commit- cial Times the west should urgently allo- Steffen Seibert, a spokesperson for parts of the rest of the world had not The BioNTech/Pfizer Covid-19 vaccine
guy CHAzAn — berliN
ment to fighting climate change, creat- cate up to 5 per cent of their current vac- Angela Merkel, said Germany had received enough vaccines. no longer needs to be kept at tempera-
Leaders of the G7 group of rich democ- ing what one official called “a warm cine supplies to developing countries, already agreed to respond to Macron’s The UK has ordered more than 400m tures colder than the Antarctic winter,
racies have vowed to boost supplies of glow” around the meeting. where Covid-19 inoculation campaigns call to provide greater support to the doses of various Covid-19 vaccines. A according to new results that will allow
Covid-19 vaccines to the developing As the call drew to a close, Biden inter- have scarcely begun and China and Rus- rest of the world. UK government official said well over distribution to be dramatically
world, although divisions remain over vened to underline the shift from the sia are offering to fill the gap. “We reached an agreement in princi- half of the country’s excess doses would expanded to doctors’ clinics, pharma-
the speed at which to share doses. acrimonious Trump era. According to But while the US has increased its ple with the French president that Euro- go to Covax. cies and more remote regions.
At a virtual G7 meeting yesterday one observer, the US president told the financial support for Covax, it rejected pean countries will give poorer coun- Ursula von der Leyen, European
hosted by Boris Johnson, UK prime min- group: “I knew a guy who used to say: ‘I Macron’s call to share doses before it tries that so far haven’t received much Commission president, told the G7 the Stability data, which the companies
ister, leaders upped their pledges to the don’t just understand you, I overstand had completed its own domestic vacci- vaccine some of our stocks.” EU would double its financial contribu- have submitted to the US regulator,
WHO-led Covax global vaccine initia- you.’ I overstand you.” nation campaign. Johnson, who will host a G7 summit in tion to Covax to €1bn. show the shot can be kept at normal
medical freezer temperatures of minus
15C to minus 25C for up to two weeks,
compared with the previously required
Climate change. Young campaigners minus 60C to minus 80C.
Ugur Sahin, BioNTech’s chief execu-
tive, said the ability to store the vaccine
Arrest stokes fear among India’s green activists at higher temperatures would give vac-
cination centres “greater flexibility”,
adding the company continues to
develop new formulations to make the
jab “even easier to transport and use”.
BioNTech/Pfizer’s breakthrough vac-
Ravi case highlights Modi cine was the first to win regulatory
approval in the UK, US and EU last year,
government’s increasingly but the need to store and transport the
shot below minus 60C has complicated
aggressive tactics on dissent the rollout, particularly in remote areas
AMy KAzMin — New DelHi without “cold-chain” infrastructure.
DHL, one of the logistics companies
Inspired by the teenaged activist Greta involved in shipping the shot, said ear-
Thunberg, Indian environmentalist lier this month governments had failed
Disha Ravi has campaigned against cli- to prepare for “last mile” delivery,
mate change, led tree-planting drives beyond specialist distribution and stor-
and fought development projects in age centres.
fragile ecosystems. The new storage requirements should
Ravi, 22, is now being held in a New ease those constraints and make the
Delhi jail on suspicion of sedition, a vaccine more competitive.
crime punishable by life in prison. Her Moderna’s Covid-19 vaccine, based on
alleged misdeed: collaborating with similar messenger RNA technology, can
Thunberg on a social media campaign to be kept at normal refrigerator tempera-
support Indian farmers opposed to new tures of between 2C and 8C for 30 days,
agricultural marketing laws. while another mRNA shot being devel-
Ravi’s detention last weekend — for oped by Germany’s CureVac can be kept
what New Delhi police claim is an at similar temperatures for three
“international conspiracy” against months.
India — reflects the increasingly aggres- The news came as an Israeli study,
sive tactics that Narendra Modi’s gov- published in The Lancet yesterday,
ernment is prepared to employ against found a single shot of the two-dose jab
dissent, as it confronts growing public was 85 per cent effective, in a further
resistance. boost for BioNTech/Pfizer’s vaccine.
It has sent shockwaves through India’s The study of 9,000 healthcare work-
expanding network of young environ- ers, conducted by Israel’s Sheba Medical
mental activists and stoked anxiety Center, a leading research hospital,
among parents about the price their found a single dose reduced the number
children could pay for speaking out. of people developing symptomatic Cov-
“Her arrest is certainly disheartening Student protest: Indian campaigner for Greenpeace was are influenced by global trends and ‘The youth The furore began after Thunberg id-19 by 85 per cent 15 to 28 days follow-
for all of us,” said Joel Kyndiah, 18, an activists in barred from flying out of the country to adroit at mobilising via social media. tweeted a message of solidarity with the ing inoculation.
activist from the town of Shillong. New Delhi London, where she was to speak pub- Among them was Ravi, a farmer’s don’t show farmers, sharing a “tool kit” for mobilis- Researchers also concluded that a sin-
“We’ve always been peaceful and demo- demonstrate licly about a planned coal mine in a sen- granddaughter, who launched the fear and the ing support for their protests. The docu- gle dose reduced asymptomatic infec-
cratic in how we pursue the problem of against the sitive forest area. Greenpeace India’s Indian arm of Fridays for the Future, the ment, which Ravi allegedly helped pre- tions by 75 per cent, suggesting people
climate change.” arrest of Disha bank accounts were frozen. movement inspired by Thunberg, while government pare, suggested such non-violent are much less likely to contract and pass
Critics say the arrest reflects the gov- Ravi. Below, Since then, New Delhi has moved a college student in 2019. doesn’t like actions as tweeting, demonstrating in on Covid-19 once vaccinated with a sin-
ernment’s particular antipathy towards Greta Thunberg steadily to dilute India’s environmental FFF India came under pressure last front of Indian embassies, and putting gle shot. Two doses taken three weeks
young campaigners — especially edu- Jewel Samad/AFP/Getty rules and regulations and diverted pro- summer as the authorities sought to that. They international pressure on New Delhi. apart were found to be 95 per cent effec-
cated, tech-savvy and globally con- tected lands for industrial uses while overhaul the environmental impact think young After Thunberg’s tweet, Delhi police tive in clinical trials.
nected youth who talk about issues that boasting to businesses about its acceler- assessment process to reduce the role of filed a criminal complaint, labelling the BioNTech and Pfizer have said there is
resonate internationally such as the ated speed in granting permission for public inputs, including from independ- people document “a call to wage economic, no evidence that spreading out the
environment. projects in sensitive habitats. ent experts, in decision-making. should social, cultural and regional war against doses works.
“The youth don’t show fear and the “They have tried to dilute every law Activists of FFF and two other groups, India”. Ten days later, Ravi was arrested But the UK has already been spread-
government doesn’t like that,” said Nit- for one purpose — the ease of doing busi- Let India Breathe and There is No Earth study, work at her home in Bangalore and flown to ing out shots from both BioNTech/
yanand Jayaraman, 53, an activist with ness,” said Claude Alvares, director of B, mobilised a campaign to bombard the hard and New Delhi, where she has been held for Pfizer and Oxford/AstraZeneca, giving
the Chennai Solidarity Group, an envi- The Goa Foundation, an environmental environment minister with emails interrogation, though she has not been the second doses 12 weeks after the first,
ronmental justice collective. “They group. “They have openly declared that opposing the changes. obey, not charged. as it tries to protect the population as
think young people should study, work business is more important and the New Delhi responded by blocking the question One young campaigner, who quickly as possible. Other countries,
hard and obey, not question the state.” environment is not important any groups’ websites and threatening requested anonymity due to safety con- including Israel and the US, have tried to
The Modi government set its sights on more.” arrests under draconian anti-terrorism the state’ cerns, said Ravi’s arrest stemmed from a stick closely to the recommended three-
environmentalists soon after taking Yet the drive for development in laws, which allow suspects to be held government “that doesn’t approve of week gap.
power, after an intelligence bureau ecologically sensitive areas — such without charge for lengthy periods. citizens using their democratic rights”. The Sheba Medical Center study fol-
report — leaked to the public — as plans to expand a railway line, The government did not follow “They’re trying to intimidate and lows a February analysis that showed a
called foreign-funded NGOs roads and power lines through through on its threats. But Ravi’s efforts scare other young environmental activ- drop in case numbers and hospitalisa-
“tools” of western governments a protected national forest in to bring global attention to farmers’ ist,” she said. “But we’re not interested tions in Israel among vaccinated age
seeking to thwart India’s eco- Goa — has stoked resistance protests drew the full force of Indian in anything except a future where we groups, even after only one shot.
nomic progress. In 2015, an from young people, who state power. can breathe.” See Ft View
Media freedom
Tennis Australian Open sees off lockdown, quarantine and mice
Hong Kong revamp of public
broadcaster prompts alarm JAMie SMytH — MelbourNe The Open provides a boost to the local
economy — by A$387m (US$304m) in
nervous about the virus after last year’s
lockdown,” said Jan Williamson, as she
cerns about the prospects for the Olym-
pics given the huge number of athletes
Novak Djokovic will stride on to centre 2020, according to an economic impact watched a match. “But if Melbourne due to attend and the prevalence of the
court in Melbourne tomorrow in search study — and to the psyches of Mel- didn’t hold the tournament, someone virus in Japan. “Be prepared for great
PRiMRoSe RioRdAn — HoNg KoNg wing, a veteran journalist who has led of a record ninth Australian Open title. bourne residents, who endured a 112- else would probably have grabbed it.” expense, for positive athletes and for
RTHK for more than five years, by But at a tournament hammered by a day lockdown last year to control a Despite capping the number of spec- isolation because that’s the only way
Hong Kong authorities have ordered
Patrick Li, a longtime civil servant with Covid-19 outbreak, a statewide lock- deadly second wave, he added. tators at 50 per cent of normal capacity, you stop the spread.”
sweeping changes to the city’s public
no journalistic experience. The govern- down and a rodent-infested quarantine But staging the international event attendance remained below the thresh- Tiley said a strict hotel quarantine
broadcaster, a move denounced by
ment said Li was appointed after it was hotel, perhaps the greatest achievement in Australia, where local transmission of old during the tournament’s first week. programme, regular testing, player
critics as the latest crackdown on free-
unable to find an internal candidate is that the tennis went ahead at all. Covid-19 has been reduced to a handful An outbreak linked to a breach of hotel bubbles and adopting new technology
dom of expression in the territory.
with a broadcast background. As the finishing touches were made to of cases thanks to strict border controls, quarantine triggered a snap five-day had been crucial to putting on the tour-
Radio Television Hong Kong, a 92-year- The government also called for better the Rod Laver Arena to welcome 7,500 has proved hugely controversial. lockdown, forcing games to be played nament. The added expense meant the
old institution modelled on the BBC, has internal controls and oversight of spectators, organisers defended their Health experts warned that flying in without fans. Spectators returned on event would make a loss this year, a cost
been under attack by pro-Beijing groups RTHK’s output. decision to stage the tennis major dur- 1,200 players, staff and officials posed Thursday after the lockdown was lifted. he said was worth it to hold the tourna-
and Chinese state media since pro-de- Grace Leung, a lecturer at the Chinese ing a pandemic. They also suggested the an unacceptable risk to the community, “Every day presents a new set of chal- ment and maintain its global standing.
mocracy protests in the city in 2019. The University of Hong Kong’s School of event could provide a template for hold- particularly given the emergence of fast- lenges,” said Tiley, who expressed con- But persuading elite athletes to sub-
broadcaster has been accused of biased Journalism and Communication, said ing other big sporting events, including spreading variants of the virus. Tens of mit to 14-day hotel quarantine, even
coverage of the protests and of Beijing’s the move undermined the broadcaster’s the Tokyo Olympics this summer. thousands of Australians stranded over- without rodents, has not been easy,
imposition of a controversial national autonomy. “They are going to tighten “A lot of people said you’d be crazy to seas by severe passenger caps on incom- despite prize money of A$71m.
security law on the territory last year. the editorial independence of RTHK to go ahead with the Open — but this pan- ing flights also criticised the decision, Djokovic, the world number one, who
The law, which contains vaguely make it more loyal to the government’s demic is going to go on,” said Craig Tiley, accusing organisers of prioritising profit will play Russian Daniil Medvedev in
defined offences such as secession and expectations so it will become a govern- chief executive of Tennis Australia. “If over public health. the men’s final, is one of several players
subversion, has led to a narrowing of ment department rather than a public we are banking on the vaccination being The backlash intensified when 72 who complained that enforcing hotel
civic freedoms. Teachers have been dis- broadcaster,” she said. a silver bullet then that is probably players were forced into strict hotel quarantine, where training is limited,
qualified, a national security curricu- Edward Yau, secretary for commerce naive of us.” quarantine following four positive tests has increased the risk of injuries.
lum has been introduced in schools and and economic development, dismissed Tiley, an unflappable South African on charter flights to Australia. When Tokyo 2020, the organisers of the
an RTHK journalist was arrested after fears Li’s experience did not prepare and director of the tournament, told the Yulia Putintseva, a Kazhak player, com- Olympics, told the FT they were aware
reporting on claims police failed to pro- him for the role. “A lot of recommenda- Financial Times organisers wanted to plained of mice in her room, Lisa Nev- of what had occurred at the Open and
tect civilians from a mob attack. tions were of a management nature, send a signal to the world it was possible ille, a Victorian state government minis- would use policies and procedures at
The changes announced yesterday which might better suit someone with to host live sports events with spectators ter, accused her of feeding the rodents. Novak Djokovic: complained hotel many sports events as a reference.
included the replacement of Leung Ka- an administrative background.” despite coronavirus. “People in Melbourne are still very quarantine added to risk of injury Additional reporting by Robin Harding
20 February/21 February 2021 ★ FTWeekend 5
FT BIG READ. CORONAVIRUS PANDEMIC
Squeezed between some in his party and more cautious scientific advice, Boris Johnson will reveal his
plan to ease lockdown on Monday. The rest of the world will be watching how the UK assesses the risks.
By Clive Cookson, Sebastian Payne and Mehul Srivastava
L
et’s use data, not dates,”
Angela McLean, the UK gov-
ernment’s deputy chief scien-
tific adviser, told members of
parliament on Wednesday. In
the process, she provided a catchphrase
that will guide the difficult discussion
the UK starts next week about the route
out of Covid-19 lockdown.
With Boris Johnson set to announce a
“road map” for lifting restrictions on
Monday, the prime minister is under
pressure from the more libertarian wing
of his Conservative party and from some
business groups to outline a timetable
for reopening specific sectors over the
next two to three months.
On the other hand, McLean was
speaking for the vast majority of scien-
tists who are urging great caution in lift-
ing restrictions, with a flexible timeta-
ble that can be adjusted in the light of
events and the evolution of the virus.
Johnson’s road map will be closely
watched around the world, given that
the UK is more advanced than most in
rolling out vaccines. The country has
also been one of the first to deal with
new variants of coronavirus, which
might be even more transmissible and
better able to resist vaccines.
Behind the debate over easing lock-
down, there is the growing public reali-
sation that the new Covid vaccines —
while representing a stunning scientific
achievement — will not be the silver bul-
let they might have seemed in Decem-
ber, when the first trial results
appeared. There will be no moment of
liberation, a national summer street
When will life go back to normal?

party with bunting and lemon drizzle
cake.
Instead, governments and societies
will have to learn how to manage a com-
plex series of risks, both in the short
term while only part of the population
has been vaccinated, and in the long
term as the disease lingers even after
most people have received the jab.
International travel could face restric- ‘People However, the most up-to-date analy- Each loosening point is likely to be said. “You can save many of them As the vaccine were more scared of a new virus last
tions for some time to come. sis by Public Health England, presented followed by a two to three-week interval from severe illness or, Heaven forbid, rollout goes on, time and people are finding this lock-
Some scientists describe a long should not to the prime minister yesterday, is so its impact on the virus’s reproduction death.” the risks of down harder than the last one.”
drawn-out battle with an endemic virus imagine believed to show that the scale of the rate and hospitalisation can be assessed.
Transmission uncertainty
opening schools One of the most controversial ques-
that constantly evolves — with new vac- vaccine programme is starting to slow The road map paper is likely to set out and lifting tions is when to remove restrictions on
cines and treatments being deployed in that, if all transmission. several scenarios for the pace of leaving Public health experts in the UK say the restrictions on travel, particularly between countries.
a way that they hope will allow much the high risk The first signs of an effect are begin- lockdown, based on how effective vac- staged reopening should be timed to hospitality and Devi Sridhar, a professor of global
but not all of normal life to return. ning to appear in UK hospitalisation and cines prove at blocking transmission, as keep R, the average number of people to international health at Edinburgh university, says she
“The challenge is to find a way to live
groups are death data. On Thursday, Scotland’s well as reducing serious illness. whom someone with Covid-19 passes on travel will have is “optimistic” about a return to some-
with it without keeping huge restric- vaccinated first minister Nicola Sturgeon called a Initial positive data from Israel — the the infection, below 1. That would main- to be weighed by what normal domestic local life in the
tions in place,” says Azra Ghani, profes-
sor of infectious disease epidemiology at
by Easter, sharp recent decline in the proportion of
deaths occurring in care homes “very
world’s most vaccinated country per
capita — showing that the BioNTech/
tain a decline in the epidemic.
Mass vaccination of the population is
governments
FT montage; Getty Images
next six-eight months in rich countries.
But limitations on overseas travel might
Imperial College London. we can relax strong and compelling evidence” that Pfizer vaccine is 85 per cent effective expected to make a significant contribu- be needed to prevent new outbreaks.
Falling infections everything’ vaccination was protecting residents. after one dose, is one “straw in the wind” tion to reducing R, says Imperial Col- “Restricted international travel would
One Whitehall official says that next that Johnson has referenced in public. lege’s Ghani, though there is still little be the trade-off for greater freedom at
The UK has one of the strictest lock- week’s policy paper defining the road In fact, though Israel has been praised evidence from the real world — as home,” she says. “We should have a hier-
downs among rich nations at the map for lifting restrictions in England for its breakneck vaccination drive, the opposed to clinical studies — to show by archy of needs when we open up — and
moment, although it is not alone — from would be driven primarily by “data, not nation’s emergence from lockdown is how much vaccines will cut transmis- the last one is international mobility.”
Germany to California, many dates”, echoing McLean’s words. proving to be rather chaotic. sion, particularly if the virus continues The longer term future remains
other places also face considerable Although the contents have yet to be Faced with a dogged core of vaccine to evolve into more resistant variants. cloudy even for the most far-seeing
restrictions. But every government is finalised, the individual adds: “The plan scepticism, Prime Minister Benjamin “It is critical that people should not epidemiologists. The big biological
starting to face similar questions — how is likely to say: ‘If we reach X data point, Netanyahu has decided to start opening imagine that, if all the high-risk groups unknown is how much evolutionary
quickly to restore normality as vaccines then Y measure can be relaxed.’” up the economy from tomorrow, with are vaccinated by Easter, we can relax scope the virus has to generate new vari-
are rolled out among the population. All public health experts agree that shopping malls and libraries opening to everything,” Ghani says. “The vaccines ants that may be more transmissible or
All available indicators of the UK schools should be first to reopen all Israelis. However, some leisure activ- will not be 100 per cent effective.” Just deadly than those circulating today.
Covid-19 pandemic have been moving because of the educational and psycho- ities will be restricted to those who can opening schools might add as much as Then there is political and economic
in the right direction for more than a logical damage caused by keeping chil- prove — via a barcode on an app — that 0.5 to R, which is now about 0.7 — uncertainty over how willing the world
month. Infections, reported cases, hos- dren at home, with March 8 pencilled in they have either received both vaccine requiring a pause before further moves. will be to sacrifice prosperity and men-
pitalisations and deaths are falling fast. as the date to return to the classroom. doses or have recovered recently from There is considerable uncertainty not tal health in the battle against Covid-19.
On Thursday, for example, the React-1 Primary schools are almost certain to Covid-19. just about the biological effects of vacci- Few see total eradication as a possibil-
study led by Imperial College London reopen on this date, but secondary Health officials, meanwhile, are fret- nation and viral variation but also about ity, in the way that smallpox was wiped
showed that infections in England —
while still high — had fallen by two-
schools may follow later.
The next priorities are likely to be uni-
ting that the decision is hasty. Less than
3m Israelis have received their second
how people will respond to reopening
this time round. The CoMix study at
‘We should out, because the virus mutates far faster
and it can replicate in other animals.
thirds in less than a month. versities, followed by gyms and beauty shot so far, while the extra-contagious London School of Hygiene and Tropical have a So societies will have to live with
So far infections have been driven businesses including hairdressers, then B.1.1.7 variant still rages through the Medicine, which has followed changes hierarchy of Covid for the indefinite future, hoping
down almost entirely by social distanc- non-essential shops. yet-to-be-vaccinated population. in social mixing during the tightening that better drugs will be developed to
ing. Although vaccination started in the Hospitality is expected to reopen ini- This week, Netanyahu pleaded with and relaxation of restrictions in Eng- needs when treat symptoms while vaccines keep
UK on December 8 and has already tially with a focus on outdoor operation, some 570,000 unvaccinated people over land, published results yesterday. we open up pace with the ever-changing virus.
immunised more than 15m people — with April pencilled in by some minis- 50 to come forward, after health offi- “It’s difficult to say how things will “We all know the old evolutionary
mainly aged above 70 — there is no clear ters as a likely date for pubs to serve cials found that twice as many as pre- play out when we lift this lockdown, but — and the idea that infectious diseases become
signal from published data that this is takeaway pints. “Indoor dining and dicted had not made appointments. we are in a very different place from last one is milder and more transmissible with
reducing transmission. Infections drinking will be challenging, don’t “I call on the young people among when we last exited a long period of time,” says Ghani. “This coronavirus
among older people are not yet declin- expect that to return in the near future,” you to encourage your parents and lockdown last summer,” says Christo- foreign may become something like a common
ing any faster than among young adults. one official warns. grandparents to go be vaccinated,” he pher Jarvis, CoMix lead author. “They travel’ cold, but we can’t be sure.”
Obituary Donald Trump may dominate the foun-

dational base of the modern US Republi-
in the 1990s, I regularly tuned in at noon
to catch his line of the day, secure in the
grammes to present balanced points of
view. Second, radio technology was
he had health problems in later life,
including an opioid addiction and hear-
Broadcaster
can party, but he did not build it. The knowledge that by evening it would be changing, as satellites enabled cheap ing loss, before terminal cancer.
architects were a pair of 1990s political the Republican party’s line, too. What simulcasting at stations across the coun- He did not care whom he offended. He
bomb throwers — Rush Limbaugh, the Limbaugh called his army of “ditto- try. Still, the infrastructure of the AM was an ardent proponent of the
who fuelled take-no-prisoners rightwing radio talk

show host, who died of lung cancer this
heads” — fans who would signal their
agreement with his views using the
radio band, which had ranges at night of
1,000 miles and more — it had been the
“birther” conspiracy, which questioned
whether Barack Obama was born in the
rightward shift
week at the age of 70, and Newt Ging- word “ditto” — were a political force engine of the first radio age of the 1920- US. He was sacked by ESPN from a gig as
rich. The latter engineered the 1994 Gingrich sought to harness. On becom- 30s — remained in place, mostly used a football “analyst” for suggesting that a
Republican takeover of the House of ing Speaker in 1994, he named Lim- for sports broadcasts. Limbaugh’s big successful black quarterback was only
in US politics Representatives partly by drawing on

passions inflamed by Limbaugh’s
national radio call-in show.
baugh an honorary member of Con-
gress; two years later, he created “radio
row” at the GOP national convention,
break was to sign a syndication deal
with such a station, WABC AM in New
York in 1988.
admired because of the colour of his
skin. After he called a university law
student advocate for birth control a
Their partnership was based on a giving Limbaugh and his ilk preferred For 30-plus years he dominated the “prostitute”, he issued a rare apology.
shared notion that conflict, not compro- access to party luminaries. airwaves, relishing the controversies he He preferred Texas senator Ted Cruz
Rush Limbaugh mise, was the essence of how to run a Born on January 12 1951 in Cape Girar- created and spawning a host of imitators in the early 2016 Republican primaries,
Radio show host country. Limbaugh’s polemical broad- deau, Missouri, to a family filled with as rightwing media, exemplified by Fox but quickly shifted his allegiance to
1951-2021 sides were directed at everything and lawyers, Rush Hudson Limbaugh III was News, challenged the hegemony of Trump after the latter increased his
anything that did not conform to his a child of radio. He dropped out of establishment broadcasting. Limbaugh rhetoric against illegal immigrants.
conservative vision of America. He Southeast Missouri State University to considered himself more of an enter- Limbaugh became a national figure Limbaugh was repaid with a Presiden-
demonised liberalism in all its manifes- scrape a living as an itinerant radio disc tainer than anything else; his show with his attacks on the Clintons tial Medal of Freedom in 2020. After Joe
tations. That often lead him down paths jockey and never really left the medium. rarely featured guests and was largely Biden’s election, an ailing Limbaugh
where he gave voice to racism, misog- He got his first talk show in the 1970s an unscripted and unchecked stream of returned to the airwaves to praise the
yny, xenophobia, and he was accused of
having scant regard for truth. But he
but really became a national figure with
his vicious and effective attacks on Bill
consciousness. His 1992 book The Way
Things Ought to Be was a best seller.
After Biden’s election, rioters who stormed the Capitol on Jan-
uary 6 and belittle its critics.
unquestionably struck a chord. and Hillary Clinton and his administra- Limbaugh tried TV in the 1990s, host- an ailing Limbaugh His legacies include the acceleration
His three-hour programme was syn-
dicated to hundreds of radio stations
tion in the early 1990s.
Two factors helped Limbaugh’s rise to
ing a late night show produced by Roger
Ailes, but never felt at home. It also returned to the airwaves of the GOP's shift from the party of
Abraham Lincoln into one that could
and drew as many as 20m listeners daily prominence. First, in 1987, the Reagan required him to live in New York, which to praise the rioters who live with Trump and, sadly, the decline
at its height in the 2000s. As the Finan- administration abolished the “fairness he detested for its high taxes, so he of civil discourse in America.
cial Times bureau chief in Washington doctrine”, which required political pro- migrated to Florida. Married four times, stormed the Capitol Jurek Martin
Saturday 20 February 2021 ★ † FINANCIAL TIMES 7
Letters
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com
SATURDAY 20 FEBRUARY 2021
Australia’s Big Tech fight

does not provide a model
Global approach needed to ensure digital competition is not distorted
The titanic struggle between Big Tech orate battle. It has helped the Murdoch
and Australia’s government over pay- empire — one of the big beasts of the
ing for news content this week pro- “old” media world — wring a deal out of
duced two strikingly different out- a big beast of the new, but done little to
comes. Facebook blocked sharing of help small, struggling local publishers.
news in the country, leaving users with- Most importantly, the media indus-
out access to news sites — plus some try remains just one example of how
government health and emergency tech companies are reshaping global
services sites — via its services. Google business and commerce, from retailing
chose instead to agree licensing deals to publishing, taxis to hotels. While it
with Australian companies, and a is important not to regulate away the
global accord with Rupert Murdoch’s benefits this profusion of innovation
News Corp. Far from providing a model has brought — many highlighted by the
of how to rebalance the economics of pandemic — a multi-faceted and multi-
online news, the Australian case high-
lights the potential pitfalls when using
legislation to tackle the matter.
national approach is needed to ensure
tech giants do not distort competition
or abuse their dominance.
I stuck to my dreams through the oil crisis and Thatcher years
It has, at least, shone a spotlight on a That is true of the industries
pressing issue. The internet and the affected. Instead of the most powerful Reading the lead article “An education disappeared to work as hard as possible to a job in an architect’s office. But architectural career. So I qualified as an
tech giants have torpedoed the eco- “legacy” companies having to cut deals in dissent” (Life & Arts, FT Weekend, to maintain their practices. None of us again these were unusual times. architect at the age of 29 — this after
nomics of traditional media — by pro- one by one, it would be better, for February 13) reminds me that plus ça saw them for months. As a result I was Margaret Thatcher was prime minister starting at 18.
viding access to vast volumes of free example, for media groups of all sizes change. In the early 1970s I was a first- the 11th person to drop out at the end and busy sorting out British industry So current students don’t give up on
content that has hit sales revenues and, to negotiate collective agreements with year architecture student at Bath of the summer term, 25 per cent of the and incidentally knocking the your dreams — but do be flexible as
thanks to their ability to attract vast the platform companies. university, a course I had carefully intake. construction industry for six. I your ambitions may need to be tailored
numbers of users, scooping up the Similarly, governments and regula- chosen because the tutors were all Jump forward a few years and I am at therefore diverted to spend two and a to the adverse circumstances life can
lion’s share of advertising revenues. tors need to co-operate across borders practising architects and thus couldn’t the Mackintosh School of Architecture, half years at the BBC design throw at you.
The impact is especially acute on local to police the biggest tech companies, be considered to live in an ivory tower. part of University of Glasgow, department working as a TV set Jane Thornley
journalism — a keystone of healthy which have become quasi-utilities, or Unfortunately this was the year of completing my diploma (RIBA part 2). designer before things improved Farnham Common
democracies. By forcing platforms “gatekeepers” to different online the oil crisis — and all the tutors Ordinarily this would have led directly enough for me to resume my Buckinghamshire, UK
such as Google and Facebook to pay for sectors. International structures are
media companies’ content on their needed on the lines of, say, the Basel
sites, Canberra aimed to help Austral- Committee which sets standards for Arab uprising is a bleak investor Alfred Winslow Jones Don’t rely on the market, However, I must put in a word for
ian news publishers fight back. banking regulation. Legal and regul- invented them, maintains short Douglas R Hofstadter. His 1979 book
The tech platforms argue they do not atory tools exist on tax, competition, prospect for North Korea positions to balance portfolios. A reform NHS ‘from within’ Gödel, Escher, Bach: an Eternal Golden
make revenues from news, but benefit copyright, privacy and data protection; Tae Yong-ho’s lunch interview with the significant part of the money comes Camilla Cavendish’s commentary on Braid, described as a “metaphorical
news groups by driving traffic to them. the task is to develop and agree upon FT (Life & Arts, FT Weekend, February from institutional investors. Some is the UK government’s NHS reforms fugue on minds and machines in the
In fact, Facebook and Google derive the best combination of approaches. 13) provided great insights into Kim invested by sovereign wealth funds, (FT.com, FT Weekend, February 13) spirit of Lewis Carroll”, formulated
significant indirect value from enhanc- A digital services tax, as proposed by Jong Un’s North Korea. However I endowments and ultra-high net asks how to drive improvement in what I conceive to be one of the great
ing their offerings with news links or the OECD, would be a start, helping to worried when he said that “a very worths. Some is even from defined- patient care in the absence of a market. laws of the universe, namely
content. A search engine, in particular, level the playing field between multi- small spark is all that it would take to benefit pension funds. In an already highly centralised Hofstadter’s Law.
without news results cannot claim to be national tech groups and traditional topple Kim Jong Un, like what While the Reddit traders take their system, the government is now This states: “It always takes longer
comprehensive — which may explain businesses. Signs of a greater appetite happened to the Arab spring”. victory laps, remember the teachers, planning to give the secretary of state than you expect, even when you take
why Google chose to cut a deal. to curb Big Tech at US state and federal A decade after the Arab uprisings, police, firefighters, government and for health and social care more powers into account Hofstadter’s Law.”
Yet Australia’s approach is flawed. level and the arrival of Joe Biden as good news is hard to find. In addition corporate employees who will be over NHS England. He adored recursion.
Warnings that the law would destroy president boost somewhat the pros- to over 500,000 deaths, and 15m among those bearing the brunt of the The pandemic has shown that Devra Wiseman
the free and open internet by forcing pects for such co-operation. One of the displaced, extreme poverty has hedge funds’ bets gone south. improvements in care occur when staff Leatherhead, Surrey, UK
companies to pay even for links were most important contributions of the increased, internal economic growth Joshua Shapiro are supported to make decisions and
overdone. But it intervenes, in essence, Australian case would be if it gave a fur- and foreign investment declined, while Chappaqua, NY, US have the resources, skills and time to An inspiring ode to sport,
on behalf of one side in an intercorp- ther push to a holistic, global approach. unemployment especially among the do so.
young has grown and education Sourdough is a Far better to reform the NHS “from family and growing up
standards have fallen. within” by drawing on the intrinsic Your last FT Weekend was chock-full of
Leonidas Kalai piece of cake motivation of those delivering care splendid articles. Apart from your
London E1, UK Simon Grantham’s contention in “The than rely on external stimuli such as invariably brilliant essayists like Janan
rise of the cookware geek” (House & markets and top down controls. Ganesh, Tim Harford, Simon Kuper
Why ‘no jab’ should not Pensioners get hurt if

hedge fund bets fail
Home, February 13) that “baking a
sourdough loaf without a bread maker
can be bloody hard work” is simply
Professor Sir Chris Ham
Former Chief Executive, The King’s Fund
Solihull, West Midlands, UK
etc, one finds that even a seemingly
mundane discourse about skiing by
Simon Usborne (“Call of the
always mean ‘no job’ The FT has chronicled many facets of

financial market arcana such as short
squeezes, commission on trade flow,
untrue. Grantham, UK managing
director of Panasonic, a company that
manufactures breadmakers, is merely
Recalling Hofstadter’s
self-referencing adage
mountains”, Life & Arts, February 13)
turns out to be an inspiring ode to
sport, family and growing up.
and clearing house margin promoting his wares. When the likes of Harry Eyres, David
A mix of vaccinations and testing will make for a safer workplace requirements (“Reddit traders take on All that is “kneaded” to make Certainly as Tim Harford writes in Tang, Susie Boyt, Tyler Brûlé and
Wall Street’s elite”, FT Weekend, sourdough bread is sourdough starter, “The great overpromising problem” others left the FT, I thought that the
No jab, no job? The simplicity of the slo- passing on the virus as well as from fall- January 30). flour, water, oil, salt and time. No (Spectrum, FT Weekend, February 13) heights reached by the paper were a
gan belies the practical and legal coming ill, jabs are also a means to ensure But the coverage had one seemingly gadgets required. Daniel Kahneman and Amos Tversky thing of the past. I was wrong.
plexities of the concept. Some compa- workers do not infect clients. In less glaring omission. A hedge fund by Sam Feldman labelled the fact that everything takes Mario Gargiulo
nies are already considering employ- customer-facing workplaces, including definition, since sociologist turned London NW3, UK longer, in 1977. Verona, Italy
ment contracts requiring new and many offices and even some factories
existing staff to have jabs once all where social distancing is easier to
adults have been offered Covid-19 vac- maintain, ensuring near-universal vac-
cinations. But some employers’ and
employees’ groups are raising alarms.
cination may be less vital.
Where employers face inevitable Globalisation Just over a year ago, I jumped on a
plane and flew to Davos, Switzerland,
to the risks posed by globalisation. At
the WEF meeting in January 2020, for
for example, cites research showing
international internet traffic soared 48
The head of the US Business Round
Table has warned against companies
legal challenges, courts are likely to fol-
low similar reasoning — which leads to 2.0: the new to take part in the World Economic
Forum’s annual meeting. My friend
example, some officials noted the risks
of the strange, unfolding epidemic in
per cent from mid-2019 to mid-2020.
But the fact that digital information
“hectoring” workers into having a jab;
Britain’s Trades Union Congress calls it
another issue. Just as travellers without
mooted vaccination “passports” rules of (and fellow FT columnist) Rana
Foroohar did the same. Shortly
China and discussions were staged.
But they were so low-key that it never
is moving quickly across borders does
not necessarily mean that empathy
the “wrong approach”. The UK’s vac-
cines minister has cautioned it would
be discriminatory, and vaccinations
should still be able to travel subject to
Covid testing, so workplace jab
requirements should not be discrimi-
connection afterwards, we went skiing together
in Massachusetts. In those innocent
pre-Covid days, that sequence of
occurred to me shortly afterwards that
I might have contracted coronavirus.
Even when it became clear Covid-19
and understanding are rising as well.
The experience of being trapped in
different physical places during the
should be a matter of persuasion — but natory. In many jurisdictions, compa- events seemed unremarkable. was not “just” a Chinese problem, past year has left people inhabiting
said it was ultimately up to businesses. nies would need existing workers’ con- Skiing on the US’s East Coast does politicians were slow to unveil joint different mental islands, even if they
Some broad principles can help to sent to amend their contracts. Even not normally attract attention but our action — or even to learn lessons from seem connected by cyberspace. In the
chart a path through this ethical jungle. where workers agreed, and for new February 2020 trip was striking: soon places such as China. Covid-19 era, extreme globalisation
One is that, just as governments have employees, exemptions should be after our families arrived, we all Why? Ferguson blames the has suddenly collided with stark
generally not made vaccinations man- offered for those refusing jabs on medi- succumbed to fevers, hacking coughs shortcomings of modern western localisation, creating a confusing mix.
datory, encouragement must wherever cal grounds or because of religious or and breathlessness. Was it Covid-19? political structures. That is Where will this lead? It is unclear.
possible be preferable to compulsion. moral beliefs. Without legal changes, Had we unwittingly caught it in Davos undoubtedly true. But another, But a couple of weeks ago Rana and I
Second, governments and employers failure to do so in the UK, for example, in late January, where thousands of subtler problem is pandemics have a decided to reprise our annual trip to
have a duty to make sure workplaces might breach the 2010 Equality Act. globetrotters were crammed into nasty tendency to make people and the Massachusetts “mountains”.
continue to meet Covid-secure stand- But it would be reasonable to require small spaces for several days? politicians retreat inwards because of Unsurprisingly, the physical nature of
ards. Requiring workers to be vacci- workers opting out of jabs to submit to WEF officials tell me there is no the physical isolation of lockdown and skiing has changed: although resorts
nated should not shift on to them all workplace testing regimes. Even Lon- evidence that their conference was a fears “strangers” will bring germs. It is are still allowed to operate, lift capacity
responsibility for their own safety. don’s Pimlico Plumbers, one of the UK’s superspreader moment. When our thus little wonder pandemics have is limited and skiers must wear masks.
In some sectors — especially where first companies to flag a future “no jab, families took an antibody test many often sparked xenophobia; indeed, in Equally notable was our mental shift.
jobs require extensive contact with
third parties — the desirability of hav-
no job” rule, has said existing workers
with good reason to say “no jab” can Notebook months later, most of us were
negative. But whatever the source of
May 2020 the UN secretary-general
António Guterres lamented in a tweet
In years past, I tended to take those
small frozen hills for granted. Now I
ing staff vaccinated is greater than in keep their jobs provided they are regu- the illness, our ill-fated ski trip was an that “the [Covid-19] pandemic feel profound gratitude that I can slide
others. For healthcare and care home larly tested.
by Gillian Tett unwitting sign of the times. After all, continues to unleash a tsunami of hate down them at all, breathing freely.
workers, the need is high; health staff The complications and potential as the historian Niall Ferguson points and xenophobia, scapegoating and But there was another change too:
in some settings are already encour- legal pitfalls may make many employ- out in his forthcoming book, Doom: scaremongering” which needs “an all- as we snapped selfies, I was beset with
aged or sometimes obliged to be inocu- ers think twice about insisting on vacci- The Politics of Catastrophe, one main out effort to end hate speech globally”. doubts about sending them to friends.
lated against diseases they may be nations, even in sectors where doing so reason why Covid-19 spread so fast in But overt xenophobia is not the only Is it crass when places such as the UK
exposed to in their work. That princi- is most merited. Rather than leaving 2020 was that so many hypermobile problem; subtler forms of myopia tend are locked down and many suffering?
ple might extend to teachers, police issues to be thrashed out in a maze of people were unthinkingly whizzing to flourish too. This is not always What attitudes are “normal” or
and emergency staff, retail and hospi- litigation and employment tribunals, around on planes. obvious today since digital platforms “acceptable” in this connected-yet-
tality workers. For employers, part of therefore, governments should issue Another reason why the disease then are meant to connect us all, even when disconnected world? The answer is
making their working environment legislation or guidelines. They must act spun out of control — as Ferguson also we cannot travel. The level of global unclear, not just for the trivial issues
Covid-safe is ensuring staff are pro- quickly, in largely uncharted legal ter- notes — was that the political leaders integration created by the internet has like this but for far more serious ones,
tected from being infected by clients ritory. Not for the first time, the pan- who jet into events such as Davos have shot up under Covid-19, as revealed by like what globalisation now means.
and contacts, as well as each other. demic is forcing lawmakers, employers been notably bad at creating metrics published in the DHL Global
Assuming vaccinations prove effec- and workers alike to adjust at lightning governance systems that can respond Connectedness Index. Its 2020 report, gillian.tett@ft.com
tive in preventing recipients from speed to a new reality.
Opinion
Telling staff to ‘buck up’ breaks management’s golden rule
I thought of her last week when I read But none of that is the point. All three misunderstanding this. Not so the top of the list of the things they are being with students — has been taken
employment about Jeremy Mayhew, a senior seem ignorant of basic human others. They have done something moaning about. away. Everything I hate about it — ie
member of the City of London’s govern- psychology, which is that we live our worse than fail to grasp the basic human Your reprimand will go down badly Satchel One — is with me all day long.
Lucy ing body. He told staff at its Barbican lives from within. If you’ve just had a right sometimes to feel hard done by — for two reasons. You earn more than Obviously I know it’s worse for the
Kellaway arts centre to stop feeling sorry for
themselves because at least they still
godawful day in interminable Zoom
meetings, your back is killing you from
they have failed an even more basic test
of how to manage anyone.
they do, have more power and will be
deemed to be having a better time —
kids. Obviously I’m grateful to have a
safe job. But still I detest it and seek
had jobs. He would have made a fine too long on the kitchen chair and you In contrast to the dinner lady, whose which disqualifies you from disparaging solace by texting fellow teachers and
dinner lady. As would Bill Michael, UK can no longer see any point in what you thankless job may have been alleviated their frame of mind. Second, as their saying: “Assume you’re hating this as
W
chairman of KPMG, who told his under- do, thinking of the jobless easyJet pilot is by browbeating children, they are both manager, you are meant to be motivat- much as I am?”
hen I was at primary lings on a video call that they should most unlikely to cheer you up for more ing them — if everyone is moaning it is What all managers should be doing
school there was a par- stop playing the victim card and cut the than a second or two. your job to find out why and do some- right now is gritting their teeth and say-
ticularly fierce dinner
lady who saw it as her
moaning about pandemic working con-
ditions. This went down so monumen-
In any case, if we outlawed moaning
on comparative grounds, then no one —
If you are above someone thing about it.
In normal times both men might have
ing “thank you” to their whingeing
employees and “well done”. Thank you
duty to make sure all tally badly that a few days later he was not even the intensive care hospital in the pecking order got away with it. But to choose this par- has never been easier — it works on
children always ate everything on their
plates. Whenever we tried to sneak
forced to quit.
In a way, each of these plain-speaking
doctor — would be allowed to get away
with it. The doctor might be exhausted
you must never tell them ticular moment to tell employees to
buck up means they roundly deserve
Zoom, Microsoft Teams, WhatsApp,
text, FaceTime and phone — it even
some vinegary beetroot or a nasty bit of authority figures is on to something. and traumatised, but Michael, Mayhew off for moaning the flak they’ve got. Pretty much every- works on Satchel One. The other day I
gristle past her she would send us back Compared with intensive care nurses, and the dinner lady would doubtless one is having a rotten time in lockdown got a message from a senior colleague: “I
to finish it with the admonition: “Think KPMG partners — with their easy, com- argue they should stop complaining in positions of power and should know #3 compared with the only thing that miss our chats.” It was less than a full-on
of the starving children in Africa.” fortable jobs — have less than nothing to because at least they have their liberty better. counts: the time we were having a year thank you, but it did the trick and
Even when I was nine I did not find moan about. Staff at the Barbican have — which is more than can be said for There is a golden rule of management ago. The only comfort is that we can feel stopped my moans — at least for an hour
this argument terribly compelling. I it far better than soon-to-be-jobless princess Sheikha Latifa, last seen send- that they both ignore: if you are above as sorry for ourselves as we like. or two.
wanted to tell her to give my beetroot pilots at easyJet. Equally, well-fed ing out SOS videos from the toilet of her someone in the pecking order you must I sit all day in my bedroom trying to
and my cold, powder-mash potatoes to infants in north-west London in the prison villa in Dubai. never tell them off for moaning. Not keep my mind on marking students’ The writer is an FT contributing editor and
the starving children, but one look at 1960s had no business complaining The dinner lady, who is probably dead only will you fail to stop the moaning, work on Satchel One, the most hateful co-founder of Now Teach, an organisation
her face assured me that this would be a when in Biafra children were dying in by now as she seemed ancient in 1967, the moaners will automatically double technology platform ever invented. that helps experienced professionals retrain
bad call. huge numbers. ought to be let off the hook for down and you will find yourself at the Everything I love about teaching — ie as teachers
Music makes more money

but has more mouths to feed
Republican stalwart Will
There lies the conflict. When a music
label has splashed out on a big upfront
fumbled through a Page payment to a star, it has every reason to
power outage as millions spend more to cover the promotion and
advertising needed to make the songs
of Texans shivered, into hits. For lesser known artists, it is
I
writes Courtney Weaver n 1984, a mere 6,000 music albums
often easier to hand out lots of small
advances, and simply wait and see if
were released in the UK. Today, some of them go viral. It’s a bit like the
A
streaming services make available a adage about finance: if you owe the bank
t the beginning of the week similar volume — 55,000 new songs £100,000, you’ve got a problem, if you
— as nearly 3m Texans shel- — every single day. owe them £1m, they have the problem.
tered at home, without There are not only more songs, but Partly in response, artists are increas-
power — Greg Abbott, the more musicians. Since Spotify launched ingly trying to go it alone. Rather than
state’s Republican gover- in 2009, the number of British songwrit- signing a 30-page record contract that
nor, went on Fox News to offer an expla- ers has increased by 115 per cent to requires hiring an expensive lawyer to
nation for the deepening crisis. 140,000 and the ranks of UK recording negotiate, some musicians are turning
Asked whether renewable energy was artists have ballooned 145 per cent to to DIY services like Distrokid and Emu-
to blame for the rolling blackouts, 115,000. Twenty years ago, there were Bands. These summarise their offer in
Abbott, 63, launched into an attack of five UK major labels and at most two three simple bullets: pay a fixed fee,
the Democrats’ Green New Deal climate dozen independent distributors; today retain all your rights and keep all your
proposal. He claimed that the shutdown Spotify hosts music from 751 suppliers. revenues.
of the state’s wind and solar energy had Unsurprisingly, there are also more As lockdown took hold, major labels
“thrust Texas into a situation where it genres to classify all these songs. In released 1.2m songs in 2020; DIY artists
was lacking power in a statewide basis”. 2000, the industry classified all the released a staggering 9.5m. That’s an 8 to
He warned that every US state would be world’s music into no more than a doz- 1 ratio of artists doing it themselves to
“constantly” experiencing the same sort en-and-a-half genres. Today, Spotify’s labels doing it for them.
of challenges if President Joe Biden tried “everynoise” acoustic map tracks 5,224 While artists choosing to “go it alone”
“to eradicate fossil fuels” — something genres, including Coptic hymns, Rus- may not receive the same kind of pro-
the Biden administration has not said it sian romanticism and the new lock- motional muscle, streaming means they
will do. down hit of shanty, of course. can increasingly draw on many of the
Abbott’s explanation for the state’s Music was one of the first industries same data and outreach tools as the
blackout was quickly debunked. hit by digital disruption. Its fate shows major labels.
According to the Electric Reliability the rest of us the future. When digitisa- Using YouTube, SoundCloud and
Council of Texas, which manages 90 per tion removes barriers to entry, there is Spotify, artists can access analytics that
cent of the state’s grid, wind power has so much more of everything. show who and where their fans are. Pla-
accounted for less than 13 per cent of the Last year saw a flood of new books toon, purchased in 2018 by Apple,
total outages, with frozen instruments (more than 3.5m titles, although only a allows artists to retain their rights and
and limited supply at natural gas and fifth were new titles), podcasts (885,000 have access to bespoke global services.
coal facilities creating a bigger part of new episodes — almost two new pod-
the problem. “He’s actually wrong,” the casts every minute), mobile games
billionaire Bill Gates said.
By Wednesday, Abbott was walking
(88,000, up 50 per cent on 2019) and
scripted original TV series (493 in the
Three big labels make more
back his earlier explanation. He had US alone — more than one a day). than $1m an hour from
only singled out renewables because of
the way the question had been phrased:
Investor money is pouring into digital
media at the moment — there have been
streaming as artists
“Every source of power that the state of Person in the News | Greg Abbott seven acquisitions of podcasting compa- struggle to pay rent
Texas has has been compromised,” he nies for more than $100m each in the
A savvy GOP governor

said. past two years — but that has not trans- Amazon-owned Twitch’s live video
For longtime Abbott observers, the lated into newfound wealth for many streaming platform saw a jaw-dropping
manoeuvre was the latest example of creators. Here’s why: the music industry 1tn minutes watched in 2020, with
the governor’s political dexterity. He has is indeed making more money thanks to music playing a prominent role.
simultaneously managed to cultivate streaming, but there are far more Patreon, a platform that allows artists
runs into a storm

the state’s hardcore conservatives with- mouths to feed. to sign up members and receive fees
out alienating Texas’s more moderate A UK parliamentary inquiry, which I from them, took seven years from
business community, which has given submitted evidence to, has highlighted inception to distribution of $2bn to crea-
generously to his campaigns. That posi- this dichotomy. Politicians have been tors. The global music industry took 12
tions Abbott as a potential 2024 presi- pummelled with angry testimony about years to do the same from streaming
dential contender. the industry. Mercury Prize-nominated revenue. These tools are available to all,
Abbott’s adroitness has been particu- Nadine Shah told MPs, “I’m critically and the more independent artists are,
larly evident during the age of Donald acclaimed but I don’t make enough the more they make use of them.
Trump. The governor was among the money from streaming and am strug- For many artists around the world,
very few Republicans who succeeded in gling to pay my rent . . . I am just not these tools are their best hope of sur-
neither distancing nor aligning himself being paid fairly for the work.” vival. The pandemic has all but wiped
with the 45th president. nowhere. “The pain”, Abbott recalls in margin of more than 20-percentage Cancún beach resort with his family, Songwriter Fiona Bevan, who has out live performances, which had been
Brendan Steinhauser, a Republican his memoir, “was immediate, excruciat- points, and won re-election in 2018. He only to return after a public outcry. penned hits for Lewis Capaldi and One the primary breadwinner for most art-
strategist who has travelled with Abbott ing, and unrelenting”. To save his life, is up for a third term next year. During Still, Abbott is likely to return to the Direction, went further, arguing “Right ists. (Britons alone spent £2.5bn on live
on the campaign trail, describes him as a doctors reassembled his vertebrae and his tenure, Abbott has battled a series of spotlight. “Governors, like presi- now, hit songwriters are driving Ubers” music in 2019.)
“prolific fundraiser” who is “very inserted two steel rods along his spinal crises, notably Hurricane Harvey in dents, often get more credit for good to make ends meet. Even as the UK considers whether to
smart” and “very cautious”. He adds cord. Abbott was left in a wheelchair, 2017, and more recently the coronavirus things and blame for the bad things than The three major music labels, which update music copyright rules, everyone
that Abbott knows when to “test some- paralysed from the waist down. pandemic, where he faced criticism for they actually deserve but in the end, like make more than $1m per hour from else should be watching this industry as
thing” and when to “pull it back”. While Abbott declined to pursue experi- Harry Truman said, the buck stops streaming revenues, have defended the a living demonstration of what happens
Abbott would face a crowded field in mental treatment that might have here,” says Mark Jones, political science current model, which sees most artists when barriers to entry fall. The pie defi-
2024, it is naive to assume he is not look-
ing at federal office, Steinhauser says:
restored movement or feeling in his legs,
instead accepting his fate and deciding,
He gained prominence professor at Rice University in Houston.
Jones notes that the current crisis puts
receive a 20 to 25 per cent royalty on
streaming. Because earnings go first to
nitely grows, but the number of creators
wanting a piece of it grows even faster.
“He clearly has higher ambitions.” as he wrote in his memoir, “to do as for suing the Obama Abbott and his allies in a particularly pay back any advance, that means an
Born in Wichita Falls, Abbott excelled
as an honours student and a track star
much as possible with it”. After serving
as a lawyer in a private practice, he
administration more tough spot. The GOP has had complete
control of the state’s executive and legis-
artist who receives an advance of
£100,000 must sell £500,000 worth of
The writer, formerly Spotify’s chief econo-
mist, is the author of ‘Tarzan Economics’
and was voted by classmates to be “most became a judge on the Texas Supreme than 30 times lative branches since 2003, yet it has not music before receiving any fresh cash. due out in April
likely to succeed”. He met Cecilia, his Court and successfully ran for Texas required or incentivised energy compa-
wife of 40 years, when both were stu- attorney-general in 2002. During three reopening the state too early, forcing the nies to invest in back-up capacity.
dents at the University of Texas at Aus- terms as the state’s top lawyer, Abbott governor to hit the pause button. The “one saving grace” for Texas
tin, before he went on to law school at gained prominence for suing the Obama The current outages, which left mil- Republicans, including Abbott, is that Top reads at FT.com/opinion
Vanderbilt in Tennessee. They have one administration more than 30 times on lions without power in temperatures as they don’t have to face voters again until
daughter. issues such as environmental regula- low as minus 18C, represent one of November 2022, Jones says. “Much will
His life changed at the age of 26, when tion, transgender rights and healthcare Abbott’s biggest challenges to date. But depend on how long people’s memo- 3 How ‘fact-checking’ could be used as 3 Joe Biden can help Britain modernise its
he was back in Texas studying for the reform. As he once put it: “I go into the on Thursday, the governor was rescued ries are — and what else occurs in the censorship role in the world
bar exam. While he was jogging around office in the morning, I sue Barack from the headlines by a fellow Texan interim.” A tool in the fight against falsehoods is An uncertain course offers opportunities to
often abused, writes Jemima Kelly Washington, writes Robert Zoellick
his Houston neighbourhood, a 75-foot Obama, and then I go home.” Republican, Senator Ted Cruz, who
oak tree collapsed on him, out of In 2014, he was elected governor by a briefly escaped the crisis by flying to a courtney.weaver@ft.com
10 ★ FTWeekend 20 february/21 february 2021
Against the stream Religious conservatives Clamour for yield Wall of money chases ever
in India hit out at Amazon and Netflix — PAGE 12 riskier deals, pushing spreads lower — PAGE 14
UniCredit banker moonlighted Huawei push to see HSBC

papers in Meng case fails
as adviser to ex-Wirecard boss NiC FiLdes — LoNdoN
Huawei’s attempts to stop the extradi-

tion of Meng Wanzhou, its chief finan-
does, or writes down, in the course of its
ordinary business as a bank”.
Huawei was ordered to pay £80,000
3 Hecker worked for Braun’s family office 3 Executive consulted on refinancing cial officer and daughter of the com-
pany’s founder, have suffered a heavy
to cover HSBC’s costs.
After the decision, the Chinese com-
blow after it failed to convince a Lon- pany said: “Huawei is disappointed by
don court to force HSBC to hand over today’s court ruling. The pursuit of jus-
documents related to the case. tice benefits from access to relevant
information and clarity of fact. Huawei
Justice Fordham, a high court judge in remains confident in Meng Wanzhou’s
England, refused Huawei’s application innocence and will continue to support
to force HSBC to hand over internal her pursuit of justice and freedom.”
documents related to a meeting The bank, according to an indict-
between Meng and HSBC bankers in a
Hong Kong restaurant in 2013, when the
Chinese technology company’s relation- Meng Wanzhou:
Huawei CFO faces
ship to a subsidiary called Skycom was extradition to the
discussed. US from Canada on
Lawyers for Meng are attempting to charges of bank
stop her extradition to the US from Can- and wire fraud
ada, where she was detained in 2018, to
face charges of bank and wire fraud ment, said Huawei had “repeatedly mis-
related to allegations that Huawei con- represented” its business dealings in
ducted business in Iran, via Skycom, in Iran. Huawei disputes that HSBC was
contravention of US sanctions. deceived and its lawyers had argued
The judge said he had no jurisdiction that Meng’s legal team needed access to
to make the order that Huawei sought. documents that the bank had provided
He also refused the application on to US authorities to defend itself against
grounds of interpretation. those claims.
Huawei had sought to apply rules set HSBC’s entanglement in the diplo-
in an 1879 statute on bankers’ books to matic row has increased the pressure on
force HSBC to hand over the documents. the London-based bank, which has been
The judge decided that the law defined struggling to navigate geopolitical ten-
“books” as ledgers and similar entries sions between the US, UK and China in
and not “everything that a bank has, or recent years.
Automobiles
Renault warns of tough road

ahead after €8bn annual loss
Markus Braun, ex-Wirecard chief, sought Jana Hecker’s advice on the refinancing of €110m in loans that Deutsche Bank wanted to terminate — Alex Kraus/Bloomberg
oLAF storbeCK — fRANkfuRT Hecker had already worked with board forced Braun to repay the loan, Braun. She added that the environment
oWeN WALKer — LoNdoN
Braun in her previous position at Deut- which bore a 12.55 per cent annual inter- for the refinancing had been difficult,
A senior investment banker at sche Bank. She began work on the then- est rate, by the end of March, putting partly due to “market perceptions of the dAVid KeohANe — PARIS don’t know if [car factories] will close or
peter CAmpbeLL — LoNdoN
UniCredit moonlighted as a highly paid billionaire’s refinancing project in late him under enormous pressure. KPMG report’s findings”. open.”
financial adviser to Markus Braun’s February 2020, days before she began Braun turned to Hecker, who during The devastating special audit by the Renault suffered a record €8bn loss in Luca de Meo, Renault’s chief execu-
family office until just before Wirecard’s her new job at the Italian lender, where her time at Deutsche Bank had helped Big Four accountancy firm, which was 2020 and has warned of a difficult year tive, said more pain was expected, with
collapse, entitling her to around she runs global equity capital markets to set up the original margin loan. published in late April, could not prove ahead because of sluggish demand and estimates that the chip shortage, which
€800,000 from the former chief execu- origination and execution activities. After the successful refinancing, on the existence of large parts of Wirecard’s a global microchip shortage that has has forced closures at some plants,
tive of the disgraced German group. UniCredit and Hecker declined to June 1 last year, Hecker told Braun’s sis- Asian business and billions of corporate rocked the industry. could hit production this year by
Jana Hecker, a former banker at Gold- comment. ter Marlies Braun in an email that “it cash. Wirecard’s shares tumbled. 100,000 vehicles. The group sold 2.9m
man Sachs and Deutsche Bank, joined Braun had been in severe financial was a great pleasure to work so closely In the June 1 email, Hecker pointed to The carmaker and its alliance partner cars last year, a drop of 20 per cent com-
UniCredit as head of global syndicate troubles from late 2019, when Deutsche her contractual agreement that entitled Nissan, which contributes to the French pared with 2019. “It’s a continuous bat-
and capital markets in March 2020. Bank wanted to terminate a €150m her to some €100,000 in fixed pay and a group’s income, were badly affected in tle until, I think, the end of the year, but
In the following three months before margin loan facility. The chief execu-
In an email to her brother, performance-related bonus of between the first half of last year as the pandemic we believe the supply shortage will ease
Wirecard collapsed last June, she spent tive, who was Wirecard’s biggest share- Marlies Braun suggested €510,000 and €870,000. hit demand across Europe. in the second half, but we just have to
more than 150 hours working for Braun holder, had pledged half of his 7 per cent In a subsequent email to her brother The net loss was worse than the fight,” said De Meo.
in a private capacity, according to docu- stake as collateral.
paying Hecker around on June 3, Marlies Braun suggested pay- €7.8bn forecast by analysts, but per- The forecast appears more pessimis-
ments reviewed by the Financial Times. Germany’s largest lender severed the €790,000 for the work ing Hecker around €790,000 for the formance improved from July onwards. tic than those of rivals. Daimler said last
Between February and May 2020, she loan after the Financial Times raised work done. “Ideally, let’s discuss this The operating margin was 3.5 per cent month it expects the chip crisis to peak
advised Braun on the refinancing of serious allegations about fraudulent with you and your brother and to sup- calmly over the weekend,” she told him. in the second half of the year and during the first quarter.
€110m in loans which Deutsche Bank accounting in 2019, triggering a special port you with regard to the refinancing Two people familiar with the details Renault generated positive automotive Renault has already said it will reduce
wanted to terminate. audit into Wirecard by KPMG. of [MB Beteiligungsgesellschaft]” — told the FT that “not a single cent” was operational free cash flow, although it factory capacity by a quarter, deepen
Charging a day rate of €5,000 and a Documents show that in January Braun’s family office. ever paid out to Hecker as Wirecard col- still suffered a net loss of €660m. cost cuts from €2bn to €3bn by 2025,
success-related payout, Hecker inter- 2020 Braun faced the imminent forced Hecker sent over a detailed summary lapsed weeks later. Shares were down 4.4 per cent in Paris including 15,000 job cuts, and overhaul
acted with Wall Street banks and private sale of parts of his shares pledged to of her work since late February, detail- Braun is accused by Munich prosecu- yesterday after the company withdrew its brands. Renault said yesterday that
equity firms. Eventually, she negotiated Deutsche Bank as he was unable to pay ing 156.5 hours, of which more than 97 tors of being the linchpin of a criminal financial guidance for this year, warning 60 per cent of the original €2bn savings
two loans with tiny German lender Old- the lender. In a last-minute decision, he per cent was done between March and racket that conducted “fraud in the bil- about the impact of lockdowns and the plan had already been achieved, well
enburgische Landesbank and an invest- took an unsecured €35m loan from May. “I happily employed my expertise lions”. He denies all wrongdoing. chip shortage. ahead of targets. In 2020, the group’s
ment fund controlled by German entre- Wirecard Bank, which was paid out and market knowledge as well as my A lawyer representing Markus Braun, Clotilde Delbos, Renault chief finan- revenues came in at €43.5bn, down
preneur Oliver Samwer, chief executive before the group’s supervisory board network and my standing to refinance and Marlies Braun declined to comment cial officer, said: “With Covid . . . every 22 per cent over the previous year.
of Rocket Internet. was informed. Wirecard’s supervisory your legacy loans,” she told Marlies on Hecker’s advisory work. day you open the newspaper and you see Lex
Technology. Workers’ rights

UK Supreme Court ruling threatens to crash Uber’s business model
partner at the law firm Gordons. She suggested that for every 25 hours of the gig economy more generally, faces are challenging the company, alleging dam court of appeals ruling this week
App must extend holiday pay, added that historic claims for unpaid driving trips, a driver may be logged in similar pressure across Europe. Earlier they were wrongfully accused of “fraud- that its riders were employees.
minimum wage, sick leave minimum wages and holiday pay would for 40 hours. this month, Uber itself called for EU pol- ulent activity” by Uber’s algorithm. The ruling could also affect drivers
force many gig economy companies to Rhona Darbyshire, partner at law iticians to lay down “clear, progressive Analysts at Wedbush said the UK working for Amazon under its “Flex” gig
and pension contributions “review their practices and the associ- firm Cripps Pemberton Greenish, said laws” to clarify workers’ rights. decision “could set a precedent for other worker programme, where drivers
ated risks as a matter of urgency”. that Uber may have to move to a shift- Next week, the European Commis- workers and companies in the gig econ- work in blocks of time using their own
Leigh Day, one of the law firms based model, and switch to paying its sion is due to hold a consultation with omy throughout the UK and Europe vehicles. The company did not respond
siddhArth VeNKAtArAmAKrishNAN
LoNdoN involved, thought that drivers may be drivers an hourly rate, rather than tak- gig economy workers and employer rep- which would be a body blow to the over- to a request for comment.
dAVe Lee — SAN fRANcISco entitled to up to £12,000 each in coming commission. “This is a significant resentatives, with plans to draft new all ecosystem”. Charlie Thompson, employment
Six years after a small group of drivers in pensation. change to the current operating model laws on the sector by the end of the year. Other companies have already been partner at the law firm Stewarts, said
the UK took Uber to an employment tri- The consequences for Uber are so sig- and is likely to be unattractive to both Meanwhile, the company has seen a exploring changes to the employment that while the Uber case was symboli-
bunal, demanding to be recognised as nificant that a person close to the com- parties,” she said. patchwork of legal decisions. Last year, status of drivers. Last December, Just cally important, other companies are
workers, the country’s top court has pany suggested that it may try to repeat Stephen Morrall, a partner at Hunters a Paris court ruled that a former Uber Eat Takeaway announced plans to offer likely to contest similar claims by point-
issued a ruling that threatens to crash its tactics in California last year, where it Law, added that additional costs may be driver should have been given employee more than 1,000 UK workers benefits ing to the fact that they exert less control
the app’s business model in one of its succeeded in forcing a referendum to borne by customers. New York City’s status, rather than being treated as self- including hourly wages and sick pay, over their staff or allow them to swap
biggest markets. amend the state’s new labour law. In the minimum wage law, which came into employed. In the Netherlands, drivers although workers will be employed work with someone else.
Having reached the end of the legal UK, it could push for the government to effect in 2019, saw Uber prices rise for through the Randstad agency. He added that the decision did not
road, the Supreme Court’s judgment bring new legislation to redefine the sta- travellers in the city. In a letter published in the Financial offer a guaranteed amount of work, the
yesterday may turn Uber’s greatest tus of workers, and their rights. James Farrar, one of the former driv- Times this week, Just Eat chief execu- right to paid sick pay, or the right not to
asset — a huge number of drivers await- Yesterday, Uber declined to comment ers who brought the case, also said one tive Jitse Groen said that the “gig econ- be dismissed without the company fol-
ing passengers — into a huge cost. on how it would have to change its busi- question the ruling had not settled was omy comes at the expense of society and lowing a fair process. “A gig economy
The ruling that the 35 Uber drivers ness model in light of the ruling, and the how to handle the practice of “multi-ap- workers themselves” and Just Eat was business can still, in practice “hire and
who brought the case should be recog- company’s share price barely budged. ping”, where drivers are logged on to following Takeaway’s model of employ- fire” as it chooses, he said.
nised as workers, and entitled to holiday But lawyers suggested that a number more than one app at a time. This was ing delivery staff more widely. Ride-sharing company Free Now said
pay, the minimum wage, sick leave and of changes may be necessary, especially not relevant in 2016, when Uber domi- Among those who have faced similar that most of its drivers enjoy the flexibil-
a pension, opens the way for Uber’s after the Supreme Court ruled that driv- nated the market, but was now much challenges to Uber are food delivery ity of being self-employed. “We’ve
60,000 UK drivers to bring legal cases, ers are working for Uber for the entire more common. Farrar suggested that if company Deliveroo, which did not com- always given more freedom to drivers
and may upend other companies reliant period that they are logged into its app, drivers have to limit themselves to a sin- ment on the ruling. While it has won compared to our competitors,” it said.
on gig economy labour. and not just while carrying out trips. gle app, it may end up entrenching three court cases in the UK over the self- Ride-sharing companies Ola and Bolt
“The ripples from this decision will The distinction is critical. A study by Uber’s dominance again. The ride-hailing group’s large pool employed status of its riders, it has faced did not respond.
travel far,” predicted Mary Walker, a the University of California Berkeley The UK decision came as Uber, and of drivers risks becoming a large cost pushback in Europe, with the Amster- see Lex
COMPANIES. WEEK IN REVIEW
Big Tech remains a For a brief, shining moment, it seemed

the pandemic was going to put a stop to
the techlash.
Twitter. It is not entirely fair. News
publishers like to moan that Facebook
and Google dominate digital ad
past year has been. Facebook raised its
daily user count for all platforms 15 per
cent to 2.6bn. Microsoft nearly trebled
Nearly half
of those
pandemic have not come to much. In
the US, the scale of transmission
outran attempts at contact tracing.
bête noire for large In the earliest days of the crisis, US

tech groups made all sorts of helpful,
revenue. True. But it is also true that
legacy publishers were slow to
its Teams user count to 115m.
Amazon’s boom led it to raise its
questioned
in a Pew
There have been no show-stopping
innovations. Tools used to fight the
sections of the public

grown-up decisions. Before California relinquish print advertising income employee count almost two-thirds to virus — masks, distancing, testing,
announced a stay-at-home order, and move online. 1.3m. It is close to eclipsing Walmart as survey vaccines — have not been improved on
Facebook told employees to leave The two sides should be able to strike the biggest US employer. by the tech sector.
offices. Apple and Google formed a rare a deal. News outlets want access to With sales up, the sector swims in said they Perhaps this is why public antipathy
partnership to ensure smartphones Facebook’s billions of users. Facebook, cash. Facebook was sitting on nearly wanted to tech groups and support for
could exchange test-and-trace criticised for doing too little to combat $62bn at the end of December. Apple, antitrust action are still high. Nearly
information. Netflix, YouTube and misinformation, benefits from intent on whittling down its cash pile to more half of those questioned in a Pew
Amazon agreed to reduce video reputable news links. But publishers zero by returning money to investors, regulation survey said big tech groups should be
streaming quality in Europe to ease the want a larger share of online ad profits just reported record operating cash regulated more.
strain on internet service providers. than Facebook thinks they deserve. flow. Microsoft, with $132bn of cash Regulators are listening. Australia’s
The warm fuzzy feelings those News is not its priority. I expect it will and short-term investments, appears push to force Google and Facebook to
actions generated have long since concede and follow Google by making a desperate to spend some of its fortune. compensate publishers for news is
evaporated. Big Tech’s reputation as deal with Australian publishers. It will First it was interested in TikTok. Then being monitored closely by Europe. In
The Top Line overreaching and too powerful has
reasserted itself. This week public faith
do so to ward off regulation, not
because it believes the content is worth
it approached Pinterest. Expect a third
attempt soon.
the US, Google faces three antitrust
lawsuits while Facebook is being sued
Elaine took another knock with Facebook’s

decision to ban Australian users from
vast sums to its business.
That business is doing extremely
Sales are up and reliance on tech
products is more entrenched than ever.
by the Federal Trade Commission. For
the techlash, it’s business as usual.
Moore sharing news articles. Within hours,

#DeleteFacebook was trending on
well. Big Tech has spent the past few
weeks showing us how lucrative the
But early hints that Big Tech might
play a significant role in ending the elaine.moore@ft.com
BEST OF
New Rio Tinto skipper seeks to navigate troubled waters BUSINESS
Jakob Stausholm: a smooth
Corporate
person in
the news
contrast to his spiky predecessor
Simon Dawson/Rio Tinto Jab hits variant snag
Jakob Stausholm 3 The BioNTech/Pfizer Covid-19 vaccine appears to
Chief executive, Rio Tinto One of them lies below the Gobi be significantly less effective against the virus vari-
Desert in Mongolia where Rio is ant that emerged in South Africa.
spending almost $7bn to develop a A lab study using an engineered virus found that
Jakob Stausholm knows all about huge underground copper mine. the vaccine still works against the strain but that the
dealing with the fallout from a The Oyu Tolgoi copper project has shot produced only a third of the antibodies that it
corporate crisis. As chief internal been hit by delays and cost blowouts did for the original virus.
auditor at Royal Dutch Shell, he was that have prompted disputes with the
one of the executives tasked with government. The Mongolian People’s 3 Vivendi unveiled plans to spin out Universal
getting to the bottom of a reserves party is now threatening to delay Music Group, its biggest business and home to
reporting scandal that rocked the completion of the mine, scheduled for Lady Gaga and Kanye West, pictured, as it moves to
company in the early 2000s. October 2022. capitalise on the ris-
The Danish executive is using those “The more time you spend on this, ing value of music
skills again in his new role as head of the more complex you realise it is,” assets. In 2019, UMG
Rio Tinto, the miner that caused an Stausholm said of the flagship growth accounted for 45 per
international outcry last year when it project. “So it has to start with building cent of Vivendi’s
destroyed a sacred, 46,000-year-old the relationship and then you find €15.9bn in sales and
Aboriginal site at Juukan Gorge to mutual solutions.” 73 per cent of its oper-
make way for a mine expansion. However, the huge profits and ating profit of €1.5bn.
The incident damaged Rio’s record $9bn dividend announced by
reputation and also its relations with ‘He does sports — cross-country skiing is a by analysts. “He does come across as Rio this week did not go unnoticed by 3 The European Cen-
indigenous groups in Western favourite — Stausholm was appointed collegiate and that’s what Rio needs: a the government in Mongolia, where tral Bank shot down
Australia, home to its prodigiously come across Rio chief executive in December. bit of humility to maximise positive the company is embroiled in a long- Deutsche Bank’s
profitable iron ore business. It also as collegiate That followed two years as its engagement with its stakeholders,” running tax dispute. plans to increase its bonus pool more than a third to
cost former chief executive Jean- finance director, where he had a said Richard Hatch, at Berenberg. Another issue facing Stausholm is more than €2bn after the lender reported a small
Sébastien Jacques his job. and that’s reputation for immersing himself in Still, the appointment has not been whether to develop Rio’s share of a profit for the first time in six years.
Stausholm, whose career also what Rio data and a tense relationship with his universally welcomed. huge iron ore deposit in Guinea. That
includes finance and strategy roles at hard-charging predecessor. Doug McMurdo, chair of the UK decision will shape the future of Rio’s 3 Apple approached Nissan about a tie-up for its
facilities group ISS and shipping needs: a bit Stausholm, 52, cuts a very different Local Authority Pension Fund Forum, most profitable business unit and also autonomous car scheme Project Titan, but the talks
company AP Moller-Maersk, has of humility’ figure from his predecessor, a spiky criticised the choice of an internal the global iron ore market. did not advance to senior management levels follow-
made restoring trust with traditional French executive who took a single- candidate with a financial background While Stausholm thinks iron ore has ing divisions over branding.
landowners and other stakeholders in minded approach to running one of and limited operational awareness as a “tremendous future”, he also wants
Australia his priority. the world’s biggest mining companies. “bizarre and not what the company Rio to be more proactive and “grab” 3 A US judge ruled that Citigroup could not recover
One of his first moves — after He is promising a more inclusive appears to require”. opportunities in other metals and about $500m mistakenly sent by the bank to credi-
reshuffling his senior team — was to leadership style with a focus on Many analysts thought Rio chairman minerals created by the energy tors of one of its clients, the cosmetics group Revlon,
fly from his home in Copenhagen to teamwork. Simon Thompson might choose an transition. This is likely to come ruling that the recipients could keep the money.
Perth to make a personal apology to “I spent a lot of time at the outside candidate to shake up the through developing new projects,
the Puutu Kunti Kurrama and beginning of the year selecting my group, while Canberra wanted an although small deals have not been
Pinikura people, the traditional senior team,” Stausholm said. “The Australian for the job. Even Stausholm ruled out.
owners of the Juukan Gorge site. trick for me is to develop that team so is said to have been a little surprised For now though, his focus remains
“We need to be a more outward it’s not me who has all the answers when he got the call from Thompson. on repairing Rio’s standing in Italian prosecutors say business
looking company,” Stausholm said and it’s not me who takes all the Before the ardent yachtsman can Australia, where he could stay until
this week after presenting his first decisions, but we can really empower chart a new course for the $144bn the company’s annual meeting in May. people were paid tens of millions
results as chief from Perth. “We need the team and they can empower the group there are several other questions “I think it’s here that probably I can of euros in illegal commissions by
to engage much more with society.” rest of the organisation.” he needs to address in addition to the add most value and be most effective,”
A keen sailor and fan of endurance It is a style that has been welcomed fallout from Juukan Gorge. he said. Neil Hume China suppliers for PPE deals
Under the hood Mephistopheles of metals leads gullible souls to painful losses 3 The mining industry underlined its status as one of
the hottest spots after BHP and Rio Tinto both
Grandiose attempt to stage silver short squeeze proves delusional as ‘child crusaders’ end by enriching those they posted against announced record dividends and Glencore said it
would resume payouts to investors.
Silver is known as the Devil’s metal, Devil’s metal Size of silver market 3 Patrick Pouyanné, chief executive of Total, warned
something retail investors recently Silver, $ per ounce (log scale) Million ounces that a bubble in renewable energy assets had led to a
found out to their cost. 1959 Global 1980 Hunts fail 2010 Federal 2015 US Mint sells 2021 Feb 1 Exchanges Current ETF positions string of deals with “crazy” valuations.
After comments on Reddit forum The French group has pledged billions in green
silver shortage to corner the Reserve ends its a record 47m Silver price hits 905
WallStreetBets, the price rose 15 per investment as it targets net-zero emissions by 2050.
silver market second quantitative ounces of American eight-year high
cent in the last week of January to
hit its highest in eight years at $30. easing programme Silver Eagle coins 3 Italian prosecutors launched an investigation into
100
Almost $1bn rushed into silver- 172,279 Shanghai a €1.2bn government purchase of PPE from China,
backed ETFs in a day and silver 50 Futures Ex saying a group of businessmen were paid tens of mil-
Silver adjusted 2006 First
coin and bar retailers ran out. lions of euros in illegal commissions by Chinese sup-
for inflation silver ETF
An army of retail investors pliers to secure the contracts.
sought to mimic tactics deployed launched
against GameStop. 10 3 Jaguar Land Rover said it would all but ditch the
Reddit member TheHappy- internal combustion engine within 15 years under a
Hawaiian posted: “I am convinced plan unveiled by new executive Thierry Bolloré to
[we] can cause a silver short Silver 130,633 COMEX steer the UK carmaker into the electric era.
squeeze on massive scale.” Posts
(CME)
suggested buying options on the 1
iShares Silver ETF, which is backed
by silver held in vaults. The ETF 0.5 €2bn $6bn
would have to buy more silver, 1950 1960 1970 1980 1990 2000 2010 2020 Deutsche’s Scale of plan
67,190 Shanghai desired bonus to create super
pushing up the price and squeezing
banks who had bet on a fall. “Silver” Long and short positions Gold Ex pool, shot down league of
Contracts of 5,000 troy ounces as at Feb 2 (eight-week moving average, ’000) by the ECB European teams
was mentioned 4,571 times between Others 10,067
January 28 and February 3 on a Banks are typically short silver Miners also buy short positions Money managers such as hedge
WallStreetBets forum. on the futures exchange, so as to hedge their production funds, in contrast, are betting on Average daily market value ($bn)
But “THE BIGGEST SHORT to hedge their holdings of a further rise in silver prices this
SQUEEZE IN THE WORLD” physical silver in vaults year, due to its use in electronics 3 LVMH founder Bernard Arnault and former
announced by one post proved and solar panels Total Current UniCredit chief Jean Pierre Mustier revealed that
100
anything but. A week after touching SWAP DEALERS (BANKS) PRODUCERS MONEY exchanges ETF positions they were to create a special purpose acquisition
80
$30, prices had shed all gains.
The silver market is considerably
MANAGERS
60 29 27 vehicle to invest in European financial companies,
joining the $100bn Spac boom.
bigger than that of a single equity, 40
with an average $29bn traded daily 20 3 Borje Ekholm, chief executive of Swedish telecoms
across venues in New York, equipment maker Ericsson, warned that Europe had
Shanghai and between banks in 0 GameStop a “non-functioning” telecoms market that had led to
London. Ross Norman, a trader, Key -20 market cap a lack of investment in next-generation 5G networks.
estimated that retail traders lost
$250m in the silver price pullback.
Long
Net
-40 3.2 3 English Premier League chief executive Richard
long -60 Both the SGE and SHFE record each
He said: “It's been the delusional transaction twice, from the point of view of the Masters attacked a $6bn plan to create a super league
Short -80 buyer and also the seller. However, to compare
leading the gullible . . . a children's
these volumes with other exchanges, such as
of European teams.
crusade. And they're enriching the -100 the Comex, the reported figures have been He said the breakaway competition pushed by the
guys they're posting against.” 2006 2021 2006 2021 2006 2021 halved (as shown above). Figures as at Feb 2 likes of Spain’s Real Madrid and FC Barcelona would
Henry Sanderson and Alice Kantor Sources: Bloomberg; respective exchanges be “destructive to the value of domestic football
across Europe”.
COMPANIES & MARKETS
US streamers strive for scale in lucrative India

Amazon, Disney and Netflix seek to tap market of large promise without falling foul of religious and conservative critics
BeNJAMiN pArKiN — mumbai Disney is on course to pip Netflix to
ALex BArKer — loNDoN
AMy KAzMiN — New Delhi
Hastings’ coveted 100m target.
“They’re well on track,” said MPA
A handsome student leader struts on vice-president Mihir Shah. “For Netflix,
stage, his face painted the blue of the they need to gear up now.”
Hindu god Shiva. Before a chortling International streaming companies
crowd at a leftwing university he cracks now face their biggest challenge yet as
a series of irreverent, potty-mouthed authorities prepare to bring them under
gags about the poor state of political official oversight.
freedom in India, all while in character Unlike strictly censored theatrical
as the deity. releases, video subscription services
The official response to the scene, have enjoyed creative freedom to liber-
from Amazon Prime Video’s recent ally depict violence, sex or foul lan-
political drama Tandav, was anything guage, as well as tackle previously taboo
but funny. Police from states ruled by subjects such as homosexuality.
the Hindu nationalist Bharatiya Janata But this made them a target of India’s
Party filed criminal cases against vocal Hindu rightwing, which rails
executives, crew and actors for “hurting against corrupting outside influences.
religious sentiments”. Amazon cut BJP politicians responded furiously to
the offending scene, but the film- Netflix’s A Suitable Boy over a scene
makers face protracted court battles to depicting a Muslim boy kissing a Hindu
avoid jail. girl in a temple.
The backlash is an extreme example “It has definitely got more intense,”
of the challenges confronting Amazon, Monga said. “We are all grappling with
Netflix and other international stream- where does this stop and where are the
ing services in India, a market of tanta- limits in India.”
lising promise. From outcries about New Delhi has rebuffed industry pleas
their edgy content to difficulties con- to accept a self-regulatory code.
vincing consumers to pay to subscribe, When a BJP lawmaker warned in par-
they have found cashing in on the coun- liament this month that Netflix and oth-
try’s entertainment-hungry audiences
more complicated than they initially
imagined.
‘Anything that is
“They have not even scratched the unfettered . . . was
surface,” said Mahesh Bhatt, a Bolly-
wood filmmaker. “The audience which
never going to be a
[streamers] are appealing to at the tenable thing for India’
moment is a very small section of Indian
society, which looks westwards or has a
global mindset. But does it touch that Rapid advance of India IPL cricket boosts Disney subscriber growth Higher Netflix prices ers could corrupt Indian youth and
Indian who is the heartbeat of this huge online video Subscribers and average revenue per user bump revenue ahead undermine national values, minister
nation?” of Amazon Prakash Javadekar replied that regula-
With investors fixated on subscriber Market share by group (%) Disney+ Hotstar Amazon Prime Video Netflix tion “shall be implemented very soon”,
Amazon Subscribers Average revenue Subscribers Average revenue Subscribers Average revenue Revenues ($m)
growth, success in India has become Prime 100 (m) per user ($ per (m) per user ($ per (m) per user ($ per without clarifying what those rules
critical for US streaming groups, espe- Video Others month) month) month) YouTube Amazon would look like.
80 30 Disney+ Hotstar Prime
cially since they were shut out of China. Netflix 8 30 8 30 8 Video Shubhra Gupta, a film critic, said it
No other emerging market is as big, Disney+ Netflix was inevitable that India would seek to
60 600
accessible or as wildly enthusiastic Hotstar exert greater control over streaming
6 6 6
about showbusiness as India with its 40 20 20 20 services once they gained scale.
YouTube
1.4bn population. Already it accounts 20 400 “This is something that would have
4 4 4
for roughly a quarter of Disney Plus’s happened sooner versus later,” she said.
95m subscribers. 0 10 10 10
200 “Anything that is unfettered — which
2017 18 19 20 2 2 2
“If China is not available to you and goes out to millions of people, without
you have already conquered the US, Total 0.35 any kind of checks on how this is going
0 0 0 0 0 0 0
you’re not going to be worrying about market 0.75 1.25 1.41 to play out — was never going to be a ten-
size ($bn) 2017 18 19 20 2017 18 19 20 2017 18 19 20 2017 18 19 20
Spain,” said Efe Cakarel, founder of able thing for India.”
Source: MPA
MUBI, an art-house and classic cinema Speaking before the Tandav contro-
streaming platform that began serving versy, Gandhi said Amazon was “com-
India in 2019. “India is the single most Supporters of founder Reed Hastings when he Late entrant Disney leapfrogged its The consultancy estimates that Ama- ‘If China mitted to offering the right balance
important territory after the US and the Hindu declared in 2018 that the service’s “next rivals when it acquired 21st Century zon, which bundles video into its [between] high-quality content to our
China. So it became strategically crucial nationalist 100m” subscribers would be in the Fox, a deal which brought Indian broad- broader Prime offerings, has 17m out of is not audiences and offering freedom to our
for the streamers.” Bharatiya Janata country. caster Star and streaming platform Hot- a global total of more than 150m. Disney available creators, while respecting the legal and
But for all its promise, India’s complex Party in Netflix and Amazon have poured vast star, which hold the rights to popular had about 28.5m Hotstar subscribers at cultural sensitivities of the country”.
politics has become a stumbling block Mumbai call for resources into winning customers, cricket tournaments including the the end of December, the vast majority to you and The heavy-handed tactics used
for big international services, while the Amazon experimenting with more pricing and Indian Premier League. in India. you have against Amazon’s Tandav have played
rapid expansion has been coupled with Prime Video marketing innovations in India than This helped to spark a price war. The Despite low prices by global stand- into wider concerns about eroding free-
the realisation that a lucrative stream- political drama arguably any other international mar- newly rebranded Disney Plus Hotstar, ards, executives say Indians outside already dom of expression in India. Industry
ing business here may be some way off. ‘Tandav’ to be ket. Behind their ambition lies a relent- which was launched last April, offers affluent hubs remain reluctant to sign conquered insiders fear this could pose a commer-
Although gritty thrillers or dark com- banned — Indranil less quest for scale for a business model subscriptions ranging from free limited up given their unfamiliarity with sub- cial risk, with self-censorship hurting
edies delight critics and viewers, they Mukherjee/AFP/Getty
where cost advantages increase with the access, to a Rs1499 ($20) yearly package scription models and rock-bottom cable the US, companies’ reputations and damping
often prompt outrage from the BJP, number of subscribers. which offers Indian shows, Disney and TV prices. you’re not the creative licence that made their pro-
which is planning new regulations to Netflix spent more than $400m on its HBO, along with cricket, Premier “The propensity to spend on content ductions popular to begin with.
rein in the freewheeling industry. And Indian content in 2019 and 2020, churn- League football and more. is growing but very small today,” said going to be For now, though, the streaming
in a country where subscription busi- ing out award-winning productions Netflix slashed its rates to offer a Satyan Gajwani of the Times Group, a worrying groups are undeterred. Disney’s share
nesses are in their infancy, groups have such as Delhi Crime. mobile subscription at Rs199 a month. media company with its own advertis- price has risen more than a third in the
been forced to roll out ever more aggres- Guneet Monga, an Oscar-winning Amazon last month launched its own ing-driven streaming service. about past year, despite the pandemic hitting
sive discounts and promotions. Indian film producer, said international mobile offer for Rs89, and is entering There is a limit to how far Netflix will Spain’ cinemas and theme parks, as investors
“The customers are really clear about streamers had bankrolled a creative live sports with the India rights for New follow its rivals in chasing an audience. rallied around a streaming push whose
what they’d like to pay for and the value boom. Streaming “has created space for Zealand cricket. Disney’s average revenue per Hotstar heady growth was fuelled by India.
they seek in that,” said Gaurav Gandhi, many more actors, writers and directors Yet subscriber numbers remain user is just $0.90, compared with $5.37 “Whoever gains that 100m subscrib-
the head of Amazon Prime Video in to come in”, she said. “It is far more pow- relatively modest. Netflix had just for its non-Hotstar subscribers. MPA ers will achieve breakout value, both in
India. erful, far better financed, the footprint 4.5m in India by the end of 2020, puts Netflix’s India user revenue at terms of market dominance and in
The rosy optimism over India’s poten- is far bigger because the need for con- according to Media Partners Asia, com- $4.90, compared with about $9 across terms of the health of the business,” said
tial was perhaps best voiced by Netflix tent is far larger.” pared with more than 200m overall. Asia Pacific. one streaming executive.
Media. News ban travel & leisure
Facebook’s Australia purge sparks fury Pets left stranded as pandemic

puts squeeze on flight space
cerning, because if someone was look- Peter Dutton, home affairs minister, prime minister, on a scheduled call and
Minister brands move ing for information about the shelter, called Facebook arrogant and warned flagged that Canberra would seek global
arrogant as political and they would not have had access to it.” its separate focus on end-to-end encryp- support for forcing Big Tech to pay for phiLip georgiAdis with their owners. Ghandour said busi-
Facebook restored the page yesterday. tion on its messaging service would news in other jurisdictions as well. ness was about two-thirds of normal,
A menagerie of household pets from
business backlash grows Facebook has blamed the broad defi- “make it easier for paedophiles to share “What Australia will do here is likely
dogs and cats to ferrets and budgies has
but the amount of work needed to move
nition of news in Australia’s news media child sexual exploitation material”. to be followed by many other western one animal had risen enormously.
been left stranded around the world
bargaining code, which is being debated Josh Frydenberg, Australia’s treas- jurisdictions,” said Morrison. Julia Baber, a director at AnimalCou-
JAMie sMyth — SyDNey because of cancelled flights and sky-
in parliament, for the digital purge. Yes- urer, who days before the ban told That would do little to help news pub- riers, has spent the past year scrambling
rocketing air freight costs during the
When Zak Kirkup woke up on Thursday terday it apologised and rushed to reporters he had enjoyed “constructive” lishers, whose referral traffic to their to reunite pets and their owners.
pandemic.
to campaign ahead of March’s state elec- restore non-news Facebook pages. But discussions with Mark Zuckerberg over sites from Facebook has vanished. “It is not unusual to have a dog
tion in Western Australia, he received a its failure to notify the government or the code, cancelled a tennis match for Those suffering include Junkee Media, a People’s pets normally travel in a part of booked on a flight and to find two days
shock: his Facebook page had been publishers before pulling the plug has more talks with the Facebook founder. small publisher that targets young peo- the aircraft hold that is specially heated, before the journey that the airline has
blocked because of the US group’s ban provoked a furious reaction. Scott Morrison, prime minister, ple and which relies on Google and Face- pressurised and darkened to keep them had to pull the pet in favour of cargo.
on news, while his opponent’s had not. Mark McGowan, Kirkup’s electoral accused the company of “unfriending book to drive traffic to its content. Neil calm. But because airlines operated That is happening a lot,” she said.
“Alright, time to reactivate my rival and premier of Western Australia, Australia” in a statement on his Face- Ackland, chief executive, said Face- only half the flights they normally For UK animals, many are being flown
MySpace account,” the Liberal party’s said Facebook had “spat the dummy”. book page. He subsequently discussed book’s decision was disappointing. would last year and planes that are still into European hub airports and then
leader in the state joked on Twitter. “They are behaving more like North the dispute with Narendra Modi, India’s “On a wider scale, this decision will flying prioritise essential cargo such as driven into Britain because of the skele-
It quickly became clear that Face- Korea than an American company,” the undoubtedly have an outsized effect on medical supplies and manufacturing ton flight schedules. Brexit has added an
book’s early morning move to scrub out Labor politician said. small and medium-sized digital pub- equipment, prices have shot up and pets extra layer of complexity because of
all Australian news content from its Australian news sites have suffered a lishers and a detrimental impact on the have gone to the back of the queue. new paperwork needed to move ani-
platform was having big repercussions, big hit in overall traffic, according to diversity of media voices available to One airline quoted $6,500 to fly a dog mals between the UK and the EU. When
with scores of pages hosting critical gov- data group Chartbeat. Unlike past Face- Australians,” he said. “Our concern is from Los Angeles to London, three countries have all but shut down inter-
ernment health and emergency infor- book outages, where users moved to that they would not find news else- times the usual cost, according to one national travel, more drastic measures
mation inadvertently knocked offline. other platforms and news consumption where, but simply stop reading news.” pet transportation company. Another are needed though.
Domestic violence charities, Aus- was steady, since Thursday traffic to Small businesses, many of which rely unfortunate canine pal was kicked off a In November, Canadian company
tralia’s weather agency and even Face- Australian sites has fallen 20 per cent on Facebook advertising to attract cus- flight in Brunei after it had already been Worldwide Animal Travel spent
book’s own Facebook page fell victim to from readers outside the country. tomers, are also concerned. loaded, to be replaced by a Saudi C$150,000 to charter a Boeing 777 for
the social media company’s attempt to Critics have asked how Facebook was “It’s caused a lot of uncertainty in the prince’s cats, said Bob Ghandour, the the 15-hour flight from Vancouver to
evade a draft law aimed at forcing Big able to comprehensively ban genuine market,” said Sagar Sethi, founder of owner of another pet travel company Melbourne to reunite 47 dogs and 19
Tech companies to pay publishers for news, despite struggling to remove mis- Xugar, a digital marketing agency. Face- PetAirUK. The labrador had to wait six cats with their owners. Zaneta Tsang
content displayed on their platforms. information, hate speech and other book “helps businesses generate reve- weeks for the next available flight. spent A$7,000 to bring her corgi Sophie
“We lost our Facebook page for a day offensive material. nue . . . this will have a wider impact on Companies that specialise in moving home. “I definitely would do anything
— all our posts just disappeared,” Janet Hashtag terms such as #deleteface- the economy”. pets have spent the past year dealing for the dog . . . anything for Sophie,
Saunders, chief executive of Hobart book and #BoycottZuckerberg have Terms such as #BoycottZuckerberg Additional reporting by Alex Barker with animals stuck in the wrong country she’s like a family member,” she told
Women’s Shelter, said. “It was very con- begun trending on Twitter. have begun trending on Twitter see Ft View and the top Line or sent on long road trips to be reunited Australian broadcaster ABC.
COMPANIES & MARKETS
Equities. Liquidity Financials
Swiss Re sees
Robinhood concedes it fell short of Covid claims
collateral requirements in hectic week of $3.9bn turn
profit into loss
IAn smIth — LOndOn
The cost of pandemic-related claims has

grown to $3.9bn at Swiss Re, the reinsur-
ance group said yesterday, driving it to
its first annual loss since the last finan-
cial crisis.
The company, which sells insurance
to other insurers, swung from a profit of
$727m in 2019 to a net loss of $878m in
2020 — underperforming analysts’
expectations of a $456m hit.
The result was driven by $3.9bn of
pandemic-related claims and reserves
during the year on a pre-tax basis. But
for Covid-19, it would have recorded a
$2.2bn net profit for the year, the com-
pany said.
Chief executive Christian Mumen-
thaler acknowledged the difficulty in
predicting how the pandemic will end,
but pointed to encouraging data from
Israel on the positive impact of its vacci-
nation campaign on infection and hos-
pitalisation rates among older people.
“That gives us the hope that, indeed,
things will get better in many parts of
the world,” he said.
The pandemic has been especially
costly for Swiss Re’s property and casu-
alty insurance division, which received
a surge in claims for business interrup-
tion and event cancellation in the sec-
ond and fourth quarters. This pushed
Vlad Tenev, what Robinhood is about. We don’t con- up the division’s combined ratio
Brokerage ‘made mistakes’, Tenev admits Robinhood lacked cash to meet capital call co-founder of sider that gamification.”
Capital deposit required of Robinhood by equity clearing house ($bn) Robinhood, Hedge fund manager Gabe Plotkin,
boss Tenev admits during Additional capital requirement initially sought speaks during a whose hedge fund Melvin Capital lost
‘[Israel’s data] gives us
grilling by US lawmakers Capital requirement due at end of trading day House Financial billions of dollars betting against shares the hope that, indeed,
4 Services including GameStop, also testified vir-
Robinhood was able to avoid Committee tually, alongside Ken Griffin, the
things will get better in
mADIsOn DArbyshIrE, ErIc PlAtt
AnD mIlEs KruPPA a $3.7bn deposit requirement 3 hearing — Daniel founder of market maker Citadel Secu- many parts of the world’
by limiting trading Acker/Bloomberz
rities, and GameStop investor Keith Gill,
US brokerage Robinhood publicly 2 who built up cult-like status on Reddit — a core measure of profitability that
admitted for the first time this week under the moniker DeepFuckingValue. calculates claims and costs as a propor-
that it had lacked the funds to navigate 1 GameStop shares have unwound a tion of premium income — to a lossmak-
its way through a chaotic burst of ama- more than 1,000 per cent rally to stand ing 109 per cent.
teur trading in January. 0 at a relatively modest 120 per cent The adjusted ratio followed by ana-
The broker sparked outrage among Jan 25 Jan 26 Jan 27 Jan 28 Jan 29 higher on the year so far. Gill said on lysts, which excludes Covid-19 as well as
customers and politicians last month Source: Testimony of Robinhood chief executive Vlad Tenev before US House Committee on Financial Services Thursday that he still liked the stock. previous year reserve developments
when it switched off clients’ ability to The hearing had moments of levity. and assumes average losses from natu-
buy certain soaring stocks, including a move that accelerated the stock’s fall houses but the fact that you simply Gill played his role of WallStreetBets ral catastrophes, came in just below the
shares in consoles retailer GameStop. and sparked complaints from users that didn’t manage your own book or failed messiah with internet humour — with 97 per cent previously guided.
Around the same time, it raised a fresh the platform was limiting their success. to appropriately manage your own mar- his red headband pinned up alongside Management also improved the 2021
$3.4bn from its own backers. Tenev apologised for the broker’s role gin rules or failed to manage your own a picture of a dangling kitten with the target for this key metric to less than
At the time, chief executive Vlad in the mayhem. “I’m sorry for what hap- internal risks?” she asked. caption “hang in there” behind his 95 per cent.
Tenev said on CNBC that the company pened,” he said. “I’m not going to say The chief executive of the Depository gaming chair. The company pledged a dividend of
had “no liquidity problem” when it lim- that Robinhood did everything perfect Trust & Clearing Corporation noted on He repeated the risks associated with SFr5.9 ($6.6) per share, in line with the
ited trading in so-called meme stocks, and that we haven’t made mistakes in Thursday that its capital calls and deci- investing multiple times throughout his previous year and with analysts’
describing the decision as pre-emptive. the past.” sions to waive deposit requests came testimony, emphasising that he was not expectations.
But on Thursday, Tenev’s previous The brokerage, which shook up the because it had “to balance the need to giving financial advice. Swiss Re’s shares were flat by close
statements about the events on January industry with its commission-free protect the system from a potential Reddit suffered technical outages yesterday, roughly in line with the Stoxx
28 came under scrutiny. model, is still plodding forward with its clearing member default against the during the hearing as users rushed to 600 equity benchmark.
In a tense five-hour Congressional own stock market listing this year, damage and other risks that could result the site to discuss proceedings and share The group currently expects less than
hearing, Tenev said the company although it is now unclear if it will arrive if [it] were to cease-to-act and liquidate jokes. Shares in GameStop fell 11.4 per $500m in remaining Covid-related
“would not have been able to post the in May, as planned, according to people a clearing member’s portfolio.” cent by market close. losses across its property and casualty,
$3bn in collateral” that its clearing- briefed on the matter. Representatives criticised the broker- Plotkin, seated in a bare office, said he and corporate insurance segments to be
house initially demanded. Among the protagonists in January’s age for its alleged “gamification” of high- was humbled by his losses, and pre- booked in 2021.
Congress had summoned the broker drama, Robinhood emerged as an easy risk investing inside its easy-to-use app ‘Why have dicted that hedge funds would be less Most renewals of business interrup-
to explain its role in the retail trading
frenzy surrounding GameStop, the store
target for voter-conscious politicians
looking to take a stand for everyday
where investors can place trades in sec-
onds and are rewarded with emojis.
you added willing to take such significant short
positions in the future given “these
tion policies have added an infectious
disease exclusion, which should cap
chain that became a popular stock with investors. The brokerage’s risk manage- “When people sign up, they get a specific types of dynamics”. risks. There could still be extra costs for
investors on Reddit message board r/
WallStreetBets.
ment has come under fire for failing to
anticipate the margin call.
scratch-off ticket to see what they get,
confetti falls every time they place an
gaming “Congress is best at scolding people,”
said securities expert John Coffee, a pro-
their life and health reinsurance busi-
ness, depending on the pandemic
The episode caught the attention of Democratic representative Alexan- order, they get push notifica- design fessor at Columbia Law School and a Our global fatality rate.
lawmakers from both political parties,
who were keen to ensure that often
dria Ocasio-Cortez told Tenev his deci-
sions and other failures by the group
tions . . . Why have you added specific
gaming design elements to look like
elements to former legal adviser to the New York
Stock Exchange. The main issues facing
team gives you
market-moving
One remaining variable is whether
the Tokyo Olympics, due to open on July
inexperienced retail traders can access had “harmed” the more than 13m cus- gambling to your app?” asked Cindy look like markets, he said, “were largely ignored news and views, 23, take place. Swiss Re had said it had a
public markets safely but fairly. They
have sought answers over why Robin-
tomers who trade on its app.
“Given Robinhood’s track record, is it
Axne of Iowa.
Tenev countered: “Giving people
gambling to in favour of scolding Robinhood about
ceasing trading in GameStop when the
24 hours a day
ft.com/markets
$250m exposure to the event but man-
agement declined to confirm how much
hood switched off some of the trading — possible that the issue is not clearing what they want in a responsible way is your app?’ DTCC demanded more collateral”. of this figure had been set aside in 2020.
commodities Financials
Copper prices hit 10-year high as green Millennium Management is top hedge
energy push fuels demand for wiring fund in Spacs with $4.4bn, research finds
hEnry sAnDErsOn portion of future power generation is electric vehicles is expected to grow OrtEncA AlIAj — nEw YOrk compared with $22.7bn a year earlier, more than half the $79bn they raised
mIlEs KruPPA — san FranciscO
expected to come from renewable more than seven times by the 2050s, if according to Spac Research. The last year, according to data from Refini-
Copper prices rose to their highest lev-
energy such as wind farms, which use the world meets its target of having net Izzy Englander’s Millennium Manage- number of funds with at least $100m tiv. By comparison, such vehicles raised
els since 2011 yesterday as investors
more copper. zero greenhouse gas emissions by then, ment increased its investments in invested in Spacs rose to 160 at the end $14bn in 2019.
bet on an economic recovery from the
“We expect to see a stunning eco- according to analysts at Bern- blank-cheque companies almost six- of 2020 from 58 in 2019, according to a The flurry of launches has raised con-
pandemic and a rise in demand for
nomic upswing and a supportive envi- stein. Overall copper demand could fold last year as hedge funds poured Financial Times analysis of the data. cerns about a Spac bubble, with David
commodities needed to enable a global
ronment for the copper market and for double over that time, according to tens of billions of dollars into Wall Spac Research compiles the data Solomon, chief executive of Goldman
transition to green energy.
investors as the year unfolds,” Brian miner Glencore. At the same time, there Street’s hottest investment product. based on quarterly 13F filings with the Sachs, saying the pace of listings is
The metal reached as high as $8,995 a Kloss, a portfolio manager at Franklin are few new large copper mines coming Securities and Exchange Commission unsustainable. There are mounting con-
tonne by late afternoon in London, Templeton, said. “Longer term, copper into production over the next decade. The New York-based group, which has from groups with at least $100m in cerns that the abundance of listings will
while nickel rose to its highest level is an important component in renewa- Recent copper price moves have also $47bn under management, had $4.4bn make it difficult for Spacs to find targets
since September 2014. Aluminium ble energy and electromobility.” benefited from a weaker US dollar and a invested in special purpose acquisition within their two-year timeline as com-
prices hit their strongest levels since late Copper demand from renewables and rise in inflation expectations, according companies (Spacs) as of December, up
Spacs have raised $42.7bn petition for good companies increases.
2018, at $2,162 a tonne. to analysts, due to commodities’ use by from $750m at the end of 2019, making in the first six weeks of The robust trading in Spacs them-
Copper was set for its third weekly investors as an inflation hedge. it the top hedge fund buyer of such vehi- selves was on display this week when
advance as Wall Street analysts from Citi Trading in copper was given a boost cles, according to data compiled by Spac
2021, more than half the investors pushed up prices for Star Peak
to JPMorgan predicted a new commod- by the return of Chinese traders from Research. $79bn they raised last year Energy, one of two blank-cheque com-
ity “supercycle” — where demand the new year holiday late this week, Hedge funds have embraced Spacs panies started by Magnetar Capital, an
streaks ahead of supply, fuelling a pro- according to Malcolm Freeman, a direc- because they see the investments as equity holdings. Michael Klausner, a Illinois-based hedge fund.
longed rise in prices — due to efforts to tor at brokerage Kingdom Futures. The having limited risk — and huge potential professor at Stanford Law School who Shares in Star Peak, worth as little as
combat climate change and better eco- market saw “the most massive surge of upside. has studied Spacs, called them “an enor- $36.46 last week, rose to almost $50 this
nomic growth prospects with the rollout speculative buying”, this week, he said. Early backers can park cash in the mous gold mine” for hedge funds. week as winter storms in the central US
of vaccinations against Covid-19. Still, analysts at Commerzbank said vehicles for up to two years, accumulat- Klausner added: “It offers an invest- drew attention to its announced merger
“Prospects for supercycles in copper they did not share the “euphoria” in the ing interest, while receiving warrants ment with no downside whatsoever and target, the energy storage company
and aluminium are real,” analysts at Citi markets, which they said was not that can be converted into relatively a free warrant in a company to be desig- Stem.
said this week. matched by a fundamental change in low-priced shares once a blank-cheque nated later.” Magnetar, which has more than $12bn
Copper, which is used in wiring, is demand. “In our opinion, the price rise company merges with another busi- Blank-cheque company listings are on in assets, was also the second-biggest
expected to benefit from greater has been driven to a large extent by ness. track to surpass a record year of fund- hedge fund investor in Spacs, increasing
demand for electricity in a shift away A shift away from fossil fuels has speculation, which puts it on shaky Institutional funds had $82.4bn in raising in 2020. Spacs have raised its holdings from $751m in 2019 to
from fossil fuels. In addition, a larger been positive for copper prices ground,” they said. Spacs at the end of the fourth quarter, $42.7bn in the first six weeks of 2021, $2.9bn at the end of last year.
COMPANIES & MARKETS
The ‘please just The day in the markets

give us some What you need to know
yield’ market 3 US Treasury yields hit new 12-month US Treasuries sell-off gathers pace
high as sell-off gathers pace
3 European bourses snapped a three- 10-year government yields (%)
Joe Rennison day losing streak

3 Sterling hits $1.40 for first time since
March 2018
2.0
On Wall Street Stocks on Wall Street swung between

modest gains and losses yesterday as
investors mulled over the possibility of
T
1.5
rising inflation rippling through capital
he high-yield bond market about 3.5 percentage points. This repre- factor at play. Also important are how markets.
needs a new name. sents the premium investors demand to much money investors have to spend Both the blue-chip S&P 500 index and
This week the average be paid for not owning super-safe and what other investment options are technology-focused Nasdaq Composite
yield across high-yield Treasuries. available. were flat at lunchtime in New York,
bonds in the US fell towards At its current level, the spread is low With Treasury yields so low, investors having opened higher. 1.0
3.9 per cent. That’s only marginally but not as low as it has been. The lowest have sought out high-yield bonds to The prospect of US president Joe
above what Johnson & Johnson — one of pre-2008 was 2.5 per cent in 2007. earn better returns: perhaps it should be Biden’s $1.9tn stimulus plan has led to a
only two pristine, triple-A rated compa- Before that, spreads had been below 4 called the “please just give us some sell-off in US government debt on
nies left globally — paid as an annual per cent since June 2005. yield” market. At the same time, concerns that the fiscal injection will feed
coupon in a 10-year bond in 2011. It The difference with today is that options for new bonds to buy are thin on through to higher inflation, which erodes
wasn’t considered a high yield then. government bond yields were higher the ground. The result is a wall of money the value of bonds’ coupons. That has 0.5
Microsoft — the only other company to then. Between 2004 and 2006, the Fed chasing ever riskier deals, pushing eaten into the price of US Treasuries Jan 2020 Feb
hold the triple-A title still — raised 10- raised rates from a low of 1 per cent to spreads lower. There are other risks, since November’s election, pushing up 2021
Source: Refinitiv
year money in 2013 at a coupon of 3.63 above 5 per cent. By contrast, the lower too. yields.
per cent. That wasn’t high yield either. bound of the Fed’s target interest rates is Generally, as the economy improves, Yesterday, the yield on the 10-year note
Two weeks ago, Centene Corporation now zero. Investors aren’t pricing the the Fed raises interest rates. This climbed 7 basis points to 1.36 per cent, to just under $63 a barrel. According to response to Covid-19,” said Savvas
became the second group this year to hurts the price of fixed-rate bonds but surpassing a 12-month high hit earlier this Reid, prices were being weighed down by Savouri, chief economist at Toscafund
issue a 10-year “high yield” bond with a can be counteracted by declining
2.5 per cent coupon. Two years ago, the
It’s a far cry from the spreads due to improving corporate
week. But concerns remain that the
higher yields will undercut the rally in
the recommencing of Texas oil
production and news that the White
Asset Management.
The lockdown, however, continues to
US government would have paid more. returns on offer when creditworthiness. riskier assets, said Jim Reid, research House was willing to negotiate with Iran weigh on the UK economy. The latest
It’s a far cry from the returns on offer Yet if the US economy really does take
when the junk bond king Michael
the junk bond king off in 2021, rising interest rates will
strategist at Deutsche Bank.
In Europe, its bourses snapped a three-
over a return to the nuclear deal, a move
that could pave the way for a rise in the
figures from the Office for National
Statistics showed British retail sales fell
Milken made a fortune in the nascent Milken made a fortune erode the value of today’s low-coupon session losing streak, with the region- country’s crude exports. sharply this month. The volume of sales
market, demanding high interest rates bonds, because there isn’t much room wide Stoxx 600 closing up 0.5 per cent Sterling advanced 0.4 per cent against between December and January slid 8.2
for lending to lower quality companies. risk of lending to lower-rated compa- for credit spreads to fall further. and London’s FTSE 100 index rising 0.1 the dollar crossing $1.40 — its highest per cent, which was double the decline in
Even during the excesses prior to the nies very differently from how they did The Fed has sought to assuage such per cent. level since March 2018. sales between November and December.
2008 financial crisis, average yields only in past moments of US economic exu- fears, committing to keeping monetary Oil prices remained near their highest “Sterling has been undervalued since In Asia, China’s CSI 300 index gained
reached a 2004 low of 6.8 per cent, berance. The question is whether they policy loose even as the recovery begins levels since January 2020 despite the the period before the Brexit referendum, 0.2 per cent, as did Hong Kong’s Hang
according to Ice Data Services. should be as optimistic today, given we to take hold. Even so, inflationary forces recent rally losing steam. Brent crude, the and now there is a general view that the Seng index, while South Korea’s Kospi
For investors today, it means taking are only a year into a pandemic. are being priced in. The 10-year Treas- international benchmark, slid 1.6 per cent UK is ahead of Europe in terms of its 200 added 0.8 per cent. Leke Oso Alabi
the same risk with far less reward. The argument for optimism is that ury yield has already doubled in the past
“It’s now the high-yield bond market with the rollout of the vaccines and the five months.
in name only,” said Matt Eagan, a portfo- reopening of the economy, the US is Still, there is an argument for inves- Markets update
lio manager at Loomis Sayles. “I don’t moving into a growth cycle that will tors to keep lending, regardless of the
like the fact that yields are really help lift lower-quality credits. But cyni- risk. The Fed proved in March that it has
low, but that’s the environment we are cism, or perhaps prudence, argues that the firepower to step into credit markets
working in.” with spreads so low, there is little room in the event of a downturn and prompt a US Eurozone Japan UK China Brazil
This is not an entirely new phenome- to absorb losses if the recovery fails to recovery in prices. Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
non. In Europe, high-yield bonds have take root. “When that stops being the case, we Level 3925.07 1597.82 30017.92 6624.02 3696.17 118490.56
paid even less than the US for some “That’s the big risk,” said Eagan. will have a very bad outcome,” said one % change on day 0.28 0.45 -0.72 0.10 0.57 -0.59
time. Perhaps a better name would be “There is a leap of faith and you have to debt origination banker. “I think the day Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
the higher-yield market, which more make a call as an investor. Our view is of reckoning, if we ever get there, will be Level 90.264 1.213 105.630 1.401 6.457 5.378
clearly describes some of the forces at that the economy is going to come back cataclysmic.” % change on day -0.362 0.497 -0.147 0.430 -0.204 -1.293
work. The additional yield on offer pretty solidly.” Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
above Treasuries — the spread — sits at The economic outlook is not the only joe.rennison@ft.com Yield 1.334 -0.309 0.101 0.694 3.290 7.727
Basis point change on day 4.830 3.800 1.200 7.200 -2.600 7.600
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 448.44 63.24 59.57 1773.15 27.17 3759.40
Next month is heading for some sort of % change on day 0.28 -0.35 -0.82 -0.42
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.
0.18 1.67
panic — but that might not be a bad thing Main equity markets
S&P 500 index Eurofirst 300 index FTSE 100 index
4000 1680 6880
excused and problems that have been official T-bill auctions, but at the range
ignored. Random financial speculation of bids in the auctions. Low bids mean
1600 6720
and party politics are at least that dealers are willing to accept very
momentarily set aside so that some low rates, as little as 1 basis point 3840
unpopular, complicated or unfamiliar recently, just to make sure they get 6560
1520
changes can be agreed. some of that collateral. That
The last two weeks of this coming historically happens at systemic
| | | | | | | | |
March look like a set-up for some sort stress points. | | | | | | | | | | | | 6400 | | | | | | | | | | |
B
3680 | | | | | | | | | | | | | |
1440 | | | | | | | | | | | | | |
of panic in the US Treasury and Simultaneously, the supply of T-bills Dec 2021 Feb Dec 2021 Feb Dec 2021 Feb
eware the Ides of March” mortgage-backed securities markets. is shrinking. Because the Treasury Biggest movers
(Julius Caesar) Not the end of the world, but wants to rebalance its issuance, it is
% US Eurozone UK
Everybody seems to be something like being a passenger in an redeeming bills and selling more long-
Deere & 10.11 Santander 4.20 Antofagasta 7.17
having a hard time finding aircraft that suddenly drops several dated bonds.
Albemarle 8.18 Cnh Industrial 4.16 Rolls-royce Holdings 5.70
the most tradeable forms of thousand metres. That explains part of this year’s
Ups
dollar cash. In the financial markets The most salient and immediate unexpected rise in 10-year and 30-year Freeport-mcmoran 7.50 Wartsila 4.05 Natwest 5.17
this has led to a shortage of T-bills, the signal to me has been the plunge in bond yields, which in the past week Applied Materials 7.44 Safran 3.99 Int Consolidated Airlines S.a. 5.10
form of issuance that can be most short-term Treasury bill rates since the sailed past the 1.25 per cent level. This United Airlines Holdings 6.34 Repsol 3.97 Evraz 4.62
readily used as collateral for other beginning of the year. In the first six in turn triggered a wave of hedging %
trades. As Zoltan Pozsar of Credit weeks of 2021, one-month T-bill rates activity by leveraged mortgage banks. Hologic -6.13 Renault -4.43 Experian -3.53
Suisse says: “The long, three-year have fallen by more than 66 per cent. As interest rates rise, fewer of the West Pharmaceutical Services -3.97 Klepierre -3.99 Reckitt Benckiser -3.28
Downs
period of front-end collateral glut, The yield of two-year Treasuries mortgages they own are refinanced at Kraft Heinz (the) -3.49 Gecina -3.89 Intertek -3.16
which lasted from 2018 [to the lower rates, and so the “duration” of State Street -2.85 Reed Elsevier -2.59 Astrazeneca -3.06
beginning of February] is over.” their assets increases. Keysight -2.73 Beiersdorf -1.76 Relx -2.63
At the other end of dollar asset
The dollar is mocked To offset this ‘convexity’ risk, they Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
by the well informed,

All data provided by Morningstar unless otherwise noted.
respectability, the Fed has ordered a have to sell the equivalent of tens, or
record amount of $100 bills to be even hundreds, of billions in Treasury
printed. At the high end of its
but aggressively bond derivatives. This is reinforcing
estimates, that will be nearly $320bn of hoarded by the fearful the sell-off in Treasuries and
$100s — enough for every man, woman
and child in the US to have another declined by more than 21 per cent.
threatening a ‘convexity spiral’ of the
sort not seen since 2003. Oh, and the
Wall Street Europe London
thousand dollars in ready cash. Of Those are more dramatic moves than increased derivatives activity needs to
course the C-notes are not going to you see in any other broadly traded be collateralised by T-bills, which you Deere & Co, the agricultural machinery Results that were better than expected Publishing company Future climbed after
American civilians — at least 80 per securities. will recall are already in short supply. maker, rallied strongly after forecasting sent BE Semiconductor rallying. The flagging that full-year profitability was
cent are shipped from the bureau of Unlike the Fed’s favourite If my guess is right, then we have the that net income for its fiscal 2021 year Dutch chipmaker reported fourth-quarter “materially ahead of current market
printing to non-US banks. instrument, bank ‘excess reserves’ on makings of another ‘event’ like we saw would be in a range of $4.6bn to $5bn, revenue of €109.7m, up 1.3 per cent expectations”. Shore Capital forecast
The dollar is mocked by the well deposit with the central bank, T-bills a year ago. Market freezes have a way higher than the $3.6bn to $4bn it against the previous quarter, and “above full-year earnings before interest, taxes,
informed, but aggressively hoarded by are ‘collateral’. They can be readily of happening in March and September, estimated last November. the high end of the guidance range of depreciation and amortisation of £126.3m.
the fearful, and those who do business loaned and reloaned to secure other, an echo of the crop cycle. That might “John Deere started 2021 on a strongly €108m”, said KBC Securities. The group behind Horse & Hound
in the shadows. unrelated transactions. When people make it momentarily easier to get positive note,” said John C May, chief Orders during the same period grew magazine, wine title Decanter and the
Financial panics, especially the ones or institutions in the global financial past the politics of raising the ‘debt executive, after the Illinois group posted 65.8 per cent sequentially to reach AnandTech website said it benefited from
that do not trigger broad economic system are not eager to trust each ceiling’. And the big banks might get first-quarter net income of $1.23bn, more €157.3m, “a record level for a quarter “high levels of online engagement” last
recessions, can be useful for some. other, they demand more collateral. one more year’s waiver on shrinking than double what it was during the same which is typically our weakest of the year, notably Black Friday and Christmas.
Coming out of ‘nowhere’, they force The degree of that distrust appears to their asset base. period in 2020. year”, said the company. Bookings growth Future also reiterated its push into the
markets and politicians to pay be rising, and quickly. You can see that BMO Capital Markets assigned Deere was fuelled by strong demand for high- price comparison business with its
attention to excesses that have been by looking not only at the outcome of john.dizard@ft.com an “outperforming” rating, citing its end and mid-range smartphones by acquisitions of GoCo Group (behind
“structurally improving profitability and Asian subcontractors, said BE GoCompare) and Australia’s Mozo.
resilient pricing power”. Semiconductor, and “a resurgence of “The group’s growth trajectory
Businesses For Sale Casa Systems, the infrastructure tech

group, soared after reporting fourth-
quarter revenue of $120.5m, above
demand from European automotive IDMs
[intelligent driver models]”.
“BE Semiconductor is off to a very
should . . . benefit from earnings-per-
share accretion and incremental growth
as it unlocks the potential of recent
analysts’ estimates. The results owed strong start [to] the year, giving way for acquisitions,” said Shore, which gave
much to “record wireless revenue” as the another round of estimate upgrades,” Future a “buy” recommendation.
company scaled up new products such as said KBC, which gave the Netherlands Focusrite, which makes music
“5G millimetre wave fixed access devices”, group an “accumulate” rating. production equipment, rallied after a
said Jerry Guo, chief executive. Moncler, the Italian fashion group trading update confirmed robust sales
JinkoSolar, the US-listed solar module known for its puffer jackets, climbed in during the pandemic. For the six months
manufacturer, climbed on news that it the second half of last year. Revenue in to February 28, revenue was forecast to
planned to sign a “strategic co-operation the final quarter hit €675m, up 8 per cent, be in excess of £90m, Focusrite said.
Business for Sale, Business Opportunities, Business Services, agreement” with China’s Tongwei. The driven by an expansion in the Chinese But demand for its gear as lockdowns
Business Wanted, Franchises pair intends to invest in a high-purity market, growth in Korea and a solid eased would be harder to judge, said
Runs Daily crystalline silicon project with annual performance from its online channel. chief executive Tim Carroll, although he
.....................................................................................................................................................................................................................................................................................................................................................................................................................
Classified Business Advertising capacity of 45,000 metric tonnes and a The results prompted Deutsche Bank expected Martin Audio, its
UK: +44 20 7873 4000 | Email: acs.emea@ft.com silicon wafer project with a production to raise its target price to €52 a share loudspeaker division, to rebound as live
capacity of 15GW a year. Ray Douglas from €50. Ray Douglas events restarted. Ray Douglas
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 $
-0.72% -0.147% -0.115% -1.25% -0.42%

0.28% 0.68% 0.42% 0.10% 0.45% 0.16% 0.28% 0.497% 0.430%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jan 20 - - Index All World Jan 20 - Feb 19 Index All World Jan 20 - Feb 19 Index All World Jan 20 - Feb 19 Index All World Jan 20 - Feb 19 Index All World Jan 20 - Feb 19 Index All World
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
3,925.03 18,346.84 30,017.92
6,715.42 13,906.67 13,993.23 3,160.84
3,851.85 18,014.91 6,624.02 3,107.62
28,523.26
Day 0.28% Month 3.33% Year 15.93% Day 0.40% Month 2.16% Year 2.34% Day 0.10% Month -1.03% Year -10.90% Day 0.77% Month -0.40% Year NaN% Day -0.72% Month 6.27% Year 29.40% Day 0.68% Month 3.11% Year 40.69%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
13,959.14 1,597.82 8,122.10 8,151.60 30,644.73
45,125.71 44,935.93 1,584.52 29,927.76 2,998.77
13,457.25
2,880.64
Day 0.68% Month 5.79% Year 42.22% Day 0.96% Month -1.11% Year 0.19% Day 0.45% Month 1.70% Year -5.33% Day 1.16% Month -0.58% Year -19.16% Day 0.16% Month 6.21% Year 11.35% Day -0.97% Month -3.64% Year -9.86%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
31,624.93 5,773.55 23,136.31 3,696.17 50,889.76
31,188.38 119,646.40 118,490.56 49,792.12
5,590.79 22,428.93 3,565.90
Day 0.42% Month 2.27% Year 7.79% Day -0.59% Month -1.80% Year 1.67% Day 0.79% Month 3.12% Year -5.53% Day 0.94% Month 3.32% Year -8.99% Day 0.57% Month 2.78% Year 23.83% Day -0.85% Month 4.79% Year 24.44%
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 51196.45 51826.91 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 25196.86 24973.09 Philippines Manila Comp 6926.41 6849.64 Taiwan Weighted Pr 16341.38 16424.51 Cross-Border DJ Global Titans ($) 460.30 461.33
Australia All Ordinaries 7064.00 7155.50 Czech Republic
PX 1054.36 1056.13 FTSE Italia Mid Cap 40207.88 39867.05 Poland Wig 58785.79 58684.46 Thailand Bangkok SET 1500.51 1511.03 Euro Stoxx 50 (Eur) 3718.78 3681.04
S&P/ASX 200 6793.80 6885.90 Denmark OMXC Copenahgen 20 1484.24 1489.55 FTSE MIB 23136.31 22921.83 Portugal PSI 20 4817.97 4705.01 Turkey BIST 100 1560.34 1546.41 Euronext 100 ID 1154.79 1147.07
S&P/ASX 200 Res 5311.30 5463.60 Egypt EGX 30 11380.55 11413.17 Japan 2nd Section 7318.55 7377.48 PSI General 3609.66 3548.30 UAE Abu Dhabi General Index 5642.85 5636.23 FTSE 4Good Global ($) 9647.59 9658.96
Austria ATX 3005.09 2977.58 Estonia OMX Tallinn 1457.69 1448.25 Nikkei 225 30017.92 30236.09 Romania BET Index 10345.95 10416.48 UK FT 30 2548.90 2534.80 FTSE All World ($) 448.44 447.19
Belgium BEL 20 3837.49 3777.43 Finland OMX Helsinki General 11387.56 11376.50 S&P Topix 150 1644.40 1655.11 Russia Micex Index 3457.68 3400.17 FTSE 100 6624.02 6617.15 FTSE E300 1597.82 1590.61
BEL Mid 8689.66 8662.50 France CAC 40 5773.55 5728.33 Topix 1928.95 1941.91 RTX 1472.33 1446.70 FTSE 4Good UK 6229.33 6225.63 FTSE Eurotop 100 3003.40 2992.04
Brazil IBovespa 118490.56 119198.97 SBF 120 4564.25 4533.91 Jordan Amman SE 1749.36 1737.67 Saudi-Arabia TADAWUL All Share Index 9024.23 9084.31 FTSE All Share 3769.95 3763.78 FTSE Global 100 ($) 2575.11 2581.18
Canada S&P/TSX 60 1089.81 1086.72 Germany M-DAX 32384.74 32227.05 Kenya NSE 20 1875.71 1874.67 Singapore FTSE Straits Times 2880.64 2908.85 FTSE techMARK 100 6315.26 6336.93 FTSE Gold Min ($) 2113.47 2142.48
S&P/TSX Comp 18346.84 18274.07 TecDAX 3518.56 3511.24 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 357.66 358.51 USA DJ Composite 10453.06 10386.65 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 802.09 779.29 XETRA Dax 13993.23 13886.93 Latvia OMX Riga 1182.08 1171.33 Slovenia SBI TOP - - DJ Industrial 31624.93 31493.34 FTSE Multinationals ($) 2827.71 2842.66
Chile S&P/CLX IGPA Gen 23217.27 22853.24 Greece Athens Gen 781.42 782.23 Lithuania OMX Vilnius 857.11 858.22 South Africa FTSE/JSE All Share 67464.86 66575.45 DJ Transport 13286.64 13049.70 FTSE World ($) 791.55 789.37
China FTSE A200 15418.80 15388.93 FTSE/ASE 20 1852.78 1851.95 Luxembourg LuxX 1405.28 1370.18 FTSE/JSE Res 20 67016.24 65636.34 DJ Utilities 852.27 857.98 FTSEurofirst 100 (Eur) 4125.40 4101.17
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 30644.73 30595.27 Malaysia FTSE Bursa KLCI 1584.93 1575.84 FTSE/JSE Top 40 62105.24 61206.58 Nasdaq 100 13670.87 13637.51 FTSEurofirst 80 (Eur) 5096.72 5047.27
Shanghai A 3874.58 3852.80 HS China Enterprise 12106.77 12041.53 Mexico IPC 44935.93 44507.95 South Korea Kospi 3107.62 3086.66 Nasdaq Cmp 13959.14 13865.36 MSCI ACWI Fr ($) 678.67 682.70
Shanghai B 247.77 244.86 HSCC Red Chip 4223.95 4165.94 Morocco MASI 11568.05 11521.02 Kospi 200 420.94 417.44 NYSE Comp 15401.67 15290.64 MSCI All World ($) 2802.92 2815.98
Shanghai Comp 3696.17 3675.36 Hungary Bux 44069.31 44046.56 Netherlands AEX 678.48 672.81 Spain IBEX 35 8151.60 8058.10 S&P 500 3925.07 3913.97 MSCI Europe (Eur) 1657.38 1671.31
Shenzhen A 2583.36 2564.26 India BSE Sensex 50889.76 51324.69 AEX All Share 987.35 980.08 Sri Lanka CSE All Share 7797.94 7736.36 Wilshire 5000 41937.36 41674.30 MSCI Pacific ($) 3276.96 3297.44
Shenzhen B 1146.01 1133.67 Nifty 500 12438.80 12565.70 New Zealand NZX 50 12548.63 12633.60 Sweden OMX Stockholm 30 2036.97 2015.81 Venezuela IBC 1875271.00 1859847.60 S&P Euro (Eur) 1720.94 1705.37
Colombia COLCAP 1368.49 1383.59 Indonesia Jakarta Comp 6231.93 6200.31 Nigeria SE All Share 40212.19 40465.32 OMX Stockholm AS 822.66 813.46 Vietnam VNI 1173.50 1174.38 S&P Europe 350 (Eur) 1649.62 1641.35
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7370.74 7244.88 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10704.75 10717.71 S&P Global 1200 ($) 3119.36 3109.50
Israel Tel Aviv 125 1643.77 1665.07 Pakistan KSE 100 46227.65 46142.74 Stoxx 50 (Eur) 3213.12 3202.81
(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 Feb 19 %Chg %Chg Feb 19 %Chg %Chg Feb 19 %Chg %Chg Feb 19 %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 49.1 130.09 0.38 Glencore 248.0 300.15 11.80 Asml Holding 495.0 494.00 12.65 Softbank . 865.8 10350.00 10.00 Antofagasta 1838.00 19.9 - Tp Icap 225.80 16.3 - Amigo Holdings 9.50 40.1 16.3 Mining 25510.17 8.1 17.9
Amazon.com 46.9 3312.81 -15.42 Astrazeneca 210.2 7226.00 -228.00 Volkswagen Ag Vzo O.n. 354.0 170.54 1.68 Fast Retailing Co., 766.6 104750.00 -2600.00 Glencore 300.15 11.7 - Rank 142.40 15.8 0.6 Kkv Secured Loan Fund 19.80 22.2 6.7 Industrial Metals 5775.48 5.9 16.8
Facebook 25.1 263.32 -6.07 Royal Dutch Shell 181.4 1340.40 9.20 Sap Se O.n. 323.7 104.94 -1.30 Tokyo Electron 418.9 43540.00 660.00 Int Consolidated Airlines S.a. 165.75 10.9 - Carnival 1438.00 13.9 - Enquest 17.06 21.7 - Fixed Line Telecommunication 1584.92 5.5 -1.3
Microsoft 24.5 241.64 -2.15 Glaxosmithkline 173.3 1215.20 -23.80 Total 290.0 36.95 0.38 Sony 369.1 11965.00 -35.00 Evraz 556.60 8.5 - Tui Ag 356.80 12.6 - Hyve 136.20 17.6 - Banks 2723.09 5.2 9.2
Nvidia 20.4 604.78 11.62 Bp 168.9 272.35 2.95 Intesa Sanpaolo 269.7 2.11 0.03 Toyota Motor 333.7 8065.00 -28.00 Anglo American 2870.00 7.8 - Ip 117.80 10.7 - On The Beach 350.00 17.4 - Life Insurance 7562.89 4.8 5.2
Advanced Micro Devices 13.8 89.84 1.20 Unilever 161.0 3905.00 -64.00 Eni 256.7 9.20 0.10 Fanuc 306.9 27845.00 -1205.00 Bhp 2277.50 7.6 - Ferrexpo 350.80 9.6 - Newriver Reit 87.50 14.2 6.7 Food Producers 7371.73 4.6 5.1
Applied Materials 13.4 121.87 8.44 Rio Tinto 150.5 6352.00 117.00 Allianz Se Na O.n. 245.7 195.38 0.52 Mitsubishi Ufj Fin,. 289.2 550.00 -3.50 Rio Tinto 6352.00 7.0 - Wh Smith 1684.00 8.8 - Saga 298.60 12.2 - Oil & Gas Producers 4840.89 3.7 7.4
Visa 13.2 206.30 -3.06 Diageo 147.1 2996.50 -35.00 Ing Groep N.v. 239.6 8.95 0.30 Takeda Pharmaceutical 231.5 3697.00 -43.00 Prudential 1416.00 6.6 - Easyjet 831.20 8.6 - Funding Circle Holdings 115.00 11.9 - Travel & Leisure 8475.79 2.5 4.7
Boeing 12.5 214.78 6.30 British American Tobacco 109.0 2562.00 -32.50 Lvmh 227.8 541.80 7.80 Kddi 220.3 3416.00 54.00 Whitbread 3418.00 6.6 - Shaftesbury 613.50 8.5 - Restaurant 97.00 11.2 - Real Estate Investment Trusts 2731.78 1.9 0.0
Alphabet 12.3 2109.86 4.05 Bhp 108.0 2277.50 42.50 Daimler Ag Na O.n. 224.4 67.22 0.33 Sumitomo Mitsui Fin,. 207.2 3723.00 -10.00 Associated British Foods 2371.00 6.5 - Vivo Energy 89.40 8.1 -79.5 Premier Oil 22.70 10.7 - Industrial Transportation 3430.31 1.6 19.4
Standard Chartered 492.50 6.4 - Cineworld 80.78 8.0 - Riverstone Energy 323.00 10.6 7.0 Real Estate & Investment Servic 2562.67 0.5 -0.8
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
Rolls-royce Holdings 98.66 6.2 - Firstgroup 83.70 7.4 - Tullow Oil 34.10 9.8 - General Retailers 2579.91 0.4 2.0
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Deere & 330.60 30.35 10.11 Antofagasta 1838.00 123.00 7.17 Santander 2.98 0.12 4.20 Nissan Chemical Industries, 6310.00 250.00 4.13 Hargreaves Lansdown 1516.00 -7.9 - Indivior 127.60 -8.6 - Foxtons 66.00 -11.1 - Index - Technology Hardware & Equipment 1885.04 -5.9 -9.7
Albemarle 153.03 11.57 8.18 Carnival 1438.00 87.00 6.44 Cnh Industrial 12.27 0.49 4.16 Taiheiyo Cement 2680.00 95.00 3.68 Imperial Brands 1394.00 -6.7 - Micro Focus Int 427.20 -8.4 - Macfarlane 82.60 -8.0 -4.6 Tobacco 27021.19 -5.3 -5.7
Freeport-mcmoran 36.70 2.56 7.50 Rolls-royce Holdings 98.66 5.32 5.70 W__rtsil__ 8.69 0.34 4.05 Taiyo Yuden Co., 5780.00 190.00 3.40 Smith & Nephew 1473.50 -6.3 - Ninety One 217.00 -8.0 - Equiniti 135.60 -7.3 - Health Care Equip.& Services 6421.48 -5.0 -1.4
Applied Materials 121.87 8.44 7.44 Natwest 180.15 8.85 5.17 Safran 112.05 4.30 3.99 Advantest 9480.00 300.00 3.27 Relx 1760.50 -5.7 - Lancashire Holdings 636.50 -7.8 - City Of London Investment 520.00 -6.5 - Pharmaceuticals & Biotech. 15161.90 -3.5 -3.6
United Airlines Holdings 47.81 2.85 6.34 Int Consolidated Airlines S.a. 165.75 8.05 5.10 Repsol 9.94 0.38 3.97 Hitachi Zosen 680.00 20.00 3.03 Experian 2489.00 -5.6 - Sanne 538.00 -7.4 - Lindsell Train Investment Trust 1340.00 -6.5 -8.0 Oil Equipment & Services 5170.77 -3.0 -7.5
British American Tobacco 2562.00 -5.6 - Ashmore 439.00 -7.4 - Chrysalis Investments 208.00 -6.3 - Construction & Materials 6922.05 -2.9 0.8
Downs Downs Downs Downs
Tesco 227.60 -5.4 - Dunelm 1249.00 -7.3 - Trifast 138.00 -6.1 -8.6 Food & Drug Retailers 4451.56 -2.7 3.5
Hologic 77.29 -5.05 -6.13 Indivior 127.60 -11.70 -8.40 Renault 38.04 -1.77 -4.43 Sharp 2099.00 -157.00 -6.96
Just Eat Takeaway.com N.v. 7508.00 -5.3 - Pets At Home 390.00 -6.8 - Ten Entertainment 204.00 -6.0 1.2 Electronic & Electrical Equip. 10296.86 -2.6 3.4
West Pharmaceutical Services 284.95 -11.80 -3.97 Tbc Bank 1146.00 -74.00 -6.07 Klepierre 17.22 -0.72 -3.99 Odakyu Electric Railway Co., 3235.00 -180.00 -5.27
Rentokil Initial 498.50 -5.1 - Beazley 338.60 -6.0 - Redde Northgate 258.50 -5.7 -4.1 Media 7991.76 -2.0 0.5
Kraft Heinz (the) 37.60 -1.36 -3.49 Experian 2489.00 -91.00 -3.53 Gecina 113.80 -4.60 -3.89 Keisei Electric Railway Co., 3735.00 -165.00 -4.23
Glaxosmithkline 1215.20 -4.9 - Aj Bell 433.00 -5.9 - Motorpoint 275.00 -5.2 -5.2 Mobile Telecommunications 2994.33 -1.7 8.7
State Street 72.57 -2.13 -2.85 Reckitt Benckiser 6072.00 -206.00 -3.28 Relx 23.49 -0.62 -2.59 Inpex 757.00 -33.00 -4.18
Pennon 889.00 -4.6 - Spirent Communications 239.00 -5.7 - Clipper Logistics 556.00 -5.1 -3.6 Gas Water & Multiutilities 4702.62 -1.7 -0.7
Keysight 144.00 -4.04 -2.73 Pets At Home 390.00 -13.00 -3.23 Ericsson, Telefonab. L M Ser. B 10.70 -0.24 -2.23 Fanuc 27845.00 -1205.00 -4.15
Polymetal Int 1539.00 -4.4 - Oxford Instruments 1896.00 -5.7 - Xps Pensions 125.50 -4.9 - General Industrials 6615.37 -1.4 0.0
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.
CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Feb 19 Currency Mid Change Mid Change Mid Change Feb 19 Currency Mid Change Mid Change Mid Change Feb 19 Currency Mid Change Mid Change Mid Change Feb 19 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 89.1540 0.1102 108.1166 0.6134 124.9355 0.7375 Indonesia Indonesian Rupiah 14065.0000 40.0000 17056.5510 124.0726 19709.9484 147.9035 Poland Polish Zloty 3.6960 -0.0248 4.4821 -0.0100 5.1793 -0.0103 ..Three Month 0.7136 -0.0034 0.8652 -0.0002 - -
Australia Australian Dollar 1.2719 -0.0200 1.5425 -0.0173 1.7824 -0.0195 Israel Israeli Shekel 3.2715 -0.0040 3.9673 0.0128 4.5845 0.0158 Romania Romanian Leu 4.0208 -0.0176 4.8759 0.0004 5.6345 0.0018 ..One Year 0.7138 -0.0034 0.8648 -0.0002 - -
Bahrain Bahrainin Dinar 0.3771 0.0001 0.4573 0.0021 0.5284 0.0025 Japan Japanese Yen 105.6300 -0.1550 128.0969 0.3820 148.0241 0.4755 Russia Russian Ruble 74.0132 -0.0881 89.7553 0.2924 103.7180 0.3617 United States United States Dollar - - 1.2127 0.0054 1.4013 0.0065
Bolivia Bolivian Boliviano 6.9100 - 8.3797 0.0372 9.6833 0.0452 ..One Month 105.6300 -0.1550 128.0970 0.3821 148.0241 0.4754 Saudi Arabia Saudi Riyal 3.7505 -0.0002 4.5482 0.0200 5.2557 0.0243 ..One Month - - 1.2126 -0.1821 1.4014 0.0065
Brazil Brazilian Real 5.3777 -0.0704 6.5214 -0.0561 7.5359 -0.0631 ..Three Month 105.6299 -0.1552 128.0970 0.3822 148.0240 0.4753 Singapore Singapore Dollar 1.3240 -0.0050 1.6056 0.0012 1.8554 0.0018 ..Three Month - - 1.2125 -0.1821 1.4014 0.0065
Canada Canadian Dollar 1.2609 -0.0111 1.5291 -0.0066 1.7670 -0.0072 ..One Year 105.6295 -0.1560 128.0974 0.3829 148.0241 0.4750 South Africa South African Rand 14.6588 -0.0113 17.7766 0.0654 20.5420 0.0803 ..One Year - - 1.2117 -0.1821 1.4015 0.0065
Chile Chilean Peso 708.1800 -2.8950 858.8060 0.3204 992.4047 0.5991 Kenya Kenyan Shilling 109.6000 0.1000 132.9113 0.7112 153.5874 0.8571 South Korea South Korean Won 1106.0000 -1.7500 1341.2402 3.8462 1549.8880 4.8012 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.4574 -0.0132 7.8309 0.0189 9.0490 0.0239 Kuwait Kuwaiti Dinar 0.3025 -0.0002 0.3668 0.0014 0.4239 0.0017 Sweden Swedish Krona 8.2729 -0.0668 10.0324 -0.0361 11.5931 -0.0391 Vietnam Vietnamese Dong 23020.0000 3.5000 27916.2735 128.2296 32259.0011 155.5509
Colombia Colombian Peso 3557.7900 14.8900 4314.5124 37.1457 4985.6936 44.0641 Malaysia Malaysian Ringgit 4.0405 -0.0015 4.8999 0.0200 5.6621 0.0244 Switzerland Swiss Franc 0.8952 -0.0021 1.0856 0.0023 1.2545 0.0029 European Union Euro 0.8246 -0.0037 - - 1.1556 0.0003
Costa Rica Costa Rican Colon 611.3850 -0.2800 741.4232 2.9560 856.7615 3.6128 Mexico Mexican Peso 20.4378 -0.0075 24.7847 0.1011 28.6403 0.1234 Taiwan New Taiwan Dollar 27.9435 0.0165 33.8869 0.1705 39.1585 0.2060 ..One Month 0.8245 -0.0037 - - 1.1555 0.0003
Czech Republic Czech Koruna 21.3223 -0.1500 25.8574 -0.0662 29.8799 -0.0696 New Zealand New Zealand Dollar 1.3699 -0.0196 1.6612 -0.0163 1.9196 -0.0184 Thailand Thai Baht 30.0000 -0.0150 36.3808 0.1435 42.0404 0.1755 ..Three Month 0.8244 -0.0037 - - 1.1554 0.0003
Denmark Danish Krone 6.1322 -0.0273 7.4365 0.0001 8.5933 0.0021 Nigeria Nigerian Naira 411.7500 - 499.3270 2.2184 577.0039 2.6961 Tunisia Tunisian Dinar 2.7087 -0.0181 3.2848 -0.0073 3.7958 -0.0075 ..One Year 0.8236 -0.0037 - - 1.1550 0.0003
Egypt Egyptian Pound 15.6387 0.0070 18.9650 0.0927 21.9152 0.1122 Norway Norwegian Krone 8.4448 -0.0502 10.2409 -0.0151 11.8340 -0.0147 Turkey Turkish Lira 6.9617 -0.0290 8.4425 0.0025 9.7558 0.0051
Hong Kong Hong Kong Dollar 7.7531 0.0002 9.4021 0.0420 10.8648 0.0510 Pakistan Pakistani Rupee 159.1000 0.2000 192.9397 1.0987 222.9540 1.3207 United Arab Emirates UAE Dirham 3.6732 - 4.4544 0.0198 5.1474 0.0241
Hungary Hungarian Forint 295.6296 -1.7572 358.5084 -0.5286 414.2792 -0.5151 Peru Peruvian Nuevo Sol 3.6538 0.0034 4.4309 0.0238 5.1202 0.0287 United Kingdom Pound Sterling 0.7136 -0.0033 0.8654 -0.0002 - -
India Indian Rupee 72.6513 - 88.1038 0.3914 101.8095 0.4757 Philippines Philippine Peso 48.4550 -0.0350 58.7611 0.2188 67.9022 0.2685 ..One Month 0.7136 -0.0034 0.8653 -0.0002 - -
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 Feb 19 Feb 18 Feb 17 Feb 16 Feb 15 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 2548.90 2534.80 2577.40 2602.00 2614.70 0.00 3314.70 1337.80 Industrial Transport 19.35 Technology 3.68 Real Est Invest & Tr -0.24 FTSE 100 Price Change FTSE 100 Price Change
Feb 19 chge% Index Feb 18 Feb 17 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Mining 17.58 Beverages 3.55 Gas Water & Multi -1.29 3I Group PLC 1136 -4.50 Land Securities Group PLC 616.00 -1.10
FTSE 100 (100) 6624.02 0.10 5964.04 6617.15 6710.90 7436.64 3.31 1.48 20.39 14.60 6344.83 P/E Ratio net - - - - - 0.00 19.44 14.26 Industrial Metals & 16.60 Financial Services 3.50 Nonlife Insurance -1.45 Admiral Group PLC 3067 15.00 Legal & General Group PLC 264.60 3.50
FTSE 250 (250) 21035.96 0.49 18940.07 20933.87 21149.49 21866.69 1.99 1.32 38.28 33.04 16724.25 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Basic Materials 16.53 Equity Invest Instr 3.42 Fixed Line Telecomms -1.52 Anglo American PLC 2870 105.00 Lloyds Banking Group PLC 38.19 0.71
FTSE 250 ex Inv Co (183) 21556.06 0.49 19408.35 21451.11 21669.57 23180.32 1.89 1.11 47.88 24.78 17472.97 FT 30 hourly changes Banks 8.84 Food & Drug Retailer 3.20 Health Care Eq & Srv -1.76 Antofagasta PLC 1838 123.00 London Stock Exchange Group PLC 9722 -130.00
FTSE 350 (350) 3792.25 0.17 3414.41 3785.69 3836.68 4199.66 3.07 1.46 22.28 7.92 7238.22 8 9 10 11 12 13 14 15 16 High Low Mobile Telecomms 8.29 Industrial Eng 3.15 Utilities -2.26 Ashtead Group PLC 3995 81.00 M&G PLC 189.70 4.50
FTSE 350 ex Investment Trusts (281) 3686.52 0.16 3319.22 3680.68 3730.41 4139.23 3.14 1.32 24.14 7.64 3631.10 2534.8 2542 2541.3 2530.5 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Automobiles & Parts 7.21 Electronic & Elec Eq 3.14 Tech Hardware & Eq -3.38 Associated British Foods PLC 2371 51.00 Melrose Industries PLC 170.20 5.10
FTSE 350 Higher Yield (145) 3037.00 0.74 2734.41 3014.64 3067.52 3526.29 4.27 1.34 17.43 11.05 6384.79 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Chemicals 7.15 Consumer Services 2.91 Health Care -3.67 Astrazeneca PLC 7226 -228.00 Mondi PLC 1816 20.00
FTSE 350 Lower Yield (205) 4302.91 -0.39 3874.19 4319.55 4360.43 4564.11 1.88 1.73 30.77 2.35 5094.32 Oil & Gas Producers 7.06 FTSE 250 Index 2.67 Pharmace & Biotech -3.89 Auto Trader Group PLC 607.60 3.80 Morrison (Wm) Supermarkets PLC 172.30 0.05
FTSE SmallCap (253) 6495.18 -0.10 5848.04 6501.72 6557.42 6003.08 2.43 -0.79 -52.28 20.58 10361.71
FTSE SmallCap ex Inv Co (137) 5186.83 0.07 4670.05 5183.06 5224.65 4941.91 1.97 -0.76 -66.91 9.21 8638.27 FX: EFFECTIVE INDICES Oil & Gas
Telecommunications
6.84
5.57
FTSE All{HY-}Share Index
FTSE 100 Index
2.62
2.53
Household Goods & Ho
Consumer Goods
-4.64
-4.68
Avast PLC 485.20 -1.40 National Grid PLC 844.60 -10.40
Aveva Group PLC 3756 -60.00 Natwest Group PLC 180.15 8.85
FTSE All-Share (603) 3769.95 0.16 3394.34 3763.78 3813.85 4150.19 3.05 1.40 23.41 8.01 7269.23 Life Insurance 4.96 Support Services 2.52 Electricity -4.99
Feb 18 Feb 17 Mnth Ago Feb 19 Feb 18 Mnth Ago Aviva PLC 364.50 2.50 Next PLC 7670 4.00
FTSE All-Share ex Inv Co (418) 3626.68 0.16 3265.34 3621.00 3669.55 4060.23 3.12 1.29 24.76 7.49 3628.03 Food Producers 4.86 NON FINANCIALS Index 1.98 Oil Equipment & Serv -5.69 B&M European Value Retail S.A. 580.20 -3.80 Ocado Group PLC 2559 -9.00
FTSE All-Share ex Multinationals (534) 1231.08 0.47 918.68 1225.28 1240.46 1288.69 2.30 1.52 28.53 1.85 2471.04 Australia - - - Sweden - - - Travel & Leisure 4.86 General Retailers 1.81 Tobacco -6.12 Bae Systems PLC 465.30 -6.70 Pearson PLC 750.00 -6.00
FTSE Fledgling (88) 11360.62 0.14 10228.72 11344.95 11373.32 9783.10 2.07 1.44 33.43 21.34 23437.41 Canada - - - Switzerland - - - FTSE SmallCap Index 4.50 Industrials 1.20 Aerospace & Defense -7.72 Barclays PLC 153.64 6.14 Pennon Group PLC 889.00 -10.60
FTSE Fledgling ex Inv Co (42) 14218.52 0.79 12801.87 14107.40 14155.67 11663.92 1.68 6.16 9.68 20.44 28630.11 Denmark - - - UK 81.24 80.81 79.12 Software & Comp Serv 4.50 Construct & Material 0.96 Personal Goods -10.03 Barratt Developments PLC 684.40 -2.00 Pershing Square Holdings LTD 2670 -
FTSE All-Small (341) 4513.94 -0.09 4064.20 4517.88 4555.03 4155.99 2.41 -0.68 -61.16 13.97 9237.99 Japan - - - USA - - - Financials 4.45 Media 0.62 Leisure Goods -11.11 Berkeley Group Holdings (The) PLC 4340 -3.00 Persimmon PLC 2773 1.00
FTSE All-Small ex Inv Co (179) 3888.11 0.10 3500.72 3884.08 3914.47 3681.96 1.96 -0.50 -102.11 6.85 8202.27 New Zealand - - - Euro - - - Real Est Invest & Se 0.07 Oil & Gas Producers -40.36 Bhp Group PLC 2277.5 42.50 Phoenix Group Holdings PLC 706.20 8.80
FTSE AIM All-Share (719) 1214.18 0.69 1093.21 1205.88 1223.12 975.18 0.71 0.29 491.04 1.28 1395.90 Norway - - -
BP PLC 272.35 2.95 Polymetal International PLC 1539 12.50
FTSE 100 (100) 6624.02 0.10 5964.04 6617.15 6710.90 7436.64 3.31 1.48 20.39 14.60 6344.83 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2562 -32.50 Prudential PLC 1416 33.50
FTSE Sector Indices Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 467.00 7.20 Reckitt Benckiser Group PLC 6072 -206.00
Oil & Gas (12) 5023.65 0.66 4523.12 4990.80 5171.50 7561.92 4.61 0.77 28.06 48.54 5704.99 Bt Group PLC 131.40 4.00 Relx PLC 1760.5 -47.50
Oil & Gas Producers (9) 4867.57 0.69 4382.59 4834.21 5009.85 7317.53 4.68 0.76 28.07 47.77 5732.71 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2282 -17.00 Rentokil Initial PLC 498.50 -11.30
Oil Equipment Services & Distribution (3) 5289.38 -1.33 4762.37 5360.84 5512.97 8607.21 0.21 17.16 27.36 0.00 4559.76 Burberry Group PLC 1839.5 25.00 Rightmove PLC 638.60 -9.00
Feb 18 No of US $ Day Mth YTD Total
YTD Gr Div Feb 18 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2325 -8.00 Rio Tinto PLC 6352 117.00
Basic Materials (23) 8356.94 2.50 7524.31 8152.96 8173.04 6091.22 3.03 2.60 12.68 1.88 10041.85
Chemicals (8) 16135.64 0.37 14527.98 16075.35 16115.36 13493.37 1.56 1.86 34.53 31.52 15543.05 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1426 4.50 Rolls-Royce Holdings PLC 98.66 5.32
Industrial Metals & Mining (4) 6221.11 3.51 5601.28 6010.44 6008.60 3951.83 4.83 2.12 9.76 9.37 8382.97 FTSE Global All Cap 8938 766.09 -0.6 3.5 5.3 5.4 1.8 Oil Equipment & Services
1182.65 26 206.21 -1.8 -1.8 8.9 352.91 9.9 5.4 Crh PLC 3124 25.00 Royal Dutch Shell PLC 1340.4 9.20
Mining (11) 24421.38 2.69 21988.19 23781.95 23842.90 17461.14 3.12 2.67 12.03 0.00 15491.84 FTSE Global All Cap 8952 740.29 0.0 2.8 1.7 1.8 1.8 Basic Materials
1141.62 352 640.30 -0.3 -0.3 5.0 1088.56 5.0 2.5 Croda International PLC 6462 -74.00 Royal Dutch Shell PLC 1397.2 6.60
FTSE Global Large Cap 1725 683.12 -0.6 3.6 4.9 5.1 1.8 Chemicals
1086.25 163 885.23 -0.6 -0.6 1.7 1490.14 1.8 2.3 Dcc PLC 5996 18.00 Rsa Insurance Group PLC 676.20 -0.60
Industrials (97) 6055.67 0.17 5452.32 6045.64 6124.03 6136.86 1.55 0.91 70.92 4.73 6742.44
Construction & Materials (16) 7312.33 0.57 6583.77 7270.79 7404.38 7307.73 1.83 0.14 397.84 0.00 8447.97 FTSE Global Mid Cap 2226 967.61 -0.5 3.2 5.5 5.7 1.8 Forestry & Paper
1405.08 20 337.77 -0.2 -0.2 6.8 644.04 7.0 2.5 Diageo PLC 2996.5 -35.00 Sage Group PLC 595.60 -8.60
Aerospace & Defense (9) 3521.68 1.05 3170.80 3485.07 3621.65 5425.47 2.81 -2.35 -15.13 1.94 4111.74 FTSE Global Small Cap 4987 1080.60 -1.1 3.4 7.4 7.5 1.5 Industrial Metals & Mining
1508.06 92 512.02 -0.1 -0.1 9.3 879.85 9.3 2.6 Entain PLC 1365.5 15.50 Sainsbury (J) PLC 230.90 1.20
General Industrials (9) 5318.16 0.93 4788.29 5269.33 5362.13 5103.25 1.99 1.32 38.21 0.00 6661.84 FTSE All-World 3951 447.19 -0.6 3.5 5.0 5.2 1.8 Mining
730.64 77 951.71 0.1 0.1 8.1 1652.23 8.1 2.9 Evraz PLC 556.60 24.60 Schroders PLC 3493 13.00
Electronic & Electrical Equipment (8) 12143.10 -0.58 10933.24 12214.35 12330.66 10567.08 0.95 2.33 44.90 0.00 11666.22 FTSE World 2562 789.37 -0.5 3.2 4.3 4.5 1.8 Industrials
1731.32 738 543.29 -0.6 -0.6 3.7 838.05 3.8 1.5 Experian PLC 2489 -91.00 Scottish Mortgage Investment Trust PLC 1346 3.00
Industrial Engineering (9) 16733.59 1.21 15066.35 16532.81 16747.08 14218.64 1.16 2.57 33.67 0.00 21878.23 FTSE Global All Cap ex UNITED KINGDOM In 8649 810.52 -0.6 3.6 5.3 5.51228.68
1.7 Construction & Materials 142 629.24 -0.4 -0.4 2.1 1018.17 2.2 1.8 Ferguson PLC 8738 74.00 Segro PLC 977.40 14.60
Industrial Transportation (7) 5182.76 0.63 4666.38 5150.15 5189.57 3597.74 0.32 4.22 73.71 1.73 5266.73 FTSE Global All Cap ex USA 7195 595.02 -0.8 2.9 5.5 5.71002.12
2.2 Aerospace & Defense 36 720.03 -1.5 -1.5 -1.8 1092.98 -1.8 2.1 Flutter Entertainment PLC 13625 -50.00 Severn Trent PLC 2256 -18.00
Support Services (39) 9713.53 -0.57 8745.73 9769.26 9808.39 9544.00 1.25 2.36 33.98 16.00 10815.48 FTSE Global All Cap ex JAPAN 7545 790.87 -0.6 3.5 5.3 5.41232.46
1.8 General Industrials 71 259.10 -0.6 -0.6 2.4 439.74 2.8 2.1 Fresnillo PLC 984.00 22.20 Smith & Nephew PLC 1473.5 -1.50
FTSE Global All Cap ex Eurozone 8303 808.65 -0.7 3.7 5.5 5.71222.67
1.8 Electronic & Electrical Equipment 139 719.34 -1.0 -1.0 7.5 1005.87 7.6 1.2 Glaxosmithkline PLC 1215.2 -23.80 Smith (Ds) PLC 381.70 -1.40
Consumer Goods (41) 17489.26 -1.26 15746.74 17712.96 17839.37 20759.28 3.93 1.44 17.63 23.80 14882.65
FTSE Developed 2131 721.11 -0.5 3.2 4.2 4.41122.68
1.8 Industrial Engineering 145 1084.33 -0.8 -0.8 5.8 1664.88 5.9 1.4 Glencore PLC 300.15 11.80 Smiths Group PLC 1491.5 19.50
Automobiles & Parts (2) 4968.17 -1.52 4473.17 5044.81 5093.30 4741.98 0.72 -3.32 -41.86 35.65 5120.32
FTSE Developed All Cap 5599 758.95 -0.6 3.2 4.5 4.71164.84
1.7 Industrial Transportation 123 918.66 -0.6 -0.6 0.2 1425.25 0.2 1.6 Halma PLC 2466 -28.00 Smurfit Kappa Group PLC 3592 32.00
Beverages (6) 23599.40 -1.09 21248.10 23859.29 23985.03 24983.56 2.39 0.75 55.77 3.46 18135.77
FTSE Developed Large Cap 830 673.37 -0.5 3.3 3.9 4.11067.00
1.8 Support Services 82 679.04 -0.1 -0.1 5.6 987.51 5.7 1.0 Hargreaves Lansdown PLC 1516 -11.50 Spirax-Sarco Engineering PLC 11330 -75.00
Food Producers (10) 7471.38 1.06 6726.98 7392.99 7361.62 8234.57 1.45 3.03 22.78 0.00 6949.32
FTSE Developed Europe Large Cap 224 400.77 -0.5 0.8 2.0 2.2 2.5 Consumer Goods
750.49 531 626.10 -0.4 -0.4 2.5 1012.51 2.5 2.0 Hikma Pharmaceuticals PLC 2361 -32.00 Sse PLC 1412.5 -6.50
Household Goods & Home Construction (13)14072.84 -1.62 12670.71 14304.25 14288.81 16682.78 2.59 2.25 17.16 0.00 11340.53
FTSE Developed Europe Mid Cap 343 717.05 -0.5 1.6 2.7 2.71173.43
2.0 Automobiles & Parts 129 669.92 -1.3 -1.3 9.4 1054.26 9.4 1.3 HSBC Holdings PLC 423.95 4.75 St. James's Place PLC 1214 24.00
Leisure Goods (2) 24995.20 -1.76 22504.83 25442.02 25497.40 18935.26 1.80 1.62 34.22 0.00 26271.85
FTSE Dev Europe Small Cap 686 997.09 -0.9 2.1 3.4 3.51572.12
1.6 Beverages 67 722.21 0.1 0.1 -2.3 1177.83 -2.3 2.3 Imperial Brands PLC 1394 -27.00 Standard Chartered PLC 492.50 3.40
Personal Goods (6) 29006.48 -1.38 26116.45 29413.22 29532.10 33921.26 3.41 1.42 20.65 1.34 21727.95
FTSE North America Large Cap 224 863.90 -0.4 4.0 4.0 4.31263.97
1.5 Food Producers 132 709.02 -0.2 -0.2 -1.2 1169.44 -1.1 2.4 Informa PLC 509.00 6.60 Standard Life Aberdeen PLC 326.50 5.80
Tobacco (2) 27021.24 -1.37 24329.01 27397.13 28087.62 34874.14 8.52 1.36 8.64 170.67 22321.85
FTSE North America Mid Cap 410 1128.88 -0.5 3.6 6.5 6.6 1.6 Household Goods & Home Construction
1522.56 61 568.96 0.1 0.1 -1.2 916.00 -0.9 2.3 Intercontinental Hotels Group PLC 5110 125.00 Taylor Wimpey PLC 162.40 0.90
Health Care (15) 10873.28 -2.27 9789.93 11125.47 11270.89 12499.30 3.85 0.75 34.67 66.75 9519.93
FTSE North America Small Cap 1287 1245.52 -1.2 3.4 8.9 9.0 1.3 Leisure Goods
1619.54 44 360.91 -0.7 -0.7 9.3 498.27 9.4 0.9 Intermediate Capital Group PLC 1892 -3.00 Tesco PLC 227.60 -3.40
Health Care Equipment & Services (6) 6539.83 -0.22 5888.24 6554.52 6860.24 8613.14 1.85 1.01 53.32 7.73 6032.68
FTSE North America 634 565.77 -0.4 4.0 4.5 4.7 1.6 Personal Goods
845.77 84 1048.62 0.1 0.1 -0.5 1564.90 -0.5 1.4 International Consolidated Airlines Group S.A. 165.75 8.05 Unilever PLC 3905 -64.00
Pharmaceuticals & Biotechnology (9) 15108.24 -2.50 13602.95 15495.49 15638.87 17075.09 4.09 0.73 33.31 101.46 11892.02
FTSE Developed ex North America 1497 303.51 -0.6 1.9 3.6 3.7 550.64
2.3 Tobacco 14 927.51 -0.9 -0.9 2.1 2362.63 2.3 6.6 Intertek Group PLC 5694 -186.00 United Utilities Group PLC 912.00 -5.00
Consumer Services (79) 5198.18 0.24 4680.27 5185.53 5236.72 5624.02 1.60 0.94 66.93 0.03 5318.64 FTSE Japan Large Cap 178 477.28 -0.7 3.3 5.3 5.3 670.50
1.9 Health Care 309 697.89 -0.6 -0.6 1.7 1077.11 1.8 1.7
Food & Drug Retailers (5) 4624.29 -0.69 4163.56 4656.24 4744.75 4241.27 3.20 1.33 23.44 0.00 5885.56 Jd Sports Fashion PLC 850.00 22.00 Vodafone Group PLC 131.16 0.88
FTSE Japan Mid Cap 335 683.89 -1.2 3.9 6.1 6.1 910.92
1.9 Health Care Equipment & Services 113 1405.35 -0.5 -0.5 1.0 1694.61 1.0 0.7 Johnson Matthey PLC 3128 82.00 Whitbread PLC 3418 53.00
General Retailers (26) 2429.20 0.22 2187.17 2423.84 2436.53 2353.70 0.51 4.47 43.78 0.00 3039.49
FTSE Global wi JAPAN Small Cap 880 725.14 -1.4 1.4 1.7 1.71000.67
2.0 Pharmaceuticals & Biotechnology 196 454.22 -0.7 -0.7 2.2 745.76 2.4 2.4 Just Eat Takeaway.Com N.V. 7508 -32.00 Wpp PLC 842.80 12.80
Media (13) 8201.34 -0.72 7384.21 8260.63 8312.56 9319.18 1.68 2.51 23.61 0.18 5527.59
FTSE Japan 513 197.23 -0.8 3.4 5.4 5.4 310.14
1.9 Consumer Services 440 726.28 -0.6 -0.6 5.3 1018.32 5.4 0.9 Kingfisher PLC 276.20 -1.40
Travel & Leisure (35) 8354.17 1.28 7521.81 8248.50 8342.69 10016.53 1.53 -1.21 -54.06 0.00 8573.87
FTSE Asia Pacific Large Cap ex Japan 923 972.95 -1.2 5.8 11.2 11.3 1.8 Food & Drug Retailers
1686.34 69 306.91 -1.2 -1.2 2.7 467.22 3.1 2.5
Telecommunications (6) 1894.35 1.14 1705.61 1873.04 1905.88 2234.60 4.53 0.91 24.18 0.00 2620.25 FTSE Asia Pacific Mid Cap ex Japan 893 1093.43 -0.4 3.9 6.5 6.61820.46
2.4 General Retailers 148 1346.41 -0.6 -0.6 6.3 1813.88 6.4 0.6
Fixed Line Telecommunications (3) 1643.07 2.80 1479.36 1598.25 1626.60 1962.85 0.41 27.51 8.89 0.00 1802.91
Mobile Telecommunications (3) 2989.79 0.57 2691.91 2972.88 3024.78 3510.08 5.96 0.28 60.46 0.00 3758.46
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
1839
1816
695.09
756.84
-0.4
-1.1
5.8
5.6
6.9
10.8
7.0
10.9
2.1 Media
1131.10
1.9 Travel & Leisure
1393.61
84 487.47
139 519.81
-0.8
0.1
-0.8
0.1
3.9 687.84
4.4 745.22
4.0
4.4
0.7
1.6
UK STOCK MARKET TRADING DATA
Utilities (8) 6959.89 -0.84 6266.45 7018.89 7107.59 8518.17 5.15 1.16 16.77 30.41 9768.12 FTSE Emerging All Cap 3339 987.28 -1.1 5.4 11.0 11.0 1.9 Telecommunication
1625.15 89 157.94 -0.5 -0.5 2.6 345.93 3.1 4.1 Feb 19 Feb 18 Feb 17 Feb 16 Feb 15 Yr Ago
Electricity (3) 8398.32 -0.21 7561.56 8416.23 8474.18 9550.65 5.56 1.03 17.39 128.41 15622.62 FTSE Emerging Large Cap 895 960.31 -1.3 5.7 11.9 12.0 1.8 Fixed Line Telecommuniations
1590.72 38 117.29 -0.6 -0.6 0.9 289.49 1.7 5.2 - - - - - -
Gas Water & Multiutilities (5) 6214.99 -1.06 5595.76 6281.30 6373.07 7792.55 5.01 1.20 16.56 3.68 8600.03 FTSE Emerging Mid Cap 925 1101.60 -0.3 2.7 5.2 5.3 2.6 Mobile Telecommunications
1813.45 51 192.63 -0.4 -0.4 4.6 367.50 4.6 2.9 Order Book Turnover (m) 80.38 113.26 44.12 43.49 33.57 33.57
Financials (306) 4647.23 0.84 4184.21 4608.54 4686.30 5097.47 2.92 1.80 19.00 6.15 4857.13 FTSE Emerging Small Cap 1519 926.45 0.0 6.1 8.7 8.8 2.2 Utilities
1462.65 190 314.42 0.1 0.1 -2.0 692.78 -1.6 3.3 Order Book Bargains 894771.00 999580.00 944325.00 899788.00 646101.00 646101.00
Banks (11) 2686.37 1.86 2418.72 2637.20 2725.87 3500.66 3.49 2.08 13.76 0.00 2214.19 FTSE Emerging Europe 76 380.94 -0.8 -2.5 2.8 3.0 4.8 Electricity
723.59 130 355.62 0.2 0.2 -1.5 773.04 -1.1 3.3 Order Book Shares Traded (m) 1645.00 1484.00 1522.00 1611.00 954.00 954.00
Nonlife Insurance (7) 3691.34 0.20 3323.55 3684.00 3716.54 3763.33 2.98 1.73 19.40 0.00 7321.18 FTSE Latin America All Cap 244 795.49 -1.5 -5.7 -3.2 -3.1 2.5 Gas Water & Multiutilities
1365.58 60 311.16 -0.2 -0.2 -3.0 706.47 -2.7 3.2 Total Equity Turnover (£m) 7264.10 5306.91 5367.85 4512.94 3757.79 3757.79
Life Insurance/Assurance (6) 7689.26 1.73 6923.15 7558.19 7646.00 8397.43 3.50 1.98 14.46 0.00 8741.35 FTSE Middle East and Africa All Cap 321 695.05 -0.7 2.8 6.4 6.6 2.9 Financials
1202.74 866 265.27 -0.6 -0.6 5.1 483.05 5.4 2.7 Total Mkt Bargains 1204019.00 1373852.00 1273830.00 1166807.00 868589.00 868589.00
Real Estate Investment & Services (17) 2499.56 -1.10 2250.52 2527.31 2539.20 3023.21 1.01 3.06 32.29 0.87 7204.46 FTSE Global wi UNITED KINGDOM All Cap In 289 331.15 -0.7 1.5 4.5 4.7 3.2 Banks
634.07 271 200.53 -0.6 -0.6 8.7 401.18 9.1 3.1 Total Shares Traded (m) 12586.00 11017.00 11971.00 11153.00 6399.00 6399.00
Real Estate Investment Trusts (40) 2450.99 0.65 2206.79 2435.22 2461.53 2992.97 2.71 -2.03 -18.23 6.78 3498.04 FTSE Global wi USA All Cap 1743 986.78 -0.5 4.0 5.0 5.2 1.5 Nonlife Insurance
1392.97 74 304.42 -0.8 -0.8 1.7 479.51 2.0 2.8 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (40) 10651.32 -0.01 9590.09 10652.51 10738.18 11282.00 3.13 1.13 28.30 17.76 13815.31 FTSE Europe All Cap 1404 482.03 -0.5 1.0 2.3 2.4 2.4 Life Insurance
867.65 53 245.57 -1.3 -1.3 5.6 441.59 5.8 3.2 (c) Market closed.
Equity Investment Instruments (185) 13344.87 0.26 12015.27 13310.75 13468.96 11472.95 2.14 3.43 13.61 38.97 8013.43 FTSE Eurozone All Cap 635 473.58 -0.4 1.6 2.2 2.3 2.0 Financial Services
849.09 209 434.78 -0.4 -0.4 3.5 641.06 3.7 1.6
Non Financials (297) 4468.90 -0.08 4023.65 4472.40 4526.16 4924.78 3.10 1.26 25.56 10.80 7577.17 FTSE EDHEC-Risk Efficient All-World 3951 492.72 -0.5 2.5 4.4 4.5 2.0 Technology
743.85 309 566.52 -0.6 -0.6 8.9 727.58 9.0 0.8
Technology (16) 2114.96 -0.79 1904.24 2131.86 2128.93 2247.80 1.82 1.02 54.17 11.99 2968.62 FTSE EDHEC-Risk Efficient Developed Europe 567 380.36 -0.6 0.9 1.9 1.9 2.0 Software & Computer Services
635.07 166 929.42 -0.5 -0.5 10.6 1113.84 10.7 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 2283.96 -0.73 2056.40 2300.83 2289.06 2457.81 1.89 0.84 62.84 14.34 3394.15 Oil & Gas 127 285.70 -1.6 1.9 10.7 11.6 4.4 Technology Hardware & Equipment
538.24 143 455.66 -0.7 -0.7 6.9 624.75 7.0 1.2 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (3) 4904.58 -1.33 4415.92 4970.86 5133.00 4406.14 1.20 3.47 23.97 0.00 6088.25 Oil & Gas Producers 90 270.34 -1.5 2.5 11.9 12.8 4.4 Alternative Energy
520.43 11 264.05 -3.2 -3.2 -1.7 375.29 -1.7 0.6 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 162 369.94 -0.7 -0.7 3.1 682.49 3.1 2.6 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 97 462.31 -0.3 -0.3 1.7 1020.96 1.8 3.6 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6623.76 6619.49 6621.63 6622.18 6616.52 6630.18 6637.04 6640.56 6643.08 6645.69 6600.96 FTSE Global Large Cap 1725 659.57 0.0 0.0 1.3 1047.63 1.3 1.9
FTSE 250 20991.60 20985.17 21017.58 21017.38 21005.07 21021.78 21037.23 21054.01 21060.69 21068.64 20924.61 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index®
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 6502.34 6506.46 6506.92 6507.30 6512.11 6513.38 6514.70 6511.25 6513.58 6516.53 6495.18
FTSE All-Share 3768.58 3766.54 3768.53 3768.78 3765.94 3772.64 3776.24 3778.28 3779.67 3781.04 3757.29 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ.
Time of FTSE 100 Day's high:16:08:00 Day's Low08:49:45 FTSE 100 2010/11 High: 6873.26(08/01/2021) Low: 6407.46(29/01/2021) Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
Time of FTSE All-Share Day's high:16:08:00 Day's Low08:19:00 FTSE 100 2010/11 High: 3880.43(08/01/2021) Low: 3641.93(29/01/2021) of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.
UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing City of London Investment Trust (The) Int 95.479 94.559 22.810 24.450 4.75000 4.75000 Feb 26 9.474 9.500 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Craven House Capital Int 0.000 0.000 0.119L 5.676L 0.031L 2.237L 0.00000 0.00000 - 0.000 0.000 02/16 100.00 CORD Cordiant Digital Infrastructure Ltd 99.50 -0.05 101.00 97.75 36815.0
There are currently no rights offers by any companies listed on the LSE. Fiske Int 2.724 2.493 0.027L 0.158L 0.200L 1.400L 0.00000 0.00000 - 0.000 0.000 02/16 7.00 AIM CUSN Cornish Metals Inc 10.40 0.79 13.00 8.55 2778.3
Holders Technology Pre 9.838 12.162 0.264L 0.150 6.250L 4.310 0.25000 0.25000 Jun 1 0.500 0.500 02/09 1.48 MXC MGC Pharmaceuticals Ltd 5.94 -0.93 9.30 2.00 13239.1
NatWest Group Pre 10886.000 14253.000 351.000L 4232.000 6.200L 26.000 3.00000 0.00000 May 4 3.000 0.000 02/01 134.00 AIM SUP Supreme PLC 177.50 5.00 188.00 140.00 20678.7
Segro Pre 431.700 432.500 1464.100 902.000 124.100 79.300 0.00000 14.40000 - 6.900 20.700 01/13 10.00 AIM NGHT Nightcap PLC 31.00 0.75 36.95 10.90 4193.0
TBC Bank Group Pre 1173.589 1138.912 319.106 585.525 5.840 9.830 0.00000 0.00000 - 0.000 0.000
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.
MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 29.20 -0.04 38.68 26.08 7.72 17.84 208043.57 Lowes 178.85 1.69 180.67 60.00 1.36 23.24 131047.48
ANZ 26.61 0.06 27.29 14.10 3.90 22.21 59531.01 Nokia 3.39 -0.02 4.95 2.08 - 24.44 23362.98 AstellasPh 1800 20.50 1982 0.00 2.47 22.07 31725.99 AtlasCpcoB 436.70 11.10 436.70 223.20 1.53 35.58 20598.54 AutomData 170.74 -1.86 181.75 103.11 2.31 27.35 73067.58 Lyondell 98.15 3.23 99.86 33.71 4.64 25.51 32774.16
BHPBilltn 47.32 -1.19 49.32 24.05 4.30 20.89 109594.54 SampoA 36.64 -0.08 41.66 21.34 4.29 16.11 24622.7 Bridgestne 4117 -102.00 4498 2861.5 3.43 34.03 27816.87 Ericsson 107.35 -2.45 114.10 59.54 1.40 24.69 39867.96 Avago Tech 493.29 10.03 495.14 155.67 2.86 71.90 200627.51 Marathon Ptl 52.49 1.27 60.35 15.26 4.69 -3.16 34149.4
CmwBkAu 82.51 -1.11 89.20 53.44 5.19 20.52 115084.59 France (€) Canon 2335 -4.00 2839.5 0.00 5.58 36.45 29483.45 H&M 189.00 0.95 207.15 98.13 2.58 105.18 33370.23 BakerHu 22.08 0.09 31.26 20.09 3.24 -1.40 11412.93 Marsh&M 117.38 -0.35 120.97 74.34 1.69 27.21 59650.94
CSL 274.43 -14.57 342.75 242.67 1.06 41.09 98168.91 Airbus Grpe 91.77 0.48 133.68 48.12 - -10.96 87267.16 CntJpRwy 17080 -660.00 21285 0.00 0.89 115.17 33309.48 Investor 634.00 3.00 656.20 370.10 2.05 6.15 34906.59 BankAm 34.41 0.22 35.08 17.95 2.27 15.71 297630.42 MasterCard 336.53 -1.94 367.25 199.99 0.49 46.62 331526.57
NatAusBk 25.11 -0.42 27.49 13.20 4.45 23.02 65090.37 AirLiquide 132.15 -0.85 144.45 94.86 2.15 26.38 75911.16 Denso 6630 -98.00 6978 0.00 2.29 -44.15 49456.36 Nordea Bk 75.05 -0.18 86.73 48.00 - 12.74 36740.52 Baxter 78.92 0.09 95.19 69.10 1.28 41.13 39862.8 McDonald's 215.52 0.09 231.91 124.23 2.51 30.36 160586.25
Telstra 3.31 0.01 3.81 2.66 3.00 21.78 30950.17 AXA 19.86 0.42 25.57 11.84 3.86 16.32 58234.71 EastJpRwy 7434 -201.00 9185 0.00 1.93 -10.17 26598.02 SEB 97.00 0.76 104.90 59.80 - 12.81 25443.69 BectonDick 250.23 -5.60 284.97 197.75 1.37 85.18 72705.37 McKesson 178.74 1.02 187.67 112.60 1.00 12.81 28449.59
Wesfarmers 54.01 -0.48 56.40 29.75 2.81 37.95 48145.91 BNP Parib 48.33 1.25 54.08 24.51 - 8.34 73242.52 Fanuc 27845-1205.00 29700 0.00 0.75 80.32 53228.45 SvnskaHn 87.00 0.28 113.80 71.70 - 11.02 20451.92 BerkshHat 366686.96 -713.04 372660.6 239440 - 15.35 238047.31 Medtronic 112.79 -2.60 120.53 72.13 2.15 39.87 151817.59
Westpc 24.09 -0.28 25.96 13.47 3.28 38.27 69481.55 ChristianDior 464.20 6.00 470.00 252.40 1.09 43.76 101613.6 FastRetail 104750-2600.00 107750 0.00 0.49 112.18 105189.96 Swedbank 146.00 -0.22 165.90 99.14 - 12.74 19977.74 Biogen 279.16 3.26 363.92 223.25 - 8.49 42525.95 Merck 74.97 -0.44 87.80 65.25 3.53 15.27 189676.68
Woolworths 39.52 0.32 43.96 32.12 2.59 43.16 39315.65 Cred Agr 11.33 0.29 13.50 5.70 - 7.92 40057.13 Fuji Hvy Ind 2070.5 42.00 2945 1671.5 2.93 13.55 15076.95 Telia Co 34.65 -0.18 42.41 30.29 6.01 46.11 17129.01 BkNYMeln 42.80 0.62 46.84 26.40 3.14 8.70 37926.61 Metlife♦ 55.65 0.66 56.75 22.85 3.51 8.36 50077.64
Belgium (€) Danone 56.82 1.24 72.54 46.03 - 18.59 47312.42 Hitachi 4845 45.00 5000 0.00 2.24 28.66 44394.62 Volvo 216.50 6.50 220.80 95.00 - 26.19 41558.88 BlackRock 715.36 11.83 788.00 323.98 2.15 21.93 109100.06 Microsoft♦ 241.64 -2.15 245.92 132.52 0.92 35.961822516.86
AnBshInBv 53.36 0.73 68.51 29.03 2.53-103.74 109568.65 EDF 10.20 -0.08 13.61 5.98 1.54 18.32 38344.44 HondaMtr 2981 -71.00 3176 0.00 3.13 19.19 51120.59 Boeing 214.78 6.30 341.47 89.00 2.07 -25.15 125216.07 Mnstr Bvrg 91.85 -0.80 95.11 50.06 - 38.17 48489.15
Switzerland (SFr)
KBC Grp 58.86 1.42 72.12 33.44 1.78 15.03 29743.32 Engie SA 12.90 0.10 16.80 8.63 - -27.28 38082.26 JapanTob 1930 -20.00 2276 0.00 8.66 10.88 36542.64 Booking Holdings 2290.34 30.55 2322.04 1107.29 - 63.64 93800.47 MondelezInt 55.08 -1.05 60.00 41.19 2.30 23.97 77779.27
ABB 27.08 0.66 27.52 14.11 2.99 121.33 65586.96
EssilorLuxottica 136.45 -1.00 143.20 86.76 - -4330.07 72643.47 KDDI 3416 54.00 3431 2604 3.81 10.90 74515.55 BrisMySq 61.12 0.10 67.16 45.76 3.19-187.94 136926.64 Monsanto - - - - - - -
Brazil (R$) CredSuisse 12.59 0.30 13.75 6.18 1.16 7.79 34411.2
Hermes Intl 963.60 29.00 1018 516.00 0.50 86.87 123363.39 Keyence 57330 -810.00 59310 28905 0.38 69.70 131999.4 CapOne 118.78 1.76 120.98 38.00 1.19 53.19 54329.63 MorganStly 76.12 1.29 77.76 27.20 1.99 11.86 137707.12
Ambev 14.91 0.12 16.91 10.36 3.40 26.34 43627.03 Nestle 98.21 -1.03 112.62 83.37 2.95 19.63 316066.82
LOreal 316.10 -0.70 321.40 196.00 1.28 52.06 214617.24 MitsbCp 2943.5 -33.50 3045 0.00 4.98 10.78 41401.37 CardinalHlth 51.80 0.43 60.53 39.05 4.05 15.03 15211.98 MylanNV 15.86 0.31 23.11 12.75 - 29.73 8586.21
Bradesco 21.85 - 28.11 14.05 1.18 6.83 18020.33 Novartis 79.25 -0.75 96.36 65.09 3.73 26.43 218403.23
LVMH 541.80 7.80 544.00 278.70 0.93 58.68 331644.69 MitsubEst 1837.5 -25.50 2177.5 0.00 1.77 15.14 24203.03 Carnival 24.34 1.45 43.44 7.80 4.30 -2.23 22696.7 Netflix 541.96 -6.27 593.29 290.25 - 80.77 240029.3
Cielo 3.55 -0.04 7.51 3.23 0.87 20.91 1793.48 Richemont 88.52 1.56 89.34 44.64 1.19 197.44 51616.89
Orange 9.76 -0.02 13.55 8.63 5.38 9.49 31497.07 MitsubishiEle 1603 -23.00 1734 0.00 2.44 17.73 32585.09 Caterpillar 208.29 8.37 209.44 87.50 2.14 31.81 113581.34 NextEraE 79.41 -1.32 87.69 43.70 1.86 37.00 155634.24
ItauHldFin 24.98 -0.18 30.98 19.46 3.46 12.78 23032 Roche 303.15 -3.45 357.85 265.75 3.18 18.92 237915.42
PernodRic 163.35 -1.40 170.40 112.25 2.01 123.42 51876.08 MitsuiFud 2370 -30.00 2972 1538 2.01 16.83 21657.84 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike 142.76 -2.33 147.95 60.00 0.74 76.84 181516.31
Petrobras 27.27 -2.16 33.00 10.50 2.01 -7.31 37740.61 Swiss Re 82.52 -0.06 117.05 52.68 7.45 -17.48 29267.07
Renault 38.04 -1.77 40.94 12.77 - -1.17 13640.14 MitUFJFin 550.00 -3.50 569.60 380.00 4.93 14.00 70719.41 CharlesSch 61.96 0.03 63.45 28.00 1.24 26.46 111355.27 NorfolkS 256.58 4.87 258.40 112.62 1.59 30.50 64635.49
Vale 97.92 0.52 103.35 32.45 4.64 33.60 96223.42 Swisscom 464.80 -0.70 577.80 446.70 5.00 13.75 26896.27
Safran 112.05 4.30 147.50 51.10 - 68.38 54432.44 Mizuho Fin 1556 -14.00 1619 1084 2.88 14.38 37404.83 Charter Comms 615.05 -1.37 681.71 345.67 - 45.14 119154.25 Northrop 297.75 -0.11 374.39 263.31 2.02 18.72 49640.4
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.99 43035.76
Sanofi 77.01 -1.23 95.82 67.65 4.30 8.28 117574.87 Murata Mfg 9785 118.00 10835 0.00 1.16 30.03 62601.66 Chevron Corp 95.70 0.70 111.10 51.60 5.73 -14.38 178709.39 NXP 190.48 4.60 200.19 58.41 0.85-337.93 53286.7
BCE 55.15 -0.57 65.18 46.03 6.10 21.39 39558.26 UBS 13.91 0.16 14.20 7.00 2.52 9.43 59963.66
Sant Gbn 43.25 1.14 43.99 16.41 3.01 17.12 27938.77 NipponTT 2854 5.50 2913.5 2127 3.71 11.36 105394.79 Chubb 165.35 0.57 166.85 87.35 2.01 30.27 74632.67 Occid Pet 25.37 0.09 43.60 8.52 6.84 -1.47 23624.78
BkMontrl♦ 100.26 0.59 102.38 55.76 4.33 12.96 51441.95 Zurich Fin 375.00 3.00 439.90 248.70 5.64 16.85 63027.88
Schneider 128.60 2.90 130.70 61.72 2.08 30.99 88435.76 Nissan Mt 588.70 -6.70 664.50 311.20 - -1.99 23523.02 Cigna 205.27 -0.38 230.90 118.50 0.02 13.27 74157.33 Oracle 61.98 -0.09 66.20 39.71 1.63 17.95 182471.23
BkNvaS 71.47 0.39 74.88 46.38 5.16 13.16 68719.14 Nomura 619.20 -11.20 662.20 367.40 4.38 7.55 18955.05 Taiwan (NT$) Cisco 46.12 -0.23 49.34 32.40 3.36 17.23 194687.64 Pepsico 134.06 -1.31 148.77 101.42 3.20 24.49 184950.33
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 54.79 -0.82 60.48 31.35 1.16-1093.38 68476.71 Nppn Stl 1516 -10.50 1591.5 0.00 5.59 4.67 13638.99 Chunghwa Telecom 109.00 0.50 117.00 103.00 4.05 24.46 30259.71 Citigroup 64.33 0.85 78.70 32.00 3.44 11.59 133932.47 Perrigo 42.07 -0.21 63.86 40.01 2.28-776.14 5742.19
SocGen 19.81 0.72 32.11 10.77 - -23.04 20496.81
CanadPcR 464.10 8.21 482.74 252.00 0.76 26.90 49052.5 NTTDCMo 3880 - 3928 2678 3.25 19.99 120882.79 Formosa PetChem 97.00 0.30 104.00 66.10 3.13 206.60 33067.37 CME Grp 195.57 1.58 225.36 131.80 1.83 30.07 70208.18 Pfizer♦ 34.53 -0.03 43.08 26.41 4.71 20.55 191918.65
Total 36.95 0.38 45.23 21.12 7.33 -18.37 117840.64
CanImp 114.86 0.63 115.00 67.52 5.19 13.63 40756.21 Panasonic 1441 -18.50 1520 691.70 1.88 17.85 33471.41 HonHaiPrc 110.00 -2.00 125.00 65.70 3.99 14.19 54571.8 Coca-Cola 50.67 -0.10 60.13 36.27 3.49 24.22 217747.14 Phillips66 81.69 2.54 90.29 40.04 4.78 -12.17 35682.21
UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04
CanNatRs 34.90 -0.16 40.65 9.80 4.84 -69.61 32767.81 Seven & I 4191 -49.00 4373 2937.5 2.50 19.42 35170.68 MediaTek 964.00 -6.00 1010 273.00 1.14 44.92 54858.21 Cognizant 74.09 -0.73 82.73 40.01 1.26 25.32 39313.21 PhilMorris 86.09 -0.24 89.70 56.01 5.93 16.08 134081.65
Vinci 85.02 - 107.35 54.76 2.52 28.30 60987.68
CanNatRy 137.80 0.93 149.11 92.01 1.68 28.23 77776.94 ShnEtsuCh 18620 80.00 19710 8751 1.28 24.67 73447.52 TaiwanSem 652.00 -4.00 679.00 235.50 1.60 32.34 605028.39 ColgtPlm 77.91 -0.82 86.41 58.49 2.42 22.96 66777.74 PNCFin 169.85 2.94 171.00 79.41 2.94 21.26 71965.62
Vivendi 29.34 -0.40 32.35 16.60 2.15 18.40 42205.79
Enbridge♦ 43.70 -0.01 55.70 33.06 7.42 44.49 70196.73 Softbank 10350 10.00 10575 2609.5 0.46 -69.27 204767.39 Thailand (THB) Comcast 52.48 -0.08 53.60 31.71 1.86 21.71 239897.2 PPG Inds 137.11 0.82 153.81 69.77 1.64 27.86 32385.99
GtWesLif 31.52 0.15 34.70 18.88 5.61 11.23 23194.49 Germany (€)
Sony 11965 -35.00 12545 0.00 0.45 14.74 142843.58 PTT Explor 40.00 -0.50 45.00 23.60 5.59 26.88 38083.9 ConocPhil 48.07 0.38 59.55 20.84 3.79 -39.95 65122.1 Praxair 164.50 -0.99 169.75 140.00 2.29 39.25 47306.22
ImpOil 26.26 0.09 32.39 10.27 3.43 -42.77 15288.17 Allianz 195.38 0.52 232.60 117.10 5.16 11.61 97687.19
SumitomoF 3723 -10.00 3861 2507.5 5.68 16.73 48428.96 United Arab Emirates (Dhs) Corning 38.15 0.59 39.16 17.44 2.44 135.37 29313.23 ProctGmbl 128.27 -1.26 146.92 94.34 2.60 22.63 315861.8
Manulife 24.87 -0.14 26.60 12.58 4.49 9.17 38261.78 BASF 68.00 0.97 69.24 37.36 5.09 -30.17 75740.72
Takeda Ph 3697 -43.00 4235 2894.5 5.28 95.96 55172.84 Emirtestele 19.74 - 20.80 11.04 4.37 17.76 46737.49 Costco 357.12 0.20 393.15 271.28 0.81 34.93 158189.15 Prudntl 83.85 1.94 94.50 38.62 5.56-257.86 33204.6
Nutrien 71.15 0.67 73.23 34.80 3.46 306.21 32122.2 Bayer 53.91 0.80 76.02 39.91 5.44 -3.16 64227.31
TokioMarine 5345 -55.00 6289 4167 3.96 16.79 35522.01 United Kingdom (p) CrownCstl 166.36 1.46 180.00 114.18 3.13 95.92 71750.71 PublStor 235.80 0.80 240.75 155.37 3.68 33.52 41223.06
RylBkC♦ 109.22 0.11 109.58 72.00 4.03 13.63 123356.16 BMW 71.58 0.55 77.31 36.60 3.66 12.89 52255.99
Toyota 8065 -28.00 8497 0.00 2.96 13.52 249134.49 CSX 91.56 1.54 97.54 46.81 1.21 23.46 69814.96 Qualcomm 144.46 0.55 167.94 58.00 1.91 29.48 164106.56
Suncor En 23.97 0.19 40.81 14.02 5.57 -5.58 28993.47 Continental 120.35 2.60 126.55 51.45 2.61 -15.64 29190.43 AscBrFd 2371 51.00 2662 1554 1.45 41.16 26304.09
Mexico (Mex$) CVS 71.16 -0.36 77.23 52.04 3.05 10.85 93316.02 Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46
ThmReut 104.20 -0.14 115.66 75.91 1.97 20.33 41081.48 Daimler 67.22 0.33 67.61 21.02 1.402137.84 87210.28 AstraZen 7226 -228.00 10120 5871 3.00 49.17 128242.14
AmerMvl 13.75 -0.02 16.82 12.33 2.63 12.83 30729.69 Danaher 234.65 -2.76 248.86 119.60 0.33 50.58 166686.52 Regen Pharm 474.32 -2.72 664.64 386.84 - 16.04 49937.27
TntoDom 76.07 0.57 76.18 49.01 4.19 11.54 109596.6 Deut Bank 9.56 0.36 10.09 4.45 - -12.33 23960.84 Aviva 364.50 2.50 411.90 205.70 2.61 6.64 20499.23
FEMSA UBD 146.07 3.10 179.16 112.72 2.06 283.03 15446.09 Deere 330.60 30.35 335.21 106.14 1.00 35.10 103946.28 S&P Global 341.54 3.08 379.87 186.06 0.82 31.57 82208.68
TrnCan 56.75 -0.35 76.58 47.05 5.73 11.73 42309.96 Deut Tlkm 14.83 0.13 16.75 10.41 4.24 21.44 85631.31 Barclays 153.64 6.14 184.00 73.04 - 13.61 36738.8
WalMrtMex 61.69 1.54 68.25 47.76 0.89 33.59 52706.02 Delphi 17.02 0.31 18.51 5.39 - -7.42 1469.67 Salesforce 247.90 0.89 284.50 115.29 - 60.04 226830.33
ValeantPh 30.80 -1.06 36.02 14.01 - -4.20 8158.48 DeutsPost 42.41 0.25 43.84 19.11 2.84 20.13 63594 BP 272.35 2.95 469.57 188.52 10.32 -3.29 76066.55
Delta 45.92 1.54 58.99 17.51 1.90 -2.55 29303.69 Schlmbrg 26.01 0.43 34.71 11.87 5.21 -3.16 36214.54
E.ON 8.68 -0.03 11.56 7.60 5.55 18.01 27815.83 Netherlands (€) BrAmTob 2562 -32.50 3380.2 2362.5 6.01 9.25 66938.37
China (HK$) Devon Energy 20.62 0.08 23.03 4.70 2.10 -2.89 13875.96 Sempra Energy 125.53 1.26 161.28 88.00 3.54 17.84 36211.67
Fresenius Med 59.10 -0.80 81.10 53.50 2.13 12.56 20990.53 Altice 5.34 0.00 6.86 2.26 - -4.03 9137.97 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 2.86 -0.02 3.30 2.38 7.86 4.37 11338.94 DiscFinServ 92.00 1.74 100.96 23.25 2.07 26.04 28215.64 Shrwin-Will 721.20 -5.56 758.00 325.43 0.77 32.35 65502.63
Fresenius SE 36.00 0.05 51.54 24.25 2.45 10.57 19743.97 ASML Hld 494.00 12.65 502.60 177.52 0.51 59.28 251308.81 BT 131.40 4.00 157.66 94.68 3.52 8.64 18269.89
Bk China 2.72 - 3.23 2.33 8.69 4.01 29337.2 Disney 183.67 0.67 193.85 79.07 0.52-107.93 333409.52 SimonProp 109.37 2.85 142.77 42.25 5.45 22.93 35887.34
HenkelKgaA 75.20 -0.65 86.10 54.65 2.56 17.59 23691.99 Heineken 86.36 -0.26 105.00 68.82 2.04 51.07 60323.77 Compass 1426 4.50 1965.5 865.80 1.89 178.25 32864.13
BkofComm 4.46 -0.02 5.22 3.66 8.73 4.11 20140.57 DominRes 71.50 -1.21 90.89 57.79 5.67 24.70 58331.07 SouthCpr 78.58 4.07 78.77 23.43 1.93 43.67 60744.23
Linde 206.00 -0.50 226.40 130.45 1.63 55.14 131117.11 ING 8.95 0.30 10.50 4.23 - 18.97 42336.38 Diageo 2996.5 -35.00 3150.18 2050.6 2.33 50.03 105710.83
BOE Tech 0.88 -0.08 1.10 0.47 - -5.62 22.58 DowDupont 30.52 -0.65 48.38 30.06 3.83 -7.69 68559.76 Starbucks♦ 104.21 -0.77 107.75 50.02 1.71 121.69 122680.55
MuenchRkv 236.00 2.40 282.00 141.10 4.35 25.82 40095.74 Unilever 45.23 -0.59 55.31 38.42 - 22.11 166630.53 GlaxoSmh 1215.2 -23.80 1772.51 1212.6 6.58 9.61 83746.9
Ch Coms Cons 3.96 0.12 6.40 3.21 7.26 3.38 2256.78 DukeEner♦ 89.14 -0.39 103.79 62.13 4.62 30.01 65603.35 StateSt 72.57 -2.13 81.08 42.10 3.11 10.66 25602.53
SAP 104.94 -1.30 143.32 82.13 1.58 24.48 156339.65 Norway (Kr) Glencore 300.15 11.80 302.50 2.44 2.66 -14.83 60672.48
Ch Evrbrght 3.36 -0.05 3.97 2.40 7.84 4.70 5494.71 Eaton 127.57 2.38 130.00 56.42 2.46 34.61 50849.4 Stryker 244.00 -1.16 248.69 124.54 1.02 48.83 91793.03
Siemens 132.48 2.92 137.52 53.02 3.09 26.01 136559.1 DNB 163.55 1.05 178.10 94.26 - 13.60 28732.42 HSBC 423.95 4.75 568.20 281.50 1.84 -49.82 119117.84
Ch Rail Cons 5.19 0.25 9.99 4.07 4.95 3.21 1389.89 eBay 62.46 -0.35 64.85 26.02 1.08 17.30 42497.24 Sychrony Fin 37.76 1.11 40.69 12.15 2.53 15.83 22044.46
Volkswgn 189.10 1.50 191.70 99.16 2.66 22.33 67670.15 Equinor♦ 146.85 3.10 187.20 95.20 5.47 -15.96 54024.17 Imperial Brands♦ 1394 -27.00 1850.6 1142 13.32 8.82 18631.01
Ch Rail Gp 3.89 0.12 4.85 3.33 5.31 3.07 2110.97 Ecolab 210.10 0.30 231.36 124.60 0.97 47.28 59972.03 T-MobileUS 121.73 -1.31 135.54 63.50 - 42.38 151089.67
Hong Kong (HK$) Telenor 153.40 1.55 171.90 130.75 5.33 20.23 24326.12 LlydsBkg 38.19 0.71 59.94 23.59 - 22.46 38569.81
ChConstBk 6.15 -0.08 6.66 4.93 6.42 5.14 190706.23 Emerson 85.76 1.38 87.07 37.75 2.53 24.42 51458.54 Target♦ 190.22 -1.19 199.96 90.17 1.52 23.28 95257.07
AIA 101.50 0.10 109.30 60.05 1.41 25.61 158341.44 Natl Grid 844.60 -10.40 1073.8 789.13 5.75 19.92 39727.53
China Vanke 30.75 0.25 32.70 21.65 4.06 6.96 7510.07 Qatar (QR) EOG Res 61.43 0.86 77.67 27.00 2.34-106.93 35836.94 TE Connect 131.37 2.78 132.65 48.62 1.55-155.37 43467.2
BOC Hold 24.30 0.20 27.95 20.05 7.18 7.51 33137.52 Natwest Group 180.15 8.85 183.85 90.54 - 28.15 30208.38
ChinaCitic 3.66 -0.01 4.23 2.93 8.11 3.66 7025.42 QatarNtBk 16.35 -0.17 19.65 15.71 3.74 13.46 41476.37 EquityResTP 67.22 0.73 87.19 45.43 3.83 24.32 25022.86 Tesla Mtrs 787.88 0.50 900.40 70.10 - 1381.84 756249.38
Ch OSLnd&Inv 18.84 0.42 28.50 14.92 6.14 4.07 26598.04 Prudential 1416 33.50 1509 682.80 2.62 34.85 51339.6
ChinaLife 16.96 0.14 21.90 11.64 5.36 7.58 16277.64 Russia (RUB) Exelon 41.57 -1.14 50.47 29.28 3.94 15.78 40549.67 TexasInstr 179.29 2.78 181.80 93.09 2.18 31.27 164989.68
ChngKng 42.60 1.35 51.55 33.40 5.59 6.81 20293.69 ReckittB 6072 -206.00 8020 5130 2.88 -15.70 59920.58
ChinaMBank 65.35 0.05 69.45 29.80 2.27 14.75 38696.2 Gzprm neft 185.71 -3.02 272.68 158.17 - -71.33 58976.64 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TheTrvelers 146.39 -1.30 152.29 76.99 2.47 15.45 36921.66
Citic Ltd 6.36 -0.05 9.53 5.20 8.30 3.44 23863.32 RELX 1760.5 -47.50 2109 1382.86 2.60 26.84 47671.71
ChinaMob 53.75 3.25 67.85 39.00 6.89 8.38 141950.59 Lukoil 4745.5 -157.00 6810 3663 10.47 32.79 44107.51 ExxonMb 52.04 0.02 60.62 30.11 7.25 61.55 220037.3 ThrmoFshr 482.86 -5.94 532.57 250.21 0.19 36.51 191374.41
Citic Secs 17.98 0.10 21.45 12.60 3.43 12.89 5283.6 RioTinto 6352 117.00 6553 2954 4.81 17.81 119386.38
ChinaPcIns 39.10 1.35 39.60 17.90 3.82 11.96 13996.23 MmcNrlskNckl 20150 -66.00 23656 13352 11.57 14.96 42774.79 Facebook 263.32 -6.07 304.67 137.10 - 27.67 633402.68 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
CK Hutchison 55.30 0.20 70.80 45.05 6.50 5.45 27505.14 RollsRoyce 98.66 5.32 232.81 0.90 1.60 -0.95 2571.36
ChMinsheng 4.79 -0.03 6.06 3.85 9.54 4.00 5140.44 Novatek 973.20 -3.20 1382.2 682.80 3.05 46.54 39639.58 Fedex 257.07 1.44 305.66 88.69 0.80 26.65 68141.7 TJX Cos♦ 68.36 0.06 70.96 32.72 0.73 103.40 82075.15
CNOOC 9.91 -0.21 12.38 6.24 8.96 8.67 57068.38 RylDShlA 1397.2 6.60 2019.68 878.10 6.90 -8.40 90010.09
ChMrchSecs 23.30 0.20 28.18 13.41 - 20.52 26780.52 Rosneft 324.00 -11.00 489.90 229.80 9.45-126.68 46063.6 FordMtr 11.54 0.11 12.15 3.96 2.82-266.04 45076.97 Truist Financial Corp 57.31 1.48 57.36 24.01 3.40 18.29 77260.66
HangSeng 150.60 0.20 164.90 110.00 5.95 12.73 37136.57 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 4.39 0.17 6.16 4.01 1.41 24.27 20760.45 Sberbank 188.91 -2.03 270.80 172.15 9.07 5.92 54705 Franklin 27.23 0.24 28.59 14.91 4.30 15.80 13762.14 UnionPac 210.29 3.23 221.28 105.08 2.00 24.71 140858.42
HK Exc&Clr 567.00 1.50 576.50 206.00 1.34 66.99 92719.51 StandCh 492.50 3.40 643.20 334.25 - 24.58 22753.17
ChShenEgy 14.92 0.04 16.32 11.94 10.51 6.06 6540.2 Surgutneftegas 35.13 -0.76 54.89 24.06 1.70 1.55 16833.73 GenDyn 164.25 1.02 188.69 100.55 2.80 13.74 47018.97 UPS B 161.28 0.18 178.01 82.00 2.68 28.23 115350.12
MTR 45.20 0.30 45.60 36.20 3.09 40.24 36035.47 Tesco 227.60 -3.40 329.33 227.60 4.02 21.51 26114.4
ChShpbldng 4.21 0.07 5.44 3.94 - -107.69 11920.56 GenElectric 11.91 0.28 12.94 5.48 0.36 28.17 104426.19 USBancorp 49.85 0.79 55.23 28.36 3.65 15.23 75103.33
SandsCh 35.45 -0.55 40.20 25.15 3.16 130.46 36991.02 Saudi Arabia (SR) Vodafone 131.16 0.88 156.94 92.76 6.22 16.91 49026.45
ChStConEng 4.98 0.13 6.02 4.68 3.82 4.80 31262.26 GenMills 56.95 -1.08 66.14 46.59 3.65 13.91 34818.26 UtdHlthcre 326.43 -1.98 367.95 187.72 1.55 17.30 309723.54
SHK Props 113.90 2.80 115.30 87.60 4.93 12.36 42571 AlRajhiBnk 83.40 -0.60 87.10 51.00 1.94 19.77 55589.63 WPP 842.80 12.80 990.46 450.00 2.69 -4.53 14953.45
ChUncHK 5.08 0.33 6.84 3.84 3.63 10.22 20048.5 GenMotors 52.64 0.48 57.05 14.33 1.56 21.78 75849.65 UtdTech 86.01 -5.36 158.44 69.02 2.69 144.88 74498.84
Tencent 741.00 -6.50 775.50 325.20 0.19 55.60 916993.47 Natnlcombnk 45.40 -0.90 46.90 30.50 2.85 11.44 36313.23 United States of America ($)
CNNC Intl 5.03 0.12 5.68 4.02 2.49 14.57 12124.72 GileadSci 65.01 -0.23 85.97 56.56 4.45 61.19 81485.6 ValeroEngy 70.68 2.85 84.77 31.00 5.89-1086.79 28822.83
SaudiBasic 102.00 -0.20 106.40 61.90 3.91-103.90 81584.76 21stC Fox A 33.10 0.93 40.73 19.81 1.51 11.52 11067.03
CSR 3.88 0.25 5.37 2.53 4.77 9.25 2187.46 India (Rs) GoldmSchs 315.38 5.48 315.80 130.85 1.72 16.76 108512.1 Verizon 56.95 -0.04 61.95 48.84 4.71 11.89 235643.78
SaudiTelec 115.40 -1.80 120.00 72.30 3.74 19.96 61535.18 3M 177.92 -1.45 187.27 114.04 3.56 19.24 103033.47
Daqin 6.59 0.07 7.44 6.32 7.49 9.03 15172.01 Bhartiartl 581.35 -7.70 623.00 361.75 0.37 -13.29 43654.99 Halliburton 20.05 0.48 22.58 4.25 2.43 -3.72 17817.09 VertexPharm 208.89 -0.94 306.08 197.47 - 18.87 54303.06
Gree Elec Apl 0.14 - 0.21 0.07 - -0.05 6.20 HDFC Bk 1539.1 -15.20 1641 738.75 - 28.34 116710.99 Singapore (S$) AbbottLb 123.75 -1.67 128.54 61.61 1.23 60.72 219320.88 HCA Hold 175.95 1.34 181.01 58.38 0.51 16.43 59537.03 VF Cp 79.50 -0.09 89.68 45.07 2.62-305.60 31141.24
GuosenSec 12.25 0.25 16.14 10.39 1.68 16.11 15555.81 Hind Unilevr 2181.1 34.25 2614.3 1757.3 1.69 65.85 70537.23 DBS 25.63 -0.13 27.47 16.65 4.68 12.13 49194.99 Abbvie 105.66 -0.40 113.41 62.55 4.73 21.01 186539.97 Hew-Pack 26.74 0.33 27.68 12.54 2.86 12.33 34478.43 ViacomCBS 62.74 0.59 63.73 10.10 1.66 26.92 35446.82
HaitongSecs 7.21 0.10 9.42 5.79 - 6.35 3170.73 HsngDevFin 2741.3 -3.85 2896 1473.45 0.82 27.80 67991.12 JardnMt US$ 49.60 -1.99 59.89 37.37 3.93 -84.10 35703.73 Accenture 256.39 -1.24 271.18 137.15 1.34 30.08 169508.44 HiltonWwde 116.83 2.71 117.79 44.30 0.28 -93.72 32431.53 Visa Inc 206.30 -3.06 220.39 133.93 0.63 38.92 349899.76
Hngzh HikVDT 61.68 0.37 70.48 27.00 1.17 43.11 77963.83 ICICI Bk 624.05 -20.60 679.40 268.30 - 27.83 59360.58 JardnStr US$ 24.60 -0.18 31.49 17.81 1.64 -27.46 27266.85 Adobe 483.06 -5.32 536.88 255.13 - 42.49 231730.65 HomeDep 283.56 0.51 292.95 140.63 2.24 22.61 305280.92 Walgreen 49.22 0.30 55.49 33.36 3.95 -59.36 42528.13
Hunng Pwr 2.63 0.04 4.12 2.24 6.51 19.24 1594.46 Infosys 1291.3 -1.15 1392.8 509.25 1.65 29.39 75715.04 OCBC 10.54 -0.11 11.14 7.80 4.38 11.97 35610.25 AEP 79.34 -1.14 104.39 65.14 3.83 18.96 39383.37 Honywell 205.50 1.98 216.70 101.08 1.90 27.20 142922.01 WalMartSto 139.04 1.38 153.66 102.00 1.68 18.51 393383.92
IM Baotou Stl 1.20 - 1.31 1.04 - -112.38 5886.58 ITC 215.95 -2.90 239.20 134.60 5.02 18.13 36576.7 SingTel 2.35 -0.01 3.19 2.00 5.48 21.94 28982.95 Aetna - - - - - - - HumanaInc 377.59 -0.75 474.70 208.25 0.70 11.15 49970.15 WellsFargo 37.58 0.62 47.85 20.76 4.70 88.90 155374.12
In&CmBkCh 5.02 -0.06 5.60 3.96 6.46 5.15 56197.41 L&T 1508.8 -15.80 1593 661.00 1.27 68.65 29164.81 UOB 23.60 -0.33 26.05 17.28 5.02 10.23 29817.54 Aflac♦ 48.14 0.85 51.95 23.07 2.50 6.97 33812.2 IBM 119.74 -0.99 151.89 90.56 5.88 12.51 106695.18 Williams Cos 22.44 0.18 23.30 8.41 7.63 108.93 27226.8
IndstrlBk 26.75 -0.98 28.07 14.93 2.93 8.98 81256.77 OilNatGas 105.10 -5.60 115.50 50.00 5.08 38.16 18199.14 South Africa (R) AirProd 264.15 1.50 327.89 167.43 2.13 28.50 58450.29 IllinoisTool 202.49 3.25 224.69 115.94 2.33 28.35 64120.94 Yum!Brnds 105.94 0.57 110.66 54.95 1.87 28.49 31958.72
Kweichow 2460 -11.00 2627.88 960.10 0.71 67.44 478559.03 RelianceIn 2080.3 12.60 2369.35 867.40 0.33 31.00 193625.45 Firstrand 50.94 -0.14 62.72 31.13 5.60 17.54 19493.31 Alexion 156.24 -1.34 162.60 72.67 - 33.68 34349.05 Illumina 488.69 2.90 555.77 196.78 - 104.60 71299.14 Venezuela (VEF)
Midea 0.67 -0.01 0.94 0.52 - -1.85 18.58 SBI NewA 399.55 -15.65 427.70 149.45 - 14.24 49081.44 MTN Grp 72.70 1.70 88.95 26.25 7.24 8.33 9345.04 Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11 Intcntl Exch 113.52 -0.34 119.02 63.51 1.12 28.85 63764.94 Bco de Vnzla 90010-16990.00 107000 1701 435.51 - 190.96
New Ch Life Ins 32.10 0.80 37.30 20.45 5.37 6.41 4281.49 SunPhrmInds 607.30 -8.75 654.40 312.00 0.70 92.67 20056.31 Naspers N 3834.86 54.11 3888 1843.8 - 35.49 113933.59 Allstate 104.33 -0.75 125.00 64.13 2.20 6.78 31723.42 Intel 62.80 1.19 67.29 43.61 2.25 11.38 255156.81 Bco Provncl 2300000-70000.00 2849000 127000 - -12.91 144.26
PetroChina 2.67 -0.03 3.47 2.16 5.95 21.43 7266.04 Tata Cons 3071.85 14.50 3339.8 1506.05 1.33 36.20 156403.81 Alphabet 2109.86 4.05 2145.14 1008.87 - 37.64 634513.14 Intuit 414.22 -1.17 423.74 187.68 0.57 51.30 108834.57
South Korea (KRW) Mrcntl Srvcs 2700000 110000 3000000 120000 0.02 -2.75 95.62
PingAnIns 95.50 2.30 103.60 69.00 2.71 11.20 91736.65 Altria 43.67 0.04 46.22 30.95 8.39 103.30 81157.16 John&John 164.65 -1.09 173.65 109.16 2.58 23.88 433440.25
Indonesia (Rp) HyundMobis 321500 3500 405000 126000 0.96 18.83 27631.18
PngAnBnk 23.85 -0.45 25.31 11.91 - 18.72 71673.98 Amazon 3312.81 -15.42 3552.25 1626.03 - 89.361668214.32 JohnsonCn 56.09 0.42 56.83 22.78 2.01 61.60 40360.95
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 23750 - 30050 15550 - 160.90 13785.4 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 3.91 0.14 4.88 3.40 1.05 8.25 6748.05 AmerAir 18.64 0.93 28.90 8.25 1.16 -1.25 11926.12 JPMrgnCh 148.12 2.53 148.31 76.91 2.63 17.84 451484.6
Israel (ILS) SK Hynix 133000 7000 140000 65800 0.77 30.93 87544.58 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 22.30 0.31 28.80 16.90 4.06 11.81 40347.66 AmerExpr 132.46 3.97 138.04 67.00 1.06 30.25 106708.32 Kimb-Clark 131.10 -1.09 160.16 110.66 3.51 17.55 44359.51
TevaPha 36.01 -1.15 46.45 24.30 - -2.78 12054.77 SmsungEl 82600 500.00 96800 42300 1.76 22.00 445844.49 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.08 0.00 0.10 0.03 - -0.26 89.25 AmerIntGrp 42.32 0.21 49.94 16.07 3.28 -6.71 36459.86 KinderM 14.87 0.09 22.58 9.42 7.47 274.24 33661.05
Italy (€) Spain (€) AmerTower 228.63 0.37 272.20 174.32 2.05 49.86 101560.5 ♦ ex-dividend
ShgPdgBk 10.97 0.14 12.69 9.22 5.62 6.55 49864.3 Kraft Heinz 37.60 -1.36 39.22 19.99 4.61 -86.72 45991.41 ■ ex-capital redistribution
Enel 8.20 0.00 9.05 5.15 4.19 18.62 101049.07 BBVA 4.51 0.06 5.21 2.13 6.05 -47.75 36427.93 Amgen♦ 232.47 -0.06 276.69 177.05 2.91 17.28 134266.86
Sinopec Corp 4.23 -0.11 4.43 2.95 5.59 10.81 13919.88 Kroger 34.15 0.31 42.99 27.06 2.09 8.40 26000 # price at time of suspension
ENI 9.20 0.10 13.00 5.73 6.27 -3.23 40218.1 BcoSantdr 2.98 0.12 3.79 1.44 3.38 -7.24 59964.31 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 2.00 0.01 2.45 1.67 - 88.41 4202.71 L Brands 50.12 1.31 51.04 8.00 1.30 -60.85 13938.8
Generali 15.58 0.15 18.88 10.20 3.37 12.79 29777.58 CaixaBnk 2.35 0.04 2.77 1.50 3.12 13.21 17046.08 Anthem 295.56 -0.78 340.98 171.03 1.34 14.06 73505.8
Denmark (kr) Iberdrola 10.51 -0.08 12.57 7.76 3.99 18.14 80934.19 LasVegasSd 59.12 0.88 69.93 33.30 2.86 -55.09 45158.39
IntSPaolo 2.11 0.03 2.62 1.31 - 5.84 49683.11 Aon Cp 228.33 1.07 238.19 143.93 0.84 27.15 52199.97 LibertyGbl 26.57 0.53 26.66 15.24 - -8.28 4818.61
DanskeBk 113.15 1.80 122.70 68.04 - 11.37 15908.84 Inditex 25.90 -0.14 32.28 18.51 1.41 48.88 97890.27
Unicred 8.35 0.21 14.22 6.01 - -7.04 22643.66 Apple 130.09 0.38 145.09 53.15 0.66 36.592183963.41 Lilly (E)♦ 201.01 -0.11 218.00 117.06 1.54 30.40 192653.15
MollerMrsk 12830 460.00 15400 4976 1.15 25.40 19735.1 Repsol 9.94 0.38 12.53 5.04 9.66 -1.87 18899.64 ArcherDan 56.13 0.31 56.91 28.92 2.76 18.36 31214.13 Lockheed 336.59 -1.33 438.27 266.11 3.09 13.26 94280.97
NovoB 455.25 -4.75 467.90 331.70 1.98 24.56 134563.41 Telefonica 3.73 -0.01 6.57 2.71 11.03 71.25 25024.79
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
ShenwanHong 0.08 0.08 0.00 -3.66 0.02 27.4 23.08 BOE Tech 0.88 0.96 -0.08 -8.33 -0.10 -10.2 6.02 Feb 19 date Coupon S* M* F* price yield yield yield US Feb 19 date Coupon S* M* F* price yield yield yield US
Carnival 24.34 22.89 1.45 6.33 3.74 18.2 16.69 Nissan Mt 588.70 595.40 -6.70 -1.13 -64.30 -9.8 12.58 High Yield US$ US$
CSR 3.88 3.63 0.25 6.89 0.54 16.2 -2.76 JardnMt US$ 49.60 51.59 -1.99 -3.86 -4.60 -8.5 -11.90 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
ChUncHK 5.08 4.75 0.33 6.95 0.63 14.2 -0.39 Imperial Brands 1394.00 1421.00 -27.00 -1.90 -99.50 -6.7 -99.12 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
CNOOC 9.91 10.12 -0.21 -2.08 1.20 13.8 19.64 Hngzh HikVDT 61.68 61.31 0.37 0.60 -4.32 -6.5 3.18 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 -
ChinaMob 53.75 50.50 3.25 6.44 6.30 13.3 9.45 Perrigo 42.07 42.28 -0.21 -0.50 -2.91 -6.5 -3.15 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Vivendi 29.34 29.74 -0.40 -1.34 3.24 12.4 12.20 MitsubishiEle 1603.00 1626.00 -23.00 -1.41 -105.00 -6.1 -1.23 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
WellsFargo 37.58 36.96 0.62 1.68 4.05 12.1 15.12 Medtronic 112.79 115.39 -2.60 -2.25 -6.95 -5.8 -4.52 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
Repsol 9.94 9.56 0.38 3.97 1.07 12.0 15.15 RELX 1760.50 1808.00 -47.50 -2.63 -106.00 -5.7 -99.03 Colombia 01/26 4.50 - Baa2 BBB- 111.75 1.87 0.00 0.14 1.47
Brazil 04/26 6.00 - Ba2 BB- 118.33 2.20 -0.01 0.00 1.80 Euro
Glencore 300.15 288.35 11.80 4.09 31.35 11.7 -98.90 SunPhrmInds 607.30 616.05 -8.75 -1.42 -36.35 -5.6 4.45 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
SocGen 19.81 19.08 0.72 3.78 2.03 11.4 16.62 BrAmTob 2562.00 2594.50 -32.50 -1.25 -152.50 -5.6 -99.06 Poland 04/26 3.25 - A2 A- 112.14 0.82 -0.01 -0.03 0.42
Mexico 05/26 11.50 - Baa1 BBB- 149.90 1.53 -0.31 -0.11 1.13 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Sinopec Corp 4.23 4.34 -0.11 -2.53 0.42 11.0 5.56 Ericsson 107.35 109.80 -2.45 -2.23 -6.25 -5.5 9.83 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Ch Rail Cons 5.19 4.94 0.25 5.06 0.48 10.2 1.78 Kweichow 2460.00 2471.00 -11.00 -0.45 -141.00 -5.4 19.24 Turkey 10/26 4.88 - B2 BB- 101.81 4.51 -0.04 -0.44 4.11
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
PetroChina 2.67 2.70 -0.03 -1.11 0.24 9.9 2.69 Tesco 227.60 231.00 -3.40 -1.47 -13.00 -5.4 -99.25
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
FastRetail 104750.00 107350.00 -2600.00 -2.42 9220.00 9.7 16.12 CmwBkAu 82.51 83.62 -1.11 -1.33 -4.54 -5.2 -2.55
Russia 06/28 12.75 - Ba1 BBB 169.39 2.39 -0.02 -0.01 - Mexico 06/26 1.09 - Baa1 BBB- 98.22 1.44 -0.03 -0.17 1.00
Ch Coms Cons 3.96 3.84 0.12 3.13 0.34 9.4 -1.00 ThrmoFshr 482.86 488.80 -5.94 -1.22 -24.97 -4.9 -4.80
Gree Elec Apl 0.14 0.14 0.00 0.00 0.01 9.3 12.70 GlaxoSmh 1215.20 1239.00 -23.80 -1.92 -62.80 -4.9 -99.14 Brazil 02/47 5.63 - Ba2 BB- 110.00 4.94 0.02 0.13 - £ Sterling
ValeroEngy 70.68 67.83 2.85 4.20 5.94 9.2 16.93 Bridgestne 4117.00 4219.00 -102.00 -2.42 -208.00 -4.8 5.00 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
New Ch Life Ins 32.10 31.30 0.80 2.56 2.65 9.0 1.43 HondaMtr 2981.00 3052.00 -71.00 -2.33 -149.00 -4.8 6.84 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
SouthCpr 78.58 74.51 4.07 5.46 6.12 8.4 10.76 ITC 215.95 218.85 -2.90 -1.33 -10.50 -4.6 -1.73 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.52 -0.25 0.00 -0.16 -0.34 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Feb 19 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Feb 19 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 21.09 -1.40 22.49 85.42 14.21 Feb 19 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 19.05 -0.96 20.01 71.05 7.84 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 224.35 -0.28 -0.67 -1.33 -0.74 7.56 VXN 26.85 -0.74 27.59 84.67 18.06 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 398.19 -0.39 -1.57 -2.60 -1.86 3.23 VDAX 22.39 -1.59 23.98 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 335.70 0.15 -0.65 -1.71 -0.65 -1.71 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 243.08 -0.10 -0.30 -0.44 -0.46 1.02 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 8pc '21 102.33 -0.07 0.00 0.00 75.00 -111.29 102.75 100.21 24.59
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 258.30 -0.35 -1.38 -1.97 -1.57 0.55 Tr 4pc '22 104.18 -0.03 -40.00 -40.00 50.00 -106.38 107.79 104.18 38.77
Gilts( £) 359.17 -0.53 -3.69 -5.29 -3.93 0.14 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 119.42 0.17 41.67 183.33 750.00 -62.22 124.55 119.42 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 308.10 -0.07 -1.29 -2.04 -0.74 8.89 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 105.39 0.40 21.21 60.00 150.00 -14.89 109.23 104.27 39.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts 384.94 -0.35 -1.63 -2.53 -1.88 2.66 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 137.03 0.81 9.46 28.57 72.34 15.71 148.26 137.03 38.71
Feb 19 (Libor: Feb 18) night Day Week Month month month month year Overall ($) 279.00 0.07 -0.97 -1.98 -0.97 -1.98 Australia 11/22 2.25 103.76 0.09 0.01 0.01 0.02 -0.63 Tr 4.25pc '36 145.09 1.01 7.45 20.24 50.75 16.09 160.46 145.09 30.41
US$ Libor 0.08013 -0.001 0.000 0.000 0.11113 0.18238 0.19688 0.29100 Overall( £) 362.32 -0.48 -3.13 -4.54 -3.37 0.59 05/32 1.25 97.78 1.46 -0.04 0.18 0.30 0.36 Tr 4.5pc '42 163.45 1.19 6.25 15.53 40.00 16.67 186.37 162.65 27.21
Euro Libor -0.58600 -0.002 -0.001 -0.001 -0.57857 -0.55129 -0.53514 -0.49471 Overall(€) 250.08 -0.25 -1.08 -1.53 -1.27 0.49 Austria - - - - - - - Tr 3.75pc '52 165.37 1.23 5.13 13.89 38.20 21.78 198.36 165.37 24.10
£ Libor 0.03825 0.000 0.001 0.002 0.04213 0.05913 0.07638 0.12800 Treasuries ($) 256.32 0.05 -1.23 -2.30 -1.23 -2.30 02/47 1.50 127.56 0.38 0.03 0.16 0.30 0.03 Tr 4pc '60 187.36 1.19 5.31 14.42 38.37 26.60 231.12 187.36 24.12
Swiss Fr Libor 0.000 -0.79960 -0.75700 -0.70880 -0.60000 FTSE Belgium 09/22 1.00 102.45 -0.59 0.01 0.02 0.00 -0.03 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.003 -0.06183 -0.07967 -0.04750 0.04633 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 103.22 0.13 0.00 -0.02 -0.04 -1.30
Euro Euribor
Sterling CDs
0.004
-
-0.54800
-
-0.54300
-
-0.51800
-
-0.49800 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 101.77 1.05 0.04 0.14 0.25 -0.28 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 709.43 0.44 - - 2.38 14.88 Denmark 11/22 0.25 101.34 -0.52 0.01 0.05 0.09 0.13
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 115.21 -1.35 0.06 0.13 0.16 0.20 Price Indices Day's Total Return Return
Euro CDs - - - - Fixed Coupon Feb 19 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 104.65 -0.65 0.02 0.05 0.06 -0.05
04/31 0.75 109.23 -0.15 0.03 0.14 0.22 -0.02 1 Up to 5 Years 88.91 -0.11 2477.18 -0.53 0.67 0.13
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 181.52 -0.48 3718.62 -2.56 0.26 0.54
Feb 19 term notice month month month year Markit iTraxx France 05/23 1.75 105.41 -0.63 0.02 0.06 0.05 -0.04
3 10 - 15 Years 214.77 -0.71 4689.92 -4.34 -0.60 0.90
Euro -0.74 -0.44 -0.70 -0.40 -0.69 -0.39 -0.64 -0.34 -0.67 -0.37 -0.67 -0.37 Crossover 5Y 246.10 -3.56 4.14 -1.99 277.03 236.32 11/26 0.25 103.93 -0.42 0.03 0.11 0.14 -0.05
4 5 - 15 Years 188.80 -0.55 3956.74 -3.05 0.05 0.67
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 47.49 -0.75 0.28 -1.28 66.97 45.31 Germany - - - - - - -
5 Over 15 Years 361.47 -1.24 5965.25 -8.10 -2.72 1.19
Swiss Franc - - - - - - - - - - - - Japan 5Y 47.16 -0.06 -1.10 -3.78 70.43 47.05 08/23 2.00 106.79 -0.71 0.01 0.04 0.05 -0.04
7 All stocks 182.98 -0.73 3931.18 -4.67 -0.89 1.03
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 58.56 -0.23 1.99 -1.27 86.20 54.75 02/27 0.25 105.20 -0.60 0.02 0.09 0.12 -0.03
US Dollar 0.11 0.31 0.02 0.22 0.05 0.25 0.12 0.32 0.14 0.34 0.21 0.41 08/50 0.00 95.41 0.16 0.03 0.14 0.27 0.05 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 3.65 120.76 0.75 0.06 0.07 0.00 -0.41
Japanese Yen -0.15 0.00 -0.15 0.00 -0.20 0.00 -0.20 0.10 -0.20 0.10 -0.15 0.15 Index Linked Feb 19 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 165.63 0.76 6.70 -2.01 245.71 150.45
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Ireland 10/22 0.00 100.95 -0.57 0.02 0.05 0.07 -0.07 1 Up to 5 Years 302.19 0.00 0.10 -1.22 2505.60 0.10 0.44
Nth Amer High Yld 5Y 292.49 4.46 6.56 -5.73 421.26 283.37
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 123.32 -0.11 0.04 0.15 0.22 -0.05 2 Over 5 years 772.69 -0.91 -5.76 -2.47 5845.63 -5.76 -2.12
Nth Amer Inv Grade 5Y 51.00 0.73 0.85 0.15 65.62 49.59
05/30 2.40 123.32 -0.11 0.04 0.15 0.22 -0.05 3 5-15 years 498.85 -0.39 -2.52 -1.31 3981.21 -2.52 -0.57
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 101.79 -0.34 0.03 0.08 -0.01 -0.24 4 Over 15 years 1003.00 -1.11 -7.01 -2.99 7384.51 -7.01 -2.78
02/25 0.35 101.72 -0.09 0.05 0.14 -0.01 -0.39 5 All stocks 691.03 -0.82 -5.25 -2.44 5325.68 -5.24 -1.97
05/30 0.40 106.81 -0.33 0.09 0.19 -0.03 -0.54
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 143.58 1.49 0.07 0.17 0.05 -0.40 Yield Indices Feb 19 Feb 18 Yr ago Feb 19 Feb 18 Yr ago
Japan 04/23 0.05 99.93 0.08 0.00 0.01 0.01 - 5 Yrs 0.26 0.20 0.36 20 Yrs 1.22 1.16 1.07
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
04/25 0.05 99.86 0.08 -0.01 0.01 0.01 - 10 Yrs 0.75 0.68 0.64 45 Yrs 1.16 1.10 0.96
Crude Oil† Feb 59.34 -0.75 Corn♦ Mar 549.75 0.00 Feb 18 Feb 18 Prev return stock Market stocks
12/33 1.60 117.26 0.23 -0.01 0.02 0.06 0.16 15 Yrs 1.07 1.00 0.93
Brent Crude Oil‡ 63.24 -0.22 Wheat♦ Mar 662.00 -2.50 Can 4.25%' 26 132.98 -1.240 -1.240 0.41 5.08 78363.45 7
12/49 0.40 92.92 0.67 -0.01 0.01 0.02 0.31
RBOB Gasoline† Feb 1.80 0.03 Soybeans♦ Mar 1379.50 5.25 Fr 1.10%' 22 104.76 -2.149 -2.149 -0.01 19.85 250022.75 16
Netherlands 07/23 1.75 105.85 -0.67 0.02 0.05 0.06 -0.03 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Mar 427.00 0.80 Swe 0.25%' 22 111.07 -1.411 -1.411 0.94 26.51 208195.97 7
07/26 0.50 105.68 -0.54 0.03 0.09 0.13 -0.04 Real yield Feb 19 Dur yrs Previous Yr ago Feb 19 Dur yrs Previous Yr ago
Natural Gas† Feb 3.09 0.03 Cocoa (ICE Liffe)X Mar 1787.00 33.00 UK 1.875%' 22 109.50 -3.336 -3.336 0.19 15.74 753643.69 28
Ethanol♦ - - Cocoa (ICE US)♥ Mar 2558.00 0.00 New Zealand 04/25 2.75 108.63 0.64 -0.01 0.08 0.26 -0.47 Up to 5 yrs -2.87 2.67 -2.86 -2.33 -3.35 2.67 -3.36 -2.93
UK 2.50%' 24 355.88 -2.873 -2.873 -0.09 6.82 753643.69 28
Uranium† - - Coffee(Robusta)X Mar 1348.00 -7.00 05/31 1.50 100.03 1.50 -0.03 0.18 0.47 -0.01 Over 5 yrs -1.98 23.40 -2.02 -2.04 -2.01 23.47 -2.05 -2.07
UK 2.00%' 35 289.08 -2.363 -2.363 -3.35 9.08 753643.69 28
Carbon Emissions‡ - - Coffee (Arabica)♥ Mar 127.55 -0.20 05/31 1.50 100.03 1.50 -0.03 0.18 0.47 -0.01 5-15 yrs -2.49 9.29 -2.53 -2.42 -2.60 9.29 -2.64 -2.53
US 0.625%' 23 105.94 -2.063 -2.063 0.12 47.03 1632439.42 43
Diesel† - - White SugarX 481.20 8.60 Norway 08/30 1.38 100.69 1.30 0.03 0.15 0.27 -0.14 Over 15 yrs -1.91 28.68 -1.95 -1.99 -1.93 28.70 -1.97 -2.01
US 3.625%' 28 136.86 -1.280 -1.280 -0.88 16.78 1632439.42 43
Sugar 11♥ 16.84 -0.66 08/30 1.38 100.69 1.30 0.03 0.15 0.27 -0.14 All stocks -1.99 21.55 -2.03 -2.04 -2.02 21.63 -2.06 -2.08
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2135.00 -6.00 Cotton♥ Mar 88.96 0.40 Portugal 10/22 2.20 104.66 -0.60 0.02 0.06 0.03 -0.17 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 2130.00 250.00 Orange Juice♥ Mar 109.35 -0.50 02/26 3.30 117.68 -0.21 0.04 0.13 0.13 -0.16 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 8951.00 345.00 Palm Oil♣ - - Spain 10/22 0.45 101.59 -0.49 0.01 0.06 0.05 -0.08 Gilt Closing Prices information contained herein is proprietary to
Lead 2165.00 37.00 Live Cattle♣ Apr 115.25 -0.18 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 118.90 -0.85 0.07 0.17 0.17 -0.09 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 19625.00 420.00 Feeder Cattle♣ Mar 134.88 - Sweden 06/22 0.25 111.07 -1.37 0.01 0.05 -0.49 0.08 accurate, complete or timely; and does not constitute investment advice.
Tin 26250.00 1110.00 Lean Hogs♣ Apr 84.80 -0.15 Spread Spread Spread Spread 06/26 0.13 119.19 -1.75 0.01 0.07 -0.24 -0.09 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2864.00 -13.00 Bid vs vs Bid vs vs 06/30 0.13 118.30 -1.61 0.00 0.06 -0.06 0.03
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 103.51 -0.77 0.01 0.02 0.00 0.05 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1773.15 -7.55 Feb 18 Month Year 05/30 0.50 107.83 -0.33 0.02 0.08 0.18 0.34 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.46 - 0.28 Netherlands -0.54 - -
Silver (US cents) 2716.50 5.00 S&P GSCI Spt 470.93 8.93 16.67 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - New Zealand 1.50 - 0.32
Platinum 1266.00 27.00 DJ UBS Spot 85.40 6.75 11.60 Canada 1.05 - -0.13 Norway 1.30 - 0.12 07/23 0.75 101.77 0.02 0.02 0.03 0.12 -0.46 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2370.00 -3.00 TR/CC CRB TR 200.65 8.01 7.81 Denmark -1.35 - -2.53 Portugal -0.21 - - 07/26 1.50 106.83 0.23 0.04 0.10 0.23 -0.23 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland -0.15 - -1.33 Spain -0.85 - -2.03 07/47 1.50 106.91 1.19 0.05 0.15 0.34 0.09
Iron Ore 172.20 -2.25 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.61 - -2.79 United States 03/22 0.38 100.32 0.09 -0.01 0.00 -0.02 - Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 85.50 -4.25 LEBA EUA Carbon 37.78 12.64 32.05 Ireland -0.11 - -1.29 Switzerland -0.33 - -1.51 03/25 0.50 100.42 0.40 -0.01 0.07 0.04 -
Baltic Dry Index 1698.00 -72.00 LEBA CER Carbon 0.29 0.00 52.63 Italy -0.33 - -1.51 United Kingdom - - - 02/30 1.50 102.70 1.18 -0.01 0.13 0.16 -0.38
LEBA UK Power 664.00 -40.71 -46.88 Japan 0.23 - -0.95 United States 1.18 - 0.00 02/50 0.25 109.21 - - - - -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
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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 1554 17.00 1628 849.00 2.83 21.43 178.4 Superdry Pl 234.80 -2.60 383.40 60.10 1.79 -1.34 143.9 ITV 109.45 1.15 134.25 50.06 2.38 14.59 8744.3 LandSecs 616.00 -1.10 979.80 474.75 1.88 -3.00 1886.8 Hays 155.60 2.30 165.20 85.25 1.84 50.19 2378.3
Avon Rubber♦ 3025 -10.00 4650 1788.1 0.76 581.73 131.5 DBAG € 38.45 0.35 41.35 22.20 4.09 -33.05 6.5 TaylorWm 162.40 0.90 237.70 98.12 2.36 13.31 7425.6 Pearson 750.00 -6.00 909.00 412.08 2.60 21.93 2213.5 LondonMtrc 221.20 1.60 245.20 132.90 3.80 21.86 1320.3 Homesve 1037 -14.00 1371 755.81 2.28 36.39 394.4
BAE Sys 465.30 -6.70 672.80 395.90 2.02 12.31 7172.0 Hargr Lans 1516 -11.50 1923 1147 2.28 23.00 3075.3 TedBaker 98.20 4.25 262.52 59.57 6.47 -0.67 1116.4 RELX PLCX 1760.5 -47.50 2109 1382.86 2.60 26.84 5054.1 McKaySec 196.00 1.00 280.00 136.00 3.67 -10.79 71.2 HowdenJny 728.00 1.00 742.20 394.00 0.54 31.93 898.8
Chemring 279.50 -3.50 319.50 145.80 1.32 23.29 262.3 Indvardn SKr 278.30 4.40 282.80 167.70 - 10.59 182.9 Vistry Grou 862.00 4.50 1491.8 503.50 2.31 15.93 360.2 Rightmove P 638.60 -9.00 699.20 373.10 0.44 41.47 1640.9 Palace Cap 190.00 -4.00 324.00 158.37 5.13 -5.78 4.2 Intertek 5694 -186.00 6492 3786 1.86 34.91 312.0
Meggitt 412.30 17.00 637.80 196.15 1.35 -17.77 3101.0 ICG 1892 -3.00 1945 452.00 2.68 34.91 632.8 STV Grp 318.50 8.50 448.18 207.84 1.96 25.74 607.5 PrimyHth 149.00 -0.60 167.60 114.70 4.85 20.14 6576.6 Kin and Car 150.00 6.00 168.50 46.00 0.87 -7.76 198.4
Investec 201.00 -0.10 348.04 122.55 5.47 22.18 1696.0 Industrial Engineering ThmReut C$X 103.62 -0.72 115.66 75.91 1.98 20.22 9.3 RDI REIT 90.00 -0.70 132.40 41.55 6.67 -3.93 140.6 MearsGp 152.50 -1.50 300.00 74.25 2.39 138.64 129.0
RollsRoyceX 98.66 5.32 232.81 0.90 1.60 -0.95 70375.6
Jupiter 293.00 2.80 393.70 161.65 5.84 15.92 438.9 Bodycote 700.00 5.50 872.50 378.40 0.86 30.17 243.4 WPPX 842.80 12.80 990.46 450.00 2.69 -4.53 2885.6 SEGRO 977.40 14.60 998.20 641.80 2.12 15.92 2598.9 MenziesJ 215.50 2.50 421.00 66.90 2.78 -2.45 427.1
Automobiles & Parts Liontrust 1270 5.00 1495 678.45 2.60 69.17 88.0 Castings 364.00 - 443.76 274.00 4.09 44.01 7.9 Shaftbry 613.50 3.00 897.57 407.00 2.82 -6.42 389.7 Mitie 53.00 0.10 75.77 26.60 1.29 13.53 866.7
FordMtr $X 11.54 0.11 12.15 3.96 2.82 -266.04 21935.4 LSE Gp 8620 -50.00 9358 5300 0.81 76.69 706.7 Goodwin 2920 -35.00 3650 1730 2.80 32.82 1.2 Mining Town Ctr 109.00 -1.00 230.00 80.50 10.78 -2.40 1.4 Renewi 39.90 -0.40 45.90 17.66 1.20 -9.16 515.0
M&G Plc 189.70 4.50 252.56 86.40 6.28 4.51 5093.1 Hill&Sm 1298 42.00 1486 844.00 0.82 27.74 130.5 AngloAmer 2870 105.00 2895.5 1018.2 3.08 21.11 2975.8 TritaxBBOX 187.00 1.80 188.90 79.00 3.58 18.14 12419.6 Rentokil 498.50 -11.30 578.60 289.20 0.30 38.26 2583.4
Banks IMI 1340 34.00 1353 619.80 1.11 23.72 440.0 AngloPacif 139.40 5.20 166.86 97.10 6.55 -20.06 245.9
Paragon♦ 448.00 8.60 536.00 217.00 4.73 10.30 194.1 Wkspace 717.50 -9.50 1317 420.88 5.04 -9.44 313.2 Ricardo 465.00 -4.00 800.00 286.93 4.63 -38.11 37.9
ANZ A$X 26.61 0.06 27.29 14.10 3.90 22.21 10416.0 MelroseInd 170.20 5.10 249.80 72.00 1.00 -21.82 9241.8 AnGoldA R 306.40 5.26 637.35 209.79 0.50 12.54 1992.6
Providnt 272.40 3.40 476.00 126.87 3.30 19.05 458.9 Real Estate Inv & Services RbrtWlts 534.00 - 614.00 214.00 0.84 18.61 2.8
BcoSant 259.60 11.80 315.55 132.06 3.35 -7.30 6719.5 Renold 15.55 - 16.40 4.00 - 11.11 1061.4 Antofagasta 1838 123.00 1849 575.00 0.78 66.99 1566.1
RathbnBr 1558 -18.00 2010 1194 4.49 26.68 29.5 Cap&Count 167.60 2.90 246.60 97.05 0.89 -2.91 3275.5 RPS 81.70 -1.30 154.80 29.86 2.96 -4.27 94.4
BnkGeorgia 1114 -12.00 1772.91 690.00 - 6.84 32.1 RHIM 3846 40.00 4094 1419 1.18 28.02 49.9 BHP Group 2277.5 42.50 2322.86 939.80 3.63 17.92 4740.1
Record 65.00 2.00 65.50 25.00 3.54 21.17 412.6 CLS 219.00 -2.50 282.91 153.00 3.38 10.09 173.1 SIG 32.88 0.44 87.48 14.38 3.66 -0.79 1260.5
BankIre Grp € 3.44 0.17 4.06 1.28 - -6.21 247.7 Rotork 352.60 9.20 367.40 177.05 0.65 33.26 1267.3 BisichMg 65.00 - 128.00 40.00 1.54 -2.35 0.2
S&U 2250 35.00 2500 1420 5.33 13.64 1.0 Grainger 259.60 -4.20 339.40 189.76 2.04 18.28 1348.1 Vp 770.00 -36.00 1040 499.00 1.10 -42.24 10.2
BkNvaS C$X 71.25 0.17 74.88 46.38 5.18 13.12 121.3 Severfd 70.00 - 93.10 51.20 4.14 11.53 60.2 EVRAZ 556.60 24.60 561.20 200.60 10.83 19.10 1908.0
Schroder 3493 13.00 3641 1711 3.26 21.51 119.5 Harworth Gr 113.50 -3.50 149.79 83.66 0.27 70.94 33.2
BarclaysX 153.64 6.14 184.00 73.04 - 13.61 59531.0 ..N/V 2305 25.00 2622.95 1424 4.95 14.19 80.8 Trifast 138.00 -1.00 169.50 89.00 0.87 -38.02 147.1 Fresnillo 984.00 22.20 1379.5 456.51 1.20 45.03 1338.9 Tech - Hardware
CanImp C$X 114.77 0.54 114.80 67.52 5.20 13.62 84.3 Vitec 1000.00 - 1020 485.98 1.23 -333.33 38.4 GlencoreX 300.15 11.80 302.50 2.44 2.66 -14.83 82397.7 Helical 378.50 8.50 529.00 200.43 2.30 33.79 48.0 SpirentCM 239.00 -6.00 311.09 146.81 1.79 19.47 917.4
Shires Inco 244.00 0.50 292.59 157.85 5.41 -8.22 68.1 HK Land $ 4.57 - 5.52 3.46 5.46 -4.61 3558.2
HSBCX 423.95 4.75 568.20 281.50 1.84 -49.82 23905.0 326.50 5.80 333.40 170.30 6.62 -8.14 4546.9 Weir 2018 49.50 2130 608.60 0.82 -13.58 466.5 Harmony R 56.00 0.97 126.76 31.06 - -35.26 2982.9
Strd Life A Lon&Assc 8.50 - 21.25 5.60 2.12 -1.20 3.1 Tech - Software & Services
LlydsBkgX 38.19 0.71 59.94 23.59 - 22.46 220203.7 TP ICAP 225.80 9.40 405.80 160.25 7.46 23.04 3848.1 KAZ Mineral 853.60 27.60 860.00 256.20 1.11 9.59 1565.7
NWGX 180.15 8.85 183.85 90.54 - 28.15 24116.1 Industrial General Petropvlsk 27.00 0.50 41.60 14.43 - -236.84 4039.2 MacauPrp 67.00 -0.50 110.00 51.00 - -1.62 30.7 Computcnt 2204 -48.00 2594 900.00 0.46 21.80 76.5
WlkrCrip 25.50 - 30.00 18.00 2.35 -72.86 51.1 Calisen 260.80 - 275.00 95.00 - -0.03 374.9 Mntview♦ 11400 -50.00 12850 8600 3.51 17.67 0.7 MicroFoc 427.20 5.10 815.07 205.80 10.55 -1.83 1154.5
PermTSB € 1.03 0.10 1.05 0.40 - -7.97 713.5 PolymtIntl 1539 12.50 2085 990.20 3.29 12.87 1261.0
RylBkC C$X♦ 109.19 0.08 109.58 72.00 4.03 13.62 219.5 Food & Beverages Coats Group 61.80 -0.20 74.70 35.90 0.72 29.15 711.8 Rio TintoX 6352 117.00 6553 2954 4.81 17.81 2369.5 Raven Prope 29.00 0.50 48.00 23.15 - -9.73 377.2 NCC Grp 270.00 - 285.00 125.40 1.72 64.29 190.0
Secure Trus 947.00 9.00 1594.6 524.93 2.11 8.70 2.6 AngloEst 598.00 -6.00 710.00 336.00 0.07 10.45 0.5 JardnMt $X 49.60 -1.99 59.89 37.37 3.93 -84.10 500.9 Troy Res A$ 0.08 0.00 0.20 0.06 - -1.15 875.7 RavenR CNV 85.50 - 110.00 63.00 - - 1.6 RM 209.00 -8.50 292.00 110.00 0.96 12.59 617.1
StandChX 492.50 3.40 643.20 334.25 - 24.58 6447.3 AscBrFdX 2371 51.00 2662 1554 1.45 41.16 865.6 Jard Str $X 24.60 -0.18 31.49 17.81 1.64 -27.46 286.8 RavenR Prf 116.00 - 136.85 75.00 - 129.90 118.0 Sage 595.60 -8.60 794.60 515.60 2.86 21.16 2342.9
..7.375%Pf 130.50 3.00 128.75 93.50 5.65 - 22.0 Barr(AG) 481.50 -18.50 606.00 369.00 0.83 25.83 100.9 Macfrlne 82.60 -1.40 114.50 61.00 0.84 13.79 224.3 Oil & Gas Safestre 818.00 3.00 886.89 501.00 2.14 9.23 265.6 TriadGp 115.00 -24.00 180.87 22.60 0.87 -57.21 361.6
..8.25%Pf 146.50 19.30 136.00 105.00 5.63 - 200.0 Britvic 810.00 2.50 939.00 536.00 2.68 22.88 254.2 Smith DS 381.70 -1.40 414.20 244.80 - 26.32 2988.9 BPX 272.35 2.95 469.57 188.52 10.32 -3.29 61980.1 Savills 1131 15.00 1264 620.00 0.44 22.57 98.3
Smiths 1491.5 19.50 1772.5 790.00 2.13 91.50 676.6 CairnEng 182.90 -3.00 283.64 67.78 - -4.66 644.5 SiriusRE 91.50 -1.80 98.90 44.35 3.53 12.56 5913.8 Telecommunications
TntoDom C$X 75.55 0.05 76.10 49.01 4.22 11.46 262.9 CarrsGroup 128.00 -4.00 160.00 83.53 3.71 12.55 28.9
SmurfKap 3592 32.00 3784 1831 0.71 22.38 234.7 ExxonMb $X 52.04 0.02 60.62 30.11 7.25 61.55 8218.7 Smart(J) 122.50 - 125.85 107.50 2.60 14.48 14.5 BTX 131.40 4.00 157.66 94.68 3.52 8.64 25493.5
Westpc A$X 24.09 -0.28 25.96 13.47 3.28 38.27 10418.7 Coca-Cola H 2325 -8.00 2874 1393.1 2.42 22.44 357.7
Vesuvius 490.00 4.00 562.39 284.00 1.27 26.34 188.5 Gazprom PJS $ 6.10 0.02 8.00 2.55 6.94 -76.88 5274.2 StModwen 375.50 -7.50 527.05 294.46 0.96 -7.77 399.9 TalkTalk 96.90 0.25 119.80 67.20 2.58 7.57 713.4
Cranswk 3488 -10.00 4126 34.62 1.73 20.87 299.3 TelePlus 1248 2.00 1585 907.00 4.57 26.50 53.2
Basic Resource (Ex Mining) GeoPark $ 16.09 0.07 19.96 5.44 0.56 -7.84 56.5 U+I 87.40 0.80 188.00 50.97 2.75 -1.32 109.4
Devro 181.40 1.80 195.40 116.76 1.49 -7.34 55.1 Industrial Transportation Vodafone GpX 131.16 0.88 156.94 92.76 6.22 16.91 66135.1
Ferrexpo 350.80 13.20 355.60 94.88 3.81 6.67 1326.0 HellenPet € 5.45 0.05 7.92 4.07 9.62 -4.13 25.6 Unite Gp 948.50 -1.50 1351 577.00 1.08 -9.02 403.0
DiageoX 2996.5 -35.00 3150.18 2050.6 2.33 50.03 4757.7 Braemar 206.00 -8.00 216.00 92.00 2.43 8.11 64.5
Mondi 1816 20.00 1902.5 1156.5 1.36 13.89 1207.9 Hunting 242.80 3.00 338.40 120.10 2.67 -2.51 170.3 Tobacco
Grncore 137.00 0.20 253.40 83.40 2.74 -52.69 4320.9 Clarkson 2600 -55.00 2915 1936 0.96 -68.42 26.5 Retailers
HiltonFd 1052 -8.00 1352 711.00 2.03 23.38 34.7 ImpOil C$X 26.20 0.03 32.39 10.27 3.44 -42.68 34.3 BrAmTobX 2562 -32.50 3380.2 2362.5 6.01 9.25 4255.5
Chemicals Eurotunnl € 13.44 0.06 17.04 8.62 - 255.90 398.8 AA 34.85 - 49.96 13.32 1.72 3.00 690.1
Kerry € 102.80 -2.40 126.50 88.55 0.80 32.11 35.8 Pharos Ener 20.30 -0.20 38.65 10.00 - -0.35 721.2 Imperial BrX♦ 1394 -27.00 1850.6 1142 13.32 8.82 1978.6
Carclo 21.85 -0.15 29.30 3.05 - -5.60 1397.3 Fisher J 1156 12.00 2001.63 735.00 0.98 23.59 27.8 AO World 301.00 6.00 444.50 46.67 - 62.71 363.4
PremFds 93.10 2.40 114.31 17.86 - 10.34 1609.0 PJSC Lukoil $ 76.80 -3.60 102.31 46.86 3.49 34.82 194.3
Croda 6462 -74.00 6884 3814 1.39 40.11 319.6 OceanWil 840.00 - 1006 509.90 2.92 370.70 6.0 Caffyns 415.00 30.00 435.00 200.00 1.81 9.90 3.0 Travel & Leisure
REA 58.50 - 150.00 25.00 - -5.28 7.5 PremOil 22.70 -0.65 109.00 10.02 - -0.38 6572.4
Elemntis 125.60 1.10 130.00 18.07 1.75 -20.15 792.6 RoyalMail 479.60 5.60 488.29 118.86 1.56 218.00 2898.6 Dairy Fm $ 4.26 -0.04 5.33 3.48 5.59 19.47 745.3
StckSpirit 276.50 -5.00 306.65 119.80 2.98 31.33 90.5 RylDShlAX 1397.2 6.60 2019.68 878.10 6.90 -8.40 5349.1 888 Hldg 295.00 -5.50 325.00 68.40 1.65 20.14 442.0
Johnsn Mtth 3128 82.00 3171 1614 1.78 59.24 410.3 Signature A 398.70 0.30 445.14 129.40 1.07 -119.44 5416.5 Dignity 543.00 11.00 759.00 210.50 - -11.86 28.5
Tate&Lyl 745.80 -3.20 806.00 493.83 3.97 14.15 887.3 ..B 1340.4 9.20 1942.6 845.10 7.19 -8.06 13533.1 Carnival 1438 87.00 3117 581.00 5.20 -1.85 1920.8
Victrex 2194 -16.00 2498 1645 2.10 35.10 133.9 Dunelm 1249 -4.00 1601.48 596.50 1.64 29.11 410.2
Unilever 3905 -64.00 4944 3583.5 3.78 19.09 4123.2 Insurance Seplat 81.00 -0.10 109.00 37.30 12.09 -34.90 77.0 CompassX 1426 4.50 1965.5 865.80 1.89 178.25 3722.8
TrnCan C$X 57.15 0.05 76.58 47.05 5.69 11.81 220.6 Halfords 268.50 -1.50 303.50 49.42 2.30 13.43 255.2 Dalata Hote 334.00 -3.00 414.41 147.37 0.95 -38.28 0.6
Construction & Materials ..NV € 53.40 -0.20 55.40 45.30 3.12 23.46 7.9 Admiral 3067 15.00 3114 1858.5 3.20 18.27 461.7 Inchcape 711.50 1.00 721.00 383.85 1.25 284.60 768.9
Alumasc 166.00 -1.00 174.00 56.54 2.65 30.74 61.8 AvivaX 364.50 2.50 411.90 205.70 2.61 6.64 8486.2 Tullow Oil 34.10 -1.15 44.00 0.29 5.46 -0.19 6040.8 easyJet 831.20 33.40 1531.5 410.00 5.28 -3.14 2673.4
Health Care Equip & Services Wood Group 288.00 -5.70 426.40 100.90 3.21 56.48 1866.5 JDSportsF 850.00 22.00 923.20 274.70 0.03 43.66 2201.7 FirstGrp 83.70 0.10 134.20 25.00 - -3.99 1312.3
Boot(H) 255.00 -7.00 334.00 180.00 1.96 14.09 54.4 Beazley 338.60 3.60 598.00 242.20 3.70 26.48 1088.0 Kingfisher 276.20 -1.40 326.20 101.00 1.21 37.84 9290.3
CRH 3124 25.00 3560 1500 2.37 18.57 1211.1 ConvaTec 192.30 -2.40 224.80 142.40 2.33 158.79 1434.7 Chesnar 279.00 -2.00 350.50 200.00 7.63 23.33 241.6 Flutter Ent 13625 -50.00 16290 4921.54 0.48 134.64 251.2
GNStre kr 547.80 -0.40 560.80 217.40 0.28 53.33 212.1 Pharmaceuticals & Biotech Marks&Sp 138.10 5.05 188.66 73.90 2.82 -15.87 4776.2 Fuller A 834.00 34.00 929.72 486.00 0.94 -14.41 14.9
GalfrdT 134.00 4.38 179.12 70.00 26.12 -4.56 202.3 Direct Line 312.80 1.10 347.00 225.40 2.30 11.21 1279.3 Morrison (W 172.30 0.05 210.00 157.55 3.93 15.84 8678.4
Mediclinic 293.00 1.40 397.90 232.40 1.09 -5.21 259.2 AstraZenecaX 7226 -228.00 10120 5871 3.00 49.17 2908.6 Go-Ahead 1090 18.00 2210 390.20 6.60 -16.39 78.3
KierGp 80.00 4.15 153.70 42.06 - -0.75 1481.7 Eccles prf 160.50 - 167.00 111.00 5.37 - 6.6 Next 7670 4.00 8180 3311 0.75 29.90 247.2
Smith & Nep 1473.5 -1.50 2023 1055.01 2.04 40.82 2075.0 Dechra 3612 -16.00 3840 2030 0.90 110.26 193.6 IntCon Htel 5110 125.00 5170 2161 0.62 -87.09 499.3
Kingsp € 62.70 5.70 107.30 37.30 0.22 31.62 221.5 Hansard 45.40 -0.10 49.35 23.40 9.80 14.19 2.4 Ocado 2559 -9.00 2914 994.01 - -149.21 687.5
UDGHlthC 795.00 -3.00 849.50 423.40 1.63 27.89 276.2 Genus 5365 5.00 5515 2464.6 0.53 86.67 214.7 Intl Cons A 165.75 8.05 438.81 0.94 7.93 -0.64 36554.1
MorgSdl 1438 -28.00 1980 990.01 1.46 12.42 65.5 Hiscox 939.20 -4.00 1346 305.80 1.18 -13.78 617.6 Saga 298.60 12.40 2400 118.50 5.95 -0.59 1762.9
GlaxoSmhX 1215.2 -23.80 1772.51 1212.6 6.58 9.61 14202.0 MandarO $ 1.68 -0.01 1.99 1.06 1.01 -11.14 224.4
Norcros 219.00 4.00 297.44 119.00 1.42 54.75 202.6 House, Leisure & Pers Goods Lancashire 636.50 2.00 852.50 481.00 1.89 30.25 870.7 Sainsbury ( 230.90 1.20 263.40 171.19 1.43 -769.67 5091.2
HikmaPhm 2361 -32.00 2768 1596 1.61 13.82 541.0 Marstons 90.75 0.35 108.75 18.40 5.29 -1.65 1758.9
Tyman 330.00 -0.50 370.00 133.00 1.17 29.05 246.7 Leg&Gen 264.60 3.50 319.30 138.00 6.64 12.92 16752.5 Studio Reta 280.00 -12.00 304.00 140.00 - 16.18 57.6
BarrttDev 684.40 -2.00 889.20 349.40 2.85 17.59 2234.7 Oxfd Bio 995.00 -9.00 1090.13 356.73 - -62.34 234.1 Natl Exp 301.80 9.00 448.00 66.30 1.71 -104.07 2185.7
Bellway 2892 -23.00 4336 1735.5 3.46 18.53 340.3 Old Mut 67.60 1.30 90.88 42.76 8.83 -29.92 633.7 RichterG $ 29.40 - 30.40 16.50 0.77 22.83 0.0 TescoX 227.60 -3.40 329.33 227.60 4.02 21.51 27554.4
Electronic & Electrical Equip PPHE Htl 1330 -10.00 2140 700.00 1.28 -166.25 1.3
Berkeley 4340 -3.00 5709.54 3041 4.75 15.01 307.5 PhoenixGrp 706.20 8.80 824.40 459.05 6.63 9.62 1100.6 VecturGp 111.80 0.80 131.60 59.10 - -101.64 343.6
Dialight 247.00 -7.00 340.00 157.50 - -5.02 3.9 Support Services Restaurt 97.00 5.00 135.40 20.26 2.16 -3.13 2589.1
Burberry Gp 1839.5 25.00 2056.91 1017 0.61 340.65 937.8 PrudntlX 1416 33.50 1509 682.80 2.62 34.85 5508.6
Discoverie 664.00 - 772.00 330.29 0.45 50.30 86.3 Real Estate Aggreko 839.00 -0.50 888.00 285.90 1.12 -37.49 669.0 Ryanair Hol 312.00 4.80 412.01 206.80 2.02 58.87 118.6
Cairn Homes 80.50 1.50 96.52 0.60 2.82 20.64 233.2 RSA Ins 676.20 -0.60 681.60 321.20 1.11 22.03 6342.7
Halma 2466 -28.00 2637 1660 0.67 52.88 448.3 AshtdGp 3995 81.00 4013 1010 1.02 28.89 1007.7 TUI 356.80 8.10 865.60 4.91 13.73 -1.17 3785.6
CtrySide 458.60 6.60 544.00 248.80 2.25 -573.25 1213.4 SagicFin 117.50 - 135.00 87.00 1.72 241.77 0.0 REITs
Morgan Ad 307.50 6.00 324.87 168.80 1.30 109.82 100.3 Bunzl 2282 -17.00 2710 1242 0.68 20.07 918.8 Whitbrd 3418 53.00 4142.08 1551.15 0.82 -9.99 644.3
Crest Nicho 309.20 3.40 522.00 159.85 3.62 -79.28 372.3 StJmsPl 1214 24.00 1249.5 614.00 3.17 23.35 1010.3 Assura 74.20 1.00 88.00 46.80 3.79 21.20 16202.9
OxfordIn 1896 -24.00 2175 724.00 - 33.32 159.1 Capita 39.86 0.49 153.65 19.84 - -7.72 6598.6 Willim H 270.80 0.40 313.00 28.63 0.98 15.84 1825.6
Renishaw 6120 10.00 6435 2234.51 0.75 15300.00 28.5 GamesWk 9905 -185.00 12159.5 3564 1.26 33.33 164.3 LEISURE BigYellw 1147 4.00 1245.3 630.00 2.95 35.29 106.2
Gleeson 800.00 10.00 1005 2.84 2.88 93.57 29.3 BritLand 467.00 7.20 573.00 309.40 1.71 -3.20 4041.2 DCC 5996 18.00 7204 3463 2.42 20.63 163.2 Utilities
Spectris 3093 -6.00 3256 2058 0.71 16.62 263.3 PhotoMe Int 50.10 0.15 90.00 32.50 16.85 5.64 21.7 DeLaRue 157.20 -1.80 187.00 36.86 - 3.84 261.0
TT Elect 212.00 2.00 285.00 135.75 0.99 84.80 416.7 Headlam 403.00 6.00 549.00 235.00 1.87 -36.31 65.7 Cap&Reg 60.00 -5.00 208.70 32.30 35.00 -0.31 102.8 Centrica 51.90 -0.44 79.98 29.10 2.89 -4.51 11696.6
McBride 82.00 1.00 98.80 54.12 - 22.16 311.7 Media Civitas SH 108.60 1.00 115.40 74.20 4.90 17.89 2074.8 Diploma 2550 - 2618 1191 0.80 58.62 136.9 Drax 388.20 7.00 407.24 118.90 4.10 -26.05 399.4
XP Power 5340 20.00 5580 2062.05 0.71 57.17 9.8 DWF Group P♦ 82.20 0.30 142.40 45.00 3.95 -58.71 76.0
Persimn 2773 1.00 3328 1367.5 - 13.10 676.6 4imprint 2390 10.00 3450 1067.31 0.85 30.34 26.4 Countrywd 393.00 1.00 397.80 35.74 - -3.45 63.7 Natl GridX 844.60 -10.40 1073.8 789.13 5.75 19.92 8228.2
Financial General Philips € 46.69 -0.29 48.19 26.92 - 40.67 1283.6 Auto Trader 607.60 3.80 623.20 308.60 0.39 36.71 3709.3 DrwntLdn 3148 32.00 4362 2334 2.30 24.82 137.0 Elctrcmp 1014 17.50 1025 397.30 0.58 35.09 1529.2 Pennon♦ 889.00 -10.60 1210.5 889.00 4.92 46.79 667.0
3i 1136 -4.50 1215 529.80 3.08 15.39 1164.2 PZCusns 253.00 -2.00 278.00 149.00 3.27 45.26 164.4 DlyMailA 946.00 166.00 997.00 538.00 2.55 41.31 2313.6 Great Portl 656.20 4.40 971.80 518.60 1.92 -11.33 316.1 Essentra PL 312.00 4.80 412.01 206.80 2.02 58.87 118.6 Severn Tren 2256 -18.00 2716 1994.5 4.44 47.70 342.2
BrewDlph 292.00 -2.00 365.00 130.00 5.62 18.36 228.2 ReckittBX 6072 -206.00 8020 5130 2.88 -15.70 1677.8 Hyve Group 136.20 4.40 269.33 33.58 11.75 -0.79 777.7 Green Reit € 1.84 -0.05 1.93 1.30 3.12 13.44 1922.5 Experian 2489 -91.00 3192 1823.5 1.45 44.57 2488.2 SSE♦ 1412.5 -6.50 1703 1057.5 5.66 13.85 3817.5
CtyLonInv 520.00 4.00 556.00 264.00 5.38 17.63 18.8 Redrow 553.00 3.50 850.76 293.00 3.71 16.86 2000.0 Informa 509.00 6.60 783.80 326.70 1.48 -9.53 3907.2 Hammersn 20.66 -0.04 289.70 14.05 24.53 -0.26 10466.4 Ferguson 8738 74.00 9516 3700 1.27 27.28 666.1 UtdUtils 912.00 -5.00 1068.5 625.00 4.67 56.65 2834.2
Hibernia € 1.07 -0.01 1.40 0.75 4.64 1019.44 1594.5 G4S 269.00 0.20 270.90 69.92 1.33 244.55 2867.4
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 Zytronic 150.00 - 180.89 70.00 10.13 -83.33 23.3 Tristel 600.00 -12.00 798.00 271.00 0.97 55.15 117.4 Mining Sareum 1.95 -0.10 3.09 0.22 - -65.00 4809.1 Restore 340.00 2.00 535.00 280.00 0.71 226.67 94.9
Cohort 573.00 -16.00 690.93 416.85 1.76 25.48 19.5 AMC 1.75 0.05 3.50 0.85 - -7.20 7237.8 Smart Meter 669.00 -9.00 864.56 436.60 1.03 3.83 164.3
Financial General House, Leisure & Pers Goods Real Estate
Velocity Co 23.00 -0.50 38.75 12.00 - -9.20 6.9 Arkle Resou 0.95 0.03 2.20 0.40 - -4.36 2184.3 Tech - Hardware
Appreciate 41.20 1.80 64.50 24.00 - 50.86 4.5 Airea 28.50 - 44.00 18.11 2.81 17.81 25.2 InlandHms 53.00 2.00 90.00 32.00 4.15 7.16 496.2
BotswanaD 0.85 -0.03 1.17 0.40 - -14.17 859.8
Banks Arbuthnot 910.00 -2.50 1099 600.00 1.76 35.69 1.6 Churchll 1345 - 2020 605.00 0.77 28.08 1.3 Lok'nStor 630.00 - 730.00 335.00 1.96 62.50 23.5 AminoTech 149.00 3.00 153.02 105.00 1.11 95.45 224.5
CentAsiaM 266.50 8.50 279.00 100.20 2.43 13.94 412.5
Caribbean I 31.25 - 64.45 24.00 17.49 -20.20 21.1 BP Marsh 271.00 3.00 281.70 133.00 0.82 7.25 17.6 Frontier De 2835 45.00 3470 952.00 - 71.95 59.7 PnthrSec 205.00 20.00 350.00 145.00 5.85 -2.83 1.0 IQE 78.55 1.45 91.94 18.86 - -20.73 3766.8
Burford Cap 644.00 -1.00 800.79 250.43 0.52 12.23 361.4 Portmern 572.50 - 778.62 229.59 1.39 18.13 4.9 Oil & Gas SIR 310.50 1.00 469.05 180.00 5.41 -27.48 515.6 Telit Commu 195.00 -1.00 212.50 64.76 - 31.70 153.6
Basic Resource (Ex Mining) Gresham Hou 832.50 - 840.00 450.00 0.54 -98.57 3.9 Sanderson D 109.50 -0.50 119.50 22.00 0.47 260.71 30.6 BorSthnPet 1.41 0.04 2.90 0.10 - -6.71 2975.0
CropperJ 1150 - 1470 580.00 0.22 34.43 3.0 Leeds 19.50 - 28.00 7.50 - -8.86 7.2
Retailers Tech - Software & Services
Industrial Engineering ClontarfEn 0.38 -0.01 1.19 0.28 - -9.38 764.4
MattioliWds 715.00 - 863.25 520.00 2.93 19.09 10.4 ASOS 5772 102.00 5790 975.20 - 45.96 271.4 BoBlue Pris 1581 18.00 1900 795.00 - -14.83 698.7
Chemicals Egdon Res 2.00 - 3.96 1.13 - -1.31 520.7
Numis 350.00 - 359.50 165.00 3.43 13.11 54.6 600 Grp 9.13 - 14.50 6.75 2.78 -8.80 15.5 Boohoo Grou 363.00 - 433.50 133.10 - 55.50 4425.0 Eckoh 65.00 -0.50 72.00 40.00 - 54.62 227.5
Directa Plu 130.00 2.00 160.00 46.25 - -17.88 128.1 Hurricane E 3.61 0.11 17.61 2.15 - -0.35 9935.4
PolarCap 660.00 - 770.00 282.00 5.00 15.07 63.9 MS Intl 159.50 - 168.00 95.00 2.19 -8.31 2.0 CVS Group P 1689 -2.00 1780 670.00 0.33 208.52 235.9 Ingenta 79.50 - 89.00 40.00 - -19.45 2.1
Scapa 222.00 1.00 230.00 82.50 - -7.05 1430.9 PetrelRes 2.75 0.05 11.78 2.40 - -1.95 382.4
Premier Mit 143.00 1.50 168.00 65.00 5.52 35.75 44.4 Pres Tech 105.50 2.00 147.00 50.10 - -10.99 72.3 Iomart 324.00 -4.00 402.00 133.00 2.02 31.76 81.5
Versarien P 46.95 -1.15 80.00 21.20 - -17.45 297.2 Phoenix Glo 5.60 -0.10 15.42 4.50 - -1.38 0.0 Support Services Oxford Metr♦ 90.50 -0.50 127.40 70.00 1.99 71.83 96.5
STM Group 31.00 0.50 42.00 18.00 4.84 19.12 54.6 IT Rockhop 8.95 0.13 17.42 4.00 - -0.22 746.4 Begbies 109.00 4.00 117.00 57.33 2.57 -155.71 151.9 WANdisco 468.00 0.50 834.00 382.16 - -10.71 26.5
Construction & Materials Food & Beverages Keywords St 2728 52.00 2958 1159.28 0.02 155.18 115.3 Sound Energ 1.33 -0.12 4.72 0.74 - -2.71 1938.4 Christie 99.50 - 120.02 54.00 1.26 -15.67 16.0
Abbey 1600 - 1700 1060 - 12.32 0.8
Camellia 7475 -25.00 8800 6250 0.56 -36.22 0.0 Learning Te 172.00 0.50 190.00 106.20 0.15 133.96 1831.0 UnJackOil 0.16 -0.01 0.32 0.08 - -8.00 272403.2 Empres 48.00 - 55.00 28.00 - -8.28 2.4 Travel & Leisure
AccsysTch 143.25 1.50 167.55 59.80 - 39.48 21.4 United O&G 3.66 -0.17 3.90 1.00 - -64.21 3891.8 Gattaca 103.00 0.50 106.00 29.40 - 57.22 61.9 Celtic 100.00 - 149.50 85.00 - -256.41 0.4
Fevertree D 2400 21.00 2587 888.40 0.63 58.61 399.9 LEISURE
Aukett 1.60 -0.10 2.94 0.75 - 3.48 60.0 Impellam 248.00 - 320.00 210.00 - -4.40 6.4 ..6%CvPf 121.00 - 158.00 117.00 - - 4.0
FinsbryFd 74.00 3.20 103.00 50.00 3.16 -123.33 289.5 Codemasters 602.00 - 670.00 204.50 - 43.31 6609.1 Pharmaceuticals & Biotech
Nichols 1190 10.00 1450 858.00 1.04 24.93 8.5 JhnsnSrv 150.20 1.20 226.00 76.50 0.77 187.75 300.5 ..Cv Pf 220.00 - 269.50 210.00 - - 0.5
Electronic & Electrical Equip Sumo Group 328.00 -19.00 387.85 121.54 - 49.62 254.2 Abcam 1703 -13.00 1735 943.00 0.71 283.83 626.1
LonSec 2250 -50.00 2400 1800 2.67 19.10 0.3 gamingrealm 34.30 0.50 38.60 4.40 - -33.96 424.5
CeresPow 1388 96.00 1626 231.00 - -301.74 1061.1 Health Care Equip & Services AllcePharm 84.00 -0.50 91.00 52.17 0.64 40.19 285.5
Media NWF 205.00 - 218.00 113.00 3.22 11.33 24.6 Jet2 1226 5.00 1950 182.50 0.24 -7.32 1162.3
Checkit 54.50 -0.50 59.25 22.00 - -4.82 40.4 Clinigen Gr 782.50 26.00 940.00 350.40 0.88 76.72 201.3
AVO 41.50 -0.50 50.00 20.00 - -5.06 18.4 Mission Gro 78.50 -3.00 110.00 33.25 2.76 24.45 111.4 Petards 12.75 -0.25 20.00 3.75 - -10.04 12.5 MinoanGp 1.15 0.18 2.10 0.68 - -2.88 2351.8
LPA 83.50 - 117.00 56.00 1.32 30.04 24.5 e-Thera 25.15 1.35 26.80 4.80 - -26.47 93.5
CareTech 518.00 - 532.00 285.00 2.26 23.51 287.2 YouGov 1050 - 1160 393.00 0.38 123.53 37.6 Renew♦ 510.00 -4.00 633.00 304.00 1.50 15.12 53.8
ThorpeFW 330.00 5.00 358.00 225.00 1.68 28.95 3.9 Reneuron 119.50 4.50 174.29 69.13 - -2.67 215.4
Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) BMO UK HIT 89.50 -0.50 101.75 56.00 4.38 96.9 -7.6 IPST UK Eq 164.00 - 184.00 104.00 4.02 165.8 -1.1 PolarFins 149.50 -0.25 154.50 77.20 2.94 148.3 0.8 Conventional - Property ICs 52 Week Dis(-)
Price +/-Chg High Low Yld NAV or Pm BMO UK HIT 354.00 -4.00 402.00 224.00 - 389.1 -9.0 IP UKSmall 526.00 -2.00 634.00 285.17 3.54 589.7 -10.8 PolarTech 2350 25.00 2553 1134.3 - 2541.7 -7.5 Price +/-Chg High Low Yld NAV or Pm
3i Infra 303.00 9.00 320.00 184.96 3.04 254.5 19.1 Brunner 890.00 -6.00 926.00 550.00 2.24 1011.2 -12.0 JPM Amer 597.00 4.00 610.00 328.50 1.09 624.8 -4.4 RIT Cap 2170 20.00 2215 1252 1.59 2296.0 -5.5 Direct Property For queries about the London Share Service pages e-mail
AbnAsianIn 227.00 -1.00 243.00 140.59 4.07 253.0 -10.3 Caledonia I 2750 -5.00 3140 1920 2.22 3543.0 -22.4 JPM Asia 536.00 - 550.00 272.00 2.91 526.2 1.9 Ruffer Inv 278.00 - 280.00 202.00 0.67 268.9 3.4
AEW UK REIT 82.00 - 98.12 53.00 9.76 93.9 -12.7 ft.reader.enquiries@morningstar.com.
Abrdn Div I 97.40 -1.90 112.00 66.20 5.56 114.6 -15.0 CanGen C$ 38.07 -0.03 39.10 16.22 2.26 54.5 -30.1 JPM China♦ 824.00 6.00 875.98 284.50 1.20 782.2 5.3 Schroder To 538.00 -2.00 551.00 244.00 1.21 530.4 1.4
BMO ComPrp 70.60 0.40 108.80 43.50 5.67 116.8 -39.6 All data is as of close of the previous business day. Company classifications
AbnEmgMkts 745.00 2.50 775.00 420.05 2.85 859.6 -13.3 City Merch♦ 186.00 -6.00 203.00 118.00 5.38 193.5 -3.9 JPMElct MC 102.50 - 105.00 99.00 0.39 103.2 -0.7 SchdrAsiaP 666.00 -1.00 686.32 345.00 1.46 712.5 -6.5
BMORealE 76.20 -0.40 85.80 38.72 5.74 98.1 -22.3 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnJapInv 775.00 -5.00 825.00 456.00 1.94 841.4 -7.9 City Lon♦ 359.00 1.50 438.50 269.00 5.29 347.7 3.2 ..MG 947.50 - 973.19 565.20 1.76 998.7 -5.1 SchdrEurReE 85.20 0.20 113.61 56.60 4.97 133.3 -36.1
CustdnREIT 91.50 -0.30 115.20 76.00 6.49 95.2 -3.9 100 constituent stocks are shown in bold.
AbnLatAmIn 59.80 0.60 72.70 38.00 5.85 63.4 -5.7 CQSNatRs♦ 141.50 -2.25 145.50 49.00 3.96 152.2 -7.0 ..MI 92.00 2.00 112.00 64.00 5.11 95.7 -3.9 Schdr Inc 280.00 - 315.02 171.17 4.54 281.1 -0.4
GCP Student 147.80 -1.60 212.50 90.00 4.26 171.1 -13.6
AbnNewDn 356.00 -3.00 369.00 179.59 1.21 389.1 -8.5 Dun Inc♦ 293.00 -3.00 315.00 180.12 4.33 304.8 -3.9 JPM Emrg 150.40 0.50 152.90 72.68 0.94 - - SchdrJap 207.00 -2.50 217.00 126.09 2.27 232.4 -10.9 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Longbow 88.50 -2.00 99.00 64.19 6.78 93.8 -5.7
AbnNewIndia 540.00 -3.00 571.72 296.00 0.19 625.0 -13.6 EcofinGloba♦ 181.50 -3.75 209.00 102.63 3.61 183.5 -1.1 JPM EurGth 314.00 -3.00 330.00 170.89 1.67 350.7 -10.5 SchdrOrient 283.00 7.50 283.00 151.50 3.64 289.7 -2.3 are based on intra-day trading over a rolling 52 week period. Price/earnings
SLIPropInc 61.50 - 96.00 43.51 7.74 81.3 -24.4
AbnNewThai 451.00 -2.00 514.00 322.00 4.21 514.4 -12.3 Edin Inv 555.00 5.00 611.00 335.50 5.16 605.0 -8.3 JPM EurInc 134.00 -4.00 164.50 78.80 5.00 149.5 -10.4 SchdrRealEs 40.00 -1.45 55.90 27.65 4.52 58.8 -32.0 ratios (PER) are based on latest annual reports and accounts and are updated
TR Prop 376.50 -0.50 497.83 217.50 3.72 412.7 -8.8
AbnSmlInCo 311.00 - 350.00 175.00 2.72 355.2 -12.4 Edin WWd 409.00 4.50 425.12 124.60 - 394.7 3.6 JPM EuSm 471.00 -3.00 494.00 209.00 1.42 524.1 -10.1 SchdrUKMd 602.00 -2.00 694.00 271.93 3.07 664.1 -9.4 with interim figures. PER is calculated using the company’s diluted earnings
Tritax Euro € 1.21 -0.01 1.25 0.67 3.73 1.3 -6.9
AbnStdAsia 1225 -12.50 1260 696.00 1.14 1366.8 -10.4 EP Global 280.00 -4.00 308.00 214.00 2.14 307.5 -8.9 JPM Clavr 642.00 -8.00 770.97 446.00 4.56 662.8 -3.1 SchdrUKPubP 35.60 0.05 39.95 18.89 - 43.8 -18.7 from continuing operations. Yields are based on closing price and on dividends
Tritax Euro 103.50 -2.00 110.00 65.20 - - -
AStd Eqt In 325.00 2.00 399.99 194.36 6.58 349.8 -7.1 EuroAsset 120.00 -0.75 126.50 62.40 5.69 133.6 -10.2 JPMGblCoreR 98.00 0.70 112.50 70.00 0.77 90.4 8.4 ScotAmer 470.00 2.00 483.00 243.80 2.54 453.3 3.7 paid in the last financial year and updated with interim figures. Yields are
UKComPrp 68.50 -0.30 87.30 47.35 4.70 86.2 -20.5
Abf Sml 1258 16.00 1434 608.25 2.54 1371.9 -8.3 F&C Inv Tru 792.00 7.00 822.67 463.00 1.10 848.3 -6.6 JPM GEI 153.00 1.50 162.00 82.00 3.33 160.0 -4.4 Scottish In 698.00 3.00 802.31 550.00 3.44 767.5 -9.1 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Abf Spl Inc 64.60 -0.40 90.00 34.50 6.53 74.8 -13.6 FidAsian 440.00 -1.50 463.00 243.00 2.00 464.4 -5.3 JPM Gl Gr&I 397.00 1.00 407.10 218.00 3.28 384.8 3.2 ScottMort 1346 3.00 1418.57 451.80 0.24 1323.7 1.7 VCTs 52 Week Dis(-) companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Alliance 905.00 3.00 932.00 536.00 1.55 962.9 -6.0 FidChiSpS 482.50 -0.50 503.08 180.20 0.88 485.3 -0.6 JPM Ind 739.00 -1.00 770.00 398.00 - 859.0 -14.0 ScottOrtll 1005 -2.50 1065 600.00 1.14 1155.0 -13.0 Price +/-Chg High Low Yld NAV or Pm capital changes where appropriate.
AllianzTech 3190 30.00 3290 1176 - 3119.3 2.3 Fid Euro 276.00 1.00 291.58 177.40 2.34 292.9 -5.8 JPM JpCapSm 530.00 -9.00 616.00 275.00 3.45 563.7 -6.0 Seneca I&G 174.25 -0.25 178.00 107.50 3.86 176.2 -1.1 ArtemisVCT 15.00 - 51.79 14.25 26.67 - - Trading volumes are end of day aggregated totals, rounded to the nearest
Art Alpha 390.00 -1.50 428.00 205.00 1.33 427.1 -8.7 Fid Jap 228.00 -2.00 241.16 104.25 - 244.9 -6.9 JPM Jap 710.00 2.00 744.04 323.00 0.70 720.5 -1.5 Smithson 1684 20.00 1778 890.00 - 1626.2 3.6 Baronsmead ♦ 74.50 - 97.00 40.00 8.72 78.0 -4.5 1,000 shares.
Asia Dragon 574.00 -8.00 604.00 302.50 0.83 631.9 -9.2 Fid Spec 245.00 2.50 277.50 128.16 2.35 242.2 1.2 JPM Mid 1105 - 1430 598.00 2.67 1251.3 -11.7 StrategicEq 245.00 -3.00 266.00 112.28 0.61 296.7 -17.4 BSC VCT 70.00 - 73.67 46.00 5.71 73.6 -4.9 Net asset value per share (NAV) and split analytics are provided only as a
Aurora Inv 199.00 -0.50 234.00 130.00 2.26 203.9 -2.4 FinsG&I 877.00 7.00 927.00 595.00 0.91 873.5 0.4 JPM Mlti-As 90.10 - 107.00 63.00 4.44 104.3 -13.6 Temp Bar 985.00 26.00 1392 563.00 5.22 1048.5 -6.1 ..VCT2 50.80 - 53.50 40.00 6.89 53.5 -5.0 guide. Discounts and premiums are calculated using the latest cum fair net
AVI Global 897.00 - 934.00 493.00 2.29 998.0 -10.1 FstPacfic H HK$ 2.48 0.06 2.84 1.10 6.14 - - JPMRussian 640.00 -3.00 758.00 404.00 5.47 729.4 -12.3 TempEmerg 1062 6.00 1080 570.00 1.79 1151.7 -7.8 Inc&GthVCT 75.50 - 76.90 52.00 18.54 79.2 -4.7 asset value estimate and closing price. Discounts, premiums, gross redemption
AVI JapOpp 111.00 -2.00 114.50 73.40 - 109.9 1.0 GenEmer 925.00 2.00 950.00 540.00 1.67 1017.5 -9.1 JPM Smlr 352.00 0.50 376.00 126.00 1.56 357.0 -1.4 Tetragon $ 10.11 - 12.25 6.78 7.38 24.2 -58.2 Nthn 2 VCT 58.50 - 62.50 42.00 5.98 62.3 -6.1 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
Axiom 87.00 - 95.00 68.00 6.90 95.8 -9.2 GRIT# 2.75 - 5.50 0.65 - 1.4 96.4 JPM US Sml 428.00 6.00 441.47 191.31 0.58 418.3 2.3 TRIG 128.40 0.80 167.00 95.79 5.19 113.6 13.0 Nthn 3 VCT 86.50 - 91.00 54.50 4.62 91.6 -5.6 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BG Euro 148.00 1.80 152.00 59.40 14.53 - - GoldenPros 49.00 - 75.00 20.00 - 56.5 -13.3 KeystoneInv 332.00 -10.00 358.00 161.00 3.37 331.8 0.1 TREurGth 1320 20.00 1370 530.00 1.69 1478.8 -10.7 NthnVent 64.00 - 68.90 46.00 5.47 68.2 -6.2 in pence.
BG Japan 1098 4.00 1136 514.00 0.32 1061.2 3.5 Gulf Invest $ 1.39 -0.01 1.54 0.85 2.45 1.5 -7.3 Law Deb 707.00 4.00 771.00 366.00 4.60 666.6 6.1 TroyInc&G 70.00 -0.10 86.40 58.69 3.97 71.5 -2.1 ProVenGI 54.50 1.50 57.75 44.00 5.96 57.2 -4.7
BG Shin 245.50 -2.00 274.50 105.06 - 238.1 3.1 HAN♦ 210.00 - 222.00 123.77 1.90 308.6 -32.0 LinTrain £ 1340 -45.00 1718.45 400.00 3.09 1213.6 10.4 Utilico Eme 203.00 1.75 233.24 135.00 3.79 234.0 -13.2 ProVenVCT 66.50 1.50 70.00 55.00 6.02 71.5 -7.0 X FT Global 500 company
Baillie Gif 235.00 1.00 243.92 111.00 1.32 226.3 3.8 HANA♦ 212.00 2.00 220.00 125.00 1.89 308.6 -31.3 Lowland 1160 -7.50 1415 696.00 5.17 1246.6 -6.9 UIL Inv 245.00 -3.00 252.60 109.75 3.16 378.8 -35.3 UnicornAIM 198.00 - 199.90 104.00 3.28 231.7 -14.5 ♦ trading ex-dividend
Bankers♦ 1118 8.00 1146 689.00 1.89 1101.1 1.5 Hen Div Inc 89.20 -2.30 95.80 55.47 4.93 93.3 -4.4 Majedie 232.00 -6.00 240.00 134.00 4.91 286.0 -18.9 VEIL 609.00 -4.00 625.00 288.00 - 685.6 -11.2 ■ trading ex-capital distribution
Zero Dividend Preference Shares 52 Week HR
BB Healthca 191.00 -1.00 196.60 98.68 2.54 192.4 -0.7 HenEuroF 1400 - 1488 860.72 2.24 1542.4 -9.2 Man&Lon 614.00 -10.00 704.00 420.00 2.44 686.8 -10.6 Witan 232.00 1.00 238.00 130.00 2.38 246.4 -5.8 # price at time of suspension from trading
HenEuro 1455 -5.00 1520 804.00 2.13 1591.7 -8.6 Marwyn Val 108.50 1.00 119.75 71.00 - 159.2 -31.8 Price +/-Chg High Low SP WO TAV 0%
BH Global 1915 -25.00 2040 1490 - 1995.0 -4.0 WwideHlth 3880 70.00 3965 2159.52 0.64 3780.5 2.6
HenFarEs 329.00 3.00 349.00 236.30 6.96 323.4 1.7 MercantIT 250.00 1.50 279.10 116.68 2.64 253.0 -1.2 Abf Spl Inc 111.00 - 113.00 97.50 -30.3 -65.5 127.3
..USD $ 20.50 - 21.39 15.30 - 20.5 0.0 Conventional - Private Equity 52 Week Dis(-) The prices listed are indicative and believed accurate at the time of publication.
HenHigh 153.00 0.50 186.50 100.03 6.47 160.1 -4.4 MrchTst 451.50 6.00 544.00 293.00 6.02 444.4 1.6 UIL ZDP 202 110.50 0.50 114.00 80.00 -27.5 -33.0 151.5
BH Macro 3300 -30.00 3730 2580 - 3432.0 -3.8 Price +/-Chg High Low Yld NAV or Pm No offer is made by Morningstar or the FT. The FT does not warrant nor
HenInt Inc 153.50 - 173.00 99.30 3.91 164.4 -6.6 Mid Wynd 734.00 2.00 764.00 420.00 0.93 718.4 2.2 UIL Limited 115.50 - 119.64 73.00 -37.5 -46.1 138.4
..USD $ 35.90 1.10 42.17 25.40 - 35.8 0.3 guarantee that the information is reliable or complete. The FT does not accept
Hen Opp 1345 7.50 1397.46 499.93 1.93 1479.0 -9.1 Miton Globa 317.00 - 320.00 180.00 - 320.3 -1.0 BGUSGROWTH 372.00 2.00 403.00 111.00 - 342.0 8.8 UIL Finance 136.00 1.00 137.00 92.00 -56.2 -73.9 147.0
BiotechGth 1644 4.00 1750 680.00 - 1618.2 1.6 responsibility and will not be liable for any loss arising from the reliance on
HenSmlr 1104 14.00 1142.68 470.00 2.13 1128.0 -2.1 Monks 1450 10.00 1490 618.00 0.17 1398.8 3.7 BMO PvtEq 300.00 -2.00 415.36 219.00 5.26 380.7 -21.2
BlckRCom
BlckRFrnt
92.00
122.50
1.20 94.00 36.20 4.35
2.00 125.91 77.44 4.69
91.9
122.0
0.1
0.4 Herald 2325 -15.00 2450 877.00 - 2495.9 -6.8 MontanSm 1670 12.50 1730 645.00 0.55 1664.5 0.3 Electra 300.00 -10.00 379.00 121.81 - 353.4 -15.1 Investment Companies - AIM or use of the information.
HICL Infra 169.40 1.00 182.88 133.80 4.87 151.9 11.5 Mur Inc 836.00 2.00 940.00 552.00 4.16 865.0 -3.4 HVPE 1972 -24.00 2030 857.00 - 2302.0 -14.3 The London Share Service is a paid-for-print listing service and may not be
BlckRGtEur 544.00 -6.00 566.00 271.14 1.08 532.5 2.2 52 Week Dis(-)
Highbridge 245.00 2.00 245.00 154.00 - 258.7 -5.3 Mur Int 1104 4.00 1224.26 760.08 4.85 1148.7 -3.9 HgCapital 336.00 0.50 354.00 148.40 1.43 299.5 12.2 fully representative of all LSE-listed companies. This service is available to all
BlckR I&G 179.00 2.00 206.92 117.00 4.02 187.5 -4.5 Price +/-Chg High Low Yld NAV or Pm
Impax Env. 487.50 -2.00 500.28 226.00 0.62 431.1 13.1 NewCityHY 51.40 -0.50 60.00 22.90 8.66 50.0 2.8 ICG Ent Tr 1035 5.00 1045 460.00 2.22 1117.0 -7.3 listed companies, subject to the Editor’s discretion. For new sales enquiries
BlckRckLat 380.00 - 489.68 250.00 6.60 416.9 -8.9 BB Biotech SFr 83.50 1.70 86.90 39.55 3.6 - -
Ind IT♦ 514.00 -7.00 600.00 264.00 2.53 583.4 -11.9 New Star IT 124.50 -0.50 128.00 88.00 1.12 171.6 -27.4 Pantheon In 2520 -5.00 2555 1268.53 - 3010.9 -16.3 please email stella.sorrentino@ft.com or call 020 7873 4012.
BlckRckNrAm 173.00 1.00 194.00 106.53 4.62 179.4 -3.6 CrysAmber 101.00 - 108.72 50.87 5.0 124.4 -18.8
IGC 93.20 -0.40 95.00 32.20 - 108.2 -13.9 NorthAmer 234.00 1.00 309.00 187.50 4.10 266.8 -12.3 PrincssPE € 11.30 0.05 12.25 6.64 4.04 13.0 -13.1
BlckRSmlr 1680 -4.00 1806 770.00 1.93 1778.2 -5.5 Gresham Hou 1305 - 1402 830.00 1.8 1478.3 -11.7
IntBiotech 812.00 4.00 862.00 451.00 3.05 801.3 1.3 NthAtSml 3875 -65.00 4054.49 2190 0.77 5077.4 -23.7 StdLfPv 402.00 2.00 418.00 186.00 3.21 479.8 -16.2
BlckRThrmt 780.00 - 826.00 315.60 1.31 766.7 1.7
BlckRWld 599.00 7.00 603.00 208.50 3.67 577.7 3.7 Intl PP 172.20 0.20 176.80 122.80 4.17 145.5 18.4 Oryx Int 1470 -25.00 1520 550.00 - 1563.0 -6.0 Discretionary Unit Fund Mngrs 52 Week Dis(-)
Infra India 1.78 - 2.80 0.60 - 18.2 -90.2
Data provided by Morningstar
BMO Cp&I 291.00 -1.00 357.40 181.50 3.95 296.9 -2.0 Inv AsiaTr 401.00 -15.00 425.00 198.00 2.47 440.8 -9.0 PacAsset 337.00 -6.00 357.00 198.09 0.89 363.7 -7.3 (1000)F
BMOGblSmlr 148.40 -0.40 154.00 76.65 1.15 162.1 -8.5 Inv IncGro 266.00 -4.00 304.65 180.59 4.42 288.1 -7.7 PacHorzn 900.00 8.00 918.00 232.50 - 784.4 14.7 Price +/-Chg High Low Yld NAV or Pm
BMOMgdT 279.00 2.00 282.00 150.05 - 275.4 1.3 IP EnInc 72.10 0.10 77.94 38.50 6.93 75.5 -4.5 PerpInc&Gr 244.50 1.50 342.00 157.20 6.11 - - Right &ISS 2250 -20.00 2320 1251 1.43 2398.8 -6.2
BMOMgdT 133.50 - 146.00 85.00 4.57 135.3 -1.3 IPST BalR 157.00 2.50 154.97 124.00 - 165.4 -5.1 PerAsset 44900 -100.00 47000 37650 1.25 44429. 1.1
BMO UK HIT 90.00 -1.00 102.00 57.00 5.79 97.2 -7.4 IPST Gbl Eq 213.00 - 214.00 140.00 3.31 218.1 -2.3 3 Guide to FT Share Service
IPST Mngd 101.50 -0.50 102.75 100.50 1.58 105.6 -3.9 PolarHealth♦ 240.00 -3.50 259.00 163.00 0.88 272.0 -11.8
www.morningstar.co.uk
18 ★ 20 February/21 February 2021
Twitter: @FTLex
Equity investors need

not worry about
Renault:
rising interest rates
Uber: the gig is up
repair job Workers using gig economy platforms, 2018 (% of total)
Michael Mackenzie
as primary income as secondary income
Renault’s car crash started slowly, then
happened all at once. In just two years, China
the French automaker lost its last India
The Long View

chairman and chief executive to a Indonesia
scandal, watched local rival PSA merge
with Italy’s FCA, and witnessed the Brazil
B
pandemic hammer sales. As economies US
rev up for recovery, Renault faces a UK ond bears are growling a little company stocks, tech and clean energy Where things could become interest-
shortage of semiconductor chips. Never Germany louder and that poses a seri- have recorded greater gains since they ing for the bond and equity market rela-
mind racing ahead, maintaining a ous question for equity inves- bottomed last March. tionship is if the economy bounces back
Spain
straight line will be a struggle this year. tors. When should they really Hence the likelihood that a further so strongly that even the US central
Newish chief executive Luca de Meo Japan start worrying about rising rise in 10-year interest rates along with bank may find it difficult keeping 10-
fears chip shortages will stymie output. France 10-year interest rates? oil prices, will trigger a drop in equities. year interest rates sequestered at histor-
In yesterday’s full-year results, he Sweden Global growth and corporate earnings But corrections are part and parcel of all ically low levels.
noted that Renault’s production could estimates are picking up, affirming bull markets. Much of the current ebullience in
drop by another 100,000 cars. The 0 5 10 15 20 25 30 upbeat investor expectations that have Rather than blame the bond market equity and credit markets reflects the
group made 2.9m vehicles last year, Source: Statista propelled equity and commodity prices and expect central banks to step up prospect of a vaccine-led restoration of
already down a fifth. While the second sharply higher in recent months. Also their support, equity investors should economic activity. That may include the
half of 2020 did improve, Renault still Whether your boss is a human or an to Hong Kong. Ramifications could go on the rise are 10-year global interest take advantage of any drop. unexpected bonus of lost service sector
lost more than €8bn last year. app, you’re still a worker. A landmark far beyond Uber. rates. In the US, Japan, China, Australia, The general narrative of economic jobs coming back fairly quickly.
Automotive free cash flow went deep ruling by the UK supreme court The gig economy went viral on the Europe and the UK they are now at their recoveries, and indeed what transpired The case for a rise in US 10-year
into the red, which swelled the net debt means that Uber will now have to coattails of US Big Tech, providing the highest levels in nearly a year. during 2003 and 2009, is that higher benchmark interest rates from about 1.3
position to €3.6bn. This was about half treat its drivers — who criss-cross sweaty labour for Silicon Valley That is part of a process of validation rates can be offset by rebounding corpo- per cent today looks justified when the
a billion more than analysts had town charging for journeys according glamour stocks like Uber and by financial markets of every economic rate profits in the early stage of an consensus call for US economic growth
expected. The bad news, along with de to the dictates of their smartphones — DoorDash. A similar picture is recovery, even when bond yields have this year has already risen to 4.8 per
Meo’s pessimistic forecasts, caused as workers, entitled to minimum replicated on a far larger scale in been driven down to historically low cent from 3.9 per cent since January,
Renault’s share price to veer off course wages and holidays. China and somewhat smaller in the levels by the massive buying pro-
Equities and corporate according to Bloomberg. But even that
on the day, after a decent rebound this Good news for drivers, but a kick in UK, where an estimated 7.5m people grammes of central banks. bonds are seen as better estimate could be on the low side given
year. Renault fell 5 per cent while the the tyres for Uber. Its home state of have taken on work via online “Bond yields moving higher from an additional $1.9tn stimulus deal fiscal
broader French market climbed. California voted to classify drivers as platforms, according to unions. abnormally low levels suggests rising
than the mediocre returns currently being pushed by the Biden
Renault needs to launch some new contractors. Couriers, among the most exploited private sector confidence and healthier from government debt administration.
models soon in order to counter a But assuming that the UK ruling in China, will also be among the first economic and profit growth prospects,” “US long-term rates are not in the
structural change in its market. Not fans out beyond the initial clutch of to take heart from the Uber ruling. says James Paulsen, chief investment upturn. And a big increase in corporate right neighbourhood and by the end of
only are car ranges rapidly electrifying 35 drivers, it changes the rules of Expect potential litigation and labour strategist at the Leuthold Group. earnings is expected this year. this year there will be a synchronised
but new entrants — from Tesla to NIO engagement with some 60,000 policies to rate a mention or two in Improved prospects for recovery are Société Générale points to consensus global recovery and a big budget deficit
— can attract capital quickly. Until drivers in the UK and, potentially, Deliveroo’s prospectus when it certainly the desired outcome from the forecasts of a 30 per cent rise in earnings to be financed,” says David Kelly, chief
recently partner Nissan had only two millions globally. Uber, which listed launches its planned initial public pandemic but weaning the economy for companies in the MSCI World index global strategist at JPMorgan Funds. In
electric models. But this year it has in 2019, has yet to make a profit. offering. Workers, cheering the and markets away from artificially low for 2021 and 40 per cent for emerging Kelly’s view, a US 10-year interest rate
launched an electric SUV, the Ariya. Investors have already borne the cost ruling, will quickly unite. Lawyers interest rates will still be difficult. markets. ultimately nearing 3 per cent makes
Once a leader in EVs, Renault has of regulatory battles from New York will be busy Global bond markets help set borrow- “Generally the trend is for markets to sense given the expected expansion of
decelerated. Given its financial ing costs for homeowners and compa- follow the change in profit expectations the economy and the likely return of a 2
weaknesses the French group seems a nies, so they are seen as playing an and the expectation this year is for earn- per cent pace of inflation.
couple of years behind the industry, markets are constrained. Crypto- add 50 per cent to rental costs, it is less important role nurturing an economic ings to grow very strongly,” noted Until that point is reached, Leuthod’s
thinks Jefferies. currencies are not considered legal for most warehouse occupiers. That is recovery. That explains why keeping 10- Andrew Lapthorne, head of quantita- Paulsen thinks investors should pay
It is not all bad news. Renault has tender in the country. Local companies because rates are tied to 2015 rental year government interest rates low is a tive equity strategy at SocGen. “For all heed to the historical pattern of equity
electrified its leading internal closely linked to the mining and values. prime objective of central banks. its complexity, the equity market is market performance versus 10-year
combustion models, such as the trading of cryptocurrencies have Pushing up business rates would However, subdued rates also encour- quite a simple beast. It tends to ebb and interest rates since 1900: “When bond
Megane and Captur. Meanwhile, looked overseas to list in markets such squeeze rents. Economists at the IFS age investors to buy equities and corpo- flow with the direction of profit and yields were below 3 per cent, as they are
pricing competition among mid-range as Hong Kong and the US. and elsewhere say that for every pound rate bonds because they are seen as bet- profits expectations.” today, stocks thrived as yields rose.”
Mercedes, BMW and Honda models Locally listed crypto companies are that business rates are raised, rents ter alternatives to the mediocre returns Bullish sentiment is high. The latest Rather than fear the bond market,
has diminished. Some contrarian largely focused on the development of would ultimately be almost a pound from holding government debt. monthly survey of global fund manag- equity investors can prosper from a
investors will be caught blockchain technology for banking and lower. But in the short run, raising During the past 11 months, global ers this week by Bank of America high- stronger economy that boosts earnings
rubbernecking, keen on a turnround commercial use. Demand for those business rates would hit occupiers. equities have rallied by three-quarters lighted cash levels in portfolios being and, yes, results in higher interest rates.
story. But for most it is better to keep services should rise as Beijing pushes It is therefore too soon for investors in value, sending the MSCI All World cut to the lowest level in eight years, It’s called a recovery.
moving past Renault’s shares. ahead with its plans to encourage take- to fret about business rate reform. The index into record territory. Other areas with exposure to equities and commodi-
up of digital renminbi. China has long more pressing question is valuation. of the equity market, including small ties at their highest point since 2011. michael.mackenzie@ft.com
wanted to replace cash. It also seeks to Segro shares trade at a 22 per cent
China/blockchain: curtail the power of local fintech giants. premium to reported net asset value
The PBoC has distributed more than and have underperformed the FTSE
digital realm 100m worth of digital renminbi so far. EPRA Global Real Estate Index by
Local blockchain companies should 4 per cent in the value-driven rally that
Bitcoin is trading at a record high. spy opportunities in systems followed November’s positive vaccine
Blockchain and cryptocurrency-linked development and support as the digital news.
stocks are posting record returns currency becomes more mainstream. But Segro will maintain its strong
around the world. But not in China. The spur will be nothing like the position after the pandemic has waned.
Blockchain-related shares — bitcoin boom during the past few Even after a 30 basis point
including companies that run digital months. But it could be both more compression in investment property
currency trading platforms and sustainable and less volatile. yields to 4.5 per cent last year, there is
cryptocurrency miners — are regarded a wide yield gap with bonds. The
as an alternative to straightforward company has financial muscle and a
cryptocurrency investments. New
York-listed Marathon Patent Group
Segro: strong development pipeline.
The supply of suitable land is also
and Riot Blockchain are investor underrated space limited, particularly for “last mile”
favourites. Both have gained more than distribution in cities in urban sites.
4,000 per cent in the past year. In a hard-hit sector, industrial property Demand is strong, not only from a
Yet the fortunes of Chinese company Segro shines. It collected permanent shift towards ecommerce
blockchain-related companies have 98 per cent of its rents last year. but manufacturers introducing more
been mixed. Shenzhen-listed Brilliance Valuations and pre-tax profits rose by flexibility into their supply chains.
Technology recorded gains of more over a tenth. It has been one of the Just in case, not just in time, is the
than 44 per cent over a two-week span outstanding winners in the ecommerce new mantra. Segro is riding some
in early October as the current bitcoin boom. Now the losers, traditional powerful trends.
rally kicked off. Shares of local peer retailers, are calling for tax changes
Shenzhen Forms Syntron Information that could slow its growth.
climbed in May before losing a third of Next’s Lord Simon Wolfson has
Lex on the web
their value the following month. suggested that business rates rise by For notes on today’s stories
About half of the world’s bitcoin half on warehouses to help fund cuts go to www.ft.com/lex
miners are Chinese. But investors for retail. He is right to say they are out
looking for bitcoin exposure in local of line. While business rates typically
How the jet stream influences weather

Strong jet stream Weak jet stream The polar vortex is a large
area of cold air and low
pressure surrounding the
earth’s north and south
poles. The jet stream — a
fast moving current of air
P ol
L about 10km above the

vo earth’s surface — plays a
ar
L
rtex ola pivotal role in keeping the
P
m r vorte x
L Cold air ea re
am cold polar air in check.
contained
str
st
H H When the jet stream

gj
et
H
Weak jet
Warm air Str o n Warm air Cold air spills becomes wavy, cold air
southward spills southward, as was
L the case in the central US
during the week starting
A large pressure difference helps keep Feb 15. Austin, Texas,
the jet stream on a straighter path, reported temperatures as
containing the cold air over the Arctic low as minus 13C, breaking
When the jet stream weakens it becomes the previous record of
more wavy — allowing the cold air over minus 7C set in 1909.
the Arctic to descend southward,
and warmer air push northward For the FT’s latest
Visual journalism: Steven Bernard climate change stories
Sources: National Oceanic and Atmospheric Administration;; FT research ft.com/climate
Saturday 20 February / Sunday 21 February 2021
Framing Britney Spears The rise and fall of a pop princess — BACK PAGE
Follow us on Instagram @ft_weekend
available, and we have spent decades

building the infrastructure to extract,
process and move them around the
world. In addition, their prices don’t
reflect the damage they do to people or
the environment. And they do their job
very effectively — a single litre of petrol
contains as much energy as 34 sticks of
dynamite. Virtually all the clean alter-
natives are less powerful.
This is why we need energy innov-
ation. Clean tech has to be so cheap that
everyone adopts it.
It is hard to overstate the magnitude
of this challenge. Energy is a $5tn-a-year
business, and it is not accustomed to
rapid change. It will take time to achieve
the scale of change we need, so we
should get to work now on creating the
policies, technologies and market struc-
tures that will make it possible.
The good news is that there is growing
interest among the groups best suited to
drive this change — corporations and
governments. The bad news is that right
Investing in innovative
tech is inherently risky —
I’ve lost more money on
battery companies than I
ever thought I would
now we don’t have the economic struc-
tures to allow them to have an impact,
and so they often do things that may
look good on paper but don’t actually
help solve the problem.
Planting trees, for instance. It sounds
like a simple fix and it has obvious
appeal for all of us who love trees — but
its impact on climate change is over-
blown. Although trees absorb some car-
bon, they can never take in enough to
offset the damage from our modern life-
style. To absorb the lifetime emissions
Bill Gates: My green manifesto

that will be produced by every Ameri-
can alive today — just 4 per cent of the
global population — you’d need to plant
and permanently maintain trees on
more than 16bn acres, roughly half the
landmass of the world.
Yet if you’re a business leader looking
to do something about climate change,
planting trees looks like an attractive
Continued on page 2
It became obvious that it would be vir- How hard will it be? In the course of
Many of us feel powerless in the face of the tually impossible to make real inroads on
disease and poverty when more than one
writing How to Avoid a Climate Disaster, I
developed a way to answer that ques-
in 10 people on Earth did not have relia- tion. I call it Green Premiums — the dif-
climate crisis. Here the billionaire philanthropist ble access to all the benefits of energy — ferences in cost between a fossil-fuel-
lights for schools and health clinics, based way of doing something and the
transport between work and home, ferti- clean, non-emitting way of doing the
and Microsoft co-founder offers four bold liser for crops, even air-conditioning to same thing.
withstand rising temperatures. Green Premiums tell us how much it
ideas to help business take on the challenge But achieving a modern lifestyle
depends on fossil fuels. And the prob-
will cost to zero-out emissions in all the
sectors of the economy where fossil
lem is simple: we can’t afford to release fuels are involved — including produc-
more greenhouse gases. In fact, we ing electricity, manufacturing, agricul-
I
need to stop releasing them altogether, ture, transportation, and heating and
n the conversations I have about Above: ‘Cerro Dominador Solar and do it by 2050. Think of the climate cooling. Armed with these Green Premi-
climate change, one question Project #1, Atacama Desert, Chile’ like a bathtub that’s slowly filling up ums, we can see which zero-carbon
comes up more than any other: (2017), by Edward Burtynsky with water. Even if we slow the flow of tools are practical now, and which ones
“How can I help?” water to a trickle, the tub will eventu- we still need to improve or invent.
Sometimes it’s an individual who Below: ‘Clearcut #4, Vancouver ally fill up and water will spill all over In my research, I found some pleasant
simply wants to know whether to stop Island, British Columbia, Canada’ the floor. To stop temperatures rising surprises. For example, in the US,
buying plastic straws. (Answer: it (2016), by Edward Burtynsky and avoid disaster, we have to turn off switching to a clean electricity grid
doesn’t do much for climate change, but the tap entirely — we have to get to zero using current technology (wind, solar,
it helps the environment in other ways.) © Edward Burtynsky, courtesy Flowers Gallery, London / greenhouse gas emissions. hydropower and nuclear) would raise
Nicholas Metivier Gallery, Toronto
Just as often, though, the question comes The images accompanying this piece are taken from The I wrote my new book to propose a electricity prices by about 15 per cent
from someone working on a larger scale Anthropocene Project, a collaboration between practical plan for eliminating emissions over current retail rates. That’s a rela-
photographer Edward Burtynsky and film-makers
— for example, a chief executive who Nicholas de Pencier and Jennifer Baichwal. A travelling and developing and deploying the tools tively small hike for many people —
wants to know: “What can my company exhibition of the work is showing at the Tekniska Museet
in Stockholm from February 26 to August 31
we need to so. While I’m optimistic that roughly $18 a month — though we’d
do that will really make a difference?” we can do that, it’s going to take a lot of need to make sure that lower-income
Unfortunately, even the most dedi- effort from the only groups capable of families wouldn’t be burdened by it.
cated climate change advocates have operating at a global scale — govern- Europe, with its abundant sources of
struggled to find satisfying answers to ments, non-profits and businesses. renewables, is in a similar position.
that question. But there are in fact Unfortunately, many countries don’t
things businesses can do to make a have as much wind and sunlight as the
measurable difference for the climate. US and Europe do. In those places, the
They will not come easily, though. Green Premiums on electricity will be
Avoiding a climate disaster requires a quite a bit higher, and they’ll need inno-
different way of doing business, the vation to close the gap. In fact, the rela-
courage to take on risks that many CEOs tively low Green Premiums for electric-
are not used to taking — and that inves- ity in the US and Europe are the except-
tors are not used to rewarding. ion, not the rule. For a large majority of
It took me years to come to this point activities that cause emissions — every-
of view. I became interested in climate thing from making cement and steel to
change not as an environmentalist, but flying jetliners — we don’t have clean
as an advocate for global health and options that are remotely as cheap as
development. Since the early 2000s, my their conventional counterparts.
wife Melinda and I have been funding For example, cargo ships run on a fuel
efforts to improve health and fight pov- that costs about $1.29 per gallon in the
erty in lower- and middle-income coun- US. The clean versions of this fuel cost
tries. A few times a year, I would travel from $5.50 to $9.05 per gallon, depend-
abroad for the chance to see the work in ing on how they’re made — an increase
action. Often, I’d fly into a country at of 300 to 600 per cent. No shipping line
night and be struck by the immensity of is going to voluntarily increase its fuel
the darkness. A billion people, I learnt, costs by such a huge margin.
did not have access to reliable electric- Why are most of the Green Premiums
ity. Around half of them lived in sub- so high? Because green products face
Saharan Africa. (Today the global stiff competition from their polluting
number is about 860m people.) counterparts. Fossil fuels are readily
Life
In snowbound New York, In Corot’s painting, we have to look
Note from the Enuma Okoro draws

closely at the flying creature in the
background of the canvas, coming
FTW editor inspiration from an escape almost directly towards us, to make out
that it is not a bird but an angel, its arms
into art — and finds outstretched towards Hagar, towards us
glimmers of hope in perhaps. I have always loved the Hagar
narrative because, in a patriarchal
unexpected places culture where poor women were on the
far margins of society, Hagar’s voice was
heard in the wilderness, heard and
Last weekend, I woke up and stared remembered. The painting made Corot
vacantly out of my bedroom window. So famous when it showed at the Paris
much of the country, besides New York, Salon in 1835, and is now housed at the
has had a recent batch of freezing, Metropolitan Museum of Art here in
Reading Enuma Okoro’s snowy weather, and I hadn’t left the New York.
house in several days. I had a horrible
uplifting column on her foray case of cabin fever and, even with the At the end of the 19th century, Briton
into a patch of urban wilderness cold, I was eager to walk the nature trail Rivière, a British artist renowned for his
in the state park just a short distance animal paintings, created a hauntingly
inspired two very different from the house. Over the past year, beautiful painting of “The Temptation
emotions: a stab of envy at the walking the trails in nature has helped in the Wilderness”, now part of the
relative freedom of New Yorkers me stay sane. collection at Guildhall Art Gallery in
It was eerily quiet in the empty London. With a commanding use of
over us Londoners; and morning. The slim, snow-covered trail colour, and seemingly undefined
inspiration at what is surely was surrounded by tall naked trees, brushstrokes, Rivière portrays a lone,
Signs of life in the wilderness

their spindly limbs a web of exposed contemplative and yet agonised Jesus.
round the corner. veins in the sky. When I cranked my The painting is like an ascending
We are all too aware that we neck back to peer up at them, I felt accumulation of colour from deep
incredibly small. browns and slate blue, to the fiery,
need to look forward — not least In the silence and cold of the isolated luminous horizon of dawn at the top of
to liberate our back page morning I started thinking about my the canvas. A hunched Jesus sits off-
relationship with wilderness spaces. It centre, caught squarely between the
columnist Rob Armstrong from feels like the moment for it. We have mouth, gazing down at the tiny old Above: Briton that our blossoming seasons are behind dark earth and the coming light of
his diet of murder movies. Our just entered Lent, the 40 days leading man. Though his head looks bent in Rivière’s ‘The us. It is easy to feel minute and dawn. His body is slightly amorphous,
up to Easter that symbolise the New exhaustion, his hands are cupped open Temptation in inconsequential. And yet, Elijah is only the creases in his tunic suggesting
Big Read in the news section is, I Testament story of Jesus’s time in the to receive a piece of bread carried in the the Wilderness’ sustained, daily receiving bread and his hunched shoulders and the knees
hope, an essential take on the wilderness. It’s a strange year for it, beak of another raven. There is hardly (1898); below: water, just enough to keep him going. In pressed tightly together.
path out of lockdown — and how after 11 months in which we’ve been anything comforting or nourishing Washington more flourishing seasons, we often take This is a man utterly alone in his
forced to fast from regular sources of joy about this work. Except for those two Allston’s ‘Elijah for granted the daily things that sustain experience, in between who he was, and
we may have to live with Covid. and pleasure, and have hungered for pieces of bread, and the soft grey-blue in the Desert’ us. I think wilderness seasons can train who he is becoming, someone quietly
Next week we take the broader less isolation and more human mountain in the background cutting (1818) — Getty Images us to live for the day at hand, reminding but determinedly reckoning with his
connection. It has felt at times like a through the horizon line. Small and in us, whether we like it or not, that today possibility of choices and their
view. The great historian Yuval symbolic wilderness, one I didn’t choose the distance, but still present. is the one most worthy of our attention, consequences. A bright dot of light
Noah Harari will address the to enter. The wilderness reminds us of At the start of the year, New York and the most simple, quotidian things hovers in the air above Jesus’s head.
our human frailty and lack of control. state governor Andrew Cuomo might deserve our deep gratitude. Scholars debate whether this is
lessons for the world from this encouraged New Yorkers to try to enjoy symbolic of Christ’s role as the New
difficult year. I am also pleased to So, as has been my custom for the last the outdoors by safely visiting state Jean-Baptiste-Camille Corot, one of Dawn, or of the tempting presence of
few years, I’ve used the Lenten occasion parks, trails and wildlife areas. New the pioneers of en plein air painting, was Lucifer, whose name literally means
reveal that he has agreed to to reflect on what the wilderness York state has 180 state parks, and attentive to the realistic details of the “light bringer”.
debate his diagnosis with me at seasons of our lives bring with them. those that are open welcome visitors as environment. His 1835 landscape In this simple visual of a single person
Instead of focusing on what to give up, I long as they’re wearing masks and “Hagar in the Wilderness” plays closed in on themselves, placed solidly
our FTW festival next month. look instead for signs of nourishment maintaining social distance. I love these
Regardless of how brilliantly with shadow and light. In in a desolate, barren landscape, we see
We will have much to discuss. and life. As someone who connects patches of wilderness, the ones I know we arrive in the controlled strokes of butter yellows, the complexity of so much of
But beyond questions on viscerally with the visual arts, paintings how to navigate. ochres, tans, pine greens, sage and wilderness experiences. How exposure
that depict the long tradition of But when, like in Allston’s image, we
wilderness, brushes of periwinkle, Corot contrasts to the elements seems to allow for a
nationalism, surveillance and religious narratives in the wilderness find ourselves in wilderness, desert whether led or the stark but undeniable beauty of the stripping of parts of our former self, an
how to do better next time, I am have offered me meaningful ways to seasons against our will, one of the
driven, it is a place desert, full of its own verdant clusters of emptying. The flaming strokes of light
think about such life experiences. temptations is to imagine that our lives life, and an expansive clear blue behind the figure of Jesus represent the
also interested in the age-old The American romanticist landscape will always remain so barren. We fear of transformation morning bright sky, with a shadowed dawn of another beginning, but also
debate on how best to live our painter Washington Allston’s 1818 scene of sorrow, slightly off-centre in evoke a sense of the transforming fires
painting “Elijah in the Desert” is a the lower half of the canvas. of a crucible.
lives. Deprived of access to visual narrative about the ninth Here, the desperate slave girl Hagar, What I’ve learnt over the years is
wilderness, I have taken to century BC prophet Elijah, whose story from the Genesis story, cast away by that, regardless of how we arrive in the
of wilderness sojourn is found in the Abraham and Sarah to the Beersheba wilderness, whether led or driven, it is a
nightwalking. When the last edit first book of Kings in the Hebrew Bible. desert, is dressed in a sombre navy-blue place of transformation and
is done each evening, I head to God sends Elijah to the Kerith Ravine to robe, and cries out as though in reckonings. No one comes out of
protect him from Jezebel, who has resignation to her fate. Beside her, physical or metaphorical wilderness
the Thames after dark. I relish sworn to kill him. sprawled out on what looks like a dry spaces the same as they were before,
the rare silence and peace in what The grim, mostly brown landscape riverbed, lies her dying child, Ishmael, and whatever new skills we acquire or
is normally one of the world’s takes up the entire frame, and the half dressed in brilliant white cloth that new unveilings of identity we have, it
harrowing mood is set by the terrifying- only highlights his desolate condition. seems to prepare us in unimaginable
busiest cities. As have so many, I looking dead tree set in the middle of The viewer is drawn to both halves of ways for stepping forward into a new
have vowed to cut back on the the canvas, almost its central character. the canvas: caught in wonder at the top flourishing. I hold the idea of wilderness
On the right of the weakened, wretched half, in the illuminated landscape vista wisdom close to heart, as we continue to
old hectic whirl. But will we? Elijah are looming jagged cliff faces. where the light suggests a hope-filled inch our way out of these seemingly
Many thanks as ever for Yet, in the midst of Allston’s new morning, yet unable to unsee the endless storms.
depiction, a single black raven perches lower half, and the hopelessness and
reading us. Alec Russell on a branch with a piece of bread in its anguish of the young mother and child. Enuma Okoro is a writer and speaker
Bill Gates: My green manifesto

Continued from page 1 it buys. If your company runs a fleet of double the size of its R&D team with a to innovate in this area and to help clean policy is time you could spend discuss- responsibility to step up. As someone
vans, for example, you can commit to goal of reducing the price of its burgers energy compete by putting a price on ing your core business instead. who has a large carbon footprint, I
option. That’s not a failure on your part buying electric vehicles. You’ll not only and expanding market share. Last carbon or setting minimum require- But these are the short-term costs wanted to find the most effective way to
— it just means the world hasn’t given meaningfully reduce your company’s March, its products were available in ments for the use of clean energy. required of every business leader who address my family’s emissions. I’m buy-
you a way to do something that has emissions, you’ll also send a signal to just 150 grocery stores. Today they’re Working in these four areas will not wants to do more than pay lip-service to ing enough clean aviation fuel to offset
more impact. auto manufacturers that there’s a grow- available in more than 15,000. always be comfortable. If your bank climate change. It takes courage for emissions from any flights my family
So what can you do that will have ing market for electric vehicles, which The final way you can help drive down loans money to a company that goes CEOs to bear these costs — and patience and I may take. I’m also buying offsets
impact? There are four areas where will in turn drive competition and push the Green Premiums is to help shape under, your bottom line will take a hit. for board members and investors to through a direct air-capture company
companies can make a practical differ- prices down. Procurement is a power- public policies. You can make it clear If you assign your best researchers to a reward them for it. Yet in the long run, and supporting a non-profit that installs
ence. Not all of them will apply to every ful tool to start building markets for that governments need to invest in pub- clean-energy project, they might end these risky steps will be good for busi- clean-energy upgrades in low-income
business, but there is something on this other products too, such as hydrogen lic R&D for clean energy, and call on offi- up going down a dead end. Time spent ness. The Green Premiums will come housing in Chicago.
list for most of them. fuels and greener alternatives to steel cials to give the private sector incentives talking to a politician about climate down, and consumers will remember Although I think this approach is
and cement. which companies were serious about effective, it’s far too expensive to be scal-
The first area involves mobilising Another example of using procure- The arc of energy history, 1840-present helping avoid a climate disaster. able. (Most offset programmes cost
capital to reduce the Green Premiums. ment to drive down Green Premiums Share of global energy supply (%) about $10 for each ton of carbon
For some products — like wind, solar involves the airline industry. Your com- Of course, governments have to play averted. I’m paying about $400 per
and electric cars — the Green Premiums pany can offset the emissions from 50 an essential role too. Like the business ton.) We need programmes that allow
are already low, but will go down even employees’ travel by buying sustaina- Coal leaders who are taking this seriously, lots of people to contribute — which will
further if more companies buy them. In ble aviation fuel for the miles they fly. 40 policymakers need to factor climate drive down the per-ton cost — and direct
other cases, such as low-carbon steel That creates demand for clean fuels, Oil change into many of the decisions they their resources toward funding the
and fuels for shipping and aviation, the attracting more innovation in that area, make. For example, they need to dra-
30
Green Premiums are prohibitively high. and it makes travel-related emissions a matically increase funding for clean Consumers will remember
These are the sectors where we need to factor in your company’s business deci- energy research and development — in
invest the most money and effort. sions. Microsoft and Alaska Airlines 20
Natural gas
the US, a fivefold increase would put which companies were
In practice, this means companies signed a deal like this for certain routes energy on par with federal health serious about helping
need to be willing to finance innovative last year. Other businesses are putting a research. That level of funding would
low-carbon solutions where the Green price on the carbon emitted by all their
10
Modern demonstrate that governments are avoid a climate disaster
Premiums are highest. Investors, for divisions, forcing each team to consider renewables committed to solving the toughest cli-
instance, can lower the cost of capital for its emissions. Swiss Re recently 0 mate problems.
these technologies and make financing imposed a cost of $100 per tonne emit- 0 1840-1900 60 0 1910-1970 60 0 1930-1990 60 0 2015 60 They should also use their procure- breakthroughs that will have the most
easier for them as they get to large-scale ted by each of its divisions. Source: Vaclav Simil, ‘Energy Transitions’ ment power to drive up demand for low- impact. I’m working with partners on
demonstration projects. There are many other examples of and zero-carbon products. Govern- creating such a programme.
In some cases, investors may need to companies making a measurable differ- Government support for energy innovation ments buy huge numbers of products, In my experience, it’s rare to have a
accept lower returns too. This is inher- ence by paying for early-stage techno- from office supplies to airplanes, and cause in which the entire world wants to
Global public expenditure on energy technology R&D* ($bn)
ently risky — I’ve already lost more logies that reduce or offset emissions. are especially big customers in many of participate. I’m used to working in glo-
money on battery companies than I ever Some, including Stripe, are supporting the sectors that are hardest to decarbon- bal health, where rich-world govern-
thought I would. But pooling resources carbon capture, a promising technology 20 ise, such as cement and steel. Major ments and companies occasionally need
Peak in 2009 was due to post Cross-cutting,
and investing together instead of indi- that needs investment to scale up. 2007-08 financial crisis unallocated, other commitments to buy green will send a to be reminded why they should care.
vidually will lower the risk for any single Through the Hybrit project, some steel stimulus funding clear market signal that there’s demand Not so with climate change. People
investor. By providing low-cost capital companies are integrating clean hydro- 15 Electricity and storage for these products. around the world from all walks of life
and other financial concessions along gen into their production methods. And Hydrogen fuel cells Governments should also eliminate want to do something meaningful about
and CCUS
multiple stages of a technology’s deve- utility companies are buying long-dura- unproductive policies that prevent new it. Now, after years of uncertainty, we
Nuclear
lopment, you can help promising inno- tion storage solutions for clean electric- 10 technologies from emerging. And they are finally seeing what meaningful
vators navigate the obstacles that keep ity, as Great River Energy recently did should level the playing field for clean action looks like for business leaders. It
them from getting their ideas out of the with Form Energy. Renewable energy technology by adopting policies such as is having the courage to take risks.
Data visualisation by Steven Bernard
lab and into the market. You can also The third area is expanding research 5 clean fuel standards, expanding tax
mentor clean energy entrepreneurs, and development. Consider Impossible Energy efficiency credits for the technologies we need to Bill Gates is the co-founder of Microsoft
sponsor pilot projects and put money Foods, one of the leading producers of develop, and raising the cost of emit- and co-chairman of the Bill & Melinda
into innovative funds that prioritise cli- plant-based meat, in which I was an 0 Fossil fuels ting greenhouse gases through a price Gates Foundation. His book ‘How to Avoid
mate impact. early investor. (Cattle are a major pro- 1977 1980 1990 2000 2010 2019 on carbon. a Climate Disaster: The Solutions We Have
The second way your company can ducer of methane, a greenhouse gas.) In Finally, those of us who can make big and the Breakthroughs We Need’ is
Source: IEA * Includes spending on demonstration projects
have an impact is through the products 2020, Impossible announced plans to individual commitments also have a published by Penguin
Life
eventually kill more than 11,000 people. fries are of frozen vintage. I’m not com-
Lunch with the FT Christian Happi Everyone feared that once it hit Lagos —
that crowded, chaotic megalopolis — it
would explode across the country.
plaining — this is a solid entry of a dish I
eat often.
We’re both adding generous portions
“This was the moment that now we of red chilli paste to our chicken. “You
need to act to save our people. I told my can’t live here without eating chilli,”
‘With pathogens, we
kids, listen, I have to go deal with a very Happi says. I mention a spaghetti bolog-
dangerous pathogen. I told my wife, if I nese I ordered in Lagos soon after I
die, don’t cry — know that I’m dying a moved that had me sweating like a Caro-
good death because I’m doing it for my lina Reaper. “Because in Nigeria, if
people.” Happi drove to Lagos, where he someone gives you tomato stew, it’s 90
worked with the team there to test the per cent pepper,” he laughs.
need to play offence’ H

patient and, in the months that fol-
lowed, with authorities to contain the appi always mentions “my
epidemic. It was a rousing success: just people”, “the African peo-
19 people in Nigeria were diagnosed ple”, and “Africa”, rather
with the disease. than Cameroon, where he’s
“I had to improvise a lot,” he says. from. I ask whether he
Ebola was supposed to be handled in a wishes he could have started this centre
category-four biosafety facility — the in his home country.
most secure and high-tech — but he had “I’m more pan-African,” he says. “I
to do his work in a level-two room made a conscious decision to come here,
He helped to keep Nigeria safe from because that was all he had. “Suicidal!” because I knew that if I impact Nigeria, I
he laughs. will impact Africa more.” Happi left
Ebola — and is doing the same with Africa’s history with the west is lit- Harvard to, as he says repeatedly,
Covid-19. Over chicken shish in tered with examples of plunder mas- “change the narrative”. “Any time I
querading as benevolence, and science is looked at Africa, it’s all these negative
Ibadan, the ‘pathogen hunter’ tells no exception. Doctors and researchers stories. I felt like I’m here [at Harvard]
Neil Munshi about what the west who came to help during Ebola flew out sharing this knowledge, giving what I
with more than 269,000 blood samples have, yet my people are still looked on as
could learn from Africa’s scientists from patients in Guinea, Sierra Leone if they are not human beings.”
— and his trailblazing plans to and Liberia. That has meant researchers Over the past year, African govern-
in those countries cannot access samples ments have struggled to acquire nearly
pre-empt future pandemics that in many cases they had collected. everything related to the pandemic —
“All those superpowers, all those par- from masks to oxygen and now vac-
I
achute researchers . . . they pretended cines. I wonder what it tells Happi.
arrive at the dusty campus of as if they want to help, but the real “It tells me that Africa has to do better
Redeemer’s University in rural agenda was to control samples, so they in investing in recent developments in
Osun state to meet Christian Happi, can do all kinds of research on them.” the field of infectious disease,” he says.
O
after a five-hour drive up through “And I hope that Africa has learnt that if
hard scrabble south-western ur drinks arrive. We both you had invested in vaccine develop-
Nigeria from Lagos. Behind the one- decide to order the shish ment and developed one or two vac-
storey building that is home to the Afri- taouk, which comes with cines, then we would be at the table. But
can Center of Excellence for Genomics of fries. It will be another 45 we refuse to prioritise our invest-
Infectious Diseases are plywood crates minutes before it arrives.
which once housed components for mil- We keep Covid-safe by skipping the ‘I told my wife, if I die, don’t
lion-dollar Illumina gene sequencers. bread on the table.
It was here that Happi sequenced the Happi continues, explaining his fierce cry — know that I’m dying a
first coronavirus samples in sub-Saha- opposition to drop-in science. “They good death because I’m
ran Africa, within days of its being diag- come into your setting, they don't
nosed in Nigeria, and recently identified understand how your health system is doing it for my people’
the South African variant’s first appear- structured, they will be directing you
ance in Africa’s most populous coun- how to do things . . . in a country
try. And this was merely the lat- they don't understand!” ment . . . And it’s not because there are
est vital intervention against Happi says. “What prevents no resources on the continent — there
deadly disease by one of [them] from coming and train- are. But they are just not priorities.”
Africa’s leading scientists. ing Africans to do it themselves?” Might Covid change that? “It should
He helped to sequence the Happi called the health minister change because the economic losses due
Ebola genome in 2014 and when he made the Ebola diagnosis. to Covid are amazing. A lot of African
was a key figure in Nigeria's “When the Germans and the WHO governments are broke. If the leaders
successful quashing of an out- and the Americans came to him and . . . were a bit more educated, more
break. His research has also said, ‘we need to validate it to con- enlightened, they will [understand
greatly expanded our knowl- firm the diagnosis’, he told them to go this]. But, unfortunately, I doubt it.”
edge of Lassa fever, another to blazes!” he says. Happi believes that we will be able to
haemorrhagic disease that kills “We changed the whole narrative — spot the next pandemic before it over-
thousands every year. what people thought was impossible, we whelms us, in part because the global
Now the 52-year-old Cameroonian showed them it was possible. What peo- community realises that investing a few
is building one of the most advanced ple thought they would come and help billion dollars now beats losing trillions
laboratories in Africa, in the hopes of us to do, we did ourselves — and that to later. Africa, he says, needs to be at the
bringing greater scientific autonomy to me was just amazing.” centre of that conversation.
a continent too long relegated to being He was part of a team that sequenced “Look at how this started in Wuhan
the subject of research — rather than its than the first, when Nigeria recorded university in Cameroon. He chose bio- the Ebola genome. “We made the data and in little or no time we were all into it.
author. “What I like about it is that it is w I m py Iba da n just 100 or 200 confirmed cases a day chemistry, inspired by an article he’d openly accessible and available So would it make sense to invest and
Onireke Road, Ibadan,
something marvellous in the middle of Nigeria
for a population of 200m. (In the weeks read about James Watson and Francis . . . Those that want to do vaccines, use make sure you’re combing the world
nowhere,” he says. “I want people that after our meeting, the rate of infection Crick and their discovery of the struc- it; those that want to do therapeutics, . . . to prevent this kind of thing from
are focused. If you go to that place, and Shish taouk x 2 9,200 naira has slowed again.) ture of DNA in a magazine at his pri- use it; those that want to do diagnostic, happening? The answer is Yes. If a dis-
you are not someone who is focused, Chapman 700 naira Since the virus first arrived in Nigeria mary school library. use it . . . And within four months, we ease emerges from anywhere within
you can’t stay there . . . It’s only when Small water 200 naira in March, when Happi confirmed the “The power behind biochemistry, developed a rapid diagnostic test, where Africa, it takes 36 hours to find itself in
we all have purpose that we can actually first case and then sequenced the virus’s being able to discover the structure of turnround time of diagnosis went from New York. It might take another 24
Star lager 500 naira
change the narrative.” genome within 72 hours, he has been DNA, knowing that DNA was, you know, five or six hours to 10 minutes.” hours to Tokyo . . . then trouble starts.”
Before we head off for lunch he takes Tip 2,000 naira wary of making bold pronouncements. I the fundamental unit of life!” Happi Our food finally arrives. My Star is
me down the road on a tour of what will Total 12,600 naira ($33) ask him why the pandemic has been so says. “I could have a kind of, you know, long gone. The chicken is tender and fla- Neil Munshi is the FT’s West Africa
be the permanent home of the ACEGID, soft in Africa. He ticks off the usual superpower, and then I could find a cure vourful, and covered by a thin pita. The bureau chief
rising from the scrubland at this private answers: the median age of sub-Saharan for malaria . . . for my people.”
university founded by one of Nigeria’s Africa is only 18 compared to over 40 in For his master’s, he moved to the Uni-
biggest megachurches. Europe; many Africans live and work versity of Ibadan to research the human
The $4m modern earth-and-stone outside, providing some natural social response to malaria vaccines and drugs.
building, with its level-three biosafety distancing and ventilation. He wanted to examine the resistance of
lab, is backed by the World Bank, the US African DNA is the world’s most some malaria strains to chloroquine,
defence department, the UK Biotech- diverse, because 99 per cent of our evo- which had long been an effective treat-
nology and Biological Sciences Research lutionary history occurred on the conti- ment. “I started thinking about how I
Council, the Wellcome Trust and others, nent. We can’t yet rule out that those could reverse that mechanism of chlo-
whose $20m funding includes grants for diverse genomes — buffeted for millen- roquine failing,” he says. “But in order to
research. Happi has also secured $100m nia by environmental pressures, includ- do that, you first of all have to under-
over five years from “some of the biggest ing disease burdens far beyond what stand the genetic make-up of malaria.”
names in Silicon Valley”. His mission is other peoples experienced — does not It was 1995, and full mapping of the
striking: to build a pandemic early offer “some level of innate natural human genome was still eight years off,
detection system. immunity”, he says. He also notes that but great strides were being made in
Sentinel, as he calls the system, has African countries locked down far ear- how we understand disease. A chance
already proved successful in detecting lier compared to the west, often with meeting with immunologist Dyann
outbreaks of Lassa fever and yellow just a few confirmed cases. Wirth, one of the world’s foremost
fever. He wants to be able to go a step “But . . . the west tends not to give experts on malaria, earned him an invi-
further and deploy rapid diagnostic credit to Africa where it deserves. We tation to Harvard to present his idea. He
tests that would identify pathogens need to be truthful — Africa has more spent the next 12 years working there on
using Crispr gene-editing technology experience when it comes to handling malaria research. It was a stark change
and automatically send results to the epidemics or pandemics,” he says. “It's from how he had worked in Nigeria,
health authorities. Sub-Saharan Africa not always a matter of resources or where, as with nearly every African sci-
is where 70 per cent of pathogens with money — it’s experience, and we can’t entist then — and many now — his scien-
pandemic potential emerge. deny that to Africa.” tific research was purely conceptual.
“I’m a pathogen hunter . . . but we’ve The waiter seems to be maintaining “There was no equipment to do any-
been playing defence. And for me, with his social distance, so we keep chatting. I thing — it was all theoretical, always,”
the knowledge, the skills, the technolo- ask when Happi thinks vaccines might Happi says. “At Harvard I have access to
gies available, we can now play offence,” finally be rolled out in Africa. He looks all the equipment, I have access to all the
he says. “We need to be more proactive, over his glasses, and laughs sharply. resources. And then I can start explor-
we need to be ahead of the curve.” “Earliest — earliest! Middle of the year. ing, using genetic engineering and bio-
A
Earliest! That is after the US has finished technology to explore . . . but I still had
fter a quick tour we are off its own vaccination program. After a leg here in Africa, because I wanted to
to Ibadan, where Happi Europe is all covered. Then they will be present here all the time.”
lives with his wife and three now look and say, oh you guys don’t At this point, 50 minutes into our con-
children, about two hours have vaccines? OK, here you go.” versation, our waiter appears. Happi
H
back towards Lagos. We orders a Chapman, a sweet Nigerian non-
wind our way through the heart of Yoru- appi was born in neigh- alcoholic fruit cocktail popular across
baland, past women in faded wax print bouring Cameroon, the west Africa. I ask for a Star, the classic
dresses hawking roasted cane rat — a middle of seven children in Nigerian lager, which isn’t on the menu
bushmeat delicacy splayed out, grinning Sangmélima, in the heart but which the waiter says he’ll send
and spatchcocked, on wooden sticks. of the great equatorial for- someone to buy. He asks if it’s OK if he
It is past 3pm by the time we pull in to est that covers Africa’s middle. It is comes back with a Gulder, another local
Wimpy, the sort of Lebanese restaurant malaria country, and he was often sick. lager. In the heart of the bone-dry Har-
common across west Africa, with an One day, when he was seven or eight, his mattan, I tell him anything cold will do.
extensive spiral-bound multi-cuisine mother was carrying him home from In 2014, Happi was at home in Ibadan,
menu — burgers, pizza, shawarma, Chi- the hospital. where he had relocated in 2011 with
nese — and sit at a grey plastic table on “I was on her back and she stopped to $1.25m in US National Institutes of
the covered concrete patio. We are the rest and I asked her: ‘Why am I always Health funding to build a genomics pro-
only customers. Ibadan’s knotty traffic sick?’’' he says. “She said she didn’t gramme at Redeemer’s, when he got the
roars behind us. know, and I told her that when I’m older call that the first suspected Ebola
When we meet in late January the sec- and if this disease is still around, I’m patient had landed in Lagos. The disease
ond wave of the coronavirus pandemic going to find a cure for it.” had ravaged Guinea, Liberia and Sierra
is surging across Africa. It is far worse He earned a scholarship to the only Leone, smaller countries where it would
Style
ness, yet their perspectives are strong:
they are creatives, first, foremost, but
not only.
“I understand that responsibility,”
says Simons, of business needs —
indeed, he has helmed his own brand
independently for over a quarter cen-
tury. Responsibility is also the word
Prada uses. “We are a company, with
thousands of people working for us,” she
says. “We have to sell. We are not here to
have fun. Creative people in fashion —
we are not pure artists. We have to be
responsible, because companies and
enterprises should be responsible.
There’s a responsibility to your workers,
about sustainability, about inclusivity.
And not only responsible, but contrib-
uting to change.” Which is precisely
what they are doing, in every sense.
As the date for their autumn/winter
show nears, their first collection, for
spring/summer 2021, has begun to
trickle into stores. Its style was precise —
minimal, maybe — with combinations
of graphic pattern and text-based prints
that literally layered Prada’s aesthetic
with Simons’. The models clutched sim-
ple, rectangular wraps around their
shoulders, pared back in design but
often lustrous in material — duchesse
satin, chiné taffeta, one strewn with
appliqué flowers. The Prada logo, an
enamelled isosceles triangle originally
used on its nylon backpacks, inspired
triangle tongues on slingback shoes,
pyramidal bags, and was a symbol used
in prints. It was swirled into a rosette on
short silk dresses; in the menswear, it
appeared as one of those jacquard knits.
“Raf is obsessed with the triangle,”
Prada says. Simons views it very
directly: “We have to be honest — right
now it is a thing in fashion. The way
things are labelled. I’d rather search for
things to make clear what the brand is,
without putting a 40 centimetre ‘Prada’
— a literal word — on the garment.” He
pauses. “I’m fascinated by how certain
literal Prada things — like the Prada logo
— can be brought into what I call the
architecture of the garments. A logo jac-
quard, a negative space, cut out, a
rosette. Instead of just putting the metal
triangle on it. I understand how impor-
tant it is, that something has the signal
of a brand. But I would prefer to be a lit-
tle more original.”
Contemporary fashion is dominated
The purpose
Simons’ name is referenced
in pop songs — one, by the
hip hop collective ASAP
Mob, is titled ‘Raf ’
O
n Thursday, February 25, A decade later, in 2005, Simons by logoed and sloganed designer sports-
of Prada
designers Raf Simons and designed his first womenswear collec- wear, loudly messaging designer affilia-
Miuccia Prada will present tion for the Milan-based Jil Sander label tion and conspicuous consumption.
their first autumn/winter — an appointment made by Prada and Neither Prada nor Simons are ignorant
womenswear collection as her husband, Prada chief executive to the fact that that triangle is, of course,
co-creative directors of the Prada label. Patrizio Bertelli, as the Sander label was a logo — quieter than a brand name, but
It’s their third overall, since their collab- then part of the Prada Group. Simons’ just as persuasive as a badge of identity.
oration began officially in April last work showed new facets to his talent, That connects with streetwear and
year. But they haven’t been in a room namely his skills as a colourist, youth culture. Simons is obsessed with
together since January, and even then, expanded in his subsequent, shortlived the latter, and his work has contributed
only briefly. but critically acclaimed tenures at much to the former.
Thanks to Covid-19, the pair have had Christian Dior and Calvin Klein. His The triangle also suggests the insignia
to power through the first year of their Interview | As co-creative directors Miuccia Prada and Raf Simons name is referenced in pop songs — one, or crest of a uniform, the latter being
high-profile partnership largely via by the American hip hop collective something Prada adores, and has often
Zoom meetings, video fittings and old- ASAP Mob, is actually titled “Raf”. explored. She dressed in clothes bought
fashioned telephone calls. Miuccia unveil their autumn/winter 2021 womenswear collection, they talk to Prada Group is, of course, not only a in school outfitters and uniform shops
Prada is based in central Milan; Simons creative powerhouse but a commercial before she began making clothes under
moved into a Milanese villa in June, and
now divides his time between the Italian
Alexander Fury about working remotely, logos and defining the brand juggernaut, with total net revenues of
€3.2bn in 2019. It was battered by the
the Prada label; and for Simons, uni-
forms represent the communities he is
fashion capital and Antwerp, where his waves of store closures during last year’s fascinated by. He dedicated a 1998 col-
namesake label is based. lockdowns, but rebounded in the sec- lection to the style of Kraftwerk, the
“I think that, actually we are working ond half, allowing the group to reach most “uniformed” band of all-time.
together more and more,” says Prada, promises it’s a hardcore vision. “You late 20th-century minimalism, while Clockwise from top left: positive pre-tax earnings for 2020. “Those are all thoughts that he
who turns 72 this year. She’s talking via know, Miuccia is an extremist,” he her clothes explored arresting, even Miuccia Prada; Raf The group comprises not only Prada, brought in,” Prada says. “The idea of
Zoom, from a room upholstered in smiles. “And I love it.” outrageous ideas of sincerity, banality Simons; Prada AW21 but the brands Carshoe, Church’s and community. The idea of defining Prada,
green velvet. Behind her hang major If it’s tricky to get the two in a room and even “bad taste” previously more menswear collections and Prada’s sister label Miu Miu, of which which I think is very welcome. I think,
artworks — a fluffy Achrome by Piero together, it’s trickier still to wrap your akin to contemporary art than fashion. SS21 womenswear — Brigitte Miuccia Prada remains sole creative in this moment of confusion, you have
Manzoni, and John Baldessari’s “Box head around the situation in the first She continues to innovate, and her out- Lacombe; Conrado Véliz
director. I wonder if this collaboration to be more precise. You have to be more
(Blind Fate and Culture)” from 1987. place: two of fashion’s most influential put has helped shape the work of subse- has changed her perception of that direct in what you want to say. I think
She did work with Simons, in the figures, collaborating on a single line. It’s quent generations of designers, includ- brand? “Somehow, yes, actually,” she it’s very, very important to define what
flesh, through July and September last the industry equivalent of Pollock and ing Simons himself. says. “Before, I could have half of me in the purpose of Prada is; what are the
year, which was important, both say. Picasso deciding to get together and He started his menswear label in 1995, one place, half of me in the other one. things that really matter to Prada, in
“But now, we really started to work paint on the same canvas. fundamentally affecting the silhouette Now, all myself, it is in Miu Miu. That this moment.”
together, in a much more deep way,” she These are two designers that have of menswear not once, but twice — first, should be good for Miu Miu.” It also, perhaps, helps for Prada to
says. “Basically, we, on every single sub- shifted modern fashion. When Prada shrinking it down in skinny black suits, Since 2014, Prada has also been co- have a fresh perspective. “When you are
ject, every single thing, we talk.” launched clothing under her family’s then oversizing it with layers of sweat- chief executive of the group alongside in your brand — you view the DNA dif-
“We had much more time for this one leather goods label in 1987, her aesthetic shirts and bomber jackets. Both are still her husband. Both she and Simons are ferently than someone from outside,”
— the first [collection] was very com- had a seismic impact: she helped define enormously influential, and referenced. often perceived as detached from busi- Simons says when I ask him about the
process of defining Prada. “We talk
It’s the industry equivalent about it in the way that I am not there as
the designer, but that I am there as the
of Pollock and Picasso audience. I try to put myself often in
deciding to get together that position. I am the audience. We are
both critical, of our own work, of each
and paint the same canvas other’s work, of other people’s work.
Which I think is important, to push
things further.”
pressed,” Simons, 53, says when we talk Speaking of the audience, there were
separately three days later from a room some that suggested the first collection
in Prada’s headquarters in via Bergamo. contained more Raf-isms than Prada-
He’s speaking of Prada’s autumn/winter isms. Neither Prada nor Simons seem
womenswear show, which will be filmed overtly bruised by those critiques.
later in the week. As with almost all “Here and there you read it: it’s too
fashion shows for this season, it will be Raf,” says Simons himself. “We are
shown without a live audience. The quite flabbergasted if we read things
designs are secret — fabrics have been like that, because that’s also the reason,
hidden, clothes are out of sight. partly, while I’m here. But it’s what
The designers concede that this col- Miuccia wants.”
lection has some congruence with the “Sometimes it’s said that there is more
January menswear show, which at the Raf than me,” says Prada. “OK, maybe.
time they stated was about “the human But I like the idea because otherwise,
body, and its freedom” expressed why would I have called him? If I wanted
through form-fitting, clinging knitted to stay myself — basta. I am happy to
bodysuits in jacquard, and cocooning have him and his ideas, absolutely, to
coats in leather and bouclé tweed. This open up to his ideas because this is what
new iteration, Simons says, will be I wanted — to enlarge the vision.”
pushed further. “They’ve become more “I don’t see it as me, or as Prada,”
exuberant,” he says of the clothes. Simons says. “It’s two things coming
“They are materialised now in a way together. But what we do is Prada,
that they have more Prada DNA.” He because it is at Prada.”
Style
in 2021, thanks to a sharp increase in
New York | A renewed sense wholesale interest from Europe and
continuing demand for the label’s lush,
structured knits. Founder and designer
of optimism pervades the Catherine Holstein is planning to open
four “shop-in-shops” (shops within
department stores) next year, three in
autumn/winter collections Europe, and is “tentatively” looking for
her first full store space.
I ask whether she has any advice for
this year, says Lauren Indvik younger designers. “Don’t be afraid to
be commercial or mainstream,” she
says. “Do not shy away from identifying
I
the items people actually want to buy.
t has not been an easy time for What I find most troubling about fash-
American fashion. While the lux- ion education is that knits are usually an
ury goods sector has proved elective. But everywhere I’ve worked,
remarkably resilient during the knits were 60 to 70 per cent of the busi-
pandemic, it is the big, conglomer- ness. Fashion students are set up to fail.”
ate-backed European brands that have She is not releasing her autumn/win-
fared best. ter 2021 collection until next week,
Yet a cautious optimism pervaded the which she says is heavy on jersey dresses
mostly digital New York Fashion Week, and bodysuits (of the 1980s/1990s
detectable from my kitchen table 3,000 Donna Karan, Carolyn Bessette-
miles away. There was a feeling of hope Kennedy variety) starting at $500 for a
— both for the end of the pandemic and bodysuit and $1,580 for a dress. She is
of lockdowns, which were further eased also introducing more puffers in patent
in New York City last week, and for the leather and cashmere with faux fur col-
new Biden administration, whose mem- lars. “I don’t think this comfort factor is
bers US fashion designers are already going to be dropped,” Holstein says of
eager to dress. what we’ll be wearing post-pandemic.
Many major names were absent, “People want to be free. Silhouettes will
including Ralph Lauren, Michael Kors, become straighter. It’s reminiscent of
Marc Jacobs, Oscar de la Renta, The the ’20s, coming off of the Spanish flu.”
Row, Coach and Carolina Herrera. Miss- With the wholesale market in flux, it
A brighter future
ing too was Council of Fashion Designers is by no means an easy time to be a
of America chairman Tom Ford, who young designer. Long gone are the days
postponed his show hours before its when a career was launched with an
scheduled debut. Some of the designers exclusive at New York department store
will show in a few weeks, when their col- Barneys and a profile in Vogue. Yet some
lections are ready; others, such as The up-and-coming talents are making their
Row, showed in January to take advan- own way, with fun, colourful, body-con-
tage of the pre-collection buying period. scious clothes that appeal to their peers.
Whereas missing fashion week was That includes the label Collina Strada,
once seen as a sign of business trouble,
designers say the pandemic has freed ‘People want to be free.
them from the necessity of hosting
shows. “We no longer feel the pressure Silhouettes will become
we used to,” says Prabal Gurung, the straighter. It’s reminiscent
Nepalese-American who outfitted
Kamala Harris in a garnet wool crêpe of the ’20s after Spanish flu’
dress and matching coat in last month’s
inauguration ceremonies. “If a collec- which looked to the 1990s paperback
tion requires a digital video and a look- series Animorphs for its trippy collection
book and that’s enough, that’s it. Before (and lookbook). And Kanye West-
this, we all thought about [skipping backed Maisie Wilen, whose perforated
shows], we were so exhausted, but no knits and 1990s-inspired party dresses
one had the courage to say no.” have garnered endorsements from
This season, Gurung designed a celebrities and stockists such as
gender-fluid collection he described as a Selfridges. Her autumn/winter collec-
“sonnet to the city”. Splashed in polka tion, with its uplifting, saccharine pal-
dots and florals or dyed in pink and red ette, stretchy fabrics and digital prints
— colours that suggest “auspicious looked both fun and freeing — just the
beginnings” in his native Nepal, he said thing in which to emerge from lockdown.
— it was high on glamour without sacri- Creating a collection during a pan-
ficing the comfort and casual fabrics demic has not been straightforward. “It
that customers have learnt to value has been really challenging for every-
more in lockdown. body,” says Anna Sui, who has shown at
Some American brands have had a New York Fashion Week for three dec-
banner year despite Covid-19. Gabriela ades. “We’ve been staggering hours and
Hearst and Khaite are two labels that coming in in shifts. A lot of our textiles
excel at discreet luxury, and have culti- are from Italy or China, and at various
vated a following that spans beyond stages we have been unable to get fab-
American shores. rics.” Some local manufacturers she
In 2019, Hearst opened her first store works with have gone out of business.
in London and was last year appointed The psychedelic collection Sui
creative director at Richemont-owned showed via digital video this week was
Chloé — making her the first US-based smaller in size but still packed a punch.
designer since Alexander Wang to helm “I had been thinking about this 1968
a major French luxury label. film Wonderwall, with George Harrison,
Her ’70s-inflected clothes are deeply which starts out with this professor who
luxurious, and each season she conjures and coat woven into a herringbone pat- Clockwise from has a very traditional, very boring life.
up new twists on her hero pieces — Covid-19 has led to an unprecedented fall in the luxury goods market tern up the front and back, and a dainty top left: Proenza One night he comes in and peeks
double-breasted wool trenchcoats, Personal luxury 2020 breakdown … slip dress with a ribbed knit bodice and Schouler; Maisie through a hole in the wall, and realises
flared trouser suits, midi skirts in goods market (€bn) … by category … ... and by region floral lace centre reportedly adapted Wilen; Gabriela next door is a swinging ’60s fashion
leather and wool — that are just novel Rest of world 9 from a drawing by Hearst’s daughter. A Hearst; Anna model, he sees this colourful life she’s
enough to keep customers buying. 250 Japan 18 substantial top-handle bag comes with a Sui; Prabal leading, with these great psychedelic
Apparel 45
Handbags, too, are a speciality (which Rest of Asia 27 woven carrier and a base that swivels Gurung; and clothes.” Her collection begins in black
she keeps exclusive by selling them only 200 open to reveal a secret compartment. Jason Wu and white, then blasts into colour —
through her own stores). Jewellery 46 Mainland “I have always believed building a lux- Daniel Shea; Zev Schmidtz;
magenta, amber, turquoise — that, with
Thomas Concordia;
She and her two-person design team China 44 ury brand takes time,” says the LVMH- its stretch mesh and crushed velvet,
150 Leeor Wild; Dan Lecca
achieve all this while reducing the Beauty 48 backed Hearst, who attributes much of looks deliciously textured and inviting.
label’s environmental impact: all knit- 100 Europe 57 her success to her instinctive approach “The comfort part is still there,” she
wear is made of recycled yarn, and this to design. “We don’t have a merchan- says. “We are in that limbo right now —
year half of all products will be made of 50 Accessories** diser [telling us what to design]. So we waiting for life to start up again, waiting
deadstock or repurposed fabrics. By 78 Americas 62 design things we ourselves want.” for that black and white moment to
2022, she has pledged to bring that 0 A strong design instinct is also what burst into full colour. Everyone is feeling
number up to 80 per cent. 1996 2005 10 15 20* In 2020, Asia was the top drives five-year-old Khaite, where sales that same way, all this pent-up creativ-
* Figures are estimates ** including shoes
Among the highlights from this sea- Source: Bain & Co region for luxury sales climbed 70 per cent last year and are ity and energy. It’s going to be like the
son’s collection are a black leather dress expected to grow another 120 per cent roaring ’20s.”
How to winter-proof your skin

Beauty | Cleansing and exfoliation are just as important as moisturising — but moderation is key to protecting your complexion in cold weather, writes Carola Long
I
rritated? Sensitive? Confused? what works best for them, but I would Below: One of the beauty buzzwords microbiome which comprises bacteria, exfoliation for the best efficacy and explains that, “[Covid-19] masks dis-
Maybe even a bit flaky? I’m not like to introduce a Swedish word called for 2021 is ‘skinimalism’; right: fungi and viruses, and warns not to tolerability.” rupt our skin barrier. We get sensitivity,
talking about lockdown-induced lagom which means we shouldn’t do Elemis’s Pro-Collagen Naked over-cleanse because some of these When choosing a moisturiser, skin redness, breaks in our skin and
moods, but winter-ravaged faces. things too much or too little.” Cleansing Balm — Getty Images microorganisms have benefits for the Bunting suggests “a cream format that breakouts. I started religiously using my
When it comes to tackling a dull We often fixate on moisturiser as the skin. She also recommends that people contains a blend of occlusive ingredients balancing toner (£45, drsturm.com) as
complexion it can be tempting to pile on holy grail of hydration, but cleansing with normal to dry and sensitive skin to trap water in the skin and barrier it helps with the mask.” She also recom-
multiple potions, but one of the beauty and exfoliating correctly are also impor- skip cleanser in the morning. repair ingredients to replenish cera- mends a serum with hyaluronic acid as a
buzzwords for 2021 (no other industry tant so as not to disturb the skin barrier, If you find a product that your skin mides. Seek out ingredients such as shea good hydration tool before applying a
seems to coin so many neologisms) is the outermost layer of the epidermis. has a rapport with — or dislikes — it’s butter, squalane and niacinamide. Good richer cream with more oils in it.
“skinimalism”, which essentially means Bunting urges people to “cleanse gently worth analysing its ingredients in order options include Cerave Moisturis- I love her (admittedly rather pricey)
to pare back make-up and products. — this is the single most important tip to apply this knowledge to future pur- ing Cream (£13, boots.com) Fa c e C r e a m , ( £ 1 3 5 ,
London-based dermatologist Dr Sam for managing winter skin”. Don’t cleanse chases (for example, many find sul- and Dr Sam’s Flawless en.drsturm.com), which
Bunting, has noticed that “lockdown with hot water, she advises. “Use tepid phates, often contained in facial washes, Moisturiser (£25, is calming and plump-
has led to an intense interest in skincare, water instead and pat skin gently dry drying, and my skin loves glycerin). drsambunting.com).” ing, Aurelia’s Cell Revi-
but I’ve seen lots of people who have without rubbing. Avoid foaming or fra- Exfoliation should also be done judi- What about toner, talise Night Moistur-
overdone active ingredients or simply granced cleansers and skip double- ciously so as not to disturb the skin bar- serums and other iser ( £32, aureliaskin-
used too many in rotation at once, lead- cleansing.” I like Elemis’s new Pro-Colla- rier. Noelly Michoux, founder of 4.5.6 potions? Dr Barbara care.com) and Bal-
ing to irritated, confused skin. I firmly gen Naked Cleansing Balm, because it’s Skin, which is designed for melanin-rich Sturm, founder of the monds Daily
believe that less is more.” fragrance free and a lot of hot cloth (darker) skin says, “exfoliation is eponymous skincare Moisturising Cream
And Johanna Gillbro, author of the cleansers are ruined by overly pungent important to avoid an ashy look. and spa line favoured by Kim (£14, balmonds.co.uk), which is good
illuminating book The Scandinavian perfume, (£44, uk.elemis.com), and But over-exfoliating can create inflam- Kardashian and Gwyneth Paltrow, for sensitive skin.
Skincare Bible, which explains skin func- Bioderma Sensibio H2O Micellar Water mation and when melanin-rich skin thinks a routine can be whittled down to Finally, if you wear make-up, then a
tion and ingredients, and founder of (£10.80, boots.com) which has long feels aggression it can cause melano- four or five steps. dewy base won’t draw attention to dry-
skincare brand Skinome Project (ship- been a staple of make-up artists’ kits cytes to overproduce melanin, which As well as cleanser and moisturiser, ness; I have recently discovered the
ping to the UK from April) knows a backstage at fashion week. causes hyperpigmentation. 4.5.6 Skin she advocates toner with the same pH as amazing Dior Forever Skin Glow foun-
thing or two about complexions in cold Gillbro adds that scientists are uses a combination of low percentage the skin “to balance, strengthen the skin dation (£39, dior.com). Think Elsa from
climes. She says “people need to try out increasingly looking into our skin chemical exfoliation and enzymatic barrier, and keep it hydrated”. She Frozen after a facial.
Travel
More modernist places to stay

Van Wassenhove House, Belgium
One of the fiercest and most fascinating of
Brutalist houses, Juliaan Lampens’ design is a
concrete fetishist’s dream. In a neighbourhood
of quiet wealth near Ghent, the 1974 house is a
radical statement of open living. There is little
privacy — even the bedroom is only defined by
a half-height circular timber wall — but the
weight of the structure gives it a cavelike
feeling of security and retreat. Lampens is on
the verge of becoming a cult figure. Sleeps two,
from €250 per night; museumdd.be
Chez Georges, Brazil
This Rio house, overlooking Guanabara Bay, is
the work of architect Wladimir Alves de Souza.
He is a significant figure in the development of
Brazilian Brutalism and this 1974 house is one
of his most engaging works. Sleeps up to 14 in
seven bedrooms, from R960 (£128) per room
per night or R9500 for the whole house;
georges.life
A night with Lloyd Wright

Juvet Landscape Hotel, Norway
If you’ve seen the film Ex Machina you may
have been charmed and chilled by the home of
Oscar Isaac’s creepy tech tycoon. Those scenes
were mostly filmed in the Juvet Landscape
Hotel, not in Alaska but in Norway. Designed
by the architects Jensen & Skodvin, it presents
A
the perfect opportunity to position yourself in
s the US reckons with its est commissions from America’s middle that villain’s lair you always wanted. Double
very character in the wake Modernism | In rural Pennsylvania, visitors can tour the architect’s classes, even though he was no ascetic rooms from NKr3,900 (£332); juvet.com
of national tumult, I keep himself. (On once recovering from
alighting on one of Frank pneumonia his first wish was for “speck- Bauhaus Dessau, Germany
Lloyd Wright’s favoured seminal buildings — Katrina Manson was lucky enough to stay the night led trout and a glass of champagne”, You want modernism? Why not go right to the
words: “Usonian”. according to one of his daughters.) By source? The Bauhaus building in Dessau was
America’s most famous architect the time he died in 1959, at 91, he had designed by Walter Gropius in 1925 and it
popularised the adjective as his take on designed about 130 of these Usonian
the country’s architectural quintes- From top: Frank Lloyd hibited because of the fire risk, although Lake Erie family homes over 25 years. Stay in the
sence. It meant something specific to Wright’s Mäntylä house, they are equipped with microwaves.) After supper at Treetops, I return to student
the US but, unlike most versions of which was relocated from As the project has grown, she has Cleveland the house with a slice of cake squirrelled
PENNSYLVANIA studios at
American exceptionalism, it was defi- Minnesota in 2019; thrown herself into studying Wright, away to spend much of the evening liv- Bauhaus
antly small, quirky and respectful of its interior of Mäntylä, which meeting members of his family and Pittsburgh ing out Wright’s 1958 essay “Democracy Dessau
OHIO
surroundings. No sweeping staircases was designed in 1952 for teaming up with architecture students. in overalls”, in which he wrote that Stiftung Bauhaus
for him, no empire-building columns, Emma and Ray Lindholm; “Some people think he’s pompous; I Polymath Park “quiet repose” would appeal to his Uso- Dessau
no grandiose ceilings; and, most stri- one of Wright’s most think he’s fascinating. The intention was Baltimore nian dwellers.
Fallingwater
dently of all, no box. famous houses, that the everyday American could live Wright played with the notion of com-
“I have, life-long, been fighting the Fallingwater, is 18 miles in [these buildings], be inspired by WEST VIRGINIA pression and release, creating head-
pull of the specious old box,” Wright from Polymath Park nature, be inspired by the house. Washington DC bobbing, claustrophobia-inducing tight became the epicentre of modernism. You can
said in a 1952 address to young Ameri- Western Pennsylvania Conservancy
“You have to see the light move spaces before forcing you forwards into visit for guided tours and even stay in one of
VIRGINIA
can architects — the box in question through the house the way Frank Lloyd US a surge of expansive freedom and crea- the small studios where the students once
being that formed by the floor, walls and Wright intended,” she tells me. The tivity. He regularly creates constriction lived. The 23 rooms are spartan but feature
ceiling of conventional rooms, them- thought of spending a day doing nothing ©Mapcreator.io/©HERE with overhangs and low ceilings (he was reproductions of the original furniture. Doubles
selves stacked to form a bigger box, the but watching shafts of sunlight move 5ft 8in himself and liked to say he from €60 per night; bauhaus-dessau.de
house itself. For Wright, this was about through continuous space — Wright’s by Wright’s protégé are all verticals. designed at “the human scale”), induc-
more than just a fondness for open-plan defining concept for even his smallest of Last on the tour, down another forest ing physical tension before relieving it Haus Schminke, Germany
interiors — the box was a “square pack- homes — is an alluring prospect. lane, is Mäntylä, where I am to return at with the sudden shock of space. The Hans Scharoun is one of the less well-known
age of containment . . . Something not My small group tour starts in Wright’s 5pm when all the day-trippers have sharpest experience of this comes with names of German modernism but one of its
fit for our liberal profession of demo- Duncan House. Stooping under a low gone. I won’t have long: checkout is an Mäntylä's office. You approach it via a greatest architects. His Haus Schminke (1933)
cratic government, a thing essentially door, I am delivered straight to a 1957 early 10am, so it can be cleaned before tight corridor with wood panels to one offers a modernism that is organic and flowing.
anti-individual”. kitchen with a hob with buttons that the daily house tours. side and concrete on the other, again Built by a spaghetti magnate on the grounds of
What better escape, in a year charac- look like they might launch Sputnik. The house is filled with light but I scored with horizontal lines, before his pasta factory near the Czech border, it was
terised by containment, than to stay in a Bleached mahogany veneer, red For- barely want to look yet, eager instead to emerging into a room that better recalls appropriated by the Red Army in 1945 and
house designed by Wright himself? mica, a sunken living room and cork tiptoe back with a key of my own after a submarine than an office. Magnetised then became a socialist youth club. Now
Though the architect designed more floors complete the spell — and with a the rest of the group departs. A few to sit on a low chair at a desk set against a restored, it is an invigorating capsule of
than 1,000 buildings, and more than hint at the technological optimism of hours of wandering forest lanes later, small window on to the pines, I find modernity. Sleeps up to 12, from €250 per night
500 were built, fewer than 60 are open the 1950s heyday, I spy a vintage pink the moment of return at last arrives. myself in front of a typewriter with an for two people, €60 per additional guest;
to the public today, and there are only a hairdryer in the bathroom. From the front, the outside of urge to write. He has made physical the stiftung-hausschminke.eu
handful that you can rent and have to Everywhere you look are horizontal Mäntylä, Wright’s 1952 design for very tonic of concentration.
yourself for the night. For this, I have lines, created by shaped wooden battens Emma and Ray Lindholm, resembles a I go to bed early, expecting to wake Living Architecture, UK
come to Pennsylvania’s Polymath Park, on the interior and exterior walls and in white concrete bunker, scored with hor- with dawn in my curtainless room. But Not a house but a whole collection, this raft of
an architectural haven amid the forests raised sections of limestone in the izontal lines. A row of small square win- the eastern sun is hidden from view, and striking dwellings was intended as to allow
of Westmoreland County, created by kitchen. They seem to unite the space. dows along the top of one outer wall instead I wake late to ambient light. On everyone to enjoy the benefits of architect-
Tom and Heather Papinchak. “The horizontal line is the line of domes- recalls gun ports. This is typical: Wright the day’s agenda are visits to two other designed houses for at least a few days.
The couple hadn’t planned to become ticity,” said Wright. wanted to give his family homes a low Wright designs in the Laurel Highlands: Initiated by the philosopher Alain de Botton,
architectural historians, but when the A short drive through the woods public profile from the front, while Kentuck Knob, a 1956 luxury home with houses by renowned architects including
130-acre plot beside their house came brings us to Balter House, designed by opening up the backs to let light, views built into a hill that is a homily to the John Pawson, Peter Zumthor, MVRDV and Sir
up for sale, they bought it to prevent it Berndtson in 1964. It has all the pizzazz of the natural environment — and a hexagon, and Fallingwater itself, a cas- Michael and Patty Hopkins, it offers an eclectic
going to developers. Already there of a stout shed from the front — but sense of freedom — flood in. cade of rectangles built 20 years earlier mix of styles and approaches. Best of the lot is
among the hemlocks were two 1960s opens up to reveal a huge fireplace And so it goes. Inside, I find myself in that spawned a generation of copycats. an eccentric masterpiece by Charles Holland
homes designed by Wright disciple of local stone and a living area of glass an open-plan, L-shaped, single-storey For now, though, there is time to lin- and Grayson Perry, A House for Essex — a
Peter Berndtson. The Papinchaks went and wood on stone stilts that overhangs space, typical of the Usonian homes ger a little with the calming view of my bizarre candy world of influences. A House for
on to painstakingly relocate and rebuild the ferns outside. It is transporting: Wright envisaged for Middle America. own private, natural courtyard backed Essex sleeps four and costs from £1,075 for two
two 1950s Usonian Wright homes brick even the air feels green. In an act of orig- The rear is almost all glazed, looking out by oak, cherry and maple trees. If nights (but bookings are often awarded via a
by brick — the Duncan house, which inality, or perhaps of rebellion, gone are on to the trees (Mäntylä means “of the Wright’s architecture creates a sense of lottery); living-architecture.co.uk
came from Illinois and which they the horizontal lines: the beams, wood pines” in Finnish). The red roof, which release, so too does a night in these
opened to the public in 2007, and the panels and window struts rendered seems almost flat at the front, soars Pennsylvania woods. A new book by Stefi Orazi, ‘Modernist Escapes’
Mäntylä house from Minnesota, which upwards at the back, forming a triangle (Prestel, published March 4), covers a couple
opened in 2019. Architecture fans can over one corner as of a bird taking Katrina Manson is the FT’s US foreign of these and many more. The properties
now tour the houses by day — often in flight. Large red floor tiles continue into policy and defence correspondent mentioned in Germany and the UK are
combination with a pilgrimage to Fall- the outside space beyond the windows, currently closed because of the pandemic.
ingwater, the cantilevered forest man- creating a terrace that blends inside and
sion 18 miles to the south that is perhaps out — the box seemingly exploded. i / D E TA I L S Edwin Heathcote
Wright’s most famous building — and a I unpack in the master bedroom, full
few lucky ones can stay the night. of warm-hued cypress panelling and Katrina Manson was a guest of Polymath Park
Juliaan
“We’re just kind of two regular people with a bed looking straight into the (polymathpark.com). A night at Mäntylä House
for up to four people costs from $475, with a Lampens’
preserving history,” Heather tells me as woods, then settle beside the big fire- Van
maximum stay of three nights. See also
we chat on the outdoor deck of what was place. I’m tentative at first. My lip- kentuckknob.com and fallingwater.org. Polymath Wassen-
once her home, before the couple stained mug, on Frank Lloyd Wright’s Park remains open but Fallingwater is currently hove
decided to move out to make way for diagonal dining tables, feels scandal- only open for external visits, so check for the House in
their new project. It is now the park’s ous. I open cupboard doors in search of latest updates before you travel. Those entering
Belgium
Treetops restaurant, where overnight I have no idea what. Pennsylvania must have a negative Covid test Museum Dhondt-
guests and locals can dine. (Cooking Wright was famously controlling of taken in the three days before arrival; see the Dhaenens
travel planner at cdc.gov
inside the museum-piece houses is pro- his clients, but he liked relatively mod-
T
he vaccinations have begun, and their scepticism will rise when they including the wearing of masks. The I contacted FT journalists who had
but so have the coronavirus hear that the Harvard report was Vietnamese researchers concede they recently flown, most suggested mask-
mutations. We may be able sponsored by airlines, aircraft have no data on mask-wearing on the wearing on-board was widely observed,
to limit Covid but it’s going manufacturers and airport operators. London-Hanoi flight and that face although one colleague on return
to be around, as UK The Harvard specialists insist their coverings were neither mandatory nor flights between London and Warsaw
government chief scientific adviser findings were unaffected by the widely used on planes back in March. said many passengers’ masks didn’t
Patrick Vallance says, “probably funding. Is there any evidence their More concerning is a study of a flight Will we be able to fly cover their noses, and some sipped
forever”. So will we be able to fly again report is wrong? One case of possible into Ireland last summer, after which from cans to avoid wearing masks. The
without fear of infection? How safe can in-flight contamination was a Vietnam 13 passengers tested positive for Covid- again without fear of real problem, reported by colleagues in
we feel sitting shoulder-to-shoulder Airlines flight from London to Hanoi in 19. A study by researchers from infection? How safe can we the US, UK, France, Italy and Russia,
with strangers for hours in a sealed March, after which 16 passengers and Ireland’s public health department was getting on and off the aircraft.
tube? Pretty safe, according to the crew tested positive for Covid-19. found that mask-wearing was widely feel sitting shoulder to The Harvard study recommends
Harvard TH Chan School of Public
Health, which says we have less chance
Michael Skapinker In a paper published in November, a
team of Vietnam and Australia-based
observed on board the seven-hour
flight, which was only 17 per cent full.
shoulder with strangers airlines strictly control boarding and
leaving the plane. Colleagues described
of contracting Covid-19 on an aircraft researchers say there is strong evidence Although some of the passengers might for hours in a sealed tube? getting on and off as a “joke”, “no
than almost anywhere else.
The school’s Aviation Public Health
Business travel that a Vietnamese businesswoman,
who had been in Milan and Paris before
have been exposed during overnight
transfer stops or in lounges before the
respect” and “a total shitshow”. Passport
control was often the same. Sitting in a
Initiative says that modern planes’ coming to London, passed the infection flight, on-board transmission appeared plane probably presents few dangers of
ventilation systems, with their high to others while on board. The likelihood to be the only possibility in four cases. infection. It’s what happens before and
efficiency particulate air (Hepa) filters, plane, “contaminants released in such of in-flight transmission was strength- There are very few similar examples after that are the real problems.
remove more than 99.97 per cent of the events are fully flushed from the cabin ened by their discovery that 11 of the 15 of proven in-flight transmission. Given
nasty stuff, including bacteria and in as little as two to five minutes, as others infected were sitting within two the air filters’ effectiveness, we should Michael Skapinker will be hosting a live
viruses. Its report, published in opposed to some six hours in a seats of her in business class. probably be more worried about discussion on post-Brexit business travel at
October, says the result is cleaner air commercial or retail space,” the report The Harvard report says that Hepa proximity to infected people at the the FT Weekend Digital Festival in March
than in our offices or shopping centres. says. Some readers have emailed me filtration needs to be supplemented airport, in immigration queues or
If someone coughs or sneezes in a expressing doubts about Hepa filters, by other anti-infection measures, getting on and off the plane. When @Skapinker; michael.skapinker@ft.com
Essay | Crispr technology has the power to optimise our DNA and transform medicine. But, as two
new books show, the ethical implications of its discovery are profound. By Hannah Kuchler
Editing humanity
I
n November 2018, the Chinese sci- risk of him passing on the condition is
entist He Jiankui revealed the minimal with a much safer procedure
results of a groundbreaking experi- called sperm washing. Greely is also
ment: the birth of the first gene-ed- unconvinced the parents were informed
ited babies. The arrival of twins enough to give proper consent.
Lulu and Nana, who had been edited as While Isaacson is breathless in how
embryos to supposedly reduce their momentous he thinks Crispr is, Greely
likelihood of being infected with HIV, breaks down what looks like an impossi-
sparked immediate outrage and con- bly large problem — how to decide if we
demnation from other scientists. The should edit the human race and in what
Chinese government later sentenced He circumstances — to the point where it
to three years in prison. almost looks like a regulatory frame-
For many observers, He had set the work for an existing drug.
world on an uncertain path to reshaping Refusing to buy the argument that
humanity. It was as world-changing as a any human germ line genome editing is
moon landing, or a death of a US presi- a slippery slope into science fiction,
dent. Yet, do you remember where you Greely argues that most of the edits we
were when you heard? make are likely to already be in some of
For all the headlines generated by the the world’s people’s genome. In other
experiment in Shenzhen, it did not words, it is unlikely we will create a
spark a global ethical debate about genome that has never appeared in
Crispr, the gene-editing technology that nature. Nor, Greely adds, do we really
will almost certainly be used to change know enough about our genes to be able
the course of life. While the world to make the enhancements many fear:
clashed over how to regulate the digital there is no single gene for smart or tall.
revolution, decades after those technol- To tackle the scientific problems,
ogies had been unleashed, debates over Greely suggests starting with a cautious
building guardrails for the genetic revo- trial on a small group of parents with
lution also risk being left until too late. clear genetic problems they do not want
Crispr is a surprisingly simple-to-use to pass to their children. These offspring
tool with a clunky name: Clustered Reg- should be monitored for years to under-
ularly Interspaced Short Palindromic stand any untoward effects.
Repeats. It was developed by bacteria On a broader scale, both authors call
billions of years ago to fight viruses. But for the public debate that has so far been
the breakthrough came in 2012, when lacking. Greely argues that the real
scientists Jennifer Doudna and dilemmas will be ones we already grap-
Emmanuelle Charpentier showed how ple with: safety and equity of access.
snippets of Crispr could be used to iden- Isaacson ranges more widely, examin-
tify stretches of DNA, guiding an ing how far we are from agreeing what
enzyme known as Cas9 to snip out or “disadvantages” should be corrected —
change their function. with many communities, such as deaf
The technology could transform med- people, not considering themselves dis-
icine: it is being used to treat genetic dis- abled — to fears that editing could breed
eases, such as the blood condition sickle The Code Breaker: structure of DNA. She initially thought Zhang of MIT, who pipped them to the what He did — but, sadly for the reader, conformity, as people could try to pro-
cell anaemia, in small human trials. It Jennifer Doudna, Gene it was a mystery novel — and, while she post in publishing a paper that showed failed. Instead, the author pieces the tect their children from discrimination
has been adapted to work as a diagnostic Editing, and the Future soon realised her mistake, the book set how he used Crispr successfully in story together from press cuttings from by, for example, changing their skin col-
in new Covid-19 tests and, in the future, of the Human Race her off on a career following clues. human cells, argue it was a leap forward 2018. The trail quickly goes quiet. The our. “Will we lose our diversity? Our
it could be used to defeat viruses. by Walter Isaacson A major staging post on that quest was in its own right. Chinese government swiftly placed He humility and empathy? Will we become
But some fear it could also enable Simon & Schuster £30, 560 pages reached last October when the Berkeley Isaacson does travel to Berlin to inter- under surveillance and later prosecuted less flavourful, like our tomatoes?”
humans to play God. They see a clear scientist and her collaborator, Charpen- view Charpentier. He also spends time him in private. On a more immediate note, Isaacson
line between editing a living person with Crispr People: The tier, won the Nobel Prize for their world- — and apportions acclaim — to Feng. But But what the first half of Crispr People has added an 80-page final section on
a disease, and editing an embryo with Science and Ethics of changing work. “The men who had there is no doubting who he sees as the lacks in detail, Greely makes up for in how Crispr is being used to fight the
changes — such as removing genes Editing the Human sequenced DNA taught us how to read driving force behind Crispr. Doudna is the second half, where he tackles the coronavirus pandemic. The genetic rev-
responsible for inherited diseases such Genome the code of life, but the more important an obvious choice of main character substance of the ethical issues raised by olution has helped us tackle Covid-19
as Huntington’s — or, eventually, by Henry T Greely step would be learning how to write that because she has been driven into the He’s actions. Several countries, mainly with a new generation of vaccines that
enhancing children into so-called MIT£22.50, 288 pages code,” declares Isaacson. public arena by a sense of responsibility. in Europe, have banned human germ were quicker to make because they
“designer babies”. These changes, Recounting complex scientific tales as Her excitement about Crispr’s potential line editing. In the US, it is curtailed by relied on Doudna’s favourite middle
known as human germ line genome if he were a storyteller around a fire, is paired with a recognition of its perils: regulations governing how the Food and manager, RNA. But Crispr’s starring role
editing, are passed down forever. Isaacson helps the reader with signposts she once dreamt of inadvertently meet- is likely to come in a later public crisis,
With one of the biggest questions of — “remember this tiny molecule” — and ing Hitler, who had a pig’s face and was [Doudna] once dreamt of once it can destroy viruses directly.
our time so poorly understood by the playful translations. Ribonucleic acid, asking to understand the uses and There is, however, another key aspect
general public, two new books try to or RNA, which Doudna devoted her life implications of her technology. inadvertently meeting of the pandemic that, I fear, may be per-
shine light into the ethical labyrinth for to studying, becomes a “middle man- So she was horrified when, on Hitler, who had a pig’s face tinent to the future of Crispr. Covid-19
the lay reader. In The Code Breaker, Wal- ager” for translating DNA into proteins. Thanksgiving 2018, she received an has shown that we struggle to hold a sci-
ter Isaacson recounts the drama of the Doudna, the liberal arts college gradu- email with the cheery subject line and was asking to entific conversation in a polarised pub-
discovery in a digestible narrative that ate whose wide interests bridge the sci- “Babies Born”. He, whom she barely understand the uses of lic square, where experts are often pillo-
tackles the promise and the peril of ences and humanities, comes across as a knew, told her he had done what scien- ried, not prized. If we cannot agree on
Crispr. In Crispr People, law professor far more amiable figure than Isaacson’s tists had called for a moratorium on: her technology the wisdom of wearing masks, how will
and bioethicist Henry Greely provides a Below: scientists earlier subject, the mercurial Jobs. She edited not just the cells of a human but we reach a consensus on how to rewrite
more detailed framework for how to Emmanuelle Charpentier says she prefers people in her team to an embryo, making a change in the our genetic future?
think about regulating to get the best and Jennifer Doudna, who get along, even if that means losing out CCR5 gene that could be passed down Drug Administration can spend its The Code Breaker’s confident, cine-
out of Crispr, while avoiding a repeat of received the Nobel Prize on the talent of a wonderful misfit. Yet, for generations. Doudna was shocked money. Yet Crispr is fairly easy to use — matic style makes Crispr accessible like
He’s experiment with life. for their work on Crispr when it comes to rivals, she is comforta- and rushed to a conference in Hong and to hide. Many scientists, including never before, taking readers on a jour-
For Isaacson, an accomplished story- Getty
ble with cut-throat competition. Kong, where she persuaded He to take Doudna, think it is already too late for a ney that is exciting, as well as ethically
teller with past biographies of Leonardo But, by focusing on Doudna, Isaacson the stage and explain his experiment. moratorium. treacherous. Crispr People provides a
da Vinci and Steve Jobs, it is something has also picked a side in a stormy battle The Chinese babies experiment Greely condemns He so thoroughly more academic map for how to think
of a case of after the atom, then the bit, over who gets credit for Crispr. Perhaps marks the start of Greely’s book. The because he believes the risks were sky about the regulation we need. But, sadly,
now the gene. The next great scientific inevitably, the discovery of Crispr has Stanford law professor, who attended high, and there were no real benefits. He neither can offer us the wisdom we need
revolution lies in biology and in been accompanied by conflicting claims the first conference on the ethics of edited CCR5, a gene that has made some to come together, as Isaacson entreats at
Doudna, the co-discoverer of Crispr, and legal wrangles over patents. Many Crispr organised by Doudna, condemns populations less vulnerable to HIV, but the end of his book, and feel our way
Isaacson has found a new hero. of these ultimately boil down to deter- it as “reckless, irresponsible, immoral, we do not know enough about what else into this “new room” together “step by
Growing up in Hawaii, Doudna got a mining how obvious it was that a tool illegal, and probably fattening” (a possi- it does. We also do not know how to step, preferably hand in hand”.
taste for the scientific hunt when she proven in a test tube could be used in ble unintended consequence of messing ensure every cell gets an edit. The sup-
picked up a copy of The Double Helix by human cells. Doudna and Charpentier with genes we don’t understand). posed benefits are also suspect: the Hannah Kuchler is the FT’s
James Watson, who helped discover the argue it was obvious. Rivals such as Feng Greely set out to discover exactly twins’ father was HIV positive but the Pharmaceuticals Correspondent
The argument for a better class of argument

John Gapper on a timely book This is one moral of Conflicted, a fasci- Conflicted: He cites the Wright brothers, who quite well and were bonded by culture. with specialists in interrogation and
nating rumination on how we could do Why Arguments were taught by their father not only to Today’s provocations can be heard hostage negotiation. Several boil down
examining how the wisdom better than berate others on Twitter, or Are Tearing Us argue fiercely, but to swap sides in the around the world with little context to the morals of every Pixar movie — get
of the ancients could help in rival demonstrations. Its author, Ian Apart and How middle of an argument and take the and no innate empathy with the to know the other guy, show empathy,
Leslie, is a former advertising executive They Can Bring opposing position. “The brothers didn’t Tweeter, making it easy for debate to be curious.
make our disputes less toxic and brand strategist who has graduated Us Together argue dutifully; they took delight in it. become bitter. As he says, it is easy to take your own
into a cool and thoughtful writer on cul- ‘Orv’s a good scrapper,’ said Wilbur The second half of the book is devoted culture for granted and hard to under-
W
by Ian Leslie
ture and psychology (including in the Faber/HarperCollins fondly.” to 10 “rules of productive argument”, stand others’. The Branch Davidians led
e inhabit a world of con- Financial Times). £14.99/$29.95 The brothers’ ability to test fiercely which Leslie deduces from encounters by David Koresh, 76 of whom died in the
flict — not just of wars It follows his book Curious (2014) and 304 pages the strengths and weaknesses of the Waco siege in 1993, had some strange
and border tensions, fits with his belief that it is better (and other’s opinions without becoming beliefs but “could actually be quite prac-
but of argument, verbal adaptive in an evolutionary sense) to blinded relied on both trusting the tical and analytical and willing to
jousting and social empathise with your opponent than to gence, and how it can obstruct or assist motives of their intimate antagonist. It problem-solve”. Sadly, the FBI hostage
media pile-ons. There may be no more attempt blindly to crush her or him. It is the quest for truth. Despite its risks, and also meant that they could rapidly work negotiators trying to end the siege
disagreements than before, but they are not only more pleasant, but also more the pain it can cause when it leads to out the best way to make their machine peacefully did not recognise it.
more visible, more audible, and they effective. outright hostility, he is a believer in fly at Kitty Hawk in 1903. It all takes time — and how many have
provoke more anxiety. Conflicted is among several books to strong argument. They employed a version of Aristotle’s the patience to learn from others in pro-
The fracturing of generational oppor- focus on collective rather than individ- “Open, passionate disagreement Socratic method, with one debater test- ductive debate, rather than gain satis-
tunity, equitably distributed economic ual intelligence, and how diversity and blows away the cobwebs that gather ing the other’s argument, rather than a faction from dunking them on Twitter?
growth, and globalisation promote the informed debate can improve out- over even the most enduring relation- single person trying to weigh up all sides Not enough, it seems. This is a reminder
angst. But it is also due to forgetting — a comes. They include Matthew Syed’s ships . . . It flushes out crucial informa- independently. In order for it to work, of what we sacrifice by not fighting
failure to recall tested techniques of Rebel Ideas (2019), James Surowiecki’s tion and insights that will otherwise lie both have to commit to truth-seeking, wisely.
argument that make our species The Wisdom of Crowds (2004) and Steven inaccessible or dormant inside our rather than fight for prestige and status.
uniquely innovative and productive, Johnson’s Emergence (2001). Leslie is brains. It fulfils the creative potential of But we do not live in ancient Athens, John Gapper is FT Weekend’s
which reach back to Aristotle. interested in emotion as much as intelli- diversity,” he writes. where many debaters knew each other The Wright brothers — Getty Images business columnist
Books
Where the Vikings ventured A winter’s tale

Brian Groom on a book that seeks to link the big freeze
of 1962 with Britain’s nascent social revolution
William Dalrymple enjoys a thrilling Frostquake: memories as an eight-year-old.
The Frozen Nicolson is the grandchild of
new history that upends our view Winter of 1962 writers Vita Sackville-West and
and how Britain Harold Nicolson. Her father, Nigel,
Emerged a had inherited Sissinghurst, the
of the Scandinavian conquerors Different romantic Kent castle that they
Country revived, on the death of his mother
in June 1962. Juliet is frank about
F
by Juliet Nicolson
Chatto & Windus Harold’s paralysing grief and her
or nearly 40 years, academic £18.99, 356 pages parents’ deteriorating relation-
books on Viking history have ship. Nigel worried about how to
S
tended to emphasise the same pay for Sissinghurst’s five garden-
message: our medieval Scandi- now started to fall on ers, cook and chauffeur. That was
navian visitors were much Boxing Day 1962, her- in a country where 15m people still
maligned by popular novelists and film- alding one of Britain’s had no plumbed-in bathroom.
makers. Grown-up historians regarded coldest winter spells. A The book’s strength lies in col-
them as “traders not raiders”: peaceful 10-week freeze saw tem- ourful, often serendipitous, detail.
merchants who played a large role in peratures fall to their lowest since At Paignton Zoo, keepers
integrating the sluggish, moribund 1814. The average for January 1963 mounted 24-hour patrols in case
economy of Dark Ages Europe with that was -2.1C; Braemar, Scotland, at apes tried to escape across a frozen
of the Byzantine and Arab worlds. More- River Kings: A one point recorded -22.2C. People, moat. Cars were able to drive
over, they never wore horned helmets. New History of animals and trucks were trapped across the Thames at Oxford. At
It is therefore rather refreshing that the Vikings from by snowdrifts. There were warn- the Snake Pass in Derbyshire, a
Cat Jarman opens River Kings, her bril- Scandinavia to ings that New Forest ponies might perilous 200-foot icy overhang
liant and unusually wide-ranging new the Silk Road attack anyone carrying food. Mis- was detonated by gelignite.
history of the Vikings, with a good old- by Cat Jarman ery was worsened by strikes over The newly formed Rolling
fashioned Viking massacre. She tells us William Collins £25 pay by power station workers, Stones found their gig income dis-
how, in the winter of 873-74, the 336 pages causing electricity cuts. On Janu- rupted by the freeze. Keith Rich-
advance guard of the Viking Great Army ary 14 the leading article in The ard took shots at rats with a
mounted the horses they had extracted Guardian began: “People are dying revolver kept in a lavatory cistern.
by blackmail from the East Anglians in Britain now because of the cold.” Mick Jagger, studying finance and
and headed swiftly south from their This disruption occurred in a accountancy at the London School
camp at Torksey down the old Roman nation on the cusp of social, politi- of Economics, planned to become
road towards Lincoln. The rest of the cal and cultural change. Structural a foreign correspondent for the
army followed in longboats, sailing pillars of class and entitlement Financial Times, basing himself
silently down the River Trent. were starting to fragment, as were between Paris and London. Bob
Both groups knew exactly where they old ways of doing things. The initi- Dylan, visiting London for the first
were going: the royal monastery of Rep- ative was passing to a new, more time, opined that “it’s warmer to
ton, burial places of the kings of Mercia. liberal generation. have long hair”.
Taking the royal guard by surprise, the It is tempting, as Juliet Nicolson A worn-out Macmillan looked
Vikings made short work of the defend- does in this entertaining account, increasingly ill-equipped to deal
ers, and began to plunder the abbey. to link weather events to the social with a changing world, not least
Any surviving locals were herded into revolution. The hardships, she because “the only television at
slave pens from where they were set to A 12th-century suggests, “encouraged, even ena- Birch Grove, his home in Sussex,
work on building an earthwork fortifi- depiction of bled change; the very effect of was in the servants’ hall”. After
cation around the desecrated monas- Viking ships shutting down empowered a thaw- France’s General de Gaulle
tery and abutting the banks of the Trent arriving in ing. Forces of social change that blocked Britain’s application to
where their longboats were beached. Britain had been building over many join the EEC, Macmillan wrote in
Finally, they gathered their own dead, Collection of Pierpont Morgan
Library/ Heritage Images/
years now found their moment of his diary: “All our policies at home
made a human sacrifice of four young Getty Images release as they broke through the and abroad are in ruins.” Harold
slaves and laid to rest the bodies of their icy surface.” Wilson became Labour leader
warriors on a clean deposit of red sand. Sadly, this appears a questiona- after Hugh Gaitskell’s unexpected
The bodies were buried with their resting near the skull of one especially nople and the bazaars of Baghdad. Some Linking both these disparate worlds ble thesis. Virtually none of the death on January 18. A year later
swords and their jewellery — perhaps huge warrior. It was a thrilling summer, of it was peaceful; much of it was not. like a clasp is the small carnelian bead changes and events she describes he was prime minister, ushering in
surprisingly, the Vikings showed a dan- that in many ways changed the direc- The narrative carries us from the we dug up in the vicar’s garden that sum- owes much to snow and ice. The a period of reforms including the
dyish fondness for brooches and neck- tion of my life. familiar tale of the first Viking raid on mer of 1982. Jarman found an almost closest is the suicide on February partial decriminalisation of male
laces, and those made of exotic car- Frustratingly, the full report on Rep- the unsuspecting monks of Lindisfarne identical bead in another Viking river- 11 1963 of poet Sylvia Plath, dis- homosexuality, abolition of the
nelian beads from India seem to have ton has yet to be published, the site was in 793 and the Viking hit-and-run side fortress, in Ukraine, and she traces mayed by the relentless cold, death penalty and an act outlaw-
been particularly popular. backfilled and most of the finds have yet attacks into the heart of the English the origin of both beads beyond the though she was in such a depres- ing racial discrimination.
More than a thousand years later, in to be put on public display. Moreover, countryside until 865, when the Great bazaars of Constantinople and Baghdad sion following the collapse of her Nicolson draws a parallel with
the summer of 1982, a small team of there was a feeling in some quarters that Army landed and began to move to the — through which they must have passed marriage to Ted Hughes that the Covid-19, hoping it might prompt
archaeologists were digging in a mound our finds — replete with graphic evi- wholesale colonisation of the Danelaw. — to their source in distant Gujarat, weather seems incidental. people to embrace a kinder, more
in the garden of the long-suffering vicar dence of rape and slaughter — were Less well-known is the tale Jarman western India. The book ends with Jar- That does not make this a bad tolerant future echoing the reshap-
of Repton when they came across a gory somehow shamefully unfashionable, then tells of the Viking voyages east- man finding the very last man who still book. Most of it is descriptive. ing of 1962-63. Not everything in
find: an enormous charnel of human defying the prevailing academic narra- ward, past the Baltic and then through a makes these beads in a workshop out- Nicolson weaves topics such as the history fits a pattern, though.
bones, many of them clearly men of tive of those peaceful trading Vikings. network of rivers over the fearsome rap- side Ahmedabad, where carnelian still Russian nuclear threat, the tra- Sometimes stuff just happens.
enormous size, among whom were a few Jarman, a Scandinavian archaeologist ids of the Dnieper to the Black Sea and outcrops in the cliffs outside the city. vails of Conservative prime minis-
coins dating from the reign of Alfred the based in Britain who did her PhD on the After putting down my trowel in Rep- ter Harold Macmillan, satirical tel- Brian Groom is a former FT assistant
Great (871-886). At first it was pre-
sumed that these must be particularly
Repton charnel, is the perfect person to
resolve this conundrum, and she does so
The Vikings voyaged east, ton, I left Viking archaeology to swim in
the warmer waters of India’s ocean, and
evision programme That Was The
Week That Was, the Profumo affair,
editor. His book ‘Northerners:
A History. From the Ice Ages to the
large Friar Tuck-like monks. But then with great skill, clarity and narrative down the Dnieper to the reading River Kings seemed to bring two the fashion revolution and The 21st Century’ will be published next
weapons began emerging, and a few of
the skeletons turned out to be sword-
drive. For Jarman likes her Vikings vio-
lent, and her tale — replete with witches,
Black Sea and down the disparate halves of my life together in
the most wonderful and unexpected
Beatles’ rise to stardom with her year by Harper North
wielding warrior women. human sacrifice, Greek fire and funeral Volga to the Caspian way. But the book — one of the most Pulled by a car,
It gradually became clear that the dig- orgies — is at least as lively as any Netflix thrilling works of archaeological detec- a man skis down
gers had stumbled upon one of the most Viking romp, and a great deal more tive work I have ever read — will cast a a street in Earls
important discoveries since Sutton Hoo: intellectually satisfying. down the Volga to the Caspian. Through spell on any reader who enjoys their his- Court, London,
the first Viking camp to be found out- It helps that she has an enviable gift these gateways they reached Byzantium tory well-written and clearly argued. on December 29,
side Scandinavia. It was also the first for turning dry archaeological data into — known by the Vikings as Micklegarth Just as Antony Beevor’s Stalingrad 1962 — Getty Images
archaeological evidence of any sort for thrilling human stories as she weaves — where Jarman escorts us round the reminded us that the eastern front of the
the Viking Great Army, whose murder- cutting-edge science with chronicles, runic graffiti and carvings of dragon- second world war was of far greater con-
ous activities under Guthrum were histories and Nordic sagas, moving headed warships left behind in the sequence than its western theatre, so
described in such splendidly gory detail effortlessly from laboratory readings of Hagia Sophia by the northern visitors. Jarman shows how the westward trad-
by the Anglo-Saxon Chronicle. strontium and carbon-14 to the tales of Yet even Byzantium was not the end. ing and slaving voyages of the Vikings
I should declare an interest: aged 17, the Icelandic bard Snorri Sturluson and Beyond lay the riches of the Abbasid were only half the story. The real source
on my summer holidays, I was among legends of the Valkyries. In this way she Caliphate whose silver dirham became of Viking wealth lay far to the east.
the 10 diggers at work in the vicar’s gar- gradually reveals the extraordinary his- the dollar of its time and a prized cur-
den when the charnel of 264 bodies was tory of Viking activity from Greenland rency whose silver content could be William Dalrymple is a historian and
found. With it was the carnelian bead, and the Baltic to the walls of Constanti- relied upon in distant Scandinavia. author of ‘The Anarchy’
How to undress the male mind

What does it mean to be a ‘real avarice and Protestant thrift”, “a desert Sea State also reflects on men’s “impossible, Man is a raw and powerful tale of cir- root of his behaviour; Chris’s girlfriend is
caliphate” where women were “rarely by Tabitha Lasley Escheresque” desire for women’s bodies cumcision in rural South Africa. (Origi- excited by his impending circumcision.
man’ today? Henry Mance seen out alone after dark” and “where Fourth Estate £14.99 that defy the ageing process. nally published in 2009 by a university In Sea State, there is an inevitable par-
looks for answers in three all the men wore gloves”. 240 pages Lasley never refers to toxic masculin- press in South Africa, it has now been allel between the Aberdeen rigs and old-
Her interviewees, many of them ity — a phrase now as ubiquitous and reissued in the UK and US.) school masculinity. Both served a pur-
stories of modern masculinity incomers from Teesside, testify to mas- Unspoken: Toxic Masculinity homogenising as tomato ketchup. Nelson Mandela saw circumcision as pose in their time, despite their inherent
culinity in flux. On the rigs, feuds sim- and I How I Faced the Man Guvna B is not so reticent. A Mobo- having “an important psychological dangers; now their ill effects on society
W
mer because there are no fights to Within the Man winning grime and rap artist whose real effect”. But for Mgqolozana’s narrator, are clear and they seem destined to col-
hat are men like when resolve them, while the rise of mobile by Guvna B name is Isaac Borquaye, he struggled to Chris, the ritual goes badly wrong. The lapse gracelessly.
women aren’t around? phones has “atomised” community off- Harper Inspire £14.99 come to terms with the sudden death of gangrene is life-threatening, but even What is the clean replacement — mas-
Jane Austen couldn’t shore. Indeed, technology exposes these 288 pages his father in 2017. culinity’s version of an offshore wind
imagine, so her novels hardy men’s reliance on women: Caden In Unspoken, he explores his inability All three books stress that farm? Guvna B aspires to be an expres-
contain almost no pri- pursues Lasley with calls and text mes- A Man Who Is Not A Man to articulate his feelings. He attributes sive, God-fearing role model. Chris, with
vate male conversations. sages; another worker reputedly head- by Thando Mgqolozana this largely to his parents — hard-work- masculinity is not built by his deformed penis, has a different
Tabitha Lasley is more intrepid. A butts his iPad because he can’t stop his Cassava Republic Press £11.99/$15.95 ing immigrants from Ghana who “were men alone — and that it will answer in the preface to his story: “My
sometime journalist, she spends six girlfriend going for a night out. 256 pages too busy trying to make the rent” to dis- self-image is no longer dependent on
months in Aberdeen, interviewing the With each other, the men don’t want cuss emotions — and to the east London change in the next decade what my society thinks of me but what I
men who work on offshore oil rigs. Thus physical confrontation, but don’t have a estate where he grew up. think of it.”
she hunts down that old-school mascu- developed alternative. “Girls are taught divides her from her interviewees is not Unspoken can be a cloying read (is it You cannot read any of these three
linity, which we are always told is under to respond to the subtlest social cues . . . so much gender as class and education. ever acceptable to quote one’s own more serious is the feeling that he has books and imagine that male identity
threat yet which somehow keeps bub- boys to develop a benign tone-deafness The supposedly tough life of the oil Instagram posts in a book?). But it cor- not fully become a man. will not change dramatically in the next
bling beneath the surface. for the very same signals,” Lasley writes. industry seems to have infantilised rectly identifies how men are still catch- The tradition has a hold on Chris, decade. Perhaps men will start to refer
Lasley interviews 103 workers, To secure her interviews, she pushes these men. Employers look after them ing up on the basics of emotional shar- despite the fact that his father and less to their duties as men, and more to
although she is preoccupied with the herself to become a “hybrid” — with the on the rig, so the men expect their ing: “nearly half of all communication is grandfather — who have been through it their duties as partners, friends, neigh-
first one, Caden — not his real name — “unthreatening looks” of a woman and women to do the same off it. An even made up of listening”, Guvna B notes, — are no advert for masculinity or bours, engineers, songwriters. They
with whom she has an affair. The result the “impervious core” of a man. bigger constraint is that they are con- wide-eyed. decency. He is inclined to believe old- may even act roughly the same when
is acidic, addictive reporting with a fic- Despite her mission, Lasley cannot vinced that marriage is not their choice, One notable aspect of western mascu- school masculinity could be rescued, if women aren’t around as they do when
tional veneer. show men without women around: that non-sexual friendship with women linity is that there are no feats of endur- only the traditions just were done right. they are.
Sea State’s writing alone is worth the either she is there, or they are unreliably is impossible, and that they can’t let Las- ance that mark the transition to man- All three books underline that flawed
admission price. Lasley summons up recounting events that happened when ley buy a round of drinks. As her rela- hood. That may be for the best. Thando masculinity is not built by men alone. Henry Mance is the FT’s
Aberdeen — a city made of “Louisiana she wasn’t. Moreover, what often tionship with Caden continues, Lasley Mgqolozana’s novel A Man Who Is Not A Guvna B’s dominant mother is at the chief features writer
Books
What lies beneath

our idea of the city
Nilanjana Roy
Reading the world
I
had never paid much attention to abandoned, sometimes forgotten,
the ground beneath my feet, until I human settlements. Newitz’s
witnessed the excavation of 16th- description of “Dido”, a woman whose
century bridges and monuments skeleton was found in the ruins by UC
unfold in slow time behind the Berkeley archaeologist Ruth Tringham,
Humayun’s Tomb complex, close to my brings Çatalhöyük to vivid life. Dido’s
home in Delhi. home would have had white walls
As the American science journalist, daubed in red ochre patterns, she’d
editor and author Annalee Newitz have climbed a ladder up to the
chronicles in the superbly detailed rooftops because the houses of her
Four Lost Cities, the cities of the past neolithic town were connected by
are never completely lost — exploring overhead roads, and she had suffered
their histories can tell us much about fractured ribs in a bad fall.
our own time. “The city is alive,” Newitz writes, of
If you live in one of the world’s oldest the habitations of our forebears as well
cities, you know that the past is never as our own. “It is a tool, an ancestor, a
far away — Rome, London and New cosmology, and a history. When we
Delhi, for instance, are built on layers leave it behind, we leave a part of
of medieval and ancient settlements. ourselves behind, too. But when we
Carolyn Drake/Magnum Photos
But it is different to see the stones walk the streets of the next place, we
Shattered lives
and arches of stables and old graves find ourselves again, for better and
“almost never admitted to racism”, emerge from the earth. On my evening for worse.”
though one of her employers always walks, I watched spellbound as Piecing together evidence studied by
refers to her in offensive language. archaeologists carefully excavated anthropologists and others, she draws a
Gifty’s imposing father discovers that he buildings from the Emperor Humayun’s fascinating picture of Cahokia as a
is perceived very differently in the US: time, over a period of two years. settlement of people brought together
Gifty’s mother observes “how America The four cities that Newitz explores, by their love of ideas and the
changed around big black men. She saw with the help of archaeologists, importance of prayer — but they also
The second novel by the Ghanaian-American writer Yaa Gyasi offers him try to shrink to size, his long, proud
back hunched as he walked with my
researchers and scientists, are strung
out like beads along the centuries.
liked to party. Pompeii, frozen in time,
sparkles with accounts of the lively
mother through the Walmart, where he Çatalhöyük in Turkey was a large doings of its prostitutes and freed
a powerful perspective on addiction and race, writes Erica Wagner was accused of stealing three times in neolithic and chalcolithic city that slaves, its bawdy graffiti scrawled on
four months.” flourished around 7,000BC; the ancient walls by men and women who proudly
Gifty survives by becoming the star city of Pompeii, a town with a reputation identified themselves by their expertise
C
student, the exception. But she must for hedonism, flourished until it was in one or the other of the amatory arts.
hildren tell themselves sto- and fate entwine. In Transcendent King- come to terms with her family’s past buried in the 79AD eruption of Mount As a species, we’re excellent at
ries to bring comfort, to give dom, too, a family is fractured, though when her mother’s illness — depression Vesuvius; Angkor in Cambodia was the imagining disaster — and terrible at
names to what is difficult in Gifty’s family comes from the African — strikes again. In taking her mother medieval capital of the Khmer empire; taking the obvious, pragmatic steps
an effort to control a narra- continent to America of their own voli- into her apartment in California, Gifty is and Cahokia was a pre-Columbian that might enable us to stave it off.
tive that’s out of their hands. tion. But in so doing, they discover what forced to balance her clinical lab work metropolis that thrived beside the Reading John Preston’s 2007 novel, The
As a little girl, growing up in Hunts- it means to be black in the US in the 21st with the aftershocks of her history. Mississippi River. The first idea that Dig, this seemed a familiar sentiment:
ville, Alabama, Gifty begins to keep a century; their new lives are ones of Gyasi’s first-person narrative is con- Newitz challenges is our sense of what “It seemed an especially cruel sort of
diary — extracts of which pepper the opportunity, but not without cost. fiding and atmospheric as she contrasts a lost city is — cities don’t always have joke that we should be unearthing the
early pages of this moving novel — in The novel begins as a flashback: Gifty Gifty’s ordered lab life with the disorder to suffer sudden destruction or a single remains of one civilisation just as our
which she calls her mother the Black is 11, and has been sent “home” to of her early years: “What I can say for catastrophic event. own appeared to be on the brink of
Mamba after watching a film in school Ghana while her mother recovers from certain is that there is no case study in “It’s terrifying to realise that most of annihilation.”
that shows “a seven foot-long snake that Transcendent Kingdom what is at first an unspecified illness. In the world that could capture the whole humanity lives in places that are Newitz’s Four Lost Cities is more
looked like a slender woman in a skin- by Yaa Gyasi the novel’s contemporary present, animal of my brother, that could show destined to die,” Newitz writes. “The energising than elegiac, a reminder
tight leather dress, slithering across the Viking £14.99, 256 pages Gifty’s mother arrives in Stanford Cali- how smart and kind and generous he myth of the lost city obscures the that humans build great cities in every
Sahara in pursuit of a bush squirrel”. fornia, where her 28-year-old daughter was, how much he wanted to get better, reality of how people destroy their age. One city falls, and centuries later,
Gifty’s parents met in Ghana and emi- is working in a lab: Gifty is a sixth-year how much he wanted to live.” civilisations.” Cahokia suffered another metropolis brings together the
grated to the US thanks to the green card PhD candidate in neuroscience at Stan- If this novel has a weakness, it is that droughts, and over time, it was slowly artisans and the politicians, the
lottery; the father she barely knows is ford. She studies reward-seeking behav- there is perhaps a little too much of the abandoned as its denizens moved out. merchants and the brothel-keepers,
named the Chin Chin Man, after his iour in mice, whether they will tolerate case study about it, a line too neatly Angkor was vibrant and thriving until the priests and the tradespeople.
fondness for the deep-fried snack. electric shocks in exchange for treats. It drawn between Nana’s addiction and climate change changed its fortunes, If you look at cities through Newitz’s
While her beloved older brother, Nana, soon becomes clear that there is a direct the opioid epidemic in the US. Opioids again over a substantial period of time. eyes, they stand revealed as
is known as Buzz; Gifty can’t recall why link between Gifty’s past and her were involved in 46,802 overdose If the recent Netflix film, The Dig, ecosystems, perpetually transforming.
she called him that — although the name present: when she was 15, a high-school deaths in 2018, according to the Centers revived the magic and excitement of As the author reminds us, “Maybe
suits his energy and vigour — until disas- biology teacher urged her towards sci- for Disease Control and Prevention. the Sutton Hoo excavation in Suffolk, all our cities are in constant cycles of
ter strikes. ence just as her mother discovered a Gifty tells one of her lab mates about when an amateur but knowledgeable centralisation and dispersal . . .
Yaa Gyasi made her name with Home-
They discover what stash of OxyContin, an addictive syn- Nana’s death. “‘This would make such a enthusiast excavated the remains of an temporary stops on the long road of
going, published in 2016. The novel won it means to be black thetic opioid, in Nana’s room. good TED talk,” the friend says. That’s Anglo-Saxon funerary ship, Newitz’s human public history.” I walk back
the National Book Critics Circle’s John Nana’s addiction, and his death as a just the trouble: Gyasi’s novel can, at Four Lost Cities is an astounding from those magical, exquisite 16th
Leonard Award for best first book.
in the US in the 21st result of an overdose, is the ravaged times, feel as if it is too directly address- reflection on the rise and fall of century ruins to my home, feeling
Homegoing traced the harrowing cost of century; new lives heart of this novel; but this family also ing these difficult issues. But Gyasi’s civilisations, on the ancient human surprisingly optimistic about
enslavement down generations of has to contend with being African in warmth and energy makes the reader need to cluster together in our version humanity’s long-term chances despite
African-American lives, using the frac-
of opportunity, but America, rather than African-Ameri- forgive her earnestness: this is an of burrows and antheaps. Newitz our thousand squabbles, climate
turing of a family to show how history not without cost can. Gifty’s mother, a home health aide, absorbing, moving book. rapidly leads readers into each of these change and the rest.
The anxiety of influencers Portrait of a YBA

W An artist’s letters to her
idening the scope another wizened creature recalls high with its unflinching detail of Bolt from ground and of her father, absent
of fiction, reflect- Yoda. Overall, it’s an effective a baffling modern phenomenon. the Blue from early childhood, who, as the
ing more diverse tale, bursting with invention. Though located within a more mum immerse us in the by Jeremy novel unfolds, dies in prison.
perspectives and Influence by Sara Shepard and mundane setting, Lisa William- explosive 1980s art scene, Cooper She is accusatory towards her
keeping up with Lilia Buckingham (Atom, £7.99) son’s First Day of My Life (David Fitzcarraldo mother about the endless intru-
the zeitgeist are all excellent aims, is set in the altogether unmagical Fickling, £10.99) grips from the writes Catherine Taylor Editions £12.99 sion of “stepfathers” into their
272 pages
but in the recent rush to include world of the social-media influ- start, as 16-year-old Jojo flees lives. Mostly, though, she writes
I
Bame, trans and non-binary char- encer. Mid-teen Delilah per- with a newborn on the very same about the excitement and frustra-
acters, not every YA novelist has suades her family that her bur- day that a baby is stolen. n two recent novels, tions of the contemporary art
wholly avoided the charge of geoning internet fame demands The twist is, it’s not the same both published by Fitzcar- world and her proliferating role
bandwagon-jumping. Thankfully, they all move to LA, where she kid. One day, hit by the most raldo, the writer and art within it — first as assistant and
All Our Hidden Gifts by Caroline GENRE ROUND-UP quickly falls in with older influ- severe period pains she’s ever critic Jeremy Cooper apprentice, then as an artist in her
O’Donoghue (Walker Books, encers. Jasmine has to keep wear- had, Jojo finds a “jelly-like sub- displays a fragmentary, well as providing an extensive own right. The other side of the
£7.99) manages to present a non- YOUNG ADULT ing similar bizarre outfits to those stance” in her pants. (Williamson reflective approach to personal sense of the often glacially slow correspondence, that of the
binary character with subtlety she had as a child star, and profes- can do unflinching detail too.) and wider history. yet purposeful development of an mother, who works at the local
and warmth. Perhaps it works so sionally cheerful Fiona is a bag of Many agonising spasms later, Jojo The often poignant, always artist’s life. pub and is reticent about her
well because, being an occult- By Suzi Feay nerves IRL. The most famous and realises the unimaginable is hap- beautiful Ash Before Oak (2019) is The explosive Young British own past, is flat and clichéd by
tinged mystery-romance steeped intimidating of them all is Scarlet, pening. Eight months after a fling written in the form of a melan- Artists scene of the early 1990s contrast.
in Irish folklore, there’s a lot else whose eager fans lap up every at a New Year’s Eve party, baby cholic nature journal. A man in looms large; Damien Hirst, While resentment simmers,
going on. ity in a novel that’s all about the detail of her “ship” with gorgeous Albie shoots out on to the bath- his late fifties temporarily Tracey Emin and Michael Landy builds and recedes between the
The narrator, Maeve Cham- power of liminal spaces. fellow influencer Jack Dono. But room floor. excludes himself from society to are among the real-life artists pair, it never seems more than
bers, has ruthlessly discarded her Bullying also features in Anna Delilah catches Jack’s roving The ensuing saga involves Jojo, recover from a breakdown. whose names, at first obscure, artifice. Cooper’s knowledge of
best friend Lily in order to ingrati- Goodall’s Maggie Blue and the eye, causing the trolls to explode her volatile best friend Frankie, Minutely observing the natural then internationally famous, fre- the YBA movement and his own
ate herself with the cool girls at Dark World (Guppy Books, with rage. and a boy whose identity I won’t life of the Somerset estate to quently appear. collection of artists’ postcards —
their private school. In detention, £12.99), although here the narra- These teenagers may earn a for- reveal for spoiler purposes. Mean- which he has retreated, as the Later, these figures are refer- many of which feature as attach-
Maeve is ordered to clear out an tor is the bullied, and it’s the bully, tune and get invited to all the best while, Jojo’s mum Helen is mar- months pass he eventually finds enced almost elegiacally by Lynn, ments to the letters Lynn writes
old storeroom, where she discov- Ida, who vanishes in strange cir- parties, but the freebies come at ried to her stepmum, Stacey — healing. now a successful video artist, as to her mother — lend the novel
ers a pack of tarot cards. cumstances. Aimed at a slightly huge personal cost. Both Fiona and they are trying for a baby. Cooper’s latest book, Bolt from the book, and her mother’s life in the expertise of the insider, while
Instantly fascinated, she begins younger audience (there’s a mag- and Jasmine possess real-world The novel dares to pose ques- the Blue, is a venturesome episto- retirement on the Costa Brava, preventing the reader’s imagina-
to give readings to fellow pupils, nificent talking cat, Hoagy), it’s dimensions that wouldn’t go tions about maternity, biology lary fiction spanning over 30 winds down. tion from fully flourishing.
but after one of these sessions — nevertheless a sophisticated mag- down well with the fanbase, Scar- and parenthood at a time when years. Beginning in 1985, it If art and its interpretation — as There are some unusual and
involving an unusual card, ical tale, awash in sinister villains let and Jack are stuck pretending the nuclear family is being recon- assumes the pattern of letters and well as its commodification — are slightly frustrating conceits. For
the Housekeeper, which doesn’t and perplexing plights. Maggie’s to like each other, and it’s not even figured. It culminates in a wild later emails between Lynn Gal- a central absorption of the book, example, Lynn gives regular cri-
feature in other sets — Lily disap- conflicted attitude to her tormen- that glamorous. One of the girls is night out in Swindon during a lagher, who, when the novel the other is the peculiar relation- tiques of supposedly recently
pears. tor is subtly explored; despite the sternly told by her manager that thunderstorm, where the trio begins, is 21 and a fresher at art ship between mother and daugh- published books, whereas in real-
O’Donoghue’s intriguing story girl’s meanness she can’t help lik- instead of having fun with her become heavily dependent on the school in 1980s London, and the ter. Antagonistic, semi-es- ity the books in question were
takes in myth, history, tensions ing her and sensing that all is not friends, she has to go home and kindness of random strangers. If single mother she has left behind tranged, as well as sometimes often published later. But these
between Catholic and Protestant, well in Ida’s seemingly perfect drink smoothies in order to pro- some of the background charac- in Sparkhill, Birmingham. It ends ruefully and fulsomely affection- add to the overall impression
and race in Ireland. Helping the world. In nods to other well-es- vide sponsored content. Throw- ters feel merely sketched in, the with the mother’s death in 2018. ate, Lynn and “Mum” or that Bolt from the Blue, despite its
repentant Maeve search for the tablished fantasy works, the first ing in a murder mystery hardly central trio is well drawn, espe- For readers of a certain age it “Mother” do not appear to ever unexpectedly moving finale, is
missing girl is Lily’s nail-polish creature Maggie encounters in makes this milieu feel any more cially Frankie: headstrong, emo- will jolt recollections of previous meet during their years-long cor- less a living autobiography, and
wearing brother Roe, formerly the oppressive Dark World brings tawdry. Slightly sloppy in the tional, self-centred but extremely decades — the book is laced with respondence. Lynn is acutely con- more an accomplished, if awk-
Rory, who is the essence of fluid- to mind Narnia’s Mr Tumnus, and writing, this nevertheless scores likeable for all that. historical and cultural fact — as scious of her working-class back- wardly contrived, artefact.
The art form

Garry Winogrand, their aims defined as
“not to reform life but to know it, not to
persuade but to understand” — had long
shaped MoMA’s approach. He was both
dismissive and brilliantly predictive.
that captured
“What’s happening?” he replied. “Peo-
ple are taking three million photographs
a year of their cats”.
Grundberg ends his lively account in
1991, when he left the New York Times
and Szarkowski quit MoMA, but he pos-
the world
its that today “contemporary art has
become photography, if by that we
mean not the medium itself but its func-
tion as a messenger of contemporary
life”. An effect, inevitably, is to prize
content over form, and especially to
license the rise of identity politics in art
in both current practice and historical
interpretation: the Barbican’s Masculini-
ties last year, the Metropolitan
Photography | The camera’s remarkable rise to the Museum’s forthcoming New Woman
Behind the Camera.
It is not the only way to consider
centre of contemporary art is told in a new book images. The Grand Palais’s thrice-post-
poned survey Noir et Blanc: une esthé-
and long-awaited show, writes Jackie Wullschläger tique de la photographie finally launches
this month as an online exhibition trac-
ing “aesthetic, formal and sensory per-
spectives” across two centuries: graphic
W
contrasts, plays of shadow and light,
hen UK museums shut rhythmic composition. Visual delight is
their doors for lock- intense: deep velvety blacks such as
down three, among the Alexandre Vitkine’s industrial silhou-
closures were major ettes in “Building Site” (1972), machin-
photography exhibi- ery abstracted into dizzying patterns;
tions: Dulwich Picture Gallery’s the silvery shimmers of Pierre
Unearthed, tracing two centuries of the Boucher’s soaring diagonal fronds in
camera through botanical stills; scenes “Palms at Marrakesh” (1935); Toni Cat-
of war forming what their creator calls any’s nuanced greys and paler shades in
“the worst possible kind of living thea- the calotype “Nude and Leaf” (1981).
tre” by Don McCullin at Tate Liverpool; All these were new names to me: the
Zanele Muholi’s grave, arresting por- show offers real thrills of discovery,
traits of South Africa’s black queer com- though it is as successful as an introduc-
munity at Tate Modern; news from the tion to famous greats. Rodchenko’s cele-
classroom in Steve McQueen’s “Year 3” bration of the camera “Girl with a Leica”
project at Tate Britain. (1934), with its extreme angles and light
A typical season’s photographic crop, filtered in a criss-cross design, attests to
then: history and geography, war and photography’s connection to construc-
peace, art and documentary. Today tivism. Cecil Beaton’s “Balenciaga
such range and quality is familiar; 20 Dress” (1967) proves that fashion shots
years ago it would have been astonish- can also be geometric stunners.
ing — Tate’s inaugural photography André Kertesz’s “Satiric Dancer”
show was in 2003 — and 30 years ago, (1926), the model caught mid-move-
Clockwise from main unimaginable. ment, four limbs hurtling in opposite
image: ‘Girl with a Leica’ In his book How Photography Became directions, has the wit of a Surrealist
by Alexander Rodchenko Contemporary Art, Andy Grundberg tells sculpture coming alive.
(1934); ‘Untitled #96’ the story of the recent “remarkable rise If colour, as Grundberg’s glossy exam-
by Cindy Sherman (1981); of photography from the margin of art ples demonstrate, tends to fix images in
‘Immigrants Istanbul, to its vital centre”. As an analysis of the time and place, black and white is nos-
Turquie’ by Mary Ellen forces shaping a world where images “in talgic, mysterious, yet timeless, proba-
Mark (1977); Untitled by effect replaced reality as we once knew bly because of the strong formal quali-
Jan Groover (1978) it”, it is the most astute, resonant cul- ties. Works by more than 200 artists in
Bibliothèque nationale
de France; Metro Pictures, New York; tural history I have read in 11 months of the Grand Palais show come from the
experiencing art more or less supreme collection of Paris’s Bibli-
virtually. Made to be repro- othèque Nationale, beginning with
duced, photographs, unlike pictorialist Alfred Stieglitz made photo- Charles Marville’s 1850s Paris streets
paintings, thrive online. graphs that looked handmade, like and Nadar’s piercing portraits. Twenty-
Grundberg, a former New paintings — before finding its independ- first-century works include a dreamy
York Times critic, unpicks ent voice. Insisting on its own terms, blur of a child in a long avenue of trees
how they work, the evolving photography is so successful that it rev- from Jean-François Spricigo’s
ways in which they matter. olutionises the entire concept of what “Romanza” series (2010) and Ellen
In Grundberg's “pilgrim’s art can be. Carey’s polaroids “White Monochrome”
tale”, photography sets out to Initially photography sneaked into and “Black Monochrome” (2007).
carve a role beyond its obvi- painting: Andy Warhol’s silkscreens, the Their aesthetic is continuous with the
ous documentary function. collages of Robert Rauschenberg trying interwar European avant-garde, and as
It tries to imitate established to “act in the gap” between life and art. optimistic in spirit.
media — Henry Fox Talbot Then it became a tool of record for new Viewing from home inflects our
called his process “the art of media: land art — Michael Heizer’s responses. Photographs have always
photogenic drawing”, young “Double Negative” (1969), Robert brought the world to our doorstep; in
Smithson’s “Spiral Jetty” (1970) — and the solitude of lockdown we connect to
1970s feminist performances such as their emotional currents more inti-
those by Carolee Schneemann, Ana mately, and of course with an almost
Mendieta. In tandem, as artists began to
use photographs, photojournalists and
What lit the fuse was not fixed representations but capable of
being refashioned and reinterpreted to
visceral attraction to depictions of
crowds. I lingered on Edouard Boubat’s
fashion photographers — Richard Ave- Marxist-inflected yield new critical meanings, then the “Jardin du Luxembourg” (1955): stark
don, Irving Penn — migrated into muse-
ums. Hierarchies began to dissolve.
semiotics, imported entire universe of pictures is a subject
for artists”. Enter the age of simulacra:
bare trees as dark verticals, a carpet of
snow luminous beneath, chairs piled up
Postwar art’s overriding narrative of from Paris via Debord appropriation art by Richard Prince, for the winter as spiralling arabesques,
democratisation spun out from the rise
of photography.
and Derrida to America Sherrie Levine, Barbara Kruger among
hundreds; Cindy Sherman’s self-con-
their stillness offset by hordes of chil-
dren playing. The happiness is studied.
Conceptually, what lit the fuse was scious fictionalising; Nan Goldin’s per- In 1943 Boubat was sent as forced labour
Marxist-inflected semiotics, imported formed realism such as “The Ballad of to Nazi Germany; on his return he
from Paris via Guy Debord’s Society of Sexual Dependency”. sought and depicted quotidian joy. This
the Spectacle and Derrida to an America In 1990 Grundberg advised John marvellously upbeat show is an unmiss-
whose consumption of images in adver- Szarkowski, MoMA’s distinguished pho- able consolation in constrained times.
tising and entertainment was insatiable. tography curator, that Sherman and
Post-modernism sanctified “photogra- Goldin were “what’s happening”. ‘How Photography Became Contemporary
phy’s singular status as a singular kind Szarkowski’s rigorous modernist prism Art’ by Andy Grundberg (Yale)
of sign”, with deconstruction the ever- — showing documentary pioneers from ‘Noir et Blanc: une esthétique de la photo-
giving gift, for “if existing images . . . are Lartigue and Brassai to Diane Arbus and graphie’, from February 20, grandpalais.fr
pinning five more unsolved crimes on Jr (three for larceny) and Marcell band transported under armed guard Johnnie Ray’s 1956 version sold eight the supporting role to his equally
THE LIFE him, one of which involved a white Sanders (one-to-five for involuntary to his studio in Memphis, where the times more. A shy Oregon farm boy, troubled friend Judy Garland, when she
woman. He was 10 years into a 594- manslaughter). When radio producer original recording of “Just Walkin’ in he had taught himself to play hymns married Mickey Devinko at Chelsea
OF A SONG year sentence when, crossing the Joe Calloway had them sing for a the Rain” was cut. Watching from the on his parents’ organ at the age of Old Town Hall in 1969. Three months
prison yard under gloomy skies, he broadcast, he knew who to call — wings, another story goes, was a young three. Rendered half deaf in an later, she was dead at 47. Ray had been
JUST WALKIN’ remarked to fellow inmate Robert Sam Phillips. hillbilly named Elvis Presley. Released accident at 13, he found salvation in on the wagon for a decade but hit the
Riley: “Here we are, just walking in the The Sun Records supremo had the in 1953, it would sell 250,000 copies his sister’s Billie Holiday records. He bottle again, dying of liver failure at 63.
IN THE RAIN rain, wondering what the girls are and earn Bragg parole. honed his emotive performance style As for Bragg, his sentence was
doing.” Riley suggested that it would — in which he often burst into tears — commuted and his new band signed to
W
make a good song. at The Flame Showbar, a black Decca, but he was arrested for “parole
hat links a posse of Bragg’s musical talents were club in Detroit. Spotted by violation” in 1960 after being found in
hardened criminals unquestionable (legend has it Columbia, he shot to the top of the back of a car with a white woman.
from Tennessee with that he sold “Your Cheatin’ the US charts for 11 weeks in Never mind that she was his wife —
the best man at Judy Heart” to Hank Williams 1951 with “Cry”. he was back in the slammer for six
Garland’s fifth for $5 after the country Ray inspired hysteria in more years.
wedding? Answer: a song wreathed in star played a prison audiences: when he first arrived Before his death from cancer in
myth and infused with a sense of concert) but he couldn’t in the UK in 1954, crash barriers 2004, Bragg enjoyed a few royalties
yearning born of its author’s lengthy read or write, so he gave were installed at the airport to more from Jim Reeves, Eric Clapton &
incarceration. Riley co-authorship for protect the “Prince of Wails” from The Impressions and Shakin’ Stevens,
Johnny Bragg had not had much luck his transcription. adoring hordes. who all recorded very different
when he penned “Just Walkin’ in the This act of creation Ray later turned his back on the versions of his song — mariachi-
Rain” in 1952. His birth, in the poor seemed to change his fate. music he had helped father. He flavoured country, glossy soul and
black side of Nashville in about 1925, The state governor believed was tormented by his deafness and rockabilly respectively. But it’s the
killed his mother. He had been in jail in rehabilitation and allowed closet bisexuality, his judgment original doo-wop masterpiece
before when he was arrested on a rape Bragg to form a group. His clouded by booze and pills. that remains its most hauntingly
charge in 1943 — an accusation by his Prisonaires comprised Ed The Prisonaires with lead singer Johnny Dropped by his label in 1960, he effective setting.
girlfriend that she later withdrew, but Thurman and William Stewart (each Bragg, second from left, on day release in never recorded again, though in Britain Cathi Unsworth
not soon enough to stop the cops doing 99 years for murder), John Drue Savannah, c1953 — Michael Ochs Archives/Getty Images he continued to play residencies and More in the series at ft.com/life-of-a-song
Arts
T
here are few better intro-
ductions to Jacob Collier
than the 18-second clip
posted on social media by
the musician on New Year’s
Day. In tie-dye tracksuit and headband,
he beckons the camera to his computer
and starts hammering on a synthesiser:
a flurry of lightning-fast chords and
scales renders in the software on screen,
triumphantly spelling out “Happy
2021”.
It is at this intersection of infectious
enthusiasm, technical virtuosity and
digital wizardry that the 26-year-old has
created his own musical universe — one
that is playful, unique and wholly in the intimacy of the original. Djesse, “Watching her intuit on the spot
tune with his generation. “I could try as meanwhile, gleefully reconciles the about something that I’ve been making,
hard as I could not to be 21st century, familiar and the unfamiliar, delighting and watching it become something that
but at the end of the day I probably in a multiplicity of sounds and influ- we’re making together, is a really amaz-
would be,” he admits over Zoom. “So I ences without losing its own identity. ing learning process,” he says. “With col-
think it’s nice to embrace that.” All the elements of the album’s release laboration across the Djesse project, the
In a year that has forced artists off- — recording, production, live perform- thing that’s been so inspiring for me has
stage and online, there are far worse ance, social media — involve and fasci- just been getting out of my own way.”
things to be than 21st century. It has nate Collier, and this has allowed him to It’s a big departure for a musician
enabled Collier to keep working create not just an album of songs, but an who started as his own backing band
remotely, with the latest volume of his entire experience authentic to him. and who continues to experiment with
quadruple album Djesse, recorded dur- If In My Room was a solitary voyage of every aspect of performance. Collier
ing the pandemic and nominated for discovery, Djesse is a spiralling universe and his clones didn’t just devise and
Album of the Year at next month’s of connections and collaborations: play the Tiny Desk concert, they edited
Grammy Awards. All the while his social formed of four volumes, with the third the video too. Ditto for a “live” perform-
media and YouTube channel have been released in August, each is designed to ance on the Tonight Show with Jimmy
a jamboree of interviews, live perform- reflect different, though similarly elu- Fallon last month, where four versions
ances and musical memes. sive, sides to the artist.
Multidimensional joy
Online engagement signalled the start The title is a phonetic nod to his ‘With collaboration, the
of Collier’s career as a 17-year-old — his initials, JC. “If I had to describe
videos were spotted by producer Quincy Djesse . . . ” Collier begins, pausing for thing that’s been so
Jones, who soon signed him to his man- perhaps the first time in our conversa- inspiring has just been
agement — and it has enabled him to tion to find the right words. “I guess it’s
thrive in lockdown, too, posting what he like multidimensional joy.” getting out of my own way’
wants, when he wants. His songs do not fit neatly into genres
“I think I was able to fall in love (Collier dismisses the concept as “so
with what it meant to create music just ingly few gaps in his musical knowledge, 20th century”), but joy might be the of himself appear on stage alongside
for the sake of creating it again,” he
says. He is sitting in the family music
Music | Grammy-nominated Jacob Collier is as and Collier has developed a reputation
for compositions that effortlessly weave
closest thing to a catch-all description.
Despite jazz, classical, electronic and
the singer Mahalia. Or, in a baffling
display of technical musicianship, add-
room in north London where he difficult musical concepts such as poly- hip-hop influences, the albums are ulti- ing delay to his playing on an Instagram
recorded his debut album, In My Room, happy with fugues as with Skrillex. By Chris Allnutt rhythms and microtonal scales into mately a celebration of music-making livestream with Coldplay’s Chris Martin
and where four versions of himself more familiar sounds and structures. in all forms. It is a shared joy, too: the in order to compensate for the latency
played one of NPR’s Tiny Desk concerts “The most important thing is to be project has also involved more than 30 on the platform.
last summer, each track layered to cre- aware of as much as you can and then to collaborators so far, including T-Pain, This is all part of a self-sufficiency that
ate a flawless ensemble, the perfect Main: Jacob “I get a real kick out of chasing some- do what feels right,” he says. “That Kimbra and Oumou Sangaré. For the has guided Collier’s musical journey so
response to the present challenges of Collier; top thing that I want to hear, that I’ve never might be ‘practise how to play counter- self-taught, self-sufficient artist, this has far and allowed him to keep exploring at
musical collaboration. right: the many heard before, that I know is possible,” he point fugues’ one day, and then the next been a learning process in itself. a time when the world feels smaller than
It is also the room where he taught faces of Collier says. It is perhaps also a symptom of a day it might be ‘listen to Skrillex and Travelling to the Netherlands in 2018 ever. He hopes to release Djesse Vol. 4,
himself the many tools of his trade when as he performs musical family, since his mother, Susie, have a cup of tea’.” to record the first volume with Jules complete with “Bulgarian folk and
he was growing up. Multi-instrumental- ‘Hideaway’ is a violinist and a professor at the Royal This philosophy is clear throughout Buckley and the Metropole Orkest, he death metal” influences, at the end of
ism is one of the most striking things Academy’s Junior Academy. But for his work: an a cappella cover of Henry quickly found that his arrangements this year or the beginning of the next —
about Collier: his proficiency in key- Jacob, rare lessons took a back seat to Mancini and Johnny Mercer’s “Moon needed adjusting to suit the range of the whenever touring becomes possible
boards, guitars, percussion and vocals self-discovery and learning by listening: River”, for example, viewed more than instruments or the dynamics of the again. Until then, he can always count
(as well as a range of more esoteric Stevie Wonder, Sting, Bobby McFerrin, 2.7m times on YouTube, features over ensemble. Working with British singer on his clones.
acquisitions such as bouzouki or Björk, Beck and Bartók were just a few 130 different voices (including those of Lianne La Havas introduced him to a
harpejji) seems effortless, but is also a of his inspirations. Herbie Hancock, Chris Martin and collaborative writing style that was then The Grammy Awards are on March 15;
means to an end. It is an approach that has left surpris- Laura Mvula) while somehow retaining unknown territory to him. jacobcollier.com
Arts
have the second without the first.
In one of Goya’s most iconic images,
an exhausted scholar lays his head on a
desk to nap. Pens roll away from his
hand, only to be caught by a ghastly owl.
Nocturnal creatures spring from the
sleeping brain. The plate, which intro-
duces the second section of his etching
series Los Caprichos, urges vigilance in
the face of irrationality.
The consequences of reason letting
down its guard are too horrible to
behold. But an earlier drawing of the
same image suggests a slightly different
message. We recognise the self-portrait
from the wild coiffure and partially hid-
den round cheek. Here, instead of hid-
ing the hands beneath his prone head,
the dreamer intertwines his fingers in
anxious entreaty. Goya’s features
appear again among the grotesque faces
that emanate from his mind — different
iterations of the same man, now smiling
benevolently, now grinning with evil
The Met | Ariella Budick finds intent. The artist understood that all his
cruel inventions — the loons, fools, sad-
ists, demons, and fiends — came from
the painter’s work on paper — within, summoned by his dreams.
with its ambivalence towards We like to think that a high

ethical wall separates us
extremes — perfectly from evil, but Goya
intimates that the potential
captures the current mood for horror lies in us all
Goya in gory glory

We like to think that a high ethical
wall separates us from evil, but Goya
intimates that the potential for horror
lies in us all. Mere circumstance dictates
what activates the worst in us. The
lure of unreason lies coiled and ready,
wielding ravishing power.
Goya’s Graphic Imagination exposes
I
more ambiguities than it resolves, leav-
went to the Metropolitan Museum ing relations between the sexes espe-
of Art for the first time in a year to cially vexed. In the drawing “It’s All
see a perfect exhibition of Goya’s Your Fault”, a smirking man perched
works on paper. It was eerie and atop a cliff clutches the hand of a woman
reassuring to breathe in the musty who is sliding down the steep incline. Is
smells of the galleries (even through a he hauling her up or threatening to let
fitted mask) and to glimpse old friends go? Is she pulling away from him or
on the wall as I hustled by. Nothing had reaching out for help? His blasé body
changed. Everything had changed. language — he holds his hat casually
Goya’s drawings and etchings tallied against one hip — does not bode well for
with the current moment, or maybe just her survival. The caption muddies
with my mood. It can be hard to tell the things further: who, exactly, is to blame,
difference between public emergency and for what? I read it as the man’s
and interior gloom. His work teems with thought, holding the woman responsi-
misanthropy, hatred, violence and bit- ble for whatever pain he is about to
ter wit, but most of all with ambivalence inflict on her.
toward those extremes. A late lithograph, “Expressive of Dou-
This exhibition doesn’t provide escap- Clockwise from ble Strength”, is equally unsettling. A
ist bliss, or stoop to mere beauty. It con- main: Goya’s ‘A man and a woman grapple on the
fronts us with ill will and seething rage. Way of Flying’ ground, but we see her from behind,
His slavering mobs look familiar: we see (c1816–23); face hidden, long white neck vulnerable
the same characters on endless replay in ‘Ridiculous and bare. He hogs the focus, gripping
our own Goyaesque TV inferno, bab- Folly’ (c1816– the woman’s wrist with one hand and
bling about conspiracy, waving banners, with obscurities, from Goya’s first etch- 23); ‘He Wakes wrapping the other around her back.
clomping through the Capitol. ings after paintings by Velázquez to lith- Up Kicking’ His scowl is intense but difficult to read;
The lunatic cannibals of QAnon’s ographs from his late-life exile in (c1819-23); ‘Self- it might betray anger, anguish or con-
fever dreams appear right here at the France. McDonald elucidates formal Portrait’ (c1795– cern. Neither the title nor the composi-
Met in “There is Plenty to Suck”, where a and technical innovations, and also marked by piercing if slightly hooded 97); ‘Thou who tion reveals whether the struggle is
ghastly trio enjoys snuff after a meal of delves into the ambiguities and discon- eyes. The intensity suggests a person canst not’ (1799) romantic or existential, rape or rescue,
dead babies. The leftovers fill a doggie tinuities that make this well-studied bent on confrontation and scrutiny. violence or love. Or perhaps it suggests a
basket at their feet. Goya confirms that body of work feel as fresh as ever. Art historians typically read Goya’s An array of gormless humanity sur- mixture of them all.
neither modernity, rationality, nor Goya spent the first part of his life in work as an Enlightenment critique of rounds the creature, grinning and grim- Even in the serene precincts of this
progress can drive these demons from Madrid, soaking up its cosmopolitan Spain’s intellectual, political and cul- acing with bloodthirsty delight. The great museum, Goya permits no dis-
the collective consciousness. He pokes atmosphere, socialising with the tural backwardness. They understand crowd takes chilling pleasure in vicious- tance from the tumult and pain outside.
around the dark side of the Enlighten- wealthy and titled, elevating them in the Tauromaquia, a series of etchings on ness, and Goya confers on it the same He turns fantasy and nightmare into
ment, prying out the monsters that lurk portraits, and buffing his own reputa- the history of bullfighting, as a repudia- barely concealed disgust he lavished on irresistible theatre, mixes pure and pol-
there, standing back and standing by for tion to a patent-leather gloss. In 1792, tion of the spectacle’s cruelty. Yet, as murderous thugs and rapists in the luted passions, and twins each figure
their moment in the glare. when he lost his hearing and had to McDonald points out, Goya upholsters “Disasters of War”. Yet the bull faces with its opposite so that we can never
The show is a marvel, drawing mostly learn to communicate all over again, he his violence with the fabric of seduction. down his tormentors with monumental comfortably look on from a moral dis-
on the Met’s permanent collection, sup- began drawing in earnest. The show Goriness mixes with grace. dignity. The artist’s urge to beautify the tance and say with certainty: That is not
plemented by a few key loans. Organ- opens with an etched self-portrait from In one scene, a rabble goads a bull victim belies its ordeal, and the image who we are. We are better than that.
ised by Mark McDonald, it strikes wide 1796, when he was 50. A frizz of unruly with lances, sickles and spears, desper- transcends its subject. Cruelty is savage,
and deep, balancing eminent works hair haloes a round face, which is ate for the barest pretext to destroy it. but suffering is noble, and you can’t To May 2, metmuseum.org
Christie’s gets digital with the art world’s non-fungible craze

The Art Market | Hauser & Wirth Menorca to open in July; Frieze launches gallery space in London; Zodiac basin leads Sotheby’s Islamic sale. By Melanie Gerlis
The art market’s latest craze is for in the past few months the masked up, suited up, for just three galleries for basins are very rare, Carter says,
Non-Fungible Tokens (NFTs) and this whole space seems to be six feet apart on about four weeks at a though related pieces are in museums
month Christie’s will be the first major catching fire.” ground that just time. “With ideas including New York’s Metropolitan
auction house to offer a digital work in won’t stop moving. around locality, Museum of Art and London’s British
this format. NFTs essentially stamp the Hauser & Wirth Menorca Eventually you’ve physicality and time Museum. The Sotheby’s basin has been
art on the blockchain and, for works will open on July 17 with an got to decide to pertinent right now, in the same family home since around
made virtually, are proving appealing. exhibition of new paintings move with it.” the pop-up model the 1950s. The auction, which will be
A permanent record of creation and and sculptures by superstar allows for a more in- conducted behind closed doors with
ownership helps get over problems of artist Mark Bradford. The Frieze, the depth look at specific online and telephone access, also
unlimited duplication, so a tradeable 1,500-sq-metre arts centre is magazine to art fair projects,” says Eva includes a 16th to 17th-century silk
secondary market becomes possible. on the Isla del Rey, a 10- business, has turned Langret, Frieze London prayer rug, with 10 different colours of
Christie’s will auction an NFT-based minute boat ride from landlord by taking on two artistic director. dye, from the culturally rich Safavid
work by Beeple, one of the best-known Mahon port, and has townhouses in London’s The venture should also period (£300,000-£500,000).
digital artists. His work “Everydays — undergone two years of Mayfair to rent out to visiting bring in some revenue at a tricky time
The First 5000 Days” (2021) combines restoration and galleries through the year. The model is for art fairs. Participation fees range Lehmann Maupin now represents the
5,000 images that Beeple has made conservation of its protected similar to Cromwell Place, a gallery from £29,000 to £55,500 for the run, in-demand Los Angeles artist Calida
every day since May 1, 2007, and was buildings and ecology. hub that opened in London last year, depending on the time of year and size Rawles and will bring a selection of her
officially minted this week. The work Manuela Wirth, co- though on a smaller scale, with space of space. If fully occupied, No9 Cork work to Art Basel in Hong Kong in May.
comes to auction online between president of the gallery, Street could bring in nearly £800,000 Rawles’ latest pieces depict black
February 25 and March 11, wisely with describes the island off an per year. Set to open in October, Frieze figures under water, somewhere
an “unknown” estimated value. island as an “utterly magical will announce the participating between floating and drowning, often
Bidding will start at just $100, a level site . . . immersed in nature galleries in the summer. on large-scale canvases. One such work
that seems to reflect the embryonic Clockwise from above: ‘Radiating My and exposed to wind, sun and rain”. was used by Ta-Nehisi Coates for the
nature of the market while leaving Sovereignty’ by Calida Rawles; There will be eight galleries, a shop and Sotheby’s has a rare, silver-inlaid cover of his slavery novel, The Water
plenty of room for bubble-like upside. astrological basin (c1200); Beeple’s restaurant, in buildings that had been astrological basin that dates back to Dancer. Rawles’s latest commission is
The NFT art craze has the feel of a ‘Everydays: The First 5000 Days’ — abandoned for 60 years, she says. Persia circa 1200 and will offer it for for a permanent mural at California’s
well-marketed fad for a virtual time Lehmann Maupin Confirmation of the Hauser & Wirth between £1m and £1.5m at its next SoFi Stadium campus, a sports and
but its proponents compare the opening provides a cultural boost in Islamic art auction on March 31. entertainment arena due to host the
nascent market to that for street art, a to investigate power dynamics between the midst of the pandemic’s gloom. Measuring 50cm in diameter, the exact opening and closing ceremonies of the
phenomenon that was initially politics and technology. He is 39 but Menorca’s museums are open under function of the sun-shaped, scalloped Olympics in 2028.
dismissed but is now embraced. employs enough irreverence and self- social-distancing rules and Bradford’s basin is not known but it was likely The artist will keep working with
NFT art is certainly attracting deprecation to raise a Generation Z show will have a relatively long run — made for a ruler to “glorify himself on Various Small Fires gallery in LA. She
money: at the end of last year, 20 of smile — his Instagram handle is until October 30 — to enable more earth and in the heavens,” says says she is “very excited to be joining
Beeple’s works sold on the specialist @beeple_crap and has 1.8m followers. visitors, the gallery confirms. For the Benedict Carter, Sotheby’s head of Lehmann Maupin alongside so many
platform Nifty for a total of $3.5m. The Of his market he tells me over Zoom: artist, it will be his first show since Middle East auction sales. The zodiac artists whose careers I’ve closely
American graphic designer works in a “It has definitely been a lot to take in. lockdown. He says: “For the past year signs as well as planets, other symbols followed and admired”. She highlights
futuristic, sci-fi style and says he likes I’ve been doing this for a long time but it’s felt like we’re living on Mars, and calligraphic scripts feature. Such Teresita Fernández and Do Ho Suh.
Arts
All a question
world war: two figures with globes for
heads sit either end of a moving see-
saw, their precarious balance represent-
ing the fragile conditions of conflict.
“It’s this idea that the arguments are
of power
shifting constantly; I didn’t want it to be
didactic or simplistic,” he says. “But it’s
important to me also as a time of soci-
etal shift, and that paved the way to
independence for some colonies.”
Elsewhere in the exhibition will be
works from his more recent “Roman
Statues” series, in which he subverts the
idea of the “white” classical Greek and
Roman statue, painting their clothing
Yinka Shonibare | A Lagos residency, a Salzburg with brilliantly coloured patterns. His
reinterpretation of the “Discus Thrower
show and Whitechapel Gallery’s Art Icon award — (after Myron)” is particularly poignant.
“We know Hitler had a copy of that
statue,” he says. “In it is the narrative of
the artist has never been busier. By Caroline Roux heroic white men, and the superiority
expressed through athletics.”
Shonibare has no idea if he will make
Y
it to the opening in Salzburg in May. A
ou might expect a contem- the Thunberg generation of environ- trip to Lagos has been postponed from
porary artist’s Zoom call mental activists, their globe heads bent July to October, by which time he hopes
background to be of a supe- over images of a planet on fire. Shoni- the artists’ residence will be complete.
rior quality — and Yinka bare, long concerned with colonialism It is, he explains, in the form of a court-
Shonibare’s does not disap- and its consequences, has turned his yard house combining modernist and
point. Behind him, as we talk, is a attention to the other ways humanity Yoruba architecture, designed by Lon-
bespoke wallpaper of warm tangerine, has been destroying the world. don-based Ghanaian Elsie Owusu.
screen-printed all over with teetering As for the speedy sales: “I’ve always
tripods in pink, jade and violet. been popular in America, well before I
Shonibare is known for plundering was nominated for the Turner Prize in
western art’s chocolate-box classics, the UK [in 2004],” says Shonibare.
from Fragonard’s girl on a swing to Rae- “There might be a more ready audience
burn’s skating reverend, turning them there for the issues I raise around diver-
into headless statues, remaking their sity and representation.”
clothing in dazzling batik. For Zoom — a Shonibare was born in London in 1962
subverted version of face-to-face to Nigerian parents, and moved to Lagos
interaction — he has rightly turned his aged three. He was taught by Irish nuns,
attention to Andy Warhol instead. and though no longer attached to any
Shonibare has hardly left his home in religion he says: “Catholicism stays with
east London since last March. Partially you — the concept, if not the reality, of
paralysed since his late teens, he is in a guilt and shame.”
vulnerable group, and the area where It was a family trip to Rome that per-
he lives — Victoria Park — is not known haps had more consequence. “I was
for its social distancing. Neither is about 14, we went to the Sistine Chapel,
nearby Broadway Market, where he has I did a drawing of the Coliseum,” he
had a studio for over a decade. recalls. “It had a huge impact on me —
“But I’ve never been so busy,” he says. the scale, the art everywhere.” Return-
He is working towards a retrospective in
Salzburg; putting the finishing touches
(remotely) to an artists’ residency in Main picture: ing to the UK to study at London’s Byam He started working with the batik East of Lagos, in Ijebu, another part of
Lagos; and in the early stages of design- Yinka Shonibare Shaw School of Art, where the highly fabric with which he is associated — a the project is taking shape: a farm with
ing a memorial in Leeds for David Olu- in his studio in coloured paintings of Euan Uglow were textile of Indonesian origin, mass-man- a barn where artists can stay and work-
wale, a British-Nigerian whom police east London the works to follow (“and not much use ufactured in the Netherlands and sold shops where Nko women weavers will
hounded to a death by drowning in 1969. — Tereza Červeňová
to me, really”), he moved on to Gold- in many parts of Africa. In it Shonibare create their traditional cloth. “I want to
And on March 20, he will be hon- smiths’ College of Art, already known sees all the messy misunderstandings, encourage local enterprise,” says Shoni-
oured at the Whitechapel Gallery as its Right: ‘End of for a more radical practice. exploitations and cross-pollinations of bare, “to sell the local fabrics interna-
eighth Art Icon — a ceremony that cele- Empire’ (2016) While the black British artists who the colonial and postcolonial condition. tionally.” An artist whose main medium
— Courtesy of the artist and
brates a living artist as a prelude to its Stephen Friedman Gallery had gone before him — Keith Piper, The Salzburg show, at the Museum has been textiles, he is once again using
annual fundraising auction to support Sonia Boyce — had developed their der Moderne in Monchsberg, will show it to weave the fabric of change.
its education programme. Left: ‘Party Time: space outside the mainstream art world, works going back to the mid-1990s, and
“Yes, really busy,” he says. “I even Re-imagine Shonibare decided to express himself though still in development, its title — The Whitechapel Art Icon award,
managed to have a sellout show in New America’ (2009) within it, to be seen and heard. “It was a End of Empire — is secured. This refers supported by the Swarovski Foundation,
— Courtesy of the artist and
York in December.” The four new works Stephen Friedman Gallery/
question of power, and the art world to a work Shonibare created for the March 22. Phillips auction runs March
shown then at the James Cohan Gallery Newark Museum wasn’t ready for them, but they’d paved 14-18 Now project, which commemo- 15-23. ‘End of Empire’ is at the Museum
were child-sized sculptures representing a path for me,” he says now. rated 100 years since the end of the first der Moderne, Salzburg, from May 22
Diversions
CHESS LEONARD BARDEN BRIDGE PAUL MENDELSON
US champion Wesley So, recommendations, made in 8
Meanwhile, global chess If you routinely play against 10 6 3 Dealer: East N/S Game followed low, he finessed
7 64
who has emerged as the a Chessable course with 7 body Fide has published the poor opposition, faced with K J 10 9 2 North East South West with Q♠. This held the trick.
strongest rival to Magnus videos and analysis, against 6 schedule for the resumption a thin contract, you may 9 3 — NB 2C NB He laid down A♠ and, when
Carlsen in online events, all significant replies to 1 e4. of the world title candidates, start to believe that a
N
2D NB 2NT NB both opponents followed, he
5 J 8 2 K94 3NT
defeated the world champion Even the great Carlsen halted halfway nearly a year defensive error is your best K 10 8 5 2 W E
J 9 played a third spade. When
for the second time in three could not succeed, although 4 ago due to the pandemic. chance. Instead, assume 7 6 A8 5 4 opponents could win the spades broke 3-3, his
8 5 4 J 10 7 6
months last weekend as the his approach was 3 The seven rounds at those either side of you are S immediately or not until the fourth spade was a winner
former Filipino, 27, showed surprisingly amateurish as Ekaterinburg, Russia, will competent, and seek out the AQ5 4 third round. But these are and he had nine tricks. This
the benefits of his formula of he failed to prepare before
2
be played from April 19-28. genuine pre-eminent AQ3 unrealistic. Is there a was a fortunate layout of the
Q3
home preparation with a the first day (of two) and 1
2407 opportunity. AKQ2 genuine chance of nine spades to be sure, occurring
A B C D E F G H
difference. missed winning chances on White mates in three moves, West led 5♥, and declarer tricks? Declarer thought so. perhaps 16 per cent of the
Many chess experts have the second day. So himself into a loss. This is not a against any defence (by Sam considered the position. The basic count technique in He won the lead with Q♥ time. However, this is well
authored books, articles and showed a downside in his course for novices but seems Loyd, 1857). Only two lines lead has provided an extra holding up A♦ only once, he in hand and led 3♦ to J♦ in over 10 per cent better than
videos offering opening only defeat of the match sure to interest professionals, of play, but still tricky from heart trick, so he has six top could add one diamond dummy; East ducking. any other chance on offer.
repertoires, but So is unique when he forgot his own strong amateurs and America’s “Puzzle King”. tricks. Assuming that the trick to the total. A♦ could Abandoning diamonds, he Lucky, yes, but importantly,
in playing his own analysis and turned a win talented juniors. Solution, back page defenders would employ be a singleton, or the led 3♠ and, when East the correct option.
POLYMATH 1,114 SET BY BRADMAN CROSSWORD 16,715 SET BY GOLIATH
Jotter pad
Crossword competitions suspended

Dear readers — we have suspended the Crossword and
Polymath competitions while our editors work from home.
We hope you continue to enjoy completing them until
normal newsroom services resume.
F
rom the moment that a busi- favour of London and Singapore and
The Hong Kong dilemma

ness traveller lands at Hong moved its domicile to Bermuda. It also
Kong International Airport, showed support for the democracy pro-
perhaps on Cathay Pacific posals for the city put forward by Chris
flight CX252 from Heathrow, Patten, the last British governor of Hong
she becomes — by history and by choice Kong, while Keswick rebuked China
— a captive of two companies. over the Tiananmen Square protests in
Her flight is operated by one, her bags testimony to the UK parliament.
handled by the other. She buys a Star- In an unsurprising whipsaw, the Chi-
bucks coffee for the train and 20 min- nese government issued a countrywide
utes later strolls across the pedestrian ban on domestic companies doing any
bridges, through a Hongkong Land mall new business with the conglomerate.
and on towards the Mandarin Oriental Deng Xiaoping’s daughter once told a
hotel. Jardine Matheson executive that “if you
On the way, she grabs paracetamol are the biggest bird in the tree, you are
from Mannings and a Coke from bound to get shot at”.
7-Eleven. Later, she winces at the grat- The relationship-building skills of
ing jingle for YUU reward points ema- Keswick came to the rescue again, shap-
nating from a branch of the Wellcome ing the group in its current form. In
supermarket chain. 2012, according to his wife Tessa’s mem-
She drops her bags, leaves a shirt at oirs, Keswick was introduced to Wang
the Vogue laundry and heads for a meet- Qishan (now vice-president of China) in
ing in the One Island East skyscraper Zhongnanhai, the Beijing headquarters
before rushing to lunch at Thai Basil in of the Chinese Communist party. “Yes,
Pacific Place. She knows she’s running Mr Keswick, you were bitten by the
late because, as the cab rounds Victoria snake. You waited, you watched, but
Park, she can hear the noonday gun you came back!” said Wang. Keswick
which (wartime excepted) has been has since entertained Wang, as well as
fired daily since the 1860s. other top CCP officials, at Oare House,
Our hypothetical business traveller is his grand Wiltshire home.
just halfway into her day and most min- But China has shifted again under
utes passed, footsteps taken, elevators President Xi Jinping. It is wealthier, mili-
ridden, calories consumed and Hong tarily stronger, more assertive and has
Kong dollars spent have been under the new tests of loyalty for foreign busi-
umbrella of two family-run empires: nesses on the mainland and in Hong
Jardine Matheson and the Swire Group. Kong. “The land will be up for review in
History, ambition and what was once 2047 . . . The decade before that will be
thought of as the west’s capacity to mas- the test,” says Kevin Au, director of the
ter the east crackle around these names. Centre for Family Business at the Chi-
The Jardines and Swire empires owe nese University of Hong Kong.
their success in China and broader Asia Backroom negotiations have long
to backroom network-building and per- been critical to these companies’ suc-
sonal relationships. Now worth around cess. But the question looms whether
$40bn and $13bn, respectively, Jardine the requisite skills have been passed to
Matheson and Swire Pacific employ the next generation. Ben Keswick and
hundreds of thousands in the region.
Both are founders of a Hong Kong ‘If you try to do business in
economy that critics say concentrates
too much commercial power in too few an environment where
hands; both are still run by descendants mafia rules apply, sooner or
of the founders; both are press-shy, con-
servative and, in the face of intensifying later you face extremely
adversity, unswervingly confident. In difficult moral, political
keeping with their guarded engagement
with the media, neither Swire nor Jar- and economic dilemmas’
dines provided comment for the FT’s Chris Patten, former
article. Hong Kong Governor
For two centuries, the businesses have
been central to Hong Kong’s transfor-
mation from, as Prince Charles put it
when the territory was handed over by Merlin Swire have both spent their
the UK to China in 1997, “a small coastal careers within their empires, recently
settlement . . . into one of the greatest assuming key roles. Their capacity to
trading economies in the world”. Illustration by Cristiana Couceiro
emulate their predecessors — not least
As the pair have morphed from trad- in the potentially precarious run-up to
ers of textiles and tea into property, 2047 — faces more severe tests.
transport, retail and industrial con- “If a fourth-generation or fifth-gener-
glomerates, their transformations have ation Swire fails at Swire, it will cause
helped to shape Hong Kong — as a city, huge problems for everyone,” says Au.
as a hub and as an idea. Swire and Jar-
dines, says a senior executive at one of
Business empires Jardine Matheson and Swire are embedded in the city’s fabric — but how will they adapt as “So it’s a huge burden on them . . . They
need to be tested on multiple occasions
their local property rivals, should be until people believe they have the abil-
thought of as not merely two vital Beijing steps up pressure? Leo Lewis, Primrose Riordan, Alice Woodhouse, Nicolle Liu and Stefania Palma report ity to take over.”
organs of Hong Kong: “They are its
blood vessels. Its blood type. Its DNA.” Just as the sudden vehemence of Hong
But Hong Kong itself is now undergo- Kong’s 2019 street protests took many
ing fundamental waves of change, some Both have legal registrations outside the ous as bellwethers of Hong Kong. In one the political level in Asia, because of the by surprise, the speed with which
at the direct instigation of Beijing and territory and, in the accounts of some light, they are heirs to the swashbuck- Jardine name,” says Ron Floto, who ran Swire’s Cathay Pacific became
others happening organically through executives in Hong Kong, have tradi- ling, globalist version of British colonial- Jardines’ retail giant Dairy Farm for a embroiled in them and the damage it
the geopolitical transformation of tionally felt the controlling hand of fam- ism — that collage of commercial brav- decade from 1997. sustained also shocked many. Its
greater China and the territory’s shifting ily “heavies” in the UK. ery, unfettered capitalism, local exper- China’s 1949 revolution frustrated vaunted network of political contacts,
But the control that matters now in tise and survivalist charm that Hong foreign ownership and made it impossi- supposedly woven with Beijing over
‘The old school are talking Hong Kong lies elsewhere — in Beijing. Kong still loves to project. In another, ble for such companies to stay in the many years, appeared flimsy.
The urgency of this issue intensified in they are an anachronism. Like the terri- new People’s Republic. Deryk de Saus- The protests started in opposition to a
themselves into believing 2019. Violent clashes between ordinary tory itself, according to this view, they marez Carey, Swire’s Shanghai manager bill that would have allowed the extradi-
this will all be fine . . . But Hong Kongers and police have trans- are constructs of white, patrician privi- at the time, quipped: “I’m aware that tion of criminals to the mainland for the
formed the domestic and international lege unrealistic about China’s new real- empires are not built on defeatism but first time. As momentum gathered, the
something bad could perception of a city formerly famed for a ity as the rule-maker in Asia. there is no room for adventure under rhetoric shifted to a fuller-throated
happen’ rock-solid, business-first stability. “The old school in Hong Kong are communism.” objection to what millions of Hong
China’s newly imposed national security talking themselves into believing this In the end, Jardines signed its sub- Kongers saw as Beijing’s remorseless
Former Jardines executive law, the arrests of prominent voices, the will all be fine,” says a former Jardines stantial mainland assets — a brewery, erosion of the autonomy promised to
visible and unseen pressures on Hong executive. “It may be. But also some- mills, wharves, a large building on the the territory.
Kong stalwarts such as HSBC, the thing bad could happen.” bund — over to the communists. Along China did not disguise its irritation
role in the “Asian century”. As those unprecedented stress of the Covid-19 with many others, it retrenched to Hong with the airline’s air-steward union’s
changes become inescapable, a new pandemic: these have all added to the In many ways, this lattice of emergent Kong, where it flourished. support for the demonstrations, and
question has arisen: can Jardines and question of how Jardines and Swire, the William Jardine, the merchant who tensions with China and the choreogra- By the time Henry Keswick travelled comments by Cathay chairman John
Swire remain as profound and essential great navigators of Asia, will sail co-founded Jardine, Matheson and phy — both diplomatic and commercial to Beijing on his honeymoon in 1985, the Slosar did nothing to improve the situa-
a part of the city’s future as they have through this one. Company in Canton in 1832 — Alamy — required to resolve it pose nothing received wisdom was that China would tion. “We certainly wouldn’t dream of
been in its past? The perils can already be seen. When new for either company. never welcome Jardines, with its opium- telling them what they have to think
staff from Swire’s Cathay Pacific airline large swaths of Hong Kong’s commercial William Jardine lobbied the British trading past. Sir Richard Evans, then about something,” Slosar said when
Today, the pair remain deeply embed- supported an estimated two million on life. But both are heavily positioned government to take action against British ambassador, directly warned the asked about his staff’s vocal support for
ded in Hong Kong. Jardines, whose early the streets, the company was savaged by around the growth of the Asian — partic- China ahead of the 1839 opium war, company that it would not be forgiven the protests at a press conference.
fortunes emanated from the opium Chinese state media and rebuked by ularly Chinese — middle classes and after Beijing attempted to rein in the for its historic crimes. “They’re all adults. They’re all service
trade, is responsible for the noonday regulators. China has also signalled it is derive more than half their income from trade. The ensuing conflicts — which led But Keswick, who had escaped from professionals. We respect them greatly.”
gun, an in-perpetuity punishment for unhappy with banks and businesses in Hong Kong and China. And both have, to China’s “century of humiliation” — Japanese-occupied Shanghai as a child After meetings between Merlin Swire
an obscure moment of Victorian-era the city complying with US sanctions within the past few years, installed the paved the way for expansion in Hong in 1942, persisted. After a period of cau- and government officials in Beijing, the
hubris. While Jardines’ 189-year-long regimes, just as the Trump administra- next generation of family members in Kong. But Jardines remained in favour tious property investment in the early company quickly moved to oust chief
history has points of awkwardness, the tion slapped local officials with these pivotal management roles — making the in mainland China. William “Tony” 1990s, he was summoned to Beijing in executive Rupert Hogg. A month later,
company also acknowledges its value. penalties. issue of how they will cope with this Keswick, Henry’s father, was mayor of 1997 to see vice-premier (later premier) Slosar resigned. “The Cathay crisis was
On a private staircase in Hong Kong’s As the city’s atmosphere shifts, there uncertainty paramount. Shanghai’s foreign settlements a hun- Zhu Rongji. In a reflection of China’s the worst in all of Swire’s dealings with
Jardine House hangs a huge portrait of is potential pressure on the property They are also, according to one local dred years later. “You could get in to see growing hunger for international invest- China,” a former Swire executive says.
Jamsetjee Jejeebhoy of Bombay — the empires of both companies. Worries investor familiar with both, conspicu- anyone in Asia, the tycoons or anyone at ment, Jardines was told its money would Beijing’s aviation regulator accused the
merchant whom Sir Henry Keswick, over the future of internet freedom and be welcomed. That year, its property airline of putting flight safety at risk.
now Jardines’ emeritus chairman and whether the legal system relied on by investment, management and develop- Cathay Dragon union leader Rebecca Sy,
arguably its most potent moderniser, business will remain internationally ment group Hongkong Land bought its who was fired, said the company was
has wryly described to guests as “our respected have begun to surface. Such first residential development in main- conducting a “white terror” campaign
great old friend Jejeebhoy”, who sup- moves have global companies wonder- land China in more than 100 years. that left people in fear of their jobs were
plied the opium for these “humble Scot- ing why they are paying high rents if the From the late 1980s, there were simi- they to criticise China.
tish merchants plying their wares in the city becomes just like any other on the lar watersheds for Swire. In 1989, the “Those incidents of Cathay being
South China Sea”. mainland. company formed a partnership with pulled up over comments . . . must have
Swire, which started life in Liverpool Swire and Jardines are far from the Coca-Cola to bring the drink back to unnerved many businesses in Hong
and began trading tea, silk, cotton and only companies whose future now China after a 40-year absence; in the Kong,” says George Cautherley, the vice-
wool with China in the 1860s, is known depends heavily on Beijing’s strategic mid-1990s, Swire and its partners chair of Hong Kong’s international
as Taikoo in Cantonese, meaning “Great intentions. As Hong Kong approaches invested $63m in a joint venture with chamber of commerce. “This has
and Ancient”. The following decade it 2047 — the year that it will officially the local government of Xiamen to caused a great deal of nervousness.”
opened a Hong Kong branch, and it has leave the “one country, two systems” establish a mainland foothold for its air- The principal challenge for any busi-
left a lasting impression on the eastern model used to describe life after the craft engineering business. ness operating in or around Hong Kong
side of the city: Taikoo Shing, an area 1997 handover — there is still no certain Despite these expansions, the 1997 today is real-time risk assessment of a
around the Taikoo subway station, vision of its place in Greater China. handover of Hong Kong posed a political threat that many accept they cannot
translates as Swire City. Both companies Despite much in common, the two challenge for both companies. In the fully gauge. In recent years, China has
are represented in Hong Kong by men companies are not directly comparable. A Cathay Pacific Douglas DC-3 flies over Hong Kong harbour in 1983 — the years leading up to the event, Jardines
known as taipan, or “grand manager”. Nor are they the only empires to control airline was acquired by Swire in 1948 — Swire pulled out of its Hong Kong listing in Continued on page 15
Spectrum
How the UK’s
P
eople like me — manifests more benignly when Ward of the Faculty of Pharmaceutical
Remainers, as we used to dealing with vaccines than with Medicine has noted.
vaccine success
be called — have spent post-Soviet oligarchs. The UK has Then the NHS unrolled vaccines
five years banging on happily been buying vaccines from rapidly. It’s a centralised organisation,
about the UK’s foreign groups. It has also helped used to vaccinating millions of people.
can drive life weaknesses. And there has been

much to bang on about, from
these companies start producing
at British sites and created the Suddenly, the
It’s also Britain’s strongest legacy of the
social democratic 1945-79 era, present
after Brexit
Brexit through hard Brexit to an NHS Registry, a world first, where in almost every parish and catering to
exceptionally disastrous death toll nearly 400,000 people UK has a vaccine almost the whole population. Whereas
from the coronavirus. The
government has repeatedly killed
volunteered for vaccine trials.
Suddenly, the UK has a
industry. Helping the ruling class traditionally opts out of
state schools, it uses the NHS and so it
people by closing down late or burgeoning vaccine industry. winners in values the service. Johnson went to
opening up prematurely, while the
economy collapsed regardless.
Helping winners in emerging
sectors: here’s an industrial
emerging sectors: Eton, but he was treated for Covid-19 in
an NHS hospital.
Now, though, we need to strategy for Brexit Britain. here’s an The vaccine success helps explain
acknowledge a British triumph: the
fastest vaccine rollout of any large
The NHS Registry illustrates
another British strength: public
industrial strategy why Britain left the EU while Europe’s
other Eurosceptic countries stayed in.
country. The UK has administered trust in healthcare. The National after Brexit Much of the time, the UK is big enough
nearly 24 doses per 100 people, Health Service is, famously, “the to travel alone. Smaller states such as
compared with about five for the Illustration by Harry Haysom
closest thing the English people Portugal or Slovakia cannot easily buy
EU. As long as vaccines work have to a religion”. If the NHS was and approve vaccines on their own.
against new mutations, Britons will get risk worth taking, given the cost of vaccinating, the public was on board. They had to go through the much
their lives back several months before lockdowns. The UK has spent £280bn That freed Britain’s Medicines and slower European Commission.
Europeans. And the UK achieved this on all aspects of fighting the virus. By Healthcare products Regulatory Yet none of this justifies Brexit, an
by going solo: buying and approving comparison, £12bn for buying, making Agency (MHRA) from worrying much issue that has divided the country.
vaccines before any other country. To and rolling out vaccines is peanuts. The about anti-vaxxers. The agency also Leaving Europe’s single market was an
quote that patriotic British writer bet would have been correct even had had the knowhow to move fast, thanks act of self-harm. The silly and cruel
Rudyard Kipling: “He travels the vaccines failed. to Britain’s world-class universities and Brexiter fantasy of the EU breaking up
fastest who travels alone.” In short: The UK was able to make that bet, the London knowledge economy. In would have devastated many member
what national strengths does Britain’s says Jonathan Portes, a professor of December, the MHRA became the states, especially if a collapsing euro
vaccine success reveal? Is there a model economics and public policy at King’s world’s first regulator to approve the had set off another financial crisis. And
here for Brexit Britain? College London, largely because its BioNTech/Pfizer and Oxford/ the vaccines story illustrates how
The one thing the UK did right early political system features a strong AstraZeneca vaccines. Regulators lightly the EU constrained the UK: the
in the pandemic was to bet on executive. Once Prime Minister Boris elsewhere later endorsed these country was free to approve medicines
vaccination. Kate Bingham, who Johnson gave his approval, vaccine- decisions, just as the World Health solo in emergencies even as a member
chaired the Vaccine Taskforce, has buying could start. A strong executive Organization eventually backed the state, and probably would have done,
said: “We actually started scaling up that controls parliament has its MHRA’s approval of the Oxford/ given its regulatory excellence.
the manufacturing of the Oxford downsides: David Cameron absent- AstraZeneca vaccine for over-65s. The moral is that Britain’s ideal
vaccine from February [2020].” From mindedly called a Brexit referendum, Portes suggests that other British position would be inside the single
May through July, the UK ordered and Johnson blithely chose an uncosted regulators, in sectors such as fintech, market, but free to travel alone across
Simon Kuper hundreds of millions of jabs from hard Brexit. But it can also pay off in might prove equally nimble. The most other terrains. Of course, that was
different vaccine-makers. This was a emergencies, as Gordon Brown showed MHRA is certainly nimbler than the exactly its position before the
risk. There might never have been a in the financial crisis. European Medicines Agency, which referendum.
Parting shot working vaccine for Covid-19. Yet, even
without hindsight, it was an economic
Then there’s Britain’s international
pro-business instinct — which
“has to align independent views from
27 separate member states”, Penny @KuperSimon; simon.kuper@ft.com
Continued from page 14 ties knock. One former senior executive

told the FT that an investment bank
stamped its authority harder on the tried to invite Swire to be an investor in
former British colony than was widely Alibaba after one of the tech giant’s
expected, forcing significant reassess- units delisted from Hong Kong in 2012,
ments. For many, the lesson has been: but the company declined to consider it.
say nothing. “[Foreign companies] (Alibaba Group’s market capitalisation
should not be seen as part of the has grown from $230bn in 2014 to
efforts . . . to subvert China,” says $732bn today.) “They responded quite
former Hong Kong leader CY Leung. slow, so missed many investment
For the international banking indus- opportunities,” the executive says.
try, there are concerns over how far it Jardines has belatedly begun to take
must compromise to fit around Beijing. digitisation more seriously. It has
Some funds are in active discussions to invested in Chinese energy and technol-
move elsewhere, and rival financial cen- ogy fund NIO Capital, as well as ride-
tres in Singapore and Tokyo are show- hailing app Gojek and Hong Kong’s Livi
casing themselves as alternatives. The digital bank. Astra has entered into a
broader corporate world is reassessing joint mobile lending fintech business
Hong Kong’s longstanding status as a with Chinese company WeLab. But as
neutral arbitration centre. analysts and investors note, both com-
A former Jardines executive says all panies’ portfolios contain little of the
eyes are on whether the city’s judiciary ballooning technology sector. If Tencent
remains independent. “If we still feel we and Alibaba are new economy, Swire
can sue the Hong Kong government and and Jardines are “old economy”, says
win, then we are fine,” they say. one member of a Swire company board.
In emailed comments to the FT, Chris Through their reluctance to embrace
Patten says the success of both the terri- more risk when China was on the cusp of
tory and its businesses had been based its massive economic expansion, Jar-
on the relationship between free move- dines and Swire may have missed out on
ment of capital, freedom of speech and opportunities to acquire western brands
the rule of law. Take away any of these and leverage their networks to intro-
ingredients, he says, and there are duce them into the mainland market.
bound to be consequences. “It has This was despite senior staff at both
always been the case that if you try to do companies arguing that they should be
business in an environment where A pro-democracy demonstration in 2019. The protests transformed the perception of a city known for its business-first stability — Getty Images more aggressive. But those close to Jar-
mafia rules apply, then sooner or later dines argue conservatism has benefits.
you face some extremely difficult “They have led to the group being very
moral, political and economic dilem- cally that foreign business is safe. elusive quality of feeling local to locals. the value of Swire is either in Hong Kong particularly sensitive by Beijing. But disciplined in their acquisitions,” CLSA’s
mas. You have to decide whose side you “Sometimes, the central government “The feeling I always got when I was or China, and so Swire is not going any- they are also far less essential than in the Galligan says.
are on,” says Patten. “This is particu- will invite a delegation to visit China and there was that actually Indonesians where,” says Galligan. The company is past. Traditionally, it was Jardines and There is also some scepticism around
larly difficult where senior executives the Swires will send a representative to were proud of Astra. It was a national largely relying on China’s huge financial Swire which helped China train work- the conglomerates’ messages of multi-
have foreign passports.” join together as a delegation. Both sides champion,” he says. bubble to fill “super-prime” office space ers, introduced them to new industries culturalism. In 2019, Swire Pacific —
trust each other,” says Tam Yiu-chung, a It has also, he argues, been an exem- even as some foreign passport holders and smoothed relations with the west. whose trainee programme was known
Historically, Hong Kong’s business veteran pro-Beijing politician. The feel- plar of Jardines’ long-term pan-Asian look longingly at the exits. “Hong Kong’s “Chinese policymakers . . . weren’t for “Swire princes” from Oxbridge back-
elite — perhaps meeting in the private ing is mutual, a person close to Swire strategy; its stringent research into con- office days, the better days are to come,” adverse at all to foreign investment, in grounds — had nearly twice as many
boxes of the Jockey Club or at the Shek O says: “China have placed an enormous sumer markets; and its ability to differ- says a person close to Swire. “There is fact they liked it. We provided models male staff as female, while its board was
Country Club — might have exchanged amount of trust in Swire.” entiate serious risk in emerging markets going to be a lot coming down from and we trained management that then 82 per cent male and 64 per cent British.
notes on the mood music from “up But while the lesson may be to keep from day-to-day “noise”. the Chinese mainland.” Swire also left us and went to work for locally Jardines does not provide a gender
north” in Beijing. There was always, say your head down, companies can no Does this diversification represent an continues to invest heavily in China, owned Chinese companies,” says Floto. breakdown of its staff but its two main
people involved, a game of information longer simply say nothing at all. Along attempt to insulate the group from where it has a licence to bottle and sell Today, with most of the world’s capi- boards are exclusively male and major-
one-upmanship — a need to show that with all local businesses, conglomerates potential threat in China? “I think the Coca-Cola. talists rushing into the mainland, the ity British. When operating in China, a
one’s knowledge of the inner workings are now expected to profess loyalty to move into Indonesia was very much While its property business has been conglomerates need Beijing, not the British board and foreign roots can start
of the CCP was deeper and from better- China through statements such as the about taking an opportunity far more holding up for now, coronavirus has col- other way around. “Now Beijing will to look more like a handicap. “They will
placed sources than anyone else’s. one both houses put out in support of than anything else,” he says. lided spectacularly with Cathay Pacific. only treat them as a common merchant always treat you as a foreigner,” one
Jardines and Swire, with long-estab- Beijing’s national security law last year. Carol Connell, author of a study on In the second half of last year the airline and remain in a peaceful relationship,” former executive says.
lished networks of consultants in China, A former Jardines executive says: “I Jardines and the Hong Kong trading cut its workforce by a quarter, slashed says Victor Zheng, an associate director Both companies must now do busi-
may feel that they are the experts’ think the big guys believe they have a industry and a professor at Brooklyn pay and closed its regional airline, rely- of the Hong Kong Institute of Asia-Pa- ness with a Chinese government that is
experts. But analysts and others wonder gun in the back of their heads.” College, says indicators suggest a well- ing on a historic bailout from the Hong cific Studies. “But they would not more assertive than in generations and
how far that insight goes — and how use- managed business. But assets are over- Kong government. Swire Pacific, one of receive the best treatment.” scarred from a trade war with the US
ful it is in 2021. “In the past they thought Where Jardines and Swire differ most whelmingly concentrated in greater the company’s key listed entities, slid to and deeper geopolitical rifts. Swire and
they were a big fish in a small pool, now is in how — if Chinese pressure grows to a HK$5.5bn ($710m) loss in the first half When it comes to Swire’s and Jardines’ Jardines executives no longer sit on
they . . . are a small fish in a big pool,” levels that neither currently envisage — ‘If there is a shift coming, of last year. future, many in the government, execu- Hong Kong’s legislature, nor are they
one former Swire executive says. they could conceive of a post-Hong “Swire is challenged on multiple tives, analysts and even ordinary citi- consulted on all major changes in the
“China’s got more confidence.” Kong future. One has laid substantial it’s into the hands of the fronts . . . [It is] exposed to the world’s zens say that they couldn’t possibly be city. “If there is a shift coming, it’s into
“For those that remember it, the foundations for this in south-east Asia; mainland business elite’ most expensive property markets, an forced out of Hong Kong — they are just the hands of the mainland business
mood in Hong Kong in 2021 does have the other is raising the stakes on its bets airline, they are exposed to oil and too embedded. Both have been at pains elite,” says Cautherley.
some strong echoes of what it was like in in mainland China. Both, say analysts, George Cautherley, Hong Kong marine,” says David Blennerhassett, an to make that a strategic reality. In November, there was a sign of these
1997 before the handover,” says a have become experts at selecting Asian International Chamber of analyst at Ballingal Investment Advi- There are still signs that the Hong old empires’ place in the new China. The
former shipbroker who now works as a business partners — in many cases as a Commerce sors. Kong government supports them. Jar- compilers of Hong Kong’s Hang Seng
consultant. “There were people who means of taking business risks while Before the 1997 handover, both Jar- dines’ Dairy Farm was the biggest recip- stock index dropped Swire Pacific from
truly thought they understood China remaining deeply conservative with dines and Swire considered whether the ient of government wage subsidies dur- the benchmark’s list of constituents. In
and so were quite relaxed, and there their balance sheets. China. “I can’t imagine the strategists at solution to hypothetical friction with ing the pandemic, while Cathay was one place of one of the most storied names in
were those who thought they under- If the Chinese government were to Jardine Matheson not already seeking to Beijing would be to partner with a Chi- of the first public companies offered a Asian corporate history, they added
stood China and so were panicking. I turn on UK or foreign companies, Jar- broaden south-east Asia and the rest of nese company. Jardines, says a person major bailout. Swire has a joint venture Meituan, a Chinese food delivery app
sold a few of that second group yachts dines has business elsewhere, thanks to the world,” she says. close to the situation at the time, with the development arm of a local founded a decade earlier.
that some of them thought they might a flurry of regional investments made in Jardines is still growing in mainland decided it did not want changes to the government in Shanghai. These factors Having survived war, occupation,
escape in if things turned rough.” the aftermath of the Asian financial cri- China as well. “Hongkong Land just board forced on it. Swire formed a part- have given management a degree of China’s communist revolution, its reo-
But now, as then, the threat is viewed sis in 1997-98. The jewel of its south-east spent $4.4bn buying a plot of land in nership with the giant Chinese state-run comfort that they will be protected from pening, the Asian financial crisis, Sars
differently by different constituencies. Asian crown is the Indonesian conglom- Shanghai. That’s not a company looking investment conglomerate Citic, a move blowback over any deterioration of the and other threats, the conglomerates
Today, say Hong Kong watchers, there is erate Astra, in which it started building to pick up stakes and move out of Hong calculated to give the company a good UK-China relationship. must accelerate their pace of change.
almost a sense of bravado among for- its stake in 2000. Astra derives most of Kong,” says Jonathan Galligan, con- friend in China. But Swire “found that In terms of their property empires, According to one local investor familiar
eign business people who have lived its profits from car and motorbike sales glomerates expert at Asian-based bro- China was so huge that Citic couldn’t do the question has been whether their with both companies: “Once again, it’s
through other great ructions. Many and plays a pivotal role in the Indone- kerage CLSA. everything for them”, says a former expertise and history are enough to the old choice: evolve or perish.”
have decided — perhaps more in hope sian economy. “It’s paid off,” one rival Swire is taking a different tack, dig- executive: when dealings with the Chi- remain ahead of the game. Slowly but
than sober analysis — that the ruptures executive says of Jardines’ bet. ging into both Hong Kong, where its nese authorities became acutely diffi- surely, say some analysts, their relative Leo Lewis is the FT’s Asia business
China is making in the fabric of Hong From late 2009 to early 2014, David sugar refinery and dockyards have long cult, Citic could not protect Swire. importance as innovators has declined editor; Primrose Riordan is South
Kong society, as it carries out dawn raids Fletcher was chief executive of Permata since transformed into real estate, and Those familiar with both companies’ as local Hong Kong and Chinese main- China correspondent; Stefania Palma is
and takes opponents away in unmarked Bank, then a joint venture between the mainland, where it has been strategies argue they mostly operate in l a n d p ro p e r t y g i a n t s h ave Singapore correspondent; Alice Woodhouse
vans, won’t affect them. Astra and Standard Chartered bank. expanding its property wing since the industries that are untouched by heavy expanded. Both have been accused of is breaking news reporter; Nicolle Liu is an
Pro-Beijing groups argue emphati- Critically, he says, Astra achieved that early 2000s. “About 90 per cent plus of regulation and which are not considered looking the other way when opportuni- FT reporter in Hong Kong
Spectrum
The hard
T
his week’s have been moments when a story of inequality. As the Dutch data
meltdown 1.5bn children, more than suggest, not all children will be equally
lessons of home
involved a 80 per cent of the school affected. Anna Vignoles, until recently
French test. kids on the planet, were a professor of education at Cambridge
The teacher missing school. Some university, points out that there have
schooling was displaying questions on

screen as a PDF document.
As she scrolled down, my
smaller percentage have
been missing school a very
long time. There are two
There have been
always been children who start school
at a disadvantage and we have
generally failed to help them catch up
son started to panic: he ways to look at this, both of moments when as much as one might think.
hadn’t finished the early them apocalyptic. The first 1.5bn children were “It seems ridiculous to say that a
questions yet — and now is that a generation of year of disruption will last the rest of
they had disappeared from children has lost the chance missing school. their life,” she told me. “But, given that
view. He raised his hand to to develop important skills There are two ways we fail in normal times, I don’t know
tell the teacher but she — reading for the young how we think we are going to catch up
didn’t notice. When we Illustration by Claire Merchlinsky
ones; more advanced to look at this, both this time.”
found him, he was trying to mathematics, science and of them apocalyptic But there are plans that could help.
explain the problem to her, through For parents of secondary children critical thinking for the older ones; and Simon Burgess and Hans Sivertsen of
sobs, while ducking out of sight of the the problem is less intense, although it softer skills, such as co-operation and the University of Bristol propose one:
camera from embarrassment. remains: fathers spend an average of concentration, for all. hire an army of tutors, give them some
Just another day of remote learning, one hour a day and mothers two hours Even in the narrowest economic basic training and put them to work
and my children are lucky: they each supporting schoolwork done at home. terms, this comes with quite a doing small group sessions for an hour
have their own desk, their own room Second, mental health. Another CLS price tag. Eric A Hanushek and Ludger a day after school — perhaps for a year
and their own computer. Their schools study, by Morag Henderson and Woessmann calculate, in an OECD or so after the crisis has passed. I
are well resourced. Not many can colleagues, has found high levels of report, that the students “affected by suspect there will be no shortage of
count all these blessings. Still, the depression, anxiety and loneliness in the closures might expect some 3 per capable people, eager for a chance to
cracks are starting to show. 19-year-olds — considerably higher cent lower income over their entire contribute to the recovery.
Months ago, I worried about the than in older generations. Perhaps lifetimes”. Since these children will one Some children will need — and can
grave costs of keeping schools closed. younger teenagers are spared this; I day be a quarter or even a third of the get — more help, so the plan can address
Those costs are so diverse that it is easy doubt it. But what worries me more workforce, economic growth can be both the loss of skills in aggregate and
to be distracted by the immediate than anything is the long-term cost of expected to be 1.5 per cent lower each the unequal impact of lost schooling.
problems. First, the burden of over- the lost education. A study by year “for the remainder of the The UK government has already funded
seeing children falls disproportionately Per Engzell and colleagues looked at century”. That calculation was done in some modest steps in this direction but
on women. A rigorous study by Aase the experience of Dutch pupils after September, when they added: “These we should have the ambition to help
Villadsen and colleagues, published by missing just eight weeks of in-school economic losses would grow if schools children on an unprecedented scale.
the Centre for Longitudinal Studies in learning: “Despite a light lockdown and are unable to restart quickly.” Small-group teaching is one of few
July, concluded that mothers of primary excellent infrastructure for remote Ouch. Could it really be quite that approaches that have been rigorously
school children had spent an average of learning, our results are dire.” Children bad? It is tempting to dismiss the proven to improve a pupil’s progress.
five hours a day on home schooling. had, on average, made no progress at output of that economic model. Yet the The main question is the expense. Can
Tim Harford That is close to full time. Fathers had all during the missed school. More evidence, as well as common sense, we afford to pay for this catch-up
spent just under two hours a day, itself fortunate children had learnt a little; strongly suggests that school matters; tuition? Surely, we can’t afford not to.
hardly trivial. Is it sustainable to expect disadvantaged ones had regressed. many children are missing a lot of it.
Undercover economist working mothers to hold down their
jobs in such circumstances?
This is not just a rich-country
problem. According to Unesco, there
The second way to look at the
problem is perhaps even grimmer: it is
Tim Harford’s new book is “How to Make
the World Add Up”
Men in the line of fire had its “crunchy” moments, few institution went to war. There were
Observations soldiers thought of it as “real war”. those who had been profoundly
Soldiering is one of few jobs you can traumatised by this. I came to identify
Simon train for over a working lifetime and the physical tells — the overly bright
Akam never do for real. The result of this long
period in Germany was an ossified
eyes, the slightly too fast speech.
But it was also striking to see others
culture. The SCOTS DG was a “smart respond positively to their experiences.
regiment”, socially, meaning many of For many of the 260 individuals I
As the British army its officers came from grand public spoke to, going to war was the most
schools and families with traditions of emotionally significant moment of
reassesses its role in the 21st service. In this environment, I was a their life. It could be frightening and
century, it has had to come to fraud — I was neither an aristocrat nor damaging but also exciting and, at
had been to boarding school. The same some atavistic level, an enactment of
terms wth an often brutish applied to perhaps 30 per cent of the what some people think it is to be a man.
culture of masculinity officers. The cavalry, with its fondness Crucially, it also swept away many of
for pinstriped suits and bowler hats, the military cobwebs. The transition
W
attracted many who wanted to manifest from game-playing to reality was
hen the British soldiers a culture that was not their own. This ragged and did not happen at once. But
came back from Iraq in was not uncommon. The former officer when faced with a real enemy, everyone
spring 2003, Wolfgang quoted above says: “I know of officers — officers and soldiers, senior and
Heer hung a banner who suddenly double-barrelled their junior — was now on the same team.
over the road. Heer names between postings.” Old tensions melted away and that unity
owned the Casanova Club, a brothel in Affected snootiness emerged in could be intoxicating. The debate about
the north German town of Walsrode elaborate disdain towards the SCOTS women in combat roles, so pronounced
that, because of its exterior, was known DG’s neighbours in barracks, the 2nd before, was also overtaken by events.
as the “Pink House” to the troops of 7th Royal Tank Regiment, which had While there were still formally no
Armoured Brigade billeted in the identical tanks and the same wartime women in infantry or armoured units
nearby garrison of Fallingbostel. role, yet had never had horses and (the British army lifted its ban on
Back then, roughly half the fighting could trace its history back only as far women serving in combat units in
power of the British army was still as the first world war. There was also 2018), the nature of the conflicts meant
based in Germany, a legacy of the cold an astonishing level of boozing — there were women at the front of
war. In the run-up to the Iraq war, alcohol was an activity in its own right. combat — as attached medics,
German public opinion opposed the For the rank-and-file soldiers, that signallers or engineers. They
conflict, while in the communities meant tax-free beer in squadron bars. experienced the same hazards. Gay
around the British bases there was a For officers, it often meant champagne. soldiers were accepted to an extent
sense of pity for the britische Soldaten, (The regiment had an association with unimaginable in 2003, when the armed
sent overseas on questionable grounds. Pol Roger, the French champagne forces had only recently lifted their
Heer, a thickset Hells Angel, took a house; a crack team regularly drove to formal ban on homosexuality.
different approach. He commissioned a Épernay for supplies.) At Brecon, the Infantry Battle School
metre-high banner that read, in English, Originally I had thought of this in Wales — which for years, when there
“Welcome back our brave heroes”. bizarre culture as a function of its time was no fighting to be done, served as a
Even in peacetime, large numbers of and place, but it has occurred “man test” with pointlessly unpleasant
soldiers visited the Pink House. training — there was no longer any
Nadine, an east German woman who ‘There was a sort of need to make people crawl up streams
worked there, had learnt British for the sake of it. “Nobody didn’t have a
military slang and, from the Scottish tolerance to violent war story at Brecon, and as a result of
units at Fallingbostel, terms such as offences, provided they that, there was no bullshit about it,”
“aye” and “och”. She also knew the says Stuart Nicholson, an infantry
madness of army payday, when soldiers were not hate-driven’ officer who ran the platoon sergeants’
appeared en masse and she would have Illustrations by Dionne Kitching
course there in 2012.
sex with eight or 10 a night. (A 2001 That didn’t mean there wasn’t a
law regulated sex work in Germany. The Changing of the Guard, a book about history teacher, and I, with many of my equestrian ambitions. Seeing any throughout history. It is what happens pecking order. Another former officer
While some say it has improved how the British army has evolved since contemporaries, signed up. institution up close dissolves one’s when armies have little to do. Robert says: “Whereas in peacetime, a
conditions for women, others disagree. 9/11. Although it is a study of a military Looking back, I am still astonished at preconceptions, but the distinction Graves, poet and author of first world measure of your status would simply
Wolfgang Fink from the State Criminal institution, it’s also about contemporary how acutely the military knew how to between ideal and reality with the war memoir Goodbye to All That, be the regiment you were part of and
Police Office (LKA) of Baden- Britain: how we view ourselves, our push buttons in teenage boys. The British cavalry, circa 2003, was recorded the same phenomenon, as he your rank, in wartime it became about
Württemberg has described the sex place in the world and, ultimately, effect on the 17-year-old imagination of striking. On the day I arrived, five was tormented by seniors and deemed whether or not you had deployed. Once
trade as a “battery cage”.) what it is to be a man here today. a large envelope arriving, marked “On months after the regiment returned a “wart” in a “peacetime survival” nearly everyone had deployed at least
But that was nothing compared to I found myself investigating a Her Majesty’s Service”, should not be from Iraq, an officer tried to kill mess in the Royal Welch Fusiliers. once, it became about how many times
when the troops returned from Iraq. paradox. We have soldiers to enact underestimated. On the gap year there himself. The culture I saw was in some What I saw in Germany was and how ‘punchy’ your tours were.”
The Royal Scots Dragoon Guards, then violence on other people. That is not all was a short course at Sandhurst officer ways shaped by the brief campaign the dramatic, but why it was happening It was also noticeable how the
a tank regiment equipped with hulking they do, but it is the extreme training academy, similar to that regiment had taken part in; the tanks was more interesting. The whole streamlining effects of war could be felt
Challenger 2 battlewagons, arrived expression of their trade. Should we be undertaken by army lawyers and were still painted a fading yellow, some system — the rule of not going to bed away from the front line. Far-reaching
back in Fallingbostel in the early hours surprised, therefore, if they act badly doctors, followed by a stint in a regular had dark smudges on the turrets from until everyone longer-serving than you military reforms encompassed not just
of May 16. They had been in theatre for on or off the field of battle? “In my unit, though you could not be sent on rocket-propelled grenades. But in a had retired, the tick-tock of the equipment and training but also
some 10 weeks, engaged in the invasion experience, there was a sort of operations. Entry was competitive; the wider sense it was a reflection of the promotion cycles — reflected a worship doctrine: the institution’s theory for
of Iraq and occupation of Basra. tolerance to violent offences, provided idea was to create a cadre of people who long peacetime that had preceded this. of seniority. Yet because the army had how it should conduct itself in the
In the guardroom at Fallingbostel, they were not hate-driven. Soldiers might not stay in the army but take an The SCOTS DG had been based in not been to “real” war for a long time, world. Although the reformers’
Billy Gilchrist, a non-commissioned brawling with soldiers was usually understanding of it into civilian careers. Germany since 1995, but that was just seniority had ceased to correlate bureaucratic battles were conducted in
officer, fielded a call from the brothel ignored, although altercations with I was steered towards the Royal the most recent stint — it had been effectively with experience. Instead, offices and academic institutions, and
asking if the army could slow down the civilians were taken more seriously,” Artillery, a large body with multiple there on and off since 1945. Those after the invasion of Iraq, experience of in the great underground bunker at
influx of soldiers; the Pink House’s says one former officer. constituent regiments, which was well decades waiting for the Russians had combat would seep up from the bottom. Permanent Joint Headquarters near
women were struggling to cope. Men My interest in all this began in 2003- geared up to take on scantily trained left their mark. In the 30 years before Even in 2003, the SCOTS DG was London, rather than on a battlefield,
were emerging from the brothel and 04, when I took part in a programme gap-year officers. At the last moment, 9/11, Northern Ireland was the focus atypical in its formality, rigidity and they were meaningful too. Much of
rejoining the queue. Meanwhile, Heer the army ran called a “gap year though, I swerved to the Royal Scots for much of the army. But most of the adherence to cavalry traditions. Much what these older officers had to do as
pulled in extra women from other commission”, for those taking a year off Dragoon Guards (SCOTS DG in the cavalry was not directly involved in the of the army was not like that. But the well was rein in a culture in which
places until there were 40 in Walsrode. between school and university. In army abbreviation). I was drawn by province after the 1970s. The 1990s generational divide the Iraq and Afghan violence was not only the pinnacle of
The atmosphere was mad, a collective retrospect, the military was my the prospect of glamour, smart were more active — the SCOTS DG wars were to engender was very real. the profession but also something
release: payday times a hundred. teenage rebellion. I’d grown up in uniforms and horses. Its antecedent deployed on Operation Granby, the considered manly and cool. Alex
Cambridge, my parents were academics unit, the Royal Scots Greys, had first Gulf war in 1991, and later went to Much of what I found in my Alderson, a colonel who rewrote the
To some, the military is the last and cutting my hair and joining the mechanised in 1941, but its history the Balkans. But beyond the waiting reporting for the book was how army’s counter-insurgency doctrine,
bastion of unreformed masculinity. I army was a revolt. At school we had a goes back to the 17th century; the and fear in the Gulf, that conflict lasted military culture — and the army’s
have spent the past five years writing cadet force led by an inspirational current regiment maintained only 100 hours. And while the Balkans notion of masculinity — evolved as the Continued on page 17
Food & drink

Brexit hits the
bordeaux buffs
Jancis Robinson
Wine
T
he Bordeaux wine much airtime for the 2018s below Millésima.co.uk, the UK retail
establishment is very cru classé level. arm of a big Bordeaux négociant,
proud of its sales Those in charge of promoting the was cited as a stockist for six of
system, known as the crus bourgeois (all left bank) them. But any Brit placing an order
Place de Bordeaux. delivered 136 of them to my fellow is met with this message: “Due to
Over centuries, a process has Master of Wine and Bordeaux Brexit we are currently adapting
evolved whereby the châteaux sell resident James Lawther, who tasted our logistics to comply with the
via brokers to négociants them at his home on behalf of new regulations . . . In the
(merchants), who distribute the jancisrobinson.com in December. meantime we keep your orders
wines throughout the world. And last month, a truck finally safely in our cellar in France.”
This inevitably adds a few found my London address and Hortense Bernard, in charge of
margins to the ex-château price delivered a pallet — yes, a pallet — sales and marketing for Millésima
along the chain but the château of 2018s from members of the UK, explained by email: “Brexit has
owners don’t have to do deals with Grand Cercle des Vins de Bordeaux. changed a lot of things in the UK.
individual importers, wholesalers I tasted the 105 wines on it. We are working on it and we do not
or retailers and can take advantage In its early years, I must confess have yet our complete solution so
of an efficient distribution network. that it wasn’t always a pleasure to we cannot discuss it. As you know,
The Place is busiest from April to taste the wines of the Cercle Rive delivering to private customers
June, when the latest vintage of Droite. Too many of the wine- from Bordeaux is not an easy
Can’t be beet
bordeaux is tasted, assessed, priced makers involved, particularly in thing.” This mirrors the delays and
and put on the market at only a few St-Émilion, were still in thrall to a extra costs caused by additional
months old — the so-called en style I would call pastiche, wines form-filling reported widely by
primeur campaign. too obviously marked by alcohol, UK wine importers.
This works pretty well for the sweetness, concentration and oak. I chased up other listings of my
more prestigious Bordeaux favourite Grand Cercle 2018s
estates, the crus classés that that seemed to be available
feature in the best-known in the UK only to find in
classifications, the most Laithwaite’s case that either
Patricia Niven famous of which dates back the vintage was wrong or
to 1855. Yet Féret, the bible there was no sign of the wine
things are still unprecedented. I’ve had of bordeaux wine, lists in question. Or there were
Cookery | Bean and barley soup is a staple in many more success with my other resolution, almost 10,000 different just two cases available
celebrating the little moments: a hot châteaux and brands. (Feytit-Clinet at Jeroboams).
shower, winter sun, a bowl of hot soup. And because lesser estates Or there were 16 cases of six
Ashkenazi homes, here enlivened by beetroot. Bean and barley soup is a staple in can find it so difficult to available (Fleur Cardinale at
Ashkenazi homes and Jewish delis, the establish a distinctive the young company Warwick,
weekday counterpart to chicken soup. It identity and long-term Banks & Jenkins) but they are
Words by Itamar Srulovich. Recipe by Sarit Packer holds its own kind of magic. From few sales strategy, many offer waiting in Bordeaux and not
ingredients comes a thick, velvety broth some of the best value wine expected here for a while.
that is rich and nourishing. in the world. Availability in the US is
T
It may be a bit bland in its pure form In an effort to promote better. American merchants
he average life expectancy small resolution. I wanted to drop from but it takes well to variations — if you some of the small wine have always been much
of a new year’s resolution is my conversation all the words that had have a few bones, smoky sausage or left- properties on the right readier to sell fine wine by
two and a half weeks. Or colonised it in 2020: “pandemic”, “lock- over brisket, for example, they will be bank (rive droite) of the Illustration by Leon Edler
the bottle instead of by the
maybe 32 days, 17 hours down” and “bubble”. Mostly I came to very welcome additions. We add the Gironde, whose most case. The large Fronsac estate
and three turns of a pepper loathe “unprecedented”. In the new tiniest bit of spice and beetroot, not only famous appellations are St-Émilion Yet nowadays this has become La Vieille Cure, for instance, is
mill. It depends on whether you ask year — I thought — I will drop these for for the gorgeous tint but also because its and Pomerol, château owner- much less common. In my recent available from several US retailers
Alexa, Siri or Google. beautiful and exciting words: “lam- sweet, earthy flavour lifts this humble turned-winemaking consultant tasting, I was thrilled to find well- (it used to have American owners)
We don’t need stats to tell us that reso- bent”, “porphyrogennetos” . . . soup, making it porphyrogennetos: Alain Raynaud formed an balanced wines that showcased but the only merchant offering it in
lutions are a futile exercise. But we can’t My resolution was an epic fail from born in the purple, made for greatness. association of them called the the glory of right-bank wines, the UK, Cru World Wine, suggests
resist the promise of a new beginning. the off. It’s hard to form a sentence with- Cercle Rive Droite in 2002. dominated by the Merlot grape, that it will not be delivered until
My strategy this year was to go for a out “pandemic”, we’re still in lockdown; honeyandco@ft.com; @Honeyandco Well-organised tastings of their usually complemented by Cabernet September 2021, almost a year after
wines became a feature of the Franc, wines that are both rich and the first 2018s arrived in the UK.
frantic en primeur season in fresh, and in which the character of There are UK merchants offering
Bordeaux every spring, alongside the vineyard is able to soar above some of these 2018s in bond but I
Beetroot, borlotti bean and barley soup the many opportunities to taste any alcohol. The 2018 vintage was could find only two out of the 36
the crus classés. certainly hot and dry enough to that are actually available to buy
A generous pot of hearty soup for saucepan and cover with water. Bring until a rough barley-like consistency In 2017, it merged with a similar produce potent wines but, as I have now, both Vieilles Vignes (old-vine)
weekdays (about six to eight portions) to a boil and cook for 10 minutes. (If and size; remove to a bowl. Blitz the but smaller association of lesser- reported, high-alcohol wines are bottlings: Faizeau from a village
you use tinned beans, strain, cover with rest of the vegetables until they are the known left bank (rive gauche) much more comfortable to taste store in Cornwall and the Bordeaux
Ingredients fresh water and bring to the boil.) Add same texture and mix together (apart châteaux in the Médoc, Graves and than they used to be. Supérieur Ste-Marie that has been
150g dried borlotti beans, soaked the barley, boil for a further five from the beets you set aside). Sauternes appellations called the I was delighted too to find sold direct to greatwine.co.uk, and
overnight in water, or a tin of beans minutes and strain. While the beans are Pour the olive oil into a large Cercle Rive Gauche to become the excellent wines from some of the several US retailers, for many years.
3-4 beetroots, peeled cooking, chop all the vegetables into saucepan then add the blitzed Grand Cercle des Vins de Bordeaux, less famous right-bank appellations Both of these are delicious already
2 onions, peeled large chunks that can go into a food vegetables and salt. Set on a medium- with a total of 136 châteaux. such as Castillon, Montagne St- and bargains.
4 sticks of celery processor. Start with the beetroot, high heat and sauté for 15 minutes to The smarter names, the crus Émilion, Lalande-de-Pomerol and When I raised with Alain
2-3 carrots, peeled setting aside 150g, then pulse the rest soften, stirring occasionally. Add the classés, benefit from an extremely Fronsac. Indeed, I ended up giving Raynaud how difficult it was to find
4 cloves of garlic, peeled boiled beans and barley and cover with efficient generic promotional body, a total of 36 wines (30 right bank his association’s wines, he admitted
3 tbs olive oil the water. Bring to a boil, skim any foam the Union des Grands Crus de and six left bank) a score of at least that some of them lack the fame
1 tbs salt then reduce the heat and add all the Bordeaux, which organises tastings 16.5 out of 20, which means they needed to sell easily internationally,
200g barley spices. Semi-cover the pot and cook for all over the world. It even, by a are really worth buying. instead relying on ratings from
2l water 30 minutes or until the beans are soft. stroke of luck, managed to put But when I tried to find out wine writers.
1 tbs ground ginger Meanwhile, wash the parsley or the together a proper sit-down where to buy them, I was But, as with the primeur tastings
1 tbs cumin beetroot leaves and chop roughly. Add professional tasting of the latest frustrated. My first port of call was in April, I have to admit that I’m
1 tbs coriander them to the retained beetroots, then bordeaux vintage to go into bottle, the pre-eminent international price happier providing a true service for
Black pepper, freshly ground add both to the soup. Mix well and cook the 2018, in London last October comparison site Winesearcher.com. readers than simply churning out
1 small bunch of parsley, or the top for 10 minutes before serving. If you are between two lockdowns. Five of these 36 2018s didn’t seem scores for château owners.
leaves from the beetroots eating this over a few days, you may Tasting red bordeaux, a wine that to be available anywhere. Some
need to add a little water on a daily can last decades, in bottle is much of them, not surprisingly, were For Jancis’s selection of 2018 red
Method basis and adjust the seasoning as the more satisfactory than tasting cask available only in France, and bordeaux châteaux offerings in the
Place the dried borlotti in a large barley continues to absorb liquids. samples en primeur, but during the distribution seemed to be best in UK, find this column online at
pandemic it has been difficult to get France, Belgium and Switzerland. ft.com/jancis-robinson
Men in the line of fire the US military in 2003 but was gladly
taken up by the British and others.
Last year’s Brereton report into the
For the majority of the British army,
the wars are over now. The main flag-
lowering in Basra took place in April
politicians after two failed campaigns.
Perhaps most interesting is the
extent to which the army has learnt to
about how to conduct a vehicle
checkpoint. They also knew a lot about
men. While soldiers had paid them for
activities of Australian special forces in 2009. Five years later, in late 2014, the talk about its feelings. In 2016, when I sex, they also often wanted to talk. In
Continued from page 16 Blackman, another marine was Afghanistan between 2005 and 2016 — army pulled out of Helmand. Before it met Heer, he showed me round his those gaudy rooms in Germany some
wearing a helmet camera. When the which mentioned the murder of 39 left, officers toured the guard towers at establishment, with its bizarre murals wept about what they had seen and
recalls giving a lecture to 16 Air Assault video emerged, a huge scandal Afghan citizens, the “blooding” of new Camp Bastion to make sure there was of topless women and female figurines, done in combat. This was an older
Brigade, the elite formation that developed. Blackman was convicted of recruits by making them kill prisoners no pornography on the walls to offend and explained his vision for the place: British army; a high-ranking officer
commands parachute units, in October murder, later reduced to manslaughter. and “throwdowns”, weapons left with Afghans they were handing the base to. like a nightclub where, through some speaking publicly about his post-
2010, before it deployed to Afghanistan The Royal Marines and wider Royal bodies post hoc to create photographic It is possible, as has happened many rearrangement of the cosmos, all the tour depression, as General Patrick
under Brigadier James Chiswell. Navy authorities (the marines are part justification for killing them — is about times before, that the army will find women would want to sleep with you. Sanders did earlier this month, would
Alderson talked about counter- of the navy rather than the army) tried rogue or even toxic masculinity as well itself back in a scrap in a hurry. But Besides Nadine, I also spoke to a have been unthinkable then. Even so,
insurgency, the campaign and different to portray the incident as a “lone bad as command and control. over the past five years, cadets have not younger Polish woman on his staff. there was still a need for someone to
approaches. Afterwards, some senior apple” situation. In reality, it was much As the report says, no one spoke up gone to Sandhurst knowing they would I have no doubt Heer directed me to put in the emotional labour.
NCOs and captains in the audience more complicated; it was linked to the because they had worked hard to get fight, as was the case for the generation those employees with the sunniest
collared him. “That’s just crap,” they intrinsically different ways that 42 into special forces and the patrol before them. Nor do they join to go dispositions. They talked about the Simon Akam is the author of ‘The
told him. “We’re going to go in there, Commando, Blackman’s unit, and 45 leaders were regarded as “demigods”. skiing and get “shit-faced”, as a realities of sex work in the same way Changing of the Guard: the British Army
kick doors in, have some quality trigger Commando, the adjacent one, generation before that did in the 1990s. the soldiers I spoke to liked to talk Since 9/11’ (Scribe)
time.” Chiswell, who won a Military approached the 2011 tour. The latter Funding for adventure training has
Cross in Sierra Leone as a major, and wanted to perform delicate, been reduced as the army shrinks, and
also came from the macho paratrooper population-centred counterinsurgency. the system has, to an extent, cracked
tribe, interrupted his men. “I’m sorry, The former wanted to “go toe to toe down on institutionalised drinking.
you’ve got this completely wrong,” he with the Taliban” and “blunt” them. Will things revert to how they used
said. “The way we’re going to do this is “Is this about masculinity?” remarks to be? The army says not; internally
the way Colonel Alderson’s described.” the former officer who commented on there is now a spirit of “constant
That cultural transition was difficult the changing nature of military status. competition” and no longer a clear
to complete. A year later, in 2011, “To me it is indicative of a lack of distinction between peace and war.
Royal Marine Sergeant Alexander cohesive strategy, resulting in differing Training teams overseas or providing
Blackman shot a wounded insurgent in tactics from brigade to brigade, tour to Covid-19 support in the UK is,
Nad-e Ali in Helmand. “Shuffle off this tour.” Yet arguably it was about according to the army, as important as
mortal coil, you cunt,” he remarked. manhood as well as tactics. The latest combat. That is both a sensible
“Obviously this doesn’t go anywhere, obsession with so-called warrior leadership promulgation and a cunning
fellas. I just broke the Geneva culture, a macho archetype, may have stance for an institution that arguably
Convention.” Unbeknown to begun with its formal inculcation by has haemorrhaged the trust of
18 ★ 20 February/21 February 2021
A killer cure for

lockdown blues
Robert Armstrong
Fourth Estate
W
hat began with and then apparently dying in a fire is found that those who watch a lot of
literature ends with found sleeping under a bridge and is apocalyptic horror movies were more
gore. At least I’ll get recruited by a rogue cop with secrets of resilient in the face of the real-life
some reading done, I his own to infiltrate a mass-murdering pandemic. “These kinds of movies
thought a year ago, crime family in Belfast whom she then apparently serve as mental rehearsal
and some thickish novels did follow, liquidates before stealing their fortune for actual events,” professor John
but that was then. Now I can’t and their baby, with which to start a Johnson of Penn State summed up.
remember the last book I finished. In new life. Of course! I consumed all Students of philosophy will recognise
the final innings of the pandemic, all three incoherent seasons of this boudin Aristotle in this: he argued, 2,500 or so
discipline has fled. I check the boxes noir in a week, and was not sated. years before Professor Johnson and his
at work; overeat; sleep 10 hours a It took me a while to realise that this colleagues rocked up, that tragic
night; and watch people murder each bizarre self-seriousness was just what I drama, by inducing feelings of fear and
other on TV. was looking for. My shows are loyal to pity, helps us regulate those emotions
I never bothered with crime shows their pretences. And florid, baroque in ourselves.
before Covid. Now I binge one after the pretence is where the best of them all, This is probably some truth in
next, to the exclusion of all else. Within Hannibal, excels. I have a pretty strong Aristotle’s view. But my guess is that
In the wake of the 1992 LA riots, the shot of officers assisting the victims of the genre, my tastes are specific. No stomach, but I quickly started to my binge-viewing is less about
SNAPSHOT city’s police department needed assaults or traffic incidents, there are time for the cosy period piece, Hercule processing the horror of the pandemic
change. With chief Daryl Gates forced those that expose the gulf separating Poirot or Foyle’s War, say. I require Those who watch a lot of so much as the crushing dullness of it.
to resign and greater civilian police and the communities they gloom, and blood by the bathtub. The undifferentiated, aimless, endless
‘LAPD 1994’ by oversight promised at the top, serve. In one image, officers kneel on What isn’t necessary, particularly, is apocalyptic horror movies character of life in lockdown is the
Brooklyn-born photographer Joseph a man’s neck and back to restrain him quality or originality. I churned right may be more resilient in hard part for me — the feeling that life
Joseph Rodríguez Rodríguez was given permission to
cover officers on the ground.
— a graphic reminder of just how little
has changed in 25 years.
through Hinterland — which turns rural
Wales into a murderer convention — the face of a real pandemic
has maintained its hardships but lost
its point. The universe of murder TV,
Then as now, what he found in the Chris Allnutt despite its complete refusal to depart while amoral, is rigid with imperatives.
operations of the 77th Street, Pacific from a single convention of the The killer must kill to express his
and Rampart Divisions had no ‘LAPD 1994’ is showing online at Bronx contemporary homicide opera. wonder just how much viscera display nature, and the detective’s life is
straightforward narrative. For every Documentary Center to March 26 Unstable protagonist, haunted by his was permitted on network TV. Quite a ordered, urgently, by the search.
past? Salt-of-the-earth deputy (female, lot, it turns out. The amorality of the Succeed or fail, they hurtle toward a
preferably) who tries to keep our hero show is comprehensive. It doesn’t resolution, and another corpse
grounded in reality? Sceptical superior waste even a nod towards the ethical surfaces the following week. Within
officer who gets in the way? Murderers questions raised by murder as this life-and-death structure,
Britney Spears: our who live in houses decorated like low-

end antique stores? Soulful shots of
spectacle. Its audience surrogates are
not the tortured FBI agent but the pair
everything shimmers with meaning,
beauty, drama.
part in her downfall

twilit landscapes? Tick, tick, tick. of wisecracking forensic scientists who If this is right, the appeal of gore is
Hinterland is fine art compared to like to tease the corpses. The show is not that it modulates our fear of death,
Marcella, an objectively terrible series nominally about the intimacy of but soothes our nagging sense of
whose heroic improbabilities of plot violence, but its salient feature is that it meaninglessness. It’s about ennui
and character don’t stop it from taking looks fantastic, from the satanic rather than mortality. I’m not saying
Mia Levitin
itself dead seriously. Of course (spoiler psychologist’s wardrobe to slow-mo that Hannibal is Sartre. But Sartre is not
alert) the police officer who went crazy shots of droplets of blood dissolving available on Netflix.
with guilt because she was responsible in water.
for her child’s death and attacked her What has come over me, and why robert.armstrong@ft.com
Trending colleagues before mutilating herself now? A study published in January Janan Ganesh is away
I
n a 2008 episode of the US game pigtails and a Catholic school uniform. launching a divorce and custody battle
show Family Feud, contestants were She was still publicly claiming to be a in the span of two and a half years — a
asked to name “something Britney virgin at the time. As long as icons whirlwind that might make anyone
Spears has lost in the past year”. remain virginal, their sexuality is snap. There’s more awareness of
Winning answers — to whooping unthreatening — an allure that relies mental health issues today, including
from the studio audience — included on sex appeal seeming accidental. post-partum depression. Paparazzi are
“her hair”, “her children” and “her (Think Marilyn’s dress blown up by the not as big of a business now that
mind”. This is one of many shame- subway grate, or Diana’s backlit skirt.) Instagram allows celebrities to feed
evoking clips in Framing Britney Spears, Spears believes she lost her golden- fans’ appetite for content directly.
the New York Times-produced girl sheen in the public eye after the It would be nice to think that the
documentary which tracks the rise, fall break-up with Timberlake. While the double-standard is as dated as the
and bizarre purgatory of the pop star. public had eaten up a relationship archival footage in Framing Britney
(Since 2008, Spears has been under a between two child-actors-turned- Spears. Sadly, the scarlet letter never
conservatorship, in which a judge superstars, Timberlake managed to goes out of style. Artists including
appoints a guardian for those deemed control the narrative of the break-up, Ariana Grande and Taylor Swift have
unable to care for themselves.) blaming it on Spears’s alleged infidelity spoken out about the relentless public
Watching it, I was reminded of other and using the public’s sympathy to scrutiny of their personal lives. And
recent documentaries and podcasts boost his solo career. “The way people while Christine Blasey Ford received
that have challenged my perception of treated her, to be very high school more support than Anita Hill,
previously maligned women, among about it, was like she was the school partisanship was just as pronounced
them Monica Lewinsky, Anita Hill, slut and he was the school during her 2018 Senate testimony, with
Amy Winehouse, Lorena Bobbitt and Republicans not stopping short of “slut-
Anna Nicole Smith. These programmes What a gut-punch to realise shaming”. Plus ça change.
offer little in the way of new Since Framing Britney Spears aired in
information; it’s the evolution of that I had failed to see the the US, a judge has ruled against her
cultural mores that reframes narratives humanity of the women father’s objection to the appointment
and reveals our collective culpability. of a co-conservator, a small victory for
What a gut-punch to realise that, for all behind the punchlines the #FreeBritney movement. As for the
my feminist credentials, I had failed to rest of us, reckonings are useful only if
see the humanity of the women behind we learn from our errors.
the punchlines. quarterback,” says Wesley Morris, a The irony of celebrity worship is that
Framing Britney Spears presents New York Times critic-at-large, in we scour their lives for evidence that,
example after example of the Framing Britney Spears. (In an as US Weekly’s popular feature puts it,
misogynistic media coverage Spears Instagram post last week, Timberlake “Stars — They’re Just Like US!” It’s easy
faced throughout her career. In a 2003 apologised, writing that he now to forget that they break like us, too,
interview, we watch Diane Sawyer understands that he “benefited from a only with their pain projected to an
admonish Spears for breaking Justin system that condones misogyny”.) international arena. While Monica
Timberlake’s heart, shame the then 21- Once the illusion of virginity was Lewinsky became a household name
year-old about provocative broken, the tabloids turned on Britney overnight, Bill Clinton reduced her to
photoshoots, and claim that she “has for good. Between 30 and 45 paparazzi “that woman” — humiliation coupled
upset a lot of mothers in this country”. hounded her at any given time, both with heartbreak. Watching Framing
At times we see disbelief flicker across fuelling and profiting from her Britney Spears, I regretted having tutted
Spears’s face when she’s asked breakdown. Tensions culminated in a along with the rest of the world at the
inappropriate questions, but she always public meltdown in 2007, in which she mishaps of a new mother. With plenty
snaps back into the good-girl role, eager shaved her head and attacked a of parenting mistakes under my belt
to please, and answers politely. paparazzo’s SUV with an umbrella. The now, I’m just glad mine weren’t papped.
Like many female artists who were following year, Spears was treated in a Britney lost a lot in her annus
child stars — among whom fellow psychiatric hospital, and put under a horribilis, including her freedom, but I
Disney alumnae Christina Aguilera, conservatorship at the request of her disagree with one of the Family Feud
Miley Cyrus, Selena Gomez, Demi father, who continues to control her answers. She did not lose “her dignity”.
Lovato and Vanessa Hudgens — Spears activities and assets (estimated by It’s all of us complicit in ignoring a
had to perform the high-wire act of Forbes at $60m) through the structure. young woman’s pleas for privacy,
being sexualised without being sexual. Would Spears’s struggles be as much choosing instead to laugh at her
The video for her 1998 debut single, of a spectacle in 2021? The 2007 expense, who should be ashamed.
“. . . Baby One More Time”, presents incident was preceded by her getting
Britney as a 16-year-old Lolita, in married, having two babies, and Jo Ellison is away
FT Weekend Festival: from vaccine pioneers to Nobel laureate writers

The FT Weekend Festival is back, with a exclusive performance on the first evening.
new spring digital edition, on March 18-20. Suffusing the three days will be the spirit of
Among the 100 speakers are Dr Özlem Türeci renewal, the official festival theme. Adding a bit
and Dr Ugur Sahin, the scientists behind the of fizz, we will have wine and cocktail tastings to
BioNTech/Pfizer vaccine, and the novelists be enjoyed from the comfort of home.
Martin Amis and Kazuo Ishiguro. Streamed from For passes and programme:
London’s LSO St Luke’s we will also have an ftweekendfestival.com
Chess solution 2407 1 Rf4! If Kxh1 2 Kf2! Kh2 3 Rh4 mate. If Kxg3 2 0-0! Kh3 3 R1f3 mate. Castling in a chess problem is allowed unless
it can be proved illegal
Saturday 20 February / Sunday 21 February 2021
Nature therapy How to slow down, tune in and widen out — PAGE 8
Follow us on Instagram @ft_houseandhome
The home of prime property: propertylistings.ft.com Follow us on Twitter @FTProperty
T The handmades’ tale

he Covid-19 pandemic has Lalique, the luxury French glass-
spawned an army of craft maker whose 2020 Botanica collection
hobbyists, as people around is priced from £95 to £27,000, will on
the world attempt to knit, occasion send a bottle of champagne to
stitch or découpage their valuable customers to make an occasion
way through the tedium of lockdown. “I out of their virtual viewings. This new
like that you made it,” my partner says way of trading requires new tools.
diplomatically when presented with yet Joe Cariati, who makes slender, hand-
another wonky vase. blown glass vessels (priced $240-
Yet for the people who make beautiful
objects for a living, whose output we
From digital fairs and livestreaming to masterclasses and champagne, artisans who depend on physical $1,895) at his studio in Los Angeles, rec-
ommends that online sellers invest in a
value for skill rather than sentiment, gimbal — a device that keeps a phone
large parts of their industry have been presence to sell their wares have adopted new tools to weather the pandemic. By Harriet Fitch Little stable “no matter what you do with your
devastated. In March 2020, a Crafts hands or body”.
Council survey of 600 UK makers found For makers of lower priced pieces,
that orders were already down 67 per there are easier alternatives. Online
cent. At the end of the year, a compara- (Clockwise from Design shows such as Milan’s Salone Lalique will send a bottle sort of diverting paraphernalia that marketplaces for handmade items are
ble survey found that nearly a third of top left) Nikole del Mobile bring customers together draws visitors to real-life festivals. booming. In 2020, Etsy’s third quarter
respondents were still in need of finan- Lowe, tattoo with makers and sales reps to fuss of champagne to valuable The virtual event attracted as many gross profit margin shot up 126 per cent
cial support. The equivalent US body, artist turned over handmade products and each customers to make an online visitors as Bovey Tracey did real year on year for homewares and home
the American Craft Council, confirms wallpaper other. Fabrizio Cantoni, Salone regu- ones and, although takings were lower, furnishings. On Folksy, a UK site with a
that Covid-19 has wrought disruption: maker; Lalique lar and co-founder of hand-knotted occasion of virtual viewings makers didn’t have to travel and paid similar remit, the typically quiet month
“[Makers] can no longer rely on one rev- vases; Joe rug company cc-tapis, tells me over £80 rather than upwards of £500 for a of May saw almost twice as many shop
enue source,” writes representative Cariati’s hand- email that his biggest challenge is that stall. “I think pro rata they probably did openings in 2020 as the previous year.
Keona Tranby. blown glass; the rugs are “something which need to ven Mulgrew-Reeves of the tactile expe- at least as well,” says James. Instagram has also become a lucrative
The pandemic has injured all creative weaver Tabara be touched and felt”. rience that can’t be replicated online. But the virtue of selling online is that and easy-to-use channel for many sell-
industries, but it has delivered the blow N’Diaye sells Several major fairs have had success She makes rough-hewn pots and can- there are more ways for artisans to con- ers. “It no longer feels that I have to be in
in different ways. For producers of DIY basket- running virtual events. But while craft is dlesticks with gloopy glazes that cost nect directly with customers, without some conference centre somewhere,
handmade pieces, the cancellation of making kits; a disparate industry, the thing that about £20. any organiser or intermediary. Those with all my wares on display,” says Nell
physical events has been particularly furniture by unites big fish and small fry is the pres- Sarah James, who has been organising brokering high-value exchanges are Swift, a weaver who lives in a remote
challenging. From high-end design fairs Philipp Von ence of the human hand — and right now craft fairs in the UK for almost 20 years, using one-on-one video consultations to part of the Peak District.
to village-hall markets, in-person show- Hase; a rug that’s the one thing money can’t buy. held her first digital event last June recreate the experience of in-person She has had particular success with
cases put smaller companies’ products by cc-tapis “At a market, you feel confident that when she would normally have been shopping. At cc-tapis, where the latest the Artist Support Pledge — a simple but
in front of audiences that might other- © Dag Randen;
Marina Denisova
the person buying the product has welcoming several hundred makers and collections are priced €6,000-€7,000 on successful initiative that encourages
wise never find them while allowing understood what it is, how it’s made, or 10,000 visitors to Bovey Tracey in average, this has included sending out artists and makers to list works for
buyers to appreciate the individuality any imperfections and uniqueness Devon. She organised a barrage of live carpet samples that customers can sale on Instagram under the hashtag
that differentiates handcrafted objects because they have physically handled content: studio visits and interviews, physically handle as they go on a remote
from mass-produced ones. it,” says Glasgow-based ceramicist Mor- but also yoga and a running clinic, the showroom tour. Continued on page 2
2 ★ † FTWeekend 20 February/21 February 2021
House Home
How to live We have recently started looking

after a cat, in addition to our two
rather absurd to me, it might be worth
avoiding delicate fabrics or ones that
twee printed fabrics, with large leather
labels embellished with excruciating
elegantly
dogs. Can you suggest elegant ways particularly attract fur, such as mohair. “classy pooch” brand names.
to disguise litter trays and dog beds? As for furniture, materials such as In the end, I sourced a large square
Is it possible to have both a stylish wicker or rattan are best avoided or put piece of foam via Etsy, which came
with a pet home and pets?
I have never lived with a cat, but

away, as these can be destroyed fairly
easily by an excitable puppy or kitten.
Dog toys I have found quite tricky,
We sincerely hope
with a smart, plain red ticking cover.
Before Christmas I ordered another
large floor cushion from Savoir. These
I gather they scratch surfaces because because they are usually rather ugly. the new dog bed are custom made and you can choose
they need to maintain their claws. I have relied on those made from will tempt Merlin from a selection of fabrics. I sourced
Scratching also exercises a cat’s sustainable materials including jute, my own — I found a scrap of Manuel
muscles from their front legs to their rubber and naturally shed antler, away from sleeping Canovas cotton on eBay, printed with
spine. Some prefer carpets and such as those sold by Green & Wilds. between us in our a trellis pattern and Parisian scenes
curtains, others hard surfaces such Their toys look endearing (so not too including a fine view of the Panthéon
as wooden furniture. displeasing to find scattered all over own bed, legs 90 (pictured left with Merlin).
I’m afraid the only real way to stop the house) and, more importantly, they degrees in the air Alas, it turns out that Merlin likes
this is to restrict access or to make are environmentally friendly. to have his slender snout under a
targets less alluring. (I’ve read Some of my favourites have come blanket about 85 per cent of the time,
that some cats prefer wallpapers from Daylesford farm shop, which so I have one more bed coming: a
with a raised texture, so avoid this, does rope toys shaped like kind of flimsy pitta bread with an
for example.) Naturally, you mustn’t animals, which I find hard to interior of faux-fur fleece, made by
blame the cat: he or she is probably just resist when I pop in for yet another Charley Chau. This will, we sincerely
curious or wanting to feel secure. Luckily, he hasn’t caused much brick-sized slab of Double Gloucester hope, tempt him away from sleeping
Provide your cat with alternative damage, apart from the odd, lightly and a turn on the hazelnut butter between us in our own bed, legs 90
scratching opportunities. The nicest chewed kitchen cabinet knob or scrap machine. For a few months Merlin’s degrees in the air.
scratching posts I can find are made by of seagrass rug. Besides, Merlin seems favourite was a lobster, which he Trust me, I know how ridiculous
the Dutch brand Designed by Lotte. mostly interested in a yellow-tasselled carried everywhere until it resembled these last paragraphs sound. Our dog
Its posts are made from sisal and rope, key that hangs from a lock in a a mass of bright red spaghetti. has swankier, more comfortable beds
and would fade into the background bedroom chest of drawers. If I can’t As for cat litter trays, I’ve noticed than we do, but a cushion stays
of most interiors. It also makes one find him, I know he’s upstairs, online some clever ways to disguise permanently in front of the oven in the
shaped like a cactus, which is a fun idea, pouncing on that tassel like there’s these: people have cleared out the middle of our kitchen — there is no way
but perhaps too much of a novelty. no tomorrow. Clearly he enjoys a fancy bottom of wardrobes and cupboards to disguise it and, if we’re walking over
I’m not sure I’d want a cactus-shaped trimming, just like his dads. and cut holes into the side panels, it all day long, it should look as good as
scratching post as a talking point. We were particularly attracted to allowing easy access. Or they’ve hidden possible. Plus, our pets sort of blind us
When we brought our whippet whippets because they don’t shed very trays in large baskets, again with an with their majesty, don’t they? Nothing
puppy Merlin home last April, I was much. If you’re set on a breed that entrance cut into one side. can be too good!
apprehensive about him nibbling our sheds a lot, naturally you will need to Dog beds have been interesting to get
furniture. I’d find myself giving get to grips with a good vacuum my head around: whippets like to If you have a question for Luke about
worried side glances to that ottoman cleaner. Also consider your dog’s stretch their long, elegant legs, which design and stylish living, email him at
I’d just had made, with its enticing grooming routine, because regular means baskets are not ideal. (I do like lukeedward.hall@ft.com. Follow him on
emerald-green bullion fringe, or the brushing can help minimise shedding. how these look, though, and they do Instagram @lukeedwardhall
Luke Edward Hall bobbin legs of a favourite armchair that Personally, I wouldn’t worry too suit smaller dogs — see Sister by Studio
look suspiciously similar in shape to much about choosing fabrics for your Ashby’s woven elephant grass version.) Luke Edward Hall will discuss the dos and
one of Merlin’s rubber toys — one from home that won’t show up pet hair. Sadly, most cushion-type dog beds I don’ts of interior design at the FT
Questions of taste an arsenal of treats we’d hoped would Although the idea of matching fur found online soon after becoming a dog A dog toy from Weekend Digital Festival, March 18-20.
lure him away from the furniture. colour to carpets and fabrics seems owner were also quite ugly — lots of Green & Wilds — For tickets go to ftweekendfestival.com
Inside The handing the pandemic; rents in some parts

of the city have gone down by a third.
For Adamson, as someone who thinks
Buy-to-let burden
Once a thriving market in inner
mades’ tale about handmaking and artisanship as a
radical alternative to mass production,
“I would dare say, this has probably
been a golden age for amateur craft
London, now a bane for landlords making,” he says. “Although it’s very
Pages 3 & 4 Continued from page 1 atomised and people are doing it in their
individual sewing rooms and garages.”
#artistsupportpledge. Each work must At the same time, the pandemic has
cost less than £200, and participants also forged new bonds between amateur
commit to buying a work through the and professional makers. As the
scheme every time they make £1,000. number of hobbyists has risen, many
Swift has sold roughly 20 woven cush- makers have switched their sales focus
ions, scarves and blankets since the ini- from finished products to tools and
tiative was launched in March — a posi- teaching. Listings for handmade craft
tively industrial production line when kits on Folksy jumped by 274 per cent
you consider that she recently began a between 2019 and 2020.
Whistler bliss rug by collecting the fleece from her Tabara N’Diaye, founder of the bas-
Demand for property grows in neighbour’s sheep. ket and homeware weaving company
the stunning Canadian ski resort Livestream shopping has also taken
Page 6 off, providing makers with a cheap way As the number of hobbyists
of replicating the interactive nature of a
market. In Glasgow, Mulgrew-Reeves has risen during the
joined up with jewellery maker Stefanie pandemic, many makers
Ying Lin Cheong to create Quality Craft
Vision (QCV) — part anarchic perform- sell tools and do teaching
ance art, part serious attempt to repli-
cate the sales success of the TV shopping
channel QVC. During the broadcasts on La Basketry, clocked the potential for
Instagram Live, Mulgrew-Reeves used DIY kits early in the pandemic when
A bird in the hand an eclectic bag of props to demonstrate she saw that sales of her 2019 how-to
The immeasurable value of the virtues of each item, and banged a book were rising. “It went from the
welcoming nature at your home cymbal to celebrate each sale. sourdough, to the banana bread, then
Page 8 “I realised that the Instagram Live for- to actually picking up crafting,” she
mat could be more responsive than an says. Selling the materials to make bas-
online market,” she says. kets is now La Basketry’s most impor-
All this disruption is a challenge to tant revenue stream.
fairs and the bodies that organise The wonky vases and wobbly mugs
them. According to Glenn Adamson, that I have made during lockdown were
curator and author of Craft: An Ameri- made possible by the Stay Home Clay
can History, published early this year, Club, run by ceramics studio Kana Lon-
the American Craft Council is in a “ter- don. Owner Ana Kerin confirms that the
rible situation”. “Their main income kits have been a lifeline for her small
Gym and tonic stream was these in-person shows sell- team, who normally run in-person
The high-end home gym comes ing kind of mid-level, well-made, well- pandemic hit, it is not new tech,” he (Clockwise from the first time since grad school when he workshops and sell Kerin’s own ceram-
into its own during the pandemic designed but not particularly artisti- says. Ting-Ying’s prices start at £1,000, main) Glass was forced to close it. ics. “Ceramics became the new yoga,”
Page 9 cally ambitious things,” he says. Lock- with bespoke chandeliers costing up to blower Joe Nikole Lowe, a New Zealander tat- she says. Almost a year into the pan-
downs, combined with existing compe- £30,000-£50,000. Cariati; too artist based in east London, demic, she is still dispatching an average
tition from the digital sector, have left Speaking to independent makers, ceramicist launched a wallpaper collection when of 20 kits a week.
Hot property the council’s “whole identity sort of up the picture that emerges is of an indus- Morven her studio was shuttered, with Chi- If N’Diaye or Kerin feel resentful that
Homes for sale with pools, saunas for grabs”, although he is optimistic try that is, paradoxically, both Mulgrew-Reeves nese-inspired designs not dissimilar they have become facilitators of other
and other wellness features about what might emerge. extremely precarious and unusually launched to the ones she usually applies with a people’s creativity, they don’t show it.
Page 9 The Council agrees that it’s been a dis- resilient. Small businesses have fewer Quality Craft needle. Several of her employees at Kerin says she loves packing up the clay
rupted year, but rejects the idea of a cri- resources to fall back on, and an Vision (QCV) on Good Times Tattoos have asked to kits, which often come with messages
sis: “This moment is actually bringing increased likelihood of falling through Instagram Live; come back on part-time hours post- indicating their destination: an NHS
ACC back to its roots in very exciting cracks in government support. But the Matthew lockdown, so they can pursue their doctor, a friend going through a hard
ways,” says Tranby. virtue of being small or solo-operated Burrows of new craft sidelines. “Everybody’s try- time or a romantic interest with the
The shift to online selling is global. is that they can be what a consultant Artist Support ing for something different,” she says. message “Would you go on a virtual date
Peter Ting, a ceramicist and co-founder would term agile, and pivot. “It’s Pledge with a Artisan businesses can also slip into with me?” “Really beautiful gestures are
of Ting-Ying gallery, which operates in almost the basic condition of craft,” cushion by Nell the spaces left by a larger economic coming through it,” she says.
both the UK and China and specialises Adamson says of this tension. Swift; ceramicist crisis. The Bergen-based furniture It’s a thin form of community com-
in Blanc de Chine porcelain, says that Some makers have smoothly shifted Ana Kerin sells maker Philipp Von Hase, who will be pared with the bustle of a busy studio,
online platforms have been a key part of discipline. Adamson cites the New York clay kits and participating in the Norwegian Pres- or the serendipity of meeting the per-
Piquant performance the Chinese industry’s response. sculptor and designer Daniel Arsham, conducts ence round table on craftsmanship fect buyer at a design fair, but right now
How to grow chilli peppers, from “It is natural that they turned to live- who normally runs a bustling “post-Jeff masterclasses next month, says he has taken up a it’s enough to keep hope — and the
the mild to the hottest streaming and selling online when the Koons” studio, but started painting for © Helen Voce
shop and studio for the first time dur- business — alive.
Page 10
The home in 50 objects #31: Murphy colour TV (1973/74)

The model pictured dates from a time This was a The Queen’s Many people preferred not to buy but Three decades on from the
when television still knew its place. posthumous coronation of to rent TVs from companies with coronation, 1983 was a key year. The
Households usually had no more than triumph for John 1953, televised repair teams on hand for callout. arrival of breakfast TV impelled
one set. Probably it would be located Logie Baird, the by the BBC — Programmes were largely confined people to buy sets for not only the
in the living room and was modest Scottish inventor the single to the evenings, ending at about living room, but for the kitchen too.
enough in size not to dominate its of TV, who had channel 10.30pm. There were no adverts until Channel 4 also began, and introduced
Snowdrop saviours surroundings. This one, on its handy struggled in the available — ITV went on air in 1955. Traditionalists the novel idea that programmes could
The flower is a joy during this stand, could be easily moved around. 1920s and 1930s spurred many regarded them as a frippery but they run on and on into the night.
long, grey, lockdown winter From the late 1960s, television to have his ideas people into were an art form in their way (such as These were important barriers
Page 12 companies had been making on just what it acquiring a TV. the 1959 cigarette advert, “You’re broken. The upshot today is endless
programmes such as The Avengers could do taken Throughout the never alone with a Strand”). TV, with huge sets as the centrepiece
House & Home Unlocked and The Prisoner for people to watch seriously. One Fleet Street news editor decade, and into the 1960s, viewing In the 1970s there was still a lot of all available rooms. A blessing for
in colour. These could still be watched of the day declared him a lunatic. Baird often turned into a futile struggle of black and white. BBC2 controller many in these times of lockdown,
FT subscribers can sign up for our weekly
in black and white but by 1976 the died shortly after the with buttons on the David Attenborough, however, scored John Logie Baird could only have
email newsletter containing guides to the
global property market, distinctive number of colour TVs in Britain had second world war, back of the set big for both colour and the then dreamt of such lunacy.
architecture, interior design and gardens. outnumbered those made solely for his invention still in meant to keep the endangered sporting species of Peter Chapman
Go to ft.com/newsletters black and white. its infancy. picture steady. snooker when he launched Pot Black. museumofthehome.org.uk
House Home
When a landlord is Since the pandemic, residents have

left central London in droves, either
moving to more suburban areas, or
tired of London . . .
back in with family — among the leav-
ers were nearly 700,000 foreign-born
Londoners, according to one estimate
by the Economic Statistics Centre of
Excellence. In the year to January,
while the average rent in outer London
rose 6.2 per cent, in inner London it fell
15.9 per cent, according to Hamptons.
Some landlords have decided to slash
their prices. Cooper’s wife owns a two-
bedroom rental flat in Clapton, east Lon-
don, where she once lived. When her
tenant left in February 2020, she
dropped the rent from £2,150 to £1,600
a month and still took two months to
find a replacement. “It was incredibly
stressful,” says Cooper.
‘The margins got smaller,

the cash flow wasn’t
nearly as good — it became
the bane of my life’
In recent years, tax breaks for land-

lords have been steadily reduced.
Between April 2017 and April 2020, the
amount of mortgage interest that land-
lords could deduct from rental income
before paying tax fell from 100 per cent
to zero, replaced with a 20 per cent tax
credit on mortgage interest.
For Cooper, a higher rate taxpayer, the
shift wiped out nearly all the profits on
his west London house. “I was paying 45
per cent [tax] on the rental income:
even with the mortgage tax credit, I was
barely washing my face.”
Rental prices dropped in inner London as people left the city but market reforms had already hit landlords hard; (below) Hampstead saw big discounts — In Pictures via Getty Images; Alamy Stock Photo James Cash, a communications con-
sultant, who sold his two-bedroom flat
W
in Clapham, south-west London, in Sep-
hen he finally sold his stress. You would be mad to get into buy- tember after 15 years as a landlord, had
UK property | Profitability in London rental property to-let in London today,” he says. a similar experience.
in December, Philip Across the UK, the appeal of buy-to- “The margins got smaller, the cash
Cooper couldn’t wait to let purchases has been waning. While flow wasn’t nearly as good, and there
the city’s buy-to-let market get rid of it. For nearly the market was closed for seven weeks has been less money to put back in for
three years he was a buy-to-let landlord during the first national lockdown, renovations,” he says. “It became the
while running his own marketing con- there were 42,000 new buy-to-let bane of my life the last couple of years. It
has been dealt a blow by the sultancy. In that time, a combination of mortgages taken out in the year to Sep- wasn’t really making any money.”
increased mortgage costs, tax changes tember 2020, according to UK Finance, Richard Donnell, research director at
pandemic. By Hugo Cox and swingeing estate agents’ charges
turned the experience from an appeal-
down from 52,800 the year before, and
85,900 in 2015. Numbers are thought
Zoopla, says these tax changes are likely
to increase the number of professional
ing economic prospect to a stressful to have rebounded in the last quarter of landlords owning multiple properties,
money pit. the year, but estate agent Hamptons typically through limited companies —
“Eventually it was costing us money says that the number of homes it sold in which mortgage costs can be
every month. The mortgage costs had to landlords in inner London in 2020 deducted before tax. Between 2010 and
gone up, the tenants were more was the lowest on record, down 17 per 2018, the share of the UK rental market
demanding. I sold a bit below market cent on 2019, and 80 per cent lower
price; I just wanted to have shot of the than in 2014. Continued on page 4
House Home
Average rental price falls London has lowest rental

in inner London yield of any major UK city
Annual change in average rental price, Average gross annual yield (%)
Jan 21 Manchester Birmingham
Outer London Cardiff London
6.2% 7
6
5
4
Inner London
-15.9% 3
2011 15 20
Source: Hamptons Source: Zoopla
At the other end of the spectrum are

the huge discounts available on Lon-
don’s finest rental homes. In Hamp- i / f ac t b o x
stead, a smart area of north London,
there were 32 per cent fewer rental The average gross rental yield in London
was 3.8 per cent in December 2020, down
transactions in the three months to from 4.2 per cent in February, and 5.9 per
December compared with a year earlier, cent at its September 2012 peak,
the steepest fall of anywhere in prime according to Zoopla. At the end of last
London, according to LonRes, which year, the UK average was 5.3 per cent.
tracks the market in the city’s exclusive In January, the average void period
central areas. between tenancies in London was 25
In April last year, Michele Barbara, 39, days, up from 10 days in February last
rented a four-bedroom house backing year, according to Goodlord, an online
on to Hampstead Heath with a pool for lettings platform.
£8,000 a month. He says the home had The UK government has extended the
been advertised the previous November ban on evictions in England until the end
for £25,000 a month. of March.
Searching for a roomier home when London buy-to-let purchases fell 60 per
the pandemic struck, Barbara — who cent in the three years to 2018, according
works in private equity in Mayfair — to Zoopla.
Continued from page 3 The impact on renters hand, more affluent renters and those (part of universal credit) to pay his £775 considered moving to the country. But
While the pandemic has been a blow to who have been able to keep their jobs monthly rent. with one eye on a manageable commute
held by landlords who owned just one many landlords in inner London, it has have negotiated big discounts. “I’ve been trying to move so I’m not when his office reopens, he saw the
property fell from 40 per cent to 21 per had contrasting effects on the city’s rent- Max Turner, 30, a self-employed wed- living off Tesco Basics so much,” he says, chance to drive a hard bargain. “There Aneisha Beveridge, head of research at
cent, according to government figures. ers. On the one hand, tenants have been ding photographer living in Stratford, referring to the supermarket’s budget was really not much demand for rental Hamptons. In 2020, the agency says it
A record 41,700 new limited companies hardest hit by the economic downturn, east London, falls into the first category. food range. “[But] most adverts for both homes in April and May,” he says. sold 31 per cent more homes in outer
owning buy-to-let properties were with 7 per cent of UK renters losing their His income collapsed during the first rooms and whole flats exclude those on Younger renters who have kept their London to landlords than it did in 2019.
formed in 2020, with one in three in jobs since the start of the pandemic, lockdown in March and, less than a year universal credit,” he says. “It’s so frus- jobs are benefiting from falling rents in With savings rates at historic lows —
London, according to Hamptons. compared with 3 per cent of homeown- into working for himself, he was ineligi- more central locations. Annabelle the Bank of England base rate was cut
Landlords’ margins may get tighter ers with a mortgage, according to the ble for government relief. Since then he ‘The yield is pretty awful. Chapman, 26, managed to get a £200 from 0.75 per cent to 0.1 per cent in
still. In November, the government’s Resolution Foundation. On the other has relied on local housing allowance discount on a two-bedroom flat in March last year — property yields, even
Office of Tax Simplification recom- In the stock market at least Angel, Zone 1, listed for £1,700 a month. if modest, provide at least something to
mended that capital gains tax on sec- (Above) you don’t have to worry “By the time I add the money I spent on protect investors against inflation.
ond homes be increased from 28 per Clapham commuting I’m paying less than I was,” For Cooper, who at one time hoped
cent to 40 per cent for higher-rate tax- Common, south about the boiler breaking’ she says of her old home in Colliers that his London rental property would
payers. The proposed changes could London; (right) Wood in Zone 3. “I can cycle to work in provide a future home for his son, born
be introduced in the next budget on Islington High Tower Bridge in 15 minutes. And when last year, the market today holds little
March 3. Street; buy-to- trating since this would be the perfect London reopens I’m in one of the best appeal. His wife has kept her Clapton
Many flat-owning landlords who let purchases time to move.” locations for restaurants and bars.” rental flat in case London prices again
want to sell have been unable to if their in London Government figures show that the Falling rents, high prices and rising rush ahead of the gains on their Surrey
building has cladding on its exterior. were down number of people on local housing costs may have made dented the appeal home. But, for him, the economics
Earlier this month, the government 60 per cent in allowance in London increased by 52 of central London for landlords, but and the hassle involved for London
announced it was adding new funds to the three years per cent between February and thanks to lower purchase prices, the landlords makes for a meagre invest-
fix cladding issues on blocks above 18m. to 2018 August last year. Today, for 133,000 stamp duty holiday and more demand ment case. “The yield on it is pretty
In any case, leaseholders may have to © Daniel Lynch / Evening
Standard / eyevine;
London households, these payments for larger homes since the start of the awful,” he says. “In the stock market at
wait for the works to be carried out alamy Stock Photo do not cover the rent, according to pandemic, more landlords have bought least you don’t have to worry about the
before they can offload their properties. Dan Wilson Craw of Generation Rent. in London’s outer boroughs, says boiler breaking.”
House Home
Canada property Affluent
skiers are weathering the i / BuyInG GuIdE
pandemic near the stunning In addition to 11,854 permanent residents,
resort, creating a surge in Whistler has 10,276 second-home owners,
according to the 2016 census.
house sales. By Hugo Cox More than half (53 per cent) of Whistler’s
I Bells and
3.4m annual visitors come in summer.
t took coronavirus for Uli Jordan to In 2020, 400 houses were sold in Whistler,
feel at home in Whistler. The 60- up from 262 in 2019.
year-old German entrepreneur has What you can buy for . . .
owned a home there since 2003. C$649,000 A one-bedroom apartment
Whistler
But stranded at the Canadian ski near the Creekside gondola. Through
resort for nearly six months last year — Engel & Völkers.
thanks to a combination of illness and C$3.295m A four-bedroom chalet near
Covid-related flight disruptions — he Whistler Village with views of Whistler
and his wife found themselves getting to Mountain. Through Sutton Group West
know people properly. Coast Realty.
Many, he discovered, had arrived C$5.25m A four-bedroom chalet in Bear
from Vancouver when the pandemic Creek Estates on Whistler Mountain. The
hit, converting second homes bought 4,390 sq ft property has a media room,
for skiing or summer trips into their wine cellar and elevator. Through The
Whistler Real Estate Company.
main homes. On his next visit — arriving
from Cologne last month for the ski sea-
son — he knew they would be around.
“You just grab your phone and you
know you will have friends around. [It]
made it more of a home.”
Whistler has long been a favoured Whistler
destination for spring skiing. Average Village
March snowfall is 2.7 metres, com-
BLACKCOMB
pared with roughly 1 metre in Vail in BENCHLANDS
the US or Courchevel in France. In a WHISTLER
normal year, the resort would be gear- FUNCTION
JUNCTION CREEKSIDE
ing up to host the World Ski and Snow-
board Festival, which since 1996 has
CHEAKAMUS
become a key competition event every CROSSING
Blackcomb Peak
April for many of the world’s best ski-
ers and snowboarders. While the Whis- (Above) Whistler is market has experienced a burst of activ- a combination of completed homes and Prices are competitive by interna- Whistler Mountain
tler Blackcomb resort — which encom- popular for spring skiing, ity since the pandemic struck. vacant plots in landscaped grounds with tional standards and the snow is reliable.
5 km
passes Whistler Mountain and Black- with an average snowfall Despite the Whistler Blackcomb amenities including tennis courts and a According to Savills, the average cost of a ©Mapcreator.io/©HERE
comb peak — is open, provincewide of 2.7m in March; (below resort closing from March to June last day care centre — are increasingly popu- property here is equivalent to €9,300 per
guidelines currently advise against all right) a four-bedroom year, C$1.1bn (US$866m) worth of lar. Whistler buyers tend to place less sq m, a fraction of the priciest North
non-essential travel in British Colum- chalet, C$5.25m through homes were sold in the area in 2020, up emphasis on the ski-in-ski-out homes American resort Aspen, at €22,100 per Housing affordability has long been a
bia and this year, a pared down digital the Whistler Real Estate from C$686m the year before, according favoured in Europe, with most happy to sq m. Despite being the 29th most challenge for local workers like Biber-
version is planned. Company; (below) to Whistler Listings System. Houses and drive to the slopes, says Maggi Thorn- expensive resort tracked by Savills, dorf, more than half of whom rent,
Although the town will not be wel- Whistler Village chalets made up a much larger share hill, a local estate agent with Engel & Whistler is the 19th most “resilient”, fac- according to local government figures.
coming hundreds of thousands of festi- © Hans-Peter Huber/4Corners Images;
Alamy Stock Photo
than previous years (the total number Völkers. Sales of homes over C$5m toring in snowfall and season length — With three out of four local homes
valgoers this spring, the local property of flats sold in 2020 actually fell com- increased from 13 in 2019 to 33 in 2020. Whistler’s runs from November to May. owned by second homers, rising sale
pared with a year earlier), with affluent While Whistler’s sales market rode prices have had a knock-on effect on
buyers from Vancouver seeking large the wave of growing demand created rents (there is no central rental price
homes in which to weather lockdown, by coronavirus, 2020 was a tougher database in Whistler). Despite a 2017
according to local agents. year for renters facing high rents and bylaw designed to clamp down on illegal
In addition to the largely pedestrian- falling incomes. Jen Biberdorf, 42, lost short-term rentals, locals say it still
ised Whistler Village, the wider area her job in a local childcare business occurred before the pandemic hit.
comprises a number of spots scattered after three years last spring, and has For Jordan and his wife, meanwhile,
along Highway 99, including Function been relying on payments from the the experience of last year has cemented
Junction, Cheakamus Crossing, Black- federal emergency Covid relief plan. their connection with Whistler. “[In
comb Benchlands and Creekside. She moved from her hard-won C$1,350 2020] we were all of us stuck here.
Many of the area’s larger and more studio in Whistler — “so rare, it was like Nobody was able or willing to move back
expensive homes are to be found a short finding a diamond in the rough” — to home. Our relationship with Whistler
drive from the lifts in Whistler and Pemberton, 20 miles north, where for has changed and become deeper. The
Whistler Creek; and new community C$1,000 a month she rents a room in a use [of our house] didn’t change but it
developments, such as WedgeWoods — two-bedroom apartment. has made it more of a home.”
House Home
with droppings every time they flew off

to collect more twigs. They laid several
eggs that rolled off and splatted on the
patio furniture.
Pigeons and squirrels do very
nicely from bird-feeding stations
intended for wildlife with larger
human fanbases. Jane Owen and
Claer Barrett have both written
excellent articles on feeding garden
birds. I have only one thing to add: a
Where
conical baffle is the best way to stop
these squirrels raiding the feed.
If you are of a satirical bent, you
should also acquire a trombone. Then
the wild
you can play a bathetic descending
glissando whenever a squirrel that has
shinned up the metal pole slides slowly
down again.
things
There is a nice Spanish word that
sums up for me the ideal relationship
between nature and humans:
convivencia. It implies amiable rubbing
aren’t
along rather than chilly coexistence.
The other party will not always do
what you expect. So what?
Much New Age flapdoodle is written
about nature therapy, the loose concept
in the title of this column. The idea is
that nature takes you out of yourself.
The best advice is to slow down, tune in
and widen out. You will benefit more
from ambling round local green space
than crashing through undergrowth in
a quest for tree creepers. Listen to
podcasts or music another time. Tune
Illustration: Grace Russell
in to birdsong instead.
Widen out to appreciate the
Make a home for nature. Experts insist My plan was to clamber on to a flat I made a wooden bumble bee nest fluctuations we miss when focusing on
Jonathan Guthrie this is what we should do with our
parks, gardens, balconies and rooftops.
section of the roof, repel angry wasps
swarming from the nest with squirts
box years ago, following complicated
instructions in a field guide. It has
charismatic species or natural
spectacles. There are no evening
Piles of rotting logs. Hand-crafted bee of insecticide and block the hole. become the ancestral home to murmurations of starlings where I live.
Nature therapy hotels. Dainties to tempt the pickiest
avian palates. That way we can attract
I reckoned my diving suit would
protect against stings.
generations of slugs and woodlice.
Queen bees have haughtily ignored it.
Wheeling flocks of black-headed gulls
above a park lake are a good substitute.
the animals that are lifting our spirits I did not wear the neoprene hood. Our swift nesting box has They sometimes nest in a box designed Keep your eyes peeled for the
We try to coax birds into during the long, grinding lockdowns of I did not want to look ridiculous.
the RSPB logo on it yet the for sparrows, which the sparrows shun. unexpected. Last week, I spotted a
the pandemic. “I notice your husband is climbing Our swift nesting box has the RSPB blackcap in our London garden. This
our gardens to lift the But how far should you go in making around on your roof in a diving suit,” swifts still ignore it. They logo on it yet the swifts still ignore it. lively little warbler probably flew from
spirits — but they do not a home for nature? The experts are our neighbour remarked brightly to
prefer a hole in the gable of They prefer a hole in the gable of our Germany, some 500 miles away. That is
unclear on this. My house, for example, my wife over the fence. neighbour’s house, which has received an immense distance for a tiny bird to
always appreciate the shelters an internationally important “It’s the kind of thing he does,” she our neighbour’s house no official endorsement from the UK’s cover in strong winds and freezing cold.
accommodation we offer population of fabric moths. What the replied, wishing to avoid explanations. largest conservation charity. This is Seeing her made my day.
Bass Rock is to gannets, our hall rug is I did not get stung on the head as poor form on their part, I feel. The resilience of wild creatures is
to tineola bisselliella. It cannot be long much as you might imagine. The pest I’ve even tried playing swift calls providing a welcome lift at the
before our London home is declared a controllers came promptly. They dealt through a speaker hung out of the moment, with work and home now
Site of Special Scientific Interest. Take with the wasps while I slathered myself window, as recommended on birding uncomfortably intermingled, and with
that, Knepp Estate. with antihistamines. websites. Sooner or later, young people each grey winter’s day of video
Nor do I object to the small wasps Nature does not always make its will complain to the council it is meetings and emails merging with the
that build delicate, spherical nests home where you think it should. drowning out their grime music. next. Nature is just a synonym for
under the eaves of our shed. I drew the There is a proliferating range of The town pigeons are delighted with “life” in its non-human form. And life,
line at common wasps dwelling in our accommodation you can buy for the swift nesting box, however. Last hearteningly, is irrepressible.
roof space. Our rooms were filled with garden animals. Do not always expect summer, a young pair — very sweet,
lost wasps. They were confused, tired them to use such shelters, at least not just starting out in life — nested on top Jonathan Guthrie is head of Lex and an FT
and irritable. Us too. for intended purposes. of it. They whitewashed our windows associate editor
House Home
Sweaty and
swanky
Interiors | The home gym is
no longer just a treadmill in
a basement. Upscale, high-
design kit is both practical and
beautiful. By Mark Ellwood
T
he sleek black unit resem-
bles a walk-in closet or a
spray-tan booth, but it is
neither. It is the Black Box
VR, the world’s first com-
plete virtual reality workout system.
Slip on the headset, slide your hands
into the loops, and you’ll enter the game.
The goal: win rounds that involve break-
ing through gates and destroying the $50,000 to outfit a 200 sq ft room, a ded- happening with home gyms, with train-
enemy’s crystal to be crowned winner, icated space carved out of a colonial- ers offering advice on concepts upfront.
earning trophies that increase your sta- style brick home. “We’re seeing more requests for state-
tus in the virtual world as much as your Meshberg has not yet suggested the ment gyms — ones with an attitude.
real-life heartbeat. Black Box VR, but rather systems such That attitude might be soft and calming,
“Your body is the controller,” explains as Mirror and Tonal, both virtual but there’s got to be an idea wrapped up
co-founder Preston Lewis, from Boise, trainer programmes that require noth- in the design,” Salvadó says. One such
Idaho. “When you do movements like ing more than a single unit — a smart project is a compound in West LA for a
the chest press, your strength and per- mirror, or a screen with suspension family with small children. Their new
formance is translated into some kind of training straps attached — to load an gym is housed in a standalone 2,500 sq ft
in-game attack. The stronger you on-demand video class. wellness centre; the fixtures and fin-
become, the more powerful your in- There is also the newly launched ishes are the same quality as the enter-
game avatar does too.” Forme, by industrial designer Yves taining spaces in the main house —
He claims gamification means a 30- Behar (from $2,495). The display looks priming it to be a social gathering space
minute workout feels like it takes a third like a normal mirror when not in use, once restrictions are eased.
of that time. Lewis and his team have and can be wall-mounted or freestand- His company is also working on a
installed a handful of units for public ing so it acts like a room-dividing screen. project in Santa Monica for a young cou-
use, but he’s also seeing newfound inter- Meshberg is also considering some of
est in private, at-home installation. the new high-design alternatives to ‘Before the pandemic, we
“We’ve designed it to fit into a 10ft x 10ft conventional free weights — not just hand in Poland. There’s a full range, (Clockwise from Bosu balance balls to rowing
room,” Lewis says of the system, which body-sculpting, but sculptures them- from jump ropes to weighted balls and from main) machines, all handmade at its head- did one home a year with a
costs $80,000-$100,000. selves. Take Equipt’s U-shaped weights dumbbells; individual products start at Ciclotte’s crystal quarters using sustainable materials dedicated gym space. Now it
Home gyms were once an after- (from $129), developed by former $150, with a full gym about $15,000. exercise bike, such as cherry wood.
thought, perhaps installed in a musty model Kodi Kitchen Berg. “I wanted Peloton, makers of indoor exercise the Teckell; Even those who prefer swimming comes up in every discussion’
unused basement space, but the pan- something that would encourage bikes, saw its supply chain struggle the Mirror have a new high-tech option: Zygo’s
demic has pushed them from out of sight movement and still be chic enough to under a surge in demand last year, and virtual training waterproof headphones can stream a
to front of mind, centrepieces of a luxury live anywhere within arms’ reach,” she UK deliveries were disrupted by programme; private workout for your pool (£219 ple who work in finance; it’s a compact
home. For many, at-home workouts says. “We reach for what makes us feel Brexit. If this continues, Ciclotte is a Equipt’s a pair). urban lot, but the clients insisted on a
have replaced shuttered or unsafe gyms; powerful, sensual and beautiful. There worthwhile alternative. Reminiscent U-shaped Nowhere has the upscaling of at- standalone gym, allocating 10 per cent
and the need to stay fit has become more is a cause and effect.” of a Penny Farthing, the Italian-made weights; Pent’s home workouts been more evident of the 10,000 sq ft space to it.
pressing during lockdowns. Another company has created a new bike comes in various versions, includ- dumbbells than in Los Angeles, the birthplace of “It has coffered ceilings and dra-
It’s a shift that Brooklyn-based archi- line expressly in response to the ing the Teckell, made of transparent feeling the burn. Sebastian Salvadó is matic lighting — almost like a cross
tect Adam Meshberg has seen almost pandemic: Pent’s oiled walnut, stainless crystal with a seat and handle that creative director and partner at archi- between a spa and a reading room,”
overnight. “The home gym is not a sec- steel and leather equipment is made by appear to float in the air ($17,500). tects RIOS. He says that home gyms Salvadó adds. The clients didn’t want
ondary design element now, but a pri- It’s a favourite of Chandler were already increasing in importance it close to the master bedroom, the
mary one. Before the pan- Oldham, director of interior before Covid-19, but the pandemic tur- traditional, more convenient location,
demic, we probably did one design at DXA Studio in New bocharged the trend: the footprint allo- but rather at the front of the house,
home per year with a dedi- York. “This year has been cated in a given space is 25-50 per cent facing the street.
cated space for a gym,” he says, a reminder that gym larger than a decade ago, and the “It’s a bit more like you can step out
“Now it tends to come up in every discus- equipment can be both budget for private gyms has doubled. of the gym, sit on some lounge furni-
sion, and it’s talked about pre-design.” practical and beautifully designed — According to Salvadó, wealthy clients ture and wave at the neighbours as
Typical is the project he’s creating museum quality is worth the price have long brought their private chefs to they’re walking by. It’s much more
now for a client in Connecticut, spurred tag,” she says. design meetings to ensure that kitchens extroverted.” That hints at the next
to move from the city to the sub- Another of Oldham’s were functional — after all, it was the essential amenity for the new breed of
urbs by the imminent arrival of a new favourites is NOHrD from staff rather than the owners who were at-home gyms: an audience to watch
baby. She has allocated a budget of Germany, which offers everything likely to use it most. The same is now as you work out.
Hot property
Wellness
By Peter Chapman
Villa, Baja California Sur, Mexico, What A six-bedroom property with

$9.8m en-suite baths. It faces the ocean
and has ready beach access.
Where In the Pacific resort of San Why Facilities include a pool, gym
José del Cabo in the south of Baja and massage salon. The property
California peninsula. Los Cabos also has an art studio. Golf and
International Airport is eight miles pitch-and-putt courses are nearby.
north of the city, a 13-minute drive. Who Engel & Völkers
Villa, Istria, Croatia, €3.97m
Where In Novigrad, northern

Croatia, at the top of the Istrian
peninsula. The nearest airport is
Pula, 75km or 50 minutes’ drive
away. Across the border in Italy,
Trieste airport is 100km, or about
one hour 20 minutes, by road.
What A four-bedroom, two-
bathroom villa just a few metres
from the beach. The top floor
dining room overlooks the Adriatic.
The property enjoys terrace views Terraced house, Vauxhall, London, What A four-bedroom, three-
of the sea and the ramparts of £2.2m bathroom property in a pleasant
Novigrad old town. square. The Victorian house has
Why As well as an outdoor pool, Where Just south of the Thames been recently modernised.
there is an indoor pool with access in the fast-changing area that now Why The house has a gym and
to a sundeck. The villa has a sauna hosts the US Embassy in Nine sauna room in the basement, as
and an exercise room. Elms. The cafés and bars of well as a south-facing roof terrace
Who Luxury Portfolio International South Lambeth Road’s Little and a small garden with a pond.
Portugal area are close at hand. Who KFH
House Home
C Some like it hotter

hillies have very wide
appeal, according to Joy
Michaud of Sea Spring
Seeds. “They just seem to be
happy, responsive plants. A
lot of people get into growing chillies
who are not natural gardeners and for
some it turns into an obsession.” She
affectionately calls them “chilli-heads”.
With their white or purple star-
shaped flowers that develop into fruit in
a myriad of colours, shapes and sizes,
they make attractive plants. And, of
course, they are useful in the kitchen
too. A couple on a windowsill could keep
you self-sufficient in piquant fruits.
There are five domesticated species of
the genus Capsicum, the tropical and
subtropical perennials native to the
Americas that we call peppers. Capsi-
cum annuum gives us the most culinary
varieties, mainly spicy, but including
sweet or bell peppers that through a ran-
dom mutation are heatless.
With the linking of the old world and
the new by Christopher Columbus, the
use of the fruit in cooking proliferated in
warmer latitudes around the globe.
Growers made selections and crosses to
suit regional tastes and the result is the
extraordinary variety of chilli peppers.
Heat levels vary from the truly
benign to the eye-wateringly hot. A
chilli fruit’s heat is down to a range of
chemicals called capsaicinoids that
reside in the placental tissue, a sort of
pith, that connects the seeds to the
fleshy body. The seeds themselves are Chilli factor (from left): Spaghetti, Tinkerbell and Dusk chillies, all from Sea Spring Seeds
only hot through their close association
with this tissue. Heat can be measured
in a laboratory by high pressure liquid
chromatography and expressed as
Scoville Heat Units (SHU).
Gardens | Whether you prefer them benign or eye-wateringly piquant in cuisine, chillies’ Chillies to try
Michaud explains that testing an For a sunny windowsill grower and the yellow
individual fruit gives only a snapshot, bright fruit make for attractive plants — and now is the time to grow them. By Jim Cable Capsicum annuum Stumpy immature fruit are as
which needs to be taken with a large is a tiny plant at around appetising as the ripe red
pinch of salt. “Looking at one named 15cm in height. Moderately ones. The fruit are large,
chilli cultivar, there is always huge var- hot (27,000 SHU) the up to 14cm long, and
iability in heat level between fruits, forma is one, known as a “seasoning When the seedlings have developed tainer about eight weeks after sowing, clusters of erect conical perfect for the barbecue.
even those on a single plant,” she says. pepper” in the Caribbean, and Apricot is two to four true leaves, after the initial when the roots start to poke fruit start yellow and turn C annuum Super Tramp
“We quote a crop average next to each another (both about 700 SHU). two seed leaves, they need gently teas- through their pots’ drainage orange then red. (34,000 SHU) is more
of the varieties we supply, which gives a Chillies need a long growing season, so ing out of the seed compost. Hold on to holes. Choose a pot that C annuum Prairie Fire is suited to UK summers,
better indication.” now is the time to order seed to sow the leaves, not the stem, and use a dib- measures from 1 to 15 litres similar but hotter at but keep them indoors
The world’s hottest chillies are varie- within the next month. ber (a pencil or small spoon handle is to suit the size of the culti- about 108,000 SHU. until June.
ties of Capsicum chinense, the so-called Sow seed in pots or small trays of fine- fine) to transplant the seedlings into var you are growing. C annuum Dusk (45,000
habaneros. Currently in first place in textured compost at a depth of about small individual pots of multipurpose Larger plants also need a SHU) is a new variety Something different
Guinness World Records is C chinense 5mm. Keep moist and warm (ideally compost. You can bury them up to the stake to help sup- with purple flowers and C annuum Spaghetti
Carolina Reaper with a SHU rating in 25C-27C). Light is not necessary for ger- seed leaves if they have got a bit leggy. port them. While a fruit that start purple and (8,500 SHU) bears thin
excess of 1.5m. Other “superhots” mination but as soon as the seed leaves Water regularly and let them grow on in full-size glasshouse turn red. fruit about 30cm long.
include Dorset Naga (up to 1.221m emerge, seedlings need to be in bright a warm, light spot. A sunny windowsill offers the perfect C baccatum Tinkerbell
SHU) and Trinidad Moruga Scorpion light and still fairly warm (18C and above a radiator or in a heated conserv- growing environment, a mini-green- Carolina Reaper On a patio (13,000 SHU) is shaped
(about 1.12m SHU). For the spice above). This is the trickiest stage to atory would be ideal. house, large cold frame or warm win- is the hottest C annuum Hungarian Hot like a spinning top and is
averse, some habanero types have a manage and a heated electric window- Your young chilli plants will be ready dowsill are almost as good for the chilli pepper Wax (6,000 SHU) is a fast large enough to be stuffed.
lovely flavour and almost no heat. Bella- sill propagator is a big help. for transplanting into their final con- smaller varieties. Alamy Stock Photo
Saturday 20 February 2021 ★ † FINANCIAL TIMES 11
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is given open ground, slightly shaded,
Poets have long written paeans and if it is labelled and top dressed with
leaves in late autumn. At Avon one
bulb, supplied in the next few weeks
to this early spring flower but still “in the green”, costs £90. Lucy, with
two lovely dark green markings, costs
in this chill lockdown winter £55. Treasure Island, stunning with
yellow markings, costs £125. Magic,
which a great snowdrop lady named
they are particularly welcome after her lurcher dog, costs £85.
In a special raised bed, build up a
pricey portfolio and reckon the
I
snowdrops will double every seven
have yet to pick up speed in the years. The compound growth rate will
garden. The rains have been be 10 per cent per annum. It is at risk
torrential and the ground is not to your incompetence as opposed to
easy to work. Until late January rushes of market insanity. Meanwhile
there was hardly a trace of frost. it is beautiful and wholly beyond a
Fifty words
While gardeners have been dithering, chancellor’s tax net.
one flower has been compensating. Those prices are for the top rarities.
Unlike the rest of us, snowdrops are Opinions still divide, but for such
having the best year ever. They were special plants I continue to favour
spared cold weather when their buds buying in spring when the plants are
for snowdrops
were preparing to open. All winter they still green. It is very important to buy
have revelled in the wet. only from a top supplier when ordering
I cannot let them pass unmentioned. these named rarities, as others may
Since the 1980s snowdrops have had well send incorrect stock.
ever more publicity. Long-established For the rest of us, here are some good
gardens with masses of snowdrops ways to go. Early-flowering Galanthus
open early to gardeners who often elwesii is a good one but not always
travel miles to see some flowers in persistent under grass: prices begin
early February. Ever more variations from about £40 for 100. Polar Bear is
have been noticed, named and put on linking its flower to its stem. As a result, (Above) Galanthus Sam Arnott, ‘an summer and then enjoy the fallen a fascinating variation in the elwesii
the market. I try not to follow the herd Magnet sways in the wind, not like a old and well-proven wonder’; (right) leaves and rain in this millennium’s group, one with good green markings
and write on snowdrops in February as gatecrasher but like a partygoer at a Treasure Island, from Avon Bulbs idea of a non-winter. They are usually on its inner tube, retailing at £47.50
if there is nothing else to discuss. This floral rave. It is an excellent choice. GAP Photos/Martin Hughes-Jones; Christopher Ireland-Jones
supposed to dislike rotted manure, but for 10. Sam Arnott is an old and well-
year is different. Wordsworth was not done yet. a few gardeners reject this notion. proven wonder, a robust and rapid
I have never been so pleased to see “Venturous harbinger of spring” reads Nobody should risk a special snowdrop that will indeed put up with
them. In the grey days of lockdown like a bad line of verse by Pam Ayres snowdrop in competition with grass or life under rough grass. If bought now in
snowdrops broke the limits, pushed but “pensive monitor of fleeting years” tree roots. They need close inspection the green, three bulbs cost up to £15,
through the ground and reminded us saves the day. After 11 lost months of when in flower and they are too but they multiply quickly and are my
that flowers will indeed return and that social activity, I look on the snowdrop expensive. They belong in special beds first choice among named snowdrops.
one day, restrictions will be lifted. At in a similar light, as its flowers appear shared with summer-flowering plants Hippolyta is an excellent double
the first sight of them on a bank by to consider the passing of yet another that do not overrun them. One of the snowdrop with a green middle. Basic
the roadside, I stopped, crawled to year. Snowdrops were flowering when most experienced sources of such nivalis, the single white snowdrop we
examine the interiors of the ordinary I first took Covid seriously. They are snowdrops is Avon Bulbs near all know, costs about £22 for 100 but
single flowers and gave them a flowering again when it has Somerset, run by Chris Ireland-Jones only, please, from suppliers who are
merited salute. I used to think that transformed an entire year. In Russia, (avonbulbs.co.uk). not selling stock dug up from nature.
Wordsworth’s poem “To A Snowdrop” “snowdrops” have become slang for the I am thinking of his superb exhibits at Jacques Amand and Living Colour Bulbs
was a contender for the worst he ever bodies of people who have died in the RHS February shows, at which Avon are a reliable source.
wrote. This year it seems different. winter on the street. Bulbs has won 30 gold medals. To judge I have a soppy French book of the
In 1819, when critics complained he What does a snowdrop really, really from his newsletter, he may be thinking 19th century in which the snowdrop,
was losing the plot, Wordsworth like? It seems to vary. Experts grow wistfully of the European snowdrop in raised beds or in ground partly Perce-neige, talks to Spring, Primavere,
called the snowdrop “chaste”: most the most special varieties in raised festivals, especially the one at shaded by a tall tree. The poet James in elegant French before dying in
snowdrops breed promiscuously with flowerbeds, where they can be dressed Mannheim, which have been important Fenton amassed an excellent collection Spring’s warm caress. Perce-neige is
one another and hence we have so with leaf-mould before flowering. for his business. The post-Brexit of rare snowdrops in his Oxfordshire illustrated in a sort of stripy ballet
many variations. He described it as Without experts, vigorous snowdrops paperwork, the individual certificates garden in the 1990s and wrote of skirt. By mid-March most of the
bending “its forehead . . . like an spread in rough grass and in the dried of plant health and the demand to wash compiling a portfolio of snowdrops. snowdrops’ dance will be over but they
unbidden guest”. Snowdrops sometimes bottoms of hedges or the circumference off soil from plants in transit disincline Sell Bitcoin and buy some named have never given such pleasure. Please,
appear where they have not been of tall trees. For stronger snowdrops, him to show the best of British Galanthus: snowdrops multiply steadily never call them “harbingers”.
invited, but I never see shame or the answer seems to be a damp soil Robin Lane Fox snowdrops in Europe ever again. and prices are not coming down.
apology in ones that are hanging their in winter and spring when they are Back home, snowdrops fit well into Here is a sample. Bitter Lemons is a Robin Lane Fox will be in discussion with
heads. Wordsworth never saw growing and flowering, and a dry soil in small or urban gardens. They do not fascinating snowdrop with gold-yellow gardener and writer Sarah Raven at the
Galanthus Magnet, a fine snowdrop that summer when they are dormant. Below On gardens like to live in pots for long. They are not blobs on the outer segments of its FT Weekend Digital Festival, March 18-
has a long bit of green, or pedicel, tall trees or hedges they can dry out in fit for window boxes. They are excellent flowers. It grows slowly but easily if it 20. For tickets go to ftweekendfestival.com

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safely and The uncertain future of

‘the challenge is to find

Biden declares ‘America is back’ OPINION

in pledge to repair Nato alliance

Uber suffers UK blow as court rules

Draghi vows to make Italy fairer and

Myanmar protesters accuse Beijing

Tanzania shuns vaccines and turns to God

Trump vs the Valley

being swamped i Report outlines longer NHS waiting times

As a fresh covering of snow brought

Developing countries have sold record levels of

ideal skiing conditions to the Alpine

resort of Piani di Bobbio last weekend,

fresh tax probe

facilities manager Massimo Fossati

eagerly anticipated the arrival of the

new York, nY 10013 after christmas day.

City watchdog sends a clear message as

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Brussels takes tough stance on Brexit

with Spain handed veto over Gibraltar

mailing offices; Post-Master. send address changes

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Hunt for ancient life on Mars

UK summit ‘last, best hope’ of

US climate tsar John Kerry warned that

Virtual meeting Stability data

G7 leaders pledge world vaccine boost Ultra-cold

FT BIG READ. CORONAVIRUS PANDEMIC

When will life go back to normal?

Obituary Donald Trump may dominate the foun-

who fuelled take-no-prisoners rightwing radio talk

in US politics Representatives partly by drawing on

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Why ‘no jab’ should not Pensioners get hurt if

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A savvy GOP governor

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UniCredit banker moonlighted Huawei push to see HSBC

Huawei’s attempts to stop the extradi-

Renault warns of tough road

Technology. Workers’ rights

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Big Tech remains a For a brief, shining moment, it seemed

bête noire for large In the earliest days of the crisis, US

sections of the public

Elaine took another knock with Facebook’s

Moore sharing news articles. Within hours,

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US streamers strive for scale in lucrative India

Media. News ban travel & leisure

Facebook’s Australia purge sparks fury Pets left stranded as pandemic

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Equities. Liquidity Financials

The cost of pandemic-related claims has

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