thUrsdaY 25 FebrUarY 2021 WORLD BUSINESS NEWSPAPER eUroPe

The Spac race Rays of light Defiance in Myanmar

london should resist listing change why optimism about the economy is no quick road back to democracy
to favour latest craze — Ft View, Page 16 vital for recovery — oPinion, Page 17 after the coup — big read, Page 15

McKinsey to Premier league Modi renames India’s

colossal cricket stadium after himself
Briefing

ditch Sneader
i J&J Covid jab effective against variant
The US regulator has confirmed data showing that
the group’s single-shot jab is safe and also found that
it performs well against the South Africa variant.
PAGE 4; NOTEBOOK, PAGE 16; VERA SONGWE, PAGE 17

as head after
i Facebook sets aside $1bn to pay for news
Facebook has pledged at least $1bn to pay for news
over three years, matching Google’s plans, in a move
that aims to contain the fallout from its earlier ban

string of crises
on news in Australia.— PAGE 6; LETTERS, PAGE 16

i Bottlenecks boost eurozone inflation

Inflation has hit its highest level for almost a year as
shortages of materials and soaring shipping costs
are passed on to manufacturers’ customers. Cars,
chemicals and mining were worst hit.— PAGE 2

3 Smit or Sternfels in line to succeed i Bullish Lloyds seeks to double profits

3 Final vote within next two weeks
ArAsh mAssoudi ANd ANdrEw hiLL
london
ANdrEw EdgEcLiffE-johNsoN
new York
McKinsey partners have voted to
replace Kevin Sneader as global manag-
ing partner in a historic rebuke over his
handling of a string of crises, say several
people with knowledge of the matter.
The vote means the next head of the
influential global consulting firm will be
either Bob Sternfels or Sven Smit, two
senior partners based in San Francisco
and Amsterdam respectively, who have
made it through to the last round of the
leadership election. A final vote is
expected in the next week or two.
Some alumni and insiders said that
the vote was a rejection of Sneader’s
efforts to reform the private firm by
tightening the scrutiny of which clients
its partners took on. Each of Sneader’s
five predecessors served a second three-
year term, with some serving three or
four terms, so the 54-year-old Scot’s fail-
ure to get through to the second round
shocked some McKinsey veterans.
The vote by the firm’s 650 senior part-
ners was seen as a referendum on
Sneader’s handling of crises, including
US litigation over the firm’s advice to
opioid manufacturers and its work in
autocratic countries around the world.
McKinsey earlier this month agreed
to pay $574m to settle lawsuits brought
by 49 US states over its advice to Purdue
Pharma and other opioid manufactur-
ers accused of fuelling an epidemic of
prescription drug addiction.
The consultancy expressed “regret”
but admitted no guilt. McKinsey veter-
ans noted that such payouts had eaten
into profits, threatening the profit-
sharing incentives that have boosted
senior partners’ income as McKinsey’s
growth accelerated in recent years.
McKinsey was already dealing with
the costly fallout of a government cor-
ruption scandal in South Africa and
other reputational crises when Sneader
was appointed in 2018. He responded by
emphasising ethics, values and closer
supervision from the centre of the firm.
One retired partner said: “An incum-
bent managing partner has so many
advantages [over challengers] that
clearly a substantial group [of partners]
felt very unhappy.”
Smit was head of McKinsey in Europe
and is now co-chair of the McKinsey
Global Institute, the firm’s think-tank.
An ex-leader of McKinsey’s strategy and
corporate finance practice, he was
described by the former partner as a
“classic old-school McKinsey strategist”.
Sternfels created and has been leading
some of the firm’s ventures out of San
Francisco. He was runner-up to Sneader
in the last run-off for global managing
partner to succeed Dominic Barton.
McKinsey said: “Every three years,
McKinsey’s senior partners elect one of
their colleagues to serve as the firm’s
global managing partner. The election,
which is conducted by an independent
third-party firm, is now under way and
we will announce the result after the
election concludes.”
Letters page 16
Lex page 18
Prime minister Narendra Modi at a rally in Dhekiajuli, Assam, this month — AP Photo/Anupam Nath
BENjAmiN PArKiN
ahmedabad
Amy KAzmiN — new delhi
Narendra Modi has renamed
the world’s largest cricket sta-
dium after himself, in a rare
move by a living leader to
champion projects designed to
celebrate themselves.
The renaming of the site over-
shadowed the inaugural India-
England match that began yes-
terday at the world’s largest
cricket ground in Ahmedabad,
Modi’s political home town in
Gujarat. The venue has been
rebuilt for 110,000 spectators.
Modi has sought to use signa-
ture projects — such as building
the world’s tallest statue — to
project himself as India’s most
powerful leader in decades.
“It’s quite stunning,” said
Ronojoy Sen, a senior research
fellow at the National Univer-
sity of Singapore, who said “the
symbolism — the largest, the
biggest, the best” was central to
Modi’s brand.
The renaming of the stadium
drew praise from Modi’s follow-
ers and bemusement from his
critics. “World’s largest stadium
dedicated to the world’s largest
personality!” Preeti Gandhi,
who is in charge of social media
for the women’s wing of Modi’s
ruling Bharatiya Janata party,
wrote on Twitter.
Gaurav Pandhi, who runs
social media for the opposition
Congress party, called it the
“height of narcissism”.
Notebook page 16
Lloyds has said it will aim to
more than double profitability
this year, after it became the
latest big UK lender to report
more resilient results than
expected.— PAGE 6; LEX, PAGE 18
i Pandemic fires Reckitt to best ever sales
Reckitt Benckiser posted the highest annual revenue
growth in its history as the Covid-19 hygiene boom
fuelled sales for its Dettol and Lysol disinfectants.
Sales last year rose 11.8 per cent to £14bn.— PAGE 5
i Biden to order supply chain reviews
Joe Biden will sign an executive order for 100-day
reviews of critical supply chains to cut US
dependence on China and other rivals for everything
from rare earths to semiconductors.— PAGE 3
i Italy’s Mafia makes lockdown gains
The Mafia sharply increased its “welfare” to ailing
small businesses in the first months of the lockdown,
says the first report by Italy’s interior ministry on
organised crime since the pandemic began.— PAGE 2
Datawatch
Stolen years Overall life
US life expectancy at birth expectancy in
Women Men the US fell to 77.8
2019 2020 years in the first
Hispanic 84 half of 2020 — a
Hispanic 83 drop of a full year
White 81 — fuelled by the
White 81
Hispanic 79 rising coronavirus
Black 78 Hispanic 77 pandemic. Black
White 76 Black 76 men suffered the
White 75 biggest fall, with
Black 71 life expectancy
dropping by
Source: CDC Black 68 three years.

Goldman and Blackstone chiefs add to

chorus of support for $1.9tn US stimulus
jAmEs PoLiti — washington American Rescue Plan,” they added. highlighting the problems still afflicting
The support for Biden’s plan from the US recovery. The signatories
A group of senior Wall Street execu-
some of the top names in the US finan- included Larry Fink of BlackRock and
tives, including David Solomon of Gold-
cial sector comes despite strong opposi- Ken Jacobs of Lazard.
man Sachs and Stephen Schwarzman
tion from Republicans who believe the “More than 10m fewer Americans are
of Blackstone, have backed Joe Biden’s
h&m refashions stores $1.9tn stimulus plan ahead of crucial
level of new spending is excessive. working today than when the pandemic
for new retail challenge votes on the package in Congress.
Some economists — including Larry began, small businesses across the
Summers, Barack Obama’s economic country are facing bankruptcy, and
interview i PAGE 7 In a letter to congressional leaders from adviser and Bill Clinton’s Treasury sec- schools are struggling to reopen,” they
both parties yesterday, more than 150 retary — have also expressed doubts wrote.
business leaders based in New York City about Biden’s package, saying it could The endorsement comes as the House
austria €3.90 malta €3.70
bahrain din1.8 morocco dh45 called for “immediate and large-scale stoke unwanted inflationary pressures of Representatives prepares to vote on
belgium
bulgaria
€3.90
lev7.50
netherlands
norway
€3.90
nkr40 federal legislation” to tackle the fallout later this year. Biden’s package this week.
Croatia kn29 oman or1.60 from the pandemic. “Previous federal Other large business lobby groups in With few or possibly even no Republi-
Cyprus €3.70 Pakistan rupee350
Czech rep kc105 Poland Zl 20 relief measures have been essential, but Washington have expressed broad sup- cans supporting the plan, Democrats
denmark
egypt
dkr38
e£59
Portugal
Qatar
€3.70
Qr15
more must be done to put the country port for a fiscal stimulus package but need near-unanimous backing within
Finland €4.70 romania ron17 on a trajectory for a strong, durable argued that it could be targeted at their ranks.
France €3.90 russia €5.00
germany €3.90 serbia newd420 recovery,” they wrote. Americans struggling the most, which Biden’s stimulus plan includes direct
gibraltar
greece
£2.90
€3.70
slovak rep
slovenia
€3.70
€3.70
“Congress should act swiftly and on a would bring down the overall price tag. payments worth $1,400 each to Ameri-
hungary Ft1200 spain €3.70 bipartisan basis to authorise a stimulus The Wall Street chief executives had cans earning up to $75,000 per year and
india rup220 sweden skr39
italy €3.70 switzerland sFr6.20 and relief package along the lines of the no such reservations, offering a full- $350bn in funding for states and local
lithuania
luxembourg
€4.30
€3.90
tunisia
turkey
din7.50
tl19
Biden-Harris administration’s proposed throated endorsement of the plan and governments.
north macedonia den220 Uae dh20.00

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2 ★ FINANCIAL TIMES thursday 25 february 2021

INTERNATIONAL

iHs markit data employment rights

Eurozone inflation hits highest level in a year EU explores

full-time staff
Rising prices for many “As we go into the recovery in the sec- exception of April 2020, when global that is an area where we are hearing out was not possible in lockdown, con- benefits for
gig workers
ond half of this year, this inflation at the factory closures wrecked supply lines. companies say they are having short- sumers instead spent money on goods
non-energy industrial factory gate will increasingly be passed Shortages of many products such as ages,” said Ralph Wiechers, chief econo- and improving life at home,” he said.
goods are biggest factor through to the consumer,” said Katha- steel have again caused manufacturers mist at the VDMA, which represents Manufacturers are also facing rising
rina Utermöhl, economist at Allianz. to cut production, leaving them scram- Germany’s engineering sector. energy and commodity prices, after oil
martin arnOld — frankfurt Eurostat data released yesterday bling to rebuild stocks and to meet ris- “It takes some time to realise this is rose to its highest levels since early in
valentina rOmei — london showed overall eurozone inflation ing demand. happening because they usually have a the coronavirus pandemic, with Brent Javier espinOza — Brussels
jumped to 0.9 per cent in January, “Steel is used a lot in our industry and certain amount in stock and orders have crude above $61 a barrel this week.
The European Commission is examin-
European manufacturers are passing breaking a five-month spell of falling only recently been improving,” he said. Copper prices hit a nine-year high this
ing giving gig workers the same
higher input costs on to their customers, prices. Higher prices for non-energy Eurozone manufacturing Rolf Habben Jansen, chief executive month, the price of hot rolled steel in
employment rights as those of staff in
sending eurozone inflation to its highest industrial goods were the biggest factor, of German container shipping group Europe reached its highest level since
level for almost a year as shortages of contributing more than 40 per cent of input prices soared in January Hapag-Lloyd, said last week all its ships 2008 and the cost of polymer resins
more secure jobs, including the ability
Purchasing managers’ input price to bargain for wages and working con-
materials and soaring shipping costs the year-on-year increase in inflation. were at sea and idle capacity in the sec- used to make plastic rose by a quarter
sub-index, below 50=a majority ditions as part of a collective.
disrupt supply chains. Input prices for eurozone manufac- tor was “virtually down to zero”, fore- since December to a six-year high.
of businesses reporting a contraction
Efforts to cushion rising costs are turers rose this month at a rate not seen casting this “perfect storm” would last So far, higher raw material costs are The move comes days after a landmark
driven by the sentiment that supply for 10 years, according to the IHS Markit Germany France 70 at least a few more months. only partially being passed on by manu- ruling against Uber by the UK Supreme
chain bottlenecks are unlikely to ease in purchasing manager survey. The impact Italy Spain The cost of transporting a 40ft con- facturers raising prices to customers Court, which said the ride-hailing app’s
the short term, according to industry was felt hardest in the car, chemicals, 60 tainer from China to Europe rose from and they are not being matched by cost employees were workers rather than
and shipping executives. More expen- metal and mining, resources and basic 50 about $1,400 in March 2000 to almost inflation in other sectors. self-employed.
sive manufactured goods are in turn materials sectors. $8,000 this month, container freight The PMI index for eurozone services It was the latest in a series of legal
fuelling expectations of a further surge As demand for goods outstripped 40 data by Freightos shows. input prices was modest compared with decisions on the responsibilities plat-
in inflation, which Germany’s central supply and exhausted the capacity of The Hapag-Lloyd boss said many of those in manufacturing, despite rising form companies should bear towards
bank is already warning will reach its shipping companies, delivery times 30 its containers were full of computers, fit- in February to the highest since August, their workers; last year, a court in Spain
2019 20 21
highest level since the 2008 financial lengthened to the greatest extent since ness equipment, power tools and games while most services businesses contin- ruled workers for food delivery app
Source: IHS Markit
crisis by the end of this year. survey data started in 1997, with the consoles. “As travelling, dining, going ued to report falling output prices. Glovo were employees.
Announcing a consultation yesterday,
the executive body of the EU singled out
a number of areas where an improve-
foreign trade. diplomacy ment in workers’ rights was needed,
including the employment status of gig
workers, their ability to engage in col-

Turkey’s Uighurs fear betrayal over China lective bargaining and their access to
social benefits.
The consultation will last six weeks
and is the start of a process likely to end
later this year with legislative proposals,
Erdogan walks a fine line
between defending Muslims
‘Platform work is here to
stay and it’s important
and securing vaccines [that] we can secure
laura pitel — ankara sustainable models’
For five days this month, Jevlan according to Margrethe Vestager, the
Shirmemmet and other Uighur activists EU’s executive vice-president in charge
protested outside the Chinese embassy of digital.
in Ankara, where they demanded to A second part of the consultation will
know the whereabouts of missing fam- consider how to enact possible new
ily members in China’s Xinjiang prov- laws. Vestager said the pandemic had
ince. But on the sixth day, Turkish boosted platforms’ business models and
police stepped in. made it even more imperative to exam-
They prevented the activists from ine their working conditions.
gathering outside the diplomatic mis- “Across Europe people who work with
sion, positioned themselves outside platforms risk [being] left without
their hotel and accompanied them income and they are not always eligible
wherever they went. for national support measures during
The stand-off reflects the difficult bal- lockdowns,” she said. “Even those who
ancing act that Turkey, which is home to have work . . . sometimes have poor
tens of thousands of exiled Uighurs, working conditions with long [hours] or
must perform with Beijing, not least little or no social protection should they
because it wants closer ties and invest- fall ill, no pension scheme [and] no
ment and is reliant on China for supplies access to skills development.”
of coronavirus vaccines. The consultation will explore whether
President Recep Tayyip Erdogan, who platform workers should be treated in
casts himself as a champion of the same way as more securely
oppressed Muslims around the world, employed staff, said Nicolas Schmit, the
has been a vocal critic of China’s actions EU’s commissioner for jobs and social
in Xinjiang, the north-western region rights. “Are the workers of the platforms
where the Chinese Communist party self-employed or normal employees?
has interned more than 1m Uighurs, This is a crucial question, but not an
Kazakhs and other Muslims. Making a stand: concerning the Uighurs — they are seen agreement with China’s central bank Turkey has Turkish health minister, he demanded easy one,” he said. “We don’t have just
“On the one hand, Turkey wants to Uighur activists in Turkey as part of a broader global that helped to boost the appearance of to know if Ankara had faced pressure to one solution . . . There is a need for clar-
stand up for us, we know that, we feel it,” hold photos of family of Turkic peoples whose rights Turkey’s depleted foreign currency struggled to ratify the deal to speed up the delivery ification.”
said Shirmemmet, 29, whose mother relatives they Ankara has a responsibility to defend. reserves by an estimated $2bn. procure of the vaccines. Turkish foreign minis- Schmit told the Financial Times the
has been detained in Xinjiang since have not heard But opposition parties have accused The pandemic has added an extra ter Mevlut Cavusoglu reacted angrily to EU’s goal was that “we want that plat-
early 2018. “But they aren’t able to. We from in years, Erdogan’s government of toning down complexity to the relationship. While European such suggestions. “We don’t use Uighurs form workers have access to the same
feel like their hands are tied.” during a protest its criticism to avoid upsetting Beijing. Turkey has struggled to procure vaccines for political purposes,” he said. “We rights as all other workers”, regardless
Analysts say the plight of China’s near the Chinese Some figures in Erdogan’s government European-made vaccines, it has a deal defend their human rights.” of their status.
Uighurs poses a problem for Erdogan, embassy in have advocated stronger ties with Bei- in place for 100m doses of the Corona- but it has a In response to questions from the Vestager said: “Platform work is here
who is seeking alternative global part- Ankara jing in order to lure Chinese capital. Vac jab made by Chinese drugmaker deal in Financial Times, the Chinese embassy to stay and it’s important [that] we can
ners at a time when relations with the this month Investment so far has been limited, Sinovac Biotech. Delays to the ship- in Ankara said the recent protests had secure sustainable models for this type
west are deeply strained. “They are Burhan Ozbilici/AP
with the value of Chinese investment in ments in December coincided with a place for sought to “smear” China and that their of work.”
Muslims, they are Turks, and Turkish Turkey standing at $1.2bn in 2019 in decision by China’s parliament to ratify 100m actions had threatened the safety of the In response to the consultation
voters are sensitive about the issue,” terms of equity capital, according to an extradition treaty between the two diplomatic mission. It strongly rejected launch, Uber said it welcomed the bid to
said A Merthan Dundar, director of the central bank data, compared with more countries. Turkey has yet to ratify it. doses from the notion it had used Turkey’s need for improve the conditions of platform
Asia-Pacific Research Centre at Ankara than $100bn from Europe. Yildirim Kaya, a member of parlia- Sinovac vaccine doses as political leverage as work. “Any legislative initiative should
University. “The government cannot Ankara is eager for more. The coun- ment from the opposition Republican “absolutely unfounded conjecture and be grounded in what platform workers
establish very close relations with try’s sovereign wealth fund has been People’s party, said the ratification of malicious misinterpretation”. value most: flexibility and control over
China. But it doesn’t want to cut all ties.” courting Chinese investment, and plans the treaty by Beijing had created “a Still, the episode has left many mem- their work, transparent and fair earn-
In years past, Erdogan was one of the to open an office in China in the first half great deal of panic among Uighur bers of the Uighur diaspora deeply nerv- ings, access to benefits and protections
most outspoken global Muslim leaders of this year. Ankara also has a swap Turks”. In a set of questions posed to the ous about their place in Turkey. and meaningful representation,” it said.

Organised crime legal first

MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Italian Mafia uses lockdown German court jails former
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
to control small businesses member of Syrian intelligence
Trump vs the Valley A Five Star plan? Dear Don...
Tech titans need to minimise Italy’s populists are trying to woo May’s first stab at the break-up
political risk — GILLIAN TETT, PAGE 13 the poor — BIG READ, PAGE 11 letter — ROBERT SHRIMSLEY, PAGE 12

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

customs risks THE END

i US bargain-hunters fuel Europe M&A

miles JOHnsOn — rome entrepreneurial activities “will be swal- Guy CHazan and erika sOlOmOn up 30 protesters in the autumn of 2011,
Europe has become the big target for cross-border
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

being swamped i Report outlines longer NHS waiting times

A report on how the health service can survive CHANGING AN
ROAD Berlin
more austerity has said patients will wait longer for
AMERICAN WAY OF LIFE

lowed up in the medium term by crime, during the early days of the Syrian
non-urgent operations and for A&E treatment while

by Brexit surge
some surgical procedures will be scrapped.— PAGE 4 Censors and sensitivity
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of upsetting — LIFE & ARTS

The provision of Mafia “welfare” to

government debt in the first quarter of this year,
taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15

Credit Suisse
3 Confidence in IT plans ‘has collapsed’ Art of persuasion Mystery deepens

becoming an instrument for money uprising, and sending them to “Branch

i London tower plans break records
3 Fivefold rise in declarations expected
A survey has revealed that a
record 455 tall buildings are
over disputed painting of Jane Austen How To Spend It

A German court made legal history yes-

planned or under construction

engulfed in
JAMES BLITZ — WHITEHALL EDITOR adjust its negotiation position with the in London. Work began on

Italy’s struggling small businesses

EU, a Whitehall official said. “If running almost one tower a week
A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4
duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions

fresh tax probe

surge in workload expected once Britain
leaves the EU, customs authorities have
admitted toMPs.
laundering and recycling illicit capital”. 251”, a feared section of the General
press for certainoptions in Brussels.” The US secretary of state has failed to reconcile
In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep
Chic new lodgings

terday by sentencing a Syrian man to

of the Commons treasury select com- Tayyip Erdogan on issues including Syria and the
HM Revenue & Customs told a parlia- mittee, HMRC said the timetable for extradition of cleric Fethullah Gulen.— PAGE 9
mentary inquiry that the new system delivering CDS was “challenging but in Scotland

increased sharply during the first

needed urgent action to be ready by
March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
achievable”. But, it added, CDS was “a i Toshiba investors doubt revival plan
complex programme” that needed to be In a stormy three-hour meeting, investors accused MAGAZINE
linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
tems to work properly. In November, 3 UK, France and Netherlands swoop
and cast doubt on a revival plan after Westinghouse

The warning comes as Italy’s Mafia Intelligence Unit.

in time “has collapsed”.
Setting up a digital customs system
HMRC assigned a “green traffic light” to
CDS, indicating it would be delivered on 3 Blow for bid to clean up Swiss image
filed for Chapter 11 bankruptcy protection.— PAGE 16

i HSBC woos transgender customers

four and a half years in prison, the first

has been at the heart of Whitehall’s time. But last month, it wrote to the
Brexit planning because of the fivefold committee saying the programme had TheRALPH
bank hasATKINSunveiled
— ZURICHa range of gender-neutral it followed “a strategy offull client tax
increase in declarations expected at DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to

FINANCIAL TIMES
been relegated to “amber/red,” which

months of the Covid-19 lockdown,

British ports when the UK leaves the EU.
About 53 per cent of British imports
come from the EU, and do not require
means there are “major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.
apparent in a number ofkey areas”. Credit
needs Suisse hascustomers.
of transgender been targeted by
— PAGE 20 HM Revenue & Customs said it had
HMRC said last night: “[CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into

28821, Coslada, madrid. legal deposit number

checks because they arrive through the track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-

single market and customs union. But
Theresa May announced in January that
groups adjust operations to compensate The judge found him guilty of facili-
and it will be able to support frictionless back Switzerland’s attempts to clean up dering by “a global financial institution
international trade once the UK leaves
Datawatch
its image as a tax haven. and certain ofits employees”. The UK
The Swiss bank said yesterday it was tax authority added: “The international

time a former member of Syrian intelli-

Brexit would include departure from the EU . . . Internal ratings are designed
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
to make sure that each project gets the Terror attacks inwith
co-operating western Europe after
authorities
offices in London, Paris and Amsterdam
itsattacks
Recent reach
— of this investigation sends a clear
notably the message that there is no hiding place for
The lure of the exotic
focus and resource it requires for suc- 2011

according to the first comprehensive

Robin Lane Fox on the flair

(deposito legal) m-32596-1995;

customs union, the number is expected cessful delivery.” were contacted
Highlighted attack byOthers local officials
massacre bythose seeking to evade tax.”

Bracken House, 1 friday street, london eC4m 9Bt.

to hit 300m.
The revelations about the system,
called Customs Declaration Service, are
HMRC’s letters to the select commit-
tee, which will be published today, pro-
vide no explanation for the rating
Lloyd’s of London chose Brus-
insurers to follow. Most of the
“concerning client tax matters”. Anders BreivikDutch in prosecutors, who initiated the
AFP Dutch authorities said their counter- action, said they seized jewellery, paint-
Norway, the of foreign flora — HOUSE & HOM E
EU, with Dublin and Luxem- parts in Germany wereBrussels attacks in Paris
also involved, ings and gold ingots as part of their

for a fall in other criminal opportunities tating torture, given, as a security

likely to throw a sharper spotlight on
whether Whitehall can implement a
change, but some MPs believe it was
caused by Mrs May’s unexpected deci-
sels over “five or six” other
cities in its decision to set up an
while Australia’s revenue department and Nice, and the while French officials said their
probe;
business written in Brussels bourg thought to be more likely Norway Brussels suicide
will be reinsured back to the homes for the industry. But said it was investigating
Paris a Swiss
Nice bank. investigation had revealed “several

Publishing director, roula khalaf;

bombings — have
The inquiries threaten to undermine thousand” bank accounts opened in

gence has been convicted of a crime

host of regulatory regimes — in areas sion to leave the EU customs union. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on bucked the trend
ranging from customs and immigration Timetable & Great Repeal Bill page 2 expected loss of passporting headquarters, pictured above. its transport links, talent pool efforts by the country’s banking sector Switzerland and not declared to French
of generally low
to agriculture and fisheries — by the rightsafterBrexit. The Belgian capital had not and “extremely good regula- to overhaul business models and ensure tax authorities.

report by the country’s interior minis-

time Britainleaves the EU.
Problems with CDS and other projects
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
John Nelson, chairman of the
centuries-old insurance mar-
been seen as the first choice for
London’s specialist insurance
fatalities from
tory reputation”. customers meet international tax The Swiss attorney-general’s office
Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
requirements following a US-led clamp- western Europesaid it was “astonished at the way this
Lex page 14
down on evaders, which resulted in operation has been organised with the

Publishing Company, the financial times limited,

essential to Brexit could force London to JPMorgan eye options page 18 ket, said he expected other groups after the UK leaves the Insurers set to follow page 18
billions of dollars in fines. deliberate exclusion of Switzerland”. It

subscriptions & Customer service

after imposition of a national lockdown. officer, he was likely to have known this
The probes risk sparking an interna- demanded a written explanation from
tional dispute after the Swiss attorney- Dutch authorities.

City watchdog sends a clear message as

general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty

under international law.

ment” that it had been left out of the in the US to an “extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients THE the
Escape RISE OF
taper ECO-GLAM
trap

registered office as above. local representative office; try on organised crime since the pan-
banker loses job over WhatsApp boast
subscription offers: www.ft.com/subscription
EU’s judicial liaison body. evade tax. It agreed to fines of $2.6bn.
Credit Suisse, whose shares fell 1.2 per Additional reporting by Laura Noonan in How high earners can evade
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
subject ofinvestigations in the Nether- Houlder in London, and Michael Stothard a pension headache — FT MONEY
lands, France and the UK. The bank said in Paris Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine

Italy has suffered its worst economic would be the protesters’ fate.
Bridgeman Art Library

C/ infanta maria teresa 4, bajo 2, 28016, madrid. issn

Berrys after discussions with regulators.

Contact: +44 207 775 6000, fte.subs@ft.com

LAURA NOONAN — DUBLIN media at work, but banks are unable to
JENNIFER THOMPSON — LONDON
Christopher Niehaus, a former Jeffer- ban people from installing apps on their

Brussels takes tough stance on Brexit

A boastful WhatsApp message has cost ies banker, passed confidential client private phones.

demic began.
a London investment banker his job information to a “personal acquaint- Andrew Bodnar, a barrister at Matrix
and a £37,000 fine in the first case of ance and a friend” using WhatsApp, Chambers, said the case set “a precedent

with Spain handed veto over Gibraltar

Shutdown risk as border

1135-8262.
regulators cracking down on commu- according to the FCA. The regulator said in that it shows the FCA sees these mes- 390_Cover_PRESS.indd 1 19/01/2017 13:57

manage your personal account: mma.ft.com

wall bid goes over the top nications over Facebook’s popular Mr Niehaus had turned over his device saging apps as the same as everything
chat app. to his employer voluntarily. else”.

contraction since the second world war Eyad A was tried on the basis of German “This is a historic moment for every
Congressional Republicans seeking to The FCA said Mr Niehaus had shared Information shared by Mr Niehaus
avert a US government shutdown after The fine by the Financial Conduct confidential information on the messag- included the identity and details of a
April 28 have resisted Donald Trump’s Authority highlights the increasing ing system “on a number of occasions” client and information about a rival of ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its

uae: masar Printing & Publishing, P.o. Box 485100,

attempt to tack funds to pay for a wall problem new media pose for companies last year to “impress” people. Jefferies. In one instance the banker GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after

advertising
on the US-Mexico border on to
stopgap spending plans. They fear
that his planned $33bn increase in
defence and border spending could
force a federal shutdown for the first
that need to monitor and archive their
staff’s communication.
Several large investment banks have
banned employees from sending client
information over messaging services
Several banks have banned the use of
new media from work-issued devices,
but the situation has become trickier as
banks move towards a “bring your own
device” policy. Goldman Sachs has
boasted how he might be able to pay off STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would
his mortgage if a deal was successful. The EU yesterday took a tough opening fully been singled out for unfavourable require “existing regulatory, budgetary,
Mr Niehaus was suspended from Jef- stance in Brexit negotiations, rejecting treatment by the council at the behest of supervisory and enforcement instru-
feries and resigned before the comple- Britain’s plea for early trade talks and Spain”. Madrid defended the draft ments and structures to apply”.
tion of a disciplinary process. Living wage rise to pile clause, pointing out that it only reflected Mr Tusk wants talks on future trade

dubai. editor in Chief: roula khalaf. The report by the anti-Mafia investiga- after it led the way in Europe in impos- laws that recognise universal jurisdic- Syrian and for the families of more than
explicitly giving Spain a veto over any
time since 2013, as Democrats refuse including WhatsApp, which uses an clamped down on its staff’s phone bills Jefferies declined to comment while pressure on care services “the traditional Spanish position”. to begin only once “sufficient progress”

tel: +44 20 7873 4000 asiaads@ft.com,

to accept the proposals. encryption system that cannot be
US budget Q&A and accessed without permission from the
Trump attack over health bill i PAGE 8 user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
as iPhone-loving staff spurn their work-
issued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
arrangements that apply to Gibraltar.
Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and
forcomment. About 2.3m people will benefit from European Council president Donald Mr Tusk’s text left room for negotiators citizen rights, which Whitehall officials
Additional reporting by Chloe Cornish today’s increase in the national living Tusk’s first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
Lombard page 20 wage to £7.50 per hour. But the rise which are an important milestone on minister Theresa May’s allies insisted possible if certain conditions are met.
the road to Brexit, sought to damp Brit- that the EU negotiating stance was Boris Johnson, the foreign secretary,

France: Publishing director, Jonathan slade, 46 rue la

will pile pressure on English councils,

emeaads@ft.com
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thursday 25 February 2021
Chip shortage
shines light on
fragility of US
supply chain
Lay-offs at carmakers due to a lack of
semiconductors spur political crisis
aime WilliamS — Washington
Claire BuShey — chicago
What started out as “temporary” lay-
offs earlier this month at General
Motors’ plant in Kansas City soon
became “indefinite”. Across town, Ford
slowed production of its F150 pick-up
truck, the company’s cash cow, and did
the same at another facility in Michigan.
The carmakers were responding to a
shortage of the chips for vehicles. The
shortages have shone a light on a cyclical
corner of the electronics industry where
there is often too much or too little sup-
ply, a problem that has been exacer-
bated by unpredictable demand for
semiconductors during the pandemic.
In Washington, the crunch has led to
heightened scrutiny of semiconductor
supply chains, illustrated by the extent
to which parts of the US manufacturing
base are reliant on Taiwan’s TSMC, the
world’s largest chip foundry and a sup-
plier to companies from Apple to VW.
“It’s events like this that expose the
shared risk companies have,” said Kris-
tin Dziczek, vice-president at the Center
for Automotive Research. “It’s when we
have a disruption and find, ‘Holy cow,
we’ve got all these eggs in this basket’.”
The problem has quickly become a
domestic crisis, leaving the White
House scrambling to lessen the impact
on the blue-collar workers that Demo-
crats courted in the election campaign.
Clarence Brown, president of a local
chapter of the United Auto Workers
union, said the financial blow to the
more than 1,500 workers sent home
from the Kansas City GM plant would be
bad at the best of times, but that during
a pandemic “it’s fairly devastating”.
Brian Deese, President Joe Biden’s top
economic adviser, has asked Taiwan to
help, but it remains unclear whether
diplomacy can exhort private compa-
nies to divert more of their products to
US buyers.
The carmakers have been partly hit
by a lift in demand for chips from con-
sumer electronics groups, which started
building inventories when carmakers
were cutting orders to prepare for a pan-
demic sales dip that did not materialise.
US trade policies may also play a part.
Export controls on SMIC, China’s largest
chipmaker, have further cut supply by
forcing many customers to look else-
where for chips. The threat of more
trade controls as the US tries to limit
China’s access to critical technology has
caused further anxiety, with many com-
panies hoarding chips.
The US semiconductor sector has
seized on the crisis to bolster its cam-
paign for more taxpayer dollars, which
it says it needs to stay competitive ag-
ainst subsidised rivals overseas, includ-
ing in China. It also argues it needs state
support to boost domestic chip manu-
facture, which has fallen behind Asia.
Last week, industry groups renewed
lobbying the new administration to get
money authorised by Congress in the
Chips Act as part of last year’s defence
spending bill, which provides $10bn for
new chip plants in the US, as well as
funding research at the Department of
★ FINANCIAL TIMES
INTERNATIONAL
On the line: Energy and the National Science Foun-
Ford’s facility dation. In a letter to Biden, the Semicon-
in Dearborn, ductor Industry Association, along with
Michigan.
‘Temporary’
other trade groups, argued that chips
fuelled the economy. It said making
lay-offs at more at home would enhance national
plants have security by making sure the US was not
become cut off from the supply of chips critical
‘indefinite’ as to sectors such as the military.
carmakers “The absence of US incentives has
respond to a made our country uncompetitive and
shortage of America’s share of global semiconduc-
chips for tor manufacturing has steadily declined
vehicles as a result,” the groups wrote.
Jeff Kowalsky/AFP/Getty
While there has always been some
support for boosting funding in US Con-
gress, the car plant lay-offs have alerted
a wider range of lawmakers. Earlier this
month, about 15 senators representing
car manufacturing states such as Michi-
gan, Ohio, Tennessee and Illinois began
agitating for billions of dollars of extra
cash for domestic chip manufacturing.
Yet most analysts say protecting
national security refers to making more
of the chips needed for high-end com-
puting and most likely for military pur-
poses, but it would not solve the short-
age of the chips carmakers need.
Boosting US manufacturing to secure
the supply of chips for the military
would require investing in “the bleeding
edge” of technology, said Peter Hanb-
ury, a partner at Bain, whereas cars use
older tech and different-sized chips.
Also, the factors that led to the crunch
for carmakers were unrelated to where
the chips were made, said Chad Bown of
the Peterson Institute.
Clete Willems, a former Trump trade
official, said: “It’s not as much a ques-
tion of reliance as a question of main-
taining an innovation edge over time,”
referring to US competition with China.
He argued firmer ties with allies Tai-
wan, South Korea and Japan, where
many chips are made, would be better
than the US “trying to do everything”.
Additional reporting by Kathrin Hille in
Taipei
3
Critical sectors
Biden to order
review of vital
trade links
demetri SevaStopulo and
aime WilliamS — Washington
Joe Biden will order a review of critical
supply chains to reduce US dependence
on China and other rivals for every-
thing from rare earths and drug ingre-
dients to semiconductors.
The US president was expected to sign
an executive order yesterday requiring
federal agencies to conduct 100-day
reviews of supply chains for semicon-
ductors, pharmaceuticals, electric vehi-
cle batteries and critical minerals used
in manufacturing products such as cars
and weapons.
“We’re going to get out of the business
of reacting to supply chain crises as they
arise and get into the business of getting
ahead of future supply chain problems,”
a senior US official said.
The Financial Times reported this
month that Biden was preparing to issue
the order. During the presidential cam-
paign, he pledged to reduce the kind of
supply chain shocks that emerged at the
start of the pandemic because of a lack
of masks and protective gear for health-
‘It’s events care workers.
The order will also require separate
like this that one-year reviews for six sectors includ-
expose the ing defence, public health, biological
preparedness, IT, transport, and energy
shared risk and food production.
companies The official said Washington was “not
singling out any country” but would
have’ look at where the US was “excessively
dependent” on a rival.
“We’re looking at the risks posed by
dependence on competitor nations,” the
official said, citing the example of being
too reliant on China for rare earths.
The move comes as the White House
rushes to address a shortage in semicon-
ductors for the car industry after several
US plants were forced to temporarily
stop manufacturing.
Jake Sullivan, US national security
adviser, and Brian Deese, head of the
White House National Economic Coun-
cil, have been working with the car
industry and US allies to try to identify
chokepoints in the supply chain.
4 ★
US regulator
J&J vaccine performs well against variant
First single-shot jab could
receive authorisation as
early as this weekend
HANNAH kUCHlEr — New York
US Food and Drug Administration staff
have confirmed data showing Johnson &
Johnson’s single-shot Covid-19 vaccine
is safe and effective, and found it
worked nearly as well at preventing
severe disease caused by the variant
first discovered in South Africa.
Scientists at the US regulator found in
a report yesterday the J&J jab was 82 per
cent effective at preventing severe or
critical disease at its trial site in South
Africa, where the 501.V2 variant was
prevalent. This compares with 86 per
cent efficacy in participants in the US
and 88 per cent in Brazil, from 28 days
South Africa
Budget flags
pain ahead
South Africa is pushing ahead with
plans to shore up its public finances
as officials warn the economy is
“dangerously overstretched” despite
a recent boom in commodity prices.
Finance minister Tito Mboweni
hailed “significant improvement” as
he delivered the annual budget
yesterday but said state debts would
hit 80 per cent of gross domestic
product this year and peak below 90
per cent by 2025, lower than initially
feared. As protesters against social
welfare cuts clashed with police
outside parliament in Cape Town
yesterday, right, he warned that
President Cyril Ramaphosa’s
government was not “swimming in
cash” and made clear spending
cutbacks would be necessary.
Joseph Cotterill in Johannesburg
Israel uses excess virus shots for global diplomacy
Honduras and Czech Republic
among first to receive doses, as
Palestinians await own supply
MEHUl SrivAStAvA — tel Aviv
Israel will wield some of its excess sup-
ply of coronavirus vaccines as interna-
tional humanitarian aid, using its glut of
jabs to pursue diplomatic goals while
Palestinians wait for aid shipments for
their own supplies.
The first three countries to receive
thousands of doses will be Honduras,
the Czech Republic and Guatemala, all
of whom recently agreed to strengthen
their diplomatic presence in Jerusalem,
bolstering Israel’s claim to the contested
city.
The news was first reported by the
Kan public broadcaster, and a senior
Israel politician later confirmed the
plans to the Financial Times. “It’s hap-
pening,” he said. The Czech Republic
said it had received a small Israeli ship-
ment, Reuters reported, and the gov-
ernment of Honduras has said it is
Contracts & tenders
after vaccination. The vaccine was less
effective at preventing moderate to
severe illness in the South African
group, at 64 per cent, compared with 72
and 78 per cent at the sites in the US and
in Brazil.
The FDA’s vaccine advisory group will
meet tomorrow to discuss the shot,
which could receive its first emergency
use authorisation as early as the week-
end. J&J said on Tuesday it would have
4m shots to ship immediately after
approval in the US, which has registered
more than 500,000 Covid-19 deaths.
The report will offer some relief to
public health experts who have been
concerned vaccines are proving less
effective against the 501.V2 variant. J&J
and Novavax’s vaccines worked less
well in South African trials, while lab
tests have shown reduced efficacy for
several other shots.
expecting 5,000 doses from Israel.
Flight trackers showed a Honduran mil-
itary jet landing on Tuesday at Israel’s
closed Ben Gurion airport.
The Israeli government has yet to offi-
cially confirm the deliveries, though in a
statement on Tuesday it said: “In light of
the successful vaccination campaign in
Israel, the leading country in the world
in inoculating the population, Israel has
received many requests from the coun-
tries of the world to assist with the sup-
ply of vaccines.”
The decision to use Israel’s leftover
doses of the Moderna vaccine comes
after the Jewish state struck a data-shar-
ing deal with Pfizer that resulted in
unrestricted supplies, fuelling the
world’s fastest vaccination campaign.
The policy could also be extended to
help speed up talks with Muslim major-
ity states considering warming their
diplomatic ties with Israel, another
Israeli official said.
Benjamin Netanyahu, Israel’s prime
minister, has already had success with
the new policy. Over the weekend, an
Israeli woman who had crossed over
into Syria was released after Israel paid
FINANCIAL TIMES
INTERNATIONAL
Anthony Fauci, the White House’s
chief medical adviser, said when J&J
first released its phase 3 data it was a
“wake-up call” about the need to adjust
to new variants. This week, the FDA
urged vaccine makers to start studies on
It was found to be 82%
effective at preventing
severe or critical disease at
a trial site in South Africa
reformulated vaccines or boosters to
tackle the new variants.
As the first single-shot vaccine, J&J’s
jab will be an important contribution to
the global race to inoculate people
around the world. The vaccine is easy to
transport and store, and is being pro-
duced on a non-profit basis, making it
Jabs glut. Humanitarian aid
Russia to fly an unspecified amount of
its Sputnik V vaccine to the Syrian
regime, the senior Israeli politician said.
Israel is in the enviable position of
having access to unused vaccine, espe-
cially as back-up deals with Moderna
and AstraZeneca mean that millions of
vaccine doses are either on the way or
‘The optics are terrible
given the global vaccine
supply shortage. It’s even
worse public health policy’
already in cold storage in the Jewish
state.
But it has rejected any suggestions
that it is obliged under international law
to provide vaccines for the Palestinians
that live under its occupation. Israel
says the 1993 Oslo Accords, which pro-
vided for limited self-rule in heavily
populated areas in the West Bank and
the Gaza Strip, transferred that respon-
sibility to the Palestinian Authority.
Israel has sent fewer than 5,000 doses
to the Palestinian Authority for front-
infrastructure finance
China focuses on Africa as Belt and Road lending decreases
tHOMAS HAlE ANd JAMES kYNgE
HoNg koNg
Chinese overseas energy finance
collapsed to its lowest level since 2008
last year, with its struggling Belt and
Road ambitions in the sector relying
more heavily on projects in African
countries.
More than half of China’s $4.6bn in over-
seas energy lending went to projects in
Africa in 2020, data from Boston Uni-
versity’s Global Energy Finance data-
base show. China’s policy banks funded
a gas pipeline in Nigeria, which drove
most of the more than $3bn of financ-
ing, and smaller projects in Lesotho,
Rwanda and the Ivory Coast.
Overall overseas energy finance fell
by 43 per cent compared with 2019 and
was far below its level in recent years.
Elsewhere, China lent towards projects
in Bangladesh, Serbia and Pakistan.
The wider drop in activity, antici-
pated in part because of the impact of
more likely to be widely adopted in the
developing world.
Ghana has become the first country in
the world to receive coronavirus vac-
cines under the World Health Organiza-
tion-backed Covax facility for low- and
middle-income countries, marking the
beginning of what has been called the
largest vaccine procurement pro-
gramme in history.
Covax, which is backed by Gavi, the
UN-backed vaccine alliance, and the
Coalition for Epidemic Preparedness
Innovations, is designed to cover at least
20 per cent of citizens in participating
countries by the end of the year, with a
chance it could raise that to 27 per cent if
supplies and funding allow.
Last week, G7 leaders increased their
funding to the facility and discussed
schemes to donate surplus doses.
The African Union has also secured
line healthcare workers, and a smaller,
unspecified number to the Gaza Strip,
according to a defence ministry official.
“Not only does Israel deny Palestini-
ans access to vaccines, Israel is also
doing this to extract political points at
the expense of Palestinians,” said Diana
Buttu, an Arab-Israeli lawyer who has
worked with the Palestinian Authority
in its negotiations with Israel. “This isn’t
just that there’s a convenient trade
arrangement between Israel and the
Honduras, it is because Honduras is
moving their embassy to Jerusalem and
that’s why they are getting the vaccine.”
Some have criticised the move as poor
public health policy. “It’s unclear why
Netanyahu thinks stronger diplomatic
support abroad is a priority in the midst
of a pandemic, when Palestinians right
next door — in the same epidemiological
ecosystem — aren’t yet vaccinated,” said
Neri Zilber, a fellow at The Washington
Institute for Near East Policy. “The
optics are terrible given the global vac-
cine supply shortage, but it’s even worse
public health policy.”
Separately, Netanyahu decided not to
delay the transfer of international aid
the coronavirus pandemic, coincided
with mounting challenges to China’s
ambitious Belt and Road Initiative,
which has since 2013 sought to
build infrastructure across dozens of
countries.
Lending from China’s policy banks,
which are distinct from its state-backed
commercial lenders and play a big role
in financing official projects both within
and outside of China, fell sharply last
year.
“I think the story has changed very
significantly [over recent years],” said
Chen Long, a partner at Plenum, a con-
sultancy, in Beijing. “We don’t have a lot
of outflows . . . and a lot of places don’t
want Chinese capital,” he added, while
suggesting countries in Africa were still
more receptive than other markets.
Energy financing has always been a
big part of the BRI, conceived by Xi Jin-
ping, China’s president, as the “project
of the century”. China has promised to
spend $1tn on building infrastructure in
hundreds of millions of doses through
the African Vaccine Acquisition Task
Team, buying from AstraZeneca, Pfizer
and J&J, as well as 300m doses of Rus-
sia’s Sputnik V jab.
The FDA also suggested in their
report the J&J vaccine may have an
impact on transmissibility of the virus,
even by asymptomatic carriers. But
they cautioned there is not yet enough
evidence for this finding to be statisti-
cally significant.
While a main goal of vaccinations is to
prevent hospital stays and death, public
health experts are watching closely to
see if any can also reduce the spread of
the disease, which would pave the way
for the removal of measures such as
social distancing and wearing masks.
Additional reporting by Neil Munshi in
Lagos and David Pilling in London
See Opinion and Notebook
Nic Bothma/EPA-EFE/Shutterstock
shipments of the vaccines to the Gaza
Strip to press Hamas to release the bod-
ies of two Israeli soldiers and two civil-
ians held by the militant group.
The Israeli military advised against
using access to vaccines as leverage after
ministers in Netanyahu’s rightwing
camp publicly demanded that access to
vaccines be conditional on the release of
the bodies and prisoners.
Defence minister Benny Gantz
responded to news reports of deliveries
to other countries by saying it was a
“trade in vaccines paid for by Israeli tax-
payers”, and Netanyahu had made the
decision without consulting the rest of
the government.
The talks to release the Israeli
woman, mediated by Russian president
Vladimir Putin, also included the return
of two Syrian shepherds who had
crossed into Israel, and were made eas-
ier after Syrian authorities were given
an assurance the woman was neither a
spy nor a threat. Netanyahu later
ducked journalists’ questions on
whether vaccines were used to speed up
her release, saying only that no “Israeli”
vaccines had been traded.
mainly developing countries around the
world. But in the past two years, Chinese
lending to the BRI has slowed dramati-
cally, analysts said.
The country’s two big state develop-
ment banks, the China Development
Bank and the Export-Import Bank of
China, have been obliged to support
more projects at home, reducing their
capacity to maintain a blistering pace of
Niger Delta: Nigeria received most of
China’s lending in Africa last year
thursday 25 February 2021
Escape from Japan
Turkish pilots
and airline
executive
convicted in
Ghosn plot
AYlA JEAN YACklEY ANd YilMAz AkiNCi
istANbul
Three employees of a Turkish airline
have been convicted for their involve-
ment in former Nissan chairman Car-
los Ghosn’s dramatic escape from
Japan.
The Istanbul court sentenced two pilots
and a manager of the private charter
company MNG Jet to four years and two
months in prison for human smuggling.
They are likely to avoid prison sen-
tences after already serving six months
in pre-trial detention.
The court acquitted four other
employees — two other pilots and two
stewardesses — for aiding the execu-
tive’s daring escape from Osaka, Japan,
to Beirut. The defendants had faced up
to eight years in prison.
Japanese authorities detained Ghosn
in November 2018 on charges he had
under-reported tens of millions of dol-
lars in compensation and misused com-
pany funds while serving at the helm of
the country’s second-biggest car manu-
facturer.
Ghosn jumped bail in December 2019
by hiding in a box that was loaded on to a
private jet that eventually brought him
‘While Ghosn is
comfortably living his life
in Beirut . . . my life has
been totally disrupted’
to his childhood home of Lebanon,
which does not have an extradition
treaty with Japan. Ghosn has denied the
charges and said he fled because he
would not have received a fair trial in
Japan.
Those found guilty in Turkey are free
pending an appeal of their conviction.
Even if the verdict is upheld, the men
are not expected to go to jail after spend-
ing time in prison ahead of the trial and
because they had no previous criminal
record, said lawyer Erem Yucel.
Noyan Pasin, a pilot on the Osaka-Is-
tanbul flight, said he believed his con-
viction was an attempt to “save face for
Japan and Turkey” and to avoid a diplo-
matic incident. He denied knowing
Ghosn was hiding in the plane’s cargo.
“We are the only ones in the world
who have been blamed and convicted in
connection with [Ghosn’s escape],” he
said.
“No one working security, customs or
immigration at the Japanese airport has
been tried. While Ghosn is comfortably
living his life in Beirut . . . my life has
been totally disrupted.”
The trial of the Turkish flight crew is
just one of the international cases stem-
ming from Ghosn’s tenure at Nissan and
his escape. In Tokyo, former Nissan
director Greg Kelly, an American who
was arrested on the same day as Ghosn,
stands trial for allegedly helping Ghosn
conceal his pay.
In the US, US Army special forces vet-
eran Michael Taylor and his son Peter
are battling extradition to Japan. They
are accused of masterminding the
escape plot.
MNG Jet admitted that two of its jets
were used to bring Ghosn from Osaka to
Istanbul, then on to Lebanon. But the
Istanbul-based company accused its
operations manager, Okan Kosemen, of
arranging the contract without the
knowledge of senior management.
Kosemen was among the men sen-
tenced yesterday.
lending to BRI projects. During the coro-
navirus pandemic, they have helped
boost activity on the Chinese mainland.
Several important BRI countries, such
as Venezuela, Ecuador and Pakistan,
have also run into financial trouble,
raising concern in Beijing over the
financial sustainability of its largesse to
the developing world.
Last year, Zambia became the first
African country to default on its debts
during the pandemic. It has borrowed
heavily from Chinese lenders and
reached a deal in October to defer
repayments to China Development
Bank.
China’s overseas lending to energy
projects specifically has declined stead-
ily in recent years. It provided $49bn of
financing in 2017-20, compared with
$73bn in 2013-2016. Lending to Africa
made up 37 per cent of the total in the
former period, higher than its 21 per
cent share of the total in the years
2013-16.
thursday 25 february 2021 ★ FINANCIAL TIMES 5

ignore the tantrums fed should take its cue from a baby sleep training technique and let longer rates rise y MARKets iNsiGHt, PAGe 9

Reckitt cleans Aiming high Flying taxi start-up to go public

in deal with LinkedIn and Zynga founders
UniCredit
banker quits
up with record after Wirecard
revelations
sales in Covid oLaF storbEcK — fRANKfuRt
oWEN WaLKEr — LoNdoN

hygiene boom
3 Dettol and Lysol fly off the shelves
3 Last year a ‘turning point’, says chief
Judith EvaNs
Reckitt Benckiser reported the highest
annual revenue growth in its history as
the Covid-19 hygiene boom fuelled sales
for its Dettol and Lysol disinfectants.
The company, which also makes
Nurofen painkillers and Durex con-
doms, said yesterday that sales last year
rose 11.8 per cent on a like-for-like net
basis to £14bn, the strongest figure since
it was formed through a merger in 1999.
The company based in Slough, south-
ern England, also announced a series of
portfolio changes in an attempt to show
an overhaul by Laxman Narasimhan,
chief executive, would lead to enduring
growth beyond the pandemic windfall.
Reckitt will review its Chinese baby
Portfolio changes are
intended to show Laxman
Narasimhan’s overhaul
will bring enduring growth
formula division, which accounts for
about 6 per cent of sales and has been a
burden for the company, with revenues
falling since it was acquired from Mead
Johnson four years ago. It has also
agreed to sell Scholl footcare and buy
the Biofreeze pain relief brand.
As the pandemic took hold in 2020,
hygiene sales grew a fifth as the com-
pany introduced Dettol and Lysol to 41
new markets to capitalise on higher
demand for branded cleaning products.
Immunity supplement brand Airborne
more than doubled sales.
Growth is not likely to continue at the
same levels, however. Reckitt expected
sales growth of 0 to 2 per cent in 2021, a
sign of its battle to reach its target of an
enduring mid-single-digit level.
Last year was a “turning point” for the
company, said Narasimhan. “We expect
2021 to be a year of further strategic
progress and we remain confident that
we will meet our medium-term targets.”
The chief executive is seeking to move
beyond a period of slow growth and mis-
haps that marred the final years of
Rakesh Kapoor, his predecessor.
The company’s share price has
returned to pre-Covid levels after a peak
in July as investors worried over longer-
term growth prospects beyond the
immediate hygiene boom and ques-
tioned whether consumers’ changed
cleaning habits would last.
Reckitt is betting on a continued focus
on cleanliness with its new business-to-
business hygiene division, which yester-
day announced a partnership between
Dettol and the England’s Football Asso-
ciation to provide hygiene advice and
to disinfect venues such as Wembley
Stadium in London.
The group is also seeking to shift its
portfolio into higher-growth areas. Yes-
terday it announced the sale of Scholl to
Yellow Wood Partners, the private
equity group, for an undisclosed sum. It
said it had bought Biofreeze following
the acquisition last month of Queen V,
the female sexual wellness brand.
Reckitt’s strategic review of its Chin-
ese baby formula business comes as it
struggles to compete with local brands
and has faced a blow from the closure of
cross-border trade to Hong Kong in the
pandemic. The company took a £985m
impairment charge on that business in
2020, it said yesterday, following
another £5bn writedown a year ago.
“We are pleased to see new manage-
ment move swiftly on the issue, which
has been a problem for some years,” said
Alicia Forry, an analyst at Investec.
The company plans to pay out a full-
year dividend of 174.6p for 2020,
unchanged from a year earlier. Shares in
the group were up 0.64 per cent to
£60.08 in morning trading.
Spac age: Joby says its electric aircraft has completed more than 1,000 hours of test flights — Bradley Wentzel/Joby Aviation
JaMEs FoNtaNELLa-KhaN
New YoRK
PatricK McGEE — sAN fRANcisco
Joby Aviation has agreed to merge
with a blank cheque company
launched by Reid Hoffman and Mark
Pincus, the entrepreneurs, in a deal
that values the flying taxi developer
at $6.6bn after a new fundraising.
The electric aircraft maker confirmed
yesterday it would go public via a
merger with Reinvent Technology
Partners, the special purpose acquisi-
tion company created last year by
Hoffman, co-founder of LinkedIn,
and Pincus, founder of Zynga, the
video games maker.
Plans for the deal were first
reported by the Financial Times ear-
lier this month.
Joby, whose backers include Uber
and Toyota, is the latest electric air-
craft maker to go public via a Spac.
Veteran and first-time investors alike
are betting on which groups might
one day operate commuter flights.
Asher, a rival of Joby, merged this
month with a Spac backed by Ken
Moelis, a US investment banker, giv-
ing it a public valuation of $3.8bn.
Blade, which operates helicopters,
has also listed via a Spac and plans to
expand into electric air taxi services.
In Europe, Lilium, the German elec-
tric aviation start-up backed by Baillie
Gifford, the UK private investment
manager, is also looking to go public
by merging with a Spac. Baillie Gifford
is also an investor in Joby.
The deal with Reinvent provides
Joby with $1.6bn in cash to pursue its
development work, $690m from the
pot raised last year by the Hoffman-
Pincus Spac plus $910m in new
money from investors that include
Baupost, the hedge fund, and funds
managed by BlackRock and Fidelity.
Joby was founded in 2009 and has
more than 500 employees. The Santa
A senior investment banker who acted
as a financial adviser to former Wire-
card boss Markus Braun has left her job
at UniCredit following revelations
about the business relationship.
Jana Hecker has left UniCredit, the Ital-
ian bank told the Financial Times, con-
firming a staff memo sent late on Tues-
day that said Luca Falco, head of global
syndicate and capital markets, was tak-
ing on her role as head of equity capital
markets on an interim basis “with
immediate effect”.
Hecker declined to comment. She had
previously worked at Goldman Sachs
and Deutsche Bank and joined
UniCredit last March.
Last year, Hecker helped to arrange
loans on behalf of Braun’s family office
in the run-up to Wirecard’s collapse.
The work was separate from her job at
UniCredit.
Details of the arrangement were
reported by the FT on Friday. Between
February and May 2020, she advised the
former Wirecard chief executive on the
refinancing of €110m in loans that Deut-
sche Bank wanted to terminate. In this
capacity, she interacted with Wall Street
banks and private equity firms on
Braun’s behalf, billing a total of 156
hours of work.
Hecker charged Braun a day rate of
€5,000 and a success-related payout,
according to documents reviewed by
Cruz company has approval from the the FT. Her work led to two loans with
US Air Force to fly its vertical take-off tiny German lender Oldenburgische
and landing aircraft, it says, and has Landesbank and an investment fund
tested it for more than 1,000 hours. controlled by German entrepreneur
It plans to start making aircraft this Oliver Samwer, chief executive of
year on a 450,000 sq ft facility it Rocket Internet.
designed with Toyota. Last year, the In an email to Braun’s sister Marlies
Japanese carmaker led a $620m Braun on June 1 last year after the suc-
investment round in Joby, which fos- cessful refinancing, Hecker pointed to
tered co-operation between engineers her contractual agreement with the
of both companies. family office that entitled her to some
In December, Joby bought Uber Ele- €100,000 in fixed pay and a perform-
vate, the flying taxi arm of the ride- ance-related bonus of between
sharing group, and Eric Allison, the €510,000 and €870,000.
former head of Uber Elevate, is now An email Marlies Braun sent to her
Joby’s head of product. brother two days later suggested a pay-
Joby, Archer and Lilium all say they ment to Hecker of around €790,000 for
hope to begin deployment of their fly- the work carried out.
ing taxis between 2023 and 2025. She never received that fee due to
The US “air mobility market” could Wirecard’s collapse weeks later, accord-
be worth up to $115bn in annual reve- ing to people briefed on the details.
nue by 2035, creating 280,000 jobs Braun had previously worked with
along the way, according to a report by Hecker while she was employed by
Deloitte, the consultancy, and the Deutsche Bank, where she helped set up
Aerospace Industries Association. his margin loan from the lender.

Danone tests shareholders’ willingness to embrace green culture
new, more responsible form of capital-
inside business ism that has been backed by everyone
from BlackRock’s Larry Fink to the US
europe Business Roundtable.
However, with Danone’s share price
Leila trading at a historically wide discount to
Nestlé and Unilever, its larger peers, the
Abboud company has come under pressure from
shareholders.
Sarah Kaplan, a University of Toronto
professor, predicts there will be more
Legal Notices
gas emissions. It also began reporting
so-called climate-adjusted earnings per
share last year.
The moves mirror initiatives across
the consumer goods industry, which has
been among the more enthusiastic
adopters of the “multi-stakeholder”
model.
Just think back to Paul Polman at Uni-
lever in 2010 telling his shareholders
not to invest in the group if they did not

W
hen Danone sharehold-
ers approved a change
in the French com-
pany’s legal status last
year to enshrine its
social mission, its chief executive
declared they had “toppled the statue of
Milton Friedman”.
However, now the company manage-
ment is facing heat from the market
forces once championed by the econo-
mist as necessary for capitalism.
Dissatisfied shareholders have been
agitating for change at the maker of
Evian bottled water and Activia yoghurt
conflicts such as the one between share-
holders and management at Danone
given the depth of the changes under
way.
“We are in the early stages of develop-
ment of a new more responsible capital-
ism. People may want to run businesses
differently but they still do not know
how to do it,” she said. “You need
to identify the trade-offs and address
them head-on with
employees and Investors broadly support
shareholders.”
The dissident tackling environmental
shareholders seem problems as long as it does
to have sensed that
attacking the com- not distract from the main
like his focus on sustainability goals that
included cutting water usage and
improving the lives of its suppliers.
Nestlé, the sector leader, has also
jumped on the green bandwagon, pledg-
ing last year to spend €3bn in the next
five years on measures to cut its green-
house gas emissions to net zero by 2050.
Yet the biggest foodmaker in the world
has not been criticised for this addi-
tional spending because Mark Schnei-
der, chief executive, has executed a suc-
cessful turnround since joining in 2017.
The upshot seems to be that investors
support a broader role for business in
tackling environmental problems as

Businesses For Sale

for months. They have called for the
replacement of Emmanuel Faber, chief
executive and chairman of the board,
after what they see as a prolonged
period of underperformance.
It is a tussle for power that could have
repercussions for the wider business
world and the approach to a more stake-
holder-based capitalism.
Danone last year became the first big
listed French company to become a so-
called enterprise à mission, or purpose-
driven company.
The status requires it not only to gen-
erate profit for its shareholders but to do
so in a way that it says will benefit its
customers’ health and the planet. Its
progress on this front is assessed annu-
ally by an independent board.
Faber is a passionate advocate of a
pany directly for its show of growing earnings
green pledges was
not the best tactic, so they have taken
pains in public to say their beef with
the company is over performance, not
philosophy.
Activist Bluebell Capital walked a nar-
row line in its letter to the board, saying
it supported the group’s “dual economic
and social project” even as indicated
that “under the leadership of Mr Faber,
Danone did not manage to strike the
right balance between shareholder
value creation and sustainability”.
In practice, Danone’s pledges on sus-
tainability have included committing to
spend billions on efforts to cut its plastic
use, help farmers who produce milk for
its products and reduce its greenhouse
long as it does not distract from the
main show of growing earnings
and returning money to sharehold-
ers. Unilever also co-opted shareholders
by offering them a vote every three
years on its plans to tackle climate
change.
Faber admitted in a Financial Times
interview last week that it was not
always easy to know if the company was
striking the right balance between
short-term business needs and its long-
term approach. “We are adjusting the
balance constantly,” he said.
Danone did win over one prominent Business for Sale, Business Opportunities, Business Services,
ally recently — none other than Polman, Business Wanted, Franchises
the former Unilever boss, who tweeted Runs Daily
.........................................................................................................................................................................................................................................................................
his support for its way of doing business. Classified Business Advertising
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
leila.abboud@ft.com
6 ★
Technology
Facebook pledges $1bn to pay for news
Scale of three-year budget
revealed as platform seeks
to contain Australia fallout
aLex BarKer — LONDON
Facebook has pledged at least $1bn to
pay for news over the next three years,
matching Google’s spending plans in a
move that aims to contain the fallout
from the social media group’s shortlived
ban on news in Australia.
Nick Clegg, Facebook’s vice-president
of global affairs, disclosed the budget
in a post defending last week’s decision
Metals price surge speeds Nissan’s electric car plans
Increase in raw material costs
comes at a critical phase in
manufacturer’s turnround
KaNa INagaKI — TOKyO
First it was the coronavirus pandemic,
then the semiconductor shortage. Now,
Nissan is wrestling with a surge in the
prices of precious metals that threatens
to stall the global car industry’s rebound
from Covid-19.
The rise in the prices of metals such as
rhodium and palladium, which are criti-
cal components in catalytic converters
for petrol and hybrid vehicles, is fore-
cast to cost the global industry $48bn
this year, Citigroup estimates. That
compares with $18bn in 2019, which
pinched industry cash flows 15 per cent.
“[In addition to the coronavirus crisis
and the global chip shortage,] the third
risk which is coming in front of us is raw
materials, especially the precious met-
als,” Ashwani Gupta, Nissan’s chief
operating officer, said in an interview.
“That’s a key point for us as to how we
are going to manage that.”
The increase in raw material costs
comes at a critical phase in the Japanese
carmaker’s turnround plan. Following
three straight quarters of losses, job cuts
and plant closures, Nissan unexpectedly
managed to eke out an operating profit
in the final three months of 2020.
But its profit margin, at 2.5 per cent,
remains low at a time when the car
industry is facing forced plant closures
because of a global shortage of semicon-
ductor components. On a full-year
basis, Nissan expects a net loss of $5bn.
Following a multiyear bull run, the
price of rhodium is roughly 38 times
higher than five years ago, while palla-
dium prices have quadrupled.
A global shift towards stringent stand-
ards on car emissions and air pollution,
particularly in China and Europe, has
driven up demand for the metals that go
into making catalytic converters. The
converters turn toxic emissions such as
carbon monoxide and nitrogen oxide
into carbon dioxide, water and nitrogen.
Gupta said the rising costs of metals
could make electric vehicles more com-
petitive than petrol and hybrid cars,
since electric vehicles did not contain
rhodium or palladium. “I think the
increase in the raw material price is also
an opportunity for us to pull ahead the
tipping point from internal combustion
engines to electrification,” he said.
Nissan has said that all of its vehicles
launched in Japan, the US and China
would be either electric or hybrid by the
“early 2030s”. The producer of the Leaf,
one of the world’s best-selling electric
vehicles in 2018 before Tesla displaced
it, plans to launch the Ariya, an all-elec-
tric sport utility vehicle, this year.
However, Arifumi Yoshida, Citigroup
Travel & leisure
Hotel chain Accor to buy vaccine jabs for staff FAA orders Pratt & Whitney engine inspection
aLICe haNCoCK aND harry DeMpSey
Accor, Europe’s largest hotel chain, has
said that it plans to pay for all of its
employees to be vaccinated by late
summer as it tries to recover its busi-
ness amid various national lockdowns.
“We are not going to wait for govern-
ment. We will be buying our own vac-
cines if we can get them but we don’t
want to do it [taking] from existing gov-
ernment programmes,” said Sébastien
Bazin, the French group’s chief execu-
tive. “It should be not be taking away
from fragile people.”
Accor, which owns the Novotel and
Ibis brands as well as the luxury Raffles
hotel chain, swung to a €2bn net loss in
2020, underlining the devastation the
pandemic has caused in the industry.
It was a sharp reversal from the
€464m net profit that the company,
to temporarily restrict Australian news
because of a draft law that would have
allowed big media firms to demand a
“blank check” from the platform.
“Many people are rightly asking: what
on Earth was all that about?” wrote Clegg
in a Facebook post. “At the heart of it,in
Facebook’s view, is a fundamental mis-
understanding of the relationship
between Facebook and news publishers.”
The $2bn in funding from Google and
Facebook reflects the shift in commer-
cial power to struggling news groups.
But it is unclear if the sums will satisfy
publishers’ demands or avoid poten-
tially more costly action by regulators.
Automobiles. Supply chain
New Leaf: Nissan’s Ariya electric sport utility vehicle on display at the Japanese carmaker’s pavilion facility in Yokohama — Kiyoshi Ota/Bloomberg
Electrical fires
Hyundai racks up $900m
bill over battery recall
Hyundai Motor is embarking on the
world’s most expensive electric vehicle
recall to replace almost 82,000
batteries globally following a string of
electrical fires.
The South Korean carmaker said the
recall would cost about Won1tn
($900m), which analysts said would be
the costliest ever. The impact would be
reflected in earnings for the final
quarter of 2020, Hyundai said.
“Our priority is to dispel potential
risks against customer safety despite
the low possibility of fires and high
financial burden,” it said yesterday.
The recall applies to almost 76,000
vehicles of its best-selling electric
model, the Kona, as well as some Ioniq
models and electric buses built
between November 2017 and March
2020, that use battery cells made by LG
chem’s factory in Nanjing, china.
Hyundai and LG Energy Solution, LG
chem’s wholly owned battery division,
are in talks about how to divide the
which operates more than 5,100 hotels,
reported in 2019. It has slashed annual
costs by €200m, bringing monthly cash
burn down to €40m from €80m in the
first half of 2020, and said it had €3.9bn
of liquidity following the sale of half its
stake in Huazhu, the Chinese hospitality
group.
Companies have been wary about
committing to vaccinations for employ-
ees amid concerns that making them
mandatory would be against employ-
ment laws. But Norwegian Cruise Line
has said it will require jabs for its crew,
while some businesses, including Aldi,
the German supermarket, and Insta-
cart, the grocery delivery service, have
said they would offer financial incen-
tives to encourage staff to be vaccinated.
Bazin said Accor would not insist staff
were vaccinated but that the company
was in talks with pharmaceutical groups
FINANCIAL TIMES
COMPANIES & MARKETS
Facebook on Monday agreed to restore
news in Australia after the government
proposed amendments to a bill that
sought to make Big Tech pay for news
by bolstering the bargaining power of
publishers.
“It is understandable that some
media conglomerates see Facebook as a
potential source of money to make up
for their losses,” Clegg wrote. “But does
that mean they should be able to
demand a blank check? That’s what the
Australian law, as it was proposed,
would have done.”
Facebook’s abrupt decision to block
the sharing of news in Australia caused
cost of the battery replacement. The
recall is Hyundai’s second for the Kona
after more than a dozen caught fire due
to battery problems. The carmaker said
in October that it would recall 77,000
Konas to upgrade their battery
management software.
The new recall came after a Kona
caught fire even after having its
software upgraded. Hyundai and LG
decided to replace the batteries
because the companies could not
completely prevent fire risks by
upgrading battery management
software alone, the transport ministry
said. “It will be the most expensive
recall in the EV industry so far because
other EV makers have just upgraded
their software for battery management
systems, which is a relatively small
cost,” said Lee Hang-koo, an adviser at
Korea Automotive Technology Institute.
The ministry is looking into the cause
of the Kona fires and has not yet
completed its probe, but said yesterday
that it had found defects in some
battery cells produced at LG’s Nanjing
factory. LG, the largest electric vehicle
battery producer, said it would co-
operate with the recall and probe.
to secure supplies. It was “open-
minded” about which it would take and
was willing to buy the Russian Sputnik V
vaccine or the Sinovac vaccine from
China, he added.
The company, which is among the
first to commit to funding a staff vacci-
nation scheme, has already vaccinated
some in Singapore and Dubai.
Meanwhile, it faces lockdowns across
its key European market — about 400 of
its hotels are currently closed.
Analysts expect it to benefit from the
rebound in tourism in the second half of
the year after restrictions are lifted.
About 40 per cent of Accor’s business
comes from leisure travel.
To offset what Bazin expects to be a
6 to 7 per cent permanent drop in busi-
ness travel, Accor plans to offer co-
working spaces on a subscription basis
to corporate customers.
a backlash, especially after access to
emergency services and health pages
was mistakenly cut off.
Clegg said it was “legally necessary”
for the ban to be imposed before the leg-
islation came into force, so Facebook
“erred on the side of over-enforcement.
In doing so, some content was blocked
inadvertently. Much of this was, thank-
fully, reversed quickly”.
Facebook has in the past said news
brings “negligible” value to its platform.
But against the backdrop of threats to
tighten regulation, Google and Face-
book over the past three years started
paying some publishers for news con-
Hyundai has been criticised over the
adequacy of previous voluntary recalls.
concerns over the safety of its electric
vehicles also mounted after an electric
bus manufactured by the carmaker
caught fire this month.
Hyundai, together with affiliate Kia, is
the fourth-largest electric vehicle
maker, with a combined 7.2 per cent
market share as of September last year,
according to industry tracker SNE
Research. The pair aim to sell 1m
electric vehicles annually by 2025.
The decision to replace the batteries
is likely to set a precedent in the fast-
growing electric vehicle industry, where
carmakers including GM, Ford and
BMW have made a series of recalls, all
of which cited fire risks.
General Motors said in November
that it would recall nearly 69,000
chevrolet Bolt electric vehicles
worldwide following several reported
fires.
“GM is suffering a similar problem, so
Hyundai’s decision will intensify
wrangling between EV makers and
battery producers over who should be
held responsible,” said chung Sung-
yop, an analyst at Daiwa.
aerospace & defence
CLaIre BuShey — cHIcAGO
US aviation regulators have ordered
airlines to inspect certain Pratt & Whit-
ney engines on Boeing jets for fan blade
cracks before the planes fly again.
The US Federal Aviation Administra-
tion issued an emergency airworthiness
directive related to the PW4000-112, an
engine used in about 8 per cent of Boe-
ing’s 777 aircraft. The order came after
an engine on a 777 broke apart four min-
utes after take-off, scattering debris
over a Denver suburb.
No one aboard United Airlines flight
328 or on the ground was hurt, but
planes using the engines from P&W, a
unit of Raytheon Technologies, were in
effect grounded after the incident.
Investigators from the National
Transportation Safety Board said on
Monday that a fan blade in the turbine
tent, together reaching deals in more
than a dozen countries.
Clegg said Facebook spent $600m on
news since 2018.
But the negotiated value of these pub-
lishers rose sharply in Australia as the
government pushed reforms that
granted media groups the right to seek
binding arbitration in disputes with
Facebook or Google.
Google last week agreed a deal with
Rupert Murdoch’s News Corp, Aus-
tralia’s biggest publisher, for an undis-
closed sum.
The Financial Times has commercial
deals with both Facebook and Google.
analyst, said the cost of precious metals
alone was unlikely to accelerate the
transition because electric vehicles con-
tain other materials such as copper and
lithium, which are themselves becom-
ing increasingly expensive.
How Nissan handles raw material costs
will be critical in its efforts to change its
spending habits as it shifts from pursu-
ing volume to quality of sales.
Gupta, who was put in charge of turn-
round efforts in late 2019, said changing
the corporate mindset and instilling dis-
cipline had been a challenge.
As part of the transition, he sold Nis-
san’s corporate jets, a legacy of the Carlos
Ghosn era; shut down the executive can-
teen to make space for employees who
were relocated from rental offices that
were closed to save costs; and banned
non-essential use of colour printers.
“Changing from volume to value is
not easy and it’s not done yet. It’s just the
beginning,” Gupta said.
Shares in Nissan have risen more than
20 per cent over the past year on early
signs of a recovery and a boost for stocks
linked to electric vehicles.
But “investors are sceptical whether
the company can continue improving
profit margins once the new vehicle
launches run their course”, Yoshida said.
showed signs of “metal fatigue”, which
appeared to have caused it to snap off at
the root. The severed blade hit a second
blade, cutting it in half.
The FAA order called for aircraft
operators to carry out a thermal acous-
tic image inspection of the titanium fan
blades at the front of each engine. The
“technology can detect cracks on the
interior surfaces of the hollow fan
blades or in areas that cannot be seen
during a visual inspection”, it said.
Regulations require the engine to be
inspected every 6,500 flight cycles — or
one take-off and one landing. The FAA
said it might establish a shorter inspec-
tion interval based on the results from
airlines’ initial engine checks.
The PW4000-112 debuted in 1995 as
the launch engine for the 777, but has
not been used in the Boeing wide-body
jets since the mid-2000s.
Thursday 25 February 2021
Banks
Lloyds aims to
double profits
after beating
forecasts for
last quarter
NIChoLaS Megaw — LONDON
Lloyds Banking Group has said it will
aim to more than double profitability
this year, after it became the latest
major British lender to report fourth-
quarter results that were more resilient
than expected.
The UK’s largest retail bank set a target
return on tangible equity of between
5 per cent and 7 per cent for 2021,
comparable to its 2019 level and far
higher than the 2.3 per cent it achieved
in 2020.
Chief financial officer William Chalm-
ers said Lloyds’ and the wider econ-
omy’s recovery would be helped by the
fact that the UK’s Covid-19 vaccination
programme and the lifting of coronavi-
rus restrictions were both progressing
faster than the bank had projected.
The improved outlook came as Lloyds
reported a pre-tax profit of £792m for
the final three months of 2020, com-
pared with the average analyst forecast
of £471m.
All four of Britain’s largest retail
banks, Lloyds, HSBC, Barclays and Nat-
West, outperformed analysts’ expecta-
tions in the fourth quarter thanks to a
sharp drop in provisions for future loan
defaults.
Lloyds set aside £128m for new
impairments in the fourth quarter,
bringing its total for the year to £4.2bn,
which is below its previous guidance.
Revenues were £3.6bn, down 12 per
cent year on year.
‘I think we can go a long
way in terms of digitising
processes and making
products more accessible’
The bank followed its main rivals in
announcing the maximum full-year
dividend payout allowed under the
Bank of England’s current restrictions
designed to preserve banks’ capital.
Unlike Barclays and NatWest, Lloyds
did not provide an explicit figure for
how much money it would return to
shareholders, but Chalmers said it had
“a very strong capital position” and it
would consider whether to resume
share buybacks at the end of the year.
The results marked Lloyds’ final full-
year figures under outgoing chief execu-
tive António Horta-Osório, who will
leave the company at the end of April
after a decade in charge to become
chairman of Credit Suisse.
He will be replaced by HSBC execu-
tive Charlie Nunn, however Lloyds said
yesterday Nunn will not begin until mid-
August. Chalmers will serve as acting
chief executive in the interim.
Horta-Osório said: “I feel I will be
leaving the bank in a better position
than it was in when I joined, which
should be the purpose of any CEO.”
Lloyds did not present a detailed
three-year strategic plan after reaching
the end of its last strategy in 2020.
But the bank did outline a number of
priorities, such as strengthening its
focus on recent efforts to expand its
insurance and wealth division and
invest in digitisation. It also said it would
strengthen its investment banking unit.
Chalmers said Lloyds would focus on
foreign exchange and sterling rates
products for its existing corporate
clients to attract the “large number of
our clients who transact away from us”.
“I think we can go a long way in terms
of digitising processes, making products
more accessible and improving our
share of business with them,” he added.
See Lex
Saturday’s incident above Colorado
was not the first involving the engine.
Fan blades broke off a turbine in Decem-
ber on a Japan Airlines flight, and in
2018 on a United flight to Hawaii.
NTSB investigators found in the
Hawaii incident, in which no one was
injured, that fatigue had made a tiny
crack inside the hollow core fan blade.
The crack was noted during a check in
2010 and in 2015, when it was larger.
“The inspectors attributed the indica-
tion to a defect in the paint that was used
during the [thermal acoustic imaging]
process and allowed the blade to con-
tinue the overhaul process and be
returned to service,” the NTSB said.
It found that inspectors primarily
received on-the-job training, which
“could adversely impact the inspection.
P&W has advised that it was working to
correct those issues.”
thursday 25 February 2021
H&M puts its innovation on display at stores
Chief experiments in effort to strengthen customer ties amid threat from Zara owner and online rivals such as Asos
richard MilNE
NordiC aNd BaltiC CorrespoNdeNt
The Hennes & Mauritz flagship on
Stockholm’s main square is trying to
break the mould. A woman sewing a
patch on trousers, party dresses for hire,
and a beauty salon are not standard fare
for most fast-fashion outlets.
But the services could be a taste of
things to come as H&M, the second-
largest clothes retailer, works out what
to do with its network of 5,000 stores
after a pandemic that has pushed more
shoppers online. The Swedish chain’s
ideas extend as far as examining
whether its shops could play a role in the
logistics of online selling.
For Helena Helmersson, appointed
last year and one of the few H&M chief
executives to come from outside the
group’s founding Persson family, it is
about boosting relationships and
engagement with customers.
She said: “The physical store network
that we have is one of our strengths.
It’s the different roles the stores can
play, the different formats. What kind
of experiences are there in a store?
Could they be part of an online supply
chain? There are so many things to
explore . . . it’s almost thrilling.”
Helmersson, 47, has had a tough first
year as chief executive. At the height of
the first wave of the pandemic, four-
fifths of H&M’s physical stores were
closed and a big push online was unable
to offset the hit.
Sales declined a fifth in H&M’s finan-
cial year until the end of November to
SKr187bn ($22.6bn) while pre-tax prof-
its fell 88 per cent to SKr1.2bn, inter-
rupting a nascent recovery after years of
decline.
Sales plunged in March and April,
before rebounding strongly in the sum-
The pandemic has forced
speedier decision-making
and greater flexibility at
the No. 2 clothes retailer
mer and then receiving a hit again
around Christmas.
But as the pandemic has forced H&M
into speedier decision-making and
increased flexibility, and with Helmers-
son forecasting a wave of demand when
Covid-19 comes under control, the chief
executive is emboldened. “Overall, we
will come out of the pandemic stronger.”
Anne Critchlow, analyst at Société
Générale, said that relatively small
increases in sales at H&M could lead to
bigger rises in profits. “Potential recov-
ery is part of the attraction of H&M to
investors at the moment: it’s very highly
operationally geared. H&M should be
the fastest to recover.”
But she argued that Inditex, the Span-
ish owner of Zara that overtook H&M as
the biggest fashion retailer by sales a
decade ago, was a “better quality com-
pany” and the Swedish group might be a
“bit slower” at returning to its pre-pan-
demic profit levels as some customers
steered clear of its stores.
H&M shares fell consistently from
2015 to 2018 before treading water
since, though they are up 50 per cent
since their Covid low in March last year.
Helmersson, a H&M lifer who joined
Energy
Iberdrola to tap €750bn EU recovery fund
daNiEl doMbEy — Madrid
NaThaliE ThoMas — ediNBurgh
Iberdrola has submitted 150 projects
for financing under the EU’s €750bn
recovery fund in one of the clearest
signs yet of how the programme could
transform Europe’s energy sector.
Ignacio Galán, the Spanish company’s
chairman, said Madrid was expected to
approve most of the schemes by June or
July, in line with its efforts to disburse its
share of the funds rapidly to boost the
stricken economy.
The projects, which range from
“green hydrogen” to electric charging
points, have a total price tag of €21bn,
part of which would be financed by EU
funds. Iberdrola is also participating in a
further 20-30 schemes led by other
companies.
“This is a historic opportunity for
Spain, and we can’t miss this train . . .
We have to act now,” Galán told the
Financial Times. The 150 projects could
contribute 1.5 per cent to Spain’s eco-
nomic growth, support up to 350 com-
panies and generate 45,000 jobs, he
said.
The company yesterday reported a
4.2 per cent rise in net profit to €3.61bn,
in line with analysts’ expectations,
despite a drop in electricity demand
of more than 5 per cent because of coro-
navirus restrictions in important
Window-dressing: at the height of the first pandemic wave, four-fifths of H&M’s stores were shut and a big push online was unable to offset the hit
Battle with Inditex
Ebit margins (%)
Inditex
H&M
2010 15
* Reported figure for year to Nov 2020 for H&M, all others forecast. For 2010-20, H&M is year to end Nov, while Inditex year to end Dec
Sources: Société Générale; S&P Capital IQ
the retailer in 1997 as an economist, said
she started to see “light at the end of the
tunnel” after a “very demanding”
period. “I have super-high expectations
on myself. Adding a crisis on top of that,
it’s been a really tough year.”
Now, however, her focus is moving to
a critical question for H&M: “Where do
we need to move faster?”
Despite being in fast fashion, critics
said H&M had become slow, outpaced
by nimbler Inditex and online retailers
such as Zalando and Asos. Inditex could
get new clothes to Zara stores in weeks
from nearby manufacturing sites in
Europe while H&M, with more sourcing
in Asia, took longer.
Opening new stores gave the group an
easy path to sales growth but did not
help profit margins, which have been on
a downward path for the past decade.
Helmersson said H&M took “really,
88% 50%
Decline in pre-tax Share price
profit at H&M increase since
in 12 months to Covid low in
end November March 2020
markets including Spain and the UK.
Iberdrola, which continued with
international acquisitions last year, esti-
mated its profits would have been 10 per
cent higher than 2019 were it not for the
coronavirus crisis.
Nevertheless, profits were helped by
the disposal last year of the group’s 8 per
cent stake in Siemens Gamesa, the wind
turbine manufacturer, for more than
€1bn.
The Spanish government insists the
EU recovery funds will not favour big
domestic companies disproportionately
but is seeking to share out the money
quickly. It has already budgeted €27bn
of it for this year and expects to receive a
total of €140bn over the next six years,
evenly divided between grants and
loans.
“We have to make sure that it is the
Power plant: Iberdrola’s East Anglia
ONE offshore wind farm in the UK
★ FINANCIAL TIMES 7
COMPANIES & MARKETS
Helmersson, a former head of sus-
tainability at H&M, said that the hardest
task for the retailer was decoupling its
growth from its use of natural resources.
The trials in repairing and renting
clothes as well as selling second-hand
garments through the website Sellpy, in
which H&M is the majority owner, were
important but difficult to gauge how big
they could become.
“We have such a size that we can to
some extent influence customer behav-
iour. But we will also see how willing
they are.”
Critchlow said H&M deserved “full
credit” for the trials but that they were
unlikely to lead to soaring profit mar-
gins. The vital questions were how fast
H&M returned to pre-pandemic sales
and profit levels and whether it could go
further.
“It requires H&M to manage the costs
of the stores,” she said, adding that rene-
gotiated leases during the pandemic had
only helped a little.
On sustainability,
a target has been set
for using 30% recycled
materials by 2025
— David Thunander
There is also a debate about how
much increasing online sales —
expected to rise from 28 per cent of
Total sales growth (%) Share prices (rebased)
H&M’s total last year to about 43 per
30 40 400 cent in 2025, according to Critchlow —
Forecast* Inditex helps given that it comes with additional
300 costs such as delivery and returns as
H&M 20
well as in logistics.
20 Helmersson is unbowed, arguing that
200
H&M will offer multiple ways for cus-
0
tomers to engage with the retailer
100 through various store formats offering
10
H&M different services, online, and its own
Inditex
-20
0 club.
Forecast* “The customer journey is constantly
0 -40 -100 evolving,” she said. “We will follow, and
20 22 2010 15 20 22 2010 15 21 influence. Before it was about transac-
tions, now it’s about relationships with
customers.”
really fast decisions” at the start of the
pandemic on how it bought garments,
worked with its supply chain, and
moved to selling more online. She
pointed to how tech allowed designers,
suppliers and the production office to
work together at the same time to pro-
duce new clothes, rather than waiting
for one to send a garment to another.
“It sounds really basic but if you do
that in many processes, you can be
much faster. You also have data to give
you more customer insight, which
means you can act much quicker.”
Accessories could now go from con-
ception to store in a few weeks, T-shirts
in six weeks, and trousers in eight.
H&M is also trying to increase its
speed on sustainability, bringing in a
target of using 30 per cent recycled
materials by 2025.
Critchlow said it led the sector in its
attempts to become circular, though
many voice concern over how much
fast-fashion groups encourage excess
consumption. Strong investor demand
this month led to H&M reducing the
rate for its maiden sustainability-linked
bond, which was 7.6 times subscribed.
whole of the Spanish economy that
takes on these green and digital transi-
tions,” Nadia Calviño, deputy prime
minister for the economy, said last
week.
“Big companies have a part to play
but small and medium enterprises also
have to participate in this recovery
plan,” she added.
Iberdrola now forecasts annual prof-
its of €7bn by 2030, by which time it
plans to invest €150bn worldwide.
Among the Iberdrola proposals con-
tending for the EU funds, Galán high-
lighted €2.5bn in green hydrogen
schemes, €3.35bn for hydro electricity
storage, €4.25bn for electrification of
heating in homes and factories and
€1.2bn for floating offshore wind farms.
On green hydrogen alone, the group
has submitted 53 projects for recovery
funds. Green hydrogen, made using
renewable electricity, would replace
highly polluting “grey hydrogen”, com-
monly made using natural gas and
widely used in processes such as ammo-
nia production for fertiliser.
Some commentators including
Patrick Pouyanné, Total’s chief execu-
tive, have argued that renewable assets
are in a “bubble” after an auction in the
UK — the world’s biggest offshore wind
market — attracted what analysts
described as “staggering” prices for
seabed rights to build turbine arrays.
8 ★ FINANCIAL TIMES thursday 25 February 2021

COMPANIES & MARKETS

equities. Volatility strains Equities

Ex-LSE chief
US clearing house seeks quicker says London
settlements after GameStop saga must be at
heart of Spac
‘revolution’
LaurENCE FLEtCHEr — lONdON

The City of London should strive to

become a global centre for Spacs to fend
off rivals in the wake of Brexit, said
Xavier Rolet, former London Stock
Exchange head, and Matthew Elliott,
Vote Leave co-founder.
Special purpose acquisition compa-
nies — which raise money from inves-
tors and list on a stock market, then
look for an acquisition target to take
public — have become one of the hottest
areas of finance over the past year. New
York has dominated the market.
“The UK needs to promptly consider
the Spac revolution,” wrote Rolet and
Elliott, together with broker Shore
Capital’s head of research Clive Black, in
a paper submitted to the government’s
Future Regulatory Framework review,
which is considering how the UK’s
financial rules should change now that
the country has left the EU.
Easing UK rules around these blank-
cheque vehicles could help channel
capital to British and European entre-
preneurs and allow London to grab
some of the equity-raising deals that
have so far gone elsewhere, they argue.
“Spacs represent a financial instru-
ment that should not be overlooked and
where agility could realise considerable

‘New York has taken the

DTCC proposes one-day
process following calls
from broker Robinhood
pHiLip StaFFord
The clearing house at the centre of the
GameStop trading frenzy has proposed
cutting the time it takes to settle share
deals, following complaints from broker
Robinhood that the two-day process
was a critical factor in its decision to
restrict some share trading.
The Depository Trust & Clearing
Corporation, which runs the biggest US
securities clearing house, set out plans
yesterday to halve the time it takes to
settle millions of equities trades to one
day by 2023.
The move comes three weeks after
Vlad Tenev, chief executive of Robin-
hood, claimed that the long-established
two-day period to reconcile deals and
legally transfer assets from seller to
buyer had affected its customers and
the US financial system.
The current system “exposes inves-
tors and the industry to unnecessary
risk and is ripe for change”, Tenev told
lawmakers in Washington last week,
and called for deals to be settled
instantly.
In volatile periods, the clearing house,
which stands between a buyer and seller
and oversees the transfer, may demand
more margin, or insurance, to cover any
deal failures.
That can put a strain on brokers at a
time when they are already under pres-
sure. “The most logical way to reduce
the risks . . . is to shorten the settlement
cycle,” the DTCC said in its white paper.
Tenev’s suggestion has been sup-
ported by some of the US’s biggest
market makers, including Ken Griffin,
principal shareholder of Citadel Securi-
ties, and Virtu Financial.
Charles Cascarilla, chief executive of
Paxos, a financial technology company,
argues that the current system is anti-
quated and that the daily margin calcu-
lations for the industry are opaque.
“It’s a total black box for market
participants,” he said. “It’s the clearing
and settlement technology that’s hold-
ing back our markets.”
Paxos settles some equity trades for
Credit Suisse, Société Générale and
Instinet on blockchain technology, and
is preparing to ask US regulators for per-
manent approval.
The DTCC, which last year settled
$2,150tn of US securities deals, said its
proposal followed discussions with
more than 100 institutions and could be
done on existing technology.
It has been exploring the topic since
the market gyrations last March, which
meant customers had to post more
margin. “It’s not in direct response to
the ‘meme stocks’ issue,” said Murray
Pozmanter, head of clearing at the
DTCC. “Our position is one we arrived at
after ongoing conversations with the
industry.”
The fevered trading centred around
GameStop broke records at the National
Securities Clearing Corporation, the
DTCC’s equities clearing house. January
28 was one of the highest transaction
volumes days in its history and the
474m deals the NSCC processed
exceeded the peak last March by more
than 100m.
The clearing house’s demands for
margin rose from $26bn to $33.5bn.
Robinhood’s own requirements
increased 10-fold. It needed to find $3bn
within hours — a figure it negotiated
down to $700m.
The part of the margin call calculation
that caught out Robinhood, known as
the volatility component, could be
reduced by up to 41 per cent by moving
to single-day settlement, the DTCC
estimated.
But shortening that timeframe is a
long road. Previous white papers on the
issue have had little traction. “In order
for us to come up with a formalised
timeline, we need close to 100 per cent
industry alignment,” said Pozmanter.
Some remain suspicious of Robin-
hood. Its efforts to blame the settlement
cycle or the clearing house are a
“smokescreen”, said the American
Securities Association, which repre-
sents small and regional US financial
services companies.
“The system was designed to identify
inadequately capitalised members. It’s
due to the mismanagement we saw that
the clearing house had to take action,”
said Chris Iacovella, chief executive.
While he welcomed a move to reduce
risk, he noted that other broker-dealers
faced the same call from the DTCC and
asked customers to post more margin.
GameStop was “That puts the choice back on the
at the centre of customer,” he said.
a retail trading The DTCC also pushed back on
furore involving Tenev’s suggestion to move to instant
Robinhood and settlement. It would mean that banks
users of Reddit and market makers could not net down
Dado Ruvic/Reuters
their positions at the clearing house, a
process that compresses the amount of
cash required to fund daily transactions
at the NSCC by more than 98 per cent.
Real-time settlement would mean
funding all trades in advance. Shares
would not be as easily available for
lending, or borrowing for shorting, the
DTCC added.
“Real-time settlement could have
significant ramifications to overall
market liquidity,” said Charley Cooper,
managing director of R3, a blockchain
software company and former chief of
staff at the Commodity Futures Trading
Commission.
“Calls from Robinhood and others to
introduce real-time settlement feel like
a knee-jerk reaction to a far more
nuanced challenge,” he said.
Ultimately, the cost of upgrading the
back-office systems to process these
‘To come deals would fall on brokers and asset
managers, not the brokers and market
up with a makers leading the calls, said Virginie
formalised O’Shea, founder of Firebrand Research,
a capital markets consultancy.
timeline, we Many institutions send spreadsheets
need close to counterparts, and people have
several days to resolve issues. “It’s not as
to 100% easy for them to settle deals in one day,”
industry she said. “People think of it as a highly
electronic market but that’s only for
alignment’ trading.”
bulk of Spac issuance.
London’s out of the
race at the moment’
benefits to credible British and Euro-
pean entrepreneurs and dealmakers,”
they wrote.
The investment structure has proven
popular with institutional investors,
who can park cash in Spacs while they
wait for a deal to be done.
Since the start of last year, 421 such
vehicles have been listed globally,
raising $127bn, according to Refinitiv.
Of these, 405 were listed in the US,
raising $125bn.
Amsterdam, which recently attracted
the listing of a Spac launched by LVMH
founder Bernard Arnault and former
UniCredit chief Jean Pierre Mustier, is
starting to emerge as Europe’s centre for
these blank-cheque companies, thanks
to its more flexible listing rules.
UK regulations mean a Spac may have
to suspend trading in its shares when a
deal is announced, which is widely seen
as a barrier to the adoption of the
vehicle.
The UK has appointed former EU
commissioner Jonathan Hill to conduct
a review into factors that may be
hindering UK listings.
Rolet, Elliott and Black wrote that the
review represents “a golden opportu-
nity” and said making tweaks such as
permitting the disclosure of forward-
looking statements by the company to
investors during a Spac transaction
Our global could “draw a lot of business to the UK”.
team gives you Rolet, who is a board director at New
market-moving York-listed Spac Golden Falcon, said:
news and views, “New York has taken the bulk of Spac
24 hours a day issuance and Amsterdam has just
ft.com/markets started listing a few. London’s out of the
race at the moment.”

Commodities Currencies

Chinese brokerage fuels copper rally
after placing $1bn bet on prices
NEiL HumE
NatuRal ResOuRces editOR
A Chinese brokerage has helped fuel
the rally in the price of copper since the
end of the Lunar Year Holiday by
amassing a $1bn bet in less than a week.
Shanghai Dalu has increased its holding
of Chinese copper futures to almost
24,000 lots from 2,500, since Thursday,
according to data from the Shanghai
Futures Exchange. The figure is equiva-
lent to 120,000 tonnes of the metal.
Dalu has also built a $200m copper
position on the Shanghai International
Energy Exchange, a subsidiary of the
futures exchange.
During Dalu’s buying frenzy, the price
of the copper futures contract for
delivery in April climbed 13 per cent to a
nine-year high above Rmb68,000
($10,050) a tonne.
“The dominant long (position) on
the SHFE continues to garner the
attention,” said Michael Cuoco, head of
metal fund sales at StoneX Financial, in
a note to clients.
Copper, used in everything from
household goods to wind turbines, has
risen almost 100 per cent from its
pandemic lows in March on the back of a
resurgence in industrial activity in
China and the prospect of a global post-
Covid economic recovery.
Goldman Sachs reckons the copper
market could be heading for the biggest
supply deficit in a decade as production
fails to keep pace with demand. This
week the benchmark copper price on
A resurgence in industrial activity in
China has boosted copper demand
the London Metal Exchange traded
above $9,000 a tonne for the first time
since 2011.
However, some analysts are worried
copper and other commodities have
risen too far, too fast and are due a
correction.
Shanghai Dalu could not immediately
be reached for comment. It is not clear if
the brokerage is holding the position —
first reported by Reuters — on behalf of
one or a number of clients.
Each lot is worth five tonnes of cop-
per. At current prices, its position is
worth more than $1bn and in terms of
physical metal it is just below the total
level of SHFE inventories.
Ole Hansen, head of commodities
strategy at Saxo Bank, said the position
amassed by Dalu raised questions about
the extent to which speculative buying
had boosted prices. “We have seen a few
big whales in the past,” he said. “The lat-
est leg up in copper looks as much to
do with speculative buying as from
physical demand.”
Additional reporting by Thomas Hale
Pound set for best month since July on
vaccine rollout and hopes over economy
Eva SzaLay — lONdON
The pound is on track for its best
month since July, buoyed by a sharp
rise in UK government bond yields
prompted by the brightening economic
outlook and swift vaccine rollout.
Sterling has risen more than 3 per cent
against the dollar since the start of
February to trade near a three-year high
at $1.4237, making the pound one of the
best performing developed market
currencies this year.
The pound has also marched about
3 per cent higher against the euro to
trade at €1.1707. Since the end of last
year, the UK currency has strengthened
more than 4 per cent against the euro.
As the currency rallied, UK govern-
ment bonds have suffered the sharpest
monthly sell-off since 2016 as confi-
dence among investors increased about
the economy’s future. The 10-year gilt
yield, which moves in the opposite
direction of prices, has risen more than
0.4 percentage points in February,
reaching 0.76 per cent yesterday.
The broader global government bond
market has also been under pressure
but the UK move has been sharper than
regional peers such as France and
Germany. Stronger economic growth
and inflation expectations dent the
allure of bonds, which typically pay
fixed interest payments.
“Whilst the UK’s handling of the pan-
‘Our economists believe
that the UK is well
positioned for a
near-term rebound’
demic in 2020 was lacking, it is in stark
contrast to the highly effective vaccine
rollout in 2021,” said Kamal Sharma,
analyst at Bank of America. “We see
little reason why sterling cannot con-
tinue to extend the current rally.”
Vasileios Gkionakis, head of currency
strategy at Lombard Odier, said
currencies had come under “brutal
pressure” against sterling as a result of
the rapid vaccination programme and
improving infection numbers.
Economic data from the UK have
made for gloomy reading with unem-
ployment rising to 5.1 per cent in the
three months to December.
Retail sales figures for January also
disappointed last week but investors are
choosing to look beyond the impact of
the lockdown to anticipate a sharp
rebound in activity.
The economy is expected to grow
4.6 per cent this year and 5.5 per cent in
2022, according to a Bloomberg poll.
That would represent a stark contrast to
2020 when the UK recorded its sharpest
fall in output in more than 300 years.
“Our economists believe that,
considering the current vaccine rollout
and the decrease in infection rate and
potential for an expansionary March
budget, the UK is well positioned for a
near-term rebound,” said analysts at
Goldman Sachs.
Tentative signs that UK equities are
returning to favour with asset managers
have also bolstered the pound.
Thursday 25 February 2021 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

The day in the markets Fed must brush aside

What you need to know
investor tantrums and
3 Wall St stocks reverse course as Powell
let yield curve steepen
Worst day for Hong Kong stocks in nine months
stays supportive
3 Yields on US Treasuries climb back Hang Seng index (daily % change)
from one-year high
3 Biggest drop in Hong Kong equities
since May last year
4 Richard Bernstein
Stocks on Wall Street reversed morning
losses after Jay Powell, the Federal
2
Markets Insight
Reserve chair, reiterated the central

T
bank’s desire to stick with 0
accommodative policies during he Ferber Method, a sleep in this cycle have been unique. As US ise bond investors. Banks’ willingness to
his second day of testimony to Congress. training technique, teaches short-term interest rates are near zero, lend is starting to improve as the curve
The tech-heavy Nasdaq Composite -2 babies to self-soothe and the Fed has attempted to further stimu- begins to steepen but some economists
was up 0.3 per cent at lunchtime in New fall asleep on their own. It’s late the economy by buying longer are suggesting the central bank should
York, having fallen almost 1 per cent at as much a training dated bonds and lowering long-term continue its current strategy of lower
the opening bell. The S&P 500 climbed technique for new parents to ignore interest rates. long-term interest rates because of the
0.9 per cent, putting the blue-chip -4 their baby’s crying as it is for the child to Those actions have indeed lowered potential for a disruptive “taper
benchmark on track for its second learn to cope by themself. long-term borrowing costs but banks’ tantrum” by bond investors.
consecutive rise after five sessions of The US Federal Reserve should con- willingness to lend has been constrained The Fed needs to ignore investors’
back-to-back losses. -6 sider Ferberising bond investors and because lending margins have been nar- tantrums and allow them to self-soothe.
A morning sell-off in US Treasuries May 2020 Feb ignore future “taper tantrums” like the row and risk premiums small. The investment implications of the
faded after the yield on the 10-year note 2021 market disruption that occurred when Banks in past cycles might have been Fed allowing longer term interest rates
climbed as much as 7 basis points to
Source: Refinitiv
the central bank signalled tighter mone- willing to lend despite a relatively flat to rise seem clear. Much of the specula-
slightly less than 1.43 per cent, its highest tary policy in 2013. yield curve because they could enhance tion within the US markets is in assets
since February last year, before settling at The long-term health and competi- narrow lending margins by using lever- such as venture capital, special purpose
1.38 per cent. “When bonds yield close to zero, you record pace, selling a net HK$20bn tiveness of the US economy may depend age. However, regulations after the acquisition vehicles, technology stocks
Treasuries, which yielded more than 0.5 are not losing out by investing in those ($2.6bn) yesterday. China’s CSI 300 index on bond investors’ self-soothing ability and cryptocurrencies.
per cent as recently as August, have been companies whose cash flows could be fell 2.6 per cent. Japan’s Topix slipped 1.8 to cope with reality. These are “long-duration” invest-
hit by expectations that US president Joe years into the future,” said Nick Nelson, per cent, dragged down by tech stocks. The slope of the yield curve is a simple Policymakers should ments that have longer time horizons
Biden’s $1.9tn stimulus plan will stoke head of European equity strategy at UBS. European equity markets closed higher, model of the profitability of lending. be concerned that factored into their valuations.
inflation, which erodes the cash value of “[But] as bond yields start to rise, that with the Stoxx Europe 600 index rising Banks pay short-term rates on deposits They underperform when longer
the debt instruments’ interest payments. cost of waiting [for companies’ earnings 0.5 per cent and London’s FTSE 100 and other sources of funds and receive monetary policy is term rates rise because investors
Such yields determine equity growth] increases.” index up 0.5 per cent. longer-term rates by issuing mortgages, fuelling speculation demand higher returns over time. Capi-
valuations by affecting the price-to- Investors’ retreat from growth stocks UBS’s Nelson said European equities corporate loans, and other lending tal would be likely to be redistributed to
earnings multiples investors are willing to rippled into Asia. Hong Kong’s Hang Seng were less vulnerable to rising yields agreements. A steeper curve, therefore, more tangible productive assets.
pay for companies’ shares. A higher yield, index sank 3 per cent, its worst daily because European stocks generally is a simple measure of better bank profit financial crisis now limit their ability to Investors and policymakers should be
analysts say, makes fast-growth performance in nine months. Chinese traded at lower valuations than in Asia margins and has in past cycles spurred use leverage. concerned that monetary policy is fuel-
companies whose earnings represent a investors using market link-ups with and the US. “We have fewer big greater willingness to lend. This policy mix has fuelled some of ling speculation rather than supporting
slim proportion of their stock market bourses in Shanghai and Shenzhen technology companies here.” Historically, the Fed’s Survey of the growth in private lending. Private the lending facilities needed to rebuild
value less attractive in comparison. dumped Hong Kong-listed shares at a Naomi Rovnick and Hudson Lockett Senior Bank Lending Officers shows lenders are not subject to regulated lev- the US’s capital stock and keep the coun-
banks have been more willing to make erage constraints and can accordingly try’s economy competitive.
loans to the real economy when the lend profitably despite a flat curve. This Like a new parent to a baby, the Fed
Markets update yield curve has been steeper. has meant liquidity destined for the real should not rush to coddle bond
With that simple model of bank economy has largely been trapped in investors’ tantrums and should let the
profits in mind, textbooks highlight the the financial economy. financial markets soothe themselves.
Fed’s control of short-term interest rates The yield curve has started to steepen Short-term financial market volatility
US Eurozone Japan UK China Brazil as a tool to control lending. and the Fed should freely allow long- might cause some sleepless nights but
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa The Fed reduces banks’ cost of term interest rates to increase for mone- the Fed could unleash the lending
Level 3906.04 1590.09 29671.70 6658.97 3564.08 115995.78 funding and stimulates lending when it tary policies to benefit the real economy capacity of the traditional banking
% change on day 0.64 0.40 -1.61 0.50 -1.99 0.67 lowers interest rates. But it increases more fully. Allowing long-term rates to system by letting the yield curve
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ funding rates and curtails lending when increase would not only begin to steepen further.
Level 90.258 1.212 105.935 1.410 6.453 5.426 it raises short-term rates. restrain financial speculation as risk-
% change on day 0.099 -0.329 0.780 -0.071 -0.115 0.092 Coupling lower short-term rates with free rates rise but could simultaneously Richard Bernstein is chief executive officer
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond a steeper yield curve can be a powerful foster bank lending to the real economy. and chief investment officer of Richard
Yield 1.385 -0.305 0.118 0.731 3.261 8.009 fillip to bank lending. However, policies Thus, the need for the Fed to Ferber- Bernstein Advisors
Basis point change on day 2.560 1.200 0.310 1.400 0.000 -6.000
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 444.69 67.11 63.23 1799.65 27.97 3939.10
Contracts & Tenders
% change on day 0.08 2.99 3.13 -0.43 1.89 0.19
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.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
4000 1640 6880

3920 6720
1600
3840
1560 6560
3760
| | | | | | | | |
3680 || | | | | | | | | | | | | | | | | | | 1520 || | | | | | | | | | | | | | | | | | | 6400 | | | | | | | | | | |

Dec 2021 Feb Dec 2021 Feb Dec 2021 Feb

Biggest movers
% US Eurozone UK
Norwegian Cruise Line Holdings Ltd 9.47 Telecom Italia 9.16 Bp 5.40
United Airlines Holdings 9.27 A.p. Moller - Maersk B 6.85 Rolls-royce Holdings 4.92
Ups

Marathon Oil 8.60 Solvay 5.76 Land Securities 4.13

Occidental Petroleum 8.21 Airbus 3.81 Int Consolidated Airlines S.a. 4.02
American Airlines 6.68 Royal Dutch Shell 3.55 Royal Dutch Shell 3.78
%
Verisk Analytics -8.07 Red Ele. -5.88 Vodafone -3.42
Lowe's Companies -4.45 Atlantia -2.03 Rentokil Initial -2.43
Downs

Home Depot -4.36 Ageas -1.79 Experian -2.22

Discovery -3.48 Unilever -1.75 Unilever -2.07
Roper -3.45 Inditex -1.68 Ocado -2.06
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.

Wall Street Europe London

Fisker revved higher on news that the Entra tumbled on news that SBB’s Metro Bank fell after reporting a pre-tax
electric car company had signed an attempt to buy the Norwegian real estate loss of £271.8m for 2020, worse than
agreement with Apple assembler group was set to collapse. £11.7m posted a year earlier and 5 per
Foxconn to collaborate on a new vehicle. The bid from Swedish peer SBB, which cent off estimates made by Liberum.
Annual volumes for the car will be was subject to a 90 per cent minimum “The pandemic has clearly impacted
more than 250,000 with target markets acceptance condition, offered Entra performance, leading to significant
being North America, Europe, China and shareholders NKr190 per share. Entra expected credit losses,” said Daniel
India, according to the California-based shares closed at NKr191.8 on Tuesday Frumkin, chief executive, “but our
group. before yesterday’s slide. transformation strategy is on track.”
“The collaboration between our firms “As several large shareholders of Entra The broker assigns the challenger bank
means that it will only take 24 months to has stated that they not will accept the a “sell” rating, noting it would continue to
produce the next Fisker vehicle — from offer, it is expected that the conditions for be under net interest margin pressure
research and development to production, the offer will not be fulfilled and that the despite improving deposit costs.
reducing half of the traditional time offer will not be completed,” said SBB. Haydale Graphene, the
required to bring a new vehicle to The Stockholm group, which also nanomaterials group, slid after reporting
market,” said Young-way Liu, Foxconn slipped, said there remained promising revenues of £1.3m for the final six months
Technology Group chairman. growth opportunities within the Nordic of 2020, down 5 per cent on the first half
Clinical research group PRA Health region and it had “several active of the same year.
Sciences rallied after announcing that it dialogues regarding potential “While these results reflect a
was being acquired by outsourced drug transactions in all markets”. challenging period, the operational and
and device developer Icon in a German sportswear group Puma fell strategic progress made since 2019 and
cash-and-stock transaction that after warning that its business would accelerated through the last nine months
valued PRA at $12bn. continue to be “negatively impacted by have put the group in a stronger position
The deal was expected to be highly the Covid-19 pandemic despite a strong to manage the impact of Covid-19,” said
accretive, delivering double-digit growth order book and high demand from our Keith Broadbent, chief executive.
in the first full year, said the companies. retail partners and consumers”. The trading update pointed to
Printing group RR Donnelley soared Nevertheless, RBC Europe maintained Haydale’s deal with Qinhuangdao ENO
after forecasting net sales in its first Puma’s “outperform” recommendation, High-Tech Material Development to act
quarter of between $1.09bn and $1.15bn, arguing it had strong brand momentum as a sales representative for its ceramic
at the upper end of analysts’ estimates. and product innovation, and had made and silicon carbide products in China.
Uber fell following a Bloomberg report incremental market share gains. Reports that the UK stamp duty
that states that Chinese rival Didi was Dutch software group Wolters Kluwer holiday would be extended lifted
making plans to enter the European sank after posting results, described by housebuilders. Persimmon, Barratt
market. Ray Douglas Citi as “unflashy but solid”. Ray Douglas and Taylor Wimpey gained. Ray Douglas
10 ★ FINANCIAL TIMES Thursday 25 February 2021

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-1.61% -2.99% -0.329% -0.071% -0.232% -0.43%

0.64% 0.36% 0.82% 0.50% 0.40% 0.08% 0.780% 0.21%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jan 25 - - Index All World Jan 25 - Feb 24 Index All World Jan 25 - Feb 24 Index All World Jan 25 - Feb 24 Index All World Jan 25 - Feb 24 Index All World Jan 25 - Feb 24 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
18,465.63
3,905.91 13,976.00 29,671.70
3,855.36 17,906.02 6,654.01 6,658.97 13,870.99 3,140.31
28,631.45
2,994.98
Day 0.64% Month 1.70% Year 21.10% Day 0.74% Month 3.46% Year 5.13% Day 0.50% Month -0.47% Year -6.89% Day 0.80% Month 0.48% Year NaN% Day -1.61% Month 3.67% Year 26.92% Day -2.45% Month -4.64% Year 38.47%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
8,269.60
45,438.91 1,590.09
13,635.99 13,513.38 45,126.51 1,573.47 29,718.24 2,973.65
7,964.90 29,391.26 2,924.58

Day 0.36% Month -0.20% Year 46.57% Day 0.38% Month 1.62% Year 3.63% Day 0.40% Month 0.94% Year -0.90% Day 0.21% Month 2.90% Year -12.80% Day -2.99% Month 0.87% Year 8.77% Day 1.17% Month -2.05% Year -7.89%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
31,796.70 5,797.98 23,098.15 50,238.50
30,960.00 116,464.06 115,995.78 5,523.52 21,987.00 3,566.38 3,564.08 48,347.59

Day 0.82% Month 2.55% Year 13.69% Day 0.67% Month -1.26% Year 1.95% Day 0.31% Month 4.29% Year 0.11% Day 0.69% Month 4.58% Year -1.39% Day -1.99% Month -1.18% Year 17.25% Day 0.98% Month 2.78% Year 22.03%

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 49407.13 47856.68 Cyprus
CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 25133.31 24977.71 Philippines Manila Comp 6755.95 6814.67 Taiwan Weighted Pr 16212.53 16443.40 Cross-Border DJ Global Titans ($) 453.88 452.92
Australia All Ordinaries 7049.40 7110.80 PXCzech Republic 1053.06 1042.16 FTSE Italia Mid Cap 40214.15 40027.87 Poland Wig 57536.61 57029.17 Thailand Bangkok SET 1491.11 1500.61 Euro Stoxx 50 (Eur) 3705.23 3689.10
S&P/ASX 200 6777.80 6839.20 Denmark
OMXC Copenahgen 20 1425.09 1428.56 FTSE MIB 23098.15 22939.38 Portugal PSI 20 4734.57 4729.51 Turkey BIST 100 1483.02 1517.86 Euronext 100 ID 1146.63 1145.04
S&P/ASX 200 Res 5472.60 5585.90 Egypt
EGX 30 11435.43 11416.74 Japan 2nd Section 7370.37 7403.94 PSI General 3526.92 3532.67 UAE Abu Dhabi General Index 5629.53 5670.92 FTSE 4Good Global ($) 9567.23 9541.27
Austria ATX 3070.46 3039.43 Estonia
OMX Tallinn 1457.38 1456.10 Nikkei 225 29671.70 30156.03 Romania BET Index 10188.98 10231.45 UK FT 30 2600.40 2584.30 FTSE All World ($) 444.69 444.34
Belgium BEL 20 3856.79 3826.95 Finland
OMX Helsinki General 11306.11 11282.86 S&P Topix 150 1619.72 1650.75 Russia Micex Index 3385.48 3433.93 FTSE 100 6658.97 6625.94 FTSE E300 1590.09 1583.81
BEL Mid 8697.40 8681.79 France
CAC 40 5797.98 5779.84 Topix 1903.07 1938.35 RTX 1445.91 1455.33 FTSE 4Good UK 6260.12 6232.36 FTSE Eurotop 100 2997.00 2983.35
Brazil IBovespa 115995.78 115227.46 SBF 120 4581.50 4566.63 Jordan Amman SE 1747.45 1749.92 Saudi-Arabia TADAWUL All Share Index 9115.76 9151.71 FTSE All Share 3795.06 3771.34 FTSE Global 100 ($) 2546.85 2536.30
Canada S&P/TSX 60 1098.71 1090.58
Germany M-DAX 31758.67 31643.84 Kenya NSE 20 1883.64 1888.47 Singapore FTSE Straits Times 2924.58 2890.70 FTSE techMARK 100 6310.65 6249.72 FTSE Gold Min ($) 2135.79 2164.64
S&P/TSX Comp 18465.63 18330.09 TecDAX 3367.31 3373.57 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 357.65 358.10 USA DJ Composite 10523.52 10432.98 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 858.64 868.12 XETRA Dax 13976.00 13864.81 Latvia OMX Riga 1177.60 1177.22 Slovenia SBI TOP - - DJ Industrial 31796.70 31537.35 FTSE Multinationals ($) 2798.51 2801.09
Chile S&P/CLX IGPA Gen 23150.09 22709.56
Greece Athens Gen 774.80 773.52 Lithuania OMX Vilnius 850.11 851.87 South Africa FTSE/JSE All Share 66200.76 65921.60 DJ Transport 13644.15 13403.11 FTSE World ($) 787.41 785.56
China FTSE A200 14507.18 14895.31 FTSE/ASE 20 1839.89 1836.52 Luxembourg LuxX 1399.00 1390.88 FTSE/JSE Res 20 66735.02 66149.43 DJ Utilities 829.04 835.85 FTSEurofirst 100 (Eur) 4132.74 4114.75
FTSE B35 9000.71 8988.96
Hong Kong Hang Seng 29718.24 30632.64 Malaysia FTSE Bursa KLCI 1557.55 1565.05 FTSE/JSE Top 40 60747.41 60493.97 Nasdaq 100 13189.54 13194.71 FTSEurofirst 80 (Eur) 5070.04 5051.38
Shanghai A 3735.95 3811.79 HS China Enterprise 11509.73 11909.63 Mexico IPC 45438.91 45268.33 South Korea Kospi 2994.98 3070.09 Nasdaq Cmp 13513.38 13465.20 MSCI ACWI Fr ($) 674.03 673.77
Shanghai B 245.95 247.99 HSCC Red Chip 4096.79 4226.34 Morocco MASI 11381.91 11453.61 Kospi 200 407.16 415.82 NYSE Comp 15497.52 15362.69 MSCI All World ($) 2789.21 2788.11
Shanghai Comp 3564.08 3636.36
Hungary Bux 43183.45 42945.11 Netherlands AEX 664.54 664.06 Spain IBEX 35 8269.60 8252.10 S&P 500 3906.04 3881.37 MSCI Europe (Eur) 1653.15 1659.01
Shenzhen A 2456.31 2507.30
India BSE Sensex 50238.50 49751.41 AEX All Share 961.84 962.58 Sri Lanka CSE All Share 7371.86 7329.21 Wilshire 5000 41598.86 41284.11 MSCI Pacific ($) 3305.61 3290.22
Shenzhen B 1099.53 1121.35 Nifty 500 12455.20 12263.70 New Zealand NZX 50 12282.42 12388.84 Sweden OMX Stockholm 30 2037.25 2016.83 Venezuela IBC 2024784.50 2014488.60 S&P Euro (Eur) 1713.09 1706.48
Colombia COLCAP 1368.49 1383.59
Indonesia Jakarta Comp 6251.05 6272.81 Nigeria SE All Share 40164.86 40154.09 OMX Stockholm AS 818.17 811.76 Vietnam VNI 1162.01 1177.64 S&P Europe 350 (Eur) 1644.54 1637.12
Croatia CROBEX 2013.05 2011.29
Ireland ISEQ Overall 7515.42 7412.89 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10727.70 10609.03 S&P Global 1200 ($) 3098.09 3092.84
Israel Tel Aviv 125 1607.67 1647.71 Pakistan KSE 100 45362.58 45728.75 Stoxx 50 (Eur) 3193.44 3180.08
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Feb 24 %Chg %Chg Feb 24 %Chg %Chg Feb 24 %Chg %Chg Feb 24 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 68.0 124.52 -1.34 Bp 225.9 298.80 15.30 Asml Holding 398.2 473.45 0.55 Softbank . 1275.4 9982.00 -548.00 Int Consolidated Airlines S.a. 188.90 18.7 - Tui Ag 449.00 27.5 - Amigo Holdings 11.46 59.2 - Travel & Leisure 8985.28 6.2 10.9
Amazon.com 44.8 3151.55 -42.95 Astrazeneca 210.0 7120.00 -16.00 Royal Dutch Shella 356.6 17.39 0.60 Fast Retailing Co., 802.2 107000.00 2100.00 British Land 520.00 10.7 - Rank 174.60 24.7 - Kkv Secured Loan Fund 20.80 33.8 13.2 Industrial Metals 5843.60 4.9 18.1
Microsoft 26.3 231.97 -1.30 Unilever 183.6 3839.00 -81.00 Ericsson, Telefonab. L M Ser. B 334.1 10.31 -0.05 Sony 729.8 11325.00 -655.00 Rolls-royce Holdings 111.90 9.4 - Easyjet 989.00 22.8 - Card Factory 44.70 32.2 10.8 Aerospace & Defense 3589.20 4.7 -0.8
Boeing 26.2 223.98 11.86 Royal Dutch Shell 180.4 1428.80 52.00 Total 311.3 38.98 0.67 Tokyo Electron 715.3 45030.00 -1270.00 Informa 550.80 7.9 - Wh Smith 1970.00 20.6 - Saga 377.00 29.8 - Oil & Gas Producers 5198.03 4.3 14.8
Home Depot 19.2 255.58 -11.66 Lloyds Banking 167.7 39.34 0.12 Allianz Se Na O.n. 308.1 200.45 2.19 Toyota Motor 517.7 7891.00 -169.00 Land Securities 682.60 7.3 - Cineworld 94.98 18.0 - Funding Circle Holdings 131.00 26.4 - Real Estate Investment Trusts 2833.76 3.3 3.4
Facebook 18.6 263.04 -2.82 Reckitt Benckiser 130.9 5882.00 -88.00 Airbus 303.8 102.72 3.77 Mitsubishi Ufj Fin,. 392.7 560.50 -2.80 Entain 1439.00 6.8 - Carnival 1645.50 17.7 - Capital & Regional 75.00 23.2 1.4 Food Producers 7493.85 3.2 6.4
Nvidia 18.2 562.30 -3.38 Rio Tinto 117.9 6355.00 43.00 Unicredit 266.6 8.74 0.23 Sumitomo Mitsui Fin,. 346.4 3765.00 2.00 Evraz 564.80 6.7 - Hammerson 25.60 16.9 - Restaurant 111.90 21.6 - Mining 25607.47 3.0 18.2
Advanced Micro Devices 16.3 84.67 -0.07 Barclays 116.8 164.58 5.40 Intesa Sanpaolo 249.5 2.13 0.02 Daikin Industries, 335.3 21230.00 -870.00 Antofagasta 1828.50 6.6 - Babcock Int 268.70 16.5 - Newriver Reit 102.00 21.4 - Life Insurance 7714.14 2.7 7.2
Walt Disney (the) 16.0 199.36 2.27 Vodafone 108.8 125.50 -4.44 Telecom Italia 227.8 0.41 0.03 Takeda Pharmaceutical 324.9 3605.00 -82.00 Barclays 164.58 6.6 - Capita 45.19 15.1 - On The Beach 397.50 20.6 - Oil Equipment & Services 5546.03 2.0 -1.1
Paypal Holdings 14.0 265.45 0.45 Glaxosmithkline 98.6 1213.00 -1.80 Linde Eo 0,001 208.3 212.10 2.20 Fanuc 322.8 26300.00 -1285.00 Bp 298.80 6.5 - Greencore 153.80 14.8 - Hostelworld 92.00 18.4 - Banks 2800.91 1.3 11.9
Whitbread 3565.00 5.9 - Ssp 343.20 14.6 - Enquest 20.50 14.5 - Construction & Materials 7087.87 1.2 3.1
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Associated British Foods 2437.00 5.6 - Wizz Air Holdings 5395.00 11.6 - Tullow Oil 40.43 13.8 - Fixed Line Telecommunication 1575.36 0.4 -2.1
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Norwegian Cruise Line Holdings Ltd 31.33 2.71 9.47 Tui Ag 449.00 50.90 12.79 Telecom Italia 0.41 0.03 9.16 Isetan Mitsukoshi Holdings 770.00 38.00 5.19 Ocado 2287.00 -11.8 - Indivior 128.20 -14.0 - Batm Advanced Communications Ld 103.00 -13.1 - Health Care Equip.& Services 6272.41 -6.8 -3.9
United Airlines Holdings 55.30 4.69 9.27 Hammerson 25.60 2.89 12.73 Telecom Italia R 0.46 0.04 8.49 Takashimaya , 1104.00 52.00 4.94 Scottish Mortgage Investment Trust 1213.00 -11.5 - Fidelity China Special Situations 439.00 -11.8 17.1 Jpmorgan China Growth & ome 744.00 -12.9 9.7 Index - Technology Hardware & Equipment 1877.15 -5.9 -
Marathon Oil 12.12 0.96 8.60 Carnival 1645.50 156.00 10.47 A.p. M__ller - M__rsk B A/s 1856.29 119.00 6.85 J.front Retailing Co., 1059.00 47.00 4.64 Experian 2330.00 -10.7 - Tbc Bank 1100.00 -11.1 - Baillie Gifford China Growth Trust 548.00 -11.9 3.4 Automobiles & Parts 4740.91 -5.8 3.5
Occidental Petroleum 28.20 2.14 8.21 Capita 45.19 3.26 7.77 A.p. M__ller - M__rsk A A/s 1707.71 98.16 6.10 Ihi 1986.00 87.00 4.58 Aveva 3506.00 -8.7 - Baillie Gifford Us Growth Trust 340.00 -10.3 2.1 Aberdeen New Dawn Investment Trust 324.50 -9.6 1.9 Food & Drug Retailers 4317.97 -5.3 0.2
American Airlines 22.04 1.38 6.68 Rank 174.60 11.40 6.99 Solvay 104.05 5.67 5.76 Mitsui Fudosan Co., 2501.00 106.00 4.43 Rentokil Initial 470.00 -8.6 - G4s 242.80 -9.6 - Pacific Horizon Investment Trust 826.00 -8.8 9.9 Mobile Telecommunications 2869.19 -5.2 3.8
Smith & Nephew 1434.00 -8.5 - Ao World 281.50 -8.9 - Keystone Investment Trust 319.00 -8.6 -6.4 Pharmaceuticals & Biotech. 15019.72 -4.3 -4.8
Downs Downs Downs Downs
Just Eat Takeaway.com N.v. 6956.00 -8.0 - Aston Martin Lagonda Global Holdings 2001.00 -8.5 - Pacific Assets Trust 318.00 -8.4 -1.1 Electronic & Electrical Equip. 10016.91 -4.1 0.5
Verisk Analytics 170.41 -14.95 -8.07 Ssp 343.20 -25.40 -6.89 Red Ele. 13.85 -0.87 -5.88 Screen Holdings Co Ltd 8690.00 -680.00 -7.26
B&m Eur Value Retail S.a. 553.00 -8.0 - Herald Investment Trust 2215.00 -8.3 -2.4 Asia Dragon Trust 542.00 -8.1 3.0 Equity Investment Instruments 12873.19 -4.1 0.2
Lowe's Companies 161.08 -7.51 -4.45 C&c 260.50 -11.50 -4.23 Atlantia 15.92 -0.33 -2.03 Sharp 1991.00 -149.00 -6.96
Intertek 5470.00 -7.0 - Allianz Technology Trust 2930.00 -7.4 -1.0 Spire Healthcare 148.00 -7.7 - Gas Water & Multiutilities 4628.01 -3.8 -2.6
Home Depot 255.58 -11.66 -4.36 Jpmorgan Japanese Investment Trust 672.00 -28.00 -4.00 Ageas 46.56 -0.85 -1.79 Trend Micro orporated 5310.00 -330.00 -5.85
Imperial Brands 1400.00 -7.0 - Hg Capital Trust 325.00 -6.9 6.6 Foxtons 62.60 -7.4 20.4 Software & Computer Services 1923.26 -3.6 0.5
Discovery 51.11 -1.85 -3.48 Aston Martin Lagonda Global Holdings 2001.00 -79.00 -3.80 Unilever 51.84 -0.92 -1.75 Taiyo Yuden Co., 5510.00 -330.00 -5.65
Reckitt Benckiser 5882.00 -6.4 - Jpmorgan Emerging Markets Investment Trust 141.00 -6.6 8.1 Augmentum Fintech 140.00 -7.1 2.8 Personal Goods 33001.24 -3.3 -
Roper 374.47 -13.37 -3.45 Kainos 1312.00 -50.00 -3.67 Inditex 26.99 -0.46 -1.68 Nec 5940.00 -350.00 -5.56
Spirax-sarco Eng 10925.00 -6.4 - Edinburgh Worldwide Investment Trust 383.00 -6.6 3.7 Bank Of Georgia 1050.00 -7.1 - Tobacco 27236.30 -2.9 -5.2
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Feb 24 Currency Mid Change Mid Change Mid Change Feb 24 Currency Mid Change Mid Change Mid Change Feb 24 Currency Mid Change Mid Change Mid Change Feb 24 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 89.6275 0.0873 108.6512 -0.2255 126.3569 0.0608 Indonesia Indonesian Rupiah 14085.0000 -7.5000 17074.6075 -61.2386 19857.0688 -20.3669 Poland Polish Zloty 3.7194 0.0147 4.5089 0.0042 5.2436 0.0182 ..Three Month 0.7094 0.0004 0.8597 -0.0022 - -
Australia Australian Dollar 1.2629 -0.0017 1.5309 -0.0067 1.7804 -0.0032 Israel Israeli Shekel 3.2638 -0.0051 3.9565 -0.0183 4.6012 -0.0095 Romania Romanian Leu 4.0209 0.0112 4.8743 -0.0013 5.6686 0.0130 ..One Year 0.7095 0.0004 0.8593 -0.0022 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4571 -0.0014 0.5316 -0.0003 Japan Japanese Yen 105.9350 0.8200 128.4201 0.6051 149.3473 1.0829 Russia Russian Ruble 73.8325 0.0275 89.5037 -0.2397 104.0891 -0.0126 United States United States Dollar - - 1.2123 -0.0037 1.4098 -0.0007
Bolivia Bolivian Boliviano 6.9100 - 8.3767 -0.0256 9.7417 -0.0048 ..One Month 105.9350 0.8199 128.4201 0.6052 149.3472 1.0828 Saudi Arabia Saudi Riyal 3.7508 - 4.5469 -0.0139 5.2879 -0.0026 ..One Month - - 1.2122 -0.1983 1.4098 -0.0007
Brazil Brazilian Real 5.4259 0.0050 6.5776 -0.0140 7.6495 0.0033 ..Three Month 105.9349 0.8198 128.4202 0.6054 149.3472 1.0827 Singapore Singapore Dollar 1.3201 0.0003 1.6003 -0.0045 1.8611 -0.0005 ..Three Month - - 1.2120 -0.1983 1.4098 -0.0007
Canada Canadian Dollar 1.2566 -0.0034 1.5233 -0.0088 1.7715 -0.0057 ..One Year 105.9345 0.8190 128.4205 0.6060 149.3472 1.0824 South Africa South African Rand 14.5988 0.0456 17.6974 0.0015 20.5814 0.0542 ..One Year - - 1.2113 -0.1983 1.4100 -0.0007
Chile Chilean Peso 705.1650 -1.1850 854.8387 -4.0499 994.1423 -2.1622 Kenya Kenyan Shilling 109.8000 0.1000 133.1054 -0.2846 154.7961 0.0646 South Korea South Korean Won 1112.2500 1.6000 1348.3291 -2.1696 1568.0511 1.4827 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.4532 -0.0074 7.8229 -0.0329 9.0977 -0.0149 Kuwait Kuwaiti Dinar 0.3027 0.0001 0.3669 -0.0010 0.4267 -0.0001 Sweden Swedish Krona 8.3110 0.0207 10.0750 -0.0056 11.7168 0.0234 Vietnam Vietnamese Dong 23022.5000 - 27909.1056 -85.2395 32457.2052 -16.0207
Colombia Colombian Peso 3576.5500 -13.0700 4335.6862 -29.1247 5042.2236 -20.9266 Malaysia Malaysian Ringgit 4.0425 -0.0010 4.9005 -0.0162 5.6991 -0.0042 Switzerland Swiss Franc 0.9091 0.0088 1.1021 0.0073 1.2817 0.0117 European Union Euro 0.8249 0.0025 - - 1.1630 0.0030
Costa Rica Costa Rican Colon 610.3450 0.0100 739.8929 -2.2460 860.4650 -0.4107 Mexico Mexican Peso 20.4675 -0.1007 24.8118 -0.1982 28.8551 -0.1564 Taiwan New Taiwan Dollar 27.8465 -0.0420 33.7570 -0.1541 39.2580 -0.0786 ..One Month 0.8248 0.0025 - - 1.1629 0.0030
Czech Republic Czech Koruna 21.4444 0.1714 25.9960 0.1290 30.2323 0.2268 New Zealand New Zealand Dollar 1.3532 -0.0108 1.6404 -0.0181 1.9077 -0.0162 Thailand Thai Baht 30.0425 0.0200 36.4191 -0.0868 42.3539 0.0073 ..Three Month 0.8247 0.0025 - - 1.1628 0.0030
Denmark Danish Krone 6.1347 0.0187 7.4369 0.0001 8.6488 0.0222 Nigeria Nigerian Naira 411.7500 1.2500 499.1454 -0.0035 580.4855 1.4765 Tunisia Tunisian Dinar 2.7102 0.0051 3.2854 -0.0038 3.8208 0.0053 ..One Year 0.8239 0.0025 - - 1.1624 0.0030
Egypt Egyptian Pound 15.6804 0.0312 19.0086 -0.0201 22.1062 0.0331 Norway Norwegian Krone 8.4462 -0.0344 10.2390 -0.0730 11.9075 -0.0543 Turkey Turkish Lira 7.2102 0.1452 8.7405 0.1498 10.1649 0.1997
Hong Kong Hong Kong Dollar 7.7545 0.0008 9.4005 -0.0277 10.9324 -0.0042 Pakistan Pakistani Rupee 158.8250 0.0300 192.5362 -0.5511 223.9116 -0.0682 United Arab Emirates UAE Dirham 3.6732 - 4.4528 -0.0136 5.1784 -0.0026
Hungary Hungarian Forint 296.5478 1.6343 359.4910 0.8900 418.0733 2.0988 Peru Peruvian Nuevo Sol 3.6516 -0.0010 4.4267 -0.0147 5.1480 -0.0039 United Kingdom Pound Sterling 0.7093 0.0003 0.8599 -0.0022 - -
India Indian Rupee 72.3463 -0.1125 87.7020 -0.4045 101.9938 -0.2090 Philippines Philippine Peso 48.6125 -0.0375 58.9307 -0.2255 68.5339 -0.0867 ..One Month 0.7093 0.0004 0.8598 -0.0022 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Feb 24 Feb 23 Feb 22 Feb 19 Feb 18 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 2600.40 2584.30 2558.10 2548.90 2534.80 0.00 3314.70 1337.80 Industrial Transport 19.35 Technology 3.68 Real Est Invest & Tr -0.24 FTSE 100 Price Change FTSE 100 Price Change
Feb 24 chge% Index Feb 23 Feb 22 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Mining 17.58 Beverages 3.55 Gas Water & Multi -1.29 3I Group PLC 1142 9.50 Land Securities Group PLC 682.60 27.10
FTSE 100 (100) 6658.97 0.50 6026.38 6625.94 6612.24 7017.88 3.30 1.40 21.63 14.60 6378.31 P/E Ratio net - - - - - 0.00 19.44 14.26 Industrial Metals & 16.60 Financial Services 3.50 Nonlife Insurance -1.45 Admiral Group PLC 3091 2.00 Legal & General Group PLC 274.30 6.10
FTSE 250 (250) 21312.65 1.21 19287.98 21057.72 20981.09 20715.97 1.96 1.34 37.94 33.04 16944.23 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Basic Materials 16.53 Equity Invest Instr 3.42 Fixed Line Telecomms -1.52 Anglo American PLC 2841.5 41.00 Lloyds Banking Group PLC 39.34 0.12
FTSE 250 ex Inv Co (183) 22057.25 1.37 19961.84 21759.77 21600.49 21947.93 1.84 1.11 48.98 24.78 17879.23 FT 30 hourly changes Banks 8.84 Food & Drug Retailer 3.20 Health Care Eq & Srv -1.76 Antofagasta PLC 1828.5 -9.50 London Stock Exchange Group PLC 9580 68.00
FTSE 350 (350) 3817.69 0.63 3455.01 3793.86 3784.94 3965.90 3.05 1.40 23.48 7.92 7286.77 8 9 10 11 12 13 14 15 16 High Low Mobile Telecomms 8.29 Industrial Eng 3.15 Utilities -2.26 Ashtead Group PLC 4057 90.00 M&G PLC 190.55 1.10
FTSE 350 ex Investment Trusts (281) 3719.58 0.62 3366.23 3696.64 3684.15 3908.43 3.11 1.25 25.75 7.64 3663.66 2584.3 2581.6 2594.4 2530.5 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Automobiles & Parts 7.21 Electronic & Elec Eq 3.14 Tech Hardware & Eq -3.38 Associated British Foods PLC 2437 -17.00 Melrose Industries PLC 176.30 3.45
FTSE 350 Higher Yield (145) 3100.65 1.08 2806.10 3067.50 3052.84 3325.08 4.18 1.26 19.05 11.05 6518.62 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Chemicals 7.15 Consumer Services 2.91 Health Care -3.67 Astrazeneca PLC 7120 -16.00 Mondi PLC 1802 35.00
FTSE 350 Lower Yield (205) 4270.85 0.17 3865.12 4263.62 4264.07 4316.19 1.90 1.71 30.79 2.35 5056.37 Oil & Gas Producers 7.06 FTSE 250 Index 2.67 Pharmace & Biotech -3.89 Auto Trader Group PLC 578.00 -7.40 Morrison (Wm) Supermarkets PLC 171.65 -0.35
FTSE SmallCap (253) 6529.19 0.65 5908.93 6486.94 6496.71 5769.53 2.41 -0.71 -58.43 20.58 10415.97
FTSE SmallCap ex Inv Co (137) 5314.23 0.94 4809.39 5264.69 5226.11 4768.77 1.93 -0.78 -66.23 9.21 8850.44 FX: EFFECTIVE INDICES Oil & Gas
Telecommunications
6.84
5.57
FTSE All{HY-}Share Index
FTSE 100 Index
2.62
2.53
Household Goods & Ho
Consumer Goods
-4.64
-4.68
Avast PLC 471.80 9.40 National Grid PLC 828.60 -8.20
Aveva Group PLC 3506 -25.00 Natwest Group PLC 186.55 0.75
FTSE All-Share (603) 3795.06 0.63 3434.53 3771.34 3762.96 3921.63 3.03 1.34 24.65 8.01 7317.63 Life Insurance 4.96 Support Services 2.52 Electricity -4.99
Feb 23 Feb 22 Mnth Ago Feb 24 Feb 23 Mnth Ago Aviva PLC 372.90 -1.80 Next PLC 7688 74.00
FTSE All-Share ex Inv Co (418) 3660.25 0.63 3312.53 3637.47 3624.90 3835.52 3.09 1.22 26.44 7.49 3661.61 Food Producers 4.86 NON FINANCIALS Index 1.98 Oil Equipment & Serv -5.69 B&M European Value Retail S.A. 553.00 -4.00 Ocado Group PLC 2287 -48.00
FTSE All-Share ex Multinationals (534) 1235.74 0.74 926.91 1226.71 1224.96 1218.31 2.30 1.52 28.58 1.85 2480.40 Australia - - - Sweden - - - Travel & Leisure 4.86 General Retailers 1.81 Tobacco -6.12 Bae Systems PLC 496.00 10.50 Pearson PLC 752.60 -3.60
FTSE Fledgling (88) 11286.69 0.05 10214.47 11281.34 11334.47 9481.38 2.08 1.43 33.62 21.34 23284.90 Canada - - - Switzerland - - - FTSE SmallCap Index 4.50 Industrials 1.20 Aerospace & Defense -7.72 Barclays PLC 164.58 5.40 Pennon Group PLC 884.00 -15.20
FTSE Fledgling ex Inv Co (42) 14192.73 0.31 12844.44 14148.64 14223.15 11282.88 1.68 6.14 9.69 20.44 28578.19 Denmark - - - UK 81.79 81.53 79.29 Software & Comp Serv 4.50 Construct & Material 0.96 Personal Goods -10.03 Barratt Developments PLC 694.80 10.80 Pershing Square Holdings LTD 2585 40.00
FTSE All-Small (341) 4534.58 0.62 4103.80 4506.76 4514.36 3996.13 2.40 -0.60 -69.01 13.97 9280.23 Japan - - - USA - - - Financials 4.45 Media 0.62 Leisure Goods -11.11 Berkeley Group Holdings (The) PLC 4317 48.00 Persimmon PLC 2764 39.00
FTSE All-Small ex Inv Co (179) 3979.14 0.91 3601.13 3943.09 3916.32 3553.23 1.92 -0.53 -99.29 6.85 8394.31 New Zealand - - - Euro - - - Real Est Invest & Se 0.07 Oil & Gas Producers -40.36 Bhp Group PLC 2324 30.50 Phoenix Group Holdings PLC 721.00 5.40
FTSE AIM All-Share (719) 1188.26 0.37 1075.37 1183.88 1200.63 929.82 0.72 0.29 482.17 1.28 1366.10 Norway - - -
BP PLC 298.80 15.30 Polymetal International PLC 1506.5 9.00
FTSE 100 (100) 6658.97 0.50 6026.38 6625.94 6612.24 7017.88 3.30 1.40 21.63 14.60 6378.31 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2584.5 -21.50 Prudential PLC 1431 11.00
FTSE Sector Indices Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 520.00 18.80 Reckitt Benckiser Group PLC 5882 -88.00
Oil & Gas (12) 5396.88 4.14 4884.19 5182.30 5151.33 6978.24 4.29 0.77 30.15 48.54 6128.85 Bt Group PLC 130.65 -1.65 Relx PLC 1713.5 -17.50
Oil & Gas Producers (9) 5229.60 4.16 4732.80 5020.91 4990.75 6751.10 4.36 0.76 30.16 47.77 6159.09 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2260 -1.00 Rentokil Initial PLC 470.00 -11.70
Oil Equipment Services & Distribution (3) 5654.92 3.14 5117.71 5482.83 5460.98 8053.77 0.20 17.16 29.25 0.00 4874.88 Burberry Group PLC 1851.5 -26.50 Rightmove PLC 615.20 -0.60
Feb 23 No of US $ Day Mth YTD Total
YTD Gr Div Feb 23 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2294 -10.00 Rio Tinto PLC 6355 43.00
Basic Materials (23) 8380.78 0.74 7584.62 8319.06 8348.04 5656.70 3.02 2.61 12.69 1.88 10070.49
Chemicals (8) 15980.69 0.43 14462.54 15912.68 16171.26 12720.93 1.58 1.86 34.19 31.52 15393.80 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1493.5 -15.50 Rolls-Royce Holdings PLC 111.90 5.25
Industrial Metals & Mining (4) 6294.49 1.70 5696.52 6189.41 6271.24 3646.96 4.77 2.12 9.88 9.37 8481.85 FTSE Global All Cap 8938 762.20 0.0 1.3 4.74.9 1.8 Oil Equipment & Services
1176.79 26 212.79 0.5 0.5 12.4 364.16 13.4 5.3 Crh PLC 3193 58.00 Royal Dutch Shell PLC 1428.8 52.00
Mining (11) 24514.20 0.74 22185.38 24334.48 24378.90 16169.16 3.11 2.67 12.05 0.00 15550.71 FTSE Global All Cap 8952 740.29 0.0 2.8 1.71.8 1.8 Basic Materials
1141.62 352 655.02 0.2 0.2 7.4 1113.60 7.4 2.5 Croda International PLC 6270 -32.00 Royal Dutch Shell PLC 1481.6 47.80
FTSE Global Large Cap 1725 677.05 0.1 0.8 3.94.1 1.8 Chemicals
1076.75 163 896.43 0.1 0.1 3.0 1508.99 3.1 2.3 Dcc PLC 5930 -32.00 Rsa Insurance Group PLC 675.40 -0.20
Industrials (97) 6067.29 1.04 5490.91 6004.78 6007.73 5815.58 1.55 0.91 71.07 4.73 6755.38
Construction & Materials (16) 7487.12 1.65 6775.85 7365.43 7355.07 6901.34 1.79 0.14 407.35 0.00 8649.90 FTSE Global Mid Cap 2226 972.14 0.0 3.0 6.06.2 1.8 Forestry & Paper
1411.82 20 340.25 -0.7 -0.7 7.6 648.77 7.8 2.5 Diageo PLC 2945 3.00 Sage Group PLC 574.00 -5.80
Aerospace & Defense (9) 3799.49 2.73 3438.54 3698.59 3623.75 5165.46 2.61 -2.35 -16.33 1.94 4436.09 FTSE Global Small Cap 4987 1086.19 -0.3 2.5 7.98.0 1.5 Industrial Metals & Mining
1516.00 92 532.16 0.8 0.8 13.6 914.45 13.6 2.5 Entain PLC 1439 27.50 Sainsbury (J) PLC 229.30 0.20
General Industrials (9) 5324.12 1.70 4818.33 5235.25 5243.42 4737.91 1.99 1.32 38.25 0.00 6669.30 FTSE All-World 3951 444.34 0.0 1.2 4.34.5 1.8 Mining
726.09 77 983.25 0.2 0.2 11.7 1706.97 11.7 2.8 Evraz PLC 564.80 9.00 Schroders PLC 3624 56.00
Electronic & Electrical Equipment (8) 11809.14 -0.09 10687.29 11819.93 11991.77 10126.34 0.98 2.33 43.67 0.00 11345.37 FTSE World 2562 785.56 0.1 1.2 3.84.0 1.8 Industrials
1723.20 738 545.68 -0.2 -0.2 4.2 841.85 4.3 1.5 Experian PLC 2330 -53.00 Scottish Mortgage Investment Trust PLC 1213 10.00
Industrial Engineering (9) 16661.85 1.85 15078.99 16358.52 16497.38 13279.08 1.16 2.57 33.53 0.00 21784.43 FTSE Global All Cap ex UNITED KINGDOM In 8649 805.70 0.0 1.3 4.74.8 1221.54
1.7 Construction & Materials 142 634.41 0.2 0.2 3.0 1026.54 3.0 1.8 Ferguson PLC 8774 98.00 Segro PLC 942.40 -17.80
Industrial Transportation (7) 5082.13 0.45 4599.33 5059.22 5137.13 3404.10 0.33 4.22 72.28 1.73 5164.47 FTSE Global All Cap ex USA 7195 594.59 0.0 1.5 5.55.6 1001.51
2.2 Aerospace & Defense 36 747.37 1.4 1.4 1.9 1134.49 2.0 2.0 Flutter Entertainment PLC 14020 250.00 Severn Trent PLC 2223 -9.00
Support Services (39) 9552.55 0.21 8645.07 9532.27 9547.93 9074.38 1.27 2.36 33.42 16.00 10636.23 FTSE Global All Cap ex JAPAN 7545 786.27 0.0 1.2 4.74.8 1225.45
1.8 General Industrials 71 262.55 0.1 0.1 3.7 445.67 4.2 2.1 Fresnillo PLC 965.80 -11.80 Smith & Nephew PLC 1434 24.50
FTSE Global All Cap ex Eurozone 8303 803.74 0.0 1.3 4.95.1 1215.42
1.8 Electronic & Electrical Equipment 139 714.50 -0.4 -0.4 6.8 999.11 6.8 1.2 Glaxosmithkline PLC 1213 -1.80 Smith (Ds) PLC 384.00 12.20
Consumer Goods (41) 17353.13 -0.76 15704.61 17486.88 17281.07 19705.67 3.96 1.43 17.69 23.80 14766.81
FTSE Developed 2131 717.79 0.0 1.2 3.73.9 1117.65
1.8 Industrial Engineering 145 1110.27 -0.2 -0.2 8.3 1704.80 8.4 1.4 Glencore PLC 302.50 -1.05 Smiths Group PLC 1522 32.50
Automobiles & Parts (2) 4765.20 -2.39 4312.51 4881.99 5051.43 4234.93 0.75 -3.32 -40.15 35.65 4911.13
FTSE Developed All Cap 5599 756.38 0.0 1.3 4.24.4 1161.05
1.8 Industrial Transportation 123 926.45 -0.2 -0.2 1.0 1438.36 1.1 1.6 Halma PLC 2364 -11.00 Smurfit Kappa Group PLC 3484 60.00
Beverages (6) 23264.71 -0.02 21054.59 23270.03 23242.39 23694.40 2.43 0.75 55.00 3.46 17878.56
FTSE Developed Large Cap 830 668.69 0.0 0.7 3.13.4 1059.74
1.8 Support Services 82 662.68 -1.0 -1.0 3.1 963.76 3.1 1.1 Hargreaves Lansdown PLC 1545 2.50 Spirax-Sarco Engineering PLC 10925 140.00
Food Producers (10) 7585.98 -0.27 6865.33 7606.20 7519.86 7692.38 1.43 3.03 23.13 0.00 7055.92
FTSE Developed Europe Large Cap 224 401.80 -0.2 0.3 2.32.5 2.5 Consumer Goods
752.44 531 613.88 -0.2 -0.2 0.5 992.79 0.5 2.0 Hikma Pharmaceuticals PLC 2417 37.00 Sse PLC 1385 6.50
Household Goods & Home Construction (13)13929.27 0.00 12606.01 13928.94 13794.72 15682.43 2.62 2.14 17.89 0.00 11224.83
FTSE Developed Europe Mid Cap 343 723.60 -0.3 1.8 3.63.7 1184.22
2.0 Automobiles & Parts 129 641.52 -1.3 -1.3 4.7 1009.59 4.8 1.4 HSBC Holdings PLC 429.30 1.30 St. James's Place PLC 1228 -3.50
Leisure Goods (2) 24734.66 0.59 22384.90 24588.68 24734.49 17736.72 1.82 1.62 33.86 0.00 25998.00
FTSE Dev Europe Small Cap 686 1005.97 -0.3 2.3 4.44.4 1586.12
1.6 Beverages 67 710.60 0.2 0.2 -3.8 1158.88 -3.8 2.4 Imperial Brands PLC 1400 - Standard Chartered PLC 509.40 2.00
Personal Goods (6) 28579.51 -1.96 25864.49 29149.61 28494.12 32221.25 3.46 1.42 20.35 1.34 21408.12
FTSE North America Large Cap 224 852.93 0.0 0.6 2.73.0 1248.12
1.6 Food Producers 132 702.82 -0.4 -0.4 -2.1 1159.27 -2.0 2.4 Informa PLC 550.80 -4.40 Standard Life Aberdeen PLC 326.70 5.50
Tobacco (2) 27236.35 -0.68 24648.93 27421.52 27119.73 33555.20 8.45 1.36 8.71 170.67 22499.56
FTSE North America Mid Cap 410 1132.94 0.0 3.4 6.87.0 1528.26
1.6 Household Goods & Home Construction 61 561.53 0.7 0.7 -2.5 904.04 -2.2 2.4 Intercontinental Hotels Group PLC 5150 -76.00 Taylor Wimpey PLC 166.60 2.65
Health Care (15) 10755.19 0.03 9733.46 10751.72 10770.70 12053.41 3.89 0.75 34.23 66.75 9416.54
FTSE North America Small Cap 1287 1252.84 -0.3 2.6 9.59.6 1629.21
1.2 Leisure Goods 44 354.08 -0.2 -0.2 7.3 488.84 7.3 0.9 Intermediate Capital Group PLC 1901 25.00 Tesco PLC 227.80 3.30
Health Care Equipment & Services (6) 6385.47 1.50 5778.86 6290.97 6314.39 8092.41 1.90 1.01 52.13 7.73 5890.29
FTSE North America 634 560.46 0.0 1.1 3.53.8 837.96
1.6 Personal Goods 84 1037.83 0.3 0.3 -1.5 1548.80 -1.5 1.4 International Consolidated Airlines Group S.A. 188.90 7.30 Unilever PLC 3839 -81.00
Pharmaceuticals & Biotechnology (9) 14966.57 -0.13 13544.76 14986.58 15009.73 16523.04 4.12 0.74 32.93 101.46 11780.51
FTSE Developed ex North America 1497 304.95 0.0 1.3 4.14.2 553.31
2.3 Tobacco 14 932.54 0.3 0.3 2.7 2376.72 2.9 6.6 Intertek Group PLC 5470 12.00 United Utilities Group PLC 883.60 -17.40
Consumer Services (79) 5296.22 0.57 4793.08 5266.44 5249.97 5270.78 1.56 0.87 73.56 0.03 5418.94 FTSE Japan Large Cap 178 478.97 0.0 3.0 5.65.6 1.9 Health Care
672.86 309 683.85 -0.4 -0.4 -0.3 1055.87 -0.2 1.8
Food & Drug Retailers (5) 4485.51 0.27 4059.40 4473.57 4494.39 4042.69 3.30 1.33 22.74 0.00 5708.93 Jd Sports Fashion PLC 850.80 2.80 Vodafone Group PLC 125.50 -4.44
FTSE Japan Mid Cap 335 688.20 0.0 3.9 6.86.8 916.67
1.9 Health Care Equipment & Services 113 1382.80 0.0 0.0 -0.6 1667.46 -0.6 0.7 Johnson Matthey PLC 3190 77.00 Whitbread PLC 3565 66.00
General Retailers (26) 2420.37 0.74 2190.44 2402.63 2399.08 2196.27 0.51 4.47 43.62 0.00 3028.45
FTSE Global wi JAPAN Small Cap 880 731.94 0.0 2.2 2.62.7 1010.07
2.0 Pharmaceuticals & Biotechnology 196 443.91 -0.7 -0.7 -0.2 729.31 0.1 2.4 Just Eat Takeaway.Com N.V. 6956 -76.00 Wpp PLC 872.60 6.00
Media (13) 8210.23 -0.60 7430.27 8259.49 8218.73 8841.16 1.68 2.67 22.28 0.18 5533.58
FTSE Japan 513 198.03 0.0 3.2 5.95.9 311.39
1.9 Consumer Services 440 716.10 0.1 0.1 3.8 1004.20 3.9 0.9 Kingfisher PLC 266.30 -0.10
Travel & Leisure (35) 8869.18 1.34 8026.62 8752.05 8703.94 9249.56 1.44 -1.51 -46.12 0.00 9102.42
FTSE Asia Pacific Large Cap ex Japan 923 960.62 0.3 1.1 9.89.9 1665.33
1.9 Food & Drug Retailers 69 305.14 -0.3 -0.3 2.1 464.61 2.5 2.5
Telecommunications (6) 1832.71 -2.72 1658.60 1883.95 1887.05 2121.15 4.68 0.91 23.40 0.00 2534.98 FTSE Asia Pacific Mid Cap ex Japan 893 1096.62 0.4 2.3 6.86.9 1826.21
2.4 General Retailers 148 1298.76 -0.4 -0.4 2.6 1750.02 2.6 0.6
Fixed Line Telecommunications (3) 1633.16 -1.19 1478.01 1652.83 1645.35 1866.83 0.41 27.51 8.84 0.00 1792.04
Mobile Telecommunications (3) 2864.84 -3.26 2592.69 2961.46 2972.79 3329.53 6.22 0.28 57.93 0.00 3601.38
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
1839
1816
693.12
748.33
-0.2
0.3
2.7
1.2
6.6
9.5
6.8
9.6
1128.09
2.1 Media
1378.24
1.9 Travel & Leisure
84 495.70
139 531.54
1.1
0.8
1.1
0.8
5.6 699.45
6.7 762.13
5.7
6.8
0.7
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 6850.42 -0.50 6199.64 6884.61 6814.37 8238.63 5.24 1.16 16.50 30.41 9614.47 FTSE Emerging All Cap 3339 969.83 0.1 1.5 9.09.1 1596.59
2.0 Telecommunication 89 158.40 0.2 0.2 2.9 346.98 3.4 4.1 Feb 24 Feb 23 Feb 22 Feb 19 Feb 18 Yr Ago
Electricity (3) 8269.48 0.59 7483.89 8220.81 8228.55 9106.36 5.65 1.03 17.12 128.41 15382.97 FTSE Emerging Large Cap 895 939.73 0.1 1.0 9.59.6 1556.82
1.9 Fixed Line Telecommuniations 38 117.64 0.3 0.3 1.2 290.34 2.0 5.2 - - - - - -
Gas Water & Multiutilities (5) 6116.39 -0.87 5535.35 6169.94 6083.55 7570.36 5.09 1.20 16.30 3.68 8463.60 FTSE Emerging Mid Cap 925 1103.11 0.5 3.1 5.35.4 1816.11
2.6 Mobile Telecommunications 51 193.18 0.1 0.1 4.9 368.65 5.0 2.9 Order Book Turnover (m) 105.91 164.09 80.38 80.38 80.38 48.03
Financials (306) 4680.34 0.83 4235.72 4641.96 4642.61 4834.69 2.90 1.59 21.71 6.15 4891.74 FTSE Emerging Small Cap 1519 922.98 0.0 4.2 8.38.4 1457.28
2.2 Utilities 190 308.95 0.6 0.6 -3.7 680.76 -3.3 3.4 Order Book Bargains 1257149.00 1096070.00 894771.00 894771.00 894771.00 1019327.00
Banks (11) 2762.19 0.85 2499.79 2738.78 2721.20 3309.50 3.40 1.39 21.11 0.00 2276.68 FTSE Emerging Europe 76 383.75 0.3 2.1 3.63.8 728.92
4.8 Electricity 130 347.71 0.5 0.5 -3.7 755.87 -3.3 3.4 Order Book Shares Traded (m) 2043.00 1669.00 1645.00 1645.00 1645.00 1584.00
Nonlife Insurance (7) 3713.93 0.58 3361.11 3692.42 3674.19 3590.44 2.96 1.73 19.51 0.00 7366.00 FTSE Latin America All Cap 244 783.10 2.6 -1.1 -4.7
-4.6 1344.52
2.5 Gas Water & Multiutilities 60 309.02 0.8 0.8 -3.6 701.70 -3.4 3.3 Total Equity Turnover (£m) 5676.41 5109.81 7264.10 7264.10 7264.10 4755.68
Life Insurance/Assurance (6) 7841.43 0.88 7096.50 7773.01 7770.61 7866.35 3.43 1.98 14.75 0.00 8914.33 FTSE Middle East and Africa All Cap 321 692.52 -0.6 1.9 6.06.2 2.9 Financials
1198.56 866 270.44 0.8 0.8 7.2 492.55 7.4 2.7 Total Mkt Bargains 1564732.00 1450633.00 1204019.00 1204019.00 1204019.00 1387837.00
Real Estate Investment & Services (17) 2494.43 0.66 2257.47 2478.04 2477.96 2960.50 1.02 3.06 32.22 0.87 7189.67 FTSE Global wi UNITED KINGDOM All Cap In 289 336.25 0.7 2.7 6.16.3 3.1 Banks
643.84 271 206.14 1.1 1.1 11.8 412.45 12.2 3.0 Total Shares Traded (m) 9619.00 10230.00 12586.00 12586.00 12586.00 12209.00
Real Estate Investment Trusts (40) 2538.16 1.20 2297.03 2508.10 2453.13 2904.36 2.62 -2.03 -18.88 6.78 3622.44 FTSE Global wi USA All Cap 1743 978.45 0.0 1.2 4.24.4 1.5 Nonlife Insurance
1381.41 74 309.42 0.6 0.6 3.4 487.41 3.7 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (40) 10691.12 0.87 9675.48 10598.79 10628.66 10673.04 3.11 1.11 29.02 17.76 13866.94 FTSE Europe All Cap 1404 484.13 -0.2 0.8 2.82.9 2.4 Life Insurance
871.45 53 253.88 1.3 1.3 9.2 456.80 9.5 3.1 (c) Market closed.
Equity Investment Instruments (185) 12976.89 0.66 11744.10 12891.70 13080.27 10893.38 2.21 3.54 12.81 38.97 7792.46 FTSE Eurozone All Cap 635 476.48 -0.2 1.4 2.83.0 2.0 Financial Services
854.33 209 438.62 0.4 0.4 4.4 646.78 4.6 1.6
Non Financials (297) 4497.90 0.56 4070.61 4472.98 4459.22 4647.09 3.08 1.25 25.92 10.80 7626.34 FTSE EDHEC-Risk Efficient All-World 3951 493.91 0.1 2.0 4.64.8 2.0 Technology
745.78 309 551.56 -0.5 -0.5 6.0 708.38 6.1 0.8
Technology (16) 2051.62 0.42 1856.72 2043.11 2072.66 2119.28 1.87 1.02 52.55 11.99 2879.72 FTSE EDHEC-Risk Efficient Developed Europe 567 382.49 -0.3 0.7 2.42.5 2.0 Software & Computer Services
638.67 166 900.07 -0.4 -0.4 7.1 1078.67 7.2 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 2213.27 0.00 2003.02 2213.35 2240.60 2318.70 1.95 0.84 60.90 14.34 3289.11 Oil & Gas 127 295.45 1.3 6.6 14.5
15.4 556.76
4.3 Technology Hardware & Equipment 143 446.47 -0.5 -0.5 4.7 612.18 4.8 1.2 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (3) 4802.54 4.38 4346.31 4600.97 4760.85 4116.57 1.23 3.47 23.47 0.00 5961.58 Oil & Gas Producers 90 281.29 1.7 8.3 16.4
17.4 4.3 Alternative Energy
541.66 11 245.96 -2.8 -2.8 -8.4 349.58 -8.4 0.7 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 162 374.25 0.7 0.7 4.3 690.46 4.3 2.6 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 97 468.14 0.7 0.7 3.0 1034.46 3.2 3.5 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6594.79 6590.75 6615.74 6611.72 6631.14 6641.38 6603.96 6606.18 6643.90 6669.20 6572.42 FTSE Global Large Cap 1725 659.57 0.0 0.0 1.3 1047.63 1.3 1.9
FTSE 250 21098.01 21126.97 21244.71 21258.66 21328.14 21302.00 21211.75 21184.04 21246.78 21329.61 21064.18 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index®
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 6497.36 6495.80 6504.09 6515.17 6523.62 6528.74 6523.49 6518.74 6521.04 6537.20 6488.15
FTSE All-Share 3758.80 3757.86 3772.97 3771.82 3782.91 3786.79 3767.02 3767.05 3786.04 3799.76 3747.88 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ.
Time of FTSE 100 Day's high:16:26:15 Day's Low08:48:00 FTSE 100 2010/11 High: 6873.26(08/01/2021) Low: 6407.46(29/01/2021) Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
Time of FTSE All-Share Day's high:16:26:00 Day's Low08:48:00 FTSE 100 2010/11 High: 3880.43(08/01/2021) Low: 3641.93(29/01/2021) of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Athelney Trust Pre 0.013L 1.081 0.600L 50.100 7.70000 9.30000 Apr 6 9.400 9.300 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Georgia Capital Pre 0.000 1473.437 330.334 608.899 8.230 16.448 0.00000 0.00000 - 0.000 0.000 02/23 600.00 ATG Auction Technology Group PLC 800.00 0.00 839.00 734.63 0.0
There are currently no rights offers by any companies listed on the LSE. Haydale Graphene Industries Int 1.277 1.347 1.933L 2.724L 0.000 1.000L 0.00000 0.00000 - 0.000 0.000 02/16 100.00 CORD Cordiant Digital Infrastructure Ltd 99.60 -0.20 101.00 97.75 36852.0
HSBC Holdings Pre 63074.000 71024.000 8777.000 13347.000 0.190 0.300 15.00000 0.00000 Apr 29 15.000 39.600 02/16 7.00 AIM CUSN Cornish Metals Inc 9.35 -0.35 13.00 8.55 2497.8
Keras Resources Pre 0.000 0.000 1.242L 0.471L 0.040L 0.022L 0.00000 0.00000 - 0.000 0.000 02/09 1.48 MXC MGC Pharmaceuticals Ltd 4.82 -0.51 9.30 2.00 10742.9
Lloyds Banking Group Pre 29167.000 42356.000 1226.000 4393.000 1.200 3.500 0.00000 0.00000 - 0.000 1.120 02/01 134.00 AIM SUP Supreme PLC 180.00 0.00 188.00 140.00 20970.0
Metro Bank Pre 432.600 415.600 311.400L 130.800L 175.000L 123.900L 0.00000 0.00000 - 0.000 0.000
N4 Pharma Pre 0.000 0.000 1.566L 0.949L 0.960L 0.870L 0.00000 0.00000 - 0.000 0.000
Netcall Int 13.351 12.267 0.963 0.136 0.910 0.030 0.00000 0.00000 - 0.249 0.200
Power Metal Resources Pre 0.009 0.000 1.414L 1.586L 0.250L 0.550L 0.00000 0.00000 - 0.000 0.000
Reckitt Benckiser Group Pre 13993.000 12846.000 1873.000 2107.000L 167.000 519.700L 0.00000 101.6000 - 73.000 174.600
0
Seneca Growth Capital VCT Pre 1.297 0.715L 12.800 6.700L 5.00000 0.00000 Oct 30 13.000 8.000
Town Centre Securities Int 11.737 17.367 3.518L 0.241L 6.600L 0.500L 0.00000 3.25000 - 1.740 11.750

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.
Thursday 25 February 2021 ★ FINANCIAL TIMES 11

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 29.47 0.29 38.51 26.08 7.70 17.90 210003.22 Lowes 161.08 -7.51 180.67 60.00 1.52 20.81 118027
ANZ 26.63 -0.18 26.95 14.10 3.89 22.25 60003.63 Nokia 3.29 0.00 4.95 2.08 - 23.51 22607.97 AstellasPh 1762 -17.00 1982 0.00 2.55 21.41 30966.81 AtlasCpcoB 417.80 1.10 436.70 223.20 1.61 33.68 19616.71 AutomData 174.38 2.32 179.46 103.11 2.28 27.76 74624.22 Lyondell 106.88 3.88 107.29 33.71 4.29 27.61 35689.27
BHPBilltn 48.86 -1.57 50.51 24.05 4.16 21.60 113973.96 SampoA 36.95 0.15 40.37 21.34 4.28 16.14 24822 Bridgestne 4176 -23.00 4498 2861.5 3.41 34.22 28134.27 Ericsson 103.85 -0.50 114.10 59.54 1.46 23.63 38391.31 Avago Tech 472.57 0.67 495.14 155.67 3.00 68.47 192902.33 Marathon Ptl 56.79 1.02 57.01 15.26 4.36 -3.40 36950.46
CmwBkAu 82.78 -0.51 89.20 53.44 5.17 20.61 116290.44 France (€) Canon♦ 2340 1.50 2839.5 0.00 5.61 36.21 29461.53 H&M 197.20 1.70 197.80 98.13 2.50 108.58 34658.43 BakerHu 22.08 0.09 31.26 20.09 3.24 -1.40 11412.93 Marsh&M 119.33 1.00 120.97 74.34 1.67 27.49 60641.9
CSL 267.96 - 332.68 242.67 1.08 40.17 96542.9 Airbus Grpe 102.72 3.77 127.36 48.12 - -12.19 97644.37 CntJpRwy 17820 220.00 19860 0.00 0.86 119.09 34652.57 Investor 632.40 4.60 656.20 370.10 2.08 6.06 34658.88 BankAm 36.28 0.76 36.30 17.95 2.16 16.47 313850.65 MasterCard 362.83 12.41 367.25 199.99 0.46 49.96 357440.85
NatAusBk 24.90 0.05 26.80 13.20 4.48 22.86 65009.56 AirLiquide 129.30 -1.05 144.45 94.86 2.21 25.64 74247.01 Denso 6428 -244.00 6978 0.00 2.38 -42.43 47811.49 Nordea Bk 76.43 0.31 83.53 48.00 - 12.84 37244.57 Baxter 77.76 -0.38 95.19 69.10 1.30 40.29 39279.25 McDonald's 211.33 0.01 231.91 124.23 2.58 29.59 157464.38
Telstra 3.13 -0.10 3.65 2.66 3.17 20.62 29477.3 AXA 20.31 0.22 23.75 11.84 3.80 16.58 59529.91 EastJpRwy 7686 61.00 8959 0.00 1.89 -10.42 27420.48 SEB 97.62 0.84 100.45 59.80 - 12.75 25488.94 BectonDick 246.35 -1.35 284.97 197.75 1.40 83.36 71579.45 McKesson 179.50 -1.08 187.67 112.60 1.00 12.79 28570.55
Wesfarmers 50.38 -0.55 56.40 29.75 3.01 35.44 45232.58 BNP Parib 50.17 0.72 52.02 24.51 - 8.61 76011.2 Fanuc 26300-1285.00 29700 0.00 0.80 75.19 50130.28 SvnskaHn 90.10 1.66 107.15 71.70 - 11.29 21083.56 BerkshHat 375559.61 4504.61 376315 239440 - 15.62 243807.29 Medtronic 118.98 0.98 120.53 72.13 2.05 41.81 160149.45
Westpc 24.05 -0.11 25.13 13.47 3.28 38.25 69864.37 ChristianDior 460.00 -1.40 470.00 252.40 1.10 43.08 100657.6 FastRetail 107000 2100 108450 0.00 0.48 113.57 107140.05 Swedbank 149.08 1.82 165.90 99.14 - 12.87 20305.67 Biogen 283.80 4.72 363.92 223.25 - 8.58 43232.12 Merck 75.10 0.56 87.80 65.25 3.54 15.20 190005.59
Woolworths 39.50 0.41 42.28 32.12 2.59 43.18 39577.98 Cred Agr 11.66 0.30 12.80 5.70 - 8.10 41227.04 Fuji Hvy Ind 2041 6.00 2861.5 1671.5 3.00 13.24 14819.35 Telia Co 34.25 -0.21 41.15 30.29 6.15 45.10 16853.66 BkNYMeln 44.35 0.52 46.84 26.40 3.05 8.96 39300.12 Metlife♦ 59.03 1.60 59.07 22.85 3.33 8.82 52206.09
Belgium (€) Danone 57.96 0.34 70.30 46.03 - 18.84 48244.11 Hitachi 4962 28.00 5100 0.00 2.21 29.09 45335.79 Volvo 221.50 8.20 221.90 95.00 - 26.51 42323.76 BlackRock 706.91 3.75 788.00 323.98 2.19 21.54 107811.34 Microsoft♦ 231.97 -1.30 245.92 132.52 0.93 33.521749589.66
AnBshInBv 53.19 0.05 65.31 29.03 2.44 -38.06 109179.85 EDF 10.06 0.04 13.61 5.98 1.58 17.96 37804.41 HondaMtr 2989 11.50 3176 0.00 3.15 19.07 51110.21 Boeing 223.98 11.86 321.74 89.00 2.00 -26.07 130579.64 Mnstr Bvrg 87.96 -0.37 95.11 50.06 - 36.33 46432.92
Switzerland (SFr)
KBC Grp 61.20 0.78 68.22 33.44 1.72 15.53 30914.53 Engie SA 12.65 -0.03 16.40 8.63 - -26.58 37330.34 JapanTob 1929 -7.50 2234 0.00 8.74 10.78 36418.56 Booking Holdings 2430.21 70.84 2445 1107.29 - 67.12 99528.83 MondelezInt 54.69 -0.11 60.00 41.19 2.33 23.66 77227.13
ABB 26.78 0.53 27.52 14.11 3.08 117.45 63868.68
EssilorLuxottica 136.95 0.50 140.20 86.76 - -4318.30 72883.15 KDDI 3375 -16.00 3439 2604 3.89 10.67 73409.22 BrisMySq 62.27 1.55 67.16 45.76 3.15-190.35 139518.2 Monsanto - - - - - - -
Brazil (R$) CredSuisse 13.25 0.29 13.29 6.18 1.13 8.03 35675.56
Hermes Intl 937.80 -5.40 1018 516.00 0.51 84.01 120016.72 Keyence 53140-3610.00 59310 28905 0.41 64.04 121999.87 CapOne 124.92 2.38 124.92 38.00 1.13 55.61 57138.04 MorganStly 79.04 1.54 79.13 27.20 1.93 12.24 142999.03
Ambev 14.71 0.02 16.91 10.36 3.50 25.60 42658.69 Nestle 96.75 0.05 112.62 83.37 3.05 18.93 306607.37
LOreal 307.20 -4.50 321.40 196.00 1.32 50.28 208498.69 MitsbCp 3020 37.50 3045 0.00 4.89 10.96 42355.08 CardinalHlth 52.65 0.67 59.46 39.05 4.01 15.18 15461.6 MylanNV 15.86 0.31 23.11 12.75 - 29.73 8586.21
Bradesco 21.53 0.06 25.73 14.05 1.22 6.63 17598.37 Novartis 79.37 1.03 93.07 65.09 3.60 24.05 215389.54
LVMH 532.80 -6.60 545.20 278.70 0.95 57.34 326017.03 MitsubEst 1893 43.50 2107 0.00 1.73 15.46 24862.27 Carnival 27.95 1.49 39.75 7.80 1.89 -2.01 26062.97 Netflix 553.11 6.96 593.29 290.25 - 81.94 244969.8
Cielo 3.79 -0.02 7.47 3.23 1.84 19.51 1897.7 Richemont 89.38 1.42 90.00 44.64 1.20 195.14 51321.48
Orange 9.77 -0.02 13.40 8.63 5.41 9.43 31498.5 MitsubishiEle 1581.5 -20.00 1734 0.00 2.49 17.33 32055.51 Caterpillar 226.42 6.24 226.51 87.50 1.98 34.38 123467.7 NextEraE 73.54 -1.17 87.69 43.70 2.02 34.06 144129.18
ItauHldFin 24.51 -0.44 29.38 19.46 3.58 12.35 22397.49 Roche 302.55 2.60 357.85 265.75 3.26 18.49 233814.04
PernodRic 160.50 - 166.45 112.25 2.05 120.50 50952.45 MitsuiFud 2501 106.00 2845 1538 1.93 17.60 22789.16 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike 134.49 -1.64 147.95 60.00 0.79 71.95 171001.18
Petrobras 23.93 0.45 32.34 10.50 2.32 -6.32 32823.38 Swiss Re 86.62 2.18 102.95 52.68 7.25 -17.96 30251.48
Renault 36.97 0.26 40.94 12.77 - -1.13 13251.6 MitUFJFin 560.50 -2.80 573.00 380.00 4.88 14.14 71862.06 CharlesSch 65.24 2.57 65.41 28.00 1.19 27.70 117250.13 NorfolkS 262.35 4.46 262.46 112.62 1.56 31.00 71420.47
Vale 97.15 0.20 103.35 32.45 4.74 32.84 94616.94 Swisscom 468.20 0.70 571.80 446.70 5.07 13.56 26678.77
Safran 121.00 2.35 141.45 51.10 - 73.37 58758.86 Mizuho Fin 1581 -7.50 1619 1084 2.86 14.48 37896.4 Charter Comms 613.06 10.29 681.71 345.67 - 44.72 118768.72 Northrop 301.83 3.15 365.85 263.31 2.00 18.87 50320.61
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.99 43035.76
Sanofi 76.63 0.01 95.82 67.65 4.35 8.19 116952.15 Murata Mfg 9300 -582.00 10835 0.00 1.24 28.29 59327.46 Chevron Corp 102.69 3.06 106.96 51.60 5.37 -15.34 191755.44 NXP 181.51 0.43 200.19 58.41 0.90-320.09 50777.35
BCE 54.84 -0.08 64.36 46.03 6.15 21.21 39472.07 UBS 14.44 0.31 14.48 7.00 2.48 9.58 61275.39
Sant Gbn 43.41 0.55 43.99 16.41 3.02 17.07 28031.92 NipponTT 2794 -24.50 2913.5 2127 3.82 11.02 102881.98 Chubb 170.73 1.98 171.14 87.35 1.95 31.06 77062.49 Occid Pet 28.20 2.14 40.55 8.52 6.19 -1.62 26260.11
BkMontrl♦ 108.07 3.17 108.57 55.76 4.03 13.93 55641.1 Zurich Fin 379.50 6.40 424.30 248.70 5.69 16.69 62808.97
Schneider 123.60 -0.10 130.70 61.72 2.18 29.60 84966.45 Nissan Mt 586.00 -1.20 664.50 311.20 - -1.96 23347.69 Cigna 213.16 0.49 230.90 118.50 0.02 13.70 77007.73 Oracle 64.74 0.24 66.20 39.71 1.57 18.63 190596.76
BkNvaS 76.61 2.51 76.68 46.38 4.83 14.07 73911.49 Nomura 628.50 -3.60 662.20 367.40 4.35 7.59 19184.34 Taiwan (NT$) Cisco 45.48 -0.03 49.34 32.40 3.43 16.89 192006.81 Pepsico 131.57 -1.21 148.77 101.42 3.28 23.89 181512.35
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 54.60 0.24 59.13 31.35 1.17-1086.80 68475.48 Nppn Stl 1566.5 15.00 1591.5 0.00 5.46 4.78 14052.75 Chunghwa Telecom 109.50 - 117.00 103.00 4.05 24.51 30504.38 Citigroup♦ 68.27 1.53 74.05 32.00 3.26 12.23 142124.98 Perrigo 41.62 -0.88 63.86 40.01 2.32-763.23 5680.77
SocGen 20.38 0.26 30.43 10.77 - -23.56 21083.17
CanadPcR 457.39 -0.53 482.74 252.00 0.77 26.45 48516.17 NTTDCMo 3880 - 3928 2678 3.25 19.99 120882.79 Formosa PetChem 100.50 -1.50 104.00 66.10 3.03 213.51 34379.86 CME Grp 202.11 3.36 225.36 131.80 1.78 30.89 72554.96 Pfizer♦ 33.83 -0.09 43.08 26.41 4.84 20.01 188012.76
Total 38.98 0.67 43.69 21.12 6.99 -19.26 124253.56
CanImp 117.48 0.78 117.57 67.52 5.09 13.91 41873.45 Panasonic 1424.5 -17.00 1520 691.70 1.92 17.49 32992.9 HonHaiPrc 110.50 -2.00 125.00 65.70 3.99 14.22 55010.84 Coca-Cola 50.61 0.07 59.80 36.27 3.51 24.05 217493.17 Phillips66 87.03 1.50 89.79 40.04 4.51 -12.89 38014.72
UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04
CanNatRs 37.70 1.32 38.58 9.80 4.49 -75.00 35567.55 Seven & I 4275 73.00 4373 2937.5 2.47 19.63 35772.3 MediaTek 940.00 -8.00 1010 273.00 1.17 43.69 53678.79 Cognizant 73.66 0.78 82.73 40.01 1.27 25.02 39085.05 PhilMorris 87.47 1.03 89.18 56.01 5.87 16.24 136230.31
Vinci 87.90 0.28 103.35 54.76 2.45 29.07 63030.67
CanNatRy 137.45 0.60 149.11 92.01 1.69 28.09 77847.96 ShnEtsuCh 17925 -815.00 19710 8751 1.34 23.54 70502.48 TaiwanSem 625.00 -2.00 679.00 235.50 1.68 30.92 581993.66 ColgtPlm 76.79 -0.70 86.41 58.49 2.47 22.50 65161.13 PNCFin 178.47 5.25 178.73 79.41 2.81 22.21 75617.93
Vivendi 29.40 -0.24 32.35 16.60 2.16 18.32 42276.71
Enbridge♦ 44.82 0.02 54.65 33.06 7.25 45.51 72247.45 Softbank 9982 -548.00 10630 2609.5 0.48 -66.22 196918.17 Thailand (THB) Comcast 53.38 0.04 53.60 31.71 1.84 21.95 244011.29 PPG Inds♦ 136.75 1.78 153.81 69.77 1.65 27.62 32380.88
GtWesLif 32.15 0.13 33.75 18.88 5.51 11.42 23739.93 Germany (€)
Sony 11325 -655.00 12545 0.00 0.48 13.82 134813.72 PTT Explor 39.50 -1.00 45.00 23.60 5.71 26.35 37554.63 ConocPhil 53.69 1.59 56.94 20.84 3.41 -44.36 72735.71 Praxair 164.50 -0.99 169.75 140.00 2.29 39.25 47306.22
ImpOil 29.33 0.77 31.52 10.27 3.08 -47.65 17134.59 Allianz 200.45 2.19 227.90 117.10 5.06 11.84 100185.67
SumitomoF 3765 2.00 3861 2507.5 5.67 16.77 48834.29 United Arab Emirates (Dhs) Corning 38.27 0.62 39.16 17.44 2.45 134.96 29401.6 ProctGmbl 127.43 -0.09 146.92 94.34 2.52 23.36 313785.69
Manulife 25.23 0.79 25.38 12.58 4.43 9.28 38962.06 BASF 69.40 1.08 69.63 37.36 5.02 -30.60 77271.97
Takeda Ph 3605 -82.00 4216 2894.5 5.47 92.74 53644.95 Emirtestele 19.88 -0.06 20.80 11.04 4.39 17.70 47069.01 Costco 340.37 -1.78 393.15 271.28 0.85 33.09 150767.56 Prudntl 88.51 3.14 89.56 38.62 5.30-270.55 35138.47
Nutrien 71.01 0.46 73.23 34.80 3.47 304.83 32176.11 Bayer 55.11 1.77 73.63 39.91 5.36 -3.21 65633.09
TokioMarine 5252 -99.00 6181 4167 4.06 16.35 34803.45 United Kingdom (p) CrownCstl 160.92 -0.72 180.00 114.18 3.25 92.23 69406.7 PublStor 242.08 -0.26 246.21 155.37 3.60 34.21 42320.94
RylBkC 112.39 0.22 113.39 72.00 3.92 13.99 127375.88 BMW 70.39 1.07 77.31 36.60 3.75 12.59 51368.56
Toyota 7891 -169.00 8497 0.00 3.05 13.11 243057.65 CSX 93.04 1.35 97.54 46.81 1.20 23.70 70943.47 Qualcomm 138.47 1.35 167.94 58.00 2.00 28.09 157298.97
Suncor En 27.29 0.95 39.30 14.02 4.91 -6.33 33123.53 Continental 120.50 2.05 126.55 51.45 2.63 -15.56 29216.18 AscBrFd 2437 -17.00 2560 1554 1.41 42.31 27199.43
Mexico (Mex$) CVS 69.96 0.32 77.23 52.04 3.12 10.60 91742.39 Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46
ThmReut 110.26 -1.89 115.66 75.91 1.86 21.46 43621.17 Daimler 65.84 0.51 67.61 21.02 1.442080.64 85388.83 AstraZen 7120 -16.00 10120 5871 3.05 48.45 127123.39
AmerMvl 13.46 -0.06 16.82 12.33 2.70 12.46 30028.29 Danaher 224.93 1.08 248.86 119.60 0.34 48.19 159785.2 Regen Pharm 466.64 -1.39 664.64 386.84 - 15.69 49129.23
TntoDom 79.48 1.45 79.49 49.01 4.02 12.03 114905.93 Deut Bank 10.19 0.26 10.22 4.45 - -13.05 25520.54 Aviva 372.90 -1.80 398.50 205.70 2.55 6.79 21098.21
FEMSA UBD 143.95 1.47 172.00 112.72 2.11 276.84 15199.78 Deere 344.47 7.06 345.49 106.14 0.96 36.36 108308.72 S&P Global 326.94 1.76 379.87 186.06 0.86 30.04 78694.46
TrnCan 55.86 -0.03 75.62 47.05 5.84 11.51 41790.6 Deut Tlkm 14.77 0.05 16.40 10.41 4.29 21.21 85253.82 Barclays 164.58 5.40 174.64 73.04 - 14.58 39592.2
WalMrtMex 62.03 -0.72 68.25 47.76 0.90 33.53 52919.57 Delphi 17.02 0.31 18.51 5.39 - -7.42 1469.67 Salesforce 238.34 2.70 284.50 115.29 - 57.37 218081.1
ValeantPh 30.80 -1.06 36.02 14.01 - -4.20 8158.48 DeutsPost 41.82 0.38 43.84 19.11 2.90 19.72 62686.49 BP 298.80 15.30 461.30 188.52 9.41 -3.61 83957.69
Delta 49.88 1.54 55.38 17.51 1.76 -2.76 31830.82 Schlmbrg♦ 29.18 1.44 31.99 11.87 3.09 -3.74 40628.07
E.ON 8.56 -0.09 11.27 7.60 5.67 17.64 27402.28 Netherlands (€) BrAmTob 2584.5 -21.50 3380.2 2362.5 5.96 9.33 67933.69
China (HK$) Devon Energy 21.95 0.36 22.50 4.70 1.99 -3.06 14774.55 Sempra Energy 122.69 -0.87 158.23 88.00 3.65 17.34 35392.41
Fresenius Med 57.86 -0.16 79.96 53.50 2.19 12.22 20542.65 Altice 5.34 0.00 6.86 2.26 - -4.03 9137.97 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 2.88 -0.08 3.30 2.38 7.85 4.38 11416.09 DiscFinServ♦ 96.75 1.45 100.96 23.25 1.98 27.22 29672.42 Shrwin-Will 686.02 -10.57 758.00 325.43 0.82 30.58 61468.67
Fresenius SE 35.43 -0.20 48.85 24.25 2.50 10.33 19424.29 ASML Hld 473.45 0.55 502.60 177.52 0.53 56.46 240766.98 BT 130.65 -1.65 155.32 94.68 3.54 8.60 18275.15
Bk China 2.76 -0.03 3.19 2.33 8.62 4.04 29762.84 Disney 199.36 2.27 200.60 79.07 0.48-116.44 361891.01 SimonProp 120.21 5.09 141.05 42.25 4.99 25.05 39444.25
HenkelKgaA 74.55 0.05 86.10 54.65 2.59 17.33 23478.66 Heineken 85.82 0.32 101.85 68.82 2.07 50.42 59924.77 Compass 1493.5 -15.50 1926 865.80 1.80 186.69 34627.46
BkofComm 4.51 - 5.22 3.66 8.69 4.13 20362.55 DominRes 71.19 -0.85 90.89 57.79 5.73 24.45 58078.16 SouthCpr 77.88 -1.39 83.15 23.43 1.96 43.02 60206.95
Linde 212.10 2.20 226.40 130.45 1.60 56.41 134950.61 ING 9.22 0.11 9.67 4.23 - 19.41 43578.78 Diageo 2945 3.00 3125.1 2050.6 2.37 60.72 104520.91
BOE Tech 0.85 -0.03 1.10 0.47 - -5.40 21.81 DowDupont 30.52 -0.65 48.38 30.06 3.83 -7.69 68559.76 Starbucks♦ 103.18 1.81 107.75 50.02 1.68 175.51 121473.81
MuenchRkv 241.30 3.90 268.70 141.10 4.28 26.23 40981.29 Unilever 44.58 -0.80 53.66 38.42 - 21.79 165226.62 GlaxoSmh 1213 -1.80 1772.51 1196 6.60 9.60 84099.71
Ch Coms Cons 3.87 -0.08 6.40 3.21 7.48 3.28 2205.08 DukeEner♦ 87.61 -1.43 103.79 62.13 4.73 29.32 64477.33 StateSt 75.47 1.41 81.08 42.10 3.01 11.02 26549.32
SAP 103.22 0.32 143.32 82.13 1.61 23.92 153721.26 Norway (Kr) Glencore 302.50 -1.05 310.55 2.44 2.64 -14.95 61516.47
Ch Evrbrght 3.29 -0.08 3.97 2.40 8.05 4.57 5379.21 Eaton 132.21 1.35 133.62 56.42 2.39 35.66 52698.91 Stryker 247.40 0.84 248.69 124.54 1.01 49.21 93072.11
Siemens 130.92 1.30 137.52 53.02 3.14 25.54 134901.99 DNB 168.45 -1.60 176.05 94.26 - 13.86 30920.11 HSBC 429.30 1.30 558.80 281.50 1.81 -50.45 121349.02
Ch Rail Cons 5.07 -0.16 9.99 4.07 5.10 3.12 1357.5 eBay 59.43 -1.94 64.85 26.02 1.14 16.37 40438.89 Sychrony Fin 39.75 1.27 40.69 12.15 2.41 16.57 23209.3
Volkswgn 195.10 3.00 195.70 99.16 2.60 22.89 69791.88 Equinor♦ 164.15 3.45 170.40 95.20 4.95 -17.65 63096.23 Imperial Brands♦ 1400 - 1758 1142 13.27 8.86 18824.11
Ch Rail Gp 3.92 -0.10 4.85 3.33 5.30 3.07 2126.88 Ecolab 214.35 3.19 231.36 124.60 0.96 47.95 61185.17 T-MobileUS 118.15 -1.07 135.54 63.50 - 40.89 146646.22
Hong Kong (HK$) Telenor 140.50 0.70 163.80 130.75 5.89 18.32 23279.42 LlydsBkg 39.34 0.12 59.94 23.59 - 23.14 39966.53
ChConstBk 6.24 -0.13 6.66 4.93 6.37 5.18 193461.41 Emerson 88.44 1.64 88.66 37.75 2.47 25.03 53066.62 Target♦ 187.01 0.65 199.96 90.17 1.55 22.75 93649.59
AIA 101.40 -4.00 109.30 60.05 1.42 25.43 158155.79 Natl Grid 828.60 -8.20 1068.6 789.13 5.86 19.54 39210.12
China Vanke 29.90 -0.60 32.70 21.65 4.20 6.73 7301.1 Qatar (QR) EOG Res 71.31 3.46 71.87 27.00 2.03-123.38 41600.72 TE Connect 129.57 0.53 132.65 48.62 1.58-152.33 42873.26
BOC Hold 25.10 -0.15 27.30 20.05 6.99 7.71 34222.08 Natwest Group 186.55 0.75 189.55 90.54 - 29.15 31470.31
ChinaCitic 3.68 -0.06 4.18 2.93 8.12 3.66 7062.48 QatarNtBk 16.85 0.04 19.50 15.71 3.67 13.73 42744.81 EquityResTP 69.21 0.69 87.19 45.43 3.74 24.89 25792.02 Tesla Mtrs 727.66 28.82 900.40 70.10 - 1268.57 698447
Ch OSLnd&Inv 18.66 -0.40 28.50 14.92 6.24 4.01 26338.95 Prudential 1431 11.00 1473 682.80 2.59 35.22 52196.51
ChinaLife 16.76 -0.16 21.90 11.64 5.46 7.44 16082.69 Russia (RUB) Exelon 40.69 -0.12 50.47 29.28 4.05 15.35 39691.17 TexasInstr 176.38 3.53 181.80 93.09 2.23 30.58 162311.79
ChngKng 45.95 0.05 50.55 33.40 5.22 7.31 21885.43 ReckittB 5882 -88.00 8020 5130 2.97 -15.21 58395.83
ChinaMBank 62.70 -3.65 69.45 29.80 2.38 14.07 37120.1 Gzprm neft 185.71 -3.02 272.68 158.17 - -71.33 58976.64 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TheTrvelers 150.88 1.55 152.29 76.99 2.41 15.83 38052.84
Citic Ltd 6.71 -0.03 9.42 5.20 7.91 3.61 25171.8 RELX 1713.5 -17.50 2044 1382.86 2.67 26.12 46679
ChinaMob 54.80 -1.10 65.70 39.00 6.80 8.49 144696.55 Lukoil 4745.5 -157.00 6810 3663 10.47 32.79 44107.51 ExxonMb 56.63 1.58 57.80 30.11 6.70 66.57 239423.76 ThrmoFshr 460.62 1.81 532.57 250.21 0.20 34.62 182557.93
Citic Secs 17.06 -0.46 21.45 12.60 3.64 12.16 5012.32 RioTinto 6355 43.00 6553 2954 4.81 17.82 120163.48
ChinaPcIns 38.20 -3.25 42.75 17.90 3.94 11.61 13671.52 MmcNrlskNckl 20150 -66.00 23656 13352 11.57 14.96 42774.79 Facebook 263.04 -2.82 304.67 137.10 - 27.47 632729.15 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
CK Hutchison 59.10 1.00 69.30 45.05 6.12 5.78 29389.69 RollsRoyce 111.90 5.25 223.40 0.90 1.41 -1.08 2934.03
ChMinsheng 4.70 -0.09 6.06 3.85 9.79 3.90 5042.93 Novatek 973.20 -3.20 1382.2 682.80 3.05 46.54 39639.58 Fedex 259.54 4.91 305.66 88.69 0.79 26.74 68795.1 TJX Cos♦ 70.15 -0.08 71.06 32.72 0.71 105.47 84224.28
CNOOC 9.64 -0.76 11.62 6.24 9.27 8.38 55503.04 RylDShlA 1481.6 47.80 1899.37 878.10 6.50 -8.91 96023.18
ChMrchSecs 21.58 -0.14 28.18 13.41 - 18.91 24819.78 Rosneft 324.00 -11.00 489.90 229.80 9.45-126.68 46063.6 FordMtr 12.04 0.42 12.15 3.96 2.72-275.91 47030.89 Truist Financial Corp♦ 60.22 1.49 60.24 24.01 3.26 19.11 81188.4
HangSeng 149.10 -3.40 163.70 110.00 6.05 12.52 36759.8 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 4.36 -0.02 6.16 4.01 1.43 23.97 20631.89 Sberbank 188.91 -2.03 270.80 172.15 9.07 5.92 54705 Franklin 27.48 0.41 28.59 14.91 4.29 15.85 13888.5 UnionPac 210.82 3.86 221.28 105.08 2.01 24.63 141213.43
HK Exc&Clr 509.00 -49.00 587.00 206.00 1.50 59.77 83219.4 StandCh 509.40 2.00 616.20 334.25 - 25.43 23675.94
ChShenEgy 14.88 -0.28 16.32 11.94 10.61 6.00 6521.44 Surgutneftegas 35.13 -0.76 54.89 24.06 1.70 1.55 16833.73 GenDyn 167.86 0.51 185.65 100.55 2.75 13.96 48052.39 UPS B 161.51 0.70 178.01 82.00 2.69 28.10 116204.42
MTR 46.15 -0.15 47.50 36.20 3.04 40.83 36785.92 Tesco■ 227.80 3.30 329.33 220.10 4.02 21.53 26295.1
ChShpbldng 4.17 -0.04 5.44 3.94 - -106.10 11814.88 GenElectric 13.27 0.68 13.29 5.48 0.33 31.21 116385.66 USBancorp 52.58 0.97 53.60 28.36 3.48 15.97 79208.53
SandsCh 37.45 -1.10 40.00 25.15 3.01 136.97 39070.67 Saudi Arabia (SR) Vodafone 125.50 -4.44 153.70 92.76 6.51 16.18 47193.96
ChStConEng 4.94 -0.01 6.02 4.68 3.87 4.73 31031.21 GenMills 56.40 -0.42 66.14 46.59 3.71 13.69 34485.02 UtdHlthcre 329.61 0.10 367.95 187.72 1.54 17.36 312736.05
SHK Props 121.00 -3.30 124.30 87.60 4.67 13.05 45216.21 AlRajhiBnk 89.20 1.30 90.50 51.00 1.83 20.92 59453.98 WPP 872.60 6.00 950.28 450.00 2.60 -4.69 15575.6
ChUncHK 5.10 -0.20 6.70 3.84 3.63 10.20 20123.77 GenMotors 51.89 0.78 57.05 14.33 1.60 21.34 74771.42 UtdTech 86.01 -5.36 158.44 69.02 2.69 144.88 74498.84
Tencent 687.00 -20.00 775.50 325.20 0.20 51.23 850009.1 Natnlcombnk 45.80 -0.20 46.65 30.50 2.86 11.41 36632.19 United States of America ($)
CNNC Intl 5.18 0.06 5.68 4.02 2.43 14.92 12494.4 GileadSci 63.80 0.12 85.97 56.56 4.56 59.70 79974.47 ValeroEngy 77.78 1.97 80.10 31.00 5.38-1188.77 31717.85
SaudiBasic 105.20 0.20 106.40 61.90 3.84-106.01 84142.05 21stC Fox A 33.91 -0.22 40.73 19.81 1.48 11.73 11336.18
CSR 3.78 0.02 5.32 2.53 4.93 8.95 2130.72 India (Rs) GoldmSchs 327.08 7.87 328.00 130.85 1.67 17.28 113102.42 Verizon 57.00 -0.03 61.95 48.84 4.73 11.83 235871.38
SaudiTelec 115.00 -2.20 120.00 72.30 3.79 19.68 61320.26 3M 177.38 1.21 187.27 114.04 3.60 19.07 102721.86
Daqin 6.53 -0.07 7.40 6.32 7.60 8.90 15043.71 Bhartiartl 572.95 7.40 623.00 361.75 0.37 -13.07 43205.56 Halliburton 22.12 1.18 22.23 4.25 2.22 -4.08 19656.56 VertexPharm 218.30 1.86 306.08 197.47 - 19.61 56749.28
Gree Elec Apl 0.13 0.00 0.21 0.07 - -0.04 5.58 HDFC Bk 1606.45 77.30 1641 738.75 - 29.52 122331.74 Singapore (S$) AbbottLb 122.62 1.82 128.54 61.61 1.25 59.81 217224.93 HCA Hold 177.34 2.27 181.01 58.38 0.51 16.46 60279.27 VF Cp 81.45 1.73 89.68 45.07 2.57-311.20 31903.12
GuosenSec 12.22 -0.21 16.14 10.39 1.69 15.98 15527.77 Hind Unilevr 2178.85 -0.40 2614.3 1757.3 1.76 67.18 70761.52 DBS 26.40 0.74 27.47 16.65 4.55 12.46 50822.64 Abbvie 108.19 1.92 113.41 62.55 4.65 21.38 191046.68 Hew-Pack 27.84 0.46 27.96 12.54 2.76 12.76 34699.07 ViacomCBS 64.89 0.52 67.20 10.10 1.61 27.68 36661.53
HaitongSecs 7.11 -0.10 9.42 5.79 - 6.22 3126.17 HsngDevFin 2707.75 79.15 2896 1473.45 0.83 27.41 67442.12 JardnMt US$ 53.72 1.77 59.89 37.37 3.65 -90.54 38669.44 Accenture 258.05 1.86 271.18 137.15 1.34 30.09 170602.61 HiltonWwde 124.64 2.69 124.78 44.30 0.26 -99.38 34599.65 Visa Inc 217.41 5.30 220.39 133.93 0.60 40.77 368749.85
Hngzh HikVDT 56.06 -2.30 70.48 27.00 1.29 38.98 70906.23 ICICI Bk 641.10 24.80 679.40 268.30 - 28.54 61249.71 JardnStr US$ 26.07 1.30 31.36 17.81 1.55 -28.92 28896.21 Adobe 470.12 2.32 536.88 255.13 - 41.11 225525.49 HomeDep 255.58 -11.66 292.95 140.63 2.50 20.26 275157.52 Walgreen 49.00 0.59 55.49 33.36 3.99 -58.74 42338.04
Hunng Pwr 2.67 -0.02 4.12 2.24 6.46 19.41 1618.39 Infosys 1274.3 7.95 1392.8 509.25 1.68 28.95 75033.28 OCBC 10.85 0.22 11.04 7.80 4.27 12.29 36765.87 AEP♦ 77.20 -0.89 102.30 65.14 3.96 18.34 38321.1 Honywell 209.29 4.25 216.70 101.08 1.88 27.54 145561.85 WalMartSto 133.15 -2.32 153.66 102.00 1.76 17.62 376719.42
IM Baotou Stl 1.41 -0.04 1.51 1.04 - -131.34 6921.47 ITC 208.85 0.35 239.20 134.60 5.20 17.50 35523.24 SingTel 2.38 0.02 3.13 2.00 5.43 22.15 29439.68 Aetna - - - - - - - HumanaInc 380.01 1.72 474.70 208.25 0.70 11.16 48968.82 WellsFargo 38.00 0.86 46.95 20.76 4.68 89.35 157110.6
In&CmBkCh 5.17 -0.10 5.51 3.96 6.32 5.27 57866.46 L&T 1526.6 40.30 1593 661.00 1.20 70.22 29633.29 UOB 23.88 0.28 25.47 17.28 4.97 10.32 30260.45 Aflac♦ 49.74 0.48 50.70 23.07 2.43 7.16 34937.52 IBM♦ 122.61 1.90 148.05 90.56 5.78 12.73 109252.51 Williams Cos 24.07 0.23 24.08 8.41 7.16 116.17 29211.01
IndstrlBk 25.71 -0.70 28.07 14.93 3.06 8.58 78148.53 OilNatGas 113.60 1.40 115.50 50.00 4.71 41.18 19753.93 South Africa (R) AirProd 262.50 -0.83 327.89 167.43 2.15 28.15 58085.18 IllinoisTool 202.86 1.33 224.69 115.94 2.34 28.23 64238.11 Yum!Brnds 104.09 -0.56 110.66 54.95 1.92 27.83 31232.76
Kweichow 2189 -118.00 2627.88 960.10 0.80 59.69 426116.87 RelianceIn 2061 37.55 2369.35 867.40 0.32 31.31 192637.78 Firstrand 50.67 0.67 60.05 31.13 5.64 17.41 19469.58 Alexion 154.69 1.76 162.60 72.67 - 33.14 34008.28 Illumina 463.98 -0.56 555.77 196.78 - 98.72 67695.19 Venezuela (VEF)
Midea 0.65 -0.03 0.93 0.52 - -1.78 25.23 SBI NewA 406.25 10.65 427.70 149.45 - 14.45 50114.91 MTN Grp 71.47 -0.76 84.20 26.25 7.38 8.17 9224.65 Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11 Intcntl Exch 111.32 -0.10 119.02 63.51 1.15 28.12 62529.18 Bco de Vnzla 100000 9000 107000 1701 415.37 - 202.45
New Ch Life Ins 31.65 -0.40 37.30 20.45 5.48 6.28 4220.68 SunPhrmInds 601.45 -2.60 654.40 312.00 0.71 91.61 19946.85 Naspers N 3565.33 -29.86 3888 1843.8 - 32.93 106360.84 Allstate 108.23 0.22 122.37 64.13 2.14 6.99 32779.99 Intel♦ 61.70 0.58 65.11 43.61 2.21 12.11 250666.79 Bco Provncl 2359000-1000.00 2849000 127000 - -12.49 141.20
PetroChina 2.81 -0.08 3.22 2.16 5.69 22.41 7645.61 Tata Cons 2948.1 -32.10 3339.8 1506.05 1.39 34.68 150735.86 Alphabet 2060.67 0.55 2145.14 1008.87 - 36.54 619719.88 Intuit 410.27 11.18 423.74 187.68 0.58 50.51 107796.73
South Korea (KRW) Mrcntl Srvcs 3419000 569000 3419000 120000 0.02 -3.39 118.58
PingAnIns 95.10 -1.20 103.60 69.00 2.74 11.08 91335.37 Altria 44.78 0.49 45.69 30.95 8.23 105.29 83220.01 John&John♦ 162.76 2.32 173.65 109.16 2.63 23.47 427843.93
Indonesia (Rp) HyundMobis 310000-15000.00 405000 126000 1.00 17.94 26493.1
PngAnBnk 22.16 0.23 25.31 11.91 - 17.30 66638.58 Amazon 3151.55 -42.95 3552.25 1626.03 - 84.501587008.21 JohnsonCn 56.42 0.44 56.83 22.78 2.01 61.59 40598.41
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 23150 -500.00 30050 15550 - 155.01 13361.63 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 3.89 -0.01 4.88 3.40 1.06 8.16 6717.85 AmerAir 22.04 1.38 26.11 8.25 0.99 -1.46 14098.45 JPMrgnCh 153.44 2.83 153.55 76.91 2.56 18.37 467716.28
Israel (ILS) SK Hynix 136000-2500.00 143500 65800 0.76 31.26 89016.25 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 21.31 -0.56 28.80 16.90 4.27 11.23 38581.59 AmerExpr 140.74 3.80 140.74 67.00 1.00 31.95 113380.61 Kimb-Clark 130.95 -1.04 160.16 110.66 3.53 17.43 44308.76
TevaPha 34.94 -1.48 46.45 24.30 - -2.67 11720.36 SmsungEl 82000 - 96800 42300 1.79 21.59 440118.82 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.07 -0.01 0.10 0.03 - -0.23 79.09 AmerIntGrp 45.72 1.35 47.69 16.07 3.05 -7.20 39538.23 KinderM 15.59 0.30 22.02 9.42 7.17 285.89 35302.78
Italy (€) Spain (€) AmerTower 224.39 1.22 272.20 174.32 2.10 48.64 99674.81 ♦ ex-dividend
ShgPdgBk 10.60 -0.18 12.69 9.22 5.85 6.29 48213.83 Kraft Heinz 37.21 0.09 39.22 19.99 4.69 -85.29 45508.25 ■ ex-capital redistribution
Enel 7.92 -0.06 9.05 5.15 4.37 17.88 97610.8 BBVA 4.63 0.04 5.00 2.13 5.92 -48.77 37425.05 Amgen♦ 229.72 -2.74 276.69 177.05 2.97 16.97 132678.55
Sinopec Corp 4.43 -0.12 4.63 2.95 5.37 11.26 14575.32 Kroger 32.64 -0.39 42.99 27.06 2.20 7.98 24850.37 # price at time of suspension
ENI 9.58 0.15 12.40 5.73 6.06 -3.34 41860.05 BcoSantdr 2.96 0.01 3.53 1.44 3.41 -7.17 59680.63 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 2.03 -0.07 2.45 1.67 - 89.25 4268.52 L Brands 52.37 1.29 52.41 8.00 1.25 -63.20 14564.55
Generali 15.57 0.06 17.86 10.20 3.40 12.69 29738.1 CaixaBnk 2.42 0.01 2.66 1.50 3.06 13.49 17511.2 Anthem 304.31 -0.27 340.98 171.03 1.31 14.39 74527.25
Denmark (kr) Iberdrola 10.40 0.14 12.57 7.76 4.06 17.83 80019.47 LasVegasSd 64.44 0.06 64.94 33.30 2.64 -59.69 49222.04
IntSPaolo 2.13 0.02 2.42 1.31 - 5.86 50112.52 Aon Cp 233.79 2.51 234.93 143.93 0.82 27.63 52832.88 LibertyGbl 25.04 -0.25 26.66 15.24 - -7.76 4540.23
DanskeBk 114.20 0.90 116.30 68.04 - 11.40 16049.8 Inditex 26.99 -0.46 30.85 18.51 1.36 50.61 101972.86
Unicred 8.74 0.23 12.79 6.01 - -7.33 23712.13 Apple 124.52 -1.34 145.09 53.15 0.70 34.812090453.71 Lilly (E)♦ 204.94 2.46 218.00 117.06 1.52 30.81 196419.76
MollerMrsk 13805 885.00 15400 4976 1.07 27.15 21226.02 Repsol 10.32 0.18 11.72 5.04 9.36 -1.93 19615.03 ArcherDan♦ 58.32 1.30 58.33 28.92 2.67 18.96 32566.71 Lockheed 346.50 0.27 424.20 266.11 3.02 13.57 97055.84
NovoB 441.45 4.25 467.90 331.70 2.05 23.67 130430.15 Telefonica 3.64 0.02 6.11 2.71 11.39 69.02 24385.93

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 1.41 1.45 -0.04 -2.76 0.26 22.6 19.49 Petrobras 23.93 23.48 0.45 1.92 -5.75 -19.4 -13.81 Feb 24 date Coupon S* M* F* price yield yield yield US Feb 24 date Coupon S* M* F* price yield yield yield US
AmerAir 22.04 20.66 1.38 6.68 4.05 22.5 39.49 Kweichow 2189.00 2307.00 -118.00 -5.11 -412.00 -15.8 5.24 High Yield US$ US$
Carnival 27.95 26.46 1.49 5.63 4.75 20.5 38.16 Hngzh HikVDT 56.06 58.36 -2.30 -3.94 -9.94 -15.1 -16.00 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 -
ShenwanHong 0.07 0.08 -0.01 -10.26 0.01 14.8 9.38 BOE Tech 0.85 0.88 -0.03 -3.41 -0.13 -13.3 8.75 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
ChinaMob 54.80 55.90 -1.10 -1.97 6.95 14.5 15.23 Keyence 53140.00 56750.00 -3610.00 -6.36 -5940.00 -10.1 -7.60 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 -
ValeroEngy 77.78 75.81 1.97 2.60 9.66 14.2 30.71 WalMartSto 133.15 135.47 -2.32 -1.71 -14.05 -9.5 -8.94 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Suncor En 27.29 26.34 0.95 3.61 3.11 12.9 20.99 Fanuc 26300.00 27585.00 -1285.00 -4.66 -2700.00 -9.3 -2.75 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
ChUncHK 5.10 5.30 -0.20 -3.77 0.58 12.8 6.29 Lowes 161.08 168.59 -7.51 -4.45 -16.05 -9.1 -6.73 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 -
Delta 49.88 48.34 1.54 3.19 5.49 12.4 24.73 HomeDep 255.58 267.24 -11.66 -4.36 -25.34 -9.0 -10.21 Colombia 01/26 4.50 - Baa2 BBB- 111.25 1.97 0.00 0.27 1.55
Brazil 04/26 6.00 - Ba2 BB- 117.00 2.44 -0.03 0.18 2.02 Euro
EOG Res 71.31 67.85 3.46 5.10 7.77 12.2 29.82 NextEraE 73.54 74.71 -1.17 -1.57 -7.14 -8.8 -12.62 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Caterpillar 226.42 220.18 6.24 2.83 24.12 11.9 17.69 Tesla Mtrs 727.66 698.84 28.82 4.12 -70.49 -8.8 -14.10 Poland 04/26 3.25 - A2 A- 112.01 0.85 0.00 -0.03 0.43
Mexico 05/26 11.50 - Baa1 BBB- 148.50 1.74 0.00 0.12 1.32 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
GenElectric 13.27 12.59 0.68 5.43 1.41 11.9 19.42 Tencent 687.00 707.00 -20.00 -2.83 -58.00 -7.8 -0.87 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
HiltonWwde 124.64 121.95 2.69 2.20 13.21 11.9 18.83 ChMrchSecs 21.58 21.72 -0.14 -0.64 -1.82 -7.8 -17.88 Turkey 10/26 4.88 - B2 BB- 101.13 4.64 0.04 -0.17 4.22
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
LasVegasSd 64.44 64.38 0.06 0.09 6.45 11.1 18.83 Wesfarmers 50.38 50.93 -0.55 -1.08 -4.22 -7.7 -5.67
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
SimonProp 120.21 115.12 5.09 4.42 11.98 11.1 25.90 ThrmoFshr 460.62 458.81 1.81 0.39 -37.85 -7.6 -10.37
Russia 06/28 12.75 - Baa3 BBB 169.00 2.42 0.02 -0.04 - Mexico 06/26 1.09 - Baa1 BBB- 98.50 1.39 0.00 -0.17 0.97
Deere 344.47 337.41 7.06 2.09 32.39 10.4 12.82 MitsubishiEle 1581.50 1601.50 -20.00 -1.25 -128.50 -7.5 -3.12
ChngKng 45.95 45.90 0.05 0.11 4.30 10.3 12.64 Denso 6428.00 6672.00 -244.00 -3.66 -506.00 -7.3 6.50 Brazil 02/47 5.63 - Ba2 BB- 106.25 5.18 -0.03 0.32 - £ Sterling
ImpOil 29.33 28.56 0.77 2.70 2.64 9.9 14.49 HyundMobis 310000.00 325000.00 -15000.00 -4.62 -24000.00 -7.2 -11.43 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
OilNatGas 113.60 112.20 1.40 1.25 9.85 9.5 22.48 HK Exc&Clr 509.00 558.00 -49.00 -8.78 -39.00 -7.1 -0.10 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
AmerExpr 140.74 136.94 3.80 2.78 12.18 9.5 11.38 Imperial Brands 1400.00 1400.00 0.00 0.00 -105.00 -7.0 -99.15 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- 106.50 -0.26 0.00 -0.21 -0.34 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Feb 24 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Feb 24 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 22.49 -0.62 23.11 85.42 19.51 Feb 24 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 20.32 -0.31 20.63 71.05 7.84 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 223.50 0.10 -1.05 -1.70 -1.27 7.75 VXN 30.47 -0.15 30.62 84.67 24.96 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 394.96 -0.36 -2.37 -3.39 -2.63 1.76 VDAX 22.63 -1.66 24.29 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 333.29 -0.38 -1.37 -2.41 -1.37 -2.41 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 242.82 -0.12 -0.41 -0.55 -0.58 0.80 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 8pc '21 102.26 -0.07 0.00 0.00 75.00 -112.07 102.75 100.21 24.59
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 257.90 -0.30 -1.53 -2.12 -1.39 -0.06 Tr 4pc '22 104.16 -0.05 0.00 -16.67 150.00 -111.63 107.79 104.16 38.77
Gilts( £) 354.48 -0.66 -4.95 -6.52 -4.90 -2.46 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 119.46 0.15 0.00 87.50 650.00 -63.41 124.55 119.42 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 306.21 0.27 -1.90 -2.64 -1.40 7.42 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 105.07 0.45 7.14 60.71 181.25 9.76 109.23 104.27 39.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts 382.04 -0.35 -2.37 -3.26 -2.56 1.27 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 136.02 0.89 5.95 28.99 89.36 39.06 148.26 136.02 38.71
Feb 24 (Libor: Feb 23) night Day Week Month month month month year Overall ($) 277.39 -0.25 -1.54 -2.55 -1.54 -2.55 Australia 11/22 2.25 103.70 0.11 0.00 0.03 0.04 -0.53 Tr 4.25pc '36 143.18 1.12 5.66 25.84 67.16 38.27 160.46 143.18 30.41
US$ Libor 0.08050 -0.001 0.001 0.003 0.11763 0.18750 0.20375 0.28463 Overall( £) 358.13 -0.58 -4.25 -5.64 -4.26 -1.65 05/32 1.25 95.76 1.67 -0.04 0.25 0.45 0.65 Tr 4.5pc '42 159.99 1.32 6.45 22.22 55.29 38.95 186.37 159.99 27.21
Euro Libor -0.58629 -0.001 -0.001 0.001 -0.57614 -0.55000 -0.52743 -0.49143 Overall(€) 249.73 -0.23 -1.21 -1.67 -1.18 0.01 Austria - - - - - - - Tr 3.75pc '52 160.62 1.37 6.20 21.24 53.93 47.31 198.36 160.62 24.10
£ Libor 0.04088 0.000 0.003 0.002 0.04100 0.06138 0.07813 0.13013 Treasuries ($) 254.97 -0.18 -1.75 -2.82 -1.75 -2.82 02/47 1.50 126.78 0.41 0.04 0.05 0.31 0.13 Tr 4pc '60 180.90 1.33 6.40 22.02 54.65 52.87 231.12 180.90 24.12
Swiss Fr Libor 0.000 -0.79240 -0.74900 -0.70060 -0.59020 FTSE Belgium 09/22 1.00 102.43 -0.59 0.01 0.01 -0.01 -0.03 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.001 -0.06000 -0.07733 -0.04567 0.04717 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 103.19 0.15 0.00 0.00 -0.01 -1.22
Euro Euribor
Sterling CDs
0.000
-
-0.55000
-
-0.54000
-
-0.51700
-
-0.49600 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 100.68 1.17 0.03 0.14 0.34 -0.11 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 688.16 -9.21 - - -0.43 20.17 Denmark 11/22 0.25 101.33 -0.52 0.01 0.01 0.07 0.14
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 115.16 -1.35 -0.01 0.06 0.14 0.21 Price Indices Day's Total Return Return
Euro CDs - - - - Fixed Coupon Feb 24 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 104.63 -0.65 0.02 0.03 0.06 -0.05
04/31 0.75 108.88 -0.12 0.04 0.06 0.23 0.05 1 Up to 5 Years 88.93 -0.02 2477.55 -0.54 0.57 0.13
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 180.78 -0.25 3703.41 -3.10 -0.61 0.60
Feb 24 term notice month month month year Markit iTraxx France 05/23 1.75 105.39 -0.63 0.00 0.02 0.03 -0.02
3 10 - 15 Years 212.70 -0.53 4644.59 -5.49 -2.42 0.99
Euro -0.74 -0.44 -0.73 -0.43 -0.69 -0.39 -0.64 -0.34 -0.67 -0.37 -0.66 -0.36 Crossover 5Y 251.23 -3.36 4.72 -13.06 277.03 236.32 11/26 0.25 103.88 -0.41 0.02 0.03 0.14 -0.02
4 5 - 15 Years 187.74 -0.33 3934.41 -3.77 -1.11 0.74
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 48.58 -0.73 0.69 -2.30 66.97 45.31 Germany - - - - - - -
5 Over 15 Years 351.68 -1.60 5803.70 -11.03 -7.53 1.32
Swiss Franc - - - - - - - - - - - - Japan 5Y 46.59 -0.26 -0.82 -4.33 70.43 46.51 08/23 2.00 106.76 -0.71 0.01 0.01 0.04 -0.05
7 All stocks 180.51 -0.80 3878.31 -6.22 -3.47 1.14
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 59.92 -0.66 2.05 -1.68 86.20 54.75 02/27 0.25 105.08 -0.58 0.02 0.02 0.13 0.00
US Dollar 0.11 0.31 0.02 0.22 0.06 0.26 0.12 0.32 0.14 0.34 0.20 0.40 08/50 0.00 94.59 0.19 0.03 0.03 0.29 0.15 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 3.65 120.35 0.81 0.01 0.15 0.07 -0.29
Japanese Yen -0.15 0.00 -0.15 0.00 -0.20 0.00 -0.20 0.10 -0.20 0.10 -0.15 0.15 Index Linked Feb 24 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 170.98 -4.18 7.41 1.32 245.71 150.45
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Ireland 10/22 0.00 100.91 -0.55 0.01 0.03 0.07 -0.03 1 Up to 5 Years 302.65 0.04 0.37 -1.14 2509.44 0.37 0.52
Nth Amer High Yld 5Y 297.30 -5.60 10.22 -12.79 421.26 283.37
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 123.08 -0.09 0.04 0.06 0.21 0.01 2 Over 5 years 757.96 -1.02 -7.39 -6.52 5734.20 -7.39 -6.18
Nth Amer Inv Grade 5Y 52.78 -0.90 2.28 0.14 65.62 49.59
05/30 2.40 123.08 -0.09 0.04 0.06 0.21 0.01 3 5-15 years 496.82 -0.20 -2.82 -2.43 3964.99 -2.82 -1.71
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 101.80 -0.35 0.02 0.04 -0.09 -0.25 4 Over 15 years 977.83 -1.35 -9.15 -8.13 7199.14 -9.15 -7.93
02/25 0.35 101.74 -0.09 0.03 0.08 -0.10 -0.38 5 All stocks 679.17 -0.92 -6.71 -6.06 5234.28 -6.71 -5.60
05/30 0.40 107.15 -0.36 0.01 0.11 -0.18 -0.59
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 143.44 1.49 0.06 0.11 -0.05 -0.34 Yield Indices Feb 24 Feb 23 Yr ago Feb 24 Feb 23 Yr ago
Japan 04/23 0.05 99.92 0.09 0.00 0.02 0.02 - 5 Yrs 0.28 0.26 0.30 20 Yrs 1.35 1.28 0.96
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
04/25 0.05 99.79 0.10 0.00 0.02 0.05 - 10 Yrs 0.83 0.79 0.56 45 Yrs 1.30 1.21 0.85
Crude Oil† Mar 62.07 0.13 Corn♦ Mar 557.50 3.50 Feb 23 Feb 23 Prev return stock Market stocks
12/33 1.60 116.91 0.26 0.00 0.04 0.08 0.19 15 Yrs 1.18 1.12 0.84
Brent Crude Oil‡ 67.11 1.95 Wheat♦ Mar 669.25 2.50 Can 4.25%' 26 132.26 -1.150 -1.150 -0.12 5.08 76190.99 7
12/49 0.40 92.38 0.69 0.00 0.02 0.05 0.34
RBOB Gasoline† Feb 1.87 0.00 Soybeans♦ Mar 1419.75 14.25 Fr 1.10%' 22 104.78 -2.192 -2.192 0.09 19.85 249906.48 16
Netherlands 07/23 1.75 105.83 -0.67 0.01 0.02 0.06 -0.03 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Mar 431.00 4.50 Swe 0.25%' 22 111.07 -1.339 -1.339 0.94 26.51 207947.82 7
07/26 0.50 105.61 -0.52 0.02 0.03 0.13 -0.03 Real yield Feb 24 Dur yrs Previous Yr ago Feb 24 Dur yrs Previous Yr ago
Natural Gas† Mar 2.83 -0.03 Cocoa (ICE Liffe)X Mar 1837.00 2.00 UK 1.875%' 22 109.46 -3.354 -3.354 0.30 15.74 741462.83 28
Ethanol♦ - - Cocoa (ICE US)♥ Mar 2558.00 0.00 New Zealand 04/25 2.75 108.33 0.70 -0.01 0.09 0.30 -0.33 Up to 5 yrs -2.94 2.66 -2.92 -2.37 -3.40 2.66 -3.39 -2.95
UK 2.50%' 24 356.23 -2.912 -2.912 0.04 6.82 741462.83 28
Uranium† - - Coffee(Robusta)X Mar 1448.00 0.00 05/31 1.50 98.71 1.64 -0.01 0.20 0.55 0.21 Over 5 yrs -1.90 23.27 -1.94 -2.13 -1.92 23.33 -1.97 -2.16
UK 2.00%' 35 286.14 -2.284 -2.284 -4.32 9.08 741462.83 28
Carbon Emissions‡ - - Coffee (Arabica)♥ Mar 137.00 1.10 05/31 1.50 98.71 1.64 -0.01 0.20 0.55 0.21 5-15 yrs -2.45 9.28 -2.47 -2.50 -2.55 9.28 -2.58 -2.60
US 0.625%' 23 106.11 -2.151 -2.151 0.30 47.03 1622555.36 43
Diesel† - - White SugarX 481.10 3.80 Norway 08/30 1.38 100.33 1.34 0.06 0.06 0.30 -0.04 Over 15 yrs -1.83 28.58 -1.87 -2.09 -1.84 28.60 -1.89 -2.10
US 3.625%' 28 136.29 -1.225 -1.225 -1.24 16.78 1622555.36 43
Sugar 11♥ 17.07 0.10 08/30 1.38 100.33 1.34 0.06 0.06 0.30 -0.04 All stocks -1.91 21.40 -1.95 -2.13 -1.94 21.48 -1.98 -2.17
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2194.50 40.50 Cotton♥ Mar 91.48 0.00 Portugal 10/22 2.20 104.70 -0.64 0.01 -0.01 -0.01 -0.18 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 2130.00 250.00 Orange Juice♥ Mar 110.50 0.10 02/26 3.30 117.68 -0.21 0.02 0.04 0.10 -0.14 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 9458.50 208.50 Palm Oil♣ - - Spain 10/22 0.45 101.59 -0.49 0.00 0.02 0.04 -0.07 Gilt Closing Prices information contained herein is proprietary to
Lead 2137.50 11.50 Live Cattle♣ Apr 121.50 -1.40 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 118.59 -0.82 0.02 0.13 0.14 -0.03 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 19730.00 345.00 Feeder Cattle♣ Mar 134.88 - Sweden 06/22 0.25 111.07 -1.32 0.00 0.06 -0.43 -0.08 accurate, complete or timely; and does not constitute investment advice.
Tin 26865.00 350.00 Lean Hogs♣ Apr 86.55 1.43 Spread Spread Spread Spread 06/26 0.13 119.11 -1.72 0.03 0.03 -0.14 -0.08 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2865.00 14.50 Bid vs vs Bid vs vs 06/30 0.13 118.25 -1.60 -0.02 0.03 -0.04 0.08
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 103.51 -0.79 0.00 -0.01 -0.03 0.04 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1799.65 -7.80 Feb 23 Month Year 05/30 0.50 107.71 -0.32 0.02 0.01 0.17 0.42 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.67 - 0.42 Netherlands -0.52 - -
Silver (US cents) 2796.50 52.00 S&P GSCI Spt 488.68 14.35 25.55 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - New Zealand 1.64 - 0.39
Platinum 1251.00 -17.00 DJ UBS Spot 87.53 10.62 16.84 Canada 1.17 - -0.08 Norway 1.34 - 0.09 07/23 0.75 101.71 0.04 0.00 0.02 0.12 -0.42 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2363.00 -32.00 TR/CC CRB TR 206.80 12.60 14.29 Denmark -1.35 - -2.60 Portugal -0.21 - - 07/26 1.50 106.47 0.29 0.01 0.08 0.27 -0.13 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland -0.12 - -1.37 Spain -0.82 - -2.07 07/47 1.50 104.34 1.31 0.07 0.09 0.42 0.31
Iron Ore 172.50 -0.25 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.60 - -2.85 United States 03/22 0.38 100.33 0.08 -0.01 -0.01 -0.03 - Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 86.25 1.75 LEBA EUA Carbon 37.78 12.64 32.05 Ireland -0.09 - -1.34 Switzerland -0.32 - -1.57 03/25 0.50 100.33 0.42 -0.01 0.01 0.08 -
Baltic Dry Index 1709.00 -18.00 LEBA CER Carbon 0.29 0.00 52.63 Italy -0.36 - -1.61 United Kingdom - - - 02/30 1.50 102.07 1.25 -0.01 0.07 0.24 -0.22
LEBA UK Power 2062.00 308.32 64.96 Japan 0.26 - -0.99 United States 1.25 - 0.00 02/50 0.25 105.44 0.06 0.02 - - -0.16
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
12 ★ FINANCIAL TIMES Thursday 25 February 2021

MANAGED FUNDS SERVICE

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

Mir. - DiscEur D Cap GBP £ 184.65 - -1.83 0.00 Rubrics Global Fixed Income UCITS Fund $ 180.71 - 0.06 0.00 Data Provided by

Aberdeen Standard Capital (JER) GAM

PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised
Aberdeen Standard Capital Offshore Strategy Fund Limited
Bridge Fund
Global Equity Fund
Global Fixed Interest Fund
Income Fund
Sterling Fixed Interest Fund
UK Equity Fund
Aegon Asset Management UK ICVC
3 Lochside Crescent, Edinburgh, EH12 9SA
0800 358 3009 www.aegonam.com
Authorised Funds
Global Equity GBP B Acc
Aegon Asset Management Investment Company (Ireland) (IRL)
1 North Wall Quay Dublin 1, Ireland +35 3162 24493
FCA Recognised
Absolute Return Bond B GBP Acc 1163.64 -
High Yield Global Bond A GBP Inc
High Yield Global Bond B GBP Inc
Global Equity Income B GBP Acc
Global Equity Income B GBP Inc
lobal Equity Market Neutral Fund - B Acc GBP £ 12.58
Global Sustainable Equity B Acc GBP £ 29.66
Global Sustainable Equity C Acc GBP £ 30.10
Inv Grd Gbl Bond A Inc GBH
Short Dated High Yld Bd B Acc GBP £ 11.15
Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.27
Strategic Global Bond A GBP Inc
Strategic Global Bond B GBP Inc
Algebris Investments
Regulated
Algebris Financial Credit I EUR
Algebris Financial Credit R EUR
Algebris Financial Credit Rd EUR € 110.46
Algebris Financial Income I EUR
Algebris Financial Income R EUR € 153.10
Algebris Financial Income Rd EUR € 100.35
Algebris Financial Equity B EUR
Algebris IG Financial Credit B EUR € 111.22
Algebris IG Financial Credit R EUR € 110.28
Algebris Global Credit Opportunities I EUR € 131.96
Algebris Global Credit Opportunities R EUR € 129.90
Algebris Global Credit Opportunities Rd EUR € 129.90
Algebris Core Italy I EUR
Algebris Core Italy R EUR
Algebris Allocation I EUR
The Antares European Fund Limited
Other International
AEF Ltd Usd
AEF Ltd Eur
Arisaig Partners
Slater
Investments
funds@gam.com, www.funds.gam.com
Regulated www.morningstar.co.uk
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 99.41 - 0.00 3.29
Data as shown is for information purposes only. No
£ 2.2097 - 0.0006 1.45 LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 99.57 - 0.16 0.72
offer is made by Morningstar or this publication.
£ 3.1718 - -0.0108 0.89
£ 0.9747 - -0.0011 4.21
£ 0.6439 - 0.0013 2.35
£ 0.8920
£ 2.0273
-
-
-0.0031 2.93
0.0124 2.15
Guide to Data
Ashmore Investment Management Limited (LUX) Dragon Capital Polar Capital Funds Plc (IRL)
2 rue Albert Borschette L-1246 Luxembourg www.dragoncapital.com Regulated The fund prices quoted on these pages are supplied by
New Capital UCITS Fund PLC (IRL) Slater Investments Ltd (UK)
Genesis Investment Management LLP the operator of the relevant fund. Details of funds
FCA Recognised Fund information:info@dragoncapital.com Leconfield House, Curzon Street, London, W1J 5JB Automation & Artificial Intelligence CL I USD Acc $ 18.86 18.86 -0.10 0.00 www.slaterinvestments.com; Tel: 0207 220 9460
published on these pages, including prices, are for the
Ashmore SICAV Emerging Market Debt Fund $ 89.90 - -0.14 4.51 Other International Funds Other International Funds www.newcapitalfunds.com Asian Financials I USD $ 488.17 488.17 0.03 0.00 FCA Recognised purpose of information only and should only be used
Ashmore SICAV Emerging Market Frontier Equity Fund $ 172.68 - -0.64 0.50 Vietnam Equity (UCITS) Fund A USD $ 27.84 - -0.33 0.00 Emerging Mkts NAV £ 7.21 - -0.16 1.31 FCA Recognised Biotechnology I USD $ 41.63 41.63 -0.67 0.00 Slater Growth 712.01 712.01 3.57 0.00 as a guide. The Financial Times Limited makes no
Ashmore SICAV Emerging Market Total Return Fund $ 80.43 - 0.11 3.91 New Capital UCITS Funds Emerging Market Stars I USD Acc $ 16.83 - -0.02 0.00 Slater Income A Inc 134.40 134.40 0.95 5.22 representation as to their accuracy or completeness
and they should not be relied upon when making an
Ashmore SICAV Global Small Cap Equity Fund $ 237.38 - -0.18 0.00 New Capital China Equity Fund $ 339.64 - -3.30 0.00 European Ex UK Inc EUR Acc € 11.61 11.61 0.00 0.00 Slater Recovery 334.39 334.39 1.92 0.00
investment decision.
(UK) EM Active Equity Fund Acc USD $ 178.41 - 1.29 0.00 New Capital Dynamic European Equity Fund € 132.45 - -0.76 0.00 Financial Opps I USD $ 15.32 - 0.10 1.71 Slater Artorius 305.01 305.01 1.18 0.00
EM Equity Fund Acc USD $ 166.52 - -0.67 0.00 New Capital Dynamic UK Equity Fund £ 119.31 - -0.11 0.00 GEM Income I USD $ 14.08 - 0.02 0.00 The sale of interests in the funds listed on these pages
may, in certain jurisdictions, be restricted by law and
EM Mkts Corp.Debt USD F $ 92.33 - 0.02 5.23 New Capital Global Alpha Fund £ 118.38 - -0.24 0.00 Global Convertible I USD $ 17.64 17.64 -0.11 0.00
the funds will not necessarily be available to persons
EM Mkts Loc.Ccy Bd USD F $ 77.84 - 0.47 4.86 New Capital Global Equity Conviction Fund $ 222.47 - -1.71 0.00 Global Insurance I GBP £ 7.14 - 0.02 0.00 in all jurisdictions in which the publication circulates.
£ 3.33 - -0.03 0.00
EM Short Duration Fund Acc USD $ 120.91 - 0.05 0.00 New Capital Global Value Credit Fund $ 161.99 - -0.09 0.00 Global Technology I USD $ 92.31 - -0.58 0.00 Persons in any doubt should take appropriate
Ennismore Smaller Cos Plc (IRL) HPB Assurance Ltd New Capital Japan Equity Fund ¥ 1769.56 - 15.36 0.00 Healthcare Blue Chip Fund I USD Acc $ 16.19 16.19 0.02 0.00
professional advice. Data collated by M orningstar. For
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 other queries contact reader.enquiries@ft.com +44
5 Kensington Church St, London W8 4LD 020 7368 4220 New Capital US Growth Fund $ 453.27 - -1.08 0.00 Healthcare Opps I USD $ 64.79 - -0.52 0.00 (0)207 873 4211.
FCA Recognised International Insurances New Capital US Small Cap Growth Fund $ 254.02 - -3.30 0.00 Income Opportunities B2 I GBP Acc £ 2.43 2.43 0.00 0.00
Ennismore European Smlr Cos NAV £ 129.36 - -0.66 0.00 Holiday Property Bond Ser 1 £ 0.48 - 0.00 0.00 New Capital Wealthy Nations Bond Fund $ 154.64 - -0.27 0.00 The fund prices published in this edition along with
Japan Value I JPY ¥ 120.83 120.83 -1.03 0.00
Ennismore European Smlr Cos NAV € 150.05 - -0.47 0.00 Holiday Property Bond Ser 2 £ 0.62 - 0.00 0.00 additional information are also available on the
North American I USD $ 33.42 33.42 0.15 0.00 Financial Times website, www.ft.com/funds. The
UK Val Opp I GBP Acc £ 12.41 12.41 0.16 0.00 funds published on these pages are grouped together
by fund management company.
Atlantas Sicav (LUX)
Regulated Prices are in pence unless otherwise indicated. The
change, if shown, is the change on the previously
American Dynamic $ 7122.50 7122.50 -136.96 0.00 quoted figure (not all funds update prices daily). Those
American One $ 6676.99 6676.99 -116.94 0.00 designated $ with no prefix refer to US dollars. Yield
Bond Global € 1502.45 1502.45 -6.66 0.00 percentage figures (in Tuesday to Saturday papers)
Ennismore European Smlr Cos Hedge Fd allow for buying expenses. Prices of certain older
Eurocroissance € 1275.31 1275.31 -41.84 0.00 Intrinsic Value Investors (IVI) LLP (IRL)
insurance linked plans might be subject to capital
Far East $ 1371.60 - -36.95 0.00 Other International Funds 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Polar Capital LLP (CYM) Stonehage Fleming Investment Management Ltd (IRL) gains tax on sales.
NAV € 535.68 - -0.30 0.00 FCA Recognised
Regulated www.stonehagefleming.com/gbi
IVI European Fund EUR € 24.58 - -0.02 0.00 enquiries@stonehagefleming.com Guide to pricing of Authorised Investment Funds:
European Forager A EUR € 190.59 - -2.64 0.00
IVI European Fund GBP £ 28.21 - -0.13 0.00 (compiled with the assistance of the IMA. The
Regulated
Investment Management Association, 65 Kingsway,
SF Global Best Ideas Eq B USD ACC $ 250.50 - 0.51 0.00 London WC2B 6TD.
SF Global Best Ideas Eq D GBP INC £ 269.44 - -0.48 0.00 Tel: +44 (0)20 7831 0898.)
0.13 1.61 OEIC: Open-Ended Investment Company. Similar to a
unit trust but using a company rather than a trust
514.76 - 0.07 4.49
structure.
1103.60 - 0.19 5.23 Oasis Crescent Management Company Ltd
Equinox Fund Mgmt (Guernsey) Limited (GSY)
Other International Funds
2106.74 - -13.99 0.00 Regulated Different share classes are issued to reflect a different
Oasis Crescent Equity Fund R 11.62 - 0.03 0.20 Private Fund Mgrs (Guernsey) Ltd (GSY) currency, charging structure or type of holder.
1455.44 - -8.32 3.19 Equinox Russian Opportunities Fund Limited $ 184.57 - -5.85 0.00 Janus Henderson Investors (UK)
Regulated
- -0.07 0.00 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Monument Growth 23/02/2021 £ 508.21 513.36 -18.97 0.84 Selling price: Also called bid price. The price at which
- -0.16 0.00 www.janushenderson.com units in a unit trust are sold by investors.
- -0.17 0.00 Authorised Inv Funds
Janus Henderson Instl UK Idx Opps A Acc £ 0.98 - 0.01 1.85 Buying price: Also called offer price. The price at
614.33 - -0.92 1.81 which units in a unit trust are bought by investors.
- 0.00 0.00 Includes manager’s initial charge.
- 0.00 0.00
Single price: Based on a mid-market valuation of the
1323.13 - -2.24 2.70
Brooks Macdonald International Fund Managers Limited (JER) OGM Oasis Crescent Global Investment Funds (UK) ICVC (UK) underlying investments. The buying and selling price
750.67 - -1.26 3.45 5 Anley Street, St Helier, Jersey, JE2 3QE Euronova Asset Management UK LLP (CYM) for shares of an OEIC and units of a single priced unit
Regulated
Regulated trust are the same.
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) OGM Oasis Crescent Global Short Term Income Fund USD Class A Shares (Dist) $ 0.99 - 0.00 1.81 Prusik Investment Management LLP (IRL)
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Smaller Cos Cls Three Shares € 18.95 - -0.21 0.00 M & G Securities (1200)F (UK)
High Income £ 0.8533 - -0.0031 3.77 Prusik Asian Equity Income B Dist $ 193.57 - -0.58 4.47 Toscafund Asset Management LLP (UK) of the manager’s/operator’s periodic charge from
PO Box 9038, Chelmsford, CM99 2XF OGM Oasis Crescent Global Income Fund USD Class A Shares (Dist) $ 11.17 - 0.01 2.46
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Growth Strategy £ 1.9801 - -0.0037 0.00
manager/operator for full details.
High Growth Strategy £ 2.7408 - -0.0087 0.00 M&G Charity Multi Asset Fund Inc £ 0.84 - 0.01 4.19
US$ Growth Strategy $ 1.9901 - -0.0019 0.00 M&G Charity Multi Asset Fund Acc £ 93.48 - 0.20 4.02 Time: Some funds give information about the timing of
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Senator House 85 Queen Victoria Street London EC4V 4ET Multi-Manager Investment Programmes PCC Limited
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Short Dated Corporate Bond Fund Y ACC GBP £ 11.10 - 0.00 3.84 NAV (Fully Diluted) £ 9.10 - -0.52 0.00 next valuation.
- -0.04 0.00
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Marwyn Asset Management Limited (CYM)
Authorised Corporate Director - Link Fund Solutions particulars, prospectus, key features and reports: The
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FCA Recognised managers/operators. * Indicates funds which do not
Ram Active Investments SA Trojan Ethical O Acc 116.76 - 0.09 0.07
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Dollar Fund Cls D Inc £ 158.33 158.33 -0.69 1.46 RAM Systematic Funds Global Sustainable Income Eq $ 137.80 137.80 0.22 0.00
Dollar Hedged GBP Inc £ 104.45 104.45 -0.05 1.30 RAM Systematic Global Eq Sustainable Alpha $ 105.55 105.55 -0.25 -
Real Return Cls A Inc £ 195.04 195.04 -0.80 1.63 Findlay Park Funds Plc (IRL) RAM Systematic Long/Short European Eq € 132.01 132.01 -0.88 -
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 RAM Systematic US Sustainable Eq $ 363.77 363.77 -1.22 -
FCA Recognised RAM Tactical Global Bond Total Return € 155.16 155.16 -0.06 - WA Fixed Income Fund Plc (IRL)
$ 547.37 - 2.00 0.00
American EUR Unhedged Class € 132.80 - -0.08 - RAM Tactical II Asia Bond Total Return $ 156.96 156.96 0.03 - Regulated
€ 511.41 - 1.83 0.00
American Fund USD Class $ 161.47 - 0.19 0.00 Orbis Investments (U.K.) Limited (GBR) European Multi-Sector € 124.36 - -0.28 3.16
American Fund GBP Hedged £ 81.26 - 0.10 0.00 28 Dorset Square, London, NW1 6QG
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Regulated
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Other International Funds
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CAM-GTF Limited $ 356265.92 356265.92 -3355.54 0.00 Milltrust International Managed Investments ICAV (IRL) Orbis OEIC UK Equity Standard £ 8.67 - 0.06 2.93
CAM GTi Limited $ 812.88 - -9.88 0.00 mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com Ruffer LLP (1000)F (UK)

Other International Funds RAIC VCC $ 1.64 1.64 0.03 2.06 Regulated 65 Gresham Street, London, EC2V 7NQ Zadig Gestion (Memnon Fund) (LUX)
Order Desk and Enquiries: 0345 601 9610 FCA Recognised
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 134.29 - -0.46 0.00 British Innovation Fund £ 121.92 - 2.89 0.00
Foord Asset Management Authorised Inv Funds Memnon European Fund - Class U2 GBP £ 196.58 - -1.00 0.00
Arisaig Asia Consumer Fund Limited $ 134.06 - -0.51 0.00 MAI - Buy & Lease (Australia) A$ 102.95 - -0.80 0.00
Website: www.foord.com - Email: info@foord.com Authorised Corporate Director - Link Fund Solutions
Arisaig Global Emerging Markets Consumer Fund $ 18.09 - 0.03 0.00 MAI - Buy & Lease (New Zealand)NZ$ 97.26 - -0.02 0.00
FCA Recognised - Luxembourg UCITS LF Ruffer European C Acc 879.62 - -5.16 0.05
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 - Milltrust Global Emerging Markets Fund - Class A $ 122.93 - -3.20 0.00
Foord International Fund | R $ 47.26 - 0.06 - LF Ruffer European C Inc 160.52 - -0.94 0.08
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 - The Climate Impact Asia Fund (Class A) $ 124.20 - 11.52 -
Foord Global Equity Fund (Lux) | R $ 19.05 - 0.03 - LF Ruffer European O Acc 857.33 - -5.07 0.00
Arisaig Latin America Consumer Fund $ 27.13 - 0.00 0.00
Regulated LF Ruffer Equity & General C Acc 514.83 - -0.32 0.17
Foord Global Equity Fund (Sing) | B $ 23.31 - 0.03 0.00 LF Ruffer Equity & General C Inc 470.84 - -0.30 0.18
Dodge & Cox Worldwide Funds (IRL)
48-49 Pall Mall, London SW1Y 5JG. Foord International Trust (Gsy) $ 47.07 - 0.06 0.00 LF Ruffer Equity & General O Acc 501.82 - -0.34 0.00
www.dodgeandcox.worldwide.com 020 3713 7664 LF Ruffer Equity & General O Inc 464.60 - -0.32 0.00
FCA Recognised LF Ruffer Gold C Acc 263.21 - -8.60 0.00
Dodge & Cox Worldwide Funds plc - Global Bond Fund LF Ruffer Gold C Inc 159.30 - -5.21 0.00
EUR Accumulating Class € 14.96 - 0.01 0.00 LF Ruffer Gold O Acc 256.46 - -8.40 0.00
Milltrust International Managed Investments SPC
EUR Accumulating Class (H) € 11.63 - 0.00 0.00 em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com LF Ruffer Japanese C Inc 172.39 - -9.10 0.08
Artemis Fund Managers Ltd (1200)F (UK)
EUR Distributing Class € 11.65 - 0.01 3.44 Regulated LF Ruffer Japanese C Acc 370.43 - -19.57 0.08
57 St. James's Street, London SW1A 1LD 0800 092 2051
EUR Distributing Class (H) € 9.01 - 0.00 3.43 Milltrust Alaska Brazil SP A $ 71.34 - 2.15 - LF Ruffer Pacific & Emerging Markets C Acc 392.03 - -12.99 0.80
Authorised Inv Funds
GBP Distributing Class £ 12.24 - -0.04 3.45 Franklin Templeton International Services Sarl (IRL) Milltrust Laurium Africa SP A $ 107.91 - -1.63 - Platinum Capital Management Ltd LF Ruffer Pacific & Emerging Markets C Inc 106.84 - -3.54 0.80
Artemis Corporate Bond I Acc £ 1.12 - 0.00 2.09
GBP Distributing Class (H) £ 9.51 - 0.00 3.45 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Milltrust Marcellus India Fund $ 121.27 - 0.09 - Other International Funds LF Ruffer Pacific & Emerging Markets O Acc 381.75 - -12.68 0.51
Artemis Target Return Bond I Acc £ 1.07 - 0.00 1.98
USD Accumulating Class $ 13.11 - 0.00 0.00 Other International Funds Milltrust Singular ASEAN SP Founders $ 178.58 - 1.16 - Platinum All Star Fund - A $ 142.07 - - - LF Ruffer Total Return C Acc 527.16 - 0.78 0.80
Dodge & Cox Worldwide Funds plc-Global Stock Fund Franklin Emerging Market Debt Opportunities Fund Plc Milltrust SPARX Korea Equity SP A $ 167.49 - -1.46 - Platinum Global Growth UCITS Fund $ 14.19 - -0.29 0.00 LF Ruffer Total Return C Inc 341.14 - 0.50 0.80
Franklin Emg Mkts Debt Opp CHFSFr 14.59 - 0.07 9.05 Milltrust VTB Russia Fund SP $ 125.94 - -1.43 - Platinum Essential Resources UCITS Fund SICAV USD Class E $ 8.84 - 0.10 0.00 LF Ruffer Total Return O Acc 513.78 - 0.73 0.80
USD Accumulating Share Class $ 27.32 - 0.07 0.00
Franklin Emg Mkts Debt Opp GBP £ 9.38 - 0.00 6.01 Milltrust Xingtai China SP A $ 154.05 - -0.34 - Platinum Global Dividend UCITS Fund $ 55.36 - -0.20 0.00 LF Ruffer Total Return O Inc 332.30 - 0.47 0.81
GBP Accumulating Share Class £ 31.84 - -0.04 0.00
GBP Distributing Share class £ 21.92 - -0.03 0.95 Franklin Emg Mkts Debt Opp SGD S$ 20.82 - 0.02 4.33
EUR Accumulating Share Class € 33.77 - 0.10 0.00 Franklin Emg Mkts Debt Opp USD $ 16.65 - 0.02 6.16
GBP Distributing Class (H) £ 13.25 - 0.04 0.47
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 34.07 - 0.08 0.00
GBP Accumulating Share Class £ 37.55 - -0.05 0.00
GBP Distributing Share Class £ 22.81 - -0.03 1.22
EUR Accumulating Share Class € 36.37 - 0.09 0.00 Mirabaud Asset Management (LUX) Rubrics Global UCITS Funds Plc (IRL)
www.mirabaud.com, marketing@mirabaud-am.com www.rubricsam.com
GBP Distributing Class (H) £ 14.05 - 0.03 0.95
Conviction based investment vehicles details available here www.mirabaud-am.com Regulated
Regulated Rubrics Emerging Markets Fixed Income UCITS Fund $ 141.62 - 0.49 0.00
Mir. - Glb Strat. Bd I USD $ 122.66 - -0.02 0.00 Rubrics Global Credit UCITS Fund $ 17.80 - -0.01 0.00
Thursday 25 February 2021 ★ 13
14
Story of a football great is an open goal
film
Danny
Leigh
F
or just a moment in the new
documentary Pelé, the picture
freezes. It is June 1970, the
venue the Jalisco Stadium,
Guadalajara, Mexico. On
screen, the subject is in possession. Half
the England team are in place around
him, all channels blocked. The archive
unpauses. Like an optical illusion, the
ball has vanished. A heartbeat later: 1-0
Brazil. Sixteen years later, similarly sur-
rounded at another Mexican World Cup,
Diego Maradona famously made
bystanders of yet more English hope-
fuls. It is — as ever — hard to watch the
one greatest footballer of all time with-
out thinking of the other.
In 2019, director Asif Kapadia made
the epic documentary Diego Maradona —
part sports doc, part crime thriller. Pelé
can’t help but feel safer by comparison.
The man himself is interviewed exten-
sively; a sweet reunion is staged with old
teammates. And early on at least, the
story is cartoonishly wholesome. We
learn that the young Pelé lived for kick-
abouts, that his father told him to
believe in himself. These are titbits that
might have come from a TV puff piece at
the 1958 World Cup in Sweden, the first
international glimpse of the prodi-
giously gifted 17-year-old.
The image he conveyed back then —
happy just to be here, letting his feet do
the talking — would last a lifetime.
Eventually, Pelé’s co-directors Ben
Nicholas and David Tryhorn attempt to
give their portrait light and shade. But
what lies behind the mask is often not so
different from the mask itself. The film
widens its lens instead, turning to the
role the golden number 10 played in the
psyche of his country.
Which leads — unexpectedly and
admirably — to awkward questions. Pelé
was in his pomp in 1964 when Brazil fell
Happy just to be here:
‘Pelé’ is a documentary
profile of the Brazilian star.
Right: Andra Day steals the
show in ‘The United States
vs Billie Holiday’
★ FINANCIAL TIMES
ARTS
into two decades of dictatorship. Once
more, he smiled silently throughout, a
choice the film deals with in depth.
Some observers say there is nothing to
forgive; other are scathing. The movie
wanders into fascinating, uneasy areas.
Sport, it concludes, is never really free of
politics. (By 1970, could ordinary Brazil-
ians even support their team without
also endorsing the generals?)
But the football goes missing more
than you imagine was the plan. Watch-
ing him in 1958, Pelé is already dragging
the sport into the colour age. Commer-
cially too, he straddled two eras, mod-
ern enough to be merchandised
(“What’s that coffee? Café Pelé!”) while
staying with one club in Brazil — Santos
— for almost his whole career. You wish
the film looked harder at the industry of
football. So too the actual game.
Pelé and Maradona each suffer
from having their talent over-mytholo-
gised and under-analysed. What ele-
vated Kapadia’s film wasn’t just the
exposé of the Camorra but the cliché-
busting insights into professional self-
improvement. Here, Pelé only does
what comes naturally — and the movie
fluffs an open goal.
On Netflix now
Lee Daniels’ last project as a director
was called Lee Daniels’ The Butler. The
title came out of a copyright wrangle but
somehow also captured the essence of a
film-maker, whose operatic work on the
likes of Precious and The Paperboy made
his name a brand — guaranteeing a cer-
tain outsize quality. His new film is more
conventionally christened: The United
States vs Billie Holiday. Even Daniels
couldn’t upstage those two. The hint of
the courtroom is deliberate. It is 1947,
and the FBI is enraged by Holiday’s
“Strange Fruit”, its mournful fury at the
lynching of black Americans. The
movie illustrates the stakes: at a packed
concert hall, Holiday gets as far as
“Southern trees . . . ” before the cops
rush the stage.
Those words alone are potently deliv-
ered by the starring Andra Day. All
credit to Daniels for the casting, but he
should still say a prayer of thanks for
her, a full-time singer in — implausibly
— her first major role as an actress. The
voice is perfect, emotionally elastic,
laced with a rasp. But the performance
is a league beyond karaoke. Away from
the mic, this Holiday is a fireball of con-
tradiction, a self-made woman with
fateful, complex weaknesses for heroin
and violent partners. But others are two
things at once as well. Soon, Hoover’s
G-men resolve to silence “Strange Fruit”
by imprisoning its singer — and doing
that with a drugs bust. The order comes
from bigoted Harry Anslinger (Garrett
Hedlund, panto broad) of the Federal
Bureau of Narcotics. It is to be executed
by Jimmy Fletcher (Trevante Rhodes),
a black undercover agent with whom
Holiday later begins a romance, even
after discovering his line of work.
If that has you squinting, your
instincts are right. Fletcher and the fed-
eral hounding of Holiday were real. The
affair is a speculative riff on the record.
Journalism never could match melo-
drama. Stylistically, the movie is just as
rum. Framing devices are picked up and
tossed away, as if to say “bored now”.
Scenes flicker in and out of faux-news-
reel. The film veers between being over-
awed and, well — Danielsian. One
moment, the script is a parody of fact-
based drama: “People are calling the
song a starting gun for the so-called Civil
Rights movement.” The next, Holiday is
weeping at a funeral for a handbag dog.
But the director is savvy enough to
know a good thing when he has one.
Every time the film loses focus, Day
reminds us what it is there for — captur-
ing the outrage of the situation, the eter-
nal power of one unflinching song. Lee
Daniels’ Billie Holiday? The thought
might bring a ghostly wail. Andra Day,
you suspect, the woman herself could
live with.
On Sky Cinema in the UK from February 27
and on Hulu in the US now
Like untold other parents within
striking distance of Great Missenden —
40 minutes by train north-west of Lon-
don — I once spent a wet half-term Tues-
day at the Roald Dahl Museum and
Story Centre. The writer’s hut was
impressive, the café glum (I believe
there has since been a revamp). John
Hay’s To Olivia would fit right in, a fault-
lessly polite drama set mostly in the
marital home in the village Dahl shared
with movie actress Patricia Neal. This
version of the author would surely tut at
the less savoury behaviour of his real-
life counterpart (the film narrowly
missed colliding with an apology from
Dahl’s family last December for his
anti-Semitic comments). Here, as
played by Hugh Bonneville, his default
Thursday 25 February 2021
Pelé
Ben Nicholas, David Tryhorn
AAAEE
The United States vs Billie Holiday
Lee Daniels
AAAEE
To Olivia
John Hay
AAAEE
IWOW: I Walk on Water
Khalik Allah
AAAEE
is twinkling mischief. “Mr Dahl, you are
a big kid,” says Neal (Keeley Hawes),
which is one way of putting it.
The film opens in 1961, by which point
both Dahl and Neal had already lived
lives of high drama. The backstories
(RAF heroism, Hollywood swank) are
whipped through in an animated
credits sequence another movie would
have made into the movie. Hay has
other ideas.
Eventually we will get to Neal’s profes-
sional comeback from Metroland
housewifery. To begin, even this PG-
rated Dahl claims the spotlight — his
wife at the Aga while he toils over his as
yet unsuccessful children’s fiction. Too
twisted for kids has been the verdict so
far. The film’s own aversion to anything
twisted is only underlined by casting
Bonneville, an inescapably jolly actor
Dahl himself might have said was the
wrong shape to play him. (Hawes is
good, if variously accented.)
And then comes unknowable sorrow:
the death of the couple’s daughter Olivia
from measles encephalitis. To its credit,
the film finds a note of something stark
for the tragedy. And if the aftershock is
twee once more (Dahl retreats to his
butter beans), you feel the chill from the
Home Counties briskness of supporting
characters, reminding the couple they
do, after all, have other children.
On Sky Cinema in the UK now
No one releases a three-hour-plus
record of urban decay and the minutiae
of their personal life without a touching
faith in audience attention spans — or
complete indifference to them. With
Khlaik Allah’s experimental documen-
tary IWOW: I Walk On Water, it may well
be both.
The simplest description of the film
would be that much of it unfolds in
scuffed East Harlem on the corner of
Lexington Avenue and 125th Street
(yes, where Lou Reed waited for the
man). Now a shuttered Pathmark
supermarket is the backdrop as Mag-
num photographer and film-maker
Allah shoots hardcore city life on lus-
trous 16mm film. (Filming ended just
before the pandemic.) Prominent
among the street people passing
through is Frenchie, a Haitian-born
muse Allah has been photographing for
a decade. (He believed his subject was
dead for a time: “I went to Florida,” is
the explanation.)
But the film involves much, much
more than the corner, doubling as a
sprawling self-portrait. There are vexed
exchanges with Allah’s parents, a long-
distance relationship with his girlfriend
in Brussels, many psychedelic mush-
rooms. Whatever else, this camera
never sleeps. Get comfortable.
On digital platforms from February 26
Left: ‘IWOW: I
Walk On Water’
is an epic
document of
East Harlem
street life.
Below: Hugh
Bonneville as
Roald Dahl and
Keeley Hawes as
Patricia Neal in
‘To Olivia’
Thursday 25 February 2021
In the shadow of rivalry between the US and China, the south-east Asian nation is caught in a growing
confrontation between the junta and a pro-democracy campaign that shows no sign of backing down.
A
t a press conference last
week, the first by Myan-
mar’s junta since General
Min Aung Hlaing grabbed
power on February 1 and
declared a year-long “emergency” after
alleging electoral fraud, a spokesman
claimed that 40m of the country’s 54m
people supported the coup.
“Our objective is to hold an election
and hand power to the winning party,”
Brigadier General Zaw Min Tun said at
the event, which was sparsely attended
as many reporters chose to boycott the
new regime.
In the days since then, people across
Myanmar furious at the generals’ nulli-
fication of election results and arrest of
Aung San Suu Kyi, their popular leader,
have taken to the streets in huge num-
bers to prove him wrong. On Monday,
crowds of government employees,
workers, tradespeople and others that
local media said exceeded 1m joined a
self-described “five twos revolution”,
meant to mark the date 22/2/2021 and
to echo the 8888 uprising against the
former military regime of Ne Win that
ruled what was then Burma. Crowds
carrying placards saying “Free our
leader” or “We don’t accept military
coup” gathered across Myanmar, from
Myitkyina in northern Kachin state to
the military-built capital Naypyidaw in
the centre and Dawei in the south.
The display of people’s power was the
biggest yet by a civil disobedience move-
ment that has proved tenacious in the
face of everything from internet black-
outs to night-time arrests and security
forces’ firing of live rounds, which killed
‘This is a coup where
pre-existing institutions
are remade and the state
is shaped to conform to
the Tatmadaw’s desires’
a woman in Naypyidaw last week and a
man and a teenage boy in Mandalay on
Saturday.
The protesters are confronting a famil-
iar, yet implacable old foe: the Burmese
military, or Tatmadaw, one of south-east
Asia’s biggest standing armies and a state
within a state, which ruled the country
for nearly five decades, is back.
With Aung San Suu Kyi in detention
and facing what many analysts consider
to be trumped-up criminal charges, the
world is coming to grips with Myanmar’s
new de facto leader: Min Aung Hlaing,
whom the UN and human rights groups
want prosecuted for war crimes for the
Tatmadaw’s atrocities against Rohingya
Muslims and other minorities.
Given the limited access to the coun-
try and scarce reliable information, ana-
lysts are wary of making predictions
about the military’s ability to hang on to
power. But the outcome will depend on
both the intensity of domestic opposi-
tion and the extent to which it comes
under concerted international pressure.
The new stand-off between the pro-
democracy movement and the military
is taking place under the shadow of a
great power rivalry as the US and China
jostle for influence in the region.
In the US, the main foreign sponsor of
Myanmar’s shortlived democratic
experiment, the coup has brought a
firm response from Joe Biden’s adminis-
tration, which announced sanctions
against 12 junta leaders and military-
owned companies involved in ruby and
jade mining and gemstones — part of a
military business network atop which
Min Aung Hlaing sits. Canada and the
UK have also imposed sanctions.
But western countries’ leverage is
smaller than that of Asian countries, who
are Myanmar’s biggest trading partners
and investors. While calling for Aung San
Suu Kyi’s release, they may be more will-
ing to deal with the new regime. China’s
stance in particular is the subject of
intense speculation among protesters.
For those who wish to see a swift return
to democracy, the days ahead look bleak.
Min Aung Hlaing, 64, who was due to
retire this year and who many believe
aspires to the presidency, has little to lose
personally from holding on to power.
He has moved quickly to appoint a
new government and other institutions,
including an electoral commission.
“The commander-in-chief has shown
us that this is not an emergency where at
some point power transitions back to
the elected government,” says Melissa
Crouch, professor of law specialising in
south-east Asia at the University of New
South Wales. “This is a coup where pre-
existing institutions are remade, new
people are brought in and the state is
shaped to conform to the desires of the
military.”
A familiar foe
Myanmar’s military spent most of the
80 years since its founding in battle with
ethnic armed organisations. It has dom-
inated politics throughout the country’s
★ FINANCIAL TIMES
FT BIG READ. MYANMAR
By John Reed
People power
defies the
military
Above: a riot
police officer
modern history, ruling directly or
through governments it controlled from
stands guard 1962 to 2011. It has no civilian oversight,
close to as the defence ministry is staffed by mil-
barricades as itary appointees. The International
protesters Institute for Strategic Studies puts the
gather in number of its active duty troops at
Yangon last 406,000 — making it the second biggest
week. Below: army in south-east Asia behind Viet-
demonstrators
hold a portrait
nam. The number does not include an
estimated 107,000 paramilitary forces,
of Myanmar’s including police, who have also been
arrested civilian blamed for killing civilians both in past
leader Aung San and current conflicts. In Myanmar’s
Suu Kyi during 2020-21 budget, defence claimed 3.4tn
another protest kyat ($2.6bn), or about 10 per cent, of
in the former total government spending.
capital on Soldiers and paramilitaries took part
Monday — Lynn Bo Bo/ in the 2017 “clearance operations” tar-
EPA-EFE/Shutterstock
geting Rohingya in Rakhine state, where
eyewitnesses and human rights investi-
gators say troops carried out killings,
rapes, arson and forced about 750,000
people into exile. These set the wheels of
international justice in motion, includ-
ing an International Court of Justice
genocide case against Myanmar that
opened in 2019, and US and EU targeted
sanctions against Min Aung Hlaing and
others blamed for the bloodletting.
The military has since Burma’s inde-
pendence from Britain in 1948 styled
itself as a champion of “non-disintegra-
tion of the union”, and Buddhist, Bamar
(ethnic Burmese) religious nationalism
permeates its ranks. Experts say some
senior Tatmadaw figures, including
members of the new junta, espouse the
“race and religion” chauvinism of Bud-
dhist extremist clerics who in recent
years inflamed anti-Muslim hatred in
Rakhine and the Burmese-speaking
heartland.
“The Tatmadaw is an overwhelm-
ingly Bamar institution both in terms of
rank and file and the officer corps,” says
Anthony Davis, a Bangkok-based secu-
rity analyst with IHS-Janes. “To that
extent, it sees itself as a vehicle which is
defending the nation in terms of extend-
ing central rule over a fragmented
nation and Burmanising it.”
Since 2017, as international outrage
grew over the Tatmadaw’s atrocities
against the Rohingya, pressure built on
its arms suppliers and business partners.
This is now intensifying after the coup.
Russia and China are the military’s
two largest arms suppliers, according to
the Stockholm International Peace
Research Institute. A UN report in 2019
found at least 14 companies had been
supplying the Tatmadaw with fighter
jets, armoured vehicles, warships, mis-
siles and missile launchers since 2016,
including from Ukraine, North Korea,
the Philippines, Singapore and Israel.
In 2015-17, during Myanmar’s demo-
cratic interlude and before the Rohingya
crackdown, Min Aung Hlaing visited
Belgium, Germany, Austria and Israel,
where he met President Reuven Rivlin.
UN researchers and human rights
groups have since the Rohingya crisis
been pressuring governments and com-
panies to stop supplying the Tatmadaw
and sever ties with its companies. Min
Aung Hlaing and other military officers
control two conglomerates: Myanmar
Economic Holdings and Myanmar Eco-
nomic Corporation, and work with what
campaigners call “crony conglomerates”
that help generals win further business.
“By staging the coup, Min Aung Hlaing
‘The rollout of plans for
the junta, including . . .
an internet shutdown,
appears to have been
thought out’
has extended and expanded his rule,”
says Yadanar Maung, spokeswoman for
Justice for Myanmar, a campaign group.
“He is enabled by senior generals he is in
business with who are using their posi-
tions for personal profit.”
Takeover speculation
Until recently, many analysts, including
in Myanmar, assumed the military were
happy making money and letting Aung
San Suu Kyi’s civilian government take
international flak for their human
rights abuses. Under the 2008 constitu-
tion negotiated during Myanmar’s dem-
ocratic transition, the Tatmadaw was
guaranteed three government minis-
tries, including defence, and 25 per cent
of seats in parliament — enough to block
lawmakers from Aung San Suu Kyi’s
National League for Democracy from
amending the constitution.
Aung San Suu Kyi travelled in 2019 to
The Hague to defend Myanmar against
the ICJ case alleging genocide under Min
Aung Hlaing’s command, reinforcing
the growing international perception
that political expedience had led her to
become a defender of the military. But
relations between the commander-in-
chief and the state counsellor were cur-
dling amid distrust over what the mili-
tary saw as NLD high-handedness and
its inability to win elections.
“There was less dialogue between the
two leaders in 2016-2020 than there
was in 2011-16”, during Myanmar’s last
government before the NLD took office,
says Moe Thuzar of the ISEAS-Yusof
Ishak Institute in Singapore. Even with
its lock on key ministries and constitu-
tional reform, the military’s Union Soli-
darity and Development party was
soundly defeated by the NLD in 2015
and again last November, dashing hopes
of winning the presidency or further
government ministries into which it
might rotate retiring officers.
“The military genuinely believed they
did a good job and they were shocked
when they couldn’t win 50 per cent of
seats,” says Gerard McCarthy, a postdoc-
toral fellow at the Asia Research Insti-
tute, National University of Singapore.
“After being wiped out a second time in
November, they realised they were irrel-
evant in the electoral system they had
developed.”
The USDP began making accusations
of electoral fraud even before the vote.
These grew louder after the scale of the
NLD’s landslide became clear. A cease-
fire in November with the rebel Arakan
Army group in Rakhine and the move-
ment of troops back towards main cities,
including Naypyidaw and Yangon, start-
ing in January, were hints a coup to top-
ple the NLD government was under way,
analysts say. “The rollout of plans for the
junta, including preparations for an
internet shutdown, appears to have been
thought out,” says Gwen Robinson, sen-
ior fellow with the Institute of Security
and International Studies in Thailand.
As speculation about a military take-
over rose in January, an assurance from
Min Aung Hlaing two days before the
coup that he intended to obey the con-
stitution appears to have fooled NLD
lawmakers. They were all in Naypyidaw
in the early hours of February 1 for the
opening of parliament, and thus easy for
the military to find and arrest. Soldiers
barged into telecoms companies’ data
centres and ordered them to cut service.
Within hours, the acting president — a
military appointee — had handed the
general power under an “emergency
powers” constitutional clause.
Coherent response
The coup has revived diplomatic dynam-
ics last seen in the final years of Myan-
mar’s previous military regime, when
the US led the west in trying to isolate the
Tatmadaw financially. The sanctions in
fact hurt Myanmar’s broader popula-
tion, while alienating Asian neighbours,
which mostly did not follow suit.
Compared with Myanmar’s past cycles
of military repression, the response from
the outside world has been more coher-
ent so far and, say analysts, could lead to
different outcomes. The week the Tat-
madaw seized power, China and Russia
took the unusual step of endorsing a UN
Security Council statement calling for
Aung San Suu Kyi’s release, though they
vetoed an earlier draft that would have
condemned the coup. “There is a level of
unity on Myanmar in the international
community that we haven’t seen before,”
says Aaron Connelly, head of a pro-
gramme on south-east Asian politics and
foreign policy at IISS. “If an envoy can go
15
$2.6bn to Min Aung Hlaing with the broad back-
ing of the international community, he
Allocation to defence might be forced to compromise in a way
in Myanmar’s that his army predecessors did not.”
2020-21 budget,
equal to about 10%
Myanmar’s Asian neighbours will
of total government soon face tough choices on whether and
spending how to engage with the new junta, dur-
ing a year in which it is promising to
rerun an election it clearly lost. Some
406,000 ousted NLD MPs held an online virtual
“parliament” session a few days after
Active duty troops in
Myanmar, according the coup, and have appointed their own
to the IISS, the envoys to the UN and for international
second biggest army relations, raising the prospect that the
in south-east Asia world will be dealing with parallel emis-
behind Vietnam saries and representative bodies.
Tellingly, one of Min Aung Hlaing’s
first communications with a foreign
107,000
leader after seizing power was an over-
Additional ture to neighbouring Thailand’s Pray-
paramilitary soldiers uth Chan-ocha asking for advice. Pray-
in the country uth led his own coup in 2014, overturn-
ing a democratic election then transi-
tioning to prime minister under a new
constitution that gave the military pre-
rigged advantages at the polls.
But with hundreds of thousands still
taking part in civil disobedience pro-
tests, Myanmar people’s voices will
arguably matter most for what comes
next for the economy, governability and
the response from the outside world.
Protesters have in recent days pick-
eted China’s embassy in Yangon, claim-
ing, so far without evidence, that Beijing
was secretly helping the coup set up a
“great firewall” to block the internet, or
was tipped off about the coup.
China’s ambassador to Myanmar
rejected this, saying Beijing had no fore-
knowledge of the coup and dismissing
speculation about secret Chinese flights
or assistance to the Tatmadaw on a fire-
wall as “ridiculous”. Analysts note that
China had solid relations with Aung San
Suu Kyi’s ousted government and would
be unlikely to welcome the social and
economic turmoil the coup has caused in
a growing regional market for its goods.
“The Tatmadaw was not predictable
and I don’t think it’s in China’s interest to
have a volatile government in place,”
says Enze Han, an associate professor of
politics at Hong Kong university.
On Tuesday, Indonesia’s foreign min-
ister Retno Marsudi said whatever hap-
pened next must be “according to the
wishes of the Myanmar people”, after
protesters gathered outside Indonesia’s
embassy in Yangon after a report that
Jakarta would recognise a new junta-or-
ganised election.
It is also possible the protests could
wane under economic pressure, a new
wave of coronavirus or a loss of momen-
tum, as seems to have happened with the
protests in Thailand last year.
Many in Myanmar are worried the
military could crush them violently as
the Tatmadaw did in 1988, at the cost of
thousands of lives. But even if the mili-
tary wins the latest battle against its own
people, it may find them harder to con-
trol than before. “They will, I believe,
secure victory,” Davis says. “The ques-
tion is to what extent it will be Pyrrhic.”
16
THURSDAY 25 FEBRUARY 2021
Why London should
resist the Spac craze
Any changes to UK listing rules will require careful consideration
Rarely has a single investment trend
attracted such a widely disparate band
of promoters. The mania for special
purpose acquisition companies, which
transformed capital markets last
year, has already swept up sports
coaches, former US politicians and
ex-investment bankers.
The latest crop of disciples features a
former magazine editor and the co-
owner of an ice hockey team. Even
Adam Neumann, the ousted chief exec-
utive of WeWork, could finally see his
company listed on the public markets
thanks to a Spac.
Blank-cheque companies raise
money through a public listing with the
promise of finding a lucrative invest-
ment target. They raised close to $80bn
in the US last year and demand this
year has accelerated; so far 161 Spacs
have launched in the US, raising
$47.2bn and eclipsing the $42bn raised
through initial public offerings.
So it is no surprise that in the UK,
where regulators are reviewing listing
rules to help shore up London’s post-
Brexit position as a global financial
centre, pressure is growing for it to
embrace the Spac revolution. The City
faces competition from Amsterdam,
which has already picked up some of
London’s share and derivatives trad-
ing. Xavier Rolet, the former chief
executive of the London Stock
Exchange, is among those urging the
UK capital to open its doors to blank-
cheque companies.
UK listing rules mean a Spac may
have to suspend trading in its shares
when a deal is announced, which has
been widely seen as discouraging Spac
listings. Spac investors who do not sup-
port the takeover, and wish to sell their
shares, can have their money locked up
for some time.
Fans of Spacs argue they serve a use-
ful purpose. With public markets
shrinking, the surge in listings offers a
SNP feud risks its hopes
for Scots’ independence
Rift between Salmond and Sturgeon casts harsh light on institutions
The extraordinary breakdown of rela-
tions between Scotland’s former first
minister Alex Salmond and his succes-
sor and one-time protégée Nicola Stur-
geon has elements of Shakespearean
drama. Salmond, acquitted on 13
charges of sexual offences last March,
has alleged he is the victim of a “mali-
cious and concerted attempt to damage
my reputation and remove me from
public life” by his former colleagues in
the Scottish National party. His asser-
tions are unproven, and Sturgeon and
her associates vigorously reject them.
Yet the affair has potentially serious
implications for the party, for its leader
and, in the near term, for its cherished
cause of Scottish independence.
Beyond Salmond’s assertions lies a
second issue: the conduct of two inves-
tigations — by an Irish QC and a Scot-
tish parliament committee — into
whether Sturgeon breached Scotland’s
ministerial code, and how the Scottish
government acted on sexual miscon-
duct allegations against him. A written
submission to the committee, in which
Salmond alleged Sturgeon had misled
parliament and breached the code, was
published on the parliament’s website
on Monday. The Crown Office, Scot-
land’s prosecution service, intervened
with “grave concerns” over the submis-
sion being published — saying it could
breach a court order intended to pro-
tect the anonymity of complainers
against Salmond — after which Holy-
rood republished a redacted version.
Salmond pulled out of appearing
before the inquiry yesterday as a result.
As yet, the affair has had little effect
on poll support for the SNP and for
independence. Sturgeon denies she
breached the code and says Salmond
must present proof. Yet the possibility
of her being found to have committed a
breach, which could force her to resign,
cannot for now be wholly excluded.
Even if that does not happen,
means of channelling large volumes of
ready growth capital into the economy.
In addition, at a time when many asset
managers are sitting on large sums of
cash earning ultra-low interest rates,
Spacs promise a higher return, theoret-
ically without much extra risk, at least
pre-deal. They also offer investors the
benefit of speed — they do not have to
comply with all the rules that govern
traditional flotations. Listing fees are
also low until a deal is found.
But there are significant risks that
regulators in the UK should
consider before jumping on the band-
wagon. The sheer number of Spacs has
raised concerns they now constitute an
asset bubble. The boom might fizzle
out once interest rates start to rise.
A Financial Times analysis last sum-
mer showed that the majority of Spacs
arranged between 2015 and 2019 were
trading below the $10 standard Spac
listing price. And while there is little
risk to the financial system if the
bubble pops, the reality is that retail
investors who backed the less sensible
schemes will be the ones who get most
badly burnt.
The structures of Spacs also need to
change. Most are skewed in favour of
their sponsors. A recent academic
paper laid bare the embedded costs.
Some high-profile backers have prom-
ised fairer deals for retail punters. One
fundamental selling point is also an
intractable problem: Spacs exist in part
to skirt the normal IPO disclosure
requirements that are themselves
designed to protect investors’ interests.
UK regulators should tread carefully
before changing listing rules to allow a
rush of Spacs to London. A comprehen-
sive approach that considers financial
rules in the round is needed to ensure
the City retains its appeal. Spacs may
be today’s hot fashion but they are not
new and few are likely to prove
enduringly special.
continued infighting will cast the SNP
in a bad light. It might serve to refocus
attention on the party’s patchy record
on health and education, recently
obscured by perceptions that Sturgeon
has handled the pandemic well.
That in itself might not undermine
the independence cause in Holyrood
elections in May. Even if the SNP vote
splintered, Scotland’s proportional
system means it together with other
pro-independence forces might
nonetheless achieve a majority at
Holyrood. Sturgeon could still use that
to demand a second independence
referendum.
But the Salmond case is also casting a
harsh light on Scottish institutions —
on which the country would rely as an
independent state. That should matter
to all Scots. The parliament probe has
so far done a dubious job of holding the
Scottish government to account. Holy-
rood more broadly has appeared to be
dictated to this week by the Crown
Office, making it look weak and raising
questions over the separation of pow-
ers. The Lord Advocate, James Wolffe
QC, who leads the Crown Office and is
also a member of Sturgeon’s cabinet,
has faced questions over his role.
There can be no crowing over this by
Westminster, whose ample dysfunc-
tion was exposed in the aftermath of
the Brexit vote. But the independence
case rests in large part on the argument
that Scots, and Scottish institutions,
could run their own affairs better.
Even pro-independence Scots should
not allow their convictions to blind
them to the SNP’s flaws after 13 years in
power. The current battle demon-
strates a need for the party to get its
house in order and provide capable
government. Many independence par-
ties elsewhere have become so preoc-
cupied with the struggle as to fall down
on governing competence. The SNP
should beware of repeating that error.
★ FINANCIAL TIMES
Letters
Japan’s growing shareholder community is good for the Nikkei
The sight of the Nikkei 225 above
30,000 will, as Leo Lewis suggests, be a
Proustian experience for Japanese
market watchers of a certain age
(“Nikkei 30,000 brings back memories
of 1980s mania”, Opinion, February
22).
It has long been traditional to
attribute any dramatic rise in the main
Tokyo Stock Exchange index (and
there have been many over the years)
to the activity of individual investors
Big Tech’s Australia deal
imperils democracy
Politicians should be very worried
about events in Australia (“Facebook
restores news in Australia truce”,
Report, February 24). Reporting news
costs money; but for years Google and
Facebook have plundered news
content without paying for it while at
the same time extracting ever greater
profits from advertising markets they
dominate.
News publishers and governments
have worked together to fight for fair
treatment. In the UK, a new digital
regulator is being set up; in Australia,
parliament has been debating a law to
force platforms to pay for content.
The platforms responded with
blackmail. Google threatened to
withdraw search in Australia;
Facebook cancelled news. A nation was
held to ransom — and it surrendered.
As long as the platforms persuade
enough desperate news publishers to
sign take-it-or-leave-it deals, there will
now be no fair, independent
arbitration.
In Facebook’s own words: “The
[Australian] government has clarified
we will retain the ability to decide if
news appears on Facebook . . . to
support the publishers we choose.” In
other words, Facebook has won the
battle. It decides what news is read on
social media and how much, if
anything, it pays for it.
Meanwhile, Google has signed a
global deal with one its most vociferous
critics. News Corp, owner of The
Times, has announced it has won
“significant payments” and “the
sharing of ad revenue via Google’s ad
technology services”. What does it give
in return? Will it continue to fight for
fair terms of business for all publishers,
or are two of the world’s most ruthless
companies now locked in an unholy
alliance, giving rise to unfair
competition unless its terms are made
public?
Politicians everywhere have watched
events in Australia with increasing
alarm. Now they must ask themselves,
who makes the rules? Do the platforms
decide what news the public can read
in secret deals with the publishers they
favour? Or will governments and
regulators act with genuine resolve, to
ensure fair and transparent treatment
for all?
Lord Rothermere
Chairman, Daily Mail and General Trust
London W8, UK
Kurz loses his lustre as
Austria’s chancellor
Austrian chancellor Sebastian Kurz’s
letter to prosecutors offering to
personally testify in a high-level
corruption probe betrays a more than
curious understanding of the rule of
India turns to
private sector
to boost
vaccine drive
New Delhi
Notebook
by Amy Kazmin
even though the data invariably
suggest that in aggregate they have
been net sellers.
This time, Lewis suggests it is
different. He may be right. However
the most recent figures we have for
investor activity in Japan show that in
the week to February 12, individuals
were net sellers to the tune of ¥430bn.
The largest net buying was, as usual, in
a rising market, from foreigners.
The question that the recent frenzy
law (Report, February 23). Why does
he feel obliged to offer to testify? This is
every citizen’s duty.
Is it the arrogance of a young
politician who, until the Covid-19 crisis,
commanded both large domestic
support plus the admiration of
international politicians and media,
but who has recently lost lustre as a
crisis manager? Or is it that the
corruption investigation into alleged
bribery linked to Austria’s powerful
gambling lobby involving his closest
ally and finance minister Gernot
Blümel is hitting home?
To then equate media attention
aroused by the corruption probe with
“reputational damage for the republic”
means that the chancellor takes all of
Austria hostage for the purported (so
far unproven, thus deemed innocent)
misdeeds of one of his friends. We
Austrians do not deserve such
misbehaviour.
Kurt Bayer
Vienna, Austria
Blame Brexit for Northern
Ireland’s customs regime
Differential treatment for Northern
Ireland to ensure no hard border with
the Irish Republic is the very essence of
the Brexit negotiations. That Boris
Johnson’s Northern Ireland Protocol is
causing tensions should be no surprise.
Yet Professor Vernon Bogdanor
(Letters, February 18) seems surprised
that movement of goods across the
Irish Sea to Northern Ireland is now
subject to customs declarations.
The protocol now has the status of
settled international law. It is true that
the Northern Ireland Assembly can
vote on it in 2024. But in what universe
is it conceivable that the Irish
nationalist bloc would vote to disapply
it, thus effectively erecting a hard
border on the island of Ireland?
Richard Collins
London W2, UK
I first arrived in India in the mid-
1990s at the tail-end of its socialist-
style “Licence Raj”. New Delhi was
relaxing control over the country’s
economic life, but basic amenities —
long the monopoly of the state
providers — were still in short supply.
Getting a phone line installed into
my New Delhi apartment — in an
upscale neighbourhood in the heart of
the capital — took about four months
and an all-cash “facilitation” fee. If my
cooking gas cylinder was empty,
replacing it could take days. Airline
capacity was far below demand, but
my travel agent “knew people” at the
monopolistic state carrier, and could
sometimes get a seat “released” if my
work required travel on short notice.
I’ve been reminded of these years
while watching the first phase of
India’s sluggish Covid-19 vaccine
rollout, which began in mid-January.
So far, India’s chronically
overstretched and underfunded
public health machinery has given just
12.3m jabs, or around 0.8 doses for
every 100 residents.
At the current pace of around
400,000 jabs a day, India would need
four years to cover the first batch of
300m Indians — health workers,
frontline workers and the elderly —
targeted for vaccination by August.
Most states offer Covid-19
inoculations only a few days each
week. Overloaded state health
workers have so much else to do,
including catching up on routine
childhood immunisations, which
came to a halt in last year’s lockdown.
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
in the likes of GameStop poses for the
investment industry is whether
speculative day traders can be
transformed into long-term investors
who will not lose interest in the market
when the initial enthusiasm fades and
profits evaporate. In this respect, Japan
is well placed.
The equity culture may not be very
deep (only a small proportion of
household wealth is held in shares) but
it is commendably broad (a lot of
Georgians must ignore
Russia’s siren call
I read Henry Foy’s article “Georgia PM
quits amid political crisis” (Report,
February 19) with interest, having
visited the country in 2019 as president
of the Nato parliamentary assembly
(Nato PA) with members of the
Georgia-Nato interparliamentary
council.
There is no doubt that Georgia faces
huge problems on its difficult and at
times painful movement towards
democracy. It is a hard road, one we in
the west can underestimate, to throw
off corruption, embrace a free press,
independent judiciary, free elections
and parliamentary oversight of defence
and security forces.
The siren calls of Russia are loud and
attractive for those who seek to enrich
themselves rather than build the new
Georgia.
Georgia is fortunate to have US
congressman Gerald Connolly as a
passionate new Nato PA president
eager to find a way of overcoming the
political impasse that Georgia faces.
Now is the time for all of the political
parties to seek a united way forward
with the active support of Georgia’s
many friends.
Madeleine Moon
Past President, Nato Parliamentary
Assembly, Bridgend, South Wales, UK
Dispensing with juries
would ease trials backlog
We are deeply concerned about the
current crisis of the criminal justice
system (“Trial backlogs hit criminal
barristers’ finances”, Report,
February 5).
The current backlog of crown court
trials, which now stands at 53,000
cases, is imperilling the delivery of
justice and will take many years to
clear. Something fundamental has to
change. Justice delayed is justice
denied.
Trial by jury is the major cause of
this backlog. In order to introduce
more flexibility we should follow
reforms successfully introduced in
most of Canada, Australia and New
Zealand during the 1990s. There the
accused is given the right to choose
their mode of trial, either by a jury that
decides their fate without giving
reasons, or by judge-only who delivers
a reasoned judgment.
The record from these countries
shows that especially in the more
complex cases, when given a choice,
defendants and their lawyers opt for a
judge.
David Corker
Partner, Corker Binning
London WC2, UK
Charles Kuhn
Partner, Clyde & Co
London EC3, UK
But the vaccination drive looks set
to gain new momentum after
Narendra Modi’s government decided
yesterday to let private hospitals start
providing the jabs to those who can
pay for them.
From next week, Indians over age
60, and those over 45 with health
problems that raise risks of severe
Covid, can go to up to 20,000 private
hospitals or 10,000 government-run
vaccination centres. While the
government will give out jabs free,
those vaccinated privately in hospitals
will be charged, with New Delhi to fix
the price in the coming days.
The decision follows urgent appeals
from the Confederation of Indian
Industry, and other business
luminaries. They warned of the risk of
a disruptive new wave of cases unless
private players were allowed to help
accelerate the rollout.
Unlike many developing countries,
India does not lack vaccines. The
Serum Institute of India, the world’s
largest vaccine-maker, has stockpiled
tens of millions of doses of its locally
manufactured version of the Oxford/
AstraZeneca jab — and can produce
50m more doses a month.
Other large Indian pharma groups
have tie-ups with multinational
drugmakers to make their vaccines,
which are now undergoing trials to
assess their local efficacy. Bharat
Biotech, which has developed the
indigenous Covaxin, is expected to
release efficacy data in two weeks.
But Modi’s initial decision to rely
exclusively on government health
Thursday 25 February 2021
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
people have some shares). And it has
been getting broader.
In the five years to March 2020, the
share of the Japanese market owned by
individual investors fell from 17.3 per
cent to 16.5 per cent. However, the
number of individual shareholders rose
from 45.8m to 56.7m, well over double
the number we saw at the Nikkei’s
peak.
Jonathan Allum
Amersham, Buckinghamshire, UK
The ‘schadenfreude’ over
McKinsey has gone too far
Your one-pager denouncing McKinsey
is timely, fair and accurate (“Is
McKinsey losing its mystique?”, Big
Read, February 24). But this is
probably the umpteenth article on the
same subject. Can we please move on
now?
McKinsey screwed up. It has agreed
it screwed up. It has paid a massive fine
that has punished the partners
monetarily. What else do we want?
I spent six years at McKinsey from
1992-98 and still have many friends
there. It’s a great institution and its
people are among the best
professionals on this planet. I think the
media schadenfreude is now crossing the
line.
McKinsey does not even make the
list of the 100 most penalised
companies in the US. Numero uno is
Bank of America with $82bn in fines.
Rank 100 belongs to Siemens at
$829m.
I don’t remember reading pages after
pages of hand-wringing at Reckitt
Benckiser’s fine of $1.4bn for opioid
treatment sales or AT&T’s $1.5bn fine
for consumer-protection, environment
and other egregious offences. Unlike
these companies where public
shareholders have paid the price for
the incompetence or corruption of
managers, McKinsey has penalised its
own partners heavily by paying a
penalty.
As an investor, I detest predictions of
any kind but let me stick my neck out
on this one: the firm will continue to be
loved by its clients, it will continue to
be among the top recruiters on
university campuses globally and it will
continue to be a role model for its
peers. This storm, too, will pass.
Pulak Prasad
Managing Director, Nalanda Capital
Singapore
An economist’s wry take
on first lesson of politics
Professor Joseph Joyce presents a
succinct description of how economists
can differ over economic policies
(“Politicians have a fickle attitude to
economists”, Letters, February 23).
Thomas Sowell, the American
economist, social theorist and senior
fellow at Stanford University’s Hoover
Institution, offers an equally succinct
description of how economists and
politicians differ over economic
policies.
The first lesson of economics is
scarcity, he says. “There is never
enough of anything to satisfy all those
who want it. The first lesson of politics
is to disregard the first lesson of
economics.”
Khalid Ikram
Potomac, MD, US
infrastructure for vaccine distribution
was a major bottleneck in a country
where 75 per cent of all outpatient
healthcare, and 55 per cent of
inpatient care is typically provided by
the private sector.
Indians have also expressed anger
as New Delhi approved the export of
33.5m locally-made vaccine doses to
nearly 30 countries, even as the pace
of domestic inoculation crawled.
“There are many elderly people
who have not stepped out of their
home for a year because of the fear
they will get Covid,” says Sushila
Kataria, who oversees the Covid-19
treatment programme at Medanta
Hospital. “The only bottleneck to
faster vaccination should be
production of vaccines.”
India has recorded a precipitous
drop in daily new confirmed cases
from nearly 100,000 a day in mid-
September to 11,000 per day in mid-
February. Indicators point to
economic normalisation, with
manufacturing activity now back to
pre-pandemic levels.
Yet as Indians abandon masks and
social distancing, cases have begun to
tick up, with the seven-day moving
average of new cases rising more than
18 per cent in the last 10 days. Seeing
this data, many fear that India could
be poised for a new surge.
Modi’s decision to step up the pace
of the vaccine drive with private help
gives the country a fighting chance to
stay ahead of the pandemic curve.
amy.kazmin@ft.com
Thursday 25 February 2021
Why optimism about the economy is so important
society
Diane
Coyle
E
conomists think people’s
expectations are important
in shaping their decisions,
from whether to invest in
expanding a business to buy-
ing a house or spending years studying
to gain a qualification. Keynes labelled
the role of expectations “animal spirits”.
Mainstream economics has often
assumed “rational expectations”,
whereby people do not make systematic
errors in foreseeing what will happen.
Whichever theory applies, what we
think will happen to the economy in the
future determines what we decide today
— and thus shapes the future. That is
especially important in 2021 as much of
the developed world prepares for a vac-
cinated reopening of their economies.
Yet history also plays its part in
Politicians are
failing the
tech challenge
britain
Robert
Shrimsley
T
he online game Minecraft
has two modes. Players can
either create their own dig-
ital landscapes or simply
try to survive within some-
one else’s land. It is a choice which
should resonate with policymakers as
they grapple with a rapidly altering dig-
ital terrain too often designed by others.
One has only to imagine Covid-19 hap-
pening 20 years ago to appreciate
that, from cloud services to communi-
cations, from retail to finance, the
digital realm is now the architecture of
modern society.
In part, this merely magnifies existing
issues. Benedict Evans, the tech analyst,
argues “when software becomes part of
society, all of society’s problems get
expressed in software”. But innovation,
while a force for good, is also reshaping
our lives. Businesses, communications,
cities, even political systems are being
altered and destabilised in ways beyond
the control of nations.
Two recent events illustrate the point.
In Australia, Facebook purged all news
content from its site rather than comply
with legislation requiring it to pay news
providers. Facebook ultimately
compromised but its hubris shocked
Kamel
Daoud
W
hen Benjamin Stora, a
respected French histo-
rian of Algerian origin,
submitted his long-
awaited report on “the
memory of French colonisation and the
war in Algeria” in January, reactions in
both countries were extreme. The pow-
erful Algerian organisation Veterans of
the War of Liberation (ONM) dismissed
it as a symbolic effort that covered up
colonial crimes, and said Stora “showed
his limits”, while in France, groups
representing Harkis, Algerians who
supported the French, accused the
historian of avoiding difficult questions.
Commissioned by President
Emmanuel Macron, the report is an
attempt by the French state to come to
terms with its 132-year, often brutal
occupation of Algeria and promote rec-
onciliation between the two countries.
economic decisions, and the evidence is
that it has a long reach. For example, the
road network built by the Roman
empire explains much of Europe’s cur-
rent economic geography and patterns
of trade. Similarly, a history of populism
in a country is a strong predictor of a
populist future. Given such patterns,
what are the chances of changing cur-
rent trajectories?
The economist Paul Krugman argued
some years ago that the balance
between looking back to the glories of
the past and feeling optimistic about the
future would determine how fast an
economy could grow. Expectations
about the economy, whether rational or
animal, are self-fulfilling.
So which has the stronger influence,
the past or the future? It is a critical
question when the outlook is one of rad-
ical uncertainty. Looking back to how
things were before this pandemic will
lead to belt-tightening and gloom. Gov-
ernments need people to feel optimistic
so there will be something for them to be
optimistic about. That is why, for exam-
ple, US Treasury secretary Janet Yellen
has urged G7 countries to go big on fiscal
legislators, raising questions about con-
trol of systemically important services.
In Britain, Uber lost a court case over
the employment status of its drivers.
But the defeat masked the broader issue
of platforms creating a sharp rise in gig
employment, an issue that goes to work-
ers rights, economic security and a new
revenue challenge for governments. In
both cases the state prevailed but they
show that the fight is ferocious and on all
fronts of society. Complicating matters
is that these services are wildly popular.
The UK is raising its game. Its compe-
tition regulator will gain a new digital
unit to tackle the tech giants, an online
harms bill imposing a new duty of care
to users and there is a digital services tax
aimed at huge multinationals such as
Google, Facebook and Amazon.
But even while getting tougher, the
UK, rightly, does not want to be seen as a
hostile environment for tech. Post-
Brexit, it hopes to attract business by
differentiating itself from the EU regula-
tory regime. Oliver Dowden, the culture
secretary, is looking to scale back parts
of the EU’s data protection regime with-
out jeopardising a data-sharing deal.
Yet even this more muscular
approach misses the scale of the societal
challenge. Britain, like many nations, is
still using a whack-a-mole approach of
discrete regulators tackling issues
piecemeal. And tech firms are skilled at
playing off rival regulatory imperatives,
such as data protection versus antitrust
policy.
The speed with which issues shift can
be seen in social media where the
The west is too obsessed with its colonial guilt
But it stopped short of apologising for
France’s actions.
When the relationship between a
former colonial power and its colony is
examined, the focus is almost exclu-
sively on repentance — whether the col-
oniser has done enough to atone for its
past and how far it has fallen short.
From a moral or historical point of view,
this is legitimate because the coloniser
carries the burden of its often violent
occupation. But if we truly want to
understand the bond of domination —
which distorts the idea of justice — this
approach is shortsighted.
Focusing exclusively on the sins of the
coloniser fixes the colonised in a state of
perpetual victimhood. But this remains
the approach of western academics,
intellectuals from former colonies now
residing in the former colonising state,
and of elites in the former colony, who
exploit the colonial past to further their
own interests.
But being a “victim” prevents us from
seeing how the memory of colonisation
is manipulated by political and eco-
nomic elites in former colonies, who lay
claim to the legacy of the revolution.
★ FINANCIAL TIMES
Opinion
stimulus, and the EU is deploying a
€750bn recovery fund.
Perhaps it is also why some policy-
makers have been so positive in their
growth forecasts. Andy Haldane, chief
economist at the Bank of England has
said breakthroughs on vaccines could
offset “excess caution and excess
gloom”. Many companies and house-
holds in developed economies have
At a time of radical
uncertainty, which has the
stronger influence — the
past or the future?
piled up their aggregate savings these
past 12 months and have a lot of bot-
tled-up intent to spend, goes this cheer-
ful outlook. It is evidently true that sav-
ings have increased enormously for
some people. The UK household savings
ratio shot up and remains elevated at
nearly 17 per cent; the equivalent US fig-
ure is 14 per cent. Others have lost
income or revenues and run up debts.
ministerial focus has suddenly switched
from child abuse and disinformation to
free speech.
Shocked by both the social media ban
on Donald Trump, and, in the UK,
YouTube’s brief removal of Rupert Mur-
doch’s TalkRadio, ministers plan to use
the online harms bill to stop tech firms
acting as sole arbiter of what can be
published. Platforms will be told to set
up a rapid appeal or redress mechanism
for content taken down, under rules
overseen by the regulator Ofcom.
A common thread is disruption from
iconoclastic supranational actors,
whose compass is set largely in the
US. As one minister puts it “these are
just early skirmishes with people who
think they are more important than
governments”.
Many nations are still using
a whack-a-mole approach
of discrete regulators
tackling issues piecemeal
The west sees the world through its
guilt, as it once saw it through its desire
for domination. Guilt may be harmless,
but it prevents understanding, which is
needed for both parties to move
forward.
There is global interest in the case of
France and Algeria because of the vio-
lent history of their relationship, the
geographic proximity of the two coun-
Focusing exclusively on the
sins of the former rulers
fixes the colonised in a state
of perpetual victimhood
tries, the sizeable Algerian immigrant
communities in France and recentji-
hadist attacks on French soil, when ter-
rorists used religion but also colonial-
era injustices suffered by their Algerian
parents to justify their actions.
But we should not forget that the
issues of guilt and reconciliation also
concern the former colony. What should
Algeria do with its own history, which is
But the availability of money will not
alone determine post-pandemic spend-
ing. The challenge is to make people feel
upbeat without being an overly optimis-
tic Pollyanna.
Unfortunately, for all the emphasis on
the role of expectations, economics does
not have great insights into how these
are formed, either in individuals or
when choices are aggregated taking into
account the influence people have on
each other. There is some interesting
research into the role of narratives in
shaping people’s economic expecta-
tions, but this is not reflected in most
standard economic policy analysis.
Now is the time for this to change. In
the UK, when the Victorians built so
much of the infrastructure that is still
being used, they were feeling pretty
optimistic. Look not only at their grand
town halls but also at the vast Italianate
northern mills or the 150 years’ worth of
capacity Joseph Bazalgette built for Lon-
don’s sewers. How did they do that?
As countries grapple with the pan-
demic’s economic fallout and plot a path
to recovery, we will all have to be per-
suaded that it is exactly the right time to
While colleagues are pushing Face-
book on free speech, the home
secretary, Priti Patel, is fighting a losing
battle against its plans for end-to-end
encryption on messaging which she
fears will frustrate law enforcement.
Then there is the ownership of data,
the gig economy, the shift to online
retail, new forms of transport, an ethical
framework for artificial intelligence and
so on. And this is to say nothing of the
challenges of mass communications to
democratic stability.
And what of sites of systemic social
importance, from search to the cloud
services which power most businesses.
Do they need to be seen and regulated as
essential public utilities?
Evans sees a parallel in the auto
industry. The first laws set rules for
vehicles and manufacturers. But the
second phase was about policy for a
society reshaped by almost every family
owning a car. If cars created the
suburbs, computers are changing cities.
Governments are heading into that
second phase where the thinking must
go beyond digital equivalents of speed
so often distorted by “liberators” look-
ing to further their own interests? How
should it interact with its former colo-
nial power? Kill it? Do business with it?
Demand reparations? Love, or ignore it?
Try and destabilise it, or rely on it for
economic development?
Algeria is closed for business. Entry
visas are rare and the nation’s image
remains frozen, like a museum to the
glory of a people who took up arms for
freedom. This narrative glosses power-
fully over the present. The world knows
almost nothing of daily life in the coun-
try and above all, overlooks the way its
colonial past is used domestically.
As an Algerian, it is amusing to be
asked for an opinion about how France
is coming to terms with its legacy of
occupying my country — and how my
countrymen and women should react to
the lack of an apology for the past that
we are assumed to be waiting for.
But for a regime that has built its legit-
imacy on a specific narrative of the war
of independence that cannot be chal-
lenged — and which it is keeping alive at
all costs — an apology would be disas-
trous. In Algeria, Islamists, progres-
make massive investments in zero-
carbon energy, transport and buildings;
in agriculture and food sectors that
restore biodiversity and secures sup-
plies of healthy food; in integrated
health systems and supply chains
resilient to the next pandemic.
Then there is the challenge of levelling
up. In the UK, the Roman road network
covered most of England so the histori-
cal roots of the economic imbalance that
we see now between London and else-
where do not run quite so deep. But the
inequalities between parts of many
countries — southern and northern
Italy, say — are entrenched, worsened
by years of public service “austerity”.
The scale of the task that govern-
ments in Europe and the US have set
themselves is vast. They will have to
sound convinced if they are to convince
anybody else. And they will need to con-
vince private sector investors, and the
public, that spending will be worthwhile
if recovery is to succeed. It is a challenge
of narrative as well as action.
The writer is a public policy professor at the
University of Cambridge
limits and crumple zones. While the
focus for now is on strengthening
regulators, ministers do see a case for
new thinking. One idea gaining atten-
tion in government is a plan mooted by a
Lords committee for an overarching
digital authority, comprising the exist-
ing regulators and other experts, to
oversee all regulation but also to look for
gaps and potential conflicts and identify
future trends. There is no imminent
plan for this but one official notes “a
growing recognition of the need to look
at regulation in the round”.
The UK is starting to ask the right
questions but policymakers everywhere
must stop compartmentalising digital
issues and look at the wider picture.
They must anticipate change and claim
a role in designing the architecture
which is altering their societies.
In the real world the choices are not as
binary as Minecraft’s. But when it comes
to the shaping the landscape of society,
politicians are still spending too much
time in survival mode.
robert.shrimsley@ft.com
sives, secularists and conservatives may
not agree on most issues, but they are
united when it comes to denouncing
France. And it is this reality that the
Stora report is shaking up.
As soon as it was published, the text
was deliberately misunderstood. Many
in Algeria accused Stora of refusing the
idea of an apology, although he said he
“had no problem” with it. They also
ignored a recommendation that there
should be another report written by an
Algerian counterpart, appointed by the
Algerian presidency — which has yet to
issue a response.
The Stora report has allowed Algeria
to return to war with France over what
took place decades ago, once again
focusing on the eternal enemy and
mobilising crowds. But underneath, the
regime is panicking over what it has
always feared — that this chapter will
one day be closed and that it will have to
begin to acknowledge — and take
responsibility for — its past in order to
build a powerful and happy nation.
The writer is an Algerian author and
journalist
17
Rich countries
should reassign
funds to Africa
to beat Covid
Vera
Songwe
C
ovid-19 is akin to an
unwanted house guest
whose departure is unpre-
dictable but whose cost
keeps rising and creating
tension. Collective action is needed to
solve the problem. Coronavirus has
exposed serious shortcomings in global
public health systems, leading to rela-
tively high death rates.
Africa is no exception. It took 146
days for Africa to register its first 20,000
deaths in January 2020, but it is now
recording that same number of deaths
every 15 days. Many economies are back
into lockdowns, inflation has been ris-
ing — although the World Bank expects
it to ease in 2021 and 2022 — and civil
unrest is adding to the already combus-
tible mix.
The US has an opportunity to support
Africa’s efforts to tackle its problems in a
way that saves lives and delivers a
return on investment. It can help solve a
global public goods problem and actu-
ally do well by doing good.
The new US administration is work-
ing to bring the pandemic under control
and has proposed a $1.9tn stimulus
package to support the US economy.
President Joe Biden has addressed Afri-
can leaders and put an Africa expert at
the UN, in signs of stronger partnership.
But the continent now needs a similar
jab in the arm and boost to its economy.
In 2020, many African countries sus-
pended corporate tax payments and
provided social transfers to their citi-
zens amounting to a combined 2 per
cent of gross domestic product. Some 35
have received external support from the
IMF and 31 have participated in debt-
The US can support
the continent in a way
that saves lives and delivers
a return on investment
suspension programmes, potentially
saving $9.2bn through to June 2021.
Africa’s buffers in 2021 are thinner
than pre-pandemic. As the health crisis
continues, the economic fallout brings
mounting joblessness, rising hunger
and the spectre of more unrest. An
ambitious, differentiated response is
needed, and the G20’s debt suspension
initiative — which should be
extended into 2022 — and the G20 com-
mon debt framework are a good start.
As it rallies Congress behind a stimulus
package at home, the US administration
could do the same for the developing
world by supporting the creation of
$500bn worth of new liquidity for the
global economy through the IMF.
By issuing special drawing rights, the
global economy approves the printing of
money. This was last done in 2008/2009
during the financial crisis. It proved
effective, especially because those who
needed it most got the lion’s share based
on a quota system. With the pandemic,
the needs are greater and all nations —
especially middle and frontier markets
— require more liquidity support.
Under the allocation formula, all of
Africa would receive $25bn of the
$500bn SDR, and the G7 countries
a total of $217bn, of which the US would
receive $87bn. But G7 and G20 countries
could voluntarily reallocate their SDRs
to an interest-bearing facility to support
low-income countries, such as the IMF’s
Poverty Reduction and Growth Trust.
This could be used for a market re-entry
access vehicle that lowers sovereign
borrowing costs and brings in the pri-
vate sector. In this way, the SDRs can
work for good.
A voluntary SDR reallocation would
provide a path for high-income coun-
tries to demonstrate global solidarity
while receiving a return on their invest-
ment based on SDR interest rates — and
US leadership is pivotal on this. But if
that were not motivation enough,
remember that if some countries con-
tinue to struggle with new mutations of
the virus, porous borders mean the
whole world will remain vulnerable.
Inaction risks setting back all the
development achievements of two dec-
ades and slowing the transition to a
green economy. We must not stand back
as the liquidity crisis morphs into a sol-
vency crisis. Collectively, we can use
SDRs to get the guest out of the room for
good, without long-term scars. The G7
and the G20 can deliver on this promise.
The writer is under-secretary general of the
UN and executive secretary of the UN
Economic Commission for Africa
18 ★ FINANCIAL TIMES Thursday 25 February 2021

McKinsey: after the fall

McKinsey alumni are spread across the globe and hold senior roles in politics, business and academia. They
make up a significant portion of senior board positions in S&P 500 companies, including giants such as
Google and Facebook. The consultancy’s contract wins include public sector mandates in the UK.

Twitter: @FTLex McKinsey alumni well represented McKinsey leads non-domestic

HK stamp duty:
hardly taxing
Talk about going for the jugular.
Hong Kong’s decision to raise stamp
duty on share dealing takes a swipe at
one of the few arteries where abundant
cash continues to flow. US-China
tensions dented trade. The publishing
of an authoritarian national security
law, and subsequent arrests of pro-
democracy activists, spooked business.
Tourism and retail, already stunted by
protests, was kneecapped by the
pandemic.
Hong Kong, like almost every
government on the planet, needs the
cash. It is staring at a HK$257.6bn
($33bn) deficit this year. Unlike most,
it normally runs a tight ship: light
taxation on people and businesses is
mirrored by light welfare payments.
Also unusually, it can tap the territory’s
highly priced real estate market, both
via sales of its land bank and levies on
property transactions. No surprise that
Hong Kong generally can balance its
books. The last slide into the red was in
2004, in the wake of the Sars epidemic.
The proposed increase, outlined in
yesterday’s budget, will lift stamp duty
on share sales from 0.1 per cent to
0.13 per cent of the transaction value.
This should raise HK$12bn. That
would cover, say, the $9.5bn payment
into the Innovation and Technology
Fund — the government’s faltering bid
to stimulate a homegrown Silicon
Valley — and sprucing up country
parks, football pitches and hiking
trails, with change left over.
The government’s gamble is that a
rise in fees will raise money without
taking any steam out of the gung-ho
stock market. Hong Kong’s Hang Seng
index is up by more than a third from
the March lows; the monopolistic
Hong Kong stock exchange garnered
HK$3.4bn in fees on equity trading last
year. Cash equities (and any related
data) made up about 30 per cent of
2020 ebitda.
Thus, it is a calculated risk. HKEX
shares tumbled yesterday and the
broader market dropped 3 per cent.
But that is a knee-jerk reaction. Paying
an extra $30 on a $100,000 lot of
shares is hardly a deterrent, even in a
market renowned for its retail
participation. True, the rate compares
unfavourably with Singapore and the
US, the only market bigger than Hong
Kong. Neither exact a levy. But HK is
hardly soaring above global norms; the
UK charges 0.5 per cent. Also, Hong
Kong has no capital gains tax. There
are plenty of reasons to avoid Hong
Kong stocks. This is not one of them.
Snap:
camera angles
Snap’s turnround is one for the ages.
Three years after TV star Kylie Jenner
helped crush the social media group’s
stock by telling her followers she no
longer used its platform Snapchat,
young users have returned. On
Tuesday, Snap predicted 50 per cent
sales growth for years to come. Shares
hit a new high.
In the space of a year, Snap’s market
capitalisation has jumped from $23bn to
$106bn. By equity value, the lossmaking
company is considered nearly twice as
valuable as rival platform Twitter. This
despite the fact that Twitter is
profitable, generating more revenues
from a smaller user base.
Snap’s valuation is a bet on the future
of social media as a place for visual
advertising and ecommerce — weak
spots for Twitter. Snap deserves credit
for constant product innovation, as
highlighted by chief executive Evan
Spiegel at Tuesday’s investor day.
Snap cycles through a lot of ideas.
Some, like the augmented reality
Spectacles released in 2016, are duds.
Others show more promise. Maps that
let users see where friends are can be
used to expand local business listings,
while Minis are third-party apps inside
Snapchat. On Chinese messaging app
WeChat, part of Tencent, mini program
transactions for food delivery,
shopping and more reached $250bn
last year.
Executives at Snap’s investor day did
not name Tencent — which has a stake
in the company — but the mega-tech
conglomerate’s influence is everywhere.
If Snap users used Minis for similar-
sized transactions, it would be
reporting over $50bn in gross annual
transactions.
Even so, Snap has failed to take a
significant share of the US digital
advertising market. Its $2.5bn in annual
sales looks modest next to Facebook’s
$86bn. But it may have a better chance
of WeChat-style success in gaming,
ecommerce and third-party apps.
S&P 500 companies by market value and status of ex-McKinsey employees
Former McKinsey staff:
Board or C-suite
Other executive
None
Microsoft
$1.8tn
Amazon
FT graphic Sources: S&P Capital IQ; BoardEx; FT Research; Tussell
The Japanese word amakudari,
meaning descent from heaven,
applies neatly to the senior jobs that
former McKinsey high-ups often
land. Kevin Sneader’s fall from the
apex of the elite consultancy is more
abrupt: he has been voted out as
global managing partner after high-
profile crises.
McKinsey recently agreed a $574m
settlement with US states for advising
pharmaceutical groups on opioids
strategy. It meanwhile closed an
investment bank research team amid
controversy over data provenance.
These events have tarnished
McKinsey’s shine. Partners will hope
removing Sneader will allow the
consultancy to repair its brand
mystique. An important asset here is
Facebook has been trying to replicate
WeChat’s varied revenue streams for
years. Snap might just get there first.
Lloyds/coronavirus:
on the mend
Advertising claims a central position
for Lloyds Bank in the financial life of
the UK. Other banking services are
available. But this domestic retail and
business lender is nevertheless a
particularly useful window on the
nation. The UK now expects to recover
faster from the pandemic than most
business planners recently imagined.
In December, Lex proposed
midsummer for a return to post-
pandemic normality. The government
consultants for UK
government contracts
2018-20 UK government contract
awards (£m)
Apple
Alphabet
$1.4tn
PA Consulting
Facebook
$0.7tn
McKinsey’s 42,000-strong alumni
group, spread across 123 countries.
Evidence of this is seen around the
globe, from Sundar Pichai, who heads
Google, to Greek prime minister
Kyriakos Mitsotakis.
Lex research shows former
McKinseyites sit on boards or in
C-suites of more than 70 S&P 500
companies, more than a quarter of the
index’s market capitalisation of over
$30tn. Encompass all executive roles
and you get close to half the market
and 128 companies. That is a big sphere
of influence.
The philosophy is simple: hire the
best, train them well and former
employees will go on to big things.
Consulting has long proved a magnet
for bright young people. About 22 per
this week chose June 21 as the target
date for restrictions to end, drawing
presumably on complex spreadsheets
rather than back-of-an-envelope
calculations like ours.
Lloyds, whose emblem is a black
horse, is cantering out of trouble at
pace. Loan loss provisions of £4.2bn
pushed full-year pre-tax profits down
70 per cent to £1.2bn. But fourth-
quarter impairments of £128m were
light. Feeding the improved outlook for
the UK into Lloyds’s economic model
created latitude for £660m in
impairment releases.
Lloyds opted to hold on to a £400m
“management overlay”, as a buffer. We
may surmise a writeback might
otherwise have occurred.
A payout cap meant Lloyds’s final
dividend was just 0.57p a share. Core
PwC
EY
Deloitte
KPMG
McKinsey
BCG
Bain
0 100 200 300 400 500
cent of Harvard’s latest crop of
graduates opted for the profession.
In England, there is a public debate
over emergency awards of public
contracts. All told, McKinsey has won
£218m worth of UK central
government contracts in the past
three years, according to data group
Tussell. That gives it the highest
share among the global strategic
consultancies. Franchises such as
McKinsey are incredibly robust. The
risk that scandals will reduce
recommendations from alumni will
fall with time.
A bigger danger is that the firm is
seen as representing an old elite
order, not least by potential recruits.
Sneader’s removal is a chance for
McKinsey to neutralise that threat.
tier one equity, therefore, rose to
16.2 per cent of risk-weighted assets.
Allow for software and accounting
charges and that is still some way
above the minimum target, equivalent
to about 3.5p a share.
No one suggests Lloyds will pay the
lot back to shareholders as soon as the
payout cap comes off. But there is
plainly plenty of firepower for returns
and for investment. Lloyds’s net
interest margin is a stout 2.46 per cent.
This suggests the pandemic has
suppressed price competition, as well
as consumer spending.
Lex is a notorious bear on Europe’s
politicised banks. Lloyds’s stock still
looks cheap at a price to tangible book
value of 0.5 times according to Eikon.
But celebrations on June 21 depend on
everything going right.
Credit markets/inflation:
reality resumes
A crashing economy is bad news for
creditors. But one running too hot may
not be great news either. Despite a deep
recession in 2020, monetary and fiscal
stimulus proved the perfect antidote
for most lenders, bondholders and debt
issuers. Falling yields and spreads meant
fixed income securities soared. No
surprise that companies issued trillions
in bonds and loans across credit ratings.
But fixed income instruments do not
cope well with the threat of inflation.
Ten-year US Treasuries now yield 1.4
per cent. Low historically, though still
up from 0.9 per cent in just two
months. The year-to-date return on the
Bloomberg Barclays US bond index is
already minus 0.72 per cent after
surging 7.5 per cent last year.
More interesting is the effect upon
equity valuations. A healthier US
economy should enhance corporate
profits. But higher interest rates also
threaten the value of future, uncertain
profits. In the past five days, the Nasdaq
index has fallen more than 2 per cent
as peak valuations are re-evaluated.
Wall Street, presciently, took full
advantage of easy conditions until the
end. In January $52bn of junk bonds
was issued in the US, the third-highest
monthly volume ever recorded.
Average junk bond yields had cratered
to about 4 per cent with even highly
indebted issuers such as cruise
operator, Carnival, able to tap the
markets at coupons below 6 per cent.
Most ominously, perhaps, leveraged
loan issuance used to pay for dividends
to private equity partners had swollen
to $7bn through early February,
according to S&P LCD, the second-
highest total recorded since 2010.
The consequences of quickly rising
rates are tricky to predict given years
of low borrowing costs. Absolute rates
will stay low by historical measures but,
as the taper tantrum of 2013 showed,
capital markets can overreact to sudden
shifts in borrowing costs. Wall Street
should recognise the bigger picture. An
easing pandemic, after hibernation,
should lead to some rapid economic
growth initially. That is no bad thing.
Lex on the web
For notes on today’s stories
go to www.ft.com/lex

CROSSWORD
No 16,719 Set by BASILISK
        ACROSS
1 Killjoy is mean to exclude student (6)
4 Greek expert on the underworld put to
shame (8)
9 Someone who seeks to relinquish one
  extreme for another in tasting desire (6)
10 Mainly get Kindle when it’s hard to see
 clearly (8)
12 Guards cycling contest with revolutionary
 
new screen (8)
13 Season with continental football team . . . .
(6)
 15 . . . . succeeded immediately, producing this
(4)
   16 Miles pens article to secure ancestral home
(10)

19 State requiring spiritual and political
liberation? (10)
20 In an institution for people who need help
   (4)
23 Pit worker’s last person who likes to be
 high (6)
25 Electronic issue containing nothing about
graphic history (8)
  
27 It’s always Sleepless in Seattle’s opening I
moan about (8)
 28 Kinky cross-dresser procures sex for
nymphette (6)
  29 Study leads to academics rebutting
arguments separately within 24-hour
period (8)
30 Without children present, you have a ball!
(6)
  DOWN
1 Native Americans rejected order by those
in favour of war (7)
2 Restrictions in reporting scuppered cuts
(9)
3 Referee chooses rounds to repeat again
JOTTER PAD (2-4)
5 British Island briefly joins American state
(4)
6 Steps taken quickly upset doctor, and
cause suffering and delay (8)
7 Special language discovered by thieves
originally (5)
8 Went on stage last, captivating theatre
after removing hat (7)
Solution 16,718 11 Return to old ways is concerning liberal
part of Church (7)
3 + 7 + ( : 6
14 Regularly adopt fashionable clothes all
3 ( / 2 6 , ( 8 3 + 2 5 , $
over the place (7)
( ( 7 : 2 / ( 17 From the outset Britons inhabiting
6 8 6 3 , & , 2 1 ) 2 5 . Australian region displaced her? (9)
9 1 < 6 5 18 He saves judge coming between heads of
- ( 5 % 2 $ * $ 0 ( 3 / $ 1 state meeting face to face (8)
5 8 7 6 ,
19 Food and drink containing energy (7)
& $ 1 ' / ( 6 + $ 1 ' / ( 6
' & / ( <
21 Promote side almost winning final in extra
% , & < & / ( 5 % $ 5 1 ( < time (7)
6 * $ , , 22 Make good theatre company start to
) 2 8 5 8 3 0 $ 1 6 + , 3 understudy parts (6)
% ( 5 6 2 2 ( 24 Violent attack supported by firm (5)
5 $ 1 & + ( 5 2 1 $ 6 6 $ 8 26 Five stopping to help up drama queen (4)
5 2 1 1 , ( 6