Financial Times Europe - 10-07-2021

Europe edition
WORLD BUSINESS NEWSPAPER SATURDAY 10 JULY / SUNDAY 11 JULY 2021
Biden order A date with Bridgerton’s

Phoebe Dynevor
HOW TO
aims at cutting
SPEND IT
dominance of
big business America’s history wars
Simon Schama
3 President acts to spur competition
3 Regulators encouraged to step up
JAMES POLITI AND to make it “easier to change jobs and
A risky game LIFE & ARTS
3 England holds its breath:

KIRAN STACEY — WASHINGTON
help raise wages”.
Joe Biden is set to sign a sweeping execu- Other measures include a plan to curb
tive order to curb the power of big busi- the ability of manufacturers to prevent
ness by stamping out anti-competitive
practices that harm smaller rivals.
The White House yesterday unveiled
customers from seeking their own
repairs on certain products, and a ban
on excessive termination fees on inter-
Simon Kuper on 55 years of ‘hurt’
72 measures in Biden’s order, which net bills. Hearing aids would be allowed LIFE & ARTS
includes a ban on non-compete clauses to be sold over the counter at pharma-
for workers. It spans industries from
technology and transport, to healthcare
cies, airline customers would find it eas-
ier to get refunds and banking clients 3 The great Covid experiment:
is it too soon to reopen?
and banking. could carry their data to other providers
The US president has also called for more easily. Summer reds
stronger enforcement of antitrust laws,
which could trigger greater scrutiny of
Biden’s order also directs the US Food
and Drug Administration to work with
Jancis Robinson
mergers and acquisitions. states and tribes to import prescription BIG READ LIFE & ARTS
3 Person in the News:

The move is part of a broader push by drugs from Canada, the latest effort to
the Biden administration to tackle con- lower the costs of medicine.
Even before the president signed the
‘When past presidents
faced similar threats from
order, it drew criticism from business
groups, with several complaining that
their industries were already highly
Harry Kane
growing corporate power, competitive. OPINION
Aurelien Portuese, a director at the
they took bold action’ Information Technology and Innova-
tion Foundation, a tech industry-
centrated corporate power in several backed think-tank, said: “Instead of
sectors, and comes as Congress consid- changing antitrust rules, the White
ers a series of laws to rewrite competi- House should ensure that agencies
tion policy for large tech companies. properly enforce existing antitrust laws.
“Economists find that as competition For everything else, the White House
declines, productivity growth slows, should defer to Congress.” The intoxicating garden
business investment and innovation
decline, and income, wealth and racial
Greg Baer, chief executive of the Bank
Policy Institute, said: “Banking is among
Michael Pollan
inequality widen,” the White House said the most competitive, least concen- HOUSE & HOME
in a fact sheet on the order. trated industries in America, as anyone
“When past presidents faced similar who has shopped for a credit card, mort-
threats from growing corporate power, gage or deposit account knows.”
they took bold action,” it added, citing The executive order is consistent with
Theodore Roosevelt and Franklin Biden’s efforts to shift the balance of
Delano Roosevelt’s efforts in the first power away from corporations towards
part of the 20th century. smaller businesses, and lower and
The administration’s push on compe- middle-class households.
tition includes a provision to “encour- It is unclear, however, how much of
age” the Federal Trade Commission — his plan will be implemented. Many of
the top competition regulator, chaired the provisions are encouraged but not
by Big Tech critic Lina Khan — to “ban mandated and would be more powerful
or limit” non-compete clauses in order if enacted into law.
PA
Philip Morris blows away the smoke

with £1bn health deal for inhaler group
SARAH PROVAN AND ALISTAIR GRAY “They have been sizing up the respira- “We are surprised that Philip Morris
LONDON tory drug delivery field,” said Jonathan has made an improved offer,” said ana-
Fell, fund manager at Ash Park Capital. lysts at US brokerage Stifel.
Philip Morris International may be “They were probably ready to strike.” The move by PMI, which has a market
best known for its smoking Marlboro PMI said yesterday that the decision capitalisation of $153bn, comes a week
Branson hopes Unity will Man images, but the big tobacco group to buy Vectura was part of its “natural after it agreed to pay $820m for a Danish
is branching out into another area of
help his empire strike back the lungs: inhalers.
evolution into a broader healthcare and medical chewing-gum maker as part of
wellness company”. its smoke-free strategy.
Analysis i PAGE 12 The New York-listed group has struck a PMI offered 150p a share in cash for The tobacco industry’s efforts to safe-
£1bn deal to buy Vectura, a UK pharma the British group, gatecrashing a 136- guard its long-term future have not gone
group with technology that allows more pence-a-share deal that Vectura had smoothly. PMI had planned two years
Austria €5.50 Morocco Dh70 medicines to be inhaled, in its first step already agreed with US private equity ago to merge with fellow tobacco com-
Bahrain Din2.20 Netherlands €5.50
Belgium €5.50 N Macedonia Den240 towards becoming a “healthcare and group Carlyle in May. A shareholder pany Altria in a $200bn deal that would
Bulgaria Lev8.75 Norway NKr54 wellness company”. meeting planned for Monday to approve have reshaped the industry.
Croatia Kn31 Oman OR2.20
Cyprus €5.00 Pakistan Rupee450 Faced with a terminal decline in ciga- that offer has been adjourned. The merger was designed to give the
Czech Rep
Denmark
Kc140
DKr55
Poland
Portugal
Zl 25
€5.00
rette sales across the west, tobacco com- Carlyle yesterday said that it was con- two companies greater firepower to
Egypt E£72 Qatar QR20 panies are racing to develop alternative sidering its options and urged Vectura push into smokeless devices, as manu-
Finland
France
€5.90
€5.50
Romania
Russia
Ron19
€5.00
products. PMI has said it is focusing on shareholders not to take any action. facturers vie to provide smokers with
Germany €5.50 Serbia RSD520 respiratory drugs as part of its plan to Shares in Vectura, whose clients less harmful ways of delivering nicotine.
Gibraltar £4.00 Slovenia €5.00
Greece €5.00 South Africa R130 generate at least $1bn in annual reve- include GlaxoSmithKline and Hikma But the deal was called off after a regula-
Hungary
India
Ft1590
Rup260
Spain
Sweden
€5.00
SKr59
nues by 2025 from what it calls ‘beyond Pharmaceuticals, rose 14 per cent to tory crackdown on e-cigarettes.
Italy €5.00 Switzerland SFr7.90 nicotine’ products. 154.60p yesterday. Lex page 18
Lithuania €5.50 Tunisia Din9.00
Luxembourg €5.50 Turkey TL30
Malta €5.00 UAE Dh25.00
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2 ★ † FTWeekend 10 July/11 July 2021
INTERNATIONAL
G20
WORLD|
Experts seek $75bn to fight pandemics
WEEK IN REVIEW| Leaders urged to make the report together with former US anisms for early warning or rescue. ‘We are to strengthen the World Health Organi-
Treasury Secretary Larry Summers and The report urged leaders to commit zation and channel funds for pandemic
big investment in public WTO director-general Ngozi Okonjo- $10bn a year to a new Global Health completely preparedness through the World Bank,
US to complete Afghanistan pullout

health before next crisis Iweala. Threats Fund to support surveillance unprepared. IMF and regional lenders, which would
The report is backed by top bankers, and research, and spur investments get a stronger mandate to invest in glo-
in August after two decades of war DELPHINE STRAUSS — LONDON economists and policymakers who were through public private philanthropic The system bal public goods like health and climate.
Joe Biden said the US military mission in Afghanistan Governments need to spend at least
tasked by the G20 in January with find-
ing ways to organise finance to make the
partnerships to ensure a rapid, global
supply of vaccines, tests, treatments
is set up to While the proposals were conceived
as a defence against future pandemics,
would end on August 31, defending his decision to $75bn over five years in a global push to world less vulnerable to pandemics. and personal protective equipment. fail, and it the long delays in delivering coronavi-
withdraw American troops after more than 20 years
of fighting despite the threat of a resurgent Taliban.
avert future pandemics, according to a
report presented to finance ministers
Measures based on the report could be
put to G20 ministers in October.
This would mean a big increase in the
capacity to manufacture and deliver
will fail’ rus vaccines to the developing world
mean the current crisis could in practice
“I will not send another generation of Americans and central bankers from the G20 group The most urgent goal is to speed the critical medical supplies across differ- merge into later ones, the report said.
to war in Afghanistan with no reasonable expecta- of nations yesterday. supply of vaccines and other medical kit ent geographies, with technologies that “The world is nowhere near the end of
tion of achieving a different outcome,” the US presi- A substantial increase in interna- to countries struggling to secure them, would make it possible to scale up pro- the Covid-19 pandemic,” said Okonjo-
dent said. Biden said the country had completed its tional funding for public health, on top the report found; it is also necessary to duction rapidly to meet the surge in Iweala.
objectives of finding Osama bin Laden, the al-Qaeda of existing spending, will be essential to plan for Covid-19 to become endemic. demand during a pandemic. “We must move aggressively and
leader, and had weakened the terrorist threat to the reset a “dangerously underfunded sys- Shanmugaratnam compared existing There should also be a new govern- immediately . . . to end this deadly cri-
US mainland from Afghanistan. tem”, the report warned. global defences against health crises to a ance arrangement, bringing together sis as soon as possible, while simultane-
The Taliban has launched numerous offensives “We are completely unprepared. The financial system with no agreed interna- health and finance ministers and mod- ously scaling up efforts now to thwart
against Afghan forces and civilians, while peace talks system is set up to fail, and it will fail,” tional standards on capital buffers or elled on the Financial Stability Board set the growing risk of future pandemics
between the Taliban and Afghan government have said Tharman Shanmugaratnam, Singa- liquidity, no stress-testing or supervi- up after the global financial crisis. which represent a clear and present
failed to produce a political settlement or ceasefire. pore’s former finance minister, who led sion, no deposit insurance and no mech- A further $5bn a year would be used danger.”
Tokyo state of emergency rules out

spectators at most Olympic events South Africa. Political fractures
Japan declared a Covid-19 state of emergency in
Tokyo and said the Olympics would be held largely
without spectators.
The International Olympic Committee insisted the
ANC tiptoes out of Zuma’s shadow
games, which run from July 23 to August 8, must go
ahead during a state of emergency. No fans will be
allowed in Tokyo and three neighbouring prefec- Jailing of former president
tures. Some can attend events such as football and presents defining moment to
baseball taking place elsewhere in Japan.
Even though Japan’s vaccine rollout has been set the party on a new course
stepped up, only 27 per cent of the public have had a
first dose. Seiko Hashimoto, Tokyo 2020 president,
JOSEPH COTTERILL — JOHANNESBURG
said: “I am very sorry to ticket holders who will be
disappointed, but this was the only choice available For all the bluster that had brought
to us to control the spread [of coronavirus].” South Africa to the edge of a constitu-
tional crisis, in the end Jacob Zuma went
quietly — whisked to jail in the dead of
night after his own VIP protection police
Britain’s Cavendish equals Tour guards arrested him under orders from
de France record of 34 stage wins the country’s highest court.
But as the former president began a
15-month sentence in the early hours of
Thursday for defying a constitutional
court order to appear at an inquiry into
corruption, it was a landmark moment
for the African National Congress that
dominates the country’s politics.
South Africa’s ruling party ousted
Zuma in 2018 and replaced him with
Cyril Ramaphosa, who has slowly
restored institutions plundered by
“state capture” or systematic looting
under his predecessor.
Only now, with his jailing, is the ANC
emerging from Zuma’s shadow, having
faced down what it described as “coun-
Mark Cavendish equalled Eddy Merckx’s record of 34 ter-revolutionary calls for violence and
Tour de France stage wins. The Briton claimed his even calls for civil war” by Zuma sup-
fourth win in this year’s race on the 13th stage between porters within its ranks. Fan club: This is despite a failing economy and the ally of Zuma, as secretary-general after pendent institutions to pursue their
Nîmes and Carcassonne. The 36-year-old had not won “This is quite a defining moment” for supporters of collapse of basic service delivery in he was charged with corruption, in the inquiries into his predecessor. The rec-
a stage on the Tour since 2016 before this year. Ramaphosa, said Ralph Mathekga, a former South many municipalities on its watch. most high-profile case among several ognition of the primacy of institutions
political analyst. “He is at a point in his- Africa president But Ramaphosa’s battle to control the investigations involving ANC members. “weakens the ANC as the leader of soci-
tory where he might set the ANC on a Jacob Zuma party’s destiny is far from over. The ANC “Zuma’s shadow will be with the ANC ety . . . but it opens the way for a func-
completely different path. It is not going protest in is riven by factions and “still has to be for some time because he remade the tional ANC to emerge,” Mbete said.
China aerospace boss arrested to be an easy task.” Pietermaritzburg carefully weaned from Zuma politics” ANC in his image. It is going to take a lot The culture of impunity under Zuma
after attack on two scientists For now, Africa’s oldest liberation on Tuesday that fused party and state, Mathekga to undo that” and reverse the former began even before he took power, when
movement remains the main electoral Rogan Ward/Reuters
said. The state capture inquiry has liberation party’s descent into “the most state prosecutors opened his path to the
force in South Africa, 27 years after it heard that the former president easily blatant kleptocracy”, said Sithembile presidency in 2009 by throwing out
Beijing was embarrassed after two eminent space sci- won the country’s first democratic elec- manipulated party networks to pro- Mbete, a political scientist at the Univer- charges that he took bribes in a 1990s
entists were allegedly attacked by a Chinese aero- tions. Voters gave it over 57 per cent of mote cronies and hollow out institu- sity of Pretoria. arms deal.
space executive and Communist party official, the ballot in 2019 and the party retains tions, from the revenue service to police For those who came up through the More than a decade on, a long delayed
sparking widespread condemnation on social media. the loyalty of much of the country’s and prosecutors, in order to give free Zuma era, the party has taken prece- trial over those reinstated charges
Zhang Tao, of China Aerospace Investment Hold- black majority against fractured opposi- rein to graft. He denies the claims, dence over the state, she said. “The ANC finally gets under way — albeit this time,
ings, was detained by police for alleged attacks on Wu tion parties. which were made by dozens of wit- has thrived on this conflation of the he will already be a state prisoner when
Meirong, 85, and Wang Jinnian, 55, last month, At the heart of its mythology is the nesses. party and the state and this idea that he appears in court later this month.
according to the state-run Xinhua news agency. image it presents of itself as a “leader of Ramaphosa admitted in his own testi- what is good for the party is good for the In the years between, “the biggest
The scientists refused to recommend Zhang for society”, or vanguard of committed cad- mony this year that the ANC’s internal state,” she added. chunk of the electorate and the genera-
membership of the International Academy of Astro- res who are sent out to parliament, state democracy collapsed into factions and Ramaphosa’s restoration of inde- tion that is going to be active politically
nautics, said China News Weekly. Police said Zhang companies and other institutions to the rank and file became pawns in a pendent institutions such as the police, have grown up with a dysfunctional
quarrelled with the two at a dinner, cornered Wang in implement party resolutions. power struggle that made “fertile prosecutors and other bodies goes some ANC” and never known it as a leader of
a lift and kicked and punched him. Wu was allegedly Little short of a postponement ground” for looting. way to change this. While Zuma lashed society, Mbete said.
knocked down trying to defend her colleague. because of a fierce third coronavirus Patronage politics remain ingrained out at “a few lawless judges” and an With the jailing of Zuma, she added,
wave will prevent it doing well in local in the ANC, analysts say. The party only inquiry he said was politically moti- “there is an opportunity here for the
elections later this year, analysts say. recently suspended Ace Magashule, an vated, Ramaphosa has allowed inde- ANC to remake itself”.
Covid restrictions
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Subscribe to the FT today at FT.com/subscription Expats quit Singapore as travel and job troubles take toll
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
STEFANIA PALMA — SINGAPORE what your life will be like in the next few last year in crowded dormitories hous- initially . . . they’re on the back burner
Trump vs the Valley A Five Star plan? Dear Don...
months” contributed to a 31-year-old ing migrant workers. The labourers, for two to three months,” said Aldridge.
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
Tom Meredith had just arrived in Lon-
HMRC warns Lloyd’s of Brussels Insurance market management consultant’s decision to who are essential to industries such as Authorities said they reimposed
don after more than a year away when
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Briefing
to tap new talent pool with EU base
customs risks THE END
i US bargain-hunters fuel Europe M&A
move back to Portugal. construction, account for almost 90 per restrictions in May to avoid large out-
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
Singapore revoked the re-entry pass he
i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
AMERICAN WAY OF LIFE
Expats younger than 40 were at the cent of the city state’s caseload. breaks. The ministry of trade and indus-
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 upsetting — LIFE & ARTS
needed to fly home to his wife and six-

government debt in the first quarter of this year,
taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15
Credit Suisse
3 Confidence in IT plans ‘has collapsed’ Art of persuasion Mystery deepens
end of the vaccination queue, with Sin- Josephine Teo, then manpower ministry said it recognised “the impact of bor-
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
year-old twin daughters.

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
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

gaporeans aged 12 to 39 given priority to ter, in March called on companies to der measures on all, in particular those
surge in workload expected once Britain press for certain options in Brussels.” The US secretary of state has failed to reconcile
leaves the EU, customs authorities have
admitted to MPs.
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the Chic new lodgings
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INTERNATIONAL
Fears of anarchy as Haiti reels

Financial reform
G20 raises pressure on global

corporate tax deal holdouts
from president’s assassination MILES JOHNSON — ROME
The world’s largest economies will this

“there was no going back”. Eight coun-
tries, including Ireland, Barbados, Hun-
gary and Estonia, have held off agreeing
weekend pile pressure on nations
Residents speak of chaos in Caribbean nation beset by violence and poverty refusing to sign up to a global tax deal
that would impose a minimum levy on
the 15 per cent minimum levy, which is
backed by the US, China, India and most
EU countries. Other holdouts include
multinational corporations.
Sri Lanka, Nigeria, Kenya and St Vin-
G20 economy ministers and central cent and the Grenadines. Some tax
bankers met in Venice yesterday to dis- havens and investment hubs, such as
cuss the proposal, which was agreed by the Bahamas and Switzerland, have
G7 nations in June and backed by 130 signed up.
countries at talks hosted by the OECD in Peru did not originally sign up
Paris earlier this month. because it did not have a government in
They are expected to formally place when the agreement was made
endorse the agreement — which will but has now done so, making 131 signa-
force the largest multinationals to pay a tories so far.
global minimum corporate tax rate — in While the political endorsement of
a communiqué to be released today the G20 will provide an impetus to
after the meeting. efforts to reach a final deal, which is
The OECD proposal also seeks to expected to be implemented by 2023,
establish a system under which coun- key technical issues remain and are
tries would tax some profits booked by unlikely to be resolved this weekend.
large companies based on where they These include various “carve-out”
were generated. agreements for some countries to
A draft of the communiqué, leaked encourage investment.
yesterday and verified to the FT by an Another hurdle is expected to be
official from a G20 nation, urges coun- Republican opposition in the US Con-
tries holding out on the deal to concede gress; President Joe Biden is likely to
by the time the leaders of G20 member need congressional approval for at least
countries meet in Italy in October. some elements of the proposal.
The wording of the communiqué has Kevin Brady, the top Republican on
yet to be finalised, officials from several the House of Representatives’ ways and
G20 countries said, but an official from means committee, has described the
one large country said the endorsement deal as “a dangerous economic surren-
of the deal by the G20 would mean der that sends US jobs overseas”.
Environment
Green alliance delivers on

Haitians gather outside a police station in Port-au-Prince after Jovenel Moïse was murdered by a group of mercenaries on Wednesday — Richard Pierrin/Getty Images
speed limit pledge for Paris
MICHAEL STOTT interrogation of his security detail. Equally murky is what comes next in shown an increasingly authoritarian VICTOR MALLET — PARIS speed, and their grip on the city to give
LATIN AMERICA EDITOR
Among the many unanswered ques- a country wracked by political instabil- streak in his final period in office, jailing space to other users,” he told the Finan-
Paris will impose a 30kph speed limit
Jovenel Moïse made many enemies and tions is why the supposedly professional ity, gang violence and acute poverty. opponents, ruling by decree, allowing cial Times. “We reckon it will cut the
across almost all the capital from the
few friends in four scandal-plagued hit squad failed to organise a getaway. “The poor people of Haiti have suffered the terms of parliamentarians and may- noise nuisance by three decibels, or by
end of August, fulfilling a campaign
years as president of Haiti. The attack prompted international enough,” said one local businessman. ors to expire without fresh elections and half in terms of what people perceive.
promise of the left-Green alliance that
On which side his bodyguards stood condemnation and in Haiti, consterna- “People are dying, people are hungry. seeking constitutional changes that It’s a big gain in terms of quality of life.”
runs the city and infuriating motorists
when he was gunned down at home in tion despite the country’s endemic vio- The people can’t take it any more. Life is would have abolished the senate, given Only a few major avenues, such as the
already grappling with traffic jams,
front of his family is yet to be deter- lence. “There’s nobody in the streets,” too painful.” him immunity from prosecution and Champs-Elysées, will be spared, while
roadworks and the proliferation of
mined. His supposed protectors were said one resident of Port-au-Prince two Claude Joseph, Moïse’s sixth prime cleared the way for a second term. the limit on the Boulevard Périphérique,
bicycle lanes.
not reported hurt when a squad of days after the murder. “People are in minister, moved quickly to assert con- Violent street protests erupted in Paris’s congested ring road, would
Colombian mercenaries stormed the limbo right now. Whether you loved trol after the killing, imposing a state of 2018 against Moïse over accusations The move is the latest phase in a long remain at 70kph for the time being.
president’s private villa in the early Moïse or hated him, it is the same reac- emergency and ordering the airport and that he and his officials had pocketed up struggle between successive Paris gov- Many big European cities, including
hours of Wednesday. tion: a deep state of shock.” local businesses to reopen after two days to $2bn from a Venezuelan subsidised ernments that have restricted traffic in
More than two dozen heavily armed Although murders are common in the in which the streets had been quiet. oil scheme, something he denied. In the city centre, and motorists from the
attackers posed as agents from the US Caribbean nation and coups punctuate April, the Catholic church warned that capital and its suburbs who are typically Two-wheel power:
a cyclist on the
Drug Enforcement Administration its history, no president has been assas- Haiti was “descending into hell” after supported by rightwing politicians.
(DEA) to gain access to Moïse’s resi- sinated in office since a mob dismem-
‘People are dying, people seven of its clergy were kidnapped. “For safety it’s cool and for the envi-
Champs-Elysées,
which is not
dence on the outskirts of Port-au- bered Jean Vilbrun Guillaume Sam in are hungry. The people Bruno Maes, Unicef country repre- ronment it’s cool, but at 30kph it’s going subject to the
Prince, according to Haitian officials 1915. That killing prompted a 19-year sentative, said Haiti was facing its worst to be harder to get around to work,” said 30kph limit
and video shot by witnesses. occupation of Haiti by US troops but
can’t take it any more. humanitarian crisis in years because of Mesa Gomez, a cleaning business fran-
Clips circulating on the internet Washington’s reaction this time was Life is too painful’ violence by armed groups, fuel and food chisee, as he gathered equipment from London with its 20mph zones, have cut
appear to show the killers closing in on quite different. On Thursday, it restated shortages and an upsurge in Covid-19 his van in central Paris. “There’s good speed limits drastically in different
the house under cover of darkness in a its position that elections should pro- But Ariel Henry, a neurosurgeon cases. “The number of people who need and bad in this.” areas in recent years. But Paris is unu-
slow-moving convoy of vehicles. Some ceed this year for a new president. nominated by Moïse two days before his immediate humanitarian assistance is A taxi driver waiting for a fare nearby sual in extending the lower limit to
of the attackers are walking in between In Haiti, the authorities were quick to death to take over as premier, claimed 1.1m,” he said. “We cannot use the main had no hesitation in concluding it was all almost all of its streets.
the cars brandishing submachine guns highlight the foreign identities of the he was the legitimate leader. road to the south to reach people bad. “The law is the law, but to go from Previously, traffic in just over half of
and shouting in English: “This is a DEA killers. Police chief Leon Charles said 26 Constitutional experts were foxed. because armed gangs are controlling it 50 to 30 is pretty annoying,” he said. “In the capital was limited to 30kph, though
operation. Do not shoot.” of the 28-man hit squad were Colom- Haiti has two possible legal formulas in so we have to use helicopters.” Paris it’s already really difficult to drive congestion means average vehicle
Once inside, the assassins fired at bian and the other two were Americans the event of a presidential death, there is International powers seem unwilling and to park, not to mention all the bike speeds are only 15kph. “There’s a kind of
Moïse and his wife Martine. The presi- of Haitian descent. Seventeen have been no sitting parliament to endorse a nomi- to intervene. A 13-year UN mission to lanes and roadworks everywhere.” fantasy about how great cars are for get-
dent was found on the floor, riddled arrested and at least three killed. Others nee and the head of the supreme court — Haiti ended in 2017 without bringing David Belliard, the Green deputy of ting around in the city that is very far
with 12 bullet wounds, and his left eye are on the run. a possible successor — died of coronavi- lasting stability. With the US on the side- Socialist mayor Anne Hidalgo, said the from reality,” Belliard said.
had been gouged, investigating magis- Less clear was who ordered the assas- rus last month. lines, some fear Haiti risks drifting into speed limit reduction would be good for Pierre Chasseray, who heads a lobby
trate Carl Henry Destin told Le Nouvel- sination. “Moïse had a large number of For now, the US and the UN are deal- violent anarchy. safety and for the environment, and group called 40 Million Motorists, com-
liste, a Haitian newspaper. Martine sur- enemies,” said Laurent Dubois, a Haiti ing with Joseph. Antony Blinken, US “It’s chaos,” a foreign-educated pro- would cut noise pollution. “The chal- plained that at 30kph cars in Paris
vived the attack and was flown to Flor- expert at the University of Virginia. secretary of state, spoke to him on fessional living in Port-au-Prince told lenge is to cut the presence of cars, their would now be overtaken by bicycles.
ida by air ambulance for treatment. “One could speculate in many different Wednesday and the state department the Financial Times. “The poverty is
Alarmed by the apparent lack of directions. I imagine this will be traced repeatedly described Joseph as “the act- getting worse and the government insti-
resistance from the president’s body- back to an internal source but it is hard ing prime minister”. tutions no longer function. This country
guards, the authorities have ordered the to say whether we will ever really know.” Moïse, a former banana exporter, had needs a break. We can’t go on like this.” West Africa
Monetary policy. New strategy

France to halve forces fighting
Islamist militants in Sahel
ECB says it has learnt lesson on premature rate rises
VICTOR MALLET — PARIS last US troops from Afghanistan — there
is no end in sight to such an engagement
France will halve the number of its
of price stability. “Lagarde is leaving the the Fed’s average inflation policy. Jens euro could fall from above €1.18 to €1.16 when the governments of the countries
Central bank resets inflation door open for further forceful action,” Weidmann, head of Germany’s central against the dollar.
troops fighting Islamist militants in the
concerned are unable to administer or
Sahel region of west Africa, cutting the
target and pledges it will said Annalisa Piazza, analyst at MFS bank and one of the ECB’s more con- Other ECB council members, how- even hold their own territory.
deployment from more than 5,000 to
Investment Management. servative council members, emphasised ever, said the bank’s new strategy put it After a meeting yesterday with
between 2,500 and 3,000, President
tolerate slight overshoots Carsten Brzeski, head of macro this yesterday, saying: “We do not make in a similar position to the Fed. “My
Emmanuel Macron has announced.
Niger’s President Mohamed Bazoum at
research at ING, said it “clearly marks a our monetary policy dependent on past interpretation . . . is that if similar the Elysée Palace and by video with
MARTIN ARNOLD — FRANKFURT gradual trend towards more, even if it is target failures. Our strategy remains shocks were hitting both the US and Paris has kept its largest overseas force other Sahel leaders, Macron said the
subtle, dovishness”. forward-looking and takes into account euro area the monetary policy reaction deployed in former colonies such as withdrawal would happen “in stages”,
The last time the European Central By ditching its previous inflation tar- the new challenge of the effective lower functions on both sides of the Atlantic Chad, Mali, Burkina Faso and Niger although he did not specify how long the
Bank raised interest rates was just as the get, the ECB aims to banish what limit of interest rates.” would not be that far apart,” said Olli since Macron’s predecessor François troop drawdown would take.
eurozone debt crisis began in 2011 — a Lagarde called “ill-founded specula- Rehn, governor of Finland’s central Hollande launched an operation eight He said the closure of three French
move its officials now acknowledge was tion” that it preferred inflation to run bank and an ECB council member. years ago to prevent Mali falling under bases in Mali, including one in Tim-
a big mistake. below its target than above it. Christine Lagarde: The biggest question left by the ECB’s the control of jihadis. buktu, would be completed by the
ECB president said
Its first new strategy for nearly two While Lagarde said the bank’s new the bank had announcement was what it would mean France had argued that by suppress- beginning of next year. “This change
decades, unveiled on Thursday, is target was symmetric, meaning that it ‘observed what has for its monetary policy as the eurozone ing militants linked to al-Qaeda, Isis and responds to the need to adapt to the new
designed to avoid the risk of such pre- “considers negative and positive devia- worked and what recovers from the coronavirus. Minutes other extremist groups, its Operation posture of terrorist groups and to help
mature policy tightening in the future. It tions of inflation from the target to be has not worked’ of last month’s meeting of the governing Barkhane was helping the region’s the countries of the region take respon-
shifts the Frankfurt-based institution to equally undesirable”, she added that it council revealed that more conservative inhabitants and protecting Europe from sibility,” he said.
a 2 per cent inflation target and pledges would be less worried about above-tar- That leaves the Fed with a more “hawks” called for asset purchases to be terrorism as well as a possible rise in the France, which receives intelligence
to tolerate any slight overshoots. get inflation in certain circumstances. accommodative stance than the ECB. scaled back in response to the brighter number of African refugees fleeing support from the US, will give priority to
“We have learnt from history and we She said the ECB would use “espe- However, inflation is higher in the US economic outlook and improved financ- instability at home. special forces operations against Islam-
have observed what has worked and cially forceful or persistent monetary and the Fed is expected to start tightening conditions. More “dovish” propo- Yet while French forces initially ists and will continue to co-operate with
what has not worked,” Christine Lagarde, policy action” when interest rates are ing policy sooner. The ECB’s new strat- nents of loose monetary policy resisted. defeated the jihadis in Mali, killings and its African and international allies,
ECB president, said as she presented the close to their lower limit and inflation egy makes it more probable it will keep “A broad consensus” emerged in violence have continued to spread though on a smaller scale than before as
review’s results. “Now we need to dem- remains below its target. The shift “may rates lower for longer, which is likely to favour of maintaining the current level across the Sahel, from northern to cen- it winds down Operation Barkhane.
onstrate we mean what we say.” also imply a transitory period in which push the euro down against the dollar of monetary stimulus being delivered tral Mali and into Niger and Burkina Macron said in February: “Our aim is
The ECB has persistently failed to lift inflation is moderately above target”. and keep eurozone bond yields low. by its €1.85tn pandemic emergency Faso. Extremist groups have taken not to fight against all the groups that
inflation to its previous target of “below, This does not mean it will actively seek “Historically, monetary policy diver- purchase programme, the minutes advantage of long-running communal might exist in the region — it would be
but close to, 2 per cent” for much of the to drive inflation above its target, as the gence between key central banks has reported. That makes it likely the issue tensions and filled the void of largely infinite war.”
past decade. Analysts said the new strat- US Federal Reserve has shifted its strat- caused foreign exchange volatility to will be revived at the next policy gather- absent governments across the region to France has been unable to build on its
egy would make it easier to maintain egy to do, to make up for a low-inflation increase, and appreciation to occur in ing later this month, ahead of the meet- capture vast swaths of territory. early victory in Mali in 2013 to impose
interest rates at their historic low levels period. Lagarde said the new ECB strat- the currency which is tightening policy,” ing in September. Macron has concluded — like US Pres- long-term peace or shore up the govern-
for longer, to achieve its legal mandate egy was “very squarely” not the same as Citigroup strategists said, predicting the Additional reporting by Eva Szalay in London ident Joe Biden, who is withdrawing the ments of the Sahel.
4 ★ FTWeekend 10 July/11 July 2021
INTERNATIONAL
Pandemic Infection surge
Fed official warns of virus threat to recovery Lockdowns

tightened as
Delta mutation and gaps Mary Daly, president of the Federal terrific, but look at all the pockets where jump in inflation would quickly fall should be no doubt the bank would stick new strain
sweeps across
Reserve Bank of San Francisco, said in that isn’t yet happening.” away. “In the United States the news has to the framework it adopted last August.
in vaccination rollout seen an interview with the Financial Times. Daly’s warning came as investors been pretty positive, but the global news This promised a more lenient approach
as risk to global growth “We are not through the pandemic, sought out safe havens in droves this hasn’t been all that positive,” Daly said. to temporary overshoots in inflation in
JAMES POLITI — WASHINGTON

COLBY SMITH — NEW YORK
we are getting through the pandemic.”
Daly, a voting member of the Federal
Open Market Committee, pointed to the
week, sending US government bond
prices soaring. Treasury yields have
fallen sharply as a result, with the
“It’s been good but it hasn’t been terrific.
Markets respond to those things, and
that can of course lower yields because
the pursuit of full employment.
“Chair [Jay] Powell said this so clearly
in his press conference and I think that’s
Asia-Pacific
struggles to contain the virus in Japan benchmark 10-year note trading at its they’re pricing in the risk there. What the light to follow here,” Daly said.
A top Federal Reserve official has and other countries. Surging infections lowest level since February. Global you’ve seen is an increasing sense of the Daly’s comments come at a pivotal FT REPORTERS
warned the spread of the Delta corona- and lagging inoculation campaigns stocks fell on Thursday, but rebounded downside risk to the global economy.” time for the Fed as it discusses removing
Governments across the Asia-Pacific
virus variant and low vaccination rates abroad were constraining the economic yesterday. The Fed’s June meeting appears to some of the massive monetary support
region are rushing to impose tougher
in some parts of the world pose a threat rebound and could have negative rami- Many market participants attributed have been a catalyst for recent market introduced at the start of the pandemic.
lockdown measures to combat the
to the global recovery as she urged cau- fications for the US, she said. the sharp drop in Treasury yields to moves. Central bank officials predicted Minutes from the June FOMC meet-
spread of the highly infectious Covid-19
tion in removing monetary support for “If the global economy . . . can’t technical factors. But a growing chorus they would be raising interest rates ing, released on Wednesday, showed
Delta variant.
the US economy. get . . . higher rates of vaccination, has expressed concern the economy will sooner and more aggressively than they some policymakers believed the Fed
“I think one of the biggest risks to our really get Covid behind [us], then that’s struggle to maintain the red-hot growth had forecast earlier this year. could soon start trimming its $120bn The sudden resurgence of coronavirus
global growth going forward is that we a headwind on US growth,” Daly said. rates that have accompanied the reo- But Daly — considered one of the per month of asset purchases. outbreaks is straining health systems
prematurely declare victory on Covid,” “Good numbers on the vaccinations are pening to date, and predicted the recent more dovish Fed officials — said there See FT View and stoking public anxiety about vacci-
nation programmes plagued by delays
and supply shortages.
Indonesia is among the worst-hit
Covid-19. Variants countries in the region. The nation of
270m faces its deadliest outbreak since
the pandemic began, as its healthcare
Race is on to see how far jabs curb Delta spread system struggles to cope with a record
number of cases.
The daily death toll has doubled over
the past week to more than 1,000 and
authorities have warned that the
Natalie Dean, an assistant professor of number of new infections could surge as
Vaccines seem to limit serious biostatistics at Emory University in high as 70,000 after surpassing 34,000
illness but jury is out on their Atlanta, Georgia, wrote on Twitter. The on Wednesday.
Israeli findings should not “negate” Many hospitals have reached capacity
impact against transmission studies that showed higher vaccine effi- and are already turning patients away.
cacy, she said, as the small size of the The government has resorted to import-
epidemic in Israel was among “fudge ing oxygen tanks from neighbouring
DONATO PAOLO MANCINI AND JOHN
BURN-MURDOCH — LONDON factors” that could impact results. countries as supplies are exhausted.
For other vaccines, however, real- President Joko Widodo has extended
As rising coronavirus infections force world efficacy data do not exist yet, forc- lockdown measures in areas including
some countries to reimpose restrictions, ing health officials to rely on lab testing Java, the main island, and Bali. But
scientists and drugmakers are racing to to assess effectiveness against Delta. In Jakarta has resisted imposing greater
answer a crucial question: how well do such studies, scientists use the blood of restrictions for fear of hurting south-
the current vaccines protect against the vaccinated people to estimate a shot’s east Asia’s biggest economy.
Delta variant? effectiveness against a variant. Indonesia has relied on Chinese Sino-
On one point, most observers agree. Moderna has said its vaccine showed a vac jabs, but the vaccination rate has
The leading shots, studies show, still two-fold reduction in neutralising anti- been slow and beset by supply issues.
offer strong protection against severe bodies in laboratory tests against Delta, In Australia, authorities have warned
disease and hospital admission. when compared with the original coro- that thousands of people could die
“Real-world effectiveness studies navirus strain, but still called the results unless an outbreak in Sydney linked to
with a number of vaccines show good “encouraging”. The data “reinforce our the Delta variant is brought under con-
protection, especially against severe disbelief that the Moderna Covid-19 vac- trol. A two-week lockdown in the city of
ease,” Soumya Swaminathan, chief sci- cine should remain protective against 5m has failed to quell a cluster of active
entist at the World Health Organization, newly detected variants,” Stéphane cases, prompting a tightening of restric-
said. Bancel, chief executive, said in June. tions yesterday.
“Real-world” analysis of 14,019 cases Johnson & Johnson, which markets a “We cannot live with this variant. No
of the Delta variant in the UK, released single-shot vaccine, said its jab elicited a place on earth has unless they have their
by Public Health England in June, found higher level of antibody activity against vaccination rates much, much higher
the BioNTech/Pfizer and Oxford/Astra- Delta than it had in tests against the Beta than what we have,” said Gladys Berejik-
Zeneca vaccines were, respectively, 96 variant, first identified in South Africa. lian, premier of New South Wales. “Oth-
per cent and 92 per cent effective How vaccine efficacy compares against the Alpha and Delta variants It provided no precise figures but said erwise, it subjects the population to
against hospital admission after two Vaccine efficacy against infection and hospital admission for each variant, by vaccine manufacturer, number of doses the vaccine offered “durable protec- thousands and thousands of hospitalisa-
doses. and country of study tion” against the disease. tions, thousands of deaths,” she added.
Late on Thursday, Pfizer reiterated it Efficacy against symptomatic infection Efficacy against hospital admission The makers of Russia’s Sputnik V While the death toll in these countries
believed its shot worked against Delta, England Scotland Israel Canada England Israel Canada have said it was “more efficient against remains comparatively low compared
especially after a potential third booster Alpha Delta Alpha Delta Alpha Delta Alpha Delta Alpha Delta Alpha Delta Alpha Delta
the Delta variant of coronavirus . . . with the US and UK, botched vaccina-
dose. But it added it planned to study a 100 100 than any other vaccine that published tion rollouts have left the public vulner-
variant-targeted inoculation, with trials Vaccine: results on this strain so far”, but pro- able to outbreaks.
slated to start as early as next month. 80 80 vided no evidence to support the claim. South Korea yesterday instituted its
Pfizer/BioNTech
The high efficacy of the shots in the 60 AstraZeneca 60 Several Chinese scientists have said highest level of virus-related restric-
UK, where the Delta variant is dominant Moderna some Chinese vaccines have been found tions across Seoul and the capital’s sur-
and more than the half the population 40 40 to be less effective against Delta than rounding areas, affecting about half the
Number of doses:
has been fully vaccinated, is reflected in 20 One 20 against previous variants but few details country’s 52m people. “We are facing
the current mortality rate for Covid-19 Two of those studies have been released. the biggest crisis with our containment
patients, which at 0.085 per cent is 20 0 0 Sinovac spokesman Liu Peicheng told efforts with the daily new cases hitting a
Alpha Delta Alpha Delta Alpha Delta Alpha Delta Alpha Delta Alpha Delta Alpha Delta
times lower than at its peak, said Mea- Reuters that preliminary results based record every day,” said Kim Boo-kyum,
Source: FT research
ghan Kall, an epidemiologist at PHE. on blood samples from those vaccinated prime minister.
But the question of whether the vac- with its shot showed a three-fold reduc- Jeong Eun-kyeong, head of the Korea
cines remain as effective at preventing Protection: the tion with the Delta variant. That was had other methodological weaknesses. ‘Delta is tion in neutralising effect against Delta. Disease Control and Prevention Agency,
infection, and therefore transmission AstraZeneca “comparable”, they said, to the 89 per The varied results reflect the diffi- Peter English, a public health expert warned that the worst was yet to come
and spread, is more fraught. vaccine being cent protection it provided against the culty of conducting real-world assess- better at who previously advised PHE, cautioned despite signs that the vaccine drive was
Early figures from real-world studies administered in Alpha variant, first identified in Britain. ments of vaccine efficacy. During trials, finding that while the data on efficacy against picking up pace.
in the UK in May found two doses of the Vietnam last A fourth study by Israel’s health min- scientists can select participants, moni- hospital admission was generally posi- A surge in cases in Japan forced Prime
Pfizer shot were 88 per cent effective at month — Hau Dinh/AP istry, reported this week, suggested the tor who receives a vaccine and who people who tive, the vaccines’ ability to prevent the Minister Yoshihide Suga to declare a
preventing symptomatic infection with Pfizer vaccine was much less effective receives a placebo, then see who gets aren’t transmission of Delta was far less clear. state of emergency in Tokyo on Thurs-
the Delta variant. A month later, that against symptomatic infection with infected. Once a vaccination campaign “Delta is so much more infectious, it’s day evening, which means the Olympics
was revised down to 79 per cent by Scot- Delta, providing only 64 per cent pro- starts, scientists lose that control, and sufficiently better at finding people who aren’t suffi- will be held largely without spectators.
tish researchers. Canadian scientists, tection. Pfizer and Israeli health offi- other factors may affect who gets sick, immune’ ciently immune and infecting them,” he Reporting by Edward White, Song Jung-a
using a combination of methods, on Sat- cials, however, cautioned that the study making it harder to reach firm conclu- said, but it would take time to accumu- and Kang Buseong in Seoul, Mercedes
urday estimated the Pfizer jab was 87 was based on preliminary and highly sions. “Observational vaccine study late reliable numbers on transmission. Ruehl in Singapore, Jamie Smyth in Sydney
per cent effective at preventing infec- localised infection numbers, and data are not randomised trial data,” See FT Big Read and Robin Harding in Tokyo
Euro 2020 Italians cry foul ahead of showdown with England CDC guidance
US makes school reopening a

MILES JOHNSON — ROME rected: Football is coming home — but
trophies, not yet,” he said.
and coach who managed the English
national team between 2008 and 2012,
an unsubstantiated conspiracy that
Uefa, European football’s governing
priority as masks are ditched
Italy’s media warmed up for tomorrow’s In the Domani daily, Pippo Russo praised the England team’s work ethic body, was favouring England to help its
Euro 2020 football final between Italy noted that the chants of “Football’s com- but played down their players’ level of team reach the final.
and England by accusing the home side ing home” were ironic as they were skill. This, the article argued, was con- MATTHEW ROCCO — NEW YORK be best for schools to implement. “Stu-
of arrogance, a lack of technical quality being sung by fans of “a country that can “England is an interesting team, not nected to the UK government having dents benefit from in-person learning,
Vaccinated students and teachers do
and even being party to a dark interna- only succeed at home”, in reference to yet a great one,” Capello said. “In the blocked plans by some large European and safely returning to in-person
not need to wear masks, and schools
tional conspiracy. the 1966 World Cup victory, secured in midfield, they do not have much quality, football clubs to set up a breakaway instruction in the fall 2021 is a priority,”
should make reopening in the autumn
Ahead of the match at Wembley — the another final at Wembley. but they are all people who work.” “super league” this year, which Uefa the CDC said.
a “priority”, the top US health agency
first time England’s men have appeared Resurrecting the more recent ghosts Earlier in the week, after England strongly opposed. The article has since The Biden administration’s health
said in updated guidance.
in the final of a major international of Euro 1996, Giuseppe Pastore noted in beat Denmark with a controversially been removed from the newspaper’s guidance for schools has been a source
tournament since 1966 — some Italian Il Foglio, that “English fans are so per- awarded penalty kick, La Gazzetta dello website. The new mask recommendations of debate among state and local officials,
commentators cited the England fans’ suaded and pervaded by the desire to Sport, Italy’s largest national sports There has also been much commen- released yesterday align the Centers for some of whom argued schools did not
enthusiastic singing of “Football’s com- raise a cup after 55 years that they amia- newspaper, published an article alleging tary in the Italian press about the advan- Disease Control and Prevention’s guide- have space to bring students back into
ing home”, a refrain written when Eng- bly gloss over the origins of that song tage provided to England of having lines for K-12 schools with those for the the classroom but to be kept 6ft apart. In
land hosted the 1996 tournament, as [Three Lions] . . . which was recorded to played almost all of their matches in general population. But they carry the March, the CDC relaxed its guidance to
evidence of misplaced overconfidence. celebrate a European title they would London, including the final. Ironically, caveat that administrators could man- allow desks to be closer together.
“We Italians believe we can lose, the win at Wembley that they never won, England’s one match away from London date universal mask-wearing for stu- The health agency has recommended
English think they have to win,” wrote beaten on penalties in the semi-finals by was played in Rome — a 4-0 thrashing of dents, teachers and staff based on local that schools keep students 3ft apart in
Beppe Severgnini in the Corriere della Germany”. Ukraine in the quarter-finals. Covid-19 transmission rates. In May, the classrooms, but if they are unable to
Sera daily newspaper. Despite this, he noted that Italy’s But Antonio Conte, who has managed CDC said Americans vaccinated against fully reopen with social distancing, they
“That’s why, often, we do better than opponents would be “a rare case of a tac- both the Italian national team and Chel- Covid-19 could ditch masks in most can “layer” other health measures, such
them. In our attitude we mix caution, tically shrewd English national team” sea in the English Premier League, said indoor and outdoor settings. as indoor mask wearing. Based on the
experience and superstition. Their atti- and that the English would start as the playing a final at home could be a dou- The CDC also updated its guidance to updated guidance, schools should main-
tude is a mixture of pride, imprudence “great favourites” for the final. ble-edged sword for England. note “the importance of offering in-per- tain distancing to the extent possible,
and impatience.” Leading figures in Italian football “England have been waiting for this son learning”, even if some districts are rather than exclude students from in-
He went on to point out that the Ital- noted the improvement of the English match for ages. They have never won unable to implement all Covid-19 pre- person learning to increase distancing.
ian team, known as the Azzurri, have national side compared with previous the European Championship and an vention strategies that health authori- Masks should be worn inside school
won four World Cups and one European disappointing incarnations, but did not international success has been missing ties suggest. buildings by unvaccinated individuals
championship, while England have won appear particularly worried about Italy since 1966,” Conte said. “Wembley can The agency said localities should over the age of two, according to the
just one World Cup, 55 years ago. being outclassed on the pitch. be a huge boost but at the same time it monitor the spread of coronavirus and CDC. It said people generally do not
“The motto that sounds in English Fabio Capello, the 75-year-old highly Raheem Sterling, foreground, wins can also be a ballast — the players could vaccination levels in their areas to need masks when outdoors, whether
stadiums these days should be cor- decorated former Italian international England’s penalty against Denmark feel the pressure”. determine what health protocols would they are vaccinated or not.
FT BIG READ. CORONAVIRUS
England is set to become the first country to lift all Covid-19 restrictions even as cases are rising. Critics
have condemned the plan as ‘dangerous and premature’. How big a gamble is Boris Johnson taking?
By Clive Cookson and George Parker
R
ealistic or reckless? Cases of
‘The world is looking

coronavirus are doubling
every 10 days in England and
hospital admissions have
risen more than 50 per cent
in the past week. Yet with 65 per cent of
the adult population double vaccinated
at us with disbelief’
against the virus the government is set
to lift restrictions, from social distanc-
ing to mask wearing, in a bid to restore
normality.
It would make England the first coun-
try to lift restrictions in the face of expo-
nentially rising Covid-19 cases and the
decision has divided the country with
some scientists suggesting it is a reckless
move that threatens the health of many
thousands of people.
Boris Johnson, the UK prime minister,
and his new health secretary Sajid Javid
argue that the next stage of the lifting of
legal restrictions on July 19 can go ahead
because the vaccination rollout has bro-
ken the link between infection, hospi-
talisation and deaths. Devolved govern-
ments in the other parts of the UK —
Scotland, Wales and Northern Ireland —
will make their own decisions on how
soon to lift restrictions.
Yet many scientists and health
experts have angrily challenged the gov-
ernment’s argument. “The world is
looking at us with disbelief — a country
with some of the best universities and
minds acting with arrogance, yet again
underestimating our adversary,” says
Ravi Gupta, professor of clinical micro-
biology at Cambridge university.
That view is echoed by Isabella
Eckerle, professor of virology at the Uni-
versity of Geneva. Eckerle is one of 122
scientists and doctors from the UK and
overseas who signed a letter in The
Lancet condemning the government’s
“dangerous and premature reopening
plans”. She says: “The decision can only ‘There is Those arguing that some restrictions Virologists such as Professor Richard Johnson’s plan to unlock have been England leading? the Delta variant had not made signifi-
serve as a warning negative example for need to be maintained, which includes Tedder of Imperial College London critical, some are more sympathetic. Below: Ravi cant inroads into the American popula-
other European countries.” little to be many opposition Labour MPs, stress the point to the emergence of new variants “On balance, I think there is now a Gupta, a clinical tion. Now some states are seeing an
“Despite a seasonal benefit, infections gained from state’s role in protecting society’s most over the past six months, which trans- reasonable case to move from restric- microbiologist, alarming resurgence.
are already on the rise with the new vulnerable, while emphasising the mit faster than the original Wuhan virus tions to guidance,” says Raghib Ali, sen- fears ‘there will In Missouri, where just 45 per cent of
Delta variant in many countries,” Eck- delaying direct health effects of Covid. and can escape some of the protection ior clinical research associate at Cam- be unnecessary people have received at least one vac-
erle adds. “It is a dangerous and irre- beyond July Many Conservative MPs share John- given by current vaccines. bridge university’s MRC Epidemiology deaths’ from the cine dose, several hospitals have been
sponsible situation to fully open now, son’s fear that if a full reopening does More infections increase the risk of Unit. “We are now in the situation where proposed end of forced to transfer patients to other facil-
and accept high infection rates in young
19 as an exit not happen this summer, when hospi- even more dangerous variants evolving, admissions are less than a tenth of the compulsory ities. “The state has been pretty much
age groups and especially children.” wave [of tals are under less seasonal pressure and Tedder says. “This view of the inherent peak and highly unlikely to reach levels mask wearing. open since after the initial wave [in early
With new cases running above 30,000
a day in the UK — 15 times higher than at
infections] schools are on summer holiday, then it
might not happen until 2022. For Tory
danger in facilitating a very real increase
of the infection rate is likely to be held
seen previously given the very high vac-
cine uptake and effectiveness.
But some
scientists have
2020],” says Alexander Garza, pan-
demic task force commander for the St
the beginning of May — Javid said this is inevitable MPs in the lockdown-sceptic Covid by professional medical virologists “There is little to be gained from been more Louis region, who describes the combi-
week that the daily rate could rise to in those not Recovery Group, that was unacceptable. across the UK,” he adds, “I hope the delaying step 4 beyond July 19 as an exit sympathetic to nation of low vaccine uptake and lack of
100,000 this summer. Vaccination has Sir Keir Starmer, Labour party leader, health secretary will listen to this view.” wave [of infections] is inevitable in the plans restrictions as akin to “the wild west”.
cut the overall mortality rate from [yet] has tried to adopt a tone of “constructive Fears around long Covid have been those who will not be vaccinated and unveiled by “We are going to see an increase in
around 0.8 per cent last year to 0.1 per vaccinated’ criticism” of the government’s Covid expressed even more widely. Common there are some advantages of having Boris Johnson, hospitalisations, the only question is
cent now but 100,000 cases are likely to strategy. But he described this week’s symptoms include fatigue, breathing this wave in the summer when schools below left how high does the curve go and how fast
cause around 3,000 hospital admissions move as “reckless”. problems, insomnia and “brain fog”, are closed,” Ali adds. FT montage/Getty does it go,” he adds.
and 100 deaths a day. Advocates of maintaining legal leaving many sufferers unable to work. Israel, widely seen as an exemplar for Prospects for England and the rest of
The proposed end of compulsory restrictions point to two important “Long Covid is a serious problem, countries relaxing restrictions after a the UK are similarly uncertain. Gupta
mask wearing on public transport and implications of a rapid increase in infec- with 10-20 per cent of people, including successful vaccination campaign, has predicts an “even steeper acceleration”
in indoor spaces has attracted criticism. tions beyond the headline figures for children, who catch the virus suffering reintroduced some restrictions — in cases and hospital admissions as the
“It defies logic and it’s criminal frankly,” hospitalisations and deaths. One is the illness, disability and psychological including mask wearing on public trans- “visible reminders of the pandemic
Gupta says. “There will be unnecessary extra opportunities they provide for the problems for months,” says clinical psy- port — as the highly transmissible Delta [fall] away” after July 19.
deaths as a direct result of that.” virus to mutate; the other is the growing chologist Julia Faulconbridge. variant drives up infection rates. “The government needs to be flexible
number of people who will suffer “That appears to have been com- Yet some Israeli experts, such as Eyal in its approach and communicate effec-
The risk of new variants disability for many months or even pletely neglected in [the government’s] Leshem of the Sheba Medical Center, tively with the population,” he says,
When Javid confirmed the plan to lift years through “long Covid”. announcement,” she adds. believes the country’s health ministry is “instead it has shut off the route to any
most restrictions on July 19 a cry of “hal- being too cautious and called the kind of reversal or changes in direction.”
lelujah” went up from the Conservative ‘Little to be gained from delaying’ approach in England “reasonable”. Steven Riley, professor of infectious
benches in the House of Commons. For now, hospitals have more immedi- “Most of the adult at-risk population is disease dynamics at Imperial College
Peter Bone, a veteran Conservative MP, ate worries. Rising Covid cases — on top protected,” Leshem says. “I assume the ‘Long Covid London, is more optimistic. With
says: “I wholly welcome this. It goes of a huge backlog of other commitments UK understands that lifting all restric- schools closing and football’s European
down the route of personal responsibil- delayed by the pandemic — are already tions will have a price. Some people will is a serious Championship tournament over by
ity. It’s spot on.” putting them under severe pressure. get sick . . . it will probably be [similar problem, then, “the net effect of everything
His response, and that of other politi- “We are as stretched as we have ever to] a very bad flu season. around [July 19] may not be a dramatic
cians from the ruling Conservative been,” says Rachel Clarke, an NHS palli- “But then something interesting will and that increase”, he says.
party, exposed the growing polarisation ative care doctor. “Some accident and happen: they will probably have a natu- appears to The political outlook is unclear too.
in the UK over how to handle Covid. The emergency departments are reporting ral population-wide immunity,” he Johnson has enjoyed a “vaccine bounce”
side advocating a quick end to legal more patients than ever before.” One adds. “This is different from the current
have been since the start of 2021, but two recent
restrictions, which includes many Tory hospital in Leeds had to cancel cancer Israeli approach, running after every completely by-election defeats to the Liberal Demo-
MPs, espouses libertarian principles.
They emphasise the social, educational
operations this week on the day they
were due to take place, she adds,
last child to get vaccinated.”
In the US many states moved faster
neglected in crats and Labour suggest it may be fad-
ing. A mishandling of the final lifting of
and economic hardship caused by lock- because intensive care beds were occu- than the UK, with some lifting Covid [the planned England’s Covid restrictions could be
down as well as collateral health damage pied by Covid patients. restrictions — including mask wearing lifting of politically costly.
such as mental illness and neglected Although most scientists and doctors — earlier this year. At the time case Additional reporting by Oliver Barnes,
attention to other diseases. who have spoken publicly about numbers were not rising fast because restrictions]’ Nikou Asgari and Neri Zilber
Obituary In the 1957 Bollywood film Naya Daur, or

“New Era,” Dilip Kumar plays the hum-
Gupta, author of the book 50 Films that
Changed Bollywood, 1995-2015. “He
edy King.” The great Indian film-maker
Satyajit Ray described him as the ulti-
helped Imran Khan, then still a cricket
star, to raise funds for a cancer hospital.
Film star who

ble driver of a village tonga, a horse- belonged to that era of innocence, as mate method actor. When Mumbai was rocked by Hindu-
drawn carriage, whose livelihood is India was being formed. The mandate “He was capable of doing everything,” Muslim riots in 1993, his home became a
threatened by the arrival of a bus. The was very clear — to create cinema that says Gupta. “He did not have any man- command centre for relief work.
symbolised a bus owner pledges to take the machine

away if the tonga can best it in a race.
would cement a nation, and heal the
wounds of Partition.”
nerism that you could predict. He cre-
ated a style of his own which was very
The actor was sometimes targeted for
his Muslim identity. In the early 1960s
postcolonial,
Kumar’s character wins after he and Kumar’s death prompted tributes in quiet, and he was different from one his Mumbai home was raided by Kolk-
other villagers build a new road — a both India and neighbouring Pakistan, movie to the other. The kind of emo- ata police on the suspicion — unfounded
short-cut — between the starting point highlighting the actor’s appeal across tions he aroused in his adoring fans was — that he was a Pakistani spy.
secular India and the finish line.

Naya Daur was typical of the golden
age of Hindi cinema. From the late
hostile political boundaries. Indian
Prime Minister Narendra Modi, Paki-
stani Prime Minister Imran Khan, and
something to be seen.”
Although Muslim, Kumar was
advised to adopt a Hindu screen name,
In 1998, he was awarded Pakistan’s
highest civilian honour for his acting.
But a year later — as India and Pakistan
1940s to the early 1960s, socially-con- most living Bollywood stars praised him which was common for Muslim per- came to the brink of war, a rightwing
scious filmmakers explored the growing lavishly. formers at the time. But he wore his Hindu politician demanded Kumar
Dilip Kumar tensions in post-independence India, “Dilip Kumar is the only person who is stage identity lightly and was known to either return it or move to Pakistan. In
Bollywood actor as Jawaharlal Nehru, the prime minis- accepted across India and Pakistan as an family, friends and colleagues as “Yusuf an indignant television interview in
1922-2021 ter, sought to modernise a poor agrarian icon,” says Lord Meghnad Desai, author Saab”. 2000, the then septuagenarian actor
society and build a new secular political of a book about the star. “He was one of “He took a Hindu name but every- said such demands “smack of fascism,”
culture. the greatest film actors ever.” body knew he was a Muslim,” says Dilip Kumar was one of Hindi and noted that the Bollywood film
As Bollywood’s most versatile actor, Born Mohammad Yusuf Khan in 1922 Desai. “He was the epitome of the post- cinema’s most versatile actors industry had “unfailingly stood up for
Kumar, who died this week aged 98, in what is today the Pakistani town of independence ideal Indian.” cosmopolitanism and secular values”.
embodied the ideals and aspirations of Peshawar, Kumar claimed to have fallen Off-screen, Kumar devoted time to For all his fame, Kumar remained a
the era, starring in dozens of films with into acting by accident, while seeking the sociopolitical causes of the new humble, dignified presence. “He was
themes of valour, sacrifice, duty and other movie industry jobs. nation. At Nehru’s behest, from 1962 he not a party to his own myth-making,”
thwarted love. He wrote some of his In an era of highly-mannered, melo- lent his star power to election cam- ‘He created a style says film-maker Mahesh Bhatt. “He
most memorable roles himself. dramatic performances he brought paigns for the prime minister’s Congress looked more bewildered by the whole
“Dilip Kumar stood for the kind of lib- understated naturalism to the screen. party, as well as to public welfare proof his own which was idea of this legendary status that was
eral values — syncretic values — of an
India that the founding fathers were try-
He displayed an astonishing ability to
convey genuine torment, prompting
grammes and initiatives to promote
Hindu-Muslim unity. In later years,
different from one being planted on his head.”
ing to create,” says film critic Shubhra local tabloid press to dub him “the Trag- across the border in Pakistan Kumar movie to the other’ amy.kazmin@ft.com
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SATURDAY 10 JULY 2021
Markets reconsider
the reflation trade
Fears over price rises have given way to worries about economic growth
Call it the end of the reopening eupho- Nevertheless, the market moves did
ria. Affluent workers who rushed out, not suggest that investors were keen to
as soon as they were allowed, to fancy shed risk from their portfolios. While
restaurants and cocktail bars quickly some of the frothier parts of the market
began to realise they had not saved have lost their fizz — bitcoin and the so-
quite so much by working from home called “meme stocks” have not recov-
as they thought. Similarly, markets ered after price falls — other more con-
have begun to re-evaluate how much ventional risky assets such as tech
difference the pandemic has actually stocks and junk bonds have rallied as
made to the prospects for sustained long term interest rates have fallen.
growth in the global economy. The Rather than becoming more fearful,
fears of rapidly rising inflation that investors have re-evaluated the pros- As the US withdraws its troops, there are fears Afghanistan may once more become the breeding ground for regional rivalries and home to extremism — Miss Peach
dominated markets just a few weeks pects for future monetary tightening.
ago have been replaced by nervousness Markets, which were previously more
about growth.
Investors have this week reconsid-
ered the so-called reflation trade: the
concerned about inflation, are now
converging with the central bankers
who said it was likely to be “transitory”.
Counselling can be the mother of reinvention Using Excel as a sketchpad
has edge on computer code
idea that a robust economic recovery, This week’s market action is also a I hesitate to question Tim Harford.
underpinned by continuing easy slightly delayed response to the more My therapist wants me to unlearn the Is my therapist scamming me knowing Young people seeking help through However, I believe his article on Excel
money from the Federal Reserve and hawkish tone the Fed struck at its most toxic behaviours I picked up in full well I’ll turn into my mother in 10 counselling increased from 13 per cent spreadsheets (Spectrum, June 26) has
bumper fiscal stimulus, would boost recent rate-setting meeting last month. childhood to relieve me of my anxiety years anyway? I hope not. in April 2020 to 23 per cent in October done those humble boxes a disservice.
inflation and inevitably force the Fed to The forecasts of policymakers at the and depressive episodes. I pay her £65 Older psychological theories tell us 2020. I imagine the numbers have only The advantage of seeing lots of errors
raise rates faster than it had signalled. central bank that rates would go up a week to work through this with me. much of our lives, personalities and risen since. So, yes, maybe for much of in your spreadsheet is that it makes the
A combination of production bottle- sooner than they had said before have But after reading Lucy Kellaway’s behaviours are pre-determined either our lives we just have to let it run its errors very easy to find. Contrast that
necks — the ongoing chip shortage is no doubt reassured some investors that article (“Can you change yourself?”, biologically or socially. Accepting these course. But the opportunity of with computer code. As long as the
holding back car manufacturing — and the central bank will keep inflation Life & Arts, July 3), particularly the deterministic theories means reinvention is there for the taking if code is logical from the computer’s
the spread of the more infectious Delta under control, and not end up having to line, “the average age women start to squashing the hope and opportunity of you are determined enough to do it. perspective, it will run error-free.
variant has now reduced the optimism respond belatedly with much sharper ape their mothers is in their mid-30s”, I reinvention — particularly through Katie Stokes There may be numerous mistakes but
over economic growth. Long term US rate rises further in the future. considered cancelling my direct debit. therapy. Milford, Surrey, UK you will never know unless you have a
Treasury yields — a reflection of infla- Overall, though, the moves may just manual error checking system.
tion and growth expectations — have reflect the old aphorism that markets For us data analysts, Excel is not so
fallen as the bonds have sold off. “do not react, they overreact”. The Indian economist foretells a confidence in the likelihood that Don’t count on California if much like a Swiss Army knife (Letters,
Much of the world is now looking initial response in bond markets to just inflation will be transitory. July 3) as an architect’s sketchpad. It is
askance at the UK, where one of the a few months of higher than expected role for helicopter money I would also have loved to learn what Oxbridge turns you down a place to outline ideas and ask
world’s most successful vaccination inflation was arguably overdone. The Edward Luce’s exceptional interview Sen feels about the tendency of so The international universities named questions of a subset of data in a visual
programmes has not been sufficient to latest US wages figures pointed to with Amartya Sen (“Citizen of many to revel in ideas of building walls in Brooke Masters’ article (“New way that lends itself to error-checking.
stop the Delta strain from proliferating. month-on-month growth of only 0.3 everywhere”, Life & Arts, FT Weekend, rather than breaking down barriers school rules”, Spectrum, FT Weekend, From there, the analysis can be scaled
While Britain’s government is reso- per cent — in line with the anaemic July 3) leaves the reader begging for and, in particular, what he thinks about July 3) are unlikely to have either the up using beefier tools.
lutely committed to reopening, con- pre-coronavirus norm. Interpreting more. Brexit and how it may have impacted capacity or inclination to admit a Jake Mealy
sumers and workers are likely to start economic statistics is difficult at the I was fortunate to attend Professor not just the UK’s development, but also significant increase in British- Dublin, Ireland
voluntarily social distancing and stay- best of times; the volatility and uncer- Sen’s lectures at the London School of Europe’s development. educated, UK independent school
ing away from crowded places — reduc- tainty created by the pandemic makes Economics when he discussed poverty Rajiv Dadlani students simply because they do not Contemplating the history
ing the uplift to growth from reopen- it harder than ever. and famines — at a time when he was San Francisco, CA, US get an offer from Oxford or Cambridge
ing. On Thursday, Mary Daly, the pres- Nervousness about growth and the already a legend for students of universities. of the ‘Christian’ garden
ident of the San Francisco branch of latest sell-off of long term treasuries development economics, but long ‘Newfangled’ was old hat Within the last month for example, Farhad Diba (Letters, July 3) writes
the Fed, said in an interview with the could similarly prove an overreaction before he was awarded the Nobel Prize. the University of California has that “there are no ‘Islamic’ gardens,
Financial Times that prematurely that is corrected once again as more The simplicity and elegance of his even to Shakespeare announced new caps on the numbers just as there are no Christian, Jewish or
declaring victory on coronavirus is one data about the strength of the recovery arguments were powerful. Joseph Szczekoski (Letters, July 3) is of international students admitted to atheist gardens”.
of the greatest threats to global growth. from the pandemic starts to come in. But his career is also a lesson in how wrong to list “newfangled” as an Los Angeles, San Diego and Berkeley. There are plenty of Christian
slow the world can be to accept new example of unattractive, ill-defined or Britain’s independent schools looking gardens, and not only the biblical
ideas. I recall Sen sharing an anecdote meaningless modern words or to hire consultants to improve their examples from Eden to Gethsemane.
about the BBC — which was scheduled expressions. Janan Ganesh (“The real students’ chances of admission to a The walled hortus conclusus, its design
to interview him about how threat to the empire of English”, Life & short list of elite universities might and elements symbolic of the Virgin
governments might respond to a Arts, FT Weekend, June 5) correctly only be setting them up for rejection Mary, has a rich history in real
Leaseholders must not famine — and he said they could do

worse than drop helicopter-loads of
money on affected areas. The BBC
used newfangled, not as an example
but to describe such neologisms.
Fangle is an old English word
twice over or undermining those who
would have been admitted anyway.
If counselling encourages students
gardening as well as in art and
literature. Monastic gardens are
carefully tended places made for
pay for cladding crisis worried that such a policy would cause
hyperinflation and, ultimately, never
ran the interview!
meaning to make or create something,
but newfangled often carries the sense
of a fashionable frippery. It is a time-
and parents to be more imaginative
in their choices, both foreign and
domestic, then it can be a force for
Christian work and contemplation.
In a more Protestant fashion, there
are private gardens that stand for the
I am left wondering if the current honoured term used over 400 years good. believer’s spiritual journey. Mellor’s
A clear market failure necessitates deeper government intervention generation of central bankers have ago by Shakespeare in As You Like It Masters’ article is very strong on the Gardens in Cheshire were meant to
drawn on insights by development (Rosalind to Orlando; Act IV, scene 1) reasons why this is easier said than represent The Pilgrim’s Progress, with a
It has been over four years since 72 — partly to pay for a capped loan economists, particularly as they and in Sonnet 91, although he may or done. marsh for the Slough of Despond, and
people died in the Grenfell Tower blaze scheme for leaseholders to fix flaws — is employ “helicopter money” in the face may not have invented it. Mark Huntington chapel on a hill for the Celestial City.
in west London. As the government also too meagre, particularly for an of exogenous economic shocks, and Gavin Turner Founder, A Star Future David A McM Wilson
scrambled to prevent another similar industry that has enjoyed government whether this gives them greater Hanworth, Norfolk, UK Prague, Czech Republic Cambridge, Cambridgeshire, UK
tragedy by insisting on the removal of largesse encouraging new homes.
combustible cladding on tower blocks, Lengthening the time in which devel-
a housing crisis was triggered that has opers can be sued from six to 15 years
left as many as 2m people unable to sell
properties now deemed to be unsafe.
is reasonable but does not help lease-
holders facing immediate bills. It also The day my A few weeks ago I experienced a
problem that would make any author
the pandemic and recovery have made
these systems go equally haywire.
clusters of expertise, and so benefits
its customers. But it is dangerous for
This week, the government unveiled
a suite of measures to improve building
does not capture buildings constructed
before 2006. In any case, many devel- book got lost in wince: on the day that I published my
book, Amazon suffered a supply-chain
Why? Part of the problem is obvious:
the pandemic caused factories to shut
the system as a whole.
Rigid thinking makes the problem
safety, as well as calling on banks to
help thaw a frozen market in mort-
gages on high-rise flats. While a govern-
opers fold or sit behind impenetrable
offshore companies, making the odds
of legal redress slim.
cyber space glitch and thousands of copies went
missing, sparking a scramble to work
out where in cyber space they were.
down. However, another problem is
that western manufacturers and
retailers have become so addicted to
worse. Take the British dairy industry,
which has been studied by Richard
Bruce at Sheffield university.
ment guarantee would help banks It is also lamentable that the govern- Meanwhile, the website suggested my chasing efficiency and price Although there was a desperate need
start lending, neither step adequately ment ignored protestations from back- book had not been published at all. reductions that they have eroded any for co-ordination when Covid first hit,
addresses underlying problems or does benchers and the House of Lords dur- Thankfully, the hiccup was resolved buffers. Or as Nada Sanders, a supply it was initially difficult, not least
much to seek remediation from those ing the passage of the Fire Safety Act in a couple of days. But the episode chain professor, notes on The because antitrust rules prevented
actually responsible. earlier this year, and placed the ulti- illustrates a broader point: in the 21st Conversation platform: “As customers companies from sharing data. The
A parliamentary committee estimate burden of fixing flaws on to lease- century we have become accustomed demand ever cheaper products good news, says Bruce, is that in 2020
mated that replacing dangerous clad- holders. Freeholders — sometimes to relying on ultra-complex supply delivered faster, supply chains have a quasi-government body stepped in
ding and fixing other fire-safety meas- developers, sometimes financial insti- chains we do not understand and tend given up every bit of slack.” to enforce a more holistic approach.
ures in towers across the UK may cost tutions and other professional land- to trust these will always work. There is another, less obvious, Better still, Covid has prompted “lots
as much as £15bn. The question is who lords with deep pockets — merely have Yet in the past year many of these problem: risk management systems of business and governments to
will pay for it. One point is clear: the to show they have taken “reasonable supply chains have temporarily that seem sensible for individuals can rethink supply chains”.
burden should not fall on leaseholders, steps” to recoup remediation costs frozen, or broken down. Sometimes be bad for the system as a whole. Management consultants are
who through no fault of their own now elsewhere before passing them to their the consequences seem trivial: when I We saw this problem play out in the promoting the idea of supply chain
face bills that in some cases are akin to leaseholders, under this week’s bill. ordered a dishwasher, for example, 2008 financial crisis when numerous “resilience”, not just “efficiency”. A
a second mortgage. Leaseholders have suggested a levy delivery had been promised within a institutions each decided to insure “just-in-case” philosophy of
While a “polluter pays” principle where freeholders, developers, house- week, which has now become months. themselves against the risk of losses in contingency planning is edging out the
seems logical, pinpointing who is to builders, manufacturers and insurers Other glitches are more serious: their complex credit products. That “just-in-time” mantra. And American
blame is fiendishly difficult, against would all pay into a central pot used to Goldman Sachs estimates a shortage was sensible on an individual level. and European governments are trying
a backdrop of collapsed developers, fix defects. The government rebuffed of computer chips will hit 169 But many of these institutions chose to create more centralised supply
housebuilders that argue they com-
plied with building standards since
this, regrettably. It has also ruled out
paying for costs upfront then recoup-
Notebook industries this year, cutting US growth
by up to 1 per cent. And doctors have
to use the same groups, concentrating
their risks thanks to the opacity of the
chain databases. Blockchain may
also help promote more co-ordination.
shown to be inadequate, a privatised
regulator and councils that had limited
ing them against parties such as clad-
ding manufacturers, some of whom
by Gillian Tett warned in the BMJ that glitches in the
medical supply chain affect more than
collective transactions. Risk was
ultimately magnified.
But the bad news is that it’s never
easy to instil a mindset shift, least of
duty of care. This amounts to a market during the Grenfell inquiry were just personal protective equipment Something similar is happening all when executives are prone to
failure that requires deeper govern- accused of gaming the system. A and even “endanger patients”. with supply chains: individual tunnel vision and the cost and
ment intervention. rethink is merited. Either way, the fact these glitches companies have been streamlining consequences of excessively
Steps included in this week’s bill such Before the Grenfell tragedy, succes- keep emerging is surprising. After all, them in a way that seemed optimal — “efficient” supply chains are often
as a beefed-up regulator and a tougher sive governments have grappled with economists warned that demand for and safe — for each. But because they hidden in plain sight from consumers
individual accountability regime are how to build enough new homes. But a goods and services would explode if have often followed the same strategy, and investors. Which, ironically, is a
sensible but do not go far enough. The failure to properly remedy historic (or when) vaccines were rolled out. activity has been concentrated on key theme of my (temporarily)
£5bn government earmarked for flaws risks just as distortive an effect Meanwhile, tech giants know us (and nodes that can fail. It seems sensible missing books. The literary gods must
removing unsafe cladding on the tallest on the housing market. The parties our ordering habits) intimately. Yet a that computer-chip production is have a sense of schadenfreude.
buildings is about a third of that needed arguably responsible for the cladding localised shock, such as a blockage of concentrated in Taiwan, which
across the piece. A tax on housebuild- crisis are myriad but leaseholders are the Suez Canal, causes spasms. And develops economies of scale and gillian.tett@ft.com
ers aiming to raise £2bn over a decade not among them.
Opinion
US withdrawal from Afghanistan endangers my country and the world
once more become the breeding ground assume the Taliban would return to the morale of Afghan security institutions, their violent campaign is backed by political settlement to protect the gains
Fawzia for regional rivalries and home to vio- negotiating table in good faith. The exit revealing their dependency on the US popular support. The facts on the of the past 20 years.
Koofi lent extremist groups. As our history of foreign troops has been one of their military, especially for air support. ground speak otherwise. Let’s remem- It is critical that the US stays engaged
shows, conflict in Afghanistan does not core demands. Bickering leaders in Kabul are not ber that when the Taliban were toppled in Afghanistan and provides sustained
stay neatly within its borders. Yet the opposite is happening. Since helping. in 2001, people could travel the length aid and military support to our security
I want the world to know that I see his- the announcement of the US with- At the moment, there are two possible of my country without fear. But when forces. Washington needs to value what
P
tory repeating itself. I grew up under drawal, violence and targeted killings of scenarios for the aftermath of the full the US invaded Iraq in 2003, it shifted its a peaceful Afghanistan can bring to the
resident Joe Biden’s decision communist occupation and came of age anyone who could challenge the troop withdrawal, due to be completed focus and resources away from Afghani- world. As for the Afghan government,
to pull troops from Afghani- during a deadly civil war that led to the extremist group have increased. Even by the end of August. stan and the Taliban re-emerged. Their it’s our responsibility to take ownership
stan at such a critical junc- emergence and ultimately the rule of polio vaccinators are gunned down. I position was strengthened by the of our differences and work towards
ture will have grave conse- the Taliban. I know the cost of war is not myself am a victim of a failed assassina- mistakes of the US and Afghan mending them. Our country — and its
quences. The decision risks
not only destabilising my country, but
just the lives that are taken from us, but
also our future. War erases our hopes
tion attempt. The tactic of deliberately
targeting civilians shows that this is not
The Taliban’s leaders governments.
The second scenario is the one I am
future — is our responsibility.
Finally, let’s remind ourselves that the
also the region and beyond. I under- and dreams. If there was no war, I could a struggle for liberation; it is a drive to discuss peace while its hoping for. It involves the resumption of conflict in Afghanistan is not a war
stand that Biden wants to end the “for-
ever war”. Yet I believe that he may not
have been a medical doctor. My daugh-
ters could have become engineers,
implement the extremist ideology
which returned our nation to the dark
fighters are emboldened by genuine peace talks leading to a political
settlement under the supervision of the
against an occupation or an internal
squabble. It is a four-decade long con-
have fully considered the disastrous fall- entrepreneurs or political leaders. The ages in the late 1990s. the departure of troops UN with regional support. The world — flict driven by regional rivalries, exacer-
out of withdrawing at a point when we dreams of millions of Afghans have As a member of the Afghan and our neighbours in particular — bated by competing ideologies and
are still negotiating the foundations for become nightmares during this long government’s negotiating team, I have In the first, both sides pursue military needs to use political leverage to help intensified by the rise of a brand of vio-
a political settlement. conflict. seen how the Taliban has demonstrated means to achieve their political make this the only lasting option. lent extremism which led to the tragic
As an Afghan and as a woman, I fear Every week we listen attentively to little interest in a genuine political set- objectives. There is no winner in this But while this may be the best and 9/11 attacks almost 20 years ago. If
this will set the stage for the triumph of the US military as it informs us in cold tlement since discussions started in scenario, particularly for Afghan civil- only choice, I fear that the door is clos- Afghanistan is forgotten again, disas-
violent extremists. All we have fought mathematical terms of how its draw- September 2020. The group’s political ians. Violence will bring further devas- ing. The first scenario is already playing trous consequences undoubtedly await.
for over the past 20 years — equality down is progressing. This week, the Pen- leaders in Qatar talk peace while their tation, loss of life and destruction of out. The US, despite having lost its
between men and women, human tagon announced the withdrawal was fighters are emboldened by the depar- infrastructure, deepening our humani- moral authority to claim it stands for The writer is a politician, women’s rights
rights, independent media, to name a 90 per cent complete. Now that the ture of international troops. The tarian crisis. women’s rights, can still play a positive activist and member of the Afghan delega-
few — will backslide. My country may troops are almost gone, one might withdrawal has also weakened the Taliban leaders seem to think that role by collectively working towards a tion for peace talks
Nextdoor’s neighbours
are not kind to strangers
Will a lifetime’s devotion “utility, not affinity”. You need not
resemble neighbours to want to share
to the sport be enough to information with them — it is useful to
bring home the Euros know others if letters go astray or you
need a parking permit. The stuff of eve-
victory he desperately ryday life creates much of its value.
wants? By Murad Ahmed Local squabbles can spill out on Next-
door. “I’m legally allowed to sunbathe
W
naked in my yard. Please stop calling the
E
hen Nextdoor, the social police!” read a post highlighted on the
ngland captain Harry Kane network for neighbours “Best of Nextdoor” Twitter account. But
placed the ball on the penalty to share local news and deeper tensions arise when, as in west-
spot and stepped a few paces concerns, goes public at erns, a stranger rides into town.
back. Along with millions of a valuation of $4.3bn, it Despite its emphasis on utility, neigh-
compatriots, he took a deep will trade on Nasdaq under the stock bours share an affinity and identity of
breath. symbol KIND. The announcement this interest, particularly when under
It was the 104th minute of the semi-fi- week is part of Nextdoor’s effort to shed threat. Stolen cars, flat break-ins and
nal against Denmark in the European a reputation for letting some users door-to-door scams are among the talk-
football Championship on Wednesday behave in the opposite manner. ing points on the Nextdoor group for my
night. Kane had a chance to put England Its mission is now “to cultivate a district. It is natural for self protection,
in the lead at London’s Wembley Sta- kinder world where everyone has a but it stirs strong feelings.
dium — and, perhaps, seal the team’s neighbourhood they can rely on” and it The danger is evident in the US, where
place in its first major tournament final has since 2019 warned its users against white users have posted material about
in 55 years. getting quarrelsome and fractious with seeing black people around, and warned
Yet when Kane’s initial shot was saved “kindness reminders” generated by of the supposed risks of crime. The
by Danish goalkeeper Kasper Sch- artificial intelligence that pop up if they country’s history of segregation does not
meichel, it seemed as if the burden of draft something nasty. This April, it help — one Nextdoor guest article cites a
history was too much. A split second added anti-racism notifications in the 1949 deed on a Los Angeles home bar-
later, when the ball spilled out for the US after local flare-ups over the Black ring occupation by “any person not of
striker to tap into the net, it was Lives Matter movement. the White or Caucasian race”.
redemption. “It wasn’t the penalty I But “kind” has twin meanings: being This was exacerbated following the
wanted to execute,” said a relieved Kane friendly and helpful, and a group of peo- police murder of George Floyd last year,
after the match. But, he added, the win- ple who are akin to each other. The Old when local Nextdoor moderators
ning goal was still “one of the proudest English word “cynd” is defined in one deleted posts backing the Black Lives
moments of my life”. dictionary as “a class or race distin- Matter movement under rules against
If England’s place in Sunday’s final guished by innate characteristics” — politics intruding into forums. The com-
against Italy is based on a stroke of luck, originally nobles who were meant to pany changed its policy, and added anti-
it was also earned by a lifetime’s devo- behave nobly. For Nextdoor and its racism notifications.
tion to excellence. emerging rival Facebook Neighbor- It has recruited more volunteer mod-
Kane is the head of a new model army, hoods, there lies the rub.
the product of a fresh approach to Nextdoor faces the problem of all
football that has abandoned the belief
that the nation’s manifest destiny is to
social media platforms. They link peo-
ple to vast networks, unleashing a flow
Stolen cars, flat break-ins
reign over the world’s favourite game. of information, providing entertain- and door-to-door scams are
Instead, the rise of Kane and the team
he captains is based on absorbing
ment and encouraging companionship,
but they can accentuate the harsh side
among the talking points
the advances made by other football Person in the News | Harry Kane of human nature. on the group for my district
cultures, while retaining the English People gang up on others, especially
England football captain

bulldog spirit. strangers and those whom they dismiss, erators, offered them anti-racist train-
“We haven’t won it yet,” warned Kane. often on sketchy evidence, of being ing, and put oversight of the thorniest
“We’ve got one more game to go.” opponents or enemies. Since Facebook topics in-house. Its approach is guided
Harry Edward Kane was born in 1993 launched at Harvard university in by Jennifer Eberhardt, a social psychol-
in Walthamstow, east London. His 2004, a digital innovation that was ogy professor at Stanford university,
carries a nation’s hopes

father Patrick and mother Kim were intended to enable friendships can who argues that making people slow
obsessive fans of nearby football club foment warring tribes. down and think before reacting in anger
Tottenham Hotspur, for which their son Most neighbours have a strong incen- or fright helps to curb hostility.
now plays. Spurs fans serenade him tive to get along. Homophily, or Aristo- But Nextdoor has just 60m users and
with the chant of “He’s one of our own!” tle’s principle that “people love those faces tension between caution and
The family moved to suburban Ching- who are like themselves”, is encouraged growth. It has fresh competition from
ford, where Kane went to the same by living nearby. As one study put it, Facebook, with its 2.85bn monthly users
school that his idol David Beckham once “geography is the physical substrate on and predatory instincts. Facebook is
attended. There, Kane met Katie Good- which homophily is built.” rolling out Neighborhoods in some US
land. The couple married two years ago That mostly works pretty well for cities, with a similar design and familiar
and have three children. Nextdoor, where many discussions are promise to “keep interactions among
Hothoused in the youth systems of a Kane’s work ethic was crucial in even- Off the pitch, Kane has few known do that, he needs to become a winner. about lost cats, or who knows a good neighbours relevant and kind.”
number of English Premier League tually cracking the Premier League, the vices. He enjoys playing golf. He loves to A bucketload of goals at Spurs has not electrician. My experience of the What- Artificial intelligence can soothe some
teams, Kane signed a scholarship con- world’s most-watched domestic football watch American football, naming his led to trophies. That frustration led sApp group for our street, the technol- anger — Nextdoor says its prompts,
tract with Spurs aged 16. Few remember contest. Multi-billion-pound broadcast- labradors after the NFL quarterbacks Kane to indicate earlier this summer ogy used in many micro-neighbour- based on scanning draft posts for
him as a prodigy, though. Unlike many ing contracts have showered elite Eng- Tom Brady and Russell Wilson. Last that he wants to move to a better- hoods, is overwhelmingly positive and phrases that have already been flagged,
of his current teammates, the physically lish clubs with cash, which they have year, he sponsored Leyton Orient, pro- resourced club. Manchester City, Man- sometimes heart-warming. has reduced racial profiling by 75 per
awkward Kane did not earn quick pro- spent acquiring a cast of the world’s best viding financial support to the strug- chester United and Chelsea are among Many groups, whether on Nextdoor, cent. But if machines could solve aggres-
motion into the senior side. Instead, he players and coaches. gling lower league east London club. those believed to be willing to pay a Facebook or messaging apps, came into sion, Twitter would be a calmer place.
was sent on “loan” to a series of lower At Spurs, Kane learned tactical acu- transfer fee in excess of £100m for his their own during pandemic lockdowns. Nextdoor’s future rests on the mean-
league teams. men from the Argentine former man- services, which would make him the Streets where people only vaguely knew ing of a word. Will neighbours be kind,
What marked him out was an insatia-
ble desire to improve. While at Millwall
ager Mauricio Pochettino. He was sur-
rounded by sports scientists who
He angered coaches with most expensive English footballer ever.
That would be a personal accolade of
their neighbours sprung to life with
offers of mutual help.
or be triggered by threats to their kind?
An ambiguity that goes back to the Mid-
in 2012, Kane angered coaches — who designed a personalised training pro- his habit of practising long sorts, alongside the “golden boot’ Prakash Janakiraman, a cofounder of dle Ages is not easily resolved.
thought his effort might lead to injuries
— with his habit of practising long after
gramme that aimed, for instance, to
improve his acceleration when sprint-
after the team’s training awards for highest goalscorer earned at
the 2018 World Cup and in three sepa-
Nextdoor, argues that the network is
unlike others in being built around john.gapper@ft.com
the team’s training sessions had ended. ing. And he developed an unerring abil- sessions had ended rate Premier League seasons.
“We no longer have street football- ity to shoot with power, precision and Kane, however, is keener on a victory
ers,” says Constantine Gonticas, a direc- relatively little backlift. He has netted Alongside teammates, he has been “tak- whose spoils he can share with team-
tor at Millwall, of Kane’s generation of 221 goals for Spurs and 38 for England, ing the knee” before matches in protest mates and a grateful country. “I’d trade Top reads at FT.com/opinion
academy-trained players. “They are on track to break scoring records for at racism, but has left black colleagues [the golden boots] in to win the Euros
almost deliberately created to have no both club and country. such as Raheem Sterling and Tyrone this summer,” he said last month. “Win-
distractions. [Kane] married his child- The former Real Madrid star player Mings to do the talking. ning a team trophy, especially for our 3 Saudi-UAE competition threatens to 3 Why art and sneakers usually fail to
hood sweetheart. He’s done everything turned coach Zinedine Zidane has Most of all, Kane appears singularly, nation, would probably be the greatest upend the Gulf Cooperation Council make the investment grade
in an exemplary fashion. There is noth- described Kane as “a complete even boringly, obsessed with football. highlight in my professional career.” Rivalry has already blocked an Opec deal It’s impossible to say what any collectible is
and stoked tensions, writes David Gardner worth, writes Merryn Somerset Webb
ing remarkable about him — apart from player . . . he did not seem to be one [at He’s spoken of wanting to be considered
on the pitch.” first], but in the end, he is.” among the world’s best players, but to murad.ahmed@ft.com
Totally wild card Boost for Wimbledon but Unfair shares Elected politicians trading in
many lower-rank players struggle — UNDER THE HOOD stocks is not a pleasing spectacle — JOHN DIZARD
VW on track to beat pre-Covid Bullish Global chooses

Spac route for US debut
profits with bumper first half PHILIP STAFFORD — LONDON
Bullish Global, the crypto group

backed by billionaires Peter Thiel,
coin, announced plans on Thursday to
merge with a special purpose acquisi-
tion vehicle and list on the New York
3 Earnings of €11bn expected 3 Chip shortage to hit 3 Europe and US shine Louis Bacon and Alan Howard, has
announced plans to list in New York
Stock Exchange.
Bakkt, a cryptocurrency platform
through a Spac deal in a further sign of majority owned by conventional
the industry’s willingness to tap equity exchanges behemoth Intercontinental
markets. Exchange, is also set to list following a
combination with the Victory Park Cap-
The digital asset group, which is man- ital acquisition vehicle in January. Coin-
aged by blockchain software company base, the exchange, also debuted on
Block.one, said yesterday that it would Wall Street in April.
merge with Far Peak Acquisition Corp, a Bullish and its backers are betting on
blank-cheque company led by former
New York Stock Exchange president
Tom Farley. The crypto group,
which is backed by
The deal values Bullish at about $9bn, billionaires such as
a number that largely comprises the Peter Thiel, is to
$692m of cash held at Far Peak and the merge with Far
assets and investment supplied by Peak Acquisition
Thiel, Bacon, Block.one and others to
capitalise Bullish Global in May. the growth of decentralised finance, or
Hong Kong businessman Richard Li, DeFi, a market that has grown from
German financier Christian Anger- about $15bn at the start of the year to
mayer, Michael Novogratz’s Galaxy Dig- $65bn, according to an estimate by ana-
ital and Nomura, the Japanese invest- lysts at JPMorgan in May.
ment bank, have also backed Bullish. The group will run a decentralised
The move by Bullish, which plans to trading network, which allows users to
launch a digital asset exchange but has buy and sell digital assets directly with
yet to begin trading, underscores a push each other and bypass intermediaries,
by crypto investors to list projects in the such as an exchange or clearing houses,
US, the world’s biggest equity market. that impose fees. The deal is expected to
Circle, the US financial technology close by the end of the year.
company behind the USD Coin stable- See Markets
Household goods
Electrolux chief confident

inflationary wave will ebb
The German carmaker benefited from strong European sales margins while its biggest market, China, suffered a slowdown in recovery— Jens Schlueter/Getty Images
RICHARD MILNE worked at home during the pandemic

NORDIC AND BALTIC CORRESPONDENT
JOE MILLER — FRANKFURT In response to the global shortage of Europe, where margins are higher than increasing 68 per cent and 61 per cent but investors and most companies are
the components, VW prioritised pro- other regions, and strong sales in the US. respectively. Inflationary pressures should subside expecting a slowdown this year if the
Volkswagen is continuing to benefit duction of high-margin premium mod- Last month, VW revealed that deliv- VW’s shares rose more than 3 per cent later this year as the easing of the pandemic eases as vaccinations rise in
from the bumper recovery in car sales, els, it told the Financial Times, which eries between January and May had on the latest forecast. The company is Covid-19 pandemic brings about a nor- Europe and North America.
forecasting that it will make about helped cushion the financial blow. increased by 33 per cent worldwide, due to publish a full financial report on malisation of extraordinary demand Electrolux, which said in April it
€11bn in operating profits for the first A rise in demand for used cars also compared with the previous year. the first half of the year on July 29. for consumer goods, according to the expected the normalisation to come in
six months of the year. boosted profits at the company’s finan- Truck brands MAN and Scania regis- Separately yesterday, VW’s supervi- head of the world’s second-largest the second half of 2021, will continue to
The preliminary figure exceeds the cial services arm, it added, which offers tered the strongest growth, with sales sory board voted to extend chief execu- home appliances manufacturer. try to pass on all price increases in raw
€10.6bn made by the carmaker in 2020, loans to customers. tive Herbert Diess’ contract until his material and other costs to customers.
and the €9.6bn in the first half of 2019. “One quarter after the other, these Volkswagen 67th birthday, in October 2025. Jonas Samuelson, chief executive of The debate about whether or not
In a short statement, VW, the world’s guys are really doing a great job,” said Share price (€) Diess, a former BMW executive who Electrolux, told the Financial Times the inflation is transitory as economies
second-largest carmaker by volume, Arndt Ellinghorst, analyst at Bernstein. joined the group in 2015, has master- Swedish group had seen the “cost and recover from the pandemic is one of the
also reported net cash flow of about “It’s very refreshing to see such huge 350 minded the company’s €35bn foray into inflationary pressure on everything biggest facing central banks and inves-
€10bn for the six months to the end of numbers from a traditional manufac- electric vehicles. He survived two accelerating” but had managed to pass tors globally.
June. turer,” he added. “It’s certainly harder 300 clashes with powerful unions, which on the price increases to consumers. Electrolux and other appliance man-
But the Wolfsburg-based company, earned than some of the Spac cash flying resented his aggressive cost cutting “A lot of money has shifted from serv- ufacturers have struggled to meet
which also owns brands including Audi, around these days”. 250 measures, last year. ices to goods during the pandemic. That demand in the past year because of
Porsche and Seat, warned that the “bot- VW’s figures come despite a slow- Last month, VW confirmed that Diess puts pressure on the production of those shortages of semiconductors, problems
tleneck in semiconductors has shifted down in the car sales recovery in China, was in the room in 2015 when his prede- goods. But there is no inflationary pres- with ocean freight and the availability of
200
and will . . . impact us in [the second the carmaker’s single biggest market. cessor was told of the existence of sure in services. When the normalisa- steel and plastic. “As initial lockdowns
half of the year]”. The group has also registered disap- “Dieselgate” software that could cheat tion happens there is a good case that were lifted, people were rushing to buy
Earlier this week, German car lobby pointing sales in the country of its dedi- 150 emissions tests, but said that he was inflation will normalise. We will have appliances. Since then, we have been
VDA said it expected 400,000 fewer cated electric vehicles, the ID.3 and ID.4, “justified in trusting that the competent less ability to pass on cost increases fighting to keep up,” Samuelson said.
cars to be produced in the country in as domestic brands eat up more of the 100 Volkswagen bodies and employees quickly, but inflationary pressures He added that the two biggest prob-
2021, largely because of the chip short- local market share. Jan 2020 2021 Jul would . . . communicate with the US should diminish too.” lems were with semiconductors and
age. VW has said it expects its own But the company benefited from a authorities and customers in accord- Consumer appliance makers’ busi- ocean freight, which had become “super
Source: Refinitiv
shortfall to be a “six-digit number”. higher proportion of deliveries in ance with their duties”. ness has boomed as more people have expensive”.
Airlines. Low-cost competition
Wizz challenges king of Europe’s skies in battle for budget carrier crown
lions of euros over the past year. But Malév behind him, he approached US very successful model, and we have for a with legacy carriers at expensive air- years.’ . . . The real difficulty for the
Hungarian operator plans to their shares have recovered from heavy investor Bill Franke in 2004 with a plan private equity fund been unusually ports and is not considered ultra-low- Wizz model is that they can’t explain
benefit from collapse of rivals losses and are close to all-time highs, a for a regional airline. Franke, one of his- long-tenured . . . We are now at 17 years cost, while airlines such as British Air- how the hell you can expand dramati-
sign that investors agree that low-cost is tory’s most successful aviation investors and it has been a significantly favoura- ways are more reliant on long-haul and cally in western Europe when Ryanair is
as it takes on leader Ryanair the future of European aviation. and an early backer of Ryanair, per- ble investment.” business travel. already there.”
For O’Leary it was “the greatest suaded him to adopt the low-cost Wizz’s structure, with a London list- Both Ryanair and Wizz claim to have While Wizz plans to take on new air-
growth opportunity” in Ryanair’s 35- model, and within six weeks Váradi had ing, Hungarian base for cheap labour the lowest unit cost in the industry, but craft to expand its fleet from about 140
PHILIP GEORGIADIS
year history. He expected a 20 per cent presented him with a new plan. and Swiss tax registration, has left it the Bernstein analysts believe Wizz has the to 270 planes, O’Leary has an order for
For years, Michael O’Leary has been fall in short-haul seats available from Franke said: “I liked József. He is a only airline to be able to match, and in edge. O’Leary calls that “bullshit” based more than 200 aircraft from Boeing,
king of Europe’s skies. He expanded rivals in Europe over the next few years. smart guy, a direct guy, and we ended up some places beat, Ryanair’s model. on theoretical future fleets. which he pointed out was “the same size
Ryanair from a low-cost upstart into the Váradi said: “We think we are going to making an investment. It has been a London-listed easyJet competes Wizz’s growth has been fuelled by as Wizz’s whole bloody fleet” and would
region’s dominant airline by offering be a much . . . more competitive airline stimulating demand for flying and con- leave Ryanair with 600 planes by 2026.
cheap fares through an ultra-efficient and more formidable competing force.” necting cities in central and eastern Váradi has been briefing investors
model that rivals could not match. The scale of Wizz’s ambition was Europe, where analysts see opportuni- that there is space for both to grow. “I
But when the aviation industry revealed last week when shareholders ties. It has moved into parts of western think the real question is what is going
emerges from the pandemic, O’Leary were asked to back a plan that hands Europe, and has opened UK bases. But to happen to the others who don’t have
will have competition. Hungarian car- Váradi a £100m bonus if he lifts the to hit his target, Váradi will have to the cost base and the capacity to grow,”
rier Wizz Air has an equally low-cost stock from £48 to £120 over the next move further onto Ryanair’s turf. he said.
business and is set on continuing break- five years. That would give it a market “The jury is still out. Wizz is being “I am sure Ryanair will do great com-
neck expansion and moving further into capitalisation of nearly £12bn, a third more aggressive in bringing capacity ing out of the pandemic, but I think we
western Europe. smaller than Ryanair’s now. back in this year, but they are not filling will be doing even better.”
While the rest of their sector crum- The company listed in London at it to the extent Ryanair is,” said aviation A question facing Wizz is whether it
bles, O’Leary and Wizz Air chief execu- £11.50 in 2015, but its shares have consultant Edmond Rose. can preserve its low costs as it moves
tive József Váradi have spent the past increased sharply as investors welcome O’Leary said Wizz had a “reasonably into western European airports, with
year touting opportunities. Both airlines the first serious low-cost competition to compelling” growth story. He respected unionisation and wages pressure, chal-
are taking on new aircraft, scooping up Ryanair to emerge and “the last great the way Váradi ran the business, and lenges Ryanair had to face as it matured.
take-off and landing slots and opening growth story in European aviation”, saw “niches” for Wizz. But it could not Franke counts O’Leary as a friend, but
new bases, while rivals with weaker bal- according to Bernstein aviation analyst challenge his dominant position. said: “We are not intimidated.”
ance sheets such as Alitalia and Norwe- Daniel Roeska. “To be fair, they are good on this Even O’Leary believes Wizz is a better
gian Air Shuttle retrench or collapse. Váradi masterminded Wizz’s growth. schlock about, ‘Oh, you know, we’ve proposition for an investor than any
Neither Ryanair nor Wizz Air is A background as an economist and got lower costs than Ryanair, and there- other airline in Europe. Except one. “I
immune from the impact of the pan- a career at Procter & Gamble and the fore ultimately we’re going to replicate would say to anybody investing in Wizz,
demic. They have bled hundreds of mil- now defunct Hungarian flag carrier Wizz Air claims to have the lowest unit cost in the industry — Clemens Bilan/epa-EFE Ryanair returns over the last 20 ‘Why are you not investing in Ryanair?’”
COMPANIES. WEEK IN REVIEW
Cosy coterie of Scrutiny of the people that America’s

biggest companies choose as board
directors has never been more intense.
recycled by these lawyers to, in their
estimation, do the bidding of private
equity owners.
Chapter 11 case of department store
chain Neiman Marcus angrily called an
independent director “borderline
Years of
filings
default assumption they have acted in
the best interests of the business.
In the instance of Neiman Marcus, its
directors escapes But this focus on diversity has

escaped a small but important subset
of businesses. Companies in financial
A new academic study supplies data
supporting their grievance. It looked
into 15 years of bankruptcy filings and
incompetent” after he failed to clearly
explain in testimony how he was
investigating potential wrongdoing by
reveal
‘super
owners had been accused of asset
stripping that had robbed creditors.
The owners ultimately settled those
US diversity drive distress, often owned by private equity,

increasingly rely on a small coterie of
ex-lawyers and ex-financiers to be
identified “super repeaters” — 15 men
who had been directors in multiple
large bankruptcies, including one who
Neiman’s private equity owners.
The director was an experienced
bankruptcy lawyer who had then
repeaters’ —
men who
charges for a $172m payment. Yet as
the system is designed, Neiman’s
owners chose the independent
board members and make wrenching had served in 31 different cases. become a professional director at high- had been directors that were later charged with
decisions about restructuring these “While these directors claim to be profile troubled companies. investigating them.
troubled companies. Hedge fund and neutral experts that act to maximise Independent directors are powerful directors in Yet, one “super repeater” that the FT
private equity fortunes are won and value for the benefit of creditors, we figures in boardrooms. Their ostensible multiple spoke to dismissed the notion that a
lost on those decisions. argue that they suffer from a structural objectivity leads to them being selected director could carve out a career
Distressed debt investors have begun bias because they are part of a small to dig into wrongdoing allegations and bankruptcy simply by being a private equity shill.
to complain about what they say is a community of repeat private-equity then ultimately lead the tense cases “I’ve never felt the need to compromise
limited and rather too cosy pool of sponsors and law firms,” the authors of negotiations between creditors and my moral centre. I rely on my
directors who can be paid tens of the study wrote. equity holders that allow the company intellectual honesty. That is what gets
The Top Line thousands of dollars a month.
Just a handful of law firms dominate
The explosion in private capital
buyouts has also led to large, well-
to reorganise.
The decisions of independent
me the next call. I knew I was pretty
good at calling balls and strikes when
Sujeet the corporate bankruptcy industry and

creditors have noticed the same set of
known US companies living outside the
realm of the scrutiny that goes with a
directors are also hard to challenge
because they benefit from the
in one case, each of the six different
sides was angry at me.”
Indap people — overwhelmingly white,

middle-aged and male — are being
public market listing.
Last summer, a judge overseeing the
“business judgment rule” that offers
protection from lawsuits based on the sujeet.indap@ft.com
BEST OF
Boss of hyperlocal Nextdoor faces clean-up challenge BUSINESS
Sarah Friar is set to take the social
Corporate
person in
the news
network public through a merger
with a Khosla-backed Spac
Patrick T. Fallon/Bloomberg
Wise direct approach
Sarah Friar 3 British fintech Wise was valued at nearly £9bn in a
Chief executive, Nextdoor as an artful communicator and direct listing in London, a coup for a UK market
workaholic; one described being vying with Wall Street to attract the next wave of fast-
bombarded with detailed briefings and growing tech companies.
Growing up in Northern Ireland, board reports almost daily. Others say Eschewing the traditional initial public offering,
Sarah Friar witnessed bombs raining she is an egoless leader. Wise opted for a direct listing in which shares in the
down and the windows of her home The bet on the recent Spac boom company began trading without its raising any
shattering from the blasts. was a bold one. Friar has argued that money.
But Friar also saw the best of the Spac process was simpler, shorter Wise provides international money transfer and
human nature. In her village, which and more predictable than an IPO. She multicurrency bank-
was founded by Quakers, Catholics talked to about eight Spacs, she said, ing services. It targets
and Protestants lived side by but was selective in partnering with more affluent cus-
side. “They were still the same Khosla for its “scale” and “brand”. tomers than remit-
people, they were still incredibly T Rowe Price Associates, Soroban tance specialists such
involved in our lives, even though Capital, accounts advised by Ark as Western Union and
they were Catholic, we were Invest, and existing investor Tiger regards banks as its
Protestant,” Friar said. Global have taken part, and Friar has biggest rivals.
Now, as chief executive of skin in the game, putting in a After a three-hour
hyperlocal social network Nextdoor, “meaningful” amount. opening auction,
she is trying to recreate that Nextdoor’s community of 60m Wise shares opened
camaraderie, this time online. Continuing four ways from Sunday.” Born to a as Salesforce’s senior vice-president in verified users generated revenues — at 800p, giving the company a valuation more than
Nextdoor has emerged as a niche nurse and a personnel manager, Friar finance and strategy — was quickly largely from advertising — of $123m in double the £3.6bn ($5bn) that it secured in a second-
platform, intended for neighbours to to win strove to “get out and go see the followed by a longer period as chief 2020, up nearly 50 per cent year on ary share sale 12 months ago.
share local news, rate local businesses favour with world”. Few chiefs in Silicon Valley — financial officer at Jack Dorsey’s year. The group projects similar
and exchange goods and services. where the genius founder myth looms payments group Square. While at growth this year, of 44 per cent. 3 Some of the biggest US oil groups are racking up
Friar announced on Tuesday that Wall Street large and outside heads are rare — Square, Friar “kept the Street pretty Net losses of $75m last year are tens of billions of dollars in hedging losses, despite
she will take the business public will mean have a more varied CV. happy with reliable projections, and forecast to grow to $103m this soaring crude prices, as contracts signed during last
through a merger with a Khosla After Oxford, Friar worked as a helped with the management team to year. Moving to profitability will year’s crash leave them selling their output at deeply
Ventures-backed special purpose subduing mining analyst for McKinsey in South create this balance with investing in depend on whether the promise of discounted prices.
acquisition company, raising $686m keyboard Africa. She then worked as a tech- the future too,” said Vinod Khosla, hyperlocal targeting can attract Oil is trading near six-year highs of about $75 a bar-
in gross proceeds and valuing the focused equity analyst at Goldman. founder of venture capital group brands, many of which focus ad dollars rel, but almost a third of the US’s 11m barrels per day
business at $4.3bn. warriors It was in this role that she met her Khosla Ventures who launched on Facebook-Google. Several ad of production is being sold for just $55 per barrel,
But continuing to win favour with mentor, Salesforce’s Marc Benioff, Tuesday’s Spac. “We didn’t always agency executives, as well as analysts, according to IHS Markit, a consultancy.
Wall Street will mean subduing the who was initially furious that she had agree, but we had a great time looking said the platform was not on their The figures will offer comfort to the Opec cartel
keyboard warriors who tend towards put a sell rating on his stock. But the at these kinds of trade-offs.” radar. Friar has promised to mature that rallying prices are not about to spark another
curtain-twitching and racial profiling two soon turned to regularly debating Bill Gurley, general partner at the company’s ad offering. market-busting surge in US shale production.
behind a screen. The question is Silicon Valley trends, in good humour. Benchmark and a Nextdoor board Friar continues to battle brand
whether Friar can be ruthless enough When she found herself member, describes luring Friar to the safety concerns, and it is without irony
to wring out these nasty neighbours. disillusioned after the financial crisis, chief role at Nextdoor in 2018 as a that Nextdoor has opted to list under
Her advocates, such as John Hope Friar called Benioff for advice on coup — her former company’s shares the ticker $KIND. Pressed on concerns
Bryant, a Nextdoor board member whether to join a start-up. Minutes fell 15 per cent at the time. “I that parts of Nextdoor remained a The Cyberspace Administration
who runs financial literacy non-profit later, he rang her back: “Come work remember the day after it was cesspool of bad behaviour and
Operation HOPE, have little doubt. with me. You’re gonna learn far more announced, the affirmation I started misinformation, she offered the refrain of China often communicated
“She is the Samurai soldier who working with me than you will in any getting from everyone in my network, that Mark Zuckerberg has made with Didi, making more than 20
comes in elegantly and looks like of these small companies.” it was, ‘How did you get her?’” he said. following scandals: “Look, we’re not
she’s dancing, but she’s just sliced you Her first stint in an operating role — Today, board members paint Friar perfect.” Hannah Murphy requests for changes to the app
Under the hood Wimbledon wild card success does not hide financial challenge IHS Markit said that US oil hedging losses in the
first half of 2021 had hit $7.5bn, but would rise by
Many lower-ranked tennis players on the tour struggle to command major sponsorship income while injury or illness also weigh on earnings another $12bn if crude remained at $75 a barrel until
the end of the year. Many Wall Street forecasts sug-
gest that it could go higher.
Wimbledon organisers had much to Prize money has been cut from the Most wild card players do not win their first match
celebrate. Britain’s Emma Raducanu top and increased at the lower stages Furthest stage reached by wild card players at the Wimbledon Championships by year, 1977-2021 3 China’s regulator requested changes to the map-
won the nation’s hearts after % change in singles prize money, British Other nationalities ping function of ride-hailing group Didi Chuxing’s
reaching the fourth round, Jack latest v previous tournament app before its US listing, fearing that it could reveal
Draper stole a set from world Women’s singles Men’s singles sensitive government sites.
number one Novak Djokovic and Australian Open The Cyberspace Administration of China fre-
Andy Murray enjoyed two victories Winner Final quently communicated with Didi, making more than
in his first major tournament since Runner−up 20 requests for changes to the app, which Didi imple-
Semi−finalists Goran Ivanisevic is the
his second hip operation in 2019. Quarter−finalists
mented, said a person familiar with the matter.
no change only wild card player to
They were all wild card entries — Round 4 reach the singles finals, The regulator caught investors by surprise when it
invites to play from the All England Round 3 which he won in 2001 abruptly announced on Sunday that Didi’s app had
Lawn Tennis & Croquet Club, the Round 2 Semi−final “problems of seriously violating laws on collecting
153-year-old organisation that runs Round 1 and using personal information”, and ordered it to be
Wimbledon. −30 −20 -10 0 10 20 Jie Zheng Sabine removed from mobile app stores.
The tournament has issued Lisicki The announcement, which came less than a week
Wimbledon
nearly 650 wild cards for the singles Winner after the company raised $4.4bn in the biggest Chi-
main draws since they were Runner−up
introduced in 1977, with three out of Semi−finalists Quarter−final
four going to British players, Quarter−finalists Nick
Emma Raducanu is the youngest Pat Cash
according to Financial Times Round 4
British woman to reach the fourth Kyrgios $7.5bn $4.4bn
analysis. Yet only 18 of those British Round 3 Scale of US Sum that Didi
Round 2 round of Wimbledon in the Open Era
players have progressed beyond groups’ oil raised in IPO
Round 1 hedging losses before watchdog
the second round. Round 4
−30 −20 -10 0 10 20 in the first half asked for changes
But the success of a handful of
wild cards does not hide the US Open Debbie Maria
Winner Jevans Sharapova
challenges faced by hundreds of
Runner−up
players on the tour. Lower-ranked Semi−finalists Andy Murray
players struggle to command major Quarter−finalists nese IPO in the US since 2014, caused Didi’s stock to
sponsorship income, while injury or Round 3 plunge and has prompted investor lawsuits over the
Round 4
illness also weigh on earnings. Round 3 no change company’s disclosure of regulatory risks.
In 2019, the professional tennis Round 2 no
no change
change
market, including the ATP, WTA and Round 1 Andy Murray 3 The number of start-ups valued above $1bn grew
Grand Slams, generated $2.2bn in −30 −20 -10 0 10 20 rapidly in the second quarter. Private investors
revenues, according to the PTPA, French Open Round 2 assigned billion-dollar valuations to a record 136
the male players’ association Winner start-ups between April and June, according to CB
founded by Djokovic and former Runner−up Alex Bogdanovic received eight wild cards, Insights, more than the total for all of last year.
number 30 Vasek Pospisil. Semi−finalists never progressing beyond the first round The US produced the majority, which included
Ashleigh Barty
Collectively the players made just Quarter−finalists social calendar app IRL and financing marketplace
17.5 per cent of this revenue, it says. Round 4 Pipe. Asia contributed 33 during the quarter, com-
Round 3 Round 1
By contrast, player wages in pared with 29 for the full year in 2020.
Round 2 no
no change
change
England’s football Premier League Round 1 no change Billion-dollar start-ups, or unicorns, have prolifer-
account for 72 per cent of total ated. The surge in valuations could raise renewed
−30 −20 -10 0 10 20 1980 1990 2000 2010 2020 1980 1990 2000 2010 2020
revenues. Samuel Agini, Patrick concerns about overheating in private tech markets,
Source: Wimbledon; FT research
Mathurin and Chris Campbell while creating difficult targets for start-up founders
to meet.
COMPANIES & MARKETS
Branson gains
Transport
Reusable spacecraft of Bezos and Branson
Jeff Bezos’s New Shepard
First spaceflight, April 2015
Richard Branson’s VSS Unity and VSS Eve (SpaceShipTwo)
A two-vehicle system Parts supplier
sees bright
a head start
Crew capsule Space plane: VSS Unity
capacity 6 First spaceflight, Dec 2018
Cabin capacity 8 (includes 2 crew) Length

18.3m
outlook for
electric bikes
in space race
Drag brakes
Wedge fins, RM2 engine. Thrust 310kn
extend and
stabilise booster
on re-entry Height
Tail unit. Can be feathered to
stabilise craft on re-entry
in Europe
with Bezos
18m
HARRY DEMPSEY
100% carbon
BE-3 engine. Half the pedal bicycles sold in Europe
composite structures
Thrust 490kn will have a motor by 2025, one of the
Carrier ship: region’s biggest suppliers of electric
VSS Eve bike parts projected.
Lift-off this weekend for star ship Folding

landing gear
First flight,
Dec 2008
Claus Fleischer, chief executive of Bosch
eBike Systems, said electric bike sales
enterprise seen as vital for Virgin soared during the pandemic as consum-
ers found new ways to spend extra time
and money.
RICHARD WATERS — SAN FRANCISCO The value of Branson’s stake fell below With growth strongest in towns and
Four PW308 turbofan engines.
$1bn in May amid a protracted delay in Thrust 30.69kn each cities, it also reflects the desire of com-
It is 20 years since the first tourist ven- its test schedule, before rebounding muters to avoid public transport and
tured into space, and a decade on from strongly after its first successful flight in cars in an effort to steer clear of crowds
when Richard Branson originally hoped two years. and traffic snarl-ups, while using a
to escape the bonds of Earth’s gravity on A return to ticket sales following a greener way to travel.
a Virgin Galactic spacecraft. successful flight this weekend would Wing span 43m “From our prediction, in the next
But with the Virgin founder finally provide an important financial shot in three to four years, every second bike in
due to board a rocket ship this weekend the arm. They were suspended in 2014 the European core markets should be an
and rival billionaire Jeff Bezos aiming after an accident in which Virgin’s e-bike,” said the head of the private
for the heavens nine days later, a com- spaceship broke up soon after firing its group’s division that supplies batteries,
mercial space tourism industry could rockets, killing a test pilot and setting its motors and display systems to bike
finally be getting close to lift-off. programme back years. manufacturers.
Branson, 70, is scheduled to reach the Based on the rate at which it burnt Mission profiles Capsule-free flight Bosch’s division chief expected
New Shepard VSS Unity
edge of space over the New Mexico through cash last year, Virgin Galactic (3-4 minutes of zero annual growth rates in e-bike sales to
desert early on Sunday morning local had about two-and-a-half years of cash gravity) return to pre-pandemic levels of 20-25
time, riding on the VSS Unity. The on hand when it last disclosed its finan- Maximum apogee per cent, easing from annual increases
winged spacecraft is set to be carried to cial condition. Its next challenge will be (altitude) reached
eached so far
f in excess of 40 per cent in many Euro-
about 50,000ft by a specially designed to boost its financial reserves with 119km, July 2018 Kármán line, 100km above sea pean countries in 2020.
plane, before being released and firing renewed sales while at the same time level, internationally recognised It brings forward the expected growth
its solid-fuel rocket to soar above 80km. appeasing hundreds of potential astro- as where space begins for motor-assisted two wheelers on the
Branson has already signalled his nauts who have been waiting years to continent, particularly for people who
intention to use the flight as the unoffi- fly. Free flight (3-4 want to commute without having to
cial launch for Virgin Galactic’s space Branson has said that tickets on the minutes of zero
tourism business. The company was first flights will be sold for considerably
given the green light by the US Federal more than the prices of up to $250,000 80.5km above sea level, gravity) ‘In the next three to
Aviation Administration last month to that the company charged in earlier where space begins as Maximum apogee
(altitude) reached so far
four years, every second
operate a commercial service, the final sales. The higher price would help the recognised by the FAA
hurdle to carrying up to six paying pas- company start recouping its huge devel- Separation and Nasa 82.72km, Dec 2018 bike in the core markets
opment costs and reflected the initial should be an e-bike’
scarcity of seats, he said. More than 600
More than 600 people people have made payments averaging break into a sweat as they might on a
have paid an average of about $130,000 each for a place in line. pedal bike.
Another 1,000 put down $1,000 depos- “We take away all the excuses of why
about $130,000 each its when the sales window was reopened not to cycle. If you take the excuses
for a place in line for a brief period last year. away, then people like to cycle longer
Virgin Galactic has already put many Re-entry: booms and further,” said Fleischer, whose com-
of the pieces in place to support its are feathered for pany’s core markets include Germany,
sengers on each of its future flights. planned tourism business. They include Drag brakes Netherlands, Belgium, Luxembourg,
deploy, engine stabilisation
Branson has also sought to use the a production line to start building a Austria and Switzerland.
publicity generated by his personal series of spacecraft, eventually reaching relights The vehicles are also relatively
flight to make full use of a marketing what Branson hopes will be a fleet of cheap compared with a car, with
window before Bezos’s own flight 30-40 that can carry passengers from costs for an e-bike ranging between
aboard a Blue Origin rocket. locations around the world. The com- Boost: Unity climbs €2,000 for an entry level model and
A successful launch would open the pany also has a base at New Mexico’s vertically at Mach 3+ more than €10,000 for top of the range
door to fully fledged space tourism, “spaceport”, a $220m taxpayer-funded units.
Branson has said. It would also provide a development that was completed more After urban travel, mountain bikes
critical shot in the arm for a venture than a decade ago on hopes that it would and cycles for touring were the second
whose fortunes have become central to soon become an anchor tenant. most popular category among e-bikes.
the wellbeing of the entire Virgin group. Branson’s flight, evoking the appetite In Europe last year, 4.5m e-bikes were
Branson’s stake of about 24 per cent in for risk-taking and flirtation with physi- sold — 34 per cent more than in 2019 or
Virgin Galactic, currently worth just cal danger that has long been part of his a fifth of total bicycle sales, according to
under $3bn, has been his most impor- personal brand, is now likely to set the the Confederation of the European Bicy-
tant source of liquidity in a difficult tone for the company’s marketing. cle Industry.
period. After the company went public Blue Origin’s spacecraft, carried on Release “The e-bike is by far the most sold
early last year and its shares soared, the tip of its Shepard rocket, is designed electric vehicle on the European mar-
he sold $300m worth of stock to help to fly free in the event of an accident, a Glide landing: on a ket,” said Manuel Marsilio, general
support Virgin Atlantic and procedure that was already triggered Lift-off manager of Conebi.
runway like a
other businesses that were hit successfully when an unmanned test conventional aircraft
aft The value of bicycle parts and acces-
by the pandemic. flight went wrong. VSS Unity has no sories produced in Europe hit €3bn in
The highly volatile share such escape mechanism. Using Sun- Unity carried to 2020, but was expected to double by
price has been closely tied day’s flight to project the adventure 15.2km by Eveve 2025, said Conebi.
to expectations of when the and excitement of space exploration Fleischer said that bicycle supply
company will be ready to could be the final master stroke in chains were reshoring to Europe from
start commercial operations. Branson’s long dream of building a Asian countries such as Taiwan, China
space business — pro- West Texas Booster Capsule New Mexico and Vietnam. About 80 per cent of
vided Virgin Galac- launch site landing landing launch site e-bikes sold in Europe last year were
Richard tic’s clientele also 1.13km above 1.4km above sea made in the continent.
Branson is set to believe they will get sea level level However, he cautioned that sustained
reach the edge back in one piece. growth for e-bikes was premised on reg-
Sources: Companies; Nasa; Noaa; FT research
of space See Lex ulations and infrastructure.
Businesses For Sale
Business for Sale, Business Opportunities, Business Services,

Business Wanted, Franchises
Runs Daily
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COMPANIES & MARKETS
Crypto. IPO scrutiny Equities
SoftBank set
Circle listing will test top to buy stake in
stablecoin’s transparency Yanolja ahead
of US flotation
SONG JUNG-A — SEOUL
KANA INAGAKI — TOKYO
Japanese technology group SoftBank is

in talks to buy a 10 per cent stake
in Yanolja, a leading South Korean
hotel booking platform, ahead of the
company’s expected US listing, people
familiar with the matter said yesterday.
The deal, in which SoftBank’s Vision
Fund is likely to invest about Won1tn
($870m) in Yanolja, is expected to be
signed next week, according to local
media.
“Yanolja will soon receive substantial
investment from SoftBank,” said one of
the people familiar with the matter.
“The talks are in the final stages.”
The deal, if completed, would mark
SoftBank’s second-biggest investment
in South Korea following its $3bn
stake in Coupang, the country’s leading
ecommerce player.
Coupang’s US listing pushed SoftBank
to record profits last year as the South
Korean company’s valuation briefly
exceeded $100bn.
The investment in Yanolja comes as
SoftBank, led by billionaire founder
Masayoshi Son, faces setbacks in China,
where regulators have announced
USD Coin issuer plans Wall St USD Coin gains ground on stablecoin leader tether Square deal: did not respond to a request for com- an investigation into data security
Value in circulation ($bn) Circle chief ment on the changes in the attestation. concerns at Didi Chuxing.
debut as value of its tokens in executive Circle said in May reserves include SoftBank’s Vision Fund is the largest
70 Jeremy Allaire “cash, cash equivalents and short- shareholder in the Chinese ride-hailing
circulation eclipses $25bn Tether is promising duration investment grade assets
60
consistent with our regulatory
SIDDHARTH VENKATARAMAKRISHNAN 50
transparency
will be key to its requirements and supervision under US
‘Yanolja will soon receive
Circle made a big pledge this week in 40 public listing state banking laws”. The group told the substantial investment
announcing its plans to become the first Financial Times that delays in recent
from SoftBank. The talks
Eóin Noonan/Sportsfile/Getty
30
operator of a stablecoin to list on the USDC attestations were due to the currency’s
New York Stock Exchange: chief
20
rapid growth and its availability across are in the final stages’
executive Jeremy Allaire said his 10 multiple blockchains.
company would “become the most 0 “USDC has grown so fast that the platform, whose New York-listed shares
public and transparent operator of full- Jan 2020 2021 Jul accounting has likely struggled to have lost more than a quarter of their
reserve stablecoins in the market today”. keep up”, said Philip Gradwell, chief value in the past week.
Source: CoinMarketCap
But the US payments technology economist at blockchain analysis The Japanese group is also an investor
group has made the information about company Chainanalysis. in Full Truck Alliance, which is among
the reserves backing its stablecoin more crypto traders manage the volatility in give precise details about what those Stablecoin reserves have become a US-listed companies being investigated
opaque in recent months, removing prices between digital and traditional investments were. The following month hot-button issue in the crypto industry. by China’s data watchdog.
details, tweaking language and leaving finance and to make it easier to hop it changed the wording on its website The New York attorney-general con- Analysts said the regulatory
longer periods before reporting. between the thousands of different from “backed by US dollars” to “backed cluded in February that Tether’s historic crackdown on Chinese tech companies
Allaire’s commitment is likely to crypto coins. by fully reserved assets”. claim that reserves were fully backed by could prompt the Vision Fund to step up
come under intense scrutiny as Circle USDC was launched three years ago as Its reserve account report in February US dollars at all times was “a lie”. Tether investments elsewhere.
goes through the process of hitting part of a venture called Centre, a this year said it held $9.3bn in custody paid an $18.5m penalty to settle the In South Korea, Coupang is also
highly regulated public stock markets. consortium comprising Circle and Wall accounts; the line was dropped com- charges and did not admit wrongdoing. facing public scrutiny over its business
Kyle Gibson, senior staff researcher at Street-listed exchange Coinbase. pletely for the March and April reports. In an investor presentation released practices and work conditions.
MIT Horizon, said: “Why does the It now accounts for about 23 per cent The only dollar amount mentioned is this week, Circle outlined risks related The SoftBank investment would
market have to wait until [a public list- of the stablecoin market, second behind in relation to $100,000 frozen at the to USDC including regulatory changes, probably accelerate Yanolja’s push for
ing] for actual transparency? What’s market leader Tether, according to data request of law enforcement. taxation and the development of central a US listing as early as 2023 to fund
stopped them from providing it before?” from CoinGecko. “I always thought that Centre were bank digital currencies. its expansion into other hospitality
Circle touts its USD Coin as “the future Reserves are the foundation on which trying to play the more legitimate role,” Stablecoin operators also face other services, the people familiar with the
of how money moves” and makes a stablecoin is built. Operators say they said Rohan Grey, a law professor at Wil- challenges: they are growing so fast that matter said.
transparency one of the digital hold sufficient reserves to guarantee lamette university in Oregon. “I think their reserve holdings are stirring con- “If they get the SoftBank investment,
currency’s biggest virtues. Its vision is every coin produced. USDC can be the attestation changes are concerning.” cerns over financial stability. Rating they are likely to pursue a Nasdaq
for its so-called stablecoin — which is redeemed with US dollars, one-for-one, The publication of attestations has agency Fitch this month warned that listing rather than a domestic IPO,” said
“pegged” to the US dollar — to facilitate according to Circle. also become slower since December. any rush to convert crypto assets back one of the people.
payments all over the world in real time. Circle has provided monthly snap- Last year, they were typically released a into traditional money could force sta- Yanolja was unavailable for com-
The message is working. According to shots on USDC’s reserves since 2018. couple of weeks after the end of each blecoin companies to liquidate reserves, ment. The Vision Fund was not immedi-
the company, the global circulation of Grant Thorton provides so-called month. Now they take more than a ‘USDC destabilising short-term credit markets. ately available for comment.
USDCs has grown more than 3,400 per attestations on these figures, which look month to produce with the audit for Regulators and central banks around The injection would also make
cent since January to almost $26bn at USDC’s reserves at a moment in time April released in early June. has grown the world have also increasingly Yanolja, which means “Hey, let’s play”
worth of coins. Traditional financial but do not provide as comprehensive A listing will, as Circle acknowledges, so fast expressed concerns over the impact in Korean, the country’s latest billion-
services providers and other major look as a formal audit. require it to meet the highest US stablecoins could pose to the implemen- dollar start-up.
players in the crypto industry are jump- These statements have evolved sub- regulatory accounting standards. that the tation of monetary policy, as well as the Our global The booking platform has expanded
ing on board. In March, Visa unveiled stantially. Until March 2020, they said Allaire said the listing was an accounting risk of market manipulation and ques- team gives you rapidly since its establishment in 2005
a pilot scheme to use the coin to USDC was backed by dollars, held in opportunity “to also provide signifi- tionable levels of consumer protection. market-moving and posted its first operating profit last
settle transactions. Hong Kong-based government-backed US depository cantly more transparency . . . about the has likely “The problem to me isn’t the specifics news and views, year despite coronavirus pandemic-
derivatives exchange FTX said it pays institutions. After that, they said the reserves that back USDC”. struggled to of any one attestation, it’s the 24 hours a day related travel restrictions. It reported a
half of its remote employees in USDC. reserves were held at institutions and in Grant Thornton said it could not com- fundamental workings of these kinds of ft.com/markets Won16.1bn operating profit in 2020 on
Stablecoins act as a buffer to help “approved investments” but did not ment on client-related matters. Centre keep up’ systems,” said Grey. revenue of Won192bn.
Equities Commodities
Bukalapak raises hopes of IPO boom Carney shores up plan for carbon offset
with Indonesia’s biggest in a decade trading with governance body proposal
MERCEDES RUEHL — SINGAPORE Asia but so far none have tapped public tech groups in the exchange since it had LESLIE HOOK AND BILLY NAUMAN up, and precisely why the governance used under the scheme. The goal of
markets. demonstrated a “willingness to listen”, recommendations it is unveiling today the taskforce is to expand and
Indonesian ecommerce company Mark Carney defended plans for a new
That is set to change this year. Indone- Sjahrir said. are so important,” Carney said. improve the global carbon offset
Bukalapak is aiming to raise up to market for carbon offsets with a
sia is working towards an overhaul of its Gojek, the Indonesian super app, “The taskforce was established with market, by creating standardised
$1.5bn for an initial public offering, in proposal for a governance committee
listing rules to encourage more start-ups plans to go public later in 2021 via a dual the express intention of improving commodity-like contracts that allow
what is set to be country’s biggest to oversee what the former Bank of
to list locally instead of heading to the listing in Indonesia and the US after supply side integrity . . . and demand- companies to buy and sell carbon offsets
equity listing in more than a decade. England governor has estimated will be
US or other exchanges in Asia. completing its merger with Bukalapak’s side integrity,” he added. “Carbon at a large scale.
worth at least $50bn by 2030.
The online marketplace — whose inves- Pandu Sjahrir, IDX commissioner, rival Tokopedia in May. But others are markets can be catalytic in driving At present, there is little standardisa-
tors include US technology giant Micro- said that he expected Bukalapak’s IPO still targeting Wall Street. Traveloka, Environmental groups have accused the green innovation. This is an essential tion for voluntary offsets, which can
soft, Chinese tech company Ant Group to encourage other technology groups to the country’s answer to Expedia, is in Carney-led initiative of greenwashing market that is coming at a critical time.” range in price from $1 per tonne of
and Singaporean sovereign wealth fund consider the stock exchange as their list- advanced talks with Peter Thiel’s Bridg- and complained that the latest plan to carbon dioxide, to as much as $1,000
GIC — plans to raise $1.3bn-$1.5bn, ing choice. The listing is a “great first etown special purpose acquisition com- address those concerns fell short. per tonne of carbon dioxide sequestered
according to a termsheet seen by the step” in showing the confidence of big pany to list in the US. The market initiative backed by more
‘So it’s a question of at a state-of-the art direct air capture
Financial Times. Bukalapak’s marketplace caters to than 250 companies and organisations, whether you have the project.
Bukalapak — whose name means the country’s millions of small “mom- known as the Taskforce on Scaling But several environmental groups
“open a stall” — is aiming to list on Indo- and-pop” stores, helping them sell their Voluntary Carbon Markets, released its
fox looking after the said the latest proposals did not address
nesia Stock Exchange on August 6 and goods online. It also provides other serv- proposals for a new governance board chicken coup, frankly’ key concerns about the climate change
could be valued at as much as $6bn, ices such as internet-bill payments and and new standards for trading carbon effects of the offsets, nor acknowledge
according to the documents. This would has started offering financial products offsets. Taskforce chair Bill Winters, chief the limits of the size of the potential
make it the biggest local IPO since 2008 such as mutual funds. Carbon offsets are generated by executive of Standard Chartered, said offset market.
and potentially Indonesia’s largest list- Bukalapak is one of Indonesia’s earli- projects that reduce or remove that, by October, it would have in place “This is a self-appointed group of
ing if it hits the top end of its range. est unicorns but it has struggled against emissions, such as afforestation. an oversight board, a secretariat and an people who are actually going to profit
Indonesia’s internet economy has rivals, falling behind the likes of Toko- The market for offsets — which could external expert panel. from this market,” said Charlie Kronick,
grown rapidly in the past few years as pedia and regional giant Shopee in reach as much as $100bn a year Some board members will be senior adviser at Greenpeace. “So it’s a
internet usage has taken off across the recent years. eventually, according to Carney — will independent, some will be drawn from question of whether you have the fox
region. Bukalapak’s deal is a crucial first It posted revenues of $95.8m, its filing help companies meet their net zero task force sponsors such as the Institute looking after the chicken coup, frankly.”
test of local start-ups’ ability to go pub- says, and had 104.9m registered users in goals by paying for emission reductions of International Finance, and some will Several previous efforts to set up
lic. The country of 270m people has the the country. It is not yet profitable but in projects elsewhere. be market participants. voluntary carbon offset trading on
most unicorns — private companies val- Bukalapak helps millions of small 2020 managed to cut its net losses more “Addressing greenwashing is pre- It will set criteria for the so-called core a large scale failed to deliver the
ued at more than $1bn — in south-east stores sell their wares online than 50 per cent to $89.5m. cisely why this taskforce has been set carbon principles of the offsets to be environmental benefits expected.
COMPANIES & MARKETS
The day in the markets

On Wall Street
Opec rift is a foretaste What you need to know
of things to come 3 US and European stocks bounce back

from several shaky trading sessions
3 Treasury rally reverses after yield on
Wall Street stocks rebound at the end of volatile week
Indices rebased
10-year note hits four-month low 101.0
3 Brent crude at multiyear high as
Opec+ fails to agree on output levels S&P 500
Wall Street’s stocks rebounded and a rally 100.5

industry. If oil demand is going to peak many investors in the sector. But for in core government debt paused
David within the next decade or so, as many in
the industry increasingly accept, then
those oil- producing countries where
state-backed operators control the
yesterday as investors shrugged off
caution about the global economic 100.0
Sheppard the old calculations start to change.
Opec itself argues that oil demand will
majority of supplies and reserves,
paralysis is not an option.
outlook to focus on buying opportunities.
The S&P 500, the blue-chip US gauge,
be around for a long time to come. But Faced with uncertainty over whether hit another high at noon in New York,
there’s a huge range of forecasts for just the oil you depend upon will be as rising 1 per cent, having slid 0.9 per cent a 99.5
what that means. Some oil watchers valuable in the future, many are day earlier amid fears of about an
D
predict output will peak but then plateau concluding that plans to pump as fast as economic slowdown in China and worries
isagreements between Opec at levels roughly the same as today. possible may be the best of a bad set of linked to the spread of the Delta variant 99.0
members have been a Other expect that when the peak options. of Covid-19. The tech-heavy Nasdaq
feature of the oil cartel since arrives, the subsequent fall in demand The Abu Dhabi National Oil Company Composite was up 0.9 per cent. Nasdaq Composite
it started just over 60 years will look more like drop from a cliff edge. has already invested billions of dollars — The pattern was repeated in Europe,
ago. But what has happened The International Energy Agency has and partnered more closely with where the Stoxx Europe 600 index closed 98.5
in the past week stands out not just a range of scenarios that suggest demand international energy majors — to boost up 1.3 per cent, after sliding 1.7 per cent in Fri Tue Wed Thu Fri
because it came against a backdrop of in 2030 could be about 105m b/d (or its production capacity from about the previous session. “Equity markets are Source: Refinitiv
rising prices or because it pitted about 5 per cent higher than it was before 3.5m b/d in 2018 to 4m b/d today. By in a state of indecisiveness but with an
traditional allies Saudi Arabia and the the pandemic). Or, if governments really 2030, it should be closer to 5m b/d. upward drift,” said Sunil Krishnan, head of
UAE against each other. It stands out But the UAE isn’t pursuing this multi-asset funds at Aviva Investors. analysts speculating that trend-following stress?” China’s CSI 300 slid 0.4 per cent
because it is a preview of what is to come. strategy in isolation. It is simply further
On the surface, members fell out over
Opec+ members that can along the curve.
“There are times when the upward drift
has looked almost too smooth, so you do
algorithmic funds had also increased the
magnitude of the move.
yesterday, taking index of Shanghai and
Shenzhen-listed stocks down almost for
how the group calculates individual boost production capacity Saudi Arabia itself has discussed get corrections. But a lot of investors will In Asia, China’s central bank announced 3 per cent so far for this month.
country’s production targets with the raising production capacity from about
UAE believing it has been short-changed
will want higher output 12m b/d to 13m b/d or higher in the near
have been waiting on the sidelines to
increase their positions.”
a half a percentage point cut to banks’
reserve ratio requirements, potentially
The US Dollar index, which measures
the greenback against other major
by the supply deal in place since April targets, just like the UAE future. Russia, too, is trying to attract A rally in government bonds also increasing the profitability of their loans currencies, fell 0.2 per cent although it
last year when the pandemic was billions in investment to develop and reversed yesterday, with the yield on the but also stirring concerns about the remained around its highest level since
crushing demand. expand the Vostok oil project in the benchmark 10-year US Treasury, which health of their balance sheets following a early April.
One layer below is the UAE’s do get aggressive in tackling climate Arctic. moves inversely to its price, climbing debt-fuelled property boom. Brent crude, which hit a multiyear high
increasing assertiveness on the global change, it could fall as low as 85m b/d. This does not automatically mean that 7 basis points to 1.35 per cent. This week, “Let me be plain, this [reserve ratio this week of $77.84 a barrel following the
stage and its sense that its oil alliance That 20m b/d swing between the the taps will all be opened at once, when the higher price of Treasuries had sent requirement] cut is not a positive signal,” failure of Opec+ members to decide on
with Saudi Arabia has been usurped by strongest and weakest scenarios is the additional production is built. Opec’s the yield on the 10-year note to a four- ING Greater China chief economist Iris the level of output, hovered around $75 a
Riyadh’s increasingly close relationship roughly the equivalent of Saudi Arabia premature obituary has been written month low following weaker than Pang said. “This gives me a sense of barrel yesterday.
with Moscow since Russia joined the and Russia’s combined current output. many times before. expected US service sector growth, with unease,” she added. “Are banks under Naomi Rovnick and Thomas Hale
expanded Opec+ group in 2016. Energy consultancy Wood Mackenzie A plateau in demand in the 2030s
But the heart of the issue is far simpler believes that, under aggressive climate would still give Opec+ a huge market to
and it’s the backdrop that’s roiling the scenarios — of the type required to meet manage. Even if oil demand falls sharply Markets update
entire oil sector: the growing belief that the targets of the Paris climate then Opec members, many of whom
peak demand for crude is not so far away. agreement — oil prices could fall from have some of the lowest costs of
For big oil producers like the UAE, who about $75 a barrel today to average production in the world, are likely to out
believe they still have vast untapped around $40 a barrel by 2030. By 2040, compete rivals for a larger percentage of US Eurozone Japan UK China Brazil
reserves, the incentive is shifting to that declines to about $30 a barrel and what’s left. Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
getting barrels out of the ground and below $20 a barrel by the 2050s. But increased inter-group Level 4361.11 1766.01 27940.42 7121.88 3524.09 125427.77
monetising them as quickly as possible. So while the timing of Opec+ fall out competition is almost inevitable. And % change on day 0.93 1.32 -0.63 1.30 -0.04 -1.25
This is the real existential threat to might have caught the market unawares, those Opec+ members that can boost Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
Opec’s strategy in the long run. A group the fact that largely unseen tension is production capacity will inevitably want Level 92.259 1.187 110.140 1.383 6.485 5.260
founded to maximise their oil reserves’ straining at the group should not be seen their output targets adjusted higher, just % change on day -0.171 0.084 0.534 0.509 0.060 -0.434
value by, at times, restricting output is as a surprise. For the wider oil industry, it like the UAE. Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
witnessing a shift in the very definition of is another sign of the huge uncertainty Yield 1.343 -0.293 0.026 0.655 3.004 9.066
what maximising value means for the that has brought a sense of paralysis to david.sheppard@ft.com Basis point change on day 3.740 1.500 0.280 4.500 2.100 1.300
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 476.21 75.40 74.36 1807.70 26.11 4105.90
Ending stock trading by US Congress % change on day 0.77 1.38 1.57 0.17
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.
-1.06 -1.31
members is correct but a little overdue Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
4480 1800 7200
seeks to stop members of Congress questions of the propriety over
from “using non-public information transactions will arise. Consider, for 1760 7120
derived from their official positions for example, congressional trading in the 4320
personal benefit, and for other shares of Wells Fargo. This is a bank 1720 7040
purposes”. The trouble is that does not where regulation and oversight is
4160 6960
seem to have made much difference. critical to its future share price. 1680
Even some representatives believe it In 2016, details emerged of corrupt
| | | | | | | |
has proven to be too weak. practices encouraged by the bank’s | | | | | | | | | | 6880 | | | | | | | | | | | |
T
4000 | | | | | | | | | | | | | | |
1640 | | | | | | | | | | | | | | |
Senator Jeff Merkley, Congressman upper management. Eventually, May 2021 Jul May 2021 Jul May 2021 Jul
he response of Raja Krishnamoorthi and other dramatic Congressional hearings were Biggest movers
Congressman Thaddeus Democratic and Republican colleagues held and regulators put a $1.95tn cap
% US Eurozone UK
Stevens when asked by introduced a “Ban Conflicted Trading on the bank’s size until it cleaned up its
Arconic 5.98 Porsche 6.10 Evraz 5.45
Abraham Lincoln about Act” on March 3 to end Congressional act. In February 2020, the new Wells
Discover Fin Services 5.47 Volkswagen 5.95 Bhp 4.34
the honesty of war trading in individual stocks. management agreed to pay $3bn in
Ups
secretary Simon Cameron was: “I don’t As Merkley said then, “this practice penalties in a deferred prosecution Nov 5.25 Cnp Assurances 5.46 Anglo American 4.27
think he would steal a red-hot stove.” is deeply corrupt. First, it biases the agreement with the Justice department. Alliance Data Systems 5.10 Arcelormittal 5.39 Rio Tinto 4.09
For many Washington watchers, not viewpoint of members when working Key to the bank’s recovery will be Freeport-mcmoran 5.03 B. Sabadell 4.84 Burberry 3.82
that much has changed since Cameron on legislation related to a stock they whether it escapes the regulatory %
shuttled between the Senate, the War own. Second, members trade on straitjacket on its size. Hopes that Resmed -1.83 Coloplast -1.13 Just Eat Takeaway.com N.v. -4.29
Department and his private business information they hear that the general Wells will escape this have been one of Dexcom -1.69 Grifols -0.69 Rentokil Initial -1.36
Downs
interests. That is shown in Americans’ public doesn’t. And that’s just wrong”. the factors behind a 77 per cent rally in Hologic -1.25 Kerry Grp -0.62 B&m Eur Value Retail S.a. -0.66
lack of belief in the honesty of Proposals for the act came after an its shares over the past year. Among Equinix -1.22 Heineken Holding -0.59 Avast -0.62
Congress. A recent poll by Gallup those willing to bet on the bank are Evergy -1.15 Edp -0.52 Reckitt Benckiser -0.45
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
showed that 63 per cent of respondents members of Congress.
believed the honesty and ethical
‘This practice is deeply I asked Quiver Quantitative, a
All data provided by Morningstar unless otherwise noted.
standards of members of Congress corrupt. It biases the Wisconsin-based research firm, to pull
were low or very low. together some data on Congressional
There are plenty of reasons, of
viewpoint of members trading in Wells shares over the past
course, to be sceptical of the intent of working on legislation’ few years while the regulators have Wall Street Europe London
politicians — Washington is never short been considering its fate. Quiver sent a
of scandals. But one issue that stands outcry over trading by representatives list of trades, in small type, that ran
out is trading in individual stocks by as the Covid-19 pandemic broke out. In over two and a half pages. Given how Stamps.com, the internet-based mailer A pick-up in dispatch numbers lifted the An upgrade helped send Bunzl higher,
elected representatives while in office. the most high-profile example, Richard public the travails of Wells are, this and mainstay podcast advertiser, surged aerospace group Airbus, which delivered with Berenberg lifting its recommendation
Members of Congress have access to Burr, the then chair of the Senate might simply be a bet on the bank’s on news that it was being bought by 77 planes in June to 44 customers, taking for the consumable products supplier to
all sorts of price-sensitive information Intelligence Committee, was recovery. But it is still not a good look. private equity firm Thoma Bravo for its total order for this year so far to 297. “buy” from “hold”.
about companies — from colour on the investigated over the offloading of If, say, the chair of a regulatory body $6.6bn in cash. Shareholders would Citi said the figures were broadly in line The reopening of economies should
progress of legislation, to confidential stock worth up to $1.7m worth of for banks such as the Federal Deposit receive $330 per stock, representing a 67 with full-year expectations of 567 provide a boost to Bunzl’s retail and food-
information supplied to committee shares on February 13 last year. Insurance Corporation was caught per cent premium on Thursday’s closing deliveries against a consensus estimate service businesses, said Berenberg,
hearings, to knowledge of the attitude Although Burr insisted that he acted speculating in bank shares, they would price. On completion of the transaction, of 603. although that would also lead to reduced
of regulators towards a company or on public information and news be fired on the spot and probably which was expected in the third quarter, Adevinta climbed after Credit Suisse demand for its Covid-19-related products.
sector. reports, questions were raised whether prosecuted. Stamps.com would go private. initiated coverage of the Another ratings revision helped lift
It took a couple of hundred years of he relied on non-public information But the politicians that regulators Another private equity deal lifted Norwegian online ads group with an Electrocomponents, which supplies
shaming the shameless but there is a that he received at senators-only report to and who control their budget tobacco group Altria, which agreed to sell “outperform” recommendation. Its industrial and electronic products.
law against politicians trading unfairly briefings. The Department of Justice and priorities pile in and out of shares its Ste Michelle wine business to acquisition of eBay’s Classifieds Group Liberum analyst Sanjay Vidyarthi raised
on such information — the “Stop told Burr in January it would not in those heavily regulated companies. Sycamore Partners for about $1.2bn. unit now made the Oslo-based company the London group’s target price after
Trading on Congressional Knowledge pursue charges against him. Three The proposed Ban Conflicted Proceeds from the sale were earmarked the “world’s largest pure-play classifieds describing its first-quarter performance
Act of 2012”, or Stock-A Act. other senators investigated over Trading Act might be a bit late but is for additional share repurchases, said the group, with diverse operations as “outstanding and well ahead of peers”.
Introduced in the wake of trading were also cleared. correct. Richmond-based company. particularly in Europe”, said analysts. This week, Electrocomponents
controversies over stock trading by But as long as trading in individual Square climbed following a tweet Credit Suisse said the market had reported a 22 per cent rise in like-for-like
politicians around the financial crisis, it stocks by representatives is allowed, john.dizard@ft.com from hardware chief Jesse Dorogusker, under-appreciated Adevinta, which had sales on a two-year view, which was
who said that the payment provider had “strong leading positions in most major “materially ahead” of Vidyarthi’s
Businesses For Sale

“decided to build a hardware wallet and European countries”, many of which had estimates. “The overriding theme for us
service to make bitcoin custody more a lower adoption of online classifieds was high levels of stock availability in a
mainstream”. Such wallets store keys for than in the UK. market with increasing supply
cryptocurrency transactions. The San The broker noted that across France, constraints,” said the analyst, who
Francisco company already allows its Spain and Germany, the average estate stressed the group’s “strong relationships
customers to send bitcoin to friends and agent spent 5 per cent of their revenue with an increasing number of suppliers”.
family through its Cash App. on classified advertising against 7.9 per Polymers company Victrex rose after
Business for Sale, Business Opportunities, Business Services,
Pfizer and BioNTech both rose after cent in the UK. its management forecast full-year results
Business Wanted, Franchises saying that they planned to submit data Italian energy group Eni rose following that would be close “to the upper end of
Runs Daily to the Food and Drug Administration on a news it was buying 13 onshore wind farms market expectations”. This followed a
..................................................................................................................................................................................................................................................................................................................................................................................................................... Covid-19 booster vaccine programme in in Italy from fund manager Glennmont 37 per cent year-on-year rise in revenue
Classified Business Advertising
light of the Delta variant of the virus. and the PGGM Infrastructure fund. The to £80.7m for the three months ending
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
Ray Douglas sum paid was not disclosed. Ray Douglas June 30. 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 € $ pe r £ ¥ per $ £ pe r € Oil Brent $ Sep Gold $
-0.63% -0.464%
0.93% 0.78% 1.22% 1.30% 1.32% 0.70% 0.77% 0.084% 0.509% 0.534% 0.64% 0.17%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jun 10 - - Index All World Jun 10 - Jul 09 Index All World Jun 10 - Jul 09 Index All World Jun 10 - Jul 09 Index All World Jun 10 - Jul 09 Index All World Jun 10 - Jul 09 Index All World
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
4,361.11 20,197.81
7,121.88 15,687.93
20,002.27 7,081.01 15,581.14 28,860.80
4,227.26 3,216.18 3,217.95
27,940.42
Day 0.93% Month 3.40% Year 38.41% Day 0.68% Month 0.98% Year 29.73% Day 1.30% Month 0.50% Year 17.63% Day 1.73% Month 0.54% Year NaN% Day -0.63% Month -3.38% Year 24.72% Day -1.07% Month -0.92% Year 49.06%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
14,673.44
1,766.01 28,742.63 3,162.50
50,708.93 9,156.10
13,924.91 1,750.29 3,131.40
49,848.02 8,776.60 27,344.54
Day 0.78% Month 5.49% Year 39.14% Day 0.56% Month -1.91% Year 35.49% Day 1.32% Month 0.82% Year 24.51% Day 1.46% Month -4.12% Year 19.79% Day 0.70% Month -4.98% Year 4.67% Day 0.77% Month -1.17% Year 17.26%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
34,842.74 129,787.11
34,599.82 6,563.45 6,529.42 25,741.75 3,580.11 52,386.19
25,051.82 51,941.64
125,427.77 3,524.09
Day 1.22% Month 1.12% Year 35.51% Day -1.25% Month -3.36% Year 25.72% Day 2.07% Month -0.33% Year 31.08% Day 1.67% Month -2.92% Year 25.91% Day -0.04% Month -1.56% Year 3.54% Day -0.35% Month 0.21% Year 44.20%
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 62371.58 63383.23 Cyprus
CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 27499.96 27069.22 Philippines Manila Comp 6834.92 6924.99 Taiwan Weighted Pr 17661.48 17866.09 Cross-Border DJ Global Titans ($) 507.07 504.13
Australia All Ordinaries 7545.30 7614.90 Czech Republic
PX 1156.04 1147.59 FTSE Italia Mid Cap 47532.86 47069.13 Poland Wig 67072.40 66598.05 Thailand Bangkok SET 1552.09 1543.67 Euro Stoxx 50 (Eur) 4068.09 3991.66
S&P/ASX 200 7273.30 7341.40 Denmark
OMXC Copenahgen 20 1691.92 1694.99 FTSE MIB 25051.82 24641.47 Portugal PSI 20 5173.04 5149.11 Turkey BIST 100 1378.28 1372.98 Euronext 100 ID 1265.84 1244.93
S&P/ASX 200 Res 5565.70 5588.20 Egypt
EGX 30 10184.80 10277.25 Japan 2nd Section 7678.38 7666.46 PSI General 3875.70 3883.41 UAE Abu Dhabi General Index 6963.22 6969.64 FTSE 4Good Global ($) 10732.77 10636.41
Austria ATX 3436.43 3387.68 Estonia
OMX Tallinn 1650.87 1658.62 Nikkei 225 27940.42 28118.03 Romania BET Index 11870.90 11874.66 UK FT 30 2786.40 2786.30 FTSE All World ($) 476.21 472.58
Belgium BEL 20 4183.51 4118.52 Finland
OMX Helsinki General 12640.96 12508.88 S&P Topix 150 1626.94 1634.51 Russia Micex Index 3855.91 3861.08 FTSE 100 7121.88 7030.66 FTSE E300 1766.01 1743.07
BEL Mid 9809.79 9699.66 France
CAC 40 6529.42 6396.73 Topix 1912.38 1920.32 RTX 1635.21 1627.64 FTSE 4Good UK 6697.36 6610.43 FTSE Eurotop 100 3313.11 3266.31
Brazil IBovespa 125427.77 127018.71 SBF 120 5115.13 5019.88 Jordan Amman SE 2080.85 2093.90 Saudi-Arabia TADAWUL All Share Index 10825.01 10958.55 FTSE All Share 4069.79 4019.72 FTSE Global 100 ($) 2849.20 2827.48
Canada S&P/TSX 60 1210.89 1202.82
Germany M-DAX 34777.59 34352.34 Kenya NSE 20 1939.44 1921.39 Singapore FTSE Straits Times 3131.40 3107.59 FTSE techMARK 100 6919.15 6852.06 FTSE Gold Min ($) 2127.56 2170.96
S&P/TSX Comp 20197.81 20061.21 TecDAX 3607.16 3587.43 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 365.25 365.25 USA DJ Composite 11464.33 11321.73 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 830.21 838.53 XETRA Dax 15687.93 15420.64 Latvia OMX Riga 1249.19 1225.04 Slovenia SBI TOP - - DJ Industrial 34842.74 34421.93 FTSE Multinationals ($) 3062.59 3086.61
Chile S&P/CLX IGPA Gen 21358.07 21034.08
Greece Athens Gen 874.25 859.46 Lithuania OMX Vilnius 944.23 940.87 South Africa FTSE/JSE All Share 66385.57 65243.50 DJ Transport 14775.58 14475.22 FTSE World ($) 853.55 847.00
China FTSE A200 13696.49 13760.05 FTSE/ASE 20 2110.76 2074.29 Luxembourg LuxX 1602.55 1572.35 FTSE/JSE Res 20 65355.08 63094.30 DJ Utilities 889.94 891.72 FTSEurofirst 100 (Eur) 4516.67 4438.64
FTSE B35 9000.71 8988.96
Hong Kong Hang Seng 27344.54 27153.13 Malaysia FTSE Bursa KLCI 1520.58 1508.71 FTSE/JSE Top 40 60221.84 59106.40 Nasdaq 100 14807.10 14722.14 FTSEurofirst 80 (Eur) 5609.37 5509.26
Shanghai A 3693.64 3695.14 HS China Enterprise 9885.42 9822.56 Mexico IPC 49848.02 49570.87 South Korea Kospi 3217.95 3252.68 Nasdaq Cmp 14673.44 14559.79 MSCI ACWI Fr ($) 717.06 724.41
Shanghai B 260.24 259.56 HSCC Red Chip 3830.82 3833.95 Morocco MASI 12242.47 12182.20 Kospi 200 427.84 432.63 NYSE Comp 16586.08 16359.70 MSCI All World ($) 3022.24 3049.66
Shanghai Comp 3524.09 3525.50
Hungary Bux 48157.57 47452.73 Netherlands AEX 732.15 723.11 Spain IBEX 35 8776.60 8650.10 S&P 500 4361.11 4320.82 MSCI Europe (Eur) 1812.03 1842.98
Shenzhen A 2549.74 2548.06
India BSE Sensex 52386.19 52568.94 AEX All Share 1040.88 1028.43 Sri Lanka CSE All Share 7852.19 7811.61 Wilshire 5000 45570.64 45112.81 MSCI Pacific ($) 3176.32 3183.75
Shenzhen B 1228.24 1217.68 Nifty 500 13527.95 13532.70 New Zealand NZX 50 12690.35 12752.51 Sweden OMX Stockholm 30 2319.53 2289.94 Venezuela IBC 4881.11 4988.21 S&P Euro (Eur) 1891.77 1860.33
Colombia COLCAP 1261.61 1260.21
Indonesia Jakarta Comp 6039.84 6039.90 Nigeria SE All Share 38501.31 38418.04 OMX Stockholm AS 949.21 938.62 Vietnam VNI 1347.14 1374.68 S&P Europe 350 (Eur) 1821.38 1796.93
Croatia CROBEX 2013.05 2011.29
Ireland ISEQ Overall 8236.27 8141.78 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 11989.81 11924.66 S&P Global 1200 ($) 3354.10 3325.13
Israel Tel Aviv 125 1773.57 1768.06 Pakistan KSE 100 47563.45 48053.17 Stoxx 50 (Eur) 3541.44 3490.91
(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 Jul 09 %Chg %Chg Jul 09 %Chg %Chg Jul 09 %Chg %Chg Jul 09 %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
Amazon.com 77.4 3727.01 -4.40 Rio Tinto 139.0 6106.00 240.00 Volkswagen Ag Vzo O.n. 424.5 212.35 11.85 Softbank . 1123.0 7327.00 -53.00 Tesco 237.70 5.8 - Gcp Student Living 194.00 14.7 36.0 Kkv Secured Loan Fund 38.40 12.1 8.9 Industrial Transportation 4417.08 25.5 -
Apple 71.1 145.23 1.99 Astrazeneca 122.1 8648.00 59.00 Asml Holding 406.3 583.10 15.80 Toyota Motor 838.5 9650.00 -25.00 Bunzl 2556.00 5.2 2.1 Vectura 154.60 13.0 22.9 Rm 252.00 8.6 18.9 Pharmaceuticals & Biotech. 17984.27 20.1 0.7
Nvidia 30.5 796.55 0.44 Int Public Partnerships Ld 103.3 167.40 1.60 Lvmh 397.1 662.40 23.20 Fast Retailing Co., 735.5 79680.00 -220.00 Bhp 2262.00 5.1 15.4 Morrison (wm) Supermarkets 264.90 10.5 47.9 Carr's 147.00 7.3 6.2 Health Care Equip.& Services 7413.35 20.0 12.4
Microsoft 29.2 277.26 -0.16 Bhp 97.5 2262.00 94.00 Sap Se O.n. 281.1 124.72 1.54 Tokyo Electron 552.0 45840.00 170.00 Segro 1164.50 5.0 22.1 Auction Technology 1244.00 8.6 - Picton Property ome Ld 93.80 7.2 20.9 Real Estate & Investment Servic 2807.52 14.7 15.9
Facebook 21.1 349.13 3.48 Unilever 96.3 4295.00 -2.00 Basf Se Na O.n. 268.0 68.01 2.27 Sony 510.3 11055.00 80.00 Sainsbury (j) 284.20 4.5 23.4 Airtel Africa 84.75 6.9 13.3 Alfa Fin Software Holdings 146.50 6.9 11.8 Electronic & Electrical Equip. 11287.72 14.5 24.5
Boeing 20.0 238.73 1.96 Glencore 91.9 319.40 11.75 Daimler Ag Na O.n. 238.4 72.89 2.16 Sumitomo Mitsui Fin,. 405.7 3716.00 -33.00 Entain 1870.00 4.0 9.6 Oxford Instruments 2460.00 6.5 21.2 Mears 198.00 6.2 28.6 Chemicals 16319.15 14.3 27.0
Advanced Micro Devices 18.2 90.76 1.02 Glaxosmithkline 91.0 1435.20 9.20 Allianz Se Na O.n. 211.5 212.10 4.35 Mitsubishi Ufj Fin,. 393.0 586.80 0.10 United Utilities 1031.50 3.9 13.5 Pennon 1203.00 6.0 -15.5 Schroder Eur Real Estate Investment Trust 104.00 6.1 2.0 Beverages 26908.67 13.8 29.3
Alphabet 8.6 2507.06 6.18 Bp 86.2 310.90 3.20 Bnp Paribas Act.a 208.1 50.93 1.22 Shin-etsu Chemical Co., 365.8 17690.00 -325.00 Severn Trent 2647.00 3.7 14.3 Man 192.65 5.4 36.5 Devro 218.00 5.8 38.0 Industrial Engineering 17622.27 13.0 38.2
Jpmorgan Chase & Co 8.5 155.03 4.09 Diageo 81.4 3434.00 0.50 Airbus 207.2 112.76 3.74 Daikin Industries, 351.0 21300.00 -650.00 Schroders 3594.00 3.4 4.3 Convatec 257.00 5.3 25.7 Jpmorgan Global Core Real Assets 93.00 5.6 -5.3 Real Estate Investment Trusts 3145.39 13.0 26.7
Bank Of America 8.1 39.87 1.09 Hsbc Holdings 81.3 414.10 3.50 Intesa Sanpaolo 189.5 2.28 0.05 Fanuc 312.5 25830.00 -755.00 Hikma Pharmaceuticals 2623.00 3.1 3.4 Safestore Holdings 1022.00 4.8 30.2 Stv 357.00 5.5 20.1 Gas Water & Multiutilities index 5316.32 12.9 12.0
Hargreaves Lansdown 1653.50 2.9 6.4 Big Yellow 1392.00 4.8 26.5 Prs Reit (the) 107.50 5.4 38.7 Support Services 11358.34 11.6 23.4
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
Croda Int 7638.00 2.9 16.9 Beazley 350.90 4.7 -5.1 Augmentum Fintech 147.50 5.4 9.2 Software & Computer Services 2156.53 11.2 5.2
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Arconic 36.31 2.05 5.98 Vectura 154.60 19.00 14.01 Porsche Autom.hldg Vzo 92.90 5.34 6.10 Hitachi Zosen 780.00 17.00 2.23 Associated British Foods 2185.00 -6.1 -5.0 Tullow Oil 54.36 -9.7 82.5 Halfords 378.80 -12.9 38.0 Travel & Leisure 8416.72 -10.8 25.2
Discover Fin Services 121.56 6.30 5.47 Evraz 615.20 31.80 5.45 Volkswagen Ag St O.n. 281.20 15.80 5.95 Eisai Co., 10695.00 215.00 2.05 B&m Eur Value Retail S.a. 545.00 -4.6 4.6 Spire Healthcare 228.50 -7.7 45.9 Esken 23.55 -9.6 -7.5 Mining 22637.58 -7.7 17.1
Nov 14.93 0.75 5.25 Ferrexpo 444.00 20.20 4.77 Volkswagen Ag Vzo O.n. 212.35 11.85 5.91 J.front Retailing Co., 1015.00 20.00 2.01 Itv 124.30 -4.3 14.5 Playtech 411.80 -7.2 -2.9 Superdry 406.50 -8.8 58.9 Life Insurance 7638.07 -7.0 23.7
Alliance Data Systems 105.27 5.11 5.10 Watches Of Switzerland 905.00 40.00 4.62 Cnp Assurances 14.67 0.76 5.46 Tokyu 1580.00 30.00 1.94 Compass 1525.00 -4.1 9.6 Restaurant 124.00 -7.2 88.1 Lsl Property Services 402.00 -8.6 42.0 Oil & Gas Producers 5228.32 -6.1 29.2
Freeport-mcmoran 36.44 1.75 5.03 Bhp 2262.00 94.00 4.34 Arcelormittal Sa 26.29 1.35 5.39 Fujikura 545.00 10.00 1.87 Just Eat Takeaway.com N.v. 6427.00 -4.1 - Cineworld 78.02 -6.9 21.9 Jpmorgan China Growth & ome 656.00 -7.7 -3.0 Food Producers 7298.79 -3.2 11.8
Flutter Entertainment 12905.00 -4.1 - Ti Fluid Systems 299.00 -6.7 23.9 Medica 158.00 -7.3 33.1 Banks 2858.58 -0.3 45.7
Downs Downs Downs Downs
Informa 507.80 -4.0 -8.8 Carnival 1555.80 -6.7 12.0 Marston's 85.60 -7.1 11.2 Automobiles & Parts 4760.83 -0.1 74.9
Resmed 246.15 -4.58 -1.83 Just Eat Takeaway.com N.v. 6427.00 -288.00 -4.29 Kinnevik Ab Ser. B 33.79 -0.89 -2.58 Daikin Industries, 21300.00 -650.00 -2.96
Bt 187.55 -3.8 38.6 888 Holdings 379.80 -6.2 30.7 Discoverie 920.00 -7.1 35.3 Mobile Telecommunications 3033.07 0.1 20.2
Dexcom 439.40 -7.57 -1.69 Centamin 102.35 -2.65 -2.52 Heineken 99.14 -1.21 -1.21 Taiyo Yuden Co., 5360.00 -160.00 -2.90
Wpp 967.60 -3.4 19.9 Trainline 296.00 -6.0 - Funding Circle Holdings 141.00 -6.6 57.0 Household Goods 17854.32 0.9 2.7
Hologic 68.98 -0.87 -1.25 Cls Holdings 248.50 -4.50 -1.78 Coloplast B A/s 141.13 -1.61 -1.13 Fanuc 25830.00 -755.00 -2.84
Ocado 1909.00 -3.3 - Mitchells & Butlers 273.40 -5.7 22.5 Baillie Gifford China Growth Trust 461.50 -6.3 - General Retailers 2675.25 1.0 17.1
Equinix 818.12 -10.08 -1.22 Computacenter 2638.00 -42.00 -1.57 Grifols 21.68 -0.15 -0.69 Z Holdings 544.30 -14.80 -2.65
Bp 310.90 -3.3 19.9 4imprint 2605.00 -5.6 -1.7 Fisher (james) & Sons 864.00 -6.3 -7.3 Aerospace & Defense 3724.31 1.7 16.6
Evergy 61.10 -0.71 -1.15 Oxford Biomedica 1360.00 -20.00 -1.45 Getinge Ab Ser. B 32.40 -0.22 -0.66 Sumitomo Realty & Development Co., 3776.00 -99.00 -2.55
Pershing Square Holdings Ltd 2625.00 -3.1 3.6 C&c 236.20 -5.5 9.5 De La Rue 175.00 -6.2 3.9 Nonlife Insurance 3243.78 2.1 13.9
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
Jul 9 Currency Mid Change Mid Change Mid Change Jul 9 Currency Mid Change Mid Change Mid Change Jul 9 Currency Mid Change Mid Change Mid Change Jul 9 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 95.8944 -0.0827 113.7740 -0.0022 132.6560 0.5818 Indonesia Indonesian Rupiah 14527.5000 2.5000 17236.1787 17.4806 20096.7053 108.7781 Poland Polish Zloty 3.8308 -0.0103 4.5450 -0.0083 5.2993 0.0137 ..Three Month 0.7229 -0.0038 0.8575 -0.0038 - -
Australia Australian Dollar 1.3365 -0.0100 1.5857 -0.0105 1.8489 -0.0041 Israel Israeli Shekel 3.2800 -0.0012 3.8916 0.0019 4.5374 0.0221 Romania Romanian Leu 4.1544 -0.0031 4.9289 0.0005 5.7469 0.0259 ..One Year 0.7230 -0.0038 0.8570 -0.0038 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4473 0.0004 0.5215 0.0027 Japan Japanese Yen 110.1400 0.5850 130.6757 0.8035 152.3628 1.6039 Russia Russian Ruble 74.2850 -0.6519 88.1355 -0.6986 102.7626 -0.3583 United States United States Dollar - - 1.1865 0.0010 1.3834 0.0073
Bolivia Bolivian Boliviano 6.9100 - 8.1984 0.0069 9.5590 0.0501 ..One Month 110.1400 0.5849 130.6757 0.8036 152.3627 1.6038 Saudi Arabia Saudi Riyal 3.7508 -0.0002 4.4501 0.0036 5.1887 0.0270 ..One Month - - 1.1864 -0.1897 1.3834 0.0073
Brazil Brazilian Real 5.2603 -0.0230 6.2411 -0.0220 7.2769 0.0066 ..Three Month 110.1399 0.5848 130.6758 0.8037 152.3627 1.6037 Singapore Singapore Dollar 1.3516 -0.0014 1.6036 -0.0003 1.8697 0.0079 ..Three Month - - 1.1862 -0.1897 1.3834 0.0073
Canada Canadian Dollar 1.2478 -0.0071 1.4804 -0.0072 1.7261 -0.0007 ..One Year 110.1395 0.5841 130.6762 0.8044 152.3627 1.6033 South Africa South African Rand 14.2463 -0.0975 16.9025 -0.1014 19.7076 -0.0308 ..One Year - - 1.1855 -0.1897 1.3834 0.0072
Chile Chilean Peso 747.6900 -8.0150 887.0974 -8.7547 1034.3212 -5.6066 Kenya Kenyan Shilling 107.9500 - 128.0774 0.1078 149.3332 0.7829 South Korea South Korean Won 1149.0500 4.1000 1363.2914 6.0078 1589.5446 13.9758 Vietnam Vietnamese Dong 23002.5000 -17.5000 27291.3847 2.2343 31820.6841 142.7348
China Chinese Yuan 6.4850 0.0039 7.6941 0.0111 8.9710 0.0524 Kuwait Kuwaiti Dinar 0.3011 - 0.3572 0.0003 0.4165 0.0022 Sweden Swedish Krona 8.5789 0.0008 10.1785 0.0095 11.8677 0.0633 European Union Euro 0.8428 -0.0007 - - 1.1660 0.0051
Colombia Colombian Peso 3837.0000 -20.5000 4552.4135 -20.4700 5307.9373 -0.3804 Malaysia Malaysian Ringgit 4.1905 0.0090 4.9718 0.0149 5.7970 0.0428 Switzerland Swiss Franc 0.9149 0.0010 1.0854 0.0021 1.2656 0.0080 ..One Month 0.8428 -0.0007 - - 1.1659 0.0051
Costa Rica Costa Rican Colon 620.8700 1.0600 736.6317 1.8766 858.8839 5.9617 Mexico Mexican Peso 19.8793 -0.1550 23.5858 -0.1639 27.5001 -0.0691 Taiwan New Taiwan Dollar 28.0720 0.0470 33.3060 0.0837 38.8336 0.2683 ..Three Month 0.8426 -0.0007 - - 1.1658 0.0051
Czech Republic Czech Koruna 21.6958 -0.1377 25.7410 -0.1416 30.0130 -0.0321 New Zealand New Zealand Dollar 1.4320 -0.0091 1.6989 -0.0093 1.9809 -0.0021 Thailand Thai Baht 32.6025 0.1225 38.6813 0.1778 45.1008 0.4050 ..One Year 0.8419 -0.0007 - - 1.1653 0.0051
Denmark Danish Krone 6.2679 -0.0051 7.4366 0.0002 8.6707 0.0384 Nigeria Nigerian Naira 411.5000 1.0000 488.2245 1.5964 569.2508 4.3606 Tunisia Tunisian Dinar 2.7785 -0.0147 3.2966 -0.0147 3.8437 -0.0001
Egypt Egyptian Pound 15.6888 0.0259 18.6140 0.0464 21.7032 0.1494 Norway Norwegian Krone 8.6944 -0.1061 10.3155 -0.1172 12.0274 -0.0830 Turkey Turkish Lira 8.6553 -0.0282 10.2691 -0.0248 11.9734 0.0240
Hong Kong Hong Kong Dollar 7.7681 -0.0009 9.2165 0.0066 10.7460 0.0550 Pakistan Pakistani Rupee 159.1500 -0.0500 188.8236 0.0997 220.1610 1.0855 United Arab Emirates UAE Dirham 3.6732 - 4.3580 0.0037 5.0813 0.0266
Hungary Hungarian Forint 299.6713 -2.2478 355.5452 -2.3655 414.5519 -0.9198 Peru Peruvian Nuevo Sol 3.9495 -0.0243 4.6859 -0.0249 5.4636 -0.0049 United Kingdom Pound Sterling 0.7229 -0.0038 0.8577 -0.0038 - -
India Indian Rupee 74.6375 -0.0788 88.5537 -0.0188 103.2502 0.4330 Philippines Philippine Peso 50.0700 0.1850 59.4056 0.2693 69.2646 0.6177 ..One Month 0.7229 -0.0038 0.8576 -0.0038 - -
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 Jul 02 Jul 01 Jun 30 Jun 29 Jun 28 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 2786.40 2786.30 2737.20 2750.40 2754.20 0.00 3314.70 1337.80 Fixed Line Telecomms 37.13 Banks 14.32 Travel & Leisure 7.68 FTSE 100 Price Change FTSE 100 Price Change
Jul 09 chge% Index Jul 08 Jul 07 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Industrial Metals & 35.22 Pharmace & Biotech 14.01 Equity Invest Instr 6.64 3I Group PLC 1202.5 29.50 Just Eat Takeaway.Com N.V. 6427 -288.00
FTSE 100 (101) 7121.88 1.30 6475.18 7030.66 7151.02 6049.62 3.00 1.68 19.87 129.02 6936.56 P/E Ratio net - - - - - 0.00 19.44 14.26 Industrial Transport 31.61 Health Care 13.85 Food & Drug Retailer 6.23 Abrdn PLC 283.70 6.70 Kingfisher PLC 367.60 2.00
FTSE 250 (250) 22909.32 1.13 20829.05 22652.72 22970.24 16985.13 1.87 1.58 33.80 235.21 18380.35 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Chemicals 20.43 Media 13.65 Life Insurance 5.96 Admiral Group PLC 3121 -11.00 Land Securities Group PLC 688.80 21.20
FTSE 250 ex Inv Co (185) 23864.19 1.26 21697.22 23568.02 23917.48 79.18 1.80 -0.13 -435.84 193.09 19524.11 FT 30 hourly changes Construct & Material 19.06 Electronic & Elec Eq 13.16 Consumer Goods 4.86 Anglo American PLC 2991 122.50 Legal & General Group PLC 265.80 8.70
FTSE 350 (351) 4086.83 1.27 3715.73 4035.66 4102.51 3389.48 2.80 1.67 21.46 68.15 7920.84 8 9 10 11 12 13 14 15 16 High Low Support Services 18.51 Health Care Eq & Srv 12.49 Food Producers 4.77 Antofagasta PLC 1442.5 25.50 Lloyds Banking Group PLC 46.71 1.10
FTSE 350 ex Investment Trusts (284) 3984.94 1.29 3623.09 3934.20 3999.86 82.02 2.85 1.34 26.20 38.54 3987.36 2786.3 2794.6 2785.9 2856.1 2760.2 2399.1 2395.8 2414 2426.7 2439.2 2366.1 FTSE SmallCap Index 18.49 FTSE 250 Index 11.82 Financial Services 4.31 Ashtead Group PLC 5532 64.00 London Stock Exchange Group PLC 7872 8.00
FTSE 350 Higher Yield (116) 3255.60 1.17 2959.97 3217.93 3258.54 2640.93 4.32 1.33 17.33 74.99 6983.12 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Beverages 18.34 NON FINANCIALS Index 11.75 Aerospace & Defense 3.97 Associated British Foods PLC 2185 22.00 M&G PLC 227.80 3.90
FTSE 350 Lower Yield (235) 4659.49 1.37 4236.38 4596.34 4692.15 3950.26 1.14 3.03 28.93 48.51 5574.57 Basic Materials 18.20 Gas Water & Multi 11.60 Leisure Goods 3.66 Astrazeneca PLC 8648 59.00 Melrose Industries PLC 159.50 4.55
FTSE SmallCap (256) 7364.47 0.63 6695.74 7318.31 7397.99 5014.76 2.22 2.41 18.64 81.30 11849.86
FTSE SmallCap ex Inv Co (134) 6255.95 0.31 5687.89 6236.85 6294.85 85.21 1.61 -0.62 -100.30 40.60 10499.28 FX: EFFECTIVE INDICES Mining
Industrial Eng
17.30
17.22
FTSE All{HY-}Share Index
Real Est Invest & Se
10.78
10.69
Automobiles & Parts
Household Goods & Ho
3.26
2.92
Auto Trader Group PLC 640.60 5.20 Mondi PLC 1979 44.00
Avast PLC 495.30 -3.10 National Grid PLC 939.60 4.00
FTSE All-Share (607) 4069.79 1.25 3700.24 4019.72 4085.50 3353.07 2.78 1.69 21.35 67.07 7966.64
Jul 08 Jul 07 Mnth Ago Jul 09 Jul 08 Mnth Ago Oil & Gas Producers 16.05 FTSE 100 Index 10.24 Electricity 2.76 Aveva Group PLC 3924 39.00 Natwest Group PLC 202.40 6.05
FTSE All-Share ex Inv Co (418) 3928.42 1.27 3571.70 3879.12 3943.31 82.08 2.83 1.32 26.84 37.77 3991.66 Oil & Gas 15.29 Tech Hardware & Eq 9.99 Tobacco 2.54 Aviva PLC 405.00 7.20 Next PLC 7840 42.00
FTSE All-Share ex Multinationals (538) 1319.36 1.25 994.75 1303.12 1326.90 1008.58 2.31 2.09 20.74 17.75 2681.02 UK 81.49 81.80 82.21 Software & Comp Serv 15.25 Consumer Services 9.28 Nonlife Insurance -0.60 B&M European Value Retail S.A. 545.00 -3.60 Ocado Group PLC 1909 19.00
FTSE Fledgling (87) 13018.32 0.22 11836.20 12989.09 13083.83 8219.92 1.99 4.50 11.13 133.82 27101.19 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Industrials 14.92 Utilities 9.26 Personal Goods -0.64 Bae Systems PLC 538.00 5.00 Pearson PLC 821.40 10.80
FTSE Fledgling ex Inv Co (38) 17899.90 0.15 16274.51 17872.22 17985.73 84.91 1.31 -3.91 -19.57 131.46 36349.85 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Real Est Invest & Tr 14.72 General Retailers 8.90 Mobile Telecomms -1.35 Barclays PLC 173.36 5.72 Pershing Square Holdings LTD 2625 20.00
FTSE All-Small (343) 5121.25 0.61 4656.22 5090.26 5144.70 3472.62 2.21 2.52 17.99 56.30 10571.58 Technology 14.68 Telecommunications 8.84 Oil Equipment & Serv -26.13 Barratt Developments PLC 705.80 17.00 Persimmon PLC 3004 81.00
FTSE All-Small ex Inv Co (172) 4697.44 0.30 4270.89 4683.36 4726.40 85.25 1.60 -0.72 -87.14 30.73 9986.43 Financials 8.69 Oil & Gas Producers -40.36 Berkeley Group Holdings (The) PLC 4758 84.00 Phoenix Group Holdings PLC 689.40 12.00
FTSE AIM All-Share (733) 1248.86 0.02 1135.45 1248.62 1265.30 880.24 0.78 0.52 249.52 5.70 1440.90
Bhp Group PLC 2262 94.00 Polymetal International PLC 1585.5 -0.50
FTSE All-Share Technology (21) 2322.64 -0.76 2212.73 2340.35 2372.52 94.39 1.05 0.66 144.34 12.45 3285.28
FTSE All-Share Telecommunications (7) 1958.09 0.74 1865.43 1943.70 1971.64 60.04 4.27 0.71 32.83 40.42 2760.76 FTSE GLOBAL EQUITY INDEX SERIES BP PLC
British American Tobacco PLC
310.90
2772.5
3.20
14.00
Prudential PLC
Reckitt Benckiser Group PLC
1379
6432
37.00
-29.00
FTSE All-Share Health Care (15) 12850.68 0.71 12242.58 12760.00 12854.69 133.60 3.25 0.79 38.86 73.52 11434.01 Jul 9 No of US $ Day Mth YTD Total
YTD Gr Div Jul 9 No of US $ Day Mth YTD Total YTD Gr Div British Land Company PLC 515.20 15.20 Relx PLC 2008 22.00
FTSE All-Share Financials (253) 4782.09 1.55 4555.80 4709.28 4805.11 70.83 2.40 4.14 10.07 44.77 5074.26 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Bt Group PLC 187.55 2.10 Rentokil Initial PLC 507.20 -7.00
FTSE All-Share Real Estate (57) 1128.82 1.66 1125.00 1110.40 1121.66 899.80 2.41 -1.25 -33.22 10.24 1138.91
FTSE Global All Cap 9153 808.03 -1.0 -0.4 11.0
12.2 1258.58
1.7 Oil Equipment & Services 27 234.82 -0.7 -0.7 24.1 408.97 27.3 4.7 Bunzl PLC 2556 89.00 Rightmove PLC 648.20 0.20
FTSE All-Share Consumer Discretionary (90) 5449.05 1.38 5191.20 5375.12 5518.32 71.96 1.16 -1.08 -80.44 35.03 5610.97
FTSE Global All Cap 9153 808.03 -1.0 -0.4 11.0
12.2 1258.58
1.7 Basic Materials 363 674.39 -1.4 -1.4 10.5 1167.65 12.6 2.9 Burberry Group PLC 2063 76.00 Rio Tinto PLC 6106 240.00
FTSE All-Share Consumer Staples (27)19417.28 0.20 18498.45 19379.34 19713.38 83.86 3.83 1.36 19.13 271.23 16855.66
FTSE Global Large Cap 1743 720.63 -1.0 0.4 10.6
11.9 1156.51
1.7 Chemicals 170 934.74 -1.0 -1.0 7.4 1594.24 8.9 2.2 Coca-Cola Hbc AG 2573 -1.00 Rolls-Royce Holdings PLC 101.00 0.28
FTSE All-Share Industrials (88) 6873.78 1.30 6548.51 6785.87 6876.13 92.69 1.74 0.97 59.11 52.99 7729.79
FTSE Global Mid Cap 2296 1030.27 -1.1 -2.3 12.4
13.5 1509.60
1.7 Forestry & Paper 21 330.39 -0.4 -0.4 4.5 640.22 6.4 2.4 Compass Group PLC 1525 23.50 Royal Dutch Shell PLC 1433 8.20
FTSE All-Share Basic Materials (25) 8476.82 3.60 8075.70 8181.96 8389.13 107.52 3.75 2.34 11.40 49.35 10455.54
FTSE Global Small Cap 5114 1120.44 -1.0 -2.8 11.3
12.2 1574.53
1.4 Industrial Metals & Mining 94 579.08 -1.6 -1.6 23.6 1019.34 26.7 3.7 Crh PLC 3642 77.00 Royal Dutch Shell PLC 1468.4 8.40
FTSE All-Share Energy (14) 5421.36 0.75 5164.82 5380.80 5366.98 48.29 3.72 0.86 31.22 50.22 6215.33
FTSE All-World 4039 472.58 -1.0 -0.1 11.0
12.2 779.25
1.7 Mining 78 962.81 -1.9 -1.9 9.3 1711.37 12.0 3.6 Croda International PLC 7638 -8.00 Royal Mail PLC 578.80 10.20
FTSE All-Share Utilities (10) 7792.01 0.49 7423.29 7754.32 7830.40 91.43 4.66 1.83 11.71 162.68 11168.70
FTSE World 2623 847.00 -0.9 0.3 12.0
13.2 1874.39
1.7 Industrials 757 588.15 -1.0 -1.0 12.3 914.48 13.3 1.4 Dcc PLC 5960 32.00 Sage Group PLC 693.80 3.80
FTSE All-Share Software and Computer Services (19) 2495.37 -0.77 2377.29 2514.78 2549.67 93.29 1.04 0.65 146.96 12.91 3734.25
FTSE Global All Cap ex UNITED KINGDOM In 8864 854.87 -1.0 -0.3 11.1
12.2 1307.15
1.6 Construction & Materials 147 692.79 -0.7 -0.7 12.5 1134.78 13.9 1.8 Diageo PLC 3434 0.50 Sainsbury (J) PLC 284.20 0.40
FTSE All-Share Technology Hardware and Equipment (2) 6464.60 -0.22 6158.69 6478.61 6537.55 122.73 1.34 0.85 87.94 72.63 8182.33
FTSE Global All Cap ex USA 7385 601.70 -1.2 -3.4 6.7
8.3 1027.39
2.2 Aerospace & Defense 38 824.02 0.0 0.0 12.4 1259.98 13.2 1.4 Entain PLC 1870 49.50 Schroders PLC 3594 99.00
FTSE All-Share Telecommunications Equipment (2) 631.16 -0.59 601.29 634.88 643.09 267.29 1.41 2.75 25.80 2.36 878.92
FTSE Global All Cap ex JAPAN 7762 840.06 -1.1 -0.3 11.8
13.0 1320.65
1.6 General Industrials 72 277.90 -0.8 -0.8 9.8 475.63 11.2 2.0 Evraz PLC 615.20 31.80 Scottish Mortgage Investment Trust PLC 1316.5 21.50
FTSE All-Share Telecommunications Service Providers (5) 3028.48 0.79 2885.18 3004.77 3048.11 58.18 4.37 0.69 33.16 64.75 3883.04
FTSE Global All Cap ex Eurozone 8498 851.83 -1.0 0.0 11.2
12.3 1298.61
1.6 Electronic & Electrical Equipment 142 746.58 -0.8 -0.8 11.6 1050.23 12.3 1.1 Experian PLC 2938 19.00 Segro PLC 1164.5 20.00
FTSE All-Share Health Care Providers (4) 7766.05 0.21 7398.56 7749.86 7748.84 35.74 0.74 6.10 22.30 3.06 7166.39
FTSE Developed 2178 775.84 -0.9 0.5 12.1
13.3 1218.51
1.7 Industrial Engineering 150 1138.18 -0.8 -0.8 11.0 1763.84 12.2 1.5 Ferguson PLC 10350 145.00 Severn Trent PLC 2647 28.00
FTSE All-Share Medical Equipment and Services (2) 7419.03 0.52 7067.96 7380.29 7452.74 111.21 1.74 1.41 40.78 79.79 6931.30
FTSE Developed All Cap 5708 813.15 -0.9 0.1 12.0
13.1 1258.71
1.6 Industrial Transportation 123 1061.82 -2.3 -2.3 15.8 1662.83 16.9 1.5 Flutter Entertainment PLC 12905 -30.00 Smith & Nephew PLC 1570.5 3.00
FTSE All-Share Pharmaceuticals and Biotechnology (9)17920.63 0.74 17072.62 17789.17 17920.51 140.90 3.44 0.74 39.37 95.98 14345.27
FTSE Developed Large Cap 864 726.08 -0.9 1.1 12.0
13.2 1160.71
1.7 Support Services 85 723.77 -1.0 -1.0 12.6 1058.02 13.2 1.0 Fresnillo PLC 800.60 -0.60 Smith (Ds) PLC 427.20 4.70
FTSE All-Share Banks (11) 2821.59 1.83 2688.07 2770.94 2830.99 48.35 1.78 3.75 14.96 9.94 2366.73
FTSE Developed Europe Large Cap 232 431.00 -1.2 -3.1 9.7
11.9 821.83
2.4 Consumer Goods 534 645.08 -0.9 -0.9 5.6 1053.96 6.7 1.9 Glaxosmithkline PLC 1435.2 9.20 Smiths Group PLC 1621 23.00
FTSE All-Share Finance and Credit Services (8)10891.02 0.31 10375.66 10857.81 11109.97 45.77 1.08 1.37 67.57 87.58 14307.89
FTSE Developed Europe Mid Cap 344 767.50 -1.4 -3.7 9.9
11.7 1276.08
2.1 Automobiles & Parts 126 655.92 -0.4 -0.4 7.1 1038.54 7.8 1.1 Glencore PLC 319.40 11.75 Smurfit Kappa Group PLC 3983 94.00
FTSE All-Share Investment Banking and Brokerage Services (32)10667.76 2.06 10162.96 10452.24 10672.76 99.83 3.71 2.08 12.97 151.82 14100.30
FTSE Dev Europe Small Cap 713 1084.92 -1.2 -4.1 12.5
14.1 1733.47
1.8 Beverages 67 764.23 -0.9 -0.9 3.4 1259.88 4.6 2.2 Halma PLC 2775 11.00 Spirax-Sarco Engineering PLC 14010 100.00
FTSE All-Share Closed End Investments (189)13760.69 0.91 13109.53 13637.19 13826.73 107.86 2.04 8.71 5.62 89.40 8328.76
FTSE North America Large Cap 240 952.90 -0.8 3.2 14.7
15.7 1402.07
1.3 Food Producers 133 746.07 -0.5 -0.5 3.9 1249.70 5.7 2.2 Hargreaves Lansdown PLC 1653.5 32.00 Sse PLC 1529 1.50
FTSE All-Share Life Insurance (6) 7762.54 2.58 7395.21 7567.05 7807.52 70.16 3.42 2.20 13.31 176.53 9011.00
FTSE North America Mid Cap 422 1217.41 -1.1 -1.5 14.8
15.7 1652.06
1.5 Household Goods & Home Construction 60 595.83 -1.2 -1.2 3.4 968.18 4.7 2.3 Hikma Pharmaceuticals PLC 2623 56.00 St. James's Place PLC 1518 44.50
FTSE All-Share Nonlife Insurance (7) 3713.22 0.78 3537.51 3684.45 3733.24 77.36 4.27 1.25 18.75 64.25 7494.81
FTSE North America Small Cap 1285 1279.50 -1.1 -3.3 11.8
12.5 1671.41
1.2 Leisure Goods 45 326.31 -1.1 -1.1 -1.1 453.19 -0.5 1.2 HSBC Holdings PLC 414.10 3.50 Standard Chartered PLC 454.10 8.10
FTSE All-Share Real Estate Investment and Services (16) 2764.69 0.56 2633.87 2749.24 2782.48 79.50 1.42 1.92 36.51 23.48 8047.30
FTSE North America 662 621.31 -0.9 2.2 14.8
15.7 1.4 Personal Goods
934.14 88 1156.94 -1.5 -1.5 9.8 1740.30 10.7 1.3 Imperial Brands PLC 1584.5 19.50 Taylor Wimpey PLC 164.60 4.80
FTSE All-Share Real Estate Investment Trusts (41) 2818.48 1.92 2685.11 2765.28 2792.02 77.78 2.65 -1.65 -22.84 24.77 4084.22
FTSE Developed ex North America 1516 313.20 -0.9 -3.0 6.9
8.6 576.68
2.3 Tobacco 15 986.03 -0.9 -0.9 8.6 2585.81 12.0 6.0 Informa PLC 507.80 9.00 Tesco PLC 237.70 3.45
FTSE All-Share Automobiles and Parts (2) 4785.23 2.19 4558.79 4682.89 4805.60 26.71 0.78 -9.91 -12.90 0.32 4931.77
FTSE Japan Large Cap 174 456.31 0.2 -1.9 0.6
1.7 2.0 Health Care
647.86 325 749.61 -0.4 -0.4 9.2 1168.13 10.5 1.6 Intercontinental Hotels Group PLC 4823 89.00 Unilever PLC 4295 -2.00
FTSE All-Share Consumer Services (3) 2547.50 1.51 2426.95 2509.69 2594.86 73.86 0.01 -114.7 -100.34 0.01 3188.36
FTSE Japan Mid Cap 333 655.29 0.1 -3.7 1.7
2.8 882.67
2.1 Health Care Equipment & Services 123 1543.32 -0.6 -0.6 10.9 1870.07 11.5 0.8 Intermediate Capital Group PLC 2146 76.00 United Utilities Group PLC 1031.5 10.50
2
FTSE Global wi JAPAN Small Cap 884 717.26 0.1 -1.1 0.5
1.8 1001.53
2.1 Pharmaceuticals & Biotechnology 202 480.32 -0.3 -0.3 8.0 798.85 9.7 2.2 International Consolidated Airlines Group S.A. 184.84 3.48 Vodafone Group PLC 118.64 0.78
FTSE All-Share Household Goods and Home Construction (12)15017.66 2.48 14307.02 14654.06 15149.51 81.85 3.11 1.69 19.01 116.68 12258.36
FTSE Japan 507 188.56 0.1 -2.2 0.8
1.9 299.71
2.0 Consumer Services 448 729.91 -0.8 -0.8 5.8 1027.46 6.3 0.8 Intertek Group PLC 5602 40.00 Weir Group PLC 1883 43.00
FTSE All-Share Leisure Goods (2) 29146.32 0.20 27767.11 29088.91 30000.69 92.76 1.71 1.62 36.10 230.87 30900.49
FTSE Asia Pacific Large Cap ex Japan 918 888.91 -1.8 -4.3 1.6
2.8 2.0 Food & Drug Retailers
1556.60 72 318.71 -0.9 -0.9 6.7 490.49 8.2 2.4 Itv PLC 124.30 3.15 Whitbread PLC 3136 53.00
FTSE All-Share Personal Goods (5) 31018.65 3.37 29550.84 30006.18 30905.53 80.58 1.35 1.34 54.99 419.78 23769.51
FTSE Asia Pacific Mid Cap ex Japan 933 1135.21 -1.2 -2.9 10.5
11.9 1911.46
2.3 General Retailers 152 1344.81 -0.8 -0.8 6.2 1816.93 6.6 0.6 Jd Sports Fashion PLC 957.00 19.40 Wpp PLC 967.60 17.20
FTSE All-Share Media (11) 9068.58 1.34 8639.46 8948.28 9174.13 78.60 1.81 1.30 42.38 117.67 6193.72
FTSE Asia Pacific Small Cap ex Japan 1941 727.01 -0.9 0.8 11.8
12.9 1.9 Media
1192.90 83 491.94 -0.7 -0.7 4.8 697.35 5.4 0.8 Johnson Matthey PLC 3162 68.00
FTSE All-Share Retailers (22) 2674.13 0.76 2547.59 2653.98 2729.54 73.58 0.88 4.14 27.35 20.16 3372.11
FTSE Asia Pacific Ex Japan 1851 700.22 -1.7 -4.2 2.5
3.6 2.0 Travel & Leisure
1302.81 141 525.52 -1.2 -1.2 5.5 756.14 6.0 0.8
FTSE All-Share Travel and Leisure (33) 8330.47 0.96 7936.27 8251.49 8418.70 58.44 0.15 -73.38 -9.09 8.31 8557.49
FTSE Emerging All Cap 3445 920.32 -1.7 -4.3 3.4
4.8 2.1 Telecommunication
1533.68 89 157.38 -0.8 -0.8 2.2 352.05 4.9 4.1
FTSE All-Share Beverages (6) 26969.17 0.02 25692.98 26963.14 27408.44 97.48 2.06 0.74 65.33 40.35 20932.06
FTSE All-Share Food Producers (10) 7464.80 0.62 7111.56 7418.93 7589.90 77.41 1.52 3.06 21.48 73.99 7011.53
FTSE Emerging Large Cap 879 868.22 -2.0 -5.1 1.2
2.5 2.1 Fixed Line Telecommuniations
1455.92 36 117.65 -1.4 -1.4 1.2 298.63 5.0 5.6 UK STOCK MARKET TRADING DATA
FTSE Emerging Mid Cap 982 1160.10 -0.9 -3.3 10.8
12.5 2.5 Mobile Telecommunications
1937.79 53 190.48 -0.5 -0.5 3.5 369.59 5.2 3.2
FTSE All-Share Tobacco (2) 29511.41 0.65 28114.92 29321.52 29907.54 55.32 7.88 1.54 8.23 1003.64 25217.58 Jul 09 Jul 08 Jul 07 Jul 06 Jul 05 Yr Ago
FTSE Emerging Small Cap 1584 978.64 -0.7 0.8 14.8
16.1 2.1 Utilities
1560.61 197 320.07 -0.6 -0.6 -0.2 716.88 1.8 3.4
FTSE All-Share Construction and Materials (15) 8610.40 1.92 8202.95 8448.36 8622.01 89.72 1.97 0.09 547.41 21.52 10118.42 Order Book Turnover (m) 28.28 961.31 216.76 231.61 265.02 265.02
FTSE Emerging Europe 85 410.12 -1.0 -4.3 10.7
14.1 4.5 Electricity
801.70 137 357.79 -0.7 -0.7 -0.9 789.19 1.0 3.4
FTSE All-Share Aerospace and Defense (9) 3967.64 0.97 3779.89 3929.61 3931.79 66.85 2.48 0.15 267.08 55.09 4698.81 Order Book Bargains 794923.00 889906.00 751804.00 566520.00 788833.00 788833.00
FTSE Latin America All Cap 249 846.67 -1.4 -6.7 3.0
5.3 3.3 Gas Water & Multiutilities
1482.69 60 325.40 -0.5 -0.5 1.5 754.08 3.8 3.4
FTSE All-Share Electronic and Electrical Equipment (10)13356.15 0.70 12724.13 13263.10 13408.96 104.17 1.46 1.72 39.82 102.91 12943.08 Order Book Shares Traded (m) 1104.00 1165.00 1218.00 1088.00 1103.00 1103.00
FTSE Middle East and Africa All Cap 328 743.86 -1.3 -3.7 13.9
15.9 2.2 Financials
1307.88 863 285.25 -1.5 -1.5 13.0 526.71 14.9 2.4
FTSE All-Share General Industrials (9) 5716.88 2.34 5446.36 5586.09 5680.76 84.64 2.90 0.74 46.87 74.82 7259.56 Total Equity Turnover (£m) 3894.49 5677.99 5595.85 3716.87 5115.69 5115.69
FTSE Global wi UNITED KINGDOM All Cap In 289 349.39 -1.8 -3.8 10.2
12.2 2.9 Banks
679.64 267 213.36 -1.7 -1.7 15.7 433.66 17.9 2.8
FTSE All-Share Industrial Engineering (5)19153.20 1.24 18246.87 18919.44 19142.40 103.77 0.74 2.67 50.87 106.96 25194.32 Total Mkt Bargains 1055134.00 1149630.00 1047559.00 782185.00 1044258.00 1044258.00
FTSE Global wi USA All Cap 1768 1074.09 -0.9 1.8 14.3
15.2 1.3 Nonlife Insurance
1524.32 71 318.71 -1.6 -1.6 6.5 513.08 9.1 3.2
FTSE All-Share Industrial Support Services (32)10938.66 0.88 10421.04 10843.54 10994.69 108.26 1.43 1.29 54.15 85.44 12279.94 Total Shares Traded (m) 4964.00 6035.00 6056.00 6774.00 6453.00 6453.00
FTSE Europe All Cap 1446 518.22 -1.2 -3.3 10.0
12.1 2.3 Life Insurance
949.25 53 241.67 -2.4 -2.4 4.0 442.49 6.0 3.4
FTSE All-Share Industrial Transportation (8) 6649.94 1.30 6335.27 6564.92 6655.05 85.79 0.74 3.93 34.20 4.28 6762.16 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE Eurozone All Cap 655 506.67 -1.4 -4.5 9.3
11.3 2.1 Financial Services
923.47 212 477.55 -1.6 -1.6 13.7 709.22 14.7 1.3
FTSE All-Share Industrial Materials (1)22654.23 -1.52 819.91 23004.29 23004.29 16002.93 1.39 2.35 30.59 213.54 27891.85 (c) Market closed.
FTSE EDHEC-Risk Efficient All-World 4039 527.23 -1.1 -1.9 11.7
13.0 1.9 Technology
803.90 331 605.07 -1.1 -1.1 16.3 779.72 16.8 0.8
FTSE All-Share Industrial Metals and Mining (12) 7048.39 4.07 6714.86 6772.43 6967.79 113.80 3.94 2.41 10.54 30.23 9692.54
FTSE EDHEC-Risk Efficient Developed Europe 576 410.16 -1.2 -3.4 9.8
11.7 2.1 Software & Computer Services
695.77 176 1005.23 -1.1 -1.1 19.6 1206.98 20.0 0.4
FTSE All-Share Precious Metals and Mining (5)21673.38 -0.28 20647.80 21733.50 21975.74 126.10 4.84 1.78 11.57 659.31 14488.77
Oil & Gas 132 310.29 -0.9 -4.8 20.2
22.9 3.8 Technology Hardware & Equipment
593.06 155 479.00 -1.1 -1.1 12.3 660.19 13.1 1.2
FTSE All-Share Chemicals (7) 18152.75 1.24 17293.76 17930.59 17953.63 82.51 1.67 1.56 38.32 182.25 17670.23 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Oil & Gas Producers 90 294.46 -0.8 -5.4 21.9
24.6 3.9 Alternative Energy
575.06 15 224.66 -1.7 -1.7 -16.4 320.79 -16.0 0.5
FTSE All-Share Oil. Gas and Coal (14) 5261.38 0.75 5012.41 5222.01 5208.59 48.29 3.72 0.86 31.22 48.75 6255.58 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Real Estate Investment & Services 161 369.08 -0.9 -0.9 2.9 692.23 4.6 2.6
FTSE Sector Indices Real Estate Investment Trusts 99 541.38 -0.1 -0.1 19.1 1212.91 21.0 2.9 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Non Financials (354) 4897.23 1.16 4452.54 4841.13 4914.78 84.16 2.89 1.09 31.65 45.90 8429.28 FTSE Global Large Cap 1743 720.63 -1.0 -1.0 10.6 1156.51 11.9 1.7 liable for any loss arising from the reliance on or use of the listed information.
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day 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®
FTSE 100 7145.03 7155.41 7137.09 7130.76 7141.25 7134.76 7139.33 7122.22 7125.77 7162.07 7110.35 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. Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 22691.59 22724.29 22704.37 22723.35 22742.86 22742.42 22767.56 22743.78 22754.95 22787.74 22667.36 Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
FTSE SmallCap 7368.78 7368.64 7374.27 7377.24 7377.88 7379.25 7388.39 7384.88 7386.15 7391.39 7368.44 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,
FTSE All-Share 4073.67 4079.37 4070.57 4068.35 4073.71 4070.78 4073.80 4065.26 4067.23 4082.39 4060.01 please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Time of FTSE 100 Day's high:07:43:45 Day's Low14:23:15 FTSE 100 2010/11 High: 7184.95(16/06/2021) Low: 6407.46(29/01/2021)
Time of FTSE All-Share Day's high:08:04:00 Day's Low14:22:00 FTSE 100 2010/11 High: 4088.47(16/06/2021) Low: 3641.93(29/01/2021)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.
UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Heath (Samuel) & Sons Pre 11.539 13.887 0.620 1.368 15.500 42.200 6.87500 0.00000 Aug 13 6.875 5.500 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- 07/08 132.00 AIM CMO CMO Group PLC 155.50 -1.00 165.00 142.00 11191.3
There are currently no rights offers by any companies listed on the LSE. 07/07 120.00 AIM SED Saietta Group PLC 121.50 -2.50 136.00 120.00 10333.1
06/30 165.00 BCG Baltic Classifieds Group PLC 187.00 -11.90 222.00 165.00 93500.0
06/28 154.00 AIM ITIM Itim Group PLC 156.00 0.00 158.00 150.00 4868.9
06/28 2.57 AIM SBDS Silver Bullet Data Services Group PLC 295.00 -4.80 342.40 270.00 3958.6
06/22 262.00 AIM VIC Victorian Plumbing Group PLC 279.00 9.00 341.80 260.20 90515.3
06/16 200.00 MADE Made.com Group PLC 200.00 0.00 214.44 182.14 77619.0
06/03 226.00 AIM AREC Arecor Therapeutics PLC 237.50 1.70 258.00 235.00 6574.8
06/03 3.00 CDL Imperial X PLC 2.55 -0.18 5.80 2.50 993.4
06/01 3.50 AFP African Pioneer PLC 2.75 0.00 3.50 2.50 521.0
06/01 3.50 ASP African Pioneer PLC 2.75 0.00 3.50 2.50 521.0
06/01 3.50 ASP African Pioneer PLC 2.75 0.00 3.50 2.50 521.0
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 (€) CntJpRwy 17325 160.00 18455 0.00 0.87 -30.98 32403.76 Nordea Bk 95.40 1.38 96.81 64.41 0.74 14.98 45036.44 BlackRock 897.17 20.67 902.72 531.39 1.68 25.96 136842.11 MondelezInt♦ 63.01 0.06 64.37 50.00 1.96 23.80 88503.83
ANZ 27.85 -0.09 29.64 16.40 2.20 16.49 59321.38 Nokia 4.65 0.07 4.95 2.70 - -12.33 31341.77 Denso 7397 -2.00 7970 0.00 2.04-212.85 52918.37 SEB 111.75 1.60 113.90 75.56 3.62 12.71 28266.82 Boeing 238.73 1.96 278.57 141.58 - -11.51 139611.71 Monsanto 9.75 0.02 10.00 9.51 - - 243.73
BHPBilltn 49.48 -0.18 51.82 33.73 3.28 26.60 109058.25 SampoA 39.65 0.27 41.40 29.94 3.76 63.37 26068.84 EastJpRwy 8111 78.00 8626 0.00 1.76 -8.16 27831.94 SvnskaHn 98.60 1.46 101.20 71.70 4.10 12.35 22351.81 Booking Holdings 2182.7 18.78 2516 1589 - 127.23 89605.97 MorganStly 89.92 2.28 94.27 45.86 1.56 11.73 167304.16
CmwBkAu 98.59 -0.90 106.57 62.64 3.15 25.70 130866.38 France (€) Fanuc 25830 -755.00 29700 0.00 0.80 63.57 47351.73 Swedbank 163.80 2.34 165.90 129.04 4.37 9.51 21613.67 BrisMySq 67.35 0.66 67.96 56.75 2.80 -24.34 150382.47 Netflix 535.02 4.26 593.29 458.60 - 64.60 237230.66
CSL 275.47 -3.67 320.42 242.00 1.11 33.12 93804.58 Airbus Grpe 112.76 3.74 116.04 57.87 - -298.76 105157.15 FastRetail 79680 -220.00 110500 0.00 0.62 83.21 76738.23 Telia Co 38.42 0.22 39.16 33.31 2.31 -6.94 18312.63 CapOne 159.71 7.25 168.00 57.30 0.63 30.41 72107.36 NextEraE 74.66 -0.47 87.69 62.14 1.93 35.29 146441.49
NatAusBk 26.08 -0.13 27.84 16.56 2.35 16.76 64366.89 AirLiquide 147.92 2.06 151.12 123.60 1.90 27.57 83154.7 Fuji Hvy Ind 2129 -22.00 2375 1898.5 2.84 13.14 14868.12 Volvo 211.95 2.20 240.80 150.05 2.79 18.59 39244.31 CardinalHlth 57.17 0.55 62.96 44.65 3.43 12.15 16587.76 Nike 161.22 0.59 161.96 95.11 0.64 76.50 205548.38
Telstra 3.75 - 3.79 2.66 2.78 24.11 33369.62 AXA 21.82 0.53 24.16 13.34 3.49 16.72 62612.52 Hitachi 6558 79.00 6630 0.00 1.65 17.20 57651.03 Switzerland (SFr) Carnival 24.22 0.50 31.52 12.11 - -1.77 23583.79 NorfolkS 263.16 9.38 295.14 169.15 1.45 29.07 65852.17
Wesfarmers 58.00 -1.09 59.63 43.50 2.74 33.37 49203.71 BNP Parib 50.93 1.22 57.92 28.79 - 9.19 75520.25 HondaMtr 3448 -23.00 3663 0.00 2.63 13.24 56707.87 ABB 32.85 0.68 32.92 21.85 2.37 143.25 73723.48 Caterpillar 217.87 5.76 246.69 125.12 1.90 34.77 119346.39 Northrop 371.09 1.15 379.03 282.88 1.57 13.55 59731.09
Westpc 25.37 -0.16 27.12 16.00 3.23 38.85 69636.66 ChristianDior 671.50 19.50 717.00 335.00 0.71 60.13 143810.64 JapanTob 2090.5 10.00 2227.5 0.00 7.36 11.00 37960.78 CredSuisse 9.19 0.08 13.50 8.50 2.94 21.43 25623.18 CharlesSch 69.83 1.89 76.37 32.66 1.03 30.68 126177.45 NXP 199.61 3.62 216.43 113.25 0.85 131.84 55042.52
Woolworths 38.07 -0.48 38.62 30.48 2.58 32.54 36107.81 Cred Agr 11.79 0.29 13.49 6.51 - 12.84 43266.63 KDDI 3450 -16.00 3767 2604 3.76 11.16 72175.59 Nestle 115.20 -0.26 116.76 95.00 2.45 25.64 362782.09 Charter Comms 744.08 0.58 749.31 520.67 - 42.05 140382.72 Occid Pet 30.13 0.47 33.50 8.52 2.75 -1.90 28122.78
Belgium (€) Danone 59.46 0.18 61.60 46.03 3.69 19.05 48510.5 Keyence 56310 -840.00 59310 41780 0.38 69.25 124341.97 Novartis 84.94 0.83 86.92 70.42 3.58 26.61 229056.29 Chevron Corp 103.73 1.13 113.11 65.16 5.03 -34.63 199997.58 Oracle 88.02 2.43 88.24 53.66 1.08 21.33 245751.84
AnBshInBv 58.88 0.21 65.86 43.87 0.81-209.18 118286.88 EDF 11.38 0.08 13.58 8.06 - 108.99 42617.72 MitsbCp 3063 -3.00 3298 0.00 4.76 12.81 41318.06 Richemont 110.65 1.70 116.90 56.08 0.90 44.70 63135.27 Chubb 161.90 3.95 179.01 111.93 1.93 13.12 72802.66 Pepsico 149.44 -0.42 150.70 128.32 2.74 27.60 206470.98
KBC Grp 66.30 2.18 69.06 40.88 - 14.24 32777.89 Engie SA 11.61 0.08 13.87 10.10 - -15.66 33533.75 MitsubEst 1752 -5.50 2047.5 0.00 1.85 14.51 22134.29 Roche 353.10 -0.85 357.00 290.55 2.67 20.41 271164.55 Cigna 233.70 2.29 272.81 158.84 0.43 10.09 80193.11 Perrigo 46.78 0.16 58.83 38.20 1.96 -29.34 6247.43
EssilorLuxottica 154.34 1.54 157.90 103.05 0.78 778.34 80893.85 MitsubishiEle 1447 -18.50 1817 0.00 2.69 16.92 28209.55 Swiss Re 84.20 1.16 94.96 62.22 6.66 -29.92 29221.48 Cisco 53.73 0.47 55.35 35.28 2.70 22.31 226408.14 Pfizer 39.81 0.56 43.08 31.36 3.85 23.92 222844.19
Brazil (R$)
Hermes Intl 1235.5 31.00 1242 679.00 0.38 89.62 154749.97 MitsuiFud 2617.5 -10.50 2816.5 1645.5 1.81 13.03 22940.12 Swisscom 535.80 4.40 537.20 456.30 8.00 16.06 30338.83 Citigroup 68.03 1.30 80.29 40.49 3.01 9.31 140621.24 Phillips66 82.44 1.65 94.34 43.27 4.38 -16.81 36097.76
Ambev 17.36 -0.41 19.86 12.04 2.64 22.83 51943.43
LOreal 371.80 6.80 395.95 269.30 1.08 56.19 247324.86 MitUFJFin 586.80 0.10 660.30 392.80 4.76 14.51 72361.61 UBS 13.68 0.20 15.24 9.65 4.87 8.15 55343.12 CME Grp 207.78 0.23 221.82 146.89 1.66 34.98 74612.56 PhilMorris 99.64 1.27 100.95 68.93 4.80 17.94 155292.63
Bradesco 20.76 -0.30 24.57 16.11 2.60 13.03 19221.94
LVMH 662.40 23.20 698.90 364.50 0.72 68.10 396691.3 Mizuho Fin 1560 0.50 1732.5 1256 2.85 36.42 35965.4 Zurich Fin 365.10 5.10 411.30 297.80 5.28 15.43 60045.92 Coca-Cola 54.41 0.28 56.48 43.83 3.04 32.49 234576.99 PNCFin 187.74 4.51 203.88 97.09 2.46 21.11 79762.91
Cielo 3.53 -0.06 5.76 3.15 1.63 18.19 1823.15
Orange 9.49 0.12 11.15 8.63 6.60 5.31 29934.92 Murata Mfg 8879 -58.00 10835 0.00 1.28 34.28 54479.27 Cognizant 68.77 0.40 82.73 54.57 1.29 26.44 36270.12 PPG Inds 170.69 1.72 182.97 103.58 1.25 34.05 40469.09
ItauHldFin 26.22 -0.25 30.15 21.10 2.37 14.54 24714.65 Taiwan (NT$)
PernodRic 180.85 0.65 190.60 131.65 1.54 164.64 56190.75 Nippon T&T 2849.5 5.50 3018 2127 3.69 10.95 100919.73 ColgtPlm 82.51 0.17 86.41 72.61 2.14 26.46 69800.88 ProctGmbl 137.29 0.31 146.92 121.54 2.31 25.17 336117.88
Petrobras 28.16 -0.57 32.34 17.74 0.87 6.36 39841.76 Chunghwa Telecom 114.50 1.00 115.00 106.50 3.64 26.62 31641.07
Renault 33.50 0.77 41.42 19.67 - -1.09 11753.81 NipponTT 2849.5 5.50 3018 2127 3.69 10.95 100919.73 Comcast 58.30 0.07 59.11 39.03 1.62 22.98 267296.45 Prudntl 100.14 2.99 109.17 57.83 4.45 -98.95 39453.19
Vale 113.66 -0.44 120.45 56.06 5.56 10.88 114182.33 Formosa PetChem 110.00 2.00 117.50 78.00 2.67 139.47 37327.47
Safran 119.92 2.72 127.74 80.64 - 143.63 60787.02 Nissan Mt 576.10 -2.50 664.50 359.70 - -1.94 22076.96 ConocPhil 60.00 0.79 63.57 27.53 2.85 -23.62 80965.11 PublStor 306.83 -0.35 309.99 183.22 2.61 45.67 53688.54
Canada (C$) HonHaiPrc 114.00 - 134.50 74.10 3.63 12.63 56297.47
Sanofi 87.22 1.44 95.82 74.92 3.77 8.55 130468.92 Nomura 542.30 -2.20 721.00 463.30 4.98 5.65 15921.19 Corning 40.92 0.82 46.82 26.12 2.21 29.79 34837.52 Qualcomm 140.97 2.68 167.94 87.51 1.85 20.17 159008.52
Bausch Hlth 36.72 0.70 43.97 19.88 - -10.26 10547.21 MediaTek 919.00 3.00 1185 551.00 1.13 24.35 52063.23
Sant Gbn 57.75 1.25 58.60 30.96 - 65.10 36489.57 Nppn Stl 1783.5 -6.00 2354.5 0.00 - -7.69 15388.58 Costco 412.11 4.96 412.74 307.00 0.67 42.59 182181.09 Raytheon 86.34 0.90 89.98 51.92 2.21 -37.60 130812.86
BCE 61.96 -0.03 62.13 52.52 5.42 25.10 44928.18 TaiwanSem♦ 584.00 2.00 679.00 345.50 1.69 28.77 539446.56
Schneider 137.02 3.86 140.62 95.34 1.94 34.43 92186.91 Panasonic 1296 -8.00 1520 856.60 2.08 15.77 28870.69 CrownCstl 200.23 -0.51 202.46 146.15 2.53 88.76 86537.33 Regen Pharm 578.77 3.85 664.64 441.00 - 16.41 60594.23
BkMontrl 125.40 0.42 130.40 70.38 3.33 15.52 65071.41 Seven & I 5018 -106.00 5340 2937.5 2.15 22.59 40386.47 Thailand (THB) CSX 31.81 0.86 34.96 22.39 3.34 8.99 24092.9 S&P Global 413.61 -3.45 419.96 303.50 0.67 40.60 99633.03
SocGen 24.78 0.86 27.03 10.77 - -23.27 25084.27
BkNvaS 78.41 0.48 82.35 53.54 4.52 14.98 76335.78 ShnEtsuCh 17690 -325.00 20060 12230 1.34 24.30 66921.78 PTT Explor 37.25 - 45.00 30.50 2.81 14.13 32634.65 CVS 81.49 1.27 90.61 55.36 2.48 14.72 107280.53 Salesforce 246.76 0.96 284.50 181.93 - 55.92 228499.76
Total 39.69 0.87 42.19 24.51 6.62 -28.09 127408.73
Brookfield 63.60 0.54 65.00 38.77 0.96 59.81 80420.83 Softbank 7327 -53.00 10695 5432 0.65 16.80 114618.5 United Arab Emirates (Dhs) Danaher♦ 277.34 0.36 280.50 181.18 0.27 43.42 197820.76 Schlmbrg 31.24 0.71 36.87 13.70 1.60 -15.27 43683.91
UnibailR 75.43 2.06 85.65 29.08 7.47 -1.39 12403.37
CanadPcR♦ 92.77 1.50 100.00 68.68 0.79 23.91 49566.35 Sony 11055 80.00 12545 0.00 0.49 11.86 126575.31 Emirtestele 22.24 0.16 22.28 16.44 3.59 21.04 52656.67 Deere 349.54 5.96 400.34 156.10 0.88 31.75 109037.61 Sempra Energy 132.18 0.25 144.93 112.33 3.20 19.85 40018.91
Vinci 91.74 1.24 96.95 64.86 1.42 39.96 64967.4
CanImp 141.17 0.74 148.11 89.68 4.07 15.70 50829.77 SumitomoF 3716 -33.00 4354 2800 5.67 185.26 46358.57 Delta 42.95 0.88 52.28 24.38 - -2.09 27472.83 Shrwin-Will 274.68 1.59 293.05 190.67 0.69 35.49 73051.04
Vivendi 28.25 0.37 32.35 21.77 2.22 21.48 38517.35 United Kingdom (p)
CanNatRs 44.25 0.12 46.36 19.77 3.81-120.66 42003.27 Takeda Ph 3644 -6.00 4365 3239 5.33 29.41 52220.9 Devon Energy 28.43 0.67 31.99 7.73 1.50 -4.14 19244.27 SimonProp 127.48 2.39 136.70 59.03 4.76 35.09 41881.18
Germany (€) AscBrFd 2185 22.00 2528 1618 - 43.18 23929.4
CanNatRy 133.49 1.42 149.44 119.05 1.74 27.09 75848.29 TokioMarine 5078 -16.00 5746 4436 4.15 22.50 32158.21 DiscFinServ 121.56 6.30 125.38 45.40 1.47 33.37 37062.13 SouthCpr 65.25 2.36 83.29 39.93 2.61 23.75 50443.03
Allianz 212.10 4.35 223.50 148.60 4.50 11.13 103752 AstraZen 8648 59.00 10120 6499.8 2.38 39.38 151508.54
Enbridge 50.00 0.07 50.41 35.80 6.50 16.05 81174 Toyota 9650 -25.00 10330 0.00 2.46 13.81 285890.01 Disney 176.94 4.14 203.02 113.37 - -70.87 321478.87 Starbucks 117.46 1.47 118.98 71.82 1.47 137.82 138285.66
BASF 68.01 2.27 72.88 45.92 4.82-103.75 74112.51 Aviva 405.00 7.20 426.60 247.40 3.21 8.47 22484.54
GtWesLif 36.59 0.14 38.00 23.08 4.75 11.64 27230.54 DominRes 75.25 -0.70 86.95 67.85 4.18 20.96 60690.96 StateSt 83.52 3.93 89.28 56.63 2.50 13.72 29045.61
Bayer 50.83 0.23 64.76 39.91 5.75 -3.07 59247.33 Mexico (Mex$) Barclays 173.36 5.72 217.63 88.90 0.58 8.78 40922.15
ImpOil 36.22 0.63 42.36 14.86 2.41 -14.44 20905.31 DukeEner 100.51 -0.05 108.00 78.95 3.85 58.08 77314.2 Stryker♦ 264.57 0.63 268.04 176.07 0.91 71.51 99676.18
BMW 87.68 3.21 96.39 54.23 2.98 14.66 62624.36 AmerMvl 14.76 0.07 16.30 12.71 2.51 12.90 33496.77 BP 310.90 3.20 336.95 188.52 6.09 -7.67 85718.76
Manulife 23.89 0.19 27.68 17.58 4.65 8.23 37184.81 DuPont 78.44 1.82 87.27 50.75 1.53 -33.87 41741.24 Sychrony Fin 48.56 1.85 50.96 21.04 1.82 13.64 28242.44
Continental 118.64 1.82 132.68 79.04 2.64 -23.63 28152.94 FEMSA UBD 165.96 -1.14 174.38 112.72 1.67-121.67 18042.38 BrAmTob 2772.5 14.00 3009.5 207.50 7.59 9.94 71508.25
Nutrien 76.06 1.48 79.67 41.50 2.99 74.36 34768.13 Eaton 153.33 2.76 154.30 84.87 1.93 42.96 61102.01 T-MobileUS 146.63 -0.23 148.70 103.43 - 72.76 182826.76
Daimler 72.89 2.16 80.41 35.32 3.07 10.04 92519.96 WalMrtMex 63.57 -0.34 70.40 49.81 1.33 33.90 55838.25 BT 187.55 2.10 206.70 94.68 - 12.85 25742.17
RylBkC 125.66 -0.12 128.72 90.55 3.38 15.81 143495.77 eBay 69.66 1.01 70.77 45.36 0.95 18.33 47456.69 Target 248.46 -0.12 250.75 117.06 1.09 28.55 122919.08
Deut Bank 10.50 0.31 12.56 6.75 - 16.78 25747.3 Netherlands (€) Compass 1525 23.50 1721.63 1024.5 - -66.02 34694.55
Suncor En 28.98 0.12 31.38 14.28 2.891456.16 34804.02 Ecolab 211.82 1.99 230.00 181.25 0.90 69.49 60567.26 TE Connect 137.85 2.81 139.58 78.16 1.40 43.79 45521.46
Deut Tlkm 18.00 0.21 18.05 12.59 6.62 20.36 101686.23 ASML Hld 583.10 15.80 594.10 289.20 0.43 54.61 290216.51 Diageo 3434 0.50 3574.5 2253 2.03 70.80 119589.81
ThmReut 125.82 0.31 126.40 90.73 1.54 8.35 49984 Emerson 97.68 1.65 99.09 59.07 2.08 27.98 58578.7 Tesla Mtrs 652.07 -0.74 900.40 270.26 - 643.90 628158.89
DeutsPost 58.27 0.71 59.60 33.74 2.06 23.66 85661.73 Heineken 99.14 -1.21 103.80 74.26 1.80 58.10 67752.15 GlaxoSmh 1435.2 9.20 1669.8 1190.8 5.57 13.77 97638.71
TntoDom 84.16 0.41 89.12 57.44 3.69 12.98 122778.15 EOG Res 81.09 1.20 87.99 31.22 1.76 -77.04 47321.62 TexasInstr 190.13 1.89 197.58 125.43 2.03 28.73 175589.53
E.ON 10.13 0.04 10.81 8.27 4.74 23.67 31739.06 ING 10.88 0.28 11.68 5.65 - 17.97 50376.96 Glencore 319.40 11.75 339.40 150.59 - -31.19 63734.85
TrnCan 62.29 0.37 66.14 50.61 5.27 25.97 48864.82 EquityResTP 80.64 0.28 82.05 45.43 3.00 47.84 30159.79 TheTrvelers 152.42 3.90 162.71 105.67 2.24 13.74 38328.34
Fresenius Med 69.00 0.50 79.96 55.18 1.82 16.70 23976.37 Unilever 50.07 0.11 53.66 43.00 0.74 26.39 180810.57 HSBC 414.10 3.50 462.55 281.50 2.60 19.70 114856.58
China (HK$) Imperial Brands 1584.5 19.50 1686 1142 11.72 10.02 20905.22 Exelon 44.77 -0.16 47.36 33.97 3.46 22.01 43748.14 ThrmoFshr 516.77 -1.84 532.57 375.14 0.18 25.94 203105.02
Fresenius SE 44.51 0.77 46.53 31.03 1.97 13.94 23882.95 Norway (Kr)
AgricBkCh 2.65 -0.01 3.30 2.38 8.17 3.78 10486.24 LlydsBkg 46.71 1.10 59.94 23.59 - 18.68 46569.6 ExxonMb 61.10 0.96 64.93 31.11 5.76 -11.50 258648.06 TJX Cos 68.02 1.15 74.65 49.18 0.34 964.50 82065.26
HenkelKgaA 78.35 0.35 86.50 72.35 2.44 23.24 24150.21 DNB 186.95 2.25 198.45 125.30 4.59 13.80 33336.49
Bk China 2.74 -0.01 3.17 2.33 8.31 3.72 29495.25 Natl Grid 939.60 4.00 967.60 805.40 5.17 22.16 43628.71 Facebook 349.13 3.48 358.79 226.90 - 29.81 836531.93 Truist Financial Corp 54.58 1.60 62.69 33.47 3.31 16.35 73401.65
Linde 246.70 5.00 250.65 183.15 1.35 53.17 152211.34 Equinor 177.66 1.60 193.40 116.30 2.79 -22.40 66340.15
BkofComm♦ 4.62 -0.04 5.26 3.66 8.12 3.74 20822.96 Natwest Group 202.40 6.05 214.20 90.54 1.48 -57.83 33503.7 Fedex 295.72 2.48 319.90 155.32 0.87 26.50 78465.63 UnionPac 221.88 3.54 231.26 164.67 1.75 28.63 147395.44
MuenchRkv 230.85 5.30 269.30 194.10 4.22 20.57 38372 Telenor 149.65 1.05 161.45 138.25 5.97 13.36 24087.79
BOE Tech 0.96 - 1.10 0.51 - -9.76 24.59 Prudential 1379 37.00 1598.5 861.00 1.66 23.10 49356.24 FordMtr 14.41 0.35 16.46 5.74 - 14.52 56498.62 UPS B 213.72 1.65 219.59 113.05 1.91 137.13 154587.35
SAP 124.72 1.54 143.32 89.93 1.26 27.60 181786.86
Ch Coms Cons♦ 3.69 -0.04 4.93 3.21 7.50 3.04 2098.86 Qatar (QR) ReckittB 6432 -29.00 8020 5782 2.71 40.38 62658.34 Franklin 32.03 0.95 35.94 17.97 3.44 20.29 16150.93 USBancorp 56.54 1.50 62.47 34.01 2.98 14.88 84218.94
Siemens 132.84 1.82 145.96 94.84 3.06 24.62 133966.9
Ch Evrbrght 2.83 -0.01 3.54 2.40 8.96 3.90 4618.99 QatarNtBk 17.90 -0.08 19.00 16.35 2.51 15.47 45400.28 RELX 2008 22.00 2023 1484.9 2.28 31.77 53706.7 GenDyn 189.68 1.66 197.51 129.17 2.33 17.12 53601.74 UtdHlthcre 411.31 1.36 425.98 287.10 1.19 25.35 388154.12
Volkswgn 281.20 15.80 357.40 131.80 1.78 16.23 98450.8
Ch Rail Cons 5.02 -0.01 7.19 4.07 4.92 2.70 1341.76 Russia (RUB) RioTinto 6106 240.00 6876.26 4226.5 4.61 13.92 113289.51 GenElectric 13.13 0.26 14.42 5.93 0.31-121.59 115292.53 ValeroEngy 72.06 1.80 84.95 35.44 5.45-104.16 29455.26
Ch Rail Gp 3.92 - 4.74 3.33 5.07 3.09 2123.18 Hong Kong (HK$) GenMills 59.67 0.01 66.14 53.96 3.32 14.64 36229.21 Verizon 56.10 0.42 61.95 53.75 4.46 12.24 232253.65
Gzprm neft 295.28 5.80 13230.22 2.25 - - 94100.56 RollsRoyce 101.00 0.28 137.45 34.59 - -1.91 2598.55
ChConstBk♦ 5.55 -0.05 6.74 4.93 6.85 4.37 171768.56 AIA 94.55 0.35 109.30 68.85 1.38 25.06 147235.06 GenMotors 58.18 2.12 64.30 23.33 0.66 13.28 84400.03 VertexPharm 198.29 0.55 304.00 185.33 - 18.85 51331.17
Lukoil 6649 15.22 6983.62 3718.45 - - 62016.08 RylDShlA 1468.4 8.40 1718.36 878.10 3.21 -9.85 93382.5
China Vanke 24.35 -0.05 35.00 22.95 4.93 5.66 5935.5 BOC Hold 25.40 -0.20 29.55 20.05 5.74 10.00 34570.66 GileadSci 68.18 0.49 78.94 56.56 4.04 673.62 85503.6 VF Cp 82.55 1.69 90.79 57.59 2.37-177.32 32387.04
MmcNrlskNckl 24800 281.22 28011.97 343.80 - - 52830.15 StandCh 454.10 8.10 533.20 334.25 1.44 22.70 20709.79
ChinaCitic♦ 3.63 -0.01 4.29 2.93 7.88 3.47 6954.43 Ch OSLnd&Inv♦ 17.72 -0.14 25.70 14.92 6.23 3.69 24966.44 GoldmSchs 369.87 10.93 393.26 185.52 1.37 14.77 125667.84 ViacomCBS 42.17 0.71 101.97 21.67 2.30 11.17 25537.57
Novatek 1627 - 13307.81 953.54 - - 66501.57 Tesco 237.70 3.45 317.55 217.10 4.88 17.74 26923.18
ChinaLife♦ 13.92 - 20.50 13.82 6.32 6.54 13334.14 ChngKng 52.90 -1.90 56.05 35.65 3.68 11.80 24812.44 Halliburton 22.29 0.68 25.00 10.60 0.81 -11.17 19827.39 Visa Inc 239.18 2.57 241.04 179.23 0.52 49.29 404646.19
Rosneft 585.00 7.00 39143.78 133.30 - - 83461.5 Vodafone 118.64 0.78 157.52 1.56 6.88 15.30 43777.31
ChinaMBank 61.55 0.30 72.45 35.60 2.32 13.08 36375.68 Citic Ltd♦ 8.23 -0.07 9.32 5.20 4.74 4.16 30819.97 HCA Hold 218.09 4.04 219.96 92.06 0.22 16.26 72112.66 Walgreen 47.22 0.50 57.05 33.36 3.90 -67.13 40844.7
Sberbank 301.90 4.37 568.52 2.82 - - 87731.08 WPP 967.60 17.20 1024.46 558.00 1.03 -3.98 16947.34
ChinaMob 46.70 -0.10 60.40 39.00 7.58 7.37 123093.89 Citic Secs 17.46 0.18 22.00 15.22 3.40 11.85 5120.88 Hew-Pack 30.40 0.48 36.00 16.02 2.39 12.73 36518.17 WalMartSto 140.59 1.00 153.66 124.95 1.55 29.38 393954.26
Surgutneftegas 35.87 -0.03 43.50 30.34 - - 17248.51 United States of America ($)
ChinaPcIns 23.05 -0.35 42.75 20.85 6.24 7.49 8235.04 CK Hutchison 57.65 -0.40 65.80 45.80 5.12 7.52 28560.51 HiltonWwde 125.46 2.33 132.69 71.86 0.12 -48.05 34944.84 WellsFargo 43.58 1.26 48.13 20.76 1.86 29.98 180141.05
CNOOC 8.41 0.01 10.60 6.50 8.46 12.49 48336.68 Saudi Arabia (SR) 21stC Fox A 36.20 0.50 44.80 23.93 1.29 14.03 11833.53
ChMinsheng♦ 3.71 - 5.26 3.70 11.87 4.66 3973.69 HomeDep 321.50 2.96 345.69 246.35 1.91 23.45 341837.59 Williams Cos 26.49 0.25 28.35 18.09 6.09 27.81 32179.05
HangSeng 152.50 -0.40 166.70 110.00 4.45 17.99 37532.47 AlRajhiBnk 108.40 -2.40 115.00 56.50 0.92 23.52 72248.38 3M 201.22 2.95 208.95 148.80 2.93 20.54 116642.2
ChMrchSecs 18.36 0.12 28.18 17.82 1.81 16.24 21012.96 Honywell 223.99 4.67 234.02 140.90 1.64 34.16 155573.51 Yum!Brnds 118.20 0.88 122.73 85.69 1.61 39.73 35211.92
HK Exc&Clr 490.00 - 587.00 335.40 1.39 53.17 79973.24 Natnlcombnk 56.40 -0.80 59.50 35.60 - 14.65 45108.57 AbbottLb 119.83 0.57 128.54 91.71 1.28 37.46 212907.47
Chna Utd Coms 4.19 - 5.72 4.01 1.43 22.47 19871.53 HumanaInc♦ 456.66 2.16 475.44 370.22 0.57 16.19 58915.73 Venezuela (VEF)
MTR♦ 44.20 0.10 49.00 37.65 2.82 -55.89 35182.46 SaudiBasic 117.00 -2.00 128.20 86.10 3.185812.05 93576.3 Abbvie 116.87 0.52 118.28 79.11 4.15 43.33 206418.23
ChShenEgy♦ 14.92 - 18.32 12.42 10.12 6.09 6487.06 IBM 141.41 0.67 152.84 105.92 4.62 23.99 126353.06 Bco de Vnzla 375000-25000.00 500000 7000 195.38 - 419.97
SandsCh 30.85 -0.10 40.55 26.50 3.25 -20.85 32141.05 SaudiTelec 128.80 - 139.80 94.00 3.10 23.39 68675.94 Accenture 312.62 3.47 316.22 210.42 1.06 37.43 208339.87
ChShpbldng 4.09 - 5.44 3.94 - -257.58 11531.48 IllinoisTool♦ 227.13 3.30 242.07 172.29 1.98 32.50 71744.87 Bco Provncl 5190000 40000 6900000 455000 - -15.58 171.84
SHK Props 113.50 0.20 126.00 90.50 4.42 14.95 42339.58 Singapore (S$) Adobe 602.47 -3.48 607.67 416.29 - 53.04 287018.76
ChStConEng 4.60 - 5.61 4.58 3.99 4.00 28830.42 Illumina 477.48 4.62 555.77 260.42 - 111.26 69711.35 Mrcntl Srvcs 5440000-9000.00 6600000 510000 0.02 2.41 101.70
Tencent 538.50 10.50 775.50 499.40 0.25 27.11 665206.69 DBS 29.66 0.12 30.88 19.45 4.08 13.72 56356.67 AEP 84.87 -0.44 94.21 74.80 3.40 18.52 42413.82
ChUncHK 4.13 0.01 6.70 3.95 4.29 8.04 16267.8 Intcntl Exch 118.26 0.20 121.97 90.84 1.04 31.54 66552.68
JardnMt US$ 63.93 -1.24 68.88 37.37 2.72 -59.04 46135.61 Aetna - - - - - - -
CNNC Intl 4.95 -0.04 5.77 4.27 2.44 12.51 11881.28 India (Rs) Intel 55.89 0.50 68.49 43.61 2.40 12.53 225663.63 Closing prices and highs & lows are in traded currency (with variations for that
OCBC 11.91 0.17 12.77 8.36 3.72 12.09 39413.16 Aflac 53.18 0.85 57.57 33.37 2.21 6.83 36144.7
CSR 3.33 0.06 4.22 2.53 5.36 6.84 1873.79 Bhartiartl 536.25 10.95 623.00 394.00 0.39 -9.54 39458.73 Intuit 502.05 -4.04 508.63 280.99 0.45 75.51 137189.81 country indicated by stock), market capitalisation is in USD. Highs & lows are
SingTel 2.26 0.01 2.63 2.00 5.74 20.93 27611.96 AirProd 291.05 3.69 327.89 245.75 1.90 34.39 64413.51
Daqin 6.04 -0.05 7.11 6.02 7.88 8.12 13846.78 HDFC Bk 1502 -18.45 1641 993.00 - 27.27 111219.31 John&John 169.75 0.67 173.65 133.65 2.39 29.91 447018.97 based on intraday trading over a rolling 52 week period.
UOB 25.74 0.16 26.84 18.85 3.78 14.80 31934.87 Alexion 184.42 1.02 186.52 99.91 - 59.72 40760.37
GuosenSec 10.54 0.05 16.14 10.40 1.88 14.76 14346.72 Hind Unilevr 2451.45 3.90 2533.95 2000.05 1.57 70.38 77171.66 JohnsonCn 70.23 1.32 70.41 33.31 1.50 54.72 50334.9 ♦ ex-dividend
Allstate 133.17 2.77 140.00 84.97 1.64 7.60 39862.93
HaitongSecs 6.70 0.11 8.57 6.31 4.95 5.75 2940.75 HsngDevFin 2496.45 -15.60 2896 1623 0.87 24.35 60398.25 South Africa (R) JPMrgnCh 155.03 4.09 167.44 90.78 2.33 12.27 469295.67
Alphabet 2507.06 6.18 2545.68 1402.15 - 33.33 753990.38 ■ ex-capital redistribution
Hngzh HikVDT 60.36 -0.70 70.48 33.48 1.15 40.19 75971.2 ICICI Bk 638.55 -3.35 679.40 333.75 - 28.34 59248.16 Firstrand 56.03 0.86 59.82 35.52 2.56 22.59 22061.89 Kimb-Clark 135.28 -0.02 160.16 128.02 3.22 20.23 45647.75
Altria 47.45 1.02 52.59 35.83 7.23 20.22 87812.77 # price at time of suspension
Hunng Pwr 2.65 -0.04 4.12 2.44 6.25 55.17 1603.49 Infosys 1562.9 2.15 1591 773.50 1.38 35.07 89230.52 MTN Grp 105.47 2.36 109.41 52.65 3.30 11.48 13949.91 KinderM 18.53 0.36 19.29 11.45 5.68 22.82 41962.72
Amazon 3727.01 -4.40 3759.99 2871 - 70.651879619.61
IM Baotou Stl 1.86 0.17 2.24 1.12 - 71.00 9085.66 ITC 201.35 -0.65 239.20 163.35 5.21 18.05 33205.69 Naspers N 2735.45 -14.55 3888 2685 - 26.39 83623.32 Kraft Heinz 39.88 0.28 44.95 28.56 4.02 90.39 48774.96
AmerAir 20.89 0.54 26.09 10.63 - -1.38 13398.49
In&CmBkCh♦ 4.50 -0.02 5.75 3.96 6.94 4.40 50278.92 L&T 1499.6 -1.10 1593 843.00 0.55 61.56 28218.99 South Korea (KRW) Kroger 38.37 0.49 42.99 30.35 1.79 11.65 28669.58
AmerExpr 171.56 4.06 174.76 89.11 1.01 28.05 137814.64
IndstrlBk 20.31 -0.39 28.07 15.50 3.72 6.36 61432.42 OilNatGas 117.90 0.85 128.50 64.10 4.38 158.38 19872.19 HyundMobis 276500-5000.00 405000 191000 1.55 15.76 22810.4 L Brands 73.40 2.02 74.61 15.07 0.41 24.29 20318.68
AmerIntGrp 46.54 1.68 54.08 25.57 2.78 -6.68 39937.87
Kweichow 1972.11 -12.89 2627.88 1585 0.86 52.51 382016.92 RelianceIn 2071.2 -21.40 2369.35 1798 0.32 26.91 187648.32 KoreaElePwr 24300 -200.00 30050 18700 5.09 7.46 13576.19 LasVegasSd 51.42 1.17 66.77 42.58 - -21.02 39279.24
AmerTower 276.02 -1.90 280.21 197.50 1.65 63.87 122772.61
Midea 0.62 - 0.85 0.52 - -3.89 24.03 SBI NewA 423.75 -0.70 441.95 175.50 - 15.77 50668.95 SK Hynix 119500-2000.00 150500 71300 1.00 15.71 75711.49 LibertyGbl 26.25 0.60 29.07 18.73 - -9.61 4734.38
Amgen 245.46 1.18 276.69 210.28 2.68 20.28 141030.02
New Ch Life Ins 23.45 -0.10 36.75 23.40 7.08 3.86 3121.72 SunPhrmInds 667.90 1.00 721.85 452.25 0.62 64.29 21470.65 SmsungEl 79400 -500.00 96800 52300 4.04 19.31 412515.32 Lilly (E) 238.00 0.88 239.37 129.21 1.29 35.53 228248.06
Anthem 388.14 3.97 406.00 244.10 1.03 20.65 95032.45
PetroChina♦ 3.49 -0.01 3.96 2.16 4.50 28.31 9479.1 Tata Cons 3208.15 -50.35 3399.65 2125.1 0.93 36.15 158996.62 Spain (€) Linde 292.79 5.80 305.71 214.14 1.35 53.19 152256.9
Aon Cp 235.81 0.60 260.97 179.52 0.77 25.67 53208.75
PingAnIns 71.25 -0.40 103.60 71.00 3.50 7.39 68310.14 Israel (ILS) BBVA 5.23 0.18 5.55 2.13 - 10.74 41351.43 Lockheed 382.36 2.44 402.38 319.81 2.62 15.27 106270.84
Apple 145.23 1.99 145.44 89.15 0.57 32.402423576.36
PngAnBnk 21.27 -0.24 25.31 13.10 - 15.10 63648.94 TevaPha 30.99 -1.18 43.95 28.79 - -2.61 10435.63 BcoSantdr 3.13 0.07 3.51 1.44 - -6.73 64385.8 Lowes 195.34 2.54 215.22 134.05 1.19 25.02 138083.92
Aptiv 156.03 4.75 160.53 74.00 0.14 23.15 42200.3
Pwr Cons Corp 3.86 0.01 4.88 3.57 1.02 7.65 6633.37 CaixaBnk 2.56 0.08 2.90 1.52 2.72 2.58 24434.88 Lyondell 102.85 3.84 118.02 61.52 4.09 14.61 34388.3
Italy (€) ArcherDan 60.27 1.14 69.30 37.54 2.41 16.33 33672.98
SaicMtr 21.93 0.64 28.80 17.78 3.98 9.84 39509.73 Iberdrola♦ 10.28 0.07 12.57 10.01 3.86 20.29 78280.39 Marathon Ptl 58.53 1.08 64.84 26.56 3.97 -19.59 38199.59
Enel 7.92 0.04 9.05 6.73 4.30 30.68 95581.43 AT&T 28.44 0.26 33.88 26.35 7.33 -83.41 203025.9
ShenwanHong 0.07 0.00 0.10 0.03 - -7.36 76.64 Inditex 29.73 0.58 32.85 20.86 1.21 81.18 109934.23 Marsh&M 142.26 0.74 142.94 102.11 1.31 32.47 72341.21
ENI 10.08 0.12 10.83 5.73 5.69 -3.99 43120.82 AutomData 202.87 1.01 203.55 127.31 1.82 35.13 86324.9
ShgPdgBk 9.91 -0.03 12.09 9.22 6.01 5.64 44854.48 Repsol 9.85 0.12 11.55 5.04 7.87 -7.03 17846.36 MasterCard 372.58 2.39 401.50 281.20 0.44 56.99 366210.77
Generali 16.89 0.32 17.92 11.18 3.09 13.37 31673.91 Avago Tech 477.64 7.14 495.14 304.18 2.82 54.81 195956.85
Sinopec Corp 3.71 -0.02 4.69 2.95 6.13 5.37 12184.96 Telefonica 3.76 0.04 4.22 2.71 10.73 15.03 24309.74 McDonald's 235.05 2.21 238.18 182.62 2.17 36.81 175388.27
IntSPaolo 2.28 0.05 2.49 1.38 - 17.87 52653.64 BakerHu 22.60 0.63 26.57 12.13 3.20 70.42 17485
Sinopec Oil 2.18 0.06 2.37 1.74 - 91.70 4561.48 McKesson 189.93 1.36 204.66 139.77 0.88 -6.70 30044.32
Unicred 9.75 0.31 11.04 6.09 - 35.44 25867.13 Sweden (SKr) BankAm 39.87 1.09 43.49 22.39 1.81 17.07 341658.69
Denmark (kr) Medtronic 128.43 0.99 132.30 89.22 1.79 59.85 172597.61
Japan (¥) AtlasCpcoB 458.70 6.20 482.40 336.00 1.51 37.58 20864.26 Baxter 80.93 -0.40 91.45 74.79 1.21 38.99 40695.81
DanskeBk 113.60 1.10 125.60 80.28 1.75 10.83 15626.31 Merck 78.21 0.09 83.72 15.32 3.21 27.80 198019.62
AstellasPh 1871 5.50 2025 0.00 2.37 23.20 31627.05 Ericsson 112.14 0.64 121.80 85.90 1.54 20.40 40160.91 BectonDick 249.04 -1.96 284.97 219.50 1.30 44.43 72425.44
MollerMrsk 18045 -30.00 18895 7954 0.78 19.62 25645.16 Metlife 58.86 2.17 67.68 35.15 3.13 46.61 51526.92
Bridgestne 4956 -48.00 5229 3078 2.22 173.45 32114.48 H&M 198.38 3.54 229.50 132.55 - -185.20 33776.64 BerkshHat 420197.51 8357.5 445000 267307 - 6.45 268081.81
NovoB 544.60 2.40 548.80 400.20 1.65 29.00 154013.05 Microsoft 277.26 -0.16 280.69 196.25 0.77 37.672088204.36
Canon 2477 12.00 2742 0.00 3.23 24.50 29995.75 Investor 205.20 2.80 206.00 124.95 1.08 3.40 43578.92 Biogen 369.83 0.78 468.55 223.25 - 19.00 55678.91
Mnstr Bvrg 90.19 0.35 99.24 69.54 - 33.76 47673.56
BkNYMeln 49.64 1.30 52.90 32.65 2.53 12.81 43460.27
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
BOE Tech 0.96 0.96 0.00 0.00 0.17 21.5 20.00 Hunng Pwr 2.65 2.69 -0.04 -1.49 -0.39 -12.8 -7.34 Jul 09 date Coupon S* M* F* price yield yield yield US Jul 09 date Coupon S* M* F* price yield yield yield US
IM Baotou Stl 1.86 1.69 0.17 10.06 0.31 20.0 16.25 New Ch Life Ins 23.45 23.55 -0.10 -0.42 -3.05 -11.5 -17.14 High Yield US$ US$
Sinopec Oil 2.18 2.12 0.06 2.83 0.21 10.7 11.22 BkofComm 4.62 4.66 -0.04 -0.86 -0.60 -11.5 -11.15 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 -
Oracle 88.02 85.59 2.43 2.84 6.20 7.6 4.19 Ch Evrbrght 2.83 2.84 -0.01 -0.35 -0.34 -10.7 -12.96 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Amazon 3727.01 3731.41 -4.40 -0.12 216.03 6.2 13.67 Citic Secs 17.46 17.28 0.18 1.04 -2.02 -10.4 -17.64 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 -
Biogen 369.83 369.05 0.78 0.21 21.11 6.1 -9.02 MitsubishiEle 1447.00 1465.50 -18.50 -1.26 -165.50 -10.3 -19.53 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
HK Exc&Clr 490.00 490.00 0.00 0.00 27.20 5.9 3.91 ChinaLife 13.92 13.92 0.00 0.00 -1.48 -9.6 -12.56 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Tesco 237.70 234.25 3.45 1.47 13.10 5.8 4.19 ChConstBk 5.55 5.60 -0.05 -0.89 -0.56 -9.2 -11.04 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 -
Firstrand 56.03 55.17 0.86 1.56 2.99 5.6 -0.62 Daqin 6.04 6.09 -0.05 -0.82 -0.54 -8.2 -11.95 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
Murata Mfg 8879.00 8937.00 -58.00 -0.65 397.00 4.7 5.15 Tencent 538.50 528.00 10.50 1.99 -45.50 -7.8 -10.15 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
SAP 124.72 123.18 1.54 1.25 5.42 4.5 5.34 ValeroEngy 72.06 70.26 1.80 2.56 -6.01 -7.7 -12.12 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Nissan Mt 576.10 578.60 -2.50 -0.43 24.80 4.5 3.29 PetroChina 3.49 3.50 -0.01 -0.29 -0.29 -7.7 3.58 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Rosneft 585.00 578.00 7.00 1.21 24.33 4.3 6.68 Naspers N 2735.45 2750.00 -14.55 -0.53 -224.13 -7.6 -8.21 Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
Gzprm neft 295.28 289.48 5.80 2.00 11.90 4.2 7.79 Occid Pet 30.13 29.66 0.47 1.58 -2.45 -7.5 6.31
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Apple 145.23 143.24 1.99 1.39 5.27 3.8 14.13 Repsol 9.85 9.73 0.12 1.20 -0.78 -7.3 -12.77
Russia 06/28 12.75 - Baa3 BBB 168.12 2.48 0.07 0.05 - Mexico 06/26 1.09 - Baa1 BBB- 98.73 1.34 -0.02 -0.14 0.27
ABB 32.85 32.17 0.68 2.11 1.12 3.5 4.95 ChinaMBank 61.55 61.25 0.30 0.49 -4.70 -7.1 -10.71
Costco 412.11 407.15 4.96 1.22 13.17 3.3 8.48 Carnival 24.22 23.72 0.50 2.10 -1.84 -7.1 -20.57 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
Formosa PetChem 110.00 108.00 2.00 1.85 3.50 3.3 2.33 Hngzh HikVDT 60.36 61.06 -0.70 -1.15 -4.14 -6.4 1.17 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Hitachi 6558.00 6479.00 79.00 1.22 197.00 3.1 7.85 PingAnIns 71.25 71.65 -0.40 -0.56 -4.80 -6.3 -12.29 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
Volvo 211.95 209.75 2.20 1.05 5.85 2.8 -6.59 Halliburton 22.29 21.61 0.68 3.12 -1.50 -6.3 -8.18 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.48 -0.26 - - -0.36 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
Jul 09 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jul 09 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 16.32 -2.68 19.00 41.16 14.10 Jul 09 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 15.10 -2.24 17.34 51.68 7.84 Tr 3.75pc '21 100.57 0.04 0.00 0.00 0.00 -300.00 102.75 100.00 29.00
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 219.85 -0.16 -0.31 -3.31 -1.39 3.91 VXN 21.49 -2.11 23.60 47.63 18.73 Tr 4pc '22 102.60 0.02 0.00 100.00 100.00 -122.22 106.79 102.60 38.77
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 402.52 -0.01 1.00 -1.54 1.72 3.28 VDAX 17.87 -2.36 20.23 93.30 - Tr 0.125pc '23 100.06 0.09 28.57 80.00 28.57 -280.00 100.60 100.00 33.82
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 340.67 0.19 0.74 -0.25 0.74 -0.25 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 0.125pc '24 99.89 0.17 21.43 6.25 13.33 -288.89 104.35 99.72 34.12
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 244.19 0.08 0.50 0.01 0.63 3.76 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.25pc '25 100.02 0.25 25.00 -3.85 25.00 -516.67 123.75 99.96 4.23
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 257.68 -0.01 0.79 -2.21 0.97 0.47 Tr 0.125pc '26 99.24 0.29 16.00 -9.38 -12.12 -3000.00 101.14 98.61 33.89
Gilts( £) 363.34 0.09 1.62 -4.19 2.47 -4.91 BONDS: BENCHMARK GOVERNMENT Tr 1.25pc '27 105.06 0.40 17.65 -6.98 -13.04 1900.00 109.23 104.13 39.34
INTEREST RATES: MARKET Global Inflation-Lkd 316.81 0.31 1.01 0.73 -0.16 8.00 Red Bid Bid Day chg Wk chg Month Year Tr 0.875pc '29 102.24 0.60 13.21 -6.25 -14.29 500.00 107.70 100.42 41.87
Over Change One Three Six One Markit iBoxx £ Non-Gilts 388.89 0.01 0.96 -1.53 1.60 2.26 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 136.26 0.78 9.86 -6.02 -11.36 188.89 147.41 133.57 38.71
Jul 09 (Libor: Jul 08) night Day Week Month month month month year Overall ($) 281.26 0.24 0.78 -1.19 0.78 -1.19 Australia 11/22 2.25 103.02 0.02 0.00 0.02 0.02 -0.23 Tr 4.25pc '36 144.77 0.97 7.78 -4.90 -9.35 120.45 158.28 140.76 30.41
US$ Libor 0.08613 0.001 0.000 -0.003 0.10038 0.11900 0.15700 0.23888 Overall( £) 366.41 0.06 1.44 -3.46 2.24 -2.96 05/32 1.25 98.88 1.36 -0.07 -0.20 -0.21 0.37 Tr 4.5pc '42 163.99 1.13 6.60 -4.24 -8.13 88.33 182.64 157.72 27.21
Euro Libor -0.58600 0.003 0.001 -0.001 -0.58300 -0.55214 -0.52971 -0.49143 Overall(€) 249.82 0.04 0.70 -1.63 0.84 0.96 Austria 05/34 2.40 129.93 0.06 -0.01 -0.11 -0.11 0.09 Tr 3.75pc '52 167.31 1.16 6.42 -4.13 -8.66 93.33 192.54 158.62 24.10
£ Libor 0.04088 0.000 -0.001 0.000 0.05450 0.07688 0.09900 0.16863 Treasuries ($) 257.45 0.28 0.87 -1.87 0.87 -1.87 02/47 1.50 125.49 0.44 -0.01 -0.12 -0.11 0.18 Tr 4pc '60 190.59 1.11 6.73 -3.48 -8.26 101.82 223.28 179.62 24.12
Swiss Fr Libor 0.000 -0.80720 -0.75400 -0.71180 -0.59380 FTSE Belgium 10/23 0.20 102.00 -0.67 0.00 -0.02 -0.03 -0.10 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor -0.013 -0.07817 -0.07617 -0.06583 0.04550 Sterling Corporate (£) - - - - - - Canada - - - - - - -
Euro Euribor
Sterling CDs
-0.002
0.000
-0.55600
0.50000
-0.54600
0.63000
-0.51500
0.78500
-0.49300 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 11/22 2.00 102.49 0.14 -0.05 -0.09 -0.09 -0.13 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 696.95 9.55 - - 3.97 7.70 Denmark 11/22 0.25 101.08 -0.55 0.01 -0.01 -0.01 0.01
US$ CDs 0.000 0.14000 0.19000 0.22000 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 114.99 -1.39 0.01 -0.09 -0.09 -0.23 Price Indices Day's Total Return Return
Euro CDs 0.000 -0.53000 -0.51000 -0.52000 Fixed Coupon Jul 09 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 103.88 -0.68 -0.01 -0.03 -0.04 -0.09
04/31 0.75 108.80 -0.14 -0.01 -0.10 -0.11 0.04 1 Up to 5 Years 88.02 -0.08 2476.00 -0.02 -0.60 0.17
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 180.60 -0.40 3728.31 0.47 -2.76 0.53
Jul 09 term notice month month month year Markit iTraxx France 05/23 1.75 104.52 -0.65 0.00 -0.01 -0.01 -0.06
3 10 - 15 Years 214.29 -0.71 4726.09 1.04 -4.58 0.89
Euro -0.74 -0.44 -0.70 -0.40 -0.68 -0.38 -0.66 -0.36 -0.67 -0.37 -0.66 -0.36 Crossover 5Y 233.03 -4.90 5.94 -6.80 273.86 224.88 05/27 1.00 108.31 -0.40 -0.01 -0.07 -0.08 -0.03
4 5 - 15 Years 188.14 -0.51 3974.74 0.67 -3.29 0.70
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 Europe 5Y 46.67 -0.95 0.86 -1.74 55.28 45.58 Germany - - - - - - -
5 Over 15 Years 366.25 -1.41 6086.06 2.02 -9.82 1.12
US Dollar 0.11 0.31 0.02 0.22 0.04 0.24 0.09 0.29 0.12 0.32 0.18 0.38 Japan 5Y 45.82 0.37 0.61 -0.53 49.50 44.56 08/23 2.00 105.77 -0.72 -0.01 -0.02 -0.03 -0.02
7 All stocks 183.30 -0.78 3970.03 1.05 -5.63 0.99
Japanese Yen -0.10 0.00 -0.10 0.00 -0.10 0.10 -0.10 0.10 -0.15 0.15 -0.15 0.15 Senior Financials 5Y 54.32 -1.13 0.87 -2.50 64.29 52.84 02/27 0.25 104.97 -0.62 -0.02 -0.08 -0.08 0.02
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/50 0.00 95.16 0.17 -0.02 -0.13 -0.12 0.18 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 4.30 121.70 0.39 0.01 -0.11 -0.09 -0.93
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Jul 09 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 162.40 5.72 6.69 13.92 191.34 148.48
Ireland - - - - - - - 1 Up to 5 Years 304.50 -0.15 -0.66 0.37 2538.67 -0.37 1.62
Nth Amer High Yld 5Y 282.38 7.09 9.83 3.97 316.77 269.30
- - - - - - - 2 Over 5 years 830.60 -1.52 0.18 -2.00 6291.89 0.18 -1.64
Nth Amer Inv Grade 5Y 49.04 1.07 1.47 0.06 58.09 46.88
10/22 0.00 100.74 -0.58 0.01 -0.01 0.00 -0.06 3 5-15 years 510.70 -0.63 0.27 -1.76 4083.51 0.27 -1.02
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 101.43 -0.45 0.01 -0.01 -0.02 -0.54 4 Over 15 years 1097.83 -1.82 0.14 -2.17 8091.26 0.14 -1.96
11/25 2.50 111.00 -0.03 0.02 -0.02 -0.04 -0.73 5 All stocks 737.80 -1.37 0.09 -1.89 5696.08 0.12 -1.44
05/31 6.00 150.43 0.68 0.01 -0.05 -0.07 -0.64
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 138.19 1.67 0.02 -0.06 -0.08 -0.46 Yield Indices Jul 09 Jul 08 Yr ago Jul 09 Jul 08 Yr ago
Japan 04/23 0.05 99.93 0.09 0.00 0.00 0.00 0.03 5 Yrs 0.31 0.26 -0.12 20 Yrs 1.16 1.10 0.63
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/27 0.10 101.30 -0.12 -0.01 -0.02 -0.03 -0.02 10 Yrs 0.75 0.69 0.19 45 Yrs 1.06 1.00 0.52
Crude Oil† Jul 73.62 0.47 Corn♦ Sep 532.50 -3.50 Jul 08 Jul 08 Prev return stock Market stocks
06/34 1.50 117.26 0.15 0.00 -0.02 -0.04 -0.06 15 Yrs 1.04 0.97 0.49
Brent Crude Oil‡ 75.40 1.03 Wheat♦ Sep 617.25 -1.75 Can 4.25%' 26 129.26 -1.015 -1.015 0.47 5.25 80746.71 7
12/49 0.40 93.98 0.63 -0.01 -0.02 -0.04 0.06
RBOB Gasoline† Jul 2.27 0.01 Soybeans♦ Aug 1369.25 1.00 Fr 1.10%' 22 103.45 -2.136 -2.136 -0.04 19.85 271461.50 17
Netherlands 07/23 1.75 104.99 -0.71 0.00 -0.01 -0.02 -0.09 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Aug 355.40 -1.80 Swe 1.00%' 25 120.15 -1.675 -1.675 0.41 33.01 196998.90 6
07/27 0.75 107.78 -0.52 -0.01 -0.08 -0.09 -0.06 Real yield Jul 09 Dur yrs Previous Yr ago Jul 09 Dur yrs Previous Yr ago
Natural Gas† Jul 3.70 0.02 Cocoa (ICE Liffe)X Sep 1608.00 24.00 UK 1.875%' 22 107.82 -3.638 -3.638 -0.04 15.74 829889.87 31
Ethanol♦ - - Cocoa (ICE US)♥ Sep 2323.00 39.00 New Zealand 04/27 4.50 118.57 1.16 -0.06 -0.08 -0.08 0.49 Up to 5 yrs -2.86 2.79 -2.91 -2.49 -3.17 2.79 -3.23 -2.81
UK 2.50%' 24 357.83 -3.000 -3.000 0.16 6.82 829889.87 31
Uranium† - - Coffee(Robusta)X Jul 1682.00 -46.00 05/31 1.50 99.36 1.57 -0.08 -0.21 -0.21 0.59 Over 5 yrs -2.21 23.83 -2.28 -2.33 -2.23 23.87 -2.29 -2.34
UK 2.00%' 35 297.13 -2.525 -2.525 1.49 9.08 829889.87 31
Carbon Emissions‡ - - Coffee (Arabica)♥ Jul 149.30 0.00 05/31 1.50 99.36 1.57 -0.08 -0.21 -0.21 0.59 5-15 yrs -2.58 9.36 -2.65 -2.76 -2.67 9.36 -2.74 -2.85
US 0.625%' 23 105.52 -2.410 -2.410 -0.03 47.03 1718067.39 44
White SugarX 452.70 21.70 Norway 08/30 1.38 101.62 1.19 -0.07 -0.11 -0.15 0.55 Over 15 yrs -2.17 28.53 -2.24 -2.27 -2.18 28.54 -2.25 -2.28
Diesel† - - US 3.625%' 28 135.37 -1.349 -1.349 0.62 16.78 1718067.39 44
Sugar 11♥ 17.23 -0.11 08/30 1.38 101.62 1.19 -0.07 -0.11 -0.15 0.55 All stocks -2.22 21.62 -2.28 -2.33 -2.24 21.68 -2.31 -2.35
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2506.00 55.50 Cotton♥ Oct 87.85 0.45 Portugal 10/22 2.20 103.65 -0.66 -0.01 -0.03 -0.03 -0.18 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 2060.00 160.00 Orange Juice♥ Sep 126.80 -0.95 04/27 4.13 125.73 -0.30 0.00 -0.07 -0.10 -0.36 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 9535.00 207.00 Palm Oil♣ - - Spain 10/22 0.45 101.35 -0.58 -0.01 -0.02 -0.03 -0.18 Gilt Closing Prices information contained herein is proprietary to
Lead 2329.50 31.50 Live Cattle♣ Aug 119.40 -1.03 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 120.18 -1.04 0.04 -0.02 -0.03 -0.61 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 18725.00 345.00 Feeder Cattle♣ May 134.88 - Sweden 11/23 1.50 104.22 -0.30 -0.01 -0.03 -0.05 0.04 accurate, complete or timely; and does not constitute investment advice.
Tin 31865.00 140.00 Lean Hogs♣ Aug 100.75 -8.73 Spread Spread Spread Spread 06/26 0.13 118.69 -1.69 -0.03 -0.09 -0.11 -0.30 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2983.50 43.50 Bid vs vs Bid vs vs 06/30 0.13 118.41 -1.63 -0.03 -0.12 -0.13 -0.19
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland - - - - - - - All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1807.70 3.05 Jul 08 Month Year 02/23 4.00 107.60 -0.76 -0.01 -0.01 0.00 -0.11 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.36 - - Netherlands -0.52 - -
Silver (US cents) 2610.50 -28.00 S&P GSCI Spt 531.26 -0.11 59.14 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria 0.06 - - New Zealand 1.57 - -
Platinum 1072.00 -22.00 DJ UBS Spot 93.41 -1.44 40.84 Canada - - - Norway 1.19 - - 07/23 0.75 101.40 0.06 0.02 -0.01 -0.01 0.13 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2784.00 -49.00 TR/CC CRB TR 224.61 0.10 50.60 Denmark -1.39 - - Portugal -0.30 - - 07/27 1.25 105.40 0.35 0.00 -0.10 -0.10 0.32 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities LEBA EUA Carbon 54.35 0.39 89.97 Finland -0.14 - - Spain -1.04 - - 07/47 1.50 108.80 1.11 -0.01 -0.14 -0.13 0.47
Iron Ore 216.50 -1.70 LEBA UK Power 1218.00 -63.53 -2.56 Germany - - - Sweden -1.63 - - United States 03/23 0.50 100.58 0.15 -0.03 -0.06 -0.05 -0.03 Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 115.00 0.00 Ireland - - - Switzerland - - - 03/27 0.63 98.70 0.86 -0.04 -0.17 -0.14 0.39
Baltic Dry Index 3300.00 19.00 Italy 0.68 - - United Kingdom - - - 04/32 3.38 148.40 - - - - -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Japan 0.15 - - United States - - - 02/50 0.25 114.73 - - - - -
unless otherwise stated. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
FINANCIAL TIMES SHARE SERVICE
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MANAGED FUNDS SERVICE
SUMMARY FT.COM/FUNDS
Winners - EAA Fund Global Large-Cap Blend Equity Losers - EAA Fund Global Large-Cap Blend Equity Morningstar Star Ratings Global Broad Category Group - Convertibles
1yr Return 3yr Return 5yr Return 3yr 3yr 1yr Return 3yr Return 5yr Return 3yr 3yr Morningstar Morningstar Morningstar Total Ret 1Yr Total Ret 3Yr Total Ret 5Yr
Fund Name Fund Name Fund Name Base Currency Morningstar Category Base Currency
GBP GBP GBP Sharpe Ratio Std Dev GBP GBP GBP Sharpe Ratio Std Dev Rating 3 Yr Rating 5 Yr Rating 10 Yr GBP GBP GBP
Aviva Investors Global Equity Endurance Fund 31.34 19.10 - 1.04 18.33 OneFamily Global Equity Fund G GBP -98.79 -77.44 - -0.43 60.84 NAV (Fully Diluted) Pound Sterling QQQQQ QQQQQ QQQQQ Convertible Bond - Global US Dollar 15.29 11.05 6.88
LuxTopic - Flex EUR Acc 18.92 18.07 12.59 1.17 16.56 Patriarch Classic Dividende 4 Plus 25.33 -1.24 1.60 0.05 22.32 Sterling Corporate Bond - Gross Pound Sterling QQQQ QQQQ QQQQ Convertible Bond - Global US Dollar 18.55 9.66 8.27
Electric & General Investment Fund 23.61 17.94 13.36 1.16 15.52 SEB Kontoførende Globale Aktier -1.82 -1.10 -0.21 -0.44 19.67 Index Linked Bond Gross Pound Sterling QQQ QQQ QQQQ Convertible Bond - Global, USD Hedged US Dollar 16.14 8.34 6.88
BNY Mellon Sustainable Global Equity Fund 19.88 17.42 - 1.05 16.52 Sanlam Namibia Global 0.51 0.50 0.53 0.42 19.72 Long Bond Gross Pound Sterling QQQ QQQ QQQQQ World Convertible Bond Yen 24.44 8.15 9.49
Purisima Global Total Return 24.77 16.95 16.55 0.91 19.77 Allan Gray - Orbis Global Equity Feeder Fund 0.61 0.52 0.57 0.47 20.56 Outstanding British Cos A Acc {HEAR} F Pound Sterling QQ QQ QQQ Convertible Bond - Global, GBP Hedged Pound Sterling 16.64 7.82 6.82
Advertising Feature Performance Weightings - As of 31/12/2020 Top 10 Holdings - As of 31/12/2020

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials - 7.32%
Jul 2018 - Jul 2021 Power Grid Corp Of India Ltd Utilities 6.15%
Prusik Asian Equity Income B Dist Communication Services 14.02% 8.68%
Consumer Cyclical 5.55% 9.09%
CK Hutchison Holdings Ltd Industrials 6.12%
Consumer Defensive 19.57% 4.23%
Energy 5.79% 2.94%
ITC Ltd Consumer Defensive 5.65%
Financial Services 4.55% 20.71%
Healthcare - 1.79%
Zhejiang Expressway Co Ltd Class H Industrials 4.98%
Industrials 24.50% 7.36%
Real Estate 12.39% 8.97%
China Mobile Ltd Communication Services 4.40%
Technology 2.52% 23.19%
Utilities 8.12% 3.61%
CK Asset Holdings Ltd Real Estate 4.32%
Please remember that past performance is not necessarily a guide to future performance Cash & Equivalents 3.00% 2.02%
Firm Name Corporate - 0.02%
Swire Pacific Ltd Class B Industrials 3.54%
Prusik Investment Management LLP Derivative - 0.00%
Fund Name Government - 0.05%
Singapore Telecommunications Ltd Communication Services 3.19%
Prusik Asian Equity Income B Dist Municipal - -
Morningstar Category Securitized - -
Metro Pacific Investments Corporation Industrials 3.08%
Asia-Pacific ex-Japan Equity Income
Max Annual Charge
CNOOC Ltd Energy 3.05%
- Risk Measures - As of 30/06/2021
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
Q Alpha -1.37 8.48 -1.53 2.21 -0.63 1.16
Morningstar Sustainability Rating Beta 1.07 0.85 1.06 0.99 1.02 0.97
Fund Category Information Ratio 0.05 0.83 -0.26 0.31 -0.12 0.16
Bid Price - KIID Ongoing Charge 1.12 R Squared 91.05% 76.45% 88.95% 86.49% 85.70% 84.53%
Offer Price - Day-End One Year Return 27.10 Day -1.37% Month -6.59% Year 18.17% Sharpe Ratio 1.52 1.67 0.25 0.42 0.47 0.54
+/- -2.58 Total Ret 3Yr 4.29 Std Dev 16.70 15.89 19.41 18.67 16.28 16.30
Information reproduced courtesy of Morningstar. While the Financial Times takes every care to ensure that the information is faithfully reproduced, the information is not verified by the Financial Times and therefore it accepts no liability for any loss which may arise relating to the Morningstar information.
© 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr
Sterling Bond £ 1.5797 - -0.0082 2.06 1.17 4.21 Amity European Fund Cls A Inc 308.90 - 3.20 - 28.63 6.96
Brooks Macdonald International Multi Strategy Fund Limited Amity European Fund Cls B Inc 311.50 - 3.20 - 29.41 7.74
Brooks Macdonald Intl Multi StratCauBalA £ 1.0000 - 0.0000 - - - Amity Global Equity Inc for Charities A Inc 159.40 - -0.20 2.10 21.28 10.79
Brooks Macdonald Intl Multi Strat Gr A £ 1.0000 - 0.0000 - - - Amity International Cls A Inc 356.50 - -1.30 0.22 28.14 9.93
Brooks Macdonald Intl Multi Strat Hi GrA £ 1.0000 - 0.0000 - - - Amity International Cls B Inc 359.10 - -1.30 0.77 28.88 10.71
Cautious Balanced Strategy £ 1.3979 - -0.0054 0.00 8.96 4.39 Amity Sterling Bond Fund A Inc 105.50 - -0.50 3.54 5.22 4.20
Growth Strategy £ 2.0868 - -0.0159 0.00 16.91 4.68 Amity Sterling Bond Fund B Inc 118.10 - -0.50 3.53 5.94 4.87
Aberdeen Standard Capital ( JER ) The Antares European Fund Limited High Growth Strategy £ 2.9305 - -0.0244 0.00 21.40 5.85
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Other International
FCA Recognised US$ Growth Strategy $ 2.1203 - -0.0196 0.00 26.89 9.16
AEF Ltd Usd $ 557.86 - 5.15 0.00 -4.80 -9.03
Aberdeen Standard Capital Offshore Strategy Fund Limited Dealing Daily. Initial charge up to 2%
AEF Ltd Eur € 522.07 - 5.12 0.00 -5.10 -10.31
Bridge Fund £ 2.3712 - -0.0023 1.35 14.78 9.55
Global Equity Fund £ 3.4738 - -0.0087 0.80 19.48 13.48
Global Fixed Interest Fund £ 0.9706 - -0.0015 4.32 6.76 4.91
Income Fund £ 0.6831 - 0.0006 2.36 15.01 8.83
Sterling Fixed Interest Fund £ 0.8975 - -0.0061 2.81 2.91 5.00 Ennismore Smaller Cos Plc ( IRL )
5 Kensington Church St, London W8 4LD 020 7368 4220
UK Equity Fund £ 2.1279 - 0.0186 2.49 24.26 1.00 FCA Recognised
Ennismore European Smlr Cos NAV £ 149.80 - -0.35 0.00 17.67 5.01
Arisaig Partners CP Global Asset Management Pte. Ltd. Ennismore European Smlr Cos NAV € 173.89 - -1.43 0.00 22.85 5.99 FSSA Investment Managers ( UK )
Other International Funds www.cpglobal.com.sg, Email: customer_support@cpglobal.com.sg Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 124.91 - -1.12 0.00 21.39 - International Mutual Funds infouk@fssaim.com
Arisaig Asia Consumer Fund Limited $ 123.39 - -1.22 0.00 21.81 9.96 CP Multi-Strategy Fund $ 262.89 - 0.17 - 18.26 17.24 Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
Authorised Funds
Arisaig Global Emerging Markets Consumer Fund $ 16.59 - -0.26 0.00 29.31 12.63
Asia-All Cap Acc GBP £ 1.91 - -0.01 0.83 20.64 8.40
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 - -4.18 2.02
Asia Focus Acc GBP £ 2.38 - -0.01 0.90 16.51 10.64
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 - -1.16 3.15
Greater China Growth A Shares 1240.28 - -4.93 0.56 16.16 13.38
Arisaig Latin America Consumer Fund $ 27.11 - -0.02 - 1.96 -1.98
Japan Focus Acc GBP £ 2.73 - -0.01 0.00 10.78 12.94
Ennismore European Smlr Cos Hedge Fd
Other International Funds
NAV € 623.84 - 1.34 0.00 22.18 5.27
Brown Advisory Funds plc ( IRL )
http://www.brownadvisory.com Tel: 020 3301 8130
FCA Recognised
US Small Cap Blend Fund USD B $ 23.70 - -0.28 0.00 46.12 11.04
US Flexible Equity Fund USD B $ 26.28 - -0.29 - 40.69 19.42
Global Leaders Fund USD C $ 23.06 - -0.21 0.00 34.23 17.68
Latin American Fund USD B $ 10.65 - -0.19 0.48 4.47 -9.29
Aegon Asset Management UK ICVC ( UK ) US Sustainable Growth Fund USD C $ 27.83 - -0.19 - 38.46 27.55
3 Lochside Crescent, Edinburgh, EH12 9SA Euronova Asset Management UK LLP ( CYM )
0800 358 3009 www.aegonam.com Global Leaders Sustainable Fund USD C $ 14.10 - -0.14 0.00 35.06 -
Regulated
Authorised Funds US Equity Growth Fund USD B $ 63.46 - -0.50 - 32.90 24.29 Smaller Cos Cls One Shares € 61.80 - 0.61 0.00 27.16 10.63
Diversified Monthly Inc B Acc 158.59 - 0.16 4.83 14.67 5.59 American Fund USD B $ 30.22 - -0.64 0.00 16.05 11.65 Smaller Cos Cls Two Shares € 39.79 - 0.35 0.00 23.53 9.01
Diversified Monthly Inc B Inc 109.54 - 0.11 4.97 14.67 5.59 US Smaller Companies Fund USD B $ 42.25 - -0.42 0.00 41.83 18.42 Smaller Cos Cls Three Shares € 20.03 - 0.18 0.00 23.49 8.99
DWS ( LUX )
Diversified Growth B Acc £ 1.94 - -0.01 2.58 14.44 5.74 US Mid-Cap Growth Fund USD C $ 22.72 - -0.23 - 42.00 20.64 Tel: +44 (0) 20 7541 8999 www.dws.com Smaller Cos Cls Four Shares € 25.79 - 0.22 0.00 23.75 9.10
Ethical Cautious Managed B Acc £ 1.59 - 0.00 1.59 16.52 5.26 FCA Recognised
Ethical Cautious Managed B Inc £ 1.37 - 0.00 1.60 16.11 5.14 DWS Invest Top Dividend £ 139.44 139.44 -0.49 2.89 9.08 5.10
Ethical Corporate Bond B Acc £ 2.18 - -0.02 2.69 3.84 5.07 DWS Invest Top Euroland £ 170.38 170.38 -2.94 0.52 20.26 9.69
Artemis Fund Managers Ltd (1200)F ( UK )
Ethical Corporate Bond B Inc £ 1.09 - -0.01 2.69 3.22 4.86 57 St. James's Street, London SW1A 1LD 0800 092 2051 DWS Invest Multi Opportunities £ 113.93 113.93 -0.65 0.00 12.28 3.89 First Sentier Investors (UK) ( UK )
Ethical Equity B Acc £ 2.81 - 0.01 1.53 28.83 6.48 Authorised Inv Funds DWS Invest Global Bonds £ 103.66 103.66 -0.14 0.00 2.21 0.49 Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB
infoUK@firstsentier.com
Global Equity GBP B Acc £ 3.39 - -0.03 0.00 33.96 11.98 Artemis SmartGARP UK Eq I Acc 2060.55 - 25.52 2.91 41.93 5.84
Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
High Yield Bond B Acc £ 3.31 - 0.00 5.06 16.08 6.96 Artemis Corporate Bond I Acc 115.36 - 0.54 2.22 7.74 - Authorised Funds
High Yield Bond B Inc £ 0.99 - -0.01 5.06 16.10 6.99 Artemis SmartGARP Eur Eq I Acc 400.96 - 4.90 2.49 27.18 2.44 CG Asset Management Limited ( IRL ) Diversified Growth B Acc £ 1.25 - 0.00 0.84 7.28 3.69
25 Moorgate, London, EC2R 6AY
Investment Grade Bond B Acc 201.29 - -0.13 1.51 4.45 4.12 Artemis European Opps I Acc 134.09 - 0.34 0.46 21.04 5.87 Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Emerging Markets Bond A Accumulation £ 1.43 - 0.00 4.45 4.70 3.54
Investment Grade Bond B Inc £ 1.33 - 0.00 2.26 4.41 4.99 Artemis SmartGARP GloEmr Eq I Acc 164.30 - -0.46 - 21.35 7.03 FCA Recognised Emerging Markets Bond A Income £ 0.95 - 0.00 4.60 4.71 3.57
Sterling Corporate Bond B Acc £ 0.96 - -0.01 2.74 4.06 5.53 Artemis SmartGARP Glo Eq I Acc 363.44 - 0.29 - 25.53 8.79 CG Portfolio Fund Plc Global Listed Infrastructure Acc 294.59 - -1.89 2.44 7.38 5.49
Sterling Corporate Bond B Inc £ 0.35 - 0.00 2.74 3.40 5.32 Artemis Global Income I Inc 107.33 - 0.24 2.74 32.27 4.50 Absolute Return Cls M Inc £ 138.69 138.69 -0.37 1.29 10.03 6.96 Global Listed Infrastructure Inc 195.37 - -1.25 2.50 7.33 5.46
Strategic Bond B Acc £ 1.57 - 0.00 3.54 11.48 8.68 Artemis Global Select I Acc 166.61 - 0.07 - 19.35 14.00 Capital Gearing Portfolio GBP P £ 38576.62 38576.62 -70.19 0.80 12.61 7.20 Global Property Securities A Accumulation 264.32 - -1.70 1.93 19.11 7.81
Strategic Bond B Inc £ 1.44 - -0.01 3.54 11.15 8.58 Artemis High Income I Q Inc 81.51 - 0.07 4.58 13.29 4.41 Capital Gearing Portfolio GBP V £ 187.61 187.61 -0.34 0.80 12.61 7.19 Global Property Securities A Income 181.63 - -1.17 1.96 19.13 7.83
UK Equity B Acc £ 3.63 - 0.02 2.34 25.32 4.13 Artemis Income I Inc 246.88 - 1.13 3.51 26.00 3.04 Dollar Fund Cls D Inc £ 168.97 168.97 -0.13 1.46 -3.30 5.62
UK Equity Absolute Return B Acc £ 1.28 - 0.01 0.00 3.69 4.01 Artemis Monthly Dist I Inc 74.36 - -0.27 3.12 16.70 4.26 Dollar Hedged GBP Inc £ 109.01 109.01 -0.21 1.29 5.75 5.69
UK Equity Income B Acc £ 2.87 - 0.02 4.34 25.20 2.79 Artemis Positive Future Fund 103.84 - -1.72 - - - Real Return Cls A Inc £ 205.29 205.29 0.17 1.64 -2.75 4.14
UK Equity Income B Inc £ 1.74 - 0.01 4.47 23.22 2.25 Artemis Strategic Assets I Acc 89.91 - 0.30 0.07 19.21 -2.20
FIL Investment Services (UK) Limited (1200)F ( UK )
UK Opportunities B Acc £ 2.67 - 0.01 1.11 25.62 7.63 Artemis Strategic Bond I Q Acc 112.61 - -0.11 2.26 5.06 4.38 Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP
UK Smaller Companies B Acc £ 5.23 - 0.00 0.87 43.39 8.55 Artemis Target Return Bond I Acc 109.41 - 0.06 2.17 6.92 - Callfree: Private Clients 0800 414161
Artemis UK Select Fund Class I Acc 776.06 - 7.90 0.87 53.16 9.36 Broker Dealings: 0800 414 181
Artemis UK Smaller Cos I Acc 2169.71 - 5.83 0.25 51.99 4.44
OEIC Funds Findlay Park Funds Plc ( IRL )
Allocator World Fund Y-ACC-GBP £ 2.60 - 0.00 1.22 24.37 11.46 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Artemis UK Special Sits I Acc 809.80 - 6.37 1.36 43.38 6.51 Dodge & Cox Worldwide Funds ( IRL ) FCA Recognised
48-49 Pall Mall, London SW1Y 5JG. American Special Sits W-ACC-GBP £ 18.69 - -0.03 - 28.54 7.30
Artemis US Abs Return I Hdg Acc 111.22 - -0.30 0.00 -1.27 -0.21 American EUR Unhedged Class € 153.65 - -2.05 - - -
www.dodgeandcox.worldwide.com 020 3713 7664 Asia Pacific Ops W-Acc £ 3.04 - -0.01 0.50 27.98 17.61
Artemis US Extended Alpha I Acc 311.93 - -1.12 - 22.62 16.21 American Fund USD Class $ 182.14 - -1.57 0.00 33.31 17.49
FCA Recognised Asian Dividend Fund W-ACC-GBP £ 2.21 - 0.00 2.73 15.90 8.14
Artemis US Select I Acc 306.85 - -0.72 - 22.38 16.95 Dodge & Cox Worldwide Funds plc - Global Bond Fund American Fund GBP Hedged £ 91.58 - -0.79 0.00 32.51 15.51
China Consumer Fund W-ACC-GBP £ 3.82 - 0.03 0.05 4.85 10.17
Artemis US Smlr Cos I Acc 352.33 - 2.90 0.00 37.03 17.44 EUR Accumulating Class € 15.49 - -0.08 0.00 3.20 7.32 American Fund GBP Unhedged £ 132.34 - -0.98 0.00 21.99 16.09
Aegon Asset Management UK Investment Portfolios ICVC( UK ) Emerging Asia Fund W-ACC-GBP £ 2.12 - 0.00 0.44 18.06 12.69
3 Lochside Crescent, Edinburgh, EH12 9SA EUR Accumulating Class (H) € 11.71 - -0.01 0.00 6.84 5.30
Enhanced Income Fund W-INC-GBP £ 0.83 - 0.00 5.85 15.95 1.09
0800 358 3009 www.aegonam.com EUR Distributing Class € 11.89 - -0.06 3.18 3.19 7.36
European Fund W-ACC-GBP £ 22.19 - 0.12 0.92 16.24 10.88
Authorised Funds EUR Distributing Class (H) € 8.94 - 0.00 3.29 6.70 5.29
Property Income B Acc 106.34 106.34 0.00 3.54 -10.63 -7.20 Extra Income Fund Y-ACC-GBP £ 1.47 - -0.01 3.30 8.96 5.35
GBP Distributing Class £ 12.50 - 0.00 2.91 -1.29 6.33
Property Income B Inc 77.54 77.54 0.01 3.61 -10.22 -6.87 FID INST - Emerging Markets Fund W-ACC-GBP £ 2.19 - 0.00 0.46 24.74 12.59
GBP Distributing Class (H) £ 9.46 - 0.00 3.23 7.39 6.20
Fidelity American Fund W-ACC-GBP £ 60.10 - 0.13 - 23.08 14.70
USD Accumulating Class $ 13.24 - -0.01 0.00 7.91 7.66
Fidelity Asia Fund W-ACC-GBP £ 18.70 - -0.02 0.42 15.15 11.64
Dodge & Cox Worldwide Funds plc-Global Stock Fund
Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.09 -0.09 0.38
Candriam Investors Group ( LUX ) USD Accumulating Share Class $ 29.36 - -0.36 0.00 46.51 10.70
FCA Recognised FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.95 - 0.03 1.62 42.16 11.59
GBP Accumulating Share Class £ 35.05 - -0.39 0.00 34.14 9.36
Candriam Eqts L Australia CapA$ 1745.82 - -20.51 0.00 34.86 9.64 Fidelity European Opportunities W Acc £ 5.70 - 0.02 0.48 16.99 6.35
GBP Distributing Share class £ 24.02 - -0.27 0.81 34.15 9.23
Candriam Qt-Eqts Europe Cap € 3183.86 - -53.52 0.00 28.07 6.58 Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.17 - 0.00 3.62 11.11 9.25
EUR Accumulating Share Class € 37.22 - -0.63 0.00 40.19 10.39
Fidelity Global Focus Fund W-ACC-GBP £ 36.02 - -0.13 - 26.65 16.26
GBP Distributing Class (H) £ 14.16 - -0.18 0.57 45.16 8.17
Aegon Asset Management Investment Company (Ireland)( IRL ) Fidelity Global High Yield Fund Y-ACC-GBP £ 16.16 - -0.01 4.84 13.09 4.82
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 38.22 - -0.42 0.00 54.49 13.43 Fidelity Japan Fund W-ACC-GBP £ 5.44 - 0.06 0.83 25.57 14.14
FCA Recognised
Absolute Return Bond B GBP Acc 1166.32 - 0.58 1.61 3.42 1.69 GBP Accumulating Share Class £ 43.13 - -0.44 - 41.36 12.02 Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 4.10 - 0.04 0.26 10.77 6.23
High Yield Global Bond A GBP Inc 520.15 - -0.44 4.49 14.52 6.20 GBP Distributing Share Class £ 26.11 - -0.27 0.88 41.33 12.03 Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.21 - -0.01 0.85 11.59 5.88
High Yield Global Bond B GBP Inc 1118.32 - -0.94 5.23 15.43 6.94 EUR Accumulating Share Class € 41.83 - -0.66 0.00 47.76 13.09 Fidelity Special Situations Fund W-ACC-GBP £ 40.42 - 0.22 - 38.05 2.12
Global Equity Income B GBP Acc 2271.21 - -11.44 0.00 20.89 11.41 GBP Distributing Class (H) £ 15.67 - -0.18 0.65 52.89 11.23 Short Dated Corporate Bond Fund Y ACC GBP £ 11.21 - -0.01 4.01 3.83 2.80
Ashmore Investment Management Limited ( LUX ) Candriam Investors Group Foord Asset Management
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 13.10 13.75 2 rue Albert Borschette L-1246 Luxembourg Fidelity Sustainable Water & Waste W Acc £ 1.22 - 0.00 0.56 28.14 - Website: www.foord.com - Email: info@foord.com
lobal Equity Market Neutral Fund - B Acc GBP £ 12.63 - 0.03 0.00 11.24 7.69 FCA Recognised Candriam Eqts L Emerging Mkts Cap € 1174.74 - -9.93 0.00 26.55 12.62 Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 - -7.27 5.14 FCA Recognised - Luxembourg UCITS
Global Sustainable Equity B Acc GBP £ 29.98 - -0.32 - 35.60 26.22 Ashmore SICAV Emerging Market Debt Fund $ 91.18 - -0.27 4.58 9.68 4.08 Candriam Bonds Credit Opportunities € 203.03 - 0.02 0.00 1.93 1.20 Fidelity UK Select Fund W-ACC-GBP £ 3.60 - 0.03 0.79 27.56 5.29 Foord International Fund | R $ 48.37 - -0.47 - 11.19 6.71
Global Sustainable Equity C Acc GBP £ 30.46 - -0.33 - 36.07 26.67 Ashmore SICAV Emerging Market Frontier Equity Fund $ 194.03 - -0.67 0.43 38.82 4.98 Candriam Bds Euro High Yield Cap € 1272.96 - -0.42 0.00 7.34 4.71 Global Dividend Fund W-ACC-GBP £ 2.78 - 0.00 2.62 12.30 11.01 Foord Global Equity Fund (Lux) | R $ 18.59 - -0.31 - 25.51 12.22
Inv Grd Gbl Bond A Inc GBH 621.04 - -3.38 1.81 2.97 5.78 Ashmore SICAV Emerging Market Total Return Fund $ 79.51 - -0.29 4.03 9.00 2.81 Candriam Bds Euro Sh.Term Cap € 2075.01 - -0.41 0.00 0.24 -0.17 Global Property Fund W-ACC-GBP £ 2.15 - 0.02 1.71 16.88 6.23 Regulated
Short Dated High Yld Bd B Acc GBP £ 11.34 - 0.00 0.00 8.73 4.12 Ashmore SICAV Global Small Cap Equity Fund $ 241.33 - -3.86 0.00 54.34 14.84 Global Special Sits W-ACC-GBP £ 54.79 - -0.02 0.34 22.60 12.93 Foord Global Equity Fund (Sing) | B $ 22.87 - -0.39 0.00 27.09 12.92
Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.46 - -0.01 0.00 8.97 4.39 EM Active Equity Fund Acc USD $ 164.38 - -3.61 0.00 22.66 9.04 Index Emerging Markets P-Acc £ 1.91 - 0.00 1.53 13.56 8.01 Foord International Trust (Gsy) $ 48.24 - -0.46 0.00 11.58 6.88
Strategic Global Bond A GBP Inc 1330.92 - -4.34 2.70 9.71 7.84 EM Equity Fund Acc USD $ 164.38 - -3.75 0.00 42.55 18.33 Index Europe ex UK P-Acc £ 1.88 - 0.02 1.50 21.86 9.31
Strategic Global Bond B GBP Inc 755.47 - -2.46 3.45 10.50 8.59 EM Mkts Corp.Debt USD F $ 91.73 - -0.17 4.77 14.18 6.00 Index Japan P-Acc £ 1.92 - 0.02 1.80 12.67 6.08
EM Mkts Loc.Ccy Bd USD F $ 74.03 - -0.16 4.62 5.71 2.50 Index Pacific ex Japan P-Acc £ 1.86 - 0.00 2.20 18.19 5.79
EM Short Duration Fund Acc USD $ 120.56 - -0.39 - 6.55 -3.45 Index UK P-Acc £ 1.46 - 0.01 2.39 22.71 2.23
Index US P-Acc £ 3.20 - 0.01 - 26.42 16.53
Chartered Asset Management Pte Ltd Index World P-Acc £ 2.57 - 0.01 1.33 24.78 13.35
MoneyBuilder Balanced Y-ACC-GBP £ 0.61 - 0.00 2.61 8.88 2.40
CAM-GTF Limited $ 331122.32 331122.32 -2195.95 - 20.86 3.30 Franklin Templeton International Services Sarl ( IRL )
MoneyBuilder Dividend Y-INC-GBP £ 1.21 - 0.01 3.30 16.67 1.62 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
CAM GTi VCC $ 780.49 - -32.39 - 12.31 4.69
MoneyBuilder Income Fund Y-ACC-GBP £ 14.84 - -0.10 2.85 4.07 5.14 Other International Funds
RAIC VCC $ 1.64 1.64 0.03 2.06 5.74 -1.66 Franklin Emerging Market Debt Opportunities Fund Plc
Multi Asset Allocator Adventurous Fund Y-ACC-GBP £ 2.15 - 0.01 1.14 19.21 10.07
Multi Asset Allocator Defensive Fund Y-ACC-GBP £ 1.46 - 0.00 1.45 4.74 5.46 Franklin Emg Mkts Debt Opp CHFSFr 14.82 - -0.06 6.86 16.67 5.10
Atlantas Sicav ( LUX ) Dragon Capital Franklin Emg Mkts Debt Opp GBP £ 9.60 - -0.01 5.26 14.46 3.83
Regulated www.dragoncapital.com Multi Asset Allocator Growth Fund Y-ACC-GBP £ 1.92 - 0.00 1.24 14.18 8.48
Fund information:info@dragoncapital.com Multi Asset Income Fund W-INC-GBP £ 1.09 - 0.00 3.99 8.83 5.26 Franklin Emg Mkts Debt Opp SGDS$ 20.82 - 0.03 4.33 -2.34 0.37
American Dynamic $ 7641.31 7641.31 66.53 0.00 43.12 17.19
Other International Funds Multi Asset Allocator Strategic Fund Y-ACC-GBP £ 1.71 - 0.00 1.21 9.34 6.92 Franklin Emg Mkts Debt Opp USD $ 16.91 - -0.03 5.66 18.41 5.88
American One $ 7398.69 7398.69 95.36 0.00 44.88 19.78
Vietnam Equity (UCITS) Fund A USD $ 36.13 - -0.45 0.00 83.31 19.92 Multi Asset Open Advent W-ACC-GBP £ 1.73 - -0.02 0.93 18.89 7.69
Bond Global € 1528.03 1528.03 3.74 0.00 0.46 2.65
Eurocroissance € 1445.71 - 8.05 0.00 29.26 11.51 Multi Asset Open Defen W-ACC-GBP £ 1.42 - -0.01 0.25 9.06 5.10
Far East $ 1360.14 - -25.00 0.00 41.97 13.63 Consistent Unit Tst Mgt Co Ltd (1200)F ( UK ) Multi Asset Open Growth Fund W-ACC-GBP £ 1.65 - -0.02 1.07 18.00 7.25
Stuart House, St John's Street, Peterborough, PE1 5DD Multi Asset Open Strategic Fund W-ACC-GBP £ 1.55 - -0.01 0.64 13.19 6.19
Dealing & Client Services 0345 850 8818
Open World Fund W-ACC-GBP £ 2.20 - -0.03 0.94 24.29 10.23
Authorised Inv Funds
Algebris Investments ( IRL ) Consistent UT Inc 76.19 78.22 -0.07 0.00 77.27 13.28 Strategic Bond Fund Y-ACC-GBP £ 1.40 - 0.00 2.26 5.20 5.58
Regulated Consistent UT Acc 203.00 208.50 -0.20 0.00 77.29 13.24 UK Opportunities Fund W-ACC-GBP 301.70 - 0.70 1.26 38.97 6.17
Algebris Financial Credit I EUR € 193.08 - -0.30 - 10.52 8.48 Practical Investment Inc 260.40 278.60 0.80 3.09 29.15 6.71 UK Smaller Companies W-ACC-GBP £ 3.62 - 0.00 0.37 68.75 10.98
Algebris Financial Credit R EUR € 167.50 - -0.26 - 9.88 7.83 Practical Investment Acc 1539.00 1647.00 5.00 3.09 29.00 6.56 Institutional OEIC Funds
Algebris Financial Credit Rd EUR € 109.24 - -1.26 4.60 10.01 7.89 America £ 8.42 - 0.00 0.28 24.39 13.01
Algebris Financial Income I EUR € 172.26 - -2.01 0.00 33.07 7.74 Emerging Markets £ 6.60 - 0.00 0.36 24.56 12.41
Algebris Financial Income R EUR € 158.75 - -1.85 0.00 31.87 6.78 Europe (ex-UK) Fund ACC-GBP £ 7.80 - 0.04 0.50 22.21 12.84
Algebris Financial Income Rd EUR € 102.23 - -2.20 2.95 31.88 6.78 Fidelity Pre-Retirement Bond Fund £ 162.80 - -1.90 1.77 -2.05 5.46
Algebris Financial Equity B EUR € 131.99 - -2.69 0.00 52.44 2.96 Global Focus £ 6.86 - 0.01 0.31 27.58 15.38
Algebris IG Financial Credit I EUR € 112.07 - 0.12 0.00 7.52 - Index Linked Bond Gross £ 4.71 - -0.08 0.11 -1.88 5.92
Algebris IG Financial Credit R EUR € 111.06 - -0.06 0.00 6.98 - Japan £ 3.99 - 0.03 0.41 14.31 9.30
Algebris Global Credit Opportunities I EUR € 130.55 - -0.24 0.00 8.36 8.41 CP Capital Asset Management Limited Long Bond Gross £ 1.18 - -0.03 1.50 -8.80 5.63
www.cpgbl.com, email: fundservices@cpgbl.com Pacific (Ex Japan) £ 5.61 - 0.03 2.15 9.46 2.44 Fundsmith LLP (1200)F ( UK )
Algebris Global Credit Opportunities R EUR € 128.41 - -0.23 0.00 8.25 8.05
International Mutual Funds EdenTree Investment Management Ltd ( UK ) PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Algebris Global Credit Opportunities Rd EUR € 128.41 - -0.23 0.00 8.25 8.05 Select Emerging Markets Equities £ 2.46 - -0.02 0.42 15.40 9.58
CPS Master Private Fund $ 366.59 - -0.03 - 18.11 15.67 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Algebris Core Italy I EUR € 151.07 - -2.97 0.00 51.67 - Select Global Equities £ 5.04 - 0.07 0.78 8.25 6.65 Authorised Inv Funds
CP Global Alpha Fund $ 300.52 - 0.25 - 17.99 16.00 Authorised Inv Funds
Algebris Core Italy R EUR € 144.08 - -2.86 0.00 54.27 14.69 South East Asia £ 7.16 - 0.01 1.13 8.69 7.67 Fundsmith Equity T Acc 629.73 - -3.54 - 24.90 17.45
Brooks Macdonald International Fund Managers Limited( JER ) Amity UK Cls A Inc 262.60 - 0.90 0.35 24.02 3.67
Algebris Financial Equity R EUR € 112.55 - -2.31 0.00 51.07 1.97 5 Anley Street, St Helier, Jersey, JE2 3QE Amity UK Cls B Inc 261.60 - 0.90 0.98 24.78 4.45 Sterling Core Plus Bond Gr Accum £ 3.09 - -0.06 2.32 -1.87 7.22 Fundsmith Equity T Inc 574.94 - -3.23 - 24.75 17.40
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) UK £ 4.84 - 0.02 2.37 24.91 3.20
Higher Income Cls A Inc 132.30 - 0.70 3.32 22.81 3.38
Brooks Macdonald International Investment Funds Limited UK Aggreg Bond Gr Accum £ 2.41 - -0.02 1.74 -1.03 4.98
Euro High Income € 1.5190 - -0.0016 2.50 2.45 2.08 Higher Income Cls B Inc 140.20 - 0.80 3.32 23.49 3.96
UK Equity Growth Cls A Inc 348.60 - 0.70 0.54 35.75 6.28 Sterling Corporate Bond - Gross £ 3.06 - -0.02 2.27 2.99 5.73
High Income £ 0.8522 - -0.0047 3.77 1.49 4.34 UK Gilt Gross £ 2.58 - -0.03 1.20 -4.63 4.12
UK Equity Growth Cls B Inc 355.60 - 0.70 1.11 36.58 7.06
Amity Balanced For Charities A Inc 111.80 - 0.70 3.60 22.94 5.36 Sterling Long Corp Bond - Gross £ 3.71 - -0.05 2.76 1.84 7.49
MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr
Mirabaud - UK Equity High Alpha £ 161.96 - -4.00 0.00 34.14 9.32 Aptus Global Financials B Inc £ 3.07 - -0.05 4.52 50.61 2.19
GAM M & G Securities (1200)F ( UK ) Polar Capital LLP ( CYM )

funds@gam.com, www.funds.gam.com PO Box 9038, Chelmsford, CM99 2XF Regulated Toscafund Asset Management LLP
Regulated www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 European Forager A EUR € 212.17 - 0.96 0.00 22.74 3.63 www.toscafund.com
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 109.01 - -0.50 2.93 16.67 4.43 Authorised Inv Funds Tosca A USD $ 396.22 - -17.25 0.00 39.86 2.25
LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 112.49 - -0.79 0.89 21.95 - Charifund Inc 1540.56 - 7.96 4.34 29.09 3.73
Tosca Mid Cap GBP £ 269.43 - -29.78 0.00 74.80 -4.36
Charifund Acc 27962.18 - 144.48 3.96 29.10 3.75
Tosca Opportunity B USD $ 411.54 - -44.22 0.00 73.64 -3.43
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.23 - -0.01 2.27 0.67 -
Pegasus Fund Ltd A-1 GBP £ 63.90 - -7.00 0.00 73.17 -4.62
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.74 - -0.10 1.94 0.81 -
M&G Charity Multi Asset Fund Inc £ 0.89 - 0.00 3.93 21.30 -
M&G Charity Multi Asset Fund Acc £ 100.79 - 0.06 3.38 21.34 -
Private Fund Mgrs (Guernsey) Ltd ( GSY )
Regulated
Monument Growth 06/07/2021 £ 549.12 554.83 3.39 0.80 16.54 2.94 Rubrics Global UCITS Funds Plc ( IRL )
Genesis Investment Management LLP www.rubricsam.com
Other International Funds New Capital UCITS Fund PLC ( IRL )
Leconfield House, Curzon Street, London, W1J 5JB Regulated
Emerging Mkts NAV £ 7.21 - -0.16 1.29 15.58 9.72 www.newcapitalfunds.com Rubrics Emerging Markets Fixed Income UCITS Fund $ 140.53 - -0.05 0.00 3.38 1.51
FCA Recognised Rubrics Global Credit UCITS Fund $ 18.13 - 0.00 0.00 5.81 4.53
New Capital UCITS Funds Rubrics Global Fixed Income UCITS Fund $ 180.55 - 0.05 0.00 -1.10 3.54
MMIP Investment Management Limited ( GSY ) New Capital China Equity Fund $ 305.99 - -5.89 0.00 33.32 21.42
Regulated New Capital Dynamic European Equity Fund € 146.96 - -2.54 0.00 18.54 6.99
Multi-Manager Investment Programmes PCC Limited New Capital Dynamic UK Equity Fund £ 124.95 - -1.85 0.00 15.87 3.10
UK Equity Fd Cl A Series 01 £ 3198.67 3228.99 59.98 - 53.61 2.11 New Capital Global Alpha Fund £ 120.62 - -0.64 0.00 9.29 5.14 Prusik Investment Management LLP ( IRL )
Diversified Absolute Rtn Fd USD Cl AF2 $ 1751.35 - -48.91 0.00 13.42 2.09 Enquiries - 0207 493 1331
New Capital Global Equity Conviction Fund $ 233.77 - -2.43 0.00 39.71 21.15 Regulated
HPB Assurance Ltd Diversified Absolute Return Stlg Cell AF2 £ 1640.26 - -44.75 0.00 12.33 0.39 New Capital Global Value Credit Fund $ 164.10 - -0.06 0.00 6.17 6.40
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Prusik Asian Equity Income B Dist $ 185.81 - -0.33 4.06 18.54 2.64
Global Equity Fund A Lead Series £ 1805.08 1810.73 -25.72 - 23.50 6.93 New Capital Japan Equity Fund ¥ 1765.15 - -20.42 0.00 29.64 9.25
International Insurances Prusik Asia Emerging Opportunities Fund A Acc $ 207.82 - -0.78 0.00 43.33 11.47
Holiday Property Bond Ser 1 £ 0.48 - -0.01 0.00 -5.19 -3.77 New Capital US Growth Fund $ 504.41 - -4.32 0.00 40.95 22.71 Prusik Asia Fund U Dist. £ 246.92 - -0.21 0.00 16.00 11.88 Scottish Friendly Asset Managers Ltd ( UK )
New Capital US Small Cap Growth Fund $ 243.29 - -2.97 0.00 50.51 17.43 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Holiday Property Bond Ser 2 £ 0.63 - 0.00 0.00 0.81 -1.25 Authorised Inv Funds Troy Asset Mgt (1200) ( UK )
New Capital Wealthy Nations Bond Fund $ 154.39 - -0.06 0.00 3.17 7.43 65 Gresham Street, London, EC2V 7NQ
Managed Growth ♦ 341.80 - 2.40 - 23.80 5.75 Order Desk and Enquiries: 0345 608 0950
UK Growth ♦ 419.70 - 2.20 0.00 38.88 8.25 Authorised Inv Funds
Authorised Corporate Director - Link Fund Solutions
Trojan Investment Funds
Marlborough Fd Managers Ltd (1200)F ( UK ) Spectrum Fund O Acc 280.41 - 0.30 0.43 16.46 8.73
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Spectrum Fund O Inc 265.11 - 0.29 0.43 16.46 8.73
www.marlboroughfunds.com Purisima Investment Fds (UK) (1200)F ( UK ) Trojan Ethical O Acc 125.98 - -0.87 0.07 9.13 -
Hermes Property Unit Trust ( UK ) Authorised Inv Funds 65 Gresham Street, London, EC2V 7NQ
Property & Other UK Unit Trusts Balanced 237.82 237.82 -0.08 0.17 15.67 6.20 Order Desk and Enquiries: 0345 922 0044 Trojan Ethical O Inc 125.73 - -0.87 0.06 9.12 -
Authorised Inv Funds
Property £ 6.49 6.99 0.04 2.68 0.32 -0.17 Bond Income
Cautious Inc
51.84 51.84 -0.33 3.17 2.74 3.40
91.16 91.16 -0.80 1.77 9.27 1.76
Authorised Corporate Director - Link Fund Solutions
Global Total Fd PCG A 394.73 - -3.38 0.01 24.77 16.95
Slater Trojan Ethical Income O Acc
Trojan Ethical Income O Inc
145.01 -
125.79 -
0.03 1.99
0.03 2.02
12.36
12.35
6.59
6.59
Emerging Markets
ETF Commodity A
European Multi-Cap
361.00 361.00 -3.42 0.40 16.41 5.86
73.07 73.07 0.00 0.00 -6.18 -4.43
790.35 790.35 3.36 0.00 65.83 18.32
Global Total Fd PCG B
Global Total Fd PCG INT
390.43 - -3.35 0.00 24.46 16.66
384.57 - -3.30 0.00 24.15 16.37
Investments Trojan Fund O Acc
Trojan Fund O Inc
Trojan Global Equity O Acc
377.29 - -3.01 0.24
305.39 - -2.43 0.24
500.65 - -4.48 0.13
9.19
9.19
20.19
7.84
7.84
16.61
Extra Income 93.28 93.28 0.18 2.84 20.83 6.83 Trojan Global Equity O Inc 413.10 - -3.70 0.13 20.19 16.61
Far East Growth A Inc 276.96 276.96 -2.91 0.73 16.48 7.25 Trojan Global Income O Acc 144.61 - -0.52 2.84 10.12 10.16
Global 316.19 316.19 -1.00 0.00 20.68 8.78 Trojan Global Income O Inc 126.08 - -0.45 2.90 10.12 10.16
Janus Henderson Investors ( UK ) Global Bond Inc 155.29 155.29 -1.03 2.22 -2.14 3.29 Trojan Income O Acc 355.58 - 0.33 2.55 11.51 2.42
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.janushenderson.com High Yield Fixed Interest 72.71 72.71 -0.05 3.82 11.79 4.16 Trojan Income O Inc 182.53 - 0.17 2.61 11.52 2.42
Authorised Inv Funds Multi Cap Income A Inc 151.69 151.69 -0.04 3.34 28.22 1.87 OGM Oasis Crescent Global Investment Funds (UK) ICVC( UK )
Regulated
Janus Henderson Asia Pacific Capital Growth Fund A Acc 1381.00 - -10.00 0.00 9.52 7.42 Nano-Cap Growth A Acc 285.59 285.59 5.30 0.00 75.28 18.97 Purisima Investment Fds (CI) Ltd ( JER ) Slater Investments Ltd ( UK )
OGM Oasis Crescent Global Short Term Income Fund USD Class A Shares (Dist) $ 0.99 - 0.00 1.66 1.79 2.47
Janus Henderson Asian Dividend Income Unit Trust Inc 94.03 - -0.52 8.44 6.36 3.41 Special Situations A Acc 2388.82 2388.82 0.61 0.00 50.40 10.57 Regulated www.slaterinvestments.com; Tel: 0207 220 9460
OGM Oasis Crescent Global Equity Fund USD Class A Shares (Dist) $ 38.91 - -0.29 0.12 25.00 8.58 PCG B X 339.55 - 0.52 0.00 34.68 16.30 FCA Recognised
Janus Henderson Cautious Managed Fund A Acc 296.30 - 0.00 3.15 15.83 2.96 UK Multi-Cap Growth A Inc 434.94 434.94 -0.95 0.00 25.55 6.20 OGM Oasis Crescent Variable Fund GBP Class A Shares (Dist) £ 10.33 - -0.07 0.01 16.00 -0.16 PCG C X 331.34 - 0.50 0.00 34.40 16.07 Slater Growth 816.37 816.37 -2.03 0.00 51.01 14.97
Janus Henderson Cautious Managed Fund A Inc 153.40 - 0.00 3.21 16.70 3.21 UK Micro Cap Growth A 1146.29 1146.29 0.75 0.00 58.22 15.20 OGM Oasis Crescent Global Income Fund USD Class A Shares (Dist) $ 11.12 - 0.00 2.46 5.32 4.91 Slater Income A Inc 146.76 146.76 0.52 5.22 34.08 1.00
Janus Henderson China Opportunities Fund A Acc 1725.00 - -6.00 0.11 -0.40 6.06 US Multi-Cap Income 709.91 709.91 -8.58 1.18 15.48 15.80 OGM Oasis Crescent Global Low Equity Fund USD Class D Shares (Dist) $ 13.45 - -0.05 0.52 13.90 4.04 Slater Recovery 383.62 383.62 -1.63 0.00 49.67 15.41
Janus Henderson Emerging Markets Opportunities Fund A Acc 249.40 - -1.50 0.02 17.59 7.71 MFM - Third Party Funds OGM Oasis Crescent Global Medium Equity Fund USD Class A Shares (Dist) $ 14.85 - -0.08 0.17 16.79 5.24 Slater Artorius 370.42 370.42 5.21 0.00 67.32 20.80 Unicorn Asset Management Ltd ( UK )
Janus Henderson European Growth Fund A Acc 285.80 - 1.70 0.41 20.29 6.67 Junior Oils 35.61 35.61 0.21 0.00 -51.68 -24.78 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
OGM Oasis Crescent Global Property Equity Fund USD Class A Shares (Dist) $ 9.55 - -0.03 0.65 31.28 0.66
Janus Henderson European Selected Opportunities Fund A Acc 2204.00 - 20.00 0.28 21.23 9.62 Junior Gold C Acc 48.89 48.89 -1.42 0.00 2.22 8.50 Authorised Inv Funds
Janus Henderson Fixed Interest Monthly Income Fund Inc 22.87 - -0.04 4.10 7.37 6.96 MFM Bowland 368.68 368.68 4.95 0.45 33.24 12.45 UK Growth A Inc 769.10 - -3.86 0.00 47.56 6.95
Janus Henderson Global Equity Fund Acc 4633.00 - -48.00 0.00 19.16 13.02 MFM Hathaway Inc 169.50 169.50 0.71 0.57 18.57 7.33 Mastertrust A Inc X F 656.52 - 0.33 0.42 35.25 8.14
Janus Henderson Global Equity Income Fund A Inc 63.84 - -0.01 3.03 16.74 4.85 MFM Techinvest Special Situations Acc 210.31 210.31 3.98 0.00 32.22 2.30 UK Growth B Inc 777.51 - -3.87 0.24 48.48 7.71
Janus Henderson Global Sustainable Equity Fund A Inc 493.90 - -5.00 0.00 24.88 18.08 MFM Techinvest Technology Acc 1069.97 1069.97 -14.05 0.00 49.90 26.17 Mastertrust B Inc X F 591.42 - 0.31 0.99 36.18 8.92
Janus Henderson Global Technology Fund A Acc 3327.00 - -40.00 0.00 26.98 22.09 MFM UK Primary Opportunities A Inc 487.74 487.74 1.24 0.61 31.03 5.39 Outstanding British Cos A Acc X F 328.57 - -0.09 0.14 17.30 0.38
Janus Henderson Instl UK Idx Opps A Acc £ 1.06 - 0.00 1.87 23.41 - Outstanding British Cos B Acc X F 357.52 - -0.09 0.81 18.13 1.13
Janus Henderson Multi-Asset Absolute Return Fund A Acc 153.40 - 0.10 1.72 6.82 2.87 Omnia Fund Ltd UK Smaller Cos A Inc X F 737.54 - -3.08 0.09 49.17 9.60
Janus Henderson Multi-Manager Active Fund A Acc 265.70 - 0.20 0.00 15.98 5.39 Other International Funds UK Smaller Cos B Inc X F 722.95 - -2.98 0.68 50.11 10.39
Janus Henderson Multi-Manager Distribution Fund A Inc 138.60 - -0.60 2.21 10.05 3.81 Estimated NAV $ 652.48 - 0.76 0.00 13.55 -10.66 UK Income A Acc X F 343.98 - -1.04 2.85 31.00 3.40
Janus Henderson Multi-Manager Diversified Fund A Acc 94.95 - -0.28 2.41 6.37 3.58 UK Income A Inc X F 245.25 - -0.74 2.50 29.49 2.81
Janus Henderson Multi-Manager Global Select Fund Acc 311.30 - -1.70 - 22.03 8.33 UK Income B Acc X F 381.00 - -1.15 2.83 31.98 4.18
Janus Henderson Multi-Manager Income & Growth Fund A Acc 198.80 - -0.70 1.99 11.00 4.08 UK Income B Inc X F 271.81 - -0.81 2.53 30.47 3.69
Janus Henderson Multi-Manager Income & Growth Fund A Inc 161.30 - -0.60 2.02 11.03 4.09 Marwyn Asset Management Limited ( CYM )
Regulated
Janus Henderson Multi-Manager Managed Fund A Acc 325.10 - 0.30 0.16 15.04 4.93 Marwyn Value Investors £ 329.72 - -6.14 0.00 - -7.17 Ram Active Investments SA
Janus Henderson Multi-Manager Managed Fund A Inc 314.70 - 0.30 0.01 15.04 4.93 www.ram-ai.com
Janus Henderson Sterling Bond Unit Trust Acc 251.20 - -1.80 1.19 1.25 4.58 Oryx International Growth Fund Ltd RAM Systematic Emerg Markets Eq $ 244.55 244.55 -2.71 - 36.10 11.00
Janus Henderson Sterling Bond Unit Trust Inc 70.30 - -0.49 1.19 1.27 4.56 Stewart Investors ( UK )
Other International Funds RAM Systematic European Eq € 569.64 569.64 -8.75 - 36.54 7.22 23 St Andrew Square, Edinburgh, EH2 1BB
Janus Henderson Strategic Bond Fund A Inc 131.00 - -0.20 3.54 4.42 5.91 NAV (Fully Diluted) £ 9.10 - -0.52 0.00 61.22 25.18 RAM Systematic Funds Global Sustainable Income Eq $ 153.86 153.86 -1.58 0.00 34.49 5.17 enquiries@stewartinvestors.com
Janus Henderson UK & Irish Smaller Companies Fund A Acc 742.50 - -1.70 - 75.08 4.69 RAM Systematic Global Eq Sustainable Alpha $ 109.34 109.34 0.14 - 5.47 -3.36 Client Services: 0800 587 4141
Dealing Line: 0800 587 3388 WA Fixed Income Fund Plc ( IRL )
Janus Henderson UK Absolute Return Fund A Acc 168.00 - 0.20 0.00 3.77 1.96 RAM Systematic Long/Short European Eq € 148.44 148.44 -0.17 - 9.58 -1.52 Regulated
Authorised Funds
Janus Henderson UK Alpha Fund A Acc 169.70 - 0.80 0.26 37.52 3.29 RAM Systematic US Sustainable Eq $ 415.33 415.33 -3.66 - 32.04 10.05 European Multi-Sector € 122.45 - 0.01 2.91 4.59 5.30
SI Asia Pacific A Acc 1572.05 - -12.93 0.77 22.04 6.24
Janus Henderson UK Equity Income & Growth Fund A Inc 523.90 - 1.10 3.50 32.21 -2.53 McInroy & Wood Portfolios Limited ( UK )
Easter Alderston, Haddington, EH41 3SF 01620 825867 RAM Tactical Global Bond Total Return € 155.06 155.06 -0.10 - 1.22 2.86 SI Asia Pacific A Inc £ 2.79 - -0.02 0.77 22.02 6.18
Janus Henderson UK Property PAIF A Acc £ 2.36 2.48 0.00 - 3.07 0.94 RAM Tactical II Asia Bond Total Return $ 157.48 157.48 0.12 - 3.77 4.58
Authorised Inv Funds SI Asia Pacific Leaders A Acc 896.05 - -6.29 0.16 21.85 10.53
Janus Henderson UK Property PAIF A Inc £ 0.96 1.01 0.00 2.54 3.25 1.01 Balanced Fund Personal Class Units 5960.20 - -10.40 1.12 12.89 7.92 SI Asia Pacific Leaders A Inc £ 3.04 - -0.03 0.09 21.74 10.42
Janus Henderson US Growth Fund A Acc 1884.00 - 3.00 0.00 24.52 19.97 Income Fund Personal Class Units 2835.00xd - -5.70 2.15 11.54 5.40 Orbis Investments (U.K.) Limited ( GBR ) SI Asia Sustainability A Acc 712.68 - -5.48 0.00 22.28 11.20
Emerging Markets Fund Personal Class Units 2378.30 - -4.60 1.34 11.89 6.75 28 Dorset Square, London, NW1 6QG SI Global Emerging Mkts A Acc 774.13 - -4.49 1.71 16.13 -1.31
Smaller Companies Fund Personal Class Units 7532.50 - -51.90 0.81 33.55 11.31 www.orbis.com 0800 358 2030 SI Global Emerging Mkts Leaders A Acc 554.78 - -2.86 0.68 16.17 -1.72
Regulated
SI Global Emerging Mkts Sus A Acc 402.33 - -3.09 0.14 17.98 7.65 Zadig Gestion (Memnon Fund) ( LUX )
Orbis OEIC Global Cautious Standard £ 10.78 - -0.02 0.02 9.05 -
SI Indian Sub-Cont A Acc 661.71 - -2.60 0.08 47.42 9.80 FCA Recognised
Orbis OEIC Global Balanced Standard £ 16.62 - -0.09 - 18.66 4.17
SI Latin America A Acc £ 2.30 - -0.02 0.64 8.64 -2.25 Memnon European Fund - Class U2 GBP £ 222.59 - -2.06 0.00 25.10 9.20
Orbis OEIC Global Equity Standard £ 21.14 - -0.24 1.89 22.72 8.32 Royal London ( UK )
55 Gracechurch Street, London, EC3V rlam.co.uk SI Worldwide Equity A Acc £ 2.36 - 0.05 - 21.94 8.37
Orbis OEIC UK Equity Standard £ 9.97 - -0.16 2.44 50.38 3.48
Kleinwort Hambros Bank Limited ( UK ) Authorised Inv Funds SI Worldwide Equity A Inc £ 2.39 - 0.05 - 23.40 8.80
5TH Floor, 8 St James's Square, London, SW1Y 4JU Royal London Sustainable Diversified A Inc £ 2.58 - -0.02 0.44 11.90 10.86 SI Worldwide Leaders A Acc 579.23 - -3.82 0.00 18.91 9.54
Dealing and enquiries: 033 0024 0785 Royal London Sustainable World A Inc 369.90 - -2.20 0.00 15.16 15.45 SI Worldwide Sus A Acc £ 2.82 - -0.01 0.00 19.89 11.57
Authorised Inv Funds Milltrust International Managed Investments ICAV( IRL )
mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com Royal London Corporate Bond Mth Income 94.10 - -0.53 3.32 4.22 4.57 SI Worldwide Sus A Inc £ 2.73 - -0.01 0.00 20.03 11.73
Unit Trust Manager/ACD - Host Capital
HC Kleinwort Hambros Growth A Acc 251.45 - 0.14 1.36 15.04 7.16 Regulated Royal London European Growth Trust 205.00 - 1.60 0.19 19.73 8.79
British Innovation Fund £ 121.92 - 2.89 0.00 - - Royal London Sustainable Leaders A Inc 783.40 - 0.90 0.69 18.79 10.94
HC Kleinwort Hambros Growth A Inc 228.13 - 0.13 1.38 15.04 7.16
MAI - Buy & Lease (Australia)A$ 103.45 - 0.50 0.00 -16.53 1.41 Royal London UK Growth Trust 648.40 - 3.70 0.72 28.23 5.05
HC Kleinwort Hambros Equity Income A Inc 102.91 - 0.02 3.06 23.16 0.34
MAI - Buy & Lease (New Zealand)NZ$ 91.20 - -6.06 0.00 -7.20 -2.67 Royal London UK Income With Growth Trust 214.80 - 0.50 3.63 19.51 3.31
HC Kleinwort Hambros Equity Income A Acc 192.02 - 0.04 4.50 23.16 0.35
Milltrust Global Emerging Markets Fund - Class A $ 131.33 - 0.63 0.00 36.05 14.36 Royal London US Growth Trust 345.90 - 0.40 0.01 27.17 14.33
HC Kleinwort Hambros Multi Asset Balanced A Acc 183.64 - 0.42 0.81 9.51 5.03
Additional Funds Available
HC Kleinwort Hambros Multi Asset Balanced A Inc 173.58 - 0.40 0.81 9.51 5.03
Please see www.royallondon.com for details
HC Kleinwort Hambros Fixed Income A Acc 139.05 - 0.11 3.44 3.41 2.65
HC Kleinwort Hambros Fixed Income A Inc 108.90 - 0.09 3.44 3.41 2.65
Milltrust International Managed Investments SPC

em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com
Regulated
Milltrust Alaska Brazil SP A $ 84.37 - -1.28 0.00 22.37 - Platinum Capital Management Ltd
Milltrust Laurium Africa SP A $ 103.80 - -2.40 0.00 26.52 -
Platinum All Star Fund - A $ 154.02 - - - 20.75 5.65
Milltrust Marcellus India Fund $ 135.04 - -0.58 - - -
Platinum Global Growth UCITS Fund $ 14.77 - -0.06 0.00 23.81 8.23
Milltrust Singular ASEAN SP Founders $ 153.11 - -2.08 0.00 39.53 - Stonehage Fleming Investment Management Ltd ( IRL )
Platinum Essential Resources UCITS Fund SICAV USD Class E $ 8.65 - -0.11 0.00 20.81 -6.55
Milltrust SPARX Korea Equity SP A $ 170.70 - -3.17 0.00 49.67 - www.stonehagefleming.com/gbi
Platinum Global Dividend UCITS Fund $ 58.57 - 0.25 0.00 14.91 0.41
Milltrust VTB Russia Fund SP $ 143.18 - -1.35 - - - enquiries@stonehagefleming.com
Regulated
Milltrust Xingtai China SP A $ 168.51 - -4.48 0.00 23.90 -
SF Global Best Ideas Eq B USD ACC $ 279.31 - -1.92 0.00 31.69 19.51
The Climate Impact Asia Fund SP (Class A) $ 102.57 - -1.11 - - -
SF Global Best Ideas Eq D GBP INC £ 307.93 - -1.76 0.00 20.52 18.08
The Climate Impact Asia Fund (Class B) $ 102.47 - -1.11 - - -
Ruffer LLP (1000)F ( UK )

65 Gresham Street, London, EC2V 7NQ
Lazard Fund Managers Ltd (1200)F ( UK ) Order Desk and Enquiries: 0345 601 9610
P.O. Box 364, Darlington, DL1 9RD Authorised Inv Funds
Dealing: 0870 6066408, Info: 0870 6066459 Authorised Corporate Director - Link Fund Solutions
Authorised Inv Funds LF Ruffer European C Acc 965.94 - 12.99 0.04 54.70 17.60
Lazard Investment Funds (OEIC) B Share Class LF Ruffer European C Inc 176.27 - 2.37 0.07 54.70 17.61 Thesis Unit Trust Management Limited ( UK )
Developing Markets Acc 144.86 - -0.21 0.00 12.83 6.92 Ministry of Justice Common Investment Funds ( UK ) LF Ruffer European O Acc 940.43 - 12.59 0.00 54.23 17.25 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Developing Markets Inc 142.67 - -0.20 0.00 12.82 6.91 Property & Other UK Unit Trusts Authorised Funds
LF Ruffer Equity & General C Acc 571.83 - 1.55 0.15 27.77 7.93
Emerging Markets Acc 364.34 - 0.43 1.16 18.63 3.33 The Equity Idx Tracker Fd Inc 1948.00 - -3.00 1.57 21.43 6.57 TM New Court Fund A 2011 Inc £ 19.94 - -0.10 0.00 24.78 10.08
LF Ruffer Equity & General C Inc 522.97 - 1.42 0.16 27.77 7.93
Emg Mkts Inc 295.55 - 0.35 1.18 18.63 3.33 Distribution Units TM New Court Fund - A 2014 Acc £ 20.11 - -0.10 0.00 24.75 10.09
LF Ruffer Equity & General O Acc 556.77 - 1.48 0.00 27.38 7.61
European Alpha Acc 1060.72 - 8.02 0.06 18.21 7.16 LF Ruffer Equity & General O Inc 515.48 - 1.37 0.00 27.38 7.61 TM New Court Equity Growth Fund - Inc £ 22.09 - -0.13 0.00 30.71 12.15
European Alpha Inc 926.74 - 7.00 0.11 18.21 7.16 LF Ruffer Gold C Acc 273.79 - 8.77 0.00 -13.54 21.70
European Smaller Cos Acc 825.89 - 4.10 0.00 41.24 8.41 LF Ruffer Gold C Inc 165.71 - 5.31 0.00 -13.53 21.70
Global Equity Income Acc 221.48 - 1.27 2.28 31.06 9.40 Polar Capital Funds Plc ( IRL ) LF Ruffer Gold O Acc 266.48 - 8.52 0.00 -13.80 21.33
Global Equity Income Inc 116.91 - 0.66 2.31 31.07 9.39 Regulated
Automation & Artificial Intelligence CL I USD Acc $ 19.00 19.00 -0.18 - 32.50 21.78 LF Ruffer Japanese C Inc 175.65 - -0.80 0.06 22.92 14.78
Managed Bal Inc 199.48 - 0.47 1.13 18.33 7.14 LF Ruffer Japanese C Acc 377.44 - -1.73 0.06 22.92 14.78
Asian Financials I USD $ 488.25 488.25 0.08 - 29.28 6.85
UK Income Acc 1533.99 - 9.27 2.89 26.95 1.11 LF Ruffer Japanese O Acc X 367.01 - -1.71 0.00 22.54 14.44
Biotechnology I USD $ 40.99 40.99 0.02 0.00 25.24 17.11
UK Income Inc 589.86 - 3.57 2.95 26.95 1.11 LF Ruffer Pacific & Emerging Markets C Acc 406.62 - -1.82 0.82 15.23 4.65
Emerging Market Stars I USD Acc $ 15.59 - -0.24 0.00 25.93 16.42
UK Omega Acc 271.17 - 1.62 1.11 28.29 0.57 LF Ruffer Pacific & Emerging Markets C Inc 110.75 - -0.49 0.82 15.23 4.66
European Ex UK Inc EUR Acc € 12.89 12.89 -0.15 0.00 17.40 4.33
UK Omega Inc 230.96 - 1.38 1.12 28.27 0.57 LF Ruffer Pacific & Emerging Markets O Acc 395.53 - -1.80 0.49 14.88 4.34
Financial Opps I USD $ 15.44 - -0.27 1.46 45.52 5.54
UK Smaller Cos Inc 2666.57 - -1.57 0.00 56.94 7.26 LF Ruffer Total Return C Acc 542.71 - -0.45 0.61 13.58 7.01
GEM Income I USD $ 14.73 - -0.02 0.00 35.04 6.87
Global Convertible I USD $ 16.81 16.81 -0.06 0.00 14.82 7.96 LF Ruffer Total Return C Inc 350.13 - -0.30 0.62 13.58 7.00
Global Insurance I GBP £ 7.45 - -0.14 0.00 15.66 8.00 LF Ruffer Total Return O Acc 528.36 - -0.48 0.62 13.24 6.69
Global Technology I USD $ 92.97 - -1.27 0.00 30.80 27.77 LF Ruffer Total Return O Inc 340.68 - -0.31 0.62 13.24 6.68
Healthcare Blue Chip Fund I USD Acc $ 18.24 18.24 -0.07 0.00 22.33 13.94
Healthcare Opps I USD $ 69.14 - -0.22 0.00 21.40 13.18
Mirabaud Asset Management ( LUX ) Income Opportunities B2 I GBP Acc £ 2.64 2.64 -0.02 - 29.27 5.57
Lothbury Property Trust (UK) www.mirabaud.com, marketing@mirabaud-am.com Japan Value I JPY ¥ 127.66 127.66 -0.81 0.00 30.39 2.55
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Conviction based investment vehicles details available here www.mirabaud-am.com Toscafund Asset Management LLP ( UK )
Regulated North American I USD $ 36.47 36.47 -0.51 - 45.24 13.47 www.toscafund.com
Property & Other UK Unit Trusts
Mir. - Glb Strat. Bd I USD $ 124.34 - -0.08 0.00 6.71 4.55 UK Val Opp I GBP Acc £ 13.86 13.86 0.01 0.00 36.96 4.69 Authorised Funds
Lothbury Property Trust GBP £ 1897.05 2043.72 17.69 2.19 - -1.18
Aptus Global Financials B Acc £ 4.54 - -0.08 - 49.00 1.19
Mir. - DiscEur D Cap GBP £ 205.90 - -2.08 0.00 40.91 8.07
Guide to Data
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Guide to pricing of Authorised Investment Funds: (compiled with the assistance of the IMA. The Investment Association, Camomile Court 23 Camomile Street, London EC3A 7LL. Tel: +44 (0)20 7831 0898.)
OEIC: Open-Ended Investment Company. Similar to a unit trust but using a company rather than a trust structure.
Different share classes are issued to reflect a different currency, charging structure or type of holder.
Selling price: Also called bid price. The price at which units in a unit trust are sold by investors.
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22 ★ 10 July/11 July 2021
Twitter: @FTLex
Humbling week for

bond bears amid
China billionaires/CATL:
abrupt rethink
Environmental impact of Virgin Galactic’s
low profile, high worth space flight Emissions per
passenger,
Flight distances (’000 miles)
Katie
a Martin
per mile
The status of Chinese billionaires can Rocket flight
offer a useful indicator of a sector’s Virgin Galactic trip to the edge of space*
health. Since Alibaba founder Jack 100 miles 12kg
The Long View
Ma lost the title of China’s
a richest man (1,238kg of CO2)* of CO2
this year, tech stock prices have
a slid
0 1 2 3 4 5 6 7
T
downhill. The latest mega-rich local to
top China’s
a wealth ranking is Zeng Aircraft flight
Yuqun, founder of the country’s biggest owards the end of January, y said James Athey, an investment man- indicated that lift-off in policy rates may
electric-car battery maker, CATL. Business-class** transatlantic return trip UBS asked
k tthe question that ager at abrdn, the assett manager that come somewhat sooner than they had
Zeng’s $49.5bn net worth has from London to New York 0.2kg mattered most for global inexplicably changed its name this week previously anticipated.
overtaken Ma’s a $48bn, say Bloomberg 6,900 miles (1,238kg of CO2) of CO2 markets: “Bond bears have from Aberdeen Standard Investments. The result is a 0.19 percentage point
data. His 25 per cent stake in come out of hibernation, (For those wondering, itt is pronounced drop in 10-year yields to the lowest
Contemporary Amperexx Technology, g 0 1 2 3 4 5 6 7
but is it too soon?” ‘Abe
A rdeen’. I don’tt get it either.) point of the past week, albeit with a
known as CATL, rose 170 per cent in Hibernation was possibly not the In that environment, a shaky auction small rebound yesterday. a
* Virgin says the trip to the edge of space will have an equivalent carbon footprint to a business-class
the past year. It benefits from the transatlantic return trip from London to New York. right word. Strong demand and sinking of seven-year US government debt in One mystery here is precisely what
strong local sales growth
w of new-energy Sources: Virgin; FT calculations; ** Business-class seats take up the space of two economy seats. benchmark interest rates meant that February ended up sparking a heavy sparked the t rush back into bonds. Some
cars, which includes battery-driven International Civil Aviation Organization © FT yields on US government bonds, the drop. Ten-year yields finished the day
a of the supposed underlying reasons
ones. In June, units rose 139 per cent centre of markets’ universe, had been some 0.14 percentage points higher, a have been kicking around for a few
even as total car sales fell 12 per cent. After years of work and billions of air-launched and burns solid fuel sliding pretty smoothly for close to 40 huge move by the standards of the weeks with much more limited effect.
Expect more to come. Electric cars still dollars, Sir Richard Branson and Jeff for one minute to fly 50 or so miles years. So, less a case of waking from a typically sedate US market. Perhaps the most popular explana-
account for just 7 per cent of the total. Bezos are preparing to ride their own above Earth. winter snooze, more a case of the That served as a reminder that, while tion is positioning: investors’ consensus
CATL has positioned itself well, with spacecrafts to the edge of space, Virgin Galactic likens a passenger’s resurgent undead. US government bonds are the bedrock had become so strong and the reflation
44 per cent of the local battery market. proving that space tourism is a viable carbon footprint to a transatlantic In any case, six months or so later, r of global markets, they have their trade too popular. When this position-
It has continued building capacity business. Both claim green credits for business-class return flight. investors appearr to havea decided it was moments of instability under pressure. ing started to unravel, the resulting
aggressively,y with the plants under their endeavo
a urs. But the power That means about 1,238kg of CO2 indeed too soon. The Great Bond pick-up in bond prices tripped up inves-
construction set to double its current
production potential. It is a big supplier
required deserves examination.
Rocket-launch emissions can
per passenger, according to the
International Civil Aviation
Wobble of 2021 was striking — the
benchmark 10-year US government
The real blow,
o howevw ver, tors that were still short. These sorts of
squeezes can become self-reinforcing.
to Tesla. But unlike rivals such as include black carbon (aka soot) as Organization. bond yield rattled as high as 1.77 per came from the spectre Major, who is sticking to his 1 per cent
Panasonic, which relies heavily on
a handful of clients, CATL has
well as CO2. The higher a craft flies,
the more fuel is needed. The Space
Yet journey lengths differ. A return
transatlantic flight covers about
cent in late March and the first quarter
was the darkest for bonds in four
of inflation, the marke
r t’s 10-year yield target for the end of the
year, is not convinced. “Positioning is
diversified. It supplies both local Shuttle required nearly 720,000kg of 6,900 miles. Virgin Galactic’s trip up decades. But this week brought an true kryptonite ex-post rationalisation,” he said. “It’s a
carmakers, such as Xpeng, and global liquid fuel and 500,0
0 00kg of solid and down adds up to about 100 miles. abrupt rethink, leaving yields as low as little bit intellectually bankrupt.”
ones such as BMW and Mercedes-Benz. rocket fuel to reach space. Per passenger, per mile, the CO2 1.25 per cent, still well above tthe starting That is a faultline that might be tested But he suggests thatt investors should
Credit for that position goes to state Suborbital space flights byy both use emissions are 12kg of CO2 for Virgin’s point of the year but a serious dent. when the Fed more forcefully reels back think again about the real drivers of
backing. Favo
a urable policies and a less power. Blue Origin’s reusable space trip versus 0.2kg of CO2 for the It is worth reliving some of the bond its largesse. demand for government bonds even at
rapid rollout of charging infrastructure New Shepard uses a liquid hydrogen- commercial airline flight. shock’s origins and key moments. Even Steven Major, HSBC’s head of times of enormous issuance. “You can
have
a helped. It still relies on Beijing to fuelled engine to trave
a l more than 60 A modest CO2 footprint for space Their safety and stability mean that bond research and one of the most bull- flip them into cash without even
maintain this rapid expansion. Then miles above Earth. Hydrogen may not flights results because rocket flights government bonds love misery (among ish voices on the street, said in February moving the price. That’s true liquidity, t ,”
again, that means CATL and its emit carbon, but its production does. remain rare. If space tourism takes
k other things). So when news abo a ut vac- he was “eating humble pie”. Around that he said. “Can you do that with your
dominant position hardly threatens Branson’s VSS Unity rocket plane is off, expect more scrutiny to follow. cine rollouts late last year dangled the time, Major bumped up his year-end house? Can you do it with crypto?”
the government’s remit. That contrasts tantalising prospect off a return to post- forecast for 10-year yields byy a quarter So what next? Naturally, it takes twot
with local techs that have
a suffered pandemic normal life for the first time, of a percentage point. sides to make a market. UBS Wealth
under Beijing’s scrutiny. Encouraging per cent of sales should come from shots is debatable, particularly given that dragged them down. Now, though, as Athey notes, inves- Management said this week that it still
users to switch to a smaller ecommerce smoke-
k free product. The danger is that the worldwide shortage of jabs. The UK The real blow, however, came fro f m the tors are scaling back some of the more expects yields to reach 2 per cent this
app looks a simpler prospect than it grows wholesale into sectors where is planning an autumn booster spectre of inflation, the market’s true generous expectations around fiscal year while the BlackRock Investment
getting other battery makers to build similarities with its core business are campaign but scientists advising the US kryptonite as it eats into the fixed rate of spending. Inflation has picked up Institute is also shying awayy from gov-
sites. China takes
k its 2060 carbon- only superficial. Hard-pressed mature public health agency found insufficient bond returns. The Democratic party’s sharply but investors are increasingly ernment bonds on the basis that skinny
neutral pledge seriously and needs companies havea a weakness for this. data to support such a move. success in clinching control of the US confident that much of it appears rooted yields offer little cushion to compensate
all the capacity it can get. Examples include engineer Marconi, A double dose remains effective at Senate ffired up expectations for super- in the bottlenecks inevitable in an econ- against shocks elsewhere in a portfolio.
Another positive ffor Zeng: he is not which overpaid disastrously for digital keeping people out of hospital. True, charged ffiscal spending. A powerful omy emerging quickly from lockdowns. Major, too, thinks tthe pick-up in bond
well known outside of China. A low start-ups, and energy retailer Centrica, an Israel study said the jab was only accepted wisdom developed of persist- Crucially, the Fed has reinforced the prices is largelyy over for the time being.
profile should shield CATL from which stumbled upstream. The deal 64 per cent effective at protecting entlyy surgingg growth, lastingg fiscal sup- message that its somewhat more But he adds: “We’re not goingg short and
disruptive regulatory risk. value for Vectura is small enough to against infection from the variant, port and a Federal Reserve that would relaxed attitude to rising prices in the we haven’tt changed our forecasts. We
represent an option purchase, one that compared with 94 per cent for earlier turn a blind eye to rising price pressures. post-crisis recovery does not mean it have
a still got half a year to go.”
Philip Morris need not haggle over. The strains. But it is not conclusive. Other
t “The narrative in January was pie in has abandoned its inflation-targeting
tobacco group, with a market value of studies suggest this vaccine is the sky,
k it was rainbows and fairyy dust,” mandate altogether. Rate-setters have a katie.martin@ft.com
Philip Morris/Vec
V tura: $153bn, has agreed a premium of 55
per cent over the undisturbed price.
substantially more effective, says
Anthony Fauci, Joe Biden’s chief
a Dr
inhale seizer Carlyle made a lower offer in May.a medical adviser.
Yesterday,
a Vec
V tura shares were trading There is a need for
f more protection
A tobacco giant moving into 4p above Philip Morris’s fre
f sh bid of for vulnerable groups, such as cancer
healthcare presents a paradox. 150p per share, reflecting hopes of a patients and others with compromised
While pharmaceuticals keep counterbid. The buyout firm will be immune systems. As well as boosters,
people alive, cigarettes kill them. more price-sensitive tthan Philip Morris. the antibody cocktails produced byy the
Philip Morris’s deal to buy Vectura’s
a But stranger things have
a happened, likes
k of US biotech Regeneron may
outstanding shares aat an enterprise as illustrated byy the advent of the have
a a role. Their prospects were
value of £824m involve
n s another healthcare curious cigarette maker. dimmed byy vaccines’ success, but they
apparent contradiction. The UK-based have
a the
t potential to gain blockbuster
company’s products include inhalers status as a preventive drug.
that deliver pulmonary treatments. New evidence could tip the balance
Smokers clog their lungs with Pfizer/v
r accines: in favo
a ur of boosters. A risk of
carcinogens through the same process. overwhelming the healthcare system
The big US tobacco group, like all its profit injections remains, even where high vaccination
peers, seeks an exit route from a dying rates have
a weakened the link between
industry. It is inve
n sting some $8bn in The global recovery is under threat. cases and hospitalisations.
new technology.g It therefore sees The Delta variant has spread fast. As Further, there is a real possibility
overlap between its inhalation research well as planning a trial of Delta variant that the vaccine’s protection does not
and that of Vectura. Savvy analysts vaccine in August, drugmakers argue last as long against variants like Delta.
suggest the UK group’s expertise in that a third dose of the existing vaccine Politicians weighing up the case for
delivering measured doses of inhalants “may be beneficial” to maintain the boosters may prefer to be safe, not
will help new e-cigarettes from Philip highest levels of protection. sorry.
Morris to pass the scrutiny of America’s
a It would benefit their bottom lines.
Food and Drug Administration. Boosters would extend
x the windfall,
Philip Morris hopes that
t byy 2025 expected to generate at least $26bn in
Lex on the web
non-nicotine products will produce sales this year. After a 50 per cent gross For notes on today’s stories
$1bn of revenues, Stifel notes. That profit split with BioNTec
T h, Pfizer is in go to www.f
w t.com/lex
compares with a total expected to top line for a profits boost of $7bn or more.
$38bn, S&P Global says
a . More tthan 50 Yet the need for
f such additional
Climate change behind record-breaki tures in northern hemisphere

North America
merica reported its warme
warmest
st June on record, Euro
Eu rope
pe also reported its second
second-warme
warmest st JJune
as tempeeratures soared across south-we rd. The average temperaturre at
and nortth-west US and British Columbia saniemi in Helsinki, Finland, was
in Canadda. Portland’s temperature the highest since readings
hit 47C (116F) during the began in 1844
1
heatwavve, which scientists
believe is linked to
climate change
Cooleeer than 0 8
n
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Sources: Coop
per 1-2020
20
0 ave
v rage Follow
w @ftclimaate on Insta
tagram
Saturday 10 July / Sunday 11 July 2021
Alone together The downsides of 21st-century dating — BOOKS, PAGE 9

Follow us on Instagram @ft_weekend
Fourth of July?” The serious issue of

whether race is just an unfortunate
asterisk to the Declaration of Independ-
ence or whether it was formative to the
creation of the Union is at the heart of
what has morphed into the American
history wars of the present. Its mirror
image in the UK asks whether colonial-
ism was incidental or fundamental to
British economic and political power.
Historians have had their say on both
sides, but arguments from evidence
have been sandbagged by politicians
interested in making national allegiance
rather than issues of economic and
social equity the engine of electoral
mobilisation. The result is to turn
debate about what actually happened
into a patriotic litmus test. Should his-
tory make you proud or ashamed?
Unapologetically nationalist or peniten-
tially iconoclastic?
The organic relationship

between history and
freedom lies precisely in
the willingness of free
states to accept their pasts,
stained with wickedness
as much as heroism
But history is neither in the business
of self-congratulation nor self-flagella-
tion. History is in the truth business.
And if the truth should be hard to nail
down in simplicities, then the least his-
tory can do is to disabuse its readers of
outright falsehoods. Thus history will
tell you, in irrefutable documentation
and direct witness, that millions of
European Jews were systematically
America’s
murdered by the Nazis.
Notwithstanding the history oration
delivered by Donald Trump on July 4
2019 during the tinhorn parade of mili-
tary hardware, there were no revolu-
tionary war airports for the Continental
Army to seize, nor did it deliver a “total
history wars
victory” at Fort McHenry, that siege tak-
ing place in an altogether different war
in 1814.
The truth indelibly and unapologeti-
cally imprinted in the Constitution of
the Confederacy is that its rebellion was
not fought merely for “states’ rights’’, as
Continued on page 2
featured the Union Jack. But then his-

The battle over the founding myths did not begin with liberal activists — it was tory is a great mischief-maker, the
enemy of simplicities, especially those
of national allegiance. “The Star-Span-
there from the start. Simon Schama on race, the flag and the search for the truth gled Banner” was adopted as the Ameri-
can national anthem only in 1931. Prior
to that, “America (My Country ’Tis of
O
Thee)”, first performed on July 4 1831,
n July 4, the night sky over Above: a girl helps carry George Washington’s incredulous hor- served as patriotic hymn along with
the Hudson Valley was a US flag during a Fourth ror, the perfidy of one of his most “Hail Columbia”.
clear and empty. No of July Independence trusted generals. Confusingly, its melody is that of the
planes, no mist, no rain, Day celebration in Flags — these days, the rags of polemi- British national anthem. Which was, in
allowing fireworks to Washington DC — Reuters cal rage — also have a mixed history. In fact, the point. The last line of the hymn
explode with spectacular brilliance. 1929, the dashing aviator Opal Kunz of monarchist devotion is replaced by an
Above the towns, the whoosh and bang dropped a mass of them from her plane American democratic alternative: “let
sounded out something more than the directly over the site of the battle of freedom ring” supersedes “God save the
usual burst of patriotic glee: the sound- Stony Point. Those were the “Betsy king”. But one artful contrafactum
track of relief, the sense of Covid in Ross” flags created by the eponymous brought on another. In 1843, AG Duncan
retreat, if not yet defeated. Patriot upholsterer, featuring red and wrote a stinging, abolitionist version
At home, after the oohs and ahs, a white stripes but with the five-pointed which begins:
miniature percussion section (our three stars of the 13 colonies arranged in a cir-
small grandsons) marched up and down cle to symbolise, optimistically, perpet- My country ’tis of thee / Stronghold of
the back deck to the strains of Sousa’s Below: supporters of ual union. slavery / Of thee I sing
“Stars and Stripes Forever”, putting former president Donald But the Betsy Ross was preceded by
their all into saucepan-lid banging in Trump stand near the Grand Union Flag, designed by the The second verse is even more to the
time with the beat. Confederate and US flags Philadelphia milliner Margaret Manny point:
Absent from our family celebration — as they gather for his first for the new fleet of the American navy.
only because it’s currently in London post-presidency campaign Manny’s flag had the obligatory stripes My native country, thee, / Where all
storage — is an enormous, slightly moth- rally last month — Reuters but, in place of stars, the top left canton men are born free, / If white’s their skin
eaten 19th-century Union Jack. I’ve
been known to hang it on July 4, not as a The jarring discrepancy between the
gesture of British party-pooping or to “self-evident” truth of human equality
aggravate the neighbours, but because asserted in the Declaration of Independ-
this particular neck of the woods has a ence and the brutal reality of America’s
fascinatingly mixed history as a theatre founding being built on the backs of the
of the Revolutionary War. enslaved is not, then, some contempo-
The country around here, like all of rary piety of the “woke”. Since Samuel
America during the revolution, was Johnson acidly inquired “How is it that
divided into equally numbered thirds: we hear the loudest yelps of liberty
Patriot, Loyalist and nervous neutrals. among the drivers of negroes?”, this
Across the river and a little way founding contradiction has never been
upstream, the improvised fort (actually out of view.
earthworks) at Stony Point was estab- In 1773, Benjamin Rush published a
lished by the British general Clinton to pamphlet asking the same question:
control the Hudson, but was taken in a “Where is the difference between a Brit-
daring attack by “Mad” Anthony ish Senator who attempts to enslave his
Wayne’s force of American commandos fellow subjects in America, by imposing
on July 16 1779. taxes upon them contrary to law and
Closer to home, at Tarrytown, the justice, and the American Patriot who
British spy Major John André was reduces his African brethren to slavery
caught, before he could reach Benedict contrary to justice and humanity?”
Arnold at West Point. Documents André The same contradiction was perhaps
was carrying revealed the plan to deliver most famously restated by Frederick
the fort to the British army and, to Douglass: “What to the slave is the
Life
Note from the

Every day in a city, people fight battles
for space. It’s everywhere: the frenzied What does the future hold to go around. Now the pandemic has
rejigged the space status of rival forms
for cities’ hottest spots?

bidding for a broom closet in of land. House prices have jumped,
FTW editor Knightsbridge, the Parisian maître d’

who judges you too ugly to sit at a
central table or, of vastly different
despite the trickle of residents out of
cities, while demand for office and
retail space has slumped. I’ve just been
moral import, police harassing young back to London for the first time since
men of colour who dare venture into a March 2020 and, months after the UK
rich neighbourhood. The €10 began reopening, the city centre was
cappuccino on Venice’s Piazza San
Marco is the price of renting the space.
Simon Kuper still so quiet that every day felt like
Sunday. Wandering along a near-empty
It’s these battles that make urban life Oxford Street one morning, I was
so stressful. After a year’s pause during
the pandemic, they have now returned,
Opening shot reminded of a provincial high street
circa 2019.
For millions in England, the but in altered form. That’s because There’s an obvious trade-off here and
victory in the Euros semi-final space status — the value of each urban the store group John Lewis has begun
spot — has been shaken up and fortunate enough to get several Amsterdam now plan to divert making it: it plans to turn some of its
on Wednesday has inevitably redistributed. The post-pandemic city (though Juppé said nothing improper apartments from their most lucrative property across the UK into 7,000
evoked memories of 1966 — the will host new kinds of battles for space. had happened). use — as Airbnbs — and keep them for rental homes. Also under pressure are
Space status has soared since the But no matter which criteria were residents instead. the roads that occupy about 30 per
last time England competed in 1970s when there were still jobless used to allocate space, the winners Even in New York, money isn’t cent of London’s land, only 6
a final in a major football bohemians living in London’s Soho and were almost always high-status people always decisive. A wonderful New York percentage points less than the space
you could park your car on the — males, whites and the elderly — who Times article from 2005 describes how used for housing. In the new era of
tournament. It also took me doorsteps of flagship museums. As generally felt entitled to them. Think of the doormen of the nightclub Marquee remote work and cycle lanes, that’s too
back to the late 1990s, when I space has gained in value, cities have “manspreading” on the subway, SUVs chose which customers to admit. Large much asphalt.
was working in a print had to choose how to allocate it. pushing kids off the streets, baby bribes didn’t cut it. One tech Capitalism abhors a vacuum and, in
Broadly, there are two approaches: you boomers winning the housing market entrepreneur was told: “Flashing a pile expensive cities, space that has lost
newsroom and page plans were either sell it to the highest bidder and New York City’s “stop-and-frisk” of cash is a complete and total status will be reallocated to higher-
merrily torn up on deadline to (pretty much the definition of policy, which disproportionately admission that you don’t belong here.” status uses. This is an urban process
adjust to late-breaking news.
neoliberalism) or you recognise non- targeted black and Latino people. ‘No matter which Instead, the Marquee granted entry that never stops: in the late 19th
monetary forms of status. Gradually, neoliberal allocation of based on ever-changing non-monetary century, Oxford Street itself
Normally by Wednesday night For almost all of the past century, the space became the norm, especially in criteria were used claims to status. From the 1990s, converted from residential and
we are signing off on page
non-monetary approach remained New York and London, but also in to allocate space, reported the newspaper, “waiflike entertainment to retail.
common. Soviet citizens needed a Beijing, which now periodically evicts beauty began trumping studied Fifty years from now, a yuppie of the
proofs of Life & Arts — not this bureaucratic permit to move to so-called “low-end residents”. Still, the winners were eccentricity as the main criterion”. Late Anthropocene sprawled on his
week. When the final whistle Moscow. Even Manhattan used to be other forms of status continue to almost always As one doorman explained his terrace in the November heat, gazing
full of rent-controlled apartments matter in cities. When the penniless philosophy: “My father always taught out over the dykes that line the
blew we knew we had to have allocated not so much to the poor as octogenarian French writer Gabriel high-status people’ me that there are winners and losers in Thames, will remark: “You know this
the well-connected. And when Jacques Matzneff fell into disgrace recently this world. My job is to make sure this building used to be a department store?
an essay on football. Simon Chirac was mayor of Paris in the 1990s, because of his paedophile writings, he place is full of winners.” He had Yah, a Debenhams or something.” But
Kuper wrote through the night. he doled out city-owned grace-and- was found to be living in a subsidised summed up the ideology of the modern his date will have no idea what a
The result, on page 16, is a favour apartments to cronies. The apartment on Paris’s high-priced Left city in a sentence. department store was.
future French prime minister Alain Bank, a tribute from the French state Gentrification keeps creating high-
wonderful piece. Juppé and some of his relatives were to his literary fame. Cities such as status space, yet there is never enough @KuperSimon; simon.kuper@ft.com
My week has been shaped by
remarkable sport. On Monday,
I saw Roger Federer at
Wimbledon win — and so History wars pride: history as pom-pom waving.
Anger at the 1619 Project’s emphasis
on race in the history of the revolution
beautifully — once more. There has not been confined to the political
Continued from page 1 right. Major authorities on revolution-
was a poignance to his victory. ary history denounced it for what they
Was it his last on these courts, its apologists like to pretend, but to pre- called shoddy scholarship and distorted
serve humans as property. use of sources. But recent works based
given his abrupt exit on Article IV Section 2 of that document on deep research, in particular Robert G
Wednesday? I was also struck plainly states that “no slave or other Parkinson’s Thirteen Clocks: How Race
by the sense of limbo in the person held to service or labor in any United the Colonies and Made the Declara-
State or Territory of the Confederate tion of Independence, as well as work by
crowd. The scene was so States, under the laws thereof, escaping Alan Taylor, have produced an abun-
happily near to normality and or lawfully carried into another shall, in dance of evidence to show unquestiona-
consequence of any law or regulation bly that, as Parkinson writes, “the glue
yet many had tales of isolation therein, be discharged from such serv- that held [the Union] together was a
and Covid close to home. Now ice or labor, but shall be delivered up on shared fear of British agents working in
claim of the party to whom such slave tandem with enslaved and Native peo-
unlocking looms. For the last belongs”. ples to destroy them”.
word on it — its wisdom or Likewise, while it is true that the Par- My moth-eaten Union Jack carries a
liament of Great Britain did indeed abol- piece of this chastening history in its
otherwise — turn to the Big ish the slave trade in March 1807, Con- fabric. I acquired it from a junky antique
Read in the main section. gress had actually done the same three shop in Shelburne, Nova Scotia, when
weeks earlier. Britain liquidated the researching the history of the enslaved
The overarching theme of institution of slavery itself in 1834 but who had believed the promises of the
this edition is New York. Simon on condition that obscene sums of Brit- Crown enough to flee their masters and
Schama writes compellingly as ish taxpayers’ money would go to com- join its army in their thousands. There
pensate former owners of the enslaved. mobilisation of the son meant when, among his exhaustive were black soldiers on both sides in
ever from there on America’s Come the civil war across the Atlantic, southern colonies, its inventory of crimes attributed to many of the American revolution’s bat-
history wars. We have on the great majority of the British political crossing of the Rubi- George III, the future president claimed tles, including the decisive engagement
elite, including Liberal Party leaders con of separation, was, that “he has excited domestic insurrec- at Yorktown. But on the conclusion of
page 7 a dispatch on the New such as Gladstone, whose family fortune in large part, a tions among us”. the peace in 1783, Washington
Yorkers enjoying a tourist-free was in cotton, cheered on the Confeder- response to fears of It has been one thing to maintain that demanded the return of those former
acy. Vocal support for the Union was slave rebellions in the the civil war was fought over race, but slaves to their owners.
summer, on page 18 a reflection largely confined to radicals such as John spring and summer of quite another to argue that the same To his credit, the last British governor,
on the enduring influence of Bright and his constituency of factory 1775. question was central to its founding Sir Guy Carleton, refused, insisting that
workers in Lancashire. Even before the gov- moment in 1775-76. The New York the promise of freedom would be hon-
Jane Jacobs, and on the back History casts shadows as well as light. ernor of Virginia, Lord Times 1619 Project, with its implication oured. More than 2,000 sailed out of
page Enuma Okoro writes a It always has. Resistance to vain self-re- From top: view Dunmore, issued a proclamation prom- that race runs like a red thread through- New York harbour along with white
gard has been its working principle ever from the Empire ising liberty to slaves who joined the out American history, from the revolu- Loyalists to Nova Scotia where, predict-
love letter to NYC as it returns since Thucydides made the climax of his State Building, New army of the king, alarm bells were being tion to the civil war on to the Jim Crow ably, the land promised to them, includ-
to life. epic work not an Athenian triumph, but York, September rung among Patriots that the unscrupu- years and the fight for voting and civil ing lots around Shelburne, was either
Happy reading all. the city-empire’s bloody comeuppance 2019; what may lous British government would deliber- rights, outraged those on the nationalist withheld or reduced to the most uncul-
in the catastrophic expedition to Sicily. have been the first ately stir up both a slave insurrection as right who believe that the job of history tivable and rocky soil. Disenchanted
Alec Russell The organic relationship between his- American flag, well as an armed movement of Native is first and foremost an act of national though still legally free, many went with
tory and freedom lies precisely in the made by Betsy American tribes. No historians imagine self-affirmation. the young John Clarkson’s fleet to reset-
willingness of free states to accept a Ross, with the stars this move was made out of the milk of The notion that radical professors tle in West Africa, in what became
record of their pasts, stained with disas- of the 13 colonies humane compassion, but rather as a have hijacked American history to Sierra Leone.
FT Weekend Festival —
ter and wickedness as much as heroism arranged in a circle pre-emptive blow against the plantation brood punitively on matters of race led The Nova Scotia flag is evidently of a
The Reawakening: and achievement. Distorting the record Sasha Arutyunova;
National Archives
economy of the rebels. Trump to launch a 1776 Commission, later date but, when I unfurl it, the place
Imagining a so it becomes an exercise in the geneal- But British motives are not the point. whose report promising to keep the and the history seem woven into its
post-pandemic world ogy of present glory is to corrupt its Widespread fearfulness, close to panic, national chronicle mostly upbeat and threadbare fabric and the picture of that
Live in the grounds of integrity. Best leave that to the dictators. that a rising was at hand moved the sunny became public just two days surprising, sobering past comes alive in
Kenwood House in London This is especially true of foundation colonial elites of Virginia and North and before his reluctant exit from the White all its tragic complexity. Which is, rather
on September 4. For passes, myths. Fifteen years ago, in Rough Cross- South Carolina to arm themselves, as House. A number of state administra- than a pep pill for national happiness,
programme and more info
visit ftweekendfestival.com ings: Britain, the Slaves and the American much if not more, against an uprising of tions of Trumpian kidney have sought what history most valuably yields.
Revolution, I suggested (and I was by no slaves and Indians as the redcoat sol- authority to monitor curricula for their
means the first to do so) that the armed diers of the king. This was what Jeffer- proper quota of unblemished patriotic Simon Schama is an FT contributing editor
Hemingway and the antidote to life online

A new TV series on the of Hemingway’s spirit is now. The about life, Hemingway’s semi- Disobeying doctors’ orders, he drank speech for the Nobel Prize in Literature Sea), about expat journalists and
six-hour series streaming now on the autobiographical short stories suggest, even in hospital. Martinis, daiquiris, in 1954, and then echoed that in his writers living in Paris in the 1920s
writer comes at a moment BBC, by Ken Burns and Lynn Novick, but it is a privilege to experience it all. tequila, scotch and bourbon flowed in Paris Review interview in 1958: “The (A Moveable Feast), about a dynamiter
when we need an infusion examines the writer’s enduring My Greece was far away from his his veins without respite. further you go in writing, the more assigned to blow up a bridge during the
influence on literature and culture, and summers in northern Michigan, but He believed the tragedy of the alone you are.” Spanish civil war (For Whom the Bell
of his restless spirit. echoes Toni Morrison’s plea — don’t there is no better writer for a non- bullfight was so well ordered and so For years I couldn’t understand how Tolls). “He could beat anything, he
By Fani Papageorgiou settle for happiness.
It took the documentary makers
native English speaker who aspires to
one day master the language.
strongly disciplined by ritual that it
refuted any moral wrongness. Yet, self-
anyone could claim to be so lonely
while having such a wild time.
thought, because no thing could hurt
him if he did not care” (The Snows of
seven years to complete the project of The Kansas City Star, whose style aggrandising, he ended up becoming a Shooting lions or driving an Kilimanjaro).
Do you know the good years when throwing light on Hemingway’s handbook demanded short, precise controversial figure because of his ambulance were beyond me but, So what do we keep of Hemingway?
you’re in them? Foreign correspondent, oversized life — and contradictions — sentences and paragraphs, proved to be dated machismo and suspicions of because of him, I joined the Red A hunter, boxer and drinker, he knew
Red Cross ambulance driver during the and the list is long. The mercurial an influential training ground for toxic masculinity. Cross and trained as a nurse so I, too, that the older you get, the more every
first world war, deep-sea fisherman in writer, the body of work, the four Hemingway. Distrusting adjectives, he I used to sit in the garden, in my could go out into the world and be void is the same void, yet he showed us
the Gulf Stream, survivor of two plane wives, the excessive drinking, the understood the value of the simple, Athenian suburb, poring over books useful in case of war. The problem is that almost everything happens in
crashes, big-game hunter, virile lover, obsession with bullfighting, the declarative sentence, and in his and magazine photographs of always what to do with life. And so it language. In his uncluttered style, he
friend of matadors, the man who depression, the persona that fed the economical, understated prose style Hemingway — sitting at his came that his muscular prose and strived to do a rather complex thing.
liberated the bar at the Ritz Hotel from myth until he became a celebrity he tried not only to prune language typewriter, in the bullfighting rings of discipline were nourished by his To show how life’s underlying sadness
the Nazis — Ernest Hemingway showed author, his dazzling success and but “to write about the whole Spain, in Cuba, Italy, in cafés in action-packed years. could blunt even the emotions nesting
us that safety is an illusion and that life creative destruction. damned world”. Montparnasse, on African safaris, in He wrote about June twilight in the in the solar plexus, the place one feels
is a wild adventure or nothing at all. At 17, studying The Nick Adams Stories Don’t be tractable, his stories seem to boats off the Florida Keys — evidence Dolomites and what it feels like trailing hope or happiness.
Since the pandemic began, days and in my English class at school, I came to tell us. Be reckless by committing to of a life lived fiercely through the body your hand in the water in a moving Between pain and nothing, he chose
months online have been mostly identify with the notions of initiation the principle. And on cue, accident and the mind. canoe, about an ageing fisherman pain, so we shed the myth but keep
barren, a series of high doorways that into adulthood and coming of age. prone, Hemingway suffered multiple “Writing at its best is a lonely life,” struggling with a giant marlin off the both his emollient and disquieting
lead nowhere. The time for an injection There is something devastating brain injuries throughout his life. Hemingway said in his acceptance coast of Cuba (The Old Man and the words, as well as his courage.
Life
of it, but if there’s something I really The rewilding movement grew w from a
Lunch with the FT Isabe

a lla Tree
r think needs to be said, that is misunder-
stood or being misrepresented, then I
just can’tht elp myself,” she says, stopping
theory developed in the 1980s and
1990s which asserted that, until the
megafauna of the Pleistocene eraa (such
to dip herr spoon into a bright green bowl as mammoths, mastodons and sabre-
of asparagus soup. “I think it’s important toothed cats) began to die out, most of
nott to lett people ffrighten you.” the planet was covered with a shifting
‘One day we won’t

n t need Tree is straightforward, engaging and
fun — farf from the caricature of fey dilet-
tantism thatt her detractors may wish to
paint, although her background is
unquestionably grand. She and Burrell
moved in to Knepp Castle in their early
landscape of grassland and scrub rather
than closed-canopy forest, as had been
the prevailingg belief.
Whatt early rewilding projects — such
as the reintroduction of wolves in Yel-
lowstone National Park, or the Oost-
nature reserves’ twenties, when he inherited the estate

from his grandparents.
“It was a pretty forbidding house to
begin with, and Charlie’s grandmother
was pathologically mean, so the curtains
were indestructible — even the clothes
moths turned their nose up at the cur-
vaardersplassen reserve in the Nether-
lands — sought to do was recreate those
earlyy conditions. “It’s a spectrum,” Tree
says
a . “The biggerr the area, the less man-
agement.” . Att Yellowstone, there is now a
complete “suite of species”, ” while at
Knepp, in the absence of an apexx preda-
tains — and they would never quite meet tor, the herbivores still need to be culled.
Two
w decades ago, she turned her in tthe middle,” she saays. “We had to drag One logical endpoint, and alreadyy the
the house kicking and screaming into focus of ethical debate, is the de-extinc-
family’s intensively ffarmed estate the 20th century.” y tion of megafauna. “I think at the
over
v to nature and became the face It was a happy childhood in rural Dor- momentt the idea off cloningg a mammoth,
set, as much as nominative determin- it’s problematic . . . That moneyy could
of the rewilding
e moovement. Over
v ism, that pointed Tree towards a career be much betterr spent on restoring habi-
(locally caught) sea bass, the as a trave
a l and nature writer, and ecolo- tat and protecting the species we have
gist. “I was very rebellious when I was already thatt are abo
a ut to ffall off the cliff.”
conservationist
a tells Laura Battle youngerr and I set up a pagan alternative Back to reality: Tree has to dash to her
about bringing back biodiversity,t the
t with my friend, at [convent school]. W We meeting, yet another related to Knepp’s
had a den in the woods where we used to campaign against plans ffor several new
problem with veganism — and why h dress up in robes and worship deer ant- housingg developments nearby. Not only
cloning mammoths is a bad idea lers and things,” she laughs. While her
upbringing was the epitome of aristo- ‘I don’t
n t like provoking
v just
T
cratic privilege — her grandparents
included the great American taste- for the sake of it, but if
hree weeks of glorious sun- maker Nancy Lancaster and the 10th there’s something I really
shine have broken with a Duke of Devonshire — Tree was always a
deluge. A morning of per- aware she had been adopted as a baby. think needs to be said, that
sistent rain has washed I askk how w her life mightt have been dif- is misunderstood or being
awayy any petrichor sweet- ferentt had she remained with her birth
ness — the sodden countryside now mother (whom Tree met before her misrepresented, then I just
smells vaguely cabbagey — and thun- early death in 2002), butt it’s a question can’t
n t help myself ’
derous clouds glower overhead. she doesn’t quite answer. “There’s a
Yet the landscape spread before Isa- funny sense of objectivity, I think, if
bella Tree, as she leads the way through you’re adopted because you grow up are the sites home to several endan-
mud and puddles, is almostt savannah- sort of knowing your life has spun on a gered species but, she says
a , are crucial as
like in character. Chattering songbirds sixpence and you’ve ended up on a tra- wildlife corridors connectingg the estate
dartt between outcrops of thornyy scrub, jectory that’s completely different to with nearby woodland. It’s an illustra-
herds of deer resemble antelope grazing what it could have been. I think it gives tion of the government’s conflicted
the pasture in between and, as we pause you a sense of fate, you can’tt square it approach — on the one hand developing
for a second at the top of a raised otherwise . . .” she says. “I’m nott describ- an ambitious environmentt bill, and on
T
wooden viewing platform, tthere itt is: the ingg it very well.” the other aiming to relax planning rules
whispered turr-turrr of a turtle dove. forr greenfield sites, she adds.
It is hard to believe that this land — here is a natural pause with “I think there’s also a very unhealthy
partt of Knepp Castle Estate, where Tree the arrival of our colourful relationship between developers and
and her husband, Charlie Burrell, have a main courses: lemon gnoc- the Tory party, both at national and
developed one of the world’s most dar- chi, with bright green pea local level,” Tree says.
ingg and controversial rewilding projects shoots and a stuffed tem- There is no question that Knepp has
— is less than 50 miles ffrom central Lon- pura courgette flower forr me, and Tree’s an enormous advantage — its proximity t
don. Or that just 18 years ago, the sea bass, with its vivid accompaniment to London, the fact the estate is a dis-
ground beneath our feet was a neat of scallops, beetroot and watermelon. crete block of land, not to mention the
Ciaran Murphy
patchwork of arable fields. We circle back k to the issue off food, and family’s private wealth — but Tree
After givingg up conventional farming some of the mostt frequent criticisms of believes that if the government’s new
in the early 2000s, Tree and Burrell rewilding: that byy takingg large swaths of agricultural policy is implemented well,
removed 70 miles of internal fences, land out of cultivation it threatens both aspects of Knepp could be adopted by
introduced small herds of free-roaming food security and rural heritage. In functioningg farms across the country.
herbivores, including English longhorn afternoon Zoom meeting Wilding, Tree highlights the enormous In time, perhaps, there might even be
cattle and Tamworth pigs, and then and I’m driving); we settle for problem of food waste, and the fact that a less need ffor species-focused reserves.
stepped back k to allow
w nature to reclaim sparklingg water. many farmers “like ourselves” have “Eventually, I see conventional conser-
theirr 3,500-acre estate. Like other companies, Knepp has been driven out of business because of vation and rewilding being the same
The results were transformational: taken a financial
f hit from the pandemic. falling commodity prices as a result of thing, it will be the same approach and
Knepp is now home to the country’s The ecotourism side of the business, subsidies and overproduction. one day we won’tt need nature reserves
largest population off r are purple whichi h s budgeted to tturnn over £800,0
0 00 As ffor the cultural question, “actually, y at all because we’ll have
a connected them
emperor butterflies, 13 of the UK’s 17 this year, has made a loss of £300,000 what you’re seeing in Europe is that all, and populations will be thriving and
species of bat,
a and more than 600 inve n r- “When lockdown was released and because of the forced closure of the it reinvigorates those villages that we won’t need to protect anything,”
tebrate species; turtle doves, a bird thata JER E M Y’S people were allowed out, the feedback campsite and safari tours, although Tree are being abandoned”, she says a , citing Tree says, laughing as she ties a neat
has seen its population plummet 96 per RE STAU R A N T was so amazing, people were just is quick to acknowledge their relative Faia Brava, a community-led rewilding metaphorical bow. w
centt since 1970, have returned in signifi- Borde Hill Gardens, thrilled to be out and abo
a ut,” Tree says
a . good ffortune. projectt in Portugal. “We’
W ve got to think So, you’re an optimist? “Yeah!” she
cant numbers, with 23 singing males Haywards Heath RH16 1XP But an increase in footfall meant a dra- During the first lockdown both of in terms of novel ecosystems and replies, before qualifying: “I am today.”
a
recorded aat Knepp last year. matic rise in litter and incidents of dogs their adult children were at home and how we can weave our history into a
“Itt has been astonishing, beyond any- Squid with pappardelle, chasing the animals. “We had 10,000 attention turned to the developmentt of viable futu
f re.” Laura Battle iss the FT’ss deputyy books editor
green olive, tomato, basil £12
one’s wildest dreams, the biodiversity, t ,” people [visit] in less than three months, a new website to market pork, beef
Tree says. “We know that we’re restor- Chilled asparagus and and we just weren’t set up fforr it.”
. and venison ffrom the estate, set up with
ing ourr soils, we’ve doubled our soil car- almond soup £7 It’s a delicate balancing act. Tree the help of their son, Ned, and his girl-
bon content in less than 20 years . . . Lemon gnocchi with admits she is firmly against any move to friend, Lia. “We ate an enormous
but without nature connectivity and courgette flower, curd, extend England’s rightt to roam laws. “AtA amount of meatt because they were tak-
land restoration, all these species at marjoram, Swiss chard £18 the moment we’re just hammering our ing beautiful photographs — they make
Knepp can’t spill over into the sur- Wild sea bass with scallops, tiny little nature recovery areas and an uncooked heart look appetising,” she
rounding landscape and colonise else- heritage beetroot, wildlife . . . doesn’t have
a a chance.” But says. “Now the website’s up and run-
where because there just isn’tt the habi- watermelon, coconut she is keen to promote the importance ning, we can go back k to vegetables!”
bisque £26
tatt for them.” of public access to nature, and prag- As if on cue, some appetisers arrive:
Overr the past two decades, Knepp has Large sparkling water £3.25 matic enough to realise that Knepp tiny squares of (and I’ll have a to quote
become something sought-after and Total (inc tip) £74.53 depends on it. the waitress here) “tarragon and ricotta
scarce: an environmental success story. r Already, they offer a full calendar of frittata, with a courgette salad and
Since Tree’s bestselling account of the events, from butterfly safaris (£50 per pecan crumb”.
project, Wilding: The Return off Nature to person) to rewildingg workshops (£195 Our conversation would not endear
a British Farm, was published in 2018, per person); a warden is soon to join a her to many vegans, but then Tree has
she and Burrell have a been approached staff thatt comprises the equivalentt of 49 been here before. Three years ago she
by 75 TV and film crews looking to full-time roles, and I’m shown a cluster wrote a Guardian opinion piece that
adapt the book. of farm buildings that will be converted challenged whatt she saw as the oversim-
The project’s milestones now feature into a shop and restaurant, alongside a plification of the veganism argument
S
on the national news, while policymak- neww car park k and signposted walk. and provoked k a ffurious backlash.
ers, campers and wildlife enthusiasts “I think vegans havea done an amazing
have
a rushed to visit. But the praise has ite visit over, we set off in the thing, getting us to think about where
been far from universal. Early on, she car for lunch near Haywards our meat comes from,” but, she says,
and Burrell were inundated by com- Heath — and Tree explains her plant-based systems that use only vege-
plaints from locals outraged at Knepp’s choice of restaurant. Jeremy, y table compost depend on transporting
hands-offf approach to ragwog rt (the yel- the proprietor, has been a this material from cities, where it
low wild flower which is defined as a friend of the couple since the early 1990s, mostly t y ends up, back to the countrys r ide
“harmful weed” byy the governmentt but when he owned a pub close to Knepp. at a “huge carbon cost”.
is also known to support at leastt 177 spe- “We used to supply him with ice- So what are her principles when it
cies of insects). cream, cream and yoghurt back in the comes to food? “I won’t eat meat, usu-
“I had a letter this week, actually, day when we were farming
f ,” she says
a . ally, unless I know I can trust the source
from a woman — a ‘Yours sincerely, dis- “There was one nightt thatt went down in it’s from — here I know w they’re veryy good
gusted’ letter — saying: ‘I loved every- history, when his sous chef said our about where they source their meat
thing about your book except for the delivery hadn’tt been on time, or some- from,” she says. “I’ve chosen sea bass
ragwort chapter,’” Tree says. More thing, and Charlie said it had. They got because it’s locally caught, but there’s a
widely, y there are significantt numbers of into an argument and eventually Jer- lot of fish I now wouldn’t want to eat:
farmers, and even a few conservation- emy said: ‘There’s only one way to work cod, probably — definitely not tuna of
ists, who believe that rewilding does this out: you’ll have to wrestle.’ So he set anyy description.”
more harm than good. up a circle of flaming torches in the gar- What about squid? I ask, suddenly
At a time when governments and den, and Charlie, who was then still fearful for my starter. “Squid, I don’t
communities are grappling with the playing rugby, and the sous chef, who know,” , Tree replies, bobbing her head as
intertwined crises of climate change was also a rugby playe a r, wrestled,” she if in deliberation, before flashingg a for-
and ecological collapse, Knepp has laughs. “I think the cheff won.” giving smile. “It’s a minefield! You have a
come to represent a beacon of hope — Jeremy, thankfully, y has mellowed into to have
a a PhD in everyy food item to know
but also a nexus of societal and environ- a congenial host. As Tree and I are led whether you are doing the right thing. I
mental conflict. past tables of well-turned-out lunchers, I think that’s what I was trying to get
We squelch onwards as another rain realise we are ratherr underdressed in our across in that article — that by simply
shower arrives to admire some white almostmt atching blue shirts and jeans. switching from dairy to almond milk,
storks perched on nests high in the trees “This feels very, very odd,” she says a , you could be doingg even more damage.”
— the results of a successful reintroduc- smiling as we settle aat ourr table, “I don’t My squid, as it happens, is delicious
tion programme, and among the first think I’ve been in a restaurant or a pub and served with pappardelle, tomato,
breeding pairs in the UK forr more than forr over five months.” Tap water seems a basil and green olive sauce — somehow
600 years. On the way, a we chatt to two of bit ascetic in the circumstances and the much more than the sum of its parts.
Knepp’s volunteer litter pickers. wine listt is sadly off-limits (Tree has an “I don’tt like provoking justt forr the sake
Style
now headed by Kim Jones, who showed
Haute couture | Europeans his couture via a film directed by Luca
Guadagnino. It was heavenly: women
dressed in white, like de Chirico angels
and a few brave Americans in a reproduction of the label’s head-
quarters, the Palazzo della Civiltà.
The clothes themselves drew from the
came to Paris to see the new architecture of Rome, reproducing
inlaid marbles and pietra dura mosaics
through mind-boggling intense leather
collections. By Alexander Fury and embroidery, shoes balanced on
heels like arched colonnades.
Jones has found his sweet spot: if his
A
first collection fused his own British her-
fter an 18-month hiatus, itage with Fendi’s, this was speaking
the haute couture shows pure Italian, crafting an identity for a
were staged in Paris. This fashion house that has, in the past,
was, perhaps, a dry run for seemed trend-driven and somewhat
a return to the fashion cir- nebulous. It’s now in sharp focus —
cus of old, pre-pandemic — a full fashion Roman, regal, but real.
week of shows and appointments, meet- “I think I’ve nailed it,” Jones shrugged
ings, black-tie dinners for art founda- to me. He had.
tions and perfume launches, and a jaunt More new names, more great clothes.
to Versailles. The mood seemed buoy- Designer Pieter Mulier, the longtime
ant: the weather was great, the collec- right-hand man to Raf Simons, made his
tions good. Alaïa debut on the street where the
Yet halcyon days were not quite back. founder both lived and worked, a collec-
Client attendance was cautious, quaran- tion filled with memories of Alaïa rather
tine restrictions in Asia limiting travel of than reproduction. It also mixed
important customers from the region. It together ready-to-wear and couture,
was disturbingly easy to get a table at meaning there was stuff for normal peo-
many popular restaurants.
“Today there will be mainly European The clothes drew from the
clients. And a couple of courageous
Americans,” Pietro Beccari, chairman architecture of Rome,
and chief executive of Dior, said before reproducing inlaid marbles
the house’s couture show. A Covid-19
test result had to be flashed to be per- and pietra dura mosaics
mitted backstage access. Giorgio Arm-
ani had around 50 clients at his two
haute couture presentations, half the ple to get their hands on — knits with
typical number; Chanel said around 40 sinuous U-bend seams over torsos, pre-
made the trip out of the usual 150 to 180. cisely tailored A-line coats, waist-cinch-
Balenciaga returned to couture after a ing belts and metal-studded handbags.
53-year absence with a much-antici- It had a modern, youthful energy. You
pated collection by creative director felt you’d be seeing more of these clothes
Demna Gvasalia that wasn’t just on the streets.
for show. “The ultra-high net worth Balenciaga was a trip, a fashion geek-
individual has boomed in 2020, and is out at the very highest level. It was like
growing. We have clients that are inter- stepping back in time: through resur-
ested in our codes, our brand, Demna’s rected couture salons, in absolute
vision — at every level,” says Balenciaga silence, a couture collection of total for-
chief executive Cédric Charbit. “Cou- mality and rigour paraded. If its pur-
ture is an investment.” pose was to posit an alternative to
After two couture seasons designing Balenciaga’s contemporary history of
collections for film, Dior’s Maria Grazia hyper-successful streetwear, it accom-
Chiuri says this season was about up- plished its aim. It was impossible not to
close intimacy. Her collection was back- sit in those hallowed halls — fashion
dropped by a hand-embroidered instal- holy ground — and not recall legendary
lation by the French artist Eva Jospin, stories of the founder Cristóbal Balen-
and filled with minuscule Grecian- ciaga, whom Christian Dior once called
The return of shows

style hand pleating, microscopic “the master of us all”.
fabric chains and multiple hand- “Balenciaga and couture is an effort or
woven tweeds. The same fibres were quest for perfection,” Gvasalia says. But
used for knits. he played with that idea — Balenciaga’s
“This material aspect is impossible to salons were “aged” with painted patina
see in film,” Chiuri insists, tugging at a of mould and water-marks, and the
sweater’s sleeve. If the past two Dior clothes were twisted takes on Cristobal
films served to glorify Dior’s evening- classics. At first glance, the unfitted silk
wear, this was grounded in daywear — The haute couture AW21 tional couture show-stoppers, but nequins strung through a series of embroideries in intense hues; but the suits and flying saucer hats were direct
which, perhaps, made it a somewhat collections, clockwise they’re also the closest couture comes to rooms, but it vibrated with life, finally silhouettes were also more 1980s, with throwbacks to mid-century — but
sombre outing. But when clients come, from main: Balenciaga; a money-spinner: if a woman is going to fully re-energising this long-moribund broad-shouldered tweeds, thick braid, embroidery seemed to be unravelling
they find an entire wardrobe here. Armani; Dior; Chanel; spend upwards of £200,000 on a dress, fashion name with 21st-century energy. low-notched lapels. Models in delicate on gowns slit open in back to reveal
Wedding dresses were big, ideologi- Schiaparelli; Alaïa it’s probably for her wedding day. The style of the late 1980s veered up Victorian lingerie bloomers and cami- trousers, and silk robes were perma-
cally and literally: 75 metres of silk taf- Roseberry himself allowed that cli- again and again. Armani created gowns soles had shades of Madonna; full tulle nently crumpled.
feta was cartridge-pleated into a bub- ents had been requesting wedding that were exuberant, light to hold but skirts and picture hats were a touch These effects were, of course, intri-
bling salon-size Schiaparelli gown by gowns, and he was happy to oblige. I’m heavily ruffled and embroidered — he Princess Diana. It’s a period eagerly cately and painstakingly achieved.
artistic director Daniel Roseberry; unsure if they’ve been asking for denims pinpointed his Chinese clients’ taste revived by 20-somethings, a golden age There were even couture jeans, riveted
Balenciaga recreated an iconic 1967 studded with life-sized golden roses and for extravagance. for French haute couture and the start of with sterling silver, and track-suits.
model; and, under a shower of confetti, ear lobes, or matador jackets embroi- Virginie Viard’s Chanel collection ref- Chanel’s rebirth as one of fashion’s pow- “It’s very much me, but also Balen-
the actress Margaret Qualley, in a satin dered with original 1930s threads — but erenced the 1880s and the work of art- erhouses under the late Karl Lagerfeld. ciaga,” Gvasalia says, by simple way of
dress, played bride at Chanel and tossed those were there, too. This Schiaparelli ists Berthe Morisot and Édouard Manet Lagerfeld exceptionally designed for explanation. I suspect clients will love
her bouquet. Bridal gowns are tradi- collection was presented on static man- with its thick daubs of impressionistic two couture houses: the other, Fendi, is buying both.
Jean Paul Gaultier — the remix

Chitose Abe’s take on the Left: fittings for came up with the concept of inviting
the AW21 leading ready-to-wear designers to offer
French icon’s work aims to couture show at their point of view on Patou’s couture.
make the brand resonate in the Jean Paul This must also be an expensive
Gaultier endeavour for Puig. Couture is labour-
a new era. By Alexander Fury headquarters intensive and low-volume; few manage
in Paris to turn a profit from it. However, it syncs
I
Below: Jean Paul with Puig’s “reboot” of Gaultier’s fra-
met her through her clothes.” Jean Gaultier with grances, Classique and Le Male, both of
Paul Gaultier — engineer of Chitose Abe which still boast positions in the top 10
Madonna’s conical brassiere, Micael Alves; Laura Pelissier
best-selling fragrances in most interna-
former co-presenter of Eurotrash tional markets.
and eternal enfant terrible, even at Each has been rebranded with savvy,
69 — is talking about the heir to his fash- youth-resonant digital cam-
ion throne. Well, the heir for one season. paigns — the homoerotic
She is Chitose Abe, the 56-year-old Japa- imagery around Le Male,
nese designer of the brand Sacai who, whose bottle resembles a well-
for the Autumn/Winter 2021 haute cou- ported by Antoine Gagey, the label’s gown is based muscled man’s torso, was spun
ture season, was invited to design Jean general manager since early last year — on French out into content on Instagram
Paul Gaultier’s collection and thus join and making it resonate for a new era, workman’s jack- around Pride month this June,
an elite group of just 16 fashion houses and a new group of fans. ets, which Gault- aligning Gaultier with a new
(seven of which really matter) that cre- Pre-show preparation being what it is, ier habitually LGBTQ+ generation.
ate made-to-measure clothes for some I meet the two designers a day apart. wears these Gaultier’s ready-to-wear arm,
of the world’s richest women. First Abe, in Gaultier’s own former days; bomber shuttered in 2015, was
Although Gaultier — man and work — design studio, on the third floor of the jackets and trenchcoats relaunched this year, the first
is omnipresent in this collection, both company’s headquarters in Paris, a are twisted into more evening gowns. drops trading on those patterns and his
Gaultier and Abe stress this “collabora- handsome Belle Époque building that in There’s also a lot of pinstripe (more signature stripes, in a digital-first busi-
tion” is actually nothing of the sort. 2002 served as the campaign headquar- shades of Madonna), which Gaultier ness model devised to entice millennial
Gaultier officially retired last January ters for presidential hopeful Lionel Jos- himself wears the next day when I meet and Gen-Z consumers. Gaultier isn’t
with a blowout couture show: he has pin. Three days before her haute cou- him two floors below. involved in that — he has moved into
given over his archives and workrooms, ture debut, Abe is perfecting a sequence Gaultier discovered Sacai’s clothes in what Gagey has described as an “ambas-
reputedly one of the best in Paris, to Abe of garments on models that all look Tokyo. “A marinière,” he says, the name sador” role, working on exhibitions and
for her reinterpretation, but has stayed familiar. “All the looks are inspired by of the fisherman-style blue and white film costumes, and becoming judge of
well out of the design process. his iconic looks,” says Abe, through a striped sweater, stereotypically French, France’s version of Dancing with the Stars
He also divested himself of his busi- translator. “The Madonna corset,” she that is a part of his fashion identity. “And later this year. “I don’t want to influ-
ness a while ago, first to Hermès, which points to a mash-up of satin and pin- on the back was guipure lace. I said ence,” Gaultier says of Abe. “I left her
took a 35 per cent stake in 1999 (later stripe, straight from Madonna’s “Blonde wow!” She was the first designer he free, completely free.”
raised to 45 per cent) and then sold in Ambition” era. “Björk” — her finger now approached to be “guest couturier” of Although “remixing” the brand’s cou-
2011 to Puig. The family-owned Spanish rests to a reiteration of a famous fake- his line (there will be others). ture serves as ideal publicity material
fashion and beauty group manufacture fur look worn by the Icelandic singer It’s an interesting idea, and a modern for those entry-level fragrances, Abe
Gaultier’s fragrances — with revenues when she modelled in a 1994 Gaultier one — remixing a fashion house’s iden- didn’t design the collection to be just for
estimated at €150m-€200m — and its show inspired by Inuit culture. tity season after season. It’s a notion had show. “It will be sold to couture clients,”
portfolio also includes the fashion “And him!” There was Gaultier’s own actually occurred to Gaultier back in Abe asserts, as she plays with a strapless
houses Paco Rabanne and Carolina Her- Eurotrash-era doppelgänger in a striped 1987. The house of Jean Patou (now part ballgown-cum-trench. “Couture and
rera. So for Gaultier, it’s not about sweater and kilt, their stripes and tartan of LVMH) had parted ways with its star ready-to-wear are different, but I do
money. Rather, it it’s about shaking up actually trompe l’oeil effects crafted designer, Christian Lacroix. Gaultier want it to be worn.” So, it seems, does
the brand image — an endeavour sup- from organza. A bustled blue evening had worked at Patou in the 1970s, and Gaultier — clothes, perfume, the lot.
Style
(on sale at £201, joseph-fashion.com) or on every trip. The seasonal show merry-
try Jigsaw’s Ivy leather footbed slider go-round was such a judgmental ride to
A very British
(£99, jigsaw-online.com). I also like be on I felt assured knowing that if I
Ancient Greek Sandals’ comfort sole wanted to sport a hot pink Marni
sandals, which are good for a day of sweater vest with some silk Armani
touring (from £100, ancient-greek-san- shorts and a pair of furry Birkenstocks,
dals.com.) Travel in trainers to save then, well, I could.
space. I like Veja’s V-10 in white (£115, However, after my 2017 overpacking
matchesfashion.com). debacle I realised something had to give,
vacation
I keep coming back to white because and I forced myself to adopt a new,
my number one rule is don’t pack the lighter, brighter mode of packing. I’m a
rainbow. While it is tempting to think metropolitan being at heart so my trips
summer equals colour — there’s that this summer will most likely be taken to
British holiday tendency to go for fisher- this country’s cities rather than to a
man yellow jackets and patterned wel- windswept beach. Think long lunches at
lies — I keep to a limited palette. It Bath’s celebrated Olive Tree restau-
means everything will work together, so rant and long drams of single malt
when the wood stove won’t light you’ll whisky in the cosy-cum-chi-chi bars of
Travel | Fashion editors Kate Finnigan and be able to wear all your clothes at once Edinburgh’s Royal Mile.
and still look like a fancy kind of person My current approach is one I learnt
— obviously the top consideration. from a former colleague, a well-sea-
Teo van den Broeke on how to pack a smart soned traveller who for any trip — for
however long — would always pack the
‘I now limit myself to one same roster of pieces: three white shirts,
and sensible wardrobe for variable weather holdall’ Teo van den Broeke on three pairs of blue drawstring suit trou-
how to curate a city-smart travel sers, one blue crew neck sweater, one
wardrobe blue blazer, one pair of white sneakers,
one pair of brown lace-ups, underwear
D
‘Pack for the weather you’ll be
getting’ Kate Finnigan’s no-nonsense o they actually call you ‘Two I’ve not mastered the art of
guide to a British holiday wardrobe Suitcases Teo?!’” my sister
T
squawked across the table minimal packing, but I have
hanks to years of summer- during dinner in Soho. The made great leaps since my
ing in Ireland, I know the year was 2017, I had been
key is to pack for the away at the menswear shows, I was Florentine mishap
weather you’ll be getting, exhausted, and I was regaling her with
not the weather you want. luggage-related horror stories from my
My parents now live in Donegal on the month-long trip. as required and a coat if he was going
north-west coast of Ireland, on a route The worst of said tales involved me somewhere cold.
known as the Wild Atlantic Way. This is pushing two 26kg suitcases some 3km And although I’ve not mastered the
poetic shorthand for every kind of from my hotel in Florence to the train art of minimal packing with quite the
weather every 15 minutes: cartoonish station in 39C heat because I couldn’t get same measured gusto, I have made great
slants of rain, racing clouds, gales and, a taxi. Not only did I discover on sweat- leaps and bounds since my Florentine
more often than you might expect, blue drenched arrival that my train to Milan mishap. I now limit myself to one hold-
sky and sunshine. It rarely gets above — the last of the day — had been can- all or small suitcase per trip — whether
27C, though, so I know that throwing in celled, but my hotel no longer had any at home or abroad — and I only pack a
sheer floaty dresses is a waste of time. space. “I am never packing that much maximum of three versions of every
I’m not an over-packer, but I’m not a crap ever again,” I grumbled. item: no more than three T-shirts (Mai-
minimalist either. The thought of being For years, when travelling to Europe son Margiela does a smart pack of three
caught out in weather-inappropriate for fashion weeks, I attempted to take tees in shades of ivory, bone and white,
clothing makes me anxious. In my opin- pretty much everything in my wardrobe £265, farfetch.com) and, say, no more
ion, the most stylish person at any out- than three shirts (you can’t go wrong
door event is not the person with the with a threesome of Uniqlo’s slim-fit
coolest outfit but the person who You’re going to want a knit to throw Above: Kate Oxford button-downs, £24.95,
remains warm and dry in a downpour. over everything. I favour British labels Finnigan at the uniqlo.com) and no more than three
So, worst-case scenario first: rain- such as & Daughter and Navy Grey and Desborough shoes — a pair of driving shoes from
wear. The Scandinavians do it best — have discovered Charl Knitwear, a label Sailing Club Tod’s (£360, tods.com), some white ten-
Norwegian Rain’s Raincho (£670, founded by a former Burberry knitwear wearing Charl nis shoes from Grenson (£210, matches-
pantechniconstore.com) is cashmere- designer and inspired by Norfolk fisher- Knitwear’s fashion.com) and a pair of desert boots
lined. I also have one of the unisex Tre- men. The nautical striped Chibbles Chibbles jumper from Clark’s (£115, clarks.co.uk).
torn Wings jackets (thigh-length, PVC- (£225, charlknitwear.co.uk) is my bag and Raey’s If I’m going away for longer than three
free polyurethane, £80, outsiders and works with shorts, jeans and chinos. Board Fold days I allow myself to take more than
store.com). Brilliant in rain, it can get I’d happily wear the shirt and chinos shorts three pairs of underwear, for obvious
sweaty, so don’t wear it on a climb. to dinner, but I might also fold in a reasons, and when it comes to a coat, a
On the opposite side of the weather breezy dress in linen or cotton. I feel Right: Teo van bonded cotton trench from Mackintosh
spectrum: sun. I like to be equipped to dreamy about the romantic Mulberry den Broeke at (£995, mrporter.com) can be layered up
grab any tanning opportunity. At the Chucs Belgravia or down depending on the temperature
slightest suggestion of a ray of Donegal The most stylish person is wearing a and look unimpeachably elegant.
sunshine, I’ll put on denim shorts. The Homme Plissé I’ve also learnt that clothing from
Board Fold shorts from Raey, the in- not the person with the suit by Issey Homme Plissé by Issey Miyake is a mini-
house brand at Matchesfashion.com, coolest outfit but the one Miyake and Jil mal packer’s dream. Impossible to
are a good, longer length (£125, matches- Sander shirt crease, machine washable, ridiculously
fashion.com). who stays warm and dry light, a suit from the brand is as com-
If you’re not a shorts type, pack white Photographs fortable to slumber in on a sleeper train
or ecru jeans because they’ll work with taken for the to Scotland as it is smart enough to
everything, though beige chinos or dress from Kindred of Ireland (£280, FT by Max attend a meeting.
cargo pants might be easier to keep kindredofireland.com), which uses locally Miechowski My final top tip for packing light is to
clean. I have a two-year-old pair by Acne sourced linen. They’re made to order so roll your clothes rather than fold them.
Studios, but Rag & Bone has a similar expect to wait up to four weeks. Can’t Rolling not only minimises wasted air in
style called Angela Field (£290; net-a- wait? The Elizabeth linen dress by Brit- your suitcase but also, by some miracle
porter.com). Wear with an oversized ish brand NRBY has a similar feel (£125, of physics (there’s a reason I work in
shirt in denim, cotton or linen — always nrbyclothing.com). fashion), it also prevents clothes from
useful as an extra layer over a tank. This Footwear? Sandals, of course. Joseph’s creasing as much as when they’re
summer I keep turning to a navy linen Fussbett ankle strap sandal in black has folded. Oh, and never travel to Florence
pyjama shirt by Rossell (on sale at £99, been my shoe of the summer so far, but in late June, it’s like swimming through
rossellengland.com), which has a boxy it’s now pretty much sold out in black. lava, however little you manage to pack.
shape and softens with every wash. The brown colourway is still available Bath is much easier to work with.
Valentino ventures from couture to cosmetics

Beauty | Make-up and perfume can be lucrative for luxury labels, but wooing increasingly informed consumers is more difficult than many suspect. By Leila Abboud
B
efore Valentino launched its research firm NPD, says brands have to almost as big as Valentino’s Companies such as Dior, now owned which has been under licence to Coty
first make-up line, creative work hard to win over today’s more fashion business,” says by LVMH, and Chanel did their own since the 1990s. But with Gucci Beauty’s
director Pierpaolo Piccioli savvy and demanding consumers, who Garance Delaye, global pres- product development, manufacturing relaunch in mid-2019 with an expanded
shot an advertising campaign study ingredients and perfect tech- ident of Valentino Beauty at and marketing in-house and more product line, including foundations and
featuring models in his cou- niques on social media. “Designer L’Oréal. “We want to be a glo- tightly managed distribution. Others powders, the brand has its mojo
ture designs and made up with the new make-up brands cannot rely solely on bal brand in all the major opted to license their names to experi- back, says Sue Y Nabi, Coty chief
lipsticks, foundations and blushes. their names any more to ensure sales,” categories, so skincare is enced manufacturers such as Coty, Puig executive. “You need to stand out
There was Teddy, a blond model she says. “They need to offer something part of our plans, but not and Inter Parfums in fra- and present a vision of the world
whose black tattoos snake up his arms, more, such as refillable packaging or a right away.” grance, or L’Oréal in beauty, to the consumer, and convey it all
in a skinny tie that contrasted with commitment to inclusivity.” The roots of luxury brands thus ceding much control to with high-quality products in dis-
bright red lipstick and nail polish. And Luxury houses are increasingly mov- diversifying into cosmetics go them in return for a percent- tinctive, beautiful packaging,”
Ivana, whose half-closed eyes were ing into cosmetics as they seek to attract back to 1921, when Coco age of annual sales. says Nabi. To match the style
adorned with a smoky snakelike line new, often younger, consumers who Chanel introduced the N°5 Although Chanel does not and ethos of Gucci’s creative
design that gave her a punk vibe even in cannot necessarily afford a €3,000 perfume. At the time it was disclose figures for its beauty director Alessandro Michele,
a pale aqua gown. The portraits embod- handbag. While the trend is not new, it rare for a couture house to and fragrance business, the brand’s beauty line “should
ied Piccioli’s intention to adapt the cou- has picked up pace with last year’s make its own perfume. But LVMH does and its in-house be bewitching and magical”. The
ture spirit of the luxury brand founded arrival of Hermès to colour cosmetics, N°5, packaged in a plain strategy has paid off in steady products have an opulent, retro
in Rome in 1960 to a decidedly different the relaunch of Gucci’s beauty line, pro- chemist’s square bottle and growth over the past decade. aesthetic, with lipstick cases featuring
market — the highly competitive, lower- duced under licence by Coty, and now made of roses and jasmine It owns 14 brands, including heritage ridged gold and star patterns.
priced world of cosmetics. Valentino Beauty, which launched at grown in the south of France, houses such as Christian Dior, Givenchy Valentino wants its beauty line to
In Instagram posts, the designer said Selfridges and online in 10 countries in would fuel Chanel’s growth and Guerlain, as well as younger brands reflect the youthful vibe the house has
the beauty line had been guided by the late May. into one of the world’s biggest such as Benefit and Rihanna’s Fenty under Piccioli, says L’Oréal’s Delaye.
idea of a “couture clash” that would cele- Having a line of perfume or beauty Above: Valentino campaign; right: Rosso luxury brands. beauty lines. In 2010, it generated about “Valentino is about life, exuberance,
brate individuality and the creative products separate from their traditional Valentino lipstick, £40; Go-Clutch Minirosso, A century later, Chanel still €3bn in sales from beauty and and celebration,” she says.
excellence of high fashion. With the leather goods or high-end fashions is a £176, valentino-beauty.co.uk earns about a third of its reve- perfume on an operating Valentino has also focused
positioning, Valentino Beauty hopes to way for luxury brands to draw people to nue from sales of perfumes profit of €332m, and by 2019, on refillables to attract
stand out in beauty aisles where sector their world without lowering prices. It the beauty line off the ground. “It took and cosmetics, making it the privately just before the pandemic environmentally
leaders L’Oréal and Estée Lauder have preserves the exclusivity that is key to hours of work, never-ending meetings, held group’s second-biggest business hit, that had grown to minded consumers,
scientific expertise and marketing their business model. discussions and brainstorms,” said Pic- after fashion, according to Citigroup €6.8bn in sales and with a goal of three-quar-
might, and new, independent, often Many Dior or Chanel perfumes retail cioli on Instagram. It contracted with analyst Thomas Chauvet. €683 in operating profit. ters of sales to be in such
celebrity-helmed brands surf on their for less than €100 (although they have L’Oréal for a 15-year licence to develop Philippe Blondiaux, Chanel chief Others have stum- packaging. It has also bet big
novelty factor. more exclusive ranges that cost more), and market the product line, which so financial officer, says: “Chanel N°5 has a bled, though. Burberry on combination products
But whether Valentino Beauty suc- while a Hermès lipstick costs €69. The far includes 50 lipstick hues, 40 shades halo effect for our whole brand. It’s a tried to bring its beauty with several functions.
ceeds will depend on whether it can aura from the name — along with often of foundation and a new perfume called very important business for us.” business in-house in 2013 only to strug- One example is the €199 Go-Clutch,
launch new products and find its niche. beautiful packaging that women are Born in Roma, among others. The com- Lipstick came next. Christian Dior gle with the cost and complexity. It a tiny bag on a gold chain just big enough
When luxury brands expand into cos- proud to flash when they take the prod- pacts, pencils and bottles look flashy conceived the first Rouge Dior in 1953 as opted for a licence with Coty in 2017. to hold a face powder and miniature lip-
metics they are no longer the leaders but uct from their handbags — combine to and joyful in a red hue with gold details, a gift he would send to loyal customers Kering, the parent company of Gucci, stick. It is a nod to the tiny enamelled
the upstarts who capture only a small command much higher prices than such as the V logo, on the lipsticks. for Christmas. As luxury houses slowly also expressed frustration in early 2019 bags with studs Piccioli has shown on
part of the market. mass-market equivalents. “We think there is a big potential for expanded into perfume and beauty, two over the slow pace of development of catwalks. “Inspired by the couture but
Larissa Jensen, an analyst at market Valentino spent three years getting the brand, and that it can become models emerged. the Italian brand’s beauty business, more accessible,” says Delaye.
Travel
Summer in
graphics, age, wealth, race? Irrelevant.
Everybody felt free. Everybody wanted
to have a good time.”
That’s how I feel about New York this
summer, I tell him. That fun has been
somehow democratised: there’s less
the city
value on exclusivity, the hierarchy has
fallen away, and we’ve come out of this
collective trauma just wanting connec-
tion. He smiles and nods. “You’ve hit the
bullseye with that.”
A 40-minute train ride from Public, in

Flatbush, Brooklyn, Garnett Phillip, 44,
is sitting in the corner of her bar, The
Rogers Garden. Phillip is Trinidadian
and Ethiopian, and her bar was inspired
by the Caribbean rum bars she has
US | They are increasingly free to travel but many always loved. “Not the high-end ones,”
she clarifies. “The real, local rum bars.
They have the bright colours, that galva-
New Yorkers are choosing to stay and rediscover nised metal, it makes you feel good.”
The bar is a pandemic success story —
opened in July 2020, it has defied the
the joys of city living. By Lilah Raptopoulos odds to become one of Brooklyn’s most
popular new neighbourhood bars,
about 15 seats inside leading out to a
I
large garden. Covid laws required bars
n mid-June, a photo appeared on jhalmuri wrapped in Bengali newspaper, to serve food, so Phillip built a tiki hut in
Instagram of New York mayoral Portuguese pastéis de nata and Malaysian the garden and lent it to local chefs.
hopeful Maya Wiley with congress- kaya toast. Vendors are bringing double On Thursdays and Saturdays, fans
woman Alexandria Ocasio-Cortez, their expected product and selling out. come for the fresh lobster tails, rasta
maskless, hugging members of rock In the Meatpacking District, an out- pasta and jerk chicken of Nina Lauri-
band The Strokes in front of hundreds of door, immersive off-Broadway produc- ent’s D’Mix Kitchen. Before the pan-
screaming fans. They were in Irving tion has emerged called Seven Deadly demic, Laurient was a speech therapist;
Plaza for the city’s first full-capacity Sins: seven 10-minute plays, each based she now plans to do pop-ups full-time
indoor concert in more than a year. In on a sin, performed in the windows of come October, and have a restaurant
each post that followed, New Yorkers seven empty storefronts. We listen with and food truck by the spring.
were adamant: “New York is back!” headphones, the beeps and sirens of the “I knew this was my passion and in
The city, of course, is not fully “back” city leaking through. We laugh, whoop the long run I’d find a way, but never at
the way we remember it. Hotels are run- and wipe tears. The quality of the plays this pace,” Laurient tells me. “Now I sit
ning at only 50 per cent occupancy, varies, but does it matter? It’s live thea- in the hut on a Saturday, watching peo-
according to analyst STR, Broadway is tre on an imaginative stage, and we are ple come in off the street because they
still almost entirely closed, and likely to shoulder to shoulder with other New know the smell, and I think, wow. Look
be until September, while white-collar Yorkers, tourists in our own town. at what God has brought me. It’s some-
office workers are commuting to Mid- The re-emergence of New York is a
town sporadically at most. word-of-mouth game of cat and mouse.
But the culture? The culture is burst- Where do you dance? What’s open until
ing at the seams. On June 15, governor 4am? What’s back?
Andrew Cuomo lifted virtually all On weekends, Vanderbilt Avenue in
restrictions on the state. As the country Brooklyn is closed to vehicles, so restau-
reopens, New Yorkers are finally freer to rants can spill out onto the street and
leave, taking the trips we dreamt of in musicians can perform. On the Lower
quarantine. But, strangely, many young East Side, bars heave. A neighbourhood
New Yorkers are instead choosing to
stay and bask in the reawakening of
their city. This summer, New York is a Strangers, they talk now. Sit
playground for New Yorkers.
“New York is never going to be like down alone to tie your shoe
this again,” one friend tells me over and, within five minutes,
drinks, pulling out her phone so we can
share a Google calendar. The goal is to you’ll be in conversation
protect as much time in the city as possi-
ble. “Every weekend we leave,” she says,
slightly stressed, “is a weekend we’re once lost to preppy white 20-some- 54. Global cities can accidentally lose thing from my wildest dreams.”
missing the magic!” things is now packed with people of all sight of their residents in favour of tour- Phillip looks tired and relieved. “That
And magic it is: one Sunday afternoon ages and races. ists, he tells me. “But what you’re seeing Tuesday [last month] that restrictions
I am squeezed between hundreds of And strangers, they talk now. A lot. Sit now is really the New Yorkers, the quin- were lifted, I looked around my bar and
strangers at Baila! Nueva York, dancing down alone to tie your shoe and, within tessential New York people, ready to go got really emotional,” she says. “It was
to Justin Strauss, a 40-year fixture on five minutes, you’ll be deep in conversa- mad, to take back their city, to enjoy it.” packed. And it’s been like that every
the New York DJ scene. On a weekday tion about crypto, or therapy, or the At 74, he has just reopened his Lower night since. It was the dream in my
afternoon I walk through the Whitney things you bought in quarantine. East Side hotel Public, with a new Peru- head. My DJs in here playing music, live
Museum, almost entirely free of tour- One Thursday in Crown Heights, a vian restaurant, Popular, and a fresh music outside, everybody dancing, sing-
ists, and stand in empty rooms with new live music venue and café called and relevant theme: luxury for all. He ing, drinking, mingling.”
Dawoud Bey’s photographs of black Wild Birds is already packed by 6pm. tells me that our grandparents’ notion of She sighs. “This summer is going to be
America and Julie Mehretu’s abstract They opened in March 2020 and sus- luxury means nothing any more, and madness,” she says. “It’s going to be a
maps. A guard smiles, sitting on a stool. tained themselves through the winter the concept of scarcity is entirely out- movie. After what we’ve experienced,
“It’s beautiful, isn’t it?” he says. “The selling plants and wine. Co-owner Luke dated. The pandemic has only pushed this is going to be the best summer New
museum has been reopening like every- Bonner collects tips for the first of his that into clearer view. York City has ever had.”
thing else, but it sure is still quiet.” three musical acts that night, an Afro- “Luxury is being made to feel good,
On Little Island, a whimsical new park Latin jazz band. When he reaches my being treated nicely, feeling safe and
floating atop the Hudson River at 14th table I tell him I’m writing about New having the freedom of time,” he says. i / D E TA I L S
Street, I’m one of the more than York reopening, and his eyes grow wide. Clockwise from “And everyone is entitled to it, not just
400,000 people to visit since it opened “Don’t give us too much exposure,” he main: late sun at the 1 per cent.” At Public, there’s no man Seven Deadly Sins runs until July 25
(sevendeadlysinsnyc.com). Queens Night Market
in May. The park cost $260m to build laughs. “We can barely keep up as it is.” Little Island, at the front desk with a glass of cham-
runs every Saturday, 4pm-midnight
and costs $0 to visit. Families loop along One New Yorker on TikTok asks the July 4; an aerial pagne. In fact, there’s no front desk at all. (queensnightmarket.com). The Rogers Garden in
the paths, speaking languages I can’t important questions: does this summer view of Little I ask him about the parallels between Flatbush, Brooklyn, is open 2pm to midnight
place. We are all mid-photo shoot, snap- in the city feel different for everyone, Island; The this and Studio 54. (therogersgarden.com). Wild Birds in Crown
ping not just the view but ourselves and and why are people behaving like the Rogers Garden “In the nightclub where I got started, Heights is open 4pm-2am on weekdays and
each other, New York now a sexy Insta- stars of their own film? “Everyone is giv- in Flatbush; a you don’t have a discernible product,” 12pm-4am on weekends (wildbirdsbk.com). For
gram backdrop for our re-emergence. ing main character energy,” he whispers comedy show at he says. “You have the same liquor and details of Popular, the new Peruvian restaurant at
Ian Schrager’s Public hotel, see publichotels.com/
On Saturdays from 4pm to midnight, to us, the audience in his phone. “And Little Island music as everybody else. So I learnt that
eat-and-drink. Little Island is free and open from
crowds gather at Queens Night Market are y’all feeling the eye contact or is it what you do to distinguish yourself is noon to 1am, but with ticketed entry; see
in Flushing’s Corona Park, where inde- just me? It can’t just be me.” Photographed make people feel good. Studio 54 was littleisland.org. The Whitney Museum of
pendent vendors sell food and art at for the FT by successful because people felt free and American Art is open Thursday to Monday;
New York’s most celebrated cultural “This is one of the benefits of there Ahmed Gaber protected. I would see a gay guy with tickets $25 but with ‘pay-what-you-wish’ on
melting pot. Visitors huddle together, not being a lot of international travel Aerial view from Alamy
tight jeans and no shirt dancing with a Friday evenings (whitney.org). For details of the
bopping to old-school funk while they right now,” says Ian Schrager, the cele- woman in a ballgown and a diamond next Baila! Nueva York party in Williamsburg
follow instagram.com/bailanyc
taste each other’s Tibetan dumplings, brated hotelier and co-founder of Studio tiara. Any class distinctions, demo-
D
uring the carefree 1990s Weiss has detected the same trends. the post-pandemic world, this kind of prices to fill up their premium cabins, After all, they are hoping those
there was one flight that “We will maybe have to reduce prices if unbundling of the premium experience don’t expect them to shout about it. corporate customers with yawning
made even the most luxuri- we are to attract premium leisure, but is set to become more widespread. Fin- They will try to keep pricing opaque expense accounts will come back to rule
ous business class experi- we will. The demand is there,” he told nair recently announced a “business for the very cheapest seats by packaging the roost one day.
ence seem mundane. Every the FT earlier this year. light” option — essentially a cheaper them up as part of holiday bookings
winter, British Airways would put Weiss should know better than most. business class ticket which offers no or luxury tour packages, industry Philip Georgiadis is the FT’s acting
on Concorde flights to Barbados, Virgin has long traded on a glamorous lounge access, seat reservations, WiFi, experts say. transport correspondent
carrying 100 well-heeled passengers to jet-setting image, with bars on board its priority check in or baggage allowance.
the sun in style. planes and a lounge at Heathrow which Customers can then pay to add these
The £6,000 flights from London often offers cocktails, a games room and spa. extras back in. Emirates and Qatar Air-
arrived in the Caribbean earlier than None of these perks is likely to be of par- ways have gone down a similar route.
they had left, thanks to the time differ- ticular interest to a frequent-flying law- Paying for every convenience might
ence, and BA staff (who sometimes car-
ried their swimming costumes as hand
Philip Georgiadis yer hoping to catch some sleep on the
way to New York. But they are pitched
seem like the antithesis of the premium
luggage to help them get to the beach perfectly at leisure travellers who have
quicker) recall regulars including Elton
John, Sting and Michael Winner. A Rolls-
Business Travel splashed out and want more than con-
venience, good WiFi and a flatbed.
BA has talked of ‘buffering’
Royce would often be on hand to chauf- Rival airlines might not be about to the loss of corporate clients
feur guests to the famous Sandy Lane risk upending their business models with premium leisure
hotel, and trips over Christmas and New overnight during a pandemic to follow
Year sold out months in advance. No one knows just how much busi- Virgin’s lead. But look carefully and travellers, while Virgin has
While Concorde’s New York service ness travel will be permanently lost to there have already been some changes. detected the same trends
was engineered around the needs of the Zoom, tightened travel budgets and Emirates and Swiss have both unveiled
business traveller who wanted to jet in heightened environmental awareness. premium economy cabins, which tend
to sign a deal or attend a board meet- Estimates range from as much as half to to be highly profitable and are aimed experience. In fact, it all feels a bit like a
ing, the Barbados flights were surely as little as 10 per cent, but even the squarely at leisure passengers. low-cost carrier. But given that many
the ultimate expression of high-rolling lower end of the range would be a prob- BA has also been experimenting, leisure passengers now choose a flight
leisure travel. lem for airlines, as margins are so much including offering lounge access to pas- using price comparison websites such as
Nearly 20 years since the end of higher in the premium cabins. sengers flying economy if they book an Skyscanner or Google Flights, offering a
supersonic passenger travel, Concorde That means finding people willing to expensive trip with the company’s holi- cheaper headline price for a business-
is a sepia-tinged memory. But as the pay high fares to go on holiday or visit day arm. class ticket makes a lot of sense. For a
pandemic ripples through aviation family is suddenly more important than Given the scarcity of people flying price-sensitive traveller who wants the
and crushes corporate travel, it ever. BA’s chief executive Sean Doyle has anywhere at the moment, there has luxury experience on board but does
seems airlines’ business-class products talked of “buffering” the loss of corpo- been no word yet on whether the not want to pay the full fare, it could also
might again be commandeered by rate clients with premium leisure trav- changes have upset the delicate equilib- prove very popular.
well-heeled holidaymakers. ellers, while Virgin Atlantic’s boss Shai rium of the Terminal 5 lounges. But in But if airlines have to really drop their
Cairo flappers
A fizzing study of Egypt’s Roaring Twenties,
when female stars broke free of convention
to blaze a trail for women. By David Gardner
E
zbekiyya, in downtown Cairo, became the centre of
the Egyptian capital’s exuberant nocturnal festivi-
ties from the 1920s. To Raphael Cormack, a young
British academic with a PhD in Egyptian theatre, it
merits comparison with Montmartre, Broadway or
Soho. Perhaps. But it certainly blurred the boundaries of faith
and sect and, over time, fostered the mingling of men and
women. Decadence and debauchery to some — Egypt’s own
“Roaring Twenties” to many others — drew a cosmopolitan
crowd into a scene in which remarkable women rose fre-
quently to the top. Midnight in Cairo is a fizzing tale of an under-
explored period.
Starting in Ezbekiyya and flowing out to the banks of the
Nile — and then to Beirut, Jaffa and Damascus, Paris and Bue-
nos Aires — an eclectic and overlapping mix of genres and
entertainment created a new public, at a time when Egypt was
undergoing deep social and political change. This ancient
country was trying to emerge from a post-imperial Ottoman
monarchy, yet impeded by British imperialists who stunted
its evolution.
Brazilians wait to vote during municipal elections in Rio de Janeiro, November 2020 — Sergio Alvez/Getty Images At the beginning, drama troupes staged classic plays in
Stopping the rot

translation. As the public demanded songs, music halls and
revues proliferated, opera became popular, dancers were cele-
brated and singers were adored, becoming divas in a range of
local and adapted styles. Later, popular fare included slapstick
comic opera and ostentatiously tragic melodrama, Feydeau-
esque bedroom farces and Grand Guignol. These would later
still become staples of Egypt’s cinema industry, which domi-
nated the Arab world in the way Turkish productions do now.
Cormack says anyone in Cairo during the interwar heyday
of its nightlife could claim “to be living in one of the great cities
Instead, he looks hard at how liberal Democracy more is amiss than corrupted institu- of the world” such as Paris, London, Berlin or New York. That
Essay | In an age of populism, democracy is going wrong in its historic
core, Europe and the US. To judge that
Rules tions or rusty procedures. He stresses to
begin with, only to leave aside, three
is a bit overblown.
Yet Egypt’s capital Midnight in
by Jan-Werner
rightly, he sensibly insists, we need to be Müller underlying threats: unacceptable eco- was a confluence Cairo: The
how can the values of liberal clear about what is valuable in liberal Farrar, Straus and
Giroux $27/Allen Lane
nomic inequality and a double “seces- of many different Female Stars
democracy and how well we should rea- sion” from shared civic life: at the top, cultures, a Levan- of Egypt’s
£20, 256 pages
sonably expect it to work. by the rich and well connected (who can tine melting pot Roaring ‘20s
democracy best be defended? A first step is to separate fake from insulate themselves from common with a mélange of by Raphael Cormack
genuine democracy. Phoney democrats demands and pay privately when social Muslims, Chris- Saqi £20, 352 pages
By Edmund Fawcett are typified by today’s rightwing popu-

lists. They pose as tribunes of “the peo-
provision falls short); and, at the bot-
tom, by the poor and disconnected
tians and Jews,
Syrians, Palestini-
ple” against “the elites”, whereas they (who are too overrun by daily life for ans, Turks and
are in fact party-political “outs”, elite resentative democracy must be open, political engagement). Armenians, Ital-
A
networkers from good universities and responsive and callable to account, but Those hard-eyed, quasi-Marxist ians, French and Greeks.
s a learned political easy backgrounds, aiming to displace not so intently or continually that it can- thoughts are not entirely forgotten, The great Greek poets Constantine Cavafy and George
observer, Jan-Werner the “ins”. not function. In between government however. Müller ties society and politics Seferis lived respectively in Alexandria and Cairo. Edward, the
Müller crosses many bor- Rightwing populism, Müller rightly and citizen, accordingly, is needed “a back together at the end. If social ineq- rakish Prince of Wales and later briefest of kings, caused a stir
ders. He writes for the thinks, is not early 20th-century fas- critical infrastructure” of parties and uity together with the secession of rich visiting the famous Kit Kat club to see its dancers in 1928 —
academy and the broader cism reborn. Yet he warns against media that criticises and mediates. and poor are to be addressed democrati- and capped it by teeing off from the top of the Great Pyramid
public. As a German teaching at Prince- undue relief. Populists, on present How these vital organs are failing cally, not by force or violence, then argu- at Giza. When Egypt’s film industry took off in the Arab world
ton University, he understands Europe showing, are not likely to overthrow forms the core of the book. Key exam- ment and procedure are the only ways. it first misfired by attempting a controversial life of the
and the US. He is at ease with data- democracy, he judges. But they exploit ples include the ease of forming but the So Müller, the democrat, insists. Polari- Prophet Mohammed. That did not happen but the director
minded social science, the history of and corrode democracy. difficulty of financing and sustaining sation and tribalism, similarly, are cre- went on to make Casablanca.
ideas and political philosophy. Genuine democrats, by contrast, new small parties. These can break the ated by politics and can be undone by At the centre of this story are music-hall singers, dancers
In What is Populism? (2016), Müller accept a “hard border” of principles, smothering effect of big party alterna- politics. Better regulated parties and and actresses who lived on the margins of polite society, but
gave a compelling account of a common which populists flout. Müller stresses press are still the best way to “mobilise were endlessly fascinating to a louche class of rich idlers, from
but misunderstood label. With breadth three: nobody may be denied standing Democrats must resist those at the bottom and push back across the region and Europe. They were celebrities avant la
of view go clarity and economy. His as a free and equal citizen; neither against those at the top”. lettre, who kept a yellow press busy with scurrilous tales.
books are usually brisk and to the point. “nation”, “people” nor “citizen” should anti-democrats, with That sounds like sending cavalry to Often from poor backgrounds, these women came to run their
The latest, Democracy Rules, is about the be defined in racial or ethnic terms; and illiberal or undemocratic face tanks but Democracy Rules closes own theatres, clubs, dance and acting troupes, as well as take
shaken state of liberal democracy. democracy requires losers, but losers, to with a guarded hope and a wise coun- their shows on the international road. They changed the terms
Anxieties on that score are hardly recall a phrase of the 19th-century lib- means if needed sel. Little poll evidence suggests that of Egyptian popular culture and blazed a path for women.
new. Hopes for democracy’s rapid eral philosopher John Stuart Mill, can- those aggrieved within democracy in One, Rose al-Youssef, founded a magazine bearing her name
spread to non-democracies dwindled not be “blotted out”, silenced and for- Europe or the US want to replace that survives to this day. Oum Kalthoum, a bookish, self-con-
soon after the cold war ended. Concern gotten as not speaking for “the people”. tion and answer the cry that voters are democracy. That said, with democ- tained woman, wrote songs that offered a magical fusion of
for its health grew amid backsliding in As a “loyal opposition” or government not heard. For the press’s part, social racy’s historic capacity for self-harm in music and classical and modern poetry, while her film roles
existing democracies (notably Brazil, in waiting, they need a chance to be win- media spreads unchecked, unedited mind, his parting advice is that demo- were legendary. When she died in 1975, the crowds thronging
India, Turkey) or in new democracies ners next time. content. The collapse of local papers crats must be ready to resist anti-dem- Cairo’s streets came close to matching the vast turnout for the
theoretically sheltered within the EU With fixed principles, however, robs people of an eye on government ocrats, with illiberal or undemocratic funeral of Gamal Abdel Nasser, the tragic pan-Arab leader
(Hungary, Poland). comes fluid functioning, which brings in action that touches them most directly means if needed. who died in defeat in 1970.
The lure of “performance legitimacy” reasonable expectations. Democracy’s on matters they know most about. Müller is lucid, passionate and una- It cannot have felt easy for many of them at the time. To
added a general worry. As exemplified watchwords, Müller writes, are “liberty, Having surveyed such flaws, Müller shamedly parti pris. The variety of begin with, the idea of women on stage was initially so risqué
by China, that is the undemocratic bar- equality, uncertainty”. Democracy assesses recent academic work on how ideas, range of topics and rich factual many of them appeared in men’s roles; they would continue
gain in which illiberal, one-party con- brings disagreement, dissent and, at the government might be made more material make the thread at times hard doing so to get the better songs and lines written for men. Oum
trol is put up with in return for broader limit, disobedience. It is complex and “accessible, autonomous and assessa- to follow. This fine but crowded essay Kalthoum started by singing religious songs, analogous to gos-
prosperity and rising wellbeing. Its messy — too much for populists, who ble”. Ideas canvassed include universal could, oddly, have been longer. But the pel-singing. Heckled by a raucous crowd one night, which she
appeal stirs fears that there are other cannot cope with real democracy. They vouchers for making campaign dona- underlying message is seldom in doubt. bravely stood up to, for her pains she was publicly slapped on
attractive norms on offer and that his- want an us-or-them argument, an tions, picking certain officeholders by Democracy worth the name, Müller is stage by her father. Many prominent stars depended at vari-
tory may not be cheering liberal unchanging, uniform “people’s will”, lot and advisory citizens’ assemblies, as telling us in effect, has to be open and ous times on rich or well-connected patrons and lovers, or
democracy on. and winner-take-all solutions. tried with some success nationally in liberal, and liberalism, if it is not to were victims of protection rackets. Some faded into penury or
Against that background of worry, Müller sees the virtues of direct France and Ireland. wreck itself, must be social-minded worse. Yet that so many are remembered, and their songs still
speculating on liberal democracy’s geo- democracy but accepts that the repre- Ideas of the kind, it might be thought, and democratic. heard and sung, is for a reason. So many of these women were
political chances or dwelling on recent sentative kind, where voters send politi- would appeal mainly to good-govern- so very great. Their sisters today often face even worse fights
failings in countries where it was always cians in effect govern for them, is ment types who could make any democ- Edmund Fawcett is the author of to reach their heights.
fragile or non-existent is, in a way, the needed in complex societies with a high racy flourish if only there were more of ‘Conservatism: The Fight for a Tradition’,
easy task. Neither are Müller’s way. division of labour. Government in rep- them. Müller himself recognises that published by Princeton David Gardner is the FT’s international affairs editor
Re-educating Lucy Kellaway

The former FT journalist high-powered woman before she left the Re-educated: under the large family roof in a state of for university when she became a resourced background provided them
Financial Times (and a handsome How I changed marital decline for some time. In such teacher) but given I had read law at uni- with a safety net absent in the lives of
turns her teaching experience income) after 32 years and a back cata- my job, my circumstances one, or perhaps both, versity and almost completed my bar- most of her pupils. Having once
into a frank discussion about logue of 1,032 columns. Here she writes home, my might have terminated the marriage by rister training, my career change, unlike believed the best teachers were those
with warmth, wit and honesty, turning husband falling in love with someone else. Kella- Kellaway’s move, was no surprise. Six- who could inspire and entertain, she
education. By Anna Soubry her real life experiences of teaching in a & my hair way (no surprise) did not choose the teen years on, I became a member of now sees good exam results as the ticket
Hackney school into what I hope will conventional route and instead fell in parliament at the age of 51. out of poverty.
L
by Lucy Kellaway
become a serious debate about what Ebury Press £16.99 love with a house — a fabulous glass and It’s undoubtedly tough adjusting to a Kellaway also speaks to the “young
ucy Kellaway’s mother died education is for. 256 pages wood structure, as leaky as a sieve. new way of working and, as Kellaway old” (those of us aged 60-75) for whom
suddenly and unexpectedly. It is some school. Shut down in the She and her husband parted amica- admits, the older you are, the more finances and family circumstances
In her shock and grief Kella- mid-1990s because it was so bad, it has bly, and despite being told by her sur- likely you are to be constantly mean more free time than ever before.
way decided she didn’t want since reopened as one of the country’s veyor “Do. Not. Buy. This. House”, she exhausted. But she also found her new Most of us are fit, if not a bit creaky, we
to be a journalist any longer first academies, funded by the state but pupil in the days when the town of did. Parts of the narrative of how Kella- younger colleagues liberating. Now she have experience and we are likely to
and that she would try to continue her independent of local government con- Worksop in North Nottinghamshire still way came to change her job (note: not dresses to please herself, though I doubt have decades of life ahead of us.
mother’s work. However, at 47 she felt trol. Almost half of its children qualify had a coal mine and a reputation for “career”, as Kellaway has no ambition as the school of “positive fear” permits her Although, here, too, privilege comes
she was too old to become a teacher. for free school meals but the academy being seriously “tough”. It is a sharp con- a teacher other than to be the “greatest to teach in her new red boiler suit. After into it. The author teaches part time and
Ten years on, and mourning the death now sends students to Oxford and Cam- trast to Kellaway’s education at Camden exam stickler the world has ever seen”), all, she was removed from the class- continues to contribute to the FT; she
of her father, she changed her mind: age bridge. While its success may be School for Girls, where her mother will be familiar to FT readers, as they are room for wearing backless sandals. still has her safety net.
would be no barrier. What was more, unquestionable, its methods are not. taught English and was “adored by all lifted in part from her continuing arti- Re-educated offers a frank discussion I agreed with Kellaway as much as I
she would go on to start a charity — Now Even the principal admits it’s an institu- her students”. cles for the paper. In any event it was all about the role of school in children’s enjoyed her book except for this — the
Teach — and actively recruit other peo- tion run on “positive fear”. It would cer- Kellaway begins her story of how she new to me and it’s an absorbing and lives, particularly those from disadvan- hair bit — the going grey. I’m all for being
ple in their fifties to leave their high sta- tainly have scared the hell out of me. made it to the classroom with a rabbit delightful tale. taged backgrounds. Kellaway explores re-educated but for now I will stick with
tus jobs and become teachers. Most of my secondary education punch opening line, claiming she left I, too, have changed my job — twice. her own education and that of her son the dye.
Re-educated, thankfully, is not some occurred in almost anarchy. My school her husband for a strip of bright orange After a number of years in TV I became Arty — both of whom had a somewhat
“life change” bible for the bored middle (Hartland Comprehensive) was so bad Corian. I say it’s a claim because she and a barrister. I was in my thirties with two relaxed approach to exams and attain- Anna Soubry is a former barrister and
aged. Kellaway was a successful and it ended up being demolished. I was a her husband had been living separately small children (Kellaway’s had all left ment — concluding that their well was MP for Broxtowe from 2010-19
Books
Left standing Lives on the edge

A London youth worker offers a powerful account of
have made more strides in the public teenage lives blighted by violence. By Robert Wright
arena than the private one.
Sales, a journalist at Vanity Fair whose
article “The Suspects Wore Louboutins” Cut Short: tims of street violence, it makes a
was made into the Sofia Coppola-di- Youth convincing case that wider society
rected film The Bling Ring, knows how to Violence, has created many of the problems.
weave deep reporting into personal sto- Loss and Most fundamentally, the mentees
ries. Nothing Personal is both a memoir Hope in face racism — darker-skinned
of her own romantic adventures and the the City boys encounter more discrimina-
rise of what she calls Big Dating. by Ciaran tion from police and teachers than
She is so good at making the reader Thapar lighter-skinned counterparts.
feel like a confidant that I doubt I will be Viking £16.99 Thapar argues persuasively that
the only one to wish they could reach in 368 pages they are suffering from a gutting of
and stop her from being so polite to bad- public services. Cuts to police
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mannered dates and to take less risks. budgets mean there are no longer
She seems to believe that certain things wo brief but jarring officers tasked with getting to
— inviting strangers over to her house sentences stand out in know the communities they serve.
and eschewing safe sex — are simply Ciaran Thapar’s Centres such as Jacob Sawyer — an
part of the new online hookup culture. account of his experi- invented name to protect users’
This is not true. ences as a youth privacy — have become a rarity.
The idea that the internet is a foreign worker in south London. At a sec- The book is less sure-footed
land that allows people to act in ways ondary school near Elephant and when analysing how such failings
they would never otherwise contem- Castle, a vulnerable, pitiful boy relate to wider policy. Thapar
plate feels old fashioned. The division named Freddie is permanently attributes the problems mainly to
between the internet and the real world excluded. After being threatened, a drive to save taxpayers’ money
collapsed a long time ago. he had brought a bread knife to and the consensus that market
At the opposite end of the spectrum school. “I would never see him mechanisms should be applied to
sits Laura Friedman Williams, whose again,” Thapar writes. public services. He blames the
book Available chronicles a joyful dive Then, working in Wandsworth Grenfell Tower fire of 2017 on a
into the dating pool at the age of 46 after prison, Thapar meets Abdoul, need to save money, despite the
the end of a long marriage. There has whom he had previously encoun- mixed evidence that cost was the
been a rash of post-marriage, joy of dat- tered through his voluntary work decisive factor in a botched refur-
at the Jacob Sawyer Community bishment. One public institution
The goal of dating apps, of Centre, in Brixton. A follow-up that Thapar describes as failing
visit fails to locate him. “I never comprehensively — Wandsworth
course, is not to help users saw him again,” Thapar recalls. Prison — is little touched by mar-
fall in love but to make The sentences are a powerful ket-driven competition. The
reminder that the boys of whom school where he works near Ele-
money by collecting their Thapar manages to keep track are, phant and Castle sounds as if it has
data and subscriptions despite considerable challenges, improved significantly since a
lucky in some senses. charity took over management
Getty Images
Cut Short focuses on describing from the public sector.
ing app books, including British journal- vividly and often movingly how
ist Rosie Green’s How to Heal a Broken three of those boys navigate the The stabbings and
The proliferation of relationship apps means those seeking love have never been Heart and podcast host Helen Thorn’s critical, perilous years from late
murders that punctuate
Get Divorced, Be Happy. All tend to follow secondary school to early adult-
so connected — or more alone. Elaine Moore on the problems with ‘Big Dating’
the same arc: a long-term marriage hood amid a surge in street vio- the narrative underline
ends, bringing heartbreak and insecu- lence. Demetri, Jhemar and Carl
rity. Then comes the miraculous discov- are all African-Caribbean and face the high price many pay
ery that dating and being unshackled differing levels of deprivation. Jhe-
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from wifely duties is far more fun and mar has to cope with his brother’s
he problem with dating Nothing Personal: My Secret Life she says, is loneliness. Over half of all interesting than being married. death in a stabbing. Carl briefly The crisis in England’s public
apps is that nobody seems in the Dating App Inferno adults under the age of 35 in the US say Williams is an amiable companion on succumbs to the temptation to sector surely has deeper, more
to like them very much and by Nancy Jo Sales they do not have a steady romantic part- the dating circuit, although she make money by selling drugs. complex roots. A decade of auster-
yet nobody is sure how else Hachette Books £28/$14.99, 384 pages ner, the lowest figure since data was first describes herself as someone whose pre- It is clear that Thapar is deter- ity has cleared out the older staff
to find a date. Most of us collected in the 1980s. vious writing credits consisted only of mined to help them to achieve that provided much institutional
know someone who met their partner Available: A Memoir of Sex and Compare this to the financial success “countless PTA newsletters”. Before their goals. Freddie and Abdoul collective memory. Vital tasks —
online and is blissfully happy. But here Dating After a Marriage Ends of the companies behind the apps. Tin- having children, however, she worked in stand for the thousands who miss such as enforcement of fire regula-
is a more depressing statistic: only a by Laura Friedman Williams der is part of Match Group, which has 44 book publishing. This means she was out. The murders and stabbings tions — have been outsourced to
tenth of dating app users in the US have The Borough Press £14.99/$12.99, 400 pages other dating platforms including Hinge probably aware that explicit memoirs that punctuate the narrative private organisations, blurring
found a committed relationship, and OkCupid. Last year it reported reve- by women often find an enthusiastic underline how high a price many lines of responsibility. The com-
according to Pew research. More than nue of close to $2.5bn. audience. Thus the graphic stories of pay — up to the end of May, teenag- mon factor is a collapse in the com-
half of young women have experienced rience is often “exhausting” and “a The goal of dating apps, of course, is one-night stands and Brazilian waxes. ers accounted for 12 of the 50 hom- petence and self-confidence at
some form of harassment. sham”. The app is a “dehumanising hay- not to help users fall in love but to make Sales offers a more thoughtful analy- icides around the capital so far this managing the delivery of services.
Over the past decade, free mobile dat- stack” of faces. money by collecting their data and sub- sis of the ways in which dating apps year. Thapar, who grew up in west Thapar’s conclusion is neverthe-
ing apps such as Tinder have colonised In lockdown, Sales hoped that there scriptions. Constant swiping through encourage people to promote them- London as the son of a Punjabi less sound. Like many others, he
the search for love, convincing millions might be a return to conversational face after face with little other context is selves as if they were their own product, doctor father and English nurse argues for a shift away from treat-
of people to sign up and swipe right in courtship only to find that “nothing designed to be addictive. Sales quotes a an impulse that other social media mother, looks for answers as to ing street violence as a criminal
their quest for a partner. Meeting com- much has changed in the dystopian chilling blog post by OkCupid founder platforms also exploit. She is right that what might alleviate this suffering. justice issue towards addressing it
plete strangers for near-blind dates is no world of online dating”. Christian Rudder titled “We Experi- users are not thinking carefully enough Cut Short is at its strongest cata- as a public health crisis. The many
longer out of the ordinary. Not only that but the apps seem to ment On Human Beings!” She also about the sensitive information they loguing the lives of Thapar’s men- complex social, economic and cul-
Yet the digital disruption of the most have put an end to the possibility of traces the bro-culture origins of some of share either, information that can be tees. He chronicles compellingly tural factors that encourage vio-
personal aspect of our lives has not meeting a partner in the real world. the app’s founders, including the co- used by companies. their multiple humiliations, from lence need to be addressed.
increased the odds of finding happiness. “The tech industry’s colonization of dat- founder of Match.com who secured the If you are newly single and consider- strip-searches by insensitive Central government policy for
The world has never been more con- ing had changed human behaviour so rights to the domain name for one of the ing signing up to a dating app then read police to confrontations with other England is pushing in a different
nected, or more alone. This apparent quickly, it seemed we were already los- world’s biggest porn sites. Williams. If you have been on the apps youths for being in the “wrong” direction. Recent ministerial pro-
contradiction is the subject of two new ing the ability to connect on our own, to Sales is no prude. She joins Tinder for a while and wonder why you’re hav- area. School performance charts nouncements have focused on
books that chart the highs and lows of court and spark,” she writes. looking for both relationships and fleet- ing a hard time read Sales. Dating apps posted in corridors rank pupils by making prison sentences longer. It
online dating. Sales went viral for a 2015 Vanity Fair ing encounters. But she finds that many mean that it has never been easier to academic achievement — Thapar’s is an ideological act of faith, in con-
American journalist Nancy Jo Sales is story on dating apps and hookup cul- of the men she matches with believe the meet new people but they also appear to mentees are used to seeing their tradiction of experience, to believe
clear about who to blame for the mod- ture, one of the first to describe the relative anonymity of online life gives have bred a culture of harassment and names and pictures displayed at such an approach will succeed.
ern dating malaise: tech companies. In brave new world of dating as dysfunc- them tacit permission to behave poorly. disrespect. While contemplating the bottom of such tables. One of Thapar sounds justifiably proud
Nothing Personal, she recounts how, at tional. A global “techlash” in the years Her thesis is that dating apps are partic- another bad date, Sales quotes French the book’s most affecting passages of the progress Demetri, Jhemar
the age of 49, she signed up to Tinder fol- since then means that the idea of Silicon ularly bad for women. Many of the men philosopher Paul Virilio who wrote: recounts how, after a group has and Carl have made. But many
lowing a break-up and was initiated into Valley companies as a danger to society she talks to seem wedded to a double “When you invent the ship you also completed a successful pro- more young people look doomed
a world of creepy messages, unsolicited is no longer novel. But the combination standard that dating apps facilitate invent the shipwreck.” Dating apps have gramme at school, Thapar hires a to follow Freddie and Abdoul in
sexual photos and ghosting. Although of Sales’s long-term interest and her per- flings but that the women who engage in changed the search for love, but not nec- photographer with a brief to make falling through society’s cracks.
she met a number of men and formed a sonal experiences mean she is still able them deserve little respect. Perhaps, she essarily for the better. them “look like kings”.
longstanding relationship with the to offer original, thoughtful insights. writes, the prevalence of harassment While the book focuses on boys Robert Wright is the FT’s social
charmingly inconsistent Abel, the expe- The result of tech’s conquest of dating, will lead women to wonder why they Elaine Moore is deputy editor of Lex as the main perpetrators and vic- policy correspondent
The infernal roots of Britain’s industrial power

Fossil fuels forged the contributors to the pessimism sur- The Shadow of the Mine: Coal and ing: miners, first in moderate Notting- Coal and oil co-existed for much of the ments in 2018: $2bn to be spent on
rounding the conduct of present and the End of Industrial Britain hamshire then later throughout the 20th century, but in its last decades — at renewables, or ‘new energies’, $23bn on
modern age. Two books future societies — a habitual default of by Huw Beynon and Ray Hudson coalfields, trickled then flooded back to least in the UK — the liquid drowned the opening new oil and gasfields.
consider the passing of coal the left. Things can only get worse. Verso £20, 416 pages work, and the strike collapsed — as, in a rock. The two energy experts who wrote But — so — what to do? Both books
In The Shadow of the Mine, Beynon and few years following, did the industry. Crude Britannia see the oil industry as want big change, but are careful to be
and oil. By John Lloyd Hudson, both academics, write with Crude Britannia: How Oil Shaped Coal mining, the feedstock of the having created “a black gold empire vague. Marriott and Macalister end by
authority and respect of Britain’s former a Nation world’s first industrial revolution, cre- built on financial power, political med- assuring readers that “the days of oil
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mining communities. Indeed, respect is by James Marriott and Terry Macalister ated over three centuries communities dling and environmental destruction”. and gas in the UK are numbered . . . and
he ancients were right. Our always due to miners, who performed Pluto £20, 304 pages — from Fife through Yorkshire and Not- It’s hardly an adequate image of postwar the next challenge is how the world of
doom lies in the infernal the hardest of labours in semi-darkness tinghamshire to South Wales — of Britain, but it does have force in, for wind, tide and solar are to be controlled’.
regions. Fossil fuels, the and heat, a toil in conditions few not labour, struggle and a particulate kind example, their descriptions of corporate But they leave a question, not a pro-
compounds of petrified, inured to it could stand for longer than pride, conscious of keeping overground of comradeship, a unique and often pug- capture of the rights to Nigerian oil (and gramme — “How will the ownership of
gaseous or liquefied once- an hour. Respect, however, can tip over life bright, warm and productive, the nacious relationship with society ‘out- leaving many of the inhabitants in a pol- this common wealth shape the nation?”
living organisms, now promise destruc- into sentimentalisation on the part of aristocracy, and among the most side’, almost separate civilisations. luted disaster area). The book is vivid The question increasingly seeks
tion to those modern civilisations they commentators. Talking to mineworkers socially valuable, of organised labour. Grassed-over mounds remain: soon, and detailed, too, in the reshaping of answers in the various economic and
made. while covering the 1984-85 strike, was As it developed, the governance of the memories based on experience will not. Britain’s industrial landscape by the social futures now being sketched for a
Coal and oil, once so valued, now deal to hear a militant defence of their jobs — National Coal Board became something refineries, storage and miles of pipes post-Covid world. Many of these
a double blow. Their continued use their livelihoods — but also frequent of a joint enterprise between union and needed to slake the thirst of a mass assume a more egalitarian spirit, taking
makes us increasingly insecure: coal- comments that they hoped their sons management, a class war truce which motoring, oil burning economy. its inspiration from the example of col-
burning is the largest single human con- would not follow them down the pit. won the wary acquiescence of the many The oil majors, who plunged their rigs lective and often self-sacrificing work of
tributor to the increase of carbon diox- Politics takes centre stage, for the communists in union leadership. The into the North Sea from the 1970s on, health, service, transport and shop
ide in the atmosphere. Yet where coal, miners’ unions were always highly polit- presidency of Arthur Scargill, from the are vastly rich, were often arrogant and workers, and from growing commen-
and even oil, is phased out, it destroys ical. They were formed in the teeth of Yorkshire area, changed all that: from reactionary, openly so into the 1970s tary and academic research pointing to
communities, creating what Huw Bey- resistance from the private coal owners, his election in 1982, he saw the NUM as a and more guardedly even now. BP kept a much more egalitarian society, one
non and Ray Hudson call “a disenfran- in the shadow of deaths from collapsing battering ram against the Conservative separate male-female dining rooms, the whose central economic drive is to ‘level
chised working class”. roofs and tunnels, with poor pay subject government of Margaret Thatcher, and senior ones being all male. In an inter- up’. The authors of these two books
And a digitally powered world being to cuts in periods of depression. The the programme of pit closures overseen view with the head of Shell’s “Scenarios endorse such a spirit. It remains, for the
prepared for largely uncomprehending Miners’ Federation of Great Britain, by her appointee as chair, Ian MacGre- Unit” Jeremy Bentham the authors present, a spirit in search of a viable pol-
humanity is itself increasingly attended later the National Union of Minework- gor, a Scots-born American executive learn that the scenarios include opening itics which can move us to a new level of
by forecasts of another sort of doom: the ers, were federal organisations: large with a mandate and an appetite to close seven wind farms every year, while communal living, shorn of the vast dis-
creation of a burgeoning underclass, regions like South Wales, Yorkshire, and mines fast. Beynon and Hudson believe there was thought given to “reforesting parities among which we presently live.
surplus to a world of work being cap- Durham each organised, in the 1940s, he saw resistance as “insubordination”. Coal miners have a cigarette break in something like Spain”. The authors can-
tured by machines. Two books are eager over 100,000 men. They had a large The 1984-85 strike proved too drain- Northumberland, c1950 — Getty Images nily check on the company’s invest- John Lloyd is an FT contributing editor
Books
T Arctic contagion
he Plot is a literary thriller in
two important ways. First,
it’s fun for people who like
in-jokes about publishing,
the insecurities of authors,
and terrible creative writing pro-
grammes at small US colleges. It’s also a son, an MI6 operative, Triple Cross
twisty page-turner (yes, I stayed up expects knowledge of, or at least inter-
nearly all night to finish it) built on the est in, the previous two volumes.
disputed ownership of a novel, or at But once it gets going the plot twists
least the plot of one. and turns with vigour as Kate, now
Our protagonist in Jean Hanff Kore- retired, is enticed back to MI6 and the
litz’s novel (hero is perhaps too strong a hunt for Agent Dante, a Russian mole
word) is Jacob “Jake” Finch Bonner, a deep in the heart of the British establish-
man in love with the idea of writing fic- ment. Henderson, whose husband Stu-
tion, but weaker on the execution of it. art has defected to the Russians, is
Such was his early determination to be a GENRE ROUND-UP handy in a fist-fight but vulnerable too,
great writer that he added the “Finch” in especially after consuming a quantity of
his name as a teenager, as a “homage THRILLERS Czech beer on assignment in Prague.
to the novel which awakened his love The climax of the book, at the Russian-
of fiction”. Georgian border, is nail-biting.
Deliciously, Bonner is introduced to By Adam LeBor I have long been a fan of Dan Fesper-
the reader as “the once promising man, especially his books featuring
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author of the ‘New & Noteworthy’ (The Vlado Petric, a Bosnian detective from
New York Times Book Review) novel here’s an old joke about two Sarajevo. Fesperman skilfully mines his
The Invention of Wonder”. foreign correspondents in a experience as a foreign correspondent
When The Plot opens in 2012, that bar. One asks: “So what’s to write smart, sophisticated thrillers. In
early promise has faded and Bonner has new?” His friend replies: The Cover Wife (Head of Zeus, £18.99),
been exiled from New York to Ripley “I’m writing a thriller,” to Claire Saylor is a CIA operative sent to
College, in rainy Vermont, where he is which the first responds: “That’s amaz- Hamburg in 1999 to pose as the wife of
ing, neither am I.” The punchline plays an academic who has just published a
‘His workshop contained on the fact that many journalists dream controversial — and therefore danger-
of turning their hand to fiction, once the ous — reinterpretation of the Koran.
not one but two women allure of covering wars and revolutions Part of the story turns around the real
who cited Elizabeth Gilbert fades, but never quite get around to it. life Al-Quds mosque, an unglamorous
In fact, thriller writing and reporting place on a busy commercial street that
as their inspiration’ are deeply entwined. Ian Fleming and was once attended by several 9/11
Tasia Graham
Frederick Forsyth both worked as cor- hijackers. But for lonely Muslims such
Borrowed time
respondents for Reuters. Reporters, like as Mahmoud, marooned in the chilly
teaching mature students in a lower-di- novelists, need a fine-tuned ear for the northern port, “Al-Quds offered shelter,
vision Master of Fine Arts creative writ- spoken word and the ability to set a refuge, a remedy for homesickness” —
ing course. They are all destined to fail. scene quickly. But perhaps the greatest and a distraction from Esma, the
Hanff Korelitz, a veteran of the liter- boon is their ringside seat in times of cri- woman to whom he is attracted. Claire
ary and academic scenes herself, knows sis, a position that brings invaluable soon discovers the deeper purpose of
how to make them acutely funny. “His insider knowledge of how wars and
workshop contained not one but two diplomacy are actually conducted. This Reporters, like novelists,
women who cited Elizabeth Gilbert
[author of the wildly successful Eat,
This literary thriller examines the moral grey areas of plagiarism with fine quartet of thrillers by current and
former foreign correspondents convinc- need a fine-tuned ear for
Pray, Love] as their inspiration.” ingly takes the reader into the heart of the spoken word and the
Among Bonner’s students is a “narcis- humour, prescience and page-turning verve, finds Isabel Berwick the British and American establish-
sistic jerkoff”, Evan Parker, who has a ments as they grapple with rogue weap- ability to set a scene quickly
plot for a book all worked out and ons, double agents and terrorist plots.
asserts confidently: “Like, Oprah will Outbreak (Bantam, £12.99), by BBC
pick it for her book thing. It will be film starring Tina Fey. More recently, Jake’s at all but one Evan Parker him- security correspondent Frank Gardner, her mission, as she watches the mosque
talked about on TV shows . . . This You Should Have Known (2014) was self had committed.” The brilliant twist is the third outing for Luke Carlton, an and its worshippers, including
book, there’s no way it can fail.” adapted for television as the lockdown in the plot is, it turns out, not fiction at operative for MI6. The story grips from Mohamed Atta, a key figure in the 9/11
Bonner is sceptical but once Parker HBO hit The Undoing. all. To say much more would risk spoil- the first page, as three scientists in the attacks. Claire is an engaging protago-
gives him a verbal summary of the plot, As The Plot progresses, extracts from ers, but Bonner’s life becomes a cross- Arctic Circle seek shelter from a bliz- nist, dogged and brave, but it’s Mah-
he has to agree. “It was new to him, as it Bonner’s multimillion-selling 2017 country quest to uncover the real zard in a cabin. moud’s inner struggle as he is drawn
would be new to every single person novel Crib appear as another layer to the events behind Parker’s storyline, while Unfortunately, they have company in into the terrorists’ lives that lifts The
who read it, and that was going to be a narrative. In the reworking of Parker’s trying not to ruin his relationship with a man about to die from a hideous, viru- Cover Wife to a higher level.
lot of people.” At this stage readers are idea, Crib is the story of Samantha, a bril- his new wife, Anna. lent disease — and whose final convul- Finally, a brief mention for Hum-
teased with the originality of Parker’s liant student who gets pregnant at 15 Hanff Korelitz is often ahead of the sions spray blood, bile and mucus across phrey Hawksley’s Man on Fire (Severn
tale. All that we (and Bonner) can see and the daughter, Maria, she unwillingly curve with her themes — her last book, the room. The contagion, British intelli- House, £20.99), the third outing for
are a few pages of manuscript about an The Plot raises while working menial jobs. It is 2017’s The Devil and Webster, is a gence soon believes, has been engi- Rake Ozenna, an Alaskan native
unhappy mother and daughter trapped by Jean Hanff Korelitz Maria’s destiny to have the glittering col- pre-#MeToo, pre-Black Lives Matter neered in Russia. But has it? and American Special Forces officer.
in mutual resentment. Faber £8.99/Celadon Books $28 lege career that Samantha was denied. tale that centres on a liberal college This is thriller writing of a high order When a handover in the Bering Straits
Some years later, Bonner — now the 336 pages Now we follow Bonner into his new principal struggling with student activ- — rich in convincing detail, from the between Russia and America turns into
manager of a hotel reinvented as an art- life: “Audiences, stacks of books, that ists who threaten to undermine her rep- workings of MI6 and 10 Downing Street a fire fight, Ozenna is drawn into a con-
ists’ colony — is out of ideas and out of magical ‘1’ beside his name on the fabled utation, while recognising their fervour to the Porton Down government labora- spiracy that could unleash a deadly new
luck. Then he discovers that Parker died list at the back of the New York Times as something she once shared. tory. Carlton’s mission takes him on an weapon.
in 2013, shortly after the Ripley course. Book Review.” Bonner can’t enjoy his The Plot is one of a handful of novels adrenalin-fuelled adventure from Nor- Hawksley is a veteran foreign corre-
That brilliant plot is unused. success, though, because of fear that he this year — including Chris Power’s A way’s Arctic reaches to a nightclub in spondent for the BBC and deftly moves
So Bonner writes the book, justifying will be found out as a (sort of) plagiarist. Lonely Man and Sam Riviere’s Dead Souls Vilnius and a man in a leather gimp suit. between high-powered diplomacy,
to himself that “he would hardly be the Sure enough, someone calling them- — to probe the moral grey areas around Gardner steadily ratchets up the ten- lively scene-setting and fast-paced
first to take some tale from a play or a selves “TalentedTom” (the “Ripley” ref- plagiarism. If Hanff Korelitz’s record sion, peppering the narrative with nug- action to make a brisk and very contem-
book — in this case a book that had erence is not lost on Bonner) starts send- continues, her book may herald a new gets of expertise to make an enthralling, porary read. As Ruslan Yumatov, a Rus-
never been written!” ing emails and social media messages. age of reckonings with plot “borrowing” intelligent read. sian prisoner held by the Americans
This is Hanff Korelitz’s seventh adult “Blindsided by that big twist in Crib? and accusations that authors appropri- Triple Cross (Bantam, £12.99), by muses: “These people still believed
novel, and one that would play bril- Here’s another one: Jacob Finch Bonner ate others’ real lives. Let’s hope it Tom Bradby, an ITN correspondent per- power lay with governments. They had
liantly on screen. She has form here: stole his novel from another writer.” doesn’t turn murderous. haps now best known for his softball no concept of how things had changed.”
Admission (2009) about a moral On a visit to Parker’s hometown, interview with the Duchess of Sussex,
dilemma facing an Ivy League admis- Bonner realises his mistake. “This had Isabel Berwick is the FT’s work and careers gets off to a slower start. The third vol- Adam LeBor is author of
sions officer, was adapted into a 2013 been a far more intimate theft: not editor ume in a series featuring Kate Hender- ‘The Reykjavik Assignment’
The art of survival Gossamer connections

The Robin Hood story gets a The Painter’s
their installation, while remaining scep- Part family saga, part The
sense of arrogant superiority typical of
tical that they’re “going to change the Italian middle-class families in the six-
21st-century retelling in this Friend
world with a few pictures”. unlikely romance, this novel Hummingbird
ties and seventies”. Veronesi is as sharp
by Howard Cunnell by Sandro Veronesi,
gritty tale of life on the Picador £16.99
The creation and consumption of art is a towering achievement, translated by Elena
as a glass of grappa on the Italian obses-
are the novel’s major themes. The irony sion with appearance.
margins. By Michael Arditti 288 pages
is that Terry’s panels may prove the writes Christian House Pala
Weidenfeld & Marco and Luisa’s impossible love —
islanders’ salvation, but only because Nicolson £14.99 heightened by distance, undiluted by
Crow reappears in his life and appraises 304 pages everyday routine — is chronicled
S S
their monetary value. Cunnell carefully through its many inactions, while
herwood Forest has been leaves the outcome open-ended, as he andro Veronesi is today one of objects provide narrative scaffolding,
reimagined for the 21st cen- does Terry’s fate when he is unwittingly Italy’s most successful novel- emphasising episodes in the Carrera
tury in Howard Cunnell’s implicated in an act of sabotage. ists but, as a young student in family story. In one clever sequence,
powerful new novel. On a tion, but when lack of interest obliges Cunnell’s writing is sharp and vivid, Florence during the early A non-committal affair suits him per- Marco finds hidden significance to the
heavily wooded island in the him to move the show to a smaller gal- the highly coloured verbal pictures per- 1980s, he trained as an archi- fectly. Romantic eccentricity is just one gaps in his father’s otherwise complete
middle of an unnamed river, a commu- lery, Terry threatens to kill him. The fectly suited to an artist narrator. Unlike tect. A flair for elaborate design still strand in a tangled narrative. Gambling collection of science-fiction novels.
nity of outcasts and outsiders has sought ensuing scandal destroys the artist’s Terry’s vast hoardings, the author guides his hand. In architectural terms, dens, rock climbing, a plane crash and a Veronesi chronicles Marco’s journey
refuge from conventional society, some reputation and he flees to a converted adopts an almost pointilliste technique, his latest book, The Hummingbird, is a teenage activist all play a part. from childhood to parenthood and
living on rickety riverboats, others in lifeboat on the island. building descriptions from discrete masterpiece of articulation. In a bravado exercise in chronologi- beyond with a light comic touch, a play-
tents and shacks. An atmosphere of violence pervades phrases, such as: “The miners. Six men Part fractured family saga, part cal orientation, which demands read- fulness that focuses on his protagonist’s
Several are contemporary counter- this place, which is graphically grown old. Black suits thin as paper. unconventional romance, it arrives ers’ close attention, short chapters flit love of the quiet life: “Marco always felt
parts of the legendary Sherwood Forest- expressed in peoples’ injuries. Adam Shoes with worn heels.” The most sus- lauded by Roddy Doyle, Richard Ford back and forth, from the 1970s to the justified in believing that psychother-
ers. Little John is Adam, “a blonde giant not only has a battered face but “a huge, tained portrayal is that of Terry’s and Jhumpa Lahiri. And it won the near future, stopping off at key points apy was like smoking: it wasn’t good
whose green eyes shone out from his raised, violet welt” across his adopted dog, Red: the finest canine Premio Strega, Italy’s most prestigious in Marco’s life. These chapters take the enough not to do it yourself, you also
battered face”, and Maid Marion, Alex- characterisation that I can recall. literary award. What might have been a form of postcards, love letters, emails had to stay away from those who did.”
andra Kaplan, daughter of the island’s An atmosphere of violence My major cavil is that the novel’s folly is a towering achievement. and telephone conversations, in addi- Central to this novel is the under-
owner, who tries to thwart her father’s social concern feels manufac- The novel opens in Rome in 1999 as tion to dreamlike passages by an standing that all relationships, from sib-
business schemes. Kaplan himself is the pervades this place, which tured. Most of the characters’ problems Marco Carrera, a mild-mannered 40- omniscient authorial voice, all ele- ling bonds to long-term friendships,
latter-day Sheriff, living in a “castel- is graphically expressed in spring not from systemic injustice but year-old ophthalmologist, receives a gantly brought together in Elena Pala’s develop their own framework of tradi-
lated” mansion, with an army of bailiffs, from broken relationships: Terry’s and warning that his wife has discovered his deft translation. tions, tricks, repetitions and allowances.
security guards and policemen at his peoples’ injuries Adam’s inadequate parents; Stella’s strange love pact with his childhood Marco remains a beguilingly calm fig- This invites some intriguing questions,
command. abusive marriage; Gene’s son’s sweetheart, Luisa. The origins of this ure, whether dealing with parenthood, not least whether something left unsaid
Robin Hood becomes Terry Godden, death. Likewise, Terry’s belief — which odd arrangement — no sex, just linger- illness or grief he remains philosophical. amounts to a lie. It’s a testament to Vero-
the novel’s tight-lipped narrator, who chest. Gene, a bereaved father, has carries the weight of the entire novel — ing looks and long letters — lie in an inci- In his youth, this often highlights the nesi’s competence that he can bring fun
declares: “There’s not much I can say “chevrons of savage and barely healed that by hanging the portraits on the dent during a holiday on the Tuscan chaos exhibited by others, especially his to such brooding themes.
about myself.” What he does reveal is cuts . . . on the inside of his left bridge, he is providing a rare chance for coast some two decades earlier. Marco’s suicidal sister, Irene, and his best friend Not since William Boyd’s Any Human
that he was brought up by a heroin-ad- arm.” Stella, fleeing from domestic the faces and stories of the excluded and wife, however, has plenty of secrets of Duccio (known as “The Omen” due to Heart has a novel captured the feast and
dicted grandmother, who died when he violence, has a badly set broken elbow. dispossessed to be seen and heard is not her own. his frequent proximity to accidents). famine nature of a single life with such
was sixteen. He then took to the road, The islanders unite to fight Kaplan’s simply sentimental but untrue. Marco is the titular “hummingbird”, a And then there is his estranged brother invention and tenderness. Veronesi
living with anarchists and ravers, before attempts both to raise the rent on moor- Patronising Terry, Crow claims that nickname he received as a child when a and their warring and woefully mis- explores, with great humour, how the
being both imprisoned and sectioned. ings and evict the squatters. Terry “the moment is coming for marginal hormonal imbalance temporarily matched parents. passage of time both expands and
While labouring on a building site, paints their portraits on massive panels, art”. The truth is that this moment has stunted his growth. But the moniker Beauty “was the spit that held his par- expunges the impact of events. And, he
Terry uses scavenged materials to make which they hang from a bridge to publi- already come: what was once consid- also alludes to his life-long equilibrium, ents together”, acknowledges Marco. suggests, after the pounding of years it is
art works, which come to the attention cise their protest. Stella, claiming that it ered marginal is now mainstream. The his ability to hover while others change And growing up surrounded by mid- only an individual’s character that
of Sir Evelyn Crow, a celebrated art is a community arts project, obtains outlaws have moved out of the forest around him. “It takes a lot of effort and century armchairs, Olivetti typewriters determines whether or not the edifice
dealer. Crow promises him an exhibi- permission from the local council for and into the citadel. courage to keep still,” he writes to Luisa. and modular bookshelves gives him “a will hold.
Animal spirit
bombing in Basra with rabbit-headed Above, clockwise from woman “Angel”; the Velázquez frothy
victims, and is extraordinarily affecting. top left: ‘Bad Dog’ (1994); white costume of the huge “Cake
Both are made in pastel, favoured by ‘The Company of Women’ Woman” with top-hatted paedophile
Rego from the 1990s; it plays to her (1997); ‘The Cake Woman’ priest in her shadow.
graphic strength and ends ideas about (2004); ‘Time — Past and This is the best exhibition I have seen
the medium’s ladylike delicacy: “I’m Present’ (1990); ‘Red since the National Gallery’s Artemisia
not mad about the lyrical quality of the Monkey Offers Bear a last autumn. The scale of achievement,
brush. I much prefer the hardness of Poisoned Dove’ (1981) fuelled by transcending rage through
the stick. The stick is fiercer, much formal inventiveness, is comparable,
more aggressive.” Below, from top: ‘War’ and so is the force of revelation about
Willing, who was seven years her senior: She obtains from it a tough, soft shim- (2003); ‘Angel’ (1998) women’s lives eternalised in paint.
Paula Rego | Tate Britain’s exhibition, exploring the near-rape which began their rela-
tionship at a party when he ushered her
mer that makes her surfaces as purely
memorable as their subjects: the satin
Victoria Miro; Collection Ostrich Arts;
Gulbenkian Foundation
To October 24, tate.org.uk. Kunstmuseum
into a room and demanded “take down gold of the avenging, sword-wielding Den Haag, November 27-March 20
themes of anger, loss, sexuality and a woman’s your knickers”; the abortions, betray-
als, competitiveness before and after
they became married with three chil-
response to the male tradition, shows the artist’s dren, with Willing heroically committed
to Rego’s art as his own stalled. This is
not just background; it is the autobio-
work in all its raw power. By Jackie Wullschläger graphical impetus of a career.
The pathos/revenge fantasy, driving
Rego’s portrayals of men as feeble giants
W
— the bankrupt bridegroom collapsed,
hen Paula Rego was Pietà-like, across his bride in “Marriage
invited to be an associ- à la Mode”, after Hogarth; the corrupt
ate artist at the National priest Amaro as a big baby in a skirt
Gallery in 1990, she curled up between nursemaids in “The
refused: “The National Company of Women”; the sinister, over-
Gallery is a masculine collection and, as sized, slumped “The Pillowman” — goes
a woman, I can find nothing there that back to the sick Willing as an emaciated,
would be of interest to me.” A week later furious monkey in 1981.
she changed her mind: “The National Violent, cartoon-simplified, expres-
Gallery is a masculine collection and, as sive, “Red Monkey Offers Bear a Poi-
a woman, I think I will absolutely be able soned Dove” (Rego is the bird, Nassauer
to find things there for me.” the bear) and “Wife Cuts off Red Mon-
She moved into the museum’s subter- key’s Tail”, Rego cutting herself off from
ranean studio and painted “Time: Past her ailing, vomiting husband, are, she
and Present”. It stars a child (Rego), says, her “most real” paintings, “closest
fiercely engrossed in drawing, sitting to personal experience”. Rego talks too
under the indifferent gaze of a bulky of “wanting to harm the person you
man, modelled by her lover Rudolf Nas- love . . . if you make them into animals,
sauer, in a pose reminiscent of you can do anything can’t you?” So in
Antonello da Messina’s “St Jerome in 1987 she painted the “Girl and Dog”
His Study” and enclosed by the chal- series which “started everything”.
lenging walls of the museum’s Old Mas- In “Snare” a girl in a voluminous skirt
ter pictures. holds down a powerless dog, his pose
Rego dazzlingly transforms imitated by an upturned crab. The dog
Antonello’s depiction of the saint’s study is Willing, the girl his frustrated carer
into an inventory of her own mind at Rego. Later, using her lookalike model
work. A painted angel awakens a “real” Lila Nunes, Rego painted herself as the
baby in its cot. An image of a sailor- crouching, howling, biting “Dog
suited boy refers to a childhood photo- Woman”, and the half-nude kicked out
graph of Rego’s husband Victor Willing, of bed on all fours in “Bad Dog”. Stark,
who had recently died. A door opening almost hyper naturalism, achieved by
to a beach floods the painting with the greater volume and shadow, combined
southern light of Rego’s native Portugal. with fairy tale elements and urgent sto-
Layer by layer, Rego pierces the centu- rytelling: the dog paintings mark the
ries-old hermetic masculine world of beginning of Rego as we know her.
Christian Renaissance art. Artistically, 1987-88 was an annus
As Tate Britain’s thrilling new retro- mirabilis. “The Maids”, inspired by
spective Paula Rego proves, no artist has Velázquez in subject and texture but
more powerfully and persuasively mas- also by Jean Genet’s tale of servant-mur-
tered then subverted the language of derers, and “The Dance”, a lone stoic
male painterly tradition to express woman amid twirling couples on a
modern female interior experience. moonlit beach, are masterpieces of late
At the Slade in 1954 — Rego was 19 — 20th-century figuration.
the competition subject was Dylan Tho- Rego rolled up the first to show the
mas’s Under Milk Wood. Rego won: she and bright colours of the fragmentary bed-ridden Willing — the limp coat on
transposed the scene to her grand- 1960s collages, nodding at Pop Art but the door and suitcase signify his immi-
mother’s Lisbon kitchen, peopled it more emotionally charged. The white nent departure. The second was made
with monumental, ungainly, fat-fin- figure surrounded by monsters in after he died, and justifies his generous
gered female gossips and placed, fore- “Manifesto (For a Lost Cause)” (1965) prediction, months before, about the
ground centre, a dish of two gleaming mourns Rego’s liberal father, dying direction of her work: “The figures
fried eggs — a reference to Velázquez’s before dictatorship ended in Portugal. emerge from sullen paint coercing an
“Old Woman Frying Eggs” (1618). “The Firemen of Alijo”, swirling animal- awkward naturalism; which failure,
The expertly detailed milieu suggests human hybrids with badger and seal paradoxically, leads to an uneasy suc-
a Portuguese student’s nostalgia in grey heads, was inspired by barefoot, soot- cess when, after all, this is not prosaic
London. The figures herald a lifetime’s blackened firemen huddled in the cold, but Gothic in feeling.”
flair for sensitively rendering the unide- encountered on a winter holiday at New Rego was still little known; “uneasy
alised female form. The ambition is Year 1965-66. It expressed Rego’s “sense success” came with a 1988 Serpentine
towards the ruthless, exaggerated real- of the end of the world”, but against an show, then in the 1990s and 2000s the
ism of Iberian painting from El Greco to orange-red ground, the forms, marvels mature artist met the political moment
Picasso; evident already is Rego’s com- of her fluid metamorphosing draughts- with originality and defiance. Frank in
positional genius, serving her fascina- manship, surge with life. its realism, the “Abortion” series
tion with human relationships, for mul- Her father died, the family business (1999), including schoolgirls in uni-
ti-figure paintings, which would develop failed, and Willing was diagnosed with form, was made at the time of Portugal’s
across more than six decades. multiple sclerosis that year. Rego has abortion referendum. “War” (2003)
It is there in the flat cut-out shapes spoken about her complex feelings for recasts a newspaper photograph of
Arts
John McLaughlin | The jazz fusion

guitar pioneer on Miles Davis, the
blues and his lockdown-inspired
album. By Ludovic Hunter-Tilney
J
ohn McLaughlin is reminiscing
about his first encounter with
Miles Davis, just two days after
the English guitarist moved
from London to New York in
1969. He had been recruited for Davis’s
album In a Silent Way, an audacious
exercise in what would become known
as fusion — a hybridised jazz with rock
and electronic elements that variously
provoked scorn and adulation on its
release in the summer of that year.
“Miles was like a Zen master,” past 17 months of lockdowns and ‘I felt my wings were
McLaughlin recalls. “He had this gift restrictions. “I felt my wings were
with his musicians. He would in one sen- clipped,” McLaughlin says. “I really clipped, I really needed
tence knock the ordinary out of a musi- needed liberation. I was going bonkers, I liberation. I was going
cian’s mind. Like on that particular needed to get that feeling of moving.”
recording, he said: ‘Play it like you don’t The album opens with an exuberant bonkers, I needed to get
know how to play the guitar.’” fanfare of jazz guitar, a curtain raiser for that feeling of moving’
Did he mean, I suggest, unlearn what an alternately vigorous and reflective
you think you know in order to access set of tracks. One is called “Lockdown
some deeper kind of knowl- Blues”, a dashing exercise in jazz-guitar just be yourself. Don’t play something
edge? “Exactly,” McLaughlin beams, like shredding and rhythmic sprightliness. you think I might like, I’m not inter-
a genial Obi-Wan Kenobi. He returns to No similarity is intended to the anti- ested. Even if it’s crazy, that’s what I
the encounter with Davis. “I was so nerv- lockdown song that Eric Clapton made want. So they had no constraints other
ous. But I just let it all go and threw cau- with Van Morrison last year. than the structure of a piece.”
tion to the wind. And that’s all he “Oh really? Eric? He has a new Two tracks feature him playing piano,
wanted. I’ve seen him do it many times album?” McLaughlin says when I men- which he has not done on a recording
with other musicians. He would just say tion the controversial single, “Stand and since his 1973 joint album with fellow
one thing and your whole mindset is dif- Deliver”. “I’m sure he’s playing great on guitar ace Carlos Santana, Love Devotion
ferent. I learnt so much from that.” it,” he says in a cheerfully ecumenical Surrender. It returns him to the first
McLaughlin is talking to me by video fashion on being told of the criticism instrument he learnt to play. Born in
‘The purists are

call from the summer house he shares Clapton received for his stance. 1942, he grew up in Whitley Bay, a
with his wife Ina Behrend in Cap d’Ail, a Liberation Time was made with a set of coastal town in north-east England near
French seaside resort along the Mediter- musicians based in places ranging from Newcastle upon Tyne. His mother was
ranean coast from Monaco where they Cairo to Los Angeles, who recorded an amateur violinist. McLaughlin duti-
have their main home. Lauded in 1971 their parts separately. The music has a fully tried to learn the same instrument
by rock critic Lester Bangs as cutting “a bustling, improvisational energy, as but after scraping away — “a horrible
disappearing
Main: John swath through the music of our time though McLaughlin and his collabora- sound” — he asked to move to piano.
McLaughlin live wider and more far-reaching than any tors were bouncing ideas off each other The guitar was a cast-off from an older
in Berlin, 2019 guitarist since Eric Clapton”, he has in the same space rather than remotely. brother when he was 11. “I just fell in
mastered numerous different genres, The guitarist devised the structure of love with it. It’s still a love affair today,
Top right: Miles including jazz, flamenco and Indian each track, but encouraged his players after all these years,” he says.
Davis with classical music. He is as expressive with to go where inspiration took them. The youngest of five, he supple-
like the dodo’

McLaughlin in a an acoustic guitar as electric, a gifted “You can hear the chords I’m play- mented the classical music he learnt
Copenhagen composer and improviser, and former ing,” he says of his instructions to them. from his mother with Mississippi and
studio in 1985 leader of the Mahavishnu Orchestra. “Don’t play them my way, play them Chicago blues records acquired by his
recording ‘Aura’ He has a new album coming out, your way. I want to hear how you feel. siblings. “It was a revelation to me, this
Frank Hoensch/Redferns;
Jan Persson/Getty Images Liberation Time. The title refers to the Especially during the improvisations, music. The freedom of the guitar and
Arts
“I thought myself above and beyond it, underpinned 1960s hits such as “Light
THE LIFE but quickly found it easier to indulge My Fire” by The Doors and “The House
than to sit in judgment.” of the Rising Sun” by The Animals but
OF A SONG Elvis Costello and the Attractions had since become unfashionable. The
were the biggest draw on the 1977 Stiff brittle edgy sound was, however,
PUMP IT UP Records bus tour of the UK that acted perfect for the Attractions’ and
as a showcase for the provocative label. keyboardist Steve Nieve’s frenetic style;
Yet he vied with Ian Dury and the he was at the forefront of a revival of
H
Blockheads for star billing as their the Vox, with Madness, Blondie and
alfway through Unfaithful anthem “Sex and Drugs and Rock and Tom Petty among those to rediscover
Music & Disappearing Ink, Roll” was the obvious choice to close its kooky tones.
Elvis Costello’s hefty each show. “Pump It Up” acts as an The Vox added intrigue to “Pump
autobiography, the “answer song” from Costello who It Up”’s basic descending chromatic
songwriter recounts a endured, rather than enjoyed, the Stiff riff that was thrashed out on Costello’s
conversation with Bob Dylan about a tour which lived up to Dury’s lyrics. Fender Jazzmaster and underpinned
new U2 single that bore an uncanny That much is evident in the song’s by a bass that sounds like it is about
resemblance to Costello’s barnstorming most memorable couplet: “She’s been to walk off. By the fade-out, the guitar
ode to hedonism “Pump It Up”. a bad girl, she’s like a chemical. There’s is out of tune and missing strings.
“How could they do that to you? How no use trying to stop it, she’s like Costello said he was trying to keep
could they take your song like that?” a narcotic.” up as his new backing band sped out
Dylan asked. It took a minute before The track was captured in the studio of sight.
Costello twigged that Dylan was by producer Nick Lowe. Key to the The song has served Costello as an
putting him on, given that his song’s sound was the use of the Vox aisle-filler at his shows ever since and
single-note barrage of words and Continental organ. The “Connie” had has also provided an easy cover for
images was itself an echo of Dylan’s bands looking to capture some of the
“Subterranean Homesick Blues”. Stiff attitude.
this black music — it just blew me away. Above: John ‘Those guys were more Costello reflected in his book that Mudhoney, the proto-grunge band,
So the record player became my favour- McLaughlin the history of rock and roll is one of captured a wearily heavy version,
ite teacher.” playing with the hardcore . . . the passion shared lineage. “U2’s ‘Get On Your while Melbourne band Automatic
He has been a professional musician Mahavishnu more intense. It was like, Boots’ was probably to ‘Pump It sounded lascivious when tackling it.
since he was 16, when he was recruited Orchestra Up’ what ‘Subterranean Geordie rockers The Wildhearts
by northern English trad jazz troupe Big let’s have blood on stage’ Homesick Blues’ is to Chuck abolished the organ in favour of a
Pete Deuchar and His Professors of Rag- Below: Berry’s ‘Too Much Monkey tougher guitar sound and distorted
time. A move to London followed where McLaughlin at Business’,” he wrote. “industrial”-style vocals.
he worked in Georgie Fame’s band as a Crystal Palace, in Indian music. In 1971 he founded the Back in 1978 he had a spikier Thrash-metal veterans Exodus
session musician. He had a stint in 1972 — Redferns; Michael Mahavishnu Orchestra, whose jazz- response. When asked by also pumped out a heavier
Alexis Korner’s band, also a training Putland/Getty Images
rock fusion turned him into a chart star. Melody Maker about version, replete with double kick
ground for members of the Rolling “Mahavishnu” was the name McLaugh- comparisons to Dylan and pedals, with guitarist Gary Holt
Stones and bluesmen such as John May- lin had been given by the Indian spirit- Neil Young, he shot back: “I squeezing extra power out of the
all and Clapton, before joining The Gra- ual teacher Sri Chinmoy, who was don’t give a shit. I’ve already riff. Twinned with Anthrax’s hit
ham Bond Organisation with Jack Bruce McLaughlin’s guru in the 1970s. forgotten who Bob Dylan was.” cover of Joe Jackson’s “Got the Time”,
and Ginger Baker, later of Cream. “For the last 55 years I have been culti- That attitude was compounded in the nexus of thrash and British new
“Those guys were more hardcore than vating the spirit in myself, which I still the video for “Pump It Up” as a gap- wave is fertile ground.
Georgie Fame, the passion was defi- do to this day, because without that I’m toothed, bespectacled agitant Status Quo recorded a likeable cover
nitely more intense,” he says. “It was dead,” he says. “The cultivation of the leered into the camera and that falls into submission with their
like, let’s have some blood on stage.” spirit is actually the cultivation of won- stomped around on the sides of stodgy brand of boogie-woogie but
His style emerged from a distinc- der and awe. The gigantic mystery of his feet like a wounded bird. It is Shakin’ Stevens sounds out of his
tively British fertile crescent in the being alive in an infinite universe.” still how many like to think of a comfort zone when taking it on. The
1960s where the worlds of jazz, R&B, The artistic enemies of his philosophy singer who has long since riff’s rhythmic itch has also been
blues and light entertainment over- of connectedness are the purists who abandoned his new wave shtick. sampled by The Beastie Boys in “Egg
lapped. McLaughlin can play with great insist on keeping different genres of “Pump It Up” was composed Man”, while Rogue Traders and Girl
speed and attack, in the flamboyant music apart. one night on the fire escape of Talk carved out the riff and built on it.
mode of the archetypal guitar hero, yet “I have lived my entire life with these the Swallow Hotel in Newcastle Last month, singer Olivia Rodrigo
he also has a profoundly tuned ear for people, scathingly criticising the upon Tyne. It is often mistaken was accused of pinching the “Pump It
texture, the ability to immerse himself Mahavishnu Orchestra, for example. as an anthem celebrating the Up” motif for her song “Brutal”.
in a composition. ‘This is not jazz!’ But I’m happy to say joys of indulgence. But the Costello took to social media to
As well as In a Silent Way, he played for the purists are disappearing, like the rallying cry is hiding its true defend her. He argued that he had
Miles Davis on 1970’s Bitches Brew and dodo,” he says. “Music is the real force. intentions. used the broken pieces of other songs
1971’s A Tribute to Jack Johnson. His love And if it comes from the hearts of men “All it took was some gin, to craft his most enduring riff. “It’s
of flamenco led to collaborations with and women, then it’s universal.” some tonic, some blue pills, and how rock and roll works,” he said.
Spanish maestro Paco de Lucía. He stud- a red pen to write ‘Pump It Up’ Nic Fildes
ied under Ravi Shankar in the 1970s, the ‘Liberation Time’ is released by Abstract during my first exposure to idiotic rock Elvis Costello on stage in the late More in the series at
foundation for a life-long involvement Logix/Mediastarz on July 16 and roll decadence,” he later wrote. 1970s — Chris Gabrin/Redferns ft.com/life-of-a-song
Life&Arts
‘There will
In 2008, Byrne starred in the HBO
series In Treatment, about a 50-some-
thing psychotherapist, which he starred
in for three seasons. He says he would do
35 pages of dialogue every two days —
always be an
“in a chair, with just one other person
opposite me. That was more theatre
than TV or film. It was like doing a stage
play three times a week.” He observes
how TV networks now have more
existential
money and a faster turnover, and so are
allowed to take risks, which can allow
for more exciting creative decisions. But
he worries about where this leaves inde-
pendent filmmaking. “I remember
being in a cinema in New York
threat’
[recently], and there were three people
there, including me. Then the other two
left, and I thought: ‘My God, this film has
probably taken four years to get made
and there’s nobody watching it.’”
As a young man, Byrne found a pas-
sion for film via his grandmother, who
was the first to take him to the cinema.
He writes wistfully in Walking With
Ghosts about his local picture house — “I
Gabriel Byrne | The actor talks to Fiona Sturges saw sometimes 10 films a week in a fog
of cigarette smoke and disinfect-
ant . . . The picture house is a carpet
about ‘War of the Worlds’, his autobiography and showroom now.”
Byrne was worried before he started
on the book about his ability to remem-
sage advice on celebrity from Richard Burton ber the past — “but then there’s this
magic when you pick up the pen and
find, in a way that you can’t explain, that
I
the pen connects with your uncon-
n 1983, Gabriel Byrne was sent on a that he absorbed its significance. “It’s scious”. Rather than a chronological
last-minute trip to Venice to film a prophetic,” he says. “And it’s always rel-
scene for Wagner, a TV series about evant. When you go back to it, you see ‘I remember one of the
the German composer starring things in it that you didn’t see before.
Richard Burton. Byrne was at the There will always be some kind of exis- crew saying: “Who’s going
start of his career and had landed the tential threat [that underlines] the fra- to believe London having
role of Karl Ritter, Wagner’s patron. He gility of humankind, whether that’s
was on welfare and living in a rundown nuclear war or the environment. In my empty streets, with people
flat in London at the time, so couldn’t opinion, there are far more scary things too afraid to go out?”’
believe his luck at finding himself in a in the world than aliens getting out of a
fancy hotel on the Grand Canal. flying saucer.”
However, the first day’s filming was Byrne recalls the very real fear of a account of his life, the book comprises a
calamitous, with Byrne’s moustache nuclear attack while he was growing up series of vignettes that hop back and
constantly falling off. At the end of it, in Walkinstown, Dublin, in the 1950s forth across the decades, documenting
Burton invited him to his room for a and early 1960s. “That was the first time his school days; his early years of
drink, where he offered some advice: that people talked about the annihila- employment during which he worked as
“Give it all you’ve got but never forget tion of the world, and it was a real thing a dishwasher, a hotel toilet attendant, a
it’s just a bloody movie, that’s all it is. that could happen next Tuesday,” he plumber and an encyclopedia salesman;
We’re not curing cancer.” says. “It wasn’t something vague. There and his acting career.
“This was a man I hugely respected was a possibility of every single person There are moments of trauma — he
and revered as an actor telling me: ‘Be that you knew, and every place, being recounts the sexual abuse he endured at
careful. This isn’t real life’,” Byrne recalls obliterated. To know that at 10 or 11 a Catholic seminary where he was train-
now. “Because I saw what happened years of age, it stays with you. I under- ing to be a priest — and there is humour,
whenever he stepped out of the hotel. It stood deep in myself that the world too. Filming Excalibur, he recalls the
was insane. Seventy or 100 photogra- wasn’t something you can depend on.” awful squeaking noise that accompa-
phers jumping over each other at five He recalls a question hanging over the nied his plunging the titular sword into
o’clock in the morning to take photo- the stone (the weapon was real but the
graphs of him.” Byrne, now 71, heeded rock was made of polystyrene). Else-
Burton’s words and resolved never to Above: the actor filming of the first series of War of the where, he is caught in an earthquake
allow his head to be turned by celebrity. Gabriel Byrne Worlds in 2019. “I remember one of the during his first visit to Hollywood, and
Their encounter is detailed in his crew saying: ‘Who’s going to believe has an attack of diarrhoea after his first
memoir, Walking With Ghosts, published Clockwise from London having empty streets, with peo- communion, a scene his mother later
late last year, which contains lyrical far left: Byrne as ple too afraid to go out?’ And then, of related at the Galway Film Festival.
snapshots of his life and career and Bill in ‘War of course, Covid happened.” When he’s not working, Byrne lives a
reflects on his uncomfortable relation- the Worlds’; in Byrne is best known for his big film quiet life in Maine with his second wife,
ship with fame. First, though, we have 1995’s ‘The roles — he made his name in the Coen Hannah Beth King, a documentary
the apocalypse to discuss, specifically Usual Suspects’; brothers’ mobster movie Miller’s Cross- maker, and their young daughter (he
Byrne’s role in the darkly atmospheric with Dianne ing, and later in Gillian Armstrong’s also has two children from his first mar-
update of HG Wells’ novel War of the Wiest in HBO’s adaptation of Little Women (the book riage to actor Ellen Barkin). He com-
Worlds, which returns for a second series ‘In Treatment’; remains one of his favourites) and pares going to Hollywood to “touching a
on Disney Plus next week. and with Bryan Singer’s The Usual Suspects. Yet it hot stove. I touched it and then I
Set in the present day, the action is Katrine was a stint on a rural Irish TV soap thought: ‘Jesus, do I really want this?’”
split between northern France and Lon- Boorman in called The Riordans in the late 1970s — he He recalls being told that, along with
don, and follows the progress of various ‘Excalibur’ played the flamboyant and handsome an agent, he would need a manager, law-
groups of survivors — among them (1981) — Cig Harvey; Pat Barry — that set him on his way. yer, business manager and publicist —
Byrne’s pensive neuroscientist, Bill Simon Ridgway/Fox; Alamy
He notes how he has witnessed big “and I would need a little bit of Botox to
Ward — as they search for their loved changes in how we tell and watch stories sort out the lines that were coming in on
ones while dodging the homicidal aliens in film and TV. He recalls working on my forehead. And I was not an old man!
that have wiped out most of humanity. John Boorman’s 1981 film Excalibur, in And that’s what I mean about the ways
Speaking over Zoom from a hotel in which he played King Uther Pendragon the business seduces you. It does it in
an undisclosed location in the UK — — “and I could not understand why we ways that are almost impercepti-
Byrne is filming, but isn’t able to reveal were there three days shooting the same ble . . . Botox! You have to wonder what
what — he is warm, thoughtful and scene. That was really a luxury that we Burton would have made of that.”
unfailingly courteous, despite his clear had back then. But television isn’t about
exhaustion after a long day’s work. He hanging around to see what the atmos- ‘War of the Worlds’ is on Disney Plus from
read Wells’ book in his teens, though it phere is like. It’s about quick cuts and July 16. ‘Walking With Ghosts’ is published
wasn’t until he re-read it at university editing. It’s just a faster-paced medium.” by Picador
Cannes Film Festival

Annette was a very good choice character comes along (their baby), Honor Swinton
FILM A deconstructed musical, it has a things are becoming fraught: Cotillard FI L M Byrne as Julie,
strange, staccato score by the eccentric gets a glimpse of Henry’s real character a grieving young
Annette American band Sparks, and stars via a #MeToo-themed musical number The Souvenir: Part II film-maker
Leos Carax Marion Cotillard and Adam Driver. It’s in which six women (“All with similar Joanna Hogg
attempting to
AAAAE possible that festival programmer stories”) testify to his cruel nature. AAAAE make art from
Thierry Frémaux made his decision In many ways, it’s not too far from life
based on the first five minutes alone, a Carax’s early films, notably Boy Meets
Cannes under Covid looks, surprisingly, catchy song called “So May We Start?” Girl and Les Amants du Pont Neuf, but Away from Cannes’s official selection,
just like it ever did. The festival that in which the director, band and stars the surrealist approach owes more to the festival’s most anticipated British
played brinkmanship with the virus abandon the recording studio and take his 2012 Cannes hit Holy Motors, an film turns up in the Directors’ Fortnight
last year, then capitulated, has gone to the streets, roughly outlining the imagistic set of stories pondering sidebar, a fitting place for the study of a
ahead with its promise to deliver, albeit plot (“A tale of songs and fury / With human existence and identity. moviemaker’s faltering first steps.
delayed from its usual May. It feels the no taboo”), before Cotillard and Driver Annette struggles to resolve itself, Joanna Hogg’s The Souvenir: Part II is an
same, with busy streets and no take off in different directions, in a cab ending with a touch of anticlimax. extremely satisfying sequel to her
apparent strain on its high-end and on a motorbike, respectively. Despite its imperfections, this dark and 1980s-set memoir about a naive young
boutiques, and looks the same, with a Driver is Henry, a cult comedian unusual film perfectly reflects these film student falling under the thrall of
heady programme of premieres that whose self-flagellating stand-up sets dark and unusual times. an oppressive older man, Anthony. central question and the one that dogs therapy, Julie struggles to give direction
are causing the new online ticketing feature no discernible jokes; Cotillard is Damon Wise Following his death, we find Julie Julie: how did she end up with the to others while adrift herself, her
system to crash every morning. Ann, a famous opera singer. They meet Festival continues to July 17, (Honor Swinton Byrne) having confidence-sapping, heroin-addicted stumbling speech and muddled ideas
But for many there’s also a certain and fall in love, but by the time the title festival-cannes.com retreated to the chintzy safety of her conman Anthony? Anyone who driving her crew to distraction.
unease in the air: the festival’s venues, rural parental home, tending her remembers Tom Burke’s monumental, “You’re lost and you’ll always be lost”
big and small, are opening to capacity, Adam Driver wounds and hanging on in quiet glowering performance in the first film was the terrible curse placed upon her
and the attitude to mask-wearing in and Marion desperation between cups of tea and may wonder how Hogg is able to by Anthony in the first film. Hogg is far
local restaurants and bars is cavalier. Cotillard star as country walks. Parental love is mostly sustain the story without him. But even too astute a writer to opt for anything
Meanwhile, Covid testing stations flank a comedian and unspoken and served tepid. Tilda absent from the screen, his presence as facile as swanlike transformation —
the Palais des Festivals, where an opera singer Swinton reprises her marvellous turn hangs over the film like a funeral there is no eureka moment where Julie
accredited attendees must literally in Leos Carax’s as Julie’s plucky and practical mother, shroud as Julie returns to London and suddenly becomes a swaggering auteur
salivate to gain a two-day bill of health. story of love and all silk scarves and spaniels, and there endeavours to tell their story in her — and Swinton Byrne, whose first
The festival is pulling out all the manipulation is a masterclass in gently scathing wit graduate film. starring role was in The Souvenir,
stops, and it has called in many favours from James Spencer Ashworth as her “Make a memorial for him,” advises carries the film with a performance of
from friends, filling the opening-night archly patrician father. “That’s Richard Ayoade’s diva-ish director on deft subtlety and pleasing grace notes.
red carpet with international stars such mummy’s first artefact,” he remarks of the set of his 1940s-set punk musical, Her Julie may always be hesitant,
as Pedro Almodóvar, Jodie Foster and a pot made by his wife, a budding where he bristles hilariously at both sweetly bumbling and steeped in self
Bong Joon-ho, whose 2019 film Parasite craftswoman. Later, when it falls prey praise (“That’s marvellously generic”) doubt but, away from Anthony’s
began its journey to Oscar glory on to Julie nervous fingers: “I shouldn’t and, worse still, patient notes from his shadow, she learns to wear it more
those same famous steps. This year’s worry, it’s only a term’s fees.” earnest editor (“You’re forcing me to lightly. The shroud is lifting.
curtainraiser was a bold one, and, This glimpse into Julie’s origins goes have a tantrum”). Meanwhile on her Raphael Abraham
though it proved divisive, Leos Carax’s some way to answering the film’s own set, where filmmaking doubles as To July 16, quinzaine-realisateurs.com
Collecting
discipline, which is increasingly a part
The Art Market | Guaranteed prices of the output of today’s artists.
Galleries from overseas that were
originally included are understandably
boost Christie’s; performance in not able to join the London line-up.
“We could have waited for an indefinite
future but people are ready to
London and Paris; Christo project to experience art again so we decided to
go ahead with the people who can,”
says Performance Exchange’s founder
be funded by sale. By Melanie Gerlis and director Rose Lejeune.
Performances run between July 9
and 11 with scheduling to enable
visitors to catch a few on a particular
Auction sales were up 230 per cent in day. Some shows are drop-ins, such as
the first half of 2021, the first evidence Amalia Pica at König gallery, and a
that the industry has bounced back couple of performances will be held
quickly from the impact of the Covid- outside, including Helen Cammock
19 crisis. Data from Pi-eX finds that under the bandstand of Arnold Circus
sales at Sotheby’s, Christie’s and (Kate MacGarry gallery). Others, such
Phillips, the largest international as Anna Barham’s “As felt as if” (2021),
auction houses, hit a total $5.8bn by require tickets to keep numbers Covid-
June 30, up from $1.75bn in 2020. friendly (Chelsea Space, Arcade
While the gain is heavily flattered by gallery). Three UK public museum
last year’s hiatus, Pi-eX finds that the partners — Towner Art Gallery in
total is also a smidge ahead of the Eastbourne, Leicester Gallery at De
$5.77bn recorded in the equivalent Montfort University and Grundy Art
period before the pandemic struck in Gallery, Blackpool — have committed
2019, a heartening sign for the to buy work from the event. Details at
industry. Revenue from online-only performance-exchange.org.
auctions almost doubled, from $337m
to $660m between 2020 and 2021, but Sotheby’s will offer 25 works by Christo
the real gains came from going live that chart the realisation of the late
again, or livestreamed, with an artist’s final project — to cover the Arc
auctioneer in view. Sales here rose de Triomphe in Paris in 25,000
from $1.4bn to $5.1bn. sq m of polypropylene fabric and rope.
“There is no doubt that it is the Christo died in 2020 but his
return of the live auction format on the monumental wrap will still take place,
traditional auction calendar that between September 18 and October 3.
explains the growth in the first The Sotheby’s selling exhibition will
Auction sales make a leap

semester this year versus last year,” coincide with the Christo show at its
says Christine Bourron, chief executive Paris space (opening one day before).
of Pi-eX. Her data found that the share Christo, with collaborator and wife
of online-only auctions fell from 73 per Jeanne-Claude, deliberately made work
cent in the first half of 2020 to 56 per that could be monetised to fund their
cent in 2021. Bourron notes the performative and experiential practice.
increase in online bids during the live This meant that they didn’t need to
sales, a sign that digital investment rely on outside support. “Each one of
continues to pay off in other ways. incorporated two livestreamed Guarantees make the outcome of each our works is a scream of freedom,”
There are geographic shifts below the auctions in Paris. The top lot was auction more predictable as they Christo said in a 2001 book.
top-line numbers. In the US and UK, Picasso’s “L’Étreinte” (1969), a painting establish a work’s worth ahead of the Proceeds from the original works at
sales were down 10 per cent and 22 per of lovers in a passionate embrace, live bidding, but have proved appealing Sotheby’s will benefit the latest Paris
cent respectively between the which sold for £12.6m (£14.7m with safety nets to consignors. project and will also go towards the
equivalent, pre-pandemic, period in fees, est £11m-£16m). In Paris, despite “As in the New York sales, considered newly established Christo & Jeanne-
2019 and 2021. Considerable gains a technical glitch during bidding, René use of strong guarantees galvanised Claude Foundation. Sotheby’s also
were made in China, where auction Magritte’s “La Vengeance” (1936) sold auction house teams to deliver results,” worked with the estate in February to
sales were up 47 per cent to $1.3bn from the collection of the late says Willem-Joost de Gier, founding sell the couple’s collection of 373 works,
between 2019 and 2021, and in advertising magnate Francis Gross for director of art advisers Cadell, whose all of which sold for a total €9.2m (est
France, where these grew 79 per cent well above its €6m-€10m estimate at clients accounted for just under a fifth €2.8m-€4.2m).
to $410m. €12.5m (€14.6m with fees). of the Christie’s sale. The Arc de Triomphe wrap is “the
Main: Picasso’s The Picasso was among several last such project that can ever be
‘L’Étreinte’ Christie’s ended the London season’s works that had secured a guaranteed The Covid-19 pandemic stymied plans done”, says Simon Shaw, vice-chair of
(1969) sold for mash-up of Modern and contemporary selling price, covered either by the last year for Performance Exchange, Sotheby’s. He dates its beginnings to
£12.6m. Right: art auctions on a high, making £101m auction house or via third parties. the first collaborative event for 1958, when the Bulgaria-born Christo
Paul Maheke’s at its June 30 evening sale (£119.3m These have become familiar features of performance art that was due to run in arrived in Paris as a political refugee
‘Taboo Durag’ with fees). high-end auctions and accounted for London in July 2020. Despite ongoing and could see the famous arch from his
(2021) is part of This within-estimate total 40 per cent of the 52 lots offered at restrictions, the inaugural event goes small room. The works at Sotheby’s
Performance contributed to what the auction house Christie’s in London and more than ahead this weekend with 10 date from 2017 to 2020 and are “like a
Exchange described as its “best summer season half of the 57 works offered at commercial galleries putting on shows walk around his brain”, Shaw says.
Christie’s Images; Eoin Carey since 2017”, and this time round had Sotheby’s equivalent sale on June 29. that aim to share this less-understood Prices range from $150,000 to $2.5m.
Diversions
CHESS LEONARD BARDEN BRIDGE PAUL MENDELSON
8
At age 58, the legendary each day at 30-minute Asian Rapid-first in his Small things make a big 10 4 Dealer: South Game All result was +500 to N/S.
Garry Kasparov makes a intervals starting 2pm BST, 7 losing semi-final against difference at the bridge table J 8 The key is that when your
AQ9 5 3 2 North East South West
rare over-the-board cameo can be watched live at 6 world No5 Levon Aronian, — if partner is paying K8 7 — — 1H 1S opponents are vulnerable
comeback this weekend grandchesstour.org. then in his third place play- attention. Take a look at the N 2D 2S ? and competing, even one
5 AK7 5 3 J 86
when the $150,000 Zagreb Kasparov is still all-time off against China’s Ding auction below and decide on 10 6 Q 94 2 would have opened 1NT). down doubled scores you
W E
Grand Tour event reaches its No1 in the eyes of many, 4 Liren, which Carlsen still South’s second bid. K J 10 4 7 6 When the bidding returns to +200 — a result that beats
climax in Croatia. Kasparov among them Norway’s world 3 won in a speed tie-break. The bidding ran this way 9 5 Q J 10 2 North, he can opt to rebid any part-score your side
S
will be playing 18 five- champion Magnus Carlsen, 2
2426 at most tables. Where South Q9 2 3D, which South can pass or, can make. Whenever the
minute blitz games against who will himself compete in Colin McNab v Attila now bid 3C, North asked for AK7 5 3 better, be more aggressive hand seems to be
opponents led by the the $1.9m 206-player World 1
Groszpeter, Denmark 1992. help in spades and 3NT was 8 and double. This should misfitting, this is the option
A B C D E F G H A64 3
current Russian champion Cup in Sochi next week. Black to move. Black is a bid. This always failed. show 10pts or more and a you should take. Here,
Ian Nepomniachtchi, who Carlsen travels to the rare for him to lose three piece and pawn down, while South’s correct rebid is to to pass. This shows a 5-card dislike for hearts, suggesting South’s singleton diamond
challenges for the world Crimea as the 30-year-old games in a row, even at White threatens instant pass. East’s raise to 2S has hearts, a minimum hand and a possible penalty. At only and North’s doubleton
crown later this year. world champion struggles to online speed chess, but it mate by Qxg5. How did provided the opener with a dislike of partner’s suit. If one table did this happen, heart strongly suggested
Kasparov’s games on recover from a bout of happened twice last week at Black manage to save the extra descriptive bids, the opener held only four hearts, from probably the strongest defending was superior to
Saturday and Sunday, nine uneven form online. It is the $100,000 Goldmoney game? Solution, back page most important of which is he holds 15pts or more (or pair in the room, and the play — and so it was.
POLYMATH 1,134 SET BY BRADMAN CROSSWORD 16,834 SET BY JULIUS
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.
England expects
nalism, and we agreed he would write a World Cup in 1982.” Hoddle revealed 2018, whenever tabloid reporters asked
For decades, Simon Kuper has watched the English team underperform in diary of the Euro 96 championship for
the FT, but it never happened. That’s a
after elimination in 1998 “my inner-
most thought, which was that England
“can we win it?”, he would point out that
the ritual question was a tad premature
shame, because he turned into one of would win the World Cup”. Before the given that England hadn’t even won a
football tournaments. Here he charts how they reflected the wider mood of the the tournament’s main characters: his 2006 World Cup, Eriksson, probably knockout match at a major tournament
missed penalty in the semi-final just flattering English exceptionalism, since 2006.
against Germany sealed England’s rit- said: “I think we will win it.” His modest, modernising interna-
country — and asks if their embrace of a continental style can end in victory ual elimination. But they all lost. In June 2016, four tionalism won support from fans and
During Euro 96, a song emerged that days after the English voted for Brexit, media. To adapt TS Eliot, humankind
remains the go-to favourite of England Hodgson’s team contrived to exit the can only bear so much reality. England’s
I
fans. While England were thumping the European Championships against tiny endless eliminations, coupled with the
t remains one of the happiest snaps Glanville as obsessed with the second young Aston Villa defender named continental sophisticates of the Nether- Iceland — a defeat regarded by connois- broader decline in national status, had
in postwar England’s family album. world war. But, to be fair to Robson, he Gareth Southgate. lands 4-1, the crowd at Wembley spon- seurs as the funniest of all of England’s ended up shredding the fantasy of mani-
On July 30 1966 at Wembley, a yel- was also obsessed with the first world Southgate turned out to be a pleasant, taneously began to sing it: humiliations. The English Football fest destiny.
low-clad 40-year-old Queen Eliza- war. Here he is eulogising his best chatty boy with a large nose. After the Association then attempted its own In 2014, when the pollsters YouGov
beth hands England’s captain player, Bryan Robson: “You could put computer game, more general chatter Thirty years of hurt Brexit, replacing the faux-continental conducted surveys in 19 participating
Bobby Moore the little gold Jules Rimet him in any trench and know he’d be the ensued, and at one point Villa’s assistant Never stopped me dreaming Hodgson with the archetypal English countries before the World Cup, the
trophy. She, he and it look gorgeous in first over the top . . . He wouldn’t think, coach, Paul Barron, a fitness fanatic, Football’s coming home manager, Sam Allardyce. most pessimistic fans (jointly with
the London sunshine. The stadium is well, Christ, if I put my head up there it decided to measure our body-fat per- It’s coming home! That elimination prompted the ritual Costa Ricans) were the English: only 4
awash in British union jacks, the pre- might get shot off. He’d say, c’mon, over centages. Southgate took off his shirt per cent expected to win. By the World
ferred flag of England supporters in the top.” and let Barron attach what looked like I was sitting in the stands near the Cup in Russia, 7 per cent did. English
those simpler days before the union At half-time of a game in 1989, while electrodes to him. Only 9 per cent of song’s co-writers, the comedians David exceptionalism isn’t dead — it inspired
began to fray. It’s the last time England England’s captain Terry Butcher was Southgate consisted of fat. “I’m glad I’m Baddiel and Frank Skinner, and they some portion of the Brexit vote — but it
ever won a trophy — an omission they having his bleeding head wound band- not that skinny,” I said, taking off my stood up, open-mouthed, entranced, has aged.
want to rectify at the same ground aged, Robson told the team: “Have a shirt. Barron stared at my stomach. realising they had written a folk anthem. Southgate is currently the reigning
tomorrow evening in the final of Euro look at your skipper. Let none of you let “Maybe we should just use the slap test,” The song’s genius is that it combines the national hero (always a fragile status),
2020 against Italy. him down.” Britain’s tabloids, the Greek he said. “What’s the slap test?” I asked. two contradictory beliefs held by Eng- but in fact England’s rise preceded him.
The great English question for 55 chorus of the England team, approved: “Slap you in the stomach and see how land fans: that England always loses, and The post-Taylor continental turn
years has been: why don’t we win any- “YOU’RE A BLOODY HERO SKIPPER.” long it shakes.” that it has a manifest destiny to triumph. worked. The Premier League’s interna-
more? I have criss-crossed the globe At the time there were two main ways Southgate, still lying on the floor England’s continental turn continued tionalisation, far from handicapping the
covering England’s failures from St of talking about football: football attached to wires, piped up politely: under Venables’ successor Glenn Hod- England side, actually helped it.
Etienne to São Paulo, and have learnt as war, or football as art. England man- “Paul, this bloke has only come round to dle, who had been a continental-style Protectionists grumble that only
that this debate transcends football. agers trusted warriors like Butcher or write an article.” Barron told me my dissident as a player. For most of the For Gareth Southgate, about a third of the players in the
When people say the England team Norman “Bites Yer Legs” Hunter body fat ratio was 16 per cent. Southgate 2001-12 period England were coached Premier League are English, but it
ought to win World Cups, or when they over artists such as Peter Osgood or reassured me: “Just go to the gym for by two actual continentals in Sven- football isn’t war, or art. would be more accurate to say that a
call for a more continental European Rodney Marsh. three hours every night for the rest of Göran Eriksson and Fabio Capello. Then It’s system. He is an massive one-third of players in the
playing style, or grumble about spoiled England’s travelling supporters your life, and you’ll be fine.” came Roy Hodgson, a long-term Eng- world’s richest, most competitive league
overpaid players, they tend also to be tended to mimic the martial tradition. He was thinking of going into jour- lishman émigré who spoke fluent Swed- English moderniser are English. That works out at more
talking about the nature of England. Many times, covering England’s games ish and Italian. than 70 English starters per match day.
England’s biggest matches are the in Europe, I watched them seize the Main: England fans during Each new coach carried a heavy bur- That’s a large enough talent pool to staff
modern nation’s main communal expe- strategic heights of some unfortunate the Euro 2020 semi-final den: this midsized nation with a modest tabloid-led scapegoating of England’s an England 11.
riences. Perhaps half of England’s city — typically the square around the against Denmark on tradition in international football was supposedly overpaid and overhyped Competing with the best foreigners
56m people will watch tomorrow’s final. town hall — in a sort of parody of their Wednesday expected to win the World Cup. Some players. Sometimes their wives and girl- every week has improved English play-
By contrast, even the Queen’s much- grandfathers’ invasion of Europe. They managers were themselves so drenched friends are included too. These rituals of ers. The switch from a mostly British
awaited Christmas speech last year would lay out flags, chant “Ten German Right: England’s coach in English exceptionalism that they exorcism are expressions of national league to a mostly foreign one can be
drew just 8.1m British viewers. The tra- Bombers”, and shout at passers-by: “If it Gareth Southgate speaks shared the expectation. self-disgust. Many Britons feel their dated to 1995, when the European Court
ditional cement of the nation — wasn’t for the English, you’d be Krauts.” to his players ahead of Ron Greenwood confessed after his country has become a perverted meri- of Justice’s “Bosman ruling” allowed
churches, trade unions, social clubs of In stadiums, they would always boo the extra time — Michael Regan/Getty disappointing reign (1977-82): “I hon- tocracy with an unworthy elite. Class European players to play anywhere in
various kinds, even pubs — has been opposing team’s anthem. Images; Paul Ellis/Getty Images
estly thought we could have won the comes into it, too: young working-class the EU.
weakening for decades. This nativism could sometimes be Englishmen who become rich are often Let’s compare England’s perform-
If a football match matters to that turned against Englishmen who weren’t judged to have offended against the nat- ances in the era of a British league, from
many people, it’s because it’s more perceived as truly English. Ever since ural order, especially if they are black. 1950 to 1994, to its performances since
than just a football match. The England Viv Anderson became the first black Years of hurt: the England team since 1966 Defeat to Iceland also reheated foot- 1998. In the “British” period to 1994,
team is the nation made flesh. Those 11 man to play for England in 1978, racists ball’s own immigration debate: were England reached the quarter finals in
young men in white shirts who will have felt that the nation incarnated in 1966 England win the World England. Another semi-final there too many foreign players in the seven out of 20 major tournaments. By
take the knee before kick-off tomorrow the team should be white. I remember Cup vs West Germany. exit on penalties to Premier League? After all, if English- contrast, in the post-1998 “interna-
are England, less individual than the watching an England game on TV in a All matches played at Germany, below men could barely get a game in their tional” period, when global football has
sovereign, more alive than the national London pub in the early 1990s: when- Wembley, pictured right 1998 Beaten by Argentina own league, how could they mature into been much more competitive, it has
flag (or flags). What do the 55-year ever England’s John Barnes got the ball, 1970 Lose in quarter- in last 16 at internationals? Greg Dyke, then chair- reached six quarter finals in 12
arguments about the team reveal one man made monkey noises while his finals to West Germany the World Cup. David man of the FA, had told me in 2013: “It attempts. England’s win percentage has
about Englishness? office mates tittered. after goalkeeper Beckham, below left, sent could be that there’s just not a pathway also risen since the early 2000s. In
Even by 1966, the “declinist” narra- Gordon Banks taken ill off and England lose in a through. There are a lot of bog-standard short, foreign immigration seems to
tive about Britain had taken hold. The Meanwhile, continental European 1974 Fail to qualify for the penalty shootout foreign players playing here today.” have improved the team. In English
idea was that an exceptional nation had teams had developed a collectivist style World Cup 2006 World Cup. “Golden Yet football’s own Brexit never hap- football at least, the “declinist” narra-
lost its rightful status as a superpower. of fast-passing football. It seemed to 1978 Miss qualification again after pened. English clubs continued to tive is false.
Postwar Britain was losing its empire, work, but Graham Taylor, England’s manager Don Revie leaves to coach import foreigners and, as luck would During this tournament, the national
and was being overtaken economically manager from 1990 to 1993, preferred the UAE team have it, Allardyce lasted only one match debate around the England team has
by West Germany and France. long punts and big tackles: “Our failure 1986 Lose in World Cup quarter-final before he was secretly filmed talking revolved around diversity. When Eng-
England’s post-1966 footballing fail- has not been because we have played to “Hand of God” goal by Argentina’s about subverting FA regulations. Post- land’s players knelt in solidarity with
ures served as metaphors for national the English way but because we haven’t. Diego Maradona, below left Brexit, his successor clearly had to be an Black Lives Matter before the semi-final
decline, especially because so many of Bloody football should be honest, open, 1988 Lose all three group games at Englishman, but there were no front- against Denmark, a few English fans
them — in 1970, 1990 and 1996 — came clear, passionate. Part of a nation’s cul- the Euros in Germany rank English football managers left. So booed while a majority applauded. In
against Germany, the very nation that ture, its heritage, is the way it plays its 1990 Reach the the job went to a lesser figure whose big- England’s cultural civil war between
Britain had repeatedly defeated in its sport. And the British way is with pas- World Cup semi- gest managerial prize was the tinpot nativists and liberals, Southgate and his
superpower days. To quote the idiotic sion and commitment.” final but lose on League Cup. multi-ethnic team have chosen their
but slightly tongue-in-cheek English However, Taylor’s failure, culminat- penalties to side. He has spoken of “racial under-
supporters’ chant: “Two world wars and ing in defeat to Norway — all captured in West Germany Generation” team beaten on Gareth Southgate immediately per- tones” surrounding the Brexit cam-
one World Cup, doodah.” the immortal fly-on-the-wall documen- 1994 Fail to penalties by Portugal formed a reverse Brexit, constructing a paign, and remarked that older people
With constant disappointment came tary An Imposible Job — killed off the idea qualify for the 2008 Manager Steve McClaren, team that played cold-headed continen- were “pining for something that isn’t
a debate about how England should of English exceptionalism in football World Cup below, fails to take England to Euros tal passing football. To him, football there anymore”.
play. Most British males born between tactics. He was replaced by the conti- 1996 Euros played in 2010 World Cup. Lose to isn’t war, or art. It’s system. He is an Eng- Certain narratives pervade interna-
about 1900 and 1950 grew up in a mar- nental Englishman Terry Venables, Germany in last 16 after lish moderniser in the tradition of tional football for decades, then die.
tial tradition, worshipping soldiers nicknamed “El Tel” since his stint a Frank Lampard Harold Wilson, Tony Blair and, Germany used to be cast as the ugly
rather than footballers. England teams coaching Barcelona. “goal” is incorrectly indeed, Alf Ramsey, whose “scien- team that slew the beautiful ones, Brazil
were expected to play warrior football, Ever since, the trend both in the Eng- disallowed tific management” had made Eng- as the “artists” of “the beautiful game”,
built on unthinking obedience to land team and the Premier League has 2014 England finish land probably the fittest team in and Africans as future winners of the
their commander, manly tackles and been towards continental passing and bottom of their 1966. World Cup. England’s eternal failure has
brave headers. Off duty, they drank improved fitness. One freezing spring group at the Southgate’s project seems to be been one of football’s favourite stories.
like soldiers. morning in 1996 I visited Aston Villa’s World Cup to turn England into a continental Should it suddenly end tomorrow, that
Bobby Robson, born in 1933, Eng- training ground near Birmingham for a 2018 First World Cup European side like Italy or Germany. would change the nation’s sense of self.
land’s manager from 1982 to 1990, was magazine gig involving a head-to-head semi-final since 1990 He has binned English exceptionalism.
diagnosed by the football writer Brian computer game between a nerd and a Heading into the World Cup in Russia in Simon Kuper is an FT columnist
Spectrum
B Esther Bubley: ‘Young Woman in the Doorway of her Room at a

Boarding House, Washington DC’ (1943). The fact the photographer
went in this room and didn’t touch a thing fascinates me. In the back
is a hand coming out the darkness. It’s as mysterious as the portrait
on the bureau. Are they the parents of the woman who seems so sad?
Women
at the
vanguard B Ringl and Pit ‘Pétrole hahn’ (1931)
An exhibition at The Met Fifth Avenue showcases Ford Motor Company Collection, Gift of Ford Motor Company
and John C Waddell, 1987. Courtesy Robert Mann Gallery
120 female photographers from the 1920s to the

1950s. Artist Tina Barney curates her highlights
I Denise Bellon:
A
‘Woman With
fter seeing these extraordi- Fanshaped
nary photographs at The Hairstyle,
Met I decided very quickly Foutadjallon,
which were my favourites. Guinea’ (1939)
Just imagine the courage, The way Denise
independence and uninfluenced Bellon placed
choices these women made in this work. this woman on a
I’m always drawn to an artwork by its straw mat is so
formal qualities. Then I dive in emotion- unusual. Where
ally, intellectually, dissecting the pieces is she looking
of the puzzle. Usually my selections are and whose
devoid of politics, facts and history. hands are those
Portraiture is my great love but here on the lower
and there I’m drawn to a landscape, an right? What is
interior, a still life or an abstraction. In the story behind
this show the role of as mark-makers in the exotic fan-
the history of art is paramount. shaped
hairstyle?
Tina Barney is an American artist whose
B Yevonde large-scale photographs have been shown B Toshiko Okanoue: ‘Full of Life’ (1954)
Cumbers Middleton: in museums around the world. ‘The New The woman on the left of this collage seems like a marble
‘Lady Bridget Poulettas Woman Behind the Camera’ is at The Met statue. Her gestures and expression can be read in so many
“Arethuse”’ (1935) Fifth Avenue until October 3 ways as she reacts to the male figures flying off bridges.
What a spectacular operatic stage set.
I Claude Cahun:
‘Self-Portrait’,
(c1927)
Claude Cahun
must have been
quite a
character. She
was the Cindy
Sherman of her
time, dressing
up in specific
outfits and
selecting
expressions and
attitudes she B Karimeh Abbud: ‘Three Women’ (1930s)
B Hildegard Rosenthal: ‘Meeting Place Ladiera Porto Geral, Corner created for each In real life this print is very small, the size of a postcard.
of 25 de Marco Street, Sao Paulo’ (c1940). This complex street scene self-portrait. These three women seem so unique, strong and sure of themselves.
caught my eye because of that little window in which we see a man The way they’re lined up and how they look into the camera,
eating. Then there are little plays within plays on the left, centre and their clothes, the column on the left, the space between them
right and even tiny people way in the back as far as the eye can see. all add up to make a strong impression.
The internet fad that’s odd, even for the internet forting in its ordinariness: spaghetti
bolognese, sandwiches and chicken
kiev. Harvey’s fanbase of viewers often
seems skewed towards those who strug-
minutiae of someone else’s life either.
See the success of Vogue’s online videos
showing famous women putting on
their make-up and the livestreams of
Mukbang, which comes from South bagel seasoning. On YouTube, there are gle with food issues. Her success is an people sleeping or revising homework
Tech world Videos of eating and sleeping bring Korea, simply translates as “eating
broadcast”. But it has become better
hundreds of videos in which people try
to follow a supermodel’s diet for the day.
indication of just how many people, par-
ticularly young people, have a difficult
for hours. Website Refinery29 has found
success with its money diaries, in which
known as a sort of extreme sport in Influencers make videos that show relationship with what they eat. readers record their exact spending
comfort, companionship — and a chance to judge which people binge huge quantities of every meal and snack they consume, But even if that’s not the case, there is habits over the course of a week. There
food. Some videos are practically aware that many of their followers want something appealing about knowing is a sense of companionship in seeing
Boschian, with splatters of ranch and to look just like them. what another person eats every day. the banal details of another person’s life
M
hot wing sauce all over the table and The backlash to these aspirational This is not a new phenomenon. One of — plus the chance to judge.
ukbang videos always cracking or swallowing to create an influencers gasping as they try to finish eating diaries are the videos that delib- the most vivid illustrations of life in the What the internet has done is allow
start with the food. Heaps autonomous sensory meridian response a bowl of spicy fire noodles or the entire erately make a virtue of being hum- 17th century comes from diarist Samuel more people the ability to film their
of bright red crab legs or in their viewers. Domino’s pizza menu. drum. British TikTok star Eden Harvey Pepys’ description of his meals. There is daily routines and upload the results,
bowls of glistening noo- If that sounds unappealing, it will Stunts are, of Illustration by Pâté has amassed more the venison pasty that “stunk like a sharing them with a bigger audience
dles sit close to the cam- come as a surprise to hear how popular course, the internet’s than 2m followers devil” and the “pretty” dinner with than ever before. Part of the appeal is
era. Behind them, the video creator the trend is. Videos with the hashtag bread and butter. with her daily “eat stewed carp and neats’ tongues. nosiness. But many of the videos are
nods and smiles at the viewer before “whatieatinaday” have been viewed Why should food on with me” videos, in Years later, English housewife Nella also designed to make it feel as if the
leaning in and taking a bite. more than 7bn times on TikTok. the internet be any which she records Last’s wartime diaries are memorable viewer is with a friend. Watching some-
Watching strangers eat is one of the Twitch has an entire category called different? One herself having a one- for her make-do recipes, including mar- one eat online seems to help some view-
weirder spectacles on the internet — “Social Eating” on which people lives- woman has become sided conversation garine created from milk, salt and corn ers feel less alone. Dining is a social
simultaneously gross and mesmerising. tream themselves cooking and eating. famous on TikTok while eating her din- flour. Whenever I buy potatoes, I think activity, after all. Perhaps it makes sense
There is a format. Some creators chat, The trend is so popular in China that for making “sand- ner, pausing to allow of the legend that Jackie Onassis’s diet that this side of our social lives is moving
others play jaunty music and speed up President Xi Jinping has identified it as wiches” from raw viewers to answer consisted of a single baked potato each online, along with everything else.
their film. Many say nothing at all but counterintuitive to the country’s fight green peppers, her questions. day, stuffed with caviar and sour cream.
exaggerate the sounds of chewing, against food waste. cream cheese and The food is com- It is not unusual to be interested in the Elaine Moore is the FT’s deputy Lex editor
Spectrum
We must face
T
he recent unsettling killed for this little interviewed eight intimidation and harassment is rather
footage of England’s chief proof is rather patchy. former US more conditional than one might wish.
medical officer Chris But perhaps the government While a firmer moral lead from our
facts — even Whitty being grabbed and
harassed in a central
legend has lived on
because it serves as a
scientists who had
left their posts in
politicians would help, ultimately the
respect for facts — and those who
the ones we London park brought to mind many

things. There were the similar scenes
of BBC journalist Nicholas Watt being
cautionary tale. When
a society persecutes
people for telling the
frustration or protest
at the obstacles
placed in their way
research or report them — has to come
from all of us. The facts are sometimes
unpleasant: Brexit creates trade
don’t like pursued, surrounded and abused at a
protest in Westminster. Darker still,
truth, it is a short step
from losing its
under the presidency
of Donald Trump.
barriers between large neighbouring
economies. Carbon dioxide emissions
there was the murder of the MP Jo Cox collective mind. Then there are the are seriously altering the climate. Sars-
during the Brexit campaign five years The totalitarian random acts of Cov-2 is much more dangerous than
ago. regimes of the 20th hostility on the street seasonal flu, and cases are rising
But I was also reminded of the square century give us the and the death threats dramatically in the UK.
root of two. starkest examples of on social media. I It would be nice if none of these
Claire Merchlinsky
Two and a half thousand years ago, such insanity. Stalin have seen Twitter things were true, but the vast majority
followers of Pythagoras believed that persecuted genetics researchers in the posts demanding that certain of us are adult enough to accept the
the constants of the universe were 1930s and ostentatiously praised the statisticians be silenced or hunted evidence, the expert judgment of those
constructed of whole numbers. The scientist Trofim Lysenko when he down and destroyed, sometimes for who gather that evidence and the
Pythagoreans were wrong. One such claimed that genetics was a “bourgeois doing no more than publishing graphs honesty of those who report it.
constant is a simple diagonal across a perversion” and geneticists were of Covid-19 cases and hospitalisations. The message can be infuriating, but
square — the square root of two. But “saboteurs”. The resulting crop failures Even when this remains at the level let’s not throw the messenger
there are no two whole numbers which, killed millions. For an encore, Stalin Ultimately the of ugly intimidation, it is horrible to overboard.
as a fraction, give us the square root of ordered the killing of the statistician in hear about and must be far worse to * Prove it, you say? Assume a whole-
two. 3⁄2 isn’t far off. 10⁄7 is closer. But charge of the 1937 census, Olimpiy
respect for facts — experience. It is not something we number fraction, a⁄b, does equal √2. Let’s
you can give up on finding the exact Kvitkin. Kvitkin’s crime was that his and those who should expect a civil servant, a vaccine also assume that a⁄b is the simplest
fraction.* census revealed a fall in population as a researcher or a journalist to have to possible fraction, with a and b sharing no
None of this should cause much result of that famine. Telling that truth
research or report endure. And it would be complacent to common factors. Rearranging a⁄b = √2
alarm, except perhaps to the long- could not be forgiven. them — has to come believe that the threats are always gives us 2b2 = a2. That means a2 is an
suffering editors and typesetters of this In May, the great crop scientist Yuan empty. even number, which implies four things: a
column. Yet the Pythagoreans were Longping died at the age of 90. He led
from all of us What can be done? We can demand is also even, and therefore a2⁄2 is also
extremely perturbed by the simple the research effort to develop the better from our leaders. Trump never even, and therefore b2 is even, and
demonstration that a basic constant hybrid rice crops that now feed billions tired of winking his approval at therefore b is even. Alas, we began by
could not be expressed as a fraction of of people. Yet in 1966, he too came very violence against journalists; we can but assuming that a⁄b was the simplest
whole numbers. So perturbed, in fact, close to being killed as a counter- hope that future presidents refrain. possible whole-number fraction, but we’ve
that it is said the mathematician revolutionary during China’s cultural In September 2019, Boris Johnson just proved that a⁄b is the ratio of two even
Tim Harford Hippasus was murdered by being
thrown overboard while at sea as a
revolution.
In western democracies we do things
was dismissive of complaints from MPs
who had received death threats. The
numbers and therefore the fraction could
be simplified by dividing both of them by
punishment for discovering the truth. differently. Governments do not solution, he said, was Brexit. He has two. This contradiction shows that our
Undercover economist We don’t know much about
Hippasus, and the evidence that he was
execute scientists; they sideline them.
Late last year, Undark magazine
been much quicker to support Whitty,
but it seems that his opposition to
original assumption — that a and b exist
at all — must be wrong.
Sixty years after Jane Jacobs

wrote ‘The Death and Life of
Street life
Great American Cities’, Rana
Foroohar on why it’s more
relevant than ever as cities
emerge from isolation and
rethink their very meaning
I
n 1958, urban activist Jane Jacobs
wrote a piece for Fortune magazine
entitled “Downtown is for People”.
Like The Death and Life of Great
American Cities, the now-classic
book she published three years later, it
was a call to action for those who care
about cities. “This year is going to be a
critical one for the future of the city,”
she wrote, a year that would set their
character for “generations to come”.
We are at one of those Jacobian pivot
points now. In New York, where I live,
the city is coming to life again. Parks
are packed, restaurants are full and
moods are up. But so are housing prices rates in some other American cities. inspiration from Le Corbusier, building large swaths of its waterfront, creating Above: writer was the heart of the “intricate sidewalk
and crime, something true in a number Why is this happening? Some of it is towering skyscrapers set above the dead zones that took years and untold and activist ballet” of her own Greenwich Village.
of American metropolitan areas. Parts surely related to the fact that the hustle and bustle of ground-level shops. billions to rehabilitate. Jane Jacobs On her stretch of Hudson Street, she
of the city that used to be known for pandemic simply pushed many people Students of Howard and Le Corbusier Rationalists such as Moses wanted to on the streets would make her appearance a little
luxury condos and spendy foreigners to the breaking point — economically, both believed that population density remake cities, in particular downtown of New York after eight “when I put out the garbage
are deserted. Suddenly, unfashionable physically, emotionally and culturally. was a problem to be solved. areas, to counter falling retail sales, Bob Gomel/Getty Images
can, surely a prosaic occupation, but I
areas are booming. The highest price The Black Lives Matter movement, Jacobs felt just the opposite: density eroding tax bases, failing mass transit enjoy my part, my little clang, as the
jump in the city over the course of the which had a huge presence in my was crucial to the magic of city life. To and rising crime. It didn’t work, at least droves of junior high school students
pandemic has been in humble Windsor neighbourhood before Covid-19 via isolate urban dwellers from each other in New York. By the 1970s, Son of Sam walk by the centre of the stage
Terrace, a small Irish-Italian joyful rallies and marches complete was to reduce friction, and friction is dominated headlines, white “flight” to dropping candy wrappers . . . ” Later
neighbourhood just steps from my with music and dancing, has exactly what made cities places that the suburbs had begun and President on there were the other “rituals of
own, where nurses and firemen are completely tipped the tables on you wanted to be. While people such as Gerald Ford had refused to offer New morning”, such as Mr Halpert
slowly but surely being pushed out by policing, putting every cop on notice Howard were justified in looking York a bailout during its 1975 fiscal unlocking the laundry handcart from
cable talk-show hosts and designers. that brutality is no longer tolerated. crisis, which sparked the Daily News its mooring to a cellar door, Joe
It’s as if the never-ceasing change This is, needless to say, good. Jacobs felt density was headline: “Ford to City: Drop Dead”. Cornacchia’s son-in-law stacking out
that is New York’s quintessential Police are also wary. With media Moses, as biographer Robert Caro the empty crates from the delicatessen,
characteristic has been suppressed for scrutiny following the death of George crucial to the magic of city has written, was all about power. Jacobs the barber bringing out his sidewalk
months and is now bursting forth, in Floyd and police reform a moving life. To isolate urbanites was about people. She believed cities, folding chair and Mr Goldstein
ways both good and bad. target, many are obsessed with like their residents, were biological arranging the coils of wire that
The shape of the urban landscape protocol: how to use force, how to from each other was to systems that could only be understood proclaim the hardware store is open.
has changed, and it will change further. touch a subject (or not), even exact reduce friction, which is in the context of “organised I recognise this ballet from my own
Pandemics do that. Roughly 40 per word choice. The uncertainty and complexity, like the life sciences”. neighbourhood. Like Cornacchia, my
cent of the 900,000 jobs lost have come wariness this creates for cops on the what made cities places There were dozens of interrelated local bodega owner keeps keys for
back, but many restaurants, shops and beat is a reason many officers and that you want to be happenings going on in any one place acquaintances who want to use our
offices remain shuttered. Yet streets citizens I’ve spoken with believe at any given time. “The variables are place when we’re away. He tells me
once clogged with traffic now overflow criminals feel emboldened. many,” she wrote in her 1961 book, when my 14-year-old son, who stops in
with patrons of overbooked eateries All of it underscores a sense of around industrial-era London in 1898 “but they are not helter-skelter; they for soda, has fallen in with the wrong
spilling on to the sidewalk in covered division. We have taken off our masks. and not liking what they “smelled or are interrelated into an organic whole.” group of friends. My hairdresser, two
spaces that remind us all of Parisian But we remain alienated from each saw or heard”, his planned cities were, Like the parable of butterfly wings that blocks away, lets me run home without
cafés. Many of us hope this — along other and unsure about the future. in her view, “really very nice towns if create a tsunami on the other side of paying if I’ve forgotten cash and I’m in
with musicians that practise outside in What will our city look like in a few you were docile and had no plans of the world, pushing slightly on one a rush. I’ll get him next time. The old
the park, less crowded commutes and years? What should it look like? your own and did not mind spending factor could shift the entire system. ladies in their curlers monitor the
working from home — will last. your life among others with no plans of She believed that citizens kept each street from their folding lawn chairs.
Crime is a different story. For the Jacobs would have had a lot to say their own. As in all Utopias, the right to other safe as much, if not more, than My next-door neighbour, a
first time since 1993, crime — not just about that. The Death and Life of Great have plans of any significance belonged police did. “The first thing to septuagenarian who has lived in the
policing — was an issue in last month’s American Cities was published in 1961 as only to the planners in charge.” understand is that the public peace — house since she was a child, can tell me
mayoral primaries, reflecting anxiety a protest against the vision of the Jacobs wasn’t one to mince words. the sidewalk and street peace — of in which decade and exactly how the
over spiking violence. May statistics “rationalist” planners of the 1950s and Before she died, I found myself on the cities is not kept primarily by the previous owners repaired the gutters.
from the New York Police Department 1960s who wanted urban areas to be sharp end of her tongue while fact- police, necessary as police are. It is kept It’s Pete Hamill’s Brooklyn. Literally.
tell a frightening tale: the overall crime simplified, beautified and made more checking a story on urban planning at primarily by an intricate almost He spent some of his own childhood in
index in the city is up 22 per cent year efficient. Like predecessors such as Forbes magazine, where I was a cub unconscious network of voluntary a flat across the street.
on year, driven by a 46.7 per cent Ebenezer Howard, the 19th-century reporter. But she saved the really tough controls and standards among the Why does this trust still exist in
increase in robberies and a 35.6 per English urbanist who developed the stuff for her bête noire, Robert Moses, people themselves, and enforced by the places like my block? In part because
cent increase in grand larceny. The first garden cities, they believed cities the man who pretty much built people themselves.” It was, however, a this neighbourhood was, until recently,
number of people shot almost doubled. could, in fact, be planned. Howard’s modern New York City. He gave us system that required trust. free from extremes. When I traded in a
The previous month’s numbers were suburbs had prescribed commercial bridges and highways such as the In the “garden city” suburbs that three-bedroom flat on Finchley Road
even worse: crime grew more than 30 centres, meticulously designed belts of Brooklyn-Queens Expressway, on Jacobs despised, trust came in the form in north London for my home in Park
per cent compared to the previous green space, even a maximum number which I have spent roughly a third of of homogeneity and tribalism. In large Slope Brooklyn in 2007, I did so in part
year, and shooting incidents tripled. of residents. American planners my life in traffic between home and the and diverse urban areas, it came from because I knew I could send my
This mirrors increases in violent crime working in big cities, meanwhile, took airport. He also cut the city off from the casual contact with strangers that children to state school, live near a
Food & drink

In search of
low-alcohol reds
Jancis Robinson
Wine
U
nlike North America’s consider any wine with 12.5 per of the world we associate with hot
west coast, Europe has cent or less on the label to qualify. summers, and therefore with very
had an unusually damp Because wines this low in alcohol ripe grapes and particularly
and changeable are relatively rare, I have asked for alcoholic wines: Greece, South
summer so far. This has suggestions from fellow wine Africa and Australia. In Greece,
kept vignerons on their toes, many writers on my website. I expected high-elevation vineyards, where
spraying like mad to ward off to find a few suitable candidates in cool nights slow grape-ripening,
mildew. But based on recent our Loire and Beaujolais tasting tend to be the reason alcohol levels
European summers, it seems likely notes, for example, but even here are low. In Australia (and for some
July and August will be hot and dry. alcohol levels have been rising, California producers) there is a
Sunburn has become a problem for thanks to ever-warmer summers. (I vogue for picking grapes relatively
grapes as well as people in places as also tried a couple of no-alcohol early to produce low-alcohol wines,
far from the equator as Germany. reds but cannot recommend them.) a reaction to the turbocharged
If this summer turns out to be as What’s interesting and wines of the recent past.
hot as usual in Europe, those of us unexpected is how many of these All of the South African
who drink wine and do not live in low-alcohol wines come from parts candidates below are based on
an air-conditioned cocoon are Cinsault, which at one time was the
Leon Edler
unlikely to find heavy, potent reds country’s most-planted red wine
at the top of our wish list. Chilled grape and is now relatively
whites and fashionable pinks are inexpensive. This may partly
more likely to fit the bill. Yet explain why it appeals to new wave
because there comes a time when Cape winemakers: they rarely own
only red will do, I thought I’d their own vineyards and have to
Awesome
suggest a few low-alcohol, often buy grapes. Like their Australian
chillable, red wines. But what counterparts, they are keen to
counts as low-alcohol nowadays? moderate alcohol levels but, to
High-alcohol wines were judge from these wines, Cinsault
fashionable in the 1990s and early seems able to yield satisfying, fruity
2000s, especially in California wines even at low-alcohol levels.
where growers were encouraged to
Sauce
keep grapes on the vine so long that
their sugar content soared and so
too the resulting wines’ alcohol A selection of summer reds
levels. At least many Californian
vineyards enjoy much cooler nights All are either 12 per cent or 12.5 per interesting fruit. From $25.99
than, say, Bordeaux, but in cent unless stated otherwise. widely available in the US
Bordeaux the effect of increasingly
Patricia Niven
warm summers has been a LANGUEDOC SOUTH AFRICA
dramatic rise in wine potency. Mas Seren, Etincelle Nomade Waterkloof, Seriously Cool
mer and it’s the best barbecue sauce Liv-ex, the London-based fine- 2020 IGP Cévennes Certified Cinsault 2019 Stellenbosch The
Recipes | Itamar Srulovich lauds Sarit Packer’s we’ve ever had. Between home and
work, we have a batch going every day.
wine trading platform, prides itself
on the amount of data it has
organic blend of peppery Syrah
and Cinsault from the hills above
back label on this organic wine, a
favourite on JancisRobinson.com
We char apricots with tomatoes, chillies, amassed in its 20-year history. the Languedoc flatlands.£13.50 since 2013, urges, “drink me cool
summer-infused version of a barbecue dip alliums and aromats. It livens up our Because of the heavy demands of Stone, Vine & Sun but take me seriously”. I can see
cheese sandwiches and bolsters salad post-Brexit documentation, last Alain Chabanon, Campredon why they say to drink this sweet,
dressings, we dip chips in it and serve it year Liv-ex started to log the 2017 Languedoc Fully mature, gentle wine cool; it probably needs
E
with hot roasted vegetables and cold- unoaked blend of Syrah, the lower temperature to keep it
very summer has its own dis- underground nightclub in Berlin via the cured meats. In Bordeaux, the effect Mourvèdre and Grenache.£25 refreshing. Lowish acid and low
tinct character, its own mark- echoing canyons of Petra. But it shines brightest on our grills. Dynamic Vines tannin but a great, easy choice for
ers that make it different. We have it on repeat all the time, from We marinate halloumi cheese, lean of ever-warmer summers those who seek a low-alcohol red
Maybe it’s a scent or a song, a our sweaty bike commute in the morn- pork, fatty beef or any part of a chicken has been a dramatic ITALY that can be enjoyed without food.
trinket you wear or a ing to when we make dinner with the (wings for summer eating at its finest), Brezza 2020 Dolcetto d’Alba £10.79 Rannoch Scott
new friend. sun slanting in through the kitchen win- baste with more during cooking for that rise in wine potency Utterly Piemontese and one of the Rall Cinsault 2019 Coastal Region
The soundtrack of this summer came dow. We will get it out of our systems by deep char and shiny gloss, and then most appealing Dolcettos to have Aged in a mix of concrete and old
to us from a crime drama and we can’t about October and move on to some- serve extra on the side for dipping. It has come my way. It’s delicate rather oak with bright, piercing red-cherry
seem to shake it. A seven-minute acid thing else. And when we hear that song it all. It is hot, fruity, sweet, smoky, sour, alcohol levels of all the wines it than trying to be a barrel-aged fruit. Very round and appealing. A
techno track, it has a slow humming again a few years from now, we’ll savoury and captures that most elusive, trades and recently highlighted Barbera. £15.49 Strictly Wine wine to drink pretty young — and
beat and a warm, warped baglama remember the summer of 2021. most-coveted flavour of all: summer. certain trends. Villa Cordevigo, Classico 2017 coolish — but it is awfully pretty
refrain that makes you feel like you’re in Sounds and mood sorted, we can turn The company says it recorded the Bardolino Pinot Noir-like fresh, already. This would make a
a taxi in Istanbul on the way to an to flavour. This is the taste of our sum- honeyandco@ft.com; @honeyandco alcoholic strength of 35,000 wines light red from Lake Garda that my delightful red aperitif, but arguably
provided in its vendors’ paperwork colleague Tamlyn Currin liked so too light to match with emphatic
and then checked 20,000 of them much she gave it a score of 17 out foods. £19.50 Wine Direct, £95 for
against what was written on labels of 20. From €7.81 in Italy six bottles in bond Jeroboams
in its warehouse. In its presentation Radford Dale, Thirst Cinsault
Apricot barbecue sauce of the results, wines were grouped PORTUGAL 2020 Stellenbosch Old bushvines
by decade, starting with the 1990 Filipa Pato & William Wouters, are unirrigated and produce a
To make about 700g sauce (enough for sugar, vinegar and herb bouquet. Set vintage up to 2019. DNMC Baga 2019 BairradaBaga is succulent wine described as
two or three meals) on a medium heat, stir well and bring to What is clear is that of the five the defiantly firm, characterful red “joyous” by my colleague and
the boil. Reduce the heat and cook regions studied, California still wine grape of Bairrada and Filipa fellow Master of Wine Julia
8 apricots — about 450g, halved and slowly, stirring occasionally for about produces wines with the highest Pato is the daughter of the leading Harding. Very obviously designed
stones removed 20 minutes until the mix thickens. alcohol levels, 14.6 per cent on light of this northern wine region. to be enjoyed lightly chilled. £11.80
8 large cherry tomatoes (or use 4 4. Remove the herb bouquet and average. For the wines that Liv-ex Wouters is her sommelier VINVM
plum tomatoes, about 300g) discard. Add the Worcestershire sauce trades (which tend to be the most husband. £16.95 Wine & Greene, Natte Valleij Cinsaults A range of
1 whole red chilli and salt, then cook for four more expensive), average alcohol levels £17.25 Bar Douro stunning wines from different
1 whole green chilli minutes. Remove from the heat, and in Piedmont and Tuscany come Azores Wine Company, Tinto South African wine regions
8 spring onions (about 80g) use a stick blender to blitz into a paste. next at just over 14 per cent. Then Vulcânico 2018 IGP Açores An produced on a historic estate that
1 whole head of garlic cut through If you aren’t using the sauce right away, comes Bordeaux at about 13.8 per extraordinary combination of specialises in this variety. £19.99
the middle store it in a sterilised jar while it is still cent and Burgundy at 13.3 per cent. history and geography in a glass. Museum Wines
60g demerara sugar (or dark brown) hot and seal the jar immediately. It will But while average alcohol levels Organic blend of grapes from the
100ml muscatel or cider vinegar keep well in the fridge for a couple in California have been falling windswept vineyards of the mid- AUSTRALIA
A small bouquet of thyme and sage of weeks. slightly recently, and in Burgundy Atlantic volcanic archipelago that Mac Forbes, Healesville Syrah
tied together (about four sprigs each) head on a large flat tray, then put it and Italy have remained pretty is the Azores. £23 Amathus Drinks 2018 Yarra Valley This producer
1 tbs Worcestershire sauce directly under the grill to char the top Serving suggestion constant this century, they have has championed low-alcohol
1 tsp salt (or you can grill over your barbecue). Mix eight wings with 200g of barbecue risen spectacularly in Bordeaux: CALIFORNIA wines. We loved the 2016 but have
Don’t add any oil — just let the heat sauce, transfer to a roasting tray and from an average of 12.8 per cent in Birichino, Bechthold Vineyard Old not tasted the 2018, which is only
Method scorch the tops. Grill for 10-15 minutes, sprinkle with a little salt. Roast in the the 1990s to 13.8 per cent in 2019, in Vines, Vignes Centenaires 11.5 per cent. £28 The Wine Society
1. Set the grill on your oven to full heat depending on the heat of your oven. oven on 220C for 25 minutes, remove a region once famous for providing Cinsault 2018 Mokelumne River
or, better still, use a barbecue. 3. Squeeze out the cloves of garlic, and serve with extra sauce on the side appetising, digestible wines. Cinsault again — from a vineyard For four more summer reds from
2. Place the apricot halves, tomatoes, discard the skin, then scrape all the for dipping. All with “Stil” by Acid Arab Whereas in the 1970s, 10.5 per in Lodi planted in 1886. Very New Zealand and Greece visit
chillies, spring onions and cut garlic vegetables into a saucepan and add the playing on your speakers. cent or 11 per cent might have been eloquent and full of pure, ft.com/jancis-robinson
considered low-alcohol, today I
green space, have easy access to centres cloak, under public relations isn’t going away — a lot of people want try and stem it by luring big headline a degradation of the public services and effect that big cities have had on disease.
libraries, hospitals and shops, and use hoohaw, the subtraction of commerce, it and it will save employers money on employers should be resisted. Jacobs human capital that employers were Cities were once the most helpless and
public transportation. and of culture too, from the intimate commercial leases. In New York, would have been quite happy, for attracted to in the first place. devastated victims of disease, but they
This “diversity of uses” still exists in and casual life of cities,” she wrote. available commercial space is already example, that Amazon eventually Jacobs believed that it was “the became great disease conquerors . . .
many outer boroughs, but it is harder Iconic buildings needed to be used like at 17 per cent, a three-decade high. nixed New York City as a choice for its smallness of big cities” that made them The surplus wealth, the productivity,
to find in many neighbourhoods in key chess pieces — sparingly. They (The national average is 18 per cent.) secondary headquarters. She was a so desirable. “A metropolitan centre the close-grained juxtaposition of
Manhattan which, like prime central took up too much air and reduced Leases are long, which means the hit huge critic of cities making linear deals comes across to people as a centre talents that permit society to support
London or the most expensive parts of complexity, which was, in her view, at won’t be short and sharp, but slow and in which tax benefits were traded for largely by virtue of its enormous advances” such as the science that
any number of other global cities, have the heart of successful neighbourhoods, sustained, over years. headline job gains. It was intuition on collection of small elements, where brought us a successful Covid vaccine
become extremely bifurcated in recent where each part serves the whole. That will surely decrease tax revenue her part, but research has since shown people can see them, at street level,” in a year “are themselves products of
years. There are too many “landmark” Her own preference in architecture for the city, but it may also create more her to be right. While such business she wrote. She would have loved the our organisation into cities, and
buildings owned mainly by absentee was for a mix of old and new, opportunities for the kind of mixed-use subsidies have tripled in the US since outdoor cafés that now fill New York’s especially into big and dense cities.”
investors from Russia or the Gulf and commercial and residential, with short diversity Jacobs would have approved the 1990s, studies have proven that streets and the creativity evidenced by Cities, like people, are messy. They
too many incoherent new blocks that allow for close contact and of. Demand for industrial space, most of the deals cut by cities for brand all the small businesses that have found go through ups and downs in their
developments like Hudson Yards enough people both living and working warehouses and logistics centres is name employers have turned out to be ways to survive the past 15 months. lives. New York may have some tough
which are inconvenient for public locally to offer supply and demand. It’s picking up. Aside from large a net negative. The initial job gains She was, after all, an urban optimist years before it springs back. And yet,
transport and financially unattainable the 15-minute city, to use a phrase by multifamily apartment dwellings, for can’t offset the tax hit which results in and would have shaken her head at the she asked rhetorically on the last page
for the majority of New Yorkers. Paris mayor Anne Hidalgo. More which demand plummeted during the post-pandemic predictions of big city of her book, “does anyone suppose that
Former mayor Michael Bloomberg Brooklyn, less Manhattan. pandemic, the residential market in Cities, like people, are demise. These lines, from her work in answers to any of the great questions
once called New York City a luxury The living neighbourhood, as many parts of New York is up. I expect 1961, seem particularly resonant today: that worry us today are going to come
product. Jacobs would have seen that opposed to the overly perfect static that places like Brooklyn, Queens and messy. They go through ups “Vital cities have marvellous innate out of homogenous settlements?”
as a warning sign. To her, cities that one, was emerging as a trend here even the Bronx and Staten Island will and downs. New York abilities for understanding, The answer seems to me as clear as
were the biggest or best at anything before the pandemic. Now it’s getting a increasingly become their own communicating, contriving and the sky over Prospect Park.
were often sowing the seeds of their tailwind thanks to altered working and economic ecosystems, rather than may have some tough inventing what is required to combat
own demise. “Monopolistic shopping commuting patterns, which may vassals to Manhattan. years before it springs back their difficulties. Perhaps the most Rana Foroohar is the FT’s global
centres and monumental cultural become permanent. Work from home This is a good thing, and pressure to striking example of this ability is the business columnist
20 ★ 10 July/11 July 2021
The war that

film forgot
Janan Ganesh
Citizen of nowhere
F
rançois Truffaut denied the six successive UK ones. The occasional screened from these verities. The
very possibility of an antiwar Pittsburgh will raise hopes. But the summer reading lists that do the
film. Put telegenic actors in majority of places that emerged for one rounds at this time of year are
uniform and you are halfway extractive or manufacturing purpose themselves unreadable.
to tacit glamorisation. Well-lit will struggle to outlive it. Inaction and My own trade is complicit. Unsigned
explosions do the rest. Jarhead, in successful action are more or less editorials give newspapers an essential
which soldiers watch an almost erotic equally far-fetched. cohesion and identity. They often pique
screening of Apocalypse Now, makes the If “hope” has limits, if some crises are the officials of sovereign states into
point in meta style. intractable, it is easier to break the writing in. They are stimulating to
Perhaps it was the great auteur’s rule news to victims (better placed than author. But they also work on the
that put the industry off in at least one most to be realistic) than their would- premise that all problems have
contemporary instance. Relative to its be saviours. I have spent long enough answers: that Angela Merkel, say, must
duration, the war in Afghanistan might on the journalistic trail of the governing “do” such and such. Having seen the
be the most under-dramatised since classes to sense that voters misread sausage being made in two newspapers
the dawn of the moving picture. Not them. It is not malice or arrogance that of world fame, I know that no editorial
just Korea and Vietnam but each that throws its hands up at the
venture into the Gulf received more This is what the big screen’s insolubility of an issue would run. Yet
During London’s long pandemic year, reconnecting with lovers, family and Hollywood treatment. We are poorer there are times when no editorial
SNAPSHOT British photographer Sophia Spring friends in these scenic spaces, for the omission. No recent event neglect of Afghanistan would be truer. Immigration from
took to the green spaces of the capital, encouraging those previously better teaches the subversive thought comes down to: the modern desperate, fast-growing countries to
capturing locals reconnecting with ensnared by fast living to cherish the that despair is sometimes justified. smaller, legitimately change-averse
‘Parklife’ (2021) nature in the quiet of lockdowns. quiet, the slow and the sentimental. There was no plausible response to incapacity for despair rich ones is the next in line. We will try
Parklife is a “love letter” to these Cheyenne Darko 9/11 that kept the Taliban and its very hard to suggest that something
by Sophia Spring spaces, which make up close to a fifth
of the city’s footprint and have offered ‘Parklife’ by Sophia Spring is available
deadliest guests in place. At the same
time, the prospect of securing a land defines that world so much as naivete.
can be done.
This, in the end, is what the big
sanctuary to its 8.9m inhabitants. from July 15, published by Hoxton that had confounded two empires was There is less disdain for the masses than screen’s relative neglect of the Afghan
Spring’s work depicts city folk Mini Press fanciful. What you are left with is the overconfidence in what policy can do war comes down to. The modern
most eminent case in my lifetime of a for them against mulish, foot-dragging incapacity for despair. Most wars
perfect problem: one to which there is reality. Tony Blair, a naïf who is still connote glory (the second world war)
no good answer. It could not be left taken for a Machiavel, is the most or folly (Iraq), either of which is a
alone and it could not not be left alone. Utopian case in point. guide to future action. This one was not
A love letter to The most eminent case, but not the

only. Here is one nearer to home. The
It is something that marks their
inner lives, which comprise too much
a teachable moment so much as an
extended riddle. It was right to go in
New York City

plight of deindustrialised towns from zeitgeist nonfiction about rebooting the and it was hopeless to go in. We have to
Ohio to Yorkshire is, besides the direct west or whatever and not enough leave and it is rash to leave. As didactic
victims, a threat to liberal democracy. Naipaul, Chesterton and Waugh. The a medium as film was always going to
Yet there is no large speculation of timelessness of social problems, the be at a loss with such ambiguity. The
which I am more sure than this: in perverse consequences of change, the rest of us are in for much more of it.
Enuma Okoro
most cases, nothing will work. role of futility in human affairs: it is
Governments must try, as have five or possible to be sublimely educated and Email Janan at janan.ganesh@ft.com
The Art of Life
T
he last love letter I wrote to What’s especially poignant about the like a mole seeking refuge, trying to figure
a person was years ago, to Bergdorf campaign is its potential to out my way in the world again.
acknowledge the ending of help people wanting to reclaim their You don’t hold grudges. You shrug,
a relationship. It was a mix sense of belonging in spaces that may laughing, open-mouthed and say in that
of sentiments. Wistful have felt foreign and frightening over accent of yours,“Honey, I’m just happy to
thoughts caught in the still-warm glow the past 16 months. And sharing some see ya.”
of pleasures enjoyed, but also candid of these letters publicly could help You’re funny like that. Unpredictable
recognitions of missteps and create a powerful communal narrative but reliable at the same time. You’re
incompatibilities. To write the letter suggesting that we’re all in this moody with your sweltering Julys and your
was to honour the life and the death of together, remembering and redefining frigid Februarys. You’re wild and
the relationship, and to acknowledge our cities and our lives within them. unconventional. You make space for all of
the ways in which I was affected and It makes me wonder how we might us and try to get us to do the same for each
altered by it. Love letters can hold a benefit from indulging this seemingly other. I pass an episcopal church in
vast array of feelings that speak to the playful practice of penning love letters Midtown and see people waiting on the
oscillating joys and pains of the living, to the places in our lives that have sidewalk for a free meal, clutching their
ever-changing relationships we have shaped or sheltered us in some way. worldly possessions in backpacks and
with others. I flew into JFK airport two days plastic bags. It’s not easy, but you try to
A couple of weeks ago, New York before the first lockdown in March take care of your own.
City’s 122-year-old luxury department 2020 and have not left New York since I don’t shield my eyes any more from
store Bergdorf Goodman launched a then. Having spent the previous five your other lovers. The rich ones and the
citywide campaign inviting anyone to years between Europe and Africa, I poor ones, the famous ones and the
write a love letter to NYC. A public call hungry ones, the ones loving you in ways
to recognise the fuller reopening of the I know how places can foreign to me. I saw one dancing on 9th
city’s museums, Broadway shows and and 30th the other day when I was
restaurants by way of epistolary pirouette into the heart walking to Penn Station. Swirling in the
tribute. Life-long New Yorkers as well until you’re left dizzy streets with glazed eyes and a peppered
as top designers, actresses, musicians beard, serenading me with Marvin Gaye,
and models have all scribbled lines with love for their streets and offering me a healing I wanted
about their relationship with and love nothing to do with. You shelter us all.
of the city. You’re hard and abrasive one day,
I have been so charmed by this spent most of the pandemic trying to generous and full of opportunities the
campaign because I know how decide if I would stay in New York next. You can turn a cheek and blush with
different places can pirouette into the whenever the world reopened. A few the quiet graceful beauty of Gramercy
heart until you’re left dizzy with love weeks ago I signed a lease for the Park. You can flash a full-toothed grin,
for their streets, their social culture, foreseeable future. I’m choosing this crazy boisterous like Times Square. But
their lifestyle. I also know how relationship for now, and here’s my when I’m down and doubting I just have to
different cities can elicit different sides love letter to mark it. turn a corner and you’re whispering words
of one’s personality, just as in human of encouragement as I scurry along. Last
relationships. Dear New York, week I found three love notes stamped on
I could write a sensuous love letter to I’ve come and gone from you since the your concrete streets, all in the space of 10
Paris, a city that brings out an day you welcomed me into the world at blocks. You told me to “be proud.” You
attentiveness in me, a deep awareness that hospital in Manhattan. As a kid living told me to “keep dreaming till it’s your
of all my senses. Yet it would be here with my Nigerian parents, you taught reality.” You said, “It’s just love.”
peppered with acknowledgments of me that you can be a home for all types of You’re relentless with your affirmations
unrequited love, because it is not a city people from all types of backgrounds and even through the grit and grime. You’re
I feel deeply welcomed in. I could write places. Still I left you for a while, snuggled whole and broken, just like everyone else.
a letter of nostalgic adoration to up in other cities, flirting shamelessly with Your glamour is real magic, a trick for our
Abidjan, a city in which I played openly other countries, thinking about aching eyes. You have so many ways to
and safely as a child, darting around committing to other continents. But you massage my penchant for wonder. So
environs I knew like the back of my always held a place for me, letting me race many ways to revive my sunken spirits. So
hand, a city that taught me how to slip back and jump into your arms every few many ways to keep me believing in you.
tongues between languages and how to months without asking for any And in me.
dream in accents, holding multiple explanations. Queens, Brooklyn,
identities with unquestioned ease. Manhattan: I’ve dug into your boroughs Enuma Okoro writes weekly for Life & Arts
The FT Weekend Festival — live and in person

It is less than two months until in the 1980s — the environment if can you grow a garden that is
the FT Weekend Festival, live in that shaped Boris, David Cameron both beautiful and sustainable.
the grounds of Kenwood House and others. We will also be talking There will be wine tastings,
on September 4. sex and consent in the age of food demos, live poetry and
This week we have signed up #MeToo with authors Amia music. For passes, programme
the PM’s sister, Rachel Johnson, to Srinivasan and Katharine Angel. and more info visit
join a panel on Oxford University And Robin Lane Fox joins us to ask ftweekendfestival.com
Chess solution 2426 1...Nf3+! draws. If 2 exf3 Qxf1+! 3 Kxf1 stalemate draw. The game ended 2 Kg2 Qxe2+! 3 Bxe2 stalemate draw. If 2
Kf2 Qe1+ and now 3 Kg2 Qxe2+! draws while 3 Kxf3?? loses to Qxf1 mate. Instead 1...Nh3+? loses to 2 Kh2! Qxf1 3 Qh7+ Kg4 4 Qh4 mate.
Saturday 10 July / Sunday 11 July 2021
The road to Rome The glamorous villas of the Appian Way — ITALY PROPERTY PAGES 3 & 4
Follow us on Instagram @ft_houseandhome
of flowering plants, including members

of the citrus family, produce caffeine in
their nectar. This came as a surprise,
since caffeine is a defence chemical, a
toxin evolved to poison pests and dis-
courage other plants from germinating
nearby. But the genius of plants is such
that they can deploy the same chemis-
try to attract or repel, please or poison,
depending on their objectives.
It seems honeybees exhibit a prefer-
ence for blossoms that offer them a shot
of caffeine, and are more likely to recall
and reliably return to the flowers that
supply it. Caffeinated nectar thus
improves the performance of pollina-
tors, which means that caffeine does for
bees the same thing it does for us: make
us more focused and efficient workers.
Yet the benefits flow mainly to the
plants, since the bees are so avid for caf-
feine they will return to blossoms long
after they’ve been depleted of nectar,
cutting into honey production. It’s an
eerily familiar story: a credulous animal
drugged by a plant’s clever neurochem-
istry to act against its interests.
‘You could say that all gardens are Gardening gives a sense of
independence — from the
psychoactive, in that they’re designed grocer, the florist and, for
some of us, the drug dealer
to change how we feel. But some take
So I am not the only animal in this gar-
that idea more literally than others — den with an interest in plant drugs. But
for me, ingesting them is not the point.
(Or at least not the whole point.) When I
mine, for example.’ By Michael Pollan first grew cannabis and opium poppies
30 years ago, it was mainly to see if I
could do it. Deep down, I suspect that
E
many of us gardeners regard ourselves
very garden tells a story, a tale as minor alchemists, transforming the
about nature written by our dross of compost and water and sunlight
species and starring an oblig- into substances of beauty and power.
ing cast of plants. In our time, Could I make a powerful intoxicant, a
most of these stories are idylls psychedelic or a painkiller without pur-
of one kind or another, with the plants chasing anything (other than a packet of
chosen for their beauty or fragrance or seed), leaving the property or setting up
outward form, but always for their will- a chemistry lab? One of the greatest sat-
ingness to gratify human desire and do isfactions of gardening is the sense of
our bidding. Happy endings are the rule. independence it can confer — from the
It wasn’t always this way. There was a greengrocer, the florist, the pharmacist
time, before the industrial revolution and, for some of us, the drug dealer.
lulled us into believing that the human I sense you, reader, wondering
The intoxicating garden

conquest of nature was real and some- about the whole question of
thing to celebrate, when gardens told legality. It’s complicated —
much more ambiguous stories about and slightly different in the
nature. The medieval and renaissance US and the UK. According to Nell
“physic garden” was less concerned Jones, the head of plant collections
with the beauty of plants than with their at the Chelsea Physic Garden in
spooky powers: whether to heal or poi- London, with a few notable excep-
son, they could change us in some way, tions, “You can grow what-
whether in body or in mind. plants and tasty things to eat — another species of mescaline-produc- ever you like as long as
Even today, long after the environ- garden telling that comforting old story ing cacti that go under the you don’t prepare it
mental crisis has rendered the phrase in which nature gratifies human desires common name San Pedro as a drug.” The
“the control of nature” impossible to for beauty and nourishment. But look a or Wachuma: trichocereus exceptions are
deploy without irony, our gardens little closer and you will spot, mixed in pachanoi, t. bridgesii and t. mac- cannabis, khat
remain more concerned with celebrat- with the others, a group of plants that rogonus. Wanting to add caffeine and coca, the
(Clockwise from ing our power than that of the plants in have a very different agenda and speak to the collection of psychoactive cultivation of which
main) Michael them. I suppose we will always go to the to a more ambiguous desire: to molecules being synthesised in require a licence
Pollan at home garden to idealise our relationship to alter human consciousness. my garden, I recently from the govern-
in Berkeley, nature, but lately I’ve been looking to my This season I’m grow- added a tea plant ment that only an
California; a garden to do something a little different, ing opium poppies (camellia sinensis). institution is likely
cannabis plant; something a bit more like the old physic (papaver somni- Though it turns to secure.
close-up of gardens. I’ve begun to pay more atten- ferum); wormwood out that caffeine is In my American
the leaves; tion to the invisible chemistries perco- (Artemisia absin- already being pro- garden, all of the psy-
mescaline- lating through it than to its outward thium), the source duced in my gar- choactive plants cur-
producing cacti forms and pleasures. You could say that of thujone, the den by my lemon rently in residence are
and other all gardens are psychoactive in one way alleged hallucino- tree, albeit in legal to grow here in Cali-
plants; a lemon or another, in that they’re designed to gen in absinthe; quantities too fornia, with one unsettling
tree, which change how we feel. But some take that cannabis (which it small to be of any caveat: it is a felony to grow
produces idea more literally than others. is now legal to grow use to me. Resear- papaver somniferum with
caffeine Take mine. Yes, what you first see as in California); morning chers recently discov-
Photographed for the FT
by Cayce Clifford you come through the gate are flowering glory, tobacco and three ered that several species Continued on page 2
House Home
The lighting We have just bought a 15th-century

cottage which only has wall light
fittings — no pendants — as there are
So, sidestepping reproductions for
the moment, look to Original BTC for
good-quality and well-designed
that can be painted any RAL colour.
What else? Vaughan is my absolute
go-to when it comes to new lighting
is on the wall too many beams and low ceilings.

I need many, many replacements for
the faux wood fittings left by the
lighting. Original BTC makes its fittings
across six factories in the UK, but it is
very much an international company
with a traditional feeling. Its catalogue
of fittings is exemplary, particularly in
the swing-arm department. Swing-arm
previous owner. I have sourced a few and supplies more than 85 countries. Mix new with wall lights can be a good choice for
lovely vintage pieces but would like Its Hector wall light is a classic. The bedside lamps, particularly if you’re
options for chic new wall lights. white ceramic shade is smart and antique. Miniature short on space in smaller bedrooms
beautifully shaped, and would give scale, maximum (often the case in cottages).
An interesting conundrum. I enjoy a contemporary touch to a bedroom, Its Preston Swing Arm light is based
sourcing antique and vintage lighting say, when used as a bedside lamp. atmosphere: High on a 19th-century example from the
too, but it can be a difficult and lengthy My other favourites? The Hampton Gothic melodrama company’s archives and features a
process to kit out an entire house with wall light with its globe-shaped shade rectangular backplate. I like the
old fittings alone. Also, sometimes you would contrast wonderfully with a on a budget Chetham Library light, too, based on a
might want a run of a particular style, wonky old bathroom, and I like the 1950s French number, that comes with
which can prove frustrating if Miniature Ship’s Well wall light, which a spun-metal shade.
you come across, say, a perfect antique could be just the ticket in a small space Last, look to Pooky for some
picture light but you’re after six such as a downstairs loo. fantastic, well-priced fittings. The
matching ones for a room. On the other side of the pond, range is huge and covers all bases:
So, where to look for new South Carolina’s brilliant Urban traditional, contemporary, refined,
alternatives? I’m a big fan of the Electric Company makes elegant, decorative. A good number of practical
English Lamp Company, which sells contemporary and highly original things, and the odd charmingly wacky
handcrafted reproduction lights in Vaughan’s Chetham library light lighting. Craftsmanship is the name of thing. I love its Single Astor light, with
Georgian, Victorian, Edwardian and is based on a 1950s French design the game here, and its fittings come an exquisite diagonal backplate and
Art Nouveau styles. You name it, with a lifetime guarantee. satisfying detailing.
they’ve got it, from cut-glass and I am a fan of many of the company’s I hope this list might give you some
prismatic shades to desk, library and not all frilly cut glass: its elegant swan wall lights, but I am particularly initial inspiration to mix a good
standard lamps, hallway lanterns and neck gas bracket with coolie shade enjoying the Hand Sconce V.2, which selection of new pieces with your
picture lights. The website is pleasingly (I love a coolie shade) would work features an opal glass shade that would antique finds. My favourite fitting of
old-fashioned and easy to use. No in a contemporary interior just as well provide a lovely, glowing light. It is them all? The Dracool is one of my
pop-up videos or whizzing graphics as a period one. witty and whimsical. top wall fittings on Pooky’s website.
here, just a well-organised catalogue. I personally love the idea of a mix of I do not usually like lights and door It’s all ebony and gold wood and
The prices are good, too. lighting styles in your 15th-century knobs shaped like human limbs — convexed glass, with a single
I like its shell wall sconce which, like cottage. Of course, classic picture I find them a bit creepy, unless we’re candleholder. Miniature scale,
many of the other offerings, can be lights and elegant sconces will work talking about real arms and hands Pooky’s maximum atmosphere: High Gothic
ordered to fit a bulb or a candle. And it beautifully, but I would throw in some and candelabra, à la Jean Cocteau. Dracool melodrama on a budget!
Luke Edward Hall comes in three metal finishes. I like its contemporary fittings to create a sense However, this hand-shaped fitting is is Luke’s
Dutch bracket too — the delicately of exciting contrast. Utilitarian spaces certainly cute, not creepy. The favourite If you have a question for Luke about
paired-back scrolling arm and candle in particular — kitchens, pantries, Mazarine light, in comparison, has choice for design and stylish living, email him
Questions of taste bulb would suit an ancient, rickety and corridors — can definitely take cleaner, a crisp, tailored appearance, and a period at lukeedward.hall@ft.com. Follow him on
beam-filled cottage delightfully. But it’s simpler fittings. comes with a perforated metal shade property Instagram @lukeedwardhall
Inside Intoxicating resistant members of the pest popula-

tion, rendering it ineffective. How
much cleverer to invent molecules that
garden merely mess with the minds of animals,

disorienting or distracting them or
ruining their appetites. This is precisely
what a great many plant alkaloids —
Continued from page 1 including caffeine, mescaline, mor-
phine and nicotine — reliably do.
the intent to manufacture a narcotic. We humans have been the greatest
How would the authorities prove such an beneficiary of this sophisticated chemi-
intent? Well, one way would be if your cal warfare — and I say that fully aware
seed pods have been slit by a razor; the that the use of psychoactive plants can
milky sap the pods bleed is opium. end badly. The opiates produced by
National park life Another would be if you were in posses- papaver somniferum can be curse or a
UK properties for sale from sion of an article explaining how simple blessing. But there is something in us
Dartmoor to Snowdonia it is to turn poppy seedpods into a mild that isn’t satisfied with everyday normal
Page 6 narcotic tea (simply crush and soak consciousness, and seeks to change it or
them in hot water) or laudanum (soak even transcend it from time to time,
them in vodka instead). despite the risks. How amazing is it that
However, if your sole purpose is to a chemical invented by a plant — a plant
admire the ephemeral tissue-thin blos- I can grow in my garden! — should turn
soms or the stately seed pods, you should out to be one of the molecular keys to
have nothing to worry about. Though human consciousness?
you might want to dispose of this article Does welcoming this age-old dance of
before any visits from the police. plant neurochemistry into the garden
The status of San Pedro is slightly dif- change our experience of it, even if we
ferent: it is legal to grow these hand- don’t partake? It can. Merely to gaze at a
some columnar cacti, no matter your poppy is to feel dreamy, to judge by
Property pendulum intentions. However, the moment you
What is better value — a period begin cutting up and cooking a chunk There is something in us
home or a modern home? of the cactus (slowly simmer a stock
Page 8 from its flesh and drink a cup or two of that seeks to change or
that, or so I’ve been told) you are guilty transcend everyday
of manufacturing mescaline, a felony
that in the US carries a prison sentence normal consciousness
of five to 20 years. Peyote, the other
mescaline-producing cactus, is
straight-out illegal to grow or pos- frosty exterior, it’s hard to believe European colonists transformed this Impressionist paintings, or the experi-
sess in the US, which is the only that she has such a sweet centre, but New World native into a lethal addic- ence of Dorothy and friends, interrupted
reason I don’t grow this lovely pin- if you get close to her you will notice tion, tobacco was revered by indigenous on their journey through Oz when they
cushion-shaped cactus. that her core is nothing but bub- peoples as a sacred medicine with the passed out in a field of scarlet poppies.
The same is currently true for psilo- blegum, sweet berries and acetone; a power to purge ill health and evil spirits. It’s hard to look at a cannabis plant in full
cybin mushrooms, except in a handful strangely intoxicating combination Tobacco’s double identity — at once a flower without feeling the stir of some-
Green and enviable of jurisdictions — including Oakland, that is sure to excite your senses and medicine and a poison, depending on thing psychoactive. One doesn’t neces-
Handsome homes built to low- Santa Cruz, Denver, Oregon and Wash- put a little tingle in your jingle.” context — goes to the heart of the para- sarily have to ingest these plants in order
energy Passivhaus standards ington, DC — that have recently decrim- My cannabis plant hasn’t yet thrown doxical story that the psychoactive gar- to register some of their power.
Pages 10 & 11 inalised “plant medicines”. I look for- any buds, but I must say it is a handsome den wants to tell. Since they can’t loco- Yet imagine what could become of our
ward to the day when my city of Berke- and hard-to-miss character in the gar- mote, plants have had to master bio- gardens, and our relationship to them, if
ley follows suit, allowing me to expand den, its seven-fingered pattern of deeply chemistry both to defend themselves we won the right not only to grow but to
my psychoactive garden to include serrated leaves by now as iconic as any and to attract the attention of animals prepare and take these psychoactive
peyote and magic mushrooms. leaf on earth. I have not met another who would disseminate their genes. plants into our bodies, so that they might
It is already legal to grow small quan- plant that grows so lustily or is quite so Plants produce all manner of poisons, change our minds every now and again. I
tities of cannabis in California (as it is in avid for sunlight and water. It has a drive but as Paracelsus, the Swiss Renaissance can attest to the fact that plants appear
18 other states), and although I have yet for life few plants can match. medical pioneer, famously observed, different when under the influence — in
to see cannabis seedlings for sale in the The one that comes closest is the “the dose makes the poison”. Many of my experience, their agency and their
nurseries I frequent, you can find them tobacco plant, a powerful psychoactive the dangerous alkaloids plants manu- subjectivity become blazingly apparent.
in some of the licensed pot dispensaries. that we westerners unjustly demonise. facture to defend themselves do other, One might argue that the legal and
This spring I bought a single clone of a (From top) ‘Merely to gaze Unable to find seeds for Nicotiana toba- more interesting things at low doses, moral ambiguities shadowing the psy-
Sublime summer hybrid called “Brr Berry” for $30. The at a poppy is to feel cum or rustica, I planted the more com- including changing the texture of ani- choactive garden lend it a certain edgi-
Robin Lane Fox on how English description of this cultivar had a slightly dreamy’; ‘magic’ mon and floriferous sylvestris, mal consciousness. There it is, right ness. I’d happily trade that for a greater
weather has helped gardens different flavour from the sort of cata- mushrooms; morning whose tubular white blos- in the middle of the word measure of horticultural freedom. To
Page 12 logue copy gardeners are accustomed glory; (right) flowering soms perfume the evening intoxicate: toxic. me, the very idea of a criminal plant
to. Indeed, it will be opaque to anyone tobacco air in summer. But the Why this ambiguity? seems wrong. Using plants to alter the
who isn’t a connoisseur of cannabis Cayce Clifford; Andrew Hasson/Alamy;
elephantine leaves of Perhaps because textures of consciousness is a practice as
FT Weekend Festival flowers, which few gardeners would
Getty Images; Tom Meaker/Alamy
the original tobacco plants have learnt old as our species, an essential part of our
grow strictly for their looks or scent — plants, their under- over the course of relationship to the natural world. What
the buds resemble small turds glazed sides sticky with nic- their evolution that better, safer or more interesting place to
with psychoactive hoar frost: otine resin, deserve simply killing your explore the possibilities of that relation-
“This lady is icier than an electrified a place in the psycho- pests outright is not ship than in our gardens?
ice-cream cone, cooler than a polar active garden, in spite necessarily the best
bear’s toenails and frostier than a snow- of the plant’s evil strategy. A lethal pesti- “This is Your Mind on Plants” by Michael
man’s snowballs. Brrr! With such a reputation. Long before cide would soon select for Pollan, Allen Lane £20/Penguin Press $28
The FT Weekend Festival returns The home in 50 objects #50: teddy bear, c1909
to London’s Hampstead Heath on
September 4 — the first time it has Early in the pandemic, teddy bears absent and, as transitional objects, are study found that four in 10 of see him move, Morris Michtom, created “Teddy’s
been held live since 2019. began popping up in windows. The imbued with a metaphysical essence. American adults have held on to their Convinced that he could breathe.” Bear” in honour of his kindness.
Speakers on the House & Home mass teddy bear hunt, inspired by So when damaged, a replacement bears, while a UK study in 2019 In the 20th century, emotion and Another cuddly politician was “Iron
stage will include FT columnists Michael Rosen’s book We’re Going on won’t do. My sister clung to reported that one-third of Britons comfort began to be understood Lady” Margaret Thatcher. Documents
Luke Edward Hall and Robin Lane a Bear Hunt, was a welcome her beloved, bedraggled still sleep with theirs. as part of a child’s development. published after her death revealed her
Fox, and broadcasters Trevor distraction for locked-down children. bear even when a single eye In his verse autobiography Children’s literature softened, with unlikely penchant: “PM retains great
Phillips and Loyd Grossman, A traditional gift at birth, teddy remained and all the stuffing Summoned by Bells, John Betjeman gentler stories supplanting affection for Humphrey, a teddy bear
among others. For more details, bears are a universal symbol of had migrated to one arm. described his bear, nightmarish fairy tales. Enter some 50 years old.” She reportedly
visit ftweekendfestival.com. comfort whose virtues need little The teddy bear is one item Archibald Ormsby-Gore: AA Milne’s dim but loveable Pooh, said that collecting them was “a very
extolling. Even those who find them in our throwaway society “Whose ample forehead I followed by Rupert, Paddington et al. sensible hobby” for an MP, given the
House & Home Unlocked mawkish cannot deny their that is not disposable. could wet with tears, Why “teddy” bears? One day in extracurricular interests of some MPs.
incontrovertible benefits. Adult passions run deep Whose half-moon ears 1902, President Theodore “Teddy” Advice that came, alas, decades too
FT subscribers can sign up for our weekly
A teddy can help children express too. Dudley, the little boy received my confidence, Roosevelt was out hunting but, having early for Matt Hancock to heed.
email newsletter containing guides to the
global property market, distinctive feelings, develop imagination and who received this Steiff Who made me laugh, no luck, his guides tied a bear to a Rosalind Sykes
architecture, interior design and gardens. form attachments, say psychologists. bear in 1909, kept him who never let me down. tree for him to shoot. He refused this museumofthehome.org.uk
Go to ft.com/newsletters They fill a void when parents are into his nineties. A 2017 I used to wait for hours to cruel act. A Brooklyn toymaker, Watch for a new series in September
House Home
On the
Cinema greats such as Gina
Lollobrigida and Roberto
Rossellini bought villas
road to ‘la
with sweeping gardens
when most Romans were confined

to apartments.
“Of course life still changed, but when
dolce vita’
you have that space you are still able to
sunbathe, garden and exercise. You
don’t feel a lockdown as much.”
Now, after a period of stagnation,
interest seems to be stirring as buyers
seek gardens and outdoor space follow-
ing the lockdowns.
Diletta Giorgolo Spinola, of Sotheby’s
International Realty, notes a recent
uptick in inquiries and viewings:
Italy property | Rome’s ancient “Twenty years ago, prices were through
the roof, but it has been a bit slow for
many years. Now people want green
Appian Way is a bucolic oasis with a space but close to the city.”
Danilo Orlando, Savills associate in
glamorous past now luring buyers in Rome, agrees: “Many customers who
previously wanted a penthouse in the
centre are considering villas, as long as it
search of peace. By Hannah Roberts is near the amenities.”
The most desirable
addresses in the Appian
T
Way begin at Porta San
he first and most famous of Sebastiano, the largest
the ancient Roman roads ROME gate through the old
that fanned out into the Pantheon Roman city walls. About
empire, Via Appia Antica, 3km further out, another
built in the 4th century BC, Circus Maximus popular stretch has a scat-
once connected the capital with the tering of good restaurants
Adriatic and its distant colonies. Porta San and coffee bars.
Sebastiano Appia Antica Park
Revived by 19th-century Pope Pius Along the road shaded by
IX, it fell into disrepair and was dam- Aqueduct umbrella pines, ancient
aged in the second world war when it Park Roman tombs puncture the
The Catacombs of
was used to move troops. But today San Sebastiano Tombs of route like billboards. Wild
the home stretch of the Appian Way, Via Latina flowers grow high on either
lined with catacombs, temples and side. Cyclists in Lycra dodge
Via Appia Antica
monumental tombs, is a protected Italian families eating their
2 km
area and oasis in the city, beloved of ©Mapcreator.io/©HERE lunch, and occasional flocks
joggers, cyclists and families who of sheep are driven from field
stroll along its original basalt flag- to field. Centuries of carts
stones at weekends. (Clockwise from main) who owns a food-tour business in Rome, have worn tracks in the cobbles.
For decades, the road and surround- The Appia Antica, built returned to the Appia Antica, where Ultra-high-net-worth buyers find the
ing streets have been aspirational by the Romans in the she grew up, after living in London and Appia Antica’s location near Ciampino
addresses for Romans, but demand 4th century BC, is now a New York. airport convenient for their private jets.
for property in the neighbourhood protected area for walkers “It’s the best of both worlds, perfectly Last year, Silvio Berlusconi, media
has ebbed and flowed with the and cyclists; Italian actress located. In 15 minutes you are at the Cir- tycoon and former Italian premier,
city’s fortunes. Gina Lollobrigida at her villa cus Maximus and in 20 minutes in the moved his Roman base from the city
In the heyday of the Dolce Vita era, in 1960; a four-bedroom centre, but it’s pure countryside. You see centre to his villa on the Appia Antica,
cinema greats such as Gina Lollobrig- villa with pool,€2.65m; sheep and cows every day and you have which he had loaned to the film director
ida and Roberto Rossellini bought or Roman tombs and so much space and privacy.” Franco Zeffirelli for 20 years.
built villas with sweeping gardens and monuments line the route With gardens typically measuring The neighbourhood’s peak prestige
long, winding driveways. Stefano Valeri/Alamy; Alamy; Pierluigi Praturlon/
Reporters Associati & Archivi/Mondadori Portfolio
more than 3,000 sq m, and some came in the 1970s and 1980s, when
Central to its appeal is its proximity to via Getty Images; Adam Eastland/Alamy parks 10 times that size, she says the the likes of fashion designer Valentino
the city centre, while still feeling like the inhabitants weathered easier than
countryside. In 2019, Dominique Billa, most Italy’s strict 2020 lockdown, Continued on page 4
House Home
i / BUYING GUIDE PROPERTIES

Property tax is 9 per cent, or 2 per cent on FOR SALE
a primary residence.
An agency fee of between 3 and 8 per
cent is shared between buyer and seller.
APPIA ANTICA
Pre-pandemic, there were, on average, 33
flights a day from London to Rome.
Continued from page 3
Garavani bought villas here, but a dec-

ade of economic crisis in Italy has meant
reduced demand for luxury homes and
a stagnant market.
“It lost a bit of its flavour. Some villas B Villa, Appia Antica
were converted into wedding venues, Park, €2.65m
which has made it less exclusive,” says
A four-bedroom villa
Celeste Oliphant, a property consultant with five bathrooms
in Rome. located inside the
With some owners reluctant to drop Appian Way
prices, villas can remain on the market Regional Park — the second-largest
for years. urban park in Europe, behind Losiny
Naturally, buying in what is effec- Ostrov National Park in Moscow. The
property, which has about 230 sq m of
tively an open-air archeological
interior living space on a third-of-an-acre
museum has its challenges. Most prop- plot, dates back to 1850. Arranged over
erties need renovation and you cannot two floors, the home has a unique interior
renovate, paint your house or put in a design, with wood panelling, columns,
busts, trompe l’oeil and bathrooms
‘If you buy here it is because Last year, Italian house prices
Mario Draghi will be able to kickstart draped in marble. The home also has a
large, covered outdoor pool. Available
the country’s stagnant economy after
you are fascinated by grew at their fastest rate being allocated the lion’s share, through Engel & Völkers.
history and want to live and since the financial crisis €209bn, of the EU’s €1tn post-pan-
Change in average real price demic economic recovery package of
breathe the history of Rome’ (2015=100) loans and grants.
140 The so-called Draghi effect has
130 already contributed to a sharp fall in
pool without permission from the min- 120
Italian government borrowing costs,
istry of culture: “You cannot even put up which feed through to lenders and help
a car park shelter,” says Oliphant. 110 those looking for loans.
“Of course, there are criteria to 100 Draghi is working on a series of
respect in an archeological park. But 90 reforms to improve the Italian legal
those who buy here have already taken 2006 10 15 20 system and public administration,
Source: OECD
that into consideration. If you buy here whose inefficiencies can deter foreign B Villa, €6.7m
it is because you are fascinated by his- property buyers, and to increase inter-
tory, and want to live and breathe the national investor confidence, by stimu- A five-bedroom,
history of Rome,” says Orlando. 2008 global financial crisis, and prices lating growth of a predicted 4.2 per nine-bathroom villa
on the Appia Antica.
With rigid building restrictions and in big cities remain 30 per cent lower. cent this year.
The property, which
homes often remaining in the same fam- On the Appian Way, asking prices Italy brought in a flat tax for foreign- measures 860 sq m, comes with a
ily for generations, there is little on the have fallen from about €10,000- ers of €100,000 a year in 2017 and 5,660 sq m garden, planted with mature
market at any one time. €12,000 per sq m to €6,000-€8,000 the number of wealthy foreigners has trees. The main villa, which is arranged
“A villa on the Appia Antica is a per sq m, according to Orlando. Villas Italy’s property Prices stabilised in 2017 and had been doubling every year. In 2019, the over two floors, has a large, open living
unique trophy asset. There is a very lim- that previously had asking prices of market has never fully begun to recover when the pandemic last year data was available, there were area with wooden flooring and floor-to-
ited finite number,” he adds. €10m-€15m are now priced at recovered from the froze sales. Since the first wave of the 420 who had taken up the policy. ceiling windows overlooking the garden.
One annexe of the villa is currently used
The flipside of the privacy and seclu- €4m-€5m, says Oliphant, with some 2008 financial crisis; pandemic ended, there have been signs Draghi has promised further tax as an office space. The property also has
sion is that burglaries have been fre- small villas now relatively affordable, asking prices for villas of a recovery. reforms this year. a large outdoor pool, outdoor dining
quent over the years. These days, many available for €1m-€2m. on the Appia Antica Italy’s house price index increased by While it is unlikely that an influx of areas and a 160 sq m gazebo in the
residents subscribe to security services Buyers are both Italians and foreign- have fallen from 1.9 per cent in 2020 compared with the millionaires will see Appia Antica grounds, as well as a five-a-side football
that tour the area. ers, according to Sotheby’s agents who €10m-€15m to year before, according to statistics return to its former glories, a resurgence pitch. The villa is being marketed by
Italy’s property market was badly have made recent sales to American, €4m-€5m — Sklifas Steven/ bureau ISTAT, the most since 2010. in trust could mark an upturn in the Lionard Luxury Real Estate.
knocked by the downturn after the French and Romans. Alamy; Getty Images/iStockphoto
And Italy is hoping that prime minister ancient street’s fortunes.
House Home
Hot property
UK national parks
K Cottage, Bala, Gwynedd, sensitively with slate hearths, slate
Wales, £745,000 and wooden floors and exposed
timbers. There is also a stone barn.
Where In Snowdonia, the biggest Why The peaceful setting. The
of Wales’s three national parks. house is reached by a lane and
Liverpool and Manchester’s then a track that crosses farm and
international airports are each less woodland before even reaching the
than two hours away by car. drive. The elevated position and
By Maria Crawford What An extended five-bedroom modern extension make the most
house that is built mostly in Welsh of views across the national park.
stone and has been modernised Who Jackson-Stops
I House, Holne, Devon, England,

offers over £850,000
Where In Dartmoor National Park,

almost equidistant from Plymouth
and Exeter, with both cities being
about 25 miles or a 40-minute
drive away. Exeter airport is a few
miles further and offers domestic
and European flights, while direct
trains from Exeter to London take
from 2h 10m.
What A Grade II-listed, thatched
house on 1.6 acres. It has three
bedrooms, two of which are en
suite and each accessed by their
own staircase, and a library that
leads to a terrace with views across
Dartmoor towards Sharp Tor.
Why The distinctive house, called B House, Ballintuim, Perthshire, potential for nine. Its origins can be
Tumbly, was designed by a pupil of Scotland, offers over £550,000 traced as far back as the mid-16th
Edwin Lutyens. Two detached century. Additions were made in
thatched garages, original period Where Ten miles from the the late 19th century and the house
features and a sectioned garden Cairngorms, the UK’s northernmost is now due for refurbishment.
with mature shrubs and trees all national park. Perth and Dundee Why Four acres of grounds include
add to the property’s charm. are 45 minutes by car. Perth airport mature gardens, a paddock and
Who Knight Frank offers private facilities and Dundee an old coach house and stables
serves London City and Belfast. with potential for conversion into
What A 466 sq m house, currently a three-bedroom house.
with six bedrooms but with Who Savills
K Estate, Redlynch, Wiltshire, K House, Buxton, Derbyshire,

England, offers over £18m England, £1.995m
Where In the New Forest, 10 miles Where In the spa town of Buxton in
from Salisbury and 90 miles south- the Peak District. Manchester
west of London. Southampton and Airport is 22 miles, 40 minutes by
its airport are within 30 minutes by car. Macclesfield, 12 miles away, has
car, with flights to Europe as well direct trains to London (1h 50m).
as private aircraft facilities. What A 19th-century house with
What A Grade I-listed, seven- seven en-suite bedrooms plus
bedroom Jacobean house. A Grade a one-bedroom basement,
II-listed stable yard features an two-bedroom coach house and
additional five-bedroom house; one-bedroom cottage.
there is also a farmhouse and Why As well as being on the edge
three cottages. of the Peak District national park,
Why The property is set on 366ha the house overlooks Buxton’s
of park, wood and farmland, along Pavilion Gardens, 23 acres of
with lawns, lakes and paddocks. Victorian landscaped splendour.
Who Strutt & Parker Who Savills
House Home
create entirely new properties that

nevertheless “feel” old: with grand
entrances, wonderful kitchen diners,
bedroom suites with en suite wet
rooms and traditional fireplaces.
Then again, a period house that’s
converted into flats will often be a
compromise with wasted spaces, poor
sound and heat insulation and a range
of flaws that either require a very
expensive conversion or a lot of
tolerance on the part of the inhabitant.
In one converted flat I lived in, every
Should you buy time I had a shower, the neighbour
downstairs would bang the ceiling
a modern or a because the pump interfered with her
Wi-Fi. And in another, if my dog got
period property? upset and barked, the noise would be
matched in ferocity by the texts I
received from the Rottweiler — sorry, I
mean neighbour — next door. Modern,
purpose-built apartments tend to have
a better layout and noise insulation.
But before you rush out and buy a
modern flat, what about the service
charges? Are there cladding or
leasehold conditions to consider? If the
flat is new, are you paying a huge new-
build premium? If the flat is more than
10 years old, is there a proper sinking
Illustration by James Fryer
fund for repairs? The upkeep — even
for a supposedly “low-hassle” modern
There are nearly 30m homes in the UK. I didn’t need to move any walls, the house it would always rise faster in home — can still be wildly expensive.
James Max More than a third were built before the
second world war and are roughly
kitchen is already a diner as well, and
all the wiring is neatly in conduits
value than anything you could build in
its place. The abundance of original
Thinking of “modern” as one type of
property is also misleading. Fashions
considered “period”; nearly two-thirds should I need it. Televisions can go on features, from sash windows to original change quickly. Mid-century designs
On the market were built after and are roughly
considered “modern”. The question is:
the walls without a spaghetti of cables
and there is just the right amount of
fireplaces, could not be replicated. If
you liked that sort of thing, you bought
have become popular recently,
providing features and a style of their
which is the better buy? soft-closing drawer space for all my Older properties period; if not, you went modern. own — but much of the construction
The character and price In the same way that someone who shoes and socks. will either require But our lifestyles have changed so from the 1980s to the early 2000s
likes salt and vinegar crisps will never Aesthetically, while the front of the much in recent years that now older suffered a taste bypass. Since about
growth prospects of period accept cheese and onion as the house may not be everyone’s idea of a major surgery to properties will either require major 2005, there seems to have been a
homes are attractive but a superior flavour, there’s no right or masterpiece, from the back, it looks make them suitable, surgery to make them suitable, or have revolution in housebuilding. Aside from
wrong answer — it just happens that, in fantastic: a cathedral of glass and had that work already done to them — recent horror stories about fire safety
new-build has modern the UK at least, buyers tend to pick a metalwork contrasting with brick, or have had that sometimes badly and in need of and building quality issues, the higher
fittings, solar panels and lane and stick to it. stone and styled metal flashings. Sold! work done badly expensive unpicking. quality of design has changed the
This is not a sensible way to go about So, that’s it? Modern houses are So, do the economics still stack up? market view of what to buy and where
walls in the right place buying a house. You should at least better because you get more for your and need expensive Any rise in property price for a period to live — especially at the high end.
consider both options — and you may money, they’re cheaper to run, offer unpicking home will need to be significant to Yet, I’d still suggest that period
be surprised by what you find. Until more flexible space and will help save compensate for all that work: and do properties have the edge over modern
recently I’d always thought that period the environment from catastrophe? you really have the time and energy to ones — if you have the budget to update
properties were more attractive and Well, no, actually. It’s not that simple. adapt it to the way you want it to be? them sensitively. But you should never
characterful, and offered better If a period house had been available Context matters too. If rural life discount a property because it’s not
prospects for price growth. Then with the same space as my new home, appeals — as it has to many since the from an architectural period you covet.
I broke all my own rules and bought a and in the same location, and for the start of the pandemic — are you really As with my recent purchase, you might
three-year-old home for my city base. same price, despite all the going to accept as your bucolic idyll a well be surprised when it ticks off all
It was a revelation. All the rooms are accoutrements, I would have — modern box built in the 1970s with low your other requirements. My favourite
the right shape, the bathrooms have perhaps irrationally — gone for that. ceilings and plastic-framed windows? crisps may be cheese and onion but if
modern fittings and I can hold my Nearly all of the positives listed I’d expect not. But you might be they’re not available? I’ll happily scoff
arms out in the shower without above could have been retrofitted into tempted by a new barn conversion. a bag of salt and vinegar.
touching the walls. The windows keep an older home: but the cost would have The trend has been under way for
out the weather and keep in the heat. been incredible. decades but only in recent years have James Max is a radio presenter and
There’s underfloor heating and solar It used to be the case that if you architects got this right, managing to property expert. The views expressed are
panels on the roof. And the space flows. bought a Victorian or Georgian town use salvaged elements or layouts to personal. Twitter: @thejamesmax
Property Gallery UK Office: +44 20 7873 4907 | US Office: +1 212 641 6500 | ASIA Office: +852 2905 5579
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England
Switzerland USA Monaco
UK Netherlands England
England
House Home
A
walled garden is always a
magical place, full of sur-
prises,” says the architect
Fiona McLean. As found-
ing partner of McLean
Quinlan, she has designed a single-sto-
rey home that hides behind a wall
perpendicular to a Georgian kitchen
garden. This 400 sq m property in
Devon presents an austere brick facade,
with an oriel window and discreet open-
ings that invite you to peer in to the
secret world within.
Cross the threshold, through the
barely-there front door, and the realm
beyond is an elegant mix of textures —
sawn oak, clay walls — and a
restrained, earthy palette. It has been
shortlisted for 2021’s Royal Institute
of British Architects South West Larch Corner, designed by LEAP — Mark Sidall
Regional Awards.
‘Like a
Hugh Pearman, former editor of the
RIBA Journal, describes the four-
bedroom house with a central court-
yard as a modern-day Roman villa. But
unlike a design by Vitruvius, this inte-
rior courtyard isn’t open-air. Triple-
modern-day
glazed skylights with external shades
protect a winter garden from the ele-
ments. Reclaimed terracotta floor tiles,
clean lines and light-filled, open spaces
create a sense of serenity; part gallery,
Roman villa’
part home.
“Triple-glazed skylights” might give
a clue that this house is not just an
attractive piece of architecture but one
built to the rigorous low-energy Pas-
sivhaus standard. It was one of three
very different finalists in last month’s
Passivhaus Awards. The home, known
simply as Devon Passivhaus, demon-
strates that following the technical
strictures of the standard needn’t Architecture | A home in Devon built to low-energy
preclude creative flair.
McLean referred to historic maps
during the design process. A “virtual
Passivhaus principles— and others like it — can help
path” through the house follows the
line of an original gardener’s path to countries hit their climate targets, writes Paul Miles
a gateway in the walled garden. “It’s like
a secret passageway to a paradise
garden,” she says.
The walls of this project are airtight Passivhaus buildings typically need 90 negative, so we like to think of it as a (Above) Devon close blinds to keep out the sun and it’s
and extremely well insulated. The per cent less space heating than average. power station and a bank,” says Nigel. Passivhaus, very comfortable.”
home built for retired software engi- Warmth comes from passive solar gain The couple’s net income from selling designed by The property is the first Passivhaus
neers Eileen and Nigel Dutt needs and the waste heat produced by appli- surplus power at 5p a unit was about McLean project by McLean Quinlan, a mother
barely any “active” heating to maintain ances and occupants. £100 for 2020. By comparison, annual Quinlan; (right) and daughter practice that specialises in
a comfortable interior temperature of Low heating demand coupled with 36 running costs for their previous simi- the 1930s single-family homes. “We’ve always
21C. “On a freezing day with no sun, the photovoltaic panels means that Devon larly sized home nearby amounted to Hampshire been keen on low-energy design but
house only loses around 1.5C with no Passivhaus harnesses 40 per cent more about £4,000 annually. house previous clients have been wary of the
heating,” says Nigel. power than it uses, even with its private Overheating has only been a prob- retrofitted to Passivhaus standard, thinking that it
The Dutts have lived here for two sewage plant and borehole. lem when the house is unoccupied. EnerPHit means you can’t open windows, but in
years. One air-source pump warms “The performance figures for the first “I’ve learnt to store chocolate in the standards by this case the clients knew all about
water for underfloor heating, using just two years show that the house is carbon fridge when we’re away,” says Nigel. “If Ruth Butler — Jim Passivhaus,” says McLean.
1,200kWh a year, the same energy a sin- negative — half a tonne annually — we’re at home on very hot days we Stephenson; Peter Langdown
Despite high-tech kit — including a
gle radiator would use in two months. energy positive, and running cost simply open windows and doors and thermal store of “phase change mate-
House Home
Corner’s cross-laminated timber walls
and ceilings, innovative blown wood-
fibre insulation (its first use in the
UK) and Siberian larch cladding all
sequester far more carbon than the
embodied emissions from the con-
crete foundations. Solar panels pro-
vide power for an air-source heat
pump. The award judges were
“impressed by the low embodied car-
bon and use of renewables”.
“The Passivhaus standard massively
reduces carbon emissions by cutting a
building’s operational energy require-
ments,” says the project’s architect,
Mark Siddall of Lovingly Engineered
Architectural Process, or LEAP. “But
the next vital step is to pay attention to
a building’s embodied carbon and this
is precisely what Larch Corner does.”
Siddall was “thrilled” that Larch Cor-
ner is the most “draught-free” house in
the UK and third most draught-free
retrofitting is essential if we’re to reduce The house maintains 18C-

carbon emissions.” The clients
moved out for seven months while 20C with one small electric
work — costing £2,000 per sq m — pro- radiator of 1500W, the
gressed. However, says Butler, it is possi-
ble to do a step-by-step retrofit with the same power as a hairdryer
occupants present.
The detached house was clad in
insulated render, insulation was in the world. Last month it was
inserted below a new, slightly raised announced as the winner of the UK
floor, and the property was made Passivhaus Awards 2021 in the small
airtight and triple glazed. Its main projects category after a vote from
glazed facade faces south with new bi- nearly 500 industry members of the
folding doors on to the garden. Over- UK Passivhaus Trust.
heating during summer will be pre- “It’s 244 times more airtight than
vented with a newly planted arbour, building regulations require and 13
providing shade. times more than required by
“Solar gain”, derived from glazing that Passivhaus,” he says. “The whole house
faces the equator, is often thought of as has a leakage area less than the size
rial” that heats water for up to five days at which we need to act,” says Yogini Light-filled, the crux of Passivhaus design. But, says of a penny.”
after charging with surplus solar energy Patel, of the UK Passivhaus Trust. open spaces Butler, “a retrofit to Passivhaus stand- Such airtightness is one of the most
— there is one simple feature this mod- “Passivhaus buildings . . . help deliver create a sense ard doesn’t need to rely on the property important criteria of Passivhaus design
ern home lacks compared with older net-zero targets by drastically slashing of serenity at facing south”. This house now maintains but one that leads to common misun-
properties and some of McLean Quin- energy and subsequent carbon emis- the Devon a comfortable 18C-20C year round derstandings. It doesn’t mean you can’t
lan’s previous projects: a fireplace. sions from buildings.” Passivhaus with just one small electric radiator open windows, just that there are no
“A fireplace is hopeless in a Pas- The first UK home built to Passivhaus Jim Stephenson; Nigel Dutt
of 1500W, about the same power as unwanted draughts. Even with all the
sivhaus,” says McLean. “It’s just a hole in standard was in 2009. There are now a hairdryer. windows closed, fresh air is constantly
the ceiling [affecting airtightness]. You estimated to be 1,500. “Originally, as a 1930s house, it drawn into the home, filtered
can get around it by installing a small The judges commended Devon Pas- would’ve been ‘one room, one function’ and warmed (if needed) to a comforta-
sealed wood burner but you end up sivhaus for its “contemporary and tac- with a draughty lobby inside the front ble temperature.
overheating and having to open all the tile scheme” delivered by a team who door. After a deep retrofit, you’ll have “The mechanical ventilation and
windows.” The Dutts are divided about were mostly designing their first Pas- the same comfort standard across the heat recovery unit provides about
whether they miss a fireplace. “I sug- sivhaus. Some might argue that at whole house and can enjoy more open- 0.4 air changes per hour,” says Siddall.
gested we get a log burner screensaver nearly three times the size of the aver- plan living,” says Butler. “In Larch Corner, assuming four
for the TV,” says Nigel. age four-bedroom detached house in comfortable, light-filled open-plan The UK Passivhaus Award judges occupants, this is equivalent to
This year’s biennial Passivhaus the UK, it is an overly large property for home. It was the first Passivhaus retrofit “saw the potential replicability of this 300 ‘baths’ of fresh air per person
Awards were the first since the UK two; that sustainability also means — a standard called EnerPHit — for retrofit approach for cavity-walled per hour.”
declared a climate emergency in using less stuff. architect Ruth Butler. buildings, common in the UK”. Faced with the challenge of both a cli-
May 2019. Another finalist was a retrofit that “It’s the most onerous deep retrofit The third finalist was a single-storey mate crisis and Covid, homes built — or
“There has been a sharpened aware- transformed a draughty 1930s standard there is,” she says. “The UK has three-bedroom, 162 sq m new home, retrofitted — to the Passivhaus standard
ness of the complexity, scale and speed Hampshire house of 144.4 sq m into a notoriously old building stock and all in timber, in Warwickshire. Larch can provide a breath of fresh air.
House Home
Magnificent
to make next season’s crop of
bellflowers. Once Campanula
persicifolia is in the garden, it is fully
perennial, an essential ingredient in
any plan that combines formality of
midsummer
design with informality of planting.
In the slow approach of summer
twilight, foxgloves have been
magnificent too. Like me, they dislike
hot summers and so they have flowered
and lasted in prime condition. Bees
bumble on from Blue Cloud to foxgloves
and squeeze into their foxy flowers
before rounding off on catmint: there is
no need to worry about other plants
A dry May, then a cool and cloudy June, have being “good for pollinators” or not.
Last year I emphasised the value
benefited the British garden, with peonies, roses, of foxgloves for any garden’s all-
important vertical line. I then sowed
a packet of Dalmatian digitalis, one
geraniums and foxgloves outdoing themselves of the best selections with flowers that
still look glove-like. They have been
(Clockwise from excellent this past month and
I
main) Blue Cloud I recommend a sowing of them now by
look on this weekend as the The important thing when planting geranium with all newish recruits who want to move
garden’s half term. The first half a peony is not to set it lower than the Felicia roses; on to plant propagation. Foxglove seed
begins in April and the end of the previous level of soil in which it has Dalmatian digitalis; is very fine, so it should not be covered
second is postponed by current been growing. It will probably be Sarah Bernhardt with yet more soil when scattered on a
non-winters until mid-November. bought in a pot, so this level is easy peony firmed-up, pre-watered seed compost
For a month in Britain the conditions to see, but if it is bare rooted, a soil GAP Photos/Martin Hughes-Jones;
GAP Photos/Jonathan Buckley;
in a seed box. Leave it on the surface,
for gardening have been heavenly. mark will show at the point where the GAP Photos/FhF Greenmedia pressed into the soil, and keep it
Count yourselves blessed, new roots joined the upper stems. If peonies watered occasionally from a watering
gardeners won in the months of are planted too deeply, they are can with a fine rose on it to make a
lockdown. You have had a dream reluctant to flower. Cloud and add some catmint elsewhere gentle spray. The seeds will germinate
of a beginning. Well-prepared soil is essential too, in the garden. In June your bee- even faster than the campanulas.
I know not everybody has, whether enriched with plenty of compost and if conscience can then rest easy. I Among summer’s shrubs,
in hot, dry Canada, the north-west of possible, rotted manure. Put some counted 23 bees, most of them meanwhile, deutzias have been
the US or in parts of France hit by Growmore fertiliser in the bottom of bumbles, on one Blue Cloud in full outstanding. I am a great supporter of
“une chaleur étouffante”. In Britain, long the hole you dig for them and, in their glory. It is not a “native” plant. It arose these white or pink-flowered beauties,
memories make me quick to fear the early years, try to feed the plants as a chance seedling in a garden, mainstays for June and July. They have
worst. While bedding out in the first monthly in the growing season with probably from the excellent blue no scent, but bees love them too. My
days of June, I saw a blood-red full fertiliser dissolved in water, phostrogen While I ate an excellent geranium Orion. Bees do not prefer recent winners are pure white Deutzia
moon and thought fearfully of 1976: it being my mainstay. A well-fed peony is native pollen. monbeigii, commemorating a French
barely rained in that grim summer twice as good as some of mine. Try the slice of chocolate cake, bees A good year is a prompt for the next Catholic missionary in China, and
from early June until late September. wonderful double-flowered white enjoyed their own tea party one. Early July is the peak viewing Pride of Rochester, commemorating
Fortunately, this year’s ominous moon Festiva Maxima with red flecks in the time for campanulas, the other great Rochester, New York, not Jane Eyre’s
came to nothing. Just as the young flowers, the late-flowering pink double on a Blue Cloud geranium companions to midsummer roses and lover. Pride of Rochester grows about
tobacco plants were wilting, the rain Sarah Bernhardt and, if you can find it, flower borders. Every garden should 5ft high and wide and has the most
arrived and the cool returned, bringing my favourite, Kelways Glorious, a have blue and white Campanula subtle variation of pink buds and
the loveliest weeks for summer heavenly shade of double white tinged all of its top growth should be cut back persicifolia, one of those beauties hanging pink-white flowers. All
gardening since the mid-1980s. with lilac pink. to ground level, encouraging the plant which then self-seeds into clever places deutzias are extremely easy to grow in
There have been so many winners, Roses have been having such a to produce tidy new leaves and a few and never fails. The clumps of leaves at any good soil.
but I have to pick on peonies. Their superb year that they need no further more flowers later in the year. the base of the 2ft-tall stems can be Near the end of the drought in May
season has lasted extra-long without comment. Cool days with intermittent On my travels to other gardens, open divided whenever the weather is cool and early June I encountered a cluster
great heat to rush them through it. cloud have kept them at their peak for under the National Garden Scheme, and redistributed round the garden. of undergraduates, just released from
They have loved the combination of so much longer. Until two years ago, I have noticed how there too, Blue They have such charm. If you have evensong in the college chapel. I asked
a dry May and a cool mid-June. They I had been slow to discover that the Cloud is beset by bees. They love its yet to embark on their path, use this them near our deutzias whether they
remain essential choices for gardens, ideal companion for shrub roses is one open flowers. While I ate an excellent week to sow a packet of their seed in a could pray usefully for rain or whether
especially urban ones, as they will grow of the hardy geraniums, the aptly slice of fresh chocolate cake, feeling box of well-watered seed compost and they were too wicked. “Both,” they
well in light shade. Between my named Blue Cloud. Single flowered and Robin Lane Fox virtuous for helping the nation’s expect it to germinate, even outdoors, replied with relish and within hours,
peonies in a new bed I have sunk pots a pale sky blue, it is amazingly easy to nursing and health charities, recipients within three weeks if kept away from were followed by a clouding of the sky
of martagon lilies to pick up the baton grow. It is not invasive. It grows about of the profit, beside me bees galore cats. The seedlings can then be pricked and the welcome return of rain. Even
when the peonies’ flowers fade. They 2ft high and radiates outwards from a On gardens were enjoying their own tea party on out into another box, four or five to in miserable lockdown, the student
are now coinciding. central clump of roots. After flowering, one of these geraniums. Plant Blue each row, and potted on in late August body still commands a hearing.

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Europe edition

WORLD BUSINESS NEWSPAPER SATURDAY 10 JULY / SUNDAY 11 JULY 2021

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