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My Wild Crypto Ride: Germany Fears Climate Change Caused Floods
My Wild Crypto Ride: Germany Fears Climate Change Caused Floods
Cuba
Germany fears
The coming revolution?
Golden rule Athletes warned against BIG READ
podium protests at Tokyo Olympics
climate change
caused floods
3 More than 100 die as rivers overflow Survivors’ stories
GUY CHAZAN — BERLIN asked about the floods. “Science tells us
Norway 10 years on
that with climate change we see more LIFE & ARTS
German politicians have blamed cli- and more extreme weather phenomena
mate change for the devastating floods that last longer,” she said.
in the west of the country that killed at Speaking in Washington before talks
least 103 people and left a trail of devas- with US president Joe Biden, Merkel
tation in their wake. pledged she would deploy “all the pow-
Rivers across the region burst their ers of the state” to help those affected.
banks after days of heavy rain. Houses Horst Seehofer, Germany’s interior min-
were swept away, bridges and roads ister, told Der Spiegel that the govern-
were destroyed and several town cen- ment would provide financial aid to the
tres were left in ruins. affected regions as quickly as possible.
In the western state of Rhineland- Seehofer, 72, a political veteran, said
Palatinate, 100 people were unac- that “in my entire career in Germany I
counted for. Other countries were have never seen such a flood with such
affected, with 14 dead in Belgium. terrible consequences, with so many
Armin Laschet, governor of North deaths and so many people missing”.
Rhine-Westphalia, one of the worst- He added: “Any sensible person must The boating dream
affected German regions, said the coun-
try was experiencing a “flooding catas-
get the fact that freak weather of this
intensity and frequency is not a normal
New lives at sea
trophe of historic proportions”. phenomenon in this part of the world LIFE & ARTS
Laschet, the conservatives’ candidate but the consequences of man-made glo-
to succeed Angela Merkel as chancellor bal warming.”
after September’s election, said the gov- This month’s floods across Europe are
ernment should accelerate efforts to expected to lead to another billion-
combat climate change. “Germany dollar loss for insurers, according to bro-
must go down the path towards carbon ker Aon. It follows a torrent of hail and
Film Section Xix Olympic Games/Kobal/Shutterstock
neutrality more quickly now,” he said. heavy rain in June that Aon forecast
Scientists have warned that extreme would lead to $4.5bn in payouts, making US sprinters Tommie Smith But Thomas Bach, president Times that “the podium and
weather events such as floods, droughts it Europe’s costliest two-week stretch. and John Carlos raise their fists of the International Olympic the medal ceremonies are not
and heatwaves will increase as the Additional reporting by Erika Solomon in support of civil rights at the Committee, has warned ath- made . . . for a political or other
planet continues to warm. Ursula von and Ian Smith 1968 Olympics in Mexico City, letes against such gestures at demonstration”.
der Leyen, European Commission presi- EU climate policy page 3 one of the highest-profile pro- the forthcoming Tokyo Olym- Tokyo activism page 4
dent, echoed those concerns when FT View page 8 tests made by athletes. pics. He told the Financial FT View page 8
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2 ★ FTWeekend 17 July/18 July 2021
INTERNATIONAL
Misconduct allegations
WORLD|
French justice minister faces probe
WEEK IN REVIEW| Claims Dupond-Moretti ment in July last year with a brief to defend him and argue that the court’s ‘Whether A key allegation revolves around the
reform the justice system, is being decision was political. fact that shortly before being appointed
abused his position will probed over claims he abused his posi- “If [Macron] fires Dupond-Moretti, he resigns by Macron, Dupond-Moretti filed a law-
MAKE A SMART INVESTMENT Riding high Prodigy Pogacar takes Slovenia to summit of cycling
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SAMUEL AGINI — LONDON by crashes, notably the shocking first- in schools, and cyclists rode on the same part in Slovenia’s success. “A few years
MARTON DUNAI — BUDAPEST
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
day pile-up caused when a rider clipped teams from junior level to under-23 ago no one expected Slovenes could
Trump vs the Valley
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
A Five Star plan?
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
Dear Don...
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
Slovenians hope to be celebrating their a sign held by a spectator, resulting in until elite level, instilling tight bonds reach such incredible results as winning
HMRC warns Lloyd’s of Brussels Insurance market
to tap new talent pool with EU base
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80
Briefing
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
country’s second Tour de France victory several injuries and withdrawals. and team spirit. the Vuelta and Tour de France, being
customs risks THE END
i US bargain-hunters fuel Europe M&A
in two years when the race finishes on This year’s Tour de France was also Slovenians also love sporty holidays, number one and two in the world,” he
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
the Champs-Élysées in Paris tomorrow, notable for the triumphant return of he explained, loading bikes and canoes said, but “success brings more success”.
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
Credit Suisse
3 Confidence in IT plans ‘has collapsed’ Art of persuasion Mystery deepens
as the small Balkans country continues Mark Cavendish, the British sprinter on their cars when they went on vaca- Igor Evgen Bergant, a Slovenian tele-
i London tower plans break records
3 Fivefold rise in declarations expected
A survey has revealed that a
record 455 tall buildings are
planned or under construction over disputed painting of Jane Austen How To Spend It
engulfed in
JAMES BLITZ — WHITEHALL EDITOR adjust its negotiation position with the in London. Work began on
EU, a Whitehall official said. “If running almost one tower a week
A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4
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
cycling. held by the legendary Eddy Merckx. national holiday for sport. lighted the country’s strong cycling tra-
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Bracken House, 1 Friday Street, London EC4M 9BT.
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17 July/18 July 2021 ★ FTWeekend 3
INTERNATIONAL
Rising prices
in US add to
take-up as Delta variant spreads worries about
inflation and
Protests over mandatory vaccination flare in France and Greece but more are willing to be inoculated recovery
ANNA GROSS — PARIS MATTHEW ROCCO — NEW YORK
OLIVER BARNES — LONDON
DAVIDE GHIGLIONE — ROME US consumers were feeling less optim-
istic about the economy and more wor-
According to the thousands of protest-
ried about rising prices, dimming the
ers who took to the streets of Paris,
outlook for the recovery.
Montpellier and other French cities this
week, their country has become “a dic- The University of Michigan’s consumer
tatorship” and its president is instating sentiment index, which fell to 80.8 from
“apartheid”. 85.5 the previous month, took the shine
The reason for their ire: Emmanuel off data yesterday showing a rebound in
Macron’s decision to make Covid-19 retail sales during June, propelled by
vaccinations compulsory for all health- strong demand at electronics stores,
care workers, before possibly imposing clothes outlets and restaurants.
it on the rest of the population. “Rather than job creation, halting and
French people now have to show they reversing an accelerating inflation rate
are either vaccinated or have recently has now become a top concern,” said
tested negative to the virus to enter Richard Curtin, chief economist for the
cafés, restaurants, cinemas, high-speed university’s surveys of consumers.
trains or shopping malls. In the autumn, Shoppers are facing “sticker shock”
Covid tests will no longer be free. on goods from chicken to used cars. The
A little less than a year before presi- consumer price index jumped 5.4 per
dential elections, the marches have cent in June on a year ago, a 13-year high,
revived the spectre of the gilets jaunes following a 5 per cent rise the previous
who shook France in 2018 and 2019, month. Wholesale prices have also
when the grassroots protest triggered by climbed, auguring an increase in costs
motorists’ anger over a fuel tax devel- for consumers. The producer price
oped into a months-long anti-govern- index was up 7.3 per cent last month, the
ment movement. biggest yearly gain since at least 2010.
Macron’s move comes as countries Federal Reserve officials have stood
across Europe struggle to contain the by forecasts that surging inflation will
fast-spreading Delta variant that origi- be shortlived, but some lawmakers have
nated in India and is now dominant in argued the central bank and Biden
most EU countries. With less than half administration are underestimating the
of their populations fully vaccinated, risks inflation poses to the recovery.
governments are seeking to compel In Congress this week, Fed chair Jay
their citizens to get the jab to limit a new Powell rebuffed suggestions that the
surge in infections and avoid new central bank has been complacent, say-
restrictions. ing it would be ready to respond if infla-
Macron is following in the footsteps of tion outruns expectations.
Mario Draghi, Italy’s prime minister, decreased — so much so that cases have Anger on December, according to pollster Odoxa. “I know people are very worried
who in April was first in Europe to 3 Turkmenistan on July 7 ruled that all all but disappeared. This bolstered a the streets: Three out of four support compulsory about inflation,” Powell said. “We hear
impose vaccinations on health workers Round-up adults must get vaccinated unless they trend that began when the country police face vaccination for carers and 61 per cent that loud and clear from every-
after outbreaks in hospitals and care have a medical reason not to. imposed a targeted vaccination cam- demonstrators approve the extended use of “health body . . . it is really going through the
homes. Greece and Latvia followed suit 3 Indonesia made vaccination paign among residents in February. in central Paris passports”, according to a poll published economy and through every business.”
this week, threatening workers with job mandatory for all adults in February, In France, more than 3m vaccine on Wednesday in Le Figaro. Only 20 per cent of Italians The consumer sentiment survey
losses if they did not toe the line. Countries with Jakarta threatening fines of up to appointments have been booked since during a protest are against mandatory vaccination, found a record level of complaints over
About 4,000 people protested in Ath- put pressure 5m rupiah ($357) for refusal. Macron’s speech on Monday, with daily against Covid-19 another poll suggested. rising prices on homes, vehicles and
ens on Wednesday and, in the UK, a 3 Australia made vaccinations bookings far exceeding previous rules — Geoffroy Van der The soaring bookings “show that durable goods, fuelling the index’s drop
petition against compulsory vaccina- on citizens mandatory for high-risk care workers records, according to appointment web- Hasselt/AFP
there was, in those who were not vacci- to its lowest level since late February.
tion for health and social care staff has to take shot and employees in quarantine hotels in site Doctolib. nated, a very small minority of anti- Respondents estimated a 4.8 per cent
received more than 93,000 signatures. late June. About 60 per cent of these were peo- vaxxers”, said Clément Beaune, French rate of inflation in the year ahead, the
Mandatory vaccination in Europe is 3 Italy introduced new rules on April 1 ple under the age of 35, who had previ- European affairs minister. highest outlook since August 2008,
not novel: 40 per cent of countries have under which healthcare workers will be ously been slow to seek vaccination. The fear of a looming fourth wave of compared with 4.2 per cent in June.
some form of enforced vaccination, transferred, demoted or suspended Vaccine hesitancy has been declining infections means people are willing to “Inflation has put added pressure on
including against hepatitis B, measles without pay if they refuse the vaccine. in Europe. In France, more than eight do what it takes to keep the virus at bay, living standards, especially on lower-
and meningitis for children, said Anna 3 Latvia announced this week it would out of 10 adults say they have or will get said Mircea Sofonea, an infectious dis- and middle-income households, and
Odone, a professor in public health at make a Covid-19 certificate mandatory the vaccine — double the proportion in ease modeller at Montpellier university. caused postponement of large discre-
Università Vita-Salute San Raffaele in for those working in the health sector, “The fourth wave in hospitalisations tionary purchases, especially among
Milan. Compulsory vaccines “need to be social care and education. France’s soaring jab appointments can be delayed, it can be mitigated, if we upper income households,” Curtin said.
used in case of emergency and we are 3 Greece made vaccination compulsory get 60 or 70 per cent of the population Economists are watching sales trends
living in emergency times”, she said. for staff at homes for the elderly from Vaccine appointments (m) vaccinated by the end of the summer,” to determine if consumers are rushing
There is a direct link between hospi- this week, and for healthcare workers by he said. to buy goods now to get ahead of price
1.4
talisations — rising again in Europe — September 1. However, many still have misgivings increases or instead using their cash to
and whether people have been immu- 3 The UK passed a law on Tuesday 1.2 about the ethics of these mandates. To build up savings or pay down debt.
nised. Across France’s 30 biggest mandating vaccinations for all staff in Total Prof Adam Finn, who sits on the UK gov- Data from the US Census Bureau yes-
1.0
hospitals, every intensive care patient registered care homes. A consultation is 7-day rolling ernment’s Joint Committee for Vaccina- terday showed a 0.6 per cent rise in
had not been vaccinated, the govern- planned on expanding it to all NHS and average 0.8 tion and Immunisation, the most suc- retail sales on the month earlier, buck-
ment said this week. In Greece, the fig- primary care staff. cessful vaccine programmes “don’t have ing expectations for a 0.4 per cent fall, a
0.6
ure is 99 per cent. 3 The Spanish region of Valencia is to provide sticks or carrots” and instead Reuters poll found. Retail spending had
Despite a loud protesting minority, looking to follow France’s example by 0.4 rely on clear communication. slowed in recent months after a burst of
data from France and Italy suggest their requiring people to show they are “It has taken decades to build up this shopping earlier. In May, sales fell 1.7
0.2
governments’ coercive approach is vaccinated before they can go to level of trust,” he said. “My instincts are per cent as the federal stimulus cheques
yielding results. restaurants, bars, hotels or nightclubs. 0 when it’s working well, be careful about fillip waned. Paul Ashworth at Capital
Since Italy issued its decree in April, 3 Germany is looking into making Apr 2021 Jul meddling with it.” Economics warned that inflation may
Covid-19 cases, hospitalisations and people pay for coronavirus tests, Source: Doctolib Additional reporting by Daniel Dombey have “masked” weaker sales activity.
deaths among care home residents have which are currently free. and Eleni Varvitsioti See Opinion
EU climate policy runs into torrent of criticism BoJ to offer zero-interest loans
for financing of green projects
System, where companies have to pay erty. Tortuous talks are promised over Dan Jorgensen, Denmark’s climate
France, Italy and Spain raise for the cost of polluting. the package, starting in coming months minister, said the ETS had been success-
concerns carbon measure will Governments of some of the largest and expected to continue to 2023. The ful in reducing emissions from industry ROBIN HARDING — TOKYO mate-change initiatives in the financial
states lined up to question the merits of contentious policies include a ban on and should be expanded. “We know system,” he added. The BoJ announced
The Bank of Japan will offer zero-inter-
cause hardship to households the expansion of the system to cover new diesel and petrol car sales from there are pitfalls, and we need to be
est loans to lenders that finance cli-
broad outlines of the plan last month.
emissions from road transport and the 2035, the introduction of a kerosene tax careful that the system sparks reduc- The details are similar to a BoJ scheme
mate-change projects as it becomes the
heating of buildings, arguing it will have for aviation, and a border levy on tions rather than the opposite,” he said. brought in last year that offered cheap
MEHREEN KHAN — BRUSSELS latest central bank to act on emissions.
a “regressive” effect on those people imports based on their carbon content. Pascal Canfin, a French MEP and head loans to banks financing small and
Brussels’ attempt to tackle climate who cannot afford greener alternatives. The so-called social climate fund was of the parliament’s environment com- Under the new scheme, expected to medium-sized companies through the
change faces a wall of opposition from Since its creation in 2005, the system also resisted by “frugal” northern coun- mittee, said the measure risked ham- launch before the end of the year, banks Covid-19 downturn.
governments in the bloc claiming that of allowances has been limited to the big tries such as the Netherlands, where pering the message behind Europe’s cli- will also be able to reduce the amount of The loans will have a one-year tenor
its plans would hit their households power generators and polluting indus- there is opposition to the greater redis- mate push in the eyes of citizens. “I am deposits with the BoJ that are subject to but can be rolled over an unlimited
with higher energy costs. tries that buy the credits to cover the supportive of the package but on [the a negative interest rate. number of times, with the central bank
EU legislators said that the European cost of their emissions. The EU carbon ETS] the narrative has become about The arrangement in effect creates a pledging to run the scheme until at least
Commission’s attempts to expand car- price has hovered for the past month at
‘We know there are pitfalls; imposing new taxes. It is a real pity.” subsidy for commercial banks that 2031. “Effectively, counterparties can
bon pricing to the biggest polluting sec- about €55 a tonne, or more than double we need to be careful the France is due to play a central role in invest in emissions reduction over other receive long-term financing for their eli-
tors of the economy such as cars and its pre-pandemic level, as traders bet leading talks on the green package as projects and could spur demand for gible investment or loans,” said the BoJ.
buildings are at risk, as members object that the availability of carbon allow-
system sparks reductions Paris will take up the EU’s rotating presi- green bonds. In addition to paying no interest, the
that it will force its poorest to pay. ances will need to tighten if the EU is to rather than the opposite’ dency next year, coinciding with presi- Separately, the BoJ made no changes BoJ said commercial banks could add
Frans Timmermans, the commis- meet its emission targets. dential elections. Emmanuel Macron’s to monetary policy, keeping overnight twice the amount of any borrowing
sion’s executive vice-president in charge But France, Spain, Italy, Hungary, tribution of funds in the bloc. “If the government, which has supported the interest rates at minus 0.1 per cent, and under the scheme to their “macro
of the European Green Deal, said the Latvia, Ireland and Bulgaria raised con- fund is scrapped, the logic behind the EU’s climate goals, has warned against promised to buy bonds as needed to add-on balance” with the central bank.
measures were needed to “put a price on cerns about the impact on citizens at a new ETS disappears,” said the diplomat. making consumers face the kind of keep 10-year government bond yields The macro add-on balance pays an
carbon, and a premium on decarbonisa- meeting of EU envoys on Wednesday The opposition has forced Brussels to energy price rises that triggered the around 0 per cent. interest rate of zero instead of negative
tion”. when they were briefed following the delay plans on how to use money gener- gilets jaunes protests against him. Under Yoshihide Suga, the prime 0.1 per cent. Japan’s commercial banks
“Our current tools do not do enough. release of the plans, diplomats said. ated from the carbon market and a bor- Canfin said the election run-up would minister, Japan has promised to reach hold large excessive reserves at the cen-
If we don’t fight the climate crisis, we Ursula von der Leyen, the commis- der levy to pay back EU debt that was mean the French council presidency net zero carbon emissions by 2050, and tral bank, created as the balancing item
will be fighting wars over water and sion president, also faced down a revolt scheduled for next week, said officials. “cannot give the green light to a measure the whole government is preparing new to BoJ bond purchases. For an individual
food,” he said. among at least seven of her 26 commis- Germany and Denmark are among that is profoundly against what we want policies to achieve that goal. bank, the rule in effect means they will
Brussels on Wednesday presented 13 sioners before presenting the plans. The those supporting the ETS expansion, to see”. An official said on heating “peo- “The bank is not charting a totally save 0.2 per cent — twice 0.1 per cent —
legislative measures to help cut average reforms will need the support of a quali- which Brussels says is needed to acceler- ple have no immediate alternative; they independent course on this. Rather it when they make an environmental loan
greenhouse gas emissions by 55 per cent fied majority of EU governments and ate the decarbonisation of transport and can’t change their boilers overnight. will co-operate with the government on under the new scheme.
by 2030 and to reach net zero by 2050, the European parliament to be realised. buildings where emissions have been What seems important to us, because of its green strategy,” said Naoya The total scale of the subsidy from the
when compared with 1990 levels. A senior EU diplomat said the ETS steadily rising over the past 20 years. the gilets jaunes, is to have a way of help- Oshikubo, senior economist at Sumi- BoJ is not clear because it will depend on
At the heart of the strategy is a push to expansion could be abandoned, despite Germany has been trialling a national ing people through the change.” tomo Trust, before the meeting. take-up and whether the central bank
expand the EU’s carbon pricing mecha- being positioned alongside a proposed carbon market for cars and buildings Additional reporting by Sam Fleming in “Overall, this is a strong step forward moves to reduce macro add-on balances
nism, known as the Emissions Trading €72bn fund to help alleviate energy pov- since the start of the year. Brussels and Victor Mallet in Paris for Japan and embeds support for cli- granted for other reasons.
4 ★ FTWeekend 17 July/18 July 2021
INTERNATIONAL
South Africa
Biden warns
Lapid presents a different Israel to the world US business
Foreign minister attempts to on risks of
reset international relations operating in
after Netanyahu’s divisive rule
NERI ZILBER — TEL AVIV
Hong Kong
In just four weeks in office, Yair Lapid, DEMETRI SEVASTOPULO — WASHINGTON
PRIMROSE RIORDAN — HONG KONG
the architect of Israel’s new coalition
government, has spent much of his time The Biden administration yesterday
overseas in a sign of a determination to warned US companies that they face
set a new tone in foreign relations after serious and escalating risks operating
the divisive 12-year reign of Benjamin in Hong Kong, as the Chinese govern-
Netanyahu. ment increasingly cracks down on
Since the eight-party coalition was freedoms in the financial hub.
voted in last month, Lapid, the foreign
minister, has opened Israel’s first The US issued a “business advisory”
embassy in the UAE, jetted to Rome for about threats ranging from China’s abil-
consultations with Antony Blinken, the ity to gain access to corporate data
US secretary of state, travelled to stored on servers in Hong Kong to a new
Amman for talks with his Jordanian Chinese law that imposes sanctions on
counterpart and addressed EU foreign people or institutions that help foreign
ministers in Brussels. nations enforce sanctions against Chi-
“It’s been too long — there is a new nese companies and officials.
government, a new energy, let’s head to US President Joe Biden was expected
a new beginning,” Lapid said in Brussels to impose sanctions on several Chinese
on Monday, the first Israeli official to Back in the loop: “change coalition”, has also sought to are clear that the Israeli-Palestinian ‘It’s been peace talks,” the senior Israeli official officials in Hong Kong. The moves,
address Europe’s Foreign Affairs Coun- Yair Lapid, left, mend ties with the US Democratic party conflict will continue to be an impedi- said. “But there is room for progress and which were first reported by the Finan-
cil formally in more than a decade. with Gordan in Washington, playing down public dif- ment to better ties with some countries. too long — a more positive environment.” cial Times, are the latest effort to push
“Israel shares interests with the EU, Grlic Radman, ferences on the Iran nuclear issue and “A credible engagement, a stronger there is a Western officials have been encour- back against China over its increasingly
but more than that, it shares values with centre, Croatia’s highlighting its willingness for progress relationship with Israel needs to revive a aged by the government’s willingness to draconian steps against the pro-democ-
the EU,” he added, citing human and foreign minister, on the Palestinian conflict. path towards peace and justice for Israe- new energy, engage on practical steps to improve racy movement in the former British
LGBT+ rights, the climate crisis, terror- and Josep Officials have met representatives lis and Palestinians . . . alike,” Borrell let’s head economic conditions and stability in the colony.
ism and democratic touchstones such as Borrell, EU from all of Israel’s Middle Eastern allies, said, while nodding to the “special com- West Bank and Gaza. It will also mark the first time that a
a free press, strong civil society and free- foreign policy a sign to the public that there is life after position” of the new Israeli government. to a new In recent weeks Israel has offered 1m US administration has issued a business
dom of religion. chief, at a Netanyahu, who inked peace deals with The Israeli coalition includes pro-set- beginning’ Covid-19 vaccine jabs to the Palestinian
Lapid, a centrist former TV journalist, meeting of the several of them and in election cam- tler figures such as Bennett, an ultrana- Authority (which the Palestinians later
was the key figure in pulling together a bloc’s foreign paigns touted himself as a “league tionalist who has in the past advocated Yair Lapid rejected), agreed to bolster trade ties
‘US business in Hong
coalition united solely by the desire to ministers in apart” on the world stage. the annexation of the West Bank, cen- between Jordan and the West Bank, Kong wants engagement
oust Netanyahu. That the EU extended Brussels on Netanyahu was infamous for monop- trists such as Lapid, leftwing groups and inked an expanded water deal with Jor-
the invitation to Lapid, and that he Monday. Below, olising all foreign policy decision-mak- an Arab party. Lapid, who will take over dan and resurrected joint ministerial
and dialogue and
responded positively and made the trip, Lapid meets ing and using populist governments in from Bennett as prime minister as part economic projects with the PA — all less mud-slinging’
was not lost on European officials, long Antony Blinken, eastern and central Europe to divide the of the coalition deal, in Brussels touted steps that Netanyahu refused to take.
frustrated with Netanyahu’s policies on his US EU and forestall any criticism of Israel. his support for a two-state solution, Whether such efforts are enough to advisory in relation to Hong Kong.
West Bank settlements, Iran and inter- counterpart The new government is clear that it although he admitted that a break- forestall another military escalation in Sino-US relations have continued to spi-
nal European politics. Stephanie Lecocq/EPA-EFE/
Shutterstock/Pool/AFP/Getty
does not want to sever ties with nation- through was unlikely in the near Gaza or unrest in the West Bank is ral downwards following the first top-
May’s conflict in Gaza also sparked alist governments. Rather, according to term. unclear. A test for the government will level meeting between the countries in
condemnation of Israel’s treatment of one senior Israeli official, the approach “No one [in this govern- be its policies on Palestinian home evic- Alaska, which erupted into an acrimo-
Palestinians. It is unclear what will is to “broaden our alliances and work ment] is taking any big tions in East Jerusalem and settlement nious public spat.
change substantially. But Josep Borrell, with a wider set of countries”. steps on the Palestinian construction in the West Bank. Beijing has since snubbed the US by
the EU foreign policy chief, said: “We Israel under Naftali Bennett, the issue, like [West Bank] “There is optimism [regarding refusing to grant Wendy Sherman, US
have a chance for a fresh start and for prime minister, remains annexation, new settlements, the Israeli government] but within a deputy secretary of state, a meeting
strengthening our bilateral relations.” opposed to a US return to the or for that matter final status very realistic set of parameters,” the with her counterpart during a proposed
A European diplomat added: “Netan- 2015 Iran nuclear deal, but European diplomat said. “It’s a encounter in Tianjin at the end of July.
yahu not being there is an immense he has pledged that differ- diverse coalition with extreme differ- China instead offered a meeting with the
opportunity and, after many years, ences with Washington will ences. The question is what such a fifth-ranking foreign ministry official,
the Israeli foreign ministry under Lapid be managed discreetly coalition can load bear.” which was rejected by the Biden admin-
is back to being a centre of power.” behind closed doors. Additional reporting by Valentina istration. US officials stress that a meet-
The Israeli government, billed as a International officials Pop in Brussels ing may still happen if China reverses
course and offers up her appropriate
counterpart.
But the combination of the business
Political activism advisory and sanctions will probably
complicate talks. China reacted angrily
Olympics chief cautions athletes against ‘divisive’ protests at Tokyo games in March when the US imposed sanc-
tions on Chinese officials just ahead of
the talks in Alaska, the first and only
high-level meeting between the coun-
MURAD AHMED — LONDON nies are not made . . . for a political or on the field of play, in particular on Bach defended staging the games with played in front of large crowds. Bach tries since Biden took office.
SARA GERMANO — NEW YORK
other demonstration,” Bach said. “They medal podiums, where Tommie Smith such restrictions, saying it would be a admitted he was “not happy” that Japa- Biden has taken a much tougher line
The president of the International are made to honour the athletes and the and John Carlos, the US sprinters, raised “tremendous showcase for Japan” to the nese authorities had banned spectators on China than most experts had
Olympic Committee has warned ath- medal winners for sporting achieve- their fists in support of civil rights at the billions watching on television, and a but added: “We supported this deci- expected. He has rebuked China for its
letes against political protests at the ment and not for their private [views].” 1968 games in Mexico City in one of the once-in-a-lifetime opportunity for sion . . . because we think it’s a respon- aggressive military activity near Tai-
Tokyo games, calling on them to avoid During the past year, amid a global most high-profile protests by athletes. many of those competing. sible decision to ensure a safe Olympic wan, the erosion of freedoms in Hong
“divisive” statements that could over- reckoning over racial and social injus- “The mission is to have the entire He rejected the notion that the games Games”. The event consists of 28 sports Kong, its coercive economic behaviour
shadow the sporting event. tice, athletes have been at the forefront world together at one place and compet- were going ahead to protect broadcast- taking place in 17 days across Japan. around the world and alleged genocide
of protest movements. European foot- ing peacefully with each other,” Bach ing and sponsorship income, which was To help reduce the chances of a coro- of Uyghurs in Xinjiang.
Thomas Bach said the games, which ballers and US basketball players have said. “This you would never manage if worth $5.7bn in the four years running navirus outbreak, the IOC struck deals The deterioration in relations has
begin next Friday, would be “by far the “taken the knee” before matches in a the games [became] divisive.” up the 2016 games in Rio de Janeiro. with Pfizer, the pharmaceutical com- sparked concern in the business com-
most complex and most difficult ever”, gesture against racism. Naomi Osaka, Officials say privately that curtailing Bach said it would have been financially pany, and the Chinese government to munity, which had hoped Biden would
having been delayed a year due to the the Japanese tennis star the Tokyo dissent will be impossible to enforce. prudent to cancel the games and rely on ensure about 85 per cent of athletes, strike a less hawkish hone towards Bei-
pandemic and taking place only with organisers hope to present as the global Such acts have already occurred in the its pandemic insurance policies, but “we coaches and team officials will be vacci- jing than Donald Trump, his predeces-
strict Covid-related restrictions. face of the games, has also been a vocal run-up to Tokyo, such as during an US would not abandon the athletes”. nated ahead of their arrival. Organisers sor. The prospect of the business advi-
Bach, a former Olympic fencing critic of police brutality. Olympic trials last month when Gwen Other big sporting events, such as the also plan to conduct hundreds of thou- sory has not been well received by the
champion for Germany, said he would In recent weeks, the IOC has amended Berry, the hammer thrower, turned her European football championships, the sands of daily Covid-19 tests on athletes. US business community in Hong Kong,
not support athlete activism during the its rules to allow for some dissent, such back on the US flag and wore a T-shirt on Wimbledon tennis tournament and Bach said there was a plan in place with concerns that it could provoke a
games’ most high-profile occasions. as at press conferences and on social her head that read “Activist Athlete”. baseball matches in Japan have been that could mean multiple medals being backlash against American companies
“The podium and the medal ceremo- media. But protests remain forbidden This week, the British women’s foot- handed out in an event disrupted by operating in the city.
ball team said they would take the knee positive tests. If an athlete was unable to “US business in Hong Kong wants
before Olympics matches. Political pro- compete in a final after testing positive engagement and dialogue and less mud-
tests are just one of the difficult issues or who was forced into self-isolation, slinging,” said one person involved with
facing organisers. The event is unpopu- they would receive the lowest rank US multinationals.
lar with Tokyo’s citizens, according to achievable in that final. Multinationals in Hong Kong with
recent surveys. There has been outrage In combat sports such as boxing and offices in mainland China, where data
at apparent instances of Olympic offi- karate, that could mean two athletes privacy and national security laws are
cials breaking mask-wearing rules in a receiving a silver medal — one for the tough and vague, say they understand
city under a state of emergency. person who qualified for the final but the risks even as Hong Kong becomes
About 11,000 Olympic and 4,400 Par- could not compete, and the other to the more integrated with the mainland.
alympians will travel to Tokyo, along- athlete who actually lost the gold medal “This is to serve a political purpose in
side 41,000 coaches, judges and offi- bout. This would “do justice to [both] Washington. They [companies] will
cials, staying in a “bubble” from the athletes, as one must be isolated”, he wait for this to work its way through the
public. Overseas visitors are banned Gwen Berry, left, turns her back on added. system and then we can all try and for-
and there will be no spectators at events. the US flag at 2020 trials in Oregon See FT View get about it,” said the person.
17 July/18 July 2021 ★ FTWeekend 5
6 ★ FTWeekend 17 July/18 July 2021
The pandemic devastated Cuba’s all-important tourism industry and cut the state’s ability to finance food imports,
leading to shortages and higher prices. That hardship has triggered the first widespread protests in decades.
By Michael Stott and Marc Frank
Aesthete who
the unusually early age of 41, many a private club, many of whose members necessary to handle burgeoning inter- the City. Jobbers and brokers were
members thought this tall, gangling fig- denied that there was any public inter- national business. absorbed by big international banks
ure was far too intellectual for the job. est in its capital market functions, while The difficulty he faced was that the and floor trading shifted to screen-
stock exchange
ters and another on the decorative art- brokers were coming into the City to do against the exchange’s rule book. It was in his unpaid role, Goodison maintained
work of the 18th-century engineer business in the vibrant, freewheeling impossible to discuss the threats and important positions in the art world.
Matthew Boulton. new Euromarkets. In the second half of opportunities presented by the aboli- These included the chairmanship of the
Big Bang
with a maelstrom that was transforming can and none of whom were exchange position before the court. tions Fund (now the Art Fund), as well
the structure of global markets, just as members. In navigating these obstacles, Goodi- as being vice-chair of English National
this emblematic City institution was When the incoming Thatcher govern- son was greatly helped by David Walker, Opera. Asked how he managed this pro-
being threatened by the UK competition ment unexpectedly scrapped exchange the Bank of England’s director. Walker tean schedule he remarked: “I don’t
authorities. controls in October 1979, the exchange saw the job-creating potential of a more watch television, I don’t read the Sun-
Sir Nicholas Goodison Goodison, who died on July 6 aged 87, was thrown into disarray. With its fixed competitive City and lobbied fiercely in day newspapers and don’t play golf.” He
City grandee and connoisseur deftly steered negotiations that culmi- commissions and single capacity rule, Whitehall for the court case to be was a prolific donor of works of art to
1934-2021 nated, in 1986, in the deregulatory which prevented brokers from trading dropped, while seeking to persuade Goodison dragged 4,500 exchange museums.
measures known as the Big Bang. His on their own account, the exchange stock exchange member firms that members into modern finance After securing the future of the stock
greatest achievement was to drag 4,500 appeared out of step and uncompetitive there was no escape from deregulation. exchange, Goodison moved on to
exchange members into the modern in global markets. After the 1983 general election, the become chair of TSB Group, the sixth
financial world.
This ascetic-looking aesthete, edu-
Goodison had been remarkably pre-
scient on the challenges this would pose
incoming trade secretary Cecil Parkin-
son proved more sympathetic to these
Despite being under largest high street bank, and became
vice-chair of Lloyds Bank after its
cated at Marlborough and King’s College for the City. Before becoming chair he arguments than predecessors such as intense pressure in his merger with TSB. He was also a vice-
Cambridge, joined the family stockbro- had argued forcefully that opposition to the former merchant banker John Nott. chair of British Steel and a director of
king firm HE Goodison in the late 1950s. dual capacity was out of date. Then, A deregulatory deal between Parkinson unpaid role, he General Accident. He leaves a wife,
At the time, the City was hedged about
with tight exchange controls and
before the Stock Exchange Council in
1977, he questioned whether there was
and the exchange was done. Despite
being regarded by some hostile
maintained important Judith (née Abel Smith), a son and two
daughters.
hampered in its international business much risk in unfixing commission rates exchange members as a cerebral cold positions in the art world John Plender
17 July/18 July 2021 ★ FTWeekend 7
8 ★ FTWeekend 17 July/18 July 2021
Letters
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com
Tokyo’s Olympics
need not be a flop
Suga is right to ban spectators to what will be a stripped-back Games
Travel to the ancient Olympics was 2011 earthquake, tsunami and nuclear
possible in almost any conditions — the disaster, but such visitors as can travel
Games continued throughout the Pelo- to Japan will be quarantined in Tokyo
ponnesian War — although spectators hotel rooms.
may not have relished conditions when All that is left of these Games are the
they arrived. There was no permanent athletes. It is to them that Japan must
accommodation in remote Olympia, so look for meaning. Over the years, the
visitors camped in tents, plagued by Olympics have become an increasingly
summer heat and flies. bloated spectacle of nationalism and
The Games of the XXXII Olympiad, marketing. These Games will be the
better known as Tokyo 2020, will start closest to ancient Olympia in decades. Post-pandemic inflation in the US is much more like good news than bad, argues Kenneth Rogoff — Eleanor Bannister
next Friday in a city with tens of thou- If sporting excellence gets its due,
sands of luxury hotel rooms. They will, Tokyo 2020 can still be a success.
nevertheless, become the first Olympic The duty of the International Olym-
Games in history, ancient or modern,
to take place without spectators. After
a one-year postponement because of
pic Committee and the organisers is to
ensure that Covid-19 does not interfere
with the sport. Athletes must follow
Scourge of New York developers has made the city unlivable
Covid-19, prime minister Yoshihide strict rules on mask wearing, social dis-
Suga has decided he cannot risk an tancing and celebration, even though In “Street life” (Spectrum, FT past the point of diminishing returns. reign of Moses — hyper-decentralised Moses have become powerful
Olympic celebration when only a third the vast majority will be vaccinated. Weekend, July 10) Rana Foroohar When Jacobs published The Death control of land-use decisions — has incumbents hell-bent on preventing
of the Japanese population have Somebody is bound to break those mines Jane Jacobs’ writings on mid- and Life of Great American Cities in 1961 turned into a sickness of its own. new construction.
received even a single dose of vaccine. rules. Unless the violation is malicious, century American cities for insights she was trying to save her home city, Foroohar blames New York’s New Yorkers would do well to
This is sad. But it is the correct deci- the organisers should exercise the into how such places can now chart New York, from powerful and eye-popping real estate prices on the consult the wisdom of another great
sion. The doctors running Japan’s Cov- greatest possible leniency. If any ath- their post-pandemic future. unaccountable bureaucrats (Robert usual cast of villains: Russian oligarchs, urbanist, Senator Daniel Patrick
id-19 response advised clearly and pub- lete is expelled for violating coronavi- Though Jacobs certainly has many Moses being the most famous) who jet-setting hedge fund managers and, to Moynihan, who remarked: “When a
licly that the Games should be held rus rules it will be a failure. lessons for today’s urbanists, Foroohar imposed their visions on a a lesser extent, well-paid professionals. great city ceases to build, it commences
behind closed doors. Suga initially Similarly, the organisers plan to fails to grapple adequately with the disempowered population. We should But the reason New York has become to die.” Though it exacted a terrible
defied them and said the stadiums carry out daily Covid-19 tests on ath- ways in which today’s urban ills are not be grateful that Jacobs helped end the unlivable for people with more modest toll, Covid didn’t kill New York. But
would be half full. He then reversed letes. With so many tests there are merely different from those that Jacobs era of bisecting highways and tower-in- means is because the same plucky sticking to outdated ideas just might.
course. The experience of the past 18 bound to be false positives. Again, rules confronted, but are in fact the product the-sky public housing. But half a neighbourhood groups Jacobs Michael Dresdale
months suggests that decisions taken should be followed with the greatest of people sticking to Jacobs’ ideas long century on, Jacobs’ alternative to the championed as a counterweight to New York, NY, US
for reasons of political expediency, possible generosity towards competi-
against medical advice, seldom look tors. Better an asymptomatic carrier of
wise in retrospect. Suga did at least coronavirus rows a boat or rides a horse US Afghan exit recalls the thousands of boat people who drowned off-putting, it is important not to Untangling the tale of the
change his mind quickly. than an uninfected athlete is barred fleeing their country. I am also certain confuse the person with the role. And
Any sporting event lacking specta- after five years of training. words of Vietnam general that other tyrannical powers are taking the latter, of course, she is still in a capture of Major André
tors is diminished. Mutual energy The pity is that these Olympic Games I agree with Fawzia Koofi that the US note. position to avoid. (Just don’t tell her Simon Schama’s otherwise excellent
between athlete and crowd is part of have come a couple of months too withdrawal from Afghanistan is Today, I would feel even more mother I said so.) article, “America’s history wars”
what makes the spectacle. The ques- early. As the vaccines are rolled out endangering the world (Opinion, FT uncomfortable if I lived in Seoul, only Andrew Stokes (father) (Spectrum, FT Weekend, July 10)
tion, then, is what can be salvaged from around the world, there is hope that Weekend, July 10). 23 kilometres south of the North Sai Kung, Hong Kong completely reverses one point of local
the Tokyo Games. Covid-19’s deadliest effects are on the Long before his victory in 1975, Korean border, or indeed in Taiwan. history. Major John André was not
Most of the meanings that Japan once way out. In the autumn, the stadiums Hanoi’s defence minister General Vo Uwe Siemon-Netto Space jaunts for the rich captured before reaching Benedict
attached to Tokyo 2020 no longer could have been filled, as they recently Nguyen Giap made this sinister Laguna Woods, CA, US Arnold. He met Arnold and was
make sense. Former prime minister were in Europe, where vaccination prediction, with which every well- come with a climate cost returning to British lines carrying the
Shinzo Abe meant them as the cap- rates are high, for the Euro 2020 prepared Vietnam war correspondent, Some fatherly advice ‘not Stunning. Richard Branson does not plans to West Point which Arnold had
stone to his national revival; Covid-19 football tournament. The world is hun- including myself, became familiar, own Disney World, so instead he has given him. Three local militiamen
has put paid to that. Japan wanted to gry for sporting spectacle. Let all even before arriving in that country: to be shared with mother’ developed his own very expensive captured André and found the plans in
show the world how the Fukushima eyes be on the athletes, and let the “The enemy [meaning, the west] . . . In last Saturday’s Letters, Katie Stokes amusement park ride (“Branson gains his boot. A monument to the trio at the
prefecture has recovered from the Games commence. does not possess the psychological and considered cancelling her direct debit a head start in space race with Bezos”, place of capture is located in Patriots
political means to fight a long, drawn- to her therapist after learning from Report, FT Weekend, July 10). Park in Tarrytown. André was hanged
out war.” Lucy Kellaway that “the average age What is the point of these jaunts into as a spy.
In his elegiac commentary on the fall women start to ape their mothers is in space but for the entertainment of Leonard S Hyman
of Saigon, Adelbert Weinstein, the their mid-30s” (“Counselling can be some very rich passengers? Sleepy Hollow, NY, US
brilliant military specialist of the mother of reinvention”, Letters, FT People concerned about global
Opinion
Don’t panic: a little inflation is no bad thing
The fact there are all kinds of tempo- so; the vast majority of the unvaccinated Today, the situation is different. the Fed’s target inflation more credible I have emphasised the positive
Kenneth rary bottlenecks is hardly shocking. simply chose not to be. (Don’t ask me Because the US Treasury and the Fed should help shift up the term structure aspects of moderately higher inflation
Rogoff Last year, Hertz, the car rental com-
pany, declared bankruptcy; this year,
why.) Yet the pandemic is far from over.
The two-thirds of the world’s population
stepped in so quickly and proactively,
there were actually fewer corporate
of interest rates and give the Fed more
room to cut them in future.
for a few years. But there are risks. The
biggest is if the open-ended expansion
with people wanting to travel again, that don’t live in an advanced economy bankruptcies in 2020 than in 2019. In fact, economic theory gives very lit- of government spending and transfers is
rental car rates have soared. With quar- or China are in terrible straits. They can Given that bankruptcies normally rise tle robust guidance on whether, say, 3 not substantially (it need not be fully)
I
antine over, everyone suddenly wants only wish their biggest worry was infla- sharply in recessions, this admittedly per cent inflation is better than 2 per offset by higher taxes. If the global cost
s a modest burst of post-pandemic tradespeople to come inside their tion — although in countries such as sounds a bit like too much good news. cent in normal times, so long as it of borrowing should rise unexpectedly,
inflation necessarily a bad thing? homes to do repairs and to make Argentina, inflation is also out of control. But even with debt problems con- remains reasonably stable and predicta- the higher cost of servicing the bigger
With the US experiencing brisk improvements. There are extremely In 2008, as the financial crisis ble. When Olivier Blanchard was debt load could lead to government
inflation (5.4 per cent in the 12 long wait times for refrigerators and unfolded, I argued emphatically that IMF chief economist in 2010, he argued pressure on the central bank to keep
months ending in June) there is
growing talk of an inflation Armaged-
washing machines, even as their prices
have risen considerably. The job market
central banks should relax their 2 per
cent inflation targets and aim temporar-
Prices are rising mainly that inflation targets should be raised to
4 per cent.
nominal rates down — risking inflation
that eventually becomes severe.
don if the Federal Reserve falls too far is tight, wage growth is strong and it is ily for 4 to 6 per cent inflation for a few because the US economy Sustained inflation of, say, 3 per cent For the moment, markets seem
behind the curve. There are real risks.
But maybe after a decade of below-tar-
probably getting stronger.
Would we feel better if the economy
years. Had they moved quickly and
adopted effective negative interest rate
is doing vastly better than would also offer an opportunity to
reconsider the Fed’s current 2 per cent
thoroughly unconcerned — almost too
much so given the pervasive uncer-
get inflation, a few years of it being were much weaker and inflation were policies, I believe that would have been seemed possible a year ago target. This is hardly a radical idea: a few tainty around the global economy as it
mildly above target, say 3 per cent, lower? Sustained inflation may be a risk possible. Higher inflation for a few years central banks such as Australia and emerges from the pandemic. Still, at
might be positively a good thing. as the economy is dug out of its deepest would have helped stimulate demand tained, there are still benefits from tem- Hungary already have a higher inflation least for now, mildly elevated inflation
US inflation today is much more like hole since the Great Depression. But an and taken the edge off many countries’ porarily higher inflation. The most target and others such as the Bank of more likely signals that things are going
good news than bad. Prices are rising unexpected setback in the fight against unsustainable debt burdens. (An alter- important is that the Fed needs to allow Canada have considered the idea. True, well than that we are doomed. There
mainly because the US economy is the pandemic is a bigger risk. native, first-best policy would have been above-target inflation occasionally — if as I have long argued, a far more elegant is no reason for the Fed to squash it
doing vastly better than seemed possi- In much of the US, there is a palpable to write down subprime mortgage debts it is serious when it says it targets 2 per way to give central banks greater room too quickly.
ble a year ago — thanks to aggressive feeling that the pandemic is over. But in the US, and make unconditional cent as an average. Many had begun to to cut in a deep recession is to lay the
vaccine procurement, continuing huge that is a very parochial view. True, in the transfers from northern Europe to pay wonder if that was even possible. After groundwork properly for uncon- The writer is a professor of economics and
macroeconomic support and a surpris- US, pretty much everyone who wanted for public debt writedowns in periphery the inflation drought of the past decade, strained negative rate policy, but I leave public policy at Harvard university and
ingly successful shift to remote work. to be fully vaccinated has been able to do countries such as Greece and Portugal. a mild downpour is welcome. Making that to another day. former chief economist at the IMF
W
Affirm to spread payments on its $1,900
I
hen Apple and Gold- bikes is a modern incarnation.
n September 2018, on the evening man Sachs explore a The proviso is, of course, if used
of Hedi Slimane’s debut show for new line of business, wisely. Adam Smith, the 18th-century
the LVMH-owned fashion label there is probably economist, observed in The Wealth of
Celine, a group of women gathered money in it. So the news Nations that “the principle which
outside Paris’s La Bar Du Caveau to that Apple, backed by Goldman, plans prompts to expense is the passion for
honour his predecessor, Phoebe Philo. to add a “buy now, pay later” feature to present enjoyment”. Buying on impulse
The “Philophiles” — among them Apple Pay shows that financial opportu- is a powerful human instinct, encour-
fashion stylist Yasmin Sewell, jewellery nity knocks. aged by advertising and Instagram
designer Gaia Repossi and model Dan- Using a credit card is no longer the influencers used by brands including
iela Kocianova — were clad in roomy easiest way to delay making a retail pay- Klarna.
shirts, baroque pearl earrings and wide, ment in full, thanks to financial technol- Many BNPL services have been used
pleated trousers, their cashmere jump- ogy companies such as Affirm and not to spread the cost of high value
ers tied cross-body in imitation of Philo Klarna. They let shoppers pay for any- items, but to buy more cheap ones. The
herself. They were there to toast a thing from fashion to Peloton exercise average outstanding balance on a UK
designer who, for a decade, had been the cycles in interest-free instalments. With credit card was £1,560 in March, while
de facto outfitter of fashion’s in-crowd, Klarna being valued at $45.6bn last Klarna says that its average user balance
as revered for the exact cut of her trou- month, Apple is on its trail. is £48 — it is being used more like debit
sers and trenchcoats as for her ability to If used wisely, buy now, pay later than credit.
chart the course for the industry season (BNPL) can be a clever innovation. It Three quarters of the UK users of
after season. allows people to smooth out their bills BNPL are aged between 18 and 36, and
Three years after stepping away from over a few weeks or months without 90 per cent of transactions have been
the white-hot centre of fashion — during paying high interest charges on credit for fashion and footwear, according to a
which she focused on raising her three and store cards. Retailers cover the cost review this year for the Financial Con-
children in London — Philo is back. This of credit to entice shoppers to spend duct Authority that advocated regulat-
week, the 48-year-old British designer more online or in their stores. ing it. Paying in instalments makes
announced she would launch a name- Given the profits that banks and other cheap clothes seem very cheap indeed.
sake label with minority backing from card issuers make, it is time they faced This lack of friction is exacerbated by
her old employer, LVMH. She promised such a challenge. People who clear their retailers presenting deferred payment
clothing and accessories of “exceptional balances monthly do not pay interest, as the default option, a practice that was
quality and design” (read: prices at the but those who roll them over are
higher end of the luxury goods spec- charged heavily: US households carry-
trum) and said that further information
would be forthcoming in January.
ing credit card debt will pay average
interest of $1,155 this year, estimates
If used wisely, buy now, pay
The announcement sent ripples NerdWallet. later can be a clever
across an industry that had long specu-
lated that Philo would succeed Karl
The basic idea of credit cards has not
changed a great deal since 1958, when
innovation and it is time
Lagerfeld at Chanel, or take the top post Person in the News | Phoebe Philo Bank of America launched the first card banks faced a challenge
at a multibillion-revenue house such as featuring revolving credit (followed by
designer returns
from 2001 to 2006, she had explored Credit cards used to be the most con- Paying in instalments can also shade
launching her own line, but “the time venient way to make many payments, into paying for credit if the schedule
wasn’t right and then Celine came along since writing a cheque or paying cash stretches out — Klarna offers credit at an
and it just fitted”. were the main alternatives. In the frac- APR of up to 18.9 per cent for deferring
Securing backers for her venture was tured US banking system, they also ena- payments from six to 36 months, while
presumably easier this time around. bled travellers to settle restaurant and Affirm can charge between 10 and 30
Philo, alongside then chief executive hotel bills easily in other states. per cent. They promise greater trans-
Marco Gobbetti, quintupled Celine’s Technology has now altered the land- parency than traditional cards, but the
sales to just over €900m between 2008 scape: debit cards have overtaken cash cost is still high.
and 2018, according to Citi luxury goods as a payment method in the UK, with Fintech excites investors, with the
analyst Thomas Chauvet. contactless transactions, including London-based start-up Revolut now
“Phoebe has an incredible talent for feel both empowered and elegant, her she told British Vogue in 2014 — and a for bags with chain straps, which she those on Apple Pay and Google Pay, valued at $33bn, but BNPL providers
anticipating and creating the new tenure at Celine was marked by a suc- total focus on the customer. believed dug into women’s shoulders. “I growing rapidly in the pandemic. The need to ensure that unwary shoppers
objects of desire for her audience,” says cession of “it” bags — among them the “Phoebe’s way of thinking is really dif- don’t like clothes imposing themselves drawback is that the smoothing func- can really afford their credit. A report
Gobbetti, the outgoing Burberry chief Trapeze and Luggage totes, and the slim ferent from anyone I’ve worked with on women,” Philo said of the tension tion of credit cards is lost: payment is for Klarna estimates that a fifth of UK
executive who hired her in 2008. “At Trio cross-body — and timeless, prag- before and after,” a former design col- between fashion and function in 2014. usually immediate. adults used such services in the year to
Celine, she had a transformative impact matic clothes that sometimes command league says. “Especially in a male-domi- “They are to be used in real life.” This is where Klarna and rivals such March: as with many inventions, the
on fashion and luxury, coming out of the above-retail prices on second-hand nated industry, which fashion unfortu- Though Celine’s revenues grew as Afterpay come in, along with PayPal’s trick is to examine them closely.
recession and creating incredible desire websites. nately is, it’s very rare to have someone quickly, and Barneys sold “multimil- Pay in 4 (making a payment in four The age-old flaws of credit cards
and excitement for timeless yet modern Her designs often challenged conven- lions” of Philo-designed jumpers annu- parts over six weeks). The concept of mean there is plenty of space for shop-
investment pieces.” tional good taste before coming to ally, “she was not a commercial being able to make payments simply in pers to gain from an alternative. But if
“We were all designing for Phoebe at
the end of the day,” says designer Rok
define it: fur-lined slippers, trainers
with dresses, the single earring. “She
‘Whatever she put on the designer”, says Larroude. “She didn’t
want to do the beauty and the men’s, she
interest-free instalments is so compel-
ling that competition is growing rapidly.
and when Apple Pay Later appears on
iPhones, the usual warning applies:
Hwang of Rokh, who worked under was the first to mix neons with subtle runway was going to be didn’t want the machine. I think she Afterpay’s shares fell sharply this week think before you tap.
Philo from 2008 to 2012. “She was really
the muse.”
colours,” says former Barneys fashion
director Marina Larroude of the trends
what the masses were going wanted to keep it at a certain standard.”
Those who know and have watched
when PayPal announced it would offer
Pay in 4 in Australia. john.gapper@ft.com
Born in Paris and raised in London, she introduced. “Now it sounds dumb, to see in the next decade’ Philo closely believe she will take the
Philo was given a sewing machine for because everyone does it. But whatever same approach to her own venture.
her 14th birthday. She went to Central she put on the runway, you knew that it who really thinks about the final cus- “We just all naturally assumed that
Saint Martins with Stella McCartney, was going to be what the masses were tomer, and thinking about whether this other brands would fill the gap [left by Top reads at FT.com/opinion
whose right hand she went on to be at going to see in the next decade.” is practical, can you drop off your kids at Philo after she left Celine] and they
Chloe before succeeding her there in Described as “precise,” “private”, school doing this, is the earring too didn’t,” the former colleague observed.
2001. At Chloe, Philo was credited with “enigmatic” and in possession of a “clear heavy.” “If there’s so much excitement that she’s 3 UK benefit cuts focus debate on the 3 The G20 has failed to meet its challenges
ushering in the trend for baby doll vision”, friends and former colleagues Former colleagues say she resisted back, it’s because no one was able to fill shape of the post-Covid safety net on the pandemic and climate change
dresses and heavy leather accessories, say what sets her apart from other trends proposed by Celine’s marketing that void.” A choice of more welfare or better jobs is Lack of a truly global response augurs
not a real trade-off, writes Sarah O’Connor badly, writes Martin Wolf
such as the Paddington bag. designers is a commitment to high teams. One recalls a long search by Philo
Known for designs that made women standards — “I find mediocrity hard,” for a suitable chain to use during a trend lauren.indvik@ft.com
10 ★ FTWeekend 17 July/18 July 2021
Waiting for Gensler Crypto and a very Eurobulls Investors learn to stop worrying
American regulatory failure — ON WALL STREET and love the region’s equities — THE LONG VIEW
3 Spy ministry staff installed 3 Six agencies involved 3 ‘Warning shot’ for tech puses, creating up to 5,000 UK jobs and
attracting £400m of private invest-
But the spin-off also raised questions
about whether the group could be an
ment. acquisition target for foreign buyers,
potentially worrying some politicians
The pharmaceuticals group will sell 33 who are pushing the UK as a hub for life
acres of land on its site in the Hertford- sciences investment after Brexit.
shire town of Stevenage to raise funds The UK government revealed its 10-
from private investors and transform it year strategy for life sciences invest-
into a life sciences park. ment this month, hoping to accelerate
The venture would aim to create up to the development of treatments for dis-
5,000 jobs over the next five to 10 years,
the drugmaker said.
GSK intends to select a development The UK drugmaker
is seeking to
partner this year to start work in 2022 unlock £400m of
and transform the land within the com- private investment
pany’s 92-acre research and develop- for the site in the
ment site. town of Stevenage
“Our goal is for Stevenage to emerge
as a top destination for medical and sci- eases such as dementia, and new
entific research by the end of the dec- immune therapies such as cancer vac-
ade,” said Tony Wood, senior vice- cines.
president of medicinal science and tech- As commercial property has strug-
nology at GSK. “The past 18 months has gled because of lockdowns and concerns
shown the UK life sciences sector at its that many workers will not return to the
best,” he added, noting that the country office full-time, some landlords have
had developed a 10-year vision for its been keen to invest in life science cam-
life sciences sector. puses.
The investment comes as GSK pre- A record £2.4bn was invested in life
pares to spin off its consumer health sciences property in the “golden trian-
division, leaving a slimmed-down busi- gle” of London, Oxford and Cambridge
ness focused on pharmaceuticals and in 2020, says Bidwells, a consultancy.
Automobiles
Uzan brothers launch $68bn lawsuit Manchester City owner raises $650m
ANNA GROSS AND VICTOR MALLET beneficial owners — had their assets 2000s, a US district court found that the SAMUEL AGINI, MURAD AHMED, The seven-year loan was underwrit- then a record sports group valuation. A
PARIS ROBERT SMITH AND STEPHEN MORRIS
AYLA JEAN YACKLEY — ISTANBUL
“fraudulently captured”. Uzans had committed a “massive fraud” ten by Barclays, with HSBC and KKR further 12 per cent is owned by China
They claim that there was no proof in obtaining loans from Motorola. Tel- Manchester City’s parent company has Capital Markets helping arrange and Media Capital, a venture capital group.
Members of Turkey’s Uzan family of that these companies or their owners sim was then sold to Vodafone for raised $650m in one of football’s big- distribute the debt, according to people The majority owner is Sheikh Man-
business tycoons are suing groups had any connection to illegal activity $4.5bn. A TMSF spokesman said the gest ever debt deals as it seeks to step familiar with the deal. sour bin Zayed al-Nahyan, a member of
including Vodafone, Motorola and allegedly committed by the now-de- regulator has received no official notifi- up investment in its international net- Separately, CFG has organised a revol- the Abu Dhabi ruling family who bought
BlackRock for $68bn over assets and funct Imar Bank, also once owned by cation of the lawsuit. work of football clubs. ving credit facility worth £100m with Manchester City in 2008. He has spent
potential earnings they claim were the Uzan family, who were accused of Motorola said it was aware of the case, the same finance providers, though a an estimated £1bn on transforming the
“fraudulently” taken from companies siphoning nearly $6bn of funds from it. which it described as “part of the Uzan City Football Group, the Abu Dhabi- person close to the group said there was club from an also-ran into one of the
formerly owned or affiliated with the Though not the subject of the current family’s continued efforts to evade a controlled holding company that owns no immediate plans to draw down on it. most successful in English football.
family. lawsuit, the Uzan family deny any multi-billion-dollar judgment entered the English Premier League champions CFG declined to comment. People Critics suggest such spending skews
alleged fraud connected to the bank, in favour of Motorola Credit Corpora- alongside clubs in the US, Australia and close to the deal said its executives had competition in England and Europe,
The civil case, which has been brought which they say was never proved. tion”. It added: “Motorola Solutions India, recently raised the loan, which opted for raising debt, believing it to be a while human rights activists say it is
in Paris by two Uzan brothers who live intends to continue its legal efforts to will come due in July 2028, according to cheaper route to cash than selling more part of a “sportswashing” project to
in France, centres on allegations of a obtain a full collection of the sums it is several people familiar with the deal. equity. CFG sold a 10 per cent stake to clean up the global image of the United
“colossal abuse of power” by the Savings
Vodafone and Motorola owed by the Uzans.” The debt deal beats the €525m debt US-based private equity firm Silver Arab Emirates. Sheikh Mansour’s
Deposit Insurance Fund (TMSF). The reject accusations that Vodafone said it had not been notified refinancing arrangement between Lake Partners for $500m two years ago, brother is Sheikh Khalifa bin Zayed al-
Turkish state body takes over banks, as about the case and that any allegations Goldman Sachs and Spain’s FC Barce- which valued the group at $4.8bn — Nahyan, the Gulf nation’s de facto ruler.
well as other assets held by their owners,
they colluded in seizure of that it had contributed to defrauding lona agreed in June, and is roughly the The new debt deal ties the group
when lenders fail. assets by the Turkish state the Uzan family “are strongly denied, level of England’s Tottenham Hotspur, closely to western financial institutions.
The sprawling saga dates back two contradicted by the facts and will be which borrowed £637m in 2019 from A year after Silver Lake’s investment in
decades and involves more than 50 In 2004 the TMSF seized the sprawl- strongly defended if they are pursued in banks to build its new stadium. CFG, it secured $2bn from Mubadala,
defendants, including the TMSF and ing media-to-energy business empire of any legal proceedings”. CFG intends to use the money to fund Abu Dhabi’s sovereign wealth fund,
dozens of Turks, who the Uzan family the Uzan family to “recoup public BlackRock declined to comment. The infrastructure projects such as a new which is run by Khaldoon al-Mubarak,
claim either colluded or collaborated in money” lost in the collapse of Imar. It $68bn the Uzans now claim relates both stadium for its Major League Soccer who is also Manchester City chair.
the seizure of companies and assets by then sold the assets to groups including to the value of the assets at the time of franchise New York City FC, which has CFG’s revenue dropped to £544m in
the state. BlackRock to pay down some of the bil- their sale and the dividends they say been mooted for years but still requires the financial year ended June 2020,
Cem Cengiz Uzan, who has been lions of dollars in bad debts. they would have received since then. approval from local authorities. down almost 14 per cent year on year.
granted political asylum in France Motorola’s involvement in the affair Cem Uzan fled Turkey more than a But the group has shown an appetite The group’s annual net loss widened to
according to his lawyer, and his brother dates back to 1998 when the US group decade ago, avoiding a jail sentence after for rapid growth, having either taken £205m from £84m a season earlier.
Murat Hakan Uzan, allege that more lent $2bn to Telsim, a telecoms com- his conviction for membership of a full ownership or bought minority Manchester City swung to a net loss of
than 130 companies — of which family pany owned by the Uzans, which was criminal organisation that engaged in shares in 10 clubs around the world over Manchester City, now one of English £126m in the 2019-2020 season from a
members were either shareholders or subsequently defaulted on. In the early forgery, bribery and fraud. the past decade. football’s most successful clubs net profit of £10m the year before.
17 July/18 July 2021 ★ FTWeekend 11
for ESG hot air That hiring spree is bigger than the
total workforce at Caterpillar, Shell or
Procter & Gamble. It is part of a
reducing carbon emissions. Exxon had
a different vision. The world’s
population and wealth were growing,
for a $200bn company with Exxon’s
prestige and battery of defences to
have directors foisted on the board. But
at Exxon
is that
belief that management might be
forced to stop wasteful spending and
the company’s weak finances would be
strategy called The New Equation. And the company said. Those people that is what happened. businesses improved. The new directors all have
that equation is: $12bn + ESG blather = needed and could afford more energy. Engine’s slick campaign won over high levels of industry experience and
$$$$$. Therefore, Exxon would deliver more long-suffering institutions fed up with spend even can challenge entrenched thinking.
Fittingly for environmental, social oil and gas. the company’s underperformance. Last more on That does not mean Exxon needs to
and governance initiatives, which are Should it not move, like BP, to clean month three of its four nominees were copy BP and reinvent itself as a clean
riven with empty rhetoric and fuzzy electricity? Why would we? said Exxon. elected by shareholders. consultants energy company. But it should at least
targets, PwC is vague on where the We have no expertise there. By forcing Exxon to re-examine its at PwC mean cutting back expansion where
money and personnel will be deployed. Should it commit to going net zero? strategy of expensive investment in the financial returns are highly
Although the whole project is infused How can we? said Exxon. We can make new oil and gas development, the uncertain, mitigating the
with ESG language, some of the hires our business cleaner but not that clean. activists are likely to have more real environmental damage along the way.
will be doing traditional jobs such as You can worry about the future of impact on the company’s The risk of this stunning outcome is
auditing rather than advising the planet while still admiring the environmental footprint than any that companies spend even more
companies on their ESG strategies. But honesty of that stance, which contrasts army of ESG marketeers. money on ESG consultants at PwC. The
that is no reason to be sceptical of the favourably with the empty eco- Any remaining faith in Exxon’s hope is that Engine and like-minded
The Top Line business opportunity.
Such is the corporate desperation to
marketing patter from other dirty
companies.
honesty disintegrated. It wrongly said
of the highly qualified nominees that
activists can see through the guff and
take action at other targets where
Credit rating
US bond reaction to inflation upgrades hit
data leaves investors puzzled record pace
as economy
rebounds
SHUBHAM SAHARAN — NEW YORK
Treasuries have broken with Treasury yields have tumbled Firm grounds: reluctant to conclude that the bond
‘I don’t think you could
Markets have market — a magnet in times of stress —
tradition and pushed higher in 10-year US government bond yield (%) homed in on is signalling a newly grim outlook for the have anticipated the
global economy.
spite of consumer prices surge 1.8 recent signalling
from the US Instead, many continue to point to
strong availability of
1.6 Federal Reserve investor positioning — a familiar culprit really low-rated debt’
TOMMY STUBBINGTON — LONDON over sensitivity for the Treasury market’s gyrations
COLBY SMITH — NEW YORK 1.4 to inflation since June’s Fed meeting. chastised after the 2008 financial crisis
A relentless rally in US Treasuries Stefani Reynolds/Bloomberg
In the first quarter of the year, as for giving pristine grades to bonds that
has accompanied the biggest burst of 1.2 investors prepared for the reopening of ultimately defaulted, moved swiftly
inflation in more than a decade, 1.0
the US economy and the return of during the pandemic to downgrade
snapping typically reliable patterns and inflation, they bet heavily on higher their assessments on swaths of debt.
leaving investors scrambling for an 0.8 long-term yields while also wagering Ratings on nearly $1tn of US
explanation for what is going on in the that the Fed would keep short-term investment grade corporate debt were
Jan 2021 Jul
world’s largest bond market. yields pinned down. cut in March and April of 2020, the
Inflation is typically bad news for Source: Refinitiv Many of the subsequent moves can be BofA data showed.
bond prices, eroding the value of the explained by investors ditching those The US economy, which shrank 3.5
fixed payments that the debt offers and much swifter tightening of monetary that interrupts the rebound of the so-called steepener trades — often per cent last year, is forecast to grow
making it more likely that central banks policy than initially indicated when economy.” reluctantly — as markets moved against about 6.6 per cent in 2021, according to a
will respond with interest rate rises. the Fed last year embraced an average Taken together with the recent them and losses mounted. Bloomberg survey of economists.
But recent months have turned that 2 per cent inflation target that would admission that Fed officials are “None of the grand narratives to Profits for S&P 500 companies are
relationship on its head, at least for include periods of overshooting. beginning discussions on the reducing explain this rally works for the whole of projected to rise more than 60 per cent
longer dated debt. US Treasuries prices Jay Powell, Fed chair, has discouraged $120bn monthly purchases of the last few months,” said Riddell. in the second quarter from the same
have run up big gains — with other market participants from reading too Treasuries and agency mortgage- “That’s why I think it makes sense to period last year, when economic activity
bonds around the world following in much into these individual forecasts backed securities, this shift in stance has talk about positioning.” stalled, according to Refinitiv data
their wake — pulling the 10-year yield to and urged patience about the eventual convinced many investors that the Fed Despite a series of setbacks, some are collating analysts’ forecasts.
its lowest in more than three months removal of policy support. will be less tolerant of runaway inflation sticking with the steepener trade, argu- As prospects are improving for
this week just under 1.3 per cent, down But he has also acknowledged the risk expectations than previously thought. ing that the apparent contradiction investment grade bonds, so too are
from 1.75 per cent at the end of March. that the central bank may need to “The Fed has effectively removed between soaring inflation and plunging those for riskier junk-rated companies.
“There’s a lot of head scratching going respond to higher than anticipated price some of the more extreme scenarios the bond yields is unlikely to last. Analysts at Citigroup predicted that
on,” said Mike Riddell, a portfolio pressures. market was worrying about,” said James At some point, the Fed will be forced $200bn of corporate debt will rise to
manager at Allianz Global Investors. “We are experiencing a big uptick in Athey, a bond fund manager at Abrdn. to back away from its view that the cur- investment grade by the end of 2022.
“On the face of it, this move looks pretty inflation — bigger than many expected “The more that rate hike expectations rent bout of inflation will prove mostly Already, $18bn worth of junk debt has
counterintuitive.” and bigger certainly than I expected — are baked in, the less inflation is ‘The Fed transitory, jolting the bond market as been lifted up the ratings ladder to
Investors have homed in on recent and we are trying to understand expected to run out of control.” investors prepare for a more rapid investment grade so far this year, the
signalling from the US Federal Reserve whether it is something that will pass Rising coronavirus cases linked to the has wind-down of stimulus, according to bank’s data showed.
about its evolving sensitivity to elevated through fairly quickly or whether if more transmissible Delta variant have effectively Mark Dowding, chief investment officer “It’s like something that I have not
inflation as one explanation for the in fact we need to act,” he said at a also renewed fears that the economic of BlueBay Asset Management. seen in my time [in the industry],” said
seemingly unstoppable rally in congressional hearing on Thursday. boom tied to the reopening of large removed “Bonds should be naturally allergic in Our global Michael Anderson, a credit strategist at
government bonds. “One way or the other, we are not swaths of the global economy will fall some of their reaction to inflation,” Dowding team gives you Citigroup. “After the financial crisis, we
Wall Street was put on high alert in going to be going into a period of high short of the extremely optimistic said. “We suspect that we may look back market-moving didn’t get major companies moving
June following the release of the Fed’s inflation for a long period of time, forecasts put forward by economists the more at the current period in markets some news and views, back to investment grade so quickly.”
“dot plot” of policymakers’ interest rate because of course we have tools to earlier in the year. extreme time later in the year and view some of 24 hours a day In recent months, junk-rated
projections. address that. But we don’t want to use But with equity markets buoyant the trends we are witnessing as ft.com/markets companies have enjoyed all-time low
That suggested the possibility of a them in a way that is unnecessary or around record highs, investors are scenarios’ relatively strange.” borrowing rates.
Commodities Commodities
Tin prices jump to all-time high amid China launches world’s biggest carbon
buoyant demand for electronic goods trading scheme but analysts cautious
DAVID SHEPPARD while freight disruption and output pressures from Myanmar,” said Munro. CHRISTIAN SHEPHERD — BEIJING expected to be added in future cycles. Analysis by TransitionZero released
issues linked to the pandemic have Myanmar, which has seen a deadly Even so, due to China’s reliance on in April found that China’s emissions
Tin prices have hit the highest level on China has launched the world’s largest
restricted supply,” Meyer said. crackdown since a military coup in coal-fired power, the 2,225 sites covered trading scheme was oversupplied by
record, rising towards $34,000 a tonne carbon market in what analysts say is a
Alastair Munro at brokerage Marex February, reported record levels of new this year account for about 40 per cent 1.56bn tonnes of CO2 from 2019 to 2020,
as a boom in consumer electronics and cautious and limited attempt by the
said the metal had been “unshaken” by coronavirus cases and deaths earlier of the country’s total CO2 emissions. equivalent to a year’s worth of EU ETS
fears of supply disruptions have fuelled planet’s biggest polluter to cut carbon
economic headwinds — such as a strong this week. The total volume of greenhouse gas emissions, making it unlikely that trad-
a 65 per cent rally since the start of the dioxide emissions.
dollar — that have weighed on other Meyer said that power rationing in the output covered in the scheme is about 15 ing would result in a high carbon price.
year.
commodities, with the latest supply Chinese province of Yunnan, which has Buying and selling of greenhouse gas per cent of global emissions or about The market will also at first use a
Tin traded on the London Metal threat coming from Myanmar, the been hit by a heatwave, was also allowances as part of China’s national three times the amount covered by the measure of carbon intensity rather than
Exchange reached a high of $33,800 a third-largest tin producer. potentially affecting supplies with emissions trading scheme began following the EU, Californian or Cana-
tonne yesterday, up more than 1.5 per “Tin’s ascent continues its path driven smelters “set to reduce activities again yesterday at the Shanghai Environment dian markets to adopt a “cap and trade”
cent on the day, and surpassing the pre- by shipping logistical issues and supply after a new spate of power shortages”. and Energy Exchange.
‘The Chinese are doing system, where emissions allowances are
vious high of $33,600 a tonne hit in 2011. A drought in the south-west Chinese Within the first half-hour, the price what the Europeans did based on a single industry-wide quota.
Traders and analysts pointed to fears province earlier this year led to a per tonne of carbon dioxide equivalent In China, permitted emissions levels
of supply disruptions in Asia where shortage of hydroelectric power, forcing rose from Rmb48 at market open to
for the first phase of the will be calculated relative to output and
rising cases of the Delta Covid-19 variant some tin smelters to close for 10 to 20 nearly Rmb53, nearing the daily 10 per ETS, treat it as a trial phase’ vary by the type of power plant.
are exacerbating various logistical days and impacting between 1,000 and cent upper limit, after 160 kilotonnes The EU’s ETS faced similar oversup-
and supply issues that have already 2,000 tonnes of production, according were traded at a total value of Rmb7.9m EU’s scheme, which had previously ply until about 2016 when it introduced
tightened the market. to the International Tin Association. ($1.2m), Chinese state media reported. been the world’s largest. market reforms to remove surplus
John Meyer at SP Angel said the longer Other metals prices were mixed But analysts warned that oversupply, China’s trading scheme will at first inventory. In recent months, EU carbon
term rally was underpinned by strong yesterday with nickel rising 1.1 per cent a limited scope and no cap on total hand out allowances to companies for prices have reached new highs, nearing
demand for electronic goods, which to near $19,000 a tonne, the highest emissions meant the scheme was free, rather than a portion being sold by €60 a tonne as the EU hopes to cut
have risen during the pandemic. level since February, while copper unlikely to assume immediately its auction, as is common practice in most emissions by 55 per cent by 2030.
The metal, which is used in solder in slipped 0.5 per cent to $9,429 a tonne. intended “central role” in achieving mature carbon markets. “The Chinese are just doing what the
circuit boards, has risen by 133 per cent Oil prices were also lower with Brent China’s goal of reaching peak carbon “If there is no move away from free Europeans did for the first phase of the
since its low in March 2020 as sales of crude down 0.9 per cent to $72.82 a emissions by 2030 and net zero allocations, it seems inevitable that the ETS, which is to treat it as a trial phase
smartphones, laptops and iPads have barrel with prices coming under emissions by 2060. market will have marginal if any impact where the rules are relaxed to get buy-in
surged due to people working and pressure this week from signs Opec and Only China’s energy sector is included towards decarbonising,” said Matt Gray, from companies,” Gray said.
studying from home. Tin, used in solder on circuit boards, its allies are closer to resolving a dispute in trading this year. Other polluting co-chief executive of TransitionZero, a Additional reporting by Emma Zhou in
“Demand has continued to climb has been affected by supply issues over raising production. sectors, such as steel and cement, are London-based financial research group. Beijing
14 ★ FTWeekend 17 July/18 July 2021
T
protection against any one of them characterise, being a form of insurance end the week down 0.4 per cent, its worst
he US is a funny country. We messing up. that was not regulated as such and were performance since mid-June. -1
have so many financial But this system has its weaknesses. seen by their advocates as being too cool The tech-focused Nasdaq Composite
regulators that we New products that are neither fish nor to be overseen by mere bureaucrats. slid 0.1 per cent, heading for a 1.2 per cent
sometimes wind up without fowl in a regulatory sense can fall “It took a crisis to focus our attention drop since Monday. -2
proper financial regulation. through the cracks. Crypto is hard to on products like CDS,” said Sarah “Concerns about the Delta variant are
Cryptocurrencies represent the latest regulate because it is hard to define. Hammer, managing director of the weighing and, while we’re coming into an Apr 2021 Jul
example. While true believers call cryptos Stevens Center for Innovation in Finance earnings season that is going to be good, Source: Refinitiv
The trade in bitcoin and its brethren currencies, US regulators view them at the University of Pennsylvania’s there’s a tussle between those two
has grown too big to be ignored — and yet differently. Bitcoin, for instance, has Wharton School. “In some ways, crypto factors,” said Caroline Simmons, UK chief
that is what has happened. No official is more challenging than derivatives investment officer for UBS’s wealth traditionally a time when there is less risk erodes bonds’ fixed income returns over
public data exists on prices, volume or because it falls into many different
volatility. No single authority regulates
Waiting for Gensler on regulatory laps.”
management unit.
Analysts expect companies listed on
taking, less [trading] volume, less
activity,” he added, “and we are not going
time, would subside.
Across the Atlantic, stocks also ended
crypto exchanges. No one can be certain crypto has turned into The irony for participants in the the S&P 500 to report average year-on- to get much clarity on the intentions of the week lower with the continent-wide
investors are being properly protected. crypto markets is that they might be
Even folks in the libertarian crypto
the Wall Street equivalent better off if a cop like Gensler was already
year earnings-per-share growth of 66 per
cent in the second quarter, forecasts
the US central bank in the coming few
weeks.”
Stoxx Europe 600 down 0.3 per cent for a
weekly fall of 0.6 per cent.
world are wondering when the federal of Waiting for Godot on the beat. The various parties could get collated by Credit Suisse show. The yield on the 10-year US Treasury London’s FTSE 100 slid 0.1 per cent,
government will step in. Mike to know each other and reach some sort Companies listed on MSCI’s European edged up 1 basis point to 1.31 per cent taking its fall since Monday to 1.6 per
Novogratz, a fund manager who has of an accommodation. It could even be a equity index are expected to achieve 109 yesterday, in a slight reversal of a strong cent, its biggest drop in four weeks.
helped lead the charge into the asset been deemed a commodity. Other relief, as Novogratz said. per cent earnings growth overall, said rally for the benchmark bond this week. Brent crude, the global oil benchmark,
class, told CNBC there would be “relief” cryptos are seen as securities. This Now, the best way for regulators to get WisdomTree, the asset manager. After starting the week at close to 1.42 fell 0.9 per cent to $72.82 a barrel as
in the market once rules of the road were confusion helps explain why neither the a handle on the crypto markets may be to “We should be prepared for a bumpy per cent, the yield was driven lower by Saudi Arabia and the United Arab
set and suggested Congress give the job SEC or the Commodity Futures Trading come out swinging, using their general summer on markets,” said Gregory haven-buying and reassurances by Emirates neared a deal that would unlock
to Gary Gensler, head of the Securities Commission is directly regulating crypto enforcement powers to set things Perdon, co-chief investment officer at Federal Reserve chair Jay Powell that the an agreement by Opec and its allies to
and Exchange Commission. exchanges like Coinbase. straight. The SEC has already brought private bank Arbuthnot Latham. “It’s current high rate of US inflation, which raise production. Naomi Rovnick
“When Gary finally addresses it, it will No one has given them the job — a scores of crypto cases. Dan Berkovitz,
be good,” Novogratz said of his fellow source of frustration for the regulators. CFTC commissioner, recently raised
Goldman Sachs alumnus. “He would Congress, in its fashion, is on the case. doubts about the legality of any Markets update
love to regulate all the crypto. He doesn’t Elizabeth Warren, the Democratic derivatives deals taking place on
have the mandate.” senator, wrote to Gensler this month to decentralised finance, or “defi”,
It all amounts to a particularly ask whether the SEC “has the proper programs that use blockchain
American regulatory failure. Waiting for authority to close existing gaps in technology to cut out intermediaries. US Eurozone Japan UK China Brazil
Gensler to get his hands on all the crypto regulation that leave investors and It could get very interesting. I find Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
has turned into the Wall Street consumers vulnerable to dangers in this myself reminded of that moment in the Level 4349.31 1754.64 28003.08 7008.09 3539.30 127164.21
equivalent of waiting for Godot. highly opaque and volatile market”. film All about Eve when Bette Davis turns % change on day -0.25 -0.38 -0.98 -0.06 -0.71 -0.24
The underlying difficulty is that US Gensler’s response, due by July 28, will to her guests and presents her forecast Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
financial regulation is fragmented. undoubtedly be persuasive. But whether for the evening to come. “Fasten your Level 92.675 1.181 110.105 1.379 6.468 5.080
There are multiple federal banking and it will prod legislators to act quickly is seat belts,” she tells them, “it’s going to be % change on day 0.055 -0.085 0.064 -0.577 0.098 -0.511
market authorities, with overlapping another matter. If history is any guide, a bumpy night.” Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
jurisdictions, plus state regulatory Congress will wait for things to fall apart Yield 1.311 -0.353 0.016 0.627 2.945 9.013
systems. As Jamie Dimon, JPMorgan before deciding how they should have gary.silverman@ft.com Basis point change on day -1.790 -1.900 0.690 -3.700 -0.800 -7.100
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 475.69 73.67 71.78 1823.75 26.21 4195.30
Court ruling on Morocco-Spain dispute % change on day -0.26 0.60 0.39 0.03
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.
0.13 1.16
A
4000 | | | | | | | | | | | | | | |
1680 | | | | | | | | | | | | | | |
So if, as I expect, in September the for any shortfalls in Algerian supplies, May 2021 Jul May 2021 Jul May 2021 Jul
s American agents in CJEU announces that it recognises the right? Well, no. There were plans for Biggest movers
Central Asia used to say, Polisario as the legitimate additional gas connections with
% US Eurozone UK
“happiness is multiple representatives of the Western Saharan Northern Europe but they ran into
Cintas 3.48 Adp 3.17 Dcc 2.38
pipelines”. The Americans people, you can expect the Moroccan regulatory and green opposition.
Teleflex 2.78 Ses 2.51 Avast 2.32
were trying to finance government to blow a gasket. In any case, gas storage in Europe is
Ups
and build routes around Russia’s As it happens, they have a painful running pretty low right now, State Street 2.21 Klepierre 2.16 Rentokil Initial 2.29
geopolitical lock on fossil fuel transport. way to let the EU, and Spain in especially with the Russians having Rollins 2.08 Coloplast 2.00 Reckitt Benckiser 2.19
This fall, the EU may find out just particular, just how unhappy they are. been slow to send gas exports through Fortinet 2.06 Lufthansa 1.70 Rolls-royce Holdings 2.11
how unhappy — and expensive — daily Spain imports a substantial amount the Ukrainian pipeline network. %
life can be if you do not have multiple of its natural gas requirements from So natural gas prices at European Pvh -3.79 Swatch -4.63 Burberry -5.02
pipelines, in this case to Spain. Algeria. The gas comes through two import points are already quite high. Lyondellbasell Industries Nv -3.50 B. Sabadell -4.04 Glencore -3.45
Downs
Fanciers of obscure, complex and pipelines, one of which was laid LNG shipments have been bid away by Charles Schwab (the) -2.88 Arcelormittal -3.52 Rio Tinto -3.44
violent international disputes (such as gas-hungry Asian importers. Under Armour -2.79 Tenaris -2.83 Anglo American -2.83
myself) have been waiting for the All of this means Spain may have to Under Armour -2.56 Infineon Tech -2.80 Fresnillo -2.74
Court of Justice of the European Union
Gas storage in Europe is import LNG procured on the spot Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
MARKET DATA
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
4,349.31 7,184.95 29,291.01
20,230.96 15,710.57 3,278.68 3,276.91
4,246.59 20,094.27 15,540.31
7,008.09 28,003.08
Day -0.25% Month 2.97% Year 35.26% Day -0.44% Month -0.67% Year 25.40% Day -0.06% Month -2.51% Year 12.06% Day -0.57% Month 0.78% Year NaN% Day -0.98% Month -4.81% Year 22.14% Day -0.28% Month 0.56% Year 48.82%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
50,579.10 9,202.20 3,152.30
14,502.88 49,983.87 1,774.33 28,436.84 3,138.31
28,004.68
14,072.86 1,754.64 8,506.20
Day -0.28% Month 3.33% Year 38.50% Day -0.58% Month -1.17% Year 37.08% Day -0.38% Month -1.22% Year 20.83% Day -0.24% Month -7.85% Year 13.60% Day 0.03% Month -1.92% Year 10.23% Day 0.39% Month -0.79% Year 18.91%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
34,904.52 53,140.06
129,259.49 6,652.65 25,767.54
34,299.33 127,164.21 3,539.30 52,501.98
6,460.08 3,518.33
24,792.78
Day -0.24% Month 2.54% Year 30.53% Day -0.24% Month -1.61% Year 26.48% Day -0.51% Month -2.70% Year 26.45% Day -0.33% Month -3.71% Year 22.19% Day -0.71% Month -0.49% Year 5.30% Day -0.04% Month 0.69% Year 47.39%
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 63224.39 63484.55 Cyprus
CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 27194.34 27296.25 Philippines Manila Comp 6693.83 6727.93 Taiwan Weighted Pr 17895.25 18034.19 Cross-Border DJ Global Titans ($) 505.98 508.72
Australia All Ordinaries 7630.70 7616.60 Czech Republic
PX 1197.47 1197.16 FTSE Italia Mid Cap 46931.50 47035.35 Poland Wig 67356.87 67292.59 Thailand Bangkok SET 1574.37 1572.01 Euro Stoxx 50 (Eur) 4032.74 4056.39
S&P/ASX 200 7348.10 7335.90 Denmark
OMXC Copenahgen 20 1696.92 1694.31 FTSE MIB 24792.78 24875.50 Portugal PSI 20 5030.02 5110.83 Turkey BIST 100 1363.28 1367.25 Euronext 100 ID 1258.67 1263.83
S&P/ASX 200 Res 5783.20 5786.70 Egypt
EGX 30 10561.28 10602.41 Japan 2nd Section 7783.39 7754.98 PSI General 3794.98 3824.61 UAE Abu Dhabi General Index 7068.98 7079.50 FTSE 4Good Global ($) 10763.25 10789.62
Austria ATX 3394.53 3412.70 Estonia
OMX Tallinn 1700.52 1700.26 Nikkei 225 28003.08 28279.09 Romania BET Index 12026.80 12025.00 UK FT 30 2786.40 2786.30 FTSE All World ($) 475.69 476.91
Belgium BEL 20 4155.08 4149.53 Finland
OMX Helsinki General 12801.94 12813.14 S&P Topix 150 1639.60 1647.93 Russia Micex Index 3766.54 3799.97 FTSE 100 7008.09 7012.02 FTSE E300 1754.64 1761.30
BEL Mid 9893.79 9896.90 France
CAC 40 6460.08 6493.36 Topix 1932.19 1939.61 RTX 1600.81 1612.08 FTSE 4Good UK 6582.47 6586.40 FTSE Eurotop 100 3289.92 3304.20
Brazil IBovespa 127164.21 127467.88 SBF 120 5059.20 5080.10 Jordan Amman SE 2117.07 2097.12 Saudi-Arabia TADAWUL All Share Index 10794.51 10778.07 FTSE All Share 4002.80 4005.80 FTSE Global 100 ($) 2841.68 2851.35
Canada S&P/TSX 60 1208.46 1213.20
Germany M-DAX 34450.21 34533.42 Kenya NSE 20 1953.37 1953.37 Singapore FTSE Straits Times 3152.30 3139.98 FTSE techMARK 100 6727.03 6737.21 FTSE Gold Min ($) 2210.18 2193.03
S&P/TSX Comp 20094.27 20183.72 TecDAX 3612.29 3617.35 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 365.65 365.25 USA DJ Composite 11484.10 11504.76 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 839.12 839.71 XETRA Dax 15540.31 15629.66 Latvia OMX Riga 1229.36 1226.48 Slovenia SBI TOP - - DJ Industrial 34904.52 34987.02 FTSE Multinationals ($) 3081.42 3103.06
Chile S&P/CLX IGPA Gen 20831.74 20875.81
Greece Athens Gen 866.81 863.78 Lithuania OMX Vilnius 968.38 967.50 South Africa FTSE/JSE All Share 66529.53 67538.61 DJ Transport 14615.42 14696.17 FTSE World ($) 851.60 853.61
China FTSE A200 13728.70 13901.56 FTSE/ASE 20 2081.33 2076.13 Luxembourg LuxX 1592.85 1601.87 FTSE/JSE Res 20 64822.16 67124.94 DJ Utilities 914.09 906.73 FTSEurofirst 100 (Eur) 4475.53 4499.57
FTSE B35 9000.71 8988.96
Hong Kong Hang Seng 28004.68 27996.27 Malaysia FTSE Bursa KLCI 1522.48 1520.82 FTSE/JSE Top 40 60437.58 61439.11 Nasdaq 100 14735.36 14794.69 FTSEurofirst 80 (Eur) 5574.86 5603.02
Shanghai A 3709.49 3736.05 HS China Enterprise 10152.95 10174.27 Mexico IPC 49983.87 50274.85 South Korea Kospi 3276.91 3286.22 Nasdaq Cmp 14502.88 14543.13 MSCI ACWI Fr ($) 723.66 726.09
Shanghai B 265.48 265.16 HSCC Red Chip 3816.37 3828.27 Morocco MASI 12169.45 12210.65 Kospi 200 434.82 436.76 NYSE Comp 16474.07 16499.06 MSCI All World ($) 3043.52 3058.59
Shanghai Comp 3539.30 3564.59
Hungary Bux 48003.25 47677.82 Netherlands AEX 736.52 739.42 Spain IBEX 35 8506.20 8527.00 S&P 500 4349.31 4360.03 MSCI Europe (Eur) 1827.33 1844.01
Shenzhen A 2567.79 2593.65
India BSE Sensex 53140.06 53158.85 AEX All Share 1047.96 1051.82 Sri Lanka CSE All Share 7966.95 7986.45 Wilshire 5000 45194.96 45247.49 MSCI Pacific ($) 3191.90 3219.93
Shenzhen B 1227.42 1220.93 Nifty 500 13742.35 13720.35 New Zealand NZX 50 12673.15 12671.16 Sweden OMX Stockholm 30 2338.80 2344.49 Venezuela IBC 5513.32 5002.32 S&P Euro (Eur) 1877.11 1885.54
Colombia COLCAP 1261.61 1260.21
Indonesia Jakarta Comp 6072.51 6046.75 Nigeria SE All Share 37872.55 37857.24 OMX Stockholm AS 958.67 958.46 Vietnam VNI 1299.31 1293.92 S&P Europe 350 (Eur) 1808.49 1814.92
Croatia CROBEX 2013.05 2011.29
Ireland ISEQ Overall 8050.55 8078.63 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 12026.50 11976.79 S&P Global 1200 ($) 3348.16 3358.60
Israel Tel Aviv 125 1750.58 1755.18 Pakistan KSE 100 47834.33 47628.26 Stoxx 50 (Eur) 3523.91 3535.27
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.
CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jul 16 Currency Mid Change Mid Change Mid Change Jul 16 Currency Mid Change Mid Change Mid Change Jul 16 Currency Mid Change Mid Change Mid Change Jul 16 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 96.2143 0.0317 113.6197 -0.0538 132.6947 -0.6625 Indonesia Indonesian Rupiah 14497.5000 15.0000 17120.1509 3.9852 19994.3616 -85.6774 Poland Polish Zloty 3.8783 0.0032 4.5799 0.0000 5.3488 -0.0241 ..Three Month 0.7251 0.0038 0.8561 0.0039 - -
Australia Australian Dollar 1.3500 0.0054 1.5942 0.0051 1.8618 -0.0024 Israel Israeli Shekel 3.2887 0.0122 3.8836 0.0113 4.5356 -0.0072 Romania Romanian Leu 4.1733 0.0025 4.9283 -0.0010 5.7556 -0.0272 ..One Year 0.7251 0.0039 0.8556 0.0039 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4452 -0.0004 0.5199 -0.0028 Japan Japanese Yen 110.1050 0.0700 130.0233 -0.0218 151.8522 -0.7114 Russia Russian Ruble 74.1225 -0.0775 87.5314 -0.1619 102.2267 -0.6517 United States United States Dollar - - 1.1809 -0.0009 1.3792 -0.0073
Bolivia Bolivian Boliviano 6.9100 - 8.1600 -0.0066 9.5300 -0.0507 ..One Month 110.1050 0.0699 130.0233 -0.0217 151.8522 -0.7115 Saudi Arabia Saudi Riyal 3.7510 0.0003 4.4295 -0.0033 5.1732 -0.0272 ..One Month - - 1.1808 -0.2056 1.3792 -0.0073
Brazil Brazilian Real 5.0801 -0.0261 5.9992 -0.0357 7.0063 -0.0735 ..Three Month 110.1049 0.0698 130.0234 -0.0215 151.8521 -0.7116 Singapore Singapore Dollar 1.3563 0.0023 1.6017 0.0014 1.8706 -0.0068 ..Three Month - - 1.1807 -0.2056 1.3792 -0.0073
Canada Canadian Dollar 1.2600 0.0051 1.4879 0.0048 1.7377 -0.0022 ..One Year 110.1046 0.0691 130.0237 -0.0208 151.8522 -0.7120 South Africa South African Rand 14.4163 -0.1313 17.0242 -0.1688 19.8823 -0.2878 ..One Year - - 1.1800 -0.2056 1.3792 -0.0073
Chile Chilean Peso 756.9750 4.3400 893.9136 4.4108 1043.9883 0.4591 Kenya Kenyan Shilling 108.2000 - 127.7736 -0.1027 149.2249 -0.7945 South Korea South Korean Won 1139.4500 -2.0000 1345.5794 -3.4451 1571.4820 -11.1398 Vietnam Vietnamese Dong 23012.5000 1.5000 27175.5377 -20.1023 31737.9713 -166.8757
China Chinese Yuan 6.4676 0.0064 7.6376 0.0014 8.9198 -0.0387 Kuwait Kuwaiti Dinar 0.3008 0.0001 0.3552 -0.0002 0.4149 -0.0021 Sweden Swedish Krona 8.6775 0.0173 10.2473 0.0122 11.9676 -0.0397 European Union Euro 0.8468 0.0007 - - 1.1679 -0.0053
Colombia Colombian Peso 3803.3850 -4.2150 4491.4268 -8.5919 5245.4696 -33.7733 Malaysia Malaysian Ringgit 4.2095 0.0070 4.9710 0.0043 5.8056 -0.0212 Switzerland Swiss Franc 0.9193 0.0014 1.0856 0.0008 1.2679 -0.0048 ..One Month 0.8467 0.0007 - - 1.1678 -0.0053
Costa Rica Costa Rican Colon 618.2950 0.4600 730.1461 -0.0431 852.7266 -3.9023 Mexico Mexican Peso 19.8350 -0.1053 23.4232 -0.1432 27.3556 -0.2916 Taiwan New Taiwan Dollar 27.9795 0.0995 33.0411 0.0910 38.5882 -0.0675 ..Three Month 0.8466 0.0007 - - 1.1677 -0.0053
Czech Republic Czech Koruna 21.5997 -0.0185 25.5071 -0.0424 29.7893 -0.1843 New Zealand New Zealand Dollar 1.4262 -0.0039 1.6842 -0.0059 1.9670 -0.0158 Thailand Thai Baht 32.7475 0.0775 38.6716 0.0605 45.1640 -0.1330 ..One Year 0.8459 0.0007 - - 1.1672 -0.0053
Denmark Danish Krone 6.2980 0.0054 7.4374 0.0005 8.6860 -0.0387 Nigeria Nigerian Naira 411.7500 0.2500 486.2366 -0.0953 567.8684 -2.6768 Tunisia Tunisian Dinar 2.7928 0.0133 3.2980 0.0131 3.8516 -0.0021
Egypt Egyptian Pound 15.7094 0.0347 18.5513 0.0261 21.6657 -0.0672 Norway Norwegian Krone 8.8354 0.0320 10.4338 0.0294 12.1855 -0.0205 Turkey Turkish Lira 8.5213 -0.0462 10.0628 -0.0627 11.7522 -0.1267
Hong Kong Hong Kong Dollar 7.7676 -0.0003 9.1727 -0.0078 10.7127 -0.0575 Pakistan Pakistani Rupee 159.6500 0.7500 188.5311 0.7349 220.1826 -0.1324 United Arab Emirates UAE Dirham 3.6732 - 4.3376 -0.0035 5.0659 -0.0270
Hungary Hungarian Forint 304.0605 0.6125 359.0657 0.4352 419.3475 -1.3835 Peru Peruvian Nuevo Sol 3.9411 -0.0211 4.6541 -0.0287 5.4354 -0.0583 United Kingdom Pound Sterling 0.7251 0.0038 0.8562 0.0039 - -
India Indian Rupee 74.5675 0.0213 88.0569 -0.0457 102.8404 -0.5181 Philippines Philippine Peso 50.2400 0.0300 59.3285 -0.0122 69.2889 -0.3273 ..One Month 0.7251 0.0038 0.8562 0.0039 - -
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 36.21 Electronic & Elec Eq 11.52 Consumer Goods 5.62 FTSE 100 Price Change FTSE 100 Price Change
Jul 16 chge% Index Jul 15 Jul 14 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Industrial Metals & 31.30 Pharmace & Biotech 11.48 Tobacco 4.97 3I Group PLC 1159.5 -6.00 Just Eat Takeaway.Com N.V. 5844 7.00
FTSE 100 (101) 7008.09 -0.06 6375.88 7012.02 7091.19 6250.69 3.05 1.68 19.56 129.02 6825.73 P/E Ratio net - - - - - 0.00 19.44 14.26 Industrial Transport 24.60 Health Care 11.31 General Retailers 4.91 Abrdn PLC 278.30 -0.10 Kingfisher PLC 367.00 1.00
FTSE 250 (250) 22467.00 -0.15 20440.23 22501.25 22750.04 17321.29 1.91 1.58 33.15 236.46 18026.46 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Chemicals 20.68 Banks 11.03 Life Insurance 4.10 Admiral Group PLC 3287 40.00 Land Securities Group PLC 672.00 3.80
FTSE 250 ex Inv Co (185) 23336.28 -0.10 21231.10 23360.27 23641.88 81.04 1.85 -0.13 -426.10 193.09 19092.21 FT 30 hourly changes Beverages 20.42 Real Est Invest & Se 10.84 Food & Drug Retailer 3.98 Anglo American PLC 2889 -84.00 Legal & General Group PLC 261.50 -1.30
FTSE 350 (351) 4019.10 -0.07 3656.53 4022.04 4067.29 3494.51 2.84 1.67 21.10 68.19 7789.63 8 9 10 11 12 13 14 15 16 High Low Support Services 19.04 Oil & Gas Producers 10.06 Leisure Goods 3.83 Antofagasta PLC 1365.5 -23.00 Lloyds Banking Group PLC 45.72 -0.84
FTSE 350 ex Investment Trusts (284) 3917.45 -0.06 3564.05 3919.97 3964.42 84.67 2.90 1.34 25.75 38.54 3919.83 2786.3 2794.6 2785.9 2856.1 2760.2 2399.1 2395.8 2414 2426.7 2439.2 2366.1 Software & Comp Serv 17.00 NON FINANCIALS Index 9.96 Financial Services 2.14 Ashtead Group PLC 5584 -20.00 London Stock Exchange Group PLC 7600 32.00
FTSE 350 Higher Yield (116) 3204.75 0.04 2915.64 3203.35 3244.86 2730.60 4.39 1.33 17.06 74.99 6874.05 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 FTSE SmallCap Index 16.91 Health Care Eq & Srv 9.82 Household Goods & Ho 1.73 Associated British Foods PLC 2049 25.00 M&G PLC 222.50 -1.30
FTSE 350 Lower Yield (235) 4577.44 -0.20 4164.51 4586.60 4629.70 4060.69 1.16 3.03 28.42 48.60 5476.52 Construct & Material 16.61 FTSE 250 Index 9.66 Electricity 1.72 Astrazeneca PLC 8340 -6.00 Melrose Industries PLC 149.05 0.10
FTSE SmallCap (255) 7266.47 -0.12 6610.95 7275.30 7304.94 5033.42 2.26 2.56 17.31 84.97 11698.06
FTSE SmallCap ex Inv Co (134) 6113.86 -0.41 5562.32 6139.00 6174.12 85.58 1.65 -0.62 -98.44 41.00 10261.45 FX: EFFECTIVE INDICES Industrial Eng
Technology
16.45
15.93
Utilities
Oil & Gas
9.61
9.35
Travel & Leisure
Aerospace & Defense
1.58
1.28
Auto Trader Group PLC 660.80 6.40 Mondi PLC 1966.5 16.00
Avast PLC 609.40 13.80 National Grid PLC 943.00 15.20
FTSE All-Share (606) 4002.80 -0.07 3641.70 4005.80 4049.86 3454.00 2.82 1.69 20.94 67.18 7835.71
Jul 15 Jul 14 Mnth Ago Jul 16 Jul 15 Mnth Ago Basic Materials 15.30 FTSE All{HY-}Share Index 8.96 Nonlife Insurance 1.20 Aveva Group PLC 3882 31.00 Natwest Group PLC 199.80 -4.80
FTSE All-Share ex Inv Co (418) 3861.45 -0.07 3513.11 3864.19 3907.60 84.69 2.88 1.32 26.38 37.77 3923.63 Media 14.39 FTSE 100 Index 8.48 Automobiles & Parts 0.66 Aviva PLC 391.40 -1.70 Next PLC 7514 112.00
FTSE All-Share ex Multinationals (537) 1293.70 -0.10 977.00 1295.01 1310.97 1032.56 2.35 2.10 20.21 17.85 2629.04 UK 82.21 82.21 82.16 Mining 14.08 Telecommunications 7.31 Personal Goods 0.37 B&M European Value Retail S.A. 555.00 3.00 Ocado Group PLC 1805 -25.00
FTSE Fledgling (87) 12942.21 0.01 11774.69 12941.47 12968.79 8222.80 2.01 4.53 10.99 133.82 26942.76 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Industrials 13.79 Financials 6.90 Food Producers -0.46 Bae Systems PLC 539.80 6.60 Pearson PLC 812.00 1.20
FTSE Fledgling ex Inv Co (38) 17510.78 -0.14 15931.12 17535.57 17667.13 85.35 1.34 -3.91 -19.15 131.46 35559.66 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Real Est Invest & Tr 13.77 Tech Hardware & Eq 6.77 Mobile Telecomms -3.08 Barclays PLC 165.42 -3.70 Pershing Square Holdings LTD 2610 -25.00
FTSE All-Small (342) 5055.16 -0.11 4599.13 5060.96 5081.04 3484.92 2.25 2.65 16.78 58.72 10440.11 Gas Water & Multi 12.46 Consumer Services 5.96 Oil Equipment & Serv -29.44 Barratt Developments PLC 687.40 -2.20 Persimmon PLC 2952 16.00
FTSE All-Small ex Inv Co (172) 4590.91 -0.40 4176.76 4609.34 4636.01 85.62 1.64 -0.71 -85.46 31.01 9760.55 Equity Invest Instr 5.74 Oil & Gas Producers -40.36 Berkeley Group Holdings (The) PLC 4648 15.00 Phoenix Group Holdings PLC 679.40 -3.20
FTSE AIM All-Share (731) 1221.45 0.05 1111.26 1220.80 1242.23 875.40 0.79 0.62 205.10 5.87 1409.47
Bhp Group PLC 2218 -34.50 Polymetal International PLC 1590 -26.00
FTSE All-Share Technology (21) 2298.40 0.39 2182.20 2289.58 2335.91 95.22 1.06 0.66 142.83 12.45 3251.00
FTSE All-Share Telecommunications (7) 1930.30 0.89 1832.71 1913.31 1940.25 62.54 4.33 0.71 32.37 40.42 2721.58 FTSE GLOBAL EQUITY INDEX SERIES BP PLC
British American Tobacco PLC
292.25
2847
-3.80
54.00
Prudential PLC
Reckitt Benckiser Group PLC
1361.5
6485
-4.50
139.00
FTSE All-Share Health Care (15) 12563.59 0.40 11928.40 12513.58 12862.74 138.22 3.32 0.79 37.99 73.52 11178.57 Jul 16 No of US $ Day Mth YTD Total
YTD Gr Div Jul 16 No of US $ Day Mth YTD Total YTD Gr Div British Land Company PLC 498.50 1.60 Relx PLC 2056 20.00
FTSE All-Share Financials (252) 4696.61 -0.59 4459.16 4724.30 4756.86 72.55 2.44 4.16 9.84 45.31 4984.13 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Bt Group PLC 186.75 1.40 Rentokil Initial PLC 518.60 11.60
FTSE All-Share Real Estate (57) 1121.65 0.64 1114.05 1114.49 1120.41 897.61 2.43 -1.25 -33.01 10.28 1131.71
FTSE Global All Cap 9152 814.39 -0.4 0.0 11.9
13.1 1268.73
1.7 Oil Equipment & Services 27 230.95 -0.9 -0.9 22.0 402.23 25.2 4.8 Bunzl PLC 2596 11.00 Rightmove PLC 669.20 6.40
FTSE All-Share Consumer Discretionary (90) 5280.88 0.19 5013.89 5271.01 5364.95 73.80 1.19 -1.08 -78.00 35.03 5437.80
FTSE Global All Cap 9152 814.39 -0.4 0.0 11.9
13.1 1268.73
1.7 Basic Materials 363 691.41 0.2 0.2 13.3 1197.36 15.5 2.8 Burberry Group PLC 1966 -104.00 Rio Tinto PLC 5931 -211.00
FTSE All-Share Consumer Staples (27)19607.65 1.31 18616.32 19354.27 19462.12 84.81 3.80 1.36 19.32 271.23 17020.92
FTSE Global Large Cap 1743 728.59 -0.3 0.9 11.9
13.1 1169.51
1.7 Chemicals 170 948.15 -0.2 -0.2 8.9 1617.24 10.5 2.1 Coca-Cola Hbc AG 2632 15.00 Rolls-Royce Holdings PLC 93.06 1.92
FTSE All-Share Industrials (88) 6807.59 0.07 6463.42 6803.15 6859.00 95.77 1.76 0.97 58.54 52.99 7655.36
FTSE Global Mid Cap 2295 1031.24 -0.4 -1.8 12.5
13.6 1511.29
1.7 Forestry & Paper 21 330.77 -1.6 -1.6 4.6 640.97 6.5 2.4 Compass Group PLC 1452 9.00 Royal Dutch Shell PLC 1368.4 -8.60
FTSE All-Share Basic Materials (25) 8268.97 -2.46 7850.91 8477.61 8457.35 112.23 3.84 2.34 11.12 49.35 10199.18
FTSE Global Small Cap 5114 1117.11 -0.4 -2.5 11.0
11.9 1570.11
1.4 Industrial Metals & Mining 94 599.61 0.8 0.8 28.0 1055.84 31.2 3.6 Crh PLC 3564 9.00 Royal Dutch Shell PLC 1399.4 -8.00
FTSE All-Share Energy (14) 5141.93 -0.83 4881.96 5185.14 5321.52 51.75 3.92 0.86 29.61 50.22 5894.97
FTSE All-World 4038 476.91 -0.3 0.4 12.0
13.2 786.55
1.7 Mining 78 1001.82 0.5 0.5 13.8 1781.36 16.6 3.5 Croda International PLC 7832 90.00 Royal Mail PLC 547.00 -6.80
FTSE All-Share Utilities (10) 7813.04 1.29 7418.03 7713.53 7777.55 95.09 4.65 1.83 11.75 162.68 11198.84
FTSE World 2622 853.61 -0.4 0.6 12.8
14.1 1889.25
1.7 Industrials 757 592.97 -0.3 -0.3 13.2 922.05 14.2 1.4 Dcc PLC 6030 140.00 Sage Group PLC 698.20 4.80
FTSE All-Share Software and Computer Services (19) 2472.29 0.47 2347.30 2460.77 2511.46 94.17 1.05 0.65 145.60 12.91 3699.72
FTSE Global All Cap ex UNITED KINGDOM In 8863 861.74 -0.3 0.2 11.9
13.1 1317.91
1.6 Construction & Materials 147 702.30 -0.1 -0.1 14.0 1150.37 15.4 1.8 Diageo PLC 3500.5 23.00 Sainsbury (J) PLC 284.50 -0.20
FTSE All-Share Technology Hardware and Equipment (2) 6121.16 -2.65 5811.69 6287.57 6330.72 119.56 1.42 0.85 83.27 72.63 7747.64
FTSE Global All Cap ex USA 7385 608.57 -0.4 -2.5 7.9
9.6 1039.36
2.2 Aerospace & Defense 38 810.80 -0.4 -0.4 10.6 1239.77 11.4 1.4 Entain PLC 1821 -8.50 Schroders PLC 3560 -35.00
FTSE All-Share Telecommunications Equipment (2) 619.49 -0.08 588.17 620.00 627.22 273.01 1.44 2.75 25.32 2.36 862.68
FTSE Global All Cap ex JAPAN 7761 846.85 -0.3 0.2 12.7
13.9 1331.58
1.6 General Industrials 72 281.95 -0.2 -0.2 11.4 482.58 12.8 2.0 Evraz PLC 593.40 -15.20 Scottish Mortgage Investment Trust PLC 1304.5 4.50
FTSE All-Share Telecommunications Service Providers (5) 2985.98 0.92 2835.01 2958.66 3000.58 60.66 4.44 0.69 32.70 64.75 3828.54
FTSE Global All Cap ex Eurozone 8498 858.42 -0.3 0.4 12.0
13.2 1308.92
1.6 Electronic & Electrical Equipment 142 755.10 -0.4 -0.4 12.9 1062.21 13.6 1.1 Experian PLC 3086 36.00 Segro PLC 1173.5 5.50
FTSE All-Share Health Care Providers (4) 7709.27 0.02 7319.51 7708.09 7734.32 36.15 0.74 6.09 22.14 3.06 7114.00
FTSE Developed 2177 781.32 -0.5 0.7 12.9
14.1 1227.24
1.6 Industrial Engineering 150 1151.55 -0.4 -0.4 12.3 1784.72 13.5 1.5 Ferguson PLC 10235 15.00 Severn Trent PLC 2714 48.00
FTSE All-Share Medical Equipment and Services (2) 7211.75 -0.12 6847.13 7220.66 7339.13 116.29 1.79 1.41 39.64 79.79 6737.64
FTSE Developed All Cap 5706 817.83 -0.5 0.3 12.6
13.8 1266.08
1.6 Industrial Transportation 123 1062.97 0.1 0.1 15.9 1664.66 17.1 1.5 Flutter Entertainment PLC 12185 125.00 Smith & Nephew PLC 1505 -7.00
FTSE All-Share Pharmaceuticals and Biotechnology (9)17522.97 0.46 16637.05 17443.51 17958.29 145.70 3.52 0.74 38.50 95.98 14026.95
FTSE Developed Large Cap 864 732.44 -0.5 1.3 13.0
14.2 1170.98
1.6 Support Services 85 732.21 -0.4 -0.4 13.9 1070.66 14.6 1.0 Fresnillo PLC 794.80 -22.40 Smith (Ds) PLC 413.90 -1.20
FTSE All-Share Banks (11) 2740.37 -1.64 2601.83 2786.03 2804.66 50.11 1.83 3.75 14.53 9.94 2298.61
FTSE Developed Europe Large Cap 232 434.25 -1.0 -3.1 10.5
12.8 828.04
2.4 Consumer Goods 534 651.22 -0.3 -0.3 6.6 1064.11 7.8 1.9 Glaxosmithkline PLC 1424.6 17.60 Smiths Group PLC 1555 -22.50
FTSE All-Share Finance and Credit Services (8)10547.04 0.34 10013.80 10511.55 10632.45 47.72 1.12 1.37 65.43 87.58 13855.99
FTSE Developed Europe Mid Cap 343 771.38 -1.0 -3.1 10.5
12.3 1282.75
2.1 Automobiles & Parts 126 657.29 -0.7 -0.7 7.3 1040.80 8.0 1.1 Glencore PLC 309.00 -11.05 Smurfit Kappa Group PLC 3888 -21.00
FTSE All-Share Investment Banking and Brokerage Services (32)10496.55 -0.09 9965.86 10505.59 10641.48 101.04 3.77 2.08 12.76 151.82 13874.00
FTSE Dev Europe Small Cap 713 1086.47 -1.1 -3.1 12.7
14.3 1736.00
1.8 Beverages 67 782.57 0.1 0.1 5.9 1290.38 7.1 2.1 Halma PLC 2771 -7.00 Spirax-Sarco Engineering PLC 14170 -270.00
FTSE All-Share Closed End Investments (188)13644.34 -0.13 12954.51 13661.94 13769.13 108.52 2.06 8.80 5.52 94.57 8261.44
FTSE North America Large Cap 240 962.13 -0.3 3.4 15.9
16.8 1415.87
1.3 Food Producers 133 746.10 -0.1 -0.1 3.9 1250.04 5.7 2.2 Hargreaves Lansdown PLC 1620 22.00 Sse PLC 1516 6.50
FTSE All-Share Life Insurance (6) 7626.29 -0.37 7240.72 7654.63 7629.20 72.86 3.48 2.20 13.07 176.53 8852.84
FTSE North America Mid Cap 422 1214.63 -0.3 -1.3 14.6
15.4 1648.46
1.5 Household Goods & Home Construction 60 600.51 0.1 0.1 4.2 975.97 5.6 2.3 Hikma Pharmaceuticals PLC 2630 28.00 St. James's Place PLC 1542 7.50
FTSE All-Share Nonlife Insurance (7) 3769.98 0.70 3579.38 3743.69 3772.76 81.50 4.21 1.25 19.04 64.25 7609.39
FTSE North America Small Cap 1284 1267.54 -0.5 -3.4 10.8
11.4 1656.03
1.2 Leisure Goods 45 328.95 -0.8 -0.8 -0.3 456.85 0.3 1.2 HSBC Holdings PLC 403.25 -5.50 Standard Chartered PLC 434.70 -5.80
FTSE All-Share Real Estate Investment and Services (16) 2768.69 0.31 2628.71 2760.22 2768.40 78.49 1.42 1.92 36.56 23.48 8058.92
FTSE North America 662 625.85 -0.3 2.4 15.6
16.5 1.4 Personal Goods
941.11 88 1175.11 -0.4 -0.4 11.5 1767.67 12.4 1.3 Imperial Brands PLC 1601 20.00 Taylor Wimpey PLC 155.45 -1.20
FTSE All-Share Real Estate Investment Trusts (41) 2795.34 0.72 2654.02 2775.26 2791.58 77.71 2.67 -1.65 -22.65 24.90 4050.87
FTSE Developed ex North America 1515 315.24 -0.8 -2.7 7.6
9.3 580.45
2.2 Tobacco 15 1002.10 -0.2 -0.2 10.3 2627.93 13.8 6.0 Informa PLC 490.00 1.80 Tesco PLC 234.90 1.95
FTSE All-Share Automobiles and Parts (2) 4664.93 -0.82 4429.08 4703.54 4726.38 28.85 0.80 -9.91 -12.58 0.32 4807.79
FTSE Japan Large Cap 174 458.09 -1.1 -1.9 1.0
2.1 2.0 Health Care
650.38 325 749.98 -0.5 -0.5 9.3 1169.23 10.6 1.6 Intercontinental Hotels Group PLC 4703 77.00 Unilever PLC 4358 71.50
FTSE All-Share Consumer Services (3) 2424.33 0.52 2301.76 2411.84 2446.06 77.27 0.01 -114.7 -95.49 0.01 3034.21
FTSE Japan Mid Cap 333 659.16 -1.2 -2.4 2.3
3.5 887.88
2.1 Health Care Equipment & Services 123 1540.49 -0.2 -0.2 10.7 1867.14 11.3 0.8 Intermediate Capital Group PLC 2082 -9.00 United Utilities Group PLC 1044.5 17.00
2
FTSE Global wi JAPAN Small Cap 884 725.82 -1.1 0.5 1.7
3.0 1013.48
2.1 Pharmaceuticals & Biotechnology 202 481.39 -0.7 -0.7 8.3 801.09 10.0 2.2 International Consolidated Airlines Group S.A. 167.78 2.42 Vodafone Group PLC 116.60 1.30
FTSE All-Share Household Goods and Home Construction (12)14549.56 -0.35 13813.96 14601.01 14998.16 82.70 3.21 1.69 18.42 116.68 11876.26
FTSE Japan 507 189.37 -1.1 -2.0 1.2
2.3 300.99
2.0 Consumer Services 448 732.28 -0.4 -0.4 6.1 1030.84 6.6 0.8 Intertek Group PLC 5558 20.00 Weir Group PLC 1817 -40.50
FTSE All-Share Leisure Goods (2) 29195.58 0.18 27719.50 29141.85 29434.31 95.48 1.71 1.65 35.57 230.87 30952.70
FTSE Asia Pacific Large Cap ex Japan 918 909.03 0.7 -2.4 3.9
5.1 1.9 Food & Drug Retailers
1592.51 72 320.92 -0.4 -0.4 7.4 493.89 8.9 2.4 Itv PLC 121.30 -0.85 Whitbread PLC 2924 50.00
FTSE All-Share Personal Goods (5) 30161.63 -3.42 28636.72 31228.23 31331.56 73.70 1.39 1.34 53.47 419.78 23112.78
FTSE Asia Pacific Mid Cap ex Japan 933 1147.97 0.6 -1.2 11.8
13.2 1934.29
2.3 General Retailers 152 1348.43 -0.3 -0.3 6.5 1821.91 6.8 0.6 Jd Sports Fashion PLC 886.60 -4.40 Wpp PLC 948.20 -2.40
FTSE All-Share Media (11) 9107.81 0.40 8647.33 9071.48 9168.01 79.40 1.80 1.30 42.56 117.67 6220.51
FTSE Asia Pacific Small Cap ex Japan 1941 738.33 0.8 1.5 13.6
14.7 1.9 Media
1211.94 83 498.64 -0.3 -0.3 6.3 706.84 6.8 0.8 Johnson Matthey PLC 3121 -6.00
FTSE All-Share Retailers (22) 2601.07 0.32 2469.56 2592.73 2649.21 75.42 0.91 4.14 26.61 20.16 3279.97
FTSE Asia Pacific Ex Japan 1851 715.24 0.7 -2.2 4.7
5.9 2.0 Travel & Leisure
1331.34 141 521.41 -0.9 -0.9 4.7 750.29 5.1 0.9
FTSE All-Share Travel and Leisure (33) 7835.19 0.67 7439.06 7783.11 7950.16 61.75 0.16 -73.38 -8.55 8.31 8048.71
FTSE Emerging All Cap 3446 943.76 0.7 -2.1 6.1
7.5 2.1 Telecommunication
1574.07 89 158.97 -0.2 -0.2 3.2 355.69 6.0 4.0
FTSE All-Share Beverages (6) 27443.53 0.62 26056.04 27274.16 27359.61 101.47 2.02 0.74 66.48 40.35 21300.24
FTSE All-Share Food Producers (10) 7091.86 0.95 6733.31 7025.42 7176.99 77.63 1.60 3.06 20.40 73.99 6661.23
FTSE Emerging Large Cap 879 892.96 0.7 -2.5 4.1
5.5 2.0 Fixed Line Telecommuniations
1498.71 36 118.44 -0.1 -0.1 1.9 300.70 5.7 5.5 UK STOCK MARKET TRADING DATA
FTSE Emerging Mid Cap 982 1175.06 0.3 -1.6 12.2
14.1 2.5 Mobile Telecommunications
1964.55 53 192.75 -0.3 -0.3 4.7 374.12 6.5 3.2
FTSE All-Share Tobacco (2) 30211.72 1.81 28684.28 29675.53 29798.03 53.43 7.69 1.54 8.43 1003.64 25816.00 Jul 16 Jul 15 Jul 14 Jul 13 Jul 12 Yr Ago
FTSE Emerging Small Cap 1585 994.24 0.8 1.5 16.6
18.0 2.1 Utilities
1586.35 197 323.74 0.4 0.4 0.9 725.17 3.0 3.4
FTSE All-Share Construction and Materials (15) 8436.87 -0.05 8010.32 8441.27 8528.41 95.31 2.01 0.09 536.38 21.52 9914.50 Order Book Turnover (m) 816.77 45.05 35.14 57.30 28.28 28.28
FTSE Emerging Europe 85 408.97 -0.9 -4.9 10.4
14.6 4.5 Electricity
804.83 137 361.05 0.3 0.3 0.0 796.51 1.9 3.4
FTSE All-Share Aerospace and Defense (9) 3865.18 0.91 3669.76 3830.32 3869.43 67.90 2.54 0.15 260.19 55.09 4577.46 Order Book Bargains 906839.00 740343.00 735659.00 732541.00 794923.00 794923.00
FTSE Latin America All Cap 250 880.45 -0.6 -2.4 7.1
9.5 3.3 Gas Water & Multiutilities
1542.70 60 330.87 0.6 0.6 3.2 766.75 5.6 3.4
FTSE All-Share Electronic and Electrical Equipment (10)13198.26 -0.59 12530.98 13277.01 13366.64 105.32 1.48 1.72 39.35 102.91 12790.07 Order Book Shares Traded (m) 1146.00 1042.00 1141.00 1000.00 1104.00 1104.00
FTSE Middle East and Africa All Cap 328 745.16 -0.2 -3.4 14.1
16.1 2.2 Financials
1310.34 862 290.61 0.1 0.1 15.2 536.74 17.1 2.4
FTSE All-Share General Industrials (9) 5588.37 -0.08 5305.84 5593.07 5666.90 88.33 2.97 0.74 45.82 74.82 7096.37 Total Equity Turnover (£m) 5318.09 4309.80 3922.74 4518.75 3894.49 3894.49
FTSE Global wi UNITED KINGDOM All Cap In 289 350.79 -1.1 -3.7 10.7
12.7 2.9 Banks
682.36 266 216.97 0.1 0.1 17.6 441.16 20.0 2.8
FTSE All-Share Industrial Engineering (5)19052.36 -1.86 18089.11 19413.57 19398.46 109.12 0.74 2.67 50.60 106.96 25061.67 Total Mkt Bargains 1127918.00 967449.00 964297.00 997022.00 1055134.00 1055134.00
FTSE Global wi USA All Cap 1767 1079.82 -0.3 2.0 14.9
15.8 1.3 Nonlife Insurance
1532.68 71 323.28 0.0 0.0 8.0 520.47 10.7 3.2
FTSE All-Share Industrial Support Services (32)10980.43 0.59 10425.28 10915.95 10987.14 111.67 1.43 1.29 54.36 85.44 12326.83 Total Shares Traded (m) 4444.00 4998.00 4656.00 4621.00 4964.00 4964.00
FTSE Europe All Cap 1445 521.49 -1.0 -3.2 10.7
12.8 2.3 Life Insurance
955.44 53 246.95 0.7 0.7 6.2 452.25 8.4 3.3
FTSE All-Share Industrial Transportation (8) 6612.76 -0.66 6278.43 6656.44 6708.94 87.53 0.75 3.93 34.01 4.28 6724.35 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE Eurozone All Cap 654 511.43 -1.0 -4.0 10.3
12.4 2.0 Financial Services
932.23 212 490.05 0.1 0.1 16.7 727.90 17.7 1.3
FTSE All-Share Industrial Materials (1)23004.29 0.00 829.75 23004.29 22679.23 16460.55 1.37 2.35 31.06 213.54 28322.85 (c) Market closed.
FTSE EDHEC-Risk Efficient All-World 4038 529.92 -0.3 -1.2 12.3
13.6 1.9 Technology
808.18 331 611.88 -0.7 -0.7 17.6 788.56 18.1 0.8
FTSE All-Share Industrial Metals and Mining (12) 6846.42 -2.79 6500.28 7043.06 7025.58 118.76 4.05 2.41 10.24 30.23 9414.80
FTSE EDHEC-Risk Efficient Developed Europe 575 411.61 -0.9 -2.9 10.2
12.1 2.1 Software & Computer Services
698.31 176 1011.22 -0.6 -0.6 20.3 1214.30 20.7 0.4
FTSE All-Share Precious Metals and Mining (5)21647.38 -1.81 20552.93 22046.77 21830.09 130.27 4.85 1.78 11.56 659.31 14471.39
Oil & Gas 132 302.87 -1.5 -8.3 17.4
20.1 3.9 Technology Hardware & Equipment
579.37 155 487.66 -0.8 -0.8 14.4 672.17 15.1 1.2
FTSE All-Share Chemicals (7) 18187.71 0.15 17268.18 18159.58 18189.65 87.72 1.67 1.56 38.40 182.25 17704.26 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Oil & Gas Producers 90 288.07 -1.5 -8.9 19.2
22.0 4.0 Alternative Energy
563.18 15 208.07 -4.1 -4.1 -22.5 297.11 -22.2 0.5
FTSE All-Share Oil. Gas and Coal (14) 4990.19 -0.83 4737.89 5032.12 5164.48 51.75 3.92 0.86 29.61 48.75 5933.14 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 161 371.54 0.5 0.5 3.6 697.42 5.4 2.6
FTSE Sector Indices Real Estate Investment Trusts 99 548.27 -0.1 -0.1 20.6 1228.62 22.5 2.9 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Non Financials (354) 4818.63 0.07 4383.93 4815.05 4873.79 86.84 2.93 1.09 31.14 45.91 8294.00 FTSE Global Large Cap 1743 728.59 -0.3 -0.3 11.9 1169.51 13.1 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
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FTSE 100 7034.25 7049.97 7045.55 7030.77 7025.40 7018.71 7019.78 7007.09 7001.05 7056.63 6978.33 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 22564.63 22599.17 22601.82 22578.12 22540.46 22520.44 22506.67 22507.07 22491.21 22617.77 22460.82 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 7285.51 7293.78 7299.27 7292.60 7289.84 7284.67 7286.94 7280.14 7273.02 7300.14 7266.47 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 4018.01 4026.35 4024.53 4016.99 4013.35 4009.60 4009.71 4003.84 4000.48 4029.69 3989.35 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:09:15:45 Day's Low14:29:15 FTSE 100 2010/11 High: 7184.95(16/06/2021) Low: 6407.46(29/01/2021)
Time of FTSE All-Share Day's high:09:16:00 Day's Low14:29:00 FTSE 100 2010/11 High: 4093.99(05/07/2021) 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.
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.
16 ★ FTWeekend 17 July/18 July 2021
MARKET DATA
FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
IM Baotou Stl 2.15 2.25 -0.10 -4.44 0.46 27.2 36.94 Occid Pet 26.75 27.23 -0.48 -1.76 -3.49 -11.5 -12.44 Jul 16 date Coupon S* M* F* price yield yield yield US Jul 16 date Coupon S* M* F* price yield yield yield US
BOE Tech 1.06 1.07 -0.01 -0.93 0.10 10.4 32.50 Carnival 21.62 21.95 -0.34 -1.53 -2.65 -10.9 -26.26 High Yield US$ US$
L&T 1618.75 1609.35 9.40 0.58 118.05 7.9 7.15 Schlmbrg 28.15 28.73 -0.58 -2.02 -3.04 -9.7 -17.36 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 -
Naspers N 2944.83 2937.00 7.83 0.27 209.38 7.7 -1.32 Halliburton 20.34 20.69 -0.36 -1.72 -2.05 -9.1 -15.73 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
AmerMvl 15.89 15.91 -0.02 -0.13 1.11 7.5 1.60 EOG Res 75.34 76.19 -0.85 -1.12 -7.25 -8.8 -11.17 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 -
HK Exc&Clr 524.00 505.00 19.00 3.76 34.00 6.9 12.62 ValeroEngy 65.98 66.80 -0.82 -1.23 -6.32 -8.7 -18.99 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Tencent 564.00 565.00 -1.00 -0.18 36.00 6.8 -6.08 BakerHu 20.79 21.22 -0.44 -2.05 -1.95 -8.6 -15.91 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Nokia 4.93 4.88 0.05 1.06 0.28 5.9 10.92 Biogen 328.46 328.16 0.30 0.09 -29.70 -8.3 -16.21 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 -
ChinaMBank 64.80 64.80 0.00 0.00 3.55 5.8 -3.64 Suncor En 26.67 27.28 -0.61 -2.24 -2.30 -7.9 -13.49 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
SEB 117.45 116.80 0.65 0.56 5.70 5.1 7.41 RollsRoyce 93.06 91.14 1.92 2.11 -7.94 -7.9 -15.54 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Citic Secs 18.10 17.76 0.34 1.91 0.82 4.7 -8.76 Franklin 29.65 30.19 -0.54 -1.79 -2.50 -7.8 -12.38 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 124.42 0.68 0.00 -0.11 -
BHPBilltn 51.87 51.53 0.34 0.66 2.21 4.5 5.38 Devon Energy 26.47 26.65 -0.18 -0.69 -2.18 -7.6 -8.98 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
GuosenSec 10.95 10.94 0.01 0.09 0.46 4.4 3.11 Phillips66 76.41 77.17 -0.76 -0.98 -6.29 -7.6 -15.80 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
Visa Inc 248.46 248.55 -0.09 -0.04 9.99 4.2 8.21 Marathon Ptl 54.22 54.25 -0.03 -0.06 -4.46 -7.6 -14.34
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
DukeEner 104.73 103.94 0.79 0.76 4.07 4.0 2.85 Renault 30.97 31.34 -0.37 -1.18 -2.54 -7.6 -14.51
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
MasterCard 387.98 390.23 -2.25 -0.58 15.04 4.0 6.60 Boeing 221.51 222.76 -1.25 -0.56 -18.08 -7.5 -8.54
MediaTek 957.00 948.00 9.00 0.95 37.00 4.0 -3.24 Ericsson 103.84 114.66 -10.82 -9.44 -8.30 -7.4 -4.56 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
CSR 3.40 3.42 -0.02 -0.58 0.13 4.0 -7.12 Repsol 9.16 9.33 -0.16 -1.73 -0.68 -6.9 -20.12 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Pepsico 155.42 155.25 0.17 0.11 5.94 4.0 5.68 CanNatRs 41.58 42.53 -0.95 -2.23 -2.93 -6.6 -8.35 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
JapanTob 2161.50 2155.50 6.00 0.28 81.00 3.9 -1.84 Hew-Pack 28.07 28.10 -0.03 -0.11 -1.97 -6.6 -3.36 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 16 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jul 16 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 17.11 0.10 17.01 41.16 14.10 Jul 16 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 15.17 -0.30 15.47 47.53 2.67 Tr 3.75pc '21 100.50 0.06 20.00 50.00 50.00 -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 220.27 0.19 -0.12 -3.12 -1.31 3.96 VXN 20.49 0.38 20.11 47.63 18.73 Tr 4pc '22 102.53 0.02 -50.00 0.00 -50.00 -120.00 106.68 102.53 38.77
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 400.65 -0.33 0.53 -2.00 0.92 2.75 VDAX 18.58 0.57 18.00 93.30 - Tr 0.125pc '23 100.02 0.11 -26.67 22.22 -8.33 -237.50 100.60 99.97 33.82
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 339.91 0.45 0.51 -0.48 0.51 -0.48 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 0.125pc '24 99.77 0.22 -12.00 29.41 4.76 -283.33 104.35 99.69 34.12
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 244.39 0.06 0.58 0.09 0.54 3.54 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.25pc '25 99.89 0.28 -9.68 12.00 3.70 -450.00 123.75 99.78 4.23
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 258.12 0.07 0.96 -2.04 0.94 0.58 Tr 0.125pc '26 99.09 0.33 -8.33 13.79 -15.38 -1200.00 101.14 98.61 33.89
Gilts( £) 360.87 -0.56 0.93 -4.84 1.41 -5.10 BONDS: BENCHMARK GOVERNMENT Tr 1.25pc '27 104.97 0.41 -8.89 2.50 -19.61 -2150.00 109.23 104.13 39.34
INTEREST RATES: MARKET Global Inflation-Lkd 318.17 0.47 1.45 1.17 -0.11 8.24 Red Bid Bid Day chg Wk chg Month Year Tr 0.875pc '29 102.48 0.57 -6.56 -5.00 -22.97 612.50 107.70 100.42 41.87
Over Change One Three Six One Markit iBoxx £ Non-Gilts 387.09 -0.33 0.49 -1.99 0.84 1.75 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 136.69 0.74 -5.13 -5.13 -18.68 196.00 147.41 133.57 38.71
Jul 16 (Libor: Jul 15) night Day Week Month month month month year Overall ($) 280.70 0.38 0.58 -1.39 0.58 -1.39 Australia 11/22 2.25 102.99 0.02 0.00 0.00 0.01 -0.25 Tr 4.25pc '36 145.81 0.90 -4.26 -7.22 -16.67 109.30 158.28 140.76 30.41
US$ Libor 0.08563 0.000 0.001 -0.002 0.08913 0.13388 0.15325 0.24100 Overall( £) 364.13 -0.50 0.81 -4.06 1.26 -3.25 05/32 1.25 99.22 1.33 -0.05 -0.03 -0.25 0.34 Tr 4.5pc '42 165.60 1.06 -3.64 -6.19 -13.82 70.97 182.64 157.72 27.21
Euro Libor -0.58429 0.000 0.005 0.000 -0.57471 -0.55486 -0.52486 -0.48643 Overall(€) 250.11 0.08 0.81 -1.52 0.79 0.97 Austria 05/34 2.40 130.03 0.05 -0.02 -0.01 -0.12 0.10 Tr 3.75pc '52 169.63 1.10 -3.51 -5.17 -12.00 71.88 192.54 158.62 24.10
£ Libor 0.04050 0.000 -0.001 0.002 0.05400 0.07813 0.09300 0.17625 Treasuries ($) 256.95 0.36 0.68 -2.06 0.68 -2.06 02/47 1.50 125.94 0.43 -0.03 -0.02 -0.13 0.19 Tr 4pc '60 193.77 1.04 -3.70 -6.31 -12.61 70.49 223.28 179.62 24.12
Swiss Fr Libor -0.002 -0.80280 -0.75940 -0.71880 -0.59580 FTSE Belgium 10/23 0.20 102.00 -0.67 -0.01 0.00 -0.03 -0.09 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor -0.001 -0.07683 -0.08250 -0.07117 0.04233 Sterling Corporate (£) - - - - - - Canada - - - - - - -
Euro Euribor
Sterling CDs
0.002
0.000
-0.55700
0.50000
-0.54800
0.63000
-0.51300
0.78500
-0.48700 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 11/22 2.00 102.40 0.18 0.00 0.04 -0.05 -0.11 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 720.27 12.17 - - 4.78 8.97 Denmark 11/22 0.25 101.06 -0.55 0.00 0.01 -0.01 0.03
US$ CDs 0.000 0.14000 0.19000 0.22000 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 114.96 -1.39 -0.01 0.00 -0.09 -0.20 Price Indices Day's Total Return Return
Euro CDs 0.000 -0.53000 -0.49000 -0.52000 Fixed Coupon Jul 16 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 103.82 -0.67 0.00 0.01 -0.03 -0.07
04/31 0.75 109.03 -0.17 -0.02 -0.02 -0.13 0.02 1 Up to 5 Years 87.91 0.08 2473.96 -0.05 -0.73 0.21
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 180.48 0.28 3731.52 0.64 -2.80 0.52
Jul 16 term notice month month month year Markit iTraxx France 05/23 1.75 104.48 -0.65 -0.01 0.00 -0.01 -0.05
3 10 - 15 Years 215.55 0.47 4753.99 1.70 -4.20 0.84
Euro -0.74 -0.44 -0.70 -0.40 -0.68 -0.38 -0.64 -0.34 -0.67 -0.37 -0.66 -0.36 Crossover 5Y 237.97 0.66 4.94 3.58 273.86 224.88 05/27 1.00 108.42 -0.42 -0.01 -0.02 -0.10 -0.04
4 5 - 15 Years 188.46 0.35 3985.38 1.02 -3.18 0.67
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 Europe 5Y 47.60 0.14 0.93 0.12 55.28 45.58 Germany - - - - - - -
5 Over 15 Years 369.92 0.87 6171.37 3.30 -7.87 1.06
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 45.04 0.09 -0.78 0.37 49.50 44.56 08/23 2.00 105.71 -0.72 -0.01 0.00 -0.03 -0.02
7 All stocks 184.11 0.50 3995.98 1.69 -4.73 0.94
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 54.76 0.07 0.44 0.04 64.29 52.84 02/27 0.25 104.97 -0.62 -0.01 0.00 -0.08 0.01
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 95.56 0.16 -0.03 -0.01 -0.13 0.18 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 4.30 121.94 0.34 0.00 -0.05 -0.14 -1.16
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Jul 16 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 161.29 2.09 -1.11 5.50 191.34 148.48
Ireland - - - - - - - 1 Up to 5 Years 305.01 0.08 -0.29 0.51 2542.93 0.00 1.76
Nth Amer High Yld 5Y 283.03 3.82 0.65 1.70 316.77 269.30
- - - - - - - 2 Over 5 years 844.98 1.07 2.23 -0.34 6403.98 2.28 0.02
Nth Amer Inv Grade 5Y 49.32 0.93 0.28 -0.32 58.09 46.88
10/22 0.00 100.74 -0.59 -0.02 -0.01 -0.01 -0.06 3 5-15 years 514.07 0.46 1.21 -0.97 4118.57 1.41 -0.22
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 101.42 -0.47 0.00 -0.02 -0.04 -0.55 4 Over 15 years 1120.86 1.28 2.58 -0.22 8261.00 2.58 -0.01
11/25 2.50 111.03 -0.05 0.01 -0.02 -0.06 -0.75 5 All stocks 749.33 0.97 1.96 -0.39 5787.68 2.04 0.06
05/31 6.00 150.67 0.65 0.02 -0.03 -0.10 -0.68
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 138.91 1.64 0.02 -0.03 -0.11 -0.46 Yield Indices Jul 16 Jul 15 Yr ago Jul 16 Jul 15 Yr ago
Japan 04/23 0.05 99.95 0.08 0.00 -0.01 -0.01 0.03 5 Yrs 0.32 0.36 -0.14 20 Yrs 1.10 1.14 0.64
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/27 0.10 101.33 -0.12 -0.01 -0.01 -0.04 -0.02 10 Yrs 0.72 0.76 0.17 45 Yrs 1.00 1.04 0.60
Crude Oil† Jul 72.00 0.49 Corn♦ Sep 568.50 6.00 Jul 15 Jul 15 Prev return stock Market stocks
06/34 1.50 117.55 0.13 -0.02 -0.02 -0.06 -0.09 15 Yrs 0.98 1.02 0.48
Brent Crude Oil‡ 73.67 0.44 Wheat♦ Sep 687.25 15.25 Can 4.25%' 26 129.47 -1.065 -1.065 0.81 5.25 80664.13 7
12/49 0.40 94.52 0.61 -0.03 -0.02 -0.06 0.01
RBOB Gasoline† Jul 2.26 0.02 Soybeans♦ Aug 1462.25 16.00 Fr 1.10%' 22 103.39 -2.139 -2.139 -0.01 19.85 272726.15 17
Netherlands 07/23 1.75 104.94 -0.70 0.00 0.00 -0.01 -0.08 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Aug 368.00 5.10 Swe 1.00%' 25 120.15 -1.674 -1.674 0.42 33.01 197221.25 6
07/27 0.75 107.83 -0.53 -0.01 -0.01 -0.10 -0.06 Real yield Jul 16 Dur yrs Previous Yr ago Jul 16 Dur yrs Previous Yr ago
Natural Gas† Jul 3.64 0.02 Cocoa (ICE Liffe)X Sep 1583.00 -22.00 UK 1.875%' 22 107.84 -3.731 -3.731 0.08 15.74 823708.45 31
Ethanol♦ - - Cocoa (ICE US)♥ Sep 2366.00 -5.00 New Zealand 04/27 4.50 117.78 1.28 0.03 0.12 0.04 0.65 Up to 5 yrs -2.69 2.77 -2.90 -2.46 -3.12 2.77 -3.20 -2.88
UK 2.50%' 24 357.48 -2.981 -2.981 0.10 6.82 823708.45 31
Uranium† - - Coffee(Robusta)X Sep 1779.00 29.00 05/31 1.50 98.67 1.65 0.00 0.08 -0.13 0.69 Over 5 yrs -2.26 23.89 -2.24 -2.33 -2.29 23.95 -2.26 -2.36
UK 2.00%' 35 296.68 -2.513 -2.513 1.35 9.08 823708.45 31
Carbon Emissions‡ - - Coffee (Arabica)♥ Sep 160.75 3.25 05/31 1.50 98.67 1.65 0.00 0.08 -0.13 0.69 5-15 yrs -2.60 9.37 -2.63 -2.76 -2.72 9.37 -2.71 -2.87
US 0.625%' 23 105.80 -2.598 -2.598 0.44 47.03 1728614.16 44
White SugarX 460.00 4.00 Norway 08/30 1.38 101.10 1.25 -0.02 0.06 -0.09 0.59 Over 15 yrs -2.22 28.56 -2.20 -2.27 -2.24 28.59 -2.21 -2.29
Diesel† - - US 3.625%' 28 136.02 -1.438 -1.438 1.33 16.78 1728614.16 44
Sugar 11♥ 17.35 0.00 08/30 1.38 101.10 1.25 -0.02 0.06 -0.09 0.59 All stocks -2.27 21.68 -2.25 -2.33 -2.30 21.77 -2.27 -2.36
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2489.50 -21.50 Cotton♥ Oct 90.00 -0.23 Portugal 10/22 2.20 103.58 -0.65 0.02 0.01 -0.02 -0.23 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 133.45 -0.50 04/27 4.13 125.89 -0.34 0.00 -0.04 -0.13 -0.42 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 9452.50 28.50 Palm Oil♣ - - Spain 10/22 0.45 101.33 -0.58 -0.01 0.00 -0.03 -0.20 Gilt Closing Prices information contained herein is proprietary to
Lead 2318.00 -11.50 Live Cattle♣ Aug 121.15 -0.15 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 120.61 -1.08 0.01 -0.04 -0.07 -0.67 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 19080.00 340.00 Feeder Cattle♣ May 134.88 - Sweden 11/23 1.50 104.18 -0.30 0.00 0.00 -0.05 0.03 accurate, complete or timely; and does not constitute investment advice.
Tin 33610.00 495.00 Lean Hogs♣ Aug 104.48 -0.85 Spread Spread Spread Spread 06/26 0.13 118.73 -1.70 -0.02 -0.01 -0.11 -0.32 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2999.50 35.50 Bid vs vs Bid vs vs 06/30 0.13 118.64 -1.65 -0.03 -0.02 -0.15 -0.21
% 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 1823.75 0.55 Jul 15 Month Year 02/23 4.00 107.52 -0.77 0.01 -0.01 -0.01 -0.05 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.33 - - Netherlands -0.53 - -
Silver (US cents) 2620.50 3.50 S&P GSCI Spt 529.62 -0.06 56.57 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria 0.05 - - New Zealand 1.65 - -
Platinum 1130.00 -2.00 DJ UBS Spot 94.52 1.16 42.17 Canada - - - Norway 1.25 - - 07/23 0.75 101.22 0.14 0.07 0.08 0.07 0.22 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2770.00 -68.00 TR/CC CRB TR 226.46 1.41 51.45 Denmark -1.39 - - Portugal -0.34 - - 07/27 1.25 104.73 0.45 0.06 0.11 0.01 0.43 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities LEBA EUA Carbon 53.32 -1.90 86.37 Finland -0.17 - - Spain -1.08 - - 07/47 1.50 107.74 1.15 0.04 0.04 -0.09 0.47
Iron Ore 221.10 -1.20 LEBA UK Power 1661.00 -35.24 32.88 Germany - - - Sweden -1.65 - - United States 03/23 0.50 100.54 0.18 0.00 0.03 -0.02 0.01 Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 123.00 8.00 Ireland - - - Switzerland - - - 03/27 0.63 98.59 0.88 -0.04 0.02 -0.12 0.43
Baltic Dry Index 3039.00 -34.00 Italy 0.65 - - United Kingdom - - - 04/32 3.38 149.19 - - - - -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Japan 0.13 - - United States - - - 02/50 0.25 115.13 - - - - -
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.
17 July/18 July 2021 ★ FTWeekend 17
Main Market
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18 ★ FTWeekend 17 July/18 July 2021
SUMMARY FT.COM/FUNDS
Winners - US Fund Foreign Large Growth Losers - US Fund Foreign Large Growth Morningstar Star Ratings Global Broad Category Group - Allocation
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
Bail ie Gifford International Concentrated Growth Equities Fund 34.90 23.61 - 1.30 24.48 Janus Henderson International Managed Volatility Fund 12.84 3.56 4.95 0.33 13.12 Eurocroissance Euro QQQQ QQQQ QQQQ Euro Aggressive Balanced PP Euro 11.77 14.77 -
PGIM Jennison International Opportunities Fund 28.01 17.43 17.29 1.20 19.11 Polen International Growth Fund 8.98 5.88 - 0.60 14.74 Charifund Acc Pound Sterling QQQQ QQQQ QQQQ TWD Moderate Allocation New Taiwan Dollar 33.16 14.32 13.70
Vanguard International Growth Fund 26.30 15.65 16.19 1.04 21.10 Nuveen International Growth Fund 15.64 6.09 8.15 0.50 19.38 Bond Global Euro QQQ QQQQ QQQQ Vietnam Aggressive Allocation US Dollar 54.94 13.69 12.25
Nationwide AllianzGI International Growth Fund 24.46 15.49 14.10 1.02 21.11 AQR International Momentum Style Fund 16.70 6.24 6.68 0.54 15.98 America Pound Sterling QQ QQ QQQ TWD Aggressive Allocation New Taiwan Dollar 35.31 13.58 17.33
WCM Focused International Growth Fund 25.69 14.97 13.25 1.19 16.53 Marsico International Opportunities Fund 16.86 6.75 9.82 0.56 17.92 Bond Income Pound Sterling Q QQ QQ Siefore Basica Adicional Mexican Peso 8.71 11.98 8.91
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 £ 1.5775 - -0.0071 2.06 0.84 4.05 Multi Asset Open Advent W-ACC-GBP £ 1.74 - 0.00 0.93 17.49 7.64
Brooks Macdonald International Multi Strategy Fund Limited Multi Asset Open Defen W-ACC-GBP £ 1.42 - 0.00 0.25 8.38 5.04
Brooks Macdonald Intl Multi StratCauBalA £ 1.0000 - 0.0000 - - - Multi Asset Open Growth Fund W-ACC-GBP £ 1.66 - 0.00 1.07 16.67 7.16
Brooks Macdonald Intl Multi Strat Gr A £ 1.0000 - 0.0000 - - - Multi Asset Open Strategic Fund W-ACC-GBP £ 1.56 - 0.00 0.64 12.18 6.12
Brooks Macdonald Intl Multi Strat Hi GrA £ 1.0000 - 0.0000 - - - Open World Fund W-ACC-GBP £ 2.21 - 0.00 0.94 22.35 10.06
Cautious Balanced Strategy £ 1.3961 - -0.0044 0.00 8.31 4.09 Strategic Bond Fund Y-ACC-GBP £ 1.40 - 0.00 2.26 4.94 5.62
Growth Strategy £ 2.0870 - -0.0080 0.00 15.50 4.33 UK Opportunities Fund W-ACC-GBP 295.80 - -0.30 1.26 34.52 5.75
Aberdeen Standard Capital ( JER ) The Antares European Fund Limited High Growth Strategy £ 2.9313 - -0.0133 0.00 19.64 5.45
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Other International UK Smaller Companies W-ACC-GBP £ 3.58 - -0.01 0.37 66.16 10.44
FCA Recognised US$ Growth Strategy $ 2.1214 - -0.0148 0.00 25.45 8.89 Institutional OEIC Funds
AEF Ltd Usd $ 553.05 - -4.81 0.00 -6.62 -8.74
Aberdeen Standard Capital Offshore Strategy Fund Limited Dealing Daily. Initial charge up to 2% America £ 8.49 - 0.02 0.28 22.44 12.63
AEF Ltd Eur € 517.56 - -4.51 0.00 -6.90 -10.01
Bridge Fund £ 2.3812 - -0.0017 1.34 13.72 9.47 Emerging Markets £ 6.67 - -0.01 0.36 28.21 12.76
Global Equity Fund £ 3.4995 - -0.0013 0.79 18.27 13.36 Europe (ex-UK) Fund ACC-GBP £ 7.73 - -0.02 0.50 18.53 12.37
Global Fixed Interest Fund £ 0.9721 - 0.0012 4.31 6.61 4.73 Fidelity Pre-Retirement Bond Fund £ 163.60 - -0.10 1.77 -1.56 5.56
Income Fund £ 0.6838 - -0.0005 2.36 13.22 8.75 Global Focus £ 6.89 - 0.00 0.31 26.85 15.06
Sterling Fixed Interest Fund £ 0.8987 - -0.0007 2.80 2.82 4.92 Index Linked Bond Gross £ 4.76 - 0.03 0.11 -1.35 5.83
UK Equity Fund £ 2.1235 - -0.0038 2.49 21.19 0.93 Japan £ 4.01 - 0.00 0.41 13.24 9.31
Long Bond Gross £ 1.19 - 0.00 1.50 -7.53 5.85
Arisaig Partners CP Global Asset Management Pte. Ltd. EdenTree Investment Management Ltd ( UK ) Pacific (Ex Japan) £ 5.66 - 0.03 2.15 10.74 2.97
Other International Funds www.cpglobal.com.sg, Email: customer_support@cpglobal.com.sg PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Select Emerging Markets Equities £ 2.51 - 0.00 0.42 20.28 10.08
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 126.83 - -0.36 0.00 25.03 - International Mutual Funds Authorised Inv Funds Select Global Equities £ 5.04 - 0.07 0.78 8.25 6.65
Arisaig Asia Consumer Fund Limited $ 125.44 - -0.40 0.00 25.87 9.76 CP Multi-Strategy Fund $ 261.93 - 0.21 - 16.49 17.10 Amity UK Cls A Inc 261.20 - -1.90 0.35 21.70 3.14 South East Asia £ 7.28 - -0.01 1.13 12.84 8.29
Arisaig Global Emerging Markets Consumer Fund $ 16.82 - -0.06 0.00 33.97 12.80 Amity UK Cls B Inc 260.20 - -1.90 0.98 22.43 3.91
Sterling Core Plus Bond Gr Accum £ 3.11 - -0.01 2.32 -1.11 7.35
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 - -4.18 2.02 Higher Income Cls A Inc 131.70 - -0.50 3.32 19.99 3.18
UK £ 4.83 - -0.01 2.37 22.41 3.22
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 - -1.16 3.15 Higher Income Cls B Inc 139.50 - -0.60 3.32 20.62 3.72
UK Aggreg Bond Gr Accum £ 2.42 - 0.00 1.74 -0.78 5.01
Arisaig Latin America Consumer Fund $ 27.11 - -0.02 - 1.96 -1.98 UK Equity Growth Cls A Inc 348.80 - -2.00 0.54 34.99 6.16
Sterling Corporate Bond - Gross £ 3.07 - 0.00 2.27 2.95 5.70
UK Equity Growth Cls B Inc 355.90 - -2.00 1.11 35.82 6.95
UK Gilt Gross £ 2.59 - 0.00 1.20 -3.97 4.24
Amity Balanced For Charities A Inc 111.40 - -0.50 3.60 20.27 5.11
Sterling Long Corp Bond - Gross £ 3.73 - -0.01 2.76 2.25 7.50
Brown Advisory Funds plc ( IRL ) Amity European Fund Cls A Inc 306.90 - -2.10 - 23.57 6.60
http://www.brownadvisory.com Tel: 020 3301 8130 CP Capital Asset Management Limited Amity European Fund Cls B Inc 309.60 - -2.00 - 24.35 7.42
www.cpgbl.com, email: fundservices@cpgbl.com
FCA Recognised Amity Global Equity Inc for Charities A Inc 160.80 - 0.10 2.10 20.29 10.73
International Mutual Funds
US Small Cap Blend Fund USD B $ 23.60 - -0.11 0.00 41.57 10.80 Amity International Cls A Inc 357.80 - -0.70 0.22 26.78 9.47
CPS Master Private Fund $ 366.59 - 0.00 - 17.53 15.38
US Flexible Equity Fund USD B $ 26.61 - -0.03 - 39.83 19.41 Amity International Cls B Inc 360.50 - -0.70 0.77 27.56 10.26
CP Global Alpha Fund $ 300.11 - 0.10 - 17.33 15.70
Global Leaders Fund USD C $ 23.36 - -0.09 0.00 34.87 17.53 Amity Sterling Bond Fund A Inc 105.60 - 0.10 3.54 5.21 4.14
Latin American Fund USD B $ 11.10 - -0.12 0.48 8.68 -8.32 Amity Sterling Bond Fund B Inc 118.20 - 0.10 3.53 5.94 4.80
Aegon Asset Management UK ICVC ( UK ) US Sustainable Growth Fund USD C $ 27.85 - -0.08 - 38.56 26.65
3 Lochside Crescent, Edinburgh, EH12 9SA
0800 358 3009 www.aegonam.com Global Leaders Sustainable Fund USD C $ 14.33 - -0.04 0.00 36.35 -
Authorised Funds US Equity Growth Fund USD B $ 63.56 - -0.32 - 32.83 23.61
Diversified Monthly Inc B Acc 159.06 - -0.22 4.83 14.26 5.68 American Fund USD B $ 30.22 - -0.64 0.00 16.05 11.65
Diversified Monthly Inc B Inc 109.87 - -0.15 4.97 14.26 5.68 US Smaller Companies Fund USD B $ 41.65 - -0.33 0.00 37.55 17.43
Diversified Growth B Acc £ 1.94 - 0.00 2.58 13.41 5.64 US Mid-Cap Growth Fund USD C $ 22.37 - -0.19 - 38.43 19.53
Ethical Cautious Managed B Acc £ 1.59 - 0.00 1.59 16.08 5.09
Ethical Cautious Managed B Inc £ 1.37 - 0.00 1.60 15.66 4.97 Ennismore Smaller Cos Plc ( IRL )
Ethical Corporate Bond B Acc £ 2.19 - 0.00 2.69 3.68 5.01 5 Kensington Church St, London W8 4LD 020 7368 4220
Artemis Fund Managers Ltd (1200)F ( UK ) FCA Recognised
Ethical Corporate Bond B Inc £ 1.09 - 0.00 2.69 3.07 4.80 57 St. James's Street, London SW1A 1LD 0800 092 2051 Ennismore European Smlr Cos NAV £ 149.69 - -0.07 0.00 16.20 5.19
Ethical Equity B Acc £ 2.81 - 0.00 1.53 27.78 6.20 Authorised Inv Funds Ennismore European Smlr Cos NAV € 175.61 - -0.09 0.00 24.02 6.47
Global Equity GBP B Acc £ 3.34 - -0.01 0.00 29.60 11.12 Artemis SmartGARP UK Eq I Acc 2050.88 - -1.96 2.91 39.14 5.67 FSSA Investment Managers ( UK )
Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB
High Yield Bond B Acc £ 3.31 - 0.00 5.06 15.74 6.78 Artemis Corporate Bond I Acc 114.93 - 0.23 2.22 7.23 -
CG Asset Management Limited ( IRL ) infouk@fssaim.com
High Yield Bond B Inc £ 1.00 - 0.00 5.06 15.75 6.81 Artemis SmartGARP Eur Eq I Acc 398.09 - -0.85 2.49 22.29 2.37 Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
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 133.96 - 0.16 0.46 17.97 5.40 Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Authorised Funds
Investment Grade Bond B Inc £ 1.33 - 0.00 2.26 4.15 4.90 Artemis SmartGARP GloEmr Eq I Acc 167.07 - 0.54 - 25.79 7.57 FCA Recognised Asia-All Cap Acc GBP £ 1.94 - 0.00 0.83 24.00 8.51
Sterling Corporate Bond B Acc £ 0.96 - 0.00 2.74 3.81 5.45 Artemis SmartGARP Glo Eq I Acc 366.08 - 0.31 - 24.63 8.82 CG Portfolio Fund Plc DWS ( LUX ) Asia Focus Acc GBP £ 2.42 - 0.00 0.90 20.61 10.76
Tel: +44 (0) 20 7541 8999 www.dws.com
Sterling Corporate Bond B Inc £ 0.35 - 0.00 2.74 3.14 5.23 Artemis Global Income I Inc 107.57 - 0.11 2.74 28.34 4.38 Absolute Return Cls M Inc £ 138.72 138.72 -0.18 1.29 9.26 6.86 FCA Recognised Greater China Growth A Shares 1269.89 - -2.30 0.56 22.59 13.84
Strategic Bond B Acc £ 1.57 - 0.00 3.54 11.24 8.63 Artemis Global Select I Acc 167.94 - 0.18 - 18.59 13.88 Capital Gearing Portfolio GBP P £ 38596.17 38596.17 -19.00 0.80 12.15 7.15 DWS Invest Top Dividend £ 139.78 139.78 -0.16 2.89 6.85 4.80 Ennismore European Smlr Cos Hedge Fd Japan Focus Acc GBP £ 2.74 - 0.00 0.00 11.70 12.67
Strategic Bond B Inc £ 1.45 - 0.00 3.54 10.91 8.53 Artemis High Income I Q Inc 81.63 - 0.01 4.58 13.07 4.42 Capital Gearing Portfolio GBP V £ 187.71 187.71 -0.09 0.80 12.16 7.13 DWS Invest Top Euroland £ 172.46 172.46 -0.87 0.52 18.39 9.71 Other International Funds
UK Equity B Acc £ 3.61 - -0.02 2.34 22.79 3.91 Artemis Income I Inc 244.79 - -0.82 3.51 23.14 2.81 Dollar Fund Cls D Inc £ 169.09 169.09 0.60 1.46 -3.47 5.47 NAV € 624.81 - 0.97 0.00 22.37 5.24
DWS Invest Multi Opportunities £ 115.07 115.07 0.00 0.00 13.34 4.07
UK Equity Absolute Return B Acc £ 1.28 - 0.00 0.00 4.36 4.03 Artemis Monthly Dist I Inc 74.52 - 0.07 3.12 15.55 4.24 Dollar Hedged GBP Inc £ 109.91 109.91 0.37 1.29 6.12 6.01 DWS Invest Global Bonds £ 103.84 103.84 -0.09 0.00 2.34 0.50
UK Equity Income B Acc £ 2.86 - 0.00 4.34 22.18 2.54 Artemis Positive Future Fund 100.71 - -1.87 - - - Real Return Cls A Inc £ 205.09 205.09 0.69 1.64 -3.17 4.02
UK Equity Income B Inc £ 1.73 - 0.00 4.47 20.25 2.00 Artemis Strategic Assets I Acc 87.73 - -0.56 0.07 18.04 -2.63
UK Opportunities B Acc £ 2.68 - -0.01 1.11 24.26 7.54 Artemis Strategic Bond I Q Acc 112.71 - 0.04 2.26 4.91 4.28
UK Smaller Companies B Acc £ 5.22 - 0.00 0.87 42.13 8.26 Artemis Target Return Bond I Acc 109.36 - -0.06 2.17 6.43 -
Artemis UK Select Fund Class I Acc 765.41 - -1.49 0.87 47.95 8.97
Artemis UK Smaller Cos I Acc 2139.38 - -3.94 0.25 50.37 3.99 Euronova Asset Management UK LLP ( CYM )
Artemis UK Special Sits I Acc 795.21 - -2.23 1.36 38.69 6.02 Regulated
Artemis US Abs Return I Hdg Acc 110.69 - -0.18 0.00 -1.69 -0.54 Smaller Cos Cls One Shares € 62.32 - 0.52 0.00 27.16 10.63
Artemis US Extended Alpha I Acc 312.84 - -0.41 - 21.05 15.38 Smaller Cos Cls Two Shares € 40.09 - 0.30 0.00 23.53 9.01
Artemis US Select I Acc 308.27 - 0.08 - 21.17 16.06 Smaller Cos Cls Three Shares € 20.17 - 0.14 0.00 23.49 8.99
Artemis US Smlr Cos I Acc 346.83 - 2.61 0.00 32.14 16.25 Smaller Cos Cls Four Shares € 25.98 - 0.19 0.00 23.75 9.10
Aegon Asset Management UK Investment Portfolios ICVC( UK )
3 Lochside Crescent, Edinburgh, EH12 9SA
0800 358 3009 www.aegonam.com
Authorised Funds
Property Income B Acc 106.27 106.27 0.01 3.54 -10.78 -7.21 First Sentier Investors (UK) ( UK )
Property Income B Inc 77.48 77.48 0.00 3.61 -10.24 -6.84 Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB
infoUK@firstsentier.com
Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
Dodge & Cox Worldwide Funds ( IRL ) Authorised Funds
Candriam Investors Group ( LUX ) 48-49 Pall Mall, London SW1Y 5JG. Diversified Growth B Acc £ 1.25 - -0.01 0.84 6.92 3.84
FCA Recognised www.dodgeandcox.worldwide.com 020 3713 7664 Emerging Markets Bond A Accumulation £ 1.43 - 0.00 4.45 5.04 3.23
Candriam Eqts L Australia CapA$ 1762.33 - 2.92 0.00 35.16 10.46 FCA Recognised
Emerging Markets Bond A Income £ 0.95 - 0.00 4.60 5.06 3.26
Candriam Qt-Eqts Europe Cap € 3234.29 - -26.55 0.00 27.57 6.97 Dodge & Cox Worldwide Funds plc - Global Bond Fund
EUR Accumulating Class € 15.56 - 0.03 0.00 3.94 7.12 Global Listed Infrastructure Acc 296.14 - 2.23 2.44 6.33 5.86
EUR Accumulating Class (H) € 11.72 - 0.00 0.00 6.55 5.19 Global Listed Infrastructure Inc 196.41 - 1.48 2.50 6.28 5.84
Aegon Asset Management Investment Company (Ireland)( IRL )
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 EUR Distributing Class € 11.94 - 0.02 3.18 3.97 7.11 Global Property Securities A Accumulation 270.27 - 2.22 1.93 21.14 8.78
FCA Recognised EUR Distributing Class (H) € 8.95 - 0.00 3.29 6.58 5.17 Global Property Securities A Income 185.72 - 1.52 1.96 21.16 8.81
Absolute Return Bond B GBP Acc 1166.63 - 0.11 1.61 3.37 1.69
GBP Distributing Class £ 12.48 - 0.03 2.91 -1.98 5.97
High Yield Global Bond A GBP Inc 520.12 - -0.13 4.49 14.18 6.01
GBP Distributing Class (H) £ 9.47 - 0.00 3.23 7.15 6.08
High Yield Global Bond B GBP Inc 1118.42 - -0.25 5.23 15.08 6.75
USD Accumulating Class $ 13.26 - 0.00 0.00 7.63 7.55
Global Equity Income B GBP Acc 2294.25 - -0.81 0.00 19.03 11.65 Ashmore Investment Management Limited ( LUX ) FIL Investment Services (UK) Limited (1200)F ( UK )
Candriam Investors Group Dodge & Cox Worldwide Funds plc-Global Stock Fund
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 13.10 13.75 2 rue Albert Borschette L-1246 Luxembourg Other International Funds Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP
USD Accumulating Share Class $ 29.52 - -0.14 0.00 44.21 10.63
lobal Equity Market Neutral Fund - B Acc GBP £ 12.60 - 0.00 0.00 11.21 7.46 FCA Recognised Candriam Eqts L Emerging Mkts Cap € 1205.05 - -6.89 0.00 34.23 13.47 Callfree: Private Clients 0800 414161
GBP Accumulating Share Class £ 35.13 - -0.08 0.00 31.33 9.04 Broker Dealings: 0800 414 181
Global Sustainable Equity B Acc GBP £ 29.57 - -0.08 - 31.92 25.14 Ashmore SICAV Emerging Market Debt Fund $ 91.53 - 0.18 4.58 10.04 3.78 Candriam Bonds Credit Opportunities € 203.08 - -0.01 0.00 1.87 1.12 GBP Distributing Share class £ 24.08 - -0.05 0.81 31.36 8.93 OEIC Funds
Global Sustainable Equity C Acc GBP £ 30.06 - -0.08 - 32.38 25.58 Ashmore SICAV Emerging Market Frontier Equity Fund $ 192.13 - 0.02 0.43 39.04 4.60 Candriam Bds Euro High Yield Cap € 1275.17 - 0.41 0.00 7.75 4.60 Findlay Park Funds Plc ( IRL )
EUR Accumulating Share Class € 37.54 - -0.10 0.00 39.35 10.24 Allocator World Fund Y-ACC-GBP £ 2.62 - 0.01 1.22 23.26 11.36 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Inv Grd Gbl Bond A Inc GBH 621.74 - -0.47 1.81 2.61 5.69 Ashmore SICAV Emerging Market Total Return Fund $ 80.02 - 0.14 4.03 9.23 2.76 Candriam Bds Euro Sh.Term Cap € 2075.77 - -0.01 0.00 0.24 -0.17 GBP Distributing Class (H) £ 14.24 - -0.07 0.57 42.92 8.09 American Special Sits W-ACC-GBP £ 18.83 - 0.03 - 25.70 6.98 FCA Recognised
Short Dated High Yld Bd B Acc GBP £ 11.34 - -0.01 0.00 8.44 4.06 Ashmore SICAV Global Small Cap Equity Fund $ 245.79 - 1.20 0.00 55.93 15.32
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Asia Pacific Ops W-Acc £ 3.09 - -0.01 0.50 32.46 18.39 American EUR Unhedged Class € 154.76 - -0.12 - - -
Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.47 - 0.00 0.00 8.69 4.32 EM Active Equity Fund Acc USD $ 169.68 - 1.47 0.00 28.64 9.68
USD Accumulating Share Class $ 38.34 - -0.14 0.00 50.59 13.14 Asian Dividend Fund W-ACC-GBP £ 2.24 - 0.00 2.73 18.69 8.57 American Fund USD Class $ 182.90 - -0.15 0.00 32.10 17.21
Strategic Global Bond A GBP Inc 1332.83 - -0.27 2.70 9.46 7.81 EM Equity Fund Acc USD $ 169.67 - 0.92 0.00 47.07 19.13
GBP Accumulating Share Class £ 43.14 - -0.05 - 37.13 11.50 China Consumer Fund W-ACC-GBP £ 3.92 - 0.01 0.05 10.77 10.62 American Fund GBP Hedged £ 91.95 - -0.08 0.00 31.30 15.23
Strategic Global Bond B GBP Inc 756.66 - -0.12 3.45 10.25 8.56 EM Mkts Corp.Debt USD F $ 91.97 - 0.04 4.77 14.44 5.85
GBP Distributing Share Class £ 26.12 - -0.03 0.88 37.12 11.50 Emerging Asia Fund W-ACC-GBP £ 2.16 - 0.00 0.44 22.03 12.99 American Fund GBP Unhedged £ 131.89 - -0.11 0.00 20.25 15.30
EM Mkts Loc.Ccy Bd USD F $ 74.51 - 0.07 4.62 5.03 2.61
EUR Accumulating Share Class € 42.09 - -0.07 0.00 45.44 12.73 Enhanced Income Fund W-INC-GBP £ 0.84 - 0.00 5.85 14.05 1.42
EM Short Duration Fund Acc USD $ 121.02 - -0.41 - 6.63 -3.48
GBP Distributing Class (H) £ 15.72 - -0.06 0.65 49.05 10.97 European Fund W-ACC-GBP £ 22.24 - 0.03 0.92 13.64 10.78
Chartered Asset Management Pte Ltd Extra Income Fund Y-ACC-GBP £ 1.47 - 0.00 3.30 8.78 5.28
Other International Funds FID INST - Emerging Markets Fund W-ACC-GBP £ 2.21 - 0.00 0.46 28.41 12.92
CAM-GTF Limited $ 324080.71 324080.71 -7041.61 - 12.07 3.67 Fidelity American Fund W-ACC-GBP £ 60.11 - -0.16 - 22.13 13.98
CAM GTi VCC $ 780.49 - -32.39 - 12.31 4.69 Fidelity Asia Fund W-ACC-GBP £ 19.06 - -0.02 0.42 20.03 12.24
RAIC VCC $ 1.64 1.64 0.03 2.06 5.74 -1.66 Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.09 -0.09 0.38
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.92 - 0.03 1.62 41.06 11.72
Atlantas Sicav ( LUX ) Fidelity European Opportunities W Acc £ 5.65 - -0.02 0.48 13.13 5.78
Regulated Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.18 - 0.00 3.62 9.39 9.17
American Dynamic $ 7650.05 7650.05 8.74 0.00 40.03 16.15 Fidelity Global Focus Fund W-ACC-GBP £ 35.49 - -0.10 - 23.06 15.21
American One $ 7431.13 7431.13 32.44 0.00 39.83 19.15 Fidelity Global High Yield Fund Y-ACC-GBP £ 16.19 - 0.00 4.84 12.90 4.74
Bond Global € 1531.78 1531.78 3.75 0.00 0.62 2.86 Fidelity Japan Fund W-ACC-GBP £ 5.46 - 0.00 0.83 22.81 14.26
Eurocroissance € 1470.99 - 25.28 0.00 27.57 11.77 Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 4.11 - 0.00 0.26 10.01 6.46
Far East $ 1369.93 - 9.79 0.00 35.36 13.40 Consistent Unit Tst Mgt Co Ltd (1200)F ( UK ) Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.21 - 0.00 0.85 10.87 5.56
Stuart House, St John's Street, Peterborough, PE1 5DD
Dealing & Client Services 0345 850 8818 Fidelity Special Situations Fund W-ACC-GBP £ 39.92 - -0.03 - 33.96 1.56
Authorised Inv Funds Short Dated Corporate Bond Fund Y ACC GBP £ 11.20 - 0.00 4.01 3.64 2.75
Algebris Investments ( IRL ) Consistent UT Inc 75.45 77.43 -0.19 0.00 75.67 12.89 Fidelity Sustainable Water & Waste W Acc £ 1.23 - 0.00 0.56 23.69 - Foord Asset Management
Regulated Consistent UT Acc 201.10 206.40 -0.50 0.00 75.79 12.86 Website: www.foord.com - Email: info@foord.com
Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 - -7.27 5.14
Algebris Financial Credit I EUR € 193.40 - 0.08 - 10.99 8.38 Practical Investment Inc 259.70 278.20 -0.40 3.09 28.13 6.44 FCA Recognised - Luxembourg UCITS
Dragon Capital Fidelity UK Select Fund W-ACC-GBP £ 3.60 - -0.01 0.79 26.10 5.21
Algebris Financial Credit R EUR € 167.78 - 0.06 - 10.37 7.74 Practical Investment Acc 1535.00 1645.00 -2.00 3.09 28.02 6.30 www.dragoncapital.com Foord International Fund | R $ 48.67 - -0.02 - 10.98 6.69
Global Dividend Fund W-ACC-GBP £ 2.80 - 0.01 2.62 10.43 10.87
Algebris Financial Credit Rd EUR € 109.43 - 0.05 4.60 10.48 7.78 Fund information:info@dragoncapital.com Foord Global Equity Fund (Lux) | R $ 18.84 - -0.01 - 25.46 12.42
Other International Funds Global Property Fund W-ACC-GBP £ 2.18 - 0.01 1.71 18.00 6.98
Algebris Financial Income I EUR € 173.78 - 0.07 0.00 32.83 7.66 Regulated
Vietnam Equity (UCITS) Fund A USD $ 34.61 - 0.53 0.00 75.42 17.93 Global Special Sits W-ACC-GBP £ 54.94 - -0.04 0.34 20.72 12.59 Foord Global Equity Fund (Sing) | B $ 23.18 - -0.01 0.00 26.89 13.09
Algebris Financial Income R EUR € 160.13 - 0.07 0.00 31.63 6.69
Index Emerging Markets P-Acc £ 1.95 - 0.00 1.53 17.95 8.60 Foord International Trust (Gsy) $ 48.54 - -0.03 0.00 11.37 6.87
Algebris Financial Income Rd EUR € 103.11 - 0.04 2.95 31.63 6.69
Index Europe ex UK P-Acc £ 1.87 - 0.00 1.50 18.17 9.14
Algebris Financial Equity B EUR € 133.88 - 0.02 0.00 50.96 3.53
Index Japan P-Acc £ 1.93 - 0.00 1.80 10.84 6.24
Algebris IG Financial Credit I EUR € 112.02 - 0.06 0.00 7.77 -
Index Pacific ex Japan P-Acc £ 1.88 - 0.01 2.20 18.44 6.18
Algebris IG Financial Credit R EUR € 111.02 - -0.05 0.00 7.25 -
Index UK P-Acc £ 1.45 - 0.00 - 19.42 2.13
Algebris Global Credit Opportunities I EUR € 130.16 - -0.55 0.00 8.90 8.15
Index US P-Acc £ 3.23 - 0.01 - 25.05 16.14
Algebris Global Credit Opportunities R EUR € 128.02 - -0.54 0.00 8.79 7.79
Index World P-Acc £ 2.58 - 0.00 1.33 22.82 13.10
Algebris Global Credit Opportunities Rd EUR € 128.02 - -0.54 0.00 8.79 7.79
MoneyBuilder Balanced Y-ACC-GBP £ 0.61 - 0.00 2.61 7.72 2.67
Algebris Core Italy I EUR € 152.06 - -1.29 0.00 49.84 -
MoneyBuilder Dividend Y-INC-GBP £ 1.21 - 0.00 3.30 14.41 2.01 Franklin Templeton International Services Sarl ( IRL )
Algebris Core Italy R EUR € 144.96 - -1.23 0.00 52.31 14.11 Brooks Macdonald International Fund Managers Limited( JER ) JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
MoneyBuilder Income Fund Y-ACC-GBP £ 14.87 - 0.00 2.85 3.99 5.10
Algebris Financial Equity R EUR € 114.14 - 0.02 0.00 49.59 2.53 5 Anley Street, St Helier, Jersey, JE2 3QE Other International Funds
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Multi Asset Allocator Adventurous Fund Y-ACC-GBP £ 2.16 - 0.01 1.14 18.39 9.97 Franklin Emerging Market Debt Opportunities Fund Plc
Brooks Macdonald International Investment Funds Limited Multi Asset Allocator Defensive Fund Y-ACC-GBP £ 1.46 - 0.00 1.45 4.58 5.34 Franklin Emg Mkts Debt Opp CHFSFr 14.89 - 0.02 6.86 - 5.26
Euro High Income € 1.5205 - 0.0000 2.50 2.21 1.99 Multi Asset Allocator Growth Fund Y-ACC-GBP £ 1.93 - 0.00 1.24 13.66 8.38 Franklin Emg Mkts Debt Opp GBP £ 9.63 - 0.02 5.26 - 3.94
High Income £ 0.8513 - -0.0039 3.77 1.21 4.19 Multi Asset Income Fund W-INC-GBP £ 1.09 - 0.00 3.99 8.41 5.12 Franklin Emg Mkts Debt Opp SGDS$ 20.82 - 0.03 4.33 -2.34 0.37
Multi Asset Allocator Strategic Fund Y-ACC-GBP £ 1.71 - 0.00 1.21 9.03 6.80 Franklin Emg Mkts Debt Opp USD $ 16.98 - 0.01 5.66 - 6.03
17 July/18 July 2021 ★ FTWeekend 19
Fundsmith LLP (1200)F ( UK ) Mirabaud Asset Management ( LUX ) Polar Capital Funds Plc ( IRL ) Ruffer LLP (1000)F ( UK ) Stonehage Fleming Investment Management Ltd ( IRL )
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 www.mirabaud.com, marketing@mirabaud-am.com Regulated 65 Gresham Street, London, EC2V 7NQ www.stonehagefleming.com/gbi
www.fundsmith.co.uk, enquiries@fundsmith.co.uk Lothbury Property Trust (UK) Conviction based investment vehicles details available here www.mirabaud-am.com Automation & Artificial Intelligence CL I USD Acc $ 19.08 19.08 -0.17 - 31.86 21.11 Order Desk and Enquiries: 0345 601 9610 enquiries@stonehagefleming.com
Authorised Inv Funds 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Regulated Authorised Inv Funds Regulated
Asian Financials I USD $ 488.25 488.25 0.08 - 29.28 6.85
Fundsmith Equity T Acc 633.67 - 1.18 - 23.00 16.81 Property & Other UK Unit Trusts Mir. - Glb Strat. Bd I USD $ 124.44 - -0.02 0.00 6.60 4.49 Authorised Corporate Director - Link Fund Solutions SF Global Best Ideas Eq B USD ACC $ 282.52 - -0.80 0.00 32.44 19.64
Lothbury Property Trust GBP £ 1897.05 2043.72 17.69 2.19 - -1.18 Biotechnology I USD $ 40.14 40.14 -0.36 0.00 22.75 15.84
Fundsmith Equity T Inc 578.54 - 1.08 - 23.00 16.81 Mir. - DiscEur D Cap GBP £ 205.38 - -2.11 0.00 40.29 7.68 LF Ruffer European C Acc 954.10 - -11.84 0.04 50.55 17.25 SF Global Best Ideas Eq D GBP INC £ 309.14 - -0.85 0.00 20.57 17.70
Emerging Market Stars I USD Acc $ 16.10 - 0.19 0.00 31.43 16.97
Mirabaud - UK Equity High Alpha £ 160.92 - -2.05 0.00 31.67 8.54 LF Ruffer European C Inc 174.11 - -2.16 0.07 50.56 17.25
European Ex UK Inc EUR Acc € 13.00 13.00 -0.10 0.00 16.49 4.66
LF Ruffer European O Acc 928.86 - -11.57 0.00 50.10 16.90
Financial Opps I USD $ 15.72 - 0.04 1.46 45.19 6.12
LF Ruffer Equity & General C Acc 568.24 - -3.59 0.15 27.42 7.58
GEM Income I USD $ 14.73 - -0.02 0.00 35.04 6.87
LF Ruffer Equity & General C Inc 519.69 - -3.28 0.16 27.42 7.58
Global Convertible I USD $ 16.64 16.64 -0.09 0.00 13.43 7.49
LF Ruffer Equity & General O Acc 553.25 - -3.52 0.00 27.03 7.26
Global Insurance I GBP £ 7.51 - 0.03 0.00 11.49 7.55
LF Ruffer Equity & General O Inc 512.21 - -3.27 0.00 27.03 7.26
Global Technology I USD $ 92.18 - -1.06 0.00 30.66 26.40
LF Ruffer Gold C Acc 266.55 - -7.24 0.00 -17.96 20.53
GAM M & G Securities (1200)F ( UK ) Healthcare Blue Chip Fund I USD Acc $ 18.12 18.12 -0.09 0.00 18.59 12.96 Thesis Unit Trust Management Limited ( UK )
PO Box 9038, Chelmsford, CM99 2XF LF Ruffer Gold C Inc 161.32 - -4.39 0.00 -17.96 20.53
funds@gam.com, www.funds.gam.com Healthcare Opps I USD $ 67.68 - -0.71 0.00 17.54 11.91 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Regulated www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 LF Ruffer Gold O Acc 259.42 - -7.06 0.00 -18.21 20.17 Authorised Funds
Authorised Inv Funds Income Opportunities B2 I GBP Acc £ 2.65 2.65 0.00 - 27.61 5.63
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 109.10 - -0.29 2.93 14.08 4.16 LF Ruffer Japanese C Inc 179.11 - 3.46 0.06 24.33 15.29 TM New Court Fund A 2011 Inc £ 19.99 - 0.03 0.00 22.71 9.88
Charifund Inc 1531.43 - -3.16 4.36 26.10 3.79 Japan Value I JPY ¥ 129.83 129.83 -0.30 0.00 28.87 2.92
LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 112.56 - -0.37 0.89 19.37 - LF Ruffer Japanese C Acc 384.89 - 7.45 0.06 24.33 15.30 TM New Court Fund - A 2014 Acc £ 20.16 - 0.02 0.00 22.70 9.89
Charifund Acc 27796.44 - -57.31 3.98 26.11 3.80 North American I USD $ 36.58 36.58 -0.16 - 42.89 12.85
LF Ruffer Japanese O Acc X 374.23 - 7.22 0.00 23.95 14.95 TM New Court Equity Growth Fund - Inc £ 22.14 - 0.03 0.00 28.05 11.88
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.23 - 0.00 2.27 0.25 - UK Val Opp I GBP Acc £ 13.76 13.76 0.03 0.00 35.57 4.55
LF Ruffer Pacific & Emerging Markets C Acc 400.57 - -6.05 0.83 8.47 3.91
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.70 - 0.00 1.94 0.39 - LF Ruffer Pacific & Emerging Markets C Inc 109.10 - -1.65 0.82 8.47 3.91
M&G Charity Multi Asset Fund Inc £ 0.89 - 0.00 3.93 19.15 - LF Ruffer Pacific & Emerging Markets O Acc 389.62 - -5.91 0.50 8.14 3.60
M&G Charity Multi Asset Fund Acc £ 100.83 - 0.05 3.38 19.18 - LF Ruffer Total Return C Acc 541.87 - -0.84 0.61 13.28 6.95
LF Ruffer Total Return C Inc 349.59 - -0.54 0.62 13.28 6.95
LF Ruffer Total Return O Acc 527.51 - -0.85 0.62 12.93 6.63
Genesis Investment Management LLP LF Ruffer Total Return O Inc 340.14 - -0.54 0.62 12.93 6.63
Other International Funds New Capital UCITS Fund PLC ( IRL )
Leconfield House, Curzon Street, London, W1J 5JB Polar Capital LLP ( CYM )
Emerging Mkts NAV £ 7.21 - -0.16 1.29 16.15 9.67 www.newcapitalfunds.com Regulated
FCA Recognised European Forager A EUR € 212.17 - 0.96 0.00 22.74 3.63
New Capital UCITS Funds
MMIP Investment Management Limited ( GSY ) New Capital China Equity Fund $ 319.17 - 6.41 0.00 38.64 21.73
Regulated New Capital Dynamic European Equity Fund € 148.31 - -1.20 0.00 17.32 6.57
Multi-Manager Investment Programmes PCC Limited
New Capital Dynamic UK Equity Fund £ 125.09 - -1.09 0.00 13.23 2.81
UK Equity Fd Cl A Series 01 £ 3160.44 3197.43 -38.23 0.00 46.27 1.65
New Capital Global Alpha Fund £ 121.10 - -0.15 0.00 9.42 5.09
Diversified Absolute Rtn Fd USD Cl AF2 $ 1751.35 - -48.91 0.00 13.42 2.09
New Capital Global Equity Conviction Fund $ 236.79 - -0.21 0.00 39.60 21.00
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 $ 164.07 - -0.05 0.00 5.83 6.30
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Global Equity Fund A Lead Series £ 1843.62 1849.78 38.54 0.00 23.31 7.73
International Insurances New Capital Japan Equity Fund ¥ 1772.83 - -21.64 0.00 28.15 8.06 Private Fund Mgrs (Guernsey) Ltd ( GSY )
New Capital US Growth Fund $ 505.29 - -3.91 0.00 40.19 21.96 Regulated Toscafund Asset Management LLP ( UK )
Holiday Property Bond Ser 1 £ 0.48 - -0.01 0.00 -5.19 -3.77
New Capital US Small Cap Growth Fund $ 234.01 - -2.48 0.00 42.99 15.63 Monument Growth 06/07/2021 £ 552.53 558.27 3.41 0.80 16.04 3.04 www.toscafund.com
Holiday Property Bond Ser 2 £ 0.63 - 0.00 0.00 0.81 -1.25 Authorised Funds
New Capital Wealthy Nations Bond Fund $ 154.70 - 0.53 0.00 3.00 7.25 Aptus Global Financials B Acc £ 4.58 - 0.00 - 48.25 1.75
Aptus Global Financials B Inc £ 3.09 - -0.01 4.52 49.85 2.75
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20 ★ 17 July/18 July 2021
Twitter: @FTLex
Outlook is sunnier
for neglected
Paytm:
European shares
payment plan Carbon counter: not-so-dirty money
Annual footprint, CO2e (million tonnes) Carbon contribution to note and coin
Katie Martin
payments (%)
Asian fintech start-ups leave western
peers behind. Indian digital payments ATM Transport
app Paytm, reported to be on the verge Global card electricity 44
system 37
I
Global
Covid-19 vaccination. cash 4.2
Yet even with a potential record IPO system nvestors have learnt to stop worry- equity valuations — also stick out, “close to but below 2 per cent” to “2 per
on the cards, Paytm struggles to make ing and love European equities. drawn in by the relative allure of Euro- cent”, with a greater tolerance for moves
money. It reported a loss of $228m last Already, and with little fanfare, pean stocks at a time when yields else- above that point. To anyone outside of
year. Its prospectus warns investors Ethereum the continent’s stocks have been on where remain skinny. monetary policy or markets circles, that
that it expects “to continue to incur net 27 a tear. The Stoxx 600 index is up by Now it appears to be hard to find any is underwhelming. For the ECB, how-
losses for the foreseeable future”. Other Copper Steel 14.4 per cent so far in 2021, now more investor to bet on a reversal. In its latest ever, as my colleague Martin Arnold
Backed by a holy trinity of investors 6 5 trucks than a full percentage point ahead of the monthly European fund manager sur- succinctly put it, it is a break with “the
— SoftBank, Alibaba affiliate Ant and Carbon footprint of global cash and card payments, 8 US’s tech-heavy Nasdaq Composite and vey, Bank of America Securities found conservative monetary doctrine of Ger-
Berkshire Hathaway — Paytm wowed calculated using estimates for the Netherlands from 2015 and 2018 global CO2 output.
Source: Life cycle assessment of cash payments; Netherlands Central Bank
not far behind the S&P 500. that precisely zero respondents many’s Bundesbank that formed the
merchants and consumers alike when Granted, the European benchmark’s expected to see a decline in European bedrock of the euro’s creation”.
it appeared in 2010. India’s mobile- performance dims in dollar terms, to equities to the end of the year. A small All things being equal, it suggests the
friendly population played straight into Like the proverbial bad penny, cash electricity needed to power ATMs just under 11 per cent. Still, just around band of doubters in the previous month ECB will be happy to see higher infla-
its hands. It also became a natural refuses to disappear. Giving notes and and card readers that are rarely the halfway point of 2021, this would had melted away. tion, and willing to keep interest rates
beneficiary of the country’s 2016 coins for goods and services can feel switched off. The bulk of cash’s higher already rank among the index’s best full More than 80 per cent expected sin- low even if inflation accelerates. Now, I
madcap demonetisation scheme, which archaic when digital payments exist cost comes from transport, usually by years in a decade. gle-digit percentage point gains, and for would also be willing to be four inches
rendered the bulk of banknotes invalid and have a smaller carbon footprint. diesel vans. Using an alternative Typically, the accepted wisdom on almost half of respondents, the most taller and win the lottery. This does not
overnight. Paytm took the opportunity Privacy remains one of cash’s biggest measure of total environmental cost, Europe is that US investors ignore it. pressing risk was cutting equity expo- mean either of those things will happen.
to spread its wings into new areas, such draws. But those qualities also make which includes other pollution types, The sovereign debt crisis, which peaked None of this means that long-dor-
as booking movie tickets and holidays, cryptocurrencies appealing. the authors estimate that the impact with a restructuring of Greek govern- mant inflation in the eurozone will sus-
as well as financial services. Notes, coins, debit cards and of cash rises to 40 per cent above ment bonds in 2012 and which came
‘Countries that got tainably pick up, although it is more
Unlike Chinese peers, however, it is cryptos all need energy to be useful. debit cards, mostly owing to metal close to felling key parts of the conti- whacked hardest by Covid likely in the bounceback from the pan-
not shielded from global competition. The best estimate of the carbon use in coins. nent’s banking system, lingered long in demic than it was earlier, and an addi-
Google Pay and Facebook-owned produced by a cash-payment system Cryptos promise to be the payment investors’ memory and helped to deter
last year have been tional move to loop housing costs in to
WhatsApp Pay, which last year won was compiled by the Dutch central technology of the future. But Lex them for years. climbing out of the hole’ the inflation measure may help.
regulatory approval, both want some of bank. It came to a figure of 17,000 calculates the carbon footprint of the Euro-area equity bulls have long Also, the ECB tweak forms a clear con-
the world’s soon-to-be most populous tonnes of CO2e, or 0.01 per cent of the world’s existing cash and card claimed to be exasperated at the lack of sure too soon, not failing to hedge suffi- trast with the US Federal Reserve, which
nation. Google, with PhonePe, CO2 produced in the Netherlands in payment systems at 7.2m tonnes of buy-in from the US. ciently against a pullback. “A net 45 per has half an eye on the exit from super-
dominates the Unified Payments 2015. On average that is 4.6g of CO2e CO2e — about one-sixth of bitcoin’s Analysis from Goldman Sachs, how- cent of global investors say they are stimulative crisis-era policy.
Interface, a bank-backed payments per payment. This is about 20 per estimated carbon footprint, using the ever, suggests this supposed reticence overweight European equities, the high- “There’s going to be a big fracture
framework. Paytm’s revenues, which cent more than the emissions created latest data from Digiconomist. has been vastly overstated. “Europe’s est since January 2018,” the bank added. between the two most important central
come mostly from merchant fees, slid by the average debit card transaction, Those who wish to keep payments problem has not been a lack of foreign Royal London Asset Management is banks in the world,” said Gregory Per-
15 per cent last year to $375.6m. at 3.8g of CO2e. private and do their bit for the planet buyers,” the bank said. “When there is one of them. “Our models really like the don, co-chief investment officer at
The reported valuation of $25bn The main cost for both is the should stick with notes and coins. growth and a lack of crisis, there tends to earnings revisions in Europe,” said Arbuthnot Latham, a UK private bank.
therefore looks punchy. Dominant be a foreign bid for Europe equity; the Trevor Greetham, head of multi-asset. “There’s no way the ECB will come any-
south-east Asian superapp Grab is set problem is a lack of domestic capital Refinitiv I/B/E/S data show second- where near the Fed in raising policy
to go public via a Spac merger. That models has proved daunting. cash savings on experiences might allocated to shares.” quarter earnings are expected to more rates,” he added.
should value it at $40bn, implying an McLaren’s first electric hybrid vehicle reverse once economies reopen. A relatively modest 10 to 15 per cent than double from the same period last This should help keep the euro pinned
enterprise value of 25 times trailing arrives later this year. The company Yet the resilience shown by mega- of households’ financial assets are in year. lower, offering some gentle extra assist-
sales. On a similar basis, and even using pegs capital spending needs at up to brands such as Cartier and Van Cleef & equities, the bank calculated, compared “Countries that got whacked hardest ance to the continent’s exporters.
pre-Covid revenues, Paytm would £200m annually. Last year, it booked a Arpels has not flagged. Both are with more than a quarter in the US. by Covid last year have been climbing True, an unanticipated early rate rise
achieve more than twice that amount. pre-tax loss of £318m, multiples higher benefiting from a shift to branded Even Europe’s own institutional inves- out of the hole. First it was China, then from the Fed — a tiny possibility —
Forecast numbers stack up better. than in 2019. jewellery, particularly driven by Asian tors have been reluctant to get in, pre- the US and UK, and now it’s Europe,” would be a global market shock. A little
But all this comes with hefty At least the track has cleared since clientele. Innovations such as Clash — ferring, in part for regulatory reasons, to Greetham says. extra latitude from the ECB would be
regulatory risks. Paytm will need to last year’s pandemic-induced inventory an edgy and relatively affordable line park in bonds. The latest policy tweak from the unlikely to cushion the blow. But for
count on India’s buoyant stock market pile up. In the 12 months through to unveiled by Cartier in 2019 — have But local investors have started to European Central Bank will probably now at least, investors are clearly bet-
to make this unicorn fly. March, McLaren produced positive proved popular with younger buyers. buy, while US and Asian counterparts help to give this relationship a little ting on a warm summer for European
ebitda of £97m, adjusted for asset sales There is room to grow market share. have also bulked up, Goldman Sachs more staying power. markets.
and impairments. By April, following Branded jewellery accounts for little said. Multi-asset investors and hedge This month, the ECB announced it
the sale and leaseback of its more than a quarter of the market at funds — more influential forces on would change its inflation target from katie.martin@ft.com
McLaren: headquarters, it had accumulated
£241m of cash. Those efforts must
present, far less than other luxury
sectors. It could rise to 40 per cent by
race oddity have encouraged new investors. 2030, says Citi. Not that Richemont
After raising £1bn over the past two will lack competition. Other fashion
Supercar makers such as McLaren all years, McLaren has waved a chequered groups wish to move further into high-
face the same dilemma: how to create flag on financings by claiming it is now end branded jewellery. This was
the quickest vehicle on the road and well-positioned. illustrated by rival Kering’s enthusiasm
out of the showroom. Clocking the But making pricey sports cars is an for a tie-up, which was firmly rejected
shortest time in both brings the most expensive business. Expect talk of a by Richemont’s chair, Johann Rupert.
cash flow but requires heavy stock market listing to return in the Accordingly, there is not much of a
investment. So does keeping up with year ahead. speculative premium in the shares.
electrification trends. This has not stopped Richemont from
The privately owned UK carmaker outperforming in the sector this year,
announced yesterday that Saudi up 37 per cent. Even so, the shares, on a
Arabia’s Public Investment Fund and
US buyout firm Ares will inject £400m
Richemont/luxury: 2022 price-to-earnings ratio of 27, are
at a 10 per cent discount to the sector.
of preferred equity as minority holders. glitter hitter That discount should close in time,
Another £150m will come from its but it will not disappear. Hard luxury
majority investor, Bahrain’s sovereign Swiss luxury group Richemont is like jewellery is more cyclical than
wealth fund, plus other new investors. showing off some sparkling numbers. fashion or leather goods. Purchases of
Britain once fostered its own niche Amid a broad sector rebound, it more bigger-ticket items are more likely to
carmakers. No longer. Many have had than doubled sales for the past quarter. be postponed in downturns.
to turn to overseas funds for help or The upswing in demand for pricey But the growth in branded jewellery
have disappeared. Local hero Morgan labels has also helped Burberry to post is a secular trend. Richemont is
Motor Company was bought two years sales that are back at pre-pandemic exceptionally well-placed to benefit.
ago by Italy’s Investindustrial — itself a levels. But Richemont’s leading
former stakeholder in Aston Martin. position in jewellery should help it to
China’s Geely controls Lotus. McLaren continue making outsized gains.
Lex on the web
has held out as an independent, even The sustainability of the recovery For notes on today’s stories
avoiding partnerships with global car now looks assured. There were go to www.ft.com/lex
manufacturers. concerns that a short-term boost from
But finding the cash to produce new consumers’ inability to splash their
My wild
crypto ride
A
few weeks ago, I went off to population explosion). The priciest rager hosted by my students. Surveys
the races. Not the ones you
might know, at Ascot or
How I set up a digital stable, raced a virtual thoroughbred to riches horses are from the purest bloodline,
called Nakamoto, a nod to the bitcoin
suggest that crypto markets are most
popular among millennials, and the
Churchill Downs. Instead, I creator. The most common breeds are average age of Zed Run participants
signed up at Zed Run, an (sort of ) — and got a first-hand look at the delights and dangers of labelled Buterin, after Vitalik Buterin, a appears to be about 30, based on
online horseracing platform, where I co-founder of ethereum. YouTube, TikTok and Twitch.tv broad-
discovered just how easy it is to buy The uniqueness of each NFT is a big casts. I consulted with one crypto guru
cryptocurrencies and crypto assets — non-fungible tokens and cryptocurrencies. By Frank Partnoy part of the draw. Each Bored Ape was and was warned that I would be bidding
and just how hard it is to get out. generated from 170 possible traits, against thousands of people trying to
I watched a few races on my computer including expression, headwear and grab the same horses at the same time.
to warm up. A dozen glistening equine Illustration by As a former Wall Street derivatives rencies follow this approach. New clothing. As the founders say: “All apes They sell out in seconds, he told me.
avatars lined up at a neon starting gate Timo Lenzen trader and a researcher who studies money comes not from decisions by are dope, but some are rarer than oth- “People have 15 stables, multiple
and then — three, two, one — galloped financial market regulation, I am often central bankers but from private com- ers.” The Zed Run horses also come with browsers and computers, and they
down a space-age track, hooves pound- suspicious of financial innovation. The puter farms that solve puzzles in order to different characteristics, but their run bots and scripts that automatically
ing to techno music. No jockeys, no bro- 2008 financial crisis reminded us that manufacture new currency, using vast unique racing potential is hidden, which buy a hundred horses.” Like a hot, hip-
ken legs, just round-the-clock horserac- financial instruments can carry hidden amounts of electricity. Similarly, private makes them arguably even more dope ster IPO.
ing on the blockchain. dangers, and in March 2020 the mar- NFT founders create unique tokens and than the apes. Zed Run announced it would release
My first task was to create a virtual kets nearly collapsed because of yet promise not to flood the market with I felt about as comfortable before the
stable. I labelled mine “Life & Arts” and more complex bets by banks, until regu- new ones. Many people trust them more June 10 drop as I’d feel walking into a Continued on page 2
described it as helping to “provide lators flooded the global economy with than they trust central bankers.
essential news and analysis to ambitious cash. So I approach crypto markets, and Cryptocurrencies are increasingly
individuals and companies around the the innovation there, with fascination, popular, and volatile, often fluctuating
world”. Then I signed up for a “drop”, an but also caution. by more than 5 per cent a day. In a few
online auction where I would bid for one The crypto world can seem mystify- hours on June 16, a cryptocurrency
of thousands of Zed Run horses, each ing, but there are really only two main called Titan plummeted from about $60
unique in colour, name and bloodline. concepts: money and assets. Bitcoin, a token, $2bn in total, to near zero. Sto-
Here are the steps: register with a ethereum and wETH are just the latest ries of alleged hacks and exit scams
crypto exchange platform, such as Coin- iterations of fungible money. They are known as “rug pulls” abound (just look
base, link to a bank account and transfer privately created versions of pounds or up Safe Heaven, ShitCoin, or the thou-
money (using the financial app Plaid), sands of examples at tokensniffer.com).
buy ethereum (the second-largest Animals were popular in As it becomes easier to participate in
cryptocurrency, known as ether or crypto markets — you can purchase bit-
ETH), transfer ether to a crypto “wallet” fungible money around coin with a credit card or Venmo, and
(MetaMask), and then exchange ether 600BC: a lion might be use it to buy Starbucks coffee or a Micro-
for “wrapped” ethereum, or wETH, a soft Xbox — we face two inevitable ques-
version of ether that, at least for now, is worth more than an owl tions, political and personal. First, what,
more seamlessly tradeable via the com- if anything, should governments do
mon standard known as ERC-20. about crypto? Second, as an individual,
If you haven’t traded crypto before, dollars in that they are both valuable are you in or out?
each step feels like a leap of faith. You and interchangeable.
might find it disconcerting that MetaM- In contrast, crypto assets are fre- Zed Run is one of thousands of plat-
ask’s software can “read and change all quently non-fungible. They resemble forms offering NFTs, which then trade
your data on the websites you visit”, or other unique assets you own, such as on peer-to-peer marketplaces such as
that anyone with your secret back-up collectibles. That is why they are OpenSea, the world’s largest. The items
phrase “can take your ether forever”. labelled with the acronym NFT, for there feel like the collectibles you might
The bigger problem for me was that “non-fungible token”, a commonly used have in your home: paintings, furniture,
some of the steps would take too long. term in crypto. No Zed Run horse is the bonsai plants.
The horse drop was in five hours, not same as the one I ultimately bought. Animal NFTs have been especially
five days. Below left: A Both cryptocurrencies and NFTs are popular, starting with CryptoKitties,
Fortunately, there’s a shortcut: use a Lydian coin, rooted in the history of money and which were in vogue in 2017-18. When I
credit card and pay a 5 per cent “slip- most likely assets. The first fungible money is visited OpenSea recently, Bored Ape
page” fee. I clicked through terms and minted by King attributed to King Alyattes of Lydia, Yacht Club ranked first in trading vol-
warnings, and a blue box confirming “I Alyattes, from now western Turkey, around 600BC. He ume. Each computer-generated cartoon
understand the risks”. The last step, around 600BC; a created coins from electrum and ape looks uniquely bored and comes
converting ETH to wETH, took five Bored Ape, stamped them with pictures that acted with a yacht club membership and
minutes and required a fee called “gas”. versions of as denominations. Animals were popu- access to “The Bathroom, a collaborative
After starting with $400, I had 0.1436 which change lar: a lion might be worth more than an graffiti board”. I watched one morning as
wETH, worth just over $350 at the time. hands for owl or snake. Privately created curren- Bored Apes changed hands every few
It was a big cut. But I was ready to buy thousands of cies were vulnerable to government minutes, thousands of dollars per ape.
my first racehorse. dollars — Alamy expropriation, as they are now. When I got bored, I switched to Ara-
NFTs might seem new and esoteric, bian Camels, where one polka-dotted
but they share features of early non-fun- camel smoking a cigarillo was being
gible assets. Instead of bartering with offered, its hat emblazoned with “That’s
animal skins or salts, our ancestors so fintech”. The hat is rare — only 0.04
might have paid for goods with a small per cent of camels wear one — so this
dagger. An unusually shaped dagger was particular camel was in high demand,
more valuable, a common one less so. though not as much as the apes. Crypto
Crypto markets use technology to ape prices are up sixfold since May.
protect against government interfer- The supply of crypto assets is typi-
ence and to limit supply. In 2009, cally capped. There are a mere 10,000
Satoshi Nakamoto (a pseudonym) cre- Bored Apes. Zed Run says it will release
ated a secure computer-driven regime only 38,000 first-generation horses,
that guarantees slow and gradual crea- called “Genesis” (though breeding is
tion of bitcoins; many other cryptocur- now allowed, so there could be a
2 ★ FTWeekend 17 July/18 July 2021
Life
A A vision of
few days ago, a delivery in the House of Philemon and Baucis” Another way I’ve been considering
person assembled some (c1620-25), the Flemish Old Master hospitality is about how we are coming
hospitality
large household items in Peter Paul Rubens depicts a story of to terms with any emerging parts of
my home. The entire hospitality told by the Roman poet ourselves that seem unfamiliar to us.
process took several hours Ovid. A poor, elderly peasant couple I imagine many of us have discovered
and, during that time, a conversation
naturally developed as they worked.
They ended up telling me about life
are the only ones in a village to offer
hospitality to two travelling men who
(unbeknown to everyone) are actually
for a that there are ways we have changed
over the pandemic that we have yet
to reckon with. Some of us have
challenges they had overcome, and
about the current aspirations they had.
Roman gods on a quest to see who will
practise hospitality. The story is rooted reopening discovered that we can no longer
remain in relationships — romantic or
world
I listened and offered encouragement. in the ancient Greek practice of xenia, platonic — because something has
After the person left, to my surprise I the belief that part of living well shifted too much. Some of us might be
felt exhausted. Not for any bad reason, included practising a code of questioning the priorities we held, and
but simply because it had been so long hospitality that recognised a guest-host what we valued before being forced
since I engaged with a complete relationship in which both parties had into lockdown.
stranger for such an extended period of responsibilities. It was linked to the In her 2011 work, “Guy Reading The
time, and in my own home. It left me idea that gods mingled among Stranger”, New York-based artist
feeling depleted, as though someone humanity, so one should treat Nicole Eisenman fills a 6ft by 5ft canvas
had scrambled over the protective wall strangers as if they might be a deity, with the broad, flattened forehead and
that I had erected in the past 16 capable of blessing or cursing you. hunched shoulders of a man holding
months. I wasn’t sure I felt ready for The host was obliged to welcome and Albert Camus’s existentialist novel The
that to happen again any time soon. care for the stranger, protecting them ‘Jupiter and Mercury with Philemon and Baucis’ (1620-25) by Peter Stranger (L’Étranger). His large left
But it did get me thinking about the if necessary, and thereby converting Paul Rubens — Kunsthistorisches Museum, Vienna; Alamy hand rests on the side of his jaw, while
idea of hospitality, about showing care them into a guest. The stranger/guest the other clutches the novel.
and attention to others and welcoming had their own obligations, chief of their space. They were ready to offer Yet his eyes appear to gaze above and
people back into our lives. which was appropriate behaviour and what was in their possession in order beyond the pages. Behind him, we see
As the world opens up, I’m trying to boundaries and an assumption of to serve their guests. part of a bookshelf with more
wean myself back into being social returning the hospitality to the host if As we try to find our footing back existential and metaphysical works
again. Always more of an introverted, that were ever needed. into some semblance of regular public such as philosopher Martin Heidegger’s
private person, I found the In the painting, despite the house’s and communal existence, to play a host Being and Time. Lines are etched
requirements of lockdown — social
distancing, staying at home, limited
sparse interior, there is a choice basket
of fruit on the table, probably the
to others would mean considering
similar actions towards those we
Being a good guest vertically, horizontally and diagonally
and in loops on his face like the
numbers for gatherings — a welcome couple’s best, and the clean, fresh white encounter. Making space for new or good host may primitive beginnings of a map, for now
reprieve at times, despite the
circumstances. With less social
tablecloth isn’t even fully covering the
old table, as though thrown on in haste
conversations, as Philemon does with
Mercury. Or like Baucis, offering what
be an invitation going nowhere, uncharted territory
still to be plotted.
interaction, the days bled into one for the benefit of the guests. The old we have because we trust that when we to trust in a new Who knows what questions of
another and the world got quieter. At
times, I confess, I cherished that.
man dressed in a rough brown tunic is
engaged in conversation with the god
offer our lives generously, the gift is
multiplied and perhaps even returned
way, to step out ontological existence are passing
through his mind? Who knows if he’s
Mercury, whom we recognise by his at some point. again in faith actually in the midst of a crisis of
Now, with vaccinations available, symbolic cap. The woman reaches out I look at the guests in this painting. identity, or just taking himself too
restaurants opening, galleries catching her strong bare forearms — testament They have chosen to abide by seriously? Whatever the case, the
up with new or delayed exhibitions, to a life of hard work — trying to catch unspoken rules of conduct that painting suggests a moment of renewed
and travel increasing, I’m trying to a goose for dinner as Jupiter, shirtless honour the environment and the lives questions and searching, trying to make
break out of the now-normalised and chiselled like any king of the gods of their hosts. Perhaps to be a good sense of the world and one’s place in it.
seclusion. In some ways, the world has worth his salt, looks on. guest in this next season of life is tied The painting is reminiscent of Auguste
gone from a place we knew, to a I’m stuck on this painting because to holding back from our usual Rodin’s sculpture “The Thinker”:
stranger with whom we have to I’m imagining what it could be like to tendencies to try to control or humanity rendered still yet restless and
reacquaint ourselves afresh. We have to take on a new code of hospitality as we Enuma Okoru determine what exactly should introspective. Perhaps, as we offer our
trust the world to be a hospitable place continue to re-emerge from lockdown. happen next and when. Maybe it’s an homes and selves to others, we also
again. We have to learn how to be The hosts in this painting were open to invitation to trust in a new way, to step need to be hospitable to the different
hospitable to one another.
In his painting “Jupiter and Mercury
having their lives interrupted, and to
welcoming people with new stories into
The Art of Life out again and let life show you what
choice offerings it can bring.
people we ourselves have become over
these troubling 16 months.
FTW editor
A private message board on the Discord two-thirds of the bidders for the $69m
app was full of scepticism. The first NFT from the artist Beeple were under
wave, at 5pm US Pacific time, was for the age of 40.
bidders who hadn’t bought during the Tensions about crypto are palpable.
previous drop due to technical glitches. I Social media influencers are persuading
was in the second wave. I clicked my millions of young people to put their
link at precisely 5.15pm. money in cryptocurrencies and NFTs.
But nothing happened. One minute Left: a Zed Run Fintech firms are raising billions of ven-
passed, and then Twitter and Discord race; above: Frank ture capital. Meanwhile, PayPal, Square,
exploded. No one could access any Partnoy’s horse Venmo, Visa and Mastercard are inte-
horses: “Horses not loading”; “what a Tearaway Charlie grating cryptocurrencies into their sys-
f****** joke lmao”; “Another dumpster tems. Large banks are resisting, but less
Sometimes editing seems almost, fire. Stay awaaaaaay folks.” than ever. When Robinhood, the retail
well, straightforward. A few weeks
ago I contacted an old collaborator,
For a split second, a batch of colourful
horses flashed on my screen. I clicked
one — and a miracle occurred. For about
My wild crypto ride as my money moved through the steps,
from wETH to ETH, from Zed Run to
MetaMask, and so on. One expert who
trading app, recently announced finan-
cial results in its initial public offering
prospectus, many analysts were sur-
Frank Partnoy, to see if he had any $150, Tearaway Charlie, the lowest rank has designed bots that scour NFT web- prised that so much revenue came from
of Buterin breed, was mine. As I Many crypto transactions have high sites described the steps as “entering retail investors trading dogecoin.
clever and/or zany thoughts on admired his Desert Sand coat, Zed Run fees as well. Once you transfer money How to black holes”. The value of bitcoin plunged last
cryptoland. I could, he replied, go posted an apology. Few people had been into Zed Run, all of your later transac-
talk crypto Eventually I was able to leave, with month, after a regulatory crackdown by
able to buy. Due to more glitches, the tions there will be free. But getting $577 more than I had brought in. I China and an announcement that US
to the races . . . I hope you agree remainder of the drop was postponed. money out will cost you. donated my net profits to Southern Cali- prosecutors had confiscated ransom
that his flutter on the digital The next few hours were a blur. I A middle ground position is that there DeFi (decentralised fornia Thoroughbred Rescue, which from a bitcoin wallet. Many government
entered Tearaway Charlie in his first is promise for both centralised and finance) a blockchain- saves racehorses from slaughter and officials view bitcoin and ethereum as a
racetrack satisfies my requests in race, and he took third. I moved him up decentralised markets. Technology based form of finance abuse. I could have gambled more on serious environmental threat. China
spades. (As for his cheekily named to the next level, and raced him again. should make it easier for many people that uses smart Tearaway Charlie, or kept him as a col- clamped down on crypto “mining”
He won! I transferred him to OpenSea, to borrow and transfer money, wher- contracts instead of lectible, but at least I know he won’t be recently, after reports that these activi-
“Life & Arts” digital stable — we and put him up for sale. An offer came in ever that is done, and whether in euro or financial intermediaries shipped off for meat. ties threaten to consume more than 5
took it as a huge compliment.) right away, for 0.35 WETH, or about wETH. For some, crypto will present ERC-20 a technical per cent of the country’s electricity.
In the real world of Life & Arts, $820. On paper, I had made five times new and exciting opportunities. For oth- standard used in the The returns to cryptocurrencies and Ultimately, the policy questions
his price. ers, it will be a costly headache that puts ethereum blockchain NFTs have been volatile but high over- about cryptocurrencies and NFTs
I owe my editors, sub-editors, I watched Tearaway Charlie prance their savings at risk. Ethereum (ether or all. Crypto markets offer the same fea- should be resolved with the same two-
designers and the picture desk an around my screen in 3D for the last ETH) the next most tures that private, non-sovereign pronged approach we use for other
time. Then I hovered my cursor, poised I raced Tearaway Charlie 10 times in popular cryptocurrency money has for millennia: they provide a financial assets: disclosure and an anti-
especial debt this week: L&A was to click “sell”. But I couldn’t do it. He all. The results are public, on the block- after bitcoin medium of exchange, store of value and fraud regime. Participants in these
named supplement of the year at had already moved up from Class V to chain: he won two races and finished in NFT (non-fungible unit of account, all of which are useful. markets should receive material infor-
Class IV. I watched a replay of the the top four nine times. I consulted an token) a unit of data The store of value function is impor- mation about what they are trading,
the UK Press Awards. Stockholm Sprint Championship, expert and got updates about my horse’s that is certified as tant; in many countries, family heir- and an enforcement mechanism should
The judges saluted “brilliantly where he had fought off Bright Knight value from hawku.com, knowyour- representing a unique looms are the main stock of wealth. protect victims when someone mis-
and Gandalf the White to win by a nose. horses.com and zedranks.com. digital asset Crypto assets could ultimately be supe- states or omits that information. If pri-
readable and enchanting” This horse had potential. Although my horse’s record was solid, OpenSea largest peer- rior stores of value since they don’t vate platforms do not provide both of
journalism which “utterly his winnings were small, net of race to-peer marketplace for physically degrade in the way jewellery, these protections, governments are
Many of the arguments about crypto entry fees. I listed him at OpenSea again, trading NFTs rugs or furniture do. likely to step in.
understands” its audience. You boil down to a debate about centralised and ultimately said goodbye, selling him wETH a “wrapped” But because crypto is untethered to
will be the judge of that. What I do sovereign control versus free-market for 0.35 ETH. As the real estate adage version of ethereum the physical world, there is greater What about the personal question? If
know is that the award is a tribute libertarianism. Crypto markets are part goes, the first offer is often the best. that is more seamlessly potential for speculative mania. Some you like trading collectibles, you’ll
of a movement known as decentralised Unfortunately, there was no shortcut tradeable than ETH economic historians defend price bub- almost certainly enjoy trading NFTs.
to our troupe of never dull writers finance. “DeFi” advocates say crypto on the way out. The first step, from because it uses ERC-20 bles as rational, even skyrocketing prices But be careful. Racing horses can be
— some of whom have reviewed can improve the finance industry in the wETH to ETH, required a transfer fee, of 17th-century Dutch tulip bulbs (to five addictive, in any form. The Bored Apes
same way digital disintermediation has paid in ETH. But I didn’t have any ETH, times the cost of a house). But, as one community is far from boring. My
for Books and Arts for years — revolutionised transport, news, enter- since I previously had exchanged it for central banker quipped, referencing friends obsess over their virtual bonsai
and to so many others who have tainment and various consumer goods wETH, the only currency you can use to crypto: “At least then you got a tulip.” trees. It’s hard to stop.
and services. They point to the ineffi- buy a horse. I bought a small amount of My wild ride at Zed Run was consist- Zed Run captures both the audacity
worked tirelessly and creatively in ciencies and opacity of financial inter- ETH to cover that fee (and paid a new fee ent with many of the lessons, good and and promise of cryptocurrencies, NFTs
this tough year. I should also salute mediaries. for that). But by the time the new ETH
As the ‘Hotel bad, from thousands of years of creative and the new generation of financial
our fashion editor Lauren Indvik, Both banks and technology firms arrived, the transfer fee had risen, pre- California’ lyric trading of financial assets and money innovators seeking to redefine money. It
have significant market power, and sumably due to increased demand, so I privately, outside of government regula- feels like a chaotic party staged by a col-
joint fashion journalist of the year crypto is already eroding their domi- had to buy yet more ETH (and pay yet
goes: ‘You can check tion. But the pandemic introduced some lege fraternity. Yet its future looks
— in her first year at the FT. nant share. There are an estimated another new fee). As the “Hotel Califor- out any time you wrinkles. Many people who have tasted bright, perhaps even as bright as the
1.7bn unbanked people, and new crypto nia” lyric goes: “You can check out any life without in-person contact are not new 3D Zed Run racetrack, and horses,
Crypto may have been a simple technologies could provide low-cost time you like, but you can never leave.”
like, but you can eager to return to the real world. sponsored by Stella Artois.
call, but we did have a hard choice access to credit as an alternative to the Then there were nerve-racking delays never leave’ Cryptocurrencies and NFTs offer an Regulators aren’t so sure about
double-digit charges for credit cards, opportunity to make money without crypto. Britain’s Financial Conduct
this week: to devote our “Big Read” payday loans or other usurious lending. getting up from the sofa; scratch a gam- Authority has increased its oversight of
in the main section to Cuba or On the other hand, government regu- Place your bets: the volatility of crypto assets bling itch without treating horses inhu- crypto markets; on June 25, the FCA
lators say they can protect investors and manely; amass a fortune from your par- issued a warning about Binance, a large
South Africa. Both have had borrowers in ways DeFi will not. Regu-
% change on previous day
ents’ basement. The metaverse idea is to cryptocurrency exchange, and barred
convulsive weeks. After nearly 30 lated institutions are also working to Bitcoin ($ per bitcoin)
100
enjoy a life that is simultaneously real Binance’s UK subsidiary from regulated
reduce costs. Both centralised and S&P 500 and virtual, drawing benefits from both. activities in the country. US Senator
years’ writing on South Africa, decentralised approaches can use Sterling ($ per £) At the same time, a new generation is Elizabeth Warren has railed against
Largest change in S&P -12%
I startled colleagues by opting for blockchain technology, which includes
50
testing the limits of markets, assem- crypto markets, calling them the “wild
records and timestamps that preserve bling to attack established interests and west”. More will surely join them soon.
Cuba. This may be a turning point the safety and security of traded assets. questioning the viability of national cur- Eventually, governments might spoil
there, I argued, but that is not the In practice, some algorithms that gov-
0
rencies. They learn about new investing the fun. Enjoy it while it lasts.
ern crypto platforms are intentionally strategies en masse on TikTok. There are
case in South Africa, dire as its opaque. For example, Zed Run race generational differences in how the cen- Frank Partnoy is professor of law at the
week has been. On the latter, I results and horse-trading are public, but Largest change in sterling -8% tral banks’ rescue programmes have University of California Berkeley School of
no one outside Zed Run is supposed to -50 been perceived, and many crypto pro- Law and author of ‘The Match King: Ivar
hope I’m right. Thank you as ever know what makes horses more likely to 2012 15 21 ponents express concerns about infla- Kreuger, the Financial Genius Behind a
for reading us. Alec Russell win, or when more will be created. Source: Refinitiv tion and the credibility of sovereign- Century of Wall Street Scandals’
17 July/18 July 2021 ★ † FTWeekend 3
Life
site without any further complaints.” America before that have similarities.
Lunch with the FT Heather Cox Richardson Is she surprised by how lucrative it
has become? “People appreciate it’s a
huge undertaking and they want to be
One of the differences is that we have for
the first time a significant number of
leaders who don’t believe in the demo-
supportive,” she replies. “I feel very cratic system — ‘the big lie’ [Trump’s
much indebted, not for the money, verdict on the 2020 election result] and
‘Now people
although that’s lovely, but for the appre- the attack on Congress on January 6,
ciation.” I suggest tentatively that where they flew the confederate flag
monthly cheques of this magnitude from the Capitol. That’s unheard of.
would make it a difficult habit to drop. “The present changes our perspective
“What do I need money for where I on the past. I think what we discovered
happening.
ardson judges America’s democratic cri- in this moment what has actually been
sis to be over. At that point she will quit. there for a long time. Now people see
She points out that America has had peri- what’s been happening. Thank God.”
odic moments where newsletters have By now the place is almost empty.
flourished — during the 1790s in the What remains of our wine has warmed
early stages of the republic, for in the sun. I tell Richardson it must be
Thank God’
example, and in the populist era hard to sustain her anxiety about Amer-
of the 1890s. When she used to ica amid such beguiling surroundings.
do historical research in the She points out that several famous
basement of Harvard Library — writers live in town and are rarely spot-
“it was usually just me, an old ted. “They dress like everyone else,” she
librarian and [the late novelist]
John Updike” — she would fre- ‘As a historian I can tell you
quently look at the letters people
wrote to newspapers. “These were the that at no point in
The historian has won a vast following for her nightly commenters of their day,” she says. America’s history has one
I remind her that someone once joked
newsletter. Over a haddock Reuben in Maine, she tells Trump’s campaign was “like the com- of the two main parties
Edward Luce about the 19th-century parallels with today’s ment section deciding to run for presi- literally rejected the rules
dent”. She laughs. “When Nixon ran for
political crisis in the US, banishing the trolls — and what president he would pay all these people of the game’
the local lobstermen taught her about telling stories
says. But the area has many more prob-
I
lems than meet the eye. There are as
twice have to thread my way round sodes such as the Missouri Compromise many Trump voters as liberals. They
the packed Shaw’s Fish & Lobster of 1820, the 1854 Kansas-Nebraska Act used to say, “As Maine goes, so goes the
Wharf restaurant before I locate and the 1896 Plessy vs Ferguson nation”, since it was once the first
Heather Cox Richardson. It is a Supreme Court ruling that enshrined the national caucus to be held. There is still
flawless midsummer day. She is Jim Crow era of segregation in the some truth to that dictum.
leaning against the wooden railings with south. That story continues. “New Yorkers looking at Mainers
her back to the sundeck wearing shades Alas, she says, things think everyone is committing incest,
and a red baseball cap. have in some ways drug addicts — they think it’s the worst
Richardson, who is a trim and youth- deteriorated since of everything,” she says. “Others think
ful 58, is intently studying a well- Trump left office. it’s paradise. The truth is we have it all
thumbed copy of Sapiens, the sweeping Her last book, and are aware of it all. If you live in an
take on human history by Yuval Noah which takes us area for a long time you’re accountable.
Harari, the Israeli writer (“a little too almost up to Your bad actions will haunt you but also
dry for my taste”, she tells me). the present your grandchildren. Obviously there’s
This idyllic corner of mid-coastal day, is called addiction and violence and child abuse,
Maine, which sits on one of the north- How the South but not much gets swept under the rug
eastern state’s numerous craggy penin- Won the Civil because it’s a small town. The coast is
sulas, lacks cell phone coverage. We had War. Richard- pretty wealthy. Upstate is really
agreed simply to seek each other out. son is consid- depressed — that’s a more rightwing
The restaurant — really a lobster shack, ered to be one area. I spent 30 years in a wealthy Bos-
as Mainers call it — does not take reser- of America’s ton suburb but the doors were always
vations. Every outside seat seems to be most distin- closed. You see a lot more here. It feels
occupied by day-trippers. I thought I guished scholars of the US much more authentic than the other
was never going to find you, I tell Rich- civil war and its aftermath, lives I’ve lived.”
ardson. “I had no idea it would be so as well as the legacy of As we saunter back to our respective
crowded,” she replies after apologising America’s relentless cars, Richardson points across the shim-
for turning up semi-incognito. westwards expansion. mering little harbour to a beautiful New
Like many Mainers, Richardson is a To Richardson, at least, his- England clapboard house on the other
private person and is reluctant to publi- tory never ends — still less, Ciaran Murphy
side. Its sweeping manicured lawn is
cise exactly where she lives. Much of her American history. “I planned to dappled with arboreal shade as it slopes
caution stems from the unexpected stop my newsletter after Biden’s first down to a private wharf. “Do you know
attention generated by her wildly popu- 100 days, but I found that I just who lives there?” Richardson asks me.
lar daily post, “Letter from an Ameri- couldn’t,” she says. “As a historian I can No, I say, half-expecting her to say
can”, which she emails every 24 hours tell you that at no point in America’s his- and tell a simple tale about something. to flood the local papers with letters Stephen King, or Updike’s family. “A
during the night or early morning to tory has one of the two main parties lit- S H AW ’S F IS H & ‘Some guy one day caught a raccoon in about what a great man he was. Technol- plumber,” she says. I express surprise
tens of thousands of subscribers. erally rejected the rules of the game.” LOBST E R W H A R F a bake bucket . . .’ And to hear that ogy has totally changed that game.” they could afford it. She points out that
Though Richardson’s day job is pro- We have found a vacant picnic bench 129 ME-32 Suite A, New spun out over 35 minutes, you’d break But is today’s crisis as unique as the winters are often hard in coastal
fessor of American history at Boston partly shaded by a tall stack of lobster Harbor, Maine, 04554 your ribs laughing.” she says it is? Surely the civil war, and Maine. “But once you move here,” Rich-
W
College, 175 miles south of here, her cages far from the crowds. Richardson possibly even the late 1960s and early ardson adds, “you never want to leave.”
fame derives from the newsletter. It is tells me that the petrol gauge on her car Clam chowder $10.95 e are chomping our way 1970s were just as bad? “No and yes,”
named after J Hector St John de flashed red as she was driving down to Reuben sandwich $10.95 somewhat messily Richardson replies. “We’ve had crises in Edward Luce is the FT’s US national editor
Crèvecœur’s Letters from an American the wharf. When she refills after our Lobster roll $28.95 through our meals. I
Farmer, which was published during the lunch, it will be for the first time since Soda $2.25
had forgotten to pick up
American Revolution. Her title is also a the pandemic started. Covid-19 put an paper napkins. Rich-
hat tip to the BBC’s Alistair Cooke, end to her commute to Boston. Most Glass of wine x2 $24 ardson rushes off to grab a pile of them
whose radio series Letter from America things she needs are in walking distance Total (inc tax) $81.35 before I can offer. When she gets back, I
was beloved for decades. of her home. “Suddenly it struck me ask why she makes only commenters
Most people receive Richardson’s sub- that’s why I feel so relaxed,” she says. “I pay for her newsletter. She explains that
mission for free in their email inbox or am so much more at home in Maine this was a method of sifting out authen-
on her Facebook page, which has 1.4m than in Boston.” tic humans from the algorithmic trolls,
followers. Some, however, pay $5 a That hardly seems surprising, I point which used to come in waves.
month for the privilege of commenting out. Didn’t her family settle here in the The first lot were “almost certainly
beneath her posts, which has made early 1600s? It turns out only her bots posing as young Trumper men”,
Richardson into one of the most success- mother’s family did. Her father was she says. “They were often obscene.”
ful writers on the newsletter platform from Mississippi. Richardson’s parents It would take hours to take them all
Substack. The New York Times esti- ran a hunting and fishing magazine in down. Then they vanished. Later came
mates that she earns more than $1m a Maine for several decades. “men hitting on women”, and finally
year from it, which is not bad for a New I tell Richardson that her deep ante- “women hitting on men”. This was all
England history professor. cedents in this corner of New England on Facebook.
Richardson writes in an understated punctures two stereotypes about Amer- Once she launched her Substack let-
way that makes her an outlier on a site icans. First, that early settlers are basi- ter, she realised the easiest way of
filled with polemicists such as Glenn cally aristocrats. Richardson’s family cleansing her site was to make people
Greenwald, the Brazil-based journalist were “mostly mariners — a lot of sea cap- pay. Robots don’t have any cash. “It’s
who collaborated with NSA whistle- tains”, she says. Second, that Americans more about creating a public space
blower Edward Snowden, Andrew Sulli- don’t have deep roots. I struggle to think where people feel comfortable, where
van, one of the original bloggers, now of many Europeans I know who could people can comment,” Richardson says.
scourge of “woke” liberalism, and Bari say they are living where their forebears “You’re welcome at my party but don’t
Weiss, who resigned from the New York had resided for the last four centuries. pee on my rug — if you do that, I’m going
Times last year in protest against its “Many places round here are still to throw you out the door.”
alleged liberal intolerance. named for the property deeds that were It worked like a charm. Many of the
I
drawn up between the Cox family and commenters write lengthy disquisitions
have come to Maine to find out the indigenous people of this area,” she on their own family’s tales, or illuminate
about Richardson’s unlikely rise to says. But she disputes my suggestion some forgotten corner of US history.
fame and fortune. But we must first that her family’s relative ordinariness Others pastorally urge Richardson to
put in our orders at what looks like would disqualify her for membership of get more sleep. She only writes late in
a bus ticket kiosk inside the shack. the Daughters of the American Revolu- the evening after having done her day
Richardson chooses the haddock tion. “Because of my Dad, I could proba- job. Often she wakes up with bruises on
Reuben sandwich with a side of coleslaw bly join both that society and the her forehead as she has fallen asleep on
and a soda. “Like most Mainers I get Daughters of the Confederacy,” she the table. “Sometimes I think: ‘Oh man,
really bored of lobster,” she says. This is points out. “I’m not interested in either I don’t have the energy,’” she says. “But
in spite of the fact that her partner, of those things.” then I get an email from an old lady who
Buddy, is a lobsterman. As the tourist, I I tell Richardson that there must be a says she can’t drink her coffee until she’s
order a standard lobster roll and a bowl link between her meteoric recent suc- read me, so I carry on.”
of clam chowder. Richardson needs no cess and the very matter-of-fact, Plus, she adds, the paywall has
encouraging to add a glass of wine. She almost Yankee, style in which she screened out almost all of the toxicity.
opts for Sauvignon Blanc. I go for Pinot writes her newsletter. Her posts even Richardson makes a point of replying to
Grigio. “On a day like this, how can I include footnotes. The lack of jazz and as many commenters as possible. “If
refuse?” she says. the quiet authority with which she you’re going to troll me, do it smart,”
Most of Richardson’s posts are about links things that happen today to the she says. “Bring in a critique from Karl
what she judges to be the main news of American — often New England — Marx. Don’t just say: ‘You’re ugly.’ I
the day. In recent years, this has been events of yore sets Richardson apart was asked to get rid of one person on
more often than not about the threat from other correspondents. Substack and I just wrote to whomever
that Donald Trump and today’s Repub- “People say I am a good storyteller,” it was and said ‘you’re upsetting a lot
lican party pose to US democracy. she replies. “I have to tell you I am noth- of people’ and this person wrote back,
Unlike others, though, she peppers her ing compared to the old storytell- and was unhappy they had upset me,
letters with historical allusions — epi- ers . . . These old guys would come over and apologised, and stayed on the
4 ★ † FTWeekend 17 July/18 July 2021
Style
Carola Long
La Roche-Posay Anthelios Age
Correct SPF50+ Cream, £25,
boots.com
With hydrating hyaluronic acid and
niacinamide, the French brand’s new
addition feels nourishing, and protects
my sensitive skin well on a sunny
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Travel
I
t was a tough winter for skiers. I got
my kit down from the attic in early
December, only to pack it away
again by Christmas as borders shut.
Possible windows came and went,
hopes rose and fell. Would the situation
come good in time for a weekend in
Scotland? A late-season trip to the Alps?
An even later one to Iceland? No — the
skis stayed in the attic. The worst thing
was that by late spring, I could feel the
yearning for snow starting to fade.
Would it be such a loss if I gave it up
altogether? I was becoming institution-
alised as a non-skier.
Then, out of the blue at the end of
June, the door to the lost ski season
High summer
unexpectedly creaked ajar. Switzerland
announced it was to begin admitting the
fully vaccinated without quarantine
from the US, UK and many other
nations. And Switzerland just happens
to have the highest ski lifts in Europe
where, though many skiers don’t realise
it, you can get your fix 365 days a year.
Within a week, I was heading for Heath-
row, the only person on the sweltering
London Underground network to be
carrying ski boots.
I flew to Zurich, then took a double- out by race teams who come up for off- notable in itself but what catapulted it to allow major expansion. In potential challenges of climate change,
deck intercity train to Visp, on the floor season training, and the jumps and rails international notoriety was the accident the car-free centre, you still but it will also make it easier for visitors
of the Rhone valley. There, I switched to of the freestyle park. It amounts, of on the way down. The seven-strong see wooden barns from the from Zermatt to access this flatter part
a little red narrow-gauge train that course, to a fraction of what’s available party were roped together but when one 16th and 17th centuries, of the glacier in summer, where there
would take me 30km south, almost to in winter: on my visit there were 18km man slipped, three others were knocked propped up on stone mush- are plans to offer ski rental so absolute
the mountain wall that separates Swit- of pistes open out of a possible 21km, off their feet. At the top of the rope rooms against vermin and beginners can get a taste of the sport.
zerland from Italy. It was a warm Friday and six lifts, compared with a maximum Whymper and two local guides hung on, damp. I wandered past smart “Once people have that first experience
night and we opened the windows, let- of 360km and 54 lifts in winter. But it but the rope tightened, then snapped. boutiques but also a parked of the sensations, they will want to come
ting in the breeze as we passed bright still feels substantial — the “vertical” The lower four, including the 18-year- tractor, and neat chalet gar- back to see how the real snow is in win-
green vineyards. Soon we were rattling (the difference in elevation from the top old aristocrat Lord Francis Douglas, dens bursting with cabbages ter,” said Ralph.
through sheer-walled rocky gorges, the of the highest lift to the end of the lowest tumbled to their deaths; Douglas’s body and lettuces. I stayed at the The big difference between winter
rack-and-pinion noisily engaging to pull run) is 980 metres. That is more than was never found. Hotel Bristol, unpretentious and summer skiing is that with the lat-
us upwards — by journey’s end, in celebrated US resorts such as Alta, Park The tragedy caused a sensation in and delightfully welcoming, ter, it’s all over by lunchtime. The exact
Zermatt, we would have climbed nearly City, Squaw Valley and Killington can Britain; newspapers were furious — the only drawback being that schedule changes depending on the
1,000 vertical metres. manage even in the middle of winter. “Why is the best blood of England to I had to lean out from the bal- weather but during my visit the ski lifts
Waterfalls poured down on either side And the snow was good. We made a waste itself in scaling hitherto inaccessi- cony and around the corner were closed by 1pm when the lower
of the valley. Chamois stood motionless few gentle laps of the T-bars before tak- ble peaks, in staining the eternal snow?” of the building to catch a slopes were getting slushy. That makes a
beside darkening forests, watching us ing a blast down the long, gentle and the Times thundered. Queen Victoria night-time glimpse of the summer ski holiday a much more multi-
pass. And high above there were deserted blue run to Trockener Steg. apparently considered a ban on climb- Matterhorn. activity affair, with afternoons free for
glimpses of snow, glowing gold in the Skiing is like riding a bike, in that you ing. But the public was enthralled — In the morning, I took the mountain biking, hiking, lake swim-
last light. The Swiss teenagers onboard Whymper became climbing’s first big 6.30am cable car up, stand- ming, sitting on a sun terrace or, if you
were oblivious, noisily watching the star, and tourists flocked to Zermatt to ing next to a skier in red team strip who are Erik Read, doing some hard sessions
European Championships on a phone. Visp see the site of the scandal. told me his name was Erik Read. Was he of weight training and gym work. I went
When we got to Zermatt, they jumped “That short valley is a picture-gallery training for anything in particular, I for a glorious run, up from the town,
out and on to their skateboards, sliding of a notable kind, for it contains no asked slightly patronisingly? Only when through forests and alpine meadows, to
down the station ramps, skis in hand. mediocrities; from end to end the Crea- I googled him later did I find out he was a the Gornergrat ridge at 3,089 metres,
From the train you don’t see the SWITZERLAND tor has hung it with His masterpieces,” decorated member of the Canadian from where I caught another historic
Matterhorn — the mountain that graces Mont Zermatt
wrote Mark Twain after visiting in 1878. Olympic team. He told me Covid-19 had mountain railway back down to spare
every Toblerone only comes into view Fort Matterhorn Theodore Roosevelt, the future presi- brought a renewed focus on glaciers for my historic knees.
Gornergrat
when you arrive in Zermatt. Instead the dent, climbed the Matterhorn in 1881; off-season training, since trips to south-
Klein Matterhorn
toothy peak you see through the car- Cervinia Winston Churchill later summited the ern hemisphere ski areas had become Coming up after a year’s
riage windows at the high, distant end Alagna nearby Monte Rosa. By 1891 the railway difficult. Zermatt isn’t the only option —
of the valley is the Klein Matterhorn, Champoluc up from Visp was complete, prompting Austria’s Hintertux and Stubai, Tignes exile in the muggy
3,883 metres tall, and if you squint you
Aosta
I TA LY a rush of hotel building. and Les 2 Alpes in France and Stelvio in lowlands, the glacier
can see the cable car station drilled Even now the fascination with that Italy are among about a dozen Alpine
right into its summit. ©Mapcreator.io/©HERE 10 km
calamitous first ascent persists. In the resorts to offer summer skiing. seemed pretty miraculous
I arrived there early the next morn- main square there is a plaque marking Later I rode Europe’s highest T-bar to
ing, the cable car having carried me don’t forget the basics, but you can cer- the hotel from which Whymper set out; From top: Ralph the top of the Gobba di Rollin, at 3,899
from the lush pastures around Zermatt tainly revert to bad habits and find last a 1955 film Whymper’s Way up the Matter- Schmidhalter (in red) and metres, then skied down for coffee at The one summer activity that
into a world of glaciers and moraines, year’s advances have been wiped out. I horn is still screened every week. In the Tom Robbins on the the Rifugio Guide del Cervino, a wooden Zermatt locals would never do for fun is
deep crevasses you can peer down into tried not to worry, instead just relishing Whymperstube restaurant you can eat a glacier; the Matterhorn restaurant and climbers’ refuge perched skiing. “For us it’s winter about eight
and chaotic tumbling ice cliffs. With me the return of once-familiar sensations, Whymper-Teller, a SFr29 (£23) plate of and the roofs of Zermatt on the cliff that falls away into Italy and months of the year, so we really want to
was local ski instructor Ralph Schmid- the snappy rhythm of short turns and beef, ham and cheese. And in the excel- Michael Portmann; Alamy
the lifts and slopes of Cervinia. In early enjoy the warmth,” Ralph told me. He
halter who laughed at my woolly hat — the rush of carving a good wide arc, lent museum, where I stopped by after summer you can actually ski down into likes the beach, or heading off exploring
“I see you have the Austrian helmet!” — when the skis seem to come alive and skiing, you can look at Zermatt’s holy Italy and take the cable car back up, but on his Harley-Davidson: “That’s real
and showed me how much the glacier you just let them run. relics: Whymper’s ice axe and, on a red i / D E TA I L S the slope was now closed — bisected by a freedom!” The pull of the open road
had retreated since he skied here as a cushion in a glass case, the fateful rope just-visible crevasse. must be strong if you’re from a traffic-
Tom Robbins was a guest of
schoolboy. The glacier might be shrink- Apart from Chamonix, Zermatt is the itself, frayed end held out for inspection. Switzerland Tourism
Ralph told me about the big plans in free town ringed by 4,000-metre peaks.
ing, but coming up after a year’s exile in most storied of Alpine resorts — its fame (myswitzerland.com), Swiss Air play: a new cable car, the Alpine X, is For me though, being up there in the
the muggy lowlands, it still seemed built on the majesty of the Matterhorn After its 150 years of fame, Zermatt Lines (swiss.com), Zermatt Tourism under construction, to link this Italian cold air at the height of summer felt like
pretty miraculous. From the docking but also in being perhaps the first and has the occasional tendency to glitz — (zermatt.ch), and the Hotel Bristol side of the summit plateau with the liberation.
station you walk through a long dark most successful example of “dark tour- luxury car adverts flash at you in lift sta- (doubles from about SFr160, hotel- Klein Matterhorn. When complete, in When they turned off the lift on my
tunnel, roughly hewn from the rock, to ism”. The Matterhorn was the last great tions, and does it really add anything to bristol.ch). For lessons with Ralph autumn next year, the SFr30m project second and last morning I sensed
emerge onto a dazzling expanse of alpine peak to be climbed and when the have “embellished” some of the cable Schmidhalter see zermatters.ch. A will make it possible for non-skiers to another familiar feeling, a craving for
two-day summer lift pass costs
snow-covered glacier, a high plateau Englishman Edward Whymper made cars with Swarovski crystals? For the SFr130; children under nine go free.
travel up and over the Alps from Cer- one more run, an urgent need for a few
sequestered among the clouds. the first ascent on July 14, 1865, it main part though, it has managed to pre- vinia to Zermatt without ever getting more turns. On the way home I started
To our right, we could see the ski pis- marked the end of the “golden age of serve a sense of authenticity, perhaps For the latest details on entry their feet wet. In part it is a diversifica- googling winter trips; my spell as a non-
requirements see bag.admin.ch
tes and T-bar lifts, the slalom gates set alpinism”. That would have been because the valley sides are too steep to tion from relying on skiing, given the skier was definitely over.
R
ome is a strange place to be rehouse families displaced when many Over the next two hours Valeria
POSTCARD cripplingly lonely. From of the medieval alleys in Rome’s centre points out numerous examples of
robed priests striding were torn down to create avenues wide architectural kookery: an inviting
FROM . . . towards the Vatican to the enough for military processions. square copied stone for stone from a
remains of temples Unlike the rest of Rome — which the village in Lazio; a coat of arms
GARBATELLA, decomposing on street corners, there’s late writer Graham Joyce described as engraved with the housing institute’s
something melodramatic about the “a place almost worn out by being initials instead of a noble crest; the
ROME city. Every emotion seems heightened looked at, a city collapsing under the shrine dedicated to Roma FC
here. Throw in travelling solo, a recent weight of reference” — Garbatella is (long the city’s left-wing football
break-up and finding myself barely mentioned in guidebooks. Those team) rather than a saint.
unexpectedly caught in a far stricter that do visit will find a unique “Rather than destroying the
lockdown than anticipated and you “barocchetto” architecture, which landscape, Sabbatini’s team
have the perfect recipe for rampant references everything from Baroque to incorporated it — see how those
self-pity — Italian style. Art Nouveau. Panthers stalk Baroque-style stairs hug that hill,”
Throughout my trip, Rome moves in curvaceous arches, chubby cupids prop she points across the leafy courtyard
and out of “colour zones” (the up drainpipes and distinctive stone of lotto 14.
equivalent of the tier system), each slabs slyly mock Rome’s noble elite, as Towards the end of Valeria’s tour we
bringing with it a slew of restrictions on Matthew Cook the style was traditionally used on pause at what was Sabbatini’s final
socialising. During my 14-day street football games call to me with as low-rise apartment blocks built around Renaissance palazzi. project: the Scalinata degli Innamorati
quarantine I co-ordinate meals with much conviction as cacio e pepe might garden squares to encourage Few people are better equipped to (lovers’ staircase). This elegant curve is
the family who live above me despite to a Roman stranded in Illinois. neighbourly mingling. ATER still owns bring the area to life than Valeria where local teenagers come to smoke
the fact they have no idea I exist, Faded, fabulous and with a distinct most of them and caps rents, which Castiello, a local travel photographer cigarettes, eat gelato and fall in love —
enjoying the murmur of their muffled anti-establishment whiff, the historic allows many of the original families to and licensed guide who trained as an or so I’m told. On this particular
voices. When nail salons open I’m first part of Garbatella was built in the remain — but also explains the peeling architect and now runs a B&B called afternoon, it’s as empty as the grave.
in line, purely so I can hold the nail 1920s and is similar in size to Vatican paint and ripped awnings. In Italy, no Unexpected Rome with her husband. Love waits.
technician’s hand. Desperate times, City. A team of architects at the institution moves fast. She has just launched the first walking “The spring at the bottom is called
desperate measures. Institute of Public Housing (or ATER as Garbatella’s blue-collar roots run tour of Garbatella in English and I’m ‘Carlotta’s fountain’. Neighbourhood
When the proprietor of my local it’s now known) led by Innocenzo deep. It was originally designed to her inaugural, and only, guidee. After kids reckoned the statue looked like
coffee bar — pretty much the only Sabbatini borrowed concepts from the house country folk who’d found jobs in weeks of deafening silence, she a lady who used to live here and the
other person I speak to — tells me UK’s burgeoning garden city the industrial Ostiense district; one of couldn’t have a more eager audience. name stuck. They say if you drink
i / DETAILS about Garbatella, a suburb famed for movement to create an urban district the area’s waymarkers is the “Sabbatini understood the value of three sips and make a wish it will come
its tight-knit community located a with the intimacy of a village. Romans Gazometro, a gasworks affectionately community and how architecture can true.” I wander down the staircase,
Valeria Castiello’s Garbatella tour costs €125 for a mere two metro stops from the Circus flock here at weekends to sip spritz, see nicknamed “the working man’s help foster it. To cultivate a new shared look Carlotta bang in the eye and wish
private two-and-a-half-hour guided visit, in Maximus, my interest is piqued. His street art and wash down pasta with colosseum”. heritage, you have to respect where with all my might.
English. For details see her Facebook page: descriptions of open-armed families flagons of wine at family-run trattorias. In the latter half of the decade, people have come from and understand
facebook.com/UnexpectedRome feasting on velvety artichokes and The area is divided into 62 lotti, Garbatella was co-opted by Fascists to what really matters to them.” Imogen Lepere
6 ★ FTWeekend 17 July/18 July 2021
Travel
per episode. They now have their own
PR firms and subscription accounts via
sites such as Patreon.
Living the
2015, as well as early YouTube channels,
Carey felt increasingly stifled by the
polite routines of suburban life in
A
ndrew Siegal had a nice life. “It has been absolutely insane,” says Adelaide. The family considered a cara-
He lived in a nice house in Behan Gifford, 51, who has raised three The pandemic and greater acceptance of remote working have van but settled on a boat. Carey is talk-
Napa with his wife and two children on a yacht with her husband, ing to me from Roam, a sturdy 47-ft
young sons. He made good Jamie. The American couple, who left British monohull yacht built in 1984.
money in the California dry land 13 years ago, now run a coach- prompted growing numbers of families to seek new lives at sea. “It’s all wood inside like an English
wine trade. But there was always an itch. ing service for newcomers. Sailing pub,” she says.
Siegal, 51 and originally from New Totem, named after their yacht, advises Roam has been home to the couple
York City, had long been inspired by on buying and fitting out boats, as well Simon Usborne hears the stories behind the phenomenon and their three sons, aged six to 12, for
Henry David Thoreau, the American as schooling, tax and insurance. three years. Carey started writing arti-
thinker who turned his back on materi- “For about a month last March we fig- cles about life at sea, which led to an
alism “to suck out all the marrow of life” ured income would dry up but the exact interview with Brian Trautman. The
in the woods. “The mass of men lead opposite happened,” Gifford says. The not deterring new sailors with much former Microsoft analyst runs Sailing
lives of quiet desperation,” Thoreau couple had about 15 clients before the smaller budgets and a need to work. SV Delos, one of the biggest yacht
wrote in 1854 in Walden, his personal pandemic. They now have 62. “We are channels on YouTube, with 710,000
declaration of independence. seeing a normalisation of what was once Marte Loge is a 29-year-old software subscribers. Trautman became Carey’s
“I swore when I read that book as a a fringe lifestyle.” developer from Norway. Her voyage first client.
young man I wouldn’t be that person,” Yacht brokers are racing to meet began before the pandemic, when While marine living involves close
Siegal tells me. “Yet here I was, in my demand for vessels of all sizes. Fraser she and her boyfriend, Hakon Amdal, confinement, boatlifers tell me the
forties, thinking this can’t be it . . . I Yachts, one of the biggest brokers, also a developer, became bored with social side of cruising is as rewarding as
can’t just do this and then find myself as says sales of 79ft-plus boats leapt 18 life in Oslo. A year earlier they had the act of escape. They join growing
a 70-year-old wishing I’d had some great per cent from 2019 to 2020 — the sailed in Croatia and fallen in love. online communities and friendly flotil-
adventure.” Monaco firm’s best year for more than When the time came to buy a new apart- las. “Their life in the Caribbean was idyl-
If a nearly 170-year-old book was the a decade. Gifford, who is from San ment, it suddenly felt too “permanent”, lic,” Carey says of her boys from their
inspiration for change, the pandemic Francisco, says sellers are increasingly Loge says. current mooring in the Azores, 950
was the trigger. Siegal and his wife Sara, also by-passing brokers on listings The couple sold their flat, car and miles west of Portugal. “They’d go to the
37, had already felt drawn to the free- belongings in the spring of 2019 and beach every day, building forts with
dom of the sea, despite barely having ‘I spent 15 years pushing to bought a boat. By November, they were their friends.”
sailed before. But they had not felt ready sailing south past France and Portugal, No one seems to fear stepping off the
to cast off. work from home and could and across the Atlantic to the Caribbean ladders of grown-up life: career, prop-
“Then Covid hit,” Siegal says. “Our never get it approved, then on Hello World, a 43ft monohull yacht erty, education. “People have to not be
kids were reduced to being treated like worth about £100,000. scared of breaking out of societal norms
germs, and we were Zooming into suddenly we’re all doing it’ They did no work during the crossing, because there’s so much out there,”
school. We both just looked at each but the pandemic left their options for Carey says. “Even if for some reason we
other and said: ‘If we don’t do it now we sailing and tourism increasingly lim- could never buy a house again, I can’t
never will.’ It was the perfect opportu- sites and social media. ited. So they went back to work full time imagine us being on our deathbeds
nity to shake up everything in our lives.” While cruisers typically used to be — in dockside cafés with WiFi, or on the going, ‘gee, I wish we hadn’t spent 10
Weeks later, the family had sold their retirees and experienced sailors, Gifford boat using data via local sim cards. years sailing around the world’, because
house and belongings and driven to says the shift is now being driven by Loge is at anchor in Antigua when I it’s amazing.”
Florida to buy a boat. When we talk by younger newbies with jobs who need all reach her via Zoom. Behind her I can see Gifford, whose children are 17, 19 and
phone, Siegal is at the helm of One Tusk, the help they can get. She lays out for cli- Falmouth Harbour, a large bay fringed 22, found that when Niall, their eldest,
a 45ft catamaran that has been his fam- ents the joys and pitfalls of marine life, From top: mahi mahi for dinner. Austin has by verdant hills. There are fewer yachts was applying for university, admissions
ily’s home for the past five months. They which can scuttle marriages and bank- Mairen Gifford become proficient with a scuba mask than normal. “But these are mostly peo- departments saw his unconventional
are sailing east from Puerto Rico to rupt the naive (Gifford is talking from in the Sea of and fishing spear. ple living this lifestyle,” she says, looking educational background and decade at
Culebra, a sleepy Caribbean island and Puerto Peñasco in Mexico, where Totem Cortez, 2020; The Siegals have enough savings not over her shoulder. sea as an advantage rather than obsta-
honeypot for rat-race fugitives. is being renovated. Works include a new schoolwork on to have to work for a while, despite In September last year Loge got a new cle. Homeschool stigmas are fading, she
The Siegals have joined a growing off- $25,000 engine). board the Totem annual costs of more than $50,000 for job in the burgeoning industry that has says. “People used to think we were
grid armada. While the ultra-rich have Siegal had sailed dinghies as a kid at in Tonga, 2010; supplies and maintenance, including sprung up to meet demand — boosted ruining their future. But I think they’re
retreated to superyachts in record num- summer camp, but he was not a sailor. A Hakon Amdal more than $15,000 to insure the boat. by the pandemic — for digital nomad- more confident and socialised.”
bers to navigate the shifting border con- Florida broker found his catamaran on Hello World Sailing can be a full-time job. But this is ism. Formerly a freelance consultant, Andrew Siegal, who briefly pauses our
trols and pandemic travel restrictions, in the US Virgin Islands. It cost she is now a developer at SafetyWing, an conversation to check his bearing as he
couples and families of more average $700,000 — enough for a plush 2019 Oslo-born insurance company dedi- sails on to Culebra, is hoping for a
means are themselves setting sail. model. Siegal flew to the Caribbean to cated to remote work. similar outcome. The family decided
The “boatlife” lifestyle was already collect it last August, hired a captain, Affordable travel and medical insur- to spend a year at sea and go home if
buoyant, gaining pace on “van life”, its and got a crash course on the nine-day ance has traditionally been a problem it didn’t work out. Five months
landlubbing equivalent. Just as demand voyage back to Florida. for nomads. There are visas and taxes to in, they’re thriving and plan to keep
has soared for motorhomes and vans The family spent four months prepar- think about too. Loge pays tax in Nor- going for years.
that are being converted into Insta- ing and fitting out One Tusk with solar way, and has to be careful not to be liable Coming to realise how quickly the
grammable bases for work, adventure panels and a machine to make seawater a second time by staying too long in cer- boys’ childhoods were flashing by partly
and personal branding, the market for drinkable. In January, they plotted a tain countries. The French Caribbean inspired the change. Now Siegal loves
yachts is humming. 2,000-mile course from Sarasota to Gre- islands are part of the EU for tax pur- nothing more than watching Austin
The pandemic has added a gale to the nada via islands including the Bahamas poses, meaning Loge could stay for six diving with his spear.
#boatlife trend, inspiring people to and the Dominican Republic. months without coughing up. She says “We’re in the middle of the most
escape the rigours and monotony of When we speak, Siegal’s sons Austin, many boatlifers try to wing such affairs. beautiful pristine water on the planet
lockdowns. Despite adding complexity 10, and Arthur, eight, are at school Other cruisers make money by char- and he’s charging after grouper,” he
to any kind of travel, Covid-19 has also below deck, where they are enrolled in a tering their yachts or hosting visitors. says. “You should see the smile on
triggered a shift in attitudes towards distance learning program. Branding the dream is a burgeoning his face when he comes up. It’s hard
digital nomadism — the unmooring of When they’re not studying, they’re alternative — and has a self-fulfilling to convey how gratifying it is to see him
workers not only from offices but time sailing, fishing and diving. Siegal hopes effect on the trend. The biggest boatlife in that environment doing something
zones, too. to drop anchor in time to catch a Erin Carey runs her PR firm from the family yacht YouTube channels get millions of views like that.”
Short cuts
Suffolk Dragoman, the tour operator journeys to epic itineraries such as Cape “When the time is right, we will insert the improves fuel efficiency and stability in the ship and operates it in partnership
that helped pioneer long-distance Town to Cairo and Alaska to Tierra del key, turn over the engine and get the rough seas, as well as expanded fuel and with the commercial arm of the National
“overlanding” trips by truck, has Fuego. Dragoman said its fleet of 27 wheels rolling again.” dragoman.com water tanks for extended operations in Geographic Society. The name is in
announced it is no longer taking trucks had now stood idle for 15 months remote areas. The strengthened hull has honour of the ship used by Ernest
bookings and will go into “full “and there is still no clarity in when long- Iceland National Geographic Endurance, a Polar Class 5 rating, allowing it to Shackleton on the Imperial Trans-
dormancy” until travel restrictions ease. haul global travel will be able to resume”. a vessel its owner claims is “the world’s operate year-round in polar waters. Antarctic Expedition of 1914-17;
The company was set up 40 years ago Once it has refunded all bookings, it will most advanced polar expedition ship” “This means we can explore deeper hopefully the new Endurance will enjoy a
when two friends bought an old Bedford close its main office in Debenham, will depart from Reykjavik next week on into the pack ice, or further north to the better fate. Rates for a 13-day voyage in
truck and set off from Felixstowe to Suffolk. But the company insists the its maiden voyage, bound for Greenland. unexplored reaches of the Arctic,” said August begin at $13,350;
Nairobi. It has grown to offer trips National Geographic Endurance mothballing strategy will allow it to The ship, which carries up to 126 guests, Sven Lindblad, founder of New York- expeditions.com
worldwide ranging from two-week during sea trials last year restart once travel becomes easier: has the distinctive X-Bow design that based Lindblad Expeditions, which owns Tom Robbins
17 July/18 July 2021 ★ FTWeekend 7
T
he most remarkable fact WeWork’s
about WeWork is not that a Adam Neumann
hyped-up twist on a busi- Camera Press/Chris Floyd
E
coffee, and mescaline from various Penguin Press $28 proved invaluable as a way to extract had their critics, This Is Your Mind on Dick Pountain is the author of ‘Sampling
very morning during the Cov- cacti. Instead of focusing on cultivation, 320 pages more work from workers. Plants, places Pollan, for this reviewer at Reality: Matter, Information and
id-19 lockdowns I’ve been Pollan examines their status within Pollan portrays it as the drug that least, among those science writers — Imagination’
measuring my constrained human society from economic, legal, helped make the Enlightenment and
existence in spoonfuls of cof- sociological and anthropological angles. modern capitalism, by dispelling those
fee (Lavazza Black loaded While he does briefly discuss their lengthy jail sentence as well as severe alcohol-fuddled Middle Ages when peo-
into a DeLonghi espresso machine). I pharmacology and toxicology, the book financial penalties. ple went to bed at sundown. It cried out
was well aware that TS Eliot’s Prufrock is really about the relation between The magazine eventually published it for artificial lighting to extend the day,
was there before me, but I now discover each plant and the humans who con- with the most offending section and the same steam that drove the
that so was Michael Pollan, on page 122 sume it, tackled in a non-judgmental removed, a section that he only now engines of the Industrial Revolution
of the essay “Caffeine”, which makes up and objective way that seeks to dispel feels safe to publish. Around it he’s built issued from tea kettles that kept the
one-third of This Is Your Mind on Plants. the ignorance, prejudice and demonisa- an impassioned account of the massive night-shift going. His descriptions of
Readers will probably know Pollan for tion they attract. damage to civil liberties caused by London’s coffee house culture and Hon-
the famous aphorism “Eat food. Not too Each drug is handled differently. The Nixon’s “war on drugs”, a defence of the oré de Balzac’s barbarous habit of
much. Mostly plants” from his 2008 first, “Opium”, is actually a meta-essay value of opiates as still the best painkill- ingesting dry coffee grounds to fuel all-
best-seller In Defense of Food, which in which Pollan recounts how in 1996 he ers, and a denunciation of the plague night scribbling sessions are worth the
together with his earlier The Omnivore’s wrote an article for Harper’s Magazine of addiction to the semi-synthetic book’s price alone.
Dilemma proposed a profound critique about growing the opium poppy opioid OxyContin that made billion- For me “Mescaline” was the least
of the food chain in modern industrial Papaver somniferum in his garden aires of some members of the interesting section, mostly because hav-
societies. and sampling it as a tea made Sackler family. ing entered journalism via the under-
In 2018 Pollan turned his attention from the pods. Harper’s In “Caffeine”, the most ground press I’ve had an untypical prior
from food to drugs, with How to Change lawyers discovered that impressive essay, Pol- exposure to hallucinogens. Pollan adds
Your Mind, a book about psychedelic under Nixon’s 1970 lan begins with the little to descriptions of the drug’s effect
drugs that has become something of a Federally Controlled fact that some plants and seems slightly embarrassed (“how
manifesto for the “micro-dosing” com- Substances Act and evolved this bitter saccharine these words must sound!”)
munity, who advocate taking tiny doses Clinton’s 1994 Crime alkaloid to spoil the by the difficulty of writing about it.
of hallucinogens to improve mental Bill, Pollan’s article appetite of caterpil- Much of the chapter is about his
health and creativity. An earlier book, counted as a confes- lars and similar her- attempts to attend a peyote ceremony,
The Botany of Desire, had already sion that could expose bivores for their repeatedly thwarted by the coronavirus
touched upon drugs, explaining how him to being raided by leaves, then put it into pandemic and Californian wildfires.
four plants — the apple, the tulip, mari- a police special weapons nectar where it addicted The real interest of this section lies its
juana, and the potato — co-evolved with team and landed with a the bees and made them detailed and sympathetic account of the
8 ★ FTWeekend 17 July/18 July 2021
Books
C
Books $26
240 pages she’d struggle with is the absence
lothing has never been of communication. Yet this is what
cheaper, nor its volumes so she increasingly encounters, both
immense. A casual browse in her personal and professional
of the summer sales at lives. Silences that she takes to
A
Swedish fast fashion pur- mean one thing, when often, as
veyor H&M unearths a sleeveless dress bout halfway through we eventually learn, they mean
in white cotton for £3, and a pair of Katie Kitamura’s something else entirely to the
“Conscious” drawstring-waist trousers spellbinding new other party involved. And it’s
cut from a viscose-polyamide mix for novel, Intimacies, her here, in these slippages, that the
£9. At Manchester-based Boohoo, unnamed narrator — novel’s thrilling, ominous energy
which is running a 70 per cent off pro- an interpreter, who’s recently is found.
motion, bandeau tops and a “Mindful” moved from New York to The Rachel Cusk is an obvious point
white cotton T-shirt will each set you Hague to work at an international of comparison. The void-like pres-
back just £2. court — attends a private opening ence of Kitamura’s narrator — the
For less than a cup of coffee, you at the Mauritshuis, where she character’s realisation, for exam-
might be tempted to buy that T-shirt becomes transfixed by Judith Ley- ple, that the former president sees
and, even if you didn’t really like it, toss ster’s “Man Offering Money to a her as “a consciousness-free zone,”
it in a donation bin after a wear or two. Young Woman”. or the way in which she tries to
At £2, what’s the harm? In the painting, a seated girl “slip into the fabric of [Adriaan’s]
But there are vast — and for those of us works on a piece of embroidery in life” — is reminiscent of the elusive
in the west, often unseen — conse- her lap, her face illuminated by a blankness of Faye, the narrator of
quences to be paid for these small, mind- lighted candle on a nearby table. Cusk’s recent Outline trilogy.
less purchases, as Maxine Bédat outlines Standing behind her, a man looms
in her smart new book Unraveled: The over the girl, his left hand resting The pervasive sense of
Life and Death of a Garment. Although on her right arm. The longer the
fashion’s abuses have been well docu- narrator looks at the image, the threat that envelops the
mented for decades (see the sweatshop more she sees; namely, that it’s book is heightened by
controversies of the 1990s) the problem “not a painting of temptation, but
has ballooned rapidly. rather one of harassment and the clarity of the prose
In the first 15 years of this century, Used jeans packed for recycling — Getty intimidation,” the way the woman
global garment production is estimated holds herself — hunched over, her
to have doubled to as many as 150bn gaze averted downwards — indica- But there’s so much more going
items per year — a staggering figure growing body of literature is a meticu- and the many forces that have turned tive of unease, not coyness. on here too. In the same way that
when you consider the size of the global lously researched, even-handed and fashion into the dangerous and discon- “The painting operated around a Kitamura’s previous novel, A Sepa-
population (7.9bn) and the number of remarkably human account of how nected industry it is today. Among schism,” the narrator realises, “it ration — a psychological medita-
clothes already stuffed in our closets. fashion, in its pursuit of ever-lower them, neoliberalism, labour unions, represented two irreconcilable sub- tion on the ties that bind a mar-
The toll of our cheap fashion thrills is prices and higher profits, became so western trade policies designed to pro- jective positions: the man, who riage — cunningly masqueraded as
paid by the women (and it’s mostly reckless, dirty and inhumane. tect domestic manufacture that in fact believed the scene to be one of a murder mystery, Intimacies is a
women) who work 12 to 14-hour days The author’s journey begins in Texas, have the opposite effect, and fashion ardor and seduction, and the brilliant examination of language
on a gruelling assembly line making less where she discovers what half a century brands’ shift away from making their woman, who had been plunged into conveyed with the kind of pacing,
than the legal minimum wage in Dhaka, of spraying fertilisers and chemicals has own clothes to merely curating and a state of fear and humiliation.” tautness and menace usually asso-
Bangladesh — an experience one done to the soil and to farmers’ health, selling them. Intimacies itself operates in a sim- ciated with a thriller.
woman likens to a “cage”. It’s paid in the and yet why so few are willing to make In profiling individuals and telling ilar way. Its narrative is propelled The pervasive sense of threat
ink-black, sinus-clogging rivers where Unraveled: The the switch to organic. (It’s simply too their stories, Bédat gives a human cast by the tension that results from a that envelops the book is further
Chinese factories allegedly dump their Life and Death costly for them to do so without further to a book that might otherwise have series of situations and encounters heightened by the piercing clarity
chemical waste, and which dangerously of a Garment government-sponsored financial incen- been mired in statistics, as so much that are read by different people to of the prose. Kitamura’s every bit
feed the local crops. by Maxine Bédat tives, and even though only 0.7 per cent writing about fashion and sustainability denote different things. as precise as her narrator, and the
It’s paid in the early-onset cancers of Portfolio, £22.99/$27 of the world’s cotton is organic, there is (mine included) often is. Six months after she arrives at cool restraint of her writing — even
pesticide-spraying farmers in Texas, 272 pages not enough demand for it, meaning cot- But is it enough to get readers to the international court, the narra- when dealing with heightened
who unload their cotton in opaque ton sometimes trades at a lower multi- change their shopping habits and to tor gets put on a particularly emotional and moral stakes — is
exchanges before it is shipped halfway ple to conventional cotton than other become, as she suggests in her final demanding case; that of a former nothing short of magnificent.
around the world to be spun, woven and kinds of organic crops.) chapter, not just consumers but citizens West African president who stands Intimacies is both a gripping read
saturated with industrial chemicals (a She then travels to China to see why advocating for change? Perhaps accused of war crimes. This coin- and a chilling consideration of
third of a pound of which are involved in manufacturing jeans there costs only a because of Bédat’s approach — so meas- cides with certain troubling issues what’s involved when we choose to
the making of an average T-shirt, Bédat fifth of the price it does in El Paso, Texas, ured in her language, so careful not to in her private life. Her nascent ignore the things we don’t want to
reports). And it’s paid in our accelerat- once the denim capital of the world — sensationalise — I didn’t feel the same romantic relationship with a man see, let alone understand: “It is sur-
ing climate emergency, of which fash- low wages and poor environmental and rousing drive to change my habits as I named Adriaan (who’s only prisingly easy to forget what you
ion, with its relentless demand for raw worker protections have a lot to do with have after digesting certain articles and recently separated from his wife) have witnessed,” admits the narra-
materials and energy to power its facto- it. Later, in Bangladesh and Sri Lanka, documentaries on fashion and climate. stalls in mysterious circum- tor, “the horrifying image or the
ries, is a significant contributor. she meets the seamstresses who toil in And the suggestions to buy less but bet- stances, while at the same time, voice speaking the unspeakable, in
For those who have seen Andrew factories, some of whom are also ter, and to put social media pressure on she finds herself drawn into the order to exist in the world we must
Morgan’s documentary The True Cost coerced into sex work when there are fashion executives, have appeared aftermath of a violent mugging and we do forget, we live in a state
(2015), or read Elizabeth Cline’s Over- not enough garments to sew. many times before. that landed the brother of a new of I know but I do not know.”
dressed (2012) or Dana Thomas’s Fashio- Back in America, Bédat observes the Yet her stories of the people she so friend in hospital.
nopolis (2019), all of which investigate robot-like way in which warehouse empathetically profiles in this book — The narrator is someone who is
the human and environmental abuses
Bédat gives a workers must operate at Amazon, now the cotton farmer who said he’d “rather used to understanding and being Now read on . . .
of the globalised garment trade, none of human cast to a the US’s largest clothing retailer. And spray” than switch to organic, the sew- understood. There are, we’re told, For recommendations
of what to read this
this might sound particularly new. finally she looks at where our clothes, ing women living in shanties in Bangla- “great chasms beneath words,
Bédat is a former lawyer and fashion
book that might once discarded or “donated”, end up: desh and Sri Lanka, who profess no between two or sometimes more
summer, from
economics and history
entrepreneur who in 2019 founded the have otherwise often, in burning refuse piles in Africa. hope for themselves and only for their languages, that could open up books to novels and
New Standard Institute, a not-for-profit Throughout — and this is where the children — will stay with me a long time. without warning.” Thus, it’s an
that combats greenwashing in the fash-
been mired in book excels — she connects the dots interpreter’s job “to throw down
poetry, go to ft.com/
summerbooks2021
ion industry. What she brings to that statistics between what she is seeing first-hand, Lauren Indvik is the FT’s fashion editor planks across these gaps.” Nuance
D
The period following Britain’s Glori- by John Shovlin various attempts that were made to Elder’s dream of a universal monarchy of free trade to Britain in the 19th cen-
uring the brief regency of ous Revolution of 1688, which con- Yale £25 move away from war policy and the var- of trade because the burden of main- tury would more than compensate for
Philippe II, duc d’Orléans firmed parliamentary and Protestant 416 pages ious schemes proposed by diplomatic taining sovereign imperial territory far the loss of her American colonies. At
(1715-23), a Scotsman primacy, was the first in which geopoli- officials, men of letters, and philosophes outweighed the commercial gains from the same time a new French India
named John Law urged the tics was driven primarily by capitalism to encourage trade as a substitute for a closed empire. Company reached a rapprochement
French monarchy to adopt rather than religious or dynastic rivalry. established was stabilising; hegemony war. For example, the French Physio- And Thomas Pownall MP, a former with Britain’s East India Company over
his “System” of public credit and paper Britain stole a march on France by intro- in prospect could loose tremendous vio- crats, originally wanted France to governor of Massachusetts and South trade in Bengal, while the count de Ver-
money. Law fell out of favour and was ducing public credit, expanding its lence.” The first of these wars had lasted become an agricultural dynamo above Carolina, had been a staunch defender gennes negotiated a trade treaty
exiled in 1720, when the failure of his money supply, and thereby stimulating from 1688 to 1713, when France, Britain all else, but later changed their mind of Britain’s monopoly of American between France and Britain. Those who
joint-stock vehicle, the Mississippi commerce, when it founded the Bank of and the Dutch Republic signed the agonise over Brexit should perhaps
Company, caused France’s newly estab- England in 1694. If France, with its agri- Treaty of Utrecht. (The ingenious John take note.
lished Banque Générale to collapse. cultural resources and vast population, Law also came up with the idea, in 1717, ‘Robert Clive For Shovlin it is not so much a ques-
France did not issue paper banknotes had persisted with Law’s system, he of converting 250m livres of unfunded and Mir Jafar tion of how different things would have
again until 1795, but Law believed that if believed it would have grown to domi- French war debt into highly liquid com- after the Battle been had certain counterfactuals pre-
his System had lasted “it would have nate Europe as a “benevolent hegemon” pany shares that contributed to the of Plassey, 1757’, vailed as it is a question of to what
kept the peace of Europe”. The Ameri- without the need to compete with Brit- money supply.) In the 1720s and 1730s by Francis extent such counterfactuals caused pol-
can academic John Shovlin calls Law’s ain and the Dutch Republic for Spanish there was a long peace between Britain Hayman (1760) icymakers to temporise and change
legacy “jealousy of credit”, by which he American trade and thus secure the sil- under Sir Robert Walpole and France Alamy
course. He is careful not to over-em-
means “wary scrutiny of a rival’s public ver specie that sustained its currency under Cardinal Fleury. Walpole fell phasise the influence of Physiocrats
credit with a view to imitating its inno- and held back its money supply. Paper from power in 1742, Fleury died in 1743, and Scottish political economists on
vations or undermining its successes”. money was the key to ending jealousy of and the following year Britain and policy. “Officials borrowed ideas eclec-
Shovlin challenges the conventional trade, Shovlin argues, because although France were at war again, this time for tically,” he writes, “and mobilised them
perception of unbridled Franco-British there would still be some need for silver, four years. Then in 1756 the Seven Years’ instrumentally in line with their own
rivalry and aggression in the 18th cen- it “would no longer be the lifeblood of War began, with Franco-British conflict priorities.” Free trade became the gos-
tury by giving greater emphasis to the the kingdom”. in America, Canada, the Caribbean, and pel of the 19th century, but its advo-
cumulative process by which diplo- Instead, intense French and British India as well as Europe. cates were laying a path for it through-
mats negotiated and merchants lob- trade rivalry spilled into a series of wars. In the 1760s, Britain tried to use out the 18th century and on both sides
bied to cut cross-channel tariffs and As Shovlin puts it: “Hegemony once smuggling between the British and of the English Channel.
17 July/18 July 2021 ★ FTWeekend 9
Books
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grinder scourged by the injustices of
post-first world war society can finally hat kind of person joins sticky web of conspiracy theories. “The
account for itself. a cult? After hearing hope that fuelled his initial belief,” he
With his voluble paper narrator, one too many stories writes of one QAnon member, “turned
Hamilton has revived the so-called of friends and into a type of addiction — an addiction
“novel of circulation”: stories told by acquaintances who’d to the discourse, to the special feeling
objects as they pass from hand to hand. handed their lives over to charismatic of knowing something other people
The genre, pioneered in 1709 by the gos- godmen in India, or of once- didn’t. And ultimately to that
siping guineas of Charles Gildon’s The questioning college-mates who had desperate need for something better.”
Golden Spy, took off as both commerce succumbed to QAnon conspiracies in Rothschild is brilliant at outlining
and fiction boomed in Georgian Eng- the US, I wanted to know more. the process by which people who were
land. More recently, authors such Cults are hardly a modern invention, not previously drawn to political
as Marguerite Yourcenar (A Coin in but four new books on the subject offer extremism come to see themselves
Nine Hands; 1934) and Annie Proulx some answers. If there’s one thing they as “patriotic researchers”, able to see
make clear, it’s that given the right patterns in the information that is
Hamilton avoids circumstances, intelligent — even
sceptical — independent thinkers, as
fed to them.
That sense of higher purpose can also
indigestion with a brisk well as the vulnerable and credulous, cause people to overlook suffering, and
and swift narrative style can easily become ensnared.
In Cultish: The Language of Fanaticism,
even abuse. Bexy Cameron’s parents
were fervent followers of David Berg,
that echoes Roth’s own A street scene in Vienna, 1934 — ullstein bild via Getty Images linguist and journalist Amanda a failed preacher who founded The
Montell makes the persuasive case Children of God, later superseded by
Interleaved lives
that it is language, far more than a sect known as The Family
(Accordion Crimes; 1996) have revital- esoteric brainwashing techniques, International, in California in the late
ised it. “Circulation” yarns often seek, that helps cults to build a sense of 1960s. Berg drew in Christians and
and find, connections between dispa- unshakeable community. hippies with his blend of religiosity
rate times, places and people. So it “With emotionally charged and free love ideals, but his sect came
proves here. There turns out to be some- buzzwords and euphemisms, to be accused of promoting child sex
thing in this modest copy of a 1920s pro- renamings, chants, mantras, and even abuse and rape. In her memoir Cult
test novel that “had the ability to align hashtags, pernicious gurus are able to Following: My Escape and Return to The
the universe”.
Hamilton’s talking book interleaves
A talking book — Joseph Roth’s ‘Rebellion’ — tells the stories of its owners instil ideology, establish an ‘us’ and a
‘them’, justify questionable behaviour,
Children of God, Cameron demonstrates
that the urge to find a more perfect
several strands of story across a century inspire fear, gaslight followers into way of living in harmony with one
of life on and off the shelf. In the present, across a century in a new take on the ‘novel of circulation’. By Boyd Tonkin questioning their own reality . . . another, and the Earth, can be as
its current owner — American artist essentially everything a cult needs to dangerous as any drug.
Lena Knecht — visits Berlin to retrace do in order to gain and maintain The Indian-American journalist and
the paths taken by her German grandfa- power,” she writes in a related feature. author Akash Kapur’s haunting Better
ther. Lena, a divided soul of Irish and ancestry in novels such as Dublin Palms Roth, however, was not simply an Montell draws a useful distinction to Have Gone: Auroville — Love, Death
German parentage, has a fiancé back in and his outstanding memoir The Speck- observer but a myth-maker. In Rebel- between relatively benign self-help or and the Quest for Utopia narrates the
the US, Mike, who works in cyber secu- led People, avoids indigestion with a lion, the hapless street-musician’s strug- fitness movements that might use story of his parents-in-law, Diane and
rity — later, a vital detail. Her grandfa- brisk and swift narrative style that ech- gles with authority become a parable of “insider” language to create a sense of John, two charismatic dreamers who
ther, then a student, received Rebellion oes Roth’s own. Although ideas of mem- the doomed quest for justice in a world belonging, and destructive cults. moved to the utopian community of
for safekeeping after his Jewish litera- ory, legacy and repetition — the indeli- of predators and prey. In The Pages, the Montell’s father, now a successful Auroville in India in the late 1960s, and
ture professor, David Glückstein, res- ble imprints of history — fill The Pages, it book’s transit from prewar Europe to neurologist, was forced to spend four this book is a harrowing quest to
cued the volume from the infamous moves with a fast and fluid gait. our own allows Hamilton to depict the years in the early 1970s in Synanon, a understand the blinkered idealism that
Nazi book-burning on Opernplatz in Lena’s adventures in multicultural first epoch as mirror, and harbinger, of drug rehabilitation programme run by led to John and Diane’s deaths, on the
May 1933. As Heinrich Heine first Berlin, once again a home for Roth’s the second. In the earlier era, political an unqualified addictions counsellor, same day, in 1986. “The sixties,” Kapur
noted, book-burners will become peo- dream of “diversity and open borders”, liars cultivated “an appetite for dishon- Chuck Dederich, that spiralled into writes. “All that hope, all that youthful
ple-burners. The Pages pile up around the time-travelling epi- esty” as they dissolved “the boundaries an abusive quasi-religion. Group confidence — and the darkness right
Hamilton counterpoints Lena’s mis- by Hugo Hamilton sodes that trace the book’s, and author’s, between fact and fiction”. Now lying big- encounters at the centre near San around the corner.”
sion to reopen the closed chapters of her 4th Estate £14.99/ progress. She meets a refugee brother otry, with Ulrich’s face, returns to Ber- Francisco included “haircuts”, sessions Reading Cameron, Kapur, Montell
family’s past with her encounters in Knopf $28, 272 pages and sister, Armin and Madina, who bear lin. The book warns that “My time is where members were subjected to and Rothschild, I begin to understand
today’s Berlin, and with the life of Joseph inner and outer scars from the Chechen coming back.” verbal abuse, ostensibly to help them that people walk into cults one step at
Roth himself. That spellbinding story- wars. Madina — a singer who, like Roth’s The novel’s overlapping strata enrich discard the baggage of the past. a time, drawn into a community that
teller, born on the fringes of the mori- hero, has a prosthetic leg — must fend off its texture but can blur its focus. In par- Cults and cultish movements of all seems so welcoming, so promising,
bund Habsburg empire he elegised in her jealous ex Ulrich, a care-home ticular, Friedl’s poignant fate, as her kinds — religious, political or social — that they are hooked before they know
The Radetzsky March, became both jour- worker capable of kindness but tempted mental torment enacts in miniature a thrive on convincing those who are where they’re headed. The “language
nalist and fabulist — an archetype of the by far-right militancy. Ulrich is another continent’s collapse, feels unduly com- disillusioned there is a better solution of fanaticism” that Montell describes
“restless, refugee, itinerant, stateless migrant from the splintered Soviet pressed. And in Hamilton’s contempo- — and the internet is a force multiplier, so well can be as comforting as a
writer on the run”. Roth’s unhappy wife empire in whom the unresolved past, rary plot, a far-fetched, thriller-like enabling new, fringe movements to tranquilliser.
Friedl joins this story; her descent into that “dormant virus”, may burst out in showdown — when Mike’s cyber skills reach far more potential followers than “The truth is, I’ve always mistrusted
depression and schizophrenia parallels some “irrational piece of cruelty”. come into play — leaves everyday real- was possible in the offline world. faith a little,” Akash writes in a moving
Joseph’s flight from Hitler’s Germany. As his various threads entwine, Ham- ism far behind. With The Pages, as with Mike Rothschild’s timely and chilling passage in Better to Have Gone. “Maybe
He would die, a broken alcoholic, in ilton sometimes risks confusion or dis- Roth himself, fable rather than report- study, The Storm is Upon Us: How QAnon it’s because I’ve grown up around its
Paris in 1939; the following year, the traction. Mostly he sidesteps them age gains the upper hand. It reminds us became a Movement, Cult and Conspiracy surfeit. And also, I’ve seen what faith
Nazis murdered her. thanks to his sharp, laconic, cam- that, even in an age when people “live in Theory of Everything, traces the path can do.” Without that hard-won
There’s much, then, for our vintage era’s-eye observation, akin to the Neue a rush to forget” (Roth’s words), we back from the 2021 attack on Capitol caution, it seems that much of
volume to recount. Hamilton, who has Sachlichkeit (“New Objectivity”) of Wei- must read the book of the past in order Hill in Washington to the chat forums humanity has no natural immunity to
drawn on his own Irish-German mar-era prose. to understand the present. that drew over 40m Americans into a those who would play God.
T
ture book, if it’s to stand the test of less-pink cravat, resulting in a son, £10.99) imagines what our development. He insists on
time, should have some universal dispute that nobody wins. The canine friends get up to while he theme of women’s “doggy” games and when he
lesson embedded within. In the text’s pounding rhyme scheme we’re out of the house. In the transformation and finally sleeps somewhere other
case of Carle’s best-known title, GENRE ROUND-UP will be picked up by toddlers in no case of Frido, it’s scootering, raid- empowerment through than his parents’ bed, it is in a
The Very Hungry Caterpillar time, and the knockabout ing the fridge, having guests the radical adoption of kennel. Sex with her husband is
(1969), the imagery of a food- CHILDREN’S humour, which owes something round, ordering pizza, and even hybrid identities care about anything anymore. revitalised and animal.
fattened caterpillar becoming a to Tom and Jerry, is a hoot. doing yoga. And definitely not storms through contemporary fic- Politics, art, philosophy, film: all Nightbitch is in essence a fan-
glorious butterfly teaches that BOOKS The latest from collaborative making a mess. tion, from Angela Carter’s The boring. She craved gossip and tasy, one that contains sharp
change may be difficult but can cohabitees Sue Hendra and Paul Lisa Sheehan’s Just Being Ted Bloody Chamber to the more recent reality TV.” observations about the perennial
also be positive. By James Lovegrove Linnet, I Spy Island (Simon and (Buster Books, £6.99) is a lovely work of Sarah Hall and Daisy Disheveled and sleep-deprived, issue of women whose identity
David Ouimet’s I Get Loud Schuster, £6.99), sees a treasure fable about a shunned, misunder- Johnson. The conflicting demands she studiously avoids the seem- becomes subsumed into that of
(Canongate, £12.99) conveys a chest wash up on the shores of a stood dragon with a creative soul. of motherhood are being newly ingly perfect mothers and equally one-sided carer. Yoder writes as
similar message. A girl who south Asian and Nigerian respec- sentient desert island. At first the He infiltrates the bears’ picnic confronted too, in novels such as pristine children who make up the well on this as she does on the par-
expresses herself demonstra- tively — and find commonality in chest is standoffish, keeping disguised as one of them in order Jenny Offill’s Dept of Speculation Book Babies group at the local adox of motherhood, with its
tively, symbolised by the bright their love of bright dresses. The apart from the other inhabitants to make friends, only to discover and Avni Doshi’s Burnt Sugar. library. Then she begins to notice a simultaneous feelings of alien-
red kite she flies, finds compan- book also tackles colourism: the — a glove, a banana, a bottle and a that being himself is enough. Now American author Rachel furry black patch growing on the ation and deep bonding. The
ionship in a smaller, quieter girl. belief in some cultures that paler bird — in order to protect the val- A sense of loneliness in a time of Yoder enters the fray with her back of her neck, and a hard neatly portrayed cult of “moms”
The pair then become displaced skin is more desirable. Self- uables inside it. Soon enough, coronavirus permeates the book, debut, Nightbitch, a deliciously stump forming on her tailbone; is revealed as a community of
from their home town. They cross acceptance, regardless of familial though, it’s joining in their as it does more explicitly in The untamed satire on mothering and her teeth are becoming sharper. emptiness behind the claustro-
the sea in separate boats, part of a pressures, is the focus here. games, and even sacrifices its Longer the Wait, the Bigger the collapsed ambition, in which a But most of all there is a thrum- phobic nature of competitive
flotilla of desperate, haunted- The theme of Daisy’s Dragons riches to give its newfound Hug (Faber, £6.99). Here, hug- frustrated woman wrests back ming, incandescent fury that friendship groups.
looking refugees, and are reu- (Studio Press, £6.99) is feelings. friends shelter during a storm. loving Hedgehog — from two ear- her autonomy in gloriously appears to be channelling these Ultimately, Nightbitch tasks
nited in a new land. Each of Daisy’s key emotions — There’s surely a moral about lier books by Eoin McLaughlin omnivorous fashion. peculiar but not wholly unwel- herself with filling this vacuum
The language is poetic while the happiness, calmness, anger, the “one per cent” here; there’s and Polly Dunbar — emerges from Referred to in the first part of come changes. She wonders if she into empathy, alongside a new,
illustrations are darkly gorgeous, fear, sadness and bravery — man- also the gaudy, nonsensical fun hibernation yearning for best the book simply as “the mother”, is perimenopausal, or even psy- controversial direction for her
with muted hues and linework as ifests as a dragon only she we’ve come to expect from the friend Tortoise, who is nowhere to and later as the feral persona of chotic. “‘I think I’m turning into a neglected artistic expression.
blocky as a woodcut. The book is a can see. When they get out of con- creators of Barry the Fish With be found. The simplicity of the “Nightbitch”, Yodel’s unnamed dog,’ she said to her husband This final aspect of the book
follow-up to 2019’s I Go Quiet and, trol, some dragons loom larger Fingers and Supertato. tale resonates. narrator is an exhausted stay-at- when he arrived home after a appears too contrived and osten-
like its predecessor, offers balm to while others dwindle. The solu- Lo Cole’s We Want a Dog (Sour- The Wonderful World Was home “mom” of a lively two-year- week away from work. He tatiously earnest. More perti-
the introverted and to anyone tion lies in a balance of all six cebooks, £13.99) is a more toned- Waiting (Owlet Press, £7.99) by old boy. In her late thirties, and laughed and she didn’t.” nently, her recollections of grow-
unsure of their place in the world. and the understanding that even down affair. The art restricts itself Lauren Fennemore and Zoe formerly a conceptual artist run- As Nightbitch begins to assert ing up in a religious community in
Sunflower Sisters (Owlet Press, feelings that seem negative to a palette of black, white and red Damoulakis, is specifically about ning her own gallery, the woman herself, she roams freely at night the Appalachians and of her own
£7.99) by Monika Singh Gangotra are there for a reason. The and has a beautiful design aes- lockdown, with mentions of is now enraged and imprisoned as a dog woman, rolling naked in mother, a talented opera singer
and Michaela Dias-Hayes is like- book, by Frances Stickley and thetic. The text lists all the kinds masks and the two-metre rule. by solo parenting as her husband the earth, killing small animals who thwarted her career, ably
wise about two girls who are Annabel Tempest, is lovingly of dogs one might adopt, and their These references will date it works away during the week and that cross her path. It isn’t pretty, stitches together the threads of
friends. Amrita and Kiki come rendered and its central conceit various drawbacks, before com- quickly, but it’s a book very perti- barely registers her, or their son, nor is it meant to be, and Yoder’s rebellion and rude resistance that
from different communities — is well sustained. ing to the conclusion that a cat nent to the here and now. on weekends home. “She did not descriptions of wild self-release propel the novel on.
10 ★ FTWeekend 17 July/18 July 2021
Books
W Parisian haunts
ithin a few hours of the
“Ghosn arrested” head-
lines, it was clear that
books would be written
about this extraordi-
nary, yet perhaps inexorable, turn of A multilingual Asian protagonist drifts through disparate
events. By the time the fallen superstar
chief executive and charismatic exem- vignettes in this startlingly original debut. By Doug Battersby
plar of “Davos Man” was smuggled out
of Japan in a musical equipment box just
over a year later, the whole story Paris Is a Party, tranquil surface of Henrik’s prose.
seemed fit for a Netflix dramatisation. Paris Is a Ghost Most moving are the scenes towards
Collision Course, written by two jour- by David Hoon Kim the end of the novel focusing on Hen-
nalists with long experience of both Farrar, Straus & rik’s relationship with his goddaughter,
Japan and the auto industry, is among Giroux $26 Gém. The two become so close that Gém
the first attempts to sensibly chronicle 256 pages takes to pretending that Henrik is her
and contextualise this remarkable epi- biological father in public, to the delight
sode. The briskly paced result is quick to of both and the bafflement of their
set the scene and also to reassure us that Parisian audience.
while there’s no shortage of colour and Carlos Ghosn pictured in Beirut in January 2020, by which time he had fled trial in Japan — Contrasto/Eyevine But these performances, in reminding
insight on Ghosn himself, one of the out- Henrik of his visible difference from
The flight P
comes of the drama has been to reveal Gém, also revive childhood memories of
the inner workings of “Big Auto”. Automotive News. Collision Course draws aris Is a Party, Paris Is a Ghost is being the only dark-haired child in a
More specifically, it shows the dys- on his past interviews with Ghosn, and a haunting and surreal debut sea of blond, sharpening his adult
function of the Renault-Nissan alliance on one extensive discussion for the book from David Hoon Kim, a sense of being foreign to everyone he
that might have become the biggest itself. And while the book does not pro- Korean-born American encounters, whether French, Danish
of Ghosn
automotive group in the world. Born in duce great flourishes of new informa- writer educated in France, or Japanese.
1999 through the French carmaker’s tion, its strongest appeal lies in the solid- who publishes in both English and Though Henrik’s social isolation is
rescue of the Japanese giant, it was held ity of exposition, the access to high-qual- French. partly a product of his position as an
together by Ghosn for two decades ity sources and the clarity of the thesis Kim shares this cosmopolitan, ethnically Asian man in an overwhelm-
before his spectacular downfall. that the alliance was, and remains, a gen- multilingual background with his ingly white culture, Kim’s novel remains
Alongside serious analysis, Hans Gre- erator of extraordinary frictions. protagonist, Henrik Blatand, who is a powerful exploration of universal feel-
imel and William Sposato never lose This has been achieved by framing born in Japan, raised by Danish foster
sight of how jarring it was that a com-
The daring escape of the fugitive Renault-
each strand of the story as a type of colli- parents, educated in Sweden, and Those willing to immerse
pany and country that celebrated Ghosn sion — between Ghosn and Japan; Nis- lives in Paris, where he is writing a doc-
as one of its greatest imports can have san and Renault; France and Japan; toral dissertation on Samuel Beckett, themselves in its
been so fiercely instrumental in laying
Nissan chief caps an authoritative exposé of innovation and inertia; government and that consummate chronicler of existen- mysterious and forlorn
him low. It is a dissonance that we were business, and so on. The framework tial alienation.
reminded of this week as Ghosn gave allows them to move confidently to and The novel opens in the days leading landscapes will be amply
interviews to international media seek-
ing once again to defend his reputation.
frictions at the giant carmaker. By Leo Lewis fro between the events that followed the
arrest and the factors that lay ahead of
up to the suicide of Henrik’s girlfriend,
Fumiko, who locks herself in a bedroom
rewarded
The world’s media have been waiting it. The result is a plausible cause-and- one day and is found dead several
for explanations ever since November effect account that helps explain a com- weeks later, a half-smoked cigarette in ings of loneliness and of profound dis-
19 2018 when reporters were sum- New revelations, supposedly promising plex, often bewildering story. her hand. connection from others.
moned to a 10pm press conference at clarification, have often made the story Key to this device is a series of short After an interlude narrated from the An encounter between Henrik and a
Nissan’s Yokohama HQ. Ghosn, still at more opaque. chapters interspersing the central nar- perspective of a medical student tasked stranger in an Italian train station,
that point chairman of Nissan and head Any good Ghosn book was also going rative with sharply drawn essays on rel- with dissecting Fumiko’s body, the where both inexplicably confess their
of the tormented global alliance of to encounter the issue of how much evant aspects of modern Japan. Some remainder of the novel jumps forwards most intimate secrets, is “like two spies
Renault, Nissan and Mitsubishi, had should be viewed as entirely sui generis, feel unnecessarily broken-out from the and backwards in time to relate in a movie who meet at the drop-off
abruptly been forced from a company and how much might be seen as wider main narrative, but the ones on the jus- vignettes from Henrik’s life, in what at point to exchange information” — a
jet to a detention centre, having earlier parables about Japan and its business tice system, on corporate scandals and times can feel more like a collection of description that encapsulates the pecu-
been arrested upon arrival at Haneda culture. The authors have opted not to on Japan’s history of dealmaking with short stories than a sustained narrative. liar disassociation of personal familiar-
airport on unspecified allegations. push such comparisons too far, leaving foreign companies serve as important Vividly drawn characters — such as ity and intimacy in the relationships in
Ghosn was now in the hands of a jus- readers to draw their own conclusions. correctives to some of the mispercep- Pascal, a researcher of “pathological dis- Kim’s novel.
tice system notorious for its sky-high Collision Course: The rush to publication leaves a few tions unleashed by the Ghosn saga. orders affecting East Asian natives,” and Fittingly, it is ultimately the fear that
conviction rate and reliance on confes- Carlos Ghosn and gaps in Greimel’s and Sposato’s account. If Collision Course can be accused of Raoul de Gadbois, a blind theoretical Gém might be able to discern “the chaos
sions extracted from suspects held the Culture Wars The biggest is that we will not know until short-changing readers, it is because of physicist attempting to disprove Ein- and turmoil and sorrow inside” him that
under the same conditions as Ghosn. That Upended October the outcome of the trial of Greg its reluctance to dip into a line of specu- stein’s theory of relativity — burst into prompts Henrik to give his goddaughter
That first press conference, conducted an Auto Empire Kelly, the former Nissan executive lation created by its own structure. the plot, only to disappear without up to her legal guardians.
by Nissan’s CEO, made it plain that by Hans Greimel arrested the same day as Ghosn and Were there ever clear moments where trace. Though Fumiko is unmentioned Paris Is a Party, Paris Is a Ghost, with its
Ghosn’s downfall had been precipitated and William Sposato fighting one of the four charges on which any of the key players — Ghosn, Nissan, for the best part of 200 pages, her patchwork plot, otherworldly visita-
through collaboration between Nissan Harvard Business his boss would have stood trial. The Renault, the prosecutors or the plotters absence — and Henrik’s obscure sense of tions, and high-wire performance of a
executives and prosecutors. Review Press £22 authors acknowledge the proxy role this — could have steered everything off the culpability for her death — casts an tonal flatness that just fails to conceal
256 pages
A great deal has followed since then, trial plays in the eventual perception of collision course? We reach its final page indelible shadow over his life. the anguish beneath will likely try the
including Ghosn’s astonishing escape, Ghosn’s guilt or innocence; future with a beautifully clear picture of why With a confidence rare for a debutant, patience of some readers too far. Those
the extradition from the US of those who authors may have more to work with. disaster occurred, but very little sense of Kim trusts readers to make the connec- willing to immerse themselves in its
aided him and the now unanswerable Greimel, who had covered Nissan how it might not have done so. tions between the novel’s seemingly dis- mysterious and forlorn landscapes will
questions about what might have hap- before Ghosn’s arrest, reported on parate scenes and to attend to the rip- be amply rewarded by this startlingly
pened in Japan’s “trial of the century”. events after it in meticulous detail for Leo Lewis is the FT’s Asia business editor ples that hint at turmoil just beneath the original debut.
Diversions
CHESS LEONARD BARDEN BRIDGE PAUL MENDELSON
8
Garry Kasparov, for many player, a format where he Bxc4 ... but this early attack All around the virtual room, A5 4 Dealer: South Love All Three diamonds can be
Q3
still the all-time No1, made a used to be dominant. Now 7
can be tricky. Nf6? Bb4+! both declarer and a 64 discarded, 12 tricks made
North East South West
rare cameo comeback at the his clock management was 6 forces exchanges. 6 Qb3! defender misplayed this K 10 9 4 3 2 — — 1H NB and a good result is achieved.
weekend, but it ended in poor and he lost several 5 Qe7 7 0-0 Resigns (see deal. Chances come and go N
2C NB 3H NB Did you spot the defensive
J 98 7 3 Q 10 6 2 4H
disaster at Zagreb in the games directly or indirectly puzzle text) at bridge: you must be ready 10 5 2 86 error? If East refuses to play
4 W E
blitz section of the St Louis- due to running out of time. 2427 to seize them . . . J 9 3 2 AKQ suit is foolhardy otherwise. a club honour at trick 1 —
7 QJ 6 5
organised Grand Tour. The Kasparov’s seven-move 3 Mamedyarov v Kasparov, West led 7♣. South can see S
When East plays J♣, South and he should — South wins
former world champion won loss to the world No6 Shak 2 final position. Black to 10 tricks: six hearts; two K wins A♣, draws all the cheaply with 8♣, but he can
only one game, with three Mamedyarov was the move. Kasparov’s king and clubs; two spades. At AK J 97 4 trumps and plays a club to never enjoy both two spades
1 10 8 7 5
draws and 14 defeats. shortest ever competitive A B C D E F G H queen on the same line as duplicate pairs, simply A8 dummy’s K♣. Now, 10♣ is and two more clubs; the
Kasparov relied on his defeat for a reigning or the white rook will lead to making 4H may not score led; if East covers, declarer blockage prevents him, and
openings from his peak former world champion. Garry Kasparov, Zagreb heavy material loss, so well. How should you plan focus. To this end, do not ruffs; if East ducks, declarer only 10 tricks are scored.
years a quarter of a century Vishy Anand once lost in six blitz 20211 d4 d5 2 c4 probably Black had planned to make overtricks? unblock K♠: entries to runs it. Either way, East’s However, most Easts played
back, but lost three Najdorf moves, but that was years dxc4 The Queen’s Gambit 7...d4-d3 here. How would Dummy’s long club suit dummy must be maintained. club honour is ruffed out. J♣ automatically and the
Sicilians in a row. It was before the Indian won the Accepted, normally a safe White have replied? could yield extra tricks — The lead is a singleton — Declarer reaches dummy by opportunity to make 12
blitz, five minutes per title. Shak Mamedyarov v line ... 3 e3 e5 4 Nf3 exd4 5 Solution, back page and it is on this you should leading dummy’s first bid overtaking K♠ with A♠. tricks now presents itself.
Jotter pad
Cruel connoisseurs
logical champion of poets and musi-
cians who survived a visit to the under-
world. The leader’s nude, buff bod is
adapted from the first-century BC
statue known as the “Belvedere Torso”.
Demoting a divinity to a mortal hero,
Bronzino elevates stone to flesh, making
each sinew seem to quiver. The god/
hero/duke glances over one mountain-
ous shoulder, flexing biceps and lats,
and gripping the viol with which he has
just ensorcelled the three-headed dog.
Cosimo is the sensitive muscle man,
capable of doling out pain but choosing
tenderness instead. The elements of this
scene — the erotic charge, the awkward
pose, Cerberus’s goofy snout — give it an
enchanting strangeness.
The crema della crema of Florentine
society appears in the Met’s galleries,
clad in fabulous plumage. Bronzino lav-
ished his perfectionism on the pearls
Bronzino’s ‘Eleonora di Toledo and Francesco and gold thread criss-crossing the bod-
de’ Medici’ (c.1550) — Museo Nazionale di Palazzo Reale, Pisa ice of Eleonora, Cosimo’s bride; on the
fitted doublet of a haughty young man,
artfully slashed to reveal glossy shades
of black; and on the nearly transparent
Medici | A Metropolitan Museum silk curtain hanging behind an imper-
turbable duchess.
Vividly decked out in crimson dam-
exhibition casts the 16th-century ask and yellow satin, she calls to mind
the Browning poem in which the Duke
of Ferrara contemplates a portrait of his
Florentine elite as ‘Renaissance late wife, Cosimo’s daughter Lucrezia.
“That’s my last duchess painted on the
influencers’ who used exquisite art Bridgeman Images
A
s populism rages around
the globe, the Metropolitan
Museum is making a stand
for an old-fashioned kind of
elitism: everyone should be
able to experience the luxuriant dis-
plays of quality and craft the wealthy
can command.
The Medici: Portraits and Politics, 1512-
1570 is a layer cake of superlatives: the
finest painters’ most celebrated like-
nesses of the potentates who ruled one
of the world’s richest cities in its most
fertile decades. The exhibition boasts an
ensemble cast of greats (including Rap-
hael and Cellini), all honouring the
sober, dandyish flair of the 16th-century
Florentine ruling class. But two pairs of
men stand out: the artists Pontormo and Above: Bronzino’s ‘Cosimo I de’ Medici as Orpheus’ (1537-39) — Philadelphia Museum of Art Raphael’s ‘Lorenzo de’ Medici’ (1518)
Bronzino, and two young Medici dukes,
Alessandro and Cosimo I. Art in Renaissance wall / Looking as if she were alive. I call /
If this veneration of rulers and their That piece a wonder, now.” The duchess,
slavish geniuses seems archaic today, Florence was a way of it turns out, “had a heart . . . too soon
the Met’s marketing clarifies other ways invoking the highest values made glad” by other men, a tendency
in which the exhibition is current. “How that prompted her husband to have her
to be a Renaissance influencer,” its web- of a civilisation sustained killed at age 16. The duke can dispense
site explains: “1. Build your brand. 2. by cruelty and caprice with the girl but not her picture, for that
Grow your reach. 3. Secure your legacy.” is something he can own completely,
It’s true that the Medici shaped the con- without compromise.
cept that still permeates the social Cruelty and connoisseurship were The exquisite pictures on the walls of
media age — everything is about appear- both fine family traditions. Pontormo the Met should invite us to discomfort as
ance. They enlisted art to promote their portrayed Alessandro as a man driven well as awe. As in so many other eras, art
oligarchical ambitions and clothe not by crude appetites but by poetic love in Renaissance Florence served as cover
authority in delight. and a taste for refined draughtsman- and misdirection, a way of invoking the
In the exhibition, sumptuous fabrics ship. The moody tyrant sits in a dark- highest values of a civilisation that was
Right: signal wealth, grace implies virtue, and ened room, dressed in black, gazing into sustained by cruelty and caprice.
Bronzino’s etiquette rushes to fill a vacuum of eth- the distance. He brandishes a stylus and Pontormo, Bronzino and company
‘Laura ics. The dynasty’s dictators may not a drawing of a woman — possibly an were the Medici’s propagandists, veiling
Battiferri’ always have earned their public roles, invocation of Petrarch’s devotion to his ugly faults behind a surface of sprezzat-
(c.1560); the but they certainly looked the part. And muse, Laura. Alessandro appears as a ura, or nonchalant ease. The paintings’
artist’s ‘Portrait art was a way of publicising their style of into Europe’s artistic capital. Under lican interregnum. A chaotic and brutal contemplative soul, saddened, perhaps, magnificence lies in what they don’t
of a Woman high-class restraint. family management, Florence became man, more devoted to affairs of the bed- but not inflamed by the storms and vio- reveal, in the substitution of flawless
(probably The show tracks the elevation of the the crucible of culture in which the Ren- room than of the state, he exhausted lence outside his chambers. Art is his- dignity for uneasy depth. The age’s
Cassandra Medici out of the ashes of the Florentine aissance was forged. even his relatives’ patience so com- tory’s magic, transforming a lout into an greatest painters proposed an ideal of
Bandini)’ republic. A succession of dukes ruled This centre of humanism was not pletely that his cousin Lorenzino assas- emblem of serene noblesse. ravishing reticence — a lie, we would call
(c.1550-55) the city for most of the 16th century, especially humane. The Medici family sinated him five years later. The 17-year- Bronzino, too, placed his patron in an it, but a lie that’s so much more persua-
— Musei Civici Fiorentini/
Museo di Palazzo Vecchio;
winning over enemies by inducting had been in and out of power for nearly old Cosimo (another cousin) took over, intimate, staged tableau meant to sug- sive and beautiful than truth.
Galleria Sabauda, Turin. Scala/ them into the grand project of trans- a century when Alessandro de’ Medici running the city with authoritarian gest a deep reserve of inner riches. Here
Art Resource, NY forming a provincial banking centre grabbed it back in 1532, ending a repub- ruthlessness and a sensitive eye for art. we see Cosimo as Orpheus, the mytho- To October 11, metmuseum.org
him from his faith, they exiled him to jauntily, describing in bee-hum Blues musician first of several recordings, a solo a violence and dread of the song,
THE LIFE the island of Patmos. harmonies a rumble that sounds like Blind Willie cappella version with handclaps as with Kate and Anna McGarrigle on
The extraordinary imagery of the chariot wheels. In 1950 another gospel Johnson in 1927 accompaniment, listing the fall of man, backing vocals.
OF A SONG Book of Revelation, its melding of Old group, The Trumpeteers, backed their Getty Images
the crucifixion and the resurrection in In the Blues Brothers sequel Blues
and New Testaments and its depictions urgent litany of apocalyptic scenes with his verses. His voice sounds world- Brothers 2000, the film opens with
JOHN THE of the survival of hope amid terrible a twangly electric guitar. In a similar weary and full of foreboding, and his Taj Mahal’s gruff Son House-style a-
scenes, have long resonated with vein, Harry Belafonte tackled it in 1964 version — along with Johnson’s 1930 cappella-and-handclaps rendition,
REVELATOR African Americans. In the 19th and with churchy organ, thumping drums “original” — set the template for those while later in the movie Sam Moore
A
early 20th centuries, slave songs and and throaty backing singers. that followed. leads a gospel choir in a joyous
nd behold a great red spirituals mentioned John and “the As the blues revival of the 1950s and Since then, singers have mined the celebration of the apocalypse — until
dragon, having seven book of the seven seals” (ie 1960s took hold, veteran singers were song for its mystery, its mythology, its the police turn up.
heads and 10 horns, and Revelation). In 1930 came the first being rediscovered and revered as imagery, its darkness. Among the finest In John Mellencamp’s 2003 version,
seven crowns upon his recording of a song called “John the keepers of the blue flame. In 1965 one performances was one by Nick Cave. the singer engages in a biblical battle
heads. And his tail drew Revelator”, by the blues of those singers, Son House, made the In 1999 and 2001 the producer Hal with his howling backing singers,
the third part of the stars of heaven, singer Blind Willie Johnson. Willner, famous for curating electric guitar ringing and wowing.
and did cast them to the Earth: and the It has the ring of a call-and- concerts themed around great Depeche Mode’s 2005 electro-blues
dragon stood before the woman which response work song: in the figures in popular music, “John the Revelator” bears little
was ready to be delivered, for to devour recording, with acoustic staged a series of shows in resemblance to any other version, but
her child as soon as it was born.” guitar accompaniment, a tribute to the musicologist is instead a doomy condemnation of
These terrifying verses are from the rasping Johnson asks: Harry Smith, whose 1952 political and religious leaders who lay
Book of Revelation — the Bible’s “Who’s that writing?”, to Anthology of American Folk claim to “truths”.
apocalyptic finale, in which all manner be answered by the voice Music was a huge influence Some have adapted it as a kind of
of strange and hideous creatures and of an unidentified woman on the blues and folk revival stomp, including Tom Waits on a 2016
events are described, foreseen and (possibly his first wife, that followed (Blind Willie tribute album to Blind Willie Johnson,
enumerated, culminating in the Willie B Harris): “John Johnson’s “John the metallic and clangy, and roots-rockers
destruction of the world and the birth the Revelator.” It’s a Revelator” was among its Larkin Poe (2017), vowels stretching
of a “new Jerusalem”. Its author, John thrilling, chilling song. tracks). Among the acts and guitars growling, biblical and
of Patmos, was said to have been The song’s next featuring on the resulting album bluesy. This truly is a song for the end
immersed in boiling oil by the Romans iterations were and DVD (released in 2006), Cave of days.
as punishment for his Christian beliefs; somewhat different. The gave a stunning performance of “John David Cheal
when this failed to kill him or dissuade Golden Gate Quartet sang it almost the Revelator” that channels the More in the series at ft.com/life-of-a-song
12 ★ † FTWeekend 17 July/18 July 2021
Arts
everything
exploitative of yourself in some way to
imagine this sort of tragedy? It’s uncom-
about connecting with her fortable and feels disgusting and
almost shameful, to be honest. But on
to disappear
the other hand you think of everyone
co-stars and facing tragedy in who’s actually been through this.
You are simply someone who gets to
play it and you have a responsibility to
new film ‘The World to Come’ play it accurately.”
around me’
The intimacy and intensity of such a
role must feel a far cry from the upscale
F
surroundings of a CGI-heavy block-
ifteen minutes into my inter- buster set, I remark. “I don’t know if my
view with Katherine Water- process changes that much,” Waterston
ston, she suddenly stops mid- reflects. “But the little kid in you goes:
answer and pauses for some
time. “You’re coming at me on
a funny day,” she says with a chuckle but
‘There’s tremendous
a furrowed brow. “I’ve been sanding my pushback when you have a
floors all day . . . and I was contemplat-
ing press interviews and how compli-
low-budget film with two
cated they are for me. I find them really female leads about feelings’
tricky on so many levels.”
It’s a surprising confession from
someone who is hardly a stranger to the ‘Wow! This is what I imagined a movie
media spotlight and seems a relaxed set would be like!’”
and amiable presence. The daughter of Yet while the trappings may be more
beloved American actor Sam Water- luxurious, the fundamentals of acting
ston, she came to fame starring opposite remain the same. “You can feel the
Joaquin Phoenix in 2014’s Inherent Vice money on the bigger films: the trailers
and is the heroine of the Harry Potter are fancy and there are lots of sets and
Fantastic Beasts prequels. people employed. But, ultimately, if I
This brings with it an unusual amount have a romantic scene with Eddie
of fan attention: a YouTube video [Redmayne] in Fantastic Beasts, it
dedicated to her character titled “Tina feels exactly the same. I need everything
Goldstein being adorable for almost to disappear around me and I just have
eight minutes” accrued more than to figure out how to connect with this
700,000 hits before being removed for other person.”
copyright reasons. “It’s not my first I ask about the painting of a London
rodeo,” the 41-year-old British-Ameri- street scene that sits behind her,
can actress acknowledges. “I can’t propped on a wooden sideboard. Like
believe I find this so hard.” Waterston herself, it began life in Lon-
The mood of introspection is under- don and eventually made its way back
standable, given the long periods of again. “My parents sent this to me. My
lockdown we have all experienced, and Main: Katherine But the resulting verisimilitude was a grandmother was a painter and it’s the
strangely fitting for the film we have Waterston boon for the cast. “That was really help- only painting she did that I’m in. She
met on Zoom to discuss, Mona photographed ful,” Waterston says. “Today the mud was a wild woman. She ran away from
Fastvold’s downbeat period romance for the FT by sticking to my boots, tomorrow the mud home to be a painter and hung out
The World to Come (now due for UK cin- Gabby Laurent as hard as a rock. Knowing this land inti- with Jackson Pollock and then went on
ema release after months of delays). at the Natural mately, knowing what it does at differ- to teach.”
Waterston plays Abigail, a stifled but History Museum ent times of the year. Anything that’s Waterston is clearly full of admiration
stoic woman living in a kind of perma- Below: with her real helps.” for women who strike it out alone
nent lockdown in 19th-century New father Sam Something else that informed her and challenge previously accepted
York state, her existence a punishing Getty; CTMG; Alamy
performance was having recently boundaries, and is heartened by the
rustic routine of milking, mending, become a mother. “Before I had a awards success enjoyed by female film-
feeding and foraging. No Ocado or Net- kid it never occurred to me when I makers this year.
flix here. Her loving but unsmiling Above: with Vanessa Kirby in ‘The World to was cast as someone who had chil- “It feels like it’s only the beginning,”
workaholic husband Dyer (played with Come’; right: with Jude Law in ‘The Third Day’ dren that I needed to do research,” she enthuses. “In the thirties and forties
customary laconic charm by Casey she admits. “I thought: ‘Well, there were only exceptions — there
Affleck) is her only companion. The my siblings have children, could be one woman at the paper
recent death of their only child casts a “They’re two women ready for a dif- filming in rural Romania b e I’ve been around a lot of because she’s Dorothy Parker and she
pall over the film. ferent kind of world,” observes Water- split into two parts so she could kids, I was a kid once, has her funny column or she writes
Into this unsplendid isolation arrives ston. But — as the film’s title suggests — capture the changing demands of I know what this is . . . those biting reviews and [slipping into
the transformative Tallie, herself it is one that does not yet exist. Instead, the seasons — a decision that lends massive mistake. I regret screwball movie mode]: ‘Y’know, we
unhappily married but brimming with we are invited into Abigail’s inner world the film a novelistic sense of time every performance I did need a woman’s perspective every now
confidence. Embodied by Vanessa through a diaristic voiceover whose lit- passing but required extra funding before I had kids where I and then and she’s not really a woman
Kirby, she shimmers on to the screen any of mundane daily duties is inter- for a project that was already a played a mother because I because she’s so tough. She sure can
like a Pre-Raphaelite vision. The two rupted by entries that quietly convey hard sell. didn’t know.” drink like one of the guys!’
women’s first meeting is electric and her frustration and fervour. “From my “Obviously there’s tre- While being pregnant and “But now it’s starting to feel like: ‘Oh
every meeting thereafter pulses with earliest youth I was like a pot-bound mendous pushback when having a baby became “a sure, everyone’s allowed to do this.’ And
increasing voltage. root, curling in on itself,” she declares. you have a low-budget film certain kind of research” for that’s a wonderful thing in all areas of
Casting is key: Kirby’s bright-eyed, Waterston notes: “One interpretation is with two female leads that’s the role of Abigail, Waterston life. Everybody should be allowed to do
searing presence is in stark contrast to she’s shy, but I think she’s talking about about feelings,” Waterston says. also had to contemplate some- everything that they wish to do.”
Affleck’s low-watt energy. For Abigail’s the limitations of her life and her place “It’s really hard to convince thing unthinkable for any par- Abigail and Tallie would no doubt
birthday Dyer lavishes her with raisins, in the world.” anyone to give you the money to ent: losing a child. As it hap- agree wholeheartedly.
a needle case and a tin of sardines; Tallie Among those limitations are the start shooting in the summer, stop pened, the shoot of The World to
brings her the atlas of the world for harsh conditions inflicted by the natural shooting, come back. Mona really Come coincided with her filming ‘The World to Come’ is in UK cinemas
which she has been yearning. surroundings. Fastvold insisted that fought for it.” the TV series The Third Day in from July 23
A
few months ago, the idea a surly Russian to see rare rock carvings. But some did get it right. Norway’s and not the intellectual sleight-of-hand. over the first week, and so the arrival of Ducournau’s Titane, a bizarre genre
that the Cannes Film Festi- Sean Penn, meanwhile, represented Joachim Trier came from left field with a A brief flurry of attention also accom- Anderson almost felt like the coming of mash-up that blew the last cobwebs
val would go ahead seemed the US with Flag Day, a dreadful near- refreshing, bittersweet romcom, The panied Ahed’s Knee by Israeli director the cavalry. from the festival’s Debussy theatre.
like a pipe dream. Who in parody of a Terrence Malick movie, Worst Person in the World, starring new- Nadav Lapid, who won the Berlin Film Surprisingly, The French Dispatch Making the giant step from critics’ week
their right mind would starring his horribly miscast daughter comer Renate Reinsve as a woman navi- Festival’s Golden Bear for Synonymes in might be Anderson’s weightiest film to strand to competition, Ducournau fol-
want to attend? After last year’s cancel- Dylan in the true-life tale of a woman gating her thirties. Meanwhile, Mia 2019. Lapid’s new movie told another date and, if any criticism must be lev- lowed her impressive debut Raw — the
lation there would be no shortage of trying to live down her criminal father Hansen-Love gave us Bergman Island, in story of filmmaking, but this time from elled, there’s actually too much there. comparatively intimate story of a teen-
films, but what of the stars and industry (Penn himself). which a filmmaking couple (Vicky the perspective of a director struggling Inspired by the rich, long-form story- age girl’s cannibal awakening — with a
networking? It was predicted to be a From Italy, Nanni Moretti’s Three Krieps and Tim Roth) go on a writing to express himself in a country cracking telling tradition of magazines such as film that exploded into existence, mix-
stellar year on screen and a wasteland in Floors gave us a souped-up EastEnders, retreat on the island of Faro, home to down on artistic freedom. The film The Paris Review and The New Yorker, ing blood, guts, sex and oil in a phantas-
the streets, but the 74th edition, delayed telling the seemingly never-ending sto- Swedish cinema legend Ingmar Berg- eventually becomes exhaustingly it stars Bill Murray as Arthur Howitzer magoria driven by nightmare fuel.
from its usual May date, has confounded ries of three families living in the same man. This leads to a thoughtful didactic but Lapid’s style is something to Jr, the expat editor of the eponymous Ducournau refused to provide a syn-
expectations in a number of ways. building. There is a fatal car crash, a sex- meta-drama — and, somewhat inevita- behold, notably in an eye-popping dispatch, whose death precipitates a opsis for the festival’s publicity materi-
First, the stars did come, with jury ual assault, and postnatal depression, bly, a film within the film — but Hansen- dance scene featuring Israeli soldiers. portmanteau-style look back at his eye als, which instead offered the dictionary
president Spike Lee leading the charge: but Moretti paints everything in such Love keeps her focus on the emotion Such visual flair was in short supply for an interesting story and the eccen- definition of titanium. Here, the tita-
the likes of Matt Damon, Tilda Swinton, broad strokes that it seems merely silly. tric writers he took under his wing. nium is a metal plate fitted into the head
Sean Penn, Jodie Foster and Bill Murray Even the Netherlands’ Paul Verho- Those sceptical of Anderson’s talents of Alexia (newcomer Agathe Rousselle)
made the journey. even let us down. Teased for last year’s might not be converted here — it is as after a childhood car crash. Alexis grows
Second, fears of a curfew proved Cannes, his new film Benedetta proved meticulously crafted as ever — but up to be a lap-dancing serial killer, leav-
unfounded, and the nightlife flourished, to be a copper-bottomed dud. In princi- there’s a level of storytelling he hasn’t ing a trail of bodies both male and
albeit in slightly smaller events. But the ple it could have been the hot ticket, quite achieved before. There are some female, before going on the run.
most surprising aspect was the official being the true story of Sister Benedetta stunning tableaux, and just when you This is where the film gets really
selection; after a splashy opening with Carlini, a 17th-century lesbian nun who think he might not have anything left, weird. To escape the police, Alexia tapes
Leos Carax’s eccentric musical Annette, rocked the Catholic church with her along comes a bande dessinée car chase. down her breasts and poses as Adrien, a
the competition seemed to flatline, only outrageous stunts, which in the film It was an invigorating start to week boy who has been missing for 10 years.
to recover in the second week with the include displaying stigmata, being pos- two, which promised the return of pre- The child’s father (Vincent Lindon)
arrival of Wes Anderson’s long-delayed sessed by a demon, and coming back vious Cannes heavyweights Asghar takes her in, even though it’s clear
10th feature, The French Dispatch. from the dead. Farhadi with A Hero, Jacques Audiard there’s something strange about Adrien,
Before that, Cannes had the air of After the elegantly subversive rape- with Paris, 13th District, and Apichat- not least his pregnancy . . .
Eurovision about it, with each compet- revenge thriller Elle, one would expect pong Weerasethakul with his Tilda What happens next is a riot, a crazed
ing country presenting a version of its Verhoeven to make the most of such Swinton-starring Memoria. Even Gaspar story in the style of David Cronenberg
national cinema. François Ozon deliv- material: a strong woman playing the Noé would be coming, with Vortex, a but given depth and pathos by two
ered Everything Went Fine, starring patriarchy (represented by a scenery- dementia drama starring Italian horror astonishing performances. Lindon is a
Sophie Marceau in the drab story of two chewing Lambert Wilson) at its own legend Dario Argento that the prolific revelation but Rousselle is the breakout
sisters helping their bohemian father game. Instead, it becomes a gaudy sub- provocateur shot over 25 days in April. star, and her commitment to putting the
with an assisted suicide. Finland came Ken Russell romp that will mostly be Nevertheless, it was beginning to feel unbelievable on screen is what had been
with Compartment No. 6, a dry-as-bone remembered for the wooden dildo that as though the festival hadn’t found any- missing from this Cannes.
road movie in which a Finnish girl takes Benedetta’s lover carves from a statue of From left: Elisabeth Moss, Owen Wilson, Tilda Swinton, Fisher Stevens and thing new during the lockdown. That all
a train from Moscow to Murmansk with the Virgin Mary. Griffin Dunne in Wes Anderson’s ‘The French Dispatch’ changed with the premiere of Julia Ends July 17, festival-cannes.com
17 July/18 July 2021 ★ FTWeekend 13
Arts
1990, paying tribute to friends who died
Composers | John Corigliano and of Aids-related illness, and his Oscar-
winning score for 1998’s The Red Violin.
Colliding the Gothic horror of Dracula
Mark Adamo tell Richard Fairman with the demonic mania of The Bacchae
might seem to call for music of wild vio-
about drawing on ‘Dracula’ and ‘The lence. Early extracts from Corigliano’s
score (clips produced using new tech-
nology to attract potential sponsors)
Bacchae’ for their first opera together promise otherwise. There is a kind of
paranormal, inner intensity to the
music that suggests repressed passions.
Arts | Collecting
N
in-jokes
k rather than whole sentences (at
2021, age 25
about life. By Richard Milne “Don’t just look at the dark side, but
continue the process that you have
begun. Stop isolating yourself. Open up
and Andrea Gjestvang about your feelings to those closest to
you. You are not a burden.”
N
orway’s capital was quieter the capital to the small island of Utoya in Top of page: the
than usual on July 22 2011, a Tyrifjorden lake. Each year, the island island of Utoya
wet Friday during the sum- played host to a summer camp for AUF,
mer holidays. At 3.25pm a the youth organisation of the ruling cen- Portraits:
bomb hidden inside a van tre-left Labour party. Photojournalist
exploded outside the prime minister’s Hundreds of teenagers as young as 14 Andrea
office, shattering the nation’s peace and flocked there from all over Norway for a Gjestvang has
setting in motion an afternoon of mixture of socialising, camping and ear- been following
scarcely believable terror. By the end of nest political debate. Some were politi- the lives of July edly yelled. Twice Breivik called police democracy, more openness and more as 9/11 is in the US. Due to the tight-knit
the day, 77 people had been murdered. cally engaged; many were tagging along 22 victims, to surrender. But their response was humanity,” he said. He endorsed the nature of this country and the wide geo-
Most of them were teenagers. with friends. On July 21, culture making chaotic and plagued by mistakes. Cru- comments of an AUF member who had graphical spread the victims came from,
The attacks, the deadliest violence in minister Anniken Huitfeldt had sent a portraits and cial information wasn’t shared between said, “If one man can create that much one newspaper estimated as many as
Norway since the second world war, text message to the head of the AUF interviewing departments. At one point, heavily hate, you can only imagine how much one in four Norwegians knew somebody
were carried out by 32-year-old Anders many of them armed police tried to use a boat that was love we as a togetherness can create.” affected. “We were not prepared at all,”
Behring Breivik. He began in Oslo’s gov-
ernment quarter where, dressed as a
One newspaper estimated over the past 10
years. Her
too small and had to turn back because
it started to sink. By the time police
Breivik’s criminal trial began in April
2012. He was initially diagnosed as para-
says Huitfeldt, a former leader of the
AUF and Labour minister. “We could
police officer, he left the homemade that as many as one in photographs reached Breivik, he had killed 69 people noid schizophrenic, before a second not imagine something so horrible
bomb of about 950kg. Nine minutes
after he walked away, the device deto-
four Norwegians knew and their stories
appear
on Utoya. More than 500 survived,
many by swimming into the frigid water
evaluation judged he suffered from nar-
cissistic personality disorder. He calmly
could happen in our peaceful country.”
Seierstad, best known for her books
nated, destroying the facade of not just somebody affected throughout this of Tyrifjorden where they were picked described to the court how he killed 77 chronicling everyday life in war zones
the tower block housing the prime min- essay, along with up by boating locals and tourists. people, and said his original plan had including Kabul and Baghdad, says that
ister’s office but several other ministries what they would Many had at first assumed the attacks been to behead Gro Harlem Brundtland, the impact of July 22 was different from
and the best-selling newspaper VG. on Utoya saying, “I wish I were you”. tell themselves were perpetrated by Islamic fundamen- the former Labour prime minister who 9/11. “September 11 changed the world.
Most workers were on holiday, but Armed with a pistol and rifle, Breivik in hindsight. talists. Discovering Breivik was Norwe- left Utoya shortly before he arrived. In It changed my life. It changed American
eight people died in the bombing. “The presented himself as a policeman who Some have no gian, that he was “one of us” — as the August 2012, Breivik was given the society. It changed our way of flying,
whole building was shaking. I was in the had come to the island to check all was answers title of journalist Asne Seierstad’s book maximum sentence allowed, 21 years, geopolitics. July 22, it didn’t even change
middle of this extreme chaos,” says OK after the bombing. He began moving Andrea Gjestvang
/Panos Pictures
on the attacks called it — was a shock. with the possibility of indefinite exten- Norway,” she says. “Yes, we have this
Andrea Gjestvang, a photographer and around Utoya methodically killing vic- Prime Minister Jens Stoltenberg cap- sion. Since then, he has been kept in iso- wound and we have to recover and it will
VG picture editor. “I was just really, tims. Some he told he’d been sent to help tured the national mood in a speech in lation, receiving only visits from a chap- never be as it used to be. But what has
really scared.” before shooting them. Others he shot as Oslo cathedral two days after the attack, lain and, before her death, his mother. changed?”
As shock and confusion gripped Oslo, they pretended to be dead. “You are saying that Norway would never give up “22 juli”, as the attacks are known in
Breivik drove 40km north-west out of going to die today, Marxists,” he report- on its values. “Our response is more Norway, has become as infamous a date Continued on page 16
Aleksander Sandberg
2012, age 16
Sandberg hid under a sofa in the island’s school house. Along
with 46 others, he stayed in the building until police arrived.
“What I want the most is a completely normal life,” he says. “I Ina Libak
want to get married, start a family, have a house, a car and a dog.
To be in a job I enjoy. It doesn’t need to be something ambitious. 2012, age 22 I have become both lighter and a little darker.”
I want to experience life for what it’s worth.” After surviving the attack, Libak became the head of
the AUF between 2018 and 2020. “As the leader, it 2021, Age 31
2021, age 25 was my job to give other people hope. Therefore I “Be kind to yourself, what you have been through is
“You will reach further than it might feel like right now. Maybe it had to feel good myself, to deal with everything we big and painful. It is allowed to feel that it is difficult.
seems hopeless, but it is not over. Everything you do from now had experienced,” she says. “It is a great Fortunately, the picture will gradually expand, it feels
on will be a personal achievement; to pass the exam, get your responsibility for a young person. I have a lot very present now, but eventually it will become a
drivers’ licence, buy an apartment, be in a long-term relationship. of good things in my life. But I sometimes feel smaller part of the big life. Good things are waiting
Even if you believe that none of this is going to happen.” that July 22 has given me earnestness and depth. for you in the future.”
16 ★ FTWeekend 17 July/18 July 2021
Spectrum
Why Covid is a
W
hen England have administered just 0.4 the Amazon is climate’s Delta variant.
drops nearly per cent,” Tedros Adhanom When Brazilian rainforests shrink, rich
predictor of the
all its Covid- Ghebreyesus, director- countries heat up too.
19 restrictions general of the World Health The rich world is now making
on July 19, it Organization, said in June. leisurely attempts to save the Amazon
The Utoya
tion since then” with his actions and
beliefs “totally contrary to our policies
and values”.
survivors:
Parliamentary elections are set for
September, with opinion polls pointing
to a return to government for the
Labour party for the first time since
Spectrum
A How to vaccinate
ndrew Lloyd Webber
should be in jail. No,
W
Evita have helped to create a fortune
estimated at more than £500m. ith more than half the to a recent paper in Nature Medicine
The first is his absolute love for the- UK population fully by David Khoury and colleagues, those
atre. At 73, he is half-man, half-ar- vaccinated and the UK antibodies are strongly correlated with
chive. Listening to him, you get used government just a little real-world protection against Covid.
to nodding along to lines such as: “‘Say too eager to declare As Kremer and his colleagues
a Prayer for Me Tonight’ was Eliza’s victory, spare a thought for Cameroon. observe, if antibody levels really are a
song going to the ball in My Fair Lady, With a population about half the size of good measure of protection, then the
and became a big song in Gigi.” England, Cameroon has — according to mRNA vaccines (BioNTech/Pfizer and
He struggles with people who do not Our World in Data — administered just Moderna) may protect as well as the
share this passion. Between 1997 and 160,000 doses. On a typical day, the UK highly effective AstraZeneca vaccine
2017, he sat in the House of Lords as a manages that many before lunch. even if they are deployed at two-thirds,
Conservative peer, but says, “I don’t I have a certain romantic attachment 50 per cent or even 25 per cent
feel like a Conservative at the to Cameroon, but the west African strength. A recent preliminary report
moment . . . I just can’t support a gov- nation is not alone in lacking vaccines. yet to be properly reviewed also finds a
ernment that has so little time for the More than six months into the global two-dose course of Moderna’s vaccine
arts.” His threat of civil disobedience vaccination campaign, fewer than a at 25 per cent strength produces an
was in “desperation and frustration”, quarter of people around the world antibody response comparable with
he says, after culture secretary “Oliver have received even a single dose. It is that of a case of Covid. A trial is under
Dowden said to me one day, ‘Unfortu- Andrew Lloyd Webber at the Theatre Royal Drury Lane in London’s West End — Portait by Silvana Trevale no wonder that more people have way in Belgium exploring alternative
nately, the government thinks theatre already died of Covid in 2021 than died doses of the Pfizer vaccine. Moderna has
A labour of love
is nice to have but not essential.’” from the disease in 2020. said it is also investigating lower doses.
The second lesson is his style of So what can be done? There has been The concept of a standard or full
negotiation. It’s been 50 years since much talk about vaccine equity, but dose is fuzzier than one might imagine.
the first major staging of a musical by the main problem is not vaccine These vaccines were developed at great
Lloyd Webber and lyricist Tim Rice, hoarding or price-gouging. It is that speed, with a focus on effectiveness
Jesus Christ Superstar, on Broadway. In manufacturers can’t make doses fast
that time, he has become accustomed enough. (If they could, then India, a
to getting his way, or at least making huge vaccine producer, would have
clear what that way is. “When he sees fully vaccinated more than 5 or 6 per
his vision going off beam, his way of
getting it back on beam is getting
The British composer’s £60m theatre restoration is nearly done — and his cent of its population by now.)
Global production has been
pretty cross about it,” says Madeleine, impressive and accelerating: according
his third wife. “Quiet negotiation latest musical is about to open. But he’s not a happy man. By Henry Mance to Airfinity, a life sciences analytics
doesn’t really happen.” company, the billion-dose production
The lyricist Don Black recalled mark was hit only on April 12. A billion
Lloyd Webber saying 15 minutes more were produced by May 26 and
before a performance of Sunset Boule- thing of this scale to a theatre of this highest-earning entertainment pro- that Drury Lane was cold. “[Nesbitt the third billion by June 22. That’s
vard: “I think I have time for one more kind for years and years,” he says. “It’s ductions of all time. He even wrote the said:] ‘When you’ve half an audience, good. But we need 11bn doses to fully
tantrum.” Lloyd Webber himself been a labour of love.” The only recent UK a decent Eurovision song in 2009. the London Palladium is half full, but vaccinate 70 per cent of the world,
admitted to behaving “appallingly in comparison is the £50m renovation of His most memorable songs — Joseph The Lane is half empty’. It’s stayed which may not happen until 2022.
theatres because of bad sound more the Royal Opera House, financed by 15 and the Amazing Technicolor Dream- with me all my life.” Recently, however, some momentum
times than I care to mention”. He is philanthropists. coat’s “Any Dream Will Do”, Cats’ The other is Gielgud, who, Lloyd has built up behind an idea that sounds
often known as “ALW”, and he is cer- When we meet in early July, Drury “Memory”, Evita’s “Don’t Cry for Me Webber says, lamented on the last almost childishly simple: if we reduce
tainly an ALW unto himself. Actors, Lane’s restoration is almost finished. Argentina” — are overtly sentimental. night of The Tempest that Drury Lane the dose size, we can vaccinate more Illustration: Anna Wray
producers, investors, politicians — he Lloyd Webber peers past me into the But is the man? “I probably would err had been lost to US musicals. The 1812 people from each vial. Why not give
confronts them all. saloon. “I’m just seeing what things I on the side of being a romantic, even theatre was declared on its opening people half doses? What about quarter that meant erring towards high doses.
The single-mindedness that has don’t like.” His eyes alight on a sofa in a though I might be a rock romantic,” he night by Lord Byron to be a “shrine for doses? With quarter doses, we could Melissa Moore, a chief scientific officer
made Lloyd Webber successful has side room, with its back to the door- insists. Madeleine offers an alibi: “Any Shakespeare”. Lloyd Webber says he’d have already vaccinated the world’s at Moderna, has acknowledged this. It
also often made him unloved. He sees way. “That sofa makes a barrier. It of those [Richard Rodgers] musicals, I “love to see Shakespeare come back adult population. is plausible that we will come to regard
himself as a champion for the indus- makes me say, I don’t want to go back won’t sit next to him, because he just here” — although paradoxically he’s The idea seems absurd — you can’t the current doses as needlessly high.
try, but the industry doesn’t always there.” A compromise is soon found. cries all the way through them!” renting it out to Disney’s Frozen The get drunk more cheaply by diluting This isn’t to say that we should
feel the same way. It’s not just the crit- For all his professional bluntness, His love for theatre has been Musical for the foreseeable future. He your beer — but it all depends on how abandon the standard doses, which
ics, who have frequently looked down Lloyd Webber can be emotionally eva- rivalled by his love for architecture has commissioned and installed eight effective lower doses might be. Five have been tried and tested in large
on his work, despite its echoes of Puc- sive. When we are seated in what used and art, especially pre-Raphaelite large oil paintings by the artist Maria years ago, faced with a yellow-fever clinical trials. But it does suggest we
cini and Prokofiev. “He’s been rich and to be a fire escape and is now the Kreyn representing Shakespeare outbreak and a shortage of vaccines in should test alternatives immediately. Is
successful for 50 years. That does
something to a man,” says one fellow
downstairs brasserie, I ask whether he
hopes Drury Lane will endure even
‘I’m not having bloody plays. He has also included a young
version of himself in a new grisaille
the Democratic Republic of Congo,
seven million people received one-fifth
there a downside? If low-dose vaccines
don’t work as well as studies suggest,
theatre entrepreneur. “He’s greedy.” more than his shows. “It’s not really hoardings. When the artwork alongside his hero, Rodgers. of a dose each. The strategy, endorsed that is a problem that booster shots
Thanks to The Book of Mormon and
Hamilton, musicals are cool again.
for me . . . ” he begins, coyly.
Madeleine, his partner in the resto-
theatre’s a work of art, Storerooms have been ripped out,
staircases unboxed. “With a Greek
by the WHO, seems to have worked.
Alex Tabarrok, a professor at George
should be able to fix.
More worrying is the prospect that a
Lloyd Webber, the man who glo- ration, is blunter: “In years to come, you want it to be the star’ Revival building, the one thing you Mason University, has been pushing large pool of low-dosed people might
balised the musical, is not. His music when people say, ‘What on earth did don’t want to do is to clutter it,” says the idea of alternative dosing regimes push the virus to evolve towards
is a rite of passage for school players, Andrew Lloyd Webber do with all his Lloyd Webber. Neon advertising has for months. Recently, he and other vaccine resistance. Cobey acknowledges
the accompaniment to car trips, the money?’ This is where it is.” painting. He bought up country been torn off the façade and relocated researchers, including vaccine market that risk but argues if fractional doses
ultimate family theatre treat. Yet pow- homes and West End theatres, and next door. “I’m not having bloody specialist and Nobel laureate economist help to reduce the number of infected
erful male artist-cum-visionaries are Lloyd Webber first came to Drury made them his own. hoardings . . . When you’ve got a thea- Michael Kremer, released a working people, that gives the virus fewer
now sometimes viewed with suspi- Lane in 1958, aged nine, to see The A playhouse has stood at Drury Lane tre that’s an architectural work of art, paper exploring the issue. At the same opportunities to mutate. Dangerous
cion. And like the poet John Betjeman, Tempest with John Gielgud; he was since 1663. Lloyd Webber’s aim is to you want the theatre to be the star and time, a letter advocating fractional mutations might be reduced, rather
whom he admires, Lloyd Webber has back months later for My Fair Lady. return it to the grandeur of its 1812 the show will follow from that.” dose trials by epidemiologists Benjamin than increased — it is unclear.
upheld a vision of traditional English- Music had already entered his life: his reincarnation, with less social segrega- The stage has been extended and Cowling and Wey Wen Lim and a virus What is clear is that millions of lives
ness, and in the process become both a mother thrust a violin on to him aged tion. It is a statement of marble pillars the circle has been brought forward, evolution specialist Sarah Cobey has might be saved if fractional doses are
snob and a target for snobs. three. His father was a composer. and stone floors, a rebuttal to those increasing the intimacy. The circle been published in Nature Medicine. proved to work well. There is a lesson
Which brings us to Theatre Royal Lloyd Webber wrote his first musi- who see the West End as synonymous itself can be dismantled in sections, What evidence is there that low-dose to be learnt here. While the production
Drury Lane, Britain’s oldest theatre cal at 13. He dropped out of Oxford, with cramped seats and collapsing ceil- allowing the theatre to play in the vaccinations might also work for Covid? and testing of these vaccines has been
site still in use. Lloyd Webber bought it where he had won a history scholar- ings. Although conceived before the round. “It could be done in theory in From full-scale clinical trials, not much little short of miraculous, next time we
in 2000; he has now spent £60m to ship, to collaborate with the slightly pandemic, it could become a Phoenix- 24 hours, let’s give it 48.” He takes a — although there was the serendipitous can do better. We should run more
revive it. You could buy several other older Rice. They wrote a song for Elvis. like symbol of theatreland’s rebirth. look at the fixtures installed for Fro- discovery that the Oxford/AstraZeneca trials, earlier, to produce evidence on a
West End theatres for that amount of Lloyd Webber collaborated with Plác- Lloyd Webber says he wants to zen, and grimaces at the clutter. “It’s vaccine seemed to work better when wider variety of questions than “Are
money. This is a project so grand, so ido Domingo. His music has been sung “prove wrong” two people, no matter very inconsiderate putting on a show.” the first injection consisted of a half they safe?” and “Do they work?”
permanent, that it will give him a vic- by Barbra Streisand, Madonna and that each has been dead for at least I mention that Cameron Mackintosh, dose. But there is plenty of data on the Such trials are expensive; the
tory over the naysayers. Taylor Swift. He won an Oscar (for two decades. The first is Robert Nes- antibody levels that people produce in understanding they produce is worth
“I don’t think anybody’s done any- Evita) and had, in Phantom, one of the bitt, once the king of variety, who said Continued on page 18 response to small doses, and, according paying for.
S
Libyan news channel, with studio com- selected statements on a spectrum of develop, she suggests they could be
cience fiction has sparked the whole population, rather than just a mentators discussing responses. “The views. At any point, I could ask the sys- helpful in combating the political and
decades of debate about few negotiators. But polling people face most important part of it was that peo- helping to build consensus on more eve- tem to analyse responses according to ideological divisions that flourish dur-
whether future wars will be to face is difficult in a country at war: ple felt engaged,” says Jean El Alam, an ryday disagreements. Taiwan has used age, gender or political affiliation. ing online interactions. “We have social
made more deadly by weap- security requirements make it complex, official at the UN mission in Libya. “We Pol.is, an open-source technology devel- The breakthrough was ditching my media tools which seem to amplify
onised artificial intelligence. expensive and time-consuming. brought these findings to the [peace- oped in Seattle, to agree on how to regu- planned script and adapting my ques- social echo chambers . . . and focus on
Yet, in the real world, AI is already being A New York start-up, Remesh, may making] dialogue table and said, this is late Uber. And local governments in the tions to the answers I was receiving. scandal and outrage, and on the other
harnessed to broker peace. have found a solution — an AI-assisted what your people truly want — not what US and Canada have used Ethelo, a sur- When several participants said they hand we have the potential to build tools
This idea first emerged four years ago poll that can reach more than 1,000 peo- you’re saying or you think they want . . . vey tool, to poll communities on town thought the US should use its power that allow us to have conversations in a
when members of a UN team asked how ple, engaging them in real-time conver- This added to the transparency of the planning and transport pricing. responsibly, I asked what this meant. different way,” she says. “Digital tech-
technology could be used to survey resi- sations about the changes they want. process. It gives it more credibility.” The Andrew Konya, co-founder of “Accepting equal footing in the interna- nology can come down on both sides,
dents of conflict zones about what they The polls were trialled in Libya in resulting ceasefire deal, though fragile, Remesh, says running the dialogues has tional scene instead of acting like an fuelling conflict potentially, but contrib-
wanted from peace agreements. Asking October ahead of a permanent ceasefire has held so far. Further dialogues are been described as being like “talking to overgrown bully,” came one reply highly uting to overcoming it too.”
people’s views is important because that ended nearly a decade of instability. planned as the peace talks progress. a collective superintelligence”. To a rated by fellow respondents.
peace deals and ceasefires are more The dates of the discussions were publi- Beyond the UN negotiating table, AI- journalist who asks questions for a liv- Online polling tools have obvious pit- Helen Warrell is the FT’s defence and
likely to last if they reflect the views of cised on social media and interested powered polling platforms are already ing, this was an enticing prospect. falls. They rely on participants having security editor
18 ★ FTWeekend 17 July/18 July 2021
The right
Easy altitude
N
ayan Gowda, 50, is a or disappeared into blends with (María José instructed Gowda that
winemaking gun for the international varieties that it “shouldn’t taste like a Moscatel”).
hire. Although he took are planted in Bolivia’s more The Negra Criolla is much more
to making wine only in conventional vineyards, many of sophisticated than many of the
his mid-thirties, after them near the town of Tarija. new-wave light reds produced
working as a chef at The Ivy in At 2,300 metres, the Cinti valley today from its cousin País on the
Covent Garden, he has already is twice as high as the European other side of the Andes in Chile.
made it in Australia, New Zealand, mainland’s highest vineyard in the I picked up a pepper note in this
Germany, France, Hungary, Alps. To get there involves a wine and apparently this particular
Ukraine, South Africa, Norway, beautiful but perilous drive across vineyard is full of the pink-
Chile, Kazakhstan and, most two mountain ranges from the peppercorn trees known as Schinus
recently, Bolivia, where he has Tarija winery that has loaned space molle. One of the two additional
created two vintages during the to the Jardin Oculto project. Just as vineyards they sourced fruit from
pandemic and overcome some of the grapes for Gowda’s first vintage this year is called Los Membrillos
the biggest challenges any wine in 2020 reached peak ripeness, because it is full of wild quince
producer could face. there were storms so fierce that the trees, which have a predictable
Bolivia is home to some of the country shut down. Harvest had to effect on the grape juice.
world’s highest vineyards, but the be delayed. While Gowda feels the They made only 5,000 bottles in
most remarkable aspect of 2020 — with some difficulty
Gowda’s work is not altitude because Gowda dislocated
but the 200-year-old vines his shoulder — and have not
themselves. In the Cinti increased production in 2021
Valley, they do not grow in since they haven’t yet been
neat rows on trellises, nor as able to develop export
low bushes, but clamber, markets. They are also
undisciplined, up trees. stymied by a chronic lack of
The most essential bit of equipment. All Gowda had
vineyard equipment is a access to while winemaking
ladder. Vines, whose natural was a hydrometer, a
instinct is to climb, could thermometer, a pump, two
easily grow six metres tall hoses and a few small tanks.
Food photography by Patricia Niven
without humans poised to The wines can boast of being
interfere. The main job during unfined and unfiltered for
any meaningful time in the kitchen. You the pruning season, when first entirely practical reasons.
Recipe | Conjure up that holiday spirit with this want the nourishment in as few moves
as possible.
the trees and then the vines
must be trimmed, is to cut
The sort of analysis required
for international trade is
If you are somewhere hot, just slice down the highest growth so the virtually impossible as there
no-fuss meal from Sarit Packer and Itamar Srulovich the bread and leave it out to dry. If not, part of the vine that produces Illustration: Leon Edler
are no accredited labs in
simply toast it quickly. If your tempo- fruit is reachable — by ladder. Bolivia and, besides, any
rary kitchen has a grater, that’s great. Gowda was recruited by María 2020 grapes were a little riper than chemicals needed are tightly
C
But you can also crush the tomatoes José Granier, who belongs to a ideal, the three 2020 wines I tasted controlled because, I am told, they
ut this page out and take it No complicated shopping is required. with your hands to make the pulp before family of more conventional wine were genuinely thrilling. are often assumed to be used for
with you on your next self- You don’t have to buy anything that soaking the bread in it. If there are herbs producers in Bolivia. She was Perhaps the most unusual was a drug production. Sampling the
catering holiday: this is needs a fridge or excessive handling. And growing outside, lucky you. If not, you alerted to the unique qualities of still white wine made from the local grapes, vital in deciding when to
rented accommodation you needn’t venture further than the will still have a delicious little meal in no the arboreal vines of the Cinti Vischoqueña grape. They had set pick, is hampered by the wide
cooking at its best. shop on the beach that sells lilos, bug time. The chunks of tomatoey bread Valley by Dutch Master of Wine out to make a sparkling wine, but variation in height off the ground.
It’s a dish to whip up when the “fully repellent and local booze, as well as bread make a sweet base, while the sardines Cees van Casteren who, pre- realised it would have to be a little The sugar content of grapes across
equipped kitchen” advertised online in various stages of freshness, tinned plus more tomatoes give the salad body pandemic, visited Bolivia frequently less fizzy than sparkling wines the bunches from low to high can
turns out to be a wonky pan, tiny chop- goods, sprouting onions and tomatoes on and taste. The onions and garlic bring as part of a Dutch government drunk elsewhere. That’s because, at vary by up to 2 per cent in terms of
ping board, blunt Ikea knife, impossibly the verge of turning into sauce. sharpness and crunch. development programme. altitudes such as the capital La Paz’s potential alcohol levels.
small oven and a hob that seems to work It is the perfect dish to make after a Fortunately, this also works splen- The Granier family make the sort 3,640 metres, wine would gush Temperature control is a luxury
but never heats up. It is a dish for when day of sunshine. Whether you’ve been didly at home, especially if you splurge of big, beefy reds that have been inconveniently unless they reduced that Gowda doesn’t have. But the
the cupboard consists of little more than scaling a mountain or lying beside a on fancy sardines, designer tomatoes favoured by Bolivian wine drinkers the pressure in the bottle. They also truck transporting the grapes parks
strawberry jam, peanut butter and pool, the holiday sun whets the appetite and sourdough from some chi-chi bak- historically. Yet María José wanted understood they would have to overnight in the mountains at 3,400
three pots of black pepper left by the for something salty and filling but not ery. Even if you aren’t poolside, you to produce something different. leave the sediment in the bottle metres, so that fruit picked in
previous incumbents. too rich. It also stifles the will to spend deserve holiday food. The idea of rescuing heritage vines because, in Bolivia, there is none of temperatures of 25C arrives having
and providing a livelihood for local the disgorging equipment that been cooled naturally to 8C.
subsistence farmers also appealed leaves champagne crystal clear. Throughout his Bolivian
to her and she was determined that But with Covid, the border with adventures Gowda has kept his
Old bread, sardine and tomato salad her and Gowda’s wines, called Argentina was closed and their social media followers enthralled
Jardin Oculto (hidden garden), order of the sturdy bottles needed with tales of sneaking into the
Makes a light lunch for two a bowl until you are left with the skin should be pitched at a premium for sparkling wine never arrived. It winery during the pandemic to
or a fancy starter for four in your hand. Discard the skin and mix price, the equivalent of $15 a bottle meant Gowda had to turn his base check on the progress of his
the minced garlic and one tablespoon in Bolivia, 10 times the cost of the wine for fizz into a still wine. And ferments, equipment shortages,
Ingredients of the olive oil into the tomatoes. most basic wine available. he seems to have achieved this with electricity outages and quarantines.
4 thick slices of old bread Season with a little salt and pepper These tree-climbing vines come aplomb. The 2020 Blanc de Noirs What next? He really wanted to
2 large plum tomatoes and mix to combine. in three varieties, adding to the 54 has proved so popular with Bolivia’s help out a friend with a vineyard in
1 large garlic clove, Spoon the grated tomato over the that Gowda had previously vinified. better-heeled wine drinkers that he Bhutan, which is at about the same
peeled and minced toasted bread and sit the slices of The Moscatel is the same as the has made it again in 2021. “I just elevation as Cinti Valley, but
250g selection of fancy tomatoes, bread back in the bowl containing the Muscat of Alexandria grown in have to remember what I did. We’re winemaking is on hold there
small or large remains of the tomato purée. Cut the southern Spain, while the two red learning every time we open a because of the pandemic.
2 tins of sardines in olive oil remaining tomatoes into all shapes and wine grapes are Negra Criolla (the bottle,” he confesses. He describes Meanwhile, he has persuaded his
½ small red onion or shallot, sizes and mix with the thin slices of red same as Chile’s País and California’s himself as “addicted to learning”, doctor parents to return to India
peeled and thinly sliced Method onion. Add the oregano and top the Mission) and a local speciality which is what drew him to Bolivia. from Derbyshire. Perhaps he could
A couple of sprigs of fresh oregano Toast the bread or leave it in the soaked bread slices. named after the Bolivian town of The other two 2020s consist of a offer a helping hand to the
or ½ tsp dried oregano sunshine or an oven to dry out. Halve Add the tinned sardines and the Vischoqueña. Until the arrival of white from the Moscatel grapes and developing Indian wine industry?
2 tbs olive oil the two plum tomatoes and grate them remaining olive oil. Sprinkle more salt Granier and Gowda, these grapes a very pale, dry Negra Criolla. The
Salt and freshly ground black pepper on a coarse grater (cut side first) over and pepper and mix to combine. were primarily distilled into the Moscatel is a pungent, dry white More columns at ft.com/
country’s favourite spirit, singani, with some Burgundian features jancis-robinson
Janan Ganesh
Citizen of nowhere
A
Stefan Zweig-reading less given to abrupt surges of the stuff. has become almost biennial in England
polyglot, Roy Hodgson It is the choice between pricking a boil over my lifetime.
coached in Sweden, and draining it: the same contents If its loudness were the worst of it,
Switzerland, Italy and the enter the world with a quite different England’s boom-and-bust approach to
UAE before leading violence. feeling might win out. But, choosing
England from 2012 to 2016. The club of Delineating these ways of going at life my words carefully here, there are
his life was Crystal Palace, whose is not the same as naming a winner. moments in England – as serious as a
catchment area, where I grew up, The price of the American model is a royal’s death, as frivolous as a World
might be the most ethnically varied in sort of ambient psychobabble. “The Cup – when one becomes aware of a
European football. Clues to his guarded means by which people talk about certain potential. It is not that
politics suggest the shrewder kind of themselves without revealing dissenters from the collective mood are
Labour man. anything”, is how the writer-doctor unsafe. But they might catch
There was cause, in other words, to Theodore Dalrymple defined this mode themselves being less than candid for
hail “Woy” as the voice of modern of speech. In my quarter of the sake of a quiet life. The country’s
The 2.1m-strong community of self-sufficient lifestyle (and a few England, liberal patriotism and other Washington, flags invite passers-by to ancient hospitability to the offbeat, the
SNAPSHOT Mennonites, a Christian
denomination that has its roots in
modern incursions, such as the
phones of the teenage boys
non-oxymorons of the day. The nation
never got around to it. For reasons A culture with a high
contrarian and the cussed can seem
very theoretical, very quickly. John
the upheavals of the 16th-century pictured here). that are hard to place – it pre-dates the Stuart Mill did not have foreign
average level of emotional
‘Teenage boys Protestant Reformation, is now
spread around the globe, from Africa
“The landscape recalled the simple
agricultural society of the American
knee-taking activism – his heir gets
the honour. Or perhaps not all that candour is less given to
countries in mind when he cited social
pressure, not just statute, as a curb on
hanging out after to North America, Asia and beyond.
Since the 1950s, the central
Midwest in the 1950s,” says Michaels,
“a placid utopia frozen in time,
hard. Gareth Southgate has a winning
team. Hodgson didn’t. A moral spin abrupt surges of the stuff
free speech. No doubt, some
Americans felt the same chill after
church’ (2021), American country of Belize has been
home to a small community of this
sprung from the seeds past
generations had planted.”
has been put on what is at bottom glee
at success. Don’t expect the high-
9/11. But England can summon a
censorious mood for lesser events.
by Jake Michaels Anabaptist group.
In c.1950, American photographer
Cheyenne Darko minded rapture to survive a bad
World Cup.
“live” their “truth”. Deepak Chopra
remains at large. To sit through a
Even a happy mob is still a mob.
Most of this, in the end, is a harmless
Jake Michaels captures their slow, ‘c.1950’ is published by Setanta Books Shallow or not, England’s ecstatic date’s worth of this stuff is to hear quest for belonging. By rights, it should
summer was audible from across an celibacy calling. be the younger country needing
ocean. As in 2018, American friends But then weigh, if you would, the constant reassurance that it is a nation
find it hard to square with the decorum spoils. The emotional binges averted, and not just a market with a flag on it.
they were reared to expect from us and the feelings aired before they run out of But I sense ever more of that neurosis
give me a minute
for reputations, I know, but the US is mass surges of it. On that score, the US what must be the most sacralised
the country with the stiffer upper lip. also profits from its internal schisms. health service in the world. Upon
My hunch (“theory” is too strong) is The blessing of a 50-50 electorate is hearing that 21st century trope, “We’re
as follows. If a nation contains its that there is seldom such a thing as a all in it together,” you need not strain to
feelings most of the time, they are truly national mood. Adjust for make out an unspoken addendum.
Jo Ellison
liable to gush out with sporadic but geographic vastness and ethnic “Aren’t we?”
absolutely torrential force. The inverse diversity, and it takes something
is just as true. A culture with a high exceptional (at least in peacetime) to janan.ganesh@ft.com; read more columns
average level of emotional candour is foster the kind of herd emotion that at ft.com/janan-ganesh
Trending
C
omplete freedom is as bonkers. Both the mayor of London make it past the 24-hour mark.
much curse as boon,” writes and Scotland’s Nicola Sturgeon have Meanwhile, other countries look
David Byrne in his 2012 already moved to fill the freedom upon the UK with bemusement. My
non-fiction How Music chasm, with Sadiq Khan insisting that phone is piled with texts and messages
Works. “Freedom within masks will still be compulsory on from people pointing out that we have
strict and well-defined confines is, to London’s public transport, and the first gone completely mad. In Paris, during
me, ideal.” minister urging “continued caution” couture week, while going about the
Byrne’s essay is a quasi- and saying that masks will be fashion dinners, Brits were met by
autobiographical, part academic mandatory for some time. a curious mixture of disbelief and pity.
journey through the history of music, As per usual, it’s just another bloody A Brexit deal that has decimated the
looking at the various influences that shambles: a policy that comes with the creative industries, the febrile football
have contributed to certain genres as merest suggestion of some stadiums and the cavalier approach
well as offering his thoughts on the orchestration overscored with a towards contagion have not been kind
success of each era’s sounds. Total cacophony of artificial noise. We to our public image. No one
freedom in music, he argues, rarely should by now be used to government differentiates between our national
makes a symphony. by amplification — what Boris Johnson borders, they just see us Brits as being
“The expanded and unlimited sound lacks in subtlety he sure makes up for a bunch of hoodlums. Like a nursery of
range was now, or would soon be, in volume — but after a whirlwind year toddlers, or those football fans who
available to everyone,” he writes of the of stop-start leadership the British trashed Leicester Square.
advances made possible by CD public have been pressed to operate by It’s an amusing counter-narrative to
technology, which gave rise to instinct and intuition rather than by the public image we hold dear. Past
“artificially loud” albums and the weeks have encouraged Britons, and
advent of the “volume wars”. But while The day will be just as especially English people, to reimagine
he contends that the music was initially our national character as something
amazing, pretty soon there was “ear advertised: it will be a akin to that of Gareth Southgate, the
fatigue” all around. “The technology miracle if we make it past England football manager considered
that was supposed to make music more a paragon of humility, thoughtfulness
popular than ever instead made the 24-hour mark and calm. It’s possible that Freedom
everyone run away from it.” Day might see us exercising the same
Byrne may be talking about the Southgate wisdom even though all
changes in our aural culture, but his the well-defined guidelines that most evidence suggests that the contrary
words seem keenly apposite when reasonable people crave. is true. Each time we’ve been offered a
considering the political landscape Will Freedom Day find our streets modicum of freedom, we’ve been
now. Currently, the UK stands on the rejoicing in new liberties or will caught up in an ecstasy of excitement
threshold of “Freedom Day”, an unfettered freedom cause everyone to and the carapace of civility has quickly
arbitrary anniversary conceived by run away? Will we wear masks or won’t come crashing down. And on the world
Boris Johnson on which he plans to end we? Given that in some companies up to stage our behaviour is less aligned with
this period of “government by diktat” 20 per cent of the workforce is already Southgate than with Johnson, who
and erase all remaining Covid self-isolating due to exposure, track and seems no more capable of sensible
restrictions so that we can return to trace will surely hold festivities at bay. judgment than the England football fan
normal once again. Freedom Day has And what kind of freedom is it anyway? who stuck a red flare up his bum.
been held in breathless anticipation by In a surreal moment of extreme Freedom Day presents us with yet
the hospitality industry, travel agents magical thinking, my brother (double another opportunity for redemption.
and the public for months now — a vaxxed) joined Prince William, Boris To try and conduct ourselves with
magic marker in the diary after which, Johnson, and 60,000 further football decorum and deploy our fabled
it has been presumed, our Covid fans at Wembley to watch England play “common sense”. Right now I don’t
worries will be forever gone. Denmark in the Euros semi-final 10 hold too much by way of expectation.
And, on first hearing, it sounds days ago. “Covid’s coming home”, his When you’re led by hooligans, the
amazing. But even while Johnson’s wife remarked as he shared another noise is just too deafening. I don’t need
typically grandiose gesture will erase video of tens of thousands of supporters untapped freedom, festivals and
most mandatory restrictions, the date united in a toxic mist of bonhomie. frenzy. I just want a foreign holiday.
has merely allowed him to shunt True enough, he’s just tested positive And, like David Byrne, some strict and
responsibility for difficult decision- for Covid. If that’s any indicator of the well-defined rules.
making down the line. Infection rates future, the day will be just as
in the UK are still in the realm of advertised: it will be a miracle if we Email Jo at jo.ellison@ft.com
Chess solution 2427 7...d3 8 Ng5! with a triple attack on f7 is decisive. The best Black can do is 8...h6 9 Bxf7+ Kd8 10 Ne6+ Bxe6 11
Bxe6 Nbd7 12 Bxd7 Qxd7 13 Qxb7 Qd5 14 Qxd5 and White will soon win the d3 pawn with a winning endgame two pawns up.
20 ★ 17 July/18 July 2021
Saturday 17 July / Sunday 18 July 2021
Pandemic Paris Reluctant buyers slow the market — FRANCE PROPERTY PAGES 3 & 4
Follow us on Instagram @ft_houseandhome
House Home
for storage
no room for my linen. I need a actually doing nearly 170cm panels very much.
solution that would look appropriate those tasks wide, it would Perhaps we should think outside
in a Grade II-listed Herefordshire a lot more provide ample the cupboard. Based in Hampshire,
farmhouse. This building dates from pleasurable. space for linen, Elmgarden is selling a 19th-century
medieval times and every generation (Of course, and includes What do I see in Italian linen press with bold black and
has added something to it. I also need my dreams drawers as ecru painted stripes (and gold
a cupboard for table linen aren’t that well as my wildest dreams, highlights), painted around 1900.
downstairs. Any ideas? modest. I see shelves inside. half-hidden in There is no doubt about it, it’s a
also Georgian For a striking piece. The graphic simplicity
Ah, the joy of cupboards. When it panelling downstairs swirling fog and of its design, however, would make it
comes to home improvements, some and Gothic linen cupboard, shimmering in suitable for a variety of interiors.
may dream of swimming pools, some windows and a grotto and reflecting I also very much like a limed or Last, let’s swap Herefordshire for
may pine after a home cinema, tennis pool in my garden.) bleached oak finish, or even golden light? Paris. I love an armoire, which in my
court, gym or wine cellar. What do I see So, where to find cupboards that a pale pine. Buckinghamshire’s More cupboards mind is similar to a wardrobe, and
in my wildest dreams, half-hidden in will suit your Herefordshire Pinefinders is currently selling a large could function just as well as a linen
swirling fog and shimmering in golden farmhouse? I don’t believe you should c1910 pine Dutch linen press with cupboard. (A linen press, I have
light? More cupboards. I’m running out necessarily fixate on finding something fantastic detailing and a very lovely recently gathered, tends to be defined
of space, you see, and fast. extremely old because, as you say, past oversized cornice. as having two sections, like a mini
Currently, one half of a kitchen inhabitants have added to the building I tend to prefer a painted or faded wardrobe atop a chest of drawers.) It is
cupboard in the country is dedicated to (meaning, I assume, its appearance is pale wood over mahogany in kitchens, easy to find a fancy armoire, but I like
napkins, tea towels and coasters. not totally uniform). boot and utility rooms, but upstairs I the humbler versions. Hampshire’s
Another cupboard across the room is Besides, as you may have gathered fancy the idea of a mahogany or darker (Above left) Luke Pappilon is selling a very elegant
stuffed with tablecloths, placemats, from reading this column, I am also oak cupboard for bed linen or clothing. Edward Hall’s kitchen; 19th-century French provincial
cushions and miscellaneous objects not a slave to the concept of period Look just across the border from you in (below) mahogany linen armoire with original ochre paintwork.
(an old film camera, a giant Christmas perfection. Still, you will want to find Herefordshire to Carmarthenshire’s press, Lorfords Antiques The beauty is in its rustic simplicity.
bauble and a couple of margarita something full of character and charm. Tim Bowen Antiques. Bowen recently One more idea: John Penderell
glasses). Upstairs, spare bedsheets, Arcadia Antiques usually has sold a small Georgian Welsh oak linen Antiques in Northern Ireland has in
pillows and towels are crammed into a large and brilliant selection of linen press with very charming, Gothic, stock a bespoke oak cupboard with
our wardrobe, which itself is no bigger cupboards in various shapes and sizes. shaped panelled doors above three highly characterful 16th-century doors.
than a shoebox. I am often drawn to cupboards with small faux drawers. It could be worth It’s not in the best shape — a part of its
I would love to have a downstairs an original painted finish — I love the your while getting in touch with this back is missing — but the price is good.
cupboard dedicated to kitchen linen, patina you usually find with original dealer because they have had many I love this mix of new and very old:
and some sort of situation upstairs that paint, the marvellous flaking and similar cupboards in stock in the past. could be just the thing for a medieval
means I don’t have to elbow folded varying shades and subtleties of If you think you might want farmhouse with new additions.
Luke Edward Hall sheets into any available nook or colour, with patches of old wood something a little smarter, you
cranny. When it comes to household poking through. wouldn’t be able to go much wrong If you have a question for Luke about
chores such as washing and bed- Currently in stock at Arcadia is with the classic, handsome and design and stylish living, email him
Questions of taste making, I believe that giving all a beautiful 19th-century English timeless appearance of a George III at lukeedward.hall@ft.com. Follow him on
associated articles a proper home housekeeper’s cupboard with its piece, such as a mahogany linen press Instagram @lukeedwardhall
House Home
Paris’s not so
moveable feast
France property | Buyers prove reluctant as uncertainty
about a ‘fourth wave’ of coronavirus and international
travel restrictions slow the market, writes Hugo Cox
S
elling his three-bedroom
Paris apartment in the 9th
arrondissement has been dif-
ficult for Jérémie Faivre. The
43-year-old has had the prop-
erty on the market since October, but
with no outside space and located on the
busy Rue La Fayette, it languished. Ini-
tially listed at €1.2m, he has dropped
the price and recently accepted an offer
for €1.05m. “People have been reluc-
tant. Even now the market is awfully
calm,” he says.
Paris’s property market is slowing.
Prime prices in the three months to
March fell 3.7 per cent, compared with
the year before, the largest fall since
2016, according to Knight Frank. In for studios it is typically three or more. (Clockwise from Ultimately, however, she thinks the
Ile-de-France, the greater Paris region, With France’s health minister recently main) The PARIS restrictions scared off less committed
total home sales fell 12 per cent in the warning a fourth wave could arrive at famous Café buyers, giving her more of a chance.
year to February, compared with -2.3 the end of July, Kieffer says buyers are de Flore on 9TH 10TH “[The restrictions] cut out those that
per cent in France as a whole, according sitting on their hands. “They tell me the Boulevard ARR ARR wouldn’t physically go to visit.”
8TH
to Notaires de France. they are not sure if they are staying in St-Germain; the ARR Champs- Flaws are hard to find in Charlotte’s
Since restrictions imposed by the Paris or moving out, or even whether Luxembourg Elysées home, which is fully renovated and has
Canal
city’s third lockdown — which started in their businesses will survive.” Gardens and 16TH
7TH Saint-Martin views of the Sacré-Coeur basilica, the
ARR
March — began to ease in May, the At the higher end of the market, travel the Panthéon; ARR Louvre and the Eiffel Tower. The vogue
strong demand from local buyers of the restrictions continue to limit buying by the Canal Saint- 6TH for fully refurbished high-spec apart-
Eiffel
Riv
ARR
past year or so has not returned, says UK and US buyers. Christine Tung of the Martin — Jérôme Tower ments aimed at international buyers
er
Se
Frédéric Kieffer, an agent with Sextant Paris office of Home Hunts, a top-end Labouyrie/Alamy; Bruno de
dates from about six years ago, accord-
in
FRANCE
e
Hogues/Getty Images; Pierre
Properties. “Before we had 20 people to French agency specialising in sales to Suu/Getty Images ing to Tung.
view an apartment, now it is four or international buyers, sold one in five 1 km
“You started to see developers buy
five,” he says. Where most homes typi- homes to US buyers before the start of ©Mapcreator.io/©HERE flats in the best neighbourhoods and
cally sold within days at the start of the the pandemic. Excepting homes that bring them up to those international
year, now most take one or two weeks; were viewed before Paris’s first lock- standards to satisfy [these buyers’] very
down in March, US buyers have bought the UK quarantine requirements to specific demands — en-suite bathrooms,
‘Buyers tell me they are not none since then, with German, Italians carry out her search. With logistics such walk-in closets, air conditioning, guest
and Scandinavians the main buyers. as Covid tests required, organising trips toilets, apartments fully furnished.”
sure if they are staying in Charlotte, 59, who has just had her took longer and, on two occasions, Space constraints limit what can be
Paris, or even whether their offer accepted on a three-bedroom promising apartments sold before she achieved in the 6th arrondissement, long
apartment in the city’s prestigious 6th had a chance to visit, says Charlotte,
businesses will survive’ arrondissement for about €5m, braved who did not want to give her real name. Continued on page 4
4 ★ FTWeekend 17 July/18 July 2021
House Home
Continued from page 3
House Home
Hot property
Warehouse living
K Ransome’s Dock, Battersea, roof terrace, wood panelling, an
London, UK, £2.195m exposed concrete ceiling and a
polished concrete floor.
Where Ten minutes from Victoria Why Once home to Victoria
station, with fast links to Gatwick Beckham’s design studio, this
Airport. The warehouse is reached apartment is housed in an ex-
by a riverside footpath from Albert engineering warehouse dating
Bridge or Battersea Bridge. back to the 1880s. A natural spring
By Rachel Hagan What A 1,900 sq ft three-bedroom in the basement provides a source
apartment overlooking the of water to the building.
Thames. The property features a Who Nestseekers
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Fulham’s
feelgood
factor
UK property|The small-town, community feel of
the London borough and the race for space during
the pandemic have boosted appeal. By Liz Rowlinson
I
n March, Anna Anderson and her Fulham’s property market has been
husband moved to a new house just boosted since the pandemic, as buyers
five streets away from their old one look for roomier houses with outside
in Fulham, south-west London. space. In the first five months of the (From top) Chelsea or South Kensington and need
They sold a three-bedroom flat to year, the number of house sales in the Enjoying a drink that extra 1,000 sq ft-1,500 sq ft of living
buy a four-bedroom, three-storey SW6 postcode was 59 per cent higher in Parsons space and can’t find it (or afford it)
house. “We spent lockdown toying with than in the same period in 2019, accord- Green on the there, Fulham is the logical next move
a move to the country but for a Swedish ing to LonRes, which tracks the prime day pubs for many,” says Paul Price of agent
person leaving London was too daunt- London market. reopened in Marsh & Parsons.
ing,” says Anna, who works at the media It is a turnaround for a market that April; its parks For Brazilian-born Jade Samuels, the
company Condé Nast. has struggled since 2014, when stamp are one of the move to Fulham from South Kensing-
“Instead, we chose more space, and a duty reforms increased the tax bill on attractions ton three years ago brought extra space
big kitchen opening on to a garden, so more expensive properties. That year, of Fulham; but also a welcoming sense of commu-
we could have BBQs and lots of local house prices in Fulham peaked at terraced houses nity. She and her husband and three
friends and children running around. I £1,007 per sq ft, and fell 13 per cent in in Parsons
love the small-town feel of Fulham.” four years. Flat prices dropped 10 per Green Road — Nick ‘It’s easy to run into people
Sitting above a loop of the Thames, cent between 2016 and 2019, to £871 per Harvey/Shutterstock; Alamy;
Fulham is often described as a sort of sq ft. In the past year, prices have risen 3
Greg Balfour Evans/Alamy
we know, which didn’t
compromise — better value than next- per cent and 2 per cent for houses and happen in South Ken, and be
door Chelsea or Notting Hill but more flats respectively.
convenient than Putney and Barnes While prices have yet to recover to able to walk to everything’
and other neighbourhoods on their mid-decade peaks, the race for
the south side of the river — especially space and the just-ended stamp duty
since the closure of Hammersmith holiday have helped the market surpass young daughters live in a five-bedroom French schools service a notable
Bridge has made crossing even its 2018 levels. The average discount house close to South Park, an Edward- expat community.
more torturous. achieved on asking prices reduced from ian walled park. She runs the Parsons “Some French in the financial sector
Fulham is a predominantly residen- -10 per cent (in 2018) to -6.7 per cent in Green outpost of The Bump Class, an predictably left because of Brexit and
tial area of Victorian and Edwardian the year to date, according to LonRes. antenatal course. Covid but others working in different
properties that attracts high-earning The time on the market to exchange has “It’s so easy to run into people we spheres are coming, though well below
young professionals, with a hefty fallen from 213 days in 2018 to 180 days know, which didn’t happen in South the numbers before 2016,” says
number of first-time buyers helped in the year to date. Ken, and to be able to walk to every- Kristina Aster of Breteuil, a French
financially by their parents, says Faith In the year to date, 43 per cent of sales thing.” Her eldest daughter, who is specialist estate agent. “The current
Cook of agent Winkworth. “People tend were houses, many with bigger gardens five, attends Thomas’s Fulham, a market is unpredictable; negotiations
to stay in Fulham if they can.” than those in Chelsea. “If you are in popular independent primary. Two are difficult.”
17 July/18 July 2021 ★ FTWeekend 9
House Home
700
600
2010 13 15 17 19 21
Source: LonRes
0
2014 15 16 17 18 19 20
Source: LonRes
House Home
The tricks
slowly out to the sides until her face
plants into her water bowl.
So much of the time spent raising
an old dog
dogs involves saying no, setting
boundaries. With an old dog, the
script reverses. Life is all about yes.
A handful of cheddar crackers on top
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12 ★ FTWeekend 17 July/18 July 2021
House Home
Fit for a
fortress
Security | Motion-activated burglar alarms are old hat
compared with the latest high tech, writes Mark Ellwood
E
ighteen months ago, Phil are part of SmartWater’s Perimeter
Cleary met with a new client. Intruder Detection systems.
The billionaire had just sur- His is not the only company specialis-
vived a brutal home invasion, ing in cutting-edge home-protection
where a group of criminals tools. The world of domestic security
beat him to try to find out where he has evolved far beyond motion-
stored an expensive watch. The thieves activated burglar alarms bolted to the
had seen him wearing it in a magazine side of a house, or even doughnut-
and resolved to steal it. They bypassed chewing security guards staring blankly
his existing cameras, scaling a wall at his at a screen. Today, it’s as likely to include
30-acre country estate without alerting invisible, motion-activated sensors,
the on-site security staff. The client unbreachable zones or Minority Report- Why not put SmartWater
“was very, very lucky to survive”, Cleary style predictive surveillance.
says, and he now wanted to make his Cleary’s robots have already received in a motion-triggered
home impregnable. international endorsement: 100 of them sprinkler system to coat an
Cleary suggested Daleks. Not the vil- were deployed as part of the protection
lains from Doctor Who but, rather, a fleet around the recent G7 summit in Corn- intruder in its ersatz DNA?
of miniature, CCTV-enabled robots with wall. Many clients use them as tempo-
an aggressive affect that remind him of rary upgrades to a home system, per-
the sci-fi mutants. Positioned at strate- haps when they’re at another home or In the past, panic rooms were more
gic intervals around the perimeter, on vacation: dot a few around a classic like prison cells, but Okto will rather
these battery-operated sentinels patrol car collection, for example, or to keep repurpose a large, existing room — the
their turf 24/7; they’re primed not so an eye on thoroughbreds in a stable. master bedroom suite, for example —
much to exterminate as intimidate. “You can plonk them anywhere, as and outfit it with concealed details that
Cleary’s robots sit inert until their they operate on 2G, and they act like an allow it to transform from everyday use
attention is piqued by unexpected electronic sentry standing guard while to an intruder-proof zone. Think Kevlar
move ment. Then they swing into you’re away,” Cleary says. They are walls, with bulletproof, steel-reinforced
action, blazing a spotlight at a would-be affordable, too: the robots come in dif- doors plus multiple communication
burglar while blaring an announcement ferent sizes with prices ranging from channels, from 5G to satellite, so that
that the police and security team £50 to £150 per unit per week. anyone inside has fail-safe ways of
have been alerted to their presence. His next step is to combine it will allow categorical identification (Clockwise from doubt. Cleary plans to add misting reaching the outside world, including a
With a dozen of these devices them with another of his when a stolen watch is recovered. top) Okto’s nozzles to the VideoGuard 360 units so security team.
dotted around his prop- company’s products, its More intriguingly, why not include invisible tech that would-be intruders are trackable “A panic room was quite small, and
erty, the billionaire client namesake SmartWater. SmartWater in a motion-triggered ‘serenity zone’; even after they’re scared off a property. probably had no windows in it, and was
hasn’t been troubled at This is an invisible, UV-de- sprinkler system, which will coat any Dice Corp’s In case someone manages to breach probably a bit of a reclusive space,”
home since. tectable liquid that is water intruder in this ersatz DNA? If you do, ‘anticipative’ those fortress-like measures, though, cli- Dowds says. “Nowadays we want to
Cleary runs a company called resistant enough to survive on skin even burglars who manage to evade software); ents can commission a refuge inside the keep people as relaxed and calm as pos-
SmartWater, which offers a suite of for weeks, and that contains a blend arrest on site can be identified later. Agresti safe home — just don’t call it a panic room. sible in the event a family is attacked, so
security solutions including of synthetic DNA-like markers; the Turn a UV light on to their skin, and any room; sculpture Instead, think of it as a “serenity zone”, a larger space is better.”
those “Daleks” — blend is unique to each SmartWater will glow bright yellow. on Fortecho’s says Philips Dowds, managing director It must be as beautiful as it is func-
though they are actu- client. Spray it proac- Take a sample of that residue, and if the pressure- of Okto Technologies. His company has tional, too, a speciality of Agresti. The
ally called Video- tively on to precious DNA-style markers match, it places that sensing plinth worked on several such projects in Lon- Florence-based company started out
Guard 360 units, and items, Cleary says, and person on site beyond reasonable don, often costing £1m or more. more than 70 years ago building high-
17 July/18 July 2021 ★ FTWeekend 13
House Home
end cabinetry but pivoted towards safe These battery-powered developed pressure-sensing plinths for (Above from weather reports, CCTV camera footage,
rooms after trialling strongboxes in its sculptures, relying on piezo crystals left) Agresti safe news events, social media posts — and
armoires. It introduced its own high- sentinels contain several which can detect minute changes in rooms start at predict problems before they occur,
design, high-tech riff on the idea at sensors, all aimed at weight as low a few grammes. Any €150,000; Minority Report-style.
Milan’s Salone del Mobile in 2018. slight shift in the pedestal and the sen- SmartWater’s “Say you know there is going to be
Chief executive Paolo Agresti explains protecting a masterpiece sors sound an alarm. forensic liquid rain on a holiday weekend, when there’s
the USP of its serenity rooms: why not Fortecho has also installed infrared and (below) a also a parade,” Lupo says. “You can allo-
combine fine craftsmanship — Italian lighting behind paintings, measuring ‘Dalek’ unit cate resources differently than you
leather, wood veneers — with cutting- to any artwork. These battery-powered the time it takes for the light to bounce would if you didn’t take all these other
edge technology? Fingerprint-operated sentinels contain several sensors, all off the back of the picture. “If you move factors into consideration.” More
locks, for example, that can be accessed aimed at protecting a masterpiece; it even 5mm forwards, that time of flight guards, for example, or suggest a family
using more than one digit; such entry they’re programmed to send regular changes and the alarm is alerted.” spend the weekend elsewhere.
panels are programmed to sound a readings back to the central system and Fortecho is often asked to deploy its Lupo says its systems aren’t limited
silent alarm and summon security if, alert when anything changes. technology beyond artworks, although to detecting danger. They can also be
say, the index finger is used to open the There’s an accelerometer that flags Green says he had to decline the brief used in more mundane ways — in a
door rather than a thumb. Agresti’s movement, but these miniature com- from one client who wanted his Ferrari gated community, perhaps, footage
serenity zones start at about €150,000 puters also contain sensors for tempera- collection protected. “He wanted to from CCTV cameras could be proc-
but often cost far more. ture and humidity. If the latter tracks know if a car was on the move, but he essed by Dice Corp’s AI. The pool-
Such refuges, of course, become vital past a certain level, for example, it will also appreciated that his son might maintenance team, for example, might
only after a problem occurs; better, per- also alert Fortecho’s team. “One of our jump into any one of them at any time, be expected at a certain time every
haps, to prevent invasions before they clients got a leaking pipe behind a stud and whisk a girlfriend out,” Green week, and to perform a series of tasks;
Fortecho’s tiny happen. That’s the focus of Fortecho wall, and within an hour, we knew recalls. “Sometimes you can’t have your its AI can flag if they’re late, or if they
chips can be Solutions, which has a niche focused on something was happening,” Green cake and eat it.” fail to complete their assignment.
imperceptibly protecting artworks and other precious explains. For a Degas pastel, he says, That client could instead have “The same infrastructure you
attached to objects against theft. such protection is as important as pre- opted to work with Michigan-based have for security can service you
artworks in “Once a picture is out of a building, venting its theft. Dice Corp. It specialises in safe- for a lot of other things,” Lupo
museums and it hasn’t been tracked in the first few Fortecho started in museums, work- guarding software, in particular, says. “That $100 camera
and private hours? It’s gone,” says chief executive ing with the National Gallery in Lon- a new service its co-president ins talled by the pool can
collections Robert Green. Fortecho uses various don two decades ago. Now, Green says, Avi Lupo dubs “anticipative become the Swiss Army
Hugh Threlfall/Alamy
chips, including ones it designs and around half its clients are institutions, security”. Put simply, Dice knife of security.” Just
manufactures itself that are just 4mm while the rest are high net worth Corp’s system uses AI to don’t mention it to
thick, and that can be invisibly attached individuals. For both sectors, it has chew through data — the Daleks.
14 ★ FTWeekend 17 July/18 July 2021
House Home
A florist who
photos of her life and excellent
chapters by Shane Connolly, himself a
major flower arranger and curator of
the exhibition. Flower arranging was
a profession for young women, partly
never wilted
for their dexterity but also because the
wages were low. No doubt Spry loved
presiding over as many as 70 female
employees but her orientation was not
the key to her life.
What comes out is her profound
commitment to female education. She
came from a working-class family in
Derby and first trained as a health
lecturer. She began her career, aged
The demands of her life as a high-society flower 19, in rural Ireland, travelling in a
caravan and instructing mothers how
to care for their babies. After the first
arranger, educator of women, celebrity chef and world war, she returned to the UK and
ran the Homerton and South Hackney
ardent lover failed to daunt Constance Spry Continuation School for Girls.
Gardening had been her solace in
her unhappy marriage and so flower
C
(Left) Constance Spry in her garden, arranging was already on the
ut flowers, cooking, garden’s natural look, seeing its c1942; (above) ‘Flora’s Cloak’ by curriculum. Styling the coronation was
adjusting the garden: potential as decor for his cinemas. It Hannah Gluckstein, c1923 — © RHS Lindley miles away, but the teaching in her
summer holidays are with took her to royal weddings and Collections; Tate © Estate of Gluck (Hannah Gluckstein)
books, and her courses at Wingfield,
us again, the weeks that an bouquets, including those at the last had deep roots. In 1937, she shipped
overstretched reader has coronation, where she also commanded over to America for a gruelling
just summed up for me as “visitors and the menu. She devised a new Flora in a cloak of flowers. Even after itinerary of lectures from coast to
vegetation”. Over mine presides a past “coronation chicken” for the occasion. their split, it continued to hang in her coast. She was delighted by American
British authority, Constance Spry, who Last Friday I ate a derivative of it with a flower shop and was known fondly as ladies’ keen interest in their homes and
sets standards I will never meet. notable amateur cook. She served the Inter-flora. In 2018 it was bought for
I have her books on flower arranging update, called “cold curried chicken”, the Tate to mark the centenary of High voltage sizzled
and two of her famous white vases. from a 1970 cookbook by Katie Stewart, British women’s right to vote.
I also have her huge Constance Spry saying it was better: it omits Spry’s In 2010 Sue Shepherd, then at the between Spry and painter
Cookery Book, bound in 1956 in rose tablespoons of apricot purée. BBC, published The Surprising Life of Hannah Gluckstein and
pink, which is never short of advice: There are still female survivors of Constance Spry, which lived up to its
“Iced coffee . . . one of the her schools and classes, trained in title. In 2013 the dramatist Alison they had a passionate affair
devastatingly simple things so difficult domestic skills and cooking at Burge wrote Storm in a Flower Vase,
to make.” She can still complicate an Wingfield House in Berkshire, which In 1932, aged 46, she called on a new which ran well in London’s West End
entire afternoon, but she insisted, she bought as a wreck in autumn 1946. client who was ordering bunches of her and focused on the relationship of Spry gardens. She also discovered Sellotape
“I was first, and hope last, to be a She made it into the finishing school of well-chosen white flowers: the artist and Gluck. As it opened, I heard a and its use as a fixative for wobbly
gardener.” Is gardening the key to her choice for society girls who needed to Hannah Gluckstein (“Gluck”). At first recording of Spry on BBC Radio 4: “Let flowers in vases.
many-sided life, or does such a life run postwar houses without their sight, high voltage sizzled between your inhibitions go . . . if in doubt, From the 1930s, fascinating photos
never have a single key? mothers’ servants. I sometimes wish them and for four years, they had a ladies, leave it out.” record the vast crowds and her flowery
Spry conjures up varied memories for a Wingfield alumna to come and passionate affair. Meanwhile Spry She championed restrained extras at high-society weddings. At
for older readers: flower arranging, take over my life. I particularly wished encouraged the head of her London arrangements of flowers, not the one, the bridesmaids’ dresses were
cookery lessons, her shops in London for one last weekend when my attempt flower shop to have an affair with crammed displays of modern florists colour coded according to their degree
and Manhattan and her recipes for at iced coffee went badly wrong. Henry Spry, her male partner. Gluck in foyers. She even referred to her of intimacy with the bride. Try it post-
anything from braised lettuce in cream Until September 26, an evocative then fell in love with another woman. “male counter-principle: if in doubt, lockdown: gold is for absolute best
to devilled leftover turkey. She had exhibition at London’s Garden Museum Spry had to rally and cope with stick it in”. I nearly drove off the road. friends only.
a pink, myrrh-scented double rose looks at Spry’s achievements through spiralling demands from high society The presenter of Woman’s Hour then I much like the show’s memories of
named after her, still good as a bush or photos, items and paintings. It is a for her flowers. She never wilted. interviewed a former employee at a her, written by Helen Kirkpatrick. “She
climber. She loved philadelphus and, fascinating cameo of social mobility. In 1937, she did all the flowers for lowly level in Spry’s office. She began had an insatiable curiosity and an
like me, had an avenue of its scented Female education, gender and the wedding of Wallis Simpson to the by stressing that “Mrs Spry was very extraordinary talent for arousing it in
flowers. She drew heavily on her business, fashion and high society Duke of Windsor. It was marked well connected” but when pressed others. Her opposition to mediocrity in
garden for flower arrangements, but interlock with sex and orientation. with a flowery photo of the bride by about the lesbianism, remarked: “If any form and a rollicking sense of
amazed high society by including Spry, born Fletcher, married in Cecil Beaton, on show at the Garden you went into her office you could humour made her a rare human being.
hedgerow flowers too. She was already Ireland in 1910, had a son in 1912 and Museum. “To Mrs Spry who made my catch a whiff of it.” She was always so alive and so full of
sympathetic to a bit of wilding. then began an affair with Henry Spry, Robin Lane Fox wedding so lovely,” Simpson signed her The exhibition does not dwell on that fun and enthusiasm: we never noticed
Her stratospheric career as a florist the head of her office in London’s copy, though Spry was not married. scent too much. It is accompanied by she was growing older.” A born teacher,
began by chance in 1927. Sidney wartime Ministry of Munitions. She During her affair with Gluck, she had an excellent little book, Constance Spry I sense, whom we would all have loved
Bernstein, the impresario, came to divorced her Irish husband and lived On gardens bought a striking picture by her called and the Fashion of Flowers, which I in lockdown. That cookbook on my
lunch and was impressed by her with Spry but never married again. “Flora’s Cloak”, showing a naked young strongly recommend. It has superb shelf has come to life.