THURSDAY 25 NOVEMBER 2021 INTERNATIONAL NEWSPAPER OF THE YEAR EUROPE

Boris Johnson Power of the sun Shinsei showdown

A chaotic prime minister in search of Advances spark hope on long quest Japan’s tortured path to hostile
a strategy — ROBERT SHRIMSLEY, PAGE 17 for nuclear fusion — BIG READ, PAGE 15 takeovers — LEO LEWIS, PAGE 5

More than 30 Coalition agreed Scholz clears path

to succeeding Merkel as chancellor
Briefing
i Orange chief convicted in fraud case

migrants die
Stéphane Richard has been handed a one-year
suspended jail sentence by a French court in a case
centred on the late Bernard Tapie, leaving his
future at the telecoms group in the balance.— PAGE 5

trying to cross
i UAE ruler’s visit to Turkey signals thaw
Abu Dhabi’s crown prince has arrived in Turkey
after almost a decade’s gap in UAE visits, heralding a
thaw in their difficult relationship and buoying the
ailing Turkish lira.— PAGE 4; MARKETS INSIGHT, PAGE 9

Channel to UK i Beijing turns screw on Tencent again

Chinese regulators are demanding state approval of
any new apps from Tencent after a number of
offerings from the nation’s most valuable tech were
accused of violating consumer interests.— PAGE 5

3 Tragedy hits small boat from France
3 Worst accident in surge of crossings
ROBERT WRIGHT — FOLKESTONE
VICTOR MALLET — PARIS
ANNA GROSS — CALAIS
More than 30 people have drowned dur-
ing an attempt to cross the English
Channel from France in the worst acci-
dent in a surge of clandestine small-boat
crossings that have frayed relations
between French and British authorities.
French officials said 31 bodies had
been recovered, including five women
and a young girl. They were alerted to
the disaster by the crew of a fishing boat.
Boris Johnson said he was “shocked,
appalled and deeply saddened” at the
deaths and said efforts to stop the cross-
ings “had not been enough”. The British
prime minister added that people
smugglers were “getting away with mur-
der” and that the UK was eager to work
with the French government to do
more. “That is the offer we are mak-
ing,” he said.
Jean Castex, France’s prime minister,
called the deaths a “tragedy”, blaming
the incident on “criminal smugglers”.
However, Natacha Bouchard, Calais’
mayor, said: “The British government is
to blame. I believe that Boris Johnson
has, for the past year and a half, cyni-
cally chosen to blame France.”
The UK and France have had bitter
exchanges for years over the numbers of
migrants, many from the Middle East
and Afghanistan, seeking to reach the
UK from France.
London has accused France of failing
to stem the flow of migrants from the
French side of the Channel, while Paris
blames the UK for its lax approach to
i Mexican president’s choice hurts peso
Andrés Manuel López Obrador
alarmed markets by nominating
an obscure economist to head
migration and says new arrivals are fre- Mexico’s central bank, causing
quently able to work illegally in Britain. the peso to slide to its lowest
Tempers had cooled in recent days since March.— PAGE 8
after a call between Gérald Darmanin,
France’s interior minister, and Priti i Freetrade app aims at £650m valuation
Patel, UK home secretary, and the dis- The UK-based fintech will seek a £650m valuation in
mantling of a camp of hundreds of mig- a fresh round of crowdfunding, double the value it
rants near Dunkirk by French police. posted earlier this year, as the trading app founded in
The number of people to have 2016 plans to push into cryptos.— PAGE 6
claimed asylum in the UK after crossing
the Channel in boats has reached 25,700 i Sudan leader vows to hold polls in 2023
for this year, more than three times the The general behind a coup in Sudan has said he is
8,469 total for all of 2020. committed to holding elections and returning power
There have been numerous reports of to civilians, after mass protests and widespread
individual deaths. French officials international condemnation of the takeover.— PAGE 4
reported at the weekend that 31,500
migrants had left the French coast for i Peng case forces rethink of China stance
England since the start of the year. Of Support from tennis’s top stars who are demanding
those, 7,800 had been rescued and seven Peng Shuai’s safety and an investigation into her
had died or disappeared. Decathlon, the assault claims has shattered a taboo on how western
sports and clothing retailer, said it had groups operate in China.— PAGE 4; FT VIEW, PAGE 16
stopped selling kayaks in Dunkirk and
Calais because they were being used for
dangerous crossings. Datawatch
Two helicopters, one from France and
one from the UK, and three French ves-
sels were taking part in the continuing Paltry poultry US inventories of
rescue operation yesterday. The French Weight of frozen turkeys in storage frozen turkeys,
interior ministry this week said it was in the US (lbs, millions) which typically
Range of peak two
deploying €11m of new equipment, 800 inventory
sizes months before
including all-terrain vehicles, fast boats Clemens Bilan/EPA-EFE/Shutterstock
1985 to Thanksgiving
600 2020
and night-vision sights, under its deal present
dinner, were at
with the UK to stop migrant crossings. Olaf Scholz, leader of Germ- defeat of Merkel’s centre-right finance ministry, while the their lowest level
400
Smugglers have started using larger any’s Social Democrats, sealed CDU in September’s federal Greens will head the foreign 2021 for 36 years
inflatable boats. They have also started a coalition agreement yester- elections, promised action on ministry and a new climate pro- this September.
200
launching from a wider range of day with the Greens and liber- climate change and investment tection ministry. Low volumes of
beaches, sending migrants on longer, als that paved the way for him “to maintain Germany’s status The coalition’s most urgent 0
production and
more dangerous crossings to evade the to succeed Angela Merkel as as a world leader”, Scholz said. task will be tackling a surge of Jan Apr Sep Dec labour shortages
French authorities. chancellor next month. The fiscally conservative Covid-19 sweeping Germany. Sources: Gro Intelligence; USDA are to blame.
Additional reporting by Sebastian Payne The deal, which followed the Free Democrats will take the Reports & Global Insight page 2

Dimon apologises to China after saying

JPMorgan will outlive Communist party
TABBY KINDER — HONG KONG comment. I was trying to emphasise the nesses that generate big revenues in
DEMETRI SEVASTOPULO — WASHINGTON
strength and longevity of our company.” China are typically cautious of com-
Jamie Dimon has issued two separate Hours later he apologised again. “I menting on Beijing. A number of foreign
apologies to China after telling a group regret my recent comment because it’s companies such as HSBC and law firm
of US business leaders that JPMorgan never right to joke about or denigrate Mayer Brown have faced a backlash in
Theranos start-up founder Chase would outlast the Chinese Com- any group of people, whether it’s a coun- China over perceived criticism.
denies blood-testing fraud munist party. try, its leadership, or any part of a soci- In 2019, Swiss bank UBS was excluded
ety and culture. Speaking in that way from some Chinese state-backed deals
Regret and resolve i PAGE 6 In a speech in Boston on Tuesday the can take away from constructive and after one of its economists made a com-
bank’s chief executive had referred to thoughtful dialogue in society, which is ment about “pigs in China”.
the party’s 100th anniversary, remark- needed now more than ever.” JPMorgan said: “Jamie made clear
Austria €3.90 Malta €3.70 ing that JPMorgan was the same age. “I’ll Bonnie Glaser, a China expert at the China and its people are very smart and
Bahrain
Belgium
Din1.8
€3.90
Morocco
Netherlands
Dh50
€3.90 make a bet that we last longer,” he said, German Marshall Fund, said: “If the very thoughtful”. He supports “a const-
Bulgaria
Croatia
Lev7.50
Kn29
Norway
Oman
NKr40
OR1.60
adding: “I can’t say that in China. They apology was effusive, the Communist ructive and detailed economic dialogue”.
Cyprus €3.70 Pakistan Rupee350 are probably listening anyway.” party might let it go.” The longevity of JPMorgan has operated in China since
Czech Rep
Denmark
Kc105
DKr38
Poland
Portugal
Zl 20
€3.70 The bank scrambled yesterday to mit- the party “isn’t a topic that China likes to 1921, the same year the Communist
Egypt
Finland
E£59
€4.70
Qatar
Romania
QR15
Ron17
igate any damage to relations with call attention to”, she added. party was founded. It has said growth
France €3.90 Russia €5.00 China, where JPMorgan has spent years Dimon’s comments were made days there represents one of the largest opp-
Germany
Gibraltar
€3.90
£2.90
Serbia
Slovak Rep
NewD420
€3.70 laying the groundwork to take advan- after his surprise one-day trip to Hong ortunities for the bank and its clients.
Greece €3.70 Slovenia €3.70 tage of the country’s growing prosperity. Kong, becoming the first Wall Street Tennis star’s claims force rethink page 4
Hungary Ft1200 Spain €3.70
India Rup220 Sweden SKr39 First, Dimon issued a statement. “I chief executive to go there since the start Betting on Beijing’s big bang page 7
Italy
Lithuania
€3.70
€4.30
Switzerland
Tunisia
SFr6.20
Din7.50
regret and should not have made that of the pandemic. Leaders of global busi- FT View page 16
Luxembourg €3.90 Turkey TL30
North Macedonia Den220 UAE Dh20.00

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2 ★
Coalition pact
Scholz to become German chancellor
Lindner expected to head
finance ministry after deal
by SPD, liberals and Greens
GUY CHAZAN — BERLIN
Olaf Scholz unveiled the coalition agree-
ment between the Social Democrats,
Greens and liberals that will allow him
to succeed Angela Merkel as German
chancellor, promising the “biggest
industrial modernisation of Germany in
more than 100 years”.
He said the agreement would pave the
way for Germany to become a “pioneer
on climate protection”, adding that “we
will invest massively to maintain Ger-
many’s status as a world leader”. Annal-
ena Baerbock, Green co-leader, said the
new government would introduce a
“paradigm change” in German politics.
Pragmatist emerges as Merkel’s successor
SPD leader in remarkable
comeback to stand on
threshold of chancellorship
GUY CHAZAN — BERLIN
Less than two years ago, Olaf Scholz was
licking his wounds after losing to two
little-known leftwingers in the contest
to lead Germany’s Social Democrats
(SPD). His dream of becoming chancel-
lor had been dealt a near-fatal blow.
But yesterday, he made one of the
most remarkable comebacks in German
politics. Written off for months as an
also-ran, from a party that was fading
into irrelevance, he stood before a
packed hall as Angela Merkel’s pre-
sumptive successor.
The occasion was the unveiling of the
coalition agreement negotiated by the
SPD, Greens and liberal Free Demo-
crats, the fruit of nearly two months of
talks following national elections in Sep-
tember that resulted in a narrow victory
for the Social Democrats.
The deal envisages aggressive action
on climate and huge investments in
infrastructure. But it also enshrines key
SPD demands: an increase in the mini-
mum wage, a commitment to stable
pensions and more social housing.
The coalition brings together a Green
party that campaigned to relax strict fis-
cal rules and invest billions in greening
the economy, and an FDP that insisted
on a swift return to pre-pandemic eco-
nomic orthodoxy. That such ideological
differences were bridged quickly is a
testament to Scholz’s negotiating skills.
It also vindicates the Scholz approach
— a pragmatism and moderation that
often annoyed leftwingers in his party.
Many in the SPD felt he was too close to
Merkel and her Christian Democrats.
Indeed, Scholz campaigned as the conti-
nuity candidate, his long experience in
government and down-to-earth man-
ner making him a worthy heir to Mer-
kel. The message resonated with a vot-
ing public alarmed by Covid and miss-
ing the stabilising influence of their
chancellor of 16 years.
But Scholz may soon have to adopt a
different style. “If he really wants
to . . . tackle the big tasks of our time,
climate change, growing social inequal-
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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 expected once Britain
leaves the EU, customs authorities have
admitted to MPs.
FINANCIAL TIMES
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The coalition agreement was the fruit
of intense negotiations following the
Social Democrats’ narrow victory in a
national election on September 26.
The coalition deal, the first such alli-
ance on a national level in Germany’s
history, needs to be approved by each
party, after which parliament will hold a
vote to elect Scholz as chancellor in
early December.
Though the emphasis in the party
leaders’ press conference yesterday was
on climate change, public investment
and more workers’ rights, the new gov-
ernment’s most urgent priority will be
to stem a pandemic that is threatening
to swamp Germany’s hospitals.
Under the coalition agreement, the
SPD will get six ministries, in addition to
the chancellery, while the Greens will be
awarded five and the liberal Free Demo-
crats (FDP) four.
Rule of three:
from left,
Christian
Lindner, Olaf
Scholz and
Annalena
Baerbock
yesterday
Kay Nietfeld/dpa/AP
WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
A Five Star plan?
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
Dear Don...
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
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 HOW DRIVERLESS
equity market rally to hunt for bargains across the
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
Art of persuasion Mystery deepens
i London tower plans break records
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 tensions after talks in Ankara with President Recep
of the Commons treasury select com- Tayyip Erdogan on issues including Syria and the
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FINANCIAL TIMES
INTERNATIONAL
The Greens will take control of the ‘We will
foreign ministry and a newly created
invest
economy and climate protection minis-
try. Baerbock said the parties had
agreed to “return to an active European
massively
foreign policy”, one that was based on
diplomacy and dialogue and “driven by
to maintain
Germany’s
values and human rights”.
The finance ministry goes to the FDP,
which has a reputation for fiscal hawk-
status as a
ishness: it is widely expected in Berlin
world
that the party’s leader, Christian Lind- leader’
ner, will become minister.
Speaking yesterday afternoon, he said
Olaf Scholz
the coalition deal would ensure that
Germany remained an “advocate of
sound [public] finances. This is impor-
tant in view of the concerns a lot of peo-
ple have right now about inflation.”
September’s election marked a water-
shed. With Merkel quitting the stage
after four terms as chancellor, her Chris-
Bundestag. Heir apparent
ity and digitisation, he’ll be forced to do dented by clashes between anarchists
the opposite of what he’s so far known and police during a G20 summit in 2017.
for: he will have to fight, and to When Merkel appointed him finance
fight with passion,” wrote Veit Medick minister in her last cabinet, he hewed
in Der Spiegel. closely to the strict fiscal orthodoxy of
When Scholz joined the SPD in 1975, Wolfgang Schäuble, his predecessor in
he identified with the more radical the job, who had come to symbolise the
wing, pledging to “overcome the capital- austerity policies of post-crisis Europe.
ist economy”. “I’ve definitely become But that changed when the pandemic
more pragmatic over the years,” he said hit and Scholz helped put together a
last August of his youthful militancy. €420bn programme of support for busi-
A labour lawyer in the 1990s, he nesses and workers — one of Europe’s
climbed the ranks in the SPD, becoming most generous emergency aid packages.
general secretary in 2002. In that role, “This is the bazooka, and we will use it
he earned the enmity of the left for his to do whatever it takes,” he said in
support of then chancellor Gerhard March 2020, echoing the words of Mario
Schröder’s labour market reforms. He Draghi, former European Central Bank
became known as “Scholz-o-mat” for president, during the eurozone debt cri-
his often robotic, monotonous delivery. sis in 2012.
Scholz served as Merkel’s labour min- Scholz took on vast amounts of debt
ister during the 2008-9 financial crisis and suspended the “debt brake” limit on
and in 2011 was elected mayor of Ham- new borrowing. He also played a critical
burg, a job he held for seven years. role in driving through plans for an
While popular, his reputation was EU recovery fund, which will channel
Scandinavia
Andersson lasts seven hours as Sweden’s first female premier
RICHARD MILNE she was finance minister, was rejected
NORDIC AND BALTIC CORRESPONDENT
by parliament, meaning she would have
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Magdalena Andersson’s reign as Swe- to govern with opposition spending
plans until national elections next Sep-
den’s first female prime minister lasted
tember, although a revised budget could
Censors and sensitivity
a mere seven hours as the Scandina-
Warning: this article may be
FEBRUARY 4 2017
upsetting — LIFE & ARTS
be presented in spring.
How To Spend It
vian country was plunged into political
That led the Greens to resign from the
Chic new lodgings
chaos on a day of drama in Stockholm.
government because of the opposition
Andersson resigned as premier yester- budget reversing several environmental
day, having earlier in the day gained suf- measures. They said they would back
ficient backing from parliament to take Andersson as premier in the new vote,
the role, when her new partners from but it is unclear how other parties will
the Green party quit the coalition and
collapsed her centre-left government.
The Greens left in protest after parlia-
ment refused to back the government’s
spending plans and instead adopted a
budget drafted by the opposition,
nationalist Sweden Democrats and two
mainstream centre-right parties.
Handing in her resignation just hours
after saying how “moved” she was to
become leader and inspire girls across
Sweden, Andersson said: “This maybe is
not the best image of Swedish politics.”
Andersson first became Sweden’s new
leader despite losing the vote, as a
majority could not be mustered to stop
her taking office by one vote.
Then her own budget, drafted when Day of drama: Magdalena Andersson, right, is named PM — Erik Simander/TT News/AFP/Getty
tian Democrats slumped to their worst
result and were forced into opposition
for the first time in 16 years and only the
third time since the second world war.
The parties agreed to bring forward
Germany’s exit from coal “ideally” to
2030 from the scheduled date of 2038.
They also plan to ensure renewables
account for 80 per cent of German elec-
tricity output by 2030, up from 45 per
cent in the past year. In addition, some 2
per cent of German territory will be
reserved for wind turbines. They agreed
to legalise cannabis for adults, toughen
rental controls and raise the minimum
wage from €9.60 an hour to €12.
The parties will take a cautious
approach to fiscal policy, insisting that
Germany revert to the “debt brake”, a
cap on new borrowing enshrined in the
country’s constitution, which was sus-
pended during the pandemic, in 2023.
loans and grants to help countries
weather the pandemic.
Those expansive fiscal policies
endeared Scholz to once sceptical SPD
leftists and in August 2020 he was
named as its candidate for chancellor.
Few fancied his chances: the SPD was
languishing around 14 per cent in the
polls, far behind the Greens and CDU.
But Scholz benefited from unforced
errors by rival candidates. When the
results came in on September 26 it was
clear the party had scored a narrow vic-
tory and Scholz was to be chancellor.
Scholz drew sincere applause from
Social Democrats yesterday but the
warmest praise came from a rival.
Christian Lindner, the FDP leader, said
Scholz had emerged in the coalition
negotiations as a “strong leader, with the
experience and professionalism to take
this country into a good future”.
“He will be a strong chancellor for
Germany,” Lindner added.
react. Andersson said she would try to
govern with a one-party minority gov-
ernment of her Social Democrat party.
The Speaker of parliament said he
accepted Andersson’s resignation and
would reveal his plans today.
Sweden, long a bastion of political sta-
bility where the Social Democrats have
come first in every election in more than
a century, is facing an extended period
of political turmoil as a result of the
rapid rise of the anti-immigration Swe-
Thursday 25 November 2021
GLOBAL INSIGHT
EUROPE
Tony
Barber
Parties’ agreement
conceals some tricky
differences on policy
A
fter Germany’s 2017 Bundestag elections,
almost six months passed before a new coali-
tion government took office. This time it’s dif-
ferent. If, as expected, Olaf Scholz of the Social
Democratic party is confirmed as chancellor
in a Bundestag vote planned for the second week of
December, it will have taken Germany just over 70 days to
form a government since the September 26 elections.
The progress has been encouragingly fast, given that the
SPD, Greens and liberal Free Democrats faced the task of
forming the first three-party coalition to rule Germany
since the 1950s. Nevertheless, the coalition agreement that
was made public yesterday conceals what are potentially
awkward policy differences among the three parties,
which have never governed together at national level. The
areas to watch out for are the pandemic, fiscal policy in its
German and eurozone contexts and foreign policy with
regard to Russia, China and Nato.
Germany’s Covid-19 infection rates have hit their high-
est levels this month since the pandemic broke out in early
2020. The premiers of powerful western German states
such as Baden-Württemberg and Bavaria are pressing for
mandatory vaccinations, as adopted in Austria. But sev-
eral eastern German states where anti-vaccination senti-
ment is vocal oppose such sweeping measures, as does the
FDP.
For the incoming government, the difficulty will be to set
out a coherent line on health policy to which all three coali-
tion parties can agree, as far as possible in tandem with
Germany’s 16 states. The aim should be to avoid the mixed
messaging from the fed-
eral and state govern-
ments that has confused
The incoming
and divided German soci- coalition’s three
ety in the closing weeks of
the administration of
parties do not see
Angela Merkel, the chan- wholly eye to eye
cellor.
Despite being the
on foreign policy
smallest of the incoming
government’s three parties, the FDP can be expected to
wield influence above its weight in critical areas of
coalition policy. This will be particularly true for the
management of the public finances if, as appears likely,
Christian Lindner, the FDP leader, takes over as finance
minister.
The three parties have agreed not to alter Germany’s
“debt brake”, a constitutionally-enshrined limit on gov-
ernment borrowing, but the FDP goes further than the
SPD and Greens in not wanting the EU’s post-pandemic
recovery fund to evolve into a permanent instrument of
European economic policy. The FDP takes a similarly hard
line on the need for the eurozone to return to the strict fis-
cal rules suspended during the pandemic.
The incoming government will have to find a way of rec-
onciling its commitment to fiscal discipline with its prom-
ises to raise domestic public investment, particularly in
digitalisation, infrastructure and climate change meas-
ures. The Greens won the argument for bringing forward
the phasing out of coal to 2030 from 2038, but this too may
test the limits of budgetary restraint. On the EU stage, the
new government may face calls from France, Italy and oth-
ers to be more flexible when it comes to renegotiating fiscal
rules.
Finally, the incoming coalition’s three parties do not see
wholly eye to eye on foreign policy. The Greens and FDP
campaigned this year for a tougher line on Russia and
China than was pursued by Merkel’s government, of which
the SPD formed part. There have also been tensions over
nuclear weapons policy and over Germany’s failure
to meet Nato’s target that every member state should
spend at least 2 per cent of gross domestic product on
defence.
With Merkel’s departure after 16 years in office and
the first SPD-led government since 2005, Germany finds
itself in new political territory. The nation’s allies and
friends are counting on the new government to make a
strong start.
tony.barber@ft.com
den Democrats. The nationalist party,
which first entered parliament in 2010,
has broken up the traditional system of
leftwing and rightwing blocs.
Stefan Lofven, Andersson’s predeces-
sor as both prime minister and Social
Democrat leader, was forced to resign in
June after becoming the first Swedish
head of government to lose a no-confi-
dence vote. In July he won enough sup-
port in parliament to resume the job,
only to resign a month later.
With their joint budget proposal and
an earlier common immigration policy,
the Sweden Democrats, Moderates and
Christian Democrats have been paving
the way for a potential new conservative
bloc ahead of next year’s elections.
The rightwing parties have won voter
support for their focus on crime and
immigration, increasingly important
issues in a country that has faced almost
daily incidents of shootings as well as
bombings in suburbs with large num-
bers of foreign-born residents.
Andersson faces the challenge of unit-
ing disparate parties — ranging from the
ex-communist Left to the nominally
centre-right Centre — who backed her in
a new vote.
Thursday 25 November 2021 ★ FINANCIAL TIMES 3

INTERNATIONAL

UK gains from Covid cases and deaths are rising fast in much of Europe, rapidly outpacing the UK
Daily cases per 100k
200
ICU patients per 100k
7 Czech Rep

third jab rollout

Slovakia Austria
Czech Rep 6
Austria Belgium
150 Slovakia
Belgium 5
Germany
Netherlands 4

as infections
100
3
UK Netherlands
Germany 2
50

surge in Europe
France UK
Italy 1
Italy
Spain Spain
0 0
Oct 2021 Nov Dec Oct 2021 Nov Dec
Hospital admissions in England are falling much faster among The UK’s infection-acquired immunity cost thousands of deaths,
the mostly boosted elderly than among younger adults but winter waves send many other countries’ tolls even higher
Early push on boosters puts Britain Percentage change in hospital admissions relative to late October peak, by age group Cumulative deaths per million, since England’s full reopening on July 19

on different trajectory to neighbours 0% 20% 40% 60% 80% 100% boosted

1,000
Romania

OLIVER BARNES AND
JOHN BURN-MURDOCH — LONDON
SAM JONES — ZURICH
For much of the autumn, the UK was
buffeted by the worst Covid-19 wave in
western Europe.
But surges in coronavirus infections
and hospital admissions on the conti-
nent in recent weeks, set against a fast-
paced booster rollout in the UK, have
prompted a change in fortunes.
Daily Covid-19 caseloads per 100,000
citizens in the UK now rank behind
more than 10 European countries,
including Belgium and Greece, while the
UK’s daily rate of Covid-related fatali-
ties per 100,000 is 40 per cent below the
EU average, according to a Financial
Times analysis of official data.
Although some western European
countries currently have lower case
rates than the UK, numbers have risen
30 per cent over the past week in Ger-
many, 59 per cent in Spain and 83 per
cent in France, compared with an 8 per
cent rise in the UK.
Much of this can be put down to the
successful UK booster jab campaign,
while a combination of lower vaccine
coverage, less infection-acquired
immunity and later reopenings from
lockdown has put much of Europe on a
different trajectory, according to scien-
tists and officials.
Philippe Douste-Blazy, a former
French health minister who now serves
with the UN, told the Financial Times
the UK had “acted sensibly” by “turning
[its] attention to boosters earlier than
the rest of Europe”.
A booster uptake of nearly 80 per cent
among eligible over-60s in the UK has
led to an easing of hospital pressures in
the past fortnight. Some 70 per cent of
people who received their second dose
at least six months ago in the UK have
had a booster shot, compared with
52 per cent of eligible citizens in Ger-
many and 43 per cent in Italy.
“The UK chose to have a long, broad
peak, while much of Europe will have a
small but very high peak,” said Jeroen
van der Hilst, associate professor of
immunopathology at Hasselt university
in Belgium.
“At some point, you have to face up to
unvaccinated people getting infected
and breakthrough infections . . . The
UK was wise to do that during the rela-
tive calm of summer [as] we are only
just doing it now.”
Mark Woolhouse, professor of infec-
tious disease epidemiology at Edin-
burgh university, said: “In the UK the
Delta wave, problems with waning
immunity and the onset of indoor mix-
ing [over winter] happened separately.
“In countries like Austria, they’re
occurring all at once and it’s creating the
perfect storm.”
UK primary vaccination rates are also
ahead of some of Europe’s worst-
affected countries. In the UK, just 13 per
cent of over-12s have not received a first
vaccine dose, while in Germany and
Austria this figure is above 20 per cent.
However, John Edmunds, professor of
infectious disease modelling at the Lon-
don School of Hygiene and Tropical
Medicine, pointed out that the UK
0
-10
-20
-30
-40
-50
Oct 2021 Nov
Source: FT analysis of data from national health ministries and UK government Covid-19 dashboard
‘In nations coronavirus strategy “has not been cost-
free”. Some 15,000 people have died
like Austria, from the virus since the UK emerged
[problems] from lockdown in the early summer and
more than 100,000 Covid-19 patients
are have been admitted to hospital.
occurring Between mid-July and the start of the
European wave in October, the UK
all at once recorded the fifth-highest per capita
and it’s death toll in the continent, although
surging deaths in eastern Europe have
creating the since moved other countries higher.
perfect Countries such as Spain and Portugal,
with higher vaccination coverage, low
storm’ infection rates and mitigations such as
mask-wearing still in place, were in a
“far better position”, Edmunds added.
Woolhouse made the point that the
UK “had an awful lot of natural expo-
sure” as a result of the high level of infec-
tions since the summer, meaning that
overall immune protection could be
“among the highest” in Europe.
Viola Priesemann, a researcher at the
Max Planck Institute for Dynamics and
Self-Organization in Göttingen, said the
contrast between the UK and Ger-
800
Age 18-64
600
400
65-84
200
85+
0
Dec Aug
many’s response could stem from a “dif-
ferent risk calculation”.
In Germany, daily Covid-19 cases are
nearing the UK level, prompting a warn-
ing this week from Angela Merkel, out-
going chancellor, that current measures
were “not sufficient”.
In contrast, Boris Johnson, UK prime
minister, insisted this week that there
was “nothing in the data saying we need
to move to Plan B”.
“There are fundamentally different
attitudes towards accepting hospital
pressures,” said Priesemann.
Pascal Soriot, chief executive of Astra-
Zeneca, noted this week that its corona-
virus vaccine developed with Oxford
university could help stave off serious
Covid-19 illness in older people for
longer, as he contrasted the lower hospi-
tal admissions in the UK with much of
Europe.
However, Danny Altmann, professor
of immunology at Imperial College Lon-
don, said it “takes a brave person to put
[the difference] down to one thing”.
Priesemann added that the UK “prob-
Latvia
Greece
Slovenia
Slovakia
Austria
UK Belgium
Netherlands
2021 Dec
ably stands to gain more” from its
booster campaign in large part because
of the “more dramatic waning of immu-
nity” associated with the Oxford/Astra-
Zeneca jab.
Tim Spector, professor of genetic epi-
demiology at King’s College London,
predicted that a “negligible amount” of
triple-jabbed people would be admitted
to hospital over winter.
Protection against symptomatic
infection was 93.1 per cent for people
aged 50 and above who originally
received the AstraZeneca jab and 94 per
cent for BioNTech/Pfizer recipients a
fortnight after their Pfizer booster,
according to the UK Health Security
Agency. “Taking [those with boosters]
out of the equation will prove vital for
health systems,” said Spector.
Nicola Low, an epidemiologist at Bern
More online
Latest news, university and a member of the Swiss
plus coronavirus government’s coronavirus scientific
tracker task force, said overcoming the acute
ft.com/ pandemic phase would take “an awful
coronavirus long time to occur . . . so, yes, third
doses are going to be critical”.
4 ★
Diplomacy
UAE ruler’s talks with Erdogan signal thaw
Ankara seeks to repair ties
in region amid clashes
with western powers
LAURA PITEL — ANKARA
SIMEON KERR — DUBAI
ANDREW ENGLAND — LONDON
The de facto ruler of the United Arab
Emirates arrived in Turkey for the first
time in almost a decade yesterday, her-
alding a thaw in a difficult relationship
and buoying the Turkish lira.
Sheikh Mohammed bin Zayed al-
Nahyan, the crown prince of Abu Dhabi,
was greeted by Recep Tayyip Erdogan
and a marching band at the presidential
palace in Ankara, where the two leaders
Lira collapse bodes ill for Turkish economy
Analysts warn of greater
switch to dollars and rising
inflation as elections loom
LAURA PITEL — ANKARA
JONATHAN WHEATLEY — LONDON
Recep Tayyip Erdogan’s defence of
recent interest rate cuts and declaration
of an “economic war of independence”
have sent the lira plunging and left ana-
lysts wondering how far Turkey’s presi-
dent is willing to let the currency fall.
Erdogan, who has sacked three cen-
tral bank governors since mid-2019, has
insisted he will stay on the path of low
interest rates to stimulate growth and
investment. Forecasters, including the
IMF, expect gross domestic product
growth of 9 per cent this year — one of
the fastest rates in the world.
But with the lira falling 15 per cent at
one point on Tuesday, analysts warn the
volatility could smother growth, and
that Erdogan’s approach could imperil
the economy and fuel public discontent.
Will more savers switch to dollars?
Turkish bank customers can hold
deposits in foreign currencies and the
lira. In recent years Turks have opted
increasingly for dollars and euros as
high inflation and low interest rates
have eroded returns on lira savings. For-
eign currency deposits make up 55 per
cent of the total — about $260bn — com-
pared with 49 per cent in 2018.
Analysts say dollar holdings could rise
further, piling more pressure on the lira
and creating a vicious cycle in which
savers pull their cash, as was the case on
a limited scale during the summer 2018
currency crisis. “My concern is from this
point on: would you want to keep your
money in the Turkish banking sector?”
said Phoenix Kalen, an emerging mar-
kets strategist at Société Générale.
A full-blown run on the banks was last
visited on Turkey in 2001. In such a sce-
nario, Ankara could impose capital con-
trols, such as obstacles to the with-
drawal of hard currency, though it has
insisted it would not do so.
How high will prices go?
Annual inflation stood at almost 20 per
cent in October, said the Turkish statis-
Sport
Tennis star assault claim prompts west rethink on China
EDWARD WHITE — WELLINGTON
SARA GERMANO — NEW YORK
With a single social media post that was
swiftly removed, Chinese tennis hero
Peng Shuai sparked an international
furore that is reshaping how the west
responds to an increasingly authoritar-
ian government in Beijing.
The 35-year-old’s November 2 allega-
tion of assault by Zhang Gaoli, a former
member of the Chinese Communist
party’s highest ranking political body,
was removed from China’s internet
within minutes.
But a wave of support from the sport’s
top stars and the Women’s Tennis Asso-
ciation — demanding not only her safety
but also an investigation of the allega-
tions — has shattered a taboo of how
companies and organisations operate in
the world’s biggest consumer market.
“Of course it’s only what they should
be doing, but it’s noteworthy because
virtually every other sports league,
company, even government caves
rather than pissing off the authorities
and risking access to Chinese markets,”
said Jonathan Sullivan, director of the
University of Nottingham’s China Policy
Institute.
China, home to about a quarter of the
world’s tennis players, is crucial to
expanding the women’s sport.
were expected to discuss investment
and regional politics.
The lira, which at one point on Tues-
day lost 15 per cent of its value against
the dollar on fears about Erdogan’s
management of the economy, yesterday
regained as much as 10 per cent as mar-
kets cheered the prospect of Emirati
investment in Turkey at a time when
western capital is scarce.
Sinem Cengiz, an analyst on Turkish-
Gulf relations, said the visit “symbolises
a turning point in Turkey-UAE relations
after a decade-long feud”. The two states
have been on opposing sides in conflicts
and vying for influence since popular
uprisings rocked the region in 2011,
their rivalry extending from the oil-rich
Currency strain. President’s ‘war’
Sharp end: shoppers walk through
spice shops in Istanbul yesterday.
Households are feeling the pinch
after food price inflation hit 27 per
cent last month — Ozan Kose/AFP/Getty
Turkish lira’s retreat
Against the dollar, annual % change
10
0 further undermine public support for
-10
-20
-30
-40
-50
2010 13 15 17 19 21*
* Year to date
Source: Refinitiv
In 2018, the WTA signed a 10-year
deal for Shenzhen, a city of 12.6m in
southern China, to host the blue-ribbon
WTA Finals series.
The WTA’s willingness to be ostra-
cised by Beijing stands in stark contrast
to many western groups that have upset
China’s government or consumers.
Companies from McDonald’s and
Calvin Klein to Versace and Mercedes
have issued grovelling apologies and
begged China for forgiveness.
The most recent parallel was the Chi-
nese boycott of the NBA — both from
fans and state media — following Hou-
ston Rockets manager Daryl Morey
sending a tweet in support of Hong Kong
pro-democracy protests in 2019. The
basketball association, which touts pro-
gressive values in America, said at the
time it was “extremely disappointed” by
Morey’s “inappropriate remarks”.
Simon Chadwick, an expert in the
business of global sports at Emlyon
Business School, said the WTA’s position
was a “tipping point” in how western
organisations dealt with Beijing.
“Sport organisations realise they can-
not say and do nothing. When it comes
to gender equality . . . there is no equiv-
ocation: your position must be very
clear and very strong,” he said.
But, Sullivan noted, Peng’s case also
marks the first big test of a foreign
FINANCIAL TIMES
INTERNATIONAL
Gulf to the Horn of Africa to Libya.
The talks are a further sign of a tenta-
tive shift towards de-escalation in the
Middle East as the election of Joe Biden
and the economic turmoil triggered by
the pandemic have prompted regional
leaders to recalibrate foreign policies.
The UAE is shifting its focus towards
economic diplomacy to boost its post-
pandemic recovery, while Erdogan
wants to repair ties with regional rivals
as he faces strains with western powers.
“Both countries realised that after
being at each other’s throats for 10 years
neither side had punched a knockout
blow and it was time to disengage,” said
Abdulkhaleq Abdulla, a political science
professor in Dubai.
tical institute. Food price inflation,
more than 27 per cent year on year in
the same month, has hit low-income
households especially hard.
A reliance on imports means a lira col-
lapse translates quickly into higher
prices. Jason Tuvey of Capital Econom-
ics, a consultancy, predicts inflation is
“likely to rise to 25 to 30 per cent over
the next month or two”.
High inflation risks fuelling currency
weakness and stifling growth and could
Erdogan, whose two-decade rule was for
years associated with rising prosperity.
The opposition, which won control of
the two largest cities after the 2018
crisis, wants early elections so it can cap-
italise on disquiet about the economy.
Depleted net foreign exchange
reserves weaken the central bank’s abil-
ity to defend the currency. During previ-
ous bouts of lira weakness, Turkey
eventually announced emergency rate
rises that halted the slide in the lira and
sports league since a series of events that
have soured ties between the west and
China. That includes the onset of the
coronavirus pandemic and the rise of
China’s ultranationalist “wolf warrior”
diplomats. It also coincides with
broader international awareness of
human rights abuses in Xinjiang and the
rapid erosion of freedoms in Hong Kong.
While Peng’s case was unlikely to
Support for Peng
Shuai from players
and the WTA has
shattered a taboo
of how business
operates in China
cause an immediate business exodus
from China, Sullivan said that “maybe
the cost-benefit calculation for foreign
entities is changing”.
“A lot of sports, leagues and clubs
have bet big on China. I do not think we
are at breaking point yet. But they might
look to see what kind of leeway WTA
can buy for itself in terms of ‘standing
up’ to China,” he said. Chadwick added
that many foreign groups were “begin-
ning to realise” that China was one of the
most difficult territories in the world in
which to do business.
The International Olympic Commit-
tee, however, has emerged as an outlier.
The two sides are expected to sign
deals for investment in energy, technol-
ogy, health, ports and logistics, Turkey’s
TRT news service reported. Reuters said
Turkey’s central bank governor was
meeting Emirati officials to discuss the
potential for a swap agreement to boost
the country’s foreign currency reserves.
Analysts say many of the issues at the
core of their dispute remain. Relations
became strained when Turkey and
Qatar, its Gulf ally, backed the Arab
uprisings in 2011. The monarchies in the
UAE and Saudi Arabia, its main ally, saw
the revolutions as a threat to regional
stability and their own hold on power.
Abu Dhabi and Ankara backed oppos-
ing sides in Libya’s civil war, and UAE
tamed runaway inflation. But in light of
Erdogan’s tight grip on the central bank
and his hints of more rate cuts, some
analysts ask if this time is different.
Ankara appears to have a “tolerance
for a weakening lira”, said Enver Erkan,
analyst at Terra Investment, adding that
it was hard to predict how far policy-
makers would be willing to let it fall.
Will banks retain access to foreign
funding?
Banks are heavily reliant on borrowing
from abroad to fund lending at home.
While foreign financing has been resil-
ient even in past episodes of currency
stress, a sudden change in sentiment
among foreign lenders could put the
financial system under pressure.
“In recent years Turkey has gone
through multiple crises and we’ve seen
banks retain quite reasonable access,”
said Huseyin Sevinc at Fitch, the rating
agency. Lenders had “significant foreign
currency liquidity buffers to cover a
On Sunday, IOC president Thomas
Bach said he held a video call with Peng
and that she appeared to be “doing fine”.
Yaqiu Wang, a China expert at
Human Rights Watch, a US-based cam-
paign group, criticised the committee
for “active collaboration with Chinese
authorities in undermining freedom of
speech and disregarding alleged sexual
assault”. She said: “The IOC appears to
prize its relationship with a major
human rights violator over the rights
and safety of Olympic athletes.”
Joe Biden, US president, last week said
he was “considering” a diplomatic boy-
cott of the Beijing 2022 Winter Olym-
pics, starting in February, over human
rights concerns. That would mean
American athletes taking part in the
Games but the US would not send high-
ranking officials to attend.
Zhao Lijian, China’s foreign ministry
spokesperson, has dismissed questions
over Peng’s case as “not a diplomatic
matter” and on Tuesday criticised
“malicious hyping” and “politicisation”
of the issue.
The US Olympic Committee did not
comment immediately on Peng’s case
but has previously said it was against
athlete boycotts.
Additional reporting by Emma Zhou
in Beijing
See FT View
officials have accused Turkey of inter-
fering in Arab affairs.
When Saudi Arabia and the UAE led a
trade and travel embargo against Qatar
in 2017, Turkey accelerated the deploy-
ment of troops to a military base in Doha
in a show of support for its Arab ally. But
tensions began to ease after Riyadh
moved to lift the regional boycott at the
start of the year.
In the months since, Turkey has
reached out to Egypt, Saudi Arabia and
Israel as well as the UAE. Trade and
investment had tailed off during the
past decade of tensions between Turkey
and the UAE. Cengiz said: “The main
theme of this approach is the economy:
realpolitik outweighed idealpolitik.”
brief market closure of around a year”,
he said, but a “prolonged market clo-
sure could carry significant risks”.
Can Ankara afford to pay its debts?
During the 2018 crisis when the lira fell
up to 18.5 per cent in a day, a big worry
was the corporate sector’s ability to
repay dollar- and euro-denominated
loans. Companies had deleveraged their
external debt by $74bn, said Barclays,
but some shifted to the public sector
after the Treasury issued local debt
denominated in foreign currency.
The foreign exchange component of
central government debt hit 60 per cent
of the total last month from 39 per cent
in 2017. Turkey’s overall debt-to-GDP
ratio is still low compared with that of its
emerging market peers, at about 40 per
cent of GDP. But analysts say the rising
cost of debt servicing could limit its fis-
cal space at a time when it is planning to
increase giveaways, as elections loom.
See Markets Insight
Cost of living
Inflation pushes up price of
Thanksgiving dinners in US
EMIKO TERAZONO AND
CHELSEA BRUCE-LOCKHART — LONDON
COLBY SMITH — NEW YORK
Thanksgiving feasts will be back again
in the US after the pandemic disrupted
them last year. But Americans will be
paying more to celebrate when they
gather around dinner tables today.
Led by jumps in prices for wheat, tur-
key, potatoes and corn, the prices of
food commodities typically included in
a Thanksgiving dinner were on average
25 per cent higher than pre-pandemic
levels in 2019, a Financial Times analy-
sis shows.
The cost of travelling to see family and
friends is also higher, with the US price
of petrol up more than 50 per cent since
the start of the year.
Strong inflation has become a drag on
consumers and a challenge for the
White House and the US Federal
Reserve.
President Joe Biden on Tuesday
sought to tame rising prices as his
administration announced plans to
release 50m barrels of government oil
stocks into energy markets.
Food inflation in the US is running at
about 5-6 per cent year on year, com-
Thursday 25 November 2021
East Africa
Sudan coup
leader vows
to restore
democratic
rule in 2023
ANDRES SCHIPANI — KHARTOUM
The general behind last month’s coup
in Sudan has pledged a return to civil-
ian rule following mass protests and
international condemnation of the
military takeover.
“We are definitely committed to holding
elections in 2023,” Abdel Fattah Burhan
said in his first interview with western
media since the October 25 coup.
On Sunday, military and civilian lead-
ers agreed a deal to allow the return of
Abdalla Hamdok as prime minister. The
coup, more than two years after Omar
al-Bashir and his Islamist regime were
ousted in a popular uprising, has shaken
Sudan’s transition to democracy.
Sudan has since 2019 been ruled by a
civilian-military council, chaired by
Burhan, who had been due to hand over
to Hamdok this month but will now stay
on. Burhan, barred from elections
under the 2019 transitional deal, has
said he will quit politics in 2023. “I’ll
leave and mind my own business,” he
said. “I will also leave the armed forces.”
Sunday’s agreement with Hamdok
allowed for an “independent techno-
cratic government without politicians
and concentrating on . . . the economy,
elections, peace and security”, Burhan
said. Hamdok, an economist, has said
he agreed to the deal to end the “blood-
bath” of recent weeks but critics argue
the civilian politicians have caved in.
Burhan said he was “communicating
with Hamdok on a daily basis” after the
military had kept the prime minister
locked up in his house for weeks to “pro-
tect him from any harm, because some
political actors don’t want this transi-
tion to succeed”.
The general defended the takeover.
“We thought the country was stepping
into the unknown,” Burhan said as
Khartoum struggled with inflation, an
ailing currency and fuel shortages and
negotiated relief on $56bn in external
debts. After the deal, Burhan said “we
hope everything will be OK” with
donors and creditors. The US and the
World Bank froze funds after the coup.
“This was not a coup. It was correcting
the track of the transition, putting it on
the right track,” he said, blaming “politi-
cal parties that infiltrated the govern-
ment organs of the state to get gains for
themselves, that was the problem”.
Antony Blinken, US secretary of state,
said he spoke to Burhan and Hamdok on
Tuesday and “expressed support for the
initial steps to restore Sudan’s demo-
cratic transition” but “underscored” the
need to “rebuild” the confidence of the
Sudanese people.
At least 41 people have been killed by
security forces in protests that followed
the coup, according to a Sudanese doc-
tors’ committee. Official figures list 10
dead, said Burhan, who suggested
blame lay with some elements in the
police and “armed” people linked to
political parties.
Mariam al-Mahdi, a former minister
under Hamdok, said “it is not the politi-
cal parties”. Fathi Fadl of the Sudanese
Communist party labelled Burhan the
coup leader and rejected the deal as a
“betrayal of the Sudanese people”.
pared with about 1.3 per cent annually
in the past decade, said Jayson Lusk,
professor of agricultural economics at
Purdue University in Indiana. “The rate
of food inflation is certainly much
higher than what we’ve been accus-
tomed to,” he said.
Rising food costs have several causes,
Lusk said. The fiscal stimulus under-
taken in response to the coronavirus
boosted domestic US consumption,
while international food demand has
been brisk.
Droughts and inhospitable weather
have reduced harvests, while some
farmers have been wary of increasing
production because they were unsure
over the effects of the pandemic. Wages
have climbed for workers in food-re-
lated sectors, including meat process-
ing, transport and retail sales, adding to
costs.
The American Farm Bureau Federa-
tion, a Washington lobby group, esti-
mates the average retail cost of the
Thanksgiving turkey dinner will rise 14
per cent this year.
At the centre of the plate, turkey
prices were 34 per cent higher than the
2019 average, based on data from the
commodity research group Mintec.
Thursday 25 November 2021 ★ FINANCIAL TIMES 5

Beijing’s big bang Lifting of restrictions gives Wall Street hope it can finally make real money in mainland China y ANALYSIS, PAGE 7

Orange chief Ready to go Wendy’s prepares European

push as UK relaunch exceeds expectations
Tencent must
submit apps
found guilty for approval
by Beijing
over misuse of PRIMROSE RIORDAN — HONG KONG
RYAN MCMORROW — BEIJING

public funds
3 Suspended sentence puts job at risk
3 Richard to fight ‘unjust’ verdict
SARAH WHITE AND NIC FILDES
LONDON
Orange’s chief executive Stéphane Rich-
ard was given a one-year suspended jail
sentence yesterday by a French appeals
court in a fraud case centred on late
businessman Bernard Tapie, leaving his
future at the group in the balance.
Richard, who has led France’s biggest
telecoms company for a decade, had
previously been acquitted in the case,
which predates his time at Orange and
centres on the legitimacy of a 2008 state
payout to Tapie over a business deal
from nearly 30 years ago. Richard
worked in the finance ministry at the
time of the settlement.
The executive, who is also Orange’s
chair, rejected the court’s verdict, which
The case centres on the
legitimacy of a 2008
French state payout to
the late Bernard Tapie
cleared him of aiding fraud but found
him guilty of complicity in the misuse of
public funds. He was also fined €50,000.
Richard said he would appeal to
France’s highest court. “During the
process, the charges have shifted . . .
this is totally incomprehensible and
profoundly unjust,” he said, adding that
the allegations had “no basis in fact”.
He said he would leave it to Orange’s
board to decide his fate. It was due to
meet late yesterday to decide whether
Richard, whose mandate ends in May,
should carry on or step down, according
to people familiar with the matter. Rich-
ard has said he would be prepared to
relinquish his chief executive job next
year but is keen to stay on as chair.
Finance minister Bruno Le Maire has
said that senior executives at govern-
ment-backed companies would have to
leave if convicted of a crime. The state
has a 23 per cent stake in Orange.
But with a final judicial decision on
the saga yet to come, Richard still has
some backing to stay on.
He is credited with steadying the com-
pany during the early part of his tenure,
when Orange was recovering from a cri-
sis sparked by a wave of staff suicides.
However, the group has struggled
recently in some markets, including
Spain, sparking a €3.7bn writedown of
its business there this year.
“We’re in favour of a calm succession
plan here, there is no urgency,” said
Sébastien Crozier, a representative of
the CFE-CGC union who sits on Orange’s
board.
Orange declined to comment.
The court case harks back to a €403m
payout awarded by the government to
Tapie, a well-known French business-
man who once chaired Olympique de
Marseille football club and who died in
October.
Tapie had accused the government of
defrauding him when he sold a stake in
sportswear group Adidas to a state-
backed bank in 1992.
A 2008 settlement was overseen by
Christine Lagarde, then France’s finance
minister, while Richard was her chief of
staff. The payment was later criticised
as excessive amid accusations it was a
covert reward for Tapie’s support of
former president Nicolas Sarkozy dur-
ing his election campaign.
Lagarde, now chief of the European
Central Bank, was found guilty in 2016
of negligence in public office.
Orange has two deputy chiefs who
could step up should Richard be ousted
— Gervais Pellissier, who has been in
executive roles at Orange since 2005,
and Ramon Fernandez, a former gov-
ernment adviser, who is also Orange’s
financial director.
Additional reporting by Domitille Alain
Wendy’s has seen increased UK sales since opening in Reading this year and is planning to expand — Shutterstock
ALICE HANCOCK — LONDON
Wendy’s is accelerating its expansion
in the UK and preparing to launch in
France, Germany and Spain after a
strong start to its return to Europe.
The US group, which has attempted to
break into the UK market twice
before, said it had been buoyed by
sales at its five UK sites since it
relaunched in Reading, a commuter
town west of London, in June.
Abigail Pringle, Wendy’s chief
development officer, said average rev-
enues at its UK restaurants were “far
more” than the chain had expected at
£40,000 a week.
Wendy’s will now target 50 UK
openings next year, Pringle said, on
top of the five restaurants and five
delivery-only, or “dark”, kitchens it
launched this year. The new locations
target is up from a previous goal of 10
new outlets in 2022.
Based on the success of the UK
relaunch, the company also plans to
open stores in the Republic of Ireland
in 2023 and is seeking franchise part-
ners to launch elsewhere in Europe.
The planned UK sites will be a mix-
ture of dark kitchens, dine-in restau-
rants and “drive-thrus”, the company
said. It will open the delivery-only
stores under a franchise deal with
SoftBank-backed Reef Technology,
which operates dark kitchens in car
parks and has signed two franchise
partners to open Wendy’s restaurants
in Yorkshire and the east Midlands.
Wendy’s previously operated out-
lets in the UK in 1980 and then again
in 1992 but retrenched in 2001, saying
that property costs were too high and
it needed to focus on its US business.
Pringle said the US group had “not
been in a position of strength” — at the
time its share price was roughly $5
compared with $21 now — but that,
third time round, Wendy’s was “the
strongest we have ever been”, having
Beijing is demanding approval of any
new apps or updates from Tencent
after a number of its offerings were
accused of violating consumer inter-
ests, in the latest blow for China’s most
valuable tech company.
China’s ministry of industry and infor-
mation technology is to conduct “tech-
nology testing” to ensure Tencent’s apps
meet its standards before the company
can offer them to users, state media
reported. The requirement comes days
after China rolled out data protection
laws restricting how its tech companies
can store and handle users’ personal
information.
MIIT has this year published a series
of lists of apps found to have violated
users’ rights. Nine Tencent apps have
been named, with China’s state broad-
caster saying the company was “going
against the industry’s corrective winds”.
Tencent had already come into con-
flict with the government this year as
regulators targeted its dealmaking and
exclusive music licensing deals.
In August China imposed restrictions
on child gamers as part of a crackdown
on the industry, allowing them to play
for only three hours a week. Gaming is
one of Tencent’s core businesses.
The regulatory drive dented the com-
pany’s revenue growth, which fell to
13 per cent in the three months to Sep-
tember from the 25 per cent and 20 per
recently overtaken Burger King to cent in the preceding two quarters.
become the second-biggest US fast- Tencent confirmed MIIT’s move yes-
food chain by revenues. terday. “We are continuously working
This month, the group reported to enhance user protection features
sales growth of 5.3 per cent across its within our apps and also have regular
restaurants, which span 30 markets, co-operation with relevant government
reaching a total of $3.1bn in the three agencies to ensure regulatory compli-
months to October 3. Net income was ance,” it said. “Our apps remain func-
up 3.6 per cent to $41.2m but its mar- tional and available for download.”
gin in company-owned restaurants Chinese tech companies have faced a
fell 2.5 per cent to 14.4 per cent due to year of regulatory turbulence in the
higher labour and food costs. wake of the cancellation last November
Peter Backman, an independent of a $37bn initial public offering by Jack
food industry analyst, said he was Ma’s online finance company, Ant
“sceptical” about Wendy’s ability to Group. President Xi Jinping’s “common
succeed in the UK. prosperity” policy has since targeted
“Whenever a burger chain comes everything from social inequity to con-
over here, they always talk about the sumer rights.
quality of their beef,” he said. “That Martin Lau, Tencent’s president, said
might have resonance in the States yesterday that stricter regulation was
but it doesn’t really over here. People “the new normal”.
expect to be served reasonable stuff The company has said it is “proac-
and, on the other hand, they are scep- tively” embracing new rules. In August,
tical that a burger they get from a Tencent cut minors’ playing time on
quick service will be high-quality.” Honor of Kings, one of its flagship games.

Japan sheds hostile takeover taboo as Shinsei chokes on poison pill Businesses Legal Notices

— with, many observers suspect, a tacit
INSIDE BUSINESS nod of political gratitude.
At the time of SBI’s move on Shinsei,
ASIA Kitao’s company held 20.3 per cent in its
quarry. Its rather unconventional ten-
Leo der offer envisages it adding 27.6 per
cent to take the total just shy of the 50
For Sale
its premium, came in at ¥2,000, which Business for Sale, Business Opportunities,
means the government is unlikely to sell Business Services,
into it. Business Wanted, Franchises
Nevertheless, people close to the RCC Runs Daily
.............................................................................................................................
and DIC let it be known this week that Classified Business Advertising
they would be voting against the poison
pill — which some have taken as a sign
UK: +44 20 7873 4000
Email: advertising@ft.com

Lewis per cent that would require a drawn out

approval process and onerous capital
requirements.
Shinsei’s response was to propose a
there is now a government faction pre-
pared to countenance hostile takeovers.
The prospect of the RCC, DIC and
Kitao combining to successfully vote

F
or a while yesterday Japan
stood on the verge of the most
pivotal shareholder show-
down in the history of its
financial services industry: a
proxy battle over the future of Shinsei
Bank and the culmination of the sector’s
first ever hostile takeover attempt.
Then very suddenly, it did not. Shin-
sei’s poison pill defence was abruptly
withdrawn, today’s extraordinary gen-
eral meeting was cancelled and the way
was apparently cleared for the breaking
of Japan’s hostile takeover taboo.
It is far from clear, however, whether
the forces of change or the backroom
machinations of Old Japan won the day.
The torment around Shinsei — the
institution born from the 1998 collapse
and forced nationalisation of the Long
Term Credit Bank — began in Septem-
ber with a $1.1bn hostile bid.
The move came from one of the most
controversial and successful figures in
Japanese finance: online brokerage
tycoon and SBI chief executive, Yoshi-
taka Kitao. His relish for disruption is
unabashed and his stated aim for the
past few years has been to upgrade his
various online businesses into Japan’s
“fourth megabank”.
That ambition, for which effective
control over Shinsei would be the linch-
pin, has so far involved buying a series of
minority stakes in ailing regional banks
poison pill defence, which SBI tried to
block in court, but failed. Shareholders
were due to vote on it today after Shinsei
appeared to come up short in its scram-
ble to find another buyer.
The natural vote of the pro-govern-
ance progressive might be against any
form of poison pill as it can entrench
management and hinder shareholders
from profiting from a takeover offer.
But, if successful,
SBI’s bid would It is far from clear whether
give Kitao cheap,
low-responsibility the forces of change
control over a large or the backroom
bank and create a
company structure machinations of
that might disad- Old Japan won the day
vantage minority
shareholders.
Given that and other factors, proxy
advisers ISS and Glass Lewis, counter-
intuitively, had come out in favour of the
poison pill. Some domestic and foreign
investors also were backing it. But there
were more twists to come.
Due to Shinsei’s history, the Japanese
government holds 22 per cent of the
bank’s voting rights via two entities —
the Resolution & Collection Corporation
and the Deposit Insurance Corporation.
The RCC and DIC have an obligation
to return roughly ¥350bn ($3bn) to tax-
payers for the original bailout but can
only do so by exiting Shinsei at a price of
¥7,450 per share. SBI’s offer, even with
down Shinsei’s poison pill thus appears
to have forced the bank to pull the
defence before that humiliation.
Some activist investors, who have
fought the intransigence of corporate
Japan over many years, roared in tri-
umph and declared that the proxy
advisers were caught on the wrong side
of history.
Finally, they argued, the fear of state
disapproval of hostile bids, which has
long constrained companies and private
equity, would lift and Japan would
evolve a long-absent market for corpo-
rate control.
They might be correct, but sceptics
suggest this outcome would feel more
plausible with a hostile takeover that
raised fewer questions over the desira-
bility of its end result. Particularly trou-
bling is the implied government
endorsement of a deal that does not look
like a step forward for governance or
protection of minority shareholders.
The number of former, and poten-
tially highly influential, senior bureau-
crats, drawn mostly from the financial
services regulator, on the board of SBI
and its group of companies has not gone
unnoticed.
“I fear that this may be seen as a stick
of Brighton Rock with ‘conflict of inter-
est’ written all the way through,” said
CLSA analyst Nicholas Smith.
leo.lewis@ft.com
6 ★ FINANCIAL TIMES Thursday 25 November 2021

COMPANIES & MARKETS

Technology Financials

Freetrade app targets £650m valuation EU regulators

British start-up launches
fundraising round for
expansion into crypto
JOSHUA OLIVER AND AKILA QUINIO
UK fintech Freetrade will seek a £650m
valuation in a fresh round of crowd-
funding, double the value the company
posted earlier this year, as the trading
app plans to push into cryptocurren-
cies.
The group yesterday launched its sev-
enth round of fundraising from the pub-
lic since its founding in 2016. The Lon-
don-based start-up has also raised
money from traditional venture capital
investors, most recently in March,
which valued it at £270m.
The sharp rise in Freetrade’s valua-
tion comes as retail stock trading
boomed during the Covid-19 pandemic,
bringing a rush of younger customers
and new cash to brokers from Robin-
hood in the US to established players
such as the UK’s Hargreaves Lansdown.
In the UK, customers opened 7.1m
investing accounts in the first 12 months
of the pandemic, according to the most
recent figures from the Financial Con-
duct Authority.
Freetrade, which recently surpassed
£1bn in assets, is seeking to capitalise on
Healthcare. Blood testing
this momentum to expand across
Europe, squaring off against continental
rivals such as Trade Republic.
Adam Dodds, Freetrade’s chief execu-
tive, said in September that next year
would see “battleground Europe”
among investment apps.
“What we’ve seen over the past two
years is that the theory that Europeans
don’t invest and aren’t interested in the
stock market isn’t true,” he said.
Freetrade — which has 600,000
funded accounts, up from 150,000 at the
start of the year — expected to bring in
£15m of revenue this year, up from £3m
last year. However, it still projected a
loss of £26m before interest, tax, depre-
ciation and amortisation as it continued
to invest in tech and marketing.
The company, which charges inves-
tors foreign exchange fees on their trad-
ing and offers a monthly premium sub-
scription, said its new valuation target
represented a multiple of 13 times pro-
jected 2022 revenues, not including new
business lines such as crypto trading. It
plans to launch this in the new year,
matching moves by peers including
Revolut, Germany’s Scalable Capital
and Robinhood in the US.
The French payment mobile app
Lydia this week said it would allow its
5m users to trade cryptos, along with
stocks, ETFs and precious metals.
to investigate
“Driven by the pandemic, trading has whether banks
seen unprecedented appetite from
retail investors,” the company said.
The push into crypto for Freetrade
played down
runs counter to a campaign by UK regu-
lators to discourage high-risk investing loan loss risks
among retail punters.
Freetrade counts 13,000 individual
shareholders as its largest block of own- LAURA NOONAN
ers, and venture capitalists including
European regulators will examine
Left Lane Capital and Molten Ventures.
whether lenders downplayed the
It said it would for the first time open
potential cost of bad loans during the
its crowdfunding to European investors,
pandemic by sidestepping new
as it looks to raise up to £13m. The com-
accounting rules on when provisions
pany hopes to roll out services across
should be taken against entire indus-
Europe next year, pending regulatory
tries.
approval from Swedish authorities.
The European Banking Authority,
which sets rules for lenders in the bloc,
said bank loan-loss provisions could
have been “significantly affected” by
their failure to use the “collective assess-
ment” method included in accounting

Theranos founder shows regret and resolve in court
Holmes admits use of pharma
logos was unauthorised but
insists start-up was not a scam
DAVE LEE — SAN JOSE
After 10 hours on the witness stand, it
was quite clear how Elizabeth Holmes,
the disgraced founder of blood-testing
start-up Theranos, once managed to
talk a parade of investors into parting
with hundreds of millions of dollars.
This week, as then, the 37-year-old
Stanford dropout seemed to have an
answer for everything.
It helped that she already knew the
questions, coming as they did from her
lawyer, Kevin Downey; all part of a calm
and collected display, delivered mask-
less and behind Plexiglas in the San Jose
court.
As she defended herself on fraud
charges, Holmes appeared supremely
relaxed, even smiling at the judge’s
jokes. Things will soon be much
tougher, however. Government prose-
cutors are poised to cross-examine her
early next week.
Downey guided Holmes through a tes-
timony carefully orchestrated to serve
two purposes. First, to present her as an
ambitious young entrepreneur with
deep knowledge of her work and an
intense belief that her vision was possi-
ble.
Second, to address, and ideally dis-
credit, some of the government’s strong-
est evidence.
Taking the stand on Tuesday, Holmes
quickly confessed to one of the most
serious allegations against her: that she
altered Theranos reports to include the
logos of two leading pharmaceutical
companies — Pfizer and Schering-
Plough.
Prosecutors said it implied that the
pharma groups had endorsed Theranos
technology, which was not the case. The
documents were sent by Holmes to Wal-
greens executives as part of what would
be a successful pitch to open “wellness
centres” at as many as 3,000 of the phar-
macy chain’s locations. Walgreens
became Theranos’s breakthrough client
and the deal was the springboard to
another huge round of investment that
brought Theranos a $9bn valuation.
“This work was done in partnership
with those companies and I was trying
to convey that,” Holmes said of her edit-
ing, acknowledging that the drug com-
panies had been unaware of her actions.
“I wish I’d done it differently,” she added
in a rare display of regret.
Then she tackled another allegation:
that Theranos covered up its use of
Theranos conventional testing machines because
founder its own hardware was not up to the task,
Elizabeth as prior witnesses had stated.
Holmes arrives Holmes dug in, saying that she had
at court in San made the choice to fall back on hard-
Jose this week. ware made by the likes of Siemens due
She denies fraud to the volume of tests from Walgreens.
charges that The Theranos machines had only ever
could carry a been designed to handle one person’s
20-year sample at a time, she said, but the third-
sentence if party tech could handle far more.
convicted — Brittany When asked why she did not share
Hosea-Small/Reuters
details about the change of process with
Walgreens, its customers or Theranos
investors, Holmes claimed that far from
orchestrating a cover up, she was in fact
protecting an innovation: the ability to
use existing testing machines for analys-
ing smaller blood samples.
“This was an invention that we under-
stood from our counsel we had to pro-
tect as a trade secret,” Holmes said.
“The big medical device companies, like
Siemens, could reproduce what we had
done. They had a lot more engineers
than we did.”
At times, the atmosphere in the court
betrayed the severity of what might lie
ahead for Holmes, who in July became a
mother. She faces 11 charges of wire
fraud and conspiracy to commit wire
fraud, all related to the blanket accusa-
tion that her promise, to reduce the cost
and discomfort of having a blood test,
was a sham. If convicted, she faces up to
20 years in prison.
Holmes appearance on Monday to
speak for herself for the first time since
Theranos came crashing was either for-
tunate timing or a well-executed plan.
Either way, it means jurors headed off
for Thanksgiving with Holmes’ defence
at the front of their minds.
Those most desperate to secure one of
about 30 public seats in the courtroom
started to arrive at 3am each day, with
two officials implementing a strictly
logged queueing system to reward the
early risers. The system drew praise
from a local schoolteacher who, having
decided to come along out of curiosity,
said she organised her seven-year-olds
in much the same way.
Nearby, an opportunistic — if perhaps
not altogether serious — woman opened
a suitcase to reveal a selection of “mer-
chandise”, including a blonde wig for
$40, or a Holmes-esque black turtle-
neck for the same price.
The scenes suggest that while it may
Holmes not be quite in the manner intended,
Holmes has unquestionably made her
appeared mark in business.
supremely As she walked into court on Tuesday,
a male supporter yelled “Girl boss! God
relaxed, bless you girl boss.” — a condescending
even nickname but one that speaks to a senti-
ment held by some who point out that,
smiling at given all the male-led start-ups that
the judge’s have failed, it is telling that it is a woman
who finds herself in the dock in one of
jokes. the most talked about cases in Silicon
Things will Valley history.
Others suggest it is not Holmes’ gen-
soon be der at play, but her choice of business.
much Compared with the “move fast and
break things” wild west of software and
tougher, social networking, the highly regulated
however healthcare sector is subject to ruthless
scrutiny, and the cost of getting it wrong
— as evidenced by one witness here who
was falsely told by Theranos that she
was miscarrying — is severe.
Should Holmes be convicted, some
argue it would strap a leash on future
innovators, introducing a fear of failure.
If Holmes is acquitted, others say, it
would signal to investors that even
someone who they claimed lied contin-
uously faces no criminal repercussions.
standards introduced three years ago.
Under collective assessment, entire
groups of borrowers are moved into a
category with higher loan-loss charges,
known as Stage 2, because they are all
deemed to be at risk from the same neg-
ative factors. Banks can avoid this if they
can demonstrate they have the capacity
to analyse all the loans individually or
have another method that is just as
robust.
“We were surprised the collective
assessment was not used more,” said
Delphine Reymondon, a divisional head
at the EBA, of the finding that just over a
third of banks were using the measure
as of June 2020. “The question is that if
you don’t use it during this [pandemic]
period, then when do you use it?”
In its report on the implementation of
the new accounting standards, which
have generally led to the earlier recogni-
tion of loan-loss charges, the EBA cited
“concerns” about whether the failure of
some banks to use collective assessment
resulted in a delay in borrowers being
moved to Stage 2, saying this could have
“significantly affected” final loan-loss
provisions.
The EBA added that the lack of collec-
tive assessment “does not seem to be
justified” and was a “point of attention
for supervisors and regulators”.
Reymondon told the Financial Times
that banks may be “reluctant” to use
collective assessment because “moving
an entire portfolio [of loans] to stage 2
leads to a high impact [on expected
losses]”. The relatively low use of collec-
tive assessment will be an “important
area of further scrutiny for supervisors,”
she added.
European and US banks made huge
provisions for loan losses earlier in the
pandemic as they contemplated mass
defaults while economies were shut
down. Unprecedented support pack-
ages from governments held the worst
of the losses at bay, enabling banks to
release some of those provisions in late
2020.
Still, some argue that banks will not
feel the full impact of losses related to
Covid-19 until the crisis comes to an end
and support measures are withdrawn,
setting the scene for difficult decisions
as banks calculate their final provisions
for 2021.
The EBA was ‘surprised’ by decisions
to sidestep new accounting rules

Mining Retail

Hochschild gains after reprieve for Peru pits
NEIL HUME — LONDON
MITRA TAJ — LIMA
Shares in Hochschild Mining rose yes-
terday after Peru’s government said it
would not unilaterally close mines and
would consider extending operating
licences if legal requirements were
met.
The London-listed company lost 25 per
cent of its market value on Monday after
Prime Minister Mirtha Vásquez said
four mines in Peru’s southern Ayacucho
region, including the company’s flag-
ship Inmaculada mine, would be closed
as soon as possible.
But Lima backtracked from that posi-
tion yesterday following discussions
with the National Society of Mining, Oil
and Energy.
“We rule out the closure and request
for the unilateral end of the operations
of the mining units, which fulfil legal
requirements and conditions estab-
lished in national and sectoral legisla-
tion, and which have corresponding
permits in effect,” a government state-
ment said.
Hochschild shares rose 6 per cent to
120p, making it the biggest riser in the
FTSE 250.
Lima’s U-turn will be welcomed by
the mining sector. The South American
country is the world’s second-biggest
producer of copper and a significant
‘We cannot rule out
potential disputes over
permits at individual
operational mines’
source of gold, silver, zinc and tin. Anglo
American, Newmont, Glencore and
Freeport-McMoRan also operate mines
in Chile, as do Chinese-controlled
companies including MMG and China-
lco and local producers such as
Buenaventura.
Following local protests Vasquez
attended a meeting in the town of
Coracora in the Ayacucho region on Fri-
day and pledged to negotiate terms for
the closure of two small privately owned
mines and Hochschild’s Inmaculada
and Pallancata operations, which
account for about 80 per cent of its
annual production of gold and silver.
Hochschild, 38 per cent owned by
Peruvian billionaire Eduardo Hoch-
schild, hit back on Monday saying it
would “vigorously defend its position”.
Yesterday’s government U-turn fol-
lowed further talks with the company.
Analysts at UBS said the prime minis-
ter’s move was a reminder of the higher
tax and licensing risks in Peru remain
elevated.
“We cannot rule out potential dis-
putes over permits at individual opera-
tional mines and expect some form of
taxation increases for Peruvian miners,”
they said in a note.
The government is proposing higher
taxes on mining to help fund social pro-
grammes. Mining is a big generator of
export revenue.
Lidl to hire 4,000 staff in UK stores expansion
IAN JOHNSTON AND JONATHAN ELEY
Lidl will create 4,000 jobs in Britain in
the next four years and add 100 stores,
continuing its brick-and-mortar
expansion as rivals target deliveries.
The low-cost supermarket, which does
not offer delivery services, had previ-
ously stated that it would expand from
880 to 1,000 stores by the end of 2023.
Yesterday, it increased that to 1,100 by
the end of 2025, effectively continuing
the pattern of adding 50 stores a year for
a further two years.
It added it wanted town centre, retail
park and metropolitan sites, but Chris-
tian Härtnagel, Lidl chief executive, said
there would be no particular geographi-
cal focus, adding: “We need more stores
up and down the country.”
He revealed that the expansion pro-
gramme would be funded by significant
additional equity investment from Lidl
GB’s German parent — a total of £267m
during its financial year to February
2021 and a further £128m in June.
Lidl maintains that ecommerce is not
compatible with its limited-range, low-
cost operating model. Instead, it has
focused on persuading customers to
spend more on store visits; the Lidl Plus
loyalty app launched during the finan-
cial year offers lower prices to holders
plus additional discounts.
Härtnagel said the company was well
prepared for Christmas and had over-
come the summer’s supply challenges.
“There are no obvious gaps . . . there
are no systemic issues any more. But it is
still nowhere near normal. There are
labour shortages everywhere.”
In response, Lidl is raising pay rates
across its operations; in-store staff will
receive £10.10 per hour outside London
from April next year.
Härtnagel said the company was
ready for more Brexit bureaucracy in
January, when customs declarations on
produce arriving into the UK from the
EU will be required, and that the experi-
ence of the wider Schwarz Retail Group
— Lidl’s owner — was valuable.
“They have stores in Serbia, in Swit-
zerland . . . they are very used to deal-
ing with these issues,” he said, referring
to countries that are outside the EU but
do much of their trade with the bloc.
For the year to the end of February
2021, a period that included the peak
impact of the pandemic, Lidl GB
reported sales of £7.7bn, a 12 per cent
increase on the previous year. That was
slightly higher than the 10 per cent rise
rival Aldi managed for the year to
December 2020. Both discounters
recorded slower sales growth in the
early stages of the pandemic, as shop-
pers went online and preferred bigger
supermarkets where social distancing
was easier.
Despite the vaccine rollout, they have
struggled to recapture previous rates of
market share growth. In the 12 weeks to
October 31, Lidl’s sales were flat and
Aldi’s fell 0.4 per cent, according to
Kantar data, although this was still a
better performance than all the estab-
lished supermarkets except Tesco.
Thursday 25 November 2021
Global banks bet long-term on China’s big bang
Beijing’s lifting of restrictions on foreign lenders brings opportunity to sell their expertise to fast-growing businesses
TABBY KINDER — HONG KONG
Just days after sweeping into Hong Kong
on a surprise visit Jamie Dimon was
apologising for suggesting that the Wall
Street bank would outlast China’s Com-
munist Party.
As well as overshadowing last week’s
visit, yesterday’s rare public apology by
the JPMorgan Chase chief executive
underlined the lender’s anxiety not to
jeopardise what it — and US and Euro-
pean investment banking rivals — still
believe could be a big prize in China.
For western investment banks, it is
one that has proved elusive. Plagued by
operational setbacks and prohibitive
regulations that have capped invest-
ment, JPMorgan’s efforts at investment
banking in China have involved large
costs for meagre returns.
Despite investing millions of dollars
and hiring dozens of bankers, it
reported a $40m (Rmb264m) total loss
over the past two years, according to fig-
ures reported to Chinese regulators and
seen by the Financial Times.
Western banks are keen to cast their
losses in mainland China as a necessary
price to pay for a lucrative future. They
also point to the fees already reaped
from advising Chinese companies on
listings in New York and Hong Kong —
rewards that would be much harder for
the banks to secure without a base on
the mainland.
But as Beijing threatens to put an end
to that revenue stream while at the same
time opening up the mainland, Wall
Street is hoping its bigger bet will pay off
and it can finally make some real money
in China itself.
“We are building for the future,”
‘We are building for the
future. We are not worried
if it takes us one year or 25’
Filippo Gori, JPMorgan
Filippo Gori, JPMorgan’s chief executive
for Asia Pacific, told the Financial
Times. “We are not worried if it takes us
one year or 25.”
JPMorgan is far from alone in having
failed to capitalise on its investments in
China. Morgan Stanley’s mainland
investment bank made profits of just
$160,000 in China last year — and a
combined $33m of losses in the previous
two years.
Meanwhile, Goldman Sachs, whose
mainland investment bank is 15 years
older than JPMorgan’s, has made profits
of about $30m in total since 2018.
In fact, of the seven global banks that
own investment banking operations in
mainland China, just three, Goldman,
UBS and Deutsche Bank, have been
profitable in the past three years. The
businesses controlled by JPMorgan,
Morgan Stanley, Credit Suisse and HSBC
are all in the red.
The seven banks’ Chinese operations
made a combined $140m in revenue
from investment banking services in
2020, according to the figures reported
to regulators. JPMorgan contributed
about $600,000 of that.
All the lenders are quick to point out
that the domestic reported revenue for
their investment banks does not repre-
sent their wider China banking busi-
nesses, such as bond underwriting and
advisory work that is booked through
different onshore entities, in Hong Kong
or elsewhere. None of them disclose
total revenues for mainland China.
But no matter the caveats, the num-
bers illustrate that even after decades in
China, global banks have far to go to
capture a significant slice of the enor-
mous domestic deals market.
That was less of a problem when they
could point to the roughly $460m in fees
generated in the first half of this year
Industrial goods
Deere boosted by demand for farm equipment
MATTHEW ROCCO AND AGENCIES
Deere issued an upbeat outlook for its
new fiscal year, after a jump in com-
modity prices pushed up demand for
tractors, combine harvesters and other
farm equipment.
The Illinois-based company’s net sales
increased 16 per cent to $11.3bn in the
three months to the end of October as
farmers invested in new machinery.
Fourth-quarter net income jumped to
$1.3bn, or $4.12 per share, from $757m,
or $2.39 per share, a year earlier. Ana-
lysts were looking for earnings per share
of $3.90.
The world’s biggest maker of agricul-
tural equipment forecast that net
income would be between $6.5bn and
$7bn in fiscal 2022.
The midpoint of that range came out
JPMorgan chief executive Jamie Dimon, along with leading rivals, is hopeful of a more lucrative future on the Chinese mainland — FT montage; Bloomberg
Lean years for western investment banks’ China joint ventures
Rmb m
Investment banking revenue
Goldman Sachs JPMorgan
400
200
0 0
-200
2018 2020 2018
Source: companies
Timeline
Chequered history of
banking partnerships
1995 Morgan Stanley took an early
lead in the race to be China’s global
investment bank, forming the first
domestic joint venture (JV) in a deal
with CICC, but sold its stake in 2010.
2004 Goldman Sachs entered a JV
with Gao Hua Securities. It was given
approval to take 100 per cent control
in October this year.
2006 UBS bailed out Beijing Securities
and became the first bank to take
majority control of 51 per cent in
November 2018 when China let foreign
banks take larger stakes in JVs.
2008 Credit Suisse launched a JV with
Founder Securities. It did not take a
majority stake until 2020.
2009 Deutsche Bank joined Shanxi
Securities to form Zhong De Securities
but has announced no further plans
for the business.
2010 JPMorgan established a JV with
First Capital Securities. Six years later,
it pulled out, then re-entered the
market with a 51 per cent stake in a
new domestic partner. It was the first
bank to be granted 100 per cent
control over its JV in August this year.
2012 Citibank entered into a JV with
Orient Securities. It pulled out in 2019.
2017 After a two-year wait for
approval, HSBC incorporated its
partnership with Qianhai Financial
Holdings, gaining 51 per cent control.
ahead of Wall Street’s estimate of
$6.7bn, even as the company braced
itself for continued supply chain chal-
lenges.
“We expect demand for farm and con-
struction equipment to continue bene-
fiting from positive fundamentals,
including favourable crop prices, eco-
Deere has benefited from a rise in
crop prices and economic growth
★ FINANCIAL TIMES 7
COMPANIES & MARKETS
platform and the revenues will come,”
said Gori. “You accept there will be vola-
tility and headwinds and you follow the
clients.”
Wall Street is banking on being able to
sell its international reach, scale and
technical abilities to China’s fastest-
growing companies, even as the govern-
ment forces many of them to rein in
their offshore strategies.
For JPMorgan, the priority remains
global clients doing cross-border deals
in China. “It’s where we have an edge
compared to our domestic competi-
tors . . . The domestic side is something
we are building on,” Gori said.
An executive close to Goldman said
that getting mainland domestic work
was also an increasingly important part
of its strategy. “The size of the domestic
underwriting business is enormous. But
it’s complicated, highly regulated and
you need to put in a lot of resources to
play.”
The banks face an uphill battle,
putting to work global underwriting
standards of quality and independence
in a far less developed and faster-mov-
ing market.
Their ambitions also run up against
big national banking rivals including
Citic Securities and CICC, whose invest-
ment banking businesses make more
than $1bn a year. And despite dominat-
ing league tables for Chinese companies
doing deals abroad, the global banks’
Net income market share of China’s capital markets
Morgan Stanley Credit Suisse UBS Deutsche Bank HSBC has flatlined.
“Banks in Europe and the US are used
400 to a kind of centralised decision-making
based on the highest regulatory stand-
ards globally,” said one former execu-
200
tive who walked away from a senior role
at a global bank in China.
“This has conflicts with the current
practices in China, where sometimes
you don’t even have rules written down.
I didn’t feel like we could develop fast
-200
enough to catch the opportunities.
2020 2018 2020 2018 2020 2018 2020 2018 2020 2018 2020
Eventually this comes down to a clash of
philosophies between two civilisations.”
from helping Chinese companies list in
Hong Kong and New York, and booked
in those jurisdictions.
“Before now, no one had to do more
than US IPOs of Chinese companies to
say they had a successful China busi-
ness,” said the regional head of capital
markets at a Wall Street bank in Asia.
China’s crackdown on overseas list-
ings for its largest companies on data
security concerns after the disastrous
listing of ride-hailing app Didi in June
has left global banks having to find
another way of proving that their invest-
ments in China, often amid geopolitical
tensions, will be worthwhile.
There is reason for hope. In a regula-
tory “big bang” in the past two years,
China has opened its financial markets
to foreign competition. In January 2020,
as part of a trade deal with the US, China
permitted global banks to take over the
joint ventures through which they were
forced to structure their businesses, giv-
ing them full access to its $31tn, and still
rapidly growing, capital markets.
“The reality is no international bank
has made a meaningful impact onshore
in China yet . . . but the point is not that
important,” said an executive at one of
the banks. “Given the continued open-
ing up and maturing of the market and
more onshore flows, the opportunity is
really emerging now.”
In response, the banks have revealed
ambitious plans to expand, in some
cases aiming to double headcount and
revenue. JPMorgan and Goldman have
received regulatory approval to take full
control of their Chinese investment
banks and are rapidly expanding their
advisory, wealth and asset management
businesses.
“The strategy is first to have all the
licences and controls, then build a
nomic growth, and increased invest-
ment in infrastructure,” said chief exec-
utive John May.
The results come days after the
United Auto Workers union ratified a
new labour agreement with Deere,
ending a five-week strike that had hit 14
of its factories in the US.
“This was a very solid quarter, when
you consider the challenges Deere
faced,” Matt Arnold, an analyst at
Edward Jones, said.
“The company navigated a labour
strike and significant cost inflation due
to the supply chain issues across the
economy, and still grew earnings over
70 per cent.”
The company’s shares climbed 3.6 per
cent in pre-market trading. Deere has
gained about 30 per cent since the start
of the year.
8 ★ FINANCIAL TIMES Thursday 25 November 2021

COMPANIES & MARKETS

Commodities. Price pressure Currencies

Mexico rattles
Oil rises despite US Strategic forex traders
Petroleum Reserve move with central
bank nominee
CHRISTINE MURRAY — TEGUCIGALPA
ERIC PLATT — NEW YORK

Mexico’s president unnerved financial

Release of 50m barrels would
only cover half a day of global
consumption, analysts warn
DEREK BROWER AND MYLES MCCORMICK
NEW YORK
AMANDA CHU — WASHINGTON
JUSTIN JACOBS — HOUSTON
President Joe Biden tried to deliver a
Thanksgiving gift for US drivers on
Tuesday, announcing the country’s
largest release of stored oil in a bid to
drive down petrol prices.
It was a striking move for a leader who
has put climate change at the centre of
his legislative plan and as a candidate
said the US must “transition from the oil
industry”.
The US said it would release 50m
barrels of oil from its roughly
600m-barrel Strategic Petroleum
Reserve, an underground stockpile cre-
ated in the wake of the 1970s oil crises.
The UK, India, South Korea, Japan
and China also agreed to release oil
stocks.
Britain’s planned release is for up to
1.5m barrels. India will release 5m bar-
rels. Volume from the others is not yet
known. Energy Aspects, a consultancy,
said it expected more details from China
to emerge in a few days, to create
distance from the US announcement.
The US sum covers about half a day of
worldwide oil demand of about 100m
barrels a day. About 32m barrels will be
delivered between mid-December and
the end of April 2022 in a swap with oil
companies, which then must return an
equivalent volume by 2024.
The other 18m barrels accelerate sales
that Congress had already authorised.
The action is now being taken as other
efforts to tame petrol prices, including
requests for Saudi Arabia and the Opec+
producer group to pump more oil, have
so far fizzled.
The administration first signalled the
possibility of tapping the strategic
US crude rallies as the world emerges from the pandemic
West Texas Intermediate price ($ per barrel)
Jan 2020
Source: Refinitiv
reserve at a Financial Times conference
last month when Jennifer Granholm, US
energy secretary, said a release was
“under consideration”.
Announcing plans to unleash more
fossil fuels before this month’s COP26
climate conference would have been
politically awkward, analysts said.
The administration also needed time
to negotiate with partner countries.
In the meantime, inflation has
emerged as a pressing domestic issue.
Republicans have pounced, blaming
Biden’s climate policies for gasoline
prices that are about 60 per cent higher
than a year ago.
Jason Bordoff, co-founding dean of
the Columbia Climate School said:
“Given the unprecedented economic
shock of the pandemic, the dislocations
in recovery and the current concerns
about inflation, it’s understandable
why the administration would take
this step.”
As to whether it will drive down
prices, the oil market expected a bigger
stock release than the US announced.
Crude rose in response on Tuesday
with the international benchmark Brent
settling up 3.3 per cent at $82.31 a barrel.
“Threatening it and talking about it
seemed to be quite good,” said Jamie
Webster, senior director of the BCG
Center for Energy Impact. “But as you
80
60
40
20
0 The release may also mark a new twist
-20
-40
2021 Nov
can see from the prices . . . it’s not really
having an effect that anybody was
hoping for.”
Amrita Sen, Energy Aspects’ director
of research, said the release was “a
symbolic move” that would have little
longer-term impact.
The release could take six months, the
oil would have to be replenished and
most of it is “sour”, high-sulphur crude
when the market is tighter in “sweet”
grades, she said.
Traders will now focus on the Opec+
meeting on December 2. The Saudi
Arabia-led producer group has been
increasing supplies by 400,000 b/d each
month as it restores output that it cut
last year. But it could now pause those
increases, analysts said.
Opec did not respond to requests for
comment. “All market developments
will be reviewed at next week’s
ministerial meeting,” said a person
familiar with the group’s position.
So where does this leave the geopoli-
tics of the current situation? Until Tues-
day’s announcement, America’s largest
oil release came during the 2011 civil
war in Libya, when crude oil prices
threatened to spike above $120 a barrel.
The International Energy Agency co-
ordinated that release and it was backed
by Saudi Arabia.
The IEA was not involved in this one
Dust-up: and some European countries objected
crude oil being to using emergency stockpiles for
political reasons, according to a person
unloaded in
Texas. The cost familiar with their position.
The White House turned to big
of energy is
becoming a consuming Asian countries instead,
huge fight in underlining a shift in market forces
since industrialised countries created
US politics
Angus Mordant/Bloomberg
the IEA after the 1973-74 oil crisis.
in US relations with Opec+.
It was Donald Trump that cajoled
Saudi Arabia and Russia, during the
throes of last year’s brutal oil price
crash, to cut production in a bid to prop
up prices and save the American shale
industry from collapse. Now the US is
asking for the opposite.
The SPR release will not have
improved the mood in Riyadh.
“The Saudis don’t seemingly like
being backed into a corner,” said Helima
Croft, head of global commodity
strategy at RBC Capital Markets.
She does “not entirely rule out” that
the kingdom may reduce planned
Opec+ production increases — a move
that she said could then prompt
congressional Democrats to revive so-
called Nopec legislation targeting the
group for cartel behaviour.
The federal Energy Information
Administration said even before
Tuesday’s announcement that oil and
petrol prices were likely to decline next
year anyway.
If not, “the president has got a lot of
tools that he is looking at — and those
tools remain on the table”, Granholm
‘It’s not said on Tuesday.
A ban on crude oil exports, which
really were first liberalised during the Obama
having administration, is one remote possibil-
ity, analysts said. Reducing the biofuel
an effect component in petrol blends is another.
that More rhetoric about collusion or
market manipulation by US oil
anybody producers is also plausible. The Biden
was administration has already sought to
investigate potential price gouging and
hoping for’ urged the industry to increase output.
markets yesterday by nominating an
obscure public sector economist to head
the country’s central bank, causing the
peso to slide to its lowest level since
March.
The announcement came a day after
unexpected news that President Andrés
Manuel López Obrador had withdrawn
his previous nominee, Arturo Herrera, a
former finance minister better known
to investors.
At his morning news conference,
López Obrador gave little explanation
for his change of heart but tried to calm
fears that he wants to interfere in the
bank’s policymaking.
“We’ve demonstrated with the facts
that we’re respectful of the autonomy of
the Bank of Mexico,” he said.
“There hasn’t been any meddling by
the government, by the finance minis-
try in the Bank of Mexico’s decisions.”
The Mexican peso weakened
dramatically on the announcement,
falling as much as 1.8 per cent against
the US dollar to trade as low 21.6 pesos
to the reserve currency.
Victoria Rodríguez Ceja, who has run
federal government spending at a time
‘The market is very
cautious because we don’t
know Rodríguez Ceja’s
position on inflation’
of deep austerity cuts, does not have
monetary policy experience but is a
longtime public finance official at the
state and federal level.
Cutting public spending is a key tenet
of López Obrador’s government and he
sees it as closely linked to the fight
against corruption.
“The market is very cautious because
we don’t know [Rodríguez Ceja’s]
position on inflation, especially on her
perception of whether it is transitory or
not,” said Gabriela Siller, head of finan-
cial and economic research at Banco
Base. “Hers wasn’t a name being talked
about as a possible candidate.”
If confirmed by the Senate as
expected, Rodríguez Ceja would be the
first woman to run the central bank.
Her appointment would also mean
that the majority of the bank’s five
governors would be women.
figures from Mexico’s statistics
agency, INEGI, yesterday showed that
inflation in the first half of November
had increased 7.05 per cent from a year
previously, the largest increase in 20
years.
In an attempt to tame inflation, the
Bank of Mexico has raised rates at the
past four consecutive meetings.
Herrera, the previous nominee, had
been seen by markets as more dovish
Our global than outgoing governor Alejandro Díaz
team gives you de León.
market-moving Though Rodríguez Ceja’s views are
news and views, less well known, the last rate rise was
24 hours a day taken with a 4-1 vote, meaning that
ft.com/markets her vote may not sway policy in a new
direction in the short term.

Crypto Fixed income

Senate banking chair Brown quizzes
stablecoin groups over service risks
SIDDHARTH VENKATARAMAKRISHNAN
The chair of the US Senate’s banking
committee has asked stablecoin
operators to provide details about the
risk their services pose, as regulators
and lawmakers seek to toughen their
scrutiny of the $130bn industry.
Senator Sherrod Brown of Ohio sent
letters this week to companies including
$32bn USD Coin operators Circle and
cryptocurrency exchange Coinbase, as
well as Paxos, which runs the Pax Dollar
stablecoin being trialled by Facebook’s
digital wallet, Novi.
The senator also addressed a letter to
Tether, the biggest stablecoin group.
Brown’s communiqués come after a
report from US regulators released at
the start of November, which said
legislation was “urgently needed” on the
largely dollar-backed digital assets
which are central to the broader $2.7tn
cryptocurrencies market.
In the letters, Brown asked for details
about how customers could acquire
stablecoins for US dollars, as well as how
they could be redeemed for traditional
currencies.
He also asked the companies to
provide details on the largest investor
redemptions they have faced to date.
“The complex terms and conditions
applicable to digital assets and
stablecoins, as well as the need for
reliable and resilient underlying
networks, can make it difficult for
investors and consumers to fully
Sherrod Brown is asking for details
of how stablecoin groups function
understand the details of how those
assets function and their potential
risks,” wrote Brown.
Brown’s queries come after the
President’s Working Group on Financial
Markets, comprising the secretary of
the Treasury and the heads of all
the key US financial regulators, said
earlier this month that stablecoin
issuers should become “insured
depository institutions”, on a par
with banks that offer saving accounts
for customers.
The proposal echoed the Stable Act, a
legislative proposal presented to the US
Congress last December that would
require stablecoin operators to obtain
full banking licences.
Such a move would bring a drastic
increase in supervision for issuers of
stablecoins, which have so far worked
on the fringes of the financial system,
subjecting the industry to strict
regulation in return for access to
emergency funding from regulators in
times of stress.
The deposits of customers at insured
financial institutions are also back-
stopped by the US government up to a
certain dollar amount.
New Zealand seeks to cool its economy
and house prices by lifting rates to 0.75%
SOPHIA RODRIGUES — SYDNEY
The Reserve Bank of New Zealand
yesterday raised interest rates 25 basis
points to 0.75 per cent as it moved to
take the heat out of the economy and
rein in surging house prices.
In announcing its second rate rise in two
months, the central bank also gave
hawkish guidance on future moves,
saying interest rates would probably
need to rise above their neutral level.
The RBNZ’s aggressive campaign of
rate increases will be closely watched by
central banks around the world as they
consider how to react to a global rise in
prices.
The RBNZ thinks the neutral level of
interest rates — at which monetary
policy would neither stimulate or
restrict the economy — is about 2 per
cent.
Its new forecasts suggest rates will
have to rise to 2.6 per cent by December
2023 compared with the 2.1 per cent it
forecast in August.
That suggests the bank thinks the
economy will run too hot for a period
and it will have to use restrictive policy
to get inflation back on track.
Capacity pressures in New Zealand
have become more severe. The RBNZ
expects the consumer price index to rise
above 5 per cent in the near term before
returning towards the 2 per cent mid-
point of its target range by end-2023.
New Zealand’s central bank is
unusual among its peers in that both
inflation and employment are running
at or above target levels, which has put
‘In the near term, climate
change-related price
movements could be large
and generally positive’
pressure on the central bank to reduce
monetary stimulus.
The RBNZ judged that the near-term
rise in inflation was accentuated by
higher oil prices, rising transport costs
and the impact of supply shortfalls.
There is a risk that those shocks
would generate wider price rises given
domestic capacity constraints, it noted.
The bank also cited climate change
for the first time as a contributing factor
for inflation.
“In the near term, climate change-
related price movements could be large
and generally positive,” the RBNZ said.
At the board meeting, the RBNZ
discussed the case for a bigger rate rise
because of capacity pressures, the
higher starting point for inflation and
the risk that near-term inflation would
become embedded in price-setting
behaviour.
But it chose not to do so because of
uncertainty about the resilience of con-
sumer spending and business invest-
ment as New Zealand adapts to living
with the Covid-19 virus. Until recently,
Wellington pursued a zero-Covid policy.
Another reason was the tightening in
monetary conditions that has already
taken place as banks raise interest rates
to households and businesses.
The RBNZ discussed the stimulus
being provided by the lingering impact
of its asset purchase programme and
said it expected to reduce its bond hold-
ings. It will provide details next year.
In its forward guidance, the RBNZ
said: “Further removal of monetary
policy stimulus is expected over time
given the medium-term outlook for
inflation and employment.”
Thursday 25 November 2021 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

The day in the markets Turkish lira slide

What you need to know
is a reminder of
3 Wall Street stocks pare back early
risks facing EMs
Dollar strengthens to 16-month high against peers
losses after release of upbeat data
3 Euro weakens to lowest point against US Dollar index
the dollar since June 2020
3 European shares edge higher,
snapping four-session losing streak
104
Paul McNamara
102
A weak start to US trading improved after
the release of promising economic data 100 Markets Insight
that helped offset concerns about rising

O
inflation and surging Covid-19 rates. 98
By lunchtime in New York, the blue- n paper, 2021 should have freefall, hitting TL13 per dollar, bonds across EMs raise doubts about
chip S&P 500 and tech-heavy Nasdaq 96 been a great year for compared with TL7.2 on Agbal’s last fiscal sustainability.
Composite indices had both pared back emerging market curren- day in office. The worst day for the lira Brazil’s policy rate is 7.75 per cent but
early morning falls to be flat. 94 cies and bonds as global came after Erdogan reiterated his 10-year bonds yield 12 per cent. South
Unemployment offices received growth recovered from the commitment to his unorthodox views Africa’s figures are 3.75 per cent and 10
199,000 initial jobless claims last week, 92 Covid-19 shocks. But Turkey’s alarming that high interest rates cause inflation. per cent, respectively. South African
according to the labour department. That currency plunge this year has shown Turkey’s case might be the most bonds have struggled to claw back post-
brought jobless claims to their lowest 90 how things can sometimes go horribly extreme but there have also been Covid losses while Brazilian investors
level since November 1969. wrong in the emerging market world. investor revolts in markets from Brazil assume the country is going into one of
Investors were also digesting the On the checklist for EM export to South Africa. its periodic phases of rate rises.
88
personal consumption expenditures price growth are accommodative monetary EMs have been dragged down by These countries are pointing to either
index, the US Federal Reserve’s preferred Jan 2020 2021 Nov policy in the big developed economies, three factors. The first is the strength of higher credit risk a few years out or long-
measure of inflation. Source: Refinitiv
rising currency reserves and strong the dollar. EMs have always struggled term high rates to stem capital flight.
Core PCE, a gauge that strips out commodity prices. Yet JPMorgan’s when the US currency is strong. It Even Russia — with a sovereign
volatile components such as food and index of EM currencies has dropped 9 makes foreign debt more costly to serv- balance sheet that would leave most
energy, rose 4.1 per cent year on year in debate has turned to how high can lowest point against the dollar since June per cent this year and yields have risen. ice and can spur investment outflows. finance ministers green with envy —
October to its highest level in three inflation go and what will the Fed’s 2020, slipping below $1.12. This is at least partially due to the pays nearly 9 per cent to borrow for 10
decades, accelerating from 3.7 per cent a response be. That’s something that most Across the Atlantic, the pan- return of the “vigilante” effect in years.
month earlier. people in equity and fixed income continental Stoxx Europe 600 index financial markets where countries that This is at least partially These rates seem like an anomaly in a
However, data also showed that US markets have never worked in.” snapped a four-session losing streak to deviate from traditional economic due to the return of the world where G20 yields are still
consumer spending increased 1.3 per cent Such data fuelled expectations that Jay rise 0.1 per cent. London’s FTSE 100 orthodoxy or borrow too much pay the historically low.
in October from September, surpassing Powell, who won a second term as Fed benchmark gained 0.3 per cent. price in currency weakness and ‘vigilante’ effect in It does look as if the investors who are
economists’ expectations of 1 per cent. chair this week, could pursue a more New Zealand’s central bank raised higher bond yields. financial markets happy to pay stratospheric valuations
“Consumers are dealing with higher aggressive policy approach than interest rates by 0.25 percentage points In big, developed economies, such for tech stocks or fraud-prone crypto-
prices but they’re still out spending,” said expected to rein in crisis-era stimulus. to 0.75 per cent, a move designed to cool forces are still quiescent. Not so in EMs. currencies suddenly become sober
Michelle Meyer, head of US economics at The US currency strengthened with the the economy and house prices. Turkey is the most obvious example The second is Covid. The vaccine and cautious when faced with poorer
Bank of America. US Dollar index, a measure against a Following its second rate rise in two after a 20 per cent drop in the lira over rollout has come and gone in developed countries. EMs seldom get the benefit of
Roger Lee, head of UK equity strategy basket of six peers, rising 0.4 per cent to months, the Reserve Bank of New the past two weeks following fresh rate economies, bringing euphoria then the doubt.
at Investec, said: “We’ve got an its strongest level since July last year. Zealand also issued hawkish guidance on cuts that deepened concern over disappointment. This has not been uniform since the
environment now where the market The euro, meanwhile, touched its future moves. George Steer Ankara’s economic management. EMs have gone straight for disap- outbreak of Covid — while EMs were
Turkey’s economic fundamentals are pointment. Vaccines have been slow to sold along with everything else during
in many respects the best for years but reach poorer countries. Even when they the initial outbreak, a solid rally late last
Markets update the insistence of President Recep Tayyip are available, vaccination rates are low. year delivered 9.6 per cent return in
Erdogan on interest rates cuts has put The third, and likely to be the most JPMorgan’s index of local currency EM
the lira under pressure. intractable, is the price that EMs pay for debt in the fourth quarter of 2020 and
In July 2019, Erdogan fired central populist, sometimes unpredictable the index hit its all-time high at the turn
US Eurozone Japan UK China Brazil bank governor Murat Cetinkaya. The governments with a relaxed approach to of the year.
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa lira appreciated over the next month fiscal spending. For an investor, the path seems clear.
Level 4688.10 1858.59 29302.66 7286.32 3592.70 104361.34 and by the end of 2019 was unchanged. Unlike big developed economies, EMs EM assets are cheap but investments in
% change on day -0.06 0.13 -1.58 0.27 0.10 0.68 When Erdogan repeated the action have less flexibility on policy. Residents them are best funded out of non-dollar
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ against Naci Agbal last March, the lira in EMs are much more prone to move currencies. and better to stick to
Level 96.794 1.120 115.445 1.333 6.388 5.597 fell 15 per cent in one day before their savings into foreign currency and countries with responsible governments.
% change on day 0.314 -0.533 0.391 -0.299 0.056 -1.083 recovering and has struggled since. even offshore, causing a repricing of
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond But a rate cut last week — the third bond prices and exchange rates. Paul McNamara is an investment director
Yield 1.646 -0.228 0.081 0.915 2.886 11.152 since September — sent the lira into Beyond Turkey, the yields in longer at GAM
Basis point change on day -1.200 -0.600 1.200 0.500 -2.900 -30.500
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 491.69 82.00 78.23 1789.15 23.82 4425.10
% change on day -0.23 -0.36 -0.38 -1.48 -3.54 -0.43
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
4800 1920 7520

4640 7360
1840
4480 7200
1760 7040
4320
| | | | | | | | |
4160 || | | | | | | | | | | | | | | | || | 1680 || | | | | | | | | | | | | | | | || | 6880 | | | | | | | | | | |

Sep 2021 Nov Sep 2021 Nov Sep 2021 Nov

Biggest movers
% US Eurozone UK
Hp 8.88 Telecom Italia 15.63 Intertek 6.01
Deere & 6.18 Ageas 4.54 St. James's Place 2.07
Ups

Devon Energy 3.74 Ucb 3.24 Segro 1.88

Diamondback Energy 3.36 Unicredit 2.97 Taylor Wimpey 1.81
Advanced Micro Devices 3.19 Aegon 2.74 Persimmon 1.77
%
Gap (the) -22.44 Volkswagen -3.16 Aveva -3.87
Autodesk -16.91 Kerry Grp -3.15 Entain -3.16
Downs

Tapestry -3.46 Hugo Boss -2.56 Fresnillo -2.85

Nucor -2.57 Bayer -2.50 Johnson Matthey -2.15
Best Buy -2.50 Inditex -2.42 Flutter Entertainment -2.04
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

Better than expected results propelled Takeover target Telecom Italia surged Testing group Intertek rallied following
Hewlett-Packard higher, with the following a report that its private equity the release of an upbeat trading update.
computer stalwart reporting fiscal fourth- suitor was considering upping its bid. For the four months ending October 31,
quarter earnings per share of $0.94, Bloomberg said KKR was weighing up the company posted a 5 per cent rise in
which was above its previous guidance a higher offer for the phone and like-for-like revenue to £940.1m.
that topped out at $0.90. broadband group in an effort to win over André Lacroix, chief executive, said the
For its next quarter, HP estimated EPS Vivendi, which owns almost 24 per cent group was on track to deliver “robust”
of between $0.92 and $0.98, which was of Telecom Italia, according to data sales growth and “strong” free cash flow
above analysts’ forecasts of $0.95, said from Refinitiv. for the full year.
Bank of America, which raised HP’s target Deutsche Bank said a new bid of €0.75 Fashion group Mulberry jumped about
price following the update. per share — up from €0.505 announced 20 per cent after announcing that sales
An earnings miss sent clothing retailer earlier this week — would value the had returned to pre-pandemic levels.
Gap plummeting. Italian operator “in line with the sector”. Half-year revenue increased 34 per
Third-quarter earnings of 27 cents per An upgrade helped lift Aegon with cent to £65.7m, which was 3 per cent
share was almost half what analysts had Credit Suisse changing its rating for the above the same period in 2019 once
expected while a 1 per cent drop in net Dutch insurer to “outperform” from adjusted for store openings and closures.
sales to $3.94bn fell short of the “neutral” in a sector review. The company known for its Bayswater
consensus figure of $4.44bn. Among Benelux insurers, Aegon was handbag said it planned to use some of
Gap’s revised guidance included an the “most likely to exceed capital return its “substantial cash reserves” to increase
estimated $550m to $650m of lost sales forecasts”, said the broker. its marketing budget in order to build
owing to “supply chain constraints on German medical and safety tech “brand awareness worldwide”.
available inventory”. company Drägerwerk tumbled more than Semiconductor wafer supplier IQE sank
Autodesk, the design software 14 per cent after warning about a decline after warning of weakness in smartphone
company, tumbled after Debbie Clifford, in net sales and earnings for its next and 5G infrastructure demand.
chief financial officer, said during an fiscal year. Phil Smith, interim executive chair, said
earnings call that it would be “reducing In recent weeks, demand for products chip shortages had “softened demand in
the midpoint of our billings and free cash related to the pandemic had “weakened some supply chains but we believe these
flow guidance by approximately $150m noticeably”, it said — a trend that was effects to be temporary”.
and $100m, respectively, for full-year likely to continue into 2022. Russ Mould, investment director at
fiscal 22”. Profitability was also being hit by broker AJ Bell, said investors were
The reduction in forecasts was because “significantly higher prices” for products, “understandably disappointed” with IQE’s
of “supply chain, labour, Covid and raw materials and electronic components, update, which implied sales and profits
country-specific challenges”, said Clifford. alongside elevated freight and logistics would meaningfully undershoot
Ray Douglas costs, Drägerwerk said. Ray Douglas management’s forecasts. Ray Douglas
10 ★ FINANCIAL TIMES Thursday 25 November 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 $

-0.06% -0.29% -1.58% -0.23% -0.533% -0.299% -0.356% -0.34% -1.48%

0.11% 0.27% 0.13% 0.14% 0.391%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Oct 25 - - Index All World Oct 25 - Nov 24 Index All World Oct 25 - Nov 24 Index All World Oct 25 - Nov 24 Index All World Oct 25 - Nov 24 Index All World Oct 25 - Nov 24 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
4,688.15
21,497.82 29,302.66 3,049.08
7,286.32 15,878.39 2,994.29
4,574.79 21,173.45 7,277.62 15,757.06 28,804.85
Day -0.06% Month 3.15% Year 28.96% Day 0.21% Month 1.32% Year 24.44% Day 0.27% Month 1.20% Year 13.35% Day -0.37% Month -2.27% Year NaN% Day -1.58% Month 1.69% Year 14.74% Day -0.10% Month -0.39% Year 15.05%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore

15,792.72 51,889.66 9,001.60 26,038.27

1,858.59 3,227.15
50,811.35 1,841.93 8,792.00 3,201.86
15,235.72 24,685.50
Day 0.11% Month 4.67% Year 31.22% Day -0.60% Month -1.99% Year 19.00% Day 0.13% Month 1.77% Year 22.83% Day -0.26% Month -1.28% Year 10.16% Day 0.14% Month -5.50% Year -6.78% Day -0.01% Month 0.68% Year 13.27%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai

106,296.18 7,042.23 3,597.64 3,592.70 60,821.62

35,756.88 35,711.00 104,361.34 27,109.30
26,970.95 58,340.99
6,766.51
Day -0.29% Month 0.09% Year 18.85% Day 0.68% Month -1.88% Year -5.00% Day -0.03% Month 4.58% Year 28.22% Day 0.63% Month 2.08% Year 24.98% Day 0.10% Month 0.28% Year 5.22% Day -0.55% Month -4.39% Year 31.93%

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 83389.41 83770.51 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 29652.27 29466.14 Philippines Manila Comp 7419.10 7401.16 Taiwan Weighted Pr 17642.52 17666.12 Cross-Border DJ Global Titans ($) 540.46 540.23
Australia All Ordinaries 7725.50 7741.70 Czech RepublicPX 1371.32 1364.16 FTSE Italia Mid Cap 48859.22 48789.54 Poland Wig 69057.50 69573.78 Thailand Bangkok SET 1649.82 1646.42 Euro Stoxx 50 (Eur) 4281.46 4283.82
S&P/ASX 200 7399.40 7410.60 Denmark OMXC Copenahgen 20 1810.76 1817.26 FTSE MIB 27109.30 26939.40 Portugal PSI 20 5522.37 5497.53 Turkey BIST 100 1812.30 1784.56 Euronext 100 ID 1353.39 1351.77
S&P/ASX 200 Res 4949.80 4942.40 Egypt EGX 30 11352.64 11369.22 Japan 2nd Section 7605.09 7651.31 PSI General 4153.05 4122.39 UAE Abu Dhabi General Index 8398.30 8407.51 FTSE 4Good Global ($) 11499.28 11520.25
Austria ATX 3774.41 3738.44 Estonia OMX Tallinn 2061.11 2064.98 Nikkei 225 29302.66 29774.11 Romania BET Index 12536.25 12473.42 UK FT 30 2780.40 2778.10 FTSE All World ($) 491.69 492.84
Belgium BEL 20 4205.06 4152.11 Finland OMX Helsinki General 12567.30 12586.38 S&P Topix 150 1734.36 1753.44 Russia Micex Index 3950.56 3960.33 FTSE 100 7286.32 7266.69 FTSE E300 1858.59 1856.26
BEL Mid 10415.85 10344.98 France CAC 40 7042.23 7044.62 Topix 2019.12 2042.82 RTX 1660.59 1662.38 FTSE 4Good UK 6785.23 6768.19 FTSE Eurotop 100 3505.29 3500.75
Brazil IBovespa 104361.34 103653.82 SBF 120 5471.88 5473.55 Jordan Amman SE 2082.69 2085.19 Saudi-Arabia TADAWUL All Share Index 11369.38 11256.52 FTSE All Share 4152.43 4144.90 FTSE Global 100 ($) 3058.18 3061.72
Canada S&P/TSX 60 1299.48 1296.43 Germany M-DAX 34826.43 35053.34 Kenya NSE 20 1878.46 1876.11 Singapore FTSE Straits Times 3227.15 3227.53 FTSE techMARK 100 6796.72 6855.90 FTSE Gold Min ($) 2031.62 2070.36
S&P/TSX Comp 21497.82 21453.77 TecDAX 3826.61 3851.83 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 395.72 398.04 USA DJ Composite 12101.28 12147.58 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1029.38 1022.53 XETRA Dax 15878.39 15937.00 Latvia OMX Riga 1280.09 1281.97 Slovenia SBI TOP - - DJ Industrial 35711.00 35813.80 FTSE Multinationals ($) 3262.83 3275.78
Chile S&P/CLX IGPA Gen 23077.32 23494.90 Greece Athens Gen 889.00 894.94 Lithuania OMX Vilnius 953.91 953.29 South Africa FTSE/JSE All Share 70558.89 71015.40 DJ Transport 16765.94 16874.53 FTSE World ($) 885.49 887.55
China FTSE A200 13132.81 13125.07 FTSE/ASE 20 2133.09 2144.58 Luxembourg LuxX 1609.66 1618.26 FTSE/JSE Res 20 66875.00 66658.81 DJ Utilities 920.65 922.66 FTSEurofirst 100 (Eur) 4746.96 4740.20
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 24685.50 24651.58 Malaysia FTSE Bursa KLCI 1522.27 1522.88 FTSE/JSE Top 40 64169.17 64566.39 Nasdaq 100 16310.34 16306.72 FTSEurofirst 80 (Eur) 5925.10 5931.78
Shanghai A 3765.41 3761.62 HS China Enterprise 8794.82 8827.67 Mexico IPC 50811.35 51116.32 South Korea Kospi 2994.29 2997.33 Nasdaq Cmp 15792.72 15775.14 MSCI ACWI Fr ($) 749.20 750.57
Shanghai B 281.38 280.67 HSCC Red Chip 3874.43 3850.80 Morocco MASI 13306.79 13351.53 Kospi 200 395.40 396.44 NYSE Comp 16996.03 17007.90 MSCI All World ($) 3196.88 3201.49
Shanghai Comp 3592.70 3589.09 Hungary Bux 52535.97 51424.26 Netherlands AEX 802.96 802.24 Spain IBEX 35 8792.00 8815.10 S&P 500 4688.10 4690.70 MSCI Europe (Eur) 1904.27 1924.39
Shenzhen A 2637.53 2637.43 India BSE Sensex 58340.99 58664.33 AEX All Share 1108.03 1107.31 Sri Lanka CSE All Share 10910.06 10928.60 Wilshire 5000 48335.66 48300.06 MSCI Pacific ($) 3176.14 3178.59
Shenzhen B 1178.24 1175.75 Nifty 500 15046.50 15107.80 New Zealand NZX 50 12766.79 12688.53 Sweden OMX Stockholm 30 2336.50 2334.31 Venezuela IBC 6174.16 6044.92 S&P Euro (Eur) 1984.22 1985.25
Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 6683.28 6677.88 Nigeria SE All Share 43255.14 43260.13 OMX Stockholm AS 1006.92 1006.25 Vietnam VNI 1488.87 1463.63 S&P Europe 350 (Eur) 1913.09 1910.22
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 8190.01 8242.99 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 12395.72 12366.73 S&P Global 1200 ($) 3494.25 3501.41
Israel Tel Aviv 125 1984.30 1998.00 Pakistan KSE 100 44363.70 44948.52 Stoxx 50 (Eur) 3742.14 3733.94
(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 Nov 24 %Chg %Chg Nov 24 %Chg %Chg Nov 24 %Chg %Chg Nov 24 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Tesla 147.5 1116.42 7.39 Royal Dutch Shell 228.3 1657.60 19.40 Asml Holding 730.5 709.00 2.90 Softbank . 1082.9 6596.00 -226.00 Royal Mail 507.80 15.9 49.2 Telecom Plus 1450.00 12.9 0.7 Record 85.00 19.0 73.5 Industrial Transportation 4725.72 34.5 21.9
Nvidia 71.2 324.76 7.30 Unilever 180.5 3908.50 6.00 Roche Gs 382.4 344.60 3.86 Tokyo Electron 612.8 61910.00 -1130.00 Bhp 2016.00 6.7 3.1 Harbour Energy 425.20 10.8 0.9 River And Mercantile 328.00 14.3 84.9 Health Care Equip.& Services 7964.77 29.2 23.2
Apple 53.0 161.26 -0.15 Rio Tinto 171.2 4718.00 47.50 Volkswagen Ag Vzo O.n. 352.8 172.38 -4.92 Sony 468.4 14065.00 -215.00 Rio Tinto 4718.00 6.0 - Investec 386.90 9.4 - Porvair 700.00 9.4 29.9 Real Estate & Investment Servic 3153.50 28.7 20.3
Advanced Micro Devices 50.1 154.70 4.78 Bhp 155.2 2016.00 15.00 Nestle N 346.3 115.92 -0.50 Toyota Motor 466.3 2124.50 19.50 Barratt Developments 709.20 5.9 4.6 Baltic Classifieds 219.00 7.9 - Aew Uk Reit 115.20 7.5 46.9 Beverages 29895.68 26.4 18.2
Amazon.com 41.8 3602.81 22.77 Glencore 149.5 375.50 -0.15 Lvmh 279.0 726.10 8.00 Recruit Hldgs Co Ltd 449.3 7242.00 -327.00 Taylor Wimpey 160.65 5.1 -3.0 Vivo Energy 111.40 7.5 27.8 Fuller, Smith & Turner 684.00 6.5 -0.9 Support Services 12435.92 22.4 12.4
Microsoft 27.8 335.93 -1.75 Prudential 147.4 1431.00 -4.00 Totalenergies 276.7 43.12 0.23 Mitsubishi Ufj Fin,. 335.7 634.00 4.70 Persimmon 2822.00 4.9 -0.3 Watches Of Switzerland 1400.00 7.2 - Pharos Energy 22.25 6.5 23.6 Real Estate Investment Trusts 3387.21 21.8 13.8
Meta Platforms 20.8 339.94 2.69 Bp 142.8 344.50 5.10 Daimler Ag Na O.n. 270.7 88.37 -1.67 Sumitomo Mitsui Fin,. 321.6 3904.00 79.00 B&m Eur Value Retail S.a. 614.00 4.6 18.1 Big Yellow 1616.00 7.0 46.9 Trifast 149.50 6.4 -7.3 Pharmaceuticals & Biotech. 18215.68 21.8 13.1
Autodesk 15.4 252.58 -51.42 London Stock Exchange 123.3 6810.00 76.00 Prosus 232.1 73.64 -0.86 Hitachi, 310.1 7283.00 -46.00 Segro 1384.50 3.8 45.1 Marks And Spencer 243.30 6.9 76.0 Kier 120.00 6.4 80.7 Gas Water & Multiutilities index 5698.19 21.2 18.8
Alphabet 12.1 2910.40 -5.24 Astrazeneca 103.9 8471.00 -9.00 Santander 225.5 3.03 -0.03 Fast Retailing Co., 282.4 72890.00 -1230.00 Land Securities 747.80 3.5 8.5 Lxi Reit 153.00 6.3 28.3 Xps Pensions 146.00 3.5 11.5 Electronic & Electrical Equip. 11691.80 18.8 6.6
Paypal Holdings 12.0 188.54 0.49 Diageo 95.3 3875.00 8.00 Sap Se O.n. 224.8 118.94 -0.60 Nippon Yusen Kabushiki Kaisha 279.0 7490.00 -80.00 Intertek 5470.00 3.4 -5.7 Safestore Holdings 1321.00 5.3 69.2 Schroder Real Estate Investment Trust 52.30 3.2 35.1 Aerospace & Defense 4329.53 18.4 18.5
Imperial Brands 1617.00 3.4 4.1 Drax 578.50 5.2 53.2 Newriver Reit 74.50 3.0 -9.1 Electricity 9724.96 18.1 10.5
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
Vodafone 117.78 3.2 -3.8 Chrysalis Investments 246.00 5.1 26.1 Riverstone Energy 502.00 2.9 66.2 Industrial Engineering 18378.72 18.1 10.6
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Hp 35.05 2.86 8.88 Trustpilot 306.40 20.00 6.98 Ericsson, Telefonab. L M Ser. B 9.39 0.37 4.08 Thb Japan Steel Works, 3610.00 200.00 5.87 Polymetal Int 1340.50 -11.6 - Hochschild Mining 122.00 -29.6 - Henderson Eurotrust 150.00 -90.2 - Automobiles & Parts 3778.81 -20.7 -
Deere & 370.85 21.57 6.18 Hochschild Mining 122.00 7.60 6.64 Ericsson, Telefonab. L M Ser. A 9.41 0.31 3.44 Mitsubishi Motors 415.00 20.00 5.06 Darktrace 489.00 -11.1 - Ao World 107.60 -15.3 - Metro Bank 101.00 -23.7 - Travel & Leisure 7588.10 -19.4 -
Devon Energy 45.07 1.63 3.74 Intertek 5470.00 310.00 6.01 Unicredit 11.45 0.33 2.97 Nissan Motor Co., 641.40 26.90 4.38 Fresnillo 901.40 -8.7 - Cineworld 53.80 -14.4 -16.1 Enquest 19.14 -14.4 68.5 Mining 20438.57 -16.7 -
Diamondback Energy 113.89 3.70 3.36 Chrysalis Investments 246.00 10.00 4.24 Enel 7.05 0.14 2.00 Inpex 955.00 35.00 3.80 Flutter Entertainment 10815.00 -7.5 - Genus 4726.00 -14.1 11.6 Up Global Sourcing Holdings 182.00 -13.7 51.7 Food Producers 6518.04 -13.4 -
Advanced Micro Devices 154.70 4.78 3.19 Moonpig 341.80 13.40 4.08 Philips Kon 34.72 0.62 1.80 Nsk 784.00 28.00 3.70 Entain 1825.50 -7.4 29.2 Petropavlovsk 20.28 -13.9 - De La Rue 152.80 -12.8 -9.3 General Financial 11242.47 -5.2 -8.7
Aveva 3229.00 -6.6 0.1 Reach 272.00 -11.8 93.2 Kin And Carta 301.00 -11.2 115.0 Household Goods 17051.43 -3.5 -9.6
Downs Downs Downs Downs
Johnson Matthey 2135.00 -6.6 - Centamin 93.48 -11.7 - Lamprell 36.40 -11.0 - Mobile Telecommunications 2924.37 -3.2 -6.3
Gap (the) 18.24 -5.28 -22.44 Genus 4726.00 -524.00 -9.98 Volkswagen Ag St O.n. 269.40 -8.80 -3.16 M3,. 6150.00 -326.00 -5.03
Itv 117.65 -5.5 8.6 National Express 216.20 -9.5 - Raven Property 33.00 -9.6 19.9 Life Insurance 8042.59 -2.0 -0.9
Autodesk 252.58 -51.42 -16.91 Cineworld 53.80 -3.44 -6.01 Neste 43.60 -1.29 -2.87 Z Holdings 797.00 -38.00 -4.55
Halma 2959.00 -5.3 18.3 Trainline 273.80 -9.2 - Tt Electronics 235.50 -9.4 13.8 Nonlife Insurance 3125.69 -1.5 -3.1
Tapestry 44.40 -1.59 -3.46 Brewin Dolphin Holdings 354.00 -21.50 -5.73 Volkswagen Ag Vzo O.n. 172.38 -4.92 -2.78 Recruit Hldgs Co Ltd 7242.00 -327.00 -4.32
Melrose Industries 159.95 -4.2 - Endeavour Mining 1835.00 -8.7 - Ricardo 447.00 -8.8 28.4 Tobacco 27990.41 0.9 -2.0
Nucor 116.31 -3.07 -2.57 Discoverie 994.00 -56.00 -5.33 Bay.motoren Werke Vzo 76.25 -2.10 -2.68 Advantest 10100.00 -430.00 -4.08
Hargreaves Lansdown 1441.00 -3.9 -6.6 Aston Martin Lagonda Global Holdings 1541.00 -8.6 - Dignity 610.00 -8.7 -4.2 General Retailers 2692.79 1.8 -4.8
Best Buy 117.98 -3.03 -2.50 Cranswick 3488.00 -184.00 -5.01 Vonovia Se Na O.n. 51.56 -1.36 -2.57 Konami 6040.00 -250.00 -3.97
Prudential 1431.00 -3.9 5.0 Biffa 362.00 -8.4 56.7 Made.com 138.20 -8.4 - Food & Drug Retailers 4325.05 3.2 -0.5
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
Nov 24 Currency Mid Change Mid Change Mid Change Nov 24 Currency Mid Change Mid Change Mid Change Nov 24 Currency Mid Change Mid Change Mid Change Nov 24 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 100.6161 0.0069 112.6543 -0.6673 134.1208 -0.3835 Indonesia Indonesian Rupiah 14257.5000 - 15963.3482 -95.6720 19005.1922 -55.6423 Poland Polish Zloty 4.1790 -0.0009 4.6790 -0.0290 5.5706 -0.0174 ..Three Month 0.7503 0.0022 0.8398 -0.0026 - -
Australia Australian Dollar 1.3905 0.0052 1.5569 -0.0035 1.8536 0.0015 Israel Israeli Shekel 3.1514 0.0150 3.5285 -0.0042 4.2008 0.0078 Romania Romanian Leu 4.4206 0.0265 4.9494 0.0002 5.8926 0.0182 ..One Year 0.7499 0.0022 0.8389 -0.0026 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4222 -0.0025 0.5026 -0.0015 Japan Japanese Yen 115.4450 0.4500 129.2575 -0.2677 153.8877 0.1511 Russia Russian Ruble 74.9825 -0.0462 83.9538 -0.5552 99.9513 -0.3545 United States United States Dollar - - 1.1196 -0.0067 1.3330 -0.0039
Bolivia Bolivian Boliviano 6.9100 - 7.7367 -0.0464 9.2110 -0.0270 ..One Month 115.4450 0.4500 129.2575 -0.2676 153.8877 0.1510 Saudi Arabia Saudi Riyal 3.7514 - 4.2002 -0.0252 5.0006 -0.0146 ..One Month - - 1.1196 -0.2173 1.3330 -0.0039
Brazil Brazilian Real 5.5968 -0.0613 6.2664 -0.1065 7.4605 -0.1037 ..Three Month 115.4448 0.4497 129.2576 -0.2673 153.8876 0.1508 Singapore Singapore Dollar 1.3685 0.0028 1.5322 -0.0060 1.8242 -0.0016 ..Three Month - - 1.1193 -0.2173 1.3331 -0.0039
Canada Canadian Dollar 1.2676 -0.0040 1.4192 -0.0130 1.6896 -0.0103 ..One Year 115.4442 0.4484 129.2579 -0.2667 153.8877 0.1496 South Africa South African Rand 15.9094 0.0406 17.8129 -0.0610 21.2072 -0.0077 ..One Year - - 1.1185 -0.2173 1.3327 -0.0039
Chile Chilean Peso 814.3000 2.2200 911.7272 -2.9628 1085.4584 -0.2101 Kenya Kenyan Shilling 112.4000 0.0500 125.8481 -0.6978 149.8287 -0.3718 South Korea South Korean Won 1186.4500 -3.3000 1328.4032 -11.6772 1581.5328 -9.0421 Vietnam Vietnamese Dong 22690.0000 10.0000 25404.7614 -140.9591 30245.7467 -75.2005
China Chinese Yuan 6.3879 0.0036 7.1522 -0.0388 8.5150 -0.0201 Kuwait Kuwaiti Dinar 0.3031 0.0003 0.3394 -0.0017 0.4040 -0.0008 Sweden Swedish Krona 9.1260 0.0973 10.2179 0.0484 12.1650 0.0945 European Union Euro 0.8931 0.0053 - - 1.1906 0.0036
Colombia Colombian Peso 3968.3250 19.0450 4443.1174 -5.1723 5289.7626 9.9762 Malaysia Malaysian Ringgit 4.2098 0.0108 4.7134 -0.0161 5.6116 -0.0021 Switzerland Swiss Franc 0.9363 0.0037 1.0483 -0.0021 1.2481 0.0014 ..One Month 0.8931 0.0053 - - 1.1905 0.0036
Costa Rica Costa Rican Colon 635.4750 -1.4550 711.5066 -5.9023 847.0854 -4.4253 Mexico Mexican Peso 21.4295 0.1480 23.9934 0.0229 28.5654 0.1142 Taiwan New Taiwan Dollar 27.7900 -0.0135 31.1149 -0.2017 37.0439 -0.1265 ..Three Month 0.8928 0.0053 - - 1.1904 0.0036
Czech Republic Czech Koruna 22.7768 0.1382 25.5019 0.0028 30.3614 0.0958 New Zealand New Zealand Dollar 1.4556 0.0160 1.6298 0.0083 1.9403 0.0157 Thailand Thai Baht 33.3325 0.2250 37.3206 0.0298 44.4321 0.1707 ..One Year 0.8919 0.0053 - - 1.1895 0.0036
Denmark Danish Krone 6.6418 0.0396 7.4364 0.0000 8.8534 0.0270 Nigeria Nigerian Naira 413.7500 - 463.2532 -2.7759 551.5270 -1.6148 Tunisia Tunisian Dinar 2.8994 0.0099 3.2462 -0.0083 3.8648 0.0019
Egypt Egyptian Pound 15.7224 0.0334 17.6036 -0.0678 20.9579 -0.0167 Norway Norwegian Krone 8.9736 0.0579 10.0472 0.0051 11.9618 0.0425 Turkey Turkish Lira 12.2414 -0.4179 13.7060 -0.5528 16.3177 -0.6064
Hong Kong Hong Kong Dollar 7.7980 0.0047 8.7310 -0.0470 10.3947 -0.0241 Pakistan Pakistani Rupee 174.8500 0.7500 195.7700 -0.3283 233.0743 0.3203 United Arab Emirates UAE Dirham 3.6731 - 4.1126 -0.0246 4.8962 -0.0143
Hungary Hungarian Forint 329.3797 0.6630 368.7884 -1.4630 439.0617 -0.3990 Peru Peruvian Nuevo Sol 4.0220 0.0256 4.5033 0.0019 5.3614 0.0186 United Kingdom Pound Sterling 0.7502 0.0022 0.8399 -0.0026 - -
India Indian Rupee 74.3975 -0.0250 83.2988 -0.5273 99.1715 -0.3238 Philippines Philippine Peso 50.3350 -0.2550 56.3573 -0.6249 67.0963 -0.5374 ..One Month 0.7502 0.0022 0.8399 -0.0026 - -
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 Nov 24 Nov 23 Nov 22 Nov 19 Nov 18 Yr Ago High Low
Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2780.40 2778.10 2787.40 2782.80 2805.20 0.00 2870.10
Beverages 2450.90 31.58 Electronic & Elec Eq 18.02 Consumer Services 10.62 FTSE 100 Price Change FTSE 100 Price Change
Nov 24 chge% Index Nov 23 Nov 22 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93
Oil & Gas Producers 2.74 31.10 Utilities 17.02 Electricity 9.77 3I Group PLC 1421.5 5.00 Johnson Matthey PLC 2135 -47.00
FTSE 100 (101) 7286.32 0.27 6761.60 7266.69 7255.46 6432.17 3.39 2.10 14.09 232.71 7200.01 P/E Ratio net - - - - - 0.00 19.44
Oil & Gas 14.26 30.02 Food & Drug Retailer 15.68 Mining 9.65 Abrdn PLC 254.10 2.80 Kingfisher PLC 328.40 -3.50
FTSE 250 (250) 23167.06 -0.23 21498.71 23221.61 23429.70 19789.56 1.89 3.39 15.64 397.56 18716.66 FT 30 hourly changes Support Services 29.74 Pharmace & Biotech 15.47 Telecommunications 4.94 Admiral Group PLC 2948 -16.00 Land Securities Group PLC 747.80 7.40
FTSE 250 ex Inv Co (183) 23962.71 -0.32 22237.07 24040.74 24226.99 20350.86 1.84 0.92 59.25 355.33 19735.18 8 9 10 11 12 13 14 15 16 High Low Media 23.99 Industrial Transport 15.31 Consumer Goods 2.07 Anglo American PLC 2866 -13.00 Legal & General Group PLC 297.60 2.80
FTSE 350 (351) 4172.46 0.18 3871.98 4164.92 4166.21 3661.79 3.12 2.23 14.34 122.27 8193.37 2778.1 2785.1 2772.3 2765.5 2773 2774.1 2766.1 2776.1 2782.4 2787.7 2761.9 Real Est Invest & Se 22.60 Software & Comp Serv 15.30 Financial Services 0.69 Antofagasta PLC 1464.5 -7.00 Lloyds Banking Group PLC 49.52 -0.32
FTSE 350 ex Investment Trusts (282) 4062.11 0.19 3769.58 4054.50 4052.24 3572.35 3.21 1.90 16.42 92.72 4119.62 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Real Est Invest & Tr 22.56 Technology 15.09 Beverages 31.66 Ashtead Group PLC 6160 -32.00 London Stock Exchange Group PLC 6810 76.00
FTSE 350 Higher Yield (113) 3270.54 0.43 3035.02 3256.39 3237.16 2893.83 4.71 1.58 13.42 136.71 7150.27 Banks 22.55 Health Care 13.58 Travel & Leisure -0.54 Associated British Foods PLC 1940 -16.00 M&G PLC 197.90 0.20
FTSE 350 Lower Yield (238) 4841.32 -0.09 4492.68 4845.51 4878.76 4207.28 1.44 4.49 15.46 80.85 5831.39
FTSE SmallCap (254) 7379.81 0.20 6848.37 7364.88 7429.42 5927.29 2.47 4.40 9.19 159.60 12000.09 FX: EFFECTIVE INDICES Industrial Metals &
Construct & Material
22.07
21.96
NON FINANCIALS Index
Tech Hardware & Eq
13.56
13.12
Mobile Telecomms
Household Goods & Ho
-0.83
-1.37
Astrazeneca PLC 8471 -9.00 Meggitt PLC 738.20 -1.80
Auto Trader Group PLC 734.80 6.80 Melrose Industries PLC 159.95 -1.55
FTSE SmallCap ex Inv Co (134) 6144.81 0.14 5702.30 6136.44 6184.67 4688.50 2.00 1.02 49.24 97.43 10405.33
Nov 23 Nov 22 Mnth Ago Nov 24 Nov 23 Mnth Ago Industrials 21.83 FTSE 250 Index 13.07 Tobacco -2.75 Avast PLC 600.00 3.60 Mondi PLC 1797.5 -5.50
FTSE All-Share (605) 4152.43 0.18 3853.40 4144.90 4147.35 3633.35 3.10 2.29 14.08 120.60 8234.81 Industrial Eng 21.79 Financials 13.06 Nonlife Insurance -4.86 Aveva Group PLC 3229 -130.00 National Grid PLC 998.30 5.90
FTSE All-Share ex Inv Co (416) 4001.66 0.19 3713.49 3994.20 3992.58 3509.87 3.18 1.89 16.62 90.86 4120.81 UK 82.04 82.11 82.38 Chemicals 21.43 FTSE All{HY-}Share Index 13.03 Health Care Eq & Srv -5.59 Aviva PLC 395.70 1.00 Natwest Group PLC 223.40 1.00
FTSE All-Share ex Multinationals (534) 1335.65 0.11 1028.27 1334.15 1343.94 1159.55 2.51 3.44 11.58 29.59 2738.31 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Fixed Line Telecomms 20.87 FTSE 100 Index 12.78 Food Producers -5.91 B&M European Value Retail S.A. 614.00 0.20 Next PLC 8150 -36.00
FTSE Fledgling (84) 13354.82 -0.03 12393.09 13358.31 13425.21 9773.64 2.13 6.50 7.23 243.69 28031.74 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Aerospace & Defense 19.74 Life Insurance 11.58 Personal Goods -8.61 Bae Systems PLC 563.80 -4.80 Ocado Group PLC 1774 -30.00
FTSE Fledgling ex Inv Co (35) 17643.88 -0.60 16373.28 17750.11 17856.23 105.28 1.68 -6.29 -9.48 253.67 36070.02 Gas Water & Multi 19.61 Basic Materials 11.28 Automobiles & Parts -18.04 Barclays PLC 193.36 -0.42 Pearson PLC 627.00 2.60
FTSE All-Small (338) 5138.55 0.19 4768.51 5128.80 5172.68 4105.95 2.45 4.50 9.06 110.15 10718.09 FTSE SmallCap Index 18.73 Equity Invest Instr 11.24 Leisure Goods -18.07 Barratt Developments PLC 709.20 7.00 Pershing Square Holdings LTD 3070 30.00
FTSE All-Small ex Inv Co (169) 4614.62 0.11 4282.31 4609.59 4645.50 105.22 1.99 0.79 63.74 73.00 9897.61 General Retailers 11.03 Oil Equipment & Serv -29.11 Berkeley Group Holdings (The) PLC 4412 12.00 Persimmon PLC 2822 49.00
FTSE AIM All-Share (745) 1201.17 -0.47 1114.67 1206.81 1220.23 1031.76 0.91 1.43 77.14 9.55 1390.16
Bhp Group PLC 2016 15.00 Phoenix Group Holdings PLC 658.40 -
FTSE All-Share Technology (22) 2327.58 -0.69 2137.26 2343.78 2370.22 2013.26 1.47 0.86 79.35 20.88 3303.94
FTSE All-Share Telecommunications (7) 1890.37 1.26 1735.81 1866.77 1890.49 1822.83 4.56 0.30 72.22 41.35 2666.61 FTSE GLOBAL EQUITY INDEX SERIES BP PLC
British American Tobacco PLC
344.50
2582.5
5.10
-3.50
Polymetal International PLC
Prudential PLC
1340.5
1431
-23.50
-4.00
FTSE All-Share Health Care (13) 12820.50 -0.07 11772.23 12829.91 12813.79 11840.14 3.15 0.48 65.67 237.40 11553.56 Nov 24 No of US $ Day Mth YTD Total
YTD Gr Div Nov 24 No of US $ Day Mth YTD Total YTD Gr Div British Land Company PLC 533.20 9.00 Reckitt Benckiser Group PLC 6202 -12.00
FTSE All-Share Financials (253) 4948.63 0.07 4544.01 4945.05 4964.73 4343.87 2.65 5.45 6.93 95.99 5306.56 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Bt Group PLC 161.70 2.00 Relx PLC 2343 12.00
FTSE All-Share Real Estate (56) 1214.23 1.20 1166.37 1199.80 1215.65 982.84 2.45 1.79 22.77 18.34 1233.53
FTSE Global All Cap 9373 841.57 -0.2 0.7 15.6
17.6 1319.13
1.7 Oil Equipment & Services 26 239.94 1.4 1.4 26.8 425.57 32.5 4.6 Bunzl PLC 2820 27.00 Rentokil Initial PLC 621.80 2.20
FTSE All-Share Consumer Discretionary (91) 5393.38 -0.35 4952.39 5412.13 5408.75 4800.50 1.47 -0.02-3056.13 64.67 5583.88
FTSE Global All Cap 9373 841.57 -0.2 0.7 15.6
17.6 1319.13
1.7 Basic Materials 370 658.51 0.2 0.2 7.9 1159.72 11.9 3.8 Burberry Group PLC 1902 4.50 Rightmove PLC 756.40 5.00
FTSE All-Share Consumer Staples (26)19225.50 0.00 17653.52 19225.71 19224.99 18470.58 3.87 1.23 21.05 538.59 16926.89
FTSE Global Large Cap 1798 752.49 -0.2 1.1 15.5
17.6 1215.55
1.7 Chemicals 172 966.92 -0.4 -0.4 11.1 1658.67 13.3 2.1 Coca-Cola Hbc AG 2450 10.00 Rio Tinto PLC 4718 47.50
FTSE All-Share Industrials (88) 7282.01 0.12 6686.59 7273.40 7342.56 5810.55 1.62 2.77 22.24 99.02 8241.98
FTSE Global Mid Cap 2301 1067.96 -0.2 -0.4 16.5
18.4 1574.37
1.7 Forestry & Paper 21 295.14 -0.4 -0.4 -6.7 576.22 -4.2 2.8 Compass Group PLC 1535 -20.50 Rolls-Royce Holdings PLC 135.02 -0.84
FTSE All-Share Basic Materials (25) 7993.19 0.13 7339.62 7982.74 7897.30 6635.61 6.53 2.41 6.35 365.27 10233.62
FTSE Global Small Cap 5274 1154.16 -0.5 -0.6 14.7
16.2 1630.59
1.4 Industrial Metals & Mining 97 534.74 1.4 1.4 14.1 968.65 20.4 5.7 Crh PLC 3831 48.00 Royal Dutch Shell PLC 1660.4 21.60
FTSE All-Share Energy (14) 6113.63 1.34 5613.75 6032.63 5947.70 4986.97 3.64 1.66 16.51 173.88 7160.11
FTSE All-World 4099 492.84 -0.2 0.9 15.7
17.7 817.91
1.7 Mining 80 886.84 0.6 0.6 0.7 1626.31 6.4 5.9 Croda International PLC 9772 30.00 Royal Dutch Shell PLC 1657.6 19.40
FTSE All-Share Utilities (10) 8360.39 0.71 7676.80 8301.55 8268.22 7178.91 4.27 1.67 13.99 237.54 12099.38
FTSE World 2661 887.55 -0.2 1.3 17.3
19.4 1976.94
1.7 Industrials 757 592.74 -0.4 -0.4 13.2 926.34 14.8 1.4 Darktrace PLC 489.00 -9.80 Royal Mail PLC 507.80 -1.20
FTSE All-Share Software and Computer Services (20) 2502.29 -0.57 2297.69 2516.73 2543.83 2174.31 1.46 0.85 80.30 22.03 3758.00
FTSE Global All Cap ex UNITED KINGDOM In 9080 891.84 -0.2 0.8 15.9
17.7 1371.92
1.6 Construction & Materials 145 717.68 -0.4 -0.4 16.5 1181.81 18.6 1.8 Dcc PLC 5792 30.00 Sage Group PLC 779.20 -4.00
FTSE All-Share Technology Hardware and Equipment (2) 6539.61 -4.02 6004.90 6813.75 6989.64 4604.42 1.57 1.08 58.88 88.39 8294.51
FTSE Global All Cap ex USA 7544 598.23 -0.7 -1.7 6.18.6 1030.26
2.4 Aerospace & Defense 35 802.58 0.2 0.2 9.4 1233.00 10.8 1.4 Diageo PLC 3875 8.00 Sainsbury (J) PLC 295.00 1.80
FTSE All-Share Telecommunications Equipment (2) 634.99 0.45 583.07 632.14 649.15 583.68 1.42 2.69 26.24 5.80 888.76
FTSE Global All Cap ex JAPAN 7981 876.73 -0.2 0.7 16.7
18.6 1386.77
1.7 General Industrials 72 280.96 -0.4 -0.4 11.0 484.30 13.2 2.0 Entain PLC 1825.5 -59.50 Schroders PLC 3621 56.00
FTSE All-Share Telecommunications Service Providers (5) 2919.94 1.30 2681.20 2882.57 2917.55 2819.29 4.68 0.28 77.61 65.65 3745.06
FTSE Global All Cap ex Eurozone 8713 889.68 -0.1 0.9 16.1
18.0 1365.12
1.7 Electronic & Electrical Equipment 143 796.68 -0.7 -0.7 19.1 1126.88 20.5 1.1 Evraz PLC 594.20 -6.20 Scottish Mortgage Investment Trust PLC 1472 0.50
FTSE All-Share Health Care Providers (3) 8294.72 -0.43 7616.50 8330.47 8452.57 6107.04 0.12 53.19 15.05 6.62 7657.66
FTSE Developed 2209 816.00 -0.2 1.3 17.9
19.9 1289.33
1.7 Industrial Engineering 147 1149.82 -0.6 -0.6 12.2 1790.98 13.9 1.6 Experian PLC 3347 11.00 Segro PLC 1384.5 25.50
FTSE All-Share Medical Equipment and Services (2) 5959.25 0.28 5471.99 5942.40 6048.81 6528.94 2.13 1.07 43.76 126.98 5609.54
FTSE Developed All Cap 5829 853.83 -0.2 1.1 17.6
19.5 1329.46
1.6 Industrial Transportation 126 1079.37 0.0 0.0 17.7 1699.08 19.5 1.6 Ferguson PLC 11855 5.00 Severn Trent PLC 2848 33.00
FTSE All-Share Pharmaceuticals and Biotechnology (8)18151.22 -0.09 16667.08 18168.13 18120.20 16633.24 3.24 0.44 70.12 335.72 14723.49
FTSE Developed Large Cap 886 765.52 -0.2 1.7 18.1
20.1 1231.26
1.7 Support Services 89 694.47 -0.5 -0.5 8.0 1019.03 9.0 1.0 Flutter Entertainment PLC 10815 -225.00 Smith & Nephew PLC 1263 13.00
FTSE All-Share Banks (11) 3024.60 -0.20 2777.30 3030.77 3013.74 2585.28 2.61 5.86 6.54 45.06 2568.80
FTSE Developed Europe Large Cap 237 436.72 -1.0 -1.7 11.2
14.2 838.57
2.6 Consumer Goods 540 685.75 -0.8 -0.8 12.2 1127.22 14.2 1.8 Fresnillo PLC 901.40 -26.40 Smith (Ds) PLC 378.30 -0.40
FTSE All-Share Finance and Credit Services (7) 9755.93 0.73 8958.23 9685.07 9624.05 12109.88 1.47 1.55 43.86 126.70 12861.25
FTSE Developed Europe Mid Cap 351 755.24 -1.4 -2.6 8.2
10.5 1262.26
2.2 Automobiles & Parts 128 809.25 -2.0 -2.0 32.1 1287.11 33.6 0.9 Glaxosmithkline PLC 1539.6 6.20 Smiths Group PLC 1502.5 -6.00
FTSE All-Share Investment Banking and Brokerage Services (33)10612.88 0.49 9745.12 10561.52 10697.73 8929.53 3.69 2.73 9.91 287.36 14203.75
FTSE Dev Europe Small Cap 720 1078.23 -1.6 -4.5 11.9
14.0 1731.04
1.9 Beverages 68 771.91 -0.1 -0.1 4.4 1280.78 6.3 2.1 Glencore PLC 375.50 -0.15 Smurfit Kappa Group PLC 3890 8.00
FTSE All-Share Closed End Investments (189)14353.69 0.11 13180.06 14337.56 14534.92 12158.30 2.00 10.74 4.65 202.07 8757.94
FTSE North America Large Cap 256 1028.91 0.1 2.9 23.9
25.5 1521.45
1.3 Food Producers 132 755.28 -0.2 -0.2 5.2 1271.93 7.6 2.3 Halma PLC 2959 3.00 Spirax-Sarco Engineering PLC 15730 -115.00
FTSE All-Share Life Insurance (6) 8174.71 0.11 7506.30 8166.04 8171.03 7163.81 3.28 2.27 13.43 267.54 9595.60
FTSE North America Mid Cap 414 1302.11 0.2 0.6 22.8
24.4 1776.18
1.4 Household Goods & Home Construction 61 618.71 0.4 0.4 7.4 1015.95 9.9 2.3 Hargreaves Lansdown PLC 1441 5.00 Sse PLC 1590.5 8.00
FTSE All-Share Nonlife Insurance (7) 3553.73 -0.33 3263.16 3565.39 3581.29 3774.12 4.01 1.60 15.58 125.32 7282.36
FTSE North America Small Cap 1338 1344.73 -0.2 0.1 17.5
18.7 1763.83
1.1 Leisure Goods 47 320.04 -0.4 -0.4 -3.0 446.46 -2.0 1.1 Hikma Pharmaceuticals PLC 2288 6.00 St. James's Place PLC 1550.5 31.50
FTSE All-Share Real Estate Investment and Services (15) 3062.39 0.51 2811.99 3046.94 3078.39 2489.24 1.59 2.73 23.02 34.45 8947.14
FTSE North America 670 669.61 0.1 2.4 23.7
25.3 1.3 Personal Goods
1011.83 89 1161.47 -0.9 -0.9 10.2 1755.08 11.6 1.3 HSBC Holdings PLC 443.35 0.40 Standard Chartered PLC 452.30 -3.40
FTSE All-Share Real Estate Investment Trusts (41) 3011.18 1.37 2764.97 2970.55 3011.82 2430.45 2.65 1.66 22.71 47.05 4396.76
FTSE Developed ex North America 1539 312.34 -0.8 -1.2 6.69.2 579.81
2.4 Tobacco 15 921.79 0.4 0.4 1.5 2450.06 6.1 6.5 Imperial Brands PLC 1617 -2.00 Taylor Wimpey PLC 160.65 2.85
FTSE All-Share Automobiles and Parts (2) 3798.18 -1.61 3487.62 3860.44 3962.54 3829.66 1.25 -8.37 -9.58 10.66 3922.67
FTSE Japan Large Cap 172 467.09 -0.2 1.8 3.05.0 2.0 Health Care
668.95 338 756.04 -0.4 -0.4 10.2 1184.20 12.0 1.6 Informa PLC 509.80 1.00 Tesco PLC 280.50 0.70
FTSE All-Share Consumer Services (3) 2548.48 -1.30 2340.10 2581.98 2447.90 2338.99 0.01 110.73 66.38 0.13 3189.75
FTSE Japan Mid Cap 338 634.71 -0.2 -2.1 -1.50.5 862.57
2.2 Health Care Equipment & Services 129 1583.84 -0.7 -0.7 13.8 1923.51 14.7 0.8 Intercontinental Hotels Group PLC 4907 -24.00 Unilever PLC 3908.5 6.00
FTSE All-Share Household Goods and Home Construction (13)14308.35 0.94 13138.42 14175.00 14092.10 13817.30 5.09 1.67 11.79 421.30 11932.01
FTSE Global wi JAPAN Small Cap 882 707.11 -0.2 -1.7 -0.91.2 995.84
2.4 Pharmaceuticals & Biotechnology 209 478.02 -0.2 -0.2 7.5 800.85 9.9 2.2 Intermediate Capital Group PLC 2250 18.00 United Utilities Group PLC 1082 13.50
FTSE All-Share Leisure Goods (2) 23037.12 -0.84 21153.48 23233.40 23788.34 24023.34 1.69 2.59 22.89 388.85 24559.83
FTSE Japan 510 190.89 -0.2 1.0 2.04.1 306.07
2.0 Consumer Services 453 724.66 -0.2 -0.2 5.0 1023.09 5.8 0.8 International Consolidated Airlines Group S.A. 152.78 1.32 Vodafone Group PLC 117.78 1.80
FTSE All-Share Personal Goods (5) 31307.48 0.21 28747.62 31242.90 31636.07 24306.79 1.30 2.05 37.52 419.78 23990.84
FTSE Asia Pacific Large Cap ex Japan 956 850.79 -0.5 -2.4 -2.7
-0.7 2.2 Food & Drug Retailers
1504.16 69 336.74 0.1 0.1 12.7 523.24 15.4 2.3 Intertek Group PLC 5470 310.00 Whitbread PLC 3024 14.00
FTSE All-Share Media (11) 9856.74 0.19 9050.80 9838.32 9940.33 7829.36 1.74 1.04 55.09 177.13 6774.55
FTSE Asia Pacific Mid Cap ex Japan 919 1136.74 -0.1 -1.1 10.7
13.1 1932.30
2.5 General Retailers 157 1336.67 -0.2 -0.2 5.6 1810.07 6.1 0.6 Itv PLC 117.65 -0.75 Wpp PLC 1106.5 2.00
FTSE All-Share Retailers (22) 2799.38 -0.63 2570.49 2817.23 2812.84 2220.22 1.23 4.16 19.54 33.25 3547.20
FTSE Asia Pacific Small Cap ex Japan 2042 719.68 -0.8 0.6 10.7
12.9 2.1 Media
1192.79 84 481.11 -0.6 -0.6 2.5 683.56 3.3 0.8 Jd Sports Fashion PLC 1136 -21.50
FTSE All-Share Travel and Leisure (33) 7479.08 -1.02 6867.55 7556.00 7602.62 7566.97 0.11 -98.07 -9.33 11.71 7686.02
FTSE Asia Pacific Ex Japan 1875 673.41 -0.4 -2.3 -1.40.6 2.3 Travel & Leisure
1264.95 143 513.95 0.1 0.1 3.2 741.55 3.9 0.8
FTSE All-Share Beverages (6) 29986.59 0.27 27534.73 29906.35 30171.20 22858.02 1.90 1.52 34.57 353.51 23540.28
FTSE Emerging All Cap 3544 893.72 -0.4 -2.6 0.42.8 2.4 Telecommunication
1504.63 88 150.40 0.1 0.1 -2.3 340.27 1.4 4.2
FTSE All-Share Food Producers (10) 6703.91 -1.42 6155.76 6800.14 6750.95 6859.69 1.75 2.99 19.16 90.90 6312.01
FTSE All-Share Tobacco (2) 27990.46 -0.13 25701.82 28027.72 27941.52 28484.83 8.35 1.47 8.17 1542.74 24368.58
FTSE Emerging Large Cap 912 840.20 -0.4 -3.2 -2.10.2 2.4 Fixed Line Telecommuniations
1422.67 35 112.37 -0.3 -0.3 -3.4 289.41 1.7 5.9 UK STOCK MARKET TRADING DATA
FTSE Emerging Mid Cap 978 1145.13 -0.3 -1.7 9.4
12.4 3.0 Mobile Telecommunications
1935.77 53 182.08 0.3 0.3 -1.1 356.66 1.5 3.3
FTSE All-Share Construction and Materials (15) 8826.77 0.93 8105.05 8745.73 8538.00 7223.39 2.12 0.56 83.69 72.91 10433.41 Nov 24 Nov 23 Nov 22 Nov 19 Nov 18 Yr Ago
FTSE Emerging Small Cap 1654 957.85 -0.7 1.5 12.4
15.0 2.3 Utilities
1546.22 198 325.66 0.1 0.1 1.5 737.37 4.7 3.3
FTSE All-Share Aerospace and Defense (9) 4569.65 -0.58 4196.01 4596.18 4576.20 4015.49 2.08 8.40 5.72 94.62 5457.37 Order Book Turnover (m) 146.18 91.48 102.04 102.04 102.04 88.89
FTSE Emerging Europe 87 417.49 1.1 -11.4 12.7
18.2 4.8 Electricity
830.71 142 366.77 0.1 0.1 1.6 818.62 4.7 3.3
FTSE All-Share Electronic and Electrical Equipment (10)13823.63 -0.18 12693.34 13849.18 14349.22 10846.02 1.25 2.13 37.62 154.90 13446.82 Order Book Bargains 893408.00 888846.00 1004249.00 1004249.00 1004249.00 810526.00
FTSE Latin America All Cap 251 692.29 -0.3 -2.4 -15.8
-11.8 5.5 Gas Water & Multiutilities
1242.06 56 325.42 0.0 0.0 1.5 760.74 4.8 3.4
FTSE All-Share General Industrials (9) 5558.52 -0.08 5104.03 5562.89 5591.52 5025.20 2.33 1.16 36.90 127.94 7126.20 Order Book Shares Traded (m) 1154.00 1203.00 1549.00 1549.00 1549.00 1111.00
FTSE Middle East and Africa All Cap 332 787.08 -0.5 -2.0 20.5
23.8 2.6 Financials
1397.04 870 299.51 0.6 0.6 18.7 558.17 21.7 2.6
FTSE All-Share Industrial Engineering (5)19947.72 -0.63 18316.69 20074.26 20574.88 15889.09 0.96 2.51 41.52 192.50 26357.36 Total Equity Turnover (£m) 4017.38 4512.50 7883.47 7883.47 7883.47 7087.05
FTSE Global wi UNITED KINGDOM All Cap In 293 349.18 -0.2 -2.2 10.2
13.7 3.2 Banks
688.47 268 230.54 0.8 0.8 25.0 474.84 29.1 3.1
FTSE All-Share Industrial Support Services (32)11927.97 0.54 10952.67 11864.38 12059.73 9517.55 1.37 1.96 37.13 141.92 13456.22 Total Mkt Bargains 1136788.00 1231427.00 1265035.00 1265035.00 1265035.00 1050176.00
FTSE Global wi USA All Cap 1829 1155.29 0.1 2.4 23.0
24.5 1.2 Nonlife Insurance
1647.33 72 344.85 0.7 0.7 15.2 558.18 18.7 2.9
FTSE All-Share Industrial Transportation (8) 7025.98 -0.47 6451.50 7059.14 7184.31 3958.70 1.02 3.58 27.28 61.48 7206.68 Total Shares Traded (m) 3939.00 4214.00 4768.00 4768.00 4768.00 4221.00
FTSE Europe All Cap 1473 521.59 -1.1 -2.4 10.7
13.6 2.5 Life Insurance
961.91 54 246.49 0.1 0.1 6.0 456.77 9.5 3.3
FTSE All-Share Industrial Materials (1)21353.98 1.67 744.91 21003.92 21704.05 18753.95 1.49 2.64 25.42 318.56 26424.06 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE Eurozone All Cap 660 511.06 -1.2 -2.0 10.3
12.8 2.2 Financial Services
935.96 215 493.50 0.6 0.6 17.5 736.44 19.1 1.5
FTSE All-Share Industrial Metals and Mining (11) 6607.43 0.29 6067.17 6588.47 6478.23 5431.65 7.25 2.43 5.68 326.35 9477.92 (c) Market closed.
FTSE EDHEC-Risk Efficient All-World 4099 542.24 0.0 -0.7 14.9
17.0 2.0 Technology
832.56 349 670.67 -0.8 -0.8 28.9 866.76 29.8 0.7
FTSE All-Share Precious Metals and Mining (6)19568.03 -1.31 17968.05 19827.21 20377.37 23355.85 4.17 1.82 13.21 1039.94 13330.01
FTSE EDHEC-Risk Efficient Developed Europe 588 404.89 -1.3 -2.8 8.4
10.9 2.3 Software & Computer Services
690.91 188 1090.92 -1.1 -1.1 29.8 1312.16 30.4 0.4
FTSE All-Share Chemicals (7) 18314.42 -0.43 16816.94 18393.36 18735.38 13669.66 1.76 2.57 22.12 261.18 17903.55
Oil & Gas 136 333.18 1.8 -4.2 29.1
34.6 3.9 Technology Hardware & Equipment
649.25 161 545.50 -0.4 -0.4 27.9 755.16 29.3 1.1
FTSE All-Share Oil. Gas and Coal (14) 5933.21 1.34 5448.08 5854.61 5772.18 4839.81 3.64 1.66 16.51 168.76 7206.48 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Oil & Gas Producers 95 319.25 2.1 -4.2 32.1
38.0 4.0 Alternative Energy
636.69 15 242.86 -2.1 -2.1 -9.6 347.05 -9.1 0.5
accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
FTSE Sector Indices Real Estate Investment & Services 160 341.09 -0.1 -0.1 -4.9 645.64 -2.4 2.8
Non Financials (352) 4976.40 0.21 4618.03 4965.77 4963.69 90.06 3.23 1.52 20.30 113.79 8684.04 Real Estate Investment Trusts 101 563.58 0.7 0.7 23.9 1273.94 27.1 2.8 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Global Large Cap 1798 752.49 -0.2 -0.2 15.5 1215.55 17.6 1.7 liable for any loss arising from the reliance on or use of the listed information.
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day
FTSE 100 7286.25 7305.63 7274.37 7255.36 7270.85 7276.93 7252.30 7279.92 7288.82 7307.70 7246.07 mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index®
FTSE 250 23252.24 23255.80 23134.53 23102.75 23112.17 23122.11 23083.52 23165.18 23184.02 23270.84 23078.68 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 7372.96 7383.40 7372.57 7362.54 7365.93 7366.04 7361.49 7369.08 7367.72 7383.40 7358.07 Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
FTSE All-Share 4154.87 4163.98 4145.88 4136.09 4143.48 4146.55 4134.10 4149.27 4153.86 4165.23 4131.12 of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Time of FTSE 100 Day's high:08:45:00 Day's Low14:18:00 FTSE 100 2010/11 High: 7384.18(11/11/2021) Low: 6407.46(29/01/2021)
Time of FTSE All-Share Day's high:08:45:00 Day's Low14:18:00 FTSE 100 2010/11 High: 4212.39(11/11/2021) Low: 3641.93(29/01/2021)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing AB Dynamics Pre 65.380 61.514 3.785 4.381 13.200 17.900 3.24000 4.40000 Jan 28 4.840 4.400 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Alpha Financial Markets Consulting Int 68.390 47.516 4.231 4.456 0.870 2.950 2.90000 2.10000 Dec 22 7.750 2.100 11/22 277.00 AIM ETP Eneraqua Technologies PLC 285.00 -5.00 289.60 277.50 9468.3
There are currently no rights offers by any companies listed on the LSE. Arena Events Group Int 82.500 42.800 2.100 4.700L 0.800 2.700L 0.00000 0.00000 - 0.000 0.000 11/19 10.00 REDC Red Capital PLC 29.50 0.50 29.64 21.95 295.0
Baillie Gifford European Growth Trust Pre 107.348 125.013 29.320 33.190 0.00000 0.35000 - 0.000 0.350 11/17 2.25 TM1 Technology Minerals PLC 3.80 0.00 4.25 2.80 4606.8
Brewin Dolphin Holdings Pre 404.075 359.164 72.528 62.072 18.800 16.300 11.10000 9.90000 Feb 9 15.700 14.300 11/12 13.00 AIM FRG Firering Strategic Minerals PLC 13.35 -0.35 15.28 12.42 1159.9
Britvic Pre 1405.100 1412.400 142.900 111.200 38.700 35.600 17.70000 21.60000 Feb 2 24.200 21.600 11/05 1.10 AIM MRK Marks Electrical Group PLC 121.00 -2.50 128.00 110.00 12698.8
De La Rue Int 179.200 182.600 10.900 2.500 5.200 0.900 0.00000 0.00000 - 0.000 0.000 10/27 7.50 SFTL Softline Holding PLC 6.50 0.00 8.20 6.50 1194.0
First Property Group Int 4.033 6.330 6.665 2.082 5.850 0.470 0.25000 0.45000 Jan 7 0.250 1.663 10/25 6.25 AIM AXL Arrow Exploration Corp 8.00 0.25 8.13 6.50 1677.0
HICL Infrastructure Int 139.500 104.000 7.200 5.500 2.06000 2.06000 Dec 31 2.060 2.060 10/19 10.00 AIM BEN Bens Creek Group PLC 28.40 -0.90 33.00 9.50 9945.7
Johnson Matthey Int 8586.000 6979.000 9.000L 26.000 14.800L 12.300 0.00000 20.00000 - 50.000 50.955 10/15 10.00 AIM LST Light Science Technologies Holdings PLC 19.25 0.05 32.00 10.00 3352.4
LXI REIT Int 73.600 4.000L 11.300 0.800L 0.00000 1.34639 - 1.460 2.772
Personal Assets Trust Int 90.416 39.293 2687.000 1372.000140.00000140.00000 Oct 8 280.000 279.231
Templeton Emerging Markets Inv Tr Int 185.171L 522.861 16.240L 45.310 1.00000 1.00000 Jan 10 3.800 3.785
United Utilities Group Int 932.300 894.400 212.700 201.100 31.700L 23.800 14.50000 14.41000 Feb 1 43.330 42.655

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Thursday 25 November 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 (€) CntJpRwy 16635 -25.00 18455 13290 0.78 -20.72 29683.49 Nordea Bk 110.22 0.88 114.64 65.76 7.49 12.12 48913.33 BlackRock 927.14 -8.29 973.16 670.28 1.62 27.03 140848.49 MondelezInt 61.13 -0.28 65.60 52.91 1.99 20.98 85274.65
ANZ 27.51 0.24 29.64 22.38 2.23 16.24 55771.48 Nokia 5.17 0.08 5.38 3.07 - -16.28 32827.38 Denso 8818 -4.00 9053 4929 1.59 22.36 60185.35 SEB 137.45 0.35 141.85 81.80 3.08 11.93 32683.27 Boeing 210.46 1.33 278.57 191.85 - -14.09 123687.18 Monsanto 9.81 0.06 10.00 9.51 - - 245.25
BHPBilltn 38.24 0.19 54.55 35.56 5.49 12.78 81132.83 SampoA 43.15 -0.12 47.33 33.07 4.03 39.83 26772.57 EastJpRwy 7119 86.00 8626 6440 1.41 -5.36 23305.48 SvnskaHn 100.10 0.05 108.15 80.06 4.22 11.46 21331.48 Booking Holdings 2333.75 -7.39 2687.29 1860.73 - 239.70 95831.7 MorganStly 100.36 -1.50 105.95 60.64 1.35 13.78 180087.18
CmwBkAu 97.18 0.36 110.19 78.79 2.57 20.50 119254.62 France (€) Fanuc♦ 23140 -210.00 29700 21720 1.28 35.32 40471.08 Swedbank 193.42 0.32 196.70 140.70 3.87 10.27 23992.03 BrisMySq 56.94 -0.52 69.75 56.11 3.40 -24.20 126375.48 Netflix 660.40 6.34 700.99 475.89 - 70.92 292525.63
CSL 318.00 0.94 319.78 242.00 0.88 45.49 104207.41 Airbus Grpe 111.46 1.20 121.00 81.84 - 28.40 98099.83 FastRetail 72890-1230.00 110500 69230 0.65 49.87 66973.09 Telia Co 36.04 0.34 39.97 33.45 5.43 -11.01 16148.28 CapOne 156.27 -0.02 177.95 85.16 0.62 6.44 66511.96 NextEraE♦ 86.91 -0.02 88.83 68.33 1.63 56.29 170529.33
NatAusBk 28.45 -0.02 30.30 22.25 2.16 18.23 66989.02 AirLiquide 151.68 0.24 154.36 124.25 1.85 27.13 80473.24 Fuji Hvy Ind 2314.5 22.50 2413 1943 2.43 17.22 15420.83 Volvo 206.00 -1.80 240.80 182.00 3.00 11.95 35856 CardinalHlth 49.09 -0.05 62.96 47.15 3.83 24.46 13834.24 Nike 171.46 -0.69 179.10 125.44 0.62 46.96 219092.7
Telstra 4.07 - 4.09 2.98 2.48 25.90 34810.97 AXA 25.54 0.05 26.35 18.21 5.72 10.77 69192.75 Hitachi♦ 7283 -46.00 7460 3897 1.45 17.51 61082.38 Switzerland (SFr) Carnival 20.27 0.12 31.52 17.96 - -2.52 19739.42 NorfolkS 277.03 -2.70 296.06 226.09 1.34 26.63 67413.73
Wesfarmers♦ 59.15 -0.02 67.20 49.01 2.81 27.94 48231 BNP Parib 58.54 -0.35 62.55 39.71 1.94 9.27 81916.85 HondaMtr 3276 -16.00 3677 2743 3.65 5.87 51403.18 ABB 32.91 -0.20 34.79 23.66 2.39 35.20 72166.09 Caterpillar 208.08 2.75 246.69 172.28 1.91 27.09 112557.18 Northrop 362.10 -2.11 408.03 282.88 1.65 12.84 57406.48
Westpc 21.80 -0.01 27.12 19.23 1.46 18.22 57514.27 ChristianDior 710.00 1.00 731.50 420.60 0.86 32.22 143494.12 JapanTob 2291 -18.00 2387.5 1898 6.22 11.16 39689.9 CredSuisse 9.23 0.07 13.50 8.71 2.53 117.41 25134.25 CharlesSch♦ 82.71 -0.24 84.49 48.51 0.84 36.16 149804.08 NXP 217.99 -1.13 228.72 152.93 0.83 61.22 57970.79
Woolworths 40.79 -0.01 42.66 31.24 2.49 33.18 35552.25 Cred Agr 12.67 0.04 13.49 9.23 6.46 9.09 43849.26 KDDI 3444 24.00 3899 2919.5 3.50 11.89 68739.18 Nestle 121.52 -0.52 124.16 95.00 2.21 28.52 365351.7 Charter Comms 674.54 -0.21 825.62 585.45 - 36.24 120938.1 Occid Pet 32.02 0.10 35.75 14.77 0.12 -6.00 29906.07
Belgium (€) Danone 56.17 -0.61 65.30 50.88 7.35 17.90 43248.68 Keyence 72230-2050.00 76210 47150 0.28 76.44 152166.75 Novartis 76.55 -0.45 86.92 74.81 3.91 21.45 199033.34 Chevron Corp♦ 117.11 0.81 118.08 83.53 4.29 64.90 225751.3 Oracle 92.95 0.01 98.95 56.36 1.17 20.46 254513.74
AnBshInBv 52.38 0.34 65.86 46.66 1.00 21.33 101829.81 EDF 12.68 0.19 13.58 9.63 1.69 7.80 44814.37 MitsbCp 3534 -10.00 3758 2422 3.81 16.11 45480.93 Richemont 138.90 1.50 143.55 73.22 0.71 56.90 77438.64 Chubb 190.37 -2.58 197.92 144.00 1.59 10.91 82000.22 Pepsico 162.98 -2.27 166.80 128.32 2.54 28.08 225344.78
KBC Grp 75.54 0.70 86.50 55.08 0.60 12.14 35243.2 Engie SA 13.06 -0.01 13.87 10.98 4.15 63.91 35621.04 MitsubEst 1648 -9.50 2047.5 1595.5 1.52 15.58 19863.64 Roche 361.25 4.05 378.95 293.05 2.46 22.74 271067.79 Cigna 210.44 -2.80 272.81 190.88 0.92 9.64 69745.66 Perrigo 39.11 -0.09 50.90 38.20 2.29 -16.08 5231.9
EssilorLuxottica 188.14 1.00 195.00 116.40 1.21 60.16 93161.21 MitsubishiEle♦ 1490.5 -6.50 1817 1424 2.42 13.44 27722.33 Swiss Re 89.06 0.60 94.96 77.26 6.58 22.66 30200.05 Cisco 55.39 0.09 60.27 41.90 2.53 23.11 233604.66 Pfizer♦ 51.12 0.04 52.84 33.36 2.91 24.30 286955
Brazil (R$)
Hermes Intl 1629 11.00 1675.5 815.80 0.29 75.18 192548.28 MitsuiFud 2505 -38.00 2816.5 2014.5 1.76 16.02 20949.65 Swisscom 528.40 4.80 562.40 456.30 4.07 15.25 29234.38 Citigroup 67.47 -0.61 80.29 54.48 2.92 7.17 136737.06 Phillips66♦ 73.95 0.12 94.34 60.30 4.70 -19.70 32397.52
Ambev 17.17 -0.03 19.86 13.35 3.07 17.37 48291.95
LOreal 412.55 0.85 430.45 290.10 0.99 55.30 257594.25 MitUFJFin 634.00 4.70 688.90 441.10 3.98 10.42 74589.46 UBS 16.52 0.23 17.04 11.96 4.02 8.92 65325.26 CME Grp 228.18 0.24 230.90 169.91 1.48 44.20 82007.02 PhilMorris 90.96 1.31 106.51 75.42 5.27 16.03 141609.05
Bradesco 18.02 0.23 24.57 16.45 3.07 11.03 15681.8
LVMH 726.10 8.00 741.60 482.90 0.84 37.85 410354.82 Mizuho Fin 1455.5 -4.50 1732.5 1287 2.86 6.29 32014.2 Zurich Fin 396.40 2.70 415.10 352.80 5.02 13.59 63700.11 Coca-Cola 55.07 -0.81 57.56 48.11 2.91 30.52 237870.04 PNCFin 207.94 -1.15 217.60 136.15 2.13 16.35 87883.93
Cielo 2.17 0.04 4.45 2.08 4.61 6.69 1053.36
Orange 9.93 -0.01 10.87 9.17 7.21 29.43 29565.78 Murata Mfg 8710 -200.00 10835 7994 1.33 20.21 50986.51 Cognizant 80.39 -0.38 82.84 66.19 1.16 22.90 42222.36 PPG Inds♦ 159.59 -0.84 182.97 132.10 1.31 25.92 37886.8
ItauHldFin 20.32 0.21 30.15 19.74 3.71 6.65 18001.82 Taiwan (NT$)
PernodRic 207.90 -0.40 214.50 150.90 1.96 40.76 60958.12 Nippon T&T 3188 -21.00 3313 2453 3.15 11.83 100021.44 ColgtPlm 77.64 -0.30 86.38 74.01 2.20 25.14 65434.56 ProctGmbl 148.10 -1.34 149.50 121.54 2.22 27.34 358396.69
Petrobras 28.92 0.19 32.34 20.60 3.64 3.55 38456.95 Chunghwa Telecom 113.50 - 118.50 108.00 - 26.68 31682.97
Renault 32.11 -0.51 41.42 27.48 - -23.98 10630.1 NipponTT 3188 -21.00 3313 2453 3.15 11.83 100021.44 Comcast 51.70 -0.34 61.80 48.15 1.79 19.99 235725.05 Prudntl 108.99 -1.20 115.52 74.58 3.98 6.21 41198.22
Vale 70.30 0.93 120.45 61.85 12.59 3.97 64467.53 Formosa PetChem 98.80 1.80 117.50 88.40 - 16.98 33867.07
Safran 112.48 0.26 127.74 101.64 0.39 35.16 53805.58 Nissan Mt 641.40 26.90 664.50 491.00 - -51.49 23449.83 ConocPhil♦ 75.02 1.24 77.98 38.77 2.20 68.96 98947.39 PublStor 332.33 1.95 340.95 212.22 2.32 47.37 58275.58
Canada (C$) HonHaiPrc 105.50 -0.50 134.50 81.50 3.83 11.38 52628.49
Sanofi 87.31 -1.07 91.14 74.92 3.75 18.56 123517.26 Nomura♦ 493.40 0.20 721.00 485.70 7.12 26.47 13819.92 Corning♦ 39.18 -0.25 46.82 34.81 2.27 37.25 33436.54 Qualcomm 179.98 -0.96 188.77 122.17 1.41 23.32 201577.6
Bausch Hlth 32.94 -0.03 43.97 23.96 - -7.48 9313.68 MediaTek 1040 -5.00 1185 689.00 3.42 21.15 59831.58
Sant Gbn 59.99 -0.25 64.93 36.22 2.27 14.35 35770.75 Nppn Stl 1851.5 -10.50 2381 1185 0.54 9.89 15241.2 Costco 546.62 1.36 550.83 307.00 0.53 50.08 241509.73 Raytheon♦ 87.12 -0.19 92.32 65.02 2.24 37.98 130399.28
BCE 64.78 -0.12 67.08 54.18 5.21 22.01 46443.38 TaiwanSem 603.00 -9.00 679.00 480.50 1.60 29.69 562649.06
Schneider 156.16 -3.74 163.44 112.25 1.70 29.37 99491.98 Panasonic♦ 1364 -16.50 1541 1101 1.47 12.62 28992.8 CrownCstl 184.66 0.99 204.62 146.15 2.71 73.60 79810.65 Regen Pharm 653.29 3.97 686.62 441.00 - 12.19 69065.65
BkMontrl♦ 139.81 -0.04 140.95 93.33 2.92 17.68 71482.32 Seven & I 4780 3.00 5340 3299 2.11 19.45 36703.13 Thailand (THB) CSX 36.27 -0.22 36.57 27.70 1.00 23.07 80435.17 S&P Global♦ 460.36 2.79 476.17 303.50 0.64 40.14 110946.76
SocGen 29.27 0.03 30.84 15.18 1.92 8.13 27961.93
BkNvaS 83.19 -0.21 83.65 63.20 4.21 11.95 79763.27 ShnEtsuCh 19690 -380.00 21480 15905 1.27 25.49 71064.93 PTT Explor 37.75 0.75 45.00 34.00 2.66 12.71 32348.45 CVS 92.57 -1.08 96.57 66.73 2.08 17.57 122191.23 Salesforce 286.90 -4.52 311.75 201.51 - 120.66 280875.1
Total 43.12 0.23 45.16 24.51 6.42 12.03 127462.79
Brookfield 74.60 0.49 77.51 48.34 0.82 34.46 96539.91 Softbank 6596 -226.00 10695 5888 0.67 2.98 98441.7 United Arab Emirates (Dhs) Danaher 313.85 0.33 333.96 211.22 0.26 40.86 224266.38 Schlmbrg 31.65 0.47 36.87 20.78 1.56 27.36 44393.32
UnibailR 64.40 0.55 85.65 53.86 - -2.12 9993.37
CanadPcR 94.41 -0.85 100.00 82.12 0.80 20.55 49677.91 Sony♦ 14065 -215.00 14625 9489 0.39 14.74 153641.26 Emirtestele 30.00 0.02 30.00 16.88 1.77 29.33 71030.65 Deere 370.85 21.57 400.34 250.54 0.86 22.42 114986.3 Sempra Energy 125.88 0.56 144.93 114.66 3.29 18.88 40195.45
Vinci 91.60 1.02 96.95 75.38 2.28 22.86 61367.75
CanImp 148.93 -0.20 152.87 107.44 3.82 11.71 52970.5 SumitomoF 3904 79.00 4354 3014 4.88 8.47 46476.76 Delta 39.78 0.25 52.28 37.31 - -335.27 25456.55 Shrwin-Will♦ 327.93 0.44 340.45 218.06 0.59 42.59 85982
Vivendi 11.40 0.20 11.75 5.04 5.38 10.62 14149.63 United Kingdom (p)
CanNatRs 55.06 1.40 55.19 28.67 3.21 16.20 51131.83 Takeda Ph 3163 -22.00 4365 3156 5.71 11.51 43351.08 Devon Energy 45.07 1.63 45.56 13.78 0.94 222.40 30509.01 SimonProp 167.50 -1.53 171.12 82.02 3.80 37.98 55042.37
Germany (€) AscBrFd 1940 -16.00 2528 1719 - 38.34 20472.79
CanNatRy 164.59 -0.71 168.66 125.00 1.45 25.10 91803.39 TokioMarine 6078 -9.00 6218 4907 3.30 18.92 36722.29 DiscFinServ♦ 119.03 -0.34 135.69 76.00 1.43 7.89 34884.81 SouthCpr 59.31 0.08 83.29 54.92 3.58 17.03 45851.45
Allianz 203.10 -0.15 223.50 182.52 4.83 9.55 93755.44 AstraZen 8471 -9.00 9523 6499.8 2.43 40.77 143004.94
Enbridge 50.57 0.12 54.00 39.84 6.43 17.07 80827.52 Toyota 2124.5 19.50 2188 1396 2.22 9.99 300239.82 Disney 150.66 -0.38 203.02 146.29 - 251.82 273759.21 Starbucks♦ 113.97 0.39 126.32 95.92 1.49 49.21 133709.6
BASF 61.89 -1.06 72.88 59.04 5.45 28.56 63645.84 Aviva 395.70 1.00 429.60 247.40 6.82 13.19 21168.48
GtWesLif 38.13 -0.20 39.73 28.79 4.54 11.10 27990.52 DominRes 74.66 -0.16 81.11 67.85 3.66 26.77 60361.66 StateSt 97.37 -0.84 100.69 68.80 2.16 14.50 33445.18
Bayer 47.47 -1.22 57.73 44.47 4.31 -6.03 52215.41 Mexico (Mex$) Barclays 193.36 -0.42 217.63 111.83 0.52 6.24 43981.51
ImpOil 44.47 0.44 45.49 22.48 2.07 -86.58 24304.56 DukeEner♦ 100.06 -0.68 108.38 85.56 3.72 27.22 76979.92 Stryker 256.23 1.69 281.16 220.90 0.93 48.63 96623.38
BMW 92.49 -1.95 96.39 68.21 2.10 5.41 62340.21 AmerMvl 18.62 - 19.90 13.25 2.12 11.74 39200.17 BP 344.50 5.10 366.40 3.20 4.39 11.13 91524.96
Manulife 24.71 - 27.68 21.72 4.48 6.87 37867.17 DuPont 79.17 -0.34 87.27 63.02 1.46 41.44 41410.4 Sychrony Fin 49.79 0.08 52.49 30.44 1.75 7.12 27245.3
Continental 104.72 -2.06 132.68 89.73 2.93 409.86 23450.55 FEMSA UBD 160.14 2.37 180.66 136.21 3.33 56.48 16150.22 BrAmTob 2582.5 -3.50 2961.5 207.50 8.20 9.57 64182.98
Nutrien 87.47 -0.67 91.15 59.45 2.54 42.32 39388.31 Eaton♦ 171.28 -1.29 175.72 113.79 1.68 37.85 68272.21 T-MobileUS 113.99 -1.47 150.20 112.87 - 37.03 142379.61
Daimler 88.37 -1.67 91.63 54.82 2.60 6.90 105852.98 WalMrtMex 72.21 -0.55 76.95 52.23 0.86 29.15 58838.82 BT 161.70 2.00 206.70 116.65 - 11.08 21386.16
RylBkC 131.97 0.30 134.23 102.74 3.19 12.78 148382.3 eBay 72.75 1.10 81.19 48.67 0.90 22.99 47291.56 Target♦ 248.11 -1.08 268.98 166.83 1.05 20.62 121084.93
Deut Bank 11.45 0.27 12.56 8.37 - 17.92 26495.91 Netherlands (€) Compass 1535 -20.50 1721.63 18.06 - -66.45 33650.74
SHOP 2061 67.06 2228.73 1248.55 - 86.95 184722.26 Ecolab 231.31 -2.12 238.93 201.15 0.80 65.50 66285.88 TE Connect 159.65 -1.10 166.44 113.01 1.17 32.63 52095.93
Deut Tlkm 16.87 -0.06 18.92 14.53 3.63 14.74 94186.32 ASML Hld 709.00 2.90 777.50 353.15 0.40 52.49 328112.5 Diageo 3875 8.00 4364.1 2805.28 1.82 34.17 130035.07
Suncor En 33.64 0.64 33.86 20.29 2.47 34.06 38623.25 Emerson 94.65 0.18 105.99 74.50 2.05 25.09 56307.29 Tesla Mtrs 1116.42 7.39 1243.49 526.20 - 366.651121181.37
DeutsPost 56.07 0.24 61.38 38.64 4.56 14.99 77786.3 Heineken 92.70 0.44 103.80 80.84 0.77 46.28 59783.96 GlaxoSmh♦ 1539.6 6.20 1604.4 1190.8 5.20 17.76 100928.17
ThmReut 153.59 -0.29 156.46 99.11 1.25 9.01 59027.03 EOG Res 92.61 0.85 98.20 46.31 1.60 29.71 54182.26 TexasInstr 192.06 -0.58 202.26 156.69 1.99 27.76 177372.41
E.ON 10.79 0.16 11.43 8.27 4.45 8.12 31909.69 ING 13.01 -0.03 13.74 7.15 0.94 9.95 56868.92 Glencore 375.50 -0.15 420.03 3.40 1.16 32.42 72201.6
TntoDom 95.68 0.46 96.00 69.28 3.22 11.58 137678.1 EquityResTP 87.18 0.52 88.09 56.08 2.67 49.46 32693.91 TheTrvelers 159.59 -0.67 163.29 129.57 2.07 11.13 39260.53
Fresenius Med 55.56 -0.08 71.44 54.78 4.67 15.94 18219.12 Unilever 46.55 0.27 51.94 43.00 2.34 26.32 159409.95 HSBC 443.35 0.40 462.55 329.55 2.42 13.61 118493.07
TrnCan 61.52 0.01 68.20 51.26 5.39 30.09 47527.94 Exelon 54.21 -0.17 54.86 38.36 2.72 56.75 53008.31 ThrmoFshr 630.39 -2.37 651.57 433.52 0.15 30.26 248403.97
Fresenius SE 35.03 -0.48 47.60 32.94 5.02 10.98 17735.33 Imperial Brands 1617 -2.00 1686 1142 8.52 5.51 20557.36
China (HK$) Norway (Kr) ExxonMb♦ 63.34 0.21 66.38 37.97 5.30 -21.11 268132.96 TJX Cos♦ 70.67 -0.28 76.94 61.15 0.71 35.61 84983.45
HenkelKgaA 68.10 -0.55 86.50 68.00 2.75 18.41 19808.87 LlydsBkg 49.52 -0.32 51.58 0.59 1.15 7.62 47568.5
AgricBkCh 2.64 - 3.30 2.54 8.45 3.46 10406.63 DNB 211.10 -0.50 217.90 126.05 4.04 15.66 36471.65 Facebook 339.94 2.69 384.33 244.61 - 26.13 804392.49 Truist Financial Corp♦ 62.70 -0.22 65.42 45.44 2.77 16.96 83691.02
Linde 291.95 -0.40 297.20 199.35 1.19 54.38 167544.12 Natl Grid 998.30 5.90 1001 805.40 4.91 21.56 44666.86
Bk China 2.78 -0.01 3.17 2.54 8.17 3.67 29811.34 Equinor 231.45 3.25 238.75 116.30 1.53-111.37 84023.32 Fedex 246.12 -0.32 319.90 216.34 1.10 13.50 65380.46 UnionPac 246.10 -1.27 247.76 193.14 1.64 26.65 158211.71
MuenchRkv 253.55 4.10 269.30 215.25 3.95 16.48 39772.13 Natwest Group 223.40 1.00 235.07 145.40 1.34 14.79 35633.64
BkofComm 4.77 -0.01 5.26 4.00 7.74 3.83 21416.76 Telenor 140.35 -0.90 159.95 131.80 6.67 11.00 21887.97 FordMtr 20.26 0.06 20.79 8.43 - 24.70 79528.39 UPS B 209.44 -2.37 220.24 154.76 1.87 31.41 152714.89
SAP 118.94 -0.60 129.74 97.35 1.59 23.46 163600.66 Prudential 1431 -4.00 1598.5 1158 0.82 19.89 49352.88
BOE Tech 0.80 - 1.21 0.55 - -68.71 20.41 Qatar (QR) ReckittB 6202 -12.00 7410 4905.16 2.82 -26.84 58218.3 Franklin 34.39 -0.30 38.27 21.43 3.87 14.73 17293.16 USBancorp 59.63 -0.44 63.01 42.47 2.72 13.26 88419.23
Siemens 151.94 -1.40 156.98 111.10 2.35 23.86 144601.07
Ch Coms Cons 4.16 0.01 4.73 3.21 4.99 2.95 2357.12 QatarNtBk 20.60 -0.05 21.05 16.35 2.16 16.41 52257.77 RELX 2343 12.00 2634.82 1484.9 2.01 33.86 60422.29 GenDyn 198.52 -1.77 210.21 144.50 2.87 17.25 55431.32 UtdHlthcre 447.85 0.72 466.00 320.35 1.12 30.64 421808.08
Volkswgn 269.40 -8.80 357.40 152.60 1.82 7.49 89008.66
Ch Evrbrght 2.79 - 3.54 2.63 8.98 3.60 4536.2 Russia (RUB) RioTinto 4718 47.50 6876.26 4354 7.13 5.66 84350.13 GenElectric 101.44 -0.65 116.17 79.68 0.31 77.73 111389.54 ValeroEngy♦ 72.63 0.08 84.95 51.90 5.34 -68.02 29693.73
Ch Rail Cons 4.99 0.03 5.99 4.07 4.85 2.61 1328.64 Hong Kong (HK$) GenMills 63.17 -0.27 64.65 53.96 3.13 17.30 38261.59 Verizon 51.74 -0.02 61.95 50.65 4.82 9.84 214191.38
Gzprm neft 335.72 0.84 3649 74.00 - - 105993.66 RollsRoyce 135.02 -0.84 150.48 86.69 - 2.95 3347.36
Ch Rail Gp 3.86 0.02 4.70 3.33 5.05 3.34 2082.66 AIA 87.60 2.25 109.30 81.20 1.50 20.42 135890.13 GenMotors 62.15 -0.90 65.18 40.04 - 8.40 90233.12 VertexPharm 186.71 -0.15 242.99 176.36 - 25.53 47470.11
Lukoil 6785.72 207.53 7554.91 7.45 - - 62702.54 RylDShlA 1657.6 19.40 1795.2 16.51 2.92 32.25 101577.12
ChConstBk 5.20 0.01 6.74 5.15 7.29 3.99 160319.89 BOC Hold 24.85 0.15 29.55 22.20 4.84 11.37 33692.38 GileadSci 70.05 -0.58 73.34 56.56 3.83 17.71 87869.94 VF Cp 75.45 -0.81 90.79 65.34 2.49 38.90 29636.52
MmcNrlskNckl 21504 -895.05 28011.97 343.80 - - 45382.73 StandCh 452.30 -3.40 533.20 406.88 1.44 16.15 19876.76
China Vanke 19.02 -0.02 35.00 16.84 6.19 4.72 4637.17 Ch OSLnd&Inv 18.82 0.16 21.95 14.92 6.21 4.02 26414.65 GoldmSchs 399.28 -7.06 426.16 230.36 1.21 7.56 133676.14 ViacomCBS 33.02 0.07 101.97 32.58 2.81 6.70 20030.41
Novatek 1674.8 50.57 13307.81 1160.85 - - 67818.57 Tesco♦ 280.50 0.70 317.55 2.74 3.57 21.41 30614.28
ChinaCitic 3.45 -0.01 4.29 3.15 8.79 3.08 6584.17 ChngKng 47.75 0.30 56.05 38.25 3.65 9.96 22310.98 Halliburton 23.28 0.31 26.75 16.56 0.76 52.32 20726.37 Visa Inc♦ 201.20 2.71 252.67 192.81 0.60 42.12 335949.83
Rosneft 593.00 14.57 39143.78 116.00 - - 83815.8 Vodafone 117.78 1.80 157.52 1.56 6.51 363.52 41877.87
ChinaLife 13.70 -0.02 18.86 12.22 5.44 5.47 13073.1 Citic Ltd 7.29 -0.07 10.24 5.20 6.49 2.96 27195.32 HCA Hold 239.76 -1.91 263.92 148.92 0.39 17.03 74570.83 Walgreen♦ 46.61 -0.78 57.05 37.70 3.91 20.92 40346.19
Sberbank 315.62 3.68 568.52 213.80 - - 90865.08 WPP 1106.5 2.00 1121 11.00 2.17 28.11 18674.63
ChinaMBank 63.40 -0.20 72.45 45.95 2.36 12.11 37325.36 Citic Secs 18.64 -0.12 22.00 15.22 2.56 10.21 5446.02 Hew-Pack 35.05 2.86 36.21 21.26 2.07 11.35 40395.78 WalMartSto 146.43 0.62 153.66 126.28 1.43 42.90 408319.74
Surgutneftegas 40.21 1.28 49.50 29.80 - - 19158.42 United States of America ($)
ChinaMob 47.40 -0.35 59.20 39.00 6.94 7.48 124459.81 CK Hutchison 52.45 0.15 65.80 50.30 4.27 6.06 25804.19 HiltonWwde 146.00 0.27 154.40 98.57 - 1136.06 40693.37 WellsFargo♦ 51.26 -0.14 52.57 27.28 0.75 14.17 210500.76
CNOOC 7.95 0.04 10.60 6.50 5.60 6.32 45517.63 Saudi Arabia (SR) 21stC Fox A 38.60 -0.54 44.80 27.12 1.15 11.08 12363.78
ChinaPcIns 24.20 -0.20 42.75 20.85 5.73 7.27 8612.76 HomeDep 408.18 -0.19 416.56 246.59 1.48 29.96 430776.31 Williams Cos 28.39 0.31 29.89 19.85 5.51 30.97 34493.85
HangSeng 145.60 1.60 166.70 130.50 3.66 18.42 35696.88 AlRajhiBnk 142.00 4.00 151.00 71.40 1.63 28.90 94631.35 3M 178.61 -0.85 208.95 163.38 3.27 17.87 103350.58
ChMinsheng 3.11 -0.03 5.01 2.56 8.07 4.05 3318.3 Honywell♦ 213.73 -2.28 236.86 194.55 1.72 27.82 147133.2 Yum!Brnds 127.29 1.20 135.77 101.18 1.47 30.33 37312.91
HK Exc&Clr 453.00 -4.80 587.00 378.00 1.75 46.02 73650.96 Natnlcombnk 65.20 0.10 70.00 42.00 2.20 19.80 52140.54 AbbottLb 124.91 0.43 131.61 105.32 1.25 36.46 220876.73
ChMrchSecs 17.39 0.02 28.18 16.01 4.34 15.61 20205.15 HumanaInc 434.95 -2.28 475.44 370.22 0.59 23.80 55905.89 Venezuela (VEF)
MTR 42.65 0.70 49.00 41.10 2.79-146.75 33874.22 SaudiBasic 120.00 0.40 136.60 95.70 2.41 23.55 95964.18 Abbvie 118.85 -0.03 121.53 101.55 4.03 33.29 210028.81
Chna Utd Coms 3.95 - 5.03 3.93 1.66 19.34 19018.06 IBM♦ 116.33 -0.46 152.84 115.19 5.42 20.71 104268.91 Bco de Vnzla 0.46 - 594.00 0.03 215.60 - 369.75
SandsCh 20.75 0.55 40.55 14.64 - -18.78 21535.49 SaudiTelec 114.00 0.80 139.80 104.80 3.47 20.41 60777.3 Accenture 360.46 -0.25 374.92 241.73 0.95 40.63 236725.03
ChShenEgy 16.96 0.44 19.36 13.64 12.64 6.09 7345.75 IllinoisTool 241.49 -2.56 244.45 192.89 1.82 29.76 75799.06 Bco Provncl 2.00 - 798000 2.00 - -4.44 47.53
SHK Props 99.95 0.25 126.00 94.00 4.80 11.20 37141.98 Singapore (S$) Adobe 658.19 -6.98 699.54 420.78 - 56.25 313559.33
ChShpbldng 4.21 -0.03 5.08 3.78 - -276.21 14554.55 Illumina 364.46 -1.28 555.77 301.73 - 72.36 56965.1 Mrcntl Srvcs 7.45 0.70 601.00 1.00 0.02 3.00 99.96
Tencent 472.20 -9.00 775.50 412.20 0.32 20.92 581023.77 DBS 32.38 -0.01 32.70 24.71 2.18 14.26 60768.74 AEP♦ 83.87 -0.44 91.49 74.80 3.36 18.53 42241.27
ChStConEng 4.70 0.01 5.61 4.38 4.46 3.85 29905.06 Intcntl Exch 131.78 -0.27 139.79 102.10 0.92 27.31 74245.42
JardnMt US$ 60.00 -0.45 68.88 49.13 2.77 92.81 43173.24 Aetna - - - - - - -
ChUncHK 4.01 -0.03 5.50 3.90 4.28 8.07 15734.47 India (Rs) Intel♦ 49.47 0.37 68.49 45.24 2.74 9.72 201177.41 Closing prices and highs & lows are in traded currency (with variations for that
OCBC 11.76 - 12.77 9.88 2.66 11.19 38651.1 Aflac 56.81 0.01 57.95 42.73 2.07 7.12 37581.42
CNNC Intl 6.77 -0.07 8.31 4.59 1.72 17.27 18090.08 Bhartiartl 758.90 - 781.80 450.20 0.25 -45.50 60023.6 Intuit 674.69 4.06 716.86 342.52 0.34 93.09 191050.89 country indicated by stock), market capitalisation is in USD. Highs & lows are
SingTel 2.49 - 2.63 2.21 4.17 74.88 30043.1 AirProd 298.47 -0.54 316.39 245.75 1.84 35.15 66098.17
CSR 3.73 -0.02 4.22 2.53 5.67 8.21 2090.81 HDFC Bk 1518.05 2.50 1725 1342 0.41 25.89 113049.97 John&John♦ 160.37 -0.32 179.92 142.86 2.46 24.99 422189.58 based on intraday trading over a rolling 52 week period.
UOB 27.48 -0.12 28.17 22.24 2.79 14.37 33613.27 Alexion 182.50 3.05 187.45 99.91 - 59.43 40336.01
Daqin 6.17 -0.01 7.11 5.80 7.60 9.02 14359.79 Hind Unilevr 2374.75 -19.45 2859.3 2120 1.29 67.06 74998.39 JohnsonCn 79.22 0.02 81.15 44.91 1.29 35.54 55797.21 ♦ ex-dividend
Allstate 115.24 0.34 140.00 101.36 2.26 5.01 33036.55
GuosenSec 11.22 -0.06 14.57 10.32 1.96 14.00 15504.39 HsngDevFin 2883.55 -22.95 3021.1 2179.3 1.47 26.76 70132.04 South Africa (R) JPMrgnCh 166.61 -1.67 172.96 117.77 2.08 11.52 492373.33
Alphabet 2910.4 -5.24 3019.33 1694 - 32.73 875476.48 ■ ex-capital redistribution
HaitongSecs 6.74 -0.01 7.93 6.36 9.41 5.23 2946.96 ICICI Bk 760.20 8.35 867.00 465.80 - 27.34 70905.27 Firstrand 57.47 -1.18 65.24 45.16 2.06 11.21 20263.32 Kimb-Clark 135.04 -0.76 143.37 125.27 3.16 23.84 45468.54
Altria 44.37 0.13 52.59 39.60 7.48 18.77 81498.01 # price at time of suspension
Hngzh HikVDT 49.65 1.15 70.48 43.38 1.57 29.66 63290.92 Infosys 1696 -40.90 1848 1091 1.56 36.35 95870.77 MTN Grp 161.73 -0.89 174.99 58.69 - 36.60 19154.9 KinderM 16.50 0.17 19.29 13.47 6.38 21.67 37407.99
Amazon 3602.81 22.77 3773.08 2881 - 65.011827153.98
Hunng Pwr 3.31 0.17 4.91 2.44 6.30 -40.62 1995.17 ITC 227.70 -3.90 265.30 192.40 4.68 19.81 37711.37 Naspers N 2527 -39.24 3888 1262.66 0.23 13.65 69175.23 Kraft Heinz♦ 34.99 -0.84 44.95 31.60 4.52 18.92 42823.13
AmerAir 19.44 -0.04 26.09 13.85 - -1.97 12584.44
IM Baotou Stl 2.90 0.12 4.14 1.12 - 44.93 14380.82 L&T 1862.5 -23.85 1981.75 1092 0.96 30.47 35166.85 South Korea (KRW) Kroger♦ 42.58 -0.49 47.99 30.35 1.62 29.41 31660.41
AmerExpr 170.44 -0.42 189.03 112.10 1.25 18.00 135399.2
In&CmBkCh 4.26 0.01 5.75 4.15 7.10 4.31 47414.72 OilNatGas 153.45 6.75 172.75 77.05 1.10 9.03 25947.71 HyundMobis 243000-1000.00 405000 236500 2.09 10.00 19414.83 L Brands 79.92 -0.15 - - - - -
AmerIntGrp 58.48 -0.42 62.54 36.77 2.11 12.73 48555.8
IndstrlBk 18.31 0.18 28.07 17.08 4.28 5.12 56224.37 RelianceIn 2351.4 -34.45 2751.35 1830 0.29 29.89 213849.09 KoreaElePwr 22300 -150.00 30050 21400 5.52 6.88 12066.08 LasVegasSd 40.40 0.59 66.77 35.59 - -22.45 30865.19
AmerTower 263.69 1.69 303.72 197.50 1.78 55.10 120088.04
Kweichow 1941 44.57 2627.88 1525.5 0.97 49.77 381702.96 SBI NewA 493.15 0.10 542.30 240.15 0.78 18.22 59157.5 SK Hynix 119500 500.00 150500 90500 1.00 13.81 73324.86 LibertyGbl 28.17 -0.24 30.58 22.15 - 1.59 4982.73
Amgen♦ 204.32 -0.21 276.69 200.47 3.17 21.52 115086.49
Midea 0.52 - 0.85 0.50 - 48.57 20.07 SunPhrmInds 778.95 -6.25 851.00 502.30 0.81 32.26 25121.31 SmsungEl 74800 -500.00 96800 66000 4.09 15.50 376366.25 Lilly (E)♦ 260.71 -1.25 275.87 142.61 1.25 40.26 249393.2
Anthem 421.41 -2.25 439.90 286.04 1.02 19.10 102282.39
New Ch Life Ins 21.85 -0.20 35.35 20.55 7.58 3.78 2897.57 Tata Cons 3443.3 -20.95 3989.9 2624.45 1.15 35.29 171201.23 Spain (€) Linde 327.39 -2.87 340.16 240.80 1.19 54.46 167802.73
Aon Cp 297.65 0.65 326.25 200.65 0.61 33.86 65580.84
PetroChina 3.57 0.07 4.20 2.32 5.70 5.53 9659.29 Israel (ILS) BBVA 5.19 -0.10 6.29 3.64 1.16 10.16 38746.82 Lockheed 344.68 -0.50 396.99 319.81 2.98 16.07 95058.07
Apple 161.26 -0.15 165.70 112.59 0.50 32.642645733.31
PingAnIns 57.15 -0.45 103.60 48.80 4.74 7.00 54581.8 TevaPha 27.92 0.46 43.90 27.15 - -2.58 9818.89 BcoSantdr 3.03 -0.03 3.51 2.37 - -6.39 58867.32 Lowes 251.67 -0.24 256.39 149.31 0.99 27.03 174264.54
Aptiv 168.81 -1.49 180.81 117.31 - 49.00 45665.49
PngAnBnk 17.87 -0.01 25.31 17.01 0.98 10.82 54287.21 CaixaBnk 2.40 0.00 2.90 1.93 1.14 3.07 21687.25 Lyondell 92.26 -1.18 118.02 84.06 4.48 7.83 30702.65
Italy (€) ArcherDan 66.26 -0.50 69.30 48.57 2.13 16.75 37065.78
Pwr Cons Corp 6.67 -0.14 9.96 3.57 1.36 13.60 11636.54 Iberdrola 10.09 0.05 12.57 8.59 4.05 19.74 71883.45 Marathon Ptl♦ 64.37 0.52 68.78 38.30 3.48 -29.52 39622.3
Enel 7.05 0.14 9.05 6.55 4.98 28.72 80193.75 AT&T 24.58 -0.18 33.88 23.96 8.17 -82.16 175481.92
SaicMtr 20.60 -0.44 27.45 18.03 - 9.89 37677.41 Inditex 31.11 -0.77 32.85 24.34 1.86 37.14 108559.75 Marsh&M 169.59 0.54 171.13 106.95 1.06 36.24 85625.21
ENI 12.37 -0.01 12.83 8.06 4.74 -4.80 49937.52 AutomData 232.78 -3.36 241.18 159.31 1.53 39.74 98089.78
ShenwanHong 0.07 0.00 0.11 0.05 - -13.08 80.84 Repsol 10.53 -0.08 11.78 7.50 5.71 39.61 18000.96 MasterCard 333.05 4.05 401.50 312.38 0.49 47.94 324630.28
Generali 18.40 0.03 19.35 13.74 5.61 11.47 32572.35 Avago Tech 552.22 -2.90 577.21 386.18 2.44 42.67 227302.75
ShgPdgBk 8.68 0.05 11.24 8.44 6.59 5.17 39884.31 Telefonica 4.04 0.01 4.32 3.12 9.91 2.43 25528.26 McDonald's 256.19 0.54 257.53 202.73 1.93 28.89 191436.81
IntSPaolo 2.30 0.00 2.59 1.78 1.58 11.76 50091.35 BakerHu 24.27 0.51 27.66 18.70 2.93 38.35 21109.77
Sinopec Corp 3.71 0.06 4.69 3.32 5.93 5.55 12138.27 McKesson 226.27 -0.18 229.13 169.09 0.72 -8.41 34547.39
Unicred 11.45 0.33 12.16 7.30 1.07 19.63 28681.56 Sweden (SKr) BankAm 47.51 0.01 48.69 27.92 1.46 16.41 388784.91
Sinopec Oil 2.14 0.02 2.90 1.79 - 322.21 4545.88 Medtronic 115.03 1.65 135.89 110.06 1.98 41.95 154589.3
Japan (¥) AtlasCpcoB 482.80 1.10 518.00 364.40 1.53 32.76 20643.95 Baxter 77.78 -0.63 88.32 73.12 1.33 33.06 38943.94
Denmark (kr) Merck 82.17 -0.64 91.40 68.38 3.01 34.76 207544.18
AstellasPh 1906 -47.50 2025 1470 2.21 34.95 30738.16 Ericsson 95.96 3.76 121.80 91.00 1.88 15.72 32306.09 BectonDick 245.46 -1.13 267.37 226.15 1.29 40.19 70492.27
DanskeBk 114.70 0.25 125.60 95.52 1.78 10.04 14889.53 Metlife♦ 62.88 -0.48 67.68 44.62 2.85 13.11 52892.15
Bridgestne 4896 -34.00 5467 3307 2.97 26.35 30267.81 H&M 168.26 -2.94 229.50 159.32 - 30.68 26930.89 BerkshHat 431500.01-3420.99 445000 333150 - 6.65 267503.25
MollerMrsk 19170 180.00 21360 11885 1.74 6.69 25710.47 Microsoft♦ 335.93 -1.75 349.67 208.86 0.63 43.252522155.87
Canon 2616 27.00 2938 1851.5 3.26 15.52 30223.27 Investor 210.85 -0.65 221.95 143.45 1.22 2.57 42094.37 Biogen 249.86 -4.29 468.55 238.40 - 20.12 36702.61
NovoB 719.70 -4.60 760.90 411.30 1.29 36.79 192075.04 Mnstr Bvrg 88.83 0.21 99.89 82.96 - 31.96 47003.43
BkNYMeln 58.68 -0.33 60.52 38.94 2.04 15.71 48459.18

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
IM Baotou Stl 2.90 2.78 0.12 4.32 0.48 19.8 0.69 Surgutneftegas 40.21 38.93 1.28 3.29 -5.49 -12.0 12.79 Nov 24 date Coupon S* M* F* price yield yield yield US Nov 24 date Coupon S* M* F* price yield yield yield US
Hew-Pack 35.05 32.19 2.86 8.88 4.12 13.3 14.92 BOE Tech 0.80 0.80 0.00 0.00 -0.10 -11.1 -12.22 High Yield US$ US$
CNNC Intl 6.77 6.84 -0.07 -1.02 0.61 9.9 4.64 BBVA 5.19 5.29 -0.10 -1.95 -0.56 -9.8 -8.72 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 -
Vale 70.30 69.37 0.93 1.34 5.30 8.2 -7.62 CmwBkAu 97.18 96.82 0.36 0.37 -10.50 -9.8 -7.34 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Kweichow 1941.00 1896.43 44.57 2.35 133.00 7.4 2.10 ShenwanHong 0.07 0.07 0.00 -2.70 -0.01 -8.9 -22.58 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 -
SK Hynix 119500.00 119000.00 500.00 0.42 7500.00 6.7 21.32 Perrigo 39.11 39.20 -0.09 -0.23 -3.63 -8.5 -14.29 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Devon Energy 45.07 43.44 1.63 3.74 2.78 6.6 11.54 Naspers N 2527.00 2566.24 -39.24 -1.53 -225.23 -8.2 -4.22 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
SandsCh 20.75 20.20 0.55 2.72 1.23 6.3 18.17 Renault 32.11 32.61 -0.51 -1.55 -2.57 -7.4 3.07 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 -
Intuit 674.69 670.63 4.06 0.61 39.63 6.2 14.27 ASML Hld 709.00 706.10 2.90 0.41 -56.50 -7.4 2.68 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
RioTinto 4718.00 4670.50 47.50 1.02 265.00 6.0 0.97 MasterCard 333.05 329.00 4.05 1.23 -26.12 -7.3 -7.13 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Hermes Intl 1629.00 1618.00 11.00 0.68 89.00 5.8 19.96 IntSPaolo 2.30 2.30 0.00 0.02 -0.18 -7.2 -6.08 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
CanNatRs 55.06 53.66 1.40 2.61 2.97 5.7 4.10 Boeing 210.46 209.13 1.33 0.64 -16.16 -7.1 -1.20 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Apple 161.26 161.41 -0.15 -0.09 7.77 5.1 8.54 Sberbank 315.62 311.94 3.68 1.18 -24.10 -7.1 -13.57 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
SmsungEl 74800.00 75300.00 -500.00 -0.66 3500.00 4.9 6.25 Salesforce 286.90 291.42 -4.52 -1.55 -21.12 -6.9 -1.97
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Deere 370.85 349.28 21.57 6.18 17.33 4.9 8.84 RelianceIn 2351.40 2385.85 -34.45 -1.44 -166.50 -6.6 -10.50
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
Petrobras 28.92 28.73 0.19 0.66 1.33 4.8 3.62 Tencent 472.20 481.20 -9.00 -1.87 -30.30 -6.0 -7.40
BHPBilltn 38.24 38.05 0.19 0.50 1.75 4.8 1.57 ViacomCBS 33.02 32.95 0.07 0.20 -2.07 -5.9 -11.94 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
Kroger 42.58 43.06 -0.49 -1.13 1.93 4.7 5.85 Softbank 6596.00 6822.00 -226.00 -3.31 -404.00 -5.8 -0.05 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
Fuji Hvy Ind 2314.50 2292.00 22.50 0.98 102.00 4.6 1.96 MitsuiFud 2505.00 2543.00 -38.00 -1.49 -146.50 -5.5 -3.87 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- 137.45 2.19 -0.03 0.02 -
ChShenEgy 16.96 16.52 0.44 2.66 0.72 4.4 -5.15 Continental 104.72 106.78 -2.06 -1.93 -6.06 -5.5 -6.11 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
Nov 24 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Nov 24 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 19.59 0.21 19.38 37.51 14.10 Nov 24 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 18.03 0.17 17.86 45.68 2.67 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 218.03 0.45 0.05 -4.11 -1.54 0.07 VXN 24.69 0.26 24.43 40.53 18.01 Tr 1.75pc '22 101.18 0.24 9.09 -7.69 -50.00 -1300.00 105.16 101.06 29.68
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 393.84 0.27 -0.15 -3.67 -2.48 -0.38 VDAX 19.80 0.41 19.39 93.30 - Tr 0.75pc '23 100.43 0.49 4.26 2.08 -18.33 2350.00 101.08 99.96 33.73
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 337.72 0.30 -0.12 -1.12 -0.12 -1.12 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 0.125pc '24 99.00 0.59 3.51 5.36 -13.24 1866.67 100.38 98.67 34.12
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 242.53 0.22 -0.27 -0.67 -0.79 0.52 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 2pc '25 105.15 0.62 3.33 6.90 -13.89 -6300.00 121.56 99.56 38.33
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 256.19 0.37 0.17 -2.77 -0.98 -2.45 Tr 0.125pc '26 97.80 0.66 4.76 4.76 -15.38 725.00 100.39 97.21 33.89
Gilts( £) 353.31 0.25 0.75 -6.83 -3.27 -6.36 BONDS: BENCHMARK GOVERNMENT Tr 1.25pc '27 102.90 0.73 5.80 5.80 -13.10 461.54 107.70 102.14 39.34
INTEREST RATES: MARKET Global Inflation-Lkd 321.80 0.95 1.88 2.32 -2.02 6.61 Red Bid Bid Day chg Wk chg Month Year Tr 0.875pc '29 99.98 0.88 4.76 4.76 -12.87 214.29 105.64 98.61 41.87
Over Change One Three Six One Markit iBoxx £ Non-Gilts 381.09 0.24 -0.08 -3.50 -2.29 -0.88 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 132.07 1.03 3.00 3.00 -13.45 134.09 143.44 130.03 38.71
Nov 24 (Libor: Nov 23) night Day Week Month month month month year Overall ($) 278.94 0.26 -0.08 -2.01 -0.08 -2.01 Australia 11/22 2.25 102.02 0.21 -0.02 -0.01 0.09 0.12 Tr 4.25pc '36 141.17 1.12 2.75 0.90 -13.18 75.00 153.53 137.65 30.41
US$ Libor 0.07250 -0.003 -0.003 0.000 0.09200 0.17800 0.25188 0.44900 Overall( £) 357.04 0.25 0.52 -5.93 -3.01 -4.89 05/32 1.25 94.50 1.83 -0.02 0.02 -0.01 0.85 Tr 4.5pc '42 162.03 1.17 3.54 0.00 -15.22 40.96 175.43 154.49 27.21
Euro Libor -0.58786 0.000 -0.002 -0.005 -0.57929 -0.58457 -0.54771 -0.49029 Overall(€) 248.14 0.33 0.02 -2.29 -0.94 -1.81 Austria 05/34 2.40 128.41 0.11 0.06 -0.01 -0.16 0.38 Tr 3.75pc '52 169.19 1.09 1.87 -3.54 -20.44 25.29 182.28 155.15 24.10
£ Libor 0.03925 0.000 -0.001 0.004 0.06738 0.11763 0.30488 0.68350 Treasuries ($) 255.43 0.24 -0.01 -2.64 -0.01 -2.64 02/47 1.50 126.02 0.41 0.04 -0.01 -0.13 0.40 Tr 4pc '60 196.55 0.97 1.04 -6.73 -23.02 16.87 209.30 175.55 24.12
Swiss Fr Libor -0.003 -0.79320 -0.78180 -0.72660 -0.57700 FTSE Belgium 10/23 0.20 101.85 -0.76 0.02 0.00 -0.11 -0.05 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.000 -0.07867 -0.09583 -0.05533 0.04883 Sterling Corporate (£) - - - - - - Canada - - - - - - -
Euro Euribor
Sterling CDs
-0.010
0.000
-0.57000
0.50000
-0.57200
0.63000
-0.53300
0.78500
-0.49100 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 03/24 2.25 102.48 1.14 0.07 0.06 0.22 0.83 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 839.53 11.36 - - 4.10 33.71 Denmark 11/22 0.25 100.89 -0.66 0.00 -0.02 -0.07 -0.02
US$ CDs 0.000 0.17000 0.18000 0.30000 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 119.92 -1.91 0.05 0.04 -0.12 -0.57 Price Indices Day's Total Return Return
Euro CDs 0.000 -0.54000 -0.60000 -0.52000 Fixed Coupon Nov 24 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 103.26 -0.82 0.03 0.01 -0.15 -0.08
04/31 0.75 108.00 -0.10 0.04 -0.04 -0.17 0.31 1 Up to 5 Years 86.60 -0.06 2454.91 0.22 -1.25 0.60
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 176.83 -0.24 3662.13 0.83 -3.66 0.87
Nov 24 term notice month month month year Markit iTraxx France 05/23 1.75 103.78 -0.75 0.02 0.00 -0.11 -0.05
3 10 - 15 Years 208.65 -0.33 4641.21 1.60 -4.78 1.10
Euro -0.74 -0.44 -0.73 -0.43 -0.69 -0.39 -0.75 -0.45 -0.67 -0.37 -0.64 -0.34 Crossover 5Y 262.27 2.71 12.66 1.94 274.80 239.25 05/27 1.00 107.80 -0.40 0.04 -0.06 -0.18 0.18
4 5 - 15 Years 183.95 -0.27 3905.60 1.10 -3.88 0.97
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 Europe 5Y 52.11 0.65 2.79 1.95 54.10 47.48 Germany - - - - - - -
5 Over 15 Years 370.11 -0.37 6186.61 5.35 -3.56 1.06
US Dollar 0.18 0.38 0.04 0.24 0.07 0.27 0.08 0.28 0.20 0.40 0.26 0.46 Japan 5Y 46.71 0.29 0.08 -1.80 52.84 46.14 08/23 2.00 104.87 -0.79 0.04 0.01 -0.09 0.00
7 All stocks 182.07 -0.26 3967.66 2.65 -3.11 1.02
Japanese Yen -0.10 0.00 -0.10 0.00 -0.10 0.10 -0.10 0.10 -0.15 0.15 -0.15 0.15 Senior Financials 5Y 60.92 0.73 3.20 4.41 61.62 54.31 08/27 0.50 106.22 -0.57 0.04 -0.04 -0.20 0.17
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/50 0.00 99.87 0.00 0.04 -0.05 -0.22 0.18 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 4.30 118.25 0.74 0.03 -0.03 0.11 0.01
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Nov 24 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 199.07 6.01 17.44 19.33 199.07 168.20
Ireland - - - - - - - 1 Up to 5 Years 315.17 0.09 -0.03 3.83 2634.65 0.22 5.07
Nth Amer High Yld 5Y 305.75 -0.17 12.42 7.27 314.83 287.43
- - - - - - - 2 Over 5 years 902.00 -0.18 2.29 11.63 6844.25 2.37 12.02
Nth Amer Inv Grade 5Y 52.92 0.33 2.41 1.91 54.95 49.43
03/24 3.40 109.57 -0.69 0.01 -0.02 -0.11 -0.09 3 5-15 years 538.87 -0.16 0.69 5.61 4325.35 0.83 6.43
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 05/24 1.85 105.31 -0.29 0.03 -0.05 -0.14 -0.07 4 Over 15 years 1203.16 -0.19 2.78 13.70 8876.07 2.84 13.93
11/25 2.50 110.05 -0.03 0.04 -0.05 -0.12 -0.02 5 All stocks 797.18 -0.15 2.05 10.72 6165.55 2.14 11.20
05/31 6.00 147.41 0.78 0.07 -0.04 -0.09 0.14
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 136.13 1.73 0.07 -0.01 -0.03 0.30 Yield Indices Nov 24 Nov 23 Yr ago Nov 24 Nov 23 Yr ago
Japan 04/23 0.05 99.98 0.06 0.00 -0.01 -0.02 0.02 5 Yrs 0.69 0.66 0.01 20 Yrs 1.20 1.17 0.86
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
09/27 0.10 101.05 -0.08 -0.01 0.01 -0.02 0.03 10 Yrs 1.01 0.98 0.38 45 Yrs 0.86 0.87 0.80
Crude Oil† Dec 78.44 -0.27 Corn♦ Dec 584.00 3.00 Nov 16 Nov 16 Prev return stock Market stocks
09/34 1.40 115.17 0.20 -0.01 0.00 -0.02 0.03 15 Yrs 1.18 1.14 0.69
Brent Crude Oil‡ 82.00 -0.30 Wheat♦ Dec 854.25 -2.00 Can 4.25%' 26 126.56 -0.896 -0.841 1.15 5.25 - -
12/49 0.40 93.13 0.67 0.01 0.00 -0.01 0.06
RBOB Gasoline† Nov 2.32 -0.01 Soybeans♦ Jan 1276.75 2.25 Fr 2.10%' 23 107.44 -2.181 -2.082 0.34 18.05 - -
Netherlands 07/23 1.75 104.31 -0.85 0.01 -0.04 -0.16 -0.10 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Dec 360.90 -1.60 Swe 1.00%' 25 121.78 -1.952 -1.942 0.76 35.63 - -
07/27 0.75 107.05 -0.48 0.04 -0.03 -0.18 0.16 Real yield Nov 24 Dur yrs Previous Yr ago Nov 24 Dur yrs Previous Yr ago
Natural Gas† Nov 5.01 -0.01 Cocoa (ICE Liffe)X Dec 1677.00 -33.00 UK 1.875%' 22 107.52 -5.291 -5.369 0.06 15.74 - -
Ethanol♦ - - Cocoa (ICE US)♥ Dec 2493.00 0.00 New Zealand 04/27 4.50 110.57 2.40 -0.02 0.03 0.28 1.96 Up to 5 yrs -3.47 2.44 -3.43 -2.69 -3.92 2.44 -3.88 -3.13
UK 2.50%' 24 366.15 -3.718 -3.882 0.56 6.82 - -
Uranium† - - Coffee(Robusta)X Jan 2281.00 -9.00 05/31 1.50 91.12 2.56 -0.02 -0.03 0.13 1.74 Over 5 yrs -2.46 23.97 -2.47 -2.15 -2.49 24.03 -2.50 -2.17
UK 2.00%' 35 312.87 -2.869 -2.961 1.74 9.08 - -
Carbon Emissions‡ - - Coffee (Arabica)♥ Dec 240.50 -1.90 05/31 1.50 91.12 2.56 -0.02 -0.03 0.13 1.74 5-15 yrs -2.93 9.75 -2.94 -2.65 -3.03 9.76 -3.04 -2.75
US 0.625%' 23 105.94 -3.451 -2.873 0.92 47.03 - -
White SugarX 511.80 -3.90 Norway - - - - - - - Over 15 yrs -2.40 29.14 -2.41 -2.09 -2.42 29.16 -2.43 -2.10
Diesel† - - US 3.625%' 28 135.22 -1.576 -1.508 1.25 16.78 - -
Sugar 11♥ 19.97 -0.04 - - - - - - - All stocks -2.47 21.85 -2.48 -2.15 -2.50 21.93 -2.51 -2.18
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2700.00 27.50 Cotton♥ Dec 120.20 -0.43 Portugal 10/23 4.95 111.08 -0.76 0.01 -0.01 -0.10 -0.20 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 2500.00 80.00 Orange Juice♥ Jan 129.35 -0.65 04/27 4.13 124.01 -0.29 0.03 -0.09 -0.11 0.02 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 9829.50 100.50 Palm Oil♣ - - Spain 10/23 4.40 109.89 -0.66 0.00 -0.02 -0.13 -0.11 Gilt Closing Prices information contained herein is proprietary to
Lead 2265.50 12.50 Live Cattle♣ Dec 135.50 0.98 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 123.28 -1.40 0.07 0.07 0.09 -0.59 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 20840.00 430.00 Feeder Cattle♣ May 134.88 - Sweden 11/23 1.50 103.39 -0.22 0.00 -0.08 0.00 0.16 accurate, complete or timely; and does not constitute investment advice.
Tin 40010.00 1050.00 Lean Hogs♣ Dec 74.20 -0.55 Spread Spread Spread Spread 06/26 0.13 120.80 -1.92 0.03 -0.01 -0.02 -0.61 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 3308.00 7.00 Bid vs vs Bid vs vs 06/30 0.13 121.10 -1.81 0.02 -0.01 -0.10 -0.35
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland - - - - - - - All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1789.15 -26.90 Nov 23 Month Year 02/23 4.00 105.83 -0.76 0.00 -0.02 -0.04 0.02 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.83 - - Netherlands -0.48 - -
Silver (US cents) 2381.50 -87.50 S&P GSCI Spt 580.73 -1.62 50.51 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria 0.11 - - New Zealand 2.56 - -
Platinum 986.00 -45.00 DJ UBS Spot 103.58 -0.15 38.63 Canada - - - Norway - - - 07/23 0.75 100.50 0.45 0.04 -0.02 -0.16 0.50 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 1935.00 -106.00 TR/CC CRB TR 253.13 0.20 51.44 Denmark -1.91 - - Portugal -0.29 - - 07/27 1.25 103.36 0.64 0.04 -0.03 -0.20 0.54 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities LEBA EUA Carbon 58.91 -1.98 129.94 Finland -0.10 - - Spain -1.40 - - 07/47 1.50 108.30 1.13 0.05 -0.01 -0.28 0.24
Iron Ore 128.50 -8.45 LEBA UK Power 1048.00 -37.43 -39.60 Germany - - - Sweden -1.81 - - United States 03/23 0.50 100.18 0.36 0.06 0.03 0.05 0.18 Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 232.50 6.00 Ireland - - - Switzerland - - - 03/27 0.63 96.25 1.35 0.11 0.04 0.06 0.81
Baltic Dry Index 2654.00 -61.00 Italy 0.78 - - United Kingdom - - - 04/32 3.38 147.78 - - - - -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Japan 0.20 - - United States - - - 02/50 0.25 119.68 - - - - -
unless otherwise stated. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
12 ★ FINANCIAL TIMES Thursday 25 November 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 Data Provided by
USD Accumulating Class $ 12.99 - -0.05 - Foord Global Equity Fund (Lux) | R $ 18.97 - -0.02 0.00
Dodge & Cox Worldwide Funds plc-Global Stock Fund Regulated
USD Accumulating Share Class $ 29.98 - 0.16 - Foord Global Equity Fund (Sing) | B $ 22.64 - -0.03 0.00
GBP Accumulating Share Class £ 36.86 - 0.23 0.00 Foord International Trust (Gsy) $ 47.00 - -0.18 0.00
GBP Distributing Share class £ 25.20 - 0.16 -
EUR Accumulating Share Class € 40.02 - 0.17 -
GBP Distributing Class (H) £ 14.40 - 0.08 0.66
abrdn Capital (CI) Limited
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
(JER) Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Mirabaud Asset Management
www.mirabaud.com, marketing@mirabaud-am.com
(LUX) Rubrics Global UCITS Funds Plc
www.rubricsam.com
(IRL)
www.morningstar.co.uk
USD Accumulating Share Class $ 40.42 - 0.32 0.00
FCA Recognised Conviction based investment vehicles details available here www.mirabaud-am.com Regulated Data as shown is for information purposes only. No offer
GBP Accumulating Share Class £ 46.98 - 0.40 0.00
Aberdeen Standard Capital Offshore Strategy Fund Limited Regulated Rubrics Emerging Markets Fixed Income UCITS Fund $ 137.89 - -0.19 0.00 is made by Morningstar or this publication.
GBP Distributing Share Class £ 28.41 - 0.24 0.82 Mir. - Glb Strat. Bd I USD $ 124.17 - -0.25 -
Bridge Fund £ 2.4984 - -0.0087 1.28 Rubrics Global Credit UCITS Fund $ 18.09 - -0.04 0.00
EUR Accumulating Share Class € 46.59 - 0.32 0.00 Franklin Templeton International Services Sarl (IRL)
Global Equity Fund £ 3.7342 - -0.0202 0.74 Mir. - DiscEur D Cap GBP £ 215.08 - -2.76 0.00 Rubrics Global Fixed Income UCITS Fund $ 179.62 - -0.09 0.00
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
GBP Distributing Class (H) £ 16.52 - 0.13 0.60 Mirabaud - UK Equity High Alpha £ 165.90 - -1.46 0.00
Global Fixed Interest Fund £ 0.9380 - -0.0052 4.68 Other International Funds
Income Fund £ 0.6997 - -0.0010 2.64 Franklin Emerging Market Debt Opportunities Fund Plc
Sterling Fixed Interest Fund
UK Equity Fund
£ 0.8815
£ 2.1727
-
-
-0.0009 2.78
-0.0101 2.43
Franklin Emg Mkts Debt Opp CHFSFr 14.31
Franklin Emg Mkts Debt Opp GBP £ 9.31
-
-
-0.10 2.92
-0.07 2.83 Guide to Data
Ashmore Investment Management Limited (LUX) Franklin Emg Mkts Debt Opp USD $ 16.27 - -0.12 2.89 Polar Capital Funds Plc (IRL)
The fund prices quoted on these pages are
2 rue Albert Borschette L-1246 Luxembourg
FCA Recognised
Ashmore SICAV Emerging Market Debt Fund $ 82.89 - -0.98 5.31
Regulated
Automation & Artificial Intelligence CL I USD Acc $ 20.90 20.90 -0.19 0.00 Slater supplied by the operator of the relevant fund.
Details of funds published on these pages,
Ashmore SICAV Emerging Market Frontier Equity Fund $ 209.81
Ashmore SICAV Emerging Market Total Return Fund $ 72.05
-
-
0.28 0.40
-0.76 4.61
Asian Starts I USD Acc $
Biotechnology I USD
China Stars I USD Acc $
$ 19.37 - -0.17 0.00
$ 40.21 40.21 -0.02 0.00
$ 14.50 14.50 -0.08 0.00
Investments including prices, are for the purpose of
information only and should only be used as a
Ashmore SICAV Global Small Cap Equity Fund $ 241.50 - -1.49 0.00 Emerging Market Stars I USD Acc $ 15.55 - -0.15 0.00 guide. The Financial Times Limited makes no
Aegon Asset Management UK ICVC (UK) EM Active Equity Fund Acc USD $ 156.96 - 0.11 0.00 European Ex UK Inc EUR Acc € 13.41 13.41 -0.02 0.00 representation as to their accuracy or
3 Lochside Crescent, Edinburgh, EH12 9SA EM Equity Fund Acc USD $ 162.09 - -0.49 0.00 GAM Financial Opps I USD $ 16.66 - 0.11 1.42 completeness and they should not be relied
0800 358 3009 www.aegonam.com EM Mkts Corp.Debt USD F $ 85.17 - -0.36 5.49 funds@gam.com, www.funds.gam.com Global Convertible I USD $ 16.21 16.21 -0.08 0.00 upon when making an investment decision.
Authorised Funds Regulated
EM Mkts Loc.Ccy Bd USD F $ 68.97 - -0.54 4.62 Global Insurance I GBP £ 8.29 - 0.08 0.00
Global Equity GBP B Acc £ 3.56 - -0.05 0.00 LAPIS GBL TOP 50 DIV.YLD-Na-D £ 113.51 - 0.83 2.86 The sale of interests in the funds listed on
EM Short Duration Fund Acc USD $ 106.86 - -0.34 0.00 Global Technology I USD $ 98.21 - -0.97 0.00
LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 114.25 - -0.86 0.90 Healthcare Blue Chip Fund I USD Acc $ 18.60 18.60 -0.05 0.00
these pages may, in certain jurisdictions, be
Healthcare Dis I Acc USD $ $ 14.98 - -0.10 0.00 Slater Investments Ltd (UK) restricted by law and the funds will not
Dragon Capital New Capital UCITS Fund PLC (IRL) www.slaterinvestments.com; Tel: 0207 220 9460 necessarily be available to persons in all
www.dragoncapital.com Healthcare Opps I USD $ 67.48 - -0.56 0.00
Leconfield House, Curzon Street, London, W1J 5JB FCA Recognised jurisdictions in which the publication
Fund information:info@dragoncapital.com Income Opportunities B2 I GBP Acc £ 2.85 2.85 -0.01 0.00
www.newcapitalfunds.com Slater Growth A Acc 833.30 833.30 -6.56 0.00 circulates. Persons in any doubt should take
Other International Funds Japan Value I JPY ¥ 131.23 131.23 -0.62 0.00
FCA Recognised Slater Income A Inc 152.46 152.46 -0.03 5.22 appropriate professional advice. Data collated
Vietnam Equity (UCITS) Fund A USD $ 40.31 - 0.79 0.00 North American I USD $ 38.73 38.73 0.02 0.00
New Capital UCITS Funds Slater Recovery A Acc 398.26 398.26 -1.92 0.00 by Morningstar. For other queries contact
Smart Energy I USD Acc $ $ 10.98 10.98 -0.12 -
Atlantas Sicav (LUX)
New Capital China Equity Fund $ 278.27 - -3.80 0.00 Slater Artorius 377.47 377.47 -10.71 - reader.enquiries@ft.com +44 (0)207 873
Smart Mobility I USD Acc $ $ 11.20 11.20 -0.07 -
Regulated Genesis Investment Management LLP New Capital Dynamic European Equity Fund € 157.84 - -2.01 - 4211.
UK Val Opp I GBP Acc £ 14.36 14.36 -0.05 0.00
American Dynamic $ 8035.77 8035.77 -77.52 0.00 Other International Funds New Capital Dynamic UK Equity Fund £ 130.71 - -0.49 0.00
American One $ 7995.29 7995.29 6.17 0.00 Emerging Mkts NAV £ 7.21 - -0.16 1.40 New Capital Global Alpha Fund £ 122.87 - -0.57 0.00 The fund prices published in this edition along
Bond Global € 1573.55 1573.55 9.05 - New Capital Global Equity Conviction Fund $ 244.71 - -1.97 - with additional information are also available
Eurocroissance € 1612.84 - 7.18 0.00 New Capital Global Value Credit Fund $ 161.69 - -0.37 0.00 on the Financial Times website, www.ft.com/
Far East $ 1314.13 - -9.95 0.00 New Capital Japan Equity Fund ¥ 1885.03 - -0.95 0.00 funds. The funds published on these pages
New Capital US Growth Fund $ 557.73 - -2.67 0.00 are grouped together by fund management
New Capital US Small Cap Growth Fund $ 249.60 - -2.37 0.00 company.
New Capital Wealthy Nations Bond Fund $ 154.19 - -0.65 0.00
Polar Capital LLP (CYM) Prices are in pence unless otherwise
Aegon Asset Management Investment Company (Ireland) (IRL) Regulated
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 indicated. The change, if shown, is the change
HPB Assurance Ltd European Forager A EUR € 225.53 - 4.17 0.00
FCA Recognised Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
on the previously quoted figure (not all funds
Absolute Return Bond B GBP Acc 1163.39 - -0.02 1.61 update prices daily). Those designated $ with
International Insurances
High Yield Global Bond A GBP Inc 506.62 - -1.05 4.49 no prefix refer to US dollars. Yield percentage
Holiday Property Bond Ser 1 £ 0.47 - 0.00 0.00
High Yield Global Bond B GBP Inc 1092.41 - -2.26 5.23 figures (in Tuesday to Saturday papers) allow
Holiday Property Bond Ser 2 £ 0.63 - 0.01 0.00
Global Equity Income B GBP Acc 2504.28 - -5.59 0.00 for buying expenses. Prices of certain older
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 EdenTree Investment Management Ltd (UK) insurance linked plans might be subject to
lobal Equity Market Neutral Fund - B Acc GBP £ 13.12 - -0.06 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 capital gains tax on sales.
Stonehage Fleming Investment Management Ltd (IRL)
Global Sustainable Equity B Acc GBP £ 31.51 - -0.42 0.00 Authorised Inv Funds
www.stonehagefleming.com/gbi
Global Sustainable Equity C Acc GBP £ 32.06 - -0.43 - EdenTree Short Dated Bond Cls B 99.13 - -0.06 0.86 Private Fund Mgrs (Guernsey) Ltd (GSY) Guide to pricing of Authorised
enquiries@stonehagefleming.com
Regulated
Regulated
Investment Funds: (compiled with the
Inv Grd Gbl Bond A Inc GBH 607.67 - -1.32 1.81
Monument Growth 16/11/2021 £ 564.11 569.95 -7.12 0.78
SF Global Best Ideas Eq B USD ACC $ 289.84 - -2.20 -
assistance of the IMA. The Investment
Short Dated High Yld Bd B Acc GBP £ 11.37 - -0.01 0.00
Association, Camomile Court 23 Camomile
Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.50 - -0.01 0.00 SF Global Best Ideas Eq D GBP INC £ 328.92 - -1.72 -
Janus Henderson Investors (UK) Street, London EC3A 7LL. Tel: +44 (0)20 7831
Strategic Global Bond A GBP Inc 1324.73 - -1.48 2.70 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Blue Whale Investment Funds ICAV (IRE) 0898.)
Strategic Global Bond B GBP Inc 751.11 - -0.83 3.45 www.bluewhale.co.uk, info@bluewhale.co.uk www.janushenderson.com
Authorised Inv Funds
FCA Recognised - Ireland UCITS OEIC: Open-Ended Investment Company.
Janus Henderson Instl UK Idx Opps A Acc £ 1.10 - 0.00 2.42
Blue Whale Growth USD T $ 13.15 - -0.16 0.00 Oasis Crescent Global Investment Funds (UK) ICVC (UK) Similar to a unit trust but using a company
Ennismore Smaller Cos Plc (IRL)
Regulated rather than a trust structure.
5 Kensington Church St, London W8 4LD 020 7368 4220
Oasis Crescent Global Equity Fund USD A (Dist) $ 38.65 - -0.06 0.22 Prusik Investment Management LLP (IRL)
FCA Recognised
Ennismore European Smlr Cos NAV £ 154.43 - 0.68 0.00 Oasis Crescent Global Income Fund USD A (Dist) $ 11.00 - -0.03 2.50 Enquiries - 0207 493 1331 Different share classes are issued to reflect a
Oasis Crescent Global Low Equity Fund USD D (Dist) $ 13.61 - -0.01 0.29 Regulated Superfund Asset Management GmbH different currency, charging structure or type
Ennismore European Smlr Cos NAV € 183.30 - 0.10 0.00
www.superfund.com, +43 (1) 247 00
Oasis Crescent Global Medium Equity Fund USD A (Dist) $ 14.97 - -0.01 0.05 Prusik Asian Equity Income B Dist $ 188.38 - 0.36 4.41 of holder.
Prusik Asia Emerging Opportunities Fund A Acc $ 231.20 - -1.51 0.00 Other International Funds
Oasis Crescent Global Property Equity Fund USD A (Dist) $ 10.34 - 0.03 0.41
Oasis Crescent Global Short Term Income Fund USD A (Dist) $ 0.98 - 0.00 1.64 Prusik Asia Fund U Dist. £ 270.07 - -0.83 0.00 Superfund Green Gold $ 1513.72 - -24.30 - Selling price: Also called bid price. The price
M & G Securities (1200)F (UK) Oasis Crescent Variable Fund GBP A (Dist) £ 10.40 - -0.01 0.01 Superfund Green Silver $ 1399.20 - -57.93 0.00 at which units in a unit trust are sold by
PO Box 9038, Chelmsford, CM99 2XF Regulated investors.
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
Superfund Green US$ $ 1169.34 - -3.65 -
Authorised Inv Funds
Buying price: Also called offer price. The
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.21 - 0.00 2.18
Ennismore European Smlr Cos Hedge Fd
price at which units in a unit trust are bought
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.35 - -0.03 1.74
Other International Funds
by investors. Includes manager’s initial
M&G Charity Multi Asset Fund Inc £ 0.90 - 0.00 3.87
charge.
NAV € 655.22 - 5.06 0.00 M&G Charity Multi Asset Fund Acc £ 103.67 - -0.06 3.22
Purisima Investment Fds (CI) Ltd (JER)
Algebris Investments (IRL) Omnia Fund Ltd Regulated Single price: Based on a mid-market
Regulated Other International Funds PCG B 366.01 - -3.48 0.00 valuation of the underlying investments. The
Algebris Financial Credit I EUR € 192.25 - 0.48 0.00 Estimated NAV $ 665.82 - 1.53 0.00 PCG C 356.86 - -3.40 0.00 buying and selling price for shares of an OEIC
Brooks Macdonald International Fund Managers Limited (JER) and units of a single priced unit trust are the
Algebris Financial Credit R EUR € 166.57 - 0.42 0.00
5 Anley Street, St Helier, Jersey, JE2 3QE
Algebris Financial Credit Rd EUR € 107.51 - 0.27 4.36 same.
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK)
Algebris Financial Income I EUR € 183.79 - 0.06 0.00 Brooks Macdonald International Investment Funds Limited
Algebris Financial Income R EUR € 168.79 - 0.05 0.00 Treatment of manager’s periodic capital
Euro High Income € 1.4903 - -0.0011 2.50 Euronova Asset Management UK LLP (CYM) MMIP Investment Management Limited (GSY) charge: The letter C denotes that the trust
Algebris Financial Income Rd EUR € 107.89 - 0.03 3.12 High Income £ 0.8293 - -0.0012 3.77 Regulated Regulated deducts all or part of the manager’s/
Algebris Financial Equity B EUR € 148.09 - 0.70 0.00 Sterling Bond £ 1.5468 - -0.0024 2.06 Smaller Cos Cls One Shares € 65.54 - -0.30 0.00 Multi-Manager Investment Programmes PCC Limited operator’s periodic charge from capital,
Algebris Financial Equity R EUR € 125.83 - 0.59 0.00 Smaller Cos Cls Two Shares € 41.86 - -0.18 0.00
Brooks Macdonald International Multi Strategy Fund Limited UK Equity Fd Cl A Series 01 £ 3290.80 3326.20 159.83 0.00 contact the manager/operator for full details
Algebris IG Financial Credit I EUR € 110.74 - -0.41 0.00 Smaller Cos Cls Three Shares € 21.08 - -0.09 0.00 Oryx International Growth Fund Ltd
Balanced Strategy A £ 1.0112 - -0.0039 - Diversified Absolute Rtn Fd USD Cl AF2 $ 1760.35 - 16.99 0.00 of the effect of this course of action.
Algebris IG Financial Credit R EUR € 109.59 - -0.40 0.00 Smaller Cos Cls Four Shares € 27.15 - -0.12 0.00 Other International Funds
Balanced Strategy £ 1.0000 - 0.0000 - Diversified Absolute Return Stlg Cell AF2 £ 1647.64 - 15.62 0.00
Algebris Global Credit Opportunities I EUR € 129.49 - 0.10 0.00 NAV (Fully Diluted) £ 9.10 - -0.52 0.00 Toscafund Asset Management LLP (UK)
Cautious Balanced Strategy A £ 1.0106 - -0.0026 - Global Equity Fund A Lead Series £ 1863.32 1869.60 54.94 0.00
www.toscafund.com
Exit Charges: The letter E denotes that an
Algebris Global Credit Opportunities R EUR € 127.18 - 0.10 0.00
Growth Strategy A £ 1.0404 - -0.0063 -
Authorised Funds exit charge may be made when you sell units,
Algebris Global Credit Opportunities Rd EUR € 127.18 - 0.10 0.00
High Growth Strategy A £ 1.0444 - -0.0066 - Aptus Global Financials B Acc £ 4.78 - 0.01 4.05 contact the manager/operator for full details.
Algebris Core Italy I EUR € 165.26 - -2.64 0.00
Cautious Balanced Strategy £ 1.4164 - -0.0036 0.00 Aptus Global Financials B Inc £ 3.23 - 0.01 5.99
Algebris Core Italy R EUR € 158.07 - -2.51 0.00
Growth Strategy £ 2.1774 - -0.0131 0.00 Time: Some funds give information about the
High Growth Strategy £ 3.0748 - -0.0197 0.00 timing of price quotes. The time shown
US$ Growth Strategy $ 2.1849 - -0.0233 0.00 alongside the fund manager’s/operator’s
Dealing Daily. Initial charge up to 2% FIL Investment Services (UK) Limited (1200)F (UK) name is the valuation point for their unit
Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP Orbis Investments (U.K.) Limited (GBR) Ram Active Investments SA trusts/OEICs, unless another time is indicated
Marwyn Asset Management Limited (CYM)
www.ram-ai.com
Callfree: Private Clients 0800 414161 Regulated 28 Dorset Square, London, NW1 6QG by the symbol alongside the individual unit
Broker Dealings: 0800 414 181 www.orbis.com 0800 358 2030 Other International Funds
Marwyn Value Investors £ 329.72 - -6.14 0.00 trust/OEIC name.
OEIC Funds Regulated RAM Systematic Emerg Markets Eq $ 240.01 240.01 -1.20 -

The Antares European Fund Limited Fidelity American Fund W-ACC-GBP £ 65.61 - -0.40 - Orbis OEIC Global Cautious Standard £ 10.96 - 0.00 0.02 RAM Systematic European Eq € 600.53 600.53 -10.07 - Toscafund Asset Management LLP
Other International Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 - Orbis OEIC Global Balanced Standard £ 17.05 - 0.00 2.35 RAM Systematic Funds Global Sustainable Income Eq $ 162.38 162.38 -0.17 0.00 www.toscafund.com The symbols are as follows: ✠ 0001 to
Tosca A USD $ 424.66 - -2.06 0.00
AEF Ltd Usd $ 560.81 - -13.11 0.00 FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 3.05 - 0.01 1.48 Orbis OEIC Global Equity Standard £ 21.72 - -0.03 1.87 RAM Systematic Global Eq Sustainable Alpha $ 111.26 111.26 -0.41 - 1100 hours; ♦ 1101 to 1400 hours; ▲ 1401
Orbis OEIC UK Equity Standard £ 10.79 - -0.09 2.26 RAM Systematic Long/Short European Eq € 151.39 151.39 -0.72 - Tosca Mid Cap GBP £ 259.32 - 1.39 0.00
AEF Ltd Eur € 523.22 - -12.63 0.00 CG Asset Management Limited (IRL)
Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.21 - -0.01 3.62 to 1700 hours; # 1701 to midnight. Daily
RAM Systematic US Sustainable Eq $ 434.45 434.45 -0.71 - Tosca Opportunity B USD $ 394.80 - 2.77 0.00
25 Moorgate, London, EC2R 6AY Fidelity Global Focus Fund W-ACC-GBP £ 36.48 - -0.34 0.00 dealing prices are set on the basis of the
RAM Tactical Global Bond Total Return € 152.27 152.27 -0.36 - Pegasus Fund Ltd A-1 GBP £ 61.52 - 0.37 0.00
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Fidelity Global High Yield Fund Y-ACC-GBP £ 15.81 - 0.00 4.91 valuation point, a short period of time may
FCA Recognised Fidelity Japan Fund W-ACC-GBP £ 5.67 - -0.02 - RAM Tactical II Asia Bond Total Return $ 155.57 155.57 -0.21 - elapse before prices become available.
CG Portfolio Fund Plc Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 4.32 - -0.05 0.26 Historic pricing: The letter H denotes that the
Absolute Return Cls M Inc £ 140.82 140.82 -0.64 1.25 Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.24 - 0.00 0.84 managers/operators will normally deal on the
Capital Gearing Portfolio GBP P £ 39320.81 39320.81 -208.04 0.77 Fidelity Special Situations Fund W-ACC-GBP £ 42.19 - -0.05 1.43 price set at the most recent valuation. The
Capital Gearing Portfolio GBP V £ 191.24 191.24 -1.01 0.77 Short Dated Corporate Bond Fund Y ACC GBP £ 11.16 - -0.01 4.02 prices shown are the latest available before
Arisaig Partners Dollar Fund Cls D Inc £ 175.30 175.30 -0.54 1.40 Fidelity Sustainable Water & Waste W Acc £ 1.35 - -0.01 0.53 publication and may not be the current
Other International Funds Dollar Hedged GBP Inc £ 109.86 109.86 -0.61 1.25 Fidelity Sustainable Water & Waste W Inc £ 1.34 - -0.01 0.54 dealing levels because of an intervening
Troy Asset Mgt (1200) (UK) portfolio revaluation or a switch to a forward
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 130.71 - -0.59 0.00 Real Return Cls A Inc £ 210.45 210.45 -0.70 1.59 Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 1.14
Ruffer LLP (1000)F (UK) 65 Gresham Street, London, EC2V 7NQ pricing basis. The managers/operators must
Arisaig Asia Consumer Fund Limited $ 129.12 - -0.64 0.00 Fidelity UK Select Fund W-ACC-GBP £ 3.78 - 0.00 0.75 Order Desk and Enquiries: 0345 608 0950
65 Gresham Street, London, EC2V 7NQ deal at a forward price on request, and may
Arisaig Global Emerging Markets Consumer Fund $ 16.32 - -0.14 0.00 Institutional OEIC Funds Authorised Inv Funds
Order Desk and Enquiries: 0345 601 9610 move to forward pricing at any time. Forward
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 - Europe (ex-UK) Fund ACC-GBP £ 7.90 - -0.13 0.56 Milltrust International Managed Investments ICAV (IRL) Authorised Inv Funds Authorised Corporate Director - Link Fund Solutions
pricing: The letter F denotes that that
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 - mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com Authorised Corporate Director - Link Fund Solutions Trojan Investment Funds managers/operators deal at the price to be
Arisaig Latin America Consumer Fund $ 27.11 - -0.02 - Regulated
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Thursday 25 November 2021 ★ 13
14
Country estate hosts state of the nation drama
THEATRE
Sarah
Hemming
I
t’s a dark and stormy night, the rain
is dripping through the roof, the
barn (uninsured) is in danger of col-
lapse, the ghost is banging around
the bedroom — all is not well for
Diana, lady of the manor. And that’s
before a host of refugees from the flood
pour in through her front door and pro-
ceed to battle for the soul of the country.
There’s wise London nurse Ripley and
her sullen teenage daughter Dora
(unimpressed by the charms of the
countryside: “I’m wet to my actual
knickers and I nearly fucking died”);
there’s gentle vicar Fiske and unem-
ployed local lad Perry, who was found
clinging to a hedge. And then there’s
Ted, a smooth, suited-and-booted neo-
fascist (“I’m exceptional”), who spies in
the manor a talismanic headquarters
for his jingoistic outfit and in Diana
(Nancy Carroll) a woman desperate
enough to let him have it. He travels
with Ruth, a blind academic who brings
the intellectual clout, and Anton (Peter
Bray), a young man of colour, poster boy
for the “inclusivity” of the movement.
Moira Buffini’s new play Manor offers
a juicy set-up: a comic thriller that
throws all manner of classic British
country-house tropes — murder mys-
tery, farce, Gothic horror — into a
blender to find a dramatic metaphor for
the state of the nation. We’ve soon got a
body, a gun and a missing briefcase to
play with, and a brewing showdown
between those seduced by Ted’s talk of
natural supremacy (Perry) or his
money (Diana), and those repelled by
them, most notably Ripley (an excel-
lent, understated Michele Austin) and
Fiske (David Hargreaves).
At its best, the play’s mishmash of
styles feels timely (there’s a lot about cli-
mate change, here, as well as far-right
populism) and its underlying message
of hope is heartening. Lez Brotherston’s
set is nightmarishly askew and backed
by ominous, scudding storm-clouds
(Nina Dunn’s videos). Fiona Buffini’s
staging is at its most gripping when
tightly focused on tense, character-
driven exchanges, such as when Amy
Forrest’s Ruth blithely expounds her
racist ideology even as Ripley, who is
black, is tending to her injured back.
And it is most chilling when showcasing
Ted’s tactics as he slithers into the gaps
in his targets’ lives (Shaun Evans bring-
ing coiled, sinister charm to the role).
The action splinters into little groups,
which splits the focus, leads to awkward
stop-start pacing and leaches away any
build of tension or real sense of jeop-
ardy. The arguments start to feel forced
and heavy-handed, driven by ideas
rather than emerging naturally through
★ FINANCIAL TIMES
ARTS
Above: Nancy Carroll and
Shaun Evans in ‘Manor’.
Above right: Clare Perkins
in Zadie Smith’s ‘The Wife
of Willesden’
Manuel Harlan; Marc Brenner
Manor
National Theatre, London
AAAEE
The Wife of Willesden
Kiln Theatre, London
AAAAE
Little Women: The Musical
Park Theatre, London
AAAEE
the clash of characters; there’s no room
for character development; and Moira
Buffini’s usually glitteringly dark
humour (so evident in Handbagged, Din-
ner and Dying for It) is only patchily
present. The crucial briefcase, which
should be the focus of real suspense, is
underused. It’s a bold, ambitious piece
that seeks to grapple with the fears of
our age, but, like its characters, it gets
lost in the flood.
To January 1, nationaltheatre.org.uk
Literary heroines keep escaping their
fictional confines and heading for the
London stage at the moment. While at
the Criterion Theatre Jane Austen’s
maidservants have their mischievous
way with her novel in the riotous remix
Pride and Prejudice* (*sort of), Chaucer’s
Wife of Bath storms the stage, blazingly
reincarnated as The Wife of Willesden.
Zadie Smith’s blistering debut play
remoulds Chaucer’s lusty character, lift-
ing her from the pages of The Canterbury
Tales and setting her down in a London
pub (lovingly created in Robert Jones’s
detailed set). Here, the regulars are not
on pilgrimage but on a pub crawl, and
vying for the prize of a full English
breakfast “with chips” from the land-
lady by outdoing their fellow drunks in
telling stories and spinning yarns.
An author (clearly based on Smith
and played by Crystal Condie) hovers
nearby, laptop at the ready, looking for
inspiration to shift her writer’s block.
Blokes hold forth, couples tell of their
“journey” and our novelist is at the point
of despair when up sashays Alvita, aka
the “Wife of Willesden”, married five
times, encased in a tight red dress and
ready to rumba. “I do not need any per-
mission of college degrees / To speak on
Royal Ballet has cracked The Nutcracker
DA N C E
The Nutcracker
Royal Opera House, London
aaaaa
Louise Levene
Turkeys are growing slightly nervous —
“Do I look fat to you?” — anxious house-
holders are telling rosaries of dead fairy
lights and hems are being let down on
two-year-old party frocks: yes, it’s
Nutcracker time.
There are four on offer in London this
winter and the first to open was Peter
Wright’s well-loved 1984 production for
the Royal Ballet, which began its 31-
performance run to a standing ovation
on Tuesday.
The staging has altered somewhat in
the past 37 years (Wright is a great
believer in second thoughts), but the
biggest changes came during the
1999/2000 revival. The basic scenario of
a toymaker’s nephew turned into a nov-
elty household implement remained
unchanged (and they say ballets don’t
have plots) but Clara, the young girl at
the heart of the story, suddenly had a
great deal more to do. Originally an
onlooker in the Act Two Kingdom of the
Sweets divertissements, she was sud-
denly joining in all the character dances
and her relationship with the Nut-
cracker/nephew became a teen
romance, complete with its own pas de
deux (too much too young, surely, for a
girl still getting dollies for Christmas).
The revamped role requires girlish
manners and cut-glass technique and
both were supplied by Anna Rose O’Sul-
livan, partnered by Joseph Sissens. Sis-
sens’s pairwork still has some rough
edges but his mime is clear and he
how marriage is stress,” she says, as she
downs a Baileys and proceeds to pick up
the evening by the scruff of the neck.
Smith’s text closely shadows the origi-
nal, moving the prologue to contempo-
rary London, the Wife’s tale itself to
18th-century Jamaica, and splicing
Chaucer’s metre and rhyming couplets
with Jamaican patois and north London
slang. Indhu Rubasingham directs with
impish flair: the cast flirt with the audi-
ence, fight among themselves, gleefully
act out all the roles in Avita’s narratives
and frequently break into song and
dance (there’s a deal more twerking
here than in Chaucer).
Presiding over it all is Clare Perkins’s
magnificent Alvita: outspoken, out-
rageous — a middle-aged black British
woman at ease in her skin, demanding
her space and demanding satisfaction
(particularly in the bedroom). Perkins
is a joy, relishing Smith’s rich, sassy
script and the eye-watering frankness of
her character.
To January 15, kilntheatre.com
If our Wife of Willesden were to put her
question “What do women want?” to Jo
March, she would certainly get some
answers. The restless heroine of Louisa
May Alcott’s Little Women, Jo is also cur-
rently on the London stage, busting
From left, Sev Keoshgerian, Hana Ichijo, Anastasia Martin, Mary Moore and
Lydia White in ‘Little Women: The Musical’ — Pamela Raith
shares O’Sullivan’s startlingly quick,
light jump — as if they were both being
tweaked skyward on invisible wires.
Koen Kessels and the orchestra, back
to full strength after last year’s social
distancing restrictions, did full justice to
Tchaikovsky’s magical score. Julia Trev-
elyan Oman’s designs retain their
Christmas card charm: Biedermeier
chez Stahlbaum in Act One; German
sugar sculpture for Act Two’s visit to
Confiturembourg. Toy theatre flats and
exquisite gauzes make for magical, free-
flowing transformations from reality to
fantasy (and back again).
Gary Avis, who can steal a scene with a
wave of the hand, is in his element as
Drosselmeyer, the ballet’s master of
revels/choreographer and there was
strong support from Act One’s dancing
toys. Harry Churches and Ashley Dean
were classically robotic as Harlequin
Vadim Muntagirov and Marianela
Nuñez in ‘The Nutcracker’
Thursday 25 November 2021
every ladylike expectation of her in
Little Women: The Musical, which
retells the much-loved story of the
four teenage sisters growing up in civil
war Massachusetts.
As with Greta Gerwig’s 2019 film, this
2005 musical (book by Allan Knee,
music by Jason Howland, lyrics by
Mindi Dickstein) focuses particularly
on Jo’s literary ambitions. Bronagh
Lagan’s staging opens with the spotlight
on a lone desk and chair; Nik Corrall’s
set has books in every nook and cranny;
the action begins with Jo and siblings
acting out one of the “blood and guts”
melodramas with which she hopes to
wow the New York publishing scene.
The framing allows for the inevitable
condensing of the novel — we’re seeing it
almost as if in flashback — and the loss
of key passages.
It’s still frustrating, however. Charac-
ters have little time to expand: Hana
Ichijo’s Meg (sweet) and Mary Moore’s
Amy (brattish) are particularly short-
changed, as is the girls’ curious neigh-
bour, Laurie (Sev Keoshgerian). Crucial
episodes and relationships whizz past
and the ethical backdrop of the war in
the novel is barely touched.
But what both the musical and
Lagan’s production do catch is the spirit,
affection and exuberance of the young
girls. There is a real sense of warm famil-
iarity between the four March girls. Two
of the show’s loveliest numbers involve
Anastasia Martin’s quiet, tender Beth: a
rippling, moving duet with Jo, as the
younger sister faces death, and a
sprightly ditty with lonely old neigh-
bour Mr Laurence (Brian Protheroe), as
the two forge an unexpected friendship.
Savannah Stevenson’s Marmee too has a
beautiful, rich voice and finds a little grit
in a rather thanklessly wholesome role.
The show’s galvanising force comes
from Lydia White’s excellent Jo: eyes
burning, limbs flailing, she always
seems too big for any room she is in, like
a young colt penned up in a barn, and
she delivers her solos with soaring pas-
sion. Her Jo should step along to meet
Alvita and those Austen maidservants
some time.
To December 19, parktheatre.co.uk
and Columbine and Isabella Gasparini
and David Yudes were fleet and musical
as the Vivandière and her soldier. Act
Two’s Arabian dance has traditionally
been a foursome, with two outriders
posing either side of the main couple
during the scary two-handed “po” lifts,
but Lukas B Brændsrod and Melissa
Hamilton were working without a safety
net on Tuesday in a gloriously confident
display of orientalist acrobatics (and
washboard tummies). The Flower
Waltz was led by a gracious Yuhui Choe,
newly returned from maternity leave
(you could fill a kindergarten with bal-
let’s lockdown babies).
And then, as the masked house held
its breath, Marianela Nuñez and Vadim
Muntagirov began their masterclass in
classical pairwork in the Sugar Plum
Fairy pas de deux: unforced travelling
fouettés, tremulous beaten steps, both
dancers radiating their joy in sharing
Ivanov’s sublime duet.
In rep to January 8, roh.org.uk;
livestreamed in cinemas worldwide on
December 9
Three more London Nutcrackers
English National Ballet dances Wayne
Eagling’s handsome if slightly confused
version. London Coliseum, December 16-
January 8, ballet.org.uk
Birmingham Royal Ballet dances a mod-
ified version of Peter Wright’s 1990 Nut-
cracker using beguiling projections clev-
erly tailored to the unique strengths and
weaknesses of the venue. Royal Albert
Hall, December 28-31, brb.org.uk
Matthew Bourne’s witty, enjoyable 1992
reworking of the Christmas favourite
sets the first half in a grim Victorian
orphanage and the second in a Techni-
color Kingdom of the Sweeties.
Sadler’s Wells, December 7-January 30,
sadlerswells.com
Thursday 25 November 2021
Advances in technology and funding have sparked optimism that nuclear fusion — an area that has
promised much but delivered little in six decades — could yet provide clean, limitless electricity.
The race to
harness the
power of the
sun hots up
A
nervous excitement hangs
in the air. Half a dozen sci-
entists sit behind computer
screens, flicking between
panels as they make last-
minute checks. “Go and make the gun
dangerous,” one of them tells a techni-
cian, who slips into an adjacent cham-
ber. A low beep sounds. “Ready,” says
the person running the test. The control
room falls silent. Then, boom.
Next door, 3kg of gunpowder has
compressed 1,500 litres of hydrogen to
10,000 times atmospheric pressure,
launching a projectile down the 9-metre
barrel of a two-stage light gas gun at a
speed of 6.5km per second, about 10
times faster than a bullet from a rifle.
On the monitors the scientists are
checking the next stage, when the pro-
jectile slams into the target — a small
transparent block carefully designed to
amplify the force of the collision. The
projectile needs to hit its mark perfectly
flush. The slightest rotation risks derail-
ing the carefully calibrated physics.
“Thank God,” exclaims one of the
technicians, after reviewing a video
playback of the impact of the scientific
artillery. It was the perfect shot.
Those in the room at First Light
Fusion, a company based outside the
English city of Oxford, had just wit-
nessed another step in a 60-year mis-
sion to answer one of science’s most
complex problems: how to harness the
fusion reaction that powers the sun to
generate limitless, clean electricity.
The potential of fusion energy has
tantalised scientists for decades but has
always seemed just out of reach.
“Fusion is probably the greatest tech-
nical challenge humanity has ever taken
on,” says Arthur Turrell, whose book
The Star Builders charts the decades-long
effort by engineers, physicists and
mathematicians to achieve what some
still believe is impossible. “How close it
is depends not on time, but on the will,
the investment and the commitment of
resources to actually get there.”
A Soviet-era idea, taken private
A growing number of private compa-
nies, including First Light, are now hop-
ing to commercialise those years of
public research by proving fusion power
can work and connecting it to the grid as
soon as the 2030s.
Unlike nuclear fission, when atoms
are split, fusion does not produce signif-
icant radioactive waste and could never
result in an accident, such as Chernobyl.
The most efficient chemical inputs for
fusion — deuterium and tritium — are
also widely available.
Just one glass of the fuel created by the
process has the energy potential of 1m
gallons of oil and could generate,
depending on the fusion approach, as
much as 9m kilowatt hours of electric-
ity, enough to power a home for more
than 800 years, scientists estimate.
Those characteristics, its proponents
say, mean fusion, by providing cheap,
unlimited zero-emissions electricity,
could genuinely save the world.
Nicholas Hawker founded First Light
Fusion with his former professor
By Tom Wilson and Ian Bott
“I couldn’t be more optimistic,” says
Silicon Valley venture capitalist Sam
Altman, who recently invested $375m
in the US fusion start-up Helion. “In
addition to being our best path out of the
climate crisis, less expensive energy is
transformational for society.”
Soviet physicists developed the first
fusion machine in the 1950s using an
approach known as magnetic confine-
ment fusion. The tokamak — short in
Russian for toroidal chamber with mag-
netic coils — enabled a plasma of deute-
rium and tritium, both hydrogen iso-
topes, to be held in place by powerful
magnets and heated to temperatures
hotter than the sun so that the atomic
nuclei fuse, creating helium and releas-
ing energy in the process.
The problem is that while scientists
have become adept at fusing the two iso-
topes, the Soviet tokamak, and all other
fusion systems developed since, require
a vast amount of power. And in more
than half a century of trying, no group
has been able to generate more energy
from a fusion reaction than the system
consumes.
“When will we get electricity from
fusion? Who the hell knows?” says Ste-
ven Krivit, a science writer who for 20
years has been a critical observer of
fusion energy’s false starts. “Until we see
somebody delivering electricity cost-
effectively we’re still doing science,
we’re not doing technology.”
But after a series of public and private
sector breakthroughs in the past six
months, some industry participants are
far more hopeful. In China in May a
machine known as East — the Experi-
mental Advanced Superconducting
Tokamak — managed to sustain a fusion
reaction at 120m degrees Celsius for a
record 101 seconds. Such temperatures
had been achieved before but never sus-
tained over such a period.
Then in September a Boston-based
start-up demonstrated the use of a high-
temperature superconductor to gener-
ate a much stronger magnetic field than
a traditional tokamak. The group, Com-
monwealth Fusion Systems, which grew
out of the Massachusetts Institute of
Technology, believes the discovery will
enable it to make a fusion machine that
will be smaller, cheaper and more viable
as a commercial source of power.
“Fusion has so many really desirable
attributes,” says Bob Mumgaard, CFS
chief executive, “if you think about
what is required for the entire world to
live in the way people deserve to live and
to also have a liveable planet.” The next
step towards power production is the
construction of a demonstration plant
called Sparc, about half the size of a ten-
nis court, which CFS hopes will achieve
net energy by 2025 and then a commer-
cial power station in the 2030s.
“We’re using known science, with new
engineering and new materials,” says
Francesca Ferrazza, a physicist at the
Italian oil major Eni, which is the largest
outside investor in CFS.
“Fusion is coming, faster than you
expect,” says Andrew Holland, chief
executive of the Fusion Industry Associ-
ation, which counts the number of pri-
vate businesses in the sector worldwide
at 35 and growing.
A patient wait
Private participation in the sector is
relatively new. In the second half of the
20th century fusion research was
advanced by international public con-
sortiums and the biggest projects in the
world remain government-funded.
The US Department of Energy helped
establish MIT’s Plasma Fusion Center —
now the Plasma Science and Fusion
Center — in 1976 in response to the oil
crisis and rising prices. The Joint Euro-
pean Torus, which remains the world’s
most advanced tokamak, was opened in
Culham, a village south of Oxford, in
1984. Then in 1985 US president Ronald
Reagan and Mikhail Gorbachev, his
Soviet counterpart, agreed to co-oper-
ate on ITER — the International Ther-
★ FINANCIAL TIMES 15
FT BIG READ. ENERGY
and a wall of liquid metal to absorb the
A nuclear fusion reaction heat from the reaction, which is then
In a fusion reaction, the repulsive electrostatic forces keeping the nuclei of light atoms apart are overcome used to produce steam to drive a turbine
and they fuse together to form helium. This requires extraordinarily high pressures and temperatures. generator. Construction on its first dem-
onstration plant is scheduled to start
Deuterium nucleus Fusion reaction Helium nucleus
One proton, next year and be completed in 2025.
one neutron Private fusion companies have raised
a total of $2.3bn in investment, accord-
ing to the industry association. More
Energy than a fifth of that funding was raised
this month by Altman’s Helion, which
Tritium nucleus uses yet another approach that it calls
One proton and pulsed non-ignition fusion. It involves
two neutrons Neutron raising the temperature of the fuel to
100m C in a 40-foot-wide, six-foot-high
Typically the hydrogen isotopes deuterium and tritium are Because the mass of the … the difference is
dumbbell-shaped “plasma accelerator”
used because they fuse at relatively lower temperatures helium nucleus is lower released as energy
to capture the energy as the reaction
and release a lot of energy. Deuterium is found in than the original nuclei …
expands and push back on the system’s
seawater, while tritium can be extracted from lithium
magnetic field.
Inertial confinement fusion Mowry argues that the variety of
approaches is a strength. “Private
The US government's National Ignition Facility in industry accepts more risk to go faster
California in August came the closest yet to achieving and cheaper,” he says. “That means that
net energy from a fusion reaction using lasers. NIF's not all shots will go in but the world
inertial confinement system consists of: doesn’t need them all to go in.”
A gold cavity with openings at
either end called a hohlraum
A tainted sector
At First Light in Oxford, the scientists’
A fuel capsule at the hopes are pinned not on the gas gun —
hohlraum’s centre which is used to test the science but will
not be part of the future power system —
A layer of deuterium-tritium but on the target used to house the deu-
fuel within the capsule terium-tritium fuel and amplify the
impact of the projectile.
How it First Light’s hypothesis, based on the
works theory of inertial confinement fusion, is
that by firing a projectile at the target at
Lasers speeds in excess of 20km a second —
Plasma enough to travel from London to New
York in 4 minutes — they can create
1 enough energy to force the deuterium
Laser beams, up to and tritium to fuse, vaporising the tar-
192, are fired into the get, while generating the energy equiva-
hohlraum, heating it lent of burning 10 barrels of oil.
and creating a Founded by 36-year-old chief execu-
superhot plasma, a gas tive Nicholas Hawker and his former
stripped of electrons physics professor Yiannis Ventikos,
2 3 ‘How close [we are to
X-rays from the effect
of the lasers on the
In the reaction the fuel
layer implodes
fusion] depends on the
hohlraum blow off the creating the conditions will, the investment and
surface of the capsule for fusion to occur. If
the heat spreads the commitment of
rapidly enough
through the fuel, the
resources to get there’
energy yield can First Light is cagey about the target’s
outpace input. This is composition and design. The replica at
known as ignition their headquarters — a clear cube, a lit-
tle over a centimetre wide, enclosing
Magnetic confinement fusion (the tokamak) How it works two spherical capsules — looks like a
Ring-shaped poloidal field magnets Central solenoid initiates and sustains 1 Air is extracted from the vacuum prop from a superhero movie.
shape and stabilise the plasma powerful current in the plasma chamber, the torus “It is the ultimate espresso capsule,”
says Hawker, explaining that First Light
Toroidal field magnets Plasma Blanket of Torus,
2 The magnets are charged up hopes to manufacture and sell the tar-
confine the plasma particles cooling modules doughnut-shaped
gets to power plants, built to its design,
vacuum chamber 3 Fuel is introduced, typically
which would need to vaporise one every
deuterium and tritium 30 seconds to generate continual power.
He was drawn, he says, to “working
4 Current is run through the torus,
stripping electrons from the fuel
beyond the edge of human knowledge”.
and forming a plasma
But, it is exactly this complexity that
makes claims difficult to verify and has
5 The energised plasma particles tainted the sector.
collide and begin to heat up. In 1951, at the height of the cold war,
Helped by auxiliary heating and Juan Perón, Argentina’s president, con-
confined by the magnets, they vinced the world his scientists had har-
1 reach a condition where fusion nessed fusion power, generating global
newspaper headlines. Fusion fuel would
can occur
soon be available, like milk, he said, in
6 The heat can be transferred out half-litre bottles. Almost four decades
4 for electricity generation, later in 1989, two chemists at the Uni-
5 typically using steam turbines versity of Utah said they had been able
2
to fuse nuclei at room temperature in a
simple electrochemical cell on a lab
bench, a claim that unravelled in weeks.
3 Yet progress is now undoubtedly
6 being made, including at the US govern-
ment’s National Ignition Facility, where
in August scientists used 192 lasers to
generate a fusion reaction that appears
to have come the closest yet to achieving
Number of private General technical approaches net energy.
fusion companies taken by global fusion companies “It was the biggest breakthrough in
20 fusion for decades,” says Turrell, adding
Magnetic confinement 13 that getting fusion energy on to the grid
in 2030 is a “great ambition”.
15
Magneto-inertial 5 “But if they get there in 2040 instead
that is still going to be a huge win for the
10 world,” he adds. “And even if they get
Hybrid electrostatic confinement 2
there after 2050 and the world has
5 [already] reached net zero that will still
Inertial confinement 2
be a massive win for humanity because
0 we need a portfolio of energy sources.”
Non-thermal laser fusion 1 At that stage, Turrell says, fusion
1992 1995 2000 2005 2010 2015 2020
Graphic: Ian Bott could be used to power energy-intensive
Sources: IAEA; US Department of Energy; Lawrence Livermore National Laboratory; ITER; UK Atomic Energy Authority; Fusion Industry Association; FT research carbon capture systems enabling the
world to begin to reverse, rather than
slow, some of the environmental dam-
monuclear Experimental Reactor — the Mowry, who joined the Jeff Bezos- age brought by climate change.
world’s largest nuclear fusion project, to backed company in 2017, is certain it Hawker echoes that view. Existing
ease cold war tensions. will be the private sector that makes renewable energy sources, particularly
Some experts believe ITER is still fusion power a reality. He compares it to wind and solar power, can be scaled up
most likely to produce net energy first, the role Elon Musk’s SpaceX has played to replace fossil fuels but will struggle to
but the project, a collaboration between in advancing the prospects of commer- also meet forecast increases in power
35 countries that remains under con- cial access to space. “SpaceX did not demand owing to the electrification of
struction almost 40 years later, has invent the science of rocketry. It took 50 the global energy system and rising
become a byword for glacial progress. years of research, sprinkled a little bit of energy consumption in developing
“None of the private fusion compa- these modern technologies and made a countries, he says.
nies would be here today without the better, faster, cheaper Apollo,” he says. In 2050, the world will need 12 times
science that was developed in the ITER General Fusion’s approach, which it more clean electricity than is produced
programme,” says Christofer Mowry, calls magnetised target fusion, is unu- today, he says, citing the work of climate
chief executive of Canada’s General sual in that it has been designed with a author Solomon Goldstein-Rose. “Any-
Fusion. “But the cost and timeline for commercially viable power plant in thing at all that we have which adds on
ITER should not be used as a point of mind, Mowry says. It uses an array of top of the existing picture is a great
reference for what it takes to develop steam-powered pistons to rapidly com- thing,” Hawker says, “and we should be
and commercialise fusion energy.” press the plasma to fusion conditions doing it at maximum speed.”
16
THURSDAY 25 NOVEMBER 2021
Unanswered questions
of the Peng Shuai case
Tennis star’s disappearance poses dilemma for foreign groups in China
Peng Shuai, the Chinese tennis star,
made an allegation of sexual assault
against a senior Communist party
leader, disappeared for weeks, then
reappeared in a series of videos released
by state media. Her case has shown the
dilemmas of dealing with a country that
has a vast and growing market, but scant
respect for human rights, freedom of
expression or the rule of law. One inter-
national sporting body — the Women’s
Tennis Association — handled its
dilemma well. Another — the Interna-
tional Olympic Committee — did not.
Peng, a three-time Olympian, made
her allegation against former vice-pre-
mier Zhang Gaoli in a social media post
on November 2. It appears that censors
quickly took down her post, references
to the matter were erased from China’s
walled-off internet and nothing more
was heard from her. For a woman to
disappear suddenly from view after
making an allegation of sexual assault
against a powerful man is chilling. The
episode sends a bleak message about
justice in China. If the authorities are
investigating, they have not said.
It is not clear what might have hap-
pened had the WTA and its players not
begun to demand assurances about
Peng’s safety and a full, fair and trans-
parent investigation into her allega-
tions. Tennis players such as Serena
Williams and Naomi Osaka, with global
fame and enormous social media fol-
lowings, joined calls for information
on her whereabouts. That pressure
prompted a message, purportedly
written by Peng and published by state
media, saying the assault allegations
were “not true” and that she had been
“resting at home”. The WTA dismissed
the message as lacking credibility.
By taking such a firm stance, the
WTA has shown that a sporting body
can hold an authoritarian state to
account. Beijing subsequently released
videos of Peng, at a dinner and at a
Binance’s belated
search for a home
World’s biggest crypto exchange claims it is courting wealth funds
Pinning down Binance, the world’s big-
gest cryptocurrency exchange, is a
tricky business. It has had no head-
quarters. This is no accident. Such ties
tend to bring regulatory requirements
and the risk of watchdogs calling if
things go wrong. The UK’s financial
regulator concluded Binance’s failure
to respond to basic queries was a rea-
son why it was impossible to oversee.
If we are to believe Binance, its peri-
patetic stance is about to change, as is
its truculent attitude to regulation. It is
poised to announce its global head-
quarters. Its chief executive, Chang-
peng “CZ” Zhao, is in discussions with
watchdogs from Singapore to France to
Dubai — where he has just become a
homeowner. The company also
recently published a manifesto stating
that regulation was “inevitable”. This is
ostensibly a welcome change from six
months ago, when Binance met the
scrutiny of regulators around the world
largely with a shrug. As part of
Binance’s attempted rapprochement
(which also involves a new head of
communications), Zhao claims that
Binance is courting big-ticket invest-
ment from sovereign wealth funds.
Unpicking bravado from reality in
the cryptosphere is hard. Binance is
coy about which SWFs are on its dance
card, and has provided no detail on
how far along any discussions are, nor
the nature of investment. Healthy
scepticism is required. But on the face
of it, as sophisticated investors, SWFs
may force a transparency on Binance
that has so far remained elusive.
Much will depend on which SWF
invests, if any. Equally significant is
Binance’s choice of headquarters; the
two may be intertwined. Zhao’s logic
seems to be that being backed by an
SWF will naturally lead a country’s reg-
ulator to be more open-minded. That is
not preposterous in some jurisdictions.
Neither is the idea that an SWF might
sporting event, even if these are hard to
take at face value. Undemocratic states
crave the legitimacy sport brings and
they respect the star power of top play-
ers. That means sporting bodies have
influence — if they choose to use it.
Peng’s status as a top athlete able to
attract support from high-profile for-
eign counterparts sets her apart. Yet
she is one of a number of Chinese pub-
lic figures, business people, journalists,
activists and citizens who have been
censured or have disappeared from
view, sometimes indefinitely, after crit-
icising officials or the state.
The IOC stands accused of legitimis-
ing such tactics after its president, Tho-
mas Bach, joined a half-hour video call
with Peng and then told the world she
was safe and had requested that her
privacy be “respected at this time”. But
he left hanging obvious questions. Why
was Peng not also answering calls from
the WTA? Was she speaking free from
outside pressure? And what was being
done to investigate her allegation?
The difference in behaviour of the
two organisations holds a wider lesson
for foreigners doing business in China:
you can try to stay away from politics,
but politics will not stay away from
you. The WTA has stuck by its values
and may lose business as a result. The
IOC was no doubt mindful that only 10
weeks remain until the Winter Olym-
pics in Beijing. US president Joe Biden
said last week he was considering a dip-
lomatic boycott to protest against
China’s treatment of Uyghurs and other
Muslim groups in Xinjiang. The public-
ity sparked by Peng’s case may inten-
sify such calls.
Even a co-ordinated diplomatic snub
might not concern Beijing unduly.
Yet until the Games are over, not just
politicians but corporate sponsors,
governing bodies and athletes will have
a powerful voice. They should consider
how to use it.
invest in Binance, which says it records
daily transaction volumes of $170bn.
Singapore, where Zhao resides (tem-
porarily, at least) is surely a contender,
both for investment and Binance’s
home. Singapore wants to be seen as a
crypto-friendly jurisdiction. While the
Monetary Authority of Singapore is no
pushover — it put Binance.com on an
investor alert though it left the com-
pany’s local site alone — the regulator is
innovative and is exploring a possible
central bank digital currency.
Meanwhile, Singapore’s wealth fund
GIC and the country’s investment giant
Temasek are comfortable investing in
crypto exchanges. Temasek was among
several blue-chip investors that
ploughed $420m into FTX. A Temasek-
owned fund already backed Binance’s
Singaporean arm, now led by a former
MAS official. SWFs are attuned to
potential returns from exchanges,
whose value is tied to bitcoin’s soaring
price. The caveat is the risk that regula-
tion poses to business models. For
exchanges in particular, where the real
world and cryptosphere intersect, the
risk is acute: watchdogs are rightly con-
cerned about the sheer number of arm-
chair investors who may lose their
shirts, and about the ability of crimi-
nals to launder ill-gotten gains.
Ties to an established market like
Singapore may reassure regulators
elsewhere. Less welcome would be if
Binance bought its way into a lighter-
touch jurisdiction, where it could carry
the imprimatur of a local licence with-
out overhauling compliance, to con-
tinue pushing products around the
world. As long as countries’ attitudes to
crypto vary wildly, arbitrage will per-
sist. Zhao is right that regulation is
coming, and that it can protect users
without stifling innovation. But the
unpalatable probability is that it will be
slow and circumventable, particularly
for a company as footloose as Binance.
★ FINANCIAL TIMES
Letters
Demonising Modi only lends him credibility
You claim in the editorial “Modi is
humbled by India’s farmers” (FT View,
November 24) that Prime Minister
Narendra Modi’s “about-face has
dented his image as an imperturbable
strongman”.
In fact, the opposite has happened.
His U-turn on farm laws has proved, if
proof was ever needed, that he is
neither an elected despot nor an
authoritarian prime minister, but a
humble man with an ear held firmly to
the ground.
Martin Wolf, in an opinion piece in
Chile’s candidate on the
left is far from extreme
Your article “Chile on edge as voters
lean to extremes ahead of election”
(Report, FT.com, November 20) makes
many interesting and insightful points.
However, the headline is unclear at
best, and slightly misleading at worst.
One of the leading candidates, José
Antonio Kast, is indeed of the extreme
right, an admirer of the late Chilean
dictator Augusto Pinochet and Brazil’s
president Jair Bolsonaro, and an ultra-
conservative on economic, social,
environmental and cultural matters.
Gabriel Boric, the other candidate
leading in the polls, is a man of the left,
but his programme is far from
extreme. He advocates a transition to a
low carbon and fairer economy, with a
major drive for investment in projects
like green hydrogen and lithium, and
further development of solar energy.
The programme proposes, for
example, increased public investment
in research and development, and
major improvement to and increased
public provision for health and
education. To fund this, it proposes an
increase in taxation, making the tax
system more progressive. This would
bring total tax in Chile, as a proportion
of gross domestic product, to levels
similar to the average in OECD
countries.
Furthermore, the Boric programme
proposes an increase in the currently
very low level of royalty on copper
mining, activity which is very
profitable, given the current high price
of copper.
Professor Stephany Griffith-Jones
Financial Markets Director, Initiative for
Policy Dialogue, Columbia University
New York, NY, US
Spain’s politicians all at sea
on rent controls and solar
Ione Belarra, social affairs minister in
Spain’s leftwing government,
champions a bill aiming at rent
controls (“Spain takes on private
equity landlords as housing costs soar”,
Report, November 15). She says that
the housing business can keep going,
but “not at the price that there are
evictions, or that people have to pay
more than 30 per cent of their income
in rent”.
Just for your information, in the
happy noughties many people as poor
as church mice took out a mortgage,
and quite a few more spent (and
apparently keep spending) more than
30 per cent of their income on rent.
What Belarra’s radical Podemos party
proposes is a ban on evictions while
putting limits on the ability of housing
organisations to operate.
Things are by no means any better
Sometimes
we need to
‘unbelieve’
our tribe
Notebook
by Jemima Kelly
2019 (“Elected despots feed off our fear
and rage”, April 24, 2019) referred to
Modi as an elected despot, for in his
opinion, elected despots come to power
when the democracy they represent
happens to be weak or on the verge of
collapse. But Indian democracy was
expanding, not declining when Modi
came to power — India started
liberalising its democracy in the 1980s,
first by reversing many of the illiberal
constitutional changes that had taken
place during the Emergency of the
1970s, and then by decentralising the
on the opposition benches. Pablo
Casado, leader of the populist right
People’s party (PP) and probable next
prime minister, recently tried to
ridicule the government’s energy
policy, by pointing out solar energy
doesn’t work at night.
It was meant as a joke but not one of
the attendees laughed.
In Spain, it seems, our economic and
energy woes are compounded by the
mediocrity of our political class.
Ruben F Pola
Barcelona, Spain
Watch out for the sell-off
by long-term bondholders
Ruchir Sharma (“There is no easy
escape from the global debt trap”,
Opinion, November 22) is certainly
correct in asserting that the world is
stuck in a debt trap that makes it
difficult for central banks to raise their
policy interest rates.
However, he is likely mistaken in
thinking that this makes it rational for
long-term interest rates to remain low.
If central banks prove reluctant to
raise their interest rates for fear of
bursting asset price and debt bubbles,
they are in danger of allowing interest
rates to become more negative in real
terms than they are today. That in turn
would risk an acceleration in inflation
from today’s already uncomfortably
high levels.
At some stage, one would think that
holders of long-term bonds will
remember that a time-honoured way
for governments to deal with their debt
problems is to inflate their way out of
those problems.
When markets do remember, they
will start selling long-term bonds and
force long-term interest rates higher.
Desmond Lachman
American Enterprise Institute
Washington, DC, US
In today’s “attention economy”, it
often seems that people have decided
on what they believe not after any
kind of rational assessment of the
facts, but rather according to the
belief system of their particular
political or ideological camp.
For example, long before the jury
finally arrived last week at a not-guilty
verdict in the trial of Kyle
Rittenhouse, the American teenager
charged with homicide over two
killings during civil unrest last year,
many seemed to have already decided
what the outcome should be. To the
left, Rittenhouse was a murderous
white supremacist. To the right, he
was a hero who was innocently and
righteously defending America against
mob violence and destruction. Both
sides seemed to view the beliefs of the
other as unconscionable. Such
polarisation and vilification of those
with whom we disagree can be seen in
the discussion of other contentious
topics such as Brexit or abortion.
It is by now pretty well established
that the internet — and in particular
social media algorithms that feed us
more of the kind of content we have
already looked at or engaged with —
has made our societies more divided
and resulted in the belief systems of
various tribes becoming increasingly
entrenched. But why is it that we are
so quick to accept the material we
come across in our particular filter
bubbles? What is making us all so
unwilling, perhaps even unable, to
understand the “other side”?
An essay by Daniel Gilbert, a
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
level of governance to the village and
municipal level. All these show that the
trajectory of Indian democracy was
pointing upward, not downward when
Modi won power.
Modi is a relatively inexperienced
prime minister, and thus may have
displayed many dictatorial streaks. But
to demonise him with questionable
evidence, as Wolf did back in 2019 or
the FT habitually does, must end up
lending him more not less credibility.
Simren Kaur
Jalandhar City, Punjab, India
Why general practitioners
are invaluable to the NHS
Camilla Cavendish (Opinion,
November 13) asks what GPs are for.
The answer is to manage 86 per cent of
the problems that members of the
British public bring to doctors at the
lowest cost of any medical consultation
in the NHS. They make the most
diagnoses in the NHS and adjust
treatments to lifetime risks. Their
teams provide the most personal
preventive care, such as immunisations
and cervical smears.
The two examples Cavendish
provides of her children going to A&E
need to be balanced against the fact
that GPs provide 10 times as many
consultations as all A&E departments
combined, particularly in caring for
“elderly bodies often suffering from
multiple issues”.
She is right to emphasise the loss of
GP continuity and it is strange when so
much is measured in the NHS that GP
continuity usually is not. However, the
Health Foundation’s GP continuity
programme has greatly helped to
measure it.
She is right that something has to
change and that change is regaining GP
continuity, so that more GPs learn to be
“hugely valuable . . . looking at the
whole person”, as many do.
Recent research, including the study
she mentions, has revealed 10 different
benefits from GP continuity including
significantly better patient satisfaction,
higher quality of GP care, and even a
lower mortality rate for patients.
Professor Sir Denis Pereira Gray
Former President, Royal College of General
Practitioners; Former Chairman, Academy
of Medical Royal Colleges, Exeter, UK
It’s a brave government
that will tackle GP reform
The welcome article by Camilla
Cavendish (“It’s time to stand back and
ask what GPs are for”, Opinion,
November 13) concludes that “we need
them”.
Unfortunately, she omitted the
important point that the NHS has
made us all supplicants, in that we have
to surmount the state-paid GP
gatekeeper without any choice and be
grateful for this mediocrity.
In that perverted sense, we do indeed
“need them”, but not in the sense that
they are invaluable in the current
setting.
Perhaps a new model is called for
where, as “community physicians”
paid by results, they would regain their
status on the basis of excellence.
Which brave government would
tackle this?
Nicholas J Kay
Manchester, UK
Harvard psychologist, may offer some
insights. In a 1991 paper entitled “How
mental systems believe”, Gilbert
argues that in order to comprehend
an idea, our brains initially accept it as
true, even if only momentarily. It
therefore takes more effort to reject
an idea than to accept it, because
acceptance is something that we do
automatically, whereas in order to
disavow it we must go through a
process of what Gilbert calls
“unbelieving” or “unaccepting”.
Gilbert’s thesis, grounded in social
and cognitive psychological research,
builds on the work of 17th-century
philosopher Baruch Spinoza, who
argued that acceptance of an idea is
part of an automatic comprehension
of it. This ran counter to the thinking
of René Descartes, who held that we
first understand an idea, and then
subsequently decide whether to
accept it or to reject it — a process
most of us might like to imagine we go
through when working out what we
believe but which, according to
Gilbert, is not borne out by the
evidence.
“People are especially prone to
accept as true the things they see and
hear,” Gilbert writes. “People are
Spinozan systems that, faced with
shortages of time, energy or
conclusive evidence, may fail to
unaccept the ideas that they
involuntarily accept during
comprehension.”
Gilbert argues that “as perception
construes objects, so cognition
construes ideas”, and thus initially
Thursday 25 November 2021
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
Fed must focus on natural
rate of unemployment
In her excellent article (“Where did all
the workers go?”, Big Read, November
23) Delphine Strauss emphasises the
ongoing conundrum of the balance of
supply and demand in labour markets,
something that is very relevant to the
policy choices facing the Federal
Reserve. Implicit in her piece is the
question of “what has happened to the
natural rate, or non-accelerating
inflation rate of unemployment”?
The current US unemployment rate
is 4.6 per cent, but what is the natural
rate? The probability is that this fell a
lot in recent decades to maybe 4.5 per
cent before the Covid outbreak.
We see that about 4m-plus workers
have dropped out of the US labour
force, about 2.4m of them due to early
retirement.
Given the labour force and
retirement numbers quoted by Strauss,
the natural rate of unemployment
could now be over 5 per cent. If so, with
actual unemployment at 4.6 per cent,
why is the Fed so actively stimulating
the economy by continuing to buy
huge proportions of newly issued
Treasury securities?
My feeling is that the Fed is getting
things badly wrong and that we are in
for a really bad bout of inflation. But, of
course, more research on recent
movements on the natural rate is
needed and I hope the thousand or so
economists over at the Fed are on to it.
Paul Hallwood
Professor of Economics, University of
Connecticut, Mansfield, CT, US
London mayor is failing
on financial management
Sadiq Khan, mayor of London,
(“London’s transport funding crisis
threatens UK”, Opinion, November 18)
seems to attribute Transport for
London’s “unprecedented financial
crisis” to the pandemic. However, I
believe there was an operating deficit
well before Covid-19 started to impact
passenger volumes negatively, as well
as a significant cost overrun on
Crossrail.
The current funding crisis is
probably not a problem that London
can “solve” on its own, but it may be
that the extent of it is something that
London could have “contained” on its
own, as a cursory glance at such items
as the budgets allocated to individual
bicycle lane developments would
suggest.
Notwithstanding the levelling-up
agenda, it is important that the capital
has an efficient and effective transport
system, but this needs to be achieved
through a combination of sufficient
funding and effective financial
management, not just the former.
Clive Anderson
London W14, UK
Nostalgia for the carefree
era of published pay scales
The armed forces and the clearing
banks, and probably many other
organisations, used to grade all
appointments with an appropriate
published pay scale (“Pay disclosure:
secrets and lies”, Lex, November 22)
There was no distinction between the
pay of male and female employees of a
specific rank or grade. We all knew
roughly what our colleagues were paid,
and no one cared much about it.
Ian Maitland
London SW1, UK
“believes” them. “In both cases, the
representation of a stimulus is
believed — that is, empowered to
guide behaviour as if it were true —
prior to a rational analysis of the
representation’s accuracy.”
If Gilbert is right, it is little wonder
that, in an economy that depends
upon flooding us with information
reinforcing our pre-existing beliefs, we
are finding that our resources are
often too drained to make the effort of
“unbelieving” what we are fed.
“The challenge in the digital
age . . . is that people are generally
disinclined to devote their overtaxed
attention to anyone with whom they
disagree, or any perspective that
makes them in the least
uncomfortable,” says Romin Tafarodi,
who co-authored another paper with
Gilbert, published in 1990, that
discussed the same ideas.
In the later essay, the author points
out that “a system that believes its
representations prior to assessing
them . . . can only work if those
representations are largely accurate”.
We live in a world in which
algorithms are set up to feed us
content that tells us what we already
think, and in which political
campaigns flood our timelines with
false and misleading information. It is
crucial that we find a way of
incentivising the effortful process of
exposing ourselves to opposing
viewpoints, and of sometimes
“unbelieving” our own side.
jemima.kelly@ft.com
Thursday 25 November 2021
Amazon’s fight with Visa is about who keeps the profits
BUSINESS
Brooke
Masters
A
s the year’s biggest shop-
ping season gets under way,
Amazon last week picked a
very public fight with Visa.
It emailed UK customers to
say it plans to stop taking Visa-branded
credit cards and offer them £20 off their
next purchase if they switched payment
methods.
This is Amazon’s third recent swipe at
the global fund transfer business — it
has also slapped surcharges on Visa
transactions in Singapore and Australia.
The spat could well spread, as the com-
panies renegotiate their global deal on
fees and their co-branded US credit
card. This is a clash of two titans both
used to getting their own way. Amazon
is steamrollering its way across the
global economy, while Visa and Master-
Johnson errors
show Tory need
for new mission
BRITAIN
Robert
Shrimsley
C
ontext is everything. Six
months ago at the height of
his vaccine popularity, Boris
Johnson’s frivolous and ram-
bling speech to a business
conference would have been dismissed
as just an extreme example of the UK
prime minister’s unconventional yet
winning style. Instead, after a run of
missteps, it is a metaphor for his leader-
ship; a Wizard of Oz moment, the day
Tories saw through the magic.
Those errors have been flowing fast
and each is testing the goodwill of his
MPs. There was his misjudged defence
of Owen Paterson, the Tory MP caught
up in a lobbying scandal, and then the
botched rail strategy launch, which saw
£96bn of investment overshadowed by
the cancellation of long-promised high-
speed rail projects for the north of Eng-
land. This week saw a revolt over social
care funding plans, which offered the
poorest homeowners the least financial
protection. It all comes as the vaccine
poll bump has faded. Voters face higher
living costs and tax rises just as Johnson
is struggling with the Covid hangover of
desperately strained public services and
wrecked public finances.
Against this background, Monday’s
Arab leaders weigh normalising relations with Syria’s president
MIDDLE EAST
David
Gardner
A
fter being treated as a
pariah for waging total war
on his own people for the
past decade, Syrian presi-
dent Bashar al-Assad is
being brought slowly back into regional
diplomatic society. Though Syria
remains expelled from the Arab League,
Arab leaders are re-engaging with a
tyrant hitherto deemed toxic by all
except Iran, Russia and China.
Last month, King Abdullah of Jordan,
who a decade ago called on Assad to step
down, telephoned him. This month,
Prince Abdullah bin Zayed al-Nahyan,
foreign minister of the United Arab
Emirates and brother of its leaders, vis-
ited him in Damascus.
While Joe Biden’s US administration is
tut-tutting and Europeans are holding
card consistently post some of the high-
est profit margins in the S&P 500.
But the spat also spotlights the fact
that the rapid spread of ecommerce has
changed how people pay for goods and
services, raising fundamental questions
about who profits from the process.
The sums at stake have risen sharply as
pandemic repercussions have boosted
cards to more than 80 per cent of UK
transactions.
Right now, the card payments system
is both opaque and unequal. When a
customer uses a card, the merchant
pays a fee which can run as high as 2 to 3
per cent of the transaction. An
“acquirer” fee goes to the payment com-
pany that links the merchant to the net-
work, an “interchange” fee goes to the
bank that issued the credit card, and
Visa or Mastercard keeps the rest.
Merchants can and do shop around
among acquirers, but small and mid-
sized companies have no choice but to
pay the other standard tariffs. That
leaves Mastercard and Visa, which com-
pete fiercely to sign up issuer banks, free
to use the fees to woo them. In the US,
for example, the two networks account
speech, bizarrely sprinkled with talk of a
trip to Peppa Pig World, seemed proof of
a leader losing his focus and touch. Hence
the panicked calls for new advisers.
In reality, the only surprise is that
anyone was surprised. This is who John-
son is. He sees the chaos as core to his
appeal; no change of personnel will
make him less erratic. What is new,
however, is the absence of a strategic
mission to shroud his errors and short-
comings.
Until now he has had at least one
major project that defined, drove and
largely unified his party. The first was
Brexit; the second was tackling Covid.
There were missteps and rebellions on
the way but both issues offered a clarity
of purpose. MPs largely stuck with him
because they were a team with a shared
objective.
Suddenly there is no common project.
One MP observes: “Conservatives used
to be for low taxes and good manage-
ment of the economy. Then we were for
Brexit. Now we are not really sure what
we are for.”
The closest they have, the supposedly
core task of “levelling up” the economy,
is seen as something between a slogan
and an instinct, a potpourri of policies
from bus upgrades, to freeports and
funds for town centres, constrained by
what the public finances permit.
The battles with the EU over the
Brexit settlement for Northern Ireland
rally some allies but also remind voters
that Brexit might not be as “done” as
was previously suggested. To cap it all
Nigel Farage is rattling rightwingers by
their noses over the idea of the “normal-
isation” of relations with Assad, it
should be remembered that Jordan and
the UAE are close to the US but also to
Israel. Israeli governments have long
preferred the Assads in power across
their common border, where, until
Syria’s civil war began in 2011, barely a
shot had been fired since the armistice
after the 1973 Arab-Israeli war. That
choice stands even while Israel’s air
force and cyber-warriors wage a shadow
war inside Syria and Iraq, against Iran
and its paramilitary proxies such as
Lebanon’s Hizbollah.
The Arab motivation for cosying up to
Assad is a response to the “Shia cres-
cent” King Abdullah warned of as long
ago as 2004. Iran was said to be building
a network across the Middle East after
the US-led invasion of Iraq had virtually
gifted it Shia majority rule and Iranian
control in Baghdad.
The UAE is using its power of attrac-
tion as an advanced expanding market
in the Gulf with the resources to help
reconstruct Syria and the construction
firms to do it. Saudi Arabia, which along
with Qatar heavily supported the Sunni
★ FINANCIAL TIMES
Opinion
for nearly three-quarters of credit card
and debit card spending.
Groups such as the British Retail Con-
sortium have been complaining for
years. They won a political victory in
2015, when EU lawmakers capped inter-
change fees to banks at 20 basis points
for debit cards and 30 for credit cards.
But scheme fees paid to the card net-
works have been rising ever since. “It’s
Ecommerce has changed
how people pay for
goods, raising questions
about who benefits
humiliating that legislation can be so
easily sidestepped,” says the BRC’s
Andrew Cregan.
Large retailers have more leverage to
demand bespoke deals with lower fees,
which explains what is going on right
now. Amazon argues that it is trying to
provide customers with faster, cheaper
payment alternatives and bring down
the charges on Visa’s network.
highlighting the government’s impo-
tence over illegal migrants crossing the
channel. This all plays into the criticism
that Johnson overpromises and under
delivers.
For all the chatter about better advis-
ers, what Johnson really needs is the
momentum and sense of leadership that
come from a major political and eco-
nomic project. In the absence of an
alternative, that has to be levelling-up.
Michael Gove, the most strategic of
Johnson’s ministers, is due to publish
the long-awaited white paper on level-
ling up in the next few weeks. This is
meant to be the detailed map that turns
a slogan into a strategy. A serious docu-
ment with coherent plans to regenerate
regions — and metrics against which the
policies can be judged — will give
Until now he has had at
least one project to largely
unify his party. First Brexit;
then tackling Covid
rebellion against the Assad regime, is
holding off for now. After ditching diplo-
macy with Iraq, the Saudis have opened
lines to Iraqi leaders such as Prime Min-
ister Mustafa al-Kadhimi and Moqtada
al-Sadr, the radical Shia cleric turned
kingmaker who came first in Iraq’s last
two general elections, thrashing Iran’s
proxies. The Gulf states are also turning
the screws on Lebanon in response to
Hizbollah’s ever more naked control.
The motivation for cosying
up to Assad is a response
to the ‘Shia crescent’ Iran
is said to be building
When Gulf Arab leaders look at
Tehran’s construction of a corridor
across the Levant to the Mediterranean
and down towards Yemen they see Per-
sian neo-imperialism, with a menacing
Shia supremacist tone, that American
histrionics and European strictures
have done almost nothing to curb. From
the invasion of Iraq under President
But the company’s ban on UK credit
cards appears to be a negotiating tactic
rather than a blow for consumer or mer-
chant choice. It hits a section of the mar-
ket where Visa has a relatively small
share, so it minimises the impact on
Amazon’s sales, while maximising the
pressure on Visa to offer better terms.
Visa says that it earns its keep by
maintaining a global network that
makes transactions instantaneous,
reduces fraud and spares merchants
from having to deal with non-paying
customers. And its UK fees are not
markedly higher than Mastercard’s.
Both networks argue that stores
which do not value their services can
always reject the cards. That’s a bit rich,
given the dire state of the retail industry
and the falling use of cash. Some mer-
chants do refuse to take American
Express, which has even higher fees, but
it has roughly one-tenth the number of
worldwide users of the other two.
There is additional inequality baked
into this system. Issuing banks use some
of the interchange fee to offer rewards
or cash back to valuable customers.
That means smaller merchants and
renewed purpose to the government.
Money for transport links and high
streets is fine but they do not amount to
a growth strategy and Tory MPs are
painfully aware that rising national
income is what they need if they want to
cut taxes and keep spending.
There are those who argue that keep-
ing levelling-up vague is a wiser political
tactic, but what the Tories need now is
something more convincing than an
aspiration. Levelling up needs to offer a
pathway to higher growth as well as rea-
sons to believe neglected towns can
rebuild prosperity and communities.
That means putting flesh on the bones.
And yet the noises emerging so far are
not encouraging. Johnson is understood
to be uneasy about clear metrics, which
might set him up for failure. Those talk-
ing to Gove fear a weakening commit-
ment to meaningful decentralisation.
More mayors are expected — especially
at county level — but there seems to be
less appetite for giving the existing met-
ro-mayors significant extra powers to
shape policy for their region.
This is a core demand of those who
George W Bush to the “maximum pres-
sure” campaign against Iran under Don-
ald Trump, Tehran has emerged as the
main beneficiary in regional geopolitics.
The US long ago lost credibility, spe-
cifically in Syria, but across the whole
region. Trump’s failure to respond to
Iran’s devastatingly accurate drone and
missile attack in September 2019 on
Saudi Aramco’s oil installations was
seminal. After much bombast he
decided it was Saudis not Americans
who had been attacked. Meanwhile
Turkey, a Nato ally, has established
three enclaves across northern Syria
since 2016, pushing abandoned US-al-
lied Kurdish forces that control one-
quarter of the country towards Assad.
The EU presses for a political solution
in Syria via an inclusive new constitu-
tion. Russia, which along with Iran sal-
vaged the Assad regime, also favours
this, leading to misplaced hopes that
Moscow can squeeze both Assad and the
Iranian presence in Syria.
There is feverish speculation that
Assad may be distancing himself from
Iran after reportedly “expelling” Gen-
eral Javad Ghaffari, the expeditionary
ordinary customers end up subsidising
reward programmes for the savviest
and wealthiest cardholders.
The rise of other non-cash payments
could disrupt this cozy ecosystem, but it
is not yet clear who that will benefit.
Amazon will soon start accepting pay-
ments via the US digital app Venmo, as
well as bank transfers in Poland and
instalment plans in Germany. It is well
positioned to start weaning customers
away from the credit and debit card net-
works entirely. Rising use of payment
apps, such as Apple Pay, also pose a
threat to the networks, because custom-
ers can skip carrying a physical card and
link directly to their bank accounts.
But don’t count Visa and Mastercard
out — they are scrambling to embed
themselves in these digital processes as
well. Visa has been touting its “network
of networks”, while Mastercard has
bought several companies that special-
ise in bank transfers and open banking
applications. Maybe this will benefit
small merchants and shoppers, but
don’t bet on it.
brooke.masters@ft.com
Ellie Foreman-Peck
argue that regional leaders are best
placed to judge the economic and social
needs of their areas. The debates con-
tinue but a brave and far-reaching strat-
egy might galvanise Johnson’s unhappy
MPs into believing again that there is a
worthwhile transformational project at
the heart of this government.
Levelling up, and the accompanying
investment in infrastructure and inno-
vation, is the closest the Tories have to
that project. But it is a long-term process
rather than a fix for an electoral cycle
and needs to be pursued with conviction
and rigour. Johnson’s own MPs must
believe it is real, which means more
than cash bungs to a few target seats.
Johnson is in no immediate danger.
But unless they find that meaningful
economic mission, the Tories are facing
straitened times with a leader blather-
ing on about Peppa Pig and increasingly
defined by his misjudgments; an amuse-
ment park prime minister who both
they and the voters may conclude is no
longer all that entertaining.
robert.shrimsley@ft.com
commander of the Revolutionary
Guard’s Quds Force in Syria since 2015.
This looks unlikely. It may be a loveless
alliance, but Syria under Assad’s father
stood by Iran during its 1980-88 war
with Iraq (and co-founded Hizbollah).
Iran in turn stood by Bashar as his
regime wobbled in 2012 and 2015, pro-
viding ground troops for his depleted
and exhausted army. That alliance will
not change.
But Gulf Arab leaders see that as no
reason to sit on their hands. After all,
Syria was in danger of US and allied
attack in 2005 and 2006 — for funnel-
ling jihadis into Iraq to combat the
Anglo-American occupation and sup-
porting Hizbollah’s 2006 war with Israel
and entrenchment in Lebanon. Yet, by
2008, Assad was being feted in Paris by
then French president Nicolas Sarkozy.
The UAE and Saudi Arabia are hedg-
ing their bets through parallel de-esca-
lation talks with Iran. Yet they know
Syria, part of the Arab heartland, is a
spinning compass in geo-policy terms.
They are now taking their bearings.
david.gardner@ft.com
17
Green transition
must not mean
energy redlining
for Africa
Uzodinma
Iweala
C
OP26 in Glasgow has come
and gone with a lot of fanfare
and reinvigorated rhetoric
about our last chance to
tackle the climate crisis.
Perhaps most prominent is an
announcement by 20 countries, includ-
ing the US and UK, that they would end
funding for all fossil fuel projects
abroad.
While this may at first seem like a step
in the right direction, it’s particularly
galling that the rich nations pushing pol-
icies that would block financing for fos-
sil fuel-powered energy generation in
poorer countries are actively building
and funding similar projects on home
soil.
Not only does this condemn a signifi-
cant portion of the world’s population to
continued energy poverty, it also flies in
the face of the gospel of climate justice
that many leaders of rich countries
preach.
A finance ban that only applies to
poor countries is a textbook example of
what Robert Bullard, the academic
known as the father of environmental
justice, has termed “environmental rac-
ism” — “any policy, practice or directive
that differentially affects or disadvan-
tages (whether intended or unin-
tended) individuals, groups or commu-
nities based on race.”
You could also call it a form of global
“redlining”. In the US, this is the name
given to the systematic denial of mort-
gages to potential black homebuyers.
Historically, the practice prevented
black people from building wealth
through home ownership and blocked
A finance ban that only
applies to poor countries
is a textbook example of
‘environmental racism’
investment in black neighbourhoods,
while making those same opportunities
available to white people in white areas.
Present day racial disparities are
traceable to redlining policies. White
Americans have greater wealth, lower
unemployment, higher life expectancy,
better nutrition and feel safer in their
communities than black Americans.
Global energy redlining is already
happening. As fossil fuel funding routes
close for Africa, Belgium has just
announced it will bring online 2.3 giga-
watts of new gas-fired power, Germany
plans to continue using coal until 2030
and Norway intends to keep producing
oil and gas.
In the US the Biden administration
has made laudable public commitments
to putting environmental and economic
justice at the heart of everything it does.
But while gas-powered plants still pro-
duce 40 per cent of America’s electric-
ity, the government has announced
plans to phase out investment in gas for
poor countries, which will widen the
global gap between haves and have-
nots.
The US has also joined the Europeans
in putting pressure on institutions such
as the World Bank, which have a man-
date to foster growth in capital-con-
strained countries, to get out of all fossil
fuels. And who are these capital-con-
strained countries? The majority are
African.
As the US found out much too late
with redlining, worse economic and
social outcomes for one group generally
mean lost opportunity for all. We have
to tackle carbon emissions generated by
fossil fuels and get to net zero. But Afri-
cans should not tolerate a system that
asks us to “carbon finance” the lifestyles
of whiter, wealthier countries.
African leaders should therefore con-
tinue to make clear that international
development finance institutions need
to provide flexible financing for gas
projects where they replace dirtier or
costlier fossil fuel options. They must
demand that rich countries use their
wealth — acquired in part through colo-
nial exploitation — to find a rapid way of
reducing their own share of carbon
emissions.
After all, as UK prime minister Boris
Johnson put it: “It’s vital for all of us to
show that this is not all about some
expensive, politically correct, green act
of bunny hugging.” It’s about concrete
action for climate justice that will bene-
fit the whole world.
The writer is the chief executive of The
Africa Center
18 ★ FINANCIAL TIMES Thursday 25 November 2021

Hydrogen: energy heir

This fuel is expected to play a crucial role in tackling hard-to-decarbonise sectors. It is largely produced by
heating methane with steam, resulting in low costs of production in regions with large supplies of natural
gas. In Europe, requirements for carbon emissions permits add to production costs.

Hydrogen demand is expected to grow rapidly Hydrogen production costs in Europe

Twitter: @FTLex
Web3:
trading futures
The next iteration of the internet
requires some magical thinking. Web3
is a tech utopia. It envisages a world of
decentralised collaboration that would
end the supremacy of major companies
by wiping out lucrative markets for
data collection and digital advertising.
Yet building that world would require
exactly the sort of investment that only
Big Tech can provide.
Hitting the refresh button on the
internet looks tempting after years of
disinformation and data hacks. First
came the web — a scattered collection
of open-source information. Then
came Web 2.0, in which companies
such as Google organised information
and helped users to interact online
while building walls around data. Tech
giants amassed trillions of dollars of
market value and now dominate the
US stock market.
Web3 provides the backlash to this
concentration of power. It is imagined
as a decentralised system built on the
blockchain in which companies no
longer act as gatekeepers. User
information will freely move across the
internet. Instead of platforms making
decisions on content, users will self-
moderate. Tokens will be generated as
rewards and everything will be on
public blockchains, making the web
transparent and safe.
That is the theory anyway. Most of
this does not yet exist. But the idea has
gained momentum with the boom in
newly fashionable non-fungible tokens
(NFTs), digital ownership of online
ephemera and decentralised finance
projects running on public blockchains.
Venture capitalists already use Web3
as a point of focus for investment in
cryptocurrency projects. New VC fund
Paradigm One has raised $2.5bn to
focus on applications that operate on
ethereum. Its token, ether, now has a
market capitalisation of more than
$500bn, up from $68bn a year ago.
Yet the end of Big Tech’s hegemony
seems unlikely. The ethereum
blockchain has limits on transactions
and much of the public remains wary
of digital tokens.
Plus, those wealthy companies have
no plans to hand over control. Twitter
has announced a dedicated crypto
team. Facebook’s name change to Meta
and plans to become a “metaverse
company” are linked to the idea of a
future in which digital assets can be
moved safely around the internet.
These early investments hint that new
walls are being built before Web3
becomes a reality.
Mishcon de Reya:
roll call
The £2.9m suit against law firm
Mishcon de Reya, over acceptance of
potentially “tainted” money from a
former client as payment for legal fees,
comes at a bad time.
The storied firm, whose clients have
included Diana, Princess of Wales, is
seeking a London stock market listing
at a reported £750m valuation. But
smaller peers have not fared well in
public markets. Manchester-based
DWF’s shares are down about 12 per
cent on their listing price two years ago.
Law firms, like accountants and
other professional services firms, are
an unlikely fit with public investors.
Capital-light with value largely
bound up in people, the partnership
model has served them well. Allowing
top lawyers to divvy up profits between
them is an inbuilt incentive and
retention mechanism.
Pre-Covid, Mishcon’s senior equity
partners took an average £1m a piece
per year from the profit pool.
Going public means sharing these
spoils with shareholders. No problem
for top-of-the-pile lawyers selling out
now. Less good for those still working
their way through the sausage factory.
Mishcon’s proposed structure takes
some of this on board, in part by
splicing off a portion of profits as a
cushion for bonuses. Partners, who will
see part of their salary replaced with
dividends, will be locked into their
holdings for seven years.
Profitability among law firms varies
hugely. Mishcon’s elite client base is
perhaps what has brought it far higher
margins than DWF or Keystone,
another UK listed firm. Assuming
normalised run rate revenue growth of
6 per cent on £180m and 30 per cent
margins would imply a price/forward
earnings ratio of 13 times.
New risks must be watched. Partners
will doubtless find it easier to spend
public money. Proceeds are marked for
expansion and having an acquisition
currency in hand could prove a
Million tonnes per year
Pure refining, tonnes
Pure ammonia, tonnes
Pure other, tonnes
1975 2000 2019 2024 2029 2034 2039 2044 2049
FT graphic Sources: IEA, Barclays Research estimates, 2020
Environmentalists such as former US
vice-president Al Gore extol “the
magic of markets” as a way to cut
back green costs. There are efforts to
establish a tradeable market
in hydrogen, the fuel expected to play
a big role in decarbonisation.
A hydrogen price index proposed
by Deutsche Börse’s power and gas
exchange EEX is an indication of
interest. Details are scant. But the
reported aim is to publish a price of
hydrogen that will reflect the over-
the-counter market and bilateral
trades in import and export deals.
Considerable data already exist.
S&P Global Platts assesses hydrogen
production costs in different regions.
The main variable is the cost of
natural gas, used in more than 95 per
temptation too far. Still, the lurch to
capital markets looks unstoppable.
Investors should be circumspect.
AutoStore:
mechanical advantage
On the British TV show Robot Wars
inventors battled with their homemade
machines. Life now imitates art in the
theatre of ecommerce warehouses.
Results from AutoStore, the
Norwegian robotics group that listed in
October, show the fight remains mostly
focused on defeating the humans first.
Demand for the robotic vertical-
stacking systems continues to grow.
Supply-chain disruption remains a net
positive for the group. Revenues in the
EU27 average, 2020, steam methane reforming process €/kg
Heating/industry
Mobility (trucks, trains, buses)
Mobility (cars)
500
400 Natural Other
gas C02 costs
allowances
300 Costs of making hydrogen from fossil fuels
vary by region*
200
$/kg
100
0 Apr May Jun
Source: S&P Global Platts
cent of global production. A sizeable
gap has opened up between the cost of
hydrogen in gas-importing countries
and those areas with plentiful supplies,
such as the US Gulf Coast.
Hydrogen prices from Platts are thus
based on input costs. Creating an index
based on actual prices paid for
hydrogen is more of a stretch. There is,
as yet, little trade in the gas.
In 2020 EU countries exported, to
other member states and externally,
just 0.013 Mt, less than 0.2 per cent of
total hydrogen consumption, according
to Hydrogen Europe. What little
hydrogen trade exists tends to be
subject to long-term contracts.
Even the debate on how best to
transport hydrogen is at an early stage.
Australia will soon export its first
third quarter of the year almost
doubled to $85m, though its costs are
increasing. As an example, prices for
aluminium, its biggest input, have
climbed to decade highs. Operating
margins slipped 2 percentage points to
47 per cent. A push to replace humans
with robots in warehouses should
continue to support earnings growth.
Another income source could come
from its patents spat with UK rival
Ocado, which is being heard at the US
International Trade Commission; an
initial decision is expected in early
December. Should AutoStore win, that
could mean a lump sum deal from
Ocado or annual royalty payments.
The size of the former would be at
least a few hundred million dollars,
think Berenberg analysts.
Valuations reflect optimism for the
1.5
1.0
0.5
Amortisation
Marginal Total
costs cost
Source: Hydrogen Europe
Japan
Netherlands
US Gulf Coast 0
Jul Aug Sep Oct Nov
2021 *Reflects methane prices and capital
expenditure associated with hydrogen facilities
liquid hydrogen cargo to Japan. But it
may well be cheaper to build
pipelines or ship hydrogen-carrying
ammonia instead. Regulations also
need to be agreed. It would make
sense to certify the carbon intensity
of hydrogen, as with the “guarantee
of origin” certificates for renewable
energy.
Much must happen before a
publicly traded index can become a
reality. But it is a laudable ambition.
Hydrogen has a crucial role in
tackling the hard-to-decarbonise
sectors. Price signals should help in
targeting limited supplies and
incentivise hydrogen production in
low-cost countries. Greater
transparency on pricing could make
a tough transition more efficient.
sector. AutoStore shares have risen
25 per cent since they began trading.
An enterprise value multiple of 22
times 2023 sales chimes with analyst
estimates for Ocado’s automation unit.
But there are reasons to believe that
AutoStore will beat revenue estimates
for $500m next year. Already orders
converted from the group’s $3.4bn
pipeline reached $423m in the first
three months of this year, or almost
three times more than in 2020.
Assuming full-year orders continue
apace, that represents a conversion
rate of about a fifth of the full pipeline,
double recent rates. Even at historical
rates, that would add at least $100m to
next year’s sales forecasts.
A battle for robot supremacy within
warehouses should mean good news to
come for AutoStore shareholders.
Authentic Brands:
0
property managers
For decades, Sports Illustrated
produced some of the finest writing in
American journalism. But by the mid-
2010s, like many print magazines, it
8
had faded. Enter Authentic Brands
Group, which in 2018 scooped up its
6 intellectual property for just $110m.
This week, Authentic Brands shelved
4
an IPO in favour of a large private
2 equity investment from a consortium
led by CVC. This values the group at a
whopping $12.7bn enterprise value,
confirming Authentic as one of the
most intriguing and successful business
models to emerge in recent years.
Today, Sports Illustrated is still
around, offering good but shorter
articles. But it also has joined some
tacky partnerships with sports leagues
as well as gambling, commercial
ventures that help support the original
publication. This is how Authentic
rolls, salvaging storied but apparently
lost-cause brands including Brooks
Brothers, Barney’s and Eddie Bauer.
In the past 11 years, Authentic has
spent $5bn on IP acquisitions, paying
$2.5bn for Reebok in August.
The company historically has not
produced or sold goods itself, instead
earning royalties from licensees.
Revenue has swelled from nil a decade
ago to $500m in 2020 and operating
margins are high at about 75 per cent.
Asset-lite sounds good on paper. But
it works less well when channel
partners — in this case physical
retailers — suffer financial problems.
Authentic Brands has set up a joint
venture called Sparc with the mall
operator, Simon Property Group. Sparc
has more than 1,300 stores affiliated
with Authentic’s brands such as
Forever 21 and Aéropostale. In total,
Sparc-related revenue already accounts
for a tenth of Authentic’s turnover.
Authentic argues that its vast
portfolio and experience has created a
unique “flywheel” effect.
Some of the smartest buyout funds in
the world agree, including its other
shareholders BlackRock and General
Atlantic. That participation may be the
only prestige that ultimately matters.
Lex on the web
For notes on today’s stories
go to www.ft.com/lex

CROSSWORD
No 16,952 Set by CHALMIE
• ‘  ‰ …  } y ACROSS
1 Tree belonging to Henry in country
where 17 landed (3,2,6)
7 Reduces price of lettuce (3)
u •¸ 9 With some medicine around, try
finding water (5)
10 Study game with coach taking note,
reflecting on having been out too
•• •‘ long? (9)
11 Go wrong blocking brown eggs for
25’s ship (5,4)
12 See 15
• •‰ •… 13 Cat we saw may lose at first, getting
eroded (3,4)
• •} 15, 12 Swinger hero doing wrong (4,5)
18 17’s ship was French-American (4)
•y •u ‘¸ 20 Possibly Bruce and Ray on the ship’s
downwind side (3,4)
‘• ‘‘ 23 Very German and healthy (5)
24 Wrongly catalogue way to get lost,
‘ ‘‰ ‘… you say? (9)
26 Break stride and run, being calm (9)
27 Order computers society doesn’t
mention (5)
‘ ‘} 28 Occasionally selfish characters (3)
29 Ingeniously grow our thin fencing
material (7-4)
DOWN
‘y ‘u 1 Poor beaded covering for stone
furniture item (8)
2 We try to restructure phone
company’s plants (3,5)
3 Woman has nothing in colour? Quite
the opposite! (5)
JOTTER PAD 4 Man’s Conservative past (7)
5 Cord some wrapped in fat (7)
6 Where 17 and 25 were headed, only
carrying unfashionable sauce (5,4)
7 Heartlessly preserving corporal
punishment (6)
8 Second snake is further down (6)
Solution 16,951 14 I’m surprised to receive drivel
× N N € ‚ : Ú
disguised as comprehensive theory
~ E B ~ < ã N ‚ ã N ‚ ~ E ª (5-4)
‚ E B Ú B ~ æ 16 Poet loses second fact-checker (8)
B 7 K æ
<
} B N Ð ‚ : < Ô
N 7 Ý :
Ý
×
N
17 Sun named adventuring explorer (8)
‚ Ú ª : Ô 8 ? æ ª æ Ô Ú : ª 19 Old instrument promoted after 1100
æ B B Ú N makes the 23 of 25’s landing (7)
~ Ý N Ò B ~ N Ò æ : × ‚ H N 20 Stray unfortunately got sold (4,3)
N N
K ‚ × E æ
N
8 N }
Ï Ý
× Ý N € : N
21 Shrewd like Old King Cole in the end
Ú ‚ Ô H æ ‚ (6)
~ æ 7 7 B ã × B æ 7 Ú ~ Ô 8 22 Is sceptical of missing particle
7 }
Ð N : : B
ã
N
N H <
Ú à Ô N N §
Ý
N }
searches (6)
} N × × N Ð 7 25 Explorer’s bed in the way (5)