THURSDAY 1 APRIL 2021 WORLD BUSINESS NEWSPAPER EUROPE

Credit Suisse’s woes Germany in crisis New era of sleaze

Is the bank’s risk culture to blame Pandemic has undone a reputation Johnson’s misdeeds leave Cameron
for a litany of errors? — PAGE 7 for efficiency — BIG READ, PAGE 15 in the shade — HENRY MANCE, PAGE 17

Weak appetite Deliveroo

Share price (pence) Briefing
Shaky IPO hits IPO price
390p i Nomura and Credit Suisse outlooks dim

London hopes
Credit rating agencies have downgraded outlooks
for the banks, citing risk management concerns as
the lenders face losses from the Archegos debacle.
— PAGES 6 & 7; MARKETS, PAGE 8; BROOKE MASTERS, PAGE 17
London’s aspirations to lure more Brit-
ish tech companies to list in the UK suf- i Beijing data claim worsens WHO tension
fered a blow yesterday when Deliveroo’s The most senior Chinese scientist on the WHO-led
share price closed down 26 per cent in team that visited Wuhan in January has rejected the
its stock market debut. health body’s claims that Beijing restricted access to
Shares in the food delivery app lost as crucial data on the origins of the pandemic.— PAGE 4
much as 30 per cent within the first min-
utes of trading, wiping more than £2bn i Navalny hunger strike over treatment
off its value in one of the sharpest drops Imprisoned Russian opposition
for a big new listing in at least a decade. activist Alexei Navalny has
One banker not involved in the listing declared he will start a protest
called the IPO “completely embarrass- after complaining of the denial
ing”, saying it was “disastrous” for Lon- March 31 2021, 1600 BST of medical care and systematic
don’s tech hub hopes. The move will also 286.7p “torture”.— PAGE 2
fuel growing doubts among large UK
institutional investors over the wisdom i New York legalises cannabis
of loosening London’s listing rules. Governor Andrew Cuomo has signed a bill that will
Report page 5 allow those aged 21 and over to possess up to 3oz
Lex page 18 (85g) of marijuana for their personal use. The move
was hailed as a racial justice imperative.— PAGE 4

i Eurozone inflation hits high point

Boom in blank-cheque deals fuels

The currency bloc has registered its highest reading
since the pandemic started but the European Central
Bank says the rise has been driven by one-off factors
rather than underlying pressure.— PAGE 2; LEX, PAGE 18

bumper season for global M&A

i Brussels turns up heat on Warsaw
The European Commission has asked the highest
EU court to halt decisions from Poland’s Supreme
Court disciplinary chamber, as its concern mounts
over the judiciary’s independence.— PAGE 3

i Volkswagen April fool joke backfires

3 Strongest first quarter since 1980 3 $1.3tn spent on deals 3 Bulk of activity US based
KAYE WIGGINS — LONDON
ORTENCA ALIAJ — NEW YORK
Global dealmaking had its strongest
start to the year in four decades, fuelled
by a flurry of US acquisitions and Spac
mergers, even as the global economy
reels from the impact of lockdowns and
coronavirus restrictions.
Deals worth $1.3tn were agreed in the
three months to March 30, more than
any first quarter since at least 1980 and
topping even the heady levels of the dot-
com boom at the turn of the millen-
nium, according to Refinitiv.
The data underscore the scale of the
rebound in dealmaking activity after it
plummeted a year ago in the pandemic’s
early days. US-based deals were respon-
sible for much of the frenzy, rising 160
per cent against the first quarter of 2020.
“The rebound from a year ago is more
dramatic than anything we’ve ever seen
in M&A recovery — full stop,” said Cary
Kochman, co-head of global mergers
and acquisitions at Citigroup. “It is just
unprecedented.”
The rush has propelled investment
banks to their most lucrative quarter in
at least 20 years, bringing in more than
$37bn in fees.
Several of the largest deals involved
special purpose acquisition companies.
The value of Spac combinations in the
US totalled $172bn, accounting for more
than a quarter of the value of all deals.
Spacs are also taking on bigger acqui-
sitions with the biggest agreed in Febru-
ary when Tesla rival Lucid Motors said it
would go public in a $24bn merger with
a blank cheque group controlled by vet-
The German carmaker has said sorry for misleading
investors after releasing an apparent April fool’s
joke, saying it was rebranding as “Voltswagen” to
eran dealmaker Michael Klein. This or four meetings in a day without having back its electric vehicle push, in March.— PAGE 5
month online broker eToro announced to travel,” he said. “And more impor-
a $10bn move to go public with a Spac tantly it has allowed key decision mak-
set up by banking tycoon Betsy Cohen. ers to attend and participate.” Datawatch
The record start to the year has been It is the third consecutive quarter in
driven by a number of mega deals, which the value of deals has topped
including General Electric’s $30bn General $1bn, having fallen to just over half that Carrying a torch Tokyo’s Olympics,
agreement to sell its aircraft-leasing Electric’s $30bn level a year ago. That was when the scale Japanese public opinion postponed from
on the Tokyo Olympics (%) last year and set
business to Irish rival AerCap as well as deal to sell its of the pandemic became clear and exec- 100 6 Don’t know to start in July,
Canadian Pacific’s takeover of Kansas aircraft-leasing utives rushed to save their own compa- 9 As planned are a contentious
City Southern in a near $29bn deal. A business was nies instead of trying to buy others. 80 15 Held without any issue in Japan.
move by Apollo Global Management to notable among “It’s the busiest I’ve ever known it,” spectators
60 17 Almost half the
merge with Athene Holding, the life recent mega- said Farah O’Brien, a private equity and Postponed again
people in a recent
insurance company it created during transactions M&A partner at Latham and Watkins. 40 21 Held without poll thought that
the financial crisis, was among the larg- “There’s a ton of capital that is desper- overseas spectators
the Tokyo games
est private equity deals. ately trying to find a home. I wouldn’t 20 32 Should be should be
Kevin Brunner, who co-leads Ameri- say there’s caution in the market at all.” cancelled postponed again
0 or cancelled
cas M&A at Bank of America, said video Private equity dealmaking globally Sources: Statista; The Mainichi Shimbun; The
conferencing had made dealmaking rose 116 per cent from the same time last Social Survey Research Center (Mar 13 2021) altogether.
much more efficient. “You can do three year, its strongest start on record.

Share of black employees in senior US

finance roles falls despite diversity push
LAURA NOONAN — NEW YORK senior jobs, they are the only demo- that publish their EEOC submissions,
TAYLOR NICOLE ROGERS — CHATTANOOGA
graphic whose share fell from 2007 to including Citigroup, JPMorgan Chase
Black employees held a lower share of 2018, the research found. and American Express. This research
top US financial services jobs in 2018 The drop — from 2.87 per cent to found several institutions had made far
than they did more than a decade ear- 2.62 per cent — comes against the back- faster progress than the overall trend.
Turkey’s small businesses lier, according to research by the drop of multiple initiatives by financial Of the 20 companies, PayPal had the
dismayed by rate dramas Financial Times, underlining the short- services firms to improve racial diver- highest percentage of non-white work-
comings of Wall Street’s long-running sity by identifying, training and men- ers in senior roles, at 33.7 per cent. Gold-
Analysis i PAGE 3 efforts to improve racial diversity. toring talent from ethnic minorities. man Sachs had the highest percentage
“It begs the question of all of the of non-white workers in mid-level roles,
The FT analysed the most recently avail- efforts and all of the energy that was put at 44.1 per cent.
Austria €3.90 Malta €3.70 able anonymised data on the demo- into this: ‘what are they doing and why Across the sector, progress at the sen-
Bahrain
Belgium
Din1.8
€3.90
Morocco
Netherlands
Dh45
€3.90 graphics of 3.6m staff across 13,000 is none of this working?’” said Dee Mar- ior, mid and professional levels was
Bulgaria
Croatia
Lev7.50
Kn29
Norway
Oman
NKr40
OR1.60
financial services employers in the US shall, chief executive of Diverse & overwhelmingly in favour of Asian
Cyprus €3.70 Pakistan Rupee350 from 2007 to 2018. All companies with Engaged, a diversity consultancy that workers, finance’s third-biggest minor-
Czech Rep
Denmark
Kc105
DKr38
Poland
Portugal
Zl 20
€3.70 more than 100 staff were required to focuses on financial services. ity after black and Hispanic workers.
Egypt
Finland
E£59
€4.70
Qatar
Romania
QR15
Ron17
submit the information to the Equal “If you’re wondering why there is no As a result, there are more Asian sen-
France €3.90 Russia €5.00 Employment Opportunity Commission progress [for black staff], look at hiring, ior managers and executives than there
Germany
Gibraltar
€3.90
£2.90
Serbia
Slovak Rep
NewD420
€3.70
from 2007. look at pay, look at performance are black ones, even though there are
Greece €3.70 Slovenia €3.70 Black staff account for 13 per cent of appraisal process.” about 50 per cent more black workers
Hungary Ft1200 Spain €3.70
India Rup220 Sweden SKr39 all finance staff and are the sector’s big- Separately, the FT compiled figures than Asians across the whole of the US
Italy
Lithuania
€3.70
€4.30
Switzerland
Tunisia
SFr6.20
Din7.50
gest ethnic minority. But in the most from 20 big US financial services firms financial services industry.
Luxembourg €3.90 Turkey TL19
North Macedonia Den220 UAE Dh20.00

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2 ★
Russia
Navalny vows to begin prison hunger strike
Activist complains in a
letter to jail warden about
condition of his legs
MAX SEDDON — MOSCOW
Imprisoned Russian opposition activist
Alexei Navalny declared he would start
a hunger strike in protest at what he said
was systematic torture and denial of
medical care.
In a letter dated yesterday addressed
to the warden of the prison outside Mos-
cow where he is being held, President
Vladimir Putin’s most prominent critic
said guards were refusing to allow a doc-
tor to treat him for severe back pain and
Germany
Mannequin
memorial
Mannequins wrapped in red barrier
tape stand in front of Berlin’s
Brandenburg Gate as part of German
artist Dennis Josef Meseg’s
coronavirus memorial “It is Like it
is”. The exhibition will be set up near
various landmarks in the German
capital over the next few days.
Health crisis
Europe faces further lockdowns as third Covid wave hits hard
VICTOR MALLET — PARIS
DAVIDE GHIGLIONE — ROME
The third wave of Covid-19 across
Europe yesterday forced several gov-
ernments to implement a series of new
lockdowns as their hospitals struggled
to withstand sharp rises in infections.
French President Emmanuel Macron
was set to announce strict new lock-
down measures yesterday, and may be
forced to close schools after pleas from
teachers, doctors and local officials.
Italy was poised to extend restrictions
on movement and business openings
until the end of this month, Ukraine
implemented a widespread shutdown of
Kyiv’s public transport and Sweden
halted its easing of some restrictions.
Macron has come under intense criti-
cism in recent weeks for ignoring the
warnings of scientists and doctors about
the need for tighter measures.
“They were so obsessed with the
schools [staying open] that they were
ignoring the main site of viral infection,”
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FRIDAY 31 MARCH 2017
Trump vs the Valley
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
HMRC warns
customs risks
being swamped
by Brexit surge
3 Confidence in IT plans ‘has collapsed’
3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expectedonce Britain
leaves the EU, customs authorities have
admitted toMPs.
FINANCIAL TIMES
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neurological symptoms in his legs. He
also wrote that guards were “torturing”
him through sleep deprivation and had
encouraged other prisoners to disturb
him by pouring sand around his bed
while he was in the infirmary.
“It all looks difficult from the outside.
But on the inside it’s simple: you don’t
have any other way to fight back, so you
go on hunger strike. Ha-ha-ha,” Navalny
wrote in the letter, which his team
posted on Instagram. “So I’m lying down
and am hungry, but I’ve got two legs.”
Navalny, 44, said he began feeling the
severe back pain while detained in jail in
Moscow in February on fraud charges
he said were the Kremlin’s revenge for
his anti-Putin activism.
John MacDougall/AFP/Getty
said Jean-Christophe Lagarde, a mem-
ber of parliament in Seine-Saint-Denis,
a hard-hit suburb on the north of Paris.
He has urged Macron to send pupils
home early for the Easter holiday as
saliva tests on students in his constitu-
ency’s schools suggest high rates of in-
fection. “The virus is circulating quicker
in schools than elsewhere,” he said.
“This will explode the health system.”
Hundreds of classes and some entire
schools across France have shut as more
infectious variants of the virus have
taken hold, and such closures acceler-
ated this week after a new rule came
into force shutting down any class
where one pupil had tested positive.
With more than 95,000 coronavirus
deaths recorded in France since the
pandemic began and hospital intensive
care units overflowing in Paris and else-
where, Macron was due to make a tele-
vised address yesterday at 8pm.
Some doctors have warned intensive
care facilities are so stretched they may
have to start to “triage” arriving pat-
WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
A Five Star plan? Dear Don...
Italy’s populists are trying to woo May’s first stab at the break-up
the poor — BIG READ, PAGE 11 letter — ROBERT SHRIMSLEY, PAGE 12
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
THE END
i US bargain-hunters fuel Europe M&A
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
i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
AMERICAN WAY OF LIFE
non-urgent operations and for A&E treatment while
some surgical procedures will be scrapped.— PAGE 4
i Emerging nations in record debt sales
FT WEEKEND MAGAZINE
Developing countries have sold record levels of
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
i London tower plans break records
Art of persuasion Mystery deepens
A survey has revealed that a
record 455 tall buildings are
over disputed painting of Jane Austen
planned or under construction
engulfed in
adjust its negotiation position with the in London. Work began on
EU, a Whitehall official said. “If running almost one tower a week
our own customs system is proving during 2016.— PAGE 4
much harder than we anticipated, that
ought to have an impact on how we i Tillerson fails to ease Turkey tensions
fresh tax probe
press for certain options in Brussels.” The US secretary of state has failed to reconcile
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
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FINANCIAL TIMES
INTERNATIONAL
The anti-corruption activist was
arrested immediately upon returning
from Germany, where he had been
recovering from a military nerve agent
poisoning he and western powers have
blamed on the Kremlin.
He was then sentenced to two and a
half years in prison by a Moscow court
for missing parole meetings from a 2014
suspended sentence, including some
while he was in a coma.
Russia rejected a ruling from the
European Court of Human Rights that
he should be released, saying it was
“baseless and unlawful”.
The Kremlin has said it found no evi-
dence Navalny was poisoned in Siberia
last summer before he was evacuated to
ients, deciding who will benefit from
treatment, if matters do not improve.
Others complain the current controls,
including a national 7pm-6am curfew
and the closure of bars and restaurants,
and curbs on movement and the closure
of many shops in 19 départements, are
‘The virus is circulating
quicker in schools than
elsewhere. This will
explode the health system’
too lax and are a “pseudo-lockdown”.
Patrick Bouet, president of the Nat-
ional Council of the Order of Doctors,
said France had “lost control of the epi-
demic”.
The government hopes that the lower
infection numbers reported on Monday
and Tuesday compared with the previ-
ous week mean the peak of the third
wave has been reached, although there
would still be a lag of two to three weeks
Eastern Europe
Kyiv and Moscow accuse each Italy expels two Russian
other after Donetsk battle diplomats in spying claim
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
MAX SEDDON — MOSCOW
ROMAN OLEARCHYK — KYIV
Censors and sensitivity
Warning: this article may be
FEBRUARY 4 2017
upsetting — LIFE & ARTS
How To Spend It
Ukraine’s smouldering seven-year war
Chic new lodgings
with Russia-backed separatists on its
eastern border has flared up sharply in
recent days after the worst clashes in
months.
Four Ukrainian soldiers were killed —
the largest daily death toll for govern-
ment forces since the latest shaky cease-
fire took effect last July — after an hours-
long battle last Friday, north of the sepa-
ratist stronghold city of Donetsk.
Kyiv and Moscow accuse each other of
triggering the escalation in the conflict,
which has claimed about 14,000 lives
since Russia annexed the Crimean
peninsula from Ukraine in 2014.
The Kremlin accused Ukrainian
forces of resuming the hostilities as a
prelude to full-scale fighting, which
eased in 2015 under a faltering peace
agreement brokered by France and Ger-
many in Minsk.
“We express concern over the growing
tension and express concern that the
Germany. Instead, it has floated alterna-
tive theories for the illness that plunged
him into a coma, ranging from sudden-
onset diabetes to a CIA plot, and even
that Navalny had somehow poisoned
himself with the novichok nerve agent.
Putin later admitted security services
were tailing Navalny on the trip, but
claimed that if they had wanted to, they
would have “finished the job”.
In his letter, Navalny wrote he was
“plagued by murky doubts about the
reason for my illness and the chances of
getting better” after his poisoning.
He said the pain worsened after he
was sent to a notoriously harsh prison
colony outside Moscow in March.
There, guards had refused to let him be
before the pressure on hospitals eased.
According to government sources,
Italy’s cabinet was set to discuss further
restrictions yesterday after imposing
stricter curbs earlier in March, with the
country facing a lockdown over the
Easter weekend from Saturday.
In recent months, Italy has imposed
restrictions across its 20 regions accord-
ing to a four-tier, colour-coded system
based on local infection rates, with most
regions remaining under tight curbs.
Italy has registered over 108,000
deaths linked to Covid-19 since its out-
break emerged in February last year, the
second highest toll in Europe after Brit-
ain and the seventh-highest globally.
Ukraine’s capital is to shut public
transport to most users and prolong the
closure of schools for two more weeks.
“We have no other choice . . . other-
wise there will be hundreds of more
deaths,” Kyiv’s mayor, Vitali Klitschko,
said announcing the curbs from April 5.
Kyiv earlier last month shifted
schools to distance learning, closed
Ukrainian side might resort to provoca-
tive actions that could lead to war. We
really don’t want to see that,” Dmitry
Peskov, spokesman of Russian presi-
dent Vladimir Putin, said yesterday.
He added that Russia considered it a
“civil war”.
Peskov said Putin stressed the “lack of
an alternative” to the Minsk agreements
during a phone call with France’s Presi-
dent Emmanuel Macron and Germany’s
Chancellor Angela Merkel on Tuesday
evening. Putin accused Ukraine of not
fulfilling its obligations under the treaty
and that it had “provoked” the recent
flare-up, according to the Kremlin.
The pact is under pressure due to Rus-
sia’s reluctance to acknowledge its role
in the war and Ukraine’s resistance to
giving the two conflict regions auton-
omy in its constitution.
The US said it had “unwavering sup-
port for Ukraine’s sovereignty . . . and
Euro-Atlantic aspirations, in the face of
continuing aggression”.
Additional reporting by Katrina Manson in
Washington
treated by an outside doctor, did not tell
him his diagnosis after an MRI, and only
gave him ibuprofen pills and cream to
treat the pain. Navalny’s lawyers said he
risked losing the use of his legs if his con-
dition went untreated.
“I can’t get medication. They won’t let
a doctor see me. And you know what,
screw my right leg, Alexander Alexan-
drovich! I’d get by with just one,” he
wrote in the letter to the prison warden,
Alexander Mukhanov. “But I don’t want
to lose two legs. That’d be unfair: every-
one will have two, and I won’t have any.”
Putin discussed Navalny’s condition
in a call with French president
Emmanuel Macron and German chan-
cellor Angela Merkel late on Tuesday.
shopping centres and allowed restau-
rants and stores to operate only through
delivery and take-out. The measures
unveiled yesterday go further, by clos-
ing kindergartens and allowing only ess-
ential workers to use public transport.
Ukraine yesterday reported 11,226
new cases and a record 407 deaths.
Total confirmed cases since the pan-
demic started stand at 1.67m and almost
33,000 have died from it.
Sweden’s government had planned to
ease some lockdown rules after Easter,
but earlier this week, the Public Health
Agency said that a rise in infections
meant the plan should go on hold.
Poland reported its highest daily
death toll this year as the pandemic puts
intense strain on the health service. The
health ministry said yesterday there
had been 653 deaths in the past 24
hours, the second highest figure of the
pandemic. In total, 53,000 have died.
Additional reporting by James Shotter in
Warsaw and Roman Olearchyk in Kyiv
See FT BIg Read
National security
DAVIDE GHIGLIONE — ROME
HENRY FOY — MOSCOW
An Italian naval captain has been
arrested by Italian police after alleg-
edly being caught passing classified
documents to a Russian diplomat in
exchange for cash during a clandestine
encounter in Rome on Tuesday night.
They are both accused of “serious
crimes tied to spying and state security”,
Italian police said.
Luigi Di Maio, Italy’s foreign minister,
yesterday described the incident as
extremely serious and announced the
expulsion of the Russian diplomat
involved and his superior.
Russia’s foreign ministry told local
newswires it was considering its res-
ponse. “We express our regret in con-
nection with the expulsion from Rome
of two employees of the Russian
embassy. We are clarifying the circum-
stances of this decision.”
The Italian foreign ministry yesterday
summoned Russian envoy Sergey Razov
after media reporting of the operation.
Thursday 1 April 2021
Consumer prices
Eurozone
inflation at
highest rate
since start
of pandemic
MARTIN ARNOLD — FRANKFURT
Inflation in the eurozone has risen to its
highest since the start of the pandemic,
but has been driven by one-off factors
that will fade next year rather than
underlying price pressures, according
to the European Central Bank.
The harmonised index of consumer
prices in the 19-country bloc rose to
1.3 per cent in March, a flash estimate by
Eurostat found yesterday, in line with
expectations and up from 0.9 per cent
the previous month.
That is the fastest rate of price growth
since before the crisis hit Europe over a
year ago, but remains below the ECB’s
target of just under 2 per cent. Core
inflation, which excludes energy and
food prices, fell from 1.1 to 0.9 per cent.
The rise in overall prices reflects one-
off factors such as the reversal of a Ger-
man value added tax reduction at the
start of this year, rising energy costs, and
changes to the weighting of products
and services used to calculate inflation.
ECB researchers estimated that
changes in the weighting of the inflation
basket to adjust for the pandemic’s
impact on spending had added about 0.3
percentage points to Eurostat’s index
since the start of the year.
“We know in the short term inflation
is going to rise, there are some technical
temporary factors that are going to lead
to upward price pressures,” Christine
Lagarde, ECB president, said yesterday.
“But we are going to see through that
because these are not underlying funda-
mental factors that will increase prices,”
Lagarde added.
“Given the distance relative to the aim
that we have . . . it is going to be quite a
while before we actually have to ask our-
selves whether we need to tighten
[monetary policy].”
Investors expect inflationary pres-
sures to increase as the world rebounds
from the outbreak. The ECB has forecast
that eurozone inflation will rise from 0.3
per cent last year to 1.5 per cent this year
before dropping to 1.4 per cent by 2023.
Inflation in Germany neared a two-
year high at 2 per cent in March from 1.6
per cent in February, while in France it
rose from 0.8 to 1.4 per cent and in Spain
from minus 0.1 to 1.2 per cent, said
national statistics agencies. In Italy, infl-
ation fell from 1 per cent to 0.6 per cent.
The German central bank has pre-
dicted inflation is likely to exceed 3 per
cent later this year, but there have been
few signs of rapid wage inflation in the
economy, which remains hit by restric-
tions to curb rising infections.
IG Metall, the country’s biggest union,
this week agreed a pay deal in the key
industrial region of North Rhine-West-
phalia, which provides a benchmark for
other IG Metall workers. It amounted to
an annual pay rise of about 1.3 per cent,
below the union’s initial demand but
above last year’s, when pay was frozen.
“This confirms our assumption that
the pandemic will put the brakes on
wage growth for some time and thus
also prevent a sustained rise in infla-
tion,” said Eckart Tuchtfeld, senior
economist at Commerzbank.
German jobless numbers fell by 8,000
to 2.8m in March, the federal agency
said yesterday. The rate was unchanged
at 6 per cent from 5 per cent a year ago,
but excludes the furlough scheme.
According to reports, the Italian
officer, a frigate captain, and the Rus-
sian official, who is accredited to the
Russian embassy, were detained by
authorities late on Tuesday, after being
stopped in a car park in Rome, where
the exchange was allegedly made.
In addition to the criminal investiga-
tion, Italian news agency Ansa said mili-
tary prosecutors had also opened a
probe into the case. Nato documents
were allegedly among the files passed on
by the officer, raising potential security
concerns for other alliance states.
“We confirm the detention of a mili-
tary officer in Rome on March 30,” the
Russian embassy said. “The circum-
stances of the incident are being investi-
gated. For the time being we consider it
inappropriate to comment on the dyna-
mics of the incident. We hope that what
happened will not reflect on the bilat-
eral relations between Russia and Italy.”
Former deputy premier Matteo Sal-
vini’s League party recently signed a
co-operation accord with President
Vladimir Putin’s United Russia party.
Thursday 1 April 2021 ★ FINANCIAL TIMES 3

INTERNATIONAL

Policy zigzags leave Turkey’s

‘Muzzle law’

Brussels turns up pressure on

small businesses struggling
Family-run enterprises swamped by debt are unable to plan for the future
AYLA JEAN YACKLEY — ISTANBUL
After a year in which he has not sold a
drink, Istanbul bar owner Fuat Akyol is
struggling to meet loan payments and
save his 27-year-old business, which has
closed its doors because of the coronavi-
rus pandemic.
Small companies like Akyol’s have
been the bedrock of President Recep
Tayyip Erdogan’s political support —
and some of the most vulnerable to pan-
demic restrictions and the country’s
recent monetary policy zigzags.
Erdogan has made no secret of his
loathing of high interest rates, and the
roots of his antipathy may lie in part in
the pain they heap on heavily indebted
small companies.
After Naci Agbal, central bank gover-
nor, increased borrowing rates to 19 per
cent, Erdogan last month fired him and,
earlier this week, his deputy.
As Agbal’s replacement he installed
Sahap Kavcioglu, who shares the Turk-
ish leader’s unconventional view that
high rates cause, rather than cure, infla-
tion, but has indicated he will stick with
Agbal’s policies for the time being.
The rate rises hit many of the nation’s
3.2m small and medium-sized enter-
prises particularly hard. They are carry-
ing debt totalling $107bn, or a quarter of
all Turkey’s outstanding loans, and the
economic impact of the coronavirus
pandemic has pushed many towards
insolvency.
The government “sees cutting inter-
est rates as the best means to increase
resources for SMEs to retain their sup-
port”, said Oner Guncavdi, an econo-
mist at Istanbul Technical University.
Erdogan has also promised tax breaks
for some of the nation’s smallest enter-
prises, known as esnaf, to help them
weather the pandemic. But Akyol said
closed businesses such as his, which has
no income to tax, were left out of the aid
package.
Esnaf are big employers, with 2m
employing up to 20 workers each. More
than 120,000 esnaf have filed for bank-
ruptcy in the past year, according to the
official registry. Many more have unoffi-
cially closed their doors but cannot
afford to complete the legal process.
“There are scarcely any businesses
without debt,” said Bendevi Palando-
ken, chair of the Turkey Tradesmen and
Artisans Confederation, whose mem-
bers employ one in eight Turks.
“Tradespeople are the backbone of our
economy . . . Their misfortune hits
entire families, so when esnaf are in
trouble, it directly impacts the wider
economy.”
Tradespeople also underpin support
for Erdogan’s ruling Justice and Devel-
opment party (AKP). “This is the AKP’s
base,” said Guncavdi. “Esnaf in particu-
lar rely on credit to keep their busi-
nesses rolling over. Now they can’t find
credit, or it’s too costly.” They also relied
on credit-driven demand to sell their
products, he said.
It is not just family-run shops and fac-
tories that are struggling. Tuncay Ozil-
han of Tusiad, Turkey’s biggest business
Quiet streets: group, recently said in a rare, if veiled,
a tram makes critique that “the mixed signals” in poli-
its way along a cymaking made it tricky for industrial-
road in Istanbul, ists to invest.
where the “All of us are trying to understand and
night-time assess the back-to-back, unexpected
district of developments of the last few months
Beyoglu is said and figure out the future. But how can
to be deserted decisions be made when the situation
Nicole Tung/Bloomberg
has become unclear and the parameters
of authority and responsibility have
become murky?” he said in a televised
speech on Tuesday.
Loans to small businesses accounted
for the largest segment of Turkish
banks’ bad debt, said Lindsey Liddell, a
senior director at Fitch Ratings in Lon-
don. The ratio of all non-performing
loans stands at 4.1 per cent. She said the
Turkish Treasury backed many SME
loans, reducing the impact of rising
defaults on the broader financial sys-
tem. However, the risks they posed
would continue to mount because of
their recent “massive growth in a diffi-
cult environment”.
These companies “are more suscepti-
ble to shocks for the simple reason that
they have less cash buffers [and] gener-
ally run on low cash balances”, said
Paolo Monaco of the European Bank for
‘[Small Reconstruction and Development’s
SME finance and development group,
companies] which advises and lends to Turkish
in particular businesses. But previous boom-and-
bust cycles had made them “extremely
rely on resilient” compared with western coun-
credit to terparts, he added.
Akyol’s bar in Beyoglu, the central
keep their Istanbul district that is home to 350 bars
businesses and clubs, has weathered several
crunches. Anti-government protests in
rolling over. 2013, an Isis bomb attack that killed
Now they four Israeli tourists in 2016 and a 2019
recession all drove customers away.
can’t find “But I have never seen Beyoglu as
credit, or it’s deserted as now,” he said.
Before the pandemic, Akyol would
too costly’ earn enough to cover his monthly
expenses on a couple of good nights.
Now, his bar, called 45’lik, has been
shut since March 2020, along with more
than 14,000 other registered watering
holes, and he is trying to pay back a
TL500,000 ($60,000) loan to avoid
bankruptcy.
Akyol is unable to declare bankruptcy
because he cannot pay severance and
other liabilities. “There are two scenar-
ios: we get wiped out or we get help,” he
said. “That no one knows which one it
will be is our biggest problem.”
Poland over judicial reforms
MEHREEN KHAN — BRUSSELS
JAMES SHOTTER — WARSAW
Brussels has asked the EU’s highest
court to suspend decisions from
Poland’s Supreme Court disciplinary
chamber, in a bid to increase pressure
on Warsaw over the rule of law and
independence of judges.
The European Commission said it
would take Poland to the European
Court of Justice as part of a longstanding
legal battle over disciplinary rules for
the country’s judges that went into
effect last year. The ECJ can order
interim measures to prevent damage
stemming from EU law infringement.
Brussels alleges the Polish law under-
mines the independence of the judiciary
and prevents Polish courts from apply-
ing measures that would protect the
rule of law in line with EU treaties.
Under the legislation, which critics
have dubbed the “muzzle law”, the dis-
ciplinary chamber has the right to
remove the immunity of judges, allow-
ing them to be exposed to criminal pro-
ceedings and suspended from office.
Brussels launched legal action against
Poland last year but has failed to con-
vince Warsaw’s government, led by the
conservative-nationalist Law and Jus-
tice (PiS), to step back from the reforms.
The commission has asked for interim
measures from the ECJ to suspend all
Phase 3 trial
BioNTech/Pfizer jab shows
100% efficacy in adolescents
ERIKA SOLOMON
Pfizer and BioNTech say their Covid-19
vaccine is safe and effective for 12- to
15-year-olds, and the companies are to
push for emergency use authorisation
for the group in the US and Europe.
A phase 3 trial showed 100 per cent effi-
cacy in preventing symptomatic Cov-
id-19, and “robust” antibody responses
exceeding those reported in trials invol-
ving the 16s to 25s, the drugmakers said.
The companies aim to receive author-
isation in time for children to start get-
ting the jab for the next school year, said
Albert Bourla, Pfizer chief executive.
“We share the urgency to expand the
authorisation of our vaccine to use in
younger populations and are encour-
aged by the clinical trial data,” he added
yesterday.
The trial of 2,260 adolescents in the
US is the first to show how the jab would
work on younger pupils as officials seek
to get students back into classrooms as
quickly as possible. The vaccine is
already authorised for over-16s.
There were 18 Covid-19 cases among
adolescents enrolled in the trial who
received placebo shots. None who
received the vaccine were infected.
“The initial results we have seen in the
adolescent studies suggest that children
are particularly well protected by vacci-
nation, which is very encouraging given
the trends we have seen in recent weeks
decisions from the disciplinary cham-
ber, including the effects of those
already taken to remove judges’ immu-
nity, until it has reached a decision.
Vera Jourova, EU vice-president for
values, said the latest step to sue War-
saw came after “numerous attempts to
remedy the situation”. Pressure on
Polish judges “continues to increase and
their independence is under constant
erosion”, the commissioner said.
Jourova added Brussels was “particu-
larly concerned about the actions of the
disciplinary chamber that continues to
be used as an element pressing judges.
We expect the chamber to stop its oper-
ations immediately and we request the
suspension of its decisions already
taken, especially when it comes to the
lifting of judicial immunity.”
Sebastian Kaleta, Poland’s deputy jus-
tice minister hit back at the move, say-
ing the commission was acting “only for
political reasons”, and going beyond its
mandate. “The EU has no power to
decide if the Polish Supreme Court may
waive immunity for judges,” he told the
Financial Times.
Krystian Markiewicz, head of Iustitia,
the Polish judges’ association, wel-
comed the commission’s move as a “suc-
cess for Polish judges”.
“It confirms that the defence of inde-
pendence at all costs will receive sup-
port from Europe,” he said.
regarding the spread of the B.1.1.7 UK
variant,” said Ugur Sahin, chief execu-
tive and co-founder of BioNTech.
Side-effects were consistent with
those reported from a trial involving 16
to 25-year-olds, the companies said.
The companies plan to submit their
data to the US Food and Drug Adminis-
tration and the European Medicines
Agency to get emergency authorisation.
Pfizer and BioNTech last week began
administering doses in their first trial of
BioNTech and
Pfizer plan to
submit their data
to health agencies
for emergency
authorisation
children aged 11 and under. The vaccine
could even be tested on six month-olds.
The head of the EMA yesterday said
the agency’s assessment that the bene-
fits of the Oxford/AstraZeneca vaccine
outweigh its risks remains unchanged,
and so far no causal link to a rare type of
blood clot has been proven.
Emer Cooke said yesterday experts
“have not been able to identify specific
risk factors, including age, gender or
previous medical history” of clotting
disorders after some countries includ-
ing Germany restricted its use. Possible
side-effects appear to have been mainly
among younger women, she added.

Human rights report

Biden to unveil $2tn projects and corporate tax rise
Bold initiative emphasises jobs
bonus from infrastructure
work but rattles private sector
JAMES POLITI — WASHINGTON
Joe Biden is proposing to plough $2tn
into infrastructure alongside $2tn in
higher corporate taxes in the first stage
of a multitrillion-dollar effort to reshape
the world’s largest economy.
The White House released details of
the plan ahead of a speech by the presi-
dent in Pittsburgh yesterday. Adminis-
tration officials called it the biggest pub-
lic investment programme since the cre-
ation of the interstate highway system
and the space race of the 1960s.
Coming weeks after Congress
approved a $1.9tn fiscal stimulus plan,
Biden’s proposal will set the stage for
weeks of delicate negotiations on Capi-
tol Hill, where Democrats hold razor-
thin majorities in both chambers.
If passed, it would represent a high-
stakes bet by the White House that a
lasting injection of government funds in
critical areas, funded by higher corpo-
rate taxes, will strengthen the economy
as it emerges from the pandemic, rather
than weaken it, as Republicans charge.
One Biden administration official said
the plan would “revitalise our national
White House. Investment programme
imagination” and put “millions of
Americans to work right now”. The plan
sets aside up to $621bn in funding for
traditional infrastructure upgrades,
including roads, bridges, public trans-
port, electric vehicles and hubs such as
ports and airports.
It will try to direct spending towards
projects to help the US mitigate the cli-
mate crisis, which the administration
has vowed to tackle head-on, in a shift
from the scepticism of Donald Trump.
These proposals include $100bn in
measures to modernise the electricity
grid, provide tax credits for clean energy
generation and storage and to plug
orphan oil and gas wells, as well as
$213bn to make homes more energy-
efficient and $100bn for public schools.
Meanwhile, $180bn of funds will be
directed towards investments in
research and development in areas such
as artificial intelligence and biotechnol-
ogy, squarely aimed at improving com-
petitiveness with China. A further
$300bn in government spending is to be
devoted to manufacturing subsidies,
including help for chipmakers.
While supporters argue the plan will
address chronic under-investment in
public goods that has hurt the economy,
critics said the corporate tax rises could
damage US competitiveness.
Biden wants to raise the corporate tax
rate from 21 per cent to 28 per cent, and
muster additional revenue through a
21 per cent global minimum tax, calcu-
lated on a country-by-country basis “so
it hits profits in tax havens”, said the
White House. The president also wants
to scrap a tax exemption on the first
10 per cent of earnings produced inter-
nationally and end tax preferences for
fossil fuel producers.
Even before Biden released his plan,
the Business Roundtable, which repre-
sents big blue-chip companies, attacked
the tax increases contained in it.
Neil Bradley of the US Chamber of
Commerce said a “big and bold” infra-
structure package was to be favoured
but the corporate levies were “danger-
ously misguided”, would “slow the eco-
nomic recovery and make the US less
competitive — the exact opposite of the
goals of the infrastructure plan”.
The Biden plan sets aside $621bn
for infrastructure such as roads
Unions cheered the announcement.
“Joe Biden understands we need to go
big, and this announcement brings us
one step closer to delivering the aggres-
sive changes we need to rebuild our
country,” said the AFL-CIO, the largest
US trade union federation.
The spending proposal is expected to
last eight years and the corporate tax
increases are expected to be phased in
over 15 years, beyond the traditional 10-
year budget window, implying the plan
would add to deficits during that time.
Despite the high price tag, the White
House is expected in the coming weeks
to complete its investment plan with an
additional set of spending measures on
“childcare, healthcare [and] education”
that is likely to top $1tn, bringing the
total to more than $3tn. The second
package is expected to be paired with
tax increases on the wealthy, including
on income, capital gains and estates.
As he prepares to begin the negotia-
tions with Congress, Biden is facing
pressures in his party. Alexandria Oca-
sio-Cortez, the New York lawmaker, has
said the $2tn infrastructure plan was
“not nearly enough”.
But other Democrats are worried the
spending and tax rises could be exces-
sive. Some are even calling for a repeal
of a cap on deductions for state and local
tax payments, which would amount to a
tax cut.
US labels China’s treatment
of Muslim Uyghurs ‘genocide’
DEMETRI SEVASTOPULO AND
AIME WILLIAMS — WASHINGTON
The US has accused China of commit-
ting “genocide and crimes against
humanity” against Uyghurs in an
annual human rights report that also
raised concerns about Saudi Arabia,
Myanmar and Venezuela.
The state department’s 2020 human
rights report called China an “authori-
tarian state” that was detaining more
than 1m Uyghurs and other Muslims in
Xinjiang region and engaging in rape,
forced sterilisation, coerced abortions,
torture and forced labour.
Antony Blinken, secretary of state,
had already called the repression of
Uyghurs “genocide”, but the report is
the first time the Biden administration
had made an official declaration.
The report came a week after the US,
EU, UK and Canada imposed sanctions
on Chinese officials over the situation in
Xinjiang, which has attracted growing
attention as Beijing prepares to host the
2022 Winter Olympics.
“We’re not trying to . . . contain China
or keep it down. What we are about is
standing up for basic principles, basic
rights, and a rules-based international
order,” Blinken said of Tuesday’s report.
Beijing has denied the allegations
about the Uyghurs and encouraged boy-
cotts against foreign companies such as
H&M that have taken a stand on the use
of forced labour in the region.
Tensions between Washington and
Beijing have continued to mount, with
President Joe Biden taking a harsher
stance towards China than many had
expected. The report also slammed
China over the situation in Hong Kong,
following the decision last year to
impose a national security law there.
It said some of the security institu-
tions created under the law had engaged
in abuses, including police brutality,
arbitrary arrests and a crackdown on
the media and free speech.
Blinken said the US would use “a
broad range of other tools to stop
abuses” around the world, including
possible punitive measures authorised
under the Hong Kong Human Rights
and Democracy Act. He also rejected
suggestions that Washington should
refrain from criticising other countries
because of problems at home.
“We don’t pretend these problems
don’t exist or try to sweep them under
the rug . . . deal with them in the day-
light, with full transparency,” he said.
The report noted “extreme repression
of and discrimination” against the Mus-
lim Rohingya minority in Myanmar,
and alleged torture and sexual violence
by security forces. It also condemned
actions in Venezuela and Saudi Arabia.
See FT View
4 ★
Drugs
New York state legalises use of cannabis
Law will try to give half
of distribution licences
to minority-owned shops
JOSHUA CHAFFIN — NEW YORK
Legal marijuana has at last become a
reality in New York following years of
disagreement over how to regulate its
sale and distribution.
A bill was signed into law by Andrew
Cuomo, governor, after being agreed
earlier in the week by the state’s legisla-
ture. It will allow New Yorkers aged 21
and over to possess up to three ounces of
marijuana for their personal use.
Intimidation campaign
BBC reporter
leaves China
following
‘pressure
and threats’
TOM MITCHELL — SINGAPORE
A veteran BBC correspondent has relo-
cated from Beijing to Taiwan after a
months-long pressure campaign from
the Chinese government and state
media, in the latest sign of deteriora-
tion in Sino-UK relations.
John Sudworth left the Chinese capital
last week, just days before his visa was
due to expire, according to two people
familiar with the situation.
Sudworth had been issued a series of
three-month or shorter visas that were
renewed only at the last minute, as has
been the case with other journalists
whose reporting has been criticised by
China’s foreign ministry and state-
owned media. Most journalist visas in
China are valid for one year and are
renewed weeks in advance of expiry.
“We have faced threats of legal action
as well as massive surveillance, obstruc-
tion and intimidation whenever and
whatever we try to film,” Sudworth told
the BBC’s Today programme yesterday,
adding that “pressure and threats” from
Chinese authorities had intensified in
recent months.
In February, Beijing banned the BBC’s
World News television channel from
broadcasting in the country, a largely
symbolic move as it was never allowed
to broadcast into Chinese homes, having
been blacked out by the country’s strict
censorship rules.
The move came just a few days after
the UK’s media watchdog revoked the
broadcasting licence of China’s state
broadcaster CGTN, citing its control by a
foreign political party as a breach of reg-
ulations.
Sudworth said that he and his family
had left “in a hurry, followed by plain
clothes police all the way to the airport
and through the check-in hall”, after
concluding it was “too risky to carry on”.
He added that his departure was
“sadly precisely the point of this kind of
intimidation”, pointing out that several
foreign news outlets had in recent years
faced expulsions of their reporters.
“This is the reality now faced by a lot of
foreign media organisations [in China],”
he said.
Sudworth’s relocation was announced
after the Global Times, an offshoot of
the Chinese Communist party’s flagship
newspaper, said he was “believed to be
hiding in Taiwan island” because of
threats from Chinese nationals to sue
the BBC for broadcasting “fake news”.
The tabloid added that Sudworth
“became infamous in China for his
many biased stories” on Xinjiang, the
western region where the Chinese gov-
ernment has detained more than 1m
Uyghurs and other Muslim minorities,
and on Beijing’s response to the Cov-
id-19 pandemic.
The BBC confirmed that Sudworth
had relocated to Taiwan, which Beijing
claims as part of its sovereign territory.
Many US reporters that were expelled
from China last year are now based in
the island’s capital Taipei.
“John’s work has exposed truths the
Chinese authorities did not want the
world to know,” the UK broadcaster
added.
“The BBC is proud of John’s award-
winning reporting during his time in
Beijing and he remains our China corre-
spondent.”
The BBC’s Beijing bureau is otherwise
operating as normal, staffed by other
reporters and researchers.
The BBC and Sudworth have been fre-
quent targets of Chinese state media and
a generation of so-called wolf warrior
diplomats, who aggressively rebut what
they contend to be systematically
biased foreign reporting of China.
Additional reporting by Xinning Liu in
Beijing and Patricia Nilsson
It will also open the way for licensed
dispensaries to sell cannabis products.
The push to legalise marijuana was
framed not only as a means to improve
the state’s finances in the midst of an
economic crisis but also as a racial jus-
tice imperative.
Studies have shown that black and
Hispanic users of marijuana were
arrested at far higher rates over the
years than their white counterparts.
The law will seek to address that by
expunging past convictions for mari-
juana use as well as aiming to set aside
50 per cent of the licences for distribu-
tors and producers for women and
minority-owned businesses.
Kumbh Mela
India festival
raises fears of
Covid surge
Close contact: devotees gather for
prayers during the Kumbh Mela
festival in Haridwar — Prakash Singh/AFP
Apec
New Zealand warns on vaccine nationalism
JAMIE SMYTH — SYDNEY
New Zealand will press the 21 leaders of
the Asia-Pacific Economic Co-opera-
tion nations to agree to the free move-
ment of essential medical supplies to
try to bolster multilateralism and com-
bat rising vaccine nationalism, the for-
eign minister said.
Nanaia Mahuta said New Zealand would
use its chairmanship of Apec this year to
promote a joint agreement covering the
movement of goods, including personal
protective equipment, across borders.
“If we can eliminate tariffs, non-tariff
barriers, any import restrictions, im-
prove trade facilitation to advance a
protocol in that [essential goods] space
that is one very tangible area where we
show that not only have we learned
from our experience, but that we are
trying to improve,” said Mahuta.
She added that the pandemic high-
lighted the importance of international
collaboration, citing the example of how
scientists had worked to fast-track the
development of vaccines. It was now
vital that governments “lean into multi-
lateralism” and eschew vaccine nation-
alism to permit the free flow of vaccines
to vulnerable countries, she said.
Governments scrambled to source
FINANCIAL TIMES
INTERNATIONAL
According to projections by the gover-
nor’s office, the law could contribute
$350m in annual tax revenue and create
up to 60,000 jobs. “This is a historic day
in New York, one that rights the wrongs
of the past by putting an end to harsh
prison sentences, embraces an industry
that will grow the Empire State’s econ-
omy, and prioritises marginalised com-
munities so those that have suffered the
most will be the first to reap the bene-
fits,” Cuomo said yesterday.
Andrea Stewart-Cousins, New York
Senate majority leader, hailed “a
momentous first step in addressing the
racial disparities caused by the war on
drugs”.
Millions of Hindus were gathering on
the banks of India’s sacred Ganges river
to celebrate the Kumbh Mela, even as
health officials warned that the
country’s health system was at serious
risk from surging coronavirus cases.
Public health experts fear the
month-long festival, which is expected
to draw tens of millions of pilgrims to
the temple town of Haridwar in
Uttrakhand province, will accelerate
new infections. Cases have already
risen sharply across India in recent
weeks.
“It’s obviously a matter of great
concern,” said K Srinath Reddy,
president of the Public Health
Foundation of India, a charity. “Any
large gathering of people has the
potential to be a superspreader event.”
Tirath Singh Rawat, Uttrakhand’s
chief minister from prime minister
Narendra Modi’s Hindu nationalist
Bharatiya Janata Party, has played
down the risks, insisting recently that
“faith is stronger than fear”. He said
“religious sentiments needed to be
given priority” over health concerns.
An estimated 3.5m people took a
ritual bath in the Ganges at the
masks, gloves and other PPE last year as
coronavirus outbreaks caused a surge in
global demand. They are now compet-
ing to source vaccines, a trend that
prompted Italy to block a vaccine ship-
ment to Australia last month.
Mahuta, the first Maori woman to be
appointed foreign minister, also said the
pandemic had caused governments to
reassess their priorities in foreign rela-
tions. Human rights were taking prior-
ity after a period during which trade and
economic growth had dominated the
space, she pointed out.
“People want to see their economies
Nanaia Mahuta: says collaboration
internationally is important
New York is the 16th US state to legal-
ise marijuana, which remains illegal at
the federal level. Moves to do so in the
state have been under way for years but
foundered over disagreements about
such issues as what to do with the result-
ing revenues.
Several communities and members of
law enforcement also expressed deep
misgivings.
Some observers said they believed the
governor became more amenable to
compromise on some of the outstanding
issues as he sought to fend off a push to
remove him from office because of sex-
ual harassment complaints and ques-
tions about his handling of the state’s
religious site on March 11, another
auspicious day. Devout Hindus believe
that submerging themselves in the
Ganges on certain holy days absolves
them of past sins.
Though Uttrakhand recently decided
that pilgrims would be required to
produce a negative coronavirus
certificate, or to be tested before
approaching the festival site, it was
unclear how such rules could be
enforced given the expected arrival of
up to 5m people on particularly
propitious days.
“If people can work from home,
people can pray from home,” Reddy
said. “There’s no reason to believe that
piety has to be an outdoor public
event.”
The opening of the Kumbh Mela
comes days after leading Indian health
officials called for urgent action to stem
a rising tide of new Covid-19 cases that
has put a severe strain on health
systems in Maharashtra state.
Rajesh Bhushan, a top official at the
health ministry, blamed the surge since
the middle of February on people
crowded together in public places or
events without masks or social
getting through challenging times, but
not to the detriment of certain popula-
tion groups within their own countries,”
she said, calling on governments to pur-
sue a more ethical approach to trade
and their economies.
Mahuta said Wellington would con-
tinue to speak out on human rights
abuses by Beijing, despite concerns it
could damage economic relations with
its biggest trading partner. The foreign
minister last week signed a statement
with Marise Payne, Australia’s foreign
minister, criticising Beijing over reports
of human rights abuses in China’s west-
ern Xinjiang region, where more than
1m Uyghurs have been detained.
“We have a maturing relationship
with China,” Mahuta said. “We respect
the fact that they are a significant trad-
ing partner for New Zealand. However,
on human rights, it is a ‘no surprises’
approach that we take. We are consist-
ent in the way we advocate on issues.”
Wellington has managed to avoid the
type of breakdown in bilateral relations
with Beijing that Australia has suffered
over the past year, but Mahuta played
down the prospect of using New
Zealand’s chairmanship of Apec to try to
broker a detente between the two
countries.
nursing homes during the Covid crisis.
In recent remarks, Cuomo argued
that the legalisation of marijuana in
neighbouring states, including New Jer-
sey and Massachusetts, made resistance
futile. New Yorkers were leaving the
state to buy marijuana but the state was
not generating tax revenue as a result.
The New York legislation will create
an Office of Cannabis Management with
a five-member board to regulate mari-
juana and cannabis products.
Of the resulting tax revenues, 40 per
cent will be dedicated to education,
40 per cent to community investment
grants and 20 per cent to drug treat-
ment efforts.
distancing. He urged police and
other authorities to crack down on
such site and ensure “Covid-
appropriate behaviour”, warning
that “complacency at this stage, at
any level, will have heavy costs”.
India has opened eligibility for
vaccinations to all adults over the
age of 45, as it sought to accelerate
its sluggish vaccination campaign,
which began in January.
So far, India has administered just
63m doses of the vaccine among its
1.3bn people. Many public health
experts feel the country missed an
opportunity to vaccinate more
aggressively when cases were falling.
“The virus did give us a good
window,” said Sujatha Rao, a former
Indian health secretary. “We should
have taken advantage.”
Rao also said the campaign should
have targeted the hardest hit
regions, rather than focus on the
elderly.
“They should have saturated
virus-affected areas, rather than
spreading the vaccine thinly around
the country,” she said.
Amy Kazmin, New Delhi
Defence strategy
Australia speeds up missile
output amid regional tension
JAMIE SMYTH — SYDNEY
Australia is fast-tracking plans to make
advanced missiles and other guided
weapons in response to growing ten-
sions in the Indo-Pacific region and
concerns over its reliance on imports.
Scott Morrison, Australia’s prime minis-
ter, said yesterday the government
would spend A$1bn (US$712m) to dev-
elop a manufacturing capability and
would look to select an industry partner.
Raytheon Australia, Lockheed Martin,
Kongsberg and BAE Systems are expec-
ted to compete to join the programme.
“As the Covid-19 pandemic has
shown, having the ability for self-reli-
ance, be it vaccine development or the
defence of Australia, is vital to meeting
our own requirements in a changing glo-
bal environment,” said Morrison on a
visit to Raytheon Australia.
“It’s an imperative we now proceed
with the creation of a sovereign guided
weapons capability as a priority.”
Canberra said last year it would part-
ner with the US to develop a generation
of hypersonic cruise missiles that can go
at five times the speed of sound.
Thursday 1 April 2021
Wuhan probe
WHO report
on origin of
virus rules out
lab theory,
claims Beijing
CHRISTIAN SHEPHERD — BEIJING
China has rejected accusations from
the World Health Organization that it
restricted access to crucial data on the
origins of the coronavirus pandemic as
strained relations between Beijing and
the global body worsened.
Liang Wannian, the most senior Chinese
scientist in the WHO-led team that vis-
ited the city of Wuhan in January to
investigate the roots of the outbreak,
said the WHO had been granted access
to the same data as Chinese officials.
“There was some data that according
to Chinese law could not be taken away
or photographed but analysis in Wuhan
was done together,” Liang told a press
conference in Beijing yesterday.
Liang’s comments followed the
release on Tuesday of the findings of the
WHO’s four-week study. The report was
immediately criticised by Tedros Adh-
anom Ghebreyesus, the WHO’s direc-
tor-general, and 14 countries, including
‘Speculation about lab
leaks has always existed,
but the team found no
evidence for suspicion’
the US and the UK, which all called for
further investigation.
The mission to Wuhan left important
questions unanswered and “all hypoth-
eses remain on the table”, Tedros said.
He added that the WHO needed “full
access to data including biological sam-
ples from at least September 2019”.
The White House said the WHO
report appeared to lack “crucial data”.
Beijing has carefully managed the
investigation into its early response to
the outbreak in Wuhan and promoted a
theory the virus may have originated
outside China and arrived in the central
Chinese city on the surface of frozen
food packaging. The WHO report said
that was a “possible pathway” but one
that was less likely than transmission to
humans via animals, either directly or
via an intermediate animal host.
The report also concluded it
was “extremely unlikely” the pandemic
had originated from a laboratory leak, a
hypothesis first advanced by the Trump
administration last year. But Tedros on
Tuesday said part of the inquiry had not
been “extensive enough” and called for
further studies.
China’s foreign ministry said it con-
sidered the report to have “ruled out”
the possibility of the virus leaking from
the Wuhan Institute of Virology.
“Speculation about laboratory leaks
has always existed, but the team of spe-
cialists . . . found no evidence for suspi-
cion,” Hua Chunying, a ministry spokes-
woman, told reporters.
Liang declined to directly answer
questions about whether the further
studies requested by Tedros and the
other WHO member states would be
conducted within China, saying the
details of research plans had not yet
been decided. “The next stage will be to
build upon the results of origins
research in China to search for the ori-
gins on a global scale,” he said.
Additional reporting by Xinning Liu
China and Russia are developing simi-
lar weapons amid a worsening outlook
that has caused a rethink in Canberra.
The government plans to spend
A$100bn over the next 20 years on guid-
ed weapons, as part of a big investment
programme in defence. Canberra fore-
casts it will spend A$270bn on military
hardware over the next decade, includ-
ing on submarines and frigates.
Michael Shoebridge, defence analyst
at the Australian Strategic Policy Insti-
tute think-tank, said Canberra’s deci-
sion to manufacture advanced missiles
reflected its concerns about China.
“China’s policy of economic coercion
against Australia has shown its willing-
ness to use trade and supply chain as
weapons,” he said. “And with Covid, we
have seen ‘vaccine nationalism’ due to
shortages of supply. In any future crisis,
we could see ‘missile nationalism’, as
nations scramble for supplies.”
Shoebridge added that Canberra’s
strategy was aligned with that of the
Biden administration, which has said it
will co-operate closely with allies on
defence. Australia could eventually sup-
ply guided missiles to the US, he said.
Thursday 1 April 2021 ★ FINANCIAL TIMES 5

Continental shift In the field of green innovation and technology, Europe has a genuine opportunity to lead y MARKETS INSIGHT, PAGE 9

Deliveroo Food fight DoorDash accuses software partner

Olo of fraud over offering lower fees to rival
VW forced to
apologise for
shares plunge ‘Voltswagen’
rebrand stunt
in ‘car crash’ PETER CAMPBELL — LONDON

Volkswagen has been forced to apolo-

opening day
3 Market value drops $2bn in minutes
3 Blow to hopes of more UK tech IPOs
TIM BRADSHAW, DANIEL THOMAS, KATIE
MARTIN AND ADAM SAMSON — LONDON
Deliveroo’s shares plunged 26 per cent
on the company’s London debut yester-
day, in a blow to ambitions to lure more
British tech companies to list in the UK.
Shares in the food delivery app lost as
much as 30 per cent of their value
within the first 20 minutes of trading,
according to Refinitiv data.
By the time London markets closed,
the price had recovered slightly to 287p
but was still a quarter below its opening
level, giving the company a valuation of
£5.2bn, according to Bloomberg.
That made it the worst opening-day
performance in at least a decade for a
London IPO that raised more than $1bn,
according to data from Dealogic.
‘It’s completely
embarrassing. I can’t
remember a time this
has happened before’
The drop will fuel growing doubts
among large UK institutional investors
about the wisdom of loosening London
listing rules to attract fast-growing but
lossmaking groups.
Deliveroo had set its opening share
price at the bottom of its target range at
390p on Tuesday, citing choppy mar-
kets and after a backlash from some big
UK investors on corporate governance.
The initial public offering had given
Deliveroo an opening valuation of about
£7.6bn, the highest in London since
resources group Glencore’s 2011 IPO,
according to Dealogic data.
But it shed more than £2bn in market
value in its first moments as a public
company, in one of the sharpest drops
for a major new listing in years.
That draws a stark contrast with
DoorDash, Deliveroo’s closest US equiv-
alent, whose share price jumped more
than 86 per cent on its first day of trad-
ing in New York in December.
On Tuesday, Deliveroo insisted it had
experienced “very significant demand”
from investors and the deal had been
covered “multiple times”, even as it low-
ered its pricing range this week.
One equity capital markets banker,
who was not involved in the deal, said he
was stunned by the “absolute car crash”.
“It’s completely embarrassing. I can’t
remember a time this has happened
before,” he said. The IPO was “disas-
trous” for London’s hopes to become a
focus for tech listings, he added.
Deliveroo sold shares worth £1.5bn in
the offering, raising gross proceeds of
about £1bn to invest in growth initia-
tives such as its Editions network of
delivery kitchens, while existing inves-
tors will cash in to the tune of £500m.
Retail investors, who had been allo-
cated £50m of stock in the IPO that was
marketed within the Deliveroo app, will
be unable to trade until next Wednes-
day, when unconditional dealings begin.
While other European companies
have sought to go public in New York or
Amsterdam, Deliveroo’s IPO has been
seen as a test case for a Silicon Valley-
style tech company listing in London.
“I am very proud that Deliveroo is
going public in London — our home,”
said chief executive Will Shu.
Shu holds outsized voting power in
the stock thanks to a dual-class share
structure. Investors at some large UK
asset managers decided not to partici-
pate in the IPO, citing regulatory risk
and corporate governance concerns,
particularly the dual-class structure.
Some 70,000 people participated in
Deliveroo’s £50m share offer to custom-
ers, with each limited to investing
£1,000. One told the FT they were “feel-
ing a bit sick” after yesterday.
See Lex
Business cycle: DoorDash was responsible for 19 per cent of Olo’s revenue in 2020 — David Paul Morris/Bloomberg
DAVE LEE — SAN FRANCISCO
DoorDash, the US food delivery app,
has accused Olo, its partner, of
defrauding it for years and using the
revenues to strengthen its position
ahead of its initial public offering.
Olo’s software is used by restaurants
to manage orders from apps such as
DoorDash and Uber Eats on a single
platform. It charges delivery compa-
nies a fee for each order it processes.
The company made its debut on the
New York Stock Exchange on March
17, rising 39 per cent on its first day to
a market capitalisation of $4.4bn. It
has since fallen almost 15 per cent.
In papers filed in the New York
State Supreme Court on Tuesday,
DoorDash alleged Olo had been
charging it higher fees than its rivals,
in breach of a 2017 contract. Door-
Dash was “seeking punitive damages
for fraudulent concealment and
fraudulent inducement”.
“To maximise revenues for its IPO,
Olo cheated its largest business part-
ner,” said DoorDash. Olo had secured
its business with a pledge that the fees
it charged it “would never be higher
than the fees charged to any other
delivery platform provider”.
The filing was a response to Olo’s
attempt to dismiss DoorDash’s claim.
The delivery app said it discovered
the discrepancy last year when it
reviewed the terms Olo had agreed
with Caviar, a rival delivery app that
DoorDash acquired in 2019.
DoorDash said Caviar’s fees for Olo
were “significantly lower” and that
had it been offered the same rate, it
would have paid at least $7m less
since the start of the contract.
Since Olo has not disclosed the fees
it charged other apps, the damages
suffered could be higher, said Door-
Dash. “For more than three years,” it
said, “Olo has overcharged Door-
Dash . . . collecting . . . tens of mil-
lions of dollars more than what Door-
Dash should have paid.”
Though a minnow, Olo is unique in
food delivery in that it is profitable,
posting net income of $3.1m in 2020
on revenues of $98.4m.
In its S-1 filing ahead of its IPO, Olo
said DoorDash was seeking “damages
in excess of $7.0 million” but did not
elaborate. The action was “without
merit”, said Olo, which could not be
reached for comment.
In its motion to dismiss the case,
filed in February, Olo argued that a
November 2017 addendum to the
contract had nullified the clause guar-
anteeing DoorDash the lowest fees,
and that Caviar, focused on high-end
restaurants, could not be considered a
competitor to DoorDash.
Company filings show DoorDash
was Olo’s biggest delivery partner,
responsible for 19.3 per cent of reve-
nue in 2020. The contract between
the companies runs until March 2022.
gise for misleading consumers and
investors after releasing an apparent
April fool’s joke during March.
The company said earlier this week it
was rebranding its US arm “Voltswa-
gen”, in an effort to promote its new slew
of electric vehicles.
The report was treated as authentic
by several international media outlets,
board members at rival companies, and
even by financial analysts at Wedbush,
who wrote the name change “under-
scores VW’s clear commitment to its EV
brand and massive EV endeavours over
the coming years”.
VW’s US-listed American Depository
Receipts rose 16 per cent over Monday
and Tuesday, falling 5 per cent after the
group admitted the hoax yesterday.
“Volkswagen of America developed
and implemented a marketing cam-
paign to draw attention — with a wink —
to Volkswagen’s e-offensive and the
market launch of ID.4 in the USA,” the
company said.
“The intention was to generate aware-
ness of an important corporate and
industry issue in the country. We regret
that the announcement rollout may
have upset some people.”
VW told the Financial Times that
moving the share price “was not and is
not the aim of the campaign”.
The Securities and Exchange Com-
mission, the US regulator, declined to
comment on whether it would investi-
gate the matter.
It was an unusual strategy for a busi-
ness that spent the past five years trying
to scrub a reputation for corporate dis-
honesty caused by the Dieselgate affair,
where VW not only sold millions of cars
that cheated emissions tests, but also
attempted to cover up its wrongdoing
when questioned by regulators.
This week’s debacle began on Mon-
day, when the business appeared to
release the “new” name by mistake. In
the hours that followed and into the
next day, VW itself appeared to do eve-
rything it could to confirm the validity
of the rebranding.
Its official US Twitter page changed its
name to “Voltswagen,” and an accompa-
nying press release quoted regional
chief executive Scott Keogh saying that
the “name change signifies a nod to our
past as the peoples’ car and our firm
belief that our future is in being the peo-
ples’ electric car”.

Financial Legal Notices

Battle over Musk’s Starlink highlights need for space accord
phere and vaporised at the end of their
INSIDE BUSINESS life instead of becoming space junk,
argues Musk.
TECHNOLOGY But in asking to relocate 2,800 more
satellites from around orbits of
Peggy 1,200km above earth to 550km, Star-
link is approaching Bezos’s own planned
Hollinger constellation at about 600km. Bezos
and others such as ViaSat argue that
Starlink’s presence at 550km could
affect their own internet services, while
LEO, defined as between 150km and
2,000km altitude, is getting crowded.
But there are still no international
norms on acceptable satellite failure
rates or how to protect the integrity of
astronomical research from distortion
caused by thousands of spacecraft.
Nor is there international accord on
how to enforce best practice. And, most
concerning, there are no international
space laws on cleaning up the debris left

E
lon Musk has been tantalising
investors with the prospect of
an initial public offering of
his satellite internet constel-
lation, Starlink, but only
“when revenue growth is smooth and
predictable”.
The tweets by the maverick tech
entrepreneur have some market punt-
ers excitedly calculating valuations in
the tens of billions or more for Starlink,
a service that is not yet complete and a
business model that is far from proven.
But having launched 60 Starlink sat-
ellites last week with his rocket com-
pany SpaceX, Musk can boast that in 22
months his constellation has put almost
as many small satellites into “low Earth
orbit” (LEO) as were launched globally
in the decade to 2018. And, yet, not eve-
rything is running as smoothly as Star-
link’s prospective investors might hope.
Behind the scenes, a battle is raging
that has pitched Musk against rival tech
billionaire Jeff Bezos, as well as swaths of
the satellite industry. Like Musk, they
are hoping to exploit LEO to deliver
high-speed, low-latency internet access
as the world becomes more connected.
The battle is ostensibly over whether
Musk merely wants to “tweak” his exist-
ing operating licence or radically
reshape his constellation by flying more
satellites closer to the Earth. Here, they
will be pulled into the planet’s atmos-
also increasing the risks of collision and
of space debris.
Musk’s rivals might just want to slow
him down. Launched in May 2019, Star-
link now has 1,320 satellites in orbit and
is adding roughly 120 a month. Ulti-
mately, it aims to have some 12,000.
But in a few weeks, Musk will reach
his licence limit of 1,584 satellites in the
lower orbit. If the US Federal Communi-
cations Commis-
sion refuses a Most concerning, there
requested modifi-
cation to the limit, are no international space
Starlink will have laws on cleaning up the
to get in the queue
behind rivals to debris left behind by this
apply for a new new wave of spacecraft
licence.
This is a debate that should attract
wider attention from other spacefaring
nations. The pace of Starlink’s expan-
sion could make it more difficult to
reach much-needed international
agreement on standards that should be
applied to a new wave of constellations.
A study by the University of Bologna
found more than 90 companies or
agencies planned constellations, most
in LEO. After Starlink comes Ama-
zon’s Project Kuiper with 3,200 satel-
lites, Britain’s OneWeb with about 700
and Telesat of Canada with 298. The EU,
too, is talking about its own constella-
tion while China is planning multiple
systems.
behind by this new wave of spacecraft.
Individual nation states have tried to
address these issues. But fragmented
approaches encourage operators to go
to the loosest regimes. The FCC pro-
posed new rules more than a year ago
but those have been delayed by corpo-
rate objections over cost. Neither com-
panies nor nations appear ready to com-
promise on agreed standards.
In the US, there may be an incentive to
see domestic giants such as Starlink and
Amazon safely installed before holding
conversations on new norms, say some.
China and Russia will also want to stake
out their own space real estate.
Meanwhile, new entrants are lining
up. Over the next decade, Euroconsult
expects some 10,100 small satellites to
be launched into LEO, more than five
times that in the previous decade.
The problem is not yet acute as space
is a big place. But, with every launch, the
question of how to regulate space
becomes more urgent.
For decades the world ignored calls
for action on climate change. It would be
tragic that just as nations begin to recog-
nise the need to protect the Earth, they
fail to collaborate on the preservation of
space. Businesses such as Starlink
intend to operate for many decades. If
space is not sustainable, neither are
their business models.
peggy.hollinger@ft.com
6 ★ FINANCIAL TIMES Thursday 1 April 2021

COMPANIES & MARKETS

Financials Technology

Nomura and Credit Suisse prospects dim US sanctions

Rating agencies Moody’s
and Fitch lower outlooks
after Archegos troubles
LEO LEWIS — TOKYO
TABBY KINDER — HONG KONG
STEPHEN MORRIS — LONDON
Credit rating agencies have downgraded
their outlooks for Nomura and Credit
Suisse, citing concerns over risk man-
agement as the banks confront multi-
billion-dollar losses from the Archegos
Capital Management debacle.
Moody’s and Fitch made the move
yesterday amid intensifying scrutiny of
Nomura’s international operations and
its appetite for profitable but more risky
trading activity. Nomura and Credit
Suisse were among banks that allowed
Archegos, a New York-based family
office run by former hedge fund man-
ager Bill Hwang, to amass billions of dol-
lars of exposure to equities through
swap contracts. The trades imploded
last week, leaving the banks scrambling
to sell shares, including in US media
group ViacomCBS.
As Nomura begins an internal investi-
gation, a graph prepared by an analyst
at Nomura’s prime brokerage desk in
Tokyo, and seen by the Financial Times,
appears to show that the bank ramped
up its financing of US securities by more
than 500 per cent in the months leading
up to the Archegos fire sale. Prime bro-
Oil & gas. Permian Basin
kers lend cash and securities to hedge
funds and process their trades.
In its outlook downgrade, Moody’s
pointed to the willingness of Japan’s big-
gest investment bank to take on large
exposure to clients without sufficiently
offsetting the risk. Nomura warned on
Monday that it could face losses of about
$2bn. “The magnitude of the potential
loss also highlights the difficulties Nom-
ura has in managing the risks of large
complex transactions,” Moody’s noted.
Rival agency Fitch said that its deci-
sion to put its “viability rating” of
Nomura on a negative watch reflected
an assessment of the bank’s risk appe-
tite and the potential for “further repu-
tational and earnings decline”.
The agencies have not changed the
ratings on either of the banks.
The graph showing the percentage
increase in financing balances at
Nomura’s prime brokerage services
from April 2019, which was created for
internal use, according to a person close
to the bank, was leaked to a number of
hedge funds in Hong Kong and London.
While it does not put any values on
‘The magnitude of the
potential loss highlights
the difficulties Nomura
has in managing risks’
financing levels across Nomura’s inter-
national operations, it appears to show
that the bank’s financing balances for
long and short positions on US securities
rapidly increased from June 2020, far
outpacing growth in its other markets.
A person close to Nomura said that
the graph did not show a “true picture”
of its US securities financing. The bank
declined to comment.
The revision to Nomura comes a day
after Standard & Poor’s downgraded its
outlook for Credit Suisse to “negative”
after the bank warned of significant
losses related to Archegos, which could
be as high as $4bn.
Additional reporting by Laurence Fletcher
See Opinion, Analysis and Markets
halve Huawei
operating
cash flow
KATHRIN HILLE
Huawei’s operating cash flow fell by
more than half last year as US sanctions
hampered the China tech group’s abil-
ity to secure important components.
The company generated Rmb35.2bn in
cash flow from operations in 2020,
down 61.5 per cent from a year earlier,
even as revenue grew slightly by 3.8 per
cent, Huawei said yesterday.
“Cash flow is indeed a little lower than
last year. That is mainly because of the
increasing expenditure on the supply
and R&D, and limitation on materials,”
Ken Hu, rotating chair, said.
That brings the company’s operating
cash flow margin down to 3.95 per cent,

Methane pollution soars on revival of shale drilling
Return to pre-pandemic level
puts pressure on sector ahead
of climate change meetings
JUSTIN JACOBS — WASHINGTON
Methane pollution from the largest oil-
field in the US has soared back to pre-
pandemic levels as a recovery in drilling
undermines industry pledges to crack
down on emissions of the potent green-
house gas.
The rise in methane pollution from
Texas and New Mexico’s Permian Basin
oilfield will heap pressure on oil and gas
drillers and may embolden the Biden
administration’s crackdown on the sec-
tor ahead of critical international cli-
mate change meetings this year.
Emissions of methane, which can
have up to 80 times the warming effect
of carbon dioxide, plunged last year as a
deep industry downturn halted most
new drilling across the US. The drop
mirrored a pandemic-driven downturn
in carbon emissions as economies
around the world locked down and
travel halted.
But an oil price rally in recent months
has spurred a pick-up in drilling, push-
ing emissions quickly back to pre-pan-
demic levels, according to research pub-
lished in the journal Atmospheric
Chemistry and Physics, using data col-
lected by the Environmental Defense
Fund.
Those findings are backed up by oth-
ers in the burgeoning effort to track
emissions. Kayrros, a company that
uses satellites to monitor methane
plumes, shows Permian emissions in
January rose to 190,000 tonnes, close to
their level from a year before, just ahead
of one of the worst drilling downturns in
decades.
The swift rebound in oil and gas
industry methane emissions comes as
Washington and state capitals around
the oil patch have started to tackle the
pollution.
Martin Heinrich, a Democratic Sena-
tor from New Mexico, where the econ-
omy has been buoyed by rising Permian
investment and output, is leading a
group of lawmakers who want to use
congressional authority to quickly
reverse some of the Trump administra-
tion’s efforts to weaken Obama-era
methane regulations.
Heinrich called for “swift action to
reinstate and strengthen responsible
methane emission standards, which is
critical to confronting the climate crisis
and reducing the air pollution harming
communities in New Mexico”. Senate
majority leader Chuck Schumer said he
An oil price rally would bring a vote on the issue before
has led to a rise the Senate in April.
in drilling in It comes just after New Mexico final-
Texas and New ised regulations last week that aim to
Mexico and an force operators in the state to capture 98
increase in per cent of their emissions by 2026, a
emissions of centrepiece of Democratic governor
methane, which Michelle Lujan Grisham’s plans to slash
can have up to greenhouse emissions by 45 per cent by
80 times the 2030, compared to 2005 emissions.
warming effect Shale producers sometimes drill wells
of carbon targeting oil but lack pipeline capacity
dioxide — Spencer or are not connected to the infrastruc-
Platt/Getty
ture needed to ship or handle the natu-
ral gas that surfaces with the crude.
Instead they burn the natural gas — cre-
ating CO2 emissions — or release it
directly into the air as methane.
US oil prices have risen to about $60 a
barrel, making most new drilling profit-
able and spurring a revival in the oil
patch. On Friday, oilfield service group
Baker Hughes said the number of oil rigs
in the Permian rose again last week to
221, up more than 60 per cent from
November.
That drilling momentum is expected
to carry through the rest of the year, fur-
ther increasing methane emissions.
The industry has come under growing
pressure from shareholders to mitigate
those emissions as part of a sweeping
effort to make shale companies more
profitable and resilient in the face of cli-
mate change risks.
Many of the industry’s largest produc-
ers, including supermajors ExxonMobil
and Chevron and leading shale-focused
producers such as ConocoPhillips and
EOG Resources, have set emissions
reduction targets and promised to end
or significantly reduce flaring.
However, a recent survey from the
Dallas Fed showed that those ambitions
are far from widespread across the Per-
mian, which includes scores of mom-
and-pop companies alongside big global
oil groups. Only half of larger companies
and 30 per cent of smaller ones said they
had a plan to reduce their methane
emissions.
Last year, the French gas buyer Engie
broke off a potential $7bn liquefied nat-
ural gas deal with Texas project devel-
oper NextDecade amid French govern-
ment concerns about high emissions
from Permian-produced gas.
Deborah Gordon, a senior fellow at
Only half of the Rocky Mountain Institute, a cli-
mate-focused think-tank, said the Engie
larger deal “brought the methane question to
companies the fore” for the industry. Some compa-
nies, she added, would want to highlight
and 30% of their efforts to rein in emissions to make
smaller sure global markets remain open to
their gas.
ones say Texas’s Railroad Commission, the oil
they have a and gas regulator, signalled last month
that it would take a more sceptical look
plan to at industry requests to flare gas, which
reduce their had been routinely approved in recent
years. However, it has resisted calls for
methane stricter mandates and Texas state offi-
emissions cials have already pushed back against
proposed tighter federal emissions
rules.
The EDF, meanwhile, has called on
the Biden administration to carve out a
special target for cutting methane emis-
sions from oil and gas operations as it
lays out new US greenhouse gas emis-
sions targets ahead of the UN climate
conference later this year.
“Reducing these emissions is the big-
gest, fastest opportunity we have to slow
the rate of warming,” said Ilissa Ocko, a
senior climate scientist at the EDF.
while its operating cash flow is its lowest
since 2013, when revenue was less than
a third of the Rmb891bn reported for
2020. Net profit increased 3.2 per cent to
Rmb64.6bn, the company said.
“Huawei is not a company that is in
pursuit of high margins,” said Shi Yanli,
deputy chief financial officer.
She said that the company’s focus in
2020 had been on “ensuring business
continuity” in the face of the pandemic,
which had driven up internal costs.
But she said Huawei continued to
stick to its strategy of investing heavily
in research and development. R&D
expenditures were more than 15 per
cent of revenue last year.
One of the largest vendors of telecoms
network infrastructure and smart-
phones, Huawei has been hit over the
past two years by restrictions that bar
US companies from doing business with
it and severely limit the ability of semi-
conductor companies to supply it with
chips.
Driven by a US-led campaign to keep
Chinese vendors out of vital infrastruc-
ture over security concerns, Huawei has
also been locked out of the 5G markets
of a growing number of countries.
In 2020, the first full year under the
US sanctions, growth in the company’s
China business offset a drop in revenue
in all other regions.
Revenue in the Americas contracted
by a quarter, in Europe, the Middle East
and Africa by 12 per cent and in Asia-
Pacific by 9 per cent, while sales in China
increased 15 per cent, the company said
in its annual report.
This raises the share of Huawei’s
home market to more than 65 per cent,
a reversal of its past global profile.
While Huawei’s carrier business — its
sales to telecoms operators — was flat,
the company said that its consumer
business grew 3.3 per cent, making it
the largest component at more than half
of revenue.
Hu said that rapid growth of more
than 60 per cent in sales of gadgets such
as connected televisions, PCs and smart
watches had offset shrinking sales of its
smartphones.
“In 2021, we have more optimistic
expectations regarding revenues from
regions outside China,” Hu said.
Additional reporting by Qianer Liu
in Shenzhen
The group’s ability to secure vital
parts has been compromised

Mining Technology

BMW and Google reject use of deep sea metals Otrium raises $120m for designer outlet push
HENRY SANDERSON — LONDON
BMW, Volvo and Google will not buy
any metals produced from deep sea
mining before the environmental risks
are “comprehensively understood”, in
a setback to companies that plan to
mine the deep ocean this decade.
The companies, along with Korean bat-
tery maker Samsung SDI, said they
would exclude any deep sea minerals
from their supply chains and also not
finance any deep sea mining companies.
“Before any potential deep seabed
mining occurs, it needs to be clearly
demonstrated that such activities can
be managed in a way that ensures the
protection of the marine environment,”
the companies said in a letter distrib-
uted by WWF, the conservation group.
Deep sea mining has been promoted
as an alternative to land-based mining
for minerals needed for electric vehicle
batteries such as cobalt and nickel.
Demand for such metals is set to rise
rapidly over the next decade as carmak-
ers from Tesla to Volkswagen expand
production of electric vehicles.
Yet regulations for deep sea mining in
international waters have not been
agreed by the UN-backed International
Seabed Authority. The body of 167
countries has issued exploration con-
Scientists and NGOs have
raised concerns about the
damage deep sea mining
will do to ecosystems
tracts to 21 companies, but mining can-
not begin until a mining code is passed.
Gerard Barron, the chief executive of
deep sea resources start-up DeepGreen,
said he expected the rules to be passed
this year following a delay due to Cov-
id-19, and operations to begin by 2024.
DeepGreen plans to list on the Nasdaq
stock exchange via reverse merger in
the second quarter. The company,
which is backed by Glencore and ship-
ping company Allseas, plans to pick up
mineral-rich nodules the size of a potato
that sit on the deep seabed. It says the
amount of nodules it has rights to
explore in the Pacific Ocean contain
enough resources for 280m electric
vehicles.
But BMW and the other companies
said “all alternatives” to deep sea min-
ing must be explored “as a matter of
urgency”, including recycling, reducing
demand, and developing “responsible”
land-based mining.
Scientists as well as NGOs have raised
concerns about the damage deep sea
mining will do to ocean ecosystems,
which are critical to fighting climate
change.
Douglas McCauley, a professor at the
University of California Santa Barbara,
said deep ocean ecosystems were “some
of the least resilient ecosystems on the
planet”.
LEILA ABBOUD
Dutch ecommerce start-up Otrium,
which helps fashion and clothing
brands sell excess inventory, has raised
$120m from venture capital investors
after the Covid-19 pandemic turbo-
charged its growth.
The fundraising round values the five-
year-old company at roughly $900m,
according to a person familiar with the
matter, and was led by renowned tech
investor Mary Meeker’s Bond Capital
and Index Ventures.
The start-up’s mission is to create a
global online version of designer outlet
shopping centres such as Bicester Vil-
lage outside Oxford, Woodbury Com-
mons near New York City or La Vallee
Village near Paris.
Such outlets have long attracted bar-
gain-seeking shoppers by offering end-
of-season collections at deeply dis-
counted prices, as well as items
designed specifically for the outlets.
Milan Daniels, Otrium co-founder,
said that there were about 50 such “off-
price” outlets in Europe, and more than
100 in the US, giving the start-up a juicy
target at which to aim as more consum-
ers buy online. “We want to make
Otrium the global solution for off-price
fashion,” he said.
Otrium does not disclose sales figures
but Daniels said revenue tripled last
year to reach more than $100m.
The start-up plans to use the funding
to help it expand in the US, where it
recently launched its ecommerce serv-
ice. It is already present in 11 other mar-
kets in Europe, including the UK, Ger-
many, France, Italy and Spain.
Fashion brands in the luxury sector,
such as Burberry, Gucci and Prada,
often operate stores in such outlet malls,
as well as more affordable designers
such as Michael Kors and Tory Burch.
The Covid-19 pandemic, which has
forced stores in many countries to close
when infections surge, has led to higher-
than-usual levels of unsold inventory,
according to retail analysts.
That dynamic helped Otrium attract
more new brands in the past year, said
Daniels, taking the total it works with to
“more than 300”, including Karl Lager-
feld, Reiss and Asics.
The brands ship the inventory to
Otrium, which markets the goods on its
online store. Otrium is paid a commis-
sion that is based on a percentage of the
price of any items that it sells, which
gives it an incentive not to discount too
deeply just to move the goods.
Danny Rimer, an investor at Index
Ventures, likened it to how platforms
like Booking.com and Expedia have
mastered how to price hotel rooms,
rental cars and flights so as to wring out
the most value for the companies.
“The strength of the dynamic pricing
engine makes customers want to
repeatedly shop on the site but is also a
key part of how Otrium attracts
brands,” Rimer said.
Thursday 1 April 2021 ★ FINANCIAL TIMES 7

COMPANIES & MARKETS

Doubts grow over Credit Suisse risk culture

Archegos losses, Greensill debacle, York blow and MBS litigation put spotlight on bank’s strategic decision-making
OWEN WALKER AND STEPHEN MORRIS
LONDON
The message from the boss at Credit
Suisse was blunt: the bank had “an atti-
tude to risk that has to change . . . there
has to be consequences”.
But this was not Thomas Gottstein
after the lender warned this week of
heavy losses on trades with its client
Archegos Capital Management. It was
his predecessor Tidjane Thiam in March
2016, after uncovering large and costly
hidden bets made by the bank’s traders.
In the intervening years, it would
appear that little has changed at
Credit Suisse.
Since Gottstein took charge a year
ago, the bank has lurched from one cri-
sis to another. It has been caught up in
alleged frauds at China chain Luckin
Coffee and German payments group
Wirecard. It revealed a potential $680m
hit from crisis-era US mortgage-bond
litigation. It faces criminal charges from
Switzerland’s federal prosecutor over
dealings with Bulgarian mafiosi engaged
in cocaine smuggling.
Gottstein said in December that he
hoped to start the new year with a “clean
slate”. He has had no such luck.
This year, Credit Suisse has written
down $450m on its investment in hedge
fund York Capital and said the bank’s
clients could lose up to $3bn from the
frozen funds linked to collapsed special-
ist finance group Greensill Capital, a
sum equivalent to the lender’s net
income last year.
Credit Suisse is being sued in London
for its alleged role in bilking Mozam-
bique’s taxpayers of $200m in the $2bn
tuna bond scandal.
It piles pressure on Gottstein, who was
installed to steady the ship after Thiam
was ousted following a spying scandal
that regulators are still investigating.
Investors ask: are these events
self-contained, or do they reflect some-
thing more profound about the bank’s
risk culture?
Credit Suisse declined to comment.
Shortly before markets opened on
Monday, Credit Suisse said a wave of
selling caused by problems at Archegos,
a New York-based family office that was
a client of the bank’s prime brokerage
division, would have a “highly signifi-
cant and material” impact on its first-
quarter results. The warning sent its
shares tumbling.
A figure at the bank said: “We cannot
understand how the losses from a single
client can be so big. This raises massive
questions about our risk management.
It is being investigated.”
Executives in Zurich and London
have since tried to get to grips with
how its prime brokers in New York
could have built up such concentrated
exposure to a relatively unknown
family office.
Gottstein and head of markets Brian
Chin hosted a conference call on Mon-
day in an attempt to reassure staff. They
failed to provide details when asked
how the episode could have happened,
what the bank had learnt to help iden-
tify similar potential cases and why it
had been slower than peers to cut risk.
One participant in the call described it
as a “car crash” in which nothing mate-
rial was added. “No news is never good
news,” he said.
Credit Suisse performance and risk issues
Share prices (rebased)
40
UBS
20
0
-20
1 bets
16 -40
2 Mozambique, including a ‘tuna bond’
10 15
3 14
-60
9 that the Archegos and Greensill crises
Credit Suisse 4 5 6 7 8 11 13 -80
12
-100
2010 15 20
Sources: FT research; S&P Capital IQ
‘The hits After Credit Suisse’s big trading losses
in 2016 under Thiam, the bank had
just keep instituted such policies as requiring the
coming’ chief executive and chief risk officer to
sign off on any deals with clients with a
Eoin Mullany, rating of single B or lower, said a person
Berenberg familiar with the decision.
Some in the investment bank bridled
at the restrictions, arguing they left it
uncompetitive versus peers.
Gottstein tried to improve the bank’s
risk management further.
Last July he unveiled changes to the
bank’s structure to reduce costs and
increase efficiencies. A tenet of the
revamp was to combine risk with
compliance.
In announcing the changes,
Gottstein said: “These initiatives should
also help to provide resilience in uncer-
tain markets and deliver further upside
when more positive economic condi-
tions prevail.”
But the succession of crises at
Credit Suisse’s investment bank sug-
gests resilience — and risk controls — are
1 Appoints Rohner chair
2 Pleads guilty and pays $2.6bn in fines for helping
US clients evade taxes
3 Agrees with Barclays to pay $154m to settle US
probes into dark pool share trading venues
4 Ex-boss Thiam hits at traders over secret outsized
Probe by Swiss and UK watchdogs over loans to
5
6 Agrees to pay $5.3bn to resolve a DoJ probe into
alleged MBS mis-selling
7 Fined $500,000 by Singapore regulator for
breaches of anti-laundering requirements in relation
to 1MDB
8 Pays $47m to end DoJ’s princelings probe
still lacking. What linked all the scan-
dals was a risk management system that
failed to catch looming disasters,
according to several people inside and
outside the bank. It was too easily over-
ruled by managers eager to chase lucra-
tive deals with clients.
Kian Abouhossein, an analyst at
JPMorgan, said: “The jury is out on
whether [Archegos] is an unlucky situa-
tion or if it is really a risk management
issue. That will be something tested
over the next three months.”
The board of Credit Suisse is investi-
gating which members of its executive
team were chiefly responsible for the
Greensill and Archegos crises.
Three executives will feature in both
probes.
Lara Warner, chief risk and compli-
ance officer, played a crucial role in
approving a $160m bridge loan to
Greensill last October, after executives
overruled risk managers who raised
objections.
The board is also examining how
9 Board launches inquiry into decision to hire private
investigators to follow executive who defected to
UBS
10 Sells SoftBank’s €900m Wirecard convertible bond
on to other investors
11 Admits spying on another executive
12 Reveals it faces up to $680m of losses from a US
civil suit relating to RMBS issued in 2007
13 Takes a $450m charge against value of holding
in York
14 Announces it will wind down $10bn of supply-chain
finance funds linked to Lex Greensill
15 Pegs potential Greensill losses at $3bn
16 Warns of large losses after Archegos-linked sell-off
much she knew about the size of the Credit Suisse
exposure to Archegos. has lurched
Eric Varvel, former asset manage- from one crisis
ment head, was an architect and propo- to another since
nent of the Greensill-linked supply- Thomas
chain finance funds that unravelled at Gottstein took
the start of March. the reins as
Since Credit Suisse removed him from chief executive
the role earlier this month, he has kept a year ago
his position as chief executive of the Arnd Wiegmann/Reuters
bank’s US business and chair of its
investment bank — whence the Arche-
gos relationship was managed.
Insiders say a reason Varvel has been
kept on is his connections to the bank’s
Qatari clients and big shareholders.
Helman Sitohang, the Singaporean
chief executive of Credit Suisse’s Asia-
Pacific business, was being probed by
the board, according to people with
knowledge of the process.
The focus is on his ties with several
businesses and individuals close to
many of the bank’s problems, including
Lex Greensill, the group’s founder, and
SoftBank, the Japanese group behind
the $100bn Vision Fund, which is a
backer of Greensill.
At another SoftBank-backed busi-
ness, Wirecard, Credit Suisse bankers
sold a €900m debt instrument to a
broad group of investors, which essen-
tially allowed SoftBank to fund its entire
investment in the German payments
company without putting in a cent.
When Wirecard collapsed, those inves-
tors were left nursing heavy losses.
Then there is the question of Urs
Rohner, chair. He has held the role over
the past decade, during which the
bank’s share price has declined more
than 70 per cent and it has lost further
ground to UBS.
The former lawyer has reaped
SFr43.5m ($46m) in pay over that
period, including SFr4.7m for 2020.
Last year, the FT reported that Rohner
had tried unsuccessfully to persuade
shareholders to grant him an extended
term.
He is stepping down from the board
next month and will be replaced by
former Lloyds chief executive António
Horta-Osório.
David Herro, vice-chair of Harris
Associates and one of the bank’s largest
shareholders, has called for Rohner to
give up his final year’s pay.
His “record on risk management
through his tenure was awful”, Herro
said. “If you add up all the losses and
compliance charges on his watch, you
get a staggering number.”
Analysts and investors are trying to
count the financial and reputational
cost of all of this.
Credit Suisse still does not know how
much it will lose from the Archegos sell-
off, though early estimates suggested it
could be between $3bn and $4bn.
Most analysts expect this year’s
SFr1.5bn share buyback programme to
be cancelled, while others suggest divi-
dends could be cut back if the losses
from Archegos are significant enough.
JPMorgan’s Abouhossein suggested
will provoke a wholesale review of the
lender’s asset management and invest-
ment banking businesses.
“The hits just keep coming for Credit
Suisse,” said Eoin Mullany, an analyst at
Berenberg. “Investors must not under-
estimate the second-order effects . . . It
is likely to lead to a reassessment of how
it takes and manages risk. Whenever a
bank does this, it inevitably leads to
lower growth and lower revenues.”
Citigroup analyst Andrew Coombs
noted that “only a handful of Greek,
Russian and Turkish banks trade on
lower [earnings] multiples” than Credit
Suisse
Pointing to the York impairment
charge, mortgage-backed securities liti-
gation, Greensill fund suspensions and
Archegos losses, he said: “While all four
events appear idiosyncratic in nature, it
inevitably has led investors to question
the strategic decision-making at Credit
Suisse and the risk culture of the firm.”
A former Credit Suisse executive said:
“This whole episode, in my opinion, will
speed up any possible consolidation
plans with respect to Credit Suisse and
another bank.”
Additional reporting by Arash Massoudi in
London
See Opinion

Retail Media Insurance

‘Digital laggard’ H&M hurt
as curbs force store closures
OLIVER BARNES
Swedish fashion retailer Hennes &
Mauritz fell to a loss in the three
months to the end of February as the
latest restrictions to limit the spread of
Covid-19 forced more than a third of its
stores to close.
In results published yesterday, H&M
revealed a pre-tax loss of SKr1.39bn
($160m) for the period, in line with ana-
lyst expectations, compared with a
SKr2.5bn profit a year before.
The loss was driven by a 21 per cent
drop in sales compared with the same
period last year to SKr40.1bn. As many
as 1,800 H&M stores were shut over
winter because of restrictions.
Helena Helmersson, the group’s chief
executive, acknowledged the “ongoing
upheaval” of the pandemic but said she
was “proud of how [H&M has]
adjusted”, pointing to positive signs
from countries such as Australia, where
stores have largely remained open.
“We’ve accelerated our investment in
digital platforms during the pandemic
and are now better able to meet the cus-
tomer where they want to meet us,” she
told the Financial Times.
Online sales increased 57 per cent
year on year in the first quarter, while
sales between March 1 and March 28
were up 55 per cent on last year, the
company said.
Despite the online growth, Natalie
Berg, retail analyst at consultancy NBK
Retail, said H&M “is still paying the
price for being a digital laggard”, adding
that it “needs to move faster to marry
their physical and digital offering in a far
more seamless way”.
Before the pandemic hit, H&M was
increasing its market share at a slower
pace than larger rival Inditex and online
retailers Zalando and Asos.
China, where H&M operates more
than 500 stores, was the only one of its
top-10 markets to record sales growth in
the company’s first quarter.
But this sign of optimism is tempered
by an apparent backlash over an H&M
statement from last year that it was
“deeply concerned” about reports of
forced labour in the Xinjiang.
Last week, searches for H&M clothing
on Alibaba’s Tmall and JD.com, China’s
two biggest online retailers, returned
no results.
Richard Chamberlain, equity analyst
at RBC Capital Markets, said that in the
short term H&M “may see a negative
impact on its sales” in China, which
accounts for about 6 per cent of the
group’s total sales.
See FT View
Apple backs US start-up that Lloyd’s of London Covid
helps artists bypass music labels claims set to top £6bn
ANNA NICOLAOU — NEW YORK
Apple has led a $50m investment
round in UnitedMasters, a US start-up
that aims to capitalise as more artists
try to circumvent record labels and dis-
tribute their music online.
UnitedMasters, founded in 2017 by
former record executive Steve Stoute,
has pitched itself as a disrupter to the
major labels that have dominated the
sector for decades. The latest funding
round values the company at $350m.
UnitedMasters offers artists the tools
to upload their songs to streaming serv-
ices, while keeping control of the copy-
right to their music, a topic becoming
more contentious after stars such as
Taylor Swift fought for it.
Stoute was the manager to rapper
Nas, then spent decades working at
record labels including Sony and Inter-
scope. He founded UnitedMasters with
a $70m funding round led by Alphabet.
“When music went to streaming, it
was very clear to me that there was no
more pressing of CDs and vinyls and all
of that intensive labour and distribution
was gone,” Stoute said. “When that was
removed, it felt like the lion’s share [of
revenue] should go back to the artist.”
Stoute has raised a further $50m from
Apple, Alphabet and Andreessen Horo-
witz, leveraging his connections with
Eddy Cue, head of Apple’s services busi-
ness, whom he has known for a decade.
Cue said: “The contributions of inde-
pendent artists play a significant role in
driving the continued growth and suc-
cess of the music industry, and United-
Masters, like Apple, is committed to
empowering creators.”
Stoute expects that partnering Apple
will “level the playing field” for artists
who sign with UnitedMasters rather
‘When music went to
streaming, it felt like the
lion’s share [of revenue]
should go back to the artist’
than a major label, as the iPhone maker
can help with marketing and promotion
on its music-streaming service.
In traditional record deals, the music
label takes ownership of an artist’s intel-
lectual property in exchange for invest-
ing in their development. In this system,
even stars such as Swift are restricted by
contracts they signed before taking off.
The rise of online streaming, how-
ever, has made it more viable for inde-
pendent musicians to distribute their
music globally.
IAN SMITH — LONDON
The coronavirus hit to Lloyd’s of Lon-
don is expected to top £6bn in claims,
pushing the specialist insurance mar-
ket to its worst underwriting result in
three years.
The syndicates that make up the Lloyd’s
market have faced mounting payouts
for business interruption, event cancel-
lation and other claims arising from the
coronavirus crisis.
Lloyd’s closed its historic underwrit-
ing room for a second time in January,
but the venue, home to one of the few
remaining face-to-face markets in the
City of London, is due to reopen in May,
albeit at reduced capacity.
Lloyd’s swung from a £2.5bn pre-tax
profit in 2019 to a £900m loss in 2020, it
disclosed in its full-year results yester-
day. Chief executive John Neal said 2020
represented a “triple threat” from the
Covid-related losses, the costs and dis-
ruption of Brexit, and the fifth largest
year on record for natural catastrophes.
But he highlighted work done over the
past three years to remove 20 per cent of
the market’s worst-performing business
and increase prices by 16 per cent.
“Actually, when we get under the skin
of the results, and get out of Covid, we’re
really encouraged that 2021, 2022, 2023
represent really solid trading condi-
tions,” he told the Financial Times.
Covid-related losses were £3.4bn,
after monies recovered from reinsur-
ance arrangements. The pandemic
alone added 13.3 percentage points to
the market’s overall combined ratio — a
measure of claims and expenses as a
proportion of premiums earned — tak-
ing it deeper into lossmaking territory
at 110.3 per cent. That represented the
worst result since 2017, when Lloyd’s
was buffeted by US hurricanes and
other natural disasters.
EU business volumes fell by about a
tenth last year as a result of customer
uncertainty, Neal said, adding that it
would probably take the market until
2022 to regain the lost ground.
The results also provided further evi-
dence of rising prices for commercial
insurance, with premium rate increases
on renewed business of 10.8 per cent.
The pandemic adds to the challenges
facing Lloyd’s, where there has been
debate over how it should improve its
workplace culture and diversity. In its
latest culture survey, less than half of
black respondents said they believed
their team leaders created opportuni-
ties for everyone, compared with 74 per
cent among the workforce at large.
See Lex
8 ★ FINANCIAL TIMES Thursday 1 April 2021

COMPANIES & MARKETS

Derivatives. Synthetic financing Currencies

Renminbi
Archegos debacle spotlights set for worst
hidden danger of bank swaps month since
US trade war
HUDSON LOCKETT — HONG KONG

China’s currency is set for its worst

Instruments that blew up
Hwang’s family office have
been lucrative for Wall Street
ROBERT ARMSTRONG — NEW YORK
The Archegos Capital debacle has
exposed the hidden risks of the
lucrative but opaque equity derivatives
business through which banks
empower hedge funds to make outsize
bets on stocks and related assets.
The soured wagers made by Bill
Hwang’s family office have triggered
significant losses at Credit Suisse and
Nomura, underscoring how these tools
can cause a chain reaction that cascades
across financial markets.
Archegos was able to take on tens of
billions of dollars of exposure to stocks
such as Viacom through total return
swaps, a type of “synthetic” financing
that is popular with hedge funds since it
allows them to make very large bets
without buying the shares or disclosing
their positions.
The lack of transparency means firms
such as Archegos can enter into similar
swaps with several lenders, which are
not privy to the investor’s overall expo-
sure, magnifying the risk to hedge funds
and banks if the positions backfire.
Global banks earned an estimated
$11bn in revenue from synthetic equity
financing including total return
swaps in 2019, double the level of 2012,
according to Finadium, a consultancy.
The business, which has grown rap-
idly since the financial crisis, accounts
for more than half of banks’ total equity
financing revenue, Finadium calculates.
This is more than traditional margin
lending and lending out shares for
shorting, combined. Synthetic financ-
ing continued to take share from other
forms of equity financing in the first half
of this year.
Banks earn steady income streams on
total return swaps through the regular
fees investors like hedge funds pay to
Anatomy of an equity total return swap
A TRS is a bet on the movement of a stock
Stock
unchanged
BANK
Dividends
Stock
goes up
BANK
Reimbursement for
appreciation and dividends
Stock
goes down
BANK
Dividends
This diagram uses a simplified scenario for illustrative purposes,
but since these contracts are bespoke, they are often more complex
enter into the agreement. The investor
is then paid by the bank if the stock or
other related assets like indices rise in
value. The bank also provides investors
with any dividends that come with
holding the stock.
The bank offsets its exposure by
either owning the underlying shares,
taking the opposite position with
other clients with an opposing view, or
buying a hedge from another financial
institution. If the stocks should fall, the
investor has to post regular margin
payments, usually quarterly, to make
the bank whole.
“Since most swaps are executed on
large notional amounts . . . this could
put the total return payer (typically a
commercial or investment bank) at risk
of a hedge fund’s default if the fund is
not sufficiently capitalised,” according
to Deloitte.
This is exactly the situation Archegos
faced when several of its positions
cratered, leaving the banks to sell off the
hedges — the stocks — in a great
rush. The situation was made more
severe because Archegos had entered
into swap deals with multiple banks.
Fee
INVESTOR
Fee
INVESTOR
Reimbursement for
depreciation and fee
INVESTOR
Source: FT research
Because equity total return swaps are
bespoke or “over the counter” contracts
between two parties, they are not
cleared and reported through an
exchange.
Nor are investors required to report
their synthetic equity exposure to the
Securities and Exchange Commission as
they would if they had the same amount
of exposure through a cash holding.
“We have a fundamental problem in
the reporting of holdings of synthetic
equity that is not secret and is not new,”
said Tyler Gellasch, a former SEC
official and executive director of
Healthy Markets, an advocacy group.
“If there are five different banks
providing financing to a single client,
each bank may not know it, and may
instead think . . . it can sell its exposure
to another bank if they run into trouble
— but they can’t, because those banks
are already exposed,” he added.
The growth in the equity total return
swap market “developed as a natural
outcome of Basel and Dodd-Frank rules
that often favour [total return agree-
ments] over cash equity financing”, said
Josh Galper, managing principal of
Wall Street Finadium, referring to the international
banks have and US reforms that followed the
enjoyed a steady financial crisis.
income stream For the banks, providing synthetic
from synthetic equity exposure is an attractive
equity financing business because when clients’
FT Montage
positions are consolidated against one
another, it requires less regulatory
capital than traditional margin lending.
“Capital ratios, liquidity ratios and the
ability to net down trades can make
total return swaps more advantageous”
than other forms of equity finance,
Galper said.
Banks’ disclosures make equity total
return swap exposure hard for outsiders
to measure.
“Though the big banks have pages
and pages of disclosure related to
derivatives, they are typically at a level
so high that you don’t get close to seeing
information about exposure to individ-
ual counterparties/securities,” said
Dave Zion of Zion Research Group,
which specialises in accounting.
“The information on concentration of
credit risk tends to be at an industry
level and it will focus on net derivative
receivables” whereas gross numbers
can be more revealing when it comes to
exposure to market risk, he said.
Some banks treat equity total return
swaps as collateralised loans for
accounting purposes, said Nick Dunbar
of Risky Finance, a consultancy special-
ising in bank disclosures. “They don’t
get booked by the derivative trading
desk of the bank, so they don’t appear in
the Basel III filings” of risk-weighted
assets, leverage and credit risk that all
‘You can global banks are required to make.
The lack of disclosures means that the
pick up equity total return swap business con-
those ceals rare but severe risks.
One banker on an international banks
nickels all equity derivatives desk said “it was very
day. But if hard to know who owns what” and, as
such, equity total return swaps are “a
you trip, classic case of picking up nickels in front
boy, do you of a steamroller”. He added: “You can
pick up those nickels all day. But if you
get run over’ trip, boy, do you get run over.”
month against the dollar in more than a
year and a half as investors fret that a
clampdown on borrowing could slow
the country’s swift economic recovery
from Covid-19.
The tightly regulated onshore-traded
renminbi fell 1.4 per cent against the
greenback in March to about Rmb6.57,
marking its worst one-month drop since
August 2019 when Washington labelled
Beijing a currency manipulator.
The recent drop also erased the
Chinese currency’s gains against the
dollar since the new year.
The fall represented a partial reversal
for China’s currency after a banner 2020
when demand for the renminbi drove
gains of 6.7 per cent.
Offshore investors, eager to capitalise
on the country’s rapid economic
rebound from the coronavirus pan-
demic, poured more than Rmb1tn into
China’s bond and stock markets.
It also reflected the fact that Beijing
faces a dilemma regarding whether to
withdraw stimulus now that the world’s
second-biggest economy has recap-
tured its pre-pandemic growth rate, just
as the recovery elsewhere in the world
begins to pick up steam.
Economists said China’s vague
recently announced GDP growth target
‘Portfolio inflows to
China, which picked up
sharply last year, will
slow or even reverse’
of “over 6 per cent” for 2021 was
weighing on the currency as it might sig-
nal authorities are willing to clamp
down on financial risk so forcefully that
growth for the year could come in well
below the 8.5 per cent forecast by
economists polled by Bloomberg.
“China’s economy is now well above
trend and, with policy stimulus being
withdrawn, is on course for a cyclical
slowdown that isn’t reflected in
consensus expectations,” said Julian
Evans-Pritchard, senior China econo-
mist at Capital Economics. “At the same
time, the outlook for the rest of the
world has brightened.”
That shift has been felt in global bond
markets. In recent weeks, the difference
in yields between Chinese government
bonds and their US counterparts has
narrowed sharply.
Analysts said the gap could close
further, which would make Chinese
bonds less attractive for international
investors and damp a main driver of
inflows into the country last year.
“By the end of 2022, we think the
China yield premium could hit a decade
low,” Evans-Pritchard said. “Portfolio
inflows to China, which picked up
sharply last year, will slow or even
Our global reverse.”
team gives you One area where inflows are likely to
market-moving grow is via passive investors, or those
news and views, that track indices. On Tuesday, FTSE
24 hours a day Russell confirmed that it would add
ft.com/markets Chinese debt to its benchmark World
Government Bond index in October.

Fixed income Fixed income

Evergrande cuts debt pile by 23% under
pressure from China’s lending crackdown
EDWARD WHITE — SEOUL
HUDSON LOCKETT — HONG KONG
Evergrande, the Chinese property
group, said it had cut debt by almost a
quarter despite a drop in earnings as it
responds to Beijing’s crackdown on
highly leveraged real estate companies.
The group led by Hui Ka Yan, once
China’s richest man, has come under
pressure since Beijing tightened con-
trols over developers in response to bal-
looning house prices in the pandemic.
Interest-bearing debt was Rmb674bn
($103bn) at the end of March, down 23
per cent from a year earlier.
After a Rmb42.5bn cut in the first
quarter, China’s most indebted property
real estate developer expects liabilities
to drop to Rmb560bn by the end of this
year and Rmb350bn by mid-2023.
“Looking back at history, human and
society development is full of constant
disasters and challenges, as well as full
of constant rebuilding of confidence and
glory,” the company said in its annual
results yesterday.
Core business profit, which strips out
one-off gains and losses, had fallen 26
per cent to Rmb30.13bn while revenues
r o s e 6 p e r c e n t ye a r o n ye a r t o
Rmb507.25bn. Gross margin fell to 24.2
per cent, its lowest since 2004, accord-
ing to Bloomberg data.
Beijing’s “three red lines” drawn in
August in response to house price rises
limit companies’ borrowing across debt
to cash, net debt to equity and debt to
assets. Property groups are being
watched and judged on compliance.
CLSA analysts earlier noted that the
group had progressed on plans to meet
Beijing’s requirements, including its
Anxieties over Evergrande’s debt
obligations have been eased
decision to carve off shares in subsidiar-
ies to boost its near-term cash position.
“We believe the strong sales momen-
tum, together with its efforts to delever-
age, bode well for its earnings growth
and balance sheet improvements over
the next three years,” the analysts said.
Anxieties over Evergrande’s towering
obligations have been eased by its early
repayment in January of a $2bn bond.
Chinese groups have $574bn of off-
shore dollar-denominated debt, accord-
ing to Dealogic data, with $33bn matur-
ing this year in the property sector.
China Fortune Land Development,
which specialises in industrial parks,
this month defaulted on a $530m bond.
International bondholders owed tens
of millions of dollars by Tsinghua
Unigroup are seeking to freeze the
Beijing-backed semiconductor maker’s
overseas assets over its debt problems.
In an update on China’s broader prop-
erty sector, Goldman Sachs expected
developers to “meaningfully slow their
land acquisition pace” this year ahead of
Beijing’s 2023 deadline for the indus-
try’s “self-resolution” to debt problems.
Additional reporting by Sherry Fei Ju
in Beijing
Ares and private equity rivals turn to
leveraged loans for payday bonanza
JOE RENNISON
Private equity groups including Ares
and Golden Gate Capital have raised
more than $20bn in the US leveraged
loan market through the companies
they own to award themselves a
bumper payday.
Dividend deals in the loan market have
reached a total of $21.7bn, according to
data from LevFin Insights, a unit of rat-
ing agency Fitch Ratings. It marks a new
quarterly high for data going back to
2016.
The deals come as fears over rising
inflation pushing interest rates higher
have increased the allure of leveraged
loans for investors. Loans track a float-
ing interest rate that rises and falls with
a benchmark, as opposed to being fixed
such as the coupon payments of a bond.
Private equity groups have jumped on
the demand, pulling money out of com-
panies they own and loading them up
with fresh debt before the brightening
economic outlook fades.
Several of the deals have come along-
side refinancing transactions, under-
scoring the pace of the recovery follow-
ing last year’s Covid-19 induced sell-off
and allowing companies to push out
debt maturities.
“It’s the next frontier of aggressive
deals come through,” said Jessica Reiss
of Covenant Review. “At the start of the
year, it was all about refinancing debt.
Now that is done, it’s about funding divi-
dends.”
Earlier this month, security company
Convergint Technologies raised roughly
‘At the start of the year, it
was all about refinancing
debt. Now that is done, it’s
about funding dividends’
$1.4bn to refinance its debt and fund
about a $600m dividend to its owner
Ares, according to LevFin Insights.
The deal will push the company’s
adjusted debt to about nine times its
earnings, according to S&P Global Rat-
ings’ preferred measure of leverage,
which strips out cash and adds in items
such as leases. That compares with an
average of about six times for the
broader leveraged loan market.
Ares also recently received a dividend,
funded from a $650m loan issued by
DuPage Medical Group, as well as cash
already on the company’s balance sheet.
Ares and Convergint Technologies
declined to comment. DuPage said the
recent deal allowed the company to refi-
nance its debt, lower interest expense
and “take advantage of positive market
conditions”. It added: “The dividend
was almost entirely paid with cash on
hand at the company.”
Analysts and investors noted that
many of the more than 30 companies
issuing dividends had proved resilient —
though not immune — last year when
the economic impact of coronavirus had
ravaged other debt-laden companies.
Technology, services and healthcare
companies have dominated the list of
dividend issuers.
One of the largest dividends this year
was paid out to Golden Gate Capital,
where a $785m loan issued by third-
party hospital management company
Ensemble Health Partners flowed back
to the private equity group, minus fees
for the transaction. Golden Gate’s pay-
day also got a $100m bump from the
planned size of the loan due to investor
demand for the debt.
Thursday 1 April 2021 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

The day in the markets Europe can set

What you need to know
the pace in green
3 US tech rally helps Wall Street’s
technology race
Tech stocks power Wall Street to record high
blue-chip benchmark hit record high
Indices rebased
3 Treasury yield steady ahead of details
on Biden’s stimulus
3 European stocks stay near pre-Covid
peaks despite edging lower
Nasdaq Composite
125
Stephanie Butcher
Wall Street hit a record high, powered by
tech stocks, as the White House released
120
Markets Insight
details of President Joe Biden’s 115

T
multitrillion-dollar stimulus plan that aims
S&P 500
to boost funding for scientific research he market consensus will Tasmania Group of Australia founded in embedded in the great corporate
and broadband as well as infrastructure 110 tell you there is no technol- March 1972) the German green political successes of Europe in industries such
and healthcare. ogy sector in Europe. Sure, movement, which made its federal elec- as chemical, automotive, power, indus-
The S&P 500 index was up 0.8 per cent 105 there is the odd global toral debut in 1980, was the first to gain trial, construction and utilities.
by lunchtime in New York, hitting an all- beacon in ASML, SAP or widespread credibility and influence. Required changes include the mass
time high, with the tech sector topping Spotify but they are the “exceptions that As such, environmental considera- electrification of power systems using
the blue-chip index’s leaderboard. 100 prove the rule”. tions have had a seat at the political renewable energy which will be the
The tech-focused Nasdaq Composite If investors want technology, growth table in Europe for many years. foundation of a net zero economy.
added 1.9 per cent. and innovation they go to the US or Asia. The green revolution is an enormous Europe is home to leading wind
A summary of the $2tn plan released 95 Europe is there in the minds of many task and is extremely capital-intensive. turbine manufacturers (Vestas, Nordex
ahead of Biden’s speech pledged to Oct 2020 2021 Mar investors to provide added spice at spe- According to a report by the Energy and Siemens Gamesa) while its power
“advance US leadership in critical cific points within the economic cycle. Transitions Council published in generators include “super major”
technologies and upgrade America’s Source: Refinitiv
Technology is a broad church, how- September last year, achieving net zero leaders in green production (Enel, EDP,
research infrastructure” as well as to ever, and while social media platforms emissions by 2050 would cost an Iberdrola and Orsted).
address a “stark digital divide” and “build and much of the semiconductor supply estimated $1-2tn per year, or 1-1.5 per Hydrogen is a strongly emerging
high-speed broadband infrastructure to Treasury was steady at slightly less than “Government bonds have moved from chain are dominated by the US and Asia, cent of global gross domestic product. theme in terms of “greening” heavy
reach 100 per cent coverage”. 1.72 per cent as investors awaited details being the risk-free and stable-return there are vibrant technological sub- Rather than private venture capital industry and transportation.
But investors raised doubts on whether on how the latest stimulus would be asset to one that is return-free and risky,” sectors, such as fintech and healthcare, Sector leaders in Europe include
where the field is far more open. Plastic Omnium, Elring Klinger and
Biden’s plans would survive weeks of
delicate negotiations with Republicans,
funded. This followed a quarter of heavy
selling that sent its yield racing up from
she said. “With fiscal stimulus being used
increasingly to heal the effects of the In the case of green innovation and
One could argue that the Burckhardt Compression. The region
seeing that the Democratic party holds about 0.9 per cent at the start of the year. pandemic, I think this could be the theme technology, Europe has a genuine modern-day equivalent of also has leadership in auto electrifica-
opportunity to lead. tion with semiconductor companies
razor-thin majorities in both chambers.
Brian Gardner of Stifel said: “There is a
“What we are all waiting to find out is
how it will be paid for,” said Remi
for the next decade.”
Across the Atlantic, the Stoxx Europe The factors behind the establishment
the space race is the race to Infineon and STMicro.
reasonable chance that Congress will Olu-Pitan, multi-asset fund manager at 600 index slipped 0.2 per cent although it of Silicon Valley, the US technology hub, carbon net zero by 2050 Technologies have been developed to
pass some form of the Biden plan [but] it Schroders. A bias towards borrowing over remains near pre-pandemic highs. contributed significantly to its success, reduce energy consumption in build-
will be tougher to pass this plan than it taxation could cause further volatility in The region-wide benchmark has risen namely technical expertise, access to ings and construction where Europe has
was to pass the Covid-relief bill. Some US bond markets, she added, in a trend more than 7 per cent this quarter, pushed capital and political impetus. firms backing the ideas coming out of a companies such as Saint Gobain,
divisions are already apparent among shaking up the traditional use of higher by banks and industrial businesses The area combined a skilled scientific Palo Alto garage, this requires commit- Wienerberger and Signify. Europe also
Democrats.” Treasuries as low-risk assets that cushion that will benefit from a global economic research base in the local universities ment at governmental level to drive the is home to worldwide leaders, such as
The yield on the benchmark 10-year portfolios from stock market shocks. recovery. Naomi Rovnick such as Stanford, access to plentiful ven- societal shifts required to achieve Veolia and Suez, in the “circular” econ-
ture capital and government spending wholesale transformation; regulations omy for waste and water management.
focused on finding technological solu- to force changes in supply; subsidies to And there are so many more across the
Markets update tions to the global military/space race. drive demand; and vast fiscal spending market capitalisation scale.
Similar ingredients exist in terms of to create the infrastructure required to Competition will rise as global politi-
Europe’s position in the environmental transition the economy from a fossil to cal impetus and spend accelerates,
transition — expertise from its engineer- renewable fuelled future. notably in the US and China. But the
US Eurozone Japan UK China Brazil ing base, significant funding and the It is no accident that the EU’s response growth on offer is an opportunity for
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa clear political will to drive change. to the pandemic centred its €750bn shareholders and stakeholders to be
Level 3985.71 1654.33 29178.80 6713.63 3441.91 116321.14 One could argue that the modern-day fiscal European Recovery Fund on truly aligned. European companies will
% change on day 0.69 -0.29 -0.86 -0.86 -0.43 -0.45 equivalent of the space race is the race to promoting a green recovery, combining be very much in contention.
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ carbon net zero by 2050, certainly in financial and regulatory power in
Level 93.246 1.175 110.500 1.380 6.555 5.643 terms of urgency. No other region is so pursuit of moving corporates, institu- Stephanie Butcher is chief investment
% change on day -0.055 0.171 0.177 0.656 -0.193 -2.085 focused on that target than Europe. tions and investors towards that goal. officer at Invesco, which invests in a wide
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond While Green party politics did not start Political support for green solutions range of companies which may include
Yield 1.716 -0.294 0.093 0.843 3.182 8.953 in Europe (that credit goes to the United combines with the engineering skillsets some mentioned in this column
Basis point change on day -1.770 -0.500 0.520 1.700 -2.200 -17.400
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 445.29 64.34 60.87 1683.95 24.34 3784.30
% change on day 0.37 0.47 0.74 -1.29 -1.97 -1.13
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 1680 6880

1640 6720
3920
1600
3840 6560
1560
| | | | | | | | |
3760 | | | | | | | | | | | | | | | | | | | |
1520 | | | | | | | | | | | | | | | | | | | | 6400 | | | | | | | | | | |

Jan 2021 Mar Jan 2021 Mar Jan 2021 Mar

Biggest movers
% US Eurozone UK
Walgreens Boots Alliance 6.57 Jeronimo Martins 4.14 Scottish Mortgage Investment Trust 3.84
Harley-davidson 6.27 Rwe 3.15 Hikma Pharmaceuticals 3.45
Ups

Pvh 5.78 Acs Const. 2.10 Polymetal Int 2.16

Applied Materials 4.62 Stmicroelectronics 1.82 Admiral 2.04
Cadence Design Systems 4.36 Infineon Tech 1.74 Aveva 1.85
%
Kroger Co (the) -4.23 B. Sabadell -3.88 British Land -3.30
Viacomcbs -2.92 Dsm -2.37 Mondi -3.29
Downs

Cf Industries Holding -2.88 Kbc -2.33 Rolls-royce Holdings -2.99

Marathon Oil -2.28 Swatch -2.32 Wpp -2.83
United Rentals -2.22 Solvay -2.30 Melrose Industries -2.82
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

Chewy, the online retailer for pet owners, French pharma group Ipsen rallied on Pub group Fuller, Smith & Turner slid on
climbed after reporting fourth-quarter news that the European Commission had news that it was placing 6.46m ordinary
net sales of $2.04bn, up 51 per cent year approved Cabometyx, in combination shares at a price of £8.30 a share — a
on year, and beating consensus estimates with Bristol-Myers Squibb’s Opdivo, as a 4.6 per cent discount on Tuesday’s
of $1.96bn, said Bank of America. treatment for advanced renal cell closing price.
BofA reiterated its “buy” carcinoma, a type of kidney cancer. The company said it had also agreed to
recommendation for Chewy, predicting Ipsen said that trial data had “showed an amend and extend refinancing of its
prolonged and predictable growth from consistent efficacy benefits across key existing debt facilities with banks,
the group. “We see Chewy’s subscription- subgroups of patients”. conditional on completion of the placing.
driven model and recession-resistant Denmark’s Orsted, the world’s largest Proceeds from the capital raising were
segment as appealing and sustainable offshore-wind developer, climbed after earmarked for strengthening the group’s
heading into a post-pandemic world.” revealing plans to develop a 2 balance sheet, said Fuller, providing
Apple rose after UBS upgraded the gigawatts offshore farm and hydrogen headroom in case the easing of Covid-19
tech group from “neutral” to a “buy” production facilities in the North Sea Port, restrictions were delayed.
rating to reflect long-term demand for its an area that spans Belgium and the Arrow Global, an investor and
iPhone with better authorised service Netherlands. alternative asset manager, rallied after
providers. But RBC cautioned that, while “the agreeing to be bought by private equity
Moreover, its much-rumoured entry Netherlands aims to have up to 4GW of firm TDR Capital.
into the auto market was worth at least electrolysis by 2030 . . . the pathway to Arrow’s shareholders would receive
an incremental $14 a share, said analyst developing this is unclear, with green 307.5p in cash in a revised offer that
David Vogt, who raised Apple’s target hydrogen still uneconomic”. valued the group at £563m.
price to $142 a share from $115. Capgemini edged higher after setting Retailer Topps Tiles climbed after
Biopharma group Humanigen tumbled new financial targets over the medium reporting total revenues for the 26 weeks
on news of a public offering of 5m shares term. ending March 27 of £103.6m, down from
of common stock at $18.50 a share, a 14.6 The French IT services group aimed to £106.2m a year earlier, in what the group
per cent discount on Tuesday’s closing reach an operating margin of 14 per cent described as “a resilient performance”.
price. by 2025, suggesting a significant rise Topps was more bullish about this
The company said that proceeds from from the 12.2 per cent to 12.4 per cent year’s trading.
the offering, which should raise $92.5m, range for 2021 announced in February. Retail like-for-like sales increased 19.9
would be used for the rollout of its The Paris-based group added that it per cent in the first 13 weeks of the
lenzilumab drug for treating Covid-19 planned to achieve annual revenue group’s current financial year, “with good
patients — if it received authorisation growth of between 7 per cent and 9 per growth . . . across both of our main
from the Food and Drug Administration. cent, on a constant currency basis, customer groups, professional fitters and
Ray Douglas through to 2025. Ray Douglas homeowners”. Ray Douglas
10 ★ FINANCIAL TIMES Thursday 1 April 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 € $ pe r £ ¥ per $ £ pe r € Oil Brent $ Sep Gold $

-0.86% -0.29% -0.86% -0.70% -0.351% -1.29%

0.69% 1.77% 0.03% 0.37% 0.171% 0.656% 0.177% 0.43%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Mar 01 - - Index All World Mar 01 - Mar 31 Index All World Mar 01 - Mar 31 Index All World Mar 01 - Mar 31 Index All World Mar 01 - Mar 31 Index All World Mar 01 - Mar 31 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
3,985.71 15,008.34
18,742.54 6,713.63 3,043.87 3,061.42
3,870.29 18,421.60 29,408.17 29,178.80
6,613.75 14,039.80
Day 0.69% Month 4.59% Year 54.22% Day 0.20% Month 3.78% Year 40.10% Day -0.86% Month 3.76% Year 18.61% Day 0.00% Month 2.72% Year NaN% Day -0.86% Month 0.75% Year 52.91% Day -0.28% Month 1.61% Year 78.29%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,654.33 3,165.34
13,358.79 13,276.33 47,107.74 8,580.00 29,095.86
44,784.58 1,590.50 8,355.80 28,378.35 2,973.87

Day 1.77% Month 0.62% Year 72.40% Day -1.66% Month 5.65% Year 36.34% Day -0.29% Month 6.24% Year 31.47% Day -0.18% Month 4.32% Year 26.45% Day -0.70% Month -2.02% Year 22.52% Day -0.80% Month 7.76% Year 31.52%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
33,076.65 116,321.14 6,067.23 24,648.56
3,508.59
3,441.91 49,509.15
31,391.52 111,539.80 5,809.73 23,083.55 49,099.99

Day 0.03% Month 6.97% Year 50.96% Day -0.45% Month 5.70% Year 59.28% Day -0.34% Month 6.38% Year 38.01% Day 0.05% Month 8.04% Year 44.78% Day -0.43% Month -1.91% Year 25.29% Day -1.25% Month 0.83% Year 74.08%

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 48182.32 48090.66 CyprusCSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 26856.44 26808.95 Philippines Manila Comp 6443.09 6545.55 Taiwan Weighted Pr 16431.13 16554.90 Cross-Border DJ Global Titans ($) 455.35 450.69
Australia All Ordinaries 7017.00 6969.80 Czech Republic
PX 1090.50 1092.00 FTSE Italia Mid Cap 42866.33 43021.45 Poland Wig 58085.71 58249.46 Thailand Bangkok SET 1587.21 1589.53 Euro Stoxx 50 (Eur) 3919.81 3926.20
S&P/ASX 200 6790.70 6738.40 Denmark
OMXC Copenahgen 20 1471.77 1455.03 FTSE MIB 24648.56 24636.39 Portugal PSI 20 4929.60 4889.77 Turkey BIST 100 1391.73 1395.79 Euronext 100 ID 1195.05 1198.75
S&P/ASX 200 Res 5118.70 5102.50 Egypt EGX 30 10739.69 10738.42 Japan 2nd Section 7496.37 7495.35 PSI General 3642.74 3577.47 UAE Abu Dhabi General Index 5910.65 5824.13 FTSE 4Good Global ($) 9672.56 9596.64
Austria ATX 3159.77 3172.87 Estonia
OMX Tallinn 1501.15 1497.76 Nikkei 225 29178.80 29432.70 Romania BET Index 11189.60 11097.03 UK FT 30 2683.50 2715.90 FTSE All World ($) 445.29 443.67
Belgium BEL 20 3899.48 3927.15 Finland
OMX Helsinki General 11437.97 11571.77 S&P Topix 150 1647.44 1665.39 Russia Micex Index 3539.97 3525.23 FTSE 100 6713.63 6772.12 FTSE E300 1654.33 1659.13
BEL Mid 8870.89 8894.16 FranceCAC 40 6067.23 6088.04 Topix 1954.00 1977.86 RTX 1476.97 1460.32 FTSE 4Good UK 6323.06 6379.58 FTSE Eurotop 100 3111.74 3121.98
Brazil IBovespa 116321.14 116849.67 SBF 120 4775.78 4790.65 Jordan Amman SE 1761.44 1754.94 Saudi-Arabia TADAWUL All Share Index 9615.63 9482.95 FTSE All Share 3831.05 3859.30 FTSE Global 100 ($) 2564.23 2536.09
Canada S&P/TSX 60 1119.46 1118.86 Germany M-DAX 31717.36 31727.97 Kenya NSE 20 1853.25 1903.06 Singapore FTSE Straits Times 3165.34 3190.89 FTSE techMARK 100 6500.50 6543.79 FTSE Gold Min ($) 2056.07 2124.17
S&P/TSX Comp 18742.54 18705.56 TecDAX 3395.04 3364.94 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 363.36 368.59 USA DJ Composite 11063.67 11078.28 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 714.23 710.38 XETRA Dax 15008.34 15008.61 Latvia OMX Riga 1108.54 1119.50 Slovenia SBI TOP - - DJ Industrial 33076.65 33066.96 FTSE Multinationals ($) 2799.05 2807.77
Chile S&P/CLX IGPA Gen 24696.71 24801.89 Greece Athens Gen 865.05 873.62 Lithuania OMX Vilnius 848.14 848.89 South Africa FTSE/JSE All Share 66485.29 67291.66 DJ Transport 14640.39 14726.57 FTSE World ($) 792.70 789.56
China FTSE A200 13544.86 13687.03 FTSE/ASE 20 2077.11 2099.08 Luxembourg LuxX 1523.45 1514.95 FTSE/JSE Res 20 66664.17 66869.05 DJ Utilities 875.51 874.49 FTSEurofirst 100 (Eur) 4305.75 4321.46
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 28378.35 28577.50 Malaysia FTSE Bursa KLCI 1573.51 1609.19 FTSE/JSE Top 40 60881.15 61589.91 Nasdaq 100 13135.02 12896.53 FTSEurofirst 80 (Eur) 5344.61 5357.11
Shanghai A 3607.72 3623.21 HS China Enterprise 10972.04 11020.87 Mexico IPC 47107.74 47905.00 South Korea Kospi 3061.42 3070.00 Nasdaq Cmp 13276.33 13045.39 MSCI ACWI Fr ($) 672.12 672.83
Shanghai B 245.19 245.62 HSCC Red Chip 4102.08 4164.87 Morocco MASI 11483.02 11499.38 Kospi 200 415.04 416.61 NYSE Comp 15638.85 15682.54 MSCI All World ($) 2805.10 2811.53
Shanghai Comp 3441.91 3456.68 Hungary Bux 44326.18 44746.76 Netherlands AEX 699.85 701.12 Spain IBEX 35 8580.00 8595.20 S&P 500 3985.71 3958.55 MSCI Europe (Eur) 1732.43 1719.52
Shenzhen A 2320.30 2332.52 India BSE Sensex 49509.15 50136.58 AEX All Share 1001.57 1003.45 Sri Lanka CSE All Share 7121.28 7115.12 Wilshire 5000 41853.48 41500.55 MSCI Pacific ($) 3180.86 3210.62
Shenzhen B 1132.40 1129.05 Nifty 500 12313.70 12387.90 New Zealand NZX 50 12560.70 12446.76 Sweden OMX Stockholm 30 2192.86 2205.41 Venezuela IBC 2744.78 2749.33 S&P Euro (Eur) 1799.80 1803.95
Colombia COLCAP 1327.32 1320.83 Indonesia Jakarta Comp 5985.52 6071.44 Nigeria SE All Share 39493.37 39216.20 OMX Stockholm AS 873.39 875.16 Vietnam VNI 1191.44 1186.36 S&P Europe 350 (Eur) 1711.04 1716.99
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 8083.98 8106.00 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 11047.37 11121.42 S&P Global 1200 ($) 3122.26 3112.60
Israel Tel Aviv 125 1660.34 1666.80 Pakistan KSE 100 44587.85 44491.03 Stoxx 50 (Eur) 3325.05 3334.90
(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 Mar 31 %Chg %Chg Mar 31 %Chg %Chg Mar 31 %Chg %Chg Mar 31 %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 60.7 123.28 3.38 British American Tobacco 164.6 2774.00 4.00 Asml Holding 594.3 517.00 0.70 Softbank . 1142.6 9330.00 158.00 Renishaw 6410.00 9.2 - Micro Focus Int 553.20 13.9 - Bmo Private Equity Trust 372.00 12.7 23.1 Automobiles & Parts 4735.28 3.6 2.9
Amazon.com 39.7 3118.54 63.25 Unilever 160.6 4056.00 -6.00 Daimler Ag Na O.n. 347.5 76.01 0.07 Toyota Motor 946.4 8616.00 254.00 Evraz 578.00 8.3 - Oxford Instruments 1906.00 9.0 - Wanton 389.00 12.4 51.6 Construction & Materials 7506.06 3.4 9.4
Microsoft 23.1 236.25 4.40 Astrazeneca 155.0 7247.00 -42.00 Total 302.8 39.77 -0.48 Sony 707.6 11595.00 100.00 Bt 154.80 5.8 - Cmc Markets 483.00 8.8 - Trifast 150.00 11.9 - Industrial Metals 6049.06 2.6 22.6
Viacomcbs 22.6 45.25 -1.36 Royal Dutch Shell 148.1 1335.00 -33.60 Volkswagen Ag Vzo O.n. 262.2 238.60 -1.95 Mitsubishi Ufj Fin,. 680.2 591.70 -23.80 Smiths 1537.50 4.2 - Ssp 372.40 8.3 - Norcros 268.00 9.8 35.4 Food Producers 7585.12 2.5 8.0
Boeing 21.6 253.99 1.98 Barclays 137.2 185.92 -3.22 Siemens Ag Na O.n. 251.8 140.00 -1.08 Fast Retailing Co., 644.7 88130.00 -1000.00 Associated British Foods 2415.00 3.6 - Hammerson 34.99 8.2 - Tt Electronics 230.00 8.5 - Nonlife Insurance 3219.59 2.5 -1.1
Facebook 20.6 295.27 7.27 Rio Tinto 134.4 5550.00 -28.00 Lvmh 250.3 568.10 -5.40 Tokyo Electron 467.9 46790.00 240.00 Crh 3391.00 3.6 - Rhi Magnesita N.v. 4218.00 7.5 - Foxtons 63.60 8.2 - Gas Water & Multiutilities 4805.15 2.4 0.7
Nvidia 15.3 532.33 17.46 Bp 116.0 294.65 -6.85 Sap Se O.n. 241.4 104.42 0.86 Hitachi, 411.0 5004.00 -394.00 Admiral 3101.00 3.6 - Just 101.10 7.4 - Mitie 62.90 8.1 - Electronic & Electrical Equip. 10172.95 2.1 2.2
Alphabet 13.2 2077.54 31.07 Glaxosmithkline 114.7 1288.00 -19.00 Dt.telekom Ag Na 240.2 17.17 0.06 Nomura Holdings, 333.3 581.40 -17.60 Smith & Nephew 1378.00 2.7 - Pets At Home 413.00 7.2 - Arrow Global 305.00 8.0 - Electricity 8702.54 1.5 -1.7
Advanced Micro Devices 12.9 78.09 2.09 London Stock Exchange 105.6 6940.00 26.00 Iberdrola 237.9 10.98 0.09 Sumitomo Mitsui Fin,. 320.7 4007.00 -123.00 Next 7866.00 2.6 - Kainos 1492.00 6.9 - Pharos Energy 22.85 7.8 - Chemicals 14326.07 1.3 5.5
Applied Materials 9.6 132.61 5.85 Hsbc Holdings 98.2 423.20 -7.45 Caixabank 237.1 2.64 -0.05 Takeda Pharmaceutical 298.3 3985.00 -88.00 Hikma Pharmaceuticals 2276.00 2.6 - Greggs 2244.00 6.7 - Menzies(john) 331.00 7.3 - Pharmaceuticals & Biotech. 15448.02 1.1 -2.0
Aviva 408.20 2.4 - Sanne 655.00 6.3 - Lindsell Train Investment Trust 1420.00 7.0 -2.9 Life Insurance 8211.14 0.9 14.2
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
Legal & General 279.10 2.4 - Clarkson 2750.00 6.2 - Rps 94.00 6.8 - Mobile Telecommunications 3079.00 0.8 11.8
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Walgreens Boots Alliance 56.46 3.48 6.57 Vectura 115.60 5.00 4.52 J.martins,sgps 14.35 0.57 4.14 Cyberagent,. 1993.00 60.00 3.10 Flutter Entertainment 15505.00 -5.5 - Tullow Oil 47.21 -9.1 - Allied Minds 22.50 -15.1 - Personal Goods 32119.33 -4.1 -
Harley-davidson 39.89 2.36 6.27 Sabre Insurance 253.00 10.00 4.12 Rwe Ag Inh O.n. 33.42 1.02 3.15 Toyota Motor 8616.00 254.00 3.04 Fresnillo 864.20 -5.0 - Tbc Bank 984.00 -8.6 - The Gym 235.50 -12.3 - Oil & Gas Producers 4978.82 -2.7 10.5
Pvh 105.91 5.79 5.78 Ssp 372.40 13.80 3.85 Acs Const. 28.26 0.58 2.10 M3,. 7571.00 132.00 1.77 Dcc 6290.00 -4.9 - Cineworld 96.48 -6.1 - Premier Oil 22.40 -12.0 - Mining 21871.88 -2.4 1.0
Applied Materials 132.61 5.85 4.62 Scottish Mortgage Investment Trust 1137.00 42.00 3.84 Stmicroelectronics 32.49 0.58 1.82 Softbank . 9330.00 158.00 1.72 Burberry 1898.50 -4.8 - Chrysalis Investments 195.50 -6.0 - Enquest 17.74 -11.7 - Tobacco 29195.45 -2.3 1.4
Cadence Design Systems 136.58 5.71 4.36 Baillie Gifford Us Growth Trust 307.00 11.00 3.72 Infineon Tech.ag Na O.n. 36.15 0.62 1.74 Ebara 4515.00 65.00 1.46 Royal Dutch Shell 1335.00 -3.8 - Dr. Martens 453.20 -5.7 - Fisher (james) & Sons 1062.00 -10.5 - Health Care Equip.& Services 6013.23 -1.8 -7.6
Avast 456.00 -3.5 - Coats 56.90 -5.5 - Capital & Regional 78.20 -7.8 5.7 General Financial 11276.00 -1.7 -6.8
Downs Downs Downs Downs
Royal Dutch Shell 1413.80 -3.4 - Cairn Energy 170.20 -5.4 - Riverstone Energy 258.00 -7.5 - Travel & Leisure 9012.14 -1.0 11.5
Kroger Co (the) 36.47 -1.61 -4.23 Cineworld 96.48 -6.82 -6.60 Skanska Ab Ser. B 21.38 -1.12 -4.99 Hitachi, 5004.00 -394.00 -7.30
Auto Trader 554.40 -3.3 - Energean 849.80 -5.3 - Treatt 950.00 -5.5 15.0 Real Estate & Investment Servic 2469.68 -0.8 -4.4
Viacomcbs 45.25 -1.36 -2.92 Micro Focus Int 553.20 -34.40 -5.85 Svenska Cellulosa Ab Sca Ser. B 15.09 -0.72 -4.54 Shinsei Bank, 1789.00 -97.00 -5.14
British American Tobacco 2774.00 -2.7 - Ascential 336.00 -5.2 - Equiniti 129.20 -5.4 - Beverages 23520.07 -0.3 3.8
Cf Industries Holding 44.12 -1.31 -2.88 Itv 120.15 -5.60 -4.45 Skandinaviska Enskilda Banken Ser. A 10.39 -0.49 -4.49 Nikon 1035.00 -56.00 -5.13
B&m Eur Value Retail S.a. 527.80 -2.6 - Bytes Technology 399.40 -5.0 - Pphe Hotel 1505.00 -5.3 - General Industrials 6630.94 -0.2 0.2
Marathon Oil 10.73 -0.25 -2.28 Coats 56.90 -2.30 -3.89 B. Sabadell 0.46 -0.02 -3.88 Aeon Co., 3299.00 -153.00 -4.43
Rolls-royce Holdings 105.30 -2.5 - Itv 120.15 -4.7 - Goodwin 2950.00 -4.8 -2.5 Media 8313.42 -0.1 4.5
United Rentals 325.81 -7.40 -2.22 British Land 504.80 -17.20 -3.30 Hennes & Mauritz Ab, H & M Ser. B 19.21 -0.65 -3.27 Seiko Epson 1800.00 -74.00 -3.95
Barratt Developments 746.80 -2.3 - Edinburgh Worldwide Investment Trust 328.00 -4.7 - Pendragon 16.70 -4.6 32.3 Aerospace & Defense 3590.48 0.0 -0.2
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
Mar 31 Currency Mid Change Mid Change Mid Change Mar 31 Currency Mid Change Mid Change Mid Change Mar 31 Currency Mid Change Mid Change Mid Change Mar 31 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 91.9849 0.0267 108.1094 0.2659 126.9107 0.8214 Indonesia Indonesian Rupiah 14525.0000 45.0000 17071.1680 89.8084 20040.0400 185.6521 Poland Polish Zloty 3.9460 -0.0270 4.6377 -0.0216 5.4443 -0.0034 ..Three Month 0.7248 -0.0045 0.8517 -0.0034 - -
Australia Australian Dollar 1.3129 -0.0029 1.5431 -0.0001 1.8115 0.0072 Israel Israeli Shekel 3.3347 -0.0024 3.9193 0.0056 4.6009 0.0251 Romania Romanian Leu 4.1865 -0.0108 4.9204 -0.0020 5.7761 0.0209 ..One Year 0.7250 -0.0045 0.8512 -0.0034 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4431 0.0010 0.5202 0.0032 Japan Japanese Yen 110.5000 0.1950 129.8701 0.5104 152.4559 1.2102 Russia Russian Ruble 75.5188 -0.5551 88.7568 -0.4584 104.1925 -0.1167 United States United States Dollar - - 1.1753 0.0025 1.3797 0.0085
Bolivia Bolivian Boliviano 6.9100 - 8.1213 0.0176 9.5337 0.0590 ..One Month 110.5000 0.1949 129.8702 0.5105 152.4558 1.2101 Saudi Arabia Saudi Riyal 3.7504 - 4.4078 0.0096 5.1744 0.0320 ..One Month - - 1.1752 -0.1959 1.3797 0.0085
Brazil Brazilian Real 5.6430 -0.1202 6.6322 -0.1265 7.7856 -0.1166 ..Three Month 110.4999 0.1948 129.8703 0.5107 152.4558 1.2100 Singapore Singapore Dollar 1.3436 -0.0043 1.5791 -0.0016 1.8538 0.0056 ..Three Month - - 1.1751 -0.1959 1.3797 0.0085
Canada Canadian Dollar 1.2569 -0.0061 1.4772 -0.0039 1.7341 0.0024 ..One Year 110.4995 0.1939 129.8706 0.5114 152.4558 1.2096 South Africa South African Rand 14.7663 -0.1476 17.3547 -0.1354 20.3729 -0.0763 ..One Year - - 1.1743 -0.1959 1.3799 0.0085
Chile Chilean Peso 718.4000 -11.4550 844.3322 -11.6020 991.1701 -9.5773 Kenya Kenyan Shilling 109.3500 -0.2000 128.5185 0.0443 150.8692 0.6587 South Korea South Korean Won 1131.7500 -1.8000 1330.1405 0.7748 1561.4653 7.1879 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.5550 -0.0127 7.7041 0.0018 9.0439 0.0385 Kuwait Kuwaiti Dinar 0.3023 -0.0001 0.3552 0.0007 0.4170 0.0025 Sweden Swedish Krona 8.7163 -0.0328 10.2442 -0.0162 12.0258 0.0294 Vietnam Vietnamese Dong 23075.0000 4.0000 27119.9679 63.5444 31836.3864 202.3292
Colombia Colombian Peso 3675.0000 -64.0000 4319.2104 -65.6852 5070.3665 -56.3978 Malaysia Malaysian Ringgit 4.1465 -0.0045 4.8734 0.0053 5.7209 0.0292 Switzerland Swiss Franc 0.9411 -0.0020 1.1061 0.0001 1.2985 0.0053 European Union Euro 0.8509 -0.0018 - - 1.1739 0.0047
Costa Rica Costa Rican Colon 613.0500 1.2050 720.5148 2.9764 845.8196 6.8827 Mexico Mexican Peso 20.4605 -0.1430 24.0471 -0.1155 28.2292 -0.0215 Taiwan New Taiwan Dollar 28.5330 0.0295 33.5347 0.1074 39.3667 0.2839 ..One Month 0.8508 -0.0018 - - 1.1739 0.0047
Czech Republic Czech Koruna 22.2242 -0.0760 26.1199 -0.0325 30.6625 0.0853 New Zealand New Zealand Dollar 1.4279 -0.0037 1.6782 -0.0007 1.9700 0.0071 Thailand Thai Baht 31.2500 -0.0050 36.7280 0.0738 43.1153 0.2598 ..Three Month 0.8506 -0.0018 - - 1.1738 0.0047
Denmark Danish Krone 6.3280 -0.0141 7.4372 -0.0003 8.7306 0.0347 Nigeria Nigerian Naira 409.5000 -0.0700 481.2834 0.9621 564.9835 3.3979 Tunisia Tunisian Dinar 2.7949 -0.0014 3.2848 0.0055 3.8560 0.0219 ..One Year 0.8498 -0.0018 - - 1.1733 0.0047
Egypt Egyptian Pound 15.7235 0.0351 18.4798 0.0813 21.6936 0.1823 Norway Norwegian Krone 8.5364 -0.0128 10.0327 0.0068 11.7775 0.0553 Turkey Turkish Lira 8.2762 -0.0420 9.7270 -0.0282 11.4187 0.0130
Hong Kong Hong Kong Dollar 7.7744 0.0002 9.1373 0.0201 10.7263 0.0667 Pakistan Pakistani Rupee 152.7000 -0.3250 179.4676 0.0082 210.6788 0.8572 United Arab Emirates UAE Dirham 3.6732 - 4.3170 0.0094 5.0678 0.0313
Hungary Hungarian Forint 308.2150 -1.7403 362.2436 -1.2550 425.2414 0.2434 Peru Peruvian Nuevo Sol 3.7621 -0.0014 4.4216 0.0080 5.1905 0.0302 United Kingdom Pound Sterling 0.7248 -0.0045 0.8519 -0.0034 - -
India Indian Rupee 73.1138 -0.2700 85.9302 -0.1302 100.8744 0.2536 Philippines Philippine Peso 48.5375 -0.0125 57.0459 0.1091 66.9667 0.3970 ..One Month 0.7248 -0.0045 0.8518 -0.0034 - -
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 Mar 31 Mar 30 Mar 29 Mar 26 Mar 25 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 2683.50 2715.90 2683.00 2689.30 2661.50 0.00 3314.70 1337.80 Industrial Metals & 25.19 Technology 5.76 Tobacco 1.44 FTSE 100 Price Change FTSE 100 Price Change
Mar 31 chge% Index Mar 30 Mar 29 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Industrial Transport 24.82 Chemicals 5.64 Utilities 0.68 3I Group PLC 1153.5 -14.00 Land Securities Group PLC 690.10 -13.90
FTSE 100 (101) 6713.63 -0.86 6143.76 6772.12 6736.17 5671.96 3.08 1.52 21.42 67.50 6481.71 P/E Ratio net - - - - - 0.00 19.44 14.26 Banks 15.09 Financials 5.21 Equity Invest Instr -0.03 Admiral Group PLC 3101 62.00 Legal & General Group PLC 279.10 -6.50
FTSE 250 (250) 21518.71 -0.26 19692.14 21574.44 21435.54 15101.13 1.95 1.52 33.82 64.58 17133.26 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Fixed Line Telecomms 14.82 FTSE 250 Index 5.03 Consumer Goods -0.13 Anglo American PLC 2842.5 -27.00 Lloyds Banking Group PLC 42.54 -0.57
FTSE 250 ex Inv Co (183) 22349.27 -0.48 20452.19 22457.39 22281.55 71.30 1.86 0.81 66.40 8.80 18140.56 FT 30 hourly changes Life Insurance 13.91 General Retailers 4.80 Aerospace & Defense -0.33 Antofagasta PLC 1690 -1.00 London Stock Exchange Group PLC 6940 26.00
FTSE 350 (351) 3850.07 -0.75 3523.27 3879.25 3857.85 3150.14 2.87 1.52 22.98 33.73 7398.19 8 9 10 11 12 13 14 15 16 High Low Travel & Leisure 12.26 Support Services 4.54 Nonlife Insurance -1.61 Ashtead Group PLC 4327 8.00 M&G PLC 207.40 -2.00
FTSE 350 ex Investment Trusts (282) 3755.30 -0.84 3436.54 3787.23 3765.51 76.68 2.92 1.30 26.30 4.36 3724.90 2715.9 2707.2 2710.7 2681.9 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Telecommunications 10.49 Media 4.32 Food & Drug Retailer -1.72 Associated British Foods PLC 2415 -6.00 Melrose Industries PLC 166.90 -4.85
FTSE 350 Higher Yield (143) 3106.46 -1.04 2842.78 3139.26 3110.71 2622.71 4.04 1.26 19.65 37.87 6587.09 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Oil & Gas Producers 10.24 FTSE All{HY-}Share Index 4.29 Electricity -1.77 Astrazeneca PLC 7247 -42.00 Mondi PLC 1850 -63.00
FTSE 350 Lower Yield (208) 4335.49 -0.46 3967.48 4355.53 4347.05 3451.61 1.71 2.12 27.63 23.02 5157.74 Construct & Material 9.94 Industrials 4.14 Pharmace & Biotech -2.07 Auto Trader Group PLC 554.40 -1.60 National Grid PLC 864.00 7.00
FTSE SmallCap (255) 6779.80 -0.16 6204.31 6790.66 6781.98 4262.48 2.22 -0.57 -78.22 30.91 10832.59
FTSE SmallCap ex Inv Co (137) 5654.40 0.03 5174.44 5652.65 5665.34 73.78 1.52 -1.96 -33.51 1.27 9428.48 FX: EFFECTIVE INDICES Oil & Gas
FTSE SmallCap Index
9.84
9.08
NON FINANCIALS Index
FTSE 100 Index
3.99
3.92
Real Est Invest & Se
Health Care
-2.12
-2.43
Avast PLC 456.00 3.60 Natwest Group PLC 196.25 -1.05
Aveva Group PLC 3422 62.00 Next PLC 7866 -162.00
FTSE All-Share (606) 3831.05 -0.73 3505.86 3859.30 3838.57 3107.42 2.85 1.46 24.04 33.01 7435.59 Mobile Telecomms 9.02 Beverages 3.60 Financial Services -3.84
Mar 30 Mar 29 Mnth Ago Mar 31 Mar 30 Mnth Ago Aviva PLC 408.20 -4.00 Ocado Group PLC 2035 5.00
FTSE All-Share ex Inv Co (419) 3699.11 -0.83 3385.12 3729.94 3709.12 76.64 2.90 1.27 27.25 4.24 3726.14 Basic Materials 8.88 Household Goods & Ho 3.54 Tech Hardware & Eq -4.41 B&M European Value Retail S.A. 527.80 -6.20 Pearson PLC 771.60 -3.40
FTSE All-Share ex Multinationals (536) 1253.03 -0.46 951.18 1258.77 1248.51 899.81 2.20 1.64 27.77 4.07 2519.61 Australia - - - Sweden - - - Mining 8.63 Electronic & Elec Eq 3.03 Health Care Eq & Srv -5.57 Bae Systems PLC 505.00 -8.00 Pershing Square Holdings LTD 2565 -5.00
FTSE Fledgling (85) 11695.58 -0.03 10702.82 11699.40 11672.05 6581.90 2.13 2.33 20.15 38.98 24165.52 Canada - - - Switzerland - - - Food Producers 8.24 Automobiles & Parts 2.71 Personal Goods -6.62 Barclays PLC 185.92 -3.22 Persimmon PLC 2940 -36.00
FTSE Fledgling ex Inv Co (39) 15138.74 0.18 13853.72 15111.07 15091.58 64.91 1.79 6.17 9.06 0.29 30506.98 Denmark - - - UK 81.76 81.93 81.30 Software & Comp Serv 6.94 Real Est Invest & Tr 2.70 Leisure Goods -10.15 Barratt Developments PLC 746.80 -10.40 Phoenix Group Holdings PLC 734.20 -5.80
FTSE All-Small (340) 4708.14 -0.15 4308.50 4715.37 4709.07 2941.98 2.22 -0.43 -105.37 21.14 9650.41 Japan - - - USA - - - Consumer Services 6.58 Industrial Eng 2.12 Oil Equipment & Serv -12.61 Berkeley Group Holdings (The) PLC 4439 -33.00 Polymetal International PLC 1419.5 30.00
FTSE All-Small ex Inv Co (176) 4234.48 0.04 3875.05 4232.94 4241.91 73.48 1.53 -1.62 -40.29 1.01 8943.73 New Zealand - - - Euro - - - Gas Water & Multi 1.56 Oil & Gas Producers -40.36 Bhp Group PLC 2094.5 -11.00 Prudential PLC 1540.5 -37.00
FTSE AIM All-Share (725) 1197.83 0.31 1096.16 1194.13 1193.82 682.29 0.73 0.22 622.39 1.85 1377.76 Norway - - -
BP PLC 294.65 -6.85 Reckitt Benckiser Group PLC 6498 6.00
FTSE All-Share Technology (20) 2114.54 0.30 2006.91 2108.15 2109.01 79.45 1.12 1.00 89.19 0.45 2974.74 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2774 4.00 Relx PLC 1819 -2.00
FTSE All-Share Telecommunications (7) 1982.03 -0.90 1881.14 2000.02 1979.67 56.89 4.25 0.93 25.22 0.02 2741.52 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 504.80 -17.20 Renishaw PLC 6410 30.00
FTSE All-Share Health Care (15) 11013.04 -0.69 10452.45 11090.07 11182.20 119.83 3.74 1.00 26.62 1.83 9739.56
Bt Group PLC 154.80 1.10 Rentokil Initial PLC 484.40 -1.30
FTSE All-Share Financials (251) 4679.33 -0.67 4441.14 4710.73 4634.04 66.75 2.29 3.52 12.42 5.15 4924.51
FTSE All-Share Real Estate (57) 1008.15 -0.85 1000.96 1016.75 1008.28 75.19 2.33 -2.04 -21.06 0.80 1008.30 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2323 21.00 Rightmove PLC 582.20 -4.80
Burberry Group PLC 1898.5 -37.50 Rio Tinto PLC 5550 -28.00
FTSE All-Share Consumer Discretionary (89) 5374.33 -1.16 5100.76 5437.37 5382.86 64.66 1.09 1.24 73.59 3.46 5502.54 Mar 30 No of US $ Day Mth YTD Total
YTD Gr Div Mar 30 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2310 -33.00 Rolls-Royce Holdings PLC 105.30 -3.25
FTSE All-Share Consumer Staples (27)18380.38 -0.35 17444.77 18444.84 18587.34 78.54 4.05 1.34 18.40 64.44 15785.46 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1461.5 -15.00 Royal Dutch Shell PLC 1335 -33.60
FTSE All-Share Industrials (91) 6229.58 -0.60 5912.48 6267.30 6225.67 79.00 1.59 1.15 54.95 3.06 6951.88 FTSE Global All Cap 9233 760.40 0.0 2.2 4.5 4.9 1.8 Oil Equipment & Services
1177.27 26 218.78 -1.2 -1.2 15.6 375.86 17.0 5.2 Crh PLC 3391 12.00 Royal Dutch Shell PLC 1413.8 -32.20
FTSE All-Share Basic Materials (25) 7810.82 -0.52 7413.23 7851.94 7749.30 84.36 3.74 2.54 10.53 3.15 9581.37 FTSE Global All Cap 9235 762.06 1.4 2.5 4.7 5.1 1.8 Basic Materials
1178.91 365 646.19 -0.2 -0.2 5.9 1109.05 7.0 2.7 Croda International PLC 6348 -18.00 Rsa Insurance Group PLC 681.00 -0.20
FTSE All-Share Energy (14) 5164.80 -2.27 4901.90 5284.87 5283.76 55.73 4.48 -1.12 -19.86 0.50 5865.92 FTSE Global Large Cap 1731 674.56 -0.2 2.3 3.6 4.1 1.8 Chemicals
1075.89 171 914.59 -0.1 -0.1 5.1 1545.23 5.5 2.2 Dcc PLC 6290 -20.00 Sage Group PLC 612.80 6.60
FTSE All-Share Utilities (10) 7167.32 0.92 6802.48 7101.73 7200.48 96.10 4.94 1.52 13.27 0.41 10059.24 FTSE Global Mid Cap 2311 979.75 0.3 2.8 6.9 7.3 1.8 Forestry & Paper
1426.73 21 340.83 0.1 0.1 7.8 651.75 8.3 2.4 Diageo PLC 2989.5 -40.50 Sainsbury (J) PLC 242.50 -1.90
FTSE All-Share Software and Computer Services (18) 2281.29 0.31 2165.16 2274.31 2274.65 78.51 1.14 0.98 89.38 0.46 3396.04 FTSE Global Small Cap 5191 1075.52 0.8 0.7 6.9 7.2 1.5 Industrial Metals & Mining
1504.38 95 524.44 0.5 0.5 11.9 913.53 13.5 3.0 Entain PLC 1518 -14.00 Schroders PLC 3500 55.00
FTSE All-Share Technology Hardware and Equipment (2) 5031.14 0.16 4775.04 5022.98 5077.10 104.27 0.28 4.32 82.05 0.00 6290.45 FTSE All-World 4042 443.67 -0.1 2.4 4.2 4.7 1.8 Mining
727.07 78 912.91 -0.9 -0.9 3.7 1613.28 5.6 3.6 Evraz PLC 578.00 4.60 Scottish Mortgage Investment Trust PLC 1137 42.00
FTSE All-Share Telecommunications Equipment (2) 586.91 0.27 557.03 585.33 591.46 194.46 1.52 2.75 23.99 2.36 817.30 FTSE World 2620 789.56 -0.2 2.9 4.4 4.9 1.8 Industrials
1737.15 761 558.89 0.2 0.2 6.7 864.75 7.1 1.4 Experian PLC 2497 -13.00 Segro PLC 937.60 -6.40
FTSE All-Share Telecommunications Service Providers (5) 3074.34 -0.94 2917.85 3103.48 3069.72 55.68 4.34 0.91 25.26 0.00 3864.73 FTSE Global All Cap ex UNITED KINGDOM In 8941 803.84 0.0 2.2 4.4 4.91221.88
1.7 Construction & Materials 148 662.53 0.2 0.2 7.5 1075.31 7.9 1.6 Ferguson PLC 8668 -126.00 Severn Trent PLC 2306 12.00
FTSE All-Share Health Care Providers (4) 6170.57 -1.13 5856.47 6241.12 6290.94 35.16 0.90 9.09 12.22 0.27 5692.06 FTSE Global All Cap ex USA 7458 583.66 0.2 1.3 3.5 4.1 987.54
2.2 Aerospace & Defense 38 787.54 0.4 0.4 7.4 1198.25 7.7 1.9 Flutter Entertainment PLC 15505 -275.00 Smith & Nephew PLC 1378 1.50
FTSE All-Share Medical Equipment and Services (2) 6314.36 0.15 5992.94 6304.91 6314.40 105.42 2.18 1.33 34.57 0.00 5824.70 FTSE Global All Cap ex JAPAN 7840 786.00 0.1 2.2 4.6 5.11227.88
1.7 General Industrials 72 277.74 0.5 0.5 9.7 473.07 10.6 1.9 Fresnillo PLC 864.20 6.80 Smith (Ds) PLC 407.70 -4.80
FTSE All-Share Pharmaceuticals and Biotechnology (9)15393.35 -0.76 14609.79 15511.09 15649.29 125.60 3.94 0.95 26.75 2.10 12252.83 FTSE Global All Cap ex Eurozone 8579 800.45 -0.1 2.2 4.5 4.91214.00
1.7 Electronic & Electrical Equipment 145 700.04 0.1 0.1 4.6 980.91 4.9 1.2 Glaxosmithkline PLC 1288 -19.00 Smiths Group PLC 1537.5 1.00
FTSE All-Share Banks (11) 2840.70 -1.65 2696.10 2888.30 2798.54 53.66 1.55 5.23 12.33 3.51 2377.45 FTSE Developed 2177 722.29 -0.2 3.0 4.4 4.91127.93
1.8 Industrial Engineering 147 1143.97 0.7 0.7 11.6 1763.20 12.1 1.3 Glencore PLC 284.25 -1.80 Smurfit Kappa Group PLC 3406 -44.00
FTSE All-Share Finance and Credit Services (9) 9627.55 0.33 9137.48 9595.55 9665.64 47.94 1.28 2.23 35.00 0.62 12543.94 FTSE Developed All Cap 5719 759.85 -0.1 2.7 4.7 5.11169.69
1.7 Industrial Transportation 124 975.64 0.2 0.2 6.4 1519.44 6.8 1.5 Halma PLC 2374 17.00 Spirax-Sarco Engineering PLC 11400 -95.00
FTSE All-Share Investment Banking and Brokerage Services (31)10012.76 -0.38 9503.09 10050.54 9949.65 86.24 4.01 1.48 16.77 13.61 13062.52 FTSE Developed Large Cap 861 672.45 -0.3 3.0 3.7 4.21068.84
1.8 Support Services 87 657.19 -0.5 -0.5 2.2 958.30 2.5 1.0 Hargreaves Lansdown PLC 1541.5 -13.50 Sse PLC 1455 20.50
FTSE All-Share Closed End Investments (187)12899.14 0.60 12242.55 12822.40 12791.08 89.38 2.19 5.02 9.12 5.52 7758.25 FTSE Developed Europe Large Cap 232 406.27 0.4 2.9 3.4 4.1 2.3 Consumer Goods
764.82 534 616.60 0.3 0.3 0.9 1000.55 1.3 2.0 Hikma Pharmaceuticals PLC 2276 76.00 St. James's Place PLC 1274 -4.50
FTSE All-Share Life Insurance (6) 8345.48 -1.94 7920.67 8510.60 8296.73 61.97 2.75 2.54 14.33 21.78 9512.37 FTSE Developed Europe Mid Cap 344 725.11 0.5 1.8 3.8 4.11189.14
1.9 Automobiles & Parts 129 631.08 2.2 2.2 3.0 995.92 3.3 1.2 HSBC Holdings PLC 423.20 -7.45 Standard Chartered PLC 499.50 -14.10
FTSE All-Share Nonlife Insurance (7) 3685.45 0.80 3497.86 3656.26 3616.64 78.61 2.98 1.74 19.21 0.00 7309.52 FTSE Dev Europe Small Cap 718 1013.36 0.4 1.4 5.1 5.41600.80
1.6 Beverages 68 722.47 -0.7 -0.7 -2.2 1183.89 -1.7 2.3 Imperial Brands PLC 1492 -4.50 Standard Life Aberdeen PLC 289.90 -0.70
FTSE All-Share Real Estate Investment and Services (16) 2444.90 -0.63 2320.45 2460.35 2448.00 74.77 1.05 2.90 32.91 1.64 7057.27 FTSE North America Large Cap 238 864.89 -0.4 3.4 4.1 4.51267.37
1.5 Food Producers 133 721.35 -0.3 -0.3 0.5 1191.85 0.8 2.2 Informa PLC 559.80 -8.80 Taylor Wimpey PLC 180.45 -2.60
FTSE All-Share Real Estate Investment Trusts (41) 2523.18 -0.90 2394.75 2546.01 2522.84 75.34 2.63 -2.50 -15.20 0.87 3624.06 FTSE North America Mid Cap 421 1146.79 0.3 3.0 8.2 8.51550.27
1.6 Household Goods & Home Construction 60 597.74 -0.7 -0.7 3.8 964.33 4.3 2.3 Intercontinental Hotels Group PLC 4975 -35.00 Tesco PLC 228.85 -1.05
FTSE All-Share Automobiles and Parts (2) 4759.54 0.90 4517.27 4717.21 4609.68 26.21 0.69 -12.59 -11.52 0.32 4905.30 FTSE North America Small Cap 1297 1238.27 1.2 0.4 8.2 8.51612.82
1.3 Leisure Goods 44 330.77 -0.7 -0.7 0.2 458.33 0.6 1.0 Intermediate Capital Group PLC 1842 -44.00 Unilever PLC 4056 -6.00
FTSE All-Share Consumer Services (4) 2500.13 -0.81 2372.87 2520.54 2503.16 81.25 0.23 5.75 75.97 0.01 3129.08 FTSE North America 659 568.13 -0.3 3.4 4.9 5.3 850.75
1.5 Personal Goods 86 1029.74 0.5 0.5 -2.3 1540.28 -2.1 1.4 International Consolidated Airlines Group S.A. 198.30 -3.70 United Utilities Group PLC 925.80 8.00
FTSE All-Share Household Goods and Home Construction (11)15047.96 -1.11 14281.98 15217.45 15020.48 65.81 2.81 1.79 19.82 17.23 12203.46 FTSE Developed ex North America 1518 302.47 -0.1 2.2 3.2 3.9 551.88
2.2 Tobacco 14 978.59 -1.7 -1.7 7.7 2525.82 9.4 6.2 Intertek Group PLC 5602 2.00 Vodafone Group PLC 131.88 -2.20
FTSE All-Share Leisure Goods (2) 25264.58 1.06 23978.55 25000.52 24596.60 49.69 1.78 1.60 35.21 109.36 26675.70 FTSE Japan Large Cap 174 460.13 -1.2 1.4 1.5 2.4 1.9 Health Care
652.01 326 681.52 -0.8 -0.8 -0.7 1057.00 -0.1 1.8 Jd Sports Fashion PLC 824.60 -10.40 Weir Group PLC 1777 -11.50
FTSE All-Share Personal Goods (5) 27823.97 -1.81 26407.67 28337.97 28270.90 67.05 0.00 0.00 29.54 0.00 21029.99 FTSE Japan Mid Cap 335 691.57 -1.1 5.2 7.3 8.3 929.33
1.9 Health Care Equipment & Services 124 1395.15 -0.6 -0.6 0.3 1685.62 0.5 0.8 Johnson Matthey PLC 3013 -79.00 Whitbread PLC 3426 -21.00
FTSE All-Share Media (10) 8517.44 -1.07 8083.88 8609.77 8552.54 76.26 1.71 2.54 23.06 13.21 5749.52 FTSE Global wi JAPAN Small Cap 884 732.67 -1.5 4.8 2.7 3.71020.69
2.0 Pharmaceuticals & Biotechnology 202 438.58 -0.9 -0.9 -1.4 724.98 -0.5 2.4 Just Eat Takeaway.Com N.V. 6688 52.00 Wpp PLC 920.60 -26.80
FTSE All-Share Retailers (21) 2502.38 -1.47 2375.01 2539.77 2506.96 59.11 0.31 10.86 29.54 0.03 3131.89 FTSE Japan 509 191.90 -1.2 2.1 2.6 3.5 304.40
1.9 Consumer Services 442 699.07 0.3 0.3 1.3 981.46 1.5 0.9 Kingfisher PLC 318.30 -8.50
FTSE All-Share Travel and Leisure (34) 8910.67 -1.23 8457.09 9022.03 8922.28 51.23 0.70 -5.00 -28.73 1.94 9146.97 FTSE Asia Pacific Large Cap ex Japan 906 899.24 0.6 -2.1 2.8 3.21562.76
1.9 Food & Drug Retailers 71 316.64 -0.1 -0.1 6.0 483.24 6.6 2.4
FTSE All-Share Beverages (6) 23610.86 -1.33 22409.01 23929.47 23916.56 92.50 2.41 0.74 55.91 0.92 18299.05 FTSE Asia Pacific Mid Cap ex Japan 949 1084.73 0.2 1.7 5.6 6.01810.40
2.4 General Retailers 146 1253.01 0.5 0.5 -1.0 1690.10 -0.9 0.6
FTSE All-Share Food Producers (10) 7711.77 -0.24 7319.22 7730.26 7665.45 74.38 1.23 3.54 23.01 0.00 7172.91
FTSE All-Share Tobacco (2) 29195.51 0.06 27709.38 29177.05 29716.99 53.38 7.92 1.43 8.85 464.54 24498.83
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
2007
1855
676.28
704.23
0.3
0.6
-0.4
-1.7
4.0
3.1
4.4
3.4
1102.94
2.1 Media
1300.17
2.0 Travel & Leisure
84 477.44
141 533.10
0.3
0.2
0.3
0.2
1.7 674.14
7.0 765.58
1.9
7.3
0.7
1.3
UK STOCK MARKET TRADING DATA
FTSE All-Share Construction and Materials (16) 7957.20 0.20 7552.16 7941.26 7868.74 73.46 1.94 -0.02-3131.80 2.37 9329.76 FTSE Emerging All Cap 3514 916.72 0.9 -1.4 3.0 3.31512.68
2.0 Telecommunication 89 160.36 -0.2 -0.2 4.1 352.56 5.0 4.0 Mar 31 Mar 30 Mar 29 Mar 26 Mar 25 Yr Ago
FTSE All-Share Aerospace and Defense (9) 3803.48 -1.79 3609.87 3872.65 3786.18 73.87 2.61 0.13 284.44 0.04 4440.75 FTSE Emerging Large Cap 870 878.69 0.9 -2.0 2.4 2.71459.31
1.9 Fixed Line Telecommuniations 37 121.06 0.1 0.1 4.1 299.63 5.3 5.3 - - - - - -
FTSE All-Share Electronic and Electrical Equipment (11)12002.68 0.00 11391.71 12002.83 11895.01 88.48 1.29 1.86 41.89 2.67 11538.45 FTSE Emerging Mid Cap 995 1098.87 0.9 2.1 4.9 5.21812.60
2.6 Mobile Telecommunications 52 193.00 -0.4 -0.4 4.8 369.73 5.3 3.3 Order Book Turnover (m) 161.58 35.81 218.13 218.13 218.13 43.63
FTSE All-Share General Industrials (9) 5334.27 -1.45 5062.74 5412.84 5351.48 73.01 1.98 1.08 46.50 0.00 6682.01 FTSE Emerging Small Cap 1649 905.35 0.9 -0.1 6.2 6.51431.54
2.2 Utilities 198 318.48 -0.9 -0.9 -0.7 704.79 0.1 3.2 Order Book Bargains 988649.00 815785.00 949302.00 949302.00 949302.00 1090078.00
FTSE All-Share Industrial Engineering (4)16567.88 -0.57 15724.53 16663.52 16469.38 82.89 0.60 3.82 43.31 0.00 21661.57 FTSE Emerging Europe 84 380.27 -0.5 2.0 2.7 3.0 723.64
4.7 Electricity 137 358.76 -0.9 -0.9 -0.6 783.58 0.3 3.2 Order Book Shares Traded (m) 1787.00 1217.00 1483.00 1483.00 1483.00 1477.00
FTSE All-Share Industrial Support Services (32) 9915.50 -0.31 9410.77 9946.24 9982.64 87.53 1.39 1.64 43.77 11.72 11053.34 FTSE Latin America All Cap 246 766.66 1.6 3.4 -6.7-6.01324.22
2.5 Gas Water & Multiutilities 61 318.04 -1.1 -1.1 -0.8 724.65 -0.2 3.2 Total Equity Turnover (£m) 5994.83 4616.89 5819.17 5819.17 5819.17 5930.13
FTSE All-Share Industrial Transportation (10) 5481.53 -0.40 5202.51 5503.61 5453.64 63.35 0.79 3.74 33.93 0.18 5570.34 FTSE Middle East and Africa All Cap 327 710.96 0.4 4.4 8.9 9.9 2.7 Financials
1240.16 867 276.83 0.3 0.3 9.7 505.84 10.3 2.5 Total Mkt Bargains 1235853.00 1064998.00 1191333.00 1191333.00 1191333.00 1352970.00
FTSE All-Share Industrial Materials (1)21604.03 -1.82 778.96 22004.11 22004.11 69.63 0.47 7.29 29.21 0.00 26317.72 FTSE Global wi UNITED KINGDOM All Cap In 292 335.01 0.1 2.4 5.7 6.7 2.9 Banks
646.00 269 212.98 0.9 0.9 15.5 427.90 16.4 2.7 Total Shares Traded (m) 12977.00 8040.00 7320.00 7320.00 7320.00 8089.00
FTSE All-Share Industrial Metals and Mining (12) 6516.77 -0.55 6185.05 6553.11 6454.94 87.57 3.96 2.60 9.69 3.94 8927.38 FTSE Global wi USA All Cap 1775 988.36 -0.1 2.9 5.2 5.6 1.5 Nonlife Insurance
1397.43 71 321.64 0.3 0.3 7.5 507.83 8.0 3.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Precious Metals and Mining (5)20940.30 1.50 19874.38 20631.59 21088.97 98.09 3.95 1.92 13.16 0.00 13591.59 FTSE Europe All Cap 1449 488.20 0.4 2.5 3.6 4.2 2.2 Life Insurance
882.55 53 254.22 0.6 0.6 9.3 458.87 10.0 3.0 (c) Market closed.
FTSE All-Share Chemicals (7) 15910.71 -1.12 15100.82 16090.49 15909.32 70.27 1.59 1.76 35.58 0.22 15326.39 FTSE Eurozone All Cap 654 484.61 0.7 2.9 4.6 4.8 1.8 Financial Services
869.70 212 443.85 -0.3 -0.3 5.7 655.84 6.0 1.3
FTSE All-Share Oil. Gas and Coal (14) 5012.38 -2.27 4757.24 5128.91 5127.83 55.73 4.48 -1.12 -19.86 0.50 5903.91 FTSE EDHEC-Risk Efficient All-World 4042 500.52 0.1 3.6 6.0 6.5 2.0 Technology
758.02 330 534.43 -0.5 -0.5 2.7 686.92 2.9 0.8
FTSE EDHEC-Risk Efficient Developed Europe 576 385.62 0.4 2.4 3.3 3.6 1.9 Software & Computer Services
645.61 176 867.60 -0.5 -0.5 3.2 1039.90 3.4 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE Sector Indices
Oil & Gas 130 298.21 -0.3 2.4 15.616.8 563.47
4.1 Technology Hardware & Equipment 154 435.42 -0.6 -0.6 2.1 597.97 2.4 1.2 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Non Financials (355) 4557.11 -0.75 4170.29 4591.65 4582.28 77.61 3.02 0.98 33.68 4.79 7776.73
Oil & Gas Producers 89 284.08 -0.4 2.2 17.618.8 4.1 Alternative Energy
548.49 15 224.46 3.8 3.8 -16.4 319.02 -16.4 0.4 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 163 373.01 0.6 0.6 4.0 690.99 4.4 2.5 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 99 481.48 -0.2 -0.2 5.9 1068.82 6.6 3.4 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6762.87 6748.01 6751.43 6746.14 6754.94 6767.50 6756.14 6748.02 6720.47 6775.54 6713.63 FTSE Global Large Cap 1731 675.40 1.4 1.4 3.7 1076.41 4.1 1.8
FTSE 250 21565.25 21583.56 21572.02 21567.44 21581.50 21576.72 21558.95 21559.59 21534.69 21603.48 21518.71
FTSE SmallCap 6791.11 6791.97 6790.64 6790.55 6786.23 6787.43 6785.82 6788.19 6791.35 6803.07 6779.80
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 All-Share 3854.87 3848.79 3849.93 3847.41 3851.73 3857.24 3851.54 3847.96 3834.85 3861.78 3831.05 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:07:20:00 Day's Low15:35:29 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:07:20:00 Day's Low15:45:40 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,
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the 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.
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 Adriatic Metals Pre 0.000 0.000 5.696L 6.238L 2.990L 3.690L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Aquis Exchange Pre 11.477 6.892 0.470 0.922L 4.000 3.000L 0.00000 0.00000 - 0.000 0.000 03/29 168.00 AIM AOM ActiveOps PLC 190.00 5.31 194.00 183.00 13550.9
There are currently no rights offers by any companies listed on the LSE. Bigblu Broadband Pre 27.174 26.827 4.601L 0.153 16.800 13.900L 0.00000 0.00000 - 0.000 0.000 03/22 5.00 ROQ Roquefort Investments PLC 8.25 0.14 9.00 7.00 267.3
Catena Group Pre 0.883 1.683 0.492L 0.188L 1.260L 0.630L 0.00000 0.00000 - 0.000 0.000 03/12 175.00 AIM AMTE Amte Power PLC 246.00 -12.00 337.03 175.00 8527.8
Cloudcall Group Pre 11.820 11.396 6.744L 3.676L 14.800L 10.300L 0.00000 0.00000 - 0.000 0.000 03/08 88.00 AIM TEAM Team PLC 87.00 -2.00 91.90 84.00 1440.7
Condor Gold Pre 0.000 0.000 1.310L 1.525L 1.210L 1.860L 0.00000 0.00000 - 0.000 0.000 03/02 197.00 AIM VINO Virgin Wines UK PLC 225.00 -1.00 236.65 200.00 12563.5
Fundsmith Emerging Equities Trust Pre 71.528 0.879L 250.150 6.940L 2.00000 3.20000 Jun 3 2.000 3.200 02/23 600.00 ATG Auction Technology Group PLC 820.00 7.00 847.60 734.63 82000.0
Gattaca Int 206.534 297.551 0.106 1.358 0.100 2.000L 0.00000 0.00000 - 0.000 0.000 02/19 5.00 CBX Cellular Goods PLC 9.55 0.54 30.00 8.55 4818.8
InnovaDerma Int 4.146 5.120 1.222L 0.348L 7.000L 2.000L 0.00000 0.00000 - 0.000 0.000
Inspired Energy Pre 46.110 43.696 4.536L 3.075 1.340L 0.560 0.12000 0.00000 Jul 26 0.220 0.219
James Halstead Int 130.447 130.391 25.988 25.150 9.800 9.500 4.25000 2.12500 Jun 4 6.363 12.125
Kazera Global Pre 0.000 0.000 1.020L 1.340L 0.210L 0.390L 0.00000 0.00000 - 0.000 0.000
KCR Residential REIT Int 0.859L 2.511L 3.120L 9.940L 0.00000 0.00000 - 0.000 0.000
Mercantile Investment Trust (The) Pre 142.871L 483.820 18.140L 61.010 2.65000 2.55000 Apr 30 4.000 3.900

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 1 April 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 30.31 -0.42 33.24 26.35 6.93 -40.04 216188.71 Lowes 190.67 0.65 192.91 79.08 1.26 25.17 136759.36
ANZ 28.18 0.08 29.55 15.07 3.74 23.15 61074.66 Nokia 3.40 -0.01 4.95 2.70 - 24.13 22709.17 AstellasPh 1702 -29.50 1982 0.00 2.60 21.09 28676.57 AtlasCpcoB 454.50 -2.50 458.10 267.80 1.52 35.70 20347.46 AutomData♦ 188.69 0.80 193.44 126.69 1.96 32.40 80748.04 Lyondell 103.95 -1.08 112.73 44.33 4.08 24.23 34733.08
BHPBilltn 45.30 0.39 50.93 28.76 4.57 19.68 101639.89 SampoA 38.47 -0.32 40.37 24.58 4.15 16.65 25055.21 Bridgestne 4475 -155.00 4631 3045 3.25 35.92 28903.16 Ericsson 115.55 -0.45 118.05 77.60 1.35 25.62 40730.04 Avago Tech 461.84 5.68 495.14 219.68 3.00 68.38 188570.35 Marathon Ptl 53.24 -0.36 59.93 18.27 4.40 -3.10 34673.87
CmwBkAu 86.10 0.70 89.20 57.00 3.54 23.53 116341.73 France (€) Canon 2502.5 -35.50 2559.5 0.00 5.36 37.93 30205.82 H&M 196.75 -6.65 229.50 112.70 2.57 105.55 32971.24 BakerHu 22.08 0.09 31.26 20.09 3.06 -1.60 11412.93 Marsh&M 121.86 0.34 122.00 78.95 1.52 30.64 61927.61
CSL 264.65 1.99 332.68 242.00 1.14 32.48 91738.72 Airbus Grpe 96.54 -1.16 103.98 48.21 - -11.35 89184.29 CntJpRwy 16550 -555.00 19165 0.00 0.91 -29.57 30853.39 Investor 696.40 -0.20 701.20 429.10 1.94 6.51 36391.5 BankAm 38.56 -0.43 39.97 19.51 1.88 20.43 332666.86 MasterCard 358.64 0.44 389.50 227.10 0.57 55.78 353313.09
NatAusBk 26.00 0.09 27.10 15.00 4.36 23.46 65321.86 AirLiquide 139.30 0.25 144.45 109.15 2.07 27.37 77553.03 Denso 7347 62.00 7765 0.00 2.06-211.28 52389.43 Nordea Bk 86.00 -0.86 87.27 52.42 - 14.08 39959.13 Baxter♦ 85.30 -0.29 95.19 74.79 1.13 39.67 43082.84 McDonald's 225.93 0.95 231.91 155.00 2.25 35.47 168447.11
Telstra 3.40 -0.03 3.54 2.66 3.01 22.32 30799 AXA 22.89 -0.27 23.25 13.34 3.40 18.52 65050.75 EastJpRwy 7839 -219.00 8881 0.00 1.83 -7.88 26810.97 SEB♦ 106.45 -5.00 111.60 63.34 - 13.55 26501.9 BectonDick 245.28 0.09 284.97 219.00 1.32 46.82 71268.55 McKesson♦ 195.14 -1.39 198.43 121.15 0.86 -7.24 31059.93
Wesfarmers 52.67 0.43 56.40 34.00 2.95 30.93 45485.23 BNP Parib 51.88 -0.74 53.66 24.51 - 8.82 76205.62 Fanuc 26185 -640.00 29700 0.00 0.79 64.41 47849.14 SvnskaHn 94.86 -0.96 101.20 71.70 - 11.25 21165.13 BerkshHat 389128.38-1231.62 407750250926.02 - 16.54 248943.71 Medtronic 118.75 -0.08 120.53 81.33 2.01 42.64 160083.65
Westpc 24.41 0.05 25.30 14.53 3.29 38.16 68205.95 ChristianDior 517.00 1.50 519.00 298.40 0.99 47.97 109681.36 FastRetail 88130-1000.00 110500 0.00 0.60 91.63 84599.74 Swedbank♦ 153.90 -1.50 165.90 99.14 - 12.94 19987.34 Biogen 276.87 0.86 363.92 223.25 - 11.06 42177.19 Merck♦ 77.29 0.33 87.80 71.72 3.37 15.99 195568.1
Woolworths♦ 40.87 0.62 42.05 33.82 2.35 35.65 39389.05 Cred Agr 12.35 -0.14 12.65 6.00 - 8.49 42318.29 Fuji Hvy Ind 2204 24.00 2683.5 1671.5 2.74 13.59 15341.75 Telia Co 37.83 0.05 39.16 30.75 5.71 48.53 17749.57 BkNYMeln 47.39 -0.48 48.15 31.24 2.79 9.78 41554.34 Metlife 60.69 -0.75 62.66 26.82 3.03 10.59 53674.19
Belgium (€) Danone 58.50 -0.30 65.68 46.03 - 18.84 47209.06 Hitachi 5004 -394.00 5515 0.00 2.16 13.11 43830.75 Volvo 220.90 -1.50 240.80 111.80 - 25.76 40256.95 BlackRock 757.19 7.93 788.00 401.90 1.94 23.55 115572.58 Microsoft 236.25 4.40 245.92 150.36 0.89 34.881781810.76
AnBshInBv 53.75 -1.10 59.51 35.11 2.44 -38.11 106965.7 EDF 11.44 0.11 13.58 6.55 1.40 20.23 41679.65 HondaMtr 3319 8.00 3475 0.00 2.73 12.74 54408.43 Boeing 253.99 1.98 278.57 113.89 0.82 -12.05 148075.37 Mnstr Bvrg 91.63 0.94 95.11 52.39 - 38.68 48393.2
Switzerland (SFr)
KBC Grp 62.00 -1.48 65.66 39.46 1.72 15.59 30363.83 Engie SA 12.11 0.07 13.87 8.63 - -25.21 34646.68 JapanTob 2125 -35.00 2234 0.00 8.10 11.63 38461.54 Booking Holdings 2353.92 19.03 2469.58 1203.08 - 1619.56 96420.79 MondelezInt♦ 59.00 0.22 60.23 48.00 2.05 23.67 83314.76
ABB 28.56 0.04 29.49 16.14 2.77 214.75 65794.3
EssilorLuxottica 138.85 0.85 142.80 92.04 - -4337.36 71643.88 KDDI 3395 -99.00 3673 2604 3.82 10.98 70793.57 BrisMySq 63.54 0.72 67.16 53.52 2.92 -15.78 141932.61 Monsanto 9.80 0.15 9.83 9.51 - - 245.00
Brazil (R$) CredSuisse 9.90 -0.51 13.50 7.15 1.53 5.92 25753.17
Hermes Intl 944.00 -3.40 1018 592.00 0.51 83.77 117127.02 Keyence 50270-1630.00 59310 33410 0.43 61.78 110642.99 CapOne 127.37 -1.19 134.70 39.90 1.09 57.94 58160.92 MorganStly 77.87 -1.23 86.64 31.16 1.92 12.32 141079.39
Ambev 15.40 -0.19 16.91 10.68 3.40 26.33 42941.77 Nestle 105.34 -0.60 112.62 95.00 2.75 22.85 322461.4
LOreal 326.80 -1.00 329.10 229.00 1.24 49.06 215039.25 MitsbCp 3130 -50.00 3298 0.00 4.66 13.08 42084.29 CardinalHlth♦ 61.15 -0.64 62.96 44.58 3.20 13.03 17957.77 MylanNV 15.86 0.31 23.11 12.75 - 29.73 8586.21
Bradesco 23.45 -0.53 25.15 15.02 1.14 7.09 18430.48 Novartis 80.77 -1.09 89.34 70.42 3.58 24.16 211724.5
LVMH 568.10 -5.40 573.50 316.10 0.85 58.01 337019.04 MitsubEst 1932.5 -61.00 2047.5 0.00 1.68 15.99 24332.51 Carnival 26.17 -0.48 30.12 7.80 1.97 -1.92 24403.15 Netflix 527.24 13.85 593.29 357.51 - 85.92 233510.9
Cielo 3.82 0.24 5.93 3.15 1.86 19.32 1839.12 Richemont 90.74 -1.84 93.10 49.50 1.20 195.54 50328.09
Orange 10.51 -0.06 11.68 8.63 5.08 10.05 32842.34 MitsubishiEle 1686.5 -32.00 1785.5 0.00 2.31 19.71 32771.53 Caterpillar 230.59 -2.49 237.78 100.22 1.80 41.84 125741.61 NextEraE 75.53 1.31 87.69 53.26 1.87 50.56 148032.86
ItauHldFin 24.95 -0.48 29.38 19.50 3.58 12.36 21922.63 Roche 305.45 1.60 357.85 290.55 3.17 17.21 228016.55
PernodRic 160.05 -1.20 166.45 125.15 1.75 144.72 49260.55 MitsuiFud 2513.5 -56.00 2675 1645.5 1.89 12.51 21956.89 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike♦ 133.19 0.24 147.95 77.16 0.78 72.81 169348.26
Petrobras 24.07 0.49 32.34 13.41 2.35 -6.25 31745.49 Swiss Re 92.96 -1.60 94.96 58.52 6.85 -19.02 31360.09
Renault 36.93 -0.72 41.42 15.77 - -1.12 12835.43 MitUFJFin 591.70 -23.80 660.30 383.40 4.72 14.62 72728.19 CharlesSch 64.87 0.11 68.21 31.59 1.12 30.32 116963.85 NorfolkS 269.91 -0.38 273.88 136.65 1.41 34.11 73478.25
Vale 97.01 -0.06 104.00 39.76 4.83 32.22 90846.52 Swisscom 507.00 -0.60 548.00 456.30 4.66 15.97 27905.84
Safran 116.05 -0.50 127.45 63.00 - 69.71 58272 Mizuho Fin 1599 -56.00 1732.5 1162 2.79 37.28 36744.44 Charter Comms 626.80 -5.90 681.71 413.39 - 40.32 134932.1 Northrop 322.53 -0.15 357.12 282.88 1.77 16.79 53771.68
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.99 43035.76
Sanofi 84.25 0.39 95.82 74.92 3.99 8.92 124661.66 Murata Mfg 8842 -9.00 10835 0.00 1.28 34.12 54075.49 Chevron Corp 105.05 -0.88 112.70 65.16 4.96 -35.16 202365.88 NXP 198.61 0.84 209.59 72.86 0.761093.17 54764.7
BCE♦ 56.86 -0.74 60.14 52.52 5.81 22.47 40922.33 UBS 14.64 -0.06 15.24 8.58 2.48 9.59 60008.77
Sant Gbn 50.32 -1.02 51.42 21.00 2.63 19.61 31503.39 NipponTT 2842 -113.00 3018 2127 3.71 10.91 100326.19 Chubb♦ 158.76 -2.75 179.01 93.10 1.96 20.19 71477.71 Occid Pet♦ 26.89 -0.44 32.52 8.52 6.35 -1.58 25100.76
BkMontrl 112.51 -0.66 113.50 61.05 3.73 13.86 57923.14 Zurich Fin 403.40 -6.70 411.30 271.10 4.91 16.61 64490.92
Schneider 130.25 2.00 130.70 71.40 2.09 30.90 86808.11 Nissan Mt 615.90 3.30 664.50 311.20 - -2.07 23525.25 Cigna 242.25 -3.55 248.84 158.84 0.02 10.45 84153.26 Oracle 70.49 -0.07 73.62 46.04 1.41 20.73 203245.96
BkNvaS 78.80 -0.75 80.16 49.11 4.52 14.98 76031.65 Nomura 581.40 -17.60 721.00 402.50 4.65 6.06 17013.52 Taiwan (NT$) Cisco 51.68 -0.10 52.94 35.28 2.80 21.52 218160.77 Pepsico 142.74 0.20 148.77 115.67 2.84 27.62 196987.99
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 55.90 -1.39 57.72 38.77 1.12-1136.69 70111.8 Nppn Stl 1886.5 5.50 1954 0.00 - -8.12 16224.27 Chunghwa Telecom 111.50 - 117.00 106.50 3.99 24.89 30314.24 Citigroup 72.71 -0.25 76.13 36.67 2.99 13.31 151722.98 Perrigo 40.88 -0.34 58.83 38.20 2.31-766.02 5460.23
SocGen 22.32 -0.25 23.01 10.77 - -25.56 22381.13
CanadPcR♦ 475.85 8.58 482.74 292.20 0.74 26.59 50467.68 NTTDCMo 3880 - 3928 2678 3.25 19.99 120882.79 Formosa PetChem 96.80 0.20 104.00 77.80 3.15 205.08 32317.39 CME Grp 205.68 0.74 216.75 146.89 1.67 34.72 73850.03 Pfizer 36.28 0.17 43.08 29.87 4.23 28.98 202328.51
Total 39.78 -0.48 42.19 24.51 6.91 -19.47 122938.09
CanImp♦ 123.29 -0.87 127.13 76.32 4.68 13.65 43959.71 Panasonic 1423.5 -21.00 1520 733.50 1.90 17.31 31607.66 HonHaiPrc 124.00 -1.00 134.50 69.40 3.56 15.92 60246.48 Coca-Cola♦ 52.82 -0.33 54.93 41.80 3.29 25.64 227617.84 Phillips66 81.62 -0.69 90.59 43.27 4.45 -8.93 35661.9
UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04
CanNatRs 38.87 0.13 41.05 16.42 4.26 -78.99 36660.82 Seven & I 4463 -121.00 4606 2937.5 2.42 20.08 35802.63 MediaTek 969.00 -5.00 1010 325.50 1.14 44.91 54006.01 Cognizant 78.80 0.23 82.73 42.14 1.13 30.38 41812.4 PhilMorris 89.11 -0.24 91.25 66.85 5.37 17.11 138879.09
Vinci 87.36 -1.04 92.38 63.40 2.49 28.63 60733.63
CanNatRy 145.83 -0.70 149.11 104.31 1.57 29.29 82481.07 ShnEtsuCh 18610 -330.00 19710 9694 1.28 25.54 70172.8 TaiwanSem 587.00 -9.00 679.00 270.00 1.79 28.96 533457.17 ColgtPlm 79.69 0.36 86.41 64.09 2.22 25.14 67539.15 PNCFin 175.07 -2.55 184.33 84.02 2.65 27.27 74233.27
Vivendi 28.00 0.09 32.35 18.37 2.29 17.28 39036.02
Enbridge 45.88 -0.36 46.96 35.80 7.03 31.13 73940.4 Softbank 9330 158.00 10695 3620 0.51 21.38 176452.2 Thailand (THB) Comcast 54.61 -0.38 58.59 32.05 1.70 23.73 249611.02 PPG Inds 150.82 -1.97 156.57 78.01 1.41 33.65 35736.25
GtWesLif 33.36 -0.24 33.85 19.13 5.23 10.56 24639.95 Germany (€)
Sony 11595 100.00 12545 0.00 0.47 12.43 132325.58 PTT Explor♦ 41.00 0.25 45.00 30.00 3.29 29.50 37474.65 ConocPhil 53.21 -0.22 61.14 27.53 3.21 -21.00 71947.95 Praxair 164.50 -0.99 169.75 140.00 2.29 39.25 47306.22
ImpOil♦ 30.47 -0.60 32.67 14.62 2.88 -12.09 17793.41 Allianz 217.05 -2.00 219.65 139.78 4.72 12.70 105175.09
SumitomoF 4007 -123.00 4354 2521 5.26 148.48 49826.05 United Arab Emirates (Dhs) Corning 43.76 0.16 44.12 17.82 2.03 80.29 33660.31 ProctGmbl 136.39 0.94 146.92 107.00 2.31 25.54 335857.11
Manulife 27.09 -0.16 27.68 15.36 4.12 9.29 41841.64 BASF 70.84 -1.04 72.84 40.42 4.96 -30.94 76470.63
Takeda Ph 3985 -88.00 4365 3138 4.88 32.14 56849.83 Emirtestele♦ 21.60 0.60 21.60 13.90 3.93 19.77 51141.35 Costco 354.79 5.04 393.15 280.90 0.80 35.25 157006.56 Prudntl 91.17 -0.91 95.49 45.04 4.87 -90.33 36050.08
Nutrien♦ 67.91 -0.95 74.34 41.50 3.36 66.09 30795.36 Bayer 53.96 0.21 73.63 39.91 5.53 -3.12 62304.28
TokioMarine 5265 -80.00 5746 4368 4.00 23.31 33448.24 United Kingdom (p) CrownCstl 171.14 0.15 180.00 133.80 2.91 72.15 73962.36 PublStor 247.84 0.81 250.16 172.11 3.26 39.04 43319.89
RylBkC 116.29 -0.85 117.97 80.72 3.67 14.56 131799.46 BMW 88.47 -0.33 89.47 43.61 3.01 15.68 62594.48
Toyota 8616 254.00 8712 0.00 2.76 12.32 254425.21 CSX 96.36 -0.01 98.09 53.25 1.09 26.52 73185.02 Qualcomm 132.51 2.40 167.94 64.55 1.96 22.48 150531.36
Suncor En 26.45 -0.20 29.55 14.28 4.12 -9.39 32033.15 Continental 112.70 -0.75 130.85 58.50 2.83 -14.42 26491.95 AscBrFd 2415 -6.00 2796.19 1613.5 1.42 41.93 26378.22
Mexico (Mex$) CVS 76.05 -0.04 77.23 54.07 2.65 13.77 99721.99 Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46
ThmReut 110.39 -0.28 115.66 89.89 1.82 21.95 43460.52 Daimler 76.01 0.07 76.28 24.30 1.24 21.34 95573.07 AstraZen 7247 -42.00 10120 6598.82 2.83 40.60 126627.41
AmerMvl 14.04 -0.24 15.93 12.33 2.54 13.29 31209.48 Danaher♦ 226.09 3.09 248.86 127.70 0.32 45.81 161217.43 Regen Pharm 471.76 1.09 664.64 441.00 - 15.31 49668.27
TntoDom 82.23 -0.40 83.65 53.19 3.80 12.71 118982.48 Deut Bank 10.19 -0.11 11.25 5.39 - -12.93 24747.36 Aviva 408.20 -4.00 413.30 220.80 2.33 7.44 22602.17
FEMSA UBD 153.67 -3.97 162.97 112.72 1.93 302.09 16231.68 Deere♦ 369.26 -4.66 392.42 117.85 0.83 33.62 115740.46 S&P Global 355.12 2.34 379.87 230.11 0.76 36.42 85543.59
TrnCan♦ 57.40 -0.97 67.89 50.61 5.62 12.16 44674 Deut Tlkm 17.17 0.06 17.36 11.30 3.72 24.43 96085.38 Barclays♦ 185.92 -3.22 210.45 80.00 - 13.78 43770.6
WalMrtMex 65.11 -1.13 70.40 49.81 0.84 35.97 55566.2 Delphi 17.02 0.31 18.51 5.39 - -7.42 1469.67 Salesforce 212.30 2.30 284.50 130.04 - 52.22 195528.3
ValeantPh 30.80 -1.06 36.02 14.01 - -15.33 8158.48 DeutsPost 46.72 0.12 46.84 23.42 2.62 21.83 68036.5 BP 294.65 -6.85 376.54 188.52 9.54 -3.56 81023.3
Delta 48.30 -0.60 52.28 17.51 0.84 -2.46 30822.48 Schlmbrg♦ 27.12 -0.10 30.41 12.17 3.26 -3.55 37920.94
E.ON 9.92 0.17 10.81 8.27 4.94 20.26 30807.37 Netherlands (€) BrAmTob 2774 4.00 3308.5 2422.5 5.56 10.02 71357.42
China (HK$) Devon Energy 21.77 -0.23 26.13 6.22 1.95 -3.18 14652.04 Sempra Energy♦ 131.65 0.08 137.47 101.18 3.33 19.01 39851.23
Fresenius Med 62.72 -0.32 79.96 55.18 2.01 15.07 21589.26 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 3.11 - 3.30 2.38 7.14 4.82 12296.45 DiscFinServ 94.65 -0.61 104.49 27.51 1.88 26.05 28995.55 Shrwin-Will 745.34 -0.88 768.00 412.01 0.73 33.44 66783.86
Fresenius SE 37.98 -0.11 46.51 31.03 2.36 10.97 20187.5 ASML Hld 517.00 0.70 526.30 222.40 0.52 58.02 254898.28 BT 154.80 1.10 157.73 94.68 2.98 10.18 21190.8
Bk China 2.96 0.04 3.19 2.33 7.88 4.42 31837.51 Disney 186.00 0.47 203.02 92.56 - -67.75 337639.09 SimonProp 114.52 -0.88 121.92 42.25 5.29 31.60 37581.66
HenkelKgaA 84.45 0.10 86.10 63.50 2.31 19.45 25785.7 Heineken 87.62 -0.98 94.48 70.58 2.05 51.00 59316.39 Compass 1461.5 -15.00 1721.63 1023.55 1.84 182.69 33161.8
BkofComm 4.95 0.02 5.09 3.66 7.77 4.62 22292.05 DominRes 75.70 0.17 87.34 67.84 4.60 41.21 61016.68 SouthCpr 68.23 0.14 83.15 26.38 2.22 33.30 52746.79
Linde 238.90 0.40 239.50 146.35 1.43 62.94 146800.99 ING 10.43 -0.04 10.71 4.51 - 21.77 47824.85 Diageo♦ 2989.5 -40.50 3125.1 2253 2.34 61.64 103834.2
BOE Tech 0.75 - 1.10 0.48 - -4.85 19.19 DowDupont 30.52 -0.65 48.38 30.06 3.63 -8.38 68559.76 Starbucks 110.89 0.62 112.34 60.90 1.53 192.75 130550.8
MuenchRkv 262.60 -2.40 267.10 170.30 3.97 28.28 43239.09 Unilever 47.58 0.06 53.66 42.79 - 23.26 172598.55 GlaxoSmh♦ 1288 -19.00 1772.51 1190.8 6.21 10.19 87392.36
Ch Coms Cons 3.82 -0.04 5.49 3.21 7.43 3.30 2171.02 DukeEner 96.04 -0.21 98.88 75.58 4.01 55.64 73871.71 StateSt♦ 84.68 -1.11 87.89 49.16 2.48 13.27 29789.27
SAP 104.42 0.86 143.32 89.93 1.61 23.98 150767.36 Norway (Kr) Glencore 284.25 -1.80 329.26 2.44 2.81 -14.05 56570.52
Ch Evrbrght 3.39 -0.11 3.97 2.40 7.67 4.80 5528.44 Eaton 138.65 -1.01 141.37 70.34 2.13 39.36 55233.09 Stryker♦ 243.82 0.72 250.02 142.00 0.97 57.52 91755.45
Siemens 140.00 -1.08 141.92 66.23 2.93 25.77 139860.14 DNB 182.00 -0.50 188.20 105.05 - 15.14 33054.7 HSBC 423.20 -7.45 480.71 281.50 - 30.45 117069.72
Ch Rail Cons 5.03 0.10 8.95 4.07 5.04 3.15 1343.34 eBay 62.48 2.16 64.85 28.30 1.03 17.49 42510.85 Sychrony Fin 40.81 -0.25 43.61 12.98 2.18 17.81 23830.03
Volkswgn 309.20 -6.20 357.40 113.20 1.65 35.94 107236.02 Equinor 167.30 -1.30 176.80 116.30 4.80 -18.18 63628.28 Imperial Brands 1492 -4.50 1758 1142 12.45 9.44 19632.67
Ch Rail Gp 4.11 -0.06 4.85 3.33 4.96 3.29 2224.24 Ecolab♦ 215.12 0.12 231.36 145.31 0.93 49.17 61541.12 T-MobileUS 125.03 0.39 135.54 81.04 - 52.27 155387.79
Hong Kong (HK$) Telenor 150.50 -0.10 163.80 138.25 5.43 19.84 24673.13 LlydsBkg 42.54 -0.57 59.94 23.59 - 35.45 42294.4
ChConstBk 6.54 -0.06 6.74 4.93 5.96 5.53 202243.86 Emerson 90.35 -0.79 93.38 43.55 2.24 25.95 54212.68 Target 199.84 0.19 201.96 90.17 1.42 24.84 99640.96
AIA 94.30 -1.75 109.30 61.25 1.50 24.10 146705.38 Natl Grid 864.00 7.00 998.80 805.40 5.62 20.38 40012.07
China Vanke 30.45 -1.70 35.00 22.95 4.05 6.98 7416.37 Qatar (QR) EOG Res 72.81 -0.45 77.15 31.22 1.96 -69.36 42495.31 TE Connect 128.72 1.24 136.01 57.53 1.49 455.46 42592
BOC Hold 27.15 -1.30 29.00 20.05 6.34 8.50 36922.37 Natwest Group♦ 196.25 -1.05 199.35 90.54 - -31.65 32399.59
ChinaCitic 3.95 -0.05 4.05 2.93 7.42 4.00 7561.18 QatarNtBk 17.78 0.19 19.18 16.35 3.38 14.90 45103.97 EquityResTP 71.72 -1.11 76.13 45.43 3.39 29.00 26727.41 Tesla Mtrs 658.01 22.39 900.40 89.28 - 1018.64 631596.66
Ch OSLnd&Inv 20.20 -0.65 28.50 14.92 5.65 4.42 28437.37 Prudential 1540.5 -37.00 1586 861.00 2.41 37.92 54990.49
ChinaLife 16.06 -0.12 21.90 13.74 5.59 7.27 15371.53 Russia (RUB) Exelon 43.52 0.02 46.02 32.39 3.55 21.45 42508.6 TexasInstr 188.48 2.54 189.25 96.07 1.99 31.28 173446.68
ChngKng 47.20 -0.70 50.55 35.65 4.98 7.65 22423.27 ReckittB 6498 6.00 8020 5782 2.69 -16.80 63133.6
ChinaMBank 59.35 -1.60 69.45 33.20 2.47 13.57 35046.85 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 151.67 -2.36 161.19 85.10 2.24 14.28 38253.35
Citic Ltd 7.36 0.16 8.43 5.20 7.08 4.03 27539.46 RELX 1819 -2.00 2000 1484.9 2.51 28.78 48498.99
ChinaMob 50.95 -0.30 63.75 39.00 7.17 8.05 134186.49 Lukoil 4745.5 -157.00 6810 3663 10.47 32.79 44107.51 ExxonMb 56.11 -0.59 62.55 31.11 6.26 -10.59 237521.79 ThrmoFshr♦ 459.28 7.81 532.57 270.41 0.19 28.51 180861.42
Citic Secs 17.90 0.18 21.45 13.06 3.40 13.00 5245.65 RioTinto♦■ 5550 -28.00 6561 3437.31 5.07 12.65 102700.83
ChinaPcIns 30.65 -0.85 42.75 20.10 4.81 9.49 10941.34 MmcNrlskNckl 20150 -66.00 23656 13352 5.44 13.99 42774.79 Facebook 295.27 7.27 304.67 150.83 - 28.99 710256.75 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
CK Hutchison 61.95 -0.30 64.05 45.80 5.73 6.18 30728.11 RollsRoyce 105.30 -3.25 159.43 0.90 1.50 -1.02 2702
ChMinsheng 4.51 -0.42 6.06 3.85 10.01 3.82 4826.69 Novatek 973.20 -3.20 1382.2 682.80 3.05 46.54 39639.58 Fedex♦ 284.40 -1.52 305.66 103.40 0.71 29.95 75463.29 TJX Cos 67.16 0.64 71.06 40.72 0.73 103.18 80634.39
CNOOC 8.13 -0.10 10.60 6.50 10.79 7.20 46689.18 RylDShlA 1413.8 -32.20 1718.36 878.10 6.82 -8.50 89672.06
ChMrchSecs 19.65 -0.26 28.18 13.77 - 17.32 22249.02 Rosneft 324.00 -11.00 489.90 229.80 9.45-126.68 46063.6 FordMtr 12.23 -0.23 13.62 4.17 1.24 -37.87 47793.31 Truist Financial Corp 58.25 -0.53 61.26 26.41 3.12 18.74 78314.39
HangSeng 150.50 - 156.30 110.00 4.51 17.79 37009.99 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 4.27 0.04 5.72 4.01 1.45 23.62 19892.28 Sberbank 188.91 -2.03 270.80 172.15 9.07 5.92 54705 Franklin♦ 29.59 0.26 30.55 14.91 3.72 18.79 14954.9 UnionPac 220.75 -0.38 223.95 132.50 1.77 27.76 147864.83
HK Exc&Clr 457.40 -6.20 587.00 228.60 1.64 54.74 74591.59 StandCh 499.50 -14.10 519.80 334.25 - 66.29 22719.97
ChShenEgy 16.02 0.08 16.32 11.94 9.67 6.59 6959.64 Surgutneftegas 35.13 -0.76 54.89 24.06 1.70 1.55 16833.73 GenDyn 180.83 -1.27 184.37 121.67 2.41 16.29 51274.92 UPS B 168.96 0.32 178.01 88.35 2.41 108.70 121739.61
MTR 44.05 -0.55 49.00 36.20 3.13 39.72 35022.2 Tesco 228.85 -1.05 329.33 217.10 5.06 17.08 25852.06
ChShpbldng 4.09 0.01 5.44 3.94 - -104.69 11408.24 GenElectric♦ 13.21 -0.10 14.42 5.48 0.31 22.17 116001.32 USBancorp 55.46 -0.41 57.02 28.36 3.06 17.96 83332.75
SandsCh 38.85 0.25 40.55 26.50 2.85 144.82 40432.74 Saudi Arabia (SR) Vodafone 131.88 -2.20 157.52 100.00 6.19 17.01 48534.05
ChStConEng 5.19 0.08 5.70 4.68 3.66 5.00 32180.76 GenMills 62.15 0.36 66.14 51.51 3.29 15.42 37909.71 UtdHlthcre 374.77 1.21 380.50 226.03 1.33 20.17 354272.63
SHK Props 117.80 -4.20 126.00 87.60 4.71 12.95 43907.74 AlRajhiBnk 94.00 -0.90 99.90 51.10 1.60 22.11 62659.98 WPP 920.60 -26.80 950.29 481.30 2.47 -4.95 16081.42
ChUncHK 4.39 -0.02 6.70 3.95 4.14 8.95 17277.84 GenMotors 57.64 -0.87 62.24 17.79 0.67 13.19 83058.54 UtdTech 86.01 -5.36 158.44 69.02 2.27 -41.47 74498.84
Tencent 610.00 0.50 775.50 369.60 0.22 46.37 752806.89 Natnlcombnk 50.50 0.30 52.80 33.00 2.38 13.72 40395.69 United States of America ($)
CNNC Intl 5.50 0.11 5.77 4.02 2.28 15.94 13060.21 GileadSci 64.93 -0.58 85.79 56.56 4.23 643.22 81584.31 ValeroEngy 71.51 -0.27 84.39 35.44 5.53 -20.24 29230.39
SaudiBasic 111.20 - 112.00 67.00 3.53-115.23 88950.51 21stC Fox A 36.96 -0.15 44.80 21.81 1.26 14.36 12357.63
CSR 3.45 0.03 4.22 2.53 5.30 8.33 1939.7 India (Rs) GoldmSchs 327.25 -4.76 356.85 141.67 1.54 13.11 113159.51 Verizon 58.21 -0.38 61.95 52.16 4.31 13.41 240989.4
SaudiTelec 120.80 0.80 121.40 83.80 3.51 21.25 64419.8 3M 192.84 -1.80 196.72 131.01 3.08 20.65 111734.81
Daqin 7.01 - 7.30 6.32 7.03 9.61 15898.7 Bhartiartl 517.30 -4.20 623.00 394.00 0.39 -9.42 38857.63 Halliburton 21.40 -0.10 24.74 6.23 1.49 -6.35 19016.74 VertexPharm 214.80 1.81 306.08 202.57 - 20.68 55839.42
Gree Elec Apl 0.13 -0.01 0.21 0.08 - -0.04 6.58 HDFC Bk 1493.65 -60.05 1641 810.00 - 27.75 112621.23 Singapore (S$) AbbottLb 121.05 1.30 128.54 75.35 1.20 48.17 214443.63 HCA Hold 188.28 -0.26 194.01 79.74 0.23 17.07 63438.47 VF Cp 80.49 0.36 89.68 47.80 2.42-173.36 31535.31
GuosenSec 11.96 0.04 16.14 10.39 1.72 15.73 16105.61 Hind Unilevr 2431.5 32.75 2614.3 1902 1.56 75.80 78138.17 DBS 28.79 -0.21 29.10 17.82 4.16 13.64 54454.27 Abbvie 108.12 1.33 113.41 71.43 4.41 39.38 190804.14 Hew-Pack♦ 31.78 0.22 31.98 13.39 2.37 14.89 39610.66 ViacomCBS♦ 45.25 -1.36 101.97 11.92 2.14 12.02 25681.18
HaitongSecs 7.19 -0.09 9.42 5.79 - 6.42 3153.24 HsngDevFin 2498.1 -107.55 2896 1482.25 0.85 24.94 61636.02 JardnMt US$ 65.39 -0.61 68.88 37.37 2.94-112.62 47070.87 Accenture 278.20 -0.35 281.30 148.28 1.22 33.15 185035.92 HiltonWwde 122.11 0.05 128.92 53.70 0.12 -46.89 33898.69 Visa Inc 212.48 0.58 228.23 150.60 0.58 43.41 360390.22
Hngzh HikVDT 55.90 0.63 70.48 27.31 1.29 39.10 69605.83 ICICI Bk 582.10 -9.35 679.40 281.50 - 26.44 55058.3 JardnStr US$ 33.02 -0.03 37.47 18.89 1.20 -37.43 36599.65 Adobe 478.93 13.47 536.88 289.71 - 42.79 229751.81 HomeDep 306.36 1.54 306.95 174.00 2.04 24.81 329827.42 Walgreen 56.46 3.48 56.78 33.36 3.39 -69.16 48783.79
Hunng Pwr 2.76 -0.01 4.12 2.44 6.13 20.45 1668.68 Infosys 1368.05 -17.25 1406 582.15 1.55 31.42 79722.29 OCBC 11.75 -0.12 11.95 8.33 3.83 14.31 39119.19 AEP 84.58 -0.15 94.21 71.20 3.39 18.96 42007.66 Honywell 216.95 -1.15 219.67 117.11 1.69 31.99 150885.5 WalMartSto 136.54 0.80 153.66 111.80 1.68 18.46 384642.97
IM Baotou Stl 1.56 -0.07 2.24 1.04 - -146.18 7538.86 ITC 218.50 3.95 239.20 157.10 4.69 20.05 36784.86 SingTel 2.44 -0.02 2.86 2.00 5.27 22.80 29654.08 Aetna - - - - - - - HumanaInc♦ 422.72 -3.00 474.70 285.49 0.60 16.55 54535.48 WellsFargo 39.00 -0.39 41.54 20.76 3.16 94.24 161231.63
In&CmBkCh 5.58 0.02 5.75 3.96 5.74 5.80 62295.56 L&T 1418.9 -4.65 1593 762.80 1.28 65.99 27253.57 UOB 25.83 -0.10 26.03 18.61 3.73 14.45 32158.98 Aflac 51.11 -0.72 52.78 30.32 2.21 7.59 35143.24 IBM 133.32 -1.40 137.07 104.52 4.93 21.55 119133.96 Williams Cos 23.65 -0.03 24.69 13.18 6.83 137.83 28706.14
IndstrlBk 24.09 0.87 28.07 15.50 3.25 8.09 72087.22 OilNatGas 102.15 -1.35 122.35 60.80 4.94 140.45 17576.41 South Africa (R) AirProd♦ 282.88 1.77 327.89 185.25 1.91 32.86 62594.81 IllinoisTool♦ 221.57 -3.19 228.77 133.23 2.01 33.11 70122.53 Yum!Brnds 109.25 -0.52 111.68 62.16 1.74 36.82 32781.04
Kweichow 2009 -47.05 2627.88 1103 0.87 55.11 385004.09 RelianceIn 2003.1 -26.20 2369.35 1035.35 0.33 30.77 185260.67 Firstrand 51.62 -0.88 59.82 33.83 5.48 17.92 19609.7 Alexion 153.76 0.31 162.60 85.63 - 56.01 33803.82 Illumina 383.64 14.68 555.77 251.14 - 85.41 55972.35 Venezuela (VEF)
Midea 0.58 -0.03 0.85 0.52 - -1.62 22.46 SBI NewA 364.30 3.50 427.70 149.45 - 13.88 44468.22 MTN Grp 86.85 -1.32 92.56 40.80 6.01 10.04 11082.63 Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11 Intcntl Exch 112.30 1.07 119.02 77.17 1.08 29.51 63192.56 Bco de Vnzla 120000 - 125990 2800 367.23 - 222.66
New Ch Life Ins 30.10 -0.10 37.30 23.50 5.65 6.09 4003.71 SunPhrmInds 597.80 0.10 654.40 338.40 0.68 58.90 19617.68 Naspers N 3523.56 -16.94 3888 2409.67 - 32.88 103922.75 Allstate♦ 115.80 -1.31 118.05 83.75 1.88 6.63 35072.74 Intel 63.90 0.13 67.44 43.61 2.09 12.81 259605.39 Bco Provncl 3250000-200000.00 3450000 155000 - -16.23 178.29
PetroChina 2.81 -0.07 3.19 2.16 5.58 22.84 7625.99 Tata Cons 3177.85 19.30 3339.8 1650 1.27 37.80 160777.27 Alphabet 2077.54 31.07 2145.14 1075.08 - 35.12 624793.32 Intuit 383.35 9.69 423.74 215.55 0.59 57.81 104976.52
South Korea (KRW) Mrcntl Srvcs 3600000 200000 4000000 150000 0.02 -3.26 111.50
PingAnIns 92.55 -1.00 103.60 73.50 2.72 9.59 88658.79 Altria♦ 51.18 -0.08 52.59 35.02 6.71 21.13 95127.74 John&John 164.98 -0.03 173.65 125.50 2.43 29.67 434343.93
Indonesia (Rp) HyundMobis♦ 292000-6500.00 405000 162000 1.06 16.97 24457.33
PngAnBnk 22.01 0.08 25.31 12.47 - 15.54 65159.48 Amazon 3118.54 63.25 3552.25 1889.15 - 73.861570386.79 JohnsonCn 59.80 -0.94 62.40 24.77 1.76 54.85 43026.98
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 23150 -100.00 30050 18500 - 155.67 13131.41 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 4.12 0.12 4.88 3.40 0.99 8.70 7004.59 AmerAir 23.76 -0.37 26.09 8.25 0.42 -1.28 15235.85 JPMrgnCh 152.53 -1.95 161.69 82.40 2.38 17.02 465446.28
Israel (ILS) SK Hynix 132500-2000.00 150500 71300 0.78 30.58 85231.12 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 19.67 -0.12 28.80 16.90 4.60 10.42 35059.26 AmerExpr 141.88 -1.18 151.46 72.61 1.22 37.29 113989.34 Kimb-Clark♦ 140.53 2.22 160.16 122.76 3.07 20.27 47500.08
TevaPha 38.10 -0.35 46.23 28.79 - -3.13 12518.8 SmsungEl 81400 -800.00 96800 45350 3.87 20.15 429370.7 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.07 0.00 0.10 0.03 - -0.23 76.64 AmerIntGrp 46.53 -0.81 49.00 19.90 2.78 -6.70 40238.71 KinderM 16.62 -0.01 17.97 11.45 6.30 329.21 37623.84
Italy (€) Spain (€) AmerTower 240.12 2.97 272.20 197.50 1.90 62.77 106703.37 ♦ ex-dividend
ShgPdgBk 10.99 -0.02 12.69 9.22 5.61 6.56 49211.21 Kraft Heinz 40.30 0.02 41.21 23.36 4.01 137.68 49293.98 ■ ex-capital redistribution
Enel 8.49 0.06 9.05 5.71 4.11 18.99 101481.56 BBVA 4.43 -0.07 4.90 2.13 6.25 -46.18 34685.41 Amgen 248.48 -1.27 276.69 194.21 2.60 20.00 143513.69
Sinopec Corp 4.14 -0.06 4.69 2.95 5.64 10.72 13586.16 Kroger 36.47 -1.61 42.99 29.10 1.93 9.11 27766.33 # price at time of suspension
ENI 10.49 0.08 10.66 5.73 5.58 -3.62 44469.78 BcoSantdr 2.90 -0.04 3.07 1.44 - -5.12 56581.86 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 2.02 -0.04 2.37 1.67 - 89.34 4181.54 L Brands 61.87 -1.00 64.12 8.80 1.03 -76.29 17250.25
Generali 17.06 -0.08 17.27 11.18 3.13 13.78 31600.69 CaixaBnk 2.64 -0.05 2.70 1.50 2.82 14.61 18552.03 Anthem 360.43 -3.66 379.13 199.17 1.06 19.86 88271.36
Denmark (kr) Iberdrola 10.99 0.09 12.57 8.40 3.88 18.67 82862.37 LasVegasSd 60.69 -0.53 66.77 36.80 1.31 -27.21 46357.63
IntSPaolo 2.31 -0.01 2.35 1.32 - 6.30 52763.81 Aon Cp 231.56 -0.53 235.88 151.04 0.78 27.15 52328.94 LibertyGbl 25.81 0.43 27.04 15.31 - -9.47 4680.78
DanskeBk 118.70 -1.80 124.95 69.42 - 21.03 16172.9 Inditex 28.10 -0.25 30.79 20.86 1.32 52.20 102929.93
Unicred 9.01 -0.13 9.69 6.01 - -7.48 23699.18 Apple 123.28 3.38 145.09 59.23 0.66 32.922069636.47 Lilly (E) 186.61 1.11 218.00 129.21 1.60 27.23 178957.53
MollerMrsk 14735 60.00 15400 5662 0.96 15.91 21964.23 Repsol 10.56 -0.11 11.14 5.04 7.76 -4.72 19459.28 ArcherDan 57.47 -0.43 59.12 33.01 2.53 18.08 32097.03 Lockheed 368.96 -1.58 417.62 319.81 2.68 14.92 103346.96
NovoB 429.75 -0.95 467.90 396.00 2.10 22.73 123096.64 Telefonica 3.82 -0.02 5.01 2.71 10.65 15.14 24792.12

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
MediaTek 969.00 974.00 -5.00 -0.51 99.00 11.4 8.15 ViacomCBS 45.25 46.61 -1.36 -2.92 -24.85 -35.4 -29.65 Mar 31 date Coupon S* M* F* price yield yield yield US Mar 31 date Coupon S* M* F* price yield yield yield US
Citic Ltd 7.36 7.20 0.16 2.22 0.73 11.0 11.72 CredSuisse 9.90 10.42 -0.51 -4.93 -2.33 -19.1 -24.56 High Yield US$ US$
ChShenEgy 16.02 15.94 0.08 0.50 1.50 10.3 8.68 Nomura 581.40 599.00 -17.60 -2.94 -122.10 -17.4 -5.51 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 -
Citic Secs 17.90 17.72 0.18 1.02 1.64 10.1 7.42 ChMinsheng 4.51 4.93 -0.42 -8.52 -0.45 -9.1 -2.81 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Walgreen 56.46 52.98 3.48 6.57 4.68 9.0 17.83 ShenwanHong 0.07 0.07 0.00 -1.45 -0.01 -8.1 1.49 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 -
AmerAir 23.76 24.12 -0.37 -1.51 1.95 8.9 13.56 21stC Fox A 36.96 37.11 -0.15 -0.40 -3.16 -7.9 11.02 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Corning 43.76 43.60 0.16 0.37 3.51 8.7 14.47 MitUFJFin 591.70 615.50 -23.80 -3.87 -41.00 -6.5 6.74 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
E.ON 9.92 9.76 0.17 1.70 0.77 8.5 8.46 Takeda Ph 3985.00 4073.00 -88.00 -2.16 -276.00 -6.5 11.47 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 -
Volkswgn 309.20 315.40 -6.20 -1.97 24.00 8.4 8.42 SvnskaHn 94.86 95.82 -0.96 -1.00 -6.29 -6.2 6.56 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
eBay 62.48 60.32 2.16 3.57 4.84 8.4 10.53 ChinaMBank 59.35 60.95 -1.60 -2.63 -3.65 -5.8 -0.17 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Hew-Pack 31.78 31.56 0.22 0.68 2.41 8.2 9.73 Illumina 383.64 368.96 14.68 3.98 -23.17 -5.7 -12.85 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
MollerMrsk 14735.00 14675.00 60.00 0.41 1105.00 8.1 9.88 Hitachi 5004.00 5398.00 -394.00 -7.30 -293.00 -5.5 3.26 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
L Brands 61.87 62.87 -1.00 -1.59 4.58 8.0 13.19 China Vanke 30.45 32.15 -1.70 -5.29 -1.75 -5.4 -7.90 Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
BkofComm 4.95 4.93 0.02 0.41 0.33 7.1 12.10 HonHaiPrc 124.00 125.00 -1.00 -0.80 -6.50 -5.0 10.71
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
BMW 88.47 88.80 -0.33 -0.37 5.88 7.1 7.12 CntJpRwy 16550.00 17105.00 -555.00 -3.24 -865.00 -5.0 -4.05
Russia 06/28 12.75 - Baa3 BBB 168.12 2.48 0.07 0.05 - Mexico 06/26 1.09 - Baa1 BBB- 98.73 1.34 -0.02 -0.14 0.27
Hngzh HikVDT 55.90 55.27 0.63 1.14 3.60 6.9 0.61 Midea 0.58 0.61 -0.03 -4.92 -0.03 -4.9 -10.77
Booking Holdings 2353.92 2334.89 19.03 0.82 151.19 6.9 1.17 BOC Hold 27.15 28.45 -1.30 -4.57 -1.40 -4.9 4.26 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
Petrobras 24.07 23.58 0.49 2.08 1.54 6.8 8.71 Mizuho Fin 1599.00 1655.00 -56.00 -3.38 -80.50 -4.8 3.01 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Boeing 253.99 252.01 1.98 0.79 14.75 6.2 19.96 Swedbank 153.90 155.40 -1.50 -0.97 -7.70 -4.8 3.97 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
Target 199.84 199.65 0.19 0.09 11.56 6.1 9.10 H&M 196.75 203.40 -6.65 -3.27 -9.75 -4.7 -1.13 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.48 -0.26 - - -0.36 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Mar 31 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Mar 31 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 19.42 -0.19 19.61 60.59 18.68 Mar 31 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 17.98 -0.01 17.99 59.72 7.84 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 216.55 -0.30 -2.40 -4.76 -2.40 7.70 VXN 25.85 -0.54 26.39 55.69 24.96 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 391.17 -0.39 -0.14 -4.32 -0.14 10.49 VDAX 19.07 -0.08 19.15 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 326.72 -0.20 -1.38 -4.34 -1.38 -4.34 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 241.98 -0.17 0.03 -0.89 0.03 8.45 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 8pc '21 101.48 -0.03 -40.00 -50.00 -57.14 -125.00 102.75 100.21 24.59
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 256.97 -0.29 -0.02 -2.48 -0.02 1.37 Tr 4pc '22 103.71 0.02 100.00 -166.67 100.00 -84.62 107.52 103.71 38.77
Gilts( £) 351.82 -0.62 0.15 -7.23 0.15 -6.58 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 118.61 0.24 4.35 33.33 -7.69 20.00 124.02 118.61 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 305.02 -0.55 0.51 -3.02 0.51 9.37 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 104.45 0.53 0.00 15.22 0.00 194.44 109.23 104.30 39.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts 378.95 -0.37 -0.09 -4.05 -0.09 7.15 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 134.72 0.97 0.00 10.23 3.19 94.00 147.41 134.33 38.71
Mar 31 (Libor: Mar 30) night Day Week Month month month month year Overall ($) 272.58 -0.20 -1.12 -4.24 -1.12 -4.24 Australia 11/22 2.25 103.57 0.07 0.00 -0.01 -0.03 -0.20 Tr 4.25pc '36 142.21 1.16 0.87 9.43 1.75 75.76 158.29 141.77 30.41
US$ Libor 0.07700 0.004 0.000 0.007 0.11513 0.20163 0.20675 0.28663 Overall( £) 355.39 -0.55 0.08 -6.37 0.08 -2.86 05/32 1.25 93.55 1.89 0.09 0.05 -0.12 1.00 Tr 4.5pc '42 159.40 1.34 1.52 8.94 1.52 65.43 184.05 158.98 27.21
Euro Libor -0.58214 0.000 -0.003 -0.001 -0.57971 -0.55043 -0.52614 -0.49829 Overall(€) 248.79 -0.24 -0.04 -2.04 -0.04 2.63 Austria - - - - - - - Tr 3.75pc '52 160.95 1.35 0.75 8.00 0.00 77.63 196.84 160.38 24.10
£ Libor 0.04088 0.000 0.000 0.001 0.05025 0.08813 0.10800 0.16425 Treasuries ($) 250.68 -0.23 -1.08 -4.45 -1.08 -4.45 02/47 1.50 124.60 0.49 0.03 0.06 0.07 0.07 Tr 4pc '60 182.57 1.29 0.78 9.32 -1.53 84.29 230.92 180.90 24.12
Swiss Fr Libor 0.007 -0.79660 -0.75960 -0.71220 -0.59580 FTSE Belgium 09/22 1.00 102.27 -0.58 0.01 0.02 -0.01 -0.09 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.004 -0.08217 -0.06933 -0.04633 0.05233 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 102.98 0.16 0.00 -0.01 -0.04 -0.51
Euro Euribor
Sterling CDs
-0.010
-
-0.55500
-
-0.54000
-
-0.51900
-
-0.49400 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 98.31 1.45 0.03 0.03 0.11 0.64 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 637.26 -2.25 - - -7.08 37.27 Denmark 11/22 0.25 101.17 -0.47 0.03 0.02 0.00 0.07
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 116.96 -1.52 0.05 0.07 -0.22 -0.04 Price Indices Day's Total Return Return
Euro CDs - - - - Fixed Coupon Mar 31 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 104.42 -0.65 0.03 0.03 -0.01 -0.10
04/31 0.75 108.43 -0.09 0.04 0.06 -0.02 -0.01 1 Up to 5 Years 88.12 -0.04 2472.83 -0.03 -0.15 0.20
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 179.76 -0.02 3682.54 -0.43 -2.51 0.69
Mar 31 term notice month month month year Markit iTraxx France 05/23 1.75 105.20 -0.65 0.02 0.03 -0.04 -0.10
3 10 - 15 Years 210.08 -0.10 4613.88 -0.83 -4.62 1.09
Euro -0.74 -0.44 -0.75 -0.45 -0.70 -0.40 -0.64 -0.34 -0.67 -0.37 -0.67 -0.37 Crossover 5Y 255.80 -6.18 -13.02 - 273.86 255.80 11/26 0.25 103.83 -0.42 0.04 0.06 -0.05 -0.15
4 5 - 15 Years 186.27 -0.05 3909.89 -0.57 -3.09 0.87
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 52.32 -1.47 -1.55 - 55.28 52.32 Germany - - - - - - -
5 Over 15 Years 352.01 -0.28 5819.62 -0.98 -10.35 1.32
Swiss Franc - - - - - - - - - - - - Japan 5Y 48.80 -0.10 -0.35 - 49.50 48.69 08/23 2.00 106.52 -0.71 0.03 0.03 -0.04 0.04
7 All stocks 179.78 -0.14 3875.27 -0.57 -5.54 1.16
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 60.12 -1.70 -1.74 - 64.29 60.12 02/27 0.25 104.98 -0.58 0.04 0.06 -0.05 0.08
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 92.17 0.28 0.03 0.05 0.09 0.35 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 4.30 120.61 0.72 0.00 -0.01 -0.27 -1.29
Japanese Yen -0.15 0.05 -0.40 -0.20 -0.15 0.05 -0.15 0.05 -0.15 0.15 -0.15 0.15 Index Linked Mar 31 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 191.34 5.10 10.97 - 191.34 166.14
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 0.00 100.92 -0.59 0.02 0.03 -0.06 -0.19 1 Up to 5 Years 302.72 0.01 0.06 -0.72 2510.41 0.08 0.96
Nth Amer High Yld 5Y 316.77 2.20 - - 316.77 314.57
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 122.71 -0.08 0.04 0.07 -0.04 -0.15 2 Over 5 years 786.62 0.39 1.53 2.23 5953.42 1.57 2.60
Nth Amer Inv Grade 5Y 56.49 0.28 -1.51 - 58.09 56.17
05/30 2.40 122.71 -0.08 0.04 0.07 -0.04 -0.15 3 5-15 years 501.33 0.17 0.37 -0.77 4002.81 0.41 -0.03
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 101.72 -0.38 0.02 0.03 -0.08 -0.83 4 Over 15 years 1026.63 0.47 2.03 3.38 7561.31 2.07 3.60
11/25 2.50 111.65 -0.02 0.04 0.06 -0.11 -1.02 5 All stocks 702.50 0.34 1.40 1.79 5416.10 1.44 2.29
05/30 0.40 108.95 -0.56 0.03 -0.01 -0.29 -1.79
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 140.18 1.61 0.04 0.08 0.03 -0.76 Yield Indices Mar 31 Mar 30 Yr ago Mar 31 Mar 30 Yr ago
Japan 04/23 0.05 99.97 0.06 0.00 0.00 -0.02 - 5 Yrs 0.38 0.37 0.07 20 Yrs 1.37 1.35 0.83
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
04/25 0.05 99.94 0.06 0.00 -0.01 -0.05 - 10 Yrs 0.92 0.91 0.39 45 Yrs 1.25 1.24 0.66
Crude Oil† Apr 60.74 0.26 Corn♦ May 538.75 1.00 Mar 30 Mar 30 Prev return stock Market stocks
03/34 1.50 116.40 0.22 0.01 0.00 -0.09 -0.02 15 Yrs 1.23 1.22 0.70
Brent Crude Oil‡ 64.34 0.30 Wheat♦ May 602.75 2.00 Can 4.25%' 26 130.26 -0.938 -0.962 0.63 5.00 75490.02 7
12/49 0.40 93.77 0.64 0.01 0.02 -0.10 0.23
RBOB Gasoline† Apr 2.01 0.02 Soybeans♦ May 1375.75 8.25 Fr 1.10%' 22 104.76 -2.408 -2.396 0.30 19.85 256240.95 16
Netherlands 07/23 1.75 105.64 -0.69 0.02 0.03 -0.04 0.00 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ May 399.00 0.60 Swe 0.25%' 22 110.37 -1.116 -1.120 -0.70 28.26 210147.20 7
07/26 0.50 105.59 -0.54 0.04 0.06 -0.05 -0.05 Real yield Mar 31 Dur yrs Previous Yr ago Mar 31 Dur yrs Previous Yr ago
Natural Gas† Apr 2.64 0.02 Cocoa (ICE Liffe)X May 1706.00 13.00 UK 1.875%' 22 109.24 -3.534 -3.564 -0.10 15.74 763055.31 30
Ethanol♦ - - Cocoa (ICE US)♥ May 2344.00 7.00 New Zealand 04/25 2.75 108.14 0.70 0.05 0.02 -0.17 0.04 Up to 5 yrs -2.87 3.06 -2.87 -2.13 -3.21 3.06 -3.20 -2.70
UK 2.50%' 24 356.10 -3.123 -3.172 0.26 6.82 763055.31 30
Uranium† - - Coffee(Robusta)X May 1342.00 -3.00 05/31 1.50 97.50 1.77 0.08 0.07 -0.13 0.52 Over 5 yrs -2.04 23.87 -2.02 -1.91 -2.06 23.92 -2.05 -1.93
UK 2.00%' 35 288.21 -2.385 -2.439 0.72 9.08 763055.31 30
Carbon Emissions‡ - - Coffee (Arabica)♥ May 122.10 -0.60 05/31 1.50 97.50 1.77 0.08 0.07 -0.13 0.52 5-15 yrs -2.50 9.61 -2.49 -2.41 -2.60 9.61 -2.59 -2.50
US 0.625%' 23 106.42 -2.423 -2.430 0.75 47.03 1625294.12 44
White SugarX 421.90 -8.20 Norway 08/30 1.38 99.09 1.48 0.03 0.10 0.02 0.58 Over 15 yrs -1.99 28.67 -1.97 -1.85 -2.00 28.69 -1.98 -1.86
Diesel† - - US 3.625%' 28 134.45 -1.072 -1.112 0.33 16.78 1625294.12 44
Sugar 11♥ 14.96 0.03 08/30 1.38 99.09 1.48 0.03 0.10 0.02 0.58 All stocks -2.05 21.57 -2.04 -1.91 -2.08 21.64 -2.07 -1.95
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2216.00 -11.50 Cotton♥ May 80.28 -0.35 Portugal 10/22 2.20 104.38 -0.61 0.02 0.09 0.00 -0.52 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 2209.50 -13.00 Orange Juice♥ May 111.20 0.65 02/26 3.30 117.67 -0.27 0.03 0.04 -0.11 -0.61 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 8804.00 53.50 Palm Oil♣ - - Spain 10/22 0.45 101.57 -0.54 0.01 0.02 -0.08 -0.43 Gilt Closing Prices information contained herein is proprietary to
Lead 1975.00 14.00 Live Cattle♣ Apr 120.78 -0.30 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 121.53 -1.10 0.00 -0.04 -0.33 -1.09 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 16115.00 210.00 Feeder Cattle♣ Apr 134.88 - Sweden 06/22 0.25 110.37 -1.12 0.00 0.05 0.20 0.11 accurate, complete or timely; and does not constitute investment advice.
Tin 25225.00 -15.00 Lean Hogs♣ Apr 100.95 0.48 Spread Spread Spread Spread 06/26 0.13 117.72 -1.58 0.04 0.06 0.05 -0.31 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2804.50 13.50 Bid vs vs Bid vs vs 06/30 0.13 115.91 -1.43 0.01 0.02 0.06 -0.17
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 103.21 -0.76 0.03 0.03 0.01 -0.15 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1683.95 -22.00 Mar 30 Month Year 05/30 0.50 107.66 -0.32 0.04 0.05 -0.05 0.04 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.89 - - Netherlands -0.54 - -
Silver (US cents) 2434.00 -49.00 S&P GSCI Spt 468.83 -1.71 83.46 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - New Zealand 1.77 - -
Platinum 1166.00 -25.00 DJ UBS Spot 82.91 -2.79 34.02 Canada 1.45 - - Norway 1.48 - - 07/23 0.75 101.53 0.09 0.02 0.04 -0.03 -0.04 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2568.00 -4.00 TR/CC CRB TR 196.66 -2.84 52.08 Denmark -1.52 - - Portugal -0.27 - - 07/26 1.50 105.80 0.40 0.03 0.04 -0.03 0.25 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 -0.09 - - Spain -1.10 - - 07/47 1.50 102.80 1.37 0.06 0.09 0.01 0.63
Iron Ore 164.75 -1.80 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.43 - - United States 03/22 0.38 100.30 0.08 0.01 0.00 -0.05 -0.15 Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 97.50 0.25 LEBA EUA Carbon 42.21 10.96 47.54 Ireland -0.08 - - Switzerland -0.32 - - 03/27 0.63 96.78 1.18 0.02 0.07 0.17 0.63
Baltic Dry Index 2046.00 -57.00 LEBA CER Carbon 0.29 0.00 52.63 Italy -0.56 - - United Kingdom - - - 04/32 3.38 145.63 - - - - -
LEBA UK Power 3673.00 594.33 193.84 Japan 0.22 - - United States - - - 02/50 0.25 104.44 0.09 0.00 0.04 0.03 0.05
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 1 April 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

Rubrics Global Fixed Income UCITS Fund $ 179.86 - -0.12 0.00 Data Provided by

Aberdeen Standard Capital

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 1163.50 - -0.72 1.61
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 £ 12.33
Global Sustainable Equity B Acc GBP £ 27.60
Global Sustainable Equity C Acc GBP £ 28.03
Inv Grd Gbl Bond A Inc GBH
Short Dated High Yld Bd B Acc GBP £ 11.19
Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.30
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 € 110.17
Algebris Financial Income I EUR
Algebris Financial Income R EUR € 159.46
Algebris Financial Income Rd EUR € 104.51
Algebris Financial Equity B EUR
Algebris IG Financial Credit B EUR € 110.05
Algebris IG Financial Credit R EUR € 109.05
Algebris Global Credit Opportunities I EUR € 131.86
Algebris Global Credit Opportunities R EUR € 129.70
Algebris Global Credit Opportunities Rd EUR € 129.70
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
(JER) Genesis Investment Management LLP
Other International Funds
Slater
£ 2.2337 - -0.0012 1.43
Emerging Mkts NAV £ 7.21 - -0.16 1.36
Investments www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.
£ 3.2085 - -0.0037 0.88
£ 0.9589 - -0.0010 4.41
£ 0.6522 - 0.0001 -
£ 0.8873
£ 2.0634
-
-
0.0005 2.93
-0.0021 2.11
Guide to Data
Ashmore Investment Management Limited (LUX) Dragon Capital HPB Assurance Ltd New Capital UCITS Fund PLC (IRL) Polar Capital Funds Plc (IRL)
2 rue Albert Borschette L-1246 Luxembourg www.dragoncapital.com Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Leconfield House, Curzon Street, London, W1J 5JB Regulated The fund prices quoted on these pages are supplied by
Slater Investments Ltd (UK)
FCA Recognised Fund information:info@dragoncapital.com www.newcapitalfunds.com the operator of the relevant fund. Details of funds
International Insurances Automation & Artificial Intelligence CL I USD Acc $ 17.78 17.78 0.04 0.00 www.slaterinvestments.com; Tel: 0207 220 9460
published on these pages, including prices, are for the
Ashmore SICAV Emerging Market Debt Fund $ 87.08 - -0.53 4.44 Other International Funds Holiday Property Bond Ser 1 £ 0.49 - 0.01 0.00 FCA Recognised Asian Financials I USD $ 488.25 488.25 0.08 0.00 FCA Recognised purpose of information only and should only be used
Ashmore SICAV Emerging Market Frontier Equity Fund $ 172.25 - -0.01 0.49 Vietnam Equity (UCITS) Fund A USD $ 28.32 - 0.02 0.00 Holiday Property Bond Ser 2 £ 0.63 - 0.01 0.00 New Capital UCITS Funds Biotechnology I USD $ 38.67 38.67 -0.01 0.00 Slater Growth 737.45 737.45 -0.92 0.00 as a guide. The Financial Times Limited makes no
Ashmore SICAV Emerging Market Total Return Fund $ 76.89 - -0.35 3.86 New Capital China Equity Fund $ 290.98 - 5.42 - Emerging Market Stars I USD Acc $ 15.25 - 0.12 0.00 Slater Income A Inc 139.58 139.58 0.06 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 $ 231.59 - 1.60 0.00 New Capital Dynamic European Equity Fund € 135.55 - 0.88 - European Ex UK Inc EUR Acc € 12.39 12.39 0.03 0.00 Slater Recovery 349.23 349.23 -2.08 0.00
investment decision.
(UK) EM Active Equity Fund Acc USD $ 169.53 - 0.76 - New Capital Dynamic UK Equity Fund £ 118.26 - 0.59 - Financial Opps I USD $ 15.50 - 0.16 1.55 Slater Artorius 319.86 319.86 3.29 -
EM Equity Fund Acc USD $ 156.07 - 1.13 - New Capital Global Alpha Fund £ 117.50 - -0.11 0.00 GEM Income I USD $ 13.90 - 0.05 - The sale of interests in the funds listed on these pages
EM Mkts Corp.Debt USD F $ 90.96 - -0.07 4.98 New Capital Global Equity Conviction Fund $ 213.39 - 0.39 - may, in certain jurisdictions, be restricted by law and
Global Convertible I USD $ 16.80 16.80 0.05 0.00
the funds will not necessarily be available to persons
EM Mkts Loc.Ccy Bd USD F $ 72.64 - -0.16 - New Capital Global Value Credit Fund $ 160.69 - -0.12 - Global Insurance I GBP £ 7.54 - 0.06 0.00 in all jurisdictions in which the publication circulates.
£ 3.13 - 0.02 -
EM Short Duration Fund Acc USD $ 119.65 - -0.13 0.00 New Capital Japan Equity Fund ¥ 1784.56 - 3.16 - Global Technology I USD $ 85.14 - 0.02 0.00 Persons in any doubt should take appropriate
Ennismore Smaller Cos Plc (IRL) Janus Henderson Investors (UK) New Capital US Growth Fund $ 443.49 - -0.18 0.00 professional advice. Data collated by Morningstar. For
Healthcare Blue Chip Fund I USD Acc $ 16.45 16.45 -0.05 0.00
5 Kensington Church St, London W8 4LD 020 7368 4220 other queries contact reader.enquiries@ft.com +44
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 New Capital US Small Cap Growth Fund $ 238.35 - 3.41 0.00 Healthcare Opps I USD $ 63.66 - 0.38 0.00 (0)207 873 4211.
FCA Recognised www.janushenderson.com New Capital Wealthy Nations Bond Fund $ 151.58 - -0.26 0.00 Income Opportunities B2 I GBP Acc £ 2.55 2.55 0.02 0.00
Ennismore European Smlr Cos NAV £ 137.10 - 0.11 0.00 Authorised Inv Funds The fund prices published in this edition along with
Japan Value I JPY ¥ 127.67 127.67 -1.99 0.00
Ennismore European Smlr Cos NAV € 160.30 - -0.06 0.00 Janus Henderson Instl UK Idx Opps A Acc £ 1.01 - 0.00 - additional information are also available on the
North American I USD $ 34.31 34.31 0.04 0.00 Financial Times website, www.ft.com/funds. The
UK Val Opp I GBP Acc £ 12.98 12.98 0.03 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 $ 7201.44 7201.44 17.54 - quoted figure (not all funds update prices daily). Those
American One $ 6788.02 6788.02 99.65 0.00 designated $ with no prefix refer to US dollars. Yield
Bond Global € 1529.24 1529.24 16.13 - percentage figures (in Tuesday to Saturday papers)
Ennismore European Smlr Cos Hedge Fd M & G Securities (1200)F (UK) allow for buying expenses. Prices of certain older
Eurocroissance € 1308.17 1308.17 11.67 -
PO Box 9038, Chelmsford, CM99 2XF insurance linked plans might be subject to capital
Far East $ 1297.19 - -12.72 - Other International Funds
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 Polar Capital LLP (CYM) Stonehage Fleming Investment Management Ltd (IRL) gains tax on sales.
NAV € 562.03 - 0.49 0.00 Regulated www.stonehagefleming.com/gbi
Authorised Inv Funds Guide to pricing of Authorised Investment Funds:
European Forager A EUR € 190.85 - 0.26 0.00 enquiries@stonehagefleming.com
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.24 - 0.01 - (compiled with the assistance of the IMA. The
Regulated
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.51 - 0.01 - Investment Management Association, 65 Kingsway,
SF Global Best Ideas Eq B USD ACC $ 246.41 - -1.04 0.00 London WC2B 6TD.
M&G Charity Multi Asset Fund Inc £ 0.86 - 0.00 -
SF Global Best Ideas Eq D GBP INC £ 272.65 - 0.03 0.00 Tel: +44 (0)20 7831 0898.)
M&G Charity Multi Asset Fund Acc £ 95.95 - 0.14 -
OEIC: Open-Ended Investment Company. Similar to a
514.89 - -0.23 4.49 Oasis Crescent Management Company Ltd unit trust but using a company rather than a trust
Other International Funds structure.
1104.68 - -0.50 5.23
Euronova Asset Management UK LLP (CYM)
Oasis Crescent Equity Fund R 11.91 - -0.14 0.20
2199.02 - -8.76 0.00 Regulated Different share classes are issued to reflect a different
Private Fund Mgrs (Guernsey) Ltd (GSY) currency, charging structure or type of holder.
1455.44 - -8.32 3.19 Smaller Cos Cls One Shares € 57.39 - 0.51 0.00 Regulated
- 0.03 0.00 Smaller Cos Cls Two Shares € 37.27 - 0.30 0.00 Selling price: Also called bid price. The price at which
Monument Growth 23/03/2021 £ 512.32 517.84 0.53 -
- 0.16 - Smaller Cos Cls Three Shares € 18.78 - 0.15 0.00 units in a unit trust are sold by investors.
- 0.17 - Smaller Cos Cls Four Shares € 24.19 - 0.20 0.00 MMIP Investment Management Limited (GSY)
Regulated Buying price: Also called offer price. The price at
605.20 - 1.97 1.81
which units in a unit trust are bought by investors.
- 0.00 0.00 Multi-Manager Investment Programmes PCC Limited
Includes manager’s initial charge.
- 0.00 0.00 UK Equity Fd Cl A Series 01 £ 2829.27 2863.47 166.38 0.00
1314.60 - 0.65 2.70 Diversified Absolute Rtn Fd USD Cl AF2 $ 1759.19 - 88.33 0.00 OGM Oasis Crescent Global Investment Funds (UK) ICVC (UK) Single price: Based on a mid-market valuation of the
Brooks Macdonald International Fund Managers Limited (JER) Diversified Absolute Return Stlg Cell AF2 £ 1646.89 - 80.30 0.00 Regulated underlying investments. The buying and selling price
746.32 - 0.38 3.45 5 Anley Street, St Helier, Jersey, JE2 3QE for shares of an OEIC and units of a single priced unit
Global Equity Fund A Lead Series £ 1665.84 1670.94 49.44 0.00 OGM Oasis Crescent Global Short Term Income Fund USD Class A Shares (Dist) $ 0.99 - 0.00 1.74
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Prusik Investment Management LLP (IRL) trust are the same.
OGM Oasis Crescent Global Equity Fund USD Class A Shares (Dist) $ 37.49 - -0.13 0.25
Brooks Macdonald International Investment Funds Limited OGM Oasis Crescent Variable Fund GBP Class A Shares (Dist) £ 9.90 - 0.04 0.01 Enquiries - 0207 493 1331
Treatment of manager’s periodic capital charge:
Euro High Income € 1.5287 - 0.0012 2.50 FIL Investment Services (UK) Limited (1200)F (UK) OGM Oasis Crescent Global Income Fund USD Class A Shares (Dist) $ 11.03 - -0.01 2.48
Regulated The letter C denotes that the trust deducts all or part
Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP Prusik Asian Equity Income B Dist $ 190.76 - -1.07 4.15 of the manager’s/operator’s periodic charge from
High Income £ 0.8451 - -0.0002 3.77 OGM Oasis Crescent Global Low Equity Fund USD Class D Shares (Dist) $ 13.03 - -0.02 0.68 Toscafund Asset Management LLP (UK)
Callfree: Private Clients 0800 414161 Prusik Asia Emerging Opportunities Fund A Acc $ 191.02 - 0.83 - www.toscafund.com capital, contact the manager/operator for full details
Sterling Bond £ 1.5622 - -0.0003 2.06 OGM Oasis Crescent Global Medium Equity Fund USD Class A Shares (Dist) $ 14.41 - -0.03 0.18
Broker Dealings: 0800 414 181 of the effect of this course of action.
Prusik Asia Fund U Dist. £ 232.68 - -0.45 0.00 Authorised Funds
Brooks Macdonald International Multi Strategy Fund Limited OGM Oasis Crescent Global Property Equity Fund USD Class A Shares (Dist) $ 8.62 - 0.02 1.19
OEIC Funds Aptus Global Financials B Acc £ 4.28 - 0.05 3.77
Cautious Balanced Strategy £ 1.3542 - 0.0032 0.00 Exit Charges: The letter E denotes that an exit charge
Fidelity American Fund W-ACC-GBP £ 53.72 - -0.19 - Aptus Global Financials B Inc £ 2.94 - 0.03 4.91 may be made when you sell units, contact the
Growth Strategy £ 2.0113 - 0.0105 0.00
Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.66 Marwyn Asset Management Limited (CYM) manager/operator for full details.
High Growth Strategy £ 2.8071 - 0.0155 0.00 Regulated
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.64 - 0.02 3.75
US$ Growth Strategy $ 1.9906 - 0.0016 0.00 Marwyn Value Investors £ 329.72 - -6.14 0.00 Time: Some funds give information about the timing of
Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.10 - 0.00 - price quotes. The time shown alongside the fund
Dealing Daily. Initial charge up to 2%
Fidelity Global Focus Fund W-ACC-GBP £ 34.60 - 0.18 - manager’s/operator’s name is the valuation point for
Fidelity Global High Yield Fund Y-ACC-GBP £ 15.72 - 0.00 3.57 their unit trusts/OEICs, unless another time is
indicated by the symbol alongside the individual unit
Fidelity Japan Fund W-ACC-GBP £ 5.37 - -0.09 - Purisima Investment Fds (CI) Ltd (JER)
Omnia Fund Ltd trust/OEIC name.
Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 4.12 - -0.05 0.36 Regulated
Other International Funds
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.17 - 0.01 - PCG B 304.56 - 1.59 0.00 Toscafund Asset Management LLP The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Estimated NAV $ 631.95 - -5.25 0.00 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Fidelity Special Situations Fund W-ACC-GBP £ 37.88 - 0.07 - PCG C 297.37 - 1.55 0.00 www.toscafund.com
midnight. Daily dealing prices are set on the basis of
(IRL) Short Dated Corporate Bond Fund Y ACC GBP £ 11.10 - 0.00 3.85 Tosca A USD $ 377.23 - 34.90 0.00
the valuation point, a short period of time may elapse
Fidelity Sustainable Water & Waste W Acc £ 1.13 - 0.00 - Tosca Mid Cap GBP £ 244.37 - 36.89 0.00 before prices become available. Historic pricing: The
CCLA Investment Management Ltd (UK)
€ 190.45 - -0.24 0.00 Fidelity Sustainable Water & Waste W Inc £ 1.12 - 0.00 - Tosca Opportunity B USD $ 372.43 - 56.30 0.00 letter H denotes that the managers/operators will
Senator House 85 Queen Victoria Street London EC4V 4ET
Pegasus Fund Ltd A-1 GBP £ 57.89 - 8.63 0.00 normally deal on the price set at the most recent
€ 165.45 - -0.21 0.00 Authorised Inv Funds Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 -
valuation. The prices shown are the latest available
- -0.14 4.76 Diversified Income 1 Units GBP Inc £ 1.54 1.54 -0.01 - Fidelity UK Select Fund W-ACC-GBP £ 3.34 - 0.01 - before publication and may not be the current dealing
€ 172.59 - 1.76 - Diversified Income 2 Units GBP Inc £ 1.48 1.48 -0.01 - Institutional OEIC Funds levels because of an intervening portfolio revaluation
- 1.64 - or a switch to a forward pricing basis. The
Diversified Income 3 Units GBP Inc £ 1.49 1.49 -0.01 - Europe (ex-UK) Fund ACC-GBP £ 7.10 - 0.05 -
Oryx International Growth Fund Ltd managers/operators must deal at a forward price on
- 1.07 - request, and may move to forward pricing at any time.
Other International Funds
€ 134.15 - 2.68 0.00 Forward pricing: The letter F denotes that that
NAV (Fully Diluted) £ 9.10 - -0.52 0.00 managers/operators deal at the price to be set at the
- -0.13 0.00
next valuation.
- -0.13 0.00
- 0.07 0.00
Milltrust International Managed Investments ICAV (IRL) Troy Asset Mgt (1200) (UK) Investors can be given no definite price in advance of
mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com 65 Gresham Street, London, EC2V 7NQ
- 0.06 0.00 the purchase or sale being carried out. The prices
Regulated Order Desk and Enquiries: 0345 608 0950 appearing in the newspaper are the most recent
- 0.06 0.00
British Innovation Fund £ 121.92 - 2.89 0.00 Authorised Inv Funds provided by the managers/operators. Scheme
€ 142.02 - 0.91 0.00 CG Asset Management Limited (IRL) Findlay Park Funds Plc (IRL)
MAI - Buy & Lease (Australia) A$ 102.95 - -0.80 0.00 particulars, prospectus, key features and reports: The
Authorised Corporate Director - Link Fund Solutions
€ 132.59 - 0.85 0.00 25 Moorgate, London, EC2R 6AY 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 most recent particulars and documents may be
MAI - Buy & Lease (New Zealand)NZ$ 97.26 - -0.02 0.00 Trojan Investment Funds
€ 109.53 - -0.06 0.00 Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 FCA Recognised obtained free of charge from fund
FCA Recognised Milltrust Global Emerging Markets Fund - Class A $ 121.05 - -0.01 0.00 managers/operators. * Indicates funds which do not
American EUR Unhedged Class € 140.53 - -0.23 - Ram Active Investments SA Trojan Ethical O Acc 118.13 - -0.26 0.07
The Climate Impact Asia Fund (Class A) $ 141.00 - 2.59 0.00 price on Fridays.
CG Portfolio Fund Plc American Fund USD Class $ 164.80 - -0.77 0.00 www.ram-ai.com Trojan Ethical O Inc 117.90 - -0.25 0.06
Absolute Return Cls M Inc £ 131.81 131.81 0.16 1.36 American Fund GBP Hedged £ 82.92 - -0.39 0.00 Other International Funds Charges for this advertising service are based on the
Capital Gearing Portfolio GBP P £ 36301.01 36301.01 11.25 0.85 American Fund GBP Unhedged £ 120.17 - -0.05 0.00 RAM Systematic Emerg Markets Eq $ 235.93 235.93 2.65 - number of lines published and the classification of the
RAM Systematic European Eq € 521.77 521.77 2.55 - fund. Please contact data@ft.com or
Capital Gearing Portfolio GBP V £ 176.54 176.54 0.05 0.85
call +44 (0)20 7873 3132 for further information.
Dollar Fund Cls D Inc £ 161.95 161.95 0.45 1.53 RAM Systematic Funds Global Sustainable Income Eq $ 146.48 146.48 0.05 0.00
Dollar Hedged GBP Inc £ 103.97 103.97 -0.17 1.34 RAM Systematic Global Eq Sustainable Alpha $ 109.87 109.87 1.15 -
Real Return Cls A Inc £ 197.87 197.87 0.38 1.71 RAM Systematic Long/Short European Eq € 137.68 137.68 -0.15 -
RAM Systematic US Sustainable Eq $ 377.34 377.34 -1.29 -
Milltrust International Managed Investments SPC RAM Tactical Global Bond Total Return € 154.27 154.27 -0.07 -
$ 543.34 - -16.90 0.00 WA Fixed Income Fund Plc (IRL)
em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com
Orbis Investments (U.K.) Limited (GBR) RAM Tactical II Asia Bond Total Return $ 155.58 155.58 -0.22 - Regulated
€ 507.69 - -15.07 0.00 Regulated 28 Dorset Square, London, NW1 6QG European Multi-Sector € 119.47 - -0.36 -
Foord Asset Management Milltrust Alaska Brazil SP A $ 69.43 - 1.40 0.00
Website: www.foord.com - Email: info@foord.com www.orbis.com 0800 358 2030
Milltrust Laurium Africa SP A $ 108.35 - 0.19 0.00 Regulated
FCA Recognised - Luxembourg UCITS
Milltrust Marcellus India Fund $ 124.63 - 1.32 - Orbis OEIC Global Cautious Standard £ 10.59 - -0.02 -
Foord International Fund | R $ 47.06 - -0.07 -
Milltrust Singular ASEAN SP Founders $ 169.03 - -0.94 0.00 Orbis OEIC Global Balanced Standard £ 16.38 - 0.02 -
Chartered Asset Management Pte Ltd Foord Global Equity Fund (Lux) | R $ 18.36 - 0.06 -
Milltrust SPARX Korea Equity SP A $ 165.77 - 0.37 0.00 Orbis OEIC Global Equity Standard £ 20.78 - 0.09 -
Other International Funds Regulated
Milltrust VTB Russia Fund SP $ 127.59 - -0.53 - Orbis OEIC UK Equity Standard £ 9.35 - 0.03 2.82
CAM-GTF Limited $ 336260.10 336260.10 -6100.82 - Foord Global Equity Fund (Sing) | B $ 22.54 - 0.06 - Milltrust Xingtai China SP A $ 153.81 - 0.79 -
CAM GTi VCC $ 780.49 - -32.39 - Foord International Trust (Gsy) $ 46.89 - -0.06 0.00 Ruffer LLP (1000)F (UK)

Other International Funds RAIC VCC $ 1.64 1.64 0.03 2.06 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 $ 122.09 - 1.02 0.00 Authorised Inv Funds Memnon European Fund - Class U2 GBP £ 205.17 - 1.72 -
Arisaig Asia Consumer Fund Limited $ 120.75 - 1.11 0.00 Authorised Corporate Director - Link Fund Solutions
Arisaig Global Emerging Markets Consumer Fund $ 16.09 - 0.20 0.00
LF Ruffer European C Acc 907.44 - 12.97 0.05
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 -
LF Ruffer European C Inc 165.59 - 2.36 -
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 -
LF Ruffer European O Acc 884.19 - 12.59 0.00
Arisaig Latin America Consumer Fund $ 27.11 - -0.02 0.00 Mirabaud Asset Management (LUX)
LF Ruffer Equity & General C Acc 535.84 - 11.90 0.16
Franklin Templeton International Services Sarl (IRL) www.mirabaud.com, marketing@mirabaud-am.com
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland LF Ruffer Equity & General C Inc 490.06 - 10.89 0.17
Dodge & Cox Worldwide Funds (IRL) Conviction based investment vehicles details available here www.mirabaud-am.com
48-49 Pall Mall, London SW1Y 5JG. Other International Funds LF Ruffer Equity & General O Acc 522.15 - 11.57 0.00
Regulated
www.dodgeandcox.worldwide.com 020 3713 7664 Franklin Emerging Market Debt Opportunities Fund Plc Mir. - Glb Strat. Bd I USD $ 122.09 - -0.05 0.00 LF Ruffer Equity & General O Inc 483.42 - 10.71 0.00
FCA Recognised Franklin Emg Mkts Debt Opp CHFSFr 14.75 - -0.03 9.01 Mir. - DiscEur D Cap GBP £ 191.90 - 1.78 - LF Ruffer Gold C Acc 253.12 - -11.63 0.00
Dodge & Cox Worldwide Funds plc - Global Bond Fund Franklin Emg Mkts Debt Opp GBP £ 9.45 - -0.02 6.04 LF Ruffer Gold C Inc 153.19 - -7.05 -
EUR Accumulating Class € 15.24 - 0.06 - Franklin Emg Mkts Debt Opp SGD S$ 20.82 - 0.03 4.33 LF Ruffer Gold O Acc 246.56 - -11.34 0.00
EUR Accumulating Class (H) € 11.42 - -0.01 0.00 Franklin Emg Mkts Debt Opp USD $ 16.63 - -0.05 6.17 LF Ruffer Japanese C Inc 174.81 - 2.47 -
Artemis Fund Managers Ltd (1200)F (UK)
EUR Distributing Class € 11.78 - 0.04 - LF Ruffer Japanese C Acc 375.64 - 5.30 0.06
57 St. James's Street, London SW1A 1LD 0800 092 2051
EUR Distributing Class (H) € 8.78 - -0.01 3.46 Platinum Capital Management Ltd LF Ruffer Pacific & Emerging Markets C Acc 397.59 - 2.88 0.84
Authorised Inv Funds
GBP Distributing Class £ 12.30 - 0.03 - Other International Funds LF Ruffer Pacific & Emerging Markets C Inc 108.29 - 0.79 -
Artemis Corporate Bond I Acc 111.21 - -0.63 2.14
GBP Distributing Class (H) £ 9.27 - -0.01 3.47 Platinum All Star Fund - A $ 146.55 - - - LF Ruffer Pacific & Emerging Markets O Acc 387.06 - 2.78 0.50
Artemis Target Return Bond I Acc 107.40 - -0.06 1.97
USD Accumulating Class $ 12.88 - -0.01 - Platinum Global Growth UCITS Fund $ 13.03 - -0.16 - LF Ruffer Total Return C Acc 539.98 - 0.87 0.62
Dodge & Cox Worldwide Funds plc-Global Stock Fund Platinum Essential Resources UCITS Fund SICAV USD Class E $ 8.45 - -0.07 0.00 LF Ruffer Total Return C Inc 348.37 - 0.56 0.62
Platinum Global Dividend UCITS Fund $ 56.06 - -0.12 0.00 LF Ruffer Total Return O Acc 526.13 - 0.82 0.62
USD Accumulating Share Class $ 28.01 - 0.10 -
GBP Accumulating Share Class £ 33.57 - 0.22 - GAM LF Ruffer Total Return O Inc 339.24 - 0.53 0.62
GBP Distributing Share class £ 23.05 - 0.15 - funds@gam.com, www.funds.gam.com
EUR Accumulating Share Class € 35.89 - 0.28 - Regulated
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 107.48 - -0.07 3.25
GBP Distributing Class (H) £ 13.55 - 0.05 0.44
LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 105.69 - 0.75 0.71
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 35.99 - 0.13 0.00
GBP Accumulating Share Class £ 40.79 - 0.26 0.00
GBP Distributing Share Class £ 24.73 - 0.16 -
EUR Accumulating Share Class € 39.82 - 0.30 0.00
Rubrics Global UCITS Funds Plc (IRL)
www.rubricsam.com
GBP Distributing Class (H) £ 14.80 - 0.05 0.87
Regulated
Rubrics Emerging Markets Fixed Income UCITS Fund $ 138.68 - -0.19 -
Rubrics Global Credit UCITS Fund $ 17.74 - -0.01 0.00
Thursday 1 April 2021 ★ FINANCIAL TIMES 13
14
When monsters and cultures clash
FILM
Danny
Leigh
T
hink of the immigrant story
in American cinema and
your first response might be
to take cover. Ellis Island on
film has long been a way
station to violence — to The Godfather
Part II or Gangs of New York. (Scarface
used Miami; the outcome was the
same.) In the Oscar-nominated Minari,
sleeper hit of the season, a different tale
is told about making a home of the US.
No bullets fly. In place of mob ties and
operatic fate, the story builds with gen-
tle subtlety in a string of understated
moments. Half the film might go by
before you realise how much drama has
taken root.
The metaphor is hard to resist. On one
level at least this is a film about farming.
About soil, in fact. “The best dirt in
America,” promises Jacob Yi, the South
Korean husband and father — played by
Steven Yeun — who moves with his wife
Monica (Yeri Han) and their two young
children to rural Arkansas after a spell
in California.
The frontier is timeless, but the era
is the Reagan 1980s. This detail, like
others, is drawn from the early life of
director Lee Isaac Chung. The film is
sparing with pop period references (no
cinema nearby to see Ghostbusters, no
arcade to play Pac-Man). But Minari is
still flush with childhood memories, so
vivid they take your breath away: brat-
tish pranks, paper planes, the sound of
parents arguing.
Those squabbles turn on two visions
of a new American life. For Jacob, the
arid land into which he has sunk the
family’s slim resources will be a ticket to
independence. The plan is to grow
Korean vegetables here in the Ozarks,
sold to a specialist vendor in faraway
Dallas. (That much does count as a
★ FINANCIAL TIMES
ARTS
Minari period touch, recalling a time before
Lee Isaac Chung western cities were filled with kimchi
AAAAE and bibimbap.) But none of this is Mon-
ica’s dream. Lonely and stuck in a
The Mauritanian dowdy trailer home, she pines for less
Kevin Macdonald precarity, more belonging.
AAAEE Disaster looms but the tone is buoy-
ant. Events play out through the eyes of
Antebellum the couple’s children Anne and David
Gerard Bush, (the director’s proxy). The result is
Christopher Renz often sweetly comic, always piercingly
AAEEE well observed. Both Korea and America
provide unlikely guardian angels. Mon-
Godzilla vs Kong ica’s mother, Soonja (Yuh-Jung Youn),
Adam Wingard visits from a homeland David has never
AAAAE seen; their relationship grows cutely
adversarial. Arkansas offers Paul (Will
Patton), a quaint evangelical who
claims to know how to best farm Jacob’s
acreage. Another movie might make
him a bigot. Here he proves as good as
his word; and good to his core.
There may be points when Minari
could seem just a little too lovely. Its
neatness may tempt you to dismiss its
heartwarming quality as the packet
kind. I don’t think so. There is still too
much rough reality for that. Some will
also want to see the movie as a thesis —
to judge it for what it says about migra-
tion. What it says, with deceptive sim-
plicity, is that it happens, as it always
has. And for the Chungs, you suspect, it
happened very much like this.
Available at altitude.film, on digital
platforms and at virtual cinemas in the UK
from April 2
Years go by fast in The Mauritanian.
2001 becomes 2005 in the space of a
scene. From there, a decade more
passes, as endured by the protagonist,
Mohamedou Ould Salahi. Time can
always fly in a movie, of course. In real-
ity, it all has to be lived through, a fact
this earnest film asks us to keep in mind
as it charts the 14 years Salahi spent
jailed at Guantánamo Bay. Salahi,
accused of being al-Qaeda’s chief
recruiter ahead of 9/11, is played by
Tahar Rahim, part of a starry cast. Jodie
Foster and Benedict Cumberbatch are
the other big names. In truth, all three
are just supporting players.
The film centres on Salahi, adapting
his prison memoir Guantánamo Diary.
Really though, it is about the infamous
facility itself. The torture for which it
would become a byword is starkly por-
trayed. Even before that, the film
frames the jail as an extrajudicial rabbit
hole, a Kafka limbo where norms have
been surreally upended. A nearby naval
base gift shop offers souvenir Gitmo
mugs and T-shirts. Salahi will later face
the death penalty, but detention here
questions your existence anyway. When
veteran American defence lawyer
Nancy Hollander (Foster) steps forward
to represent him, the closest she gets to
confirming his whereabouts is a double
negative: “He’s not not there.”
At this stage of her long career, you
don’t cast Foster without being aware
that her past roles will be up on screen
with her. Director Kevin Macdonald
makes smart use of that legacy. Finally
visiting the jail, he steers Foster through
a corridor of chain-link fences, mirror-
ing her first encounter with Hannibal
Lecter in The Silence of the Lambs. Where
her agent Starling was confronted with
the smiling Lecter, Hollander now
meets — engulfed in shadow — Salahi.
But the monster within these prison
walls is the treatment he describes to
her — the waterboarding, the forced
confessions, the moral rot.
Who is really threatening the soul of
America, the movie asks, repeatedly
and at full courtroom volume. Rahim
Above:
Godzilla, left,
battles Kong
in ‘Godzilla vs
Kong’.
Left: Alan S. Kim
and Steven Yeun
(right) in
‘Minari’
and Foster are gifted actors, and they
need to be with a script this stodged-up
with fatbergs of platitude. As straight-
arrow military prosecutor Stuart Couch,
Cumberbatch has the worst of it, his dia-
logue pasted in from law school essays.
(“Ex parte Quirin? The world war two
case with eight Nazi saboteurs that were
caught sneaking into the US by
U-boat?”)
Macdonald is an able enough film-
maker to craft a sturdy drama anyway,
his two lawyers set to their zero-sum
game. As Foster scours redacted files,
you realise the script itself has left some-
thing out. The prison’s political archi-
tects are glimpsed only in passing. But
that much is in keeping with reality,
Guantánamo a place for which few in
power ever took responsibility — or
were able to do without. If the film can
sometimes feel like liberal comfort
Thursday 1 April 2021
food, that is its knowing sting in the tail.
John le Carré once called Guantánamo
“hell”. It remains open for business, gift
shop and all.
On Amazon Prime in the UK from April 1
Lurid horror thriller Antebellum has
taken a lesson from director M. Night
Shyamalan (The Sixth Sense, Split). So
central is a grand “ta-da” of a plot twist
dreamt up by creators Gerard Bush and
Christopher Renz, it is hard to discuss
the film at all without blowing the
secret. If avoiding public scrutiny is one
good call for this ill-advised project,
another is the casting of the magnetic
Janelle Monáe in the lead. She comes as
close as anyone could to rescuing it.
The setting is the American South
during the civil war, and a slave planta-
tion as vicious as it is lavishly photo-
graphed. The opening sets the tone, a
five-minute tracking shot, technique
much on show, grabbing the attention
with ornate choreography of Confeder-
ate troops and black maids in starched
pinafores. It all leads to a scene of awful,
graphic brutality.
The queasy mix of sadism and just-so
design recurs throughout. The apparent
gross bad taste is explained by the
script’s big idea, one that a better film
might have been able to pull off. In this
one, the violence towards black bodies
— rape included — feels glib and exploit-
ative. Every character is a caricature.
Monáe aside, the cast should perhaps
have been reminded that their perform-
ances were actually being filmed.
On Sky Cinema and Now in the UK from
April 2
After all the past year has thrown at us,
we have learned to take our fun where
we find it. You will find a lot more than
you expected in Godzilla vs Kong. Don’t
worry unduly about the “why”. All nec-
essary context is offered by star Rebecca
Hall: “We believe that they have an
ancient rivalry,” she frowns. She and
colleagues including Brian Tyree
Henry and Alexander Skarsgard benefit
from the sweet spot the film exists in.
Like its B-movie dialogue, this clash of
titans is knowing without tipping into
camp, the best kind of dumb, witty but
wholehearted. The actors make roller-
coaster faces with professional pride. So
they should.
The humans are small print, of
course. The headliners deserve top bill-
ing, perfect advertisements for digital
effects. For those obliged to watch at
home, it will be bittersweet to see these
definitive big screen idols — Toho’s king
of the depths and the conqueror of the
Empire State Building — shrunk to fit
the age of streaming.
The pathos passes with a loud thud of
fur and scales, the dust-ups just one part
of a giddy whole, the spectacle bedaz-
zling. A Hong Kong cityscape is techno
splendid, neon-lit like a giant nightclub.
(The place will need tidying up later.)
Children and inner children should
make time in their schedule. Even with-
out a crowd, the movie is a pleaser.
On digital platforms in the UK
Left: Jodie
Foster in ‘The
Mauritanian’.
Below: slave
plantation
drama
‘Antebellum’
Thursday 1 April 2021
The slow vaccine rollout has frustrated Germans and fuelled wider discontent over chaotic policymaking.
With six months until elections, the loss of confidence in institutions is a problem for Angela Merkel’s CDU.
S
teffen Bockhahn does not
mince his words when it
comes to Germany’s Covid-19
vaccination campaign.
“We are the laughing stock
of the world,” he says. “Germany was
supposed to be world champion at
organising things, and look at us.”
Bockhahn heads the social affairs
department of Rostock, a north-eastern
port city which has set up a massive vac-
cination centre housed in an exhibition
hall. The complex has the capacity to
administer 2,100 jabs a day. A shortage
of vaccine doses means it’s currently
doing less than half of that.
Germans have been grumbling about
the slow pace of inoculations for weeks
now: so far, only 11 per cent of the popu-
lation has received at least one dose,
compared with 45 per cent in the UK,
29 per cent in the US and 60 per cent
in Israel, according to latest Our World
in Data figures.
But in recent days, the frustration has
grown into something worse: alarm at
the increasingly chaotic feel of govern-
ment policy and a creeping loss of confi-
dence in Germany’s institutions.
“Germans long believed they lived in
a well-governed country, one that
was better run than most other
states in Europe,” says Alexander Graf
Lambsdorff, a senior MP for the liberal
Free Democrats. “Both assumptions
‘The vast majority of
critics no longer believe
that the country’s
leaders have a plan for
overcoming the crisis’
have turned out to be wrong.”
Doubts about Germany’s crisis man-
agement crystallised this week when
Angela Merkel launched an attack on
the leaders of Germany’s 16 states,
accusing them of relaxing their lock-
downs just as the country was seeing
exponential growth in new infections.
What made her broadside particu-
larly striking was that she singled out
Armin Laschet, prime minister of the
powerful state of North Rhine-West-
phalia and the man who is aspiring to
succeed her as chancellor, saying he had
failed to activate an “emergency brake”
in the face of rising Covid-19 cases.
“I will not stand idly by for two weeks
while nothing happens that really
promises a reversal in this [upward]
trend,” she said in a TV interview.
Merkel suggested she may try to grab
more powers away from the regions if
they persisted in going their own way,
setting the scene for a punishing trial of
strength over who controls Germany’s
coronavirus policy. That could mean
even more uncertainty and confusion
for ordinary Germans.
“We are seeing in dramatic fashion
that the German state can’t do pandem-
ics,” says Ulrich Silberbach, head of the
DBB civil servants’ union.
Polls bear him out, with the
authorities’ approval ratings falling as
quickly as infection rates are rising.
According to a recent Politbarometer
survey for the ZDF TV channel, 55 per
cent of respondents were unhappy with
the government’s handling of the pan-
demic, up from 43 per cent in February.
It’s all a far cry from last year. Ger-
many was widely admired for its initial
response to the coronavirus outbreak —
its early lockdown, its generous aid to
stricken companies, its successes with
track-and-trace. Led by Merkel, the
EU’s most experienced crisis manager, it
suffered far fewer deaths and a lower
rate of infections than most other Euro-
pean countries.
Public approval of the policies bene-
fited one actor in particular — Merkel’s
party, the Christian Democratic Union,
which last year surged to nearly 40 per
cent in the polls. But those days are over.
Last month, the party suffered its worst
ever election results in Baden-Württem-
berg and Rhineland-Palatinate, two
states that for decades had been Chris-
tian Democrat strongholds.
In the run-up to the polls, it was
revealed that a number of MPs from
Merkel’s CDU/CSU bloc had earned
huge commissions on deals to procure
coronavirus face masks. But, according
to Renate Köcher, the head of the
Allensbach Institute, the so-called
“mask affair” wasn’t the main reason for
the party’s poor performance. “Faith in
the CDU as the party that ‘can do crises’
has been shattered,” she recently wrote.
With just six months until Bundestag
elections, that represents a massive
★ †
FT BIG READ. EUROPEAN POLITICS
By Guy Chazan
‘We are a laughing stock’
Main image:
Angela Merkel
singled out
headache for Laschet, who was elected
CDU boss in January. Some experts say
the polls look so bad for the Christian
Armin Laschet Democrats that they might end up being
(right), prime driven from the chancellery which they
minister of have controlled for the past 16 years.
North Rhine- But it’s not just the CDU that is in trou-
Westphalia and ble; all levels of government — federal,
the new leader regional and municipal — are under
of her party who attack for their pandemic policies. “The
is aspiring to vast majority of critics no longer believe
succeed her as
chancellor, in
her criticism of
that the country’s leaders have a plan for
overcoming the crisis,” wrote Köcher.
states’ moves to Too many U-turns
ease lockdowns. Frustration at the inconsistencies in
Below: a quiet policies is growing. Germans are baffled
vaccination at why some of them can take holidays
centre in Hanau. in the Balearic island of Mallorca over
Bottom: German Easter while those stuck at home aren’t
holidaymakers allowed to visit local camping sites or
arrive in Palma, holiday cottages in their own backyard.
Mallorca
FT montage
Paradoxes and zigzags such as these
are fuelling widespread indignation.
One doctor, Carola Holzner, from the
western city of Essen, even invented a
word to describe the public mood —
mütend, a cross between müde (tired)
and wütend (furious).
“No to masks, then yes,” she wrote on
her Facebook page. “No to rapid tests,
then it can’t happen fast enough.
Schools opened, then closed, then
opened again. First there’s not enough
PPE, then not enough vaccines. No one
FINANCIAL TIMES
can stand all this political vacillation
any more.”
The list of U-turns is striking. A plan
to roll out free antibody tests by March 1
was scrapped because it turned out to
be impossible to implement in time.
Authorities declared the AstraZeneca
jab unfit for use on people over 65, then
okayed it for everyone. The AZ shot
was withdrawn completely over fears it
could cause blood clots: four days later
it was reinstated after the European
Medicines Agency insisted it was safe.
Then on Tuesday authorities decided it
should only be given to the over-60s.
“People aren’t corona-deniers, but
they just don’t understand this constant
shilly-shallying,” says Dirk Neubauer,
mayor of Augustusburg in eastern
Germany. The federal and regional
governments were constantly blaming
each other for policy failures, “but ordi-
nary people don’t care who’s at fault —
they just want the system to work”.
Part of the anger can be ascribed to
shutdown fatigue: restaurants, theatres
and gyms have been closed since
November, and most shops since
December, and the rapid spread of the
B.1.1.7 variant first discovered in the UK
has stymied hopes that the restrictions
might soon be lifted. Jens Spahn, health
minister, warned last week that if the
situation doesn’t improve, the health
system might reach “breaking point”
this month as intensive care units fill up
with Covid-19 patients.
‘The next fix’
Meanwhile, vaccinations are progress-
ing too slowly to offer much of a silver
lining. Germans are incredulous that so
few have received a jab more than three
months after a vaccine developed by a
German start-up, BioNTech, became
the first in the world to receive approval.
“A German company invented the
vaccine, was given €375m in German
government funding and we’re the last
ones to get it,” says Bockhahn, the offi-
cial in Rostock. He describes the anx-
ious wait for supplies of the BioNTech,
Moderna and AstraZeneca vaccines, all
of which have proven erratic and
subject to delays. “We’re like junkies
desperate for our next fix,” he says.
Germans mostly blame the EU for the
shortage of doses: the European
Commission stands accused of ordering
too little vaccine, too late. But they also
fail to understand why the authorities
in Germany have been so slow to
administer the doses they have. Only
around 262,000 people received a jab on
Monday, according to the Robert Koch
Institute, Germany’s main public health
authority — down from a peak of
306,000 on March 12.
Some critics say authorities have been
far too strict about who is eligible for
a shot. “It’s a German phenomenon —
this idea that people shouldn’t be vacci-
nated if it’s not their turn,” says Ulrich
Weigeldt, head of the German Associa-
tion of General Practitioners. “The mes-
sage should be that the more people
get the jab, the better it is for society.”
Merkel herself has said authorities
needed to show more flexibility.
But it’s not just a matter of excessive
caution. Inoculations slow to a snail’s
pace on Sundays — perhaps unsurpris-
ing for a country that still takes the day
of rest so seriously but still extraordi-
nary considering the gravity of the pan-
demic. What’s more, a number of states
have announced they will close their
vaccine centres over the Easter break.
The inoculation campaign has
exposed a system of government that is
slow and, at times, overly bureaucratic.
That is particularly the case with
appointments for jabs: booking web-
sites routinely crash and hotlines are
badly understaffed. “It took me five
days of calling to get a slot,” says Erika
Olias, an 85-year-old Rostock resident
who finally got her first dose last week.
The inoculation process itself also
involves a lot of red tape. Take the mobile
vaccination teams who administered
jabs to care home residents up and down
the country at the start of the year.
“There was a pharmacist to fill the
syringes, a nurse to administer the shots,
a doctor to explain the procedure to
patients and three Red Cross employees
to do all the paperwork,” says Neubauer,
who witnessed the process at an old
‘It’s a German
phenomenon — this
idea that people
shouldn’t be vaccinated
if it’s not their turn’
people’s home in Augustusburg. “It just
leaves you speechless.”
He said the attending doctor had to fill
in, stamp and sign eight A4 sheets of
forms for each patient. But a second
team who came to give the second dose a
few weeks later had to go home because
they’d brought the wrong forms, he says.
All the data could have been digitised.
“But we’re just obsessed with paper,” he
says. “And it slows us down massively.”
‘Stuck in the 60s’
Merkel has admitted that the corona-
virus crisis has held an unforgiving mir-
ror up to Germany’s inefficiencies. In a
speech to the Bundestag last week, she
said the pandemic had exposed “grave
weaknesses” in the functioning of
Germany’s public administration and
above all a lack of progress on digitis-
ation. “As a federal system, we must get
better and faster,” she told MPs. “We
know that and we’re working on it.”
One example she cited was Sormas, a
contact-tracing programme that was
designed in Germany to help fight Ebola
15
26%
Respondents to an
and offers a way of connecting 375 local
public health departments with the
Robert Koch Institute. The government
Insa poll on March 29 set a goal of installing Sormas nation-
who said they would wide by the end of February. Yet only a
vote for the Christian
Democratic Union/
quarter of the health departments were
Christian Social using it by the deadline. Cases are still
Union, down from a largely passed on to the RKI by fax.
peak of 38.5% in “Most of us are still stuck in the
April last year 1960s,” says Nicolai Savaskan, head of
the local public health department
55%
Respondents to
of Neukölln, a district of south Berlin.
Opposition MPs are shocked at the
lack of progress. “The fact that fax
Politbarometer machines are still the main form of
survey who are communication with the RKI is really
unhappy with the embarrassing and a glaring failure of
government’s
handling of the
government,” says Konstantin von
pandemic, up from Notz, the Greens’ spokesman on digital
43% in February policy. Similarly, the contact-tracing
“Corona Warn App”, launched by the
government to much fanfare last year,
262,000 has turned out to be a flop, stymied by
Germans’ concerns over data privacy.
German citizens who
received the vaccine Home-schooling is another area
on Monday, down where Germany has performed poorly.
from a peak of Children forced to do distanced learning
306,000 on March 12, “were often not given the equipment
according to the they needed for online lessons and
Robert Koch Institute
neither were teachers”, says Marc Dan-
neberg of Bitkom, a digital industry
organisation. He cites the case of one
family “where all the children had to
do all their lessons on one, shared
smartphone because the parents didn’t
have a laptop or tablet”. Teachers in
many regions have only recently been
assigned work email addresses.
Then there is fury over the slow dis-
bursement of financial aid to companies
affected by the shutdown — in large part
because of delays in developing the nec-
essary digital platform for applications.
Many firms are still waiting for aid pay-
ments promised in November.
Officials admit the situation is unac-
ceptable. The process of allocating
funds has been “very sluggish, very
bureaucratic”, Michael Kretschmer,
governor of Saxony and a senior figure
in the CDU, told German radio last week.
On vaccinations, officials insist that
the pace will pick up soon, as GP clinics
finally start to administer jabs. Olaf
Scholz, the Social Democratic finance
minister, recently promised 5m vacci-
nations a week by the end of April and
10m a week by the end of June. Experts
wonder how that is possible, however.
Germany is set to receive about 70m
doses in the second quarter, which
would only allow it to administer about
5.75m vaccinations a week, not 10m.
Germans have been horrified to dis-
cover that other EU countries they long
derided as dysfunctional, such as
Greece, have outpaced them on inocula-
tions. “We look around and discover
that we’re no longer one of the leading
countries, we’re average at best,” says
the FDP MP Lambsdorff. “That does not
fit the Germans’ self-image, not at all.”
Additional reporting by Erika Solomon
16
THURSDAY 1 APRIL 2021
China forces brands to
make a cotton choice
Action against H&M and Nike shows intolerance of Xinjiang scrutiny
The disappearance of Hennes & Mau-
ritz, one of the world’s largest clothing
retailers, from ecommerce and ride-
hailing apps in China last week marks
an escalation in the diplomatic battle
over cotton from Xinjiang. China has
shown that it will not just encourage
local consumer boycotts of global
brands that reject Xinjiang cotton, but
will impose them.
China is enraged by governments
and civil society groups drawing atten-
tion to its human rights abuses against
more than 1m Uyghurs and minorities
in Xinjiang. It is acting aggressively
against textile and fashion companies
that publicly eliminate sourcing from
Xinjiang, which provides about 20 per
cent of the world’s cotton.
Companies such as H&M and Nike
have been caught awkwardly between
political pressure from the US and
Europe, and Chinese denunciation of
“malicious lies” about the situation in
Xinjiang. Until now, they have kept on
growing retail operations in China
while diversifying their supply chains.
As China makes this balancing act
harder, they will be forced to take a
clearer stance.
Tensions over Xinjiang have
prompted sanctions from the EU, UK,
US and Canada, and retaliation from
China. Meanwhile, companies under
scrutiny over standards of environ-
mental, social and corporate govern-
ance (ESG) have tried to curb supply
chain abuses, including forced labour.
China has now signalled that it will not
tolerate such insubordination.
China is in a powerful position, given
the growing importance of its con-
sumer market to global brands and
retailers — Nike’s sales in greater China
in the quarter to February outstripped
those in North America. It has a consid-
erable lever to pull against what CCTV,
the broadcaster, last week called
“unruly companies” with “no basic
The case for a rescue
of Liberty Steel assets
Price of any support for the plants should be the departure of Gupta
Sanjeev Gupta presented himself as a
potential saviour of heavy industry in
Britain. The charismatic chief executive
of Liberty Steel offered a chance to
reverse the decline of steelmaking in a
country once called the “workshop of
the world” but where high energy and
labour costs have since made the indus-
try uncompetitive. Having bought up a
mosaic of metals, engineering and
renewable energy assets, Gupta prom-
ised to bring back jobs at steel foundries
in poorer parts of the country, using a
combination of financial alchemy and
investment to revitalise the industry.
The collapse of Greensill Capital, the
main financial backer of Liberty Steel’s
parent company GFG Alliance, has
made it into a more familiar story:
struggling, unprofitable steel plants
seeking government support to stay
afloat. In 2016, Tata’s steelworks in
Port Talbot, south Wales, needed help.
That was swiftly followed by British
Steel’s operations in 2019 — the govern-
ment temporarily took control before
it found a new owner in China’s Jingye,
at a cost to the taxpayer of £600m. It is
long overdue for the UK government
to set out a strategy for handling such
episodes rather than dealing with them
on a case-by-case basis.
In terms of the raw number of jobs,
there is not much of a case for saving
Liberty Steel. The 3,000 or so workers
that it directly employs in the UK are
far fewer than the 12,000 at risk from
the department store Debenhams,
which was allowed to fail. However, the
government may still be tempted to
step in given that many of the steel jobs
are located in politically sensitive
areas, including in Hartlepool, where a
by-election is scheduled for early May.
Any role for the government should
be based on there being some function
for the steel plants that a private sector
owner cannot fulfil. There is an argu-
ment that core capacity in these basic
business ethics” that seek to “earn a
huge profit in China”.
For a long time, the complexity and
lack of transparency in global supply
chains permitted fashion brands and
retailers to avoid scrutiny. It was
almost impossible to tell where the fab-
ric in most clothing came from and the
conditions it had been produced under.
Technology such as DNA tracing that
allows products to be tracked along
their route has changed that.
The way that brands behave around
the world has also become more trans-
parent, thanks to the internet. It is
impossible to address consumers and
politicians in one country without
those in others also finding out. Last
week’s accusation by China’s Commu-
nist Youth League that H&M had “boy-
cotted” Xinjiang cotton was based on a
company statement from last year.
Such transparency has helped to
raise supply chain standards during the
past two decades, but is now being
exploited by China. Companies that do
not bow to its insistence that Xinjiang is
“snow white” face a consumer boycott
by fiat, while Chinese competitors are
allowed to prosper. China no doubt
wants global brands to exert pressure
on western governments to back down.
The immediate predicament may
not be as stark as it seems: state media
campaigns against offending global
brands have faded in the past, and
China will not want to lose H&M and
Nike entirely. H&M may be able to
regain visibility for its Chinese outlets
with conciliatory noises.
But the outlook is clear: China runs
its economy as it wishes and will not
tolerate attention being drawn to
human rights infringements. It is forc-
ing brands into choosing between
social responsibility and sales to one of
the world’s biggest consumer markets.
The silent treatment it has given to
H&M is only the start of that test.
materials is vital for national defence.
Squabbles over vaccine supplies have
bolstered arguments to increase indus-
trial self-sufficiency, though the UK
will still need to import raw materials
such as coking coal and iron ore.
The strongest argument, however, is
the imperative to clean up the steel
industry. Producers complain that it is
the UK’s green initiatives that make the
industry uncompetitive: energy prices
for business are much higher than
many other countries in Europe. This
is an argument for keeping domestic
steel capacity: reducing emissions at
home is pointless if goods are imported
from countries with lower environ-
mental standards instead.
Nevertheless, the government can-
not have an open-ended commitment
to keeping lossmaking facilities open. It
must find a buyer who can run the
plants sustainably, both financially and
environmentally, or use them as part of
a state-sponsored bid to invest in clean
steel and bring concepts from the
laboratory to the field. The govern-
ment may find it wise to revive ele-
ments of its recently jettisoned indus-
trial strategy. The risk, otherwise, is
that it simply continues a cycle of bad
ad hoc bailouts in persistently under-
performing industries.
Either way, the price for any support
should be Gupta’s exit — the govern-
ment rightly rejected his call for a
£170m bailout, citing concerns over the
group’s opaque structure. Nationalising
the assets does not mean saving the
company which, if it cannot stand on its
own two feet, has failed. Shareholders
should not expect to get anything back
and debtors will have to go through a
bankruptcy process — according to
documents seen by the Financial Times,
the company’s UK assets have an esti-
mated equity value of negative $800m.
The state, if it values the assets, can buy
them for their proper price.
★ FINANCIAL TIMES
Letters
Britain should use G7 role to urge debt relief for global south
António Guterres, the UN secretary-
general, is right to sound the alarm,
warning of a coming debt crisis for
countries in the global south
(“Developing world faces looming debt
crisis”, Report, March 29).
My country, Zambia, was one of the
first to default on foreign debt
payments last year.
However, this debt crisis did not just
arrive with Covid-19. Before the
pandemic, we already saw a reduction
in money available for nurses, health
clinics and hospitals due to the
country’s unpayable debts.
Increased spending has
inescapable consequences
I agree with Martin Wolf in the
likelihood of “a huge expansion in
spending and little in the way of
additional taxation” (“Lessons for
investors as the spectre of inflation
rises again”, Opinion, FT Weekend,
March 27).
Wolf’s warning of the possibility of
inflationary overshoot seems
compelling, especially if deficits are
monetised.
The fundamental issue is that an
increase in spending implies a shift of
resources to government (and thence
to the venues chosen by government).
Over the past two decades offshore
investors, particularly from China,
have lent their resources to the US
government. That era may be drawing
to a close. However, there is an
alternative to monetising deficits.
The US government could finance its
deficits, up to some amount, through
financial “repression”; requiring
regulated financial institutions to hold
more Treasuries. Banks, money
market funds, pension plans and
insurers collectively intermediate a
majority of savings and their portfolios
are subject to regulation.
Financial repression could possibly
cause a crowding out of private
investment, slower growth and a
reduced return on retirement savings.
If that were to occur, the frugal would
get clipped by a reduction in real
interest rates, just as with inflation.
To sum up, the US may avoid
inflation, but it cannot escape the
consequences of increased government
spending, for good or ill.
Daniel Aronoff
Massachusetts Institute of Technology
Cambridge, MA, US
Soviets had Iron Curtain,
Beijing has its Silk Road
Gideon Rachman (“A second cold war
is tracking the first”, Opinion, March
30) fails to make one critical
distinction between the conflicts of the
mid-20th century and today.
At that time the west’s opponent was
locked behind an Iron Curtain, with
little or no economic contact with its
rivals. Now China is travelling into the
world along its Silk Road, deriving
power from the wealth generated by
trade with the west.
Whether the Chinese Communist
party is willing to put at risk the
domestic stability this commerce
provides by “heating up” regional
confrontations seems to go against its
pragmatic character.
Simon Kennedy
London NW2, UK
Substack’s
success reveals
reader fatigue
with polarised
media
Notebook
by Jemima Kelly
Civil society groups in Zambia are
united in our call for an extension of
current debt relief packages on offer
and for the IMF to agree on a
significant allocation of special drawing
rights to help us weather the worst of
the storm and to “build back better”.
But what has gone under the radar is
the role of private institutions. Debts
owed to private banks, asset managers
and hedge funds are shrouded in
secrecy and complexity. There is no
comprehensive or independent
mechanism for renegotiating or
cancelling this debt, giving these
An Athens student recalls
Turkey’s Cyprus invasion
In “Turkish Cypriots’ two state stance
damps reunification hopes” (Report,
March 29), you state that “Turkey
invaded the island’s north in response
to an Athens-inspired coup aimed at
uniting the island with Greece”. This is
an oversimplified statement that
contradicts the actual historical events.
I was a student in Athens in 1974
when the Turkish invasion took place;
together with thousands of other
university students we were
demonstrating in the streets against
the military junta that for seven years
had been oppressing the people.
There was absolutely no desire by
any legitimate political entity in Greece
to unify the independent country of
Cyprus with Greece. The junta was not
representing Athens, and the coup by a
puppet of the junta was part of a
strategic plan to assume control of the
military bases on the island.
As revealed by Christopher Hitchens
in his books Cyprus (1984) and The
Trial of Henry Kissinger (2001), in May
1974 Kissinger reportedly received a
memo from the head of the Cyprus
desk at the state department that
“summarised all the cumulative and
persuasive reasons for believing that a
Greek junta attack on Cyprus and
[Archbishop] Makarios was
imminent”, and that “such a
coup . . . would beyond doubt trigger a
Turkish invasion”.
The orchestrated coup gave, as
planned, the excuse to Turkey for
invading the island.
You will know there are dozens of
UN resolutions calling for Turkish
troops to withdraw. None cite any
justification for Turkey’s invasion.
Vasilis Fthenakis
New York, NY, US
It is often said that the news business
is a dying industry. If so, it must be
having some kind of end-of-life rally.
While it might be true that advertising
revenues, print circulations, and
newsrooms at many outlets are
shrinking, one form of media is going
in the opposite direction: the humble
newsletter.
Substack, a newsletter platform
whose model is based on paid
subscriptions, is flying particularly
high. It announced on Tuesday that it
was raising a further $65m from
investors, in a round led by Silicon
Valley VC firm Andreessen Horowitz
that will reportedly value it at $650m.
Established in 2017, Substack now has
more than half a million paying
subscribers — double what it had in
December. And some of its biggest
names are making out like bandits.
Glenn Greenwald, the Pulitzer
Prize-winning journalist who in
October resigned from The Intercept,
the online media platform he co-
founded, citing “repression,
censorship and ideological
homogeneity”, has between 20,000
and 40,000 subscribers to his
newsletter, each contributing at least
$5 a month. Once Substack has taken
its 10 per cent cut, and after payment
processing fees, I calculate
that Greenwald is left with between
$80,000 and $160,000 a month,
or about $1m to $2m a year. Not bad
for a mere hack.
“It’s a lot,” Greenwald tells me. “It’s
obviously way more money than I’ve
ever made in journalism before, or
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
private creditors enormous power over
developing countries.
Over half of Zambia’s debt is owed to
private creditors. Across the global
south, many private creditors have
refused to be part of initiatives that
seek to solve the debt crisis. If debts
owed to private creditors are not
tackled, then the debt crisis will
continue.
Most poor countries’ outstanding
debts to private creditors are governed
by English law. As president of this
year’s G7 meetings, the UK has a vital
role to play on the international stage
Biden stimulus could
reignite US protectionism
Megan Greene notes that the downside
of government-financed growth in the
US is that it could cause inflation
(“What a stronger dollar means for the
world”, Opinion, March 25).
Another downside is that it will
increase US manufacturing
imbalances. The French firm whose
stock gains the most when the dollar
increases is Airbus, followed closely by
technology, software and
biotechnology firms. The same pattern
holds for other European firms.
In Japan and South Korea,
automobile and electronics firms
benefit. They benefit because they will
gain a larger share of the US market
and crowd out US exporting and
import-competing firms. This will
revive the protectionist pressures that
have plagued the US economy for the
last four years.
Willem Thorbecke
Research Institute of Economy, Trade and
Industry and France-Japan Foundation
Paris, France
EU fund is an issue for the
Bundestag, not the court
In your editorial “How to deal with a
problem like Karlsruhe” (FT View,
March 30) you lambast Germany’s
constitutional court for its decision to
review Germany’s ratification of the EU
recovery fund.
Whether you like it or not, the
questions raised in the case are
legitimate but the proper place to have
discussed them was in the Bundestag,
the German parliament, with an
effective opposition doing the running.
But with one grand coalition after
another that has not been the case.
There lies the problem.
Peter Devlin
Krailling, Germany
A plan out of the Trump,
Duda and Orban playbook
Frankly, I was surprised to read in your
editorial (“How to deal with a problem
like Karlsruhe”, FT View, March 30)
the recommendation that “the best
hope might be a changing of the guard
on the court itself and the eventual
appointment of judges with a more
balanced assessment of the
constitution”.
Is this the same paper which was
highly critical when those tactics for
influencing the courts have been
employed by Messrs Trump, Duda and
Orban?
Somewhat alarming.
Juergen Roemhild
Ingelheim, Germany
than I ever thought I would make.”
What’s intriguing is that there’s little
difference between what is received
by Greenwald’s subscribers and by
those who sign up for his free content.
Greenwald says he only puts about 10
per cent of his writing behind the
paywall — publishers can choose how
much of their work they charge for —
and even this is made available to
everyone within 24 hours.
“They’re not paying because they’re
getting something in return; they’re
paying because they want to support
journalism that they think . . . needs
to be heard,” Greenwald says. “That’s
what Substack in a lot of ways has
become: this kind of brand that
people are eager to support as a
cause.”
So what exactly is this cause?
Substack’s roster of writers is hugely
varied, with newsletters focusing on
such niche subjects as “hard-to-
describe feelings” and “unbeatable
recon”, each garnering thousands of
paid subscribers. But the platform has
also, notably, provided something of a
refuge for journalists who have broken
away from the mainstream media.
The success of the likes of Matt Taibbi,
Greenwald, Andrew Sullivan and
Matthew Yglesias, who feature near
the top of Substack’s “politics”
rankings, and who are all outspoken
critics of the establishment media,
suggests that a sizeable audience feels
it is not being catered to by the
polarised identity politics of the
mainstream press.
“There are a lot of people who want
Thursday 1 April 2021
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
to call for private lenders to be
included in global debt relief efforts.
One way is to put in place new legal
protections to stop private banks from
suing countries in the global south if
they cannot afford to pay debts that are
held under UK law.
The consequences of failing to stop
private creditors from profiteering off
the backs of the world’s poorest people
would be devastating for countries
such as mine for years to come.
Eugene Kabilika
Director, Caritas Zambia
Lusaka, Zambia
Traffic congestion makes
bus routes uneconomic
Sebastian Payne (“Thatcher’s legacy
put in reverse by new plan for buses”,
Notebook, March 31) rightly laments
Britain’s vanishing bus routes but is
wrong to pin the blame on private
operators.
Most of the 3,000-odd routes which
have disappeared from the map over
the past few years were non-
commercial, subsidised services which
were supported by local authorities
until public sector austerity took its
toll.
It is true that many fares have risen.
A key culprit is worsening traffic
congestion, which has slowed down
buses.
If a bus takes 10 per cent longer to
complete its route, it typically loses 10
per cent of its passengers and the
operator needs to deploy extra vehicles
and drivers to maintain the same
frequency. That costs money, which
means prices go up.
We hope that the national bus
strategy will create a virtuous circle
whereby local authorities give more
priority to buses on the roads, making
them more reliable, which in turn
attracts more passengers and keeps
costs down.
Katy Taylor
Chief Strategy & Customer Officer
The Go-Ahead Group
London SW1, UK
Imagine a Jacobean judge’s
verdict on Mondeo Man
News of the end of production of the
Ford Mondeo (Report, March 26) and,
apparently with it, Mondeo Man, might
bring a modern Justice Ranulph Crewe
to observe: “And yet time hath his
revolutions; there must be a period and
an end to all temporal things — finis
rerum — an end of names and dignities,
and whatsoever is terrene; and why not
of Mondeo Man? For where is Anglia
Man? Where is Consul? Where is
Cortina? Nay, which is more, and most
of all, where is Escort Man? They are
entombed in the urns and sepulchres
of mortality! Yet let the name of
Mondeo Man stand so long as it
pleaseth God.”
David Hebb
New York, NY, US
ANALYSIS ON FT.COM
NFTs: art, advertising, or both?
When cultural norms are in limbo, it pays to
invest in the internet’s iconic moments
Romeo Power powers down its forecast
A tale of when projections over special
purpose acquisition companies meet reality
www.ft.com/alphaville
options that aren’t either some 27-
year-old white woman yelling at you
about being racist or ableist all day
long, or Fox News,” says Freddie
deBoer, a freelance journalist turned
Substack writer who has amassed
more than 1,400 subscribers since
joining the platform a month ago.
What could stop Substack? Some
argue it is not scalable and will only
provide a sustainable income for those
who got in early. This seems like a fair
concern, though there is no sign of this
group having reached capacity. Others
point out that the company lacks any
kind of “moat”, or sustainable
competitive advantage, and will not
survive competition from companies
such as Twitter, which recently
acquired newsletter company Revue,
and promised to take just a 5 per
cent cut from subscription income.
But Substack’s user-friendliness and
its commitment to free speech, which
it was forced to make clear in a
statement last week after calls to
deplatform some of its contributors
for hate speech and transphobia, is
turning the platform into a brand in
its own right. I would argue this
constitutes the first droplets of a
moat.
The fact that a platform can stand
out simply by committing to remain
neutral should tell us something about
how ideologically driven much of the
media has become. Substack’s success
makes it clear that not all readers like
this polarised landscape.
jemima.kelly@ft.com
Thursday 1 April 2021
Archegos makes for a trio of debacles at Credit Suisse
BUSINESS
Brooke
Masters
B
anking by definition involves
risk. If you lend money to
people and companies, some
of them won’t be able to pay it
back. The difference between
a good bank and a bad one lies in how it
manages that risk.
Bankers who are too cautious starve
the economy of funds needed to fuel
trading and growth — and they don’t
make profits. Those who throw money
at the wrong people at the wrong time
can end up in big trouble.
That brings us to Credit Suisse. This
month, Switzerland’s second-largest
bank became badly entangled in the col-
lapse of the finance group Greensill Cap-
ital. Now it looks to be the biggest loser
from the spectacular blow up of Arche-
gos Capital Management. Credit Suisse
Politics morphs
from delusion
into sleaze
BRITAIN
Henry
Mance
W
hat went through David
Cameron’s head? Was it
just a giant dollar sign,
or did the former prime
minister think lobbying
was his remaining calling in life?
Cameron’s work for disgraced banker
Lex Greensill tarnishes a legacy already
darkened by misjudgments over Brexit
and austerity. We thought he was hiding
in a shed in Oxfordshire. In fact, in early
2020, he was camping with Greensill
and Crown Prince Mohammed bin
Salman in Saudi Arabia. Then he was
texting chancellor Rishi Sunak to ask for
Greensill’s now collapsed financial
group to get more coronavirus support.
Former prime ministers earn enough
for speeches to banks; they should not
have to speak for them too. Perhaps, in
Cameron’s case, an absolute lack of
power corrupts absolutely.
For Britain, this is a wake-up call. Our
politicians often seem deluded, but they
have generally avoided an appearance
of corruption or venality. This is not
France, where two of the last three
ex-presidents have been convicted of
corruption.
Cameron’s lobbying for Greensill
proved unsuccessful, with Sunak
MIDDLE EAST
David
Gardner
L
ebanon could sink like the
Titanic, only with no survi-
vors, unless its feuding politi-
cians finally form a govern-
ment able to deal with its
collision of crises.
That is hardly news, one might think.
Except it was said by the speaker of par-
liament, former warlord Nabih Berri,
Lebanon’s pivotal powerbroker since
the 1975-90 civil war, a pro-Syrian who
somehow maintains access in both Iran
and the US even now. Berri, an ally of
the Iran-backed Hizbollah paramilitary
movement that ultimately holds the
whip hand in this sinking Lebanon, was
merely echoing remarks by French
foreign minister Jean-Yves Le Drian
in December, who said “Lebanon is
the Titanic without the orchestra”.
shares have dropped some 16 per cent
since it disclosed on Monday that its
losses could be “highly significant.”
So much for chief executive Thomas
Gottstein’s vow to start 2021 with a
“clean slate” after the bank was rocked
by a series of scandals in 2020, including
one surrounding former client Luckin
Coffee, which was embroiled in fraud.
To be fair, several big banks were
caught out by Archegos. Even though
founder Bill Hwang’s Tiger Asia Man-
agement hedge fund pleaded guilty to
wire fraud in 2012, investment banks
still competed to extend Archegos more
than $50bn in credit, which it used to
build up huge, nonpublic positions in a
small number of stocks.
When the prices of some of those
companies started to fall, the banks
scrambled to unwind their positions.
Nomura and Credit Suisse appear to
have taken the worst of the damage. The
Japanese bank has admitted to a $2bn
claim and the Financial Times has
reported that Credit Suisse’s losses are
in the $3bn to $4bn range, far more than
anyone else has revealed.
Yet there is a common thread running
leaving the matter to unsympathetic
officials. The system can probably
handle a few unwise moves by has-been
politicians, so long as successors act
with probity. The problem is that, on
regular occasion, serving ministers are
not. Instead, they are creating a new
tolerance of sleaze at Westminster.
A few cases stand out. Months before
the 2019 election, Boris Johnson created
a £3.6bn fund for deprived towns.
Ministers were given wide discretion
over which towns should be invited to
apply. Communities secretary Robert
Jenrick chose several marginal Tory
seats, which did not qualify on statistical
deprivation measures. Officials waved
through the selection.
In December 2019, Johnson himself
went on a Caribbean holiday. He
claimed that a Tory donor called David
Ross paid for it; Ross denied that. We
still don’t know who paid. We do know
that Johnson would like private donors
to fund a refurbishment of Downing
Street. The notion that he would not feel
indebted to them is implausible.
In 2020, Johnson gave a peerage to
Peter Cruddas, a Tory donor who the
Lords appointments commission
advised against because of a cash-for-
access sting. The prime minister over-
rode the commission. He also overrode
his ethics adviser, who concluded home
secretary Priti Patel bullied officials and
broke the ministerial code.
Meanwhile, we await the truth about
Jennifer Arcuri, who this week said she
had a four-year affair with Johnson.
Arcuri’s business received public money
Lebanon is held hostage by its politicians
Although no government is in sight,
Berri’s peroration is at least a step up
from the rancorous chorus of militia-
men in suits, sectarian dynasts, oli-
garchs and bankers who purport to
sail Lebanon, but have spent the past
two years yelling at the iceberg to
get out of the way.
Berri was addressing a rare session of
parliament, an almost toothless body
that once went 11 years without passing
a budget, but whose perquisites and
privileges are such that MPs spend for-
tunes acquiring seats. On this occasion,
it approved expenditure on fuel imports
from evaporating dollar reserves and
a looted treasury — after the energy
ministry warned that almost hourly
power cuts would turn into a total black-
out within weeks.
Parliament has ostensibly ratified a
law demanding repatriation of (some)
stolen public funds; but it’s a dead letter
since it does not activate any agency
to pursue this.
In an extraordinary outburst, Jamil
al-Sayyed, a former spy chief, pro-Hiz-
bollah MP and ally of Syria’s President
Bashar al-Assad, said on the steps of the
★ FINANCIAL TIMES
Opinion
through Credit Suisse’s recent debacles:
highly concentrated exposure to an
individual client or company, or both.
We are still learning the details about
Archegos, but the bank must have
allowed it to rack up huge positions to
lose that much that quickly.
Before Luckin Coffee filed for bank-
ruptcy, Credit Suisse described its chief
executive as a “dream client” for a rela-
The common thread is
highly concentrated
exposure to an individual
client or company, or both
tionship that spanned private banking,
loans and its share offering. Similarly,
with Lex Greensill the bank was
exposed in at least three ways: he was a
private banking client, the group got a
$140m bridge loan last year and, most
damaging, Credit Suisse’s asset manage-
ment division is having to wind down
$10bn in supply chain finance funds
that sourced assets from Greensill.
from London’s mayoralty when he was
mayor.
This new era of sleaze is built upon
Johnson’s personality, the winner-takes-
all politics of Brexit, the denigration of
the civil service, and the emergency of
coronavirus, which distracts from
malfeasance. A laxness that starts from
misleading parliament soon flows to
serious ethical breaches. It is especially
alarming when so much public money is
being channelled to businesses.
But sleaze is not just a Conservative
problem: Labour’s Joe Anderson, while
Liverpool mayor, was arrested on
suspicion of bribery and witness intimi-
dation. Labour’s former first minister in
Wales, Carwyn Jones, ignored official
advice he should not accept a role with
the parent company of Greensill-linked
Former prime ministers
earn enough for speeches
to banks; they should not
have to speak for them too
chamber: “What happened in there was
a charade; we are lying to ourselves, we
are lying to the [donor] nations, and we
are lying to you”, the people of Lebanon.
General al-Sayyed, who is the feared
former head of the General Security
directorate, knows the secrets of the
state and its puppetmasters.
It is, by now, no secret to anyone that
Lebanon is hurtling towards collapse.
Already prostrated by a compound
Without a government
since the cataclysmic
port blast, the country is
hurtling towards collapse
financial, fiscal, debt and banking crisis,
the coronavirus pandemic and last
August’s vast explosion in the port of
Beirut have squeezed any remaining
life out of the economy.
The local currency has lost 90 per
cent of its value. Dollar depositors are
locked out of their accounts by an insol-
vent banking system that lent 70 per
Insiders argue that the trifecta is due
to long-lasting cultural and structural
problems that have been exacerbated
by recent efforts to jazz up results. Last
year, Credit Suisse’s return on tangible
equity was 6.6 per cent, barely half that
of UBS and US rivals. Gottstein told
investors in December that he would
seek to boost that to 10 to 12 per cent.
But the bank’s shares traded at a sub-
stantial discount to European peers,
even before this week’s fall.
Most big global banks run on matrix
models: businesses are divided into
functional groups and also have regional
reporting lines. Credit Suisse has repeat-
edly tinkered with its structures, most
recently in July when Gottstein rolled
back changes made by his predecessor.
In addition, Swiss and Asian businesses
are run separately from the functional
divisions. “Everything is siloed in this
byzantine arrangement. They call it
experimental. I call it chaotic,” says one
senior banker.
The bank has struggled to keep on top
of big clients who deal with several dif-
ferent businesses at once. The July reor-
ganisation sought to address this by
steelmaker Liberty Steel. As more
spending flows through regional bodies,
Westminster needs to strengthen
scrutiny. Instead, the message from the
top is: to the victor, the spoils. Recall
how ministers’ contacts enjoyed a VIP
lane early in the pandemic’s procure-
ment process.
No single safeguard can prevent
wrongdoing. Rules on lobbyists didn’t
apply to Cameron, because he was
in-house at Greensill. Constitutional
conventions can be flouted. The media’s
judgments are not binding. The Good
Law Project, a legal group, is threatening
to sue over the government’s levelling
up fund, which, like the towns fund,
seems to allocate money on partisan cri-
teria. But the law is a blunt mechanism.
The answer is more leadership and
less leeway. An independent official, not
the prime minister, should be able to ini-
tiate and adjudicate on alleged breaches
of the ministerial code. (The govern-
ment has supported a move in that
direction in Northern Ireland.)
The Lords appointments commission
should also be able to veto peerage
cent of its assets to a bankrupt state and
central bank that cannot repay. The
economy shrank last year by 25 per
cent, according to the IMF, and the
World Bank reckons 55 per cent of the
population is below the poverty line.
This year’s contraction is likely to be
at least 10 per cent of gross domestic
product, but the economy is shrinking
too fast to know.
Lebanon has been without a govern-
ment since the cataclysmic port blast,
after its predecessor was toppled by
a popular revolt against the entire
political class 18 months ago. Presi-
dent Michel Aoun, ageing leader of
the largest Christian party backed by
Hizbollah, has had 18 fruitless meetings
with Saad al-Hariri, prime minister-
designate and the son of a slain former
premier.
Aoun, influenced by his dauphin son-
in-law, Gebran Bassil — who had sanc-
tions imposed on him by the US for cor-
ruption and Hizbollah links — insists on
an unwieldy cabinet of placemen rather
than technocrats, in which they would
have veto rights. Lebanon’s power-bro-
kers refuse to engage seriously with IMF
combining risk and compliance, and
creating a committee to look specifically
at these big clients. But the changes were
also described as having “significant
efficiency potential” and cost savings. If
they improved risk management, the
benefits are not obvious so far.
The lack of a holistic view and pres-
sure to boost revenues has led front-line
managers to focus on getting specific
transactions approved, rather than ask-
ing if the bank should be doing so much
business with a particular client. Insid-
ers also complain that post-Greensill
personnel changes to asset manage-
ment involve little fresh blood: the new
head is returning to the bank from UBS
and his predecessor has simply been
moved to another area.
Finma, the Swiss regulator, was
already concerned enough by Greensill
to require the bank to have additional
capital for unexpected risks. But that
cannot be the only response. Credit
Suisse will never be risk free. What
Gottstein needs to do is make sure the
risks the bank runs are the right ones.
brooke.masters@ft.com
Ellie Foreman-Peck
nominations. The chamber, stained by
patronage, needs to be rethought
altogether. Plans to give ministers more
control over the appointment of civil
servants should be dropped. There is no
sanction for politicians and officials tak-
ing up inappropriate business jobs after
they leave office; there should be.
Stricter rules would have a ripple
effect on political culture. They would
embolden officials and ministers to act
honourably when the media and regula-
tors aren’t watching. The lesson of the
2009 expenses scandal is that, when
rule-dodging sets in, it becomes perva-
sive. MPs’ expenses are now tightly con-
trolled and published by an independ-
ent body. It’s barely an issue.
Politicians like Johnson and Jenrick
may judge that the odds of getting away
with sleaze are high. But are they high
enough? I wonder what Cameron thinks
about that. In future, few people will ask
what he thinks about anything, because
sadly he has shredded his reputation.
He should be a cautionary tale.
henry.mance@ft.com
bailout plans (they sent four delegations
to the opening meeting a year ago).
Donors led by the US, France and the
UK are ready to support a government
committed to reform. But the political
class refuses to form one, fearing expo-
sure of its collective peculation. Hizbol-
lah wants to bide its time and see what
emerges from the Biden administra-
tion’s attempt to re-engage with Iran.
It does not want to jeopardise its valu-
able Christian alliance, or run any risk
to its power.
Aoun, says one official who sees him
regularly, “is not ready to make any con-
cessions at all” since Bassil had sanc-
tions imposed on him. Yet “you cannot
find a solution to our crisis without the
IMF”, he argues. “It is our passport back
into the international community and
the financial markets.”
An ally of prime minister-designate
Hariri puts it even more bleakly: “So
they hold the country hostage, saying,
‘Let’s see if we can last a bit longer’ —
but nobody knows where the breaking
point is.”
david.gardner@ft.com
17
US must review
its foreign policy
if it is serious
about rights
Michele
Dunne
U
S president Joe Biden made
clear in his March 25 press
conference that values will
be essential to his foreign
policy. The moment a US
president walks away from a
commitment to defending human
rights “is the moment we began to lose
our legitimacy around the world. It’s
who we are,” he said.
In the first two months in office,
Biden’s administration has already tan-
gled publicly with adversaries and allies
over human rights and democracy.
There was the “Khashoggi Ban” placing
sanctions on 76 Saudi officials, although
not Crown Prince Mohammed bin Sal-
man, followed by sanctions against Rus-
sian officials, but not President Vladimir
Putin, for the poisoning of Alexei Nav-
alny. The US secretary of state Antony
Blinken and national security adviser
Jake Sullivan then faced off with their
Chinese counterparts in Anchorage,
with Blinken pledging the US would
continue to object to Chinese rights vio-
lations that “threaten the rules-based
order that maintains global stability”. In
a March 3 speech, he also linked fighting
autocracy to repairing US democracy.
But while the Biden administration
has explained why putting values back
into foreign policy serves US interests,
little has been said about how it should
be done. Two practices, which I will call
solidarity and scrutiny, can help.
Solidarity is the easy part. For demo-
cratic states it means expressing
support for the legitimate demands of
citizens, human rights defenders, jour-
nalists and peaceful activists abroad in
Restoring values serves
Washington’s interests, but
little has been said about
how it should be done
public statements. It entails using
private diplomacy, multilateral engage-
ment and international institutions to
press authoritarian governments, and
giving material support and haven to
those who advocate for rights where it is
costly to do so. International solidarity
with rights activists annoys authoritar-
ian governments, but can be managed
by any democratic government.
But even states that are serious about
promoting rights can struggle with
scrutiny. As the recent experiences with
Saudi Arabia and Russia showed, scruti-
nising the deeds of foreign leaders is
often unsatisfying because ultimately
their actions are beyond outsiders’ con-
trol. Even harder, but more meaningful,
is scrutiny of what a government can
control — that is, how its policies are
enabling human rights abuses and
inhibiting the spread of democracy.
The Biden administration has taken a
few steps towards scrutinising the costs
of heavily militarised US policies in the
Middle East. In his March 3 speech,
Blinken acknowledged the human cost
and disappointing results of military
intervention, and pledged that the US
will not favour dictators over demo-
cratic allies. And Biden ended Washing-
ton’s disastrous complicity in the war in
Yemen, where more than 100,000 have
died and millions are starving, pledging
to sell to Saudi Arabia only arms needed
to protect its territory.
There are other areas crying out for
scrutiny if Biden wants to reverse US
policies that harm rights and prospects
for democracy. He should redirect the
$1.3bn in annual security assistance to
Egypt away from a bloated military that
commits massive rights abuses, perhaps
offering help with the country’s critical
water shortage instead. And he should
rethink the planned sale of F-35 fighter
jets, drones and other advanced weap-
ons to the United Arab Emirates, which
threatens to touch off a new regional
arms race.
Middle Eastern states could instead
look to increase the quantities of arms
they already buy from Russia and
China, but there are limits on what these
nations can provide. Meanwhile, it falls
to Washington and its democratic allies
to modify their own actions so they stop
fuelling conflicts and abetting authori-
tarian crackdowns, and instead co-
operate to support the economic and
political transitions that are coming as
the Middle East faces the post-oil era.
The writer is director of the Middle East
Program at the Carnegie Endowment for
International Peace
18 ★ FINANCIAL TIMES Thursday 1 April 2021

European banks/inflation: mine the gap

As inflation expectations rise in Europe, hopes for better loan pricing have improved. The banking sector has
recovered more quickly than the wider market. Banks with lower loan to deposit ratios, thus less dependence
on third party funding, should be in a strong position to benefit.

Inflation expectations are rising

Twitter: @FTLex
Deliveroo:
hop scotched
Deliveroo? Deliver oops! The largest
London float in near 10 years is also the
most embarrassing. Shares in the food
delivery group crashed 30 per cent
when they started trading. Traditional
long funds have delivered a painful
rebuke to City reformists, as well as to
Deliveroo and its investment banks.
Deliveroo epitomises the kind of
business would-be deregulators want
to lure to London. It is internet-based,
lossmaking and reliant on gig workers.
Founder Will Shu owns shares bearing
more votes than the shares of ordinary
investors. Tory peer Jonathan Hill
wants dual-class stocks permitted for
premium-listed companies.
Many traditional long funds do not.
Their purchasing power has dwindled
as pension funds have matured and
investment has globalised. But their
influence is still formidable.
Aviva, Jupiter and Legal & General
publicly refused to participate in
Deliveroo’s £7.6bn listing for
governance reasons. They also objected
to paying six times trailing sales for a
group in a fiercely competitive market.
The other problem was that bond
yields rose during deal marketing, in
anticipation of interest rate rises. UK
investors, already ambivalent towards
fast-growth tech plays, are turning to
defensive high-yield value shares.
Banks led by Goldman Sachs and
JPMorgan then got the pricing badly
wrong. It cannot have helped that Shu,
confident no doubt in his dealmaking
abilities, did not hire a financial adviser
to give independent feedback.
The mispricing was a boon to short
sellers who piled on to Deliveroo when
trading began. It appears the collapse
was only arrested when book runners
bought stock in the market. They will
hope to place it at a profit later.
What investment banks cannot
expect for some time is any more large
floats from companies such as
Deliveroo. The City has hung up a
“closed for business” sign in the face of
founders. Some fund managers see this
as a financial victory, as well as a moral
one. The valuations of ridiculous Spac
companies will eventually blow up in
New York, not London, they say.
It is a pity their message on
standards was not delivered with
greater subtlety. The diminution of the
power of long funds is evident in their
need to speak out publicly. In the past,
they were often able to forestall
disasters from behind the scenes. But
the ultimate blame for this City debacle
lies with Deliveroo and its banks.
Hitachi/GlobalLogic:
digital data drop
Hitachi’s largest acquisition is part of a
plan to prove its future lies in software
and automation. The Japanese
industrial conglomerate is buying US
digital transformation specialist
GlobalLogic for $9.5bn. Investors need
further convincing. Hitachi shares fell 7
per cent after the deal was announced.
The price is one reason for concern.
Hitachi’s limited record of overseas
acquisitions and high concentration of
revenues in Japan is another. Its own
Lumada software business is already its
largest and most profitable division.
GlobalLogic adds capabilities in fast-
growing areas and will contribute a
semblance of strategy as the group
shrinks its sprawling corporate
structure. But scant detail was offered
about GlobalLogic’s integration and the
financial benefits it will yield. There
are too many unanswered questions.
An enterprise value of 37 times this
year’s expected ebitda may not sound
outlandish to GlobalLogic’s Silicon
Valley neighbours. But even with a
takeover premium, this looks rich for
an industrial automation business.
Rockwell and ABB trade at 22 and 15
times, respectively, according to S&P
Global. GlobalLogic’s 55 per cent
expected sales growth does not outpace
its rivals enough to justify the multiple.
The deal will add ¥1tn ($9bn) to
Hitachi’s borrowings, pushing the net
debt to ebitda ratio to two-and-a-half
times. Hardly excessive but going the
wrong way for a group wanting to
streamline. Hitachi hopes asset sales
will get it below two times in two years.
The sale of a 50 per cent stake in
Hitachi Metals, which makes industrial
and automotive components, is the
latest deal disposing of non-core
operations. That process has unwound
some of the conglomerate discount.
Shares trading at close to seven times
forward ebitda are at their loftiest
rating since early 2016.
Greater technology profits could lift
the multiple. But investors need proof
Euro five-year inflation swap (%)
2016 2017
Selected European banks
Loans to deposits (%)*
0
BBVA
20
BNP Paribas
Commerzbank
Permanent TSB
UniCredit Group
Deutsche Bank
Barclays Plc
HSBC Holdings
Standard Chartered
Crédit Agricole
FT graphic Sources: Citi; Bloomberg
Markets sometimes price themes into
shares before analysts have fully
identified them. Take European
banks. Until late last year they had
few friends. Yet over the past six
months MSCI’s Europe banks index
has rebounded 45 per cent.
The rally was sparked by cheap
valuations and scope for lenders to
benefit from inflationary pressure on
interest rates. Banks with ample
deposits and sizeable loan exposure
are in the spotlight.
Inflation expectations in Europe
have picked up. The fixed income
market prices in 1.5 per cent inflation
in five years’ time, slightly above its
five-year average. Hardly excessive,
but expectations were half that a year
ago. This suggests markets anticipate
GlobalLogic is not another example of
the expansive dealmaking that made
Hitachi so unwieldy in the first place.
Lloyd’s of London:
well-laced to benefit
Accountants are more extroverted than
insurance actuaries. The latter stare at
their shoes while the former stare at
your shoes, goes the joke. Lloyd’s of
London, which has revealed full-year
results, has stopped peering down.
Risk-takers have raised rates in recent
years, adapting to declining investment
returns and heightened claims.
Lloyd’s highlighted pandemic claims.
It swung to a loss of £887m, its third
year of five in the red. The outlook is
2018 2019
European bank shares have caught up
MSCI index (rebased)
40 60 80 100
Apr Jul
*2021 Estimates
more economic activity and potentially
greater loan demand.
It is a significant turnround from
forecasts not just of “lower for longer”
but rather “lower for ever”.
Lenders that can rely on savers to
finance them should benefit. Banks
with lower loan-to-deposit ratios tend
to have wider interest margins. They
depend less on pricey third-party
financing. Deposit rates are stickier
than wholesale funding charges.
Europe-listed banks with low ratios
include HSBC at 66 per cent and ING at
83 per cent. The Asia specialist has
triple the exposure to retail loans of the
other, equivalent to about 60 per cent
of its book.
Both ING and Sabadell have net
interest margins of about 1.5 per cent,
paradoxically positive. Pain will carry
on for some time. Covid-19 could lead
to nearly £6bn in claim losses. Already
ultimate net claims have passed the
record set in 2011. Post-pandemic
jitters could follow. What should also
come is further repricing of risk.
Growing balance sheet resilience
provides an insight into how much
more risk Lloyd’s can take on. The
signs look good. For one thing, despite
diminishing investment returns of just
2.9 per cent, capital reserves have
picked up for three years running.
The central solvency ratio, covering
just Lloyd’s members and its central
fund, though down from 2019, sits at a
comfortable 209 per cent. Lloyd’s
points out that, excluding Covid claims,
it beat break even. The combined ratio
— which registers profits when it drops
1.8
Average = 1.44 1.6
1.4
1.2
1.0
0.8
0.6
2020 2021
Source: Bloomberg
140
130
120
110
Europe European banks
100
90
80
Oct Jan Mar
2020 2021
which is at the higher end for
regional banks. The share price of the
Spanish bank has rallied by almost a
third since the year began. Its loan
book is worth 55 times its market
value, one of the biggest multiples in
Europe according to Berenberg. Net
interest income generates up to
70 per cent of Sabadell’s net income,
so a higher net interest margin would
make an outsized difference.
Central banks are hesitant to raise
interest rates, yet markets fear
surging inflation. In that scenario,
banks with ample deposits and
plenty of individual and small
business borrowers would have
defensive qualities. For the first time
in years, retail bankers would be in
their element.
below 100 per cent — dropped to 97 per
cent when adjusted for the pandemic.
Disasters prove insurance is worth
buying. Last year was the fifth highest
for natural catastrophes. Premium
rates rose nearly 11 per cent. The
question is whether further rises are
sustainable, says Ming Zhu of Panmure
Gordon. Excess capacity would mean
short-term price jumps were competed
away. But bottom-up increases, with
more typical capacity, could stick. The
latter situation holds for now.
Lloyd’s is finally making progress on
reducing costs. The pandemic and
climate change should provide new
insurance products — for offshore wind
farms, for instance — rather than just
more weather cover. Expect less shoe
gazing, more shoe shopping for those
within the Lloyd’s insurance market.
Illumina:
search for holy Grail
Maybe Illumina should cool it on the
M&A front. That seems to be the view
of the US Federal Trade Commission.
On Tuesday, the competition regulator
sued to block Illumina’s $7bn purchase
of start-up Grail. Illumina, whose
market capitalisation exceeds $50bn,
dominates the manufacturing of gene
sequencing equipment. Grail is not a
direct competitor but its nascent
technology for non-invasive, blood-
tested cancer screenings relies on
Illumina products.
The FTC asserts that the deal would
stifle competition. The agency sued to
block Illumina’s purchase of a more
direct rival, Pacific Biosciences — a
transaction ultimately abandoned.
Antitrust authorities were expected to
become more bold in the Biden era. A
move that challenges a “vertical”
combination confirms that posture.
Grail was born in Illumina, which
later separated the company but
retained a 15 per cent stake. Illumina’s
argument is that by buying and
integrating Grail it can accelerate its
growth, innovation and market
acceptance in cancer diagnosis, an area
that is critical. Moreover, it pledges not
to abuse its potential power.
The FTC has recently targeted
Facebook over its acquisitions of
nascent competitors Instagram and
WhatsApp. It has also challenged
incumbent consumer products titans
that have taken out digital upstarts,
notably in the razor and shaving
sectors. The implication is that the
agency is worried about the ways in
which titans can suppress plucky
challengers. The Illumina/Grail case is
similar but goes a step further. The two
companies, while having a commercial
relationship, do different things.
The legal burden on the FTC will
therefore be more complex. In the
highest profile vertical integration case
of late, the Department of Justice was
defeated in court in its attempt to stop
the AT&T/Time Warner deal. It may
be that whatever happens to Illumina,
the FTC hopes at least to chill
consolidation talk by US companies.
Lex on the web
For notes on today’s stories
go to www.ft.com/lex

Global Appointments

CROSSWORD
No 16,749 Set by BRADMAN
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1 Pigeon getting copper’s helmet? (6)
5 Power of tot – I walk all over the place
(8)
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covered – this cloth could hide it (6)
10 One German saint and one German
genius (8)
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happy-clappy mode? (8)
12 Flier getting hit, needing hospital for
short time (6)
13 A little drink knocked back in Italian
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15 A Parisian maiden getting questioned
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18 In despair, having lost American Bob?
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19 Parties needing hard cash (4)
‘¸ 21 Jeer, first off, showing spirit (6)
23 One politician wanting harmony and
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25 Princess’s characteristic to be absent-
minded (8)
26 Demands of old lover met with deeds
‘… ‘ (6)
27 Fish chaps brought to port – last of
fish netted (8)
28 Milk business not excellent – if cows
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superior religious instruction! (5)
3 Join up with the fellow, then yap freely
inside (9)
JOTTER PAD 4 Unproved statement in submission for
PhD? (6)
5 Calm down – I don’t want to see that
chest! (4,4,5,2)
6 Wanting company to advance money,
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7 I may be poured out by server at table
(5)
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